flow of funds, unadjusted 4th quarter, 1974

F/F Unadj

H /7 4February 5, 1975

Flow of Funds,

Unadjusted

4th Quarter, 1974

Preliminary

Division of Research and Statistics Board of Governors of the Federal Reserve Sys

Washington, D.C. 20551

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE LIST

SUMMARY TABLES

Funds Raised in Credit MarketsPrivate Domestic Net Investment and Borrowing in

Credit MarketsCredit Market Supply of Funds

SECTOR TABLES

HouseholdsTotal Nonfinancial Business & Noncorporate Business Corporate Business Governments Banking SystemCommercial Banking SubsectorsNonbank Finance Summary Savings InstitutionsInsurance Companies and Pension FundsFinance N.E.C.Rest of the World

TRANSACTION TABLES

Monetary and Insurance Reserves Interbank ClaimsMoney and DepositsU.S. Government SecuritiesPrivate Securities and MortgagesMortgages by TypeConsumer Credit and Bank Loans N.E.C.Other Loans, Including Open-Market Paper Security Credit, Trade Credit, and Taxes Miscellaneous Financial Claims Total Claims— Recapitulation by Type Saving by Individuals


Flow of Funds Accounts. Fourth Quarter 1974

These tables present first preliminary estimates of flow of funds data for the fourth-quarter and for the year 1974 as a whole.Figures for the first three quarters have been revised from the November 1974 version to reflect information becoming available since then, but 1973 and earlier years are unchanged from the November and August 1974 publications.

Revisions for the third quarter were unusually large and included sharp reductions in most forms of borrowing and lending by nonfinancial sectors compared with the preliminary November estimates.The most important sources of the changes were new data on net security issues by corporations, in transactions of foreign banking agencies, and in commercial bank credit to nonfinancial sectors. These data affected amounts and structures of borrowing and lending in several sectors.For the first two quarters the changes reflect primarily the June benchmark for banks that became available during November. New quarterly estimates for fire and casualty insurance companies resulted in sizable upward revisions for 1974 in their purchases of corporate bonds and decreases in buying of municipal securities.

Fourth-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, mutual savings banks, pension funds, and investment companies, and the Treasury survey of ownership of Federal securities.

Quarterly tables are available both seasonally adjusted and unadjusted, in two separate publications, and mailing lists are maintained for their distribution. Historical data back to 1945 are available in a third 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 3222, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.Tel.: (202) 452-3483.(See overleaf for note on Franklin National Bank)


Franklin National Bank

The October 1974 settlement on Franklin National Bank included certain arrangements that are reflected in the tables as unusual flows. Very briefly, the Federal Deposit Insurance Corporation took over about $2 billion of Franklin assets, mainly loans and investments, which were therewith removed from commercial bank assets, and at the same time assumed liability to the Federal Reserve System for $1,723 million of member bank borrowing that had been owed by Franklin, FDIC has undertaken to pay down that liability over about three years, as it liquidates the loans and investments that it is holding.

In flow of funds tables, these arrangements are reflected in fourth-quarter flows as follows: *

Net changes, $ millions at quarterly ratesCorp.bus.

Member bank borrowing St. and local govt, oblig. MortgagesBank loans n.e.c. U.S. Govt, loans Miscellaneous

(-1,023) ( 1,023)

St. & localg o v t s . _____

(-500)

( 500)

U.S.Govt.(FDIC)

200

1,523(1,723)

Monetaryauth.(FRS)

-1,723

(-1,723)—7

Commercialbanking

(-1,723)- 500- 2 0 0 -1,023

1/ The monetary authorities sector statement nets miscellaneous assets againstliabilities, following an earlier form of the F.R. table on member bank reserves.

The amounts used are approximations used to conform both to other data on bank credit and to the amount of the FDIC liability to the Federal Reserve. These claims will be written down or reversed as the FDIC disposes of its holdings from the settlement.

^Figures in parentheses are changes in liabilities. Other figures are changes in assets.


5 FEBRUARY 1975CRELTT MARKET SUMMARY CREDIT MARKET SUMMARY1 1

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

UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWSI 1972 | 1973 | 1974

1974 | III IV f I II III IV | I II III IVI. FUNDS RAISED, BY TYPE AND SECTOR

TOTAL FUNDS RAISED1 187.365 175.706 39.374 63.424 45.257 45.707 43.312 53.089 33.662 52.360 41.620 48.064 BY NONFINANCIAL SECTORS2 180.145 172.408 36.859 60.993 43.670 43.577 42.030 50.868 32.094 51.240 41.710 47.364 EXCLUDING EQUITIES3 9.714 12.968 5.738 12.937 8.853 -5.994 -457 7.312 3.389 -6.187 4.497 11.269 U,.S. GOVERNMENT4 7.739 13.106 4.596 11.610 8 .2 0 1 -5.941 -1.119 6.598 2.963 -6.375 4.871 11.647 PUBLIC DEBT SECURITIES5 1.975 -138 1.142 1.327 652 -53 662 714 426 188 -374 -378 AGENCY ISSUES ♦ MORTGAGES6 177.651 162.738 33.636 50.487 36.404 51.701 43.769 45.777 30.273 58.547 37.123 36.795 ALL OTHER NONFINANCIAL SECTORS7 7.220 3.298 2.515 2.431 1.587 2.130 1.282 2 .2 2 1 1.568 1 .1 2 0 -90 700 CORPORATE EQUITIES8 170.431 159.440 31.121 48.056 34.817 49.571 42.487 43.556 28.705 57.427 37.213 36.095 DEBT INSTRUMENTS9 97.050 92.930 25.386 25.072 19.464 27.587 28.253 21.746 20.041 29.112 22.161 21.616 DEBT CAPITAL INSTRUMENTS

10 13.709 16.958 3.682 2.996 2.724 3.243 3.987 3.755 4.012 5.007 3.927 4.012 S. ♦ L. GOVERNMENT SECS.11 10.150 20.924 2.909 2.812 1.565 3.212 2.8 6 6 2.507 4.338 5.823 4.577 6.186 CORPORATE + FOREIGN BONDS12 73.191 55.048 18.795 19.264 15.175 21.132 21.400 15.484 11.691 18.282 13.657 11.418 MORTGAGES13 43.344 31.348 11.645 11.043 8.984 12.391 13.101 8 .8 6 8 6.320 10.477 8.373 6.178 HOME MORTGAGES14 8.417 7.542 2.514 3.394 1.774 2.935 2.395 1.313 1.299 2 .2 2 0 2.013 2 .0 1 0 OTHER RESIDENTIAL15 17.047 11.348 4.001 4.383 3.419 4.527 4.726 4.375 3.181 4.230 1.999 1.938 COMMERCIAL16 4.383 4.810 635 444 998 1.279 1.178 928 891 1.355 1.272 1.292 FARM17 73.381 66.510 5.735 22.984 15.353 21.984 14.234 21.810 8.664 28.315 15.052 14.479 OTHER PRIVATE CREDIT18 38.626 29.912 477 12.997 11.768 11.767 5.585 9.506 4.753 16.367 2.258 6.534 BANK LOANS N.E.C.19 22.922 9.635 5.164 8.588 1.756 7.763 5.952 7.451 -2.914 5.853 4.481 2.215 CONSUMER CREDIT20 1.818 14.911 -1.063 -860 -1.724 519 1.043 1.980 3.826 3.726 5.552 1.807 OPEN-MARKET PAPER21 10.015 12.052 1.157 2.259 3.553 1.935 1.654 2.873 2.999 2.369 2.761 3.923 OTHER22 177.651 162.738 33.636 50.487 36.404 51.701 43.769 45.777 30.273 58.547 37.123 36.795 BY BORROWING SECTOR:23 170.431 159.440 31.121 48.056 34.817 49.571 42.487 43.556 28.705 57.427 37.213 36.095 DEBT INSTRUMENTS24 7.728 15.712 671 1.937 2.163 2.079 731 2.755 3.704 6.368 1 .6 8 8 3.952 FOREIGN25 12.258 15.814 3.635 3.063 2.570 2.468 3.934 3.286 3.669 4.423 3.746 3.976 S. ♦ L. GOVERNMENTS26 72.815 42.544 14.386 24.523 11.900 20.572 19.463 20.880 3.682 15.520 11.303 12.039 HOUSEHOLDS27 77.630 85.370 12.429 18.513 18.184 24.452 18.359 16.635 17.650 31.116 20.476 16.128 NONFINANCIAL BUSINESS28 8.617 7.389 587 899 2.086 2.833 2.070 1.628 1.636 3.153 1.766 834 FARM29 9.282 6.728 2.331 3.820 1.608 3.161 2.265 2.248 -561 3.261 1.842 2.186 NONFARM NONCORPORATE30 59.731 71.253 9.511 13.794 14.490 18.458 14.024 12.759 16.575 24.702 16.868 13.108 CORPORATE31 7.220 3.298 2.515 2.431 1.587 2.130 1.282 2 .2 2 1 1.568 1 .1 2 0 -90 700 CORPORATE EQUITIES32 -2 0 0 -196 -81 -209 -164 -39 -5 8 13 -124 -85 0 FOREIGN33 7.420 3.494 2.596 2.640 1.751 2.169 1.287 2.213 1.555 1.244 -5 700 CORPORATE BUSINESS

TOTALS INCLUDING EQUITIES34 7.528 15.516 590 1.728 1.999 2.040 726 2.763 3.717 6.244 1.603 3.952 FOREIGN35 85.050 88 *864 15.025 21.153 19.935 26.621 19.646 18.848 19.205 32.360 20.471 16.828 NONFINANCIAL BUSINESS36 67.151 74.747 12.107 16.434 16.241 20.627 15.311 14.972 18.130 25.946 16.863 13.808 CORPORATE

37 -1.675 -4.758 19 1.392 2.257 -366 -5.275 1.709 -1.531 373TOTALS

-550 -3.050 MEMO: U.S. GOVT. CASH BALANCE NET OF CHANGES IN U.S. GOVT. CASH BALANCES—38 189.040 180.464 39.355 62.032 43.000 46.073 48.587 51.380 35.193 51.987 42.170 51.114 TOTAL FUNDS RAISED39 11.389 17.726 5.719 11.545 6.596 -5.628 4.818 5.603 4.920 -6.560 5.047 14.319 BY U.S. GOVERNMENT

PRIVATE DOMESTIC NET INVESTMENT AND BORROWING IN CREDIT MARKETS

TOTAL, HOUSEHOLDS ♦ BUSINESS

TOTAL BUSINESS

CORPORATE BUSINESS

HOUSEHOLDS

12

345678

91011121314151617181920 21

222324252627282930313233

343536

3839

1 334.657 330.662 72.966 81.604 75.711 84.643 82.129 92.174 75.530 85.693 81.532 87.907 TOTAL CAPITAL OUTLAYS 11) 12 210.976 220.391 48.827 50.062 51.175 52.740 53.301 53.760 54.175 54.910 55.355 55.951 CAPITAL CONSUMPTION (2) 23 123.681 110.271 24.139 31.542 24.536 31.903 28.828 38.414 21.355 30.783 26.177 31.956 NET PHYSICAL INVESTMENT 34 157.865 131.408 29.411 45.676 31.835 47.193 39.109 39.728 22.887 47.880 31.774 28.867 NET FUNDS RAISED 45 -34.184 -21.137 -5.272 -14.134 -7.299 -15.290 -10.281 -1.314 -1.532 -17.097 -5.597 3.089 EXCESS NET INVESTMENT (3) 5

6 160 . 525 164.073 33.822 35.064 35.316 41.286 39.590 44.333 38.329 45.179 39.564 41.001 TOTAL CAPITAL OUTLAYS 67 95.235 103.108 22.105 22.651 23.027 23.708 23.975 24.525 24.936 25.512 26.066 26.594 CAPITAL CONSUMPTION 78 65.290 60.965 11.717 12.413 12.289 17.578 15.615 19.808 13.393 19.667 13.498 14.407 NET PHYSICAL INVESTMENT 8

9 77.630 85.370 12.429 18.513 18.184 24.452 18.359 16.635 17.650 31.116 20.476 16.128 NET DEBT FUNDS RAISED 910 7.420 3.494 2.596 2.640 1.751 2.169 1.287 2.213 1.555 1.244 -5 700 CORPORATE EQUITY ISSUES 1011 -19.760 -27.899 -3.308 -8.740 -7.646 -9.043 -4.031 960 -5.812 -12.693 -6.973 -2.421 EXCESS NET INVESTMENT C3) 11

12 121.509 125.820 25.438 27.448 26.549 30.972 29.099 34.889 29.037 33.865 29.435 33.483 TOTAL CAPITAL OUTLAYS 1213 67.464 72.517 15.822 16.158 16.455 16.803 16.960 17.246 17.518 17.898 18.330 18.771 CAPITAL CONSUMPTION 1314 54.045 53.303 9.616 11.290 10.094 14.169 12.139 17.643 11.519 15.967 11.105 14.712 NET PHYSICAL INVESTMENT 1415 59.731 71.253 9.511 13.794 14.490 18.458 14.024 12.759 16.575 24.702 16.868 13.108 NET DEBT FUNDS RAISED 1516 7.420 3.494 2.596 2.640 1.751 2.169 1.287 2.213 1.555 1.244 -5 700 CORPORATE EQUITY ISSUES 1617 -13.106 -21.444 -2.491 -5.144 -6.147 -6.458 -3.172 2.671 -6.611 -9.979 -5.758 904 EXCESS NET INVESTMENT (3) 17

18 174.132 166.589 39.144 46.540 40.395 43.357 42.539 47.841 37.201 40.514 41.968 46.906 TOTAL CAPITAL OUTLAYS 1819 115.741 117.283 26.722 27.411 28.148 29.032 29.326 29.235 29.239 29.398 29.289 29.357 CAPITAL CONSUMPTION 1920 58.391 49.306 12.422 19.129 12.247 14.325 13.213 18.606 7.962 11.116 12.679 17.549 NET PHYSICAL INVESTMENT 20

21 72.815 42.544 14.386 24.523 11.900 20.572 19.463 20.880 3.682 15.520 11.303 12.039 NET FUNDS RAISED 2122 -14.424 6.762 -1.964 -5.394 347 -6.247 -6.250 -2.274 4.280 -4.404 1.376 5.510 EXCESS NET INVESTMENT (3)

OF WHICH:22

23 -17.029 -1C.310 -4.020 -3.593 -3.702 -6.072 -5.016 -2.239 -3.146 -5.844 -1.099 -2 2 1 HOUSES LESS HOME MORTGAGES 2324 4.136 13.736 30 1.729 2.730 -25 -521 1.952 4.154 910 1.851 6.821 DURABLES LESS CONS. CREDIT 2425 2.746 2.653 706 750 554 762 767 663 576 716 699 662 NONPROFIT P+E LESS MORTGAGES 2526 4.277 -683 -1.320 4.280 -765 912 1.480 2.650 -2.696 186 75 <1) CAPITAL OUTLAYS ARE TOTALS

1.752 LESS: UNALLOCATED DEBT FOR RESIDENTIAL AND NONRESIDENTIAL

26

FIXED CAPITAL, NET CHANGE IN INVENTORIES, AND CONSUMER DURABLES, EXCEPT OUTLAYS BY FINANCIAL BUSINESS.

(2) CAPITAL CONSUMPTION INCLUDES AMOUNTS FOR CONSUMER DURABLES AND EXCLUDES FINANCIAL BUSINESS CAPITAL CONSUMPTION.

(3) EXCESS OF NET INVESTMENT OVER NET FUNDS RAISED.IV/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.


5 FEBRUARY 1975CREDIT MARKET SUPPLY OF FUNDS CREDIT MARKET SUPPLY OF RUNDS

UNADJUSTED QUARTERLY FLOWS

DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS {MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWSI 1972 | 1973 I 1974

1973 1974 | III IV I I II III IV ( I II III IV

1 180.145 172.408 36.859 60.993 43.670 43.577 42.030 50.868 32.094 51.240TOTAL FUNDS ADVANCED IN CREDIT MARKETS

41.710 47.364 TO NONFINANCIAL SECTORSBY PUBLIC AGENCIES + FOREIGN

33.20210.9527.6077.1687.475

49.0178.82613.8796.65719.655

7 2.982 5.9228 20.255 24.0189 9.227 6.150 10 738 12.927

5.2161.9001.259661

1.3961.3901.136-2.4575.147

3.772239

1.1541.2431.136468

2.0341.258

12

15.89411.672

975441

2.806904

3.1134.0017.876

3.992-1.3361.1932.7251.410-5075.8591.200-2.560

7.840-7653.3923.1532.0601.9826.987489

-1.618

5.4761.3812.047849

1.199603

4.2963.537-2.960

4.576-1.8142.148-1524.394391

3.002-2571.440

15.2185.9543.3362.6473.281707

6.9153.6103.986

14.364796

4.4053.1306.0331.3028.6541.4612.947

14.8593.8903.9901.0325.9473.5225.4471.3364.554

11 19.589 21.641 1.083 1.592 2.684 5.874 7.043 3.988 1.796 6.447 8.942 4.456

TOTAL NET ADVANCES, BY TYPE 2U.S. GOVERNMENT SECURITIES 3RESIDENTIAL MORTGAGES 4FHLB ADVANCES TO S+L*S 5OTHER LOANS + SECURITIES 6

TOTALS ADVANCED, BY SECTORU.S. GOVERNMENT 7SPONSORED CREDIT AGENCIES 8MONETARY AUTHORITIES 9FOREIGN 10

AGENCY BORROWING NOT INCLUDEDIN LINE 1 11

PRIVATE DOMESTIC FUNDS ADVANCED12 166.532 145.032 32.726 58.813 30.460 45.459 41.233 49.380 29.314 42.469 36.288 36.961 TOTAL NET ADVANCES 1213 18.422 25.135 4.942 14.312 -114 1.239 7.372 9.925 7.002 -5.667 12.530 11.270 U.S. GOVERNMENT SECURITIES 1314 13.709 16.958 3.682 2.996 2.724 3.243 3.987 3.755 4.012 5.007 3.927 4.012 STATE + LOCAL OBLIGATIONS 1415 10.053 19.774 3.051 2.701 1.505 3.125 2.733 2.690 4.051 5.483 4.504 5.736 CORPORATE + FOREIGN BONDS 1516 44.083 24.964 12.879 13.261 9.762 14.110 12.083 8.128 5.468 9.334 5.984 4.178 RESIDENTIAL MORTGAGES 1617 87.433 64.858 8.833 26.786 17.024 26.467 18.211 25.731 8.629 30.9 59 12.473 12.797 OTHER MORTGAGES + LOANS 1718 7.168 6.657 661 1.243 441 2.725 3.153 849 -152 2.647 3.130 1.032 LESS: FHLB ADVANCES 18

PRIVATE FINANCIAL INTERMEDIATION CREDIT MARKET FUNDS ADVANCED19 158.843 129.249 35.933 56.817 36.339 46.767 33.834 41.903 24.485 46.428 23.645 34.691 BY PRIVATE FINANCIAL INSTS.

20 86.600 61.807 14.191 33.269 15.068 26.001 17.553 27.978 9.607 28.344 6.671 17.185 COMMERCIAL BANKING21 35.081 27.622 13.168 10.919 13.993 11.433 6.230 3.425 10.405 7.956 4.839 4.422 SAVINGS INSTITUTIONS22 22.132 34.082 5.227 4.408 6 .6 6 6 4.087 6.416 4.963 5.981 8.197 9.692 1 0 .2 1 2 INSURANCE + PENSION FUNDS23 15.030 5.738 3.347 8 .2 2 1 612 5.246 3.635 5.537 -1.508 1.931 2.443 2.872 OTHER FINANCE24 158.843 129.249 35.933 56.817 36.339 46.767 33.834 41.903 24.485 46.428 23.645 34.691 SOURCES OF FUNDS25 84.875 71.866 20.860 37.970 19.314 24.992 12.457 28.112 12.796 27.527 1.488 30.055 PRIVATE DOMESTIC DEPOSITS26 31.598 16.582 4.911 7.407 8.180 9.304 8.967 5.147 3.268 7.491 6.578 -755 CREDIT MARKET BORROWING27 42.370 40.801 10.162 11.440 8.845 12.471 12.410 8.644 8.421 11.410 15.579 5.391 OTHER SOURCES28 6.466 11.945 1.727 897 262 2.225 864 3.115 2.327 2.829 3.366 3.423 FOREIGN FUNDS29 -1 .0 1 0 -5.295 387 1.405 515 -956 -2.224 1.655 -1.255 -243 -1.097 -2.700 TREASURY BALANCES30 16.742 29.030 3.822 4.285 4.243 3.651 5.717 3.131 4.167 7.241 8.498 9.124 INSURANCE ♦ PENSION RES.31 20.172 5.121 4.226 4.853 3.825 7.551 8.053 743 3.182 1.583 4.812 -4.456 OTHER, NET

1920 21 22232425262728293031

PRIVATE DOMESTIC NONFINANCIAL INVESTORS32 39.287 32.365 1.704 9.403 2.301 7.996 16.366 12.624 8.097 3.532 19.221 1.515 DIRECT LENDING IN CR. MARKETS33 18.753 17.884 1.676 4.657 2.794 2.989 9.079 3.891 4.667 -8 11.487 1.738 U.S. GOVERNMENT SECURITIES34 4.433 12.511 697 658 1.366 1.553 1.863 -349 1.895 2.324 5.237 3.055 STATE + LOCAL OBLIGATIONS35 1.059 -3.035 1.456 -386 337 501 14 207 1.114 -645 -901 -2.603 CORPORATE + FOREIGN BONDS36 11.279 2.114 -2.407 2.105 -260 1.463 4.927 5.149 2.751 540 2.737 -3.914 OPEN-MKT PAPER + RP"S37 3.763 2.891 282 2.369 -1.936 1.490 483 3.726 -2.330 1.321 661 3.239 OTHER38 88.816 77.871 19.413 41.884 17.918 28.640 11.128 31.130 12.653 31.334 475 33.409 DEPOSITS + CURRENCY39 76.251 70.450 2 0 .2 0 2 20.119 29.905 19.061 15.835 11.450 25.165 21.144 7.599 16.542 TIME ♦ SAVINGS ACCOUNTS40 18.548 24.153 5.383 2.271 9.848 3.771 8.693 -3.764 4.430 10.701 6.607 2.415 LARGE NEGOTIABLE CD»S41 29.541 24.568 4.464 7.609 8.250 6.619 6.239 8.433 10.359 6.060 845 7.304 OTHER AT COMMERCIAL BANKS42 28.162 21.729 10.355 10.239 11.807 8.671 903 6.781 10.376 4.383 147 6.823 AT SAVINGS INSTITUTIONS43 12.565 7.421 -789 21.765 -11.987 9.579 -4.707 19.680 -12.512 10.190 -7.124 16.867 MONEY44 8.624 1.416 658 17.851 -10.591 5.931 -3.378 16.662 -12.369 6.383 -6 .1 1 1 13.513 DEMAND DEPOSITS45 3.941 6.005 -1.447 3.914 -1.396 3.648 -1.329 3.018 -143 3.807 -1.013 3.354 CURRENCY

TOTAL OF CREDIT MARKET INSTRU-46 128.103 110.236 21.117 51.287 20.219 36.636 27.494 43.754 20.750 34.866 19.696 34.924 MENTS, DEPOSITS + CURRENCY47 18.430 28.430 14.151 6.184 36.395 9.160 18.653 10.765 14.258 29.699 34.437 31.371 PUBLIC HOLDINGS AS * OF TOTAL48 95.382 89.117 109.799 96.606 119.300 102.877 82.055 84.858 83.526 109.322 65.159 93.858 PVT. FINAN. INTERMEDIATION U)49 7.204 24.872 6.874 909 8.138 -335 -754 155 3.767 6.815 6.313 7.977 TOTAL FOREIGN FUNDS

CORPORATE EQUITIES NOT INCLUDED ABOVE

1 8.032 6.052 2.878 3.259 2.294 2.533 2.356 849 2.129 809 886 2.228 TOTAL NET ISSUES2 -1.586 1.573 -247 -19 -342 -642 128 -730 181 -572 745 1.219 MUTUAL FUND SHARES3 9.618 4.479 3.125 3.278 2.636 3.175 2.228 1.579 1.94B 1.381 141 1.009 OTHER EQUITIES4 13.446 5.042 2.388 6 .1 0 1 1 .8 8 6 3.339 1.674 6.547 840 2.243 841 1.118 ACQ. BY FINANCIAL INSTITUTIONS5 -5.414 1 .0 1 0 490 -2.842 408 -806 682 -5.698 1.289 -1.434 45 1 .1 1 0 OTHER NET PURCHASES

3233343536373839404142434445

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


5 FEBRUARY 1975 HOUStHOLDS3

SECTOR STATEMENTS OF SAVING AND INVESTMENT(MILLIONS OF DOLLARS)

HOUSEHOLDS3

UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWSI 1972

1974 | III IV |1973

II III1974

II IIIHOUSEHOLDS, PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS

11055.0421150.440 238.417 257.134 242.851 258.453 267.801 285.937 267.359 282.208 292.774 308.099 PERSONAL INCOME 2 151.330 170.740 36.693 33.805 34.518 37.346 41.001 38.465 39.070 42.534 46.616 42.520 - PERSONAL TAXES NONTAXES903.712 979.700 201.724 223.329 208.333 221.107 226.800 247.472 228.289 239.674 246.158 265.579 = DISPOSABLE PERSONAL INCOME 829.364 902.981 187.645 204.532 191.711 206.064 207.340 224.249 207,346 224.034 228.553 243.048 - PERSONAL OUTLAYS74.348 76.71911.540 14.769

944 60827.058 23.371

9 113.890 115.46710 115.741 117.28311 229.631 232.75012 235.640 247.40013 174.132 166.58914 37.537 32.53915 130.310 127.75316 6.285 6.29717 61.508 80.81118 130.760 121.92319 110.43920 13.054

