Full text of Z.1 Financial Accounts of the United States : November 10, 1975

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FLOW OF FUNDS

nr

/ 7 5

November 10, 1975




Flow of Funds,
3rd Quarter, 1975
Preliminary

SEASONALLY ADJUSTED
AND
UNADJUSTED

Division of Research and Statistics
Board of Governors of the Federal Reserve
Washington, D. C.
20551

TABLE LIST

Unadjusted
Quarterly
Rates

Seasonally
Adjusted
Annual Rates

SUMMARY TABLES

1

Income and Product Distribution

2

3

Funds Raised in Credit Markets

4

5

Credit Market Supply of Funds
SECTOR TABLES

6

7

8

9

Households
Total Nonfinancial Business & Noncorporate
Business

10

11

Corporate Business

12

13

Governments

14

15

Banking System

16

17

Commercial Banking Subsectors

18

19

Nonbank Finance Summary
Savings Institutions

20

21

Insurance and Pension Funds

22

23

Finance N.E.C.

24

25

Rest of the World
TRANSACTION TABLES

26

27

Monetary and Insurance Reserve
Interbank Claims

28

29

Money and Deposits

30

31

U. S. Government Securities

32

33

Private Securities and Mortgages

34

35

Mortgages by Type

36

37

Consumer Credit and Bank Loans N.E.C.

38

39

Other Loans, Including Open-Market Paper

40

41

Security Credit, Trade Credit, and Taxes

42, 44

43, 45

46

47

Total Claims— Recapitulation by Type

48

49

Saving by Individuals

50

51

Discrepancies




52

Miscellaneous Financial Claims

Money Stock Relation to Other Data

Flow of Funds Accounts
Third Quarter

This set of tables gives first preliminary estimates of
flow of funds data for the third quarter of this year and more
complete estimates for the first and second quarters than in previous
publications. Data for 1974 and earlier years are unchanged from
the August tables.
A new arrangement of the tables is used in this version
that is intended to simplify their use in several ways.
Instead
of separate publications for seasonally adjusted and unadjusted
data the two types are combined here into a single document, with
unadjusted and adjusted forms appearing on facing pages. All
seasonally adjusted forms are on right-hand pages, and corresponding
unadjusted forms on left-hand pages.
Revisions for the first two quarters of 1975 reflect the
data sources listed below that are routinely unavailable for first
estimates, but in addition the June 1975 Call Report was used on
a preliminary basis for revisions of bank credit and bank liabilities
for the first half of the year. Corresponding revisions in other
forms of banking statistics will be published soon but have not
appeared as of this publication date.
Third-quarter figures are based on early indicators and
are therefore highly tentative, particularly in the distribution
of financial asset holdings among private nonfinancial sectors.
The most important information not yet available in these tables
are S.E.C. data on net new security issues and current assets and
liabilities of corporations.
The lack of these data weakens the
figures for total credit flows, household investment in securities,
and distribution of liquid assets as between households and business.
Also missing at the time the accounts were put together were balance
of payments statistics, final income-and-product data, end-of-quarter
balance sheets for insurance companies, and the Treasury survey of
ownership of Federal securities.
Quarterly tables in the form of this publication are dis­
tributed quarterly to a mailing list maintained for this purpose.
Historical data back to 1945 are available in another publication
that includes annual flows and year-end outstanding asset and
liability positions. Much of the historical material appears in
the October 1974 Federal Reserve Bulletin, pp. A58-A59.28, with
annual net flows back to 1965 and outstandings to 1962. Requests
concerning these publications or the mailing list should be
addressed to the Flow of Funds Section, Division of Research and
Statistics, Room B-3222, Board of Governors of the Federal Reserve
System, Washington, D. C., 20551. Telephone:
(202) 452-3483.




10 NOVEMBER 1975
INCOME AND PRODUCT DISTRIBUTION

SEASONALLY ADJUSTED ANNUAL RATES

INCOME AND PRODUCT DISTRIBUTION

I
1974 I
977.1

1054.9

837.2
617.6
91.3
123.3
96.2

901.4
667.1
103.9
136.6
97*6

1158.0

1294.9

984.7 1081.6
729.0 805.2
118.4
130.3
150.8
169.8
106.6
104.9

1397.4

I

1358.8

1974
II
III
1383.8

I
IV |

1416.3 1430.9

I

1975
II

1416.6 1440.9

1185.9 1136.9 1173.5 1213.6 1219.6 1244.8 1276.6
938.6
913.2
876.7 840.6
869.1
901.3 895.8
124.9
130.6
127.5
123.9
129.5 .136.1
120.7
192.3
184.8
190.1
195.1
199.3
205.1 209.7
126.5
128.4
116.9
111.5
124.5
117.2
114.3

1497.8 TOTAL GNP

7

136.3

153.7

179.3

209.4

209.4

210.5

211.8

205.8

209.4

163.1

148.1

174.9 GROSS OOMESTIC INVESTMENT

8
9
10
11
12

131.7
31.2
20.5
19.6
.5

147.4
42.8
29.9
26.9
•6

170.8
54.0
36.3
34.3
.6

194.0
57.2
37.0
37.5
.5

195.2
46.0
32.2
32.5
.7

193.6
48.4
30.8
32.8
.7

198.3
48.8
33.6
30.6
.8

197.1
46.2
34.1
33.3
.8

191.6
40.4
30.2
33.4
.7

182.2
35.3
27.6
29.6
•5

179.1
36.4
31.3
27.8
•8

184.4
40.8
37.4
31.3
1.0

13
14
15

.4
.2
.2

2.4
1.2
1.2

1.5
.8
.8

-1.1
-.5
-.5

-l.l
-.6
*•6

-2.8
-1.4
-1.4

2.2
1.1
1.1

*
*
*

-3.9
-1.9
-1.9

-2.4
-1.2
-1.2

2.7
1.3
1.3

5.2
2.6
2.6

16
17
18
19

10.7
7.5
3.1
.1

13.0
9.1
3.8
.1

17.6
12.3
4.9
.4

20.3
14.2
5.8
.2

13.8
9.7
3.8
.4

17.7
12.4
4.8
.4

15 *2
10.6
4.3
.3

12.1
8.4
3.2
.4

10.2
7.2
2.8
.3

7.7
5.0
2.1
•6

5.1
3.5
1.0
•6

3.4
2.4
1.0
*

20
21
22
23
24
25

100.6
5.3
6.3
10.6
3.3
75.1

104.6
5.6
6.4
11.5
4.0
77.1

116.8
6.0
7.1
12.2
4.4
87.1

136.8
6.3
9.5
12.9
4.8
103.3

149.2
6.3
12.3
12.8
6.1
111.7

145.2
6.5
10.9
12.8
6.2
108.8

149.4
6»4
12.0
12.9
5mb
112.6

150.9
6.1
12.5
12.9
6.4
113.1

151.2
6.1
13.8
12.7
6.2
112.4

146.9
5.9
12.8
12.7
7.9
107.6

142.7
5.7
13.2
12.2
8.2
103.4

143.6
5.6
11.7
12.3
5.9
108.1

26
27
28
29
30

4.5
.2
4.3
-1.4
5.7

6.3
1.4
4.9
-.1
5.1

8.5
.7
7.8
-1.9
9.7

15.4
4.0
11.4
-1.5
12.9

14.2
2.3
11.9
1.0
10.9

16.9
3.8
13.1
1.1
12.0

13.5
3.1
10.4
.6
9.8

8.7
2.1
6.6
•6
6.1

17.8
.3
17.5
1.6
15.9

-19.2
-1.4
-17.8
-4.4
-13.3

-31.0
-.4
-30.6
-2.7
-27.9

-9.5
1.2
-10.6
-1.5
-9.2

31
32
33

3.6
62.9
59.3

-.2
65.5
65.6

-6.0
72.4
78.4

3.9
100.4
96.4

2.1
140.2
138.1

11.3
131.2
119.9

-1.5
138.5
140.0

-3.1
143.6
146.7

1.9
147.5
145.7

8.8
142.2
133.4

16.2
136.0
119.8

9.8 NET EXPORTS
140.2
EXPORTS
130.4
IMPORTS

34
35
36

691.7
56.2
8.1

746.4
60.5
8.1

802.5
52.6
6.6

903.7
74.3
8.2

979.7
77.0
7.9

950.6
84.4
8.9

966.5
71.5
7.4

993.1 1008.8
65.5
86.5
6.6
8.6

37
38

-11.9
1.8

-21.9
3.4

-17.5
12.3

-5.6
9.2

-8.1
1.8

-2.8
3.2

-3.0
2.0

-1.9
2.1

39
40
41
42
43

74.0
*
4.7
13.6
55.7

83.6
.1
4.9
15.6
63.1

99.2
.3
5.2
17.6
76.0

122.7
.6
7.3
19.6
95.2

140.7
.7
9.9
20.8
109.4

135.4
.7
13.2
20.8
100.8

139.0
.7
7.9
20.7
109 .6

44
45
46
47

34.8
.1
7.2
27.5

37.5
.1
7.8
29.7

41.5
.1
8.2
33.3

.2
9.0
40.5

55.7
.3
10.2
45.3

52.2
.3
9.9
42.1

48
49
50
51
52

24.7
*
2.4
2.3
20.0

25.0
.1
2.9
1.9
20.2

27.3
.1
3.1
2.0
22.1

29.6
.1
3.6
2.2
23.6

32.7
.1
-.7
2.7
30.6

53
54
55
56
57
58
59
60

14.6
-.1
2.3
4.1
8.3
2.3
5.8

21.1
*
2.0
5.9
13.3
-4.9
2.0
10.3

30.3
.1
2.1
7.4
20.7
-7.0
2.1
15.7

43.3
.3
3.7
8.3
31.0
-17.6
3.7
17.1

61
62
63
64
65
66
67
68
69

87.3
9.0
1.7
6.0
14.6
56.0
2.0
.4
53.6

93.7
9.3
1.9
6.5
15.7
60.4
2.2
.5
57.7

102.9
10.0
2.0
6.9
17.7
66.3
2.7
.6
63 mO

70
71

80.7
168.0

87.5
181.2

72

-6.4

73
74

47.0
14.4

PRIVATE FIXED INVESTMENT
RESIDENTIAL CONSTRUCTION
1-4 FAMILY STRUCTURES
HOUSEHOLD PURCHASES
FARM
CHANGE IN WORK IN
PROCESS ON NONFARM
NONCORPORATE
CORPORATE
MULTI-FAMILY UNITS
NONCORPORATE BUSINESS
NONFIN. CORP. BUSINESS
REITS
NONRES. PLANT ♦ EQUIPMENT
NONPROFIT INST. (HH)
FARM
NONFARM NONCORP. BUS.
FINANCIAL CORPORATIONS
NONFIN. CORP. BUSINESS
INVENTORIES
FARM
NONFARM
NONCORPORATE
CORPORATE

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

1015.5 1078.5
75 .9
113.8
10.6
7.5

1079.1 DISPOSABLE PERSONAL INCOME
82.9 PERSONAL SAVING
7,7
SAVING RATE (PER CENT)

34
35
36

-24.5
-.1

-54.4 -103.3
-1.6
-.9

-67.7 FEDERAL GOVERNMENT SURPLUS
3.5 S. ♦ L. GOVERNMENT SURPLUS

37
38

157.0
.7
8.8
20.7
126.8

131.5
.7
9.6
20.9
100.2

101.2
.7
4»6
20.7
75.2

113.3
.7
5.5
20.8
86.3

55.9
.3
10.1
45.6

62.7
.3
10.3
52.2

52.0
.3
10.4
41.3

39.0
.3
10.1
28.6

43.0
.3
10.1
32.6

49 .8
.3
9.9
39.7

TAX ACCRUALS - TOTAL
FARMS
FINANCIAL CORPORATIONS
NONFIN. CORPORATE BUSINESS

44
45
46
47

31.6
.1
1.7
2.5
27.3

32.5
•1
-2.7
2.8
32.4

33.2
.1
-2.9
2.9
33.1

33.3
.1
1.0
2.6
29.6

33.8
.1
2.6
2.7
28.4

34.0
.1
3.0
2.6
28.2

34.5
.1
3.1
2.6
28.7

DIVIDENDS - TOTAL
FARMS
NET FOREIGN
FINANCIAL CORPORATIONS
NONFIN. CORPORATE BUSINESS

48
49
50
51
52

52.4
.4
10.6
7.9
33.5
-35.1
10.6
9.0

51.6
.4
11.5
8.3
31.4
-27.7
11.5
15.2

50.5
10.6
7.9
31.7
-33.4
10.6
8.9

61.1
.4
11.7
7.5
41.5
-51.2
11.7
2.0

46.2
.4
8.6
8.0
29.3
-28.1
8.6
9.8

28.5
•4
2.0
7.9
18.2
-7.0
2.0
13.2

36.3
.4
2.5
8.0
25.5
-8.4
2.5
19.6

48.7
.4
2.5
7.8
37.9
-11.5
2.5
28.9

UNDIST. PROFITS - TOTAL
FARMS
FOREIGN BRANCH PROFITS
FINANCIAL CORPORATIONS
NONFIN. CORPORATE BUSINESS
* INVENTORY VAL. ADJ.
♦ BRANCH PROFITS
- NONFIN. CORPS.. NET

53
54
55
56
57
58
59
60

110.8
10.4
2.1
7.8
19.3
71.2
3.1
.6
67.5

119.5
10.6
2.3
8.7
21.3
76.7
3.5
.7
72.5

115.8
10.5
2.2
8.4
20.6
74.1
3.4
.7
70.1

118.6
10.8
2.3
8.6
21m2
75.7
3.5
.7
71.6

120.7
10.6
2.3
8.8
21.5
77.5
3.6
.7
73.3

122.9
10.7
2.3
8.9
21.7
79.3
3.6
.7
75.0

125.2
10.7
2.3
9.0
21.9
81.2
3.7
.7
76.8

127.4
10.8
2.3
9.1
22.2
83.0
3.7
.7
78.6

61
62
63
64
65
66
67
68
69

94.1
197.0

103.3
214.1

116.8
236.3

112.3
228.1

116.8
235.4

119.0
239.7

119.1
242.0

119.4
244.6

123.3
250.7

130.0 TOTAL CAPITAL CONSUMPTION
10.8
OWNER-OCCUPIED HOMES (HH)
2.4 NONPROFIT INSTITUTIONS (HH)
9.2
FARM NONCORPORATE
22.4
NONFARM NONCORP. BUSINESS
TOTAL CORPORATE
85.2
3.7
FINANCIAL BUSINESS
.7
CORPORATE FARMS
80.8
NONFIN. CORPORATE BUSINESS
MEMO: CAP. CONS. ON CONSUMER
125.4 DURABLES NOT INCLUDED ABOVE
255.4 TOT. CAP. CONS. INCL. DURABLES

-2.3

-3.8

-5.0

.4

-6.3

.3

3.0

4.8

1.6

-4.4

-4.5 STATISTICAL DISCREPANCY

72

44.9
13.6

41.9
15.1

40.6
14.3

39.6
14.8

38.5
14.6

40.2
14.8

40.0
15.0

39.5
15.0

38.5
14.9

37.9
11.6

37.5 PROFIT TAX RATE (Z)
14.0 PERSONAL TAX RATE (t)

73
74

mA

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




1

1313.0 CURRENT OUTLAYS
2
3
970.0
HOUSEHOLDS
139.0
OF WHICH CONSUMER DURABLES 4
5
213.2
STATE ♦ LOCAL GOVERNMENT
6
129.9
U. S. GOVERNMENT

*
vO
•
09

1
2
3
4
5
6

1

INCOME AND PRODUCT ACCOUNTS: GNP EXPENDITURES AND GROSS SAVING
(BILLIONS OP DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

CORPORATE PROFITS. TAXES ♦ DIVIDENDS:
132.9
PROFITS - TOTAL
.7
FARMS
5.7
FOREIGN
20.4
FINANCIAL CORPORATIONS
106.1
NONFIN. CORPORATE BUSINESS

39
40
41
42
43

70
71

10 NOVEMBER 1975
FUNDS RAISED IN CREDIT MARKETS

FUNDS RAISED IN CREDIT MARKETS
SUMMARY OF FUNDS RAISED IN CREDIT MARKETS
(MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWS
1974 |

1973
III

II

1974
II

UNADJUSTED QUARTERLY FLOWS
1975
II

III

CREDIT MARKET FUNDS RAISED BY NONFINANCIAL SECTORS

1 187*365 180*080 45*707 43*312
2 180*145 176.233 43.577 42.030
3
4
5

9.714 11.998 -5*994
-457
7.739 12*027 -5*941 -1*119
1.975
-29
-53
662

53*089 32.087 52*703 43.482 51.808
50.868 30.519 51.583 43.576 50*555
7*312
6*598
714

3*389 -6*186
3*029 —6*430
360
244

4*485 10.310
4*851 10.577
-267
-366

6 177.651 168*082 51*701 43*769 45*777 28*698 58*889 38*997 41.498
7 7*220 3*847 2*130
1.282
1.253
1.120
-94
2.221
1.568
8 170.431 164*235 49.571 42.487 43.556 27*130 57*769 39*091 40.245

32.550 50*079
30*559 46*843

TOTAL FUNOS RAISED
52.563 BY NONFINANCIAL SECTORS
50*529
EXCLUDING EQUITIES

19.244 16*615 23*741 U.S. GOVERNMENT
PUBLIC DEBT SECURITIES
19*744 16*704 23*765
-89
-24 AGENCY ISSUES ♦ MORTGAGES
-500

3
4
5

13.306 33*464 28.822 ALL OTHER NONFINANCIAL SECTORS
2*034
CORPORATE EQUITIES
1.991
3*236
11.315 30.228 26*788 DEBT INSTRUMENTS

6
7
8

9 170.123 152*652 49*661 43.043 43.014 24.961 52.602 37.453 37.636
10 7*420 4.097
2.169
1.287
1.303
2.213
1*244
1.555
-5
11 162*703 148*555 47.492 41.756 40.801 23.406 51.358 37.458 36.333

11.477 30.490 25.520
1.933
3*223
2.024
9.544 27*267 23*496

12
13
14
15
16
17
18
19

21.606 27*740 24*393
3*631 4*989
3*797
9.430
8.272
5.331
8.545 14.479 15.265
5*838 10.510 11*098
1.101
1.148
1.511
1*509
411
1*645
1.195
1.312
1*011

96*059 92*938 27.422
13.709 17.371
3.243
9*159 19.670 3*047
73*191 55.897 21.132
43.344 31.689 12.391
8*417
7*787 2.935
17*047 11*485 4.527
4*383
4*936 1*279

20 66*644
21 22.922
22 35*824
23
-425
24 8.323

28.044 21*242
3*987
3*755
2*657
2.003
21*400 15.484
13*101
8*868
2*395
1.313
4.726 4.375
1*178
928

55*617 20.070 13.712
9.635 7.763
5.952
27.269 10*651
6.308
102
6*647
360
12.066 1.554
1.092

19.559
7*451
8.172
1.243
2.693

19*499 29.009 22*212 22*218
22.218
4*063
4*127 5*110 4*071 4*063
6.387
3.705 5.386 4.192
11.667 18.513 13.949 11.768
6*240
6*332 10*485 8*632
2.302
1.299 2.220 1.966
3.181 4.230 1.970
2.104
855 1.578 1.381
1.122
3.907 22*349
-2*914 5*853
3.268 13.029
1.168
1.227
2*385 2*240

15.246
4*481
3.832
3*698
3*235

-473
-897
14.115 -12.062
3.970
1*846
2.215 -5*868
7.140 -9.423
-603 -5.379
554
1*671 -2*595
223
4*206
1*558
879
289

25 170.123 152.652 49.661 43.043 43.014 24.961 52.602 37.453 37.636
26 12.258 16.556 2.468
3.934
3.286
3.784 4*526
4*223 4*023
27 72.815 43.991 20*572 19*463 20.880
3.694 15*534 11.918 12.845
28 85*050 92*105 26*621
29 8*617 7.786
2.833
30 9.282 7.207 3*161
31 67.151 77.112 20*627
32 59*731 73*015 18.458
33 7*420 4*097 2*169
34
35
36
37
38
39
40

7.528 15.430
-250
-200
7*728 15.680
2*240
991
2*802 4*721
2*243 7.067
1.692
1.652
-1*675 -4*581

2.040
-39
2.079
165
1*116
417
381

19*646 18*848
2.070
1.628
2.265
2.248
15*311 14*972
14.024 12.759
1*287
2*213
726
-5
731
209
-723
683
562

-366 -5*275

42 189.040 184.661 46.073 48.587
43 11.389 16.579 -5.628
4.818

2.763
8
2.755
504
1*334
737
180

11.477 30.490
4*198
3*275
3.262 13.296

25.520
3*362
12.172

4.940 12*996
17*483 32.542 21.312 20.768
3.376
801
1*843
2*198
2.009
1.600
3.229
-596
2.463 -1.331
495
2*111
16*479 25*937 17*192 17.504 4.428 10.303
14.924 24.693 17.197 16.201
2.495
7.080
1.244
1.303
1*933
3.223
-5
1*555

9.986
1*583
1.803
6.600
4*576
2*024

3.737
13
3.724
633
1*485
994
612

6*287
-124
6.411
437
3*338
2.499
137

1*544
-89
1.633
393
-941
1.903
278

1*829
3.862
-50
58
3*912
1*771
777
1*963
839 -1.260
1*671
104
625
964
-2.953

1.709 -1*531

51.380 33.618 52.329 43*953 54*761
4.956 13.263
5.603 4.920 -6*560

1
2

2.974
13
2*961
988
1*933
-702
742

3.302
10
3*292
1.100
2*292
-900
800

PRIVATE DOMESTIC
NONFINANCIAL SECTORS
CORPORATE EQUITIES
DEBT INSTRUMENTS

9
10
11

DEBT CAPITAL INSTRUMENTS
S. + L. OBLIGATIONS
CORPORATE BONOS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY RES ID*
COMMERCIAL
FARM

12
13
14
15
16
17
18
19

OTHER DEBT INSTRUMENTS
CONSUMER CREDIT
BANK LOANS N*E*C*
OPEN-MARKET PAPER
OTHER

20
21
22
23
24

BY BORROWING SECTOR:
S* ♦ L. GOVERNMENTS
HOUSEHOLDS
NONFINANCIAL BUSINESS
FARM
NONFARM NONCORPORATE
CORPORATE
DEBT INSTRUMENTS
EQUITIES
FOREIGN
CORPORATE EQUITIES
DEBT INSTRUMENTS
BONOS
BANK LOANS N.E.C.
OPEN-MARKET PAPER
U.S. GOVERNMENT LOANS

25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

1.304
1.711 MEMO: U.S. GOVT* CASH BALANCE 41
-102
TOTALS NET OF CHANGES IN U.S. GOVT* CASH BALANCES—
42
32*652 48*775 50*852 TOTAL FUNDS RAISED
43
BY U.S. GOVERNMENT
19.346 15.311 22.030

CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS

14.498

4.105

-735

2.402

TOTAL FUNDS RAISED
4.491 BY FINANCIAL SECTORS

6*447
6.447
0

8*942
8*832
110

4.895
4.310
585

2*056
1.798
258

2*338
2.044
294

2.517
2.356
161

SPONSORED CREDIT AGENCIES
U.S. GOVERNMENT SECURITIES
LOANS FROM U.S. GOVERNMENT

7.180
-311

5.556
278

-790
1.211

-2.791
1.571

64
-214

1.974
988

PRIVATE FINANCIAL SECTORS
CORPORATE EQUITIES

5*278 -2*001 -4*362
278
49
661
204
192
-775
-955
97
1.253
187
1*676
1.375 -3.145
1.198 -4.114
2.134
-5
3*130
1*032 -3*640 -1*361

986
79
716
-988
500
679

1 51*999 38*019

15.581

17.084

7.763

5.789 13.627

2 19.589 22.080
3 19.589 21*385
0
4
695

5.874
5*874
0

7.043
7*043
0

3.98 8
3.988
0

1.796
1*796
0

5 32.410
812
6

15.939
1.739

9.707
403

10.041
3.775
1.074 -1.372

3.993
561

7 31.598 14.200
8 2.335
1.427
9 -1*213 -1*293
10 13.489 7.517
-108
11 9.819
12 7.168
6.657

9.304
748
586
4.739
506
2.725

13 51*999
14 19*589

38*019
22*080

15 32.410 15.939
16 4.515 -1.922
17 2.244 2*437
18 5*084 2*872
19 5*962
6*290
20
452
371
21 9.419 3.903
982
22 6*320
23 -1*586
1*006

15*581
5*874

8.967
5.147
3*432
7*491
263
836
429
288
-680 -1.348
-116
553
2.712
2.616 -1.606
6*072
3.519
2.194 4.877 -2*069
849
-152 2*647
3.153
17.084
7*043

7.763
3*98 8

5.789 13*627
1.796 6*447

9.707 10.041
-727
2.461
948
827
469
1*423
3*315
2.976
114
111
3*466
1.321
1*934
1*624
128
-642

3.775
-235
-350
1.207
-529
118
3.254
1*040
-730

3.993 7.180
2.443 -1.147
1*164
907
1.686
-345
4*188
-662
100
100
182
1*533
930
485
181
-572

14.498
8.942

4.105
4.89 5

DEBT INSTRUMENTS
CORPORATE BONDS
9
MORTGAGES
10
BANK LOANS N.E.C.
OPEN-MARKET PAPER ♦ RP»S 11
12
LOANS FROM FHLB'S

4.491 TOTAL, BY SECTOR
SPONSORED CREDIT AGENCIES
2*517

-735
2*056

2.402
2*338

5.556
-790 -2*791
937 -4.155
2.256
679
-313
611
896
-557
635
3.081
-317 -4.460
88
83
200
136 2.052 -2.055
-186
-247
-703
186
1.211
1*917

64
53
-175
104
-313
175
912
-216
-476

1*974
1.488
66
-917
1.875
175
-932
-587
806

57*980 55.913 31.815 52.481
-476
186
1*211
1*917
3.498
-2
1.253
1*645

57.054
806
2.216

PRIVATE FINANCIAL SECTORS
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
SAVINGS ♦ LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS*

13
14
15
16
17

TOTAL CREDIT MARKET FUNDS RAISED, ALL SECTORS, BY TYPE
1 239*364 218*099 61*288 60*396 60*852 37.876 66*330
-642
128
-730
181
2 -1*586 1.006
-572
3 9*618 4*580
3*175
2*228
1*579
1*948
1*381
4
5
6
7
8
9
10
11
12

231.332
29*374
13*709
12.485
71.907

212*513 58*755 58*040 60*003 35*747 65*521 57*796 53*449 28*253 49 *459 54*032
33.490
-97 6.607 11.306
5.188
288 13.314 14.700 21.047 18*612 26*134
3*797
17.371 3.243
3.987
3.755
4.127
5.110
4.071 4*063
3*631 4*989
3*129
3*343 4*767 6*111
4*634 7.825 11.585 9.464 6.510
23*337 3*960
8*637 15.779 15.944
54.497 21*695 20*699 14.130 11*548 19*039 13*177 10.733

22*922 9*635
52*115 39*507
11.637 13.606
17.183 21.070

7*763
16*506
1.025
4*660

5*952
8.297
4.562
4*807

7*451 -2*914 5*853
3.147 22.439
12.122
4.174 7.039
1.657
5*024
3*722
2*845

1.846
3.970
2.215 -5.868
4*481
4.567 9.354 -13.828
1.517 -4*075
6.799 -1.889
3.909 -3.302
-177
-860
554
1.929
6*753 6*448

111/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION*




INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES
DEBT INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE ♦ LOCAL OBLIGATIONS
CORPORATE ♦ FOREIGN BONOS
MORTGAGES
CONSUMER CREDIT
BANK LOANS N*E*C*
OPEN-MARKET PAPER
OTHER LOANS

4
5
6
7
8
10
11
12

10 NOVEMBER 1975
FUNDS RAISED IN CREDIT MARKETS

FUNDS RAISED IN CREDIT MARKETS
3

SUMMARY OF FUNDS RAISED IN CREDIT MARKETS
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1975
II

1974
1973

1974 |

II

IV |

III

CREDIT MARKET FUNDS RAISED BY NONFINANCIAL SECTORS

147.4
135.9

169.4
158.9

187.4
180.1

180.1
176.2

166.0
159.7

208.6
204.1

182.2
182.6

162.5
157.5

167.4
159.4

203.3
190.3

3
4
5

12.8
12.9
-.1

25.5
26.0
-.5

17.3
13.9
3.4

9.7
7.7

12.0
12.0
*

8.8
7.4
1.4

1.4
.4
1.0

18.2
19.7
-1.5

19.6
20.7
-1.1

72.4
74.4
-2.0

95.8
96.2
-.4

6
7
6

85.4
5.8
79.7

121.9
11.5
110.4

152.1
10.5
141.6

177.7
7.2
170.4

168.1
3.8
164.2

157.2
6.3
150.9

207.2
4.5
202.7

164.0
-.4
164.4

142.9
5.0
137.9

95.0
8.0
87.1

107.4
12.9
94.5

9
10
11

82.7
5.7
77.0

117.3
11.4
105.8

147.8
10.9
136.9

170.1
7.4
162.7

152.7
4.1
148.6

141.9
6.2
135.6

182.5
5.0
177.6

156 .6
*
156.7

128.5
5.2
123.3

87.4
7.7
79.6

96.0
12.9
83.1

105.6
8.1
97.5

12
13
14
15
16
17
18
19

56.7
11.2
19.8
25.7
12.8
5.8
5.3
1.8

83.2
17.6
18.8
46.9
26.1
8.8
10.0
2.0

93.8
14.4
12.2
67.3
39.6
10.3
14.8
2.6

96.1
13.7
9 m2
73.2
43.3
8.4
17.0
4.4

92.9
17.4
19.7
55.9
31.7
7.8
11.5
4.9

89.7
16.1
17.1
56.4
32.0
6.7
14.5
3.3

109.6
20.4
19.0
70.2
39.6
8.0
17.0
5.6

81.0
15.7
16.6
48.6
28.2
7.9
7.0
5.5

91.5
17.2
25.9
48.3
27.0
8.5
7.5
5.3

98.7
t4.0
40.1
44.5
30.5
5.9
3.4

104.4
20.1
30.5
53.8
39.5
3.6
6.1
^•6

88.8
14.5
21.2
53.2
37.4
6.1
5.6
4.0

20
21
22
23
24

20.3
6.0
6.7
3.0
4.6

22.6
11.2
7.8
-1.2
4.8

43.0
19.2
18.9
-.5
5.5

66.6
22.9
35.8
-.4
8.3

55.6
9.6
27.3
6.6
12.1

46.0
8.2
30.3
1.5
5.9

67.9
17.2
34.9
8.6
7.2

75.7
15.8
26.5
13.8
19.6

31.8
-3.6
17.3
2.7
15.5

-19.1
-3.3
-21.7
3.5
2.4

-21.3
2.1
-18.9
-6.3
2.0

8.7
11.8
-10.8
-.3
8.0

25
26
27

82.7
11.3
23.4

117.3
17.8
39.6

147.8
14.2
63.1

170.1
12.3
72.8

152.7
16.6
44.0

141.9
14.7
42.3

182.5
18.1
52.7

156.6
16.3
49.9

128.5
17.1
30.0

87.4
12.6
40.5

96.0
17.0
44.8

105.6
12.7
49.3

28
29
30
31
32
33

3.2
5.3
39.5
33.8
5.7

59.6
4.1
8.7
46.8
35.4
11.4

70.5
4.9
10.4
55.3
44.4
10.9

85.1
8.6
9.3
67.2
59.7
7.4

92.1
7.8
7.2
77.1
73.0
4.1

84.8
5.7
3.8
75.4
69.1
6.2

111.8
9.7
10.5
91.6
86.6
5.0

90.4
9.5
8.2
72.8
72.8
*

81.4
6.3
6*4
68.7
63.5
5.2

34.2
6.6
.5
27.2
19.4
7.7

34.2
5.2
-.2
29.3
16.4
12.9

43.6
7.9
5.8
29.8
21.7
8.1

34
35
36
37
38
39
40

2.7
.1
2.7
.9
-.3
.8
1.3

4.6
*
4.6
.9
1.6
.3
1.8

4.3
-.4
4.7
1.0
2.9
-1.0
1.8

7.5
-.2
7.7
1.0
2.8
2.2
1.7

15.4
-.3
15.7
2.2
4.7
7.1
1.7

15.3
.1
15.3
2.5
6.3
4.0
2.4

24.7
-.5
25.2
1.7
12.9
10.0
.5

7.4
-.4
7.7
1.6
-2.6
7.6
1.1

14.3
-.2
14.5
3.1
2.3
6.7
2.5

7.7
.2
7.4
7.9
-4.7
.4
3.9

11.4
.1
11.3
4.0
7.2
-2.8
3.0

14.5
*
14.4
4.4
10.4
-3.6
3.2

CO

98.2
92.5

o•

TOTAL FUNOS RAISED
211.2 BY NONFINANCIAL SECTORS
203.0
EXCLUDING EQUITIES

1
2

2mO

41

2.8

3.2

-.3

-1.7

-4.6

.1

-4.1

42
43

95.5
10.0

144.2
22.3

169.7
17.6

189.0
11.4

184.7
16.6

166.0
8.8

212.7
5.5

2m2

180.1
16.0

-16.4
178.9
36.0

4 #6

91.1 U.S. GOVERNMENT
91.2
PUBLIC OEBT SECURITIES
AGENCY ISSUES ♦ MORTGAGES
-.1
120.1 ALL OTHER NONFINANCIAL SECTORS
8.1 CORPORATE EQUITIES
111.9
DEBT INSTRUMENTS
PRIVATE DOMESTIC
NONFINANCIAL SECTORS
CORPORATE EQUITIES
DEBT INSTRUMENTS

1
2
3
4
5
6
7
8
9
10
11

DEBT CAPITAL INSTRUMENTS
S. ♦ L. OBLIGATIONS
CORPORATE BONDS
MORTGAGES
HONE MORTGAGES
MULTI-FAMILY RESID.
COMMERCIAL
FARM

12
13
14
15
16
17
18
19

OTHER DEBT INSTRUMENTS
CONSUMER CREDIT
BANK LOANS N.E.C.
OPEN-MARKET PAPER
OTHER

20
21
22
23
24

BY BORROWING SECTOR:
S. ♦ L. GOVERNMENTS
HOUSEHOLDS
NONFINANCIAL BUSINESS
FARM
NONFARM NONCORPORATE
CORPORATE
DEBT INSTRUMENTS
EQUITIES
FOREIGN
CORPORATE EQUITIES
DEBT INSTRUMENTS
' BONDS
BANK LOANS N.E.C.
OPEN-MARKET PAPER
U.S. GOVERNMENT LOANS

25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40

-1.7
12.9 MEMO: U.S. GOVT. CASH BALANCE 41
7.1
TOTALS NET OF CHANGES IN U.S. GOVT. CASH BALANCES—
42
160.3
204.9
198.2 TOTAL FUNDS RAISED
97.5
78.2
BY U.S. GOVERNMENT
43
65.2

CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS

1

12.6

16.5

28.9

52.0

38.0

34.5

47.1

59.6

10.8

10.0

.9

2
3
4

8.2
8.2
-

3.8
3.8
-

6.2
6.2
-

19.6
19.6
-

22.1
21.4
.7

9.3
9.3
-

24.3
24.3
-

33.9
33.4
.4

20.9
18.6
2.3

10.5
9.4
1.0

7.6
6.5
1.2

19.2 BY FINANCIAL SECTORS
7.9
7.3
•6

5
6

4.3
4.6

12.7
3.3

22.8
2.4

32.4
.8

15.9
1.7

25.3
1.5

22.9
-.5

25.7
1.8

-10.1
4.2

-.5
5.6

-6.8
-.2

11.3
4.6

7
8
9
10
11
12

-.3
3.1
.7
-.5
-5.0
1.3

9.3
5.1
2.1
3.0
1.8
-2.7

20.3
7.0
1.7
6.8
4.9
*

31.6
2.3
-1.2
13.5
9.6
7.2

14.2
1.4
-1.3
7.5
-.1
6.7

23.8
2.0
.3
-2.5
20.7
3.3

23.4
1.9
*
20.3
-9.1
10.4

23.9
.3
-2.6
8.3
6.3
9.8

-14.3
1.5
-2.8
4.0
-20.3
3.2

-6.0
1.2
1.2
-8.6
10.7
-10.5

-6.5
1.5
2.6
-3.3
-1.7
-5.7

6.7
.3
3.3
-2.4
5.7
-.2

13
14

12.6
8.2

16.5
3.8

28.9
6.2

52.0
19.6

38.0
22.1

34.5
9.3

47.1
24.3

59.6
33.9

10.8
20.9

10.0
10.5

.9
7.6

15
16
17
18
19
20
21
22
23

4.3
-3.1
-1.9
.1
1.8
.4
1.6
2.7
2.6

12.7
2.5
-.4
1.6
-.1
.6
4.2
3.0
1.1

22.8
4.0
.7
.8
2.0
.5
9.3
6.1
-.7

32.4
4.5
2.2
5.1
6.0
.5
9.4
6.3
-1.6

15.9
-1.9
2.4
2.9
6.3
.4
3.9
1.0
1.0

25.3
9.8
4.7
-1.4
3.6
.4
4.5
3.7
*

22.9
—4.6
3.6
6.7
13.6
.4
2.8
1.9
-1.6

25.7
3.7
2.7
2.5
10.2
.4
5.5
-.7
1.4

-10.1
-16.6
-1.3
3.6
-2.2
.3
2.8
-1.0
4.2

-.5
9mO
2.4
-2.2
-11.2
.8
-3.4
-2.8
7.0

-6.8
.2
-.7
.4
-4.7
.7
-.6
-.9
-1.3

2
3
4

PRIVATE FINANCIAL SECTORS
CORPORATE EQUITIES

5
6

OEBT INSTRUMENTS
7
8
CORPORATE BONDS
9
MORTGAGES
BANK LOANS N.E.C.
10
OPEN-MARKET PAPER + RP'S 11
LOANS FROM FHLB*S
12

19.2 TOTAL* BY SECTOR
SPONSORED CREOIT AGENCIES
7.9
11.3
6.0
.3
-3.7
5.2
.7
1.3
-2.3
3.9

1

SPONSORED CREDIT AGENCIES
U.S. GOVERNMENT SECURITIES
LOANS FROM U.S. GOVERNMENT

13
14

PRIVATE FINANCIAL SECTORS
15
16
COMMERCIAL BANKS
BANK AFFILIATES
17
FOREIGN BANKING AGENCIES
18
SAVINGS ♦ LOAN ASSNS.
19
OTHER INSURANCE COMPANIES 20
FINANCE COMPANIES
21
22
REITS
OPEN-END INVESTMENT COS.
23

TOTAL CREDIT MARKET FUNDS RAISED, ALL SECTORS* BY TYPE
1
2
3

110.8
2.6
7.7

163.9
1.1
13.6

198.3
-.7
13.6

239.4
-1.6
9.6

218.1
1.0
4.6

200.6
♦
7.8

255.7
-1.6
5.5

241.8
1.4
*

173.3
4.2
5.0

177.4
7.0
6.6

204.1
-1.3
14.0

230.4 TOTAL FUNDS RAISED
INVESTMENT COMPANY SHARES
3.9
8.9
OTHER CORPORATE EQUITIES

4
5
6
7
8

100.4
21.1
11.2
23.8
26.4

149.1
29.4
17.6
24.8
48.9

185.4
23.6
14.4
20.2
68.8

231.3
29.4
13.7
12.5
71.9

212.5
33.5
17.4
23.3
54.5

192.8
18.1
16.1
21.7
56.7

251.7
25.7
20.4
22.7
70.1

240.4
51.6
15.7
18.5
46.0

164.1
38.5
17.2
30.6
45.2

163.9
81.8
14.0
49.1
45.7

191.4
102.1
20.1
36.0
56.6

217.6
98.5
14.5
25.9
56.3

9
10
11
12

6.0
5.8
-1.2
7.3

11.2
12.4
.9
3.9

19.2
28.5
3.3
7.4

22.9
52.1
11.6
17.2

9.6
39.5
13.6
21.1

8.2
34.2
26.2
11.7

17.2
68.0
9.5
18.2

15.8
32.2
29.7
30.9

-3.6
23.6
-10.9
23.5

-3.3
-35.0
14.6
-3.2

2.1
-15.0
-10.8
.4

11.8
-2.8
1.8
11.6

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




1
2
3

DEBT INSTRUMENTS
4
U.S. GOVERNMENT SECURITIES 5
6
STATE ♦ LOCAL OBLIGATIONS
7
CORPORATE ♦ FOREIGN BONDS
MORTGAGES
8
CONSUMER CREDIT
BANK LOANS N.E.C.
OPEN-MARKET PAPER ♦ RP'S
OTHER LOANS

9
10
11
12

10 N O VE M B ER 19 75
C R E D IT M AR K ET S U P P L Y O F

C R E D IT

FUN D S
D IR E C T

U N A D JU S TE D Q U A R TE R LY

1973

1 9 74

1 1 8 0 .1 4 5

1 7 6 .2 3 3

I
|

AND

I N D IR E C T

FU N D S T O

M AR K ET S U P P L Y O F

FUND S

C R E D IT M AR K E T S

(M ILLIO N S OF DOLLARS)

FLO W S

II

SO U R C ES O F

U N A D JU S TE D

Q UARTERLY

FLO W S

1975
II

1972
III

4 3 .5 7 7

4 2 .0 3 0

5 0 .8 6 8

3 0 .5 1 9

5 1 .5 8 3

4 3 .5 7 6

5 0 .5 5 5

3 0 .5 5 9

T O T A L F U N D S A D V A N C E D I N C R E D IT M AR K ETS
4 6 .8 4 3
5 0 .5 2 9
TO N O N F IN A N C IA L S E C TO R S

5 .4 7 6
1 .3 8 1
2 .0 4 7
849
1 .1 9 9

4 .1 7 7
-1 .8 1 4
2 .1 4 8
-1 5 2
3 .9 9 5

1 5 .5 6 5
5 .9 9 4
3 .3 3 6
2 .6 4 7
3 .5 8 8

1 5 .6 1 1
856
4 .4 0 5
3 .1 3 0
7 .2 2 0

1 3 .8 5 9
3 .6 0 2
3 .9 0 6
1 .0 3 2
5 .3 1 9

1 4 .3 8 1
1 2 .4 4 1
4 .0 7 5
- 3 .6 4 0
1 .5 0 5

5 ,7 0 8
2 .3 6 1
3 .9 8 5
-1 .3 6 1
723

8 .7 9 0
1 .1 2 8
4*660
679
2 .3 2 3
3 .4 3 5
1 .8 1 2
3 .5 8 6

BY
2
3
4
5
6

3 3 .2 0 2
1 0 .9 5 2
7 .6 0 7
7 .1 6 8
7 .4 7 5

4 9 .2 1 2
8 .6 3 8
1 3 .7 9 5
6 .6 5 7
2 0 .1 2 2

3 .9 9 2
-1 .3 3 6
1 .1 9 3
2 .7 2 5
1 .4 1 0

7 .8 4 0
-7 6 5
3 .3 9 2
3 .1 5 3
2 .0 6 0

7
8
9
10

2 .9 8 2
2 0 .2 5 5
9 .2 2 7
73 8

7 .4 2 9
2 4 .0 6 1
6 .1 5 0
1 1 .5 7 2

-5 0 7
5 .8 5 9
1 .2 0 0
-2 .5 6 0

1 .9 8 2
6 .9 8 7
4 89
-1 .6 1 8

603
4 .2 9 6
3 .5 3 7
-2 .9 6 0

389
2 .8 3 4
-2 5 7
1 .2 1 1

715
7 .1 7 3
3 .6 1 0
4 .0 6 7

2 .0 5 4
8 .7 9 9
1 .4 6 1
3 .2 9 7

4 .2 7 1
5 .2 5 5
1 .3 3 6
2 .9 9 7

4 .5 1 0
2 .7 0 2
2 .3 9 3
4 .7 7 6

1 .1 4 5
2 .6 1 8
1 .4 7 1
474

11

1 9 .5 8 9

2 2 .0 8 0

5 .8 7 4

7 .0 4 3

3 .9 8 8

1 .7 9 6

6 .4 4 7

8 .9 4 2

4 .8 9 5

2 .0 5 6

2 .3 3 8

12 1 6 6 .5 3 2 1 4 9 .1 0 1
1 8 .4 2 2
2 4 .8 5 2
13
1 7 .3 7 1
1 3 .7 0 9
14
2 0 .5 8 1
1 0 .0 5 3
15
2 5 .5 7 4
4 4 .0 8 3
16
6 7 .3 8 0
8 7 .4 3 3
17
6 .6 5 7
7 .1 6 8
18

4 5 .4 5 9
1 .2 3 9
3 .2 4 3
3 .1 2 5
1 4 .1 1 0
2 6 .4 6 7
2 .7 2 5

4 1 .2 3 3
7 .3 7 2
3 .9 8 7
2 .7 3 3
1 2 .0 8 3
1 8 .2 1 1
3 .1 5 3

4 9 .3 8 0
9 .9 2 5
3 .7 5 5
2 .6 9 0
8 .1 2 8
2 5 .7 3 1
849

2 8 .1 3 8
7 .0 0 2
4 .1 2 7
4 .2 8 0
5 .4 8 0
7 .0 9 7
-1 5 2

4 2 .4 6 5
-5 .7 0 6
5 .1 1 0
5 .4 0 2
9 .3 4 2
3 0 .9 6 4
2 .6 4 7

3 6 .9 0 7
1 2 .4 5 8
4 .0 7 1
4 .1 6 2
6 .1 9 6
1 3 .1 5 0
3 .1 3 0

4 1 .5 9 1
1 1 .0 9 8
4 .0 6 3
6 .7 3 7
4 .5 5 6
1 6 .1 6 9
1 .0 3 2

1 8 .2 3 4
8 .6 0 6
3 .6 3 1
1 1 .1 6 3
2 .8 5 9
-1 1 .6 6 5
-3 .6 4 0

4 3 .4 7 3
1 6 .2 5 1
4 .9 8 9
9 .4 2 2
7 .7 2 0
3 .7 3 0
-1 .3 6 1

P U B L IC

P R IV A T E
4 4 .2 5 6
2 5 .0 0 6
3 .7 9 7
6 .3 8 1
7 .9 1 2
1 .8 3 9
679

A G E N C IE S

♦ F O R E IG N

T O T A L N ET AD V AN C E S t BY TYPE
U . S . G O VE R N M EN T S E C U R I T IE S
R E S ID E N T IA L M O R TG AG ES
F H LB A D V A N C E S TO S + L » S
O T H E R L O A N S ♦ S E C U R I T IE S
T O T A L S A D V A N C E D , B Y S E C TO R
U . S . G O VE R N M EN T
S P O N S O R E D C R E D IT A G E N C IE S
M ONETARY A U T H O R IT IE S
F O R E IG N
A G E N C Y B O R R O W IN G N O T IN C L U D E O
IN L IN E 1
D O M E S T IC

FUN D S AD V A N C E D

T O T A L N ET AD VAN CES
U . S . G O VE R N M EN T S E C U R I T IE S
S T A T E ♦ L O C A L O B L IG A T IO N S
C O R P O R A T E + F O R E IG N BONDS
R E S ID E N T IA L M O RTG AG ES
O TH E R M O R TG AG ES ♦ LO AN S
L E S S : FHLB ADVANCES

P R IV A T E

F IN A N C IA L

12
13
14
15
16
17
18

I N T E R M E D IA T IO N

19
20
21
22
23

1 5 8 .8 4 3
8 6 .6 0 0
3 5 .0 8 1
2 2 .1 3 2
1 5 .0 3 0

1 3 1 .5 0 5
6 4 .6 3 4
2 6 .9 0 7
3 4 .2 7 8
5 .6 8 6

4 6 .7 6 7
2 6 .0 0 1
1 1 .4 3 3
4 .0 8 7
5 .2 4 6

3 3 .8 3 4
1 7 .5 5 3
6 .2 3 0
6 .4 1 6
3 .6 3 5

4 1 .9 0 3
2 7 .9 7 8
3 .4 2 5
4 .9 6 3
5 .5 3 7

2 5 .1 7 6
9 .6 0 7
1 0 .4 0 5
6 .5 2 2
-1 .3 5 8

4 6 .4 2 9
2 8 .4 5 2
8 .1 0 4
8 .1 5 6
1 .7 1 7

2 4 .7 8 6
8 .8 4 0
4 .7 2 1
1 0 .1 1 2
1 .1 1 3

3 5 .1 1 4
1 7 .7 3 5
3 .6 7 7
9 .4 8 8
4 .2 1 4

1 0 .0 0 3
-1 2 .2 3 2
1 2 .6 8 0
1 0 .1 4 3
-5 8 8

4 1 .3 0 5
1 5 .0 9 6
1 7 .5 1 0
9 .6 6 8
-9 6 9

3 0 .8 9 1
7 .6 7 1
1 5 .4 8 1
9 .1 9 7
-1 .4 5 8

C R E D IT M AR K ET FU N D S A D V A N C E D
B Y P R IV A T E F IN A N C IA L IN S T S .
C O M M E R C IA L B A N K IN G
S A V IN G S I N S T I T U T I O N S
IN S U R A N C E + P E N S IO N FUN D S
O T H E R F IN A N C E

24
25
26

1 5 8 .8 4 3
8 4 .8 7 5
3 1 .5 9 8

1 3 1 .5 0 5
7 2 .4 5 9
1 4 .2 0 0

4 6 .7 6 7
2 4 .9 9 2
9 .3 0 4

3 3 .8 3 4
1 2 .4 5 7
8 .9 6 7

4 1 .9 0 3
2 8 .1 1 2
5 .1 4 7

2 5 .1 7 6
1 2 .7 3 2
3 .4 3 2

4 6 .4 2 9
2 7 .4 7 9
7 .4 9 1

2 4 .7 8 6
1 .1 2 3
5 .2 7 8

3 5 .1 1 4
3 1 .1 2 5
-2 .0 0 1

1 0 .0 0 3
1 0 .2 5 5
-4 .3 6 2

4 1 .3 0 5
3 5 .8 3 4
278

3 0 .8 9 1
1 0 .9 7 0
9 86

P R I V A T E D O M E S T IC D E P O S IT S
C R E D IT M AR K ET B O R R O W IN G

25
26

27
28
29
30
31

4 2 .3 7 0
6 .4 6 6
-1 .0 1 0
1 6 .7 4 2
2 0 .1 7 2

4 4 .8 4 6
1 3 .5 5 1
-5 .0 5 8
2 7 .9 2 9
8 .4 2 4

1 2 .4 7 1
2 .2 2 5
-9 5 6
3 .6 5 1
7 .5 5 1

1 2 .4 1 0
864
-2 .2 2 4
5 .7 1 7
8 .0 5 3

8 .6 4 4
3 .1 1 5
1 .6 5 5
3 .1 3 1
743

9 .0 1 2
2 .3 9 1
-1 .2 5 5
4 .2 0 6
3 .6 7 0

1 1 .4 5 9
2 .8 3 9
-2 4 3
7 .0 7 5
1 .7 8 8

1 8 .3 8 5
4 .0 7 9
-9 8 7
8 .4 5 5
6 .8 3 8

5 .9 9 0
4 .2 4 2
-2 .5 7 3
8 .1 9 3
-3 .8 7 2

4 .1 1 0
-3 .3 1 9
-8 3 7
6 .6 2 9
1 .6 3 7

5 .1 9 3
-4 5 8
-8 5 3
6 .9 4 4
-4 4 0

1 8 .9 3 5
1 .3 5 3
133
6 .9 6 9
1 0 .4 8 0

O TH E R S O U R C E S
F O R E IG N FU N D S
TR E A S U R Y B A LAN C E S
IN S U R A N C E ♦ P E N S IO N
O TH E R , NET

27
28
29
30
31

32
33
34
35
36
37

3 9 .2 8 7
1 8 .7 5 3
4 .4 3 3
1 .0 5 9
1 1 .2 7 9
3 .7 6 3

3 1 .7 9 6
1 8 .1 1 0
1 0 .7 9 4
-1 .6 7 1
1 .6 4 7
2 .9 1 6

7 .9 9 6
2 .9 8 9
1 .5 5 3
501
1 .4 6 3
1 .4 9 0

1 6 .3 6 6
9 .0 7 9
1 .8 6 3
14
4 .9 2 7
483

1 2 .6 2 4
3 .8 9 1
-3 4 9
2 07
5 .1 4 9
3 .7 2 6

6 .3 9 4
4 .6 7 2
1 .8 7 6
793
1 .2 5 1
-2 .1 9 8

3 .5 2 7
-2 0 0
2 . 393
-5 3 2
540
1 .3 2 6

1 7 .3 9 9
1 1 .4 5 4
4 .6 5 4
-2 .1 0 6
2 .8 8 4
513

4 .4 7 6
2 .1 8 4
1 .8 7 1
174
-3 .0 2 8
3 .2 7 5

3 .8 6 9
-4 .0 3 0
3 .5 7 7
3 .6 9 1
2 .7 7 2
-2 .1 4 1

2 .4 4 6
-1 7 0
2 .4 3 3
1 .3 0 5
-2 .3 7 6
1 .2 5 4

1 4 .3 5 1 D IR E C T L E N D IN G I N C R . M AR K ETS
U . S . G O VE R N M EN T S E C U R I T IE S
1 1 .5 0 2
S T A T E 4 L O C A L O B L IG A T IO N S
1 .8 4 0
C O R P O R A T E ♦ F O R E IG N BONDS
2 .2 7 5
O P E M -M K T P A P E R ♦ R P * S
-1 .9 1 9
O TH ER
653

38
39
40
41
42

8 8 .8 1 6
7 6 .2 51
1 8 .5 4 8
29 . 54 1
2 8 .1 6 2

7 8 .7 5 3
7 1 .9 1 8
2 3 .5 9 5
2 6 .5 6 8
2 1 .7 5 5

2 8 .6 4 0
1 9 .0 6 1
3 .7 7 1
6 .6 1 9
8 .6 7 1

1 1 .1 2 8
1 5 .8 3 5
8 .6 9 3
6 .2 3 9
903

3 1 .1 3 0
1 1 .4 5 0
-3 .7 6 4
8 .4 3 3
6 .7 8 1

1 2 .5 8 9
2 5 .2 1 1
4 .2 8 7
1 0 .5 4 8
1 0 .3 7 6

3 1 .2 8 6
2 1 .1 5 1
1 0 .6 9 0
6 .0 7 8
4 .3 8 3

109
7 .5 5 2
6 .6 1 2
793
147

3 4 .7 6 9
1 8 .0 0 4
2 .0 0 6
9 .1 4 9
6 .8 4 9

9 .7 1 3
2 6 .4 8 1
-4 .1 9 1
1 3 .0 9 6
1 7 .5 7 6

3 9 .3 8 5
2 1 .6 4 7
-6 .8 9 6
1 0 .1 1 5
1 8 .4 2 8

1 0 .5 2 0
1 6 .4 3 4
3 .7 2 7
1 .5 0 2
1 1 .2 0 5

*♦3
44
45

1 2 .3 6 5
8 .6 2 4
3 .9 4 1

6 .8 3 5
541
6 .2 9 4

9 .5 7 9
5 .9 3 1
3 .6 4 8

-4 .7 0 7
-3 .3 7 8
-1 .3 2 9

1 9 .6 8 0
1 6 .6 6 2
3 .0 1 8

-1 2 .6 2 2
-1 2 .4 7 9
-1 4 3

1 0 .1 3 5
6 .3 2 8
3 .8 0 7

-7 .4 4 3
-6 .4 2 9
-1 .0 1 4

1 6 .7 6 5
1 3 .1 2 1
3 .6 4 4

-1 6 .7 6 8
-1 6 .2 2 6
-5 4 2

1 7 .7 3 8
1 4 .1 8 7
3 .5 5 1

-5 .9 1 4
-5 .4 6 4
-4 5 0

46

1 2 8 .1 0 3

1 1 0 .5 4 9

3 6 .6 3 6

2 7 .4 9 4

4 3 .7 5 4

1 8 .9 8 3

3 4 .8 1 3

1 7 .5 0 8

3 9 .2 4 5

1 3 .5 8 2

4 1 .8 3 1

T O T A L OF C R E D IT M A R K E T I N S T R U 2 4 .8 7 1
M E N T S , D E P O S IT S
CURRENCY

47
48
49

1 8 .4 3 0
9 5 .3 8 2
7 .2 0 4

2 7 .9 2 4
8 8 .1 9 8
2 5 .1 2 3

9 .1 6 0
1 0 2 .8 7 7
-3 3 5

1 8 .6 5 3
8 2 .0 5 5
-7 5 4

1 0 .7 6 5
8 4 .8 5 8
155

1 3 .6 8 6
8 9 .4 7 3
3 .6 0 2

3 0 .1 7 4
1 0 9 .3 3 4
6 .9 0 6

3 5 .8 2 4
6 7 .1 5 7
7 .3 7 6

2 7 .4 1 3
8 4 .4 2 6
7 .2 3 9

4 7 .0 5 9
5 4 .8 5 9
1 .4 5 7

1 2 .1 8 5
9 5 .0 1 2
16

1 7 .3 9 5 P U B L I C H O L D IN G S AS * OF T O T A L
47
6 9 .8 0 0 P V T . F I N A N . IN T E R M E D IA T IO N ( * ) 48
1 .3 1 0 T O T A L F O R E IG N FUNDS
49

P R IV A T E

CO R PO R ATE

E Q U IT IE S

NOT

IN C L U D E D

D O M E S T IC

IN V E S T O R S

E P O S IT S ♦ C U R R E N C Y
T IM E + S A V IN G S A C C O U N T S
L A R G E N E G O T IA B L E C D ’ S
O TH E R A T C O M M E R C IA L B A N K S
A T S A V IN G S I N S T I T U T I O N S
M ONEY
DEMAND D E P O S IT S
CU R R E N C Y

46

ABOVE

1
2
3

8 .0 3 2
-1 .5 8 6
9 .6 1 8

5 .5 8 6
1 .0 0 6
4 .5 8 0

2 .5 3 3
-6 4 2
3 .1 7 5

2 .3 5 6
128
2 .2 2 8

84 9
-7 3 0
1 .5 7 9

2 .1 2 9
181
1 .9 4 8

809
-5 7 2
1 .3 8 1

184
186
-2

2 .4 6 4
1 .2 1 1
1 .2 5 3

3 .5 6 2
1 .9 1 7
1 .6 4 5

3 .0 2 2
-4 7 6
3 .4 9 8

3 .0 2 2
806
2 .2 1 6

4
5

1 3 .4 4 6
-5 .4 1 4

6 .0 6 7
-4 8 1

3 .3 3 9
-8 0 6

1 .6 7 4
682

6 .5 4 7
-5 .6 9 8

95 1
1 .1 7 8

1 .9 4 5
-1 .1 3 6

45
139

3 .1 2 6
-6 6 2

1 .5 4 8
2 .0 1 4

2 .1 2 1
90 1

1 .4 5 1
1 .5 7 1

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




N C N F IN A N C IA L

RES.

