Full text of E.15 Agricultural Finance Databook : February 1978 : Monthly Series

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vF 3 0 A R D

17 1978

AGRICULTURAL FINANCE
DATABOOK
February 1978

Monthly Series

Emanuel Melichar
Marian Sayre

Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D C. 20551




N o t for general d i s t r i b u t i o n . I n q u i r i e s s h o u l d be a d d r e s s e d t o t h e a u t h o r s .

A G R I C U L T U R A L FINANCE D A T A B D D K — M O N T H L Y SERIES

F E B R U A R Y 1976

SECTION
200

PAGE
FARM

LENDING O P E R A T I O N S AND E X P E R I E N C E OF NONBANK

210

PRODUCTION CREDIT ASSOCIATIONS

220

FEDERAL LAND BANKS

230

LIFE INSURANCE COMPANIES

300

INSTITUTIONS

.

3
10
.....18

A G R I C U L T U R A L BANKING D A T A . . . .

R E C E N T FEDERAL RESERVE P U B L I C A T I O N S IN AGRICULTURAL

23
FINANCE

OVERVIEW

Loans outstanding at PCAT s declined for the fifth straight
month in January as new lending was weak and collections were strong.
The factors responsible for this experience undoubtedly include the large
increase in CCC loans, disbursal of the wheat deficiency payments,
and the increae in FmHA and SBA disaster loans. In part, however, the
data may also reflect a return to pre-1972 seasonal patterns, before
farmers changed their timing of purchases and sales to minimize taxes
or in anticipation of shortages or price increases. Year-end data on farm
loans at banks (Table 301) will be available next month.
Loan/deposit ratios at rural banks (Table 311) have decreased
somewhat from the peak reached at the end of last summer, but remain
significantly above their level of a year ago and very much above their
pre-1976 level. Use of the Federal Reserve seasonal borrowing privilege
in January and February (Table 302) remained substantially above the
level of use in these months of earlier years and perhaps portends more
significant use of the privilege by rural banks this year—particularly
if the discount rate remains near or below money-market interest rates.




Captions for individual tables have been omitted in this issue.

28

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#

*

*,

#

#

#

#

*

AGRICULTURAL FINANCE D A T A B O O K — M O N T H L Y SERIES

210

#

FEBRUARY 1978

LOANS OUTSTANDING

211.1
211.2
212

213

ACTUAL
12-MONTH MOVING TOTAL

7

RENEWALS AND COLLECTIONS

213.1
213.3

SOURCE:

ACTUAL
SEASONALLY ADJUSTED

LOANS MADE AND NEW LOANS

212.1
212.3

ACTUAL
12-MONTH MOVING TOTAL

"PRODUCTION CREDIT A S S O C I A T I O N S — S E L E C T E D MONTHLY LOAN DATA,"
TECHNICAL SERVICES DIVISION, FARM CREDIT ADMINISTRATION.

DATA IN THIS SECTION ARE OBTAINED FROM TIMELY MONTHLY REPORTS WHICH ARE NOT
REVISED TO REFLECT ANY SUBSEQUENT CHANGES OR CORRECTIONS. IF ONLY YEAR-END
DATA ON OUTSTANDING LOAN VOLUME ARE REQUIRED, USE THE SERIES IN SECTION 100
OF THE A&RICVLTVKAL FINANCE D A J A 8 0 0 K — A N N U A L . SERIES. N O V E M B E R 1977.
DATA ON LOANS OUTSTANDING AND LOANS MADE DO NOT
FARM-RELATED BUSINESS LOANS, OR AQUATIC LOANS.
RENEWALS DO INCLUDE THESE LOANS; HOWEVER, THESE
ONLY 0.8 PER CENT OF TOTAL OUTSTANDING LOANS AT

INCLUDE RURAL HOME LOANS,
DATA ON COLLECTIONS AND
TYPES OF LOANS REPRESENTED
PCA'S AS OF DECEMBER 1976.

FOR A BRIEF DISCUSSION OF THE ANALYTICAL VALUE OF THESE DATA, SEE THE SECTION
ENTITLED "LENDING EXPERIENCE OF NONBANK INSTITUTIONS" IN "OVERALL MEASURES OF
FINANCIAL PERFORMANCE," BY EMANUEL MEL1CHAR, AGRICULTURAL FINANCE REVIEW.
FEBRUARY 1977, PP. 92-95.




#
<c

PRODUCT ION CREDIT ASSOCIATIONS (AGRICULTURAL LOANS, EXCEPT AS NOTED)
211

#

*

TABLE 211.1

PRODUCTION CREDIT ASSOCIATIONS
LOANS OUTSTANDING
(END OF MONTH)
AMOUNT
1
1
1
1
1

#

MILLIONS OF DOLLARS

I
1
CHANGE FROM PREVIOUS!
1
YEAR
|
MONTH
1

END
OF
MONTH

1975-JAN...|
-FEB...|
-MAR...|
—APR...1
-MAY...|
-JUN...I
-JUL...I
-AUG...I
-SEP...|
-OCT...1
-NOV...|
—DEC...|

9546.6
9743.6
10011.0
10230.0
10471.b
10702.8
10812.7
10808.7
10737.1
10570.5
10452.1
10741.5

44.8
197.0
267.4
219.0
241.5
231.3
109.9
-4.1
-71.5
—166.6
-118.5
289.5

1976—JAN ... I
-FEB...I
-MAR..*|
—APR..•j
-MAY...|
-JUN...I
—JUL...|
-AUG...|
-SEP...|
-OCT...|
-NOV...I
-DEC...I
|
1977—JAN... |
-FEB...I
—MAR•• • |
—APR.. e |
—MAY... I
-JUN... |
-JUL... |
—AUG... |
-SEP...I
-OCT...I
—NOV... I
-DEC... |
j
1978—JAN... |

10711.1
10823.2
11117.2
11420.9
11706.7
12005.6
12190.8
12319.4
12321.4
12170.4
11960.8
12196.4

-30.4
112.0
294.0
303.7
285.8
298.9
185.1
128.6
2.0
-151.0
-189.6
215.6

12140.2
12272.9
12583.0
12929.3
13332.9
13748.9
14038.0
14132.5
14089.8
13788.7
13471.3
13454.3
13233.3

#r



#

BORROWERS

1164.5
1079.6
1106.2
1190.9
1235.2
1302.8
1378.1
1510.7
1584.2
1599.8
1528.7
1454.8

-56.1
132.7
310.1
346.3
403.6
416.0
289.1
94.5
-42.7
-301.1
-317.4
-17.0

|
1
|
i
|
|
|
|
|
j
I
|
j
|
|
|
|
I
|
|
|
|
|
|
|
j
|
|
|
|
|
|
|
|
|
1
|
|

-220.9

|

1093.1

1751.8
1792.0
1805.5
1724.9
1640.6
1612.0
1532.3
1438.1
1305.4
1240.7
1208.3
1239.7

1429.1
1449.7
1465.8
1508.5
1626.2
1743.3
1847.2
1813.1
1768.4
1618.4
1490.5
1257.9

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
0.5
2.1
2.7
2.2
2.4
2.2
1.0
-0.0
-0.7
-1.6
-1.1
2.8

|
I
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|
\
|
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|
|
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|
j
I
|
1
|
|
|
|
|
|
|
1
|
j
I
|
|
|
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|
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j
1

|
1

THOUSANDS

YEAR

AVERAGE SIZE

PERCENTAGE|
CHANGE
|
FROM
|
PREVIOUS I
YEAR
|

DOLLARS

|
|
|
|
|
|
|
I
|
|
I
(
j
1
I
I
|
1
1
|
1
|
|
|
|
j
I
I
I
|
|
|
|
|
|
|
1
|

22.5
22.5
22.0
20.3
18.6
17.7
16.5
15.3
13.8
13.3
13.1
13.0

330.5
330.9
333.6
334.7
337.2
338.5
338.8
338.2
336.6
333.1
329.8
328.7

6.4
5.4
4.6
3.5
3.2
2.8
2.5
2.3
1.8
1.6
1.5
1.5

|
|
|
|
|
|
|
|
|
|
|
|
|

28889.
29445.
30010.
30568.
31053.
31618.
31913.
31955.
31902.
31733.
31668.
32682.

1
1
1
1
1
I
1
I
1
1
1
I

15.1
16.3
16.6
16.2
14.9
14.5
13.6
12.8
11.8
11.5
11.4
11.4

12.2
11.1
11.0
11.6
11.8
12.2
12.7
14.0
14.8
15.1
14.6
13.5

328.1
330.4
334.3
337.7
340.2
342.0
342.9
342.9
341.9
339.6
336.6
335.6

-0.7
-0.2
0.2
0.9
0.9
1.0
1.2
1.4
1.6
1.9
2.1
2.1

|
|
|
|
1
|
|
|
|
1
|
|

32646.
32761.
33250.
33815.
34415.
35106.
35552.
35926.
36036.
35837.
35591.
36338.

I
1
1
1
1
1
1
I
1
I
1
I

13.0
11.3
10.8
10.6
10.8
11.0
11.4
12.4
13.0
12.9
12.3
11.2

13.3
13.4
13.2
13.2
13.9
14.5
15.2
14.7
14.4
13.3
12.4
10.3

335.3
337.4
341.7
345.5
348.4
350.4
351.3
351.2
350.6
347.9
344.9
342.8

2.2
2.1
2.2
2.3
2.4
2.5
2.4
2.4
2.5
2.4
2.4
2.1

|
1
|
|
|
|
|
|
|
|
|
|

36207.
36373.
36828.
37424.
38266.
39233.
39961.
40237.
40189.
39637.
39064.
39253.

1
I
I
I
I
I
1
1
1
1
1
1

10.9
11.0
10.8
10.7
11.2
11.8
12.4
12.0
11.5
10.6
9.8
8.0

-1.6 |

9.0

341.2

1.8 |

38788. 1

7.1

-0.3
1.0
2.7
2.7
2.5
2.6
1.5
1.1
0.0
-1.2
-1.6
1.8
-0.5
1.1
2.5
2.8
3.1
3.1
2.1
0.7
—0.3
-2.1
-2.3
-0.1

*

#

#

#

1 PERCENTAGE
1 CHANGE
I
FROM
I PREVIOUS
I
YEAR

#

#

#

#

TABLE 211.2
PRODUCTION CREDIT ASSOCIATIONS
LOANS OUTSTANDING
SEASONALLY ADJUSTED DATA
(END OF MONTH)
AMOUNT

1
1
1975-JAN...I
-FEB...|
-MAR...|
—APR••• [
-MAY... |
-JUN...I
—JUL... |
—AUG...|
-SEP... |
-OCT... I
-NOV...i
-DEC... |
j
1976—JAN..*|
-FEB... |
-MAR... |
-APR... |
-MAY... |
-JUN...I
—JUL...|
-AUG...1
-SEP... |
-OCT...|
—NOV...|
—DEC...|
;
1977—JAN...|
-FEB... |
-MAR...|
-APR... |
-MAY... |
-JUN... |
-JUL... |
-AUG... |
-SEP... I
-OCT...|
—NOV... I
-DEC... |
j
1978—JAN...|




MILLIONS OF DOLLARS
END
OF
MONTH

I
1
CHANGE FROM PREVIOUS!
MONTH

9847.6
10005.2
10117.0
10186.8
10277.2
10357.4
10466.6
10533.6
10574.8
10657.5
10782.6
10945.5

148.9
157.6
111.7
69.9
90.4
80.2
109.2
67.0
41.2
82.7
125.1
162.9

11056.6
11134.6
11262.6
11399.1
11508.0
11635.6
11789.1
11984.9
12118.4
12259.0
12351.4
12428.6

111.1
78.0
128.0
136.4
108.9
127.7
153.5
195.8
133.5
140.7
92.4
77.1

12530.9
12633.6
12758.5
12917.3
13113.6
13331.6
13570.7
13737.5
13855.7
13889.9
13892.2
13716.7

102.4
102.7
124.9
158.8
196.4
217.9
239.2
166.8
118.2
34.2
2.2
-175.5

13658.7

-58.0

|
|
1
|
|
I
|
|
|
|
|
|
|
i
|
|
|
|
|
|
|
|
I
|
I
|
j
|
|
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|
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|
j
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|
1

THOUSANDS

YEAR

AVERAGE SIZE

PERCENTAGE!
CHANGE
|
FROM
1
PREVIOUS I
YEAR
|

DOLLARS

PERCENTAGE
CHANGE
FROM
PREVIOUS
YEAR

YEAR

|

1797.8
1849.9
1845.3
1739.7
1626.7
1580.1
1474.0
1380.7
1259.6
1229.2
1226.2
1246.8

1.5
1.6
1.1
0.7
0.9
0.8
1.1
0.6
0.4
0.8
1.2
1.5

|
|
I
|
1
|
|
|
t
|
|
|

22.3
22.7
22.3
20.6
18.8
18.0
16 .4
15.1
13.5
13.0
12.8
12.9

337.1
335.1
334.1
332.3
333.1
333.2
333.5
333.8
333.8
334.1
334.tt
334.5

6.2
5.3
4.6
3.6
3.3
2.9
2.6
2.3
1.8
1.5
1.3
1.3

|
|
|
|
|
|
1
|
|
|
|
|

29209.
29855.
30283.
30655.
30849.
31087.
31384.
31553.
31683.
31902.
32206.
32721.

15.1
16.5
16.9
16.5
15.0
14.7
13.4
12.5
11.5
11.4
11.4
11.4

1209.0
1129.4
1145.7
1212.2
1230.7
1278.2
1322.5
1451.3
1543.6
1601.5
1568.8
1483.0

|
|
1
|
|
I
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|
|
|
1
|
j
|
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1
1
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1
|
|
1

1.0
0.7
1.1
1.2
1.0
1.1
1.3
1.7
1.1
1.2
0.8
0.6

12.3
11.3
11.3
11.9
12.0
12.3
12.6
13.8
14.6
15.0
14*5
13.5

334.8
334.8
335.1
335.6
336.3
336.9
337.7
338.5
339.1
340.3
341.5
341.4

-0.7
-0.1
0.3
1.0
1.0
1.1
1.3
1.4
1.6
1.9
2.0
2.1

|
|
|
|
|
|
1
|
|
1
|
|

33023.
33256.
33605.
33965.
34218.
34540.
34911.
35401.
35735.
36019.
36172.
36401.

