Full text of Z.1 Financial Accounts of the United States : May 8, 1974 (Seasonally Adjusted)

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M a y 8, 1974




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Di v i s i o n of R e s e a r c h and Statistics
Board of Governors of the Federal Reserve System
Washington, D.C.
20551




TABLE LIST

SUMMARY TABLES

Income and Product Distribution
Funds R a i s e d in Credit Markets
Private Domestic Net Investment and B o rrowing in
Cred i t Markets
Credit M a r k e t Supply of Funds

SECTOR TABLES
Househ o l d s
Total Nonfinancial Business & N o n corporate Business
C o r p o r a t e Business
Governments
Banking Sy s t e m
Commercial Banking Subsectors
N o n b a n k F i n ance Summary
Savings Institutions
Insurance and Pension Funds
F i nance N.E.C.
Rest o f the World

TRANSACTION TABLES
M o n e t a r y an d Insurance Reserves
Interbank Claims
M o n e y and Deposits
M o n e y Stock Relationship to Other Data
U.S. Government Securities
Private Securities and Mortgages
Mortgages b y Type
C o nsumer Credit and Bank Loans N.E.C.
Other L o a n s , Including Open-Market Paper
S ecurity Credit, Trade Credit, and Taxes
M i s c e l l a n e o u s Financial Claims
Total Claims--Recapitulation b y Type
Saving by Individuals
Discrepancies

Seasonally Ad j u s t e d
F l o w of Funds Accounts, First Q u a r t e r 1974

These tables present first estimates of first q u a rter
flow of funds data together with revisions for the four quarters
of 1973.
Earlier data are unchanged from the February 8 tables.
1973 revisions reflect in part the fourth q u arter source
information listed b e l o w that was not yet available in February.
The 1973 figures also reflect the December be n c h m a r k c o ndition
statement for banks, which affects both third- and fourth- q u a r t e r
estimates, and annual benchmark revisions in corporate business
current assets and liabilities that are published b y SEC.
The SEC
revisions extend b a c k to 1970, but in this set of tables only the
1973 net flows are reflected. The revisions for earlier years will
be introduced into the tables later this yea r as part of a routine
annual revision of the flow of funds accounts.
A pr e l i m i n a r y version of outstanding assets and liabilities
at the end of 1973 w i l l be completed soon and will be di s t r i b u t e d
shortly.
F i r s t - q u a r t e r figures are based on early indicators and
are therefore h i g h l y tentative, particularly in the d i s t r i b u t i o n
of financial asset holdings among private nonfinancial sectors.
The most important information not yet available in these tables
are SEC data on n e t n e w security issues and current assets and
liabilities of corporations. The lack of these data wea k e n s the
figures for total credit flows, household investment in securities,
and distribution of liquid assets as b e tween households and b u s i ­
ness. A l s o m i s s i n g at the time the accounts wer e put together were
balance of payments statistics, final income-and-product data, endof-quarter balance sheets for insurance companies, mutual savings
banks, pension funds, and investment companies, and the T r e a s u r y
survey of ownership of Federal securities.
Requests for unadjusted and for historical annual tables
or to be put on the mailing list should be addressed to the F l o w
of Funds and Savings Section, Room 3222, Division of Research and
Statistics, B o a r d of Governors of the Federal Reserve System,
Washington, D.C., 20551.




8 MAY 1974
INCOME ANO PRODUCT D I STRIBUTION

INCOME AND PRODUCT DISTRIBUTION

1

INCOME AND PRODUCT ACCOUNTS! GNP EXPENDITURES AND GROSS SAVING
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL KATES

SEASONALLY AOJUSTED ANN&AL RATES
I
1973 |

1972 |
IV I

II

1973

197*
I

III

864.2

930.3

977.1

1055.5

1155.2

1289.1

1199.2

1242.5

1272.0

1304.5

1337.5

1351.8 TOTAL GNP

1

735.7
536.2
84.0
100.8
98.8

789.4
579.5
90.8
111.2
98.8

837.2
617.6
91.3
123.3
96.2

901.4
667.2
103.5
136.2
98.1

981.5
726.5
117.4
150.5
104.4

1081.2
804.0
130.8
170.5
106.6

1013.3
752.6
122.9
158.0
102.7

1048.0
779.4
132.2
163.0
105.5

1071.0
795.6
132.8
168.0
107.3

1095.0
816.0
132.8
172.2
106.8

1110.8
825.2
125.6
178.8
106.8

1140.5
844.6
124.5
184.6
111.3

2
3
4
5
6

CURRENT OUTLAYS
HOUSEHOLDS
OF WHICH CONSUMER DURABLES
STATE ♦ LOCAL GOVERNMENT
U. S. GOVERNMENT

7

126.0

139.0

136.3

153.2

178.3

202.1

189.4

194.5

198.2

202.0

213.9

201.8

GROSS DOMESTIC INVESTMENT

7

8
9
10
11
12

118.9
30.1
22.2
21.1
.5

131.1
32.6
22.1
22.0
.6

131.7
31.2
20.5
19.6
.5

147.1
42.7
29.8
26.8
.6

172.3
54.0
36.4
3*.3
.6

194.2
58.0
40.1
40.0
.6

181.2
56.9
38.2
35.4
.5

189.9
59.0
41.1
38.1
.6

193.7
59.6
*2.0
40.7
.5

197.3
59.2
40.5
41.3
.6

195.9
54.0
36.0
39.6
.7

193.9
49.5
31.1
35.0
.7

8
9
10
11
12

13
14
15

.b
.3
.3

-.5
-.3
-.3

.4
.2
.2

2.4
1.2
1.2

1.5
.8
.8

-.4
-.2
-.2

2.3
1.2
1.2

2.4
1.2
1.2

.7
.4
.4

-1.4
-.7
-.7

-4.3
-2.1
-2.1

-4.5
-2.3
-2.3

PRIVATE FIXED INVESTMENT
RESIDENTIAL CONSTRUCTION
1-4 FAMILY STRUCTURES
HOUSEHOLD PURCHASES
FARM
CHANGE IN WORK IN
PROCESS ON NONFARM
NONCORPORATE
CORPORATE

16
17
18
19

7.9
5.9
1.8
.1

10.6
7.3
3.2
.1

10.7
7.5
3.1
.1

12.9
9.1
3.7
.1

17.6
12.3
*.9
.*

17.8
12.6
5.0
.2

18.7
13.0
5.3
.4

17.9
12.5
5.0
.4

17.6
12.4
4.8
.4

18.7
13.0
5.6
•1

18.0
12.6
5.4
»

18.4
12.9
5.5

MULTI-FAMILY UNITS
NONCORPORATE BUSINESS
CORPORATE BUSINESS
REITS

16
17
18
19

20
21
22
23
24
25

88.8
4.5
5.7
9.8
2.3
66.5

98.5
5.1
5.9
10.6
2.9
74. 0

100.6
5.3
6.3
10.6
3.3
75.1

104.*
5.6
6.5
11.5
4.1
76.8

118.2
6.1
7.6
12.2
4.2
88.2

136.2
6.3
9.5
12.9
4.4
103.1

124.3
6.3
8.8
12.4
4.4
92.3

130.9
6.2
8.7
13.0
4.7
98.3

134.1
6.4
9.5
13.0
4.6
100.6

138.0
6.3
9.6
12.9
4.3
105.0

141.8
6.3
10.2
12.8
4.0
108.6

144.4
6.5
10.3
12.9
4.1
110.7

NONRES. PLANT ♦ EQUIPMENT
NONPROFIT INST. (HH)
FARM
NONFARM NONCORP. BUS.
FINANCIAL CORPORATIONS
CORPORATE BUSINESS

20
21
22
23
24
25

26
27
28
29
30

7.1
.1
6.9
.5
6.4

7.8
.1
7.7
1.0
6.7

4.5
.2
4.3
-1.4
5.7

6.1
1.6
4.5
-.5
5.0

6.0
.4
5.6
-1.2
6.8

8.0
.7
7.3
.4
6.9

8.2
.3
7.9
-.8
8.7

4.6
.2
4.4
-.3
4.7

4.6
.1
4.4
-.2
4.6

4.7
1.5
3.2
-.2
3.4

18.0
.7
17.3
2.5
14.8

7.8
1.0
6.8
-2.8
9.6

31
32
33

2.5
50.6
48.1

1.9
55.5
53.6

3.6
62.9
59.3

.8
66.3
65.5

-4.6
73.5
78.1

5.8
102.0
96.2

#
89.7
89.7

2.8
97.2
94.4

7.6
104.5
97.0

34
35
36

591.0
39.8
6.7

634.4
38.2
6.0

691.7
56.2
8.1

746.0
60.2
8.1

797.0
49.7
6.2

882.6
54.8
6.2

828.7
54.4
6.6

851.5
50.0
5.9

869.7
51.0
5.9

37
38

-6.5
-.3

8.1
.7

-11.9
1.8

-22.2
4.0

-15.9
13.1

.9
10.4

-23.4
19.6

-5.0
13.9

39
40
41
42
43

87.6
.1
4.0
11.3
72.2

84.9
.1
4.5
12.4
67.9

74.0
*
4.7
13.6
55.7

85.1
.1
5.8
15.2
64.0

98.0
.1
6.2
17.5
74.2

126.3
.1
8.3
21.7
96.1

106.1
.1
7.6
18.6
79.9

44
45
46
47

39.9
.1
5.8
34.0

40.1
.1
6.4
33.6

34.8
.1
7.2
27.5

37.4
.1
7.8
29.6

42.7
.1
7.7
34.9

55.8
.1
9.4
46.3

48
49
50
51
52

23.6
.1
1.5
1.2
20.8

24.3
.1
2.0
1.6
20.7

24.7
»
2.4
2.3
20.0

25.1
*
2.9
2.0
20.2

26.0
•
2.8
2.1
21.1

53
54
55
56
57
58
59
60

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

14.6
-.1
2.3
4.1
8.3
-4.8
2.3
5.8

22.5
*
2.9
5.4
14.2
-4.9
2.9
12.2

61
62
63
64
65
66
67
68
69

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
1.8
.3
49.8

87.3
9.0
1.7
6.0
14.6
56.0
2.0
.4
53.6

70
71

67.4
141.9

74.6
156.1

45.5
14.2

47.2
15.5

nonfarm

26
27
28
29
30

12.8
116.4
103.6

9.5 NET EXPORTS
125.9
EXPORTS
116.4
IMPORTS

31
32
33

691.1
51.1
5.7

917.8
67.1
7.3

930.5 DISPOSABLE PERSONAL INCOME
60.6 PERSONAL SAVING
6.5
SAVING RATE (PER CENT)

34
35
36

»
11.6

4.0
10.3

4.7
5.9

4.6 FEDERAL GOVERNMENT SURPLUS
5.5 S. ♦ L. GOVERNMENT SURPLUS

37
38

119.6
.1
7.7
19.8
92.0

128.9
.1
7.7
21.4
99.8

129.0
.1
7.8
22.3
98.8

127.4
.1
10.2
23.2
93.9

45.9
.1
8.3
37.5

52.7
.1
8.4
44.2

57.4
.1
9.2
48.1

57.6
.1
9.8
47.6

55.7
.1
10.2
45.4

60.5
.1
10.4
50.0

TAX ACCRUALS - TOTAL

27.8
*
3.3
2.2
22.3

26.4
«
3.3
2.1
20.9

26.9
*
3.4
2.2
21.4

27.3
«
3,2
2.2
21.9

28.1
•
3.3
2.3
22.5

29.0
•
3.2
2.4
23.4

29.5
•
3.4
2.4
23.7

DIVIDENDS - TOTAL
FARMS
NET FOREIGN
FINANCIAL CORPORATIONS
CORPORATE BUSINESS

48
49
50
51
52

29.3
»
3.5
7.8
18.1
-6.9
3.5
14.6

42.6
-.1
5.1
10.0
27.5
-17.3
5.1
15.4

33.9
-.1
4.2
8.4
21.3
-7.3
4.2
18.2

40.0
-.1
4.3
9.3
26.5
-15.4
4.3
15.4

44.2
-.1
4.4
10.0
29.9
-21.1
4.4
13.2

43.4
-.1
4.6
10.2
28.7
-17.0
^ •6
16.2

42.6
-.1
7.0
10.6
25.1
-15.5
7.0
16.6

48.4
-.1
7.0
11.5
29.9
-30.9
7.0
6.0

UNDIST. PROFITS - TOTAL
farms
FO R EIGN BRANCH PROFITS
FINANCIAL CORPORATIONS
CORPORATE BUSINESS
♦ INVENTORY VAL. ADJ.
♦ BRANCH PROFITS
♦ NONFIN. CORPS.* NET

53
54
55
56
57
58
59
60

93.8
9.4
1.8
6.5
15.8
60.4
2.3
.4
57.7

102.4
10.2
1.9
7.0
17.3
65.9
2.7
.4
62.8

110.0
10.4
2.1
7.7
18.5
71.4
3.0
.4
67.9

105.1
10.1
2.0
7.1
17.9
68.0
2.8
.4
64.8

106.9
10.2
2.0
7.5
17.9
69.3
2.9
.4
65.9

109.0
10.4
2.0
7.7
18.5
70.5
3.0
.4
67.1

110.5
10.5
2.1
7.7
18.6
71.7
3.1
.4
68.2

113.5
10.6
2.1
7.8
18.9
74.2
3.2
.4
70.6

80.7
168.0

87.5
181.3

93.8
196.1

103.0
212.9

97.
202.

99.4
206.3

101.7
210.7

104.2
214.7

106.5
220.1

115.9 TOTAL CAPITAL CONSUMPTION
61
10.7
OWNER-OCCUPIED HOMES (HH)
62
NONPROFIT INSTITUTIONS (HH)
63
2.1
7.9
FARM NONCORPORATE
64
19.2
NONFARM NONCORP. BUSINESS
65
76.0
TOTAL CORPORATE
66
3.2
FINANCIAL BUSINESS
67
.4
CORPORATE FARMS
68
72.3
CORPORATE BUSINESS
69
MEMOJ CAP. CONS. ON CONSUMER
109.0
DURABLES NOT INCLUDED ABOVE
70
224.9 TOT. CAP. CONS. INCL. DURABLES 71

47.0
14.4

44.0
13.6

43.5
15.1

44.1
14.6

44.5
14.7

-3.5 .
79.7
83.2

INVENTORIES
Farm
NONCORPORATE
CORPORATE

CORPORATE PROFITS* TAXES ♦ DIVIDENI
138.4
PROFITS - TOTAL
.1
FARMS
10.4
FOREIGN
24.3
FINANCIAL CORPORATIONS
103.6
CORPORATE BUSINESS
farms

FINANCIAL CORPORATIONS
CORPORATE BUSINESS

3.8 STATISTICAL DISCREPANCY
14.8

43.2
15.1

1/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




13
14
15

43.8
14.9

43.7 PROFIT TAX RATE (»)
14.9 PERSONAL TAX RATE (ft)

39
40
41
42
43
44
45
47

72
73
74

8 MAY 1974
CREDIT MARKET SUMMARY

*
*

2

CREDIJ MARKET SUMMARY

TOTAL FUNDS RAISED IN CREDIT MARKETS BY NONFINANCIAL SECTORS
(BILLIONS OF DOLLARS)

S EASONALLY ADJUSTED ANNUAL RATES
1968

1969

1970

<2

SEASONALLY ADJUSTED ANNUAL RATES
1972

1971

|
1973 1

I. FUNDS R A I S E D i> BY TYPE

1972 I
IV 1
and

1973
II

I

IV

III

I
1

1974
I

SECTOR
TOTAL FUNDS RAISED
BY NONFINANCIAL SECTORS
EXCLUDING EQUITIES

1
2

94.6
95.9

91.4
88.0

97.5
92.6

146.7
135.0

166.1
156.1

187.0
181.3

213.0
203.8

220.0
216.1

175.9
168.5

180.2
175.8

170.5
163.5

3
4
5

13.4
10.3
3.1

-3.6
-1.3
-2.4

12.8
12.9
-.1

25.5
26.0
-.5

17.3
13.9
3.4

9.7
7.7
2.0

33.4
28.1
5.3

32.7
30.1
2.6

1.2
1.4
-.2

-9.7
-12.3
2.6

14.6
11.8
2.9

6
7
8

81.2
-1.4
82.6

95.0
3.4
91.6

84.7
4.9
79.8

121.2
11.7
109.5

148.8
10.0
138.8

177.3
5.7
171.6

179.6
9.2
170.4

187.3
4.0
183.4

174.7
7.4
167.3

189.9
4.4
185.4

155.9
7.1
148.8

9
10
11
12
13
14
15
16

50.6
9.5
14.0
27.1
15.1
3.4
6.4
2.2

50.6
9.9
13.0
27.7
15.7
4.7
5.3
1.9

57.7
11.3
20.6
25.7
12.8
5.8
5.3
1.8

83.2
16.6
19.7
46.8
26.0
8.8
10.0
2.0

92.4
11.9
13.2
67.3
39.7
10.3
14.8
2.6

94,7
10.1
11.6
73.0
42.6
9.5
16.5
4.4

98.3
10.4
12.1
75.8
44.4
12.6
16.5
2.4

82.7
6.0
8.7
68.0
40.6
9.6
13.8
4.0

100.7
7.0
12.5
81.2
46.4
11.9
18.4
4.6

109.1
13.9
13.5
81.7
47.8
10.7
18.4
4.7

86.2
13.3
11.9
61.1
35.8
5.6
15.3
4.3

85.0
10.9
19.4
54.7
31.5
7.1
12.1
3.9

DEBT CAPITAL INSTRUMENTS
S. ♦ L. GOVERNMENT SECS.
CORPORATE ♦ FOREIGN BONDS
MORTGAGES
HOME MORTGAGES
OTHER RESIDENTIAL
COMMERCIAL
FARM

17
18
19
20
21

32.0
13.1
10.0
1.6
7.2

41.0
15.3
10.4
3.3
12.0

22.1
6.4
6.0
3.8
5.9

26.3
9.3
11.2
-.9
6.6

46.4
21.8
19.2
-1.6
7.0

76.9
41.7
22.9
2.5
9.8

72.1
37.5
26.2
-1.1
9.6

100.7
74.7
25.3
-10.8
11.6

66.6
33.7
24.1
4.0
4.8

76.4
38.7
21.9
4.0
11.8

62.6
19.7
19.0
12.7
11.2

72.6
45.3
8.2
9.8
9.3

OTHER PRIVATE CREDIT
BANK LOANS N.E.C.
CONSUMER CREDIT
o p e n -m a r k e t p a p e r
OTHER

22
23
24
25
26
27
28
29
30

81.2
82.6
2.9
9.8
29.6
40.2
2.8
5.6
31.8

95.0
91.6
2.9
10.7
32.2
45.9
3.2
7.4
35.4

84.7
79.8
3.0
11.4
22.9
42.5
3.2
5.3
33.9

121.2
109.5
5.7
17.0
38.3
48.5
4.1
8.7
35.7

148.8
138.8
3.8
12.3
63.3
59.4
4.9
10.4
44.1

177.3
171.6
7.1
10.5
74.1
79.9
8.6
11.4
59.9

179.6
170.4
6.1
11.4
73.7
79.2
6.5
12.8
59.9

187.3
183.4
15.0
6.7
71.6
90.1
7.3
13.3
69.5

174.7
167.3
7.3
6.1
75.3
78.7
7.7
10.8
60.2

189.9
185.4
1.2
15.6
85.1
83.5
9.4
10.9
63.2

155.9
148.8
4.9
13.6
63.0
67.4
10.2
10.6
46.6

158.3
157.6
8.7
11.1
53.0
84.8
7.5
5.9
71.4

BY BORROWING SECTOR*
DEBT INSTRUMENTS

31
32
33

-1.4
.2
-1.5

3.4
.5
2.9

4.9
.1
4.8

11.7
«
11.7

10.0
-.4
10.4

5.7
-.2
5.9

9.2
-.8
10.0

4.0
-.7
4.6

7.4
-.2
7.5

4.4
«
4.4

7.1
»
7.1

.7
•
.6

34
35
36

3.1
38.7
30,3

3.3
48.8
38.3

3.0
47.3
38.8

5.7
60.2
47.4

3.4
69.8
54.5

6.9
85.8
65.8

5.2
89.2
69.9

14.3
94.7
74.1

7.1
86.2
67.7

1.2
88.0
67.6

5.0
74.4
53.6

8.8
85.4
72.1

37

-1.1

.4

2.8

3.2

.5

-1.7

9.1

16.4

-9.2

165.6
16.8

188.7
11.4

203.9
24.4

-22.1
TOTALS
202.3
12.4

38
39

95.7
14.5

91.0
-4.0

94.7
10.0

1^3.5
22.3

PRIVATE DOMESTIC NET'

investment

and

203.6
16.3

185.1
10.4

165.1
164.4

6.8 U.S. GOVERNMENT
PUBLIC DEBT SECURITIES
5.2
AGENCY ISSUES ♦ MORTGAGES
1.7
158.3 ALL OTHER NONFINANCIAL SECTORS
CORPORATE EQUITIES
.7
DEBT INSTRUMENTS
157,6

13
14
15
16
17
18
19

20
21
22

foreign

S. ♦ L. GOVERNMENTS
HOUSEHOLDS
NONFINANCIAL BUSINESS
FARM
NONFARM NONCORPORATE
CORPORATE
CORPORATE EQUITIES
FOREIGN
CORPORATE BUSINESS

23
24
25
26
27
28
29
30
31
32
33

TOTALS INCLUDING EQUITIES
FOREIGN
NONFINANCIAL BUSINESS
CORPORATE

8.2
-7.7 MEMO* U.S. GOVT. CASH BALANCE
OF c h a n g e s :IN U.S. GOVT. CASH B A L A N C E S —
162.4
172.8 TOTAL FUNDS RAISED
6.4
14.6
BY U.S. GOVERNMENT

34
35
36
37

net

38
39

BORROWING IN CREDIT MARKETS
TOTAL* HOUSEHOLDS ♦ BUSINESS
TOTAL CAPITAL OUTLAYS (1)
CAPITAL CONSUMPTION (2)
NET PHYSICAL INVESTMENT

1
2
3

207.6
140.4
67.2

226.7
154.3
72.4

224.2
166.0
58.2

252.5
179.0
73.5

291.1
193.4
97.7

328.3
209.9
118.4

307.5
199.2
108.3

321.6
203.4
118.2

326.0
207.7
118.2

330.4
211.6
118.7

335.4
216.9
118.5

322.2
221.6
100.6

4
5

68.3
-1.1

81.0
-8.6

70.2
-12.0

98.5
-25.0

133.1
-35.4

159.9
-41.5

162.9
-54.7

166.4
-48.1

161.5
-43.3

173.1
-54.3

137.4
-18.9

138.4
-37.8

NET FUNDS RAISED
EXCESS NET INVESTMENT

6
7
8

97.9
63.2
34.7

108.9
69.5
39.4

108.0
74.6
33.5

116.6
80.3
36.3

133.3
87.6
45.8

151.3
94.5
56.8

142.9
90.1
52.7

145.1
91.7
53.3

146.1
93.6
52.5

150.0
94.9
55.1

164.0
97.7
66.3

156.2
99.8
56.4

TOTAL BUSINESS
TOTAL CAPITAL OUTLAYS
CAPITAL CONSUMPTION
NET PHYSICAL INVESTMENT

9
10
11

40.2
-1.5
-4.0

45.9
2.9
-9.4

42.5
4.8
-13.8

48.5
11.7
-23.9

59.4
10.4
-24.0

79.9
5.9
-29.0

79.2
10.0
-36.4

90.1
4.6
-41.4

78.7
7.5
-33.7

83.5
4.4
-32.9

67.4
7.1
-8.1

84.8
.6
-29.0

12
13
14

75.0
45.1
29.9

83.7
49.8
33.9

84.0
53.6
30.4

86.7
57.7
29.1

100.7
62.8
37.8

114.8
67.9
46.8

107.4
64.8
42.7

109.2
65.9
43.3

110.3
67.1
43.3

113.3
68.2
45.1

126.7
70.6
56.1

123.5
72.3
51.2

15
16
17

31.8
-1.5
-.4

35.4
2.9
-4.4

33.9
4.8
-8.4

35.7
11.7
-18.3

44.1
10.4
-16.7

59.9
5.9
-18.9

59.9
10.0
-27.2

69.5
4.6
-30.8

60.2
7.5
-24.4

63.2
4.4
-22.5

46.6
7.1
2.5

71.4
.6
-20.9

18
19
20

109.7
77.2
32.5

117.8
84.8
33.0

116.2
91.4
24.7

135.9
98.7
37.2

157.8
105.9
51.9

177.1
115.4
61.6

164.6
109.1
55.5

176.5
111.6
64.9

179.9
114.1
65.7

180.4
116.7
63.7

171.5
119.2
52.3

166.0
121.8
44.1

21
22

29.6
2.9

32.2
•8

22.9
1.8

38.3
-1.1

63.3
-11.4

74.1
-12.5

73.7
-18.2

71.6
-6.7

75.3
-9.6

85.1
-21.4

63.0
-10.7

53.0
-8.8

23
24
25
26

-1.8
6.7
1 .9
3.9

-2.8
5.9
2.2
4.5

-1.9
4.5
2.2
3.1

-6.7
4.8
2.6
1.7

-14.3
4.5
2.7
4.3

-13.4
4.9
2.6
6.8

-18.2
-.2
2.9
2.7

-10.7
7.5
2.8
6.3

-15.5
7.0
2.9
4.0

-17.9
6.7
2.9
13.1

-9.6
.1
2.8
4.0

-11.5
7.4
3.0
7.7

(1)

(3)

NET DEBT FUNDS RAISED
CORPORATE EQUITY ISSUES
EXCESS NET INVESTMENT (3)
CORPORATE BUSINESS
TOTAL CAPITAL OUTLAYS
CAPITAL CONSUMPTION
NET PHYSICAL INVESTMENT
NET DEBT FUNDS RAISED
CORPORATE EQUITY ISSUES
EXCESS NET INVESTMENT (3)
HOUSEHOLDS
TOTAL CAPITAL OUTLAYS
CAPITAL CONSUMPTION
NET PHYSICAL INVESTMENT
NET FUNDS RAISED
EXCESS NET INVESTMENT (3)
OF WHICH:
HOUSES LESS HOME MORTGAGES
DURABLES LESS CONS. CREDIT
NONPROFIT P«-E LESS MORTGAGES
l e s s * u n a l l o c a t e d DEBT

o u t l a y s a r e t o t a l s f o r r e s i d e n t i a l a n d NONRESIDENTIAL
FIXED CAPITAL* NET CHANGE IN INVENTORIES* AND CONSUMER DURABLES*
EXCEPT OUTLAYS BY FINANCIAL BUSINESS.

capital

(2) CAPITAL CONSUMPTION INCLUDES AMOUNTS FOR CONSUMER DURABLES
AND EXCLUDES FINANCIAL BUSIN E S S CAPITAL CONSUMPTION.
(3) EXCESS OF NET INVESTMENT OVER NET FUNDS RAISED.
1/74 FIGURES ARE TE NT AT IV E ES TI MA TE S BASED ON INCOMPLETE INFORMATION.




9
10
11
12

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

6 MAY 1974
CREDIT MARKET SUPPLY OF FUNDS

credit

3

market

supply

of

funds

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

SEASONALLY ADJUSTED ANNUAL NATES
1968

1969

1970

1971

SEASONALLY ADJUSTED ANNUAL RATES
1973 1

1972

IV

1

I

II

III

IV

1

I

TOTAL FUNDS ADVANCED IN CREDIT MARKETS
163.5
164.4
TO NONFINANCIAL SECTORS

1

95.9

88.0

92.6

135.0

156.1

181.3

203.8

216.1

168.5

175.8

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

41.3
33.4
5.7
-2.7
4.9

16.9
7.3
5.2
*
4.3

34.8
11.0
7.7
7.2
9.0

16.2
3.0
4.1
3.1
6.0

68.5
47.5
4.5
4.1
12.4

17.4
-5.2
5.4
11.4
5.8

27.9
-9.9
13.4
11.9
12.6

25.5
11.4
7.6
1.3
5.3

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
6.0
.2
8.4

3.0
20.3
9.2
2.3

2.0
6.1
-.4
8.5

3.9
13.0
20.0
31.6

-2.0
24.5
3.5
-8.6

7.8
30.0
1.0
-10.9

2.4
13.6
12.4
-2.8

11

3.5

8.8

8.2

4.3

6.2

19.6

5.3

11.4

23.7

28.5

14.7

12
13
14
15
16
17
18

87.2
13.3
9.5
13.8
15.5
35.9
.9

80.9
4.6
9.9
12.5
15.7
42.2
4.0

72.8
5.4
11.3
20.0
12.8
24.6
1.3

98.0
-3.5
16.6
19.5
29.1
33.7
-2.7

145.4
16.3
11.9
13.2
44.6
59.5
»

166.1
18.4
10.1
11.6
44.3
88.9
7.2

193.0
35.8
10.4
11.8
52.8
85.2
3.1

159.0
-3.3
ft.O
8.5
45.6
106.3
4.1

174.9
30.3
7.0
12.1
52.8
84.1
11.4

176.3
28.8
13.9
13.0
45.0
87.4
11.9

152.6
17.9
13.3
12.7
33.8
76.1
1.3

BY PUBLIC AGENCIES ♦ FOREIGN
17.8 TOTAL NET ADVANCES
-6.6
U.S. GOVERNMENT SECURITIES
9.6
residential mortgages
1.8
f h l b a d v a n c e s t o s * l »s
13.1
OTHER LOANS ♦ SECURITIES
BY AGENCY:
1.6
U.S. g o v e r n m e n t
12.5
sponsored credit agencies
2.5
MONETARY AUTHORITIES
foreign
1.2
AGENCY BORROWING NOT INCLUDED
8.0
IN LINE 1

8
9
10

PRIVATE DOMESTIC FUNDS ADVANCED
154.6 TOTAL NET ADVANCES
21.4
U.S. GOVERNMENT SECURITIES
10.9
STATE ♦ LOCAL OBLIGATIONS
18.7
CORPORATE ♦ FOREIGN BONDS
29.1
RESIDENTIAL m o r t g a g e s
76.3
other mortgages ♦ loans
1.8
l e s s : fhlb advances

12

13
14
15
16
17
18

PRIVATE FINANCIAL INTERMEDIATION
m a r k e t FUNDS a d v a n c e d
BY PRIVATE FINANCIAL INSTS.
COMMERCIAL BANKIN6
SAVINGS INSTITUTIONS
INSURANCE ♦ PENSION FUNDS
OTHER FINANCE

credit

19
20
21
22
23

75.3
38.7
15.6
14.0
7.0

54.9
18.2
14.5
12.3
9.9

74.9
35.1
16.9
17.3
5.7

111.4
50.6
41.5
14.1
5.3

150.2
69.7
48.7
16.0
15.8

161.4
89.6
35.2
21.4
15.2

176.7
88.7
47.1
16.2
24.6

205.7
114.0
58.1
22.8
10.8

163.9
88.6
41.6
16.3
17.5

157.3
89.1
23.1
25.7
19.5

118.6
66.6
18.1
20.6
13.3

149.4
80.6
38.9
26.8
2.9

24
25
26

75.3
45.9
8.5

54.9
2.6
19.1

74.9
63.2
-.4

111.4
90.8
9.2

150.2
97.8
20.2

161.4
87.9
30.3

176.7
93.5
24.2

205.7
119.8
38.8

163.9
86.5
30.1

157.3
75.7
39.0

118.6
69.6
13.4

149.4 SOURCES OF FUNDS
89.8
PRIVATE DOMESTIC DEPOSITS
18.8
CREDIT MARKET BORROWING

27
28
29
30
31

21.0
2.6
-.2
11.4
7.2

33.3
9.3
*
10.4
13.5

12.1
-8.5
2.9
13.1
4.5

11.3
-3.2
2.2
9.6
2.7

32.2
5.1
.7
11.3
15.1

43.2
6.3
-1.0
15.7
22.2

59.0
1.7
9.1
11.9
36.3

47.2
2.1
8.6
16.4
20.1

47.4
8.4
-11.4
11.2
39.1

42.6
4.0
-9.2
21.9
25.9

35.6
10.8
7.9
13.2
3.6

32
33
34
35
36
37

20.3
8.0
-.2
4.7
5.8
2.1

45.0
16.8
8.7
7.4
10.2
2.0

-2.4
-8.3
-1.1
10.1
-4.4
1.4

-4.2
-13.0
-.1
8.2
-.6
1.3

15.4
4.1
2.1
4.9
3.7
.6

35.1
19.4
1.4
.8
10.0
3.5

40.4
20.2
4.2
6.5
8.0
1.6

-7.9
-.4
2.5
-1.1
-6.8
-2.1

41.0
27.2
-1.3
3.6
6.6
4.9

58.1
34.7
5.4
-4.3
19.8
2.5

47.4
15.9
-1.1
5.1
20.4
7.1

23.9 DIRECT LENDING IN CR. MARKETS
5.5
U.S. GOVERNMENT SECURITIES
.5
STATE ♦ LOCAL OBLIGATIONS
2.7
CORPORATE ♦ FOREIGN BONDS
14.2
COMMERCIAL PAPER
1.0
OTHER

32
33
34
35
36
37

38
39
40
41
42

48.3
33.9
3.5
17.5
12.9

5.4
-2.3
-13.7
3.4
8.0

66.6
56.1
15.0
24.2
16.9

94.2
81.2
7.7
32.9
40.6

102.2
85.7
8.7
31.0
46.0

91.8
79.9
18.6
32.9
28.4

101.7
82.1
9.1
29.8
43.3

121.2
120.4
39.4
36.7
44.3

97.1
77.3
29.1
16.9
31.3

74.9
70.5
20.8
42.4
7.4

74.1
51.3
-14.8
35.6
30.5

95.9 DEPOSITS ♦ CURRENCY
93.0
TIME ♦ SAVINGS ACCOUNTS
15.9
LARGE NEGOTIABLE CD'S
39.6
OTHER AT COMMERCIAL BANKS
37.5
AT SAVINGS INSTITUTIONS

38
39
40
41
42

43
44
45

14.5
12.1
2.4

7.7
4.8
2.8

10.5
7.1
3.5

13.0
9.6
3.4

16.5
12.1
4.4

12.0
8.0
3.9

19.6
11.4
8.2

.8
• •6
1.4

19.9
9.2
10.7

4.4
5.2
-.8

22.8
18.3
4.5

2.9
•3.2
6.1

43
44
45

46

68.7

50.5

64.2

90.0

117.7

126.9

142.1

113.3

138.2

133.0

121.5

47
48
49

12.7
86.4
2.9

18.0
67.9
9.1

30.2
102.8
1.8

30.6
113.7
23.2

10.8
103.3
13.5

19.2
97.2
8.6

8.0
91.6
10.2

31.7
129.3
33.8

10.3
93.7
-.2

15.9
89.2
-6.9

15.6
77.7
8.0

10.8 PUBLIC SUPPORT RATE (%)
96.7 PVT. FINAN. INTERMEDIATION («)
10.0 TOTAL FOREIGN FUNDS

1
2
3

5.1
5.8
-.7

9.5
4.8
4.7

9.5
2.6
6.9

14.7
1.2
13.5

12.0
-.6
12.6

5.7
-1.6
7.3

11.3
-.8
12.0

4.1
-2.3
6.3

6.8
-1.7
8.5

6.4
1.3
5.1

5.6
-3.6
9.1

.3 TOTAL NET ISSUES
-1.7
MUTUAL FUND SHARES
2.0
OTHER EQUITIES

4
5

10.8
-5.8

12.2
-2.7

11.4
-1.9

19.2
-4.6

15.6
-3.6

13.3
-7.6

18.6
-7.3

11.1
-7.0

13.8
-7.1

6.8
-.4

21.4
-15.9

40.8
8.8
•6.8
19.8
19.0

OTHER SOURCES
FOREIGN FUNDS
TREASURY BALANCES
INSURANCE ♦ PENSION RES.
OTHER. NET

19
20
21

22

23
24
25
26
27
28
29
30
31

PRIVATE DOMESTIC NONFINANCIAL INVESTORS

MONEY
OEMAND DEPOSITS
CURRENCY

TOTAL OF CREDIT MARKET INSTRU119.8
MENTS. DEPOSITS ♦ CURRENCY

46
47
48
49

CORPORATE EQUITIES NOT INCLUDED ABOVE

13.6 ACQ. BY FINANCIAL INSTITUTIONS
-13.3

Line

1.

