Studies in the National Balance Sheet of the United States, Volume 2 9781400875504

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STUDIES IN THE NATIONAL BALANCE SHEET OF THE UNITED STATES Volume II Basic Data on Balance Sheets and Fund Flows

NATIONAL BUREAU OF ECONOMIC RESEARCH STUDIES IN CAPITAL FORMATION AND FINANCING 1. Capital Formation in Residential Real Estate: Trends and Prospects

Leo Grebler, David M. Blank, and Louis Winnick 2. Capital in Agriculture: Its Formation and Financing since 1870

Alvin S. Tostlebe 3. Financial Intermediaries in the American Economy Since 1900

Raymond W. Goldsmith 4. Capital in Transportation, Communications, and Public Utilities: Its Formation and Financing

Melville J. Ulmer 5. Postwar Market for State and Local Government Securities

Roland I. Robinson 6. Capital in Manufacturing and Mining: Its Formation and Financing

Daniel Creamer, Sergei P. Dobrovolsky, and Israel Borenstein 7. Trends in Government Financing

Morris A. Copeland 8. The Postwar Residential Mortgage Market

Saul B. Klaman 9. Capital in the American Economy: Its Formation and Financing

Simon Kuznets 10. The National Wealth of the United States in the Postwar Period

Raymond W. Goldsmith 11. Studies in the National Balance Sheet of the United States

Volume I, Raymond W. Goldsmith and Robert E. Lipsey Volume II, Raymond W. Goldsmith, Robert E. Lipsey, and Morris Mendelson

Studies in the National Balance Sheet of the United States VOLUME II Basic Data on Balance Sheets and Fund Flows BY

RAYMOND W. GOLDSMITH, ROBERT E. LIPSEY, AND

MORRIS MENDELSON

A STUDY BY THE NATIONAL BUREAU OF ECONOMIC RESEARCH PUBLISHED BY PRINCETON UNIVERSITY PRESS

1963

Copyright © 1963 by National Bureau of Economic Research All Rights Reserved L.C. Card No. 63-7520

Printed in the United States o£ America

NATIONAL BUREAU OF ECONOMIC RESEARCH 1963

Albert J. Hettinger, Jr., Chairman Frank W. Fetter, Vice-President Arthur F. Burns, President Donald B. Woodward, Treasurer Solomon Fabricant, Director of Research Geoffrey H. Moore, Associate Director of Research Hal B. Lary, Associate Director of Research William J. Carson, Executive Director DIRECTORS AT LARGE

Robert B. Anderson, New York City Wallace J. Campbell, Nationwide Insur­ ance Edwin D. Canham, Christian Science Monitor Solomon Fabricant, New York University Marion B. Folsom, Eastman Kodak Com­ pany Crawford H. Greenewalt, Ε. I. du Pont de Nemours ir Company Gabriel Hauge, Manufacturers Hanover Trust Company A. J. Hayes, International Association of Machinists Albert J. Hettinger, Jr., Lazard F^res and Company

Theodore V. Houser, Committee for Eco­ nomic Development Nicholas Kelley, Kelley Drye Newhall Maginnes ir Warren H. W. Laidler, League for Industrial Democracy George B. Roberts, Larchmont, New York Harry Scherman, Book-of-the-Month Club Boris Shishkin, American Federation of Labor and Congress of Industrial Or­ ganizations George Soule, South Kent, Connecticut Joseph H. Willits, Armonk, New York Donald B. Woodward, A. W. Jones and Company

DIRECTORS BY UNIVERSITY APPOINTMENT

V. W. Bladen, Toronto Francis M. Boddy, Minnesota Arthur F. Burns, Columbia Lester V. Chandler, Princeton Melvin G. de Chazeau, Cornell Frank W. Fetter, Northwestern R. A. Gordon, California

Harold M. Groves, Wisconsin Gottfried Haberler, Harvard Maurice W. Lee, North Carolina Lloyd G. Reynolds, Yale Paul A. Samuelson, Massachusetts Institute of Technology Theodore W. Schultz, Chicago Willis J. Winn, Pennsylvania

DIRECTORS BY APPOINTMENT OF OTHER ORGANIZATIONS

Percival F. Brundage, American Institute of Certified Public Accountants Nathaniel Goldfinger,American Federation of Labor and Congress of Industrial Organizations Harold G. Halcrow, American Farm Economic Association Murray Shields, American Management Association Willard L. Thorp, American Economic Association W. Allen Wallis, American Statistical Association Harold F. Williamson, Economic History Association Theodore O. Yntema, Committee for Economic Development DIRECTORS EMERITI

Shepard Morgan, Norfolk, Connecticut Ν. I. Stone, New York City Jacob Viner, Princeton, New Jersey RESEARCH STAFF

Moses Abramovitz Gary S. Becker William H. Brown, Jr. Gerhard Bry Arthur F. Burns Phillip Cagan Joseph W. Conard Frank G. Dickinson James S. Earley Richard A. Easterlin Solomon Fabricant Albert Fishlow Milton Friedman

Victor R. Fuchs H. G. Georgiadis Raymond W. Goldsmith Challis A. Hall, Jr. Millard Hastay Daniel M. Holland Thor Hultgren F. Thomas Juster C. Harry Kahn Irving B. Kravis Hal B. Lary Robert E. Lipsey Ruth P. Mack

Jacob Mincer Ilse Mintz Geoffrey H. Moore Roger F. Murray Ralph L. Nelson G. Warren Nutter Richard T. Selden Lawrence H. Seltzer Robert P. Shay George J. Stigler Norman B. Ture Herbert B. Woolley Victor Zarnowitz

RELATION OF THE DIRECTORS TO THE WORK AND PUBLICATIONS OF THE NATIONAL BUREAU OF ECONOMIC RESEARCH 1. The object of the National Bureau of Economic Research is to ascertain and to present to the public important economic facts and their interpretation in a scientific and impartial manner. The Board of Directors is charged with the re­ sponsibility of ensuring that the work of the National Bureau is carried on in strict conformity with this object. 2. To this end the Board of Directors shall appoint one or more Directors of Research. 3. The Director or Directors of Research shall submit to the members of the Board, or to its Executive Committee, for their formal adoption, all specific proposals concerning researches to be instituted. 4. No report shall be published until the Director or Directors of Research shall have submitted to the Board a summary drawing attention to the character of the data and their utilization in the report, the nature and treatment of the problems involved, the main conclusions, and such other information as in their opinion would serve to determine the suitability of the report for publication in accordance with the principles of the National Bureau. 5. A copy of any manuscript proposed for publication shall also be submitted to each member of the Board. For each manuscript to be so submitted a special com­ mittee shall be appointed by the President, or at his designation by the Executive Director, consisting of three Directors selected as nearly as may be one from each general division of the Board. The names of the special manuscript committee shall be stated to each Director when the summary and report described in paragraph (4) are sent to him. It shall be the duty of each member of the committee to read the manuscript. If each member of the special committee signifies his approval within thirty days, the manuscript may be published. If each member of the special com­ mittee has not signified his approval within thirty days of the transmittal of the report and manuscript, the Director of Research shall then notify each member of the Board, requesting approval or disapproval of publication, and thirty additional days shall be granted for this purpose. The manuscript shall then not be published unless at least a majority of the entire Board and a two-thirds majority of those members of the Board who shall have voted on the proposal within the time fixed for the receipt of Votes on the publication proposed shall have approved. δ. No manuscript may be published, though approved by each member of the special committee, until forty-five days have elapsed from the transmittal of the summary and report. The interval is allowed for the receipt of any memorandum of dissent or reservation, together with a brief statement of his reasons, that any member may wish to express; and such memorandum of dissent or reservation shall be published with the manuscript if he so desires. Publication does not, however, imply that each member of the Board has read the manuscript, or that either mem­ bers of the Board in general, or of the special committee, have passed upon its validity in every detail. 7. A copy of this resolution shall, unless otherwise determined by the Board, be printed in each copy of every National Bureau book. (Resolution adopted October 25, 1926, as revised February 6, 1933, and February 24, 1941)

This report is one of a series emerging from an investigation of postwar capital market develop­ ments in the United States. The costs of the study were financed in large part by a grant to the Na­ tional Bureau from the Life Insurance Associa­ tion of America supplemented by funds from the Research and Educational Trust Fund of the Mortgage Bankers Association of America. Neither of these organizations, however, is re­ sponsible for any of the statements made or views expressed in the report.

CONTENTS INTRODUCTION, by Robert E. Lipsey

Assets and Liabilities Currency and Demand Deposits Other Bank Deposits and Shares Private Life Insurance Reserves Private Pension and Retirement Funds Government Pension and Insurance Funds Consumer Credit Trade Credit Loans on Securities Bank Loans, n.e.c. Other Loans Mortgages U.S. Government Securities State and Local Government Securities Other Bonds and Notes Preferred Stock Common Stock Equity in Mutual Financial Organizations Equity in Other Business Other Intangible Assets and Liabilities Equities or Net Worth ClassificationofSectors NonfarmHouseholds Nonfarm Unincorporated Business Agriculture Nonfinancial Corporations Finance Federal Reserve Banks and Treasury Monetary Funds Government Pension and Insurance Funds Commercial Banks MutualSavingsBanks SavingsandLoanAssociations Investment Companies CreditUnions Life Insurance Companies Fire and Casualty Insurance Companies Noninsured Pension Plans Other Private Insurance Finance Companies Other Finance

1 2 3 4 5 6 7 7 8 9 9 10 11 12 13 14 14 14 16 16 16 16 17 17 22 23 24 27 27 28 29 31 31 32 32 33 33 33 33 33 34

CONTENTS

State and Local Government Federal Government

37 36

BASIC TABLES

I. la. II. III. IV. V. VI. VII. VIII.

National Balance Sheets, 1945-58 National Balance Sheets, 1900-45, Selected Years Finance Sector Balance Sheets, 1945-58. Sector Balance Sheets, 1945-58 and Selected Earlier Years Asset and Liability Tables, 1945-58 and Selected Earlier Years Flow of Funds Through Sectors, 1946-58 Flow of Funds Through Finance Subsectors, 1946-58 Sector Flow of Funds, 1946-58 Transaction Flow of Funds, 1946-58

χ

41 71 87 117 239 345 373 401 449

TABLES Reconciliation

of NBER

and FRB

Estimates

1. Currency and Demand Deposits

3

2. Gold and Treasury Currency

4

3. Other Bank Deposits and Shares

5

4. Private Life Insurance Reserves

5

5. Private Pension and Retirement Funds

6

6. Government Pension and Insurance Funds

7

7. Consumer Credit

7

8. Trade Credit

8

9. Loans on Securities

9

10. Bank Loans, N.E.C.

10

11. Other Loans

11

12. U.S. Government Securities

12

13. State and Local Government Securities

13

14. Other Bonds and Notes

14

15. Corporate Stock

15

16. Nonfarm Household Assets

18

17. Nonfarm Household liabilities

21

18. Nonfarm Unincorporated Business

22

19. Agriculture

23

20. Nonfinancial Corporations

25

21. Federal Reserve Banks and Treasury Monetary Funds

27

22. Commercial Banks

29

23. Mutual Savings Banks

31

24. Savings and Loan Associations

32

25. Finance Companies

34

26. Brokers and Dealers

35

27. State and Local Governments, Including State and Local Pension and Retirement Funds

36

28. Federal Government, Including Federal Pension and Insurance Funds

38

xi

TABLES

I. National Balance Sheets, 1945-58 la. National Balance Sheets, 1900-45, Selected Years

42 72

II. Finance Sector Balance Sheets, 1945-58

88

III-I. Nonform Households Ill-la. Personal Trust Funds, Including Common Trust Funds Ill-lb. Personal Trust Funds Other Than Common Trust Funds III-lc. Common Trust Funds Ill-Id. Nonfarm Households, 1900-45, Selected Years III-2. Nonfarm Unincorporated Business III-2a. Nonfarm Unincorporated Business, 1900-45, Selected Years III-3. Agriculture III-3a. Agricultural Cooperatives III-3a-l. Cooperatives for Purchase, Supply, and Related Services III-3a-2. Rural Electric Cooperatives and Farmers' Mutual Telephone Companies III-3a-3. Farmers' Mutual Irrigation Companies III-3b. Agriculture, 1900-45, Selected Years III-4. Nonfinancial Corporations III-4a. Real Estate Corporations III-4b. Nonfinancial Corporations, 1900-45, Selected Years III-4b-l. Investment Holding Companies, 1929-45, Selected Years III-5. Total Finance III-5a. Federal Reserve Banks and Treasury Monetary Funds III-5a-l. Federal Reserve Banks III-5a-2. Treasury Monetary Funds III-5b. Government Pension and Insurance Funds III-5b-l. Federal Government Pension and Insurance Funds III-5b-Ia. Special Issues of Federal Securities Held by Fed­ eral Government Pension and Insurance Funds III-5b-lb. Public Issues of Federal Securities Held by Federal Government Pension and Insurance Funds III-5b-2. State and Local Government Pension and Insur­ ance Funds III-5c. Commercial Banks III-5d. Mutual Savings Banks

118 120 120 122 124 126 128 130 132 134 136 136 138 140 142 146 148 150 152 152 154 154 156 158 159 160 162 164

TABLES

III-5e. III-5f. III-5f-l. III-5f-2. III-5f-3. III-5g. III-5h. III-5i. III-5j. III-5J-1. III-5j-2.

Savings and Loan Associations Investment Companies Open-End Investment Companies Closed-End Investment Companies Face-Amount Investment Companies Credit Unions Life Insurance Companies Fire and Casualty Insurance Companies Noninsured Pension Plans Noninsured Pension Plans, Corporate Noninsured Pension Plans, Union-Administered and Multiemployer III-5j-3. Noninsured Pension Plans, Nonprofit Organiza­ tions III-5k. Other Private Insurance III-5k-l. Fraternal Orders III-5k-2. Group Health Insurance IIl-5k-3. Savings Bank Life Insurance 111-51. Finance Companies III-51-a. Commercial Paper III-5m. Other Finance III-5m-l. Brokers and Dealers III-5m-la. Assets of Brokers and Dealers III-5m-2. Banks in Possessions III-5m-3. Agencies of Foreign Banks III-5m-4. Agricultural Credit Organizations III-5n. Tangible Assets of Financial Organizations III-5o. Total Finance, 1900-45, Selected Years III-6. State and Local Governments III-6a. State and Local Governments, 1900-45, Selected Years III-7. Federal Government (Civil Only) III-7a. Total Federal Government, Including Military III-7b. Postal Savings System III-7c. Government Lending and Credit Agencies, Except Federal Land Banks III-7d. Estimate of Federal Government Loans III-7e. Federal Land Banks III-7f. Federal Government (Civil Only), 1900-45, Se­ lected Years III-8. Rest of the World IV-a-1. Residential Structures, Assets IV-a-2. Nonresidential Structures, Assets

166 168 168 170 170 172 174 176 178 180 182 184 186 188 190 192 194 196 198 200 202 204 206 208 210 212 216 218 220 224 226 228 230 232 234 238 240 240

TABLES

IV-a-3. IV-a-3a. IV-a-3b. IV-a-4. IV-a-5. IV-a-6. IV-a-7. IV-a-8. IV-a-9. IV-b-1. IV-b-la. IV-b-lb. IV-b-lc. IV-b-ld. IV-b-le. IV-b-lf. IV-b-lg. IV-b-lh. IV-b-2. IV-b-3. IV-b-4. IV-b-5. IV-b-6. IV-b-6a. IV-b-7. IV-b-7a. IV-b-8. IV-b-9. IV-b-10. IV-b-11. IV-b-1 la. IV-b-1 la-1. IV-b-1 la-2.

Land, Assets Residential Land, Assets Nonresidential Land, Assets Producer Durables, Assets Consumer Durables, Assets Inventories, Assets TotalTangibleAssets Tangible Assets of Financial Intermediaries Tangible Assets of Other Financial Corpora­ tions (Excluding Real Estate Corporations) Currency and Demand Deposits, Assets Monetary Metals, Assets Currency and Demand Deposits, Other Than Monetary Metals, Assets Calculation of Currency and Demand Deposit Holdings of Commercial Banks Rest-of-the-World Demand Deposit and Currency Assets Estimate of Commercial Bank Demand Deposit Liabilities, Other Than Interbank Estimate of Total Currency and Demand Deposit Liabilities Estimation of Currency and Demand Deposit Assets (Holder Record) Commercial Banks: Estimate of Cash Items in Process of Collection Other Bank Deposits and Shares, Assets Private Life Insurance Reserves, Assets Private Pension and Retirement Funds, Assets Government Pension and Insurance Funds, Assets Consumer Credit, Assets Consumer Credit, Assets, 1900-45, Selected Years Trade Credit, Assets Trade Credit, Assets, 1900-45, Selected Years Loans on Securities, Assets Bank Loans, N.E.C., Assets Other Loans, Assets Nonfarm Mortgages, Assets Nonfarm Residential Mortgages, Assets Multifamily Nonfarm Residential Mortgages, As­ sets One- to Four-Family Nonfarm Residential Mort­ gages, Assets

242 242 244 244 246 246 248 250 251 252 254 254 256 257 258 259 260 261 262 262 264 264 266 266 268 268 270 270 272 274 276 278 280

TABLES

IV-b-lla-3. Multifamily Nonfarm Residential Mortgages, Conventional, Assets IV-b-lla-4. Multifamily Nonfarm Residential Mortgages, FHA-Insured, Assets IV-b-lla-5. One- to Four-Family Nonfarm Residential Mort­ gages, FHA- and VA-Insured, Assets IV-b-lla-6. One- to Four-Family Nonfarm Residential Mort­ gages, FHA- and VA-Insured, Assets IV-b-llb. Nonfarm Nonresidential Mortgages, Assets IV-b-llc. Nonfarm Mortgages, Assets, 1900-45, Selected Years IV-b-llc-1. Nonfarm Residential Mortgages, Assets, 1900-45, Selected Years IV-b-llc-2. One- to Four-Family Nonfarm Residential Mort­ gages, Assets, 1900-45, Selected Years IV-b-llc-3. Multifamily Nonfarm Residential Mortgages, As­ sets, 1900-45, Selected Years IV-b-llc-4. Nonfarm Nonresidential Mortgages, Assets, 190045, Selected Years IV-b-llc-5. Nonfarm Mortgages (Excluding Real Estate Bonds), Assets, 1890 and 1896-1929 IV-b-llc-6. Nonfarm Mortgages (Excluding Real Estate Bonds), Assets, 1929-45 IV-b-12. Farm Mortgages, Assets IV-b-12a. Farm Mortgages, Assets, 1900-45, Selected Years IV-b-13. U.S. Government Securities, Assets IV-b-13a. Short-Term U.S. Government Securities, Assets IV-b-13b. U.S. Government Savings Bonds, Assets IV-b-13c. Long-Term U.S. Government Securities Other Than Savings Bonds, Assets IV-b-13d. U.S. Government Securities, Assets, 1900-45, Se­ lected Years IV-b-14. State and Local Government Securities, Assets IV-b-14a. State and Local Government Securities, Assets, 1900-45, Selected Years IV-b-15. Other Bonds and Notes, Assets IV-b-15a. Corporate Bonds, Assets, 1900-45, Selected Years IV-b-16. Preferred Stock, Assets JV-b-17. Common Stock, Assets IV-b-17a. Estimate of New Issues of Common Stock and Total Stock Outstanding, Assets IV-b-17b. Corporate Stock, Assets, 1900-45, Selected Years IV-b-18. Equity in Mutual Financial Organizations, Assets

282 282 284 284 286 286 288 289 290 291 292 293 294 294 296 298 300 300 303 304 306 308 310 312 314 316 318 318

TABLES

IV-b-19. IV-b-20. IV-c-1. IV-c-2. IV-c-3. IV-c-4. IV-c-5. IV-c-6. IV-c-7. IV-c-8. IV-c-9. IV-c-9a. IV-c-9b. IV-c-10. IV-c-11. IV-c-1 la. IV-c-1 lb. IV-c-1 lc. IV-c-1 Id. IV-c-1 le. IV-c-1 le-1. IV-c-12. IV-c-13.

Equity in Other Business, Assets Other Intangible Assets Currency and Demand Deposits, Liabilities Other Bank Deposits and Shares, Liabilities Private Life Insurance Reserves, Liabilities Private Pension and Retirement Funds, Liabilities Government Pension and Insurance Funds, Lia­ bilities Consumer Debt, Liabilities Trade Debt, Liabilities Loans on Securities, Liabilities Bank Loans, N.E.C., Liabilities Short-Term Bank Loans, N.E.C., Liabilities Long-Term Bank Loans, N.E.C., Liabilities Other Loans, Liabilities Mortgages, Liabilities One- to Four-Family Nonfarm Residential Mort­ gages, Liabilities Multifamily Nonfarm Residential Mortgages, Liabilities Nonfarm Nonresidential Mortgages, Liabilities Farm Mortgages, Liabilities Mortgages, Liabilities, 1900-45, Selected Years Allocation of Mortgage Liabilities by Sector, 190045, Selected Years Bonds and Notes, Liabilities Other Liabilities

320 320 322 322 324 324 326 326 328 328 330 330 332 332 334 334 336 336 338 338 340 342 342

V. Annual Flow of Funds Through Sectors, 1946-58

346

VI. Annual Flow of Funds Through Finance Subsectors, 1946-58

374

VII-1. Flow of Funds Through Nonfarm Households VII-2. Flow of Funds Through Unincorporated Nonfarm Business VII-3. Flow of Funds Through Agriculture VII-4. Flow of Funds Through Nonfinancial Corpora­ tions VII-5. Flow of Funds Through Total Finance VII-5a. Flow of Funds Through Federal Reserve Banks and Treasury Monetary Funds VII-5b. Flow of Funds Through Government Pension and Insurance Funds

402 404 406 408 410 412 414

TABLES

VII-5c. Flow of Funds Through Commercial Banks VII-5d. Flow of Funds Through Mutual Savings Banks VII-5e. Flow of Funds Through Savings and Loan Associa­ tions VII-5f. Flow of Funds Through Investment Companies VII-5g. Flow of Funds Through Credit Unions VII-5h. Flow of Funds Through Life Insurance Com­ panies VII-5i. Flow of Funds Through Fire and Casualty Insur­ ance Companies VII-5j. Flow of Funds Through Noninsured Pension Plans VII-5k. Flow of Funds Through Other Private Insurance VII-5k-l. Flow of Funds Through Fraternal Orders VII-51. Flow of Funds Through Finance Companies VII-5m. Flow of Funds Through Other Finance VII-5m-l. Flow of Funds Through Brokers and Dealers VII-6. Flow of Funds Through State and Local Govern­ ments VII-7. Flow of Funds Through Federal Government (Civil Only) VII-7-1. Flow of Funds Through the Government Sector (Civil and Military) VIII-a-1. Uses of Funds: Gross Investment in Residential Structures, Original Cost VHI-a-la. Uses of Funds: Gross Investment in Residential Structures, Constant 1947-49 Prices VIII-a-lb. Uses of Funds: Net Investment in Residential Structures, Depreciation at Replacement Cost VHI-a-lc. Uses of Funds: Net Investment in Residential Structures, Constant 1947-49 Prices VIII-a-2. Uses of Funds: Gross Investment in Nonresiden­ tial Structures, Original Cost VIII-a-2a. Uses of Funds: Gross Investment in Nonresiden­ tial Structures, Constant 1947-49 Prices VIII-a-2b. Uses of Funds: Net Investment in Nonresidential Structures, Depreciation at Replacement Cost VIII-a-2c. Uses of Funds: Net Investment in Nonresidential Structures, Constant 1947-49 Prices VIII-a-4. Uses of Funds: Gross Investment in Producer Durables, Original Cost VIII-a-4a. Uses of Funds: Gross Investment in Producer Durables, Constant 1947-49 Prices

416 418 420 422 424 426 428 430 432 434 436 438 440 442 444 446

450 450 452 452 454 454 456 456 458 458

TABLES

VIII-a-4b. Uses of Funds: Net Investment in Producer Dur­ ables, Depreciation at Replacement Cost VIII-a-4c. Uses of Funds: Net Investment in Producer Dur­ ables, Constant 1947-49 Prices VIII-a-5. Uses of Funds: Gross Investment in Consumer Durables, Original Cost VIII-a-5a. Uses of Funds: Gross Investment in Consumer Durables, Constant 1947-49 Prices VIII-a-5b. Uses of Funds: Net Investment in Consumer Dur­ ables, Depreciation at Replacement Cost VIII-a-5c. Uses of Funds: Net Investment in Consumer Dur­ ables, Constant 1947-49 Prices VIII-a-6b. Uses of Funds: Inventories at Book Value, Orig­ inal Cost VIII-a-6c. Uses of Funds: Inventories, Constant 1947-49 Prices VIII-a-6d. Uses of Funds: Inventories at Adjusted Values VIII-a-7. Uses of Funds: Gross Investment, Inventories at Book Value, Original Cost VIII-a-7a. Uses of Funds: Gross Investment, Constant 19471949 Prices VIII-a-7b. Uses of Funds: Net Investment, Depreciation at Replacement Cost, Inventories at Book Value VIII-a-7c. Uses of Funds: Net Investment, Constant 1947-49 Prices VIII-a-7d. Uses of Funds: Gross Investment, Inventories at Adjusted Value VIII-a-7e. Uses of Funds: Net Investment, Depreciation at Replacement Cost, Inventories at Adjusted Value VIII-b-1. Uses of Funds: Net Change in Currency and De­ mand Deposits VIII-b-2. Uses of Funds: Net Change in Other Bank De­ posits and Shares VIII-b-3. Uses of Funds: Net Changes in Life Insurance Policy Reserves VIII-b-4. Uses of Funds: Net Change in Private Pension and Retirement Funds VIII-b-5. Uses of Funds: Net Change in Government Pen­ sion and Insurance Funds VIII-b-6. Uses of Funds: Net Change in Consumer Credit VIII-b-7. Uses of Funds: Net Change in Trade Credit VIII-b-8. Uses of Funds: Net Change in Loans on Securities VIII-b-9. Uses of Funds: Net Change in Bank Loans

460 460 462 462 462 464 464 466 466 468 470 470 472 472 474 474 476 476 478 478 478 480 480 482

TABLES

VIII-b-10. Uses of Funds: Net Change in Other Loans VIII-b-11. Uses of Funds: Net Change in Nonfarm Mort­ gages VIII-b-1 la. Uses of Funds: Net Change in Nonfarm Residen­ tial Mortgages VIII-b-1 Ia-I. Uses of Funds: Net Change in Nonfarm Residen­ tial Mortgages, Multifamily VIII-b-1 la-2. Uses of Funds: Net Change in Nonfarm Residen­ tial Mortgages, One- to Four-Family VIII-b-1 la-3. Uses of Funds: Net Change in Nonfarm Residen­ tial Mortgages, Multifamily, Conventional VIII-b-1 la-4. Uses of Funds: Net Change in Nonfarm Residen­ tial Mortgages, Multifamily, FHA-Insured VIII-b-1 la-5. Uses of Funds: Net Change in Nonfarm Residen­ tial Mortgages, One- to Four-Family, Conventional VIII-b-1 la-6. Uses of Funds: Net Change in Nonfarm Residen­ tial Mortgages, One- to Four-Family, FHA- and VA-Insured VIII-b-1 lb. Uses of Funds: Net Change in Nonfarm Nonresi­ dential Mortgages VIII-b-12. Uses of Funds: Net Change in Farm Mortgages VIII-b-13. Uses of Funds: Net Acquisition of U.S. Govern­ ment Securities VIII-b-13a. Uses of Funds: Net Acquisition of Short-Term U.S. Government Securities VIII-b-13b. Uses of Funds: Net Acquisition of U.S. Savings Bonds VIII-b-13c. Uses of Funds: Net Acquisition of Long-Term U.S. Government Securities Other Than Savings Bonds VIII-b-14. Uses of Funds: Net Acquisition of State and Local Government Securities VIII-b-15. Uses of Funds: Net Acquisition of Other Bonds and Notes VIII-b-16. Uses of Funds: Net Acquisition of Preferred Stock VIII-b-17. Uses of Funds: Net Acquisition of Common Stock VIII-b-17-1. Uses of Funds: Net Acquisition of Corporate Stock VIII-b-20. Uses of Funds: Net Changes in Other Intangible Assets VIII-c-1. Sources of Funds: Net Changes in Currency and Demand Deposits VIII-c-2. Sources of Funds: Net Change in Other Bank De­ posits and Shares VIII-c-3. Sources of Funds: Life Insurance Policy Reserves

482 484 484 486 486 488 488 490

490 492 492 494 494 496 496 498 498 500 502 504 506 508 508 510

TABLES

VIII-c-3a. Sources of Funds: Adjustment for Capital Gain or Loss, Life Insurance Companies VIII-c-4. Sources of Funds: Private Pension and Retirement Funds VIII-c-4a. Sources of Funds: Adjustment for Capital Gain or Loss, Noninsured Pension Funds VIII-c-5. Sources of Funds: Net Change in Government Pension and Insurance Funds VIII-c-6. Sources of Funds: Net Change in Consumer Debt VIII-c-7. Sources of Funds: Net Change in Trade Debt VIII-c-8. Sources of Funds: Net Change in Loans on Securi­ ties VIII-c-9. Sources of Funds: Net Change in Bank Loans, N.E.C. VIII-c-9a. Sources of Funds: Net Change in Short-Term Bank Loans VIII-c-9b. Sources of Funds: Net Change in Long-Term Bank Loans VIII-c-IO. Sources of Funds: Net Change in Other Loans VIII-c-11. Sources of Funds: Net Change in Mortgage Li­ abilities VIII-c-1 la. Sources of Funds: Net Change in Nonfarm Resi­ dential Mortgages, One- to Four-Family VIII-c-1 lb. Sources of Funds: Net Change in Nonfarm Resi­ dential Mortgages, Multifamily VIII-c-1 lc. Sources of Funds: Net Change in Nonfarm Non­ residential Mortgages VIII-c-1 Id. Sources of Funds: Net Change in Farm Mortgages VIII-c-12. Sources of Funds: Net Change in Other Bonds and Notes VIII-c-13. Sources of Funds: Net Change in Other Liabilities VIII-d-1. Sources of Funds: Net Issue of Common Stock VIII-d-2. Sources of Funds: Net Issue of Preferred Stock VIII-d-3. Sources of Funds: Gross Saving, Inventories at Book Value VIII-d-3b. Sources of Funds: Net Saving, Inventories at Book Value VIII-d-3d. Sources of Funds: Gross Saving, Inventories at Adjusted Value VIII-d-3e. Sources of Funds: Net Saving, Inventories at Adjusted Value

510 512 512 514 514 514 516 516 518 518 518 520 520 520 522 522 524 524 526 526 528 528 530 530

STUDIES IN THE NATIONAL BALANCE SHEET OF THE UNITED STATES Volume II Basic Data on Balance Sheets and Fund Flows

INTRODUCTION This volume contains the basic data underlying the three parts of Volume I as well as the forthcoming book by Raymond W. Goldsmith, The Flow of Capital Funds in the Postwar Econ­ omy. Also included are national and sectoral balance sheets for prewar years from Volume ΙΠ of Goldsmith's A Study of Saving in the United States (1956), rearranged with some cor­ rections and revisions to make them more comparable with the postwar data. The tables and notes presented here, together with Appendixes A and B of Goldsmith's The National Wealth of the United States in the Postwar Period (1962), will enable a reader to reproduce or extend the balance sheets, asset and liability tables, and fund flow data. This introduction describes the main features of the National Bureau accounts, some of which were outlined in Volume I, Part One, Chapter 2. It includes the definitions of types of assets and liabilities and of sectors, and identifies the main differences between these ac­ counts and those published by the Federal Reserve Board. The FRB accounts appear in Flow of Funds/Saving Accounts, 1946-1960, Supplement 5 (1961), 1 and the most recent explanation can be found in "A Quarterly Presentation of Flow of Funds, Saving, and Investment" (Fed­ eral Reserve Bulletin, August 1959). Where possible, reconciliations between the NBER and FRB accounts were prepared. These are shown below for 1954-58, which appeared to be long enough to include almost all the main differences between the two sets of accounts. Some of these reconciliations are incomplete, particularly where completeness would have required an examination of the unpublished worksheets underlying the FRB data. However, where the sources of discrepancy could be identified from published information or inferred from the general principles followed by the Federal Reserve Board and the NBER, a reconciliation was made, and these accounted for most of the major discrepancies. The basic tables are divided into eight sections, as follows: I. la. II. ΙΠ. IV. V. VI. VII. VIII.

Assets and Liabilities National Balance Sheets, 1945-58 National Balance Sheets, 1900-45, Selected Years Finance Sector Balance Sheets, 1945-58 Sector Balance Sheets, 1945-58 and Selected Earlier Years Asset and Liability Tables, 1945-58 and Selected Earlier Years Flow of Funds Flow of Funds Through Sectors, 1946-58 Flow of Funds Through Finance Subsectors, 1946-58 Sector Flow of Funds, 1946-58 Transaction Flow of Funds, 1946-58

Section I consists of fourteen balance sheets, one for each year 1945 through 1958, showing, for each major asset and liability, the amount held by each of seven major sectors and by the nation as a whole. These are patterned after the national balance sheets for eight benchmark years between 1900 and 1949 presented in Volume ΙΠ of A Study of Saving (Tables W-9 to W-16). These balance sheets for earlier years, revised to include new data and to improve comparability with later years, are presented in Section la. The revision is not complete, however, as can be seen from a comparison of the 1945 balance sheets in Sections I and la. The Section II balance sheets are an expansion of the finance columns in Section I, giving the same information (except on tangible assets) for thirteen subsectors of finance. 1

Hereinafter referred to as Supplement 5.

SectionsI and Π are both derived from the data for individual sectors and items in Sections ΙΠ and IV. For each major sector in Section I, for each finance sector in Section II, and for many subdivisions of these, Section ΙΠ contains a table showing assets, liabilities, and equity for every year from 1945 through 1958. These are similar to the sector balance sheets in A Study of Saving (Tables W-22 to W-43 of Volume III for major sectors and various tables in Volume I for subsectors). However, the definitions of some major sectors in the postwar tables are different from those in A Study of Saving and there have been some changes in the treatment or estimation of several asset and liability items. We have therefore included, as supplementary tables, revised balance sheets for the major sectors for 1900-45. The Federal Reserve Board has published partial sector balance sheets for 1945-60, ex­ cluding tangible assets and many miscellaneous assets and liabilities, in Supplement 5 (pp. 34-71, particularly Table 8). Section IV gives, for each asset and liability listed in Sections I, II, and III, the amount held or owed by each of the major sectors and thirteen finance subsectors. These tables corre­ spond to the FRB tables on "amounts outstanding, year-end" in Supplement 5 (pp. 74-119). Tables numbered IV-a (for tangible assets) or IV-b (for intangible assets) show the amount of the asset held by each of the main sectors of the economy and the total held by all domestic sectors combined. For those categories which are liabilities as well (all except tangibles and equities), tables numbered IV-c show the amount outstanding against each sector and the total outstanding against all domestic sectors. An attempt is made in each table numbered IV-b to reconcile the total outstanding with the total held, in terms of foreign (rest-of-world) holdings and outstandings, various types of float, valuation differences between holders' and obligors' records, and other sources of discrepancy. Sections V through VIII are flow tables corresponding to the four sets of stock tables in Sections I through IV. Sections V and VI are annual flow-of-funds tables for the nation, major sectors, and thirteen finance subsectors. The tables in Section V show inventory change in two versions: one at book value, and one (in the notes to the tables) in which only changes in inventories that reflect quantity changes are entered. These real inventory changes are esti­ mated by subtracting the inventory valuation adjustment (IVA) of the Department of Com­ merce National Income Division. Data on flows (sources and uses of funds) for the sectors and many of the subsectors listed in Section III are shown in Section VII. Here again, for several of the major sectors, data on inventories are shown both at book value and with IVA. The FederalReserve Board's analogous set of tables are the "sector statements of sources and uses of funds," which include estimates of saving from the income account as well as from the balance sheet. These appear in Supplement 5, Table 4, pages 11-31, and for sub­ sectors on pages 41-73. They cover 1946-60 in annual data and 1952-60 in quarterly data. Section Vin provides data on sources and uses of funds, showing, for each type, the sectoral distribution in every year. For structures and durable goods, the flow tables (VIH-a) show expenditures at original and constant cost and net investment at current replacement and constant cost. Inventoryflows are shown in constant and in current dollars, and the latter both at book value and with inventory valuation adjustment. No flow of funds into land is esti­ mated; all changes in land value are treated as capital gains, ignoring intersectoral land sales. Financial flows (Tables Vin-b, VIII-c, and VIII-d) are mostly estimated by taking the net change in assets and liabilities between the beginning and end of the year, assuming that valuation changes are small enough to be ignored. However, the flow of funds into equity se­ curities and net worth must be estimated directly because this assumption cannot be made. Net purchases are therefore used as the flow of funds into common stock, and net issues of stock and saving as the net worth flow. Part b of Section VIII shows uses of funds while parts c and d deal with sources. Part c gives data on the issuance of financial liabilities and part d presents estimates of the flow of funds through common and preferred stock and of gross and net saving, by sector. The anal­ ogous FRB tables are shown on pages 74-119 of Supplement 5 as "annual flows, 1946-1960" and "quarterly flows, 1952-1960." Assets and Liabilities Some of the asset and liability tables have self-explanatory titles, but others are somewhat ambiguous or have a different coverage from that of the closest corresponding groups in the

FRB accounts. In this section the NBER categories are defined and reconciled with the cor­ responding FRB transactions categories.2 Most of the large differences between the asset and liability totals listed here and those shown by the Federal Reserve Board arise from the fact that the FRB consolidates its sec­ tors, netting out intrasector holdings, while the NBER does not. By this process the FRB eliminates, for example, interbank deposits, corporate stocks and bonds owned by other cor­ porations, and holdings of federal government debt by federal agencies and trust funds. Holdings of tangible assets are not included in the FRB accounts. Data given here on the market or current value of tangible assets, mainly derived by the perpetual inventory method, are from The National Wealth of the United States, and definitions of the asset categories can be found there. The only substantial change from that source is that monetary metals, in­ cluded there under tangible assets, have been shifted to intangible or financial assets, under currency and demand deposits. Currency and Demand Deposits (Tables IV-b-1 and IV-c-1) encompass two FRB classifi­ cations: gold and Treasury currency, and demand deposits and currency. The former cate­ gory is made up mainly of monetary gold and silver held by the Treasury monetary funds plus official gold holdings of the rest of the world, which were omitted in the NBER accounts. The only liability item under this heading is Treasury currency liability, consisting of seign­ iorage on coins and revalued silver plus minor coin outstanding and the sum of Federal Re­ serve bank notes, national bank notes, and U.S. notes outstanding, minus gold reserves against U.S. notes. All the rest of the difference between assets and liabilities appears as discrep­ ancy, since monetary metals are not considered to be a liability of any sector. TABLE 1 Currency and Demand Deposits: Reconciliation ai NBER and FRB Estimates (billion dollars)

1. FRB currency and demand deposits, assets 2. Less NBER rest-of-world assets Plus NBER Federal Reserve banks and 3. Treasury monetary funds, assets 4. Plus NBER commercial banks, assets 5. Total of lines 1-4 6. NBER currency and demand deposits, assets 7. FRB currency and demand deposits, liabilities Plus NBER gold certificates 8. 9. Plus NBER FR bank holdings of FR notes 10. Plus NBER Exch. Stab. Fund deposits with FR banks 11. Plus NBER FR bank holdings of Treasury currency 12. Plus NBER commercial bank demand deposits Plus NBER cash items in process of collection 13. 14. Plus FRB Federal Reserve float 15. Plus FRB member-bank reserves 16. Plus FRB other domestic bank deposits Plus FRB other vault cash 17. 18. Plus FRB federal currency liabilities 19. Total of lines 7-18 20. NBER currency and demand deposits, liabilities

1954

1955

1956

1957

1958

134.7 4.3

135.5 4.3

137.2 4.5

137.9 4.7

144.8 4.8

48.6 34.0 213.0 213.1

48.7 34 3 214.2 214.2

49.2 35.6 217.5 217.5

50.9 35.5 219.6 219.5

46.8 35.1 221 9 221.9

141.9 21 0 0.2

144 2 21.0 0.3

145.9 21.3 0.4

145.2 22.1 0.4

151.0 20.0 05

0.2

0.2

0.1

- -

0.2

0.4 12.8 10.0 0.8 18.9 0.1 2.5 2.5 211.3 211.5

0.3 12.9 13.3 1.6 19.0 0.1 2 7 2.5 218.1 218.2

03 13.7 13.9 1.7 19.1 0.1 3.3 25 222 3 222.2

0.3 13.2 13.7 1.4 19.0 0.1 3.3 2.6 221.3 221.5

0.3 13.5 14.6 1 3 18.5 0.1 3.2 2.6 225.8 225.8

2 For an earlier discussion of the differences between NBER and FRB accounts, see Morris Mendelson, The Flow-of-Funds Through the Financial Markets, 1953-1955, New York, NBER 1 1959, pp. 3-20.

Source to Table 1 Line 1: 2: 3-4: 5: 6: 7; 8: 9:

Supplement 5, Table 19L, line K. Table IV-b-1, line 9. Table IV-b-1, lines 5a and 5b. Sum of lines 1, 3, and 4, minus line 2. Table IV-b-1, line 8. Supplement 5, Table 19L, line A. See notes to Table III-5a-2, line III—1. From various issues of Annual Report of the Board of Governors of the Federal Reserve System, table on condition of Federal Reserve Banks.

Line 10: 11. 12: 1314 15-17. 18.

See notes to Table III-5a-2 f line II—1Same source as line 9. Table IV-b-lc, column 5. Table IV-b-1, line 12. Supplement 5, Table 16L. line i. Supplement 5, Table 17L, lines W 1 Z, and a. Supplement 5, Table 8, federal government sector, '-Treasury currency liability.'' 19: Sum of lines 7-18. 20: Table IV-b-1, line 15.

TABLE 2 Gold and Treasury Currency: Reconciliation of NBER and FRB Estimates (billion dollars)

1. FRB gold and Treasury currency 2. Plus NBER cash assets of Exch. Stab. Fund 3. Less FRB rest-of-world gold 4. Less FRB nonmonetary silver bullion held at cost in acct. of U.S. Treasury b. Total of lines 1-4 6. NBER Treasury monetary funds, currency and demand deposits Line 1: Supplement 5, Table 18L, sum of lines A and G. 2: See notes to Table III-5a-2, line II—1.

1954

1955

1956

1957

1958

41.7 03 15.1

42.5 0.3 15.9

43.1 0.2 16.1

43.9 0.1 16.0

44.7 0.2 19.3

- -

- -

26.9

26.9

0.1 27.1

0.1 27.9

0.1 25.5

27.0

27.0

27.2

28.0

26.0

Line 3-4: Supplement 5, Table 18L, lines E and K. 5: Sum of lines 1-4. 6: Table IIl-5a-2, line 11-1.

The NBER total for other currency and demand deposits is much larger than that of the FRB because the FRB nets out all the currency and demand deposits held by commercial banks and the Treasury monetary funds, although it does take in foreign currency and deposit holdings. The main items disappearing in the FRB consolidation are bank reserves with the Federal Reserve Banks, gold certificates, interbank deposits, cash items in process of col­ lection, Federal Reserve float, and vault cash. There is a very large discrepancy between assets and liabilities in this item of the NBER accounts because monetary metals appear in assets but not in liabilities. Furthermore, sev­ eral large items of float also enter into the discrepancy. Nonfarmhouseholds' assets are es­ timated as a residual by subtracting known holdings by other groups from total currency and demand deposits of individuals, partnerships, and corporations, after adjusting that total to a holder record basis. Other Bank Deposits and Shares (Tables IV-b-2 and IV-c-2) consist of time deposits at commercial and mutual savings banks and postal savings deposits plus shares in savings and loan associations and credit unions. The Federal Reserve Board includes these items, along with consumer-held U.S. government savings bonds, in a category called "fixed-value re­ deemable claims" ( Supplement 5, Table 20L, p. 78), which differs from the NBER asset totals by including rest-of-world time deposits as well as savings bonds. It is assumed, for this category, that there is no discrepancy between total assets and total liabilities (as there is for currency and demand deposits) except for rest-of-world holdings. Total assets are estimated from total liabilities and the household sector is calculated as a residual.

TABLE 3 Other Bank Deposits and Shares: Reconciliation of NBER and FRB Estimates (billion dollars) 1954

1956

1957

1958

1. FRB fixed-value redeemable claims, assets 2. Less FRB U.S. savings bonds (consumer-held) 3. Less NBER rest-of-world time deposits 4. Total of lines 1-3 5. NBER other bank deposits and shares, assets

156.9 165.3 174.3 50.0 50.2 50.1 1.8 1.7 1.6 105.1 113.4 122.6 104.9 113.3 122.5

184.4 48.2 1.6 134.6 134.6

200.6 47.7 2.6 150.3 150.2

6. FRB fixed-value redeemable claims, liabilities 7. Less FRB U.S. savings bonds (consumer-held) 8. Total of lines 6-7 9. NBER other bank deposits and shares, liabilities

156.9 50.0 106.9 106.7

184.4 48.2 136.2 136.1

200.6 47.7 152.9 152.8

Line 1: 2: 3. 4: 5:

Supplement 5. Table 20L, line M. Ibid., line S. Table IV-b-2. line 9. Line 1 minus lines 2 and 3. Table IV-b-2, line 8.

Line 6. V: 8: 9:

1955

165.3 50.2 115.1 114.9

174.3 50.1 124.2 124.1

Supplement 5, Table 20L, line A. Ibid., line I. Line 6 minus line 7. Table IV-c-2, line 8.

Private Life Insurance Reserves (Tables IV-b-3 and IV-c-3) include all liabilities of life insurance companies, fraternal orders, savings bank life insurance (SBLI), and group health insurance plans except for small amounts of specifically identified "other liabilities." The method of estimation treats all insurance organizations as if they were organized as mutuals, TABLE 4 Private Life Insurance Reserves: Reconciliation of NBER and FRB Estimates (billion dollars)

1. FRB saving through life ins., assets and liab. 2. Plus FRB savings through life ins. co. pension funds Plus FRB assets minus liab., life ins. co. 3. 4. Plus FRB assets minus liab.. fraternal orders 5. Plus NBER life ins. co. . tangible assets 6. Plus NBER life ins. co.. other intang. assets 7. Plus NBER group health and SBLI reserves 8. Plus NBER fraternal order tangibles and other intangibles 9. Less FRB saving through fed. govt, life ins. 10. Less NBER other liabilities and equities, life ins. cos. 11. Less NBER other liab.. fraternal orders 12. Total of lines 1-11 13. NBER private life ins. reserves, liabilities 14. Less NBER rest-of-world holdings of ins. reserves 15. Total of lines 13-14 16. NBER private life ins. reserves, assets

1954

1955

1956

1957

1958

70.2

73.4

77.2

80.0

83.4

10.0 7.4 0.8 3.3 2.3 .8

11.2 8.3 0.9 3.8 2.5 .9

12.4 8.6 0.9 4.1 2.8 1.0

14.0 9.2 0.8 4.5 3.0 1.0

15.5 10.3 0.8 4.5 3.2 1.1

0.1 6.0

0.1 5.9

0.1 6.0

0.2 6.2

0.2 6.2

2.8 0.2 85.9

3.2 0.2 91.8

3.6 0.2 97.3

3.7 3.9 0.2 0.3 102.6 108.6

85.7

91.6

97.1

102.2 108.5

1.6 84.3 84.0

1.8 90.0 89.9

1.9 95.4 95.2

2.0 2.1 100.6 106.5 100.2 106.4

Source to Table 4 Line 1: 2: 3: 4: 5-6: 7: 8: 9:

Supplement 5, Table 21L, line F. Ibid., Table 22L, line G. Ibid., Table 12L, line C minus line M. FRB worksheets. Table IU-5h, lines 1-7 and 11-20. Tables III-5k-2 and III-5k-3, line ΙΠ-14. Table III-5k-l, lines 1-7 and 11-20. Supplement 5, Table 21 L t line B.

Line 10 11 12 13 14 15 16

Table III—5h, lines III—13 and IV. Table III-5k-l, line 111-13. Lines 1-8 minus lines 9-11. Table IV-c-3, line 8. Table IV-b-3, line 9. Line 12 minus line 14. Table IV-b-3, line 8.

with all assets, except those specifically earmarked, belonging to the policyholders. This procedure understates the equity of stockholders in stock life insurance companies. How­ ever, it was not possible to subdivide the sector into stock and mutual companies. Fortun­ ately, for this purpose, more than half the outstanding life insurance is with mutual com­ panies. This category is not confined strictly to life insurance reserves, including as it does the reserves of life insurance companies against other types of policies (pensions, annuities, accident and health insurance) and the reserves of nonprofit medical plans. The closest FRB transactions category is saving through life insurance, which includes government life insurance reserves but excludes pension reserves of life insurance com­ panies. Even when these two adjustments are made, however, the NBER item is much larger, mainly because it includes all liabilities not allocable to categories other than policyholders. This procedure adds to the FRB estimates the difference between financial assets and liabil­ ities, as estimated by the FRB for life insurance companies and fraternal orders, plus total assets (tangible and "other intangible") not included by the FRB, minus "other liabilities" and equities (life insurance company stock outstanding). The NBER data also make a rough adjustment for rest-of-world insurance assets, not calculated by the FRB. Private Pension and Retirement Funds (Tables IV-b-4 and IV-c-4) consist of the reserves (assumed equal to total assets) of noninsured private pension plans, that is, plans not man­ aged by insurance companies. Corporate pension funds, covered in SEC surveys, own the great bulk of the assets, but union-administered and multiemployer funds and those of non­ profit organizations are also included. This category is approximately equivalent to that part of the FRB transactions item "sav­ ing through pension funds" which is the liability of noninsured pension plans. However, the

TABLE 5 Private Pension and Retirement Funds: Reconciliation of NBER and FRB Estimates (billion dollars)

1. FRB saving through pension funds, private noninsured pension plans 2. Less SEC common stock of corporate pension funds, book value 3. Plus SEC common stock, corporate pension funds, market value 4. Plus NBER misc. assets of noninsured pension plans 5. Total of lines 1-4 6. NBER private pension and retirement funds

1954

1955

1956

1957

1958

12.6

14.9

17.2

20.0

23.0

2.3

3.0

3.8

4.8

6.0

3.2

4.8

5.6

6.0

9.5

0.5 14.0 14.3

0.6 17.3 17.4

0.8 19.8 20.0

0.9 22.1 22.3

1.0 27.5 27.8

Line Lme 1: Supplement 5, Table 22L, line H. 4: Table III-5j, line 11-20. 2: SEC, Corporate Pension Funds, 1959 (Statistical 5: Sum of lines 1, 3, and 4, minus line 2. Series, Release No. 1680, 1960), Table 1. 6: Table IV-b-4, line 8. 3: Ibid., Table 3, and Table III-5j-l, line 11-17.

FRB excludes miscellaneous intangible assets and apparently includes stock at book rather than market value, presumably on the assumption that it is only the book value which enters into the obligation to pension holders. The NBER method, as for life insurance and govern­ ment pension reserves, treats all assets as belonging to policyholders. The coverage of the FRB category is slightly narrower in 1945-49. Union-administered, multiemployer, and nonprofit plans are excluded, as are mortgage holdings of corporate plans. Government Pension and Insurance Funds (Tables IV-b-5 and IV-c-5)consist of retirement funds for federal, state, and local government employees, the Old Age and Survivors' Insur­ ance and railroad retirement trust funds, federal government life insurance funds, the unem­ ployment insurance trust fund, and state-administered workmen's compensation funds. All the assets of these funds are credited to the policyholders or beneficiaries. TABLE 6 Government Pension and Insurance Funds: Reconciliation of NBER and FRB Estimates (billion dollars)

1. FRB saving through pension funds, fed. govt. 2. FRB saving through pension funds, state and local govt. 3. FRB saving through life insur.. federal govt. 4. Plus FRB OASI fund assets 5. Plus NBER unemployment trust fund assets 6. Plus NBER state-adm. workmen's compensation fund assets 7. Total of lines 1-6 8. NBER govt, pension and insurance funds Line 1-2: Supplement 5, Table 22L, lines B and E. 3: Ibid.., Table 21L, line B. 4: I b i d . , Table 8, p. 36. 5: See note to Table III-5b-l, line II—1.

1954

1955

1956

1957

1958

9.4

10.0

10.9

11.3

12.3

9.3 6.0 20.6 8.7

10.6 5.9 21.7 8.8

12.1 6.0 22.5 9.1

13.7 6.2 22.4 9.1

15.6 6.2 21.9 7.1

0.9 54.9 55.2

1.0 58.0 58.4

1.1 61.7 62.0

1.2 63.9 64.9

1.3 64.4 66.1

Line 6: See note to Table III-5b-2, line XI— 21. 7; Sum of lines 1-6. 8: Table IV-b-5, line 8.

The corresponding Federal Reserve Board categories are the government parts of saving through life insurance and saving through pension funds, but these exclude the unemployment, workmen's compensation and OASI funds. They also measure the liabilitiesof the government life insurance funds by policy reserves rather than by total assets as in the NBER estimates. Consumer Credit (Tables IV-b-6 and IV-c-6) includes short- and intermediate-term credit extended to consumers, but excludes mortgage and security credit. The item has the same TABLE 7 Consumer Credit: Reconciliation of NBER and FRB Estimates (billion dollars)

1. FRB consumer credit 2. Plus FRB commercial bank loans offset by hypothecated deposits 3. Total of lines 1-2 4. NBER consumer credit Line 1: Supplement 5, Table 29L, line F. 2: Ibid., Table 32L, line z.

1954

1955

1956

1957

1958

32.5

38.9

42.5

45.3

45.5

0.5 33.0 32.9

0.5 39.4 39.4

0.6 43.1 43.1

0.6 45.9 45.9

0.6 46.1 46.1

Line 3: Sum of lines 1 and 2. 4: Table IV-b-6, line 8.

coverage as the FRB series. The only difference is that in the NBER figures hypothecated deposits are not netted out of the data for consumer credit extended by commercial banks and classified under other loans as is done by the FRB. Supplementary Table IV-b-6a con­ sists of a rearrangement of prewar data to fit more closely into the postwar sectoral classi­ fication. Trade Credit (Tables IV-b-7 and IV-c-7) consists in theory of book credit extended by one business to another in connection with the sale of goods and services. It should thus exclude all consumer credit and most debts to financial institutions, as well as all debts represented by financial instruments, such as bonds or commercial paper. In practice, the estimates are made by subtracting identifiable items other than trade credit from business payables and receivables; they are thus residuals which contain other types of debt. The FRB figures are lower than those presented here mainly because financial institutions have been more thor­ oughly eliminated from the corporate sector in their accounts. The effect of this difference can be seen in the attempt at reconciliation in Table 8. The receivables of "credit agencies other than banks," deducted from corporate receivables by the FRB, are considerably larger than the consumer and trade credit and other loans of finance companies and other finance deducted in arriving at the NBER estimates. The FRB method probably removes more items inappropriate under the definition of trade credit but runs a greater risk of excluding debts from the nonfinancial sector which fail to be picked up in the finance sector. An even lower recent estimate made at the NBER by Martin Seiden ("The Quality of Trade Credit," ms.) eliminates more doubtful items, but it uses a narrower definition of nonfinancial corporations without any necessity of insuring that every item excluded from trade credit was included somewhere else.

TABLE 8 Trade Credit: Reconciliation of NBER and FRB Estimates (billion dollars)

1. FRB trade credit Plus FRB nonfarm unincorp. bus. trade credit 2. assets Plus NBER finance co. trade credit 3. Plus NBER other finance trade credit 4. Plus difference bet. NBER fin. co. rcvbles. and 5. FRB rcvbles. of credit agen. other than banks 6. Total of lines 1-5 7. NBER trade credit 8. FRB trade debt 9. Plus FRB noncorp. nonfinan. bus. trade credit assets 10. Total of lines 8-9 11. NBER trade debt Line 1: 2: 3-4: 5:

Supplement 5, Table 33 L, line A. Ibid., line J. Tables 111-51 and III-5m, line II—7. NBER from Table ΠΙ-51, lines II-6, II-7, and 11-10; FRB from unpublished worksheets on trade credit.

Line 6: 7: 8: 9: 10: 11:

1954

1955

1956

1957

1958

57.1

67.2

73.5

75.4

81.4

9.1 0.9 0.2

9.7 1.1 0.2

10.6 1.3 0.3

10.9 1.5 0.4

11.6 1.7 0.4

1.6 68.9 68.8

1.9 80.1 80.4

3.0 88.7 88.8

3.9 5.1 92.1 100.2 92.1 100.4

45.6

54.7

59.7

60.6

63.6

9.1 54.7 58.6

9.7 64.4 69.7

10.6 70.3 76.9

10.9 71.5 80.0

11.6 75.2 87.0

Sum of lines 1-5. Table IV-b-7, line 8. Supplement 5, Table 33L, line E. Ibid., line J. Sum of lines 8-9. Table IV-c-7, line 8.

Another contribution to the lower level of the FRB estimates is the fact that they include, for nonfarm unincorporated business, only net trade credit (trade credit minus trade debt), counted as a negative liability. The NBER data show gross trade credit and trade debt. The trade debt figures from the two sources differ considerably, even though their deri­ vations both start from the same SEC working capital series for corporate payables. It is not possible to find any simple explanation for the discrepancy because of differences in method: the NBER deducts specific types of debt, such as bank loans, while the FRB deducts all payables of certain institutions such as brokers and dealers and credit agencies other than banks and then deducts bank loans for the remaining group. It seems likely that the FRB method eliminates from the total more liabilities that are not strictly trade debt. Supple­ mentary Table IV-b-7a consists of a rearrangement of prewar data to fit more closely into the postwar sectoral classification. Loans on Securities (Tables IV-b-8 and IV-c-8) consist of loans for purchasing and carry­ ing securities. Mainly these are loans by commercial banks but they also include credit granted by security brokers and dealers (customer debit balances). No estimates are made of security credit extended by others, except for agencies of foreign banks. The NBER esti­ mates differ from those of the FRB mainly by excluding customer credit balances, treated as security credit by the FRB but as other loans (Table IV-b-10) here. TABLE 9 Loans on Securities: Reconciliation of NBER and FRB Estimates (billion dollars) 1954

1955

1956

1957

1958

1. FRB security credit, assets 2. Less FRB consumer and nonprofit customers' credit balances with brokers and dealers Less FRB rest-of-world sec. cred. assets 3. 4. Total of lines 1-3 5. NBER loans on securities, assets

8.6

9.6

9.0

8.7

10.4

1.0 0.1 7.5 7.6

.9 0.1 8.6 8.7

.9 0.1 8.0 8.0

.9 0.1 7.7 7.6

1.2 0.1 9.1 9.2

6. FRB security credit, liabilities 7. Less FRB consumer and nonprofit customers' cred. balances with brokers and dealers Less FRB rest-of-world sec. cred. liab. 8. 9. Total of lines 6-8 10. NBER loans on securities, liabilities

8.6

9.6

9.0

8.7

10.4

1.0 0.1 7.5 7.9

0.9 0.1 8.6 9.0

0.9 0.1 8.0 8.3

0.9 0.1 7.7 8.0

1.2 0.1 9.1 9.6

Line 1-3: Supplement 5, Table 30L, lines J, K, and N 4: Sum of lines 1-3. 5: Table IV-b-8, line 8.

Line 6-8: Supplement 5, Table 30L, lines A, K, and I 9: Sum of lines 6-8. 10: Table IV-c-8, line 8.

The NBER liability estimates are higher than the FRB figures because a larger ratio (de­ rived from earlier FRB estimating procedures) was used here to raise customer debit bal­ ances at New York Stock Exchange member firms to a level covering all brokers and dealers. There is no residual line in either Table IV-b-8 or Table IV-c-8. The two total lines have not been forced into agreement and the difference between them (line 10 of IV-b-8) is there­ fore simply an unexplained discrepancy. Bank Loans, n.e.c. (Tables IV-b-9 and IV-c-9) are all commercial bank loans (and a small amount by Federal Reserve banks) not included in the other specified loan categories. The specified classes of loans are mainly mortgages, consumer credit, security credit, and bonds and notes.

TABLE 10 Bank Loans, N.E.C.: Reconciliation of NBER and FRB Estimates (billion dollars)

1. FRB bank loans, n.e.c., assets 2. Plus FRB loans to domestic banks by Federal Reserve banks Plus FRB CCC-guar. loans and certificates of 3. interest 4. Plus FRB open-market paper 5. Total of lines 1-4 6. NBER bank loans, n.e.c., assets 7. FRB bank loans, n.e.c., liabilities 8. Plus lines 3,4, and 5 9. Less FRB rest-of-world liabilities 10. Total of lines 7-9 11. NBER bank loans, n.e.c., liabilities Line 1: Supplement 5, Table 31L, line H. (The pub­ lished figure for 1958 seems to be an error.) 2: Ibid., Table 8 (G.l), line v. 3-4: Ibid., Table 8(G), lines X and Y. 5: Sum of lines 1-4. 6: Table IV-b-9, line 8.

Line 7: 8: 9: 10: 11:

1954

1955

1956

1957

1958

34.2

42.1

47.9

50.2

51.5

- -

0.1

2.3 1.0 37.5 37.6

1.2 0.8 44.2 44.4

0.9 0.9 49.7 50.0

0.5 1.1 51.8 52.1

0.8 1.2 53.5 53.8

34.2 3.3 1.0 36.5 36.6

42.1 2.1 1.4 42.8 43.0

47.9 1.8 1.8 47.9 48.3

50.2 1.6 2.1 49.7 50.0

51.5 2.0 2.6 50.9 51.2

Supplement 5 , Table 31L, line I. Lines 3, 4, and 5. Supplement 5, line R. Sum of lines 7-8, minus line 9. Table IV-c-9, line 8.

The NBER estimates for this category are generally larger than those in Supplement 5 (the composition of which is described in Federal Reserve Bulletin, August 1959, pp. 855-856), because they include several additional items. Themain ones are loans to commercial banks by the Federal Reserve banks, netted out in the FRB accounts, and CCC-guaranteed loans and certificates of interest and open-market paper, both included by the FRB in "other loans." A rough division of bank loans into short- and long-term is made in Tables IV-c-9a and IV-c-9b, using SEC series on long-term bank debt which are derived from the FRB loan sur­ veys in 1946, 1955, and 1957. Other Loans (Tables IV-b-10 and IV-c-10) consist essentially of all loans not made by banks and not included in the categories specified separately, namely, consumer credit, trade credit, security credit, mortgages, and bonds and notes. The major components are federal government loans to business and to other countries, insurance policy loans, loans to busi­ ness by finance companies, and household credit balances with brokers and dealers. The corresponding FRB category differs considerably from this one. Among the additional assets included by the FRB are open-market paper (mostly placed under bonds and notes, Table IV-b-12 in the NBER accounts), federal government loans to states (under state and local obligations, Table IV-b-14), CCC-guaranteed loans and certificates of interest (under bank loans, n.e.c., Table IV-b-9), consumer loans offset by hypothecated deposits (under con­ sumer credit, Table IV-b-6), and other loans of business finance companies (under trade credit, Table IV-b-7). In addition, loans from the rest of the world are also included by the FRB in total assets, but excluded here. The FRB data appear to exclude loans to farmers by agricultural credit cooperatives (Table in-5m-4) which are included in the NBER totals. The differences on the liability side are much the same, except that rest-of-world liabili­ ties to the federal government must also be deducted from the FRB figures. Total liabilities for this item were derived from total assets after adjusting for rest-ofworld liabilities. Other loan liabilities of nonfarm unincorporated business were the residual in this calculation.

TABLE 11 Other Loans: Reconciliation of NBER and FRB Estimates (billion dollars)

1. FRB other loans, assets 2. Less FRB open-market paper 3. Less FRB fei' govt, loans to states 4. Less FRB CCC-guar. loans and certificates of interest 5. Less FRB consumer bank loans offset by hypothecated deposits 6. Less NBER finance co. trade credit 7. Plus NBER nonfarm household other loan assets 8. Plus NBER other loans of agric. credit org. 9. Plus NBER fed. loans to farm coops., ex. tobacco 10. Total of lines 1-9 11. NBER other loans, assets 12. FRB other loans, liabilities 13. Less lines 2-6 14. Less FRB rest-of-world loans from federal government 15. Plus lines 7-9 16. Total of lines 12-15 17. NBER other loans, liabilities Line 1-5: 6: 7: 8: 9: 10· 11:

Supplement 5, Table 32L, lines A, S, n, r, and z. Table 111-51, line 11-7 Table III—1, line II-IO Table III-5m-4, line II-10 Table HI—7d, column 6. Sum of lines 1 and 7-9 minus the sum of lines 2-6. Table IV-b-10, line 8.

1954

1955

1956

1957

1958

28.7 2.8 0.5

29.7 2.6 0.5

30.6 3.1 0.6

33.3 4.0 0.8

35.3 4.0 1.0

2.3

1.2

0.9

0.5

0.8

0.5 0.9 2.4 0.7 0.1 24.9 25.0

0.5 1.1 2.3 0.7 0.3 27.1 27.2

0.6 1.3 2.3 0.8 0.1 27.3 27.3

0.6 1.4 2.3 0.9 0.1 29.3 29.3

0.6 1.7 3.1 1.2 0.1 31.6 31.6

28.4 7.0

29.4 5.9

30.3 6.5

32.8 7.3

34.7 8.1

10.7 3.2 13.9 14.0

10.6 3.3 16.2 16.1

10.7 3.2 16.3 16.2

11.0 3.3 17.8 17.8

11.6 4.4 19.4 19.4

Line 12. 13: 14: 15: 16:

Supplement 5, Table 32L, line H. Sum of lines 2-6. Supplement 5, Table 32 L, line q Sum of lines 7-9 Sum of lines 12 and 15 minus lines 13 and 14. 17: Table IV-c-10, line 8.

Mortgages, which are debt secured by real property, are set out in considerable detail, by type, in Tables IV-b-11, IV-c-11, IV-b-12, and subsidiary tables. The coverage of this cate­ gory is the same as that of the series published regularly by the Federal Reserve Board and of the data in Saul B. Klaman, The Volume of Mortgage Debt in the Postwar Decade (1958). The latter source gives an account of the construction of mortgage estimates and an appraisal of their quality. The data on mortgage holdings are divided here into nonfarm (Table IV-b-11) and farm mortgages (Table IV-b-12), and the former are further broken down into residential (IV-b11a) and nonresidential (IV-b-llb). Residential mortgage holdings are then subdivided again by type of property (one- to four-family versus multifamily) and by type of mortgage (FHAinsured, VA-guaranteed, and conventional). Mortgage assets and liabilities are shown at the same total value, with nonfarm house­ holds the residual holders and debtors. No rest-of-world debts or holdings are shown, al­ though it is known (see Table IV-c-11) that U.S. life insurance companies, for example, own over $700 million of foreign—mainly Canadian—mortgages. The presumption is that the U.S. holdings of foreign mortgages are approximately offset by foreign holdings of U.S. mortgages and that the estimate of household mortgage holdings, which is a residual, is therefore not seriously distorted. The FRB tabulations in Supplement 5 distinguish one- to four-family, multifamily, nonfarm nonresidential, and farm mortgages. No reconciliations are shown for any of these cate­ gories because the estimates used here, derived mainly from Klaman, The Volume of Mort­ gage Debt and from data of the Federal Reserve Board and the Home Loan Bank Board, are virtually identical with those in Supplement 5. U

Several supplementary tables (IV-b-llc, IV-b-llc-1 through IV-b-llc-4, and IV-b-12a) are Included here for benchmark years from 1900 through 1945. These put data from A Study of Saving Into a form more comparable with the later information, changing the coverage of sectors and, in some cases, taking advantage of later studies and estimates of mortgage debt, particularly by Klaman and the Home Loan Bank Board. The most extensive of these revi­ sions were in the data on multifamily and nonresidential mortgages, where the totals and the amounts held by households were scaled down sharply. U.S. Government Securities (Tables IV-b-13, IV-b-13a, IV-b-13b, and IV-b-13c) cover di­ rect federal debt and guaranteed securities issued by federal agencies, including demand notes issued to the IMF. Nonguaranteed federal agency bonds and notes are excluded and placed under other bonds and notes (Table IV-b-15). Also excluded is privately held stock issued by federal agencies, the largest element of which is Federal Home Loan Bank stock owned by insured savings and loan associations. In supplementary tables this category is divided into several parts, the estimates for which are less reliable than those for the totals. The subcategories are short-term securities (Table IV-b-13a), savings bonds (Table IV-b-13b), and other long-term securities (Table IVb-13c). The estimates of short-term holdings are taken mainly from FRB worksheets, and those for savings bonds from the Treasury ownership survey. The estimates for long-term securities other than savings bonds are thus a residual. Both the FRB and the NBER balance sheets consolidate government corporations with the federal government to the extent that investments by the government in these corporations are netted out. Therefore there is no entry for agency securities held by the federal govern­ ment or for federal advances to these agencies. TABLE 12 U.S. Government Securities: Reconciliation of NBER and FRB Estimates (billion dollars)

1. FRB federal obligations, assets 2. Plus FRB consumer-held savings bonds 3. Plus NBER U.S. govt, secur. held by fed. govt. 4. Plus NBER U.S. govt, secur. held by federal insur. and pension funds 5. Less FRB nonguar. federal obligations 6. Less FRB rest-of-world holdings of federal obligations 7. Plus difference between FRB and NBER est. of valuation discrepancy 8. Total of lines 1-7 9. NBER U.S. government securities, assets 10. FRB federal obligations, liabilities 11. Plus lines 2-4 12. Plus FRB demand notes issued to IMF Less FRB nonguar. fed. obligations 13. 14. Total of lines 10-13 15. NBER U.S. government securities, liabilities Line 1-2: 3: 4: 5-6: 7:

Supplement 5, Table 23L, lines E and I Table III-7, line 11-13 Table III—5b—1, line 11-13. Supplement 5, Table 23L, lines D and p. Ibid., line 5 (with sign reversed) minus Table IV-b-13, line 10. 8: Sum of lines 1-4 and line 7, minus lines 5 and 6.

Line 9: 10: 11: 12: 13: 14: 15:

1954

1955

1956

1957

1958

179.4 50.0 5.2

180.2 50.2 5.2

174.6 50.1 5.5

175.7 48.2 5.9

184.8 47.7 5.8

44.4 2.1

46.5 3.6

48.4 4.2

49.4 6.3

48.4 5.8

4.8

5.8

6.6

6.8

6.8

0.2 268.0 268.1

0.4 266.5 266.4

0.1 274.2 274.3

- -

- -

272.1 272.1

272.7 272.7

179.3 180.4 175.3 99.6 101.9 104.0 1.5 1.6 1.1 2.1 3.6 4.2 278.3 280.3 276.2 278.4 280.4 276.3

176.7 185.7 103.5 101.9 0.7 0.8 6.3 5.8 274.6 282.6 274.6 282.7

Table IV-b-13, line 8. Supplement 5, Table 23L, Une A Sum of lines 2-4. Supplement 5, Table 34L, line 5. Ibid., Table 23L, line D Sum of lines 10-12, minus line 13 Table IV-c-12, line 7a.

The FRB's federal obligation item differs from this one by including nonguaranteed securi­ ties but excluding consumer-held savings bonds, demand notes issued to the IMF, and all fed­ eral securities held by the federal government and federal agencies and trust funds, partic­ ularly the large social insurance funds. On the liability side, these items account for all of the divergence between FRB and NBER figures, but, on the asset side, there is a difference in the estimate of the discrepancy be­ tween total assets and total liabilities. The discrepancy arises because liabilities are listed at par value and assets at book value. For most assets this type of discrepancy disappears in the process of estimating one sector (usually households) as a residual. For government bonds, however, the Treasury ownership survey, giving data by holder on a par value basis, permits direct estimation of the discrepancy for several holder groups. The NBER data es­ timate this only for banks, but the FRB makes a more comprehensive estimate, covering all sectors except households. A supplementary table (IV-b-13d) revises the sectoral allocation of U.S. government se­ curities given in A Study of Saving for benchmark years back to 1900. Aside from the redefi­ nition of the sectors, the main change to match later years is elimination of the estimate for nonfarm unincorporated business holdings of these securities. The amounts have been added into the household sector. State and Local Government Securities are all debts of state and local governments except for their trade debt and the obligations of their retirement and other insurance funds. The amounts shown here are larger than in Supplement 5 because we have included state and local debts to the federal government (included in "other loans" by the FRB) and an estimate of non-interest-bearing debt.

TABLE 13 State and Local Government Securities: Reconciliation of NBER and FRB Estimates (billion dollars)

1. FRB state and local oblig., assets and liab. 2. Plus FRB fed. govt, loans to state and local governments Plus NBER non-interest-bearing state and 3. local govt, debt 4. Total of lines 1-3 5. NBER state and local govt. sec., liabilities 6. Less NBER rest-of-world holdings of state and local securities 7. Total of lines 5-6 8. NBER state and local govt, sec., assets Line 1: Supplement 5, Table 24L, line A 2: Ibid., Table 32L, line n. 3: See note to Table III—6, line III—12. 4: Sum of lines 1-3.

Line 5. 6. 7: 8:

1954

1955

1956

1957

1958

42.5

46.0

49.2

53.8

59.5

0.5

0.5

0.6

0.8

1.0

0.6 43.6

0.6 47.1

0.6 50.4

0.7 55.3

0.7 61.2

43.6

47.0

50.4

55.2

61.2

0.1 43.5 43.5

0.1 47.0 47.0

0.1 50.3 50.3

0.1 55.2 55.1

0.1 61.1 61.1

Table IV-c-12, line 6. Table IV-b-14, line 9. Line 4 minus line 6. Table IV-b-14, line 8.

In the NBER accounts, total assets are estimated from total liabilities, with only a small estimate of foreign holdings as a discrepancy item, and nonfarm households as the residual sector. The state and local government sector is one case in which the FRB accounts do not completely consolidate a sector; total assets are shown including state and local securities held by the state and local governments themselves. A supplementary table (IV-b-14a) gives data from A Study of Saving for benchmark years back to 1900 according to the postwar classification of sectors.

OtherBondsandNotes (Table IV-b-15) are made up mainly of corporate bonds, but also include foreign bonds, nonguaranteed bonds issued by U.S. government agencies, and com­ mercial paper held outside banks. Total assets are derived from the liabilities of domestic nonfinancial corporations and finance companies (Table IV-c-12) by adding foreign bonds held in the United States and subtracting U.S. corporate bonds held abroad. Nonfarm house­ hold assets are calculated as a residual. The closest FRB category, corporate and foreign bonds (Supplement 5, Table 25L, p. 89), excludes commercial paper and nonguaranteed bonds, listing the former under "other loans" and the latter under "U.S. government securities." Afurther divergence between the two sources arises from the use of different estimates of corporate bond liability. The NBER and FRB series start with the same 1945 value but the former (derived in David Meiselman's and Eli Shapiro's manuscript "Corporate Sources and Uses of Funds" from SEC data on "net change in outstanding corporate securities") rise faster, by about $1 billion between 1945 and 1958. A supplementary table (IV-b-15a) gives data for corporate bonds from A study of Saving at benchmark dates back to 1900. These have been allocated according to the postwar definitions of the sectors.

TABLE 14 Other Bonds and Notes: Reconciliation of NBER and FRB Estimates (billion dollars)

1. FRB corporate and foreign bonds, assets 2. Plus FRB federal nonguaranteed sec. 3. Plus NBER com. paper held outside banks 4. Less FRB rest-of-world holdings of U.S. corporate bonds 5. Total of lines 1-4 6. NBER other bonds and notes, assets Line 1: Supplement 5, Table 25L, line E 2; Ibid., Table 23L, line D. 3: Table III-51-a, sum of columns 4, 8, and 11.

1954

1955

1956

1957

1958

57.6 2.1 1.4

61.4 3.6 1.6

66.5 4.2 1.7

73.8 6.3 2.0

80.2 5.8 2.1

0.2 60.9 61.4

0.3 66.3 67.1

0.3 72.1 72.9

0.4 81.7 82.8

0.5 87.6 88.7

Lme 4: Supplement 5, Table 25L, line O. 5: Sum of lines 1 through 3, minus line 4. 6: Table IV-b-15, line 8.

Preferred Stock (Table IV-b-16) is calculated by cumulating new issues, less retirements and conversions, starting from a 1949 benchmark estimate (in Goldsmith's Supplementary Appendixes to Financial Intermediaries in the American Economy since 1900,1958, Appendix F). No adjustment for price changes is made, and it is assumed in effect that holdings are reported at the original cost. The Federal Reserve Board combines preferred with common stock and it is therefore impossible to make any comparisons with their data. Common Stock (Tables IV-b-17 and IV-b-17a) presents more serious problems. It is a much more important category and is subject to large changes in price whose influence far outweighs that of new issues. Furthermore, most common stock is held by households and there is thus relatively little direct information from the asset side. This situation contrasts with that for most other instruments, which are held mainly by financial institutions. Even the definition of the total amount of stock outstanding presents difficulties, particu­ larly for intercorporate holdings. The 1949 benchmark from Goldsmith's Supplementary Ap­ pendixes to Financial Intermediaries, which is the starting point for both the NBER and FRB series, includes some intercorporate stockholdings but not stock of wholly owned subsidi­ aries (Table F-5, pp. F-32 to F-34), even though the line is entitled "all stock outstanding." The estimated intercorporate holdings thus refer essentially to holdings of those stocks which are also held by others.

TABLE 15 Corporate Stock: Reconciliation of NBER and FRB Estimates (billion dollars)

1. FRB corporate stock, assets 2. Plus NBER stock held by nonfin. corp. 3. Plus NBER stock held by closed-end investment companies 4. Less FRB rest-of-world corp. stockholdings 5. Total of lines 1-4 6. NBER common and preferred stock, assets Line 1: 2: 3: 4:

Supplement 5, Table 26L, line G. Table III-4, sum of lines 11-16 and 11-17. Table llI-5f-2, sum of lines 11-16 and 11-17. Supplement 5, Table 26L, line Q.

1954

1955

1956

1957

1958

258.0 52.7

317.0 63.6

338.0 66.1

299.0 59.7

418.0 79.0

4.7 5.3 310.1 298.6

5.7 6.6 379.7 364.3

5.2 7.0 402.3 381.6

4.9 6.1 357.5 347.5

6.1 8.3 494.8 465.4

Line 5: Sum of lines 1-3, minus line 4. 6: Sum of Table IV-b-16, line 8, and Table IV-b-17, line 8.

The 1945 and 1949 figures from Financial Intermediaries are interpolated and extrapo­ lated to 1958 by new stock issues and capital gams and losses. New stock issues are SEC estimates, with some additions, especially for new incorporations not covered by the SEC (Table IV-b-17a). The change in value of outstanding issues is calculated from Standard and Poor's 500-stock price index. New stock issues accounted for only a little over 10 per cent of the total change in the market value of stock outstanding between 1945 and 1958. All the rest was the effect of price changes on outstanding stock (including new stock after issuance). Corporate stockholdings were estimated, starting from the 1949 benchmark, by assuming that corporations purchased 5 per cent of new stock issues and that price changes on their existing stockholdings were identical with those for stocks in general. Since their share in new stock issues was assumed to be less than a third of their share in stock outstanding in 1945, a very high proportion—over 95 per cent—of the change from 1945 to 1958 was attrib­ uted to gains in the value of stock held. The Federal Reserve Board used an entirely different method of estimating outstanding stock. Starting from a similar benchmark, they extrapolated by means of SEC data on the value of stock traded on exchanges (which accounted for almost two-thirds of the benchmark total). The underlying assumption is that stock traded on exchanges is a constant proportion of total (except intercorporate) stock outstanding. The resulting FRB estimates rise more rapidly than the NBER series over the postwar period as a whole, and particularly after the 1949 benchmark. The FRB series also fluctuates more violently; after 1950 both its rises and its falls are greater than those in the NBER series, and some of the differences are substantial. One reason for the sharper movements in the FRB series is that the dates involved are the last trading days of each year. The index underlying the NBER series uses an average of De­ cember and January to represent end-of-year levels, a process which involves some smooth­ ing. The effect of this difference in dating can be estimated by measuring the price changes implied by the NBER and FRB series (calculated roughly by subtracting new issues from changes in value outstanding) and comparing them with changes in the stock price index measured from December 31 to December 31 and from December-January to DecemberJanuary. For example, in 1953 the index implied by the FRB series declined 5.9 per cent and the one implied by the NBER series only 2.4 per cent. The difference can be explained largely by the fact that the year-end price index fell by 6.6 per cent as against 2.2 per cent for the index actually used in the calculation. Similarly, in 1954, the FRB implied price index rose 46.4 per cent and the NBER one only 38.8 per cent. Again the dating was mainly responsible. The stock price index used rose by 38.1 per cent while the end-of-year index rose 45 per cent. Much the same story was repeated during the 1957 decline and the 1958 increase in stock prices.