19
20
21
22
23

M U T U A L FUN D S H AR E S
O TH E R E Q U I T I E S
BY F IN A N C IA L

IN S T IT U T IO N S

4

10 NOVEMBER 1975
CREDIT MARKET SUPPLY OF FUNDS

CREDIT MARKET SUPPLY OF FUNDS
5

DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
SEASONALLY ADJUSTED ANNUAL RATES

1

1970

1971

1972

1973

92.5

135.9

158.9

180.1

(BILLIONS OF DOLLARS)

I
1974 |I

176.2

1974
II
III

I

159.7

204.1

182.6

SEASONALLY ADJUSTED ANNUAL RATES

I
IV |

157.5

I

159.4

1975
II

III

TOTAL FUNDS ADVANCED IN CREOIT MARKETS
190.3
203.0
TO NONFINANCIAL SECTORS

1

BY PUBLIC AGENCIES ♦ FOREIGN
2
3
4
5
6

28.1
15.9
5.7
1.3
5.2

41.7
33.8
5.7
-2.7
4.9

18.3
8.4
5.2
*
4.6

33.2
11.0
7.6
7.2
7.5

49.2
8.6
13.8
6.7
20.1

17.1
-11.2
9.9
3.3
15.1

61.9
24.9
13.5
10.4
13.2

60.7
4.5
16.3
9.8
30.1

57.1
16.3
15.5
3.2
22.1

58.0
45.6
17.8
-10.5
5.1

22.9
10.9
16.0
-5.7
1.7

7
8
9
10

2.8
10.0
5.0
10.3

3.2
3.2
8.9
26.4

2.6
7.0
.3
8*4

3.0
20.3
9.2
.7

7.4
24.1
6.2
11.6

2.2
12.3
-.9
3.4

2.7
28.6
13.1
17.7

8.1
34.5
10.7
7.5

16.8
20.8
1.8
17.7

18.8
11.9
9.0
18.1

4.3
10.4
4.9
3.5

11

8.2

3.8

6.2

19.6

22.1

9.3

24.3

33.9

20.9

10.5

7.6

33.1 TOTAL NET ADVANCES, BY TYPE
5.6
U.S. GOVERNMENT SECURITIES
17.2
RESIDENTIAL MORTGAGES
-.2
FHLB ADVANCES TO S+L*S
10.5 OTHER LOANS ♦ SECURITIES
TOTALS ADVANCED, BY SECTOR
13.5
U.S. GOVERNMENT
SPONSORED CREDIT AGENCIES
6.3
19.6 MONETARY AUTHORITIES
FOREIGN
-6.3
AGENCY BORROWING NOT INCLUDED
7.9
IN LINE 1

2
3
4
5
6
7
8
9
10
11

PRIVATE DOMESTIC FUNDS ADVANCED
12
13
14
15
16
17
18

72.6
5.2
11.2
20.0
12.8
24.6
1.3

98.1
-4.4
17.6
19.5
29.1
33.7
-2.7

146.7
15.2
14.4
13.2
44.6
59.5
♦

166.5
18.4
13.7
10.1
44.1
87.4
7.2

149.1
24.9
17.4
20.6
25.6
67.4
6.7

151.9
29.2
16.1
19.4
28.8
61.6
3.3

166.4
.8
20.4
19.1
34.0
102.5
10.4

155.8
47.1
15.7
16.5
19.9
66.3
9.8

121.3
22.2
17.2
27.3
19.7
38.0
3.2

111.9
36.3
14.0
47.1
18.6
-14.5
-10.5

175.1
91.2
20.1
35.1
27.3
-4.4
-5.7

177.9 TOTAL NET ADVANCES
92.9 U.S. GOVERNMENT SECURITIES
14.5
STATE ♦ LOCAL OBLIGATIONS
25.4
CORPORATE ♦ FOREIGN BONDS
26.2
RESIDENTIAL MORTGAGES
18.6
OTHER MORTGAGES ♦ LOANS
-.2
LESS: FHLB ADVANCES

12
13
14
15
16
17
18

PRIVATE FINANCIAL INTERMEDIATION
19
20
21
22
23

74.9
35.1
16.9
17.3
5.7

110.7
50.6
41.4
13.3
5.3

153.4
70.5
49.3
17.7
15.8

158.8
86.6
35.1
22.1
15.0

131.5
64.6
26.9
34.3
5.7

145.8
77.7
43.1
21.9
3.1

165.7
97.3
27.8
36.4
4.2

115.0
50.0
16.6
39.6
8.8

98.8
32.6
20.1
39.2
6.9

83.5
-10.9
52.4
36.1
6.0

149.3
47.7
65.2
42.7
-6.2

CREDIT MARKET FUNOS ADVANCED
136.6 BY PRIVATE FINANCIAL INSTS.
42.0
COMMERCIAL BANKING
59.3
SAVINGS INSTITUTIONS
35.9
INSURANCE ♦ PENSION FUNDS
-.7
OTHER FINANCE

19
20
21
22
23

24
25
26

74.9
63.2
-.3

110.7
90.3
9.3

153.4
97.5
20.3

158.8
84.9
31.6

131.5
72.5
14.2

145.8
87.2
23.8

165.7
100.2
23.4

115.0
25.1
23.9

98.8
77.2
-14.3

83.5
76.2
-6.0

149.3
136.6
-6.5

136.6 SOURCES OF FUNDS
61.1
PRIVATE DOMESTIC DEPOSITS
6.7
CREDIT MARKET BORROWING

24
25
26

27
28
29
30
31

12.0
-8.5
2.9
13.1
4.4

11.0
-3.2
2.2
9.1
2.9

35.5
5.2
.7
13.1
16.5

42.4
6.5
-1.0
16.7
20.2

44.8
13.6
-5.1
27.9
8.4

34.8
11.4
•6
16.2
6.6

42.0
10.0
-4.8
29.2
7.5

65.9
17.8
-.2
33.6
14.8

36.0
15.1
-15.9
32.8
4.0

13.4
-11.4
3.8
25.8
-4.7

19.2
-3.3
-8.4
28.8
2.1

32
33
34
35
36
37

—2.6
-9.0
-1.2
10.7
-4.4
1.4

-3.2
-14.0
•6
9.3
—.6
1.5

13.7
1.6
2.1
5.2
4.0
.8

39.3
18.8
4.4
1.1
11.3
3.8

31.8
18.1
10.8
-1.7
1.6
2.9

30.1
18.2
7.0
1.2
4.4
-.7

24.0
9.1
9.6
-4.0
4.3
5.1

64.7
37.7
18.1
-10.1
14.7
4.3

8.2
7.4
8.4
6.3
-16.7
2.8

22.6
-15.2
13.7
12.8
11.6
-.4

19.1
9.1
9.9
3.2
-8.0
4.8

47.9 DIRECT LENDING IN CR. MARKETS
35.3 U.S. GOVERNMENT SECURITIES
6.7
STATE ♦ LOCAL OBLIGATIONS
7.3 CORPORATE ♦ FOREIGN BONDS
-4.5
OPEN-MKT PAPER ♦ RP*S
3.1
OTHER

32
33
34
35
36
37

38
39
40
41
42

66.6
56.1
15.0
24.2
16.9

93.7
81.0
7.7
32.9
40.4

101.9
85.2
8.7
30.6
45.9

88.8
76.3
18.5
29.5
28.2

78.8
71.9
23.6
26.6
21.8

95.6
86.9
17.1
32.0
37.7

108.9
91.1
42.8
32.8
15.5

27.8
31.5
26.4
-1.6
6.6

82.6
78.2
8.0
43.0
27.1

83.4
89.8
-16.8
40.3
66.3

144.0
94.4
-27.6
50.3
71.7

66.2 DEPOSITS ♦ CURRENCY
67.1
TIME ♦ SAVINGS ACCOUNTS
14.9
LARGE NEGOTIABLE CD'S
.8
OTHER AT COMMERCIAL BANKS
51.5
AT SAVINGS INSTITUTIONS

38
39
40
41
42

43
44
45

10.5
7.1
3.5

12.7
9.3
3.4

16.7
12.3
4.4

12.6
8.6
3.9

6.8
.5
6.3

8.8
.4
8.4

17.8
9 m2.
8.6

-3.7
-6.4
2.7

4.4
-1.0
5.4

-6.4
-13.6
7.3

49.6
42.2
7.4

-1.0
-6.0
5.1

MONEY
DEMAND DEPOSITS
CURRENCY

A3
44
45

46

64.1

90.5

115.7

128.1

110.5

125.7

132.8

92.5

90.8

106.0

163.1

TOTAL OF CREDIT MARKET INSTRU114.1
MENTS, DEPOSITS ♦ CURRENCY

46

47
48
49

30.4
103.1
1.8

30.7
112.8
23.2

11.5
104.5
13.6

18.4
95.4
7.2

27.9
88.2
25.1

10.7
96.0
14.7

30.3
99.5
27.7

33.2
73.8
25.2

36.2
81.5
32.8

36.4
74.6
6.7

12.0
85.3
.2

16.3 PUBLIC HOLDINGS AS X OF TOTAL 47
76.8 PVT. FINAN. INTERMEDIATION (*) 46
•7 TOTAL FOREIGN FUNDS
49

12.7 TOTAL NET ISSUES
3.9 MUTUAL FUND SHARES
8.9
OTHER EQUITIES

68.8
7.0
6.2
27.6
28.0

OTHER SOURCES
FOREIGN FUNDS
TREASURY BALANCES
INSURANCE * PENSION RES.
OTHER« NET

27
28
29
30
31

PRIVATE DOMESTIC NONFINANCIAL INVESTORS

CORPORATE EQUITIES NOT INCLUDED ABOVE
1
2
3

10.4
2.6
7.7

14.8
1.1
13.6

12.9
-.7
13.6

8.0
-1.6
9.6

5.6
1.0
4.6

7.8
*
7.8

3.9
-1.6
5.5

1.4
1.4
*

9.2
4.2
5.0

13.6
7.0
6.6

12.7
-1.3
14.0

4
5

11.4
-1.0

19.3
-4.5

16.0
-3.1

13.4
-5.4

6.1
-.5

9.2
-1.4

7.8
-3.9

.6
.8

6.6
2.6

11.8
1.8

8.5
4.2

6.2 ACQ. BY FINANCIAL INSTITUTIONS
6.5 OTHER NET PURCHASES

111/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION*

Line
1.
2.
6.
11.

12.

17.
25.
26.
28.

Page 2, line 2.
Sum of lines 3-6 or 7-10.
Includes farm and commercial mortgages.
Credit market funds raised by Federally-sponsored
credit agencies. Included below in lines 13 and
33. Includes all GNMA-guaranteed security Issues
backed by mortgage pools.
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 banking
agencies to foreign affiliates.

29. 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. Line
37 includes mortgages.
39444.

See line 25.
45. Mainly an offset to line 9.
46. Lines 32 + 38 or line 12 less line 27 plus 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.

1
2
3
4
5

10 NOVEMBER 1975
HOUSEHOLDS

HOUSEHOLDS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(MILLIONS OF DOLLARS)
UNADJUSTED QUARTERLY FLOWS

UNADJUSTED QUARTERLY FLOWS
1973
III

1974
IV

|

II

III

1975
II

I
IV |

HOUSEHOLDS, PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS
11055.0421150.543 258.453 267.801 285.937 267.359 282.208 292*774 308.202 287.435 303.607 314.423 PERSONAL INCOME
2 151.330 170.812 37.346 41.001 38.465 39.070 42.534 46.616 42.592 42.947 35.864 46.970 - PERSONAL TAXES ♦ NONTAXES
3
4
5
6
7
8

903.712
829.364
74.348 77.002
11.540 15.114
944
485
27.058 10.747

9 113.890
10 115.741
11 229.631
12
13
14
15
16

235.640
174.132
37.537
130.310
6.285

17.605 22.814
2.485 4.095
23
52
5.170
2.645

27.732 27.086 35.188 22.328 26.131
29.032 29.326 29.235 31.247 32.461
56.764 56.412 64.423 53.575 58.592

22.758 32.131 19.297 37.301
32.976 33.017 33.108 34.099
55.734 65.148 52.405 71.400

60.309 59.129 63.257 57.289 60.017 60.415 67.557
43.357 42.539 47.841 37.201 40.514 41.968 46.663
7.960 10.175
9.239 10.784
8.102
8.414 5.988
33.612 31.646 35.496 27.307 32.900 32.395 34.945
1.561
1.613
1.543
1.654
1.643
1.480
1.626
16.952 16.590 15.416 20.088 19.503
36.436 35.284 35.311 24.229 35.166

17 61.508
18 130.760

!67.453 = DISPOSABLE PERSONAL INCOME
[44.896 - PERSONAL OUTLAYS
19.902 25.847 22.557 = PERSONAL SAVING, NIA BASIS
2.471 ♦ CREDITS FROM GOVT. INSURANCE
2.082 9.195
5 + CAPITAL GAINS DIVIDENDS
5
107
1.686 ♦ NET DURABLES IN CONSUMPTION
-2.794 2.254

15.043 19.460 23.223 20.943 15.640
2.306
1.799 6.735
4.811
2.132
256
140
63
354
5.431
7.738
9.403
-768

59.639
37.884
21.755

18.511
9.840
8.671

12.658
11.755
903

24 29.712 23.114
5.457 15.499
25 20.360 14.536 4.617 10.183
2.300
776
26 4.33 5 9.96 3
14
501
27 1.059 -1.671
28 3.464
2.617
-521 -1.004
29
494
807
385
567
30 -1.586
1.006
31 -6.586 -2.031

-642
-292

7.274
31.668

1.841
7.289

13.052 21.982 15.410
6.271 11.606 11.027
6.781 10.376 4.383
6.349
1.659
258
207
3.822
403

2.345
3.869
1.307
793
-3.386
-238

128
-730
-317 -5.454

181
614

18.447 20.894 22.269 33.919
28.253 34.199 26.188 49.127

1.857
5.830

1.812
5.554

34 -4.434 -5.295 -1.496 -1.015
-206
-279
-328
35
183
379
36 1.497 2.248
402

-160
114
393

32 7.277
33 24.359

37
38
39
40
41
42
43
44

69.252
72.815
44.208
1.408
20.105
2.817
1.800
2.477

42.915 19.484
43.991 20.572
32.575 11.543
1.372
354
8.687 6.643
948
1.120
494
-2.532
2.941
418

45 -4.570 -2 .060 -1.338
582
46
607
152
402
47
400

29.114
-212

DEP. ♦ CR. MKT, INSTR. (1) 19
20
DEMAND DEP. h CURRENCY

7.074 15.173 30.144 23.371
6.927 8.324 12.568 4.943
147 6.849 17.576 18.428

18.681
7.476
11.205

TIME ♦ SAVINGS ACCOUNTS 21
22
AT COMMERCIAL BANKS
AT SAVINGS INST.
23

610 -3.110 10.645
8.038
-5.483 -5.368
2.024
2.491
3.206
2.275
3.691
1.305
-493 -2.057 -1.699
519
7
-311

CREDIT MKT. INSTRUMENTS 24
U.S. GOVT. SECURITIES 25
S. ♦ L. OBLIGATIONS
26
CORPORATE ♦ FGN. BONDS 27
COMMERCIAL PAPER
28
MORTGAGES
29
INVESTMENT COMPANY SHARES 30
OTHER CORPORATE EQUITIES 31

48

-6.009

1.917
-861

-476
482

806
-385

1.791
6.750

1.745
13.185

1.738
7.072

101 -1.589 -2.092 -1.715 -2.140
387
—524
49
104
92
802
582
541
572
553

-608
2
807

809

9.806 13.305
3.919 15.208
11.918 12.845 3.262 13.296
6.664 7.808
9.032
8.662
336
338
340
342
1.191
4.524
985 -4.647
655
1.230 -1.221
-43
-524
1.791
1.602
-522
480
654
691
953

12.175
12.172
7.796
334
3.664
306
-435
507

1.668
139
105

-240
137
106

1.785 1.874
4.611 10.950

18.694 19.895 4.141 15.663
3.694 15.534
19.463 20.880
11.681 10.430
8.958 9.145
349
344
350
346
6.075
5.344 -1.669 4.847
1.006
-123
2.107 -1.245
-675
1.829 -3.126
615
430
867
865
821
-1.014 -1.234
151
152

24.350 NET FINANCIAL INVESTMENT
17
36.525
NET ACQ. OF FINANCIAL ASSETS 18

33.990
13.729

3.842 15.925
1.002
1.835 11.243 -2.411
4.566
2.359
1.731
174
-532 -2.106
2.148
-104
821
74
284
687
-572
-620

199
149

186
1.211
-165 -1.860
1.826
7.189

-116 -2.359
146
145
102

1.789
8.918

216
142

102

-1.425 -4.681 -2.409

-3.545 -2.717

9
10
11

12
58.407 73.549 66.183 GROSS INVESTMENT
CAPITAL EXPEND.-NET OF SALES 13
36.138 39.630 41.833
7.302
RESIDENTIAL CONSTRUCTION 14
7.757 5.096
CONSUMER DURABLE GOODS
15
27.056 33.079 33.036
1.495
NONPROFIT PLANT ♦ EQUIP. 16
1.325 1.455

19 110.439 87.256 29.685 28.216 33.782 16.292 25.094 20.645 25.225 17.542
5.717
20 13.054 4.503
59 14.381 -8.035
5.842 -2.354 9.050 -13.212
21 67.673
22 39.511
23 28.162

26.719 = NET SAVING
34.649 ♦ CAPITAL CONSUMPTION
61.368 = GROSS SAVING

3
4
5
6
7
8

412
141
104

-6.002 -2.149

LIFE INSURANCE RESERVES
PENSION FUND RESERVES

32
33

NET INV. IN NONCORP. BUS. 34
SECURITY CREDIT
35
MISCELLANEOUS ASSETS
36
NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
HOME MORTGAGES
OTHER MORTGAGES
INSTALMENT CONS. CREDIT
OTHER CONSUMER CREOIT
BANK LOANS N.E.C.
OTHER LOANS
SECURITY CREDIT
TRADE DEBT
MISCELLANEOUS

37
38
39
40
41
42
43
44
45
46
47

-4.815 DISCREPANCY
(1) EXCLUDES CORPORATE EQUITIES.

5.096
7.757
2.678
2.690
8.662
9.032
-3.583 -6.626

7.302
2.711
7.796
-3.205

MEMORANDA:
NET PHYSICAL INVESTMENT:
(A) RESIDENTIAL CONSTRUCTION
EXPENDITURES
- CAPITAL CONSUMPTION
- HOME MORTGAGES
= EXCESS NET INVESTMENT

32.395 34.945 27.056 33.079
29.750 29.775 29.850 30.825
5.170 -2.794 2.254
2.645

33.036
31.350
1.686

CB) CONSUMER DURABLES
EXPENDITURES
- CAPITAL CONSUMPTION
= NET INVESTMENT

49 37.537 32.537 8.102
8.414
5.988
7.960 10.175
9.239 10.784
2.654 2.666
2.574
50 10.358 10.629 2.631
2.593 2.614 2.695
6.664 7.808
8.958
9.145
51 44.208 32.575 11.543 11.681 10.430
-299
52 -17.029 -10.667 -6.072 -5.016 -2.239 -3.158 -5.852 -1.358
53 130.310 127.547 33.612 31.646 35.496 27.307 32.900
54 103.252 116.800 25.874 26.215 26.093 28.075 29.200
3.700
55 27.058 10.747
7.738
5.431
9.403
-768
56 22.922
57 4.136

9.635
1.112

7.763
-25

5.952
-521

4.481
7.451 -2.914 5.853
2.146 -2.153 -1.836
1.952

58
59
60
61

6.285
2.131
1.408
2.746

6.262
2.272
1.372
2.618

1.643
527
354
762

1.654
537
350
767

1.561
549
349
663

62
63

14.343
8.226

14.846
7.859

14.449
6.803

2.215 -5.868
2.955 3.074

3.970
1.846
408 -2.284

56
- CONSUMER CREDIT
= EXCESS NET INVESTMENT 57

1.495
588
334
573

CC) NONPROFIT PLANT ♦ EQUIP.
58
EXPENDITURES
59
- CAPITAL CONSUMPTION
- NONPROFIT MORTGAGES
= EXCESS NET INVESTMENT

1.480
558
346
576

1.626
566
344
716

1.613
572
342
699

1.543
576
340
627

1.325
580
338
407

1.455
584
336
535

15.310 13.452 14.613
8.580 9.384 9.173

15.071
6.525

15.922
7.151

13.819
8.589

14.941
8.140

11.812
9.653

64 25.063 23.414 25.110 24.634
65 19.005 16.712 19.179 18.576
66 14.272 12.241 16.117 15.408
67 7.558
4.311
8.619 8.163
68 7.9474.419 9.100
8.499

25.765 23.248 23.772
19.13316.143 16.438
14.12210.514 14.268
7.956 1.796
6.355
8.350 1.603
6.302

22.413 24.150
16.877
11.361
3.943
4.792

17.298
12.677
4.932
4.761

PER CENT RATIOS:
14.938 EFFECTIVE TAX RATE
8.434 SAVING RATE, NIA BASIS

PER CENT OF DISPOSABLE INCOME ADJ. (2):
21.244 25.781 22.734 GROSS SAVING
14.64914.309
10.61617.739
1.5885.491
1.3224.800

15.497 CAPITAL EXPENDITURES
13.531 ACQUISITION OF FINAN. ASSETS
4.510 NET INCREASE IN LIABILITIES
4.509 CREDIT MARKET BORROWING

65
66
67
68

69 916.196 995.330 226.058 228.995 250.034 230.442 246.465 248.666 269.757 246.677 276.943 269.929 (2) DISPOSABLE INCOME ADJ.
69
(NIA DISPOSABLE INCOME ♦ GOVT. INSURANCE CREDITS ♦ CAPITAL GAINS D1VID.)
111/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




10 NOVEMBER 1975
HOUSEHOLDS

HOUSEHOLDS
7
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1974

1970

1971

1972

1973

197A |

II

III

1975
II

IV |

HOUSEHOLDS, PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS
1
2

808.3
116.6

864.0
117.6

944.9
142.4

1055.0
151.3

3
4
5
6
7
8

691.7
635.5
56.2
8.8
.9
10.6

746.4
685.9
60.5
9.2
•8
16.5

802.5
749.9
52.6
11.1
1.4
24.4

903.7
829.4
74.3
11.5
.9
27.1

979.7
902.7
77.0
15.1
.5
10.7

950.6
866.2
84.4
10.0
.7
11.6

966.5
894.9
71.5
21.6
.9
12.7

993.1 1008.8
927.6 922.2
65.5
86.5
16.6
12.3
•8
-.4
17.1
1.6

9
10
11

76.4
91.4
167.9

86.9
98.6
185.5

89.4
106.1
195.5

113.9
115.7
229.6

103.3
129.7
233.0

106.7
125.0
231.7

106.8
129.8
236.6

95.7
131.9
227.6

12
13
14
15
16

167.7
116.2
19.6
91.3
5.3

186.1
136.4
26.9
103.9
5.6

203.8
158.8
34.3
118.4
6.0

235.6
174.1
37.5
130.3
6.3

245.3
166.3
32.5
127.5
6.3

240.6
163.2
32.8
123.9
6.5

246.6
166.5
30.6
129.5
6.4

17
18

51.5
74.1

49.7
92.8

45.0
114.0

61.5
130.8

78.9
121.8

77.3
121.4

19
20

54.4
11.2

72.3
11.0

93.6
11.8

110.4
13.1

87.3
4.5

21
22
23

44.4
27.5
16.9

70.3
29.8
40.4

75.4
29.5
45.9

67.7
39.5
28.2

24
25
26
27
28
29

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

-8.9
-14.4
-.2
9.3
-3.9
.2

6.4
.6
1.0
5.2
1.5
-1.8

30
31

2.6
-4.4

1.1
-6.5

32
33

5.2
19.1

34
35
36

1150.5 1112.5 1134.6
170.8
161.9
168.1

1168.2
175.1

1186.9
178.1

1193.4 1220.5
178.0
142.0

1255.0 PERSONAL INCOME
175.9
PERSONAL TAXES ♦ NONTAXES

1015.5
939.5
75.9
11.2
-.3
5.5

1078.5
964.7
113.8
31.3
.7
7.3

1079.1
996.2
82.9
12.4
.7
13.6

104.3
132.1
236.3

92.4
132.4
224.8

153.1
136.4
289.5

109.5
138.6
248.1

NET SAVING
CAPITAL CONSUMPTION
GROSS SAVING

9
10
11

238.9
175.5
33.3
136.1
6.1

255.9
160.1
33.4
120.7
6.1

242.5
160.4
29.6
124.9
5.9

302.1
164.1
27.8
130.6
5.7

259.3 ROSS INVESTMENT
175.8 CAPITAL EXPEND.-NET OF SALES
31.3
RESIDENTIAL CONSTRUCTION
139.0
CONSUMER DURABLE GOODS
5.6
NONPROFIT PLANT + EQUIP.

12
13
14
15
16

80.1
133.3

63.5
104.9

95.8
127.7

82.1
125.3

138.0
190.5

83.5
132.8

ET FINANCIAL INVESTMENT
17
NET ACO. OF FINANCIAL ASSETS 18

93.7
10.2

96.8
9.6

72.1
-3.7

86.4
1.9

94.8
-13.9

133.8
42.1

100.8
2.6

DEP• ♦ CR. MKT, INSTR. (1) 19
DEMAND DEP. * CURRENCY 20

59.6
37.9
21.8

76.2
38.5
37.7

63.4
47.9
15.5

27.5
20.8
6.6

71.3
44.2
27.1

107.1
40.8
66.3

96.5
24.9
71.7

73.7
22.3
51.5

TIME * SAVINGS ACCOUNTS
AT COMMERCIAL BANKS
AT SAVINGS INST.

29.7
20.4
4.3
1.1
3.5
.5

23.1
14.5
10.0
-1.7
-.5
•8

7.3
14.1
4.8
1.2
-12.3
-.5

23.7
15.5
9.4
-4.0
2.1
.7

48.3
31.4
17.8
-10.1
8.9
.3

13.2
-2.8
7.9
6.3
*•8
2.6

1.6
-23.2
12.3
12.8
.4
*•8

-4.8
-13.5
10.2
3.2
-6.3
1.6

24.4
16.4
7.5
7.3
-6.8
.1

CREDIT MKT. INSTRUMENTS
U.S. GOVT. SECURITIES
S. ♦ L. OBLIGATIONS
CORPORATE ♦ FGN. BONDS
COMMERCIAL PAPER
MORTGAGES

-.7
-4.7

-1.6
-6.6

1.0
-2.0

*
-3.0

“1»6
-2.5

1.4
-1.1

4.2
-1.6

7.0
-9.0

-1.3
1.9

3.9
-2.0

INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES

6.2
21.6

6.6
23.8

7.3
24.4

7.3
31.7

7.1
20.6

7.5
39.4

7.3
30.9

7.2
35.9

7.2
29.2

7.0
48.2

7.0
30.5

LIFE INSURANCE RESERVES
PENSION FUND RESERVES

32
33

-4.7
-.9
2.6

-4.7
.5
2.3

-7.4
.1
2.7

-4.4
-.2
1.5

-5.3
-.3
2.2

.4
.4
2.2

-6.4
-2.1
2.2

-8.4
.4
2.3

-6.9
.2
2.3

-8.6
1.5
3.2

-2.4
*
3.2

-10.5
3.2

NET INV. IN NONCORP. BUS
SECURITY CREDIT
MISCELLANEOUS ASSETS

35
36

37
38
39
40
41
42
43
44

22.5
23.4
12.5
1.4
5.0
1.1
.9
2.6

43.1
39.8
24.2
1.2
9.2
2.0
1.8
1.4

68.9
63.1
38.4
1.4
16.0
3.1
2.8
1.3

69.3
72.8
44.2
1.4
20.1
2.8
1.8
2.5

42.9
44.0
32.6
1.4
8.7
.9
-2.5
2.9

44.1
42.3
34.2
1.4
8.8
-.6
-3.2
1.7

53.2
52.7
37.8
1.4
14.0
3.2
-7.1
3.5

41.4
49.9
28.2
1.4
14.1
1.7
.7
3.8

31.9
30.0
30.0
1.4
-3.2
-.4
-.5
2.8

43.2
40.5
32.5
1.4
-2.4
-.9
7.4
2.6

52.5
44.8
37.3
1.3
.2
1.8
2.1
1.9

49.3
49 m3
33.3
1.3
9.7
2.1
.8
2.0

NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
HOME MORTGAGES
OTHER MORTGAGES
INSTALMENT CONS. CREDIT
OTHER CONSUMER CREDIT
BANK LOANS N.E.C.
OTHER LOANS

45
46
47

-1.8
.5
.4

2.6
.3
.3

4.7
.6
.5

-4.6
.6
.4

-2.1
.6
•4

.8
.6
.4

-.5
.6
.4

-9.4
•6
.4

.9
.6
.4

1.6
.6
.4

6.7
.6
.4

-1.0
.5
.4

48

.2

-.5

-8.3

-6.0

-12.2

-8.9

-10.0

-11.3

-19.6

-17.6

-12.7

-11.3

_

DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
PERSONAL SAVING* NIA BASIS
CREDITS FROM GOVT. INSURANCE
CAPITAL GAINS DIVIDENDS
NET DURABLES IN CONSUMPTION

24
25
26
27
28
29

SECURITY CREDIT
TRADE DEBT
MISCELLANEOUS

(1) EXCLUDES CORPORATE EQUITIES.

49
50
51
52

19.6
9.0
12.5
-1.9

26.9
9.3
24.2
-6.6

34.3
10.0
38.4
-14.1

37.5
10.4
44.2
-17.0

32.5
10.6
32.6
-10.7

32.8
10.5
34.2
-11.9

30mb
10.8
37.8
-18.0

33.3
10.6
28.2
-5.5

33.4
10.7
30.0
-7.3

29.6
10.7
32.5
-13.6

27.8
10.8
37.3
-20.3

31.3
10.8
33.3
-12.9

MEMORANDA:
NET PHYSICAL INVESTMENT:
(A) RESIDENTIAL CONSTRUCTION
EXPENDITURES
- CAPITAL CONSUMPTION
- HOME MORTGAGES
* EXCESS NET INVESTMENT

53
54
55

91.3
80.7
10.6

103.9
87.5
16.5

118.4
94.1
24.4

130.3
103.3
27.1

127.5
116.8
10.7

123.9
112.3
11.6

129.5
116.8
12.7

136.1
119.0
17.1

120.7
119.1
1.6

124.9
119.4
5.5

130.6
123.3
7.3

139.0
125.4
13.6

(B) CONSUMER DURABLES
EXPENDITURES
- CAPITAL CONSUMPTION
* NET INVESTMENT

56
57

6.0
4.5

11.2
5.2

19.2
5.2

22.9
4.1

9.6
1.1

8.2
3.4

17.2
-4.4

15.8
1.3

-3.6
5.2

-3.3
8.8

2.1
5.2

11.8
1.7

- CONSUMER CREDIT
= EXCESS NET INVESTMENT

56
57

58
59
60
61

5.3
1.7
1.4
2.2

5.6
1.9
1.2
2.5

6.0
2.0
1.4
2.6

6.3
2.1
1.4
2.7

6.3
2.3
1.4
2.6

6.5
2.2
1.4
2.9

6.4
2.3
1.4
2.7

6.1
2.3
1.4
2.4

6.1
2.3
1.4
2.4

5.9
2.3
1.4
2.2

5.7
2.3
1.3
2.0

5.6
2.4
1.3
1.9

(C) NONPROFIT PLANT ♦ EQUIP.
EXPENDITURES
- CAPITAL CONSUMPTION
- NONPROFIT MORTGAGES
= EXCESS NET INVESTMENT

58
59
60
61

62
63

14.4
8.1

13.6
8.1

15.1
6.6

14.3
8.2

14.8
7.9

14.6
8.9

14.8
7.4

15.0
6.6

15.0
8.6

14.9
7.5

11.6
10.6

PER CENT RATIOS:
14.0 EFFECTIVE TAX RATE
7.7 SAVING RATE, NIA BASIS

49
50
51
52
53
54
55

62
63

64

23.9

24.5

24.0

25.1

23.4

24.1

23.9

22.6

23.1

21.9

PER CENT OF DISPOSABLE INCOME ADJ. (2):
26.1
22.7 GROSS SAVING

64

65
66
67
68

16.6
10.6
3.2
3.3

18.0
12.3
5.7
5.3

19.5
14.0
8.5
7.7

19.0
14.3
7.6
7.9

16.7
12.2
4.3
4.4

17.0
12.6
4.6
4.4

16.8
13.5
5.4
5.3

17.4
10.4
4.1
5.0

15.6
12.5
3.1
2.9

15.6
12.2
4.2
4.0

14.8
17.2
4.7
4.0

65
66
67
68

69

701.4

756.4

815.0

916.2

995.3

961.3

CAPITAL EXPENDITURES
ACQUISITION OF FINAN. ASSETS
NET INCREASE IN LIABILITIES
CREDIT MARKET BORROWING

989.0 1006.2 1024.9 1026.4 1110.5 1092.2 (2) DISPOSABLE INCOME ADJ.
69
(NIA DISPOSABLE INCOME ♦ GOVT. INSURANCE CREDITS ♦ CAPITAL GAINS DIVIO.>

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




16.1
12.2
4.5
4.5

10 NOVEMBER 1975
TOTAL ♦ NONCORP BUSINESS

TOTAL ♦ NONCORP BUSINESS

8

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(MILLIONS OF DOLLARS)
UNADJUSTED QUARTERLY FLOWS

UNADJUSTED QUARTERLY FLOWS
1973
III

1974
IV

II

I

NONFINANCIAL

III

BUSINESS - TOTAL

1 183.881 177.352 46.101 46.651 48.450 43.940 44.948 44.176 44.288
2 112.649 112.258 25.542 26.008 36.323 25.898 24.744 24.925 36.691
3
4
5
6
7
8
9

98.845
160*525
145.156
125.696
-573
20.033
15.369

98.641
164.143
149.916
136.834
-363
13.445
14.227

22.850
41.286
39.193
32.300
1.153
5.740
2.093

21.512
39.590
38.413
31.523
1.916
4.974
1.177

30.248
44.333
37.099
33.999
-1.785
4.885
7.234

27.916
38 .329
31.664
31.071
-3.131
3.724
6.66 5

10
11
12
13
14
15
16
17
18
19

-61.680
43.858
105.538
7.420
77.630
9.159
-864
28.439
34.024
5.076

-65.502 -18.436
46.556 13.417
112.058 31.853
4.097 2.169
88.008 24.452
19.670 3.047
-886
848
22.836 8.387
29.801 10.157
14.939 1.478

-18.078
10.273
28.351
1.287
18.359
2.657
1.420
7.949
5.693
151

-14.085
9.944
24.029
2.213
16.63 5
2.003
-1.562
6.26 7
6.343
3.133

-10.413
15.029
25.442
1.555
15.928
3.705
-2.626
4.989
6.394
3.055

20 20.062
426
21

18.615 8.838
1.338 -3.606

7.425
1.280

3.734
1.447

4.496

6.075 -2.018

22

13.804 13.617

2.692

38.937 44.028
27.110 30.006

21.995 19.752 28.978 26.954
45.179 39.467 41.168 26.534
42.457 39.433 36.362 28.747
35.874 34.064 35.825 31.096
1.859
2.683 -1.774 -3.421
1.072
4.724 2.686 2.311
34 4.806 -2.213
2.722
-23.184
17.223
40.407
1.244
31.298
5.386
1.340
7.684
13.704
2.760

49.527
33.627

27.211 28.603
29.269 32.509
38.233 37.227
33.916 32.270
2.016
4.388
569
2.301
-8.964 -4.718

FIXED INVESTMENT
BUSINESS PLANT ♦ EQUIPMENT
NONFARM HOME CONST. (1)
MULTI-FAMILY RESIDENTIAL
CHANGE IN INVENTORIES

5
6
7
8
9

420 -2.058 -3.906 ET FINANCIAL INVESTMENT
-19.715 -12.190
10.760 3.544 -6.308
9.865
9.380 NET ACQ. OF FINANCIAL ASSETS
NET INCREASE IN LIABILITIES
30.475 15.734 -6.728 11.923 13.286
CORPORATE EQUITIES
1.933
2.024
3.223
-5
1.303
CREDIT MARKET INSTRUMENTS
7.962
21.317 19.465 3.007 9.773
CORPORATE BONDS
5.331
4.192 6.387 9.430
8.272
HOME MORTGAGES
1.968 -1.568 -2.824
1.478
3.302
5.188
2.369
OTHER MORTGAGES
4.975
3.633
3.833
5.349 -8.899 -2.205 —4.944
BANK LOANS N.E.C.
4.354
3.627 2.501 -2.216
-161
OTHER LOANS
5.497

10
11
12
13
14
15
16
17
18
19

4.323 9.814
3.636 -1.949
2.749

8.082 -3.604 -8.146 3.973
1.081 -1.430 -3.522 -5.046

TRADE DEBT
OTHER LIABILITIES

5.403
-2.103

5.173

7.713

156

2.795

5.024

20
21

FARM BUSINESS
1 38.529 31.782
308
380
2
3 8.422 9.340
4
623
668
8.672
5 7.799
6 8.730 9.720
7 8.730 9.720
8 13.927 15.359
9 9.454 12.288
504
745
10
2.326
11 3.969

8.909 10.387 11.215
296
749
-732
2.119
2.195
2.115
154
157
160
1.961
1.962
2.03 5
2.944
1.383
2.415

9.775
141
2.258
163
2.09 5
2.399

7.282
-739
2.321
169
2.152
1.582

7.450
340
2.366
168
2.198
2.706

7.275
638
2.395
168
2.227
3.033

5.550
183
2.424
168
2.256
2.607

5.675
-639
2.453
168
2.285
1.814

7.475
409
2.470
168 CORPORATE
2.302
NONCORPORATE
2.879 CURRENT SURP. = GROSS SAVING

2.944
3.770
2.372
167
1.231

2.399
3.978
2.882
151
945

1.582
4.146
3.181
185
780

2.706
3.773
3.032
224
517

3.033
3.462
3.193
185
84

2.607
3.178
3.416
108
-346

1.814
3.575
3.509
168
-102

2.879
3.384
2.833
261
290

-826 -1.579 -2.564 -1.067
169
177
231
222
30
19
2
1
167
158
230
192
141
144
139
142
88
48
28
17

-429
217
19
198
145
53

-571 -1.761
209
203
20
23
189
180
147
148
42
32

1.383
3.329
2.480
92
757

2.415
3.617
2.365
140
1.112

12 -5.197 -5.639 -1.946 -1.202
175
13
715
847
187
69
-8
-13
14
0
188
778
195
15
715
138
137
16
555
572
51
160
206
57
17
18
19
20
21
22
23
24

5.912
8.617
4.383
3.013
1.221
119
1.102

6.486
7.786
4.936
910
1.940
290
1.650

1.462
1.211
25
26 -4.167 -2.511

1.377
2.070
1.178
715
177
-34
211

995
1.628
928
627
73
44
29

1.756
1.600
855
373
372
25
347

366
366
-1.066 -1.059

365
-998

366
-210

2.133
2.833
1.279
985
569
11
558

PLANT ♦ EQUIPMENT
RESIDENTIAL CONSTRUCTION
CHANGE IN INVENTORIES

10
11

-505
202
19
183
150
33

NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY
MISCELLANEOUS ASSETS
INSURANCE RECEIVABLES
EQ. IN SPONS. AGS. (2)

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

1.289
2.009
1.381
56
572
122
450

646
801
1.122
-263
-58
25
-83

780
1.843
1.195
63
585
314
271

1.964
2.198
1.312
771
115
-78 7
902

707
1.583
1.011
529
43
64
-21

NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
MORTGAGES
BANK LOANS N.E.C.
OTHER LOANS
U.S. GOVERNMENT
FICB

369
392
-950 -1.112

84
-239

-382
-681

-539
305

-40
-836

TRADE DEBT
PROPRIETOR NET INVESTMENT

2.795
3.376
1.578
744
1.054
118
936

NONFARM NONCORPORATE BUSINESS
18.781 NET INCOME

1 67.742 71.285

16.740

16.984

17.153

17.355

17.662

18.098

18.170

18.228

18.413

2 19.349 21.251
3 19.323 21.055

4.790
2.711

4.896
2.013

5.084
11.730

5.160
3.144

5.293
2.483

5.370
2.684

5.428
12.744

5.486
3.231

5.544
3.374

5.590 CAPITAL CONSUMPTION
2.466 CURRENT SURP. = GROSS SAVING

2.711
6.985
7.514
3.301
531
3.682
-529

3.144
2.013 11.730
5.314
6.874
5.674
5.901
4.470
7.617
2.984
3.260
3.333
-976 —1.641
888
3.469
3.544
3.127
844
-743
-227

2.483
7.168
6.923
3.279
837
2.807
245

2.684
6.356
6.448
3.256
1.230
1.962
-92

12.744
3.231
4.048
1.956
4.085
2.477
3.307 2.948
-980 -1.765
1.758
1.294
-37
-521

3.374
4.493
5.076
3.106
924
1.046
-583

2.466 GROSS INVESTMENT
5.024 CAPITAL EXPENDITURES
5.630
FIXED CAPITAL
PLANT ♦ EQUIPMENT
3.120
2.064
HOME CONSTRUCTION (1)
MULTI-FAMILY RESIDENTIAL
446
-606
CHANGE IN INVENTORIES

4
5
6
7
8
9
10

19.323
25.089
26.570
12.923
-538
14.185
-1.481

21.055
22.886
21.926
12.826
-554
9.654
960

11 -5.766 -1.831 -4.274 -4.861
148
1.944
432
12 2.255
0
0
0
0
13
-99
939
181
14 1.264
247
251
991
1.005
15
971
243
242
16
971
34
8
5
20
17
18
19
20
21
22
23

8.021
9.282
7.067
-432
5.935
1.564

3.775
7.207
6.119
-443
5.550
1.012

4.706
3.161
2.928
424
2.087
417

24
25

382
1.833

-994
2.082

106
127

-994
-648
-267 -2.784

1.975
-430

26
27

6.056 -2.170 -4.685 -3.672
440
313
90
1.349
0
0
0
0
66
-160
176
1.105
244
250
264
247
243
243
242
242
4
2
7
22

5.009 -4.707
2.260
-596
2.265 2.248
2.827
520
-127
710
-781 -1.313
1.679
898
902
284
438
403

5.125
3.229
2.601
670
1.542
389

577
1.151

-585
116

266
362

2.700 -7.793
838
44

2.545
311

2.535
-639

-410
-152

8.696
1.101
0
857
244
243
1

1.275 -1.119 -2.558 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
220
375
421
DEMAND DEPOSITS ♦ CURRENCY
0
0
0
CONSUMER CREDIT
176
130
-23
MISCELLANEOUS ASSETS
245
245
243
INSURANCE RECEIVABLES
243
243
243
EQ. IN SPONS. AGS. (2)
0
2
2

3.985 -7.595 —1.055
2.111
2.463 -1.331
-619
2.597
1.048
-784 -1.412
984
786
1.450
1.656
176
7
163

1.540
495
1.678
739
822
117

2.933
1.803
2.852
1.651
1.070
131

-616
-96

-519
-664

-409
-640

2.854 -8.582
1.735
-980 -1.476 -1.459

1.958
-913

2.923
-1.793

-545
59

-130
1.545

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

(1) CHANGE IN WORK IN PROCESS.
(2) SHARES IN FICB'S, BANKS FOR COOPS, AND LAND BANKS.
II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




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

10 NOVEMBER 1975

TOTAL ♦ NONCORP BUSINESS

TOTAL ♦ NONCORP BUSINESS
9

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

1973

SEASONALLY ADJUSTED ANNUAL RATES
I
1974 I

I

NONFINANCIAL

1974
II
III

|
IV |

I

1975
II

III

BUSINESS - TOTAL

1
2

128.2
80.3

137.5
90*6

155.2
104.1

183.9
112.6

177.4
112.3

181.6
115.3

176.1
111.4

177.8
106.4

173.9
116.0

163.4
122.1

174.3
130.6

3
4
5
6
7
8
9

73.6
108.0
103.5
92.0
.9
10.6
4.5

80.4
117.1
110.8
95.0
12.8
6.3

89.3
134.3
125.7
106.4
2.1
17.3
8.5

98.8
160.5
145.2
125.7
-.6
20.0
15.4

98.6
164.1
149.9
136.8
-.4
13.4
14.2

108.7
164.6
147.7
132.5
-2.1
17.2
16.9

96.1
168.9
155.4
137.5
3.0
14.9
13.5

90.2
159.6
150.9
138.4
.8
11.7
8.7

99.4
163.5
145.7
138.9
-3.2
10.0
17.8

108.1
119.1
138.2
133.1
-1.9
7.1
-19.2

115.3
105.8
136.8
128.8
3.4
4.5
-31.0

125.8 GROSS INVESTMENT
3
132.&-CAPITAL EXPENDITURES
4
141.6 FIXED INVESTMENT
5
132.1BUSINESS PLANT ♦ EQUIPMENT6
6.2NONFARM HOME CONST. (II7
3.4MULTI-FAMILY RESIDENTIAL8
-9.5
CHANGE IN INVENTORIES
9

10
11
12
13
14
15
16
17
18
1’
20
21

-34.5
I4«8
49.2
5*7
42.3
19.8
»3
11.6
5*8

-36.7
25.3
62.0

-45.0
33»®
78.7

48.2
18.8

59.6
12.2
1«2
26.2
I6**
3.3

-61.7
43.9
105.5
7.4
77.6
9.2
-.9
28.4
3**0
5.1

-65.5
46.6
112.1
4.1
88.0
19.7
-.9
22.8
29.8
14.9

-55.9
66.7
122.6
6.2
78.6
17.1
-2.2
23.0
33.6
5.5

-72.9
70.7
143.6
5.0
106.8
19.0
1.8
29.3
42.1
13.0

-69.4
41.8
111.2
*
90.4
16.6
*
19.0
25.8
27.6

-64.1
6.8
70.9
5.2
76.2
25.9
-3.1
20.0
17.8
13.6

-11.0
-17.2
-6.2
7.7
26.5
40.1
-1.9
12.7
-29.1
3.0

9.5
40.1
30.7
12.9
21.4
30.5
2.1
12.9
-21.1
-6.4

-6.3 NET FINANCIAL INVESTMENT
10
34.6 NET ACQ. OF FINANCIAL ASSETS 11
40.9 NET INCREASE IN LIABILITIES
12
8.1CORPORATE EQUITIES 13
35.5CREDIT MARKET INSTRUMENTS14
21.2CORPORATE BONDS
15
4.2HOME MORTGAGES
16
14.4OTHER MORTGAGES
17
-11.6BANK LOANS N.E.C. 18
5.0OTHER LOANS
19

8.6
-7.3

5.3
-2.9

15.4
-7.1

20.1
.4

18.6
1.3

29.2
8.5

29.6
2.1

18.2
2.5

-2.6
-7.8

-21.0
-19.4

6.1
-9.7

7.5
-10.2

22

6.7

10.2

14.8

13.8

13.6

6.7

15.3

16.2

16.6

14.0

15.3

16.5

3mO

19.5
5*9
1*9

199.6 INCOME BEFORE TAXES
142.3 GROSS SAVING

TRADE DEBT
OTHER LIABILITIES

1
2

20
21

FARM BUSINESS
1
2
3
4
5
6

16.9
-.1
6.4
.4
6.0
6.3

17.2
*
7.0
.5
6.5
6.9

21.0
.1
7.5
.6
6.9
7.6

38.5
.3
8.4
.6
7.8
8.7

31.8
.4
9.3
.7
8.7
9.7

39.1
.4
9.0
.7
8.4
9.4

29.1
.4
9.3
.7
8.6
9.7

29.8
.4
9.5
.7
8.8
9.8

29.1
.4
9.6
.7
8.9
10.0

22.2
.4
9.7
.7
9.0
10.1

22.7
.4
9.8
.7
9.1
10.2

29.9
T INCOME
.4 T SAVING
9.9
PITAL CONSUMPTION
.7 CORPORATE
9.2
NONCORPORATE
10.3 CURRENT SURP. = GROSS SAVING

7
8
9
10
11

6.3
7.0
6.3
.5
.2

6.9
8.4
6.4
.6
1.4

7.6
8.4
7.1
.6
.7

8.7
13.9
9.5
.5
4.0

9.7
15.4
12.3
.7
2.3

9.4
15.3
10.9
.7
3.8

9.7
15.9
12.0
.8
3.1

9.8
15.4
12.5
.8
2.1

10.0
14.8
13.8
.7
.3

10.1
11.8
12.8
.5
-1.4

10.2
13.5
13.2
.8
-.4

10.3 GROSS INVESTMENT
13*8 CAPITAL EXPENDITURES
11.7 PLANT ♦ EQUIPMENT
1.0 RESIDENTIAL CONSTRUCTION
1.2 CHANGE IN INVENTORIES

7
8
9
10
11

12
13
14
15
16
17

-.7
.6
.1
.5
.4
.1

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

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

-5.2
.7
.7
.6
.2

—5.6
.8
.1
.8
.6
.2

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

-6.3
.9
*
.9
.6
.4

-5.5
.9
.1
.8
•6
.2

-4.8
.9
.1
.8
.6
.2

-1.8
.8
.1
.8

-3.4
.8
.1
.7

.2

.1

-3.6 NET FINANCIAL INVESTMENT
•8
NET ACQ. OF FINANCIAL ASSETS
.1
OEMAND DEPOSITS ♦ CURRENCY
.7
MISCELLANEOUS ASSETS
.6
INSURANCE RECEIVABLES
.1
EQ. IN SPONS. AGS. (2)

12
13
14
15
16
17

18
19
20
21
22
23
24

1.4
3.2
1.8
.8
.6
-.1
.7

2.1
4.1
2.0
1.3
.7
*
.7

1.7
4.9
2.6
1.8
.5
*
.4

5.9
8.6
4.4
3.0
1.2
.1
1.1

6.5
7.8
4.9
.9
1.9
.3
1.7

6.6
5.7
3.3
1.7
.7
-.2
.9

ImZ

9.7
5.6
1.1
3.0
.4
2.6

6.4
9.5
5.5
•6
3.3
.6
2.7

5.7
6.3
5.3
.2
.7
.3
.4

2.6
6.6
4.6
.4
1.6
1.0
.5

4.2
5.2
4.6
1.3
-.8
-3.2
2.4

4.4
7.9
4.0
2.7
1.2
.4

25
26

.9
-2.8

1.1
-3.1

1.5
-4.6

1.5
-4.2

1.2
-2.5

1.8
-.8

1.3
-3.8

1.4
-4.4

.3
-1.0

-1.3
-2.7

-2.2
1.2

-.2
-3.3

mb

•6

•8

I
2
3
4
5
6

NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
MORTGAGES
BANK LOANS N.E.C.
OTHER LOANS
U.S. GOVERNMENT
FICB

18
19
20
21
22
23
24

TRAOE DEBT
PROPRIETOR NET INVESTMENT

25
26

60.3

62.2

65.3

67.7

71.3

69.4

70.6

72.4

72.7

72 .9

73.7

14.6
14.6

15.7
15.7

17.7
17.7

19.3
19.3

21.3
21.1

20.6
20.6

21.2
21.2

21.5
21.3

21.7
21.2

21.9
21.9

22.2
22.2

22.4 CAPITAL CONSUMPTION
22.4 CURRENT SURP. - GROSS SAVING

2
3

4
5
6
7
8
9
10

14.6
16.9
18.3
10.6
.2
7»&
-1.4

15.7
21.6
21.7
11.5
1.2
9.1
-.1

17.7
23.4
25.3
12.2
.8
12.3
-1.9

19.3
25.1
26.6
12.9
-.5
14.2
-1.5 *

21.1
22.9
21.9
12.8
—•6
1.0

20.6
24.9
23.9
12.8
-1.4
12.4
1.1

21.2
25.3
24.6
12.9
1.1
10.6
.6

21.3
21.9
21.3
12.9
*
8.4

21.2
19.5
17.9
12.7
-1.9
7.2
1.6

21.9
12.1
16.6
12.7
-1.2
5.0
-4.4

22.2
14.5
17.1
12.2
1.3
3.5
-2.7

22.4 GROSS INVESTMENT
15.8 CAPITAL EXPENDITURES
17.3
FIXED CAPITAL
12.3
PLANT ♦ EQUIPMENT
2.6
HOME CONSTRUCTION (1)
2.4
MULTI-FAMILY RESIDENTIAL
-1.5
CHANGE IN INVENTORIES

4
5
6
7
8
9
10

11
12
13
14
15
16
17

-2.4
1.3
—
•6
.7
.7
*

-5.9
1.5
—
.7
.8
.8
*

-5.8
2.3
—
1.3
1.0
1.0
*

-1.8
1.9

-4.3
.7

-4.1
2.5

—

—

—

—.6
3.1

1.7
1.7

9.8
1.0

7.7
2.6

.9
1.0
1.0
*

-.3
1.0
1.0
*

1.4
1.1
1.0
.1

2.1
1.0
1.0
*

1.0
1.0
*

*
1.0
1.0

1.6
1.0
1.0
*

18
19
20
21
22
23

3.7
5.3
4.9
.2
4.3
.4

7.4
8.7
8.0
1.0
6.2
.9

7.7
10.4
9.2
•6

3.8
7.2
6.1
-.4
5.6
1.0

4.9
3.8
5.0
-1.1
4.8
1.3

6.6
10.5
8.0
.9

1.3

8.0
9.3
7.1
-.4
5.9
1.6

3.6
8.2
6.2
*
5.6
•6

-.1
6.4
5.3
-1.5
6.2
•6

-8.8
.5
3.6
-1.0
4.4
.2

-5.1
-.2
4.2
1.1
2.7
•5

-4.0
5.8
6.6
2.1
4.1
.4

24
25

—.6
1.0

.2
.5

.7
.4

.4
1.8

-1.0
2.1

-2.0
.8

.3
2.1

-.4

-1 .9
3mO

-3.1
*

-2.4
-2.0

-.5
-.3

26
27

.2
-1.8

.3
-1.6

.2
-2.8

-1.0
-.3

-.6
-2.8

-.1
1*2

-1.3
-2.6

-.5
-5.9

-3.4
-5.8

-1.3
-3.7

0

1
2
3

1
VII
•

NONFARM NONCORPORATE BUSINESS

2.1
—
1.1
1.0
1.0
*

7 .3

9 .7

5 mb

1.6

mb

_

2.4

-.6
-3.9

ml

75.1 NET INCOME

6.6 NET FINANCIAL INVESTMENT
2.5 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY
1.5
CONSUMER CREDIT
1.0
MISCELLANEOUS ASSETS
1.0
INSURANCE RECEIVABLES
*
EQ. IN SPONS. AGS. (2)

-2.7
-7.2

BANK LOANS N.E.C.
OTHER LOANS
TRADE DEBT, NET
PROPRIETOR NET INVESTMENT

(1) CHANGE IN WORK IN PROCESS.




11
12
13
14
15
lfc
17

NET INCREASE IN LIABILITIES
18
CREDIT MARKET INSTRUMENTS 19
MORTGAGES
20
HOME MORTGAGES
21
MULTI-FAMILY
22
COMMERCIAL
23

(2) SHARES IN FICB'S, BANKS FOR COOPS, AND LAND BANKS.
II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

1

24
25
26
27

10 NOVEMBER 1975
NONFINANCIAL CORPORATE BUSINESS

NONFINANCIAL CORPORATE BUSINESS

10

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWS
1973
III

1974
II

III

UNAOJUSTEO QUARTERLY FLOWS
1975
II

1
IV |

NONFINANCIAL CORPORATE BUSINESS

95,189
40.528
23.638
31.033
3.678
-17.579
67,464
84.596
9
10
11
12
13
14
15

109.365
45.290
30.604
33.471
10.598
-35.080
72.494
81.483

25.967
11.118
5.533
9.316
844
-5.515
16.803
21.448

23.141
9.804
5.798
7.539
942
-3,861
16.960
21.580

23.458 24.617 28.960 30.830
9.941 10,251 12,098 12,634
6.895
6.677 7.901
7.707
6.632
7.689 8.961 10.489
1,147
2,955 2,776
2,918
-3,376 -7,807 -8,956 -12.202
17.246 17.518 17.898 18.330
21.649 20.355 20.679 19.535

70.792 67.866 18.756
121.509 125.898 30.972
108.628 114.957 29.107
103.319 111.720 26.519
-539
-554
530
5.848
3.791 2.058
12.881 10.941 1.865

17.084
29.099
28.291
25.898
888
1.505
808

15.574
34.889
28.659
28.294
-976
1,341
6.230

22.373
29.037
24,161
25.205
-1.641
597
4.876

24.958
10,307
8.319
6.332
1,949
-6.115
18.748
20.914

17.967 22.824 25.384 PROFITS BEFORE TAX
6.758 8.696 9.377 - PROFITS TAX ACCRUALS
6.884 6,728 6,465 - NET DIVIDENDS PAID
4.325 7.400 9,569 * UNDISTRIBUTED PROFITS
545641
629 ♦ FOREIGN BRANCH PROFITS
-2.808 -2.884 -2.113 ♦ INV. VALUATION ADJUSTMENT
19.210 19.661 20.197 ♦ CAPITAL CONSUMPTION ALLOW.
21.272 24.818 28.282 = GROSS INTERNAL FUNDS

17.930 14*362 13.201 21.116 22.023
33.865 29,338 33,658 21,400 21,201
32,168 29,729 28,899 22,746 29,480
29.414 27,776 29,325 24,732 27,301
-979 -1,764
837
1.229
924
1.917
724
553
-222
1,255
1.697
-391
4.759 -1,346 -8,279

16 -50.717 -58.032 '12,216 -12.015 -19.315 -6.664 -15.935 -14.976 -20.457
-284
17 40.888 43.765 12,798
9.950
8.426 14.762 16.552 10.225 2.226 -6,737
18 6.949 13.223
19
-270
347
20
1.354 6.577
21 -1,813
3.515
22
616
-137
23 5.241 4.945
24 2.574 -2.777

2.908
1.459
-265
3.654
4.493
293
192
1.324 -1,370 -1,394
1.174 -3.250
1,653 3.991
-35
424
-442 -1.842
971
-958
625
-375
-637
531
-11
3.136
654
1.066
2.677 2.320
-669
1.656
261
1.960 -1.676

25
2.007
1.170
26 24.080 20.806
27 7.852
8.566
28 3.649 7.152
29 2.568
-200
30
1.616
1.597
31
19
17

742
7.290
1.858
669
783
401

822
9.241

23.258 GROSS INVESTMENT
24,101 CAPITAL EXPENDITURES
28,503
FIXED INVESTMENT
26,317
PLANT ♦ EQUIPMENT
HOME CONSTRUCTION
2.063
MULTI-FAMILY RESIDENTIAL
123
-4.402
CHANGE IN INVENTORIES

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

16
-843 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS 17
8.803

1.651 3.425
2.160
4.211
-627
845 2.266 -1,160
-106
-462
718
215 -2,241 -1.278
393
-683 4.732
-881 6,314
2.393
35
61
390
-300
-44
-198
146 2.020
-305 -1.719
934 -3.995
1.499
1.245
-14

LIQUID ASSETS
DEMAND DEP. ♦ CURRENCY
TIME DEPOSITS
U.S. GOVT. SECURITIES
S. + L. OBLIGATIONS
COMMERCIAL PAPER
SECURITY R.P.»S

18
19
20
21
22
23
24

1.730 -1,808
373
6.367 -6.074 -6,248
1.834 3.145
1,946
1.827
2.743
1.470
-400
0
76
401
400
398

557
2.442
2.031
1.832
-200
399

514
4.176
1.953
1.550
0
400

CONSUMER CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
FOREIGN DIR. INVEST. Cl)
FOREIGN CURRENCIES
INSURANCE RECEIVABLES
EQUITY IN SPONSORED AGS.

