greenbooks · October 18, 1976

Greenbook/Tealbook

Prefatory Note

The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that some material may have been redacted from this document if that material was received on a confidential basis. Redacted material is indicated by occasional gaps in the text or by gray boxes around non-text content. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act.

In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing).

A two-step process was used. An advanced optical character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff.

Content last modified 6/05/2009.

CONFIDENTIAL (FR) CLASS II - FOMC

October 15, 1976

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 THE DOMESTIC NONFINANCIAL ECONOMY

Industrial production ..............

Page .......... ...........

Personal income............................................ Inventories,..... ........ ......... ......... .......... ..... .. Ten-day auto sales.. ............. .........................

TABLES: Industrial production. ...................................... Personal income..............................................

THE DOMESTIC FINANCIAL ECONOMY Corporate bond market

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

TABLE: Interest rates.......................................................

APPENDIX Changes in bank lending practices............................ A-1

SUPPLEMENTAL NOTES The Domestic Nonfinancial Economy Industrial production is estimated to have been unchanged in September, following increases of 0.5 per cent in each of the two preceding months.

In September, production losses from the auto

strike more than offset post-strike gains in the rubber and bituminous coal industries, the net effect of these strike developments reduced the total index for September by an estimated 0.3 per cent.

September, at 131.3 per cent of the 1967 average, total industrial production remained slightly below its prerecession peak of 131.9 per cent in June 1974. Products.

Output of consumer goods declined by approxi-

mately 0.7 per cent, reflecting the effects of the auto strike.

Auto

assemblies, at a 7.7 million unit annual rate in September were down from an 8.8 million rate in August.

Production of consumer durable

goods other than autos and utility vehicles expanded further in September, and output of nondurable consumer goods rose somewhat. Production of business equipment is estimated to have increased 0.3 per cent in September, after having increased slightly in August (revised).

Output of construction products and business supplies

increased further. Materials.

Materials production was about unchanged in

September as some renewed increases in nondurable materials production, notably chemicals, were almost offset by declines in steel and automotive parts.

- 2 -

INDUSTRIAL PRODUCTION (Seasonally Adjusted)

Indexes, 1967=100

June

July

1976 Aug. (p)

Total

Sept. (e)

7. change from Month Year QII to ago ago qIII

I I

130.1

130.7

131.3

7.5

129.5

129.7

130.2

6.0

127.7 137.3 142.2 135.4 136.3

128.4 138.3 145.1 135.4 136.5

128.1 137.3 140.8 135.9 136.9

-. 2 -. 7

-3,0 .4 .3

5.4 6.4 6.5 6.5 6.0

.8 .4 -.1

Nondurable goods Business equipment

127.6 137.8 144.2 135.1 135.0

Intermediate products Construction supplies

135.9 131.8

136.9 132.9

137.1 133.1

137.8 133.8

.5 .5

8.0 9.4

1.6 2.4

131.1

132.3

133.0

133.1

Products, total Final products Consumer goods Durable goods

Materials p--preliminary

1.3

.7 1.5

1.9

10.0

e--estimated i estimated

Total personal income grew at a 6 per cent annual rate in September--an improvement over the 4.2 per cent rate for August, but considerably slower than during earlier months of the recovery.

Declines

in agricultural income were a major factor in slowing the growth of total personal income in August and September.

Nonagricultural income

rose at a 8.6 per cent annual rate in August and a 8.9 per cent rate in September. Wage and salary disbursements rose at a 7.9 per cent annual rate in September.

Higher average hourly earnings and the increase in

payroll employment overrode the decline in the average workweek in

- 3September.

The decline in

manufacturing payrolls due to the Ford

strike apparently affected only the last week of September since the 170,000 strikers received a final paycheck after production was halted. That decline in payrolls was offset by a full month of earnings by 60,000 rubber workers, who returned to work from their four-month strike between August 28 and September 8.

PERSONAL INCOME (Per cent change at compound annual rate; based on seasonally adjusted data)

Nov. 73-* July 75

July 75Sept. 76

July 76Aug. 76r

Aug. 76Sept. 76r

Current Dollars Total Personal Income Nonagricultural Income Wage and Salary Disbursements Nonwage Income Transfer Payments

8.3 9.0

9.5 10.5

4.2 8.6

6.0 8.9

6.2 11.9 24.4

10.6 7.8 7.8

6.5 0.7 10.5

7.9 2.9 4.4

Constant Dollars ** Total Personal Income Nonagricultural Income Wage and Salary Disbursements

-1.9 -1.3

n.a. na.

-2.2 2.0

n.a. n.a.

-3.9

n.a.

0.0

n.a.

November 1973 was the specific high and July 1975 was the specific low for the deflated wage and salary component.

Deflated by the CPI, seasonally adjusted.

r --

Revised.

-4-

Inventories.

Book value of retail trade inventories rose at

a $16.4 billion annual rate in August, much faster than both the $7,4 billion July rate of rise and the $6.3 billion second quarter average rate of increase.

Most of the growth was in auto inventories, which

grew at a $13.3 billion pace, while nonauto durable stocks declined slightly in August,

Nondurable stocks rose at a moderate $4.4 billion

rate in August, after declining a bit in July,

Retailers, other than

auto dealers, thus continued the conservative inventory policy that has also been exhibited in manufacturing. For manufacturing and trade the rate of inventory growth was $32.7 billion in August, above the $20.3 billion July rate of increase and the average second quarter growth rate of $26.4 billion. Still, the manufacturing and trade inventory-sales ratio remained unchanged at 1.48 in August, reflecting the desire to keep inventories closely aligned with sales. Ten-day auto sales.

Domestic units sold at a 8.2 million

annual rate in the first 10-days of October, a rate that was unchanged from the average in the month of September, but less than the 8.6 million rate for the third quarter.