The greater volatility of the FRB series thus seems to be mainly attributable to its use of single-date valuations rather than the two-month averages used by the NBER. On the other hand, the relatively rising trend of the FRB series might be explained in several ways. One possibility is that the stock price index used in the NBER calculation is biased: that prices have been rising more quickly outside of the realm of the 500 stocks, either on exchanges other than the New York Stock Exchange or on stocks not traded on any exchanges. Another possibility, more favorable to the NBER estimates, is that the value of stocks traded on the exchanges is a biased extrapolator because the proportion of stocks so traded has been in­ creasing. A third possible source of error is the estimate of stock held by corporations. An overestimate of the rise in this series would produce a downward bias in the NBER series for other stockholdings. The only events that could have brought about a substantial overes­ timate in the NBER figures would have been a slower rise in prices for corporation-owned stocks than for others or substantial net sales of stock investments by corporations. There is no liability table corresponding to the asset categories for corporate stock. The matching item on the liability side of the nonfinancial corporation balance sheet is line IV, "equity," which is the difference between the market value of assets and the value of liabili­ ties. The corporate stock asset category includes financial corporations too, and it is there­ fore necessary to include on the liability side the equity line for commercial banks, invest­ ment companies, life insurance, fire and casualty insurance, and finance companies. The matching is still not perfect, however. Stock life insurance companies' equity includes no estimate of retained earnings, all of which are attributed here to policyholders. And equity of brokers and dealers is all included here under unincorporated business although some of them are incorporated. A supplementary table (IV-b-17c) shows the sectoral distribution of corporate stock at benchmark dates back to 1900. Data from A Study of Saving were arranged according to the sector definitions used for the postwar years. Equity in Mutual Financial Organizations (Table IV-b-18) consists of the equity, all as­ sumed to be owned by nonfarm households, of mutual savings banks, savings and loan asso­ ciations, and credit unions. Equity in other mutual financial organizations has been dis­ persed over several categories. Thatof mutual insurance companies appears in the reserves of private pension and insurance organizations (Tables IV-c-3 and IV-c-4) and the equity of farm cooperatives appears to be scattered among insurance organizations and nonfarm unin­ corporated business. On the asset side, farm cooperative equity is listed under "other as­ sets" of agriculture. Equity in Other Business (Table IV-b-19) consists mainly of equity of unincorporated busi­ ness (including brokers and dealers) but includes also the equity of the federal government in the Exchange Stabilization Fund. All unincorporated business equity is allocated to the non­ farm household sector, but part of it duplicates equity in farm cooperatives already covered in agriculture sector assets. Another part represents the equity of incorporated brokers and dealers which is already presumably covered by household sector holdings of corporate stock. Other Intangible Assets and Liabilities (Tables IV-b-20 and IV-c-13) are a miscellany best described m connection with the individual sector estimates below. They include many un­ identifiable items estimated in the course of making up complete balance sheets for sectors, and many types of current assets not specified elsewhere, such as accruals and prepayments. Among the major assets included are direct investments abroad by U.S. corporations, the U.S. subscription to the IMF and IBRD, and corporation income taxes owed to the U.S. gov­ ernment. Data were not considered adequate for estimation of personal income tax liability to the federal government or other tax liabilities to state and local governments. Among the important items in other liabilities are the previously mentioned tax accruals and policy­ holders' equity in fire and casualty companies. The FRB category "miscellaneous financial transactions" contains the same direct in­ vestment assets and liabilities and other foreign assets as the NBER group but does not at­ tempt to cover the accrual, current, and unidentified items which make up the rest of the class. This is partly because the FRB did not attempt complete balance sheets for all the sectors included; many of the NBER figures for other assets and liabilities were estimated by subtracting identified from total assets and liabilities. Equities or Net Worth, although not shown in a separate table in Section IV, is an impor­ tant part of the sectoral and national balance sheets. It is defined as the difference between the market value of a sector's assets and the value of its liabilities. Two equity classifica-

tions—equity in mutual financial organizations and equity in other (mainly nonfarm unincor­ porated) business—are listed at the same value on both sides of the balance sheets. The net worth of corporate business, as mentioned earlier, is valued independently on the asset side, and the two valuations are often far apart. Classification of Sectors The accounts presented here are divided into eight major sectors, one of which is finance. The finance sector is subdivided into thirteen subsectors in Section II and many of these are further subdivided in Section III. Most of these detailed finance subsectors need little de­ scription or explanation but the boundaries of the major sectors are much more hazy. Al­ though those delineated here are similar to the corresponding sectors in A Study of Saving and in the Federal Reserve Board flow-of-funds accounts, there are considerable divergen­ cies in detail. This section lists the NBER sectors, defines them, and describes the most important respects in which they differ from those in other sources. A number of reconciliation tables are included which identify the most important items of discrepancy between the NBER and FRB accounts for specific assets and liabilities within sectors. Nonfarm Household estimates (Table ΠΙ-1) are derived almost entirely as residuals. The sector's holdings of almost every asset and its debt on almost every liability are calculated by first estimating the total value of that asset outstanding and then deducting the estimated holdings of every other sector. The balance sheet of this sector therefore includes all items mistakenly omitted from other sectors and the consequences of all errors made in estimat­ ing total outstandings for any instrument. In principle, the nonfarm household sector includes all individuals except farmers and all nonprofit organizations. Personal trust funds are consolidated with households, but separate balance sheets have been drawn up for total personal trust funds (Table III-la), personal trust funds other than common trust funds (Table III-lb), and common trust funds (Table III-lc). These funds can therefore be separated from the household sector. If this were done, an entry would have to be added to household assets for equity in personal trust funds. It should be noted that owners of farms are treated differently from owners of nonfarm un­ incorporated businesses. The latter's personal assets are segregated from their businesses and retained in the household sector, while farmers are consolidated into a combined farm business and farm household sector. The Federal Reserve Board does attempt to make the separation for farmers, placing certain of their assets and liabilities in the household sector. The combination of households with nonprofit organizations is clearly undesirable and can only be justified on the grounds of lack of data. Some pieces of information are available, however. Tangible assets of nonprofit organizations are estimated annually for 1945 to 1958 in Goldsmith's National Wealth (Table A-51, p. 206). The FRB has made estimates of non­ profit organizations' liability on bank loans, n.e.c. (Supplement 5, p. 102), federal govern­ ment loans (ibid., p. 105), trade debt (ibid., p. Ill), and commercial mortgages (ibid., p. 95). Rough estimates of complete balance sheets for a number of years can be found in A Study of Saving (Vol. ΙΠ, Table W-25, p. 72) and in Mendelson's The Flow-of-Funds (Tables 24-1 and 24-2, p. 1-220). One of the major differences between the FRB and NBER balance sheets for households arises from the arbitrary nature of the division between personal and unincorporated busi­ ness assets. The FRB accounts show mortgage debt on rented one- to four-family houses as a liability of unincorporated nonfinancial business. The NBER accounts place these houses, and therefore the mortgage debt on them, in the'household sector, thus treating them as in­ vestments rather than as businesses. The differences between the FRB and NBER accounts in the treatment of farm households are reflected in several lines of the balance sheet, as can be seen in the reconciliation Tables 16 and 17. Among assets, time deposits, private and government insurance policies, and sav­ ings bonds are placed m the agriculture sector by the NBER and in the consumer sector by the FRB, and among liabilities the same is true of consumer debt and insurance policy loans of farmers. Other discrepancies between the two sets of accounts arise from differences m estimating total outstandings (as in the case of state and local government securities, corporate stock, and insurance reserves) or holdings by other sectors (as in federal obligations and corporate stock). Some discrepancies arise from the use of different estimating methods, such as in

TABLE 16 Noniarm Household Assets: Reconciliation of NBER and FRB Estimates (billion dollars) 1954

1955

1956

1957

1958

59.0 59.3

58.2 58.6

59.1 59.5

58.2 58.5

60.9 61.4

150.6 50.0

159.3 50.2

168.3 50.1

178.1 48.2

191.7 47.7

2.5 98.1 97.8

2.6 106.5 106.2

2.6 115.6 115.4

2.9 127.0 126.8

3.1 140.9 140.6

64.2 10.0

67.6 11.2

71.1 12.4

73.8 14.0

77.2 15.5

14.7

16.5

17.5

18.7

20.1

3.0

3.4

3.8

3.9

4.2

1.6 5.6 78.7 78.4

1.8 5.9 84.2 84.0

1.9 6.2 89.1 89.0

2.0 6.4 94.2 93.8

2.1 6.7 99.8 99.7

22.6

26.1

29.7

34.0

38.5

1.4 10.0 14.0 14.3

2.4 11.2 17.3 17.4

2.6 12.4 19.9 20.0

2.1 14.0 22.1 22.3

4.5 15.5 27.5 27.8

6.0 18.7

5.9 20.7

6.0 23.0

6.2 25.1

6.2 27.9

30.2 .4 54.5 54.8

31.5 .4 57.7 58.0

32.7 .4 61.3 61.6

32.7 .4 63.6 64.4

30.3 .4 64.0 65.7

0.9 0.9 1.8 2.3

0.9 0.9 1.8 2.3

0.9 0.9 1.8 2.3

1.2 1.1 2.3 3.1

Line II-I 1. FRB demand deposits and currency 2. NBER currency and demand deposits Line II-2 3. FRB fixed-value redeemable claims 4. Less FRB U.S. savings bonds 5. Less NBER agric. sector, other bank deposits and shares 6. Total of lines 3-5 7. NBER other bank deposits and shares Line II-3 8. FRB savings in life insurance, private 9. Plus FRB savings in life ins. co. pension funds 10. Plus NBER additional assets incl. in insur. reserves 11. Less NBER other liab. and equities, fraternal orders and life insur. 12. Less NBER rest-of-world holdings of insur. reserves 13. Less NBER agric. sector insur. reserves 14. Total of lines 8-13 15. NBER life insurance reserves, private Line II-4 16. FRB savings in pension funds, private 17. Plus NBER adjustment to total private pens. funds 18. Less FRB saving in life ins. co. pens, funds 19. Total of lines 16-18 20. NBER pension and retirement funds, private Line II-5 21. FRB savings in life insurance, govt. 22. FRB savings in pension funds, govt. 23. Plus NBER adjustment to total govt. pens, and ins. funds 24. Less NBER agric. sector, govt, life ins. funds 25. Total of lines 21-24 26. NBER pension and ins. funds, govt. Lines II-6, II-7, and II-9

No household assets

Line II-8

No assets: see line II-IO

Line Π-10 27. FRB security credit 28. Plus NBER sav. and loan assoc. loans in process 29. Total of lines 27-28 30. NBER other loans (continued) 18

1.0 0.8 1.8 2.4

TABLE 16 (continued) 1954

1955

1956

1957

1958

Line II-Ila (1- to 4-familv) 31. FRB 1- to 4-family mortgages 32. Less NBER face amt. invest, co. holdings 33. Total of lines 31-32 34. NBER 1- to 4-family mortgages

8.9 0.3 8.6 8.6

9.2 0.3 8.9 8.9

9.7 0.3 9.4 9.6

10.6 0.3 10.3 10.3

11.2 0.2 11.0 11.0

Line II-Ila (multifamilv) 35. FRB multifamily and com. mortgages 36. Less NBER nonfarm nonresident, mortg. 37. Total of lines 35-36 38. NBER multifamily mortages

8.3 6.9 1.4 1.4

8.9 7.6 1.3 1.5

9.6 8.3 1.3 1.6

10.4 8.9 1.5 1.7

11.6 9.9 1.7 1.8

Line II-Ilb 39. FRB multifamily and com. mortgages 40. Less NBER multifamily mortgages 41. Total of lines 39-40 42. NBER nonfarm nonresidential mortgages

8.3 1.4 6.9 6.9

8.9 1.5 7.4 7.6

9.6 1.6 8.0 8,3

10.4 1.7 8.7 8.9

11.6 1.8 9.8 9.9

Line 11-12 43. FRB farm mortgages 44. NBER farm mortgages

3.5 3.4

3.7 3.6

4.0 4.0

4.3 4.2

4.6 4.5

50.0 1.2 5.0 46.2 46.4

50.2 1.2 5.2 46.2 46.5

50.1 1.0 5.1 46.0 46.2

48.2 0.7 5.1 43.8 43.9

47.7 0.6 5.2 43.1 43.0

13.9 0.3 1.2

16.1 0.9 1.2

17.1 1.2 1.0

18.0 1.9 0.7

15.6 1.6 0.6

18.8

22.8

18.2

17.4

17.6

19.0 12.6 12.4

23.2 14.4 14.2

18.8 15.5 15.6

18.4 16.4 16.7

19.2 15.0 15.6

17.7

19.4

21.0

23.1

24.3

0.6 18.3 17.9

0.6 20.0 19.6

0.6 21.6 21.2

0.7 23.8 23.4

0.7 25.0 24.8

4.2 0.3

5.4 0.9

6.6 1.2

7.7 1.9

8.3 1.6

0.1 4.6 5.3

0.1 6.4 7.2

0.3 8.1 8.9

0.5 10.1 10.7

0.5 10.4 11.0

Line II-13b 45. FRB U.S. savings bonds 46. Plus FRB nonprofit org. savings bonds 47. Less NBER agric. sector savings bonds 48. Total of lines 45-47 49. NBER savings bonds Lines II-13a and II-13c 50. FRB federal obligations 51. Less FRB nonguar. federal obligations 52. Less FRB nonprofit org. savings bonds 53. Less NBER nonfinancial corp. holdings of govt, bonds 54. Plus FRB nonfinancial corp. holdings of federal obligations 55. Total of lines 50-54 56. NBER U.S. govt. sec. excl. savings bonds Line 11-14 57. FRB state and local obligations 58. Plus NBER non-interest-bearing debt of state and local govts. 59. Total of lines 57-58 60. NBER state and local govt, securities Line 11-15 61. FRB corporate and foreign bonds 62. Plus FRB nonguar. federal securities 63. Plus FRB nonguar. federal secur. held by savings and loan assoc. 64. Total of lines 61-63 65. NBER other bonds and notes (continued)

TABLE 16 (concluded)

Lines 11-16 and 11-17 66. FRB corporate stock 67. L e s s differences bet. FRB and NBER estimates of total stock outstanding 68. L e s s NBER corporate stock held by noninsured pension plans 69. Plus FRB corporate stock held by noninsured pension plans 70. Total of lines 66-69 71. NBER corporate stock Lines 11-18, H - 1 9 , and 11-20 Line 1: 2: 3-4: 5: 6: 7: 8: 9: 10: 11: 12: 13: 14: 15: 16: 17: 18: 19: 20: 21-22: 23: 24: 25: 26: 27: 28: 29: 30:

1954

1955

1956

1957

1958

233.6

287.5

306.3

268.2

376.9

11.5

15.4

20.7

10.0

29.4

4.0

5.6

6.6

7.0

10.8

2.9 221.0 220.8

3.7 270.2 269.9

4.6 283.6 283.1

5.7 256.9 256.1

7.1 343.8 343.0

Not estimated by FRB

Supplement 5, Table 8(A), line V. Table IU-1, line II-l. Supplement 5, Table 8(A), lines W and Z. Table III—3, line II-2. Line 3 minus lines 4 and 5. Table III-l, line II-2. Supplement 5, Table 8(A). Ibid., Table 22L, line G. Table 4, sum of lines 3-8. Table 4, sum of lines 10-11. Table 4, line 14. Table 111-3, line II-3. Sum of lines 8-10, minus lines 11-13. Table III-l, line II-3. Supplement 5, Table 8(A). Table 5, sum of lines 3-4, minus line 2. Line 9, above Sum of lines 16-17, minus lme 18. Table III-l, line II-4. Supplement 5, Table 8(A). Table 6, sum of lines 4-6. Table III-3, line II-5. Sum of lines 21-24. Table III-l, line II-5. Supplement 5, Table 30L, lme K. See Table III-5e, note to line 111-10. Sum of lines 27-28. Table III-l, line 11-10. Almost all the discrepancy between lines 29 and 30 is due to differences between NBER and FRB estimates of customer credit balances at brokers and dealers. The NBER estimates are higher by the following amounts (billion dollars)• 1954 0.7, 1955 0.6, 1956 0 6, 1957 0.7, 1958 0.9.

Line 31; 32: 33: 34: 35,3936,42: 3738,4041: 43: 44: 45: 46: 47: 48. 49: 50-51: 52; 53: 54: 55: 56: 57: 58; 59: 60: 61: 62-63: 64: 65: 66: 67: 68; 69: 70; 71;

Supplement 5, Table 27L, line B. Table I V - b - l l a - 2 , line f. Line 31 minus line 32. Table I V - b - l l a - 2 , line 1. Supplement 5, Table 28L, lme O Table I V - b - l l b , line 1. Line 35 minus line 36. Table I V - b - l l a - 1 , line 1. Line 39 minus line 40. Supplement 5, Table 28L, line P. Table III-l, line 11-12. Supplement 5, Table 8(A), lme Z. FRB worksheets, Table III-3, line II-13b. Sum of lmes 45-46, minus line 47. Table III-l, lme II-13b. Supplement 5, Table 23L, lines F and H. FRB worksheets. Table III-4, line 11-13. Supplement 5, Table 23L, line J. Sum of lines 50-54, minus lines 51-53. Table III-l, sum of lines II-13a and II-13c. Supplement 5, Table 8(A), line e. See note to Table III-6, line 111-12. Sum of lmes 57-58. Table III-l, line 11-14. Supplement 5, Table 8(A), line f. Ibid., Table 23L, lines H and d. Sum of lines 61-63. Table III-l, line 11-15. Supplement 5, Table 8(A), line g. Table 15, line 5 minus lme 6. Table III-5J, sum of lines 11-16 and 11-17. Supplement 5, Table 12L, lme U. Sum of lines 66-69, minus lines 67-68. Table III-l, sum of lmes 11-16 and 11-17

the case of security credit where the NBER data used a larger ratio in estimating total customers' credit balances from those for New York Stock Exchange member f i r m s . A supplementary table (Ill-Id) shows nonfarm household balance sheets for benchmark years from 1900 through 1945. These are from Volume III of A Study of Saving, but they have been revised to improve comparability with the postwar data. Among the major changes were the substitution of revised mortgage estimates (see Table I V - b - l l c ) , the inclusion of government bond holdings allocated to unincorporated business by Goldsmith (with a corresponding reduction in equity m unincorporated business), and the elimination of tax accruals, 20

which were not estimated for the postwar years. Also, payables to financial intermediaries were subdivided by type of debt; monetary metals were transferred to intangible assets; and time deposits were separated from demand deposits.

TABLE 17 Nonfarm Household Liabilities: Reconciliation of NBER and FRB Estimates (billion dollars) 1954 Lines III-l through HI-5

Line III-Il 14. FRB consumer debt: 1- to 4-family mortg. 15. FRBnonprofitorgs.: other mortg. 16. Plus FRB noncorporate nonfinancial bus.: 1- to 4-family mortg. liability 17. Total of lines 14-16 18. NBER mortgage debt

Line 1: 2: 3: 4: 5: 6: 7: 8: 9-10:

Supplement 5, Table 8(A), line m. Ibid , Table 32L, line z. Table III-3, line III-6. Sum of lines 1-2, minus line 3. Table III-I, line III-6 Supplement 5, Table 8(A), line n. Table III-l, line III-8. Supplement 5, Table 8 (A), line o. Ibid , Table 32L, Imes ζ and qq.

1958

32.5

38.9

42.5

45.3

45.5

0.5 1.0 32.0 31.9

0.5 1.2 38.2 38.2

0.6 1.2 41.9 41.9

0.6 1.2 44.7 44.8

0.6 1.3 44.8 44.8

4.1 4.6

4.8 5.4

4.8 5.3

4.4 4.9

5.5 6.2

3.9

4.2

4.5

5.0

5.5

0.5

0.5

0.6

0.6

0.6

No discrepancy

Line III-10 8. FRB other loans 9. Less FRB consumer bank loans offset by hypothecated deposits 10. Less FRB federal govt, loans to nonprofit organizations 11. Less NBER agric. sector policy loans 12. Total of lines 8-11 13. NBER other loans

Lines III-12 and III-13

1957

No discrepancy

Line ΙΠ-8 6. FRB security credit liabilities 7. NBER loans on securities Line III - 9

1956

No household liabilities

Line III-6 1. FRB consumer credit liabilities 2. Plus FRB consumer bank loans offset by hypothecated deposits 3. Less NBER agric. sector consumer debt 4. Total of lines 1-3 5. NBER consumer debt Line ΠΙ-7

1955

- -

- -

- -

0.2 3.2 3.2

0.2 3.5 3.4

0.2 3.7 3.7

0.1 0.3 4.0 4.0

0.2 0.3 4.4 4.4

69.2 0.6

81.5 0.7

92.6 0.7

101.3 0.8

110.9 0.9

5.0 74.8 74.8

5.2 87.4 87.4

5.0 98.3 98.4

5.0 107.1 107.1

5.2 117.0 117.0

No liabilities

11: 12: 13: 14-15:

See Table III—3, note to line III—10. Line 8 minus sum of lines 9-11. Table III-l. line III-IO Supplement 5, Table 8(A), lines 1 and "other mortgages." 16. Ibid , Table 8(C). 17: Sum of lines 14-16. 18: Table III-l, line III-Il

The Ncmfarm Unincorporated Business balance sheet (Table III-2) is probably the least re­ liable of all except households. Estimates are made only for certain assets and liabilities which seem clearly to be business rather than personal (multifamily and commercial struc­ tures and land, producer durables, consumer and trade credit, trade debt, and multifamily and commercial mortgage debt). For only a few items (such as currency and demand de­ posits) is an attempt made to split assets between households and unincorporated business. Aside from the treatment of one- to four-family homes, described earlier, the FRB and NBER sectors are very similar, because the latter is constructed mainly from FRB data. Both estimates treat farm cooperatives ambiguously. Their tangible assets (roughly $5 bil­ lion in 1958, according to Table III-3a) are probably scattered among unincorporated busi-

TABLE 18 Nonfarm Unincorporated Business: Reconciliation of NBER and FRB Estimates (billion dollars) 1954

1955

1956

Line II-I

No discrepancy

Lines II-2 through II-5

No nonfarm unincorporated business assets

Lines II-6 and II-7

No discrepancy

Lines II-8 through 11-20

No nonfarm unincorporated business assets

Lines III-I through III-6

No nonfarm unincorporated business liabilities

Line III-7

No discrepancy

Line III-8

No nonfarm unincorporated business liabilities

Line III-9 1. FRB bank loans, n.e.c. 2. Plus FRB bank-held open-market paper 3. Plus difference between NBER and FRB corporate bank debt 4. Total of lines 1-3 5. NBER bank loans, n.e.c. Line III-IO 6. FRB other loans 7. Less FRB noncorp. nonfin. bus. liab. on acceptances 8. Total of lines 6-7 9. NBER other loans

1957

1958

9.6 1.1

10.1 1.2

8.2 1.0

9.2 0.8

9.8 09

-0.4 8.8 8.6

0.1 10.1 10.0

- -

- -

10.7 10.7

10 7 10 6

1.4 12.7 12.4

4.5

5.3

5.7

6.2

6.4

0.3 4.2 39

0.2 5.1 4.9

0.2 5.5 5.0

0.3 5.9 53

03 6.1 5.4

Line III-Il

No discrepancy between NBER mortgage debt and FRB multi­ family and commercial mortgage debt

Lines III-12 and III-13

No nonfarm unincorporated business liabilities

Line 1: 2: 3: 4: 5:

Supplement 5, Table 8(C), line Q. I b i d . , Table 32L, sum of lines V, a, and d. Table 20. Sum of lines 1-3. Table III—2, line III-9.

Line 6: 7: 8· 9:

Supplement5 , Table 8(C), line R. Ibid., Table 32L, line g. Line 6 minus line 7. Table IU-2, line III-10.

ness, corporate business, and agriculture, as are many of their other assets and liabilities, but most of them are probably in this sector. It is clear that the unincorporated business in­ debtedness to the federal government (included in line ΠΙ-10) consists largely of loans to farm cooperatives. The two items for which a reconciliation is attempted in Table 18, bank loans, n.e.c., and other loans, are both estimated as residuals in the NBER accounts. It is therefore difficult to know exactly what is contained in thefigures for the nonfarm unincorporated business sec­ tor and to explain the discrepancies with the FRB accounts. Supplementary Table III-2a gives earlier balance sheets for this sector with some adjust­ ments for comparability with later years. The main change was elimination of the estimate for holdings of government bonds, which were transferred to the household sector, a shift of some cash assets to nonfarm households, and subdivision of the category "payables to finan­ cial intermediaries." Agriculture (Table ΙΠ-3) includes all households engaged primarily in farming, and its balance sheet contains all their assets and liabilities including those not used in agriculture. It also contains agricultural assets owned by nonfarm households and corporations even though no specific entry is made for agricultural assets in the nonfarm household balance sheet. Stock in agricultural corporations presumably is included there but not ownership of farms themselves.

TABLE 19 Agriculture: Reconciliation of NBER and FRB Estimates (billion dollars) 1954

1955

1956

1957

1958

Line II-I

No discrepancy

Lines II-2. II-3. II-5, and 11-13

Not estimated by FRB; included in nonfarm house­ hold (consumer) sector

Lines II-4. II-6 through II-12. 11-14 tnrougn 11-19

No agriculture sector assets

Line 11-20

Mostly not estimated by FRB; only a very small item for equity in federal land banks is shown in farm business sector balance sheet

Lines III-I through III-5. III-8. Ill -12. and 111-13

No agriculture sector liabilities

Line III-6

Not estimated by FRB; included in nonfarm household (consumer) sector

Lines III-7 and III-9

No discrepancy

Line ΠΙ-10 1. FRB other loans Plus NBER agric. sec. life insur. policy loans 2. 3. Total of lines 1-2 4. NBER other loans Line III-Il Line 1: Supplement 5, Table 8(B), line P 2: See Table III—3, note to line IH-10.

1.1 0.2 1.3 1.3

1.1 0.2 1.3 1.3

No discrepancy Line 3: Sum of lines 1-2. 4: Table II1-3, line 111-10.

1.2 0.2 1.4 1.4

1.4 0.3 1.7 1.6

1.6 0.3 1.9 1.9

The Federal Reserve Board, as mentioned above, includes only farm business assets, leav­ ing such items as equity in insurance and consumer debt in the household or "consumer" sector. In A Study of Saving farm cooperatives were consolidated into the agriculture sector; their total assets, rather than just farmers' equity as in Table III-3, were therefore included. In this volume most of their assets are in the nonfarm unincorporated business sector, as was mentioned earlier. However, a separate balance sheet for agricultural cooperatives was cal­ culated (Table III-3a) along with supporting balance sheets for specific types of cooperatives. These include cooperatives for purchase, supply, and related services (Table III-3a-l), rural electric cooperatives and farmers' mutual telephone companies (Table III-3a-2), and farmers' mutual irrigation companies (Table III-3a-3). The farm cooperative balance sheets draw to­ gether assets and liabilities which are scattered through the other sectors. Almost all the differences between these figures and those of the Federal Reserve Board (Table 19) involve the inclusion of nonbusiness assets and liabilities of farm households, such as time deposits, insurance and pension funds, savings bonds, consumer debt, and life insurance policy loans. Supplementary Table III-3b revises the prewar balance sheets to match the new ones, by moving monetary metals to intangible assets, separating time from demand deposits, break­ ing payables into components, and substituting equity in farm cooperatives for the total assets of these organizations. Nonfinancial Corporations (Table III-4) include all except corporate farms and those cor­ porations specifically listed as part of the finance sector. Banks, insurance companies, in­ vestment companies, and finance companies (sales, personal, and business finance, and mort­ gage companies) are all excluded, but real estate corporations, including lessors, are included. Data for all corporations are based on Statistics of Income tabulations in which industry and balance sheet categories are broadly defined and are, furthermore, obscured by consoli­ dation of parent and subsidiary accounts. Data for financial corporations, on the other hand, are from sources in which the industries and the individual assets and liabilities are more precisely defined. It is often not clear, therefore, whether the financial sectors and items eliminated from the corporation total correspond with those entered in the finance sector. There is a considerable chance that some items are included under both nonfinancial cor­ porations and finance, and that others are omitted from both. For example, incorporated brokers and dealers in securities are in the finance sector, combined with the unincorpor­ ated ones, which are more important. However, corporate brokers and dealers have not been removed from nonfinancial corporations, and there is therefore some overlapping between the two groups. The main differences between the NBER and FRB corporate sector balance sheets follow from the fact that the latter consolidate this sector, netting out most intercorporate assets. This process eliminates several lines which appear in the NBER balance sheet and virtually removes holding companies and closed-end investment companies from the corporate sector. An exception to the netting of intercorporate assets by the Federal Reserve Board is trade credit, for which the amounts extended to other corporations are included in the balance sheet. The reconciliation with FRB estimates (Table 20) is incomplete for several items. The main differences in the trade credit estimates have been discussed earlier in connection with the calculation of total trade credit outstanding, and those for corporate bonds in connection with the totals for that item. The FRB data include closed-end investment companies (except intercorporate investments), which are in the NBER finance sector, and at least in some as­ sets appear to include corporate farms, even though conceptually they should have been removed. It is impossible to make a real reconciliation for "other assets" and "other liabilities," since the Federal Reserve Board shows only foreign investments in these categories while the NBER figures include large amounts, only vaguely identified, which arise in the estima­ tion of a complete corporate balance sheet. Part of the assets and most of the liabilities are current items excluded in all the FRB data. Supplementary Table III-4b, which provides a nonfinancial corporation balance sheet for earlier years, is substantially different from that in A Study of Saving. The major changes resulted from the adjustment of the finance sector to the postwar definition and can best be described in connection with that sector.

TABLE 20 Nonfinancial Corporations: Reconciliation of NBER and FRB Estimates (billion dollars)

Line II-I 1. FRB demand deposits and currency 2. Less NBER closed-end investment cos. 3. Less NBER corporate farms 4. Total of lines 1-3 5. NBER currency and demand deposits

1954

1955

1956

1957

1958

30.9 0.1 0.2 30.6 30.5

32.0 0.1 0.2 31.7 31.5

32.1 0.1 0.2 31.8 31.6

32.1 0.1 0.2 31.8 31.6

33.8 0.1 0.3 33.4 33.3

Line II-2

No discrepancy

Lines Π-3, II-4, and II-5

No nonfinancial corporation assets

Line II-6

No discrepancy

Line II-7 6. FRB trade credit 7. Plus FRB receivables deducted, brokers and dealers 8. Plus FRB receivables deducted, credit agencies other than banks 9. Less NBER rcvbl. deducted, finance cos. 10. Less NBER rcvbl. deducted, corp. farms 11. Total of lines 6-10 12. NBERtradecredit Lines II-8 through 11-12

53.7

63.8

69.8

71.6

78.1

0.3

0.4

0.5

0.4

0.6

13.2 11.6 .4 55.2 55.1

17.6 15.7 .3 65.8 65.9

19.9 16.9 .4 72.9 73.0

22.4 18.5 .4 75.5 75.7

22.8 17.7 .5 83.3 83.4

19.2 0.4 0.1 0.1 18.6 18.2

19.2 0.8 0.1 0.1 18.2 17.4

19.8 0.6 0.1 0.1 19.0 17.6

No nonfinancial corporation assets

Line Π-13 13. FRB federal obligations 14. Less FRB nonguar. federal obligations 15. Less NBER closed-end invest, cos. 16. Less NBER corporate farms 17. Total of lines 13-16 18. NBER U.S. government securities

19.1 0.1 0.1 0.1 18.8 18.8

23.5 0.3 0.1 0.1 23.0 22.8

Line II-14

No discrepancy

Lines II-15, II-16, and 11-17

Not estimated by FRB; considered to be intercor­ porate holdings eliminated in consolidation

Lines 11-18 and 11-19

No nonfinancial corporation assets

Line 11-20 19. FRB miscellaneous financial assets 20. Plus nonfin. corp., other cur. assets 21. Plus nonfin. corp., other assets 22. Total of lines 19-21 23. NBER other intangible assets Lines III-I through III-6

17.9 2.2 10.8 30.9 29.7

19.5 3.0 11.2 33.7 34.5

22.4 4.5 10.9 37.8 40.5

No nonfinancial corporation liabilities (continued)

25.4 5.2 12.0 42.6 47.1

27.5 5.4 11.8 44.7 48.1

TABLE 16 (concluded)

Line III-7 24. FRB trade debt 25. NBER trade debt Line n i - 8

1955

1956

1957

1958

40.8 44.6

49.7 54.9

54.0 60.5

53.9 62.5

57.0 68.8

16.7 17.1

19.5 19.4

24.8 24.8

26.8 26.8

27.3 25.9

2.8 0.9 1.9 1.6

3.0 1.1 1.9 2.1

3.2 1.3 1.9 2.0

3.7 1.4 2.3 2.3

3.8 1.7 2.1 2.2

50.1

52.8

56.4

62.6

68.4

0.2 50.3 51.0

0.2 53.0 53.7

0.2 56.6 57.4

0.2 62.8 63.8

0.3 68.7 69.7

4.0 15.5 22.5 42.0 48.1

4.3 19.3 25.7 49.3 54.7

4.5 17.6 29.0 51.1 58.1

4.8 15.4 31.1 51.3 60.6

4.9 12.9 33.3 51.1 60.8

No discrepancy

Line III-9 26. FRB bank loans, n.e.c. 27. NBER bank loans, n.e.c. Line 111-10 28. FRB other loans 29. Less NBER finance company trade credit 30. Total of lines 2 8 - 2 9 31. NBER other loans Line I I I - l l

1954

No discrepancy

Line 111-12 32. FRB corporate bonds 33. Plus NBER com. paper other than finance co., held outside banks 34. Total of lines 3 2 - 3 3 35. NBER bonds and notes Line 111-13 36. FRB miscellaneous liabilities 37. Plus NBER tax liability 38. Plus NBER other current liabilities 39. Total of lines 36-38 40. NBER other liabilities

Line 20-21: "Corporate Sources and Uses of Funds." Table C - l a , lines 9 and 10. 22: Sum of lines 19-22. 23: Table III-4, line 11-20 24- Supplement 5, Table 8(D), line c. 25- Table III-4, line III-7. 26: Supplement 5, Table 8(D), line a. 27: Table III-4, line III-9. 28: Supplement 5, Table 8(D), line b. 29: Table 111-51, line 11-7. 30: Line 28 minus line 29. 31: Table 111-4, line 111-10. 32: Supplement 5, Table 8(D), line X. 33: Table III-51-a, column 11. 34: Sum of lines 32-33. 35: Table III-4, line 111-12. 36: Supplement 5, Table 8(D) 37-38: "Corporate Sources and Uses of Funds," Table C - l b , lines 7 and 8 39: Sum of lines 36-38. 40: Table III-4, line IH-13.

Line 1: supplements, Table 8(D), line o. 2: Table III-5f-2, line II-1. 3: Meiselman and Shapiro, "Corporate Sources and Uses of Funds," Table C-9, column 2. 4: Line 1 minus lines 2 and 3. 5: Table III-4, line II-l. 6: Supplement 5, Table 8(D), line T. 7-8: FRB worksheets. 9: Table III-51, sum of lines II-6 and II-7. 10: "Corporate Sources and Uses of Funds," Table C - l l . column 2. 11: Sum of lines 6-8, minus lines 9 and 10. 12: Table III-4, line II-7. 13: Supplement 5, Table 8(D), line Q. 14: Ibid., Table 23L, line K. 15: Table III-5f-2, line 11-13. 16: "Corporate Sources and Uses of Funds," Table C-10, column 3. 17: Line 13 minus the sum of lines 14-16. 18: Table III-4, line 11-13. 19: Supplement 5, Table 8(D).

3

Finance (Table III-5) is a mixture of government and private agencies: corporations, co­ operatives, and unincorporated businesses, all of which perform some sort of financial ser­ vices. Among government or quas!governmental agencies are the Federal Reserve banks, Treasury monetary funds, and federal, state, and local government pension, retirement, and other insurance funds. Corporations include banks, stock insurance, investment, and finance companies. Also included are several types of mutual or cooperative organizations such as mutual insurance companies, savings banks, savings and loan associations, credit unions, and cooperative agricultural credit agencies. The FRB accounts do not show any total finance sector, and the reconciliations for finance are therefore performed for each type of institution separately. The finance sector balance sheet for 1900-45 (Table III-5o) is much narrower in coverage than the sector defined in A Study of Saving. It consists mainly of the banking system, finan­ cial intermediaries other than the banking system and government corporations, and unin­ corporated brokers and dealers. To these were added finance companies (using data from Financial Intermediaries), mortgage companies, and Treasury monetary funds, while invest­ ment holding companies and the postal savings system were subtracted. Excluded from the finance sector were financial corporations other than financial intermediaries (except for finance companies), consisting mainly of real estate and holding companies. These were placed, along with investment holding companies, in the nonfinancial corporation sector. Also excluded from finance were government lending agencies which, together with the postal sav­ ings system, were moved into the federal government sector. Financial intermediaries, as covered by the broadest definition used in Goldsmith's Finan­ cial Intermediaries (Table A-28), are also a wider group than the present one. They include government corporations and credit agencies, federal land banks, the postal savings system, and investment holding companies, all excluded here, and personal trust funds, which are placed in the household sector in these balance sheets. However, they do not cover the Treasury monetary funds. Most of the individual finance subsectors are self-explanatory as far as sector coverage is concerned, but there are many differences in the treatment of individual items, as well as a few points of sectoring, that should be mentioned. Federal Reserve Banks (Table III-5a-l) and Treasury Monetary Funds (Table III-5a-2) are combined into a monetary authorities subsector in the FRB accounts and into Table III-5a here. The Treasury monetary funds are not, strictly speaking, an institution. They consist of the Exchange Stabilization Fund and the Treasury's stock of monetary metals and liability on gold certificates. The monetary funds are excluded from Financial Intermediaries and placed in the federal government sector in A Study of Saving.

TABLE 21 Federal Reserve Banks and Treasury Monetary Funds: Reconciliation of NBER and FRB Estimates (billion dollars)

Line II-I 1. FRB monetary authorities, gold and Treasury currency Plus NBER cash assets of FR banks 2. Plus NBER cash assets of Exch. Stab. Fund 3. 4. Total of lines 1-3 5. NBER currency and demand deposits Lines II-2 through II-8

1954

1955

1956

1957

1958

26.6 21.6 0.3 48.5 48.6

26.7 21.7 0.3 48.7 48.7

27.0 21.9 0.2 49.1 49.2

27.9 22.9 0.1 50.9 50.9

25.7 20.8 0.2 46.7 46.8

No Federal Reserve bank and Treasury monetary fund assets (continued)

TABLE 21 (concluded)

Line II-9 6. FRB Fed. Res. bank loans to domestic banks 7. NBER bank loans, n.e.c.

1954

1955

1956

1957

1958

0.1

0.1 0.1

0.1

0.1

0.1

Lines II-IQ through 11-12

No Federal Reserve bank and Treasury monetary fund assets

Line 11-13

No discrepancy

Lines II-14 through 11-19

No FR bank and Treasury monetary fund assets

Line 11-20 8. FRB miscellaneous assets Plus NBER FR banks uncol. cash items, etc. 9. 10. Total of lines 8-9 11. NBER other intangible assets Line III-I 12. FRB demand deposits and currency Plus FRB member bank reserves 13. 14. Plus FRB other domestic bank deposits Plus FRB other vault cash 15. Plus NBER gold certificates 16. 17. Plus NBER FR bank holdings of FR notes Plus NBER Exch. Stab. Fund deposits with FR 18. banks 19. Plus NBER FR bank holdings of Treasury cur. 20. Total of lines 12-19 21. NBER currency and demand deposits Lines III-2 through 111-12

5.7 5.7 5.7

5.9 5.9 5.9

0.2 5.7 5.9 5.9

5 5 5

29.8 18.9 0.1 2.5 21.0 0.2

30.0 19.0 0.1 2.7 21.0 0.3

30.0 19.1 0.1 3.3 21.3 0.4

30.0 19.0 0.1 3.3 22.1 0.4

30.1 18.5 0.1 3.2 20.0 0.5

0.2 0.4 73.1 73.2

0.2 0.3 73.6 73.7

0.1 0.3 74.6 74.5

0.3 75.2 75.4

- -

0.2 0.3 72.9 73.0

No FR bank and Treasury monetary fund liabilities

Line III-13 22. FRB miscellaneous liabilities 23. Plus NBER FR banks, other liabilities 24. Total of lines 22-23 25. NBER other liabilities Line 1 Supplement 5. Table 17L, sum of lines C and D. 2: Table Ill-5a-l, line II—1. 3. See Table III-5a-2, note to line II-I. 4: Sum of lines 1-3 5: Table III-5a, line II—1. 6: Supplement 5, Table 17L, line N. 7: Table III-5a, line II—9 8: Supplement 5, Table 17L, line K. 9.· Table III-5a-l, line 11-20. 10: Sum of lines 8-9

4.1 4.1 4.1

0.2 3.6 3.8 3.8

0.2 4.5 4.7 4.7

0.2 4.5 4.7 4.7

0.2 4.6 4.8 4.8

0.2 4.9 5.1 5.1

Line 11: Table III-5a, line 11-20. 12-15: Supplement 5, Table 17L, lines Q, W, Z, and a. 16. See Table III-5a-2, note to line III—1. 17-19: See Table III-5a-l, note to Ime II—1. 20: Sum of lines 12-19. 21. Table HI-5a, line IIl-I 22: Supplement S j Table 17L, line U. 23: Table III-5a-l, line 111-13. 24: Sum of lines 22-23. 25: Table III-5a, line III—13

The differences between the NBER and FRB accounts listed in Table 21 are accounted for by the usual factors: the netting out of intrabanking system assets and liabilities by the FRB and the inclusion of miscellaneous current and other assets and liabilities by the NBER. Government Pension and Insurance Funds (Table III-5b) are the sum of two components: federal government pension and insurance funds (Table III-5b-l), which include the retire-

ment system for federal employees, the two federal government life insurance funds, and social insurance funds such as the Old Age and Survivors Insurance, railroad retirement, and unemployment insurance trust funds; and state and local government pension and insurance funds (Table III-5b-2), which cover retirement systems for state and local government em­ ployees as well as state-administered workmen's compensation funds. All the assets and liabilities of these funds are included with other government assets m the FRB accounts, and there is therefore no reconciliation table for them here. They do, however, play a part in the reconciliations for the government sectors. These funds make up almost all of the category government trust funds in Financial Inter­ mediaries and they are included in financial intermediaries both there and in A Study of Saving. Commercial Banks (Table III-5c) have the same coverage as the FRB flow-of-funds cate­ gory and as the regularly published FRB series on commercial bank assets and liabilities. Banks in possessions are excluded from this category and placed under other finance below. Most of the differences between the NBER and FRB estimates (Table 22) involve asset and liability items which disappear in the process of consolidating the banking sector. TABLE 22 Commercial Banks: Reconciliation of NBER and FRB Estimates (billion dollars)

Line II-I 1. FRB FR bank deposits and vault cash 2. Plus NBER interbank deposits, com. banks 3. Total of lines 1-2 4. NBER currency and demand deposits

1954

1955

1956

1957

1958

21.3 12.8 34.1 34.0

21.5 12.9 34.4 34.3

22.1 13.7 35.8 35.6

22.4 13.2 35.6 35.5

21.7 13.5 35.2 35.1

Line II-2

Not estimated by FRB; netted out in consolidation of banking sector

Lines II-3 through II-5

No commercial bank assets

Line II-6 5. FRB consumer credit 6. Plus FRB consumer bank loans offset by hypothecated deposits 7. Total of lines 5-6 8. NBER consumer credit

10.9

13.2

14.6

15.8

15.9

0.5 11.4 11.4

0.5 13.7 13.7

0.6 15.2 15.2

0.6 16.4 16.4

0.6 16.5 16.6

42.1 1.2 0.8 44.1 44.3

47.9 0.9 0.8 49.6 49.9

50.2 0.5 1.0 51.7 52.0

51.5 0.8 1.1 53.4 53.7

Line II-T

No commercial bank assets

Line II-8

No discrepancy

Line II-9 9. FRB bank loans, n.e.c. 10. Plus FRB CCC-guar. loans and certif. of inter. 11. Plus FRB open-market paper 12. Total of lines 9-11 13. NBERbankloans 1 n.e.c.

34.0 2.3 1.0 37.3 37.5

Line II-IO

No commercial bank assets

Lines II-Il and 11-12

No discrepancy (continued) 29

T A B L E 16 (concluded)

Line 11-13 14. FRB federal obligations 15. L e s s FRB nonguar. federal obligations 16. Total of lines 1 4 - 1 5 17. NBER U . S . government securities Line 11-14

1954

1955

1956

1957

1958

70.4 1.4 69.0 69.0

63.4 1.8 61.6 61.6

60.2 1.6 58.6 58.6

60.3 2.1 58.2 58.2

68.6 2.2 66.4 66.2

1.9 1.4 3.3 3.3

1.7 1.8 3.5 3.5

1.3 1.6 2.9 2.9

1.4 2.1 3.5 3.5

1.3 2.2 3.5 3.5

0.5 11.0

0.5 14.0

0.4 14.9

0.5 15.1

0.6 16.1

112.1 0.8 10.0 12.8 135.7 135.8

114.2 1.6 13.3 12.9 142.0 142.0

115.9 1.7 13.9 13.7 145.2 145.2

115.2 1.4 13.7 13.2 143.5 143.5

120.8 1.3 14.6 13.5 150.2 150.2

No discrepancy

Line 11-15 18. FRB corporate bonds 19. Plus FRB nonguar. federal obligations 20. Total of lines 18-19 21. NBER other bonds and notes Lines 11-16, II-18, and 11-19

No commercial bank assets

Line 11-17

Not estimated bv FRB

Line 11-20 22. FRB misc. assets and FR bank stock 23. NBER other intangible assets Line III-l 24. FRB demand deposits, net 25. Plus FRB Federal Reserve float 26. Plus NBER cash items in process of col. 27. Plus NBER interbank dep. of com. banks 28. Total of lines 2 4 - 2 7 29. NBER currency and demand deposits Line III-2

No discrepancy

Lines III-3 through III-8

No commercial bank liabilities

Line III-9

Not estimated by FRB; netted out in consolidation of banking sector

Line 111-10

No discrepancy; see Supplement

Lines I I I - l l and III-12

No commercial bank liabilities

Line 111-13 30. FRB other liabilities 31. NBER other liabilities Line 1: 2: 3; 4: 5: 6: 7: 8: 9-11: 12: 13: 14-15: 16:

0.5 3.0

0.6 3.0

5. Table 32L, line o

0.6 3.6

0.4 3.9

22 Supplement 5, Table 16L, Table I V - b - l c , column 5. Sum of lines 1-2. Table III-5c, line II-l. Supplement5. Table 16L, Ibid., Table 32L, line z. Sum of lines 5-6. Table III-5e, line II-6. Supplements, Table 16L, Sum of lines 9-11. Table III-5c, line 11-9. Supplement 5, Table 16L, Line 14 minus line 15

line T.

line L.

lines N, P, and Q. lines D and G.

Line 17: 18-19: 20. 21: 22: 23: 24-25: 26: 27: 28: 29: 30: 31:

Table III-5c, line 11-13. Supplement 5. Table 16L, Sum of lines 18-19. Table III-5c, line 11-15. Supplement 5, Table 16L. Table III-5C, line 11-20. Supplement 5, Table 16L, Table IV-b-lh, column 6 Table I V - b - l c , column 5. Sum of lines 24-27. Table III-5C, line III-l. Supplement 5, Table 16L, Table III-5C, line 111-13.

lines I and G. lines R and U lines X and l

line g.

0.3 3.9

Mutual Savings Banks (Table IU-5d) cover the same group as the corresponding category in Supplement 5, and all the estimates agree closely. The only differences (Table 23) are that a few more lines are estimated in the NBER accounts and the calculation of other bonds and notes is slightly different.

TABLE 23 Mutual Savings Banks: Reconciliation of NBER and FRB Estimates (billion dollars) 1954

1955

1956

1957

Lines n - 1 and II-2

No discrepancy

Lines II-3, II-4, H - 5 , II-7, and n-9

No mutual savings bank assets

Lines II-6 and 11-10

No discrepancy; FRB includes in Supplement Table 10L, line P

Line II-8 Lines 11-11 and 11-12

1958

5,

Not estimated by FRB No discrepancy

Line 11-13

No discrepancy with federal obligations, direct and fully guaranteed, Supplement 5. Table 10L, line H

Line II-14

No discrepancy

Line 11-15 1. FRB savings inst. (mutual sav. banks), corporate and foreign bonds 2. NBER other bonds and notes Line II-16 Line 11-17 Lines 11-18 and 11-19 Line 11-20

2.9

2.6

2.6

3.2

3.8

3.0

2.7

2.8

3.6

4.1

No mutual savings bank assets No discrepancy with Supplement

5, Table 26L, line I

No mutual savings bank assets Not estimated by FRB

Lines n i - 1 , HI-3 through III-8, and DI-10 through III-12

No mutual savings bank liabilities

Line III-2

No discrepancy

Lines III-9 and 111-13

Not estimated by FRB

Line 1: Supplement 5, Table 25L, line 1. 2: Table III-5d, line 11-15.

Savings and Loan Associations (Table III-5e) have the same coverage as the FRB class. The discrepancies in two lines result from the treatment of loans in process as a loan l i a bility of the associations and from the incorrect location of nonguaranteed federal government securities in other assets in the NBER accounts. These nonguaranteed government s e 31

TABLE 24 Savings and Loan Associations: Reconciliation of NBER and FRB Estimates (billion dollars) 1954

1955

1956

1957

Lines Π-1. II-6. and II-Il

No discrepancy

Lines II-2 through II-5. II-7 through 11-10, and II-12

No savings and loan association assets

Line 11-13

No discrepancy with Supplement 5, Table 10L, line V (direct and fully guaranteed)

Lines 11-14 through II-19

No savings and loan association assets

Line II-20 1. FRB misc. financial transactions 2. Plus FRB nonguar. fed. obligations 3. Total of lines 1-2 4. NBER other intangible assets

1.2 0.1

1.2

1.3 0.3

1.3 0.5

1.6

0.1

1.3 1.5

1.3

1.6

1.8

2.1

1.6

1.8

2.1

2.4

1.3 0.9 2.2 2.1

1.3 1.1 2.4 2.4

Lines III-l, ΠΙ-3 through III-8. ΙΠ-11 and ΠΙ-12

No savings and loan association liabilities

Lines III-2 and III-9

No discrepancy

Line III-10 5. FRB other loans 6. Plus NBER loans in process 7. Total of lines 5-6 8. NBER other loans Line 111-13

1958

0.9 0.8 1.7 1.7

1.4 0.9 2.3 2.3

1.2 0.9 2.1 2.1

0.5

Not estimated by FRB

Line 1-2: Supplement 5, Table 10L, lines c and W. 3: Sum of lines 1-2. 4: Table III-5e, line 11-20. 5: Supplement 5, Table 10L, line h.

Line

See note to Table III-Se, line 111-10. Sum of lines 5-6. Table III-5e, line III—10.

curities are mainly notes of the Federal Home Loan Banks and the Federal National Mort­ gage Association and should have been included under other bonds and notes (line 11-15). However, data on these holdings were not shown separately in the Federal Home Loan Bank Board reports used for this sector and appeared in the Treasury Ownership Survey only starting with June 1960 (Treasury Bulletin, September 1960) when the survey was expanded to include savings and loan associations. For FRB estimates of these holdings, see Table III-5e, note to line 11-20. Investment Companies (Table IH-5f) include open-end (Table III-5f-l), closed-end (Table ΠΙ-5ί-2), and face-amount investment companies (Table III-5f-3), as does the corresponding sector in Financial Intermediaries. The latter source adds an estimate (very small for re­ cent years) for fixed and semifixed investment trust companies. The Federal Reserve Board includes only the open-end companies among financial institu­ tions, leaving the closed-end in the nonfinancial corporation sector where their main asset, common stock, is netted out in consolidation. No reconciliation with the FRB data is shown here because there is almost perfect agreement between the two estimates. Credit Unions (Table III-5g), covering both federal- and state-chartered organizations, co­ incide with the FRB sector, although details of assets and liabilities are not given in Table

IOL of Supplement 5. However, most of the FRB estimates can be inferred from the asset and liability tables, usually by subtracting savings and loan associations from a total includ­ ing them and credit unions. The resulting figures agree closely with the NBER calculations. Life Insurance Companies (Table III-5h) include all the activities of these companies, in­ cluding pension plans administered by them and accident, health, and other insurance. The NBER and FRB asset figures, both derived mainly from Institute of Life Insurance data pub­ lished in the Life Insurance Fact Book, agree closely, with the exception of small offsetting discrepancies for lines Π-10 and 11-15. In addition, the FRB makes an estimate for life in­ surance company trade credit (receivables from agents) which never gets above $.1 billion. The more substantial differences on the liability side of the life insurance account have been explained earlier in connection with the asset category, private life insurance reserves (Table 4). Fire and Casualty Insurance Companies (Table III-5i) consist of the groups called "fire and marine insurance" and "casualty and miscellaneous insurance" in Financial Intermedi­ aries, with some adjustments to eliminate overlapping with the life insurance category. The data were derived mainly from various issues of Best's Fire and Casualty Aggregates and Averages. The FRB did not publish a separate balance sheet for fire and casualty companies in Sup­ plement 5, but merged them into other insurance companies, of which they are, however, the major part. A comparison of the NBER estimates with unpublished FRB worksheets reveals no major discrepancies. There were some small differences such as the assumption by the FRB that all mortgage holdings were of commercial mortgages, whereas the NBER split them between commercial and multifamily. Noninsured Pension Plans (Table III-5j) cover all plans not administered by insurance companies. Mainly these are corporate pension funds (Table III-5j-1) but estimates are also included for umon-administered and multiemployer plans (Table ΙΠ-5j-2) and for pension funds of nonprofit organizations, such as churches (Table III-5j-3). Estimates for corporate plans were derived from Securities and Exchange Commission surveys, and those for the other funds made use of unpublished data from the National Bureau's pension study and esti­ mates by the U.S. Social Security Administration. These were supplemented by examination of a sample of plans of nonprofit organizations. The FRB estimates cover the same universe, conceptually, but only corporate funds were calculated before 1950. The rough estimates in financial Intermediaries and A Study of Sav­ ing, made before the SEC data became available, were intended to cover only the corporate pension funds, although the total assets shown are larger than the aggregate for all funds in Table III-5j. The only major discrepancies between the FRB and NBER balance sheets, the valuation of common stockholdings and the treatment of miscellaneous assets, have been discussed earlier in connection with the asset category private pension and retirement funds (Table 5). Other Private Insurance (Table III-5k) is the sum of three groups, fraternal orders (Table m-5k-l), group health insurance (Table in-5k-2), and savings bank life insurance (Table III5k-3). Most of the information on fraternal orders was from the Annual Report of the New York State Insurance Department, combined with aggregate data from the Life Insurance Fact Book and data published by The Fraternal Monitor. The balance sheets for group health in­ surance (nonprofit medical plans) were calculated from totals given in Best's Insurance Re­ ports and asset distributions supplied by the Blue Cross Commission of the American Hos­ pital Association. Savings bank life insurance aggregates from the Life Insurance Fact Book were distributed among the various asset categories by using data on New York and Massa­ chusetts savings banks. Group health insurance was not included in the tabulations in Financial Intermediaries or A Study of Saving, but is a part of the FRB category other insurance companies. Savings bank life insurance is omitted by the FRB. The total of Tables III-5i and IH-5k, however, matches the FRB other insurance category almost exactly in each item. Finance Companies (Table 111-51) consist of sales finance, consumer (or personal) finance, industrial loan, commercial finance (factors), and mortgage companies. The last were shown separately from other finance companies in Financial Intermediaries and included only in the broad definition of financial intermediaries. In A Study of Saving, all finance companies, in­ cluding mortgage companies, were removed from the financial intermediaries group and combined with financial corporations other than financial intermediaries. The data for finance companies were all taken from FRB calculations, based in recent

TABLE 25 Finance Companies: Reconciliation of NBER and FRB Estimates (billion dollars) 1954

1955

1956

1957

Lines II-I and II-6

No discrepancy

Lines II-2 through II-5

No finance company assets

Line II-7

Not estimated by FRB; included in other loans

Lines II-8 and II-9

No finance company assets

Line II-IO 1. FRB other loans 2. Less FRB other loans of com . fin. cos. 3. Total of lines 1-2 4. NBER other loans

2.6 0.9 1.7 1.7

3.8 1.1 2.7 2.6

3.9 1.3 2.6 2.5

Line II-Il

No discrepancy

Lines 11-12 through 11-20, III-I through ΠΙ-8, 111-10, III-11, and ΠΙ-13

No finance company assets or liabilities

1958

4.6 1.5 3.1 3.2

4.5 1.7 2.8 2.8

Line III-9 5. FRB bank loans, n.e.c. 6. Plus NBER bank-held fin. co. com. paper 7. Total of lines 5-6 8. NBER bank loans, n.e.c.

4.6 0.4 5.0 4.9

7.2 0.3 7.5 7.5

6.6 0.4 7.0 6.9

6.2 0.4 6.6 6.6

5.0 0.4 5.4 5.5

Line III-12 9. FRB corporate bonds 10. FRB other loans (open-market paper) 11. Less NBER bank-held fin. co. com. paper 12. Total of lines 9-11 13. NBER bonds and notes

4.0 1.5 0.4 5.1 5.1

5.3 1.7 0.3 6.7 6.8

6.4 1.9 0.4 7.9 8.0

7.1 2.3 0.4 9.0 9.1

7.3 2.2 0.4 9.1 9.1

Line 1: 2: 3: 4: 5: 6:

Supplement 5, Table 14L, line H. Table 111-51, line II-7. Sum of lines 1-2. Table III—51, line 11-10. Supplement 5, Table 14L, line K. Table III-51-a, sum of columns 3 and 7.

Line 7: 8: 9-10: 11: 12: 13.

Sum of lines 5-6. Table III—51, line III—9. Supplement 5, Table 14L, lines J and L. Table III-51-a, sum of columns 3 and 7. Sum of lines 9-11. Table 111-51, line 111-12.

years on their surveys of finance companies. There are, therefore, no real discrepancies between the two sets of balance sheets. However, several items have been treated differ­ ently in the NBER accounts, as can be seen in Table 25. Other loans of commercial finance companies have been listed here as trade credit, and commercial paper liabilities have been included with bonds and notes, rather than other loans, except for bank-held paper, which has been carried as bank loans. Estimates of the distribution of commercial paper are made in Table III-51-a. Other finance (Table III-5m) is a heterogeneous group united by nothing but the fact that they are institutions performing financial functions and have not been included in any of the previous groups. The components are brokers and dealers (Table III-5m-l), banks in pos­ sessions (TableIII-5m-2), agencies of foreign banks (Tablem-5m-3), and agricultural credit organizations (Table m-5m-4).

TABLE 26 Brokers and Dealers: Reconciliation of NBER and FRB Estimates (billion dollars) 1954

1955

Line II-I

No discrepancy

Lines II-2 through II-7

No brokers and dealers assets

Line II-8 1. FRB security credit 2. NBER loans on securities Lines II-9 through 11-12

2.7 2.9

3.1 3.4

Lines 11-14 through 11-17, combined 5. FRB other securities 6. NBER state and local secur.. other bonds and notes, corporate stock

3.8 4.1

0.7 0.5

0.7 0.7

2.2

2.2

1.5

1.6

1.5

1.4

1.4

0.8

1.3

0.9

0.6 2.6 3.2 3.0

0.7 2.6 3.3 3.1

0.7 2.8 3.5 3.4

1.0 1.4

1.0 1.5

1.3 2.0

No brokers and dealers liabilities

Line III-8 7. FRB security loans from agencies of foreign banks 8. Plus FRB security loans from banks 9. Total of lines 7-8 10. NBER loans on securities

0.4 2.9 3.3 3.3

0.5 3.3 3.8 3.6

No brokers and dealers liabilities

Line III-10 11. FRBcustomercreditbalances 12. NBERotherloans

II-8. 14L, line P. 11-13. 14L, line Q. of lines 11-14

2.8 3.1

0.4 0.3

Lines III-I through III-7

Table UI-5m-l, line Supplement 5, Table Table UI-5m-l, line Supplement 5, Table Table III-5m-l, sum through 11-17.

3.1 3.4

0.4 0.3

No brokers and dealers assets

Supplement 5, Table 14L, line R.

1958

0.8 0.8

Lines 11-18 and 11-19

Line 1: 2: 3: 4: 5: 6:

1957

No brokers and dealers assets

Line 11-13 3. FRB federal obligations 4. NBER U.S. government securities

Lines III-9, III-11, and III-12

1956

1.1 1.6 Line 7-8: 9: 10: 11: 12:

1.0 1.4

Supplement 5, Table 14L, lines U and V. Sum of lines 7-8. Table IH-5m-l, line ΠΙ-8. Supplement 5, Table 14 L, line T. Table IU-5m-l, line 111-10.

Brokers and dealers, combining both unincorporated and incorporated businesses, are the most important of these four groups and the only one for which a separate balance sheet is published in Supplement 5. For several categories the NBER estimates differ from those of the FRB despite the fact that they are both based, to a considerable extent, on the same data for New York Stock Exchange member firms (Table III-5m-la). The ratios used by the NBER to estimate national from N.Y. Stock Exchange totals for customer debit and credit balances appear to be larger than those of the FRB. Some of the NBER ratios come from earlier ver­ sions of the FRB accounts. Banks in possessions are separated from the rest of commercial banking to match the of-

ficial monetary statistics, which exclude them. The sector has recently become negligible with the shift of Hawaii and Alaska to statehood. Liabilities on demand and time deposits are calculated in Table in-5m-2, but they do not enter the totals in Tables IV-c-1 and IV-c-2 or the national balance sheets in this form. Instead they are entered there as other liabilities. Data for banks in possessions are derived from the Annual Report of Comptroller of the Currency. Although Supplement 5 does not show a separate account for these institutions, there is very little possibility that the FRB estimates are different from those shown here. Agencies of foreign banks are a different case. Very little is known about the distribution of their assets and it is clear that the NBER and FRB estimates are far apart on some items. The NBER and FRB calculations started from the same asset totals but the NBER asset dis­ tribution was derived from that of the American Express Company (see Mendelson, The Flow-of-Funds, p. 1-267, for a discussion of the method). Agricultural credit organizations consist of livestock loan companies, production credit associations, and national farm loan associations. These are apparently consolidated with the farm business sector in the FRB accounts, which means that their main assets, loans to farmers, are netted out. It is because of this consolidation that agricultural credit organiza­ tion loans appear as an element in the discrepancy between FRB and NBER other loan assets and liabilities (see Table II). State and Local Government (Table ΙΠ-6) contains all the general government and enter­ prise activity of political subdivisions of the United States, including the District of Columbia, states, cities, counties, special districts and authorities, and other local government units. It excludes their pension and retirement funds, the unemployment insurance trust funds, and workmen's compensation trust funds, all of which are in Table ΙΠ-5-b. Other trust and sink­ ing funds, such as those for debt retirement, are included in the government sector.

TABLE 27 State and Local Governments, Including State and Local Pension and Retirement Funds: Reconciliation of NBER and FRB Estimates (billion dollars) 1954

1955

1956

1957

Lines Π-l and II-2

No discrepancy

Lines II-3 through 11-10. II-12

No state and local government assets

Lines 11-11, II-13. and 11-14

No discrepancy (11-13 with direct and guar, only)

Line 11-15 1. FRB corporate bonds 2. Plus FRB nonguar. federal securities 3. Total of lines 1-2 4. NBER other bonds and notes

2.7 0.1 2.8 2.8

3.2 0.2 3.4 3.4

3.8 0.3 4.1 4.1

Lines 11-16 and 11-17

Not estimated by FRB

Lines 11-18 through 11-20

No state and local government assets

Lines III-I through III-4, IH-6

No state and local government liabilities

Line III-5 5. FRB consumer savings in retirement funds 6. Plus NBER workmen's compensation funds 7. Total of lines 5-6 8. NBER pension and insurance funds (continued)

9.3 0.9 10.2 9.7

10.6 1.0 11.6 11.0

12.1 1.1 13.2 12.5

1958

4.6 0.4 5.0 5.0

5.6 0.3 5.9 6.0

13.7 12 14.9 14.2

15.6 1.3 16.9 16.2

TABLE 27 (concluded) 1954

1955

1956

Line III-6

No state and local government liabilities

Line III-7

No discrepancy

Lines III-8 through ΠΙ-11. III-13

No state and local government liabilities

Line III-12 9. FRB state and local obligations 10. Plus FRB other loans (federal govt.) 11. Plus NBER non-interest-bearing state and local govt, debt 12. Total of lines 9-11 13. NBER bonds and notes Line 1-2: Supplement 5, Table 8(F). 3: Sum of lines 1-2. 4: Table III—6, line 11-15, plus Table III-5b—2, line 11-15. 5: Supplement 5, Table 8(F), line W 6: See note to Table III-5b-2, line 11-21. 7: Sum of lines 5-6.

1957

1958

42.5 0.5

46.0 0.5

49.2 0.6

53.8 0.8

59.5 1.0

0.6 43.6 43.6

0.6 47.1 47.0

0.6 50.4 50.4

0.7 55.3 55.2

0.7 61.2 61.2

Line 8: Table III-5b-2, line III-5. 9: Supplement 5, Table 8(F), line T. 10: Ibid., Table 8(F), line "other loans (federal government)." 11: See note to Table III—6, line III—12. 12: Sum of lines 9-11. 13: Table III-6, line 111-12.

The combination of this sector with state and local pension and retirement funds (Table III-5b-2) is equivalent to the FRB state and local government sector. The coverage of this sector in A Study of Saving is the same as in the present volume. The only differences between NBER and FRB data, aside from the location of nonguaranteed U.S. government securities, are in pension and insurance fund liabilities and in bonds and notes outstanding. The former discrepancy appears to be due to a difference in estimat­ ing procedure. The FRB figures are apparently based on the Census Bureau reports on Gov­ ernmental Finances·, those shown here are calculated by cumulating receipts and expendi­ tures of the pension funds. The two sources also differ in the treatment of state-administered workmen's compensation funds, which are excluded by the FRB. The discrepancy for bond liabilities arises from the inclusion here of loans from the fed­ eral government (other loans in the FRB accounts) and non-interest-bearing debt. A large part of the NBER estimates for this sector were taken over directly from the Fed­ eral Reserve Board. The original sources, and the sources of information for the split be­ tween general government and pension fund assets, were the various Census Bureau publi­ cations on government finances, including the 1957 Census of Governments. Supplementary Table III-6a gives data for state and local governments back to 1900. Only a few changes have been made in the balance sheet from A Study of Saving, the most impor­ tant one being the addition to structures of federal-aid highways, which were incorrectly omitted in the source. Federal Government (Table III-7) covers all the departments, agencies, and trust funds of the federal government, with the exceptions noted below. Both general government functions and corporations and credit agencies are included, as well as federal land banks and federal home loan banks, even though they have passed into private ownership. Military assets are excluded, however, and are shown only in supplementary Table III-7a. Also excluded from this sector are the Federal Reserve banks (Table III-5a-l), Treasury monetary funds (Table III-5a-2), and federal government pension and insurance funds (Table III-5b-l). The federal government sector in Supplement 5 matches this one closely except that the FRB does not separate federal pension funds. The FRB accounts also do not include Old Age and Survivors' Insurance and unemployment trust fund assets as a federal government lia­ bility to the household sector, as was explained earlier. Several supplementary tables give data for parts of the federal government, for use in computing the total balance sheet or to aid in comparisons with other sources. Table III-7b

TABLE 28 Federal Government, Including Federal Pension and Insurance Funds: Reconciliation of NBER and FRB Estimates (billion dollars) 1954

1955

Lines II-I and II-2

No discrepancy

Lines II-3 through II-6

No federal government assets

Line II-7

No discrepancy

Lines II-8 and II-9

No federal government assets

Line II-IO 1. FRB other loans 2. Plus NBER CCC loans to coops, except tobacco 3. Less FRB fed. govt, loans to states 4. Less FRB fed. govt, loans to nonprofit org. 5. Total of lines 1-4 6. NBER other loans Lines II-Il and 11-12 7. FRB 1- to 4-family and other mortgages 8. NBER mortgages, nonfarm and farm

17.0 0.1 0.5

1956

1957

1958

18.1 0.1 0.6

20.4 0.1 1.0 0.2 19.3 19.4 7.8 7.6

- -

- -

- -

16.6 16.6

17.6 17.6

17.6 17.6

19.0 0.1 0.8 0.1 18.2 18.3

4.6 4.5

5.2 5.0

6.0 5.7

7.5 7.2

17.8 0.3 0.5

Line 11-13

Not estimated bv FRB: netted out in consolidation of sector

Line 11-14

No discrepancy: included under "other loans" bv FRB

Lines 11-15 through 11-18

No federal government assets

Line 11-19 9. FRB misc. assets, capital stock of Exch. Stab. Fund 10. Plus NBER other assets, postal sav. system 11. Plus NBER other equity in Exch. Stab. Fund 12. Total of lines 9-11 13. NBER equity in other business Line 11-20 14. FRB miscellaneous assets 15. Plus FRB corp. profits tax liab. to federal government 16. Less FRB capital stock of Exch. Stab. Fund 17. Total of lines 14-16 18. NBER other intangible assets

0.2 0.1 0.1 0.4 0.4

0.2 0.1 0.1 0.4 0.4

0.2 0.1 0.1 0.4 0.4

0.2 0.1 0.1 0.4 0.4

0.2 0.1 0.1 0.4 0.4

3.9

4.1

4.6

5.3

5.6

15.5 0.2 19.2 19.2

19.3 0.2 23.2 23.2

17.6 0.2 22.0 22.0

15.4 0.2 20.5 20.5

12.9 0.2 18.3 18.3

16.9 22.5 9.1 48.5 49.5

17.5 22.4 9.1 49.0 50.6

18.5 21.9 7.1 47.5 49.9

Lines III-I and III-2

No discrepancy

Lines III-3 and III-4

No federal government liabilities

Line III-5 19. FRB cons. sav.. life ins. and retirement funds 20. Plus FRB OASI fund assets 21. Plus NBER unemployment trust fund assets 22. Total of lines 19-21 23. NBER pension and insurance funds, govt. (continued) 38

15.4 20.6 8.7 44.7 45.5

15.9 21.7 8.8 46.4 47.4

TABLE 16 (concluded) 1954

1956

1957

1958

Lines III-6 and III-8

No federal government liabilities

Line ID-7

No discrepancy

Line n i - 9

No discrepancy; listed under "other loans" by FRB

Lines 111-10 and I I I - l l

No federal government liabilities

Line 111-12 24. FRB federal obligations 25. Plus FRB consumer-held savings bonds Plus NBER U . S . govt, secur. held by.fed. 26. pension and insurance funds 27. Plus NBER U . S . govt, secur. held by fed. govt. Plus FRB demand notes issued to IMF 28. 29. Total of lines 24-28 30. NBER bonds and notes Lin e 111-13 31. FRB m i s c . liabilities, other 32. Plus FRB misc. assets, deposits of savings and loan assoc. at FHLB Less FRB unallocated foreign deposit liability 33. of federal govt. 34. Less NBER Exch. Stab. Fund deposits with Treasurer of U.S. 35. Total of lines 31-34 36. NBER other liabilities 28

1955

Line 1: Supplement 5, Table 8(E), line v. 2: Table III-7d, column 6. 3-4: Supplement 5, Table 32L, lines n and qq. 5: Sum of lines 1 and 2, minus lines 3 and 4. 6: Table ni-7, line 11-10, plus Table III-5b-l, line 11-10. 7: Supplement 5, Table 8(E). 8: Table III-7, sum of lines 11-11 and 11-12. 9: Supplement 5, Table 34L, line o. 10: Table III-7b, line 11-20. 11: See Table II1-7, note to line 11-19. 12: Sum of lines 9-11. 13: Table III-7, line 11-19. 14: Supplement 5, Table 8(E). 15: FRB worksheets. 16: Supplement 5, Table 34L, line o. 17: Sum of lines 14 and 15, minus line 16. 18: Table III-7, line 11-20. 19-20: Supplements, Table 8(E). 21: See note to Table III-5b-l, line 11-1. 22: Sum of lines 19-21. 23: Table III-5b-l, line III-5. 24-25: Supplement 5, Table 8(E), lines c and a. 26: Table III-5b-l, line 11-13. 27: Table III-7, line 11-13. 28: Supplement 5, Table 8(E). 29: Sum of lines 24-28. 30: Table III-7, line 111-12. 31-32: Supplement 5, Table 8(E) 33: Ibid., Table 34L, line R. 34: See note to Table lII-5a-2, line 11-20. 35: Table II1-7, line 11-20.

179.3 50.0

180.4 50.2

175.3 50.1

176.7 48.2

185.7 47.7

44.4 5.2 1.5 280.4 280.5

46.5 5.2 1.6 283.9 284.0

48.4 5.5 1.1 280.4 280.5

49.4 5.9 0.7 280.9 280.9

48.4 5.8 0.8 288.4 288.5

0.8

0.9

1.0

1.4

1.3

0.8

0.7

0.7

0.7

0.8

0.2

0.2

0.3

0.3

0.3

0.2 1.6 1.5

1.8 1.8

- -

- -

- -

1.4 1.4

1.4 1.4

1.4 1.5

- -

is a balance sheet for the postal savings system, Table III-7c for government lending and credit agencies, and Table in-7e for the federal land banks. Table III-7d gives details on the distribution of federal government loans. Another supplementary table (m-7f) is a reconstruction of the earlier balance sheets in A Study of Saving. Balance sheets for the federal government, government corporations and credit agencies, and the postal savings system were added together, and assets and liabili­ ties of Treasury monetary funds were subtracted. Items for personal income and estate and gift tax accruals, equity in government corporations, and miscellaneous liabilities of the fed­ eral government were removed from the balance sheet and revisions were made in mortgage holdings. The classification of sectors for Sections V, VI, and VII is identical with that described here for Section III and therefore requires no separate discussion. Most of the flow-of-funds categories are similarly described by the definitions of assets and liabilities. The ones which involve separate conceptual or estimative problems—tangible and equity flows—are discussed further in the notes to Section VIII. Robert E. Lipsey

SECTION I National Balance Sheets, 1945-58

TABLE I National Balance Sheet—1945 (billion dollars)

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Othqr loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total ΙΠ. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Nonfarm Households

Nonfarm Unincorporated Business

123.72 6.97 28.33 .13 40.98

9.18 8.21 8.17 5.31

200.13 49.89 .84 49.05 52.80 41.07 2.68 25.35

7.97 38.84 8.93 .13 8.80

1.53 4.03 1.00 9.64 6.23 3.42 1.92 59.69 .51 40.42 18.76 11.92 9.29 8.15 103.47 2.28 42.13 1.33 422.61

14.49

5.36 .52 3.34 .88 1.97 18.45

3.15 .88 4.45

30.52

11.90

592.22 622.74

41.43 53.33

3.42

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total I.

9.22 7.10 43.47 5.79 5.26 15.68 86.52

8.09 54.44 20.03 33.94

.14 1.17 .99 .18

.87 41.55 14.20 .62

1.21 13.76 6.30 2.64

26.31 142.81

.01 2.49

.07 57.31

2.58 26.49

19.68 .09 19.59 .90

77.30 22.68 54.62 .15

5.21

26.81

5.21 .53

26.81 .12

1.66 22.73

20.72 17.00 1.60 2.12 .32 .18 3.47 24.20

2.52 .44 8.25 13.29 2.86 20.16 16.08 4.07 1.34 181.65 57.61 2.05 121.99 6.98 17.70 1.83 5.53

14.36 108.22

9.66 349.66

152.43 133.20 121.49 48.61 46.24 52.62 554.59

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

6.60 .16 6.44 1.98 3.40 .48

4.15 4.15

1.38 17.99

.90

.06 .06 4.99 2.40 2.59 1.45 .29

12.53

4.06 .92 .90 .02 1.50 4.52 4.52 .50

2.34 11.12 52.79

194.42 23.90 170.52 56.48 44.47 2.68 25.83 5.71 28.10 8.25 13.29 7.92 30.78 23.27 7.51 4.76 275.72 77.52 48.22 149.98 21.17 27.46 13.45 133.20 2.28 44.47 37.85 978.29

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

14. 15. 16. 17. 18. 19. 20. 21. III.

185.24 53.48 45.34 2.68 25.83 .35 .70

2.31 3.02

187.55 56.50 45.34 2.68 25.83 5.71 27.64 8.48 12.97 6.17 35.53 324.04 39.82 778.26

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

.03 3.74 1.17 1.71

.55

.19 11.21 330.62

21.27

7.65

19.72 1.40 6.42 .81 7.87 23.60 28.42 88.24

21.82

278.98 .19 287.51

96.86

162.79

21.53

48.02

-208.23

754.62 IV.

104.51

251.03

352.15

69.84

79.28

1532.88 V.

1.04 .80 4.76

2.70 .31

TABLE I National Balance Sheet—1946 (billion dollars)

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Nonfarm Households

Nonfarm Unincorporated Business

145.28 9.26 32.38 .18 52.81

10.26 11.02 11.01 6.88

239.91 54.04 .89 53.15 59.18 44.58 3.25 28.82

10.06 49.23 8.94 .14 8.80

1.86 4.99 1.16 11.00 7.11 3.89 2.04 59.20 .67 41.62 16.91 11.76 7.92 8.15 92.27 2.66 51.45 1.32 438.80

15.79

8.01 .59 1.86 .59 1.90 22.71

4.60 1.22 4.97

35.66

14.12

3.33

643.05

50.90

678.71

65.02

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total I.

11.00 8.33 46.53 6.55 6.82 19.10 98.33

9.34 68.99 24.99 41.55

.15 1.39 1.14 .20

1.35 50.64 18.90 .79

1.15 17.22 7.00 2.37

37.52 182.40

.03 2.91

.09 71.77

1.39 29.13

20.82 .10 20.72 .90

77.80 23.09 54.71 .29

6.08

4.08

6.08 .71

4.08 .13

2.23 25.92

15.02 11.90 1.60 1.52 .32 .22 3.48 21.67

4.38 .77 3.85 18.26 3.23 25.12 20.25 4.87 1.54 169.56 44.09 2.43 123.04 7.16 20.25 2.01 5.41

13.90 104.48

10.90 350.53

178.53 166.85 141.95 58.52 59.63 68.19 673.68

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

7.10 .17 6.93 2.18 3.59 .68

4.21 4.21

1.54 19.30

.10

.07 .07 4.37 2.30 2.07 1.32 .30

12.85

170.36 60.03 49.11 3.25 29.50 .46 .90

7.23 .68 .67 .01 1.32 5.06 5.06 .48

2.34 12.02 33.44 2.44 3.38

.70

.45 12.59 330.70

21.14 21.84

259.99 .23 266.84

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

14. 15. 16. 17. 18. 19. 20. 21. III. 172.80 1. 2. 63.41 3. 49.11 4. 3.25 29.50 5. 6. 8.47 7. 29.69 8. 4.05 9. 17.74 6.69 10. 41.77 11. 306.06 12. 41.66 13. 774.20 14.