13.1
11.4
11.0
10.8
10.9
11.1
11.2
12.2
12.8
12.9
12.3
11.2

1474.3
1499.0
1495.9
1518.2
1605.7
1696.0
1781.6
1752.6
1737.4
1630.9
1540.7
1288.1

|
1
1
|
|
|
|
|
|
|
|
|

0.8
0.8
1.0
1.2
1.5
1.7
1.8
1.2
0.9
0.2
0.0
-1.3

1
|
1
|
|
I
|
|
|
|
|
|
|
|
|
|
|
|
1
1
|
|
|
t
|

13.3
13.5
13.3
13.3
14.0
14.6
15.1
14.6
14.3
13.3
12.5
10.4

342.1
342.0
342.6
343.4
344.6
345.3
346.1
346.8
347.9
348.6
349.8
348.7

2.2
2.1
2.2
2.3
2.5
2.5
2.5
2.4
2.6
2.4
2.4
2.1

36634.
36945.
37246.
37620.
38057.
38606.
39215.
39608.
39832.
39840.
39712.
39331.

10.9
11.1
10.8
10.8
11.2
11.8
12.3
11.9
11.5
10.6
9.8
8.0

9.0

348.0

1
|
|
|
|
|
1
|
|
|
|
!
1
1.7 |

39250.

7.1

1127.8 |

1
o
*

1
1

BORROWERS

TABLE 212.1

PRODUCTION CREDIT ASSOCIATIONS
LOANS MADE AND NEW LOANS
LOANS MADE
PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

1975—JAN...|
—FEB...|
—MAR...I
-APR...|
—MAY... I
-JUN...I
-JUL...|
-AUG...)
-SEP...|
—OCT.•. I
-NOV.. . |
-DEC...I

1579.6
1412.5
1457.3
1449.3
1257.6
1207.6
1136.3
980.8
1063.6
1235.3
1195.4
2021.3

|
1
|
|
|
1
|
1
|
|
|
|

-5.2
—10.6
3.2
-0.6
-13.2
-4.0
-5.9
-13.7
8.4
16.1
-3.2
69.1

1976—JAN... |
—FEB...I
—MAR...I
—APR...|
—MAY..•|
-JUN...I
-JUL...|
-AUG... |
-SEP...I
-OCT...I
-NOV...I
-DEC.. . |

1794.8
1594.0
1932.3
1714.3
1412.4
1438.6
1177.3
1178.1
1168.5
1210.5
1487.8
2146.9

|
|
1
|
|
|
I
|
|
|
|
|

-11.2
-11.2
21.2
-11.3
-17.6
1.9
-18.2
0.1
-0.8
3.6
22.9
44.3

1977—JAN... |
—FEB.*.j
-MAR...j
—APR.. . |
-MAY...I
-JUN...|
-JUL...i
—AUG... 1
-SEP...|
-OCT...1
-NOV...|
—DEC..•|

1973.7
1830.1
2196.2
1874.2
1652.2
1614.8
1292.0
1281.2
1284.4
1325.8
1545.4
2179.1

1
|
|
1
1
|
|
|
|
|
|
|

-8.1
-7.3
20.0
-14.7
-11.8
-2.3
-20.0
-0.8
0.2
3.2
16.6
41.0

1978—JAN...|

2054.0 |

|

YEAR

|
1
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|
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|
1
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j
I
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I
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1
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|

|
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I
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|
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I
j
-5.7 I

|

AS PERCENTAGE OF

(LOANS OUT-|
I STANDING*!

COLLECTIONS

MILLIONS |
OF
|
DOLLARS |
1

5.8
14.6
8.9
12.0
9.1
26.4
8.0
0.1
14.1
9.5
5.6
21.2

t
I
1
1
1
1
I
1
1
1
1
1

16.6
14.8
15.0
14.5
12.3
11.5
10.6
9.1
9.8
11.5
11.3
19.3

|
|
|
|
1
|
|
|
|
1
I
|

176.9
234.2
254.4
206.9
197.8
176.0
150.2
132.8
120.3
114.7
127.8
198.4

935.0
800.0
839.0
923.9
877.4
926.7
657.1
735.9
810.1
911.5
817.5
1314.1

13.6
12.8
32.6
18.3
12.3
19.1
3.6
20.1
9.9
-2.0
24.5
6.2

1
1
I
I
1
1
I
1
1
1
1
1

16.7
14.9
17.9
15.4
12.4
12.3
9.8
9.7
9.5
9.8
12.2
17.9

1
|
|
1
|
|
1
|
|
|
I
|

169.0
205.4
221.6
206.3
193.3
173.6
162.8
153.0
131.0
114.8
122.7
189.0

10.0
14.8
13.7
9.3
17.0
12.3
9.7
8.8
9.9
9.5
3.9
1.5

1
I
1
1
I
1
1
1
1
1
I
1
j
1

16.2
15.1
17.9
14.9
12.8
12.1
9.4
9.1
9.1
9.4
11.2
16.2

|
|
|
|
|
|
|
|
|
|
|
|
j
15.3 |

4.1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

1

YEAR

I

AS PERCENTAGE OF

I LOANS OUT—|
I STANDING*|

COLLECTIONS

-14.1
-14.4
4.9
10.1
-5.0
5.6
-7.5
-14.1
10.1
12.5
-10.3
60.8

|
|
|
I
1
|
|
|
|
|
|
|

-0.5
5.8
-2.4
3.5
2.1
25.7
6.9
-3.3
15.1
10.9
7.7
20.7

1
1
1
1
1
1
1
1
1
1
1
i

9.8
8.4
8.6
9.2
8.6
8.8
8.0
6.8
7.5
8.5
7.7
12.6

1
1
|
|
|
1
1
|
I
|
|
|

104.7
132.6
146.5
131.9
138.0
135.1
113.3
99.6
91.7
84.7
67.4
129.0

1030.5
887.3
1170.0
1139.1
1021.3
1129.6
911.9
896.1
895.6
904.2
1025.0
1358.7

|
|
|
I
1
|
|
|
|
|
|
|
I
1
1
|
|
|
|
|
|
t
|
|
1
|

-21.6
-13.9
31.9
-2.6
-10.3
10.6
-19.3
-1.7
-0.1
1.0
13.4
32.6

|
|
|
|
|
|
|
|
|
|
|
|

10.2
10.9
39.5
23.3
16.4
21.9
6.4
21.8
10.6
-0.8
25.4
3.4

1
1
I
1
I
1
1
1
1
1
1
1

9.6
8.3
10.8
10.2
8.9
9.6
7.6
7.4
7.3
7.3
8.4
11.3

|
I
|
|
|
|
|
|
|
|
|
|

97.0
114.4
134.3
137.1
139.8
136.3
126.1
116.4
100.4
85.7
84.5
119.6

167.9
209.0
218.7
216.7
206.3
198.5
181.5
144.9
125.5
103.5
112.6
160.6

1122.1
1007.5
1309.9
1211.3
1203.5
1227.3
1000.6
979.2
961.8
998.9
1052.6
1345.0

|
|
|
|
|
|
|
|
|
|
|
|

-17.4
-10.2
30.0
—7.5
-0.6
2.0
-18.5
-2.1
-1.8
3.9
5.4
27.8

|
|
|
|
|
|
|
I
|
|
|
|

6.9
13.5
12.0
6.3
17.6
8.6
9.7
9.3
7.4
10.5
2.7
-1.0

1
1
1
1
1
1
1
1
1
1
1
1

9.2
8.3
10.7
9.6
9.3
9.2
7.3
7.0
6.8
7.1
7.6
10.0

|
|
|
|
1
|
I
|
|
|
|
|

95.5
115.1
130.4
140.0
150.3
150.8
140.6
110.7
94.0
78.0
76.7
99.1

146.5

1176.5 |

-12.5

1

4.8

83.9

00

MILLIONS I
OF
|
DOLLARS |

NEW LOANS

* OUTSTANDING LOANS AT END OF PRECEDING MONTH.
"NEW LOANS" ARE COMPUTED AS LOANS MADE LESS RENEWALS. RENEWALS INCLUDE SOME NONAGRICULTURAL LOANS (SEE NOTE ON PAGE 3).




#

#

#

#

#

#

#

#

#

#

#

TABLE 212.3
PRODUCTION CREDIT ASSOCIATIONS
LOANS MADE AND NEW LOANS
TWELVE—MONTH MOVING TOTAL
LOANS MADE
MILLIONS I
OF
|
DOLLARS |
1
1975—JAN.••|
—FEB...j
-MAR ...|
-APR...|
-MAY...I
-JUN...|
-JUL...I
-AUG... |
-SEP...I
-OCT...|
-NOV...I
—DEC•..|

14445.1
14625.3
14744.0
14899.1
15004.3
15256.4
15340.2
15340.8
15472.0
15578.9
15642.7
15996.8

1976—JAN...|
—FEB ...|
—MAR... I
—APR...|
-MAY...|
—JUN...|
-JUL ... I
-AUG...I
-SEP...*
-OCT...|
-NOV...|
-DEC...|

16211.7
16393.2
16868.2
17133.2
17288.0
17519.0
17560.0
17757.2
17862.2
17837.4
18129.8
18255.5

1977-JAN...| 18434.4
—FEB...|
18670.5
— M A R . . . I 18934.5
—APR ...|
19094.4
— M A Y . . . | 19334.2
—JUN...|
19510.4
-JUL...| 19625.1
-AUG...| 19728.3
-SEP... 1 19844.1
-OCT...| 19959.4
-NOV...1
20017.1
—DEC... 1 20049.3
1978—JAN...|

20129.6

j
|
|
|
|
|
|
|
|
|
1
1
j
1
|
|
|
1
I
|
|
I
|
|
|
j
|
|
1
|
|
|
|
|
1
|
|
|
j
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
0.6
1.2
0.8
1.1
0.7
1.7
0.5
0.0
0.9
0.7
0.4
2.3
1.3
1.1
2.9
1.6
0.9
1.3
0.2
1.1
0.6
-0.1
1.6
0.7
1.0
1.3
1.4
0.8
1.3
0.9
0.6
0.5
0.6
0.6
0.3
0.2
0.4

|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
j
|
|
|
|
|
|
|
|
|
|
|
|
j
|

YEAR

NEW LOANS
AS PERCENTAGE OF
LOANS OUT—|
STANDING*!

8.6
9.0
9.1
8.0
7.3
9.0
8.4
8.5
8.9
9.6
10.6
11.4

162.7
162.1
160.7
159.8
158.5
158.8
157.5
155.5
154.9
154.3
153.4
155.3

12.2
12.1
14.4
15.0
15.2
14.8
14.5
15.8
15.4
14.5
15.9
14.1

155.8
156.1
159.3
160.4
160.4
161.0
159.7
159.9
159.0
156.9
157.7
157.0

13.7
13.9
12.2
11.4
11.8
11.4
11.8
11.1
11.1
11.9
10.4
9.8

156.9
157.3
158.0
157.7
158.0
157.7
156.8
155.7
154.8
153.9
152.8
151.6

9.2

|
|
I
|
|
|
|
|
|
I
|
I
j
|
|
|
|
|
|
|
|
|
|
|
|

1
|
I
|
|
1
|
|
|
|
|
1
|
151.0 |

COLLECTIONS

MILLIONS |
OF
|
DOLLARS |
1

176.8
178.9
181.1
180.7
179.6
178.1
176.1
174.1
170.9
169.2
168.1
168.4

9976.7
10020.4
9999.6
10030.8
10048.7
10238.3
10293.6
10268.8
10375.2
10464.4
10522.9
10748.1

167.6
166.5
166.3
166.8
166.8
166.7
167.6
169.0
169.9
170.0
168.3
167.7

10843.6
10930.9
11261.9
11477.1
11621.1
11824.0
11878.8
12039.0
12124.5
12117.2
12324.7
12369.3

167.6
168.2
168.5
169.5
170.5
172.3
173.5
172.7
171.7
169.4
167.6
164.8

12460.9
12581.0
12720.9
12793.0
12975.2
13072.9
13161.6
13244.7
13310.9
13405.7
13433.3
13419.6

162.5

13474.0 |

|
|
|
|
|
|
|
|
1
J
|
|
1
|
|
|
|
1
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
I
|
|
|
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

YEAR

AS PERCENTAGE OF
LOANS OUT—|
STANDING*|

-0.0
0.4
-0.2
0.3
0.2
1.9
0.5
-0.2
1.0
0.9
0.6
2.1

|
|
!
1
|
|
|
|
|
|
|
|

6.9
6.4
5.3
3.3
1.9
3.7
3.1
2.9
3.6
4.9
6.7
7.7

112.4
111.0
109.0
107.6
106.1
106.6
105.7
104.1
103.9
103.7
103.2
104.4

0.9
0.8
3.0
1.9
1.3
1.7
0.5
1.3
0.7
-0.1
1.7
0.4

|
|
|
|
|
|
|
|
|
I
1
|

6.7
9.1
12.6
14.4
15.6
15.5
15.4
17.2
16.9
15.6
17.1
15.1

104.2
104.1
106.4
107.4
107.8
108.6
108.1
108.4
107.9
106.6
107.2
106.4

0.7
1.0
1.1
0.6
1.4
0.8
0.7
0.6
0.5
0.7
0.2
-0.1

|
|
I
|
|
|
|
|
|
|
|
|

14.9
15.1
13.0
11.5
11.7
10.6
10.8
10.0
9.8
10.6
9.0
8.5

106.1
106.0
106.1
105.6
106.1
105.7
105.2
104.5
103.6
103.4
102.5
101.5

0.4 |

8.1

101.1

|
|
|
|
|
|
|
|
|
|
1
|
1
|
1
|
|
|
|
|
|
|
1
|
|
1
|
|
|
|
|
|
|
|
|
|
1
|
1
|

COLLECTIONS
122.1
122.6
122.8
121.6
120.3
119.5
118.1
116.5
114.6
113.6
113.1
113.1
112.1
111.1
111.0
111.7
112.1
112.5
113.4
114.6
115.3
115.5
114.4
113.6
113.3
113.3
113.2
113.5
114.4
115.5
116.4
115.9
115.2
113.8
112.5
110.3
108.7

* AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 MONTHS (AVERAGE OF END-OP-MONTH DATA),
"NEW LOANS" ARE COMPUTED AS LOANS MADE LESS RENEWALS. RENEWALS INCLUDE SOME NONAGR1CULTURAL LOANS (SEE NOTE ON PAGE 3 ) .