-5-

The Domestic Financial Economy Corporate bond market.

The financing subsidiary of a

major U.S. automobile company recently announced plans to offer a three-part, $250 million note and bond issue during October.

This

offering, together with subsequent increases in two previously announced issues, boosts the expected volume of publicly offered bonds in October to $2.5 billion.

- 6INTEREST RATES (One day quotes - in per cent)

1976 Hihs

Lows

Sept. 20

Oct.

Short-Term Rates Federal funds (wkly. avg.)

5.58(6/30)

4.70(2/18)

5.21(9/22)

5.02(10/13)

3-month Treasury bills (bid) Comm. paper (90-119 day) Bankers' acceptances Euro-dollars CD's (NYC) 90 days Most often quoted new

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(4/21)

5.06

4.85

5.13

5.19(4/22)

5.38 5.30 5.44

5.75(6/16)

4.88(4/21)

5.30(9/15)

5.00(10/13)

5.96(5/27)

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

5.24

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

4.96 5.25

6.50(6/2)

5.25(10/13)

5.60(9/15)

5.25(10/13)

6.39(5/27) 6.86(5/28)

5.05(10/14)

5.40

5.05

5.82(4/14)

5.93

5.91(10/1)

6.75(6/16) 3.70(5/28)

5.38(2/4) 2.90(10/15)

6.05(9/15) 3.00(9/17)

5.50(10/13)

7.82(5/27) 8.20(5/21)

6.64(10/12)

7.63(10/14)

7.07 7.73

6.73 7.63

8.30(10/13) 9.17(10/13)

8.36 9.26

8.30(10/13) 9.17(10/13)

8.95(5/28)

8.16(10/13)

8.28(9/17)

8.16

Municipal Bond Buyer Index

7.13(1/8)

6.25(10/13)

6.50(9/16)

6.25

Mortgage--average yield in FNMA auction

9.20(6/1)

8.80(10/4)

8.92(9/6)

8.80(10/4)

5.00

5.31

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

5.38 5.52

5.60(10/1)

CD's (NYC) Most often quoted new Prime municipals

2.90(10/15)

Intermediate and Long-Term Treasury coupon issues 5-years 20-years

Corporate Seasoned Aaa Baa New Issue Aaa Utility

8.66(1/2) 10.34(1/2)

A - 1 SUPPLEMENTAL APPENDIX A* CHANGES IN BANK LENDING PRACTICES The mid-August survey of lending practices at 121 large commercial banks reveals that the expansion in business loan demand that has been anticipated by many of the banks on each survey since the spring of 1975, has not yet materialized. About half of the 64 banks predicting firmer loan demand over the May to August interval have reported that credit demands had in fact not changed by August. Furthermore, nine of these banks experienced additional, unexpected erosion in business credit demand over the survey period. Altogether, 60 per cent of the respondents in the August survey indicated that the level of loan demand has remained low relative to that experienced three months earlier, while the other 40 per cent were about evenly divided between those reporting moderately firmer or somewhat weaker borrowing demands (see Table 4). In mid-August, as in previous surveys during 1975-1976, almost none of the reporting banks were anticipating declines in the strength of loan demand over the next three months; most either expected demands to firm moderately (53 per cent) or continue unchanged (45 per cent). However, in recent surveys, the respondents have consistently over-estimated business borrowing demands. As a result of this persistent bias, the banks current expectations of firmer borrowing demands through November should probably be discounted to a considerable degree. The respondents to the August survey have reported further modest concessions on some price and nonprice terms of lending to nonfinancial businesses. Although interest rates charged to businesses reportedly declined slightly at 21 per cent of the banks, the declines probably reflect a prime rate reduction in early August to 7 per cent. It is worth noting, however, that several comments on the questionnaires indicate that some banks are beginning to relax their policy of extending loans only at floating rates. The willingness to make fixed-rate loans may make bank borrowing attractive to businesses expecting short-term market rates to rise over the near term. As for nonprice terms, a small but increasing number of banks have moved toward less restrictiveness in compensating balance * Prepared by Virginia Lewis, Economist, Banking Section, Division of Research and Statistics.

A - 2 requirements over the past year. An additional 8 banks (7 per cent of the sample) reported an easing of such requirements over the three months ending in August, and since November 1975, a total of one-third of the respondents have adopted a less stringent stance. With the possible exception of maturities of term loans, other price and nonprice conditions required of nonfinancial businesses relating to standards of credit worthiness and reviewing of credit lines have remained essentially unchanged between May and August. The continued softness in business loan demand over recent quarters and the large inflows of savings and small denomination time deposits may have contributed to the increased willingness of reporting banks to extend other types of loans included in the survey--notably term loans to businesses and consumer instalment loans. An increasing inclination to make loans of both kinds was expressed by about one-quarter of the respondents in the August survey. Thus, there is limited evidence that some banks have been making efforts to increase the volume of outstanding loans. However, the continued weak loan demand that evoked these moderate

concessions by commercial banks and the improved liquidity positions due to large deposit inflows have not yet induced respondents to relax their emphasis on the high quality of their loan portfolio.

TABLE

NOT FOR QUOTATION OR PUBLICATION SURVEY OF CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS IN THE U.S. 1/ COMPARED TO THREE MONTHS 1976 AUGUST 15, POLICY ON (NUMBER OF BANKS & PERCENT OF TOTAL BANKS REPORTING) QUARTERLY (STATUS OF

MUCH STRONGER

TOTAL bANKS

PCT

BANKS

PCT

EARLIER)

MODERATELY STRONGER

ESSLN11ALLY UNCHANGED

MUDLRATELY WEAKER

BANKS

6ANKS

BANKS

PCT

MULH

WEAKER BANKS

PCI

STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS (AFTER ALLOWANCE FOR BANK'S USUAL SEASONAL VARIATION) COMPARED 10 THREE MONTHS AGO

121

100.0

19.8

60.4

ANTICIPATED DEMAND IN NEXT

121

100.0

52.'