8.37

23.45 .49 9.40 .82 9.19 24.48 28.84 96.67

109.26

190.21

22.74

62.78

-204.27

874.67 IV.

117.63

286.88

353.44

84.62

62.57

1648.87 V.

1.29 .82 4.90

.02 1.70 1.76 1.93

178.86 24.39 154.47 63.39 48.17 3.25 29.50 8.47 31.78 3.85 18.26 11.62 36.87 28.10 8.77 4.90 257.42 58.96 49.86 148.60 21.04 28.69 13.64 119.35 2.66 53.79 39.68 975.19

.70 .10

TABLE I National Balance Sheet—1947 (billion dollars)

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans II. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Nonfarm Households

Nonfarm Umncorporated Business

177.58 11.54 39.41 .25 65.00

11.89 13.25 12.81 9.21

293.78 53.73 .92 52.81 62.81 47.87 3.90 32.61

11.59 58.75 9.30 .15 9.15

2.19 5.36 1.20 12.21 7.78 4.43 2.11 61.02 .25 43.43 17.34 12.17 7.23 8.46 90.20 2.87 59.20 1.33 458.92

16.85

11.20 .68 1.80 .34 1.95 27.64

6.82 1.68 5.56

43.61

16.86

2.80

709.09

58.74

752.70

75.60

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total I.

13.08 9.86 49.78 8.39 8.38 22.50 111.99 7.00 .18 6.82 2.10 3.80

11.13 80.74 31.16 52.58

.23 1.45 1.30 .23

1.69 60.49 21.40 1.05

1.13 20.61 8.30 1.96

44.67 220.28

.02 3.23

.10 84.73

1.10 33.10

23.02 .10 22.92 .90

85.69 25.31 60.38 .33

6.80

3.54

6.80 .87

3.54 .12

2.87 31.78

13.82 11.00 1.60 1.22 .36 .34 3.49 21.26

6.70 .90 2.79 22.85 3.56 30.94 25.28 5.66 1.76 165.19 41.26 2.77 121.16 8.15 24.10 2.12 5.55

15.77 113.61

12.58 373.21

.77

4.38 4.38

1.71 19.76

.06 .06 5.03 2.60 2.43 1.27 .34

14.37

11.36 .64 .63 .01 1.20 5.10 5.10 .50

.55 14.21 37.22

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

216.73 197.94 164.16 73.67 73.38 79.98 805.86 189.08 26.66 162.42 67.13 51.67 3.90 33.38 11.76 38.04 2.79 22.85 16.12 43.85 33.75 10.10 5.07 254.54 55.11 52.18 147.25 22.45 32.01 14.07 117.01 2.87 59.75 45.60 1033.94

II. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

12. 13.

14. 15. 16. 17. 18. 19. 20. 21. III.

179.97 63.62 52.68 3.90 33.38 .56 1.10

9.16

28.09 .16 11.06 .96 10.66 27.32 31.58 109.83

122.59

224.06

131.75

333.89

1.59 .85 5.06

2.41 3.52

.03 .99 2.38 2.12

.85

.73 12.72 352.52

22.55

.07

182.38 67.14 52.68 3.90 33.38 11.76 33.55 2.95 22.26 7.56 48.92 308.29 44.57 819.34

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

23.40

257.69 .27 263.96

23.92

75.70

-193.64

1020.46 IV.

376.44

99.10

70.32

1839.80 V.

TABLE I National Balance Sheet—1948 (billion dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

192.31 12.49 43.87 .35 75.41 324.43 51.67 .95 50.72 64.99 51.39 4.55 36.10

Noniarm Unincorporated Business 12.95 14.11 14.09 11.35 12.92 65.42 9.15 .15 9.00

2.56 5.76 1.07 13.21 8.38 4.84 2.23 60.79 2.36 45.05 13.38 13.16 6.95 8.74 90.41 3.33 65.24 1.32 475.15

17.47

14.00 .76 1.68 .44 2.08 32.78

6.12 2.33 6.16

3.56

51.74

18.17

747.84

64.72

799.58

82.89

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total I.

13.63 10.52 51.93 10.69 9.90 22.20 118.87

12.33 89.30 37.06 61.95

.27 1.52 1.51 .26

1.76 65.12 21.50 1.35

.99 22.20 8.90 1.56

48.88 249.52

.01 3.57

.11 89.84

1.92 35.57

23.22 .12 23.10 .90

90.43 26.81 63.62 .35

7.29

4.62

7.29 1.14

4.62 .12

3.41 34.12

14.62 11.90 1.80 .92 .41 .48 3.50 21.39

8.68 1.07 3.04 25.02 4.17 36.90 30.45 6.45 1.92 159.43 34.78 3.75 120.90 9.25 29.27 2.19 5.74

16.70 118.75

12.52 389.98

234.24 215.26 178.86 87.51 85.31 86.04 887.22

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

6.70 .18 6.52 2.10 4.03 .76

4.60 4.60

1.88 20.07

.07 .07 5.35 3.10 2.25 1.27 .51

15.63

13.03 .72 .72 .01 1.14 5.20 5.20 .57

.54 14.98 40.92

193.08 28.21 164.87 69.60 55.42 4.55 36.86 14.65 40.95 3.04 25.02 18.27 50.90 39.62 11.30 5.29 249.99 52.14 55.20 142.65 24.66 37.21 14.43 117.54 3.33 65.78 47.40 1077.97

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

12. 13.

14. 15. 16. 17. 18. 19. 20. 21. III.

182.05 66.19 56.51 4.55 36.86 .65 1.40

28.53

2.40 3.45

184.45 69.64 56.51 4.55 36.86 14.65 35.29 3.18 24.39 8.59 56.20 311.50 47.34 853.15

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

1.00

1.31 13.66 367.63

24.76

10.22

12.12 1.13 11.97 31.55 33.35 118.65

.04 1.50 2.84 2.12

25.76

253.88 .33 260.98

128.72

249.62

25.92

79.71

-184.49

1112.04 IV.

138.94

368.27

393.55

105.47

76.49

1965.19 V.

1.95 .93 5.29

.92

TABLE I National Balance Sheet—1949 (billion dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11, Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total ΙΠ. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

189.39 12.44 43.28 .48 80.69 326.28 49.36 .95 48.41 67.47 55.21 5.26 38.59

Nonfarm Unincorporated Business 12.79 13.73 13.89 12.83 11.97 65.21 9.52 .16 9.36

2.81 5.82 1.23 13.80 8.60 5.20 2.31 61.76 3.33 46.35 12.08 13.77 6.32 8.75 101.09 3.71 65.17 1.31 495.11

16.95 .80 2.00 .44 2.27 37.04

18.15

3.78 5.83 2.42 6.69

59.50

18.72

761.89

64.64

821.39

83.36

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total I.

13.75 10.82 50.90 12.47 10.51 18.93 117.38

12.48 89.02 36.40 67.94

.32 2.43 1.91 .28

1.93 63.77 20.50 1.63

.89 22.34 9.10 1.24

45.30 251.14

.01 4.95

.10 87.93

3.28 36.85

24.29 .12 24.17 .90

87.64 27.03 60.61 .36

7.52

5.00

7.52 1.29

5.00 .18

3.85 33.18

.16 .16

13.70 1.21 1.20

16.54 14.20 1.80 .54 .46 .62 3.50 24.20

10.93 1.17 3.79 23.40 4.29 41.93 34.91 7.01 2.11 160.57 41.63 4.04 114.90 10.74 32.98 2.50 7.24

17.56 125.10

13.25 402.90

231.55 214.55 175.98 96.87 91.20 79.59 889.74

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

6.30 .19 6.11 2.10 4.27 .81

4.72 4.72

2.06 20.26

5.37 3.20 2.17 1.55 .50

16.39

179.36 69.17 60.65 5.26 39.40 .64 1.60

1.16 5.28 5.28 .49

.52 12.89 40.43 2.38 3.31

1.10

1.83 14.96 378.07 29.78

27.11

10.83 126.81

10.19 1.21 13.37 34.45 32.69 119.10 257.14

.06 1.95 3.23 2.20

28.21 76.11

258.07 .49 265.25 -187.97

137.64

376.24

407.85

104.32

77.28

2.05 .96 5.58

27.19

1.00

189.63 28.45 161.18 72.30 59.48 5.26 39.40 17.59 40.17 3.79 23.40 19.22 57.10 44.87 12.21 5.58 254.24 62.36 56.91 134.97 27.01 40.42 14.75 132.53 3.71 65.69 47.07 1118.34

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

14. 15. 16. 17. 18. 19. 20. 21.

III. 181.74 1. 2. 72.48 3. 60.65 4. 5.26 5. 39.40 6. 17.59 7. 34.53 8. 3.95 9. 22.74 10. 9.06 11. 62.68 12. 321.46 13. 48.14 14. 879.68 1128.40 IV. 2008.08

V.

TABLE I National Balance Sheet—1950 (billion dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

220.58 13.94 48.91 .65 98.91 382.99 51.26 1.01 50.25 69.56 59.23 6.23 40.15

Nonfarm Umncorporated Business 14.07 14.84 15.67 14.81 14.24 73.63 9.74 .17 9.57

3.30 7.04 1.78 14.16 8.69 5.47 2.53 61.43 2.15 46.80 12.48 14.15 6.35 8.69 125.38 4.03 71.76 1.08 537.77

20.08

20.94 .90 2.78 .71 2.45 44.31

7.96 2.78 7.26

72.09

22.52

848.67

71.19

920.76

93.71

4.52

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total I.

14.91 11.93 58.40 14.09 12.41 24.37 136.11

14.26 101.29 41.24 77.08

.40 2.41 2.01 .35

2.33 70.75 24.00 1.94

.84 24.72 11.50 1.06

55.08 288.96

.02 5.19

.13 99.15

2.67 40.79

6.30 .18 6.12 2.10 4.51

25.60 .13 25.47 .90

87.72 25.30 62.42 .31

7.98

4.32

7.98 1.39

4.32 .19

4.63 44.62

19.41 17.20 1.80 .41 .53 .65 3.51 29.67

13.84 1.47 4.59 28.92 4.91 50.87 43.21 7.66 2.37 156.05 41.31 4.96 109.78 13.03 35.93 2.81 8.80

18.12 147.64

17.44 429.06

267.39 239.88 201.73 109.98 111.32 96.51 1026.82

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

.56

4.69 4.69

2.28 20.44

.38

.21 .21 5.73 3.50 2.23 1.85 .56

17.72

14.40 1.50 1.49 1.21 5.04 5.04 .56

.49 20.36 48.45

192.92 26.79 166.13 74.45 63.74 6.23 40.71 21.77 53.51 4.59 28.92 21.09 66.74 53.60 13.13 6.11 252.35 64.16 58.25 129.94 30.22 43.39 15.01 163.85 4.03 72.25 59.28 1221.16

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

14. 15. 16. 17. 18. 19. 20. 21. III.

188.71 71.81 64.99 6.23 40.71 .83 1.80

2.36 3.04

191.07 74.85 64.99 6.23 40.71 21.77 44.79 4.80 28.20 10.78 72.87 326.65 57.41 945.12

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

1.20

2.25 16.86 401.13

30.22

12.29

12.34 1.34 15.18 36.06 40.06 140.18

.07 2.02 4.29 3.19

31.42

258.12 .49 265.49

144.26

296.42

33.12

85.45

- 176.25

1302.86 IV.

156.55

436.60

434.25

116.87

89.24

2247.98 V.

2.52 1.02 6.12

35.20

1.10 .38

TABLE I National Balance Sheet—1951 (billion dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

236.14 15.15 52.42 .83 108.85 413.39 54.33 1.06 53.27 73.76 63.22 7.80 44.26

Nonfarm Umncorporated Business 14.46 15.83 16.95 16.63 15.07 78.94 10.78 .19 10.59

3.60 7.26 1.74 14.66 8.91 5.74 2.78 59.98 .54 46.25 13.19 14.46 6.42 9.14 142.96 4.28 78.94 .85 579.58

22.29 .90 2.63 .70 2.65 51.08 80.25

21.64

3.83 7.16 3.28 7.91 22.18

912.72

78.40

992.97

100.58

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total I.

16.07 13.18 66.31 15.68 13.60 28.14 152.98

15.17 109.79 46.26 86.80

.43 2.26 2.09 .39

2.95 77.27 24.20 2.27

.79 25.89 13.40 1.00

64.83 322.85

.02 5.19

.13 106.82

2.24 43.32

6.50 .20 6.30 2.17 4.75

27.42 .14 27.28 .90

92.39 25.25 67.14 .39

8.41

4.38

8.41 1.54

4.38 .28

5.14 48.03

20.34 17.50 1.80 1.04 .58 .95 3.51 33.65

14.37 1.66 4.25 33.60 5.56 58.56 50.08 8.49 2.62 158.78 32.10 4.98 121.70 14.69 39.96 2.94 10.97

19.14 159.66

18.11 458.85

286.01 259.37 221.63 123.60 122.45 110.43 1123.49

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

.52

4.71 4.71

2.48 21.13

1.30

.29 .29 6.10 3.30 2.80 1.98 .66

18.98

15.03 2.11 2.11 1.27 4.95 4.95 .82

.48 24.98 55.60

204.21 26.84 177.37 79.04 67.97 7.80 44.78 23.11 58.25 4.25 33.60 22.33 75.62 61.39 14.23 6.67 254.86 53.44 57.74 143.68 32.53 47.99 15.59 187.58 4.28 79.42 65.56 1315.44

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

14. 15. 16. 17. 18. 19. 20. 21. III.

199.64 76.73 69.31 7.80 44.78 .82 2.20

37.48

2.40 2.82

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

1.20

2.82 18.03 428.49

32.63

13.95

17.30 1.49 16.63 39.36 47.00 159.26

.06 1.83 4.25 3.24

33.83

261.11 .64 269.96

160.16

323.25

35.55

91.97

- 171.04

1431.01 IV.

174.11

482.51

464.04

125.80

98.92

2438.93 V.

3.12 1.13 6.68

2.70

202.04 79.55 69.31 7.80 44.78 23.11 48.37 4.46 32.82 11.79 82.30 335.92 65.67 1007.92

.29

TABLE I National Balance Sheet—1952 (billion dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6 . Consumer credit 7. Trade credit 8 . Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

249.61 16.47 56.78 .97 113.97 437.80 56.22 1.14 55.08

Nonfarm Unincor­ porated Business 14.71 16.52 17.10 17.65 14.79 80.77 10.43 .18

10.25

81.11

68.00 9.52 48.62 4.00 8.37 1.63 15.22 9.20 6.02

3.03 60.21

1.29 46.40 12.52 15.62 6.27 9.42 154.00 4.59 80.29 .62

614.37

26.99 1.14 2.84 .64 2.77 57.81 92.19

22.80

4.14 7.64 3.59 8.43 23.80

959.98

79.77

1052.17

103.57

Agriculture 16.58 13.76 66.89 16.41 13.65 23.15 150.45

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total I.

15.87 116.34 47.05 92.95

.53 2.53 2.30 .44

3.62 83.84 23.70 2.56

.74 27.60 12.90 1.00

66.07 338.28

.03 5.83

. 13 113.85

2.71 44.95

28.22 .15 28.07 .90

93.53 25.72 67.81 .52

8.88

6.33

8.88 1.63

6.33 .35

5.90 51.56

19.54 16.40 1.80 1.34 .64 1.36 3.52 36.11

18.00 1.81 4.95 36.62 5.89 66.00 56.74 9.26 2.87 165.16 37.51 5.22 122.43 16.23 45.01 3.12 13.30

22.12 169.87

19.11 492.12

301.66 277.06 226.72 131.98 127.62 106.88 1171.93

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

6.40 .20 6.20 2.30 5.03 . 51

4.63 4.63

2.72 21.59

2.25

.36 .36 7.18 4.00 3.18 2.08 .59

20.72

41.07

1.36 5.05 5.05 1.14

. 48 21.82 57.14

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

14. 15. 16. 17. 18. 19 . 20. 21. Ill.

206.62 84.86 74.47 9.52 49.13 . 91 2.30

15.78 2.58 2.57

210.01 27.39 182.62 86.81 73.03 9.52 49.13 27.90 63.99 4.95 36.62 23.30 84.16 68.87 15.28 7.26 261.77 59.20 58.05 144.52 35.71 53.23 16.06 203.41 4.59 80.77 66.39 1398.61

2.44 2.66

209.06 87.52 74.47 9.52 49.13 27.90 52.85 5.15 35.84 12.36 91.42 352.37 66.65 1074.24

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

1.30

3.36 20.15 458.89

35.81

14.87

18.49 1.58 17.92 44.08 45.60 168.74

.10 2.31 5.16 3.21

37.11

269.12 .90 278.64

157.17

339.41

39.06

97.46

- 176.55

1496.30 IV.

172.04

508.15

497.95

134.57

102.09

2570.54 V.

3.19 1.21 7.26

2.80 .72

57

TABLE I National Balance Sheet—1953 (billion dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total

259.88 17.55 59.87 1.10 120.57 458.97 57.13 1.20 55.93 88.99 72.80 11.42 52.04

Nonfarm Unincorporated Business 14.91

17.32 17.51 18.82 15.21 83.77 10.38 .19 10.19

4.18 8.95 1.68 15.97 9.60 6.37 3.22 60.40 2.31 46.36 11.73 17.23 6.39 9.45 151.93 4.99 82.52 .61 636.77

23.51

III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total

104.48

25.36

IV. Equities

991.26

81.92

1095.74

107.28

V. Total assets or liabilities and equities

30.92 1.20 3.36 .56 2.98 65.46

5.24 7.45 3.69 8.98

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

16.88 14.07 64.22 16.64 14.20 18.91 144.92

16.52 124.27 47.88 99.87

.54 2.79 2.52 .48

4.14 87.42 24.00 2.86

.67 28.75 12.00 1.00

67.88 356.42

.03 6.36

.14 118.56

5.59 48.01

6.30 .19 6.11 2.43 5.30

28.14 .15 27.99 .90

92.36 24.56 67.80 .60

9.48

4.86

9.48 1.96

4.86 .34

6.14 50.75

21.12 18.20 1.80 1.12 .73 1.54 3.52 35.46

21.50 1.97 5.75 37.00 6.12 74.16 64.08 10.08 3.08 169.01 49.28 5.05 114.68 18.35 49.47 3.47 14.11

24.75 173.05

19.67 516.62

Agriculture

I.

4.73

2.87 22.10

313.54 292.17 228.00 140.77 134.77 107.76 1217.01

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

.47

4.73

Total

2.21

.50 .50 8.49 5.20 3.29 2.17 .64

23.24

16.39 2.93 2.92 1.47 5.07 5.07 .81

.46 22.35 56.89

208.65 26.29 182.36 95.22 78.10 11.42 52.51 31.82 63.88 5.75 37.00 24.19 93.56 77.10 16.45 7.77 268.82 74.99 57.94 135.89 39.29 58.04 16.44 201.50 4.99 82.98 70.25 1452.18

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

14. 15. 16. 17. 18. 19. 20. 21. III.

206.27 94.01 79.64 11.42 52.51 .90 2.10

208.74 96.48 79.64 11.42 52.51 31.82 53.89 5.97 36.32 13.03 101.32 368.67 70.66 1130.47

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

1.40

4.94 21.72 481.51

39.39

14.72

18.33 1.92 19.11 47.43 47.83 175.85

.12 2.61 5.02 3.25

40.79

276.91 1.11 287.76

152.30

353.62

41.47

101.01

- 182.86

1538.72 IV.

167.02

529.47

522.98

141.80

104.90

2669.19 V.

2.76 1.19 7.77

41.23

2.47 2.47

2.60 2.20

TABLE I National Balance Sheet—1954 (billion dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Nonfarm Umncorporated Business

270.18 18.77 64.24 1.27 124.82

14.83 18.27 18.30 19.79

479.28

15.06 86.25

59.33 1.21 58.12 97.82 78.41 14.34 54.75

10.91 .20 10.71

4.27 9.15 2.42 16.96 10.03 6.94 3.40 58.87 1.66 46.45 10.76 17.89 5.42 9.44 211.34 5.49 82.72 .61 719.21

31.93 1.30 4.64 .68 3.22 74.83

24.33

6.56 8.56 3.87 9.73

116.60

28.72

1081.89

81.86

1198.49

110.58

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total I.

17.26 14.43 66.41 16.86 13.90 18.75 147.61

16.97 129.36 50.04 106.85

.56 3.17 2.82 .57

4.41 92.85 24.10 3.22

.57 29.68 12.40 .93

66.28 369.50

.02 7.14

.15 124.73

6.83 50.41

6.20 .19 6.01 2.53 5.62

30.50 .15 30.35 1.10

91.42 24.29 67.13 .70

9.81

4.89

9.81 2.42

4.89 .36

6.41 55.06

18.83 15.60 1.80 1.43 1.06 1.47 3.53 49.13

22.24 2.12 7.61 37.60 6.22 84.92 73.62 11.30 3.32 174.26 40.61 5.14 128.51 21.84 53.77 3.88 21.25

29.68 196.77

20.29 551.44

324.78 306.53 238.31 149.49 138.72 107.09 1264.92

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

.45

4.97 4.97

3.11 22.88

.99 2.10 2.93 1.29 8.29

2.44

.61 .61 9.93 5.20 4.73 2.20 .84

25.81

208.97 104.50 85.68 14.34 55.20 46.70

15.60

17.11 1.65 20.87 50.97 48.15 185.45

154.89

380.82

170.49

566.27

16.32 2.94 2.94 1.57 5.20 5.20 .48

.45 19.22 53.87 2.50 2.24

.13 3.28 5.02 3.93

1.55

5.13 23.16 509.34

43.57

2.37 2.27

213.06 26.04 187.02 104.93 84.03 14.34 55.20 32.92 68.77 7.61 37.60 24.96 105.43 87.20 18.24 8.29 272.06 63.07 58.36 150.63 43.47 61.50 16.85 281.72 5.49 83.17 72.91 1594.31

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

14. 15. 16. 17. 18. 19. 20. 21. III. 211.47 1. 106.74 2. 85.68 3. 14.34 4. 55.20 5. 32.92 6. 60.71 7. 7.92 8. 36.57 9. 13.96 10. 113.72 11. 380.13 12. 72.70 13. 1192.06 14.

45.12

280.46 1.39 291.23

49.24

105.42

-186.95

1667.17 IV.

558.58

150.54

104.28

2859.23 V.

TABLE I National Balance Sheet—1955 (billion dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

294.13 20.40 70.82 1.47 136.92 523.74 58.58 1.27 57.31 106.24 83.96 17.35 57.99

Nonfarm Unincorporated Business 15.30 20.06 19.89 21.76 15.81 92.82 11.20 .21 10.99

4.43 9.68 2.30 17.96 10.41 7.56 3.62 60.63 .65 46.48 13.50 19.57 7.33 9.30 260.63 6.10 86.15 .61 798.32

25.31

38.19 1.42 5.39 1.36 3.40 87.36

10.05 4.88 10.63

137.12

32.72

1184.94

85.41

1322.06

118.13

7.16

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

17.92 15.09 68.94 17.23 13.85 17.38 150.41

18.18 139.91 54.89 110.96

.59 3.68 3.18 .64

4.77 102.29 24.80 3.71

.52 30.79 13.60 .85

72.95 396.89

.02 8.11

.16 135.73

6.98 52.74

6.20 .20 6.00 2.58 5.92

31.48 .16 31.32 1.00

92.04 24.24 67.80 .72

10.20

4.48

10.20 2.36

4.48 .36

7.07 65.92

22.82 18.60 1.80 2.42 1.24 1.88 3.54 60.09

27.87 2.51 8.69 44.44 7.50 98.92 86.22 12.69 3.68 168.55 32.46 5.10 130.99 23.41 57.15 4.08 26.69

34.51 229.55

25.26 591.51

.45

5.17 5.17

3.25 23.57

2.27

.72 .72 10.34 3.60 6.74 2.25 .88

26.75

215.69 112.95 91.65 17.35 58.44 1.18 2.10

54.87

17.35 3.27 3.27 1.76 5.22 5.22 .48

.43 23.24 58.86 2.51 1.99

Total 351.41 332.22 256.12 156.62 150.77 113.30 1360.44

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

II. 214.18 1. 26.08 188.10 113.26 2. 89.88 3. 17.35 4. 58.44 5. 39.37 6. 80.38 7. 8.69 8. 44.44 9. 27.15 10. 120.87 11. 100.62 20.25 9.06 12. 272.73 13. 55.31 58.55 158.87 46.95 14. 67.24 15. 16.92 16. 347.41 17. 6.10 18. 86.58 19. 86.87 20. 1753.87 21. III. 218.20 1. 114.94 2. 91.65 3. 17.35 4. 58.44 5. 39.37 6. 69.68 7. 8.99 8. 43.04 9. 16.14 10. 129.94 11. 391.59 12. 81.33 13. 1280.66 14.

1.70

6.76 25.27 544.04

47.05

17.00

19.38 2.11 22.88 53.74 54.70 207.68

.15 3.60 7.77 4.41

48.75

284.04 1.36 293.35

156.98

418.76

55.58

113.73

-181.75

1833.65 IV.

173.98

626.44

599.62

162.48

111.60

3114.31 V.

3.31 1.34 9.07

2.28 1.17

TABLE I National Balance Sheet—1956 (billion dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

315.54 22.26 77.89 1.69 149.43 566.81 59.54 1.33 58.21 115.38 89.05 20.02 61.57

Nonfarm Unincorporated Business 15.80 21.97 20.99 24.26 16.51 99.53 11.55 .22 11.33

4.69 10.57 2.26 19.46 11.16 8.29 3.96 61.74 2.15 46.19 13.40 21.25 8.99 9.90 273.23 6.74 91.65 .62 845.36

26.81

41.89 1.59 5.34 1.49 3.67 98.37

10.72 4.97 11.65

152.35

35.44

8.10

1259.82

90.90

1412.17

126.34

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total I.

18.53 15.84 73.96 17.64 13.95 18.23 158.15

19.43 151.15 57.99 128.05

.61 4.10 3.52 .73

5.14 113.42 26.30 4.27

.48 32.28 13.40 .77

80.52 437.14

.02 8.98

.18 149.31

6.87 53.80

6.00 .21 5.79 2.63 6.18

31.62 .17 31.45 1.00

94.24 24.55 69.69 .77

10.35

4.18

10.35 2.40

4.18 .33

7.48 72.98

18.23 14.90 1.60 1.73 1.35 2.11 3.54 62.54

30.89 2.93 8.01 50.02 7.76 110.75 96.40 14.36 3.94 166.53 38.82 4.17 123.54 24.79 61.03 3.95 28.39

40.50 241.35

27.25 621.25

.45

5.06 5.06

3.42 23.74

2.35

.84 .84 11.04 5.80 5.24 2.32 .89

27.84

219.67 122.36 97.10 20.02 62.02 1.17 2.10 3.28 1.42 9.91 17.88

60.48 24.76 1.96 24.75 57.41 58.09 227.45

17.32 3.72 3.72 2.01 5.47 5.47 .56

.43 22.03 58.40 2.53 1.74

.18 2.98 7.14 4.22

1.80

7.95 27.33 570.97

50.37

2.61 .88

52.17

280.53 1.46 289.75

375.53 361.02 274.05 177.41 163.38 122.33 1473.72

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

II. 217.48 1. 26.48 191.00 122.51 2. 95.23 3. 20.02 4. 62.02 5. 43.06 6. 88.83 7. 8.01 8. 50.02 9. 27.34 10. 134.77 11. 112.12 22.65 9.91 12. 268.07 13. 61.67 57.02 149.38 50.27 14. 73.02 15 17.39 16. 364.16 17 6.74 18. 92.08 19. 93.82 20. 1844.75 21. UI. 222.20 1 124.10 2. 97.10 3. 20.02 4. 62.02 5. 43.06 6. 76.86 7. 8.32 8. 48.27 9. 16.24 10. 144.68 11. 396.26 12. 86.88 13. 1346.01 14.

164.01

451.04

59.26

124.98

-177.55

1972.46IV.

181.89

678.49

630.23

177.15

112.20

3318.47 V.

TABLE I National Balance Sheet—1957 (billion dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total ΙΠ. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Nonfarm Unincorporated Business

330.28 24.25 85.56 1.90 159.61

15.99 24.01 22.25 26.44

601.60

16.82 105.51

58.52 1.50 57.02 126.80 93.80 22.28 64.43

12.36 .25 12.11

4.79 10.85 2.32 20.88 11.98 8.90 4.20 60.60 4.53 43.92 12.15 23.37 10.84 10.33 245.79 7.36 97.17 .62 849.31

28.00

44.75 1.73 4.88 1.70 4.02 107.06

10.63 5.30 12.58

164.14

37.29

8.78

1286.77

96.22

1450.91

133.51

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

18.79 16.40 79.94 18.01 14.00 20.57 167.71

20.30 172.06 62.98 140.43

.63 4.54 3.92 .82

5.51 123.27 27.40 4.85

.64 33.57 13.60 .69

83.24 479.01

.03 9.94

.19 161.22

5.93 54.43

5.90 .24 5.66 2.90 6.42

31.62 .19 31.43 1.00

96.31 25.28 71.03 .77

10.56

4.19

10.56 2.78

4.19 .30

7.69 75.70

17.43 14.50 1.40 1.53 1.50 2.94 3.55 56.12

33.42 3.27 7.65 52.08 9.07 119.05 103.12 15.93 4.07 165.59 41.05 2.77 121.77 27.12 68.35 3.92 27.78

47.14 244.69

28.38 646.83

.44

5.12 5.12

3.59 24.37

2.30

1.20 1.20 11.78 7.10 4.68 2.39 .79

29.50

218.93 134.69 102.20 22.28 64.87 1.15 2.20 3.60 1.64 10.51

62.50

17.95 4.99 4.99 2.24 5.91 5.91 .76

.42 20.54 59.60 2.56 1.42

.19 3.08 6.77 4.53

1.85

9.08 29.47 596.09

55.24 57.09

280.92 1.53 289.66

2.77

Total 392.14 398.10 295.65 193.14 173.61 126.78 1579.42 219.46 27.46 192.00 134.55 100.22 22.28 64.87 45.90 92.12 7.65 52.08 29.34 146.12 121.29 24.83 10.51 266.43 67.18 53.21 146.04 55.14 82.92 17.80 329.69 7.36 97.59 100.27 1882.30

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

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

14. 15. 16. 17. 18. 19. 20. 21.

ΠΙ. 221.49 1 136.11 2. 102.20 3. 22.28 4. 64.87 5. 45.90 6. 80.02 7. 7.96 8. 49.98 9. 17.82 10. 156.63 1 1 . 409.00 12. 91.65 13. 1405.91 14.

19.10

26.82 2.33 26.48 63.76 60.65 242.54

172.98

481.16

60.68

133.63

-175.63

2055.81IV.

192.08

723.70

656.77

190.72

114.03

3461.72 V.

.46

ι

TABLE I National Balance Sheet—1958 (billion dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total ΠΙ. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

346.81 26.26 92.16 2.07 164.73 632.03 61.36 1.62 59.74 140.56 99.70 27.80 65.67

Nonfarm Unincorporated Business 16.26 25.56 22.74 26.94 16.81 108.31 13.46 .27 13.19

4.70 11.64 3.10 22.72 12.79 9.93 4.54 58.57 3.16 43.02 12.39 24.79 11.12 10.37 332.62 8.04 98.24 .62 969.82

44.77 1.83 6.20 2.12 4.37 117.05

29.80

9.00 12.45 5.42 13.94

176.34

40.81

1425.51 1601.85

97.30 138.11

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

19.28 16.75 87.58 18.59 14.02 26.15 182.37

21.31 180.83 63.46 145.53

.64 4.78 4.04 .85

6.03 133.20 28.00 5.25

1.01 35.00 12.80 .61

78.81 489.94

.03 10.34

.20 172.68

7.89 57.31

6.20 .25 5.95 3.07 6.71

33.34 .21 33.13 1.60

92.59 23.06 69.53 1.08

10.78

4.19

10.78 3.58

4.19 .33

8.21 83.37

17.62 15.20 1.22 1.20 1.63 2.68 3.55 75.45

33.19 3.64 9.23 53.80 9.42 131.22 113.52 17.70 4.26 176.01 41.63 2.43 131.95 31.23 74.30 4.36 39.10

48.14 275.59

29.78 693.21

.43

5.21 5.21

3.81 25.43

1.33 2.30

1.70

1.61 1.61 11.08 6.00 5.08 2.44 .67

30.16

223.18 151.62 108.51 27.80 66.10 68.78

2.46 5.82 5.82 .97

.42 18.28 58.32 2.60 1.22

I.

411.34 422.38 310.78 199.84 178.75 129.89 1652.98 221.92 25.41 196.51 150.22 106.41 27.80 66.10 46.10* 100.35 9.23 53.80 31.57 160.65 133.02 27.63 11.26 274.31 65.99 51.88 156.44 61.06 88.77 18.28 447.17 8.04 98.66 100.63 2082.33

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

II.

1.

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

14. 15. 16. 17. 18. 19. 20. 21.

III.

63.16

288.49 1.80 297.75

225.78 152.84 108.51 27.80 66.10 46.10 86.95 9.62 51.17 19.39 171.91 428.42 93.84 1488.43

139.68

182.12

2246.88 IV.

202.84

115.63

3735.31 V.

2.00

9.09 31.20 632.37

61.16

20.91

25.94 2.18 29.67 69.68 60.84 257.09

.21 3.42 5.69 5.55

186.89

508.44

71.18

207.80

765.53

703.55

4.16 1.87 11.25

19.05 5.10 5.10

Total

2.83 .81

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

SECTION Ia National Balance Sheets, 1900-45, Selected Years

TABLE Ia National Balance Sheet—1900 (million dollars) Noniarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

15,205 1,101 7,491 90 5,217

Nonfarm Unincorporated Business 260 2,228 1,194 911

29,104

2,649 7,242

1,529

1,280

3,419 1,375 5 202 1,828 100 2,399 1,604 795 1,441 576

299

521 3,323 |l0,704 240 6,666 100 32,398

3,609

532 1,639 908 200 184 2,606

1,609 1,081 6

100 4,530 56,972

4,335 6,516

61,502

10,851

Agriculture 1,692 1,570 14,546 1,170 831 4,537 24,346

Nonfinancial Corporations

Finance

State and Local Govts.

Jl,574 •18,297

-573

573

1,980 64 1,916

3,229 1,197 2,032

Total

1,450

-72,418

3,000 61

2,757 21,054

Federal Govt.

5

10 4,645

1,455

6,048 9,953 88,419

110

102

8,887

II. 657 160

497 115 179

120

580 3,900

104 35

3,689 1,554

13.

1,828

2,014 5,151

14. 15.

380

113,902

17.

2,066

1,350 716 432 663

50 2,818

80 1,171

4,496 13,944

2.

3. 4. 5.

5 1,021 5,728 1,289 3,946 190 4,465 2,954 1,511 2,312 1,239

239 1,289 3,946 90

140

1.

6

889

1,311 16,361

554

84 783

102

6.

7. 8.

9. 10. 11.

12.

16.

240

18.

6,666

19.

6,071 68,368

20. 21.

]III.

7,428 3,706 1,554 53 425

100 3,388

3,066 81 1,420 52 778 7,072 2,569 15,038

22,129 25,517

488 10 2,312

58

300 101 103

7,486 3,706 1,554 5 585 5,130 1,289 3,818 349 6,777 10,331 3,531 44,561

2,014

1,239

762 13,959

2,014

1,297

19,960

2,974

3,414

260

112,2251V.

34,998

16,933

5,428

1,557

156,786 V.

TABLE Ia National Balance Sheet—1912 (million dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

23,964 2,035 10,725 145 11,724

Nonfarm Unincorporated Business 840 3,843 1,967 1,419

48,593

3,115 11,184

2,847

2,000

8,153 3,672 17 491 1,889 200 2,826 1,875 951 2,192 397

468

1,451 9,481 |30,112 406 9,772 600 72,126

4,848

1,463 1,770 1,704 400 712 4,059 47 100 8,485

2,821 1,928 41 6,560

112,234

9,472

120,719

16,032

Agriculture 2,919 2,717 31,574 2,240 1,863 8,236 49,549

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total

2,053

-134,511

2 2,073

16,677 164,775

4,825 -35,650

• 923

5,304 40,954

923

11,499

3,900 91 3,809 350

6,224 2,132 4,092

387 7 380

56

16,407

1.

126

26

9,228 4,142

1,962 6,208

456

2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

6,500 154 20

6. 7. n.

993 152 841 573 470

2,297 9,049 594 4,835 3,117 1,718 1,469 794

219

160

2,415

17 2,909 8,097 2,297 9,049 794 7,661 4,992 2,669 4,348 1,191

100

1,729 5,043

7,134

740

5,746 25,400

1,491 34,721

1,150

169 1,832

4,430 14,524 2

j· 37,988

40 124

406 9,772 8,206 141,466

12. 13.

14. 15. 16. 17. 18. 19. 20. 21. in.

14,421 9,310 4,142

135 28

17 144 1,312

4,355 93 3,780

14,556 9,338 4,142 17 1,607 7,437 2,297 8,813 1,050 12,009 23,805 6,107 91,178

1.

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

60

500 292 214

100 7,488

1,674 18,096 5,188 33,246

717 29,613

4,430

44,476

33,108

6,033

8,901

841

215,065 IV.

51,964

66,354

35,646

13,331

2,197

306,243 V.

1,520 64 4,348

4,430

1,191 2 1,356

TABLE Ia National Balance Sheet—1922 (million dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6 . Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Nonfarm Unincor­ porated Business

52,444 4,056 21,504 175 27,235

2,400 8,215 4,119 3,424

105,414

6,679 24,837

9,862

2,610

18,328 7,769 90 240 694 2,878 500 6,707 4,377 2,330 4,761

946

10,806

4,983 15,923 155,520 803 21,647 4,000 161,939

7,128

2,979 2,471 4,534 600 1,305 8,310 256 100 18,084

11,318

249,269

20,647

267,353

31,965

4,657 3,948 242

Agriculture 6,569 5,822 41,541 3,266 3,705 8,454 69,357

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total

342

-74,706

17,347 92,053

-1,584

1,584

I13' 11,100 121

3,981

40 24,603

30 4,046

30,940 32,550 321,894

1,097

544

35,461

56

20,826

-258,404

35

II. 1,962 117 1,845 1,377 931

5,587 57 5,530 700

13,799 3,991 9,808

1,091 365

8,700 90 251 5,650 14,905 6,703

11 4,040 12,027 450

916 6,253 18,211 83

1,162

910 450

3,563

337 19,234

410 6,051

14,300 60,238

9,947 6,715 3,232 3,518 7,715

2,854 7,762 1,339

7,006 80,482

1.

6

232

651 229

2,210

312 4,216

1,310 2,875

18,211

9.

1,745 16,654 11,092 5,562 10,786 22,995

10.

12. 13.

10,384 23,687

14. 15.

j-76,093

16.

803 21,647 27,338 322,929

18.

11.

17. 19.

20. 21.

III. 33,841 20,942 8,700 90 251 167 2,797

467 135

34,308 21,077 8,700 90 251 3,146 17,718 6,703 17,779 2,119 27,440 59,269 17,967 216,567

1. 2. 3. 4.

5. 6.

17,011

12,450 219 8,694 67 4,396 24,516 14,081 64,423

233 3,603 70,924

10,384

23,638 183 24,423

58,397

87,868

11,141

18,435

-17,502

428,255 IV.

75,408

152,291

82,065

28,819

6,921

644,822 V.

3,088 173 10,786

1,950 740 574 10,384

7. 8. 9.

10. 11. 12. 13. 14.

TABLE Ia National Balance Sheet—1929 (million dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

79,408 5,568 33,815 372 38,423

Nonfarm Unincorporated Business 5,480 11,241 8,705 4,562

157,586

6,426 36,414

8,602

2,842

30,542 15,851 500 1,356 1,280 2,946 1,200 13,570 8,527 5,043 3,551 5,053

681

7,642 24,078 1138,296 1,628 29,535 9,100 290,504

7,749

6,428 2,701 11,579 800 3,049 17,985 1,704 300 41,845

16,828

406,245

27,335

448,090

44,163

4,734 7,697 1,696

Agriculture 6,377 5,855 34,930 3,871 3,806 9,487 64,326

Nonfinancial Corporations

Finance

State and Local Govts.

• 21,170 -99,293

-2,990

22,001

13,200 505 60

121,294

2,990

34,935

7,449 71 7,378 1,410

17,079 4,474 12,605

1,767 5 1,762 712

Federal Govt.

4,935

Total

>342,340

63 3 5,001

42,229 37,977 422,546

234

39,755

138

1200 52

34,528 17,502 500 1,470 8,564 25,716 16,345 20,513 4,042 36,851 24,912 11,939 9,631 16,176

13.

13

16,873 38,099

14. 15.

II. 1,782 96 1,686 1,726 1,651 114 3,979 21,861

2,000

3,305 909 14,345 20,513 2,616

318 3,158

644 543 42,309

600 6,191

23,421 106,774

23,281 16,385 6,896 3,881 7,658

4,956 13,465

226

255

3,631

2.

3. 4. 5. 6.

7. 8. 9. 10.

11.

12.

16.

6,080

j-186,685 1,628

18.

19.

11,473 129,561

29,535 46,489 550,902

520 6,885

1,375 3,238

17. 20. 21.

III.

40,865 34,720 17,502 500 1,470 462 1,691

1.

411

16,873

17,539 35 18,153

41,276 34,888 17,502 500 1,470 6,890 20,362 16,345 19,685 4,812 46,482 75,647 29,867 315,725

168

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

14,585

15,970 566 9,446 128 11,169 36,258 22,755 96,291

55,932

131,777

21,402

24,947

-9,914

657,7241V.

70,517

228,068

132,552

41,820

8,239

973,449 V.

2,491 310 9,631

4,200 2,214 1,325 1,577 6,777 111,150

16,873

TABLE Ia National Balance Sheet—1933 (million dollars) Nonfarm Households I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6 . Consumer credit 7. Trade credit 8 . Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

61,737 4,766 24,647 283 23,765

Nonfarm Unincor­ porated Business 4,360 9,799 4,572 3,204

115,198

3,092 25,027

11,181

1,914

25,846 18,899 700 2,722 740 1,818

300 10,537 7,152 3,385 2,741 6,845

508

9,478 24,577 57,113 1,746 18,632 4,100 195,417

4,980

3,235 1,802

4,015 500 5,284 14,584 1,536

2,230 6,169 1,774

200

29,354

11,975

281,261

18,032

310,615

30,007

Agriculture

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total I.

4,634 4,047 22,800 2,572 1,954 4,946 40,953

Ί

Ί

175,322

J

J

13,796 89,118

)24,036

>4,824

J

4,824

J

13,150 483

1>5,552 J

111

1

ο

>270,899

J

J

·

4

60 37,729

3 5,666

25,719 21,897 318,515

5. 6. 7.

1,736 4 1,732 360

1,219

38,800

1.

914

2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

1,245 309

29,307 20,862 700 2,956 4,299 18,197 5,152 9,967 7,792 30,466 21,052 9,414 7,685 23,869

50 45 249

19,084 37,748 j101,704

14. 15. 16 · 17. 18. 19. 20. 21.

II. 1,199 73 1,126 1,177 1,963

5,599 33 5,566 1,010

15,952 4,611 11,341

1,938 15,915

2,837

1,621 464 5,152 9,967 5,503 19,797 13,768 6,029 2,954 13,659

607 83 40,473

5,908 13,043 3,869

234

237

600 5,410

11,929 80,390

5,814 103,703

1,989 132 132 219

3,041

492 5,848

1,415 7,567

J

1,746 18,632 24,350 403,315

12. 13.

III. 414 1,230

36,600 26,858 20,862 700 2,956 198 786 913 840 7,685 10,422

11,888 137 5,210 1,277 9,713 35,629 15,660 79,514

1,000 913 480 1,016 2,857 94,242

19,084 417 19,501

25,494 56 27,194

37,014 28,088 20,862 700 2,956 3,433 14,476 5,152 9,766 7,881 38,151 84,533 19,190 272,202

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

35,941

89,994

14,285

24,076

-13,961

449,6281V.

46,363

169,508

108,527

43,577

13,233

721,830 V.

TABLE Ia National Balance Sheet—1939 (million dollars)

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total ΙΠ. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Nonfarm Households

Nonfarm Unincorporated Business

76,839 5,368 26,117 153 29,964

5,250 11,453 5,474 3,840

138,441

4,145 30,162

15,541

3,248

29,158 26,629 1,050 6,120 1,168 2,602 400 8,568 5,879 2,689 1,632 9,140

311

8,274 16,836 73,231 1,678 28,307 5,800 232,364

7,329

7,197 1,869 567 3,530 15,525 702 600 29,990 340,815 370,805

2,664 1,716 4,544 660 9,584 27,907 37,491

Agriculture 4,906 4,092 23,237 3,509 2,550 7,304 45,598

Nonfinancial Corporations

Finance

State and Local Govts.

|·28,713 •83,580

-5,560

14,600 476

Federal Govt.

9,687 301

5,560

43,849

937 10,925

8,698 74 8,624 700

60,140 20,177 39,663

2,986

1,596

2,966 11,067

3,688

17,999 101,579

60

Total

-313,155 32,514 30,445 376,114 94,209

II. 2,000 91 1,909 1,200 2,599

2

6

2,980 553

303

110

145 249

1,776

379

826

417 763 900 924 6,586 9,590

1,947 2,182 2,182

250

6,586 12. 47,001 13.

19,765 14. 32,502 15. 1J-100,131 17. J®· 1,678 18. 28,307 19. 18,836 20. 487,219 21.

2,762

21,969

296 862 572

4,238 51,905

5,348 166,678

601 7,152

2,023 14,662

78,068 30,348 29,228 1,050 6,230 12,807 127 4,344 571 8,834 31,446 7,952 66,081

1,128 1,315

700 1,439 625

8,061

2,801 2,080

8,054 14,692 4,359

112

7,129

1,010

2.696 9,834 3,499 18,153 12,781 5,372 1.697 33,506

2. 31,916 29,228 3. 4. 1,050 5. 6,230 7,822 6. 7. 14,679 8. 2,696 9. 9,834 5,846 10. 28,903 1 1 . 20,842

235

778 4,623 153,089

19,765 54 19,819

55,070 217 57,965

III. 79,196 31,663 29,228 1,050 6,230 7,614 16,234 2,696 9,201 5,650 35,489 108,421 13,446 346,118

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

43,137

87,403

19,149

31,182

-32,378

517,2141V.

52,727

153,484

172,238

51,001

25,587

863,333 V.

TABLE Ia National Balance Sheet—1945 (million dollars)

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Nonfarm Households

Nonfarm Unmcorporated Business

111,915 6,400 33,820 128 46,714

7,260 15,018 6,585 5,191

198,977

7,829 41,883

54,217

8,990

51,649 40,772 2,900 24,948 1,046 4,030 850 9,564 6,945 2,619 1,491 64,945

257

6,939 9,751 IM1S i i U j I790 wU 2,219 45,747 6,500 438,282

14,323

5,491 3,420 4,946 620 2,177 17,661 403 500 31,798

2,719 4,313 407 10,859

605,461

45,347

637,259

56,206

Agriculture 8,975 6,755 44,508 6,272 4,238 15,374 86,122

Nonfinancial Corporations

Finance

State and Local Govts.

Federal Govt.

Total

40,034 -110,255

>2,227

20,977

-447,202

17,450 405

3,027 2,584 26,588

50,952 52,254 550,408

25,783

195,585

1.

27

54,948 44,262 2,900 25,467 5,798 24,899 8,129 12,955 4,898 30,792 23,291 7,501 4,682 274,382

2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

304

15,913 25,886 j-150,803

12,372 48,565

2,219 45,747 38,400 968,665

14. 15. 16. 17. 18. 19. 20. 21.

26,317 136,572

2,227

150 58,039

20,353 48 20,305 700

74,331 22,444 51,887 71

5,311 13 5,298 521

2,412 19,464

2,340 505 8,129 12,955 2,183 20,369 15,487 4,882 1,363 178,935

6. 7. II.

6,600 179 6,421 1,980 3,490 519

120 4,150

1,333 18,192

17,442

278

6,579 16,135

28,193

6,516

6,841 95,683

10,926 341,337

900 1,865 859 859 4,390

1,451 4,520

1,633

484

428 12,283

12. 13.

III. 2,536 3,014

180,112

53,033 44,262 2,900 25,467 339 625

182,648 56,047 44,262 2,900 25,467 5,830 23,706 8,129 12,108 4,546 35,552 323,822 31,928 756,945

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

7,631

16,961 1,933 6,894 281 8,818 27,934 21,089 83,910

96,683

148,345

25,745

54,066

-213,520

762,1271V.

104,314

232,255

343,563

70,322

75,153

1,519,072 V.

1,034 873 4,760

2,700 1,250 698 1,215

143

681 8,200 317,818

15,913 343 16,256

278,484 1,796 288,673

SECTION II Finance Sector Balance Sheets, 1945-58

TABLE Π Finance Sector Balance Sheets—1945 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total m. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Govt. Pen­ sion and Commer­ Mutual Savings Insurance cial Funds Banks Banks

.03 42.91 22.68 20.23

1.12

.14

.27

29.83

.60

.27

29.83 .07

.60 .01

1.47

.02

6.82 13.04

.25 .12 .02 .02 24.29 23.20 1.09

2.27 69.72

24.05 .20 23.85 1.19 .14 .02 .02

25.83

65.36

4.23 3.38 .85 .52 90.61 32.30 .94 57.37 3.97 2.96

.05 4.18 3.39 .80 .02 10.68 .16 .21 10.31

.09 1.02

.22

.14

5.54 159.28

.07 16.88

119.88 30.34

15.38

25.83

.22 .28 3.89 69.25

25.83

.63 151.35

.05 15.43

.50 69.75

25.83

9.05 160.40

1.59 17.02

Savings and Loan Associ­ ations

Life Insur­ Invest­ ance ment Com­ Credit Com­ panies Unions panies .93

.11

Fire and Casualty Insur­ ance Com­ panies

Noninsured Pension Plans

.13

Other Private Finance Insur­ Com­ Other ance panies Finance .04

Total 2.49

I. II.

.40

.15

.06

.78

.67

.08

.07

.64

.84

.40

.15

.06 .07

.78

.67 0

.08

.07

.64

.84

.91 .08

.10

.02

.32

5.38 5.27 .11

.10 .09 .01

.03 .03

2.42 .20 .20 2.02

.23

.18

.23

.18

.22 .25 2.65 .43 8.65

.03 3.63

.44

1.96 5.86 3.70 2.15 .78 20.58 .31 .10 20.17 .72 11.30 .82 .18

.06 .02 .04

.02 .02

3.22 .34 .19 2.69 .24 .46 .59 1.81

1.47

.96 43.94

.14 7.51

.18 1.29

.08 .18 .07 .10 .02 .52

.78 .09 .20

.03 .49 .37 .50 .04 .01

.04 2.68

.02 1.80

.32 .07 .07

2.30 .40 .32 .02 .30

2.52 .44 8.25 13.29 2.86 20.16 16.08 4.07 1.34 181.65 57.61 2.05 121.99 6.98 17.70 1.83 5.53

.16 7.26

9.66 349.66

.04 1.43 .33 .02 .02 3.40 1.10

2.02

77.30 22.68 54.62 .15

1.

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

14. 15. 16. 17. 18. 19. 20. 21. III.

7.39

185.24 53.48 45.34 2.68 25.83

.37 1.77

43.57 2.68

1.12

.03 3.74 1.17 1.71

1.82 6.30

.19 11.21 330.62

.03 .37

3.37 .81

.14 .31

.19 .26 8.10

3.85 3.85

.40

.64 44.58

.65

3.63

.04

.29

3.79

8.76

3.63

.44

44.87

7.64

2.68 2.68

.07 1.84 1.84

1.00 1.02

.95

2.02

7.26

1.

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

21.53 IV. 352.15

V.

TABLE Π Finance Sector Balance Sheets—1946 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Govt. Pen­ sion and Commer­ Mutual Savings Insurance cial Funds Banks Banks

.04 44.17 23.09 21.08

1.36

.15

.28

28.53

.66

.28

28.53 .06

.66 .16

2.66

.02

3.16 18.10

.16 .11 .03 .03 23.37 22.30 1.07

2.65 70.35

27.81 .30 27.51 1.09 .14 .02 .02

29.50

65.50

6.50 5.12 1.38 .70 74.78 18.80 .96 55.02 4.40 3.31

.07 4.42 3.59 .83 .03 11.78 .44 .25 11.09 .06 1.19

.19

.15

6.32 148.71

.07 18.61

104.86 34.17

16.87

29.50

.05 .21 4.30 69.80 .59 70.39

29.50 29.50

.84 140.13

.07 16.94

9.94

1.82

150.07

18.76

Savings and Loan Associ­ ations

Life Insur­ Invest­ ment ance Com­ Credit Com­ panies Unions panies 1.00

.14

Fire and Casualty Insur­ Noninsured ance Pension Com­ panies Plans .16

Other Private Finance Insur­ Com­ Other ance panies Finance

2.91

.05

.15

.06

.77

.86

.10

.07

.63

1.05

.47

.15

.06 .07

.77

.86

.10

.07

.63

1.05

.15

7.14 7.00 .14

.14 .13 .02

.04 .04

2.01 .20 .20 1.61

.18

.18

.18

.18

.20 .24 2.56 .43 10.11

.04 3.53

8.56

.50

.43

1.49 .25

.49 1.89 6.36 4.02 2.34 .80 21.63 .76 .12 20.75 .61 13.11 .97 .28

.06 .02 .04

.03 .03

3.41 .39 .22 2.80 .24 .46 .60 1.73

1.65

1.04 .12 .24

.03 .50 .38 .56 .05 .02

1.03 47.45

.12 7.97

.07 3.25

.03 1.90

47.24

.35 1.30

3.25

.08 .18 .07 .11 .02 .53

.66 .18 .18

3.21

3.54

10.25

3.54

10.90 350.53

1.22

.02 1.70 1.76 1.93

1.71 4.62

.45 12.59 330.70

1.70

.45

.70 47.94

4.60 4.60

.05

.51

3.53

48.45

8.13

.50

.14 5.44

170.36 60.03 49.11 3.25 29.50

1.60

.79

1.03 .38 .24 .01 .22

.42 .03 .03 .01

1.87

.11 .50

3.25 3.25

.08 1.96 1.96

77.80 23.09 54.71 .29

4.38 .77 3.85 18.26 3.23 25.12 20.25 4.87 1.54 169.56 44.09 2.43 123.04 7.16 20.25 2.01 5.41

.03 .69

2.23 1.20

.02

.29 9.46

I. Π.

.47

.06

Total

.45 2.05

1. 2.

Q O.

4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

14. 15. 16. 17. 18. 19. 20. 21. III. 1.

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

1.16

.82

22.74

IV.

3.21

5.44

353.44

V.

TABLE Π Finance Sector Balance Sheets—1947 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Govt. Pen­ sion and Commer­ Mutual Savings Insurance cial Funds Banks Banks 1.48

.15

.30

30.74

.68

.30

30.74 .06

.68 .21

3.97

.04

.04 49.52 25.31 24.21

2.05 22.76

.09 .11 .03 .03 22.58 19.90 2.68

3.11 75.30

31.56 .40 31.16 1.19 .15 .02 .02

33.38

71.47

8.58 6.90 1.68 .82 69.22 19.20 .93 49.09 5.28 3.37

.05 4.83 3.94 .89 .03 11.98 .49 .30 11.19 .06 1.51

.16

.15

7.44 154.45

.07 19.61

108.50 35.60

17.75

33.38

.07 .16 3.26 74.73 .61 75.34

33.38 33.38

.99 145.32

.09 17.84

10.61

1.92

155.93

19.76

Savings and Loan Associ­ ations

Life Insur­ Invest­ ance ment Com­ Credit Com­ panies Unions panies

.14

Fire and Casualty Insur­ ance Com­ panies

1.21

.17

Other Noninsured Private Finance Pension Insur­ Com­ Other Plans ance panies Finance

Total 3.23

.06

I. II.

.47

.14

.07

1.02

1.04

.13

.07

.57

.94

.47

.14

.07 .06

1.02

1.04

.13

.07

.57

.94

.09

.24

2.36 .26

.59

8.86 8.68 .18

.22 .20 .02

.04 .04

1.74 .20 .20 1.34

.19

.18

.19

.18

.18 .25 2.52 .43 11.59

.03 3.54

.59

1.94 7.78 5.07 2.17 .90 20.02 .23 .14 19.65 .61 16.13 1.03 .36

.07 .03 .05

.03 .03

4.00 .54 .26 3.20 .32 .52 .60 1.76

1.81

1.35 .16 .32

.03 .51 .39 .62 .05 .02

1.09 50.88

.14 9.04

.10 3.90

.03 2.02

.51 1.30

.08 .20 .08 .12 .02 .54

.87 .25 .25

4.30

85.69 25.31 60.38 .33

.67 .30 .27 .01 .24

6.70 .90 2.79 22.85 3.56 30.94 25.28 5.66 1.76 165.19 41.26 2.77 121.16 8.15 24.10 2.12 5.55

.14 4.62

12.58 373.21

.05 .74 .51 .05 .04 .01 .01 1.37 .70

1.

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

14. 15. 16. 17. 18. 19. 20. 21. III.

9.76

179.97 63.62 52.68 3.90 33.38

.51 50.70

1.98 3.90

.03 1.26

.03 .99 2.38 2.12

1.65 3.90

.73 12.72 352.52

.99

.11 .70

2.20 .73

.26 10.83

.54

.78 51.48

5.59 5.59

.90

3.55

.05

.61

3.62

11.73

3.55

.59

52.09

9.21

3.90

.10 2.08

3.90

2.08

2.93

1.

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

1.37

.72

23.92

rv.

4.30

4.62

376.44

V.

TABLE Π Finance Sector Balance Sheets—1948 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds I. Tangible assets Π. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total

m.

Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities

v.

Total assets or liabilities and equities

Govt. Pen­ sion and Commer­ Mutual Savings Insurance cial Funds Banks Banks

.04 52.55 26.81 25.74

1.53

.15

.38

32.26

.65

.38

32.26 .05

.65 .23

4.98

.04

.22 .13 .04 .04 23.35 12.40 10.95

3.02 79.14

34.70 .50 34.20 1.34 .21 .03 .03

36.86

75.40

2.31 24.80 9.94 8.00 1.93 .87 62.62 19.40 1.23 41.99 5.66 3.17

.07 5.77 4.76 1.02 .03 11.48 .54 .48 10.46 .07 2.01

.16

.16

7.18 154.00

.08 20.59

106.65 36.23

18.39

36.86

.06 .13 3.11 78.51 .67

36.86

1.15 144.22 11.31

.09 18.48 2.26

79.18

36.86

155.53

20.74

Savings and Loan Associ­ ations

Life Insur­ Invest­ ment ance Com­ Credit Com­ panies Unions panies

.15

1.45

Fire and Casualty Insur­ ance Com­ panies

Noninsured Pension Plans

.21

Other Private Finance Other Insur­ Com­ ance panies Finance .06

3.57

.14

.08

.91

1.08

.16

.07

.74

.88

.53

.14

.08 .07

.91

1.08

.16

.07

.74

.88 .01

.33

10.30 10.10 .21

.28 .24 .04

.06 .06

1.46 .10 .30 1.06

.14

.16

.14

.16

.19 .27 2.56 .51 12.92

.05 3.63

.70

3.21 .28

.67 2.06 9.84 6.79 3.05 .99 16.75 .25 .24 16.26 .87 20.36 1.06 .37

.08 .03 .05

.04 .04

4.49 .89 .41 3.19 .53 .69 .59 1.82

1.94

1.70 .18 .40

.03 .51 .39 .68 .05 .02

1.24 54.45

.15 10.10

.13 4.55

.03 2.12

.56 1.38

.08 .23 .09 .14 .02 .54

I. Π.

.53

.12

Total

1.22 .24 .24

5.68

90.43 26.81 63.62 .35

.60 .39 .26 .01 .22

8.68 1.07 3.04 25.02 4.17 36.90 30.45 6.45 1.92 159.43 34.78 3.75 120.90 9.25 29.27 2.19 5.74

.13 5.25

12.52 389.98

.12 .73 .61 .09 .06 .02 .01 1.80 1.20

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

14. 15. 16. 17. 18. 19. 20. 21. ΠΙ.

10.97

182.05 66.19 56.51 4.55 36.86

.60 54.44

2.07 4.55

.04 1.25

.04 1.50 2.84 2.12

1.68 4.44

1.31 13.66 367.63

1.50

.07 .74

2.71

.28 12.06

6.43 6.43

.64

.82 55.26

1.01

3.63

.06

.64

3.88

13.07

3.63

.70

55.90

10.31

1.31 4.55 4.55

.10 2.17 2.17

4.01

1. 2. 3. 4. 5. β Ό. 7. 8. 9. 10. 11. 12. 13. 14.

1.67

.81

25.92

IV.

5.68

5.25

393.55

V.

TABLE Π Finance Sector Balance Sheets—1949 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Govt. Pens ion and Commer- Mutual Insurance cial Savings Funds Banks Banks 1.99

.19

.36

28.90

.65

.36

28.90 .04

.65 .22

6.01

.04

.05 52.90 27.03 25.87

2.64 23.32

.08 .14 .04 .04 18.90 12.00 6.90

3.06 74.94

36.89 .60 36.29 1.55 .36 .03 .03

39.40

70.84

10.64 8.60 2.04 .91 67.00 26.50 1.18 39.32 6.55 3.32

.07 6.67 5.57 1.10 .04 11.43 .44 .50 10.49 .09 2.15

.15

.16

7.58 157.06

.10 21.62

108.52 36.73

19.27

39.40

.02 .11 3.41 74.25

39.40

1.32 146.70 12.35

2.43

39.40

159.05

21.81

.74 74.99

.11 19.38

Savings and Loan Associations

Life InvestInsurment ance Com- Credit Companies Unions panies

.24

Fire and Casualty NonInsurinsured ance Pension ComPlans panies

2.12

.29

Other Private Finance Insur- ComOther ance panies Finance

4.95

.07

.61

.14

.08

.91

1.14

.20

.09

.85

.81

.61

.14

.08 .10

.91

1.14

.20

.09

.85

.81

.14

4.30 .32

.74

.30 .26 .04

.07 .07

1.46 .10 .40 .96

.18

.14

.18

.14

.21 .27 3.24

87.64 27.03 60.61 .36

Π.

2.

3. 4. 5.

.44

11.62 11.38 .23

Total

2.24 11.77 8.39 3.38 1.14 15.29 .30 .26 14.73 1.05 22.93 1.26 .46

.09 .04 .06

.04 .04

5.00 1.19 .46 3.35 .75 .78 .65 2.30

2.09 .61 1.47 2.04 .21 .51

.09 .26 .11 .15 .03 .54

1.13 .33 .33

.11 1.15 .62 .10 .08 .02 1.65 1.10

.03 .51 .38 .74 .06 .02

.55 .37 .45 .02 .37

10.93 1.17 3.79 23.40 4.29 41.93 34.91 7.01 2.11 160.57 41.63 4.04 114.90 10.74 32.98 2.50 7.24

6.

7. 8. 9. 10. 11.

12.

13.

14. 15. 16.

17. 18.

19. .65 14.48

.03 4.39

.83

.70

12.47

1.33 58.38

.17 11.62

.16 5.26

.03 2.26

6.94

.14 5.80

179.36 69.17 60.65 5.26 39.40

2.20

58.45

5.26

.06

1.95 3.14

.07 .70

13.25 402.90

1.39

.06 1.95 3.23 2.20

20. 21.

III.

1. 2.

3. 4. 5. 6.

7. 8.

9. 10. 11.

1.83 .28 13.52

7.20 7.20

.76

.90 59.35

1.21

4.38

.07

1.15

4.71

14.72

4.38

.83

60.50

11.91

5.26 5.26

.12 2.32 2.32

4.97

1.62 4.96

1.83 14.96 378.07

1.97

.84

29.78

6.94

5.80

407.85

12. 13. 14. V.

TABLE Π Finance Sector Balance Sheets—1950 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total

m. Liabilities 1. Currency and demand deposits 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14.

Other bank deposits and shares Life insurance reserves, private Pension and retirement funds, private Pension and insurance funds, govt. Consumer debt Trade debt Loans on securities Bank loans, n.e.c. Other loans Mortgages Bonds and notes Other liabilities Total

IV. Equities

v. Total assets or liabilities and equities

Govt. Pen­ sion and Commer­ Mutual Insurance cial Savings Funds Banks Banks 1.99

.19

.82

31.18

.63

.82

31.18 .04

.63 .17

7.67

.06

.06 49.52 25.30 24.22

2.86 28.85

.07 .16 .10 .10 20.80 16.00 4.80

4.40 74.79

37.30 .70 36.60 1.74 .51 .04 .04

40.71

70.41

12.58 10.33 2.24 .96 62.03 22.20 1.47 38.36 8.12 3.90

.07 8.22 7.05 1.16 .04 10.87 .11 .58 10.18 .09 2.07

.15

.18

10.02 168.36

.12 22.52

118.30 36.96

20.01

40.71

.09 .09 3.66 74.07 .78

40.71

1.90 157.34 13.01

.14 20.15 2.56

74.85

40.71

170.35

22.71

Savings and Loan Associations

Life InvestInsurment ance Com- Credit Companies Unions panies

.29

Fire and Casualty Insurance Companies

2.30

.30

Noninsured Pension Plans

Other Private Finance Insur- ComOther ance panies Finance .06

5.19

.70

.18

.10

1.00

1.20

.27

.10

1.02

1.00

.70

.18

.10 .10

1.00

1.20

.27

.10

1.02

1.00

5.32 .61

.59

.20

.76 .01 .08 .08

13.66 13.38 .27

.34 .30 .04

1.49 .10 .50 .89

.20

.12

.20

.12

.25 .30 4.04

2.41 14.78 11.09 3.68 1.33 13.46 .56 .31 12.59 1.15 24.76 1.45 .65

.11 .04 .06

.05 .05

5.35 1.24 .57 3.54 1.06 .83 .68 2.76

2.30 .80 1.50 2.48 .27 .67

.10 .31 .14 .17 .03 .55

Total

1.44 .54 .54

.10 1.73 .72 .12 .10 .02 1.58 1.10

.03 .52 .37 .79 .06 .03

.48 .50 .34 .01 .28

87.72 25.30 62.42 .31

13.84 1.47 4.59 28.92 4.91 50.87 43.21 7.66 2.37 156.05 41.31 4.96 109.78 13.03 35.93 2.81 8.80

Π.

9. 10. 11. 12.

13.

14. 15. 16.

17. 18.

.67 16.72

.04 5.34

13.99

1.00

1.59 62.58

.19 12.94

.19 6.23

.04 2.38

8.91

.18 6.56

188.71 71.81 64.99 6.23 40.71

.85 62.67

17.44 429.06

2.32 6.23

19. 20. 21.

III.

1. 2.

3. 4. 5. 6.

.07 1.88

.07 2.02 4.29 3.19

1.77 5.67

2.25 16.86 401.13

2.02

.08 1.22

4.12 2.25

.33 15.62

.92

1.01 63.68

7.92 7.92

1.39

5.35

.08

1.20

5.32

17.01

5.35

1.00

64.88

13.24

6.23

.13 2.45

6.23

2.45

6.38

7. 8.

9. 10. 11. 12.

13. 14.

2.54

.90

33.12

IV.

8.91

6.57

434.25

V.

TABLE Π Finance Sector Balance Sheets—1951 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Govt. Pen­ sion and Commer­ Mutual Savings Insurance cial Funds Banks Banks 1.94

.17

.88

35.10

.70

.88

35.10 .04

.70 .19

7.84

.06

.06 49.68 25.25 24.43

2.56 33.58

.02 .18 .16 .16 23.82 13.40 10.40

4.05 77.57

40.90 .70 40.20 1.81 .75 .05 .05

44.78

73.49

13.58 11.14 2.44 1.00 61.52 15.80 1.49 44.23 9.20 3.77

.07 9.87 8.60 1.27 .05 9.82 .18 .58 9.06 .15 2.20

.14

.23

10.60 178.93

.17 23.51

126.15 38.69

20.89

44.78

.03 .08 3.34 76.83

44.78

.80 77.63

44.78

2.30 167.25

.15 21.04

13.62

2.64

180.87

23.68

Savings and Loan Associ­ ations

Life Insur­ Invest­ ance ment Com­ Credit Com­ panies Unions panies

.30

2.35

Fire and Casualty Insur­ Noninsured ance Pension Com­ Plans panies .32

Other Private Finance Insur­ Com­ Other ance panies Finance .01

.06

.80

.21

.15

1.10

1.24

.31

.11

1.14

.97

.80

.21

.15 .15

1.10

1.24 .01

.31

.11

1.14

.97

.64

.23

5.60 .65

.88 .02 .10 .10

15.56 15.25 .31

.33 .29 .04

1.60 .20 .50 .90

.20

.14

.20

.14

.30 .34 5.17 .82 19.01

.04 6.60

1.20

.11 .36 .17 .19 .04 .57

2.59 17.79 13.64 4.15 1.53 11.01 .65 .31 10.05 1.17 27.47 1.40 .82

.12 .05 .07

.10 .10

5.48 .87 .59 4.02 1.45 .88 .72 3.15

2.42

3.36 .36 1.03

.04 .53 .36 .85 .05 .04

1.77 66.65

.24 14.17

.22 7.80

.04 2.53

.77 1.65

1.71 .45 .45

5.19 92.39 25.25 67.14 .39

.30 .55 .38 .02 .34

14.37 1.66 4.25 33.60 5.56 58.56 50.08 8.49 2.62 158.78 32.10 4.98 121.70 14.69 39.96 2.94 10.97

.16 6.56

18.11 458.85

.13 1.69 .88 .15 .12 .02 1.30 1.00

9.55

Total I. Π.

1.

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

14. 15. 16. 17. 18. 19. 20. 21. III.

16.11

199.64 76.73 69.31 7.80 44.78

1.04 2.46

66.85 7.80 .06

1.94

.06 1.83 4.25 3.24

1.90 5.66

2.82 18.03 428.49

1.83

.09 1.22

4.13 2.82 1.10

1.08 67.93

1.54

6.61

.10

1.07

5.72

19.31

6.61

1.20

69.00

14.49

.35 17.77

8.77 8.77

7.80 7.80

.14 2.59 2.59

6.95 2.60

.90

9.55

6.56

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

35.55 IV. 464.04

V.

TABLE Π Finance Sector Balance Sheets—1952 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Govt. Pen­ sion and Commer­ Mutual Insurance cial Savings Funds Banks Banks

.07 50.83 25.72 25.11

2.04

.20

.77

35.04

.70

.77

35.04 .04

.70 .22

9.73

.07

3.16 36.46

.16 .19 .20 .20 24.72 14.80 9.92

4.41 80.12

44.82 .80 44.02 1.94 1.09 .06 .06

49.13

75.44

14.66 12.06 2.59 1.05 63.32 19.20 1.51 42.61 10.19 3.55

.07 11.33 9.88 1.44 .05 9.42 .26 .59 8.57 .32 2.57

.15

.34

10.72 188.07

.17 25.26

131.18 41.76

22.59

49.13

.19 .05 3.88 79.32

49.13

2.54 175.72 14.39

2.71

49.13

190.11

25.46

.87 80.19

.16 22.75

Savings and Loan Associ­ ations

Life Insur­ Invest­ ance ment Com­ Credit Com­ panies Unions panies

.39

2.72

Fire and Casualty Insur­ Noninsured ance Pension Com­ panies Plans .34

Other Private Finance Insur­ Com­ Other ance Finance panies .07

.01

.87

.20

.15

1.15

1.32

.28

.12

1.17

.93

.87

.20

.15 .24

1.15

1.32 .02

.28

.12

1.17

.93

.30

.84

7.06 .72

.95 .03 .12 .12

18.40 18.03 .37

.34 .30 .04

1.79 .20 .50 1.09

.19

.14

.19

.14

.40 .29 6.29 1.03 22.39

.04 7.76

1.52

2.71 19.55 15.04 4.50 1.70 10.25 .54 .32 9.39 1.15 30.57 1.49 .96

.12 .05 .07

.13 .13

5.82 1.01 .60 4.21 1.87 1.04 .80 3.52

2.42

1.95 71.48

.28 15.74

.78 1.64

.11 .40 .19 .21 .06 .60

4.42 .41 1.55

.12 .48 .36 .92 .05 .04

.30 9.52

.04 2.70

1.84 .60 .60

5.83 93.53 25.72 67.81 .52

.17 .40 .45 .02 .39

18.00 1.81 4.95 36.62 5.89 66.00 56.74 9.26 2.87 165.16 37.51 5.22 122.43 16.23 45.01 3.12 13.30

.17 7.05

19.11 492.12

.14 1.79 .94 .15 .12 .03 1.67 1.50

11.39

Total I. Π. 1. 2. Ol). 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

14. 15. 16. 17. 18. 19. 20. 21. III.

19.20

206.62 84.86 74.47 9.52 49.13

1.31 71.85

2.62 9.52

.10 1.79

.10 2.31 5.16 3.21

2.04 6.15

3.36 20.15 458.89

2.31 .08 1.37

4.89 3.36

.36 21.01

1.41

1.16 73.01

9.85 9.85

1.77

7.76

.11

1.19

6.23

22.78

7.76

1.52

74.20

16.08

9.52 9.52

.16 2.78 2.78

8.25

1. 2. 3. 4. 5. a 0. 7. 8. 9. 10. 11. 12. 13. 14.

3.15

.91

39.06

IV.

11.39

7.06

497.95

V.

TABLE Π Finance Sector Balance Sheets—1953 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds Tangible assets Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total

Govt. Pension and Coninier- Mutual Insurance cial Savings Funds Banks Banks 2.22

.22

.73

35.28

.74

.73

35.28 .04

.74 .24

11.33

.08

.07 49.15 24.56 24.59

3.56 36.97

.03 .21 .23 .23 25.94 17.00 8.94

4.38 79.50

47.51 .80 46.71 2.18 1.49 .08 .08

52.51

74.73

15.62 12.80 2.81 1.08 63.43 28.20 1.49 33.74 10.82 3.43

.08 12.89 11.33 1.56 .05 9.18 .48 .56 8.14 .41 2.86

.15

.43

10.73 192.44

.20 27.16

131.54 45.16

24.36

52.51

.06 .04

52.51

Equities

3.94 78.67 .90

2.65 179.45 15.21

.21 24.57 2.81

Total assets or liabilities and equities

79.57

52.51

194.66

27.38

Savings and Loan Associ­ ations

Life Insur­ Invest­ ance ment Com­ Credit Com­ panies Unions panies

.46

2.91

Fire and Casualty Insur­ ance Com­ panies

Noninsured Pension Plans

.37

Other Private Finance Insur­ Com­ Other Finance ance panies .01

.08

Total 6.36

I. II.

.92

.24

.17

1.22

1.37

.33

.16

1.19

.86

.92

.24

.17 .30

1.22

1.37 .02

.33

.16

1.19

.86

.35

1.12

8.62 .78

1.00 .03 .15 .15

21.96 21.52 .44

.36 .31 .05

1.92 .20 .50 1.22

.19

.13

.19

.13

.41 .46 6.47 1.26 26.41

.04 8.16

1.90

2.91 21.44 16.56 4.88 1.89 9.83 .47 .30 9.06 1.30 33.28 1.53 1.04

.14 .06 .08

.17 .17

6.03 1.43 .58 4.02 2.62 1.16 .85 3.61

2.58

2.07 76.51

.34 17.14

.76 1.83

.12 .44 .21 .23 .06 .61

5.49 .48 1.96

.07 .54 .37 .99 .05 .04

.41 11.42

.05 2.89

1.92 .62 .62

.16 .65 .36 .02 .33

21.50 1.97 5.75 37.00 6.12 74.16 64.08 10.08 3.08 169.01 49.28 5.05 114.68 18.35 49.47 3.47 14.11

.19 7.46

19.67 516.62

.19 2.19 .85 .15 .12 .03 1.66 1.50

13.14

92.36 24.56 67.80 .60

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

14. 15. 16. 17. 18. 19. 20. 21. III.

22.85

206.27 94.01 79.64 11.42 52.51

1.64 76.84

2.80 11.42

1.70

.12 2.61 5.02 3.25 4.94 21.72 481.51

.12 2.61 .08 1.51

4.88 4.94

.39 24.83

1.76

1.26 78.10

10.95 10.95

2.04

8.18

.14

1.32

6.56

26.87

8.18

1.90

79.42

17.51

11.42 11.42

.17 2.97 2.97

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

9.82

2.15 6.46

3.32

1.01

41.47

IV.

13.14

7.48

522.98

V.

TABLE Π Finance Sector Balance Sheets—1954 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total

Govt. Pen­ sion and Commer­ Mutual Savings Insurance cial Funds Banks Banks

.07 48.63 24.29 24.34

2.40

.25

1.05

34.05

.76

1.05

34.05 .04

.76 .27

11.36

.08

4.45 37.46

.01

.14 .23 .30 .30

68.98 17.60 1.50 49.88 12.59 3.29

.09 14.95 13.21 1.74 .06 8.75 .16 .55 8.04 .60 2.95

.15

.57

10.99 201.78

.21 29.30

135.79 48.97

26.30

17.26 14.03 3.23 1.16

24.95 19.40 5.55

4.10 77.82

48.95 .80 48.15 2.49 1.98 .10 .10

55.20

in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total

3.80 76.98

55.20

2.99 187.80

.28 26.58

IV. Equities V. Total assets or liabilities and equities

.91 77.89

55.20

16.38 204.18

2.97 29.55

73.18

55.20

.03 .02

Savings and Loan Associ­ ations

Life Insur­ Invest­ ance ment Com­ Credit Com­ panies Unions panies

.56

3.34

Fire and Casualty Other Insur­ Noninsured Private Finance ance Other Com­ Pension Insur­ Com­ ance Finance panies Plans panies .42

.09

.01

1.18

.24

.22

1.24

1.32

.33

.17

1.24

.99

1.18

.24

.22 .37

1.24

1.32 .02

.33

.17

1.24

.99

Total 7.14 91.42 24.29 67.13 .70

I. Π. 1.

2. Q •J.

.40

1.34

9.06 .88

1.06 .03 .18 .18

26.11 25.59 .52

.35 .31 .04

2.02 .20 .50 1.32

.19

.13

.19

.13

.55 .54 9.74 1.53 31.24

.04 11.66

2.27

3.13 23.93 18.56. 5.37 2.05 9.07 .55 .29 8.23 1.85 35.38 1.73 1.54

.14 .06 .09

.20 .20

6.14 .90 .57 4.67 3.40 1.19 .90 5.04

2.59

2.27 82.19

.39 19.60

.13 .49 .23 .27 .06 .65

6.70 .53 3.46

.10 .55 .39 1.05 .05 .06

.52 14.34

.05 3.10

.83 1.76

1.67 .84 .84

.04 .52 .68 .03 .59

22.24 2.12 7.61 37.60 6.22 84.92 73.62 11.30 3.32 174.26 40.61 5.14 128.51 21.84 53.77 3.88 21.25

.19 9.28

20.29 551.44

.18 3.15 .94 .15 .12 .03 1.84 1.80

13.71

4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

14. 15. 16. 17. 18. 19. 20. 21. III.

