greenbooks · July 19, 1976

Greenbook/Tealbook

Prefatory Note

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Content last modified 6/05/2009.

CONFIDENTIAL (FR) CLASS II

July 16, 1976

FOMC

SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS

Prepared for the Federal Open Market Committee

By the Staff Board of Governors of the Federal Reserve System

TABLE OF CONTENTS

Page

THE DOMESTIC NONFINANCIAL ECONOMY Industrial production....................................... Inventories ..................................................

1 3

TABLE: Industrial production........................

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

Time and savings deposit flows at commercial banks and thrift institutions................... Mortgage market..............................................

4 5

THE DOMESTIC FINANCIAL ECONOMY

TABLES: Average rates and yields on new-home mortgages.. ........... Interest rates................. .... ......................

5 6

APPENDIX Quarterly survey of bank lending practices...................

A-1

SUPPLEMENTAL NOTES

The Domestic Nonfinancial Economy The newly revised industrial production index is estimated to have risen 0.3 per cent in June following upward revised increase of 0.7 in May.

Rises in output of durable materials and business

equipment were partially offset by weakness in production of consumer nondurable goods and nondurable materials.

At 129.9 per cent of

the 1967 average, the index is about 16 per cent above the March 1975 low but remains about 1-1/2 per cent below the high of June 1974. Products.

Auto assemblies rose slightly in June and pro-

duction schedules for the coming months indicate some further expansion

after allowance for the model changeover period.

However, production

of compact and subcompact cars declined further in June. of durable home goods increased further.

Output

Output of business equip-

ment advanced an estimated 0.6 per cent in June over the downward revised May level.

Since April 1975 production of this important

component has regained about one-half of the reduction in output

which occurred between September 1974 and April 1975 and, furthermore, the rate of increase accelerated in the second quarter to 2.3 per cent as compared with the 1.9 per cent rise in the first quarter. Production of construction supplies edged off slightly. Materials.

Strong increases in output of durable goods

materials continued reflecting a surge in basic metal production and further rises in output of consumer durable and equipment parts.

- 2 -

Nondurable materials, however, are estimated to be unchanged as inventory accumulations over the last several months have dampened after the earlier rapid growth of textile, paper, and chemical materials production.

INDUSTRIAL PRODUCTION (Seasonally adjusted)

1976 June

Per cent changes Month Year QI to OTT Ago Ago

129.5

129.9

11.6

1.8

128.2

128.7

129.0

8.6

1.1

Nondurable goods Business equipment

126.4 136.1 140.3 134.4 134.0

126.4 135.9 141.0 133.9 134.5

126.8 136.3 142.7 133.9 135.8

127.2 136.6 143.3 134.0 136.6

7.6 9.9 18.0 6.8 7.9

1.3 1.2 3.4 .2 2.3

Intermediate products Construction supplies

134.9 128.7

134.9 128.1

135.4 130.0

135.4 129.6

12.1 15.1

.4 .6

128.2

129.1

130.9

131.4

16.7

Indexes, 1967=100

Total Products, total

Final products Consumer goods

Durable goods

Materials p--preliminary

Mar.

Apr. 128

May (p)128.1129.

128.1

128.6

128.1

e--est:Lmate d

2.8

- 3 -

Inventories.

Book value of retail trade inventories rose

at a $.7 billion rate in May, much slower than the $6.9 billion April rate of rise and the $8.0 billion first quarter average annual rate of increase.

This low rate of growth of retail inventories in May

is somewhat surprising given the substantial decrease of retail sales relative to manufacturing shipments and wholesale sales in that month. However, inconsistencies in the monthly inventory and sales figures are not uncommon. For manufacturing and trade the rate of inventory growth was $23.2 billion in May, faster than both the $11.5 billion April rate of rise and the of increase.

$19.5 billion first quarter average annual rate

However, the average annual rate of increase in the

first two months of the second quarter was $17.5 billion, slightly below the first quarter average rate of rise.

The manufacturing

and trade inventory-sales ratio rose slightly to 1.46 in May from 1.45 in April.

-4-

The Domestic Financial Economy Time and Savings Deposit Flows at Commercial Banks and Thrift Institutions.

Data for the first part of July indicate a resumption of

strong inflows into time and savings accounts at commercial banks and savings and loan associations following the slowdown in deposit growth at these institutions in June.

According to FHLBB staff estimates,

insured S&L's received $1.8 billion in net new deposits during the first 10 days in July--a record inflow for this period of time.

commercial banks, inflows in the first week of July were generally quite strong, and savings deposits in particular increased sharply following a slight decline in June.

Mutual savings banks so far

have not shared in the resurgence of growth in time and savings deposits. As a result of the early July inflows, growth in time and savings deposits over the June and July period appears to be little changed from the healthy expansion in these deposits that occurred during the first five months of the year.

While it is not clear

why deposit flows have fluctuated sharply during the past few weeks, modest declines in short-term rates may account in part for the resurgence of these flows in July.

Also, some interest crediting for

the month of June may have shown up in the commercial bank data for early July.

- 5Mortgage market.

According to the HUD(FHA)

opinion survey,

average interest rates on new commitments for conventional new- and existing-home mortgages edged up 5 basis points during June to 9.05 and 9.10 per cent, respectively.

Yields on FHA-insured new-home

mortgages for immediate delivery in the private secondary market were virtually unchanged in June.

These rate movements are generally con-

sistent with the primary and secondary mortgage market yields reported in the Greenbook. AVERAGE RATES AND YIELDS ON NEW-HOME MORTGAGES (HUD-FHA Field Office Opinion Survey) Primary market

End

Secondary market 1/

Conventional loans

of Month

Level 2/ (per cent)

1975-Low High

8.90 (Mar.) 9.25 (Sept.,

Spread 4/ (basis points)

FHA-insured loans Level 3/ (per cent)

Spread 4/ (basis points)

Discounts (points)

-70 (Mar.) +15 (Jan.)

8.69 (Mar.) 9.74 (Sept.)

-91 (Mar.) +31 (Oct.)

2.4 (Dec.) 6.2 (Aug.)