44.6

3 MONTHS

ANSWERING QUESTION BANKS

PCT

MUCH FIRMER POLICY

BANKS

PCT

MODERATELY FIRMER POLICY

ESSENTIALLY UNCHANGED POLICY

BANKS

PCT

19.8

2i.

MODERATELY EASIER POLICY bANKS

PCT

LENDING TO NONFINANCIAL BUSINESSES TERMS AND CONDITIONS: INTEREST RATES CHARGED

100.0

76.8

COMPENSATING

100.0

88.

9.9

STANDARDS OF CREDIT WORTHINESS

100.0

96.7

0.0

MATURITY OF TERM LOANS

100.0

86.0

9.9

ESTABLISHED CUSTOMERS

100.0

92.5

5.8

NEW CUSTOMERS

100.0

91.7

3.3

LOCAL SERVICE AREA CUSTOMERS

100.0

9Z.5

5.0

NONLOCAL SERVICE AREA CUSTOMERS

100.0

90.1

5.8

OR SUPPORTING BALANCES

20.7

REVIEWING CREDIT LINES OR LOAN APPLICATIONS

1/ SURVEY OF LENDING PRACTICES AT AS OF AUGUST 15, 1976.

121 LARGE BANKS REPORTING IN THE FEDERAL RESERVE QUAKIERLY

INTEREST

RATE

SURVEY

MULH EASIER POLICY bANKS

PL1

TABLE

NOT FOR QUOTATION OR PUBLICAIION

ANSWERING QUESTION BANKS FACTORS RELATING

10 APPLICANT

PCT

(CONTINUED)

MUCH FIRMER POLICY BANKS

PCT

MODERATELY FIRMER POLICY BANKS

PCT

ESSENTIALLY UNCHANGED POLICY

MODERATELY EASIER POLICY

BANKS

bANKS

PCT

MUCH EASIER POLICY BANKS

PCT

VALUE AS DEPOSITOR OR SOURCE OF COLLATERAL BUSINESS

121

100.0

105

86.7

INTENDED USE OF THE LOAN

121

100.0

109

90.1

INTEREST RATES CHARGED

100.0

108

8s.Z

COMPENSATING OR SUPPORTING BALANCES

100.0

116

95.9

ENFORCEMENT OF

100.0

113

93.4

100.0

105

b6.7

LENDING TO "NONCAPTIVE" FINANCE COMPANIES TERMS AND CONDITIONS:

BALANCE

ESTABLISHING NEW OR

REQUIREMENTS

LARGER CREDIT LINES

ANSWERING QUESTION BANKS

PCT

CONSIDERABLY LESS WILLING BANKS

PCT

MODERATELY LESS WILLING

ESSENTIALLY UNCHANGED

MOLRATEL Y MORE WILLING

BANKS

PCT

PIC

COkNSlIDkAL Y MORE

WILLING BANKS

PCT

WILLINGNESS TO MAKE OTHER TYPES OF LOANS TERM

LOANS TO BUSINESSES

121

100.0

0.0

4.1

71.9

24.0

0.0

120

100.0

0.0

O.b

70.9

25.b

SINGLE FAMILY MORTGAGE LOANS

IlO

100.0

O.B

1.7

b5.0

11.1

O.U

MULTI-FAMILY MORTGAGE LOANS

119

100.0

O.d

0.0

114

95.8

3.4

0.0

ALL OTHER

120

100.0

0.8

108

90.1

u.3

0.0

121

100.0

79.3

17.4

O.8

121

100.0

107

ub.4

9.1

0.6

CONSUMER

INSTALMENT

MORTGAGE LOANS

PARTICIPATION CORRESPONDENT

LOANS WITH BANKS

LOANS TO BROKERS

LOANS

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

IMPORTANT

IN MAKING GECISIONS FOR APPROVING

NOT FOR QUOTATION

OR PUBLICATION

TABLE 2

COMPARISON OF QUARTERLY CHANGES IN BANK LENDING PRACTICES AT BANKS GROUPED BY SIZE OF TOTAL DEPOSITS 1/ (STATUS OF POLICY UN AUGUST 15, 1976, COMPARED TO THREE MONTHS EARLIER) (NUMBER OF BANKS IN EACH COLUMN AS PER CENT OF TOTAL BANKS ANSNEWING QUESTION)

SIZE TOTAL

OF BANK

MUCH STRONGER $1 & OVER

TOTAL DEPOSITS

MODERATELY STRONGER

UNDER $1

IN BILLIONS

ESSENTIALLY UNCHANGED

MODERATELY WEAKER

$1 & OVER

$1 6 OVER

$1 & OVER

UNDER $1

100

$1 & OVER

UNDER $1

UNCEA $1

MUCH WEAKER S1 & OVER

UNUEk $1

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

TO THREE MONTHS AGO

ANTICIPATED DEMAND IN NEXT

3 MONTHS

TOTAL

S1 E OVER

UNDER $1

MUCH FIRMER

$1 f OVER

UNDER

MODERATELY FIRMER

ESSENTIALLY UNCHANGED

MODERATELY EASIER

$1 & OVER

$1 C OVER

L OVER

UNDER

UNDER $1

UNDEK $1

MUCH EASIER

11 & OVER

LENDING 10 NONFINANCIAL BUSINESSES TERKS AND CONDITIONS: INTEREST RATES CHARGED

100

COMPENSATING OR SUPPORTING BALANCES

100

STANDARDS OF CREDIT WORTHINESS

100

MATURITY OF TERM LOANS

100

ESTABLISHED CUSTOMERS

100

NEW CUSTOMERS

100

LOCAL SERVICE AREA CUSTOMERS

100

NONLOCAL SERVICE AREA CUSTOMERS

100

REVIEWING CREDIT LINES OR LOAN APPLICATIONS

1/ SURVEY OF LENDING PRACTICES AT 52 LARGE BANKS (DEPOSITS OF $1 BILLION OR MORE) AND $1 BILLION) REPORTING IN THE FEDERAL RESERVE QUARIERLY INTEREST RATE SURVEY AS OF