27.25

208.97 104.50 85.68 14.34 55.20

1.98 82.68

3.00 14.34

.13 2.25

.13 3.28 5.02 3.93 5.13 23.16 509.34

3.28 .08 1.66

4.91 5.13

.45 29.44

2.11

1.34 84.02

11.64 11.64

2.36

11.66

.16

1.51

8.38

31.80

11.66

2.27

85.53

20.02

1.

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

14.34

.19 3.20

10.04

2.47 8.00

3.67

1.29

49.24

IV.

14.34

3.20

13.71

9.29

558.58

V.

TABLE Π Finance Sector Balance Sheets—1955 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Govt. Pen­ sion and Commer­ Mutual Savings Insurance cial Funds Banks Banks 2.73

.26

.83

34.28

.74

.83

34.28 .04

.74 .22

13.72

.10

5.04 44.30

.02

.09 48.68 24.24 24.44

.14 .26 .34 .34 24.80 20.70 4.10

5.67 79.29

51.35 .80 50.55 2.83 2.57 .13 .13

58.44

73.74

19.52 15.74 3.78 1.29 61.59 9.00 1.48 51.11 12.70 3.53

.09 17.40 15.57 1.83 .06 8.46 .26 .52 7.68 .64 2.69

.16

.66

13.96 210.13

.23 31.31

141.95 50.30

28.13

58.44

.16 .01 4.67 78.41 .97

58.44

3.01 195.43 17.43

.33 28.46 3.11

79.38

58.44

212.86

31.57

Savings and Loan Associ­ ations

Life Insur­ Invest­ ment ance Com­ Credit Com­ panies Unions panies 3.77

.70

Fire and Casualty Insur­ Noninsured ance Com­ Pension panies Plans

Other Private Finance Insur­ Com­ Other Finance ance panies .02

.10

.48

Total 8.11

I. Π.

1.37

.24

.23

1.26

1.35

.39

.17

1.50

1.00

1.37

.24

.23 .44

1.26

1.35 .02

.39

.17

1.50

1.00

.48

1.68

.05 .21 .21

31.41 30.78 .63

.34 .30 .04

2.34 .30 .53 1.51

.33

.13

.33

.13

.73 .65 12.10 1.57 37.17

.07 14.46

2.74

92.04 24.24 67.80 .72

1. 2. 3

11.89 1.13

1.15 3.29 27.17 21.21 5.96 2.27 8.58 .41 .27 7.90 2.04 37.13 1.74 1.89

.15 .06 .10

.24 .24

6.00 .49 .56 4.95 4.19 1.18 .90 6.02

2.89

2.48 87.85

.43 21.39

.85 2.04

.14 .57 .26 .32 .06 .72

7.61 .58 5.07

.09 .63 .44 1.07 .05 .06

.58 17.35

.06 3.34

2.64 1.37 1.37

18.52

.06 .57 .64 .03 .60

27.87 2.51 8.69 44.44 7.50 98.92 86.23 12.70 3.69 168.55 32.46 5.10 130.99 23.41 57.15 4.08 26.69

.21 9.51

25.26 591.51

.23 3.63 1.03 .19 .15 .04 .01 1.36 1.30

4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

14. 15. 16. 17. 18. 19. 20. 21. III.

32.14

2.38

215.69 112.95 91.65 17.35 58.44

3.23

88.42

17.35

2.06

.15 3.60 7.77 4.41 6.76 25.27 544.04

.15 3.60 7.48

.13 2.34

6.76 .48 35.09

2.53

1.48 89.90

12.42 12.42

2.78

14.46

.21

1.72

9.45

37.87

14.46

2.74

91.62

21.87

17.35

.21 3.44

14.24

2.67 8.33

4.28

1.20

17.35

3.44

18.52

9.53

1. 2. 3. 4. 5. βD. 7. 8. 9. 10. 11. 12. 13. 14.

55.58 IV. 599.62

V.

TABLE Π Finance Sector Balance Sheets—1956

(billion dollars) Federal Reserve Banks & Govt. Pen­ Treasury sion and Commer­ Mutual Monetary Insurance cial Savings Funds Funds Banks Banks I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

.10 49.16 24.55 24.61

3.02

.29

.97

35.64

.76

.97

35.64 .04

.76 .16

15.17

.13

4.28 49.90

.02

21.18 16.85 4.33 1.33 58.55 13.80 1.09 43.66 12.90 2.89

.10 19.69 17.70 1.98 .06 7.97 .24 .45 7.28 .67 2.82

.16

.70

14.90 216.94

.25 33.33

145.15 52.37

30.00

.12 .29 .43 .43 25.02 22.10 2.92

5.88 80.18

53.60 .70 52.90 3.23 3.20 .15 .15

62.02

74.52

62.02

.08

4.72 79.24

62.02

3.56 201.16

.36 30.36

1.04 80.28

62.02

18.80 219.96

3.26 33.62

Savings and Loan Associ­ ations

Life Insur­ Invest­ ment ance Com­ Credit Com­ panies Unions panies 4.09

.86

Fire and Casualty Other Insur­ Nonance insured Private Finance Other Com­ Pension Insur­ Com­ panies ance panies Finance Plans .53

.02

.10

Total 8.98

I. II.

1.44

.27

1.44

.27

.26

1.28

1.28

.38

.16

1.52

1.12

.26

1.28

1.28 .02

.38

.16

1.52

1.12 .01

.55

.56

13.02 1.31

2.01

1.29 .04 .27 .27

35.73 35.01 .72

.33 .29 .04

2.78

.35

.14

.35

.14

.20

.40 2.18

.84 .73 12.63 1.77 42.28

.05 15.20

3.27

3.52 30.51 23.74 6.76 2.48 7.56 .28 .23 7.05 2.27 39.28 1.55 1.95 2.79 93.19

.16 .16

.06 .10

.34 .34

.64 .27 .37

2.55 1.27 1.27

.06

5.67 .75 .49 4.43 4.82

2.69 .70 1.99

6.40

9.20 .64 5.95

.47 22.14

20.02

1.21 .82

.82

.75

0 .46 .46 .02 .39

30.89 2.93 8.01 50.02 7.76 110.75 96.40 14.36 3.94 166.53 38.82 4.17 123.54 24.79 61.03 3.95 28.39

.25 9.49

27.25 621.25

.33 3.71 1.10 .20 .16 .05 .01 1.45 1.45

.11

.64 .44 1.13 .04 .06

.07 3.51

19.67

94.24 24.55 69.69 .77

1.

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

14. 15. 16. 17. 18. 19. 20. 21. III.

37.15

219.67 122.36 97.10 20.02 62.02

2.84 93.71

3.39 20.02

2.09

.18 2.98 7.14 4.22 7.95 27.33 570.97

.18

2.98 6.94

.12

2.13 7.95 3.02

1.67 95.38

3.23

15.22

.25

1.90

9.59

43.14

15.22

3.27

97.28

22.67

.51 39.91

13.08 13.08

1.

2. 3. 4. 5. CD.

7. 8. 9. 10. 11. 12. 13. 14.

20.02

3.61

14.89

3.21 8.28

4.78

1.23

59.26

IV.

20.02

3.61

19.67

9.52

630.23

V.

.22

TABLE Π Finance Sector Balance Sheets—1957 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total

Govt. Pen­ sion and Commer­ Mutual Insurance cial Savings Funds Banks Banks

.11 50.89 25.28 25.61

3.33

.31

1.21

35.49

.76

1.21

35.49 .04

.76 .12

16.38

.13

4.22 51.96

.01

21.75 17.00 4.76 1.36 58.24 15.70 .62 41.92 13.92 3.49

.13 21.11 19.01 2.10 .06 7.55 .45 .30 6.80 .68 3.56

.18

.77

15.11 222.14

.28 35.16

143.50 57.82

31.66

.12 .32 .45 .45 24.26 21.40 2.86

5.92 81.19

54.67 .60 54.07 3.68 4.16 .19 .19

64.87

in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total rv. Equities V. Total assets or liabilities and equities

75.43

64.87

.08 .01 4.79 80.22 1.08

64.87

3.93 205.34 20.13

.44 32.10 3.37

81.30

64.87

225.47

35.47

Savings and Loan Associ­ ations

Life Insur­ Invest­ ance ment Com­ Credit Com­ panies Unions panies 4.46

1.03

Fire and Casualty Insur­ ance Com­ panies

Noninsured Pension Plans

.57

Other Private Finance Other Insur­ Com­ Finance panies ance .02

.11

1.49

.30

.29

1.29

1.27

.44

.15

1.59

1.14

1.49

.30

.29 .63

1.29

1.27 .02

.44

.15

1.59

1.14

.64

13.84 1.46

2.43 1.44 .06 .27 .27

40.01 39.21 .80

.31 .27 .04

3.17 .50 .32 2.35

.35

.13

.35

.13

.98 .62 11.89 2.11 47.42

.06 14.51

3.81

3.87 32.65 24.99 7.66 2.58 7.03 .25 .13 6.65 2.38 41.95 1.52 1.87

.16 .05 .11

.52 .52

5.46 1.18 .32 3.96 5.44 1.39 .84 5.83

2.42

10.93 .68 6.36

.12 .62 .42 1.16 .04 .06

3.05 98.19

.55 22.40

.93 22.28

.08 3.53

.36 2.05

.16 .66 .26 .40 .06 .74

3.16 .94 .94

20.99

Total 9.94 96.31 25.28 71.03 .81

0 .60 .73 .03 .63

33.42 3.27 7.65 52.08 9.07 119.05 103.12 15.93 4.07 165.59 41.05 2.77 121.77 27.12 68.35 3.92 27.78

.29 10.39

28.38 646.87

.37 3.42 1.37 .22 .16 .06 .01 1.57 1.57

I. II. 1. 2. O O. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

14. 15. 16. 17. 18. 19. 20. 21. III.

41.91

218.93 134.69 102.20 22.28 64.87

3.30 98.79

3.41 22.28

.19 2.39

.19 3.08 6.77 4.53

3.47 8.94

9.08 29.47 596.09

3.08 .11 2.13

6.58 9.08

.63 44.78

3.49

1.84 100.63

14.13 14.13

3.67

14.51

.32

2.02

8.84

48.45

14.51

3.81

102.65

22.97

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

22.28

.24 3.64

15.66 5.33

1.47

60.72

IV.

22.28

3.64

20.99

10.41

656.81

V.

TABLE Π Finance Sector Balance Sheets—1958 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

Govt. Pen­ sion and Commer­ Mutual Insurance cial Savings Funds Banks Banks 3.47

.32

1.34

35.13

.76

1.34

35.13 .08

.76 .16

16.56

.14

4.66 53.69

.01

.12 46.76 23.06 23.70

.11 .36 .40 .40 26.44 21.00 5.44

5.78 79.09

23.79 18.41 5.38 1.46 66.18 16.60 .59 48.99 16.50 3.52

.17 23.21 20.94 2.27 .05 7.26 .30 .22 6.74 .73 4.11

.19

.86

16.07 237.83

.30 37.76

150.15 65.86

34.01

.07

.01

66.10

3.88 219.96

.53 34.55

66.10

21.34 241.30

3.53 38.08

54.05 .50 53.55 4.14 5.31 .25 .25

66.10

73.03

66.10

5.06 78.09 1.12

79.21

Savings and Loan Associ­ ations

Life Insur­ Invest­ ance ment Com­ Credit Com­ panies Unions panies

1.15

Fire and Casualty NonInsur­ insured ance Pension Com­ panies Plans

4.54

.62

Other Private Finance Insur­ Com­ Other panies Finance ance .12

Total

.03

10.34 92.59 23.06 69.53 1.08

π. 1.76

.30

.33

1.37

1.33

.47

.17

1.70

1.17

1.76

.30

.33 .82

1.37

1.33 .02

.47

.17

1.70

1.17 .01

13.13 1.70

2.66

.70

1.58 .06 .35 .35

45.63 44.72 .91

.28 .24 .04

3.82 .30 .32 3.20

.49

.13

.49

.13

1.22 .93 17.15

4.19 34.40 25.92 8.47 2.67 7.18 .52 .10 6.56 2.68 44.37 1.56 2.55

.16 .05 .11

.65 .65

5.40 1.10 .25 4.05 6.15 1.48 .83 7.51

2.45 .35 2.10 12.44 .73 10.07

.17 .70 .27 .43 .07 .80

2.83 1.40 1.40

.10 .70 .43 1.24 .04 .08

.36 4.56 1.64 .26 .18 .08 .01 1.81 1.81 0 .60 .61 .02 .44

33.19 3.64 9.23 53.80 9.42 131.22 113.52 17.70 4.26 176.01 41.63 2.43 131.95 31.23 74.30 4.36 39.10

2.

3. 4. 5. 6.

7. 8. 9. 10. 11. 12.

13.

14. 15. 16.

17. 18.

19. 2.38 54.29

.07 20.45

4.35

3.25 104.22

.55 25.01

.98 27.80

.08 3.78

20.75

.32 11.82

29.78 693.21

20. 21.

III. 47.98

3.77 3.64

104.87 27.80

223.18 151.62 108.51 27.80 66.10

1.

.21 3.42 5.69 5.55

7.

2.

3. 4. 5. 6.

.21 3.42 5.46

.15 2.44

3.11 9.09 3.98

1.97 106.84

14.97 14.97

20.45

.37

1.92

10.66

20.45

4.35

108.76

25.63

.73 51.30 4.14 55.44

3.80 10.33

9.09 31.20 632.37

27.80

.26 3.90

14.56 6.20

1.52

71.18

27.80

3.90

20.75

11.84

703.55

8.

9. 10. 11. 12.

13. 14.

SECTION III Sector Balance Sheets, 1945-58 and Selected Earlier Years (Some tables have been extended through 1959.)

TABLE III-I Nonfarm Households, 1945-58 (billion dollars)

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total in. Liabilities 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 14. Total IV. Equities V. Total assets or liabilities and equities

1945

1946

1947

1948

123.72 6.97 28.33 .13 40.98 200.13

145.28 9.26 32.38 .18 52.81 239.91

177.58 11.54 39.41 .25 65.00 293.78

192.31 12.49 43.87 .35 75.41 324.43

49.89 .84 49.05 52.80 41.07 2.68 25.35 1.00 9.64 6.23 3.42 1.92 59.69 .51 40.42 18.76 11.92 9.29 8.15 103.47 2.28 42.13 1.33 422.61

54.04 .89 53.15 59.18 44.58 3.25 28.82 1.16 11.00 7.11 3.89 2.04 59.20 .67 41.62 16.91 11.76 7.92 8.15 92.27 2.66 51.45 1.32 438.80

53.73 .92 52.81 62.81 47.87 3.90 32.61 1.20 12.21 7.78 4.43 2.11 61.02 .25 43.43 17.34 12.17 7.23 8.46 90.20 2.87 59.20 1.33 458.92

51.67 .95 50.72 64.99 51.39 4.55 36.10 1.07 13.21 8.38 4.84 2.23 60.79 2.36 45.05 13.38 13.16 6.95 8.74 90.41 3.33 65.24 1.32 475.15

5.36 .52 3.34 .88 1.97 18.45 30.52

8.01 .59 1.86 .59 1.90 22.71 35.66

11.20 .68 1.80 .34 1.95 27.64 43.61

14.00 .76 1.68 .44 2.08 32.78 51.74

592.22

643.05

709.09

747.84

622.74

678.71

752.70

799.58

Line

I-I through 1-7

From line 1 of Tables IV-a-1 through IV-a-7 respectively.

II-I through H-17 18 19 20

Line 1 of Tables IV-b-1 through IV-b-17. Sum of line IV of Tables III-5d, III-5e, and III—5g. Sum of line IV of Tables III—2 and IH-5m-l Table Ill-la, line Π-20.

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

189.39 12.44 43.28 .48 80.69 326.28

220.58 13.94 48.91 .65 98.91 382.99

236.14 15.15 52.42 .83 108.85 413.39

249.61 16.47 56.78 .97 113.97 437.80

259.88 17.55 59.87 1.10 120.57 458.97

270.18 18.77 64.24 1.27 124.82 479.28

294.13 20.40 70.82 1.47 136.92 523.74

315.54 22.26 77.89 1.69 149.43 566.81

330.28 24.25 85.58 1.90 159.61 601.60

346.81 26.26 92.16 2.07 164.73 632.03

49.36 .95 48.41 67.47 55.21 5.26 38.59 1.23 13.80 8.60 5.20 2.31 61.76 3.33 46.35 12.08 13.77 6.32 8.75 101.09 3.71 65.17 1.31 495.11

51.26 1.01 50.25 69.56 59.23 6.23 40.15 1.78 14.16 8.69 5.47 2.53 61.43 2.15 46.80 12.48 14.15 6.35 8.69 125.38 4.03 71.76 1.08 537.77

54.33 1.06 53.27 73.76 63.22 7.80 44.26 1.74 14.66 8.91 5.74 2.78 59.98 .54 46.25 13.19 14.46 6.42 9.14 142.96 4.28 78.94 .85 579.58

56.22 1.14 55.08 81.11 68.00 9.52 48.62 1.63 15.22 9.20 6.02 3.03 60.21 1.29 46.40 12.52 15.62 6.27 9.42 154.00 4.59 80.29 .62 614.37

57.13 1.20 55.93 88.99 72.80 11.42 52.04 1.68 15.97 9.60 6.37 3.22 60.40 2.31 46.36 11.73 17.23 6.39 9.45 151.93 4.99 82.52 .61 636.77

59.33 1.21 58.12 97.82 78.41 14.34 54.75 2.42 16.96 10.03 6.94 3.40 58.87 1.66 46.45 10.76 17.89 5.42 9.44 211.34 5.49 82.72 .61 719.21

58.58 1.27 57.31 106.24 83.96 17.35 57.99 2.30 17.96 10.41 7.56 3.62 60.63 .65 46.48 13.50 19.57 7.33 9.30 260.63 6.10 86.15 .61 798.32

59.54 1.33 58.21 115.38 89.05 20.02 61.57 2.26 19.46 11.16 8.29 3.96 61.74 2.15 46.19 13.40 21.25 8.99 9.90 273.23 6.74 91.65 .62 845.36

58.52 1.50 57.02 126.80 93.80 22.28 64.43 2.32 20.88 11.98 8.90 4.20 60.60 4.53 43.92 12.15 23.37 10.84 10.33 245.79 7.36 97.17 .62 849.31

61.36 1.62 59.74 140.56 99.70 27.80 65.67 3.10 22.72 12.79 9.93 4.54 58.57 3.16 43.02 12.39 24.79 11.12 10.37 332.62 8.04 98.24 .62 969.82

16.95 .80 2.00 .44 2.27 37.04 59.50

20.94 .90 2.78 .71 2.45 44.31 72.09

22.29 .90 2.63 .70 2.65 51.08 80.25

26.99 1.14 2.84 .64 2.77 57.81 92.19

30.92 1.20 3.36 .56 2.98 65.46 104.48

31.93 1.30 4.64 .68 3.22 74.83 116.60

38.19 1.42 5.39 1.36 3.40 87.36 137.12

41.89 1.59 5.34 1.49 3.67 98.37 152.35

44.75 1.73 4.88 1.70 4.02 107.06 164.14

44.77 6. 1.83 7. 6.20 8. 2.12 9. 4.37 10. 117.05 11. 176.34 14.

761.89

848.67

912.72

959.98

821.39

920.76

992.97 1052.17 1095.74 1198.49 1322.06 1412.17 1450.91 1601.85 V.

I. 1.

2. 3. 4. 5. 7. Π. 1.

2. 3. 4. 5. 10. 11. 12. 13.

14. 15. 16. 17. 18. 19. 20. 21. in.

991.26 1081.89 1184.94 1259.82 1286.77 1425.51 IV.

Line Π-21

III—6 through III-Il 14 IV

Sum of lines II-I through 11-20.

Line 1 of Tables IV-c-6 through IV-c-11. Sum of lines III-6 through III-ll. Line V minus line 111-14. Sum of lines 1-7 and 11-21.

TABLE ΠΙ-la Personal Trust Funds, Including Common Trust Funds, 1945-59 (billion dollars)

I. Tangible assets 7. Total II. Intangible assets 1. Currency and demand deposits 11. Mortgages, nonfarm 13. Securities, U.S. government 14. Securities, state and local 15. Securities, otherbonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total in. Liabilities IV. Equities V. Total assets or liabilities and equities

1945

1946

1947

1948

1949

.88

.82

.76

.71

.66

.50 .89 8.15 2.95 2.39 1.68 10.18 1.33 28.07

.51 .83 8.61 3.03 2.47 1.68 9.47 1.32 27.92

.53 .77 9.07 3.11 2.54 1.67 9.63 1.33 28.65

.54 .71 9.52 3.19 2.61 1.67 10.02 1.32 29.58

.55 .66 9.98 3.27 2.68 1.66 11.67 1.31 31.78

28.95

28.74

29.41

30.29

32.44

28.95

28.74

29.41

30.29

32.44

Sum of Tables III-Ib and III-Ic.

TABLE ΙΠ-lb Personal Trust Funds Other Than Common Trust Funds, 1945-59 (billion dollars) 1945

1946

1947

1948

1949

.88

.82

.76

.71

.66

.50 .88 8.10 2.95 2.36 1.65 10.14 1.33 27.91

.51 .83 8.53 3.03 2.42 1.63 9.40 1.32 27.67

.52 .77 8.96 3.11 2.49 1.61 9.54 1.33 28.33

.54 .71 9.39 3.19 2.55 1.59 9.90 1.32 29.19

.55 .66 9.82 3.27 2.62 1.57 11.52 1.31 31.32

Liabilities Equities

28.79

28.49

29.09

29.90

31.98

Total assets or liabilities and equities

28.79

28.49

29.09

29.90

31.98

Tangible assets 7. Total Intangible assets 1. Currency and demand deposits 11. Mortgages, nonfarm 13. Securities, U.S. government 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total

1957-59: The estimates for mid-1959 and mid-1958 contained in the Report of National Survey of Trust Accounts !(American Bankers Association, mimeo., 1958 and 1959) were used as a benchmark. Assets as of December 31, 1957 and December 31, 1959 were estimated by assuming that all types, other than common stock and participation in common trust funds, were at the same level as on June 30, 1958 and June 30, 1959 and that holdings of common stock varied only with stock prices, represented by Standard and Poor's combined index (500 stocks). Assets as of end-of-year 1958 were derived by straight-lme interpolation of figures m the mid-1958 and mid-1959 ABA reports, except common stock which was interpolated via Standard and Poor's combined index. Participation in common trust funds was subtracted out and estimated separ­ ately as indicated below. Real estate was separated from all other assets using the 1955 ratio in Raymond W. Goldsmith and Eli Shapiro, "An Estimate of Bank-Admmistered Personal Trust Funds," The Journal of Finance, March 1959. 1956: Assets for 1956 were estimated by interpolating between 1955 and 1957. Common stock was interpolated via the common stock price mdex; all other assets were interpolated on a straight line.

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

.87

1.09

1.30

1.29

1.28

1.26

1.27

1.28

1.29

1.30

7. II.

.60 .67 8.64 3.95 2.28 1.64 14.52 1.08 33.38

.65 .70 7.29 4.61 1.87 1.61 16.73 .85 34.32

.70 .72 5.93 5.27 1.52 1.60 18.26 .62 34.62

.59 .82 5.10 5.41 2.37 1.55 17.83 .61 34.29

.42 .94 5.00 6.13 2.94 1.87 24.49 .61 42.41

.98 1.00 5.18 6.65 2.94 1.82 29.42 .61 48.61

.70 .86 3.97 7.25 2.88 1.66 31.63 .62 49.57

.39 .70 2.72 7.83 2.86 1.49 28.15 .62 44.76

.45 .73 2.70 7.84 3.11 1.50 37.11 .62 54.06

.49 .78 2.76 7.83 3.30 1.48 39.68 .63 56.95

34.25

35.41

35.92

35.58

43.69

49.87

50.84

46.04

55.35

ΠΙ. 58.25 IV.

34.25

35.41

35.92

35.58

43.69

49.87

50.84

46.04

55.35

58.25 V.

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

.87

1.09

1.30

1.29

1.28

1.26

1.27

1.28

1.29

1.30

.60 .67 8.41 3.94 2.21 1.54 14.30 1.08 32.75

.64 .69 7.00 4.60 1.80 1.50 16.42 .85 33.50

.69 .71 5.59 5.26 1.39 1.47 17.85 .62 33.58

.58 .81 4.77 5.40 2.15 1.39 17.29 .61 33.00

.41 .93 4.68 6.10 2.65 1.68 23.74 .61 40.80

.97 .98 4.86 6.62 2.58 1.61 28.51 .61 46.74

.68 .83 3.69 7.21 2.46 1.45 30.65 .62 47.59

.38 .67 2.51 7.79 2.33 1.29 27.21 .62 42.80

.43 .70 2.53 7.79 2.46 1.28 35.82 .62 51.63

.47 .74 2.55 7.79 2.59 1.27 38.24 .63 54.28

33.62

34.59

34.8

34.29

42.08

48.00

48.86

44.08

52.92

ΠΙ. 55.58 IV.

33.62

34.59

34.8

34.29

42.08

48.00

48.86

44.08

52.92

55.58

1.

11. 13. 14. 15. 16. 17. 20. 21.

1.

11. 13. 14. 15. 16. 17. 20. 21.

V.

1952-55: A December 31, 1955 total, comparable to those for 1957 and 1958, was derived by adjusting common stock holdings by the stock price index and bond holdings by Standard and Poor's Treasury, domestic municipal, and industrial bond price indexes, assuming other assets the same as 1958, and then rounding the resulting figure of $48.2 billion down to $48.0 billion to allow for some net increase m these funds. Assets for 1952 through 1955 were estimated on the basis of the figures in Goldsmith and Shapiro, in The Journal of Finance. These Goldsmith and Shapiro estimates were first cor­ rected for the apparent overstatement of cash holdings in the Federal Reserve Board figures which they had used. (The corrected cash holdings, estimated in the same manner as other assets, were $1.05 billion in 1952, $.88 billion in 1953, $.62 billion in 1954, and $1.48 billion in 1955.) Then all assets were scaled down by the ratio of the 1955 total derived from the ABA survey to the corrected Goldsmith-Shapiro total. (Notes continued on page 123)

TABLE ΠΙ-lc Common Trust Funds, 1945-59 (billion dollars) 1945

1946

1947

1948

1949

a a

a a

a a

a a

a a

.05

.08

.11

.13

.16

.03 .03 .04 0 .16

.05 .05 .07 0 .26

.05 .06 .09 0 .33

.06 .08 .12 0 .39

.06 .09 .15

.16

.26

.33

.39

.47

.16

.26

.33

.39

.47

I. Tangible assets II. Intangible assets 1. Currency and demand deposits 11. Mortgages, nonfarm 13. Securities, U.S. government 14. Securities, state and local 15, Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total III. Liabilities IV. Equities V. Total assets or liabilities and equities

a

a

a

a

a

a

.47

1955-59: Data taken from Federal Reserve Board surveys of common trust funds, Federal Reserve Bulletin, June 1957, May 1958, May 1959, and May 1960. 1954: Asset estimates reported in the Federal Reserve Bulletin, August 1956, were raised by the 1955 ratio to adjust for the omission of funds operating less than twelve months and those in U.S. possessions. The FRB figure for "other investments" was split between savings accounts and mortgages in the same proportion as m 1955. 1945-53: Figures for 1954 were extrapolated back to 1945 using published and unpublished data from Trusts and Estates (see Morris Mendelson, The Flow-of-Funds Through the Financial Markets, 1953-1955, NBER Working Memorandum, 1959, pp. 1-238 to 1-239 for a description of the NBER estimates). The 1954 figure for corporate bonds was extrapolated back by NBER corporate bond estimates. The 1954 figures for other bonds and notes and state and local securities were extrapolated back by NBER estimates for "other bonds/' and those for mortgages and savings accounts by NBER estimates for "mortgages and miscellaneous.'' a

Less than $5 million.

1950

1951

1952

1953

1954

1955

a a .23 .01 .07 .10 .22 a .63

.01 .01 .29 a .09 .11 .31 a .82

.01 .01 .34 .01 .13 .13 .41 a 1.04

.01 .01 .33 .01 .22 .16 .54 a 1.29

.01 .01 .32 .03 .29 .19 .75 a 1.61

.01 .02 .32 .03 .36 .21 .91 a 1.87

.63

.82

1.04

1.29

1.61

.63

.82

1.04

1.29

1.61

1956

1957

1958

1959

.02 .03 .28 .04 .42 .21 .98 a 1.97

.01 .03 .21 .04 .53 .20 .94 a 1.96

.02 .03 .17 .05 .65 .22 1.29 a 2.43

.02 .04 .21 .04 .71 .21 1.44 a 2.67

1.87

1.97

1.96

2.43

ni. 2.67 IV.

1.87

1.97

1.96

2.43

2.67

Π. 1. 11. 13. 14. 15. 16. 17. 20. 21.

V.

Notes to Table III-Ib {concluded) 1945-51: For 1945 and 1949, Raymond W. Goldsmith's estimates from Financial Intermediaries in the American Economy Since 1900 (Princeton University Press for National Bureau of Economic Research, 1958) and A Study of Saving in the United States, Princeton, N.J., 1956, Vol. Ill, were used after reducing the figures for cash assets in the same proportion as for 1955. Assets for 1946-48 and 1950-51 were then estimated by straight-line interpolation, except for common stock which was interpolated via Standard and Poor's combined index.

XI. Intangible assets 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock] 17. Securities, common stock J 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 7. Total

m-ld

2,847 8,153 3,672 17 200 2,826 1,875 951 2,192 397 1,451 9,481 30,112 406 9,772 600 72,126

5 100 2,399 1,604 795 1,441 576 521 3,323 10,704 240 6,666 100 32,398

23,964 2,035 10,725 145 11,724 48,593

1912

1,529 3,419 1,375

15,205 1,101 7,491 90 5,217 29,104

1900 1922

803 21,647 4,000 161,939

55,520

9,862 18,328 7,769 90 240 500 6,707 4,377 2,330 4,761 10,806 4,983 15,923

52,444 4,056 21,504 175 27,235 105,414

(million dollars) 1929

1,628 29,535 9,100 290,504

138,296

8,602 30,542 15,851 500 1,356 1,200 13,570 8,527 5,043 3,551 5,053 7,642 24,078

79,408 5,568 33,815 372 38,423 157,586

Nonfarm Households, 1900-45, Selected Years

TABLE

1,746 18,632 4,100 195,417

57,113

11,181 25,846 18,899 700 2,722 300 10,537 7,152 3,385 2,741 6,845 9,478 24,577

61,737 4,766 24,647 283 23,765 115,198

1933

1,678 28,307 5,800 232,364

73,231

15,541 29,158 26,629 1,050 6,120 400 8,568 5,879 2,689 1,632 9,140 8,274 16,836

76,839 5,368 26,117 153 29,964 138,441

1939

2,219 45,747 6,500 438,282

115,790

54,217 51,649 40,772 2,900 24,948 850 9,564 6,945 2,619 1,491 64,945 6,939 9,751

111,915 6,400 33,820 128 46,714 198,977

1945a

CO

Equities

Total assets or liabilities and equities

IV.

V.

61,502

56,972

100 4,530

532 908 200 184 2,606

120,719

112,234

1,463 1,704 400 712 4,059 47 100 8,485

267,353

249,269

2,979 4,534 600 1,305 8,310 256 100 18,084

448,090

406,245

6,428 11,579 800 3,049 17,985 1,704 300 41,845

310,615

281,261

3,235 4,015 500 5,284 14,584 1,536 200 29,354

370,805

340,815

7,197 1,869 567 3,530 15,525 702 600 29,990

637,259

605,464

5,491 4,946 620 2,177 17,661 403 500 31,798

a The

3 4 5 10 11 11a lib 12 13

2

Sum of W-24, lines la and lh, and W-22, line III-8; minus W-28, line 1, and our Tables III-3b, line III-6, and Ill-Id, line III—9. W-22, line 111-10. Goldsmith, Financial Intermediaries, Table A-3.a, line 18. W-22, lmes III-7 and III-8, minus lines III-6 and III-9 of this table. I V - c - l l e , line 1. W-22, line 111-12. W-22, line 111-14. Sum of lines III-6 through 111-13 of this table.

III-6 8 9 10 11 12 13 14

Line V minus line 111-14 of this table. Sum of lines 1-7 and 11-21 of this table.

IV V

21

IV-b-14a, lme 1. IV-b-15a, line 1 IV-b-17b, line 1. W-22, line 11-18. Sum of our Table III-2a, line IV, and W-37, lme IV. W-22, line 11-21. Most of this line is foreign stocks and bonds, included in lines 11-15, 11-16, and 11-17 in later years. Sum of lines II-l through 11-20 of this table.

II-14 15 16, 17 18 19 20

1945 figures in this table have been superseded by those in Table III-l; they are included here for comparability with earlier years.

W-18, sum of lines 1-9, n - 1 , II-2, and II-3, minus our tables: III-2a, line I I - l ; ni-3b, lines II-l and II-2; ni-4b, lines II-l and II-2; III-5o, lines II-l and II-2; III-6a, lines II-l and II-2, III-7f, lines II-l and II-2; m - l d , line n - 2 Sum of W-22, line II-3; Goldsmith, Financial Intermediaries, Table A-3.C, lines 6 and 12; and Goldsmith, A Study of Saving, Vol. I, Table L - 9 , column 10. W-22, line II-4. W-22, line II-5. W-22, line II-6. W-22, line II-7. Our Table I V - b - l l c , line 1. I V - b - l l c - 1 , line 1. I V - b - l l c - 4 , line 1. W-22, line 11-11. IV-b-13d, line 1.

II-l

7

W-22, line 1-1, minus our Table III-2a, line 1-1. W-22, line 1-3, minus nonfarm unincorporated business residential land (see note to Table III-2a, line 1-3). W-22, line 1-10, minus the sum of W-22, line 1-9 and nonfarm unincorporated business residential property (see notes to lines I-J/and 1-3 of this table).

1-1 3

Line

Source: All data not specified below are from Goldsmith, A Study of Saving, Vol. Ill, lines of Table W-22 corresponding to those given here. All other " W " tables listed below are also from this source.

Liabilities 6. Consumer debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total

III.

TABLE ΙΠ-2 Noniarm Unincorporated Business, 1945-58 (billion dollars) 1945 I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 6. Consumer credit 7. Trade credit 21. Total

9.18 8.21 8.17 5.31 7.97 38.84

1946

1947

1948

10.26

11.89 13.25 12.81 9.21 11.59 58.75

12.95 14.11 14.09 11.35 12.92 65.42

9.30 .15 9.15 2.19 5.36

9.15 .15 9.00 2.56 5.76

2.80 6.82 1.68 5.56 16.86

3.56 6.12 2.33 6.16 18.17

11.02

11.01 6.88 10.06 49.23

8.93 .13

8.94 .14

8.80

8.80

1.53 4.03 14.49

4.99 15.79

ΙΠ. Liabilities 7. Trade debt 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 14. Total

3.42 3.15 .88 4.45 11.90

3.33 4.60 1.22 4.97 14.12

IV. Equities

41.43

50.90

58.74

64.72

53.33

65.02

75.60

82.89

V. Total assets or liabilities and equities Line

I-I

through I-7 II-I Ia Ib 6 7 21

From line 2 of Tables IV-a-1 through IV-a-7 respectively. From Federal Reserve Board worksheets. Table IV-b-la, line 2. Table IV-b-lb, line 2. Table IV-b-6, line 2. Table IV-b-7, line 2. Sum of lines II-I through II-7.

1.86

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

12.79 13.73 13.89 12.83 11.97 65.21

14.07 14.84 15.67 14.81 14.24 13.63

14.46 15.83 16.95 16.63 15.07 78.94

14.71 16.52 17.10 17.65 14.79 80.77

14.91 17.32 17.51 18.82 15.21 83.77

14.83 18.27 18.30 19.79 15.06 86.25

15.30 20.06 19.89 21.76 15.81 92.82

15.80 21.97 20.99 24.26 16.51 99.53

15.99 24.01 22.25 26.44 16.82 105.51

16.26 25.56 22.74 26.94

I. 1. 2. 3. 4.

16.81

6.

108.31

7.

9.52 .16 9.36 2.81 5.82 18.15

9.74 .17 9.57 3.30 7.04 20.08

10.78 .19 10.59 3.60 7.26 21.64

10.43 .18 10.25 4.00 8.37 22.80

10.38 .19 10.19 4.18 8.95 23.51

10.91 .20 10.71 4.27 9.15 24.33

11.20 .21 10.99 4.43 9.68 25.31

11.55 .22 11.33 4.69 10.57 26.81

12.36 .25 12.11 4.79 10.85 28.00

13.46 .27 13.19 4.70 11.64 29.80

3.78 5.83 2.42 6.69 18.72

4.52 7.96 2.78 7.26 22.52

3.83 7.16 3.28 7.91 22.18

4.14 7.64 3.59 8.43 23.80

5.24 7.45 3.69 8.98 25.36

6.56 8.56 3.87 9.73 28.72

7.16 10.05 4.88 10.63 32.72

8.10 10.72 4.97 11.65 35.44

8.78 10.63 5.30 12.58 37.29

ΠΙ. 9.00 7. 12.45 9. 5.42 10. 13.94 11. 40.81 14.

6. 7. 21.

64.64

71.19

78.40

79.77

81.92

81.86

85.41

90.90

96.22

97.30 IV.

83.36

93.71

100.58

103.57

107.28

110.58

118.13

126.34

133.51

138.11 V.

Line III—7 9 10 11 14

Table IV-c-7, line 2. Table IV-c-9, line 2. Table IV-c-10, line 2. Table IV-c-11, line 2. Sum of Imes III—7 through III -11.

IV

Line V minus line III—14.

V

II. 1.

Line 1-7 plus line 11-21.

TABLE

m-2a

1,639 1,609 1,081 6 4,335 6,516

III. Liabilities 7. Trade debt 9. Bank loans, n.e.c. 11. Mortgages 12. Bonds and notes 14. Total

IV. Equities 10,851

1,280 202 1,828 299 3,609

II. Intangible assets 1. Currency and demand deposits 6. Consumer credit 7. Trade credit 12. Mortgages, farm 21. Total

V. Total assets or liabilities and equities

260 2,228 1,194 911 2,649 7,242

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 6. Inventories 7. Total

1900

16,032

9,472

1,770 2,821 1,928 41 6,560

2,000 491 1,889 468 4,848

840 3,843 1,967 1,419 3,115 11,184

1912

(million dollars)

31,965

20,647

2,471 4,657 3,948 242 11,318

2,610 694 2,878 946 7,128

2,400 8,215 4,119 3,424 6,679 24,837

1922

44,163

27,335

2,701 4,734 7,697 1,696 16,828

2,842 1,280 2,946 681 7,749

5,480 11,241 8,705 4,562 6,426 36,414

1929

Nonfarm Unincorporated Business, 1900-45, Selected Years

30,007

18,032

1,802 2,230 6,169 1,774 11,975

1,914 740 1,818 508 4,980

4,360 9,799 4,572 3,204 3,092 25,027

1933

37,491

27,907

2,664 1,716 4,544 660 9,584

3,248 1,168 2,602 311 7,329

5,250 11,453 5,474 3,840 4,145 30,162

1939

56,206

45,347

3,420 2,719 4,313 407 10,859

8,990 1,046 4,030 257 14,323

7,260 15,018 6,585 5,191 7,829 41,883

1945a

Notes to Table III-2a Source: Goldsmith, A Study of Saving, Vol. Ill, Table W-29, plus additional sources listed below. Line I-I 3 7 II-1

Raymond W. Goldsmith, The National Wealth of the U.S. in the Postwar Period, Princeton Uni­ versity Press for NBER, 1962, Table A-52, column 2. Table W-29, line 1-4, plus Goldsmith, National Wealth, Table A-52, column 4. Table W-29, line 1-10, plus Goldsmith, National Wealth, Table A-52, columns 2 and 4.

7 21 ΙΠ-7 11 14

1900-12: Table W-29, line 11-2. 1922-45: 58 per cent of Table W-29, line II-2. The original figures were based on old Federal Reserve Board estimates which have since been revised downward, as indicated. 48.8 per cent of Table W-29, line Π-7. See note to line II-1. Sum of lines II-I through 11-12 of this table. 44.4 per cent of Table W-29, line III-8. See note to line II—1. Table IV-c-lle, line 2. Sum of lines III—7 through 111-12 of this table.

IV V

Line V minus line 111-14 of this table. Sum of lines 1-7 and 11-21 of this table.

aThe 1945 figures in this table have been superseded by those in Table III-2; they are included here for comparability with earlier years.

TABLE ΙΠ-3 Agriculture, 1945-58 (billion dollars)

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 5. Pension and insurance funds, govt. 13. Securities, U.S. government b. Savings bonds 20. Other intangible assets 21. Total

m.

Liabilities 6. Consumer debt 7. Trade debt 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 14. Total

IV. Equities

v.

Total assets or liabilities and equities

1945

1946

1947

1948

9.22 7.10 43.47 5.79 5.26 15.68 86.52

11.00 8.33 46.53 6.55 6.82 19.10 98.33

13.08 9.86 49.78 8.39 8.38 22.50 111.99

13.63 10.52 51.93 10.69 9.90 22.20 118.87

6.60 .16 6.44 1.98 3.40 .48 4.15 4.15 1.38 17.99

7.10 .17 6.93 2.18 3.59 .68 4.21 4.21 1.54 19.30

7.00 .18 6.82 2.10 3.80 .77 4.38 4.38 1.71 19.76

6.70 .18 6.52 2.10 4.03 .76 4.60 4.60 1.88 20.07

.35 .70 1.04 .80 4.76 7.65

.46 .90 1.29 .82 4.90 8.37

.56 1.10 1.59 .85 5.06 9.16

.65 1.40 1.95 .93 5.29 10.22

96.86

109.26

122.59

128.72

104.51

117.63

131.75

138.94

Line I-I through I-7 II-I Ia Ib 2 3

5

From line 3 of Tables IV-a-1 through IV-a-7 respectively. Board of Governors of the Federal Reserve System, Flow of Funds/Saving Accounts, 1946-60, Supplement 5 (December 1961), p. 35. Table IV-b-la, line 3. Table IV-b-lb, line 3. Time deposits owned by farmers. Estimates in billions are published in U.S. Department of Agriculture, The Balance Sheet of Agricultvre, various issues. Estimates in millions obtained directly from USDA. Life insurance reserves (Table III-5h, line III—3) multiplied by the estimated ratio of farmers' equity to total policyholders' equity in life insurance companies. The ratio for 1945-49 is from R. W. Goldsmith, A Study of Saving, Vol. I, Table A-53, col. 4, divided by Table 1-2, col. 8. From 1950-58 the ratio is assumed to decline one-tenth of one percentage point yearly from the 1949 level of .073. Total equity in veterans' funds multiplied by estimated ratio of farmers' equity to total equity in veterans' funds. The 1943 ratio, 10% (See Goldsmith, A Study of Saving, Vol. I1 p. 1036), was extrapolated by the ratio of farm population to total population. Population data from Bur­ eau of the Census, Statistical Abstract of the U.S., 1960, Table 822, p. 615. Total equity in veterans' funds from the following sources: 1945-49: Goldsmith, A Study of Saving, Vol. I, Table F-25, col. 11, p. 1033.

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

13.75 10.82 50.90 12.47 10.51 18.93 117.38

14.91 11.93 58.40 14.09 12.41 24.37 136.11

16.07 13.18 66.31 15.68 13.60 28.14 152.98

16.58 13.76 66.89 16.41 13.65 23.15 150.45

16.88 14.07 64.22 16.64 14.20 18.91 144.92

17.26 14.43 66.41 16.86 13.90 18.75 147.61

17.92 15.09 68.94 17.23 13.85 17.38 150.41

18.53 15.84 73.96 17.64 13.95 18.23 158.15

18.79 16.40 79.94 18.01 14.00 20.57 167.71

19.28 16.75 87.58 18.F9 14.02 26.15 182.37

6.30 .19 6.11 2.10 4.27 .81 4.72 4.72 2.06 20.26

6.30 .18 6.12 2.10 4.51 .56 4.69 4.69 2.28 20.44

6.50 .20 6.30 2.17 4.75 .52 4.71 4.71 2.48 21.13

6.40 .20 6.20 2.30 5.03 .51 4.63 4.63 2.72 21.59

6.30 .19 6.11 2.43 5.30 .47 4.73 4.73 2.87 22.10

6.20 .19 6.01 2.53 5.62 .45 4.97 4.97 3.11 22.88

6.20 .20 6.00 2.58 5.92 .45 5.17 5.17 3.25 23.57

6.00 .21 5.79 2.63 6.18 .45 5.06 5.06 3.42 23.74

5.90 .24 5.66 2.90 6.42 .44 5.12 5.12 3.59 24.37

II. 6.20 1. .25 5.95 3.07 2. 6.71 3. 5. .43 5.21 13. 5.21 3.81 20. 25.43 21.

.64 1.60 2.05 .96 5.58 10.83

.83 1.80 2.52 1.02 6.12 12.29

.82 2.20 3.12 1.13 6.68 13.95

.91 2.30 3.19 1.21 7.26 14.87

.90 2.10 2.76 1.19 7.77 14.72

.99 2.10 2.93 1.29 8.29 15.60

1.18 2.10 3.31 1.34 9.07 17.00

1.17 2.10 3.28 1.42 9.91 17.88

1.15 2.20 3.60 1.64 10.51 19.10

III. 1.33 6. 2.30 7. 4.16 9. 1.87 10. 11.25 11. 20.91 14.

126.81

144.26

160.16

157.17

152.30

154.89

156.98

164.01

172.98

186.89 IV.

137.64

156.55

174.11

172.04

167.02

170.49

173.98

181.89

192.08

207.80 V.

I.

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

Line Π-5

13 13b 20 21 Ill-6 7 9

1950-58: Sum of special issues of federal obligations held by the Government Life Insurance Fund, the National Service Life Insurance Fund, the Adjusted Service Certificate Fund, and the cash balance of the National Service Life Insurance Fund. For all. ex­ cept the last, the sources are: 1950-52—Treasury Bulletin, e.g., December 1953, p. 11; and 1953-58—Daily Treasury Statement, e.g., December 31, 1958, p. 5. The cash balance of the National Service Life Insurance Fund is from Treasury Bulletin, e.g., August 1951, p. 11 (item on unexpended balance). Estimates in billions are published in Balance Sheet of Agriculture, 1960, Table 22, p. 28. Es­ timates m millions obtamed directly from USDA. Same as line 13. Same as Ime 13 (equity m farm cooperatives). Sum of lines II-I through 11-20. Table IV-c-6, line 3. Farm business trade debt from FRB, Flow of Funds /Saving Accounts, 1946-60, Supplement 5, December 1961, p. 35. 1945-46: Bank loans to farms, excluding loans guaranteed by the Commodity Credit Corpora­ tion, from Annual Report of the Comptroller of the Currency, e.g., 1945, p. 117. 1947-58: Total loans by commercial banks to farms, from Federal Reserve Bulletin, e.g., June 1955, p. 668, plus loans to farms by mutual savings banks, from Annual Report of the Comptroller of the Currency, e.g., 1949, p. 154, minus CCC guaranteed loans to farms by commercial banks, from ibid , e.g., 1955, p. 173. (Notes continued on following page)

TABLE

m-3a

Agricultural Cooperatives, 1945-59 (million dollars)

I. Tangible assets 7. Total II. Intangible assets 1. Currency and demand deposits 2. Other bank deposits and shares 7. Trade credit 13. Securities, U.S. government 20. Other intangible assets 21. Total in. Liabilities 7. Trade debt 9. Bank loans, n.e.c. 10. Other loans 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

1945

1946

1947

1948

1949

1306

1546

1986

2452

2709

206 9 209 64 200 688

242 12 244 78 226 802

318 16 321 105 284 1044

386 21 386 132 329 1254

381 28 373 146 318 1246

246 10 602 138 996

274 11 781 156 1222

340 9 1223 201 1773

385 6 1688 237 2316

347 2 1850 229 2428

998

1126

1257

1390

1527

1994

2348

3030

3706

3955

Sum of Tables III-3a-l through III-3a-3.

Notes to Table III-3 {concluded)

Line III-IO

11 14 IV V

Sum of loans to farmers by: Life insurance companies (Table III-5h, line 11-10, multiplied by the estimated ratio of farm­ ers' equity to total policyholders' equity in life insurance companies. See note to line II—3 above for source of ratio); Federal Land Banks (from Farm Credit Administration, Combined Statements of the Federal Land Banks—various issues. Item includes loans m the process of closing and loans called for foreclosure, judgment, etc.); The Farmers Home Administration (from Agricultural Finance Review, e.g., Vol. 22, Septem­ ber 1960, Table 16, p. 140. Item includes operating and emergency loans and emergency crop and feed loans); Production credit associations and livestock loan companies (Table III-5m-4, line 11-10). Table IV-b-12, line 8. Sum of lines III-6 through III—11. Line V minus line III—14. Sum of lines 1-7 and 11-21.

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

2997

3375

3704

4106

4328

4579

4730

4830

5101

5301

7.

I.

636 69 598 296 446 2045

633 77 585 315 460 2070

675 85 622 343 498 2223

685 94 622 364 513 2278

Π. 1. 2. 7. 13. 20. 21.

4083

245 105 3638 173 4161

239 106 3634 179 4158

254 103 3880 191 4428

254 113 3930 196 4493

ΙΠ. 7. 9. 10. 13. 14.

2360

2480

2614

2742

2896

6173

6563

6775

6900

7324

3086 IV. 7579 V.

399 33 386 162 320 1300

451 37 437 184 343 1452

493 41 478 201 352 1565

560 47 542 230 372 1751

586 53 563 248 395 1845

332 4 2033 226 2595

345 12 2378 230 2965

340 26 2649 219 3234

342 555 2582 222 3701

311 615 2684 203 3813

289 90 3504

1702

1862

2035

2156

4297

4827

5269

5857

626

61

597 274 426 1984

200

TABLE m-3a-l Cooperatives for Purchase, Supply, and Related Services, 1945-59 (million dollars)

I. Tangible assets 2. Nonresidential structures 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits 7. Trade credit 13. Securities, U.S. government 20. Other intangible assets 21. Total ΠΙ. Liabilities 7. Trade debt 9. Bank loans, n.e.c. 10. Other loans 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

1945

1946

1947

1948

1949

318 296 614

385 344 729

522 450 972

649 540 1189

646 519 1165

196 209 41 179 625

229 244 48 199 720

301 321 63 246 931

362 386 76 277 1101

350 373 73 252 1048

246

274

340

385

347

158 136 540

213 151 638

452 188 980

657 213 1255

526 192 1065

699

811

923

1035

1148

1239

1449

1903

2290

2213

Line 1-2

6 7 H-I 7 13 20 21 Ill—7 9 10

13 14

Estimated from line V using proportions calculated as follows: 1945: Fred Koller, Financing of Farmers' Cooperatives (unpublished manuscript, Financial Re­ search Program, NBER, 1950), ratio of net fixed assets to total assets. 1953: U.S. Treasury Department, Internal Revenue Service, Farmers' Cooperative Income Tax Returns for 1953, p. 8, ratio of net capital assets plus land to total assets. Straight-line interpolation of proportions was used between the benchmark years, and the 1953 proportion was carried forward to 1958. See line 1-2 above. Sum of lines 1-2 and 1-6. Same proportion of total assets as in Koller, Financing of Farmers' Cooperatives See line II-I above. See line Il-I above. Line 11-21 minus lines II—1, II—7 and 11-13. Line V minus line 1-7. Same proportion of line V minus lines III—9, 111-10, and IV as in 1945. Trade debt for 1945 de­ rived by multiplying Koller's "accounts payable, general" and "accounts payable, patrons" by ratio of 1945 equity to Koller's equity figure. Loans guaranteed, but not held by Commodity Credit Corporation. Data obtained directly from the Agricultural Stabilization and Conservation Service, Fiscal Division. Sum of loans from Banks for Cooperatives and loans held by CCC. from Agricultural Finance Review, Vol. 22, September 1960, p. 149. (The FRB considers all CCC held and guaranteed loans to be liabilities of the federal government, except CCC loans to tobacco cooperatives, which are considered liabilities of the nonfarm, noncorporate business sector.) Line III—14 minus lines I1I-7, III—9, and 111-10. Line V minus line IV.

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

689 534 1223

803 602 1405

903 656 1559

1053 740 1793

1094 769 1863

1159 815 1974

1162 816 1978

1136 798 1934

1208 848 2056

1208 849 2057

2. 6. 7.

362 386 76 241 1065

410 437 86 254 1187

448 478 94 254 1274

508 542 107 263 1420

528 563 111 274 1476

559 597 117 290 1563

561 598 118 292 1569

548 585 115 286 1534

582 622 122 304 1630

583 622 122 304 1631

Π. 1. 7. 13. 20. 21.

332

345

340

245

239

254

254

627 190 1162

735 188 1263

311 543 505 172 1531

289

474 184 990

342 512 515 189 1558

1229 159 1677

1262 135 1642

1138 132 1509

1267 141 1662

1180 141 1575

ΠΙ. 7. 9. 10. 13. 14.

1298

1430

1570

1655

1808

1860

1905

1959

2024

2113

IV.

2288

2592

2833

3213

3339

3537

3547

3468

3686

3688

V.

I.

Line IV

Sum of farmers' financial interest in marketing and purchasing cooperatives. Estimates in billions published in various issues of The Balance Sheet of Agriculture. Estimates in millions obtained directly from U.S. Department of Agriculture.

V

Estimated from sum of lines III—9, III-10, and IV, using proportions computed as follows: 1945: Total assets derived by multiplying Koller's figure for total assets by the ratio of 1945 equity to Koller's equity figure. 1954: Total assets, consolidated, from the Farmer Cooperative Service, Methods of Financing Farmer Cooperatives, General Report #32, pp. 3 and 8. (Total assets, combined, minus combined equity, plus consolidated equity, equals consolidated assets.) 1956: Total assets, consolidated, from Farmer Cooperative Service, News for Farmer Cooper­ atives, April 1959, pp. 6 and 18. Straight-line interpolation of ratios was used between the benchmark years, and the 1956 ratio was carried forward to 1958.

TABLE ffl-3a-2 Rural Electric Cooperatives and Farmers' Mutual Telephone Companies, 1Θ45-5Θ (million dollars)

I. Tangible assets 7. Total II. Intangible assets 1. Currency and demand deposits 2. Other bank deposits and shares 13. Securities, U.S. government 20. Other intangible assets 21. Total

m.

Liabilities 9. Bank loans, n.e.c. 10. Other loans 13. Other liabilities 14. Total

IV. Equities

v.

Total assets or liabilities and equities

1945

1946

1947

1948

1949

402

515

701

939

1209

10 9 23 21 63

13 12 30 27 82

17 16 42 38 113

24 21 56 52 153

31 28 73 66 198

10 391 2 403

11 510 5 526

9 709 13 731

6 964 24 994

2 1253 37 1292

62

71

83

98

115

465

597

814

1092

1407

Line I-7

Sum of tangible assets for farmers' mutual telephone companies and rural electric cooperatives. Telephone: Same as total assets for telephone cooperatives. Electric: 1945-51: Same proportion of total assets of electric cooperatives as m 1952. 1952-59: Annual Statistical Report, Rural Electrification Administration (REA), U.S. Department of Agriculture, e.g., 1956, p. XVI.

II-I

1945-51: Same proportion of total assets of electric cooperatives as in 1952. 1952-59: Estimated by assuming, for cooperative borrowers, the same ratio of cash to invest­ ments and special funds plus current and accrued assets less reserves (REA, Annual Statistical Reports) as for all borrowers in 1958. Cash and demand deposit holdings, for all borrowers, 1958, in U.S. Congress, House of Representatives, Hearing Before the Subcommittee of the House Committee of Appropriations, March 7, 1960, p. 398. Same method as for line II-I above. Item includes savings and loan associations, savings accounts certificates of deposit, and time deposits. See line H-I above. Line 11-21 minus lines II-It II-2, and 11-13. Lme V minus line 1-7.

2 13 20 21

TABLE m-3a-3 Farmers' Mutual Irrigation Companies, 1945-59 (million dollars)

I. Tangible assets 7. Total Π. Intangible assets ΠΙ. Liabilities 10. Other loans 14. Total IV. Equities V. Total assets or liabilities and equities

1945

1946

1947

1948

1949

290

302

313

324

335

53 53 237 290

58 58 244 302

62 62 251 313

67 67 257 324

71 71 264 335

Line 1-7 III-10 14

Same as line V. Same as line 111-14. 1939 and 1949; Sum of total indebtedness of unincorporated and incorporated mutual enterprises (1950 Census of Agriculture, Vol. Ill, p. 95). 1945-48: Obtained by straight-line interpolation. 1950-59: Same rate of increase as for 1939-49.

1950

1951

1952

1953

1954

1955

1956

1957

1958

1959

1428

1613

1777

1933

2074

2193

2320

2450

2579

2759

7.

I.

37 33 86 79 235

41 37 98 89 265

45 41 107 98 291

52 47 123 109 331

58 53 137 121 369

67 61 157 136 421

75 69 178 154 476

85 77 200 174 536

93 85 221 194 593

102 94 242 209 647

II. 1. 2. 13. 20. 21.

4 1484 42 1530

12 1671 40 1723

26 1830 31 1887

43 1978 33 2054

72 2086 31 2189

90 2178 41 2309

105 2274 38 2417

106 2390 47 2543

103 2502 50 2655

113 2635 55 2803

in. 9. 10. 13. 14.

133

155

181

210

254

305

379

443

517

2264

2443

2614

2796

2986

3172

1663

1878

2068

603 IV. 3406

V.

Line IXI-9 10 13 14

Long-term debt, electric cooperatives (see line 1-7 above), minus other loans, electric coopera­ tives. Sum of REA electrification and telephone loans, Agricultural Finance Review, Vol. 22, Septem­ ber 1960, p. 149. Line 111-14 minus lines III—9 and ΙΠ-10. Line V minus line IV.

IV

Farmers' financial interest in rural electric cooperatives and farmers' mutual telephone com­ panies. Estimates in billions published in various issues of The Balance Sheet of Agriculture. Estimates in millions obtamed directly from U.S. Department of Agriculture.

V

Sum of total assets for farmers' mutual telephone companies and rural electric cooperatives. Telephone: Sum of equities and REA loans to telephone cooperatives. Electric: 1945-51: Same ratio to sum of equities and REA loans to electric cooperatives, as in 1952. 1952-59: REA1 Annual Statistical Reports.

1950 346

1951

1952

1953

1954

1955

1956

1957

1958

1959

357

368

380

391

412

432

446

466

485

_

— 7. II. ΠΙ.

75 75

80 80

84 84

89 89

93 93

97 97

102 102

106 106

111 111

115 115

10. 14.

271

277

284

291

298

315

330

340

355

370 IV.

346

357

368

380

391

412

432

446

466

485

V.

Line IV

V

Farmers' financial interest in mutual irrigation companies. Data in billions published in various issues of The Balance Sheet of Agriculture. Estimates in millions obtained directly from U.S. Department of Agriculture. Sum of lines III—14 and IV.

219 160 2,415

140 80 1,171 53 425 488 10 2,312 100 3,388 22,129 25,517

ΠΙ. Liabilities 6. Consumer debt 7. Trade debt 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 13. Other liabilities 14. Total

IV. Equities

V. Total assets or liabilities and equities

51,964

44,476

144 1,312 1,520 64 4,348 100 7,488

993 152 841 573 470

2,919 2,717 31,574 2,240 1,863 8,236 49,549

657 160 497 115 179

1,692 1,570 14,546 1,170 831 4,537 24,346

1912

II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves, private 5. Pension and insurance funds, govt. 12. Mortgages, farm 13. Securities, U.S. government 20. Other intangible assets 21. Total

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 5. Consumer durables 6. Inventories 7. Total

1900

(million dollars)

75,408

70,517

55,932

14,585

17,011 58,397

462 1,691 2,491 310 9,631

600 6,191

1,782 96 1,686 1,726 1,651 114 318

6,377 5,855 34,930 3,871 3,806 9,487 64,326

1929

167 2,797 3,088 173 10,786

1,962 117 1,845 1,377 931 11 910 450 410 6,051

6,569 5,822 41,541 3,266 3,705 8,454 69,357

1922

Agriculture, 1900-45, Selected Years

TABLE m-3b

46,363

35,941

10,422

198 786 913 840 7,685

600 5,410

1,199 73 1,126 1,177 1,963 234 237

4,634 4,047 22,800 2,572 1,954 4,946 40,953

1933

52,727

43,137

9,590

417 763 900 924 6,586

2,000 91 1,909 1,200 2,599 110 145 249 826 7,129

4,906 4,092 23,237 3,509 2,550 7,304 45,598

1939

104,314

96,683

7,631

339 625 1,034 873 4,760

6,600 179 6,421 1,980 3,490 519 120 4,150 1,333 18,192

8,975 6,755 44,508 6,272 4,238 15,374 86,122

1945a

Notes to Table III-3b Source: Goldsmith, A Study of Saving, Volume III, Table W-27, plus other sources specified below. Line I-7 II-l 2 13 20 21 III-6 7 9 10 11 13 14 IV V

Table W-27, line 1-10 minus line 1-9. Table W-27, sum of lines 1-9, II-l, and II-2 minus line II-2 of this table. For 1939 and 1945, revised Balance Sheet of Agriculture and unpublished U.S. Department of Agriculture data have been substituted. Goldsmith, A Study of Saving, Vol. I, sum of Tables L-6, column 7 and L-9, column 9. For 1939 and 1945, revised Balance Sheet of Agriculture and unpublished USDA data have been substituted For 1945, revised figure from Table III-3 is used. Table W-27, sum of lines 11-18 and 11-19. 1900-33: Table W-27, sum of lines 1-9 and 11-22, mmus line 11-21. 1939, 1945: Sum of lines II-l through 11-20 of this table. Goldsmith, A Study of Saving, Vol. Ill, Table W-28, line 2. Ibid., lme 6. Ibid., line 1. Ibid., sum of lines 3, 4, and 5. Table W-27, line I I I - l l , corrected, for 1945, from Agricultural Finance Review, Vol. 23, April 1962, p. 59. Goldsmith, A Study of Saving, Vol. Ill, Table W-17, column 6. Other liabilities of farm cooperatives have been removed here for comparability with later years. Sum of lines III-6 through 111-13. All liabilities of cooperatives and tax accruals have been r e moved for comparability with later years. Line V minus line 111-14. 1900-33: Table W-27, line V minus line 11-21. 1939, 1945: Sum of lines II-7 and 11-21 of this table.

a The 1945 figures in this table have been superseded by those m Table III-3; they are included here for comparability with earlier years.

139

TABLE ΙΠ-4 NonflnanciaI Corporations, 194S-58 (billion dollars)

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 6. Consumer credit 7. Trade credit 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total in. Liabilities 7. Trade debt 8. Loans on securities Θ. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities Notes to Table ΙΠ-4 are on page 144.

1945

1946

1947

1948

8.09 54.44 20.03 33.94 26.31 142.81

9.34 68.99 24.99 41.55 37.52 182.40

11.13 80.74 31.16 52.58 44.67 220.28

12.33 89.30 37.06 61.95 48.88 249.52

19.68 .09 19.59 .90 1.66 22.73 20.72 17.00 1.60 2.12 .32 .18 3.47 24.20 14.36 108.22

20.82 .10 20.72 .90 2.23 25.92 15.02 11.90 1.60 1.52 .32 .22 3.48 21,.67 13.90 104.48

23.02 .10 22.92 .90 2.87 31.78 13.82 11.00 1.60 1.22 .36 .34 3.49 21.26 15.77 113.61

23.22 .12 23.10 .90 3.41 34.12 14.62 11.90 1.80 .92 .41 .48 3.50 21.39 16.70 118.75

19.72 1.40 6.42 .81 7.87 23.60 28.42 88.24

23.45 .49 9.40 .82 9.19 24.48 28.84 96.67

28.09 .16 11.06 .96 10.66 27.32 31.58 109.83

28.53

162.79

190.21

224.06

249.62

251.03

286.88

333.89

368.27

12.12 1.13 11.97 31.55 33.35 118.65

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

12.48 89.02 36.40 67.94 45.30 251.14

14.26 101.29 41.24 77.08 55.08 288.96

15.17 109.79 46.26 86.80 64.83 322.85

15.87 116.34 47.05 92.95 66.07 338.28

16.52 124.27 47.88 99.87 67.88 356.42

16.97 129.36 50.04 106.85 66.28 369.50

18.18 139.91 54.89 110.96 72.95 396.89

19.43 151.15 57.99 128.05 80.52 437.14

20.30 172.06 62.98 140.43 83.24 479.01

21.31 180.83 63.46 145.53 78.81 489.94

24.29 .12 24.17 .90 3.85 33.18 16.54 14.20 1.80 .54 .46 .62 3.50 24.20 17.56 125.10

25.60 .13 25.47 .90 4.63 44.62 19.41 17.20 1.80 .41 .53 .65 3.51 29.67 18.12 147.64

27.42 .14 27.28 .90 5.14 48.03 20.34 17.50 1.80 1.04 .58 .95 3.51 33.65 19.14 159.66

28.22 .15 28.07 .90 5.90 51.56 19.54 16.40 1.80 1.34 .64 1.36 3.52 36.11 22.12 169.87

28.14 .15 27.99 .90 6.14 50.75 21.12 18.20 1.80 1.12 .73 1.54 3.52 35.46 24.75 173.05

30.50 .15 30.35 1.10 6.41 55.06 18.83 15.60 1.80 1.43 1.06 1.47 3.53 49.13 29.68 196.77

31.48 .16 31.32 1.00 7.07 65.92 22.82 18.60 1.80 2.42 1.24 1.88 3.54 60.09 34.51 229.55

31.62 .17 31.45 1.00 7.48 72.98 18.23 14.90 1.60 1.73 1.35 2.11 3.54 62.54 40.50 241.35

31.62 .19 31.43 1.00 7.69 75.70 17.43 14.50 1.40 1.53 1.50 2.94 3.55 56.12 47.14 244.69

33.34 .21 33.13 1.60 8.21 83.37 17.62 15.20 1.22 1.20 1.63 2.68 3.55 75.45 48.14 275.59

27.19

35.20

37.48

41.07

41.23

44.63

54.87

60.48

62.50

68.78

m. 7.

10.19 1.21 13.37 34.45 32.69 119.10

12.34 1.34 15.18 36.06 40.06 140.18

17.30 1.49 16.63 39.36 47.00 159.26

18.49 1.58 17.92 44.08 45.60 168.74

18.33 1.92 19.11 47.43 47.83 175.85

17.11 1.65 20.87 50.97 48.14 183.37

19.38 2.11 22.88 53.74 54.70 207.68

24.76 1.96 24.75 57.41 58.09 227.45

26.82 2.33 26.48 63.76 60.65 242.54

25.94 2.18 29.67 69.68 60.84 257.09

9. 10. 11. 12. 13. 14.

257.14

296.42

323.25

339.41

353.62

372.90

418.76

451.04

481.16

376.24

436.60

482.51

508.15

529.47

566.27

626.44

678.49

723.70

508.44 IV. 765.53 V.

I. 1. 2. 3. 4. 6. 7. Π. 1. 2. 6. 7. 13.

14. 15. 16. 17. 20. 21.

Q Ο.

TABLE

m-4a

Real Estate Corporations, 1945-58 (million dollars)

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land > 4. Producer durables 5. Consumer durables J 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 6. Consumer credit 7. Trade credit 11. Mortgages, nonfarm 13. Securities, U.S. government 14. Securities, state and local 17. Securities, common stock 20. Other intangible assets 21. Total in. Liabilities 7. Trade debt 9. Bank loans, n.e.c. 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities Notes to Table III-4a are on page 145.

1945

1946

1947

1948

13,363

16,561

17,364

19,213

36 13,399

44 16,605

32 17,396

19,213

750

884

904

933

750 445 444

884 529 529

904 598 597

933 682 682

350 95 1,692 423 4,199

333 91 1,963 494 4,823

300 81 2,024 512 5,016

317 86 2,395 542 5,637

798 291 6,719 2,348 1,072 11,228

894 384 7,419 2,293 1,227 12,217

990 560 7,411 2,208 1,288 12,457

1,096 606 8,319 2,222 1,241 13,484

6,370

9,211

9,955

11,366

17,598

21,428

22,412

24,850

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958 1.

19,666

19,666

2.

22,700

24,499

26,246

24,395

26,109

26,531

29,199

32,279

33,550

22,700

1 24,500

2 26,248

2 24,397

30 26,139

27 26,558

35 29,234

80 32,359

62 33,612

5.

1,164

1,216

1,286

1,333

1,582

1,790

1,930

1,859

2,125

1,017 758 757

1,164 910 910

1,216 914 914

1,286 1,018 1,017

1,333 1,070 1,070

1,582 1,271 1,271

1,790 1,563 1,562

1,930 1,765 1,765

342 93 2,666 573 6,206

344 93 3,073 703 7,197

365 99 2,966 647 7,121

360 98 4,635 715 9,129

344 93 5,064 919 9,893

296 81 5,809 1,015 11,325

363 112 7,430 1,098 13,918

318 156 7,682 1,399 15,015

1,859 1,922 1,922 550 352 98 7,054 1,429 15,186

2,125 2,123 2,123 801 367 161 7,498 1,409 16,607

1,128 559 9,518 2,108 1,252 14,565

1,377 636 10,768 2,167 1,364 16,312

1,351 683 11,627 2,154 1,501 17,316

1,267 650 12,537 2,042 1,568 18,064

1,287 677 13,545 1,966 1,720 19,195

1,551 1,188 14,027 2,761 2,031 21,558

1,957 1,662 14,949 3,133 2,454 24,155

2,338 1,970 16,186 3,407 2,736 26,637

2,543 2,037 18,021 3,173 2,769 28,543

2,885 2,385 19,413 3,593 3,118 31,394

11,307

13,585

14,305

17,313

15,095

15,906

16,321

17,612

19,002

18,825

31,621

35,377

34,290

37,464

40,476

44,249

47,545

50,219

29,897

7. Π.

1,017

25,872

6.

6.

7. 11.

13. 14. 17. 20. 21.

ΙΠ. 7. 9. 11.

12.

13. 14.

Notes to Table ΙΠ-4 Line I-I through 1-7 II-I Ia Ib 2 6 7 13 13a 13b 13c 14 15 16 17

20 21

III-7 8 9

10 11 12 13 14

From line 4 of Tables IV-a-1 through IV-a-7 respectively. David Meiselman and Eli Shapiro, "Corporate Sources and Uses of Funds" (in preparation), Table C-la, line 1, minus: "Rest of the world" deposit liability to corporate business (FRB worksheets); line II-2 of this table; and line II-I of Table III—51. Table IV-b-la, line 4. Line II-I minus line Il-la. FRB, Flow of Funds /Saving Accounts, 1946-1960, Supplement 5, December 1961, p. 35. Table IV-b-6, line 4. Meiselman and Shapiro, "Corporate Sources," Table C-la, line 3, minus line Π-6 of this table and lines U-6, II-7, and II-IO of Table 111-51. Ibid., Table C-la, line 2, minus nonguaranteed government bonds held by corporations (from FRI worksheets). Table IV-b-13a, line 4. Table IV-b-13b, line 4. Table IV-b-13c, line 4. Meiselman and Shapiro, "Corporate Sources," Table C-la,line 10. Nonguaranteed U.S. Government bonds held by corporations (from FRB worksheets), plus commercial paper held outside banks (Table ΙΠ-51-a, col. 4, col. 8 and col. 11). $3,500 million in 1949 (R. W. Goldsmith, Financial Intermediaries, Appendix F Supplement, Table F-5, line 3 minus line 31) cumulated by assuming that 1 per cent of net new issues (see notes to Table IV-b-16), were purchased by nonfinancial corporations. 1945 and 1949: Goldsmith, Financial Intermediaries, Appendix F (Supplement), Table F-4, line 2 minus line 17. 1946-48: Interpolated by estimates derived from 1945, using method described for 1950-58. 1950-58: 1949 figure extrapolated to 1958 by cumulating net purchases of stock and capital gains. Net purchases are assumed to be 5 per cent of net new issues of domestic common stock (Table IV-b-17a, line 10). Capital gains for each year consist of two parts; gains on stock held at the beginning of the year and gains on stock purchased during the year. The former are es­ timated by taking the previous end-of-year holdings and multiplying by the change in stock prices during the year (Table IV-b-17a, line 13). The latter are estimated by multiplying pur­ chases by the ratio of end-of-year prices to average prices during the year (Table IV-b-17a, line 15). Line 11-21 minus sum of lines II-I through 11-17, Meiselman and Shapiro, "Corporate Sources," TableC-la,lines 11 through 13,and line 19, minus line 8 and minus line 11-21 of Table III—51. Capital gains included in line 11-17 of this table were added to this total because the Meiselman and Shapiro balance sheet includes stock only at book value. Capital gains were estimated as the difference between line 11-17 and the cumula­ tion from 1945 of purchases at original cost (see note to line 11-17). Table IV-c-7, line 4. FRB worksheets. Meiselman and Shapiro, "Corporate Sources," Table C-lb, sum of lines 2 and 11, minus line III—9 of Table 111-51 and minus loans to corporations by mutual savings banks (estimated as 20% of total commercial and industrial loans, from Annual Report of the Comptroller of the Cur­ rency, e.g., 1955, Table 42, p. 202). Federal government loans to corporate business (FRB worksheets) plus one half of line II-10 of Table III—51, and plus loans to corporations by mutual savings banks (see note to line 1II-9 above). Table IV-c-11, line 4. Table IV-c-12, line 4. Line III—14 minus the sum of lines III—7 through III—12. Liabilities of nonfinancial corporations (Meiselman and Shapiro, "Corporate Sources," Table C-lb, sum of lines 9, 10 and 15) less finance company liabilities (Table ΠΙ-51, line ΙΠ-14).

IV

Line V minus line 111-14.

V

Line 1-7 plus line 11-21.

Notes to Table III-4a Source: Except as noted below, data are from various issues of Statistics of Income·, part 2, U.S. Treasury Department, Internal Revenue Service. Balance sheet data were raised by the ratio of compiled receipts for all corporate returns to compiled receipts for all corporate returns with balance sheets. Line I-I II-6, 7 13, 14

17 Ill—9

11

12

Estimated from total corporate tangibles (other than inventories) in Goldsmith, National Wealth, Table A-54, by using proportion for book values of tangibles from Statistics of Income Each estimated to be one half of "notes and accounts receivable." 1954-58: Holdings of "government obligations not stated" allocated between U.S. obligations and "states, territories, and U.S. possessions" by the proportion for those stated. 1945-53: The 1954 ratio of U.S. obligations to total government obligations was extrapolated back by the ratio for all corporations. (Table III-4). Statistics of Income category, "other investments." Long-term plus short-term bank debt. Long-term bank debt was estimated by interpolating and extrapolating the 1955 and 1957 estimates from the Federal Reserve Board Commercial Loan Survey (-Federal Reserve Bulletin, April 1959, pp. 354, 356, 365) by long-term bank debt of trade-service corporations (Meiselman and Shapiro, "Corporate Sources," Table C-6b, line 11). Short-term bank debt was estimated by interpolating and extrapolating 1955 and 1957 estimates from the Federal Reserve Board Commercial Loan Survey (Federal Reserve Bulletin, April 1959) by Statistics of Income category "bonds and notes payable, maturity less than one year." Statistics of Income, item: "bonds and notes payable, maturity one year or more," minus longterm bank debt (see note to line III—9) and minus estimate of real estate bonds (Leo Grebler, David M. Blank, and Louis Winnick, Capital Formation in Residential Real Estate, Princeton University Press for NBER, 1956, page 446). The figures were continued to 1958 by the same method. Statistics of Income, item: "bonds and notes payable, maturity less than one year" minus shortterm bank debt (see note to line III—9) plus real estate bonds (see note to line III—11).

IV

Line V minus line III—14.

V

Lme 1-7 plus line 11-21.

19,960 34,998

3,066 81 1,420 52 778 7,072 2,569 15,038

ΠΙ. Liabilities 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total

Total assets or liabilities and equities

5,746 25,400

4,496 13,944

Equities

7,134

2,818

66,354

33,108

4,355 93 3,780 60 1,674 18,096 5,188 33,246

19,234

100

50

152,291

87,868

12,450 219 8,694 67 4,396 24,516 14,081 64,423

14,300 60,238

5,587 57 5,530 700 4,040 12,027 450 3,563 337

17,347 92,053

3,900 91 3,809 350 1,962 6,208

5,304 40,954

2,757 21,054

74,706

1922

1,980 64 1,916 120 580 3,900

35,650

1912

18,297

1900

II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 6. Consumer credit 7. Trade credit 8. Loans on securities 13. Securities, U.S. government 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock] 17. Securities, common stock J 20. Other intangible assets 21. Total

I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 6. Inventories 7. Total

TABLE m-4b

228,068

131,777

15,970 566 9,446 128 11,169 36,258 22,755 96,292

23,421 106,774

42,309

7,449 71 7,378 1,410 3,979 21,861 2,000 3,158 644 543

121,294

22,001

99,293

1929

Nonfinancial Corporations, 1900-45, Selected Years (million dollars)

169,508

89,994

11,888 137 5,210 1,277 9,713 35,629 15,660 79,514

11,929 80,391

153,484

87,403

12,807 127 4,344 571 8,834 31,446 7,952 66,081

4,238 51,905

21,969

1,776 379 112

2,837 607 83 40,473

8,698 74 8,624 700 2,966 11,067

17,999 101,579

83,580

1939

5,599 33 5,566 1,010 1,938 15,915

13,796 89,118

75,322

1933

232,255

148,345

16,961 1,933 6,894 281 8,818 27,934 21,089 83,910

6,841 95,683

28,193

17,442 278

20,353 48 20,305 700 2,412 19,464

26,317 136,572

110,255

1945

Notes to Table III-5o Source: Goldsmith, A Study of Saving, Vol. XII, for the W tables; and Goldsmith, Financial aries , for the A tables.

Intermedi-

Line 1-1 through 1-4 6 7 II-l

Sum of W-31, lines 1-1 through 1-5, and W-36, lines 1-1 through 1-4; minus A-25, line 2, and A-26, line 2. Sum of W-31, line 1-7, and W-36, line 1-7. Sum of W-31, line 1-10, and W-36, line 1-10; minus A-25, line 2, A-26, line 2, and W-31, line 1-9.

la lb

Sum of W-31, lines 1-9, II-l, II-2, and W-36, line II-l, 2; minus A-3.C, line 15, A-25, line 3, A-26, line 3, and A-27, line 2 (one-half of line 2 in 1945). W-31, line 1-9. Line II-l, this table, minus line Il-la.

2

A - 3 . C , l i n e 15.