Oct.) 1976-Jan. Feb. Mar. Apr. May

9.05 9.00 8.95 8.90 9.00

+39 +42 +42 +32 +5

9.06 9.04 n.a. 8.82 9.03

+40 +46 n.a. +24 +8

2.4 2.2 n.a. 2.5 4.1

June

9.05

+35

9.05

+35

4.2

1/ Any gaps in data are due to periods of adjustment to changes in maximum permissible contract rates on FHA-insured loans. Average contract rates (excluding fees or points) on commitments for con2/ ventional first mortgage loans, rounded to the nearest 5 basis points. 3/ Average gross yield (before deducting servicing costs) to investors on 30-year minimum-downpayment FHA-insured first mortgages for immediate delivery in the private secondary market (excluding FNMA), assuming prepayment in 15 years. 4/ Average gross mortgage rate or yield minus average yield on new issues of Aaa utility bonds in the last week of the month.

INTEREST RATES (One day quotes - in per cent)

1976 July 15

Lows

June 21

5.58(3/33)

4.70(2/18)

5.48(6/23)

5.27(7/14)

5.57( 6/2) 6.00(6/15) 5.95( 6/2) 6.81( 6/1)

4.68(1/29) 5.00(4/29) 4.80(4/2 1) 5.19(4/22)

5.36 5.88 5.73 6.19

5.11 5.50 5.43 5.63

5.75(6/16)

4.88(4/21)

5.63(6/23)

5.38(7/14)

5.96(5/27) 6.00(6/22) 6.42(5/27)

4.95(1/29) 5.13(4/29) 5.31( 2/2)

5.73 6.00 6.12

5.39

6.50( 5/2)

5.38(4/21)

5.13(6/23)

5.75(7/14)

5.39(5/27) 6.86(5/28)

5.27(1/29) 5.82(4/14)

5.05 6.55

5.67

6.75(6/15) 3.70(5/28)

5.38( 2/4) 3.00(1/30)

5.63(6/23)

3.40(6/13)

6.13(7/14) 3.20(7/15)

7.32(5/27) 8.20(5/21)

7.12(4/21) 7.77(4/14)

7.51 7.98

7.38 7.95

G. 66(

1/2)

10.34(

1/2)

3.34(4/15) 9.70(6/16)

3.60 9.65

0.53 9.63

8.95(5/28)

0.38(4/22)

1.70(6/23)

8.53

Municipal Bond Buyer Index

7.13( 1/8)

5.54(4/15)

5.87(6/23)

5.78

Mortgage--average yield in FNMA auction

9.20(

5/1)

8.83(4/19)

9.14(6/14)

9.05(7/12)

Highs Short-Term Rates Federal funds

(wkly.

avg.)

3-month Treasury bills (bid) Comm. paper (90-119 day) Bankers' acceptances Euro-dollars CD's (NYC) 90 day Most often quoted new 6-month Treasury bills (bid) Comm. paper (4-6 mo.) Federal agencies CD's (NYC) 180 day Most often quoted new 1-year Treasury bills (bid) Federal agencies

5.63 6.02p(7/13)

6.41p(7/13)

CD's (NYC) Most often quoted new Prime municipals Intermediate and Long-Term Treasury coupon issues 5-years 20-years Corporate Seasoned Aaa Baa

New Issue Aaa Utility

A- 1 SUPPLEMENTAL APPENDIX A* Quarterly Survey of Bank Lending Practices

May 14, 1976

The Survey of Bank Lending Practices conducted on May 14, 1976, suggests that the respondents suspect that a firming of business loan demand may be about to occur. After allowance for normal seasonal variation, more than one-half of the 121 large commercial banks reporting in the May survey anticipate modest growth in the demand for commercial and industrial loans over the mid-May to mid-August period. About 47 per cent expect loan demand to remain slack, while less than two per cent foresee further deterioration through mid-August. This expected expansion in loan demand is in part a consequence of additional, mostly unexpected, erosion - or continued weakness - in business credit over the February to May period at most banks. In the mid-February survey only 10 per cent of the respondents had believed demand would moderate over the survey period; however, in mid-May, almost one-fourth of the banks had actually experienced further softening in their borrowing demands. Moreover, while one-third of the banks had expected in February that credit demands would moderately firm in the months ahead, in May only 14 per cent of the panel reported somewhat stronger loan demand over the February-May interval. Indeed, about one-half of the 64 banks currently anticipating stronger loan demand had previously predicted the same in February-only to experience either weaker or unchanged credit demands between February and May.1/ This phenomenum has occurred repeatedly in past surveys; thus expectations of firmer borrowing demands over the short-run may more realistically be interpreted as reflecting optimism with regard to regaining some prior level of loan volume. As in earlier surveys, the majority of the respondents reported that both price and nonprice terms of lending have remained essentially unchanged over the period between surveys. Although interest rates charged to nonfinancial businesses had showed indications of declining in the previous two surveys, more than four-fifths of the panel currently are reporting no change in such interest rates, and only 14 per cent have reported lower rates. The stability of price terms of lending undoubtedly was a reflection of a stable prime rate between mid-February and mid-May. However, this pricing policy is still quite restrictive since the prime rate was still high historically, compared with short term market rates of interest. The trend that emerged in the previous survey toward less restrictiveness in compensating balance requirements has continued at a small, but increasing number of banks, with 27 per cent now reporting an easing in such requirements since mid-November. However, other nonprice terms of lending have apparently remained restrictive with most banks

1/ It should be recalled that the bank credit estimates for June, discussed in Part II of the current Greenbook, show that business loans at all commercial banks declined at about a 2-3/4 per cent annual rate. Thus it seems probable that some of these banks have again not experienced the anticipated pickup in loan demand. * Prepared by Virginia Lewis, Banking Section, Division of Research and

Statistics.

reporting no significant changes between February and May in practices relating to the reviewing of credit lines, credit standards, or maturities. As in February, respondents have indicated a greater willingness to extend loans of all types included in the survey, most notably term loans to businesses and consumer instalment loans. More than one-quarter of the banks are more willing to make term loans and more than a third, consumer type loans. Although the demand for commercial and industrial loans continues to be sluggish and the liquidity positions of commercial banks have improved substantially, there is little evidence, outside of the slight easing of compensating balance requirements at some banks, that banks are attempting to stimulate loan growth either through a less restrictive posture on nonprice terms of lending or by reducing loan rates relative to market rates. In spite of continued assertions in the comments on the questionnaires that new opportunities to increase loan totals are aggressively being sought, standards of credit worthiness are not being relaxed, as banks are still apparently concerned with maintaining or upgrading the quality of their loan portfolios.

