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. 1 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). 2 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) SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS Prepared for the Federal Open Market Committee April 12, By the Staff Board of Governors of the Federal Reserve System 1974 SUPPLEMENTAL NOTES The Domestic Economy Industrial production. Industrial production declined 0.5 percent in March, following drops of .9 and .7 percent in January and The downward revisions in January and February, .2 and .3 February. percentage points, were because of revised data showing larger declines in output of construction products and in the automotive supplying industries than previously reported. In March, auto assemblies were at an annual rate of 6.6 million units, the same as in February. Declines in output of household appliances were offset by increased production of other consumer durable goods. further. Output of consumer nondurable goods, however, declined Production of business equipment was unchanged. Output of construction products, steel and other durable goods materials were down 2 percent and production of nondurable goods materials rose about 1 percent. The following table shows the percentage declines in the major input sectors of the total index from the high in November 1973 to March 1974. DECLINES IN INDUSTRIAL PRODUCTION Percent declines Nov. 1973 to March 1974 Physical product series Manhour series Kilowatt hour series 4.8 2.6 2.5 Total industrial production 2.8 -2- INDUSTRIAL PRODUCTION (1967=100, seasonally adjusted) Total index Market groupings: Final products Consumer goods Business equip. Materials Industry groupings: Manufacturing Durables Nondurables Mining & utilities Percent change Year QIV 1973 Month ago ago to QI 1974 Jan. 1974 Feb. March 123.7 125.4 124.5 123.9 -1.9 -.5 .2 119.6 130.8 118.6 127.0 120.9 129.2 126.1 129.5 120.5 128.0 127.2 128.2 120.1 127.3 127.3 127.2 -2.0 -3.3 - .1 -2.1 -.3 -.5 .1 -.8 .4 -2.7 7.3 .2 123.4 119.9 128.6 127.3 125.0 120.7 131.0 125.9 123.9 119.4 130.3 128.0 123.4 118.6 130.4 128.3 -2.1 -3.3 - .3 -1.8 -.4 -.7 .1 .2 -1.1 1.4 .8 1973 March Advance retail sales for March. Sales in March increased 2 percent from February with all major types of stores reporting gains, according to the advance report. Sales of durable goods recovered by 1.6 percent, after declining by about this amount in February. Non- durable goods sales were up 2.2 percent with a 4.1 percent rise in outlays for general merchandise and a 5.2 percent increase in sales of gasoline stations. Total sales were 4.6 percent above a year earlier. According to present data, sales in the first quarter were 1.4 percent above the fourth quarter. Outlays for durable goods were off 3.3, as sales of the automotive group declined by a substantial amount for two successive quarters. Sales of nondurable goods were 3.7 percent higher than the fourth quarter; sales of the food group rose 4.5 percent. -3RETAIL