Page 2, line 2.

2.
6.

Sum of lines 3-6 or 7-10.
Includes farm and commercial mortgages.
Credit market £unds raised by Federally sponsored credit
agencies. Included below in lines 13 and 33. Includes
all GNMA-guaranteed security issues backed by mortgage
pools.
Line 1 less line 2 plus line 11. Also line 19 less line
26 plus line 32. Also sum of lines 27, 32, 39, and 44.
Includes farm and commercial mortgages.
Lines 39 + 44.
Excludes equity issues and investment company shares.Includes line 18.
Foreign deposits at commercial banks, bank borrowings
from foreign branches, and liabilities of foreign bank­
ing agencies to foreign affiliates.
Demand deposits at commercial banks.




30.

Excludes net investment of these reserves in corporate
equities.

31.

Mainly retained earnings and net miscellaneous liabilities.

32.

Line 12 less line 19 plus line 26.

33-37.

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

39+44.

See line 25.

45.

Mainly an offset to line 9.

46.

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

47.

Line 2/line 1.

48.

Line 19/line 12.

49.

Lines 10 plus 28.

Corporate equities
Line
1 and 3. Includes issues by financial institutions.

Line

4

e MAY 1974

HOUSEHOLDS
4

‘
'
HOUSEHOLDS
. 4
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

S EASONALLY ADJUSTED ANNUAL KATES
1968

1969

1970

1971

S E A SONALLY A DJUSTED ANNUAL RATES
1972

I
1973 I

1972 I
IV I

1973
I

II

III

IV

|
I

1974
I

1
2

688.9
97.9

750.9
116.5

808.3
116.6

863.5
117.5

939.2
142.2

1035.4
152.9

976.1
147.4

996.6
145.1

1019.0
149.3

1047.1
156.0

1078.9
161.1

3
4
5
6
7
8

591.0
551.2
39.6
6.2
2.5
16.7

634.4
596.2
38.2
6.6
2.5
16.2

691.7
635.5
56.2
8.8
.9
10.6

746.0
685.8
60.2
9.7
.8
16.0

797.0
747.2
49.7
10.5
1.4
23.6

882.6
827.8
54.8
9.8
.9
27.9

828.7
774.3
54.4
10.8
2.1
25.9

851.5
801.5
50.0
8.8
1.0
32.8

869.7
818.7
51.0
11.9
1.4
31.1

891.1
840.1
51.1
8.8
1.0
28.6

917.8
850.8
67.1
9.7
.4
19.1

930.5
869.9
60.6
10.1
.1
15.5

9
10
11

65.0
77.2
142.2

63.6
84.8
148.5

76.4
91.4
167.9

86.7
98.7
185.4

85.3
105.9
191.2

93.4
115.4
208.8

93.2
109.1
202.3

92.7
111.6
204.3

95.3
114.1
209.5

89.4
116.7
206.2

96.2
119.2
215.4

86.4 » NET S AVING
121.8 ♦ CAPITAL CON S U M P T I O N
208.2 * GROSS SAVING

9
10
11

12
13
14
15
16

144.5
109.7
21.1
64.0
4.5

144.9
117.8
22.0
90.8
5.1

168.2
116.2
19.6
91.3
5.3

188.5
135.9
26.8
103.5
5.6

206.3
157.8
34.3
117.4
6.1

228.6
177.1
40.0
130.8
6.3

213.3
164.6
35.4
122.9
6.3

220.0
176.5
38.1
132.2
6.2

238.9
179.9
40.7
132.8
6.4

228.2
180.4
41.3
132.8
6.3

228.8
171.5
39.6
125.6
6.3

228.3 GROSS INVESTMENT
166.0
CAPITAL EXP E N D . - N E T OF SALES
35.0
R E S I D E N T I A L CONSTRUCTION
124.5
C O N SUMER DURABLE GOODS
6.5
N O N P ROFIT PLANT ♦ E Q U I P .

12
13
14
15
16

17
18

34.8
68.2

27.1
56.7

52.1
74.2

52.6
94.3

48.5
117.5

51.5
122.0

48.7
124.7

43.5
112.2

59.1
130.0

47.8
129.8

57.3
116.2

62.3 NET FIN A N C I A L INVESTMENT
17
116.5
NET ACQ. OF FINANCIAL ASSETS 18

19
20

54.3
12.3

42.6
1.5

54.3
9.5

72.1
10.9

97.5
12.8

106.9
15.0

107.1
10.1

101.5
17.0

114.6
14.7

106.3
8.4

105.0
19.7

101.1
3.2

21
22
23

30.3
17.4
12.9

6.0
-2.0
8.0

44.4
27.5
16.9

70.5
29.8
40.6

75.8
29.8
46.0

67.1
38.7
28.4

70.6
27.3
43.3

92.8
48.4
44.3

64.4
33.1
31.3

54.4
47.0
7.4

56.9
26.4
30.5

86.8
49.3
37.5

TIME ♦ SAVINGS ACCOUNTS
AT COM M E R C I A L BANKS
AT SAVINGS INST.

21
22
23

24
25
26
27
28
29

11.7
5.5
-.8
4.7
.7
1.5

35.1
12.2
9.6
7.4
4.8
1.1

.5
-7.7
-.5
10.1
-1.5
.1

-9.3
-12.7
-.9
8.2
-3.9
.1

8.9
4.4
1.3
4.9
.4
-2.0

24.8
18.7
1.7
.8
3.3
.2

26.4
15.5
3.5
6.5
5.0
-4.1

-8.3
4.2
2.2
-1.1
-10.3
-3.3

35.5
29.6
1.3
3.6
.3
.6

43.6
30.8
3.2
-4.3
12.9
1.1

28.5
10.4
.2
5.1
10.3
2.5

11.2
2.2
-.1
2.7
5.2
1.2

CREDIT MKT. INSTRUMENTS
U.S. GOVT. SECURITIES
S. ♦ L. OBLIGATIONS
C O R P ORATE ♦ FGN. BONDS
C O MMERCIAL PAPER
M O R T GAGES

24
25
26
27
28
29

30
31

5 .8
-13.7

4 .8
-9. 0

2.6
-5.2

1.2
-6.6

-.6
-5.2

-1.6
-8.8

-.8
-10.9

-2.3
-9.9

-1.7
-5.8

1. 3
-5.1

-3.6
-14.3

-1.7
-13.5

32
33

4 .6
15.5

5.0
15.8

5.2
19.1

6.2
22 . 1

7. 3
20.7

7 .7
22.6

7.7
22.4

7 .7
22.5

7. 8
20.6

7.7
23.3

7.7
23.9

34
35
36

-2 . 2
2.1
1.8

-2.8
-1.8
2.1

-3.6
-.9
2.6

-3.4
.5
2.3

i
oi
o

HOUSEHOLDSt PERSONAL TRUSTS. AND NONPROFIT ORGANIZATIONS
1093.9 P E R S O N A L I N C O M E
163.4 - PERSONAL TAXES ♦ NONTAXES

.1
2.7

-7.5
-.2
2.9

-4.7
1.0
2. 8

-9.6
-.6
2 .8

-6.9
-1.3
2.8

-7.3
.7
2.9

37
38
39
40
41
42
43
44

33 . 4
29.6
14.6
1.1
8.3
1.7
2.2
1.7

29.7
32.2
16.1
1.3
9.4
1.0
1.5
3.0

22.1
22.9
12.5
1.4
5.0
1.1
.5
2.6

41.7
38.3
24.1
1.2
9.2
2. 0
•4
1.4

69.0
63.3
38.4
1.4
16.0
3.1
3.0
1.3

70.5
74.1
43.0
1.4
20.1
2.8
4.4
2.4

75.9
73 . 7
43.5
1.4
19.6
6.6
1.9
.7

68.7
71.6
38.6
1.4
24.0
1.3
4. 4
1.9

70.9
75.3
45.8
1.4
20.0
4.1
2. 3
1.6

45
46
47

2.9
.5
.4

-3 . 4
.5
.4

-1.8
.5
.4

2.6
.5
.3

4.7
.5
.5

-4.6
.5
.4

1.2
.5
.5

-3.9
.5
.5

48

-2 . 3

3 .5

-.4

-3.2

-15.1

-19.8

- 11.1

-15.7

*
a
*
♦
♦

D I S POSABLE P ERSONAL INCOME
PERSONAL OUTLAYS
PERSONAL SAVING* NIA BASIS
CREDITS FROM GOVT. INSURANCE
CAPITAL GAINS DIVIDENDS
NET D U R ABLES IN CONSUMPTION

1
2
3
4
5
6
7
8

DEP. ♦ CR. MKT. INSTR. (1) 19
D EMAND DEP. ♦ CURRENCY
20

I N V E S T M E N T C O MPANY SHARES
OTHER CORPO R A T E SHARES

30

7.6
25.0

LIFE INSURANCE RESERVES
PENSION FUND RESERVES

32

-6.0
.5
2.9

-6.7
1.7
3. 0

N E T INV. IN N O N C O R P . BUS.
SECURITY CREDIT
M I S C E L L A N E O U S ASSETS

34

81.9
85.1
48.8
1.4
21.0
.9
9.6
3.4

58.9
63.0
38.6
1.4
15.5
3.5
1.2
2.8

54.1
53.0
35.7
1.4
8.8
-.6
5.2
2.5

-5.4
.5
.5

-4.1
.5
.4

-4.9
.5
.4

.3
.5
.3

-29.5

-22.1

-13.4

-20.1

NET

INCREASE

IN L I A B I L I T I E S

31

33
35

36
37

instruments

38

HOME MORTGAGES
OTHER MORTGAGES
INS T A L M E N T CONS. CREDIT
O T HER C O N S U M E R CREOIT
BANK LOA N S N.E.C.
OTHER LOANS

39
40

credit

market

SECURITY CREDIT
TRADE DEBT
MISCELLANEOUS

41

42
43
44
45

46
47

48

DISCREPANCY

(1 ) EXCLUDES C O R P ORATE EQUITIES.

49
50
51
52

21.1
8.3
14.6
-1 . 8

22 . 0
8 .7
16.1
-2.8

19 . 6
9.0
12.5
-1.9

26.6
9.4
24.1
-6.7

34.3
10.2
38.4
-14.3

40.0
1 0.4
43.0
-13.4

3 5. 4
10.1
43.5
-18.2

30. 1
1 0.2
38.6
-10.7

40.7
10 . 4
45.8
-15.5

41.3
10 . 5
46.8
-17.9

39.6
10.6
38.6
-9.6

35.0
10 . 7
35.7
-11.5

:
NET P HYSICAL INVESTMENTt
(A) R E S I D E N T I A L C O N S T R U C T I O N
EXPENDITURES
- CAPITAL CONSUMPTION
- HOME MORTGAGES
■ E XCESS NET INVESTMENT

53
54
55

84 . 0
67.4
16.7

90.8
74.6
16.2

91.3
80.7
10.6

103.5
87.5
16.0

117.4
93.8
23.6

130.8
103.0
27.9

122 . 9
97.0
25.9

132.2
99 . 4
32 . 8

132.6
101.7
31.1

132.8
104.2
28.6

125.6
106.5
19.1

124.5
109.0
15.5

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

56
57

10.0
6.7

10.4
5.9

6.0
4.5

11. 2
4.8

19.2
4.5

22.9
4.9

26.2
-.2

25.3
7. 5

24.1
7.0

21.9
6.7

19.0
.1

8.2
7.4

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
1.2
2 .6

6.1
1.9
1.4
2. 7

6.3
2.1
1.4
2.8

6. 3
2.0
1.4
2. 9

6. 2
2.0
1.4
2 .8

6.4
2.0
1.4
2.9

6.3
2.1
1.4
2.9

6.3
2.1
1.4
2.8

6.5
2.1
1.4
3. 0

62
63

14.2
6.7

15. 5
6 .0

14.4
8.1

13.6
8.1

15.1
6.2

14.8
6.2

15.1
6.6

14.6
5.9

14.7
5.9

14.9
5.7

14.9
7.3

64

23. 7

23.1

23.9

24.5

23.6

23.4

24.0

23.7

23 . 7

22.9

P E R C E N T OF D I S P O S A B L E I N C O M E A D J .
23.2
22.1 G R O S S S A V I N G

65
66
67
68

18.3
11.4
5.6
4.9

18.3
8 .8
4.6
5.0

16.6
1 0.6
3.1
3.3

18.0
12.5
5.5
5.1

19.5
14.5
8.5
7.8

19.8
13.7
7.9
8.3

19.6
14.8
9.0
8. 8

20.5
13.0
8.0
8 .3

20.4
14. 7
8.0
8.5

20.0
14. 4
9.1
9. 4

18 . 5
12.5
6.4
6.8

69

599.6

643.6

701.4

756.5

808.9

893.3

memoranda

- CONSUMER CREDIT
« EXCESS NET INVESTMENT

49
50
51
52
53
54
55
56
57

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

PER CENT RATIOSJ
14.9 EF F E C T I V E TAX RATE
6.5 SAVING RATEt NlA BASIS

17.6
12.4
5.8
5.6

58
59
60
61
62
63

(2)1

CAPITAL EXPENDITURES
A C Q U I S I T I O N o f f i n a n . ASSETS
N E T I N C R E A S E IN L I A B I L I T I E S
CREDIT MARKET BORROWING

927.9
861.4
882.9
900.9
841.6
9 4 0 . 7 (2) D I S P O S A B L E i n c o m e a d j .
(NIA D I S P O S A B L E I N C O M E ♦ G O V T . I N S U R A N C E C R E D I T S ♦ C A P I T A L G A I N S D IVID.)

1/74 FIGURES ARE TENTATIVE ESTI MA TE S BASED ON INCOMPLETE INFORMATION.




expenditures

64
65

66
67

68

8 K4Y 1974
TOTAL ♦ N ONCORP .BUSINESS

T OTAL ♦ N O N C O R P BUSINESS
SECTOR STATEM E N T S OF S AVING AND
(BILLIONS OF DOLLARS)

I N V ESTMENT

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

S E ASONALLY A D JUSTED ANNUAL H ATES
1968

1969

1970

1971

1972

1973 I

NONFINANCIAL

12d.2

79.9

10

11
12

13
14
15
16
17
18
19
20

21

77. u
108.9

-26.4
30.6
57.0
-1.5
40 .2
12.9
.4
10.9

-31.9
30.2
62.2
2.9
45.9

101. 1

90.5

.1

10.4
7.8

1 2.0

-.4

10.8

11.2

4.8

14.4
9.2

17.4
1.0

18.5
-5.2

1973
I

II

1974
I

III

BUSI N E S S - TOTAL

138.5
92.4

151.2
101.5

173.1
109.9

159.9
105.4

167.2
107.1

169.8
106.5

176.9
111.1

79.5

86.5
133.3
127.3
108.0

92.5
151.3
143.3
125.5

91.3
145. 1
140.4
120.0

84.9
146. 1
141.5
123.1

92. 1
150.0
145.3
127.5

17.2

17.6

75.2
142.9
134.7
113.5
2.9
18.3

6.0

8.0

8.2

2.9
17.5
4.6

17.2
4.6

18.6
4.7

-46.8
33.2
80.0
10.4
59.4

-53.7
47.8

10.0

-57.8
50.9
108.8
4.4
83.5

.9
30.0
33.0
4.1

4.6
90.1
a.3
1.9
2*.0
58.9
-5.0

-61.2
55.4
116.5
7.5
78.7

16.4
3.4

-58.8
46.7
105.5
5.9
79.9
10.7
-.3
28.9
33.8
6.9

-67.7
42.3
109.9

4.9

-37.1
25.2
62.3
11.7
48.5
18.3
1.9
19.5
6.3
1.9

5.2
-6.3

3.7
-1.5

14.4
-4.2

16.7
2.9

21.7
-.9

7.5
-.7

80.3

71.5
97.9
90.9
82. 0
1.1
7.8
7.1

1972 I
IV
I
I

74.6
108.0
103.5
92. 0
.9
10 . 6

-33.4
12.8

4b.2
4.8
42.5
19.8
.3
ll.h

5.9

116.6

110.5
94.8
2.9
1 2. 8

6.1

2.1

12.2

1.2
26.2

.2

79.2

11. 1

101.6

1.2

-.8

12.7

178.6
114.3

171.2 INCOME B E F O R E TAXES
105.8 G R OSS S A V I N G

100.1

90.2
G R OSS I N V E S T M E N T
156.2 C A P I T A L E X P E N D I T U R E S
148.4
FIXED I N V E S T M E N T
133.9
B U S I N E S S P LANT ♦ EQUIPMENT
-3.9
N O N F A R M HOM E CONST. (1)
18.4
M U L T I - F A M I L Y RESI D E N T I A L
7.8
CHAN G E IN I N V E N T O R I E S

164.0
145.9
131.6
-3.6
18.0
18.0
-63.8
31.2
95.0
7.1
67.4
9.8

11. 8
.6

- 1.0

-

33.4
28.4
4.5

32.5
29.8
9.6

23.9
18.0
18.5

29.8
.5

14.6
6 .?

14.9
5.7

2.8

-66.1 NET F I N A N C I A L I N V E S T M E N T
51.3
F I N A N C I A L U S E S OF FUNDS, NET
FINAN. S O U R C E S OF FUNOS. NET
117.3
.6
C O R P O R A T E S H ARE ISSUES
credit market instruments
84.8
17.4
CORPORATE BONDS
HOME M O R T G A G E S
-4.2
OT H E R M O R T G A G E S
21.8
BANK L O A N S N.E.C.
35.9
13.8
OT H E R L O A N S
TRADE D EBT
O THER L I A B I L I T I E S

23.0
8.9

10
11
12
13
14
15
16
17
18
19
20
21

15.6 D I S C R E P A N C Y
FARM BUSINESS

6.2

.3

6.0
6. 2

6.3
5.7
.5
.1

10

11

12
13
14
15
16
17

-.1

18
19

.7
2.8
2.2

6.6

.3
6.2
6.5
6.5
6.6

5.9

6.5
6.8

6.4
7.0
6.3
.5
.2

-.1
.5

.7
.1

.5

.1
.6

3.2
1.9
.6
.6

21

.2

25
26

.3

.6

,7
-3.2

7.4
8.6
7.6
.6

1.6

.6

.3
.1

22
23
24

6.5

- 1.8

.1

20

6.8
8.6

7.0
7.4

1.3
3.2
1.8

2.5
4.1

.8
.6

1.3
.7

2.0

-1.2
.6
.1
.5
.4
.1
1.8
4.9
2.6
1.8
.5

-.1
.7
1.0

1. 2

1.0

-2.9

-2.8

-4.0

21.8
-.1
7.5
.4
7.1
7.5

24.3
-.1
7.9
.4
7.5
7.8

7.5
9.6

7.8
9.5
8.7
.6
.2

8.0

10.7
9.5
.6
.7
-2.7
.8
.1
.6
.5
.2

8. 8

.5
.3
-

24.4
-.1
8.1

8.0
8. 0

8.0

10.1

11.7
9.6
.6
1.5

8.2
1 1. 6
10.2

.7
.7

2.1

4.2
10.2
4.3
4.3
1.5
.6
.9

4.3
7.5
3.9
2.2
1.3
.2
1.2

1.0

-5.7

1.4
-6.3

1.7
-7.6

1.3
-4.6

1.0

1.0

NET INCOME
net Sav i n g
CAP I T A L C O N S U M P T I O N
CORPORATE
NONCORPORATE
C U R R E N T SURP. = G R O S S SAVING

8.3 G ROSS I N V E S T M E N T
12.0 CA P I T A L E X P E N D I T U R E S
10.3
P L ANT ♦ E Q U I P M E N T
.7
RESIDENTIAL CONSTRUCTION
1.0
C H A N G E IN I N V E N T O R I E S

4.5
9.4
4.7
3.3
1.4
-.1
1.5

2.9
7.7
4.6

4.0
2.3

.9
-5.9

.4
7.8
8.2

29.1
-.1
8.3
.4
7.9
8.3

-3.4
.9
.2
.7
.5
.2

.8
.1
.6

.6
-4.2

8. 2

-3.6
.8
.1
.7
.5
.2

2.2

3.0
1.3
.2
1.1

27.1
-.1
8.1
.4
7.7

-3.7 NET F I N A N C I A L I N V E S T M E N T
.6
NET INCR. IN F INAN. ASSETS
.2
D E M A N D D E P O S I T S ♦ CURRENCY
.4
M I S C E L L A N E O U S A SSETS
.5
INSURANCE RECEIVABLES
-.1
EQ. IN SPONS. AGS. (2)

10

11

12

13
14
15
16
17

NET INC R E A S E IN LI A B I L I T I E S 18
credit market instruments
19
MORTGAGES
20
BANK L O A N S N.E.C.
21
O THER LO A N S
22
U.S. G O V E R N M E N T
23
24
FIC8
TRADE DEBT
P R O P R I E T O R NET INVESTMENT

25
26

N O N F A R M NON C O R P O R A T E B U S INESS

1

58.9

60.0

60.3

62.6

63.7

67.4

65.5

66.2

66.6

68.0

68.9

69.4 NET INCOME

1

2
3

11.9
11.9

13.1
13.1

14.6
14.5

15.8
15.8

17.3
16.6

18.5
18.5

17.9
15.0

17.9
17.9

18.5
18.2

18.6
18.6

18.9
18.9

19.2 c a p i t a l c o n s u m p t i o n
19.2 CURRENT SURP. * GROSS SAVING

2
3

4
5
6
7
8
9
10

11.9
16.6
16.1
9.8
.3
5.9
.5

13.1
18.6
17.6
10.6
-.3
7.3
1.0

14.5
16.9
18.3
10.6
.2
7.5
-1.4

15.8
21.2
21.7
11.5
1.2
9.1
-.5

16.6
24.1
25.3
12.2
.8
12.3
-1.2

18.5
25.8
25.3
12.9
-.2
12.6
.4

15.0
25.8
26.6
12.4
1.2
13.0
-.8

17.9
26.3
26.7
13.0
1.2
12.5
-.3

18.2
25.6
2 5.8
13.0
.4
12.4
-.2

18.6
25.0
25.2
12.9
-.7
13.0
-.2

18.9
25.7
23.3
12.8
-2.1
12.6
2.5

19.2 GROSS INVESTMENT
20.8 CAPITAL EXPENDITURES
23.6
FIXED CAPITAL
12.9
PLANT ♦ EQUIPMENT
HOME CONSTRUCTION (1)
-2.3
12.9
MULTI-FAMILY RESIDENTIAL
-2.8
CHANGE IN INVENTORIES

4
5
6
7
8
9
10

11
12
13
14
15
16
17

-4.7
1.0
.5
.5
.5

-5.4
1.3
.6
.7
.7

-2.4
1.3
.6
.7
.7

-5.5
1.5
.7
.8
.8

-7.5
1.8
1.1
.7
.7

-7.3
2.1
1.3
.8
.8
.1

-10.8
3.0
2.3
.7
.7
-

-8.4
1.0
.3
.8
.7

-7.4
2.3
1.5
.8
.7
•

-6.4
1.7
.9
.8
.8

-6.8
3.3
2.3
1.0
.8
.2

-1.6 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
-.2
DEMAND DEPOSITS * CURRENCY
CONSUMER C«EDIT
- .8
MISCELLANEOUS ASSETS
.6
.8
INSURANCE RECEIVABLES
EQ. IN SPONS. AGS. (2)
-.2

11
12
13
14
15
16
17

18
19
20
21
22
23

5.6
5.6
3.4
.2
2.7
.b

6.7
7.4
3.8
-.2
3.6
.4

3.7
5.3
4.9
.2
4.3
.4

6.9
8.7
8.0
1.0
6.2
.9

9.3
10.4
9.2
.6
7.3
1.3

9.4
11.4
8.1
-.2
6.7
1.5

13.7
12.8
10.8
.5
8.9
1.5

9.5
13.3
9.1
1.0
6.9
1.2

9.7
10.8
10.5
.3
8.5
1.7

8.1
10.9
8.7
-.5
7.5
1.7

10.1
10.6
3.9
-1.4
3.9
1.4

1.4
5.9
4.1
-2.1
5.2
1.1

18
19
20
21
22
23

24
25

1.1
1.0

2.1
1.5

-.6
1.0

.2
.5

.7
.4

.4
3.0

.7
1.2

.9
3.3

-.6
.9

-1.8
4.0

3.0
3.7

-1.9
3.7

26
27

-.1
.2

-1.1
.5

-.9
-.7

-1.1
-.6

-.2
-.9

-1.0
-1.1

1.5
-.5

•
-3.8

.1
-1.2

-1.9
-1.0

-2.1
1.7

-2.3
-2.2

*

*

#

*

*

*

(1)

*

change

NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
BANK LOANS N.E.C.
OTHER LOANS
TRADE OEBT. NET
PROPRIETOR NET INVESTMENT

IN WORK IN PROCESS.

(2) SHA R E S IN FICB*S. B A N K S FO R COOPS* ANO L A N O BANKS.
1/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




24
25
26
27

8 MAY

1974

CO R P O R A T E B U S I N E S S

CORPORATE BUSINESS

,

6

SECTOR S T A T E M E N T S OF S A V I N G AND I N VE ST M EN T
( BILLIONS OF DOLLARS)

(

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

SE A S O N A L L Y A O J U S T E O ANNUAL RATES
1968

1969

1970

6

1971

1972

1973

I
I

corporate

1973

1972 I
IV
1

1

I

II

III

IV

1
1

1974
I

B U S INESS

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
49.8
60. 7

55.7
27.5
20.0
8.3
2.3
-4.8
53.6
59.4

64. 0
29.6
20.2
14.2
2.9
-4.9
57.7
69.9

74.2
34.9
21.1
18.1
3.5
-6.9
62.8
77.5

96.1
46.3
22.3
27.5
5.1
-17.3
67.9
83.3

79.9
37.5
20.9
21.3
4.2
-7.3
64.8
82.9

92.0
44.2
21.4
26.5
4.3
-15.4
65.9
81.3

99.8
48. 1
21.9
29.9
4.4
-21.1
67. 1
80.3

98.8
47.6
22.5
28.7
4.6
-17.0
68.2
84.4

93.9
45.4
23.4
25.1
7.0
-15 . 5
70.6
87.2

103.6
50.0
23.7
29.9
7.0
-30.9
72.3
78.3

PROF I T S BEFORE T a x
- P R O FITS TAX A C C R U A L S
- NET D I V I D E N D S PAID
s UNDISTRIBUTED PROFITS
♦ F O R E I G N BRA N C H PR O F I T S
♦ INV. V A L U A T I O N ADJU S T M E N T
♦ CAP I T A L C O N S U M P T I O N ALLOW.
a GROSS INTERNAL FUNDS

1
2
3
4
5
6
7
8

9
10
11
12
13
14
15

53.3
75.0
68.6
66.5
•3
1.6
6.4

57.3
8 3.7
7 6.9
74.0
-.3
3.2
6.7

53.7
84.0
78.4
75.1
.2
3.1
5.7

56.9
86.7
81.8
76.8
1.2
3.7
5.0

62.5
100.7
93.9
88.2
.8
4.9
6.8

66.0
114.8
107.9
103.1
-.2
5.0
6.9

52.7
107.4
98.8
92.3
1.2
5.3
8.7

65.6
109.2
104.5
98.3
1.2
5.0
4.7

58.6
110.3
105.7
100.6
.4
4.8
4.6

65.5
113.3
109.9
105.0
-.7
5.6
3.4

73.0
126.7
111.9
108.6
-2.1
5.4
14.8

62.7 G R OSS I N V ESTMENT
123.5 CA P ITAL E X P E N D I T U R E S
113.9
FIXED I NVESTMENT
110.7
PLANT ♦ EQ U I P M E N T
-2.3
HOME C O N S T R U C T I O N
5.5
m u l t i -f a m i l y r e s i d e n t i a l
9.6
c h a n g e in i n v e n t o r i e s

9
10
11
12
13
14
15

16
17

-21.7
29.0

-26.4
28. 4

-30.3
11.0

-29.8
23.0

-38.2
30.7

-48.8
43.8

-54.7
38.6

-43.6
46. 1

-51.7
52.2

-47.8
48.4

-53.7
27.0

-6 0.8 n e t F I N A N C I A L i n v e s t m e n t
16
50.9
F I N A N C I A L USES OF FUNDS. NET 17

18
19
20
21
22
23
24

8.0
1.7
.4
.3
.5
4.2
.9

2.3
2.6
-2. 4
- 2.3
-1.0
4.0
1.4

-1.1
.4
1.7
.3
-.6
.5
-3.4

10.6
.7
3.6
2.0
1.0
2.4
.8

5.1

3.1
-2.4
1.0
1.7
1.6

7.4
-2.9
5.6
-1.8
-.1
4.1
2.6

7.5
3.4
1.2
-1.0
1.0
1.7
1.3

9.0
-10.7
16.8
-1.7
1.0
-1.6
5.3

9.8
-2.0
8.4
- .4
-2.5
9.0
-2.7

12.6
.9
4.0
-1.6
2.5
.2
6.6

-1.6
.4
-7.0
-3.6
-1.5
9.0
1.0

10.5
1.7
2.0
-2.4
.1
1.2
7.8

LI Q U I D ASSETS
D E M A N D DEP. ♦ C U R RENCY
TIME D E P O S I T S
U.S. GOVT. S E C U R I T I E S
S. ♦ L. O B L I G A T I O N S

25
26
27
28
29
30
31

18.6
2.4
1.1
.5
.8

.3
22.7
3.0
2.2
-.4
1.1
.1

.7
7.1
4.2
3.6
-.4
.9
.1

.6
5.6
6.2
3.8
1.4
1.0

1.6
19. a
4.3
1.4
1.8
1.2

2.0
25.8
8.5
3.6
3.8
1.1

3.4
28.5
-.8
1.5
-3.5
1.2

.9
23.C
13.2
6.7
5.4
1.1
•

2.8
33.7
5.9
1.6
3.1
1.1
•

28.3
6.9
.8
4.9
1.1
•

2.3
18.2
8.1
5.4
1.6
1.1
#

.6
31.1
8.7
5.7
2.0
1.1
•

C O N S U M E R CREDIT
TRADE CREDIT
M I S C E L L A N E O U S ASSETS
F O R E I G N DIR. INVEST.