NOT FOR

QUOTATION OR

PUBLICATION

TABLE

SURVEY OF CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS IN THE U.S. 1/ COMPARED TO THREE MONTHS POLICY ON MAY 15, 1976 (NUMBER OF BANKS & PERCENT OF TOTAL BANKS REPORTING)

QUARTERLY OF

(STATUS

MUCH STRONGER

TOTAL

BANKS

PCT

BANKS

PCT

MODERATELY STRONGER BANKS

PCT

EARLIER)

ESSENTIALLY UNCHANGED PCT

BANKS

MODERATELY WEAKER BANKS

PCT

MUCH WEAKER BANKS

PCT

STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS (AFTER ALLOWANCE FOR BANK'S USUAL SEASONAL VARIATION) COMPARED TO

THREE

MONTHS AGO

ANTICIPATED DEMAND

MONTHS

121

100.C

0.0

14.0

121

100.0

0.0

52.'

55 *b.4

ANSWERING QUFSTION BANKS LENDING TO NONFINANCIAL TERMS AND

STANDARDS OF MATURITY OF

CHARGED

TERM LOANS LINES OR

LOAN

CUSTOMERS

SERVICE AREA CUSTOMERS

SURVEY AS OF

1.7

MODERATELY FIRMER POLICY

ESSENTIALLY UNCHANGED POLICY

MODERAIELY EASIEK POLICY

BANKS

PCr

PCT

PLT

SERVICE

AREA CUSTOMERS

LENDING PRACTICES MAY 15, 1976.

100.0

b4.1

100.0

78.5

100.0

91.7

100.0

88.5

100.0

91.7

100.0

85.9

11.6

100.0

94.2

5.0

100.0

88.5

9.9

6.5 10.7

APPLICATIONS

CUSTOMERS

NONLOCAL

BALANCES

CREDIT WORTHINESS

CREDIT

ESTABLISHED

LOCAL

PCT

23.1

BUSINESSES

COMPENSATING OR SUPPORTING

NEW

BANKS

CONDITIONS:

INTEREST RATES

REVIEWING

PCT

MUCH FIRMER PLLICY

62.1

121 LARGE

BANKS

REPORTING

IN THE

FEDERAL

RESERVE QUARTERLY

INTEREST RATE

e.6

SURVEY

MUCH EASIER POLICY BANKS

PLT

NOT FOR QUOTATION OR PUBLICATION

TABLE

PCT

(CONTINUED)

MUCH FIRMER POLICY

ANSWERING QUESTION PANKS

BANKS

PCT

MODERATELY FIRMER POLICY

ESSENTIALLY

BANKS

PCT

UNCHANGED POLICY PCT

MODERATELY EASIER POLICY BANKS

PCT

MUCH EASIER POLICY BANKS

PCT

FACTORS RELATING TO APPLICANT 2/ VALUE AS DEPOSITOR OR SOURCE OF COLLATERAL BUSINESS

121

100.0

103

85.2

INTENDED USE OF THE LOAN

121

100.0

115

95.0

INTEREST RATES CHARGED

100.0

117

r6.7

COMPENSATING OR SUPPORTING BALANCES

100.0

116

95.9

ENFORCEMENT OF BALANCE REQUIREMENTS

100.0

110

90.9

ESTABLISHING NEW OR LARGER CREDIT LINES

100.0

102

84.2

LENDING TO "NONCAPTIVE" FINANCE COMPANIES TERMS AND CONDITIONS:

ANSWERING QUESTION BANKS

PCT

CONSIDERABLY LESS WILLING BANKS

PCT

MODERATELY LESS WILLING

ESSENTIALLY UNCHANGED

MODERATELY MORE WILLING

BANKS

PCT

CONSIDERABLY

MORE WILLING BANKS

PCT

WILLINGNESS TO MAKE OTHER TYPES OF LOANS TERM LOANS TO BUSINESSES

100.0

72.8

25.6

CONSUMER INSTALMENT LOANS

100.0

66.6

26.7

SINGLE FAMILY MORTGAGE LOANS

100.0

15.0

MULTI-FAMILY MORTGAGE LOANS

100.0

111

94.1

2.5

ALL OTHER MORTGAGE LOANS

100.0

103

85.9

10.8

PARTICIPATION LOANS WITH CORRESPONDENT BANKS

121

100.0

81.8

14.9

LOANS TO BROKERS

121

100.0

101

83.5

14.0

2/ FOR THESE FACTORS, FIRMER MEANS THE FACTORS WERE CONSIDERED CREDIT REQUESTS, AND EASIER MEANS THEY WERE LESS IMPORTANT.

MORE IMPORTANT

IN MAKING DECISIONS FOR APPROVING

0.8

NOT FOR QUOTATION

OR PUBLICATION

COMPARISON

TABLE 2

OF QUARTERLY CHANGES IN BANK LENDING PRACTICES AT BANKS GROUPED BY SIZE OF TOTAL DEPOSITS (STATUS OF POLICY ON MAY 15, 1976, COMPARED TO THREE MONTHS EARLIER) (NUMBtR OF BANKS IN EACH COLUMN AS PER CENT OF TOTAL BANKS ANSWERING QUESTION)

SIZE

TOTAL $1 & OVER

UNDER $1

BANK

MUCH STRONGER $1 C OVER

UNDER $1

TOTAL DEPOSITS

IN PILLIONS

MODERATELY STRONGER

FSSENTIALLY UNCHANGED

MODERATELY WEAKER

$1 E OVER

UNDER £1

UNDER $1

MUCH

WEAKER UNDER $1

$1 & OVER

STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS (AFTER ALLOWANCE FOR BANK'S USUAL SEASONAL VARIATION) COMPARED

10 THREE

ANTICIPATED

MONTHS AGO

DEMAND

IN NEXT

3 MONTHS

100

TOTAL

$I C I VFR LENDING TO NONFINANCIAL

UNDER $1

MUCH FIRMER

$1 & 'VER

UNDLR $1

MUDERATELY FIRMER

ESSENTIALLY UNLHANGED

MODERATELY EASI tR

SI f UVER

$1 & OVER

$1 £ OVER

UNDLR $)