SALES (Seasonally adjusted, percentage change from previous period) 1973 QIII 2.9 Total sales 1973~_ 194 1974 QIV QI .3 97 Jan. 1974 Feb. Mar. 1.4 1.9 .2 2.0 -3.3 -8.6 1.9 1.0 -1.7 -3.6 1.6 Durable Auto Furniture and appliance 1.9 3.0 -3.4 -6.6 1.0 -1.0 4.2 4.2 .7 3.6 Nondurable Food General merchandise Gasoline 3.4 4.7 2.0 .3 2.2 1.9 1.2 2.3 3.7 4.5 3.6 3.9 1.9 3.1 3.3 1.7 1.1 .6 2.6 2.2 .7 4.1 5.2 Total, less auto and nonconsumption items 3.1 2.0 3.6 2.1 1.0 2.2 GAF 2.1 .7 3.6 2.9 .2 3.9 .3 -1.9 Real* n.a. .6 - .2 -1.3 1.6 n.a. *Deflated by all commodities CPI, seasonally adjusted. Inventories. Book value of total manufacturing and trade inventories increased at a $36.6 billion annual rate in February (p)-down from the $39.6 billion January rate. The two month average increase was $38.1 billion, annual rate, as compared to the $36.5 billion fourth quarter rate. The overall manufacturing and trade inventory-sales ratio was at 1.45 in February, unchanged from that in January. Book value of retail trade inventories rose at a $1.6 billion annual rate in February (p), following the upward revised $8.4 billion January rate. The January-February average was $5.0 billion, -4- annual rate--down from the $10.9 billion rate in the fourth quarter. Auto stocks were off $2.1 billion annual rate in February after rising at a $.4 billion rate in January; the two month average indicates a decline of $.8 billion, compared with a $4.4 billion rate fourth quarter increase. Nondurable goods retailers' inventories rose $2.4 billion, annual rate, in February; the January rate was revised sharply upward. 1.50 in February, The retail trade inventory-sales ratio remained at unchanged from its January level. The following tables include the retail trade data and supersede those published in the Greenbook. TABLE I BUSINESS INVENTORIES (Change at annual rates in seasonally adjusted book values, $ billions) 1973 Manufacturing and trade Manufacturing, total Durable Nondurable Trade, total Wholesale Retail Auto 1974 Feb. r/ (p) QIII QIV Jan. 21.1 36.5 39.6 36.6 12.4 9.8 2.6 8.7 4.5 4.2 1.2 19.0 12.8 6.3 17.5 6.6 10.9 4.4 20.4 13.2 7.2 19.2 10.8 8.4 .4 27.2 15.2 12.0 9.4 7.8 1.6 -2.1 -5 - TABLE II INVENTORY RATIOS 1973 Inventories to sales: Manufacturing and trade Manufacturing, total Durable Nondurable Trade, total Wholesale Retail Inventories to unfilled orders: Durable manufacturing Real estate. 1974 Feb. Jan. Feb. Jan. r/ 1.45 1.58 1.87 1.23 1.44 1.58 1.87 1.22 1.45 1.59 1.97 1.15 1.45 1.60 1.99 1.17 1.31 1.17 1.41 1.30 1.16 1.40 1.31 1.08 1.50 1.30 1.06 1.50 .846 .836 .715 .711 (p) Merchant builder sales of new single-family homes rose 13 percent further in February, year earlier and the October 1972 peak. but remained well below a Units available for sale continued to rise but reflecting the improved sales rate, the backlog declined to 10.5 months' supply, appreciably below the December peak, although still unusually high. The median price of units sold turned upward again and remained above the