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 - 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. In 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 130.1 130.7 131.3 131.3 .0 7.5 129.5 129.7 130.2 130.2 .0 6.0 .9 127.7 137.3 142.2 135.4 136.3 128.4 138.3 145.1 135.4 136.5 128.1 137.3 140.8 135.9 136.9 -. 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 .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. 14 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 1 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 PCT 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 24 19.8 73 60.4 24 ANTICIPATED DEMAND IN NEXT 121 100.0 64 52.' 5- 44.6 3 3 MONTHS ANSWERING QUESTION BANKS PCT MUCH FIRMER POLICY BANKS PCT MODERATELY FIRMER POLICY ESSENTIALLY UNCHANGED POLICY BANKS BANKS PCT 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 1 (CONTINUED) MUCH FIRMER POLICY BANKS PCT MODERATELY FIRMER POLICY BANKS PCT ESSENTIALLY UNCHANGED POLICY MODERATELY EASIER POLICY BANKS bANKS PCT PCT MUCH EASIER POLICY BANKS PCT 2/ 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 BANKS BANKS PCT PCT PIC COkNSlIDkAL Y MORE WILLING BANKS PCT WILLINGNESS TO MAKE OTHER TYPES OF LOANS TERM LOANS TO BUSINESSES 121 100.0 0 0.0 5 4.1 b6 71.9 29 24.0 0 0.0 120 100.0 0 0.0 1 O.b b5 70.9 31 25.b 3 t. SINGLE FAMILY MORTGAGE LOANS IlO 100.0 1 O.B 2 1.7 10 b5.0 14 11.1 1 O.U MULTI-FAMILY MORTGAGE LOANS 119 100.0 1 O.d 0 0.0 114 95.8 4 3.4 0 0.0 ALL OTHER 120 100.0 1 0.8 I 0.8 108 90.1 10 u.3 O 0.0 121 100.0 90 79.3 21 17.4 1 O.8 121 100.0 107 ub.4 11 9.1 1 0.6 CONSUMER INSTALMENT MORTGAGE LOANS PARTICIPATION CORRESPONDENT LOANS WITH BANKS LOANS TO BROKERS 2/ 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 $1 100 100 0 0 15 23 02 60 13 17 100 100 0 0 52 54 4a 42 O 4 $1 & OVER UNDER $1 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 $1 MODERATELY FIRMER ESSENTIALLY UNCHANGED MODERATELY EASIER $1 & OVER $1 $1 C OVER 51 L OVER UNDER UNDER $1 UNDEK $1 MUCH EASIER 11 & OVER LENDING 10 NONFINANCIAL BUSINESSES TERKS AND CONDITIONS: INTEREST RATES CHARGED 100 100 COMPENSATING OR SUPPORTING BALANCES 100 100 STANDARDS OF CREDIT WORTHINESS 100 100 4 96 MATURITY OF TERM LOANS 100 100 4 84 ESTABLISHED CUSTOMERS 100 100 NEW CUSTOMERS 100 100 LOCAL SERVICE AREA CUSTOMERS 100 100 NONLOCAL SERVICE AREA CUSTOMERS 100 100 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 8 9 84 INTENDED USE 0 6 90 OF THE LOAN LENDING TO "NONCAPTIVE" FINANCE COMPANIES TERMS AND CONDITIONS: INTEREST RATES CHARGED 100 100 4 4 COMPENSATING OR SUPPORTING BALANCES 100 100 z 0 ENFORCEMENT OF BALANCE REQUIREMENTS 100 100 4 6 100 100 2 7 ESTABLISHING NEW OR LARGER CREDIT LINES NUMBER ANSWERING QUESTION $1 C OVER WILLINGNESS TO MAKE OTHER TYPES OF $1 E OVER UNDER $1 86 MODERATELY LESS WILLING ESSENTIALLY UNCHANGED $1 & OVER $1 C OVER UNDER $1 UNDER $1 MODERATELY MORE WILLING 51 E OVER UNDER $1 0 0 0 0 CONSIDERABLY MORE WILLING $1 & OVER UNbEK $1 LOANS 100 100 25 23 0 0 100 100 29 23 2 3 100 100 16 9 100 100 0 6 ALL OTHER MORTGAGE LOANS 100 100 O 1 PARTICIPATION LOANS WITH CORRESPONDENT BANKS 100 100 0 LOANS TO BROKERS 100 100 0 TERM LOANS TO BUSINESSES CONSUMER SINGLE INSTALMENT LOANS FAMILY MORTGAGE MULTI-FAMILY MORTGAGE / UNDER $1 CONSIDERABLY LESS WILLING 96 LOANS LOANS FOR THESE FACTORS, FIRMER MEANS THE FACTORS WERE CONSIDERED MORE rcnTT ocnmIF T7. AND EASIER MEANS THEY WERE LESS IMPORTANT. 88 92 10 7 0 77 82 17 17 2 0 0 b8 89 12 7 O 1 IMPORTANT 2 0 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 1/ 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 u 2 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 0 O 1 5 2 0 0 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 0 10 0 0 0 0 14 1 0 0 0 0 3 0 0 0 1 a 0 0 0 0 9 0 0 1 11 1 O 2 0 NEXT 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 0u 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 0 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 0 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 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 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 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 1 121 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 8 li 1 0 121 0 3 112 6 0 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 0 8 0 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 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 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 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 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 2/ 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 MORE 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 0 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 2 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 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 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 5 120 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 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 0 119 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 0 NOT FOR QUOTATION OR PUBLICATION TABLE 4 COMPARISON OF SELECTED RESPONSES IN 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 5 SELECTED RESPONSES AUG. 15, 1976 NUMBER OF BANKS IN THE AUGUST 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 MORE 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 5 (CONTINUED) CROSS-CLASSIFICATION OF SELECTED RESPONSES AUG. 15, IN THE 1976 NUMBER OF BANKS AUGUST 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 OF 5 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 MORE AND COMPARED TO THREE MONTHS AGO STRONGER ESSENTIALLY UNCHANGED WEAKER COMPARED IN 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 MORE WILLINGNESS TO MAKE TERM LOANS TO BUSINESSES 3 44 17 2 41 11 0 / 1 

Federal Reserve (1976, October 18). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19761019_part2

@misc{wtfs_greenbook_19761019_part2,
  author = {Federal Reserve},
  title = {Greenbook/Tealbook},
  year = {1976},
  month = {Oct},
  howpublished = {Greenbooks, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/greenbook_19761019_part2},
  note = {Retrieved via When the Fed Speaks corpus}
}