32
33
34
35

50.7
30.3
-1.5
31.8

54. 8
38. 3
2.9
35.4

41.3
38.8
4.8
33.9

52.8
47.4
U.7
35.7

68.9
54.5
10.4
44. 1

92.6
65.8
5.9
59.9

93.3
69.9
10.0
59.9

89.8
74. 1
4.6
69.5

103.9
67.7
7.5
60.2

96.2
67.6
4 .4
63.2

80.7
53.6
7.1
46.6

111.7
72.1
.6
71.4

36
37
38
39
40

12.9
5.7
.2
.7
4 .d

12.0
4.6
-.2
1.2
3.7

19.8
5.2
.2
1.5
3.6

18.8
11.4
1.0
2.6
7.9

12.2
15.6
.6
3.0
12.0

10.7
16.2
-.2
2.8
13.6

11.1
17.7
.5
3.7
13.5

8.3
14.8
1.0
2.7
11.1

1 1.8
18.9
.3
3.4
15.3

12.7
18.1
-.5
3.2
15.3

9.8
12.9
-1.4
1.7
12.5

17.4
9.6
-2. 1
2.0
0.7

41
42
43
44

9.7
1.6
1.7
.2

11.6
2.7
4.3
.1

5.7
2.6
.4
.3

4.8
-1.5
1.9
.2

13.9
-.5
2.8
.2

30.4
1.0
1.4
.3

28.7
-1.8
3.6
.6

55.8
-11.7
1.8
.6

26.9
2.2
.1
.2

28.2
2.6
1.5
.1

10.7
10.9
2.2
.1

35.6
5.9
2.6
.3

45
46
47

2.9
17.2
.3

-3.3
19.0
.8

-3.7
5.2
1.0

2.0
3.6
-.1

.6
13.6
.2

8.3
16.5
2. 1

3.2
19.6
.6

7.9
6.7
1.1

5.3
28.8
2.1

10.5
15.1
3.0

9.6
15.4
2.0

13.0
24. 0
2.6

48

8.4

3.4

5.7

13.0

15.0

17.4

30.2

15.7

21.6

19.0

14.2

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

48

49
50

1.4
31.8

3.8
37.0

1.9
31.3

2.0
27.8

6.2
34.0

9.3
38.6

8.9
33.8

16.3
35.3

4.9
43.4

13.2
38.4

2.9
37.3

7.1 MEMO: NET TRADE CREDIT
39.0 PROF I T S T a x PAY M E N T S

49
50

51
52
53

47.0
121.6
42.4

49.5
137.8
42. 3

49.4
141.4
40.4

46.2
124.1
41.1

47.1
129.9
43.9

48.2
137.8
52. 1

46.9
129.6
55.8

48. 1
134.3
63.6

48.2
137.5
54.6

48.2
134.2
55.8

48.3
145.3
36.7

*

*

*

*

»

commercial

paper

S E C U R I T Y R . p .'S

25
26
27
(1) 28
foreign currencies
29
INSURANCE R E C E I V A B L E S
30
EQUITY IN SP O N S O R E D AGS. 31

F I N a N. S OURCES OF FUNDS. NET
NET FUNDS R AISED IN M k TS.
NET NEW SHARE ISSUES
DEBT I N S TRUMENTS




32
33
34
35

COR P O R A T E BONDS (1)
MO R T G A G E S
HOME M O R T G A G E S
MULTI-TAMIL*
CO M M E R C I A L

36
37
38
39
40

BANK LOANS N.E.C.
O P E N - M A R K E T PAPER
U.S. G O V E R N M E N T LOANS

41
42
43
44

P R OFIT TAX LIABI L I T Y
TRADE DEBT
M I S C E L L A N E O U S L I A B I L I T I ES

45
46
47

finance

company

loans

per cent r a t i o s *
48.3 EF F E C T I V E TAX RATE
51
157.7 c a p i t a l o u t l a y s / i n t e r n a l f u n d s 52
57.8 CR. MKT. BORROW I N 6 / C A P . EXP.
53

(1) FO R E I G N I N V E S T M E N T EXC L U D E S A M O UNTS F I N A N C E D BY BONO
ISSUES ABROAD. AND B O N D I S S U E S O U T SIDE THE U.S. ARE
E X C L U D E D FRO M F I N A N C I A L S OURCES OF FUNDS ABOVE.
1/74 FI G U R E S ARE TENTA T I V E E S T I M A T E S B A SED ON I N C OMPLETE INFORMATION.

18
19
20
21
22
23
24

8 HAY 1974
♦GOVERNMENTS

GO V ERNMENTS
7

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

SEAS O N A L L Y ADJUS T E D A NNUAL RAT E S
1971

SEASONALLY
1972

I
1973 i

1972 I
IV
I

1973

I

II

III

IV

I
I

A D J U S T E D ANNUAL RATES

1974
I

STATE AND L O C A L GOVER N M E N T S - G ENERAL FUNOS
107.1
82.0
6.4
18.7

119.7
92.1
7.3
20.3

135.0
102.3
8.3
24.4

152.3
113.8
9.4
29.1

177.2
128.8
10.7
3 7.7

194.5
141.6

107.5

119.0

1 0 0. 8

111. 2

133.2
123.3
9.9
1.8
6.3

148.3
136.2

164.0
150.5
13.5
13.1
7.3
5.9

-13.5
4.0
6.2
-1.0
7.2

- 1.8
11.0

6.7
-.3
4.8
-5.2

7.8
.7
5.1
-4.4

— 4. b

1 2. 0

4.0
6.8
-2.8

13
14
15

-4.5
6.0
3.0
-.2
3.2

1.8
-4.5
1.4
-5.9

2.3
2.2
-.5
2.7

6.9
6.9
3.5
3.3

-2.4

2.0

18
19

-2.2
- 1.2
-1.1

1.4
.7

.1

-.2

11

12

-9.4

20

21
22

.1

23
24
25
26
27

10.4
9.8
9.5
.1

.7

9.4

28
29

-5.2
6.6
8.4
- 1.6
10.0

-.1
-.6

-.9

11. 2

11.8

10.7
9.9
2.8
7.2
.7
.5

11.4
11.3
2.3
9.0

8.6

1.8

6.8

2.1

190.2
137.5

192.8
140.5

196.0
143.3

40.9

191.2
133.8
11.3
46.1

11.6

41.1

11.8

40.5

12.1

40.5

184.1
170.5
13.6
10.4
7.7
2.7

171.6
158.0
13.6
19.6
6.7
12.9

176.3
163.0
13.3
13.9
7.3

181.2
168.0
13.2

-1.3
9.8
7.0
-.2
7.2

4.8
16.8
10.9
.5
10.4

-. 6

2.2
2.4

5.3
5.7
5.0
.7

12.0

.1

2.3

198.9
144.9
12.4
41.6

202.1 TOTAL R E C E I P T S . NI A BASIS
146.1
TAX R E C E I P T S
12.7
S OCIAL I N S U R A N C E RECEIPTS
43.2
G R A N T S IN AID R E C E I V E D

11. 6

185.7
172.2
13.5
10.3
7.9
2.4

193.0
178.8
14.2
5.9
8.1

196.6 TOTAL E X P E N D I T U R E S . NIA BASIS
184.6
PURCH. OF G O O D S ♦ SERVICES
12.0
NET I N T E R E S T ♦ TRANS F E R S
5.5
NET S URPLUS. N IA B A SIS
8.9 - R E T I R E M E N T C R E D I T TO HH
-3.5
» GR O S S S A V I N G

-1.7
14.5
8.7
-3.4

-1 . 6

1 C .9

-1.3
5.3
6.9
2.4
4.5

12. 1

1.5

-3.7
-2.9
-2.9
-.1

-2.1
-3.3
1.3

5.3
5.6
1.9
3.7

9.3
9. 1

7.4
4.2

6.6

6.7
9.8
- 1. 0

- 2.0

-2 . 2

12.6
2.6
1.2

-.7

1 6 .6

2.4
14.2

12.9
12.3
11.9
- 1.0

12.9

.1

.6

7.3
6.7

6.7

6. 0

7.0

11.1

1 2.0

10.5
1 0. 2

11.4
10.4
-1.9
12.3

.4

1.0

- 1.0

.6

.6

.6

10.1

-.1

6.2
5.7
3.2
2.5
.5

.6
17.6
17.0

-4.8
6.9
.1
-4.1
4.2

6.1

- 1.2

-

7.2

2.8

9. A

10.7

.6
16.2
15.6
13.9
1.5
12.4

14.2
13.6
13.3
2.1
11.3

1.7

.2
.6

11.7

11.1

10.9
-.4
11.3

1
2
3
4
5
6
7
8
9
10

NET F I N A N C I A L I N V E S T M E N T
NET ACQ. OF F I N A N C I A L ASSETS
TOTAL D E P O S I T S ♦ CURRENCY
D E M A N D DEP. ♦ CURRENCY
TIME D E P O S I T S

H
12
13
14
15

CRE D I T M A R K E T INSTRUMENTS 16
U.S. GOVT. SECU R I T I E S
17
DIRECT
18
U.S. GOVT. AGENCY SEC. 19
S. ♦ L. O B L I G A T I O N S
HOME M O R T G A G E S
taxes

receivable

NET I N C R E A S E IN LIABI L I T I E S

20

21

22

s. ♦ l . o b l i g a t i o n s
SHORT-TERM
OT H E R

23
24
25
26
27

U.S. G O V E R N M E N T LOANS
TRADE DEB T

28
29

credit

market

borrowing

4.1
-.6
1.3 D I S C R E P A N C Y
EMP L O Y E E R E T I R E M E N T FU N D S ARE IN I N S U R A N C E SECTOR.
U.S. GOVERNMENT

175.0
79.7
36.7
18.0
40.7

197.3
94.8
36.6
19.0
46.9

192.0
92.2
31.0
19.3
49.5

189.2
98.8
37.2
13.1
40.0

12
13

181.5
98.8
34.1
11.7
36.9
-6.5
1.3
-7.8

203.9
96.2
45.1
14 . 6
48 . 1
-11.9
2.5
-14.4

1*
15

-8.4
7. 4

6.1

16

2.0

7
6
9
10

11

17
18
19
20
21

22
23
24
25
26

-1.7
.1
4.9
.1
.8
.3

8.1

1.6
6.5
3.7
1.4

1.1

-.2
2.9
-1.3
.1
.6
3.5
- 2.6

-.2

27
28
29
30
31
32
33
34
35

15.9

36
37

.6
35.0

9.9
3.1
1.3

.9
.1

198.9
B9.9
33.3
20.4
55.2

228.7
107.9
37.8
19.9
63.0

265.0
11 4 . 5
49.4

221.0

- 22.2
2.9
-25.1

244.6
104.4
47.8
13.5
78.8
-15.9
3.2
-19.1

264.0
106.6
48 . 6
15.9
92.9
.9

-15.2
.7
- 2.0
2. 5
.3

-25.0
4.1
- 2.2
3. 3

- 20.1
.9
-.3
- 1.0

-.6

.1

.1

-.2

*

2.8
-.1
-.1

2.3
•

3.0
«

2.0

-.6

- 1.1

-.8

3. 2
*
-.3
.4
3.2
1.3
-1.7

.3

.1

.5
2.6

-2.3

15.9

-3.6
-.4
-.9
-2.4
1.6
-.3

.6
12.8

.3
12.6
-.1

2.5
-.6
.6

98.1
47.0
13.6
62.4

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

.4

21.0

80.1

2.1
- 1.2

11.5
»
-.5

.6

.5
-.b

3.5
7.9
.3

.1

1.0

21.0

12.0

.5
17.3
3.3

.4
9. 7
2.7
5. 0

2.6

10.6

3.4
3.2
-.1

.4

.8

-.1

1 .0

33.4

32.0

37.3

2.0
2.1
.1
.2

-. 7
41.6

236.9
111.3
40.7
20.3
64.6

253.6
108.5
46.6
20.7
77.8

262.4
111.4
50.8

269.5
116.9
51.0

21.2

2 0.8
80.8

260.3
102.7
58.7
13. 7
85.2
-23.4
4.1
-27.5

258.6
10b.5
49. 1
14 . 7
89.3
-5.0
1.5
-6.5

262.4
107.3
48.2
15.6
91.3

-28.7
1 1.4

-5.3
29. 1
-. 1
14. 4
.7
3.9
•
- 2. 1
.5
5.5
9.4
.4
.4

-7.6
- 2.1
»
-6.4

-21.6

-.6
8.2

*

- 1.2
.3
2.9
4.1
- 2.6
.3
40. 1
.4
33.4
3.1
25.0
5.3
4.1

79. 1

4. 5
-4.5

49.4
21.5
82.5

265.6
106.8
48.3
16.2
94.2
4. 0
.9
3.1

269.6
106.8
48.9
17. 0
96.9
4. 7

4. 8
-5.S

5.8
24.4
.1
11.5

1.6

3. 2

-.2

-.6

-.6

7. 8
«

2. 4
•

1.0

-.2

.2
1. 0

2.1
4.7
9.4
-.4

-. 3
2.9

5.5

-.1

3.6
-2.1

-10.3
•3
-9.7
1.9
-14.3

.8
1.2

26.2
2.6

121.0

- 2.0
»
-3.2
4.7
1.3
.4

34.4
.4
32.7
3.9

274.3

8.1

-.3
3.2
18.5
.3
14 . 6
1.4
10.3
2.9

-.2

2.6

.9

1.6

.1

4.5
-. 4
-. 3

-1.5

1.5
2.4

- 1.2
37.3

3.0
46.0

-1.7
41.6

-2.7
41.3

1.2

1.5
-. 7

2. 7
1.3
36.6

286.0 TOTAL R E C E I P T S * NIA BASIS
123.6
P E R S O N A L T AXES
53. 7
CORP. P R O F I T S TAX ACCRUALS
21.6
I N D IRECT TAXtS
87.1
INS U R A N C E R E C E I P T S
2 81.3
111.3
52.7
17.9
99.5
4.6
1.2
3.5
1.7
9.9
.9
-4.5
-.1
1.6
*
-.2
-.6
2.4
11.3
-.4

TOTAL E X P E N D I T U R E S * NIA BASIS
G O ODS ♦ S E R V I C E S
GRANTS ♦ DONATIONS
NET INTE R E S T
INS U R A N C E B E N E F I T S
NET S U R PLUS. NIA BA S I S
- I N S URANCE C R E D I T S TO HH
* G R OSS S A V I N G

1.2

NET F I N A N C I A L I N V E S T M E N T
NET ACQ. OF F I N A N C I A L ASSETS
GOLD* S D R ' S ♦ OFF FGN EXCH
D E M A N D D E P O S I T S * CURRENCY
TIME D E P O S I T S
CRE D I T M A R K E T I N STRUMENTS
S P O N S O R E D A G E N C Y ISSUES
HOME M O R T G A G E S
OTHER MORTGAGES
OTHER LOANS
taxes r e c e i v a b l e
TRADE C R E D I T
MISCELLANEOUS

8.2
.3
6.8
3.0
2.2
1.7
1.2
.3
.2

NET I N C R E A S E IN L I A B I L I T I E S
T R E A S U R Y CU R R . ♦ SDR CTFS.
c r e d i t m a r k e t i n s t r uments
SAVINGS BONDS
D I R E C T EXCL. SVGS. RONDS
AGE N C Y ISSU E S ♦ MTGS.
LIF E ♦ R E T I R E M E N T RESERVES
TRADE DEBT
MISCELLANEOUS

1.8 D I S C R E P A N C Y
42.4 MEMOS CORP. TAX R E C E I P T S . NET

6
7
8
9
10
11

12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37

F E O E R A L L Y S P O N S O R E D CREDIT AGENCIES

1

.1

.1

.1

.1

.1

.1

.1

.1

.1

.1

.1

2
3
4
5
6
7
8
9
10
11
12

3.2

9.2

10.8

3.2
-.1
1 .6
.5
1 .2
.1
.2
.9

9.0
-.2
3.9
.6
4.8
.2
.6
4.0
.1

9.9
1.7
5.4
.5
2.3
.3
.7
1.3
1.0

3.4
.1
2.8
-1.5
5.6
.7
-2.0
•
.7
-2.7
.6

6.6
•
6.0
-1.4
5.5
1.2
.8
.3
.4
•
.6

22.0
.1
20.3
1.3
8.4
2.0
8.5
.3
1.1
7.2
1.7

4.7
.2
6.1
-4.1
5.0
1.6
3.6
.2
.4
3.1
-1.6

12.3
.2
13.0
-2.1
6.0
1.9
7.1
2.1
1.0
4.1
-.9

25.9
-.2
24.5
1.7
8.5
1.9
12.5
•
1.1
11.4
1.6

31.3
-.2
30.0
4.2
10.5
1.9
13.4
.1
1.5
11.9
1.5

ie.6
.5
13.6
1.7
8.6
2.1
1.2
-1.0
.9
1.3
4.5

12.5
-4.9
10.5
2.1
4.8
1.8
1.2
1.8
-1.4

13
14
15
16
17
16

3.2
3.5
3.2
.2
-.3
.1

9.1
8.6
9.1
-.3

10.8
8.2

6.5
6.2
6.2

21.8
19.6
19.6

4.6

6*2

3.3
4.3
4.3

12.0
11.4
11.4

25.6
23.7
23.7

31.1
28.5
26.5

16.5
14.7
14.7

10.6
8.0
6.0

2.5
•1

- 1.0
•

.3
-.1

2.2
-.1

.6
-.2

1.9
-.2

2.6
-.1

3.6
•

2.7
-.3

#

,4

.1

1/7* FIGURES ARE



5.3
5.3
-.7

•

•

0

.11 CU R R E N T S u H ^ l u
DE M A N D D E P O S I T S ♦ C URRENCY
CR E D I T M A R K E T INS T R U M E N T S
U.S. G O V E R N M E N T SECUR I T I E S
R E S I D E N T I A L M O R T G A G E S (1)
farm

mortgages

OTHER LOANS
TO C O O P S <BC)
t o f a r m e r s <f i c b >
TO S * L •S (FHLB)
MISCELLANEOUS ASSETS
CREDIT MARKET INSTRUMENTS
SPONS. A G E N C Y ISS U E S (1)
U.S. G O V E R N M E N T L O A N S
MISCELLANEOUS LIABILITIES

ALL G N M A - G U A R A N T E E D S E C U R I T I E S B A C K E D BY M O R T G A G E P O O L S ARE INCLUDED
IN A GENCY SE C U R I T I E S .
THE M O R T G A G E PO O L S ARE I N C L U D E D IN R E S I D E N T I A L
M O RTGAGES.
TENTATIVE ESTIMATES BASEO ON INCOMPLETE INFORMATION.

2
3
4
5
6
7
8
9
10
11

12
13
14
15
16
17
IS

8 MAY 19/4
BANKING SYSTEM

BANKING s y s t e m
SECTOR

S T A T E M E N T S OF S A V I N G A N D
( B I L L I O N S OF DOLLfl«S)

INVESTMENT

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

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

I
|

1972
IV

1973

I
I

II

III

IV

I
I

19 7 4
I

AUTHORITIES

.1
3.6
-1.2
.2

4. 2
-.1
.1

8

.9
*
3.7
3.8

9

-.1

•
*
4.2
4.2
*

5
6

7

10
11
12

.8
.2

8.8
8.6
.2

-.2

“

“

8.3
3. 6
.5

-2 .1

4.1

5.3

.2

2.1

.1

-.3

1.0
.1

2.4
~
.1

3.3
.5
-.1
2.6

*
.5

.4

-.3

-.4
1.9

3.1
-.4
*
3.5
*
.4

4.4
.9
.1
3.4
*
-.2

.2

.3

-.9
-. 7
9.2
9.3
*
“

-5. 1
6. 5
-.4

1

3
4
5
6

7

3.0
1.3

3.7
1.9

46.3
*
40.1
38.7
3.3

22.0

*
17.2
18.2

9

2.1
1.2

*1 0 . 0
-9.7
-.3

10

15.5

5.6

8

11
12

13
14

8.6

.2

•3
3.5
3.2

-. 1
3.0
2.4

20.0

3.3

2.8

2.1

2.3

1.7
-4.6

15.3
2.9

.8

2.0

4. 0
-.3

3.4
-. 5

-.1

-.1

8. 7
•
.5

8. 9
7. 2
.3
1.4

- 1.0

.8

3. 7
2. 5

5.5

78.3

103.2
.1

2.6

-13.0
-12.4

4.6

5.8

-.8
.2
1 .0

4.5
.1

1.3

13.0
2.3
*
lr.7
*
-.3

1.0

- 1.2

4.?
2.5

4.7
2.5

5.4
2.5

5.6
2.7

6.3
2.7

6.8

75. 1
*
94. 1
8 8 .7
8.3
1.9
6. 4

142.8
.1
106.2
114.0
- 10.6
-11.9
1.3

99.6
.1
87.8
80.6
**.7
-5.3

88.2

.i
85. r
89. 1
.9

91.9
*
65.9

81.9
•
76. 4

66.6

80.8
10.0

21.8

20 . 7

25.8
4 .5
-. 4

.5
-3.6

2 4. 8
6.3
1.7
9.0
7.8

25.8
5. 5
.5
11.0
8.8

9.8

1.6

1.3
5.7
4.2

38.4

65.0

58.6
12. 7
45. 0

.9

.2

BANKING

23.8

89.6
- 1.2
-8.8
7.6

"
4.9
2.7
-2.5

8.2

1.7
2.1
8.2

.8

6

2.2

-.3
9.8
9.0

10.0

11.8
10.0

- 10.6
11 . 5
27 . 0
5. 0
1.3
11. 9

*
-7.<*
7. 4

2.7

29.5
10.4
1 .3
1C.5
7.4

20.4
8.7

50.4
4. 2
4* . *

-.8

37.1
7. 4
3C .3
-.7

-4.1

- .6

.
-4 . 4

8.8

10.6

55.2

2.0

.8

-.2

-.8

.8

19

.1

*

.1

*

.1

.1

20

1 .3

.1

1.4

.8

4.8

-3.4

5.4

- 8.1

21
22

2.0

.3

1.8

.7
3. 4

1.7
5.0

4.1
1.7

- 1. 0
1.4
3. 1

-3.9
-14.3
-.9

4. 9
16 . 5
15 . 2

- 8.2

12.6

4.5

6.0

1 1.6

- 12.2

8. 1

2.8

8.3

2.8

3. 3

2.9
2.3

20.1

43 . 5

71.7
24.5
9.1
15.4

138.5
7.9

93. 7

8.6

- .7

-11.4
1 3. v

85.3
l .:
-9.2

78.7
37.0
7. 9
29 . 1

77.5
-9. 1
- 6.8
-2.3

82. n
4 3. 4
37.7
.9

49.3
31. 0
17.9
•*

62. 3
20 . 7
41.1
.5

23.*
-15.1
37.6

55.8
15. 4
40.3

.6

4 ?.8
13. 3
31.0
-1.4

.6

.2

*

1.0

•
21.3
-.9
-3.3
16.5

4. 3

.1

.
5.8
-l.:
-1.4
6.1
•

12. 5
2.7
-.3
2.9
.1

44.4
13.3

28
29
30
31

20.7
3.1
17.4

32
33
34
35
36
37

-.1

.1

38
39
40

7.6
2.3
5.3

41

-.1

11.2

56.3
13.0

2. 9
8. 3

2.2
10.8

75.6
16.4
.7
15.6

.2

-9.5
12.5
2.9
•2

38. 0
15.2
22.4
.4

41.4
8.7
32.4
.3

42.3
9.8
23 . 0
-.5

-.1

•*

.1

.2

1.3
.9
•
.7

6.1

-4.9
1.7
.3

3. 3
.1
-. 3
1.7
*

.5
4. 8
-. 4
1 .9
1.4
-.2

6.0
.1

16.9
7.9
8.9

-3.7
-6.9
3.2

-2.7
-4. 1
1.3

9.3
.9
8 .4

17 . 2
1.1
16.1

20.5
-3.3
23.7

*

-.5

-1.7

-1.5

- 1.2

- 1.6

-.2

13.5

4.9
*
4 .9

4»
»

1.6

.8
.2

99.0
12.1

- 1. 0
13. 1
54.2
20.0

33.6

11.0

-. 9
-. 7

-3.2
-5.1
6. 5
-14.3

FIGurtE S AfcE




tentative

estimates

BASED

ON

104.0
13.1
92 . 0
- 1.2

58.0
11.0

47.4
-.3
-.7

.2

2.0

61.1
10.9
51 . 1

1 '. 2

12.8

1.5

- .7
.*

11.6
.2

- 12.2
-. 1

1 4.8
- 1.1
15.9

25.2
22.4

21.8
1.8
2 0.0

6.2

-2 .1

- 3.1

•

.«

.2

INCOMPLETE

13
14
15
16
17
18
19

-.8

2.8

6.9
.7

ACQ. OF F I N A N C I A L A S S E T S
DEMAND DEPOSITS * CURRENCY
t o t a l B a n k CREDIT
credit

.1

12.8

8.5
-.3

IN F O R M a T JO •».

3
*
5

market

instruments

6

U. S . G C V T . S E C U R I T I E S
DlRtCT
AGENCY ISSUES

1. 8

.2

1
2

7
8

9

O T n E R s e c u r i t i e s • m TGS.
S. ‘ L. O B L I G A T I O N S
CORPORATE BONDS
h Qm E MORTGAGES
OTHER MORT G A G E S

11
12

OTr-ER CR. E X C U . S E C U R I T Y
CONSUMER CREDIT
BANK l OANS N.E.C.
O P E N - M A R k ET p a p e r

15
16
17
18

CORPORATE EQUITIES
SECURITY C REDIT
VAUl T CASH
other

♦ MEM.

interbank

BANK

10

13
14

19
20

RES.

claims

21
22

MlSCELLANEOj S ASSETS

23

INCREASE in L I A BILITIES
J E - a ND D E P O S I T S . NET
U.S. G O V E R N M E N T
OTh E k

24
25
26
27

net

time

->e p c s i t s
NEGOTIABLE

_ a RGE
other

CD'S
Banks
AT F O R E I G N B A N K I N G a GS.
at

commercial

CORPORATE EQUITIES
C R E D I T M A R K E T DEB T
r.R. *-l o a T
B O R R O W I N G AT F.R . B A N K S
OTHER INTERBANK C w A Im s
taxes

payable

MISCELLANEOUS LIABILITIES
L I A B . TO t g n . A F F I L I A T E S
OTh f r

-.3 D I S CREPANCY

( 1 ) C O N S I S T S o f c h a p t e r e d iC O M M E R C I A L B A N K S . t h e i r d o m e s t i c a f f i l i a t e s .
E D G E ACT C C R P U R A T I 0 \ S . A G E N C I E S OF F O R E I G N B A N K S . A N D B A N k S IN U.S .
p o s s e s s :O n S .
t:ge ac t
APPEAR T
in t h e s e
tables
AS " F O R E I G N B A N K I N G A o E N C I E S . "
1/74

11
12

net

4.9

10.1

24
25
26
27

8

9
10

CURRENT SURPLUS
♦ equipment

.2
6.6

28.5

7.4

banks

7

plant

5.4
4.6

19 . 8
6.7
12.4

3.5

liabilities

RESERVES
coml.

5
6

(1 )

10.7
2. 9
5.8

1.2

in
of

DEMAND D E P OSITS ♦ CURRENCY
D U E TO U.S . G O V E R N M E N T
D U E TO R E S T OF T h E W O R L O
CURRENCY OUTSIDE BANKS
TAXES PAYABLE
MISCELLANEOUS LIABILITIES

.1

*22. 7
4.7
17.6
.5

1.6

increase

MEMBER B a n k
VAUl T CASH

.5
.1

5.7
15.7
-1.4

23

net

-.8

-.8

15
16
17
18

-1

F. R . F L O A T
F.R . L O A N S T O D O M E S T I C B A N K S
CREDIT MARKET INSTRUMENTS
U.S. G O V E R N M E N T S E C U R I T I E S
ACCEPTANCES
B a n k l o a n s n . e .C.

2.2
.2

10.2

.8

86.2

4.5
-2.9
-5.3

2.7
-. 3
2.5

-1.3
5.9

13.9
10.7

.2

l.P
•

- 1.0
-1.4
12.4
12.3
•
-

.8

50.5
.1
SI .4
50.6
6.9
3.1
3.8

74. 6
b9 . 7
6.5
2.4
4.1

1.0

7..1
5.6

45.2
.1
36 . 6
35.1
10.4
6.9
3.5

12.6

.2

-.7
.4

"

7 .7
1.4

3. 9
.1

1.5
3.5
3.9
-.3

19.8

-.6
.2

2.0

4.4

-.8

20.0

1.1

2.0

COMMERCIAL

2

-.9
-3.3

SURPLUS

5.1 NET ACQ. OF F I N A N C I A L A SSETS
*
GOLD ♦ F O R E I G N E X C H A N G E
TREASURY CURR. * SDR CTFS.

-. 1
.1

5.0
5.0
«
“

.8

1.5

4.6

.7

1.3

14
15
16
17
18
19

.2 C U R R E N T

15.5

-1.4

3.6

13
-

5.3

28
29
30
31
32
33
34
35
36
3?
38
39
40
41

8 MAY 197*
COMMERCIAL BANKING SUBSECT0HS

C O M M E R C I A L B A N K I N G S UBSECTORS
S U B S E C T OH STATEM E N T S FOR COM P O N E N T GROU P S IN C O M M E R C I A L B A N K I N G
(BILLIONS OF DOLLARS)
S E A S O N A L L Y A D J U S T E D ANNUAL RATES

S E ASONALLY ADJU S T E D ANN U A L R ATES
1972

I
1973 I

1972 I
IV
I

1974

1973

I

I

II

III

4.7
2.5

5.4
2.5

5.6
2.7

6.3
2.7

83.3
85.0
85. 1
5.1
-4.9

90. 1
78.2
81.4
.8
- 10.7

76.9 NET ACQ. OF F I N A N C I A L ASSETS
TOTAL BAN K C R E D I T
71.7
c r e d i t m a r k e t i n struments
74.9
U.S. GOVT. S E C U R I T I E S
9.9
DIRECT
5.5
4.4
AG E N C Y I SSUES

COM M E R C I A L BANKS
3.U
1.3

3.7
1.9

3.3
2.1

2.8
2.3

3.7
2.5

5.5
2.6

2.5

43.5
39.6
38.3
3.2
2.0

13.6

56.6
51.1
50.3

77.3
73.5

-9.8
-.3

38.0
3*. 7
33.3
10.5
7.0
3.5

3.2
3.8

6.0
2.1
3.9

91.7
81.0
84.0
-1.3
-8.8
7.5

79.7
87.6
82.5
7.4
1.9
5.6

121.1

6.8 C U R R E N T S U R P L U S
2.7 PLANT ♦ E Q U I P M E N T

1
2
3
4
5
6
7
8

1.0

10.0

11.6

72.2
61.4
63.2
-.3
-7.5
7.2

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

25.3
7.1
1.4
9.0
7.8

25.7
5.6
.4
11.0
8.7

22.9
3.8
.9
9.8
8.4

2n.7
2.6
-.3
9.8
8.6

25.8
4.5
- .4
11.8
9.9

26.7
4.8
1.2
11.9
8.8

29.4
10.5
1.1
10.5
7.3

20.5
8.8
.1
6.6
4.9

OTH E R S E C U R I T I E S ♦ MTGS.
S. ♦ L. O B L I G A T I O N S
C O R P O R A T E BO N D S
HOM E M O R T G A G E S
OTHER MORTGAGES

9
10
11
12
13

14
15
16
17
18

1 9.5
5.7
15.3

17.5
4.7
12.3
.5
-1. 1

*. 1
2.9
4.2
2.0
1.4

19.4
6.7
11.9
.8
.8

37.6
10.1
27.7
-.2
4.7

59.6
10.6
49.8
-.8
-3.0

52.2
12.7
38.7
.8
5.1

96.2
13. 1
84.?
-1.2
-6.8

54.2
11.0
43.6
-.3
-.1

53.9
10.9
43.9
-.8
-3.2

34.1
7.4
27.3
-.7
-1.8

44.5
4.2
38.5
1.8
-3.2

OT H E R CR. EXCL. SECURITY
C O N S U M E R CRED I T
BANK L O A N S N.E.C.
o p e n -m a r k e t p a p e r
SECURITY CREDIT

14
15
16
17
18

19
20
21

2.1
2.0

.4
.3
.1

2.0
1.8
.2

4.0
4.1
*.1

1.5
-1.0
2.5

5.8
3.5
2.3

-8.7
-3.9
-4.9

12.0
4.9
7.1

-3.2
-8.2
5.0

8.3
12.6
-4.3

6.1
4.5
1.5

3.6
.?
3.4

19
IN T E R B A N K C L A I M S
VAULT C A S H ♦ MEM. BK. RES. 20
DEP. AT FGN. B A N K I N G AGS.
21

1.6

M I S C E L L A N E O U S ASS E T S

1*3

11. 6

12.7

- 10.1

7.0

68.8

99.3

106.1
- 10.8
- 11.8

22

1.9

1.6

1.3

1.5

2.2

4.9

.8

9.7

1.5

3.6

4.7

23
24
25
26

41.7
12.3
-.2
12.5

11.8
4.(3
o
4.6

36.3
4.6
2.9
1.7

54.4
13.4
2.2
11.2

74.6
19.8
.7
19.1

87.6
12.9
-1.0
13.9

76.4
25.4
9.1
16.3

116.8
8.9
8.6
.3

77.4
.2
-11.4
11.6

87.2
2.9
-9.2
12.1

68.9
39.7
7.9
31.8

27
28
29

20.6
3.1
17.4

-9.7
-12.5
2.9

37.6
15.2
22.4

41.1
8.7
32.4

42.8
9.8
33.0

53.6
20.0
33-. 6

44.2
13.3
31.0

81.1
43.4
37.7

48.9
31.0
17.9

61.8
20.7
41.1

22.7
-15.1
37.8'

30
31
32
33

-.1
.3
1.0
-.1

«
.1
1.6
.1

.1
«
-3.3
.3

.2
.7
1.1
*

.5
1.1
1.7
-.2

» '
•
3.7 *
.1

1.0
1.5
-1.0
-

*
- -.3
10.4
.2

.
-.4
-4.3
.2

.1
-.1
7.1
1

.8
1.6
*

.1
3.5
7.4
.1

34
35
36
37
38
39
40

1.6
.9
»
,7

1.6
«
«
.8
.6
.1

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

1.6
.1
-.3
1.3
4>
.3
.1

.5
-.4
1.9
-1.2
.3
-.4
.2

2.1
-.9
-.7
2.6
.1
-.4
1.4

-8.0
-5.1
6.5
-8.0
1.4
-.4
-2.4

5.2
-.9
-3.3
4.3
.3
2.1
2.6

7.3
-.8
1.5
6.5
-.1
-1.4
1.6

-8.2
-.7
.4
-6.3
.2
-2.3
.5

4.1
-1.0
-1.4
5.7
.1
-.1
.8

41
42
43

A.l
1.8
4.3

13.5
6.8
6.7

-5.6
-7.2
1.5

-3.7
-4.8
1.1

8.4
.5
8.0

15.2
.4
14.8

13.2
-2.5
15.7

11.3
-1.1
12.4

25.6
1.6
24. 0

23.7
.8
22.8

.1
.1
*

44

-.1

.•

-.5

-1.7

-1.5

-1.2

-1.6’

-2.1

-3.1

•

.4

-

.
*>

-

22

72.5 NET INCR E A S E IN L I A B I L I T I E S
DE M A N D D E P O S I T S * NET
-8.2
U.S. G O V E R N M E N T
-6.8
-1.4
other

23
24
25
26

55.7
15.4
40.3

TIME D E P O S I T S
LAR G E N E G O T I A B L E CD»S
O THER

27
28
29

CO R P O R A T E E Q U I T I E S
C O R P O R A T E BO N D S
SECURITY R.P.»S
P R O F I T TAX L I A B I L I T I E S

30
31
32
33

1.9
2.7
-.3
-1.9
.1
-.4
1.7

INT E R B A N K L I A B I L I T I E S
F.R. F L O A T
B O R R O W I N G AT F.R. BANKS
DEM. DEP. OF FGN. BK. AGS.
TIME DEP. OF FGN. BK. AGS.
LOANS F R O M A F F I L I A T E S
LO A N S F R O M FGN. BK. AGS.