69 SMALL BANKS (DEPOSITS AUGUST 15, 1976.

OF LESb THAN

UNDEK $1

NOT FOR QUOTATION OR PUBLICATION

TABLE 2 (CONTINUED)

OF BANK MUCH FIRMER POLICY

SIZE NUMBER ANSWERING QUESTION $1 & OVER

UNDER $1

$1 & OVER

UNDER $1

-TOTAL DEPOSITS IN BILLIONS MODERATELY ESSENTIALLY MODERATELY FIRMER UNCHANGED EASIER POLICY POLICY POLICY S1 E OVER

UNDER $1

$1 & OVER

UNDER $1

$1 L OVER

UNDER $1

MUCH EASIER POLICY $1 E OVER

UNDER $1

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

INTENDED USE

OF THE LOAN

LENDING TO "NONCAPTIVE" FINANCE COMPANIES TERMS AND CONDITIONS: INTEREST RATES CHARGED

100

COMPENSATING OR SUPPORTING BALANCES

100

ENFORCEMENT OF BALANCE REQUIREMENTS

100

ESTABLISHING

NEW OR

LARGER

CREDIT LINES

NUMBER ANSWERING QUESTION $1 C OVER WILLINGNESS TO MAKE OTHER TYPES OF

$1 E OVER

UNDER $1

MODERATELY LESS WILLING

ESSENTIALLY UNCHANGED

$1 & OVER

$1 C OVER

UNDER

UNDER $1

MODERATELY MORE WILLING

51 E OVER

UNDER $1

CONSIDERABLY MORE WILLING $1 & OVER

UNbEK $1

LOANS 100

100

ALL OTHER MORTGAGE LOANS

100

PARTICIPATION LOANS WITH CORRESPONDENT BANKS

100

LOANS TO BROKERS

100

TERM

LOANS TO BUSINESSES

CONSUMER SINGLE

INSTALMENT LOANS

FAMILY

MORTGAGE

MULTI-FAMILY MORTGAGE

UNDER $1

CONSIDERABLY LESS WILLING

LOANS LOANS

FOR THESE FACTORS, FIRMER MEANS THE FACTORS WERE CONSIDERED MORE rcnTT ocnmIF T7. AND EASIER MEANS THEY WERE LESS IMPORTANT.

IMPORTANT

IN MAKING DECISIONS

FOR APPROVING

NOT

FOR QUOTATION OR

TABLE ?

PUBLICATION

QUARTERLY SURVEY OF CHANGES IN STATUS OF POLICY ON

ALL DSTS

BANK LENDING PRACTICES AT SELECTED LARGE BANKS IN THE U.S. COMPARED TO THREE MONTHS EARLIER AUGUST 15, 1976 (NUMBER OF BANKS)

NEW YORK BOSTOTAL CITY OUTSIDE TON

PHILADEL.

CLEVE- RICHMOND LAND

ATLANTA

ST. CHICAGO LOUIS

MINNEAPOLIS

KANS. LITY

DALLAS

SAN FRAN

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

3 MONTHS AGO

MUCH STRONGER MODERATELY STRONGER ESSENTIALLY UNCHANGED MODERATELY WEAKER MUCH WEAKER ANTICIPATED DEMAND THREE MONTHS

121 0 24 73 24 0

0 1 5 2 0

0 2 10 4 0

0 0 5 3 0

0 2 5 1 0

0 0 5 1 0

0 3 2 6 0

0 3 6 3 0

0 4 3 3 0

0 2 12 1 0

0 1 7 1 0

0 0 3 0 0

0 1 U 0 0

0 5

10 1 0

0 4 4 0 0

0 9 1 0 0

0 3 5 0 0

0 6 2 0 0

0 3 3 0 O

0 4 7 0 O

0 7 5 0 0

0 6 3 1 0

0 12 3 0 0

0 4 4 1 0

0 2 1 0 0

0 2 t 1 0

0 4 5 0 0

O 0 7 1 0

0 1 13 2

O 0 8 0 0

O 0 5 1 0

O 1 7 3 0

O 0 9 3 0

O 0 6 4 0

O 0 11 4 0

0 0 7

O 0 3

O 1 5 2 0

0 0 8 1 0

G 0 7 2 0

O 1 10 2 0

0 0 7 1 O

0 0 13 3 0

0 0 6 2 O

0 0 7 1 0

0 0 . 2 0

0 0 9 2 0

0 0 10 0 0

0 0 14 1 0

0 0 3 0 0

0 1 a 0 0

0 0 9 0

0 1 11 1 O

2 0

MUCH STRONGER MODERATELY STRONGER ESSENTIALLY UNCHANGED MODERATELY WEAKER MUCH WEAKER

121 0 64 54 3 O

7 b (

LENDING 10 NONFINANCIAL BUSINESSES TERMS AND CONDITIONS INTEREST RATES CHARFGD 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

121 O 3

93 25 0

121 O 2 107 12 O

1/ SURVEY OF LENDING PRACTICES Al 121 AS OF AUGUST 15, 197b.