UNDER $1

MULH

EASIER

1s & OVER

EUSINESSFS

TERMS AND CONDITIONS: )00

100

)00

100

ESTABLISHED CUSTOMERS

100

NEW CUSTOMERS

100

LOCAL SERVICE AREA CUSTOMERS

100

NONLOCAL SERVICE AREA CUSTOMERS

100

INTEREST RATES CHARGED COMPENSATING OR SUPPOKIINu

BALANCES

STANDARDS OF CREDIT WORTHINESS MATURITY OF REVIEWING

TERM LOANS

CREDIT

UNDER $1

LINES OR LOAN APPLICATIONS

52 LARGE BANKS (DEPOSITS OF SI BILLION OR MORE) AND SURVEY OF LENDING PRACTICES AT $1 BILLION) KEPOR1ING IN IHE FEDERAL RESERVE QUARTERLY INTEREST RATE SURVEY AS OF

SMALL BANKS

MAY 15,

(IDEPOSITS OF LESS

1976.

THAN

TABLE

NOT FOR QUOTATION OR PUBLICATION

(CONTINUED)

SIZE NUMBER ANSWERING QUESTION $1 & OVER

UNDER $1

OF BANK MUCH FIRMER POLICY

$1 E OVER

UNDER $1

TOTAL bEPOSITs

IN BILLIONS

MODERATELY FIRMER POLICY

tSSENTIALLY UNCHANGED POLICY

MODERATELY EASIER POLICY

$1 E OVER

$1 & OVER

UNDER $)

UNDER $1

MUCH EASIER POLICY $1 & OVER

UNDER $1

FACTORS RELATING TO APPLICANT 2/ VALUE AS DEPOSITOR OR SOURCE OF COLLATERAL BUSINESS

100

INTENDED USE OF THE LOAN

100

LENDING TO "NONCAPTIVE" FINANCE COMPANIES TERMS AND CONDITIONS: INTEREST RATES CHARGED COMPENSATING OR SUPPORTING BALANCES ENFORCEMENT OF BALANCE REQUIREMENTS ESTABLISHING NEW OR LARGER CREDIT LINES

NUMBER ANSWERING QUESTION $1 E OVER

UNDER $1

CONSIDERABLY LESS WILLING $1 & OVER

UNDER $1

MUDERATELY LESS WILLING

ESSENTIALLY UNCHANGED

$1 & OVER

$5 E OVER

ONDER $1

UNDER $1

MODERATELY MORE WILLING $1 C OVER

UNDER $1

CONSIDERABLY

MORE WILLING $1 6 OVER

UNDER $1

WILLINGNESS TO MAKE OTHER TYPES OF LOANS

MULTI-FAMILY MORTGAGE LOANS

ALL OTHER MORTGAGE LOANS

TERM LOANS TO BUSINESSES CONSUMER INSTALMENT

LOANS

SINGLE FAMILY MORTGAGE LOANS

PARTICIPATION LOANS WITH CORRESPONDENT BANKS

100

LOANS TO BROKERS

100

FOR THESE FACTORS, FIRMER MEANS THE FACTORS WERE CONSIDERED MORE IMPORTANT CREDIT REQUESTS, AND EASIER MEANS THEY WERE LESS IMPORTANT.

IN MAKING DECISIONS FOR APPROVING

NOT

TABLE 3

FOR QUOTATION OR PUBLICATION QUARTERLY

SURVEY OF CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS IN THE U.S. STATUS OF POLICY ON MAY 15, 1976 COMPARED 10 THREE MONTHS EARLIER (NUMBER OF BANKS)

NEW YORK BOSTON TOTAL CITY OUTSIDE

ALL DSTS

PHILADEL.

CLEVE- RICHLAND MOND

ATLAN- CHICAGO TA

ST. LOUIS

MINNE- KANS. CITY APOLIS

DALLAS

SAN FRAN

STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS (AFTER ALLOWANCE FOR BANK'S USUAL SEASONAL VARIATION) COMPARED TO 3 MONTHS

AGO

121

MUCH STRONGER MODERATELY STRONGER ESSENTIALLY UNCHANGED MODERATFLY WEAKER MUCH WEAKER

0 17 75 28 1

ANTICIPATED DEMAND NEXT THREE MONTHS

121

MUCH STRONGER MODERATELY STRONGER ESSENTIALLY UNCHANGED MODERATELY WEAKER MUCH WEAKER

0 64 55 2 O

0 i 6 1 0

G i 7 7 0

0 0 2 6 0

0 2 5 1 0

0 0 5 1 0

0 1 6 4 0

0 3 0 0

0 7 9 0 U

0 2 6 0 0

0 5 3 0 0

0 3 3 0 0

0 5 5 1 0

G 7 5 0 c

u 5 5 0 0

0 9 6 0 0

0 0 8 0 0

C 1 12 3 0

0 8 0 0

O0 1 4

0 0 6

0 0 10 1 0

0 0 11 1 0

0 0 8 1 0

0 u 11 4 0

1 2 95 23 O

0 0 6 2 0

0 1 13 2 0

0 0 7 1 0

0 1 6 1

0 0 5 1

0 0 10 1 O

0 0 9 3

0 0 9 1 0

0 C

121

LARGE

BANKS

6 1

0 0 6 4 0

0 11 0

0 0 6 3 0

0 0 3 0O 0

0 3 t

2 1 0 0

0 5 3 1

0 4 5 0 0

O 9 4 U

0 1 b 0 0

0 0 b 1 0

0 C 10

1 1 7 0

0 0 8 1

( 4 3 L

0 10 1 0

LENDING TO NONFINANCIAL BUSINESSES TERMS AND CONDITIONS INTEREST RATES CHARGFD MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY COMPENSATING BALANCES MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY

SURVEY OF AS OF

LENDING PRACTICES AT MAY 15, 1976.