84.9483.699

21 67.673 59.14722 39.511 37.41823 28.162 21.729

252627282930313233

4041424344

20.360 12.9584.335 11.7371.059 -3.0353.464 -350494 792

-1.586-6.5867.27724.359

.573-8357.27431.474

34 -4.434 -4.54535 -206 -21436 1.497 2.248

1.408 1.37220.105 8.6872.817 9481.800 -3.5572.477 2.874

45 -4.570 -2.41646 607 58247 400 402

14.0792.039111

5.19421.42326.72248.14552.72839.1448.69028.8841.57013.58428.90223.2741.48419.4029.04710.355

1.40272

1.456-544

2

-247414

1.6475.069

-165675

3634.828336

-1.789469620164148

-6.009 -14.650 -4.583

18.7972.967720

10.317

16.6222.291485

4.486

15.0434.811140

7.738

19.4602.132

635.431

23.2232.306256

9.403

20.9431.799354

1.240

15.6406.735

566.763

17.6052.485

236.332

32.80127.41160.212

23.88428.14852.032

27.73229.03256.764

27.08629.32656.412

35.18829.23564.423

24.33629.23953.575

29.19429.39858.592

26.44529.28955.734

58.09346.54010.26334.6581.619

52.94540.3959.41229.5561.427

60.309 43.357

8 .1 0 2 33 .612 1.643

59.12942.5399.23931.6461.654

63.25747.84110.78435.4961.561

58.85537.2018.41427.3071.480

60.04740.5145.98832.9001.626

62.32741.9687.96032.3951.613

11.55336.655

12.55023.729

16.95236.436

16.59035.284

15.41635.311

21.65425.781

19.53335.054

20.35929.471

32.53814.195

18.756-7.103

29.6855.717

28.21659

33.78214.381

18.059-7.925

24.6975.897

2.1.333-3.285

15.2585.01910.239

23.45211.64511.807

18.5119.8408.671

12.65811.755

90313.0526.2716.781

21.93611.56010.376

15.4031 1 .0 2 04.383

7.1216.974147

3.0852.223244-3861.711-707

2.4073.9011 .0 0 1337

-1.971-861

5.4574.617776501

-1.004567

15.49910.1832.300

142.617385

6.3491.659258207

3.822403

4.0483.8641.3261.114

-1 .8 8 6-370

3.3971.5772.290-645-104279

17.49711.0265.149-901

2 .0 0 1222

-19-3.910

-342-523

-642-292

12 8 -317

-730-5.454

181732

-572-874

745-784

1.7017.254

1.7675.686

1.8417.289

1.8575.830

1.8125.554

1.7854.611

1.87410.950

1.8267.189

-1.896265722

-1.763-175323

-1.496-328379

-1.015183402

-160114393

69-197541

-1.351-223553

-1.50292572

25.10224.52311.297

3586.1392.4494.096184

11.17911.90010.554

3552.043-287

-1.138373

19.48420.57211.543

3546.6431 .1 2 0494418

18.69419.46311.681

3506.075-123615865

19.89520.88010.430

3495.3442.1071.829821

4.1273.6828.946346

-1.669-1.245-3.126

430

15.52115.5209.137344

4.8471.006-674860

9.11211.3036.405342

4.524-43-829904

295157127

-984152111

-1.33815298

-1.01415293

-1.23415198

19714999

-24414699

-2.438145102

2.119 -913 -3.545 -2.717 1.166 -5.280 -1.455 -6.593

34

22.531 = PERSONAL SAVING, NIA BASIS 5 3.750 + CREDITS FROM GOVT. INSURANCE 6 175 + CAPITAL GAINS DIVIDENDS 7

9.036 + NET DURABLES IN CONSUMPTION 8

35.492 = NET SAVING 29.357 + CAPITAL CONSUMPTION 64.849 = GROSS SAVING

91011

66.171 GROSS INVESTMENT 1246.906 CAPITAL EXPEND.-NET OF SALES 13 10.177 RESIDENTIAL CONSTRUCTION 1435.151 CONSUMER DURABLE GOODS 15 1.578 NONPROFIT PLANT + EQUIP. 1619.265 NET FINANCIAL INVESTMENT 31.617 NET ACQ. OF FINANCIAL ASSETS20.8599.01214.6877.8646.823

-3.5092.972-2.603-361661

1.21991

1.7898.724

114582

340985

1.2301.07268069142102

DEP. + CR. MKT. DEMAND DEP. +

INSTR. ID 19CURRENCY 20

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

CREDIT MKT. INSTRUMENTS 24U.S. GOVT. SECURITIES 25S. + L. OBLIGATIONS 26CORPORATE ♦ FGN. BONDS 27COMMERCIAL PAPER 28MORTGAGES 29

INVESTMENT COMPANY SHARES 30OTHER CORPORATE SHARES 31LIFE INSURANCE RESERVES 32PENSION FUND RESERVES 33NET INV. IN NONCORP. BUS. 34SECURITY CREDIT 35MISCELLANEOUS ASSETS 36

CREDIT MARKET INSTRUMENTS 38HOMf MORTGAGES 39OTHER MORTGAGES 40INSTALMENT CONS. CREDIT 41OTHER CONSUMER CREDIT 42BANK LOANS N.E.C. 43OTHER LOANS 44

SECURITY CREDIT TRADE DEBT MISCELLANEOUS

454647

-1.322 DISCREPANCY 48(1) EXCLUDES CORPORATE EQUITIES.

MEMORANDA:NET PHYSICAL INVESTMENT:(A) RESIDENTIAL CONSTRUCTION49 37.537 32.539 8.690 10.263 9.412 8 .1 0 2 9.239 10.784 8.414 5.988 7.960 10.177 EXPENDITURES

50 10.358 10.629 2.531 2.559 2.560 2.631 2.574 2.593 2.614 2.695 2.654 2 .6 6 6 - CAPITAL CONSUMPTION51 44.208 32.220 10.179 11.297 10.554 11.543 11.681 10.430 8.946 9.137 6.405 7.732 - HOME MORTGAGES52 -17.029 -10.310 -4.020 -3.593 -3.702 -6.072 -5.016 -2.239 -3.146 -5.844 -1.099 -2 2 1 = EXCESS NET INVESTMENT

(B) CONSUMER DURABLES53 130.310 127.753 28.884 34.658 29.556 33.612 31.646 35.496 27.307 32.900 32.395 35.151 EXPENDITURES54 103.252 104.362 23.690 24.341 25.070 25.874 26.215 26.093 26.067 26.137 26.063 26.115 - CAPITAL CONSUMPTION55 27.058 23.371 5.194 10.317 4.486 7.738 5.431 9.403 1.240 6.763 6.332 9.036 = NET INVESTMENT56 22.922 9.635 5.164 8.588 1.756 7.763 5.952 7.451 -2.914 5.853 4.481 2.215 - CONSUMER CREDIT57 4.136 13.736 30 1.729 2.730 -2 5 -521 1.952 4.154 910 1.851 6.821 = EXCESS NET INVESTMENT

(C) NONPROFIT PLANT + EQUIP.58 6.285 6.297 1.570 1.619 1.427 1.643 1.654 1.561 1.480 1.626 1.613 1.578 EXPENDITURES59 2.131 2.272 501 511 518 527 537 549 558 566 572 576 - CAPITAL CONSUMPTION60 1.408 1.372 363 358 355 354 350 349 346 344 342 340 - NONPROFIT MORTGAGES61 2.746 2.653 706 750 554 762 767 663 576 716 699 662 = EXCESS NET INVESTMENT PER CENT RATIOS:62 14.343 14.841 15.390 13.146 14.213 14.449 15.310 13.452 14.613 15.071 15.922 13.800 EFFECTIVE TAX RATE

63 8.226 7.830 6.979 8.416 7.978 6.803 8.580 9.384 9.173 6.525 7.151PER

8.483 CENT OF

SAVING RATE, NIA BASIS DISPOSABLE INCOME ADJ. (2):64 25.063 23.390 23.615 26.523 24.646 25.110 24.634 25.765 23.248 23.772 22.413 24.062 GROSS SAVING

65 19.005 16.741 19.200 20.500 19.134 19.179 18.576 19.133 16.143 16.438 16.877 17.404 CAPITAL EXPENDITURES66 14.272 12.252 14.176 16.146 11.240 16.117 15.408 14.122 11.187 14.222 11.851 11.731 ACQUISITION OF FINAN. ASSETS67 7.558 4.131 7.513 11.057 5.295 8.619 8.163 7.956 1.790 6.297 3.664 4.583 NET INCREASE IN LIABILITIES68 7.947 4.275 7.056 10.802 5.636 9.100 8.499 8.350 1.597 6.297 4.545 4.467 CREDIT MARKET BORROWING69 916.196 995.077 203.874 227.016 211.109 226.058 228.995 250.034 230.442 246.465 248.666 269.504 (2) DISPOSABLE INCOME ADJ.

(NIA DISPOSABLE INCOME ♦ GOVT. INSURANCE CREDITS ♦ CAPITAL GAINS DIVID.l

495051

5354555657

585960 61

6263

65666768

IV/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

5 FEBRUARY 1975TOTAL + NONCORP BUSINESS4 SECTOR STATEMENTS OF SAVING AND INVESTMENT

(MILLIONS OF DOLLARS)

TOTAL ♦ NONCORP BUSINESS

UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS| 1972 |

1974 | III IV |1973

II IIINONFINANCIAL BUSINESS - TOTAL

1974II III

1 183.881 177.9882 112.649 112.480

39.02924.896

98.845 99.426 160.525 164.073145.156 150.689125.696 137.499

-573 -34620.033 13.536 15.369 13.384

42.24834.016

42.67924.776

46.101 46.651 48.450 25.542 26.008 36.323

43.94025.682

44.94824.769

44.17624.995

44.924 INCOME BEFORE TAXES 37.034 GROSS SAVING

20.867 25.287 24.235 22.850 21.512 30.248 26.061 22.034 20.435 30.896 GROSS INVESTMENT 333.822 35.064 35.316 41.286 39.590 44.333 38.329 45.179 39.564 41.001 CAPITAL EXPENDITURES 432.919 33.096 30.451 39.193 38.413 37.099 31.664 42.457 39.530 37.038 FIXED INVESTMENT 526.574 28.828 27.874 32.300 31.523 33.999 31.071 35.874 34.134 36.420 BUSINESS PLANT + EQUIPMENT 62.006 -187 -1.857 1.153 1.916 -1.785 -3.131 1.859 2.683 -1.757 NONFARM HOME CONST. (1) 74.339 4.455 4.434 5.740 4.974 4.885 3.724 4.724 2.713 2.375 MULTI-FAMILY RESIDENTIAL 8

903 1.968 4.865 2.093 1.177 7.234 6.665 2.722 34 3.963 CHANGE IN INVENTORIES 910 -61.68011 43.85812 105.53813 7.420

77.6309.159 -864

28.439 34.024 5.076

1415161718 19

-64.64750.128114.7753.49485.37019.044-872

22.32827.26915.953

20 20.062 2 2 .8 8 8 21 426 3.023

-12.9557.63320.5882.59612.4293.0371.4666.7871.715-7496.389-826

-9.77713.94123.7182.64018.5132.563-2547.8637.857316

3.263-698

22 13.804 13.054 4.029

-11.08110.22421.3051.75118.1841.452

-1.5705.83611.831

31465

1.305

-18.43613.41731.8532.16924.4523.047848

8.38710.1571.4788.838

-3.606

-18.07810.27328.3511.28718.3592.6571.4207.9495.693151

7.42 5 1.280

-14.0859.94424.0292.21316.6352.003-1.5626.2676.3433.1333.7341.447

-12.26815.13327.4011.55517.6503.705-2.6265.0256.3924.7434.4883.708

2.692 4.496 6.075

-23.14517.20240.3471.244

31.1165.3861.3407.46113.7042.8019.721-1.734

-19.12910.68329.812

-520.4764.1921.9684.9424.0265.0177.7191.622

-1C.105 7.110 17.215

700 16.128 5.761

-1.554 4.900 3.147 3.392960-573

NET FINANCIAL INVESTMENT 10FINANCIAL USES OF FUNDS, NET 11 FINAN. SOURCES OF FUNDS* NET 12 CORPORATE SHARE ISSUES 13CREDIT MARKET INSTRUMENTS 14 CORPORATE BONDS 15HOME MORTGAGES 16OTHER MORTGAGES 17BANK LOANS N.E.C. 18OTHER LOANS 19

TRADE DEBT OTHER LIABILITIES

-379 2.735 4.560 6.138 DISCREPANCY

2021

FARM BUSINESS

1 38.529 31.782 5.081 6 .0 0 1 8.018 8.909 10.387 11.215 9.775 7.282 7.450 7.275 NET INCOME2 308 380 609 500 -5 -732 296 749 116 -724 338 650 NET SAVING3 8.422 9.340 1.883 1.947 1.993 2.115 2.119 2.195 2.258 2.321 2.366 2.395 CAPITAL CONSUMPTION4 62 3 668 148 150 152 154 157 160 163 169 168 168 CORPORATE5 7.799 8.672 1.735 1.797 1.841 1.961 1.962 2.035 2.095 2.152 2.198 2.227 NONCORPORATE6 8.730 9.720 2.492 2.447 1 .988 1.383 2.415 2.944 2.374 1.597 2.704 3.045 CURRENT SURP. = GROSS SAVING7 8.730 9.720 2.492 2.447 1.988 1.383 2.415 2.944 2.374 1.597 2.704 3.045 GROSS INVESTMENT8 13.927 15.423 2.128 2.230 3.2 1 1 3.329 3.617 3.770 3.978 4.146 3.773 3.526 CAPITAL EXPENDITURES9 9.454 12.271 1.808 1.960 2.237 2.480 2.365 2.372 2.882 3.181 3.032 3.176 PLANT + EQUIPMENT

10 504 745 173 131 105 92 140 167 151 185 224 185 RESIDENTIAL CONSTRUCTION11 3.969 2.407 147 139 869 757 1 .1 1 2 1.231 945 780 517 165 CHANGE IN INVENTORIES12 -5.197 -5.703 364 217 - 1 .223 -1.946 -1 .2 0 2 -826 -1.604 -2.549 -1.069 -481 NET FINANCIAL INVESTMENT13 715 829 231 241 184 187 17 5 169 177 231 222 199 NET INCR. IN FINAN. ASSETS14 0 69 76 47 19 -8 -13 2 19 1 30 19 DEMAND DEPOSITS + CURRENCY15 715 760 155 194 165 195 188 167 158 230 192 180 MISCELLANEOUS ASSETS16 555 572 150 145 141 138 137 139 141 142 144 145 INSURANCE RECEIVABLES17 160 188 5 49 24 57 51 28 17 88 48 35 EQ. IN SPONS. AGS. (2)18 5.912 6.532 -133 24 1.407 2.133 1.377 995 1.781 2.780 1.291 680 NET INCREASE IN LIABILITIES19 8.617 7.389 587 899 2.086 2.833 2.070 1.628 1.636 3.153 1.766 834 CREDIT MARKET INSTRUMENTS20 4.383 4.810 635 444 998 1.279 1.178 928 891 1.355 1.272 1.292 MORTGAGES21 3.013 773 90 614 686 985 715 627 373 744 56 -400 BANK LOANS N.E.C.22 1 .2 2 1 1.806 -138 -159 402 569 177 73 372 1.054 438 -58 OTHER LOANS23 119 156 41 -54 98 11 -34 44 25 118 - 1 2 25 U.S. GOVERNMENT24 1 .1 0 2 1.650 -179 -105 304 558 211 29 347 936 450 -83 FICB25 1.462 1.511 378 369 365 366 366 365 366 369 392 384 TRADE DEBT26 -4.167 -2.368 -1.098 -1.244 - 1 .044 -1.066 -1.059 -998 - 2 2 1 -742 -867 -538 PROPRIETOR NET INVESTMENT

91011

1213141516 17

1920 21 2223242526

NONFARM NONCORPORATE BUSINESS

1 67.742 71.287 16.682 16.788 16.865 16.740 16.984 17.153 17.355 17.662 18.098 18.172 NET INCOME2 19.349 21.251 4.400 4.546 4.579 4.790 4.896 5.084 5.160 5.293 5.370 5.428 CAPITAL CONSUMPTION3 19.323 21.315 2.364 10.789 2.869 2.711 2.013 11.730 2.953 2.493 2.756 13.113 CURRENT SURP. = GROSS SAVING4 19.323 21.315 2.364 10.789 2.869 2.711 2.013 11.730 2.953 2.493 2.756 13.113 GROSS INVESTMENT5 25.089 22.830 6.256 5.386 5.556 6.985 6.874 5.674 5.314 7.168 6.356 3.992 CAPITAL EXPENDITURES6 26.570 21.953 7.032 6.356 5.538 7.514 7.617 5.901 4.470 6.923 6.448 4.112 FIXED CAPITAL7 12.923 12.844 3.066 3.239 3.029 3.301 3.260 3.333 2.984 3.279 3.256 3.325 PLANT ♦ EQUIPMENT8 -538 -545 917 -159 -981 531 888 -976 -1.641 837 1.230 -971 HOME CONSTRUCTION (1)9 14.185 9.654 3.049 3.276 3.490 3.682 3.469 3.544 3.127 2.807 1.962 1.758 MULTI-FAMILY RESIDENTIAL

10 -1.481 877 -776 -970 18 -529 -743 -227 844 245 -92 - 1 2 0 CHANGE IN INVENTORIES11 -5.766 -1.515 -3.892 5.403 -2.687 -4.274 -4.861 6.056 -2.361 -4.675 -3.600 9.121 NET FINANCIAL INVESTMENT12 2.255 1.973 180 1.303 326 432 148 1.349 90 440 313 1.130 NET ACQ. OF FINANCIAL ASSETS13 0 0 0 0 0 0 0 0 0 0 0 0 DEMAND DEPOSITS ♦ CURRENCY14 1.264 959 -77 1.055 77 181 -99 1.105 -160 176 66 877 CONSUMER CREDIT15 991 1.014 257 248 249 251 247 244 250 264 247 253 MISCELLANEOUS ASSETS16 971 971 255 248 244 243 242 242 243 242 243 243 INSURANCE RECEIVABLES17 20 43 2 0 5 8 5 2 7 22 4 10 EQ. IN SPONS. AGS. 12)18 8 .0 2 1 3.488 4.072 -4.100 3.013 4.706 5.009 -4.707 2.451 5.115 3.913 -7.991 NET INCREASE IN LIABILITIES19 9.282 6.728 2.331 3.820 1.608 3.161 2.265 2.248 -561 3.261 1.842 2.186 CREDIT MARKET INSTRUMENTS20 7.067 5.858 2.951 2.618 792 2.928 2.827 520 -104 2.613 2.559 790 MORTGAGES21 -432 -436 733 -127 -785 424 710 -781 -1.313 670 984 -777 HOME MORTGAGES22 5.935 5.295 1.854 2.342 1.271 2.087 1.679 898 925 1.554 1.409 1.407 MULTI-FAMILY23 1.564 999 364 403 306 417 438 403 284 389 166 160 COMMERCIAL24 382 -1.047 -223 327 109 106 -410 577 -585 266 -520 -208 BANK LOANS N.E.C.25 1.833 1.917 -397 875 707 127 -152 1.151 128 382 -197 1.604 OTHER LOANS26 -994 -1.063 2.408 -7.268 2.124 1.975 2.700 -7.793 2.722 2.463 2.706 -8.954 TRADE DEBT, NET27 -267 -2.177 -667 -652 -719 -430 44 838 290 -609 -635 -1.223 PROPRIETOR NET INVESTMENT

141516 17

1920 21 2223242526 27

(1) CHANGE IN WORK IN PROCESS.(2) SHARES IN FICB'S, BANKS FOR COOPS» AND LAND BANKS.


5 FEBRUARY 1975NONFINANCIAL CORPORATE BUSINESS


NONFINANCIAL CORPORATE BUSINESS5

UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS

I 19721974 | III IV |

40.528 45.416 23.638 30.375 31.033 34.641 3.678 9.800

-17.579 -35.513 67.464 72.517

8.2345.3825.196568

9.2446.0665.728473

-1.546 -1.579 15.822 16.158

9 70.792 68.39110 121.509 125.82011 108.628 115.72012 103.319 112.38413 -539 -54614 5.848 3.88215 12.881 10.100

16.01125.43823.90621.700

9161.2901.532

12.05127.44824.64923.629-1591.1792.799

17 40.888 47.326 7.222 12.397181920 21 2223242526272829303132333435363738394041

-270 1.2911.354 6.577

-1.813 1.189-137 6165.241 4.6412.574 -2.1772.00724.0807.8523.6492.5681.616

19

1.14027.7206.3294.915

-2001.597

1791.605 104.755 67.151 74.747 7.420 3.494 59.731 71.2531.7969.15916.125-4322.48214.075

1.64819.04410.788-4362.2478.977

-70510

-414250

-1.118-745355

6.0222.432726

1.1985044

16.64912.1072.5969.511173

3.0374.667733660

3.274

1.1001.84425072322

4.857-679-258-882457

27.794 16.4342.64013.794

1682.5634.547-1271.0523.622

1 I II IIINONFINANCIAL CORPORA'

22.623 25.967 23.1419.665 11.118 9.8045.412 5.533 5.7987.546 9.316 7.539745 844 942

-4.827 -5.515 -3.86116.455 16.803 16.96019.919 21.448 21.58019.378 18.756 17.08426.549 30.972 29.09922.571 29.107 28.29122.608 26.519 25.898-981 530 888944 2.058 1.505

3.978 1.865 808-7.171 -12.216 -12.0159.714 12.798 9.9502.847 2.908 1.459-2.079 293 1923.465 -35 1.174-500 -442 -1.842250 625 -375385 3.136 654

1.326 -669 1.656-1.152 742 1984.183 7.290 7.5453.836 1.858 7482.061 669 3131.349 783 36423 401 393

1974II III

16.88516.2411.75114.490

321 1.452 2.476 -78 5 503

2.758

25.01420.6272.16918.458

5353.0475.028424848

3.756

9.9416.8956.6321.147

-3.37617.246

15.57434.88928.65928.294-9761.3416.230

-3.250971-6371.066261

5.0621.410606400399

21.96515.3111.28714.024

4892.6575.364710716

3.938

27.74114.9722.21312.759

4512.0033.257-781415

3.623

24.617 28.960 30.830 26.025 PROFITS BEFORE TAX 110.251 12.098 12.634 10.433 — PROFITS TAX ACCRUALS 26.677 7.901 7.707 8.090 - NET DIVIDENDS PAID 37.689 8.961 10.489 7.502 = UNDISTRIBUTED PROFITS 42.955 2.776 2.918 1.151 ♦ FOREIGN BRANCH PROFITS 5-7.807 -8.956 -1 2 .2 0 2 -6.548 INV. VALUATION ADJUSTMENT 617.518 17.898 18.330 18.771 + CAPITAL CONSUMPTION ALLOW. 720.355 20.679 19.535 20.876 = GROSS INTERNAL FUNDS 8

20.734 17.944 14.975 14.738 GROSS INVESTMENT 929.037 33.865 29.435 33.483 CAPITAL EXPENDITURES 1024.161 32.168 29.826 29.565 FIXED INVESTMENT 1125.205 29.414 27.846 29.919 PLANT ♦ EQUIPMENT 12-1.641 837 1.229 -971 HOME CONSTRUCTION 13

597 1.917 751 617 MULTI-FAMILY RESIDENTIAL 144.876 1.697 -391 3.918 CHANGE IN INVENTORIES 15

-8.303 -15.921 -14.460 -18.745 NET FINANCIAL INVESTMENT 1614.866 16.531 10.148 5.781 NET ACQ. OF FINANCIAL ASSETS 174.493 3.654 1.651 2.339 LIQUID ASSETS 18-1.370 -1.394 845 3.210 DEMAND DEP. «■ CURRENCY 191.653 3.991 718 215 TIME DEPOSITS 20-958 424 -683 2.406 U.S. GOVT. SECURITIES 21531 - 1 1 35 61 S. + L. OBLIGATIONS 22

2.677 2.320 -198 -158 COMMERCIAL PAPER 231.960 -1.676 934 -3.395 SECURITY R.P.*S 24

-1.799 866 373 1.700 CONSUMER CREDIT 2510.123 10.390 6.367 840 TRADE CREDIT 262.049 1.621 1.757 902 MISCELLANEOUS ASSETS 271.245 1.420 1.750 500 FOREIGN DIR. INVEST. 11) 28400 -2 0 0 -400 0 FOREIGN CURRENCIES 29401 397 401 398 INSURANCE RECEIVABLES 303 4 6 4 EQUITY IN SPONSORED AGS. 31

23.169 32.452 24.608 24.526 NET INCREASE IN LIABILITIES 3218.130 25.946 16.863 13.808 NET FUNDS RAISED IN MKTS. 331.555 1.244 -5 700 NET NEW EQUITY ISSUES 3416.575 24.702 16.868 13.108 DEBT INSTRUMENTS 35

411 424 331 482 TAX-EXEMPT BONDS (2) 363.705 5.386 4.192 5.761 CORPORATE BONDS Cl) 371.612 4.833 3.079 1.264 MORTGAGES 38

-1.313 670 984 -777 HOME MORTGAGES 39374 666 604 603 MULTI-FAMILY 40

2.551 3.497 1.491 1.438 COMMERCIAL 4142434445

30.629-176-1231.996325

27.5435.3191.5234.3251.063

1.848-5962430652

6.916-1.156

18582156

11.036-1.685

-222964148

9.066141-1961743

5.388110125-14637

5.1391.258

-756197

6.6042.552152

1.625-86

12.69471827535517

4.4902.691453

1.59339

3.755-6426437521.093

BANK LOANS N.E.C. 42COMMERCIAL PAPER 43ACCEPTANCES 44FINANCE COMPANY LOANS 45U.S. GOVERNMENT LOANS 46

47 2.323 4.66048 19.594 22.44049 2.537 2.908

7813.603

158974

10.162224

2.717 -2.698 1.409 -2.424 6.497 4.359

351 588 886

89511.162

7122.3581.4001.281

-2.0606.8891.677

3.1744.621-50

1.1889.530

0

PROFIT TAXES PAYABLE TRADE DEBTMISCELLANEOUS LIABILITIES

474849

50 13.804 13.054 4.029 8.729 541 2.692 4.496 6.075 -379 2.735 4.560 6.138 DISCREPANCY5152

4.48638.103

5.28041.143

2.419 -5.305 6.904 7.099

6.6077.622

79314.956

3.186 -6.100 7.668 7.857

8.7238.566

3.50115.42?