LARGE

BANKS REPORTING IN

THE FEDERAL

11 1 0

RESERVE QUARTERLY

INTEREST

b 1 0

RATE

SURVEY

NOT FOR

QUOTATION OR

PUBLICATION

TABLE

ALL DSTS

NEW YORK BOSTON TOTAL CITY OUTSIDE

3 (CONTINUED)

PHILADEL.

CLEVE- RICHMOND LAND

ST. ATLAN- CHICTA AGO LOUIS

MINNE- KANS. CITY APOLIS

DALLAS

SAN FRAN

LENDING TO NONFINANCIAL BUSINESSES TERMS AND CONDITIONS STANDARDS

OF CREDIT

WORTHINESS

121

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

1 3 117 0 0

MATURITY OF

TERM LOANS

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

8 0 0

1 1 6 0 0

0 0 6 0 0

0 0 11 0 0

0 0 12 0 0

0 0 10 0 0

0 0 15 0 0

0 0 9 C 0

0 0 3 0 0

0 2 7 O 0

0 0 9 0 0

0 0 13 0 0

0 1 7 1 0

0 1 1I U 0

B 0 0

1 1 14 0 0

0 0 6 2 0

0 0 13 3 0

0 0 5 3 0

0 0 8 0 0

0 0 6 0 0

0 1 8 2 0

0 0 10 2 0

0 0 10 0 0

0 1 14 0 0

0 0 7 1 G

0 0 3 0 0

0 0 7 I 0

0 1 15 0 0

0 0 8 0 0

0 1 7 0 0

0 0 6 0 0

0 0 11 0 0

0 0 10 2 0

0 0 10 0 6

0 0 13 2 0

0 0 5 C 0

0 0 3 0 0

0 0 9 0 0

0 1 7 1 u

0 0 IL 1 O

0 0

0 0 8 0 0

0 1 7 0 0

0 0 6 0 0

0 0 11 0 0

0 0 10 2 0

0 1 9 O 0

0 0 15 0 0

0 1 c 0 0

0 0 3 0 0

0 2 7 0 0

0 1 7 1 0

0 0

0 1 15 0 0

0 0 8 0 O

0 1 14 1 0

0 0 8 0 0

0 1 6 1 0

0 0 6 0 0

0 0 11 0 0

0 0 10 1 0

0 0 10 0 0

0 0 15 0 0

0 0 9 0 0

0 0 3 0 0

0 1 8 0 0

0 1 6

121 0 5 104 12 0

1 a 0 0

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

0 2 112 7 0 121

MUCH FIRMER POLI(Y MODERATELY FIKMER POLICY ESSENTIALLY UNCHANGED POLICY MODERAIELY EASIER POLICY MUCH EASIER POLICY LOCAL SERVICE

121

AREA CUSTOMERS

MJCH FIRMER POLILY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY

0 b 111 4 0

li 1 0

121 0 3 112 6 0

0 1 1 0

3 (CONTINUEDI

TABLE

NOT FOR QUOTATION OR PUBLICATION

NEW YORK BOSTOTAL CITY OUTSIDE TON

ALL DSTS

PHILADEL.

CLEVE- RICHLAND MOND

ATLAN- CHICST. LOUIS TA AGO

MINNE- KANS. CITY APOLIS

DALLAS

SAN FRAN

LENDING TO NONFINANCIAL BUSINESSES REVIEWING CREDIT LINES OR LOANS NONLOCAL

SERVICE AREA CUST

121

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

0 5 109 7 0

0 0 8 0 0

0 1 15 0 0

0 0 8 0 0

0 1 7 0 0

0 0 6 0 0

0 0 11 0 0

0 0 10 2 0

0 0 10 0 0

0 0 15 0 0

0 0 b 1 0

0 0 3 0 0

0 3 5 1 0

0 1 7 1 0

0 0 11

0 1 7 0 0

0 0 16 0 0

0 0 8 0 0

0 01 10 2 0

0 0 9 0 0

0 14 0 0

0 0 8 1 0

0 0 3 0 0

0 3 6 0 0

0 1 7 I 0

5 0 0

0 0 11 0 0

0 0 6 2 0

0 1 15 0 0

0 0 8 0 0

0 1 7 0 0

0 0 6 0 0

0 0 11 0 0

0 1 10 1 0

0 0 10 0 0

0 0 15 0 0

0 0 9 0 0

0 0 3 0 0

0 2 6 1 0

0 0 8 1 0

0 0 10 3

0 0 8 0 0

0 1 15 0 0

0 1 7 0 0

0 0 8 0 0

0 0 6 0 0

0 1 10 0 0

1 1 7 1 0

0 0 14 1 0

0 0 9 0 0

0 0 3 0 0

0 z 7 0 0

1 0 7 1 0

0 1 11 1 0

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

121

MUCH FIKMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MDERATELY EASIER POLICY MUCH EASIER POLICY INTENDED USE OF

LOAN

0 10 105 6 0

v 0

121

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

0 4 109 8 0

LENDING TO "NONCAPTIVE" FINANCE COMPANIES TERMS AND CONDITIONS INTEREST RATES CHARGED

121

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

FOR

-aef-

THESE

FACTORS,

ni&,CcTC-

FIRMER AUn

2 6 108 5 0

MEANS THE

sACT&D

MFANA

FACTORS WERE CONSIDERED &ERE LESS IMPORTANT.

tWHY

11 1 0

IMPORTANT IN MAKING

DECISIONS

FOR APPROVING

NOT FOR QUOTATION OR PUBLICATION

TABLE 3 (CONTINUED)

ALL DSTS

BOSNEW YORK TON TOTAL CITY OUTSIDE

PHILADEL.