120 0 2 101 17 0

0 6 : 0

0 0 3 0

121

REPORTING IN

THE

FEDERAL

RESERVE

1. 2 0

,UAKIERLY INTEREST

0 0 5 4 0

RATE

0 0 2 1 0

SURVEY

0 b 0

NOT FOR QUOTATION OR

TABLE

PUBLICATION

ALL DSTS

BOSTON

3 (CONTINUEC)

NEW YORK TOTAL CITY OUTSIDE

PHILADEL.

CLEVELAND

RICHMOND

ATLANTA

CHICAGO

ST. LOUIS

DALLAS

SAN FRAN

MINNEAPOLIS

KANS. CITY

0 0 3

1 1 6 1 0

0 0 9 0 0

0 0 3 0

1 b 6 2 0

0 U 6 3 u

0 G 11

0 0 3 O O

0 e 6

0 G 9 0 0

u 0 11 2 (

o 2 5 2 0

0 1

( 0 1i . 0

0 1 7 1 0

0 O 9 0 0

LENDING TO NONFINANCIAL BUSINESSES TERMS AND

CONDITIONS

STANDARDS

CREDIT WORTHINESS

12)

MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY

2 5 111 3 O

MATURITY OF TERM LOANS MUCH FIRMER POLICY MODERATELY FIRMER POLICY POLICY ESSENTIALLY UNCHANGEC MODERATELY EASIER POLICY MUCH EASIER POLICY

0 C 8 0 0

1 1 14 0 0

0 0 8 0 0

1 1 6 0 0

0 0 6 0 0

0 2 9 0 0

0 0 12 0 C

0 0 10 0 0

0 0 14 1 C

0 0 9 0 0

0 0 8 0 0

0 0 16 0 0

C 8 0 0

0 0 8 0 0

0 0 5 1 0

0 0 11 0 0

0 0 10 2 0

0 0 10 0 0

0 0 1& 2 0

0 8 1 u

0 0 8 0 0

0 0 15 1 0

0 0 8 0 O

0 0 7 1 0

0 0 6 0 0

0 0 10 1 O

0 0 11 1 0

0 0 10 0 0

0 0 6 0 0

0 0 10 1 0

0 0 9 3 0

0 0 9 1 0

0 0 11 4 0

0 0

0 0 3 0 0

0 11 1 0

0 10 0 0

0 13 2 0

0 9 0 0

0 0 3 0 0

0 0

0 11 1 0

121 1 0 107 13 0

REVIEWING CREDIT LINES OR LOANS ESTABLISHED CUSTOMERS MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY

MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY SERVICE

0 2 111 8 0

2 0

1 0

121

NEW CUSTOMERS

LOCAL

121

AREA CUSTOMERS

MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY

16 0 0

8 0 0

0 0 8 0 0

0 16 0 0

0 8 0 0

0 3 104 14 0

0 7 1 0

0 0

121 0

0 1 114 6 0

0 8 0 0

0 0 6 0 0

0 0 10 1 0

0 u

1 1 0

NOT FOR QUOTATION OR PUbLICATION

TABLE

ALL DSTS

NEW YORK BOSTON TOTAL CITY OUTSIDE

(CONTINUED)

PHILADEL.

CLEVE- RICHLAND MOND

ST. ATLAN- CHICAGO LOUIS TA

DALLAS

SAN FRAN

l 0 6 2 u

O 0 9 0 0

0 0 11 2 O

MINNE- KANS. CITY APOLIS

LENDING TO NONFINANCIAL BUSINESSES REVIEWING CREDIT

LINES OR LOANS

NONLOCAL SERVICE

AREA CUST

MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERAfELY EASIER POLICY MUCH EASIER POLICY

121 1 1 107 12 0

O 0 7 1 O

0 0 6 0 O

0 0 10 1 0

0 0 10 2 0

0 1 9 0 O

0 0 3 Z 0

c 0 9 0 0

O 0

0 0 8 0 O

1 13 2 0

0 0 7 1 0

0 1 6 1 0

0 1 5 0 0

0 2 9 0 0

0 1 11 0 0

0 0 9 1 0

0 0 13 2 0

0 0 1 0

0 U 2 1 0

0 2 7 0 0

0 1 8 0 0

0 1 10 2 0

0 0 8 0 0

C 0 lb 0 0

0 0 8 0 0

0 0 P 0 0

0 6 0 0

0 10 1 0

0 0 12 0 0

0 0 10 0 0

0 0 15 0 0

0 0 8 . 0

0 0 3 0 0

0 2 7 0 0

0 1 b 0 0

0 0 12 1 0

0 0 8 0 0

O 0 15 1 0

0 0 8 0 0

O C 7 1 0

0 0 6 0 0

O 0 11 0 0

0 0 12 C 0

0 1 9 0 0

0 0 14 1 0

0 0 9 0 0

0 0 3 0 0

0 0 9 0 0

0 0 12 1 0

0 0 6 2 0

0 0 15 1

3 0

FACTORS RELATING TO APPLILANT 2/ VALUE AS DEPOSITOR OR SOURCE OF COLLATERAL BUSINESS MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY INTENDED USE OF LOAN MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY

121 O 9 103 9 0

0 0 8 0 0

121 0 3 115 3 0

LENDING TO "NONCAPTIVE" FINANCE COMPANIES TERMS AND CONDITIONS INTEREST RATES CHARGED MUCH FIRMER POLICY MODERATcLY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY

121 O 1 117 3 0

2/ FOR THESE FACTORS, FIRMER MEANS THE FACTORS WERE CONSIDERED MORE IMPORTANT IN MAKING DECISIONS CREDIT REQUESTS, AND EASIER MEANS THEY WFRE LESS IMPORTANT.

FOR APPROVING

NOT FOR QUOTATION OR PUBLICATION

TABLE

ALL DSTS

BOSTON

NEW YORK TOTAL CITY OUTSIDE

(CONTINUED)

CLEVF- RICHLAND MOND

PHILADEL.