rising median price of unsold homes. Existing home sales in earlier level. February held fairly near the year The median price on such units was $30,640, only slightly higher than January and 9 percent above a year ago. - 6 SALES, STOCKS AND PRICES OF NEW SINGLE FAMILY HOMES Homes sold 1/ Homes for sale 2/ Months' supply Median price of: Homes sold Homes for sale (Thousands of dollars) (Thousands of units) 1973 QI QII 726 QIII 566 482 QIV(r) December(r) 680 426 436 453 446 7.0 7.7 9.6 11.1 30.4 33.5 33.9 29.4 31.2 32.1 32.9 446 12.4 35.7 32.9 451 459 11.7 34.0 34.9 33.4 33.5 32.7 1974 January(r) February(p) 1/ Seasonally adjusted annual rate. 2/ Seasonally adjusted, end of period. 10.5 - 7 - The Domestic Financial Situation Mortgage market. In March, average interest rates on new commitments for conventional new-home mortgages rose 5 basis points, according to the HUD(FHA) opinion survey, since the September 1973 peak. unchanged. the first increase in the rate Rates for existing-home mortgages were In the private secondary market, yields on FHA-insured new- home mortgages, which had also declined steadily since last fall, rose by 12 basis points to 8.66 percent. AVERAGE RATES AND YIELDS ON NEW-HOME MORTGAGES (HUD-FHA Field Office Opinion Survey) Secondary market l/ Primary market End of month Conventional loans Level 2/ Spread FHA-insured loans / (percent) (basis points) 1973 - Low High Sept. Oct. Nov. Dec. 1974 - Jan. Feb. Mar. 1/ 2/ 3/ 4/ Level 3/ Spread 4/ (percent) (basis points) Discounts (points) 7.70 (Jan.) 8.95 (Sept.) 30 (Jan.) 114 (Sept.) 7.55 (Jan.) 9.18 (Sept.) 15 (Jan.) 137 (Sept.) 2.2 (Dec. 9.4 (July 8.95 8.80 8.75 8.75 114 83 90 77 9.18 8.97 8.86 8.78 137 100 101 80 5.2 3.6 2.8 2.2 8.65 8.55 8.60 40 45 - 4 8.54 8.66 44 2 2.3 3.2 Any gaps in data are due to periods of adjustment to changes in maximum permissible contract rates on FHA-insured loans. Average contract rate (excluding fees or points) on commitments for conventional first mortgage loans, rounded to the nearest 5 basis points. Average gross yield (before deducting servicing costs) to investors on 30year minimum-downpayment FHA-insured first mortgages for immediate delivery in the private secondary market (excluding FNMA), assuming prepayment in 15 years. Average gross mortgage rate or yield minus average yield on new issues of Aaa utility bonds in the last week of the month. -8Nonbank financial intermediaries. Deposit losses at 17 large New York City mutual savings banks (MSBs) during the first 5 business days of April were substantially larger than in the comparable period a year ago, as shown in the table below. This weak performance represents a turnaround from the relatively favorable deposit experience at these institutions during March. At a sample of 13 large California S&Ls, a similar pattern of weak deposit performance in early April was reported. DEPOSIT FLOWS AT 17 LARGE NEW YORK CITY MUTUAL SAVINGS BANKS DURING THE FIRST 5 BUSINESS DAYS OF APRIL (Millions of dollars) Net adjusted for