CLEVE- RICHLAND MOND

ATLAN- CHICTA AGO

ST. LOUIS

MINNEAPOLIS

KANS. CITY

DALLAS

SAN FRAN

LENDING TO "NONCAPTIVES 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

1 3 116 1 0

0 0 8 0 0

0 1 15 0 0

0 0 8 0 0

0 1 7 0 0

0 0 6 0 0

0 0 11 0 0

0 0 12 0 0

1 1 a 0 0

0 0 14 1 0

0 9 0 0

0 0 3 0 0

0 1 7 0 0

0 1 15 0 0

0 0 8 0 0

0 1 7 0 0

0 0 6 0 0

0 0 11 0 0

0 0 12 0 0

1 1 8 0 0

0 0 15 0 0

0 0 9 0 0

0 1 6 1 0

0 1 14 1 0

0 0 8 0 0

0 1 6 1 0

0 0 6 0 0

0 0 10 1 0

0 1 11 0 0

0 0

0 0 14 1 0

0 0 4 4 0

0 0 14 2 0

0 0 7 1 0

0 0 5 1 0

0 1 7 3 0

0 0 7 5 0

0 0 10 0 0

0 0 8 0 0

0 0 10 5 0

0 0 5 2 0

0 0 5 3 0

0 0 5 1 0

0 0 5 6 0

0 0 9 2 1

0 0 8 1 1

9 0 0

0 0 9 0 0

0 1 I1 0 0

0 0 3 0 0

0 1 8 0 0

0 1 a 0 0

f U1 1 0

0 0

0 0 2 1 0

0 1 b 0 0

0 1 7 1 0

0 1 10 2 0

0 0 11 4 0

0 0 5 4 0

0 0 3 C 0

0 1 7 1 0

0 1

0 •

3 0

2 0

0 0 & 7 0

0 0 6 3 0

0 0 3 0 0

0 0 7 2 0

0 1 7 1 0

O 0

121

MUCH FIRMER POLICY MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY MUCH EASIER POLICY ESTABLISHING NEW OR CREDIT LINES

121

1 6 113 1 0

LARGER 121 0

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

2 6 105 8 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 0

S 87 29 0

120 0 1 85 31 3

9 3 1

NOT FOR QUOTATION OR PUBLICATION

IABLE 3

ALL DSTS

BOSNEW YORK TON TOTAL CITY OUTSIDE

(CONTINUED)

PHILADEL.

CLEVE- RICHLAND MOND

ATLAN- CHILST. TA AGO LOUIS

MINNEAPOLIS

KANS. CITY

DALLAS

SAN FRAN

0 0 8 1

0 0 2 1 0

0 1 7 1 0

1 0 8 0 O

10 3 O

WILLINGNESS TO MAKE OTHER TYPES OF LOANS SINGLE FAMILY MORTGAGE LOANS

120

CONSIDERABLY LESS WILLING MODERATELY LESS WILLING ESSENTIALLY UNCHANGED MODERATELY MORE WILLING CONSIDERABLY MORE WILLING

1 2 102 14 1

MULTIFAMILY MORTGAGE

LOANS

CONSIDERABLY LESS WILLING MODERATELY LESS WILLING ESSENTIALLY UNCHANGED MODERATELY MORE WILLING CONSIDERABLY 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 CONSICERABLY LESS WILLING MODERATELY LESS WILLING ESSENTIALLY UNCHANGED MODERATELY MORE WILLING CONSIDERABLY MORE WILLING LOANS TO EROKERS CONSIDERABLY LESS WILLING MODERATELY LESS WILLING ESSENTIALLY UNCHANGED MODERATELY MORE WILLING CONSIDERABLY MORE WILLING

NUMBER OF

BANKS

0 0 7 1 0

0 0 15 O 0

0 0 7 O 0

0 0 8 0 0

0 0 5 0 1

0 0 8 3 0

1 10 1 0

0 C 10 0 0

0 12 3 0

0 0 b 0 0

0 0 14 0 0

0 0 7 0 0

0 O 7 0 0

0 0 6 0 0

0 O 10 1 0

0 0 10 2 0

0 0 10 0 0

0 0 15 0 0

0 0 9 0 0

0 0 3 0 0

0 0 8 1 0

1 U 8 0 0

0 0 13 0 0

O 0 b 0 0

O 0 14 1 0

O 0 7 0 0

O 0 7 1 0

O 0 6 0 0

0 0 9 2 0

0 0 10 2 0

0 0 9 1 0

O 0 14 1 0

C 0 9 0 0

0 0 3 0 0

0 0 8 1 0

1 0 6 C 0

U 1 10

0 0 3 5 0

0 0 15 1 0

0 0 8 0 0

0 0 7 1 0

0 0 b 0 0

0 0 9 2 0

0 0 9 3 0

0 0 9 1 0

0 0 13 2 0

0 0 7 2 0

0 0 3 0 0

0 1 b 0 0

0 0 6 3 0

0 2

0 0 7 0 1

O 1 15 0 0

0 0 8 0 0

1 7 0 O

0 0 5 1 0

0 1 8 2 0

O 0 10

C 0 9 1 0

C 0 13 2 O

G 0 9 0 O

O C 3 0 O

O O 9 0 O

O 0 8 1 O

O 0 11 1 U

119 1 O 114 4 0 120 1 1 108 10 0

A 0

121 0 3 96 21 1

r 1

121 U 2 107 11 1

121

NOT

FOR QUOTATION OR PUBLICATION

TABLE 4

COMPARISON OF SELECTED

RESPONSES

THE

IMAY 15,

MAY

1976

NUMBER OF BANKS

AND

AUGUS1

AUGUST

15,

SURVEYS

197

NUMBER OF BANKS STRONGER UNCHANGED

WEAKER

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

DEMAND THREE STRONGER UNCHANGED WEAKER

64 55 2

1 2 0

MONTHS HENCE

INTEREST RATES CHARGED FIRMER UNCHANGED EASIER COMPENSATING OR SUPPORTING BALANCES FIRMER UNCHANGED EASIER OF CREDIT WORTHINESS FIRMER UNCHANGED EASIER