34
35
36
37
38
39
40

12.0
4.8
7.2

MISCELLANEOUS LIABILITIES
LIAB. TO F O R E I G N BRANCHES

41
42
43

other

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

44

2.0 NET ACQ. OF F I N A N C I A L ASSETS
2.4
BANK L O ANS N.E.C.
-.4
l o a n s to a f f i l i a t e ba n k s

.1
2
3

D O M E S T I C A F F I L I A T E S OF C O M M E R C I A L BANKS
1
2
3

_
_
.

4
5
6

4.5
3.9
.6

-.9
-1.0
.1

.2
-.1
.3

-.6
-.2
-.4

1.3
1.7
-.4

.9
1.3
- .4

4.4
2.3
2.1

.1
1.4
-1.4

2.1
4.5
-2.3

-1.4
-1.3
-.1

4.5
4.2
.3

-.9
-1.9
1.0

' .2
-.4
.6

-.6
.7
-1.3

1.3
2.2
-1.0

.9
1.1
-.2

4.4
3.3
1.1

.1
3.3
-3.2

2.1
3.8
-1.7

-1.4
-1.4
*

tDGE ACT C O R P O R A T I O N S AND A GENCIES OF F O R E I G N *AN*S
1
2
3
4
5
6
7

2.5
.4
•
-.1
•
.4

8
9
10
11
12
13

.1
.
.7
*
1.4

14
15
16
17
18

2.5
1.0
.2
•
.1

19
20
21

1.2
.5
.7

1.2
.8
.3
-.9
.3
1.1
-

9.9
3.7
.1
-.1
•
3.7
-

-7.8
4.5
.4
-2.1
1.2
5.0
-

17.0
5.2
.1
-.5
•
5.5
-

.1
.1
-1.2
.3
.2
.8

.1
-.4
2.6
.1
1.*
2.*

.3
-8.0
1.4
-2.4
-3.7

.2
-1.3
4.3
.3
2.6
5.7

.2

.3
-.1
1.6

1.2
-3.4
- .b
2.5
.8

9.9
-.8
.6
2.3
5.1

-7.8
-.8
-1.4
-4.9
-5.8

17.0
-1.0
.4
7.1
7.9

.4
.2
.2

-.2
.7
-.9

1.7
.4
1.2

2.7
.7
2.0

5.2
-.8
6.0

2.1
•
2.0

7.7
2.7
-.1
.2
•
2.6
-

1.2
•• 1
-.2
-.2

•6

.1
1.2

«
_
1.3

.1
.3

3.5

.1
-.4

2.7
.3
.2
.1
.2

7.7
6.6

1.2

1.9
1.2
.8

2.7
1.3
«
-

1.3
•

-

.5
-

15.9
2.1
-•1
•
*
2.3
-

2.0 NET INCR E A S E IN L I A B I L I T I E S
4.7
CO M M E R C I A L P A P E R ISSUES
MISCELLANEOUS LIABILITIES
-2.6

'
2.7 NET ACQ. OF F I N A N C I A L ASSETS
3.5
CRE D I T M A R K E T IN S T R U M E N T S
•
U.S. G O V E R N M E N T SECURI T I E S
S TATE ♦ L O C A L O B L I G A T I O N S
-.1
•
C O R P O R A T E BO N D S
3.5
BANK L O A N S N.E.C.
o p e n -m a Rket p a p e r
-

-4.3
3.1
.1
.2
.1
2.7

10.6
4.6
.2
-.1
.2
4.4

-.9
-6.3
.2
.5
-1.0

1.1
5.7
.1
.8
-1.5

.
-1.2
-1.9
.1
1.7
.5

15.9
2.3
.4
5.0
5.7

-4.3
-1.9
.5
-4.3
1.9

10.8
-2.7
.6
1.5
4.8

2.7. NET INCR E A S E IN L I A B I L I T I E S
-.9
D E M A N D DEP. IN M ONEY STOCK.
t i m e DEPC.S. .2
3.4
D E P O S I T S OF BA N K S
L O A N S FR OM BA N K S
-3.1

2.5
1.2
1.3

-.4
1.0
-1.5

6.6
.6
5.9

-.6
6.5 .
-.1
1 .6
6.4

4
5
6

3.2
3.7
-.5

1
2
3
4
5
6
7

8
CORPORATE EQUITIES
9
S E C U R I T Y CRED I T
DEM. D E P O S I T S a T COML. BANKS 10
TIME D E P O S I T S AT COML. BANKS 11
L OANS TO B A N K S
12
M I S C E L L A N E O U S ASS E T S
13

MISCELLANEOUS LIABILITIES
DUE TO F O R E I G N AFF I L I A T E S
other

14
15
16
17
18
19
20
21

B A N K S IN U..S. P O S S E S S I O N S
1
2
3
4
5
6
7
8
9
10

.3
•
.1
•
•
•
•
•
.1

1.1
«
.2
•
•
•
•
.1
.9

.3

1.1

.5
,1

•
•
•
.i
•
.5

.5
.1
.3
.2
•
•
.1
•
.1

.5
.2
.3
.2
.1
•
•
•
•

.3
.1
.1
*
*
•
•
.1
.1

2.2
•
.3
.5
•
•
•
-.2
1.9

.3
.1
.5
.1
•
•
•
.4
-.2

.3
.1
-.1
-.2
•
•
.1
•
.3

.3
.1
.1
•
•
•
•
•
.1

•
.1
•
•
•
.1
.2

.3 NET ACQ. OF F I N A N C I A L ASSETS
•
D E M A N D D E P O S I T S ♦ CURR E N C Y
•
credit market instruments
•
U.S. G O V E R N M E N T SECUR I T I E S
•
ST A T E ♦ L O C A L O B L I G A T I O N S
•
c o r p o r a t e BONOS
•
HO M E M O R T G A G E S
-.1
COMMERCIAL MORTGAGES
MISCELLANEOUS ASSETS
.2

6
7
8
9

.5

.5

.3

2.2

.3

.3

.3

.3

.3 NET I N C R E A S E IN D E P O S I T LlAB.

10

1/7* FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




1
2
3
4

8 MAY 1974
NO N B A N K F I N A N C E

NONBANK FINANCE SUMMARY*

SUMMARY
SEC T O R S T A T E M E N T S OF SAV I N G AND I N V E S T M E N T
(BILLIONS OF DOLLARS)

SE A S O N A L L Y A D J U S T E D A N N U A L RA TES

S E A S O N A L L Y A D J U S T E D ANNUAL RATtS
1968

1969

1970

1971

1972

1973

1
1

1972 1
IV
I

1
1

1*73
II

I

III

IV

1974
I

P RIVATE NO N B A N K F I N A N C I A L I N S T I T U T I O N S - TOTAL
1
2

.2
1.1

-.1
1.2

1.7
1.2

4.1
1.9

5.2
2.1

6.3
2.0

4.7
2.3

6.2
2.5

6.0
2.5

6.4
1.7

6.8
1.3

7.5
1.4

3
4
5
6

52.4
.9
.
-.2

45.9
-.4
-.1
-.1

55.2
1.0
.2
.1

85.6
.8
.2
.2

104.5
1.8
-.1
.4

86.6
2.5
•
-.3

113.5
3.7
-.3
.5

101.6
1.7
.2
.4

93.3
2.4
.3
1.8

75.2
3.1
-.2
-2.5

7 6.4
2.7
-.2
-.7

92.0
1.6
2.5

DEMA N D D E P O S I T S ♦ C U R R E N C Y
TIME D E P O S I T S (MSB)
S*L SHAR E S (CREDIT UNION)

7
8
9
10
11
12
13
14
15

10.7
36.6
2.1
1.2
9.8
8.6
7.2
3.8
3.8

12.2
36 . 7
-2.2
1.0
6.9
8.6
7.6
4 .8
9.9

11.3
39.8
3.3
1.8
12.2
7.6
10.1
1.8
3.1

19.3
60.8
2.5
4.1
14.9
18.4
14.1
3.3
3.5

15.4
80.5
5.7
3.5
13.5
30.2
17.4
6.4
3.8

13.2
71.8
.3
3.2
11.6
26.0
15.8
9.0
5.9

18.6
88.0
7.4
4.5
11.1
36.4
21.0
7.8
-.2

10.9
91.6
7.7
1.3
11.0
33.0
14.5
10.9
13.1

13.8
75.4
-1.6
3.8
10.9
33.6
18.6
8.8
1.3

6.8
68.3
-6.9
3.5
16.7
25.0
16.9
9.6
3.5

21.4
52.1
2.0
4.1
7.9
12.3
13.2
6.9
5.6

13.6
68.6
6.0
1.7
20.2
16.6
13.4
4.2
6.6

C O R P O R A T E S HARES
CREDIT M A R K E T IN S T R U M E N T S
U.S. G O V E R N M E N T S E C U R I T I E S
S. ♦ L. O B L I G A T I O N S
C O R P O R A T E ♦ F O R E I G N BO N D S
HOME M O R T G A G E S
O THER M O R T G A G E S
C O N S U M E R C REDIT
OTH E R LOANS

7
6
9
10
11
12
13
14
15

16
17
18

2.8
.3
1.3

-3.5
.4
.8

-1.3
.5
3.6

2.5
.3
1.6

3.9
.3
2.3

-4.6
.2
3.7

.5
.3
2.3

-4.5
.3
1.0

-6.5
.2
6.0

-2.9
.2
2.4

- 4.4
.2
5.3

1.2
.2
4.3

S E C URITY CREDIT
TRADE CREDIT
MI S C E L L A N E O U S A S SETS

16
17
18

19
20
21
22

53.2
12.7
18.8
6.5

48.8
7.9
1 9.2
6.1

55.0
17.0
21.8
4.5

82.8
*0.8
25.4
2.7

100.6
46.4
24.8
1.5

80.6
28.1
28 .2
*

112.7
43.8
26.1
1.1

93.6
44.7
28.7
.1

87.7
33.1
23.8
-.6

69.2
4.9
30.0
1.9

72.6
29.8
30.1
-l. S

23
24
25
26
27
28
29
30

7.1
.8
.2
.2
2.4
3.5
2.6
.9

13.0
1.7
•
.2
2.1
8.9
4. 9
4.0

4.7
3.0
•6
.i
-.6
1.5
.2
1*3

6.2
4.2
2.0
.1
1.4
-1.5
1.2
-2.7

15.9
5.8
1.2
.5
5.9
2.5
2.5
•

19.3
1.3
-1.5
.3
8.4
10.8
3.6
7.2

28.4
6.5
1.0
.4
13.4
7.2
4.1
3.1

17.4
1.5
1.0
.5
9.4
5.1
.9
4.1

25.8
2.4
.2
.6
7.9
14.7
3.3
11.4

26.4
.6
-2.4
•
10.5
17.6
5.7
11.9

7.6
.8
-4. 9
.1
5.8
5.9
4.6
1.3

6.3
.9
-.1
•
2.2
3.3
1.5
1.8

31
32
33

3.5
.2
4.5

-3.0
.1
5.4

1.0
.2
5.9

1.1
-.1
6.7

4.1
.3
7.6

-3.4
.5
8.1

5.8
.4
7.0

-9.3
.5
11.4

-2.7
.5
7.8

-2.3
.6
7.7

.7
.6
5.4

-1.9
.6
8.3

34

-.2

1.6

.3

-.6

-.8

-1.5

1.6

-4.3

-2.1

-1.3

1.5

1.5 D I S C R E P A N C Y
-1.5

8*.4 NET I NCREASE IN L I A B I L I T I E S
TIME ♦ SA V I N G S A C C O U N T S
4Q.1
31.4
I NSURANCE ♦ P E N S I O N R E S E R V E S
C O R P O R A T E E Q U I T I E S (1)
-.4

5
6

19
20
21
22

CRE D I T M A R K E T I N S T R U M E N T S
C O R P O R A T E B O NDS
M O R T G A G E LO A N S IN P R O C E S S
O T HER M O R T G A G E S
B ANK LOA N S N.E.C.
O T H E R LOANS
O P E N - M a RKET P APER
FHl B l o a n s

23
24
25
26
27
28
29
30

S E C URITY CREDIT
TAXES P A Y ABLE
MISCELLANEOUS LIABILITIES

31
32
33

SAV I N G S AND L O A N A S S O C I A T I O N S
1

1.0

1.0

1.0

.9

.9

.9

.9

.9

.9

•9

9.3
-.2
9.9
.3
7 .7
l.S
.2
-.4

14.1
.3

30.1
.5
49.4
5.2
17.9
6.1
.1
.2

37.3
.6
36.5
4.3
24.7
7.3
.2
.2

29.2
.6
27.1
•

43.5

36.3
.6
33.*
-2.1
29.3
6.C
.3
2. *

19.9
1.*
17.3
-7.6
19.1
5.6
.2
1.6

17.1
.8
14.6
1.7

4.9
.2
1.5

37.4
.8
3 8.6
3.5
26.7
8.2
.2
-2.0

28.9
28.1
•
2.0
.7
-2.7
.1
.8

3 5.6
3 2.8
2.0
1.2
•8
♦
.i
.7

27.4
20.5
6.0
- 1.5
.3
7.2
.2

36.0
30.3
5.6
1.0
1.5
3.1
.1

4 0.9
32.8
4.6
1.0
-.5
4.1
.2
3.3

3*.9
22.3

16.6
*.6

11.8

11.8

.2
.1
11.4
.2
.6

-2.*
2.3
11.9
.2

-.2

-.7

-1.0

-.5

-1.7

-.5

-2.4

.5

.5

.5

.*

.1
-.6
-.2

4 .2
1.3
-.2

.8
7.2
.2
.2
* .u

C O R P O R A T E S HARES
CREOIT m a r k e t i n s t r u m e n t s
U.S. G O V E R N M E N T s e c u r i t i e s
s t a t e ♦ LOCAL O B L I G A T I O N S
CO-JOOh a TE BONDS

.9
2 .:
.3
-.2
- .* '
-.1

►Om E wORTGAGtS
OT h E* M O R T G A G E S
C O ^ w MER CREDIT
c o m m e r c i a l PAP E R
S E C JRITv R P •S
M I S C E L L A N E O U S ASSETS

10.2

.7

7.2
2.1
.1
-.1
10
11
12
13
14
15
16‘
17

.9 c o R R E n t s u r p l u s

1.0
9.7
-.4

8.9
7.4
1.1
.2
.1
«9

.3

18

8 .4
3 .9
4.1
•
.1
4 .0

.1

1 1 .6

1.2
7.2
3.0
.3
2.2
13.3
10.9
U8
•6
-.i
1.3

.2

22.0

43.2
8.0
29.0
6.1
.2

.3

10.6

2.1
.2
1./
17.0
22.2
- *. 3
- *. 9
-.6
1.3
.2
-1.1
.8

34.7 NET ACQ. OF F I N A N C I A L A SSETS
1.5
D E MAND D E P O S I T S ♦ C U R R E N C Y
29.9
CREDIT M ARKET I N S T R U M E N T S
8.7
U.S. G O V E R N M E N T S E C U R I T I E S
17.1
HOME M O R T G A G E S
*.0
O T HER M O R T G A G E S
.1
C O N S U M E R CRE D I T
3.2
M I S C E L L A N E O U S ASSE T S
3 2.5
29.7
1.4

-.1
-.2
1.8
.3
1.2

NET INCREASE IN L I A B I L I T I E S
SAVI N G S S H ARES
CREDIT MAR K E T I N S T R U M E N T S
M O R T G A G E L O A N S IN P R O C E S S
B a n k l o a n s n .e .c .
FHLB a d v a n c e s
taxes

payable

MISCELLANEOUS LIABILITIES '
18

- 1.2 DI S C R E P A N C Y

M U T U A L S A V I N G S RAN K S
.2

1

.3

.3

.4

.4

.5

4.7
.1
.2

10.4
•
.2

11.0
.3
-.1

6.0
.3
•

9.4
.8
-.3

10.8
-.1
.2

8.7
,c,
.3

.3
3.8
.2
•
1.3

.5
9.5
.4
.2
4.3

.6
9.4
.3
.5
2.8

.4
4.9
-1.1
-.6

.4
5.7
.8
.£
.5

.7
10.9
-. 1
.6
1.0

.4
5.6
-.8
.
- .*

2.4
- 2.9
-.3
-1.0

.5
.7
-.6
i
-2.0

1.4
1.3
.1
.1
.2
•

.9
.1
.2
.1
.3

1.3
2.7
.1
.2
.2
.3

3. C
2.6
.3
-.2
.1
.8

2.0
3.1
.2
-.b
1.1
.4

3.7
2.9
-.i
-.1
-2.3
2.9

3.s
2.
.5
-1.6
S.l
-1.0

1 •9
-.9
.2
1.4
-1.7
1.8

2.9
2.7
.1
.4
.5
-1.2

2.0
2.8
•
-1 .9
, 5
1.8

4.2
.1

2.6
.2

4.4
.1

9.9
.1

10.2
.2

4.7
.6

10.0
-.1

7.6
.8

6.4
.7

• •6
1.4

5.5
-.5

-.1

•

•1

•

-.2

-.2

.9

-2.0

-1.1

1.2

1.2

2'
3
4

4.6
.1
•

3.1

5
6
7
g
9

.3
4.1
-.2
1

.2
2.9
- .5
«
.3

10
11
12
13
14
15

1.4
1 .*
.1
•
.1
•J

16
17
18

-.1

.5 c u r r e n t s u r p l u s

1

6.9 n e t ACQ. OF F I N A N C I A L ASSE T S
D E*A N O D E P O S I T S * C U R R E N C Y
-.9
time

deposits

2
3
4
%

6
7
8
9
10
11
12
13
14
IS
16
17

6.1 SAVINGS D E P O S I T S
.3 M I S C E L L A N E O U S L I A B I L I T I E S
• DISCREPANCY

1«

C REDIT UNIONS
1
2
3
4
s
6
T

1.1
•
-. 2
1.3
•
•
1.3

1.4
•
-.1
1. 6
-• 2
•
1.7

1.7
•2
•1
1.5
.4
.1
1.0

2.9
.1
.2
2.6
.8
•
1.8

3.4
.1
.4
2.8
.6
.1
2.1

2.9
-.3
3.2
.4
•1
2.7

3.5
.1
.5
2.8
.4
.1
2.4

4.3
.1
.4
3.9
.4
.1
3.5

4.3
•
1.8
2.5
.4
.1
2.1

.9
•
-2.5
3.4
.*
.1
2.9

2.1
•
-.7
2. 8
• *
.1
2. 3

0

1.1

1.4

1.7

2.9

3.4

?*9

3 .5

4.3

4.3

.9

2.1

 1/74 F I G U R E S A R E


_

(1)
T E N T A T I V E E S T I M A T E S B A S E D O N I N C O M P L E T E I N F O R MATION.

4 .2 NET ACQ. OF FINANCIAL ASSETS
OEMAND DEPOSITS ♦ CURRENCY
-.1
SAVINGS * LOAN SHARES
2.5
CREOIT MARKET INSTRUMENTS
1.8
U.S. GOVERNMENT SECURITIES
.5
HOME M0RTGA6ES
.1
CONSUMER CREOIT
1.3
4.2 CREOIT UNION SHARES

»

INCLUOES INVESTMENT COMPANY SHARES.

8

8^ MAY 1974

I N S U R A N C E * P E N SION FUNDS
11

INS U R A N C E ♦ P E N S I O N FUNOS
S E CTOR STATEMENTS OF SAV I N G AND
(BILLIONS OF DOLLARS)

INVESTMENT

S E ASONALLY ADJUSTED A N N U A L R A T t s
1960

1969

1970

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

1971

1
1973 1

1972
life

19 7 J

1972 1
IV
t

II

I

IV

III

1
1

1974
I

INSURANCE CO M P A N I E S
2.0 C U R R E N T s u r p l u s
1.3 P H Y S I C A L I N V E S T M E N T

1
2

.6
.7

.9
.8

.b
1.0

.9
1.4

1.6
1.0

1.9
1.3

1.7
1.0

1.9
1.3

1.9
1.2

1.9
1.3

2.0
1.2

3
4

9.8
.1

9.2
*

9.9
.1

12.7
*

14.8
.1

16.0
.3

15.1
.1

17.5
-.7

14.3
1.2

15.2
•

17.1
.6

17.0 NET ACQ. OF F I N A N C I A L ASSETS
D E M a NO D E P O S I T S ♦ CURRENCY
.2

5
6
7
e
9
10
11
12
13
14

1.4
7.7
-. 1

1.7
6.7
-.3

3.6
11.2

1.5
-1.1
3. 1
.9
2.5
.9

3.6
0.1
-.2
.1
5.5
“2.1
3.2
.6
1.0
.9

3.5
10.1
-.2

3.9
-.7
3.2
«
1.2
.6

2.0
7.0
.1
.1
1.5
-1.3
3.6
.8
2.2
.8

7.2
-2.1

3.5
13.7
.3
-.2
4.7
-1.3
2.7
6.4
1.2
1.0

4.6
7.6
.4
.3
5.9
-1.5
3.5
-2.7
1.5
1.0

3.1
11.2
-.5
.2
7.0
.5
4.8

3.1
12.4
-.2
*
2.9

-4.1

.9
1.0

.1
5.1
-.5
4.3
.1
2.1
1.0

3.5
10.5
-.9
•
8.8
-.8
5.1
-2.5
.9
1.0

3.4
.9

.7
2.3
.9

2.6
13.3
.2
.2
4.8
-.8
4.7
2.1
2.0
.9

15
16
17
18
19

9.2
4.6
2.9
.2
1.5

9.3
4.9
2.9
.1
1.4

10.2
5.1
3.3
.1
1.7

13.3
6.1
5.2
-.1
2.1

14.7
7.2
4.6
•
2.9

15.6
7.7
5.0
«
3.0

15.4
7. 7
4.4
•
3.3

16.6
7.7
5.2
.1
3.6

14.4
7.7
4.0
•
2.7

15.7
7.6
5.6
•
2.5

15.8
7.6
5.0
«
3. 1

20

-.7

.2

.1

.2

.6

.3

l.C

-.4

.9

1.2

- .6

4.0
.4

.4
6.4

corporate

shares

C R E D I T M A R K E T INST R U M E N T S
U.S. G O V E R N M E N T SECURITIES
S T A T E ♦ L O C A L OB L I G A T I O N S
CORPORATE BONDS
H OME M O R T G A G E S
OTHER MORTGAGES
o p e n -m a Rk e t p a p e r
POLICY LOANS
MISCELLANEOUS ASSETS

16.3 NET I N C R E A S E IN L I A B I L I T I E S
LIFE I N S U R A N C E R E S E R V E S
7.6
5.8
PENSION FUND RESERVES
*
taxes payable
2.9
MISCELLANEOUS LIABILITIES
* DISCREPANCY

P R I V A T E PENSION FUNOS
1
2

6.4
.3

6.3

3
4

4.7
1.1

5

.4

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

.6

6
7
8

,4

*

7.1
.2

7.3
-.2

5.7
.2

7.9
.4

7.3
1.1

8.5
.8

4.7
-.7

8.9
1.9

9.4
-.3

9.1 NET ACQ. OF F I N A N C I A L ASSETS
D E M A N D D E P O S I T S ♦ CURRENCY
.8

4.6
2.4
.2
2.1
.1

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

7.1
-1.3
1.0
-1.6
-.7
-.2

5.3
2.0
.6
1.6
-.3
.2

7.8
-1.4
2.1
-3.1
-.5
-.2

5.0
2.S
.9
2.1
-.5
.2

4.4

2.9
3.9
.8
3.5

-.4

-.4

.2

.2

8.8
.7
.7
-.1
.1
.2

4.4

.8
.3
.9

8.9 NET ACQ. OF F I N A N C I A L ASSETS
D E M a NO D E P O S I T S ♦ C URRENCY
-.2

•

3.8

•

3.8
•
.2

CORPORATE SHARES
CREOIT MARKET INSTRUMENTS
U.S. G O V E R N M E N T SECURITIES
corporate bonds
home mortgages

MISCELLANEOUS ASSETS

STATE ♦ L O C A L G O V E R N M E N T EMPLOYEE R E T I R E M E N T FUNOS
1
2

4.a
.1

5.1
-.1

6.3
.1

6.8
-.1

7.3

7.7
.2

6.7
.3

7.3
-.3

7.4
.7

7.9
.3

8.1
.2

3
4
5
6
7
8
9
10

1.3
3.4
.5
-.2
.6
•
2.6
.4

1.3
3.4
-.3
-.4
.2
-.1
3.1
.6

2.1
4.0
-.7
-.7
•
-.3
4.2
.a

3.2
3.7
- 1.2
-.8
-.3
-.2
4.8
.3

3.0
4.3
-.2
-.1
-.1
-.2
4.8
-.1

3.6
3.8
•
•
•
-.4
4.6
-.4

3.0
3.5
.?
.3
•
•
3.2
*

3.8
3.8
.3
.3
•
- 1.1
4.3
.3

3.6
3.1
-.3
-.4
.1
-.2
3.2
.3

2.2
5.4
.4
.4
•
5.4
-.4

5.0
2.9
-.5
-.4
-.1
-.5
5.6
. - 1.8

•

4.6
4.5
-.1
-.1
-.2
5.1
-.2

corporate shares
credit market instruments

U.S. G O V E R N M E N T SECURITIES
direct
agency issues
state ♦ local obligations

CORPORATE BONOS
MORTGAGES

1
2
3
4
5
6
7
8
9
10

O T H E R INSURANCE C O M PANIES
1

.1

-. i

•6

2.0

2.6

2.7

2.6

2.7

2.8

2.8

2.4

2.9 CURRENT SURPLUS

1

2
3

3.1
.1

2.9
*

5.5
.1

. 6.6
.1

6.2
.1

6.9
.1

7.1
.1

6.5
.1

6.7
.1

7.2
.1

7.1
.1

7.6 NET ACQ. OF F I N A N C I A L ASSETS
O E M a NO D E P O S I T S ♦ CURRENCY
.1

2
3

4
5
6
7
8
9
10

.8
1.9
-.2
1.0
1.2
•

1.0
1.6
-.5
1.2
.8
*

1.0
3.9
.1
1.5
2.3

2.5
3.8
-.4
3.9
.3

3.3
2.8
-.6
3.3
.1

2.0
5.3
•
3.6
1.7

.5

.3

.3

•
.3

2.2
4.6
.1
3.0
1.4

.4

1.4
4.9
-.1
3.3
1.7
.2

1.7
5.2
.2
3.4
1.6

.3

2.2
4.4
-.1
3.3
1.2
•
.2

3.2
3.6
.4
3.3
•

•

3.0
2 .9
-.4
3.3
-.1
•

.2

.2

.2

11
12
13

3.9

3.9

.5
.1

.4

3.4

3.6

4.4
.6
.1

3.7

4.5
.5
.2

3.8

4.5
.6
.2

3.7

4.5
.6
.2

3.7

4.6
.6
.2

3.8

4.2
.2
.2

3.8

4.7
.6
.3

3.3

4.1
.6
-.1

14

2.7
.2
•
2.5

3.8

15

-.2

.9

-.8

-.6

•8

.3

-.1

.7

.7

-.2

•

•

.1

•
.3

1/74 FI G U R E S ARE T E N T A T I V E E S T I M A T E S B A S E D O N INCOMPLETE I N FORMATION.