ATLAN- CHICTA AGO

ST. LOUIS

MINNE- KANS. APOLIS CITY

DALLAS

SAN FRAN

LENDING TO "NONCAPTIVE" FINANCE COMPANIES TERMS AND CONDITIONS: SIZE OF COMPENSATING BALANCES MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY ENFORCEMENT OF BALANCE REQUIREMENT MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY ESTABLISHING NEW OR LARGER CREDIT LINES MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY

121 0 O 116 5 0

15 0 0

0 0 0 1 0

0 0 3 0 0

0 0 9 0 0

O 0 11 2 0

0 1 8 1

0 0 15 0 0

0 0 8 1 0

0 0 0 O

0 1 8 0 0

0 0 9 0 0

0 0 b 5 0

0 1

0 0 8 0 0

O 0 16 0 0

O 0 8 0 0

0 0 8 0 0

0 0 6 0 0

0 0 11 0 0

U 11 1 0

0 0 9 1 0

0 0 8 0

0 0 16 0

0 0 8 0

0 C 5 1

0 1 10 0

0 0 12 0

121 0 3 110 8 0

121 0 6 102 11 2

0 0 10 1 0

0 1 8 3 0

0 1 9 0 0

0 0 13 1 1

0 1 7 1 0

0 0 3 0 0

0 1 8 0 0

0 0 8 0 1

0 3 3 0

0 10 1 0

0 0 8 4 0

1 0 8 1 0

0 0 1 2 0

0 0 5 4 0

0 0 3 0 0

0 0 6 3 0

0 0 6 0

7 b6 U

0 0 4 1 1

0 0 8 3 0

0 0 7 1 4

0 0 5 5 0

0 8 6 1

0 0 6

0 0 3 0 0

0 0 6 1 0

0 0 5 4 0

u 0 6 6 1

0 0 8 0 0

0 1 13 2 0

0 0 7 1 0

0 1 6 1 0

0 0 6 0 0

0 0 7 1 0

0 1 12 3 0

0 0 6 2 0

0 1 6 1 0

0 0 7 1 0

0 0 13 2 0

0 0 6 1 0

0 0 7 1 0

s 0

WILLINGNESS TO MAKE OTHER TYPES OF LOANS TERM LOANS TO BUSINESSES CONSIDERABLY LESS WILLING MODERATELY LESS WILLING ESSENTIALLY UNCHANGED MODERATELY MORE WILLING CONSIDERABLY MORE WILLING CONSUMER INSTALMENT LOANS CONSIDERABLY LESS WILLING MODERATELY LESS WILLING ESSENTIALLY UNCHANGED MODERATELY MORE WILLING CONSIDERABLY MORE WILLING

121 1 1 88 31 0

120 O 0 80 32 8

NOT FOR

QUOTATION OR PUBLICATION

TABLE

ALL DSTS

BOSTON

NFW YORK TOTAL CITY OUTSIDE

(CONTINUED)

PHILADEL.

CLEVE- RICHLAND MOND

ST. ATLAN- CHICTA AGO LOUIS

MINNE- KANS. APOLIS CITY

DALLAS

SAN FRAN

WILLINGNESS TO MAKE OTHER TYPES OF LOANS SINGLE FAMILY MORTGACE LOANS CONSIDERABLY LESS WILLING MODERATELY LESS WILLING ESSENTIALLY UNCHANGED MODERATELY MORE WILLING CONSIDEABLY MORE WILLING MULTIFAMILY MORTGAGE LOANS CONSIDERABLY LESS WILLING MODERATELY LESS WILLING ESSENTIALLY UNCHANGED MODERATELY MORE WILLING CONSIDFRABLY MORE WILLING ALL OTHER MORTGAGE LOANS CONSIDERABLY LESS WILLING MODERATELY LESS WILLING ESSENTIALLY UNCHANGED MODERATELY MORE WILLING CONSIDERABLY MORE WILLING PARTICIPATION LOANS WITH CORRESPONDENT BANKS CONSIDERABLY LESS WILLING MODERATELY LESS WILLING ESSENTIALLY UNCHANGED MODERATELY MORE WILLING CONSIDERABLY MORE WILLING LOANS TO BROKERS CONSIDERABLY LESS WILLING MODERATELY LESS WILLING ESSENTIALLY UNCHANGED MODERATELY MORE WILLING CONSIDERABLY MORE WILLING

NUMBER OF

BANKS

120 1 3 97 18 1

0 2 12 1 0

0 0 7 0 0

0 2 5 1 0

0 0 5 0 1

1 0 7 3 0

0 O 9 3 0

0 0 10 0 0

0 0 13 2 0

0 0 7 2 0

0 0 2 1 0

0 0 7 2 0

0 0 9 0 0

0 0 9 4 0

0 n 7 1 0

0 1 12 0 0

0 0 6 0 0

0 1 6 0 0

0 0 6 0 0

1 0 9 1 0

0 0 11 1 0

0 0 10 0 0

0 0 15 0 0

1 7 0 0

0 0 3 0 0

0 0 9 0 0

0 0 13 0 0

0 0 7 1 C

0 0 15 0 (

0 0 7 0 0

0 0 6 0 0

1 0 9 1 0

0 0 10 1 1

0 0 9 I 0

0 0 12 3 0

1 1 5 2 0

0 0 3 0 0

0 0 8 1 0

0 0 9 0 0

0 0 10 3 0

0 0 7 1 O

C 0 12 4 0

0 0 6 2 0

0 0 b 2 0

C 0 11 0

0 0 10 2 0

1 0 8 1 0

0 0 12 2 1

0 0 5 3 1

0 0 3 0 0

0 0 8 1 0

0 0 7 2 0

0 0 11 2 0

0 c b 0 0

0 C 12 4

0 O 4 4

0 u 8 0 0

0 0 5 0 1

0 0 O0 1 0

0 0 10 2 0

1 0 9 0 0

0 0 13 2 0

0 0 6 2 1

0 0 3 0 0

0 0 9 0 0

0 0 6 3 0

0 0 t0 3 0

) 7

11 2 2 111 3 0 120 2 1 1CJ I~ i

121 1 0 99 38 3

0 5 0 1

121 I 0 101 17 2

121

NOT FOR QUOTATION OR PUBLICATION COMPARISON OF

TABLE 4 SELECTED RESPONSES

IN THE FEBRUARY

FEB.