Net as a percentage passbook loans of total deposits 1974 -138.1 -.50 1973 1972 1971 1970 - 78.8 14.8 32.6 -127.2 -.29 .06 .15 -.62 -9 - INTEREST RATES 1971: Highc Lows liar. 18 Apr. 11 Short-Term Rates Federal funds (ukly. avg.) 3-month Treasury bills (bid) Comm. paper (90-119 day) Bankers' acceptances Euro-Jollars CD's (UYC) 90-119 day Most often quoted new 10.02(4/10) 8.81(2/27) 9.03(3/13) 10.02(4/10) 8.65(4/5) 9.75(4/11) 10.00(4/11) 10.56(//10) 7.95 8.50 8.75 9.25 8.24 9.75 10.00 6.93(2/6) 7.75(2/22) 8.13(2/25) 8.25(2/18) 10.38 9 75(,/10) 7.88(2/20) 8.25(3/13) 9.75(4/10) 8.44(4/5) 6.80(2/19) 9.63(4/11) 7.50(2/22) 9.14(4/11) 7.16(2/19) 7.84 8.50 8.24 8.27 9.63 9.14 8.75(4/10) 7.50(2/27) 7.75(3/13) 8.75(4/10) 7.28 7.75 7.96 8.75 7.25(3/13) 4.20(3/13) 8.00(4/10) 7.40(1/4) 7.32 7.78 7.84 7.97 8.25('/10) 7.73(1/2) 8.38(4/10) 8.54(1/2) 3.02 3.66 8.25(4/10) 8.88(4/10) 9.13(4/10) 8.05(2/13) 8.33(3/13) 9.13(4/10) Municipal Bond Buyer Index 5.75(4/10) 5.16(2/6) 5.32(3/13) 5.75(4/10) Mortgage--average yield in F21A auction 0.95(4/8) 8.44(3/11) 8.95(4/8) 6-month Treasury bills (bid) Comm. paper (4-6 mo.) Federal agencies CD's (NYC) 180-269 day Most often quoted new 1-year Treasury bills (bid) Federal agencies 8.13(4/5) 8.88(4/9) 6.37(2/15) 7.01(2/19) CD's (NYC) Most often quoted new Prime municipals 8.00(4/10) 7.00(2/27) 5.10(4/5) 3.70(2/15) N.A. Intermeciate and Long-Term Treasury coupon issues 5-years 20-years Corporate Seasoned Aaa New Issue Aaa Utility 7.97<4/5) 8. r(4/5 6.72(2/14) 8.43(2/25) SUPPLEMENTAL APPENDIX A MONTHLY SURVEY OF BANK LOAN COMMITMENTS, FEBRUARY 1974 The Monthly Survey of Bank Loan Commitments taken at 132 large banks shows that total unused commitments grew only slightly in February. Loans under commitments (not seasonally adjusted) advanced after January's decline and grew faster than the series for comparable loans at Weekly Reporters, suggesting more than usual reliance on commitment takedowns. For two months running, total new commitments have declined sharply. This is a very sensitive series that moves erratically, but the two-month change may be indicative of some weakness of commitments at the margin. The major categories of commercial and industrial unused commitments expanded in February; unused commitments for term loans grew very rapidly and returned to December's level after a decline in January (Table 1). Unused commitments to nonbank financial institutions and for real estate mortgages showed small change, but the February movements continued the trends of expansion of unused commitments to nonbank financial institutions and contraction of mortgage commitments at reporting banks. The moderate growth of total unused commitments in February in part reflected the pace of takedowns of commitments as measured by the change in outstanding loans under commitments, which was above the average of previous months (Table 2). The pattern of takedowns of business loans for the last three months is consistent with the seasonal pattern of a strong December