6

1900-22: Sum of W-31, line II-8 and W-24, line 2c 1929-45: Sum of W-31, line II-8 and W-36, line II-8; minus A-25, line 6. and A-26, line 5. 7 Sum of W-31, line II-7, and W-36, line II-7; minus A-25, line 7, and A-27, lines 3 and 4. 8 W-31, line II-9. 13 Sum of W-31, line 11-12, and W-36, lines 11-12 and 13; minus W-35, line 11-13, A-25. line 8, A-26, line 6 (1945 only), and A-27, l / 2 of line 2 (for 1945 only). 14 Sum of W-31, line 11-13, and W-35, line 11-13. 15 III-4b-l, line 4. 16, 17 Sum of W-31, lines 11-15 and 16, W-36, lines 11-15 and 16, and III-4b-l, line 8; minus A-26. line 6 (1929 and 1933 only). 20 Sum of W-31, line 11-21, W-36, line 11-21, and III-4b-l, line 11; minus A-25, line 9, A-26, line 7, and A-27, line 5. 21 Sum of W-31, lines 1-9 and 11-22, W-36, line 11-22, and A-28, line 4; minus A-25 (line 1 minus line 2), A-26 (line 1 minus line 2), A-27, line 1, A-28, line 2, and W-24, lines 2a and 2b (190022). Ill-7 8 9 10 11 12 13 14 IV V

Sum of W-31, line III-8, and W-36, line III-8; minus A-25, line 12, A-26, line 10, and A-27, line 8. W-36, line 111-10. Sum of A-2, line 9, A-3.a, line 4, and A-4, lines 20 and 21; minus A-25, line 11 (1900-39) and line 13 (1945), A-26, line 9 (1900-39) and line 11 (1945), A-27, line 9, and A-28, one-third of line 2. Sum of W-31, line III-7, and W-36, line III-7; minus A-2, line 9, A-3.a, line 4, and A-4, lines 20 and 21. Table I V - c - l l e , line 4. Sum of W-31, lines III-ll and 12, and W-36, lines III-ll and 12; minus A-25, line 15, A-26, line 13, and line III-ll of this table. Sum of W-31, lines 111-13 and 111-14, and W-36, lines 111-13 and 111-14; minus A-25, lines 14 and 16, A-26, lines 12 and 14, A-27, line 11, and A-28, one-third of line 2. Sum of W-31, line 111-15, and W-36, line 111-15; minus A-25 (line 10 minus line 17), A-26 (line 8 minus line 15), A-27 (line 6 minus line 12), and A-28 (two-thirds of line 2). Line V minus line III-14. Sum of lines 1-7 and 11-21.

a The 1945 figures in this table have been superseded by those in Table III—4; they are included here for comparability with earlier years.

147

TABLE III-4b-l Investment Holding Companies, 1929-45, Selected Years (million dollars) 1929

1933

1939

1945

7,006 6,331 132 543

6,846 6,667 96 83

9,963 9,724 127 112

12,302 12,074

7,287 1,963 2,191 3,133

3,953 1,319

4,740 2,248 1,216 1,276

7,872 3,809 2,017 2,046

4,354 3,676

1,724 1,402

1,553 1,388

2,272 2,046

678

322

165

226

Corporate bonds 1. Financial intermediaries, except banking system and government corporations 2. Insurance organizations 3. Investment companies 4. Estimate: investment holding companies

228

0

Corporate stock 5. Financial intermediaries, except banking system and government corporations 6. Insurance organizations 7. Investment companies 8. Estimate: investment holding companies

1,628 1,006

Other assets 9. Investment holding companies, total assets 10. Corporate stock and bonds 11. Estimate: investment holding companies, other assets

Notes to Table

III-4b-l

Line 1 2 3 4 5 6 7 8

9 10 11

1929-39: Goldsmith, A Study of Saving, Vol. Ill, Table W-41, line 11-14. 1945: Sum of lines 2 and 3 of this table. Goldsmith, Financial Intermediaries, Table A-7, line 19. Ibid., Table A-21, line 10. Line 1 minus lines 2 and 3. Goldsmith, A Study of Saving, Vol. Ill, Table W-41, sum of lines 11-15 and 11-16. Goldsmith, Financial Intermediaries, Table A-7, line 20. Ibid., Table A-21, line 14 Line 5 minus lines 6 and 7. It is assumed that the corporate stock figures in line 5 do not include Federal Home Loan Bank stock owned by savings and loan associations (Ibid , Table A-19, line 10), or savings and loan shares owned by credit unions (Ibid., Table A-20, line 9), both of which are included as stock in Ibid., Table A-18, line 20. Ibid., Table A-28, line 4. Sum of lines 4 and 8 of this table. Line 9 minus line 10.

149

TABLE m-5 Total Finance, 1945-58 (billion dollars) 1945 I. Tangible assets 1. Residential structures 2. Nonresidential structures 3. Land 4. Producer durables 6. Inventories 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total m. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves, private 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 12. Bonds and notes 13. Other liabilities 14. Total IV. Equities v. Total assets or liabilities and equities Line

I-I through 1-7

Tables IV-a-1 through IV-a-7.

Other lines: Sum of Tables III-5a through III-5m.

1946

1947

1948

.14 1.17 .99 .18 .01 2.49

.15 1.39 1.14 .20 .03 2.91

.23 1.45 1.30 .23 .02 3.23

.27 1.52 1.51 .26 .01 3.57

77.30 22.68 54.62 .15 2.52 .44 8.25 13.29 2.86 20.16 16.08 4.07 1.34 181.65 57.61 2.05 121.99 6.98 17.70 1.83 5.53 9.66 349.66

77.80 23.09 54.71 .29 4.38 .77 3.85 18.26 3.23 25.12 20.25 4.87 1.54 169.56 44.09 2.43 123.04 7.16 20.25 2.01 5.41 10.90 350.53

85.69 25.31 60.38 .33 6.70 .90 2.79 22.85 3.56 30.94 25.28 5.66 1.76 165.19 41.26 2.77 121.16 8.15 24.10 2.12 5.55 12.58 373.21

90.43 26.81 63.62 .35 8.68 1.07 3.04 25.02 4.17 36.90 30.45 6.45 1.92 159.43 34.78 3.75 120.90 9.25 29.27 2.19 5.74 12.52 389.98

185.24 53.48 45.34 2.68 25.83 .03 3.74 1.17 1.71 .19 11.21 330.62

170.36 60.03 49.11 3.25 29.50 .02 1.70 1.76 1.93 .45 12.59 330.70

179.97 63.62 52.68 3.90 33.38 .03 .99 2.38 2.12 .73 12.72 352.52

182.05 66.19 56.51 4.55 36.86 .04 1.50 2.84 2.12 1.31 13.66 367.63

21.53

22.74

23.92

25.92

352.15

353.44

376.44

393.55

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958 I.

.32 2.43 1.91 .28 .01 4.95

.40 2.41 2.01 .35 .02 5.19

.43 2.26 2.09 .39 .02 5.19

.53 2.53 2.30 .44 .03 5.83

.54 2.79 2.52 .48 .03 6.36

.56 3.17 2.82 .57 .02 7.14

.59 3.68 3.18 .64 .02 8.11

.61 4.10 3.52 .73 .02 8.98

.63 4.54 3.92 .82 .03 9.94

87.64 27.03 60.61 .36 10.93 1.17 3.79 23.40 4.29 41.93 34.91 7.01 2.11 160.57 41.63 4.04 114.90 10.74 32.98 2.50 7.24 13.25 402.90

87.72 25.30 62.42 .31 13.84 1.47 4.59 28.92 4.91 50.87 43.21 7.66 2.37 156.05 41.31 4.96 109.78 13.03 35.93 2.81 8.80 17.44 429.06

92.39 25.25 67.14 .39 14.37 1.66 4.25 33.60 5.56 58.56 50.08 8.49 2.62 158.78 32.10 4.98 121.70 14.69 39.96 2.94 10.97 18.11 458.85

93.53 25.72 67.81 .52 18.00 1.81 4.95 36.62 5.89 66.00 56.74 9.26 2.87 165.16 37.51 5.22 122.43 16.23 45.01 3.12 13.30 19.11 492.12

92.36 24.56 67.80 .60 21.50 1.97 5.75 37.00 6.12 74.16 64.08 10.08 3.08 169.01 49.28 5.05 114.68 18.35 49.47 3.47 14.11 19.67 516.62

91.42 24.29 67.13 .70 22.24 2.12 7.61 37.60 6.22 84.92 73.62 11.30 3.32 174.26 40.61 5.14 128.51 21.84 53.77 3.88 21.25 20.29 551.44

92.04 24.24 67.80 .72 27.87 2.51 8.69 44.44 7.50 98.92 86.22 12.69 3.68 168.55 32.46 5.10 130.99 23.41 57.15 4.08 26.69 25.26 591.51

94.24 24.55 69.69 .77 30.89 2.93 8.01 50.02 7.76 110.75 96.40 14.36 3.94 166.53 38.82 4.17 123.54 24.79 61.03 3.95 28.39 27.25 621.25

96.31 25.28 71.03 .77 33.42 3.27 7.65 52.08 9.07 119.05 103.12 15.93 4.07 165.59 41.05 2.77 121.77 27.12 68.35 3.92 27.78 28.38 646.83

Π. 92.59 1. 23.06 69.53 1.08 2. 33.19 6. 3.64 7. 8. 9.23 9. 53.80 9.42 10. 131.22 11. 113.52 17.70 4.26 12. 176.01 13. 41.63 2.43 131.95 31.23 14. 74.30 15. 4.36 16. 39.10 17. 29.78 20. 693.21 21.

179.36 69.17 60.65 5.26 39.40 .06 1.95 3.23 2.20 1.83 14.96 378.07

188.71 71.81 64.99 6.23 40.71 .07 2.02 4.29 3.19 2.25 16.86 401.13

199.64 76.73 69.31 7.80 44.78 .06 1.83 4.25 3.24 2.82 18.03 428.49

206.62 84.86 74.47 9.52 49.13 .10 2.31 5.16 3.21 3.36 20.15 458.89

206.27 94.01 79.64 11.42 52.51 .12 2.61 5.02 3.25 4.94 21.72 481.51

208.97 104.50 85.68 14.34 55.20 .13 3.28 5.02 3.93 5.13 23.16 509.34

215.69 112.95 91.65 17.35 58.44 .15 3.60 7.77 4.41 6.76 25.27 544.04

219.67 122.36 97.10 20.02 62.02 .18 2.98 7.14 4.22 7.95 27.33 570.97

218.93 134.69 102.20 22.28 64.87 .19 3.08 6.77 4.53 9.08 29.47 596.09

223.18 151.62 108.51 27.80 66.10 .21 3.42 5.69 5.55 9.09 31.20 632.37

.64 4.78 4.04 .85 .03 10.34

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

ΙΠ. 1. 2. 3. 4. 5. 7. 8. 9. 10. 12. 13. 14.

29.78

33.12

35.55

39.06

41.47

49.24

55.58

59.26

60.68

71.18 IV.

407.85

434.25

464.04

497.95

522.98

558.58

599.62

630.23

656.77

703.55 V.

TABLE m-5a Federal Reserve Banks and Treasury Monetary Funds, 1945-58 (billion dollars)

I. Tangible assets 7. Total

1945

1946

1947

1948

.03

.04

.04

.04

II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 9. Bank loans, n.e.c. 13. Securities, U.S. government a. Short-term c. Other long-term 20. Other intangible assets 21. Total

42.91 22.68 20.23 .25 24.29 23.20 1.09 2.27 69.72

44.17 23.09 21.08 .16 23.37 22.30 1.07 2.65 70.35

49.52 25.31 24.21 .09 22.58 19.90 2.68 3.11 75.30

52.55 26.81 25.74 .22 23.35 12.40 10.95 3.02 79.14

in. Liabilities 1. Currency and demand deposits 13. Other liabilities 14. Total

65.36 3.89 69.25

65.50 4.30 69.80

71.47 3.26 74.73

75.40 3.11 78.51

.50

.59

.61

.67

69.75

70.39

75.34

79.18

IV. Equities V. Total assets or liabilities and equities Sum of Tables III-5a-l and in-5a-2.

TABLE m-5a-l Federal Reserve Banks, 1945-58 (billion dollars) 1945

1946

1947

1948

.03

.04

.04

.04

II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 9. Bank loans, n.e.c. 13. Securities, U.S. government 20. Other intangible assets 21. Total

18.25 .02 18.23 .25 24.26 2.26 45.02

18.81 .03 18.78 .16 23.35 2.65 44.97

21.93 .03 21.90 .09 22.56 3.10 47.68

23.44 .04 23.40 .22 23.33 3.01 50.00

m. Liabilities 1. Currency and demand deposits 13. Other liabilities 14. ToUl

42.76 1.89 44.65

42.21 2.30 44.51

44.15 3.06 47.21

46.57 2.91 49.48

.40

.50

.51

.56

45.05

45.01

47.72

50.04

I. Tangible assets 7. Total

IV. Equities v. Total assets or liabilities and equities Line 1-7 II-I Ia lb 9 13 20

Table III-5n, column 2 multiplied by column 11. Cash assets of the Federal Reserve Banks {Annual Report of the Board of Governors of the Federal Reserve System, Table 1 for all years). Goldsmith, National Wealth, Table B-183, column 3. j Line II-I minus line Il-la. Sum of Federal Reserve Banks' loans to member banks, foreign banks, and mdependent firms, and acceptances (same source as II-I above). Federal obligations held by Federal Reserve Banks (same source as II-I above). Sum of Federal Reserve Banks uncollected cash items and other assets (same source as II-I above).

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

.05

.06

.06

.07

.07

.07

.09

.10

.11

.12

52.90 27.03 25.87 .08 18.90 12.00 6.90 3.06 74.94

49.52 25.30 24.22 .07 20.80 16.00 4.80 4.40 74.79

49.68 25.25 24.43 .02 23.82 13.40 10.42 4.05 77.57

50.83 25.72 25.11 .16 24.72 14.80 9.92 4.41 80.12

49.15 24.56 24.59 .03 25.94 17.00 8.94 4.38 79.50

48.63 24.29 24.34 .14 24.95 19.40 5.55 4.10 77.82

48.68 24.24 24.44 .14 24.80 20.70 4.10 5.67 79.29

49.16 24.55 24.61 .12 25.02 22.10 2.92 5.88 80.18

50.89 25.28 25.61 .12 24.26 21.40 2.86 5.92 81.19

46.76 23.06 23.70 .11 26.44 21.00 5.44 5.78 79.09

70.84 3.41 74.25

70.41 3.66 74.07

73.49 3.34 76.83

75.44 3.88 79.32

74.73 3.94 78.67

73.18 3.80 76.98

73.74 4.67 78.41

74.52 4.72 79.24

75.43 4.79 80.22

73.03 5.06 78.09

.74

.78

.80

.87

.90

.91

.97

1.04

1.08

74.99

74.85

77.63

80.19

79.57

77.89

79.38

80.28

81.30

79.21

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

.05

.06

.06

.07

.07

.07

.09

.10

.11

.12

I.

7. Π. 1.

9. 13. 20. 21. ΠΙ. 1.

13. 14.

1.12 IV. V.

I.

7. Π.

23.60 .04 23.56 .08 18.88 3.05 45.61

21.90 .03 21.87 .07 20.78 4.39 47.14

21.99 .02 21.97 .02 23.80 4.04 49.85

22.55 .02 22.53 .16 24.70 4.40 51.81

21.94 .04 21.90 .03 25.92 4.38 52.27

21.65 .07 21.58 .14 24.93 4.10 50.82

21.70 .05 21.65 .14 24.78 5.66 52.28

21.93 .04 21.89 .12 24.92 5.88 52.85

22.87 .06 22.81 .12 24.24 5.72 52.95

20.76 .06 20.70 .11 26.35 5.78 53.00

41.82 3.21 45.03

43.07 3.46 46.53

46.09 3.14 49.23

47.44 3.68 51.12

47.81 3.74 51.55

46.48 3.60 50.08

47.04 4.47 51.51

47.50 4.52 52.02

47.50 4.59 52.09

m. 1. 47.26 4.86 13. 52.12 14.

9. 13. 20. 21.

.63

.67

.68

.76

.79

.81

.86

.93

.97

1.00 IV.

45.66

47.20

49.91

51.88

52.34

50.89

52.37

52.95

53.06

53.12 V.

Line II-21 III-I 13

14 IV V

1.

Sum of lines II-I through 11-20. Deposits with the Federal Reserve Banks by member and nonmember banks, U.S. Treasury, and foreign banks (same source as II-I above), and deposits of the Exchange Stabilization Fund (Treasury Bulletin table. "Balance Sheet-Exchange Stabilization Fund," May issue each year). Miscellaneous liabilities of the Federal Reserve Banks, the sum of officers' and certified checks and Federal Reserve exchange drafts, deposits of international organizations, deferred liabilities, paid-in capital, and other deposits and misc. liabilities (see II-I above). Line III-I plus line ΠΙ-13. Line V minus line ΙΠ-14. Sum of lines 1-7 and 11-21.

TABLE m-5a-2 Treasury Monetary Funds, 1945-58 (billion dollars) 1945

1946

1947

1948

I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 13. Securities, U.S. government 20. Other intangible assets 21. Total

24.66 22.66 2.00 .03 a 24.69

25.36 23.06 2.30 .02 a 25.38

27.59 25.28 2.31 .02 .01 27.62

29.11 26.77 2.34 .02 .01 29.14

in. Liabilities 1. Currency and demand deposits 13. Other liabilities 14. Total

22.60 2.00 24.60

23.29 2.00 25.29

27.32 .20 27.52

28.83 .20 29.03

IV. Equities V. Total assets or liabilities and equities

.09

.09

.10

.11

24.69

25.38

27.62

29.14

Line II-I

la Ib 13 20 21

Cash assets of the Treasury monetary funds. This is the sum of gold; standard silver dollars; silver bullion; subsidiary silver coin; minor coin; U.S. notes; Federal Reserve Bank notes; Na­ tional Bank notes {Federal Reserve Bulletin, e.g., February 1946, p. 155); and special account no. 1 gold, total due from foreign banks and countries, and cash—except Treasurer of the U.S. (Treasury Bulletin table, "Balance Sheet-Exchange Stabilization Fund," May issue for all years). Goldsmith, National Wealth, Table A-44, column 7. Line II-I minus line Il-la. Federal obligations held by Exchange Stabilization Fund, (Treasury Bulletin, line on "Federal Reserve Bank of N.Y. Special Account/' May issue for all years). Securities of U.S. government, Treasurer of U.S. checking account (same source as for 11-13). Sum of lines II-I through 11-20.

TABLE m-5b Government Pension and Insurance Funds, 1945-58 (billion dollars) 1945

1946

1947

1948

Tangible assets Intangible assets 1. Currency and demand deposits b. Other 10. Other loans 11. Mortgages, nonfarm a. Residential 13. Securities, U.S. government b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 21. Total

.27 .27 .12 .02 .02 24.05 .20 23.85 1.19 .14 .02 .02 25.83

.28 .28 .11 .03 .03 27.81 .30 27.51 1.09 .14 .02 .02 29.50

.30 .30 .11 .03 .03 31.56 .40 31.16 1.19 .15 .02 .02 33.38

.38 .38 .13 .04 .04 34.70 .50 34.20 1.34 .21 .03 .03 36.86

Liabilities 5. Pension and insurance funds, govt. 14. Total

25.83 25.83

29.50 29.50

33.38 33.38

36.86 36.86

25.83

29.50

33.38

36.86

Equities Total assets or liabilities and equities

Sum of corresponding lines in Tables III-5b-l and III-5b-2, except line II-13b (for which see Table IV-b-13b, line 5b), and line H-13c (which is line 11-13 minus line II-13b).

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958 I.

Π.

29.30 26.99 2.31 .02 .01 29.33

27.62 25.27 2.35 .02 .01 27.65

27.69 25.23 2.46 .02 .01 27.72

28.28 25.70 2.58 .02 .01 28.31

27.21 24.52 2.69 .02 .01 27.24

26.98 24.22 2.76 .02 .01 27.01

26.98 24.19 2.79 .02 a 27.00

27.23 24.51 2.72 .10 a 27.33

28.02 25.22 2.80 .02 .20 28.24

26.00 23.00 3.00 .09 a 26.09

29.02 .20 29.22

27.34 .20 27.54

27.40 .20 27.60

28.00 .20 28.20

26.92 .20 27.12

26.70 .20 26.90

26.70 .20 26.90

27.02 .20 27.22

27.93 .20 28.13

25.77 1. .20 13. 25.97 14.

.11

.11

.12

.11

.12

.11

.10

.11

.11

.12 IV.

29.33

27.65

27.72

28.31

27.24

27.01

27.00

27.33

28.24

26.09 V.

Line III-I

13 14

1.

13. 20. 21. m.

Currency of the Treasury monetary funds. Sum of Treasury currency outstandmg, gold certifi­ cates, money held in Treasury for Federal Reserve Banks and agents, and money held by Fed­ eral Reserve Banks and agents, currency in circulation, $156 million of U.S. Notes and Treasury notes of 1890 {Federal Reserve Bulletin, e.g., February 1946, p. 155), and gold in general fund, e.g., Treasury Bulletin, May 1946, p. 71, col. 5). Capital account (Treasury Bulletin table, "Balance Sheet-Exchange Stabilization Fund," May issue all years). Lme III-I plus line 111-13.

IV

Lme V minus line 111-14.

V

aUnder

Same as line 11-21.

1949

1950

1951

1952

1953

$5 million.

1954

1955

1956

1957

1958 I. Π. 1. 1.34

.36 .36 .14 .04 .04 36.89 .60 36.29 1.55 .36 .03 .03 39.40

.82 .82 .16 .10 .10 37.30 .70 36.60 1.74 .51 .04 .04 40.71

.88 .88 .18 .16 .16 40.90 .70 40.20 1.81 .75 .05 .05 44.78

.77 .77 .19 .20 .20 44.82 .80 44.02 1.94 1.09 .06 .06 49.13

.73 .73 .21 .23 .23 47.51 .80 46.71 2.18 1.49 .08 .08 52.51

1.05 1.05 .23 .30 .30 48.95 .80 48.15 2.49 1.98 .10 .10 55.20

.83 .83 .26 .34 .34 51.35 .80 50.55 2.83 2.57 .13 .13 58.44

.97 .97 .29 .43 .43 53.60 .70 52.90 3.23 3.20 .15 .15 62.02

1.21 1.21 .32 .45 .45 54.67 .60 54.07 3.68 4.16 .19 .19 64.87

1.34 .36 .40 .40 54.05 .50 53.55 4.14 5.31 .25 .25 66.10

39.40 39.40

40.71 40.71

44.78 44.78

49.13 49.13

52.51 52.51

55.20 55.20

58.44 58.44

62.02 62.02

64.87 64.87

ΠΙ. 66.10 5. 66.10 14.

39.40

40.71

44.78

49.13

52.51

55.20

58.44

62.02

64.87

66.10 V.

10. 11. 13. 14. 15. 16. 17. 21.

IV.

TABLE m-5b-l Federal Government Pension and Insurance Funds, 1945-58 (billion dollars)

I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 10. Other loans 13. Securities, U.S. government 21. Total in. Liabilities 5. Pension and insurance funds, govt. 14. Total

1945

1946

1947

1948

.20

.20

.20

.27

.20 .12 22.47 22.79

.20 .11 25.81 26.12

.20 .11 29.31 29.62

.27 .13 32.17 32.57

22.79 22.79

26.12 26.12

29.62 29.62

32.57 32.57

22.79

26.12

29.62

32.57

IV. Equities V. Total assets or liabilities and equities Line II-I

1945-49: Goldsmith, A Study of Saving, Vol. I, Table F-23, col. 7, p. 1027. 1950-58: Sum of the unexpended balances of the Old Age and Survivors Insurance Trust Fund, Unemployment Trust Fund, Railway Retirement Fund, and National Service Life In­ surance Fund (Treasury Bulletin, e.g., February 1956, Table 6, p. 9) and the cash balance of the Civil Service Retirement and Disability Fund (Annual Report of the Secretary of the Treasury, e.g., 1956, Table 55, p. 509. December 31 figures obtained by linear interpolation of fiscal year figures).

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

.24

.69

.76

.64

.56

.85

.65

.77

.97

1.09

I. Π. 1.

.24 .14 34.13 34.51

.69 .16 34.20 35.05

.76 .18 37.36 38.30

.64 .19 40.85 41.68

.56 .21 43.25 44.02

.85 .23 44.42 45.50

.65 .26 46.52 47.43

.77 .29 48.45 49.51

.97 .32 49.35 50.64

1.09 .36 48.45 49.90

10. 13. 21.

34.51 34.51

35.05 35.05

38.30 38.30

41.68 41.68

44.02 44.02

45.50 45.50

47.43 47.43

49.51 49.51

50.64 50.64

49.90 49.90

ΠΙ. 5. 14. IV.

34.51

35.05

38.30

41.68

44.02

45.50

47.43

49.51

50.64

49.90

V.

Line Π-10

13 21 ΙΠ-5, 14 V

1945-47: Goldsmith, A Study of Saving, Vol. I, Table F-25, col. 10, p. 1033. 1948-58: Sum of national service life insurance and U.S. government life insurance policy loans (U.S. Bureau of the Budget, The Budget of the United States Government, e.g., fiscal 1956, pp. 1059-1060). Where June figures appeared in the Budget, straightline interpolations were made to arrive at December figures. Figures for 1949 and 1954, not available in the Budget, were interpolated between adjoming years. Sum of public issues and special issues of federal securities held by federal pension and retire­ ment funds. See notes to Tables III-5b-la and III-5b-lb. Sum of lines II-I through 11-13. Same as line 11-21. Same as line 11-21.

1 1 1 1 1 1

839 862 854 813 860 667 674 640 631

Federal Deposit Insurance Corporation (2)

54 263 586 768 966 50 52 44 53 263 64 50 50 165

Federal Home Loan Banks (3)

80 77 102 29 62

Federal Housing Administration (4)

81 79 56 60 91 93 95 83 104

Federal Savings and Loan Insurance Corporation (5)

587 386

Highway Trust Fund (6) 456 938 1,882 1,867 1,882 1,630 632 520 358 164 26 6 5

Postal Savings System (7)

Cols. 1 through 7: 1945-49: Goldsmith, A Study of Saving, Vol I, Tables F-23, F-24. 1950-52· U.S. Treasury Department, Treasury Bulletin, e.g.. December 1953, p. 11. 1953-58 U.S. Treasury Department, Daily Treasury Statement, e.g., December 31, 1958, p. 5. Col. 8 Sum of columns 1 through 7. Col. 9 · Treasury Bulletin, e.g., June 1959, p. 44. Col. 10 Col 9 minus col. 8.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year

Farm Tenant Mortgage Insurance Corporation (1)

Special Issues Held by

(million dollars)

1945-58

Special Issues of Federal Securities Held by Federal Government Pension and Insurance Funds,

TABLE ΠΙ-5b-la

510 1,201 2,468 2,635 2,848 2,601 1,626 1,475 1,285 1,459 928 927 1,394 1,348

Total (8)

20,000 24,585 28,955 31,714 33,896 33,707 35,902 39,150 41,197 42,566 43,926 45,639 45,799 44,840

Total Special Issues Held by U.S. Govt. Investment Accounts (9)

19,490 23,384 26,487 29,079 31,048 31,106 34,276 37,675 39,912 41,107 42,998 44,712 44,405 43,492

Special Issues of Federal Govt. Securities Held by Federal Pension and Insurance Funds (10)

Total (2)

1,683 1,873 1,685 1,854 2,047 2,075 2,226 2,421 2,602 2,967 3,236 3,739 3,804 4,198

7,041 6,329 5,397 5,603 5,450 5,490 6,379 6,742 7,116 7,043 7,798 8,363 9,379 9,498 54 263 586 768 966 971 994 955 927 1,295 902 921 802 962

Special Issues (3) 1,629 1,610 1,099 1,086 1,081 1,104 1,232 1,466 1,675 1,672 2,334 2,818 3,002 3,236

Public Issues (4) 2,381 2,244 1,426 1,377 1,236 1,238 2,012 2,031 2,031 1,970 1,848 1,622 1,310 1,128

Public Issues Held by the Postal Savings System (5) 23 30 31 32 30 31 36 51 54 61 71 87 100 90

Issues Held by the District of Columbia (6) 30 20 20 20 20 20 20 20 20 25 25 95 25 90

Issues Held by Exchange Stabilization Fund (7)

2,978 2,425 2,821 3,088 3,083 3,097 3,079 3,174 3,336 3,315 3,520 3,741 4,942 4,954

Public Issues Held by Federal Govt. Pension and Insurance Funds (8)

Columns 1, 2, and 4 include holdings of the Federal Land Banks for 1945 and 1946.

U.S. TreasuryDepartment, Treasury Bulletin, e.g., June 1959, Table 1, p. 44. Federal Reserve Bulletin, e.g., June 1959, p. 618 ("U.S. Government Securities-Total"). Sum of columns 1-5 of Table Ill-5b-la. Column 2 minus column 3. Total issues held by the Postal Savings System (1945-54: Federal Reserve Bulletin, e.g., June 1955, p. 662; 1955-58: Federal Reserve Board work­ sheets) minus special issues held by Postal Savings System (see notes to Table lll-5b-la). Col 6: Annual Report of the Secretary of the Treasury (e.g., fiscal 1956 report, p. 504) for June 30 figures. End-of-year figures are linear interpolations of June 30 figures, except those for 1950-53, which are estimated from net investment in government securities by these D.C. funds ipaily Treasury Statement). Col1 7: Treasury Bulletin, e.g., November 1955, p. 49. Col. 8. Col. 1 minus the sum of cols. 4, 5, 6, and 7.

Col. 1: Col. 2: Col. 3: Col. 4: Col. 5:

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year

Federal Credit Agen.cies

Public Issues Held by U.S. Gov't. Investment Accounts (1)

(million dollars)

Public Issues of Federal Securities Held by Federal Government Pension and Insurance Funds, 1945-58

TABLE III-5b-Ib

TABLE m-5b-2 State and Local Government Pension and Insurance Funds, 1945-59 (billion dollars) 1945

1946

1947

1948

I. Tangible assets II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 11. Mortgages, nonfarm 13. Securities, U.S. government 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 21. Total

.07

.08

.10

.11

.07 .02 1.58 1.19 .14 .02 .02 3.04

.08 .03 2.00 1.09 .14 .02 .02 3.38

.10 .03 2.25 1.19 .15 .02 .02 3.76

.11 .04 2.53 1.34 .21 .03 .03 4.29

ΙΠ. Liabilities 5. Pension and insurance funds, govt. 14. Total

3.04 3.04

3.38 3.38

3.76 3.76

4.29 4.29

3.04

3.38

3.76

4.29

IV. Equities V. Total assets or liabilities and equities Luie II-1, 13, 14

11

Line 11-21 multiplied by the estimated share of cash and deposits, U.S. government securities, and state and local securities, in total assets. Fiscal-year data on distribution of assets of state and local government pension and retirement funds are from the following sources (calen­ dar year estimates derived by linear interpolation): Fiscal 1945-Fiscal 1953: Interpolated between 1954 benchmarks below, and 1941 benchmark from U.S. Bureau of the Census, Retirement Systems for State and Local Government Employees, State and Local Government Special Study No. 17 The interpolations used data from the Census Bureau's Summary of Governmental Finances (for the later years), State Finances, and City Finances, as well as information received directly from the Bureau of the Census. Fiscal 1954-Fiscal 1958: Bureau of the Census, Summary of Governmental Finances, e.g., 1958, Table 10. p. 19. 1945-56: Total state and local government holdings of mortgages (FRB worksheets) were inter­ polated to obtain fiscal year figures. State debt outstanding to finance veterans' farm and home loans (Bureau of the Census, State Finances, various issues) was subtracted. Calendar-year remainders were estimated by interpolation of the fiscal-year ratios of veterans' farm and home loans to total state and local government holdings of mortgages. Calendar-year remainders were then multiplied by the 1957 ratio of employee pension and retirement fund mortgages (see 1957 and 1958, below) to the 1957 remainder. 1957-58: Fiscal 1957 figure for state and local employee retirement funds holdings of mortgages from Bureau of the Census, 1957 Census of Governments, Vol IV, No. 1. Calendar 1957 and 1958 figures assumed to remain the same.

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958 I. Π. 1.

.12

.13

.12

.13

.17

.20

.18

.20

.24

.25

.12 .04 2.76 1.55 .36 .03 .03 4.89

.13 .10 3.10 1.74 .51 .04 .04 5.66

.12 .16 3.54 1.81 .75 .05 .05 6.48

.13 .20 3.97 1.94 1.09 .06 .06 7.45

.17 .23 4.26 2.18 1.49 .08 .08 8.49

.20 .30 4.53 2.49 1.98 .10 .10 9.70

.18 .34 4.83 2.83 2.57 .13 .13 11.01

.20 .43 5.15 3.23 3.20 .15 .15 12.51

.24 .45 5.32 3.68 4.16 .19 .19 14.23

.25 .40 5.60 4.14 5.31 .25 .25 16.20

14. 15. 16. 17. 21.

4.89 4.89

5.66 5.66

6.48 6.48

7.45 7.45

8.49 8.49

9.70 9.70

11.01 11.01

12.51 12.51

14.23 14.23

16.20 16.20

III. 5. 14.

4.89

5.6

6.48

7.45

8.49

9.70

11.01

12.51

14.23

16.20

11. 13.

IV.

II-15

V.

The sum of lines Il-Il 1 11-15, 11-16, and 11-17 was estimated in the same manner as line II-I 1 above. Line 11-15 was calculated as a residual item after deduction of lines 11-11, 11-16, and 11-17, which were estimated independently.

16,

17

21

III—5 14 V

Total common and preferred stock held by state and local government pension and retirement funds was assumed to be 7.444 per cent of total corporate securities held by state and local governments (FRB worksheets). Common stock was calculated as one half of total stock. These percentages were derived from the National Council of Teacher Retirement, Compilation of In­ vestment Questionnaire Returns, June 30, 1955. Sum of total assets of state and local government employee retirement funds and workmen's compensation funds. Total assets of employee retirement funds were cumulated from the 1944 figure (Goldsmith, A Study of Saving, Vol. I, Table G-19, col. 5, p. 1073) by the fund increase, which is the sum of assessments, government contributions, and investment income, minus benefits paid out (Survey of Current Business, National Income Number, e.g., July 1957, Table 10, p. 14, Imes 14, 15, and 18 minus line 20). Total assets of workmen's compensation funds derived by cumulating from the 1944 figure (Goldsmith, A Study of Saving, Vol. I, Table G-19, col. 11, p. 1073) by the fund increase which is revenues minus benefits paid out (1945-49: Ibid., cols. 7 and 8 minus col. 9, p. 1073; 1950-57: Bureau of the Census, Summary of State Government Finances, e.g., 1955, Table 1, pp. 6-7 Calendar year figures obtained by linear interpolation of fiscal year figures). Same as line 11-21. Same as line 11-21.

TABLE ΠΙ-5c Commercial Banks, 1945-58 (billion dollars)

I. Tangible assets 7. Total II. Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 6. Consumer credit 8. Loans on securities 9. Bank loans, n.e.c. 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 17. Securities, common stock 20. Other intangible assets 21. Total in. Liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 9. Bank loans, n.e.c. 10. Other loans 13. Other liabilities 14. Total IV. Equities V. Total assets or liabilities and equities

1945

1946

1947

1948

1.12

1.36

1.48

1.53

29.83

28.53

30.74

32.26

29.83 .07 1.47 6.82 13.04 4.23 3.38 .85 .52 90.61 32.30 .94 57.37 3.97 2.96 .22 5.54 159.28

28.53 .06 2.66 3.16 18.10 6.50 5.12 1.38 .70 74.78 18.80 .96 55.02 4.40 3.31 .19 6.32 148.71

30.74 .06 3.97 2.05 22.76 8.58 6.90 1.68 .82 69.22 19.20 .93 49.09 5.28 3.37 .16 7.44 154.45

32.26 .05 4.98 2.31 24.80 9.94 8.00 1.93 .87 62.62 19.40 1.23 41.99 5.66 3.17 .16 7.18 154.00

119.88 30.34 .22 .28 .63 151.35

104.86 34.17 .05 .21 .84 140.13

108.50 35.60 .07 .16 .99 145.32

106.65 36.23 .06 .13 1.15 144.22

9.05

9.94

10.61

11.31

160.40

150.07

155.93

155.53

Line 1-7 II-I 2 6 8

9

11 Ila lib 12 13 13a 13b 13c 14

Table III-5n, col. 3 multiplied by col. 11.

a

Under $5 million.

Table IV-b-1, line 5c. Annual Report of the Federal Deposit Insurance Corporation, e.g., 1956, Table 105, p. 106. Other balances with banks in U.S. minus Table III-5m-2, line 11-2. Total instalment and nonmstalment credit held by commercial banks {Federal Reserve Bulletin, e.g., October 1957, p. 1171) plus hypothecated deposits accumulated by consumers for the re­ payment of loans (FRB worksheets). Sum of commercial bank loans on securities to brokers and dealers and to others. 1945-46: Annual Report of the Comptroller of the Currency, e.g., 1946, Table 29, p. 119; 194758: Federal Reserve Bulletin, e.g., March 1958, p. 319. 1945-46: Total loans, net, for all commercial banks {Federal Reserve Bulletin) minus lines II-6, II—8, 11-11, and 11-12 of this table; 1947-58: Federal Reserve Bulletin, e.g., June 1955, p. 668. Sum of commercial loans, agricultural loans, other loans to individuals, loans to financial in­ stitutions and other loans, minus line II—6 of this table. Table IV-b-11, line 5c. Table IV-b-lla, line 5c. Table IV-b-llb, line 5c. Table IV-b-12, line 5c. Federal Reserve Bulletin, e.g., December 1956, p. 1329. Table IV-b-13a, line 5c. Table IV-b-13b, line 5c. Table IV-b-13c, line 5c. 1945-46: FRB worksheets; 1947-58: Federal Reserve Bulletin, e.g., December 1956, p. 1332.

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

1.99

1.99

1.94

2,04

2.22

2.40

2.73

3.02

3.33

3.47

7. II. 1.

I.

28.90

31.18

35.10

35.04

35.28

34.05

34.28

35.64

35.49

35.13

28.90 .04 6.01 2.64 23.32 10.64 8.60 2.04 .91 67.00 26.50 1.18 39.32 6.55 3.32 .15 7.58 157.06

31.18 .04 7.67 2.86 28.85 12.58 10.33 2.24 .96 62.03 22.20 1.47 38.36 8.12 3.90 .15 10.02 168.36

35.10 .04 7.84 2.56 33.58 13.58 11.14 2.44 1.00 61.52 15.80 1.49 44.23 9.20 3.77 .14 10.60 178.93

35.04 .04 9.73 3,16 6.46 14.66 12.06 2.59 1.05 63.32 19.20 1.51 42.61 10.19 3.55 .15 10.72 188.07

35.28 .04 11.33 3.56 36.97 15.62 12.80 2.81 1.08 63.43 28.20 1.49 33.74 10.82 3.43 .15 10.73 192.44

34.05 .04 11.36 4.45 37.46 17.26 14.03 3.23 1.16 68.98 17.60 1.50 49.88 12.59 3.29 .15 10.99 201.78

34.28 .04 13.72 5.04 44.30 19.52 15.74 3.78 1.29 61.59 9.00 1.48 51.11 12.70 3.53 .16 13.96 210.13

35.64 .04 15.17 4.28 49.90 21.18 16.85 4.33 1.33 58.55 13.80 1.09 43.66 12.90 2.89 .16 14.90 216.94

35.49 .04 16.38 4.22 51.96 21.75 17.00 4.76 1.36 58.24 15.70 .62 41.92 13.92 3.49 .18 15.11 222.14

35.13 .08 16.56 4.66 53.69 23.79 18.41 5.38 1.46 66.18 16.60 .59 48.99 16.50 3.52 .19 16.07 237.83

108.52 36.73 .02 .11 1.32 146.70

118.30 36.96 .09 .09 1.90 157.34

126.15 38.69 .03 .08 2.30 167.25

131.18 41.76 .19 .05 2.54 175.72

131.54 45.16 .06 .04 2.65 179.45

135.79 48.97 .03 .02 2.99 187.80

141.95 50.30 .16 .01 3.01 195.43

145.15 52.37 .08 a 3.56 201.16

143.50 57.82 .08 .01 3.93 205.34

150.15 65.86 .07 a 3.88 219.96

1 2 9. 10. 13. 14,

2. 6. 8. 9. 11. 12. 13.

14. 15. 17. 20. 21. ΙΠ.

12.35

13.01

13.62

14.39

15.21

16.38

17.43

18.80

20.13

21.34

IV.

159.05

170.35

180.87

190.11

194.66

204.18

212.86

219.96

225.47

241.30

V.

Line Π-15 17 20 21

III-I 2

9 10

Totalinvestmentofcommercialbanks (1945-46: FRB worksheets; 1947-58: FederalReserve Bulletin, e.g., December 1956, p. 1332) minus lines 11-13, 11-14, 11—17 of this table, and Federal Reserve Bank stock (see line 11-17 below for source). Stock held by all banks (Annual Report of the Comptroller of the Currency, e.g., 1954, Table 38, p. 161) less FRB stock held by commercial banks (Annual Report, FDIC, e.g., 1948, Table 108, p. 94), and stock held by mutual savings banks (Table III-5d, line 11-17). Line 11-21 minus lines II-I through 11-17. Total assets (1946, 1948, and 1949: FRB worksheets; 1945, 1947, and 1950-58: Federal Reserve Bulletin, e.g., December 1956, p. 1329) plus the difference between gross loans (sum of lines II—6 through 11-12) and net loans {Federal Reserve Bulletin, e.g., June 1955, p. 668) minus the book value of tangible assets (Table Ill-5n, col. 3). Total deposit liabilities of commercial banks (Federal Reserve Bulletin, e.g., March 1958, p. 315) minus line III-2. 1945-46, 1948-49: Sum of:time deposit liabilities to banks in U.S. and banks in foreign coun­ tries {Annual Report of the Comptroller of the Currency, e.g , 1946, ρ 121), and other time deposit liabilities (see line III-I above for source). 1947, 1950-58: Total time deposit liabilities {Federal Reserve Bulletin, e.g., March 1958, p. 319). Item on ''bills payable, rediscounts, and other liabilities for borrowed money" of all banks in continental U.S. {Annual Report of the Comptroller of the Currency, e.g., 1946, p. 117) minus same item for mutual savings banks (Table III-5d, line III-9). FRB worksheets. (Notes continued at foot of page 165)

TABLE m-5d Mutual Savings Banks, 1945-58 (billion dollars)

Tangible assets 7. Total Intangible assets 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 6. Consumer credit 8. Loans on securities 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 17. Securities, common stock 20. Other intangible assets 21. Total Liabilities 2. Other bank deposits and shares 9. Bank loans, n.e.c. 13. Other liabilities 14. Total Equities Total assets or liabilities and equities Lme

I-7 II-I 2 6 8 10 11 Ila lib 12 13 13a 13b 13c 14 15 17 20 21

1945

1946

1947

1948

.14

.15

.15

.15

.60

.66

.68

.65

.60 .01 .02

.66 .16 .02

.68 .21 .04

.65 .23 .04

a

a

a

a

.05 4.18 3.39 .80 .02 10.68 .16 .21 10.31 .09 1.02 .14 .07 16.88

.07 4.42 3.59 .83 .03 11.78 .44 .25 11.09 .06 1.19 .15 .07 18.61

.05 4.83 3.94 .89 .03 11.98 .49 .30 11.19 .06 1.51 .15 .07 19.61

.07 5.77 4.76 1.02 .03 11.48 .54 .48 10.46 .07 2.01 .16 .08 20.59

15.38

16.87

17.75

18.39

a

a

a

a

.05 15.43

.07 16.94

.09 17.84

.09 18.48

1.59

1.82

1.92

2.26

17.02

18.76

19.76

20.74

a Under

$5 million.

Table III-5n, col. 4 multiplied by col. 11. Total currency and deposits of mutual savings banks (1945, 1947-58: Federal Reserve Bulletin, e.g., December 1956, p. 1329; 1946: Annual Report of the Federal Deposit Insurance Corpora­ tion, 1946, p. 123) less time deposits (line II—2). FRB worksheets. FRB worksheets. Annual Report, Comptroller of the Currency, e.g., 1955, p. 166. 1945-46; Gross loans {Annual Report, FDIC, e.g., 1946, p. 123) minus lines II—6, II—8, 11-11, and 11-12; 1947-58: Non-real estate loans (Annual Report, FDIC 1 e.g., 1955, Table 105, p. 124) minus lines II-6 and II—8. Table IV-b-11, line 5d. Table IV-b-lla, line 5d. Table IV-b-llb, line 5d. Table IV-b-12, line 5d. 1945-46: Annual Report, FDIC, e.g., 1945, p. Ill, Table 105. 1947-58: Federal Reserve Bulletin, e.g., December 1956, p. 1329 Table IV-b-13a, line 5d Table IV-b-13b, line 5d. Table IV-b-13c, line 5d. 1945-46: See lme 11-13 above; 1947-58: Annual Report, FDIC, e.g., 1955, Table 105, p. 124. Total securities (see line 11-13 above for sources) less lines 11-13, 11-14, and 11-17. Annual Report, FDIC, e.g., 1955, Table 105, p. 124. Total assets minus net loans (see note to line II-I for sources), lines II— 1, II-2, 11-13 through 11-17, and tangible assets at book value (Table III-5n). Sum of lines II-I through 11-20.

1949

1950

1951

1952

1953

1954

1955

1956

1957

1958

.19

.19

.17

.20

.22

.25

.26

.29

.31

.32

1. 7.

.65

.63

.70

.70

.74

.76

.74

.76

.76

.76

Π. 1.

.65 .22 .04 a .07 6.67 5.57 1.10 .04 11.43 .44 .50 10.49 .09 2.15 .16 .10 21.62

.63 .17 .06 a .07 8.22 7.05 1.16 .04 10.87 .11 .58 10.18 .09 2.07 .18 .12 22.52

.70 .19 .06 a .07 9.87 8.60 1.27 .05 9.82 .18 .58 9.06 .15 2.20 .23 .17 23.51

.70 .22 .07 a .07 11.33 9.88 1.44 .05 9.42 .26 .59 8.57 .32 2.57 .34 .17 25.26

.74 .24 .08 a .08 12.89 11.33 1.56 .05 9.18 .48 .56 8.14 .41 2.86 .43 .20 27.16

.76 .27 .08 .01 .09 14.95 13.21 1.74 .06 8.75 .16 .55 8.04 .60 2.95 .57 .21 29.30

.74 .22 .10 .02 .09 17.40 15.57 1.83 .06 8.46 .26 .52 7.68 .64 2.69 .66 .23 31.31

.76 .16 .13 .02 .10 19.69 17.70 1.98 .06 7.97 .24 .45 7.28 .67 2.82 .70 .25 33.33

.76 .12 .13 .01 .13 21.11 19.01 2.10 .06 7.55 .45 .30 6.80 .68 3.56 .77 .28 35.16

.76 .16 .14 .01 .17 23.21 20.94 2.27 .05 7.26 .30 .22 6.74 .73 4.11 .86 .30 37.76

19.27 a .11 19.38

20.01 a .14 20.15

20.89 a .15 21.04

22.59 a .16 22.75

24.36 a .21 24.57

26.30 a .28 26.58

28.13 a .33 28.46

30.00 a .36 30.36

31.66 a .44 32.10

34.01 .01 .53 34.55

2. 6. 8. 10. 11. 12. 13.

14. 15. 17. 20. 21. III.

2.43

2.56

2.64

2.71

2.81

2.97

3.11

3.26

3.37

21.81

22.71

23.68

25.46

27.38

29.55

31.57

33.62

35.47

2. 9. 13. 14.

3.53 IV. 38.08

V.

Line ΙΠ-2 9 13 14 IV

V

Federal Reserve Bulletin, e.g., March 1958, p. 314. Bills payable, rediscounts, and other liabilities for borrowed money, from Annual Report, Comptroller of the Currency, e.g., 1955, Table 42, p. 201. Line III—14 minus lines III—2 and III—9. Line V minus line IV. Surplus, undivided profits, and reserves and retirement account for capital notes and debentures (Annual Report, Comptroller of the Currency, e.g., 1955, Table 42, p. 201), plus difference be­ tween gross loans and net loans (see notes to lines II-10 and 11-20 for source) and the difference between current value and book value of tangible assets (see line 1-7). Line 1-7 plus line 11-21. Notes to Table lll-5c (

Residential structures Nonresidential structures Land Producer durables Consumer durables Inventories at book value (see note below) Total

II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. other bank depOSits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U. S. government a. Short-term b. Savings bonds c. other long-term 14. Securities, state and local

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

1. Gross capital expenditures

1.03 .34 -2.03 -1.37 -.90 .24 1.42

I.B4 .Bl

.78

.12 2.72 13.75 5.24 3.06 1.24

2.B4

-.09 .79

1.10 .02 1.08

-.02 6.53

3.81

.41 34.04 54.B9

.53 2.21

Unincorporated Business (2)

18.26 2.18

Nonfarm Households (1)

-Nonfarm -

.09

.09

-.01

.30 .01 .29 .17 .29

5.58 12.66

2.B7

2.59

.B6

.76

Agriculture (3)

(billion dollars)

.19 .70 -.18 -.33 .13

.52 7.67

1.72 .02 1.70 .60

-4.44 25.10

15.64

1.17 12.73

Nonfinancial Corporations (4)

Annual Flow of Funds Through Sectors-1958

TABLE V

-.23 .36 1.58 1.72 .35 12.18 10.42 1.75 .18 10.42 .58 -.34 10.19 4.10

-3.73 -2.22 -1.51 .31

.39

.08 a

.31

a

Finance (5)

.40 .05

-.70 -1.10

.42 .42

.22 .80

.22

.01 15.13

1.02

.48 13.62

(6)

Govts.

State and Local

-.09 .21

0 .22 -.09

.11 .11

1.10

-.60

0 .03

0

1.97 3.58

.06

.35 1.20

Federal Govt. (7)

2.45 -2.05 4.50 15.66 5.53 3.06 1.23 .20 8.22 1.58 1.72 2.23 14.55 11.76 2.78 .74 7.88 -1.19 -1.33 10.41 5.91

23.61 36.91 3.10 118.28

21.55 33.11

(B)

Total

4.81 8.33

73.65 85.85

Net changes in equities 1 . Net issues of common stock 2. Net issues of preferred stock 3. Saving

a$5

million or under.

13.72

11.90

36.90

2.59 .49 19.27

6.28 0 -.88 -.15 3.19 5.92 .19 14.55

1.00 11.80

-.26 0 .23

54.89 73.65 85.85

-.06 6.49 4.77 8.29

2.31 9.39 8.63 10.45

-4.84 24.70 18.87 36.50

Note: Inventories at Adjusted Values and Lines Affected

Source: For columns 1-7, see Tables VII-I through VII-7 respectively.

Inventories (adjusted values) Gross capital expenditures Saving Total uses and sources of funds

V. Total uses and sources of funds

3.52

12.20

1.82

.56 .23 .75

1.82 .12 1.36

.22 1.06

.18 .10

1.80

.22

0 30.96

.28 .04 2.16

.02 .10 1.32 .42 .35 9.99

Securities, other bonds and notes Securities, preferred stock Securities, common stock Equity in mutual financial organizations Equity in other business Other intangible assets Total

Net changes in liabilities 1 . Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total

15. 16. 17. 18. 19. 20. 21.

.39 2.87 37.73

a

37.73

1.69 0 2.87

.02 1.62 33.18

.02 .34 -1.08 1.03

4.29 17.01 5.64 3.07 1.23

1.40 37.35

5.95 .44 2.29

.01 15.13 9.73 15.80

15.80

9.73

6.07

5.92

.15

.67

-.12

-.61 114.57 112.73 196.92

2.30

1.97 3.58 -5.79 2.30

200.63

-5.79

79.43

2.08

1.19 1.58 15.29 19.43

1.66

6.93

.20

5.64 3.07 1.23

16.81

4.33

.36 82.36

4.28 .49 116.44

7.57 .27 8.09

.35

.06

.04 -.20

-2.26 -1.28

5.85 .48 4.68

SECTION VI Flow of Funds Through Finance Subsectors, 1946-58

TABLE VI Annual Flow of Funds Through Finance Subsectors—1946 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds (1) I. Gross capital expenditures II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving V. Total uses and sources of funds

Govt. Pen­ sion and Commer­ Mutual Savings Insurance cial Funds Banks Banks (4) (2) (3)

a 1.26 .41 .85

.10

.01

.01

-1.30

.06

.01

-1.30 -.01

.06 .15

1.19

0

-3.66 5.06

0

-.09 -.01 0 0 -.92 -.90 -.02

.38 .63

3.76 .10 3.66 -.10 0 0 0

3.66

.14

2.27 1.74 .53 .18 -15.83 - 13.50 .02 -2.35 .43 .35

.02 .23 .20 .03 0 1.10 .28 .04 .78 -.03 .17

-.03

.01

.78 -10.57

0 1.71

-15.02 3.83

1.49

3.67

.41 .55

3.67

-.17 -.07

0

.21 -11.22

.02 1.51

.05 .08 .63

3.66

.70

.21

-10.47

1.72

Savings and Loan Associations (5)

Life InvestInsurment ance Com- Credit Companies Unions panies (6) (7) (8) .17

.05

Fire and Casualty Insurance Companies (9)

Noninsured Pension Plans (10)

Other Private Finance Insiir- ComOther ance panies Finance (11) (12) (13) a

.02

Total (14) .36

I.

n. .07

0

0

-.01

.19

.02

0

-.01

.21

.07

0

0 0

-.01

.19 0

.02

0

-.01

.21

.58 .18

.05

.04

.17 0 .01 .01

1.76 1.73 .04

.04 .04 0

-.41 0 0 -.41

-.05

0

-.05

0

-.02 -.01 .15 0 1.46

.01 .12

.06

-.07 .50 .31 .19 .02 1.05 .45 .02 .58 -.11 1.81 .15 .12

0 0 0

.01 .01

.19 .05 .03 .11 0 0 .01 .04

.18

.07 3.53

-.02 .58

.17 .01

0 .01 0 .01 0 .01

.26 .03 .05

0 .01 .01 .06 .01 .01

.03 .57

0 .10

.33 .11 .11

1.19

.50 .41 .09 .14

-1.27 -.02 -.08 -.01 -.06

1.86 .34 -4.40 4.97 .36 4.95 4.16 .80 .20 - 12.09 -13.52 .38 1.05 .18 2.55 .18 .29

-.02 -1.80

1.23 1.24

-.06 .04

-14.94 6.59 3.78 .57 3.67

-.01 -.74 .09 .01 .01 0 0 -1.17 .10

1.

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

14. 15. 16. 17. 18. 19. 20. 21.

m. .06

1.17

.09

3.69 .57

1. 2. 3. 4. 5. a O.

.10

-.01 -2.04 .59 .22

-.09 -1.68

.26 1.41 .10

na na .14

-.12

.25 0 1.26

1.19

-1.80

1.60

-.01

-1.67

-.37 .79

-.03 .19

.26 .03 1.36

.05

.06 3.38

.75 .75

.02

.02

.57

.02 .11

1.05

7. 8. 9. 10. 11. 12. 13. 14. IV.

.16 .15

-.04

.01

.30

-.17

1.51

.12

.06

3.70

.60

.57

.11

1. 2. 3.

V.

TABLE VI Annual Flow of Funds Through Finance Subsectors—1947 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds (1)

Govt. Pen­ sion and Commer­ Mutual Insurance cial Savings Funds Banks Banks (2) (3) (4)

I. Gross capital expenditures II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total ΠΙ. Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving V. Total uses and sources of funds

5.35 2.22 3.13

.11

.01

.02

2.21

.02

.02

2.21 0

.02 .05

1.31

.02

- 1.11 4.66

0

-.07 0 0 0 -.79 -2.40 1.61

.46 4.95

3.75 .10 3.65 .10 .01 0 0

3.88

5.97

2.08 1.78 .30 .12 -5.56 .40 -.03 -5.93 .88 .06

-.02 .41 .35 .06 0 .20 .05 .05 .10 0 .32

-.03

0

1.12 5.74

0 1.00

3.64 1.43

.88

3.88

-1.04 4.93

3.88

.02 -.05

0

.15 5.19

.02 .90

.04 .02 4.95

3.88

.62

.11

5.85

1.01

Savings and Loan Associations (5)

Life InvestInsurment ance Com- Credit Companies Unions panies (6) (7) (8)

.05

Fire and Casualty Insurance Companies (9)

.17

.02

Noninsured Pension Plans (10)

Other Private Finance Insur- ComOther ance panies Finance (11) (12) (13) a

Total (14) .37

I. Π.

O

-.01

.01

.25

.18

.03

0

-.06

-.11

O

-.01

.01 -.01

.25

.18 0

.03

0

-.06

-.11

.03

.86 .01

.09 .10

1.72 1.68 .03

.08 .07 .01

-.27 0 0 -.27

.01 .01 -.02 .01 .15

0 1.48

-.01 .21

1.20

0 .01 .01

.05 1.42 1.06 .36 .10 0 -1.61 -.53 .02 0 -1.10 0 3.02 .06 .09

.01 0 .01

0 0

.59 .15 .04 .40 .08 .06 0 .13

.16

.31 .03 .08

0 .01 .01 .07 0 0

.06 3.44

.02 1.17

.03 .64

0 .12

.10

.08

.16 0

3.47

0 .02 .01 .01 0 .01

.21 .07 .07

1.09

-.36 -.08 .03 0 .03

2.31 .13 -1.06 4.59 .33 5.83 5.04 .78 .22 -4.37 -2.83 .34 -1.88 .99 3.86 .10 .45

0 -.82

1.68 23.00

-.01 -.03

9.60 3.56 3.58 .64 3.88

.02 .05 .09 .01 .01 0 0 -.86 -.50

.09 .17

.08 3.55

.99 .99

.01

.02

.16

.04

.01

.05

.18

1.53

.21

.10

3.61

1.19

.64

.64

14. 15. 16. 17. 18. 19. 20. 21.

-.02 -.73

.28 .16 21.80

IV. 1. 2. 3.

.60 .28

-.03 1.37

12. 13.

.04

-.71

0 .20

2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

.01 -.71 .62 .19

.11

0

1.

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

.64 .01

7.89 2.22 5.67 .04

.01 .12

.87

0

.02 0 .20

-.09

.26 0 1.30

.12

1.09

-.82

23.36

V.

TABLE VI Annual Flow of Funds Through Finance Subsectors—1948 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds (1) 1. Gross capital expenditures Π. Net financial flows 1. Currencyanddemanddeposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total ΠΙ. Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total

Govt. Pen­ Commer­ Mutual sion and Insurance cial Savings Funds Banks Banks (2) (3) (4)

a 3.03 1.50 1.53

.13

.77 -7.50 8.27

-.09 3.84

.10

.01

.08

1.52

-.03

.08

1.52 -.01

-.03 .02

1.01

0

.26 2.04

0

.02 0 0 3.14 .10 3.04 .15 .06 .01 .01

3.47

3.93

1.36 1.11 .25 .05 -6.60 .20 .30 -7.10 .38 -.20

.02 .94 .82 .12 .01 -.50 .05 .18 -.73 .01 .50

0

.01

-.26 -.45

.01 .99

- 1.85 .63

.64

3.48

-.15 3.78

IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving

.06

V. Total uses and sources of funds

3.84

3.48

-.01 -.03

0

.16 -1.10

0 .64

.02

3.47

.73

.36

-.35

1.00

Savings and Loan Associations (5)

Life InvestInsurment ance Com- Credit Companies Unions panies (6) (7) (8)

.05

Fire and Casualty Insurance Companies (9)

.17

.02

Noninsured Pension Plans (10)

Other Private Finance Insur- ComOther ance panies Finance (U) (12) (13)

Total (14) .36

a

Π. .06

0

.01

-.11

.04

.03

0

.18

-.06

.06

0

.01 .01

-.11

.04 0

.03

0

.18

-.06

4.75 1.50 3.25 .02

2.

3. 4. 5. .09

.03

.85 .02

.08 0 .02 .02

1.45 1.42 .03

.06 .04 .01

-.28 -.10 .10 -.28

-.05

-.02

-.05

-.02

.01 .02 .10

.12 2.06 1.72 .34 .10 -3.27 .02 .10 -3.39 .26 4.23 .03 .01

.01 .01 .01

0 0

.49 .35 .15 -.01 .21 .17 -.01 .11

.13 .05 .08 .36 .02 .08

0 .03 .01 .01 0 0

.36 -.01 -.01

0 0 0 .05 0 0

.07 -.01 .10 .04 .03 .01 0 .43 .50 -.07 .09 -.01 0 -.05

1.98 .17 .25 2.17 .62 5.96 5.17 .78 .16 -5.76 -6.48 .98 -.26 1.10 5.17 .07 .27

6.

7. 8. 9. 10. 11.

12.

13.

14. 15. 16.

17. 18.

19. .08 1.34

.02 .16

1.21

.11

.15 3.58

.01 1.11

.03 .65

0 .09

1.38

-.01 .59 -.05 -.02

.09

.09

3.74 .65

-.01 .10 .53

.58 1.02 15.12

0 .05 .24

.06

.15 .05 1.91

1.38

.59

17.22

.51

0

2.03 2.55 3.83 .65 3.48 .01 .51 .46 0

.01 .51

-.04 .04

-.06 16.86

20. 21.

ΠΙ. 1. 2.

3. 4. 5. 6.

7. 8. 9. 10. 11.

.58 .02 1.23

.10

.04 3.78

.84 .84

-.01

0

.65

.01 .10

1.09

12.

13. 14. IV.

.14 .16

.02

.01

-.02

.29

1.39

.16

.11

3.75

1.13

.65

.10

V.

TABLE VI Annual Flow of Funds Through Finance Subsectors—1949 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds (1) I. Gross capital expenditures Π. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total ΠΙ. Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving V. Total uses and sources of funds

Govt. Pen­ sion and Commer­ Mutual Insurance cial Savings Banks Banks Funds (3) (4) (2)

a .35 .22 .13

.06 -.02

-3.36

0

-.02

-3.36 -.01

0 -.01

1.03

0

.33 -1.48

0

-.14 .01 0 0 -4.45 -.40 -4.05

.04 -4.20

a

2.19 .10 2.09 .21 .15 0 0

2.54

-4.56

.70 .60 .10 .04 4.38 7.10 -.05 -2.67 .89 .15

0 .90 .81 .08 0 -.05 -.10 .02 .03 .02 .14

-.01

0

.40 3.06

.02 1.02

1.87 .50

.88

2.54

.30 -4.26

2.54

-.04 -.02

0

.17 2.48

.02 .90

.01 .06 -4.20

2.54

.63 3.12

.12 1.02

Savings and Loan Associations (5)

Life InvestInsurment ance Com- Credit Companies Unions panies (6) (7) (8)

.03

Fire and Casualty Insurance Companies (9)

.10

.01

Noninsured Pension Plans (10)

Other Private Finance Insur- ComOther ance panies Finance (11) (12) (13) a

.22

.08

0

0

0

.06

.04

.02

.11

-.07

.08

0

0 .03

0

.06 0

.04

.02

.11

-.07

.02

.11

1.10 .05

.07 0 .01 .01

1.31 1.28 .03

.02 .02 0

0 0 .10 -.10

.04

-.02

.04

-.02

.02 0 .20 .14 1.55

-.02 .26

1.50

.13

.18 1.92 1.60 .32 .15 - 1.46 .05 .02 -1.53 .18 2.57 .20 .03

.01 .01 0

.01 .01

.51 .30 .05 .16 .22 .09 .06 .06

.14

.34 .03 .11

0 0 -.01 .06 0 0

.09 3.86

.02 1.10

.03 .71

0 .14

.05 .09

.01 .03 .02 .01 .01 0

-.09 .09 .09

1.26

-.05 -.02 .19 .01 .18

2.26 .11 .75 -1.62 .12 5.01 4.47 .54 .20 1.13 6.85 .29 -6.01 1.49 3.71 .30 .57

.01 .58

.73 12.01

.01 -.03

-2.68 2.95 4.07 .70 2.54

-.01 .42 .01 .01 .02 0 0 -.15 -.10

.02 .03 .25

.05

.37 .03 1.43

IV. 1. 2. 3.

1.26

.58

12.21

V.

.43

.12 .26

.03

.05

.12

0

.01

-.10

.29

1.58

.26

.13

3.96

1.11

.52 .70

.71

.02 .14

.14

14. 15. 16. 17. 18. 19. 20. 21.

.52 1.32 10.37

.45

.77 .77

12. 13.

-.04 .53

0

.08 4.03

2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

.14

.02

0 1.46

Π. 1.

.02 .45 .39 .08

.12 .70

0 -.04

-2.79 .22 -3.01 .01

I.

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

.10 3.95

Total (14)

.96

TABLE VI Annual Flow of Funds Through Finance Subsectors—1950 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds (1) I. Gross capital expenditures II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Net changes in liabilities 1. Currencyanddemanddeposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving V. Total uses and sources of funds

Govt. Pen­ Commer­ Mutual sion and Savings Insurance cial Banks Funds Banks (3) (4) (2)

a -3.38 -1.73 -1.65

.12

.01

.46

2.28

-.02

.46

2.28 0

-.02 -.05

1.66

.02

.22 5.53

0

1.94 1.73 .21 .06 -4.97 -4.30 .29 -.96 1.57 .58

0 1.55 1.48 .06 .01 -.56 -.33 .08 -.31 0 -.08

0

.02

2.44 11.31

.02 .91

9.78 .23

.74

-.01 .02 .06 .06 1.90 4.00

.41 .10

-2.10

.31

.19 .15 .01 .01 1.34 -.15

1.31

-.43

1.31

.25 -.18

1.31

.07 -.02

0

.58 10.64

.03 .77

.07 .03 -.15

1.31

.72

.15

11.43

.92

Savings and Loan Associations (5)

Life InvestInsurment ance Com- Credit Companies Unions panies (6) (7) (8)

.06

Fire and Casualty Insurance Companies (9)

.20

.03

Noninsured Pension Plans (10)

Other Private Finance Insur- ComOther ance panies Finance (11) (12) (13) a

.43 Π.

.09

.04

.02

.09

.06

.06

.01

.17

.19

.09

.04

.02 0

.09

.06 0

.06

.01

.17

.19

.15

.06

1.01 .28

.02 .01 .01 .01

2.04 2.00 .04

.04 .03 0

.03 0 .10 -.07

.02

-.02

.02

- .02

.04 .03 .10

.17 3.01 2.70 .30 .19 -1.83 .26 .05 -2.14 .10 1.83 .19 .13

.01 .01 .01

.01 .01

.35 .05 .11 .19 .31 .05 .03 .09

.22 .19 .03 .44 .05 .16

.01 .05 .03 .02 .01 .01

Total (14)

.30 .21 .21

0 .01 -.01 .05 0 .01

-.01 .58 .10 .02 .02 0 0 -.07 0 -.07 .13 -.11 -.01 -.14

.07 -1.73 1.80 -.05

2.90 .29 .80 5.52 .61 8.95 8.29 .64 .27 -4.51 -.32 .92 -5.11 2.29 2.95 .30 .38

9. 10. 11. 12.

13.

14. 15. 16.

17. 18.

19. .02 2.24

.01 .28

.17

.26 4.14

.02 .94

.03 .98

0 .13

1.97

.04 .72

4.18 24.95

20. 21. m.

1.52

.04 .01

.15 4.16

.13 .98

.01 .49

.01 .07 1.06 .99

.10 .71

.42 1.85 23.02

.01 .02 .54

.01

.45 .02 1.89

1.97

.72

25.37

0 .01 .52

.98

.05 2.10

.16

.07

.42

.11 4.27

.72 .72

.06

.06

.98

.01 .13

9.39 2.65 4.29 .98 1.31

1.41

10. 11. 12.

13. 14. IV.

.25 .20

.03

.01

.01

.19

2.30

.28

.17

4.34

.97

.98

.13

V.

TABLE VI Annual Flow of Funds Through Finance Subsectors—1951 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds (1) I. Gross capital expenditures II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total ΠΙ. Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving V. Total uses and sources of funds

Govt. Pen­ Commer­ Mutual sion and Insurance cial Savings Funds Banks Banks (2) (3) (4)

a .16 -.05 .21

.14

.01

.06

3.92

.07

.06

3.92 0

.07 .02

.17

0

-.30 4.73

0

-.05 .02 .06 .06 3.02 -2.60 5.62

-.35 2.78

3.60 0 3.60 .07 .24 .01 .01

4.07

3.08

1.00 .81 .19 .04 -.51 -6.40 .02 5.87 1.08 -.13

0 1.65 1.54 .11 0 -1.05 .07 0 -1.12 .06 .13

-.01

.05

.58 10.57

.05 .98

7.85 1.73

.88

4.07

-.32 2.76

4.07

-.06 -.01

0

.40 9.91

.01 .89

.14 .02 2.78

4.07

.66

.10

10.71

.99

Savings and Loan Associ­ ations (5)

Life Insur­ Invest­ ment ance Com­ Credit Com­ panies Unions panies (6) (7) (8)

.07

Fire and Casualty Insur­ ance Com­ panies (9)

.23

.03

Noninsured Pension Plans (10)

Other Private Finance Insur­ Com­ Other ance panies Finance (11) (12) (13) a

.49

.10

.03

.05

.10

.04

.04

.01

.12

-.03

.10

.03

.05 .05

.10

.04 .01

.04

.01

.12

-.03

.05

.03

.28 .05

.12 .01 .02 .02

1.91 1.87 .04

-.01 -.01 0

.11 .10 0 .01

0

.02

0

.02

.05 .04 .14 .15 2.30

0 .25

2.12

.20

.18 3.01 2.55 .46 .20 -2.45 .09 0 -2.54 .02 2.71 -.05 .10

.01 .01 .01

.04 .04

.13 -.37 .02 .48 .39 .05 .04 .11

.12

.18 4.00

.05 .95

.01 .05 .03 .02 .01 .02

.88 .09 .24

.01 .01 -.01 .06 -.01 0

.03 1.44

0 .14

-.03 .15

.27 -.08 -.08

.64

-.18 .05 .04 .01 .06

.53 .20 -.34 4.68 .65 7.69 6.86 .83 .25 2.73 -9.21 .02 11.92 1.66 4.03 .13 .70

-.02 .01

.67 28.33

.03 0

10.96 4.92 4.25 1.44 4.07

.03 -.04 .16 .03 .02 0 0 -.28 -.10

.01 -.04 .10

.01

.56 -.04 1.15

TV. 1. 2. 3.

.64

.01

28.82

V.

.01 .57 .18 .40

.01

0

.22

-.15

.02

.04

.13

2.37

.25

.20

4.23

.98

1.44

1.44

.01 .15

.15

14. 15. 16. 17. 18. 19. 20. 21.

.57 1.14 27.16

-.19

.85 .85

12. 13.

.10 0

0

.07 4.18

2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

.06

-.01

.02 2.15

Π. 1.

-.01 -.19 -.04 .05

.14 1.44

.01 0

4.67 -.05 4.72 .08

I.

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

.19 4.11

Total (14)

.58

TABLE VI Annual Flow of Funds Through Finance Subsectors —1952 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds (1) I. Gross capital expenditures II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total ΠΙ. Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total

Govt. Pen­ sion and Commer­ Mutual Insurance cial Savings Funds Banks Banks (2) (3) (4)

a 1.15 .47 .68

.11

.01

-.11

-.06

0

-.11

-.06 0

0 .03

1.89

.01

.60 2.88

0

.14 .01 .04 .04 .90 1.40 -.50

.36 2.55

3.92 .10 3.82 .13 .34 .01 .01

4.35

1.95

1.08 .92 .16 .05 1.80 3.40 .02 - 1.62 .99 -.22

0 1.46 1.29 .17 .01 -.40 .08 .01 -.49 .17 .37

.01

.11

.12 9.14

0 1.76

5.03 3.07

1.70

4.35

.54 2.49

IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving

.06

V. Total uses and sources of funds

2.55

4.35

.16 -.03

0

.24 8.47

.01 1.71

.14

4.35

.64

.06

9.25

1.77

Savings and Loan Associations (5)

Life InvestInsurment ance Com- Credit Companies Unions panies (6) (7) (8)

.05

Fire and Casualty Insurance Companies (9)

.17

.02

Noninsured Pension Plans (10)

Other Private Finance Insur- ComOther ance panies Finance (U) (12) (13) a

Total (14) .37

I. Π.

.07

-.01

0

.05

.08

-.03

.02

.03

-.04

O I

.07

0 .09

.05

.08 .01

-.03

.02

.03

-.04

.07

1.46 .07

.20 .07 .01 .03 .03

2.83 2.78 .06

.01 .01 0

.19 0 0 .19

-.01

0

-.01

0

.10 -.05 .48 .21 3.37

0 .52

3.09

.33

.27

.12 1.76 1.40 .36 .18 -.76 -.11 .01 -.66 -.02 3.10 .09 .07

.01 0 0

.03 .03

.34 .14 .01 .19 .42 .16 .08 .10

0

.18 4.77

.04 1.31

.01 -.01

.01 .04 .02 .02 .01 .03

1.06 .06 .40

.08 -.05 0 .07 0 .01

.08 1.60

.01 .18

.14 .14 .14

1.84

-.13 -.15 .07 0 -.03

3.63 .15 .70 3.02 .35 7.43 6.66 .77 .25 6.38 5.41 .24 .73 1.54 5.05 .19 1.16

.01 .40

1.01 32.12

.01 .10 .06 0 0 0 0 .37 .50

.01 .01

4.93

.16 1.60

.04 0

.48

-.01 .15

.76

.01 3.24

.31 .55

.08 5.01

1.08 1.08

.02

.02

.18

-.03

.02

-.09

.23

3.42

.52

.33

4.94

1.33

.54 1.60

1.60

.02 .18

.18

1.30 .03 .02 .49 1.84

1.15 .47 .68 .13

-.15 .12 .47

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

14. 15. 16. 17. 18. 19. 20. 21.

in. 1. 2. 3. 4. 5. 6. 7. .04 8. .48 9. .91 10. -.03 11. 12. .54 13. 2.10 14. 30.21 6.99 8.14 5.09 1.60 4.35

-.07

.76 .02 1.49

IV. 1. 2. 3.

.40

32.48

V.

TABLE VI Annual Flow of Funds Through Finance Subsectors —1953 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds (1) I. Gross capital expenditures II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Net changes in equities 1, Net issues of common stock 2. Net issues of preferred stock 3. Saving V. Total uses and sources of funds

Govt. Pen­ Commer­ Mutual sion and Insurance cial Savings Funds Banks Banks (2) (3) (4)

a - 1.68 -1.16 -.52

.12

.01

-.04

.24

.04

-.04

.24 0

.04 .02

1.60

.01

.40 .51

0

-.13 .02 .03 .03 1.22 2.20 -.98

-.03 -.62

2.69 0 2.69 .24 .40 .02 .02

3.38

-.71

.96 .74 .22 .03 .11 9.00 -.02 -8.87 .63 -.12

.01 1.56 1.45 .11 0 -.24 .22 -.03 -.43 .09 .29

0

.09

.01 4.37

.03 1.90

.36 3.40

1.77

3.38

.06 -.65

3.38

-.13 -.01

0

.11 3.73

.05 1.82

.11 .03 -.62

3.38

.65

.09

4.49

1.91

Savings and Loan Associations (5)

Life InvestInsurment ance Com- Credit Companies Unions panies (6) (7) (8) .19

.06

Fire and Casualty Insurance Companies (9)

Noninsured Pension Plans (10)

Other Private Finance Insur- ComOther ance panies Finance (11) (12) (13) a

.03

Total (14) .40

I. Π.

.05

.04

.02

.07

.05

.05

.03

.02

-.07

.05

.04

.02 .06

.07

.05 0

.05

.03

.02

-.07

.05 0 .03 .03

3.57 3.50 .07

.01 -.01 0

.13 0 0 .13

0

-.01

0

-.01

.01 .17 .19 .23 4.03

1.57 .05

.28

.05

0 .42

.38

.20 1.89 1.51 .38 .18 -.42 -.07 -.02 -.33 .15 2.71 .04 .05

.01 0 .01

.04 .04

.21 .42 -.02 -.19 .75 .12 .05 .14

.16

.12 4.99

.06 1.44

.01 .04 .02 .02 0 .02

1.06 .06 .45

- .05 .06 .01 .07 0 0

.11 1.94

.01 .18

-.03 .19

.07 .03 .03

1.74

-1.18 - 1.16 -.02 .08

-.01 .25 -.09 0 -.05

3.51 .15 .80 .38 .22 8.17 7.34 .81 .21 3.86 11.77 -.17 -7.75 2.12 4.45 .34 .89

.02 .41

.56 24.56

0 .01

-.35 9.16 5.14 1.94 3.38

.05 .40 -.09 0 0 0 0 -.01 0

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

14. 15. 16. 17. 18. 19. 20. 21. ΠΙ.

3.65

.33

4.96

.18 1.94

-.09

.02 .30 -.14 .04

.10 .32

1.58 1.56 22.63

.06 0 .11

.09

.70 0 1.65

1.74

.41

24.98

.02 0

-.01

0 .14

.30

1.58 .03 3.82

.35

.10 5.06

1.10 1.10

.06

.04

1.94

.01 .19

1.57

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

.43 .27

-.01

.03

.06

.33

4.09

.42

.38

5.18

1.47

1.94

.19

V.

1. 2. 3.

TABLE VI Annual Flow of Funds Through Finance Subsectors—1954 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds (1) I. Gross capital expenditures II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total

Govt. Pen­ Commer­ Mutual sion and Insurance cial Savings Funds Banks Banks (2) (3) (4)

a -.52 -.27 -.25

.10

.01

.32

-1.23

.02

.32

-1.23 0

.02 .03

.03

0

.89 .49

.01

.11 .02 .07 .07 -.99 2.40 -3.39

-.28 - 1.68

1.44 0 1.44 .31 .49 .02 .02

2.69

1.65 1.23 .42 .08 5.55 -10.60 .01 16.14 1.77 -.14

.01 2.06 1.88 .18 0 -.43 -.32 -.01 -.10 .19 .09

0

.14

.26 9.35

.01 2.13

4.25 3.81

1.94

III. Net changes in liabilities 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14.

Currency and demand deposits Other bank deposits and shares Life insurance reserves Pension and retirement funds, private Pension and insurance funds, govt. Consumer debt Trade debt Loans on securities Bank loans, n.e.c. Other loans Mortgages Bonds and notes Other liabilities Total

IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving V. Totalusesandsourcesoffunds

-1.55

2.69

-.14 -1.69

2.69

-.03 -.02

0

.34 8.35

.07 2.01

.23 .01 - 1.68

2.69

.87

.13

9.45

2.14

Savings and Loan Associations (5)

Life InvestInsurment ance Com- Credit Companies Unions panies (6) (7) (8)

.05

Fire and Casualty Insurance Companies (9)

.16

.02

Noninsured Pension Plans (10)

Other Private Finance Insur- ComOther ance panies Finance (11) (12) (13) a

.35

0

.05

.02

-.05

0

.02

.05

.13

.26

0

.05 .07

.02

-.05 0

0

.02

.05

.13

.22

.44 .11

.06 0 .03 .03

4.15 4.06 .08

0 0 0

.10 0 0 .10

0

0

0

0

.14 .08 .22 .27 4.83

0 .44

.37

1. Π.

.26

.05

Total (14)

.22 2.49 2.00 .49 .16 -.76 .08 -.01 -.83 .55 2.10 .20 .07

.01 0 .01

.03 .03

.11 -.53 -.01 .65 .78 .03 .05 .10

.01

.20 5.25

.05 1.14

.08 -.07

.01 .06 .02 .04 0 .04

1.22 .06 .62

.03 .01 .02 .06 0 .01

.11 2.04

0 .22

-.24 .22 .22

.57

-.93 -.27 -.66 .10

-.12 -.13 .32 .01 .16

.74 .16 1.86 .60 .11 10.77 9.54 1.22 .24 5.25 -8.67 .09 13.83 3.49 4.31 .42 1.34

0 1.71

.62 29.06

.02 .02

2.72 10.51 5.61 2.05 2.69

-.01 .96 .09 0 0 0 0 .18 .30

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

14. 15. 16. 17. 18. 19. 20. 21. ΠΙ.

4.40

.34 5.41 2.05

.20

.01 .55

.01 .67 -.01 .68

.28 1.54

.19 1.40 26.53

.02 -.07 .40

.17

.78 -.07 2.17

.57

1.71

29.40

0

0

.67 .02

.15

.06 4.61

.35 .46

.08 5.49

.69 .69

.04

.03

.27

-.02

.02

-.12

.44

4.88

.44

.37

5.41

1.16

2.05

.02 .22

.22

1.

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

rv.

2.04

.22

1.

2. 3.

V.