•

•

•

CORPORATE SHARES
CREDIT MARKET INSTRUMENTS
U.S. G O V E R N M E N T SECURITIES
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
COMMERCIAL M0RTGA6ES
trade

credit

4.7 NET INCREASE IN LIABILITIES
.6
CORPORATE EQUITIES
.3
TA X E S P A Y A B L E
3.9
POLICY PAYABLES
.1 d i s c r e p a n c y

4
5
6
7
8
9
10
11
12
13

14
15

8 M m ( *»/*»
finance

.e .c .

n

FINANCE N.E.C.
SECTOR S T A T E M E N T S OF S A V I N G AND
( BILLIONS i.'f | DOLLARS)

SEASONALLY

ADJUSTED

ANNUAL RATES

SEASONALLY
19 7 2
IV

1

1

196b

1969

1 970

1 971

1972

- 1.8

-2.2

- 1.1

-.1

-.3

1973

4.4
.3

1

5.2

e.i

.9

2

.1
.6

.1

.3

2.3
2 .*:

.2
.1

2.8

.5

1.3

.3
4.1
3.8

5.0

.1

1.8

1.7
2. 5
- 1.1

4.2
3.8
«
.4
*

5.7

8.4

7

.8

1.6

8

2.3

9

2.6

1.9
4.9
*

6

«

10

.2

«

1

i

-. 9

.2

-.1

.4

1.0

10.6

10.6

10.4

.2

.2
1.8

Ill

10.4

10.0

2.8

9.1
5.4
3.6
*

8 .4

16.1

.8

6.2

4.1
3.5

8.3
1.5

*

.1

.1

estate

investment

.2

.3
1.1
6 . fl

6.3

-.4
4.4

1 .9

1.2

2.2

6.1

8.3
.9
5.9
1.5
.1

7. 6
i .7
2.7
3.2

8.5
.4
5.6
2.5

.1
2.2

.1

.1

.3

.2

.4

1 .1

.7

.1
.2

.1

.4

.2

.3

.8

.5

1.3
.4
.9

1.2

.1
.2

.8

1.3
.4
.9

.1
.2

4
5

.3
*

2.4
.5

6.9
1.4

5.1

5. 7

6.2

6

.1
.1
.1

2.6

1.1
1.6

1.2
1.8

2.2
.6

1.9
.S

2.1
.6

7
8

2.6

5.*

.6

.7
.7

1.2

.3
.4

1.9

5.2
.7
1.7

1.0

1.1

1.8

2.1

.1

.3

.5

.7

2.7
1.4

3.0
.9

1.2

2.0

.1

.7
.4
.3

1.3

10
11
12

.2

13
14

.1
.1

.2
.1
.2

15
16
17

-

9

.8

.5

.1

.1

*

«

6.5
1.5
4.8
.5
.2

4.9
.3
.1

.1

.1

.3

.2

.4
.7

.4
1.5
2. 5

4. 0
.1

.1

.1

.5

.2

.6

-

.8

*

*

18

«

.1

.2

.1

OPEN-END

1.3 C U R R E N T

6.0

8.2

1.1

1.2

.6

-

.4

6.3

7.0

1.8

.6

4.5
.5

6.4

6.7
.4
.1

.2

.3

.3

.?
3.5
. *>

4 .0
- .f

2

.6
.2

.6

.2

INVESTMENT

9.3

7.0
.1

2.8
.6

- 1.0
3.3
.1

.3

.1
•
.1

.1

•

4.0
-.5

2.6

1.1
1.9
2.3

1.6
2.1

1.1

1.7

.8

.7

.2

6.5
.4
.1
•
*
*

6

4.1
1.4

2.8

2.6

2.0

•
«
*

.3
3. 4
-1.7

2.6

3. 2

.7
4.2
-2.4

-

-

-

-

-2.2

-.9

-.6

- 1.2

-. 7

- 1.8

-.8

- 1.1

-. 7

-.1

2.6

1.7

.6

- 1.8

-2.2
.3

-2.6

-3. n

.6

1.6

-3.6
-.4

-

.2

- 2.8
-. 3

- 1.8
*

-2.3

- 1.0
-1.7

-5.2

-2.3

.4
-3.6

-2.4

.3
- 2.1

-2.2
2.5
.5
.9

1.6

3

.1

-.1

*

.1

4
5

2.5
.9

1.2

.4

6

.2

1. 7
.9
-.5

.2

-. 3

.2
1.2

.7
-. 4

.6

.5
-.9

8

.4
.3

.1
.2

-.1

7

-. 3

-.3

.2

-1.5

.6
1.2
-.8
.2

9

5.8

4.8

2.6

1.2

-.8

-2.3

2

3.8
.5

3
4
5

-.2
.6
.8

1

-3.1
-. 1

.8

-.3

1.3
«

4.3

.1
.2
.2
-.1

.4

.1

.1

.1

2. 3
1.7

-1.4
- 1.6
.1

*

#

- 1.6
BROKERS

-.1

-3.3
*

6.1

.5
.7
*

3.8

*
1.8

6

*

-.2

.6

.2

7

-.2
2.8

.4
-3.5

.1

.1

.1

-1.3

2.5

3. 9

.5
-4.6

1.7
.5

3. b
3.5

-3.1
-3.0
- 1.0
- 2.0

4.1
4.1
3.9

-3.4
-3.4
-3.2

.2

-.2

5. 9
5.8
4.5
1.3
*

9
10
11
12

13

1.0

2.4
4»

-.1

1/ 7 4 FIGUHE.S A R E




-

1.0

1.1

1.0

1.1

1.9

.7
.5
*

1.0

“

TENTATIVE ESTIMATES

*'

*

6

7

a
9
10

nonresidential

l
2

3

structures

NET ACQ . OF F I N A N C I A L A S S E T S
HOME M ORTGAGES
MULTI-FAMILY MORTGAGES
COMMERCIAL MORTGAGES
MISCELLANEOUS ASSETS
net

increase

CORPORATE
credit

in

4
5
6

7
8

9

liabilities

EQUITIES

market

10
11
12

instruments

MORTGAGES
m u l t i -f a m i l y

13
14

residential

commercial
corporate

BONOS

15
16
17

b a n * l o a n s n .e .c .
o p e n -m a r k e t p a p e r
miscellaneous

liabilities

18

-.2

.3

.2
1. 6
-. 1

-.1

1.0
.6

1.2

-1.4
- 2.1

-.8
1.2

-1.7

1.3

-3.6

-1.7

-9.0
•

-2.6

- 2.2
•

.7
*

-. 4
-4.2
- 2.6
-1.3
- .u
-4.5

1.7
2. 3
.3
.4
1 .7
-6.5

-.7
1.3

1.5
3.6
.5

-9.2
-9.3
-8.5

-2.7
-i.7
-l’. 4
-1.3
-

current
net

acq

sj

.

demand

0p l u s

of

DEPOSITS

CORPORATE
creoit

1

financial

assets

2

♦ CURRENCY

3
4
5

shares

market

instruments

U. S . G O V E R N M E N T S E C U R I T I E S
CORPORATE BONDS
OPEN-MARKET p a p e r
net

SHARE

6

7
8

9

ISSUES

AND D E A LERS

1. 0
1.1

8

3
4
5

COMPANIES

3.6

-.2

1
2

PHYSICAL INVESTMENT
MULTI-FAMILY STRUCTURES

.7

.1
•
.1

.7
b.l
.1

.

-. 4

-2.2

-.6

1

N E T I N C R E A S E IN L I A B I L I T I E S
CORPORATE BONDS
BANK LOANS N.E.C.
o p e n -m a r k e t p a p e r
TAXES PAYABLE

.1

1

SECURITY

OF GR O U P

4. 4 N E T A C Q . OF F I N A N C I A L A S S E T S
DEMAND DEPOSITS ♦ CURRENCY
.2
HOME MORT G A G E S
-.2
2. 5
CONSUMER CREDIT
1.9
O T H E R L O A N S (TO B U S I N E S S )

2

.5

SURPLUS

TRUSTS

.4

1.0

1

.2

2.9
6 .?

.1
.2

1

IV

RATES

ANNUAL

1974
I

COMPANIES

3

2

ADJUSTED
1

II

16.6
.3
5.8
5.3
5.2

real

197 3

:
i

1.4
5.9
2.9

11.0

1.1

|

.4
FINANCE

3
4
5

INVEST M E N T

BASED ON INCOMPLETE

-.8

•

*

INFORMATION.

1.8
.1

7
- 2 .v

- 1 . 9 NET a c q . OF F I N A N C I A L A S S E T S
DEMAND DEPOSITS ♦ CURRENCY
•
1.6

1.6

-4.7
-4.1
- 2.2

1 .3
-<*.4

1.6
1.2

-2.4
-2.3
-3 . C

.7
•

.6

.6

•

#

.6

corporate
credit

1
2

SHARES

market

3
4
5

instruments

U.S. G O V E R N M E N T S E C U R I T I E S
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
SECURITY CREDIT

- 2 .C '^ ET I N C R E A S E IN L I A B I L I T I E S
SECURITY CREDIT
-1.9
-3.6
FROM BANKS
1.7
CUSTOMER CREDIT BALANCES
TAXES PAYABLE
-. 1

6

7
8

9
10

U
12

13

8 MAY, 1 9 7 4
R E S T OF T H E W O R L D

REST OF THE W O R L O
13

SECTOR S TATEMENTS OF S AVING AND INVEST M E N T
(BILLIONS OF DOLLARS)
SEASONALLY

ADJUSTED

19 6 8

SEASONALLY

ANNUAL HATtS

1969

19 7 0

1971

1972

1973
RE S T

1
2

3
4
5

2.5
50.6
48 . 1
2.9
.4

9

1.2
.6

10

-.3

3.4
10.3
.0
.3
1 .1

11

2.1

1.6

12

.3
-.5

-.3
- 1.8
.5

6

7
8

13
14
15
16
17

.9
8.5

1.9
55.5
53.6
2.9
1 .0

.2
.6

.3
.9

3.6
62.9
59.3
3. 2
-.4
. rt
5.9

-1

.8
.2

-1.7

.8

66.3
65.5
3.6
2 .b

-4.6
73.5
78.1
3.7
e .4

13.b
22. 7
1.3
.3
.5

11 . 4
19.4

.8

2.3
8.4
8.4
»

1.0

.7
10.3
9.1
.7
.5

-.2

‘ .1

*

.8

1.4

8.0

.6

1.5
2.6

26.4
26.3
.3

5. 8
102.0

96.2
3. 6
-2.2

1.8

16.6
*
2. 4
2. 9
2.8

2.3
.3
.1

1

IV

I

1

II

IV

III

I

-3.5
79.7
83.2
3. 5
7.0

«

2.8

89.7
89.7
3.0
3.0

97.2
94,4
3.3
.5

7. 6
104.5
97.0
3.5
-4.0

116.4
103.6
4.5
-8.3

14.7
21.5
.7
4.3

19 . 5
44. 0
- 1.8
5.0

-.9

-3 . 1

-8.5

8.2

6.0

8.1

4. 3
8. 5
7.7
.4
.5

5.2
31.6
29.8

-.2

.2
1.6

*
2. 4
3. 2
.5
-8.6
-10.7
.4
1.7

12.8

6. 7
3. 4

-

2.2

*
3.5
-10.9
-15.1
.5
3.7

1.9

.1
.8

*

.3

.1

1.3

1 .1

2

.f»

-.1

-.1
2.2

4.9

2.2

1.3

10.8

9.2

- 1.1

1.8

«

2.0

- 2.8
- 2.6
-.8
.6

9.5 NET U.S. E X P O R T S
125.9
U.S. e x p o r t s
116.4
U.S. I M P O R T S
3. 4 T R A N S F E R R E C E I P T S F R O M U.S.
- 6.1 C U R R E N T A C C O U N T B A L A N C E
(U.S. B A L A N C E » S I G N R E V E R S E D )
-4.4
16. 6
-

NET F I N A N C I A L I N V E S T M E N T
M E T A C Q . OF F I N A N C I A L A S S E T S
G O L D ♦ S D R ' S (1)
U. S . D E M , D E P . ♦ C U R R E N C Y
-.1
.5
U.S. TI M E D E P O S I T S
2.0

U.S.

1.2

credit

-3.9
.7
4.4

U.S.
U.S.

.2

*

.2

2.1

1.6

11.1

.7

8.5

2.0

2.6

18

3.4

-5.6

- 6.8

3 .1

19

7. 9

-6.9

-4.1

.9

.8
-.8

1.0

-.1

.2

.6

1.1

2.8
2.1

.3

- 2.6

2.1

1 .1
2.1
1.8

-3.3

21

2.3
.3
.7

4. 8

1.3

5.9

3.0
4.3

-4.4

-.1

22

7. 6

6.9

5.1

9.1

7.9

14.8

6.8

24.5

9.2

9.2

16.5

20.9

23

2.1

.3

-2.5

-1.7

-.2

-.2

-.3

-.9

«

.1

.1

.8

-.2

-.8

•
4.9

«
8.7

1.0

6.1
1.0

-.7
15.-'
.5
11.3
3.2

«

7.1

2.0

2.0

.5
2 .4

2.6

20

24
25
26
?7
28

2.1

2*

.2

.2

2.9
1.1

-. c

.5
2.9
1 .j
- .b
2. 4

.1

3.0
. <y
<►
C.l
«

30

.4

-.2
.8

31
32
33
34
35

1.9

2.7

3. 7

.1

.2

.2

.5

-.5

1.1
.2

2.2

.7

.5
3.6
-.7

36

-.5

-2.3

- 1.2

1.0

«
5. r
.9

-.4
3.8
1.0

2.4

2.6
2.1

3.5

2. 5

2.6

2.6

«
.5

.1
.6

-.2

.2

1.7

4.6
.3
1 .4
3.8

4.0
.3
3.6
1.4

6.6

.3

-.8

- 1 0 .8

7 .3
.7
3.'3.6

-.3

-.5
.1

1.8

8.6

2.5
.3

6.6

1.2

3.6
-3.4

-3.1

-4.0

-7.7

-

-.2

-.2
2.6

.5
- 1.1
1.5
.9

6.0

.3
6.7
-5.0

6.6
1 .6
- 6.1

-16.5

1.4

1.2
.8

-. 7
1. '
«
2.2

5.7
*
4.9

(1)

-

-.1
2.0

9.6
.8

4.2
•
1.8

9.5
.5
3.5
5.7

.8
-.1

5.9
5.4
-2.4

-.1

-.9

.2

-1.7

CORPORATE

ARE

TENTATIVE




ESTIMATES

B A S E D ON

INCOMPLETE

INFORMATION.

SHARES

market
instruments
gov t, securities
c o r p o r a t e B O N D S (2)
acceptances

security
trade

CREDIT

credit

miscellaneous

assets

U.S. b a n k l i a b i l i t i e s
TO F O R E I G N A F F I L I A T E S
D I R . I N V E S T M E N T IN U.S .
OTHER
N E T I N C R E A S E IN L I A B I L I T I E S
U.S. OFF. FGN. EXCHANGE
♦ NET IMF P O S I T I O N
FOREIGN CORPORATE

SHARES

credit market
instruments
c o r p o r a t e BONDS
BANK l o a n s N.E.C.

OTHER

LOANS

SECURITY DEPT
TRADE DEBT
MISCELLANEOUS LIABILITIES
U S G E Q U I T Y IN I B R D . ETC.
F G N . C U R R . H E L D IN U.S.
U . S . D I R . I N V . A B R O A D (2)
OTHER
DISCREPANCY

C O N S I S T S O N L Y OF N E T P U R C H A S E S F R O M U . S .
EXCLUDES ACQUISITIONS FROM OTHER SOURCES.

(2 ) N E T O F U . S . S E C U R I T Y I S S U E S IN F O R E I G N
F I N A N C E U.S. I N V E S T M E N T AB R O A O .
1/74 F I G U R E S

ANNUAL RATES

OF THE W O R L D

-.1

-.2

1

ADJUSTED

M A R K E T S TO

M O N E T A R Y ^ A N O INS U R A N C E RESERVES
14

" O W T . R Y ANO'INSURANCE RESERVES

GOLD* OFF I C I A L F O R E I G N EXCHANGE. TREASURY CURRENCY* AND

INSURANCE

14

RESERVES

( B I L L I O N S OF D O L L ftRS)
SEASONALLY

A D J U S T E D ANNUAL * A TES

.................................

.................................. 7
1966

1969

1970

197 1

1972

1973

I

1972
IV

I
I

i9 7 3
I

II

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

1

1.3

-3.3

,

>3.1

-.7

8

3

_ >6

m l 'l
l

I 7
m 'b

_.b

.

-

. 1#7

..2

-.2

-,3

>,9

- k
-!l

*
-.2

- ?
'*

-.3

-.g

.

\
^

}•!
_
2

S

l

#3

7

n
I 7

g

5

0

q

JJ

'1
•;

y >

- i

-i.j

_* 2

1 0
io

-.4
-.4

-1.4
-1.3

*

*

;

-.2

1

a

3
7

\\

\\

.6
7
-li

.5
5
*

-.9

-.1

.1

.1

T O TAL U.S.

.3

-.8

-.1
-.1

*
*

.1
*

.1
.1

•

.4
.4

*

*

-

-

.1

•

•

.1

.8

-

-

*

*1
•!

*

•!

-.1

.1

.8
.4
.3

.3
.3
-

RESERVES

1

U.S. GOLD STOCK ANO S D R«S
U.S. G O V T . - E X . STAB. FU N D
M O N E T A R Y A U T H O R I T I E S (?)
U.S.

FOREIGN EXCHANGE

2
3
4

POSITION

5

O F F I C I A L FGN. C U R R E N C Y H l D G S
€>
*T R E A S U R Y
7
*M O N E T A R Y A U T H O R I T I E S 8

-.6

-.2

.5
7
-.2

1974
1^

(1)

-

.2

i

I
1 ^

IV

*
*

TREASURY CURRENCY

I

-.3

III

•«
*9

NET IMF p o SITI O N
9
U ‘S * G O V E R N M E N T ASSET
10
m o n e t a r y a u t h o r i t i e s 11

*

ANO SDR C E R T I FICATES

.4
.5
-!l

.4
.4
-.1

.3
.5
-. 2

.3 TOTAL U.S. GOVT. L I A B I L I T Y
.2 M O N E T A R Y A U T H O R I T I E S A S SET
.1 U N A L L O C A T E D ASS E T S

I
2
3

INSURANCE AND PE N S I O N FUND RESERVES

LIFE INSUR A N C E R E S ERVES!
7.u>s#
7
0 O V7.6
E R N mNET
E N T CHAN G E IN L I2A B I L I T I E S

1

7.6

7.6

3

7.7

7.7

7.6 NET C H ANGE IN A S S E T S (HH)

4

23.9
1.5
22.4

PE N S I O N FUND RESERVESI
25.0 NET C H A N G E IN L I A B I L I T I E S
1.1
U.S. G O V E R N M E N T
23.9
™ S U R A N C E SECTOR

5
6
J

11

4.
4. 66

5.
5. 00

5.2

6.2

7.3

7.7

7.7

7.7

7.8
a

7.7

I

4 .6

4*9

5 .1

6.1

7.2

7.7

7.7

7.7

7.7

4

4.6

5.0

5.2

6.2

7.3

7.7

7.7

7.7

7.8

5

15.5
1.3
14.2

f.

7

•
11

vi
VA
i s .5

15.8
i .5
14.3

VI
S:'
15.8

1

19.1
2.4
16.7

1:1
19.1

22.1
2.8
19.3

51
1:1
22.1

20.7
3.2
17.6

s-?
V
.l
20.7

—

3.6

2.0

22.6
2.1
20.5

VI
J:*
22.6

22.4
4.0
18.4

i’
A

I:?
22.4

4.5

5.6

2.7
-2.5

MONET. AUTH.— MEM. BANK RES.
— VAULT CASH

12.3
5.2
-4.2
2.1
2.6
4.3
.3

12.3
7.3
.7

-12.5
-8.2

5.6
4.1
-2.5
5.7
.1

5.3
1.9
2.4
-.4
1.7
-1.9
.1

COMMERCIAL BANKING— TOTAL
4
COMMERCIAL BANKS
5
TO MONETARY AUTHORITIES
6
LOANS FROM AFFILIATES
7
LOANS FROM FGN. BK. AG.
8
OEM. OEP. OF FGN. BK. AG 9
TIME DEP. OF FGN. BK. AG 10

1.5

3.4

•

3.0
.5
1.6
-.4
.2
-1.2
.3

4.4
2.1
-1.6
-.4
1.4
2.6
.1

-12.9
-8.0
1.4
-.4
-2.4
-8.0
1.4

.1

.2

-.1

2.5

2.3

-4.9

2.0

4.5

5.6

2.0

7.9

-16.7

13
14
15

.9
.9

1.0

-.2

•

.8
.2

-.3

1.6
-.4
1.9

-1.6
-.9
-.7

1.4
-5.1
6.5

16
17
18
19

2.7
2.1

3.5
2.0

.4
1.5
-2.1

9.5
5.8
1.4
2.0
2.3

-18.1
-8.7
•4 •6
.8
-4.9

2.1

-.3
.2

5.8
4.0
3.6
.5
-.1

1.1

2.5

-.4
1.4
1.2
.1

.1

1.5
1.3

-.7

4.1

-1 . 2

2.6
.1

.3
.2

1.4

-9.0
-8.0
1.4
-2.4

-1.4

1.6

6.5
-.1

.7
-.8
1.5

-4.2
-.9
-3.3'

-.4

-2.3
.5
-6.3
.2

-.4
-.7

-.1
.8

10.1

5.5 NET CHAN6E IN ASSETS

-1.4

2.4
2.7
-.3
3.1
3.6
2.7
-2.5
3.4

- 1.0

2
3

FOREIGN BANKING AGENCIES—
OEPOSITS OF BANKS

-2.5

MONETARY AUTHORITIES
F.R. FLOAT
LOANS TO MEMBER BANKS

13
14
15

COMMERCIAL BANKING— TOTAL
COMMERCIAL BANKS
MEMBER BANK RESERVES
VAULT CASH
OEPOSITS AT FGN. BK. AG.
BANK AFFILIATES— LOANS
TO AFFILIATE BANKS

16
17
18
19
20

FOREIGN BANKING AGENCIES
-.1
6. 6
-5.5
8.0
7.2
OEMANO DEPOSITS AT BANKS
5.7
-1.9
-6.3
6.5
4.3
TIME OEPOSITS AT BANKS
.1
.2
.1
.3
-.1
LOANS TO BANKS
1.7
.8
.5
1.6
2.6
(1) LINES 1 ♦ 2 EXCLUDE INITIAL ALLOCATION OF SDR*S OF *867 MILLION
IN JANUARY 1970. S717 MILLION IN JANUARY 1971. AND *710 MILLION
IN J A N UARY 1972.
TRANSACTIONS IN SDR»S ARE IN LINE 2. ALSO
EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY
HOLDINGS. GOLD. SDR*S. AND IMF POSITION. THESE ALLOCATIONS ANO
REVALUATIONS ARE INCLUDED IN TABLES ON OUTSTANDINGS.
(2) TREASURY GOLD STOCK.

22
23
24
25

7.1

3.4
-3.2
-2.9
-5.3
5.0

8.3
7.0
5.6
-4.3

12.6
6.1
-1.3
5,9
1.5

2.1

-1.4

-2.3

-.1

21.4
1 2 .0

2.9
2.0

1/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




1

10.1
-1.3
5.9

1.5
1.6
-.2
.3
.1
1.3

.1

5.5 NET CHANGE IN LIABILITIES

.1

2.7
2.5
1.0
.1
.1
1.2
.1

23
24
25

11

7.0
5.6

1.6
1.6
•
.6
.1
.8

22

25.0 NET C H A N G E IN A S S E T S (HH)

4.1

1.6
1.6
,9

1.0
.8

S

i*

-2.9
-5.3

4
5
6
7
8
9
10

.7
.7

23.9

fu n d s

2.9
2.0

-2.1
1.1

.2
.1

sp2SS?Inc?3SSSie

*. ♦ t. « ovt.. « * .

».i

.17.2

3.6
.5

.1

23.3

»:!

•4 •6
.8

2.1
-.3

a8

20.6

‘:l

-16.7

.2
.1

1.3

22.5

t:'

7.9

.8
1.3

20

1:1
?:S

2 3.3
.8
22. 4

LIFE I N S URANCE C O M P A N I E S

2.0

2
3

•

20.6
4.4
16.1

7.6

I N T ERBANK C L A I M S

1.4
2.0

.7

22.5
1.4
21.0

#l

21

g

may

1974

>MONEY AND DE P O S I T S SUM M A R Y

M O NEY AND D E P O S I T S SUMMARY
MONEY STOCK AND TIME AND S A V INGS A C C OUNTS
(BILLIONS OF DOLLARS)

S E A SONALLY A D JUSTED ANNU A L RA T E *
1968

1969

1970

1971

..............
1972

|
1973 I

1972 |
IV
I

1973
I

II

III

IV

I
I

1974
I

D E M A N D DEPOS I T S AND C U R RENCY
1

14.8

8.2

14.3

17.4

20.4

15.5

33.2

16.8

15.5

-12.0

41.6

3.3 NET C H A N G E IN A S S E T S
-3.3

2
3
4
5
6
7
e
9

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

7.6
7.4
1.5
2.7
1.4
-.3
2.1
.3

11.8
11.6
9.5
.5
-1.6
1.0
2.2
.2

14.3
14 . 0
10.9
.8
-1.0
1.0
2.3
.3

20.0
18.4
12.8
.2
1.8
1.9
1.7
1.5

17.0
14.6
15.0
-2.7
-.2
2.6
-.1
2.4

24.2
23.5
10.1
3.5
.5
3.9
5.5
.7

1.0
2.8
17.0
- 10.5
-1.0
2.0
-4.7
-1.8

24.6
22.1
14.7
-1.9
2.4
2.3
4.6
2.4

9.6
7.4
8.4
1.0
-3.4
3.0
-1.6
2.2

32.8
26.1
19.7
.6
1.2
3.3
1.4
6.7

4.3
4.4
3.2
1.9
-4.1
1.6
1.9
-.1

MONEY S TOCK
DOMESTIC SECTORS
HOUSEHOLDS
N O N F I N A N C I A L B USINESS
S. ♦ L. G O V E R N M E N T S
FINANCIAL SECTORS
MAI L FL O A T
REST OF THE W O R L D

2
3
4
5
6
7
8
9

10

-1.2

.6

2.5

3.1

.4

-1.5

9.1

15.8

-9.0

-21.6

8.8

-7.6

U.S. G O V E R N M E N T D E P O S I T S

10

15.5
13.0
2.3
*
10.7

-12.0
-13.0
-12.4
.3
-.8

41.6
4.6
.8
-.a
4.5

-3.3 NET C H A N G E IN BKG. S Y STEM LIAB
MONETARY AUTHORITIES
5.8
U.S. GOVT. C A S H * DEPOSITS
-.8
FOREIGN DEPOSITS
.5
CURRENCY
6.1

2.6
- 11.4
2.5
11.5

1.0
-9.2
1.9
8.3

37.0
7.9
7.b
21.6

-9. 1
-6.8
-.6
-1.6

9 5.9 NET C H A N G E - T OTAL

n
12
13
14
15

14.6
1.5
-1.0
.1
2.*

8.2
3.3
.5
-.1
2.8

14.3
3.1
-.4
«
3.5

17.4
4.4
.9
.1
3.4

20.4
4.0
-.3
-.1
4.4

15.5
3.4
-.5
-.1
3.9

33.2
8.7
*
8.2

16.8
8.9
7.2
.3
1.4

16
17
18
19

13.3
-.2
.b
13.0

4.9
it
.4
4.5

11.2
2.y
.2
8.1

13.0
2.2
.2
10.6

16.4
.7
1.6
14.0

12.1
-1.0
2.5
10.7

24.5
9.1
.2
15.2

7.9
8.6
-2.1
1.4

.5

COMMERCIAL BANKING
U.S. G O V E R N M E N T D EPOSITS
FOREIGN DEPOSITS
PRIVATE DOMESTIC

1

11
12
13
14
15
16
17
18
19

TIME D E P O S I T S AND SAVINGS A CCOUNTS
1

33.4

-1.5

5 4.9

82.2

88.7

82.4

66.6

126.7

82.4

67.2

53.1

42.3
9.8
33.0
-.5

54.2
20.0
33.6
.6

42.8
13.3
31.0
-1.4

82.0
43.4
37.7
.9

49.3
31.0
17.9
.4

6 2.3
20.7
41.1
.5

23.4
-15.1
37.8
.6

55.8
15.4
40.3
.2

2
3
4
5

20.7
3.1
17.4
•2

-9.5
-12.5
2.9
.2

38.0
15.2
22.4
.4

41.4
8.7
32.4
.3

6
7
8
9
10
11

17.4
.4
3.2
.1
«
-.3

-2.0
-2.4
-5.9
-.2
-.1
1.1

2 7.5
1.7
10.0
.3
.2
-1.7

2 9.8
3.6
7.2
.1
.2
.5

29.8
3.1
6.8
.1
-.1
2.6

38.7
5.6
7.2
-.2
«
2.9

27.3
1.2
10.4
w
-.3
4.3

43. 4
16.8
10*9
.7
.2
5.0

33.1
8.4
4.5
-.2
.3
3.2

47.0
4.0
12.1
-.6
-.2

26.4
-7.0
1.5
-.6
-.2
3.4

49.3
2.0
4.2
-.1

12
13
14
15
16
17

12.7
4.2
1.1
7.4
7.6
-.2

7.9
2.6
1.4
3.9
4.0
-.1

17.0
4.4
1.7
10.9
10.8
.1

40.8
9.9
2.9
28.1
27.9
.2

46.4
10.2
3.4
32.8
32.4
.4

28.1
4.7
2.9
20.5
20.7
-.3

43.8
10.0
3.5
30.3
29.8
.5

44.7
7.6
4.3
32.8
32.4
.4

33.1
6.4
4.3
22.3
20.5
1.8

4.9
-.6
.9
4.6
7.1
-2.5

29.8
5.5
2.1
22.2
22.9
-.7

40. 1
6.1
4.2
2 9.7
27.1
2.5

30.3

6.0

44.4

70.5

75.8

67.1

70.6

92.8

64.4

54.4

56.9

18

1/74 FIGURES ARE TEN T A T I V E E S T I M A T E S B A S E D ON INCOMPLETE INFORMATION.




-

.5

1

C O M M E R C I A L B A N K I N G LIABILITY 2
LAR G E N E G O T I A B L E CD»S
3
4
O T H E R AT C O M M E R C I A L BANKS
AT F O R E I G N B A N K I N G AGS.
5
ACQUIRED b y :
6
HOUSEHOLDS
7
CORPORATE BUSINESS
8
S T ATE ♦ L O C A L GO V E R N M E N T S
9
U.S. G O V E R N M E N T
10
M U T U A L S A V I N G S B ANKS
FOREIGN
11

AT S A V I N G S I N S T I T U T I O N S
M U T U A L S A V I N G S B A NKS
CREOIT UNIONS
S A V I N G S ♦ L O A N ASSNS.
H E L D BY* H O U S E H O L D S
C R E D I T UNIONS
MEMO: TO T A L OF H O U S E H O L D S
TIME ♦ S A V I N G S ACC O U N T S
86.8

12
13
14
15
16
17
18

8 **AY 1*74
MO N E Y ST O C K R E L A T I O N S H I P

MONEY S TOCK R E L A T I O N S H I P

16

R E L A T I O N OF F/F MONEY STOCK DATA TO O A ILY A V E R A G E
(BILLIONS OF DOLLARS)

S E A S O N A L L Y A D J U S T E D A NNUAL R A TES

I960

1969

1970

SEASONALLY

1971

1972

I
I

1973

1972
IV

I
I

1973
I

II

III

IV

SERIES

A D J U S T E D ANN U A L RATES
I
I

197*
I

I. TOTAL M ONEY STOCK
NET C H A N G E S t S.A. Q TRLY R a TEI
F/F D E M A N D DEP. ♦ C U R R E N C Y
OAILY A V E RAGE (DAMS)
TOTAL d i f f e r e n c e

1
2
3

64.1
50.4
5.7

30. 6
28.7
1.9

11.8
12.5
-.7

14.3
13.9
.4

20.0
20.4
-.4

17.0
14.8
2.2

24.2
2 4.4

1.0
9.6

24.6
29.9

9.6
-.6
10.1

32.0
20.1
12.7

4.3
18.0
-13.7

4
5
6
7

1.4
.3
.7
,4

.5
-.6
1.1
*

-.7
.3
-1.3
.3

.4
-.4
.5
.3

-.4
-2.1
1.0
.8

2.2
«
2.0
.3

-.1
-4.6
11.2
-6.7

-2. 1
*».o
-9.5
3.4

-1.3
-.5
3.6
-4.5

2.5
1.0
-5.6
7.1

3.2
-4.6
13.5
-5.7

-3.4 TOTAL DIFF. AT Q U A R T E R L Y RATE
ARISING F R O M - - D A T A DIFF.
8.2
-13.7
T I M I N G DIFF.
2.0
SEA S O N A L S

II. DEM A N D D E P O S I T S
,4
2',9
-3,.3

1
2
3

13.6
11.6
2.0

4.8
4.6
.2

8.3
9.5
-1.2

10.9
10.4
.5

15.6
16.1
-.5

13.0
10.1
3.0

4.0
4.5
-.5

-,,1
1 .,3
-1 .,4

3,.5
6,.1
-2,.6

2..6
-,,9
3..5

7.1
3.6
3.5

4
5
6

1.6
.3
1.3

.2
-.6
.9

-1.5
.3
-1.0

.2
-.4
.6

-1.2
-2.1
1.0

2.7
«
2.7

5.3
-4.6
9.9

-4,,6
4,,0
-8.,6

1 ..5
.5
2..0

-2,,6
1..0
-3..6

8.4
-4.6
13.0

7
8
9
LO

.4
.4
_

-

.3
.3
«

.2
.2
_
e

.7
.6
.1

.3
.3
-

-5.8
2.2
-9.2
1.2

3.i2
-2.,3
7.,2
-1 ,,7

-4 i.1
,4
-2..0
-1 ,i8

6.>1
,5
4 ,,1
1 .,5

-4.9
2.6
-9.3
1.9

,4
1..1
-<,7

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

-.2
.8
-1..0

1.1
1.5
-.3

1.,5
1..6
-<.1

«

III.

NET CHANGE. S.A.
F/F
DAMS
DIF F E R E N C E

-5,.2 D I F F E R E N C E IN U N A D J U S T E D
DATA d i f f e r e n c e
8.,2
timing difference
-13,,5
1.,9 D I F F E R E N C E IN SE A S O N A L S
FLOWS VS. LEVELS
-2,.8
7,,2
ONE-DAY VS. DAILY A VERAGE
S E A SONAL BALA N C E ADJU S T M E N T
-2,,5

C U R RENCY
change,
F/F
Dams
DIF F E R E N C E

net

1
2
3

2.4
3.0
-.6

2.8
2.6
.2

3.5
3.0
.5

3.4
3.5
-.1

4

-.6

.2

.5

5
6
7
8

«
«

«
«

»
*

-

-

.
*

s

.a .

4.4
4.3
.1

3.9
4.7
-.8

-.1

-

-.7

1.3

,9

1..6

-2..c

.5

- .2

timing

«

.1
.1
*

«
u
«

-.9
«
-.9
«

.2
-,,2
>4
»

.3
.1
-,,<*
.1

1..0
*

-.9
.1
-.9
•

.1
-,,2
>4
»

DIFFERENCE

-

QT«LY RATE J

2.1
1.6
.5

-

,1

qtrly

rate

DIFFERENCE

IN SEA S O N A L S
vs . levels
O N E - D A Y VS. DAILY AVG.
SEA S O N A L B A L ANCE ADJ.
flows

M oney S u p ply R e la tio n s h ip
P art

L in e

I

I
2

Lin e I of page 15.
Daily averages in th is ta b le a re in c re m e n ts in m o nth averages from last m o nth of preceding q u a rte r to last

3
4
5
6
7

1-2.
5 + 6 +
See P art
P art I I ,
P art I I ,

m o nth of th is q u a rte r.
7.
I I , lin e 5.
lin e 6 + P art I I I ,
lin e 7 + P art I I I ,

lin e 4.
lin e 5.