TABLE 213.1

PRODUCTION CREDIT ASSOCIATIONS
RENEWALS AND COLLECTIONS
RENEWALS
MILLIONS |
OF
|
DOLLARS |

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

YEAR

1

COLLECTIONS
AS PERCENTAGE OF

I LOANS OUT| STANDING*

LOANS
MADE

COLLECT. &
RENEWALS

MILLIONS
OF
DOLLARS

MONTH
893.2
603.2
572.9
700.5
635.6

1975-JAN...
—FEB.••
—MAR...
-APR...
-MAY...
-JUN...
—JUL...
-AUG...
-SEP...
-OCT ...
-NOV...
-DEC...

644.8
612.5
618.2
525.4
380.2
280.9
279.2
245.0
253.5
323.8
377.9
707.1

I
|
I
|
I
|
|
1
|
|
1
1

11.5
-5.0
0.9
-15.0
—27.6
-26.1
—0.6
-12.3
3.5
27.7
16.7
87.1

I
|
|
|
|
|
|
|
|
|
|
|

16.4
28.7
29.2
30.8
29.8
28.6
11.4
11.6
10.8
5.8
1.4
22.3

I
I
1
I
1
1
I
1
1
I
I
I

6.6
6.4
6.3
5.2
3.7
2.7
2.6
2.3
2.3
3.0
3.6
6.8

40.6
43.4
42.4
36.3
30.2
23.3
24.6
25.0
23.6

1976—JAN...
—FEB•..
-MAR...
—APR.. .
-MAY...
—JUN...
—JUL ...
—AUG...
-SEP...
-OCT...
-NOV...
-DEC...

764.3
706.7
762.2
575.2
391.1
309.0
265.4
282.0
273.0
306.4
462.8
766.3

I
1
1
|
|
|
|
1
|
|
|
|

8.1
-7.5
7.9
-24.5
-32.0
-21.0
-14.1
6.2
-3.2
12.2
51.1
70.3

|
|
|
|
|
1
|
|
I
I
|
I

18.5
15.4
23.3
9.5
2.8
10.0
-4.9
15.1
7.7
- 5 .4
22.5
11.5

1
I
I
I
1
I
1
1
1
1
I
1

7.1
6.6
7.0
5.2
3.4
2.6
2.2
2.3
2.2
2.5
3.8
6.6

42.6
44.3
39.4
33.6
27.7
21.5
22.5
23.9
23.4
25.3
31.1
36.7

41.6
47.7
46.7
40.9
34.9
27.2

1977—JAN...
-FEB...
-MAR...
-APR...
-MAY...
—JUN...
—JUL...
-AUG...
-SEP...
-OCT ...
-NOV...
—DEC ...

651.6
822.7
866.4
662.9
448.7
387.6
291.4
302.1
322.6
326.9
492.8
834.2

|
|
|
j
|
|
|
|
|
|
I
|

6.0
-3.4
7.7
-25.2
-32.3
-13.6
-24.8
3.7
6.8
1.3
50.8
69.3

I
|
|
I
|
|
|
|
|
I
1
|

11.4
16.4
16.3
15.2
14.7
25.4
9.8
7.1
18.2
6.7
6.5
5.8

I
|
I
1
1
I
I
I
I
I
1
1

7.0
6.6
7.2
5.3
3.5
2.9
2.1
2.2
2.3
2.3
3.6
6.2

43.1
45.0
40.4
35.4
27.2
24.0

23.6
25.1
24.7
31.9
38.3

42.0
48.4
46.9
43.4
35.9
32.3
29.0
25.5
24.0
20.3
26.4
38.1

1372.0
1356.7

1978—JAN...

877.5

I

3.0 1

6.5

42.7

38.5

1402.0

5.2 |

26.2

31.6
35.0

22.6

41.9
50.4
51.9
42.9
37.4
29.1
27.0
24.9
22.3
23.1

28.8

41.0

26.8
26.8

23.4
22.5
27.6
41.0

* OUTSTANDING LOANS AT END OF PRECEDING MONTH.
RENEWALS AND COLLECTIONS INCLUDE SOME NONAGRICULTURAL LOANS (SEE NOTE ON PAGE 3).




PERCENTAGE CHANGE
FROM PREVIOUS

686.0

756.4
738.7
883.8
1076.7
935.7
1018.7

1062.2

775.9
871.3
831.2
730.7
828.5
723.4
769.8
892. 2
1054.8
1212.4
1135.8
1175.3
875.5
1004.4
865.0

800.8

813.7
711.8
884.4
1023.3

1281.0

8.7
-32.5
-5.0
22.3
-9.3
7.9
10.3
-2.3
19.6

21.8

-13.1
8.9

4.3
-27.0
12.3
-4.6

-12.1
13.4
-12.7
6.4
15.9
1*.2
14.9
—6.3
3.5
-25.5
14.7
-13.9
-7.4

1.6

-12.5
24.3
15.7
25.2
7.1

-1.1
3.3

|

YEAR

AS PERCENTAGE OF
LOANS O U T STANDING*

10.4
0.6
-5.5
18.0
20.2
44.4
24.4
15.6
37.9
16.6
11.3
24.0

|
I
|
|
|
|
|
|
|
I
|
|

9.4
6.3
5.9
7.0
6.2
6.6
7.1
6.8
8.2
10.0
8.9
9.7

18.9
28.6
52.1
18.7
15.0
20.8
-4.4
4.2
0.9
-2.0
29.6
11.5

|
1
1
|
|
|
|
|
|
1
|
|

9.9
7.2
8.1
7.5
6.4
7.1
6.0
6.3
7.2
8.6
10.0
9.5

10.6
12.8
15.3
4.1
9.6
-1.8
-1.6
14.9
14.7
21.4
13.2
19.5

|
|
|
|
I
|
|
|
|
|
1
|

9.6
7.2
8.2
6.9
6.2
6.1
5.2
6.3
7.2
9.1
9.9
10.1

19.3 |

10.4

TABLE 213.3
PRODUCTION CREDIT ASSOCIATIONS
RENEWALS AND COLLECTIONS
TWELVE-MONTH MOVING TOTAL
RENEWALS
MILLIONS |
OF
|
DOLLARS |
1
1975 —JANe . . 1
—FEB•••|
—MAR..•j
-APR...|
-MAY...|
—JUN...|
-JUL...|
-AUG...1
-SEP...|
-DC T . . . |
-NOV...|
-DEC...I

4466.4
4604.9
4744.4
4866.3
4955.6
5018.1
5046.6
5072.0
5096.8
5114.4
5119.8
5248.6

1976—JAN...|
—FEB...|
—MAR...|
—APR ...|
-MAY...|
-JUN...|
-JUL...|
—AUG...1
-SEP...|
-OCT...|
-NOV...|
—DEC...j

5368.1
5462.3
5606.3
5656.1
5666.9
5695.0
5681.2
5718.3
5737.7
5720.3
5805.1
5886.3

1977—JAN...|
-FEB...|
—MAR...j
-APR.. . |
—MAY...|
—JUN...j
—JUL...|
-AUG...|
—SEP...1
—OCT. . . |
-NOV...|
-DEC...|

5973.6
6089.5
6213.6
6301.4
6358.9
6437.5
6463.5
6483.6
6533.2
6553.8
6583.8
6629.7

1978-JAN... |

6655.6

|
|
|
|
I
|
1
|
|
1
|
I
j
1
|
I
1
|
|
|
|
|
|
|
|
j
I
|
|
|
|
|
|
|
|
|
|
|
j
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
2.1
3.1
3.0
2.6
1.8
1.3
0.6
0.5
0.5
0.3
0.1
2.5
2.3
1.8
2.6
0.9
0.2
0.5
-0.2
0.7
0.3
-0.3
1.5
1.4
1.5
1.9
2.0
1.4
0.9
1.2
0.4
0.3
0.8
0.3
0.5
0.7
0.4

|
|
I
I
|
1
1
|
|
|
|
1
1
1
|
|
|
|
|
|
1
|
|
|
1
|
i
|
|
1
|
|
|
1
|
|
|
|
|
j
|

YEAR

COLLECTIONS
AS PERCENTAGE OF

LOANS OUTSTANDING*

LOANS
MADE

| MILLIONS I
OF
|
COLLECT. &| DOLLARS 1
RENEWALS |
1

12.7
15.2
17.9
19.4
20.4
21.7
21.0
22.0
21.6
20.6
19.6
19.9

50.3
51.0
51.7
52.2
52.3
52.2
51.6
51.4
51.0
50.7
50.2
51.0

30.9
31.5
32.2
32.7
33.0
32.9
32.9
33.1
32.9
32.8
32.7
32.8

35.4
36.0
36.6
37.1
37.2
36.9
36.7
36.5
36.0
35.7
35.5
35.6

|
|
|
|
|
|
|
|
|
|
1
|

8169.7
8173.1
6140.0
8247.0
8353.9
8564.9
8713.4
8813.0
9055.8
9209.0
9304.1
9501.4

20.1
18.6
18.2
16.2
14.4
13.5
12.6
12.7
12.6
11.8
13.4
12.1

51 .6
52.0
52.9
53.0
52.6
52.3
51.7
51.5
51.1
50.3
50.5
50.6

33.1
33.3
33.2
33.0
32.8
32.5
32.4
32.2
32.1
32.1
32.0
32.2

35.7
35.7
35.6
35.5
35.3
35.1
35.2
35.2
35.3
35.3
35.0
35.1

|
|
#
|
|
1
|
|
1
|
|
|

9670.4
9843.1
10141.5
10272.2
10367.2
10509.8
10476.7
10507.8
10516.1
10494.3
10771.0
10888.2

11.3
11.5
10.6
11.4
12.2
13.0
13.8
13.4
13.9
14.6
13.4
12.6

50.9
51.3
51.6
52.0
52.0
52.0
51.6
51.2
51.0
50.5
50.2
50.1

32.4
32.6
32.8
33.0
32.9
33.0
32.9
32.9
32.9
32.8
32.9
33.1

35.2
35.4
35.6
35.9
35.9
36.2
36.4
36.2
36.1
35.7
35.5
35.3

1
|
|
|
|
I
|
|
|
|
|
|

11001.2
11100.8
11233.9
11267.7
11337.6
11323.1
11311.5
11426.1
11557.3
11783.4
11942.9
12163.9

11.4

49.9

33.1

34.9

|

12390.6

|
|
|
|
|
|
|
|
|
1
|
1
1
|
|
|
|
|
|
|
|
|
1
|
|
1
|
|
|
|
1
|
|
|
|
|
|
|
1
|

* AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 MONTHS (AVERAGE OF END-OF-MONTH DATA).
RENEWALS AND COLLECTIONS INCLUDE SOME NONAGR1CULTURAL LOANS (SEE NOTE ON PAGE 3).




PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
-1.3
0.0
-0.4
1.3
1.3
2.5
1.7
1.1
2.8
1.7
1.0
2.1
1.8
1.8
3.0
1.3
0.9
1.4
-0.3
0.3
0.1
—0.2
2.6
1.1
1.0
0.9
1.2
0.3
0.6
-0.1
-0.1
1.0
1.1
2.0
1.4
1.8
1.9

|
|
|
|
|
|
|
|
|
|
|
|
I
1
|
|
|
|
|
|
|
|
|
|
|
I
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|

YEAR

AS PERCENTAGE OF
LOANS O U T STANDING*

0.5
—0.4
-1.2
-1.4
0.4
3.6
6.7
8.3
10.2
11.8
14.1
14.8

89.2
89.5
89.3
90.7
91.2
91.2
92.3

18.4
20.4
24.6
24.6
24.1
22.7
20.2
19.2
16.1
14.0
15.8
14.6

93.0
93.7
95.8
96.2
96.2
96.6
95.3
94.6
93.6
92.3
93.7
93.7

13.8
12.8
10.8
9.7
9.4
7.7
8.0
8.7
9.9
12.3
10.9
11.7

93.7
93.6
93.7
93.1
92.7
91.5
90.4
90.2
90.1
90.9
91.1
92.0

12.6

92.9

92.0
90.6
88.7
88.5

88.2

AGRICULTURAL FINANCE D A T A B O O K — M U N T H L Y SERIES

220

FEDERAL LAND BANKS
221

FEBRUARY 1978

(AGRICULTURAL LOANS)

LOANS OUTSTANDING

221.1
222

12
13

ACTUAL
12-MONTH MOVING TOTAL

14
15

REFINANCING AND REPAYMENTS

224.1
224.3

SOURCE:

ACTUAL
12-MONTH MOVING TOTAL

NEW MONEY LOANED

223.1
223.3
224

11

LOANS CLOSED

222.1
222.3
223

ACTUAL

ACTUAL
12-MONTH MOVING TOTAL

"FEDERAL LAND B A N K S — S U M M A R Y OF SELECTED MONTHLY LOAN DATA,"
TECHNICAL SERVICES DIVISION, FARM CREDIT ADMINISTRATION.