MATURITY OF TERM LOANS FIRMER UNCHANGED EASIER

1 10 13

HENCE

LENDING TO NONFINANCIAL bUSINESSES

STANDARDS

17 75 29

64 55 2

COMPARED 15 8 1

FIRMER

TO THREE MONTHS '0 32 1

UNCHANGED

AGU C, 15 0

EASIER

TABLE 4 (CONTINUED)

NOT FOR QUOTATION OR PUBLICATION

MAY 15,

1976

NUMBER OF BANKS

AUGUST 15,

1976

NUMBER OF BANKS FIRMER UNCHANGED

EASIER

REVIEWING CREDIT LINES OR LOAN APPLICATION ESTABLISHED CUSTOMERS FIRMER UNCHANGED EASIER

2 111 8

0 2 0

2 102 8

0 7 0

3 104 1

1 3

97 12

0 O 4 0

1 114 6

0 3 0

1 105 6

0 6 0

2 107 12

0 5 0

2 96 11

0 6 1

VALUE AS DEPOSITOR OR SOURCE OF COLLATERAL BUSINESS FIRMER UNCHANGED EASIER

9 103 9

1 7 2

5 94 6

3 2 1

INTENDED USE OF THE LOAN FIRMER UNCHANGED EASIER

3 115 3

1 3 0

2 104 3

O 6 0

1 117 3

0 8 0

1 10b 1

0 3 2

0 116 5

0 3 1

0 112 4

0 1 0

NEW CUSTOMERS FIRMER UNCHANGED EASIER LOCAL

SERVICE AREA CUSTOMERS FIRMER UNCHANGED EASIER

NONLOCAL

SERVICE AREA CUS1OMERS FIRMER UNCHANGED EASIER

FACTORS RELATING 10 APPLICANT

LENDING TO "NONCAPTIVE"

FINANCE

COMPANIES

TERMS AND CUNDITIONS: INTEREST

RATES CHARGED FIRMER UNCHANGED EASIER

COMPENSATING OR SUPPORTING BALANCES FIRMER UNCHANGED EASIER

NOT

FOR

TABLE 4

QUOTATION OR PUBLICATION

(CUNTINUED)

MAY 15,

1976

NUMBER OF BANKS LENDING 10 "NONCAPTIVE"

AUGUST 15,

1976

NUMBEK OF bANKS FIRMER UNCHANGED EASIER

FINANCE COMPANIES

TERMS AND CONDITIONS: ENFORCEMENT OF BALANCE REQUIREMENTS FIRMER UNCHANGED EASIER

3 110 8

0 1 0

ESTABLISHING NEW OR LARGER CREDIT LINES FIRMER UNCHANGED EASIER

6 102 13

0 5 3

WILLINGNESS 10 MAKE OTHER TYPES OF LOANS

LESS

TERM LOANS TO BUSINESSES LESS UNCHANGED MORE

2 88 31

CONSUMER INSTALMENT LOANS LESS UNCHANGFD MORE

0 80 40

SINGLE FAMILY MORTGAGE LOANS LESS UNCHANGED MORE

4 97 19

MULTI-FAMILY MORTGAGE LOANS LESS UNCHANGED MORE

4 111 3

ALL OTHER MORTGAGE LOANS LESS UNCHANGED MORE

3 103 14

PARTICIPATION LOANS WITH CORRESPONDENT LESS UNCHANGED MORE LOANS

TO BROKERS LESS UNCHANGED MORE

BANKS 1 99 21

UNCHANGED

MOkE

NOT FOR QUOTATION OR

TABLE

PUBLICATION CROSS-CLASSIFICATION OF

SELECTED RESPONSES

AUG. 15, 1976

NUMBER OF BANKS

IN THE

AUGUST

15,

SURVEY

1976

NUMBER OF BANKS ESSENTIALLY FIRMER UNCHANGED

EASIER

LENDING TO NONFINANCIAL BUSINESSES INTEREST RATES CHARGED FIRMER ESSENTIALLY UNCHANGED EASIER

COMPENSATING OR SUPPORTING BALANCES 0 3 0 2 80 5 0 16 7

NEW CUSTOMERS

ESTABLISHED CUSTOMERS 2 4 0 108 0 0

FIRMER ESSENTIALLY UNCHANGED EASIER VALUE AS DEPOSITOR OR SOURCE OF COLLATERAL BUSINESS FIRMER ESSENTIALLY UNCHANGED EASIER

0 3 4

INTENDED USE OF THE LOAN 7 2 1 100 1 2

LENDING TO "NONCAPTIVE" FINANCE COMPANIES INTEREST RATES CHARGED FIRMER ESSENTIALLY EASIER

UNCHANGED

COMPENSATING OR SUPPORTING BALANCES 3 5 0 1 10b 1 0 5 0

COMPENSATING OR SUPPORTING BALANCES FIRMER ESSENTIALLY UNCHANGED EASIER

ENFORCEMENT OF BALANCE REUUIREMENTS 4 0 0 3 112 I 0 1 0

COMPENSATING OR SUPPORTING BALANCES FIRMER ESSENTIALLY UNCHANGED EASIER

ESTAbLISHING NEW UK LARGER CREDIT LINES 2 2 0 6 103 7 0 0 1

NOT FOR QUOTATION OR PUBLICATION A CROSS-CLASSIFICATION

TABLE 5 (CONTINUED) OF SELECTED RESPONSES

AUG.