25
26
27
28
29
30
31

32 91.605 101.797 25.014 21.965 27.741 21.426 32,487 25.201 22.683 -6.453
33 67.151 77.112 20.627 15.311 14,972 16.479 25,937 17.192 17.504 4.428
34 7.420 4.097 2.169
1,244
1.555
-5
1.303
1.933
1.287 2,213
35 59.731 73.015 18.458 14.024 12.759 14.924 24.693 17.197 16.201 2.495

8.419
10.303
3.223
7.080

9.646
6,600
2,024
4.576

811
8.272
2.121
739
326
1.056

601
5.331
3,272
1.651
441
1.180

36
37
38
39
40
41

198
7,545
748
313
36
393

2.219 -1.799
866
5.062 10.123 10.390
1.410
1.945
1.642
606
1.141
1.441
400
400
-200
399
401
397

1.796
1.648
9.159 19.670
16.125 10.895
-432
-443
2.482
2.237
14.075 9.101

535
3,047
5,028
424
848
3,756

489
2.657
5.364
710
716
3.938

411
451
2.003
3.705
1,635
3.257
-781 -1.313
415
397
3,623
2.551

42 30.629 29.885
43
-176 4.122
44
-123
1.262
45
1.996 4,475
46
325
1.058

9.066
141
-19
617
43

5.388
110
125
-146
37

47

2.323 4.410 -2.698
19.594 18.052 6.497
588
2.537 2.223

1.409
4.359
886

50

13.804 13.617

2.692

4.496

51 4.486
2.754
52 38.103 41.084

793
14.956

424
5.386
4.845
670
678
3.497

331
4.192
2.965
984
516
1.465

430
482
6.387 9.430
1.450 -1.031
-784 -1.412
646
315
1.588
66

5,139
1.258
-7
561
97

6.606 12.694
888
718
140
254
355
1.62 5
-86
17

4.843
2.740
479
1.593
54

5.742 -8.346 -2.457 -5,064
-224 1.529 -2,307
273
389
71
-144
-25
728
138
902
405
56
50
1.073
7

895
11.162
712

2.358 -2.060
1.412
6.910
1.700
1.177

3.174
4.836
-1

938 -1.722 -5,061
4.894 -9.499
2,554
340
-653
623

5.173

7.713

156

2.795

5.024

1.531 -10.968
8,384
8.712

3.251
8.895

-112
15,231

1.656
8,501

53 42.576 41.411 42.815 42.366 42,377 41.641 41.774 40.979 41.297 37.613 38.100
54 143.634 154.508 144.404 134.842 161.157 142.652 163.765 150.181 160.935 100.601 85.425
55 49.157 57.995 59.595 48.194 36.570 51.396 72.915 58.616 48.134 11.658 33.394

36.940
85,216
18,986

6,075 -2.018

3.186 -6,100
7.668
7,857

8.711
8.566

2.749
3.480
15.422

76
2.520
450

NET INCREASE IN LIABILITIES
NET FUNDS RAISED IN MKTS.
NET NEW EQUITY ISSUES
DEBT INSTRUMENTS
TAX-EXEMPT BONDS (2)
CORPORATE BONDS (1)
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL

36
37
38
39
40
41

BANK LOANS N.E.C.
COMMERCIAL PAPER
ACCEPTANCES
FINANCE COMPANY LOANS
U,S. GOVERNMENT LOANS

42
43
44
45
46

PROFIT TAXES PAYABLE
47
48
TRADE DEBT
MISCELLANEOUS LIABILITIES

51
52
PER CENT RATIOS:

DEBT SUBTOTALS:
56 39.763 44.610
57 19.968 28.405
58 41.885 50.867

11.812
6.646
10.445

9.955
4.069
9.837

8.548
4.211
16.268

9.706 15.063
5.218 9.630
8,988 14.480

8.441 11.400 6.903 9.482
8.756 4.801 -4.408 -2.402
16.766 10.633 -15.629 -4.909

5.527
-951
1.645

MATURITY SPLIT ON DEBT IS APPROXIMATE: L-T IS BONDS,
M-F ♦ COMMERCIAL MORTGAGES, AND 40X OF BANK LOANS. S-T
DEBT IS OTHER CREDIT MARKET BORROWING. TOTAL S-T
LIABILITIES IS S-T BORROWING ♦ TAX LIABILITIES ♦ TRADE
DEBT.
Cl) FOREIGN INVESTMENT EXCLUDES AMOUNTS FINANCED BY BONO
ISSUES ABROAD, AND BOND ISSUES OUTSIDE THE U.S. ARE
EXCLUDED FROM FINANCIAL SOURCES OF FUNDS ABOVE.
C2) INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. THESE
ARE FORMALLY ISSUED BY STATE AND LOCAL GOVERNMENT
AUTHORITIES, BUT THEY FINANCE PRIVATE INVESTMENT
ANO ARE SECURED IN INTEREST AND PRINCIPAL BY THE
INDUSTRIAL USER OF THE FUNDS.
111/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




56
57
58

10 NOVEMBER 1975
NONFINANCIAL CORPORATE BUSINESS

NONFINANCIAL CORPORATE BUSINESS
II
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

1974
1970

1971

1972

1973

1974 |

II

III

SEASONALLY ADJUSTED ANNUAL RATES

1975
II

I
IV |

NONFINANCIAL CORPORATE BUSINESS

1
2
3
4
5
6
7
8

55.7
27.5
20.0
8.3
2.3
-4.8
53.6
59.4

63.1
29.7
20.2
13.3
2.0
-4.9
57.7
68.0

76.0
33,3
22.1
20.7
2.1
-7.0
63.0
78.7

95.2
40*5
23.6
31.0
3.7
-17.6
67.5
84.6

109.4
45.3
30.6
33.5
10.6
-35.1
72.5
81.5

100.8
42.1
27.3
31.4
11.5
-27.7
70.1
85.3

9
10
11
12
13
14
15

52.7
84.0
78.4
75.1
.2
3.1
5.7

57.8
87.2
82.1
77.1
1.2
3.8
5.1

64.0
102.5
92.8
87.1
.8
4.9
9.7

70*8
121.5
108.6
103.3
-.5
5.8
12.9

67.9
125.9
115.0
111.7
-•6
3.8
10.9

16
17

>31.3
12.9

-29.4
23.1

-38.5
30.8

-50.7
40.9

18
19
20
21
22
23
24

-.4
.9
1.7
.5
-.6
.5
-3.4

10.6
.5
3.6
2.2
1.0
2.4
•8

4.0
-.1
3.1
-2.4
1.0
.8
1»6

25
26
27
28
29
30
31

.7
8.4
4.2
3.6
-.4
.9
.1

.6
5.7
6.2
3.8
1.4
1.0
*

32
33
34
35

44.2
39.5
5.7
33.8

37
38
39
40
41

109.6
45.6
32.4
31.7
10.6
-33.4
71.6
80.5

126.8
52.2
33.1
41.5
11.7
-51.2
73.3
75.3

100.2
41.3
29.6
29.3
8.6
-28.1
75.0
84.8

75.2
28.6
28.4
18.2
2.0
-7.0
76.8
90.1

86.3
32.6
28.2
25.5
2.5
-8.4
78.6
98.2

124.3
112.3
108.8
-1.4
4.8
12.0

65.2
127.8
118.0
112.6
1.1
4.3
9.8

59.1
122.4
116.3
113.1
*
3.2
6.1

68.2
129.2
113.3
112.4
-1.9
2.8
15.9

76.1
95.1
108.4
107.6
-1.2
2.1
-13.3

82.9
77.8
105.7
103.4
1.3
1.0
-27.9

-58.0
43.8

-45.6
65.4

-62.5
67.3

-63.3
37.8

-61.0
4.3

-19.0
-19.0

5.1
36.7

-9.3 NET FINANCIAL INVESTMENT
16
31.2 NET ACQ. OF FINANCIAL ASSETS 17

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

.3
6.6
3.5
.6
4.9
-2.8

-.5
6.8
-2.4
2.1
8.8
7.8

-1.3
15.8
3.0
*
8.8
-6.7

1.4
2.1
1.0
.1
2.1
3.7

1.7
1.7
12.4
.2
*
-16.0

1.7
-8.9
-1.1
1.6
6.2
5.0

1.7
-5.8
26.6
-.2
-1.7
-.1

12.6
-2.3
1.0
12.7
-1.2
-3.7
6.0

1.6
20.0
5.2
1.5
1.8
1.9

2.0
24.1
7.9
3.6
2.6
1.6

1.2
20.6
8.6
7.2
-.2
1.6
*

.1
38.0
4.5
1.3
1.6
1.6
*

2.9
38.4
6.3
5.5
—#8
1.6
*

1.9
17.6
7.9
7.8
-1.6
1.6
*

—.6
-10.7
15.6
14.0

.4
-27.9
4.2
2.3
.3
1.6

1.6
6.5
8.1
7.3
—.8
1.6
-

52.5
46.8
11.4
35.4

69.3
55.3

91.6
67.2
7.4
59.7

101.8
77.1
4.1
73.0

111.0
75.4
6.2
69.1

129.8
91.6
5.0
86.6

101.1
72.8
*
72.8

65.3
68.7
5.2
63.5

*
27.2
7.7
19.4

31.6
29.3
12.9
16.4

40.6
29.8
8.1
21.7

NET INCREASE IN LIABILITIES 32
NET FUNDS RAISED IN MKTS. 33
NET NEW EQUITY ISSUES
34
DEBT INSTRUMENTS
35

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

1.8
9.2
16.1
-.4
2.5
14.1

1.6
19.7
10.9
-.4
2.2
9.1

1.6
17.1
12.6
-l.l
1.9
11.8

1.7
19.0
17.4
.9
2.4
14.1

1.3
16.6
7.3
*
2.3
5.0

1.9
25.9
6.3
-1.5
2.3
5.6

1.7
40.1
2.5
-1.0
1.6
1.9

3.2
30.5
6.3
1.1
1.0
4.3

2.4
21.2
7.9
2.1
2.0
3.8

TAX-EXEMPT BONDS (2)
CORPORATE BONDS (1)
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL

42
43
44
45
46

5.6
2.2
.4
.4
.3

4.4
-1.7
.3
1.9
.2

13.5
-.6
*
2.8
.2

30.6
-m 2
-.1
2.0
.3

29.9
4.1
1.3
4.5
1.1

33.9
“*•8
1.2
4.0
-.3

40.7
6.2
1.2
.5
.1

25.6
10.7
1.5
9.4
.2

19.4
.4
1.2
4.1
4.3

-26.4
1.7
.9
-1.1
*

-20.0
-5.6
-.4
2.1
.2

-.5
3.6

47
48
49

-3.7
7.4
1.0

2.0
3.8
-.1

-.1
13.7
.4

2.3
19.6
2.5

4.4
18.1
2.2

3.4
27.5
4.7

1.7
29.7
6.8

10.9
17.4
*

1.6
-2.4
-2.6

-12.2
-16.3
1.4

-9.7
9.6
2.5

-1.5
10.4
1.8

50

6.7

10.2

14.8

13.6

6.7

15.3

16.2

16.6

14.0

15.3

16.5 DISCREPANCY

51
52

.9
30.3

1.9
27.8

6.3
33.7

2.8
41.1

10.5
39.3

8.7
43.0

.2
41.9

-8.3
40.2

-11.6
41.4

-3.1
42.5

-1 .6

53
54
55

49.4
141.4
40.2

47.0
128.3
40.6

43.8
130.1
43.3

143.6
49.2

41.4
154.5
58.0

41.7
145.7
55.6

41.6
158.6
67.8

41.2
162.5
59.5

41.2
152.4
49.1

38.0
105.6
20.4

37.8
79.2
21.1

56
57
58

27.0
6.7
10.5

31.1
4.2
10.0

33.2
11.2
24.8

39.8
20.0
41.9

4^.6
28.4
50.9

46.0
23.2
54.1

53.4
33.2
64.6

35.6
37.2
65.6

43.5
20.0
19.2

34.7
-15.3
-43.9

31.0
-14.6
-14.7

IB mb

-

1.6
*

106.1
39.7
28.7
37.9
2.5
-11.5
80.8
109.7

PROFITS BEFORE TAX
- PROFITS TAX ACCRUALS
- NET DIVIDENDS PAID
« UNDISTRIBUTED PROFITS
♦ FOREIGN BRANCH PROFITS
♦ INV. VALUATION ADJUSTMENT
♦ CAPITAL CONSUMPTION ALLOW.
= GROSS INTERNAL FUNDS

1
2
3
4
5
6
7
8

93.2 GROSS INVESTMENT
102.5 CAPITAL EXPENDITURES
111.7 FIXED INVESTMENT
108.1
PLANT ♦ EQUIPMENT
2.6
HOME CONSTRUCTION
1.0
MULTI-FAMILY RESIDENTIAL
-9.2
CHANGE IN INVENTORIES

9
10
11
12
13
14
15

LIQUID ASSETS
DEMAND DEP. ♦ CURRENCY
TIME DEPOSITS
U.S. GOVT. SECURITIES
S. + L. OBLIGATIONS
COMMERCIAL PAPER
SECURITY R.P.'S

CONSUMER CREDIT
25
TRADE CREDIT
26
MISCELLANEOUS ASSETS
27
FOREIGN DIR. INVEST. (1) 28
FOREIGN CURRENCIES
29
INSURANCE RECEIVABLES
30
EQUITY IN SPONSORED AGS. 31

m2

PROFIT TAXES PAYABLE
TRADE DEBT
MISCELLANEOUS LIABILITIES

M EM O: N E T T R A D E

C R E D IT

40.6 PROFITS TAX PAYMENTS

51
52

PER CENT RATIOS:
37.4 EFFECTIVE TAX RATE
53
93.5 CAPITAL OUTLAYS/INTERNAL FUNDS 54
21.2 CR. MKT. BORROWING/CAP. EXP.
55
DEBT SUBTOTALS:
23.9 LONG-TERM DEBT
-2.2 SHORT-TERM DEBT
6.8 TOTAL S-T LIABILITIES

(1) FOREIGN INVESTMENT EXCLUDES AMOUNTS FINANCED BY BOND
ISSUES ABROAD* AND BOND ISSUES OUTSIDE THE U.S. ARE
EXCLUDED FROM FINANCIAL SOURCES OF FUNDS ABOVE.
(2) INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. THESE
ARE FORMALLY ISSUED BY STATE AND LOCAL GOVERNMENT
AUTHORITIES* BUT THEY FINANCE PRIVATE INVESTMENT
AND ARE SECURED IN INTEREST AND PRINCIPAL BY THE
INDUSTRIAL USER OF THE FUNDS.




36
37
38
39
40
41

42
BANK LOANS N.E.C.
43
COMMERCIAL PAPER
ACCEPTANCES
FINANCE COMPANY LOANS
U.S. GOVERNMENT LOANS

MATURITY SPLIT ON DEBT IS APPROXIMATE: L-T IS BONOS*
M-F + COMMERCIAL MORTGAGES* AND 40t OF BANK LOANS. S-T
DEBT IS OTHER CREDIT MARKET BORROWING. TOTAL S-T
LIABILITIES IS S-T BORROWING ♦ TAX LIABILITIES
TRADE
DEBT.

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION

18
19
20
21
22
23
24

56
57
58

10 NOVEMBER 1975
GOVERNMENTS
12

GOVERNMENTS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(MILLIONS OP DOLLARS)

UNADJUSTED QUARTERLY FLOWS
1974 |

II

UNADJUSTED QUARTERLY FLOWS
1973
III

1974
II

III

I
IV |

1975
II

STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS
1
2
3
4

193.527
141,295
11.728
40.504

207.688 48.822 45.301 53.779 48.156 52.311 48.920 58.301 52.991 57.333 54.439 TOTAL RECEIPTS, NIA BASIS
151.102 35.339 32.480 40.530 34.797 37.833 34.976 43.496 37 .267 40.251 36.994
TAX RECEIPTS
12.833 2.903 2.973
3.035 3.102
3.172
3.243 3.316 3.417 3.518
3.583 SOCIAL INSURANCE RECEIPTS
43.753 10.580 9.848 10.214 10.257 11.306 10.701 11.489 12.307 13.564 13.862 GRANTS IN AID RECEIVED

184.371
169.816
14.555
9.156
9.415
-259

205.887 45.836 47.486 47.955 48.191 51.267
192.321 42.205 43.850 44.266 45.037 47.966
13.566
3.631
3.636
3.689 3.154 3.301
1.801
2.986 -2.185
5.824
-35
1.044
12.229 2.479 2.419 2.061
2.090
2.919
-10.428
507 -4.604
3.763 -2.125 -1.875

-5.395 -10.794 -2.140 -3.062
7.949 6.691
614
1.164
-312
102
916 -1.659
7.224 5.702
585 2.003
15
16
17
18

439
206
1.179
-973

19
20
21

235
-2
598

215
0
613

22
23
24
25
26

13.344
12.258
11.913
-248
12.161

17.485
16.556
15.723
2.867
12.856

28

345
1.086

929

274 -1.034
59 -1.186
-648
-643
707
-543

833

29

1.524 -1.969 -3.043 -6.115
5.073 2.055
1.705 -1.646
1.984 -1.472
2.218 -2.508
1.648
1.576
1.750
-240

675
738
466
272

1.290
1.261
811
450

152
0
147

-62
-1
145

30
-1
151

38
-1
153

2.754
2.468
2.708
-518
3.226

4.226
3.934
3.498
268
3.230

3.549
3.286
3.304
73
3.231

4.024
3.784
3.716
148
3.568

-2 4 0

286

53.201 53.228 54.179 57.249 58.814 TOTAL EXPENDITURES, NIA BASIS
49.774 49.544 50.091 52.912 54.316 PURCH. OF GOOOS + SERVICES
3.427 3.684 4.088
4.337 4.498 NET INTEREST ♦ TRANSFERS
-4.281 5.073 -1.188
84 -4.375 NET SURPLUS, NIA BASIS
3.254
3.966 2.470 4.130 3.524 - RETIREMENT CREDIT TO HH
-7.535
1.107 -3.658 -4.046 -7.899 * GROSS SAVING

436

-1 8

292

263

2.647 -1.542

1.798 -2.414
1.761 -2.459
1.295 -2.593
466
134

68
240
-156

333 -3.970 -4.870 -6.345 NET FINANCIAL INVESTMENT
-460
4.577
-448 -2.756 NET ACQ. OF FINANCIAL ASSETS
1.864 -1.410
1.069 -1.317
DEMAND DEP. ♦ CURRENCY
2.616 -1.422
-446 -2.640
TIME DEPOSITS

947
894
352
542

-57
-137
298
-435

45
0
151

53
0
155

79
1
154

-19
1
56

-14
2
57

116
2
12

4.748
4.526
4.686
710
3.976

4.469
4.223
3.740
1.602
2.138

4.244
4.023
3.581
407
3.174

3.510
3.275
3.201
107
3.094

4.422
4.198
4.178
669
3.509

3.589
3.362
3.196
-2.311
5.507

74

20

-1 6 0

222

483

44 2

246

221

1.168 -1.420

2.316 -1.128
2.334 -1.116
-308
1.559
775
-808

1.189
1.071
987
84

166

227

CREDIT MARKET INSTRUMENTS
U.S. GOVT. SECURITIES
DIRECT
U.S. GOVT. AGENCY SEC.

15
16
17
18

S. + L. OBLIGATIONS
HOME MORTGAGES
TAXES RECEIVABLE

19
20
21

NET INCREASE IN LIABILITIES
CREDIT MARKET BORROWING
S. + L. OBLIGATIONS
SHORT-TERM
OTHER
U .S .

G O V E R N M E N T LO A N S

TRADE DEBT

312
824 -1.554 DISCREPANCY
EMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE SECTOR.

U.S. GOVERNMENT
1
2
3
4
5

258.517
114.138
43.716
21.160
79.503

291.053 67.149 66.593
131.285 27.485 32.186
49.055 11.712 10.727
22.017
5.396
5.253
88.696 22.556 18.427

6
7
8
9
10
11
12

264.144
106.558
141.324
16.262
-5*627
2.125
-7.752

299.117
116.877
163.413
18.827
-8.064
2.885
-10.949

61.452 71.189 75.437 76.802 67.625 71.936 66.347
29.135 29.425 32.135 36.987 32.738 32.190 24.699
10.962 11.233 12.845 13.507 11.470 8.167 9.760
5.379
5.288
5.477
5.600
5.652 5.719 5.899
15.976 25.243 24.980 20.708 17.765 25.860 25.989

74.351 TOTAL RECEIPTS, NIA BASIS
36.343
PERSONAL TAXES
10.401 CORP. PROFITS TAX ACCRUALS
6.394
INDIRECT TAXES
21.213 SOCIAL INSURANCE RECEIPTS

66.150 66.173 67.575 70.052 74.241 74.856 79.968 84.046 89.510 90.787
27.262 25.214 27.810 27.463 29.347 28.528 31.539 31.311 33.024 31.196
35.042 36.750 35.306 38.047 40.380 41.437 43.549 47.758 51.319 54.097
3.846 4.209 4.459 4.542 4.514 4.891 4.880 4.977
5.167
5.494
999
420 -6.123
1.137
1.196
1.946 -12.343 -12.110 -23.163 -16.436
2.332
-291 3.816
-287
245
-769
129
-388
5.065 -1.053
-1.333
707 -6.368
1.428 -2.620
2.715 -12.472 -11.722 -28.228 -15.383

TOTAL EXPENDITURES, NIA BASIS
GOODS ♦ SERVICES
TRANSFERS, ETC.
NET INTEREST
NET SURPLUS, NIA BASIS
- INSURANCE CREDITS TO HH
* GROSS SAVING

13 -7.671 -7.314
228 -3.553 -1.454
-821
2.781 -8.628 -14.482 -25.502 -15.721 NET FINANCIAL INVESTMENT
-13
14 4.343 8.905 -4.572 -1.171
4.760
1.396 -2.064
6.116 3.457 3.923 -3.25 5 6.991
NET ACQ. OF FINANCIAL ASSETS
15
-19 1.354
-4
0
15
270
214
845
25
259
40
113
GOLD, SDR*S + OFF FGN EXCH
16 -1.847 -4.538
164 -5.195
1.651 -1.846
1.313 -1.103 -2.902
693
1.799
2.305
DEMAND DEPOSITS ♦ CURRENCY
17
-167
38
-40
-140
-151
151
-144
44
-13
173
-120
110
TIME DEPOSITS
18 2.982 7.429
-507
1.982
603
389
715
2.054 4.271 4.510
1.145
3.435
CREDIT MARKET INSTRUK NTS
19
-2
2
-7
-2
2
2
-1
1
0
4
0
-12
SPONSORED AGENCY ISSUES
20 -1.186
524
-815
260
-95
-144
67
246
355
1.525
1.091
1.387
HOME MORTGAGES
21
603
1.319
39
514
-75
-143
152
434
876
936
162
763
OTHER MORTGAGES
22 3.567
5.584
276
1.210
771
674
497
1.373
3.040
2.045
-108
1.297
OTHER LOANS
23 2.163 3.832 -4.623 2.304
1.944 2.101 -4.091
1.719 -2.001 -7.321
4.103
1.036
TAXES RECEIVABLE
24
274
856
330
-95
-71
209
225
334
88
119
520
198
TRADE CREDIT
25
-66
957
108
-27
769
178
-161
269
-352
170
176
300
MISCELLANEOUS
26
27
28
29
30
31
32
33
34

12.014 16.219 -3.751 -1.399
422
445
193
64
9.714 11.998 -5.994
-457
2.700
3.027
911
441
5.039 9.000 -6.852 -1.560
1.975
-29
662
-53
2.125 2.885
2.332
-287
116
-59
-336
112
950
54
-363
-831

35
“81 -3.635
36 41.553 45.223

-512
16.335

8.313
77
7.312
457
6.141
714
245
498
181

2.850 -2.051
100
97
3.389 -6.186
822
780
2.249 -7.252
360
244
-291
3.816
-306
177
-42
45

3.335 12.085 18.405 22.247 22.712
103
145
167
199
311
4.485 10.310 19.244 16.615 23.741
611
814
1.022
1.088
992
4.240 9.763 18.722 15.616 22.773
-366
-267
-500
-89
-24
-769
129
-388
5.065 -1.053
152
-82
-241
113
190
-636
1.583
-377
143
-36 5

479 -2.815
8.423 9.018

2.882 -2.607
9.132 16.936

-66 -3.844
9.404 9.751

2.760 -2.726
10.168 17.081

NET INCREASE IN LIABILITIES
TREASURY CURR. ♦ SDR CTFS.
CREDIT MARKET INSTRUMENTS
SAVINGS BONDS
DIRECT EXCL. SVGS. BONDS
AGENCY ISSUES ♦ MTGS.
LIFE ♦ RETIREMENT RESERVES
TRADE DEBT
MISCELLANEOUS

338 DISCREPANCY
9.365 MEMO* CORP. TAX RECEIPTS, NET

FEDERALLY SPONSORED CREDIT AGENCIES
316

53

63

69

73

77

81

2 22.019 23.706
3
98
-18
4 20.255 24.061
5 1.349
-204
6 8.393 12.166
7 1.964 2.792
8 8.549 9.305
9
279
998
10 1.102
1.650
11 7.168 6.657
12 1.666
-337

6.181
-24
5.859
230
1.989
527
3.113
-170
558
2.72 5
346

7.568
4
6.987
468
2.668
474
3.377
13
211
3.153
577

5.228
83
4.296
753
2.347
479
717
-161
29
849
849

2.907
-26
2.834
-787
2.489
396
736
541
347
-152
99

6.487
-54
7.173
-202
3.171
933
3.271
-312
936
2.647
-632

9.171
22
8.799
369
3.779
785
3.866
286
450
3.130
350

5.141
2.587
2.327
2.105 NET ACQ. OF FINANCIAL ASSETS
40
-50
-54
1
DEMAND DEPOSITS ♦ CURRENCY
5.255 2.702
2.618
1.812
CREDIT MARKET INSTRUMENTS
416 3.468
-442 -2.161
U.S. GOVERNMENT SECURITIES
2.729
1.968 2.786
2.564
RESIDENTIAL MORTGAGES (1)
678
777
795
622
FARM MORTGAGES
1.432 -3.511
-521
787
OTHER LOANS
483
-142
-62
129
TO COOPS (BC)
-83
271
902
-21
TO FARMERS (FICB)
1.032 -3.640 -1.361
679
TO S+L*S (FHLB)
-154
-65
-292
347
MISCELLANEOUS ASSETS

13 21.758 23.380
14 19.589 22.080
15 19.589 21.385
16
0
695
1.300
17 2.169
18
-34
-10

6.125
5.874
5.874
0
251
-3

7.490
7.043
7.043
0
447
-15

5.198
3.988
3.988
0
1.210
39

2.811
1.796
1.796
0
1.015
-23

6.373
6.447
6.447
0
-74
-37

9.002
8.942
8.832
110
60
-88

5.194
4.895
4.310
585
299
138

1

227

85

89

2.525
2.056
1.798
258
469
27

61

2.091
2.338
2.044
294
-247
-175

65 CURRENT SURPLUS

1.909 NET INCREASE IN LIABILITIES
2.517
CREDIT MARKET INSTRUMENTS
2.356
SPONS. AGENCY ISSUES (1)
161
U.S. GOVERNMENT LOANS
-608
MISCELLANEOUS LIABILITIES
-131 DISCREPANCY

(1) ALL GNMA-GUARANTEED SECURITIES BACKED BY MORTGAGE POOLS ARE INCLUDED
IN AGENCY SECURITIES. THE MORTGAGE POOLS ARE INCLUDED IN RESIDENTIAL
MORTGAGES.
II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




10
11
12
13
14

22
23
24
25
26
27

10 NOVEMBER 1975
GOVERNMENTS

GOVERNMENTS
13

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

1974
II
III

1974 |

SEASONALLY ADJUSTED ANNUAL RATES

1975
II

STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS
1
2
3
4

135.0
102.3
8.3
24.4

152.2
114.0
9.2
29.0

177.2
129.2
10.6
37.4

193.5
141.3
11.7
40.5

207.7
151.1
12.8
43.8

200.6
145.3
12.4
42.9

205.3
149.5
12.7
43.2

210.9
154.5
13.0
43.4

213.9
155.1
13.3
45.5

219.8
155.9
13.7
50.2

226.2
159.9
14.1
52.2

234.6 'OTAL RECEIPTS, NIA BASIS
164.7
TAX RECEIPTS
14.3
SOCIAL INSURANCE RECEIPTS
55.6 GRANTS IN AID RECEIVED

5
6
7
8
9
10

133.2
123.3
9.9
1.8
6.3
-4.5

148.8
136.6
12.2
3.4
6.3
-2.9

164.9
150.8
14.1
12.3
7.9
4.5

184.4
169.8
14.6
9.2
9.4
-.3

205.9
192.3
13.6
1.8
12.2
-10.4

197.4
184.8
12.6
3.2
8.4
—5.2

203.3
190.1
13.2
2.0
11.7
-9.7

208.8
195.1
13.7
2.1
13.0
-10.9

214.0
199.3
14.7
-.1
15.9
-16.0

221.5
205.1
16.4
-1.6
9.9
-11.5

227.0
209.7
17.3
-.9
16.5
-17.4

231.2
213.2
18.0
3.5
14.1
-10.6

11
12
13
14

-4.3
7.6
-2.9
10.0

-12.1
6.4
1.0
7.2

-2.7
12.2
1.5
6.8

-5.4
7.9
-.3
7.2

-10.8
6.7
.1
5.7

-4.1
11.6
•6
3.8

-10.7
8m3
5.0
11.9

-11.9
5.4
-2.7
2.0

-16.5
1.5
-2.5
5.2

-11.9
1.7
.8
-8.4

-17.4
.5

-11.1 1
NET FINANCIAL INVESTMENT
2.6 NET ACQ. OF FINANCIAL ASSETS
3.4
OEMAND DEP. + CURRENCY
-7.6
TIME DEPOSITS

15
16
17
18

.3
.2
.9
-.8

-2.0
-1.8
-1.3
-.5

3.6
3.4
4.0
-.6

.4
.2
1.2
—1.0

.3
.1
—.6
.7

6.6
6.4
4.6
1.9

-9.2
-9.4
-9.9
.5

5.5
5.3
3.1
2.2

-1.8
-2.1
-.4
-1.7

9.0
9.1
6.0
3.1

-4.0
-3.9
-3.2

6.8
6.3
6.0
.3

19
20
21

.2
*
.1

-.3
*
.3

.2
*
.3

.2
*
•6

.2
—
.6

.2
*
.6

.2
.6

.2
.6

.3
*
.6

-.1
*
.2

-.1
*
.2

.5
*
*

22
23
24
25
26

11.8
11.3
11.2
2.3
8.9

18.5
17.8
17.5
2.5
15.0

14.9
14.2
13.8
-.7
14.5

13.3
12.3
11.9
-.2
12.2

17.5
16.6
15.7
2.9
12.9

15.7
14.7
14.5
-.5
15.0

19.0
18.1
18.7
3.4
15.4

17.3
16.3
14.4
5.9
8.5

18.0
17.1
15.3
2.8
12.6

13*6
12.6
12.3
—•8
13.1

17.9
17.0
16.9
3.4
13.5

13.6
12.7
12.1
-9.9
22.0

27
28

.1
.5

.4
.7

.3
.7

.3
1.1

.8
.9

.3
1.0

—.6
.9

1.9
1.0

1.8
.9

.3
.9

.1
.9

.7
.9

29

-.2

9.1

7.1

5.1

.4

-l.l

1.0

1.0

.5

_

ml

3.6

-ml

*
TOTAL
EXPENDITURES, NIA BASIS
PURCH. OF GOODS ♦ SERVICES
NET INTEREST ♦ TRANSFERS
! SURPLUS, NIA BASIS
NET
■
- RETIREMENT CREDIT TO HH
i GROSS SAVING

7
8
9
10
11
12
13
14

CREDIT MARKET INSTRUMENTS
U.S. GOVT. SECURITIES
DIRECT
U.S. GOVT. AGENCY SEC.

15
16
17
18

S. ♦ L. OBLIGATIONS
HOME MORTGAGES
TAXES RECEIVABLE

19
20
21

NET INCREASE IN LIABILITIES
CREDIT MARKET BORROWING
S. «■ L. OBLIGATIONS
SHORT-TERM
OTHER

22
23
24
25
26

U.S. GOVERNMENT LOANS
TRADE DEBT

27
28

*
mb
.4 I
EMPLOYEE RETIREMENT FUNI

U.S. GOVERNMENT
1
2
3
4
5

192.0
92.2
31.0
19.3
49.5

198.5
89.9
33.4
20.4
54.6

227.2
108.2
36.6
20.0
62.5

258.5
114.1
43.7
21.2
79.5

291.1
131.3
49.1
22.0
88.7

278.1
124.1
45.9
21.5
86.7

288 mb
129.4
49.2
21.9
88.1

302.7
134.8
55.4
22.5
90.0

294.7
136.8
45.7
22.2
90.0

284.1
136.2
34.1
22.9
90.9

6
7
8
9
10
11
12

203.9
96.2
93.2
14.6
-11.9
2.5
-14.4

220*3
97.6
109.0
13.6
-21.9
2.9
-24.8

244.7
104.9
126.4
13.5
-17.5
3.2
-20.7

264.1
106.6
141.3
16.3
-5.6
2.1
-7.8

299.1
116.9
163.4
18.8
-8.1
2.9
-10.9

281.0
111.5
151.6
17.9
-2.8
1.6
-4.4

291.6
114.3
158.6
18.7
-3.0
9.9
-12.9

304.6
117.2
168.4
19.1
-1.9
-.7
-1.2

319.3
124.5
175.1
19.7
-24.5
.7
-25.3

338.5 355.0
128.4
126.5
192.3 205.6
19.7
21.1
-54.4 -103.3
1.4
14.8
-55.7 -118.1

361.9 1
129.9 GOOOS ♦ SERVICES
210.7
TRANSFERS, ETC.
21.3
NET INTEREST
-67.7 fET SURPLUS, NIA BASIS
-1.7 -66.0 « GROSS SAVING

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

-15.2
.7
-2.0
2.5
.3
2.8
-.1
-.1
.5
2.6
-2.3
-.8
.3

-24.9
4.2
-2.2
3.3
.1
3.2
*
-.3
•4
3.2
1.4
-1.7
.1

-21.1
-.1
-.3
-1.0
.1
2.6
*
-.6
.4
2.9
-.8
-.8
.1

-7.7
4.3
*
-1.8
-.2
3.0
*
-1.2
.6
3.6
2.2
.3
1.0

-7.3
8.9
1.4
-4.5
*
7.4
*
.5
1.3
5.6
3.8
.9
-.1

-2.9
7.5
.9
-.2
.6
2.2
*
*
— .6
2.7
2.5
.8
.7

-7.7
4.3
1.1
-.8
-.6
2.7
4c
.2
.6
1.9
2.4
.9
-1.4

2.7
21.2
3.4
-1.1
.2
8.1
*
.7
1.8
5.6
10.0
1.3
—.6

-21.4
2.6
.1
-16.2
-.1
16.8

-55.7 -114.2
18.0
-1.8
1.0
.2
10.5
1.5
-.5
ml
18.8
4.3
♦
6.8
4.2
3.7
.7
“•6
8.3
-14.2
-10.1
.5
2.1

-63.2 »
28.5 NET ACQ. OF FINANCIAL ASSETS 14
.5
GOLD, SDR•S ♦ OFF FGN EXCH 15
13.5
DEMAND DEPOSITS + CURRENCY 16
.4
TIME DEPOSITS
17
13.5
CREOIT MARKET INSTRUMENTS 18
*
SPONSORED AGENCY ISSUES 19
5.2
HOME MORTGAGES
20
3.1
OTHER MORTGAGES
21
5.3
OTHER LOANS
22
-1.3
TAXES RECEIVABLE
23
.8
TRADE CREDIT
24
1.2
MISCELLANEOUS
25

26
27
28
29
30
31
32
33
34

15.9
.6
12.8
.3
12.6
-.1
2.5
-.6
•5

29.1
.5
25.5
2.4
23.6
-.5
2.9
-.7
•8

21.0
.5
17.3
3.3
10.6
3.4
3*2
-.1
*

12.0
.4
9.7
2.7
5.0
2.0
2.1
.1
-.4

16.2
.4
12.0
3.0
9.0
*
2.9
-.1
1.0

10.4
.4
8.8
3.2
4.1
1.4
1.6
-1.3
•8

12.0
.4
1.4
3.0
-2.6
1.0
9.9
2.1
-1.8

18.5
.4
18.2
2.7
17.0
-1.5
-.7
.3
.3

24.0
•6
19.6
3.2
17.5
-1.1
.7
-1.4
4.4

73.7
.7
72.4
4.2
70.2
-2.0
1.4
-l.l
.4

112.4
1.2
95.8
4.0
92.2
-.4
14.8
2.0
-1.5

35
36

•8
33.4

•i
32.0

.4
37.3

-.1
41.6

-3.6
45.2

-1.5
43.4

- 5 m2

-3.9
45.4

-3.9
45.3

♦
48.3

-3.8
47.6

46.8

_

1.3
3.5
12.1
.4
.4
1.1

ml

251.7
99.1
37.5
23.8
91.3

ml

294.1 TOTAL
■
RECEIPTS, NIA BASIS
131.7
PERSONAL TAXES
43.5
CORP. PROFITS TAX ACCRUALS
25.7
INDIRECT TAXES
93.3
SOCIAL INSURANCE RECEIPTS

91.7
•8
91.1
4.2
86.9
-.1
-1.7
mb

1.2

NET INCREASE IN LIABILITIES
TREASURY CURR. ♦ SDR CTFS.
CREDIT MARKET INSTRUMENTS
SAVINGS BONDS
DIRECT EXCL. SVGS. BONDS
AGENCY ISSUES ♦ MTGS.
LIFE ♦ RETIREMENT RESERVES
TRADE DEBT
MISCELLANEOUS

6
7
8
9
10
11
12

26
27
28
29
30
31
32
33
34

-2.8 DISCREPANCY
C
35
44.8 *
CORP. TAX RECEIPTS, NET 36

FEDERALLY SPONSORED CREDIT AGENCIES
1

.1

.1

.1

.2

.3

.3

.3

.3

.3

.4

.2

2
3
4
5
6
7
8
9
10
11
12

10.8
*
10.0
1.9
5.4
.5
2.3
.3
.7
1.3
•8

3.4
.1
3.2
-1.2
5.6

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

23.7
*
24.1
-.2
12.2
2.8
9.3
1.0
1.7
6.7
-.3

12.9
-.1
12.3
-5.5
10.7
1.5
5.8
1.6
.9
3.3

25.5
-.3
28.6
-.4
12.9
3.5
12.4
-.5
2.6
10.4
-2.9

35.4

-2.7
.2

6.6
*
7.0
-.4
5.5
1.2
.8
.3
.4
«
-.4

9.8
.9

21.0
.3
20.8
1.6
10.9
2.9
5.3
1.7
.4
3.2
-.1

11.8
-.2
11.9
11.4
8.7
3.1
-li.O
-1.1
.5
-10.5
.1

8.8
*
10.4
-1.3
11.3
3.0
-2.8
.5
2.4
-5.7
-1.5

13
14
15
16
17
18

10.8
8.2
8.2
2.5
.1

3.3
3.8
3.8
-.5
*

6.5
6.2
6.2
.3
-.1

21.8
19.6
19.6
2.2
*

23.4
22.1
21.4
.7
1.3
*

12.7
9.3
9.3
3.4
*

25.0
24.3
24.3

34.8
33.9
33.4
.4
.9
-.3

21.0
20.9
18.6
2.3
.1
.4

11.6
10.5
9.4
1.0
1.2
.2

7.8
7.6
6.5
1.2

ml

-2.0
*
ml

ml

-

.8
-.2

-

34.5
3.5
14.1
3.2
13.7
1.2
2 ml

m2

-.7

.3
3 CURRENT SURPLUS
6.8 NET ACQ. OF FINANCIAL ASSETS
-.3 DEMAND DEPOSITS ♦ CURRENCY
6.3 CREDIT MARKET INSTRUMENTS
-6.7
U.S. GOVERNMENT SECURITIES
9.2
RESIDENTIAL MORTGAGES (1)
2.5
FARM MORTGAGES
1.2
OTHER LOANS
.6
TO COOPS IBC)
.8
TO FARMERS CFICB)
-.2
TO S+L*S (FHLB)
.9 MISCELLANEOUS ASSETS

7
8
9
10
11
12

6.1
7.9
7.3
.6
-1.8
-.4

13
14
15
16
17
18

CREDIT MARKET INSTRUMENTS
SPONS. AGENCY ISSUES (1)
U.S. GOVERNMENT LOANS
MISCELLANEOUS LIABILITIES

(1) ALL GNMA-GUARANTEED SECURITIES BACKED BY MORTGAGE POOLS ARE INCLUDED
IN AGENCY SECURITIES. THE MORTGAGE POOLS ARE INCLUDED IN RESIDENTIAL
MORTGAGES.
111/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




10 NOVEMBER 1975
BANKING SYSTEM

BANKING SYSTEM

14

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(MILLIONS OF DOLLARS)
UNADJUSTED QUARTERLY FLOWS

1973

1974 1

11

UNADJUSTED QUARTERLY FLOWS

III

IV

I

I

II

III

IV !

I

II

III

MONETARY AUTHORITIES
1

132

171

32

36

39

42

2
3
4
5
6
7
8
9
10

7.842
4.710
-190
80
403
537
-875 -1.098
-723
-959
9.227 6.150
9.265
5.219
-38
931
0
0

964
-13
109
-74
-258
1.200
1.278
-78
0

4.306
457
13
0
64
121
988
63
2.752 -3,264
489
3.537
498
3.526
-9
11
0
0

-306
-4
57
-877
775
-257
-319
62
0

5.101
88
151
75
1,177
3,610
3,436
174
0

11
12
13

7,710 4.539
932
1.413 -1.217 -2.055
2.040
952 -1.231

4.269
421
6.144 -3.902
2.011
1,026

14
15
16
17
18
19

3.374 6,956
-498
439
-69
223
6.294
3.941
123
78
760 -2.230

37

4.273 -4.177
630 -2.911
-5
63
3.648 -1.329
9
46
-64
245

3,02 3
205
-200
3.018
19
255

-345
5,059
1.350
1.676
-976 -1.352
-451
-427
119
-143
36
-304

46

42

42

5.134 -5.219
15*
-163
108
221
1.424 -1.720
1.982 -4,893
1.461
1.336
1.275
827
186
509
0
0

3,240
35
136
162
514
2,393
2.364
29
0

1.256
11
398
-372
-252
1.471
1.817
-346
0

44

5,090 -5.265 3.198
1.214
3,170 -7,413 4,594 -4.461
1.128 -1.168
-388
2.152

4.594
-283
3.096
761
-367
472
26
259
-181
3,807 -1,014
3,644
39
24
-21
102
27 -2.055

38 CURRENT SURPLUS
5,202 NET ACQ, OF FINANCIAL ASSETS
208 GOLD ♦ FOREIGN EXCHANGE
132
TREASURY CURR. ♦ SDR CTFS,
F.R. FLOAT
435
841
F.R, LOANS TO DOMESTIC BANKS
3.586
CREDIT MARKET INSTRUMENTS
3,394
U.S. GOVERNMENT SECURITIES
192
ACCEPTANCES
0
BANK LOANS N.E.C.
5,164 NET INCREASE IN LIABILITIES
3,207 MEMBER BANK RESERVES
VAULT CASH OF COML. BANKS
948
DEMAND DEPOSITS ♦ CURRENCY
DUE TO U.S, GOVERNMENT
DUE TO REST OF THE WORLD
CURRENCY OUTSIDE BANKS
PROFIT TAXES PAYABLE
MISCELLANEOUS LIABILITIES

99
562
79
-542
-278
-49

5,680
2.277
-148
3,551
111
272

870
1.468
-148
-450
-23
162

1.257
1.110

1.245
1.117

1.273 CURRENT SURPLUS
1.007 PLANT ♦ EQUIPMENT

COMMERCIAL BANKING (1)
1
2

4.395
3.039

4.761
3,827

1.091
729

3
4
5
6
7
8
9

100.247
286
83.260
86.600
-1.273
-8,833
7.560

83.909
-182
62.205
64.634
1.010
-2.613
3.623

27,218
6
25.660
26.001
-1,08 5
-3.430
2.345

10 25.918 19.135
11 5.700 5,494
12
464
1,104
13 10.994 6,475
14 8.760 6.062

6.590
1.125
-101
3,054
2.512

15 61.955 44.489 20.496
16 10.608
2.762
4.057
17 52,115 39.507 16.506
18
-768
2.220
-67
56
0
19
20 -3.396 -2.429
21
22
23

3.453
6.009
7,239

1.114
786

1.133
807

1.173
937

1.154
950

23.204 29,563
138
137
16.110 30,682
17.553 27,978
-121
5,772
-2.701
3,266
2.580
2,506

13.491
-119
5.576
9,607
637
-224
861

39.701
-120
29.736
28.452
-4.756
-6.106
1.350

5,081
2.132
135
1,376
1.438

7.888
2.829
121
2.594
2.344

6.839
863
302
3.303
2.371

7.664
3,052
332
2,514
1.766

10.835 14,542
3,007
1.722
8,297 12,122
-469
698

0
0
-341 -1,443

3.889 25.320
-330 2,499
3.147 22.439
382
1.072

0
0
2,704 -4.031

-265 -3.286 8,155 -2.876
2,018
7,107 2,905 -3,039
15,044
1,840
1,933
-398

374
1.524
6.136

1.173
964

1.261
976

8.653 22.064 -8.941 14.460
-55
8
112
8
6,696 20,197 -13,163 15.927
8,840 17,735 -12 ,232 15.096
101
5.02 8 4.046
9.142
-523 4.240
3.718
8.574
788
328
568
624
2.594
-818
150
1.734
1.528

3.572
1.351
698
771
752

203
-531
631
42
61

6.145 9.135 -16.481
1.679 -1,086 -2.809
4.567 9.354 -13.828
-101
867
156

0
0
1.284 -2.144

0
2.462

0
-931

11,214 14.786
5,358 14.630
4.249
8.682 -3.771
3,950
6.870
5.976
8,969 10,662
160
95
128
18

18.322
11.964
6.338
20

10.824
8,907
1.833
84

706
460
-450
1,063
3.172
1,072
988
-74
63
-258
2.752 -3.264
2.90 5 -3.039
2.018
-290
100
0

250
3,012
-877
775
1.524
260

250
250
250
250
2.060
1.196
2,001 -3.822
75
1,424 -1.720
162
514
1.177
1.982 -4.893
6.470 -4.974 4.087 -3.820
0
175
-300
165

38
39
40

3,854
693
3.161

8.340
460
7.880

1,728
187
1.541

8,441
2,681
5,760

3.179
148
3.031

41 -1.559 -1.568 -1.376

286

-884

15.732
4.597
11.135

OTHER SECURITIES ♦ MTGS,
S. + L, OBLIGATIONS
CORPORATE BONDS
HOME MORTGAGES
OTHER MORTGAGES

2.735 -3.081
228
1,248
1.517 -4.075
990
-254

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

0
0
831 -3.128

97 -1,541

-490
4.602
585 1.183
4,017 -1,673
457

-581

CORPORATE EQUITIES
SECURITY CREDIT
VAULT CASH ♦ MEM. BANK RES.
OTHER INTERBANK CLAIMS
MISCELLANEOUS ASSETS

5.299
2.511
2.701
87

250
-268
-372
-252
-394
-500

250
387
435
841
-807
0

3.358 -2.556
-638 -1,400
3,996 -1.156

6.000
1.493
4.507

239 -1,157

TIME DEPOSITS
LARGE NEGOTIABLE CD’S
OTHER AT COMMERCIAL BANKS
AT FOREIGN BANKING AGS.
CORPORATE EQUITY ISSUES
CREDIT MARKET DEBT
F.R. FLOAT
BORROWING AT F.R. BANKS
OTHER INTERBANK CLAIMS
PROFIT TAXES PAYABLE
MISCELLANEOUS LIABILITIES
LIAB. TO FGN. AFFILIATES
OTHER

422 DISCREPANCY

(1) CONSISTS OF CHARTERED COMMERCIAL BANKS* THEIR DOMESTIC AFFILIATES,
EDGE ACT CORPORATIONS, AGENCIES OF FOREIGN BANKS, AND BANKS IN U.S.
POSSESSIONS. EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
APPEAR TOGETHER IN THESE TABLES AS -FOREIGN BANKING AGENCIES."
II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




19
20

13.175
6,749 NET INCREASE IN LIABILITIES
DEMAND DEPOSITS, NET
13.587 -5.656
U.S. GOVERNMENT
-853
133
14.440 -5,789
OTHER

3.680
13.223 9.287
3,694 -5,084 -6.342
9.464 14.178
9.901
65
193
121

1.216
1.000
32
33 10.627 2.387
34
-875 -1,098
-959
35
-723
36 6,009 7.107
37
85
125
17,471
1,063
16,408

2.216
642
289
672
613

3,426 -4.849
324
5.322 -6.285
4.155
-807
6.470 -4.974 4.087 -3.820
-394
3.291
1.664
3.953 4,608
3.768 -1.292

24 97.332 81,407 25.480 23.162 28.353 13,352 37,956
8,901 21.198 -8,849
25 12.588
114 6.606 -4.643 21.828 -14.663
7.587 -7.373 14.563 -20.835
26 -1,010 -5,058
-956 -2.224
1.655 -1.255
-243
-987 -2.573
-837
27 13.598
5.172
7.562 -2.419 20.173 -13.408
7,830 -6,386 17,136 -19,998
28 50,934 56.999
29 20.012 28.515
30 30.316 28.297
606
31
187

3.219
1.687
620
632
280

6.593 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY
-6
TOTAL BANK CREDIT
4.543
CREDIT MARKET INSTRUMENTS
7.671
8.536
U,S, GOVT, SECURITIES
8.754
DIRECT
AGENCY ISSUES
-218

32
33
34
35
36

10 NOVEMBER 1975
BANKING SYSTEM

BANKING SYSTEM
15

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

SEASONALLY ADJUSTED ANNUAL RATES

1973

I
1974 |

I

1974
II
III

|
IV |

I

1975
II

III

MONETARY AUTHORITIES
1

*

-.1

.1

.1

.2

.2

.2

.2

.2

.2

.2

2
3
4
5
6
7
8
9
10

5.3
-1.4
.7
.8
.2
5.0
5.0
*

8.3
-.8
.5
•1
-.3
8.9
8.7
.2
"

2.2
-.4
.7
-.4
1.9
.3
•4
-.2

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

4.7
.1
.5
-1.1
-1.0
6.2
5.2
.9
“

3.7
*
.2
2.9
1.5
-.9
-1.2
.2

20.9
.4
.6
-.5
7.3
13.1
12.4
.7

21.9
.6
.4
4.3
5.8
10.7
9.9
.7

-27.6
-.7
.9
-11.2
-18.4
1.8
-.3
2.0

17.6
.1
.5
7.2
.7
9.0
8.9
.1

5.8
*
1.6
-2.3
1.5
4.9
6.3
-1.4
**

11
12
13

5.3
2.1
—.3

8.4
3.6
.5

2.1
-2.1
1.1

7.7
1.4
2.0

4.5
-1.2
1.0

3.5
1.6
-4.8

20.7
12.8
-2.5

21.7
10.9
4.7

-27.8
-30.1
6.5

17.4
14.4
-5.9

5.7
-11.5
1.6

14
15
16
17
18
19

3.1
-.4
*
3.5
*
.4

4.4
•9
.1
3.4
*
-.2

3.2
-1.1
-.1
4.4
*
-.1

3.4
-.5
-.1
3.9
.1
•8

7.0
.4
.2
6.3
.1
-2.2

7.7
-1.2
.5
8.4
.1
-1.2

9.9
1.2
.1
8.6
.2
.4

6.0
2.2

4.2
-.5
-.7
5.4
-.1
-8.2

10.3
2.7
.3
7.3
-l.l
-.2

14.0
7.2
7.4
.4
1.1

5.1
-.1
.6

4.9 CURRENT SURPLUS
4.0 PLANT ♦ EQUIPMENT

ImO

2.7
.1
.1

.2 CURRENT SURPLUS

1

22.4 NET ACO. OF FINANCIAL ASSETS
•8 GOLD ♦ FOREIGN EXCHANGE
.5 TREASURY CURR. ♦ SDR CTFS.
.2 F.R. FLOAT
F.R. LOANS TO DOMESTIC BANKS
1.2
19.6 CREDIT MARKET INSTRUMENTS
18.9
U.S. GOVERNMENT SECURITIES
.8
ACCEPTANCES
BANK LOANS N.E.C.

2
3
4
5
6
7
8
9
10

22.2 NET INCREASE IN LIABILITIES
11.3 MEMBER BANK RESERVES
-.4 VAULT CASH OF COML. BANKS

11
12
13

10.8
6.3

14
15
16
17
18
19

-mb

DEMAND DEPOSITS ♦ CURRENCY
DUE TO U.S. GOVERNMENT
DUE TO REST OF THE WORLD
CURRENCY OUTSIDE BANKS
PROFIT TAXES PAYABLE
MISCELLANEOUS LIABILITIES

COMMERCIAL BANKING (1)
1
2

3.3
2.1

2.9
2.3

3.5
2.7

4.4
3.0

4.8
3.8

4.7
3.7

4.7
3.8

4.6
3.9

5.1
3.9

5.0
4.4

5.1
4.5

3
4
5
6
7
8
9

45.2
.1
36.6
35.1
10.4
6.9
3.5

58.5
.1
51.4
50.6
6.9
3.1
3.8

78.3
.2
75.4
70.5
6.5
2.4
4.1

100.2
.3
83.3
86.6
-1.3
-8.8
7.6

83.9
-.2
62.2
64.6
1.0
-2.6
3.6

99.5
-.5
72.5
77.7
9.9
5.3
4.6

151.1
-.5
102.3
97.3
-7.6
-13.1
5.5

44.4
-.2
42.3
50.0
4.0
1.2
2.8

39.7
.4
30.8
32.6
-2.3
-3.8
1.5

8.2
*
-3.5
-10.9
23.1
2.5

54.5
*
50.9
47.7
50.6
48.3
2.3

10
11
12
13
14

13.9
10.7
.8
.9
1.6

23.8
12.6
1.3
5.7
4.2

25.7
7.2
1.7
9.0
7.8

25.9
5.7
.5
11.0
8.8

19.1
5.5
1.1
6.5
6.1

23.1
8.5
.5
7.8
6.2

29.8
11.3
.5
9.5
8.5

7.7
-3.3
•6
4.9
5.5

15.9
5.4
2.8
3.8
4.0

3.7
-2.1
2.5
2.6
.7

11.0
6.7
2.5
1.6
.2

6.0
2.6
1.2
.5
1.8

OTHER SECURITIES ♦ MTGS.
S. ♦ L. OBLIGATIONS
CORPORATE BONDS
HOME MORTGAGES
OTHER MORTGAGES

10
11
12
13
14

15
16
17
18

10.7
2.9
5.8
2.0

19.8
6.7
12.4
.8

38.4
10.1
28.5
-.2

62.0
10.6
52.1
•“#8

44.5
2.8
39.5
2.2

44.8
4.2
34.2
6.4

75.0
5.4
68.0
1.6

38.3
5.2
32.2
.8

18.9
8
23.6
.1

-37.8
-5.5

-14.0
-2.9
-15.0
4.0

.3
2.8
-2.8
.3

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

15
16
17
18

19
20

.1
1.4

*
.8

•1
4.8

•i
-3.4

-

_

_

_

-2.4

-5.3

5.1

-7.7

-1.8

21
22
23

1.8
1.7
5.0

4.1
1.7
1.2

-1.0
1.4
2.3

3.5
6.0
7.2

-.3
7.1
15.0

-3.2
6.1
24.5

10.2
25.9
13.2

15.5
-19.9
6.7

-23.7
16.3
15.8

24
25
26
27

43.6
11.2
2.9
8.3

56.8
13.0
2.2
10.8

76.3
16.3
.7
15.6

97.3
12.6
-1.0
13.6

81.4
.1
-5.1
5.2

96.4
1.2
.6
.5

147.5
8.7
-4.8
13.5

43.2
-3.8
-.2
-3.5

28
29
30
31

38.0
15.2
22.4
.4

41.4
8.7
32.4
.3

42.3
9.8
33.0
-.5

50.9
20.0
30.3
•6

57.0
28.5
28.3
.2

48.3
15.8
32 .4
.1

81.8
47.9
33.9

38.6
35.6

32
33
34
35
36
37

.1
-5.0
•8
.2
1.7
•3

.6
3.2
.1
-.3
1.7
*

1.2
4.4
-.4
1.9
1.4
-.2

1.2
10.6
-.9
-.7
6.0
.1

1.0
2.4
-1.1
-1.0
7.1
.1

1.0
12.0
2.9
1.5
6.1
.1

1.0
4.8
-.5
7.3
25.9
.2

38
39
40

-3.7
-6.9
3.2

-2.7
-4.1
1.3

9.3
.9
8.4

17.5
1.1
16.4

15.7
4.6
11.1

23.3
10.7
12.6

41

-.4

-1.1

-1.1

-1.6

-1.6

-2.1

2 0 mb

- 3 5 mO

2.8
_

_

32.9 NET ACQ. OF FINANCIAL ASSETS
* DEMAND DEPOSITS ♦ CURRENCY
30.4 TOTAL BANK CREDIT
42.0
CREDIT MARKET INSTRUMENTS
35.6
U.S. GOVT. SECURITIES
36.2
DIRECT
—.6
AGENCY ISSUES

_

CORPORATE EQUITIES
SECURITY CREDIT

3
4
5
6
7
8
9

19
20

3.2

-11.6

8.5
-15.3
18.4

-9.9
-1.6
15.1

10.9
-3.2
-5.2

38.5
-5.7
-15.9
10.2

5.9
-21.1
3.8
-24.9

52.9
33.0
-8.4
41.4

30.9 NET INCREASE IN LIABILITIES
1.8
DEMAND DEPOSITS, NET
U.S. GOVERNMENT
6.2
-4.4
OTHER

24
25
26
27

25.0
-20.3
44.6
.8

24.6
-25.4
49.4
.5

16.0
10.0
5.6
.3

TIME DEPOSITS
LARGE NEGOTIABLE CD*S

.3

59.3
14.8
44.3
.3

28
29
30
31

1.0
8.0
4.3
5.8
-19.9
.2

1.0
-15.3
-11.2
-18.4
16.3
*

1.0
8.2
7.2
.7
-15.3
-.2

1.0
-1.1
-2.3
1.5
-1.6
-.5

1.0
1.5
.2
1.2
-3.2
-.5

CORPORATE EQUITY ISSUES
CREDIT MARKET DEBT
F.R. FLOAT
BORROWING AT F.R. BANKS
OTHER INTERBANK CLAIMS
PROFIT TAXES PAYABLE

32
33
34
35
36
37

18.3
.6
17.7

8.9
2.3
6.6

12.4
4.7
7.7

.4
-2.6
2.9

-1.8
-5.6
3.8

13.0
6.0
7.0

MISCELLANEOUS LIABILITIES
LIAB. TO FGN. AFFILIATES
OTHER

38
39
40

-2.6

-.5

*

-1.7

-1.0

-1.1 DISCREPANCY

.1

2 mb

1mA

VAULT CASH ♦ MEM. BANK RES. 21
OTHER INTERBANK CLAIMS
22
MISCELLANEOUS ASSETS
23

O TH ER A T

C O M M E R C IA L B A N K S

AT FOREIGN BANKING AGS.

(1) CONSISTS OF CHARTERED COMMERCIAL BANKS, THEIR DOMESTIC AFFILIATES,
EDGE ACT CORPORATIONS, AGENCIES OF FOREIGN BANKS, AND BANKS IN U.S.
POSSESSIONS. EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING AGENCIES."
111/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




1
2

41

10 NOVEMBER 1975
COMMERCIAL BANKING SUBSECTORS
16

C O M M E R C IA L B A N K IN G
SUBSECTOR

S T A T E M E N T S FO R C O M PO N EN T G R O U PS

1973

1 9 74

II

C O M M E R C IA L

SU BSECTORS

B A N K IN G

(MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWS
I
|

IN

U N A D J U S T E D Q U A R T E R L Y FLO W S
19 73
I II

I
I

IV

19 74
I

II

|
I

III

IV

1 .2 6 1
976

1975
II

I

I II

C O M M E R C IA L B A N K S

1 .2 7 3 C U R R E N T S U R P L U S
1 .0 0 7 P L A N T ♦ E Q U IP M E N T

1
2

1 4 .1 5 0
1 6 .2 0 2
1 5 .3 3 2
9 .0 8 4
8 .5 2 5
5 59

8 .1 1 3
4 .9 1 7
8 .0 8 6
8 .5 1 2
8 .7 0 4
-1 9 2

3
4
5
6
7
8

66
-5 6 8
627
8
-1

3 .1 3 3
1 .6 5 7
631
6 12
233

2 .1 8 4
60 8
297
658
621

O T H E R S E C U R I T IE S ♦ M T G S .
S . + L . O B L I G A T IO N S
C O R P O R A T E BONDS
HOME M O R TG AG ES
O TH E R M O RTG AG ES

9
10
11
12
13

5 .8 0 1
1 .6 7 9
4 .2 2 3
-1 0 1
-2 .1 6 4

7 .2 7 5 - 1 5 . 2 3 5
-1 .0 8 6
-2 .8 0 9
7 .4 9 4 - 1 2 . 5 8 2
86 7
156
2 .1 9 8
-6 7 2

3 .1 1 5
228
1 .8 9 7
990
870

-2 .6 1 0
1 .2 4 8
-3 .6 0 4
-2 5 4
-3 .1 6 9

O TH E R C R . E X C L . S E C U R IT Y
CO NSUM ER C R E D IT
BAN K L O A N S N . E . C .
O P E N -M A R K E T P A P E R
S E C U R IT Y C R E O IT

14
15
16
17
18

3 .5 9 5
5 .3 2 2
-1 .7 2 7

-4 .2 2 5
-6 .2 8 5
2 .0 6 0

1 .7 6 4
3 .4 2 6
-1 .6 6 2

-5 .8 3 0
-4 .8 4 9
-9 8 1

4 .1 7 5
4 .1 5 5
20

IN T E R B A N K C L A IM S
V A U L T CAS H ♦ M EM . B K . R E S .
D E P . A T F G N . B A N K IN G A G S .

