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) 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........................ ................ 2 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. At 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 1 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 IN NEXT 3 MONTHS 121 100.C 0 0.0 17 14.0 75 121 100.0 0 0.0 64 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 2 1.7 MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY MODERAIELY EASIEK POLICY BANKS BANKS BANKS PCr PCT PLT SERVICE OF 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 1/ BALANCES CREDIT WORTHINESS CREDIT ESTABLISHED LOCAL PCT 23.1 BUSINESSES COMPENSATING OR SUPPORTING NEW BANKS 28 CONDITIONS: INTEREST RATES REVIEWING PCT MUCH FIRMER PLLICY 62.1 AT 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 1 BANKS PCT MODERATELY FIRMER POLICY ESSENTIALLY BANKS 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 BANKS BANKS PCT PCT PCT CONSIDERABLY MORE WILLING BANKS PCT WILLINGNESS TO MAKE OTHER TYPES OF LOANS TERM LOANS TO BUSINESSES 100.0 88 72.8 31 25.6 CONSUMER INSTALMENT LOANS 100.0 80 66.6 32 26.7 SINGLE FAMILY MORTGAGE LOANS 100.0 97 fi .9 18 15.0 MULTI-FAMILY MORTGAGE LOANS 100.0 111 94.1 3 2.5 ALL OTHER MORTGAGE LOANS 100.0 103 85.9 13 10.8 PARTICIPATION LOANS WITH CORRESPONDENT BANKS 121 100.0 99 81.8 18 14.9 LOANS TO BROKERS 121 100.0 101 83.5 17 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 1 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 OF BANK MUCH STRONGER $1 C OVER UNDER $1 -- TOTAL DEPOSITS 1/ IN PILLIONS MODERATELY STRONGER FSSENTIALLY UNCHANGED MODERATELY WEAKER $1 E OVER $1 E OVER $1 E OVER UNDER £1 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 100 100 100 100 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 UNDER $1 MULH EASIER 1s & OVER Ul EUSINESSFS TERMS AND CONDITIONS: )00 100 100 100 )00 100 100 100 ESTABLISHED CUSTOMERS 100 100 j 90 NEW CUSTOMERS 100 100 4 9u LOCAL SERVICE AREA CUSTOMERS 100 100 1 s2 NONLOCAL SERVICE AREA CUSTOMERS 100 100 1 88 INTEREST RATES CHARGED COMPENSATING OR SUPPOKIINu BALANCES STANDARDS OF CREDIT WORTHINESS MATURITY OF REVIEWING 1/ 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 t9 SMALL BANKS MAY 15, (IDEPOSITS OF LESS 1976. THAN 2 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 $1 & OVER UNDER $) UNDER $1 UNDER $1 MUCH EASIER POLICY $1 & OVER UNDER $1 FACTORS RELATING TO APPLICANT 2/ VALUE AS DEPOSITOR OR SOURCE OF COLLATERAL BUSINESS 100 100 INTENDED USE OF THE LOAN 100 100 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 13 20 1 23 .6 14 MULTI-FAMILY MORTGAGE LOANS 0 4 ALL OTHER MORTGAGE LOANS 4 16 TERM LOANS TO BUSINESSES CONSUMER INSTALMENT LOANS SINGLE FAMILY MORTGAGE LOANS 2/ PARTICIPATION LOANS WITH CORRESPONDENT BANKS 100 100 LOANS TO BROKERS 100 100 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 0 1 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 1/ 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 a 0 0 0 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 5 4 6 1 0 0 6 4 0 u 0 11 0 0 0 6 3 0 0 0 3 0O 0 0 3 t 0 0 5 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 0 ( 4 3 L 0 0 0 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 1/ SURVEY OF AS OF LENDING PRACTICES AT MAY 15, 1976. 120 0 2 101 17 0 0 6 : 0 0 0 3 0 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 OF 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 1I 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 9 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 8 0 0 0 0 0 3 104 14 0 0 0 7 1 0 0 0 9 0 0 121 0 0 0 1 114 6 0 0 8 0 0 0 0 6 0 0 0 0 0 10 1 0 0 0 u 1 1 0 NOT FOR QUOTATION OR PUbLICATION TABLE ALL DSTS NEW YORK BOSTON TOTAL CITY OUTSIDE 3 (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 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 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 0 6 121 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 3 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 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 0 8 0 0 C 5 1 0 1 10 0 0 0 12 0 0 c 121 0 3 110 8 0 0 0 0 0 0 0 0 0 4 121 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 0 0 120 O 0 80 32 8 1 NOT FOR QUOTATION OR PUBLICATION TABLE ALL DSTS BOSTON NFW YORK TOTAL CITY OUTSIDE 3 (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 u 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 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 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 0 C 0 11 0 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 0 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. 4 (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 MORE NOT FOR QUOTATION OR PUBLICATIONIN TABLE A CROSS-CLASSIFICATION 5 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 OR 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 MORE 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 5 (CONTINUED) A CROSS-CLASSIFICATION OF SELECTED RESPONSES IN THE MAY 15, 1976 NUMBER OF BANKS STRENGTH OF DEMAND INDUSTRIAL LOANS FOR COMMERCIAL TO 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 MORE 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 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 MORE WILLINGNESS TO MAKE TERM LOANS TO bUSINESSES 2 47 15 0 40 15 0 1 1 

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

@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}
}