15,

1976

NUMBER OF BANKS

IN THE

AUGUST

AUGUST 15,

SURVEY

1976

NUMBER OF BANKS ESSENTIALLY LESS UNCHANGED

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

MATURITY 4 1 O

SINGLE FAMILY MORTGAGE LOANS LESS ESSENTIALLY UNCHANGED MORE

MULTI-FAMILY MORTGAGE LOANS 0 2 1 0 99 2 0 13 2

SINGLE FAMILY MORTGAGE LOANS LESS ESSENTIALLY UNCHANGED MORE

ALL OTHE 1 1 O

MORklAGE LOANS 0 2 96 5 10 5

TERM LOANS TO BUSINESSES LESS ESSENTIALLY UNCHANGED MORE

CONSUMER O O 1

INSTALMENT LOANS 3 2 69 17 14 14

TERM LOANS TO BUSINESSES LESS ESSENTIALLY UNCHANGED MORE TERM LOANS TO BUSINESSES LESS ESSENTIALLY UNCHANGED MORE

OF TERM LOANS 1 84 19

PARTICIPATION CORRESPONDENT 1 O

LOANS WITH BANKS 80 14

LOANS TO BROKERS 0 5 80 2 0 22

0 2 10

NOT FOR QUOTATION OR

PUBLICATION A

TAbLE

(CONTINUED)

CROSS-CLASSIFICATION OF SELECTED RESPONSES

AUG.

15,

THE

1976

NUMBER OF BANKS

AUGUST

15,

SURVEY

1976

NUMBER OF BANKS ESSENTIALLY FIRMER UNCHANGED EASIER

STRENGTH OF DEMAND FOR COMMERCIAL AND INDUSTRIAL LOANS

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

INTEREST RATES CHANGED TO NONFINANCIAL BUSINESSES 1 21 2 2 60 11 0 12 12

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

COMPENSATING OR SUPPORTING BALANCES

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

STANDARDS 1

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

MATURITY 4

COMPARED 10 THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

NEW

6 5

OF CREDIT 23

WORTHINESS 0 0 0

OF TEKM LOANS lo

CUS1TMERS I J

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

|"NONCAPTIVE FINANCE LOMPANIES") ENFORCEMENT OF BALANCE REQUIREMENTS 0 23 1 3 69 1 3 21 0

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

("NONCAPIVE ESTABLISHING 1 5 2

FINANCE COMPANIES*) NEW OR LARGER CREDIT LINES 2 21 65 3 19 3

NOT

FOR

TABLE

QUOTATION OR PUBLICATION A CROSS-CLASSIFICATION

SELECTED

.INUED) RESPONSES

AUG. 15,

1976

NUMBER OF BANKS STRENGTH OF DEMAND INDUSTRIAL LOANS

COMPARED TO

FOR COMMERCIAL

THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

10 THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

COMPARED TO

THE

AUGUSI

AlUGUST 15,

SURVEY

1976

NUMBER OF BANKS ESSENTIALLY LESS UNCHANGED

AND

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

COMPARED

THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

WILLINGNESS TO MAKE TERM LOANS TO bUSINESSES 3 14 61 1

WILLINGNESS TO MAKE CONSUMER INSTALMENT LOANS 18 0 53 0 19 14 1 9 WILLINGNESS 10 MAKE SINGLE FAMILY MUkTbAGE 0 23 1 61 2 l1

LOANS 1 10 4

WILLINGNESS 10 MAKE MULTI-FAMILY MORTGAGE LOANS 0 22 2 0 70 I 1 22 1

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

WILLINGNESS 10 MAKE ALL OTHER MORTGAGE LOANS 1 20 67 O 1 21

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

WILLINGNESS TO MAKE PARTILIPATION LOANS WITH CORRESPONDENT &ANKS 0 20 2 bl ] 1 15

COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER

WILLINGNESS TO MAKE LOANS TO BROKERS 0 23 65 1 1 1

NOT FOR QUOTATION OR PUBLICATION

TABLE

5 (CONTINUED)

CROSS-CLASSIFICATION OF SELECTED RESPONSES IN THE

AUG. 15,

1976

NUMBER OF BANKS

AUGUST SURVEY

AUGUST 15,

1976

NUMBER OF BANKS ESSLNIIALLY EASIER UNCHANGED FIRMER

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

COMPENSATING OR SUPPUKTING BALANCES 1 5b 5 1 47 b 0 Z 1

ANTICIPATED DEMAND IN NEXT 3 MONTHS STRONGER ESSENTIALLY UNCHANGED WEAKER

STANDARDS UF CREDIT WORTHINESS 0 63 1 3 51 0 0 3 0

ANTICIPATED DEMAND IN NEXT 3 MONTHS STRONGER ESSENTIALLY UNCHANGED WEAKER

MATUKITY OF TERM LOANS 3 54 2 48 o 2

7 4 1

ANTICIPATED DEMAND IN NEXT 3 MONTHS STRONGER ESSENTIALLY UNCHANGED WEAKER

NEW CUSTOMERS 3 61 3 47 0 3

0 4 O

ANTICIPATED DEMAND IN NEXT 3 MONTHS STRONGER ESSENTIALLY UNCHANGED WEAKER

("NONCAPTIVE ESTABLISHING 5 2 1

LESS

ANTICIPATED DEMAND IN NEXT 3 MONTHS STRONGER ESSENTIALLY UNCHANGED WEAKER

FINANCE COMPANIES") NEW OR LARGER CREDIT LINES 55 4 48 4 2 0

ESSENTIALLY UNCHANGED

WILLINGNESS TO MAKE TERM LOANS TO BUSINESSES 3 44 17 2 41 11 0 / 1

Cite this document

APA

Federal Reserve (1976, October 18). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19761019_part1

BibTeX

@misc{wtfs_greenbook_19761019_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1976},
  month = {Oct},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19761019_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}