TABLE VI Annual Flow of Funds Through Finance Subsectors—1955 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds (1) I. Gross capital expenditures Π. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total HI. Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total

Govt. Pen­ Commer­ Mutual sion and Savings Insurance cial Funds Banks Banks (3) (4) (2) .15

.01

-.22

.23

-.02

-.22

.23 0

-.02 -.05

2.36

.02

.59 6.84

.01

.01 .05 -.05 .10

0

-.15 1.30 -1.45

1.57 1.47

.03 .04 .04 2.40 0 2.40 .34 .59 .03 .03

3.24

.56

2.25 1.71 .54 .14 -7.39 -8.60 -.02 1.23 .11 .24

0 2.45 2.36 .09 0 -.29 .10 -.03 -.36 .04 -.26

.01

.09

2.97 8.35

.02 2.01

6.16 1.33

1.83

3.24

.87 1.43

IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving

.05

V. Total uses and sources of funds

1.48

3.24

.13 -.01

0

.02 7.63

.05 1.88

.14

3.24

.73

.14

8.50

2.02

Savings and Loan Associations (5)

Life InvestInsurment ance Com- Credit Companies Unions panies (6) (7) (8)

.07

Fire and Casualty Insurance Companies (9)

.24

.03

Noninsured Pension Plans (10)

Other Private Finance Insur- ComOther ance panies Finance (11) (12) (13) a

Total (14) .52

.19

0

.01

.02

.03

.06

0

.25

.01

.19

0

.01 .07

.02

.03 0

.06

0

.25

.01

.61 -.05 .66 .02

2.

3. 4. 5. .08

.34

2.83 .24

.09 .02 .03 .03

5.30 5.19 .11

-.01 -.01 0

.32 .10 .03 .19

.14

0

.14

0

.18 .11 .40

.16 3.24 2.66 .59 .22 -.49 -.14 -.02 -.33 .19 1.75 .01 .06

.01 0 .01

.04 .04

-.14 -.41 -.01 .28 .79 -.01 0 .17

.30 .02 .28 .91 .05 .66

.02 .08 .03 .05 0 .07

.97 .53 .53

-.01 .08 .05 .02 0 0

.05 .48 .09 .04 .02 .01 0 -.48 -.50 .02 .05 -.04 0 -.02

5.63 .38 1.08 6.84 1.29 14.00 12.60 1.40 .36 -5.71 -8.15 -.04 2.48 1.57 3.38 .20 1.40

6.

7. 8. 9. 10. 11.

12.

13.

14. 15. 16.

17. 18.

19. .04 5.93

.03 .85

.47

.21 5.37

.04 .98

.05 2.06

.01 .23

4.82

.02 .20

4.96 35.98

.03 .01

6.75 8.46 5.67 2.06 3.24

3. 4. 5.

-.19

.02 .32 2.76 .48

7. 8. 9. 10.

.16 .33

1.63 2.07 33.45

20. 21.

m. 4.89

.40 5.45

.22 2.06

1. 2.

6.

.02 0

.32

.05 .68

2.58 1.63

.03 5.65

.42

.14 5.59

.78 .78

.06

.08

2.06

.02 .24

4.20

11. 12.

13. 14.

rv. .76 .35

.09

.05

-.04

.15

6.00

.85

.47

5.61

1.01

2.06

.24

.08 .08 .45 4.82

1.12

1. 2.

.13

.08 1.84

.20

36.50

3. V.

TABLE VI Annual Flow of Funds Through Finance Subsectors—1956 (billion dollars) Federal Reserve Banks & Treasury Monetary 1 Funds (1) I. Gross capital expenditures II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total ΠΙ. Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total

Govt. Pen­ sion and Commer­ Mutual Insurance cial Savings Funds fianks Banks (2) (3) (4) .18

.01

.14

1.36

.02

.14

1.36 0

.02 -.06

1.45

.03

-.76 5.60

0

.01 .48 .31 .17

-.02 .03 .09 .09 .22 1.40 -1.18

.21 .89

2.25 -.10 2.35 .40 .63 .02 .02

3.58

.78

1.66 1.11 .56 .04 -3.04 4.80 -.39 -7.45 .20 -.64

.01 2.29 2.14 .15 0 -.49 -.02 -.07 -.40 .03 .13

0

.04

.94 6.81

.02 2.02

3.20 2.07

1.87

-.08 0

0

.55 5.74

.03 1.90

3.58

.05 .83

IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving

.07

V. Total uses and sources of funds

.90

3.58

.40 3.58

.85

.13

6.99

2.03

Savings and Loan Associations (5)

Life InvestInsurment ance Com- Credit Companies Unions panies (6) (7) (8)

.09

Fire and Casualty Insurance Companies (9)

.29

.04

Noninsured Pension Plans (10)

Other Private Finance Insur- ComOther ance panies Finance (11) (12) (13) a

Total (14) .63 Π.

.07

.03

.03

.02

-.07

0

-.01

.03

.12

.07

.03

.03 .11

.02

-.07 0

0

-.01

.03

.12

.08

-.01 -.01 0

.44 -.10 -.13 .67

.02 .02 .11 .08 .50

.20 5.11

-.02 .71

1.13 .18

.14

-.01 .06 .06

.23 3.34 2.53 .80 .21 .01 -1.02 -.13 -.04 .01 -.85 .23 2.15 -.19 .19

.01 0 .01

.11 .11

-.33 .26 -.07 -.52 .63 .03 -.08 .21

-.20 -.15 -.05 1.59 .06 .82

.01 .06 .01 .05 .01 .03

-.09 -.10 -.10

.02 .01 0 .06 0 0

.10 .08 .07 .01 .01 0 0 .09 .16 -.06 -.11 -.18 -.01 -.25

3.02 .42 -.68 5.58 .25 11.84 10.18 1.66 .26 -2.02 6.37 -.93 -7.45 1.38 3.88 -.12 1.53

6.

7. 8. 9. 10. 11. 12.

13.

14. 15. 16.

17. 18.

.53

.31 5.47

.04 .58

.24 2.60

.01 .17

1.15

.04 -.04 .06

5.01

2.

3. 4. 5.

.33

4.32 4.23 .09

2.22 .31 1.91 .05

.02

.46 5.42

.17

1.99 29.58 4.04 9.43 5.59

21.

ΠΙ. 1. 2.

3.58

3. 4. 5.

.03

7.

2.60

2.60

19. 20.

6.

.03 -.62

-.54

.01 .21

.49

.19 5.61

.66 .66

.09

.02

.01 2.60

.17

.65

8.

-.63

9. 10.

.03

-.18

.46 .05

1.19 1.98 27.00

1.19 .03 4.82

-.62

11. 12.

13. 14. IV.

.91 .38

-.20

.04

.06

.06

5.20

.71

.53

5.76

.62

2.60

.17

.01 .02 .47

.01

1.75

1.15

.04

30.20

1.43 .02

TABLE VI

Annual Flow of Funds Through Finance Subsectors —1957 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds (1) I. Gross capital expenditures Π. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total ΠΙ. Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving V. Total uses and sources of funds

Govt. Pen­ Commer­ Mutual sion and Insurance cial Savings Funds Banks Banks (2) (3) (4) .17

.01

.24

-.15

0

.24

-.15 0

0 -.04

1.21

0

-.06 2.06

-.01

.01 1.73 .73 1.00

0

-.76 -.70 -.06

.04 1.01

.03 .02 .02 1.07 -.10 1.17 .45 .96 .04 .04

2.85

.91

.57 .14 .43 .03 -.31 1.90 -.47 -1.74 1.02 .60

.03 1.42 1.31 .12 0 -.42 .21 -.15 -.48 .01 .74

.02

.07

.21 5.20

.03 1.83

- 1.65 5.45

1.66

2.85

.07 .98

2.85

0 0

0

.37 4.17

.08 1.74

.36 .04 1.02

2.85

.84

.10

5.37

1.84

Savings and Loan Associations (5)

Life InvestInsurment ance Com- Credit Companies Unions panies (6) (7) (8) .27

.08

Fire and Casualty Insurance Companies (9)

Noninsured Pension Plans (10)

Other Private Finance Insur- ComOther ance panies Finance (11) (12) (13) a

.04

.58

.03

.03

.01

-.01

.06

-.01

.07

.02

.05

.03

.03 .08

.01

-.01 0

.06

-.01

.07

.02

.42

.02 0 0

4.28 4.19 .08

-.02 -.02 0

.39 .30 -.08 .17

0

-.01

0

-.01

.14 -.11 .90 .34 5.14

.82 .15

.15

.01 .95

.54

.35 2.14 1.25 .90 .10 -.53 -.03 -.10 -.40 .11 2.67 -.03 .07

0 -.01 0

.17 .17

-.21 .43 -.17 -.47 .62 .18 .02 .10

-.27

.26 5.15

.08 .93

-.34 .06

.02 0 .03 0 -.01

1.73 .04 1.04

.01 -.02 -.02 .03 0 0

.11 2.89

0 .03

.61 -.32 -.32

1.32

I. Π.

.05

.08

Total (14)

2.07 .73 1.34 .04

0 .14 .27 .01 .02

2.53 .34 -.36 2.06 1.31 8.30 6.73 1.58 .13 -.94 2.23 - 1.40 - 1.78 2.33 7.32 -.03 2.26

.04 .66

1.12 28.50

.07 .07

-.67 12.40 5.25 2.89 2.85

.04 -.29 .27 .02 0 .02 0 .12 .12

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

14. 15. 16. 17. 18. 19. 20. 21. ΠΙ.

.46

4.76

5.23

.02 2.89

.01 .30

.01 .10 -.37 .30

.12 .66

1.12 2.00 25.87

-.03 .04 .54

0

1.39 .04 1.77

1.32

.66

29.08

.10

0

-.36

-.01 0

1.12 .12 4.87

.47

.17 5.40

1.05 1.05

.06

.02

2.89

.02 .03

.76

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

.98 .35

-.03

.07

-.04

-.10

5.22

.95

.54

5.42

.97

2.89

.03

1. 2. 3. V.

TABLE VI

Annual Flow of Funds Through Finance Subsectors —1958 (billion dollars) Federal Reserve Banks & Treasury Monetary Funds (1) I. Gross capital expenditures II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizations 19. Equity in other business 20. Other intangible assets 21. Total III. Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 6. Consumer debt 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving V. Total uses and sources of funds

Govt. Pen­ sion and Commer­ Mutual Insurance cial Savings Funds Banks Banks (2) (3) (4)

a -4.13 -2.22 -1.91

.11

.01

.13

-.36

0

.13

-.36 .04

0 .04

.18

.01

.44 1.73

0

-.01 .04 -.05 -.05 2.18 -.40 2.58

-.14 -2.10

-.62 -.10 -.52 .46 1.15 .06 .06

1.23

-2.40

.03

.04 2.10 1.93 .17 0 -.29 -.15 -.08 -.06 .05 .55

.01

.09

.96 15.69

.02 2.61

6.65 8.04

2.35

2.04 1.42 .62 .10 7.94 .90 -.03 7.07 2.58

1.23

.27 -2.13

1.23

-.01 0

.01

-.05 14.63

.09 2.45

.13 .03 -2.10

1.23

1.04

.17

15.80

2.62

Savings and Loan Associations (5)

Life InvestInsurment ance Com- Credit Companies Unions panies (6) (7) (8) .18

.05

Fire and Casualty Insurance Companies (9)

Noninsured Pension Plans (10)

Other Private Finance Insur- ComOther ance panies Finance (11) (12) (13)

Total (14) .39

.03

I. Π.

.27

0

.04

.08

.06

.03

.02

.10

.03

.27

0

.04 .23

.08

.06 0

.03

.02

.10

.03

.14 0 .08 .08

5.62 5.51 .11

-.03 -.03 0

.65 -.20 0 .85

.14

0

.14

0

.24 .31 .66 .27 6.87

-.71 .23

.23

.06

.01 1.33

.58

.32 1.74 .93 .81 .08 .15 .27 -.03 -.09 .30 2.42 .04 .02

0 0 0

.14 .14

-.06 -.08 -.07 .09 .71 .09 -.01 .14

.03

.20 5.35

0 1.07

-.01 .05

.01 .04 0 .03 0 .06

1.51 .05 1.25

-.02 .08 0 .08 0 .01

.05 3.06

.24

-.33 .46 .46

-.24

-3.73 -2.22 -1.51 .31

0 0 -.12 -.01 .05

-.23 .36 1.58 1.72 .35 12.18 10.42 1.75 .18 10.42 .58 -.34 10.19 4.10 5.95 .44 2.29

.03 1.66

1.40 37.35

.04 .08

4.29 17.01 5.64 3.07 1.23

-.01 1.14 .27 .04 .03 .01 0 .24 .24

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

14. 15. 16. 17. 18. 19. 20. 21. ΠΙ.

6.07

.47

5.42

.72

.02 .34 -1.08 1.03

.21 1.39

.02 1.62 33.18

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

.01 0 .85

.27

1.69 0 2.87

IV. 1. 2. 3.

-.24

1.66

37.73

V.

.22 3.07

.02 0

-1.12

.04 .31

.34

.02 .10 6.52

.49 1.50

.13 5.55

.84 .84

.06

-.01

.40

-.17

.09

-.08

.27

6.92

1.33

.58

5.53

1.10

3.07

3.06

.03 .24

.24

-1.10

Notes to Table VI Source: Columns 1 through 13—Tables VII-5a through VII-5m respectively. Column 14—Sum of cols. 1 through 13 except for line I; for line I see line 1-7 in Table VII-5. a$5

million or under.

Note: Figures may not add to totals because of rounding.

SECTION VII Sector Flow of Funds, 1946-58

TABLE Vn-1 Flow of Funds Through Nonfarm Households (billion dollars)

I. Gross capital expenditures 1 . Residential structures 2. Nonresidential structures 4. Producer durables 5. Consumer durables 7. Total Π. Net financial flows 1 . Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 4. Pension and retirement funds, private 5. Pension and insurance funds, govt. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U. S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 18. Equity in mutual financial organizationsa 19. Equity in other business^ 20. Other intangible assets 21. Total

1946

1947

1948

1949

4.89 .32 .06 13.71 18.98

7.39 .44 .08 18.38 26.29

10.59 .70 .13 20.09 31.51

9.45 .92 .17 21.94 32.48

4.15 .05 4.10 6.38 3.53 .57 3.47 .16 1.36 .89 .47 .12 -.49 .16 1.20 -1.85 -.16 -1.37 0 1.42

-.31 .03 -.34 3.63 3.30 .65 3.79 .04 1.21 .67 .54 .07 1.82 -.42 1.81 .43 .41 -.69 .31 1.16

-2.06 .03 -2.09 2.18 3.52 .65 3.49 -.13 1.00 .59 .41 .13 -.23 2.11 1.62 -3.96 .99 -.28 .28 1.23

-2.31 0

-.01 19.13

.01 15.40

-.01 10.76

1.13 10.04

2.65 .07 -1.48 -.29 -.07 4.26 5.14

3.19 .09 -.06 -.25 .05 4.93 7.95

2.80 .08 -.12 .10 .13 5.14 8.13

2.95 .04 .32 0 .19 4.26 7.76

32.97

33.74

34.14

34.76

38.11

41.69

42.27

42.52

-2.31

2.48 3.76 .71 2.49 .16 .59 .23 .36 .08 .97 .97 1.30 -1.30 .61 -.63 .01 1.13

m. Net changes in liabilities Consumer debt Trade debt Loans on securities Bank loans, n.e.c. Other loans U. Mortgages 14. Total 6. 7. 8. 9. 10.

IV. Net changes in equities 3. Saving

v. Total uses and sources of funds Line I-I through 1-5 7 II-I Ia Ib 2 through 20 21

From line 1 of corresponding Tables VIII-a-1 through VIII-a-5. Sum of lines I-I through 1-5. Table VIII-b-1, line 1. Table ΠΙ-1, line II-Ia (first difference). Table III-1, line II-Ib (first difference). From line 1 of corresponding Tables VIII-b-2 through VIII-b-20. Sum of lines H-I through 11-20.

III—6 through ΙΠ-11 14

From line 1 of corresponding Tables VIII-c-6 through VIII-c-11. Sum of lines ΙΠ-6 through III—11.

1950

1951

1952

1953

1954

1955

1956

1957

1958

13.18 1.13 .21 27.68 42.20

13.69 1.27 .24 26.24 41.44

13.95 1.18 .23 26.28 41.64

15.13 1.27 .24 29.17 45.81

15.74 1.54 .29 29.23 46.80

19.84 1.66 .32 36.58 58.40

19.14 1.72 .33 35.37 56.56

18.15 2.02 .38 36.76 57.31

18.26 2.18 .41 34.04 54.89

1.90 .06 1.84 2.09 3.96 .97 1.56 .55 .37 .09 .28 .22 -.33 -1.18 .45 .40 .38 .03 -.06 1.59

3.07 .05 3.02 4.20 3.92 1.45 4.11 -.04 .49 .22 .27 .25 -1.45 -1.61 -.55 .71 .31 .07 .45 1.67

1.89 .08 1.81 7.35 4.71 1.61 4.36 -.11 .56 .28 .28 .25 .23 .75 .15 -.67 1.16 -.15 .28 1.82

.91 .06 .85 7.88 4.77 1.94 3.42 .05 .75 .40 .34 .20 .19 1.02 -.04 -.79 1.61 .12 .03 1.52

2.20 .01 2.19 8.83 5.18 2.05 2.71 .74 .99 .43 .57 .18 -1.53 -.65 .09 -.97 .66 -.97 -.01 1.24

-.75 .06 -.81 8.42 5.26 2.06 3.24 -.12 1.00 .38 .62 .22 1.76 -1.01 .03 2.74 1.68 1.91 -.14 2.13

.96 .06 .90 9.14 5.22 2.61 3.58 -.04 1.49 .75 .73 .34 1.11 1.50 -.29 -.10 1.68 1.66 .60 2.17

-1.02 .17 -1.19 11.38 4.90 2.89 2.86 .06 1.42 .81 .61 .24 -1.14 2.38 -2.27 -1.25 2.12 1.85 .43 1.76

2.84 .12 2.72 13.75 5.24 3.06 1.24 .78 1.84 .81 1.03 .34 -2.03 -1.37 -.90 .24 1.42 .28 .04 2.16

-.23 13.00

-.23 18.27

-.23 23.73

-.01 23.38

0 22.27

0 26.67

.01 30.53

0 27.75

0 30.96

3.99 .10 .78 .27 .18 7.27 12.59

1.35 0 -.15 -.01 .20 6.78 8.17

4.70 .24 .21 -.06 .12

3.93 .06 .52 -.08 .21

1.01 .10 1.28 .12

6.26 .12

3.70 .17

.75

2.86 .14 -.46

.35

6.72

7.65

12.29

9.37 12.12

20.53

.21 .35 8.70 11.80

6. 7. 8.

11.93

-.05 .13 .27 11.00 15.22

.02 .10 1.32 .42 9.99 12.20

10. 11. 14.

42.61

51.54

53.44

56.90

56.95

64.54

71.87

73.26

73.65

55.20

59.71

65.37

69.19

69.07

85.07

87.09

85.06

85.85

I.

1.

2. 4. 5. 7. Π. 1.

2. 3. 4. 5. 10. 11. 12. 13.

14. 15. 16. 17. 18. 19. 20. 21. m.

.24

.68 .18 12.54

9.

IV.

3. V.

Line IV-3 V

Sum of lines 1-7 and 11-21 minus line 111-14. Sum of lines 1-7 and 11-21.

a The saving originating in mutual financial organizations (even if actually transferred to households) was treated in an analogous way to corporate saving, so as to avoid double counting of the saving flow (once as saving of households and once as saving of mutual financial organizations).

The saving originating in unincorporated business and in operations of brokers and dealers was treated in an analogous way to corporate saving, so as to avoid double counting of the saving flow.

TABLE νΠ-2 Flow of Funds Through Unincorporated Nonfarm Business (billion dollars) 1946 I. Gross capital expenditures 1. Residential structures 2. Nonresidential structures 4. Producer durables 6. Inventories at book value (see note below) 7. Total

1947

1948

1949

.13 .74 1.59 2.09 4.55

.25 .64 2.47 1.53 4.89

.46 .89 2.77 1.33 5.45

.51 .80 2.64 -.95 3.00

Π. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 6. Consumer credit 7. Trade credit 21. Total

.01 .01 0 .33 .96 1.30

.36 .01 .35 .33 .37 1.06

-.15 0 -.15 .37 .40 .62

.37 .01 .36 .25 .06 .68

in. Net 7. 9. 10. 11. 14.

-.09 1.45 .34 .52 2.22

-.53 2.22 .46 .59 2.74

.76 -.70 .65 .60 1.31

.22 -.29 .09 .53 .55

3.63

3.21

4.76

3.13

5.85

5.95

6.07

3.68

.92 5.04 4.35 5.66

-.49 3.46 3.59 4.14

changes in liabilities Trade debt Bank loans, n.e.c. Other loans Mortgages Total

IV. Net changes in equities 3. Saving V. Total uses and sources of funds

Note: Inventories at Adjusted Value and Lines Affected

Inventories (adjusted value) Gross capital expenditures Saving Total uses and sources of funds Line I-I 2 4 6 7 II-I Ia Ib 6 7 21

Table Vni-a-1, line 2. Table Vm-a-2, line 2. Table Vin-a-4, line 2. Table VIII-a-6b, line 2. Sum of lines I-I through 1-6. Table Vni-b-1, line 2. Table III-2, line Il-Ia (first difference). Table ΙΠ-2, line Π-lb (first difference). Table VIII-b-6, line 2. Table vni-b-7, line 2. Sum of lines Π-l through Π-7.

.38 2.84 1.92 4.14

.06 3.42 1.74 4.48

1950

1951

1952

1953

1954

1955

1956

1957

1958

.46 .94 3.06 2.27 6.73

.34 1.11 3.31 .83 5.59

.31 1.02 3.28 -.29 4.32

.40 1.33 3.68 .42 5.83

.36 1.55 3.48 -.15 5.24

.40 1.94 4.09 .76 7.19

.48 2.19 4.59 .69 7.95

.48 2.20 4.87 .31 7.86

.53 2.21 3.81

.22 .01 .21 .49

1.04 .02 1.02 .30

-.35

-.05

.53

.29

-.01

.01

.01

.01

1.22

.22

1.93

1.56

-.34 .40 1.11 1.16

-.06 .18 .58 .71

.52 .09 .20 .82

.28 .16 .53 .98

.35 .01 .34 .26 .89 1.50

.81 .03 .78 .10 .28 1.19

I.

1. 2. 4.

-.02

6.

6.53

7. Π.

1.10 .02

1.

1.08 -.09 .79

6. 7.

1.80

21.

ΠΙ. .74 2.13 .36 .57 3.80

-.69 -.80 .50 .65 -.34

.31 .48 .31 .52 1.62

1.10 -.19 .10 .55 1,56

4.86

7.49

3.86

4.98

8.66

7.15

5.48

1.18 5.64 3.77 7.57

.50 5.26 7.16 6.82

-.08 4.53 4.07 5.69

.90 4.00

.94 .67 .09 1.02 2.72

.68 -.09 .33 .93 1.85

.22 1.82 .12 1.36 3.52

2.71

4.17

6.73

7.20

4.81

6.54

6.06

8.17

9.45

9.05

8.33

.26 5.67 4.82 6.38

-.20 5.19 2.66 6.01

.56 6.99 3.97 7.97

.19 7.45 6.23 8.95

.01 7.56 6.90 8.75

-.06 6.49 4.77 8.29

1.32 1.11

.60 1.49

.18

1.01

.74 3.35

7. 9. 10. 11. 14. IV.

Line ΙΠ-7 through m-11 14

From line 2 of corresponding Tables VIII-c-7 through Vm-c-ll. Sum of lines III-7 through III-11.

IV-3

Sum of lines 1-7 and 11-21 minus line III-14.

V

Sum of lines 1-7 and Π-21. Figures on adjusted inventories are from Table VIII-a-6d.

3. V.

TABLE VTI-3 Flow of Funds Through Agriculture (billion dollars)

I. Gross capital expenditures 1. Residential structures 2. Nonresidential structures 4. Producer durables 5. Consumer durables 6. Inventories at book value (see note below) 7. Total Π. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 3. Life insurance reserves 5. Pension and insurance funds, govt. 13. Securities, U. S. government b. Savings bonds 20. Other intangible assets 21. Total m. Net changes in liabilities 6. Consumer debt 7. Trade debt 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 14. Total IV. Net changes in equities 3. Saving V. Total uses and sources of funds

1946

1947

1948

1949

.42 .46 .97 1.84 3.42 7.11

.70 .73 1.79 2.31 3.40 8.93

.75 .82 2.43 2.76 -.30 6.46

.70 .80 2.64 2.76 -3.26 3.64

.50 .01 .49 .20 .19 .20 .06 .06 .16 1.31

-.10 .01 -.11 -.08 .21 .09 .17 .17 .17 .46

-.30 0 -.30 0 .23 -.01 .22 .22 .17 .31

-.40 .01 -.41 0 .24 .05 .12 .12 .18 .19

.11 .20 .25 .02 .14 .72

.10 .20 .30 .03 .17 .80

.09 .30 .36 .08 .22 1.05

-.01 .20 .10 .03 .29 .61

7.70

8.59

5.72

3.22

8.42

9.39

6.77

3.83

1.47 8.23 7.49 8.54

-1.35 5.55 5.13 5.74

Note: Inventories at Adjusted Value and Lines Affected

Inventories (adjusted values) Gross capital expenditures Saving Total uses and sources of funds

-.06 3.63 4.22 4.94

-1.73 3.80 3.46 4.26

Line I-I through 1-5 6

7 II-I la lb 2 through 20 21

From line 3 of corresponding Tables VIII-a-1 through VIII-a-5. Table VIII-a-6b, line 3. Sum of lines I-I through 1-6. Table VII-b-1, line 3. Table ΠΙ-3, line II-Ia (first difference). Table ΓΠ-3, line II-Ib (first difference). From line 3 of corresponding Tables VIII-b-2 through VIII-b-20. Sum of lines Π-l through 11-20.

1950

1951

1952

1953

.78 .89 2.64 3.05 5.43 12.79

.88 1.00 2.74 3.09 3.77 11.48

.90 1.03 2.59 2.54 -4.99 2.07

.82 .93 2.46 2.93 -4.24 2.90

0 -.01 .01 0 .24 -.25 -.03 -.03 .22 .18

.20 .02 .18 .07 .24 -.04 .02 .02 .20 .69

-.10 0 -.10 .13 .28 -.01 -.08 -.08 .24 .46

.19 .20 .47

-.01 .40 .60

.06

.11

.54 1.46

1954

1955

1956

1957

1958

.78 .89 2.21 2.61 -.16 6.33

.76 .86 2.27 2.54 -1.37 5.06

.74 .84 2.03 2.53 .85 6.99

.75 .86 2.06 2.64 2.34 8.65

.76

-.10 -.01 -.09 .13 .27 -.04 .10 .10 .15 .51

-.10 0 -.10 .10 .32 -.02 .24 .24 .24 .78

0 .01 -.01 .05 .30 0 .20 .20 .14 .69

-.20 .01 -.21 .05 .26 0

-.10 .03 -.13 .27 .24 -.01

-.11 -.11

-.01 -.20 -.43 -.02 .51 -.15

.09

.19

0

0

.17 .10 .52 .88

.38 .05 .78 1.40

-.03

.32

.08

.22

.56 1.66

.09 .10 .07 .08 .59 .93

11.51

10.51

1.60

3.56

6.23

12.97

12.17

2.53

3.41

1.22 8.58 7.30 8.76

1.54 9.25 8.28 9.94

.75 7.81 7.34 8.27

-.98 6.16 6.82 6.67

I.

1.

.86

2.

2.59 2.87 5.58 12.66

4. 5. 6. 7. II.

.30

1.

.01

.06 .06

.29 .17 .29 -.01 .09 .09

2. 3. 5. 13.

.17 .17

.17 .63

.22 1.06

20. 21.

-.01 0

-.02 .10

.18

6.

7. 9. 10. 11. 14.

ΙΠ.

.84

.60

.88

1.22

.10 .56 .23 .75 1.82

4.35

6.28

8.06

11.90

7.11

5.75

7.16

9.28

13.72

.66 7.15 7.05 7.93

.26 6.69 5.98 7.38

-.68 5.46 4.75 5.63

.55 6.86 6.27 7.49

2.31 9.39 8.63 10.45

IV.

Line ΙΠ-6 through ΠΙ-11 14

From line 3 of corresponding Tables VIII-c-6 through VIII-c-ll. Sum of lines ΙΠ-6 through ΠΙ-11.

IV-3

Sum of lines 1-7 and Π-21 minus line III-14.

V

Sum of lines 1-7 and 11-21. Figures on adjusted inventories are from Table VIIl-a-6d.

3. V.

TABLE Vn-4 Flow of Funds Through Nonflnanclal Corporations (billion dollars) 1946

1947

1948

1949

Gross capital expenditures 1 . Residential structures 2. Nonresidential structures 4. Producer durables 6. Inventories at book value (see note below) 7. Total

.29 4.33 7.60 11.22 23.44

.41 5.29 11.32 7.15 24.17

.70 6.34 12.49 4.21 23.74

.78 6.19 10.49 -3.57 13.89

Net financial flows 1 . Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 6. Consumer credit 7. Trade credit 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total

1.14 .01 1.13 0 .57 3.19 -5.70 -5.10 0 -.60 0 .04 .01 .09 -.46 -1.12

2.20 0 2.20 0 .64 5.86 -1.20 -.90 0 -.30 .04 .12 .01 .08 1.87 9.62

.20 .02 .18 0 .54 2.34 .80 .90 .20 -.30 .05 .14 .01 .08 .93 5.09

1.07 0 1.07 0 .44 -.94 1.92 2.30 0 -.38 .05 .14 0 .09 .86 3.63

3.73 -.91 2.98 .01 1.32 .88 .42 8.43

4.64 -.33 1.66 .14 1.47 2.84 2.74 13.16

.44 -.16 1.06 .17 1.31 4.23 1.77 8.82

-1.34 0 -1.93 .08 1.40 2.90 -.66 .45

1.49 .19 12.21

1.32 .42 18.89

1.29 .29 18.43

1.42 .29 15.36

22.32

33.79

28.83

17.52

2.06 21.59 16.28 26.68

-1.72 15.74 17.21 19.37

Net changes in liabilities 7. Trade debt 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages 12. Bonds and notes 13. Other liabilities 14. Total Net 1. 2. 3.

changes in equities Net issues of common stock Net issues of preferred stock Saving

Total uses and sources of funds

Note: Inventories at Adjusted Value and Lines Affected

Inventories (adjusted values) Gross capital expenditures Saving Total uses and sources of funds

5.95 18.17 6.94 17.05

1.25 18.27 12.99 27.89

Line I-I through 1-4

II-I

la lb 2-20

21

From line 4 of corresponding Tables Vm-a-1 through VIII-a-4. Table VIII-a-6b, line 4. Sum of lines I-I through 1-7. Table VIII-b-1, line 4. Table ΙΠ-4, line II-Ia (first difference). Table ΠΙ-4, line Π-lb (first difference). From line 4 of corresponding Tables Vm-b-2 through Vin-b-20. Sum of line Π-l through Π-20.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.82 6.52 11.64 9.77 28.75

.75 8.13 13.80 9.75 32.43

.63 8.82 14.07 1.25 24.77

.88 9.61 14.96 1.80 27.25

.83 9.80 14.10

.99 11.16 15.35

1.12

1.08

12.64 19.39 7.58 40.73

13.60 20.35 2.74 37.77

1.17 12.73 15.64 -4.44 25.10

1.31

1.82

0

.01

-.08 0

.14

.01

.80 .01

.01

.02

1.30

1.81

.79

-.08

.13

-.02

0

0

.78 11.44 2.87 3.00

.51 3.41 .93 .30

0

0

.76 3.53 -.80

.24 -.81 1.58

-1.10

1.80

Ο

0

Ο

0

-.13 .07 .03

.63 .05 .30

.30 .06 .41

-.22 .09 .18

.01 .10

0 .12

.56 17.17

-1.60

6.66

23.13

34.16 .98 .01 .97 -.10 .66 10.86 3.99 3.00 0 .99 .18 .41 .01 .19 4.83 22.01

.01

0

1.02 8.16

.16 2.98 7.91

.13 2.63 3.96

2.36 0 2.36 .20 .27 4.31 -2.29 -2.60 0 .31 .33 -.07 .01 .14 4.93 10.19

8.01

2.28

3.59

.16

3.40

10.24

5.61

2.02

0

Ο

2.15 .13 1.81 1.61 7.37 21.08

4.96 .15 1.45 3.30 6.94 19.08

0

0

0

0

1.19 .09 1.29 4.72 -1.40 9.48

-.16 .34 1.20 3.35 2.23 7.12

0

0

-1.22 -.27 1.76 3.54 .32 7.53

2.27 .46 2.00 2.77 6.55 24.29

5.38 -.15 1.88 3.67 3.39 19.78

2.06 .37 1.73 6.35 2.56 15.09

6.28 0 -.88 -.15 3.19 5.92 .19 14.55

1.60 .24 23.00

2.05 .64 18.82

2.33 .45 20.42

1.94 .39 21.76

1.81 .50 23.48

2.55 Ο 29.33

2.60 .46 27.43

2.94 .37 29.34

2.59 .49 19.27

45.92

40.59

32.68

31.21

33.32

56.17

50.27

47.74

36.90

4.81 23.79 18.04 40.96

8.55 31.23 17.62 39.39

2.23 25.75 21.40 33.66

.81 26.26 20.77 30.22

-1.92 22.81 23.16 33.00

4.93 32.43 27.60 54.44

4.89 38.04 24.74 47.58

1.21 36.24 27.81 46.21

-4.84 24.70 18.87 36.50

Line

0

0

.41 7.06 -4.59 -3.70

.21 2.72 -.80 -.40

-.20

-.20

-.69 .11 .23 0 .19 5.99 9.54

-.20 .15 .83 .01 .21 6.64 9.97

1.72 .02 1.70 .60 .52 7.67 .19 .70 -.18 -.33 .13 -.26 0 .23 1.00 11.80

IV-I 2 3

Table VIII-d-1, line 4. Table VIII-d-2, line 4. Sum of lines 1-7 and 11-21 minus the sum of lines III-14, IV-I and IV-2. Sum of lines 1-7 and 11-21.

2. 4. 6. 7. Π. 1.

2. 6. 7. 13.

14. 15. 16. 17. 20. 21. 7. 8. 9. 10. 11. 12. 13. 14. IV.

From line 4 of corresponding Tables VIII-c-7 through VIII-c-13. Sum of lines III—7 through III-13.

Figures on adjusted inventories are from Table VIII-a-6d.

1.

m.

ΙΠ-7 through III-13 14

V

I.

1.

2. 3. V.

TABLE VII-5 Flow of Funds Through Total Finance

(billion dollars) 1946 I. Gross capital expenditures 1. Residential structures 2. Nonresidential structures 4. Producer durables 6. Inventories 7. Total

1947

1948

1949

n.a. .27 .07 .02 .36

.03 .28 .07 -.01 .37

.04 .26 .07 -.01 .36

.07 .12 .03 a .22

.50 .41 .09 .14 1.86 .34 -4.40 4.97 .36 4.95 4.16 .80 .20 -12.09 -13.52 .38 1.05 .18 2.55 .18 .29 1.23 1.24

7.89 2.22 5.67 .04 2.31 .13 -1.06 4.59 .33 5.83 5.04 .78 .22 -4.37 -2.83 .34 -1.88 .99 3.86 .10 .45 1.68 23.00

4.75 1.50 3.25 .02 1.98 .17 .25 2.17 .62 5.96 5.17 .78 .16 -5.76 -6.48 .98 -.26 1.10 5.17 .07 .27 -.06 16.86

-2.79 .22 -3.01 .01 2.26 .11 .75 -1.62 .12 5.01 4.47 .54 .20 1.13 6.85 .29 -6.01 1.49 3.71 .30 .57 .73 12.01

-14.94 6.59 3.78 .57 3.67 -.01 -2.04 .59 .22 .26 1.41 .10

9.60 3.56

2.03 2.55

3.58

.64 3.88 .01 -.71 .62 .19 .28 .16 21.80

3.83 .65

3.48 .01 .51 .46 0 .58 1.02 15.12

-2.68 2.95 4.07 .70 2.54 .02 .45 .39 .08 .52 1.32 10.37

IV. Net changes in equities 1. Net issues of common stock 2. Net issues of preferred stock 3. Saving

.25 0 1.26

.26 0 1.30

.15 .05 1.91

.37 .03 1.43

V. Total uses and sources of funds

1.60

23.36

17.22

12.21

Π. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 6. Consumer credit 7. Trade credit 8. Loans on securities 9. Bank loans, n.e.c. 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total in. Net 1. 2. 3. 4. 5. 7. 8. 9. 10. 12. 13. 14.

changes in liabilities Currency and demand deposits Other bank deposits and shares Life insurance reserves Pension and retirement funds, private Pension and insurance funds, govt. Trade debt Loans on securities Bank loans, n.e.c. Other loans Bonds and notes Other liabilities Total

Line I-I through 1-4 6 7

From line 5 of corresponding Tables VIII-a-1 through VIII-a-4. Table VIII-a-6b, line 5. Sum of lines I-I through 1-6.

1950

1951 .01 .38 .10

.07 -1.73 1.80 -.05 2.90 .29 .80 5.52 .61 8.95 8.29 .64 .27 -4.51 -.32 .92 -5.11 2.29 2.95 .30 .38 4.18 24.95

4.67 -.05 4.72 .08 .53 .20 -.34 4.68 .65 7.69 6.86 .83 .25 2.73 -9.21 .02 11.92 1.66 4.03 .13 .70 .67 28.33

9.39 2.65 4.29 .98 1.31

10.96 4.92 4.25 1.44 4.07

.01

-.01

.07 1.06 .99 .42 1.85 23.02

-.19 -.04 .05 .57 1.14 27.16

.45 .02 1.89

.56 -.04 1.15

25.37

28.82

a

.49

1953

.11 .21 .05 a .37

-.01 .33 .08 a .40

1.15 .47

1954

1955

1956

1957

.02

.01

-.01

.01

.27 .07

.41 .10

.51 .13

.46 .12

a

a

.35

.52

.63

.58

-1.18 -1.16

-.93 -.27

.61 -.05

.68

-.02

-.66

.66

.13 3.63 .15 .70 3.02 .35 7.43 6.66 .77 .25 6.38 5.41 .24 .73 1.54 5.05 .19 1.16 1.01 32.12

.08 3.51 .15 .80 .38 .22 8.17 7.34 .81 .21 3.86 11.77 -.17 -7.75 2.12 4.45 .34 .89 .56 24.56

.10

.02

.74 .16

5.63 .38

1.86

1.08

.60 .11 10.77 9.54 1.22 .24 5.25 -8.67 .09 13.83 3.49 4.31 .42 1.34 .62 29.06

6.84 1.29 14.00 12.60 1.40 .36 -5.71 -8.15 -.04 2.48 1.57 3.38 .20 1.40 4.96 35.98

2.22 .31 1.91 .05 3.02 .42 -.68 5.58 .25 11.84 10.18 1.66 .26 -2.02 6.37 -.93 -7.45 1.38 3.88 -.12 1.53 1.99 29.58

2.07 .73 1.34 .04 2.53 .34 -.36 2.06 1.31 8.30 6.73 1.58 -.94 2.23 -1.40 -1.78 2.33 7.32 -.03 2.26 1.12 28.50

6.99 8.14 5.09 1.60 4.35 .04 .48 .91 -.03 .54 2.10 30.21

-.35 9.16 5.14 1.94 3.38 .02 .30 -.14 .04 1.58 1.56 22.63

2.72 10.51 5.61 2.05 2.69

6.75 8.46 5.67 2.06 3.24

-.67 12.40 5.25 2.89 2.85 .01

.76

.70

.02

0

1.49 32.48

-.01

-.01

.13

1958 a

I. 1. 2. 4. 6. 7.

OC

.05 .30 .07 .01 .43

1952

.08 a .39 -3.73 -2.22 -1.51 .31 -.23 .36 1.58 1.72 .35 12.18 10.42 1.75 .18 10.42 .58 -.34 10.19 4.10 5.95 .44 2.29 1.40 37.35

Π. 1. 2. 6. 7. 8. 9. 10. 11. 12. 13.

14. 15. 16. 17. 20. 21. in.

.01

.02

4.04 9.43 5.59 2.60 3.58 .03

.67 -.01 .68 .19 1.40 26.53

.32 2.76 .48 1.63 2.07 33.45

-.62

.10

-.63 -.18 1.19 1.98 27.00

-.37 .30 1.12 2.00 25.87

4.29 17.01 5.64 3.07 1.23 .02 .34 -1.08 1.03 .02 1.62 33.18

1.65

.78 -.07 2.17

1.12 .08 1.84

1.43 .02 1.75

1.39 .04 1.77

1.69 0 2.87

24.98

29.40

36.50

30.20

29.08

37.73

1.

2. 3. 4. 5. 7. 8. 9. 10. 12. 13. 14. IV. 1.

2. 3. V.

All lines II, III, IV, and V in this table are the sum of the corresponding lines in Tables VII-5a through VII-5m. The same ligures appear in the corresponding lines of the last column of the tables in Section VI. $5 million or under. Figures may not add to totals because of rounding.

a

TABLE VH-5a Flow of Funds Through Federal Reserve Banks and Treasury Monetary Funds (billion dollars)

I. Gross capital expenditures 7. Total Π. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 9. Bank loans, n.e.c. 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 20. Other intangible assets 21. Total ΙΠ. Net changes in liabilities 1. Currency and demand deposits 13. Other liabilities 14. Total IV. Net changes in equities 3. Saving V. Total uses and sources of funds

1946

1947

1948

1949

a

a

a

a

1.26 .41 .85 -.09 -.92 -.90

5.35 2.22 3.13 -.07 -.79 -2.40

3.03 1.50 1.53 .13 .77 -7.50

.35 .22 .13 -.14 -4.45 -.40

-.02 .38 .63

1.61 .46 4.95

8.27 -.09 3.84

-4.05 .04 -4.20

.14 .41 .55

5.97 -1.04 4.93

3.93 -.15 3.78

-4.56 .30 -4.26

.08

.02

.63

4.95

.06 3.84

-4.20

Line T-7 II-I Ia Ib 9-20 21

Table VIII-a-7, line 5a. Table Vffi-b-1, line 5a. Table III-5a, line II-Ia (first difference). Table III-5a, line II-Ib (first difference). From line 5a of corresponding Tables VIII-b-9 through VIII-b-20. Sum of lines II-I through 11-20.

.06

1950

1951

1952

1953

1954

a

a

a

a

a

1955

1956

.01

.01

1957 .01

1958 a

I. 7. Π.

-3.38 -1.73 -1.65 -.01 1.90 4.00

.16 -.05 .21 -.05 3.02 -2.60

1.15 .47 .68 .14 .90 1.40

-1.68 -1.16 -.52 -.13 1.22 2.20

-.52 -.27 -.25 .11 -.99 2.40

.05 -.05 .10 0 -.15 1.30

.48 .31 .17 -.02 .22 1.40

1.73 .73 1.00 0 -.76 -.70

-4.13 -2.22 -1.91 -.01 2.18 -.40

-2.10 1.34 -.15

5.62 -.35 2.78

-.50 .36 2.55

-.98 -.03 -.62

-3.39 -.28 -1.68

-1.45 1.57 1.47

-1.18 .21 .89

-.06 .04 1.01

2.58 -.14 -2.10

-.43 .25 -.18

3.08 -.32 2.76

1.95 .54 2.49

-.71 .06 -.65

-1.55 -.14 -1.69

.56 .87 1.43

.78 .05 .83

.91 .07 .98

-2.40 .27 -2.13

.03

.02

.06

.03

.01

.05

.07

.04

.03

-.15

2.78

2.55

-.62

-1.68

1.48

.90

1.02

-2.10

1. 9. 13.

20. 21. in. 1. 13. 14. IV.

Line III-I 13 14

Table VIII-c-1, line 5a. Table VIII-c-13, line 5a. Sum of lines ΙΠ-1 and III-13.

IV-3

Sum of lines 1-7 and 11-21 minus line ΠΙ-14.

V

Sum of lines 1-7 and 11-21. $5 million or under. Figures may not add to totals because of rounding.

a

3. V.

TABLE VH-5b

Flow of Fwds Through Government Pension and Insurance Funds (billion dollars) 1946

1947

1948

1949

.01

.02

.08

-.02

.01 -.01 0 0

.02 0 0 0

.08 .02 0 0

-.02 .01 0 0

I. Gross capital expenditures IX. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 21. Total

3.76

3.75

3.14

2.19

.10 3.66 -.10 0 0 0 3.66

.10 3.65 .10 .01 0 0 3.88

.10 3.04 .15 .06 .01 .01 3.47

.10 2.09 .21 .15 0 0 2.54

in. Net changes in liabilities 5. Pension and insurance funds, govt. 14. Total

3.67 3.67

3.88 3.88

3.48 3.48

2.54 2.54

3.66

3.88

3.47

2.54

IV. Net changes in equities V. Total uses and sources of funds Line Π-1

lb 10-17 21

Table VIII-b-1, line 5b. Table III-5b, line II-Ib (first difference). From line 5b of corresponding Tables Vni-b-10 through VIII-b-17. Sum of lines II-I through 11-17.

1950

1951

1952

1953

1954

1955

1956

1957

1958 I. Π.

.46

.06

-.11

-.04

.32

-.22

.14

.24

.13

.46 .02 .06 .06

.06 .02 .06 .06

-.11 .01 .04 .04

-.04 .02 .03 .03

.32 .02 .07 .07

-.22 .03 .04 .04

.14 .03 .09 .09

.24 .03 .02 .02

.13 .04 -.05 -.05

10. 11.

.41

3.60

3.92

2.69

1.44

2.40

2.25

1.07

-.62

13.

.10 .31 .19 .15 .01 .01 1.31

0 3.60 .07 .24 .01 .01 4.07

.10 3.82 .13 .34 .01 .01 4.35

0 2.69 .24 .40 .02 .02 3.38

0 1.44 .31 .49 .02 .02 2.69

0 2.40 .34 .59 .03 .03 3.24

-.10 2.35 .40 .63 .02 .02 3.58

-.10 1.17 .45 .96 .04 .04 2.85

-.10 -.52 .46 1.15 .06 .06 1.23

14. 15. 16. 17. 21.

1.31 1.31

4.07 4.07

4.35 4.35

3.38 3.38

2.69 2.69

3.24 3.24

3.58 3.58

2.85 2.85

1.23 1.23

1.31

4.07

4.35

3.38

2.69

3.24

3.58

2.85

1.23

1.

ΠΙ. 5. 14. IV.

Line ΙΠ-5 through III-14 V

Table VIII-c-5, line 5b. Same as line 11-21.

Figures may not add to totals because of rounding.

V.

TABLE Vn-5c Flow of Funds Hirough Commercial Banks (billion dollars) 1946 I. Gross capital expenditures 7. Total Π. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 6. Consumer credit 8. Loans on securities 9. Bank loans, n.e.c. 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 17. Securities, common stock 20. Other intangible assets 21. Total ΠΙ. Net 1. 2. 9. 10. 13. 14. rv. Net 1. 3.

changes in liabilities Currency and demand deposits Other bank deposits and shares Bank loans, n.e.c. Other loans Other liabilities Total changes in equities Net issues of common stock Saving

v. Total uses and sources of funds

1947

1948

.10

.11

.10

.06

-1.30

2.21

1.52

-3.36

-1.30 -.01 1.19 -3.66 5.06 2.27 1.74 .53 .18 -15.83 -13.50 .02 -2.35 .43 .35 -.03 .78 -10.57

2.21 0 1.31 -1.11 4.66 2.08 1.78 .30 .12 -5.56 .40 -.03 -5.93 .88 .06 -.03 1.12 5.74

1.52 -.01 1.01 .26 2.04 1.36 1.11 .25 .05 -6.60 .20 .30 -7.10 .38 -.20 0 -.26 -.45

-3.36 -.01 1.03 .33 -1.48 .70 .60 .10 .04 4.38 7.10 -.05 -2.67 .89 .15 -.01 .40 3.06

-15.02 3.83 -.17 -.07 .21 -11.22

3.64 1.43 .02 -.05 .15 5.19

-1.85 .63 -.01 -.03 .16 -1.10

1.87 .50 -.04 -.02 .17 2.48

.05 .70

.04 .62

*.02 .73

.01 .63

-10.47

5.85

-.35

3.12

Line 1-7 II-I Ib 2-20 21

1949

Table VIII-a-7, line 5c. Table VIII-b-1, line 5c. Table m-5c, line Π-lb (first difference). From line 5c of corresponding Tables VTII-b-2 through Vm-b-20. Sum of lines Π-l through Π-20.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.12

.14

.11

.12

.10

.15

.18

.17

.11

2.28

3.92

-.06

.24

-1.23

.23

1.36

-.15

-.36

2.28 0 1.66 .22 5.53 1.94 1.73 .21 .06 -4.97 -4.30 .29 -.96 1.57 .58 0 2.44 11.31

3.92 0 .17 -.30 4.73 1.00 .81 .19 .04 -.51 -6.40 .02 5.87 1.08 -.13 -.01 .58 10.57

-.06 0 1.89 .60 2.88 1.08 .92 .16 .05 1.80 3.40 .02 -1.62 .99 -.22 .01 .12 9.14

.24 0 1.60 .40 .51 .96 .74 .22 .03 .11 9.00 -.02 -8.87 .63 -.12 0 .01 4.37

-1.23 0 .03 .89 .49 1.65 1.23 .42 .08 5.55 -10.60 .01 16.14 1.77 -.14 0 .26 9.35

.23 0 2.36 .59 6.84 2.25 1.71 .54 .14 -7.39 -8.60 -.02 1.23 .11 .24 .01 2.97 8.35

1.36 0 1.45 -.76 5.60 1.66 1.11 .56 .04 -3.04 4.80 -.39 -7.45 .20 -.64 0 .94 6.81

-.15 0 1.21 -.06 2.06 .57 .14 .43 .03 -.31 1.90 -.47 -1.74 1.02 .60 .02 .21 5.20

-.36 .04 .18 .44 1.73 2.04 1.42 .62 .10 7.94 .90 -.03 7.07 2.58 .03 .01 .96 15.69

9.78 .23 .07 -.02 .58 10.64

7.85 1.73 -.06 -.01 .40 9.91

5.03 3.07 .16 -.03 .24 8.47

.36 3.40 -.13 -.01 .11 3.73

4.25 3.81 -.03 -.02 .34 8.35

6.16 1.33 .13 -.01 .02 7.63

3.20 2.07 -.08 0 .55 5.74

-1.65 5.45 0 0 .37 4.17

6.65 8.04 -.01 0 -.05 14.63

.07 .72

.14 .66

.14 .64

.11 .65

.23 .87

.14 .73

.40 .85

.36 .84

.13 1.04

11.43

10.71

9.25

4.49

9.45

8.50

6.99

5.37

15.80

Line III-I through ΙΠ-13 14

From line 5c of corresponding Tables VIII-c-l through Vm-c-13. Sum of lines ΠΙ-1 through ΠΙ-13.

IV-I 3

Table VIII-d-1, line 5c. Sum of lines 1-7 and 11-21, minus the sum of lines ΙΠ-14 and IV-1.

V

Sum of lines 1-7 and Π-21. Figures may not add to totals because of rounding.

I.

Π.

7. 1. 2. 6. 8. 9. 11. 12. 13.

14. 15. 17. 20. 21. m.

1. 2. 9. 10. 13. 14.

IV. 1. 3. V.

TABLE vn-5d Flow of Funds Through Mutual Savings Banks (billion dollars)

Gross capital expenditures 7. Total Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 6. Consumer credit 8. Loans on securities 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 17. Securities, common stock 20. Other intangible assets 21. Total Net 2. 9. 13. 14.

changes in liabilities Other bank deposits and shares Bank loans, n.e.c. Other liabilities Total

Net changes in equities 3. Saving Total uses and sources of funds

1946

1947

1948

1949

.01

.01

.01

a

.06

.02

-.03

0

.06 .15 0 0 .02 .23 .20 .03 0 1.10 .28 .04 .78 -.03 .17 .01 0 1.71

.02 .05 .02 0 -.02 .41 .35 .06 0 .20 .05 .05 .10 0 .32 0 0 1.00

-.03 .02 0 0 .02 .94 .82 .12 .01 -.50 .05 .18 -.73 .01 .50 .01 .01 .99

0 -.01 0 0 0 .90 .81 .08 0 -.05 -.10 .02 .03 .02 .14 0 .02 1.02

1.49 0 .02 1.51

.88 0 .02 .90

.64 0 0 .64

.88 0 .02 .90

.21

.11

.36

.12

1.72

1.01

1.00

1.02

Line 1-7 II-I Ib 2-20 21

Table VIII-a-7, line 5d. Table VIII-b-1, line 5d. Table III-5d, line II-Ib (first difference). From line 5d of corresponding Tables VIII-b-2 through VIII-b-20. Sum of lines II-I through 11-20.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.01

.01

.01

.01

.01

.01

.01

.01

.01

I. 7. n.

-.02

.07

0

.04

.02

-.02

.02

0

0

-.02 -.05 .02 0 0 1.55 1.48 .06 .01 -.56 -.33 .08 -.31 0 -.08 .02 .02 .91

.07 .02 0 0 0 1.65 1.54 .11 0 -1.05 .07 0 -1.12 .06 .13 .05 .05 .98

0 .03 .01 0 0 1.46 1.29 .17 .01 -.40 .08 .01 -.49 .17 .37 .11 0 1.76

.04 .02 .01 0 .01 1.56 1.45 .11 0 -.24 .22 -.03 -.43 .09 .29 .09 .03 1.90

.02 .03 0 .01 .01 2.06 1.88 .18 0 -.43 -.32 -.01 -.10 .19 .09 .14 .01 2.13

-.02 -.05 .02 .01 0 2.45 2.36 .09 0 -.29 .10 -.03 -.36 .04 -.26 .09 .02 2.01

.02 -.06 .03 0 .01 2.29 2.14 .15 0 -.49 -.02 -.07 -.40 .03 .13 .04 .02 2.02

0 -.04 0 -.01 .03 1.42 1.31 .12 0 -.42 .21 -.15 -.48 .01 .74 .07 .03 1.83

0 .04 .01 0 .04 2.10 1.93 .17 0 -.29 -.15 -.08 -.06 .05 .55 .09 .02 2.61

.74 0 .03 .77

.88 0 .01 .89

1.70 0 .01 1.71

1.77 0 .05 1.82

1.94 0 .07 2.01

1.83 0 .05 1.88

1.87 0 .03 1.90

1.66 0 .08 1.74

2.35 .01 .09 2.45

.15

.10

.06

.09

.13

.14

.13

.10

.17

.92

.99

1.77

1.91

2.14

2.02

2.03

1.84

2.62

l.

2. 6. 8. 10. 11.

12. 13.

14. 15. 17. 20. 21.

ra. 2. 9. 13. 14. IV.

Line III-2 through Iir-13 14 IV-3 V

From line 5d of corresponding Tables VHI-c-2 through VIII-e-13. Sum of lines III-2 through 111-13. Sum of lines 1-7 and 11-21 minus line III-14. Sum of lines 1-7 and 11-21.

a $5

million or under. Figures may not add to totals because of rounding.

419

3. V.

TABLE VII-5e Flow of Funds Through Savings and Loan Associations (billion dollars)

I. Gross capital expenditures 7. Total II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 6. Consumer credit 11. Mortgages, nonfarm a. Residential b. Nonresidential 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 20. Other intangible assets 21. Total m. Net changes in liabilities 2. Other bank deposits and shares 9. Bank loans, n.e.c. 10. Other loans 13. Other liabilities 14. Total IV. Net changes in equities 3. Saving V. Total uses and sources of funds

1946

1947

1948

1949

.05

.05

.05

.03

.07

0

.06

.08

.07 .04 1.76 1.73 .04 -.41 0 0 -.41 0 1.46

0 .03 1.72 1.68 .03 -.27 0 0 -.27 0 1.48

.06 .03 1.45 1.42 .03 -.28 -.10 .10 -.28 .08 1.34

.08 .02 1.31 1.28 .03 0 0 .10 -.10 .14 1.55

1.17 -.03 .19 .03 1.36

1.20 0 .20 -.03 1.37

1.21 -.04 .04 .02 1.23

1.50 0 -.04 0 1.46

.15

.16

.16

.12

1.51

1.53

1.39

1.58

Line 1-7 II-I Ib 6-20 21

Table VIII-a-7, line 5e. Table VIII-b-1, line 5e. Table ΠΙ-5β, line II-Ib (first difference). From line 5e of corresponding" Tables VIII-b-6 through VIII-b-20. Sum of lines II-I through Π-20.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.06

.07

.05

.06

.05

.07

.09

.08

.05

I.

.09

.10

.07

.05

.26

.19

.07

.05

.27

.09 .06 2.04 2.00 .04 .03 0 .10 -.07 .02 2.24

.10 .03 1.91 1.87 .04 .11 .10 0 .01 .15 2.30

.07 .07 2.83 2.78 .06 .19 0 0 .19 .21 3.37

.05 .05 3.57 3.50 .07 .13 0 0 .13 .23 4.03

.26 .05 4.15 4.06 .08 .10 0 0 .10 .27 4.83

.19 .08 5.30 5.19 .11 .32 .10 .03 .19 .04 5.93

.07 .08 4.32 4.23 .09 .44 -.10 -.13 .67 .20 5.11

.05 .08 4.28 4.19 .08 .39 .30 -.08 .17 .34 5.14

.27 .06 5.62 5.51 .11 .65 -.20 0 .85 .27 6.87

1.52 .01 .52 .05 2.10

2.12 .01 0 .02 2.15

3.09 -.01 .15 .01 3.24

3.65 0 .14 .03 3.82

4.40 0 .15 .06 4.61

4.89 .05 .68 .03 5.65

5.01 -.01 -.21 .03 4.82

4.76 -.01 0 .12 4.87

6.07 .04 .31 .10 6.52

.20

.22

.18

.27

.27

.35

.38

.35

.40

2.30

2.37

3.42

4.09

4.88

6.00

5.20

5.22

6.92

1.

6. 11. 13.

20. 21. m. 2. 9. 10. 13. 14. IV.

Line III-2 through III-13 14

From line 5e of corresponding Tables VIII-c-2 through VIII-c-13. Sum of lines III-I through III—14.

IV-3

Sum of lines 1-7 and 11-21 minus line III-14.

V

7. Π.

Sum of lines 1-7 and 11-21. Figures may not add to totals because of rounding.

3. V.

TABLE VII-5f Flow of Funds Through Investment Companies

(billion dollars) 1946

1947

1948

1949

0

-.01

0

0

0 .04 .04 0 -.05

-.01 .08 .07 .01 .01

0 .06 .04 .01 -.05

0 .02 .02 0 .04

-.05 -.02 -.01 .15 .01 .12

.01 -.02 .01 .15 -.01 .21

-.05 .01 .02 .10 .02 .16

.04 .02 0 .20 -.02 .26

Net changes in equities 1. Net issues of common stock 3. Saving

.16 -.04

.17 .04

.14 .02

.26 0

Total uses and sources of funds

.12

.21

.16

.26

Gross capital expenditures Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 11. Mortgages, nonfarm a. Residential b. Nonresidential 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total Net changes in liabilities

Line II-I Ib 11-20 21

Table Vm-b -1, line 5f. Table III-5f, line II-Ib (first difference). From line 5f of corresponding Tables VIII-b-11 through VIII-b-20. Sum of lines II-I through Π-20.

1950

1951

1952

1953

1954

1955

1956

1957

1958 I. II.

.04

.03

-.01

.04

0

0

.03

.03

0

1.

.04

.03

-.01

.03

0

.01 .01 0 -.01

0 0 0 0 0

.03

-.01 -.01 0 0

.04 .01 -.01 0 0

0

.04 .03 0 .02

-.01 -.01 0 .14

-.01 -.01 0 .02

-.02 -.02 0 0

-.03 -.03 0 .14

13.

.02 .04 .03 .10 .01 .28

0 .05 .04 .14 0 .25

-.01 .10 -.05 .48 0 .52

0 .01 .17 .19 0 .42

0 .14 .08 .22 0 .44

.14 .18 .11 .40 .03 .85

.02 .11 .08 .50 -.02 .71

0 .14 -.11 .90 .01 .95

.14 .24 .31 .66 .01 1.33

15. 16. 17. 20. 21.

11.

HI. IV. .25 .03

.40 -.15

.55 -.03

.43 -.01

.46 -.02

.76 .09

.91 -.20

.98 -.03

1.50 -.17

.28

.25

.52

.42

.44

.85

.71

.95

1.33

Line IV-1 3 V

Table VIII-d-1, line 5f. Line 11-21 minus line IV-1. Same as line 11-21.

Figures may not add to totals because of rounding.

423

1.

3. V.

TABLE V n - 5 g Flow of Funds ITirough Credit Unions (billion dollars) 1946

1947

1948

1949

0

.01

.01

0

0 0 .05 0 .01 .01 0 0 .06

.01 -.01 .09 0 .01 .01 0 0 .10

.01 .01 .09 0 .02 .02 -.02 -.02 .11

0 .03 .11 0 .01 .01 -.02 -.02 .13

.06 -.01 .05

.08 .01 .09

.09 .01 .10

.10 .02 .12

.01

.01

.01

.01

.06

.10

.11

.13

I. Gross capital expenditures II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 6. Consumer credit 10. Other loans 11. Mortgages, nonfarm a. Residential 13. Securities, U.S. government c. Other long-term 21. Total m . Net 2. 7. 14.

changes in liabilities Other bank deposits and shares Trade debt Total

IV. Net changes in equities 3. Saving V. Total uses and sources of funds Line II-l lb 2-13c 21 III-2 7 14

Table VHI-b-1, line 5g. Table III-5g, line II-lb (first difference). From line 5g of corresponding Tables VIII-b-11 through VIII-b-20. Sum of lines II-1 through 11-20. Table Vin-c-2, line 5g. Table Vin-c-7, line 5g. Sum of lines 111-2 and III-7.

424

1950

1951

1952

1953

1954

1955

1956

1957

1958 I.

Π.

.02

.05

0

.02

.05

.01

.03

.03

.04

.02 0 .15 .01 .01 .01 -.02 -.02 .17

.05 .05 .05 .01 .02 .02 .02 .02 .20

0 .09 .20 .01 .03 .03 0 0 .33

.02 .06 .28 0 .03 .03 -.01 -.01 .38

.05 .07 .22 0 .03 .03 0 0 .37

.01 .07 .34 .02 .03 .03 0 0 .47

.03 .11 .33 -.01 .06 .06 .01 .01 .53

.03 .08 .42 .02 0 0 -.01 -.01 .54

.04 .23 .23 0 .08 .08 0 0 .58

1.

2. 6. 10. 11. 13. 21. ΠΙ.

.15 .01 .16

.19 -.01 .18

.27 .04 .31

.33 .02 .35

.34 .01 .35

.40 .02 .42

.46 .03 .49

.46 .01 .47

.47 .02 .49

.01

.02

.02

.03

.02

.05

.04

.07

.09

.17

.20

.33

.38

.37

.47

.53

.54

.58

Line IV-3 V

Line 11-21 minus line III-14. Same as line 11-21.

Figures may not add to totals because of rounding.

2. 7. 14. IV. 3. V.

TABLE Vn-5h Flow of Funds Through Life Insurance Companies (billion dollars) 1946

1947

1948

1949

.17

.17

.17

.10

-.01

.25

-.11

0

-.01 -.07 .50 .31 .19 .02 1.05 45 .02 .58 -.11 1.81 .15 .12 .07 3.53

.25 .05 1.42 1.06 .36 .10 -1.61 -.53 .02 -1.10 0 3.02 .06 .09 .06 3.44

-.11 .12 2.06 1.72 .34 .10 -3.27 .02 .10 -3.39 .26 4.23 .03 .01 .15 3.58

0 .18 1.92 1.60 .32 .15 -1.46 .05 .02 -1.53 .18 2.57 .20 .03 .09 3.86

3.69 -.37 .06 3.38

3.47 0 .08 3.55

3.74 0 .04 3.78

3.95 0 .08 4.03

IV. Net changes in equities 1. Net issues of common stock 3. Saving

.02 .30

.01 .05

-.01 -.02

.03 -.10

v. Total uses and sources of funds

3.70

3.61

3.75

3.96

I. Gross capital expenditures 7. Total Π. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total m. Net changes in liabilities 3. Life insurance reserves 8. Loans on securities 13. Other liabilities 14. Total

Line I-7 II-I Ib 10-20 21

Table VIII-a-7, line 5h. Table VIII-b-1, line 5h. Table III-5h, line Π-lb (first difference). From line 5h of corresponding Tables VIII-b-10 through VIII-b-20. Sum of lines II-I through Π-20.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.20

.23

.07

.19

.16

.24

.29

.27

.18

I.

.09

.10

.05

.07

.02

.02

.02

.01

.08

.09 .17 3.01 2.70 .30 .19 -1.83 .26 .05 -2.14 .10 1.83 .19 .13 .26 4.14

.10 .18 3.01 2.55 .46 .20 -2.45 .09 0 -2.54 .02 2.71 -.05 .10 .18 4.00

.05 .12 1.76 1.40 .36 .18 -.76 -.11 .01 -.66 -.02 3.10 .09 .07 .18 4.77

.07 .20 1.89 1.51 .38 .18 -.42 -.07 -.02 -.33 .15 2.71 .04 .05 .12 4.99

.02 .22 2.49 2.00 .49 .16 -.76 .08 -.01 -.83 .55 2.10 .20 .07 .20 5.25

.02 .16 2.66 .59 .22 -.49 -.14 -.02 -.33 .19 1.75 .01 .06 .21 5.37

.02 .23 3.34 2.53 .80 .21 -1.02 -.13 -.04 -.85 .23 2.15 -.19 .19 .31 5.47

.01 .35 2.14 1.25 .90 .10 -.53 -.03 -.10 -.40 .11 2.67 -.03 .07 .26 5.15

.08 .32 1.74 .93 .81 .08 .15 .27 -.03 -.09 .30 2.42 .04 .02 .20 5.35

4.16 0 .11 4.27

4.11 0

4.93 0 .08

5.41

5.45

5.42

0 .08 5.49

0

0 .19

5.23 0 .17

5.01

4.96 0 .10 5.06

5.61

5.40

5.42 0 .13 5.55

.06 .01

.01

.06 .06

.04 -.12

-.04

.09 .06

.06

.04

.02 -.09

-.04

.06 -.08

4.34

4.23

4.94

5.18

5.41

5.61

5.76

5.42

5.53

.07

4.18

3.24

7. Π. 1.

10. 11.

12.

13.

14. 15. 16. 17. 20. 21. m.

.14 5.59

3. 8. 13. 14. IV.

.06

Line III-3-13 14

From line 5h of corresponding Tables VIII-c-3 through VIII-c-13. Sum of lines III-3 through ΙΠ-13.

IV-I 3

Table Vffl-d-1, line 5h. Sum of lines 1-7 and 11-21 less lines III-14 and IV-1.

V

Sum of lines 1-7 and 11-21. Figures may not add to totals because of rounding.

1.

3. V.

TABLE Vn-5i Flow of Funds Through Flre and Casualty Insurance Companies (billion dollars) 1946

1947

1948

1949

.02

.02

.02

.01

.19

.18

.04

.06

.19 0 .17 0 0 0 .19 .05 .03 .11 0 0 .01 .04 -.02 .58

.18 0 .10 .01 0 .01 .59 .15 .04 .40 .08 .06 0 .13 .02 1.17

.04 0 .08 .01 .01 .01 .49 .35 .15 -.01 .21 .17 -.01 .11 .01 1.11

.06 0 .07 .01 .01 0 .51 .30 .05 .16 .22 .09 .06 .06 .02 1.10

.75 .75

.99 .99

.84 .84

.77 .77

IV. Net changes in equities 1. Net issues of common stock 3. Saving

.02 -.17

.02 .18

0 .29

.05 .29

V. Total uses and sources of funds

.60

1.19

1.13

1.11

I. Gross capital expenditures 7. Total Net financial flows II. 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 7. Trade credit 11. Mortgages, nonfarm a. Residential b. Nonresidential 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total ΠΙ. Net changes in liabilities 13. Other liabilities 14. Total

Line 1-7

Table Vni-a-7, line 5i.

II-I lb

Table Vm-b-1, line 5i. Table ΙΠ-5ι, line II-Ib (first difference). From line 5i of corresponding Tables Vm-b-2 through Vin-b-20. Sum of lines Il-1 through 11-20.

2-20

21

1950 .03

1951

1952

1953

1954

1955

1956

1957

1958

.03

.02

.03

.02

.03

.04

.04

.03

7.

Π.

.06

.04

.08

.05

-.05

.03

-.07

-.01

.06

.06 0 .02 .01 .01 .01 .35 .05 .11 .19 .31 .05 .03 .09 .02 .94

.04 .01 .12 .01 .01 .01 .13 -.37 .02 .48 .39 .05 .04 .11 .05 .95

.08 .01 .07 .01 0 0 .34 .14 .01 .19 .42 .16 .08 .10 .04 1.31

.05 0 .05 .01 0 .01 .21 .42 -.02 -.19 .75 .12 .05 .14 .06 1.44

-.05 0 .06 .01 0 .01 .11 -.53 -.01 .65 .78 .03 .05 .10 .05 1.14

.03 0 .09 .01 0 .01 -.14 -.41 -.01 .28 .79 -.01 0 .17 .04 .98

-.07 0 .14 .01 0 .01 -.33 .26 -.07 -.52 .63 .03 -.08 .21 .04 .58

-.01 0 .15 0 -.01 0 -.21 .43 -.17 -.47 .62 .18 .02 .10 .08 .93

.06 0 .14 0 0 0 -.06 -.08 -.07 .09 .71 .09 -.01 .14 0 1.07

.72 .72

.85 .85

1.08 1.08

1.10 1.10

.69 .69

.78 .78

.66 .66

1.05 1.05

.84 .84

.06 .19

0 .13

.02 .23

.04 .33

.03 .44

.08 .15

.02 -.06

.02 -.10

-.01 .27

.97

.98

1.33

1.47

1.16

1.01'

.62

.97

1.10

Line III-13 14

Table Vm-c-13, line 5i. Same as line ΠΙ-13.

IV-I 3

Table VIII-d-1, line 5i. Sum of lines 1-7 and 11-21 minus lines ΙΠ-14 and IV-I.

V

I.

Sum of lines 1-7 and 11-21. Figures may not add to total because of rounding.

1.

2. 7. 11. 13.

14. 15. 16. 17. 20. 21. m. 13. 14. IV. 1.

3. V.

TABLE Vn-5j Flow of Funds Through Noninsured Pension Plans (million dollars) 1946

1947

1948

1949

21

32

31

43

21 6 6 176 170 6 258 29 49 29 568

32 4 4 163 160 3 308 32 78 27 644

31 4 4 133 50 83 355 24 76 31 654

43 6 6 143 52 91 340 33 110 33 708

568 568

645 645

654 654

705 705

568

644

654

708

I. Gross capital expenditures II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 11. Mortgages, nonfarm a. Residential 13. Securities, U.S. government b. Savings bonds c. Other long-term 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total Net changes in liabilities 4. Pension and retirement funds, private 14. Total Net changes in equities V. Total uses and sources of funds Line II-I through 11-16 17 20 21

From corresponding lines (first difference) of Table III—5j. See notes to Table VHI-b-17, line 5j. Table III-5j, line 11-20 (first difference). Sum of lines II-I through 11-20.

1951

1952

1953

1954

1955

1956

1957

1958 I. Π.

62

41

-26

49

-02

57

-05

63

30

62

442 54 163 31 975

41 45 45 123 -27 150 875 89 236 33 1442

-26 33 33 -3 9 -12 1063 59 398 77 1601

49 37 37 162 -27 189 1064 62 454 113 1941

-02 33 33 8 79 -71 1219 57 622 108 2045

57 36 36 302 19 283 906 49 660 54 2064

-05 109 109 -203 -153 -50 1588 60 815 241 2605

63 171 171 -274 -336 62 1734 40 1043 113 2890

30 137 137 33 -13 46 1508 50 1253 54 3065

976 976

1444 1444

1602 1602

1939 1939

2046 2046

2063 2063

2605 2605

2892 2892

3067 3067

7 7 216 188 28

1. 11. 13. 15. 16. 17. 20. 21. m. 4. 14. IV.

975

1442

1601

1941

2045

2064

2605

2890

3065

V.

Line III-4 14 V

Table VIII-c-4, line 5j. Same as line III-4. Same as line 11-21 (total uses of funds do not equal net changes in liabilities because of rounding).

TABLE VD-5k Flow of Funds Through Other Private Insurance (million dollars)

I. Gross capital expenditures 7. Total Π. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total m. Net 3. 13. 14.

changes in liabilities Life insurance reserves Other liabilities Total

1946

1947

1948

1949

3

3

3

2

3

1

3

20

3 -3 6 0 6 1 8 0 8 9 58 12 6 5 105

1 2 19 6 13 1 9 0 9 13 67 2 5 2 121

3 3 26 14 12 2 0 0 0 0 54 0 1 4 93

20 7 34 21 13 7 5 0 5 -6 62 5 4 1 139

92 16 108

no 14 124

89 7 96

125 16 141

108

124

96

141

IV. Net changes in equities V. Total uses and sources of funds Line 1-7 II-I through Π-16 17 20

21

For method of derivation of figures see nottes to Table VIII-a-7, line 5k. From corresponding lines (first difference) of Table III-5k. See notes to Table VIII-b-17, line 5k. Table ni-5k, line 11-20 (first difference). Sum of lines II-I through Π-20.

1950

1951

1952

1953

1954

1955

1956

1957

1958

3

3

3

3

2

4

4

4

3

I. 7. n. 6

10

16

31

16

-4

-10

-8

6 6 46 28 18 8 8 0 8 -9 51 5 6 2 129

10 9 51 29 22 11 18 10 8 -8 55 -8 4 2 144

16 7 41 21 20 11 28 80 -52 -5 68 0 6 6 178

31 7 39 16 23 2 15 -50 65 8 74 -2 2 7 183

16 7 55 20 35 1 39 30 9 25 59 0 14 3 219

-4 17 79 28 51 -4 71 -10 81 47 18 -5 4 10 233

-10 12 63 13 50 6 26 20 6 -3 64 -3 4 10 169

-8 3 25 -4 29 2 -11 10 -21 -15 28 -3 3 5 29

24 13 36 3 33 3 61 -20 81 4 83 3 6 5 238

126 6 132

136 11 147

160 21 181

176 10 186

196 25 221

217 20 237

166 7 173

18 15 33

215 26 241

l.

24

10. u.

12. 13.

14. 15. 16. 17. 20. 21. m. 3. 13. 14. IV.

132

147

181

186

221

237

Line ni-3 13 14 V

Table VIII-c-3, line 5k. Table HI-5k, line in-13 (first difference). Sum of lines m - 3 and m - 1 3 . Sum of lines 1-7 and n - 2 1 .

433

173

33

241

V.

TABLE VII- 5k-1 Flow of Funds Through Fraternal Orders (million dollars)

I. Gross capital expenditures 7. Total Π. Net financial flows 1. Currency and demand deposits 10. Other loans 11. Mortgages, nonfarm 12. Mortgages, farm 13. Securities, U.S. government 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total ΙΠ. Net changes in liabilities 3. Life insurance reserves 13. Other liabilities 14. Total

1946

1947

1948

1949

3

3

3

2

-2 -4 6 1 -10 9 55 12 6 5 78

-4 0

4 0 85

-4 0 23 2 -23 0 50 0 1 3 52

11 3 30 7 -14 -6 51 5 3 0 90

65 16 81

74 14 88

48 7 55

76 16 92

81

88

55

92

16 1 -10 13 63 2

Net changes in equities V. Total uses and sources of funds Line 1-7 II-I through 11-16 17 20 21

Table Vn-5k, line 1-7. From corresponding line (first difference) of Table III-5k-l. Table Vin-b-17, line 5k. Table IH-5k-l, line 11-20 (first difference). Sum of lines Π-l through 11-20.

1950

1951

1952

1953

1954

1955

1956

1957

1958

3

3

3

3

2

4

4

4

3

2 31 8 -17 -10 48 4 6 1 68

-4 4 42 11 -17 -9 49 -8 3 3 74

-1 1 31 11 -15 -6 61 0 5 1 88

4 2 30 2 -12 7 39 -3 0 68

4 5 42 1 -24 24 41 -1 11 1 104

-8 6 79 -4 -1 45 -3 -5 2 5 116

-6 3 50 6 -16 -3 51 -4 3 7 91

0 0 18 2 -23 -16 24 -3 3 4 9

4 8 28 3 -15 2 62 2 3 -2 95

66 6 72

66 11 77

70 21 91

61 10 71

81 25 106

100 20 120

88 7 95

-2 15 13

72 26 98

71

77

91

71

106

120

95

13

98

I. 7.

n. -5

-1

l. 10.

u. 12. 13. 14. 15. 16. 17. 20. 21.

m. 3. 13.

14. IV.

Line III—3 13 14 V

Tab.le VIII-c-3, line 5k. Table III-5k-l, line 111-13 (first difference). Sum of lines III-3 and i n - 1 3 . Sum of lines 1-7 and 11-21.

Figures may not add to totals because of rounding.

435

V.

TABLE Vn-51 Flow of Funds Through Finance Companies (million dollars) 1946

1947

1948

1949

I. Gross capital expenditures Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 6. Consumer credit 7. Trade credit 10. Other loans 11. Mortgages, nonfarm a. Residential 21. Total

-9

-62

175

111

-9 584 175 334 110 110 1194

-62 865 6 211 68 68 1088

175 847 18 355 -12 -12 1383

111 1099 46 -88 89 89 1257

Net 9. 12. 14.

changes in liabilities Bank loans, n.e.c. Bonds and notes Total

793 259 1052

598 275 873

507 581 1088

433 522 955

Net 1. 2. 3.

changes in equities Net issues of common stock Net issues of preferred stock Saving

n.a n.a 142 1194

20 0 195 1088

0 50 245 1383

20 30 252

Total uses and sources of funds Line Π-1 through Π-lla 21 ΙΠ-9 12 14

From corresponding line (first difference) of Table m-51. Sum of lines II-I through 11-11. Table m-51, line ΠΙ-9 (first difference). Table m-51, line ΠΙ-12 (first difference). Sum of lines ΠΙ-9 and ΠΙ-12.

1257

1950

1951

1952

1953

1954

1955

1956

1957

1958

168

118

33

21

50

254

27

67

105

168 284 302 210 210 1974

118 285 47 272 -82 -82 640

33 1457 70 136 144 144 1840

21 1567 53 74 26 26 1741

50 439 108 -245 221 221 573

254 2826 243 966 527 527 4816

27 1131 185 -90 -104 -104 1149

67 815 151 610 -325 -325 1318

105 -706 234 -329 457 457 -239

984 423 1407

8 567 575

760 536 1296

-9 1581 1572

24 194 218

2576 1629 4205

-542 1194 652

-360 1124 764

-1117 15 -1102

10 20 537

10 -40 95

30 20 494

60 0 109

20 -70 405

80 80 451

10 20 467

-30 40 544

10

1.

0 853

2. 3.

1974

640

1840

1741

573

4816

1149

1318

-239

1010

Π. 1.

6. 7. 10. 11. 21. m.

Line IV-I 2 3 V

IV.

Table vm-d-1, line 51. Table VIII-d-2, line 51. Line 11-21 minus the sum of lines ΙΠ-14, IV-I and IV-2. Same as line Π-21.

Figures may not add to totals because of rounding.

9. 12. 14.

V.