1.746 -8.690 MEMO: NET TRADE CREDIT 8.712 8.443 PROFITS TAX PAYMENTS

5152

PER CENT RATIOS:53 42.576 41.125 43.769 43.939 42.722 42.815 42.366 42.377 41.641 41.774 40.979 40.088 EFFECTIVE TAX RATE 5354 143.634 154.484 126.936 132.088 133.284 144.404 134.842 161.157 142.652 163.765 150.678 160.389 CAPITAL OUTLAYS/INTERNAL FUNDS 5455 49.157 56.630 37.388 50.255 54.578 59.595 48.194 36.570 57.082 72.942 57.305 39.148 CR. MKT. BORROWING/CAP. EXP. 55

(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.



5 FEBRUARY 1975 GOVERNMENTS6


SECTOR STATEMENTS OF SAVING AND INVESTMENT (MILLIONS OF DOLLARS)

GOVERNMENTS6 ̂

UNADJUSTED QUARTERLY FLOWSI 1972

1974 | III IV |1973

II III1974

II IIISTATE AND LOCAL GOVERNMENTS - GENERAL FUNDS

1 193.527 207.6652 141.295 151.0923 11.728 12.8314 40.504 43.742184.371 205.993 169.816 192.403 14.555 13.590 9.156 1.672 9.415 11.819 -259 -10.147

11121314151617181920 21

22232425

-5.3957.949-3127.224439206

1.179-973235

-259813.34412.25811.913-24812.161

3451.086

-6.9619.782548

4.7263.8953.7372.6021.135158

0613

16.74315.81415.3102.86712.443504929

40.97729.9932.6878.29742.56539.0303.535-1.5881.752

-3.340-2.892

917-535290

1.065688825-137375

297

3.8093.6353.509-683.577126174

50.926 45.625 48.822 45.301 53.779 48.156 52.311 48.920 58.278 TOTAL RECEIPTS, NIA BASIS 136.745 32.946 35.339 32.480 40.530 34.797 37.833 34.976 43.486 TAX RECEIPTS 22.747 2.817 2.903 2.973 3.035 3.102 3.172 3.243 3.314 SOCIAL INSURANCE RECEIPTS 3

11.434 9.862 10.580 9.848 10.214 10.257 11.306 10.701 11.478 GRANTS IN AID RECEIVED 442.766 43.094 45.836 47.486 47.955 48.191 51.267 53.201 53.334 TOTAL EXPENDITURES, NIA BASIS 539.188 39.495 42.205 43.850 44.266 45.037 47.966 49.774 49.626 PURCH. OF GOODS + SERVICES 6

5.136 ,-3.186

3.578 3.599 3.631 3.636 3.689 3.154 3.301 3.427 3.708 NET INTEREST ♦ TRANSFERS 78.160 2.531 2.986 -2.185 5.824 -35 1.044 -4.281 4.944 NET SURPLUS, NIA BASIS 82.119 2.456 2.479 2.419 2.061 2.090 2.919 3.254 3.556 - RETIREMENT CREDIT TO HH 96.041 75 507 -4.604 3.763 -2.125 -1.875 -7.535 1.388 = GROSS SAVING 10

2.714 -1.717 -2.140 -3.062 1.524 -1.854 -2.490 -4.138 1.521 NET FINANCIAL INVESTMENT 116.004 1.098 614 1.164 5.073 2.055 2.155 -146 5.718 NET ACQ. OF FINANCIAL ASSETS 121.348 -1.553 916 -1.659 1.984 -1.472 2.218 -1.258 1.060 DEMAND DEP. + CURRENCY 133.761 2.988 585 2.003 1.648 1.576 1.750 -240 1.640 TIME DEPOSITS 14756 -492 -1.034 675 1.290 1.798 -1.964 1.197 2.864 CREDIT MARKET INSTRUMENTS 15590 -607 -1.186 738 1.261 1.761 -2.009 1.144 2.841 U.S. GOVT. SECURITIES 161.458 545 -643 466 811 1.295 -2.593 1 .1 0 2 2.798 DIRECT 17

-868 -1.152 -543 272 450 466 584 42 43 U.S. GOVT. AGENCY SEC. 18164 115 152 -62 30 38 45 53 22 S. + L. OBLIGATIONS 19

2 0 0 - 1 -1 -1 0 0 1 HOME MORTGAGES 20139 155 147 145 151 153 151 155 154 TAXES RECEIVABLE 21

3.290 2.815 2.754 4.226 3.549 3.909 4.645 3.992 4.197 NET INCREASE IN LIABILITIES 223.083 2.570 2.468 3.934 3.286 3.669 4.423 3.746 3.976 CREDIT MARKET BORROWING 232.828 2.403 2.708 3.498 3.304 3.601 4.583 3.596 3.530 S. + L. OBLIGATIONS 24-600 -71 -518 268 73 148 710 1.602 407 SHORT-TERM 253.428 2.474 3.226 3.230 3.231 3.453 3.873 1.994 3.123 OTHER 26255 167 -240 436 -18 68 -160 150 446 U.S. GOVERNMENT LOANS 27207 245 286 292 263 240 222 246 221 TRADE DEBT 28

3.327 1.792 2.647 -1.542 2.239 -271 615 -3.397 -133 DISCREPANCY 29EMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE SECTOR.U.S. GOVERNMENT

1 258.517 291.053 57.193 52.764 63.323 67.149 66.593 61.452 71.189 75.437 76.802 67.625 TOTAL RECEIPTS, NIA BASIS 12 114.138 131.240 28.576 25.436 2 5.332 27.485 32.186 29.135 29.425 32.135 36.987 32.693 PERSONAL TAXES 23 43.716 49.122 9.084 10.056 10.315 11.712 10.727 10.962 11.233 12.845 13.507 11.537 CORP. PROFITS TAX ACCRUALS 34 21.160 22.013 5.001 5.195 5.132 5.396 5.253 5.379 5.288 5.477 5.600 5.648 INDIRECT TAXES 45 79.503 88.678 14.532 12.077 22.544 22.556 18.427 15.976 25.243 24.980 20.708 17.747 SOCIAL INSURANCE RECEIPTS 56 264.144 298.629 60.334 64.675 64.246 66.150 66.173 67.575 70.052 74.241 74.856 79.480 TOTAL EXPENDITURES, NIA BASIS 67 106.558 116.436 24.903 26.835 26.272 27.262 25.214 27.810 27.463 29.347 28.528 31.098 GOODS ♦ SERVICES 78 141.324 163.374 32.076 34.336 34.226 35.042 36.750 35.306 38.047 40.380 41.437 43.510 TRANSFERS, ETC. 89 16.262 18.819 3.355 3.504 3.748 3.846 4.209 4.459 4.542 4.514 4.891 4.872 NET INTEREST 9

10 -5.627 -7.576 -3.141 -11.911 -923 999 420 -6.123 1.137 1.196 1.946 -11.855 NET SURPLUS, NIA BASIS 1011 2.125 2.950 287 848 -165 2.332 -287 245 -291 3.816 -769 194 - INSURANCE CREDITS TO HH 1112 -7.752 -10.526 -3.428 -12.759 -758 -1.333 707 -6.368 1.428 -2.620 2.715 -12.049 = GROSS SAVING 12

13 -7.671 -9.892 -3.952 -11.314 -3.525 -821 228 -3.553 -1.434 -29 2.223 -10.652 NET FINANCIAL INVESTMENT 1314 4.343 7.810 1.996 3.354 5.326 -4.572 -1.171 4.760 1.398 -2.061 5.570 2.923 NET ACQ. OF FINANCIAL ASSETS 1415 -19 1.354 -2 2 1 -141 -30 -4 0 15 214 270 845 25 GOLD, SDR'S ♦ OFF FGN EXCH 1516 -1.847 -4.571 -629 1.423 1.533 164 -5.195 1.651 -1.846 1.314 -1.134 -2.905 DEMAND DEPOSITS + CURRENCY 1617 -167 71 118 -4 164 -40 -140 -151 151 -145 75 -1 0 TIME DEPOSITS 1718 2.982 5.922 1.390 468 904 -507 1.982 603 391 707 1.302 3.522 CREDIT MARKET INSTRUMENTS 1819 -2 -6 0 5 5 -7 -2 2 2 -1 1 -8 SPONSORED AGENCY ISSUES 1920 -1.186 530 -59 -266 -536 -815 260 -95 -144 67 246 361 HOME MORTGAGES 2021 603 1.331 128 75 125 39 514 -75 -143 152 434 888 OTHER MORTGAGES 2122 3.567 4.067 1.321 654 1.310 276 1 .2 1 0 771 676 489 621 2.281 OTHER LOANS 2223 2.163 3.899 1.478 2.184 2.538 -4.623 2.304 1.944 2 .1 0 1 -4.091 4.103 1.786 TAXES RECEIVABLE 2324 274 993 -173 -660 110 330 -95 -71 209 225 334 225 TRADE CREDIT 2425 957 142 33 84 107 108 -27 769 178 -361 45 280 MISCELLANEOUS 2526 12.014 17.702 5.948 14.668 8.851 -3.751 -1.399 8.313 2.832 -2.052 3.347 13.575 NET INCREASE IN LIABILITIES 2627 422 427 111 96 88 193 64 77 82 97 103 145 TREASURY CURR. ♦ SDR CTFS. 2728 9.714 12.968 5.738 12.937 8.853 -5.994 -457 7.312 3.389 -6.187 4.497 11.269 CREDIT MARKET INSTRUMENTS 2829 2.700 3.034 772 879 891 911 441 457 780 822 611 821 SAVINGS BONDS 2930 5.039 10.072 3.824 10.731 7.310 -6.852 -1.560 6.141 2.183 -7.197 4.260 10.826 DIRECT EXCL. SVGS. BONDS 3031 1.975 -138 1.142 1.327 652 -53 662 714 426 188 -374 -378 AGENCY ISSUES ♦ MTGS. 3132 2.125 2.950 287 848 -165 2.332 -287 245 -291 3.816 -769 194 LIFE + RETIREMENT RESERVES 3233 116 486 107 459 -158 -336 112 498 -306 177 152 463 TRADE DEBT 3334 -363 871 -295 328 233 54 -831 181 -42 45 -636 1.504 MISCELLANEOUS 3435 -81 -634 524 -1.445 2.767 -512 479 -2.815 2.862 -2.591 492 -1.397 DISCREPANCY 3536 41.553 45.223 7.606 7.872 7.777 16.335 8.423 9.018 9. 132 16.936 9.404 9.751 MEMO: CORP. TAX RECEIPTS, NET 36

FEDERALLY SPONSORED CREDIT AGENCIES

1 227 316 20 30 42 53 63 69 73 77 81 85 CURRENT SURPLUS 1

2 22.019 23.493 1.113 1.704 3.042 6.181 7.568 5.228 2.907 6.487 9.171 4.928 NET ACQ. OF FINANCIAL ASSETS 23 98 56 5 2 35 -24 4 83 -26 -14 82 14 DEMAND DEPOSITS ♦ CURRENCY 34 20.255 24.018 1.136 2.034 3.113 5.859 6.987 4.296 3.002 6.915 8.654 5.447 CREDIT MARKET INSTRUMENTS 45 1.349 -292 -985 -932 -1 0 2 230 468 753 -787 -242 309 428 U.S. GOVERNMENT SECURITIES 56 8.393 12.234 1.214 1.342 1.389 1.989 2.668 2.347 2.489 3.171 3.779 2.795 RESIDENTIAL MORTGAGES (1) 67 1.964 2.771 316 358 484 527 474 479 564 715 700 792 FARM MORTGAGES 78 8.549 9.305 591 1.266 1.342 3.113 3.377 717 736 3.271 3.866 1.432 OTHER LOANS 89 279 998 109 128 597 -170 13 -161 541 -312 286 483 TO COOPS CBC) 9

10 1 .1 0 2 1.650 -179 -105 304 558 211 29 347 936 450 -83 TO FARMERS (FICB) 1011 7.168 6.657 661 1.243 441 2.725 3.153 849 -152 2.647 3.130 1.032 TO S+L *S (FHLB) 1112 1 .6 6 6 -581 -28 -332 -106 346 577 849 -69 -414 435 -533 MISCELLANEOUS ASSETS 12

13 21.758 23.090 1.052 1.700 2.945 6.125 7.490 5.198 2.811 6.373 9.002 4.904 NET INCREASE IN LIABILITIES 1314 19.589 21.641 1.083 1.592 2.684 5.874 7.043 3.988 1.796 6.447 8.942 4.456 CREDIT MARKET INSTRUMENTS 1415 19.589 20.946 1.083 1.592 2.684 5.874 7.043 3.988 1.796 6.447 8.832 3.871 SPONS. AGENCY ISSUES Cl) 1516 0 695 0 0 0 0 0 0 0 0 110 585 U.S. GOVERNMENT LOANS 1617 2.169 1.449 -31 108 261 251 447 1 .2 1 0 1.015 -74 60 448 MISCELLANEOUS LIABILITIES 1718 -34 -87 -41 26 -55 -3 -15 39 -23 -37 -88 61 DISCREPANCY 18

Cl) ALL GNMA-GUARANTEED SECURITIES BACKED BY MORTGAGE POOLS ARE INCLUDED IN AGENCY SECURITIES. THE MORTGAGE POOLS ARE INCLUDED IN RESIDENTIAL MORTGAGES.


5 FEBRUARY 1975 BANKING SYSTEM7


BANKING SYSTEM7


2345678 9

10

I 1972 I III

1973II III

1974II III

MONETARY AUTHORITIES132

7.842-190403-875-7239.2279.265-38

0

1694.820

80496-949-9576.1505.219931

0

- 1

2607399130443712

2.4572.444-13

0

252.821

75117232

1.1391.2581.212

460

272.115-190109

-1.85247

4.0013.963

380

32964-13109-74-258

1.2001.278-78

0

374.306

13 64 988

2.75 2 489 498 -9

0

36457

012163

-3.2643.5373.526

110

39-306-457

-877775

-257-31962

0

42 44 44 CURRENT SURPLUS5.101 5.134 -5.109 NET ACQ. OF FINANCIAL ASSETS

88 159 -163 GOLD ♦ FOREIGN EXCHANGE151 108 180 TREASURY CURR. ♦ SDR CTFS.75 1.424 -1.571 F.R. FLOAT

1 .177 1.982 -4.891 F.R. LOANS TO DOMESTIC BANKS3.610 1.461 1.336 CREDIT MARKET INSTRUMENTS3.436 1.275 827 U.S. GOVERNMENT SECURITIES174 186 509 ACCEPTANCES

0 0 0 BANK LOANS N.E.C.

2345678 9

10

11 7.710 4.651 -1.099 2.796 2.088 932 4.269 421 -345 5.059 5.090 -5.153 NET INCREASE IN LIABILITIES12 1.413 -1.235 -790 -1.045 1.226 -2.055 6.144 -3.902 1.350 1.676 3.170 -7.431 MEMBER BANK RESERVES13 2.040 1.174 2.041 -174 234 -1.231 2 .0 1 1 1.026 -976 -1.352 2.152 1.350 VAULT CASH OF COML. BANKS14 3.374 6.694 -2 .0 0 2 4.045 255 4.273 -4.177 3.023 -451 4.594 -282 2.833 DEMAND DEPOSITS + CURRENCY15 -498 466 -486 -9 1.578 630 -2.911 205 -427 761 472 -340 DUE TO U.S. GOVERNMENT16 -69 223 -69 140 73 -5 63 -2 0 0 119 26 259 -181 DUE TO REST OF THE WORLD17 3.941 6.005 -1.447 3.914 -1.396 3.648 -1.329 3.018 -143 3.807 -1.013 3.354 CURRENCY OUTSIDE BANKS18 123 78 -91 126 49 9 46 19 36 39 24 -2 1 TAXES PAYABLE19 760 -2.060 -257 -156 324 -64 245 255 -304 102 26 -1.884 MISCELLANEOUS LIABILITIES

1112131415161718 19

COMMERCIAL BANKING (1)

101112131415161718

4.3953.039

100.247286

82.26086.600-1.273-8.8337.56025.9185.700464

10.9948.76061.95510.60852.115-76856

4.6233.798

73.551-453

58.15861.8071.422

-2.7414.16315.9294.150253

5.6675.859

44.4562.762

40.4241.270

901661

18.60153

14.49314.1911.3141.081233

7.1521.968250

2.8642.0705.7253.0173.276-568

927680

32.7867

37.03733.2698.0885.9552.1335.743952525

2.3511.91519.4382.90915.0791.450

20 -3.396 -3.649 302 3.76821 3.453 -61 1.251 -1.21922 6.009 881 802 -3.56623 7.239 15.026 2 .0 0 2 52724 97.332 71.185 18.774 31.75225 12.588 -653 1.493 21.41726 -1 .0 1 0 -5.295 387 1.40527 13.598 4.642 1.106 2 0 .0 1 2

28 50.934 55.422 10.656 11.14029 2 0 .0 1 2 28.618 5.377 3.31530 30.316 26.616 5.553 8.18631 606 188 -274 -36132 1.216 1 .0 0 0 165 42233 10.627 4.789 1.623 -1.05634 -875 -949 443 23235 -723 -957 712 1.13936 6.009 881 802 -3.56637 85 125 130 0

38 17.471 11.527 2.750 2.02439 1.063 3.245 998 -81440 16.408 8.282 1.752 2.83841 -1.559 -1.541 413 -787

1.057717

20.2625

10.80815.068-5.839-5.968

1294.825 660 -69

2.1232.11116.0821.82215.190-93056

-4.3161.4604.125 3.86420.337-11.203

515-11.71819.57610.8528.501223500

5.320-1.852

474.125 275

3.549-2773.826

1.091729

1.114786

1.133807

1.173937

1.154950

1.173949

1.123962

27.2186

25.66026.001-1.085-3.4302.345

23.204138

16.11017.553

-1 2 1-2.7012.580

29.563137

30.68227.9785.7723.2662.506

13.491-1195.5769.607637-224861

39.701-1 2 0

29.62828.344-4.756-6.1061.350

6.726-55

5.4276.671

41-583624

13.633-159

17.52717.1855.5004.1721.328

6.5901.125

-1 0 13.0542.512

6.839863302

3.3032.371

7.6643.052332

2.5141.766

5.0812.132135

1.3761.438

7.7802.821

212.5942.344

1.118-1.545

401.2861.337

1.95074257

411740

20.4964.05716.506

-67

10.8353.0078.297-469

14.5421.722

1 2 .1 2 2698

3.889-3304.647-428

25.3202.49922.439

382

5.512 1 .679 3.934

-1 0 1

9.735-1.0869.4041.417

0-341

0-1.443

02.704

0-4.031

01.284

0-1.244

0342

-3.2862.9051.933

8.155-3.0391.840

-2.8762.018-398

3741.5246.136

3246.4703.399

5.322 —4.974 1.006

-6.081-2.1394.485

25.4806.606-9567.562

23.162 -4.643 —2.22 4 -2.419

28.35321.8281.655

20.173

13.352-14.663-1.255-13.408

37.9567.664-2437.907

7.209-7.680-1.097-6.583

12 .6 6 814.026-2.70016.726

11.2144.2496.870

95

14.7868.6825.976128

5.358-3.7718.969160

14.6303.95010.662

18

18.32211.9646.338

20

10.7648.9071.773

84

11.7063.7977.843

66

4601.063-74-2582.905-290

7063.172988

2.752-3.039

100

-4501.072

63-3.2642.018

0

2503.012-877775

1.524260

2501.196

751.1776.470-300

2503.2131.4241.982

-4.974165

250-2.632-1.571-4.891-2.139

0

3.854693

3.1618.340460

7.8801.728187

1.5418.4412.6815.760

3.102148

2.9542.065585

1.480-2.081-169

-1.912-1.376 286 -884 97 -1.541 707 -804

DEMAND DEPOSITS ♦ CURRENCY TOTAL BANK CREDITCREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES DIRECTAGENCY ISSUES

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

OTHER CR. EXCL. SECURITY 15CONSUMER CREDIT 16BANK LOANS N.E.C. 17OPEN-MARKET PAPER 18

CORPORATE EQUITIES 19SECURITY CREDIT 20

VAULT CASH ♦ MEM. BANK RES. 21OTHER INTERBANK CLAIMS 22MISCELLANEOUS ASSETS 23ET INCREASE IN LIABILITIES 24DEMAND DEPOSITS, NET 25U.S. GOVERNMENT 26OTHER 27

TIME DEPOSITS 28LARGE NEGOTIABLE CD'S 29OTHER AT COMMERCIAL BANKS 30AT FOREIGN BANKING AGS. 31

250 CORPORATE EQUITIES 32CREDIT MARKET DEBT 33F.R. FLOAT 34BORROWING AT F.R. BANKS 35OTHER INTERBANK CLAIMS 36TAXES PAYABLE 37MISCELLANEOUS LIABILITIES 38LIAB. TO FGN. AFFILIATES 39OTHER 40

804 DISCREPANCY 41(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."



5 FEBRUARY 1975COMMERCIAL BANKING SUBSECTORS COMMERCIAL BANKING SUBSECTORS8 8

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

UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWSI 1972 I 1973 I 19741974 | III IV | I II III IV | I II III

COMMERCIAL BANKS

1 4.395 4.623 901 927 1.0572 3.039 3.798 661 680 7173 88.611 65.029 16.259 34.164 14.8744 77.935 51.678 13.375 36.384 9.1975 80.895 55.026 13.073 32.703 13.1786 -1.291 1.600 1.065 7.864 -5.7837 -8.751 -2.500 832 5.938 -5.8488 7.460 4.100 233 1.926 659 25.672 15.287 7.093 5.481 4.829

10 5.611 3.754 1.987 949 65711 419 222 249 219 -6 612 10.980 5.733 2.859 2.353 2.16513 8.662 5.578 1.998 1.960 2.07314 56.514 38.139 4.915 19.358 14.13215 10.608 2.762 3.017 2.909 1.82216 46.674 34.107 2.466 14.999 13.24017 -768 1.270 -568 1.450 -93018 -2.960 -3.348 302 3.681 -3.98119 5.779 1.258 1.417 -2.433 3.24220 3.453 -61 1.251 -1.219 1.46021 2.326 1.319 166 -1.214 1.78222 4.897 12.093 1.467 213 2.43523 85.696 62.663 16.432 33.130 14.94924 12.994 -2.642 1.756 19.174 -10.95225 -1 .0 1 0 -5.295 387 1.405 51526 14.004 2.653 1.369 17.769 -11.46727 50.328 55.234 10.930 11.501 19.35328 2 0 .0 12 28.618 5.377 3.315 10.85229 30.316 26.616 5.553 8.186 8.50130 1.216 1 .0 0 0 165 422 50031 8 1.215 137 367 -6632 3.291 -3.315 -621 -235 2.58433 85 125 130 0 27534 2.085 -2.344 1.791 -981 53835 -875 -949 443 232 -1.85236 -723 -957 712 1.139 4737 2.570 1.328 972 -1.992 1.08438 137 92 0 339 7139 -410 -185 -140 - 1 1 1 53140 1.386 -1.673 -196 -588 65741 15.689 13.390 2.144 2.882 2.71942 350 2.247 588 -623 -27943 15.339 11.143 1.556 3.505 2.99844 -1.559 -1.541 413 -767 415

1.0917291.114786 1.133

8071.173937

1.154950

1.17394923.34224.99725.178-971

-3.3032.332

23.43614.32915.548-204

-2.7972.593

26.95929.41226.9915.6673.1972.470

9.8384.6698.392693-65758

30.50326.96525.671-4.749-6.0981.349

12.1355.0356.299162

-512674

6.5981 .1 2 1-94

3.0952.476

6.712810288

3.2552.359

7.5333.023291

2.4651.754

4.8962.018

1201.3931.365

7.611 2.707

222.612 2.270

969-1.642

401.2881.283

19.5514.05715.561

-67-181

9.0403.0076.502-469

-1.219

13.7911.72211.371

6982.421

2.803-3303.561-428

-3.723

22.809 2.499 19.928

382 1.294

5.1681.6793.590

-1 0 1-1.264-2.039-3.2861.247

7.0738.155-1.082

-2.497-2.876

379924374550

2.583324

2.2593.5955.322-1.727

384 2.034 44 4.245 955 3.50521.6046.025-9566.981

23.394-4.162-2.224-1.938

25.74922.0831.65520.428

9.699-16.491-1.255-15.236

28.7581.908-2432.151

12.618-2.533-1.097-1.436

11.1194.2496.870

14.6588.6825.976

5.198-3.7718.969

14.6123.95010.662

18.30211.9646.338

10.6808.9071.773

460-1 0 0

-1.087-290

706-19

1.774100

-45019520

0

250652.128260

250110

-1.507-300

2507901.109165

1.326-74-2581.621-18-339394

1.783988

2.752-1.567

60-584134

-1.56263

-3.2641.43224-18201

872-877775-346

11-92

1.401

5.46375

1.1775.606

91-91

-1.395

1591.4241.982-3.882

-18-2655

4.151394

3.7578.554205

8.34926530235

8.0031.1976.806

4.532415

4.1171.998-4442.442

-1.376 286 -884 97 -1.541 707

1.123 CURRENT SURPLUS 1962 PLANT ♦ EQUIPMENT 2

12.553 NET ACQ. OF FINANCIAL ASSETS 315.009 TOTAL BANK CREDIT 414.664 CREDIT MARKET INSTRUMENTS 55.494 U.S. GOVT. SECURITIES 64.175 DIRECT 71.319 AGENCY ISSUES 8

1.811 OTHER SECURITIES + MTGS. 9671 S. + L. OBLIGATIONS 1040 CORPORATE BONDS 11440 HOME MORTGAGES 12660 OTHER MORTGAGES 13

7.359 OTHER CR. EXCL. SECURITY 14-1.086 CONSUMER CREDIT 157.028 BANK LOANS N.E.C. 161.417 OPEN-MARKET PAPER 17345 SECURITY CREDIT 18