19
20
21

M IS C E L L A N E O U S

22

1
2

4 .3 9 5
3 .0 3 9

4 .7 6 1
3 .8 2 7

1 .0 9 1
729

1 .1 1 4
786

1 .1 3 3
807

1 .1 7 3
937

1 .1 5 4
95 0

1 .1 7 3
964

3
4
5
6
7
8

8 8 .6 1 1
7 7 .9 3 5
8 0 .8 9 5
-1 .2 9 1
-8 .7 5 1
7 .4 6 0

7 1 .5 2 0
5 5 .8 5 3
5 8 .2 4 8
1 .1 8 3
-2 .4 0 0
3 .5 8 3

2 3 .3 4 2
2 4 .9 9 7
2 5 .1 7 8
-9 7 1
-3 .3 0 3
2 .3 3 2

2 3 .4 3 6
1 4 .3 2 9
1 5 .5 4 8
-2 0 4
-2 .7 9 7
2 .5 9 3

2 6 .9 5 9
2 9 .4 1 2
2 6 .9 9 1
5 .6 6 7
3 .1 9 7
2 .4 7 0

9 .8 3 8
4 .6 6 9
8 .3 9 2
693
-6 5
75 8

3 0 .5 0 3
2 7 .0 6 5
2 5 .7 7 1
-4 .7 4 9
-6 .0 9 8
1 .3 4 9

1 3 .0 6 2
6 .3 2 7
8 .4 9 1
22 2
-4 5 2
674

9
10
11
12
13

2 5 .6 7 2
5 .6 1 1
419
1 0 .9 8 0
8 .6 6 2

1 8 .3 7 7
5 .2 3 8
1 .0 7 8
6 .4 2 1
5 .6 4 0

6 .5 9 8
1 .1 2 1
-9 4
3 .0 9 5
2 .4 7 6

6 .7 1 2
810
288
3 .2 5 5
2 .3 5 9

7 .5 3 3
3 .0 2 3
291
2 .4 6 5
1 .7 5 4

4 .8 9 6
2 .0 1 8
120
1 .3 9 3
1 .3 6 5

7 .7 1 1
2 .7 0 7
122
2 .6 1 2
2 .2 7 0

2 .4 6 8
-8 9 2
150
1 .7 3 6
1 .4 7 4

14
15
16
17
18

5 6 .5 1 4
1 0 .6 0 8
4 6 .6 7 4
-7 6 8
-2 .9 6 0

3 8 .6 8 8
2 .7 6 2
3 3 .7 0 6
2 .2 2 0
-2 .3 9 5

1 9 .5 5 1
4 .0 5 7
1 5 .5 6 1
-6 7
-1 8 1

9 .0 4 0
3 .0 0 7
6 .5 0 2
-4 6 9
-1 .2 1 9

1 3 .7 9 1
1 .7 2 2
1 1 .3 7 1
69 8
2 .4 2 1

2 .8 0 3
-3 3 0
2 .0 6 1
1 .0 7 2
-3 .7 2 3

2 2 .8 0 9
2 .4 9 9
1 9 .9 2 8
382
1 .2 9 4

19
20
21

5 .7 7 9
3 .4 5 3
2 .3 2 6

2 .8 7 7
-2 6 5
3 .1 4 2

-2 .0 3 9
-3 .2 8 6
1 .2 4 7

7 .0 7 3
8 .1 5 5
-1 .0 8 2

-2 .4 9 7
-2 .8 7 6
379

924
374
550

2 .5 8 3
324
2 .2 5 9

1 .2 5 7
1 .1 1 0

1 .2 4 5
1 .1 1 7

1 8 .1 1 7
-6 .3 2 1
1 7 .7 9 2 - 1 1 . 5 6 4
1 5 .5 9 4 — 1 0 .8 9 2
4 .2 7 7
5 .0 1 7
4 .2 1 5
3 .7 8 9
802
488
3 .3 0 2
1 .4 0 5
686
680
531

22

4 .8 9 7

1 2 .7 9 0

384

2 .0 3 4

44

4 .2 4 5

855

3 .1 4 0

4 .5 5 0

3 .4 7 9

3 .7 7 8

23
24
25
26

8 5 .6 9 6
1 2 .9 9 4
-1 .0 1 0
1 4 .0 0 4

6 9 .0 1 8
-1 .1 8 2
-5 .0 5 8
3 .8 7 6

2 1 .6 0 4
6 .0 2 5
-9 5 6
6 .9 8 1

2 3 .3 9 4
-4 .1 6 2
-2 .2 2 4
-1 .9 3 8

2 5 .7 4 9
2 2 .0 8 3
1 .6 5 5
2 0 .4 2 8

9 .6 9 9
— 1 6 .4 9 1
-1 .2 5 5
-1 5 .2 3 6

2 8 .7 5 8
1 .8 9 9
-2 4 3
2 .1 4 2

1 3 .3 1 0
-1 .8 6 4
-9 8 7
-8 7 7

1 7 .2 5 1
1 5 .2 7 4
-2 .5 7 3
1 7 .8 4 7

-6 .2 2 9
-1 9 .3 4 5
-8 3 7
-1 8 .5 0 8

1 2 .8 6 5
1 2 .2 5 3
-8 5 3
1 3 .1 0 6

27
28
29

5 0 .3 2 8
2 0 .0 1 2
3 0 .3 1 6

5 6 .8 1 2
2 8 .5 1 5
2 8 .2 9 7

1 1 .1 1 9
4 .2 4 9
6 .8 7 0

1 4 .6 5 8
8 .6 8 2
5 .9 7 6

5 .1 9 8
-3 .7 7 1
8 .9 6 9

1 4 .6 1 2
3 .9 5 0
1 0 .6 6 2

1 8 .3 0 2
1 1 .9 6 4
6 .3 3 8

1 0 .7 4 0
8 .9 0 7
1 .8 3 3

1 3 .1 5 8
3 .6 9 4
9 .4 6 4

9 .0 9 4
-5 .0 8 4
1 4 .1 7 8

3 .5 5 9
-6 .3 4 2
9 .9 0 1

5 .2 1 2
2 .5 1 1
2 .7 0 1

T IM E D E P O S IT S
LA R G E N E G O T IA B L E C D 'S
O TH E R

27
28
29

30
31
32
33

1 .2 1 6
8
3 .2 9 1
85

1 .0 0 0
155
-3 .0 7 7
125

460
-1 0 0
-1 .0 8 7
-2 9 0

70 6
-1 9
1 .7 7 4
100

-4 5 0
195
20
0

250
65
2 .1 2 8
260

250
110
-1 .5 0 7
-3 0 0

25 0
-1 0
697
165

250
-1 0
-4 .3 9 5
0

250
10
1 .9 9 6
175

25 0
47
-2 4 4
-5 0 0

25 0
-3 1
1 .2 6 9
0

C O R PO R A TE E Q U IT IE S
C O R P O R A T E BONDS
S E C U R IT Y R . P . ' S
P R O F IT T A X E S P A YA B L E

30
31
32
33

34
35
36
37
38
39
40

2 .0 8 5
-8 7 5
-7 2 3
2 .5 7 0
137
-4 1 0
1 .3 8 6

1 .9 0 8
-1 .0 9 8
-9 5 9
4 .2 5 9
10 9
-1 8 5
-2 1 8

1 .3 2 6
-7 4
-2 5 8
1 .6 2 1
-1 8
-3 3 9
394

1 .7 8 3
988
2 .7 5 2
-1 .5 6 7
60
-5 8 4
1 34

-1 .5 6 2
63
-3 .2 6 4
1 .4 3 2
24
-1 8
201

872
-8 7 7
775
-3 4 6
11
-9 2
1 .4 0 1

5 .4 6 3
75
1 .1 7 7
5 .6 0 6
91
-9 1
-1 .3 9 5

159
1 .4 2 4
1 .9 8 2
-3 .8 8 2
-1 8
-2
6 55

-4 .5 8 6
-1 .7 2 0
-4 .8 9 3
2 .8 8 1
25
0
-8 7 9

-1 .4 8 2
162
514
-3 .1 0 7
26
0
923

-3 7
-3 7 2
-2 5 2
1 .6 6 8
-1 3 9
0
-9 4 2

449
435
841
-1 .2 9 2
1
0
464

IN T E R B A N K L I A B I L I T I E S
F .R . FLO AT
B O R R O W IN G A T F . R . BA N K S
D E M . D E P . OF F G N . B K . A G S *
T IM E D E P . OF F G N . B K . A G S .
L O A N S FROM A F F I L I A T E S
LO A N S FROM F G N * B K . A G S .

34
35
36
37
38
39
40

41
42
43

1 5 .6 8 9
350
1 5 .3 3 9

1 3 .2 7 7
2 .2 4 7
1 1 .0 3 0

4 .1 5 1
394
3 .7 5 7

8 .5 5 4
205
8 .3 4 9

26 5
30
23 5

8 .0 0 3
1 .1 9 7
6 .8 0 6

4 .5 4 1
415
4 .1 2 6

3 .1 7 3
-4 4 4
3 .6 1 7

-2 .4 4 0
1 .0 7 9
-3 .5 1 9

3 .0 7 3
-2 .0 7 5
5 .1 4 8

-2 .4 6 3
-3 9
-2 .4 2 4

4 .9 0 5
421
4 .4 8 4

M IS C E L L A N E O U S L I A B I L I T I E S
L I A B . TO F O R E IG N B R A N C H E S
O TH E R

41
42
43

44

-1 .5 5 9

-1 .5 6 8

-1 .3 7 6

286

-8 8 4

97

-1 .5 4 1

4 57

-5 8 1

239

-1 .1 5 7

42 2

D O M E S T IC

A F F IL IA T E S

ASSETS

8 .2 6 9 N E T IN C R E A S E I N L I A B I L I T I E S
-3 .7 8 5
DEMAND D E P O S IT S t N E T
U . S . G O VE R N M E N T
133
-3 .9 1 8
O TH E R

D IS C R E P A N C Y

1 .2 9 2
1 .7 0 2
-4 1 0

731
916
-1 8 5

20
359
-3 3 9

533
1 .1 1 7
-5 8 4

-3 5 5
-3 3 7
-1 8

512
604
-9 2

377
468
-9 1

-1 4 5
-1 4 3
-2

-1 3
-1 3
0

-2 2 4
-2 2 4
0

-1 0
-1 0
0

4
5
6

1 .2 9 2
2 .2 4 4
-9 5 2

73 1
2 .4 3 7
-1 .7 0 6

20
82 7
-8 0 7

533
94 8
-4 1 5

-3 5 5
-3 5 0
-5

512
1 .1 6 4
-6 5 2

377
907
-5 3 0

-1 4 5
679
-8 2 4

-1 3
-3 1 3
300

-2 2 4
61 1
-8 3 5

-1 0
-1 7 5
165

AND A G E N C IE S

44

OF

F O R E IG N

- 1 6 9 N E T A C Q . O F F IN A N C I A L A S S E T S
-1 6 9
BANK LO A N S N . E . C .
0
L O A N S T O A F F I L I A T E BAN KS
- 1 6 9 N E T IN C R E A S E I N L I A B I L I T I E S
C O M M E R C IA L P A P E R IS S U E S
66
M IS C E L L A N E O U S L I A B I L I T I E S
-2 3 5

BANKS

I
2
3
4
5
6
7

9 .8 7 1
3 .8 9 4
91
29
35
3 .7 3 9
0

1 1 .5 9 1
5 .0 0 5
51
44
25
4 .8 8 5
0

3 .9 8 2
546
-2 9
1
-1 2
586
0

-1 .0 7 4
75 3
35
26
14
678
0

2 .7 1 1
1 .1 8 7
56
2
41
1 .0 8 8
0

3 .1 8 2
58 9
69
24
14
48 2
0

8 .8 6 5
2 .0 9 0
17
31
-1
2 .0 4 3
0

-4 .3 4 6
395
-1 0 0
8
0
48 7
0

3 .8 9 0
1 .9 3 1
65
-1 9
12
1 .8 7 3
0

-2 .4 3 3
-1 .2 6 3
-2 6 0
12
7
-1 .0 2 2
0

272
-3 2 8
38
18
-1 4
-3 7 0
0

8
9
10
11
12
13

56
-4 3 6
2 .5 7 0
1 37
1 .3 8 6
2 .2 6 4

0
-3 4
4 .2 5 9
109
-2 1 8
2 .4 7 0

0
-1 6 0
1 .6 2 1
-1 8
394
1 .5 9 9

0
-2 2 4
-1 .5 6 7
60
13 4
-2 3 0

0
28 3
1 .4 3 2
24
201
-4 1 6

0
-3 0 8
-3 4 6
11
1 .4 0 1
1 .8 3 5

0
-1 0
5 .6 0 6
91
-1 .3 9 5
2 .4 8 3

0
20
-3 .8 8 2
-1 8
65 5
-1 .5 1 6

0
264
2 .8 8 1
25
-8 7 9
-3 3 2

0
-2 5 9
-3 .1 0 7
26
923
1 .2 4 7

0
-3 9
1 .6 6 8
-1 3 9
-9 4 2
52

0
41
-1 .2 9 2
1
464
-2 3 8

14
15
16
17
18

9 .8 7 1
-4 0 6
606
2 .3 2 6
5 .0 8 4

1 1 .5 9 1
1 .2 9 6
187
3 .1 4 2
2 .8 7 2

3 .9 8 2
581
95
1 .2 4 7
1 .4 2 3

-1 .0 7 4
-4 8 1
128
-1 .0 8 2
469

2 .7 1 1
-2 5 5
160
379
1 .2 0 7

3 .1 8 2
1 .8 2 8
18
550
-3 4 5

8 *865
5 .6 8 8
20
2 .2 5 9
1 .6 8 6

-4 .3 4 6
-5 .5 0 9
84
-1 .7 2 7
635

3 .8 9 0
-7 1 1
65
2 .0 6 0
896

-2 .4 3 3
-1 .4 9 0
193
-1 .6 6 2
-5 5 7

27 2
1*334
121
-9 8 1
104

- 1 . 3 6 8 N E T IN C R E A S E I N L I A B I L I T I E S
DEM AND D E P . I N M ONEY S TO C K
-1 .8 7 1
87
T IM E D E P O S IT S
20
D E P O S IT S O F B A N K S
L O A N S FROM B A N K S
-9 1 7

19
20
21

2 .2 6 1
713
1 .5 4 8

4 .0 9 4
2 .3 5 0
1 .7 4 4

636
299
337

-1 0 8
255
-3 6 3

1 .2 2 0
157
1 .0 6 3

1 * 13 1
1 .4 8 4
-3 5 3

-7 8 8
-2 6 7
-5 2 1

2 .1 7 1
1 .0 2 9
1 .1 4 2

1 .5 8 0
104
1 .4 7 6

1 .0 8 3
1 .4 3 7
-3 5 4

-3 0 6
-1 .3 6 1
1 .0 5 5

BANKS IN

U .S .

-1 .3 6 8 N E T A C Q . OF F IN A N C IA L A S S E T S
C R E O I T M A R K E T IN S T R U M E N T S
-3 4 4
U . S . G O V E R N M E N T S E C U R I T IE S
-4 7
S T A T E ♦ L O C A L O B L I G A T IO N S
13
C O R P O R A T E BONDS
-8
BANK L O A N S N . E . C .
-3 0 2
0
O P E N -M A R K E T P A P E R

1 .3 1 3
1 .0 7 2
241

C O R P O R A TE E Q U IT IE S
S E C U R IT Y C R E D IT
D E M . D E P O S IT S A T C O M L . BANKS
T IM E D E P O S IT S A T C O M L . BAN KS
L O A N S T O BAN K S
M IS C E L L A N E O U S A S S E T S

M IS C E L L A N E O U S L I A B I L I T I E S
DUE TO F O R E IG N A F F I L I A T E S
O TH E R

P O S S E S S IO N S

1
2
3
4
5
6
7
8
9

473
286
109
-7 3
60
10
14
98
78

67
-1 8 2
465
-2 2 4
212
1
54
422
-2 1 6

-1 2 6
6
-8 2
-8 5
3
5
-4 1
36
-5 0

30 9
138
135
48
27
0
48
12
36

248
137
137
49
27
0
49
12
-2 6

-4 1
-1 1 9
22
-1 2 5
90
1
-1 7
73
56

-4 4
-1 2 0
123
-2 4
91
0
-1 8
74
-4 7

82
-5 5
97
-2 1
66
0
-2
54
40

70
11 2
22 3
-5 4
-3 5
0
91
221
-2 6 5

37
8
14 7
29
25
-3
34
62
-1 1 8

48
8
102
20
12
3
20
47
-6 2

10

473

67

-1 2 6

309

24 8

-4 1

-4 4

82

70

37

48

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




23
24
25
26

OF C O M M E R C IA L BA N K S

1
2
3

ED GE A C T C O R P O R A T IO N S

-9 7 9

N E T A C Q . OF F IN A N C IA L A S S E TS
T O T A L BA N K C R E D IT
C R E D IT M A R K E T IN S T R U M E N T S
U . S . G O V T . S E C U R IT IE S
D IR E C T
AG E N CY IS S U E S

17 N E T A C Q . O F F I N A N C I A L A S S E T S
-6
DEMAND D E P O S IT S ♦ C U R R E N C Y
98
C R E D IT 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 IE S
71
S T A T E ♦ L O C A L O B L I G A T IO N S
21
C O R P O R A T E BO ND S
0
14
HOME M O R T G A G E S
C O M M E R C IA L M O R T G AG E S
-8
M IS C E L L A N E O U S A S S E T S
-7 5
17 N E T

IN C R E A S E

IN

D E P O S IT L I A B .

1
2
3
4
5
6
7
8
9
10

10 NOVEMBER 1975
COMMERCIAL BANKING SUBSECTORS
SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

1974
1974 |

II

III

I
IV |

COMMERCIAL BANKING SUBSECTORS
17
SEASONALLY ADJUSTED ANNUAL RATES

1975
II

COMMERCIAL BANKS
1
2

3*3
2.1

2.9
2.3

3.5
2.7

4.4

3
4
5
6
7
8

38.0
34.7
33.3
10*5
7.0
3.5

56.6
51.1
50.3
7.0
3.2
3.8

77.3
73.5
68.8
6.0
2.1
3.9

9
10
11
12
13

13.6
10.5
.8
.7
1.6

23.9
12.8
1.3
5.6
4.2

25.3
7.1
1.4

14
15
16
17
18

9.1
2.9
4.2
2.0
1.4

19.4
6.7
11.9
.8
.8

19
20
21

2.0
1.8
.2

4.0
4.1
-.1

4.8
3.8

4.7
3.7

4.7
3.8

4.6
3.9

5.1
3.9

5.0
4.4

5.1
4.5

4.9
4.0

88.6
77.9
80.9
-1.3
-8.8
7.5

71.5
55.9
58.2
1.2
-2.4
3.6

84.8
68.8
72.9
10.1
5.9
4.2

114.3
91.7
86.5
-7.6
-13.1
5.5

62.0
40.8
48.6
4.5
1.5
3.0

23.9
21.1
24*0
-2.3
-3.9
1.6

18.6
2.9
-5.6
24.0
20.9
3.2

53.3
52.0
48.6
50.4
48.1
2.3

39.0
31.9
43.7
35.5
36.0
-.5

25.7

7.8

.4
11.0
8.7

18.4
5.2
1.1
6.4
5.6

22.3
8.1
.5
7.8
5.9

29.1
10.8
.5
9.5
8m2

7.2
-3.6
.6
4.9
5.3

14.9
5.6
2.7
3.4
3.1

3.2
-2.3
2.5
2.5
.5

10.7
6.6
2.5
1.5
*

5.9
2.4
1.2
.4
1.9

OTHER SECURITIES ♦ MTGS.
S. ♦ L. OBLIGATIONS
CORPORATE BONDS
HOME MORTGAGES
OTHER MORTGAGES

9
10
11
12
13

37.6
10.1
27.7
-.2
4.7

56.5
10.6
46.7
—.8
-3.0

38.7
2.8
33.7
2.2
-2.4

40.4
4.2
29.8
6.4
-4.0

65.0
5.4
58.0
1.6
5.1

36.9
5.2
30.9
.8
-7.8

11.5
-4.8
16.1
.1
-2.9

-32.8
-5.5
-30.0
2.8
8.5

-12.5
-2*9
-13.5
4.0
3.4

2.2
2.8
-.9
.3
-11.7

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

14
15
16
17
18

1.5
-1.0
2.5

5.8
3.5
2.3

2.9
-.3
3.1

-1.0
“3.2
2.2

19.3
10.2
9.0

8.6
15.5
-6.9

-15.4
-23.7
8.2

1.8
8.5
-6*6

-13.8
-9.9
-3.9

11.0
10.9
.1

INTERBANK CLAIMS
19
VAULT CASH ♦ MEM. BK. RES. 20
DEP. AT FGN. BANKING AGS. 21
MISCELLANEOUS ASSETS

22

DEMAND DEPOSITS* NET
U.S. GOVERNMENT
OTHER

23
24
25
26

TIME DEPOSITS
LARGE NEGOTIABLE CD'S
OTHER

27
2&
29

CORPORATE EQUITIES
CORPORATE BONDS
SECURITY R.P.*S
PROFIT TAXES PAYABLE

30
31
32
33
34
35
36
37
38
39
40

9mO

3mO

5 mb

TOTAL BANK CREDIT
CREDIT MARKET INSTRUMENTS
U.S. GOVT* SECURITIES
DIRECT
AGENCY ISSUES

4
5
6
7
8

22

1.3

1.5

2.3

4.9

12.8

17.0

3.4

12.6

18.2

13.9

15.1

-3.9

23
24
25
26

36.3
4.6
2.9
1.7

54.9
13.0
2.2
10.7

75.3
20.1

69.0
-1.2
-5.1
3.9

81.8
-6.2
.6
-6.8

110.7
-14.0
-4.8
-9.2

60.8
18.3
-.2
18.5

22.7
-2.9
-15.9
13.0

16.4
-15.1
3.8
-18.9

51.6
27.7
-8.4
36.1

3 7 mO

19.4

85.7
13.0
-1.0
14.0

27
28
29

37.6
15.2
22.4

41.1
8.7
32.4

42.8
9.8
33.0

50.3
20.0
30.3

56.8
28.5
28.3

48.2
15.8
32.4

81.7
47.9
33.9

38.2
35.6
2.6

59.1
14.8
44.3

24.3
-20.3
44.6

24.1
-25.4
49.4

15.6
10.0
5.6

30
31
32
33

.1
.1
-3.3
.3

.6
.9
1.1
*

1.2
1.1
1.7
-.2

1.2
*
3.3
.1

1.0
.2
-3.1
.1

1.0
.3
8.5
.1

1.0
.4
-6.0
.2

1.0
*
2.8
.2

1.0
♦
-17.6
*

1.0
*
8.0
-.2

1.0
—1.0
-.5

1.0
-.1
5.1
-.5

34
35
36
37
38
39
40

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

1.6
.1
-.3
1.3
*
.3
.1

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

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

1.9
-1.1
-1.0
4.3
.1
-.2
-.2

8.3
2.9
1.5
-1.4
*
-.4
5.6

23.6
-.5
7.3
22.4
.4
-•4
-5.6

-2.8
4.3
-15.5
-.1
*
2.6

-21.5
-11.2
-18.4
11.5
.1

-.7
7.2
.7
-12.4
.1

1.6
-2.3
1.5
6.7
—.6

-1.9
.2
1.2
-5.2
*

-3.5

3.7

-3.8

1.9

INTERBANK LIABILITIES
F.R. FLOAT
BORROWING AT F.R. BANKS
DEM. DEP. OF FGN. BK. AGS.
TIME OEP. OF FGN. BK. AGS.
LOANS FROM AFFILIATES
LOANS FROM FGN. BK. AGS.

41
42
43

-5.6
-7.2
1.5

- 3 m2

1.5

8.1
.5
7.7

15.7
.4
15.3

13.3
2.2
11.0

21.6
4*8
16.8

23.7
1.7
22.1

3.2
-1.8
5.0

4.6
4.3
.3

-.8
-8.3
7.5

-1.4
-.2
-1.3

8.6
1.7
6.9

MISCELLANEOUS LIABILITIES
41
LIAB* TO FOREIGN BRANCHES 42
OTHER
43

44

-.4

-l.l

-1.1

-1.6

-1.6

-2.1

-2.6

-.5

*

-1.7

-1.0

*
*
*
-.7
.7

•1

5m6

—

m2

9.2
6.2
3m0

_

-1.1
-l.l DISCREPANCY

DOMESTIC AFFILIATES OF COMMERCIAL BANKS
1
2
3

-.9
-1.0
.1

.2
-.1
.3

-.6
-.2
-.4

1.3
1.7
-.4

.7
.9
-.2

2.0
2.4
-.4

1.5
1.9
-.4

-.6
—.6
*

-.1
-.1

-.9
-.9

4
5
6

-.9
-1.9
1.0

.2
-.4
.6

-.6
.7
-1.3

1.3
2.2
-1.0

.7
2.4
-1.7

2.0
4.7
-2.6

1.5
3.6
-2.1

—.6
2.7
-3.3

-.1
-1.3
1.2

-.9
2.4
-3.3

-.7 NET ACQ. OF FINANCIAL ASSETS
-.7
BANK LOANS N.E.C.
LO AN S TO

A F F IL IA T E

BANKS

-.7 NET INCREASE IN LIABILITIES
m3
COMMERCIAL PAPER ISSUES
-.9
MISCELLANEOUS LIABILITIES

EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS

8
9
10
11
12
13

7.7
2.7
-.1
.2
*
2.6
“
.1
1.2
•1
.1
3.5

1.2
.1
-.2
-.2
.5
~
*
1.3
*
.1
-.4

.1
.1
-1.2
.3
.2
*

.1
-.4
2.6
.1
1.4
2.3

14
15
16
17
18

7.7
6.6
.4
.2
.1

1.2
*
.3
-.1
1.6

1.2
-3.7
-.5
2.5
.8

19
20
21

*4
*2
.2

—.6
.7
-1.3

2.0
.4
1.6

1
2
3
4
5
6
7

1.2
1.7
.3
*
.3
1.1
“

9.9
3.9
.1
*
*
3.7
"

11.6
5.0
.1
*
*
4.9
“

12.7
2.4
.3
.1
.1
1.9
“

35.5
8.4
.1
.1
*
8.2
-

_

_

_

*
4.3
.1
-.2
2.5

-1.2
-1.4
*
5.6
7.3

*
22.4
.4
-5.6
9.9

.1
-15.5
-.1
2.6
-6.1

9.9
-.4
.6
2.3
5.1

11.6
1.3
.2
3.1
2.9

12.7
7.3
.1
2.2
-1.4

35.5
22.8
.1
9.0
6.7

2.3
.7
1.5

4.1
2.4
1.7

4.5
5.9
-1.4

-1.1
-2.1

- 3 m2

-17.4
1.6
-.4
♦

15.6
7.7
.3
-.1
*
7.5
-

-9.7
-5.1
-1.0
*
*
-4.1

1.1
-1.3
.2
.1
-.1
-1.5
-

-5.5
-1.4
-.2
.1
*
-1.2
-

1.1
11.5
.1
-3.5
-1.3

-1.0
-12.4
.1
3.7
5.0

-.2
6.7
—.6
—3.8
.2

-5.2
*
1.9
-1.0

-17.4
-22.0
.3
-6.9
2.5

15.6
-2.8
.3
8.2
3.6

-9.7
-6.0
.8
—6.6
-2.2

1.1
5.3
.5
-3.9
.4

-5.5 NET INCREASE IN LIABILITIES
-7.5
DEMAND DEP. IN MONEY STOCK
.3 TIME DEPOSITS
.1
DEPOSITS OF BANKS
-3.7
LOANS FROM BANKS

8.7
4.1
4.6

6.3
.4
5.9

4.3
5.7
-1.4

-1.2
-5.4
4.2

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

.3
.4
.9
-.2
-.1

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

.1 NET ACQ. OF FINANCIAL ASSETS
*
DEMAND DEPOSITS ♦ CURRENCY
.4 CREDIT MARKET INSTRUMENTS
.3
U.S. GOVERNMENT SECURITIES
.1
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
.1
HOME MORTGAGES
*
COMMERCIAL MORTGAGES
-.3
MISCELLANEOUS ASSETS

.2

.1 NET INCREASE IN DEPOSIT LIAB.

-

1.9

_

_

m2

5.3
4.3
1.0

CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
BANK LOANS N.E.C*
OPEN-MARKET PAPER
CORPORATE EQUITIES
6
SECURITY CREDIT
9
DEM. DEPOSITS AT COML. BANKS 10
TIME DEPOSITS AT COML. BANKS 11
LOANS TO BANKS
12
MISCELLANEOUS ASSETS
13

MISCELLANEOUS LIABILITIES
DUE TO FOREIGN AFFILIATES
OTHER

14
15
16
17
18
19
20
21

BANKS IN U*S* POSSESSIONS
1
2
3
4
5
6
7
8
9

.5
.1
.1
*
*
*
.1
*
.3

.5
.1
.3
.2
*
*
.1
*
.1

.5
.2
.3
.2
.1
*
*
*
*

.5
.3
.1
-.1
.1
*
*
.1
.1

.1
-.2
.5
-.2
.2
*
.1
.4
-.2

-.2
-.5
.1
-.5
.4
*
-.1
.3
.2

-.1
.3
-.2

*
.2
.2

.4
.9
-1.1

.1
*
.6
.1
.1
*
.1
.2
-.5

10

.5

.5

.5

.5

.1

-.2

-.2

.3

.3

.1

-.2
-.5
.5
-.1
.4
—

_

_

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




10

10 NOVEMBER 1975
NONBANK FINANCE SUMMARY
18

NONBANK FINANCE SUMMARY
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(MILLIONS OF DOLLARS)

UNAOJUSTED QUARTERLY FLOWS

I
1973___ 197* I__ II

UNADJUSTED QUARTERLY FLOWS

1973
III

IV

|
|

1974
I

II

|
IV I

HI

I

1975
II

III

1.550
1.089

1.551
469

PRIVATE NONBANK FINANCIAL INSTITUTIONS - TOTAL

1
2

5.709
1.991

5.678
2.621

1.527
638

3 87.682 78.032 25.313
4 2.007 2.688
913
5
123
210
63
6
-44
350
120
7
8
9
10
11
12
13
14
15

13.390
72.243
942
3.576
10.865
26.477
15.410
9.043
5.930

1.601
438

17.184 21.983
470
1.003
0
0
-962
146

6.067 3.339
1.674
66.871 20.766 16.281
5.732
-665 -1.586
1.083
565
1.261
22.575 3.473 2.680
13.510 9.213
6.760
10.840 4.609
3.965
4.764 2.783
2.846
8.367
788
355

16 -4.560 -1.824 -1.632
17
658
550
164
18 3.86 5 3.120
1.580
19 82.288 75.352 24.609
20 28.118 22.105 8.791
21 29.511 36.057 6.798
22
-404
739
-57

31 -3.444 -2.474
32
128
36
33 7.408
7.076

-836 -1.004
-357
167
2.029
2.227
185

1.467
509

448
141
1.277

1.945
17.977
-750
-112
6.101
5.903
3.591
2.312
932

3.031 -3.622
-8
273
199
1.751
-459

1.435
649

1.398
1.016

-884

-288
134
305

544
75
1.070

1.296
77
997

13.289 23.347 24.730 31.122
-940 7.147 18.438 18.471
9.784 10.578 8.929 9.865
28
961
1.321
-464
3.277
1.821
59
671
-807 -1.021
66
32
1.041
479
1.626
2.952
-178
594
1.032
3.130

559 -1.398
-355
147
2.052
2.391
674

112

-6.422
546
182
157
31
1.171
66
82
-2.588
83
-4.113
-947
-473
414
-3.640 -1.361

CURRENT SURPLUS
PHYSICAL INVESTMENT

24.074 NET ACQ. OF FINANCIAL ASSETS
-313 DEMAND DEPOSITS ♦ CURRENCY
0
TIME DEPOSITS (MSB)
-745
S+L SHARES (CREDIT UNION)

45 3.126
1.548 2.121
1.451
15.946 17.379 22.235 26.209 23.220
903 3.886 8.590 7.279 4.968
235
841
585
869
1.315
6.167 6.526
7.033 7.701
3.896
2.528
1.654 2.643 7.273
7.116
2.069 2.230
995
2.239
2.198
2.363
714 -1.228
885
2.078
1.681
1.528
3.617
-37
1.649

-272 -1.712
138
137
1.168
370

5.795 4.075
420 6.295
282
641
364
178
-690 -1.388
-186
552
10
40
70
1
2.243
1.409 -1.261
4.336
3.950
3.373
1.178
1.433
797 2.524
1.585 -1.469
3.153
849
-152
2.647

-553

1.483
745

18.710 21.749 13.915 23.658 25.573 30.478
-710
728
92 2.578
-809
-311
-19
-21
124
126
48
46
1.055
84 -1.087
298
862
43

15.468 20.423 17.251 21.465
-59 6.927 11.431
4.467
7.974
7.121 6.687 9.008
368
-922
311
-561

8.241
848
444
142
3.316
3.491
766
2.72 5

377

1.293
718

6.547
951
13.925 15.569
262
1.693
1.052
119
2.987
3.781
3.110
3.425
3.682
2.950
2.405
-625
427 4.226

-720 -1.088
142
144
299
1.306

23 20.971 11.813
24 2.327
1.272
25 -1.533 -1.462
26
320
169
27 8.405
4.645
28 11.452
7.189
29 4.284
532
30 7.168 6.657

34 -1.676

1.379
278

416
78
-33

1

1.780

1.681

7
8
9
10
11
12
13
14
15

SECURITY CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS

16
17
18

22.543 NET INCREASE IN LIABILITIES
10.460
TIME
SAVINGS ACCOUNTS
9.863 INSURANCE + PENSION RESERVES
738 CORPORATE EQUITY ISSUES (1)

10 27.363 22.332
11 20.490 15.946
12
5.962
6.290
13 -1.533 -1.462
14
327 1.095
15 7.168 6.657
16
36
60
17
875
36

CREDIT MARKET INSTRUMENTS
CORPORATE BONDS
MORTGAGE LOANS IN PROCESS
OTHER MORTGAGES
BANK LOANS N.E.C.
OTHER LOANS
FHLB LOANS

23
24
25
26
27
28
29
30

450 -2.441
-340
195
2.594
3.129

SECURITY CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS LIABILITIES

31
32
33

DISCREPANCY

34

1.987
-29
882

-372
295
2.541

475

-461

1.105

389

390

18

-88

302

449

451

452

431

409

389

4.143
500
2.928
-33
2.345
577
39
715

8.540
-89
7.714
3.324
3.473
930
-13
915

7.572
228
6.793
-584
5.785
1.479
113
551

3.531
-38
3.514
-791
3.344
880
81
55

4.068
495
3.024
1.343
1.212
470
-1
549

3.938
3.817
462
5.168
2.976
-529
-690 -1.388
513
10
3.153
849
6
3
494
-825

8.161
8.168
-662
-186
-324
-152
31
624

7.169
2.978
4.188
552
989
2.647
-14
17

3.168
3.834 9.214 12.710
-237 5.037 13.058 12.961
3.081
-317 -4.460
-313
-807 -1.021
31
1.171
758
-328
-851
-123
3.130
1.032 -3.640 -1.361
25
18
44
2
299
-904
572
60

73

28

9.313
5.981
3.315
444
146
2.725
-34
51
-43

-108

125

46

155

9.432 13.047
-89
228
8.384 12.472
5.32 5 3.547
2.535
7.191
601
1.703
-77
31
1.137
347

171

-449

O P E N -M A R K E T

PAPER

53

382 CURRENT SURPLUS
11.090 NET ACQ. OF FINANCIAL ASSETS
-38
DEMAND DEPOSITS ♦ CURRENCY
11.561
CREDIT MARKET INSTRUMENTS
2.252
U.S. GOVERNMENT SECURITIES
7.477
HOME MORTGAGES
1.770
OTHER MORTGAGES
62
CONSUMER CREDIT
-433
MISCELLANEOUS ASSETS
10.670 NET INCREASE IN LIABILITIES
8.216
SAVINGS SHARES
1.875
CREDIT MARKET INSTRUMENTS
663
MORTGAGE LOANS IN PROCESS
533
BANK LOANS N.E.C.
679
FHLB ADVANCES
38
PROFIT TAXES PAYABLE
541
MISCELLANEOUS LIABILITIES
-38 DISCREPANCY

MUTUAL SAVINGS BANKS
1

566

544

139

146

151

155

142

134

113

126

129

2
3
4

5.962
186
123

3.761
4
210

2.159
136
63

94
-284
0

784
462
0

2.321
-298
-21

544
36
-19

-234
-472
124

1.130
738
126

3.495
-114
48

3.706
-59
46

2.262 NET ACQ. OF FINANCIAL ASSETS
-358
DEMAND DEPOSITS * CURRENCY
0 TIME DEPOSITS

361
5
6 5.011
7
-492
8
48
9 -1.092

184
3.149
62
9
974

111
1.427
67
-3
-340

-73
569
-479
-68
-525

137
46
-318
-36
-448

189
2.695
114
13
868

-31
308
-70
-54
176

9
14
-212
-4
-92

17
132
230
54
22

61
3.336
757
165
1.221

82
3.285
1.430
145
1.388

30
2.481
865
235
551
490
332
16
222
-230
109

10
11
12
13
14
15

2.597
3.078
231
-76
717
281

687
1.456
-63
324
-300
214

479
1.235
-81
488
-418
422

735
665
33
90
118
-118

509
688
5
-113
-241
139

215
511
81
725
168
-244

249
558
10
-730
169
250

167
342
65
-15
-237
91

56
45
-219
344
-400
117

147
122
297
-124
751
164

337
229
-25
11
-230
352

16
17

4.734
596

3.120
264

1.611
366

-523
485

1.164
-515

2.210
-25

399
93

-765
400

1.276
-204

3.584
-177

3.708
-117

18

-66

167

-43

14

16

19

90

3

55

38

14

134 CURRENT SURPLUS

CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
HOME MORTGAGES
OTHER MORTGAGES
CONSUMER CREDIT
COMMERCIAL PAPER
SECURITY RP'S
MISCELLANEOUS ASSETS

1.556 SAVINGS DEPOSITS
570 MISCELLANEOUS LIABILITIES
-2 DISCREPANCY

CREDIT UNIONS
1
2
3
4
5
6
7

2.894
1
-44
2.937
241
0
2.696

3.039
-24
350
2.713
197
9
2.507

1.199
0
120
1.079
50
-I
1.030

2
-3
-962
967
35
-6
938

595
-2
146
451
54
-5
402

1.053
2
1.055
-4
55
0
-59

1.090
62
3
-44
84 -1.087
1.003
1.193
51
-101
0
4
1.290
952

834
15
298
521
192
5
324

1.796
-26
862
960
841
8
111

1.802
6
43
1.753
785
10
958

8

2.894

3.039

1.199

2

595

1.053

1.090

62

834

1.796

1.802

688 NET ACQ. OF FINANCIAL ASSETS
-6
DEMAND DEPOSITS ♦ CURRENCY
-745
SAVINGS * LOAN SHARES
1.439 CREDIT MARKET INSTRUMENTS
101
U.S. GOVERNMENT SECURITIES
HOME MORTGAGES
12
1.326
CONSUMER CREDIT
688 CREDIT UNION SHARES

(1) INCLUDES INVESTMENT COMPANY SHARES.
II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




19
20
21
22

599
110
663
53
-71
-156
-835
679

9.801
4.495
221
-38
8.927 4.694
-690 -1.992
7.895
5.283
1.319
1.635
87
84
-161
653

445

3
4
5
6

CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
S. ♦ L. OBLIGATIONS
CORPORATE ♦ FOREIGN BONDS
HOME MORTGAGES
OTHER MORTGAGES
CONSUMER CREDIT
OTHER LOANS

SAVINGS AND LOAN ASSOCIATIONS

2 29.231 23.711
3
594
596
4 27.133 21.045
5
3 3.292
6 21.992 13.814
7 4.920
3.759
8
218
180
9
1.504 2.070

1
2

10 NOVEMBER 1975
NONBANK FINANCE SUMMARY

NONBANK FINANCE SUMMARY
19

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1974
1974 |

II

III

1975
II

I
IV |

PRIVATE NONBANK FINANCIAL INSTITUTIONS - TOTAL
1
2

1.7
1.2

4.4
1.8

5.0
2.1

5.7
2.0

5.7
2.6

5.9
2.9

3
4
5
6

55.2
1.0
•2
•1

84.9
1.1
.2
.1

107.5
1.6
.2
.2

87.7
2.0
.1
♦

78.0
2.7
.2
.4

85.0
-.8
-.1
2.2

7
8
9
10
11
12
13
14
15

11.3
39.8
3.8
1.8
11.6
7.6
10.1
1.8
3.1

19.3
60.1
2.6
4.4
13.9
17.8
14.6
3.3
3.5

15.9
82.8
7.1
5.1
13.2
30.7
16.8
6.4
3.5

13.4
72.2
.9
3.6
10.9
26.5
15.4
9.0
5.9

6.1
66.9
5.7
1.1
22.6
13.5
10.8
4.8
8.4

16
17
18

-1.3
•5
3.6

2.5
.3
1.4

3.9
1.2
1.7

-4.6
.7
3.9

19
20
21
22

55.0
17.0
21.8
4.5

82.2
40.6
24.8
2.7

103.5
46.1
27.1
1.3

23
24
25
26
27
28
29
30

4.7
3.0
.6
.1
-.6
1.5
.2
1.3

6.2
4.2
2.0
.1
1.4
-1.5
1.2
-2.7

31
32
33

1.0
•2
5.8

34

.3

5.3
3.0

6.4
2.6

6.3
4.1

5.6
4.4

82.8
2.6
-.1
.9

63.1
1.7
.5
-2.4

81.5
7.2
.5
.7

111.9
-1.3
.2
1.1

117.9
-1.6
.2
.7

9.2
68.0
1.2
.5
19.7
17.8
14.0
4.2
10.7

7.8
68.4
-.7
-.5
24.5
19.6
14.3
7.4
3.7

•6
65.0
5i4
.9
26.3
7.6
7.9
6.6
10.3

6.6
66.3
17.1
3.4
19.8
9.1
7.2
1.0
8.7

11.8
94.5
28.4
2.4
32.9
14.8
6.2
1.9
7.9

8.5
101.6
31.5
3.5
30.9
24.9
8.9
1.9
.1

6.2
94.6
21.9
5.2
17.3
25.6
8.3
6.0
10.3

-1.8
.6
3.1

1.8
.6
4.0

-1.1
•6
3.7

-6.8
.5
4.0

-1.2
.5
.8

2.2
.3
3.1

5.2
.3
3.0

1.7
.3
2.5

82.3
28.1
29.5
-.4

75.4
22.1
36.1
.7

80.7
39.9
26.1
.5

78.9
16.4
37 4*0
-1.5

63.4
4.3
38.9
•8

78.4
27.8
42.3
3.2

111.5
67.4
35.0
4.6

116.2
72.4
40.4
-1.2

15.9
5.8
1.2
.5
5.9
2.5
2.5
*

21.0
2.3
-1.5
.3
8.4
11.5
4.3
7.2

11.8
1.3
-1.5
.2
4.6
7.2
.5
6.7

11.7
1.8
*
.3
-1.1
10.8
7.5
3.3

18.6
1.5
4c
*
13.5
3.7
-6.7
10.4

15.9
.3
-2.8
.1
5.8
12.5
2.8
9.8

1.0
1.6
-3.1
.3
.5
1.7
-1.4
3.2

-14.3
1.1
.9
.3
—6.4
-10.2
.2
-10.5

-5.5
1.3
2.3
.3
-3.8
-5.7
*
-5.7

5.1
.5
3.1
.2
1.2
.1
.4
-.2

1.1
-.1
7.0

4.1
.2
8.8

-3.4
.1
7.4

-2.5
*
7.1

-3.6
.1
5.9

2.2
*
6.3

-4.7
*
8.3

-3.7
*
7.8

9.7
.2
8.9

1.7
.1
8.3

-8.8
.2
11.1

*

-1.0

-1.7

.4

-1.3

-.8

2.6

.6

1.8

-.5

5.2
2mO

5.6 CURRENT SURPLUS
1.9 PHYSICAL INVESTMENT
104.6 NET ACQ. OF FINANCIAL ASSETS
.2 DEMAND 0EP0S1TS ♦ CURRENCY
TIME DEPOSITS (MSB)
—.8 S+L SHARES (CREDIT UNION)
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
S. ♦ L. OBLIGATIONS
CORPORATE ♦ FOREIGN BONDS
HOME MORTGAGES
OTHER MORTGAGES
CONSUMER CREDIT
OTHER LOANS
SECURITY CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS

101.0 NET INCREASE IN LIABILITIES
50.6
TIME ♦ SAVINGS ACCOUNTS
39.2
INSURANCE ♦ PENSION RESERVES
3.6 CORPORATE EQUITY ISSUES (I)
CREDIT MARKET INSTRUMENTS
CORPORATE BONOS
MORTGAGE LOANS IN PROCESS
OTHER MORTGAGES
BANK LOANS N.E.C.
OTHER LOANS
OPEN-MARKET PAPER
FHLB LOANS
SECURITY CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS LIABILITIES

.1 DISCREPANCY

SAVINGS AND LOAN ASSOCIATIONS
1

1.0

1.2

1.5

1.8

1.7

1.8

1.7

1.6

1.6

1.6

1.6

2
3
4
5
6
7
8
9

14.1
.3
11.6
1.2
7.2
3.0
.3
2.2

29.8
.5
29.2
5.2
17.3
6.6
.1
.1

37.1
•6
36.4
4.3
24.8
7.2
.2
.1

29.2
.6
27.1
*
22.0
4.9
.2
1.5

23.7
.6
21.0
3.3
13.8
3.8
.2
2.1

33.7
-.5
31.7
9.2
17.2
5.2
.1
2.6

26.3
.8
23.8
-1.3
19.8
5.0
.3
1.7

15.3
.9
12.0
-1.7
10.5
3.0
.2
2.5

19.5
1.3
16.8
7.0
7.8
1.9
.1
1.4

37.0
-.7
34.3
16.9
13.6
3.9
-.2
3.4

48.0
.8
46.3
15.3
25.2
5.8
*
1.0

45.3 NET ACQ. OF FINANCIAL ASSETS
.9 DEMAND DEPOSITS ♦ CURRENCY
43.8
CREDIT MARKET INSTRUMENTS
10.5
U.S. GOVERNMENT SECURITIES
26.6
HOME MORTGAGES
6.5
OTHER MORTGAGES
.1
CONSUMER CREDIT
.6 MISCELLANEOUS ASSETS

10
11
12
13
14
15
16
17

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

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

35.5
32.6
2.0
1.2
.7
*
*
.9

27.4
20.5
6.0
-1.5
.3
7.2
*
.9

22.3
15.9
6.3
-1.5
1.1
6.7
.1
*

32.1
27.3
3.6
*
.3
3.3
*
1.2

24.5
11.1
13.6
*
3.2
10.4
*

14.4
4.0
10.2
-2.8
3.2
9.8
.1
.1

18.3
21.4
-2.2
-3.1
-2.3
3.2
.1
-1.0

36.2
46.5
-11.2
.9
-1.7
-10.5
.1
.8

46.4
51.2
-4.7
2.3
-1.3
-5.7
.1
-.2

44.3 NET INCREASE IN LIABILITIES
37.9
SAVINGS SHARES
5.2
CREDIT MARKET INSTRUMENTS
3.1
MORTGAGE LOANS IN PROCESS
2.3
BANK LOANS N.E.C.
-.2
FHLB ADVANCES
PROFIT TAXES PAYABLE
.1
1.0 MISCELLANEOUS LIABILITIES

18

.2

.3

-.2

-.1

.3

.2

-.1

.7

.4

.7

-.1

-w2

1.5 CURRENT SURPLUS

.5 DISCREPANCY

MUTUAL SAVINGS BANKS
1

.3

.4

.4

.6

.5

.6

.6

.5

.5

.5

•5

2
3
4

4.7
.1
.2

10.4
*
.2

11.0
.1
.2

6.0
.2
.1

3.8
*
.2

8.9
-.7
-.1

1.5
.1
-.1

.5
-1.4
.5

4.2
2.1
.5

13.6
*
.2

14.1
-.2
.2

5
6
7
8
9

.3
3.8
•3
*
1.2

.5
9.6
.9
•2
3.9

.6
9.8
1.4
•5
2.1

.4
5.0
-.5
*
-1.1

.2
3.1
.1
*
1.0

•8
9.9
-.4
.1
3.5

-.1
1.1
-.4
-.2
.7

*
.9
*
*
-.4

.1
.7
1.1
.2
.1

.2
12.5
2.1
.7
4.9

.3
13.0
5.6
.6
5.6

10
11
12
13
14
15

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

1.3
2.7
.1
.2
.2
.2

3.0
2.6
.3
-.2
.1
.4

2.6
3.1
.2
-.1
.7
.3

.7
1.5
-.1
.3
-.3
.2

.9
2.0
.3
2.9
.7
-1.0

1.0
2.2
*
-2.9
.7
.5

.7
1.4
.3
-.1
-.9
.6

.2
.2
-.9
1.4
-1.6
.8

•6
.5
1.2
-.5
3.0
.7

1.3
.9
-.1
*
-.9
.8

16
17

4.4
.1

9.9
•1

10.2
.2

4.7
.6

3.1
.3

8.9
-.5

1.5
-.4

-.9
1.0

3.0
1.0

14.3
-1.2

14.6
-1.3

.1

*

-.2

-.1

.2

.1

.1

.1

.3

.1

-.3

3.4
.1
.7
2.6
.8
*
1.8

6.6
-.1
1.1
5.6
3.4
*
2.2

6.7
*
.7
5.9
3.1
*
2.7

3.8 NET ACQ. OF FINANCIAL ASSETS
* DEMAND DEPOSITS ♦ CURRENCY
-.8
SAVINGS ♦ LOAN SHARES
4.6 CREDIT MARKET INSTRUMENTS
.4
U.S. GOVERNMENT SECURITIES
*
HOME MORTGAGES
4.2
CONSUMER CREDIT

3.4

6.6

6.7

3.8 CREDIT UNION SHARES

18

.5 CURRENT SURPLUS
10.7 NET ACQ. OF FINANCIAL ASSETS
-1.0
DEMAND DEPOSITS
CURRENCY
TIME DEPOSITS
“
.1 CORPORATE EQUITIES
10.9
CREDIT MARKET INSTRUMENTS
4.4
U.S. GOVERNMENT SECURITIES
.9
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
2.2
2.0
1.3
.1
.9
-.9
.7

HOME MORTGAGES
OTHER MORTGAGES
CONSUMER CREDIT
COMMERCIAL PAPER
SECURITY RP'S
MISCELLANEOUS ASSETS

8.9 SAVINGS DEPOSITS
1.7 MISCELLANEOUS LIABILITIES
.4 DISCREPANCY

CREDIT UNIONS
1
2
3
4
5
6
7

1.7
.2
.1
1.5
.4
.1
1.0

2.9
.1
.1
2.6
.8
*
1.8

3.4
.1
.2
3.1
•8
.2
2.1

2.9
*
*
2.9
.2

3.7
*
2.2
1.5
.2
—

—

2.7

3.0
*
.4
2.7
.2
*
2.5

1.3

2.7

1.2
-.2
-2.4
3.8
-.4
*
4.2

8

1.7

2.9

3.4

2.9

3.0

3.7

3.8

1.2

—

3.8
*
.9
2.9
.2

(1) INCLUDES INVESTMENT COMPANY SHARES.
111/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION,




10 NOVEMBER 1975
INSURANCE ♦ PENSION FUNDS
20

INSURANCE ♦ PENSION FUNDS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWS
1974 |

II

1973
III

1974
IV

|

II

III

UNADJUSTED QUARTERLY FLOWS
1975
II

IV |

LIFE INSURANCE COMPANIES
1
2

1.756
1.259

1*952
1*558

433
313

445
352

456
248

468
378

485
293

496
432

503
455

518
594

533
609

3 16.617 16.984
4
90
-27

3.393
260

4.041
23

4.483
264

4.250
-262

4.366
-298

4.020
75

4.348
458

4*940
-415

3*676
-91

4*169 IET ACQ. OF FINANCIAL ASSETS
7 DEMAND DEPOSITS ♦ CURRENCY

5 3.557 2*298
6 12.053 13.787
7
-48
72
8
45
241
9 5.851
5.429
10
-466
382
11 4*327 4*696
12
23
387
13 2.201
2.700
14
917
926

1*138
1*767
26
41
1.926
-374
701
-942
389
228

767
3.027
-22
66
1.386
10
1.116
-367
838
224

782
3*208
-26
-27
1*357
174
1*966
-924
688
229

585
3.697
-149
73
1*482
-196
987
1*161
339
230

689
3.745
26
77
1*851
-49
1.306
-249
783
230

526
3.186
12
34
968
159
1.122
10
881
233

498
3.159
63
57
1*128
468
1.281
-535
697
233

489
4.631
-50
20
1*995
56
873
1*270
467
235

630
2*901
112
75
2.111
191
657
-591
346
236

581
3*344
172
103
1*376
114
478
751
350
237

15 15.131
16 7*209
17 5.150
18
36
19 2*736

15*784
7.206
5.681
-12
2*909

3.693
1.824
1.266
-207
810

3.672
1.840
1.305
87
440

3*852
1*795
1*349
-26
734

2*916
1.768
773
177
198

4.559
1.857
1.930
-215
987

4.031
1.809
1*432
76
714

4.278
1.772
1*546
-50
1*010

4.467
1.774
1.592
155
946

4.431
1*728
1.485
-233
1.451

3.920 IET INCREASE IN LIABILITIES
1*721
LIFE INSURANCE RESERVES
1*326
PENSION FUND RESERVES
55
PROFIT TAXES PAYABLE
818
MISCELLANEOUS LIABILITIES

-806

420

-276

-423 -1.244

385

75

-22

-549

679

20

-989

548 CURRENT SURPLUS
444 HYSICAL INVESTMENT

CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
HOME MORTGAGES
OTHER MORTGAGES
OPEN-MARKET PAPER
POLICY LOANS
MISCELLANEOUS ASSETS

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

-145 DISCREPANCY

PRIVATE PENSION FUNDS
1
2

7.737
439

10.941
1.950

1.229
183

2.410
430

1.916
-369

2.056
266

2.302
609

3.289
319

3.294
756

3*093
-520

2*522
-460

3*292 NET ACQ* OF FINANCIAL ASSETS
94 DEMANO DEPOSITS ♦ CURRENCY

3
4
5
6
7
8

5.290
1.953
638
1.605
-290
55

2.305
5*819
1*129
4*695
-5
867

1.103
12
-119
225
-94
-69

734
1.093
241
874
-22
153

2*194
138
208
-18
-52
-47

787
537
34
487
16
466

436
1.095
-67
1.178
-16
162

355
2.384
716
1.677
-9
231

727
1.803
446
1.353
4
8

1.305
2.308
928
1.340
40
0

1.650
1.121
1.350
-201
-28
211

1.650
1*455
657
832
-34
93

CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
CORPORATE BONOS
HOME M GRTGAGES
MISCELLANEOUS ASSETS

STATE ♦ LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS
1
2

9.415
168

12.229
-32

2.479
117

2.419
123

2.061
77

2.090
-119

2.919
161

3.254
1

3.966
-75

2.470
99

4.130
-103

3.524 NET ACQ. OF FINANCIAL ASSETS
44 DEMAND DEPOSITS ♦ CURRENCY

3
4
5
6
7
8
9
10

3.922
5*32 5
113
-134
247
-618
5*936
-106

3*525
8*736
553
679
-126
-582
8*445
320

906
1.456
-55
-126
71
-120
1*517
114

756
1.540
-29
-88
59
23
1*649
-103

1*014
970
182
69
113
-134
978
-56

1.109
1.100
-280
-56
-224
-18
1.372
26

808
1.950
578
471
107
-472
1.818
26

448
2.805
-52
-45
-7
-33
2.896
-6

1.160
2*881
307
309
-2
-59
2.359
274

506
1*865
280
-37
317
39
1*575
-29

641
3*592
160
206
-46
2
3.353
77

663
2*817
889
687
202
426
1*478
24

CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U*S* GOVERNMENT SECURITIES
DIRECT
AGENCY ISSUES
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
MORTGAGES

OTHER INSURANCE COMPANIES
1

1.886

1.484

482

454

434

436

384

355

309

279

287

2
3

5.607
-22

5.217
125

1.382
12

1.424
92

1.437
96

1.331
-242

1.218
-9

1.255
309

1*413
67

1.345
77

1.775
89

1.707 NET ACQ. OF FINANCIAL ASSETS
48
DEMAND DEPOSITS ♦ CURRENCY

4
5
6
7
8
9
10

2.170 -1.394
2*801
5*936
-100
275
3.883
1*840
-965
3.815
-17
6
658
550

354
852
-90
555
387
0
164

434
756
81
1.209
-525
-9
142

550
647
98
837
-294
6
144

244
1.188
-67
591
663
1
141

-277
1.366
-176
339
1*202
1
138

-928
1.737
104
221
1*412
0
137

-433
1*645
414
689
538
4
134

-146
1.339
35
534
766
4
75

-445
2.054
382
606
1.044
22
77

0
1*581
255
537
785
4
78

11
12
13
14

3.666
452
13
3.201

4.258
371
20
3.867

881
111
-32
802

944
114
22
808

920
118
-3
805

1.089
100
35
954

1*023
100
-32
955

1*087
88
21
978

1*059
83
-4
980

1.427
200
27
1*200

1*342
175
-33
1*200

1*390 NET INCREASE IN LIABILITIES
175
CORPORATE EQUITY ISSUES
15
PROFIT TAXES PAYABLE
1*200
POLICY PAYABLES

15

-55

525

-19

-26

-83

194

189

187

-45

361

-146

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




290 CURRENT SURPLUS

1
2
3

CORPORATE EQUITIES
4
CREDIT MARKET INSTRUMENTS
5
U.S. GOVERNMENT SECURITIES 6
STATE ♦ LOCAL OBLIGATIONS
7
CORPORATE BONDS
8
COMMERCIAL MORTGAGES
9
TRADE CREDIT
10

-27 DI SCREPANCY

11
12
13
14
15

10 NOVEMBER 1975
INSURANCE ♦ PENSION FUNDS

INSURANCE ♦ PENSION FUNDS
21

SECTOR STATEMENTS OF SAVING ANO INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

1973

SEASONALLY ADJUSTED ANNUAL RATES
1
1974 I

1974
I

II

III

1
IV 1

I

1975
II

III

LIFE INSURANCE COMPANIES
2.2 CURRENT SURPLUS
1.8 PHYSICAL INVESTMENT

1
2

•8
1.0

1.0
1.4

1.6
1.0

1.8
1.3

2.0
1.6

1.9
1.5

1.9
1.2

2.0
1.7

2.0
1.8

2.1
2.4

2.1
2.4

3
4

9.9
•1

12.7
*

15.0
.2

16.6
.1

17.0
*

15.0
.7

20.0
-1.3

15.5
.2

17.5
.3

17.6
.2

17.3
—.6

16.1 NET ACQ. OF FINANCIAL ASSETS
* DEMAND OEPOSITS ♦ CURRENCY

5
6
7
8
9
10
11
12
13
14

2.0
7.0
•1
•1
1.5
-1.3
3.6
•8
2.2
.8

3.6
8.1
-•2
.1
5.5
-2.1
3.2
.6
1.0
.9

3.5
10.3
•3
*
7.0
-2.1
4.0
.2
.9
1.0

3.6
12.1
.1
*
5.9
-.5
4.3
*
2.2
.9

2.3
13.8
*
.2
5.4
•4
4.7
.4
2.7
.9

2*3
11.0
-.9
.4
5.1
-.7
4.7
1.1
1.4
.9

2.8
17.6
.4
•3
7.5
•1
6.2
.1
3*1
.9

2*1
12.2
-.1
*
5.1
•9
4.6
-1.9
3.5
.9

2.0
14.3
.4
•3
4.1
1.2
3.4
2.2
2.8
.9

2.0
14.5
-.5
•2
7.1
•3
4.2
1.3
1.9
.9

2*5
14.4
.7
•3
8.5
1.1
3.6
-1.1
1.4
.9

2*3
12.9
.6
•3
6.8
.8
2.0
1.0
1.4
.9

15
16
17
18
19

10.2
5.1
3.3
.1
1.7

13*3
6.1
5.2
-.1
2.1

15.3
6.5
6.0
*
2.9

15.1
7.2
5.2
*
2.7

15.8
7.2
5.7
*
2.9

11.7
7.1
3.1
*
1.5

18.2
7.4
7.7
«
3.1

16.1
7.2
5.7
*
3.2

17.1
7.1
6#2
-•i
3.9

17.9
7.1
6.4
-.1
4.5

17.7
6.9
5.9
-.1
5.0

15.7 NET INCREASE IN LIABILITIES
6.9
LIFE INSURANCE RESERVES
5.3
PENSION FUND RESERVES
-.1
PROFIT TAXES PAYABLE
3.6 MISCELLANEOUS LIABILITIES

20

•1

•3

1*0

-1.0

-.8

-2.9

-1.0

.9

-.2

*

.1

CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
HOME MORTGAGES
OTHER MORTGAGES
OPEN-MARKET PAPER
POLICY LOANS
MISCELLANEOUS ASSETS

♦ DISCREPANCY

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

PRIVATE PENSION FUNDS
1
2

7.1
•2

7.3
-.2

6.8
•2

7.7
•4

10.9
2.0

7.6
1.1

10.1
2.4

12.9
1.3

13.2
3.0

11.6
-2.1

11.1
-1.8

3
4
5
6
7
8

4.6
2*4
.2
2.1
•1
*

8.9
-1.6
-.3
-.7
—•6
•1

7.1
-.5
1.0
-.8
-.7
•1

5.3
2.0
•6
1.6
-.3
•1

2.3
5.8
1.1
4.7
*
•9

3.1
1.5
-.5
1.9
.1
1*9

1.7
5.3
.7
4.7
-.1
•6

1.4
9.3
2.6
6.7
*
.9

2.9
7.2
1.8
5.4
*
♦

5.2
8.5
3.0
5.4
.2

6.6
5.5
6.4
-.8
-.1
.8

12.9 NET ACQ. OF FINANCIAL ASSETS
.4 DEMAND DEPOSITS ♦ CURRENCY
6.6
5.6
2.4
3.3
-.1
.4

1
2

CORPORATE EQUITIES
3
CREDIT MARKET INSTRUMENTS
4
U.S. GOVERNMENT SECURITIES 5
6
CORPORATE BONDS
HOME MORTGAGES
7
MISCELLANEOUS ASSETS
8

STATE ♦ LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS
1
2

6.3
.1

6.3
.1

7.9
.1

9.4
.2

12.2
*

8.4
-.5

11.7
.6

13.0
*

15.9
-.3

9.9
•4

16.5
-•4

14.1 NET ACQ. OF FINANCIAL ASSETS
•2 DEMANO DEPOSITS ♦ CURRENCY

3
4
5
6
7
8
9
10

2.1
4.0
-•3
-.3
*
-•3
3.8
.8

3.2
3.0
-1.6
-1.2
-.3
•1
4.2
•3

3.5
4.3
—•6
-.5
-.1
-•1
5.3
-•3

3.9
5.3
•1
-.1
.2
—•6
5.9
-.1

3.5
8.7
•6
.7
-.1
-•6
8.4
.3

4.4
4.4
-1.1
-.2
-.9
-.1
5.5
.1

3.2
7.8
2.3
1.9
.4
-1.9
7.3
.1

1.8
11.2
-.2
-•2
*
-.1
11.6
*

4.6
11.5
1.2
1*2
*
-.2
9.4
1.1

2*0
7.5
1.1
-•1
1.3
.2
6.3
-.1

2.6
14.4
.6
•8
-.2
*
13.4
.3

2*7
11.3
3.6
2*7
.8
1.7
5.9
.1

1
2

CORPORATE EQUITIES
3
CREDIT MARKET INSTRUMENTS
4
U.S. GOVERNMENT SECURITIES 5
DIRECT
6
AGENCY ISSUES
7
8
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
9
MORTGAGES
10

OTHER INSURANCE COMPANIES
1

.8

1.8

2.0

1.9

1*5

1.7

1.5

1*4

1.2

1.1

1.1

1.2 CURRENT SURPLUS

1

2
3

5.5
•1

6.6
•1

7.9
*

5.6
*

5.2
.1

5.6
-1.0

5.1
*

4.9
1.2

5.3
.3

5.6
.3

7.3
.4

6.8 NET ACQ. OF FINANCIAL ASSETS
.2 DEMAND DEPOSITS ♦ CURRENCY

2
3

4
5
6
7
8
9
10

1.0
3.9
.1
1.5
2.3
*
.5

2.5
3.8
-.4
3.9
•3
*
.3

3.0
3.7
-.4
4.8
-.7
*
1.2

2.2
2.8
-•1
3.9
-1.0
*
.7

-1.4
5.9
•3
1.8
3.8
*
.6

1.0
5.0
*
2.4
2.7
*
.6

-1.1
5.7
-.5
1.4
4.8
*
.6

-3.7
6.9
•3
.9
5.6
.5

-1.7
6.2
1.3
2.8
2.2
*
.5

-.6
5.6
.4
2.1
3.1
*
.3

-1.8
8.4
1.7
2.4
4.2
.1
•3

11
12
13
14

3.9
•4
.1
3.4

4.1
•6
-.1
3.6

5.4
•5
.1
4.8

3.7
•5
*
3.2

4.3
•4
*
3.9

4.3
•4
*
3.8

4.2
.4
*
3.8

4.3
.4
*
3.9

4.3
.3
*
3.9

5.6
.8
*
4.8

5.5
.7
♦
4.8

5.5 NET INCREASE IN LIABILITIES
.7 CORPORATE EQUITY ISSUES
* PROFIT TAXES PAYABLE
4.8
POLICY PAYABLES

11
12
13
14

15

-.8

—.8

-.4

-.1

•5

•4

.7

.8

•2

1.1

-.7

-.1 DISCREPANCY

15

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION#




6.3
.9
2.1
3.1
*
.3

4
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
5
U.S. GOVERNMENT SECURITIES 6
STATE + LOCAL OBLIGATIONS
7
CORPORATE BONDS
8
COMMERCIAL MORTGAGES
9
TRADE CREDIT
10