DATA IN THIS SECTION ARE OBTAINED FROM TIMELY MONTHLY REPORTS WHICH ARE NOT
REVISED TO REFLECT ANY SUBSEQUENT CHANGES OR CORRECTIONS.
IF ONLY YEAR-END
DATA ON OUTSTANDING LOAN VOLUME ARE REQUIRED, USE THE SERIES IN SECTION 100
OF THE AGRICULTURAL FINANCE D A T A B O U K — A N N U A L SERIES, N O V E M B E R 1971.




16
17

TABLE 221.1
FEDERAL LAND BANKS
LOANS OUTSTANDING
(END OP MONTH)
AMOUNT
MILLIONS OF DOLLARS
OUTSTANDING

|

CHANGE FROM PREVIOUS|
I
MONTH
|
YEAR
|

1975—JAN* . . I
—FEB..•|
-MAR... |
-APR...|
-MAY...(
—JUN... |
-JUL... |
-AUG*..|
-SEP... |
—OCT *.. 1
-NOV...I
—DEC... 1

13656.1
13679.7
14179.2
14441.0
14692.9
14938.3
15144.8
15332.6
15517.9
15711.7
15837.2
16013.8

199.7
223.6
299.5
261.8
251.9
245.4
206.5
187.8
185.3
193.8
125.5
176.6

1976-JAN...|
—FEB...|
-MAR...j
-APR...|
—MAY...|
-JUN...|
—JUL...|
-AUG... |
—SEP...I
—OCT...I
-NOV...|
—DEC ... I

16189.9
16369.6
16699.9
16946.2
17159.6
17403.2
17622.7
17806.2
17982.2
18147.7
18320.3
18524.2

176.1
179.7
330.3
246.4
213.3
243.6
219.5
183.5
176.0
165.5
172.6
203.9

1977—JAN...|
— FEB ... 1
—MAR...|
—APR ... I
—MAY... 1
-JUN.. e |
-JUL... |
-AUG...I
-SEP...I
—OC T...|
—NOV... 1
-DEC... |

18692.7
18921.9
19330.8
19625.0
19916.8
20190.2
20440.8
20658.0
20873.7
21057.0
21258.2
21466.3

168.5
229.2
409.0
294.2
291.8
273.4
2 50.6
217.2
215.7
183.3
201.2
208.1

1978—JAN*..|

21672.2

205.8




NUMBER

|
1
|
|
|
|
1
|
|
|
|
|
j
I
|
|
|
|
|
|
|
1
|
|
|
j
|
1
|
|
|
|
|
|
|
1
|
|
j
I

2551.5
2631.1
2712.4
2748.3
2752.4
2761.8
2711.6
2672.3
2641.3
2637.0
2568.6
2557.4
2533.7
2489.9
2520.7
2505.2
2466.7
2464.9
2477.9
2473.6
2464.3
2436.0
2483.1
2510.4
2502.8
2552.3
2631.0
2678.8
2757.3
2787.0
2818.1
2851.8
2891.5
2909.3
2938.0
2942.1
2979.5

I
I
|
|
|
|
|
|
1
|
}
|
j
|
|
1
I
I
|
|
|
|
|
|
|
j
|
|
1
|
|
|
|
|
|
I
I
|
j
I

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|
1

YEAR

1
1
PERCENTAGE|
THOUSANDS
CHANGE
|
FROM LAST#
YEAR
1
1

1.5
1.6
2.2
1.8
1.7
1.7
1.4
1.2
1.2
1.2
0.8
1.1

I
|
|
|
|
|
|
|
|
|
1
|

23.0
23.4
23.7
23.5
23.1
22.7
21.8
21.1
20.5
20.2
19.4
19.0

430.0
431.6
433.5
435.1
436.9
438.6
440.0
441.0
442.0
442.4
442.4
442.8

3.8
4.1
4.2
5.0
4.2
4.1
4.0
3.8
3.6
3.5
3.3
3.2

1.1
1.1
2.0
1.5
1.3
1.4
1.3
1.0
1.0
0.9
1.0
1.1

|
|
|
|
|
|
|
|
|
|
|
I
j
|
1
I
|
|
|
|
|
|
|
1
t

18.6
17.9
17.8
17.3
16.8
16.5
16.4
16.1
15.9
15.5
15.7
15.7

443.2
443.7
445.1
446.0
447.0
448.2
449.0
449.9
450.4
450.7
450.6
450.8

3.1
2.8
2.7
2.5
2.3
2.2
2.1
2.0
1.9
1.9
1.8
1.8

15.5
15.6
15.8
15.8
16.1
16.0
16.0
16.0
16.1
16.0
16.0
15.9

450.9
451.5
452.9
453.8
454.8
456.0
457.0
457.8
458.6
459.1
459.3
459.5

1.7
1.8
1.8
1.8
1.7
1.8
1.8
1.8
1.8
1.9
1.9
1.9

1.0 t

15.9

459.8

2.0

0.9
1.2
2.2
1.5
1.5
1.4
1.2
1.1
1.0
0.9
1.0
1.0

|
|
|
|
1
|
|
|
|
|
|
|
1
|
|
|
|
1
|
|
I
|
1
|
|
1
1
|
|
|
|
|
|
1
|
|
|
|
1
|

AVERAGE SIZE
DOLLARS

PERCENTAGE
CHANGE
FROM LAS1
YEAR

31758.
32156.
32711.
33190.
33627.
34061.
34420.
34767.
35112.
35516.
35797.
36166.

18.5
18.6
18.6
17.6
18.1
17.6
17.1
16.7
16.3
16.1
15.5
15.4

36533.
36895.
37522.
37998.
38389.
38832.
39246.
39581.
39924.
40267.
40662.
41088.

15.0
14.7
14.7
14.5
14,2
14.0
14.0
13.8
13.7
13.4
13.6
13.6

41457.
41909.
42684.
43243.
43792.
44273.
44732.
45124.
45519.
45868.
46289.
46714.

13.5
13.6
13.8
13.8
14.1
14.0
14.0
14.0
14.0
13.9
13.8
13.7

47136.

13.7

TABLE 222.1

FEDERAL LAND BANKS
LOANS CLOSED
NUMBER

AMOUNT
MILLIONS
OF
DOLLARS

I
(
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

I

YEAR

AVERAGE SIZE

1

AS PERCENTAGE OF

LOANS
|
I PERCENTAGE I
OUT|
CHANGE
|
DOLLARS |
I FROM LASTI STANDING*!
I
YEAR
|
1

295.4
542.1
644.5
622.1
602.0
614.5
519.6
541.9
490.6
456.0
326.6
276.9

2.5
2.1
3.2
2.6
2.1
2.4
2.1
1.8
1.8
1.7
1.9
2.4

I
|
I
|
|
|
j
|
|
|
|
|

2.5
2.3
3.6
2.7
2.6
2.5
2.4
2.0
1.6
1.7
2.0
2.1

|
1
|
|
|
1
|
I
|
|
I
|

223.4
367.1
475.2
475.5
457.7
403.6
374.2
435.2
516.3
389.3
340.3
304.0

8.6 |

2.3

I

247.1

19.4
37.0
27.6
15.6
4.9
9.4
-10.9
-12.0
1.0
1.0
-13.6
11.4

5552.
5110.
5737.
5522.
5322.
5128.
4754.
4004.
4297.
4412.
3722.
4998.

7.2
14.0
4.1
-3.6
-7.7
-3.9
-10.8
-26.9
-10.0
-10.3
-21.4
-0.5

|
|
|
|
|
1
|
|
|
|
|
|

71671.
67929.
76576.
71848.
71243.
72646.
69617.
72028.
72291.
72440.
70457.
74992.

1
1
I
1
1
1
1
1
1
1
1
1

11.4
20.1
22.6
19.9
13.7
13.9
-0.2
23.9
12.3
12.6
9.6
11.9

|
|
|
|
|
|
|
|
|
|
1
|

3.0
2.5
3.2
2.8
2.6
2.5
2.2
1.9
2.0
2.1
1.7
2.4

4.8
-11.7
52.1
-17.3
-16.7
11.4
-9.4
-12.6
0.8
-3.0
11.8
24.8

-1.3
-0.1
20.1
10.0
-4.1
8.7
10.9
11.2
4.1
-1.9
33.7
16.7

4816.
4467.
6377.
5377.
4679.
5175.
4457.
4366.
4167.
4098.
4465.
5047.

-13.3
-12.6
11.2
-2.6
-8.3
0.9
-6.2
9.0
-3.0
-7.1
20.0
1.0

|
I
|
|
|
|
|
1
|
1
|
I

81586.
77645.
82736.
81166.
74546.
78265.
82357.
73457.
77572.
76534.
78511.
86699.

1
1
I
I
1
1
I
1
1
I
1
I

13.6
14.3
8.0
13.0
4.6
7.7
18.3
2.0
7.3
5.7
11.4
15.6

|
|
1
|
|
|
|
|
1
|
|
1

6.0
-7.4
58.1
-23.2
-0.6
-2.4
—2.7
-18.2
-5.7
-5.6
16.8
7.2

|
|
|
|
|
|
|
|
|
|
|
|

18.0
23.8
28.7
19.4
42.5
24.9
34.1
25.6
17.5
14.4
19.5
2.6

4930.
4719.
6801.
5627.
5806.
5868.
4764.
4608.
4457.
4361.
4846.
5003.

2.4
5.6
6.6
4.6
19.0
13.4
7.3
10.1
7.0
6.4
8.5
-0.9

|
1
|
|
|
1
|
|
1
|
1
|

94058.
91013.
99833.
92640.
89273.
86233.
1028 68.
83792.
65203.
82240.
86442.
89729.

1
1
1
1
1
1
1
1
1
1
1
1

15.3
17.2
20.7
14.1
19.8
10.2
24.9
14.1
9.8
7.5
10.1
3.5

12.0 |

8.4

4919.

—0.2 |

397.9
347.1
439.3
396.7
379.2
372.5
331.0
288.4
310.6
319.6
262.2
374.8

|
|
|
|
1
|
1
|
|
I
|
|

18.3
-12.8
26.6
-9.7
-4.4
-1.7
-11.2
-12.9
7.7
2.9
-17.9
42.9

1976—JAN...1
—FEB. * . |
—MAR...I
-APR...|
-MAY... |
-JUN...j
-JUL...|
-AUG...1
-SEP...|
-OCT...|
-NOV...|
-DEC...|

392.9
346.8
527.6
436.4
363.7
405.0
367.1
320.7
323.2
313.6
350.6
437.6

|
I
|
|
|
|
|
|
|
|
|
|

1977—JAN...|
-FEB...|
-MAR...1
—APR... |
-MAY...|
-JUN...|
-JUL... |
-AUG...I
—SEP...|
-QCT...|
-NOV...|
-DEC...|

463.7
429.5
679.0
521.3
518.3
506.0
492.2
402.9
379.8
358.6
418.9
448.9

1
|
|
|
|
|
|
1
|
|
I
|

197 8—JAN...|

502.7 |

* OUTSTANDING LOANS AT END OF PRECEDING M O N T H .

102187. 1

REPAYMENTS

1
I
|
|
|
|
|
|
|
|
|
|
i
I
I
|
I
I
I
1
I
I
|
|
|

|
|
|
i
|
1
I
|
|
1
|
|
t
|
1
|
I
|
|
|
|
|
|
|
|

1975-JAN...|
—FEB• • • I
-MAR...|
—APR...|
-MAY... |
-JUN...|
-JUL.. . 1
-AUG... 1
-SEP... |
-OCT...I
—NOV...I
—DEC••• 1




|
i
PERCENTAGE!
THOUSANDS
CHANGE
I
FROM LASTI
YEAR
|

263.6
337.4
478.0
432.2
449.2
502.8
466.1
442.0
407.4
381.7
330.2
309.2

T A B L E 222.3
FEDERAL LAND BANKS
LOANS CLOSED
TWELVE-MONTH MOVING TOTAL
AMOUNT
MILLIONS
OF
DOLLARS

NUMBER

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

1.6

1975—JAN...
-FEB•••
—MAR...
-APR...
-MAY...
—JUN...
JUL...
-AUG...
-SEP...
-OCT...
-NOV...
—DEC...

4004.9
4098.5
4193.5
4246.9
4264.8
4296.9
4256.2
4216.9
4220.0
4223.1
4181.1
4219.4

1976—JAN...
—FEB...
-MAR...
-APR...
-MAY...
-JUN...
-JUL...
—AUG...
-SEP...
-OCT...
-NOV...
—DEC...

4214.4
4214.2
4302.4
4342.1
4326.7
4359.2
4395.3
4427.6
4440.2
4434.2
4522.5
4585.3

1977—JAN...
—FEB...
-MAR...
-APR...
-MAY..
-JUN..
-JUL..
-AUG..
-SEP.,
-OCT..
-NOV..
-DEC..

4656.1
4738.7
4890.1
4975.0
5129.6
5230.6
5355.7
5437.9
5494.4
5539.4
5607.7
5619.1

1.0
0.8
1.2
0.2

1978—JAN.•

5658.0

0.7

2.3
2.3
1.3
0.4

0.8

-0.9
-0.9

0.1
0.1

-1.0
0.9

-0.1

-0.0

2.1

0.9
-0.4

0.8
0.8
0.7
0.3

—0.1

2.0
1.4

1.5

1.8

3.2
1.7
3.1

2.0

2.4
1.5

|

YEAR
24.9
27.3
29.5
28.7

62.8
63.4
63.6
63.4
63.0
62.8
62.2
60.6
60.1
59.6
58.6
58.6

8.4
9.5
10.9
9.7
6.7
7.8
4.6
0.7
-1.7
-2.6
-4.7
—6.2

57.8
57.2
57.8
57.7
57.2
57.3
57.0
57.3
57.2
56.9
57.6
57.7

-7.9
-9.8
-9.2
-9.1
-9.2
-8.8
-8.4
-5.3
-4.8
-4.5
-1.6
-1.5

23.7
24.9
24.0
22.5

57.8
58.1
58.5
58.7
59.7
60.4
60.7
61.1
61.4
61.7
62.1
62.0

21.5

62.0

26 .6
24.6

18.2

15.6
12.9

11.6
8.7
7.1
5.2

2.8
2.6
2.2

1.5
1.4
3.3
5.0
5.2
5.0

8.2
8.7

10.5
12.4
13.7
14.6

16.6
20.0

21.9

22.8

* AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 M O N T H S




AVERAGE SIZE

1
PERCENTAGE|
THOUSANDS
CHANGE
|
FROM LAST!
YEAR
1

-0.0
1.5
1.1
1.8
4.2
5.4
6.5
6.6
7.3
8.4
7.7
7.5

|
|
|
|
|
|
|
|
1
1
I
|
I
|
|
|
|
1
|
|
I
|
|
I
|
j
1
|
1
|
|
|
|
|
I
|
|
|

7.3

|

DOLLARS

AS PERCENTAGE OF

PERCENTAGE|
LOANS
|
CHANGE
|
OUT|
FROM LAST! S T A N D I N G * |
YEAR
|
I

REPAYMENTS

63775.
64619.
65883.
66942.
67697.
66435.
68414 .
69608.
70215.
70866.
71372.
72056.