"S e a s o n al" h e re m eans d o lla r excess of s easonally adjusted flow over

u n a d ju ste d flow .
II

I
5

6

Lines 14 + 18 + 19 of page 15 at q u a rte rly rates.
D ifferen ces between m o n ey -s u p p ly concept of dem and deposits derived fro m last preceding a ll-b a n k total
(e ith e r last W ednesday of q u a rte r or C all R eport) and fig u r e fo r th a t o n e day. e .g .. M a rc h 29, 1972,
derived from data going in to d a ily -a v e ra g e s ta tis tic s . Q u a rte rly in c re m e n ts in th is d iffe re n c e .
D iffe re n ce between fig u r e for period derived from d a ily -a v e ra g e data a n d average for last m o nth of q u a rte r.

7
8

8 + 9 + 10 - II.
D iffe re n ce in a d ju s tm e n t m ethod:

9

seasonal in p u b lis h e d d a ily -a v e ra g e s eries.
S easonal in F/F dem and deposit (based on net ch an g e from last day of o n e q u a rte r to last day of next) less

Q u a rte rly in c re m e n ts in th is d iffe re n c e .

10

seasonal in d a ily -a v e ra g e serie s (m o n th average) adjusted as flows less

seasonal in da ily average adjusted as flows.
A d ju stm en t to seasonal needed as part of th e b a la n c in g of all sea s o n a lly a djusted sources and uses of fu n d s
in th e flo w -o f-fu n d s m a trix .

III




4

No s ta tis tic a l d iffe re n c e between th e tw o s e rie s .

5 -9

fig u re fo r end of q u a rte r and th re e -w e e k average.
C orrespond to lin e s 7 th ro u g h II in P art I I .

>

In u n a d ju ste d data, o n ly d iffe re n c e is between o n e -d a y

9
10

U .S ; V OOVT.

U *S * 6 0 V T * SECURITIES

securities

17

U.S. GOVERNMENT SECURITIES MARKET SUMMARY
(BILLIONS OF DOLLARS)

S EASONALLY ADJUSTED ANNUAL RATES
1972

29.9
26.0
2.4
23.6

23.6
13.9
3.3
10.6

29.4
7.7
2.7
5.0

38.8
28.1
3.1
25.0

*

12.9
.3
12.6

6.8
-.4
-1.9
9.1

8.2
.3
-.3
8.2

3.8
.6
- 1.1
4.3

9.7
2.0
1.5
6.2

21.6
.7
1.3
19.6

5.5
-1.3
-.2
-.5
.3
4.2

21.1
-.1
1.7
1.9
-.2
5.0

29.9
»
-1.5
-1.5
-. l
8.6

16.7
.1
-.1
-.1

30.1
3.9
26.2

25.1
1.4
3.6
- 2.1

18.9
-12.3
1.9
-14.3

29.3
11.8
1.4
10.3

10.7
1.6
3.7
5.3

14.1
.4
2.3
11.4

23.6
-.7
.5
23.7

31.2
1.3
1.4
28.5

17.6
1.9
1.0
14.7

9.7
1.4
.3
8.0

23.6
*
-1.4
-1.3
-.1
.3

29.4
38.8
•
«
-4.1
1.3
1.4
-4.1
«
»
9.3 .
-.6

44.2
«
- 2.1
- 2.0
-.1
19. 8

25.1
«
1.7
1.7
«
3.9

18.9
»
4.2
4.2
1.0

29.3
»
1.7
1.7
12.3

29.8
- 8.1
37.9

-10.7
- 10.6
-.1

-15.1
-13.4
- 1.8

i
1

9
10
11
12
13
14

1974
I

IV

(M

•*

6.4
1 .5
1.7
3.2

I
I

III

(M

5
6
7
8

I
1
1
1

5.5
-1.3
-.4
-.9

1973
II

i

16.7
10.3
.4
9.9

1
1
1
•

1
2
3
4

1970

1972 I
IV I

■
»►
OB

1971

1969

3.8

____________________
I
1973 I

1968

17

5.2
3.0
2.2

TOTAL NET ISSUES
TREASURY ISSUES
HO U S E H O L D SAVINGS BONDS
TREAS. EXCL. SAVINGS BONDS
other

BUDGET AGENCY ISSUES
LOAN PAR T I C I P A T I O N S (1)
SPONS. AGENCY ISSUES (2)

5
6
7
6

14.8 NET A C Q UISITIONS* BY SECTOR
•
U.S. GOVT. (AGENCY SEC.)
S P O N SORED C REDIT AGENCIES
-4.9
T REASURY MARKETABLE
-4.9
FHLB S P ECIAL ISSUE
FEDERAL R E SERVE SYSTEM
2.2

9
10
11
12
13
14

-2.6
9.1
-11.7

-3.9
.9
-4.8

15
16
17

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
2.3
6.2

.3
-5.7
6.1

7.7
11.8
-4.2

18

13.3

4.6

5.4

-3.5

16.3

18.4

35.8

-3.3

30.3

28.8

17.9

21.4

20.2
3.1
14.8
2.3

-.4
3.9
-11.4
7.1

27.2
3.6
11.1
12.6

34.7
1.9
11.5
21.3

15.9
1.4
7.7
6.8

5.5
3.0
3.4
-.9

19
20
21
22

8.0
.4
4.3
3.3

16.8
-.4
10.5
6.7

-8.3
.3
- 10.8
2.2

-13.0
2.4
-10.9
-4.5

4.1
3.3
-.2
1.0

19.4
2.7
4.7
11.9

23
24
25
26

5.5
.4
5.3
-.2

12.2
-.4
9.8
2.8

-7.7
.3
-10.7
2.7

-12.7
2.4
-11.7
-3.5

4.4
3.3
1.5
-.5

18.7
2.7
7.6
8.4

15.5
3.1
12.0
.4

4.2
3.9
-5.4
5.7

29.6
3.6
16.1
9.9

30.8
1.9
13.1
15.7

10.4
1.4
6.7
2.3

2.2
3.0
2.8
-3.5

27
28
29

.3
-.5
.8

-2.3
-2.8
.5

.3
.2
.1

2.0
2.0
.1

-2.4
-3.1
.7

- 1.8
-3.0
1.2

- 1.0
-2.2
1.2

-1.7
-3.2
1.5

-.4
-1.7
1.4

- 1.6
-3.5
1.8

-3.6
-3.8
.2

-2.4
- 2.6
.1

30
31
32

2.2
-.5
2.7

6.9
3.5
3.3

- 1.0
-.4
-.6

-2.2
- 1.2
- 1.1

2.1
1.4
.7

2.4
.1
2.3

5.7
5.0
.7

-2.9
-2.9
-.1

- 2.0
-3.3
1.3

5.6
1.9
3.7

9.1
4.8
4.4

5.7
3.2
2.5

33
34
35

3.3
2.1
1.2

- 10.0
-9.7
-.3

10.4
6.9
3.5

6.9
3.1
3.8

6.5
2.4
4.1

- 1.2
-8.8
7.6

8.3
1.9
6.4

- 10.6
-11.9
1.3

4.7
-5.3
10.0

.9
- 10.6
11.5

»
-7.4
7.4

10.0
5.4
4.6

36
37
38

2.1
.3
1.7

-2.2
-3.9
1.7

3.3
.7
2.6

2.5
-1.4
3.9

5.7
1.8
4.0

.3
- 1.2
1.5

7.4
6.3
1.1

7.7
2.1
5.6

- 1.6
- 2.2
.6

-6.9
-4.4
-2.5

2.0
-.1
2.2

39
40
41
42

2.1
.7
.4
.4

- 2.2
.3
- 1.0
1.3

3.3
1.2
-.4
1.5

2.5
5.2
1.4
3.9

5.7
4.3
.9
3.4

.3
«
- 1.0
1.0

7.4
3.5
3.4
.1

7.7
8.0
4.1
3.9

- 1.6
- 2.1
-1.9
-.2

-6.9
-7.6
- 6.1
-1.5

43
44
45

-.2
-.6
.4

-.5
-.6
.1

.2
-.2
.4

.4
«
.4

.3
-.1
.4

- 1.1
-.7
-.4

.8
«
.8

-.1
-.5
.4

-.8
-.8
«

46
47
48

•
*
«

-.2
-.1
-.1

.4
.3
.1

.8
.3
.5

.6
.4
.2

.4
.2
.2

.4
.2
.2

.4
.2
.2

49
50
51

-.1
-.2
.2

-.3
-.3
»

.1
-.1
.1

-.2
-.2
.1

-.2
-.3
«

*
-.2
.2

-.9
-.8
-.1

52
53
54

.4
.4
.1

-.2
-.4
.2

.2
-.1
.3

-.3
«
-.3

1.0
.9
.1

•6
.1
.5

55
56
57

.5
-.2
.6

-.3
-.4
.2

-.7
-.7
•

- 1.2
-.8
-.3

-.2
-.1
-.1

58
59
60

-.2
-.4
.1

-.5
-.5
*

.1
-.1
.1

-.4
-.2
-.2

61

.2

-.5

.2

62

.8

*

1.7

foreign

S H O R T - T E R M MARKETABLE
OTHER
TOTAL P R I VATE DOMESTIC

18

PRIVATE d o m e s t i c n o n f i n a n .
SAVINGS BONDS (HH)
TREAS. EXCL. SVGS. BONDS
AGENCY ISSUES

19
20
21
22

PVT. DOM. N O N F I N . • BY SEC.
23
HOUSEH O L D S
24
SA VINGS BONDS
TREAS. EXCL. SVGS. BONDS 25
agency issues
26
corporate

business

TR E ASURY ISSUES
a g e n c y ISSUES
STATE ♦ LOCAL GOVERNMENTS
TR E ASURY ISSUES
AGENCY ISSUES

27
28
29
30
31
32

COMMER C I A L B A NKING
TREASURY ISSUES
AGENCY ISSUES

33
34
35

6.0
.7
5.2

PRIVATE NON B A N K FINANCE
T REASURY ISSUES
AGENCY ISSUES

36
37
38

2.0
1.7
-.1
1.8

6.0
8.7
4.2
4.5

PVT. N O N BANK FIN.* BY SECTOR
SAVINGS ♦ LOA N ASSNS.
T REASURY ISSUES
AGENCY ISSUES

39
40
41
42

-2.9
- 1.2
- 1.8

-.6
-.2
-.4

.2
-.2
.5

.4
.2
.2

.4
.2
.2

.4
.2
.2

.3
.1
.2

.4
-.1
.5

-.5
-.7
.2

2.1
2.0
.1

.9
-.2
1.1

.3
.2
.1

«
«
*

.2
.3
•

.3
.3
•

-.4
-.3
-.1

-.1
-.1
*

.4
.3
«

-.3

.1

.5

-1.6

.2

»

M UTUAL S A V INGS BANKS
T REASURY ISSUES
AGENCY ISSUES

43
44
45

.5
.3
.2

CREDIT U NIONS
TREASURY ISSUES
a g e n c y ISSUES

46
47
48

-.2
-.2
*

.2
«
.2

LIFE INSURANCE
TRE A S U R Y ISSUES

49
50
51

.8
.5
.3

.7
«
.6

•
•

-.3
-.4
.1

.4
.4
«

-.5
-.4
-.1

-.6
-.5
-.1

-.1
*
-.1

.2
.1
•1

-.1

1.2

.3

1.0

-2.6

.3

agency

issues

PRIVATE P E N S I O N FUNDS
T R E ASURY ISSUES
AGENCY ISSUES

52
53
54

-.1
-.1

S. ♦ L. GOVT.* RTR. FUNDS
TREAS U R Y ISSUES
A GENCY ISSUES

55
56
57

.1
.1
•

*
•
•

OTHER I N SURANCE COMPANIES
TREASURY ISSUES
AGENCY ISSUES

58
59

.5

- .1

.6

61

1.8

.5

-4.1

INVESTMENT COS. (TREAS.)
SECUR I T Y BRO K E R S ♦
DEAL E R S (TREAS.)

-

(1) WHERE NOT SHOWN SEPARATELY* LOAN PAR T I C I P A T I O N S ARE INCLUDED WITH
AGENCY ISSUES.
(2) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U.S. GOVERNMENT
SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN C REDIT MARKET
DEBT OF FINANCIAL INSTITUTIONS. SPONSORED AGENCY ISSUES INCLUDE
GN M A-GUARANTEED SECURITIES BACKED BY M ORTGAGE POOLS.
1/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




1
2
3
4

60

62

8 MAY 1974
PRIVATE SECURITIES AND MORTGAGES

PRIVATE SECURITIES AND MORTGAGES
PRIVATE SECURITIES AND MORTGAGES
(BILLIONS OF DOLLARS)

18
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1968

1969

1970

1971

1972

I
1973 I

I
I

1973

1972 I
IV I

I

1974
I

II

III

IV

7.0
- 2.8
9.8

13.9
1.5
12.4

13.3
2.1
11.3

10.9
-.4
11.3

NET CHANGE IN LIABILITIES
STATE ♦ LOCAL GOVERNMENTS
SHORT-TERM
OTHER

1
2
3

7.0
1.3
-2.5
-.1

13.9
3.2
2.5
-.3

13.3
.2
-1.5
.2

10.9 NET CHANGE IN ASSETS
HOUSEHOLDS
-.1
CORPORATE BUSINESS
.1
.5
S. ♦ L. GOVT.* GEN. FUNDS

4
5
6
7

4.5

5.0
-.3

10.4
-.1
-.5
3.0
1.6

8.7
.2
.2
-.2
3.6
- 2.2

STATE AND LOCAL GOVERNMENT SECURITIES
1
2
3
4
5
6

9.5
.1

9.4

.5

7
8
9
10

11

-

9.9
2.8
7.2

11.3
2.3
9.0

1 6 .6

9.9
9.6

11.3
-.5

1 6 .6

1.0

* •6

.1

.2
-.1

12

1.2

13

-.2

2.4
14.2
-.9
1.0
-.2

10.7
»
.1
-.3
1.5
.6

1 2 .6

.2
.1
-.2

3.9
.1

11.9
-

1.0

10.1

-.1

12.9

10.2

11.9
1.3
1.0
-.2

10.1

6.3
.5
«

5.5
«
.1
-.4
3.3
.2

-.2

3.3
-.1

1.7
-.1
-.2

10.4
-1.9
12.3

6.0
- 1.2

7.2

10.4
3.5

6.0

-.3

-.7

1.7
.2

2.2
.6
-.2

2.2

1.0

3.3
1.1

1.0

-

«

.3
-.2
3.3
.4

1.1

3.3
-1.3

.2
«

3.4

COMMERCIAL BANKING
MUTUAL SAVINGS BANKS
life

insurance

companies

S. ♦ L. GOVT.* RTR. FUNOS
OTHER INSURANCE COMPANIES
BROKERS ♦ DEALERS

8
9
10
11
12
13

i

i
i
i

i

CORPORATE AND FOREIGN BONDS
14.8
12.0
.1

23.7
19.8
«
2.5
.5
.9

24.7

14.8
7.4
-.1
.3

23.7

24.7

10.1

8.2

8.3
3.9

6. 1

•6

•6

10.0
1.5
2. 1
4.2
2.3
.7
•1
.7

1
2
3
4
5

15.0
12.9
.3

6

1.1

1.0

7

10

15.0
4.7
.3
1.3

11
12

8

9

13
14
15
16
17
18

1.6
.1

2.6
1.2

.4

-.2
.2

1.5
3.1
.8
.2
.4
.5

.8
1.3

18.8

.7
3.8
.4
.9

1.3
4.3
9.9
5.5
-.7
4.8
.3
.6

.1
.3

20.1

13.0
10.7
•6

1.0

1.0

20.1
4.9
1.7
2.8

13.0

20.1

10.3
7.2
- 1.6

1 2.6

1.1
5.4
.4

-.i
.2
.1

.8

.5
-.6

5.1
1*6
4.6
1.2

-.9
.5
.1

8.9
8.8
-3.1
3.2
«
-.1

1.7
.4

14.1
12.7
-.1
.4
.2
.8

13.5
9.8
.8
.1
.7
2.0

23.7
17.4
3.5
.6
.3
2.0

net issues
corporate

14.5
3.6
-.4
-.4

14.1
-4.3
1.3
- 1.0

13.5
5.1
1.3
- 2.0

23.7
2.7
.2
4.0

net

4.3
.1
-.8
-.4
.2

11.8
5.9
.9
3.2
1.7
-2.1
1.7
.4

17.5
7.0
3.5
5.4
1.6
.9
-.7
.5

9.9
2.9
-.1
5.6
1.4
-1.4
1.5
-.8

15.3
4 •8
3.8
5.1
1.7
-.8
1.6
.7

INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
S. ♦ L. GOVT.* RTR. FUNDS
OTHER INSURANCE COMPANIES
OPEN-END INVESTMENT COS.
BROKERS ♦ DEALERS
REST OF THE WORLD

11
12
13
14
15

1
2
3
4
5

.6

1.0

6.5
2.1
.5

14.5
11.8
-.4
1.7
.7
.7

9.9
8.3
-.3
.9

20 . 1

11.1
1.5
6.2
.2

12.2

.5
9.9
-

1.1

-.3
1.0
11 2

4.7
2. 1

business

COMMERCIAL BANKS
FINANCE COMPANIES
REITS
REST OF THE WORLD
purchases

HOUSEHOLDS
COMMERCIAL BANKING
MUTUAL SAVINGS BANKS

1
2
3
4
5
6
7
8
9
10

16

17
18

CORPORATE EQUITIES
1
2
3
4
5
6
7
8

5.1
5.8
-.7
-1.5
-.1
.2
.4
.2

9.5
4.8
4.7
2.9
«
.5
.8
.5

9.5
2.6
6.9
4.8
•1
.4
1.4
.1

14.7
1.2
13.5
11.7
.2
•6
.9
*

12.0
-.6
12.6
10.4
.5
•6
1.5
-.4

5.7
- 1.6
7.3
5.9
«
.5
1.1
-.2

11.3
-.8
12.0
10.0
1.0
•6
1*2
8

4.1
-2.3
6.3
4.6
«
•6
1.8
-.7

6.8
-1.7
8.5
7.5
•6
•6
-.2

6 ##
1.3
5.1
4.4
.1
.2
.4
•

5.6
-3.6
9.1
7.1
.6
1.4
•

.3 NET ISSUES
-1.7
O PEN-END INVESTMENT COS.
OTHER SECTORS
2.0
.6
C O R P ORATE BUSINESS
C O M MERCIAL BANKS
.1
OTHER INSURANCE COMPANIES
•6
.7
REITS
*
REST OF THE WORLD

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

5.1
-7.9
.1
.3
8.1
1.4
4.7
1.3
.8
2.5
-.2
2.1

9.5
-4.3
•
.2
9.9
1.7
5.4
1.8
1.0
1.7
.4
1.6

9.5
-2.6
.1
.3
9.7
2.0
4.6
2.1
1.0
1.2
•1
.7

14.7
-5.4
«
.5
18.2
3.6
8.9
3.2
2.5
•4
.1
.8

12.0
-5.9
.1
.6
16.5
3.5
7.1
3.0
3.0
- 1.8
.1
2.3

5.7
-10.4
.1
.4
14.7
3.6
5.3
3.6
2.2
-2.3
.5
2.6

11.3
- 11.6
.4
17.4
3.5
7.8
3.0
3.2
- 1.0
1.8
4.3

4.1
- 12.2
.2
.7
15.7
3.5
5.0
3.8
3.3
-5.2
-.4
5.2

6.8
-7.6
.4
14.0
4.6
4.4
3.6
1.4
-2.3
1.7
.5

6.4
-3.8
-.3
9.9
3.1
2.9
2.2
1.7
- 2.2
-.7
3*5

5.6
-17.9
•5
19.1
3.1
8.8
5.0
2.2
.4
1.5
2.0

.3 NET PURC H A S E S
- 15.3
HOUSEHOLDS
C O M MERCIAL BANKING
.8
MUTUAL S A VINGS BANKS
13.6
INSURANCE
LIFE INSURANCE COMPANIES
2.6
4.4
PRIVATE P E NSION FUNDS
4.6
S. ♦ L. GOVT.* RTR. FUNDS
2.0
OTHER INSURANCE COMPANIES
-2.4
O PEN-END INVESTMENT COS.
1.6
BROKERS ♦ DEALERS
2*0
REST OF THE WORLD

6

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

TOTAL MORTGAGES
1

27.4

27.8

26.4

48.9

68.8

71.7

77.2

69.3

81.9

79.2

56.2

2
3
4
5
6
7
8
9
10
11

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

-.1

-.1
2.0
.1
46.8
24.1
1.2
21.5
2.0
8.0
11.4

-.1
1.2
.5
67.3
38.4
1.4
27.4
2.6
9.2
15.6

-.1
-1.5
.3
73.0
43.0
1.4
28.6
4.4
8.1
16.2

-.1
1.0
.4
75.8
43.5
1.4
30.9
2.4
10.8
17.7

-.1
1.0
.5
68.0
38.6
1.4
27.9
4.0
9.1
14.8

-.1
.2
•6
81.2
45.8
1.4
34.0
4.6
10.5
18.9

-.1
-2.4

•

.2
27.7
16.1
1.3
10.3
1.9
3.8
4.6

-.1
.6
.1
25.7
12.5
1.4
11.9
1.8
4.9
5.2

81.7
48.6
1.4
31.5
4.7
8.7
18.1

-4.9
.1
61.1
38.6
1.4
21.1
4.3
3.9
12.9

54.6 NET CHANGE IN MORTGAGES
BORROWED BYt
•
U.S. g o v e r n m e n t
2
SAVINGS ♦ LOAN ASSOCIATIONS
-.1
3
•
REITS
4
54.7
PRIVATE NONFINANCIAL SECTORS 5
35.7
HOUSEHOLDS
6
1.4
7
NONPROFIT INSTITUTIONS
17.6
B USINESS
8
3.9
9
FARMS
4.1
10
nonfarm noncorporate
9.6
corporate
11

12
13
14
15
16

27.4
1.5
1.1
.1
2.2

27.8
1.1
.7
-.1
4.5

26.4
.1
.3
•
5.8

48.9
.1

68.8
- 2.0
-.2

71.7
.2
-.5

79.2
1.1
3.1

56.2
2.5
-.5

54.6
1.2
-.7

10.4

69.3
-3.3
- 1.6
7.9

81.9
.6
-3.0

6.7

77.2
-4.1
-.9
•
6.7

10.3

12.4

10.8

12.6

17
18
19
20
21
22

22.5
6.7
12.2
9.4
2.8

21.6
5.4
12.2
9.5
2.7

20.1
2.5
12.1
10.2
1.8
.1

42.4
9.9
28.1
24.1
4.0

«

64.4
16.8
37.6
32.0
5.6
.1

61.6
19.8
32.6
26.9
5.7
.1

75.4
18.0
41.6
34.9
6.6
.1

66.3
18.8
40.6
35.1
5.5
.1

73.9
21.8
42.1
35.2
6.9
.1

62.7
20.8
30.4
24.7
5.6
.1

43.4
17.9
17.5
12.7
4.8
.1

41.5
11.5
24.1
21.1
3.0
.1

23
24
25
26
27
28
29

2.8
2.5

.8
1.1
-.6
.3

1.0
1.8
-.7
-.1

3.2
3.9
-.3
-.4

3.8
4.3
-.5

»

«
«

.3
.9

1.1
2.5

4.1
4.8

1.4
4.6

5.8
6.2

1.2
1.5
-.5
.3
•
1.1
4.6

2.0
2.0
-.4
.3

.6
.2

3.3
2.3
.1
.8
*
.1
2.1

4.4
5.2
-.4
-.4
•
1.8
5.3

5.1
6.8
.1
- 1.8
*
-.4
3.2

3.6
3.8

.4

2.8
2.1
.1
.6

30

.9

4.0

1.3

-2.7

«

7.2

«

*
«

*

»

*


1/74 FI GU RE S ARE


«

•
6.3

»

«

«

*

-

-

2.9
5.1

•

•

»

»

»

-.2

«

-.2
2.5

FUNDS ADVANCED BY 1
12
13
HOUSEHOLDS
14
U.S. g o v e r n m e n t
S. ♦ L. GOVT.* GEN. FUNDS
15
SPONSORED CREDIT AG. (1 ) (2) 16
PRIVATE FINAN. INSTITUTIONS
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
S*L ASSOCIATIONS (1)
MUTUAL SAVINGS BANKS
CREDIT UNIONS
INSURANCE
LIFE COMPANIES
PRIVATE PENSION FUNDS
S. ♦ L. GOVT.* RTR. FUND
OTHER INSURANCE COS.
FINANCE COMPANIES
REITS

3.1
4.1
11.4
11.9
1.3
1.8 (1 ) MEMO! FHLB LOANS TO S*L
ASSOCI A T I O N S (INCLUDED IN "OTHER LOANS" CATEGORY).
<2 > INCLUDES MORTGAGE POOLS BACKING G N M A - G U A R A N T E E D PASS-THROUGH SECURITIES.

TE N T A T I V E ESTIMATES BASED ON INCOMPLETE INFORMATION.

17
18
19
20
21
22
23
24
25
26
27
28
29

8 MAY 1974

mortgages*

BY TYPE

mortgages*

BY TYPE
IQ

MORTGAGE MARKETS BY TYPE OF MORTGAGE
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES
1968

1969

1970

SEASONALLY ADJUSTED ANNUAL RATES

1971

1972

I
1973 I

1972 I
IV I

1973
I

II

III

IV

I
I

1974
I

HOME MORTGAGES
1
2
3
4
5
6

15.2
14.6
.2
.2
-.1
.2

15.6
16.1
-.2
-.2
-.1

13.4
12.5
•2
.2
-.1
.6

28.0
24.1
1.0
1.0
-.1
2.0

40.7
38.4
.6
•6
-a
1.2

41.0
43.0
-.2
-.2
-.1
-1.5

45.3
43.5
.5
.5
-.1
1.0

41.4
38.6
1.0
1.0
-.1
1.0

46.5
45.8
.3
.3
-.1
.2

45.3
48.8
-.5
-.5
-.1
-2.4

30.8
38.6
-1.4
-1.4
«
-4.9

31.3
35.7
- 2.1
- 2.1
«
-.1

7
8
9
10
11
12

15.2
.5
.8
.1
1.6
3.5

15.6
•1
.1
-.1
3.9
3.0

13.4
*
-.1
«
5.1
.9

28.0
-.6
-.3
»
4.8
5.7

40.7
-2.2
-.6
«
4.3
9.0

41.0
-1.3
- 1.1
»
6.4
11.0

45.3
-3.5
- 1.2
•
3.8
9.8

41.4
-4.2
- 2.1
4.9
9.8

46.5
-1.7
-3.2
6.0
11.8

45.3
-.8
1.0
•
8.1
11.9

30.8
1.6
-.2
•
6.5
10.5

31.3 NET CHANGE IN ASSETS
HOUSEHOLDS
.3
U.S. GOVERNMENT
-.2
»
STATE ♦ LOCAL GOVERNMENTS
SPONS. CREDIT AGENCIES (1)
8.0
6.6
COMMERCIAL BANKING

13
14
15
16

8.7
7.2
1.4
»

9.1
7.7
1.4
»

8.2
7.2
.9
•1

19.3
17.9
1.3
#

27.8
24.7
3.0
.1

24.6
22.0
2.6
•1

30.5
26.7
3.7
.1

32.6
29.0
3.5
•1

31.2
29.3
1.9
.1

22.1
19.1
2.9
•1

12.7
10.6
2.0
.1

18.1
17.1
.9
.1

17
18
19
20
21

-.7
-.7
«
•6
«

-.9
- 1.1
.1
.3
.1

- 1.2
-1.3
.1
.1
.5

-2.7
-2.1
-.6
1.1
.7

- 2.8
-2.1
-.7
4.1
1.2

-.8
-.5
-.3
1.4
.7

-1.3
-.8
-.5
5.8
1.4

- 1.8
-1.3
-.5
1.1
1.1

- 1.8
-1.5
-.4
2.9
1.2

«
.5
-.4
1.8
1.1

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

-.9
— .8
•
-.2
-.4

net

borrowing

HOUSEHOLDS
NONFARM NONCORP. BUSINESS
CORPORATE BUSINESS
U.S. GOVERNMENT
SAVINGS ♦ LOAN ASSOCIATIONS

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

SAVINGS INSTITUTIONS
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS

13
14
15
16

INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
FINANCE c o m p a n i e s
REITS

17
18
19
20
21

MULTI-FAMILY RESIDENTIAL MORTGAGES
1
2
3
4

3.4
2.7
.7
.1

4.8
3.6
1.2
.1

5.9
4.3
1.5
*

8.8
6.2
2.6
*

10.4
7.3
3.0
.2

9.6
6.7
2.8
.1

12.7
8.9
3.7
.1

9.8
6.9
2.7
.2

12.1
8.5
3.4
.2

10.7
7.5
3.2
«

5.6
3.9
1.7
*

7.2 NET BORROWING
NONFARM NONCORP. BUSINESS
5.2
CORPORATE BUSINESS
2.0
•
REITS

1
2
3
4

5
6
7
8
9

3.4
-.3
.3
«
.3

4.8
-.5
.7
«
.5

5.9
-.8
.5
.3
.1

8.8
.4
.4
.8
.7

10.4
-.1
.3
1.2
1.8

9.6
•4
.4
2.0
1.1

12.7
.2
•3
1.2
1.8

9.8
.1
.5
1.2
1.5

12.1
.7
.1
2.4
1.3

10.7
.2
1.9
2.3
1.1

5.6
.7
* •8
2.1
.6

7.2 NET CHANGE IN ASSETS
*
HOUSEHOLDS
U.S. GOVERNMENT
— .8
SPONS. CREDIT AGENCIES (1)
2.5
.9
COMMERCIAL BANKS

5
6
7
8
9

10
11
12

1.6
1.1
.5

1.7
1.2
.5

2.4
2.1
.4

4.8
3.0
1.8

4.9
3.8
1.1

3.1
1.8
1.4

5.9
4.5
1.3

3.1
2.5
•6

4.5
1.5
3.0

3.0
2.3
.7

1.9
*8
1.1

2.3
1.6
.7

SAVINGS INSTITUTIONS
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS

10
11
12

13
14
15

1.0
.4
.1

1.4
.6
.3

1.9
.8
•6

.7
.3
.7

.5
-.1
1.9

1.1
-.4
1.7

.7
«
2.6

1.6
.3
1.6

.9
.3
1.8

.7
-.4
1.9

1.3
- 1.8
1.6

1.3
-.2
1.1

LIFE INSURANCE COMPANIES
S. ♦ L. GOVT., RTR. FUNDS
REITS

13
14
15

COMMERCIAL MORTGAGES
1
2
3
4
5

6.6
1.1
.5
4.8
.1

5.5
1.3
.4
3.7
.2

5.4
1.4
.4
3.6
.1

10.1
1.2
.9
7.9
.1

15.1
1.4
1.3
12.0
.3

16.7
1.4
1.5
13.6
.2

16.8
1.4
1.5
13.5
.3

14.1
1.4
1.2
11.1
.3

18.7
1.4
1.7
15.3
.4

18.5
1.4
1.7
15.3
•

15.4
1.4
1.4
12.5
.1

12.2 NET B O RROWING
1.4
HOUSEHOLDS
NONFARM NONCORP. BUSINESS
1.1
9.7
CORPORATE BUSINESS
•
REITS

1
2
3
4
5

6
7
8
9

6.6
.1
2.6

5.5
.3
«
1.6

5.4
-.2
•
1.2

10.1
-.6
•
3.0

15.1
-.5
*
5.4

16.7
-.2
7.0

16.8
-.6
5.7

14.1
.1
6.4

18.7
.1
7.7

18.5
-.4
7.7

15.4
-.4
6.4

12.2
«
3.9

HOUSEHOLDS
U.S. g o v e r n m e n t
COMMERCIAL BANKING

6
7
6
9

10
11
12

1.9
1.0
.e

1.4
.6
.8

1.5
1.0
.6

4.1
3.1
1.0

4.9
3.5
1.5

4.9
3.1
1.7

5.2
3.6
1.6

4.9
3.6
1.3

6.4
4.4
2.0

5.3
3.3
2.0

2.9
1.3
1.7

3.7
2.4
1.4

SAVINGS INSTITUTIONS
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS

10
11
12

13
14
15

1.9
«
.1

1.8
«
.4

1.8
#
1.0

2.5
«
1.1

3.4
«
1.8

2.6
•
2.1

4.2
»
2.2

.9
*
1.9

2.5

4.3
*
2.1

2.9
•
1.7

life

2.1

3.6
«
2.3

13
14
15

-

-

net

change

in

assets

insurance

companies

OTHER INSURANCE COMPANIES
REITS

FARM MORTGAGES
1

2.2

1.9

1.8

2.0

2.6

4.4

2.4

4.0

4.6

4.7

4.3

3.9

2
3
4
5
6
7
8

2.2
1.2
«
.5
.3
«
.2

1.9
1.2
e
.6
.3
«
*

1.8
1.1
»
.5
.3
«
-.1

2.0
.9
«
.7
.6
-.1
*

2.6
.7
»
1.2
.6
»
.1

4.4
1.2
.2
2.0
.6
«
.4

2.4
-.2
«
1.6
.7
•
.2

4.0
.7
»
1.9
1.1
«
.2

4.6
1.6
.1
1.9
.9
«
.1

4.7
2.1
.2
1.9
•
.4

4.3
.6
.5
2.1
.4

3.9 NET CHANGE IN ASSETS
1.0
HOUSEHOLDS
U.S. GOVERNMENT
.2
SPONSORED CREDIT AGENCIES
2.1
COMMERCIAL BANKS
.1
•
MUTUAL SAVINGS BANKS
.5
life insurance companies

.7

net

borrowing

(1) INCLUDES MORTGAGE P OOLS B A CKING G N M A - GUARANTEED SECURITIES.
1/74 FIGURES ARE TEN T A T I V E ESTIMATES BASED ON INCOMPLETE INFORMATION.