10 NOVEMBER 1975
FINANCE N.E.C.

FINANCE N.E.C.
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWS
1973
III

IV

1974
II
III

|

-113

-218

UNADJUSTED QUARTERLY FLOWS
1975
II

I
IV |

25

197 CURRENT SURPLUS OF GROUP

FINANCE COMPANIES
10.382
246
1.372
5.898
2.866
6
7
8
9
10

4.201
230
-1.650
2.140
3.481

3.660
62
969
1.747
882

1.634
61
400
1.791
-618

3.46 5
60
-100
1.95 9
1.546

253
59
-268
-634
1.096

1.629
58
-139
1.237
473

470
57
-1.147
927
633

1.849 -1.425
56
55
-60
-96
610 -1.559
1.279
139

482
54
-330
-79
837

-558 NET ACQ. OF FINANCIAL ASSETS
53
DEMAND DEPOSITS ♦ CURRENCY
-780
HOME MORTGAGES
674
CONSUMER CREDIT
-505
OTHER LOANS (TO BUSINESS)

1
2
3
4
5

9.419
3.903
1.777 1.113
4.093 -1.007
3.549
3.797
55
76

3.466
670
2.051
745
-48

1.321
230
1.093
-2
40

3.254
182
471
234
314 -2.232
2.469
2.180
21
43

1.533
171
1.015
347
-36

136
93
-448
491
39

2.052 -2.055
615
243
658 -1.801
779
-497
30
53

912
150
404
358
-30

-932 1
NET INCREASE IN LIABILITIES
100
CORPORATE BONDS
BANK LOANS N.E.C.
-187
-845
OPEN-MARKET PAPER
50
PROFIT TAXES PAYABLE

6
7
8
9
10

422
139
283

480
158
322

25 1HYSICAL INVESTMENT
8 MULTI-FAMILY STRUCTURES
17 NONRESIDENTIAL STRUCTURES

1
2
3

__ _____ _____

REAL ESTATE INVESTMENT TRUSTS

1
2
3

732
241
491

1.063
350
713

325
107
218

86
28
56

30
10
20

340
112
228

216
71
145

313
103
210

4
5
6
7
8

5.588
1.272
720
2.488
1.108

-81
273
327
-957

1.609
339
327
597
346

1.536
360
347
630
201

1.010
239
-67
568
270

590
185
164
331
-90

269
73
100
121
-25

-499
10
10
-279
-240

-441 -1.125
5
-83
2
-88
154
-488
-602
-466

-696
-98
-116
-333
-149

-612 1
-163
HOME MORTGAGES
MULTI-FAMILY MORTGAGES
-182
COMMERCIAL MORTGAGES
-228
MISCELLANEOUS ASSETS
-39

9
10
11
12
13
14

6.320
730
5.590
320
105
215

982
-638
1.620
169
56
113

1.934
474
1.460
142
47
95

1.624
126
1.498
10
3
7

1.040
-310
1.350
40
13
27

930
30
900
70
23
47

485
-89
574
1
0
1

-186
-246
60
32
11
21

-247
-333
86
66
22
44

-703
-796
93
66
22
44

-216
-163
-53
82
27
55

-587 1
CORPORATE EQUITY ISSUES
-243
-344
CREDIT MARKET INSTRUMENTS
53
MORTGAGES
MULTI-FAMILY RESIDENTIAL
17
36
COMMERCIAL

10
11
12
13
14

15
16
17

550
159
3.985
4.557
735 -3.265

178
1.119
21

52
637
799

170
1.08 5
55

130
7
1.29 5 2.382
-59 5 -1.816

-34
731
-669

56
149
-185

-61
64
24

7
-198
56

10
-417
10

CORPORATE BONDS
BANK LOANS N.E.C.
OPEN-MARKET PAPER

15
16
17

0

0

0

0

0

0

0

18

0

27b

0

0

0

0

194
64
130

MISCELLANEOUS LIABILITIES

5
6
7
8

18

OPEN-END INVESTMENT COMPANIES
-633

-248

-64

16

-174

-270

12

32

-22

-97

4

2 -2.219
3
297

758
-164

-706
-80

144
63

-90 4
-88

-89
-32

-560
-67

218
-123

1.189
58

1.820
113

-472
12

4 -2.314
5
-202
6
471
7
-872
8
199

-473
1.39 5
24
-404
1.775

-564
-62
81
-532
389

-549
630
120
216
294

96
-912
-22
-36 1
-52 9

-682
62 5
-301
189
737

-86
-407
-364
-529
486

-35
376
331
-364
409

330
801
358
300
143

12
1.695
-233
814
1.114

-340
-144
163
103
-410

9 -1.586

1.006

-642

128

-730

181

-572

186

1.211

1.917

-476

400 -1.451
7
8

2.008
10

-268
11

506
13

-2.299
14

DEMAND DEPOSITS ♦ CURRENCY

-1.281
-2.857
-1.037
-540
-1.280
446

406
-330
259
583
896
-144
17
-2
-330
405
-272 -1.712

827
1.459
533
100
826
-288

-679
-144
707
-173
-678
544

-97
-706
-650
41

-1.217
-1.512
-309
14
-1.217
416

CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
SECURITY CREDIT

3.028 -3.635
3.031 -3.622
2.874 -3.776
157
154
-13

501 -1.412
559 -1.398
1.112 -1.434
-553
36
-58
-14

1.964
1.987
1.943
44
-23

-3 56
-372
-815
443
16

1

5 CURRENT
SURPLUS
'
811 NET
1 ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY
-171
-256
1.238
86
91
1.061

CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
CORPORATE BONDS
OPEN-MARKET PAPER

2
3
4
5
6
7
8

806 NET SHARE ISSUES

SECURITY BROKERS ANO DEALERS
1 -3.532 -2.728
8
30
2
404
-378
616
-556
-4
248
218
-42 5
-379
40 2
—4.56 0 -1.824
9 -3.456 -2.582
10 -3.444 -2.474
11 -3.205 -2.155
-239
-319
12
13
-12
-108

-892 -1.017
2
3
291
447

65
92
290
-l.f32
-6 7 2

-836
-514
-322
-36

2.993 -3.685
3
5

1.774
2.304
459
119
31
412
-395
1.773
-720 -1.088
-992
-1.004
-1.161
157
12

I11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




404 -2.404 NET INCREASE IN LIABILITIES
SECURITY CREDIT
450 -2.441
FROM BANKS
419 -2.483
42
CUSTOMER CREDIT BALANCES
31
37
PROFIT TAXES PAYABLE
-46

9
10
11
12
13

10 NOVEMBER 1975
FINANCE N.E.C.

FINANCE N.E.C.
23

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

1

SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

1973

I
1974 I

-1.1

*

-.5

-.3

*

1974
I

II

—.2

—.6

III

|
IV I

I

1975
II

-.3

1.1

1.0

.2

.1 CURRENT SURPLUS OF GROUP

1

FINANCE COMPANIES
1
2
3
4
5

.9
•2
•1
•5
•1

4.4
.3
1.1
1.3
1*8

11.0
•3
4.1
3.8
2.8

10.4
•2
1.4
5.9
2.9

4.2
.2
-1.7
2.1
3.5

4.1
.2
-.4
2.5
1.8

3.8
•2
-1.5
4.4
.7

5.8
.2
-4.5
2.0
8.1

3.3
.2
-.2
*
3.3

-2.9
.2
•4
-1.3
-2.2

-.4
.2
-2.3
-.8
2.4

2.4 NET ACQ. OF FINANCIAL ASSETS
.2 DEMAND DEPOSITS ♦ CURRENCY
-3.0 HOME MORTGAGES
1.6
CONSUMER CREDIT
3.6
OTHER LOANS (TO BUSINESS)

1
2
3
4
5

6
7
8
9
10

1*6
2*5
-1.1

4.2
3.8
*
•4
*

9.3
5.4
3.8
*
*

9.4
1.8
4.1
3.5
.1

3.9
1.1
-1.0
3.8
.1

4.5
1.2
-6.6
9.9
.1

2.8
1.4
•8
•6
•1

5.5
•4
-.4
5.4
•1

2.8
1.3
2.2
-.7
.1

-3.4
1.4
-4.9
.1
.1

—.6
1.3
-1.7
-.2
.1

1.3 NET INCREASE IN LIABILITIES
.4 CORPORATE BONDS
mb
BANK LOANS N .E*C.
.3 OPEN-MARKET PAPER
.1
PROFIT TAXES PAYABLE

6
7
8
9
10

•1 PHYSICAL INVESTMENT
* MULTI-FAMILY STRUCTURES
.1 NONRESIDENTIAL STRUCTURES

1
2
3

m2

♦

REAL ESTATE INVESTMENT TRUSTS
1
2
3

.2
•1
.2

.4
.1
.3

1.1
.4
.8

m-r
m2

.5

1.1
.4
.7

1.4
.4
.9

.9
.3
.6

1.3
.4
.6

.8
.3
.5

1.7
•6
i.i

1.9
•6
1.3

4
5
6
7
8

2.4
.5
.6
1.0
.3

2.6

5.0
1.4
1.2
2.3
.2

*.6
1.3
.7
2.5
1.1

-.1
.3
.3
.3
-1.0

2.4
1.3
-.4

1.1
.3
.4
.5
-.1

-2.0
*
*
-1.1
-1.0

-1.8
*
*
.6
-2.4

-4.5
-.3
-.4
-2.0
-1.9

-2.8
-.4
-.5
-1.3
-.6

9
10
11
12
13
14

2.7
1.4
1.3
.1
*
.1

3.0
.9
2.1

6.3

1.0
—.6
1.6
.2
.1
•1

3.7
.1
3.6
.3
.1
.2

1.9

-.7
-1.0

2.3
*
*

-1.0
-1.3
.3
.3
.1
.2

-2.8
-3.2
.4
.3
.1
•2

-.9

*
.1

6.1
1.5
4.6
.5
.2
.3

-.2
.3
.1
.2

-2.3 NET INCREASE IN LIABILITIES
-1.0
CORPORATE EQUITY ISSUES
-1.4 CREDIT MARKET INSTRUMENTS
MORTGAGES
.2
.1
MULTI-FAMILY RESIDENTIAL
ml
COMMERCIAL

9
10
11
12
13
14

15
16
17

.5
.6

.4
.7
.8

.4
1.3
2.5

.6
4.0

.2
4.6
-3.3

.5
5.2
-2.4

*
9.5
-7.3

-.1
2.9
-2.7

.2
.6
~ml

-.2
.3
.1

*
—.8
.2

*
-1.7
*

15
16
17

18

-

-

-

-

-

-

-

-

ml
ml

1.1
*

•

•1

5.6
.3
•1
.2

ml

-

-

ml
ml

-mb

m2

.1
*
.1

-ml

-2.4 NET ACQ. OF FINANCIAL ASSETS
-ml
HOME MORTGAGES
-ml
MULTI-FAMILY MORTGAGES
-.9 COMMERCIAL MORTGAGES
-.2
MISCELLANEOUS ASSETS

CORPORATE BONDS
BANK LOANS N.E.C.
OPEN-MARKET PAPER
MISCELLANEOUS LIABILITIES

4
5
6
7
8

18

OPEN-END INVESTMENT COMPANIES
1

-.9

“•6

-1.1

-mb

-.2

-.4

-ml

-.5

.6

.3

2
3

1.7
*

•6
•i

-1.8
*

-2.2
.3

.8
-.2

-.4
-.1

-2.2
-.3

.9
-.5

4.8
.2

7.3
.5

-1.9
*

4
5
6
7
8

1.2

-1.8
*
.1
.2
-.3

-2.3
-.2
•5
-.9
.2

-.5
1.4
*
-.4
1.8

-2.7
2.5
-1.2
•8
2.9

-.3
-1.6
-1.5
-2.1
1.9

-.1
1.5
1.3
-1.5
1.6

1.3
3.2
1.4
1.2
.6

*
6.8
-.9
3.3
4.5

-1.4
—.6

-.4

.4
*
-.3
•6
-.3

.4
-1.6

9

2.6

1.1

-ml

—1.6

1.0

*

-1.6

1.4

4.2

7.0

-1.3

mb
m2
ml

CURRENT SURPLUS

— mb

ml

3.2 NET ACQ. OF FINANCIAL ASSETS
-ml
DEMAND DEPOSITS ♦ CURRENCY
-1.0
5.0
.3
.4
4.2

CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
CORPORATE BONDS
OPEN-MARKET PAPER

3.9 NET SHARE ISSUES

1
2
3
4
5
6
7
8
9

SECURITY BROKERS ANO DEALERS
1
2

.8
-.3

1.4
*

4.3
*

-3.5
*

-2.7
*

-3.9
*

1.7
*

-5.0
*

-3.7
*

10.1
*

2.1
.1

3
4
5
6
7
8

•1
2.3
1.7
•6
•i
-1.3

.2
-1.3
-1.6
•1
.2
2.5

.1
.2

.4
.6
*

.3
-6.0
-4.1
-2.2
.3
1.8

1.7
1.1
—.6
*
1.7
-1.1

-.9
2.7
3#6
•i
-.9
-6.6

-2.5
*
2.1
.4
-2.5
-1.2

2.9
5.0
2.8
-.7
2.9
2.2

-.4
-2.8
-2.6

.4
—4.6

-.4
-.6
•2
-.4
-.4
-1.8

9
10
11
12
13

1.0
1.0
1.9
-1.0
“

1.1
1.1

-3.5
-3.4
-3.2
-.2
*

-2.6
-2.5
-2.2
-.3
-.1

-3.7
-3.6
-4.3
•6
-.i

2.1
2m2
4.4
-2.2
-.1

-4.8
-4.7
-4.9
.1
-.1

-3.8
-3.7
-3.9
.2
-.1

9.7
9.7
7.9
1.8
*

ml

.5
*

m2

-.1
.1
3.9
4.1
4.1
3.9
m2

*

m2

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-8.3 NET ACQ. OF FINANCIAL ASSETS
.1
DEMAND DEPOSITS ♦ CURRENCY

1
2

-.4
5.2

-4.4
-5.6
-1.2
.1
-4.4
1.7

3
4
5
6
7
8

1.6
1.7
1.6
.1
-.1

-8.7 NET INCREASE IN LIABILITIES
-8 m8
SECURITY CREDIT
-9.0
FROM BANKS
.2
CUSTOMER CREDIT BALANCES
.1
PROFIT TAXES PAYABLE

m2

CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
SECURITY CREDIT

9
10
11
12
13

10 NOVEMBER 1975
REST OF THE WORLD

REST OF THE WORLD

24

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(MILLIONS OF DOLLARS)
UNADJUSTED QUARTERLY FLOWS

UNADJUSTED QUARTERLY FLOWS

1973

1974 1

II

III

IV

1

I

II

III

IV 1

I

II

III

REST OF THE WORLD
3.029 4.235
233
-169
3.392
3.556
-318 -2.728
1.612
1 3.943 2.122
2 100.350 140.208 24.601 24.451 29.254 32.732 35.489 34.204 37.783 35.488 35.109
3 96.407 138.086 24.368 24.620 25.862 29.176 35.807 36.932 36.171 32.459 30.874
4 3.876 3.586
904
945
1.100
876
1.147
913
966
820
887
5
1.464
1.284
3.548
-725 -2.125 -3.290
-67
867 1.045 -2.245 -2.643
6 2.109 -3.235
7 17.436 31.232
8
9
-172
9 2.514 2.366
10 2.889 6.588
11
12
13
14
15

302
2.516
9
731
801

891
1.173 —3.296 -4.417
2.521
2.089 5.728 10.900
0
0
0
-29
410
2.088
45
974
-6
840
-335
1.717

2.758
544
128
871
486
738 11.572 -2.560 -1.618 -2.960
340 3.621 -2.837 -1.729 -2.900
97 1.329
87
133
-183
301 6.622
190
-22
123

16
17

-33
986

18
19
20
21

2.530 -2.239 -5.401 -4.353
2.916
7.309 2.865
7.295
-20
27
-38
-123
407
243
1.104 -2.842
161
3.251
1.955
535

383
1.211
-710
58
1.863

56
4.067
2.761
421
885

118
3.297
-789
423
3.663

50
343

-29
416

-56
304

-40
1.404

6
-34

-26
570

43
309

7.575

8.970

3.435

2.320

1.283

4.031

3.728

1.063
2.537
3.975

4.597
2.223
2.150

693
588
2.154

460
886
974

187
712
384

2.681
1.177
173

148
1.700
1.880

15.327 34.467

-13
958
2.997 4.776
2.359 6.605
230
427
211 -2.059

258 NET U.S. EXPORTS
32.998
U.S. EXPORTS
32.740 U.S. IMPORTS
868 TRANSFER RECEIPTS FROM U.S.
610 CURRENT ACCOUNT BALANCE
(U.S. BALANCE* SIGN REVERSED)
-882 NET FINANCIAL INVESTMENT
3.071 NET ACQ. OF FINANCIAL ASSETS
GOLD ♦ SDR'S (1)
-4
-100
U.S. DEMAND DEPOSITS
-40
U.S. TIME DEPOSITS

895
474
986
-162
-350

1.150
-43
-93
50
0
42
100

-5
341

56
218

29
66

261

950

-489

548

1.966

585
-1
-323

1.183
-653
420

-638 -1.400
340
623
-191
1.325

1.493
450
23

U.S. CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVT. SECURITIES
U.S. CORPORATE BONDS (2)
OPEN-MARKET PAPER
SECURITY CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
U.S. BANK LIABILITIES
TO FOREIGN AFFILIATES 19
DIR. INVESTMENT IN U.S. 20
OTHER
21

2.214

1.348

5.385

10.145

10.009

4.765

9.548

8.266

7.269

3.953

23

-200

1.262

-8

13

15

210

329

881

-158

321

13

317

NET INCREASE IN LIABILITIES
U.S. OFF. FGN. EXCHANGE
♦ NET IMF POSITION

24
25
26
27
28

-200
7.728
991
2.802
3.935

-250
15.680
2.240
4.721
8.719

-39
2.079
165
1.116
798

-5
731
209
-723
1.245

8
2.755
504
1.334
917

13
3.724
633
1.485
1.606

-124
6.411
437
3.338
2.636

-89
1.633
393
-941
2.181

-50
58
3.912
1.771
777
1.963
839 -1.260
2.296
1.068

13
2.961
988
1.933
40

10
3.292
1.100
2.292
-100

FOREIGN EQUITY ISSUES
CREDIT MARKET INSTRUMENTS
CORPORATE BONDS
BANK LOANS N.E.C.
OTHER LOANS

24
25
26
27
28

29
30

-181
1.877

-38
2.984

-121
185

12
539

-24
999

-6
1.623

16
599

-63
329

15
433

16
-250

40
-30

11
1

SECURITY DEBT
TRADE DEBT

29
30

14.829
118
646
81
1.139
412
7.152
669
5.892 -1.044

58
2
-78
313
-179

1.632
188
1.560
606
-722

4.581
114
2.370
1.141
956

2.778
2.074
233
83
-692 -1.262
1.441
1.827
1.796
1.426

5.396
216
723
2.743
1.714

6.350
151
4.601
1.470
128

4.272
322
190
151
2.346 -1.272
1.832
1.550
-146
-57

-128

1.051

1.774

3.276

1.063

22

31 6.303
348
32
33 4.798
34 3.649
35 -2.492
36 -2.176

4.699

565

393

1.018

1.514

MISCELLANEOUS LIABILITIES 31
USG EQUITY IN IBRD* ETC. 32
FGN. CURR. HELD IN U.S. 33
U.S. DIR. INV. ABROAD!2)
OTHER

1.492 DISCREPANCY

(1) CONSISTS ONLY OF NET PURCHASES FROM U.S.
EXCLUDES ACQUISITIONS FROM OTHER SOURCES.
(2) NET OF U.S. SECURITY ISSUES IN FOREIGN MARKETS TO
FINANCE U.S. INVESTMENT ABROAD.
II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION,




10 NOVEMBER 1975
REST OF THE WORLD

REST OF THE WORLD
25

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1974

1970

1971

1972

1973

II

III

1975
II

IV |

REST OF THE WORLD
1
2
3
4
5

3.6
62.9
59.3
3.2
-•*

-.2
65.5
65.6
3*6
3.8

-6.0
72.4
75.4
3.8
9.8

3.9
100.4
96.4
2.9
-.1

2.1
140.2
138.1
3.6
1.5

11.3
131.2
119.9
3.7
-7.6

-1.5
138.5
140.0
3.7
5.2

-3.1
142.6
146.7
2.3
6.5

1.9
147.5
145.7
3.6
1.8

8.8
142.2
133.4
3.6
-5.2

16.2
136.0
119.8
3.6
-12.5

9.8 NET U.S. EXPORTS
U.S. EXPORTS
140.2
130.4
U.S. IMPORTS
3.5 TRANSFER RECEIPTS FROM U.S.
-6.3 CURRENT ACCOUNT BALANCE
(U.S. BALANCE, SIGN REVERSED!

6
7
8
9
10

.8
5.9
.8
.2
-1.7

13.6
22.7
1.3
•3
.5

11.6
19.7
.6
1.5
2.7

2.1
17.4
*
2.5
2.9

-3.2
31.2
-.2
2.4
6.6

-10.5
28.6
2.0
-1.3

.1
41.1
-.1
2.5
6.9

1.6
27.0
-.5
2.4
13.0

-4.1
28.1
-.1
2.5
7.8

-13.6
17.9
.1
-9.5
.6

-21.5
9.1
-.2
.2
2.1

-12.3 NET FINANCIAL INVESTMENT
10.0
NET ACQ. OF FINANCIAL ASSETS
*
GOLD ♦ SDR *S (1)
1.2
U.S. DEMAND OEPOSITS
-.2
U.S. TIME DEPOSITS

11
12
13
14
15

.7
10.3
9.1
.7
.5

.8
26.4
26.2
.3
-.2

2.3
8.4
6.4
.1
-.1

2.8
•7
.3
.1
.3

.5
11.6
3.6
1.3
6.6

1.5
3.4
-4.5
.2
7.6

.2
17.7
12.9
1.7
3.1

.5
7.5
-8.9
1.7
14.7

-.1
17.7
14.9
1.7
1.1

3.8
18.1
25.3
.9
-8.1

3.6
3.5
5.9
-.6
-1.8

4.6
-6.3
-6,5
.2
*

16
17

-.1
1.4

*
.1

•1
.8

*
1.0

*
1.4

.2
1.4

-.1
1.7

-.2
1.2

, *
1.4

.2
.9

.1
.3

.2
.4

18

-5.6

-6.8

3.4

7.6

9.0

21.5

12.3

3.2

-1.1

3.7

-.4

10.1

19
20
21

-6.9
1.0
•3

-4.1
-.1
-2.6

.9
.4
2.1

1.1
2.5
4.0

4.6
2.2
2.2

10.7
4.7
6.1

.6
6.8
5.0

2.3
*
.8

4.7
-2.6
-3.3

-2.6
1.4
4.9

-5.6
2.5
2.7

6.0
1.8
2.4

U.S. CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVT. SECURITIES
U.S. CORPORATE BONDS (2)
OPEN-MARKET PAPER
SECURITY CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
U.S. BANK LIABILITIES
TO FOREIGN AFFILIATES
DIR. INVESTMENT IN U.S.
OTHER

22

5.1

9.1

8.2

15.3

34.5

39.2

41.0

25.4

32.3

31.6

30.6

22.3

23

-2.5

-1.7

-.2

-.2

1.3

.8

1.3

3.5

—.6

1.3

.1

1.3

NET INCREASE IN LIABILITIES
U.S. OFF. FGN. EXCHANGE
♦ NET IMF POSITION

24
25
26
27
28

.1
2.7
.9
-.3
2.1

*
4.6
•9
1.6
2.1

-.4
4.7
1.0
2.9
.8

-.2
7.7
1.0
2.8
3.9

-.3
15.7
2.2
4.7
8.7

.1
15.3
2.5
6.3
6.4

-.5
25.2
1.7
12.9
10.5

-.4
7.7
1.6
-2.6
8.7

-.2
14.5
3.1
2.3
9.2

.2
7.4
7.9
-4.7
4.3

.1
11.3
4.0
7.2
.2

*
14.4
4.4
10.4
-.4

FOREIGN EQUITY ISSUES
CREDIT MARKET INSTRUMENTS
CORPORATE BONDS
BANK LOANS N.E.C.
OTHER LOANS

29
20

*
1.0

*
.5

•1
.5

-.2
1.9

*
3.0

*
6.5

.1
2.4

-.3
1.3

.1
1.7

•1
-1.0

•2
-.1

*
*

31
32
32
34
35

4.0
•2
.5
3.6
-.4

5.6
.3
1.4
3.8
.3

3.5
.2
2.6
1.5
-1.9

6.3
.3
4.8
3.6
-2.5

14.8
.6
1.1
7.2
5.9

16.5
.5
9.5
1.3
5.3

12.6
.9
-2.8
5.5
8.9

13.4
.3
-5.0
7.8
10.3

16.8
.9
2.9
14.0
-1.0

23.6
.6
18.4
2.3
2.2

19.1
.6
9.4
7.3
1.8

6.5
.8
-5.1
6.8
4.1

36

-1.2

-9.8

-1.8

-2.2

4.7

2.9

5.2

4.8

5.9

8.5

8.9

SECURITY DEBT
TRADE DEBT
MISCELLANEOUS LIABILITIES
USG EQUITY IN IBRD, ETC.
FGN. CURR. HELD IN U.S.
U.S. DIR. INV. ABROAD!2)
OTHER

6.0 DISCREPANCY

(1) CONSISTS ONLY OF NET PURCHASES FROM U.S.
EXCLUDES ACQUISITIONS FROM OTHER SOURCES.
(21 NET OF U.S. SECURITY ISSUES IN FOREIGN MARKETS TO
FINANCE U.S. INVESTMENT ABROAD.
I11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




10 NOVEMBER 1975
MONETARY ANO INSURANCE RESERVES
26

MONETARY AND INSURANCE RESERVES

GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES
UNADJUSTED QUARTER!.V FLOWS

°P °°U M S )

V a L U m

1973
III

1974
II

UNADJUSTED QUARTERLY FLOWS
1975
II

I
IV |

III

GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS <11
1

-209

1.434

-17

13

15

210

358

1.004

-138

294

51

321 TOt/ l U.S. RESERVES

2
3
4

-9
-9
0

172
87
85

-9
-9
0

0
0
0

0
0
0

0
0
0

29
29
0

123
123
0

20
-65
85

-27
5
-32

38
38
0

4 u/s. GOLD STOCK AND SDR*S
25 'U.S. GOVT.— EX. STAB. FUND
-21
MONETARY AUTHORITIES 12)

5

-200

1.262

-8

13

15

210

329

881

-158

321

13

6
7
8

-233
-45
-188

-3
-1
-2

0
0
0

0
0
0

0
0
0

1
-1
2

85
1
84

152
0
152

-241
-1
-240

14
-3
17

6
0
6

222
0
222

9
10
11

33
35
-2

1.265
1.268
-3

-8
5
-13

13
0
13

15
15
0

209
215
-6

244
240
4

729
722
7

83
91
-8

307
257
50

7
2
5

95
88
7

145
221
-76

167
136
31

311
398
-87

199 TOTAL U.S. GOVT. LIABILITY
132 MONETARY AUTHORITIES ASSET
67 UNALLOCATED ASSETS

317 U.S. FOREIGN EXCHANGE POSITION

5

OFFICIAL FGN. CURRENCY HLDGS
TREASURY
MONETARY AUTHORITIES
NET IMF POSITION
U.S. GOVERNMENT ASSET
MONETARY AUTHORITIES

9
10
11

TREASURY CURRENCY AND SDR CERTIFICATES
422
403
19

445
537
-92

193
109
84

64
64
0

77
121
-44

100
57
43

97
151
-54

103
108
-5

INSURANCE AND PENSION FUND RESERVES

1
2
3

7.277
68
7.209

7.274
68
7.206

1.841
17
1.824

1.857
17
1.840

1.812
17
1.79 5

1.785
17
1.768

1.874
17
1.857

1.826
17
1.809

1.789
17
1.772

1.791
17
1.774

1.745
17
1.728

LIFE INSURANCE RESERVES:
1.738 NET CHANGE IN LIABILITIES
17 U.S. GOVERNMENT
1.721
LIFE INSURANCE COMPANIES

4

7.277

7.274

1.841

1.857

1.812

1.78 5

1.874

1.826

1.789

1.791

1.745

1.738 NET CHANGE IN ASSETS (HH)

24.359 31.668
2.057 2.817
22.302 28.851
5.681
5.150
7.737 10.941
9.415 12.229

7.289
2.315
4.974
1.266
1.229
2.479

5.630
-304
6.134
1.305
2.410
2.419

5.554
228
5.326
1.349
1.916
2.061

4.611
-308
4.919
773
2.056
2.090

10.950
3.799
7.151
1.930
2.302
2.919

7.189
-786
7.975
1.432
3.289
3.254

8.918
112
8.806
1.546
3.294
3.966

6.750 13.185
-40 5 5.048
7.155
8.137
1.592
1.485
3.093
2.522
2.470
4.130

7.289

5.830

5.554

4.611

10.950

7.189

8.918

6.750

11 24.359

31.668

13.185

PENSION FUND RESERVES:
7.072 NET CHANGE IN LIABILITIES
-1.070 U.S. GOVERNMENT
8.142
INSURANCE SECTOR
1.326
LIFE INSURANCE COMPANIES
3.292
PRIVATE PENSION FUNDS
3.524
S. + L. GOVT., RTR. FUNDS
7.072 NET CHANGE IN ASSETS (HH)

5
6
7
8
9
10
11

INTERBANK CLAIMS
1

7.864

-713

8.856 -4.059

1.796

2
3

1.413 -1.217 -2.055
2.040
952 -1.231

6.144 -3.902
2.011
1.026

1.350
1.676
-976 -1.352

701 -1.183
2.573
1.326
1.783 -1.562
-332
3.740 -3.201
-339
-584
-18
?94
134
201
1.621 -1.567
1.432
-18
60
24

1.422
7.722
5.463
872
-102
1.252
-92
-91
1.401 -1.395
-346
5.606
91
11

4.785

4 4.411
5.050
5 2.085
1.908
6 -1.598 -2.057
7
-410
-185
8
1.386
-218
9 2.570
4.259
10
137
109
11

2.326

3.142

12

7.864

4.785

13 -1.598 -2.057
14
-875 -1.098
-959
15
-723
16
17
18
19
20

9.462
5.779
1.413
2.040
2.326

8.856 -4.059

1.796

8.046

3.754 -8.811

282

-5.867

-332
-74
-258

3.740 -3.201
988
63
2.752 -3.264

-102
-877
775

1.252
75
1.177

3.406 -6.613
1.424 -1.720
1.982 -4.893

676
162
514

-3 8 1
6.842
2.877 - 2 . 0 2 9
-1.217 - 2 . 0 5 5
952 -1.231
3.142
1 .2 < t?

5.116
-858
-2.497
6.144 -3.902
2 .0 1 1
1.026
379
-1.082

-410

-185
4.150
4.259
109
-218

-3 3 0

1.9Q7
1 .6 2 1
-1 8
394

7 .0 7 3

-584
-1 .3 7 3
-1 .5 6 7

60
134

-18
1.657
1.432
24
201

4.624 NET CHANGE IN LIABILITIES
3.207
948

-1.568 -2.526 -3.144 -1.018
469
159 -4.586 —1.482
-37
449
3.406 -6.613
676
-624
1.276
0
0
-2
0
0
655
-879
923
-942
464
-3.882
2.881 -3.107
1.668 -1.292
-18
25
26
-139
1

-713

4.093
2.570
137
1.386

2.259 -1.727

2.060 -1.662

-981

20

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

2
3

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

11

4.624 NET CHANGE IN ASSETS

12

-624
-372
-252

1.276
435
841

MONETARY AUTHORITIES
F.R. FLOAT
LOANS TO MEMBER BANKS

13
14
15

1.898
6.794
-39* -5.243
348 -2.198
924
2.583
3.595 -4.225
1.764 -5.830
1.350
1.676
3.170 -7.413 <♦.594 -4.461
-976 -1.352
2.152
1.128 -1.168
-388
550
2.259 -1.727
2.060 -1.662
-981

3.348
4.175
3.207
948
20

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

-92

-91

-2

0

0

0

0

1.066
4.302 -3.245
2.027 -2.158
587
-827
FOREIGN BANKING AGENCIES
-346
5.606 -3.882
2.881 -3.107
1.668 -1.292
DEMAND DEPOSITS AT BANKS
91
-139
11
-18
26
25
1
TIME DEPOSITS AT BANKS
1.401 -1.395
-879
655
923
464
-942
LOANS TO BANKS
(1) LINES 1 ♦ 2 EXCLUDE INITIAL ALLOCATION OF SDR'S OF $867 MILLION
IN JANUARY 1970, $717 MILLION IN JANUARY 1971, AND $710 MILLION
IN JANUARY 1972. TRANSACTIONS IN SDR'S ARE IN LINE 2. ALSO
EXCLUOED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY
HOLDINGS, GOLD, SDR'S, AND IMF POSITION. THESE ALLOCATIONS AND
REVALUATIONS ARE INCLUDED IN TABLES ON OUTSTANDINGS.
(2) TREASURY GOLD STOCK.

I11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




282 -5.867

3.170 -7.413 4.594 -4.461
2.152
1.128 -1.168
-388

550

22
24
25

3.754 -8.811

379

21
23

1.247 -1.082

8.046

10 NOVEMBER 1975

MONETARY AND INSURANCE RESERVES

MONETARY AND INSURANCE RESERVES
27

GOLD* OFFICIAL FOREIGN EXCHANGE* TREASURY CURRENCY* AND INSURANCE RESERVES
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

SEASONALLY ADJUSTED ANNUAL RATES

1973

I
1974 |

I

1974
II
III

|
IV I

1

1975
II

III

GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS (1)
1

-3.3

-3.1

-.7

-.2

1.4

2
3
4

-.8
-1.2
.4

-1.3
-.7
-.6

-.6
*
-.5

*
*
~

•2
.1
.1

5

-2.5

-1.7

-.2

-.2

1.3

6
7
8

-2.2
-.4
-1.7

-.4
-.1
-.2

*
-.2
.2

-.2
*
-.2

9
10
11

-.4
-.4
*

-1.4
-1.3
*

-.1
-.1
*

*
*
♦

.8

1.4

4.0

-.6

1.2

.2

1.3 TOTAL U.S. RESERVES

1

.1
.1

.5
.5

•1
-.3
.3

-.1
*
-.1

•2
.2

* U.S. GOLD STOCK AND SDR'S
U.S. GOVT.— EX. STAB. FUND
.1
-.1
MONETARY AUTHORITIES (2)

2
3
4

•8

1.3

3.5

—.6

1.3

•1

1.3 U.S. FOREIGN EXCHANGE POSITION

*
*
*

*
*
*

.3
*
.3

.6

.1
*
.1

*

.6

-1.0
*
-1.0

1.3
1.3
*

.8
.9
*

1.0
1.0
*

2.9
2.9
*

.3
•4
♦

.6
.9
-.3

_

-

~

-

.9

*

.9

OFFICIAL FGN. CURRENCY HLDGS
TREASURY
MONETARY AUTHORITIES

1.2
1.0
.2

*
*
*

.4
.4
*

NET IMF POSITION
U.S. GOVERNMENT ASSET
MONETARY AUTHORITIES

.7
,5
.1

1*2
1.6
-.3

.8 TOTAL U.S. GOVT. LIABILITY
.5 MONETARY AUTHORITIES ASSET
.3 UNALLOCATED ASSETS

-

-

5
6
7
8
9
10
11

TREASURY CURRENCY AND SOR CERTIFICATES
1
2
3

*6
.7
-.1

*5
,5
*

.5
,7
-.2

.4
.4
*

.4
.5
-.1

,4
.2
.2

.4
.6
-.2

,4
.4
*

INSURANCE AND PENSION FUND

1
2
3

RESERVES

1
2
3

5.2
.1
5.1

6.2
.1
6*1

6.6
.1
6.5

7.3
.1
7.2

7.3
.1
7.2

7.1
.1
7.1

7.5
.1
7.4

7.3
.1
7.2

7.2
.1
7.1

7.2
.1
7.1

7.0
.1
6.9

LIFE INSURANCE RESERVES:
7.0 NET CHANGE IN LIABILITIES
•1 U.S. GOVERNMENT
6.9
LIFE INSURANCE COMPANIES

1
2
3

4

5.2

6.2

6.6

7.3

7.3

7.1

7.5

7.3

7.2

7.2

7.0

7.0 NET CHANGE IN ASSETS (HH)

4

5
6
7
8
9
10

19.1
2.4
16.7
3.3
7.1
6.3

21.6
2.8
18.7
5.2
7.3
6.3

23.8
3.2
20.6
6.0
6.8
7.9

24.4
2.1
22.3
5.2
7.7
9.4

31.7
2.8
28.9
5.7
10.9
12.2

20.6
1.5
19.0
3.1
7.6
8.4

39.4
9.8
29.5
7.7
10.1
11.7

30.9
-.8
31.7
5.7
12.9
13.0

35.9
.7
35.2
6.2
13.2
15.9

29.2
1.3
27.9
6.4
11.6
9.9

11

19.1

21.6

23.8

24.4

31.7

20.6

39.4

30.9

35.9

29.2
48.2
— — —— — —

----

---------

INTERBANK CLAIMS
-------- ----- ---------- -------- --------- -----

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

48.2
14.7
33.5
5.9
11.1
16.5

------

30.5
-1.8
32.3
5.3
12.9
14.1

PENSION FUND RESERVES:
NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
S. ♦ L. GOVT., RTR. FUNDS

30.5 NET CHANGE IN ASSETS (HH)

5
6
7
8
9
10
11

----------

1

4.5

5.6

2.0

7.9

4.8

7.3

42.9

5.8

-36.9

1.1

-12.2

2
3

2.1
-.3

3.6
.5

-2.1
1.1

1.4
2.0

-1.2
1.0

1.6
-4.8

12.8
-2.5

10.9
4.7

-30.1
6.5

14.4
-5.9

-11.5
1.6

11.3
-.4

MONET. AUTH.— MEM. BANK RES. 2
— VAULT CASH
3

4
5
6
7
8
9
10

2.7
2.5
1.0
.1
.1
1.2
.1

1.5
1.6
-.2
.3
•1
1.3
*

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

4.4
2.1
-1.6
-.4
1.4
2.6
.1

5.1
1.9
-2.1
-.2
-.2
4.3
.1

10.5
8.3
4.4
-.4
5.6
-1.4
*

32.7
23.6
6.8
-.4
-5.6
22.4
.4

-9.7
-2.8
10.2
*
2.6
-15.5
-.1

-13.2
-21.5
-29.6

-7.4
-.7
7.9

-1.8
-1.9
1.4

-3.5
11.5
.1

3.7
-12.4
.1

-2.3
1.6
-.8
-3.8
6.7
-.6

1.9
-5.2
*

COMMERCIAL BANKING— TOTAL
COMMERCIAL BANKS
TO MONETARY AUTHORITIES
LOANS FROM AFFILIATES
LOANS FROM FGN. BK. AG.
DEM. DEP. OF FGN. BK. AG
TIME DEP. OF FGN. BK. AG

11

.2

-.1

2.5

2.3

3.1

2.2

9.0

-6.9

8.2

—6*6

-3.9

.1

12

4.5

5.6

2.0

7.9

4.8

7.3

42.9

5.8

-36.9

1.1

-12.2

13
14
15

1.0
•s
•2

-.2
•1
-.3

1.6
-.4
1.9

-1.6
-.9
-.7

-2.1
-1.1
-1.0

4.4
2.9
1.5

6.8
-.5
7.3

10.2
4.3
5.8

-29.6
-11.2
-18.4

7.9
7.2
.7

16
17
18
19
20

3.5
2.0
2.1
-.3
.2

5.8
4.0
3.6
.5
-.1

.4
1.5
-2.1
1.1
2.5

9.5
5.8
1.4
2.0
2.3

6.8
2.9
-1.2
1.0
3.1

2.9
-1.0
1.6
-A.8
2.2

36.1
19.3
12.8
-2.5
9.0

-4.4
8.6
10.9
4.7
-6.9

-7.3
-15.4
-30.1
6.5
8.2

—6.8
1.8
14.4
-5.9
-6.6

21

.1

.3

-.4

-.4

-.2

-.4

-.4

22
23
24
25

1.4
1.2
.1
.1

1.5
1.3
*
.1

-.7
-1.2
.3
.2

4.1
2.6
.1
1.4

4.2
4.3
.1
-.2

4.3
-1.4
*
5.6

17.2
22.4
.4
-5.6

-

-

FOREIGN BANKING AGENCIES—
DEPOSITS OF BANKS

1

4
5
6
7
8
9
10
11

9.1 NET CHANGE IN ASSETS

12

—.8
-2.3
1.5

1.4
.2
1.2

MONETARY AUTHORITIES
F.R. FLOAT
LOANS TO MEMBER BANKS

13
14
15

-11.5
-13.8
-11.5
1.6
-3.9

7.7
11.0
11.3
-.4
.1

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

16
17
18
19
20

*
“
-13.0
8.1
-8.6
2.3
-3.3
FOREIGN BANKING AGENCIES
-15.5
11.5
-12.4
6.7
-5.2
DEMAND DEPOSITS AT BANKS
*
-.1
.1
.1
-.6
TIME DEPOSITS AT BANKS
2.6
-3.5
3.7
-3.8
1.9
LOANS TO BANKS
(1) LINES 1 + 2 EXCLUDE INITIAL ALLOCATION OF SDR'S OF $867 MILLION
IN JANUARY 1970, $717 MILLION IN JANUARY 1971, AND $710 MILLION
IN JANUARY 1972. TRANSACTIONS IN SOR'S ARE IN LINE 2. ALSO
EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY
HOLOINGS, GOLD, SDR'S, AND IMF POSITION. THESE ALLOCATIONS AND
REVALUATIONS ARE INCLUDED IN TABLES ON OUTSTANDINGS.
(2) TREASURY GOLD STOCK.

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-

9.1 NET CHANGE IN LIABILITIES

21
22
23
24
25

10 NOVEMBER 1975

MONEY AND DEPOSITS SUMMARY

MONEY AND DEPOSITS SUMMARY
28
MONEY STOCK AND TIME AND SAVINGS ACCOUNTS
(MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWS

UNADJUSTED QUARTERLY FLOWS
1973

1974 1

II

III

IV

1

I

II

III

IV 1

I

II

III

DEMAND DEPOSITS AND CURRENCY
1 15.962

7.070

2 17.470 11.689
3 14.956 9.323
4 13.054 4.503
416
-270
5
6
102
-312
7 2.391
2.488
1.814
8
93
9 2.514
2.366
10 -1.508

-4.619

11 15.962
12 3.374
-49 8
13
14
-69
15 3.941

7.070
6.956
439
223
6.294

10.879 -8.820
11.205
10.474
5.717
285
916
895
2.661
731

24.851 -15.114 12.181

-326 -5.135

1.860 -1.682

10.879 -8.820 24.851 -15.114
3.023
-451
4.273 -4.177
205
-427
630 -2.911
-200
119
-5
63
-143
3.018
3.648 -1.329

16 12.588
114 6.606
-956
17 -1.010 -5.058
736
2.143
18 2.583
6.826
19 11.015
3.029
----—
-- ------ ------ ------

-7.656

-4.643 21.828 -14.663
-2.224
1.65 5 -1.255
-74
347
2.288
-2.766 17.885 -13.334

518

-515

12.181 -7.656
4.594
-283
761
472
259
26
3.807 -1.014

12.285 26.061

22.789

2 50.934 56.999
3 20.012 28.515
4 30.316 28.297
5
606
187

11.214
4.249
6.870
95

5.358 14.630
14.786
3.950
8.682 -3.771
8.96 9 10.662
5.976
128
160
18

18.322
11.964
6.338
20

10.824
8.907
1.833
84

6 39.511 37.884
1.354
6.577
7
8 7.224
5.702
9
-167
38
210
10
123
2.889
6.588
11

9.840
-35
585
-40
63
801

6.271 11.606
11.755
1.653
1.174 -3.250
1.576
1.648
2.003
151
-140
-151
0
0
-21
840
-335
-6

11.027
3.991
1.750
-144
-19
1.717

6.927
718
-240
44
124
3.251

12 28.118 22.105
3.120
13 4.734
3.039
14 2.894
15 20.490 15.946
16 20.534 15.596
17
-44
350

8.791
1.611
1.199
5.981
5.861
120

-59
-523
2
462
1.424
-962

59.639

18.511

12.658

6.927 11.431
2.210
1.164
595 1.053
5.168
8.168
5.022
7.113
1.055
146
13.052

21.982

-940
4.467
399
-765
1.090
62
-237
2.978
850
2.894
84 -1.087
15.410

7.074

19.267 -4.786 NET CHANGE IN ASSETS
17.843 -6.387
17.436 -6.287
13.729
-212
-87
-439
1.069 -1.317
-302
-373
3.379 -4.298
-10"
407
1.424

1.601

MONEY STOCK
DOMESTIC SECTORS
HOUSEHOLDS
NONFINANCIAL BUSINESS
S. ♦ L. GOVERNMENTS
FINANCIAL SECTORS
MAIL FLOAT
REST OF THE WORLD
U.S. GOVERNMENT DEPOSITS

19.267 -4.786 NET CHANGE IN BKG. SYSTEM LIAB
MONETARY AUTHORITIES
870
5.680
U.S. GOVT. CASH ♦ DEPOSITS
1.468
2.277
14
FOREIGN DEPOSITS
-148
-148
15
-450
CURRENCY
3.551
13.587 -5.656
133
-853
48
555
13.885 -5.837

COMMERCIAL BANKING
U.S. GOVERNMENT DEPOSITS
FOREIGN DEPOSITS
PRIVATE DOMESTIC

--- ------

9.884 20.370

14.727

27.725

22.151

3.680
13.223
9.287
3.694 -5.084 -6.342
9.901
9.464 14 .178
121
65
193

15.759 NET CHANGE - TOTAL
5.299
2.511
2.701
87

7.476
4.943
8.324 12.568
393
215 -2.241 -1.278
-446 -2.640
2.616 -1.422
110
-120
-13
173
0
126
48
46
-40
535
1.955
161
7.147 18.438
3.584
1.276
834
1.796
5.037 13.058
4.739 12.196
298
862
15.173

I11/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-275

17.659 -20.736
3.096
99
-367
562
79
-181
3.644
-542

TIME DEPOSITS AND SAVINGS ACCOUNTS
-------- ------ ------

20.005

18 67.673

-2.940

7.587 -7.373 14.563 -20.835
-837
-243
-987 -2.573
948
-16
1.285 -2.921
6.882 -6.370 15.851 -17.077

79.104

1 79.052

17.659 -20.736

-3.685 22.991 -13.432 11.663 -7.141 20.599 -20.461
-4.095 20.903 -13.477 10.689 -7.384 19.495 -17.619
9.050 -13.212
5.842 -2.354
59 14.381 -8.035
875
2.285 -1.140
179
1.326 -1.351 -1.393
1.864 -1.410
2.218 -2.508
-1.659
1.984 -1.472
59 2.730
-851
-855
554
612
1.223
3.566 -1.006
3.468 -3.456
-3.286
1.989 -1.764
1.104 -2.842
974
243
2.088
45
410

18.471
3.708
1.802
12.961
12.918
43

30.144 23.371

COMMERCIAL BANKING LIABILITY
LARGE NEGOTIABLE CD'S
OTHER AT COMMERCIAL BANKS
AT FOREIGN BANKING AGS.
ACQUIRED BY:
HOUSEHOLDS
NONFIN. CORPORATE BUSINESS
STATE ♦ LOCAL GOVERNMENTS
U.S. GOVERNMENT
MUTUAL SAVINGS BANKS
FOREIGN

AT SAVINGS INSTITUTIONS
MUTUAL SAVINGS BANKS
CREDIT UNIONS
SAVINGS ♦ LOAN ASSNS.
HELD BY: HOUSEHOLDS
CREDIT UNIONS
MEMO: TOTAL OF HOUSEHOLDS
TIME ♦ SAVINGS ACCOUNTS
18.681

10.460
1.556
688
8.216
8.961
-745

16
17
lb

19

10 NOVEMBER 1975
MONEY AND OEPOSITS SUMMARY

MONEY AND DEPOSITS SUMMARY
MONEY STOCK AND TIME AND SAVINGS ACCOUNTS
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1974
II
III

1975
II

DEMAND DEPOSITS AND CURRENCY
1

14.3

17.4

19.6

16.0

7.1

8.9

18.7

2.2

-1.5

-10.8

47.1

12.5
•5 NET CHANGE IN ASSETS

2
3
4
5
6
7
8
9

11.8
11.6
11.2
1.1
-2.9
1.0
1.2
.2

14.3
14.0
11.0
•6
1.0
1.3
.1
.3

20.0
18.4
11.8
.2
1.5
1.7
3.2
1.5

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

11.7
9.3
4.5
•4
.1
2.5
1.8
2.4

9.4
7.4
10.2
-.4
.6
-1.3
-1.6
2.0

22.2
19.7
9.6
-1.3
5.0
1.9
4.4
2.5

.2
-2.2
-3.7
1.5
-2.7
1.5
1.2
2.4

14.9
12.3
1.9
1.8
-2.5
7.9
3.2
2.5

-17.3
-7.8
-13.9
1.7
.8
-1.4
5.0
-9.5

48.2
48.1
42.1
1.8
.7
-1.6
5.1
.2

*
-1.1
2.6
-2.2
3.4
-.2
-4.8
1.2

MONEY STOCK
DOMESTIC SECTORS
HOUSEHOLDS
NONFINANCIAL BUSINESS
S. ♦ L. GOVERNMENTS
FINANCIAL SECTORS
MAIL FLOAT
REST OF THE WORLD
U.S. GOVERNMENT DEPOSITS

10

2.5

3.1

-.4

-1.5

-4.6

-.5

-3.6

2.0

-16.4

6.5

-1.2

12.5

11
12
13
14
15

14.3
3.1
-.4
*
3.5

17.4
4.4
.9
.1
3.4

19.6
3.2
-1.1
-.1
4.4

16.0
3.4
-.5
-•1
3.9

7.1
7.0
.4
•2
6.3

8.9
7.7
-1.2
•5
8.4

18.7
9.9
1.2
.1
8.6

2.2
6.0
2.2
1.0
2.7

-1.5
4.2
-.5
-.7
5.4

-10.8
10.3
2.7
.3
7.3

47.1
14.0
7.2
-.6
7.4

12.5 NET CHANGE IN BKG. SYSTEM LIAB
10.8
MONETARY AUTHORITIES
6.3
U.S. GOVT. CASH ♦ DEPOSITS
—•6
FOREIGN DEPOSITS
5.1
CURRENCY

11
12
13
14
15

16
17
18
19

11.2
2.9
•2
8.1

13.0
2.2
.2
10.6

16.3
.7
1.6
14.0

12.6
-1.0
2.6
11.0

•1
-5.1
2.1
3.0

1.2
.6
1.5
-1.0

8.7
-4.8
2.4
11.1

-3.8
-•2
1.4
-4.9

-5.7
-15.9
3.2
6.9

-21.1
3.8
-9.8
-15.1

33.0
-8.4
.8
40.7

1.8
6.2
1.8
-6.2

16
17
18
19

66.6 NET CHANGE - TOTAL

COMMERCIAL BANKING
U.S. GOVERNMENT DEPOSITS
FOREIGN OEPOSITS
PRIVATE DOMESTIC

10

TIME DEPOSITS AND SAVINGS ACCOUNTS
1

54.9

81.9

88.5

79.1

79.1

88.3

98.2

42.8

87.1

92.5

97.0

2
3
4
5

38.0
15.2
22.4
.4

41.4
8.7
32.4
.3

42.3
9.8
33.0
-.5

50.9
20.0
30.3
•6

57.0
28.5
28.3
.2

48.3
15.8
32.4
.1

81.8
47.9
33.9
.1

38.6
35.6
2.6
.3

59.3
14.8
44.3
.3

25.0
-20.3
44.6
•8

24.6
-25.4
49.4
.5

16.0
10.0
5.6
.3

6
7
8
9
10
11

27.5
1.7
10.0
.3
.2
-1.7

29.8
3.6
7.2
.1
.2
.5

29.5
3.1
6.8
.1
.2
2.7

39.5
1.4
7.2
-.2
.1
2.9

37.9
6.6
5.7
*
.2
6.6

38.5
6.8
2.8
.6
-.1
-1.3

47.9
15.8
11.9
-.6
-.1
6.9

20.8
2.1
2.0
•2
.5
13.0

44.2
1.7
5.2
-.1
.5
7.6

40.8
-8.9
-8.4
.7
.2
.6

24.9
-5.8
3.6
-.5
.2
2.1

22.3
1.0
-7.6
.4
-.2

COMMERCIAL BANKING LIABILITY 2
LARGE NEGOTIABLE CD'S
3
OTHER AT COMMERCIAL BANKS
4
AT FOREIGN BANKING AGS.
5
ACQUIRED BY:
HOUSEHOLDS
6
NONFIN. CORPORATE BUSINESS 7
STATE ♦ LOCAL GOVERNMENTS
8
U.S. GOVERNMENT
9
MUTUAL SAVINGS BANKS
10
FOREIGN
11

12
13
14
15
16
17

17.0
4.4
1.7
10.9
10.8
.1

40.6
9.9
2.9
27.8
27.7
.1

46.1
10.2
3.4
32.6
32.3
•2

28.1
4.7
2.9
20.5
20.5
*

22.1
3.1
3.0
15.9
15.6
.4

39.9
8.9
3.7
27.3
25.1
2.2

16.4
1.5
3.8
11.1
10.1
.9

4.3
-.9
1.2
4.0
6.3
-2.4

27.8
3.0
3.4
21.4
20.7
.7

67.4
14.3
6.6
46.5
45.3
1.1

72.4
14.6
6.7
51.2
50.5
.7

50 .6
3.9
3.8
37.9
38.6
-.6

12
13
1**
15
16
17

18

44.4

70.3

75.4

67.7

59.6

76.2

63.4

27.5

71.3

107.1

96.5

111/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-

AT SAVINGS INSTITUTIONS
MUTUAL SAVINGS BANKS
CREDIT UNIONS
SAVINGS ♦ LOAN ASSNS.
HELD BY: HOUSEHOLDS
CREDIT UNIONS
MEMO: TOTAL OF HOUSEHOLDS
72.7
TIME ♦ SAVINGS ACCOUNTS

1

18

10 NOVEMBER 1975
U.S. GOVT. SECURITIES

U .S .

GOVT.

S E C U R IT IE S

U.S. GOVERNMENT SECURITIES MARKET SUMMARY
(MILLIONS OP DOLLARS)
U N A O JU S T E D Q U A R T E R L Y

U N A D J U S T E D Q U A R T E R L Y F LO W S
1
1

1973

11
I1

1974

1973

1974

1
2
3
4

29.374
7.739
2.700
5.039

33.490
12.027
3.027
9.000

-97
-5.941
911
-6.852

6.607
-1.119
441
-1.560

11.306
6.598
457
6.141

5.188
3.029
780
2.249

288
-6.430
822
-7.252

13.314
4.851
611
4.240

14.700
10.577
814
9.76 3

21.047
19.744
1.022
18.722

18.612
16.704
1.088
15.616

5
6
7
8

21.635
746
1.300
19.589

21.463
143
-65
21.385

5.844
-164
134
5.874

7.726
333
350
7.043

4.708
475
245
3.988

2.159
359
4
1.796

6.718
241
30
6.447

8.463
-269
-100
8.832

4.123
-188
1
4.310

1.303
-291
-204
1.798

1.908
-30
-106
2.044

9
10
11
12
13
14

29.374
-2
1.349
1.373
-24
9.265

33.490
2
-204
-204
0
5.219

-97
-7
230
240
-10
1.278

6.607
-2
468
468
0
498

11.306
2
753
753
0
3.526

5.188
2
-787
-787
0
-319

288
-1
-202
-202
0
3.436

13.314
1
369
369
0
1.275

14.700
0
416
416
0
827

21.047
4
3.468
3.468
0
2.364

18.612
0
-442
-442
0
1.817

15
16
17

340
-5.713
6.053

3.621
7.644
-4.023

-2.837
-2.807
-30

-1.729
-1.290
-439

-2.900
44
-2.944

-710
325
-1.035

2.761
3.290
-529

-789
1.196
-1.985

2.359
2.833
-474

6.605
3.437
3.168

IV

III

II

II

I

I II

IV

|

F LO W S

1975

1
I

II

III

26.134 T O T A L N E T I S S U E S
TR E A S U R Y IS S U E S
23.765
H O U S E H O L D S A V IN G S BONDS
992
T R E A S . E X C L . S A V IN G S BO ND S
22.773
2.369
47
-34
2.356

O TH E R
BU DGET A G E N C Y IS S U E S
LO AN P A R T IC IP A T IO N S
S P O N S . A G E N C Y IS S U E S

(1)
(2)

1
2
3
4
5
6
7
8

26.134 N E T A C Q U I S I T I O N S * B Y S E C T O R
U . S . G O V T . (A G E N C Y S E C . )
-12
S P O N S O R E D C R E D IT A G E N C IE S
-2.161
TR EAS UR Y M ARKETABLE
-2.161
F H L B S P E C IA L IS S U E
0
FED E R AL R ES ER VE SYSTEM
3.394

9
10
11
12
13
14

986
1.637
-651

-93
2.550
-2.643

F O R E IG N
S H O R T -T E R M
O TH E R

M ARK ETABLE

15
16
17

D O M E S T IC

18

18

18.42 2

24.852

1.239

7.372

9.925

7.002

-5.706

12.458

11.098

8.606

16.251

25.006

TOTAL

19
20
21
22

18.753
2.700
4.671
11.382

18.110
3.02 7
3.668
11.415

2.989
911
-936
3.014

9.079
441
3.354
5.284

3.891
457
2.034
1.400

4.672
780
4.419
-527

-200
822
-5.736
4.714

11.454
611
4.277
6.566

2.184
814
708
662

-4.030
1.022
-2.966
—2 .086

-170
1.088
-702
-556

11.502
992
10.311
199

P R I V A T E D O M E S T IC N O N F IN A N .
S A V IN G S BO N D S (H H )
T R E A S . E X C L . S V G S . BONDS
AG EN CY IS S U E S

19
20
21
22

23
24
25
26

20.360
2.700
6.521
11.139

14.536
3.027
757
10.752

4.617
911
489
3.217

10.183
441
5.191
4.551

1.659
457
302
900

3.869
780
4.115
-1.026

1.835
822
-3.494
4.507

11.243
611
4.510
6.122

-2.411
814
-4.374
1.149

-5.483
1.022
-3.548
-2.957

-5.368
1.088
-6.569
113

8.038
992
6.692
354

P V T . D O M . N O N F IN .* B Y S E C .
H O U S E H O LD S
S A V IN G S BONDS
T R E A S . E X C L . S V G S . BONDS
AG E N CY IS S U E S

23
24
25
26

27
28
29

-1.813
-3.029
1.216

3.515
3.559
-44

-442
-782
340

-1.842
-2.303
461

971
921
50

-958
-991
33

424
351
73

-683
-585
-98

4.732
4.784
-52

-881
-977
96

6.314
6.175
139

2.393
2.632
-239

N O N F IN . C O R P O R A T E

30
31
32

206
1.179
-973

59
-648
707

-1.186
-643
-543

738
466
272

1.261
811
450

1.761
1.295
466

-2.459
-2.593
134

894
352
542

-137
298
-435

2.334
1.559
775

-1.116
-308
-808

1.071
987
84

S T A T E ♦ L O C A L G OVERNM ENTS
TR EAS U R Y IS S U E S
A G E N C Y IS S U E S

33
34
35

-1.273
-8.833
7.560

1.010
-2.613
3.623

-1.085
-3.430
2.345

-121
-2.701
2.580

5.772
3.266
2.506

637
-224
861

-4.756
-6.106
1.350

101
-523
624

5.028
4.240
788

4.046
3.718
328

9.142
8.574
568

8.536
8.754
-218

C O M M E R C IA L B A N K IN G
T R E A S U R Y IS S U E S
AG EN CY IS S U E S

33
34
35

36
37
38

942
-1.098
2.040

5.732
2.543
3.189

-665
-1.047
382

-1.586
-1.224
-362

26 2
-234
496

1.693
38
1.655

-750
-424
-326

903
737
166

3.886
2.192
1.694

8.590
5.764
2.826

7.279
5.08 5
2.194

4.968
3.237
1.731

P R I V A T E N O NBANK F IN A N C E
T R E A S U R Y IS S U E S
A G E N C Y IS S U E S

36
37
38

39
40
41
42

942
3
-1.000
1.003

5.732
3.292
2.150
1.142

-665
-690
-650
-40

-1.586
-1.992
-1.610
-382

262
-33
-490
457

1.693
3.324
1.800
1.524

-750
-584
0
-584

903
-791
-500
-291

3.886
1.343
850
493

8.590
5.325
3.325
2.000

7.279
3.547
2.315
1.232

4.968
2.252
1.000
1.252

P V T . NONBANK F I N . * B Y S E C T O R
S A V IN G S ♦ LO A N A S S N S .
T R E A S U R Y IS S U E S
A G E N C Y IS S U E S

39
40
41
42

43
44
45

-492
- 55 5
63

62
-294
356

67
-165
232

-479
-315
-164

-318
-81
-237

114
-84
198

-70
-17
-53

-212
-184
-28

230
-9
239

757
420
337

1.430
769
661

865
656
209

M U T U A L S A V IN G S B A N K S
T R E A S U R Y IS S U E S
AG E N CY IS S U E S

43
44
45

46
47
48

241
223
18

197
121
7fc

50
57
-7

35
50
-15

54
47
7

55
45
10

51
41
10

-101
-36
-6 5

1V2
71
121

841
499
342

785
422
363

101
-7
108

C R E D IT U N IO N S
T R E A S U R Y IS S U E S
A G E N C Y IS S U E S

46
47
48

49
50
51

72
-163
235

-48
-286
236

26
-106
134

-22
-78
56

-26
-2 5
-1

-149
-195
46

26
-35
61

12
-50
62

63
-6
69

-50
95
-145

112
91
21

172
120
52

L I F E IN S U R A N C E
TR E A S U R Y IS S U E S
AG E N CY IS S U E S

49
50
51

52
53
54

636
128
510

1.129
-122
1.251

-119
-141
22

241
174
67

208
50
158

34
-57
91

-67
-176
109

716
360
356

446
-249
695

928
678
250

1.350
1.430
-80

657
663
-6

P R I V A T E P E N S IO N FUND S
T R E A S U R Y IS S U E S
AG E N C Y IS S U E S

52
53
54

55
56
57

113
-134
247

553
679
-126

-55
-126
71

-29
-88
59

182
69
113

-280
-56
-224

578
471
107

-52
-45
-7

307
309
-2

280
-37
317

160
206
-46

889
687
202

S.