TABLE VII-5m Flow of Funds Through Other Finance (billion dollars) 1946

1947

1948

1949

.21

-.11

-.06

-.07

.21 -.01 -.74 .09 .01 .01 0 0 -1.17 .10

-.11 .02 .05 .09 .01 .01 0 0 -.86 -.50

-.06 .07 -.01 .10 .04 .03 .01 0 .43 .50

-.07 -.01 .42 .01 .01 .02 0 0 -.15 -.10

-1.27 -.02 -.08 -.01 -.06 -.02 -1.80

-.36 -.08 .03 0 .03 0 -.82

-.07 .09 -.01 0 -.05 -.01 .59

-.05 -.02 .19 .01 .18 .01 .58

-.06 .04 -1.67 .10 -.09 -1.68

-.01 -.03 -.71 .04 -.02 -.73

-.05 -.02 .51 -.01 .10 .53

.01 -.03 .45 .14 -.04 .53

-.12

-.09

.06

.05

-1.80

-.82

.59

.58

I. Gross capital expenditures II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 7. Trade credit 8. Loans on securities 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 16. Securities, preferred stock 17. Securities, common stock 20. Other intangible assets 21. Total Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 8. Loans on securities 10. Other loans 13. Other liabilities 14. Total Net changes in equities 3. Saving Total uses and sources of funds Line II-I Ib 7-20 21 ΙΠ-1 2 8 10 13 14

Table VIII-b-1, line 5m. Table III-5m, line II-Ib (first difference). From line 5m of corresponding Tables VIII-b-7 through VIII-b-20. Sum of lines Π-l through 11-20. Table ni-5m, line ΙΠ-1 (first difference). Table ni-5m, line ΠΙ-2 (first difference). Table VIII-c-8, line 5m. Table Vm-c-10, line 5m. Table III-5m, line ΙΠ-13 (first difference). Sum of lines ΠΙ-1 through ΙΠ-13.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.19

-.03

-.04

-.07

.13

.01

.12

.02

.03

.19 -.01 .58

-.03 .03 -.04

-.04 .01 .10 .06

-.07 .05 .40 -.09

.02 .04 -.29 .27

0 0 0 0

.01 .05 .48 .09 .04 .02

.12 .10 .08 .07

0 0 0 0

.13 -.01 .96 .09 0 0

.01 .01

.02 0

0

.01

0

.02

0

0

0

0

-.01 0

.18 .30

-.48 -.50

.09 .16

.12 .12

.03 -.01 1.14 .27 .04 .03 .01 0 .24 .24

-.01 .25 -.09

-.12

.02

-.06

0

-.13 .32

.05 -.04

-.11 -.18

.14 .27

.01 .16

0 -.02

-.01

.01

0 1.71

.02 .20

-.25 .04 -.04

.02 .04 .66

.03 .01 .32 -.19

.06 .02

.07 .07

-.62

.10

.30 .12 .66

.04 .08 .34 .72 .21 1.39

.10

.16

.02 .02

.03 .02

0 0

0 0

-.07

-.28

0

-.10

.37 .50

-.07 .13 -.11

-.18 .05 .04

-.13 -.15 .07

-.01

.01

0

0

-.14 .04 .72

.06 -.02 .01

-.03

-.05

.01

.02

.40

.41

.04

.03

.01

0

.01

0

.01

.01

.07 .49

-.19 .06

.48 -.15

.30 -.09

.02 .02 .67 .55

.10

.10

.12

.10

.28

.16

.71

0

.47

.32

1.54

.33

.03 .46 -.05

.01

.01

-.07

.09

.17

-.13

.01

0

.27

.41

1.71

.20

-.04

.66

1.66

Π. 1.

7. 8. 10. 11. 12. 13.

0 0 -.12 -.01 .05 .03 1.66

14. 15. 16. 17. 20. 21. ΠΙ. 1.

2. 8. 10. 13. 14. IV.

.72

.01

.40

line IV 3

V

Line II— 21 minus line m-14. Same as line Π-21.

3. V.

TABLE Vn-5m-l Flow of Funds Through Brokers and Dealers (billion dollars) 1946

1947

1948

1949

.24 -.72 -1.10 0 -.09

-.10 .05 -.72 -.10 .03

-.07 -.03 .61 .02 -.03

-.06 -1.73

.03 -.81

-.05 .45

-.07 .40 -.06 -.02 .16 .01 .18 .60

-1.67 .06 -1.61

-.71 -.02 -.73

.51 -.09 .42

.44 .12 .56

-.12

-.08

.03

.04

-1.73

-.81

.45

.60

I. Gross capital expenditures Π. Net 1. 8. 13. 14. 15. 16. 17. 21.

financial flows Currency and demand deposits Loans on securities Securities, U.S. government Securities, state and local Securities, other bonds and notes Securities, preferred stock Securities, common stock Total

m. Net changes in liabilities 8. Loans on securities 10. Other loans 14. Total IV. Net changes in equities 3. Saving

v. Total uses and sources of funds Line II-I through 11-16 17 21 III-8 10 14

From corresponding line (first difference) of Table III-5m-l Table VIII-b-17, line 5m. Sum of lines II-I through 11-17. Table III-5m-l, line III—8 (first difference). Table III-5m-l, line III-10 (first difference). Sum of lines III—8 and IH-10.

1950

1951

1952

1953

1954

1955

1956

1957

1958 I. II.

-.05 .39

.08 .88 .06 -.13 .27 .01 .15 1.32

-.03 .48 -.48 0 0 0 -.02 -.05

.01 .04 -.02 -.20 -.23 -.01 -.26 -.67

-.01 -.37 .23 .10 .23 .01 0 .19

0 1.06 .17 .02 -.21 -.01 .04 1.07

.48 -.19 .29

.30 -.01 .29

.67 .50 1.17

.32 -.24 .08

-.62 -.02 -.64

.10 .10 .20

.34 .49 .83

-.03

-.10

.10

.15

-.13

-.03

-.01

.24

-.28

.19

.39

1.32

-.05

-.67

.19

1.07

.15 .57 -.12 .12 -.10

-.03 -.08 -.28 .01 .05

-.06 .08 .30 -.16 .06

-.08 .40 -.01 .20 -.07

-.14 .48

.05 -.28

-.03 .19

.07 .42 .49

-.19 -.06 -.25

-.01 .48

1. 8. 13. 14. 15. 16. 17. 21.

m.

Line IV-3 V

Line 11-21 minus line III—14. Same as line Π-21.

Figures may not add to totals because of rounding.

8. 10. 14. IV. V.

3.

TABLE VII-6 Flow of Funds Through State and Local Governments (billion dollars)

I. Gross capital expenditures 1. Residential structures 2. Nonresidential structures 4. Producer durables 6. Inventories 7. Total II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 11. Mortgages, nonfarm a. Residential 13. Securities, U.S. government a. Short-term b. Savings bonds c. Other long-term 14. Securities, state and local 15. Securities, other bonds and notes 21. Total ΠΙ. Net 7. 12. 14.

changes in liabilities Trade debt Bonds and notes Total

IV. Net changes in equities 3. Saving V. Total uses and sources of funds

1946

1947

1948

1949

.37 1.42 .21 .02 2.02

.14 2.59 .33 .01 3.07

.02 3.67 .42

.25 5.06 .45

4.11

5.76

.87

.72

.49

.23

.87 .18 0 0 -.62 -.10

.72 .16 0 0 .66 .30

.49 .27 .01 .01 .32 .50

.23 .15 .09 .09 .02 .10

-.52 -.13 .01 .31

.36 -.05 .04 1.53

-.18 0 .17 1.26

-.08 .28 -.01 .76

.15 -.13 .02

.15 1.41 1.56

.15 2.21 2.36

.10 2.35 2.45

2.31

3.04

3.01

4.07

2.33

4.60

5.37

6.52

a

Line I-I through 1-4 6 7 II-I Ib 2-15 21

From line 6 of corresponding Tables VIII-a-1 through VIII-a-4. Table VIII-a-6b, line 6. Sum of lines I-I through 1-6. Table VIII-b-1, line 6. Table m-6, line Π-lb (first difference). From line 6 of corresponding Tables VIII-b-2 through Vin-b-15. Sum of lines Π-l through 11-15.

a

1950

1951

1952

1953

1954

1955

1956

1957

1958

.28 5.68 .47 .02 6.45

.58 6.03 .53

.63 6.96 .58

7.14

8.17

.52 7.45 .62 .01 8.60

.32 8.61 .70 .01 9.64

.26 9.92 .75 .01 10.94

.28 10.34 .88 .02 11.52

.35 11.96 1.04 .01 13.36

.48 13.62 1.02 .01 15.13

.46

.43

.47

.60

.33

.39

.15

.21

.22

.46 .10 .05 .05 .36 .30

.43 .15 .07 .07 .37 -.20

.47 .09 .08 .08 1.08 .70

.60 .33 .14 .14 1.31 1.20

.33 .46 .10 .10 1.44 0

.39 -.06 .12 .12 .41 -1.60

.15 .04 .11 .11 .70 2.20

.21 .38 .36 .36 .74 1.30

.22 .80 .42 .42 -.70 -1.10

.06 .30 .06 1.33

.57 .12 .10 1.24

.38 .11 -.07 1.76

.11 .09 .05 2.52

1.44 .03 .20 2.56

2.01 .05 .04 .95

-1.50 .07 .01 1.08

-.56 .07 -.10 1.66

.40 .05 -.12 .67

.10 3.11 3.21

0 2.41 2.41

.10 3.18 3.28

.10 3.58 3.68

.15 4.18 4.33

.15 3.48 3.63

.10 3.32 3.42

.05 4.87 4.92

.15 5.92 6.07

4.57

5.97

6.65

7.44

7.87

8.26

9.18

10.10

9.73

7.78

8.38

9.93

11.12

12.20

11.89

12.60

15.02

15.80

a

a

Line III—7 12 14 IV-3 V

Table Vni-c-7, line 6. Table VIII-c-12, line 6. Sum of lines III—7 through ΙΠ-12. Sum of lines 1-7 and 11-21 minus line III-14. Sum of lines 1-7 and 11-21.

$5 million or under. Figures may not add to totals because of rounding.

a

I.

1. 2. 4. 6. 7. Π. 1.

2. 11. 13.

14. 15. 21. m.

7. 12. 14.

IV. V.

3.

TABLE νΠ-7 Flow of Funds Through Federal Government (Civil Only) (billion dollars)

I. Gross capital expenditures 1. Residential structures 2. Nonresidential structures 4. Producer durables 6. Inventories 7. Total

1946

1947

1948

1949

-.12 .34 .15 -1.20 -.83

-.08 .56 .16 -.28 .36

-.08 .83 .23 .82 1.80

-.01 1.19 .12 1.36 2.66

II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 7. Trade credit 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government c. Other long-term 14. Securities, state and local 19. Equity in other businessb 20. Other intangible assets 21. Total

-22.73

-.54

1.08

.38

-22.73 .01 -.80 3.17 -.24 -.23 -.01 -.19 .54 .54 -.02

-.54 -.01 -.10 4.13 -.04 -.04 0 -.12 .04 .04 .02

1.08 0 0 1.67 .09 .09 0 -.06 .10 .10 .07

.38 .06 0 .67 .48 .49 0 .02 .08 .08 -.08

.90 -19.36

2.19 5.57

.77 3.72

-2.09 -.48

in. Net changes in liabilities 1. Currency and demand deposits 2. Other bank deposits and shares 7. Trade debt 9. Bank loans, n.e.c. 12. Bonds and notes 13. Other liabilities 14. Total

.13 .36 -2.00 -.21 -18.99 .04 -20.67

-.03 .14 -.70 -.03 -2.30 .04 -2.88

-.01 -.07 0 .85 -3.81 .06 -2.98

-.02 -.14 0 .08 4.19 .16 4.27

.48

8.81

8.50

-2.09

5.93

5.52

2.18

IV. Net changes in equities 3. Saving V. Total uses and sources of funds

-20.19

Line I-I through 1-4 6

7 II-I lb 2-20

21

ΠΙ-1 through III-13 14

From line 7 of corresponding Tables VIII-a-1 through VIII-a-4. Table VIII-a-6b, line 7. Sum of lines I-I through 1-6. Table VIII-b-1, line 7. Table ΙΠ-7, line II-Ib (first difference). From line 7 of corresponding Tables VIII-b-2 through VIII-b-20. Sum of lines II-I through Π-20. From line 7 of corresponding Tables VIII-c-1 through VIII-c-13. Sum of lines ΙΠ-1 through ΠΙ-13.

1950

1951

1952

1953

1954

1955

1956

1957

1958

-.02 1.26 .04 -.61 .67

-.01 1.20 .10 -.43 .86

-.01 1.14 .18 .46 1.77

.02 1.09 .17 2.88 4.16

-.01 .94 .11 1.24 2.28

a .85 .05 .14 1.04

.02 1.05 .04 -.11 1.00

.15 1.06 .04 -.94 .31

.35 1.20 .06 1.97 3.58

-.68

.06

1.95

-1.47

.03

-.41

-.30

.01

0

-.68 .01 .38 .70 .29 .29 0 .05 -.24 -.24 .07

.06 .09 .92 .63 .62 .62 0 .06 -.09 -.09 .26

1.95 .07 .95 .75 .46 .46 0 .09 .10 .10 .32

-1.47 -.01 -.04 .61 .35 .35 0 .10 .02 .02 -.33

.03 .02 .23 -.07 .02 .02 0 .10 .13 .13 -.33

-.41 0 -.17 1.03 .32 .32 0 .19 .02 .02 0

-.30 -.03 .08 -.03 .46 .46 0 .25 .25 .25 .08

.01 -.03 -.05 .63 1.27 1.27 0 .22 .44 .44 .20

0 .03 -.60 1.10 .11 .11 0 .22 -.09 -.09 .21

7.47 8.05

4.62 7.17

-3.16 1.53

.53 -.24

-3.13 -3.00

4.02 5.00

-1.21 -.45

-1.49 1.20

-2.26 -1.28

-.02 -.27 1.10 -.62 .05 0 .24

.04 -.22 1.60 -.09 2.99 .15 4.47

.04 -.16 .10 .43 8.01 .26 8.68

.03 -.19 -.20 1.48 7.79 .21 9.12

.03 -.23 -.23 .07 3.55 .28 3.47

.01 -.25 -.09 -1.10 3.58 -.03 2.12

.02 -.25 .33 -.29 -3.51 .10 -3.60

.03 -.32 .16 -.42 .39 .07 -.09

.04 -.20 .06 .35 7.57 .27 8.09

8.48

3.56

-5.38

-5.20

-4.19

3.92

4.15

1.60

-5.79

8.72

8.03

3.30

3.92

-.72

6.04

.55

1.51

2.30

I.

1. 2. 4. 6. 7.

Π. 1.

2. 7. 10. 11. 12. 13. 14. 19. 20. 21. m. 1.

2. 7. 9. 12. 13. 14. IV.

3.

V.

Line

IV-3 V

Sum of lines 1-7 and Π-21 minus line ΠΙ-14. Sum of lines 1-7 and 11-21.

a

$5 million or under.

^The retained surplus originating in government monetary agencies was recorded as surplus retained in these agencies—the exchange equalization fund, and production credit associations—although they were transferred to the government budget. This was done to avoid double counting of retained surplus (net saving): once as saving of the federal government and once as saving of the above-mentioned organiza­ tions. Figures may not add to totals because of rounding.

TABLE VII-7-1 Flow of Funds Through the Government Sector (Civil and Military) (billion dollars)

I. Gross capital expenditures 1. Residential structures 2. Nonresidential structures 4. Producer durables 6. Inventories 7. Total II. Net financial flows 1. Currency and demand deposits a. Monetary metals b. Other 2. Other bank deposits and shares 7. Trade credit 10. Other loans 11. Mortgages, nonfarm a. Residential b. Nonresidential 12. Mortgages, farm 13. Securities, U.S. government c. Other long-term 14. Securities, state and Iocalb 19. Equity in other business 20. Other intangible assets 21. Total

m. Net changes in liabilities 1. 2. 7. 9. 12. 13. 14.

Currency and demand deposits Other bank deposits and shares Trade debt Bank loans, n.e.c. Bonds and notes Other liabilities Total

IV. Net changes in equities 3. Saving V. Total uses and sources of funds

1946

1947

1948

1949

-.12 1.10 2.53 -1.07 2.44

-.07 1.13 1.79 -.12 2.73

-.05 1.21 1.85 4.17

.02 1.51 2.26 2.08 5.87

-22.73

-.54

1.08

.38

-22.73 .01 -.80 3.17 -.24 -.23 -.01 -.19 .54 .54 -.02

-.54 -.01 -.10 4.13 -.04 -.04 0 -.12 .04 .04 .02

1.08 0 0 1.67 .09 .09 0 -.06 .10 .10 .07

.38 .06 0 .67 .48 .49 0 .02 .08 .08 -.08

.90 -19.36

2.19 5.57

.77 3.72

-2.09 -.48

.13 .36 -2.00 -.21 -18.99 ' .04 -20.67

-.03 .14 -.70 -.03 -2.30 .04 -2.88

-.01 -.07 0 .85 -3.81 .06 -2.98

-.02 -.14

3.75

11.18

10.87

1.12

-16.92

8.30

7.89

5.39

1.16

Line I-I through 1-4 6 7 Π and III

From lines 7 and 9 of corresponding Tables VIII-a-1 through VIII-a-4. Table VII-a-6b, lines 7 and 9. Sum of lines I-I through 1-6. Same as Table VII-7.

0

.08 4.19 .16 4.27

1950

1951

1952

1953

1954

1955

1956

1957

1958

0

0

.01

.02

-.01

a

17.38

.02 2.93 14.04 1.43 18.42

.15 2.89 14.78 .83 18.65

.35 3.13 15.02 3.80 22.30

1.71 3.02 .13 4.86

2.62 7.19 .71 10.52

3.52 15.98 1.96 21.47

3.44 18.32 4.21 25.99

2.78 15.05 2.82

1.61

20.64

-.68

.06

1.95

-1.47

.03

-.41

-.30

.01

0

-.68 .01 .38 .70 .29 .29

.06 .09 .92 .63 .62 .62

1.95 .07 .95 .75 .46 .46

-1.47 -.01 -.04 .61 .35 .35

.03 .02 .23 -.07 .02 .02

-.41 0 -.17 1.03 .32 .32

-.30 -.03 .08 -.03 .46 .46

.01 -.03 -.05 .63 1.27 1.27

I.

2.73 13.04

Π.

0

0

0

0

0

0

0

0

.05 -.24 -.24 .07

.06 -.09 -.09 .26

.09 .10 .10 .32

.10 .02 .02 -.33

.10 .13 .13 -.33

.19 .02 .02 0

.25 .25 .25

.22 .44 .44

.08

.20

7.47 8.05

4.62 7.17

-3.16 1.53

.53 -.24

-3.13 -3.00

4.02 5.00

-1.21 -.45

-1.49 1.20

-2.26 -1.28

-.02 -.27

.04 -.22 1.60

-.62 .05 0 .24

-.09 2.99 .15 4.47

.03 -.19 -.20 1.48 7.79

.01 -.25 -.09 -1.10 3.58 -.03 2.12

.02 -.25 .33 -.29 -3.51 .10 -3.60

.03 -.32 .16 -.42 .39 .07 -.09

.04

1.10

.04 -.16 .10 .43 8.01

12.67 12.91

.26

.21

8.68

9.12

13.22

14.32

16.63

14.17

20.26

21.57

19.94

12.93

17.69

23.00

25.75

17.64

22.38

17.97

19.85

21.02

Sum of lines 1-7 and 11-21 minus line III-14. Sum of lines 1-7 and Π-21.

®$5 million or under. See Table VII-7, note b. Figures may not add to totals because of rounding.

2. 7. 10. 11. 12. 13. 14. 19. 20. 21. m.

.03 -.23 -.23 .07 3.55 .28 3.47

Line V

1.

0

.03 -.60 1.10 .11 .11 0 .22 -.09 -.09 .21

IV-3

1. 2. 4. 6. 7.

1.

-.20

2.

.06

7.

.35 7.57 .27 8.09

9. 12. 13. 14. IV. V.

3.

SECTION VIII Transaction Flow of Funds, 1946-58

TABLE Vni-a-1 Uses of Funds: Gross Investment in Residential Structures, Original Cost (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10,

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

4.89 .13 .42 .29

7.39 .25 .70 .41 .03 .14 -.08 8.84 .01 8.85

10.59 .46 .75 .70 .04 .02 -.08 12.48 .03 12.51

9.45 .51 .70 .78 .07 .25 -.01 11.75 .03 11.78

n.a.

.37 -.12 5.98 a

5.98

All data not otherwise specified below are from Raymond W. Goldsmith, The National Wealth of the United States in the Postzvar Period, Princeton University Press for NBER, 1962, Appendix B. Line 1 2 3 4 &5 4

Sum of Tables B-15, col. 1, and B-164, col. 1. Sum of Tables B-52, col. 1; B-53, col. 1; and B-146, col. 1. Table B-60, col. 1 plus proportionate share of Table B-63, col. 1. Sum of Tables B-5, col. 1; B-7, col. 1; and B-8, col. 1; minus Tables B-15, col. 1; B-52, col. 1; B-53, col. 1. The above total minus line 5 of this table.

TABLE

vm-a-la

Uses of Funds: Gross Investment in Residential Structures, Constant 1947-49 Prices (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

6.40 .17 .56 .37

7.99 .28 .72 .45 .03 .15 -.14 9.48 .01 9.49

10.17 .47 .72 .68 .04 -.01 -.15 11.92 .03 11.95

9.26 .50 .71 .75 .06 .24 -.02 11.50 .03 11.53

n.a.

.46 -.21 7.75 .01 7.76

Source: Unless specified below, figures for all lines are obtained from same sources as in Table VIII-a-l, except that col. 2 of the respective source tables, rather than col. 1, is used. Line 5

The same method as used for Table VIII-a-1, line 5. The method for original cost was modified by converting first differences of the value of holdings to constant prices by the application of the average yearly index for multifamily dwellings from Table B-9, col. 2. a $5

million or under.

1950

1951

1952

1953

1954

1955

1956

1957

1958

13.18 .46 .78 .82 .05 .28 -.02 15.55 .02 15.57

13.69 .34 .88 .75 .01 .58 -.01 16.24 .01 16.25

13.95 .31 .90 .63 .11 .63 -.01 16.52 .02 16.54

15.13 .40 .82 .88 -.01 .52 .02 17.76

15.74 .36 .78 .83 .02 .32 -.01 18.04 a 18.04

19.84 .40 .76 .99 .01 .26 a 22.26 a 22.26

19.14 .48 .74 1.12 -.01 .28 .02 21.77 a 21.77

18.15 .48 .75 1.08 .01 .35 .15 20.97 a 20.97

18.26 1. .53 2. .76 3. 1.17 4. a 5. .48 6. .35 7. 21.55 8. a 9. 21.55 10.

5

6 7 8 9 10 a$5

a

17.76

Based on holdings of life insurance sector as determined from various issues of Life Insurance Fact Book, e.g., 1957, p. 78. Gross expenditures are estimated by adding depreciation calculated on the basis of 50-year life to first difference of holdings. (The estimate for 1947 was possible after an estimate was made for the 1946 end-of-year figure for life insurance holdings of residential buildings. This was computed as a quarter of total real estate held by life insurance at the end of 1946, i.e., $735 million.) Sum of Tables B-144, col. 1, and B-147, col. 1. Sum of Tables B-162, col. 1, and B-165, col. 1. Sum of lines 1 through 7. Table B-177, col. 1. Sum of lines 8 and 9. million or under.

1950

1951

1952

1953

1954

1955

1956

1957

1958

12.26 .44 .76 .76 .05 .24 -.04 14.47 .01 14.48

11.81 .29 .78 .64 .01 .49 -.02 14.00 .01 14.01

11.73 .26 .79 .52 .09 .53 -.03 13.89 .02 13.91

12.49 .32 .72 .71

16.01 .30 .65 .77 .01 .21

14.79 .35 .62 .83 -.01 .21 .01 16.80

a

a

a

13.77 .34 .61 .78 .01 .27 .12 15.90

13.73 .37 .61 .83

.42 .01 14.67

13.10 .29 .68 .67 .02 .27 -.02 15.01

a

a

14.67

15.01

17.95

16.80

15.90

16.16

a

a

a

17.95

a

.36 .26 16.16

1.

2. 3. 4. 5. 6. 7. 8. 9. 10.

TABLE vm-a-lb Uses of Funds: Net Investment in Residential Structures, Depreciation at Replacement Cost (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

1.48 -.20 .10 .04

3.19 -.14 .28 .12 .02 .10 -.15 3.42 .01 3.43

5.73 .01 .29 .37 .03 -.03 -.16 6.24 .03 6.27

4.58 Λ55 .25 .43 .06 .20 -.07 5.50 .03 5.53

n.a.

.34 -.19 1.57 a

1.57

Source: Unless specified below, figures for all lines are obtained from same sources as in Table Vin-a-1, except that col. 8 of the respective source tables, rather than col. 1, is used. Line 5

Based on holdings of life insurance sector as determined from various issues of Life Insurance Fact Book, e.g., 1957, p. 78. a

$5 million or under.

TABLE

vm-a-lc

Uses of Funds: Net Investment in Residential Structures, Constant 1947-49 Prices (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

1.98 -.26 .13 .06

3.47 -.14 .29 .13 .02 .10 -.22 3.65 .01 3.66

5.54 .04 .28 .35 .03 -.06 -.22 5.96 .03 5.99

4.50 .06 .25 .42 .06 .19 -.08 5.40 .03 5.43

n.a.

.43 -.30 2.04 a

2.04

Source: Unless specified below, figures for all lines are obtained from same sources as in Table Vm-a-l, except that col. 7 of the respective source tables, rather than col. 1, is used. Line The same method as used for Table Vm -a-lb, line 5. The adjustment for price changes is by the application of the average yearly index for multifamily dwellings from Table B-9, col. 2.

5 a

$5 million or under.

1950

1951

1952

1953

1954

1955

1956

1957

1958

7.90 -.02 .31 .44 .05 .22 -.09 8.81 .01 8.82

7.82 -.19 .36 .33 .01 .52 -.08 8.77 a 8.77

7.75 -.23 .36 .18 .10 .55 -.08 8.63 .02 8.65

8.65 -.17 .27 .41 -.02 .42 -.06 9.50 a 9.50

9.11 -.21 .23 .34 .01 .22 -.08 9.62 a 9.62

12.79 -.19 .19 .47 a .14 -.07 13.33 a 13.33

11.53 -.14 .15 .56 -.02 .15 -.06 12.17 a 12.17

10.10 -.17 .14 .48 a .22 .14 10.91 -.01 10.90

9.90 1. -.13 2. .14 3. .53 4. -.01 5. .34 6. .32 7. 11.09 8. -.01 9. 11.08 10.

1950

1951

1952

1953

1954

1955

1956

1957

1958

7.36 a .30 .41 .04 .18 -.11 8.18 .01 8.19

6.76 -.16 .31 .29 .01 .44 -.08 7.57 a 7.57

6.53 -.19 .32 .15 .09 .46 -.09 7.27 .02 7.29

7.15 -.12 .24 .32 -.01 .34 -.05 7.87 a 7.87

7.60 -.16 .20 .28 .01 .18 -.08 8.03 a 8.03

10.33 -.14 .16 .37 a .12 -.06 10.78 a 10.78

8.92 -.10 .12 .42 -.01 .12 -.04 9.43 a 9.43

7.67 -.12 .11 .35 a .17 .10 8.28 a 8.28

7.45 -.09 .11 .38 -.01 .27 .24 8.35 a 8.35

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

TABLE Vm-a-2 Uses of Funds: Gross Investment in Nonresidential Structures, Original Cost (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

.32 .7½ .46 4.33 .27 1.42 .34 7.88 .76 8.64

.44 .64 .73 5.29 .28 2.59 .56 10.53 .57 11.10

.70 .89 .82 6.34 .26 3.67 .83 13.51 .38 13.89

.92 .80 .80 6.19 .12 5.06 1.19 15.08 .32 15.40

Source: All data not otherwise specified below are from Goldsmith, National Wealth, Appendix B. Line 1 2 3 4 &5

Sum of Tables B-38, col. 1 and B-39, col. 1. Sum of Table B-44, cols. 5, 8, 11, 15, 18 and Table B-46, col. 4. Table B-61, col. 1 plus proportionate share of Table B-63, col. 1. Sum of Tables B-101, col. 1; B-102, col. 1; B-103, col. 1; B-104, col. 1; B-46, col. 3; B-109, col. 1; and one-half of Table B-107, col. 1, plus B-108, col. 1; minus Table B-44, cols. 5, 8, 11, 15, and 18.

TABLE vm-a-2a

Uses of Funds: Gross Investment in Nonresidential Structures, Constant 1947-49 Prices (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

.48 1.02 .60 5.60 .35 1.85 .44 10.34 .99 11.33

.48 .69 .77 5.65 .30 2.79 .61 11.29 .62 11.91

.68 .86 .79 6.13 .26 3.53 .80 13.05 .37 13.42

.88 .77 .79 5.95 .12 4.93 1.13 14.57 .31 14.88

Source: Unless specified below, figures for all lines are obtained from same source as in Table VHI-a-2, except that col. 2 of the respective source tables, rather than col. 1, is used. Line 2 4 Si 5

Sum of Table B-45, cols. 1 through 5 and Table B-39, col. 2. Sum of Tables B-IOl through B-104, col. 2; B-39, col. 2; B-109, col. 2; and one-half of Tables B-107, col. 2, and B-108, col. 2; minus Table B-45, cols. 1 through 5.

1950

1951

1952

1953

1954

1955

1956

1957

1958

1.13 .94 .89 6.52 .30 5.68 1.26 16.72 .45 17.17

1.27 1.11 1.00 8.13 .38 6.03 1.20 19.12 1.42 20.54

1.18 1.02 1.03 8.82 .21 6.96 1.14 20.36 2.38 22.74

1.27 1.33 .93 9.61 .33 7.45 1.09 22.01 2.35 24.36

1.54 1.55 .89 9.80 .27 8.61 .94 23.60 1.84 25.44

1.66 1.94 .86 11.16 .41 9.92 .85 26.80 1.88 28.68

1.72 2.19 .84 12.64 .51 10.34 1.05 29.29 1.88 31.17

2.02 2.20 .86 13.60 .46 11.96 1.06 32.16 1.83 33.99

2.18 1. 2.21 2. .86 3. 12.73 4. .31 5. 13.62 6. 1.20 7. 33.11 8. 1.93 9. 35.04 10.

Line 4 5 6 7 8 9 10

The above total minus line 5 of this table. Calculated on the basis of assumed 80%-20% relationship between nonresidential structures and producer durables, as applied to the allocation of total expenditures for financial corporations (as cited in note to Table VIII-a-7, line 5) less residential structures and inventories. Sum of Tables B-137, col. 1; B-138, col. 1; and B-141, col. 1. Sum of Tables B-158, col. 1 and B-160, col. 1. Sum of lines 1-7. Sum of Tables B-166, col. 6, and B-178, col. 1. Sum of lines 8 and 9.

1950

1951

1952

1953

1954

1955

1956

1957

1958

1.06 .89 .86 6.03 .28 5.54 1.15 15.81 .42 16.23

1.12 .96 .89 6.85 .32 5.48 1.03 16.65 1.22 17.87

1.01 .87 .87 7.20 .17 6.03 .94 17.09 1.96 19.05

1.04 1.09 .79 7.61 .26 6.37 .87 18.03 1.93 19.96

1.22 1.26 .75 7.72 .22 7.43 .73 19.33 1.52 20.85

1.28 1.56 .72 8.56 .31 8.40 .64 21.47 1.51 22.98

1.28 1.66 .67 9.01 .36 8.33 .74 22.05 1.44 23.49

1.43 1.58 .66 9.15 .31 9.31 .72 23.16 1.34 24.50

1.50 1. 1.54 2. .66 3. 8.38 4. .20 5. 10.56 6. .78 7. 23.62 8. 1.39 9. 25.01 10.

Line 4 5 9

The above total minus line 5 of this table. The above total was allocated between financial and nonfinancial corporations according to the proportion of financial corporations in Table VIII-a-2 (line 5) to all corporations in that table (lines 4 & 5). Sum of Tables B-167, col. 6, and B-178, col. 2.

TABLE Vm-a-2b

Uses of Funds: Net Investment in Nonresidential Structures, Depreciation at Replacement Cost (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

-.02 .20 .10 1.49 .03 -.70 -.12 .98 .06 1.04

-.02 -.05 .27 1.79 .03 -.01 -.04 1.97 -.27 1.70

.17 .12 .32 2.35 .04 .69 .14 3.83 -.53 3.30

.37 .03 .30 1.97 .05 2.06 .48 5.26 -.50 4.76

Source: Unless specified below, figures for all lines are obtained from same source as in Table VIH-a-2, except that col. 8 of the respective source tables, rather than col. 1, is used. Line 2 4 &5

Sum of Tables B-47, cols. 3, 6, 9; B-48, col. 9, and one-half of cols. 3 and 6; and B-39, col. 8. Sum of Tables B-IOl through B-104, col. 8; B-39, col. 8; B-I09, col. 8; and one-half of Tables B-107 and B-108, col. 8; minus Tables B-47, cols. 3, 6, 9; B-48, col. 9, and one-half of cols. 3 and 6.

TABLE VIII-a-2c Uses of Funds: Net Investment in Nonresidential Structures, Constant 1947-49 Prices (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

-.04 .28 .12 1.76 .04 -.93 -.21 1.02 .08 1.10

-.03 -.05 .30 1.70 .03 -.01 -.05 1.89 -.28 1.61

.16 .12 .30 2.11 .04 .67 .14 3.54 -.50 3.04

.36 .03 .30 1.73 .05 2.00 .46 4.93 -.51 4.42

Source: Unless specified below, figures for all lines are obtained from same source as in Table VIII-a-2, except that col. 7 of the respective source tables, rather than col. 1, is used. Line 2

Sum of Tables B-47, cols. 2, 5, 8; B-48, col. 8, and one-half of cols. 2 and 5; and B-39, col. 7.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.57 .15 .37 2.24 .05 2.61 .52 6.51 -.40 6.11

.66 .24 .41 3.38 .07 2.67 .38 7.81 .51 8.32

.54 .14 .41 3.63 .08 3.27 .28 8.35 1.39 9.74

.58 .39 .31 4.24 .10 3.59 .18 9.39 1.35 10.74

.82 .58 .26 4.18 .10 4.65 -.01 10.58 .77 11.35

.90 .94 .22 5.28 .14 5.71 -.14 13.05 .76 13.81

.92 1.09 .17 6.23 .17 5.72 .01 14.31 .66 14.97

1.16 1.00 .16 6.42 .17 6.94 .04 15.89 .48 16.37

1.26 1. .94 2. .15 3. 4.98 4. .13 5. 8.29 6. .25 7. 16.00 8. .52 9. 16.52 10.

Line 4 5

9

The above total minus line 5 of this table. The above total was allocated between financial and nonfinancial corporations according to the proportion of nonresidential structures assets held by financial corporations (Table I, line 1-2, col. 5) to nonresidential structure assets held by all corporations (Table If line 1-2, cols. 4 and 5). Sum of Tables B-171, cols. 2 and 3, and B-178, col. 8.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.53 .14 .35 1.92 .05 2.52 .46 5.97 -.38 5.59

.58 .21 .38 2.74 .06 2.36 .32 6.65 .42 7.07

.46 .11 .35 2.87 .06 2.82 .22 6.89 1.13 8.02

.48 .32 .26 3.28 .07 3.05 .13 7.59 1.11 8.70

.65 .48 .22 3.21 .08 3.99 -.02 8.61 .64 9.25

.70 .75 .18 4.00 .11 4.81 -.12 10.43 .60 11.03

.68 .82 .13 4.46 .12 4.59 -.02 10.78 .48 11.26

.82 .72 .12 4.33 .11 5.40 .01 11.51 .35 11.86

.87 1. .66 2. .11 3. 3.29 4. .09 5. 6.45 6. .15 7. 11.62 8. .37 9. 11.99 10.

Line 4 &5 4 5 9

Sum of Tables B-IOl through B-104, col. 7; Table B-39, col. 7; B-109, col. 7; and one-half of Tables B-107 and B-108, col. 7; minus Table B-47, cols. 2, 5, 8; Table B-48, col. 8, and onehalf of cols. 2 and 5. The above total minus line 5 of this table. The same method as used for Table VIII-a-2b, line 5. Sum of Tables B-170, cols. 2 and 3, and B-178, col. 7.

TABLE VIII-a-4 Uses of Funds: Gross Investment in Producer Durables, Original Cost (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

.06 1.59 .97 7.60 .07 .21 .15 10.65 2.38 13.03

.08 2.47 1.79 11.32 .07 .33 .16 16.22 1.63 17.85

.13 2.77 2.43 12.49 .07 .42 .23 18.54 1.62 20.16

.17 2.64 2.64 10.49 .03 .45 .12 16.54 2.14 18.68

Source: All data not otherwise specified below are from Goldsmith, National Wealth, Appendix B. Line 1 2 3 4 65

Table B-40, col. 1. Col. 1 of Tables B-49, B-50, and B-51. Col. 1 of Tables B-64, B-65, and B-67. Table B-99, col. 1; minus col. 1 of Tables B-49, B-50, and B-40.

TABLE Vm-a-4a

Uses of Funds: Gross Investment in Producer Durables, Constant 1947-49 Prices (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

.07 1.96 1.24 9.23 .08 .26 .19 13.03 2.96 15.99

.09 2.65 2.01 11.91 .08 .35 .17 17.26 1.77 19.03

.12 2.74 2.41 12.35 .07 .42 .22 18.33 1.61 19.94

.16 2.49 2.39 10.04 .03 .42 .11 15.64 2.01 17.65

Source: Unless specified below, figures for all lines are obtained from same source as in Table VTII-a-4, except that col. 2 of the respective source tables, rather than col. 1, is used. Line 4 &5 4

Table B-lll, col. 1, minus col. 2 of Tables B-49, B-50, and B-40. The above total minus line 5 of this table.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.21 3.06 2.64 11.64 .07 .47 .04 18.13 2.98 21.11

.24 3.31 2.74 13.80 .10 .53 .10 20.82 7.09 27.91

.23 3.28 2.59 14.07 .05 .58 .18 20.98 15.80 36.78

.24 3.68 2.46 14.96 .08 .62 .17 22.21 18.15 40.36

.29 3.48 2.21 14.10 .07 .70 .11 20.96 14.94 35.90

.32 4.09 2.27 15.35 .10 .75 .05 22.93 12.99 35.92

.33 4.59 2.03 19.39 .13 .88 .04 27.39 14.00 41.39

.38 4.87 2.06 20.35 .12 1.04 .04 28.86 14.74 43.60

.41 1. 3.81 2. 2.59 3. 15.64 4. .08 5. 1.02 6. .06 7. 23.61 8. 14.96 9. 38.57 10.

Line 4 5 6 7 8 9 10

The above total minus line 5 of this table. See notes to Table VIII-a-2, line 5. Sum of Tables B-139, col. 1 and B-142, col. 1. Sum of Tables B-159, col. 1 and B-161, col. 1. Sum of lines 1-7. Sum of Tables B-166, col. 4 and B-178A, col. 1. Sum of lines 8 and 9.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.19 2.85 2.37 10.87 .07 .43 .04 16.82 2.75 19.57

.21 2.87 2.28 11.70 .08 .45 .09 17.68 5.97 23.65

.19 2.78 2.09 11.86 .04 .49 .16 17.61 13.01 30.62

.20 3.11 2.00 12.38 .07 .52 .14 18.42 14.76 33.18

.24 2.94 1.79 11.49 .06 .58 .09 17.19 11.99 29.18

.25 3.36 1.82 12.16 .08 .60 .04 18.31 10.12 28.43

.25 3.56 1.57 14.45 .09 .66 .03 20.61 10.16 30.77

.27 3.57 1.51 14.24 .08 .74 .03 20.44 10.08 30.52

.28 1. 2.72 2. 1.81 3. 10.74 4. .05 5. .71 6. .04 7. 16.35 8. 9.98 9. 26.33 10.

Line 5 9

The above total was allocated between financial and nonfinancial corporations according to the proportion of financial corporations in Table VTII-a-4 (line 5) to all corporations in that table (lines 4 and 5). Sum of Tables B-167, col. 4, and B-178A, col. 2.

TABLE Vm-a-4b Uses of Funds: Net Investment in Producer Durables, Depreciation at Replacement Cost (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

.03 .81 .23 3.69 .02 .09 -.56 4.31 -13.08 -8.77

.05 1.48 .86 6.46 .03 .17 -.64 8.41 -13.19 -4.78

.08 1.52 1.24 6.75 .03 .23 -.52 9.33 - 10.93 - 1.60

.11 1.11 1.18 3.86 .02 .23 -.37 6.14 -8.26 -2.12

Source: Unless specified below, figures for all lines are obtained from same source as in Table VIII-a-4, except that col. 8 of the respective source tables, rather than col. 1, is used. Line 4 &5 4

Table B-117, col. 1, minus col. 8 of Tables B-49, B-50, and B-40. The above total minus line 5 of this table.

TABLE

vm-a-4c

Uses of Funds: Net Investment in Producer Durables, Constant 1Θ47-49 Prices (billion dollars) 1946 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

.04 1.00 .29 4.50 .02 .10 -.68 5.27 -16.29 -11.02

1947

1948

1949

.05 1.59 .97 6.79 .03 .18 -.69 8.92 -14.26 -5.34

.08 1.50 1.23 6.68 .03 .23 -.51 9.24 - 10.82 -1.58

.10 1.05 1.07 3.71 .02 .21 -.35 5.81 -7.75 -1.94

Source: Unless specified below, figures for all lines are obtained from same source as in Table VIII-a-4, except that col. 7 of the respective source tables, rather than col. 1, is used. Line 4 &5 4

Table B-116, col. 1; minus col. 7 of Tables B-49, B-50, and B-40. The above total minus line 5 of this table

1950

1951

1952

.14 1.27 1.02 4.26 .02 .22 -.23 6.70 -6.22 .48

.15 1.12 .87 5.67 .03 .24 -.11 7.97 -2.18 5.79

.12 .83 .55 5.28 .03 .27 -.01 7.07 5.18 12.25

1953 .12 1.03 .33 5.60 .03 .28 -.02 7.37 5.06 12.43

1954

1955

1956

1957

1958

.15 .64 .0 4.32 .02 .31 -.08 5.36 .33 5.69

.14 .99 -.14 3.95 .02 .29 -.12 5.13 -2.11 3.02

.12 1.18 -.09 7.28 .04 .33 -.13 8.73 -1.84 6.89

.14 1.09 -.62 7.53 .04 .39 -.12 8.45 -1.74 6.71

.12 -.25 -.15 2.70 .02 .28 -.09 2.63 1.57 4.20

1.

2. 3. 4. 5. 6. 7. 8. 9. 10.

Line 5

The above total was allocated between financial and nonfinancial corporations according to the proportion of producer durable assets held by financial corporations (Table I, line 1-4, col. 5) to producer durable assets held by all corporations (Table I, line 1-4, cols. 4 and 5). Sum of Tables B-171, cols. 1 and 7, and B-178A, col. 8.

9

1950

1951

1952

1953

1954

1955

1956

1957

.13 1.18 .91 3.98 .02 .20 -.21 6.21 -5.71 .50

.13 .97 .72 4.76 .02 .20 -.09 6.71 -1.82 4.89

.10 .70 .43 4.40 .02 .23 a 5.88 4.27 10.15

.10 .86 .27 4.57 .02 .23 -.02 6.03 4.11 10.14

.12 .53 a 3.42 .02 .26 -.07 4.28 .27 4.55

.12 .82 -.03 3.00 .02 .23 -.10 4.06 -1.65 2.41

.09 .90 -.34 5.26 .03 .25 -.10 6.09 - 1.34 4.75

.10 .78 -.37 5.09 .03 .28 -.08 5.83 -1.20 4.63

Line 5 9 a$5

The same method as used for Table VIII-a-4b, line 5. Sum of Tables B-170, cols. 1 and 7, and B-178A, col. 7. million or under.

1958 .08 1. -.19 2. -.10 3. 1.70 4. .01 5. .20 6. -.06 7. 1.64 8. - 1.05 9. .59 10.

TABLE Vm-a-5 Uses of Funds: Gross Investment in Consumer Durables, Original Cost (billion dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total

1946

1947

1948

1949

13.71

18.38

20.09

21.94

1.84

2.31

2.76

2.76

15.55

20.69

22.85

24.70

Source: All data not otherwise specified are from Goldsmith, National Wealth, Appendix B.

TABLE vm-a-5a Uses of Funds: Gross Investment in Consumer Durables, Constant 1947-49 Prices (billion dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total

1946

1947

1948

1949

16.47

19.30

19.74

21.22

2.19

2.43

2.71

2.59

18.66

21.73

22.45

23.81

Source: All data not otherwise specified are from Goldsmith, National Wealth, Appendix B.

TABLE vm-a-5b Uses of Funds: Net Investment in Consumer Durables, Depreciation at Replacement Cost (billion dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total

1946

1947

1948

1949

5.28

7.65

7.33

7.73

.76

.96

1.14

.96

6.04

8.61

8.47

8.69

Source: All data not otherwise specified are from Goldsmith, National Wealth, Appendix B.

1950

1951

1952

1953

1954

1955

1956

1957

1958

27.68

26.24

26.28

29.17

29.23

36.58

35.37

36.76

34.04

1.

3.05

3.09

2.54

2.93

2.61

2.54

2.53

2.64

2.87

3. 4. 5.

2.

6.

30.73

29.33

28.82

32.10

31.84

39.12

37.90

39.40

36.91

7. 8.

Line 1 3 8

Col. 1 of Tables B-18 and B-32. Col. 1 of Tables B-71 and B-66. Sum of lines 1 and 3.

1950

1951

1952

1953

1954

1955

1956

1957

1958

26.91

23.76

23.74

26.47

27.31

34.05

32.78

33.13

30.67

3.01

2.76

2.27

2.71

2.30

2.43

2.27

2.25

2.39

1.

2. 3. 4. 5. 6.

29.92

26.52

26.01

29.18

29.61

36:48

35.05

35.38

33.06

7. 8.

Line 1 3 8

Sum of Tables B-19, col. 1, and B-32, col. 2. Sum of Tables B-72, eol. 1, and B-66, col. 2. Sum of lines 1 and 3.

1950

1951

1952

1953

1954

1955

1956

1957

1958

11.75

7.26

5.91

7.56

6.75

12.15

8.60

7.20

2.98

1.

1.10

.67

-.06

.40

-.26

-.26

-.27

-.49

-.43

12.85

7.93

5.85

7.96

6.49

11.89

8.33

6.71

2.55

3. 4. 5. 6. 7. 8.

Line 1 3 8

Sum of Tables B-25, col. 1, and B-32, col. 8. Sum of Tables B-78, col. 1, and B-66, col. 8. Sum of lines 1 and 3.

TABLE Vm-a-5c Uses of Funds: Net Investment in Consumer Durables, Constant 1947-49 Prices (billion dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total

1946

1947

1948

1949

6.31

8.06

7.24

7.39

.89

1.01

1.12

.85

7.20

9.07

8.36

8.24

Source: All data not otherwise specified are from Goldsmith, National Wealth, Appendix B.

TABLE Vm-a-6b Uses of Funds: Inventories at Book Value, Original Cost (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

2.09 3.42 11.22 .02 .02 -1.20 15.57 .13 15.70

1.53 3.40 7.15 -.01 .01 -.28 11.80 .16 11.96

1.33 -.30 4.21 -.01

-.95 -3.26 -3.57

a

a a

.82 6.05 .34 6.39

1.36 -6.42 .72 -5.70

Source: All data not otherwise specified below are from Goldsmith, National Wealth, Appendix B.

Line 2 3 4 &5 4 5

Table B-130, col. 6. First differences in Table B-97, col. 1. Table B-130, col. 5. The above total minus line 5 of this table. First differences of inventories of financial corporations from Statistics of Income, Part Π.

1950

1951

1952

1953

1954

1955

1956

1957

1958

11.38

6.68

5.57

7.10

6.57

11.49

8.36

7.03

3.46

1.07

.63

.06

.42

-.06

a

-.20

-.22

-.09

12.45

7.31

5.63

7.52

6.51

11.49

8.16

6.81

3.37

1.

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

Line 1 3 8

Sum of Tables B-24, col. 1, and B-32, col. 7. Sum of Tables B-77, col. 1, and B-66, col. 7. Sum of lines 1 and 3. a $5

million or under.

1950

1951

1952

1953

1954

1955.

1956

1957

1958

2.27 5.43 9.77 .01 .02 -.61 16.89 .74 17.63

.83 3.77 9.75

-.29 -4.99 1.25

.42 -4.24 1.80

-.15 -.16 -1.60 -.01 .01 1.24 -.67 1.58 .91

.76 -1.37 6.66

.69 .85 7.58

.31 2.34 2.74 -.01 .01 -.94 4.45 1.77 6.22

-.02 5.58 -4.44

1.

a a

a a

-.43 13.92 1.14 15.06

.46 -3.57 1.50 -2.07

a

.01 2.88 .87 1.33 2.20

a

a

.01 .14 6.20 1.47 7.67

.02 -.11 9.03 1.54 10.57

Line 6 7 8 9 10 a $5

First differences in Table B-156, col. 4. First differences in Table B-156, col. 2. Sum of lines 1-7. First differences in Table B-179, col· 8, and Table B-18Q, col. 1. Sum of lines 8 and 9. million or under.

a

.01 1.97 3.10 1.83 4.93

2. 3. 4. 5. 6. 7. 8. 9. 10.

TABLE Vm-a-6c Uses of Funds: Inventories, Constant 1947-49 Prices (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

.56 -.18 6.89 .01

.01 -1.86 1.50 -.01

-.31 -1.22 -1.11

a

a

.57 1.59 1.30 -.01 a

a a

-2.05 5.23 .14 5.37

-.51 -.87 .16 -.71

.97 4.42 .33 4.75

1.73 -.91 .72 -.19

Source: All data not otherwise specified below are from Goldsmith, National Wealth, Appendix B. Line 2 3 4 &5 4 5

Table B-131, col. 6. First differences of Table B-97, col. 4. Table B-131, col. 5. The above total minus line 5 of this table. First differences of inventories of financial corporations from Statistics of Income, deflated by fourth quarter averages of B.L.S. monthly index of wholesale prices for commodities other than farm products and foods, Federal Reserve Bulletin, various issues, e.g., March 1957, p. 468.

TABLE vm-a-6d Uses of Funds: Inventories at Adjusted Values (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

.38 -.06 5.95 .02 .02 -1.20 5.11 .13 5.24

.06 -1.73 1.25 -.01 .01 -.28 -.70 .16 -.54

.92 1.47 2.06 -.01 a

.82 5.26 .34 5.60

1949 -.49 -1.35 -1.72 a a

1.36 -2.20 .72 -1.48

Source: All data not otherwise specified below are from Goldsmith, National Wealth, Appendix B. Line 2 3

4&5

Table B-130, col. 12. Unpublished figures of the agricultural market service for livestock and crops. For crops the figures were adjusted to exclude the annual change in quantity, valued at average annual prices of corn and wheat stored on farms under the commodity credit corporation loan (see Table B-96). Table B-130, col. 11.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.77 .82 3.96 .01

.43 .68 7.35

-.06 .44 1.96

.18 -.59 .71

-.14 .59 -1.45 -.01 .01 1.67 .67 1.46 2.13

.12 .34 3.31

.05 -.54 3.74

-.11 2.25 -3.97

1.

a

a a

-1.25 4.31 .73 5.04

-.40 8.06 1.00 9.06

a

a

.01 .69 3.04 1.42 4.46

.01 3.10 3.41 1.29 4.70

.01 .87 4.65 1.39 6.04

.01 -.65 2.61 1.50 4.11

.07 .47 1.30 -.01 .01 -1.35 .49 1.89 2.38

a

a

a

.01 2.40 .58 2.09 2.67

2. 3. 4. 5. 6. 7. 8. 9. 10.

Line 6 7 8 9 10 a $5

Table B-156, col. 3 (first differences). Table B-156, col. 1 (first differences). Sum of lines 1-7. Sum of Tables B-170, col. 6 and B-170, col. 5. Sum of lines 8 and 9. million or under.

1950

1951

1952

1953

1954

1955

1956

1957

1958

1.18 1.22 4.81 .01 .02 -.61 6.63 .74 7.37

.50 1.54 8.55

-.08 .75 2.23

.26 - 98 .81

.56 .26 4.93

.19 -.68 4.89

a a

.01 .14 5.90 1.47 7.37

.02 -.11 4.31 1.54 5.85

.01 .55 1.21 -.01 .01 -.94 .83 1.77 2.60

-.06 2.31 -4.84

a a

-.20 .66 -1.92 -.01 .01 1.24 -.22 1.58 1.36

1.

-.43 10.16 1.14 11.30

.46 3.36 1.50 4.86

a

.01 2.88 2.98 1.33 4.31

a

a

Line 4 5 6 7 8 9 10 a $5

The above total minus line 5 of this table. See note to Table VIII-a-6b, line 5. First differences in Table B-156, col. 4. First differences in Table B-156, col. 2. Sum of lines 1-7. First differences in Table B-179, col. 8, plus Table B-180, col. 1. Sum of lines 8 and 9. million or under.

2. 3. 4. a 5. .01 6. 1.97 7. - .61 8. 1.83 9. 1.22 10.

TABLE VIII-a-7 Uses of Funds: Gross Investment, Inventories at Book Value, Original Cost (billion dollars)

1. 2. 3. 4. 5.

6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance a. Federal Reserve Banks and Treasury monetary funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations h. Life insurance i. Fire and casualty insurance k. Other private insurance a State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

18.98 4.55 7.11 23.44 .36

26.29 4.89 8.93 24.17 .37

31.51 5.45 6.46 23.74 .36

32.48 3.00 3.64 13.89 .22

a .10 .01 .05 .17 .02

a .11 .01 .05 .17 .02

a .10 .01 .05 17 .02

a .06 a .03 .10 .01

2.02 -.83 55.63 3.27 58.90

3.07 .36 68.08 2.37 70.45

4.11 1.80 73.43 2.37 75.80

5.76 2.66 61.65 3.21 64.86

Source: Unless otherwise specified below, all figures are the sum of corresponding lines in Table VIII-a-1 through VIII-a-5 and VIII-a-6b. Line 5

Derived by allocating gross capital expenditures (at original cost) of all corporations between financial and nonfinancial corporations in the proportion of 1.5 to 98.5. This ratio is based on Statistics of Income data; the average relative share of gross depre­ ciable assets of financial corporations in gross depreciable assets of all corporations is 1.5 per cent during the years 1945-57.

1950

1951

1952

1953

1954

1955

1956

1957

1958

42.20 6.73 12.79 28.75 .43

41.44 5.59 11.48 32.43 .49

41.64 4.32 2.07 24.77 .37

45.81 5.83 2.90 27.25 .40

46.80 5.24 6.33 23.13 .35

58.40 7.19 5.06 34.16 .52

56.56 7.95 6.99 40.73 .63

57.31 7.86 8.65 37.77 .58

54.89 6.53 12.66 25.10 .39

a

a

a

a

a

.12 .01 .06 .20 .03

.14 .01 .07 .23 .03

.11 .01 .05 .17 .02

.12 .01 .06 .19 .03

.10 .01 .05 .16 .02

.01 .15 .01 .07 .24 .03

.01 .18 .01 .09 .29 .04

.01 .17 .01 .08 .27 .04

6.45 .67 98.02 4.19 102.21

7.14 .86 99.43 9.66 109.09

8.17 1.77 83.11 19.70 102.81

8.60 4.16 94.95 21.83 116.78

9.64 2.28 93.77 18.36 112.13

10.94 1.04 117.31 16.34 133.65

11.52 1.00 125.38 17.42 142.80

13.36 .31 125.84 18.34 144.18

a

.11 .01 .05 .18 .03

Line 5a 5c 5d 5e 5h 5i 5k Hesidual Total

Net Change in Tangible Assets, 1945-58 (billion dollars)

1.1 28.8 2.0 13.9 46.5 6.5 .7 .4 100.0

.06 1.55 .11 .75 2.50 .35 .04 .02 5.38

These weights represent each institution's share of the change in the value of tangible assets of all financial institutions between 1945 and 1958. Tangible assets were measured at book value (see Table III-5n). a $5

million or under.

c. d. e. h. i. k.

15.13 6. 3.58 7. 118.28 8. 18.72 9. 137.00 10.

Line 5 was allocated among its subsectors in the following proportions: Distribution (per cent)

1. 2. 3. 4. 5. a.

TABLE vm-a-7a Uses of Funds: Gross Investment, Constant 1947-49 Prices (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

23.42 3.71 4.41 22.09 .44 2.57 -1.63 55.01 4.10 59.11

27.86 3.63 4.07 19.51 .40 3.29 .13 58.89 2.56 61.45

30.71 4.64 8.22 20.46 .36 3.94 1.84 70.17 2.34 72.51

31.52 3.45 5.26 15.63 .21 5.59 2.95 64.61 3.07 67.68

Sum of corresponding lines in Tables VTII-a-la, VIII-a-2a, VIII-a-4a, VIII-a-5a, and VIII-a-6c.

TABLE Vm-a-7b Uses of Funds: Net Investment, Depreciation at Replacement Cost, Inventories at Book Value (billion dollars)

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

6.77 2.90 4.61 16.44 .07 -.25 -2.07 28.47 -12.89 15.58

10.87 2.82 5.77 15.52 .07 .27 -1.11 34.21 -13.29 20.92

13.31 2.98 2.69 13.68 .09 .89 .28 33.92 -11.09 22.83

12.79 .24 -.57 2.69 .13 2.49 1.40 19.17 -8.01 11.16

Sum of corresponding lines in Tables Vni-a-lb, VIII-a-2b, VIII-a-4b, VIII-a-5b, and VIII-a-6b.

1950

1951

1952

1953

1954

1955

1956

1957

1958

40.42 4.95 7.82 21.62 .41 6.21 -.10 81.33 3.91 85.24

36.90 4.55 7.39 26.54 .41 6.42 .70 82.91 8.20 91.11

36.67 3.85 6.46 21.54 .30 7.06 1.76 77.64 16.41 94.05

40.20 4.70 5.63 21.41 .33 7.32 4.12 83.71 17.98 101.69

41.87 4.35 6.11 18.43 .29 8.29 2.47 81.81 14.97 96.78

51.59 5.34 5.96 24.80 .40 9.22 1.55 98.86 13.02 111.88

49.10 5.62 4.59 28.03 .44 9.21 .13 97.12 13.10 110.22

48.60 5.56 5.50 25.47 .39 10.33 -.48 95.37 13.31 108.68

1950

1951

1952

1953

1954

1955

1956

1957

1958

20.36 3.67 8.23 16.71 .13 3.07 -.41 51.76 -5.87 45.89

15.89 2.00 6.08 19.13 .11 3.43 -.24 46.40 -.53 45.87

14.32 .45 -3.73 10.34 .21 4.09 .65 26.33 8.09 34.42

16.91 1.67 -2.93 12.05 .11 4.30 2.98 35.09 7.74 42.83

16.83 .86 .07 7.24 .12 5.19 1.07 31.38 2.68 34.06

25.98 2.50 -1.36 16.36 .16 6.15 -.19 49.60 .12 49.72

21.17 2.82 .81 21.65 .19 6.22 -.29 52.57 .36 52.93

18.60 2.23 1.53 17.17 .20 7.56 -.88 46.41 .50 46.91

14.26 1. .54 2. 5.29 3. 3.77 4. .14 5. 8.92 6. 2.45 7. 35.37 8. 3.91 9. 39.28 10.

46.18 1. 4.52 2. 7.72 3. 15.98 4. .25 5. 11.64 6. 3.48 7. 89.77 8. 13.46 9. 103.23 10.

TABLE vm-a-7c Uses of Funds: Net Investment, Constant 1947-49 Prices (billion dollars) 1946 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

8.29 1.58 1.25 13.21 .07 -.40 -3.24 20.76 -16.07 4.69

1947

1948

1949

11.55 1.41 .71 10.12 .07 .27 -1.47 22.66 -14.37 8.29

13.02 2.23 4.52 10.44 .09 .84 .38 31.52 -10.96 20.56

12.35 .83 1.25 4.75 .13 2.40 1.76 23.47 -7.51 15.96

Sum of corresponding lines in Tables Vlll-a-lc, VIII-a-2c, vm-a-4c, VIII-a-5c, and VIII-a-6c.

TABLE vm-a-7d Uses of Funds: Gross Investment, Inventories at Adjusted Value (billion dollars)

1. 2. 3. 4. 5.

6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance a. Federal Reserve Banks and Treasury monetary funds c. Commercial banks d. Mutual savings banks e. Savings and loan association h. Life insurance i. Fire and casualty insurance k. Other private insurance a State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

18.98 2.84 3.63 18.17 .36

26.29 3.42 3.80 18.27 .37

31.51 5.04 8.23 21.59 .36

32.48 3.46 5.55 15.74 .22

a

a

a

.10 .01 .05 .17 .02

.11 .01 .05 .17 .02

.10 .01 .05 .17 .02

.06 .03 .10 .01

2.02 -.83 45.17 3.27 48.44

3.07 .36 55.58 2.37 57.95

4.11 1.80 72.64 2.37 75.01

5.76 2.66 65.87 3.21 69.08

a

a

Line 1-5, 6-10 5a-5m a $5

Sum of corresponding lines in Tables Vm-a-1, VlII-a-2, VIII-a-4, VIII-a-5, and VIII-a-6d, See note to Table VIII-a-7, lines 5a-5m.

million or under.

1950

1951

1952

1953

1954

1955

1956

1957

1958

19.40 2.09 3.45 10.27 .12 2.90 -1.11 37.12 -5.35 31.77

14.15 1.45 2.72 15.14 .09 3.00 -.25 36.30 -.40 35.90

12.66 .56 1.60 9.38 .17 3.52 .82 28.71 6.84 35.55

14.83 1.24 .60 8.88 .08 3.63 3.16 32.42 6.51 38.93

14.94 .71 .95 5.46 .10 4.44 1.50 28.10 2.37 30.47

22.64 1.55 .65 10.68 .13 5.17 .59 41.41 .34 41.75

18.05 1.67 -.83 13.88 .14 4.97 -.81 37.07 .64 37.71

15.62 1.45 .11 11.07 .13 5.86 -1.32 32.92 1.04 33.96

11.86 1. .27 2. 2.28 3. 1.40 4. .09 5. 6.93 6. 2.73 7. 25.56 8. 1.41 9. 26.97 10.

1950

1951

1952

1953

1954

1955

1956

1957

1958

42.20 5.64 8.58 23.79 .43

41.44 5.26 9.25 31.23 .49

41.64 4.53 7.81 25.75 .37

45.81 5.67 6.16 26.26 .40

46.80 5.19 7.15 22.81 .35

58.40 6.99 6.69 32.43 .52

56.56 7.45 5.46 38.04 .63

57.31 7.56 6.86 36.24 .58

54.89 6.49 9.39 24.70 .39

a .12 .01 .06 .20 .03

a .14 .01 .07 .23 .03

a .11 .01 .05 .17 .02

a .12 .01 .06 .19 .03

a .10 .01 .05 .16 .02

.01 .15 .01 .07 .24 .03

.01 .18 .01 .09 .29 .04

.01 .17 .01 .08 .27 .04

a .11 .01 .05 .18 .03

6.45 .67 87.76 4.19 91.95

7.14 .86 95.67 9.66 105.33

8.17 1.77 90.04 19.70 109.74

8.60 4.16 97.06 21.83 118.89

9.64 2.28 94.22 18.36 112.58

10.94 1.04 117.01 16.34 133.35

11.52 1.00 120.66 17.42 138.08

13.36 .31 122.22 18.34 140.56

1. 2. 3. 4. 5.

a. c. d. e. h. i. 1_K.

15.13 6. 3.58 7. 114.57 8. 18.72 9. 133.29 10.

TABLE Vm-a-7e Uses of Funds: Net Investment, Depreciation at Replacement Cost, Inventories at Adjusted Value (billion dollars)

1.

2. 3. 4. 5. 6. 7. 8. 9. 10.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total Military expenditures Total, including military

1946

1947

1948

1949

6.73 1.19 1.13 11.17 .07 -.25 -2.07 17.97 -12.89 5.08

10.89 1.35 .64 9.62 .07 .27 -1.11 21.73 -13.29 8.44

13.36 2.57 4.46 11.53 .09 .89 .28 33.18 -11.09 22.09

12.93 .70 1.34 4.54 .13 2.49 1.40 23.53 -8.01 15.52

Sum of corresponding lines in Tables Vlll-a-lb, Vin-a- 2b, VIII-ai-4b, Vin-a-5b, and VIII- a- Gd. TABLE Vin-b-1 Uses of Funds: Net Change in Currency and Demand Deposits (billion dollars)

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance a. Federal Reserve Banks and Treasury monetary funds b. Govt, insurance and pension funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations f. Investment companies g. Credit unions h. Life insurance i. Fire and casualty insurance j. Noninsured pension plans k. Other private insurance 1. Finance companies m. Other finance 6. State and local governments 7. Federal government 8. Total 1.

2. 3. 4. 5.

9. 10. 11. 12.

Rest of world, assets Monetary metals Mail float Commercial bank cash items: in process of collection 13. Currency and demand deposit assets, adjusted 14. Discrepancy 15. Currency and demand deposits, liabilities Table IV-b-1, first difference.

1946

1947

1948

1949

4.15 .01 .50 1.14 .50

-.31 .36 -.10 2.20 7.89

-2.06 -.15 -.30 .20 4.74

-2.31 .37 - .40 1.07 -2.79

1.26 .01 -1.30 .06 .07 0 0 -.01 .19 .02 0 -.01 .21 .87 -22.73 -15.56

5.35 .02 2.21 .02 0 -.01 .01 .25 .18 .03 0 -.06 -.11 .72 -.54 10.22

3.03 .08 1.52 -.03 .06 0 .01 -.11 .04 .03 0 .17 -.06 .49 1.08 4.00

.35 -.02 -3.36 0 .08 0 0 0 .06 .04 .02 .11 -.07 .23 .38 -3.45

.07 .36 .90

.05 1.32 -.95

.34 1.48 -.31

-.01 .23 .46

.58

1.11

-.45

.52

-14.37 -.38 -14.75

9.11 .47 9.58

2.10 -.03 2.07

-2.71 0 -2.71

1950

1951

1952

1953

1954

1955

1956

1957

1958

20.50 2.58 4.02 11.75 .13 3.07 -.41 41.64 -5.87 35.77

16.06 1.67 3.85 17.93 .11 3.43 -.24 42.81 -.53 42.28

14.50 .66 2.01 11.32 .21 4.09 .65 33.44 8.09 41.53

17.10 1.51 .33 11.06 .11 4.30 2.98 37.39 7.74 45.13

17.02 .81 .89 6.92 .12 5.19 1.07 32.02 2.68 34.70

26.19 2.30 .27 14.63 .16 6.15 -.19 49.51 .12 49.63

21.39 2.32 -.72 18.96 .19 6.22 -.29 48.07 .36 48.43

18.95 1.93 -.26 15.64 .20 7.56 -.88 43.14 .50 43.64

14.61 1. .50 2. 2.02 3. 3.37 4. .14 5. 8.92 6. 2.45 7. 32.01 8. 3.91 9. 35.92 10.

1950

1951

1952

1953

1954

1955

1956

1957

1958

1.90 .22 0 1.31 .08

3.07 1.04 .20 1.82 4.67

1.89 -.35 -.10 .80 1.14

.91 -.05 -.10 -.08 -1.17

2.20 .53 -.10 2.36 -.94

-.75 .29 0 .98 .62

.96 .35 -.20 .14 2.20

-1.02 .81 -.10 0 2.07

2.84 1.10 .30 1.72 -3.72

-3.38 .46 2.28 -.02 .09 .04 .02 .09 .06 .07 .01 .17 .19 .46 -.68 3.29

.16 .06 3.92 .07 .10 .03 .05 .10 .04 .04 .01 .12 -.03 .43 .06 11.29

1.15 -.11 -.06 0 .07 - .01 0 .05 .08 -.03 .01 .03 - .04 .47 1.95 5.80

-1.68 -.04 .24 .04 .05 .04 .02 .07 .05 .05 .04 .02 -.07 .60 -1.47 -1.36

-.52 .32 -1.23 .02 .26 0 .05 .02 -.05 0 .01 .05 .13 .33 .03 4.41

.05 - .22 .23 -.02 .19 0 .01 .02 .03 .06 0 .26 .01 .39 - .41 1.12

.48 .14 1.36 .02 .07 .03 .03 .02 -.07 -.01 -.01 .02 .12 .15 -.30 3.30

1.73 .24 -.15 0 .05 .03 .03 .01 - .01 .06 - .01 .07 .02 .21 .01 1.98

-4.13 .13 -.36 0 .27 0 .04 .08 .06 .03 .02 .11 .03 .22 0 2.46

-.10 -1.68 .88

-.43 0 .04

.20 .52 1.53

-.25 -.63 .20

.09 - .31 -1.75

-.05 .01 1.50

.22 .37 .07

.17 .91 -1.29

2.32

.39

.13

-.12

3.25

.60

-.18

8.07 1.26 9.33

11.29 -.32 10.97

7.14 -.12 7.02

2.94 - .21 2.73

5.81 .92 6.73

3.82 .18 4.00

-.23 -.48 -.71

1.

2. 3. 4. 5. a.

0 -.78 .46 -.32

b. c. d. e. f. g· h. i. j· k. 1.

m. 6. 7. 8.

.08 9. -1.99 10. -1.25 11. 12. .88 13. 4.16 .13 14. 4.29 15.

TABLE VIII-b-2

Uses of Funds: Net Change In Other Bank Deposits and Shares (billion dollars)

1. 2. 3. 4. 5.

Nonfarra households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks d. Mutual savings banks g. Credit unions i. Fire and casualty insurance 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

6.38

3.63

2.18

2.48

.20

0 0

0 0

.14 -.01 .15 0 0 .18 .01 6.91

-.08 0 .04 0 .05 -.01 0 .16 -.01 3,74

.02 -.01 .02 .01 0 .27 0 2.47

.01 -.01 -.01 .03 0 .15 .06 2.70

0 6.91

- .01 3,73

.03 2.50

.14 2.84

1946

1947

1948

1949

3.53

3.30

3.52

3.76

.19

.21

.23

.24

3.72

3.51

3.75

4.00

.07

.07

.08

.08

3.79

3.58

3.83

4.08

0

9. Rest of world, assets 10. Total liabilities Table IV-b-2, first difference.

TABLE Vm-b-3 Uses of Funds: Net Change in Life Insurance Policy Reserves (billion dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total domestic purchases

9. Rest of world, assets 10. Total domestic policy reserve, net changes in liability Line 1 3 S

ι

Line 8 minus line 3. First differences of Table IV-b-3, line 3. Line 10 less line 9.

1950

1951

1952

1953

1954

1955

1956

1957

1958

2.09

4.20

7.35

7.88

8.83

8.42

9.14

11.38 a

13.75

.13

.10 .20 .10

.05 0 .05 0 -.06 .11 0 .04 -.03 9.25

.04 a 0 -.04 .08 a 0 .38 -.03 12.04

.80 .03 15.66

-.09 9.16

-.03 12.01

1.06 9. 16.72 10.

0 0 -.05 0 -.05 0 0 .10 .01 2.15 .22 2.37 a

.13

.07 0

0

.02 .05 .01 .15 .09 4.59

.03 .09 .01 .09 .07 7.77

.33 -.01 8.41

.46 .02 9.71

.05 -.10 .02 0 -.05 .07 0 - .06 0 8.33

.11 4.70

.20 7.97

.55 8.96

.55 10.26

-.13 8.20

0

0 .08

.13

0 .08 0

0 .02 .06

.03 .07 0

0

.17 .60 .31 .04 .04 .23

.27 0

c. d. g-

0

i. 6. 7. 8.

Based on a corrected figure for credit unions.

1950

1951

1952

1953

1954

1955

1956

1957

1958

3.96

3.92

4.71

4.77

5.18

5.26

5.22

4.90

5.24

.24

.24

.28

.27

.32

.30

.26

.24

.29

4.20

4.16

4.99

5.04

5.50

5.56

5.48

5.14

5.53

.08

.09

.10

.10

.11

.12

.10

.11

.12

4.28

4.25

5.09

5.14

5.61

5.68

5.58

5.25

5.65

Line 9 10

1. oΔ . 3. 4. 5.

First differences of Table IV-b-3, line 9. Table Vm-c-3, line 5.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

TABLE VIII-b-4 Uses of Funds: Net Change in Private Pension and Retirement Funds (billion dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total

1946

1947

1948

1949

.57

.65

.65

.71

.57

.65

.65

.71

See note to line 5j, Table VIII-c-4.

TABLE Vni-b-5 Uses of Funds: Net Change In Government Pension and Insurance Funds (billion dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total

1946

1947

1948

1949

3.47

3.79

3.49

2.49

.20

.09

-.01

.05

3.67

3.88

3.48

2.54

Table IV-b-5, first difference.

TABLE VIII-b -6 Uses of Funds: Net Change in Consumer Credit (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks d. Mutual savings banks e. Savings and loan associations g. Credit unions 1. Finance companies 6. State and local governments 7. Federal government 8. Total Table IV-b-6, first difference.

1946

1947

1948

1949

.33

.33

.37

.25

.57 1.86 1.19 O .04 .05 .58

.64 2.32 1.31 .02 .03 .09 .87

.54 1.98 1.01 0 .03 .09 .85

.44 2.25 1.03 0 .02 .11 1.09

2.76

3.29

2.89

2.94

1950

1951

1952

1953

1954

1955

1956

1957

1958

.97

1.45

1.61

1.94

2.05

2.06

2.61

2.89

3.06

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

2.

.97

1.45

1.61

1.94

2.05

2.06

2.61

2.89

3.06

1950

1951

1952

1953

1954

1955

1956

1957

1958

1.56

4.11

4.36

3.42

2.71

3.24

3.58

2.86

1.24

-.25

-.04

-.01

-.04

-.02

0

0

-.01

-.01

1.31

4.07

4.35

3.38

2.69

3.24

3.58

2.85

1.23

1950

1951

1952

1953

1954

1955

1956

1957

1958

.49

.30

.40

.18

.09

.16

.26

.10

-.09

.78 2.91 1.66 .02 .06 .15 1.02

.51 .53 .17

0

.03 .05 .28

.24 3.50 1.60 .01 .05 .28 1.56

.27 .74 .03

0

.76 3.63 1.89 .01 .07 .20 1.46

.05 .22 .44

.66 5.63 2.36 .02 .08 .34 2.83

.41 3.02 1.45 .03 .08 .33 1.13

.21 2.53 1.21 0 .08 .42 .82

.52 -.23 .18 .01 .06 .23 -.71

4.18

1.34

4.79

3.92

1.10

6.45

3.69

2.84

.20

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

1.

TABLE Vm-b-7 Uses of Funds: Net Change in Trade Credit (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance i. Fire and casualty insurance 1. Finance companies m. Other finance 6. State and local governments 7. Federal government 8. Total

9. Net trade credit 10. Trade debt

1946

1947

1948

1949

.96

.37

.40

.06

3.19 .33 .17 .17 -.01

5.86 .13 .10 .01 .02

2.34 .17 .08 .02 .07

-.94 .10 .07 .04 -.01

-.80 3.68

-.10 6.26

0 2.91

0 -.78

1.63 2.05

2.40 3.86

1.17 1.74

-.02 -.76

Table IV-b-7, first difference.

TABLE Vm-b-8 Uses of Funds: Net Change in Loans on Securities (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks d. Mutual savings banks m. Other finance 6. State and local governments 7. Federal government 8. Total

9. Rest of world, assets 10. Discrepancy 11. Totalliabilities Table IV-b-8, first difference.

1946

1947

1948

1949

-4.40 -3.66 0 - .74

-1.06 -1.11 0 .05

.25 .26 0 -.01

.75 .33 0 .42

-4.40

-1.06

.25

.75

.01 - .04 -4.43

-.01 -.03 -1.10

-.03 .01 .23

0 .02 .77

1950

1951

1952

1953

1954

1955

1956

1957

1958

1.22

.22

1.11

.58

.20

.53

.89

.28

.79

11.44 .30 .02 .29 -.01

3.41 .19 .12 .04 .03

3.53 .15 .07 .07 .01

-.81 .16 .05 .06 .05

4.31 .15 .06 .10 -.01

10.86 .39 .09 .25 .05

7.06 .42 .14 .18 .10

2.72 .34 .15 .15 .04

7.67 .37 .14 .24 -.01

4. 5.

.38 13.34

.92 4.74

.95 5.74

-.04 -.11

.23 4.89

-.17 11.61

.08 8.45

-.05 3.29

-.60 8.23

7. 8.

3.08 10.26

1.16 3.58

1.26 4.48

-1.15 1.04

-1.93 6.82

2.64 8.97

1.27 7.18

.13 3.16

1.30 6.93

9. 10.

1953

1954

1.

1950

1951

1952

1955

1956

1957

2.

O Ο.

i. 1. m. a D.

1958 1.

.80 .22 0 .58

-.34 -.30 0 -.04

.70 .60 0 .10

.80 .40 0 .40

1.86 .89 .01 .96

1.08 .59 .01 .48

-.68 -.76 0 .08

-.36 -.06 -.01 -.29

1.58 .44 0 1.14

.80

-.34

.70

.80

1.86

1.08

-.68

-.36

1.58

.02 .03 .85

-.01 .01 -.34

0 -.01 .69

-.01 .03 .82

0 .09 1.95

-.02 .01 1.07

.01 0 -.67

.01 -.01 -.36

.01 .07 1.66

2. 3. 4. 5. c. d.

m. 6. 7. 8. 9. 10. 11.

TABLE vm-b-9 Uses of Funds: Net Change in Bank Loans (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance a. Federal Reserve Banks and Treasury monetary funds c. Commercial banks 6. State and local governments 7. Federal government 8. Total

9. Rest of world, liabilities 10. Total liabilities

1946

1947

1948

1949

4.97

4.59

2.17

-1.62

-.09 5.06

-.07 4.66

.13 2.04

- .14 -1.48

4.97

4.59

2.17

-1.62

.20 4.77

.07 4.52

.04 2.13

.03 -1.65

Table IV-b-9, first difference.

TABLE VM-b-10 Uses of Funds: Net Change in Other Loans (billion dollars)

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance b. Govt, insurance and pension funds d. Mutual savings banks g. Credit unions h. Life insurance k. Other private insurance 1. Finance companies m. Other finance 6. State and local governments 7. Federal government 8. Total

1. 2. 3. 4. 5.

9. Rest of world, liabilities 10. Total liabilities Table IV-b-10, first difference.

1946

1947

1948

1949

.16

.04

-.13

.16

.37 -.01 .02 0 -.07 0 .34 .09

.33 0 -.02 0 .05 0 .21 .09

.61 .02 .02

.12 .01

3.17 3.70 3.18 .52

0 .12

0 0

.35 .10

.18 .01 - .09 .01

4.13 4.50

1.67 2.15

.67 .95

3.63 .87

1.12 1.03

.48 .47

0

1950

1951

1952

1953

1954

1955

1956

1957

1958 1. 2. 3. 4. 5. a.

5.52

4.68

3.02

.38

.60

6.84

5.58

2.06

1.72

-.01 5.53

-.05 4.73

.14 2.88

-.13 .51

.11 .49

0 6.84

-.02 5.60

0 2.06

-.01 1.73

5.52

4.68

3.02

.38

.60

6.84

5.58

2.06

1.72

.06 5.46

.06 4.62

0 3.02

-.10 .48

.35 .25

.37 6.47

.35 5.23

.35 1.71

9. .53 1.19 10.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.55

-.04

-.11

.05

.74

.12

-.04

.06

.78

c. 6. 7. 8.

1. 2.