15.2
16.2
16.7
17.3
16.4
15.6
13.0
14.b
14.8
14.6
14.1
14.2

|
1
|
|
|
|
|
|
|
|
|
|

32.6
32.8
33.0
32.8
32.4
32.1
31.2
30.4
30.0
29.5
28.b
28.6

|
|
|
|
|
|
|
1
1
|
|
|

478.7
495.5
511.0
519.3
518.1
516.3
507.3
503.3
491.9
489.7
476.9
458.5

72886.
73701.
74412.
75288.
75600.
76105.
77136.
77212.
77608.
77932.
78459.
79480.

14.3
14.1
12.9
12.5
11.7
11.2
12.7
10.9
10.5
10.0
9.9
10.3

|
|
|
|
|
|
|
|
|
|
|
|

28.2
27.8
28.0
27.9
27.4
27.3
27.1
27.0
26.7
26.4
26.6
26.6

|
1
|
|
|
|
|
|
I
|
|
|

451.0
433.0
423.7
412.5
404.1
399.7
397.5
393.6
389.1
384.5
383.6
386.9

80548.
81622.
83619.
84707.
85983.
86669.
88264.
88970.
89470.
89819.
90369.
90616.

10.5
10.7
12.4
12.5
13.7
13.9
14.4
15.2
15.3
15.3
15.2
14.0

|
|
|
|
|
|
|
|
|
|
|
|

26.7
26.9
27.4
27.5
28.0
28.2
28.6
28.6
28.6
28.5
28.4
28.2

374.3
376.7
378.9
362.9
385.3
380.1
374.8
375.3
380.7
381.2
381.5
380.6

91260.

13.3

|

28.0

|
|
|
|
1
|
|
|
1
|
|
|
1
|

(AVERAGE OF END-OF-MONTH D A T A ) .

384.4

14

TABLE 223.1
FEDERAL LAND BANKS
NEW MONEY LOANED
MILLIONS
OF
DOLLARS

1
|
|
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

YEAR

1975—JAN...
-FEB...
-MAR...
-APR...
-MAY...
-JUN...
—JUL...
-AUG...
—SEP...
—OC T...
-NOV...
—DEC.••

334.4
287.6
367.7
325.6
314.9
306.0
270.2
241.0
248.6
263.9
205.8
312.0

|
|
|
|
|
|
I
|
i
|
|
I

19.6
-14.0
27.8
-11.4
—3.3
-2.8
-11.7
-10.8
3.2
6.1
-22.0
51.6

I
|
|
I
|
|
|
|
|
|
|
t

16.9
32.2
25.6
11.3
3.1
6.5
-13.9
-14.4
-4.2
0.0
-20.6
11.6

1976—JAN...
—FEB.. .
-MAR...
-APR...
-MAY...
—JUN...
-JUL...
-AUG...
-SEP...
—OCT...
-NOV...
—DEC ...

325.0
262.5
440.7
347.3
294.3
324.2
298.3
256.1
255.4
247.6
278.7
345.5

I
|
|
I
1
|
|
|
1
|
|
|

4.2
-13.1
56.0
-21.2
-15.3
10.2
-8.0
-14.1
-0.3
-3.0
12.6
23.9

—2 .8
— 1.8
19.9
6.7
—6.5
5.9
10.4
6.3
2.7
-6.2
35.5
10.7

1977—JAN.. .
—FEb . . .
—MAR...
—APR ...
-MAY...
-JUN...
-JUL.•.
-AUG...
-SEP...
-OCT...
-NOV...
-DEC...

376.1
346.2
551.9
403.9
405.0
398.7
382.1
309.8
289.3
275.4
324.3
355.8

|
|
1
|
|
|
|
1
|
|
|
|

8.9
-8.0
59.4
-26.8
0.3
-1.6
-4.2
-18.9
-6.6
-4.6
17.7
9.7

|
|
|
1
|
1
|
|
|
|
|
|
1
|
|
|
|
I
|
|
|
|
|
|
|

15.7
22.5
25.2
16.3
37.6
23.0
28.1
21.0
13.3
11.2
16.3
3.0

1978—JAN...

409.3 I

15.0 |

8.8

i
1

* OUTSTANDING LOANS AT END OF PRECEDING MONTH.




AS PERCENTAGE OF
LOANS OUTSTANDING*
2.5

2.1
2.6

2.3

2.2
2.1
1.8
1.6
1.6
1.7
1.3

2.0
2.0
1.7
2.7

2.1
1.7
1.9
1.7
1.5
1.4
1.4
1.5
1.9

2.0

1.9
2.9

2.1
2.1

2.0
1.9
1.5
1.4
1.3
1.5
1.7
1.9

#

#

#

TABLE 223.3

#

#

#

#

#

#

#

«

FEDERAL LAND BANKS
NEW MONEY LOANED
TWELVE-MONTH MOVING TOTAL
MILLIONS I
OF
|
DOLLARS |
1

1975-JAN...I
-FEB...I
—MAR...j
-APR...|
-MAY ...!
—JUN.•.|
—JUL #••I
-AUG...|
-SEP...|
—OCT...!
-NOV...|
-DEC...I

3388.2
3458.2
3533.1
3566.1
3575.5
3594.1
3550.6
3510.2
3499.3
3499.4
3445.3
3477.6

1976—JAN...|
—FEB...|
-MAR...j
-APR...j
-MAY...|
—JUN...|
-JUL.••I
-AUG...1
-SEP...|
-OCT...|
-NOV...|
-DEC...I

3468.2
3463.2
3536.2
3557.9
3537.3
3555.5
3583.6
3598.7
3605.4
3589.1
3662.1
3695.6

1977—JAN...|
—FEB...|
—MA R...|
-APR...j
-MAY...I
-JUN...I
-JUL...j
-AUG...I
-SEP...I
-OCT...I
-NOV...|
—DEC..•j

3746.6
3810.3
3921.5
3978.0
4088.7
4163.2
4247.1
4300.8
4334.7
4362.5
4408.0
4418.3

I
|
|
|
|
|
I
I
|
|
I
|
j
|
|
|
|
|
|
|
|
|
1
|
|
1
|
|
|
|
i
|
|
I
I
I
|
|

1978—JAN...|

4451.5

|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
1.5
2.1
2.2
0.9
0.3
0.5
-1.2
-1.1
-0.3
0.0
-1.5
0.9

|

YEAR

1

AS PERCENTAGE OF

1 LOANS OUT—|
I STANDING*|

LOANS
CLOSED

26.5
28.1
29.7
28.1
25.4
22.9
16.2
13.1
10.1
8.8
5.4
4.1

1
1
1
1
1
1
I
I
1
1
1
I

27.6
27.7
27.8
27.6
27.1
26.8
26.1
25.3
24.9
24.5
23.7
23.6

1
|
|
1
|
|
|
1
|
|
|
1

84.6
84.4
64.3
84.0
83.8
83.6
83.4
83.2
82.9
82.9
82.4
82.4

-0.3
-0.1
2.1
0.6
-0.6
0.5
0.8
0.4
0.2
-0.5
2.0
0.9

|
|
|
1
I
|
|
1
|
|
|
|
j
|
|
I
|
I
|
1
1
|
|
|
|

2.4
0.1
0.1
-0.2
-1.1
-1.1
0.9
2.5
3.0
2.6
6.3
6.3

1
1
I
1
1
1
1
1
I
1
I
1

23.2
22.8
23.0
22.8
22.4
22.2
22.1
21.9
21.7
21.3
21.5
21.5

|
|
|
|
|
|
|
|
|
|
|
|

82.3
*2.2
82.2
81.9
81.8
81.6
81.5
81.3
81.2
80.9
81.0
60.6

1.4
1.7
2.9
1.4
2.8
1.8
2.0
1.3
0.8
0.6
1.0
0.2

|
1
|
|
|
|
|
|
|
|
|
|

8.0
10.0
10.9
11.8
15.6
17.1
18.5
19.5
20.2
21.5
20.4
19.6

1
1
1
1
1
1
1
1
1
I
1
1

21.5
21.6
22.0
22.0
22.3
22.5
22.6
22.6
22.5
22.4
22.4
22.1

|
|
|
|
|
1
|
|
I
|
1
|

80.5
80.4
80.2
80.0
79.7
79.6
79.3
79.1
78.9
78.8
78.6
78.6

0.8 |

18.8

1

22.0 I

78.7

* AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 MONTHS (AVERAGE OF END-QF-MONTH DATA).




15

TABLE 224.1

FEDERAL LAND BANKS
REFINANCING AND REPAYMENTS
REFINANCING OF FEDERAL LAND BANK LOANS
MILLIONS
OF
DOLLARS

|
|
|
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

YEAR

I

REPAYMENTS

AS PERCENTAGE OF

I LOANS CUT—|
I STANDING*1

LOANS
CLOSED

MILLIONS |
OF
|
DOLLARS |
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

1

YEAR

I AS P E R C E N T A G E OF
I LOANS O U T I STANDING*

1975—JAN...|
—FEB...|
-MAR... |
—APR... |
-MAY... |
—JUN... I
-JUL...*
-AUG...I
—SEP...|
-OCT... |
—NOV...I
-DEC... 1

63.5
59.5
71.7
71.1
64.3
66.5
60.7
47.4
62.0
55.7
56.5
62.9

|
|
|
|
I
|
1
|
|
|
1
|

11.7
—6.3
20.4
-0.7
-9.6
3.5
-8.7
-22.0
30.9
-10.2
1.4
11.3

|
j
|
1
|
|
|
|
|
1
|
I

34.5
65.8
38.7
40.5
15.0
25.6
4.8
2.5
29.2
5.7
27.2
10.5

1
1
1
1
1
I
1
1
|
I
1
I

0.47
0.44
0.52
0.50
0.45
0.45
0.41
0.31
0.40
0.36
0.36
0.40

|
|
|
|
|
|
|
1
1
I
|
I

16.0
17.2
16.3
17.9
17.0
17.9
18.4
16.4
20.0
17.4
21.5
16.8

134.7
64.0
68.2
63.6
63.0
60.6
63.7
53.2
63.3
70.1
80.3
135.4

I
|
|
I
|
|
|
|
|
|
|
|

46.6
-52.5
6.5
-6.4
-1.2
-3.7
5.1
-16.4
18.9
10.7
14.6
68.6

|
|
|
|
|
|
#
|
|
|
|
|

4.8
-13.0
—8.6
—4.4
9.1
17.9
11.9
-2.1
46.4
6.6
21.8
47.4

I
I
I
I
1
1
1
1
1
1
1
1

1.00
0.47
0.49
0.45
0.44
0.41
0.43
0.35
0.41
0.45
0.51
0.85

1976—JAN...|
— FEB... |
-MAR.., |
—APR.••|
-MAY...|
-JUN...|
—JUL...|
-AUG...I
-SEP... |
-OCT...I
—NOV...|
-DEC...|

67.9
64.3
86.9
89.1
69.4
80.8
68.8
64.6
67.9
66.0
71.8
92.1

|
|
|
|
|
1
|
|
|
|
|
|

8.0
-5.2
35.2
2.5
-22.1
16.5
-14.9
-6.1
5.0
-2.7
8.8
28.3

|
|
|
|
1
I
|
|
|
I
|
|

6.9
8.0
21.3
25.3
8.0
21.5
13.3
36.4
9.5
18.5
27.2
46.6

1
I
1
1
1
1
I
1
I
1
I
1

0.42
0.40
0.53
0.53
0.41
0.47
0.40
0.37
0.38
0.37
0.40
0.50

|
|
1
1
|
I
|
I
|
I
|
1

17.3
18.5
16.5
20.4
19.1
20.0
16.7
20.2
21.0
21.0
20.5
21.1

149.0
102.8
110.4
101.0
81.0
80.5
78.8
72.6
79.3
82.2
106.2
141.5

I
|
I
|
t
1
|
|
|
|
|
|

10.0
-31.0
7.4
-8.5
-19.8
-0.5
-2.2
-7.9
9.3
3.6
29.2
33.3

|
|
|
|
I
|
|
|
1
|
|
I

10.6
60.6
61.9
58.3
28.6
32.9
23.7
36.4
25.4
17.2
32.2
4.5

1
1
1
I
1
I
1
1
1
1
I
1

0.93
0.64
0.67
0.60
0.48
0.47
0.45
0.41
0.45
0.46
0.59
0.77

1977—JAN...|
-FEB...|
—MAR...j
—APR... |
-MAY...|
-JUN...|
-JUL...I
-AUG...I
—SEP...|
-OCT...|
-NOV...I
—DEC ... 1

87.6
83.3
127.1
117.4
113.3
107.3
110.1
93.1
90.5
83.2
94.6
93.1

|
|
|
|
|
|
|
|
|
|
|
|

-4.9
-4.9
52.6
-7.6
-3.5
-5.3
2.6
-15.4
-2.8
-8.0
13.7
-1.5

|
|
|
|
|
|
|
|
I
|
|
\

29.1
29.5
46.2
31.8
63.2
32.8
60.0
44.1
33.3
26.1
31.7
1.1

1
I
1
I
I
1
1
1
1
1
I
1

0.47
0.45
0.67
0.61
0.58
0.54
0.55
0.46
0.44
0.40
0.45
0.44

|
I
1
|
|
|
|
|
|
I
|
|

18.9
19.4
18.7
22.5
21.9
21.2
22.4
23.1
23.8
23.2
22.6
20.7

207.6
117.0
142.9
109.6
113.3
125.3
131.5
92.6
73.5
92.1
123.1
147.7

|
1
|
|
|
|
|
|
|
|
|
|

46.7
-43.6
22.1
-23.3
3.3
10.6
5.0
-29.6
-20.5
25.3
33.6
20.0

|
1
|
|
|
I
|
|
|
|
|
|

39.3
13.8
29.5
8.6
39.9
55.6
67.0
27.6
-7.3
12.1
15.9
4.4

1
1
1
1
1
I
1
1
1
1
1
1

1.12
0.63
0.76
0.57
0.58
0.63
0.65
0.45
0.36
0.44
0.58
0.69

0.44 |

18.6

203.4 |

37.8

|

-2.0 1

0.95

1978—JAN...|

93.4 |

0.3 |

6.6 I

* OUTSTANDING LOANS AT END OF PRECEDING MONTH.
•REFINANCING OF FEDERAL LAND BANK LOANS" IS COMPUTED AS LOANS CLOSED LESS NEW MONEY LOANED.
"REPAYMENTS" ARE COMPUTED AS NEW MONEY LOANED LESS THE CHANGE IN LOANS OUTSTANDING.