-5.844 INTERBANK CLAIMS 19-6.081 VAULT CASH ♦ MEM. BK. RES. 20

237 DEP. AT FGN. BANKING AGS. 213.388 MISCELLANEOUS ASSETS 2211.588 NET INCREASE IN LIABILITIES 2314.474 DEMAND DEPOSITS, NET 24-2.700 U.S. GOVERNMENT 2517.174 OTHER 2611.640 TIME DEPOSITS 273.797 LARGE NEGOTIABLE CD'S 287.843 OTHER 29250 CORPORATE EQUITIES 30250 CORPORATE BONDS 31

-5.045 SECURITY R.P.'S 320 PROFIT TAX LIABILITIES 33

-8.838 INTERBANK LIABILITIES 34-1.571 F.R. FLOAT 35-4.891 BORROWING AT F.R. BANKS 36

-50 DEM. DEP. OF FGN. BK. AGS. 378 TIME DEP. OF FGN. BK. AGS. 380 LOANS FROM AFFILIATES 39

-2.334 LOANS FROM FGN. BK. AGS. 40-1.143 MISCELLANEOUS LIABILITIES 411.079 LIAB. TO FOREIGN BRANCHES 42-2.222 CTHER 43-804 DISCREPANCY 44

DOMESTIC AFFILIATES OF COMMERCIAL BANKS

1 1.292 731 -172 223 1.094 20 533 -355 512 377 -145 -13 NET ACQ. OF FINANCIAL ASSETS 12 1.702 916 -32 334 563 359 1.117 -337 604 468 -143 -13 BANK LOANS N.E.C. 23 -410 -185 -140 -1 1 1 531 -339 -584 -18 -92 -91 -2 0 LOANS TO AFFILIATE BANKS 34 1.292 731 -172 223 1.094 20 533 -355 512 377 -145 -13 NET INCREASE IN LIABILITIES 45 2.244 2.437 397 269 819 827 948 -350 1.164 907 679 -313 COMMERCIAL PAPER ISSUES 56 -952 -1.706 -569 -46 275 -807 -415 -5 -652 -530 -824 300 MISCELLANEOUS LIABILITIES 6

EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS

1 9.871 7.837 2.173 -1.943 4.252 3.982 -1.074 2.711 3.182 8.865 -5.346 1.136 NET ACQ. OF FINANCIAL ASSETS 12 3.894 5.488 93 6 151 1.408 546 753 1.187 589 2.082 418 2.399 CREDIT MARKET INSTRUMENTS 23 91 2 109 89 29 -29 35 56 69 17 -1 0 0 16 U.S. GOVERNMENT SECURITIES 34 29 55 -15 11 0 1 26 2 24 23 31 -23 STATE + LOCAL OBLIGATIONS 45 35 30 0 305 -8 -1 2 14 41 14 -1 0 17 CORPORATE BONDS 56 3.739 5.401 842 -254 1.387 586 678 1.088 482 2.043 487 2.389 BANK LOANS N.E.C. 67 0 0 0 0 0 0 0 0 0 0 0 0 OPEN-MARKET PAPER 78 56 0 0 0 56 0 0 0 0 0 0 0 CORPORATE EQUITIES 89 -436 -301 0 87 -335 -160 -224 283 -308 -1 0 20 -3 SECURITY CREDIT 9

10 2.570 1.328 972 -1.992 1.084 1.621 -1.567 1.432 -346 5.606 -3.882 -50 DEM. DEPOSITS AT COML. BANKS 1011 137 92 0 339 71 -18 60 24 11 91 -18 8 TIME DEPOSITS AT COML. BANKS 1112 1.386 -1.673 -196 -588 657 394 134 201 1.401 -1.395 655 -2.334 LOANS TO BANKS 1213 2.264 2.903 461 60 1.311 1.599 -230 -416 1.835 2.491 -2.539 1.116 MISCELLANEOUS ASSETS 1314 9.871 7.837 2.173 -1.943 4.252 3.982 -1.074 2.711 3.182 8.865 -5.346 1.136 NET INCREASE IN LIABILITIES 1415 -406 1.989 -263 2.243 -251 581 -481 -255 1.828 5.756 -5.147 -448 DEMAND DEP. IN MONEY STOCK 1516 606 188 -274 -361 223 95 128 160 18 20 84 66 TIME DEPOSITS 1617 2.326 1.319 166 -1.214 1.782 1.247 -1.082 379 550 2.259 -1.727 237 DEPOSITS OF BANKS 1718 5.084 4.452 1.710 -1.457 1.985 1.423 469 1.207 -345 1.6 8 6 635 2.476 LOANS FROM BANKS 1819 2.261 -1 1 1 834 -1.154 513 636 -108 1 .2 20 1.131 -856 809 -1.195 MISCELLANEOUS LIABILITIES 1920 713 998 410 -191 2 299 255 157 1.484 -267 1.029 -1.248 DUE TO FOREIGN AFFILIATES 2021 1.548 -1.109 424 -963 511 337 -363 1.063 -353 -589 -220 53 OTHER 21

BANKS IN U.S. POSSESSIONS

1 473 -46 341 342 42 -126 309 248 -41 -44 82 -43 NET ACQ. OF FINANCIAL ASSETS 12 286 -453 53 7 5 6 138 137 -119 -1 2 0 -55 -159 DEMAND DEPOSITS + CURRENCY 23 109 377 214 81 -81 -82 135 137 22 123 97 135 CREDIT MARKET INSTRUMENTS 34 -73 -180 140 135 -85 -85 48 49 -125 -24 -2 1 -10 U.S. GOVERNMENT SECURITIES 45 60 341 -4 -8 3 3 27 27 90 91 66 94 STATE ♦ LOCAL OBLIGATIONS 56 10 1 1 1 5 5 0 0 1 0 0 0 CORPORATE BONDS 67 14 -6 6 5 -2 -42 -41 48 49 -17 -18 -2 -29 HOME MORTGAGES 78 98 281 72 -45 38 36 12 12 73 74 54 80 COMMERCIAL MORTGAGES 89 78 30 74 254 118 -50 36 -26 56 -47 40 -19 MISCELLANEOUS ASSETS 9

10 473 -46 341 342 42 -126 309 248 -41 -44 82 -43 NET INCREASE IN DEPOSIT LIAB. 10


5, FEBRUARY 1975NONBANK FINANCE SUMMARY9

NONBANK FINANCE SUMMARY9


UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWSI 1972 | 1973 f 1974

1973 1974 1 III IV 1 I II III IV 1 I II III IVPRIVATE NONBANK FINANCIAL INSTITUTIONS - TOTAL

1 5.709 5.483 1.529 915 1.2 02 1.527 1.601 1.379 1.293 1.467 1.483 1.240 CURRENT SURPLUS 12 1.991 2.224 539 593 637 638 438 278 718 509 663 334 PHYSICAL INVESTMENT 2

3 87.682 77.246 24.410 32.867 23.202 25.313 17.184 21.983 17.952 22.216 15.564 21.514 NET ACQ. OF FINANCIAL ASSETS 34 2.007 1.776 208 1.771 -379 913 470 1.003 -731 709 216 1.582 DEMAND DEPOSITS ♦ CURRENCY 45 123 0 75 74 60 63 0 0 0 0 0 0 TIME DEPOSITS (MSB) 56 -44 259 -309 321 652 120 -962 146 1.087 118 -1.244 298 S+L SHARES (CREDIT UNION) 6

7 13.390 5.042 2.388 6 .1 0 1 1.830 3.339 1.674 6.547 840 2.243 841 1.118 CORPORATE SHARES 78 72.243 67.442 21.742 23.548 21.271 20.766 16.281 13.925 14.878 18.084 16.974 17.506 CREDIT MARKET INSTRUMENTS 89 942 5.829 1.952 1.567 2.931 -665 -1.586 262 1.698 -903 1.002 4.032 U.S. GOVERNMENT SECURITIES 9

10 3.576 297 1.017 1.386 698 565 1.261 1.052 -15 -138 235 215 S. + L. OBLIGATIONS 1011 10.865 24.954 2.823 4.789 1.725 3.473 2.680 2.987 3.231 6.395 6.246 9.082 CORPORATE ♦ FOREIGN BONDS 1112 26.477 13.967 8.598 8.936 7.394 9.213 6.760 3.110 3.413 5.895 2.717 1.942 HOME MORTGAGES 1213 15.410 10.482 3.991 5.461 3.154 4.609 3.965 3.682 2.950 3.591 2.171 1.770 OTHER MORTGAGES 1314 9.043 4.774 1.869 2.605 1.009 2.783 2.846 2.405 -62 5 2.312 2.363 724 CONSUMER CREDIT 1415 5.930 7.139 1.492 -1.196 4.360 788 355 427 4.226 932 2.240 -259 OTHER LOANS 1516 -4.560 -1.673 372 121 -1 .1 2 0 -1.632 -720 -1.088 448 -400 -1.696 -25 SECURITY CREDIT 1617 658 550 345 268 208 164 142 144 141 138 137 134 TRADE CREDIT 1718 3.865 3.850 -411 663 680 1.580 299 1.306 1.289 1.324 336 901 MISCELLANEOUS ASSETS 1819 82.288 75.158 22.632 32.587 21.788 24.609 15.468 20.423 16.819 21.799 14.912 21.628 NET INCREASE IN LIABILITIES 1920 28.118 21.988 10.046 10.560 12.459 8.791 -59 6.927 11.463 4.501 -1.097 7.121 TIME + SAVINGS ACCOUNTS 2021 29.511 35.798 6.429 8.107 7.618 6.798 7.974 7.121 6.687 9.008 9.784 10.319 INSURANCE + PENSION RESERVES 2122 -404 1.754 198 406 207 -57 368 -922 311 -561 726 1.278 CORPORATE EQUITIES (1) 22

23 20.971 11.793 3.288 8.463 2.860 8.241 5.795 4.075 256 6.295 3.365 1.877 CREDIT MARKET INSTRUMENTS 2324 2.327 1.183 1.341 1.860 556 848 282 641 364 178 91 550 CORPORATE BONDS 2425 -1.533 -1.463 237 115 101 444 -690 -1.388 -186 552 -807 -1.0 22 MORTGAGE LOANS IN PROCESS 2526 320 95 115 110 128 142 10 40 70 1 39 -15 OTHER MORTGAGES 2627 8.405 6.060 1.089 3.539 1.437 3.316 2.243 1.409 239 4.386 1.041 394 BANK LOANS N.E.C. 2728 11.452 5.918 506 2.839 638 3.491 3.950 3.373 -231 1.178 3.001 1.970 OTHER LOANS 2829 4.284 -739 -155 1.596 197 766 797 2.524 -79 -1.469 -129 938 OPEN-MARKET PAPER 2930 7.168 6.657 661 1.243 441 2.725 3.153 849 -152 2.647 3.130 1.032 FHLB LOANS 3031 -3.444 -3.147 -134 3.879 -4.635 -836 -1.004 3.031 -3.922 859 -404 320 SECURITY CREDIT 3132 128 36 206 52 326 -357 167 -8 273 -355 147 -29 TAXES PAYABLE 3233 7.408 6.936 2.599 1 .1 2 0 2.953 2.029 2.227 199 1.751 2.052 2.391 742 MISCELLANEOUS LIABILITIES 3334 -1.676 1.171 -788 42 -849 185 -553 -459 -558 541 168 1 .0 20 DISCREPANCY 34

SAVINGS AND LOAN ASSOCIATIONS

1 1.780 1.684 382 397 435 445 449 451 452 431 409 392 CURRENT SURPLUS 1

2 29.231 23.741 9.375 9.240 10.792 9.801 4.495 4.143 8.540 7.572 3.531 4.098 NET ACQ. OF FINANCIAL ASSETS 23 594 596 -38 500 -89 221 -38 500 -89 228 -38 495 DEMAND DEPOSITS + CURRENCY 34 27.133 21.356 9.950 8.987 10.584 8.927 4.694 2.928 7.714 6.793 3.514 3.335 CREDIT MARKET INSTRUMENTS 45 3 3.606 922 484 2.718 -690 -1.992 -33 3.324 -584 -791 1.657 U.S. GOVERNMENT SECURITIES 56 21.992 14.236 7.162 6.363 6.469 7.895 5.283 2.345 3.473 5.785 3.543 1.435 HOME MORTGAGES 67 4.920 3.427 1.790 2 .1 0 0 1.389 1.635 1.319 577 930 1.479 681 337 OTHER MORTGAGES 78 218 87 76 40 8 87 84 39 -13 113 81 -94 CONSUMER CREDIT 89 1.504 1.789 -537 -247 297 653 -161 715 915 551 55 268 MISCELLANEOUS ASSETS 9

10 27.363 22.320 8.847 8.900 10.295 9.313 3.938 3.817 8.161 7.169 3.168 3.822 NET INCREASE IN LIABILITIES 1011 20.490 15.953 7.344 7.281 8.879 5.981 462 5.168 8.168 2.978 -237 5.044 SAVINGS SHARES 1112 5.962 6.277 1.027 1.887 200 3.315 2.976 -529 -662 4.188 3.081 -330 CREDIT MARKET INSTRUMENTS 1213 -1.533 -1.463 237 115 101 444 -690 -1.388 -186 552 -807 -1.0 22 MORTGAGE LOANS IN PROCESS 1314 327 1.083 129 529 -342 146 513 10 -324 989 758 -340 BANK LOANS N.E.C. 1415 7.168 6.657 661 1.243 441 2.725 3.153 849 -152 2.647 3.130 1.032 FHLB ADVANCES 1516 36 60 15 12 61 -34 6 3 31 -14 25 18 TAXES PAYABLE 1617 875 30 461 -280 1.155 51 494 -825 624 17 299 -910 MISCELLANEOUS LIABILITIES 1718 -8 8 263 -146 57 -62 -43 -108 125 73 28 46 116 DISCREPANCY 18

MUTUAL SAVINGS BANKS

1 566 555 112 117 130 139 146 151 155 142 134 124 CURRENT SURPLUS 1

2 5.962 3.651 2.436 2.093 2.925 2.159 94 784 2.321 544 -234 1.0 2 0 NET ACO. OF FINANCIAL ASSETS 23 186 -362 -46 208 -128 136 -284 462 -319 17 -348 288 DEMAND DEPOSITS + CURRENCY 34 123 0 75 74 60 63 0 0 0 0 0 0 TIME DEPOSITS 45 361 189 134 99 186 111 -73 137 189 -31 9 22 CORPORATE SHARES 56 5.011 3.553 2.367 1.311 2.969 1.427 569 46 2.695 160 132 566 CREDIT MARKET INSTRUMENTS 67 -492 514 168 381 238 67 -479 -318 114 -218 -113 731 U.S. GOVERNMENT SECURITIES 78 48 -46 195 51 155 -3 -68 -36 13 -54 -4 - 1 STATE + LOCAL OBLIGATIONS 89 -1.092 1.876 347 -151 221 -340 -525 -448 868 176 -92 924 CORPORATE BONDS 9

10 2.597 764 870 918 874 479 735 509 215 249 167 133 HOME MORTGAGES 1011 3.078 1.520 627 737 490 1.235 665 688 511 558 361 90 OTHER MORTGAGES 1112 231 40 55 -42 274 -81 33 5 81 10 65 -116 CONSUMER CREDIT 1213 -76 23 -19 -26 -541 488 90 -113 725 -730 -427 455 COMMERCIAL PAPER 1314 717 -1.138 124 -557 1.258 -418 118 -241 168 169 175 -1.650 SECURITY RP•S 1415 281 271 -94 401 -162 422 -118 139 -244 398 -27 144 MISCELLANEOUS ASSETS 1516 4.734 3.087 2.141 2.324 2.482 1.611 -523 1.164 2 .2 1 0 399 -765 1.243 SAVINGS DEPOSITS 1617 596 130 178 -403 260 366 485 -515 -2 5 93 400 -338 MISCELLANEOUS LIABILITIES 1718 -6 6 121 -5 -55 -53 -43 14 16 19 90 3 9 DISCREPANCY 18

CREDIT UNIONS

1 2.894 2.948 561 955 1.098 1.199 2 595 1.085 1.124 -95 834 NET ACQ. OF FINANCIAL ASSETS 12 1 -24 19 13 6 0 -3 -2 2 3 -44 15 DEMAND DEPOSITS + CURRENCY 23 -44 259 -309 321 652 120 -962 146 1.087 118 -1.244 298 SAVINGS + LOAN SHARES 34 2.937 2.713 851 621 440 1.079 967 451 -4 1.003 1.193 521 CREDIT MARKET INSTRUMENTS 45 241 197 153 119 102 50 35 54 55 51 -1 0 1 192 U.S. GOVERNMENT SECURITIES 56 0 9 45 28 12 - 1 -6 -5 0 0 4 5 HOME MORTGAGES 67 2.696 2.507 653 474 326 1.030 938 402 -59 9 52 1.290 324 CONSUMER CREDIT 78 2.894 2.948 561 955 1.098 1.199 2 595 1.085 1.124 -95 834 CREDIT UNION SHARES 8

(1) INCLUDES INVESTMENT COMPANY SHARES.IV/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.Digitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

5 FEBRUARY 1975INSURANCE ♦ PENSION FUNDS10



INSURANCE ♦ PENSION FUNDS10


1974 | IIII 1973

IV | I II III IVLIFE INSURANCE COMPANIES

1974 II III

5678 9

101112131415161718 19

1.7561.25916.617

903.55712.053

7245

5.851-4664.327

232.201917

15.1317.2095.150

362.736-989

1.9331.43416.747

292.05013.742

-122213

6.575380

4.749-7542.701926

15.7847.2065.681-12

2.909-464

413 432 422 433 445 456 468 485 496 484 CURRENT SURPLUS 1287 265 346 313 352 248 378 293 432 331 PHYSICAL INVESTMENT 2

4.089 3.514 4.700 3.393 4.041 4.483 3.915 4.574 3.977 4.281 NET ACQ. OF FINANCIAL ASSETS 394 559 -457 260 23 264 -262 -298 75 514 DEMAND DEPOSITS ♦ CURRENCY 4522 873 870 1.138 767 782 624 523 483 420 CORPORATE SHARES 5

3.215 1.836 4.051 1.767 3.027 3.208 3.323 4.119 3.186 3.114 CREDIT MARKET INSTRUMENTS 664 -177 94 26 -22 -26 -149 26 12 -11 U.S. GOVERNMENT SECURITIES 711 5 -35 41 66 -27 99 51 34 29 STATE + LOCAL OBLIGATIONS 8

1.389 2.095 1.182 1.926 1.386 1.357 1.082 2.251 968 2.274 CORPORATE BONDS 9-670 -132 -276 -374 10 174 -196 -49 159 466 HOME MORTGAGES 10936 1.638 544 7C1 1.116 1.966 987 1.306 1.122 1.334 OTHER MORTGAGES 11

1.235 -1.818 2.256 -942 -367 -924 1.161 -249 10 -1.676 OPEN-MARKET PAPER 12250 225 286 389 838 688 339 783 881 698 POLICY LOANS 13258 246 236 228 224 229 230 230 233 233 MISCELLANEOUS ASSETS 14

4.278 NET INCREASE IN LIABILITIES 151.772 LIFE INSURANCE RESERVES 16

1.558 1.328 1.230 1.266 1.305 1.349 773 1.930 1.432 1.546 PENSION FUND RESERVES 1796 -24 182 -207 87 -26 177 -215 76 -50 TAXES PAYABLE 18700 564 752 810 440 734 198 987 714 1.010 MISCELLANEOUS LIABILITIES 1921 205 -710 420 -276 -423 -909 177 118 150 DISCREPANCY 20

3.984 3.552 3.914 3.693 3.672 3.852 2.916 4.559 4.031 1.630 1.684 1.750 1.824 1.840 1.795 1.768 1.857 1.809

PRIVATE PENSION FUNDS

1 7.737 11.092 1.489 2.976 2.182 1.229 2.410 1.916 2.056 2.302 3.289 3.445 NET ACQ. OF FINANCIAL ASSETS 12 439 1.226 175 325 195 183 430 -369 266 609 319 32 DEMAND DEPOSITS + CURRENCY 2

3 5.290 2 .0 0 1 1.044 1.945 1.259 1.103 734 2.194 787 436 355 423 CORPORATE SHARES 34 1.953 6.706 342 477 710 12 1.093 138 525 1.087 2.374 2.720 CREDIT MARKET INSTRUMENTS 45 638 1.237 205 584 308 -119 241 208 34 -67 716 554 U.S. GOVERNMENT SECURITIES 56 1.605 5.510 279 15 524 225 874 -18 437 1.178 1.677 2.168 CORPORATE BONDS 67 -290 -41 -142 -1 2 2 - 1 2 2 -94 -2 2 -52 4 -24 -19 -2 HOME MORTGAGES 78 55 1.159 -72 229 18 -69 153 -47 478 170 241 270 MISCELLANEOUS ASSETS 8

STATE ♦ LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS

1 9.415 11.819 1.752 2.119 2.456 2.479 2.419 2.061 2.090 2.919 3.254 3.556 NET ACQ. OF FINANCIAL ASSETS 12 168 83 -55 63 -149 117 123 77 -119 161 1 40 DEMAND DEPOSITS ♦ CURRENCY 2

3 3.922 2.717 1.041 1.004 1.246 906 756 1.014 1.109 808 448 352 CORPORATE SHARES 34 5.325 9.019 766 1.052 1.359 1.456 1.540 970 1 .1 0 0 1.950 2.805 3.164 CREDIT MARKET INSTRUMENTS 45 113 451 -237 -188 15 -55 -29 182 -280 578 -52 205 U.S. GOVERNMENT SECURITIES 56 -134 579 -143 -179 11 -126 -8 8 69 -56 471 -45 209 DIRECT- 67 247 -128 -94 -9 4 71 59 113 -224 107 -7 -4 AGENCY ISSUES 78 -618 -525 -333 -56 -387 -1 2 0 23 -134 -18 -472 -33 - 2 STATE ♦ LOCAL OBLIGATIONS 89 5.936 9.051 1.435 1.434 1.792 1.517 1.649 978 1.372 1.818 2.896 2.965 CORPORATE BONDS 9

10 -106 42 -99 -138 -61 114 -103 -56 26 26 —6 -4 MORTGAGES 10

OTHER INSURANCE COMPANIES

1 1 .8 8 6 1.504 517 488 516 482 454 434 436 384 355 329 CURRENT SURPLUS 1

2 5.607 4.753 2.143 2 .1 1 0 1.364 1.382 1.424 1.437 1.176 1.143 1.195 1.239 NET ACQ. OF FINANCIAL ASSETS 23 -2 2 132 6 3 -2 2 2 12 92 96 -242 -9 309 74 DEMAND DEPOSITS + CURRENCY 34 2.170 -544 888 796 832 354 434 550 244 -27 -578 -183 CORPORATE SHARES 45. 2.801 4.615 904 1.043 546 852 756 647 1.033 1.041 1.327 1.214 CREDIT MARKET INSTRUMENTS 56 -1 0 0 58 -127 145 -189 -90 81 98 -62 -181 104 197 U.S. GOVERNMENT SECURITIES 67 3.883 1.080 1.267 1.118 1.282 555 1.209 837 431 339 221 89 STATE + LOCAL OBLIGATIONS 78 -965 3.475 -225 -208 -533 387 -525 -294 663 882 1 .0 0 2 928 CORPORATE BONDS 89 -17 2 - 1 1 - 1 2 -14 0 -9 6 1 1 0 0 COMMERCIAL MORTGAGES 9

10 658 550 345 268 208 164 142 144 141 138 137 134 TRADE CREDIT 10

11 3.666 4.258 1.414 1.375 921 881 944 920 1.089 1.023 1.087 1.059 NET INCREASE IN LIABILITIES 1112 452 371 107 115 109 111 114 118 100 100 88 83 CORPORATE EQUITIES 1213 13 20 47 21 26 -32 22 -3 35 -32 21 -4 TAXES PAYABLE 1314 3.201 3.867 1.260 1.239 786 802 808 805 954 955 978 980 POLICY PAYABLES 1415 -55 1.009 - 2 1 2 -247 73 -19 -26 -83 349 264 247 149 DISCREPANCY 15IV/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.