increase, followed by a decline in January and moderate growth in February, though the rate of growth in February of loans under commitments was much stronger than seasonal. Reflecting in part the improved inflows of deposits to thrift institutions, nonbank financial institutions began to repay their loans under commitments at banks. In addition, the repayments by nonbank financial institutions may be associated with the slow growth of retail sales, which reduced the need for external financing at finance companies, also included in the category. The utilization ratio for total commitments continued to move within a narrow range, as did that ratio for commercial and industrial firms (Table 3). Reflecting the contraction of unused commitments for mortgages, the utilization ratio for real estate loans rose, while repayments of loans reduced the ratio slightly for nonbank financial institutions. * Prepared by Paul W. Boltz, Economist, Banking Section, Division of Research and Statistics. NOT FOR QUOTATION OR PUBLICATION MONTHLY SURVEY OF BANK LOAN COMMITMENTS AT SELECTED LARGE U.S. BANKS 1/ (AS OF FEB. 28, 1974) TABLE 1 - UNUSED COMMITMENTS (DOLLAR AMOUNTS (1) I C & 1 FIRMS TUTAL I (2) CLI I I (3) C ,I I TERM LOANS I I REVOLVING CREDITS AMI JULY 31 AUGUST 31 CHGII AMT I 78.11 0.01 I 5.31 I I 1 78.31 0.;l. I I SEPTEMBER 30 77.31 -1.21 OCTOBER 31 I 80.11 I 3.61 I I NUVEMBER 30 DECEMBER 31 JANUARY 31 FEBRUARY 28 JUL 73 - FEb 74 AVERAGE 1% CHGI I 80.71 0.71 I I 80.11 -0.71 1 I 81.91 2.21 I I 82.41 1 0.61 1 I I 79.91 0.81 5.21 I 5.01 I 5.2 5.0 I 0.01 I -0.61 I -3.71 I 2.81 -2.51 5.21 5.01 I 5.21 I AMT I C IN BILLIONS) 1(4) C I I I I ITERM LOANS t IREV. CREDITS IX CHGI AMT I% CLII CHG AM HG AMI 1% 18.11 0.01 24.11 I 18.61 2.91 0.01I -3.41 1 18.81 1.01 1 23.81 -1.21 23.01 -3.51 23.31 1.41 23.81 3.41 2.11 I1 3.81 18.41 -2.0 23.61 -0.71 I -5.31 -1.41 23.11 -2.31 I1 23.1 4.31 18.31 0.91 1.61 I 23.51 5.11 -0.21 0.21 I I I (6) 17) 23.51 -0.41 (8) I I (9) CLI I NON-BANK I REAL I TOTAL CONFIRMED I OTHER I FINANCIAL I ESTATE i COMMITMENTS EG LINES ICOMMITMENTS I INSTITUTIONSI MORTGAGES I 1 It CHGI AMT IX CHGI AMT IX CHt AMT ft CHGI AMT 1t CHGIl AMT AM I 50.81 0.01 3.21 0.01 23.61 I I I 18.31 18.1 (5) C I 51.51 1.31 3.01 I I I 51.51 0.11 2.91 -8*31 I -3.81 24.81 I 25.11 0.01 I 941 I I 0.01 111.11 5.21 112.51 I 0.91 9.01 -5.01 111.41 -1.0 I I 53.81 4.51 3.01 5.41 26.21 4.51 I 53.91 0.31 2.9( -3.21 26.81 2.31 I 53.61 -0.61 2.91 -1.71 26.11 -2.61 8.61 -4.31 I 56.11 53.41 53.41 3.91 3.11 7.01 I I I 0.61 1.4I 1.41 2.91 -6.71 3.0I 3.01 -1.61 8.51 -1.21 I 8.51 0.11 27.01 3.61 8.31 -2.11 27.31 0.91 8.31 1 I I 25.91 2.11 114.91 3.1 115.91 I 0.9 -0.71 8.71 -1.71 114.71 -1.0 1 117.21 2.2 I 117.91 I 114.51 NUMBER OF BANKS 1/ BANKS PARTICIPATING IN THE MONTHLY LOAN COMMITMENT ** NOTE: SURVEY ARE SELECTED WEEKLY REPORTING BANKS WITH TOTAL DEPOSITS OF $100 MILLION OR MORE. MINOR INCONSISTENCIES MAY OCCUR DUE TO ROUNDING. ** 1.2 I I 55.71 0.0 I 9.41 0.5 MONTHLY SURVEY OF BANK LOAN COMMITMENTS AT SELECTED