TABLE 224.3
FEDERAL LAND BANKS
REFINANCING AND REPAYMENTS
TWELVE-MONTH MOVING TOTAL
REFINANCING OF FEDERAL LAND BANK LOANS
MILLIONS |
OF
|
DOLLARS I
1
1975—JAN...|
—FEB.•.j
—MAR...|
—APR... I
-MAY...|
-JUN...I
-JUL... |
-AUG... |
-SEP... |
-OCT...|
-NOV... |
—DEC...I

616.7
640.4
660 . 4
680.9
689.2
702.8
705.6
706.7
720.8
723.7
735.8
741.8

1976—JAN...|
—FEB••.t
—MAR... I
—APR... I
-MAY.. . |
—JUN... |
-JUL...I
-AUG...|
-SEP...I
-OCT... I
-NOV.. . |
-DEC...;

746.2
751.0
766.3
784.2
789.3
803.6
811.7
828.9
834.6
845.1
860.5
889.7

1977-JAN...|
—FEB...|
—MAR...|
—APR...(
—MAY ...|
-JUN...j
-JUL...I
-AUG...|
-SEP...|
-OCT...I
-NOV...|
—DEC ...j

909.5
928.5
968.6
997.0
1040.9
1067.3
1108.6
1137.1
1159.7
1176.9
1199.7
1200.7

1978—JAN...|

1206.5

|
|
I
|
I
|
1
|
|
I
|
|
j
1
|
I
|
|
|
|
|
|
|
I
|
j
|
I
|
1
|
I
|
|
|
|
|
|
j
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
2.7
3.8
3.1
3.1
1.2
2.0
0.4
0.2
2.0
0.4
1.7
0.8
0.6
0.6
2.0
2.3
0.7
1.8
1.0
2.1
0.7
1.2
1.8
3.4
2.2
2.1
4.3
2.9
4.4
2.5
3.9
2.6
2.0
1.5
1.9
0.1
0.5

|
|
|
I
I
|
|
|
I
|
|
1
|
i
|
t
|
|
|
|
I
|
|
1
I
|
i
|
|
|
|
|
|
|
|
|
|
|
|
j
|

YEAR

REPAYMENTS

AS PERCENTAGE OF
LOANS OUT—|
STANDING*|

LOANS
CLOSED

MILLIONS |
OF
|
DOLLARS |
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

16.7
22.9
28.1
32.1
32.9
33.9
28.9
30.3
29.3
27.5
28.0
23.5

5.0
5.1
5.2
5.3
5.2
5.2
5.2
5.1
5.1
5.1
5.1
5.0

|
I
|
|
|
|
1
|
|
|
|
1

15.4
15.6
15.7
16.0
16.2
16.4
16.6
16.8
17.1
17.1
17.6
17.6

636.7
627.1
820.7
817.6
823.1
832.3
839.0
637.9
858.0
862.3
676.7
920.2

I
|
I
I
|
|
|
|
1
|
|
|

0.6
-1.1
-0.8
-0.4
0.6
1.1
0.8
-0.1
2.4
0.5
1.7
5.0

21.0
17.3
16.0
15.2
14.5
14.3
15.0
17.3
15.8
16.8
16.9
19.9

5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.1
5.0
5.0
5.1
5.2

|
|
|
I
|
|
|
I
|
|
I
|

17.7
17.8
17.8
18.1
18.2
18.4
16.5
18.7
18.8
19.1
19.0
19.4

934.5
973.3
1015.5
1052.7
1070.7
1090.6
1105.7
1125.0
1141.1
1153.2
1179.0
1185.2

|
|
|
|
1
|
|
|
|
|
I
|

1.6
4.1
4.3
3.7
1.7
1.9
1.4
1.7
1.4
1.1
2.2
0.5

21.9
23.6
26.4
27.1
31.9
32.8
36 .6
37.2
38.9
39.3
39.4
35.0

5.2
5.3
5.4
5.5
5.7
5.8
5.9
6.0
6.0
6.0
6.1
6.0

|
|
|
|
|
|
|
|
|
|
|
|

19.5
19.6
19.8
20.0
20.3
20.4
20.7
20.9
21.1
21.2
21.4
21.4

1243.8
1258.0
1290.5
1299.2
1331.4
1376.2
1429.0
1449.0
144 3.2
1453.1
1470.1
1476.2

1
|
|
|
|
|
|
|
|
|
|
|

32.7

6.0 |

21.3

1472.0 |

* AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 MONTHS

|

4.9
1.1
2.6
0.7
2.5
3.4
3.8
1.4
-0.4
0.7
1.2
0.4

|
|
I
|
1
|
|
|
|
|
|
|
1
1
|
|
|
|
|
1
I
|
I
|
1
1
|
I
I
1
|
|
|
|
|
|
1
1

-0.3

|

(AVERAGE OF END-OF-MONTH DATA).

"REFINANCING OF FEDERAL LAND BANK LOANS* IS COMPUTED AS LOANS CLOSED LESS NEW MONEY LOANED.
•REPAYMENTS" ARE COMPUTED AS NEW MONEY LOANED LESS THE CHANGE IN LOANS OUTSTANDING.




YEAR

AS P E R - |
CENTAGE 0F1
LOANS UUT-1
STANDING*!

3.9
1.1
—0.5
-1.6
—0.8
0.9
1.0
1.1
3.7
3.0
6.6
10.8

6.8
6.6
6.5
6.3
6.2
6.2
6.2
6.0
6.1
6.0
6.0
6.2

|
j
|
|
|
|
|
i
|
|
|
|

11.7
17.7
23.7
26.7
30.1
31.0
31.8
34.3
33.0
33.7
34.5
28.8

6.3
6.4
6.6
6.8
6.8
6.6
6.8
6.9
6.9
6.9
6.9
6.9

|
|
j
|
j
j
|
|
1
|
|
|

33.1
29.3
27.1
23.4
24.4
26.2
29.2
28.6
26.5
26.0
24.7
24.6

7.1
7.1
7.2
7.2
7.3
7.4
7.6
7.6
7.5
7.5
7.5
7.4

I
|
|
|
1
I
|
1
|
|
|
|

18.4

7.3 |

AGRICULTURAL FINANCE D A T A B O O K — M O N T H L Y SERIES

230

FEBRUARY 1978

LIFE INSURANCE COMPANIES
231

FARM MORTGAGES OUTSTANDING

231.1
232

FARM MORTGAGES ACQUIRED

232.1
232.3
233

ACTUAL
12-MCNTH MOVING TOTAL

FARM MORTGAGE COMMITMENTS OUTSTANDING

233.1

SOURCE:

ACTUAL

ACTUAL

"MONTHLY STATISTICAL REPORT," AMERICAN COUNCIL OF LIFE INSURANCE.




21

«
TABLE 231.1
LIFE INSURANCE COMPANIES
FARM MORTGAGES OUTSTANDING
END OF MONTH
1
1
1
1
1

MILLIONS OF DOLLARS
AMOUNT

1
1
CHANGE FROM PREVIOUS|
1
MONTH
|
YEAR
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|
1

1975-JAN.•.I
—FEB.. . |
-MAR...|
-APR...|
-MAY...|
-JUN...I
-JUL...i
-AUG...I
-SEP...I
—DC T...I
-NOV... |
—DEC. • • 1
I
1976—JAN...|
-FEB... 1
-MAR... |
—APR... |
-MAY...|
—JUN...|
-JUL...|
—AUG.*.I
-SEP...I
-OCT... I
-NOV...I
-DEC...|

6300.
6394.
6428.
6504.
6543.
6573.
6584.
6606.
6631.
6661.
6679.
6753.

-27.
94.
34.
76.
39.
30.
11.
22.
25.
30.
18.
74.

|
|
|
|
|
|
|
|
|
1
|
1

334.
429.
429.
469.
469.
445.
396.
384.
384.
381.
387.
426.

|
|
|
|
|
I
|
|
|
|
|
I

-0.4
1.5
0.5
1.2
0,6
0.5
0.2
0.3
0.4
0.5
0.3
1.1

6744.
6781.
6827.
6873.
6941.
7000.
7068.
7124.
7181.
7217.
7286.
7418.

-9.
37.
46.
46.
68.
59.
68.
56.
57.
36.
69.
132.

|
|
|
|
|
1
|
1
|
|
|
|

444.
387.
399.
369.
398.
427.
484.
518.
550.
556.
607.
665.

-0.1
0.5
0.7
0.7
1.0
0.9
1.0
0.8
0.8
0.5
1.0
1.8

1977—JAN... |
—FEB ... I
-MAR...I
-APR...I
-MAY...|
-JUN...I
-JUL...I
-AUG...I
-SEP...|
-OCT...I
-NOV... I

7428.
7513.
762 5.
7816.
7926.
8140.
8236.
8331.
8475.
8569.
8648.

10.
85.
112.
191.
110.
214.
96.
95.
144.
94.
79,

i
|
|
|
|
1
|
|
|
1
|

684.
732.
798.
943.
985.
1140.
1168.
1207.
1294.
1352.
1362.

|
1
|
|
|
|
|
|
|
|
|
|
1
|
I
|
|
1
I
|
|
|
|
|

|
I
1
|
|
I
1
|
|
|
|
#
1
|
|
1
|
|
|
|
I
|
|
|
1

0.1
1.1
1.5
2.5
1.4
2.7
1.2
1.2
1.7
1.1
0.9

|
|
1
|
|
|
|
|
|
1
|




YEAR
5.6
7.2
7.2
7.8
7.7
7.3
6.4
6.2
6.1
6.1
6.2
6.7
7.0
6.1
b.2
5.7
6.1
6.5
7.4
7.8
8.3
8.3
9.1
9.8
10.1
10.b
11.7
13.7
14.2
16.3
16.5
16.9
18.0
18.7
18.7

19

TABLE 232.1
LIFE INSURANCE COMPANIES
FARM MORTGAGES ACQUIRED
1
1
1
1
1

MILLIONS OF DOLLARS
AMOUNT

|
1
CHANGE FROM PREVIOUS|
1
MONTH
|
YEAR
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

197 5—JAN...|
-FEB ...|
—MAR...|
-APR...|
-MAY...|
-JUN...I
—JUL ... I
-AUG...I
-SEP...|
-OCT...I
-NOV...|
-DEC...|

80.
164.
119.
120.
75.
75.
55.
53.
62.
54.
65.
153.

-17.
84.
-45.
1.
-45.
0.
-20.
-2.
9.
-8.
11.
88.

|
|
|
I
|
t
1
|
1
|
|
|

—9.
100.
—5.
28.
-20.
—22.
-41.
-20.
7.
-18.
12.
56.

|
|
|
|
|
|
|
|
I
|
I
|

-17.5
105.0
-27.4
0.8
-37.5
0.0
-26.7
-3.6
17.0
-12.9
20.4
135.4

1976—JAN...|
—FEB.•.|
—MAR...|
—APR...|
—MAY...|
-JUN...|
—JUL.•.|
-AUG...I
-SEP...!
-OCT...I
—NOV...|
—DEC ... I
|
1977—JAN... I
-FE B.•.I
-MAR...|
-APR...|
-MAY...|
-JUN...I
-JUL...|
-AUG...I
-SEP...|
-OCT...I
—NOV...|

100.
116.
136.
128.
125.
131.
138.
106.
123.
79.
116.
242.

-53.
16.
20.
-8.
—3.
6.
7.
-32.
17.
-44.
37.
126.

1
|
|
I
|
|
|
|
|
1
|
1

20.
-48.
17.
8.
50.
56.
83.
53.
61.
25.
51.
89.

|
|
|
|
|
|
|
|
|
1
1
|

160.
156.
233.
256.
214.
278.
168.
188.
209.
144.
135.

-82.
-4.
77.
23.
-42.
64.
-110.
20.
21.
-65.
—9.

|
|
|
1
|
|
|
|
|
|
\

60.
40.
97.
128.
89.
147.
30.
82.
86.
65.
19.