+ L . G O V T . , R T R . FUN D S
TR E A S U R Y IS S U E S
AG E N CY IS S U E S

55
56
57

58
59
60

-100
-64
-36

275
23
252

-90
-60
-30

81
64
17

98
99
-1

-67
-77
10

-176
-200
24

104
-35
139

414
335
79

35
310
-275

38 2
339
43

255
341
-86

O TH E R IN S U R A N C E C O M P A N IE S
T R E A S U R Y IS S U E S
AG EN CY IS S U E S

58
59
60

61

471

24

81

120

-22

-301

-364

331

358

-233

163

86

-4

248

65

459

119

-1.037

-144

896

533

707

-650

-309

IN V E S T M E N T C O S . ( T R E A S . )
S E C U R IT Y BROKERS ♦
D E A LE R S (T R E A S .)

61

62

(1 )
(2 )

B U S IN E S S

TREASURY ISSUES
AGENCY

IS S U E S

W HERE N O T SHOWN S E P A R A T E L Y t L O A N P A R T I C I P A T I O N S A R E IN C L U D E D W IT H
AGENCY IS S U E S .
T H E S E I S S U E S AR E O U T S IO E TH E B U D G E T AND O U T S ID E T H E U . S . G O VE R N M EN T
S E C T O R I N FLOW O F FUN D S A C C O U N T S .
T H E Y A R E IN C L U D E D I N C R E D IT M A R K E T
DEBT OF F IN A N C IA L I N S T IT U T IO N S .
S P O N S O R E D A G E N C Y IS S U E S IN C L U D E
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 B Y M O R T G AG E P O O L S .

III/75 FIGURfcS ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




P R IV A T E

27
28
29
30
31
32

62

10 NOVEMBER 1975
U.S. GOVT. SECURITIES

U.S. GOVT. SECURITIES
31

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

SEASONALLY ADJUSTEO ANNUAL RATES
1970
21.1
12.9
.3
12.6

1971
29.4
26.0
2.4
23.6

1972
23.6
13.9
3.3
10.6

1973
29.4
7.7
2.7
5.0

I
1974 |

1974
I

33.5
12.0
3.0
9.0

18.1
7.4
3.2
4.1

25.7
.4
3.0
-2.6

II

SEASONALLY ADJUSTEO ANNUAL RATES

I
IV |

III
51.6
19.7
2.7
17.0

I

1975
II

38.5
61.8
102.1
20.774.4
96.2
3.2
4.2
4.0
17.5
70.2
92.2

III
98.5
91.2
4.2
86.9

5
6
7
8

8.2
.3
-.3
8.2

3.4
•6
-1.1
3.8

9.7
2.0
1.5
6.2

21.6
.7
1.3
19.6

21.5
.1
-.1
21.4

10.7
1.4
*
9.3

25.3
1.0
.1
24.3

32.0
-1.1
-.4
33.4

17.8
-.8
*
18.6

7.5
-1.2
—#8
9.4

5.9
-.1
-.4
6.5

9
10
11
12
13
14

21.1
-.1
1.9
2.0
-.2
5.0

29.4
♦
-1.2
-1.1
-.1
8.7

23.6
♦
-.4
-.3
-.1
.4

29.4
*
1.3
1.4
*
9.3

33.5
*
-.2
-.2
5.2

18.1
♦
-5.5
-5.5
-1.2

25.7
*
-.4
-.4
12.4

51.6
*
3.5
3.5
9.9

38.5
1.6
1.6
-.3

81.8
*
11.4
11.4
8. 9

102.1
-1.3
-1.3
6.3

15
16
17

9.1
7.8
1.3

26.3
13.9
12.4

8.4
1.3
7.2

.3
-5.7
6.1

3.6
7.6
-4.0

-4.5
-.3
-4.1

12.9
15.0
-2.1

-8.9
-.9
-7.9

14.9
16.8
-1.9

25.3
12.6
12.7

5.9
8.5
-2.6

-6.5
4.0
-10.6

FOREIGN
SHORT-TERM MARKETABLE
OTHER

-

7.3
.2
-.1
7.3

TOTAL NET ISSUES
TREASURY ISSUES
HOUSEHOLD SAVINGS BONOS
TREAS. EXCL. SAVINGS BONDS
OTHER
BUOGET AGENCY ISSUES
LOAN PARTICIPATIONS (1)
SPONS. AGENCY ISSUES (2)

98.5 NET ACQUISITIONS, BY SECTOR
* U.S. GOVT. (AGENCY SEC.)
-6.7
SPONSORED CREDIT AGENCIES
-6.7
TREASURY MARKETABLE
FHLB SPECIAL ISSUE
18.9
FEDERAL RESERVE SYSTEM

18

5.2

-4.4

15.2

18.4

24.9

29.2

•8

47.1

22.2

36.3

91.2

92.9

TOTAL PRIVATE DOMESTIC

19
20
21
22

-9.0
.3
-11.4
2.1

-14.0
2.4
-11.0
-5.4

1.6
3.3
-1.7
•1

18.8
2.7
4.7
11.4

18.1
3.0
3.7
11.4

18.2
3.2
15.9
-1.0

9.1
3.0
-11.1
17.3

37.7
2.7
11.1
23.9

7.4
3.2
-1.2
5.4

-15.2
4.2
-12.3
-7.1

9.1
4.0
9.0
-3.9

35.3
4.2
32.9
-1.8

PRIVATE DOMESTIC NONFINAN.
SAVINGS BONDS (HH)
TREAS. EXCL. SVGS. BONDS
AGENCY ISSUES

23
24
25
26

-9.7
.3
-12.7
2.8

-14.4
2.4
-11.8
-5.0

•6
3.3
-2.6
-.1

20.4
2.7
6.5
11.1

14.5
3.0
.8
10.8

14.1
3.2
13.9
-3.0

15.5
3.0
-4.0
16.5

31.4
2.7
6.5
22.2

-2.8
3.2
-13.4
7.4

-23.2
4.2
-16.7
-10.6

-13.5
4.0
-16.3
-1.2

16.4
4.2
13.3
-1.1

PVT. DON. NONFIN., BY SEC.
HOUSEHOLDS
SAVINGS BONDS
TREAS. EXCL. SVGS. BONDS
AGENCY ISSUES

27
28
29

.5
.4
.1

2.2
2.1
•1

-2.4
-3.2
.7

-1.8
-3.0
1.2

3.5
3.6
*

-2.4
-2.5
.1

3JD
2.7
.3

1.0
1.4
-.4

12.4
12.6
-.2

-1.1
-1.5
.4

26.6
26.0
.6

12.7
13.6
-1.0

NONFIN. CORPORATE BUSINESS
TREASURY ISSUES
28
AGENCY ISSUES
29

30
31
32

.2
.9
—.8

-1.8
-1.3
-.5

3.4
4.0
-.6

.2
1.2
-1.0

.1
-.6
.7

6.4
4.6
1.9

-9.4
-9.9
.5

5.3
3.1
2.2

-2.1
-.4
-1.7

9.1
6.0
3.1

-3.9
-.7
-3.2

6.3
6.0
.3

STATE ♦ LOCAL GOVERNMENTS 30
TREASURY ISSUES
31
AGENCY ISSUES
32

33
35

10.4
6.9
3.5

6.9
3.1
3.8

6.5
2.4
4.1

-1.3
-8.8
7.6

1.0
-2.6
3.6

9.9
5.3
4.6

-7.6
-13.1
5.5

4.0
1.2
2.8

-2.3
-3.8
1.5

23.1
20.6
2.5

50.6
48.3
2.3

35.6
36.2
-.6

COMMERCIAL BANKING
TREASURY ISSUES
AGENCY ISSUES

33
34
35

36
37
38

3.8
1.1
2.7

2.6
-1.7
4.3

7.1
2.3
4.8

.9
-1.1
2.0

5.7
2.5
3.2

1.2
-5.3
6.4

-.7
.7
-1.4

5.4
4.6
.8

17.1
10.1
7.0

28.4
17.3
11.1

31.5
22.8
8.7

21.9
14.8
7.1

PRIVATE NONBANK FINANCE
TREASURY ISSUES
AGENCY ISSUES

36
37

39
40
41
42

3.8
1.2
-.4
1.5

2.6
5.2
1.4
3.9

7.1
4.3
.9
3.4

.9
*
-1.0
1.0

5.7
3.3
2.2
1.1

1.2
9.2
3.1
6.1

-.7
-1.3
1.0
-2.3

5.4
-1.7
-.6
-1.2

17.1
7.0
5.0
2.0

28.4
16.9
8.9
8.0

31.5
15.3
10.3
4.9

21.9
10.5
5.5
5.0

PVT. NONBANK FIN., BY SECTOR
SAVINGS ♦ LOAN ASSNS.
40
TREASURY ISSUES
41
AGENCY ISSUES

43
44
45

.3
-.2
.5

.9
.1
.6

1.4
.3
1.1

-.5
-.6
.1

.1
-.3
.4

-.4
-1.0
•6

-.4
-.1
-.3

*
-.1
*

1.1
-.1
1.2

2.1
1.0
1.2

5.6
3.0
2.5

4.4
3.4
1.0

46
47
48

.4
.3
•1

•8

•3
.5

.8
.4
.4

.2
.2
*

.2
•1
.1

.2
.2
*

.2
.2
*

-.4
-.1
-.3

.8
.3
.5

3.4
2.0
1.4

3.1
1.7
1.5

.4
*
.4

CREDIT UNIONS
TREASURY ISSUES
AGENCY ISSUES
L IF E

MUTUAL SAVINGS BANKS
TREASURY ISSUES
AGENCY ISSUES

.1

.3
.3
*

.1
-.2
.2

*
-.3
.2

•A

-.1

-.2
-.2
.1

-.9

50
51

-1.0
.2

.1
.2

-.1
-.3
•2

.4
•1
.3

-.5
•1
-.6

.7
.6
•1

.6
.4
.2

52
53
54

•2
-.1
•3

-.3
*
-.3

1.0
.9
.1

.6
.1
.5

1.1
-.1
1.3

-.5
-.9
.4

.7
.2
.4

2.6
1.2
1.4

1.8
-1.0
2.8

3.0
2.0
1.0

6.4
6.7
-.3

2.4
2.4
*

PRIVATE PENSION FUNDS
TREASURY ISSUES
AGENCY ISSUES

55
56
57

-.3
-.3
*

.1
-.1

.6
.7
-.1

-1.1
-.2
-.9

2.3
1.9
.4

-.2

1.2
1.2
*

1.1
-.1
1.3

.6
.8
-.2

3.6
2.7
.8

S. ♦ L. GOVT., RTR • FUNDS
TREASURY ISSUES
AGENCY ISSUES

58
59
60

.1
-.1
.1

.3
*
.3

*
-.1
*

-.5
-.6
.1

1.3
1.0
.3

.4
1.5
-1.1

.9
1.3
-.3

OTHER INSURANCE COMPANIES
TREASURY ISSUES
AGENCY ISSUES

49

•1

61

.2

62

1.7

- 1 .6
- 1 .2

-.3

-.6

-.5
-.1

.2

-.2

*

-.4
-.3
-.1

-.1
-.1
*

-.3

.1

.5

*

-1.2

-1.5

1.3

1.4

-.9

-1.6

.2

*

.2

-4.1

-.6

3.6

2.1

2 .8

-.4
-.2
-.2

.3
-.2

.6

1.7
1.6
.2

.7
- 2 .6

.3
-1.2

IN S U R A N C E

TREASURY ISSUES
AGENCY ISSUES

IN V E S T M E N T C O S . ( T R E A S . )
S E C U R IT Y BR OK ERS ♦

DEALERS (TREAS.)

(1) WHERE NOT SHOWN SEPARATELY, LOAN PARTICIPATIONS 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 CREDIT MARKET
DEBT OF FINANCIAL INSTITUTIONS. SPONSORED AGENCY ISSUES INCLUDE
GNMA-GUARANTEED SECURITIES BACKED BY MORTGAGE POOLS.
II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION




43
44
45

10 NOVEMBER 1975
PRIVATE SECURITIES AND MORTGAGES

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

UNADJUSTED QUARTERLY FLOWS
1973

1974 1

______ z

II

UNADJUSTED QUARTERLY FLOWS
III

IV

1

II

I

III

IV |

I

II

III

STATE AND LOCAL GOVERNMENT SECURITIES

z

1 13.709 17.371
2 11.913 15.723
3
-248
2.867
4 12.161 12.856
5 1.796
1.648

3.243
2.708
-518
3.226
535

3.987
3.498
268
3.230
489

3.755
3.304
73
3.231
451

4.127
3.716
148
3.568
411

5.110
4.686
710
3.976
424

4.071
3.740
1.602
2.138
331

4.063
3.581
407
3.174
482

3.631
3.201
107
3.094
430

4.989
3.797 NET CHANGE IN LIABILITIES
3.196
4.178
STATE ♦ LOCAL GOVERNMENTS
t>69 -2.311
SHORT-TERM
3.509
5.507
OTHER
811
601
NONFIN. CORPORATE BUSINESS
(POLLUTION CONTROL)

6 13.709 17.371
7 4.335
9.963
8
-137
616
9
235
215

3.243
776
625
152

3.987
2.300
-375
-62

3.755
258
-637
30

4.127
1.307
531
38

5.110
2.359
-11
45

4.071
4.566
35
53

4.063
1.731
61
79

3.631
3.206
390
-19

4.989
2.491
-44
-14

1.125
-3
41
-120
555
92

863
-68
66
23
1.209
31

3.052
-36
-2 7
-134
837
412

•132
13
73
-18
591
-540

2.829
-54
77
-472
339
-2

-33
221
17

1.351
54
57
-59
689
100

-531
165
20
39
534
-173

.687
145
75
2

10
11
12
13
14
15

5*700
48
45
-618
3.883
218

5*494
9
241
-582
1.840
-425

606

41

3.797 NET CHANGE IN ASSETS
2.024 HOUSEHOLDS
-300
NONFIN. CORPORATE BUSINESS
116
S. ♦ L. GOVT., GEN. FUNDS
642
235
103
*26
537
14

COMMERCIAL BANKING
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
S. ♦ L. GOVT., RTR. FUNDS
OTHER INSURANCE COMPANIES
BROKERS «■ DEALERS

12
13

CORPORATE AND FOREIGN BONDS
12.485 23.337
9.159 19.670
8
155
1.777
1.113
550
159
991
2.240

3.960
3.047
-100
670
178
165

3.129
2.657
-19
230
52
209

3.343
2.003
195

12.48 5 23.337
1.059 -1.671
1.104
464
974
-1.092

3.960
501
-101
-340

12.427 22.364
5.429
5.851
1.605
4.695
5.936 8.445
3.815
-965
-404
-872
-379
402
97
1.329

4.055
1.926
225
1.517
387
-532
290
87

170
504

4.767
3.70 5
65
234
130
633

6.111
5.386
110
171
7
437

4.634
4.192
-10
93
-34
393

7.825
6.387
-10
615
56
777

11.585
9.430
10
243
-61
1.963

9.464
e.272
47
150
7
988

6.510 NET ISSUES
5.331
NONFIN. CORPORATE BUSINESS
-31
COMMERCIAL BANKS
100 FINANCE COMPANIES
10 REITS
1.100
REST OF THE WORLD

3.129
14
302
-525

3.343
207
332
-^48

4.767
793
135
868

6.111
4.634
-532 -2.106
150
121
176
-92

7.825
174
698
22

11.585
3.691
631
1.221

9.464
1.30 5
620
1.38 8

6.510 NET PURCHASES
2.275
HOUSEHOLDS
269
COMMERCIAL BANKING
551
MUTUAL SAVINGS BANKS

3.384
1.386
874

4.004
2.023
1.35 7 1.48 2
-18
487
97e
1.372
-294
663
-361
189
1.773 —1.280
-183
58

6.049
1.851
1.178

6.953
968
1.677
2.896
1.412
-364

5.378
1.128
1.353
2.359

5.676
1.995
1.340
1.575

6.307
2.111
-201

538
300

766

814

3.353
1.044
103

4.471
1.376
832
1.476
785

-330

423

826
427

-678
230

-97
-162

1 .6 4 9

-525
216
-395
133

47 1

1.818

1.202
-529
405
421

91

-1.217
50

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

CORPORATE EQUITIES
1 8.032
2 -1.586
3 9.618
4 7.420
5 1.216
6
452
7
730
8
-200

5.586
1.006
4.580
4.097
1.000
371
-638
-250

2.533
-642
3.175
2.169
460
111
474
-39

2.356
128
2.228
1.287
706
114
126
-5

84**
-730
1.579
2.213
-450
118
-310
6

2.129
181
1.948
1.555
250
100
30
13

809
-572
1.381
1.244
250
100
-89
-124

184
186
-2
-5
250
88
-246
-89

2.464
1.211
1.253
1.303
250
83
-333
-50

3.562
1.917
1.645
1.933
250
200
-796
58

3.022
-476
3.496
3.223
250
175
-163
13

9 8.032
5.586
10 -8.172 -1.025
56
0
11
12
361
184
6.734
13 14.939
14 3.557
2.298
15 5.290 2.305
16 3.92 2 3.525
17 2.170 -1.394
18 -2.314
-473
19
404
-378
20 2.758
544

2.533
-934
0
111
3.501
1.138
1.103
906
354
-564
291
128

849
2.129
2.356
809
-189 -6.184
795 -1.192
0
0
0
0
189
-73
137
-31
2.691
4.540
2.72 5 1.656
767
782
585
689
734
2.194
787
436
756
1.014
1.109
808
434
550
244
-277
-549
96
-682
-86
-395
1.774 -1.281
406
486
871
383
56

184
21
0
9
401
526
355
448
-928
-35
-330
118

2.464
-649
0
17
1.952
498
727
1.160
-433
330
827
-13

3.562
1.056
0
61
2.154
489
1.305
506
-146
12
-679
958

3.022
3.022 NET PURCHASES
6
421
HOUSEHOLDS
0
0 COMMERCIAL BANKING
30 MUTUAL SAVINGS BANKS
82
2.476
2.894
INSURANCE
630
581
LIFE INSURANCE COMPANIES
1.650
1.650
PRIVATE PENSION FUNDS
641
663
S. ♦ L. GOVT., RTR. FUNDS
0
-445
OTHER INSURANCE COMPANIES
-340
-256
OPEN-END INVESTMENT COS.
-97 -1.217
BROKERS ♦ DEALERS
1.150
895
REST OF THE WORLD

10.733

3.022 NET ISSUES
806
OPEN-END INVESTMENT COS.
2.216
OTHER SECTORS
2.024
NONFIN. CORPORATE BUSINESS
250
COMMERCIAL BANKS
175
OTHER INSURANCE COMPANIES
-243
REITS
10
REST OF THE WORLD

TOTAL MORTGAGES
1 71.907
2
3
4
5
6
7
8
9
10
11

54.497 21.695 20.699

-71
-107
-1.533 -1.462
169
320
73.191 55.897
44.208 32.575
1.408
1.372
27.575 21.950
4.383
4.936
7.067 6.119
16.125 10.895

11.548

19.039

13.177

8.637

15.779

-23
-21
-6
-3
444
-690 -1.388
-186
10
142
40
70
21.132 21.400 15.484 11.667
11.543 11.681 10.430
8.958
354
350
349
346
9.369
9.235
4.705
2.363
1.279
1.178
92 8
855
2.928
2.827
520
-127
5.028
5.364
3.257
1.635

14.130

-27
552
1
18.513
9.145
344
9.024
1.578
2.601
4.845

-80
3
-5
-807 -1.021
31
66
66
32
13.949 11.768
8.545
6.664 7.808
8.662
342
340
338
6.943
3.620
-455
1.381
1.195
1.122
2.597
1.048
-619
2.965
1.450 -1.031

47
1.171
82
14.479
9.032
336
5.111
1.312
1.678
2.121

15.944 NET CHANGE IN MORTGAGES
BORROWED BY:
-37
U.S. GOVERNMENT
663
SAVINGS + LOAN ASSOCIATIONS
53
REITS
15.265
PRIVATE NONFINANCIAL SECTORS
7.796
HOUSEHOLDS
334
NONPROFIT INSTITUTIONS
7.135
NONFINANCIAL BUSINESS
1.011
FARMS
2.652
NONFARM NONCORPORATE
3.272
CORPORATE

13.177 10.733
74
687
680
1.231
0
1
4.564
3.407

8.637 15.779
-311
519
2.461
1.253
2
1
3.581
2.745

15.944 FUNDS ADVANCED BY:
7 HOUSEHOLDS
2.150
U.S. GOVERNMENT
2 S. + L. GOVT., GEN. FUNDS
3.186
SPONSORED CREDIT AG. (1) (2)

3.741 10.424
103
912
3.413
9.470
3.136
8.694
269
566
8
10

10.599
1.285
10.081
9.247
822
12

12 71.90 7 54.497 21.695 20.699
494
13
807
567
385
14
-583
1.643
-776
774
15
-2
0
0
-1
16 10.357 14.960
2.516
3.142

14.130
403
-170
-1
2.826

11.54e
-238
-287
-1
2.885

19.039
284
219
0
4.104

17
18
19
20
21
22

61.641 36.887
19.754 12.537
32.587 19.725
26.912 17.573
5.675
2.143
0
9

19.388
5.566
11.243
9.530
1.714
-1

16.399
5.674
7.996
6.602
1.400
-6

11.072
4.280
4.114
2.922
1.197
-5

9.189
2.814
5.129
4.403
726
0

14.432
4.938
8.071
7.264
807
0

23
24
25
26
27
28
29

3.448
5.399
3.861
5.078
-290
-5
-106
320
-17
6
1.372 -1.650
4.480
876

347
327
-94
114
0
969
1.263

992
1.126
-22
-103
-9
400
1.337

2.038
2.140
-52
-56
6
-100
740

834
791
16
26
1
-268
680

30

7.168

2.725

3.153

849

-152

6.657

7.859
3.262
4.737
4.224
509
4

5.407
1.523
1.788
1.682
101
5

1.268
1.266
1.257
1.281
-16
-9
26
-6
0
1
-139 -1.147
294
-259

2.031
1.749
4
274
4
-96
161

919
848
-28
77
22
-330
-547

586
592
-34
24
4
-780
-573

INSURANCE
LIFE COMPANIES
PRIVATE PENSION FUNDS
S. ♦ L. GOVT., RTR. FUND
OTHER INSURANCE COS.
FINANCE COMPANIES
REITS

2.647
3.130
1.032 -3.640 -1.361
679 (1) MEMO: FHLB LOANS TO S+L
ASSOCIATIONS (INCLUDED IN "OTHER LOANS" CATEGORY).
(2) INCLUDES MORTGAGE POOLS BACKING GNMA-GUARANTEED PASS-THROUGH SECURITIES.

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




944
929
40
-29
4
-60
-659

PRIVATE FINAN. INSTITUTIONS
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
S+L ASSOCIATIONS (1)
MUTUAL SAVINGS BANKS
CREOIT UNIONS

15
16
17

PRIVATE SECURITIES AND MORTGAGES

PRIVATE SECURITIES AND MORTGAGES
33
PRIVATE SECURITIES AND MORTGAGES
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

SEASONALLY ADJUSTED ANNUAL RATES

1973

1
1974 1

1974
I

II

III

1
IV |

I

1975
II

III

STATE AND LOCAL GOVERNMENT SECURITIES
17.6
17.5
2.5
15.0
•1

14.4
13.8
-.7
14.5
•5

13.7
11.9
-.2
12.2
1.8

17.4
15.7
2.9
12.9
1.6

16.1
14.5
-.5
15.0
1.6

20.4
18.7
3.4
15.4
1.7

15.7
14.4
5.9
8.5
1.3

17.2
15.3
2.8
12.6
1.9

14.0
12.3
-*•8
13.1
1.7

20.1
16.9
3.4
13.5
3.2

14.5 NET CHANGE IN LIABILITIES
12.1
STATE * LOCAL GOVERNMENTS
-9.9
SHORT-TERM
22.0
OTHER
2.4
NONFIN. CORPORATE BUSINESS
(POLLUTION CONTROL)

1
2
3
4
5

11.2
-.8
“•6
•2

17.6
-.2
1.0
-•3

14.4
1.0
1.0
•2

13.7
4.3
-.1
•2

17.4
10.0
.6
m2

16.1
4.8
2.1
.2

20.4
9.4
*
.2

15.7
17.8
.1
.2

17.2
7.9
.2
.3

14.0
12.3
1.6
-.1

20.1
10.2
-.2
-.1

14.5 NET CHANGE IN ASSETS
7.5 HOUSEHOLDS
-1.2
NONFIN. CORPORATE BUSINESS
.5
S. ♦ L. GOVT., GEN. FUNDS

6
7
8
9

10.7
*
•1
-.3
1.5
•6

12.6
.2
.1
.1
3.9
.1

7.2
.5
*
-.1
4.8
-.1

5.7
*
•
-.6
3.9
.2

5.5
*
.2
-.6
1.8
-.4

8.5
.1
.4
-.1
2.4
-2.2

11.3
-.2
.3
-1.9
1.4
*

-3.3
*
*
-.1
.9
.1

5.4
.2
.3
-.2
2.8
.4

-2.1
.7
.2
.2
2.1
-.7

6.7
.6
.3
*
2.4
.2

I
2
3
4
5

11.2
11.2
2.3
8,9

6
7
8
9
10
11
12
13
14
15

'

2.6
.9
.3
1.7
2.1
.1

COMMERCIAL BANKING
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
S. ♦ L. GOVT.* RTR. FUNDS
OTHER INSURANCE COMPANIES
BROKERS ♦ DEALERS

10
11
12
13
14
15

CORPORATE AND FOREIGN BONDS
1
2
3
4
5
6

23.8
19.8
.1
2.5
.5
.9

24.8
18.8
.9
3.8
.4
.9

20.2
12.2
1.1
5 .4
.4
1.0

12.5
9.2
*
1.8
.6
1.0

23.3
19.7
.2
1.1
.2
2.2

21.7
17.1
.3
1.2
.5
2.5

22.7
19.0
.4
1.4
*
1.7

18.5
16.6
*
.4
-.1
1.6

30.6
25.9
*
1.3
.2
3.1

49.1
40.1
*
1.4
-.2
7.9

36.0
30.5
.2
1.3
*
4.0

25.9 NET ISSUES
21.2
NONFIN. CORPORATE BUSINESS
COMMERCIAL BANKS
-.1
.4 FINANCE COMPANIES
* REITS
4.4
REST OF THE WORLD

7
8
9
10

23.8
10.7
.8
1.2

24.8
9.3
1.3
3.9

20.2
5.2
1.7
2.1

12.5
1.1
.5
-1.1

23.3
-1.7
1.1
1.0

21.7
1.2
.5
3.5

22.7
-4.0
.5
.7

18.5
-10.1
.6
-.4

30.6
6.3
2.8
.1

49.1
12.8
2.5
4.9

36.0
3.2
2.5
5.6

25.9 NET PURCHASES
7.3 HOUSEHOLDS
1.2
COMMERCIAL BANKING
2.2
MUTUAL SAVINGS BANKS

7
8
9
10

11
12
13
14
15
16
17
18

9.6
1.5
2.1
3.8
2.3
.7
.1
.7

9.3
5.5
-.7
4.2
.3
.6
.2
.3

10.8
7.0
-.8
5.3
-.7
.2
.1
.1

12.4
5.9
1.6
5.9
-1.0
-.9
.4
.1

22.4
5.4
4.7
8.4
3.8
-.4
-.4
1.3

15.2
5.1
1.9
5.5
2.7
.8

24.3
7.5
4.7
7.3
4.8
-2.1
1.7
1.7

29.0
5.1
6.7
11.6
5.6
-1.5
-.9
1.7

21.1
4.1
5.4
9.4
2.2
1.2
-2.5
1.7

21.9
7.1
5.4
6.3
3.1
3.3
2.9
.9

25.3
8.5
*”•8
13.4
4.2
.4
-.4
-.6

19.2
6.8
3.3
5.9
3.1
.4
-4.4
.2

11
12
13
14
15
16
17
18

.2

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

1
2
3
4
5
6

CORPORATE EQUITIES
1
2
3
4
5
6
7
8

10.4
2.6
7.7
5.7
.1
.4
1.4
.1

14.8
1.1
13.6
11.4
.6
.6
.9
*

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

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

5.6
1.0
4.6
4.1
1.0
.4
-.6
-.3

7.8
*
7.8
6.2
1.0
.4
.1
.1

3.9
-1.6
5.5
5.0
1.0
.4
-.4
-.5

1.4
1.4
*
*
1.0
.4
-1.0
-.4

9.2
4.2
5.0
5.2
1.0
.3
-1.3
-.2

13.6
7.0
6.6
7.7
1.0
•8
-3.2
.2

12.7
-1.3
14.0
12.9
1.0
.7
-.7
.1

12.7 NET ISSUES
3.9
OPEN-ENO INVESTMENT COS.
8.9
OTHER SECTORS
8.1
NONFIN. CORPORATE BUSINESS
1.0
COMMERCIAL BANKS
.7
OTHER INSURANCE COMPANIES
-1.0
REITS
*
REST OF THE WORLD

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

10.4
-1.7
.1
.3
9.7
2.0
4.6
2.1
1.0
1.2
.1
.7

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

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

8.0
-8.2
.1
.4
14.9
3.6
5.3
3.9
2.2
-2.3
.4
2.8

5.6
-1.0
.2
6.7
2.3
2.3
3.5
-1.4
-.5
-.4
.5

7.8
-3.0

3.9
-4.1
-.1
6.6
2.6
1.7
3.2
-1.1
-.3
1.7
.2

1.4
.4
*
1.6
2.1
1.4
1.8
-3.7
-.1
-.9
.5

9.2
2.6
.1
7.8
2.0
2.9
4.6
-1.7
1.3
-2.5
-.1

13.6
-2.1
.2
8.6
2.0
5.2
2.0
—.6
*
2.9
3.8

12.7
.6
.3
9.9
2.5
6.6
2.6
-1.8
-1.4
-.4
3.6

12.7 NET PURCHASES
9
1.9 HOUSEHOLDS
10
COMMERCIAL BANKING
11
.1 MUTUAL SAVINGS BANKS
12
11.6
INSURANCE
13
2.3
LIFE INSURANCE COMPANIES
14
6.6
PRIVATE PENSION FUNDS
15
2.7
S. + L. GOVT., RTR. FUNDS 16
OTHER INSURANCE COMPANIES 17
-1.0
OPEN-END INVESTMENT COS.
18
-4.4
BROKERS ♦ DEALERS
19
4.6
REST OF THE WORLD
20

-

.8
10.9
2.3
3.1
4.4
1.0
-2.7
.3
1.5

1
2
3
4
5
6
7
8

TOTAL MORTGAGES
1

26.4

•
GO

68.8

71.9

54.5

56.7

70.1

46.0

45.2

45.7

56.6

2
3
4
5
6
7
8
9
10
11

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

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

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

-.1
-1.5
.3
73.2
44.2
1.4
27.6
4.4
7.1
16.1

-.1
-1.5
.2
55.9
32.6
1.4
22.0
4.9
6.1
10.9

*

*
.3
56.4
34.2
1.4
20.8
3.3
5.0
12.6

-.1
*
*
70.2
37.8
1.4
31.0
5.6
8.0
17.4

*
-2.8
.1
45.6
28.2
1.4
19.0
5.5
6.2
7.3

-.3
-3.1
.3
4P.3
30.0
1.4
16.9
5.3
5.3
6.3

*
•9
.3
44.5
32.5
1.4
10.7
4.6
3.6
2.5

.2
2.3
.3
53.8
37.3
1.3
15.1
4.6
4.2
6.3

56.3 NET CHANGE IN MORTGAGES
1
BORROWED BY:
-.1
U.S. GOVERNMENT
2
3.1
SAVINGS ♦ LOAN ASSOCIATIONS
3
.2 RfcITS
4
53.2
PRIVATE NONFINANCIAL SECTORS 5
33.3
HOUSEHOLDS
6
1.3
NONPROFIT INSTITUTIONS
7
18.5
NONFINANCIAL BUSINESS
8
4.0
FARMS
9
6.6
NONFARM NONCORPORATE
10
7.9
CORPORATE
11

12
13
14
15
16

26.4
.1
.3
*
5.8

48.9
.2
*

68.8
-1.8
-.2
*
6.7

71.9
.5
-.6
*
10.4

54.5
.8
1.8
15.0

56.7
-.5
-.6
*
12.0

70.1
.7
.8
16.6

46.0
.3
2.4
17.3

45.2
2.6
4.7

45.7
- *8
10.5
*
11.6

56.6
1.6
4.9
*
14.5

56.3 FUNDS ADVANCED BY:
.1
HOUSEHOLDS
8.2
U.S. GOVERNMENT
*
S. ♦ L. GOVT., GEN. FUNDS
11.8
SPONSORED CREDIT AG. (1) (2)

12
13
14
15
16

17

20.1

64.2
16.8

61.6
19.8

45.7
14.0

51.9

25.9
10.4

24.0
7.7

24.4

35.6

36.2

17

2.5
12.1

42.3
9.9

36.9

18

3.3

1.8

2.3

28.0

37.7

32.6

25.3

15.5

10.1

23.9
4.0
*

31.9
5.6
.2

26.9
5.7
“

19.7
17.6
2.1
*

22.4
2.9
-

24.7
3.2

13.5
2.0
*

9.7
.4
*

18.7
17.6
1.1
*

33.3
31.0
2.3
*

36.5
33.2
3.3
*

5.5
5.5

5.7
4.6
*
1.1
*
-.2
•6

19
20
21
22

10.2
1.8
.1

*

6.3

12.5

18.0
28.0

23

3.3

.8

.8

3.4

5.4

4.1

24
25

2.3
.1
.8

1.1
-.6
.3

1.8
-.7
-.3

3.9
-.3

5.1

3.9

*

6.3
6.2

.3

-.1
.1
*
-1.5
1.2

26
27
28
29
30

*
.1
2.1
1.3

*
1.1
2.5

*
4.1
4.9

-.1
*
1.4
4.5

*
-1.7
.9

.1
.1
*
-.4
2.7

-2.7

*

7.2

6.7

3.3

*
*
-4.5
-1.0

*

13.8

.2
-.1
*
.4
-2.6

5.0

4.7
-.1
.3

.1
-2.3
-2.2

2.7
2.7

-.1
.1
*
-3.0
-2.3

INSURANCE
LIFE COMPANIES
PRIVATE PENSION FUNDS
S. + L. GOVT., RTR. FUNO
OTHER INSURANCE COS.
FINANCE COMPANIES
REITS

18

19
20
21
22
23
24

25
26
27
28
29

10.4
9.8
3.2
-10.5
-5.7
-.2 (1) MEMO: FHLB LOANS TO S+L
30
ASSOCIATIONS (INCLUDED IN "OTHER LOANS" CATEGORY).
(2) INCLUDES MORTGAGE POOLS BACKING GNMA-GUARANTEED PASS-THROUGH SECURITIES.

II1/75 FIGURES ARE TENTATIVE ESTIMATES EASED ON INCOMPLETE INFORMATION,




4.6
4.5

PRIVATE FINAN. INSTITUTIONS
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
S+L ASSOCIATIONS (1)
MUTUAL SAVINGS BANKS
CREDIT UNIONS

10 NOVEMBER 1975
MORTGAGES, BY TYPE

MORTGAGES, BY TYPE

34

MORTGAGE MARKETS BY TYPE OF MORTGAGE
(MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWS
1973

I
1974 |

II

UNAOJUSTED QUARTERLY FLOWS
1973
III

|
|

IV

1974
I

II

|
IV |

III

I

1975
II

III

HOME MORTGAGES
1
2
3
4
5
6

41*740
44.208
-432
-432
-71
-1.533

30.120
32.575
-443
-443
-107
-1.462

12.812
11.543
424
424
-23
444

12.390
11*681
710
710
-21
-690

7.474
10*430
-781
-781
-6
-1*388

6.143
8.958
■1.313
■1.313
-3
-186

11.010
9.145
670
670
-27
552

7.828
6*664
984
984
3
-807

5.139
7.808
-784
-784
-80
-1.021

5.864
8.662
-1.412
-1.412
-5
31

11.728
9.032
739
739
47
1.171

11*724
7*796
1.651
1.651
-37
663

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

1
2
3
4
5
6

7
8
9
10
11
12

41.740
-933
-1.186
-2
6.390
10.994

30.120
-159
524
0
9.770
6.475

12.812
-23
-815
0
1.383
3.054

12.390
“21
260
-1
2.089
3*303

7.474
122
-95
-1
1.824
2.514

6.143
-371
-144
-1
1.858
1.376

11*010
-103
67
0
2*549
2*594

7.828
162
246
0
3.158
1.734

5.139
153
355
1
2.205
771

5.864
-25
1.525
1
1.678
42

11.728
72
1.091
2
2.658
632

11.724
29
1*387
2
2.518
672

NET CHANGE IN ASSETS
HOUSEHOLDS
U.S. GOVERNMENT
STATE ♦ LOCAL GOVERNMENTS
SPONS. CREDIT AGENCIES (1)
COMMERCIAL BANKING

7
8
9
10
11
12

13
14
15
16

24.589
21*992
2*597
0

14.510
13.814
687
9

8.373
7.895
479
-1

6*012
5*283
735
-6

2.849
2.345
509
-5

3.688
3.473
215
0

6*034
5*785
249
0

3.515
3.344
167
4

1.273
1.212
56
5

2.690
2.535
147
8

7.538
7.191
337
10

7.979
7.477
490
12

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

13
14
15
16

17
18
19
20
21

-756
-466
-290
1*372
1.272

377
382
-5
-1.650
273

-468
-374
-94
969
339

-12
10
-22
400
360

122
174
-52
-100
239

-180
-196
16
-268
185

-65
-49
-16
-139
73

150
159
-9
-1.147
10

472
468
4
-96
5

96
56
40
-60
-83

163
191
-28
-330
-98

80
114
-34
-780
-163

INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
FINANCE COMPANIES
REITS

17
18
19
20
21

MULTI—F

RESIDENTIAL MORTGAGES

1
2
3
4

8.522
5*935
2*482
105

7.843
5.550
2.237
56

2.982
2*087
848
47

2.398
1*679
716
3

1*326
898
415
13

1*322
902
397
23

2*220
1*542
678
0

1*977
1.450
516
11

2.324
1.656
646
22

1.123
786
315
22

1.175
822
326
27

1.528 NET BORROWING
1.070
NONFARM NONCORP* BUSINESS
441
NONFIN. CORPORATE BUSINESS
17
REITS

5
6
7
8
9

8*522
75
400
2*003
1*154

7.843
-33
1.103
2*398
610

2.982
145
19
606
360

2.398
-26
464
579
276

1.326
-26
-20 5
523
187

1.322
-2
-197
631
114

2.220
166
98
622
237

1.977
-191
380
621
102

2.324
-6
822
524
157

1.123
14
582
290
-158

1.175
233
108
128
-130

1.528 NET CHANGE IN ASSETS
-87
HOUSEHOLDS
709
U.S. GOVERNMENT
46
SPONS. CREDIT AGENCIES (1)
13
COMMERCIAL BANKS

10
11
12

3*131
1*778
1.353

1*572
1.160
412

1.260
511
749

684
511
173

446
170
276

407
239
168

679
579
100

353
232
121

133
110
23

214
147
67

703
578
125

752
563
189

13
14
15

1.145
-106
720

1.597
320
276

151
114
327

177
-103
347

524
-56
-67

179
26
164

292
26
100

708
-6
10

418
274
2

298
-29
-88

172
77
-116

SAVINGS INSTITUTIONS
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS

10
11
12

253
24
-182

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

13
14
15

COMMERCIAL MORTGAGES
1
2
3
4
5

17.262
1.408
1.564
14.075
215

11*598
1*372
1.012
9*101
113

4.622
354
417
3*756
95

4*733
350
438
3*938
7

4.402
349
403
3.623
27

3.228
346
284
2.551
47

4.231
344
389
3*497
1

1.991
342
163
1*465
21

2.148
340
176
1.588
44

455
338
7
66
44

1.564
336
117
1.056
55

1.681
334
131
1.180
36

NET BORROWING
HOUSEHOLDS
NONFARM NONCORP* BUSINESS
NONFIN. CORPORATE BUSINESS
REITS

1
2
3
4
5

6
7
8
9

17.262
100
0
6.945

11*598
46
0
4*821

4*622
28
0
1*882

4*733
47
0
1*957

4.402
179
0
1.515

3.228
-106
0
1.159

4.231
-29
0
1*909

1.991
-56
0
1.166

2.148
237
0
587

455
-301
0
264

1.564
-33
0
356

1*681
0
0
364

NET CHANGE IN ASSETS
HOUSEHOLDS
U.S. GOVERNMENT
COMMERCIAL BANKING

6
7
8
9

10
11
12

4*872
3.142
1*730

3*633
2.599
1*034

1*619
1.124
495

1.300
808
492

821
407
414

1.032
691
341

1*335
900
435

888
648
240

378
360
18

495
454
41

1.228
1.125
103

1*349
1*207
142

SAVINGS INSTITUTIONS
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS

10
11
12

13
14
15

2.874
-17
2*488

2.765
6
327

486
0
597

808
-9
630

1.313
6
568

811
1
331

894
1
121

272
0
-279

788
4
154

481
4
-488

324
22
-333

192
4
-228

LIFE INSURANCE COMPANIES
OTHER INSURANCE COMPANIES
REITS

13
14
15

FARM MORTGAGES
1

4*383

4.936

1.279

1*178

928

855

1.578

1.381

1.122

1.195

1.312

1*011 NET BORROWING

2
3
4
5
6
7
8

4.383
1.252
203
1.964
661
-5
308

4.936
953
216
2.792
631
10
334

1.279
407
20
527
270
-9
64

1.178
38 5
50
474
138
0
131

928
128
130
479
64
-2
129

855
241
54
396
165
2
-3

1.578
250
54
933
198
23
120

1.381
159
54
785
260
-19
142

1.122
303
54
678
8
4
75

1*195
1
354
777
-45
14
94

1*312
247
54
795
54
1
161

1*011 NET CHANGE IN ASSETS
65
HOUSEHOLDS
U.S. GOVERNMENT
54
SPONSORED CREDIT AGENCIES
622
236
COMMERCIAL BANKS
MUTUAL SAVINGS BANKS
1
33
LIFE INSURANCE COMPANIES

(1) INCLUDES MORTGAGE POOLS BACKING GNMA-GUARANTEED SECURITIES.

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




10 NOVEMBER 1975
MORTGAGES, BY TYPE

MORTGAGES, BY TYPE
35

MORTGAGE MARKETS BY TYPE OF MORTGAGE
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

SEASONALLY ADJUSTED ANNUAL RATES
1
1974 1

1973

1974
I

II

1
IV |

III

I

1975
II

III

HOME MORTGAGES
1
2
3
4
5
6

13.4
12.5
•2
•2
-.1
.6

28.0
24.2
1.0
1.0
-.1
2.0

40.7
38.4
.6
•6
-.i
1.2

41.7
44.2
-.4
-.4
-•1
-1.5

30.1
32.6
-.4
-.4
-.1
-1.5

32.0
34.2
-1.1
-1.1
*
*

39.4
37.8
.9
.9
-.1
*

25.4
28.2
*
*
*
-2.8

23.6
30.0
-1.5
-1.5
-.3
-3.1

31.5
32.5
-1.0
-1.0
♦
•9

42.0
37.3
1.1
1.1
.2
2.3

40.4 NET BORROWING
33.3
HOUSEHOLDS
2.1
NONFARM NONCORP. BUSINESS
2.1
NONFIN. CORPORATE BUSINESS
U.S. GOVERNMENT
-.1
3.1
SAVINGS ♦ LOAN ASSOCIATIONS

1
2
3
4
5
6

7
8
9
10
11
12

13.4
*
-.1
*
5.1
.9

28.0
*
-.3
*
4.8
5.7

40.7
-2.6
-.6
*
4.3
9.0

41.7
-.9
-1.2
*
6.4
11.0

30.1
-.2
.5

39.4
-.4
.2
10.6
9.5

2 5.4
.6
.7
11.7
4.9

23.6
.6
1.3
*
8.8
3.8

31.5
-.1
6.8
♦
7.3
2.6

42.0
.3
4.2
♦

9.8
6.5

32.0
-1.5
*
*
8.0
7.8

40.4 NET CHANGE IN ASSETS
.1
HOUSEHOLDS
U.S. GOVERNMENT
5.2
*
STATE ♦ LOCAL GOVERNMENTS
9.0
SPONS. CREDIT AGENCIES (1)
.5
COMMERCIAL BANKING

7
8
9
10
11
12

13
14

18.7
17.3
1.3
♦

27.9
24.8

24*6
22.0
2.6

14.5
13.8
.7
♦

18.1
17.2
.9
“

20.8
19.8
1.0
-

11.1
10.5

16

8.2
7.2
•9
.1

♦

8.0
7.8
.2
♦

14.3
13.6
•6
*

26.6
25.2
1.3
*

28.7
26.6
2.0
*

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

13
14
15
16

17
18
19
20
21

-1.2
-1.3
.1
.1
.5

-2.7
-2.1
"*•6
i.i
.7

-2.8
-2.1
-.7
4.1
1.4

— .8
-.5
-.3
1*4
1.3

.4
.4
*
-1.7
.3

-.7
-.7
.1
-.4
.7

*
.1
-.1
-1.5
.3

.9
.9
*
-4.5
*

1.3
1.2
*
-.2
*

.5
.3
.2
.4
“ .3

1.0
1.1
-.1
-2.3
— .4

.6
•8
-.i
-3.0
-.7

INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
FINANCE COMPANIES
REITS

17
18
19
20
21

15

3 JO

-

.2

ml

llmO

1.6

MULTI-FAMILY RESIDENTIAL MORTGAGES
1
2
3
4

5.9
4.3
1.5
*

8.8
6.2
2.6
*

10.4
7.3
3.0
•2

8.5
5.9
2.5
•1

7.8
5.6
2.2
.1

6.8
4.8
1.9
.1

8.0
5.6
2.4

8.0
5.6
2.3
*

8.6
6.2
2.3
.1

6.0
4.4
1.6
.1

3.7
2.7
1.0
.1

6.2 NET BORROWING
4.1
NONFARM NONCORP. BUSINESS
2.0
NONFIN. CORPORATE BUSINESS
REITS
.1

1
2
3
4

5
6
7
8
9

5.9
-.8
•5
.3
.1

8.8
-.1
•4
.8
.7

10.4
1.2
•3
1.2
1.8

8.5
.1
•4
2.0
1.2

7.8
*
1.1
2.4
.6

6.8
.2
— .8
2.5
.5

8.0
*
.4
2.5
.9

8.0
-.5
1.5
2.5
.4

8.6
.1
3.3
2.1
.6

6 mO
.3
2.3
1.2
— #6

3.7
.2
.4
.5
-.5

6.2 NET CHANGE IN ASSETS
*
HOUSEHOLDS
2.8
U.S. GOVERNMENT
SPONS. CREDIT AGENCIES (1)
.2
.1
COMMERCIAL BANKS

5
6
7
8
9

10
11
12

2.4
2.1
.4

5.3
3.5
1.8

4.5
3.4
1.1

3.1
1.8
1.4

1.6
1.2
•4

2.4
1.7
.7

2.2
1.8
.4

1.2
.7
.5

.5
.4
.1

1.6
1.4
.3

2.2
1.7
.5

2.8
2.0
.8

SAVINGS INSTITUTIONS
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS

10
11
12

13
14
15

1.9
•8
.6

.7
•3
.7

.5
-.3
1.2

1.1
-.1
.7

1.6
.3
.3

1.2
.1
.7

1.5
.1
.4

2.8
*
♦

.9
1.1
*

1.7
-.1
-.4

1.0
.3
-.5

1.0
.1
-.7

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

13
14
15

COMMERCIAL MORTGAGES
1
2
3
4
5

5.4
1.4
.4
3.6
.1

10.1
1.2
.9
7.9
•1

15.1
1.4
1.3
12.0
•3

17.3
1.4
1.6
14.1
•2

11.6
1.4
1.0
9.1
•1

14.6
1.4
1.3
11.8
.2

17.0
1.4
1.6
14.1
*

7.0
1.4
.6
5.0
.1

7.7
1.4
.6
5.6
.2

3.6
1.4
.2
1.9
.2

6.3
1.3
.5
4.3
.2

5.7 NET BORROWING
1.3
HOUSEHOLDS
.4
NONFARM NONCORP. BUSINESS
3.8
NONFIN. CORPORATE BUSINESS
.1
REITS

1
2
3
4
5

6
7
8
9

5.4
-.2
*
1.2

10.1
— .6
*
3.0

15.1
-1.2
*
5.4

17.3
.1

11.6
*

14.6
.3

17.0
.1

7.0
-.4

-

-

-

-

-

7.7
.2

3.6
-.5

6.3
.1

6.9

4.8

5.1

7.1

4.0

3.1

1.5

.9

5.7 NET CHANGE IN ASSETS
-.2
HOUSEHOLDS
U.S. GOVERNMENT
.8
COMMERCIAL BANKING

6
7
8
9

10
11
12

1.5
1.0
.6

4.1
3.1
1.0

5.2
3.7
1.5

4.9
3.1
1.7

3.6
2.6
1.0

4.8
3.5
1.4

4.9
3.2
1.7

3.3
2.3
1.0

1.5
1.5
.1

2.7
2.5
.2

4.5
4.0
.4

5.1
4.5
.6

SAVINGS INSTITUTIONS
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS

10
11
12

13
14
15

1.8

2.5
*
1.1

3.4
*
2.3

2.9
*
2.5

2.8
*
.3

3.1
*
1.3

4.3
*
.5

1.3
-1.1

2.3
*
.6

1.8

1.0

-2.0

2.1
.1
-1.3

1.0
*
-.9

LIFE INSURANCE COMPANIES
OTHER INSURANCE COMPANIES
REITS

13
14
15

*

-

-

-

*

-

FARM MORTGAGES
1

1.8

2.0

2.6

4.4

4.9

3.3

5.6

5.5

5.3

4 mb

4.6

4.0 NET BORROWING

1

2
3
4
5

1.8
1.1

2.0
.9

2.6
.7

*

*

.7

1.2
.6

4.9
1.0
.2
2.8
.6

3.3
.5
.2
1.5
.7

5mb

.5
.3

4.4
1.3
.2
2.0
.7

5.3
1.7
.2
2.9
.3

*

4.6
-.5
1.4
3.1
-.1
.1

4.6
.9
.2
3.0
-.1

4.0 NET CHANGE IN ASSETS
.2
HOUSEHOLDS
.2
U.S. GOVERNMENT
2.5
SPONSORED CREDIT AGENCIES
1.0
COMMERCIAL BANKS

2
3
4
5

*

1.0
.2
3.5
.5
.1

5.5
.6
.2
3.2
1.1
-.1

.3

.3

.3

.4

.4

.2

.7

.5

6
7
8

*
*

-.1

•6
-.1

*

*
•1

*

*

*

*
-

MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES

(1) INCLUDES MORTGAGE POOLS BACKING GNMA-GUARANTEED SECURITIES.
111/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




6
7
6

10 NOVEMBER 1975
CONSUMER CREDIT AND BANK LOANS N.E.C.

36

CONSUMER CREDIT AND BANK LOANS N.E.C.

CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED
(MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWS
1973
III

IV

II

I

UNADJUSTED QUARTERLY FLOWS

I

1974

I

1975
II

III

CONSUMER CREDIT
1
2
3

22.922
20.105
2.817

9.635
8.687
948

7.763
6.643
1.120

5.952
6.075
-123

7.451
5.344
2.107

-2.914
-1.669
-1.245

5.853
4.847
1.006

4.481
4.524
-43

2.215
985
1.230

-5.868
-4.647
-1.221

1.846
1.191
655

3.970
3.664
306

INSTALMENT CREDIT
NONINSTALMENT CREDIT

4
5
6
7
8
9
10
11
12

22.922
20.105
223
1.216
9.712
177
183
2.696
5.898

9.635
8.687
137
746
3.015
192
-50
2.507
2.140

7.763
6.643
39
214
3.611
66
-64
1.030
1.747

5.952
6.075
50
270
2.919
81
26
938
1.791

7.451
5.344
212
1.158
1.577
32
4
402
1.959

-2.914
-1.669
-118
-649
-263
-10
64
-59
-634

5.853
4.847
24
135
2.383
108
8
952
1.237

4.481
4.524
51
251
1.840
89
76
1.290
927

2.215
985
180
1.009
-945
5
-198
324
610

-5.868
-4.647
-162
-889
-2.327
-56
235
111
-1.559

1.846
1.191
0
6
292
34
-20
958
-79

3.970
3.664
45
267
1.276
63
13
1.326
674

INSTALMENT CREDIT
NONFARM NONCORP* BUSINESS
NONFIN. CORPORATE BUSINESS
COMMERCIAL BANKING
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
FINANCE COMPANIES

13
14
15
16
17
18

2.817
1.041
791
896
41
48

948
802
424
-253
-12
-13

1.120
142
528
446
21
-17

-123
-149
-72
88
3
7

2.107
693
1.061
14 5
7
1

-1.245
-42
-1.150
-67
-3
17

1.006
152
731
116
5
2

-43
15
122
-161
-8
-11

1.230
677
721
-141
-6
-21

-1.221
139
-919
-482
-21
62

655
176
551
-64
-3
-5

306
85
247
-28
-1
3

-4.500

NONINSTALMENT CREDIT
13
NONFARM NONCORP. BUSINESS 14
NONFIN. CORPORATE BUSINESS 15
COMMERCIAL BANKING
16
SAVINGS * LOAN ASSNS.
17
MUTUAL SAVINGS BANKS
16

BANK LOANS NOT ELSEWHERE CLASSIFIED
1

73.196

48.354

24.941

13.435

20.431

1.838

28.985

6.847

10.684 -15.900

4.830

2
3
4
5
6
7

19.642
10.608
-2.960
-768
0
46.674

12.061
2.762
-2.395
2.220
0
33.706

5.571
4.057
-181
-67
0
15.561

5.614
3.007
-1.219
-469
0
6.502

4.219
1.722
2.421
698
0
11.371

2.758
-330
-3.723
1.072
0
2.061

4.882
2.499
1.294
382
0
19.928

3.210
1.679
-2.164
-101
0
4.223

1.211
7
-1.086 -2.809
2.198
-672
156
867
0
0
7.494 -12.582

845
228
870
990
0
1.897

8
9
10

1.702
3.739
52.115

916
4.885
39.507

359
586
16.506

1.117
678
8.297

-337
1.08 8
12.122

604
482
3.147

468
2.043
22.439

-143
487
4.567

-224
-13
1.873 -1.022
9.354 -13.828

-10
-370
1.517

11
12

0
52.115

0
39.507

0
16.506

0
8.297

0
12.122

0
3.147

0
22.439

0
4.567

0
0
9.354 -13.828

0
1.517

13
14
15
16
17
18
19

52.115
38.626
1.800
3.013
382
30.629
2.80 2

39.507
31.990
-2.532
910
-994
29.885
4.721

16.506
11.767
494
985
106
9.066
1.116

8.297
5.585
615
715
-410
5.388
-723

12.122
9.506
1.829
62 7
577
5.139
1.334

3.147
4.753
-3.126
373
-585
6.606
1.48 5

22.439
16.367
-675
744
266
12.694
3.338

4.567
2.891
-522
56
-545
4.843
-941

9.354 -13.828
7.979 -10.683
1.791
-524
63
-263
-616
-130
5.742 -8.346
839 -1.260

1.517
1.330
1.602
771
-519
-2.457
1.933

-4.075
-3.087
-435
529
-409
-5.064
2.292

20
21
22
23
24

13.489
327
4.093
3.985
5.084

7.517
1.09 5
-1.007
4.557
2.872

4.739
146
2.051
1.119
1.42 3

2.712
513
1.093
637
469

2.616
10
314
1.085
1.207

— 1.606
-324
-2.232
1.295
-34 5

6.072
989
1.015
2.382
1.686

1.676
758
-448
731
635

1.375
-328
658
149
896

-3.145
-851
-1.801
64
-557

187
-123
404
-198
104

-988
533
-187
-417
-917

111/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




TOTAL LOANS AT COMMERCIAL
BANKS, F/F BASIS

- LOANS ELSEWHERE CLASSIFIED:
MORTGAGES
1.279
CONSUMER CREDIT
1.248
SECURITY CREDIT
-3.169
OPEN-MARKET PAPER
-254
HYPOTHECATED DEPOSITS
0
-3.604 = BANK LOANS NEC AT COML. BKS.
♦ BANK LOANS NEC AT OTHER
BANKING SUBSECTORS:
DOMESTIC AFFILIATES
-169
FOREIGN BANKING AGENCIES
-302
-4.075 = BANKING SECTOR TOTAL BANK
LOANS NEC
0 ♦ LOANS BY F.R. BANKS
-4.075 = TOTAL BANK LOANS NEC
NONFINANCIAL SECTORS
HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUSINESS
CORPORATE BUSINESS
REST OF THE WORLD
FINANCIAL
SAVINGS
FINANCE
REITS
FOREIGN

SECTORS
♦ LOAN ASSNS.
COMPANIES
BANKING AGENCIES

21
22

10 NOVEMBER 1975
CONSUMER CREDIT AND BANK LOANS N.E.C.

CONSUMER CREDIT AND BANK LOANS N.E.C.
37

CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
!
1970

1971

__ ____ ______

1972

1973

1974 |

SEASONALLY ADJUSTED ANNUAL RATES

1974
I

II

|
III

IV |

1975
I

II

III

11.8 NET CHANGE IN LIABILITIES (HH)
9.7
INSTALMENT CREDIT
2.1
NONINSTALMENT CREDIT

CONSUMER CREDIT

________ _____

1
2
3

6.0
5.0
1.1

11.2
9.2
2.0

19.2
16.0
3.1

22.9
20.1
2.8

9.6
8.7
.9

8.2
8.8
*-#6

17.2
14.0
3.2

15.8
14.1
1.7

-3.6
-3.2
-.4

-3.3
-2.4
-.9

2.1
.2
1.8

4
5
6
7
8
9
10
11
12

6.0
5.0
•1
•1
3.0
•3
•1
1.0
•5

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

19 m2
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

9.6
8.7
.1
.7
3.0
.2
-.1
2.5
2.1

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

17.2
14.0
.2
1.1
5.3
.3
*
2.7
4.4

15.8
14.1
.2
1.5
5.6
.2
.3
4.2
2.0

-3.6
-3.2
.1
-.4
-4.1
.1
-.8
1.8
♦

-3.3
-2.4
-.1
-.1
-3.9
-.1
.9
2.2
-1.3

2.1
.2
.1
.5
-2.3

13
14
15
16
17
18

1.1
•5
•6
-.1
*
*

2.0
.7
.4
.8
*
*

3.1
.9
.6
1.5
.1
.1

2.8
1.0
•8
.9

.9
.8
.4
-.3
*
*

— •6
-.4
-.3
*
*
.1

3.2
1.3
1.8
.1
*
*

1.7
1.8
.4
-.4
*
*

-.4

-.9
.2
.5
-1.7
-.1
•2

1.8
1.5
1.0
-.6
*
*

2.1
1.3
.6
.1
*
*

-21.4

-7.6

-7.2

*
*

.6
-.2
-.7

*
-.1

*

-.1
2.7
— #8

1
2
3

11.8 NET CHANGE IN ASSETS
4
9.7
INSTALMENT CREDIT
5
NONFARM NONCORP. BUSINESS
6
.2
.8
NONFIN. CORPORATE BUSINESS 7
2.7
COMMERCIAL BANKING
8
.1
SAVINGS ♦ LOAN ASSNS.
9
10
MUTUAL SAVINGS BANKS
.1
4.2
CREDIT UNIONS
11
1.6
FINANCE COMPANIES
12
NONINSTALMENT CREDIT
NONFARM NONCORP. BUSINESS
NONFIN. CORPORATE BUSINESS
COMMERCIAL BANKING
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS

13
14
15
16
17
16

BANK LOANS NOT ELSEWHERE CLASSIFIED
1

12.9

30.0

59.0

73.2

48.4

50.2

87.9

39.3

15.1

TOTAL LOANS AT COMMERCIAL
BANKS, F/F BASIS

1

_ LOANS

2
3
4
5
6
7

2.4
2.9
1.4
2.0
4.2

9.8
6.7
•8
.8
11.9

16.8
10.1
4.7
-.2
27*7

8
9
10

-1.0
2.6
5.8

-.1
.5
12.4

-.2
1.1

1.7
3.7

28.5

52.1

11
12

-

5.8

12.4

28.5

52.1

39.5

13

5.8
6.4

12.4

28.5
21*8

52.1

14
15
16
17

-

.9
•8

9.3
1.8
1.3

.2

18

5.6

19

-.3

20
21
22
23
24

-.5
-.1
-1.1
.6
•1

-

2.8
1.8

19.6
10.6
-3.0
— .8
46.7

38.6
1.8
3.0
.4

12.1
2.8
-2.4
2.2
33.7

13.8
4.2
-4.0
6.4
29.8

17.8
5.4
5.1
1.6
58.0

10.2
5.2
-7.8
.8
30.9

16.1

.9

2.4

4.9
39.5

1.9
34.2

1.9
8.2
68rnO

-.6
1.9
32.2

7.5

-.9
-4.1

23.6

-35.0

34.2

68.0

32.2

23.6

-35.0

39.5
32.0
-2.5
.9

34.2
36.7
-3.2
1.7

68.0

32.2

23.6

47.8
-7.1
1.1

23.9

19.5
-.5

-2m O

.3
40.7
12.9
20.3
3.2
.8
9.5
6 ml

-

-

4.4
1.6

13.5

30.6

-1.0
29.9

2.9

2.8

4.7

33.9
6.3

3.0
.7

6.8
.7
3.8
1.3
.8

13.5
.3
4.1
4.0
5.1

7.5
1.1
-1.0
4.6
2.9

-2.5
.3
-6.6
5.2
-1.4

*

ml

1.6

ml

-

ml

.6
-.4

25.6
—2.6
8.3
3.2
-mb

2.9
2.5

6.5
-4.8
-2.9
.1

-.1

.2
-1.9
19.4
2.3
4.0
-2.3
2.2
•6
3.6

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




3.0
-5.5
8.5
2.8

-30.0

-

1.5
-2.9
3.4
4.0

-13.5

*
-1.5
-15.0
—
-15.0

ELSEWHERE CLASSIFIED:
2.3
MORTGAGES
2.8
CONSUMER CREDIT
-11.7
SECURITY CREDIT
.3
OPEN-MARKET PAPER
HYPOTHECATED DEPOSITS
-.9 = BANK LOANS NEC AT COML. BKS.
♦ BANK LOANS NEC AT OTHER
BANKING SUBSECTORS:
-.7
DOMESTIC AFFILIATES

-1.2
FOREIGN BANKING AGENCIES
-2.8 = BANKING SECTOR TOTAL BANK
LOANS NEC
— ♦ LOANS BY F.R. BANKS
-2.8 = TOTAL BANK LOANS NEC

-35.0
-26.4
7.4

-15.0

.4
-3.1
-26.4

1.3
-2.4
-20.0

-13.8

-4.7

7.2

10.4

-8.6
-1.7
-4.9
.3
-2.2

-3.3
-1.3
-1.7
"• 8
.4

-2.4
2.3

-11.7
2.1

-2.8 NET CHANGE IN LIABILITIES
-.3
NONFINANCIAL SECTORS
.8
HOUSEHOLDS
2.7
FARM BUSINESS
-.5
NONFARM NONCORP. BUSINESS

•6
-1.7
-3.7

CORPORATE BUSINESS
REST OF THE WORLD
FINANCIAL SECTORS

SAVINGS ♦ LOAN ASSNS.
FINANCE COMPANIES
REITS

FOREIGN BANKING AGENCIES

2
3
4
5
6

7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

10 NOVEMBER 1975
OTHER LOANS

OTHER LOANS

38

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

UNADJUSTED QUARTERLY FLOWS

UNADJUSTED QUARTERLY FLOWS
1973
III

II
OTHER LOANS —

28.820
11.833
2.477

34.676
27.432
2.941
1.940
2.082
10.917
833
8.719

5.685
2.454
418
569
127
782
-240
798

9.369
2.697
865
177
-152
126
436
1.245

7.896
4.853
821
73
1.151
1.909
-18
917

9.884
5.159
430
372
116
2.567
68
1.606

7.244
695
-640
6.657
3.797
-3.265

3.231

6.672

3.043

4.725

5.535
7.168
3.549
735
15
16
17
18

28.820
3.464
7.815
3.567

19

8.549
-38
-768
641
2.224
3.065
301

1.221
1.833

2.022
345
3.935
16.987

0

20

21
22

23
24
25

1975
II

1974
III

SECTOR TOTALS
6.681
6.103
867
1.054
362
1.344
-160
2.636

13.552
9.114
953
572
59
4.866
483
2.181

4.559
7.056
691
-58
1.545
2.140
442
2.296

3.049
4.297
654
585
-96

578

4.438

2 .0 1 2

-2.748
-1.676
480
115
—664
-1.667

74
1.068

40

1.752
412
507
43
-640
436
166
-100
1.340
161
1.335
679
-845
10

20

0

0

0

0

0

110

-260
2.725
745

2.722
3.153

21

799

-330
849
2.469
55

3.292
-152
2.180
-595

-600
2.647
347
-1.816

1.376
3.130
491
-669

-2.497
585
-4.708
1.032
779
-185

-1.248
258
2.607
-3.640
-497
24

-1.072
294
-419
-1.361
358
56

34.676
-521
2.168
5.584

5.685
-1.004
2.467
276

9.369
2.617
2.310

7.896
3.822
1.327
771

9.884
-3.386
4.637
674

6.681
-104
644
497

13.552
2.148
736
1.373

4.559
821
-3.849
3.040

3.049
-493
3.265
2 .045

-2.748
-2.057
-319
-108

9.305
931

3.113
-78
-67
70
-553
1.271
190

3.377
-9
-469
208
471
-324

717

736
62
1.072
893
1.500
1.833
1.863

3.271
174
382
-561
534
959
885

3.866
186

1.432
509
867
-56
162
1.422
211

-3.511
29
156
627
1.737
1.253
-2.0 59

-521
-346
990
-219
-245
427
-350

2 .2 2 0

24
3.087
5.256
6.622

-2

1 .2 1 0

-22

11

69 8
-354
-236
1.017
123

-1 0 1

-252
891
1.042
3.66 3

NET INCREASE IN LIABILITIES
NONFINANCIAL SECTORS
HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUSINESS
CORPORATE BUSINESS
STATE ♦ LOCAL GOVERNMENTS
REST OF THE WORLD
FINANCIAL SECTORS
SPONSORED CREDIT AGENCIES
COMMERCIAL BANKING
SAVINGS ♦ LOAN ASSNS.
FINANCE COMPANIES
REITS

9
10
11
12
13
14

1.752 NET INCREASE IN ASSETS
-1.699
HOUSEHOLDS
-220
NONFIN. CORPORATE BUSINESS
1.297
U.S. GOVERNMENT

15
16
17
18

787
192
-254
-8

1 .1 0 1

556

SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKING
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
FINANCE N.E.C.
REST OF THE WORLD

1
2
3
4
5
6
7
8

19
20
21
22
23
24
25

OPEN-MARKET PAPER
1

11.637

13.606

1.025

4.562

4.174

7.039

1.657

6.799

-1.889

3.909

-3.302

2
3
4
5

5.462
1.863
4.104
-505

3.635
2.575
2.660
-1.600

1.604
647
896
61

1.146
768
-150
528

568
-308
1.881
-1.005

1.66 5
965
946
-246

1.039
1.465
434
-860

187
73
427
-313

744
72
853
-181

-634
738
-1.355
-17

-112
-49
-30
-33

-607
99
-848
142

DIRECTLY-PLACED PAPER
BANK AFFILIATES
FINANCE COMPANIES
REITS

6
7
8
9
10

890
-176
381
-555
1.240

3.456
4.122
-138
1.137
-1.665

130
141
180
-151
-40

709
110
180
148
271

2.864
1.258
-42
588
1.060

1.972
888
199
1.234
-349

-883
718
-558
-87
-956

3.054
2.740
606
64
-356

-687
-224
-385
-74
-4

2.301
1.529
-127
858
41

-1.956
-2.307
-126
388
89

111
273
-33
3
-132

DEALER-PLACED PAPER
6
NONFIN. CORPORATE BUSINESS 7
BANK AFFILIATES
8
FINANCE COMPANIES
9
REITS
10

11
12
13
14
15

1.994
-249
-126
-123
2.243

9.592
2.525
1.263
1.262
7.067

378
-39
-20
-19
417

933
250
125
125
683

722
-15
-8
-7
737

1.274
280
140
140
994

3.008
509
255
254
2.499

2.861
958
479
479
1.903

2.449
778
389
389
1.671

246
142
71
71
104

-990
-288
-144
-144
-702

-950
-50
-2 5
-25
-900

BANKERS* ACCEPTANCES
NONFINANCIAL BUSINESS
NONCORPORATE
CORPORATE
REST OF THE WORLD

16

3.291

-3.077

-1.087

1.774

20

2.128

-1.507

697

-4.395

1.996

-244

1.269

17

11.637

13.606

1.025

4.562

4.174

7.039

1.657

6.799

-1.889

3.909

-3.302

18
19
20
21

3.464
7.815
5.241
2.574

-521
2.168
4.945
-2.777

-1.004
2.467
3.136
-669

2.617
2.310
654
1.656

3.822
1.327
1.06 6
261

-3.386
4.637
2.677
1.960

-104
644
2.320
-1.676

2.148
736
-198
934

821
-3.849
146
-3.995

-493
3.265
2.020
1.245

-2.057
-319
-305
-14

-1.699
-220
-1.719
1.499

22
23
24
25
26

-38
-76 8
641
-76
717

931
2.220
24
324
-300

-78
-67
70
488
-418

-9
-469
208
90
118

11
69 8
-354
-113
-241

62
1.072
893
72 5
168

174
382
-561
-730
169

186
-101
-252
-15
-237

509
867
-56
344
-400

29
156
627
-124
751

-346
990
-219
11
-230

192
-254
-8
222
-230

27
28
29

23
199
301

387
1.775
6.622

-942
389
190

-367
294
-22

-924
-529
12 3

1.161
737
1.863

-249
486
885

10
409
3.663

-535
143
211

1.270
1.114
-2.059

-591
-410
-350

751
1.061
0

633
-960
1.593

1.279
377
902

139
-266
405

837
109
728

1.356
55

2.045
187
314
241
7
74
258
964

177 NET ISSUES * BY TYPE ♦ SECTOR
-177

11
12
13
14
15

NONBANK CREDIT TO BANKS IN
SECURITY RP*S ♦ FED. FUNDS 16

-177 NET PURCHASES, BY SECTOR

17

HOUSEHOLDS
NONFIN. CORPORATE BUSINESS
COMMERCIAL PAPER
SECURITY RP*S

18
19
20
21

MONETARY AUTHORITIES
COMMERCIAL BANKING
MUTUAL SAVINGS BANKS
COMMERCIAL PAPER
SECURITY RP*S

22
23
24
25
26

LIFE INSURANCE COMPANIES
INVESTMENT COMPANIES
REST OF THE WORLD

27
28
29

OTHER TYPES
882
265
617

-618
-472
-146

1.546
985
561

1.096
-529
1.625

76 2
124
44
335
97

672

-240

1.198
15
-34
182
37
436

1
2
3

2.866
870
1.996

3.481
-994
4.475

9

3.542
251
119
810
325
345

10
11

1.692

5.548
205
290
815
1.058
833
695
1.652

8.549

9.305

3.113

1 .1 0 2

1.650
998
6.657

558
-170
2.725

13
3.153

2.736
36
2.700

391

850

13
14
15

0

279
7.168
2.226
25

16
17
18

2 .2 0 1

19

0

0

0

0

-18
0

381

562

180

473
118
355

-36
-8 6

211

347
541
-152

-161
849

0

110

137

278

3.032
-14
25
296
1.073
442
585
625

3.866

1.432

450
286
3.130

-8 3
483
1.032

75
118
301
17
-160

89

122

254
54
483

936
-312
2.647

705

2

12

8

389

838

697

0

0

0

0

0

0

0

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-1 1 2
130
-787
-567
56
20

294
742
-521

271
-142
-3.640

902
-62
-1.361

-505 FINANCE CO. LOANS TO BUSINESS
LIAB.-NONCORPORATE BUSINESS
-643
NONFIN. CORP. BUSINESS
138

1
2
3

4
1.293 U.S. GOVERNMENT LOANS
LIAB.-HOUSEHOLDS
5
153
FARM BUSINESS
6
64
NONFARM NONCORP. BUS.
7
-1 0 1
50
NONFIN. CORP. BUSINESS 8
S. ♦ L. GOVERNMENTS
9
166
SPONS. CREDIT AGENCIES 10
161
800
REST OF THE WORLD
11
787 SPONSORED CREDIT AGENCY LOANS
LIABILITY OF-21
FARM BUSINESS (FICB)
129
NONFARM NONCORP. BUS. (BC)
679
S+L ASSOCIATIONS (FHLB)

13
14
15

354 POLICY LOANS (HH LIABILITY)
4
ASSET—U.S. GOVERNMENT
350
LIFE INSURANCE COS.

16
17
18

0

HYPOTHECATED DEP. (HH LIAB.)
ASSET-COMMERCIAL BANKS

12

19

10 NOVEMBER 1975
OTHER LOANS

OTHER LOANS
39

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

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

I
1970

1971

1972

1973

IV |
OTHER LOANS —

28.8

2.0

34.7
27.4
2.9
1.9
2 .1
10.9

•3
3.9

8.7

1 1 .8
2 .6

1.4
.7
•5
.7

•1

1.3
•5
•4
2.5
•3

2.1

•8

•6
1 .0

3.2

-3.6
10
11

-5.1
1.3

2.5
1.2

1 .8

17.0
.7
-2.7

14

2.5

5.5
7.2
3.5
.7

15
16
17
18

10.7
1.5
2.4
2.9

28.8
3.5
7.8
3.6

- .2

8.5

12

13

•2

-1.5
-2.9
2 .6

19
20

-

2 .0

.2
•8

21
22

23
24
25

-3.9
3.3
3.2

•5
3.0
-.3
.5

1 .6

1.4
-.2

-.2

-.1
1.1

2.5
-.1

*
-.8

.6

1975
II

37.8
13.9
1.7
.7

•8

SECTOR TOTALS
27.7
26.4
3.5
3.0

•6

2 .1

4.0
.3
6.4

7.9
-•6

10.5

60 .6
42.1
3.8
3.3
2.4
21.9
1.9
8.7

12.6
27.4

-14.7
2.3
-18.8
3.2
-.7
-.7
1 2 .6

7.2
.7

24.0

1.3

-.6

13.2
3.3
9.9
-2.4

-2.4
10.4
-7.3

18.5
•4
5.5
9.8
5.4
-2.7

37.8
-12.3
16.7
2.7

27.7
2.1
2.1
1.9

60.6
8.9
5.8
5.6

5.8

12.4
.7

13.7
.7

6.7
3.8
-3.3

2 .2

5.6
9.3
.9

.2

2 .2

6.4
3.6
2.4

2 .2

3.1
.3

•6

1 .6
- 2 .2

3.3
2.7
3.1

2 .8

.7
3.0
9.9
1 .8

9.2

—.8
-16.0
12.1

5.3
2 .0

•8
-

.1

1.0

-.2

1 .6

5.0
3.9

9.7
14.7

1 .1

2 .6
1 .6
*

1.5
.3
4.3

1.2

-10.4
-4.2
1.9

—.8
- 2 .0

-3.6

.1
.2
- 6 .2

1 .0

1 .2

10.4
-10.5

-1.7
-5.7

.1
.1
11.4
.4
11.2
8.3

-11.0
.1
2 .8

2.5
3.1
2 .2

-.2

.2
-10.4
-6.3
-1.7

—.6
-

2 .8

13.4 NET
7.3
2.0
1.2
-.3
4.1
.7
-.4
6.1
.6
5.3
-.2
.3
*

•2
.7
- 1 .8

FINANCIAL SECTORS
SPONSORED CREDIT AGENCIES
COMMERCIAL BANKING
SAVINGS ♦ LOAN ASSNS.
FINANCE COMPANIES
REITS

13.4 NET INCREASE IN ASSETS
HOUSEHOLDS
NONFIN. CORPORATE BUSINESS
2.3
5.3
U.S. GOVERNMENT

- 6 .8

1 .2

-1.4
4.0
-.9

- 8 .1

INCREASE IN LIABILITIES
NONFINANCIAL SECTORS
HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUSINESS
CORPORATE BUSINESS
STATE ♦ LOCAL GOVERNMENTS
REST OF THE WORLD

2.4
7.9

SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKING
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
FINANCE N.E.C.
REST OF THE WORLD

15
16
17
18
19
20
21
22
23
24
25

OPEN-MARKET PAPER
29.7

-10.9

14.6

-10.8

.3
-.5
.5
.3

1.8
.2
.4
1.2

5.5
1.9
4.1
-.5

3.6
2.6
2.7
-1.6

7.1
3.9
4.2
-1.0

2.5
5.9
.1
-3.4

4.6
.3
5.6
-1.3

.3
.3
.7
-.7

-1.3
3.0
-4.1
-.1

-2.9
-.2
-2.6
-.1

1.6
.4
.7
.6

DIRECTLY-PLACED PAPER
BANK AFFILIATES
FINANCE COMPANIES
REITS

-1.3
-1.7
.1
-.1
.5

.8
— .6
.4
-.4
1.3

.9
-.2
.4
-.6
1.2

3.5
4.1
-•1
1.1
-1.7

4.2
— .8
.8
5.7
-1.4

.6
6.2
-2.2
.5
-3.8

11.6
10.7
2.4
-.1
-1.4

-2.6
.4
-1.5
-1.4

-3.4
-5.6
-.5
2.4
.4

-.2

*

5.6
1.7
-.5
4.3
.2

DEALER-PLACED PAPER
6
NONFIN. CORPORATE BUSINESS 7
BANK AFFILIATES
8
FINANCE COMPANIES
9
REITS
10

1.6
.8
.4
.4
.8

•8
.5
.3
.3
.3

-1.0
.1
-1.0

2.0
-.2
-.1
-•1
2.2

9.6
2.5
1.3
1.3
7.1

6.3
2.3
1.2
1.2
4.0

12.4
2.4
1.2
1*2
10.0

10.7
3.1
1.5
1.5
7.6

9.0
2.3
1.2
1.2
6.7

2.2
1.8
.9
.9
.4

-3.5
-.7
-.4
-.4
-2.8

-4.7
-1.1
-.5
-.5
-3.6

-3.3

1.1

1.7

3.3

-3.1

8.5

-6 .0

2.8

-17.6

8.0

-1.0

5.1

2
3
4
5

-.4
-1.1
.7

6
7
8
9
10

.9
2.2
-.8
-.5

11
12
13
14
15
16

~

~

*
*

1.8 NET ISSUES, BY TYPE ♦ SECTOR

.6
-.1
-.4
-.5

BANKERS* ACCEPTANCES
NONFINANCIAL BUSINESS
NONCORPORATE
CORPORATE
REST OF THE WORLD

11
12
13
14
15

NONBANK CREDIT TO BANKS IN
SECURITY RP»S ♦ FED. FUNDS 16

17

-1.2

.9

3.3

11.6

13.6

26.2

9.5

29.7

-10.9

14.6

-10.8

18
19
20
21

-1.5
-2.9
.5
-3.4

-3.9
3.3
2.4
.8

1.5
2.4
.8
1.6

3.5
7.8
5.2
2.6

-.5
2.2
4.9
-2.8

-12.3
16.7
8.8
7.8

2.1
2.1
8.8
-6.7

8.9
5.8
2.1
3.7

-.8
-16.0
-16.0

.4
11.2
6.2
5.0

-6.3
-1.7
-1.7
-.1

-6.8
2.3
-3.7
6.0

22
23
24
25
26

*

.2
•8
.5
.2
•2

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

*

2.0
.3
.2
.1

-.8
.6
-.1
.7

.9
2.2

.7
1.6
-2.2
-2.9
.7

.7
•8
-1.0
-.1
-.9

2.0
•1
-.2
1.4
-1.6

.1
2.8
2.5
-.5
3.0

-1.4
4.0
-.9

.8
.3

.3
-.3

•2
6.4
3.6
2.9
.7

-.9

27
28
29

.8
-.4
.5

.6
-.3
-.2

.2
-.3
-.1

*
.2
.3

.4
1.8
6.6

1.1
2.9
7.6

.1
1.9
3.1

-1.9
1.6
14.7

2.2
.6
1.1

1.3
4.5
-8.1

-1.1
-1.6
-1.8

2.4
.3
2.1

3.6 FINANCE CO. LOANS TO BUSINESS
* LIAB.-NONCORPORATE BUSINESS
3.6
NONFIN. CORP. BUSINESS

1
2
3

5.3 U.S. GOVERNMENT LOANS
.6
LIAB.-HOUSEHOLDS
.4
FARM BUSINESS
-.4
NONFARM NONCORP. BUS.
.2
NONFIN. CORP. BUSINESS
.7
S. ♦ L. GOVERNMENTS
.6
SPONS. CREDIT AGENCIES
3 .2
REST OF THE WORLD

4
5
6
7
8
9
10
11

*

*

*

1.8 NET PURCHASES, BY SECTOR

17

HOUSEHOLDS
NONFIN. CORPORATE BUSINESS
COMMERCIAL PAPER
SECURITY RP*S

18
19
20
21

22

.9
-.9

MONETARY AUTHORITIES
COMMERCIAL BANKING
MUTUAL SAVINGS BANKS
COMMERCIAL PAPER
SECURITY RP*S

1.0
4.2
*

LIFE INSURANCE COMPANIES
INVESTMENT COMPANIES
REST OF THE WORLD

27
28
29

*

OTHER TYPES
1
2
3

.1
— .3
.4

1.8
-.1
1.9

2.8

4
5
6
7
8
9
10
11

2.5
.3
-.1
•6
.3
•1
1.3

3.2
.4

2.9
.4

.4
.2
.4
1.8

12

2.3

13
14
15

.7
.3
1.3

16
17
18
19

2.9
.9
2.0

3.5
-1.0
4.5

1.8
-2.2
4.0

.7
.3
.5

8.1
-1.3
9.4

3.3
— .8
4.1

-2.2

.1
.2
.3
1.8

3.5
.3
.1
.8
.3
.3
1.7

5.5
.2
.3
.8
1.1
.8
.7
1.7

2.7
.4
-.2
•2
-.3
.3
2.4

1.8
.3
.4
1.2
.1
—.6

5.5
.2
.6
1.0

8.3
.7
1.0
1.3

.5

1.9
.4
1.1

12.1
-.1
.3
1.0
4.3
1.8
2.3
2.5

.3
1.0
3.9

-.6
.5
-3.2
-2.3
.2
.1
1.2
3.0

-2.0

.8

8.5

9.3

5.8

12.4

13.7

5.3

-11.0

-2.8

1*2

.7

.4
.3

-2.7

*

1.1
.3
7.2

1.7
1.0
6.7

.9
1.6
3.3

2.6
-.5
10*4

2.7
1.2
9.8

.4
1.7
3.2

.5
-1.1
-10.5

2.4
.5
-5.7

.8
.6
-.2

2.3
.1
2.2

1.0

2.7
*
2.7

1.4

3.2

1.9

1.4

3.1

3.6
.1
3.5

2.8

1.4

2.8

1.9

1.4

_

_

_

_

_

_

_

_

*

*

2.8
*

*

.9

*

*

2.2

1.0

.9

2.2

_

*

*

-

*

•2

*

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-l.l
-1.1

*

_

*

LIABILITY OFFARM BUSINESS (FICB)
NONFARM NONCORP. BUS. (BCI
S+L ASSOCIATIONS (FHLB)

1.4 POLICY LOANS (HH LIABILITY)
* ASSET—U.S. GOVERNMENT
1.4
LIFE INSURANCE COS.

_

HYPOTHECATED DEP. (HH LIAB.)
ASSET-COMMERCIAL BANKS

13
14
15
16
17
18
19

10 NOVEMBER 1975
SECURITY CREDIT, TRADE CREDIT, AND TAXES

SECURITY CREDIT, TRADE CREDIT, AND TAXES

SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE
(MILLIONS OP DOLLARS)

UNADJUSTED QUARTERLY FLOWS

UNADJUSTED QUARTERLY FLOWS
1973

1974 1

II

III

IV

1

I

III

II

IV I

I

II

III

SECURITY CREDIT
-2.670 NET CHANGE IN LIABILITIES
HOUSEHOLDS
-240
FOREIGN
11

1
2
3

-8.195
-4.570
-181

-4.572
-2.060
-38

-2.295
-1.338
-121

-2.006
-1.014
12

1.773
-1.234
-24

-3.429
199
-6

459
-116
16

-3.820
-2.359
-63

2.218
216
15

56
412
16

2.158
1*668
40

4
5
6
7

-3.444
-2.769
-436
-239

-2.474
-2.121
-34
-319

-836
-354
-160
-322

-1.004
-937
-224
157

3.031
2.591
283
157

-3.622
-3.468
-308
154

559
1.122
-10
-553

-1.398
-1.454
20
36

1.987
1.679
264
44

-372
-556
-259
443

450
458
-39
31

8
9
10

-8.195
-206
-3.396

-4.572
-279
-2.429

-2.295
-328
-341

-2.006
183
-1.443

1.773
114
2.704

-3.429
104
-4.031

459
-524
1.284

-3.820
92
-2.144

2.218
49
2.462

56
387
-931

2.158
2
831

11
12

-4.560
-33

-1.824
-40

-1.632
6

-720
-26

-1.088
43

448
50

-272
-29

-1.712
-56

-288
-5

544
56

1.296
29

1
2
3
4

23.748
607
1.462
-994

23.051
582
1.211
-648

9.125
152
366
1.975

8.520
152
366
2.700

5.645
151
365
-7.793

6.029
149
366
2.545

10.958
146
369
2.535

8.954
145
392
2.854

-2.890
142
84
-8.582

-8.261
141
-382
1.735

4.419
139
-539
1.958

5.958 NET CHANGE IN LIABILITIES
HOUSEHOLDS
137
FARM BUSINESS
-40
NONFARM NONCORP. BUSINESS
2.923
(PAYABLES LESS RECEIVABLES

5
6
7
8

19.594
1.086
116
1.877

18.052
929
-59
2.984

6.497
286
-336
185

4.359
292
112
539

11.162
263
498
999

1.412
240
-306
1.623

6.910
222
177
599

4.836
246
152
329

4.894
221
-82
433

-9.499
235
-241
-250

2.554
224
113
-30

2.520
227
190
1

9
10
11
12
13

25.998
24.080
274
658
986

23.616
20.806
856
550
1.404

7.750
7.290
330
164
-34

8.162
7.545
-95
142
570

5.444
5.062
-71
144
309

10.816
10.123
209
141
34 3

11.169
10.390
22 5
138
416

7.142
6.367
334
137
304

-5.511
-6.074
88
134
341

-5.836
-6.248
119
75
218

3.105
2.442
520
77
66

4.552 NET CHANGE IN ASSETS
NONFIN. CORPORATE BUSINESS
4.176
U.S. G O VE R N M EN T
198
OTHER INSURANCE COMPANIES
78
FOREIGN
100

1.812

2.621

-2.425

1.314

1.406 DISCREPANCY

-2.441
-2.524
41
42

BROKERS + DEALERS
FROM COMMERCIAL BANKS
FROM FOREIGN BANKING AGS.
CUSTOMER CREDIT BALANCES

-2.670 NET CHANGE IN ASSETS
HOUSEHOLDS
0
COMMERCIAL BANKING
-3.128
416
42

BROKERS ♦ OEALERS
FOREIGN

9

10
11
12

TRADE CREDIT

14

-2.250

-565

1.375

358

201

-4.787

-211

NONFIN. CORPORATE BUSINESS
STATE ♦ LOCAL GOVERNMENTS
U.S. GOVERNMENT
FOREIGN

12

13

PROFIT TAXES PAYABLE
1
2
3
4
5
6
7
8
9

2.659
2.323
123
85
36
36
13
55
-12

4.649
4.410
78
125
60
-12
20
76
-108

-3.336
-2.698
9
-290
-34
-207
-32
-48
-36

1.722
1.409
46
100
6
87
22
40
12

906
895
19
0
3
-26
-3
21
-3

2.927
2.358
36
260
31
177
35
43
-13

—2.676
-2.060
39
-300
-14
-215
-32
-36
-58

3.510
3.174
24
165
25
76
21
39
-14

888
938
-21
0
18
-50
-4
30
-23

-1.530
-1.722
-278
175
44
155
27
53
16

-5.790
-5.061
111
-500
2
-233
-33
-30
-46

248
76
-23
0
38
55
15
50
37

10
11
12

2.761
598
2.163

4.445
613
3.832

-4.476
147
-4.623

2.449
145
2.304

2.095
151
1.944

2.254
153
2.101

-3.940
151
-4.091

4.258
155
4.103

1.873
154
1.719

-1.945
56
-2.001

-7.264
57
-7.321

1.048
12
1.036

673

1.264

-748

-98 5

415

1.474

-2.140
-681
-1.459

-608
30 5
-913

13

-102

204

1.140

-727

-1.189

NONFIN. CORPORATE BUSINESS
MONETARY AUTHORITIES
COMMERCIAL BANKS
SAVINGS + LOAN ASSOCIATIONS
LIFE INSURANCE COMPANIES
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
BROKERS ♦ DEALERS
STATE ♦ LOCAL GOVERNMENTS
U.S. GOVERNMENT

-800 DISCREPANCY

PROPRIETORS' EQUITY IN NONCORPORATE BUSINESS
1
2
3

-4.434
-4.167
-267

-5.295
-2.511
-2.784

-1.496
-1.066
-430

-1.015
-1.059

-160
-998
838

101
-210
311

-1.589
-950
-639

-2.092
-1.112
-980

-1.715
-239
-1.476

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-2.629 TOTAL HOUSEHOLD INVESTMENT
-836 FARM BUSINESS
-1.793 NONFARM NONCORPORATE BUSINESS

11
12

10 NOVEMBER 1975
SECURITY CREDIT, TRADE CREDIT, AND TAXES

SECURITY CREDIT, TRADE CREDIT, AND TAXES

41

SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

SEASONALLY ADJUSTED ANNUAL RATES

1973

1
1974 1

1974
III

11

I

1
IV |

1975
II

I

III

SECURITY CREDIT
1
2
3

-•8
-1.8
*

3.8
2.6
*

8.9
4.7
.1

-8.2
—4.6
-.2

-4.6
-2.1
*

-2.9
.8
*

1.8
-.5
.1

-14.4
-9.4
-.3

-2.8
.9
.1

11.4
1.6
.1

8.5
6.7
.2

-9.7 NET CHANGE IN LIABILITIES
-1.0
HOUSEHOLDS
*
FOREIGN

4
5
6
7

1.0
1.9
-1.0

1.1
.7
.5

4.1
3.8
.1
.2

-3.4
-2.8
-.4
-.2

-2.5
-2.1
*
-.3

-3.6
-3.0
-1.2
.6

2.2
4.4
*
-2.2

-4.7
-5.0
.1
.1

-3.7
-4.9
1.1
.2

9.7
8.9
-1.0
1.8

1.7
1.7
-.2
.1

-8.8
-9.2
.2
.2

8
9
10

— .8
-.9
1.4

3.8
.5
•8

8.9
.1
4.8

-8.2
-.2
-3.4

-4.6
-.3
-2.4

-2.9
.4
-5.3

1.8
-2.1
5.1

-14.4
.4
-7.7

-2.8
.2
-1.8

11.4
1.5
7.4

8.5
*
3.2

11
12

-1.3
-.1

2.5
*

3.9
.1

-4.6
♦

-1.8
*

1.8
.2

-1.1
-.1

-6.8
-.2

-1.2
*

2.2
.2

5.2
.1

1
2
3
4

10.0
.5
.9
•2

6.1
.3
1.1
.3

17.0
•6
1.5
.2

23.7
.6
1.5
-1.0

23.1
.6
1.2
— .6

36.0
.6
1.8
-.1

35.6
•6
1.3
-1.3

21.4
.6
1.4
-.6

— .8
.6
.3
-.5

-21.6
.6
-1.3
-3.4

9.4
.6
-2.2
-1.3

5
6
7
8

7.4
•5
— .6
1.0

3.8

13.7

ml

ml

-.7
.5

-.1
.5

19.6
1.1
.1
1.9

18.1
.9
-.1
3.0

27.5
1.0
-1.3
6.5

29.7
.9
2.1
2.4

17.4
1.0
.3
1.3

-2.4
.9
-1.4
1.7

-16.3
.9
-1.1
-1.0

9.6
.9
2.0
-.1

10.4
.9
.4
*

9
10
11
12
13

9.4
8.4
-.8
.5
1.4

4.4
5.7
-1.7
.3
.1

21.2
20.0
— .8
1.2
.8

26.0
24.1
.3
1.0

23.6
20.8
.9
.6
1.4

40.8
38.0
.8
.6
1.4

41.5
38.4
.9
.6
1.7

20.7
17.6
1.3
.5
1.2

-8.5
-10.7
.4
.5
1.4

-26.3
-27.9
.5
.3
.9

9.2
6.5
2.1
.3
.3

10.3 NET CHANGE IN ASSETS
8 .8
NONFIN. CORPORATE BUSINESS
.8
U.S. GOVERNMENT
.3
OTHER INSURANCE COMPANIES
.4
FOREIGN

14

.5

1.7

-4.1

-2.3

—.6

-4.7

-5.8

.6

7.7

4.7

.3

1.5
1.6
-.1
*
.1
-.1
*
.1
-.1

-13.4
-12.2
-1.1

-9.7
-9.7
.4
-.5
.1
-.1

*

.1
-.1

BROKERS ♦ DEALERS
FROM COMMERCIAL BANKS
FROM FOREIGN BANKING AGS.
CUSTOMER CREDIT BALANCES

-9.7 NET CHANGE IN ASSETS
HOUSEHOLDS
-11.6
COMMERCIAL BANKING
1.7
.2

BROKERS * DEALERS
FOREIGN

TRADE CREDIT

ml

9.4 NET CHANGE IN LIABILITIES
.5
HOUSEHOLDS
-.2
FARM BUSINESS
NONFARM NONCORP. BUSINESS
-2.7
(PAYABLES LESS RECEIVABLES)
NONFIN. CORPORATE BUSINESS
STATE ♦ LOCAL GOVERNMENTS
U.S. GOVERNMENT
FOREIGN

-1.0 DISCREPANCY

PROFIT TAXES PAYABLE
1
2
3
4
5
6
7
8
9

-3.1
-3.7
*
.3
*
.1
.1
*

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

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

10
11
12

-2.2
.1
-2.3

1.7
.3
1.4

13

-.9

.1

4.6
4.4
.1
.1
.1

3.8
3.4
.1
.1
*

2.1
1.7
.2
.2
*

*

*

*

*

*
.1
-.1

*
.1
-.1

*
.1
-.1

11.2
10.9
.1
.2
.1
*
*
.1
-.1

-.5
.3
-.8

2.8
.6
2.2

4.4
.6
3.8

3.1
.6
2.5

3.0
.6
2.4

10.6
.6
10.0

1.0
.4

-14.0
.2
-14.2

-9.9
.2
-10.1

.4

-.1

.2

.7

-.9

.6

.5

•6

.1

-8.6
-2.7
-5.8

-2.4
1.2
-3.7

*

2 ml

2.3
.1
.1
*

*
*
.1

•6

~m2

.1
-.1
*
.1

*

-1.8 NET CHANGE IN TAXES PAYABLE
-1.5
NONFIN. CORPORATE BUSINESS
MONETARY AUTHORITIES
-.1
-.5
COMMERCIAL BANKS
.1
SAVINGS ♦ LOAN ASSOCIATIONS
-.1
LIFE INSURANCE COMPANIES
*
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
.1
.1
BROKERS * DEALERS
-1.3 NET CHANGE IN TAXES RECEIVABLE
* STATE * LOCAL GOVERNMENTS
U.S. GOVERNMENT

-1.3

-.5 DISCREPANCY

PROPRIETORS* EQUITY IN NONCORPORATE BUSINESS
1
2
3

-4.7
-2.8
-1.8

-4.7
-3.1
-1.6

-7.4
-4.6
-2.8

-4.4
-4.2
-.3

-5.3
-2.5
-2.8

.4
— .8
1.2

-6.4
-3.8
-2.6

-8.4
-4.4
-3.9

-6.9
-1.0
-5.9

III/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-10.5 TOTAL HOUSEHOLD INVESTMENT
-3.3 FARM BUSINESS
-7.2 NONFARM NONCORPORATE BUSINESS

9

10
11

12
13

10 NOVEMBER 1975
MISCELLANEOUS I
42

MISCELLANEOUS I
MISCELLANEOUS FINANCIAL CLAIMS

(MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWS
1973

1974 |

1
2
3
4

36.685
400
2*537
-363

40.282
402
2.223
950

5
6
7
8

27*808
2.169
760
17.471

21.878
1.300
-2.230
15.732

9
10
11
12
13

875
596
2.736
3.201
0

14

II

1973
III
11*465
93

IV

1

I

II

III

UNADJUSTED QUARTERLY FLOWS
IV |

I

II

III

-831

6.015
98
712
181

16*718
99
1*177
-42

9.881
99
1*700
45

8.619
102
-1
-636

5.064
102
-653
1.583

12.736
104
340
-377

5.206
105
623
143

9.196
106
450
-365

HOUSEHOLDS
NONFIN. CORPORATE BUSINESS
U.S. GOVERNMENT

6*070
251

11*259
447
245
8.340

3.392
1.210
255
1*728

10.903
1.015
-304
8*441

5.259
-74
102
3*179

7.080
60
27
4*602

-1.364
299
-2.055
-490

6.319
469
-49
3*358

63
-247
272
-2*556

8.683
-608
162
6.000

TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKING

36
264
2.909
3*867

51
366
810
802

494
485
440
808

0

0

-825
-515
734
805
0

624
-25
198
954
0

17
93
987
955
0

299
400
714
978
0

-904
-204
1*010
980
0

572
-177
946
1*200
0

60
-117
1*451
1.200
0

541
570
818
1.200
0

6.303

14.829

118

58

1.632

4*581

2.778

2.074

5.396

6.350

4.272

322

15
16
17
18
19
20

32*357
1.497
715
991
7.852
957

39*328
2.248
778
1*005
8.566
-66

10*085
379
195
251
1.858
108

6*594
402
188
247
748
-27

6*023
393
167
244
1.410
769

14*615
541
158
250
1.945
178

9.892
553
230
264
1.642
-352

5.329
572
192
247
1.834
-161

9.492
582
198
244
3*145
269

8.474
802
189
243
1.946
170

8.460
807
180
245
2*031
176

4.478
809
183
245
1*953
300

21
22
23

12*770
1.666
7.239

17*827
-337
15.044

3*859
346
1.933

2.716
577
1.840

1.757
849
-398

7.512
99
6.136

3.827
-632
3.291

2.384
350
1.664

4.104
-154
3.953

5.613
-65
4.608

4*473
-292
3.768

-978
347
-1.292

24
25
26
27
28

1*504
281
917
55
1.108

2*070
214
926
867
-957

653
422
228
-69
346

-161
-118
224
153
201

715
139
229
-47
270

915
-244
230
466
-90

551
250
230
162
-25

55
91
233
231
-240

549
117
233
8
-602

1.137
164
235
0
-466

347
352
236
211
-149

-433
109
237
93
-39

29

7.575

8*970

3*435

2*320

1*283

4.031

3*728

261

950

-489

548

1.966

30

4.328

954

-3.157

4.871

-8

2.103

-11

3.290

-4.428

4.262

-3.254

4.718

588
54

886

SAVINGS ♦ LOAN
MUTUAL SAVINGS
LIFE INSURANCE
NONLIFE INSUR*
REITS

ASSNS*
BANKS
COMPANIES
COMPANIES

10

11
12
13

REST OF THE WORLD
ET CHANGE IN ASSETS
HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP* BUSINESS
NONFIN* CORPORATE BUSINESS
U.S. GOVERNMENT

15
16
17
18
19
20

TOTAL FINANCE
21
SPONSORED CREDIT AGENCIES 22
COMMERCIAL BANKING
23
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
REITS

REST OF THE WORLD

24
25
26
27
28
29
30

(A) FOREIGN CLAIMS

31
32
33

1*063
350
713

4*597
2.247
2.350

693
394
299

460
205
255

187
30
157

2.681
1.197
1.484

148
415
-267

585
-444
1.029

1.183
1*079
104

-638
-2.075
1.437

-1.400
-39
-1.361

1.493
421
1.072

COMMERCIAL BANK LIABILITY
TO FOREIGN AFFILIATES
ASSET-REST OF THE WORLD
LIAB.-COMMERCIAL BANKS
FOREIGN BANKING AGS.

31
32
33

34

3*649

7*152

669

313

606

1.141

1.441

1.827

2.743

1*470

1.832

1.550

DIRECT FOREIGN INVESTMENT
BY U.S. CORPORATIONS
LIAB.-REST OF THE WORLD

34

35

2*537

2*223

588

886

712

1.177

1.700

-1

-653

340

623

DIRECT FOREIGN INVESTMENT
IN U.S.
450
LIAB.-NONFIN. CORP. BUSINESS 35

36

348

646

81

2

188

114

233

83

216

151

151

190

37
38
39
40
41

4.798
2 *568
609
175
1*446

1.139
-200
-712
722
1*329

412
783
27
-1.148
750

-78
36
-29
-61
-24

1.560
400
581
237
342

2.370
400
64
1.873
33

-692
-200
-585
-1.516
1.609

-1.262
-400
-244
-10
-608

723
0
53
375
295

4*601
76
19
3.174
1.332

2.346
-200
25
3.371
-850

-1.272
0
110
-1.390
8

U.S. GOVT. EQ* IN IBRD, ETC*
LIAB.-REST OF THE WORLD

36

FOREIGN CURR. EXCEPT OFFICIAL
LIAB.-REST OF THE WORLD
ASSET-NONFIN. CORP. BUSINESS
U*S* GOVERNMENT
COMMERCIAL BANKS
FOREIGN BANKING AGS*

37
38
39
40
41

(B) U. S. GOVERNMENT CLAIMS

42

0

0

0

0

0

0

0

0

0

0

0

43

197

739

162

-275

567

282

131

2

324

496

-168

44
45

565
0

759
0

135
0

144
0

68
0

211
0

221
0

188
0

139
0

95
0

10
0

46
47
48
49

160
20
19
366

206
34
17
502

57
8
5
65

51
5
6
82

28
2
5
33

17
7
3
184

88
22
4
107

48
4
6
130

53
1
4
81

42
0
0
53

32
2
0
-24

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




POSTAL SAVINGS DEPOSITS
(LIAB.-U.S* GOVT.)
0
ASSET-HOUSEHOLDS
DEPOSITS AT FHLB
(ASSET-S+L ASSOCIATIONS)
-476
LIAB.-SPONSORED CREDIT AGS.
64 EQ. IN U*S* GOVT* CREDIT AGS*
0
U.S. GOVERNMENT
PRIVATE
33
FARM BUSINESS (FICB ♦ FLB)
2
NONFARM NONCORPORATE (BC)
3
NONFIN* CORP* BUS* (FNMA)
26
S+L ASSOCIATIONS (FHLB)

42

43
44
45
46
47
48
49

10 NOVEMBER 1975
MISCELLANEOUS I

MISCELLANEOUS I
43

MISCELLANEOUS FINANCIAL CLAIMS
(BILLIONS OF DOLLARS)

SEASONALLY AOJUSTED ANNUAL RATES

_____

SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

1973

I
1974 |

1
2
3
4

11.0
•4
1.0
.5

10.2
.3
-•1
•8

22.7
.5
•4
*

36.7
.4
2.5
-.4

40.3
.4
2.2
1.0

53.9
.4
4.7
.8

43.8
.4
6.8
-1.8

32.4
.4
*
.3

31.1
.4
-2.6
4.4

36.0
.4
1.4
.4

28.3
.4
2.5
-1.5

5
6
7
8

5.0
2.5
•4
-3.7

3.6
-.5
-.2
-2.7

18.3
.3
-.1
9.3

27.8
2.2
.8
17.5

21.9
1.3
-2.2
15.7

31.4
3.4
-1.2
23.3

25.8
.8
.4
18.3

18.2
.9
.1
8.9

12.1
.1
-8.2
12.4

10.3
1.2
-.2
.4

7.7
1.1
-1.8

22.9
-1.8
.6
13.0

9
10
11
12
13

•6
•1
1.7
3.4
—

1.2
•1
2.1
3.6
“

.9
•2
2.9
4.8

*
.3
2.9
3.9
“

1.2
-.5
1.5
3.8

-.2
-.4
3.1
3.8

-1.0
1.0
3.9
3.9
“

-•2
-1.3
5.0
4.8

1.0
1.7
3.6
4.8

-

.1
1.0
3.2
3.9
~

.8
-1.2
4.5
4.8

-

.9
.6
2.7
3.2
”

SAVINGS * LOAN
MUTUAL SAVINGS
LIFE INSURANCE
NONLIFE INSUR.
REITS

14

4.0

5.6

3.5

6.3

14.8

16.5

12.6

13.4

16.8

23.6

19.1

6.5

REST OF THE WORLD

15
16
17
18
19
20

12*1
2*6
.5
•7
4.2
•3

6*0
2.3
.6
•8
6.2
•1

16.6
2.7
.7
1.0
5.2
•1

32.4
1.5
.7
1.0
7.9
1.0

39.3
2.2
.8
1.0
8.6
-.1

59.8
2.2
.6
1.0
4.5
.7

35.4
2.2
.9
1.1
6.3
-1.4

26.0
2.3
•8
1.0
7.9
*“•6

36.1
2.3
.8
1.0
15.6
1.1

35.2
3.2
.8
1.0
4.2
.7

29.8
3.2
.7
1.0
8.1

21
22
23

9.5
.8
5.0

2.8
.2
1*2

3.6
-.4
2.3

12.8
1.7
7.2

17.8
-.3
15.0

29.3
24.5

14.0
-2.9
13.2

11.5
.9
6.7

16.6
-.1
15.8

21.6
.1
18.4

24
25
26
27
28

2.2
.3
•8
*
•3

.1
•2
•9
.1
*

.1
.4
1*0
.1
.2

1.5
.3
•9
•1
1.1

2.1
.2
.9
.9
-1.0

2.6
— 1.0
.9
1.9
-.4

1.7
.5
.9
.6
-.1

2.5
.6
.9
.9
-1.0

1.4
.8
.9
*
-2.4

3.4
.7
.9
—
-1.9

29

-5.6

-6.8

3.4

7.6

9.0

21.5

12.3

3.2

-l.l

3.7

-.4

30

-1.1

4.3

6.1

4.3

1.0

-5.9

8.3

6.4

-5.1

.9

-1.5

I

ml

1974
II
III

|
IV I

I

1975
II

III
32.8 NET CHANGE IN LIABILITIES
.4
HOUSEHOLDS
1.8
NONFIN. CORPORATE BUSINESS
1.2
U.S. GOVERNMENT

1
2
3
4
5
6
7
8

m2

-

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

9
10
11
12
13
14

22.8 NET CHANGE IN ASSETS
3.2
HOUSEHOLDS
ml
FARM BUSINESS
1.0
NONFARM NONCORP. BUSINESS
8.4
NONFIN. CORPORATE BUSINESS
1.2
U.S. GOVERNMENT

15
16
17
18
19
20

16.5
-1.5
15.1

-1.8
.9
-5.2

TOTAL FINANCE
SPONSORED CREDIT AGENCIES
COMMERCIAL BANKING

21
22
23

1.0
.8
.9
.8
—.6

.6

SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
REITS

24
25
26
27
28

ml

ml

.9
.4
-.2
10.1

REST OF THE WORLD

10.0 UNALLOCATED».NET

29
30

(A) FOREIGN CLAIMS
COMMERCIAL BANK LIABILITY
TO FOREIGN AFFILIATES
6.0
ASSET-REST OF THE WORLD
1.7
LIAB.-COfftERClAL BANKS
4.3
FOREIGN BANKING AGS.

31
32
33

-6.9
-7.2
.2

-4.1
-4.8
•7

.9
.5
•4

1.1
.4
.7

4.6
2.2
2.4

10.7
4.8
5.9

.6
1.7
-1.1

2.3
-1.8
4.1

4.7
4.3
.4

-2.6
-8.3
5.7

-5.6
-.2
-5.4

34

3.6

3.8

1.5

3.6

7.2

1.3

5.5

7.8

14.0

2.3

7.3

6.8

DIRECT FOREIGN INVESTMENT
IN U.S.
1.8
LIAB.—NONFIN. CORP. BUSINESS 35

35

1.0

-.1

.4

2.5

2.2

4.7

6.8

*

-2.6

1.4

2.5

36

.2

.3

.3

.3

.6

.5

.9

.3

.9

.6

.6

37
38
39
40
41

•5
-.4

1*4
1.4
-.2
•2
*

3.6
1.8
-.2
•2
1.7

4.8
2.6
.6
•2
1.4

1.1
-.2
-.7
.7
1.3

9.5
1.6
.3
7.5
.1

-2.8

-5.0
-1.6
-1.0
*
-2.4

2.9

*
.1
•8

-mB

-2.3
-6.1
6.4

.2
1.5
1.2

18.4
.3
.1
12 ml

5.3

9.4
—.8
.1
13.5
-3.4

.8

DIRECT FOREIGN INVESTMENT
BY U.S. CORPORATIONS
LIAB.-REST OF THE WORLD

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

31
32
33

34

36

FOREIGN CURR. EXCEPT OFFICIAL
-5.1
LIAB.-REST OF THE WORLD
37
ASSET-NONFIN. CORP. BUSINESS 38
.4
U.S. GOVERNMENT
39
-5.6
C O M M E R C IA L BA N K S
40
*
FOREIGN BANKING AGS.
41
(B) U. S. GOVERNMENT CLAIMS
POSTAL SAVINGS DEPOSITS
(LIAB.-U.S. GOVT.)
ASSET-HOUSEHOLDS

42

43

1.3

-.5

-.2

.2

.7

.8

1.1

1.5

-.4

1.6

44
45

•3

.1

.3

.6

.8

.6

1.0

.8

.6

.2

46
47
48
49

.1

•1
*

.2
*
*
.5

.4
.1

"
.2
*

.2

*

.2
*
*
•4

.1
*

.2
-

.1
•1

.1
*
*
•1

*
.4

-

*

*

*
.5

*

*

.5

.6

HI/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




DEPOSITS AT FHLB
(ASSET—S+L ASSOCIATIONS)
-.4
LIAB.-SPONSORED CREDIT AGS.
.1

*

*

.1

*
*

.3 EQ. IN U.S. GOVT. CREDIT AGS.
U.S. GOVERNMENT
PRIVATE
.1
FARM BUSINESS (FICB + FLB)
*
NONFARM NONCORPORATE (BC)
*
NONFIN. CORP. BUS. (FNMA)
m2
S+L ASSOCIATIONS (FHLB)

42

43
44
45
46
47
48
49

10 NOVEMBER 1975
^SCELLANEOUS II

MISCELLANEOUS II
MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED)

UNADJUSTED QUARTERLY FLOWS
1973

I
1974 |

II

UNADJUSTED QUARTERLY FLOWS

(MILLIONS OP DOLLARS)
1973
III

IV

|
|

1974
1

II

III

|
IV |

I

1975
II

III
(C) LIFE INSURANCE CLAIMS

1

400

402

98

93

98

99

99

102

102

104

105

DEFERRED AND UNPAID PREMIUMS
(ASSET-LIFE INSURANCE)
106
LIAB.-HOUSEHOLDS

1

LIFE COMPANY RESERVES
(ASSET-HOUSEHOLDS)
402
LIAB.-LIFE INSURANCE COS.
ACCIDENT AND HEALTH
165
237
POLICY DIVIDEND ACCUM.

2
3
4

2
3
4

1*438
563
875

1*521
609
912

359
141
218

366
145
221

368
145
223

372
147
225

379
152
227

382
153
229

388
157
231

392
159
233

397
162
235

5
6
7
8
9

3.201
59
555
971
1.616

3.867
727
572
971
1.597

802
20
138
243
401

808
36
137
242
393

805
25
139
242
399

954
169
141
243
401

955
174
142
242
397

978
190
144
243
401

980
194
145
243
398

1.200
410
147
243
400

1.200
410
148
243
399

10

4.328

954

-3.157

4.871

-8

2.103

-11

3.290

-4.428

4.262

-3.254

11
12
13
14
15

18.489
0
-363
1.407
760

17.237
1.723
-773
-198
-2.230

2.929
0
54
-46
-64

8.746
0
-831
578
245

856
0
181
575
255

7.317
0
-42
522
-304

5.266
0
45
-426
102

5.735
0
-636
-130
27

-1.081
1.723
-140
-164
-2.055

4.525
-181
-196
-122
-49

16
17
18
19
20

5.029
3.960
-952
1.548
473

11.107
11.002
-1.706
1.744
67

1.429
2.025
-807
337
-126

-157
312
-415
-363
309

1.261
-45
-5
1.063
248

2.782
3.828
-652
-353
-41

2.458
3.553
-530
-521
-44

3.821
3.421
-824
1.142
82

2.046
200
300
1.476
70

21
22
23
24

11.379
1.400
10.312
333

28
733
-195
510

1.732
-710
2.730
288

8.037
1.650
6.280
-107

280
2.719
-1.901
538

2.978
821
1.411
-746

573
-1.443
2.066
50

196
-880
130
-946

25
26
27
28
29

875
596
1.298
0
-2.492

36
264
1.388
0
5.892

51
366
451
0
-1.044

494
485
74
0
-179

-825
-515
366
0
-722

624
-25
-174
0
956

17
93
608
0
1.796

30
31
32
33
34

14.161
1.666
4.722
818
78

16.283
-337
12.068
1.141
-216

6.086
346
1.532
849
-50

3.875
577
2.095
-206
36

864
849
-193
-758
-26

5.214
99
2.372
1.802
56

35
36
37
38
39
40

941
281
517
55
1.108
3.975

829
214
524
867
-957
2.150

426
422
130
-69
346
2.154

32
-118
131
153
201
974

115
139
131
-47
270
384

449
-244
131
466
-90
173

(D) NONLIFE INSURANCE CLAIMS
1.200
407
150
243
400

LIAB.-OTHER INSURANCE
ASSET-HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
NONFIN. CORP. BUSINESS

5
6
7
8
9

(E) UNALLOCATED ASSETS ♦ LIAB.
4.718 NET TOTAL (LIAB. LESS ASSETS)

10

110
-166
309
-89
272

5.489
-154
-211
-196
162

11
12
13
14
15

2.145
3.297
-835
-354
37

-1.035
-2.303
165
1.055
48

2.454
2.431
-235
241
17

COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSS.

16
17
18
19
20

-3.719
2.235
-3.802
2.152

1.851
1.394
244
-213

-121
-3.319
3.059
-139

2.053
-121
1.307
-867

FLOATS IN COML. BANK STMNT
ON INTERBANK DEPOSITS
ON INTERBANK LOANS
LESS: ON MEMBER BK. RES.

21
22
23
24

299
400
332
0
1.426

-904
-204
622
0
1.714

572
-177
554
0
128

60
-117
1.054
0
-57

541
570
416
0
-146

SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
REITS
REST OF THE WORLD

25
26
27
28
29

5.277
-632
2.371
874
-47

2.445
350
3.150
-908
40

3.347
-154
4.175
-627
-265

263
-65
305
-85
-118

3.364
-292
407
902
-62

771
347
411
-246
-75

313
250
131
162
-25
1.880

-77
91
131
231
-240
-323

144
117
131
8
-602
420

588
164
131
0
-466
-191

539
352
131
211
-149
1.325

17
109
131
93
-39
23

III/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
U.S. GOVT.—WITHOUT LEVELS
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES

NET CHANGE IN ASSETS
SPONSORED CREDIT AGENCIES
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSSESSIONS
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
PRIVATE PENSION FUNDS
REITS
REST OF THE WORLD

30
31
32
33
34
35
36
37
38
39
40

10 NOVEMBER 1975
MISCELLANEOUS II

MISCELLANEOUS II
45

MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED)
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

1974
II
III

1973

SEASONALLY ADJUSTED ANNUAL RATES

|
IV |

I

1975
II
(C) LIFE INSURANCE CLAIMS
DEFERRED AND UNPAID PREMIUMS
(ASSET-LIFE INSURANCE)

1

.4

•3

.5

.4

.4

.4

.4

.4

.4

.4

.4

.4

LIAB.-HOUSEHOLDS

2
3
4

1.2
•6
•6

1.1
•4
•6

1.3
•5
.8

1.4
•6
.9

1.5
.6
.9

1.5
•6
.9

1.5
•6
.9

1.5
.6
.9

1.6
.6
.9

1.6
.6
.9

1.6
.6
.9

LIFE COMPANY RESERVES
(ASSET-HOUSEHOLDS)
1.6
LIAb.-LIFE INSURANCE COS.
.7
ACCIDENT AND HEALTH
.9
POLICY DIVIDEND ACCUM.

5
6
7
8
9

3.4
1.4
.4
.7
•9

3.6
1.2
.5
•8
1.0

4.8
1.4
.6
1.0
1.9

3.2
.1
.6
1.0
1.6

3.9
.7
.6
1.0
1.6

3.8
.7
•6
1.0
1.6

3.8
.7
.6
1.0
1.6

3.9
.8
.6
1.0
1.6

3.9
.8
.6
1.0
1.6

4.8
1.6
.6
1.0
1.6

4.8
1.6
•6
1.0
1.6

4.8
1.6
•6
1.0
1.6

10

-1.1

4.3

6.1

4.3

1.0

-5.9

8.3

6.4

-5.1

.9

-1.5

11
12
13
14
15

6.0
“ .6
1.2
.9
.4

4.5
*
.6
-.1
-.2

9.4

18.5

24.9

18.8

-.4
1.4
•8

17.2
1.7
— .8
-.2
-2.2

20.1

*
.3
-.1

•8
2.0
-1.2

-1.8
-1.3
.4

.3
-1.4
.1

5.2
6.9
-2.5
-.1
-8.2

7.4
-.7
1.1
-.6
-.2

7.2
-.7
— .8
.1
1.1

15.9
-.6
1.8
-1.7
.6

16
17
18
19
20

4.0
2.4
1.0
•2
.5

1.9
2.1
•6
-1.3
.5

6.8
6.1
-1.3
1.6
•5

5.0
4.0
-1.0
1.5
•5

11.1
11.0
-1.7
1.7
.1

5.6
9.8
-2.6
-1.4
-.2

15.0
19.4
-2.1
-2.1
-.2

11.6
10.0
-3.3
4.6
.3

12.2
4.8
1.2
5.9
.3

3.5
8.1
-3.3
-1.4
.1

.9
-4.1
.7
4.2
.2

6.1
6.0
-.9
1.0
.1

COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN EANKING AGENCIES
BANKS IN U.S. POSS.

21
22
23
24

-.8
-.1
-1.0
-.2

-.6
-1.1
1.0
.5

1.5
2.3
-.1
.7

11.4
1.4
10.3
.3

#
.7
-.2
.5

7.0
2.4
4.1
-.5

2.7
-3.0
3.7
-2.0

-5.0
-4.5
-2.7
-2.1

-4.5
8.1
-5.9
6.7

-.6
4.2
-.7
4.1

2.9
-9.6
7.3
-5.1

.9
-1.9
2.0
-.8

FLOATS IN COML. BANK STMNT
ON INTERBANK DEPOSITS
ON INTERBANK LOANS
LESS: ON MEMBER BK. RES.

25
26
27
28
29

•6
•i
•5
-.4

1.2
.1
1.1

.9
.2
1.6

.9
.6
1.3

*
.3
1.4

1.2
-.5
*

-.2
-.4
1.6

.1
1.0
1.6

.8
-1.2
2.9

-.2
-1.3
3.4

-

-

-

-

-1.0
1.0
2.3

.3

-1.9

-2.5

5.9

5.3

8.9

10.3

-1.0

2.2

1.8

1.0
1.7
2.0
4.1

30
31
32
33
34

7.1
.8
1.2
2.7
•3

.3
.2
1.3
-.3
.1

3.3
-.4
2.0
-1.7
*

14.2
1.7
4.7
•8
.1

16.3
-.3
12.1
1.1
-.2

26.0
.7
9.5
7.2
•2

16.6
-2.9
9.5
3.5
-.2

12.3
.9
12.f
-3.6
.2

10.2
-.1
16.7
-2.5
-1.1

6.5
.1
1.2
-.3
-.5

8.7
-1.5
1.6
3.6
-.2

5.9
.9
1.6
-1.0
-.3

35
36
37
38
39
40

.8
•3
.4

.6
.2
•6
•1

•2
.4
•5
.1
.2
2.1

.9
.3
•5
.1
1.1
4.0

•8
.2
.5
.9
-1.0

1.2
-1.0
.5
1.9
-.4
6.1

.4
.6
.5
.9
-1.0
.8

1.5
.8
.5

1.7
.7
.5

*

-1.9
4.9

1.0
.8
.5
.8

.9
.7
.5
.4

(D) NONLIFE INSURANCE CLAIMS
LIAB.-OTHER INSURANCE
ASSET-HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
NONFIN. CORP. BUSINESS

(E) UNALLOCATED ASSETS ♦ LIAB.