5 FEBRUARY 1975FINANCE N.E.C.11 SECTOR STATEMENTS OF SAVING AND INVESTMENT


FINANCE N.E.C.11


1973 1974 1 III IV 1 1 11 III IV 1 I II III IV

1 -279 -193 105 -519 -301 28 107 -113 -218 25 89 -89 CURRENT SURPLUS OF GROUPFINANCE COMPANIES

1 10.382 4.047 2.071 5.006 1.623 3.660 1.634 3.465 253 1.629 470 1.695 NET ACQ. OF FINANCIAL ASSETS2 246 230 65 64 63 62 61 60 59 58 57 56 DEMAND DEPOSITS + CURRENCY3 1.372 -1.654 1.265 1.452 103 969 400 -1 0 0 -268 -139 -1.147 -1 0 0 HOME MORTGAGES4 5.898 2.140 1.085 2.133 401 1.747 1.791 1.959 -634 1.237 927 610 CONSUMER CREDIT5 2 .8 6 6 3.331 -344 1.357 1.056 882 -618 1.546 1.096 473 633 1.129 OTHER LOANS (TO BUSINESS)6 9.419 3.816 1.497 4.959 1.378 3.466 1.321 3.254 18 1.533 89 2.176 NET INCREASE IN LIABILITIES7 1.777 1.073 1.303 1.800 406 670 230 471 234 171 93 575 CORPORATE BONDS8 4.093 7 1 .0 1 2 2.203 635 2.051 1.093 314 -732 1.015 -495 219 BANK LOANS N.E.C.9 3.549 2.736 -818 956 337 745 - 2 2.469 516 347 491 1.382 OPEN-MARKET PAPER

10 55 76 20 29 42 -48 40 21 43 -36 39 30 TAXES PAYABLEREAL ESTATE INVESTMENT TRUSTS

1 732 790 252 328 291 325 86 30 340 216 231 3 PHYSICAL INVESTMENT2 241 260 83 108 96 107 28 10 112 71 76 1 MULTI-FAMILY STRUCTURES3 491 530 169 220 195 218 58 20 22 8 145 155 2 NONRESIDENTIAL STRUCTURES4 5.588 720 850 1.599 1.431 1.609 1.538 1 .0 1 0 590 269 -143 4 NET ACQ. OF FINANCIAL ASSETS5 1.272 273 68 429 334 339 360 239 185 73 10 5 HOME MORTGAGES6 720 276 333 376 113 327 347 -67 164 100 10 2 MULTI-FAMILY MORTGAGES7 2.488 466 415 760 693 597 630 568 331 121 3 11 COMMERCIAL MORTGAGES8 1.108 -295 34 34 291 346 201 270 -90 -25 -166 -14 MISCELLANEOUS ASSETS9 6.320 1.510 1 .1 0 2 1.927 1.722 1.934 1.624 1.040 930 485 88 7 NET INCREASE IN LIABILITIES

10 730 -190 338 310 440 474 126 -310 30 -89 -107 -24 CORPORATE EQUITIES11 5.590 1.700 764 1.617 1.282 1.460 1.49 8 1.350 900 574 195 31 CREDIT MARKET INSTRUMENTS12 320 95 115 110 128 142 10 40 70 1 39 -15 MORTGAGES13 105 31 38 36 42 47 3 13 23 0 13 -5 MULTI-FAMILY RESIDENTIAL14 215 64 77 74 86 95 7 27 47 1 26 - 1 0 COMMERCIAL15 550 110 38 60 150 178 52 170 130 7 -2 -25 CORPORATE BONDS16 3.985 4.970 -52 807 1.144 1.119 637 1.085 1.295 2.382 778 515 BANK LOANS N.E.C.17 735 -3.475 663 640 -140 21 799 55 -595 -1.816 -620 -444 OPEN-MARKET PAPER18 0 0 0 0 0 0 0 0 0 0 0 0 MISCELLANEOUS LIABILITIES

12345678 9

10

12345678

9101112

1516 17

OPEN-END INVESTMENT COMPANIES

1 -633 -350 -25 -630 -411 -64 16 -174 -270 12 32 -124 CURRENT SURPLUS2 -2.219 1.223 -272 -649 -753 -706 144 -904 -89 -560 777 1.095 NET ACQ. OF FINANCIAL ASSETS3 297 -164 -8 40 402 -80 63 -8 8 -32 -67 -123 58 DEMAND DEPOSITS + CURRENCY4 -2.314 -533 -745 -255 -1.297 -564 -549 96 -682 -8 6 -35 270 CORPORATE -SHARES5 -2 0 2 1.920 481 -434 142 -62 630 -912 625 -407 935 767 CREDIT MARKET INSTRUMENTS6 471 -360 142 -23 292 81 120 -2 2 -301 -364 331 -26 U.S. GOVERNMENT SECURITIES7 -872 -696 93 -34 -195 -532 216 -361 189 -529 -364 8 CORPORATE BONDS8 199 2.976 246 -377 45 389 294 -529 737 486 968 785 OPEN-MARKET PAPER9 -1.586 1.573 -247 -19 -342 -642 128 -730 181 -572 745 1.219 NET SHARE ISSUES

SECURITY BROKERS AND DEALERS

1 -3.532 -3.49 5 -84 3.904 -4.616 -892 -1.017 2.993 -3.985 700 -457 247 NET ACQ. OF FINANCIAL ASSETS2 8 30 -4 -4 0 2 3 3 5 7 8 10 DEMAND DEPOSITS ♦ CURRENCY3 404 -838 -496 1.639 -1.266 291 -395 1.774 -1.431 620 159 -186 CORPORATE SHARES4 616 -1.014 44 2.148 -2.230 447 95 2.304 -3.007 473 1.072 448 CREDIT MARKET INSTRUMENTS5 -4 248 662 242 -647 65 459 119 -1.037 -144 896 533 U.S. GOVERNMENT SECURITIES6 218 -42 5 -123 268 -317 92 31 412 -540 -2 17 100 STATE ♦ LOCAL OBLIGATIONS7 402 -837 -495 1.638 -1.266 290 -395 1.773 -1.430 619 159 -185 CORPORATE BONDS8 -4.560 -1.673 372 121 -1 .1 2 0 -1.632 -720 -1.088 448 -400 -1.696 -25 SECURITY CREDIT9 -3.456 -3.255 -106 3.893 -4.620 -872 -992 3.028 -3.935 801 -418 297 NET INCREASE IN LIABILITIES

10 -3.444 -3.147 -134 3.879 -4.635 -836 -1.004 3.031 -3.922 859 -404 320 SECURITY CREDIT11 -3.205 -2.875 57 3.534 -4.404 -514 -1.161 2.874 -3.776 1 .1 1 2 -440 229 FROM BANKS12 -239 -272 -191 345 -231 -322 157 157 -146 -2 53 36 91 CUSTOMER CREDIT BALANCES13 -1 2 -108 28 14 15 -36 12 -3 -13 -58 -14 -23 TAXES PAYABLE

910111213



5 FEBRUARY 1975 REST OF THE WORLD12


REST OF THE^WORLD12


1973 19741 1972 I III IV

11 I

1973 II III IVREST OF THE WORLD

1 3.943 1.956 -2.701 -260 487 233 -169 3.3922 100.350 139.416 17.289 20.343 22.044 24.601 24.451 29.2543 96.407 137.460 19.990 20.603 21.557 24.368 24.620 25.8624 3.876 3.581 937 879 753 1 .1 0 0 876 1.1475 -67 1.625 3.638 1.139 266 867 1.045 -2.245

6 2.109 -2.056 4.688 2.473 3.930 302 1.173 -3.2967 17.436 32.560 6.409 5.082 10.310 2.516 2.521 2.0898 9 -172 3 0 0 9 0 09 2.514 2.070 113 521 -715 731 410 2.088

10 2.889 6.630 616 1.190 1.254 801 - 6 84011 2.758 272 323 1.087 1.273 128 871 48612 738 12.927 5.147 12 7.876 -2.560 -1.618 -2.96013 340 3.905 5.329 -46 7.806 -2.837 -1.729 -2.90014 97 1.150 -142 1 1 1 60 87 133 -18315 301 7.872 -40 -53 10 190 -22 12316 -33 -58 -26 80 -56 6 -26 4317 986 904 159 273 141 -34 570 30918 7.575 9.987 74 1.919 537 3.435 2.320 1.28319 1.063 3.245 998 -814 -277 693 460 18720 2.537 2.908 158 224 351 588 886 71221 3.975 3.834 -1.082 2.509 463 2.154 974 38422 15.327 34.616 1.721 2.609 6.380 2.214 1.348 5.38523 -2 0 0 1.262 -119 -6 6 -2 2 0 -8 13 1524 -2 0 0 -196 -81 -209 -164 -39 -5 825 7.728 15.712 671 1.937 2.163 2.079 731 2.75526 991 1.880 -128 249 113 165 209 50427 2.802 6 .2 0 0 551 1.044 1.075 1.116 -723 1.33428 3.935 7.632 248 644 975 798 1.245 91729 -181 -31 -3 60 -48 - 1 2 1 12 -2430 1.877 2.636 21 468 154 185 539 99931 6.303 15.233 1.232 419 4.495 118 58 1.63232 348 646 47 115 77 81 2 18833 4.798 2.520 1.727 -271 2.904 412 -78 1.56034 3.649 4.915 726 -258 2.061 669 313 60635 -2.492 7.152 -1.268 833 -547 -1.044 -179 -72236 -2.176 3.681 -1.050 -1.334 -3.664 565 -128 1.051

I 1974I I II III IV


3.556 -318 -2.728 1.446 NET U.S. EXPORTS 132.732 35.489 34.204 36.991 U.S. EXPORTS 229.176 35.807 36.932 35.545 U.S. IMPORTS 3

913 966 820 882 TRANSFER RECEIPTS FROM U.S. 4-2.643 1.284 3.548 -564 CURRENT ACCOUNT BALANCE

(U.S. BALANCE, SIGN REVERSED)5

-4.451 741 2.6 6 6 -1 .0 1 2 NET FINANCIAL INVESTMENT 65.733 10.743 6.754 9.330 NET ACQ. OF FINANCIAL ASSETS 7

0 -29 -123 -2 0 GOLD + SDR'S (1) 8-44 975 -456 1.595 U.S. DEMAND DEPOSITS 9-310 1.706 3.237 1.997 U.S. TIME DEPOSITS 10

376 12 84 -2 0 0 U.S. CORPORATE EQUITIES 111.440 3.986 2.947 4.554 CREDIT MARKET INSTRUMENTS 12-710 2.761 -789 2.643 U.S. GOVT. SECURITIES 13287 340 73 450 U.S. CORPORATE BONDS (2) 14

1.863 885 3.663 1.461 OPEN-MARKET PAPER 1551 -30 -56 -23 SECURITY CREDIT 16398 428 17 61 TRADE CREDIT 17

3.822 3.695 1.104 1.366 MISCELLANEOUS ASSETS U.S. BANK LIABILITIES

182.681 148 585 -169 TO FOREIGN AFFILIATES 191.281 1.677 -50 0 DIR. INVESTMENT IN U.S. 20-140 1.870 569 1.535 OTHER 21

10.184 1 0 .0 0 2 4.088 10.342 NET INCREASE IN LIABILITIES U.S. OFF. FGN. EXCHANGE

22

210 329 881 -158 + NET IMF POSITION 2313 -124 -85 0 FOREIGN EOUITY ISSUES 24

3.704 6.368 1 .6 8 8 3.952 CREDIT MARKET INSTRUMENTS 25633 437 385 425 CORPORATE BONDS 26

1.487 3.337 -939 2.315 BANK LOANS N.E.C. 271.584 2.594 2.242 1 .2 1 2 OTHER LOANS 28

-4 16 -62 19 SECURITY DEBT 291 .6 6 8 717 151 100 TRADE DEBT 304.593 2.696 1.515 6.429 MISCELLANEOUS LIABILITIES 31

114 233 83 216 USG EQUITY IN IBRD, ETC. 322.370 -701 -1.056 1.907 FGN. CURR. HELD IN U.S. 331.245 1.420 1.750 500 U.S. DIR. INV. ABROAD(2) 34864 1.744 738 3.806 OTHER 35

1.808 543 882 448 DISCREPANCY 36(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.IV/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.


5 FEBRUARY 1975MONETARY AND INSURANCE RESERVES MONETARY AND INSURANCE RESERVES13 13GOLD, OFFICIAL FOREIGN EXCHANGE* TREASURY CURRENCY, AND INSURANCE RESERVES

(MILLIONS OF DOLLARS)UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS

I 1972 I 1973 I 19741974 | III IV I I II III IV I I II III

GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS (1)

1 -209 1.434 -1 2 2 -6 6 -2 2 0 -17 13 15 210 358 1.004 -138 TOTAL U.S. RESERVES 1

2 -9 172 -3 0 0 -9 0 0 0 29 123 20 U.S. GOLD STOCK AND SDR'S 23 -9 87 -3 0 0 -9 0 0 0 29 123 -65 U.S. GOVT.— EX. STAB. FUND 34 0 85 0 0 0 0 0 0 0 0 0 85 MONETARY AUTHORITIES (2) 45 -2 0 0 1.262 -119 -6 6 -2 2 0 -8 13 15 210 329 881 -158 U.S. FOREIGN EXCHANGE POSITION 56 -233 -3 -134 -82 -233 0 0 0 1 85 152 -241 OFFICIAL FGN. CURRENCY HLDGS 67 -45 - 1 -238 -152 -45 0 0 0 - 1 1 0 -1 TREASURY 78 -188 - 2 104 70 -188 0 0 0 2 84 152 -240 MONETARY AUTHORITIES 8

9 33 1.265 15 16 13 - 8 13 15 209 244 729 83 NET IMF POSITION 910 35 1.268 20 11 15 5 0 15 215 240 722 91 U.S. GOVERNMENT ASSET 1011 -2 -3 -5 5 - 2 -13 13 0 -6 4 7 - 8 MONETARY AUTHORITIES 11

TREASURY CURRENCY AND SDR CERTIFICATES

1 42 2 427 111 96 88 193 64 77 82 97 103 145 TOTAL U.S. GOVT. LIABILITY 12 403 496 130 117 109 109 64 121 57 151 108 180 MONETARY AUTHORITIES ASSET 23 19 -69 -19 -2 1 - 2 1 84 0 -44 25 -54 -5 -35 UNALLOCATED ASSETS 3

INSURANCE AND PENSION FUND RESERVES-

1 7.277 7.274 1.647 1.701 1.7672 68 68 17 17 173 7.209 7.206 1.630 1.684 1.7504 7.277 7.274 1.647 1.701 1.767

5 24.359 31.474 5.069 7.254 5.6866 2.057 2.882 270 831 -1827 22.302 28.592 4.799 6.423 5.8688 5.150 5.681 1.558 1.328 1.2309 7.737 11.092 1.489 2.976 2.182

10 9.415 11.819 1.752 2.119 2.45611 24.359 31.474 5.069 7.254 5.686

1.841 1.857 1.812 1.785 1.874 1.82617 17 17 17 17 17

1.824 1.840 1.795 1.768 1.857 1.8091.841 1.857 1.812 1.785 1.874 1.826

7.289 5.830 5.554 4.611 10.950 7.1892.315 -304 228 -308 3.799 -7864.974 6.134 5.326 4.919 7.151 7.9751.266 1.305 1.349 773 1.930 1.4321.229 2.410 1.916 2.056 2.302 3.2892.479 2.419 2.061 2.090 2.919 3.2547.289 5.830 5.554 4.611 10.950 7.189

LIFE INSURANCE RESERVES:1.789 NET CHANGE IN LIABILITIES 1

17 U.S. GOVERNMENT 21.772 LIFE INSURANCE COMPANIES 31.789 NET CHANGE IN ASSETS (HH) 4

PENSION FUND RESERVES:8.724 NET CHANGE IN LIABILITIES 5 177 U.S. GOVERNMENT 6

8.547 INSURANCE SECTOR 71.546 LIFE INSURANCE COMPANIES 83.445 PRIVATE PENSION FUNDS 9 3.556 S. + L. GOVT., RTR. FUNDS 108.724 NET CHANGE IN ASSETS (HH) 11

INTERBANK CLAIMS

1 7.864 -1.086 3.208 -3.414 3.780 -713 8.856 -4.059 1.796 8.046 3.754 -14.682 NET CHANGE IN LIABILITIES 12 1.413 -1.235 -790 -1.045 1.226 -2.055 6.144 -3.902 1.350 1.676 3.170 -7.431 MONET. AUTH.— MEM. BANK RES. 23 2.040 1.174 2.041 -174 234 -1.231 2.011 1.026 -976 -1.352 2.152 1.350 — VAULT CASH 34 4.411 -1.025 1.957 -2.195 2.320 2.573 701 -1.183 1.422 7.722 -1.568 -8.601 COMMERCIAL BANKING— TOTAL5 2.085 -2.344 1.791 -981 538 1.326 1.783 -1.562 872 5.463 159 -8.838 COMMERCIAL BANKS6 -1.598 -1.906 1.155 1.371 -1.805 -332 3.740 -3.201 -1 0 2 1.252 3.406 -6.462 TO MONETARY AUTHORITIES7 -410 -185 -140 - 1 1 1 531 -339 -584 -18 -92 -91 -2 0 LOANS FROM AFFILIATES8 1.386 -1.673 -196 -588 657 394 134 201 1.401 -1.395 655 -2.334 LOANS FROM FGN. BK. AG.9 2.570 1.328 972 -1.992 1.084 1.621 -1.567 1.432 -346 5.606 -3.882 -50 DEM. DEP. OF FGN. BK. AG

10 137 92 0 339 71 -18 60 24 11 91 -18 8 TIME DEP. OF FGN. BK. AGFOREIGN BANKING AGENCIES—

11 2.326 1.319 166 -1.214 1.782 1.247 -1.082 379 550 2.259 -1.727 237 DEPOSITS OF BANKS12 7.864 -1.086 3.208 -3.414 3.780 -713 8.856 -4.059 1.796 8.046 3.754 -14.682 NET CHANGE IN ASSETS13 -1.598 -1.906 1.155 1.371 -1.805 -332 3.740 -3.201 -1 0 2 1.252 3.406 -6.462 MONETARY AUTHORITIES14 -875 -949 443 232 -1.852 -74 988 63 -877 75 1.424 -1.571 F.R. FLOAT15 -723 -957 712 1.139 47 -258 2.752 -3.264 775 1.177 1.982 -4.891 LOANS TO MEMBER BANKS16 9.462 820 2.053 -4.785 5.585 -381 5.116 -858 1.898 6.794 348 -8 .2 2 0 COMMERCIAL BANKING— TOTAL17 5.779 1.258 1.417 -2.433 3.242 -2.039 7.073 -2.497 924 2.583 3.595 -5.844 COMMERCIAL BANKS18 1.413 -1.235 -790 -1.045 1.226 -2.055 6.144 -3.902 1.350 1.676 3.170 -7.431 MEMBER BANK RESERVES19 2.040 1.174 2.041 -174 234 -1.231 2 .0 1 1 1.026 -976 -1.352 2.152 1.350 VAULT CASH20 2.326 1.319 166 -1.214 1.782 1.247 -1.082 379 550 2.259 -1.727 237 DEPOSITS AT FGN. BK. AG.

BANK AFFILIATES— LOANS21 -410 -185 -140 - 1 1 1 531 -339 -584 -18 -92 -91 -2 0 TO AFFILIATE BANKS22 4.093 -253 776 -2.241 1.812 1.997 -1.373 1.657 1.066 4.302 -3.245 -2.376 FOREIGN BANKING AGENCIES 2223 2.570 1.328 972 -1.992 1.084 1.621 -1.567 1.432 -346 5.606 -3.882 -50 DEMAND DEPOSITS AT BANKS 2324 137 92 0 339 71 -18 60 24 11 91 -18 8 TIME DEPOSITS AT BANKS 2425 1.386 -1.673 -196 -588 657 394 134 201 1.401 -1.395 655 -2.334 LOANS TO BANKS 25

(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 EXCLUDED 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.IV/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.


5 FEBRUARY 1975MONEY AND DEPOSITS SUMMARY14

MONEY AND DEPOSITS SUMMARY‘ 14

MONEY STOCK AND TIME AND SAVINGS ACCOUNTS(MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWSI 1972

1974 I IIII 1973

IV I I II III IVDEMAND DEPOSITS AND CURRENCY

1974 II III

15.962 6.041 -509 25.462 -10.948 10.879 -8.820 24.851 -15.114 12.258 -7.962 16.859 NET CHANGE IN ASSETS

1112131415161718 19

17.47014.95613.054-270-3122.39193

2.514

10.8708.8003.6991.360548

1.3791.8142.070

-1.508 -4.82915.9623.374-498-69

3.94112.588- 1 .0 1 02.58311.015

6.0416.694466223

6.005-653

-5.2951.8472.795

-410-5231.484

6-535266

-1.744113-99-509

- 2 .0 0 2-486-69

-1.4471.493387182924

24.06623.54514.1952.6591.3481.7803.563521

-13.041-12.326-7.103-2.060-1.553-339

-1.271-715

25.4624.045

-9140

3.914

11.20510.4745.717285916895

2.661731

1.396 2.09310.948

2551.&78

73-1.396

21.417 -11.203 1.405 515381 -788

19.631 -10.930

-3.685-4.095

59179

-1.659612

-3.286410

22.99120.90314.3811.3261.9841.2231.9892.088

-13.432 -13.388 -7.92 5 -1.351 -1.472 -876

-1.764 -44

-326 -5.135 1.860 -1.68210.8794.273630-5

3.6486.606-956736

6.826

-8.820-4.177-2.911

63-1.329-4.643-2.224

347-2.766

24.8513.023205

-2003.018

-15.114-451-427119

-14321.828 -14.663 1.655 -1.2552.288 -163 17.885 -13.245

11 .740 10.765 5.897 -1.393 2.218 575

3.468 975518

12.2584.59476126

3.8077.664-243949

6.958

-7.337 19.899 MONEY STOCK-6.881 18.304 DOMESTIC SECTORS-3.285 9.012 HOUSEHOLDS

875 3.229 NONFINANCIAL BUSINESS-1.258 1.060 S. + L. GOVERNMENTS

243 1.437 FINANCIAL SECTORS-3.456 3.566 MAIL FLOAT-456 1.595 REST OF THE WORLD-625 -3.040 U.S. GOVERNMENT DEPOSITS

-7.962-282472259

-1.013-7.680-1.097-715

-5.868

16.859 NET CHANGE IN BKG. SYSTEM LIAB 11 2.833 MONETARY AUTHORITIES 12

U.S. GOVT. CASH + DEPOSITS 13-340-1813.35414.026-2.7001.77614.950

FOREIGN DEPOSITS 14CURRENCY 15

COMMERCIAL BANKING 16U.S. GOVERNMENT DEPOSITS 17FOREIGN DEPOSITS 18PRIVATE DOMESTIC 19

TIME DEPOSITS AND SAVINGS ACCOUNTS

1 79.052 77.410 20.702 21.700 32.035 20.005 14.727 12.285 26.093 22 .823 9.667 18.827 NET CHANGE - TOTAL2 50.934 55.422 10.656 11.140 19.576 11.214 14.786 5.358 14.630 18.322 10.764 11.706 COMMERCIAL BANKING LIABILITY3 2 0 .0 1 2 28.618 5.377 3.315 10.852 4.249 8.682 -3.771 3.950 11.964 8.907 3.797 LARGE NEGOTIABLE CD'S4 30.316 26.616 5.553 8.186 8.501 6.870 5.976 8.969 10.662 6.338 1.773 7.843 OTHER AT COMMERCIAL BANKS5 606 188 -274 -361 223 95 128 160 18 20 84 66 AT FOREIGN BANKING AGS.

ACQUIRED BY:6 39.511 37.418 9.047 5.019 11.645 9.840 11.755 6.271 11.560 1 1 .0 2 0 6.974 7.864 HOUSEHOLDS7 1.354 6.577 510 1 .1 0 0 3.465 -35 1.174 -3.250 1.653 3.991 718 215 CORPORATE BUSINESS8 7.224 4.726 290 3.761 2.988 585 2.003 1.648 1.576 1.750 -240 1.640 STATE ♦ LOCAL GOVERNMENTS9 -167 71 118 -4 164 -40 -140 -151 151 -145 75 - 1 0 U.S. GOVERNMENT

10 123 0 75 74 60 63 0 0 0 0 0 0 MUTUAL SAVINGS BANKS11 2.889 6.630 616 1.190 1.254 801 -6 840 -310 1.706 3.237 1.997 FOREIGN12 28.118 21.988 10.046 10.560 12.459 8.791 -59 6.927 11.463 4.501 -1.097 7.121 AT SAVINGS INSTITUTIONS13 4.734 3.087 2.141 2.324 2.482 1.611 -523 1.164 2 .2 1 0 399 -765 1.243 MUTUAL SAVINGS BANKS14 2.894 2.948 561 955 1.098 1.199 2 595 1.085 1.124 -95 834 CREDIT UNIONS15 20.490 15.953 7.344 7.281 8.879 5.981 462 5.168 8.168 2.978 -237 5.044 SAVINGS ♦ LOAN ASSNS.16 20.534 15.694 7.653 6.960 8.227 5.861 1.424 5.022 7.081 2.860 1.007 4.746 HELD BY: HOUSEHOLDS17 -44 259 -309 321 652 120 -962 146 1.087 118 -1.244 298 CREDIT UNIONS

MEMO: TOTAL OF HOUSEHOLDS18 67.673 59.147 19.402 15.258 23.452 18.511 12.658 12.052 21.936 15.403 7.121 14.687 TIME + SAVINGS ACCOUNTS

78 9

1011

1213141516 17



5 FEBRUARY 1975 U.S. GOVT. SECURITIES15

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

U.S. GOVT. SECURITIES 15


1973 19741 1972 1 III IV 1

1 I1973

II III IV 1f I

1974 II III IV

1 29.374 33.961 6.842 14.551 11.558 -97 6.607 11.306 5.188 287 13.326 15.160 TOTAL NET ISSUES2 7.739 13.106 4.596 11.610 8 .2 0 1 -5.941 -1.119 6.598 2.963 -6.375 4.871 11.647 TREASURY ISSUES3 2.700 3.034 772 879 891 911 441 457 780 822 611 821 HOUSEHOLD SAVINGS BONDS4 5.039 10.072 3.824 10.731 7.310 -6.852 -1.560 6.141 2.183 -7.197 4.260 10.826 TREAS. EXCL. SAVINGS BONDS5 21.635 20.855 2.246 2.941 3.357 5.844 7.726 4.708 2.225 6.662 8.455 3.513 OTHER6 746 100 542 412 102 -164 333 475 359 241 -258 -242 BUDGET AGENCY ISSUES7 1.300 -191 621 937 571 134 350 245 70 -26 -119 -116 LOAN PARTICIPATIONS (1)8 19.589 20.946 1.083 1.592 2.684 5.874 7.043 3.988 1.796 6.447 8.832 3.871 SPONS. AGENCY ISSUES (2)9 29.374 33.961 6.842 14.551 11.558 -97 6.607 11.306 5.188 287 13.326 15.160 NET ACQUISITIONS, BY SECTOR