1
I
|
|
|
1
|
|
|
1
|

YEAR
-10.1
156.3
—4.0
30.4
-21.1
-22.7
-42.7
-27.4
12.7
-25.0
22.6
57.7

—34.6
16.0
17.2
-5.9
-2.3
4.8
5.3
—23.2
16.0
-35.8
46.8
108.6

|
|
|
|
|
|
I
|
|
|
1
|
1
|
|
1
|
|
|
|
1
1
|
I
I

-33.9
-2.5
49.4
9.9
-16.4
29.9
-39.6
11.9
11.2
-31.1
—6.3

|
|
|
|
|
|
|
|
|
|
|

60.0
34.5
71.3
100.0
71.2
112.2
21.7
77.4
69.9
82.3
16.4

* OUTSTANDING MORTGAGES AT END OF PRECEDING MONTH.




1
1

25.0
-29.3
14.3
6.7
66.7
74.7
150.9
100.0
98.4
46.3
78.5
58.2

AS PERCENTAGE OF
MORTGAGES
OUTSTANDING*
1.3

2.6
1.9
1.9

1.2
1.1
0.8
0.8
0.9
0.8
1.0
2.3

1.5
1.7

2.0
1.9
1.8
1.9
2.0
1.5
1.7

1.1

1.6

3.3

2.2
2.1

3.1
3.4
2.7
3.5

2.1

2.3
2.5
1.7

1.6

TABLE 232.3

LIFE INSURANCE COMPANIES
FARM MORTGAGES ACQUIRED
TWELVE—MONTH MOVING TOTAL
1
1
1
1
1

MILLIONS OF DOLLARS
AMOUNT

1975—JAN*•.1
-FEB...|
—MAR• • • |
-APR...|
-MAY... |
-JUN...I
-JUL...|
—AUG...|
-SEP...I
-OCT...I
-NOV...I
-DEC... |
1
1976-JAN...1
-FEB...|
—MAR...1
—APR.• . |
-MAY... 1
-JUN...|
-JUL...|
-AUG...1
-SEP... I
-OCT...I
—NOV.e.|
-DEC ... 1
1
1977-JAN.••|
-FEB...I
—MAR...I
—APR.e.1
-MAY...|
-JUN...|
—JUL ...1
-AUG...|
—SEP...1
-OCT...I
-NOV ...|

1
1
CHANGE FROM PREVIOUS I
1
YEAR
|
MONTH
|

998.
1098.
1093.
1121.
1101.
1079.
1038.
1018.
1025.
1007.
1019.
1075.

-9.
100.
-5.
28.
-20.
-22.
-41.
-20.
7.
-18.
12.
56.

|
I
|
|
I
|
|
I
I
|
I
I

-34.
64.
33.
45.
11.
-18.
-72.
-76.
-49.
—67.
-12.
68.

1095.
1047.
1064.
1072.
1122.
1178.
1261.
1314.
1375.
1400.
1451.
1540.

20.
-48.
17.
8.
50.
56.
83.
53.
61.
25.
51.
89.

|
1
I
1
|
|
I
1
I
I
I
I

97.
—51.
-29.
-49.
21.
99.
223.
296.
350.
393.
432.
465.

1600.
1640.
1737.
1865.
1954.
2101.
2131.
2213.
2299.
2364.
2383.

60.
40.
97.
128.
89.
147.
30.
82.
86.
65.
19.

1
I
|
|
|
|
1
|
|
|
|

505.
593.
673.
793.
832.
923.
670.
899.
924.
964.
932.

I
|
|
I
I
|
|
|
|
|
|
I
1
|
I
1
|
I
|
|
I
1
1
|
I
i
|
|
(
|
|
I
1
|
|
I
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
-0.9
10.0
-0.5
2.6
-1.8
-2.0
-3.8
-1.9
0.7
-1.8
1.2
5.5
1.9
-4.4
1.6
0.8
4.7
5.0
7.0
4.2
4.6
1.8
3.6
6.1
3.9
2.5
5.9
7.4
4.8
7.5
1.4
3.8
3.9
2.6
0.8

|
1
|
1
I
I
I
I
I
I
1
|
I
I
i
|
|
I
|
|
1
I
I
1
1
|
1
i
|
|
|
|
|
|
|
|
|
I
|

YEAR

I AS PERC E N T A G E OF
1 MORTGAGES
1
OUT1 STANDING*

-3.3
6.2
3.1
4.2
1.0
-1.6
—6.5
-7.1
—4.6
—6 .2
-1.2
6.8

1
1
I
!
I
I
1
1
1
I
1
1

16.2
17.tt
17.6
18.0
17.5
17.1
16.3
15.9
16.0
15.6
15.7
16.5

9.7
—4.6
-2.7
-4.4
1.9
9.2
21.5
29.1
34.1
39.0
42.4
43.3

I
I
I
1
1
I
1
1
1
1
I
I

16.7
15.9
16.1
16.1
16.8
17.5
18.7
19.3
20.1
20.3
20.9
22.1

46.1
56.6
63.3
74.0
74.2
78.4
69.0
68.4
67.2
68.9
64.2

I
1
I
I
I
I
1
|
I
I
j

22.7
23.1
24.3
25.8
26.8
28.5
2b.5
29.2
29.9
30.4
30.2

* AVERAGE OUTSTANDING MORTGAGES DURING THE PRECEDING 12 MONTHS (AVERAGE OF END-OF-MONTH DATA).




22

TABLE 233.1

LIFE INSURANCE COMPANIES
OUTSTANDING FARM MORTGAGE COMMITMENTS
END OF MONTH
PERCENTAGE CHANGE
FROM PREVIOUS

MILLIONS OF DOLLARS

AS PERCENTAGE
OF MORTGAGES

CHANGE FROM PREVIOUS
1
1

AMOUNT

197 5—JAN.••|
-FEB...|
-MAR...I
-APR...1
-MAY...|
—JUN...|
—JUL ... I
-AUG...|
-SEP...I
-OCT...I
-NOV...|
—DEC ... 1
1
1
1976—JAN...|
-FEB...|
—MAR.*.|
—APR...|
-MAY...1
-JUN...I
—JUL...I
-AUG...I
-SEP...I
—OC T • • . I
—NOV... 1
-DEC...I
1
1
1977—JAN...|
-FEB...I
-MAR...I
-APR...|
—MAY ...|
-JUN...I
-JUL ...|
—AUG...I
-SEP...I
-OCT...!
-NOV...I




496.0
500.0
466.0
430.0
413.0
399.0
399.0
405.0
438.0
473.0
506.0
459.0
466.0
477.0
479.0
501.0
482.0
490.0
487.0
494.0
520.0
582.0
592.0
553.0
567.0
614.0
603.0
663.0
680.0
671.0
673.0
696.0
745.0
769.0
782.0

|
1
|
|
|
|
|
|
|
I
|
I
|
I
1
1
|
|
|
|
|
|
|
1
I
|
|
|
j
|
|
|
j
|
|
|
|
|
|
|

MONTH
-74.0
4.0
-34.0
-36.0
-17.0
-14.0
0.0
6.0
33.0
35.0
33.0
-47.0
7.0
11.0
2.0
22.0
-19.0
8.0
-3.0
7.0
26.0
62.0
10.0
-39.0
14.0
47.0
-11.0
60.0
17.0
-9.0
2.0
23.0
49.0
24.0
13.0

|

YEAR

|
|
|
|
|
|
I
|
|
|
|
|
j
1
1
I
|
|
|
|
J
|
|
|
|
j
|
1
|
|
|
I
|
I
|
|
I

51.0
-14.0
-54.0
-105.0
-220.0
-241.0
-206.0
-226.0
-198.0
-144.0
-89.0
-111.0

1
|

MONTH

|
1

YEAR

OUTSTANDING

ACQUIRED
IN MONTH

11.5
-2.7
-10.4
-19.6
-34.8
-37.7
-34.0
-35.8
-31.1
-23.3
-15.0
-19.5

7.9
7.8
7.2
6.6
6.3
6.1
6.1
6.1
6.6
7.1
7.6
6.8

620.0
304.9
391.6
358.3
550.7
532.0
725.5
764.2
706.5
875.9
778.5
300.0

1.5
2.4
0.4
4.6
-3.8
1.7
—0.6
1.4
5.3
11.9
1.7
-6.6

|
|
|
|
1
1
|
|
|
1
|
|
i
|
|
|
|
|
|
j
|
|
|
|
|

-6.0
—4.6
2.8
16.5
16.7
22.8
22.1
22.0
18.7
23.0
17.0
20.5

6.9
7.0
7.0
7.3
6.9
7.0
6.9
6.9
7.2
8.1
6.1
7.5

466.0
411.2
352.2
391.4
385.6
374.0
352.9
466 .0
422.8
736.7
510.3
228.5

2.5
8.3
-1.8
10.0
2.6
-1.3
0.3
3.4
7.0
3.2
1.7

|
»
|
|
1
1
1
|
|
|
1

21.7
28.7
25.9
32.3
41.1
36.9
38.2
40.9
43.3
32.1
32.1

7.6
8.2
7.9
8.5
6.6
8.2
8.2
8.4
8.8
9.0
9.0

354.4
393.6
258.8
259.0
317.8
241.4
400.6
370.2
356.5
534.0
579.3

-13.0
0.8
-6.8
-7.7
-4.0
-3.4
0.0
1.5
8.1
8.0
7.0
-9.3

-30.0
-23.0
13.0
71.0
69.0
91.0
88.0
89.0
82.0
109.0
86.0
94.0

1
|
|
|
|
|
I
|
1
|
|
I
j
|
I
|
I
|
|
I
|
|
|
|
|

101.0
137.0
124.0
162.0
198.0
181.0
186.0
202.0
225.0
187.0
190.0

|
1
|
I
|
|
|
|
|
|
|

^

/-x

A G R I C U L T U R A L F I N A N C E D A T A B O O K — M O N T H L Y SERIES

300

L

F E B R U A R Y 1978

A G R I C U L T U R A L B A N K I N G DATA
301

FARM N O N - R E A L - E S T A T E

301.1

302

310

A M O U N T AND C H A N G E FROM PREVIOUS Y E A R .

SEASONAL

302.1

LOANS
24

BORROWING BY MEMBER BANKS

NUMBER OF BANKS AND AVERAGE DAILY BORROWING

25

D E P O S I T S AND LOANS AT AGRICULTURAL BANKS

311

FEDERAL R E S E R V E D I S T R I C T S 7 AND 9

311.3

312

PERCENTAGE

C H A N G E FROM PREVIOUS YEAR, AND LOAN/DEPOSIT RATIO

F E D E R A L R E S E R V E DISTRICT

312.3

PERCENTAGE

26

6 AND TEXAS

CHANGE FROM PREVIOUS YEAR, AND L O A N / D E P O S I T RATIO

27

FOR I N F O R M A T I O N ON THE DESIGN OF THE SEASONAL BORROWING PRIVILEGE FOR WHICH
DATA ARE SHOWN IN SECTION 3 0 2 , AND ALSO AN ANALYSIS OF ITS POTENTIAL AND
ACTUAL USE BY AGRICULTURAL BANKS, SEE "SEASONAL BORROWING AT THE FEDERAL
R E S E R V E DISCOUNT W I N D O W , " BY EMANUEL MELICHAR AND HARRIET H O L D E R N E S S ,
AGRICULTURAL P1 NANCE- R E V I E W . OCTOBER 1974, P P . 4 2 - 5 1 .
FOR A BRIEF DISCUSSION OF THE ANALYTICAL VALUE OF THE DATA IN SECTION 310, SEE
THE SECTION E N T I T L E D "FREQUENT DEPOSIT AND LOAN D A T A " IN "OVERALL M E A S U R E S OF
FINANCIAL P E R F O R M A N C E , " BY EMANUEL M E L I C H A R , AGRICULTURAL FINANCE R E V I E W ,
FEBRUARY 1977, PP. 87-88.




23

FARM N O N - R E A L - E S T A T E LOANS AT C O M M E R C I A L B A N K S
(END OF M O N T H )

TABLE 301.1
AMOUNT
LARGE
BANKS
(MILLIONS
OF
DOLLARS)
1975—JAN..
-FEB..
-MAR..
-APR.•
-MAY..
—JUN..
-JUL..
—AUG..
-SEP..
-OCT..
-NOV..
-DEC..

3599.
3498.
3390.
3425.
3397.
3458.
3549.
3581.
3631.
3597.
3547.
3640.

1976—JAN..
-FEB..
—MAR..
—APR•.
-MAY..
-JUN..
—JUL..
-AUG..
-SEP..
-OCT..
-NOV..
-DEC..

3645.
3627.
3710.
3802.
3837.
3959.
3999.
4171.
4247.
4278.
4258.
4262.

1977—JAN..
-FEB..
-MAR..
—APR..
-MAY..
-JUN..
—JUL. .
-AUG..
-SEP..
-OCT..
-NOV..
-DEC..

4243.
4165.
4268.
4369.
4578.
4694.
4743.
4758.
4794.
4798.
4700.
4700.

1978—JAN..
-FEB..

4639.
4525.

C H A N G E FROM PREVIOUS YEAR

ALL C O M M E R C I A L BANKS
(BILLIONS OF D O L L A R S )
ACTUAL

18.1
18.1

18.3
18.5
18.7
19.1
19.4
19.7
19.9
19.9
19.9

20.2
20.2

20.3
20.5

21.2
21.6
22.2
22.4

22.6

22.9
23.0
23.1
23.3

SEASONALLY
ADJUSTED

18.6

18.4
18.5
18.7
18.5
18.7
19.0
19.4
19.7
19.9

20.1

20.4

20.6

20.7
20.7
21.3
21.5

21.8
22.0

22.3
22.7
23.0
23.3
23.5

23.7

24.0

25.6

25.2

26.3

26.0

LARGE
BANKS
(MILLIONS
OF
DOLLARS)

-102.

-238.
-398.
-382.
-391.
-380.
-308.

-268.

-106.
-112.
-178.
-9.
46.
129.
320.
377.
440.
501.
450.
590.

616.
681.
711.

622.
598.
538.
558.
567.
741.
735.
744.
587.
547.
520.
442.
438.
396.
360.

