APPENDIX TABLE I-J.-Residential mortgage loan repayments as a percent of loans held by type of lender 1 Results obtained appeared to be unreasonable. This may be due to use of statistics 2 The FHA analysis of debt retirement experience as of 1959 indicates an average annual NOTES ON SERIES BY TYPE OF LENDER Mutual savings banks: Source, National Association of Mutual Savings Banks "Annual Survey of Savings Banks Mortgage Lending Activity," table 1, Savings Bank Journal, July 1960. Total is greater than sum of 3 components shown, since total also Savings and loan associations: Federal Home Loan Bank Board and FHA, with re- Life insurance companies: Institute of Life Insurance (data published by Federal Re- APPENDIX TABLE I-K.-All savings and loan associations: Mortgage 2 Source: Federal Home Loan Bank Board, Savings and Home Financing Chart Book, No. 5, 1960, p. 23a. 3 Loans held at beginning of following year minus loans at beginning of current year. 4 Source: Federal Home Loan Bank Board, Source Book, 1960, table 17, p. 28. 5 Repayments derived by subtracting net increase from loans made during year. Source: HHFA Annual Reports, 1959, pp. 81, 85, 87; 1958, pp. 77, 81, 83; 1957, pp. 73, 77, 79; 1956, pp. 70, 74, 76; 1955, pp. 93, 102, 104. Loans originated plus loans purchased minus loans sold. 7 Total loans made during year minus VA loans made and FHA loans acquired during year. APPENDIX TABLE I-L.-Life insurance companies: Nonfarm property Source: Institute of Life Insurance, "Life Insurance Fact Book", published in the Federal Reserve Bulletin, August 1960, p. 908. Total and conventional loans held and acquired include mortgages on commercial property. Loans held at beginning of following year minus loans held at beginning of current year. 4 Repayments derived by subtracting net increase during years from loans acquired during year. APPENDIX TABLE I-M.-Repayment ratios on FHA-insured loans, 1945–59 1 1 Retirements are estimated and represent scheduled amortization and estimated outstanding balances of all terminations, including defaults. Source: FHA, 13th Annual Report of the Housing and Home Finance Agency, p. 148. APPENDIX TABLE II-A.-Estimated annual total, farm, corporate and noncorporate business plant and equipment outlays, 1949–70 [Amounts in billions of dollars; current dollars for 1949-50; 1959 dollars for 1959-70] " Col. 1: 1949-59 estimates by Department of Commerce, published in "Economic Report of the President,' 1960, p. 165, table D-8; 1970 estimate by the National Planning Association, "Long-Range Projections for Economic Growth: the American Economy in 1970," table 14, p. 74 (judgment model) updated to 1959 prices; 1960-69 by interpolation. Col. 2: 1949-59 estimates by Department of Commerce-SEC, published in "Economic Report of the President," January 1960, p. 224, table D-60; 1960-69 derived by taking projected percentage (col. 3) of total plant and equipment outlays. Col. 3: 1949-59 derived from cols. 1 and 2; 1960-69 projection at average ratio for 1955-59. Col. 4: 1949-59, same source as 1949-59 in col. 1; projected 1960-70 at average annual amount for 1949-59 on assumption that about same rate of farm mechanization will continue. Col. 5: A residual of col. 1, after subtraction of cols. 2 and 4. Conceptually, the amount shown excludes any residential construction by noncorporate real estate business and is lower than the amount of plant and equipment expenditures shown in the flow of funds data for noncorporate business (which includes residential construction). The difference presumably accounts for the residential construction by noncorporate business. APPENDIX TABLE II-B.-Estimated distribution of annual business inventory accumulation by business sectors [In billions of dollars; current dollars for 1954–59; 1959 dollars for later years] Source: 1954-59: Federal Reserve Board, Flow of Funds estimates, Federal Reserve Bulletin, August 1959, p. 1050; August 1960, p. 934. 1960-70: Projections-total for 1970 based on estimate by National Planning Association, "Long-Range Projections for Economic Growth: The American Economy in 1970", p. 63, table 10, and p. 68, with upward (unpublished) revision to 1959 price terms; total for other years by interpolation from 1959 benchmark. Component amounts derived by division of total-82 percent corporate, 10 percent noncorporate and 8 percent farm, a judgment based on experience and trends for nonrecession and nonwar years during the 1939-59 period, as shown in appendix table II-C. Change in inventory in the corporate business sector as a percent of the total change in inventory has rarely exceeded 100 percent nor dropped below 60 percent in recent years. In several years it has accounted for 82 percent of the total change. The noncorporate, nonfinancial business sector and the farm sector in comparison with the corporate business sector show greater instability in their inventory change. Although the inventory change for these two sectors did not show a regular pattern, after examination of the data for the recent past years, it seems reasonable to estimate that the change in inventory in the farm sector will approximate 8 percent of the total inventory change and that the change in inventory in the noncorporate, nonfinancial business sector will approximate 10 percent of the total change in inventory each year. APPENDIX TABLE II-C.-Distribution of annual business inventory accumulation by nonfinancial business sectors Sources: (1) Flow of Funds in the U.S., 1939-53, Board of Governors of Federal Reserve System, pp. 96, 104, 115. (2) Federal Reserve Bulletin, August 1959, p. 1050; August 1960, p. 934. APPENDIX TABLE II-D.-Distribution of capital consumption allowances by nonfinancial business sector [Amounts in billions of dollars; current dollars for 1954-59; 1959 dollars for later years] 1954-59: Col. 1: By addition, cols. 2, 3, and 4. Cols. 2, 3, and 4: Board of Governors, Federal Reserve System, "Flow of Funds," Federal Reserve Bulletin, August 1959, p. 1050 and August 1960, p. 934. 1960-70: Col. 1: 1970 based on National Planning Association estimates in "Long-Range Projections for Economic Growth: The American Economy in 1970," p. 81, table 17, for which the revised (unpublished) total capital consumption allowances in 1959 prices is $61 billion and the business plant and equipment components, together, were estimated at $43 billion, and 1960-70 derived by interpolation between 1959 and 1970 estimates. Cols. 2, 3, and 4: Distribution of total, based on 1954-59 proportions and suggested trends in 1954-59 datacorporate sector, 66 percent for 1960-65 and 67 percent for 1966-70; noncorporate sector, 23 percent throughout; and for the farm sector, 11 percent for 1960-65 and 10 percent for 1966-70. |