1
2
3
4
5
6
7
8

8 MAY 1974
CONSUMER CREDIT AND BANK LOANS N.E.C.
20

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

CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSI F I E D
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1968

1969

1970

1971

*

20

NET CHANGE IN LIABILITIES (HH)
INSTALMENT CREDIT
N O N I N S T A L M E N T CREDIT

1
2
3

SEA S O N A L L Y A DJUSTED ANNUAL RATES
1972

1973 I

I 1972
IV

I1973
II

|
II

III

IV

I

1974
I

CONSUMER CREDIT
1
2
3

10.0
8.3
1.7

10.4
9.4
1.0

6.0
5.0
1.1

11.2
9.2
2.0

19.2
16.0
3.1

22.9
20.1
2.8

26.2
19.6
6.6

25.3
24.0
1.3

24.1
20.0
4.1

21.9
21.0
.9

19.0
15.5
3.5

8.2
8.8
-.6

4
5
6
7
8
9
10
11
12

10.0
8.3
.1
-.3
4.8
.1
.1
1.3
2.3

10.4
9.4
.1
»
4.5
.2
.1
1.7
2.8

6.0
5.0
.1
.1
3.0
.3
.1
1.0
.5

U.2
9.2
•
.1
5.8
.1
.1
1.8
1.3

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

22.9
20.1
.2
1.2
9.7
.2
.2
2.7
5.9

26.2
19.6
.3
1.5
10.2
.1
-.1
2.4
5.3

25.3
24.0
.2
1.2
12.0
.1
.3
3.5
6.8

24.1
20.0
.2
1.4
9.6
.2
.3
2.1
6.2

21.9
21.0
.2
1.0
10.2
.2
.1
2.9
6.3

19.0
15.5
.3
1.3
7.0
.2
*
2.3
4.4

8.2
NET CHANGE IN ASSETS
8.8
INSTALMENT CREDIT
*N O NFaRM NONCORP. BUSINESS
.5
CORP O R A T E BUSINESS
4.2
COMM E R C I A L BANKING
.1
SAVINGS ♦ LOA N ASSNS.
.3
M U TUAL S A V INGS BANKS
1.3
CREDIT UNI O N S
2.5
F I NANCE C O MPANIES

13
14
15
16
17
18

1.7
.4
.3
.9
*
*

1.0
.5
.3
.2
*
*

1.1
.5
.6
-.1
*
*

2.0
.7
.4
.8
•
*

3.1
.9
.6
1.5
.1
.1

2.8
1.0
.8
.9
*
*

6.6
2.0
1.9
2.6
.1
*

1.3
.1
-.3
1.2
*
.2

4.1
1.3
1.4
1.4
.1
-.1

.9
.7
-.5
.6
•
*

3.5
2.1
1.0
.4
•
•

-.6
N O N I N S T A L M E N T CREDIT
-.8 N O NFaRM NONCORP. BUSINESS
.1
CORP O R A T E BUSINESS
«
COMM E R C I A L BANKING
*
S A VINGS ♦ L OAN ASSNS.
.1
M UTUAL SAV I N G S BANKS

6

4
5
7
8
9
10
11
12
13

14
15
16
17
18

BANK LOANS NOT ELSEWHERE CLASSIFIED
1
2
3
4
5
6
7

27.5

21.6

12.9

30.0

59.0

76.3

75.5

107.7

75.9

71.4

50.1

52.9

6.7
5.7
1.3
-1.4

5.2
4.7
- 1.1
.5

2.4
2.9
1.4
2.0

9.8
6.7
.8
.8

16.6
10.1
4.7
-.2

19.6
10.6
-3.0
— .8

18.2
12.7
5.1
.8

18.3
13.1
- 6.8
- 1.2

21.7
11.0
-.1
-.3

20.7
10.9
-3.2
-.8

17.8
7.4
- 1.8
-.7

11.6
4.2
-3.2
1.8

15,3

12.3

4.2

11.9

27.7

49.8

38.7

84.2

43.6

43.9

27.3

38.5

_

TOTAL LOANS AT COMMERCIAL
BANKS* F/F BASIS
- LOANS E L S E W H E R E CLASSIFIED!
MORTGAGES
C O N SUMER C REDIT
S ECURITY C REDIT
OPE N - M A R K E T PAPER
H Y P O T H E C A T E D DEPOSITS
* BANK LOANS NEC AT COML. BKS.
♦ BANK LOANS NEC AT OTHER
BAN K I N G SUBSECTORSl
DO M ESTIC AFFILIATES
FOR E I G N BAN K I N G AGENCIES
■ BANKING SECTOR TOTAL BANK
LOANS NEC
♦ LOANS BY F.R. BANKS
* TOTAL BANK L OANS NEC

1
2
3
4
5
6
7

8
9
10

.4
15.7

3.9
1.3
17.6

- 1.0
2.6
5.8

-.1
.5
12.4

-.2
1.1
28.5

1.7
3.7
55.2

1.3
5.0
45.0

2.3
5.5
92.0

1.4
2.3
47.4

4.5
2.7
51.1

-1.3
4.4
30.3

2.4
3.5
44.4

11
12

15.7

17.6

5.8

12.4

28.5

55.2

45.0

92.0

47.4

51.1

30.3

44.4

13
14
15
16
17
18
19

15.7
13.1
2.2
.4
1.1
9.7
-.2

17.6
15.3
1.5
.6
2.1
11.6
-.6

5.8
6.4
.5
.8
* •6
5.7
*

12.4
9.3
.4
1.3
.2
4.8
2.6

28.5
21.8
3.0
1.8
.7
13.9
2.4

55.2
41.7
4.4
3.0
.4
30.4
3.5

45.0
37.5
1.9
3.6
.7
28.7
2.5

92.0
74.7
4.4
2.3
.9
55.8
11.3

47.4
33.7
2.3
2.1
-.6
26.9
3.0

51.1
38.7
9.6
3.3
- 1.8
28.2
-.7

30.3
19.7
1.2
4.3
3.0
10.7
.5

44.4 NET CHANGE IN LIABILITIES
45.3
N ONFIN A N C I A L SECTORS
5.2
HOU S E H O L D S
FARM B U S I N E S S
2.2
-1.9
NONFARM NONCORP. BUSINESS
35.6
CO R P O R A T E B USINESS
4.2
REST OF THE WORLD

13
14
15
16
17
18
19

20
21
22
23
24

2.5
.1
2.3
.1
.1

2.3
.1
1.9
.2
.2

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

3.0
.7
»
.7
1.6

6.8
.8
3.6
1.5
.8

13.5
.3
4.1
4.0
5.1

7.5
1.5
8.3
3.5
-5.8

17.4
— 5
5.9
4.0
7.9

13.6
.1
2.7
5.1
5.7

12.4
2.3
5.6
2.6
1.9

10.6
-.6
2.2
4.2
4#fl

-.9
-.2
- 1.0
3.4
-3.1

20
21
22
23
24

1/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




F I N A NCIAL
S A VINGS
FI NANCE
REITS
FO R E I G N

S E CTORS
♦ LOA N ASSNS.
COMP A N I E S
B A N K I N G AGENCIES

8
9
10
11
12

e MAY 1974

OTHER LOANS

^

OTHER LOANS

21

OPEN-MARKET PAPER AND OTHER LOANS
(BILLIONS OF DOLLARS)

21

SEASONALLY ADJUSTED ANNUAL RATES
1968

1969

1970

SEASON A L L Y A DJUSTED ANNUAL RATES

1971

!
1973 |

1972

OTHER LOANS —

II

III

IV

11
11

1974
I ■

SECTOR TOTALS

10.4
5.4
1.3
.5
.4
2.5
.3
.4

29.0
12.3
2.4
1.3
3.0
2.7
.4
2.6

15.7
8.4
.7
.5
1.2
2.4
1.0
2.6

19.5
.7
1.9
1.0
3.3
-9.3
.7
3.2

22.4
8.7
1.6
1.0
.9
2.5
- 1.0
3.6

44.3
15.8
3.4
1.4
4.0
4.2
1.7
1.0

30.0
23.9
2.8
1.5
3.7
13.2
.2
2.4

34.5 NET INCREASE IN LIABILITIES
19.1
NON F I N A N C I A L SECTORS
2.5
HOUSEH O L D S
farm business
1.3
N O NFARM NONCORP. BUSINESS
3.7
8.8
corporate business
s t a t e ♦ LOCAL GOVERNMENTS
.2
2.6
REST OF THE WORLD

-3.6
- ■
-5.1
1.3
.2
-

-.8
.7
-2.7
.4
.8

4.9
2.4
*
«
2.5

16.7
5.9
7.2
3.5
.1

7.3
.1
3.1
1.5
2.6

18.7
13.7
4.1
1.5
-.6

13.7
- 1.0
11.4
3.2
.1

28.5
10.9
11.9
2.5
3.2

6.1
.2
1.3
7.0
-2.4

15.4
12.1
1.8
3.3
-1.7

29.8
4.8
5.4
3.5

6.0
-1.5
-2.9
2.6

4.9
-3.9
3.2
3.2

10.4
.4
3.3
2.6

29.0
3.3
6.7
3.5

15.7
5.0
3.0
2.9

19.5
-10.3
3.5
5.5

22.4
.3
6.3
1.0

44.3
12.9
6.9
4.7

30.0
10.3
10.1
2.9

34.5 NET INCREASE IN ASSETS
5.2
H O U SEHOLDS
C O RPORATE BUSINESS
9.0
2.4
U.S. GOVERN M E N T

4.8
*
.5
.3
3.4
6.2
1.0

2.3
«
2.0
.3
3.0
-.3
.5

-2.0
.2
.8
.5
1.6
1.4
-.2

.8
-.2
-.2
-.1
1.4
2.5
-.1

8.5
•
-.8
.6
2.2
3.1
1.9

3.6
.2
.8
-2.3
- 1.6
3.7
.5

7.1
.2
- 1.2
3.4
7.5
2.1
1.6

12.5
-.3
-.3
-.3
- 1.2
2.7
1.7

13.4
«
-.8
.8
-.7
3.4
3.7

1.2
«
-.7
-1.4
3.0
4.0
.6

13.6
8.8
1.7
.2
1.0

9
10
11
12
13
14

4.7
.2
1.0
.9
2.6

14.5
-.3
5.8
4.0
4.9
-

15
16
17
18

13.6
.7
5.1
3.7

19
20
21
22
23
24
25

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

•3
2.1

I

4.9
5.7
1.4
.7
.5
.7
.4
2.1

29.8
15.4
3.0
.6
1.5
7.1
.7
2.4

1
2
3
4
5
6
7
8

3 e8

1972 1
IV 1

1973

6.0
9.7
2.6
.6
1.0
3.2
•1
2.1

4.6
.2
1.8
-.6
4.1
3.1
4.4

F I N A NCIAL SECTORS
S PON S O R E D CREDIT AGENCIES
COMM E R C I A L BANKING
SAVINGS * LOAN ASSNS.
FINANCE COMPANIES
REITS

S P ONSORED CREDIT AGENCIES
AUTHORITIES
COMMER C I A L BANKING
MUTUAL S A VINGS BANKS
LIFE INSURANCE COMPANIES
FINANCE N.E.C.
REST OF THE WORLD
monetary

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

OPEN-MARKET PAPER
1

5.2

14.1

- 1.2

.9

3.3

12.0

3.1

3.8

6.2

20.6

17.5

2
3
4
5

1.8
1.8
“

6.8
3.0
3.8

-.4
- 1.1
.7
“

.3
-.5
.5
.3

1.8
•2
.4
1.2

5.5
1.9
4.1
-.5

4.6
.5
2.6
1.6

8.6
3.0
5.9
-.4

5.7
2.6
2.9
.2

7.6
3.1
2.4
2.1

«
- 1.2
5.2
-4.0

6.9
3.9
.8
2.2

6
7
8
9
10

2.3
1.5
.8
"

4.6
2.3
1.2
1.1
"

.9
2.2
-.8
-.5

-1.3
-1.7
•1
-.1
.5

•8
-.6
.4
-.4
1.3

.9
.5
.4
-.6
.6

- 1.0
-1.5
.6
- 1.1
1.0

-15.9
- 11.6
.3
-4.4
-.2

3.4
2.5
.7
.3
-.2

2.1
.2
.7
.1
1.1

14.0
10.8
-.2
1.8
1.7

3.0
3.8
.8
2.4
-4.0

11
12
13
14
15

.1
.3
.1
.1
>.2

1.0
.7
.4
.4
.3

1.6
.8
.4
.4
•8

.8
.5
.3
.3
.3

- 1.0
.1
«
«
-l.l

2.0
1.1
.5
.5
.9

.4
* •6
-.3
-.3
.9

.7
-.3
-.2
-.2
1.0

1.5
-.5
-.3
-.3
2.0

3.8
4.9
2.4
2.4
- 1.1

2.0
.2
.1
.1
1.7

6.0
4.2
2.1
2.1
1.8

BANKERS* ACCEPTANCES
N O N F I N A N C I A L BUSINESS
NON C O R P O R A T E
C O RPORATE
REST OF THE WORLD

11
12
13
14
15

16

1.0

1.6

-3.3

1.1

1.7

3.7

- 1.0

10.4

-4.3

7.1

1.6

7.4

NONBANK CREDIT TO BANKS
IN S ECURITY RP»S

16

17

5.2

14.1

- 1.2

.9

3.3

12.0

3.1

3.8

6.2

20.6

17.5

18
19
20
21

.7
5.1
4.2
.9

4.8
5.4
4.0
1.4

-1.5
-2.9
.5
-3.4

-3.9
3.2
2.4
•8

.4
3.3
1.7
1.6

3.3
6.7
4.1
2.6

5.0
3.0
1.7
1.3

-10.3
3.5
- 1.8
5.3

.3
6.3
9.0
-2.7

12.9
6.9
.2
6.6

10.3
10.1
9.0
1.0

5.2
9.0
1.2
7.8

H O USEHOLDS
C O R P ORATE B USINESS
COMM E R C I A L PAPER
S ECURITY RP»S

18
19
20
21

22
23
24
25
26

-.1
-1.4
.1
•
.1

*
.5
•3
.1
.2

«
2.0
.3
.2
.1

.2
.8
.5
.2
.2

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

«
-.8
.6
-.5
1.1

.2
.8
-2.3
-.1
-2.3

.2
- 1.2
3.4
- 1.6
5.1

-.3
-.3
-.3
1.4
-1.7

«
-.8
.8
.4
.5

•
-.7
-1.4
-1.9
.5

.2
1.8
-.6
-.2
-.4

MONETARY AUTHORITIES
COMMER C I A L BANKING
MUTUAL SAVI N G S BANKS

22
23
24
25
26

27
28
29

«
.3
.6

.9
1.2
1.0

.8
-.4
.5

.6
-.3
-.2

.4
-.3
-.1

•1
.2
1.9

-2.5
-1.5
.5

6.4
.2
1.6

-2.7
1.6
1.7

-4.1
1.2
3.7

.7
- 2.1
.6

2.1
1.2
4.4

life

23.4 NET ISSUES* BY TYPE ♦ SECTOR
D I R E C T L Y - P L A C E D PAPER
"BANK AFFILI A T E S
F I NANCE COMPANIES
REITS
d e a l e r -p l a c e d

paper

COR P O R A T E BUSINESS
BANK AFF I L I A T E S
finance

companies

REITS

23.4 NET PURCHASES* BY SECTOR

commercial

paper

S E C URITY RP»S
insurance

companies

INVESTMENT COMPANIES
REST OF THE WORLD

1
2
3
4
5
6
7
8
9
10

17

27
28
29

OTHER TYPES
1
2
3

2.2
.5
1.7

5.0
.6
4.3

.1
-.3
.4

1.8
-.1
1.9

2.8
*
2.8

2.9
1.5
1.4

5.2
1.7
3.6

1.9
.2
1.8

1.2
1.0
.1

2.2
.8
1.5

6.1
3.9
2.2

1.9 FINANCE CO. L O ANS TO BUSINESS
-.7
l i a b .- n o n c o r p o r a t e BUSINESS
2.6
CORP O R A T E BUSINESS

4
5
6
7
8
9
10
11

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

3.4
.4
*
.3
.1
.7
-.3
2.1

2.5
.3
-.1
.6
.3
.1
1.3

3.2
.4
*
.4
.2
.4
1.8

2.5
.4
«
.1
.2
.3
1.5

3.5
.3
.2
.7
.3
.4
1.6

2.9
-.2
.1
-.4
.6
1.0
1.6

5.5
.7
.1
1.2
•6
.7
2.2

1.0
.1
*
.2
.2
- 1.0
1.6

4.6
»
-.1
.7
.1
1.7
2.1

2.9
.5
.6
.7
.1
.2
.7

2.4 U.S. GOVE R N M E N T LOANS
4
.5
LIAB.-HOUSEHOLDS
5
FARM BUSINESS
.2
6
.5
N O N F A R M NONCORP. BUS.
7
.3
COR P O R A T E BUSINESS
8
.2
S. ♦ L. GOVERNMENTS
9
SPONS. CREDIT AGENCIES 10
.8
REST OF THE WORLD
11
4.8 SP ONSORED CREDIT AGENCY LOANS
LI A B ILITY OFF a RM BUSI N E S S (FICB)
1.2
1.6
N O N F a RM NONCORP. BUS. (BC>
1.8
S+L ASSOCI A T I O N S (FHLB)

13
14
15

2.0 POLICY LOANS (HH LIABILITY)
•
a s s e t - u .s . g o v e r n m e n t
2.0
LIFE INSURANCE COS.

16
17
18

12

1.2

4.8

2.3

-2.0

.8

8.5

3.6

7.1

12.5

13.4

1.2

13
14
15

.2
.1
.9

.6
.2
4.0

.7
.3
1.3

.7
•
-2.7

.4
.3
«

1.1
.3
7.2

.4
.2
3.1

1.0
2.1
4.1

1.1
«
11.4

1.5
.1
11.9

.9
- 1.0
1.3

16
17
18

1.3
»
1.2

2.6
.1
2.5

2.3
.1
2.2

1.0
*
1.0

.9
•
.9

2.1
•
2.1

•9
•
.9

1.2
•
1.2

1.5
«
1.5

3.4
«
3.4

2.3
«
2.3

19

-

-

-

-

-

-

-

-

1/74 FIGURES ARE TENTATIVE




estimates

-

-

-

BASED ON INCOMPLETE INFORMATION .

-

H Y P O T H E C A T E D DEP. (HH LIAB.)
A S S E T - C O M M E R C I A L BANKS

1
2
3

12

19

8 MAY 1974
SECURITY CREDIT. TRADE CREDIT* ANO TAXES
22

y?»* _

SECURITY CREDLT. TRAOE CREDIT. AND TAXES

SECURITY CREDIT. TRADE CREDIT. AND TAXES PAYABLE
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1968

1969

1970

2"
SEASONALLY * ° ^ S ™ ^ N N U A L ^ R A T E S

1971

1972

1973 1

IV

I

I

IV

III

II

1

I

1
2
3

6.6
2.9
.2

-6.7
-3.4
-.2

-.8
- 1.8

3.8
2.6
*

8.9
4.7
.1

-8.2
-4.6
-.2

7.2
1.2
.2

-13.4
-3.9
-.2

- 8.6
-5.4
-.5

-6.3
-4.1
«

-4.4
-4.9
-.1

- 1.6 1NET CHANGE IN L IABILITIES
HOUSEHOLDS
.3
FOREIGN
*

4
5
6
7

3.5
1.0

-3.0
- 1.0

1.0
1.9

1.1
.7

2.4

-2.0

- 1.0

.5

4.1
3.8
.1
.2

-3.4
- 2.8
-.4
-.2

5.8
4.1
.3
1.3

-9.3
-7.1
-1.3
-.8

-2.7
-.8
-.6
-1.3

-2.3
- 2.1
-.9
.6

.7
- 1.1
l.l
.6

-1.9
-2.4
- 1.2
1.7

8
9
10

6.6
2.1
1.3

-6.7
- 1.8
- 1.1

— .8
-.9
1.4

3.8
.5
.8

8.9
.1
4.8

-8.2
-.2
-3.4

7.2
1.0
5.4

-13.4
-.6
- 8.1

-8.6
-1.3
-.7

-6.3
.7
-4.1

-4.4
.5
• •6

CHANGE IN ASSETS
- 1.6 NET
I
HOUSEHOLDS
1.7
C OMMERCIAL BANKING
-4.4

11
12

2.8
.3

-3.5
-.2

-1.3
-.1

2.5
«

3.9
.1

-4.6
*

.5
.3

-4.5
-.2

-6.5
•

-2.9
-.1

-4.4
.2

1
2
3
4
4

18.9
.5
.3

20.0
.5
.7
-i.i

6.5
.5
1.0
- #9

4.6
.5
1.2
-l.l

15.9
.5
1.0
-.2

19.6
.5
1.2
-1.0

23.7
10.5
30.6
17.9
.5
.5
.5
.5
.6
.9
1.0
1.4
1.5
*
.1
-1.9
(PAYABLES LESS RECEIVABLES)

5
6
7
8

17.2
.6
«
.4

19.0
.5
-.3
.8

5.2
.4
-.6
1.0

3.6
.6
-.7
.5

13.6
.6
-.1
.6

16.5
•6
.1
1.7

19.6
.6
1.2
-.3

6.7
.6
-.7
2.6

28.8
•6
-.4
.1

15.1
.6

9
10
11
12
13

20.4
18.6
.6
.3
.9

24.8
22.7
.9
.4
•8

8.2
7.1
* •8
.5
1.4

4.3
5.6
-1.7
.3
.1

20.0
19.8
-.8
.3
.8

27.6
25.8
.3
.2
1.3

27.3
28.5
-2.6
.3
1.1

26.5
23.0
.4
.3
2.8

35.2
33.7
1.3
.2
-.1

14

- 1.6

00

SECURITY CREDIT

-1.7

.3

-4.1

-8.0

-3.5

- 16.0

_

ft

_

BROKERS ♦ DEALERS
FROM COMMERCIAL BANKS
FROM F O REIGN BANKING AGS.
C USTOMER CREDIT BALANCES

B ROKERS ♦ DEALERS
FOREIGN

1.2
»

1
2
3
4
5
6
7
6
9
10
II
12

19.4
.5
1.7
-2.1

26.2 NET CHANGE IN LIABILITIES
.5
HOUSEHOLDS
1.3
FARM BUSINESS
-2.3
NONFARM NONCORP. BUSINESS

1
2
3
4

2.2

15.4
•6
1.5
2.0

24.0
•6
.3
1.6

CORPORATE BUSINESS
STATE ♦ LOCAL G O V ERNMENTS
U.S. GOVERNMENT
FOREIGN

5
6
7
8

30.4
28.3
-.4
.2
2.2

18.4
18.2
-.3
.2
.2

32.9 NET
CHANGE IN ASSETS
f
CORPORATE BUSINESS
31.1
U.S. GOVERNMENT
-.4
OTHER INSURANCE COMPANIES
.2
FOREIGN
2.1

9
10
11
12
13

-4.5

-12.5

1.0

-6.7 I SCREPANCY

14

ft

1

*

TRADE CREDIT

PROFIT TAXES PAYABLE
1.8
2.0

-3.1
-3.7
*
.3
»
.1
.1

*

-3.1
-3.3
«
.1
*
.1
.1
«
-.1

10
11
12

2.4
.7
1.7

-3.2
-.6
- 2.6

-3.2
-.9
-2.3

1.6
.3
1.3

13

.7

.1

.1

.2

1
2
3
4
5
6
7
8
9

3.0
2.9
-.1

ft

.2
*
ft

ft

-

ft

*
.1
-.1
-.1
*
«

4.1
3.2
.5
.1
»
.2
.1
*

8.8
7.9
.2
.2
.2
.1
.2
.1
*

6.0
5.3
«
.2
.2
»
.2
.1
-

11.1
10.5
.2
-.1
.2
«
.2
.1
•

10.2
9.6
.1
«
.2

«

9.0
8.3
.1
.1
.2
«
.2
.1
«

1.0
.5
.5

8.5
.6
7.9

4.6
.5
4.1

9.9
.5
9.4

5.4
.6
4.7

9.9
.5
9.4

8.7
.6
8.1

-.3

•6

-.5

- 1.1

.6

1.3

1.5

.7
.6
«
-.2
.1
«
.1
ft

ft

.3
.1
•

13.8 1NET CHANGE IN TAXES PAYABLE
CORPORATE B USINESS
13.0
MONETARY AUTHORITIES
.1
COMMERCIAL BANKS
.1
SAVINGS ♦ LOAN ASSOCIATIONS
.3
•
LIFE INSURANCE COMPANIES
OTHER INSURANCE COMPANIES
.3
FINANCE C O MPANIES
.1
BROKERS ♦ DEALERS
-.1

11.9 1NET CHANGE IN TAXES RECEIVABLE 10
STATE ♦ LOCAL GOVERN M E N T S
11
.6
U.S. GOVERNMENT
12
11.3
2.0

1

PROPRIETORS* EQUITY IN NONCO RPORATE BUSINESS
1
2
3

i
i
i
i
i
i
i
i
i
i
i
i
i
i
i
i
i
i

-----

-2.2
-2.4
.2

-2.8
-3.2
.5

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

-3.6
-2.9
-.7

----------- —

-3.4
-2.8
-.6

-5.0
-4.0
-.9

-7.5
-6.4
- 1.1

-4.7
-4.2
-.5

-9.6
-5.9
-3.8

—

1/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




— — — — —

—

-6.9
-5.7
- 1.2

-7.3
-6.3
- 1.0

- 6.0
-7.6
1.7

1
2
3
4
5
6
7
8
9

— —

-6.7
-4.6
- 2.2

1
1

8 MAY 1974

MISCELLANEOUS I
23

-

MISCELLANEOUS I

■ •

MISCELLANEOUS FINANCIAL CLAIMS
(BILLIONS OF DOLLARS)

23

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1968

1969

1970

1971

1972

I
1973 I

1972 I
IV I

1
2
3
4

15.1
.4
.3
.7

26.7
.4
.8
-.4

10.8
.4
1.0
.5

8.4
.3
-.1
.8

20.9
.5
.2
«

37.0
.4
2.1
-.4

27.2
.5
.6
1.0

38.7
.5
1.1
.5

39.0
.5
2.1
-.7

40.4
.4
3.0
- 1.8

29.7
.4
2.0
.6

34.5 NET CHANGE IN LIABILITIES
HOUSEHOLDS
.3
CORPORATE BUSINESS
2.6
-.4
U.S. GOVERNMENT

5

11.9
-.3
.1
7.6

23.1
.4
.5
16.9

5.1
2.5
.4
-3.7

2.8
- 1.0
-.2
-2.7

16.2
.3
- 1.0
9.3

28.2
2.2
.8
17.2

23.2
-.7
-3.6
20.5

28.1
.6
1.3
14.8

34.6
1.9
-.3
25.2

33.1
2.6
1.0
21.8

17.1
3.8
1.0
6.9

22.5
2.7
- 1.2
12.8

9
10
11
12
13

.4
.1
1.5
2.5

.4
.2
1.4
3.3
*

.6
.1
1.7
3.4
.1

.8
.1
2.1
3.6
.1

.7
.2
2.9
3.7
.2

.7
.6
3.0
3.8
-

-.1
3.3
3.7
.2

3.3
.8
3.6
3.7

.6
.7
2.7
3.8

»
1.4
2.5
3.8

- 1.1
-.5
3.1
3.8

1.2
.3
2.9
3.9

-

“

-

-

SAVINGS ♦ LOAN
MUTUAL SAVINGS
LIFE INSURANCE
NONLIFE INSUR.
REITS

14

1.9

2.7

3.7

4.6

4.0

6.6

1.8

8.6

2.5

5.7

9.6

9.5

REST OF THE WORLD

14

15
16
17
18
19
20

12.9
1.8
.4
.5
2.4
-.2

18.1
2.1
.4
.7
3.0
.1

12.2
2.6
.5
.7
4.2
.3

6.6
2.3
.6
.8
6.2
.1

17.5
2.7
.5
.7
4.3
.1

31.6
2.9
.6
.8
8.5
1.0

5.6
2.8
.6
.7
-.8
.3

34.4
2.8
.5
.8
13.2
.4

37.4
2.8
.7
.8
5.9
.4

27.0
2.9
.7
.8
6.9
-.1

27.4
2.9
.7
1.0
8.1
3.2

30.1 NET CHANGE IN ASSETS
HOUSEHOLDS
3.0
.4
FARM BUSINESS
.6
NONFARM NONCORP. BUSINESS
CORPORATE BUSINESS
8.7
U.S. GOVERNMENT
1.2

15
16
17
18
19
20

21
22
23

4.6
*
3.4

3.7
.1
2.8

9.6
1.0
5.0

3.4
.6
1.2

6.0
,6
3.1

12.8
1.7
7.4

-.2
- 1.6
-.9

15.3
-.9
15.2

16.0
1.6
8.3

6.7
1.5
2.8

13.1
4.5
3.3

5.2
-1.4
2.3

TOTAL FINANCE
SPONSORED CREDIT AGENCIES
COMMERCIAL BANKING

2i
22
23

24
25
26
27
28
29

-.1
.3
.6
.4
.1

-.4

2.2
.3
.8
ft
.
.3

.2
.3
.9
.1

.2
.8
1.0
-.2
.
.5

1.5
.4
1.0
.2
.7

- 2.0
2.9
1.0
-.2
.
.6

.3
- 1.0
1.0
.2
.
.5

2.4
1.6
1.0
.2
.6

1.6
- 1.2
.9
.2
.8

1.7
1.8
.9
.2
.7

3.2
-.1
.9
.2
.2

SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
S. ♦ L. GOVT., RTR. FUNDS
REITS

24
25
26
27
28
29

30

3.4

8.0

-5.6

-6.8

3.1

4.9

2.2

1.3

10.8

9.2

- 1.6

11.1

31

2.3

8.6

-1.5

1.8

3.5

5.4

21.5

4.4

1.6

13.4

2.3

6

7
8

ft

ft

.9
.3
.1

ft

ft

1973
I

II

III

|
I

IV

1974
I

TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKING
ASSNS.
BANKS
COMPANIES
COMPANIES

REST OF THE WORLD

4.4 UNALLOCATED. NET

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

30
31

(A) DEPOSITS

32
33
34

2.3
1.8
.5

7.9
6.8
1.2

-6.9
-7.2
.2

-4.1
-4.8
.7

.9
.5
.4

1.1
.4
.7

-3.3
-2.5
-.8

- 1.1
- 1.1
ft

2.8
1.6
1.2

1.8
.8
1.0

.7
.1
.6

35
36
37
38
39

.5
.5
-.1

-.5
-.4
-.1

.5
-.4

1.4
1.4
-.2
•2
*

3.6
1.6
-.2
.2
1.7

6.0
3.8
.6
.2
1.4

- 1.1
-3.5
-.1
.6
2.0

6.6
5.4
.1
-.4
1.5

6.6
3.1
.1
.4
3.0

4.9
4.9
-.1
•2
-.1

5.9
1.6
2.4
.5
1.4

«
*

«
«

ft

.1
.8

COMMERCIAL BANK LIABILITY
TO FOREIGN AFFILIATES
ASSET-REST OF THE WORLD
8.5
4.8
L I A B . - C OMMERCIAL BANKS
F O REIGN BANKING AGS.
3.7

32
33
34

FOREIGN CURR. EXCEPT OFFICIAL
LIAB.-REST OF THE WORLD
ASSET-CORPORATE BUSINESS
U.S. GOVERNMENT
.7
COMMERCIAL BANKS
-.1
FO REIGN BANKING AGS.
.9

35
36
37
38
39

3.5
2.0

POSTAL SAVINGS DEPOSITS
(LIAB.-U.S. GOVT.)
ASSET-HOUSEHOLDS

40

40

(B) EQUITIES

41

42
43

44

1.1

2.2

.3

.8
.2

.1

«

-.3

3.6

1.0
.2

1.3

3.8

-.1
.3

1.4

.2
.3

3.6

2.1
.3

1.5

.6
.5

6.7

1.1
.3

2.1
.3

.8

3.0
ft

5.7

2.0

DIRECT FOREIGN INVESTMENT
IN U.S.
L I A B . -CORPORATE BUSINESS
2.6

43

DEPOSITS AT FHLB
(ASSET-S*L ASSOCIATIONS)
LI A B . - SPONSORED CREDIT AGS.
.6

44

.2

- 1.2

-1.5

1.2

.6

.5

.3
"

.7
“

.6
•

.7
“

.6
”

.2
.1
»
.4

.2

.1
«
«
.6

•2

.2
ft
»
.4

.2
.2
«
.1

.2

.3
"

.1
"