AND

MAY SURVEYS

15, 1976 NUMBER OF BANKS

MAY 15, 1976 NUMBER OF BANKS STRONGER UNCHANGED WEAKER

STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS COMPARED TO THREE MONTHS AGO STRONGER UNCHANGED WFAKER

9 56 56

ANTICIPATED DEMAND THREE MONTHS HENCE STRONGER UNCHANGED WEAKER

42 66 13

ANTICIPATED DEMAND THREE MONTHS HENCE STRONGER UNCHANGED WEAKER

42 66 13

LENDING TO NONFINANCIAL BUSINESSES INTEREST RATES CHARGED FIRMER UNCHANGED EASIER COMPENSATING OR SUPPORTING BALANCES FIRMER UNCHANGED EASIER STANDARDS OF CREDIT WORTHINESS FIRMER UNCHANGED EASIER MATURITY OF TERM LOANS FIRMER UNCHANGED EASIER

2 8 7 30

28 6 COMPARED 9

6 2 FIRMER

3 36 36

4 12 13

11 37 7

1 1 0

TO THREE MONTHS AGO 2v 10 44 16 8 3

UNCHANGED

EASIER

NOT FOR QUOTATION OR PUBLICATION

TABLE

FEB.

(CONTINUED)

MAY 15,

15, 1976 NUMBER OF BANKS

1976

NUMBER OF BANKS FIRMER UNCHANGED EASIER

REVIEWING CREDIT LINES OR LOAN APPLICATION ESTABLISHED CUSTOMERS FIRMER UNCCHANGED EASIER

4 10: 14

0 2 0

4 96 11

0 5 3

7 94 2C

0 2 1

7 84 13

0 8 6

NEW CUSTOMERS FIRMER UNCHANGED EASIER LOCAL

SEPVICE

AKEA CUSICMLRS FIRMER UNCHANGEU EASIER

NONLOCAL SFRVICE AREA CUSTOMFRS FIRMER UNCHANGEL ESItR

FAC10RS RELATING TO APPLICANT VALUE AS DEPOSITOR rk SOURCF OF COLLATERAL EUSINESS FTRMEk UNCHANI t EASIER INTENDED

LENDINb

USE CF

THE LOAN FIRMER UNCHANGED EASIER

TO "NUNCAPlIVE"

TERMS ANI

FINANCE

COMPANIES

CONDITIONS:

INTEKEST KATES CHARGFD FIRMER UNCHANGED EASIER COMPENSATING OR SUPPU'KTING BALANCES FIRMER UNCHANGED EASIER

NOT FOR QUOTATION OR PUBLICATION

TABLE 4 (CONINUED

FEB.

15,

1976

NUMBER OF BANKS LENDING TO "NONCAPTIVE"

MAY 15,

1976

NUMBER OF BANKS FIRMER UNCHANGED EASIER

FINANCE COMPANIES

TERMS AND CONDITIONS: REQUIRFMENTS ENFORCEMENT OF BALANCE FIRMER UNCHANGED EASIER

4 115 2

0 3 0

2 106 2

2 6 0

ESTABLISHING NEW OR LARGER CREDIT LINES FIRMER UNCHANGED EASIER

13 101 7

0 5 1

11 b7 4

2 9 2

WILLINGNESS 10 MAKE OTHER TYPES OF LOANS TERM LOANS

TO BUSINESSES LESS UNCHANGED MORE

CONSUMER INSTALMENT LOANS LFSS UNCHANGED MORE

LESS

4 79 38

3 81 36

SINGLE FAMILY MORTGAGE LOANS LESS UNCHANGED MORE

2 103 15

MULTI-FAMILY MORTGAGE LOANS LESS UNCHANGED MORE

8 109 3

ALL OTHER MORTGAGE LOANS LESS UNCHANGED MORE

4 109 7

PARTICIPATION

LOANS WITH CORRESPONDENT BANKS 5 LESS 92 UNCHANGED 24 MORE

LOANS TO BROKERS LESS UNCHANGED MORE

UNCHANGED

NOT FOR QUOTATION

PUBLICATIONIN

TABLE

A CROSS-CLASSIFICATION

OF SELECTED RESPONSES

MAY 15,

1976

NUMBER CF BANKS NONFINANCIAL LENDING BUSINESSES NONFINANCIAL TO CHARGED RATES INTEREST RATES

IN THE 1Ht

MAY SURVEY

MAY 15,

1976

NUMBER OF BANKS ESSENTIALLY FIRMER UNCHANGED

EASIER

BUSINESSES

CHARGED FIRMFR ESSENTIALLY UNCHANGED EASIER

2 101 17

COMPENSATING UR SUPPORTING BALANCES 2 0 0 13 87 1 0 7 10

FIRMER ESSENTIALLY EASIER

3 104 14

ESTABLISHED CUSTOMERS 2 1 0 103 0 7

9 103 9

INTENDED USE OF THE LOAN 1 8 99 2 0 8

NEW CUSTOMFRS UNCHANGED

VALUE AS DEPOSITOR SOURCE OF COLLATERAL BUSINESS FIRMER ESSENTIALLY UNCHANGED EASIER LENDING TO INTEREST

"NONCAPTIVE"

FINANCE

RATES CHARGED FIRMER FSSENTIALLY EASIER

COMPANIES

UNCHANGED

COMPENSATING OR SUPPORTING BALANCES 0 1 0 0 115 4 0 2 1

COMPENSATING

OR SUPPORTING BALANCES FIRMER ESSENTIALLY UNCHANGED EASIER

ENFORCEMENT OF BALANCE REQUIREMENTS 0 0 0 3 309 4 0 1 4

COMPENSATING

OR SUPPURTING BALANCES FIRMER ESSENTIALLY UNCHANGED EASIFR

ESTABLISHING NEW OR LARGER CREDIT LINES 0 0 0 6 98 12 0 4 1

NOT FOR QUOTATION OR PUBLICATION

TABLE 5

(CONTINUED)