LARGE U.S. BANKS 1/ (AS OF FEB. 28, 1974) NOT FOR QUOTATION OR PUBLICATION TABLE 2 - LOANS UNDER COMMITMENTS 2/ (DOLLAR AMOUNTS IN BILLIONS) JULY 31 AUGUST 31 SEPTEMBLR 30 OCTOBER 31 (2) I (1) I (5) I (6) I (7) I (3) I (4) I C c I f C I t I NON-BANK C I I C I I C I I C C I TERM I FINANCIAL I FIRMS REVOLVING ITERM LOANS C( CONFIRMED I OTHER LOANS CREDITS I TOTAL IREV. CREDITSI LINES IINSTITUTIONSI It CHGI AMT 1t CHGI CHGI AMT 1% CHGI AMT It CHGI I CHGI AMT It CHGI AMT AMT IL HGI AMT It 1% CHGI AMT AM7 I I I I I 9I 1 I I 17.11 0.01 0.01 5.21 0.01 16.51 0.01 0.01 16.61 0.01 65.51 35.11 0.0O 25.21 I I I 9 I I 17.81 7.61 17.61 2.81 16.41 -0.71 4.81 -7.01 35.41 0.81 25.11 -0.31 65.31 -0.21 I I I I I I I I I 1 I 3.51 3.71 0.91 17.01 18.41 4.51 4.91 36.31 2.81 2.71 26.01 67.21 I I I I l.o| I c081I I I I 17.91 -C.41 5.01 1.51 17.51 2.51 1e.61 1.31 36.51 0.51 24.71 -4.91 66.21 -1.51 I NOVEMBER 30 DECEMBER 31 JANUARY 31 FEBRUARY 28 JUL 73 - FEB 74 AVERAGE NUMBER 1.81 67.41 1 1 2.11 68.81 I I 68.01 -1.21 I I 2.01 69.41 I I I I 0.81 67.51 18.01 I 18.51 I 0.71 I 2.71 18.51 -0.41 I 18.71 I I 16.21 1.21 I I 1.81 19.41 I 4.11 I 19.31 -0.31 1 19.41 19.91 0.71 I 2.41 I 37.41 2.4( I 37.91 1 37.91 1 38.61 0.21 1.8 I 18.91 I 1 37.11 1.21 2.21 37.11 1.4 I I 24.91 I 25.81 0.91 I 3.51 I I 24.71 -4.11 I I 3.71 25.61 I I 25.31 UAT ""i t 19 '"l" (9T TOTAL t I I I rucl "'l I LOANS AMT 1a 15.61 16.41 0.01 4.2! I9m '" 97.81 0.0 98.21 0.3 I 5.11 2.01 17.11 -1.91 5.21 2.41 18.91 10.11 5.41 3.61 17.51 -7.01 5.11 -4.21 17.41 -0.61 17.41 1 - 1 5.11 -0.11 17.11 4 17.41 0.91 17.11 0.01 104.21 2.21 1.41 1.51 102.01 OF BANKS 1/ BANKS PARTICIPATING IN THE MONTHLY LOAN COMMITMENT SURVEY ARE SELECTED WEEKLY REPORTING BANKS WITH TOTAL DEPOSITS OF $100 MILLION OR MORE. 2/ LOANS UNDER COMMITMENTS ARE DEFINED AS ALL LOANS UNDER COMMITMENTS CURRENTLY OR PREVIOUSLY IN FORCE, LESS REPAYMENTS OF THE PRINCIPAL. DATA ARE DISTORTED BY TAKEDOWNS OF LOAN COMMITMENTS BY OVERSEAS BRANCHES OF U.S. ** NOTE: rue I I 4.09 101.31 3.1 I 16.71 -1.91 100.41 -0.9 I 17.11 2.21I 101.61 1.2 1 17.31 1.41 105.01 3.3 1 17.41 0.41 103.01 -1.9 I I 0.31 (81 REAL ESTATE MORTGAGES BANKS AND LOAN SALES. MINOR INCONSISTENCIES MAY OCCUR DUE TO ROUNDING. ** THE REPORTED 1.2 0.0 NOT FOR MONTHLY SURVEY OF BANK LOAN COMMITMENTS AT SELECTED LARGE U.S. BANKS 1/ (AS OF FEB. 28, 1974) QUOTATION OR PUBLICATION TABLE 3 - UTILIZATION RATIO 2/ (PERCENTAGES) (2) LE I (1) CE I FIRMS TUTAL S TERM LOANS . (4) (3) I I I I I PLVOLVING CREUITS C I I ITERM LOANS El IREV. CREDITS I I (5) CCI CONFIRMEU LINES .I I (6) I C 1 I I II OTHER I (7) I NON-BANK I FINANCIAL I IINSTITUTIONSI I I I (8 REAL ESTATE MORTGAGES TOTAL LOANS (10) TOTAL, SHORT- 3/ TERM LOANS (9) I I I 45.6 75.9 48.6 59.3 33.1 61.6 41.2 62.7 46.8 40.4 45.5 77.3 48.6 59.8 32.8 62.0 39.8 63.5 46.6 39.5 46. ! 78.1 50.5 61.2 33.5 63.1 40.5 65.6 47.6 40.5 45.2 77.6 50.6 61.0 31.5 62.2 40.0 66.1 46.6 39.4 45. 