10 - 2 - 6 0 5 5 -7 - 2 2 2 - 1 1 - 8 U.S. GOVT. (AGENCY SEC.)11 1.349 -292 -985 -932 -1 0 2 230 468 753 -787 -242 309 428 SPONSORED CREDIT AGENCIES12 1.373 -292 -949 -930 -8 8 240 468 753 -787 -242 309 428 TREASURY MARKETABLE13 -24 0 -36 - 2 -14 - 1 0 0 0 0 0 0 0 FHLB SPECIAL ISSUE14 9.265 5.219 -2.444 1 .2 1 2 3.963 1.278 498 3.526 -319 3.436 1.275 827 FEDERAL RESERVE SYSTEM15 340 3.905 5.329 -46 7.806 -2.837 -1.729 -2.900 -710 2.761 -789 2.643 FOREIGN16 -5.713 6.732 1.658 - 2 -1.660 -2.807 -1.290 44 325 3.290 1 .2 0 2 1.915 SHORT-TERM MARKETABLE17 6.053 -2.827 3.671 -44 9.466 -30 -439 -2.944 -1.035 -529 -1.991 728 OTHER18 18.422 25.135 4.942 14.312 -114 1.239 7.372 9.925 7.002 -5.667 12.530 11.270 TOTAL PRIVATE DOMESTIC19 18.753 17.884 1.676 4.657 2.794 2.989 9.079 3.891 4.667 -8 11.487 1.738 PRIVATE DOMESTIC NONFINAN.20 2.700 3.034 772 879 891 911 441 457 780 822 611 821 SAVINGS BONDS (HH)21 4.671 4.282 161 3.780 219 -936 3.354 2.034 4.348 -5.488 4.318 1.104 TREAS. EXCL. SVGS. BONDS22 11.382 10.568 743 - 2 1.684 3.014 5.284 1.400 -461 4.658 6.558 -187 AGENCY ISSUES

PVT. DOM. NONFIN., BY SEC.23 20.360 12.958 1.402 2.223 3.901 4.617 10.183 1.659 3.864 1.577 11.026 -3.509 HOUSEHOLDS24 2.700 3.034 772 879 891 911 441 457 780 822 611 821 SAVINGS BONDS25 6.521 447 -136 782 539 489 5.191 302 4.044 -3.246 3.801 -4.152 TREAS. EXCL. SVGS. BONDS26 11.139 9.477 766 562 2.471 3.217 4.551 900 -960 4.001 6.614 -178 AGENCY ISSUES27 -1.813 1.189 -414 1.844 -500 -442 -1.842 971 -958 424 -683 2.406 CORPORATE BUSINESS28 -3.029 1.233 -528 1.540 -865 -782 -2.303 921 -991 351 -585 2.458 TREASURY ISSUES29 1.216 -44 114 304 365 340 461 50 33 73 -98 -52 AGENCY ISSUES30 206 3.737 688 590 -607 -1.186 738 1.261 1.761 -2.009 1.144 2.841 STATE ♦ LOCAL GOVERNMENTS31 1.179 2.602 825 1.458 545 -643 466 811 1.295 -2.593 1 .1 0 2 2.798 TREASURY ISSUES32 -973 1.135 -137 -8 6 8 -1.152 -543 272 450 466 584 42 43 AGENCY ISSUES33 -1.273 1.422 1.314 8.088 -5.839 -1.085 -1 2 1 5.772 637 -4.756 41 5.500 COMMERCIAL BANKING34 -8.833 -2.741 1.081 5.955 -5.968 -3.430 -2.701 3.266 -224 -6.106 -583 4.172 TREASURY ISSUES35 7.560 4.163 233 2.133 129 2.345 2.580 2.506 861 1.350 624 1.328 AGENCY ISSUES36 942 5.829 1.952 1.567 2.931 -665 -1.586 262 1.698 -903 1 .0 0 2 4.032 PRIVATE NONBANK FINANCE37 -1.098 2.933 617 1.045 1.407 -1.047 -1.224 -234 43 -577 836 2.631 TREASURY ISSUES38 2.040 2.896 1.335 522 1.524 382 -362 496 1.655 -326 166 1.401 AGENCY ISSUES39 942 5.829 1.952 1.567 2.931 -665 -1.586 262 1.698 -903 1 .0 0 2 4.032 PVT. NONBANK FIN., BY SECTOR40 3 3.606 922 484 2.718 -690 -1.992 -33 3.324 -584 -791 1.657 SAVINGS + LOAN ASSNS.41 -1 .0 0 0 2.150 -107 464 1.750 -650 -1.610 -490 1.800 0 -500 850 TREASURY ISSUES42 1.003 1.456 1.029 20 968 -40 -382 457 1.524 -584 -291 807 AGENCY ISSUES43 -492 514 168 381 238 67 -479 -318 114 -218 -113 731 MUTUAL SAVINGS BANKS44 -555 256 -14 -45 6 -165 -315 -81 -84 -165 -85 590 TREASURY ISSUES45 63 258 182 426 232 232 -164 -237 198 -53 -28 141 AGENCY ISSUES46 241 197 153 119 102 50 35 54 55 51 -1 0 1 192 CREDIT UNIONS47 223 121 47 48 69 57 50 47 45 41 -36 71 TREASURY ISSUES48 18 76 106 71 33 -7 -15 7 10 10 -65 121 AGENCY ISSUES49 72 -1 2 2 64 -177 94 26 -2 2 -26 -149 26 12 - 1 1 LIFE INSURANCE50 -163 -330 64 -161 48 -108 -78 -25 -195 -35 -50 -50 TREASURY ISSUES51 235 208 0 -16 46 134 56 - 1 46 61 62 39 AGENCY ISSUES52 638 1.237 205 584 308 -119 241 208 34 -67 716 554 PRIVATE PENSION FUNDS53 128 381 95 555 45 -141 174 50 -57 -176 360 254 TREASURY ISSUES54 510 856 110 29 263 22 67 158 91 109 356 300 AGENCY ISSUES55 113 451 -237 -188 15 -55 -29 182 -280 578 -52 205 S. + L. GOVT., RTR. FUNDS56 -134 579 -143 -179 11 -126 -8 8 69 -56 471 -45 209 TREASURY ISSUES57 247 -128 -94 -9 4 71 59 113 -224 107 -7 -4 AGENCY ISSUES58 -1 0 0 58 -127 145 -189 -90 81 98 -62 -181 104 197 OTHER INSURANCE COMPANIES59 -64 - 1 1 2 -129 144 -167 -60 64 99 -72 -205 -35 200 TREASURY ISSUES60 -36 170 2 1 -2 2 -30 17 - 1 10 24 139 -3 AGENCY ISSUES61 471 -360 142 -23 292 81 120 -2 2 -301 -364 331 -26 INVESTMENT COS. (TREAS.)

SECURITY BROKERS +62 -4 248 662 242 -647 65 459 119 -1.037 -144 896 533 DEALERS (TREAS.)

272829303132333435363738

(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.



5 FEBRUARY 1975PRIVATE SECURITIES AND MORTGAGES PRIVATE SECURITIES AND MORTGAGES16 * 16PRIVATE SECURITIES AND MORTGAGES


I 1972 ! 1973 I 19741973 1974 1 III IV 11 I II III IV 1 I II III IV

STATE AND LOCAL GOVERNMENT SECURITIES

1 13.709 16.958 3.682 2.996 2.724 3.243 3.987 3.755 4.012 5.007 3.927 4.012 NET CHANGE IN LIABILITIES 12 11.913 15.310 3.509 2.828 2.403 2.708 3.498 3.304 3.601 4.583 3.596 3.530 STATE + LOCAL GOVERNMENTS 23 -248 2.867 -6 8 -600 -71 -518 268 73 148 710 1.602 407 SHORT-TERM 34 12.161 12.443 3.577 3.428 2.474 3.226 3.230 3.231 3.453 3.873 1.994 3.123 OTHER 45 1.796 1.648 173 168 321 535 489 451 411 424 331 482 CORPORATE BUSINESS 5

(POLLUTION CONTROL)6 13.709 16.958 3.682 2.996 2.724 3.243 3.987 3.755 4.012 5.007 3.927 4.012 NET CHANGE IN ASSETS 67 4.335 11.737 72 244 1 .0 0 1 776 2.300 258 1.326 2.290 5.149 2.972 HOUSEHOLDS 78 -137 616 2 50 250 250 625 -375 -637 531 -1 1 35 61 CORPORATE BUSINESS 89 235 158 375 164 115 152 -62 30 38 45 53 22 S. + L. GOVT., GEN. FUNDS 9

10 5.700 4.150 1.968 952 660 1.125 863 3.052 2.132 2.821 -1.545 742 COMMERCIAL BANKING 1011 48 -46 195 51 155 -3 -6 8 -36 13 -54 -4 - 1 MUTUAL SAVINGS BANKS 1112 45 213 11 5 -35 41 66 -27 99 51 34 29 LIFE INSURANCE COMPANIES 1213 -618 -525 -333 -56 -387 -1 2 0 23 -134 -18 -472 -33 -2 S. + L. GOVT., RTR. FUNDS 1314 3.883 1.080 1.267 1.118 1.282 555 1.209 837 431 339 221 89 OTHER INSURANCE COMPANIES 1415 218 -425 -123 268 -317 92 31 412 -540 -2 17 100 BROKERS + DEALERS 15

CORPORATE AND FOREIGN BONDS

1 12.485 23.322 4.387 5.039 2.053 3.960 3.129 3.343 4.767 6 .1 1 1 5.458 6.986 NET ISSUES 12 9.159 19.044 3.037 2.563 1.452 3.047 2.657 2.003 3.705 5.386 4.192 5.761 CORPORATE BUSINESS 23 8 1.215 137 367 -6 8 -1 0 0 -19 195 65 110 790 250 COMMERCIAL BANKS 34 1.777 1.073 1.303 1.800 406 670 230 471 234 171 93 575 FINANCE COMPANIES 45 550 110 38 60 150 178 52 170 130 7 -2 -25 REITS 56 991 1.880 -128 249 113 165 209 504 633 437 385 42 5 REST OF THE WORLD 6

7 12.485 23.322 4.387 5.039 2.053 3.960 3.129 3.343 4.767 6 .1 1 1 5.458 6.986 NET PURCHASES 78 1.059 -3.035 1.456 -386 337 501 14 207 1.114 -645 -901 -2.603 HOUSEHOLDS 89 464 253 250 525 -69 - 1 0 1 302 332 135 21 40 57 COMMERCIAL BANKING 9

10 -1.092 1.876 347 -151 221 -340 -525 -448 868 176 -92 924 MUTUAL SAVINGS BANKS 10

11 12.427 24.611 2.878 3.336 2.965 4.055 3.384 2.023 3.604 6.129 6.543 8.335 INSURANCE 1112 5.851 6.575 1.389 2.095 1.182 1.926 1.386 1.357 1.082 2.251 968 2.274 LIFE INSURANCE COMPANIES 1213 1.605 5.510 279 15 524 225 874 -18 487 1.178 1.677 2.168 PRIVATE PENSION FUNDS 1314 5.936 9.051 1.435 1.434 1.792 1.517 1.649 978 1.372 1.818 2.896 2.965 S. + L. GOVT., RTR. FUNDS 1415 -965 3.475 -225 -208 -533 387 -52 5 -294 663 882 1 .0 0 2 928 OTHER INSURANCE COMPANIES 1516 -872 -696 93 -34 -195 -532 216 -361 189 -529 -364 8 OPEN-END INVESTMENT COS. 1617 402 -837 -495 1.638 -1.266 290 -395 1.773 -1.430 619 159 -185 BROKERS ♦ DEALERS 1718 97 1.150 -142 11 1 60 87 133 -183 287 340 73 450 REST OF THE WORLD 18

CORPORATE EQUITIES

1 8.032 6.052 2.878 3.259 2.294 2.533 2.356 849 2.129 809 886 2.228 NET ISSUES 12 -1.586 1.573 -247 -19 -342 -642 128 -730 181 -572 745 1.219 OPEN-END INVESTMENT COS. 23 9.618 4.479 3.125 3.278 2.636 3.175 2.228 1.579 1.948 1.381 141 1.009 OTHER SECTORS 34 7.420 3.494 2.596 2.640 1.751 2.169 1.287 2.213 1.555 1.244 -5 700 CORPORATE BUSINESS 45 1.216 1 .0 0 0 165 422 500 460 706 -450 250 2 50 250 250 COMMERCIAL BANKS 56 452 371 107 115 109 111 114 118 100 100 88 83 OTHER INSURANCE COMPANIES 67 730 -190 338 310 440 474 126 -310 30 -89 -107 -24 REITS 78 -2 0 0 -196 -81 -209 -164 -39 -5 8 13 -124 -85 0 REST OF THE WORLD 8

9 8.032 6.052 2.878 3.259 2.294 2.533 2.356 849 2.129 809 886 2.228 NET PURCHASES 910 -8.172 738 167 -3.929 -8 6 5 -934 -189 -6.184 913 -1.446 -39 1.310 HOUSEHOLDS 1011 56 0 0 0 56 0 0 0 0 0 0 0 COMMERCIAL BANKING 1112 361 189 134 99 186 1 1 1 -73 137 189 -31 9 22 MUTUAL SAVINGS BANKS 1213 14.939 6.224 3.495 4.618 4.207 3.501 2.691 4.540 2.764 1.740 708 1 .0 1 2 INSURANCE 1314 3.557 2.050 522 873 870 1.138 767 782 624 523 483 420 LIFE INSURANCE COMPANIES 1415 5.290 2 .0 0 1 1.044 1.945 1.259 1.103 734 2.194 787 436 355 423 PRIVATE PENSION FUNDS 1516 3.922 2.717 1.041 1.004 1.246 906 756 1.014 1.109 808 448 352 S. + L. GOVT., RTR. FUNDS 1617 2.170 -544 888 796 832 354 434 550 244 -27 -578 -183 OTHER INSURANCE COMPANIES 1718 -2.314 -533 -745 -255 -1.297 -564 -549 96 -682 -8 6 -35 270 OPEN-END INVESTMENT COS. 1819 404 -838 -496 1.639 -1.266 291 -395 1.774 -1.431 620 159 -186 BROKERS + DEALERS 1920 2.758 272 323 1.087 1.273 128 871 486 376 12 84 -2 0 0 REST OF THE WORLD 20

TOTAL MORTGAGES

1 71.907 53.633 19.126 19.467 15.383 21^695 20.699 14.130 11.572 18.808 12.892 10.361 NET CHANGE IN MORTGAGES BORROWED BY:

1

2 -71 -47 - 2 1 -2 2 - 2 1 -23 -2 1 -6 -3 -27 3 -2 0 U.S. GOVERNMENT 23 -1.533 -1.463 237 115 101 444 -690 -1.388 -186 552 -807 -1 .0 2 2 SAVINGS + LOAN ASSOCIATIONS 34 320 95 115 110 128 142 10 40 70 1 39 -15 REITS 45 73.191 55.048 18.795 19.264 15.175 21.132 21.400 15.484 11.691 18.282 13.657 11.418 PRIVATE NONFINANCIAL SECTORS 56 44.208 32.220 10.179 11.297 10.554 11.543 11.681 10.430 8.946 9.137 6.405 7.732 HOUSEHOLDS 67 1.408 1.372 363 358 355 354 350 349 346 344 342 340 NONPROFIT INSTITUTIONS 78 27.575 21.456 8.253 7.609 4.266 9.235 9.369 4.705 2.399 8.801 6.910 3.346 BUSINESS 89 4.383 4.810 635 444 998 1.279 1.178 928 891 1.355 1.272 1.292 FARMS 9

10 7.067 5.858 2.951 2.618 792 2.928 2.827 520 -104 2.613 2.559 790 NONFARM NONCORPORATE 1011 16.125 10.788 4.667 4.547 2.476 5.028 5.364 3.257 1.612 4.833 3.079 1.264 CORPORATE 11

12 71.907 53.633 19.126 19.467 15.383 21.695 20.699 14.130 11.572 18.808 12.892 10.361 FUNDS ADVANCED BY: 1213 494 792 2 -707 -861 567 385 403 -370 279 222 661 HOUSEHOLDS 1314 -583 1.861 69 -191 -411 -776 774 -170 -287 219 680 1.249 U.S. GOVERNMENT 1415 - 2 0 2 2 0 0 - 1 - 1 - 1 0 0 1 S. + L. GOVT., GEN. FUNDS 1516 10.357 15.005 1.530 1.700 1.873 2.516 3.142 2.826 3.053 3.886 4.479 3.587 SPONSORED CREDIT AG. (1) (2) 1617 61.641 35.975 17.523 18.663 14.782 19.388 16.399 11.072 9.177 14.424 7.511 4.863 PRIVATE FINAN. INSTITUTIONS 1718 19.754 11.526 4.934 4.266 4.234 5.566 5.674 4.280 2.814 4.938 2.623 1.151 COMMERCIAL BANKING 1819 32.587 19.956 10.494 10.146 9.234 11.243 7.996 4.114 5.129 8.071 4.756 2 .0 0 0 SAVINGS INSTITUTIONS 1920 26.912 17.663 8.952 8.463 7.858 9.530 6.602 2.922 4.403 7.264 4.224 1.772 S+L ASSOCIATIONS (1) 2021 5.675 2.284 1.497 1.655 1.364 1.714 1.400 1.197 726 807 528 223 MUTUAL SAVINGS BANKS 2122 0 9 45 28 12 - 1 - 6 -5 0 0 4 5 CREDIT UNIONS 22

23 3.448 5.132 14 1.234 71 347 992 2.038 822 1.260 1.256 1.794 INSURANCE 2324 3.861 5.129 266 1.506 268 327 1.126 2.140 791 1.257 1.281 1.800 LIFE COMPANIES 2425 -290 -41 -142 -1 2 2 -1 2 2 -94 -2 2 -52 4 -24 -19 - 2 PRIVATE PENSION FUNDS 2526 -106 42 -99 -138 -61 114 -103 -56 26 26 - 6 -4 S. + L. GOVT., RTR. FUND 2627 -17 2 - 1 1 - 1 2 -14 0 -9 6 1 1 0 0 OTHER INSURANCE COS. 2728 1.372 -1.654 1.265 1.452 103 969 400 -1 0 0 -268 -139 -1.147 -1 0 0 FINANCE COMPANIES 2829 4.480 1.015 816 1.565 1.140 1.263 1.337 740 680 294 23 18 REITS 2930 7.168 6.657 661 1.243 441 2.725 3.153 849 -152 2.647 3.130 1.032 (1) MEMO: FHLB LOANS TO S+L 30

ASSOCIATIONS (INCLUDED IN "OTHER LOANS" CATEGORY). (2) INCLUDES MORTGAGE POOLS BACKING GNMA-GUARANTEED PASS-THROUGH SECURITIES.


5 FEBRUARY 1975 MORTGAGES, BY TYPE17


MORTGAGE MARKETS BY TYPE OF MORTGAGE(MILLIONS OF DOLLARS)

MORTGAGES, BY TYPE17


1974 | III1973

II III1974

II IIIHOME MORTGAGES

1 41.740 29.838 11.861 11.136 9.064 12.812 12.390 7.474 6.131 1 1 .0 0 2 7.569 5.136 NET BORROWING2 44.208 32.220 10.179 11.297 10.554 11.543 11.681 10.430 8.946 9.137 6.405 7.732 HOUSEHOLDS3 -432 -436 733 -127 -785 424 710 -781 -1.313 670 984 -777 NONFARM NONCORP. BUSINESS4 -432 -436 733 -127 -785 424 710 -781 -1.313 670 984 -777 CORPORATE BUSINESS5 -71 -47 -2 1 -2 2 - 2 1 -23 -2 1 -6 -3 -27 3 -2 0 U.S. GOVERNMENT6 -1.533 -1.463 237 115 101 444 -690 -1.388 -186 5 52 -807 -1 .0 2 2 SAVINGS + LOAN ASSOCIATIONS7 41.740 29.838 11.861 11.136 9.064 12.812 12.390 7.474 6.131 1 1 .0 0 2 7.569 5.136 NET CHANGE IN ASSETS8 -933 -159 -415 -917 -1 .0 1 1 -23 -2 1 122 -371 -103 162 153 HOUSEHOLDS9 -1.186 530 -59 -266 -536 -815 260 -95 -144 67 246 361 U.S. GOVERNMENT

10 -2 0 2 2 0 0 - 1 - 1 - 1 0 0 1 STATE + LOCAL GOVERNMENTS11 6.390 9.833 871 1.030 1.094 1.383 2.089 1.824 1.858 2.549 3.158 2.268 SPONS. CREDIT AGENCIES (1)12 10.994 5.667 2.864 2.351 2.123 3.054 3.303 2.514 1.376 2.594 1.286 411 COMMERCIAL BANKING13 24.589 15.009 8.077 7.309 7.355 8.373 6 .0 1 2 2.849 3.688 6.034 3.714 1.573 SAVINGS INSTITUTIONS14 21.992 14.236 7.162 6.363 6.469 7.895 5.283 2.345 3.473 5.785 3.543 1.435 SAVINGS ♦ LOAN ASSNS.15 2.597 764 870 918 874 479 735 509 215 249 167 133 MUTUAL SAVINGS BANKS16 0 9 45 28 12 - 1 -6 -5 0 0 4 5 CREDIT UNIONS17 -756 339 -812 -254 -398 -468 -1 2 122 -192 -73 140 464 INSURANCE18 -466 380 -670 -132 -276 -374 10 174 -196 -49 159 466 LIFE INSURANCE COMPANIES19 -290 -41 -142 -1 2 2 -1 2 2 -94 -2 2 -52 4 -24 -19 -2 PRIVATE PENSION FUNDS20 1.372 -1.654 1.265 1.452 103 969 400 -1 0 0 -268 -139 -1.147 -1 0 0 FINANCE COMPANIES21 1.272 273 68 429 334 339 360 239 185 73 10 5 REITS

101112

131415

3.1311.7781.3531.145-106720

1.7081.268440

1.59642276

1.182921261154-99333

1.186853333363-138376

741586155293-61113

.260511749151114327

684 446511 170173 276177

-103347

524-56-67

40723916817926164

67957910029226

100

402281121708

-610

220 SAVINGS INSTITUTIONS 169 SAVINGS ♦ LOAN ASSNS.51 MUTUAL SAVINGS BANKS417-4

2

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

9101112

1314151617181920 21

MULTI-FAMILY RESIDENTIAL MORTGAGES

1 8.522 7.573 2.552 3.430 1.816 2.982 2.398 1.326 1.322 2.220 2.026 2.005 NET BORROWING 12 5.935 5.295 1.854 2.342 1.271 2.087 1.679 898 925 1.554 1.409 1.407 NONFARM NONCORP. BUSINESS 23 2.482 2.247 660 1.052 503 848 716 415 374 666 604 603 CORPORATE BUSINESS 34 105 31 38 36 42 47 3 13 23 0 13 -5 REITS 45 8.522 7.573 2.552 3.430 1.816 2.982 2.398 1.326 1.322 2.220 2.026 2.005 NET CHANGE IN ASSETS 56 75 -33 205 798 -18 145 -26 -26 -2 166 -191 - 6 HOUSEHOLDS 67 400 1.115 104 78 122 19 464 -205 -197 98 380 834 U.S. GOVERNMENT 78 2.003 2.401 343 312 295 606 579 523 631 622 621 527 SPONS. CREDIT AGENCIES (1) 89 1.154 468 330 455 331 360 276 187 114 237 102 15 COMMERCIAL BANKS 9

101112

131415

COMMERCIAL MORTGAGES

1 17.262 11.412 4.078 4.457 3.505 4.622 4.733 4.402 3.228 4.231 2.025 1.928 NET BORROWING2 1.408 1.372 363 358 355 354 350 349 346 344 342 340 HOUSEHOLDS3 1.564 999 364 403 306 417 438 403 284 389 166 160 NONFARM NONCORP. BUSINESS4 14.075 8.977 3.274 3.622 2.758 3.756 3.938 3.623 2.551 3.497 1.491 1.438 CORPORATE BUSINESS5 215 64 77 74 86 95 7 27 47 1 26 - 1 0 REITS6 17.262 11.412 4.078 4.457 3.505 4.622 4.733 4.402 3.228 4.231 2.025 1.928 NET CHANGE IN ASSETS7 100 188 79 -491 -164 38 47 179 -106 -29 25 298 HOUSEHOLDS8 0 0 - 1 1 0 0 0 0 0 0 0 0 0 U.S. GOVERNMENT9 6.945 4.781 1.630 1.336 1.591 1.882 1.957 1.515 1.159 1.909 1.085 628 COMMERCIAL BANKING

10 4.872 3.214 1.234 1.650 1.132 1.619 1.300 821 1.032 1.335 640 207 SAVINGS INSTITUTIONS11 3.142 2.159 869 1.247 803 1.124 808 407 691 900 400 168 SAVINGS ♦ LOAN ASSNS.12 1.730 1.055 365 403 329 495 492 414 341 435 240 39 MUTUAL SAVINGS BANKS13 2.874 2.761 742 1.214 267 486 808 1.313 811 894 272 784 LIFE INSURANCE COMPANIES14 -17 2 - 1 1 - 1 2 -14 0 -9 6 1 1 0 0 OTHER INSURANCE COMPANIES15 2.488 466 415 760 693 597 630 568 331 121 3 11 REITS

101112

131415

FARM MORTGAGES

1 4.383 4.810 635 444 998 1.279 1.178 928 891 1.355 1.272 1.292 NET BORROWING 1

2 4.383 4.810 635 444 998 1.279 1.178 928 891 1.355 1.272 1.292 NET CHANGE IN ASSETS 23 1.252 796 133 -97 332 407 385 128 109 245 226 216 HOUSEHOLDS 34 203 216 35 -3 3 20 50 130 54 54 54 54 U.S. GOVERNMENT 45 1.964 2.771 316 358 484 527 474 479 564 715 700 792 SPONSORED CREDIT AGENCIES 56 661 610 110 124 189 270 138 64 165 198 150 97 COMMERCIAL BANKS 67 -5 25 1 1 6 -9 0 - 2 2 23 0 0 MUTUAL SAVINGS BANKS 78 308 392 40 61 -16 64 131 129

(1 )-3 120 142

INCLUDES MORTGAGE POOLS133 LIFE INSURANCE COMPANIES

BACKING GNMA-GUARANTEED SECURITIES.8



5 FEBRUARY 1975 *CONSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER CREDIT AND BANK LOANS N.€.C.18 18

CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED (MILLIONS OF DOLLARS)

UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWSI 1972 | 1973 I 1974

1973 1974 | III IV I I II III IV | I II IIICONSUMER CREDIT

1 22.922 9.635 5.164 8.588 1.756 7.763 5.952 7.451 -2.914 5.853 4.481 2.215 NET CHANGE IN LIABILITIES (HH) 12 20.105 8.687 4.828 6.139 2.043 6.643 6.075 5.344 -1.669 4.847 4.524 985 INSTALMENT CREDIT 23 2.817 948 336 2.449 -287 1 .1 2 0 -123 2.107 -1.245 1.006 -43 1.230 NONINSTALMENT CREDIT 34 22.922 9.635 5.164 8.588 1.756 7.763 5.952 7.451 -2.914 5.853 4.481 2.215 NET CHANGE IN ASSETS 45 20.105 8.687 4.828 6.139 2.043 6.643 6.075 5.344 -1.669 4.847 4.524 985 INSTALMENT CREDIT 56 223 82 46 207 -78 39 50 212 -118 24 51 125 NONFARM NONCORP. BUSINESS 67 1.216 801 256 1.133 -426 214 270 1.158 -649 135 251 1.064 CORPORATE BUSINESS 7a 9.712 3.015 2.683 2.217 1.605 3.611 2.919 1.577 -263 2.383 1.840 -945 COMMERCIAL BANKING 89 177 96 61 8 - 2 66 81 32 - 1 0 108 89 -91 SAVINGS + LOAN ASSNS. 9

10 183 46 44 -33 217 -64 26 4 64 8 76 -1 0 2 MUTUAL SAVINGS BANKS 10n 2.696 2.507 653 474 326 1.030 938 402 -59 952 1.290 324 CREDIT UNIONS 1112 5.898 2.140 1.085 2.133 401 1.747 1.791 1.959 -634 1.237 927 610 FINANCE COMPANIES 12

13 2.817 948 336 2.449 -287 1 .1 2 0 -123 2.107 -1.245 1.006 -43 1.230 NONINSTALMENT CREDIT 1314 1.041 877 -123 848 155 142 -149 893 -42 152 15 752 NONFARM NONCORP. BUSINESS 1415 791 339 99 886 -726 528 -72 1.061 -1.150 731 122 636 CORPORATE BUSINESS 1516 896 -253 334 692 217 446 88 145 -67 116 -161 -141 COMMERCIAL BANKING 1617 41 -9 15 32 10 21 3 7 -3 5 -8 -3 SAVINGS ♦ LOAN ASSNS. 1718 48 - 6 11 -9 57 -17 7 1 17 2 - 1 1 -14 MUTUAL SAVINGS BANKS 18

BANK LOANS NOT ELSEWHERE CLASSIFIEDTOTAL LOANS AT COMMERCIAL

1 73.196 46.102 10.074 27.352 14.389 24.941 13.435 20.431 1.838 28.985 6.475 8.804 BANKS, F/F BASIS 1

_ LOANS ELSEWHERE CLASSIFIEDS2 19.642 11.311 4.857 4.313 4.238 5.571 5.614 4.219 2.758 4.882 2.571 1 .1 0 0 MORTGAGES 23 10.608 2.762 3.017 2.909 1.822 4.057 3.007 1.722 -330 2.499 1.679 -1.086 CONSUMER CREDIT 34 -2.960 -3.348 302 3.681 -3.981 -181 -1.219 2.421 -3.723 1.294 -1.264 345 SECURITY CREDIT 45 -768 1.270 -568 1.450 -930 -67 -469 698 -428 382 - 1 0 1 1.417 OPEN-MARKET PAPER 56 0 0 0 0 0 0 0 0 0 0 0 0 HYPOTHECATED DEPOSITS 67 46.674 34.107 2.466 14.999 13.240 15.561 6.502 11.371 3.561 19.928 3.590 7.028 = BANK LOANS NEC AT COML. BKS. 7

+ BANK LOANS NEC AT OTHERBANKING SUBSECTORS:

8 1.702 916 -32 334 563 359 1.117 -337 604 468 -143 -13 DOMESTIC AFFILIATES 89 3.739 5.401 842 -254 1.387 586 678 1.088 482 2.043 487 2.389 FOREIGN BANKING AGENCIES 9

10 52.115 40.424 3.276 15.079 15.190 16.506 8.297 1 2 .1 2 2 4.647 22.439 3.934 9.404 = BANKING SECTOR TOTAL BANK 10LOANS NEC

11 0 0 0 0 0 0 0 0 0 0 0 0 + LOANS BY F.R. BANKS 1112 52.115 40.424 3.276 15.079 15.190 16.506 8.297 1 2 .1 2 2 4.647 22.439 3.934 9.404 = TOTAL BANK LOANS NEC 12

13 52.115 40.424 3.276 15.079 15.190 16.506 8.297 1 2 .1 2 2 4.647 22.439 3.934 9.404 NET CHANGE IN LIABILITIES 1314 38.626 29.912 477 12.997 11.768 11.767 5.585 9.506 4.753 16.367 2.258 6.534 NONFINANCIAL SECTORS 1415 1.800 -3.557 -1.789 4.096 -1.138 494 615 1.829 -3.126 -674 -829 1.072 HOUSEHOLDS 1516 3.013 773 90 614 686 985 715 627 373 744 56 -400 FARM BUSINESS 1617 382 -1.047 -223 327 109 106 -410 577 -585 266 -520 -208 NONFARM NONCORP. BUSINESS 1718 30.629 27.543 1.848 6.916 11.036 9.066 5.388 5.139 6.604 12.694 4.490 3.755 CORPORATE BUSINESS 1819 2.802 6 .2 0 0 551 1.044 1.075 1.116 -723 1.334 1.487 3.337 -939 2.315 REST OF THE WORLD 1920 13.489 10.512 2.799 2.082 3.422 4.739 2.712 2.616 -106 6.072 1.676 2.870 FINANCIAL SECTORS 2021 327 1.083 129 529 -342 146 513 10 -324 989 758 -340 SAVINGS + LOAN ASSNS. 2122 4.093 7 1 .0 1 2 2.203 635 2.051 1.093 314 -732 1.015 -495 219 FINANCE COMPANIES 2223 3.985 4.970 -52 807 1.144 1.119 637 1.085 1.29 5 2.382 778 515 REITS 2324 5.084 4.452 1.710 -1.457 1.985 1.423 469 1.207 -345 1 .6 8 6 635 2.476 FOREIGN BANKING AGENCIES 24IV/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.


5 FEBRUARY 1975 OTHER LOANS19 OPEN-MARKET PAPER AND OTHER LOANS


OTHER LOANS19


I 19721974 | III IV I

1973II III

OTHER LOANS — SECTOR TOTALS

1974II III

1 28.820 32.698 376 4.272 5.870 5.685 9.369 7.896 9.886 6.673 13.212 2.927 NET INCREASE IN LIABILITIES2 11.833 26.963 94 1.399 1.829 2.454 2.697 4.853 6.825 6.095 8.313 5.730 NONFINANCIAL SECTORS3 2.477 2.874 469 184 373 418 86 5 821 430 860 904 680 HOUSEHOLDS4 1 .2 2 1 1.806 -138 -159 402 569 177 73 372 1.054 438 -58 FARM BUSINESS5 1.833 1.917 -397 875 707 127 -152 1.151 128 382 -197 1.604 NONFARM NONCORP. BUSINESS6 2 .0 2 2 12.230 -214 -400 -795 782 126 1.909 4.243 1.365 4.776 1.846 CORPORATE BUSINESS7 345 504 126 255 167 -240 436 -18 68 -160 150 446 STATE + LOCAL GOVERNMENTS8 3.935 7.632 248 644 975 798 1.245 917 1.584 2.594 2.242 1 .2 1 2 REST OF THE WORLD9 16.987 5.735 282 2.873 4.041 3.231 6.672 3.043 3.061 578 4.899 -2.803 FINANCIAL SECTORS

10 0 695 0 0 0 0 0 0 0 0 110 585 SPONSORED CREDIT AGENCIES11 5.535 -878 -224 34 3.403 -260 2.722 -330 3.292 -600 1.788 -5.358 COMMERCIAL BANKING12 7.168 6.657 661 1.243 441 2.725 3.153 849 -152 2.647 3.130 1.032 SAVINGS ♦ LOAN ASSNS.13 3.549 2.736 -818 956 337 745 - 2 2.469 516 347 491 1.382 FINANCE COMPANIES14 73 5 -3.475 663 640 -140 21 799 55 -595 -1.816 -620 -444 REITS15 28.820 32.698 376 4.272 5.870 5.685 9.369 7.896 9.886 6.673 13.212 2.927 NET INCREASE IN ASSETS16 3.464 -350 -544 1.711 -1.971 -1.004 2.617 3.822 -1 .8 8 6 -104 2 .0 0 1 -361 HOUSEHOLDS17 7.815 2.464 -1.863 394 1.711 2.467 2.310 1.327 4.637 644 736 -3.553 CORPORATE BUSINESS18 3.567 4.067 1.321 654 1.310 276 1 .2 1 0 771 676 489 621 2.281 U.S. GOVERNMENT19 8.549 9.305 591 1.266 1.342 3.113 3.377 717 736 3.271 3.866 1.432 SPONSORED CREDIT AGENCIES20 -38 931 -13 46 38 -78 -9 11 62 174 186 509 MONETARY AUTHORITIES21 -768 1.270 -568 1.450 -930 -67 -469 698 -428 382 -1 0 1 1.417 COMMERCIAL BANKING22 641 -1.115 105 -583 717 70 208 -354 893 -561 -252 -1.195 MUTUAL SAVINGS BANKS23 2.224 1.947 1.485 -1.593 2.542 -553 471 -236 1.500 534 891 -978 LIFE INSURANCE COMPANIES24 3.065 6.307 -98 980 1 .1 0 1 1.271 -324 1.017 1.833 959 1.601 1.914 FINANCE N.E.C.25 301 7.872 -40 -53 10 190 -22 123 1.863 885 3.663 1.461 REST OF THE WORLD

91011121314151617181920 21 22232425

OPEN-MARKET PAPER

1 11.637 13.294 -1.442 4.174 7.039 1.657 7.211 -2.613 NET ISSUES, BY TYPE + SECTORDIRECTLY-PLACED PAPER BANK AFFILIATES FINANCE COMPANIES REITS

DEALER-PLACED PAPER CORPORATE BUSINESS BANK AFFILIATES FINANCE COMPANIES REITS

BANKERS* ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE

REST OF THE WORLDNONBANK CREDIT TO BANKS IN SECURITY RP•S

-2.613 NET PURCHASES, BY SECTOR

2 5.462 3.561 -575 1.625 2.144 1.604 1.146 568 1.665 1 .039 187 6703 1.863 2.501 164 114 756 647 768 -308 965 1.465 73 -24 4.104 2.660 -1.037 1.111 1.477 896 -150 1.881 946 434 427 8535 -505 -1.600 298 400 -89 61 528 -1.005 -246 -860 -313 -1816 890 3.456 221 -916 -2.813 130 709 2.864 1.972 -883 3.054 -6877 -176 5.319 -596 -1.156 -1.685 141 110 1.258 2.552 718 2.691 -6428 381 -64 233 155 63 180 180 -42 199 -558 606 -3119 -555 76 219 -155 -1.140 -151 148 588 -430 -87 64 529

10 1.240 -1.875 365 240 -51 -40 271 1.060 -349 -956 -307 -26311 1.994 9.592 -467 296 -39 378 933 722 1.274 3.008 2.861 2.44912 -249 3.048 49 37 -445 -39 250 -15 304 550 907 1.28713 -126 1.525 25 19 -223 -2 0 125 -8 152 275 454 64414 -123 1.523 24 18 -2 2 2 -19 12 5 -7 152 275 453 64315 2.243 6.544 -516 259 406 417 683 737 970 2.458 1.954 1.162

16 3.291 -3.315 -621 -235 2.584 -1.087 1.774 20 2.128 -1.507 1.109 -5.04517 11.637 13.294 -1.442 770 1.876 1.025 4.562 4.174 7.039 1.657 7.211 -2.61318 3.464 -350 -544 1.711 -1.971 -1.004 2.617 3.822 -1 .8 8 6 -104 2 .0 0 1 -36119 7.815 2.464 -1.863 394 1.711 2.467 2.310 1.327 4.637 644 736 -3.55320 5.241 4.641 -1.118 72 385 3.136 654 1.066 2.677 2.320 -198 -15821 2.574 -2.177 -745 322 1.326 -669 1.656 261 1.960 -1.676 934 -3.39522 -38 931 -13 46 38 -78 -9 11 62 174 186 50923 -768 1.270 -568 1.450 -930 -67 -469 698 -428 382 -1 0 1 1.41724 641 -1.115 105 -583 717 70 208 -354 893 -561 -252 -1.19525 -76 23 -19 -26 -541 488 90 -113 725 -730 -427 45526 717 -1.138 124 -557 1.258 -418 118 -241 168 169 175 -1.65027 23 -754 1.235 -1.818 2.256 -942 -367 -924 1.161 -249 10 -1.67628 199 2.976 246 -377 45 389 294 -529 737 486 968 78529 301 7.872 -40 -53 10 190 -22 123 1.863 885 3.663 1.461

OTHER TYPES

1 2 .8 6 6 3.331 -344 1.357 1.056 882 -618 1**546 1.096 473 633 1.1292 870 -994 -650 775 92 265 -472 985 -529 118 -960 3773 1.996 4.325 306 582 964 617 -146 561 1.625 355 1.593 7524 3.542 4.059 1.312 653 1.308 274 1.198 762 674 487 619 2.2795 251 165 210 -42 85 27 15 124 89 75 21 -2 06 119 156 41 -54 98 11 -34 44 25 118 -1 2 257 810 388 119 -47 241 52 182 335 -36 301 23 1008 325 1.063 52 156 148 43 37 97 -8 6 17 39 1.0939 345 504 126 255 167 -240 436 -18 68 -160 150 446

10 0 695 0 0 0 0 0 0 0 0 110 58511 1.692 1.088 764 385 569 381 562 180 614 136 288 5012 8.549 9.305 591 1.266 1.342 3.113 3.377 717 736 3.271 3.866 1.43213 1 .1 0 2 1.650 -179 -105 304 558 211 29 347 936 450 -8314 279 998 109 128 597 -170 13 -161 541 -312 286 48315 7.168 6.657 661 1.243 441 2.725 3.153 849 -152 2.647 3.130 1.03216 2.226 2.709 259 226 288 391 850 697 341 785 883 70017 25 8 9 1 2 2 12 9 2 2 2 218 2 .2 0 1 2.701 250 225 286 389 838 688 339 783 881 698

19 0 0 0 0 0 0 0 0 0 0 0 0

HOUSEHOLDS CORPORATE BUSINESS COMMERCIAL PAPER SECURITY RP1S

MONETARY AUTHORITIES COMMERCIAL BANKING MUTUAL SAVINGS BANKS COMMERCIAL PAPER SECURITY RP * S

LIFE INSURANCE COMPANIES INVESTMENT COMPANIES REST OF THE WORLD

1112131415

1617181920 21

22232425262728 29

FINANCE CO. LOANS TO BUSINESS LIAB.-NONCORPORATE BUSINESS

CORPORATE BUSINESSU.S. GOVERNMENT LOANS LIAB.-HOUSEHOLDS

FARM BUSINESS NONFARM NONCORP. BUS. CORPORATE BUSINESS 8S. + L. GOVERNMENTS 9SPONS. CREDIT AGENCIES 10 REST OF THE WORLD 11

LIABILITY OF-FARM BUSINESS (FICB) 13NONFARM NONCORP. BUS. (BC) 14S+L ASSOCIATIONS (FHLB) 15

POLICY LOANS (HH LIABILITY) ASSET-U.S. GOVERNMENT

LIFE INSURANCE COS.HYPOTHECATED DEP. (HH LIAB.) ASSET-COMMERCIAL BANKS

161718



5 FEBRUARY 1975SECURITY CREDIT, TRADE CREDIT, AND TAXES20

SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE(MILLIONS OF DOLLARS)

SECURITY CREDIT, TRADE CREDIT, AND TAXES20


1973 1974 1 III IV 1 I II III IV SECURITY CREDIT

1 I II III IV

1 -8.195 -5.594 483 4.234 -5.667 -2.295 -2.006 1.773 -3.729 631 -2.904 408 NET CHANGE IN LIABILITIES2 -4.570 -2.416 620 295 -984 -1.338 -1.014 -1.234 197 -244 -2.438 69 HOUSEHOLDS3 -181 -31 -3 60 -48 -1 2 1 12 -24 -4 16 -62 19 FOREIGN4 -3.444 -3.147 -134 3.879 -4.635 -836 -1.004 3.031 -3.922 859 -404 320 BROKERS + DEALERS5 -2.769 -2.574 57 3.447 -4.069 -354 -937 2.591 -3.468 1 .1 2 2 -460 232 FROM COMMERCIAL BANKS6 -436 -301 0 87 -335 -160 -224 283 -308 - 1 0 20 -3 FROM FOREIGN BANKING AGS.7 -239 -272 -191 345 -231 -322 157 157 -146 -2 53 36 91 CUSTOMER CREDIT BALANCES8 -8.195 -5.594 483 4.234 -5.667 -2.295 -2.006 1.773 -3.729 631 -2.904 408 NET CHANGE IN ASSETS9 -206 -214 -165 265 -175 -328 183 114 -197 ■V223 92 114 HOUSEHOLDS

10 -3.396 -3.649 302 3.768 -4.316 -341 -1.443 2.704 -4.031 1 J\284 -1.244 342 COMMERCIAL BANKING11 -4.560 -1.673 372 121 -1 .1 2 0 -1.632 -720 -1.088 448 -400 -1.696 -25 BROKERS + DEALERS12 -33 -58 -26 80 -56 6 -26 43 51 -30 -56 -23 FOREIGN

TRADE CREDIT1 23.748 27.521 6.855 4.554 458 9.125 8.520 5.645 6.239 10.983 8.413 1 .8 8 6 NET CHANGE IN LIABILITIES2 607 582 164 157 152 152 152 151 149 146 145 142 HOUSEHOLDS3 1.462 1.511 378 369 365 366 366 365 366 369 392 384 FARM BUSINESS4 -994 -1.063 2.408 -7.268 2.124 1.975 2.700 -7.793 2.722 2.463 2.706 -8.954 NONFARM NONCORP. BUSINESS

(PAYABLES LESS RECEIVABLES)5 19.594 22.440 3.603 10.162 -2.424 6.497 4.359 11.162 1.400 6.889 4.621 9.530 CORPORATE BUSINESS6 1.086 929 174 207 245 286 292 263 2 40 222 246 221 STATE ♦ LOCAL GOVERNMENTS7 116 486 107 459 -158 -336 112 498 -306 177 152 463 U.S. GOVERNMENT8 1.877 2.636 21 468 154 185 539 999 1 .6 6 8 717 151 100 FOREIGN9 25.998 30.167 6.353 4.738 4.642 7.750 8.162 5.444 10.871 11.181 6.855 1.260 NET CHANGE IN ASSETS

10 24.080 27.720 6 .0 2 2 4.857 4.183 7.290 7.545 5.062 10.123 10.390 6.367 840 CORPORATE BUSINESS11 274 993 -173 -660 110 330 -95 -71 209 225 334 225 U.S. GOVERNMENT12 658 550 345 268 208 164 142 144 141 138 137 134 OTHER INSURANCE COMPANIES13 986 904 159 273 141 -34 570 309 398 428 17 61 FOREIGN14 -2.250 -2.646 502 -184 -4.184 1.375 358 201 -4.632 -198 1.558 626 DISCREPANCY

PROFIT TAXES PAYABLE

1 2.659 4.899 1.026 1.152 3.367 -3.336 1.722 906 2.927 -2.676 3.510 1.138 NET CHANGE IN TAXES PAYABLE2 2.323 4.660 781 974 2.717 -2.698 1.409 895 2.358 -2.060 3.174 1.188 CORPORATE BUSINESS3 123 78 -91 126 49 9 46 19 36 39 24 -2 1 MONETARY AUTHORITIES4 85 125 130 0 275 -290 100 0 260 -300 165 0 COMMERCIAL BANKS5 36 60 15 12 61 -34 6 3 31 -14 25 18 SAVINGS + LOAN ASSOCIATIONS6 36 -1 2 96 -24 182 -207 87 -26 177 -215 76 -50 LIFE INSURANCE COMPANIES7 13 20 47 21 26 -32 22 -3 35 -32 21 -4 OTHER INSURANCE COMPANIES8 55 76 20 29 42 -48 40 21 43 -36 39 30 FINANCE COMPANIES9 -1 2 -108 28 14 15 -36 12 -3 -13 -58 -14 -23 BROKERS + DEALERS

10 2.761 4.512 1.575 2.323 2.693 -4.476 2.449 2.095 2.254 -3.940 4.258 1.940 NET CHANGE IN TAXES RECEIVABLE11 598 613 97 139 155 147 145 151 153 151 155 154 STATE + LOCAL GOVERNMENTS12 2.163 3.899 1.478 2.184 2.538 -4.623 2.304 1.944 2 .1 0 1 -4.091 4.103 1.786 U.S. GOVERNMENT13 -1 0 2 387 -549 -1.171 674 1.140 -727 -1.189 673 1.264 -748 -802 DISCREPANCY

PROPRIETORS1 EQUITY IN NONCORPORATE BUSINESS

1 -4.434 -4.545 -1.765 -1.896 -1.763 -1.496 -1.015 -160 69 -1.351 -1.502 -1.761 TOTAL HOUSEHOLD INVESTMENT2 -4.167 -2.368 -1.098 -1.244 -1.044 -1.066 -1.059 -998 -2 2 1 -742 -867 -538 FARM BUSINESS3 -267 -2.177 -667 -652 -719 -430 44 838 290 -609 -635 -1.223 NONFARM NONCORPORATE BUSINESS

910

1112

5678

910111213

101112



5 FEBRUARY 1975 MISCELLANEOUS I21 MISCELLANEOUS FINANCIAL CLAIMS


MISCELLANEOUS I21

I 1972 I 1973 I 1974UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWS

1973 1974 1 III IV 1 I II III IV 1 I II III IV

1 36.685 37.266 6.304 4.194 12.277 6.928 11.465 6.015 16.834 9.699 5.473 5.260 NET CHANGE IN LIABILITIES 12 400 402 148 127 111 98 93 98 99 99 102 102 HOUSEHOLDS 23 2.537 2.908 158 224 351 588 886 712 1.281 1.677 -50 0 CORPORATE BUSINESS 34 -363 871 -295 328 233 54 -831 181 -42 45 -636 1.504 U.S. GOVERNMENT 45 27.808 17.852 5.061 3.096 7.087 6.070 11.259 3.392 10.903 5.182 4.542 -2.775 TOTAL FINANCE 56 2.169 1.449 -31 108 261 251 447 1 .2 1 0 1.015 -74 60 448 SPONSORED CREDIT AGENCIES 67 760 -2.060 -257 -156 324 -64 245 255 -304 102 26 -1.884 MONETARY AUTHORITIES 78 17.471 11.527 2.750 2.024 3.549 3.854 8.340 1.728 8.441 3.102 2.065 -2.081 COMMERCIAL BANKING 8

9 875 30 461 -280 1.155 51 494 -825 624 17 299 -910 SAVINGS + LOAN ASSNS. 910 596 130 178 -403 260 366 485 -515 -25 93 400 -338 MUTUAL SAVINGS BANKS 1011 2.736 2.909 700 564 752 810 440 734 198 987 714 1 .0 1 0 LIFE INSURANCE COMPANIES 1112 3.201 3.867 1.260 1.239 786 802 808 805 954 955 978 980 NONLIFE INSUR. COMPANIES 1213 0 0 0 0 0 0 0 0 0 0 0 0 REITS 1314 6.303 15.233 1.232 419 4.495 118 58 1.632 4.593 2.696 1.515 6.429 REST OF THE WORLD 1415 32.357 38.775 5.189 3.346 9.655 10.085 6.594 6.023 14.354 10.311 5.694 8.416 NET CHANGE IN ASSETS 1516 1.497 2.248 675 722 323 379 402 393 541 553 572 582 HOUSEHOLDS 1617 715 760 155 194 165 195 188 167 158 230 192 180 FARM BUSINESS 1718 991 1.014 257 248 249 251 247 244 250 264 247 253 NONFARM NONCORP. BUSINESS 1819 7.852 6.329 2.432 -679 3.836 1.858 748 1.410 2.049 1.621 1.757 902 CORPORATE BUSINESS 1920 957 142 33 84 107 108 -27 769 178 -361 45 280 U.S. GOVERNMENT 20

21 12.770 18.295 1.563 858 4.438 3.859 2.716 1.757 7.356 4.309 1.777 4.853 TOTAL FINANCE 2122 1 .6 6 6 -581 -28 -332 -106 346 577 849 -69 -414 435 -533 SPONSORED CREDIT AGENCIES 2223 7.239 15.026 2 .0 0 2 527 3.864 1.933 1.840 -398 6.136 3.399 1.006 4.485 COMMERCIAL BANKING 2324 1.504 1.789 -537 -247 297 653 -161 715 915 551 55 268 SAVINGS ♦ LOAN ASSNS. 2425 281 271 -94 401 -162 422 -118 139 -244 398 -27 144 MUTUAL SAVINGS BANKS 2526 917 926 258 246 236 228 224 229 230 230 233 233 LITE INSURANCE COMPANIES 2627 55 1.159 -72 229 18 -69 153 -47 478 170 241 270 PRIVATE PENSION FUNDS 2728 1.108 -295 34 34 291 346 201 270 -90 -25 -166 -14 REITS 2829 7.575 9.987 74 1.919 537 3.435 2.320 1.283 3.822 3.695 1.104 1.366 REST OF THE WORLD 2930 4.328 -1.509 1.115 848 2.622 -3.157 4.871 -8 2.480 -612 -2 2 1 -3.156 UNALLOCATED, NET 30

(A) FOREIGN CLAIMSCOMMERCIAL BANK LIABILITY TO FOREIGN AFFILIATES

31 1.063 3.245 998 -814 -277 693 460 187 2.681 148 585 -169 ASSET-REST OF THE WORLD 3132 350 2.247 588 -623 -279 394 205 30 1.197 415 -444 1.079 LIAB.-COMMERCIAL BANKS 3233 713 998 410 -191 2 299 255 157 1.484 -267 1.029 -1.248 FOREIGN BANKING AGS.