.65 .02

.62 .02

.23 .02 .01 0 .20 .01 .08 -.09

.10 .02 .01 0 .22 .01 - .25 .09

1.28 .03 0 .02 .16 .01 .97 .09

.26 .03 .01 - .01 .23 .02 -.09 .07

1.31 .03 .03 .02 .35 0 .61 .27

.32 .01 -.33 .27

3. 4. 5.

.01 .17 .01 .31 .10

.01 .18 .01 .27 .16

.33 .01 0 .01 .12 0 .13 .06

.70 1.87

.63 1.24

.75 .97

.61 .89

-.07 .77

1.03 2.19

-.03 .19

.63 2.00

1.10 2.23

.14 1.72

.24 1.01

.40 .57

.22 .67

- .16 .93

.01 2.18

.09 .10

.42 1.58

.66 9. 1.57 10.

0

0

.35 .04 .04 0

b. d. g· h. k. 1. m. a 0. 7. 8.

TABLE Vm-b-11 Uses of Funds: Net Change In Nonfarm Mortgages (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance b. Govt, insurance and pension funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations f. Investment companies g. Credit unions h. Life insurance i. Fire and casualty insurance j. Noninsured pension plans k. Otherprivate insurance 1. Finance companies m. Other finance 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

1.36

1.21

1.00

.59

4.96 O 2.27 .23 1.76 .04 .01 .50 0 .01 .01 .11 .01 0 -.24 6.09

5.83 0 2.08 .41 1.72 .08 .01 1.42 .01 0 .02 .07 .01 0 -.04 6.99

5.96 0 1.36 .94 1.45 .06 .02 2.06 .01 0 .03 -.01 .04 .01 .09 7.06

5.02 0 .70 .90 1.31 .02 .01 1.92 .01 .01 .03 .09 .01 .09 .48 6.19

Table IV-b-11, first difference. Figures may not add to totals because of rounding.

TABLE Vm-b-lla Uses of Funds: Net Change in Nonfarm Residential Mortgages (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance b. Govt, insurance and pension funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations f. Investment companies g. Credit unions h. Life insurance i. Fire and casualty insurance j. Noninsured pension plans k. Other private insurance 1. Finance companies m. Other finance 6. State and local governments 7. Federal government 8. Total Table IV-b-lla, first difference. Figures may not add to totals because of rounding.

1946

1947

1948

1949

.89

.67

.59

.23

4.16 0 1.74 .20 1.73 .04 .01 .31 0 .01 0 .11 .01 0 -.23 4.82

5.03 0 1.78 .35 1.68 .07 .01 1.06 0 0 .01 .07 .01 0 -.04 5.66

5.17 0 1.11 .82 1.42 .04 .02 1.72 .01 0 .01 -.01 .03 .01 .09 5.86

4.46 0 .60 .81 1.28 .02 .01 1.60 .01 .01 .02 .09 .02 .09 .49 5.27

1950

1951

1952

1953

1954

1955

1956

1957

1958

.37

.49

.56

.75

.99

1.00

1.49

1.42

1.84

1. 2.

8.94 .06 1.94 1.55 2.04 .04 .01 3.01 .01 .01 .05 .21 .02 .05 .29 9.64

7.70 .06 1.00 1.65 1.91 - .01 .02 3.01 ,01 .04 .05 -.08 .03 .07 .62 8.88

7.43 .04 1.08 1.46 2.83 .01 .03 1.76 .01 .03 .04 .14 0 .08 .46 8.53

8.16 .03 .96 1.56 3.57 .01 .03 1.89 .01 .04 .04 .03 0 .14 .35 9.40

10.77 .07 1.65 2.06 4.15 0 .03 2.49 .01 .03 .06 .22 0 .10 .02 11.88

14.00 .04 2.25 2.45 5.30 -.01 .03 3.24 .01 .04 .08 .53 .04 .12 .32 15.44

11.84 .09 1.66 2.29 4.32 -.01 .06 3.34 .01 .11 .06 -.10 ' .01 .11 .46 13.90

8.30 .02 .57 1.42 4.28 -.02 0 2.14 0 .17 .02 -.32 .02 .36 1.27 11.35

12.17 -.05 2.04 2.10 5.62 -.03 .08 1.74 0 .14 .04 .46 .04 .42 .11 14.54

1950

1951

1952

1953

1954

1955

1956

1957

1958

.09

.22

.28

.40

.43

.38

.75

.81

.81

3. 4. 5. b. c. d. e. f.

S-

h. i. ί· k. 1. m. 6. 7. 8.

1. 2.

8.30 .06 1.73 1.48 2.00 .03 .01 2.70 .01 .01 .03 .21 .02 .05 .29 8.73

6.86 .06 .81 1.54 1.87 -.01 .02 2.55 .01 .04 .03 -.08 .02 .07 .62 7.77

6.66 .04 .92 1.29 2.78 .01 .03 1.40 0 .03 .02 .14 0 .08 .46 7.48

7.35 .03 .74 1.45 3.50 -.01 .03 1.51 0 .04 .02 .03 0 .14 .35 8.24

9.54 .07 1.23 1.88 4.06 0 .03 2.00 0 .03 .02 .22 0 .10 .02 10.09

12.60 .04 1.71 2.36 5.19 -.01 .03 2.66 0 .04 .03 .53 .02 .12 .32 13.42

10.18 .09 1.11 2.14 4.23 -.01 .06 2.53 0 .11 .01 -.10 .01 .11 .46 11.50

6.73 .02 .14 1.31 4.19 -.02 0 1.25 - .01 .17 0 -.32 0 .36 1.27 9.17

10.40 -.05 1.42 1.93 5.51 -.03 .08 .93 0 .14 0 .46 .03 .42 .11 11.74

3. 4. 5. b. c. d. e. f. g· h. i.

h k. 1. m. 6. 7. 8.

TABLE Vm-b-lla-1 Uses of Funds: Net Change in Nonfarm Residential Mortgages, Multifamily (billion dollars) 1946

1947

1948

1949

13

17

.12

.03

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance b. Govt, insurance and pension funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations h. Life insurance i. Fire and casualty insurance k. Other private insurance 1. Finance companies 6. State and local governments 7. Federal government 8. Total

.25 O

.32 0

.05 .06 .05 .07 0 0 .01 0 0 .38

.66

.06 .10 .05 .10 0 0 .01 0 0 .49

.83 0

0 04 .27 .05 .27 .01 .01 0 0 0 .78

.05 .28 .01 .45 .01 .02 .01 .05 .02 .93

Table IV-b-lla-1, first difference. Figures may not add to totals because of rounding.

TABLE VIII-b-lla-2 Uses of Funds: Net Change in Nonfarm Residential Mortgages, One- to Four-Family (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance b. Govt, insurance and pension funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations f. Investment companies g. Credit unions h. Life insurance j. Noninsured pension plans k. Other private insurance 1. Finance companies m. Other finance 6. State and local governments 7. Federal government 8. Total Table IV-b-lla-2, first difference. Figures may not add to totals because of rounding.

1946

1947

1948

1949

.75

.50

.49

.18

3.92 0 1.69 .14 1.68 .04 .01 .24 .01 0 .10 .01 0 -.23 4.44

4.70 0 1.72 .25 1.64 .06 .01 .95 0 0 .06 .01 0 - .04 5.16

4.51 0 1.07 .55 1.37 .04 .02 1.45 0 0 -.01 .02 0 .08 5.08

3.64 0 .55 .53 1.28 .02 .01 1.15 .01 0 .08 .01 .05 .47 4.34

1950

1951

.03

-.03

1952

1953

1954

1955

1956

1957

1958

.03

.07

.09

.09

.15

1. 2.

1.19 .03 .23 .54 0 .32 .01 .02 .04 .02 0 1.18

1.20 .03 .04 .52 .14 .42 .01 .02 .02 .04 .02 1.23

.65 .02 - .06 .42 -.03 .26 0 .02 .02 .04 .01 .70

.47 .01 -.04 .27 .14 .08 0 .01 0 .07 .10 .64

.38 .04 -.05 .25 .06 .04 0 .01 .03 .05 .04 .50

.61 .02 -.04 .26 .20 .15 0 .02 0 .06 .11 .85

.52 .04 -.05 .24 .23 .06 0 0 0 .06 .04 .71

.19 .20 -.06 -.01 -.01 -.04 .18 .04 .59

1.17 -.03 .20 .40 .61 0 0 0 0 .21 .14 1.67

1950

1951

1952

1953

1954

1955

1956

1957

1958

.11

24

.28

.40

.39

.31

.67

.72

.66

.28 .01 0

3. 4. 5. b. c. d. e. h. i. k. 1. 6. 7. 8.

1. 2.

7.12 .03 1.51 .95 2.00 .03 .01 2.38 .01 01 .17 .02 .03 .29 7.55

5.66 .03 .77 1.02 1.73 -.01 02 2.13 04 .01 -.10 .02 .04 .60 6.54

6.01 .02 .98 .86 2.80 .01 .03 1.15 .03 0 .13 0 .04 .46 6.79

6.87 .02 .77 1.18 3.35 .01 .03 1.44 .04 .01 .02 0 .07 .25 7.59

9.16 .04 1.27 1.63 4.00 0 .03 1.96 03 .01 .19 0 .05 -.02 9.58

11.98 .02 1.75 2.10 5.00 -.01 .03 2.51 .04 0 .52 .02 .06 .22 12.57

9.65 .05 1.16 1.89 4.00 - .01 .06 2.47 .11 .01 - .10 .01 .05 .42 10.79

6.45 01 .14 1.12 3.99 -.02 0 1.31 .17 .01 -.29 0 .18 1.23 8.58

9.23 -.02 1.22 1.53 4.89 -.03 .08 .93 .14 0 .46 .03 .21 -.03 10.07

3. 4. 5. b. c. d. e. f. S-

h. j· k. 1. m. 6. 7. 8.

TABLE Vin-b-lla-3 Uses of Funds: Net Change In Nonfarm Residential Mortgages, Multlfamily, Conventional (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households and others Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks d. Mutual savings banks e. Savings and loan associations h. Life insurance 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

.17

-.03

.01

-.18

.23 .05 .06 .04 .08

.19 -.03 07 .04 .11

.17 - .10 .17 .05 .05

.12 -.12 .12 0 .12

0 .40

0 16

0

0 -.06

.18

Table IV-b-lla-3, first difference (note changes in coverage). Figures may not add to totals because of rounding.

TABLE VIII-b-lla-4 Uses of Funds: Net Change in Nonfarm Residential Mortgages, Multifamlly, FHA-Insured (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households and others Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks d. Mutual savings banks e. Savings and loan associations h. Life insurance 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

-.02

.22

.13

.30

- .01 0 .01 0 - .01

.12 .09 .03 .01

.46 .14 .10 0 .22

.67 .17 .16 .01 .33

n.a. -.03

n.a. .34

n.a. .59

.02 .99

Table IV-b-lla-4, first difference (note changes in coverage). Figures may not add to totals because of rounding.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.32

.28

.27

.08

.09

.30

.16

-.02

.14

.40 .06 .24 0 .10

.45 .03 .10 .15 17

.20 .07 .07 - .02 .08

.42 .06 .18 .13 .05

.30 .02 .15 .06 .07

.63 0 .25 .20 .17

.58 -.07 .31 .23 .11

.16 -.16 .17 .18 -.03

.85 -.05 .25 .60 .04

O .09

.01

.01

.48

.03 .42

.04 .97

.03 .77

.02

.74

.03 .53

.16

.01 1.00

1950

1951

1952

1953

1954

1955

1956

1957

1958

.41

.19

-.18

.01

.07

.12

.03

.24

.19

1. 2. 3. 4. 5. c. d. e. h. 6.

7. 8.

1. 2.

.67 .16 .29 .0 .22

.67 .01 .42 -.01 .25

.39 - .13 .35 -.01 .18

.02 - .10 .09 .01 .02

0 -.07 .10 -.01 -.03

-.06 -.04 .01 -.01 -.02

-.10 .01 - .06 0 -.05

.17 .16 .02 .03 -.04

.36 .25 .14 .01 - .04

-.01 1.07

.01 .49

0 .21

.07 .10

.01 .08

.07 - .11

.01 -.06

.02 .43

.12 .67

3. 4. 5. c. d. e. h. α D. 7. 8.

TABLE vm-b -lla-5 Uses of Funds: Net Change in Noniarm Residential Mortgages, One- to Four-Family, Conventional (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households and others Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks d. Mutual savings banks e. Savings and loan associations h. Life insurance 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

.92

.66

.23

.50

1.92 .96 -.02 .84 .14

1.46 .71 -.02 .58 .19

1.78 .41 .08 .87 .42

1.44 .14 .07 .95 .29

-.21 2.63

-.15 1.97

-.12 1.89

-.14 1.80

Table IV-b-lla-5, first difference (note changes in coverage). Figures may not add to totals because of rounding.

TABLE vni-b -lla-6 Uses of Funds: Net Change in Nonfarm Residential Mortgages, One- to Four-Family, FHA- and VA-Insured (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households and others Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks d. Mutual savings banks e. Savings and loan associations h. Life insurance 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

_

-.01

.34

- .12

1.83 .74 .16 .85 .10

3.09 1.00 .27 1.05 .76

2.65 .66 .47 .50 1.02

2.06 .41 .46 .33 .86

-.02 1.81

.11 3.19

.20 3.19

.60 2.54

Table IV-b-lla-6, first difference (note changes in coverage). Figures may not add to totals because of rounding.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.85

- .12

.44

.69

.68

.10

.76

-.08

.87

3.05 .73 .16 1.48 .68

2.54 .19 .22 1.54 .59

3.79 .50 .10 2.50 .69

4.08 .39 .14 2.63 .92

4.82 .72 .21 3.14 .75

5.51 .91 .24 3.58 .78

5.06 .74 .20 3.16 .96

5.04 .59 .23 3.49 .73

6.10 1.08 .27 4.27 .48

-.21 3.69

.12 2.54

.07 4.30

.11 4.88

.08 5.58

.11 5.72

0 5.82

.32 5.28

.17 7.14

1950

1951

1952

1953

1954

1955

1956

1957

1958

-.42

.42

.10

-.09

.05

.92

.09

.87

.66

3.77 .78 .78 .51 1.70

3.11 .58 .80 .19 1.54

2.00 .47 .76 .31 .46

2.67 .38 1.04 .72 .52

4.05 .55 1.42 .86 1.21

5.83 .84 1.85 1.41 1.73

4.46 .42 1.69 .84 1.51

1.52 - .45 .89 .50 .58

2.47 .14 1.26 .62 .45

.50 3.85

.48 4.01

.39 2.49

.14 2.72

-.10 4.00

.11 6.86

.42 4.97

.91 3.30

-.20 2.93

1. 2. 4. 5. c. d. e. h. 7. 8.

1. 2. 4. 5. c. d. e. h. 7. 8.

TABLE νΤΠ-b-llb Uses of Funds: Net Change in Nonfarm Nonresidential Mortgages (million dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks d. Mutual savings banks e. Savings and loan associations f. Investment companies h. Life insurance i. Fire and casualty insurance k. Other private insurance m. Other finance 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

469

543

407

359

799 528 30 35 4 191 2 6 3

793 300 64 34 8 365 6 13 3

792 254 124 29 10 344 6 12 13

559 104 84 26 4 325 4 13 -1

-6 1,262

-2 1,334

0 1,199

-2 916

Table IV-b-llb, first difference. Figures may not add to totals because of rounding.

TABLE Vm-b-12 Uses of Funds: Net Change in Farm Mortgages (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks d. Mutual savings banks h. Life insurance k. Other private insurance m. Other finance 6. State and local governments 7. Federal government 8. Total Table IV-b-12, first difference. Figures may not add to totals because of rounding.

1946

1947

1948

1949

.12

.07

.13

.08

.20 .18 0 .02 0 0

.22 .12 0 .10 0 0

.15 .05 .01 .10 0 0

.19 .04 0 .15 .01 0

-.19 .13

-.12 .17

-.06 .22

.02 .29

1950

1951

1952

1953

1954

1955

1956

1957

1958

276

274

277

344

570

622

734

613

1,028

642 207 65 41 5 303 6 18 -3

833 191 110 38

771 158 170 57 2 355

1,220 421 184 83 1 493 6 35 -1

1,399 542 91 106 1 588 8 51 14

1,662 556 153 87 -1 804 9 50 4

1,573 428 118 85 -3 897

1,768 625 172 112 -4 814

20 5

816 219 112 71 1 377 10 23 3

-1 1,047

0 1,160

0 1,790

0 2,021

0 2,396

-

1 464 6 22 3

4

3

3 29 16

33 13

0 2,186

0 2,796

-1 917

0 1,107

1950

1951

1952

1953

1954

1955

1956

1957

1958

.22

.25

.25

.20

.18

.22

.34

.24

.34

.27 .06 .01 .19 .01 0

.25 .04 0 .20 .01 0

.25 .05 .01 .18 .01 0

.21 .03 0 .18 0 0

.24 .08 0 .16 0 0

.36 .14 0 .22 0 0

.25 .04 0 .21 .01 0

.13 .03 0 .10 0 0

.19 .10 0 .08 0 0

.05 .54

.06 .56

.09 .59

.10 .51

.10 .52

.19 .77

.25 .84

.22 .59

.22 .75

493

1. 2. 4. 5. c. d. h. k. m. 6. 7. 8.

1. 2. 3. 4. 5. c. d. e. f. h. i. k. m. 6. 7. 8.

TABLE vm-b-13 Uses of Funds: Net Acquisition of U. S. Government Securities (billion dollars) 1946 1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance a. Federal Reserve Banks and Treasury monetary funds b. Govt, insurance and pension funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations f. Investment companies g. Credit unions h. Life insurance i. Fire and casualty insurance j. Noninsured pension plans k. Other private insurance m. Other finance 6. State and local governments 7. Federal government 8. Total

9. Rest of world, assets 10. Difference between obligor and holder records, all banks 11. Total liabilities

1947

1948

1949

-.49

1.82

-.23

.97

.06 -5.70 -12.09

.17 -1.20 -4.37

.22 .80 -5.76

.12 1.92 1.14

-.92 3.76 -15.83 1.10 -.41 -.05 0 1.05 .19 .18 .01 -1.17 -.62 .54 -18.30

-.79 3.75 -5.56 .20 -.27 .01 0 -1.61 .59 .16 .01 -.86 .66 .04 -2.88

.77 3.14 -6.60 -.50 -.28 -.05 -.02 -3.27 .49 .13 0 .43 .32 .10 -4.55

-4.45 2.19 4.38 -.05 0 .04 -.02 -1.46 .51 .15 0 -.15 .02 .08 4.25

- .47

.60

.08

.10

-.36 -19.13

-.16 -2.44

.40 -4.07

0 4.35

Table IV-b-13, first difference.

TABLE Vm-b-13a Uses of Funds: Net Acquisition of Short-Term U.S. Government Securities (billion dollars) 1946 1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance a. Federal Reserve Banks and Treasury monetary funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations h. Life insurance i. Fire and casualty insurance m. Other finance 6. State and local governments 7. Federal government 8. Total

9. Rest of world, assets 10. Total liabilities Table IV-b-13a, first difference. Figures may not add to totals because of rounding.

1947

1948

1949

.16

-.42

2.11

.97

-5.10 -13.52

-.90 -2.83

.90 -6.48

2.30 6.85

- .90 -13.50 .28 0 .45 .05 .10 -.10

-2.40 .40 .05 0 -.53 .15 -.50 .30

-7.50 .20 .05 - .10 .02 .35 .50 .50

-.40 7.10 - .10 0 .05 .30 - .10 .10

-18.56

-3.85

-2.97

10.22

-.54 -19.10

-.75 -4.60

.47 -2.50

.28 10.50

1950

1951

1952

1953

1954

1955

1956

1957

1958

-.33

-1.45

.23

.19

-1.53

1.76

1.11

-1.14

-2.03

-.03 2.87 -4.52

.02 .93 2.73

-.08 -.80 6.38

.10 1.58 3.85

.24 -2.29 5.25

.20 3.99 -5.71

-.11 -4.59 -2.02

.06 -.80 -.94

.09 .19 10.42

1.90 .41 -4.97 -.56 .03 .02 -.02 -1.83 .35 .21 .01 -.07 .36 -.24 -1.89

3.02 3.60 -.51 -1.05 .11 0 .02 -2.45 .13 .12 .02 -.28 .37 -.09 2.51

.90 3.92 1.80 -.40 .19 -.01 0 -.76 .34 0 .03 .37 1.08 .10 6.91

1.22 2.69 .11 -.24 .13 0 -.01 -.42 .21 .16 .01 -.01 1.31 .02 7.05

-.99 1.44 5.55 -.43 10 0 0 -.76 .11 .01 .04 .18 1.44 .13 3.24

-.15 2.40 -7.39 -.29 .32 .14 0 -.49 -.14 .30 .07 -.48 .41 .02 .67

.22 2.25 -3.04 -.49 .44 .02 .01 -1.02 -.33 -.20 .03 .09 .70 .25 -4.66

-.76 1.07 -.31 -.42 .39 0 -.01 -.53 -.21 - .27 -.01 .12 .74 .44 -1.64

2.18 -.62 7.94 -.29 .65 .14 0 .15 -.06 .03 .06 .24 -.70 -.09 7.88

1.45

-.05

1.03

.57

.43

1.17

.25

-.17

.05

.06 -.38

.29 2.75

.07 8.01

.20 7.82

-.10 3.57

.22 2.06

.34 -4.07

.09 -1.72

1952

1953

1954

1955

1956

1957

1958

.75

1.02

-1.01

1.50

2.38

-1.37

1950

1951

-1.18

-1.61

-.65

1. ο L. 3. 4. 5. a. b. c. d. e. f. g. h. i. j. k. m. 6. 7. 8. 9. 10.

.11 8.04 11.

1. 2.

3.00 -.32

.30 -9.21

-1.10 5.41

1.80 11.77

-2.60 -8.67

3.00 -8.15

-3.70 6.36

-.40 2.23

.70 .58

4.00 -4.30 -.33 0 .26 .05 O .30

-2.60 -6.40 .07 .10 .09 -.37 -.10 -.20

1.40 3.40 .08 0 - .11 .14 .50 .70

2.20 9.00 .22 0 -.07 .42 0 1.20

2.40 -10.60 -.32 0 .08 -.53 .30 0

1.30 -8.60 .10 .10 -.14 -.41 -.50 -1.60

1.40 4.80 -.02 -.10 -.13 .26 .16 2.20

-.70 1.90 .21 .30 -.03 .43 .12 1.30

-.40 .90 -.15 -.20 .27 -.08 .24 -1.10

1.80

-10.72

5.76

15.79

-11.92

-7.76

6.36

5.51

-1.19

.90 2.70

-.28 -11.00

1.24 7.00

.71 16.50

.12 -11.80

.66 -7.10

1.04 7.40

-.01 5.50

3. 4. 5. a. c. d. e. h. i. ra. 6. Tl t. 8.

-.01 9. -1.20 10.

TABLE Vm-b-13b Uses of Funds: Net Acquisition of U. S. Savings Bonds (billion dollars) 1946

1947

1948

1949

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance b. Govt, insurance and pension funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations h. Life insurance i. Fire and casualty insurance j. Noninsured pension plans k. Other private insurance 6. State and lbcal governments 7. Federal government 8. Total

1.20

1.81

1.62

1.30

.17 .34 .10 -.03 .05 0 .02 .04 .16 0

.22 .20 .98 .10 .30 .18 .10 .10 .15 .05 0

.29 .10 -.05 .02 .10 .02 .05 .05 0

1.64

2.32

3.02

1.71

9. Total liabilities

1.64

2.32

3.02

1.71

1. 2. 3. 4. 5.

.06 O

0 .38 .10 .02 .04

0 .02 .03 .17 0

.12 0

Table IV-b-13b, first difference.

TABLE Vm -b-13c Uses of Funds: Net Acquisition of Long-Term U. S. Government Securities Other Than Savings Bonds (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance a. Federal Reserve Banks and Treasury monetary funds b. Govt, insurance and pension funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations f. Investment companies g. Credit unions h. Life insurance i. Fire and casualty insurance j. Noninsured pension plans k. Other private insurance m. Other finance 6. State and local governments 7. Federal government 8. Total

9. Rest of world, assets 10. Difference between obligor and holder records, all banks 11. Total liabilities Table IV-b-13c, first difference.

1946

1947

1948

1949

-1.85

.43

-3.96

-1.30

-.60 1.05

-.30 - 1.88

-.30 -.26

-.38 -6.00

-.02 3.66 -2.35 .78 -.41 -.05 0 .58 .11 .01 .01 -1.27 -.52 .54 -1.38

1.61 3.65 -5.93 .10 -.27 .01 0 -1.10 .40 0 .01 -.36 .36 .04 -1.35

8.27 3.04 -7.10 -.73 -.28 -.05 -.02 -3.39 -.01 .08 0 -.07 -.18 .10 -4.60

-4.05 2.09 -2.67 .03 -.10 .04 -.02 -1.53 .16 .10 0 -.05 -.08 .08 -7.66

.07

1.35

-.39

-.18

-.36 -1.67

-.16 -.16

.40 -4.59

0 -7.86

1950

1951

1952

1953

1954

1955

1956

1957

1958

.45

-.55

.15

-.04

.09

.03

-.29

-2.27

-.90

1.

-.03 0 .92 .10 .29 .08 .10 .05 .11 .19 0

.02 0 .02 0 .02 0 0 0 .02 -.03 .01

-.08 0 .24 .10 .02 .01 0 .01 .01 .01 .08

.10 0 -.17 0 -.02 -.03 0 -.02 -.02 -.03 -.05

.24 0 .09 0 .01 -.01 0 -.01 -.01 .08 .03

.20 0 -.04 0 -.02 -.03 .03 -.02 -.01 .02 -.01

-.11 -.20 -.93 -.10 -.39 -.07 -.13 -.04 -.07 -.15 .02

.06 -.20 -1.40 -.10 -.47 -.15 -.08 -.10 -.17 -.34 .01

.09 -.18 -.34 -.10 -.03 -.08 0 -.03 -.07 -.01 -.02

3. 4. 5. b. c. d. e. h. i. j. k.

1.34

-.51

.31

-.11

.42

.19

-1.53

-3.81

-1.33

6. 7. 8.

1.34

-.51

.31

-.11

.42

.19

-1.53

-3.81

-1.33

9.

1950

1951

1952

1953

1954

1955

1956

1957

1958

.40

.71

-.67

-.79

-.97

2.74

-.10

-1.25

.24

-.13 -5.12

.63 11.92

.30 .73

-.22 -7.75

.31 13.83

.99 2.48

-.69 -7.45

-.20 -1.77

-.33 10.18

-2.10 .31 -.96 -.31 -.07 .02 -.02 -2.14 .19 .02 .01 -.07 .06 -.24 -5.03

5.62 3.60 5.87 -1.12 .01 0 .02 -2.54 .48 .15 .01 -.18 .57 -.09 13.74

-.50 3.82 -1.62 -.49 .19 -.01 0 -.66 .19 - .01 -.05 - .13 .38 .10 .84

-.98 2.69 -8.87 -.43 .13 0 -.01 -.33 -.19 .19 .06 -.01 .11 .02 -8.63

-3.39 1.44 16.14 -.10 .10 0 0 -.83 .65 -.07 .01 -.12 1.44 .13 14.74

-1.45 2.40 1.23 -.36 .19 .14 0 -.33 .28 .28 .08 .02 2.01 .02 8.24

-1.18 2.35 -7.45 -.40 .67 .02 .01 -.85 -.52 -.05 .01 -.06 -1.50 .25 -9.49

-.06 1.17 -1.74 -.48 .17 0 -.01 -.40 -.47 .07 -.02 0 -.56 .44 -3.34

2.58 -.52 7.07 -.06 .85 .14 0 -.09 .09 .04 .08 0 .40 -.09 10.40

.55

.23

- .21

-.14

.31

.51

-.79

-.16

.06

.06 -4.42

.29 14.26

.07 .70

.20 -8.57

-.10 14.95

.22 8.97

.34 -9.94

.09 -3.41

497

1. 2. 3. 4. 5.

b. c. d. e. f. gh. i. k. m. 6. 7. 8. 9. 10.

.11 10.57 11.

TABLE Vm-b-14 Uses of Funds: Net Acquisition of State and Local Government Securities (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance b. Govt, insurance and pension funds c. Commercial banks d. Mutual savings banks h. Life insurance i. Fire and casualty insurance k. Other private insurance m. Other finance 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

-.16

.41

.99

.61

O .18 -.10 .43 -.03 -.11 0 .01 -.02 -.13 -.02 -.13

.04 0.99 .10 .88 0 0 .08 .01 -.08 -.05 .02

.05 1.10 .15 .38 .01 .26 .21 0 .09 0 .07 2.21

.05 1.49 .21 .89 .02 .18 .22 -.01 -.02 .28 -.08 2.35

1.41

Table IV-b-14, first difference.

TABLE Vm-b-15 Uses of Funds: Net Acquisition of Other Bonds and Notes (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance b. Govt, insurance and pension funds c. Commercial banks d. Mutual savings banks f. Investment companies h. Life insurance i. Fire and casualty insurance j. Noninsured pension plans k. Other private insurance m. Other finance 6. State and local governments 7. Federal government 8. Total 9. Rest of world, assets 10. Rest of world, liabilities 11. Total liabilities Table IV-b-15, first difference.

1946

1947

1948

1949

-1.37

-.69

-.28

-.63

.04 2.55 0 .35 .17 -.02 1.81 0 .26 .06 -.08 .01

.12 3.85 .01 .06 .32 -.02 3.02 .06 .31 .06 .03 .04

.14 5.17 .06 -.20 .50 .01 4.23 .17 .35 .06 -.01 .17

.14 3.71 .15 .15 .14 .02 2.57 .09 .34 .06 .19 -.01

1.23

3.32

5.20

3.21

-.04 -.09 1.28

-.04 .02 3.26

-.05 .08 5.07

.04 -.01 3.26

1950

1951

1952

1953

1954

1955

1956

1957

1958

.38

.31

1.16

1.61

.66

1.68

1.68

2.12

1.42

1. 2.

.07 2.29 .19 1.57 0 .10 .31 -.01 .13 .30 .07 3.11

.05 1.66 .07 1.08 .06 .02 .39 -.01 .05 .12 .26 2.40

.06 1.54 .13 .99 .17 -.02 .42 0 -.15 .11 .32 3.19

.09 2.12 .24 .63 .09 .15 .75 .01 .25 .09 -.33 3.58

.33 3.49 .31 1.77 .19 .55 .78 .02 -.13 .03 -.33 4.18

.18 1.57 .34 .11 .04 .19 .79 .05 .05 .05 0 3.48

.11 1.38 .40 .20 .03 .23 .63 0 -.11 .07 .08 3.32

.15 2.33 .45 1.02 .01 .11 .62 -.02 .14 .07 .20 4.87

.13 4.11 .46 2.58 .05 .30 .71 .01 0 .05 .21 5.92

1950

1951

1952

1953

1954

1955

1956

1957

1958

.03

.07

-.15

.12

-.97

1.91

1.66

1.85

.28

3. 4. 5. b. c. d. h. i. k. m. 6. 7. 8.

1. 2.

.03 2.95 .15 .58 -.08 .04 1.83 .05 .44 .05 - .11 .06

.30 4.03 .24 -.13 .13 .05 2.71 .05 .88 .06 .04 .10

.41 5.05 .34 -.22 .37 .10 3.10 .16 1.06 .07 .07 -.07

.18 4.46 .40 -.12 .29 .01 2.71 .12 1.07 .07 -.09 .05

-.07 4.30 .49 -.14 .09 .14 2.10 .03 1.21 .06 .32 .20

3.07

4.50

5.24

4.81

0

.01 .40 4.11

.04 .02 5.26

.04 -.05 4.90

.61 2.46

.41 3.38 .59 .24 -.26 .18 1.75 -.01 .91 .02 -.04 .04

.23 3.88 .63 -.64 .13 .11 2.15 .03 1.59 .06 -.18 .01

.83 7.32 .96 .60 .74 .14 2.67 .18 1.73 .03 .27 -.10

-.26 5.95 1.15 .03 .55 .24 2.42 .09 1.51 .08 -.12 -.12

3.46

5.74

5.78

9.90

5.85

.03 -.22 3.71

-.04 -.22 5.92

.05 .41 5.42

.11 .42 9.59

.04 .43 5.46

3. 4. 5. b. c. d. f. h. i. j· k. m. 6. 7. 8. 9. 10. 11.

TABLE Vm-b-16 Uses of Funds: Net Acquisition of Preferred Stock (billion dollars) 1946 1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance b. Govt, insurance and pension funds f. Investment companies h. Life insurance i. Fire and casualty insurance. j. Noninsuredpensionplans k. Other private insurance m. Other finance 6. State and local governments 7. Federal government 8. Total domestic acquisitions 9. Rest-of-world purchases of domestic issues 10. Total domestic net issues All lines except 5k from Table IV-b-16, first difference. Line 5k, see note to Table VII-5k, line II-16.

1947

1948

1949

0

.31

.28

.01

.01 .18 0 -.01 .15 .01 .03 .01 -.01

.01 .11 0 .01 .06 0 .04 0 0

.01 .07 .01 .02 .03 -.01 .02 0 0

0 .31 0 0 .20 .06 .03 .01 .01

.19 0 .19

.43 -.01 .42

.36 -.02 .34

.32 0 .32

1950

1951

1952

1953

1954

1955

1956

1957

1958

.06

.45

.28

.03

-.01

-.14

.60

.43

.04

1.

0 .44

3. 4. 5.

2.

.01 .31 .01 .03 .19 .03 .06 0 .01

0 .13 .01 .04 -.05 .04 .09 -.01 .01

.01 .18 .01 -.05 .09 .08 .05 0 0

.0 .35 .02 .17 .04 .05 .07 0 0

.01 .41 .02 .08 .20 .05 .05 0 .01

.01 .20 .03 .11 .01 0 .05 0 0

0 -.13 .02 .08 -.19 -.08 .06 -.01 -.01

.01 -.03 .04 - .11 -.03 .02 .04 0 .01

.26 0 .26

.58 .02 .60

.47 0 .47

.38 .01 .39

.41 .02 .43

.07 .01 .08

.47 .01 .48

.41 0 .41

.06

b. f. h.

.31 .04

1. )·

-.01

.05 0 -.01

k.

m.

7. .48 8. .01 9. .49 10.

TABLE Vm-b-17 Uses of Funds: Net Acquisition of Common Stock

(billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance b. Govt, insurance and pension funds c. Commercial banks d. Mutual savings banks f. Investment companies h. Life insurance i. Fire and casualty insurance j. Nonirisured pension plans k. Other private insurance m. Other finance 6. State and local governments 7. Federal government 8. Total domestic acquisitions 9. Acquisitions from rest of world 10. Acquisitions from domestic sector 11. Rest-of-world purchases of domestic issues 12. Total domestic net issues

1946

1947

1948

1949

1.42

1.16

1.23

1.13

.09 .29

.08 .46

.09 .57

0 -.03 .01 .15 .12 .04 .05 .01 -.06

0 -.03 0 .15 .09 .13 .08 .01 .03

.08 .27 .01 .01 .10 .01 .11 .08 0 -.05

0 -.01 0 .20 .03 .06 .11 0 .18

1.80 0 1.80

1.70 -.02 1.72

1.58 .02 1.56

1.79 -.02 1.81

-.06 1.74

-.14 1.58

-.12 1.44

-.02 1.79

0

Line 1 4 5 5b 5c 5d 5f 5h 5i 5j

Line 8 minus lines 4 and 5. Estimated as 5 per cent of line 8. Sum of lines 5b through 5m. First difference of Table IV-b-17, line 5b. First difference of Table IV-b-17, line 5c. First difference of Table IV-b-17, line 5d (data assumed to be book values). Total corporate stocks (data from FRB worksheets underlying Flow of Funds/Saving Accounts 1946-1960, Supplement 5, Dec. 1961) minus preferred stocks (Table VIII-b-16, line 5f). Total corporate stocks (see source, line 5f) minus preferred stocks (Table VIII-b-16, line 5h). Total corporate stocks (see source, line 5f) minus preferred stocks (Table VIII-b-16, line 5i). 1946-50'. First difference of Table IV-b-17 line 5j, stock outstanding at book value. 1951-58: Total corporate stocks (data from FRB as in line 5f, Supplement 5, p. 50) less preferred stocks (Table VIII-b-16, line 5j).

1950

1951

1952

1953

1954

1955

1956

1957

1958

1.59

1.67

1.82

1.52

1.24

2.13

2.17

1.76

2.16

.10 .38 .01

.12 .70 .01 .01 .05 .14 .10 .11 .24

.16 1.17 .01 .01 .11 .48 .07 .10 .41 .01 -.03

0 .02 .10

.13 .09 .16 .01

I

-.14

.06

2.07 .02 2.05

2.49 - .02 2.51

0 2.05

.10 2.61

5k 5m 8 9 10 11 12

3.15 .06 3.09 0 3.09

.13 .89 .02

1.

2. 3. 4. 5.

0 -.05

.14 1.35 .02 0 .14 .22 .07 .10 .63 .01 .16

.19 1.40 .03 .01 .09 .40 .06 .17 .66 0 -.02

.19 1.53 .02 0 .04 .50 .19 .21 .82 0 -.25

.21 2.26 .04 .02 .07 .90 .07 .10 1.04 0 .02

.23 2.29 .06 .01 .09 .66 .02 .14 1.25 .01 .05

2.54 - .05 2.59

2.73 .26 2.47

3.72 .17 3.55

3.89 .11 3.78

4.23 .04 4.19

4.68 .33 4.35

7. 8. 9. 10. 11.

.05 2.64

.12 2.59

.12 3.67

.25 4.03

.14 4.33

-.07 4.28

12.

0 .09 .19 .05 .14 .45

b. c. d. f. h. i. j. k. m.

For fraternal orders: total corporate stocks (see source, line 5f) less preferred stocks (first difference of line Π-16 in Table ni-5k-l). For other subgroups: first difference of line 11-17 in Tables III-5k-2 and III-5k-3. For brokers and dealers: total corporate stocks (see source, line 5f) less preferred stocks (first difference of line 11-16 in Table m-5m-l). For other subgroups: first difference of line 11-17 in Tables III-5m-2 and III-5m-3. Sum of lines 9 and 10. Table IV-b-17a, line 11. Line 12 minus line 11. Total corporate stocks (from Treasury Bulletin, June 1959, p. 65, Table 3) minus preferred stock (Table Vm-b-16, line 9). Table IV-b-17a, line 10.

TABLE vm-b-17-1 Uses of Funds: Net Acquisition of Corporate Stock (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance b. Govt, insurance and pension funds c. Commercial banks d. Mutual savings banks f. Investment companies h. Life insurance i. Fire and casualty insurance j. Noninsured pension plans k. Other private insurance m. Other finance 6. State and local governments 7. Federal government 8. Sum of lines 9 and 10 9. Acquisitions from rest of world 10. Acquisitions from domestic sector 11. Rest-of-world purchases of domestic issues 12. Total domestic net issues Sum of Tables Vm-b-16 and Vm-b-17.

1946

1947

1948

1949

1.42

1.47

1.51

1.14

.10 .47

.09 .57

.09 .88

0 -.03 .01 .14 .27 .05 .08 .02 -.07

0 -.03 0 .16 .15 .13 .12 .01 .03

.09 .34 .02

0 -.05

0 -.01 0 .20 .23 .12 .14 .01 .19

1.99 0 1.99

2.13 -.02 2.15

1.94 .02 1.92

2.11 -.02 2.13

-.06 1.93

-.15 2.00

-.14 1.78

-.02 2.11

0 .01 .12 .04 .10 .10

1950

1951

1952

1953

1954

1955

1956

1957

1958

1.53

2.12

2.10

1.55

1.23

1.99

2.77

2.19

2.20

1. 2.

.11 .69 .02 0 .02 .13 .32 .12 .22 .01 -.15

.12 .83 .02 -.01 .05 .18 .05 .15 .33 -.01 .07

.17 1.35 .02 .01 .11 .43 .16 .18 .46 .01 -.03

.13 1.24 .04 0 .09 .36 .09 .19 .52 0 -.05

.15 1.76 .04 0 .14 .30 .27 .15 .68 .01 .17

.20 1.60 .06 .01 .09 .51 .07 .17 .71 0 -.02

.19 1.40 .04 0 .04 .58 0 .13 .88 -.01 -.26

.22 2.23 .08 .02 .07 .79 .04 .12 1.08 0 .03

.23 2.73 .12 .01 .09 .97 .06 .13 1.30 .01 .04

3. 4. 5. b. c. d. f. h.

i. j. k.

m. 6.

2.33 .02 2.31

3.07 -.02 3.09

3.62 .06 3.56

2.92 -.05 2.97

3.14 .26 2.88

3.79 .17 3.62

4.36 .11 4.25

4.64 .04 4.60

5.16 .33 4.83

0 2.31

.12 3.21

0 3.56

.06 3.03

.14 3.02

.13 3.75

.26 4.51

.14 4.74

-.06 4.77

7. 8. 9. 10. 11.

TABLE vm-b-20 Uses of Funds: Net Change in Other Intangible Assets (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance a. Federal Reserve Banks and Treasury monetary funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations f. Investment companies h. Life insurance i. Fire and casualty insurance j. Noninsured pension plans k. Other private insurance m. Other finance 6. State and local governments 7. Federal government 8. Total 9. U.S. direct investment abroad 10. Subscriptions to IMF and IBRD 11. Line 8 minus lines 9 and 10 12. Discrepancy 13. Liabilities All lines except line 5k, from Table IV-b-20. Line 5k, see note to Table VII-5k, line Π-20.

1946

1947

1948

1949

-.01

.01

-.01

-.01

.16 -.46 1.24

.17 1.87 1.68

.17 .93 -.06

.18 .86 .73

.38 .78 0 0 .01 .07 -.02 .03 0 -.02

.46 1.12 0 0 -.01 .06 .02 .03 0 0

-.09 -.26 .01 .08 .02 .15 .01 .03 0 -.01

.04 .40 .02 .14 -.02 .09 .02 .03 0 .01

.90 1.83 .51 0 1.32 .53 1.85

2.19 5.92 1.14 3.06 1.72 1.18 2.90

.77 1.80 1.25 0 .55 2.23 2.78

-2.09 -.33 1.08 0 -1.41 2.21 .80

1950

1951

1952

1953

1954

1955

1.

.17 5.99 1.99

.17 6.64 1.13

.22 1.00 1.40

3! 4. 5.

1.57 2.97 .02 .04 .03 .21 .04 .06 .01 .02

.21 .94 .02 .20 -.02 .31 .04 .24 .01 .04

.04 .21 .03 .34 .01 .26 .08 .11 .01 .04

-.14 .96 .02 .27 .01 .20 0 .05 .01 .03

4.02 13.96 1.68 0 12.28 -3.65 8.63

-1.21 6.95 2.87 .04 4.04 1.51 5.55

-1.49 6.45 3.06 0 3.39 1.38 4.77

-2.26 .36 1.84 0 -1.48 3.68 2.20

-.23

-.01

0

.22 .56 4.19

.20 1.02 .67

.24 2.98 1.00

.15 2.63 .56

.24 4.93 .62

.14 4.83 4.97

1.34 2.44 .02 .02 .01 .26 .02 .03 0 .04

-.35 .58 .05 .15 0 .18 .05 .03 0 -.02

.36 .12

.18 .04 .08 .01 .01

-.03 .01 .03 .23 0 .12 .06 .11 .01 .02

-.28 .26 .01 .27 0 .20 .05 .11 0 0

7.47 12.21 1.09 0 11.12 - 1.85 9.27

4.62 6.28 1.30 0 4.98 3.28 8.26

-3.16 .83 1.73 0 -.90 1.88 .98

.53 3.86 1.51 0 2.35 .56 4.01

-3.13 2.66 1.30 0 1.36 .68 2.04

.21

0

507

1958 0

-.23

0

1957 0

-.23

0

1956 .01

c. d. e. f. h. i. ik. m. 6. l'.

8. 9. 10. 11. 12. 13.

TABLE νπΐ -c-l

Sources of Funds: Net Change in Currency and Demand Deposits (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance a. Federal Reserve Banks and Treasury monetary funds c. Commercial banks 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

-14.88

9.61

2.08

-2.69

.14 -15.02

5.97 3.64

3.93 -1.85

-4.56 1.87

.13 -14.75

-.03 9.58

-.01 2.07

-.02 -2.71

Table IV-c-1, first difference.

TABLE VIII-c-2 Sources of Funds: Net Change in Other Bank Deposits and Shares (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks d. Mutual savings banks e. Savings and loan associations g. Credit unions 6. State and local governments 7. Federal government 8. Total Table IV-c-2, first difference.

1946

1947

1948

1949

6.55 3.83 1.49 1.17 .06

3.59 1.43 .88 1.20 .08

2.57 .63 .64 1.21 .09

2.98 .50 .88 1.50 .10

.36 6.91

.14 3.73

-.07 2.50

-.14 2.84

1950

1951

1952

1953

1954

1955

1956

1957

1958 1. 2.

9.35

10.93

6.98

-.35

2.70

6.72

3.98

-.74

4.25

-.43 9.78

3.08 7.85

1.95 5.03

-.71 .36

-1.55 4.25

.56 6.16

.78 3.20

.91 -1.65

-2.40 6.65

-.02 9.33

.04 10.97

.04 7.02

.03 -.32

.03 2.73

.01 6.73

.02 4.00

.03 -.71

.04 4.29

1950

1951

1952

1953

1954

1955

1956

1957

1958

3. 4. 5. a. c. 6. 7. 8.

1. 2.

2.64 .23 .74 1.52 .15

4.92 1.73 .88 2.12 .19

8.13 3.07 1.70 3.09 .27

9.15 3.40 1.77 3.65 .33

10.49 3.81 1.94 4.40 .34

8.45 1.33 1.83 4.89 .40

9.41 2.07 1.87 5.01 .46

12.33 5.45 1.66 4.76 .46

16.93 8.04 2.35 6.07 .47

-.27 2.37

-.22 4.70

- .16 7.97

-.19 8.96

-.23 10.26

-.25 8.20

-.25 9.16

-.32 12.01

-.20 16.73

3. 4. 5.

C 0. 7. 8.

c. d. e. g·

TABLE Vm-c-3 Sources of Funds: Life Insurance Policy Reserves (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance h. Life insurance k. Other private insurance 6. State and local governments 7. Federal government a. Total

1946

1947

1948

1949

3.78 3.69 .09

3.58 3.47 .11

3.83 3.74 .09

4.08 3.95 .13

3.78

3.58

3.83

4.08

Line 5 5h

Sum of lines 5h and 5k. First differences of line 5h in Table IV-c-3 adjusted for capital gain or loss accruing to policy holders of mutual companies which purchased common stock. About three-fifths of all policy holders reserves were issued by mutual companies. These policy holders own and control the mutual insurance organizations. ( See Life Insurance Fact Book·. 1960, p. 15.) The method of adjustment is shown in Table Vm-c-3a.

TABLE VHI-C-3a Sources of Funds: Adjustment for Capital Gain or Loss, Life Insurance Companies Common Stock

Net Changes Net Changes Amount Due to in Holding Price Changes at Cost (billion dollars) (billion dollars) (billion dollars) (1) (3) Year (2) 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 Col, 1: Col. 2: Col. 3: Col. 4:

.10 .08 .01 .09 .19 .17 .14 .08 .50 .35 .06 -.08 .68

.12 .09 .01 .03 .13 .10 .07 .05 .07 .06 .19 .07 .02

-.02 -.01 0 .06 .06 .07 .07 .03 .43 .29 -.13 -.15 .66

Changes in Holding of Common Stock Due to Price Changes (per cent) (4) -11.1 -3.6 0 16.2 13.0 10.8 8.5 3.1 41.3 18.8 -6.9 -7.7 35.3

Table III-5h, line 11-17, first difference. Table VIII-b-17, line 5h. Col. 1 minus col. 2. This is the difference between the market value and the value at original cost. Col. 3 as per cent of line 11-17 in Table III —5h, lagged by one year.

1950

1951

1952

1953

1954

1955

1956

1957

1958 1. 2.

4.29 4.16 .13

4.25 4.11 .14

5.09 4.93

5.14 4.96

5.61 5.41

5.67 5.45

.16

.18

.20

.22

5.59 5.42 .17

5.25 5.23

5.64 5.42

.02

.22

3. 4. 5.

6.

7. 4.29

4.25

5.14

5.09

5.61

5.67

5.59

5.25

5.64

8.

Line 5k 8

First difference of line 5k in Table IV-c-3 adjusted for capital gain or loss accruing to policy holders of fraternal orders which purchased common stock and tangible assets. The reason for adjustment of policy holdings is given in Table m-5k-l, line m-3. Same as line 5.

Common Stocks Price Index: Percentage Changes from Year to Year (5)

Net Changes in Policy Reserves Holdings (6)

Adjusted Net Changes in Policy Holdings (7)

-11.9 -3.2 -1.0 11.4 22.2 12.9 6.9 -2.2 38.1 21.9 3.7 -10.5 34.0

3.67 3.46 3.74 4.01 4.22 4.18 5.00 4.99 5.84 5.74 5.29 5.08 6.08

3.69 3.47 3.74 3.95 4.16 4.11 4.93 4.96 5.41 5.45 5.42 5.23 5.42

Col. 5: Col. 6: Col. 7:

Standard St Poor Common Stock Price Index. See Goldsmith and Lipsey, Studies in the National Balance Sheet, Vol. I, Part Two, Table 39. Table III-5h, line III—3, first difference. Col. 6 minus col. 3.

TABLE Vm-c-4 Sources of Funds: Private Pension and Retirement Funds (billion dollars)

1. 2. 3. 4. 5.

Noniarm households Noniarm unincorporated business Agriculture Nonfinancial corporations Finance j. Noninsured pension plans 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

.57 .57

.65 .65

.65 .65

.71 .71

.57

.65

.65

.71

1946-50: First differences of line 5j In Table IV-c-4 which estimates common stock at book value.

TABLE

vm-c-4a

Sources of Funds: Adjustment for Capital Gain or Loss, Noninsured Pension Funds Common Stock

Year

Net Changes in Holdings (billion dollars) (1)

Net Purchases at Cost (billion dollars) (2)

Amount Due to Price Changes (billion dollars) (3)

1951 1952 1953 1954 1955 1956 1957 1958

.36 .52 .41 1.50 1.61 .88 .41 3.71

.24 .41 .45 .63 .66 .82 1.04 1.25

.12 .11 -.04 .87 .95 .06 -.63 2.46

Col. 1: Col. 2: Col. 3: Col. 4:

Table III—5i, line 11-17, first differences. Table VIII-b-17, ine 5i. Col. 1 minus col. 2. This is the difference between market value and the value at cost. Col. 3 as per cent of line 11-17 in Table III-5j, lagged by one year.

1950

1951

1952

1953

1954

1955

1956

1957

1958 1. 2.

.97 .97

1.45 1.45

1.61 1.61

1.94 1.94

2.05 2.05

2.06 2.06

2.89 2.89

2.61 2.61

3.06 3.06

3. 4. 5. j. 6.

.97

1.45

1.61

1.94

2.05

2.06

2.89

2.61

1951-58: First differences of line 5j in Table IV-c-4 adjusted for capital gain or loss due to the purchase and holding of common stock by pension funds (see Table VIII-c-4a).

Changes In Holding of Common Stock Due to Price Changes (per cent) (4) 17.9 10.6 -2.6 44.3 27.5 11.8 -10.6 38.7 Col. 5: Col. 6: Col. 7:

Common Stocks Price Index: Percentage Changes from Year to Year (5) 12.9 6.9 -2.1 38.1 21.9 3.7 -10.5 34.0

Net Changes in Pension Reserves Holdings (6)

Adjusted Net Changes in Pension Holdings

1.57 1.72 1.90 2.92 3.01 2.67 2.26 5.52

1.45 1.61 1.94 2.05 2.06 2.61 2.89 3.06

CD

Standard & Poor Common Stock Price Index. See Goldsmith and Lipsey, National Balance Sheet, Vol. I, Part Two. Table 39. Table IV-c-4, line 5j, first differences. Col. 6 minus col. 3.

3.06

7. 8.

TABLE VIII-c-5 Sources of Funds: Net Change in Government Pension and Insurance Funds (billion dollars)

1. Nonfarm households 2. Nonfarm unincorporated business 3. Agriculture 4. Nonfinancial corporations 5. Finance b. Govt, insurance and pension funds 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

3.67 3.67

3.88 3.88

3.48 3.48

2.54 2.54

3.67

3.88

3.48

2.54

Table IV-c-5, first difference.

TABLE Vni-c-6 Sources of Funds: Net Change in Consumer Debt (billion dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total

1946

1947

1948

1949

2.65

3.19

2.80

2.95

.11

.10

.09

-.01

2.76

3.29

2.89

2.94

Table IV-c-6, first difference

TABLE Vm-c-7 Sources of Funds: Net Change in Trade Debt (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance g. Credit unions 6. State and local governments 7. Federal government 8. Total Table IV-c-7, first difference.

1946

1947

1948

1949

.07 -.09 .20 3.73 -.01 -.01 .15 -2.00 2.05

.09 -.53 .20 4.64 .01 .01 .15 -.70 3.86

.08 .76 .30 .44 .01 .01 .15

.04 .22 .20 -1.34 .02 .02 .10 0 -.76

0 1.74

1950

1951

1952

1953

1954

1955

1956

1957

1958 1. 2.

1.31 1.31

4.07 4.07

4.35 4.35

3.38 3.38

2.69 2.69

3.24 3.24

3.58 3.58

2.85 2.85

1.23 1.23

1.31

4.07

4.35

3.38

2.69

3.24

3.58

2.85

1.23

1950

1951

1952

1953

1954

1955

1956

1957

1958

3.99

1.35

4.70

3.93

1.01

6.26

3.70

2.86

.02

.19

-.01

.09

-.01

.09

.19

- .01

-.02

.18

4.18

1.34

4.79

3.92

1.10

6.45

3.69

2.84

.20

1950

1951

1952

1953

1954

1955

1956

1957

1958

.10 .74 .20 8.01 .01 .01 .10 1.10 10.26

0 - .69 .40 2.28 -.01 - .01 0 1.60 3.58

.24 .31 .10 3.59 .04 .04 .10 .10 4.48

.06 1.10 -.20 .16 .02 .02 .10 -.20 1.04

.10 1.32 0 3.40 .01 .01 .15 -.23 4.75

.12 .60

.17 .94

.14 .68 .10 2.02 .01 .01 .05 .16 3.16

.10 .22 .10 6.28 .02 .02 .15 .06 6.93

0 10.24 .02 .02 .15 -.09 11.04

0 5.61 .03 .03 .10 .33 7.18

3. 4. 5. b. 6. 7. 8.

1. 2. 3. 4. 5. ε· 6. 7. 8.

TABLE vm-c-8

Sources of Funds: Net Change in Loans on Securities (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance h. Life insurance m. Other finance 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

-1.48

-.06

-.12

.32

-.91 -2.04 -.37 -1.67

-.33 -.71 0 -.71

-.16 .51 0 .51

0 .45 0 .45

-4.43

-1.10

.23

.77

Table IV-c-8, first difference.

TABLE Vni-c-9 Sources of Funds: Net Change in Bank Loans, N. E. C. (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks d. Mutual savings banks e. Savings and loan associations 1. Finance companies 6. State and local governments 7. Federal government 8. Total Table IV-c-9, first difference.

1946

1947

1948

1949

-.29 1.45 .25 2.98 .59 -.17 0 -.03 .79

-.25 2.22 .30 1.66 .62 .02 0 0 .60

.10 -.70 .36 1.06 .46 -.01 0 -.04 .51

0 -.29 .10 -1.93 .39 -.04 0 0 .43

-.21 4.77

-.03 4.52

.85 2.13

.08 -1.65

1951

1952

1953

1954

1955

1956

1957

1958

.78

-.15

.21

.52

1.28

.75

-.05

-.46

1.32

0 .07 0 .07

0 -.19 0 -.19

0 .30 0 .30

0

.67

.32

0 -.62 0 -.62

0 .10 0 .10

.85

-.34

.69

.82

1.95

1.07

-.67

-.36

1.66

1950

1951

1952

1953

1954

1955

1956

1957

1958

.27 2.13 .47 2.15 1.06 .07 0 .01 .98

- .01 - .80 .60 4.96 -.04 -.06 0 .01 .01

-.06 .48 .07 1.19 .91 .16 0 -.01 .76

-.08 -.19 -.43 -.16 -.14 -.13 0 0 -.01

.12 1.11 .17 -1.22 0 -.03 0 0 .03

.68 1.49 .38 2.27 2.75 .13 0 .05 2.57

.13 .67 -.03 5.38 -.63 -.08 0 -.01 -.54

.21 -.09 .32 2.06 -.37 0 0 - .01 -.36

.42 1.82 .56 -.88 -1.08 -.01 .01 .04 -1.12

1. 2. 3. 4. 5.

- .62 5.46

-.09 4.62

.43 3.02

1.48 .48

.07 .25

-1.10 6.47

-.29 5.23

- .42 1.71

.35 1.19

7. 8.

CO

1950

0 .67

0

.32 0

00

517

0 .34 0 .34

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

c. d. e. 1.

TABLE

vm-c-9a

Sources of Funds: Net Change in Short-Term Bank Loans (billion dollars)

• 1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks d. Mutual savings banks e. Savings and loan associations 1. Finance companies 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

-.29 1.15 .25 1.49 .59 -.17 O -.03 .79

- .25 2.02 .30 .61 .62 .02 0 0 .60

.10 -.75 .36 .56 .46 -.01 0 -.04 .51

0 -.30 .10 -1.06 .39 -.04 0 0 .43

-.21 2.98

- .03 3.27

.85 1.58

.08 -.79

1949

Table IV-c-9a, first difference.

TABLE Vm-c-9b Sources of Funds: Net Change in Long-Term Bank Loans (billion dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total

1946

1947

1948

.30

.20

.05

.01

1.49

1.05

.50

-.87

1.79

1.25

.55

-.86

1948

1949

.13 .65 .08 .17

Table IV-c-9b, first difference.

TABLE vm-c-io Sources of Funds: Net Change in Other Loans (billion dollars) 1946 1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks e. Savings and loan associations m. Other finance 6. State and local governments 7. Federal government 8. Total Table IV-c-10, first difference. Figures may not add to totals because of rounding.

1947

-.07 .34 .02 .01 .22 -.07 .19 .10

.05 .46 .03 .14 .19 - .05 .20 .04

0 -.03 .04 -.01

.19 .09 .03 .08 .08 -.02 -.04 .14

.52

.87

1.03

.47

1950

1951

1952

1953

.27 1.93 .47 1.50 1.06 .07 0 .01 .98

-.01 -1.10 .60 4.12 -.04 -.06 0 .01 .01

-.06 .38 .07 .05 .91 .16 0 -.01 .76

-.08 -.27 -.43 .08 -.14 -.13 0 0 -.01

-.62 4.61

-.09 3.48

.43 1.78

1950

1951

.20 .65

1954

1955

1956

1957

1958

.12 1.06 .17 -1.20 0 -.03 0 0 .03

.68 1.30 .38 1.04 2.75 .13 0 .05 2.57

.13 .35 -.03 2.73 -.63 -.08 0 -.01 -.54

.21 -.23 .32 .66 -.37 0 0 -.01 -.36

.42 1.80 .56 -1.38 -1.08 -.01 .01 .04 -1.12

1.48 .64

.07 .22

-1.10 5.05

-.29 2.26

1952

1953

1954

1955

1956

1957

1958

.30

.10

.08

.05

.19

.32

.14

.02

.84

1.14

-.24

-.02

1.23

2.65

1.40

. 50

-.42 .17

.35 .67

1. 2. 3. 4. 5. c. d. e. 1. 7. 8.

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

.85

1.14

1.24

-.16

.03

1.42

2.97

1.54

.52

1950

1951

1952

1953

1954

1955

1956

1957

1958

.18 .36 .06 .13 .99 -.02 .52 .49

.20 .50 .11 .15 .05 -.01 0 .06

.12 .31 .08 .09 -.03 -.03 .15 -.15

.21 .10 -.02 .34 .04 -.01 .14 -.09

.24 .18 .10 -.27 .68 -.02 .15 .55

.18 1.01 .05 .46 .48 -.01 .68 -.19

.27 .09 .08 -.15 -.19 0 -.21 .03

.35 .33 .22 .37 .31 .30

.35 .12 .23 -.15 1.02 0 .31 .72

1.72

1.01

.57

.67

.93

2.18

.10

1.58

1.57

0 0

7. 8.

1. 2. 3. 4. 5. c. e. m. 7. 8.

TABLE Vm-c-11 Sources of Funds: Net Change in Mortgage Liabilities (million dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total

9. Farm mortgages 10. Nonfarm mortgages 11. Life insurance holdings of foreign farm mortgages 12. Life insurance holdings of foreign nonfarm mortgages

1946

1947

1948

1949

4,255 516 137 1,315

4,931 588 167 1,472

5,142 602 224 1,313

4,258 530 291 1,399

6,223

7,158

7,281

6,478

137 6,086

167 6,991

224 7,057

291 6,187

Table IV-c-11, first difference.

TABLE Vm-c-lla Sources of Funds: Net Change in Nonfarm Residential Mortgages, One-to Four-Family (million dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total

1946

1947

1948

1949

4,190

4,888

5,097

4,236

253

277

-17

104

4,443

5,165

5,080

4,340

Table IV-c-lla, first difference.

TABLE Vm-c-llb Sources of Funds: Net Change in Nonfarm Residential Mortgages, Multifamily (million dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total Table IV-c-llb, first difference.

1946

1947

1948

1949

76

98

167

186

305

394

611

745

381

492

778

931

1950

1951

1952

1953

1954

1955

1956

1957

1958

7,267 570 539 1,807

6,778 653 558 1,450

6,724 520 587 1,288

7,648 553 509 1,198

9,373 744 517 1,757

12,535 905 777 2,004

11,003 1,017 842 1,877

8,698 928 599 1,728

9,988 1,358 747 3,191

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

7. 8.

10,183

9,439

9,119

9,908

12,391

16,221

14,739

11,953

15,284

539 9,644

558 8,881

587 8,532

509 9,399

517 11,874

777 15,444

842 13,897

599 11,354

747 9. 14,537 10. 11.

1

1

1

0

1

1

0

0

45

42

39

39

55

92

123

76

1950

1951

1952

1953

1954

1955

1956

1957

1958

7,235

6,742

6,686

7,608

9,302

12,460

10,920

8,633

9,894

1.

175

3. 4. 5.

12. 75

2.

316

-201

103

-14

281

113

-133

-53

6.

7,551

6,541

6,789

7,594

9,583

12,573

10,787

8,580

10,069

1950

1951

1952

1953

1954

1955

1956

1957

1958

235

246

139

129

101

171

142

118

334

941

987

557

516

403

679

572

469

1,338

1,176

1,233

696

645

504

850

714

587

1,672

7. 8.

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

TABLE Vm-c-llc Sources of Funds: Net Change in Nonfarm Nonresidential Mortgages (million dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total

1946

1947

1948

1949

65 440

43 490

45 435

22 344

757

801

719

550

1,262

1,334

1,199

916

Table IV-c-llc, first difference.

TABLE Vm -c-lld Sources of Funds: Net Change in Farm Mortgages (million dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government Total Table IV-c-lld, first difference.

1946

1947

1948

1949

137

167

224

291

137

167

224

291

1950

1951

1952

1953

1954

1955

1956

1957

1958

32 335

36 407

38 381

40 424

71 643

75 734

83 875

65 810

94 1,024

550

664

628

696

1,073

1,212

1,438

1,312

1,678

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

917

1,107

1,047

1,160

1,787

2,021

2,396

2,187

2,796

1950

1951

1952

1953

1954

1955

1956

1957

1958

539

558

587

509

517

777

842

599

747

539

558

587

509

517

777

842

599

747

7. 8.

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

TABLE VIH- C - 12 Sources of Funds: Net Change in Other Bonds and Notes (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance 1. Finance companies 6. State and local governments 7. Federal government a. Direct and guaranteed b. Nonguaranteed 8. Total

1946

1947

1948

1949

.88 .26 .26 -.13 -18.99 -19.13 .14 -17.98

2.84 .28 .28 1.41 -2.30 -2.44 .14 2.23

4.23 .58 .58 2.21 -3.81 -4.07 .26 3.21

2.90 .52 .52 2.35 4.19 4.35 -.16 9.96

Table IV-c-12, first difference.

TABLE Vm-c-13 Sources of Funds: Net Change in Other Liabilities (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance a. Federal Reserve Banks and Treasury monetary funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations h. Life insurance i. Fire and casualty insurance k. Other private insurance m. Other finance 6. State and local governments 7. Federal government 8. Total

1946

1947

1948

1949

.42 1.39

2.74 .12

1.77 .95

-.66 1.30

.41 .21 .02 .03 .06 .75 .02 -.11

-1.04 .15 .02 -.03 .08 .99 .01 -.06

-.15 .16 0 .02 .04 .84 .01 .03

.30 .17 .02

.08 .77 .02 -.06

.04 1.85

.04 2.90

.06 2.78

.16 .80

All lines except line 5k—from Table IV-c-13, first difference. Line 5k—see note to line ΙΠ-13, Table VII-5k. Figures may not add to totals because of rounding.

0

1950

1951

1952

1953

1954

1955

1956

1957

1958

1.61 .42 .42 3.11 .05 -.38 .43 5.19

3.30 .57 .57 2.41 2.99 2.75 .24 9.27

4.72 .54 .54 3.18 8.01 8.01 0 16.45

3.35 1.58 1.58 3.58 7.79 7.82 -.03 16.30

3.54 .19 .19 4.18 3.55 3.57 -.02 11.46

2.77 1.63 1.63 3.48 3.58 2.06 1.52 11.46

3.67 1.19 1.19 3.32 -3.51 -4.07 .56 4.67

6.35 1.13 1.13 4.87 .39 -1.72 2.11 12.74

5.92 .01 .01 5.92 7.57 8.04 -.47 19.42

1950

1951

1952

1953

1954

1955

1956

1957

1958

7.37 1.90

6.94 1.17

-1.40 2.12

2.23 1.57

.32 1.44

6.55 2.11

3.39 2.06

2.56 2.14

.19 1.74

.25 .58 .03 .05 .11 .72 .01 .15

-.32 .40 .01 .02 .07 .85 .01 .13

.54 .24 .01 .01 .08 1.08 .02 .14

.06 .11 .05 .03 .10 1.10 .01 .11

-.14 .34 .07 .06 .08 .69 .02 .32

.87 .02 .05 .03 .14 .78 .02 .20

.05 .55 .03 .03 .19 .66 .01 .54

.07 .37 .08 .12 .17 1.05 .02 .26

.27 -.05 .09 .10 .13 .84 .03 .33

0 9.27

.15 8.26

.26 .98

.21 4.01

.28 2.04

-.03 8.63

.10 5.55

.07 4.77

.27 2.20

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

2. 3. 4. 5. a. c. d. e. h. i. k. m. 6. 7. 8.

TABLE Vm-d-1

Sources of Funds: Net Issue of Common Stock (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance c. Commercial banks f. Investment companies h. Life insurance i. Fire and casualty insurance 1. Finance companies 6. State and local governments 7. Federal government 8. Total domestic issues

1946

1947

1948

1949

1.49 .25 .05 .16 .02 .02 n.a.

1.32 .26 .04 .17 .01 .02 .02

1.29 .15 .02 .14 -.01 0 0

1.42 .37 .01 .26 .03 .05 .02

1.74

1.58

1.44

1.79

Line 4 5 5c 5f 5h 5i

Line 8 less line 5. Sum of lines 5c through 51. Table IV-b-17a, line 7. 1946-47: Irwin Friend, Individual Saving, New York, 1954, pp. 235 and 242. 1948-58: SEC worksheets of March 12, 1959, Domestic Corporate Securities Issued and Retired. See note to Table IV-b-17a, line 8. Same as line 5h.

TABLE Vni-d-2 Sources of Funds: Net Issue of Preferred Stock (billion dollars) 1946

1947

1948

1949

.19 n.a. n.a.

.42 0 0

.29 .05 .05

.29 03 03

.19

.42

.34

.32

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance 1. Finance companies 6. State and local governments 7. Federal government 8. Total Line 4 51 8

Line 8 less line 51. Obtained by the same method as Table VHI-d-1, line 51. Table Vm -b-16, line 10.

1950

1951

1952

1953

1954

1955

1956

1957

1958 1. 2.

3. 1.60 .45 .07 .25 .06 .06 .01

2.05 .56 .14 .40 .01 0 .01

2.33 .76 .14 .55 .02 .02 .03

1.94 .70 .11 .43 .06 .04 .06

1.81 .78 .23 .46 .04 .03 .02

2.55 1.12 .14 .76 .06 .08 .08

2.60 1.43 .40 .91 .09 .02 .01

2.94 1.39 .36 .98 .06 .02 -.03

2.59 1.69 .13 1.50 .06 -.01 .01

2.05

2.61

3.09

2.64

2.59

3.67

4.03

4.33

4.28

51

8

1950

.24 .02 .02

.26

NBER sample of 70 finance companies in Richard T. Selden, "Trends and Cycles in the Commer­ cial Paper Market" (forthcoming occasional paper). Figures as they were available in January 1962. The sample covers 90-95 per cent of all finance companies as measured in term of total assets. The total assets of the ten largest companies were $6,961 million, or 85 per cent of total assets ($8,068 million) of the sampled companies in 1953; they were therefore about 75 per cent of total assets of all companies. This same ratio was applied to common stock out­ standing of the ten largest companies. The common stocks outstanding were recorded at book value; the net issues of common stock were computed as first difference of common stock out­ standing. Table IV-b-17a, line 10.

1951

.64 -.04 -.04

.60

1952

.45 .02 .02

.47

1953

.39 0 0

.39

1954

.50 -.07 -.07

.43

1955

0 .08 .08

.08

1956

.46 .02 .02

.48

1957

.37 .04 .04

.41

1958

.49 0 0

.49

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

TABLE vm-d-3

Sources at Funds: Gross Saving, Inventories at Book Value (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance a. Federal Reserve Banks and Treasury monetary funds c. Commercialbanks d. Mutual savings banks e. Savings and loan associations f, Investment companies g. Credit unions h. Life insurance i. Fire and casualty insurance 1. Finance companies m. Other finance 6. State and local governments 7. Federal government (civil) 8. Total

9. Federal government (military) 10. Total, including military

1946

1947

1948

1949

32.97 3.63 7.70 12.21 1.26

33.74 3.21 8.59 18.89 1.30

34.14 4.76 5.72 18.43 1.91

34.76 3.13 3.22 15.36 1.43

.08 .70 .21 .15 -.04 .01 .30 -.17 .14 - .12 2.31 .48 60.56

.02 .62 .11 .16 .04 .01 .05 .18 .20 -.09 3.04 8.81 77.58

.06 .73 .36 .16 .02 .01 -.02 .29 .24 .06 3.01 8.50 76.47

.06 .63 .12 .12 .01 -.10 .29 .25 .05 4.07 -2.09 59.88

3.27 63.83

2.37 79.95

2.37 78.84

3.21 63.09

1949

0

Line 1 through 7 8

From line IV-3 of corresponding Tables VII-I through VTI-7. Sum of lines 1 through 7.

TABLE vm-d-3b Sources of Funds: Net Saving, Inventories at Book Value (billion dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total

9. Federal government (military) 10. Total, including military

1946

1947

1948

20.76 1.98 5.20 5.21 .97 .04 -.76 33.40

18.32 1.14 5.43 10.24 1.00 .24 7.34 43.71

15.94 2.29 1.95 8.37 1.64 -.21 6.98 36.96

15.07 .37 -.99 4.16 1.34 .80 -3.35 17.40

-12.89 20.51

-13.29 30.42

-11.09 25.87

-8.01 9.39

Grose saving (Table Vm-d-3) minus depreciation (Table Vm-a-7 minus Table vm-a-7b).

1950

1951

1952

1953

1954

1955

1956

1957

1958

42.61 4.86 11.51 23.00 1.89

51.54 7.49 10.51 18.82 1.15

53.44 3.86 1.60 20.42 1.49

56.90 4.98 3.56 21.76 1.65

56.95 2.71 6.23 23.48 2.17

64.54 4.17 4.35 29.33 1.84

71.87 6.73 6.28 27.43 1.75

73.26 7.20 8.06 29.34 1.77

73.65 4.81 11.90 19.27 2.87

.03 .72 .15 .20 .03 .01 .01 .19 .54 .01 4.57 8.48 96.92

.02 .66 .10 .22 -.15 .02 .04 .13 .10 .01 5.97 3.56 99.04

.06 .64 .06 .18 -.03 .02 -.09 .23 .49 -.07 6.65 -5.38 82.08

.03 .65 .09 .27 -.01 .03 .06 .33 .11 .09 7.44 -5.20 91.09

.01 .87 .13 .27 -.02 .02 -.12 .44 .40 .17 7.87 -4.19 95.22

.05 .73 .14 .35 .09 .05 -.04 .15 .45 -.13 8.26 3.92 116.41

.07 .85 .13 .38 -.20 .04 .06 -.06 .47 .01 9.18 4.15 127.39

.04 .84 .10 .35 -.03 .07 -.04 -.10 .54 0 10.10 1.60 131.33

.03 1.04 .17 .40 -.17 .09 -.08 .27 .85 .27 9.73 -5.79 116.44

4.19 101.11

9.66 108.70

19.70 101.78

21.83 112.92

18.36 113.58

16.34 132.75

17.42 144.81

18.34 149.67

18.72 9. 135.16 10.

1.

2. 3. 4. 5. 21. C.

d. e.

f. g·

h. i. 1.

m. 6. 7. 8.

Line 9 10

Table VII-7-1, line IV-3, minus Table VH-7, line IV-3. Sum of lines 8 and 9.

1950

1951

1952

1953

1954

1955

1956

1957

1958

20.77 1.80 6.95 10.96 1.59 1.19 7.40 50.66

25.99 3.90 5.11 5.52 .77 2.26 2.46 46.01

26.12 -.01 -4.20 5.99 1.33 2.57 -6.50 25.30

28.00 .82 -2.27 6.56 1.36 3.14 -6.38 31.23

26.98 -1.67 -.03 7.59 1.94 3.42 -5.40 32.83

32.12 -.52 -2.07 11.53 1.48 3.47 2.69 48.70

36.48 1.60 .10 8.35 1.31 3.88 2.86 54.58

34.55 1.57 .94 8.74 1.39 4.30 .41 51.90

33.02 -1.18 4.53 -2.06 2.62 3.52 -6.92 33.53

-5.87 44.79

-.53 45.48

8.09 33.39

7.74 38.97

2.68 35.51

.12 48.82

.36 54.94

.50 52.40

1.

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

3.91 9. 37.44 10.

TABLE vm-d-3d

Sources of Funds: Gross Saving, Inventories at Adjusted Value (billion dollars)

1. 2. 3. 4. 5.

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance a. Federal Reserve Banks and Treasury monetary funds c. Commercial banks d. Mutual savings banks e. Savings and loan associations f. Investment companies g. Credit unions h. Life insurance i. Fire and casualty insurance 1. Finance companies m. Other finance 6. State and local governments 7. Federal government (civil) 8. Total

9. Federal government (military) 10. Total, including military

1946

1947

1948

1949

32.97 1.92 4.22 6.94 1.26

33.74 1.74 3.46 12.99 1.30

34.14 4.35 7.49 16.28 1.91

34.76 3.59 5.13 17.21 1.43

.08 .70 .21 .15 - .04 .01 .30 -.17 .14 -.12 2.31 .48 50.10

.02 .62 .11 .16 .04 .01 .05 .18 .20 -.09 3.04 8.81 65.08

.06 .73 .36 .16 .02 .01 -.02 .29 .24 .06 3.01 8.50 75.68

.06 .63 .12 .12 .01 - .10 .29 .25 .05 4.07 -2.09 64.10

3.27 53.37

2.37 67.45

2.37 78.05

3.21 67.31

1949

0

Line 1 and 5 through 7 2 through 4 8

From line IV-3 of corresponding Tables VII-I through VII-7. From note to corresponding lines in Table VII-2 through VII-4. Sum of lines 1 through 7.

TABLE Vm-d-3e Sources of Funds: Net Saving, Inventories at Adjusted Value (billion dollars)

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

Nonfarm households Nonfarm unincorporated business Agriculture Nonfinancial corporations Finance State and local governments Federal government (civil) Total

9. Federal government (military) 10. Total, including military Gross Saving (Table

1946

1947

1948

20.76 .27 1.72 -.06 .97 .04 -.76 22.94

18.32 -.33 .30 4.34 1.00 .24 7.34 31.21

15.94 1.88 3.72 6.22 1.64 - .21 6.98 36.17

15.07 .83 .92 6.01 1.34 .80 -3.35 21.62

-12.89 10.05

-13.29 17.92

- 11.09 25.08

-8.01 13.61

vm-d-3d) minus depreciation (Table Vin-a-7d minus Table VIII-a-7e).

1950

1951

1952

1953

1954

1955

1956

1957

1958

42.61 3.77 7.30 18.04 1.89

51.54 7.16 8.28 17.62

56.90 4.82 6.82 20.77 1.65

56.95 2.66 7.05 23.16

1.15

53.44 4.07 7.34 21.40 1.49

2.17

64.54 3.97 5.98 27.60 1.84

71.87 6.23 4.75 24.74 1.75

73.26 6.90 6.27 27.81 1.77

73.65 4.77 8.63 18.87 2.87

.03 .72 .15 .20 .03 .01 .01 .19 .54 .01 4.57 8.48 86.66

.02 .66 .10 .22 -.15 .02 .04 .13 .10 .01 5.97 3.56 95.28

.06 .64 .06 .18 -.03 .02 -.09 .23 .49 -.07 6.65 -5.38 89.01

.03 .65 .09 .27 -.01 .03 .06 .33 .11 .09 7.44 -5.20 93.20

.01 .87 .13 .27 -.02 .02 -.12 .44 .40 .17 7.87 -4.19 95.67

.05 .73 .14 .35 .09 .05 -.04 .15 .45 -.13 8.26 3.92 116.11

.07 .85 .13 .38 -.20 .04 .06 -.06 .47 .01 9.18 4.15 122.67

.04 .84 .10 .35 -.03 .07 -.04 -.10 .54 0 10.10 1.60 127.71

.03 1.04 c. .17 d. .40 e. -.17 f. g· .09 h. -.08 .27 i. 1. .85 m. .27 9.73 6. -5.79 7. 112.73 8.

4.19 90.85

9.66 104.94

19.70 108.71

21.83 115.03

18.36 114.03

16.34 132.45

17.42 140.09

18.34 146.05

18.72 9. 131.45 10.

1.

2. 3. 4. 5. a.

Line 9 10

Table VII-7-1, line IV-3 minus Table VII-7, line IV-3. Sum of lines 8 and 9.

1950

1951

1952

1953

1954

1955

1956

1957

1958

20.77 .71 2.74 6.00 1.59 1.19 7.40 40.40

25.99 3.57 2.88 4.32 .77 2.26 2.46 42.25

26.12 .20 1.54 6.97 1.33 2.57 -6.50 32.23

28.00 .66 .99 5.57 1.36 3.14 -6.38 33.34

26.98 -1.72 .79 7.27 1.94 3.42 -5.40 33.28

32.12 -.72 -.44 9.80 1.48 3.47 2.69 48.40

36.48 1.10 -1.43 5.66 1.31 3.88 2.86 49.86

34.55 1.27 -.85 7.21 1.39 4.30 .11 48.28

33.02 - 1.22 1.26 -2.46 2.62 3.52 -6.92 29.82

-5.87 34.53

-.53 41.72

8.09 40.32

7,74 41.08

2.68 35.96

.12 48.52

.36 50.22

.50 48.78

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

3.91 9. 33.73 10.