78.2 50.8 61.1 31.6 63.5 39.0 66.9 46.7 39.4 DECEMBER 31 78.0 bl., 61.6 32.5 64.4 42.0 67.1 47.8 40.6 JANUARY 31 78.8 51.7 62.1 30.7 63.6 39.4 67.7 46.8 39.2 5 .1 62.2 31.4 64.2 39.0 67.9 46.9 39,5 50.5 61.0 32.1 63.1 40.1 65.9 47.0 39.8 JULY 31 AUGUST 31 SEPTEMBER 30 UCTOBER 31 4IVEMBER FEBRUARY 30 28 JUL 73 - FEB AVERAGE NUMBER OF 45.7 74 45.7 1 I 78.3 77.6 I I BANKS 1/ BANKS 2/ THE UTILIZATION RATIO IS THE RATIO, EXPRESSED AS A PERCENTAGE, 3/ EXCLUDES REAL ESTATE MORTGAGES AND TERM LOANS. PARTICIPATING IN THE MONTHLY LOAN ** NOTE: COMMITMENT SURVEY ARE SELECTED WEEKLY REPORTING BANKS WITH TOTAL DEPOSITS OF $100 MILLION OR MORE. OF LOANS UNDER COMMITMENTS TO THE SUM OF UNUSED COMMITMENTS AND LOANS UNDER COMMITMENTS. MINOR INCONSISTENCIES MAY OCCUR DUE TO ROUNDING. ** NOT FOR QUOTATION OR PUBLICATION MONTHLY SURVEY OF BANK LOAN COMMITMENTS AT SELECTED LARGE U.S. BANKS 1/ (AS CF FEB. 26, 1974) TABLE 4 - NEW COMMITMENTS (DOLLAR AMOUNTS IN BILLIONS) I I (7) I (6) ( ) (2) I (3) I (4) I C C I C I I NON-BANK C cI I c i I CC I TERM I REVOLVING ITERM LOANS Cl CONFIRMED I OTHER I FINANCIAL FIRMS ICOMMITMENTS IINSTITUTIONSI I LINES LOANS CREDITS IREV. CREUITSI TOTAL IT CHGI AMT I CHGI AMT It CHGI AMT I CHGI AMT I% CHGI AMT IZ CHGI AMT IX CHGI AMT I I I I I I I I I I I I I I (1) C JULY 31 I II I I AUGUST 31 SEPTEMBER 30 4.41 -0.11 I I 3.61-15.51 I OCTOBER 31 NOVEMBER 30 DECEMBER 31 JANUARY 31 4.41 I 16.71 I 4.71 I 7.71 1 I 4.E1 I 1.71 I 4.61 -4.71 1 I FEBRUARY 28 4.31 NUMBER I/ 4.41 I 0.91 I 0.01 11.71 I 0.71-22.71 I 0.81 I 1.11 I 0.91 I 5.01 I 1.G0 23.81 I 1.81 2.21 1.31 21.51 I I 0.81-38.81 I 1 0.81 2.21 I I I I 0.11 0.91 3.31 1 15.11 25.81 1 e.41 2.41 0.81-23.21 1.71-31.71 0.91 5.51 I 1.01 1 I 0.61 1 I 1.71 I 3.91 1. 1 I 1 1.91 0.41 0.01 1.01 0.01 1.21 I 0.01 I 1.21 (9) TOTAL COMMITMENTS AMT It CHG I 6.61 1.91-13.31 0.51 28.51 0.91 -6.21 1.21 1.51-24.41 0.81 42.81 0.81 -8.21 17.61 0.91 7.71 0.91 I 6.51 -1.1 I 0.81-36.11 5.31-18.2 33.81 6.31 17.7 I 1.71 17.91 0.91 1.01 I 1.71 0.91 I I 1.71 I -1.41 I O.bl -5.21 I I I 0.71-10.41 1.01 25.21 C.81-15.11 I I I 2.11 23.41 0.81 20.81 I I I I 2.01 I I 1.91 -2.61 I I 0.11 - I I 0.91-14.91 I I 0.61-29.91 0.71-24.31 I I 0.71 I I I I C.91 -4.01 I I 7.7) I 0.81-25.71 6.31 PARTICIPATING IN THE MLNTHLY ** LOAN COMMITMENT NOTE: SURVEY 1.01 37.21 6.91 9.0 I I C.91-16.01 I I 6.31 -7.9 0.81 -8.51 5.81 -8.2 6.21 0.0 I I 0.91 I I -2.11 ARE SELECTED WEEKLY REPORTING BANKS WITH TOTAL DEPOSITS OF $100 MILLION OR MORE. MINOR INCONSISTENCIES MAY OCCUR DUE TO ROUNDING. ** 0.4 I OF BANKS BANKS 0.0 I I 1.11 -4.11 I 1 I 0.01 I I I I 2.21 1 I 2.01 9.51 I I 1.51-22.61 I 12.11 0.0| I I I 1.1 1.8| I 1.11 12.31 I I 0.61-22.51 I 44.51 0.01 I I I -5.21 I 4.4I JUL 73 - FEB 74 AVERAGE U.81 0.01 4.41 (8) REAL ESTATE MORTGAGES It CHGI AMT 

Federal Reserve (1974, April 15). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19740416_part1

@misc{wtfs_greenbook_19740416_part1,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1974},
  month = {Apr},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19740416_part1},
  note = {Retrieved via When the Fed Speaks corpus}
}