DIRECT FOREIGN INVESTMENT BY U.S. CORPORATIONS

33

34 3.649 4.915 726 -258 2.061 669 313 606 1.245 1.420 1.750 500 LIAB.—REST OF THE WORLDDIRECT FOREIGN INVESTMENT IN U.S.

34

35 2.537 2.908 158 224 351 588 886 712 1.281 1.677 -50 0 LIAB.-CORPORATE BUSINESS U.S. GOVT. EQ. IN IBRD, ETC.

35

36 348 646 47 115 77 81 2 188 114 233 83 216 LIAB.-REST OF THE WORLD FOREIGN CURR. EXCEPT OFFICIAL

36

37 4.798 2.520 1.727 -271 2.904 412 -78 1.560 2.370 -701 -1.056 1.907 LIAB.-REST OF THE WORLD 3738 2.568 -2 0 0 1.198 -882 1.349 783 36 400 400 -2 0 0 -400 0 ASSET-CORPORATE BUSINESS 3839 609 -504 -14 -31 30 27 -29 581 64 -594 -38 64 U.S. GOVERNMENT 3940 175 605 -14 151 1.147 -1.148 -61 237 1.873 -1.516 -1 0 258 COMMERCIAL BANKS 4041 1.446 2.619 557 491 378 750 -24 342 33 1.609 -608 1.585 FOREIGN BANKING AGS. 41

(B) U. S. GOVERNMENT CLAIMSPOSTAL SAVINGS DEPOSITS (LIAB.-U.S. GOVT.)

42 0 0 0 0 0 0 0 0 0 0 0 0 ASSET-HOUSEHOLDSDEPOSITS AT FHLB (ASSET-S+L ASSOCIATIONS)

42

43 197 739 -302 104 -257 162 -275 567 282 131 2 324 LIAB.-SPONSORED CREDIT AGS. 4344 565 750 19 80 218 135 144 68 211 221 188 130 EQ. IN U.S. GOVT. CREDIT AGS. 4445 0 0 0 0 0 0 0 0 0 0 0 0 U.S. GOVERNMENT

PRIVATE45

46 160 188 5 49 24 57 51 28 17 88 48 35 FARM BUSINESS (FICB + FLB) 4647 20 43 2 0 5 8 5 2 7 22 4 10 NONFARM NONCORPORATE (BC) 4748 19 17 4 4 3 5 6 5 3 4 6 4 CORPORATE BUSINESS (FNMA) 4849 366 502 8 27 186 65 82 33 184 107 130 81 S+L ASSOCIATIONS (FHLB) 49IV/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.


5 FEBRUARY 1975 MISCELLANEOUS II

MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED) (MILLIONS OF DOLLARS)

MISCELLANEOUS II22

UNADJUSTED QUARTERLY FLOWS UNADJUSTED QUARTERLY FLOWSI 1972 |

1974 | III IV |1973

II III1974

II III

(C) LIFE INSURANCE CLAIMSDEFERRED AND UNPAID PREMIUMS (ASSET-LIFE INSURANCE)

1 400 402 148 127 111 98 93 98 99 99 102 102 LIAB.-HOUSEHOLDS 1LIFE COMPANY RESERVES (ASSET-HOUSEHOLDS)

2 1.438 1.521 324 333 345 359 366 368 372 379 382 388 LIAB.-LIFE INSURANCE COS. 23 563 609 114 123 132 141 145 145 147 152 153 157 ACCIDENT AND HEALTH 34 875 912 210 210 213 218 221 223 225 227 229 231 POLICY DIVIDEND ACCUM. 4

(D) NONLIFE INSURANCE CLAIMS5 3.201 3.867 1.260 1.239 786 802 808 805 954 955 978 980 LIAB.-OTHER INSURANCE 56 59 727 351 389 -22 20 36 25 169 174 190 194 ASSET-HOUSEHOLDS 67 555 572 150 145 141 138 137 139 141 142 144 145 FARM BUSINESS 78 971 971 255 248 244 243 242 242 243 242 243 243 NONFARM NONCORP. BUS. 89 1.616 1.597 504 457 423 401 393 399 401 397 401 398 CORPORATE BUSINESS 9

(E) UNALLOCATED ASSETS + LIAB.10 4.328 -1.509 1.115 848 2.622 -3.157 4.871 -8 2.480 -612 -2 2 1 -3.156 NET TOTAL (LIAB. LESS ASSETS)11 18.489 15.753 1.199 3.315 5.958 2.929 8.746 856 7.225 5.137 2.509 882 NET CHANGE IN LIABILITIES12 0 1.723 0 0 0 0 0 0 0 0 0 1.723 U.S. GOVERNMENT13 -363 -852 -295 328 233 54 -831 181 -42 45 -636 -219 U.S. GOVT.—WITHOUT LEVELS14 1.407 -40 252 -76 300 -46 578 575 522 -426 -130 -6 SPONSORED CREDIT AGENCIES15 760 -2.060 -257 -156 324 -64 245 255 -304 102 26 -1.884 MONETARY AUTHORITIES16 5.029 5.717 2.284 1.980 2.496 1.429 -157 1.261 2.782 2.390 159 386 COMMERCIAL BANKING17 3.960 8.578 2.088 2.647 1 .6 6 8 2.025 312 -45 3.828 3.553 1 .1 2 1 76 COMMERCIAL BANKS16 -952 -1.706 -569 -46 275 -807 -415 -5 -652 -530 -624 300 BANK AFFILIATES19 1.548 -1.109 424 -963 511 337 -363 1.063 -353 -589 -2 2 0 53 FOREIGN BANKING AGENCIES20 473 -46 341 342 42 -126 309 248 -41 -44 82 -43 BANKS IN U.S. POSS.21 11.379 2.565 -532 858 1.330 1.732 8.037 280 2.978 564 1.321 -2.298 FLOATS IN COML. BANK STMNT22 1.400 412 -496 3.059 -2.259 -710 1.650 2.719 821 -1.452 -651 1.694 ON INTERBANK DEPOSITS23 10.312 1.682 245 -1.696 3.203 2.730 6.280 -1.901 1.411 2.066 1.026 -2.821 ON INTERBANK LOANS24 333 -471 281 505 -386 288 -107 538 -746 50 -946 1.171 LESS: ON MEMBER BK. RES.25 875 30 461 -280 1.155 51 494 -825 624 17 299 -910 SAVINGS + LOAN ASSNS.26 596 130 178 -403 260 366 485 -515 -25 93 400 -338 MUTUAL SAVINGS BANKS27 1.298 1.388 376 231 407 451 74 366 -174 608 332 622 LIFE INSURANCE28 0 0 0 0 0 0 0 0 0 0 0 0 REITS29 -2.492 7.152 -1.268 833 -547 -1.044 -179 -722 864 1.744 738 3.806 REST OF THE WORLD30 14.161 17.262 84 2.467 3.336 6.086 3.875 864 4.745 5.749 2.730 4.038 NET CHANGE IN ASSETS31 1 .6 6 6 -581 -28 -332 -106 346 577 849 -69 -414 435 -533 SPONSORED CREDIT AGENCIES32 4.722 11.488 1.481 62 1.288 1.532 2.095 -193 2.372 2.471 3.515 3.130 COMMERCIAL BANKS33 818 284 -96 -431 933 849 -206 -758 1.802 882 -1.931 -469 FOREIGN BANKING AGENCIES34 78 30 74 254 118 -50 36 -26 56 -47 40 -19 BANKS IN U.S. POSSESSIONS35 941 548 -243 -378 368 426 32 115 449 313 -77 -137 SAVINGS * LOAN ASSNS.36 281 271 -94 401 -162 422 -118 139 -244 398 -27 144 MUTUAL SAVINGS BANKS37 517 524 110 119 12 5 130 131 131 131 131 131 131 LIFE INSURANCE38 55 1.159 -72 229 18 -69 153 -47 478 170 241 270 PRIVATE PENSION FUNDS39 1.108 -295 34 34 291 346 201 270 -90 -25 -166 -14 REITS40 3.975 3.834 -1.082 2.509 463 2.154 974 384 -140 1.870 569 1.535 REST OF THE WORLD

11121314

161718

22232425262728293031323334353637383940



5 FEBRUARY 1975 TOTAL CLAIMS23 TOTAL FINANCIAL ASSETS AND LIABILITIES


TOTAL CLAIMS23


I 19721974 I III IV I

1973II III

1974II III

TOTAL FUNDS RAISED AND ADVANCED IN CREDIT MARKETS (1)

1 239.364 216.683 45.731 73.251 56.828 61.288 60.396 60.652 39.287 65.987 58.1162345678 9

10

11121314151617181920

187.365 175.706 9.714 12.968 7.528 15.516

170.123 147.222 72.815 42.5448.6179.28267.15112.25851.99919.5894.5152.2445.0845.962452

9.4196.320-1.586

7.3896.728

74.74715.81440.97721.641- 1 . 1 0 02.4374.4526.277371

3.8161.5101.573

39.3745.738590

33.04614.386

5872.33112.1073.6356.3571.083-319397

1.7101.027107

1.4971.102-247

63.42412.9371.728

48.75924.523

8993.82016.4343.0839.8271.592554269

-1.4571.887115

4.9591.927-19

45.2578.8531.99934.40511.9002.0861.60816.2412.57011.5712.6843.016819

1.985200109

1.3781.722-342

45.707-5.9942.04049.66120.5722.8333.16120.6272.46815.5815.874-727827

1.4233.315111

3.4661.934-642

43.312 -457 726

43.043 19 .46 3 2.070 2.265 15.311 3.93417.0847.0432.461948469

2.976114

1.3211.624128

53.0897.3122.763 43.014 20.8801.6282.24814.9723.2867.763 3.988-235-3501.207-529118

3.2541.040-730

33.6623.3893.71726.5563.6821.636-561

18.1303.6695.6251.7962.4431.164-345-662

10018930181

52.360-6.1876.24452.30315.5203.1533.26125.9464.42313.6276.447-1.147

9071.6864.188

1001.533485-572

22 31.115 33.10323 21.540 22.84024 1.264 95925 7.872 5.40926 439 3.895

1.8712.555-77

-1.6721.065

5.474-8441.0554.507756

1.4361.542

77309

-492

7.0624.523181

3.392-1.034

16.17715.310

-99291675

6.440165

1.1053.8801.290

9.0104.961-1602.4111.798

41.6204.4971.60335.52011.3031.7661.84216.8633.74616.4968.9422.149679635

3.081888988745

21 239.364 216.683 45.731 73.251 56.828 61.288 60.396 60.852 39.287 65.987 58.1162.0861.951176

1.923-1.964

19.18217.458

66461

1.197

53.293 TOTAL FUNDS RAISED IN CREDIT 1MARKETS BY:

48.064 NONFINANCIAL SECTORS 211.269 U.S. GOVERNMENT 33.952 FOREIGN 432.843 PRIVATE DOMESTIC 512.039 HOUSEHOLDS 6

834 FARM BUSINESS 72.186 NONFARM NONCORP. BUS. 813.808 CORPORATE BUSINESS 93.976 S. + L. GOVERNMENTS 105.229 FINANCIAL SECTORS 114.456 SPONSORED CREDIT AGENCIES 12-4.545 COMMERCIAL BANKS 13-313 BANK AFFILIATES 142.476 FOREIGN BANKING AGENCIES 15-330 SAVINGS + LOAN ASSNS. 1683 OTHER INSURANCE COMPANIES 17

2.176 FINANCE COMPANIES 187 REITS 19

1.219 OPEN-END INVESTMENT COS. 2053.293 TOTAL FUNDS ADVANCED IN CREDIT 21

MARKETS BY:2.825 PRIVATE DOM. NONFIN. SECTORS 22-1.530 HOUSEHOLDS 23

877 NONFARM NONCORP. BUSINESS 24614 CORPORAT€ BUSINESS 25

2.864 STATE ♦ LOCAL GOVERNMENTS 2627 2.982 5.922 1.390 468 904 -507 1.982 603 391 707 1.302 3.522 U.S. GOVERNMENT 2728 201.771 164.45929 20.255 24.01830 9.227 6.1503132333435

86.656 61.80780.895 55.0261.702 9163.950 5.488109 377

37.000 66.210 45.339 57.165 42.984 56.283 28.070 59.196 34.601 42.592 FINANCIAL INSTITUTIONS 281.136 2.034 3.113 5.859 6.987 4.296 3.002 6.915 8.654 5.447 SPONSORED CREDIT AGENCIES 29

-2.457 1.258 4.001 1.200 489 3.537 -257 3.610 1.461 1.336 FEDERAL RESERVE SYSTEM 3014.191 33.269 15.124 26.001 17.553 27.978 9.607 28.344 6.671 17.185 COMMERCIAL BANKING 3113.073 32.703 13.178 25.178 15.548 26.991 8.392 25.671 6.299 14.664 COMMERCIAL BANKS 32

-32 334 563 359 1.117 -337 604 468 -143 -13 BANK AFFILIATES 33936 151 1.464 546 753 1.187 589 2.082 418 2.399 FOREIGN BANKING AGENCIES 34214 81 -81 -82 135 137 22 123 97 135 BANKS IN U.S. POSS. 35

36 85.63337 27.13338 5.37239 2.9374041424344454647

15.6107.2439.2474.97110.1364.480-2.516

1.020

72.48421.3563.7422.71315.7928.70711.7364.0713.8171.0151.387

-1.852

24.1309.9502.501851

3.7371.3861.8071.7922.006816

-264-452

29.6498.9871.410621

2.7092.4222.0561.8394.9421.565-6893.787

23.10110.5843.155440

4.9211.9692.6051.3781.5601.140

-1.155-3.496

24.1058.9271.5381.0792.9051.1152.3621.2063.5981.263-626738

17.955 20.472 15.718 20.327 17.815 18.624 PRIVATE NONBANK FINANCE 364.694 2.928 7.714 6.793 3.514 3.335 SAVINGS ♦ LOAN ASSNS. 37496 183 2.884 129 141 588 MUTUAL SAVINGS BANKS 38967 451 -4 1.003 1.193 521 CREDIT UNIONS 39

3.794 3.990 3.947 4.642 3.669 3.534 LIFE INSURANCE COMPANIES 401.827 2.332 1.312 1.523 2.729 3.143 PRIVATE PENSION FUNDS 412.296 1.984 2.209 2.758 3.253 3.516 S. + L. GOVT., RTR. FUND 421.190 1.197 1.277 1.014 749 1.031 OTHER INSURANCE COS. 431.573 3.405 194 1.571 413 1.639 FINANCE COMPANIES 441.337 740 680 294 23 18 REITS 45

81 -816 -57 -493 900 1.037 OPEN-END INVESTMENT COS. 46-300 4.078 -4.438 1.093 1.231 262 SECURITY BKRS. + DEALERS 47

3.496 13.199 5.470 1.099 9.149 -2.432 -747 -2.474 1.816 3.998 3.031 4.354 REST OF THE WORLD 48TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS

TOTAL FUNDS RAISED (FROM1 239.364 216.682 45.731 73.251 56.828 61.288 60.396 60.852 39.287 65.987 58.116 53.293 PRECEDING TABLE)

OTHER LIABILITIES:2 -2 0 0 1.262 -119 -6 6 -2 2 0 -8 13 15 210 329 881 -158 OFFICIAL FOREIGN EXCHANGE3 422 427 111 96 88 193 64 77 82 97 103 145 TREASURY CURR. + SDR CTFS.4 95.014 83.451 20.193 47.162 21.087 30.884 5.907 37.136 10.979 35.081 1.705 35.686 DEPOSITS AT FINANCIAL INSTS.5 66.896 61.463 10.147 36.602 8.628 22.093 5.966 30.209 -484 30.580 2.802 28.565 BANKING SYSTEM6 15.962 6.041 -509 25.462 -10.948 10.879 -8.820 24.851 -15.114 12.258 -7.962 16.859 DEMAND DEP. ♦ CURRENCY7 50.934 55.422 10.656 11.140 19.576 11.214 14.786 5.358 14.630 18.322 10.764 11.706 TIME + SAVINGS DEPOSITS8 28.118 21.988 10.046 10.560 12.459 8.791 -59 6.927 11.463 4.501 -1.097 7.121 SAVINGS INSTITUTIONS9 31.636 38.748 6.716 8.955 7.453 9.130 7.687 7.366 6.396 12.824 9.015 10.513 INSURANCE + PENSION RESERVES

10 -8.195 -5.594 483 4.234 -5.667 -2.295 -2.006 1.773 -3.729 631 -2.904 408 SECURITY CREDIT11 23.748 27.521 6.855 4.554 458 9.125 8.520 5.645 6.239 10.983 8.413 1 .8 8 6 TRADE DEBT12 2.659 4.899 1.026 1.152 3.367 -3.336 1.722 906 2.927 -2.676 3.510 1.138 PROFIT TAXES PAYABLE13 -4.434 -4.545 -1.765 -1.896 -1.763 -1.496 -1.015 -160 69 -1.351 -1.502 -1.761 NONCORP. PROPRIETORS* EQUITY14 36.685 37.266 6.304 4.194 12.277 6.928 11.465 6.015 16.834 9.699 5.473 5.260 MISCELLANEOUS15 7.864 -1.086 3.208 -3.414 3.780 -713 8.856 -4.059 1.796 8.046 3.754 -14.682 INTERBANK CLAIMS16 424.563 399.032 88.743 138.222 97.688 109.700 101.609 115.566 81.090 139.650 86.564 91.728 TOTAL LIABILITIES ABOVE

- FLOATS NOT INCL. IN ASSETS17 339 -258 530 -27 560 -490 60 209 164 -796 509 -135 DEMAND DEPOSITS—U.S. GOVT.18 93 1.814 -1.744 3.563 -1.271 2.661 -3.286 1.989 -1.764 3.468 -3.456 3.566 OTHER19 -2.250 -2.646 502 -184 -4.184 1.375 358 201 -4.632 -198 1.558 626 TRADE CREDIT

- LIABILITIES NOT ALLOCATED AS ASSETS

20 19 -69 -19 -2 1 -2 1 84 0 -44 25 -54 -5 -35 TREASURY CURRENCY21 -1 0 2 387 -549 -1.171 674 1.140 -727 -1.189 673 1.2 64 -748 -802 TAXES PAYABLE22 4.328 -1.509 1.115 848 2.622 -3.157 4.871 -8 2.480 -612 -2 2 1 -3.156 MISCELLANEOUS

TOTALS ALLOCATED TO SECTORS23 422.136 401.313 88.908 135.214 99.308 108.087 100.333 114.408 84.144 136.578 88.927 91.664 AS ASSETS

101112

202122

(1) INCLUDES CORPORATE EQUITIES.IV/74 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.


SAVINGLY INDIVIDUALS SAVING BY INDIVIDUALS24 AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING 111


| 1972 I 1973 I 19741973 1974 I III IV I I II III IV | I II III

1 138.164 129.270 31.078 40.095 26.002 38.551 36.622 36.9892 13.054 3.768 1.560 14.242 -7.084 5.709 46 14.3833 67.673 59.147 19.402 15.258 23.452 18.511 12.658 13.0524 21.046 22.048 2.553 -137 2.403 3.956 14.925 -2385 2.700 3.034 772 879 891 911 441 4576 6.521 447 -136 782 539 489 5.191 3027 11.139 *.477 766 562 2.471 3.217 4.551 9008 4.335 11.737 72 244 1.001 776 2.300 2589 1.059 -3.035 1.456 -386 337 501 14 207

10 3.464 -350 -544 1.711 -1.971 -1.004 2.617 3.82211 -1.586 1.573 -247 -19 -342 -642 128 -73012 —6.586 -835 414 -3.910 -523 -292 -317 -5.45413 7.209 7.206 1.630 1.684 1.750 1.824 1.840 1.79514 5.150 5.681 1.558 1.328 1.230 1.266 1.305 1.34915 7.737 11.092 1.489 2.976 2.182 1.229 2.410 1.91616 11.540 14.769 2.039 2.967 2.291 4.811 2.132 2.30617 4.755 5.559 847 1.777 -2 2 2 1.245 1.306 2.426

18 213.148 204.842 47.528 54.156 49.162 53.671 53.030 57.28519 37.537 32.539 8.690 10.263 9.412 8 .1 0 2 9.239 10.78420 42.813 41.266 10.583 10.066 9.307 11.729 11.776 1 0 .0 0 121 130.310 127.753 28.884 34.658 29.556 33.612 31.646 35.49622 2.488 3.284 -629 -831 887 228 369 1.00423 143.512 147.874 33.005 33.904 34.720 35.937 36.341 36.51424 10.358 10.629 2.531 2.559 2.560 2.631 2.574 2.59325 29.902 32.863 6.784 7.004 7.090 7.432 7.552 7.82826 103.252 104.382 23.690 24.341 25.070 25.874 26.215 26.09327 69.636 56.968 14.523 20.252 14.442 17.734 16.689 20.77128 27.179 21.910 6.159 7.704 6.852 5.471 6.665 8.19129 12.911 8.403 3.799 3.062 2.217 4.297 4.224 2.17330 27.058 23.371 5.194 10.317 4.486 7.738 5.431 9.40331 2.488 3.284 -629 -831 887 228 369 1.004

25.979 37.076 31.508 34.707 INCREASE IN FINANCIAL ASSETS 1-7.906 5.898 -3.255 9.031 DEMAND DEPOSITS + CURRENCY 221.936 15.403 7.121 14.687 SAVINGS ACCOUNTS 35.331 1.672 17.236 -2.191 SECURITIES 4780 822 611 821 U.S. SAVINGS BONDS 5

4.044 -3.246 3.801 -4.152 OTHER U.S. TREASURY SEC. 6-960 4.001 6.614 -178 U.S. GOVT. AGENCY SEC. 71.326 2.290 5.149 2.972 STATE + LOCAL OBLIGATIONS 8

1.114 -645 -901 -2.603 CORPORATE ♦ FOREIGN BONDS 9-1 .8 8 6 -104 2 .0 0 1 -361 COMMERCIAL PAPER 10

181 -572 745 1.219 INVESTMENT COMPANY SHARES 11732 -874 -784 91 OTHER CORPORATE EQUITIES 12

1.768 1.857 1.809 1.772 PRIVATE LIFE INSURANCE RES. 13773 1.930 1.432 1.546 PRIVATE INSURED PENSION RES. 14

2.056 2.302 3.289 3.445 PRIVATE NONINSURED PEN. RES. 151.799 6.735 2.485 3.750 GOVT. INSURANCE ♦ PEN. RES. 16

222 1.279 1.391 2.667 MISCELLANEOUS FINAN. ASSETS 17

46.493 51.828 52.097 54.424 GROSS INV. IN TANGIBLE ASSETS 188.414 5.968 7.960 10.177 NONFARM HOMES 198.983 11.915 11.317 9.051 NONCORP. BUS. PLANT + EQUIP. 2027.307 32.900 32.395 35.151 CONSUMER DURABLES 211.789 1.025 425 45 INVENTORIES 22

36.657 37.012 37.025 37.180 CAPITAL CONSUMPTION ALLOWANCES 232.614 2.695 2.654 2 .6 6 6 NONFARM HOMES 247.976 8.180 8.308 8.399 NONCORP. BUS. PLANT + EQUIP. 2526.067 26.137 26.063 26.115 CONSUMER DURABLES 269.836 14.816 15.072 17.244 NET INV. IN TANGIBLE ASSETS 275.800 3.293 5.306 7.511 NONFARM HOMES 281.007 3.735 3.009 652 NONCORP. BUS. PLANT + EQUIP. 291.240 6.763 6.332 9.036 CONSUMER DURABLES 301.789 1.025 425 45 INVENTORIES 31

32 87.619 55.677 2 1 .0 2 2 22.922 17.362 27.819 26.095 16.34333 44.208 32.22C 10.179 11.297 10.554 11.543 11.681 10.43034 12.858 12.040 3.949 3.420 2.145 4.561 4.355 1.79735 22.922 9.635 5.164 8.588 1.756 7.763 5.952 7.45136 -4.570 -2.416 620 295 -984 -1.338 -1.014 -1.23437 2.226 2.709 259 226 288 391 850 69738 9.975 1.489 851 -904 3.603 4.899 4.271 -2.798

394041

120.18111.54027.058

130.56114.76923.371

24.5792.0395.194

37.4252.96710.317

23.0822.2914.486

28.4664.8117.738

27.2.5.216132431

41.4172.3069.403

424344

944307

80.332608380

91.43311142

17.19372043

23.37848553

15.76714065

15.712 19.6385505

256104

29.34845 74.348 76.719 14.079 18.797 16.622 15.043 19.460 23.22346 5.984 14.714 3.114 4.581 -855 669 45 6.125

8.290 24.767 15.818 6.802 INCREASE IN DEBT 328.946 9.137 6.405 7.732 MTG. DEBT ON NONFARM HOMES 331 .133 4.312 4.173 2.422 NONCORP BUS. MORTGAGE DEBT 34

-2 .914 5.853 4.481 2.215 CONSUMER CREDIT 35197 -244 -2.438 69 SECURITY CREDIT 36341 785 883 700 POLICY LOANS 37587 4.924 2.314 -6.336 OTHER DEBT 38

27.525 27.125 30.762 45.149 INDIVIDUALS• SAVING (1+27-32) 391.799 6.735 2.485 3.750 - GOVT. INSURANCE ♦ PEN. RES. 401.240 6.763 6.332 9.036 - NET INVESTMENT IN CONS. DUR. 41

- CAPITAL GAINS DIVIDENDS354 56 23 175 FROM INVESTMENT COMPANIES 4295 95 95 95 - NET SAVING BY FARM CORPS. 43

24.037 13.476 21.827 32.093 = PERSONAL SAVING, F/F BASIS 4420 .943 15.640 17.605 22.531 PERSONAL SAVING, NIA BASIS 453.094 -2.164 4.222 9.562 DIFFERENCE 46

(1) COMBINED STATEMENT FOR HOUSEHOLDS, FARM,AND NONFARM NONCORPORATE BUSINESS.



flow of funds, unadjusted 4th quarter, 1974

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