47
48
49
50

.1
«
•
*

.1
•
.1
.1

.1
»
.1
.1

.1
•
«
ft

.1
«
»
.1

«
.1

1/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

ft

•
.3

42

.8

.7

-.2
-.3

41

U.S. GOVT. EQ. IN IBRD# ETC.
LIAB.-REST OF THE WORLD
.5

-.2

45
46

DIRECT F O REIGN INVESTMENT
BY U.S. CORPORATIONS
LIAB.-REST OF THE WORLD

5.4

-.5

.3
“




1.6

.3 EQ. IN U.S. GOVT. CREDIT AGS.
U.S. GOVERNMENT
“
PRIVATE
FARM BUSINESS (FICB * FLB)
-.1
N O N F a RM NONCORPORATE (BC)
-.2
CORPORATE BUSINESS (FNMA)
.6
S+L ASSOCIATIONS (FHLB)

ft

45
46
47
48
49
50

8 MAY 1974
MISCELLANEOUS II

* MISCELLANEOUS II
24-

MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED)
(BILLIONS OF DOLLARS)

SEASON A L L Y A D J U S T E D ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1971

1969

1972

1973 I

1973

1972 I
IV I

II

1974
IV

III

I

I

(C) LIFE I N S U RANCE CLAIMS

1

2
3
4

.4

.9
•3
.5

.4

.4

1.0
.4
.6

.3

.5

•4

.5

.5

.5

.4

.4

DEFE R R E D AND U N P A I D PREMIUMS
(ASSET-LIFE INSURANCE)
LIAB.-HOUSEHOLDS
.3

1

2
3
4

1.2
.6
.6

1.1
.4
.6

1.3
.5
.8

1.4
.5
1.0

1.3
.5
.9

1.4
.5
.9

1.4
.5
.9

1.4
.5
1.0

1.5
.5
1.0

LIFE C O MPANY R E S ERVES
( ASSET-HOUSEHOLDS)
LIAB . - L I F E INSURANCE COS.
1.5
ACCI D E N T AND HEALTH
.5
P OLICY DIVIDEND ACCUM.
1.0

3.4
1.4
.4
.7
.9

3.6
1.2
.5
.8
1.0

3.7
1.4
.4
.7
1.2

3.8
1.5
.5
.8
1.1

3.7
1.4
.4
.7
1.2

3.7
1.5
.4
.7
1.1

3.8
1.4
.4
.7
1.1

3.8
1.5
.5
•8
1.1

3.8
1.5
.5
.8
1.1

3.9
1.5
.5
.8
1.1

3.5

5.4

21.5

4.4

1.6

13.4

2.3

4.4 NET TOTAL
7.2

(D) N O N LIFE INSURANCE CLAIMS
5
6
7
8
9

2.5
.9
•3
•5
.8

3.3
1.2
•4
.7
1.1

L I A B . - O T H E R INSURANCE
AS S E T - H O U S E H O L D S
FARM BUSINESS

nonfarm noncorp, bus.
C O R P O R A T E BUSINESS

5
6
7
8
9

(E) U N A L L O C A T E D ASSETS ♦ LIAB.
2.3

8.6

-1.5

1.8

11
12
13
14
15

7.3
,2
.5
-.1
.1

11.4
-.3
-.1
.5
.5

5.7
-.6
1.2
.9
.4

2.7
«
.8
-.6
-.2

9.1
«
»
.3
- 1.0

17.3
.
-.4
1.4
•8

24.2
.
1.0
.2
-3.6

20.3
.
.5
1.3
1.3

18.1
-.7
.1
-.3

22.9
.
- 1.8
1.4
1.0

8.1
.6
2.6
1.0

-.4
1.8
- 1.2

16
17
18
19
20

5.1
4.1

4.0
2.4
1.0
.2
.5

1.9
1.7
.6
-.9
.5

6.8
6.4
-1.3
1.2
.5

5.3
4.0
- 1.0
2.0
.3

24.5
16.4
-.2

.7
.3

5.9
3.7
.3
.8
1.1

2.2

9.4
5.9
1.1
2.0
.3

9.3
10.9
-3.2
1.3
.3

1.0
3.9
-1.7
-1.5
.3

1.4
-4.8
«
5.9
.3

-10.7
-7.8
- 2.6
-.5
.3

21
22
23
24

.1
.5
-.2
.2

3.1
-.5
3.5
*

-.8
-.1
- 1.0
-.2

-.6
- 1.1
1.0
.5

1.5
2.3
«
.7

10.8
- 1.8
13.0
.3

-.7
11.9
-9.7
3.0

6.6
- 12.1
15.3
-3.3

13.1
-5.1
20.7
2.6

18.9
2.4
15.6
- 1.0

4.8
7.4
.5
3.1

15.0
-9.4
20.7
-3.7

25
26
27
28
29

.4
.1
.6

.4
.2
.5

.7
.2
1.6
.2
- 1.2

.7
.6
1.6
-3.4

-5.0

.6
.7
1.3
- 6.1

»

-.1
1.9
.2
.9

3.3
.8
2.2

.7

.8
.1
1.1
.1
-.8

«

.2

.6
.1
.5
.1
-.7

1.4
1.0
-.1

- 1.1
-.5
1.7
-2.4

1.2
.3
1.4
-.1

30
31
32
33
34

5.1
«
1.9
1.4
.1

2.8
.1
1.6
.3
.9

7.2
1.0
1.2
2.7
.3

.9
.6
1.3
-.3
.1

5.6
.6
2.0
-.9
«

11.9
1.7
4.7
1.0
•1

2.7
- 1.6
.2
-5.6
1*9

16.0
-.9
10.2
4.2
-.2

16.5
1.6
1.1
3.4
.3

9.5
1.5
3.4
-.9
.1

5.8
4.5
4.2
-2.9
.2

2.9
-1.4
1.7
-.4
.2

35
36
37
38
39
40

«
.3
.3
.4
.1
.7

-.2

.8
•3
.4
«

•8
•3
.6
.1

.3
.3

- 2.6

.3
.8
.5
-.2
.5
2.1

.9
•4
.5
.2
.7
1.8

-.9
2.9
.5
-.2
.6
4.8

1.2
- 1.0
.5
.2
.5
1.3

.9
1.8
.5
.2
.6
5.9

.7
- 1.2
.5
.2
.8
4.3

1.0
1.8
.5
.2
.7
-4.4

2.0
-.1
.6
.2
.2
-.1

10

»

e

.5
.3
.1
-.8

«

o.O

-

1/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-

(LIAB. LESS ASSETS)

10

NET C HANGE IN LIABILITIES
U.S. g o v e r n m e n t
U.S. G O V T . - W I T H O U T LEVELS
S P O N S O R E D CREDIT AGENCIES
M O N ETARY AUTHORITIES

11
12
13
14
15

COM M E R C I A L BANKING
C O M M E R C I A L BANKS
BANK A F F ILIATES
F O R E I G N B A NKING AGENCIES
B ANKS IN U.S. POSS.

16
17
18
19
20

floats

in c o m l . ba n k s tmnt
ON INTERBANK DEPOSITS
ON INTERBANK LOANS
LESS: ON MEMBER BK. RES.

21
22
23
24

S AVINGS ♦ L OAN ASSNS.
MUTUAL S A VINGS BANKS
LIFE INSURANCE
REITS
REST OF THE WORLD

25
26
27
28
29

NET CHANGE IN ASSETS
SPO N S O R E D C REDIT AGENCIES
COM M E R C I A L BANKS
F O R E I G N B A N K I N G AGENCIES
BANKS IN U.S. POSSESSIONS
SAVINGS ♦ LOAN ASSNS.
MUTUAL S A V I N G S BANKS
LIFE INSURANCE
PRIVATE P E N S I O N FUNDS
REITS
REST OF THE WORLD

30
31
32
33
34
35
36
37
38
39
40

8^MAY 1974

TOTAL CLAIMS ..

>

TOTAL CLAIMS

25

TOTAL FINANCIAL ASSETS AND L I A BILITIES
(BILLIONS OF DOLLARS)

25

SEASONALLY ADJUSTED ANNUAL RATES
1968

1969

1970

1971

SEASONALLY ADJUSTED ANNUAL RATES
1972

I
1973 I

1972 I
IV I

1973
I

II

III

|
I

IV

1974
I

TOTAL FUNDS RAISED AND ADVANCED IN CREDIT MARKETS (1)
1

112,9

125.3

109.9

163.2

194.5

237.0

244.6

270.4

229.1

249.7

197.2

2
3
4
5
6
7
8
9
10

94.6
13.4
3.1
78.1
29.6
2.8
5.6
30.3
9.8

91.4
-3.6
3.3
91.7
32.2
3.2
7.4
38.3
10.7

97.5
12.8
3.0
81.6
22.9
3.2
5.3
38.8
11.4

146.7
25.5
5.7
115.5
38.3
4.1
8.7
47.4
17.0

166.1
17.3
3.4
145.4
63.3
4.9
10.4
54.5
12.3

187.0
9.7
6.9
170.4
74.1
8.6
11.4
65.8
10.5

213.0
33.4
5.2
174.3
73.7
6.5
12.8
69.9
11.4

220.0
32.7
14.3
173.0
71.6
7.3
13.3
74.1
6.7

175.9
1.2
7.1
167.6
75.3
7.7
10.8
67.7
6.1

180.2
-9.7
1.2
188.7
85.1
9.4
10.9
67.6
15.6

170.5
14.6
5.0
151.0
63.0
10.2
10.6
53.6
13.6

165.1
6.8
8.8
149.5
53.0
7.5
5.9
72.1
11.1

11
12
13
14
15
16
17
18
19
20

18.3
3.5
1.2
.1
1.1
.2
5.7
.7
5.8

34.0
8.8
1.7
4.2
.2
4.1
.5
8.4
1.3
4.8

12.5
8.2
-3.1
-1.9
.1
1.8
.4
1.7
2.6
2.6

16.5
4.3
2.0
-.4
1.6
*
.6
4.2
2.9
1.2

28.4
6.2
3.3
.7
.8
2.0
.6
9.1
6.3
-.6

49.9
19.6
3.7
2.2
5.1
6.0
.5
8.4
6.0
- 1.6

31.6
5.3
1.5
1.1
-5.8
5.6
.6
16.1
8.0
-.8

50.3
11.4
10.1
3.3
7.9
4.6
.6
8.3
6.3
-2.3

53.2
23.7
-4.7
3.3
5.7
11.8
.6
7.6
7.0
-1.7

69.5
28.5
7.1
3.8
1.9
11.8
.2
8.5
6.5
1.3

26.6
14.7
2.4
-1.4
4.8
-4.3
.6
9.3
4.1
-3.6

26.4
8.0
11.0
4.7
-3.1
1.4
.6

21

112.9

125.3

109.9

163,2

194.5

237.0

244.6

270.4

229.1

249.7

197.2

22
23
24
25
26

12.5
3.9
.5
5.9
2.3

40.8
30.8
.6
2.5
6.9

-5.0
- 2.1
.6
-2.5
- 1.0

-9.6
-14.7
.7
6.9
-2.4

9.6
3.1
1.1
3.5
2.0

24.7
14.5
1.3
6.8
2.2

28.8
14.8
2.3
6.4
5.3

- 20.1
-20.5
.3
3.7
-3.7

33.5
27.9
1.5
6.2
- 2.1

54.3
39.6
.9
8.3
5.3

29.5
10.6
2.3
7.2
9.3

191.5 TOTAL FUNDS RAISED IN CREDIT
MARKETS BY I
NONFINANCIAL SECTORS
U.S. GOVERNMENT
FOREIGN
PRIVATE DOMESTIC
HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
CORPORATE BUSINESS
S. ♦ L. GOVERNMENTS

2.8

2.8
-1.7

FINANCIAL SECTORS
SPONSORED CREDIT AGENCIES
COMMERCIAL BANKS
BANK AFFILIATES
F O REIGN BANKING AGENCIES
SAVINGS ♦ LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-ENO INVESTMENT COS.

191.5 TOTAL FUNDS ADVANCED IN CREDIT
MARKETS BY I
8.6
PRIVATE DOM. NONFIN. SECTORS
-4.1
HOUSEHOLDS
-.8
NONFARM NONCORP. BUSINESS
7.3
CORPORATE BUSINESS
STATE ♦ LOCAL GOVERNMENTS
6.2

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

4.9

2.9

2.8

3.2

2.3

3.0

2.0

3.9

- 2.0

7.8

2.4

1.6

28
29
30

93.1
3.2
3.7

60.4
9.0
4.2

101.1
9.9
5.0

142.3
2.8
8.8

172.0
6.0
.2

204.1
20.3
9.2

201.0
6.1
-.4

249.7
13.0
20.0

205.8
24.5
3.5

195.1
30.0
1.0

166.0
13.6
12.4

178.0
12.5
2.5

31
32
33
34
35

38.8
38.3
.5
.1

18.3
12.7
3.9
1.4
.2

35.2
33.3
- 1.0
2.8
.1

50.6
50.3
-.1
.1
.3

69.8
68.8
-.2
1.0
.3

89.6
84.0
1.7
3.8
.1

88.7
82.5
1.3
4.5
.3

114.3
106.1
2.3
5.4
.5

88.6
85.1
1.4
2.1
-.1

89.1
81.4
4.5
3.1
.1

66.6
63.2
-1.3
4.6
.1

80.6
74.9
2.4
3.5
#

COMMERCIAL BANKING
C OMMERCIAL BANKS
BANK AFFILIATES
F O REIGN BANKING AGENCIES
BANKS IN U.S. POSS.

31
32
33
34
35

36
37
38
39

47.3
10.2
4.3
1.3

48.8
9.9
3.2
1.6

51.1
11.6
4.1
1.5

80.1
29.4
9.9
2.6

95.9
36.5
10.0
2.8

85.0
27.1
5.3
3.2

106.6
38.6
6.1
2.8

102.5
43.2
11.7
3.9

89.2
33.4
6.1
2.5

75.0
17.3
2.1
3.4

73.5
14.6
1.3
2.8

82.2
29.9
8.0
1.8

PRIVATE NONBANK FINANCE
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS

36
37
38
39

40
41
42
43

9.0
5.8
4.7
2.7

8.4
6.0
5.2
2.6

9.0
6.9
6.1
4.9

11.8
7.4
6.9
6.2

13.6
5.8
7.3
5.8

14.8
7.2
7.4
6.6

14.0
6.4
6.4
6.8

17.2
7.5
7.6
6.2

12.1
5.2
6.7
6.3

14.3
6.8
7.6
6.9

15.6
9.5
7.9
6.8

15.9
8.2
9.1
7.3

LIFE INSURANCE COMPANIES
p r i v a t e PENSION FUNOS
S. ♦ L. GOVT.# RTR. FUNO
OTHER INSURANCE COS.

40
41
42
43

44

5.1
.2
3.5
.5

8.0
.9
2.6
.5

.7
2.1
1.7
2.4

4.1

45
46
47

2.5
.4
- 1.2

10.8
4.8
- 1.8
.4

10.1
4.6
-2.5
1.3

16.4
6.2
- 2.8
5.5

9.8
4.6
-4.6
•4 •6

10.3
5.1
-2.5
3.9

10.4
5.3
.3
.6

10.1
3.2
-3.3
5.0

4.2
2.5
-1.4
-3.1

FINANCE COMPANIES

44

48

2.4

11.0

27.3

10.7

5.1

12.8

36.8

- 8.1

-7.4

125.3

109.9

163.2

194.5

237.0

244.6

270.4

229.1

249.7

197.2

191.5

2
3

2.1
.4

.3
.3

-2.5
.6

-1.7
.5

-.2
.5

-.2
.4

-.3
.4

-.9
.4

»
.8

.1
.3

.1
.3

4
5
6
7
8

46.2
35.5
14.8
20.7
12.7

6.7
-1.3
8.2
-9.5
7.9

69.2
52.2
14.3
38.0
17.0

99.6
58.8
17.4
41.4
40.8

109.1
62.7
20.4
42.3
46.4

97.8
69.7
15.5
54.2
28.1

119.8
76.0
33.2
42.6
43.8

143.5
98.8
16.8
82.0
44.7

97.9
64.6
15.5
49.3
33.1

55.2
50.3
- 12.0
62.3
4.9

94.7
64.9
41.6
23.4
29.8

9

20.1

20.8

24.3

28.3

28.0

30.3

30.2

30.2

28.3

30.9

31.6

10
11
12
13
14

6.6
18.9
3.0
-2.2
15.1

-6.7
20.0
-3.1
-2.8
26.7

"•8
6.5
-3.1
-3.6
10.8

3.8
4.6
1.8
-3.4
8.4

8.9
15.9
.7
-5.0
20.9

-8.2
19.6
9.0
-7.5
37.0

7.2
23.7
4.1
-4.7
27.2

-13.4
10.5
8.8
-9.6
38.7

-8.6
30.6
6.0
-6.9
39.0

-6.3
17.9
11.1
-7.3
40.4

-4.4
19.4
10.2
- 6.0
29.7

i
i

U.S. GOVERNMENT

27

FINANCIAL INSTITUTIONS
S P ONSORED CREDIT AGENCIES
FEDERAL RESERVE SYSTEM

28
29
30

REITS
45
O PEN-END INVESTMENT COS. 46
SECURITY BKRS. ♦ DEALERS 47
REST OF THE WORLD

48

i
i

112.9

i
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1

1u
i

3.2

i
I

i i
1 o

27

TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS

15

3.6

2.0

4.5

5.6

2.0

7.9

-16.7

17.2

4.1

.1

10.1

16

228.8

189.6

215.8

310.5

375.4

423.2

435.5

495.8

420.3

392.1

383.1

17
18
19

.4
.5
- 1.6

-.6
2.1
-4.8

.1
2.2
-1.7

-.2
2.3
.3

1.4
1.7
-4.1

- 1.0
-.1
-8.0

.8
5.5
-3.5

1.4
-4.7
-16.0

- 2.6
4.6
-4.5

•
- 1.6
-12.5

-2.7
1.4
1.0

20
21
22

.2
.7
2.3

.2
.1
8.6

-.1
.1
-1.5

•
.2
1.8

-.2
-.3
3.5

•
.6
5.4

-.1
-.5
21.5

-.1
- 1.1
4.4

.3
.6
1.6

1.3
13.4

-.2
1.5
2.3

23

226.2

184.0

216.7

306.1

373.4

426.2

411.7

511.9

420.3

391.4

379.7

TOTAL FUNDS RAISED (FROM
PR ECEDING TABLE)
OTHER LIABILITIES!
.8
OFFICIAL FOREIGN EXCHANGE
TREASURY CURR. ♦ SDR CTFS.
.3

92.6
52.5
-3.3
55.8
40.1

DEPOSITS AT FINANCIAL INSTS.
DEMAND DEP. ♦ CURRENCY
TIME ♦ SAVINGS DEPOSITS
SAVINGS INSTITUTIONS

4
5
6
7
8

32.6

INSURANCE ♦ PENSION RESERVES

9

- 1.6
26.2
13.8
-6.7
34.5

SECURITY CREDIT
10
TRADE DEBT
11
PROFIT TAXES PAYABLE
12
NONCORP. PROPRIETORS* EQUITY 13
M I S C E LLANEOUS
14

5.5

banking

system

INTERBANK CLAIMS

3 89.7 TOTAL L I A B ILITIES ABOVE
- FLOATS NOT INCL. I# ASSETS
D E M A N D DEPOSITS-U.S. GOVT.
-3.1
1.9
OTHER
-6.7
TRADE CREDIT
- L I ABILITIES NOT ALLOCATED
AS ASSETS
TREASURY CURRENCY
.1
2.0
TAXES PAYABLE
4.4
M I S CELLANEOUS
391.1

TOTALS A LLOCATED TO SECTORS
AS ASSETS

(1 ) 1INCLUDES CORPORATE EQUITIES.
1/74 FI GU RE S ARE TE NT AT IV E ES TIMATES BASEO ON INCOMPLETE INFORMATION,




1
2
3

15
16
17
18
19
20^
21
22
23

8 MAY 1974
SAVING BY INDIVIDUALS

r
SAVI N G BY INDIVIDUALS

26

AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING (1)
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

i
i
i
i
i
i
i
■

i
i
i
i
i
i
i
i

—

SEASON A L L Y ADJ U S T E D ANNUAL RATES

1972
1971
1970
. ......... --------- --------

| 1972 I
I
1973 1
IV 1
---------- ........

1973

I

II

III

I
i
> i
i
i
i
i

1969

1968

26

1974
I
123.5 INCREASE IN FIN A N C I A L ASSETS
DEMAND D E P O S I T S ♦ CURRENCY
3.3
SAVINGS A CCOUNTS
86 . 8

1
2
3

99.9
11.0
70.5

124.9
12.9
75.8

132.4
15.1
67.1

133.1
10.2
70.6

123.5
17.2
92.8

140.0
14.9
64.4

139.6
8.5
54.4

126.4
19.9
56.9

4
5
6
7
6

2.3
.4
5.3
-.2
-.8

29.7
-.4
9.8
2.8
9.6

-2.3
.3
-10.7
2.7
-.5

-14.7
2.4
-11.7
-3.5
-.9

5.1
3.3
1.5
-.5
1.3

14.2
2.7
7.6
8.4
1.7

18.9
3.1
12.0
.4
3.5

-17.2
3.9
-5.4
5.7
2.2

27.3
3.6
16.1
9.9
1.3

38.7
1.9
13.1
15.7
3.2

8.1
1.4
6.7
2.3
.2

-5.3
3.0
2.8
-3.5
-.1

S E C URITIES
U.S. S A VINGS BONOS
OTHER U.S. TREASURY SEC.
U.S. GOVT. AGENCY SEC.
STATE ♦ LOCAL OBLIGATIONS

4
5
6
7
8

9
10
11
12

4.7
.7
5.8
-13.7

7.4
4.8
4.8
-9.0

10.1
-1.5
2.6
-5.2

8.2
-3.9
1.2
-6.6

4.9
.4
-.6
-5.2

.8
3.3
- 1.6
-8.8

6.5
5.0
-.8
-10.9

- 1.1
-10.3
-2.3
-9.9

3.6
.3
-1.7
-5.8

-4.3
12.9
1.3
-5.1

5.1
10.3
-3.6
-14.3

2.7
5.2
-1.7
-13.5

COR P O R A T E ♦ FOREIGN BONDS
C O M M E R C I A L PAPER
INVESTMENT COMPANY SHARES
OTHER C O R P O R A T E EQUITIES

9
10
11
12

13
14
15
16
17

4.6
2.9
6.4
6.2
6.8

4.9
2.9
6.3
6.6
3.1

5.1
3.3
7.1
8.8
3.6

6.1
5.2
7.3
9.7
4.9

7.2
4.6
5.7
10.5
3.1

7.7
5.0
7.9
9.8
5.7

7.7
4.4
7.3
10.8
3.3

7.7
5.2
8.5
8.8

7.7
4.0
4.7
11.9
5.1

7.6
5.6
8.9
8.8
7.1

7.6
5.0
9.4
9.7

7.6
5.8
9.1
10.1
6.1

18
19
20
21
22

132.6
21.1
26.8
84.0
.6

143.0
22.0
29.2
90.8
1.1

140.2
19.6
30.4
91.3
- 1.1

165.8
26.8
34.3
103.5
l.l

190.5
34.3
39.5
117.4
-.8

213.6
40.0
41.7
130.8
1.1

200.0
35.4
42.2
122.9
-.5

212.4
38.1
42.1
132.2
-.1

215.6
40.7
42.1
132.8
«

217.0
41.3
41.7
132.8
1.3

23
24
25
26

95.3
8.3
19.6
67.4

104.5
8.7
21.3
74.6

112.4
9.0
22.6
80.7

121.3
9.4
24.4
87.5

130.6
10.2
26.7
93.8

142.0
10.4
28.6
103.0

134.5
10.1
27.4
97.0

137.5
10.2
27.8
99.4

140.7
10.4
28.6
101.7

27
28
29
30
31

37.3
12.8
7.2
16.7

38.5
13.3
7.9
16.2

27.8
10.6
7.7
10.6

44.5
17.4
9.9
16.0

59.8
24.1
12.8
23.6

71.6
29.5
13.1
27.9
1.1

65.6
25.2
14.9
25.9
-.5

74.9
27.9
14.3
32.8

74.9
30.3
13.6
31.1

13
14
15
16
17

208.8
39.6
40.3
125.6
3.2

198.7 GROSS INV. IN TANGIBLE ASSETS
NONFARM HOMES
35.0
NONCORP. BUS. PLANT ♦ EQUIP.
41.0
CONSUMER D U R ABLES
124.5
INVENTORIES
- 1.8

18
19
20
21
22

143.4
10.5
28.7
104.2

146.3
10.6
29.2
106.5

149.3 C A P I T A L C O N S U M P T I O N A L L O W A N C E S
NO NFARM HOMES
10.7
NONCORP. BUS. PLANT ♦ EQUIP.
29.6
CONSUMER DURABLES
109.0

23
24
25
26

73.6
30.8
13.0
28.6

62.4
29.0
11.1
19.1

49.4 NET INV. IN TANGIBLE ASSETS
N O NFARM HOMES
24.2
NONCORP. BUS. PLANT ♦ EQUIP.
11.4
CONSUMER D U R ABLES
15.5
- 1.8
INVENTORIES

27
28
29
30
31

1 b>

tu
1 IV

O I
O 1

PRIVATE LIFE INSURANCE RES.
PRIVATE INSURED PENSION RES.
PRIVATE N O N I N S U R E D PEN. RES.
GOVT. INSURANCE ♦ PEN. RES.
M I S C E L L A N E O U S FINAN. ASSETS

90.1
38.6
14.5
25.3
-3.9
1.2
14.5

90.4
45.8
16.5
24.1
-5.4
1.5
7.8

101.8
48.8
14.8
21.9
-4.1
3.4
17.0

79.2
38.6
9.6
19.0
-4.9
2.3
14.7

66.5 INCREASE IN DEBT
MTG, DEBT ON N O NFARM HOMES
35.7
NONCORP BUS. MORTGAGE DEBT
9.4
C ONSUMER CREDIT
8.2
SECURITY
CREDIT
.3
2.0
POLICY LOANS
OTHER
DEBT
10.8

32
33
34
35
36
37
38

106.4 INDIVIDUALS* SAVI N G (1*27-32)
10.1 - GOVT. I N SURANCE ♦ PEN. RES.
15.5 - NET INVESTMENT IN CONS. DUR.
- CAPITAL G A INS DIVIDENDS
FROM I N V ESTMENT COMPANIES
.1
-.1 - NET S AVING BY F ARM CORPS.
80.7 ■ P ERSONAL SAVING# F/F BASIS

39
40
41

« t

90.8
97.3
85.1
38.4
43.5
43.0
13.8
14.6
13.2
22.9
26.2
19.2
-4.6
4.7
1.2
2.1
.9
.9
8.6
13.5
11.0
....... --------- ----------

i

54.6
24.1
11.2
11.2
2.6
1.0
4.4

i i
i
i
i

i
i
i

i

i
i
i
i

41.9
30.6
39.8
32
12.5
14.6
16.1
33
6.8
34
7.0
8.0
10.4
10.0
6.0
35
-3.4
2.9
- 1.8
36
2.6
2.3
1.3
37
6.3
7.1
3.6
38
--- --------- --------- ----------

i
i
i
i
1 Ut
i

79.6
9.6
44.4

iV

61.3
1.6
6.0

i
CO 1
l I
l
I
I
i
I

72.0
12.5
30.3

i i

1
2
3

-----

39
40
41

67.4
6.2
16.7

60.1
6.6
16.2

76.8
8.8
10.6

89.8
9.7
16,0

99.7
10.5
23.6

113.2
9.8
27.9

101.4
10.8
25.9

108.3
8.8
32.8

124.5
11.9
31.1

111.4
8.8
28.6

109.6
9.7
19.1

42
43
44

2.5
»
42.1

2.5
•
34.7

.9
-.1
56.6

.8
*
63.3

1.4
«
64.2

.9
-.1
74.6

2.1
-.1
62.6

1.0
-.1
65.7

1.4
-.1
80.2

1.0
-.1
73.1

.4
-.1
80.5

45

39.8

36.2

56.2

60.2

49.7

54.8

54.4

50.0

51.0

51.1

67.1

60.6 PERSONAL SAVING* NIA BASIS

45

46

2.3

-3.5

.4

3.2

14.4

19.9

8.2

15.7

29.2

22.1

13.5

20.1 D I F FERENCE

46

(1) COMBINED STATEMENT FOR HOUSEHOLDS! FARM.
AND NONFARM NON C O R P O R A T E BUSINESS.
1/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




42
43
44

a WAY 1974
DISCREPANCIES

.

•

DISCREPANCIES

*

27

27

DISCRE PA NC IE S - SUMMARY FOR SECTORS AND TRAN SA CT IO NS
(BILLIONS OF DOLLARS)

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

SEASONALLY ADJUSTED ANNUAL RATES
I

1968

1969

1970

1971

1972

197 3

1972

I

IV

1

I

1973

I

II

III

IV

1

1974

I

SECTOR DISCREPANCIES
-.4
-13.4
1 4.2
-. 6
-2.7
.2

-5.2 TOTAL. ALL SECTORS
HOUSEHOLDS
- 20.1
CORPORATE BUSINESS
15.6
STATE ♦ LOCAL GOVERNMENTS
1.3
U. S. G O V E R N M E N T
1.8
foreign
-1.7

5.3
-2.3
8.4
-.7
.6
-.5

11.7
3 .5
3.4
5.0
.4
-2 . 3

5.5
-.4
5.7
.7
.8
- 1.2

7.3
-3.2
13.0
10.7
-.1
- 10.8

3.1
-15.1
15. 0
7.7
1.0
-3.1

-5.9
-19.8
17.4
4.0
-.7
-4.0

20.8
- 11.1
30.2
8.1
1.3
-7.7

-17.2
-15.7
15.7
7.2
- 1.2
-16.5

-3.3
-29.5
21.6
5.5
3.0
1.4

7
8
9
10

-.2
.1

1.7
.1

-.1
.1

-2.3
-.1

-2.9
-.1

-.1

«

-.5

-2.3
*
-1.7

-1.5

- 1.2

*
«
«
- 1.6

-6.7
-.2
-.1
- 2.1

-5.4
-.2
.1
-3.1

-1.5
-.1
*
ft

1.9
*
«
.4

- 2.1
-.3
-.3

11
12
13
14
15
16

- .2
.3
-.1
-.7
-.2
.6

1.6
.1
*
.2
.9
.4

.3
.2
.1
.1
-.8
.7

-.6
- .2
«
.2
-.6
.2

-.8
-.7
-.2
.6
.8
-1.3

-1.5
- 1.0
-.2
.3
.3
- 1.0

1.6
-. 5
.9
1.0
-.1
.3

-4.3
-1.7
- 2.0
-. 4
.7
-. 9

- 2.1
-.5
- 1.1
.9
.7
- 2.1

-1.3
-2.4
1.2
1.2
-.2
- 1.0

1.5
.8
1.2
-.6
*
*

-1.5
- 1.2
*
•
.1
-.4

tvi
IT)
1

-3.1
- 22.1
19.0
4.1
-1.7
-.9

1
2
3
4
5
6

1
2
3
4
5
6
7
8
9
10

FINANCIAL SECTORS
SPONSORED AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKS
PRIVATE NONBANK FINANCE
S A V I N G S ♦ L O A N ASSNS.
MU T U A L S A V I N G S BANKS
LIFE INSURANCE
OTHER INSURANCE
F I N ANCE N.E.C.

11
12
13
14
15
16

TRANSACTION DISCREPANCIES
1
2

5.3
.2

11.7
.2

5.5
-.1

7.3
ft

3.1
-.2

-5.9
«

20 . 8
-.1

-17.2
••V

-3.3
.3

-3. 1
-

-. 4
-.2

3
4

.4
.5

-.6
2.1

.1
2.2

-.2
2.3

1.4
1.7

- 1.0
-.1

.8
5 .5

1.4
-4.7

- 2. 6
4. 6

•
- 1.6

-2.7
1.4

-3.1
1.9

5
6
7
8

- 1.6
.7
2. 3
2. 7

-4.8
.1
8 .6
6.1

-1.7
.1
-1.5
6.4

.3
.2
1.8
3.0

-4.1
-.3
3.5
1.1

- 8 .0
.6
5. 4
- 2.8

-3.5
-.5
21.5
-3. 0

-16.0
- 1.1
4.4
- 1.1

-4.5
.6
1.6
-3.3

-12.5
1.3
13.4
-3.7

1.0
1.5
2.3
-3.7

-6.7
2. 0
4.4
-3.8

9
10
11
12

-2.7
•

- 6.1

«

»

-6.4
-.1
«
«

-3.0
«
»
«

- 1.8
«
.8
.1

2. 9
#
-.1
-

.2
«
1.0
- 1.8

1.1
«
«

3.0
.2
«

3. 7
*

3.8
«
«
.1

13

2.7

6.1

6.4

3.0

1.1

00
<M
1

-3. 0

- 1.1

-3.3

-3.7

-3.7

.

.

1 /7 4 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




.1

3.8
*
ft
ft

TOTAL* ALL TYPES
TREASURY CURRENCY
D E M A N D D E P O S I T M A I L F L O A T S!
U. S . G O V E R N M E N T
other

TRADE CREDIT
TAXES PAYABLE
MISCELLANEOUS
NONFINANCIAL

NONFINANCIAL COMPONENTSl
N I A D I S C R E P A N C Y (NEG.)
F A R M D I S C R E P A N C Y (NEG.)
N O NFARM NON C O R P DISCREP.
TRADE DEBT (POSITIVE)

1
2
3
4
5
6
7
8

(NEG)

9
10
11
12

- 3 . 8 T O T A L N O N F I N A N C I A L D I S C R E P A N C Y 13