*
.3

*

•3

-2.6

*

-

2.2

-

-

-

-

O1

.5
.5

•6
-.i

5.0

-

-

-

-2.4
-3 .3

111/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-

-

10.0 NET TOTAL (LIAB. LESS ASSETS)
NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
U.S. GOVT.-WITHOUT LEVELS
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES

SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
REITS
REST OF THE WORLD
NET CHANGE IN ASSETS
SPONSORED CREDIT AGENCIES
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSSESSIONS

-.6

-.2

SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
PRIVATE PENSION FUNDS
REITS

2.7

2.4

REST OF THE WORLD

10 N O VE M B ER 1 9 75
T O T A L C L A IM S
TOTAL

46

C L A IM S

TOTAL FINANCIAL ASSETS AND LIABILITIES
U N A D JU S TE D Q U A R TE R L Y

(MILLIONS OF DOLLARS)

FLO W S

UNADJUSTED QUARTERLY FLOWS
1973

1973

1974

|

III
H
I

II

IV

|

I

II

TOTAL FUNDS RAISED AND ADVANCED

III

19 75

iv j

I

II

IN CREDIT MARKETS (1J

1 2 3 9 .3 6 4

2 1 6 .0 9 9

6 1 .2 8 8

6 0 .3 9 6

6 0 .8 5 2

3 7 .8 7 6

6 6 .3 3 0

5 7 .9 8 0

5 5 .9 1 3

3 1 .8 1 5

5 2 .4 8 1

5 7 .0 5 4

1 8 7 .3 6 5
9 .7 1 4
7 .5 2 8
1 7 0 .1 2 3
7 2 .8 1 5
8 .6 1 7
9 .2 8 2
6 7 .1 5 1
1 2 .2 5 8

1 8 0 .0 8 0
1 1 .9 9 8
1 5 .4 3 0
1 5 2 .6 5 2
4 3 .9 9 1
7 .7 8 6
7 .2 0 7
7 7 .1 1 2
1 6 .5 5 6

4 5 .7 0 7
-5 .9 9 4
2 .0 4 0
4 9 .6 6 1
2 0 .5 7 2
2 .8 3 3
3 .1 6 1
2 0 .6 2 7
2 .4 6 S

4 3 .3 1 2
-4 5 7
726
4 3 .0 4 3
1 9 .4 6 3
2 .0 7 0
2 .2 6 5
1 5 .3 1 1
3 .9 3 4

5 3 .0 8 9
7 .3 1 2
2 .7 6 3
4 3 .0 1 4
2 0 .8 8 0
1 .6 2 8
2 .2 4 8
1 4 .9 7 2
3 .2 8 6

3 2 .0 8 7
2 .3 8 9
3 .7 3 7
2 4 .9 6 1
3 .6 9 4
1 .6 0 0
-5 9 6
1 6 .4 7 9
3 .7 8 4

5 2 .7 0 3
-6 .1 8 6
6 .2 8 7
5 2 .6 0 2
1 5 .5 3 4
3 * 37 6
3 .2 2 9
2 5 .9 3 7
4 .5 2 6

43*482
4 .4 8 5
1 .5 4 4
3 7 .4 5 3
1 1 .9 1 8
2*009

5 1 .8 0 8
1 0 .3 1 0
3 .8 6 2
3 7 .6 3 6
1 2 .6 4 5
801
2 .4 6 3
1 7 .5 0 4
4 .0 2 3

3 2 .5 5 0
1 9 .2 4 4
1 .8 2 9
11*477
3*262
1*843
-1 .3 3 1
4 .4 2 8
3*275

5 0 .0 7 9
1 6 .6 1 5
2 .9 7 4
3 0 .4 9 0
1 3 .2 9 6
2*198
49 5
1 0 .3 0 3
4 .1 9 8

5 2 .5 6 3
2 3 .7 4 1
3 .3 0 2
2 5 .5 2 0
1 2 .1 7 2
1 .5 8 3
1 .8 0 3
6 .6 0 0
3 .3 6 2

5 1 .9 9 9
1 9 .5 8 9
4 .5 1 5
2 .2 4 4
5 .0 8 4
5 .9 6 2
452
9 .4 1 9
6 .3 2 0
-1 .5 8 6

3 8 .0 1 9
2 2 .0 8 0
-1 .9 2 2
2 .4 3 7
2 .8 7 2
6 .2 9 0
371
3 .9 0 3
982
1 .0 0 6

5 .8 7 4
-7 2 7
627
1 .* 2 3
3 .3 1 5

7 .0 4 3
2 .4 6 1
948
469
2 .9 7 6
11 4
1 .3 2 1
1 .6 2 4
128

7 .7 6 3
3 .9 8 8
-2 3 5
-3 5 0
1 .2 0 7
-5 2 9
116
3 .2 5 4
1 .0 4 0
-7 3 0

5 .7 8 9
1 .7 9 6
2 .4 4 3
1 .1 6 4
-3 4 5
-6 6 2

1 3 .6 2 7
6 .4 4 7
-1 .1 4 7
907

100

88

1 .5 3 3
485
-5 7 2

136
-1 8 6
186

1 .2 1 1

-2 .0 5 5
-7 0 3
1 .9 1 7

2 .4 0 2
2 .3 3 6
53
-1 7 5
104
-3 1 3
175
912
-2 1 6
-4 7 6

4 .4 9 1
2 .5 1 7
1 .4 6 8

100

-7 3 5
2 .0 56
2 .2 5 6
611
-5 5 7
-4 .4 6 0

182
930
181

4 .1 0 5
4 .8 9 5
-4 .1 5 5
-3 1 3
89 6
-3 1 7
83
2 .0 5 2
-2 4 7

2 3 9 .3 6 4

2 1 8 .0 9 9

6 0 .8 5 2

3 7 .8 7 6

6 6 .3 3 0

5 7 .9 8 0

5 5 .9 1 3

3 1 .8 1 5

5 2 .4 8 1

5 7 .0 5 4

6 .4 4 0
16 5
1 .1 0 5
3*680
1 .2 9 0

7 .1 8 9
3 .1 4 0
-1 6 0
2 .4 1 1
1 .7 9 8

2 .3 3 5
2 .6 5 0
176
1 .9 2 3
-2 .4 1 4

1 7 .4 2 0
1 5 .9 4 6

3 .P 2 7
35 3
85 7
2 .6 7 4
-5 7

4 .9 2 5

2 .4 5 2
-3 .1 0 4
176
6 .5 0 8
-1 .1 2 8

1 4 .7 7 2
1 1 .0 6 6
130
2 .3 8 7
1 .1 6 9

715

2 .0 5 4

4 .2 7 1

4 .5 1 0

1 .1 4 5

3 .4 3 5

4 4 .5 3 1
5 .2 5 5
1 .3 3 6

1 6 .6 4 6
2 .7 0 2
2 .3 9 3

4 7 .5 1 5
2 .6 1 8
1 .4 7 1

3 7 .7 4 0
1 .8 1 2
3 .5 8 6

21

3 1 .1 1 5
2 1 .5 4 0
1 .2 6 4
7 .8 7 2
439

3 0 .7 7 1
2 2 .0 8 9
939
7 .4 6 9
274

111

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

7.062
4.^23

1fa1
3.392
-1.034

1 6 .1 7 7
1 5 .3 1 0
-9 9
291
67 5

1 .6 8 6
4 .1 8 8

2 .1 1 1
1 7 .1 9 2
4 .2 2 3
1 4 .4 9 8
8 .9 4 2
937
6 79
635
3 .0 8 1

66
461
947

200

1 .6 6 6
-2 3
966
2 .3 1 6

66
-9 1 7
1 .8 7 5
175
-9 3 2
-5 8 7
8 06

M ARK ETS B Y :
N O N F IN A N C IA L S E C T O R S
U . S . GOVERN M EN T
F O R E IG N
P R I V A T E D O M E S T IC
H O U S E H O LD S
FARM B U S IN E S S
N O N FARM N O N C O R P . B U S .
C O R P O R A T E B U S IN E S S
S . ♦ L . G O VE R N M EN TS
F IN A N C IA L SE C TO R S
S P O N S O R E D C R E D IT A G E N C IE S
C O M M E R C IA L B A N K S
BANK A F F I L I A T E S
F O R E IG N B A N K IN G A G E N C IE S
S A V IN G S + LO AN A S S N S .
O T H E R IN S U R A N C E C O M P A N IE S
F IN A N C E C O M P A N IE S
R E IT S
O P E N -E N D IN V E S T M E N T C O S .

M ARKETS B Y :
P R I V A T E D O M . N O N F IN . S E C T O R S
H O U S E H O LD S
N O NFARM N O N C O R P . B U S IN E S S
C O R P O R A T E B U S IN E S S
S T A T E ♦ L O C A L G O VE R N M E N T S

27

2 .9 8 2

7 .4 2 9

-507

1 .9 8 2

60 3

38 9

28
29
30

2 0 1 .7 7 1
2 0 .2 5 5
9 .2 2 7

1 6 7 .7 8 3
2 4 .0 6 1
6 .1 5 0

57.165
5.859

4 2 .9 8 4
6 .9 6 7
48 9

5 6 .2 8 3
4 .2 9 t
3 .5 3 7

2 6 .7 0 4
2 .8 3 4
-2 5 7

3 .6 1 0

3 5 .0 9 1
8 .7 9 9
1 .4 6 1

6 4 .6 3 4
5 8 .2 4 8
916
5 .0 0 5
46 5

2b .r*oi
25.178
259
546
-82

1 7 .5 5 3
1 5 .5 4 8
1 .1 1 7
753
135

2 7 .9 7 8
2 6 .9 9 1
-3 3 7
1 .1 8 7
137

9 .6 0 7
6 .3 9 2
604
589

2 8 .4 5 2
2 5 .7 7 1
468
2 .0 9 0
123

6 .8 4 0
8 .4 9 1
-1 4 3
395
97

1 7 .7 3 5
1 5 .5 9 4
-1 3
1 .9 3 1
223

-1 2 .2 3 2
-1 0 .8 9 2
-2 2 4
-1 .2 6 3
147

1 5 .0 9 6
1 5 .3 3 2

35

8 6 .6 5 6
8 0 .8 9 5
1 .7 0 2
3 .9 5 0
1 09

36
37
38
39

8 5 .6 3 3
2 7 .1 3 3
5 .3 7 2
2 .9 3 7

7 2 .9 3 8
2 1 .0 4 5
3 .3 3 3
2 .7 1 3

24.105
8.92 7
1.536
1 .079

1 7 .9 5 5
4 .6 9 4
496
967

2 0 .4 7 2
2 .9 2 6
163
451

1 6 .5 2 0
7 .7 1 4
2 .8 8 4
-4

1 9 .9 2 2
6 .7 9 3
2 77
1 .0 0 3

1 5 .9 9 1
3 .5 1 4
23
1 .1 9 3

2 0 .5 0 5
3 .0 2 4
149
521

2 3 .7 8 3
6 .3 8 4
3 .3 9 7
960

2 8 .3 3 0
1 2 .4 7 2
3 .3 6 7
1 .7 5 3

40

1 5 .6 1 0
7 .2 4 3
9 .2 4 7
4 .9 7 1

1 6 .0 8 5
8 .1 2 4
1 2 .2 6 1
4 .5 4 2

2.905
1.115
2.362
1 .206

3 .7 9 4
1 .6 2 7
2 .2 9 6
1 .1 9 0

3 .9 9 0
2 .3 3 2
1 .9 8 4
1 .1 9 7

4 .Z 8 2
1 .3 2 4
2 .2 0 9
1 .4 3 2

4*434

3 .7 1 2
2 .7 3 9
3 .2 5 3
809

3 .6 5 7
2 .5 3 0
4 .0 4 1

1.2 1 2

5 .1 2 0
2 .6 1 3
2 .3 7 1
1 .1 9 3

3 .5 3 1
2 .7 7 1
4 .2 3 3
1 .6 0 9

3 .9 2 5
3 .1 0 5
3 .4 8 0
1 .5 8 1

L I F E IN S U R A N C E C O M P A N IE S
P R I V A T E P E N S IO N F U N D S
S . ♦ L . G O V T . , R T R . FUND
O TH E R IN S U R A N C E C O S .

1 0 .1 3 6
4 .4 8 0
-2 .5 1 6

3.598
1.263

1 .5 7 3
1 .3 3 7
81
-3 0 0

3 .4 0 5
740
-8 1 6
4 .0 7 8

1 94
660
-5 7
-4 .1 3 8

1 .5 7 1
294

1 .0 2 0

3 .9 7 1
876
922
-9 3 4

413
-2 5 9
341
253

1 .7 9 3
161
1 .1 2 1
2 .2 8 6

-1 .4 8 0
-6 59
1 .7 0 7
-8 2 3

42 8
-5 4 7
-4 8 4
-8 0 3

-6 1 1
-5 7 3
982
-2 .7 2 9

F IN A N C E C O M P A N IE S
R E IT S
O P E N -E N D IN V E S T M E N T C O S *
S E C U R I T Y B K R S . «■ D E A L E R S

3 .4 9 6

1 2 .1 1 6

1 .5 9 4

4 .1 2 2

2 .9 8 4

5 .7 3 4

1 .3 6 9

1 .1 0 7

3 1 .8 1 5

5 2 .4 6 1

57.054

48

1 .2 0 0

-62 6

736
-2 .4 3 2

-7 4 7

TOTAL

1 2 3 9 .3 6 4 2 1 8 .0 9 9
2

-2 0 0

1 .2 6 2
44 5

-2 .4 7 4

C L A IM S

AN D

T H E IR

1 .5 3 1
2 .7 5 8
1 .0 8 9

-403
665

R E L A T IO N

TO

2 .4 1 5
TOTAL

-1 0
-3 2 8

102

7 .6 7 1
6 .0 6 6
-1 6 9
-3 4 4
98
2 4 .6 7 1
1 1 .5 6 1
2 .5 1 1
1 .4 3 9

61 .2 8 8

6 0 .3 9 6

6 0 .8 5 2

3 7 .8 7 6

6 6 .3 3 0

5 7 .9 6 0

5 5 .9 1 3

-8

15
77

210
100

329
97

881
103

-1 5 8
145

32 1
16 7

1 0 .9 * 7

2 .2 2 8
2 .1 6 6
-7 .6 5 6
1 0 .8 2 4
-9 4 0

3 8 .0 2 9
3 0 .8 8 2
1 7 .6 5 9
1 3 .2 2 3
7 .1 4 7

6.989
-11.449

3

42 2

1 «3

8

9 5 .0 1 4
6 6 .8 9 6
15*962
5 0 .9 3 4
2 8 .1 1 8

8 6 .1 7 4
6 4 .0 6 9
7 .0 7 0
5 6 .9 9 9
2 2 .1 0 5

3 0 .6 6 4
2 2 .0 9 3
1 0 .8 7 S
1 1 .2 1 4
8 .7 9 1

5 .0 0 7
5 .9 6 6
-8 .8 2 0
1 4 .7 8 6
-5 9

3 7 .1 3 6
3 0 .2 0 9
2 4 .8 5 1
5 .3 5 8
6 .9 2 7

-4 6 4
-1 5 .1 1 4
1 4 .6 3 0
1 1 .4 2 1

3 4 .9 7 0
3 0 .5 0 3
1 2 .1 8 1
1 8 .3 2 2
4 .4 6 7

16.438

4 1 .4 1 8
2 2 .9 4 7
1 9 .2 6 7
3 *680
1 8 .4 7 1

9

3 1 .6 3 6

3 8 .9 4 2

9 .1 3 0

7 .6 6 7

7 .3 6 6

6 .3 9 6

1 2 .8 2 4

9 .0 1 5

1 0 .7 0 7

•541

14.930

10
11
12

-4 .5 7 2
2 3 .0 5 1
4 .6 4 9
-5 .2 9 5
4 0 .2 8 2

- 2 .2 9 5
9 .1 2 5
- 3 . 32fc
-1 .4 9 6
6 .9 2 8

-2 .0 0 6
8 .5 2 0
1 .7 2 2
-1 .0 1 5
1 1 .4 6 5

1 .7 7 3
5 .6 4 5
90 6
-1 6 0
6 .0 1 5

-2 .4 2 9
6 .0 2 9
2 .9 2 7
1 6 .7 1 8

459
1 0 .9 5 8
-2 .6 7 6
-1 .5 8 9
9 .8 8 1

-3 .6 2 0
8 .9 5 4
3 .5 1 0
-2 .0 9 2
6 .6 1 9

2 .2 1 8
-2 .8 9 0

13
14

-8 .1 9 5
2 3 .7 4 8
2 .6 5 9
-4 .4 3 4
3 6 .6 8 5

-1 .7 1 5
5 .0 6 4

56
-8.261
-1.530
-2.140
12.736

15

7 .8 6 4

4 .7 8 5

-7 1 3

8 .8 5 6

-4 .0 5 9

1 .7 9 6

8 .0 4 6

3 .7 5 4

-8 .8 1 1

282

-5 .8 6 7

4 .6 2 4

101

686

-2 0 .7 3 6
9 .2 8 7

311

2.158
4.419
-5.790
-608
5.206

10.973
513
-4.786
5.299
10.460
6.610
-2.670
5.958
246
-2.629
9.196

16 4 2 4 .5 6 3

4 0 7 .8 2 2

1 0 9 .7 0 0

1 0 1 .6 0 9

1 1 5 .5 6 6

7 9 .6 7 1

1 3 9 .6 2 9

8 9 .1 3 2

9 9 .3 9 0

4 6 .9 7 6

1 0 8 .6 7 1

9 2 .0 8 0

17
18
19

339
93
-2 .2 5 0

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

-4 9 0

2 .6 6 1

209
1 .9 8 9

16 4
-1 .7 6 4
-4 .7 8 7

-7 9 5
3 .4 6 8

1 .2 7 5

60
-3 .2 8 6
358

588
-3 .4 5 6
1 .8 1 2

-3 8
3 .5 6 6
2 .6 2 1

-9 6 8
-1 .0 0 6
-2 .4 2 5

-8 8 1
3 .3 7 9
1 .3 1 4

-1 9 8
-4 .2 9 8
1 .4 0 6

20
21
22

19

-9 2
204
954

84
1 .1 4 0
-3 .1 5 7

0
-7 2 7
4 .8 7 1

-4 4
-1 .1 8 9

-8

43
673
2 .1 0 3

-5 4
1 .2 6 4

4 .3 2 8

-1 1

-5
-7 4 8
3 .2 9 0

-7 6
-9 8 5
-4 .4 2 8

31
4 15
4 .2 6 2

-8 7
1 .4 7 4
-3 .2 5 4

-8 0 0
4 .7 1 8

23 4 2 2 .1 3 6 4 0 5 .5 8 8

1 0 8 .0 8 7

1 0 0 .3 3 3

1 1 4 .4 0 8

8 3 .2 3 9

1 3 5 .9 6 8

8 7 .6 5 1

4 8 .6 6 7

1 0 6 .7 2 6

9 1 .1 8 5

-1 0 2

201

-2 1 1

9 8 .7 3 0

(1 )

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




27

F IN A N C IA L IN S T IT U T IO N S
S P O N S O R E D C R E D IT A G E N C IE S
F E D E R A L R E S E R V E SYSTEM
C O M M E R C IA L B A N K IN G
C O M M E R C IA L BA N K S
BANK A F F I L I A T E S
F O R E IG N B A N K IN G A G E N C IE S
B A N K S IN U . S . P O S S .
P R I V A T E N O N B A N K F IN A N C E
S A V IN G S ♦ LO A N A S S N S .
M U T U A L S A V IN G S B A N K S
C R E D IT U N IO N S

REST

OF

TH E

22
23
24
25
26

WORLO

28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44

45
46
47
46

TOTAL FUNDS RAISED (FROM
PRECEDING TABLE)
OTHER LIABILITIES:
317
OFFICIAL FOREIGN EXCHANGE
199
TREASURY CURR. ♦ SDR CTFS.

4
5
7

GOVERNM ENT

13
14
15
16
17
18

F IN A N C I A L

13
64

6

U .S .

11
12

DEPOSITS AT FINANCIAL INSTS.
BANKING SYSTEM
DEMAND DEP. + CURRENCY
TIME + SAVINGS DEPOSITS
SAVINGS INSTITUTIONS
INSURANCE ♦ PENSION RESERVES
SECURITY CREDIT
TRADE DEBT
PROFIT TAXES PAYABLE
NONCORP. PROPRIETORS*
MISCELLANEOUS
IN T E R B A N K

10
n
12
EQUITY 13

C L A IM S

TO T A L L I A B I L I T I E S ABOVE
- F L O A T S N O T I N C L . IN A S S E T S
DEM AND D E P O S I T S - U . S . G O V T .
O TH E R
T R A D E C R E D IT
- L I A B I L IT IE S NOT A LLO C A TE D
AS A S S E T S
TR EAS U R Y CURRENCY
P R O F IT T A X E S P A Y A B L E
M IS C E L L A N E O U S
TO TALS ALLO CATED
AS A S S E T S
IN C L U D E S

CO R PO R ATE

14
15

TO

SECTO RS

E Q U IT IE S .

10 NOVEMBER 1975
TOTAL CLAIMS

TOTAL CLAIMS
47

TOTAL FINANCIAL ASSETS AND LIABILITIES
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

197?

SEASONALLY ADJUSTED ANNUAL RATES
I
1974 |

1974
I

II

III

I
IV I

I

1975
II

III

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

110*8

163*9

198.3

239.4

218.1

200.6

255.7

241 .8

173.3

177.4

204.1

2
3
4
5
6
7
8
9
10

98.2
12.8
2.7
82.7
23.4
3.2
5.3
39.5
11*3

147.4
25.5
4.6
117.3
39.8
4.1
8.7
46.8
17.8

169.4
17.3
4.3
147.8
63.1
4.9
10.4
55.3
14.2

187.4
9.7
7.5
170.1
72.8
8.6
9.3
67.2
12.3

180.1
12.0
15.4
152.7
44.0
7.8
7.2
77.1
16.6

166.0
8.8
15.3
141.9
42.3
5.7
3.8
75.4
14.7

208.6
1.4
24.7
182.5
52.7
9.7
10.5
91.6
18.1

182.2
18.2
7.4
156.6
49.9
«.5
8.2
72.8
16.3

162.5
19.6
14.3
128.5
30.0
6.3
6.4
68.7
17.1

167.4
72.4
7.7
87.4
40.5
6.6
.5
27.2
12.6

203.3
95.8
11.4
96.0
44.8
5.2
-.2
29.3
17.0

11
12
13
14
15
16
17
18
19
20

12.6
8.2
-3.1
-1.9
.1
1.8
.4
1.6
2.7
2.6

16.5
3.6
2.5
-.4
1.6
-.1
•6
4.2
3.0
1.1

28.9
6 m2
4.0
.7
•8
2.0
.5
9.3
6.1
-.7

52.0
19.6
4.5
2.2
5.1
6.0
.5
9.4
6.3
-1.6

38.0
22.1
-1.9
2.4
2.9
6.3
.4
3.9
1.0
1.0

34.5
9.3
9.8
4.7
-1.4
3.6
.4
4.5
3.7
*

47.1
24.3
-4.6
3.6
6.7
13.6
.4
2.8
1.9
-1.6

59.6
33.9
3.7
2.7
2.5
10.2
.4
5.5
-.7
1.4

10.8
20.9
-16.6
-1.3
3.6
-2.2
.3
2.8
-1.0
4.2

10.0
10.5
9.0
2.4
-2.2
-11.2
.8
-3.4
-2.8
7.0

.9
7.6
.2
-.7
.4
-4.7
.7
-.6
-.9
-1.3

21

110.8

163.9

198.3

239.4

218.1

200.6

255.7

241.8

173.3

177.4

204.1

22
23
24
25
26

-4.3
-2.9
•6
-2.3
•3

-8.6
-14.3
.7
7.0
-2.0

8.3
1.1
1.1
2.6
3.6

31.1
21.5
1.3
7.9
.4

30.8
22.1
.9
7.5
.3

27.1
4.3
-.3
16.6
6.6

19.9
19.6
1.4
8.0
-9.2

65.1
46.7
2.1
8.9
5.5

10.8
15.8
.7
-3.9
-1.8

20.5
-.5
*
12.0
9.0

19.7
-4.1
1.6
26.2
-4.0

230.4 TOTAL FUNDS RAISED IN CREDIT
MARKETS BY:
NONFINANCIAL SECTORS
211.2
91.1
U.S. GOVERNMENT
14.5
FOREIGN
105.6
PRIVATE DOMESTIC
HOUSEHOLDS
49.3
FARM 8USINESS
7.0
5.8
NONFARM NONCORP. BUS.
CORPORATE BUSINESS
29.6
12.7
S. ♦ L. GOVERNMENTS
19.2
7.9
6.0
.3
-3.7
5.2
.7
1.3
-2.3
3.9

FINANCIAL SECTORS
SPONSORED CRtDIT AGENCIES
COMMERCIAL BANKS
BANK AFF1LIA7ES
FOREIGN BANKING AGENCIES
SAVINGS 4 LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.

230.4 TOTAL FUNDS ADVANCED IN CREDIT
MARKETS BY:
PRIVATE DOM. NONFIN. SECTORS
49.8
26.3
HOUSEHOLDS
1.5
NONFARM NONCORP. BUSINESS
CORPORATE BUSINESS
15.2
6.8
STATE ♦ LOCAL GOVERNMENTS

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

27

2.8

3.2

2.6

3.0

7.4

2.2

2.7

8.1

16.8

18.8

4.3

13.5

28
29
30

101.3
10.0
5.0

142.0
3.2
8.9

176.7
7.0
.3

201.8
20.3
9.2

167.8
24.1
6.2

166.4
12.3
-.9

215.2
28.6
13.1

160.7
34.5
10.7

128.0
20.8
1.8

116.2
11.9
9.0

172.1
10.4
4.9

16b.7
6.3
19.6

31
32
33
34
35

35.2
33.3
-1.0
2.8
.1

50.6
50.3
-.1
.1
.3

70.7
68.8
-.2
1.8
.3

86.7
80.9
1.7
4.0
.1

64.6
58.2
.9
5.0
.5

77.7
72.9
2.4
2.4
.1

97.3
86.5
1.9
8.4
.5

50.0
48.6
-.6
1.6
.4

32.6
24.0
-.1
7.7
•9

-10.9
-5.6
-.9
-5.1
.6

47.7
46.6
*
-1.3
.4

42.0
43.7

'36
37
?8
39

51.1
11.6
4.1
1.5

79.4
29.2
10.0
2.6

98.7
36.4
10.4
3.1

85.6
27.1
5.4
2.9

72.9
21.0
3.3
2.7

77.3
31.7
10.7
1.5

76.2
23.8
1.0
2.9

65.5
12.0
.9
3.8

72.9
16.8
.8
2.6

106.2
34.3
12.7
5.6

110.1
46.3
13.3
5.9

100.8
43.8
11.0
4.6

40
41
42
43

9.0
6.9
6.1
4.9

11.8
7.4
6.2
6.2

13.8
6.5
7.8
6 .6

15.6
7.2
9.2
5.0

16.1
8.1
12.3
4.5

13.3
4.6
8.8
6.0

20.4
7.0
11.0
4.6

14.3
10.7
13.0
3.1

16.3
10.1
16.2
4.5

16.5
13.7
9.5
5.0

16.9
12.1
16.9
6.6

15.2
12.2
13.9
6.3

LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
S. ♦ L. GOVT.« RTR. FUNO
OTHER INSURANCE COS.

40
41
42
43

44
45
46
47

.7
2.1
1.7
2.4

4.1
2.5
.4
-1.2

10.8
4.9
-1.8
.3

10.1
4.5
-2.5
1.0

4.0
.9
.9
-.9

3.9
2.7
-.2
-5.7

3.6
1.2
-2.0
2.7

5.6
-1.0
1.4
l.e

3.1
.6
4.5
-2.6

-3.2
-2.6
6.8
7.9

-.7
-2.2
-1.9
-2.2

2.2
-2.3
3.9
-10.0

FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
SECURITY BKRS. ♦ DEALERS

44
45
46
47

48

11.0

27.3

10.7

3.5

12.1

4.9

17.9

8.0

17.7

21.9

7.0

-1.7

230.4

-ml

-1.4
.4

U.S. GOVERNMENT

27

FINANCIAL INSTITUTIONS
SPONSORED CREDIT AGENCIES
FEDERAL RESERVE SYSTEM

28
29
30

COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSS.

31
32
33
34
35

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

36
37
36
39

REST OF THE WORLD

46

TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS
TOTAL FUNDS RAISED (FROM
PRECEDING TABLE)
OTHER LIABILITIES:
OFFICIAL FOREIGN EXCHANGE
1.3
.8
TREASURY CURR. ♦ SDR CTFS.

1

110.8

163.9

198.3

239.4

218.1

200.6

255.7

241.8

173.3

177.4

204.1

2
3

-2.5
•6

-1.7
.5

-.2
.5

-.2
.4

1.3
.4

.8
.4

1.3
.4

3.5
•4

-.6
.6

1.3
.7

.1
1.2

4
5
6
7
8

69.2
52.2
14.3
38.0
17.0

99.3
58.8
17.4
41.4
40.6

108.0
61.9
19.6
42.3
46.1

95.0
66.9
16.0
50.9
28.1

86.2
64.1
7.1
57.0
22.1

97.1
57.2
8.9
48.3
39.9

116.9
100.5
18.7
81.8
16.4

45.0
40.8
2 o2
38.6
4.3

85.6
57.8
-1.5
59.3
27.8

81.6
14.2
-10.8
25.0
67.4

144.0
71.6
47.1
24.fc
72.4

9

24.3

27.7

30.3

31.6

38.9

27.7

46.9

36.2

43.0

36.3

55.2

37.5

10
11
12
13
14

-.8
10.0
-3.1
-4.7
11.0

3.8
6.1
1.8
-4.7
10.2

8.9
17.0
-.1
-7.4
22.7

-8.2
23.7
2.7
-4.4
36.7

-4.6
23.1
4.6
-5.3
40.3

-2.9
36.0
3.8
.4
53.9

1.8
35.6
2.1
-6.4
43.8

-14.4
21.4
11 .2
-8.4
32.4

-2.8
— .8
1.5
-6.9
31.1

11.4
-21.6
-13.4
—8 .6
36.0

8.5
9.4
-9.7
-2.4
2S.3

-9.7
9.4
-1.8
-10.5
32.8

15

4.5

5.6

2.0

7.9

4.8

7.3

42.9

5.8

-36.9

1.1

-12.2

16

219.2

312.5

380.1

424.6

407.8

425.2

541.0

377.0

287.1

302.3

426.6

17
18
19

.1
1.2
.5

-.2
.1
1.7

.6
3.2
-4.1

.3
.1
-2.3

-.1
1.8
-.6

-.4
-1.6
-4.7

-2.8
4.4
-5.8

3.1
1.2
.6

-.2
3.2
7.7

-4.0
5.0
4.7

-2 .6
5.1
.3

20
21
22

-.1
-.9
-1.1

*
.1
4.3

-.2
.4
6.1

*
-.1
4.3

-.1
.2
1.0

.2
.7
-5.9

-.2
-.9
8.3

*
.6
6.4

-.3
.5
-5.1

.1
mb

.9

-.3
.1
-1.5

23

219.5

306.5

374.2

422.1

405.6

436.9

538.0

365.1

281.3

295.1

425.5

79.1
28.5
12.5
16.0
50.6

9.1

DEPOSITS AT FINANCIAL INSTS.
BANKING SYSTEM
DEMAND DEP. + CURRENCY
TIME «• SAVINGS DEPOSITS
SAVINGS INSTITUTIONS

4
5
6
7
8

INSURANCE ♦ PENSION RESERVES

9

SECURITY CREDIT
10
TRADE DEBT
11
PROFIT TAXES PAYABLE
12
NONCORP. PROPRIETORS' EQUITY 13
14
MISCELLANEOUS
INTERBANK CLAIMS

378.2 TOTAL LIABILITIES ABOVE
- FLOATS NOT INCL. IN ASSETS
-1.0
DEMAND DEPOSITS-U.S. GOVT.
-4.8
OTHER
-1.0
TRADE CREDIT
- LIABILITIES NOT ALLOCATED
AS ASSETS
TREASURY CURRENCY
.3
PROFIT TAXES PAYABLE
-.5
10.0
MISCELLANEOUS
375.2

TOTALS ALLOCATED TO SECTORS
AS ASSETS

(1) INCLUDES CORPORATE EQUITIES.

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




1
2
3

15
16
17
18
19
20
21
22
23

10 NOVEMBER 1975
SAVING BY INDIVIDUALS
48

SAVING BY INDIVIDUALS
AMOUNT AND COMPOSITION OF INDIVIDUALS' SAVING (1)

UNADJUSTED QUARTERLY FLOWS

1973

I
1974 1

II

UNADJUSTED QUARTERLY FLOWS

(MILLIONS OF DOLLARS)

1973
III

IV

I
1

1974
I

II

III

|
IV |

1975
II

I

III

1

36.989
14.383
13.052

24.395
-8.016
21.982

37.426
5.843
15.410

30.880
-2.324
7.074

37.232 28.757
9.069 -13.192
15.173 30.144

13.752
23.371

39.731 INCREASE IN FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY
-193
18.681
SAVINGS ACCOUNTS

1
2
3

O'
ft

36.622
46
12.658

o

38.551
5.709
18.511

"

1 138.164 129.933
4.572
2 13.054
3 67.673 59.639
4
5
6
7
8

21.046
2.700
6.521
11.139
4.335

21.282
3.027
757
10.752
9.963

3.956
911
489
3.217
776

14.925
441
5.191
4.551
2.300

-238
457
302
900
258

3.378
780
4.115
-1.026
1.307

2.366
822
-3.494
4.507
2.359

15.872
611
4.510
6.122
4.566

-334
814
-4.374
1.149
1.731

1.977
1.022
-3.548
-2.957
3.206

-3.623
1.088
-6.569
113
2.491

11.059
992
6.692
354
2.024

SECURITIES
U.S. SAVINGS BONDS
OTHER U.S. TREASURY SEC.
U.S. GOVT. AGENCY SEC.
STATE ♦ LOCAL OBLIGATIONS

4
5
6
7
8

9
10
11
12

1.059
3.464
-1.586
-6.566

-1.671
-521
1.006
—2.031

501
-1.004
-642
-292

14
2 .617
128
-317

20 7
3.822
-730
-5.454

79 2
-3.386
181
614

-532
-104
-572
-620

-2.106
2.148
186
-165

174
821
1.211
-1.860

3.691
-493
1.917
-861

1.305
-2.057
-476
482

2.275
-1.699
806
-385

CORPORATE ♦ FOREIGN BONDS
COMMERCIAL PAPER
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES

9
10
11
12

13
14
15
16
17

7.209
5.150
7.737
11.540
4.755

7.206
5.681
10.941
15.114
5.498

1.824
1.266
1.229
4.811
1.245

1.640
1.305
2 .410
2.132
1.306

1.795
1.349
1.916
2.306
2.426

1.768
773
2.05 6
1.799
655

1.857
1.930
2.302
6.735
983

1.809
1.432
3.289
2.48 5
1.243

1.772
1.546
3.294
4.095
2.617

1.774
1.592
3.093
2 .082
1.287

1.72 8
1.485
2.522
9.195
1.929

1.721
1.326
3.292
2.471
1.374

18 213.148 204.591
19 37.537 32.537
20 42.813 41.221
21 130.310 127.547
2.486
3.286
22

53.671
8.102
11.729
33.612
228

53.030
9.239
11.776
31.646
369

57.285
10.784
10.001
35.496
1.004

46.49 3
8.414
8.98 3
27.307
1.789

51.828
5.988
11.915
32.900
1.025

52.097
7.960
11.317
32.395
42 5

54.173
10.175
9.006
34.945
47

41.272
7.757
7.326
27.056
-867

23 143.512 160.292
24 10.358 10.629
25 29.902 32.863
26 103.252 llb.SOO

35.937
2.631
7.432
25.874

36.341
2.574
7.552
26.215

36.514
2.593
7.828
26.093

38.665
2.614
7.976
28.075

40.075
2.695
8.180
29.200

40.712
2.654
8.306
29.750

40.840
2.666
8.399
29.775

27
28
29
30
31

69.636
27.179
12.911
27.058
2.488

44.299
21.908
8.358
10.747
3.286

17.734
5.471
4.297
7.736
228

16.689
6.665
4.224
5.431
369

20.771
8.191
2.173
9.403
1.004

7.828
5.800
1.007
-768
1.789

11.753
3.293
3.7? 5
3.700
1.025

11.385
5.306
3.009
2.645
425

13.333
7.509
607
5.170
47

32
33
34
35
36

87.619
44.208
12.858
22.922
-4.570
2.226
9.975

58.471
32.575
12.427
9.635
-2.060
2.736
3.158

27.819
11.543
4.561
7.763
-1.338
391
4.699

2 6.095
11.661
4.355
5.952
-1.014
850
4.271

16.343
10.430
1.797
7.451
-1.234
69 7
-2.798

8.056
8.95 8
1.074
-2.914
199
341
396

25.172
9.145
4.523
5.853
-116
792
4.975

17.172
6.664
4.320
4.481
-2.359
898
3.168

8.071
7.808
2.510
2.215
216
705
-5.383

39 120.181 115.761

28.466

27.216

41.417

24.167

24.007

25.093

42.494

%7

38

PRIVATE LIFE INSURANCE RES.
PRIVATE INSURED PENSION RES.
PRIVATE NONINSURED PEN. RES.
GOVT. INSURANCE + PEN. RES.
MISCELLANEOUS FINAN. ASSETS

13
14
15
16
17

47.698
5.096
10.208
3-3.079
-685

50.241 GROSS INV. IN TANGIBLE ASSETS
NONFARM HOMES
7.302
10.219
NONCORP. BUS. PLANT ♦ EQUIP.
33.036
CONSUMER DURABLES
-316
INVENTORIES

19
20
21
22

41.018
2.678
6.490
29.850

42.096
2 .690
6.581
30.82 5

42.709 CAPITAL CONSUMPTION ALLOWANCES
NONFARM HOMES
2.711
NONCORP. BUS. PLANT
EQUIP.
8.648
CONSUMER DURABLES
31.350

23
24
25
26

254
5.079
-1.164
-2.794
-867

5.60 2
2.406
1.627

5.7U4

19.320
9.032
3.326
1.846

S .66 2

914
-5.868
412
467

2.254
-685

1.66 6

l.l«7

350
3.098

23.227

36.641

27
7.532 NET INV. IN TANGIBLE ASSETS
4.591
NONFARM HOMES
28
NONCORP. BUS. PLANT ♦ EQUIP. 29
1.571
30
1.686
CONSUMER DURABLES
INVENTORIES
31
-316
16.44** NET INCREASE IN DEBT
7.796
MTG. DEBT ON NONFARM HOMES
4. 197
NONCORP BUS. MORTGAGE DEBT
3.970
CONSUMER CREDIT
-240
SECURITY CREDIT
354
POLICY LOANS
2.367
OTHER DEBT

32
33
34
35
36
37
38

28.619 INDIVIDUALS' SAVING (1+27-3?)

39

(1) COMBINED STATEMENT FOR HOUSEHOLDS, FARM,
AND NONFARM NONCORPORATE BUSINESS.

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




lb

10 NOVEMBER 1975
SAVING BY INDIVIDUALS

SAVING BY INDIVIDUALS
49

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

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1
1974 1

1970

1971

1972

1973

1
2
3

80.6
11.3
44.4

99.7
11.1
70.3

124.4
12.1
75.4

138.2
13.1
67.7

129.9
4.6
59.6

4
5
6
7
8

-3.0
.3
-12.7
2.8
-.8

-14.5
2.4
-11.8
-5.0
-.2

2.9
3.3
— 2 .6
-.1
1.0

21.0
2.7
6.5
11.1
4.3

9
10
11
12

10.7
-1.5
2.6
-4.4

9.3
-3.9
1.1
-6.5

5.2
1.5
-.7
-4.7

13
14
15
16
17

5.1
3.3
7.1
8.8
3.6

6.1
5.2
7.3
9.2
5.1

18
19
20
21
22

140.2
19.6
30.4
91.3
-1.1

23
24
25
26

1974

1975
II

II

III

122.4
10.3
76.2

143.0
9.6
63.4

117.2
-3.6
27.5

137.1
2.0
71.3

135.7
-13.8
107.1

196.3
42.2
96.5

21.3
3.0
.8
10.8
10.0

4.8
3.2
13.9
-3.0
4.8

18.9
3.0
-4.0
16.5
9.4

48.3
2.7
6.5
22.2
17.8

13.2
3.2
-13.4
7.4
7.9

.3
4.2
-16.7
-10.6
12.3

-5.7
4.0
-16.3
-1.2
10.2

26.2
4.2
13.3
-1.1
7.5

SECURITIES
U.S. SAVINGS BONDS
OTHER U.S. TREASURY SEC.
U.S. GOVT. AGENCY SEC.
STATE ♦ LOCAL OBLIGATIONS

4

1.1
3.5
-1.6
-6.6

-1.7
-.5
1.0
-2.0

1.2
-12.3
*
-3.0

-4.0
2.1
-1.6
-2.5

-10.1
8.9
1.4
-1.1

6.3
— .8
4.2
-1.6

12.6
.4
7.0
-9.0

3.2
-6.3
-1.3
1.9

7.3
-6.8
3.9
-2.0

CORPORATE ♦ FOREIGN BONDS
COMMERCIAL PAPER
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES

9
10
11
12

6.5
6.0
6.8
11.1
3.7

7.2
5.2
7.7
11.5
4.8

7.2
5.7
10.9
15.1
5.5

7.1
3.1
7.6
10.0
3.4

7.4
7.7
10.1
21.6
4.2

7.2
5.7
12.9
12.3
6.8

7.1
6.2
13.2
16.6
7.6

7.1
6 .4
11.6
11.2
5.8

6.9
5.9
11.1
31.3
8.1

6.9
5.3
12.9
12.4
6.6

166.4
26.9
34.3
103.9
1.3

190.6
34.3
39.0
118.4
-1.2

213.1
37.5
42.8
130.3
2.5

204.6
32.5
41.2
127.5
3.3

203.5
32.e
41.9
123.9
4.9

207.7
30.6
43.8
129.5
3.8

212.7
33.3
40.7
136.1
2.6

194.4
33.4
38.4
120.7
1.9

184.3
29.6
35.7
124.9
-5.8

112.4
9.0
22.6
80.7

121.3
9.3
24.5
87.5

131.3
10.0
27.2
94.1

143.5
29.9
102.3

160.3
10.6
32.9
116.8

154.7
10.5
31.9
112.3

160.3
10.8
32.7
116.8

162.8
10.6
33.2
119.0

163.4
10.7
33.6
119.1

27
28
29
30
31

27.8
10.6
7.7
10. t
-1.1

45.1
17.6
9.8
16.5
1.3

59.3
24.3
11.8
24.4
-1.2

69.6
27.2
12.9
27.1
2.5

44.3
21.9
8.4
10.7
3.3

48.9
22.4
10.0
11 .6
4.9

47.4
19.9
11.1
12.7
3.8

49.9
22.7
7.5
17.1
2 #6

32
33
34
35
36
37
38

32.2
12.5
8.0
6.0
-1.8
2.3
5.1

57.3
24.2
11.2
11.2
2.6
1.0
7.1

85.6
38.4
12.2
19.2
4.7
.9
9.4

87.6
44.2
12.9
22.9
-4.6
2.2
10.0

58.5
32.6
12.4
9.6
-2.1
2.7
3.2

55.3
34.2
9.6
8.2
.8
1.4
1.1

73.3
37.8
15.0
17.2
-.5
3.2
.6

39
40
41

76.2
8.8
10.6

87.4
9.2
16.5

97.9
11.1
24.4

120.2
11.5
27.1

115.8
15.1
10.7

116.0
10.0
11.6

42
43
44

.9
-.1
56.1

.8
61.0

1.4
.1
60.9

.9
.3
80.3

.5
.4
89.0

45

56.2

60.5

52.6

74.3

46

-.1

.5

8.3

6.0

*

I

i
IV I

III
146.7 INCREASE IN FINANCIAL ASSETS
2.7
DEMAND DEPOSITS ♦ CURRENCY
73.7
SAVINGS ACCOUNTS

b

6
7
8

13
14
15
16
17

192.1
27.8
36.8
130.6
-3.1

205.5 GROSS INV. IN TANGIBLE ASSETS
31.3
NONFARM HOMES
35.6
NONCORP. BUS. PLANT ♦ EQUIP.
139.0
CONSUMER DURABLES
-.3
INVENTORIES

18
19
20
21
22

164.1
10.7
34 .0
119.4

168.4
10.8
34.3
123.3

170.8 CAPITAL CONSUMPTION ALLOWANCES
10.6
NONFARM HOMES
34.6
NONCORP. BUS. PLANT ♦ EQUIP.
125.4
CONSUMER DURABLES

23
24
25
26

31.0
22.7
4.8
1.6
1.9

20.3
18.8
1.8
5.5
-5.8

23.7
17.1
2.4
7.3
-3.1

34.6 NET INV. IN TANGIBLE ASSETS
20.4
NCNF ARM HOMES
1.0
NONCCRP. BUS. PLANT ♦ EQUIP.
12.6
CONSUMER OURABLES
-.3
INVENTORIES

27
28
29
30
31

59.9
28.2
13.0
15.8
-9.4
3.6
8.7

44.4
30.0
12.0
-3.6
.9
2.8
2.3

45.5
32.5
9.6
-3.3
1.6
1.9
3.2

53.9
37.3
10.1
2.1
6.7
1.4
-3.7

60.2 NET INCREASE IN DEBT
32.3
MTG. DEBT ON NONFARM HOMES
11.9
NONCORP BUS. MORTGAGE DEBT
11.8
CONSUMER CREDIT
-1.0
SECURITY CREDIT
1.4
POLICY LOANS
2.7
OTHER DEBT

32
33
34
35
36
37
38

117.2
21.6
12.7

107.2
12.3
17.1

123.7
16.6
1.6

110.4
11.2
5.5

166.1
31.3
7.3

.7
.4
93.3

.9
.4
81.5

.6
.4
76.7

-.4
.4
105.6

.4
93.6

.7
.4
126.5

77.0

84.4

71.5

65.5

86.5

75.9

113.8

12.0

8.9

10.0

11.1

19.1

17.6

12.7

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

-------

121.1 INDIVIDUALS* SAVING (1+27-32)
12.4 - GOVT. INSURANCE ♦ PEN. RES.
13.6 - NET INVESTMENT IN CONS. DUR.
- CAPITAL GAINS DIVIDENDS
.7
FROM INVESTMENT COMPANIES
.4 - NET SAVING BY FARM CORPS.
94.1 = PERSONAL SAVING, F/F BASIS
82.9 PERSONAL SAVING, NIA BASIS
11.3

(1) COMBINED STATEMENT FOR HOUSEHOLDS, FARM,
AND NONFARM NONCORPORATE BUSINESS.

II1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




1
2
3

PRIVATE LIFE INSURANCE RES.
PRIVATE INSURED PENSION RES.
PRIVATE NONINSURED PEN. RES.
GOVT. INSURANCE ♦ PEN. RES.
MISCELLANEOUS FINAN. ASSETS

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

1 0 .<*

1

10 NOVEMBER 1975
DISCREPANCIES

DISCREPANCIES

DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS
(MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWS
1973

1973
III

1974 |

UNADJUSTED QUARTERLY FLOWS
1975
II

IV |
SECTOR DISCREPANCIES

1
2
3
4
5
6

7.405
1.617
-6.009 -12.229
13.804 13.617
5.136
366
-81 -3.635
-2.176
4.699

653
-3.545
2.692
2.647
-512
565

306
-2.717
4.496
-1.542
479
-128

6.412
1.166
6.075
2.239
-2.815
1.051

-2.042
-3.714
-2.018
-156
2.882
1.774

-626
-1.425
2.749
1.168
-2.607
393

505
-4.fc81
5.173
-1.420
-66
1.018

3.780
-2.409
7.713
774
-3.844
1.514

307
-6.002
156
312
2.760
3.276

-420
-2.149
2.795
824
— 2.72fc
1.063

327
-4.615
5.024
-1.554
338
1.492

7
8
9
10

-3.269
-34
0
-1.559

-1.201
-10
0
-1.568

-1.194
-3
0
-1.376

-282
-15
0
286

-1.304
39
0
-884

-810
-23
0
97

-904
-37
0
-1.541

481
-88
0
457

32
138
0
-581

-19 5
27
0
239

-227
-175
0
-1.157

-158
-131
0
422

11
12
13
14
15
16

-1.676
-88
-66
-989
-55
-478

377
302
167
-806
525
189

185
-43
-43
420
-19
-130

-553
-108
14
-276
-26
-157

-459
125
16
-423
-83
-94

-884
73
19
-1.244
194
74

674
28
90
385
189
-18

112
46
3
75
187
-199

475
155
55
-22
-45
332

-461
171
38
-549
361
-482

1.105
53
14
679
-146
505

-449
-38
-2
-145
-27
-237

OTAL» ALL SECTORS
HOUSEHOLDS
NONFIN. CORPORATE BUSINESS
STATE ♦ LOCAL GOVERNMENTS
U. S. GOVERNMENT
FOREIGN
FINANCIAL SECTORS
SPONSORED AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKS
PRIVATE NONBANK FINANCE
SAVINGS * LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
OTHER INSURANCE
FINANCE N.E.C.

11

12
13
14

TRANSACTION DISCREPANCIES
1
2

7.405
19

1.617
-92

653
84

306
0

6.412
-44

-2.042
43

-626
-54

505
-5

3.780
-76

307
31

-420
-8 7

327
67

3
4

339
93

-81
1.814

-490
2.661

60
-3.286

209
1.989

164
-1.764

-795
3.468

588
-3.456

-38
3.566

-968
-1.006

-881
3.379

-198
-4.298

5
6
7
8

-2.250
-102
4.328
4.978

-565
204
954
-617

1.375
1.140
-3.157
-960

358
-727
4.871
-970

201
-1.189
-8
5.254

-4.787
673
2.103
1.526

-211
1.264
-11
-4.287

1.812
-748
3.290
-976

2.621
-985
-4.428
3.120

-2.425
415
4.262
-2

1.314
1.474
-3.254
-2.365

1.406
-800
4.718
-568

9
10
11
12

-4.959
-1
-2
-28

421
0
-46
-242

-1.879
797
-180
-2.259

-1.702
-211
-217
-3.100

2.037
-64 5
890
7.536

-3.496
-46
-552
-2.568

643
834
-78
-2.888

-1.465
-245
--59
-3.045

4.739
-543
943
8.259

-2.165
-88
-338
-2.593

-539
734
-110
-2.280

-2.242
-314
-473
-2.597

13

4.976

-617

-960

-970

5.254

1.526

-4.287

-976

3.120

-2

-2.365

111/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




OTAL, ALL TYPES
TREASURY CURRENCY
DEMAND DEPOSIT MAIL FLOATS:
U.S. GOVERNMENT
OTHER
TRADE CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS
NONFINANCIAL

NONFINANCIAL COMPONENTS:
NIA DISCREPANCY (NEG.)
9
FARM DISCREPANCY (NEG.)
10
NONFARM NONCORP D1SCREP. (NEG) 11
TRADE DEBT (POSITIVE)
12

-568 TOTAL NONFINANCIAL DISCREPANCY 13

10 NOVEMBER 1975

DISCREPANCIES

DISCREPANCIES
51

DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

SEASONALLY ADJUSTED ANNUAL RATES

1973

__ ____ _______________________
1
2
3
4
5

1974 |

I

II

III

IV I

I

II

III

SECTOR DISCREPANCIES

6.1
•2
6.7
-.2
•8
-1.2

8.0
-.5
10.2
9.1
•1
-9.8

10.1
-8.3
14.8
7.1
•4
-1.8

7.4
-6.0
13.8
5.1
-.1
-2.2

1.6
-12.2
13.6
.4
-3.6
4.7

-5.4
-8.9
6.7
-1.1
-1.5
2.9

2.7
-10.0
15.3
1.0
-5.2
5.2

8.8
-11.3
16.2
1.0
-3.9
4.8

.5
-19.6
16.6
.5
-3.9
5.9

5.6
-17.6
14.0
.4
*
8.5

5.4
-12.7
15.3

7
8
9
10

-.1
•1

-1.1
*

-2.2
-.1

-3.3
*

-1.2
*

-3.4

-.4

-1.1

-1.1

-1.6

-1.6

-3.6
-.2
-2.6

1.9
-.3
-.5

1.0
.4
*

.4
.2
-1.7

-2.2
-.7
-1.0

-1.4
-.4
-l.l

11
12
13
14
15
16

•3
•2
•1
•1
“ •8
.7

*
.3

-1.0
-.2
-.2
1.0
-.4
-1.2

-1.7
-.1
-.1
-1.0
-.1
-.5

.4
.3
•2
— .8
.5
.2

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

2.6
.7
.1
.9
.8
.1

.6
.4
.3
-.2
.2
*

1.8
.7
.1
♦
1.1
*

-.5
-.1
-.3
.1
-.7
.4

.1
.5
.4
*
-.1
-.7

6

-

-

*

.3
~.8
.1

-

-

-

*
-2.1
-1.3
.2
.1
-2 .9
.9

*
-3.8
8.9

7.5 TOTAL, ALL SECTORS
-11.3
HOUSEHOLDS
16.5
NONFIN. CORPORATE BUSINESS
.4
STATE ♦ LOCAL GOVERNMENTS
-2.8
U. S. GOVERNMENT
6.0
FOREIGN
FINANCIAL SECTORS
SPONSORED AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKS
PRIVATE NONBANK FINANCE
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
OTHER INSURANCE
FINANCE N.E.C.

TRANSACTION DISCREPANCIES
1
2

6.1
-.1

8.0
*

10.1
-.2

7.4
*

1.6
-.1

-5.4
.2

2.7
-.2

8.8
*

.5
-.3

5.6
.1

5.4
-.3

3
4

•1
1.2

-.2
.1

•6
3.2

.3
.1

-.1
1.8

-.4
-1.6

-2.8
4.4

3.1
1.2

-.2
3.2

-4.0
5.0

-2.6
5.1

7.5 TOTAL, ALL TYPES
.3
TREASURY CURRENCY
DEMAND DEPOSIT MAIL FLOATS:
— 1.0
U.S. GOVERNMENT
-4.8
OTHER

5
6
7
8

.5
-.9
-1.1
6.4

1.7
•1
4.3
2.0

-4.1
•4
6.1
4.1

-2.3
-.1
4.3
5.0

— .6
.2
1.0
—.6

-4.7
.7
-5.9
6.3

-5.8
-.9
8.3
-.3

.6
.6
6.4
-3.2

7.7
.5
-5.1
-5.3

4.7
•6
.9
-1.6

.3
.1
-1.5
4.4

-1.0
-.5
10.0
4.5

TRADE CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS
NONFINANCIAL

--- ------ ---------- ------- ----- --------- ------ --------- ------ -------9
10
11
12

— 6.4
*
*
*

-2.3

13

6.4

-3.6

-5.0

*

*

*

*
*

2.0

4.1

*
*

3.0
*
.1
-.1

4.8
*
-.3
-.7

1.6
*

-4.4

“

.3
-.1
-.1

*

NONFINANCIAL COMPONENTS:
-4.5 NIA DISCREPANCY (NEG.)
- FARM DISCREPANCY (NEG.)
* NONFARM NONCORP D1SCREP. (NEG)
* TRADE DEPT (POSITIVE)

6.3

-.3

-3.2

-5.3

-1.6

4.4

4.5 TOTAL NONFINANCIAL DISCREPANCY

-6.3
-

*
*

.4
♦
-.2

5.0

-.6

-

III/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-

10 NOVEMBER 1975
MONEY STOCK RELATIONSHIP

MONEY STOCK RELATIONSHIP
RELATION OF F/F MONEY STOCK DATA TO DAILY AVERAGE SERIES
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

I
1970

1971

1972

1973

1974 |

I

II

III

IV I

I, TOTAL MONEY STOCK

1
2
3

47.1
50.1
-3.1

14.3
13.9
.4

20.0
20.5
-.5

17.5
15.7
1.7

11.7
12.9
-1.2

9.4
14.6
-5.2

22.2
19.5
2.7

•2
2.7
-2,5

14.9
14.8
•1

-17.3
2.3
-19,6

4
5
6
7

"•8
.3
-1.3
.3

.4
-.4
.3
.4

-.6
-2.5
1.4
•6

1.7
-.9
2.3
.3

-1.2
.5
-2.0
.3

-1.3
6.9
-13.7
5,5

.7
•5
5.4
-5.2

-.6
-1.3
-6.5
7.2

*
-5.7
12.9
-7.2

-4.9
-.9
-9.5
5.5

4.1
2.3
6.6
-4.9

48,2.
32.0
16.3

NET CHANGES, S.A. QTRLY RATE:
F/F DEMAND DEP. + CURRENCY
DAILY AVERAGE (DAMS)
TOTAL DIFFERENCE

1
2
3

-1.7 TOTAL DIFF. AT QUARTERLY RATE
ARISING FROM— DATA DIFF.
7.0
TIMING DIFF,
-15.0
6.4
SEASONALS

4
5
6
7

*
6.7
-6.7

II. DEMAND DEPOSITS

1
2
3

8.3
9.5
-1.2

10.9
10.4
.5

15.5
16.2
— .6

13.5
11.0
2.6

5.4
6.6
-1.2

.3
2.0
-1.7

3.4
3.5
-.1

"•6
-.5
-•1

2.4
1.7
.7

-6.1
-1.0
-5.2

10.2
6.4
3.8

4
5
6

-1.5
.3
-1.8

.1
-.4
.5

-1.2
-2.5
1.4

2,2
-.9
3.1

-1.4
.5
-1.9

-6,6
6,9
-13.6

4.2
,5
3.7

-5.8
-1,3
-4.5

6.8
-5.7
12.5

-10.1
-.9
-9.2

7.8
2.3
5.5

.2
.2

*,9
-2.0
5.8
1,2

-4.3
-.2
-2.1
-1.9

5.7
1.2
3.9
.7

-6.2
1.3
-7.5

*

4,9
-2.2
5.3
1,8

-3.9
-.3
-1.8
-1,9

2.2
1.4
,8

.7
1.2
-.5

1.4
2.0
-.6

1,8
1.6
,2

1.9
1,6
.2

1.3
.9
.3

7
8
9
10

.3
.3

.3
.3

.5
•5

.4
.4

-

-

-

-

*

*

*

*
*

-

-1.3
.7
-2.0

NET CHANGE, S.A. QTRLY RATE:
F/F
DAMS
DIFFERENCE

-6.9 DIFFERENCE IN UNADJUSTED
DATA DIFFERENCE
7.0
TIMING DIFFERENCE
-13.9
4.9 DIFFERENCE IN SEASONALS
FLOWS VS. LEVELS
1.3
ONE-DAY VS. DAILY AVERAGE
3.7
SEASONAL BALANCE ADJUSTMENT
-.2

1
2
3
4
5
6
7

b
9
10

III, CURRENCY

1
2
3

3.5
3.0
.5

3.4
3.5
-.1

4

.5

5
6
7
8

*
*
-

3.9
4.8
-.6

6.3
6.3

*

2,1
1.7
.4

-.2

*

— ,8

-.1

-.2

1.7

-2,0

.4

-.3

1.2

-1.2

*
*

.1
.1

*

,1
.1

,6
-.3
.8
,1

-1,0
.1
-1.0
-.1

1,5
.1
1.4

-1.0
.1
-1.2

*

*

.5
-.4
.9
,1

-.9
.2
-1.1
*

1.5
.1
1.5
-.1

-

*

-




4.4
4.3
.1

*

-

-

-

-

-

*

NET CHANGE, S.A. QTRLY RATE:
F/F
DAMS
DIFFERENCE

1
2
3

TIMING DIFFERENCE

4

DIFFERENCE IN SEASONALS
FLOWS VS. LEVELS
ONE-DAY VS. DAILY AVG.
SEASONAL BALANCE ADJ.

5
6
1

8

HONEY STOCK RELATIONSHIPS

L INE

M oney Stock Relationship

1

L ine 1 of page 15.

2

Da i l y averages in this table are increments in month averages from last month of preceding quarter to last month of this quarter.

3

Li n e 1 - 2 .

4

Lines 5 + 6 + 7 .

5

S ee Part II, line 5.

6

Part II, line 6 + Part III,

7

Part II, line 7 + Part III, line 5.

1

Lines 14 + 18 + 19 of page 15 at quarterly rates.

5

line 4.
"Seasonal" here means dollar excess of seasonally adjusted flow over unadjusted flow.

Differences betw e e n money - s t o c k concept of demand deposits derived from last preceding all-bank total (either last Wednesday of
quarter or Call Report) and figure for that one day, e.g., M a r c h 29, 1972, derived from data going into daily-average statistics.
Q u a r t e r l y increments in this difference.

6

D i fference be t w e e n figure for period derived from daily-average data and average for last mon t h of quarter.

7

Lines 8 + 9 + 1 0 - 1 1 .

8

Differ e n c e in a d j u stment method:

Quarterly increments

in this difference.

seasonal in daily-average series

(month average)

adjusted as flows less seasonal in published

d a i l y -average series.
9

S e asonal in F/F demand deposit (based on net change from last d a y of one quarter to last day of next)

less seasonal in daily-average

a djusted as flows.
10
4

Ad j u s t m e n t to seasonal needed as part of the balancing of all seasonally adjusted sources and uses of funds in the flow-of-funds matrix.
No statistical d i fference betw e e n the two series.
three-week average.

5-9

C o rrespond to lines 7 through 11 in Part II.

In unadjusted data,

only difference is between one-day figure for end-of-quarter and