A CROSS-CLASSIFICATION OF SELECTED RESPONSES IN THE

MAY 15,

1976

NUMBER OF BANKS

MAY SURVEY

MAY 15, 1976 NUMBER OF BANKS ESSENTIALLY UNCHANGED LESS

WILLINGNESS TO MAKE OTHER TYPES OF LOANS TERM LOANS TO BUSINESSES LESS ESSENTIALLY UNCHANGFD MORE

MATURITY OF TERM LOANS 2 0 85 1 0 20

SINGLE FAMILY MORTGAGE LOANS LESS ESSENTIALLY UNCHANGED MORE

MULTI-FAMILY MORTGAGE LOANS 2 1 1 1 93 1 1 17 1

SINGLE FAMILY MORTGAGE LOANS LESS ESSENTIALLY UNCHANGED MORE

ALL OTHER MORTGAGE LOANS 1 2 1 9 87 1 4 14 1

TERM LOANS TO BUSINESSFS LESS ESSENTIALLY UNCHANGED MORE

CONSUMER INSTALMENT LOANS O 1 1 0 67 21 0 12 18

TFRM LOANS TO BUSINESSES LESS ESSENTIALLY UNCHANGED MORE

PARTICIPATION LOANS WITH CORRESPONDENT BANKS O 1 1 1 80 7 0 18 13

TERM LOANS TO BUSINESSES LESS ESSENTIALLY UNCHANGED MORE

LOANS TO BROKERS 0 2 81 1 0 18

0 2 11

0 6 13

TABLE

NOT FOR QUOTATION OR PUBLICATION

(CONTINUED)

A CROSS-CLASSIFICATION OF SELECTED RESPONSES IN THE

MAY 15, 1976

NUMBER OF BANKS STRENGTH OF DEMAND INDUSTRIAL LOANS

FOR COMMERCIAL

CCPAKED

10 THREE

MONTHS AGO STRONGFR ESSENTIALLY UNCHANGED WEAKER

COMPARED TO

MAY

15,

1976

NUMBER OF BANKS ESSENTIALLY FIPMER UNCHANGED

EASIER

AND

THREE MONTHS AGO STRONGFR ESSENTIALLY UNCHANGED WEAKER

COMPARED

MAY SURVEY

THREE MONTHS AGO STRONGER ESSFNTIALLY UNCHANGED WEAKER

INTEREST RATES CHARGED TO NONFINANCIAL BUSINESSES 2 12 3 0 67 0 22 6 COMPENSATING OR SUPPORTING BALANCES 3 5

STANDARD 3 3 1

OF CREDIT 13 71 27

WORTHINESS 1 I 1

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

MATURITY OF TERM LOANS

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

NEW CUSTOMERS 1 2

COMPARED

TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

("NONCAPTIVE FINANCE COMPANIES") ENFCRCEMENT OF BALANCE REQUIREMENTS 3 12 2 4 71 0 1 27 1 ("NON C APT I VE ESTABLISHING 3 3 0

FINANCE COMPANIES") NEW OR LARGER CREDIT LINtS 5 9 6 66 2 27

NOT FOR QUOTATION OR PUBLICATION

TABLE 5 (CONTINUED)

A CROSS-CLASSIFICATION OF SELECTED RESPONSES IN THE

MAY 15,

1976

NUMBER OF BANKS

MAY SURVEY

MAY 15, 1976 NUMBER OF BANKS ESSENTIALLY UNCHANGED LESS

STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS COMPARED TO THREE MONTHS AGO STRONGER ESSENITALLY UNCHANGED WEAKER

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

WILLINGNESS TO MAKE TERM LOANS TO bUSINESSES 9 0 59 2 WILLINGNESS TO MAKE CONSUMER INSTALLMENT LOANS 6 0 11 24 1 WILLINGNESS TO MAKE SINGLE FAMILY MORIGAGE 6 3

LOANS 6

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

WILLINGNESS TO MAKE MULTI-FAMILY MOhTGAGE LOANS 13 3 1 0 ) 72 0 26 2

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

WILLINGNESS 10 MAKE ALL OTHER MORTGAGE LOANS 2 11 bb 1 0 24

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER COMPARED TO THRFE MONTHS AGO STRONGFR ESSENTIALLY UNCHANGED WEAKER

WILLINGNESS TO MAKE PARTICIPATION LOANS WITH CORRESPONDENT BANKS 0 13 G 66

WILLINGNESS TO MAKE LOANS TO BROKERS O 15 O 68 1 18

NOT FOR QUOTATION OR

PUBLICATION

TABLE

5 (CONTINUED)

A CROSS-CLASSIFICATION OF SELECTED RESPONSES

MAY 15,

IN THE

MAY 15, 1976

1976

NUMBER OF BANKS

MAY SURVEY

NUMBER OF BANKS ESSENTIALLY UNCHANGED FIRMER

EASIER

STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS ANTICIPATED DEMAND IN NEXT 3 MONTHS STRONGER ESSENTIALLY UNCHANGED WEAKER

COMPENSATING OR SUPPORTING BALANCES 2 50 12 U 44 11 0 1 1

ANTICIPATED

STANDARDS OF CREDIT WORTHINESS 5 58 I 2 51 2 0 2 0

DEMAND IN NEXT 3 MONTHS STRONGER ESSENTIALLY UNCHANGED WEAKER

ANTICIPATED DEMAND IN NEXT 3 MONTHS STRONGER ESSENTIALLY UNCHANGED WEAKER

MATURITY OF TERM LOANS 56 1 0 49 0 2

7 6 0

ANTICIPATED DEMAND IN NEXT 3 MONTHS STRONGER ESSENTIALLY UNCHANGED WEAKER

NEW CUSTOMERS 2 53 50 1 0 1

9 4 1

ANTICIPATED DEMAND IN NEXT 3 MONTHS STRONGER ESSENTIALLY UNCHANGED WEAKER

("NONCAPTIVE ESTABLISHING 3 2 1

LESS

ANTICIPATED

DEMAND IN NEXT 3 MONTHS STRONGER ESSENTIALLY UNCHANGED WEAKER

FINANCE COMPANIES") NEW OR LARGER CREDIT LINES 9 52 4 49 1 C

ESSENTIALLY UNCHANGED

WILLINGNESS TO MAKE TERM LOANS TO bUSINESSES 2 47 15 0 40 15 0 1 1

Cite this document

APA

Federal Reserve (1976, July 19). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19760720_part2

BibTeX

@misc{wtfs_greenbook_19760720_part2,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1976},
  month = {Jul},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19760720_part2},
  note = {Retrieved via When the Fed Speaks corpus}
}