PERCENTAGE C H A N G E FROM
PREVIOUS YEAR

ALL COMMERCIAL B A N K S
(BILLIONS OF D O L L A R S )
ACTUAL

0.8
0.6
0.6
0.6
0.6
0.7
0.9

1.1

1.4

1.6
1.6
2.0
2.1
2.2
2.2

2.7
2.9
3.1
3.0
2.9
3.0
3.1
3.2
3.1

24

LARGE
BANKS

ACTUAL

SEASONALLY
ADJUSTED

0.8
0.6
0.6

-6.4
-10.5

0.6
0.6

-10.3
-9.9

0.7
0.9

1.2
1.4
1.6
1.6
1.8
2.0
2.3

2.2
2.6

3.0
3.1
3.0
2.9
3.0
3.1
3.2
3.1

3.2

3.3

3.4

3.4

3.4

3.3

ALL C O M M E R C I A L B A N K S

-2.8

-10.0

-8.0

—7 .0

-2.8
-3.0
-4.8

4.6
3.4
3.4
3.4
3.3
3.8
4.9
5.9
7.6
8.7
8.7

-0.2

11.0

1.3
3.7
9.4

11.6
12.2
11.8

11.0

14.6
15.5

SEASONALLY
ADJUSTED
4.5
3.4
3.4
3.9
3.4
3.3
5.0

6.6

7.7
8.7

8.6
9.7

10.8

12.5
11.9
13.9

16.2
16.6

13.0
14.5
12.7
16.5
17.0
18.9

15.5
14.7
15.3
15.6

17.1

15.3

15.8
14.9
15.3
15.6
15.9
15.2

15.8

15.8

15.5

15.5

14.6

14.6

20.0
16.4
14.8
15.0
14.9
19.3

18.6
18.6
14.1
12.9

12.2

16.2

16.1

10.4
10.3
9.3

8.6

L A R G E - B A N K DATA ARE FOR A P P R O X I M A T E L Y 330 C O M M E R C I A L BANKS THAT SUBMIT THE F . R . 4 1 6 WEEKLY R E P O R T OF C O N D I T I O N .
ARE BANKS THAT H A D TOTAL DEPOSITS IN EXCESS OF $100 M I L L I O N AS OF DECEMBER 31, 1 9 6 5 .

THESE

DATA SHOWN FOR ALL C O M M E R C I A L BANKS ARE FROM CALL R E P O R T S A V A I L A B L E FOR JUNE AND DECEMBER 1975 AND Q U A R T E R L Y STARTING IN M A R C H 1 9 7 6
(MARCH AND SEPTEMBER DATA ARE E S T I M A T E D FOR U N I N S U R E D B A N K S ) .
FOR OTHER M O N T H S , DATA SHOWN ARE I N T E R P O L A T E D E S T I M A T E S .
DATA FOR SePT. 1977 ARE P R E L I M I N A R Y E S T I M A T E S .




TABLE 302.1

MEMBER BANK BORROWING UNDER SEASONAL BORROWING PRIVILEGE
WEEK ENDING ON LAST WEDNESDAY OF MONTH
NUMBER OF BANKS

1
1
1
1
1
1
1

1 AVERAGE DAILY SEASONAL B0RR0W1N(
1
(THOUSANDS OF DOLLARS)

(DEPOSIT SIZE OF BANK
TOTAL

(DEPOSIT SIZE OF BANK

I UP TO
I
$100
I MILLION

OVER
|
$100
1
| MILLION
0.
0.
0.
0.
2.
2.
1.
2.
6.
5.
2.
0.

1
1
1
1
I
1
1
1
1
1
I
I

10101.
9713»
6744.
7080.
8843.
10518.
22602.
40110.
66018.
59673.
25704.
12850.

I
1
I
1
I
1
I
1
I
I
1
I

10101.
9713.
6744.
7080.
5914.
6875.
15888.
31110.
35532.
35673.
21204.
12850.

|
|
|
|
|
|
|
|
|
|
|
I

0.
0.
0.
0.
2929.
3643.
6714.
9000.
30486.
24000.
4500.
0.

7.
10.
17.
20.
21.
41.
37.
39.
48.
38.
31.
19.

|
|
|
|
1
|
I
|
|
i
I
|
i
1
|
|
|
I
|
|
|
|
|
|
|
1

0.
0.
0.
0.
0.
1.
1.
1.
1.
2.
0.
0.

1
1
1
1
1
1
1
I
1
1
1
1

8267.
8233.
9605.
11153.
11637.
27898.
25957.
23354.
33618.
33297.
27215.
9970.

I
I
1
1
I
I
I
1
I
I
1
I

8267.
8233.
9605.
11153.
11637.
25898.
20243.
17354.
29618.
29154.
27215.
9970.

|
|
1
I
|
|
|
|
|
|
|
|

0.
0.
0,
0.
0.
2000.
57 14.
6000.
4000.
4143.
0.
0.

8.
10.
17.
21.
44.
55.
59.
89.
83.
74.
45.
31.

|
|
|
|
|
|
|
|
|
|
1
1

0.
0.
0.
0.
1.
4.
4.
10.
9.
7.
6.
3.

1
I
1
1
I
1
I
I
I
I
I
I

8113.
11353.
14161.
15030.
34503.
70158.
68701.
130235.
115456.
116094.
74268.
52761.

1
1
1
1
I
1
1
1
I
I
I
I

8113.
11353.
14161.
15030.
32503.
45658.
48508.
80936.
73456.
74794.
41466.
34461.

|
|
I
|
|
|
|
|
|
|
|
|

0.
0.
0.
0.
2000.
24500.
20193.
49299.
42000.
41300.
32600.
18300.

35588. |
52858. |

0.
0.

1975-JAN..,|
-FEB...I
—MAR*•*|
-APR...I
—MAY•*•I
—JUN.••|
—JUL...1
—AUG*.*|
-SEP...I
-OCT•••I
-NOV...|
-DEC..* 1

12.
15.
10.
9.
13.
17.
29.
39.
40.
40.
23.
13.

1976—JAN...|
—FEB••• I
-MAR... |
-APR...|
-MAY...|
—JUN... I
—JUL.. .I
-AUG...|
-SEP...I
-OCT...|
—NOV... 1
—DEC ... I
j
1
1977—JAN...|
—FEB...1
-MAR...|
—APR...|
—MAY ... I
-JUN...1
—JUL...|
—AUG..*|
-SEP...I
-OCT...I
-NOV...1
-DEC...1
1
1
1978—JAN...|
-FEB...I

7.
10.
17.
20.
21.
42.
36.
40.
49.
40.
31.
19.

I
1
I
1
1
1
1
1
1
1
1
1
1
1
1
1
I
1
1
1
1
1
1
1
1
1

8.
10.
17.
21.
45.
59.
63.
99.
92.
81.
53.
34.

1
1
1
1
1
1
1
1
1
1
1
1

23. 1
31. 1

12.
15.
10.
9.
11*
15.
28.
37.
34.
35.
21.
13.

23. I
31. |

1

0. I
0. 1

TOTAL

I UP TO
1
$100
I MILLION

35588. I
52858. 1

DEPOSIT SIZE CLASSIFICATION IS BASED ON AVERAGE DEPOSITS IN 1972.




|
OVER
|
$100
| MILLION

26

TABLE 311.3
DEPOSITS AND LOANS AT AGRICULTURAL BANKS
SEVENTH AND NINTH FEDERAL RESERVE DISTRICTS
1
1
1
I
1
I
1
1
1975—JAN.•.|
-FEB...I
-MAR...|
—APR...|
-MAY... |
—JUN..*|
-JUL...|
—AUG...|
-SEP...|
-OCT...1
-NOV...|
-DEC...;
1
1976—JAN...|
-FEB...|
-MAR...1
-APR...j
-MAY...|
-JUN...I
-JUL...|
-AUG...|
-SEP...I
—OCT...|
-NOV ...|
-DEC ...j
j
1977-JAN...|
-FEB...1
-MAR...|
-APR ...|
-MAY...|
—JUN.•.j
-JUL...|
-AUG...I
-SEP... |
-OCT...I
—NOV... I
-DEC...|
|
1978—JAN...|

SEVENTH FEDERAL RESERVE DISTRICT

(CHICAGO)

1

|

1

PERCENTAGE CHANGE FROM PREVIOUS YEAR
DEPOSITS
TOTAL

DEMAND

1

TIME

1
1
1

LOANS

1
|
1

LOANDEPOSIT
RATIO

NINTH FEDERAL RESERVE DISTRICT (MINNEAPOLIS)
SECOND WEDNESDAY OF MONTH
PERCENTAGE CHANGE FROM PREVIOUS YEAR
DEPOSITS

1

TOTAL

1

DEMAND

10.3
8.4
8.8
8.8
9.3
11.0
11.9
12.1
12.5
13.0
13.9
12.1

0.8
-3.8
-3.2
-3.0
-3.3
0.7
1.8
1.6
4.1
4.9
8.6
1.6

16.6
16.2
16.0
15.9
16.8
16.8
17.9
18.1
17.6
17.9
17.3
18.6

|
|
|
1
|
|
|
1
|
|
(
|

14.1
14.4
15.2
15.2
14.6
13.6
12.2
12.1
12.7
13.9
13.9
16.6

|
|
|
|
I
|
1
|
|
|
|
|

0.525
0.526
0.532
0.527
0.542
0.536
0.533
0.530
0.528
0.524
0.526
0.539

1
1
1
1
1
I
1
1
1
1
1
1

8.8
7.6
5.4
5.6
7.7
9.6
9.7
7.4
11.0
9.9
10.7
11.3

1.1
-3.0
-7.9
-6.9
—2 .6
1.5
0.9
—6.5
3.8
3.1
3.6
4.6

11.5
12.1
12.5
12.9
13.8
13.2
11.8
11.5
12.0
11.7
10.6
11.5

1.5
4.0
5.4
6.2
8.5
7.5
5.2
5.3
5.4
3.2
0.5
3.9

18.2
17.5
17.2
17.4
17.6
17.5
16.7
16.4
17.7
18.7
17.7
17.9

15.1
15.3
15.1
16.5
20.7
16.8
17.7
18.5
18.6
18.8
18.5
18.1

|
|
|
|
1
1
|
1
I
1
|
|

0.537
0.537
0.543
0.545
0.572
0.551
0.560
0.561
0.558
0.555
0.561
0.568

I
1
1
1
1
1
I
1
1
1
I
1

9.6
10.1
8.2
9.6
9.0
8.6
8.3
8.9
7.9
9.3
8.3
8.0

—0.6
3.0
1.2
5.4
4.3
3.6
2.9
4.3
0.4
1.8
0.5
-0.0

11.5
11.1
11.8
12.3
12.3
11.5
10.7
10.5
9.7
8.5
9.0
9.5

3.1
2.0
4.5
5.7
5.4
3.8
1.2
1.1
-1.1
-2.6
0.6
2.3

18.0
17.5
17.5
17.5
17.7
17.8
18.3
17.7
17.2
15.8
15.0
15.3

|
|
|
|
|
|
|
|
1
|
|
|
j
|
|
1
|
|
|
|
1
|
1
1
|

0.574
0.574
0.581
0.578
0.586
0.593
0.612
0.617
0.621
0.623
0.619
0.621

1
1
1
1
t
1
1
1
1
1
1
1

7.4
7.2
8.8
8.7
9.1
8.6
8.0
7.8
8.5
7.7
7.6
7.4

-0.8
-1.1
0.8
0.2
1.2
1.0
0.8
-0.1
3.3
2.1
3.0
3.2

9.8

4.4

9.2

|

|
1
|
I
|
1
|
1
|
|
|
|
j
17.5 |

0.615

j*********

*********

20.1
19.6
20.6
20.0
15.8
20.8
23.0
22.6
23.2
22.4
20.8
20.4

1

TIME

1
13.4
1
13.2
1
12.8
1
12.2
1
12.8
1
13.5
1
14.0
1
14.4
1
14.5
1
13.2
1
14.1
I
14.6
1
1
14.9
!
13.3
1
11.3
1
11.4
1
11.0
1
10.8
1
10.6
1
10.9
1
11.1
1
12.6
1
11.8
1
11.6
1
1
11.1
1
10.6
1
12.1
1
12.2
1
12.2
1
11.7
I
10.8
1
11.0
1
10.6
1
10.0
1
9.4
1
9.1
i
i
|*********

1
1
1

LOANS

|
13.6
|
12,3
|
13.3
|
13.4
I
11.1
|
9.4
|
10.2
|
9.2
|
9.5
|
7.9
|
8.6
|
11.8
1
|
9.1
|
12.8
|
11.3
1
10.5
|
10.9
|
13.0
1
11.3
|
12.4
1
13.4
14.0
1
|
14.4
|
12.6
i
|
12.4
|
12.9
|
14.7
|
14.3
|
14.3
I
13.4
|
14.9
|
14.4
|
13.4
1
14.0
|
14.7
1
13,7
i
I
|*********

1
I
1
1
1

|
|
1
1
LOAN1
DEPOSIT |
RATIO
1
|

1
1
1
1
1
1
1
I
1
1
1
1
1
I
1
1
I
1
1
I
1
1
1
I
1
1
1
1
I
1
1
1
I
1
I
I
I
I

0.607
0.619
0.616
0.622
0.635
0.640
0.645
0.649
0.654
0.650
0.644
0.642
0.635
0.651
0.650
0.654
0.665
0.669
0.686
0.689
0.684
0.688
0.687
0.680

|
|
|
I
1
|
|
|
|
|
|
|
1
|
|
|
|
I
|
|
|
|
|
|
|
1
I
§
|
|
|
|
|
|
|
|
|
|

j********* j

DATA PGR THE SEVENTH DISTRICT COVER MEMBER BANKS HAVING A RELATIVELY LARGE PROPORTION OF AGRICULTURAL LOANS AND
LOCATED IN TOWNS WITH POPULATION UNDER 15,000. DATA FOR THE NINTH DISTRICT COVER MEMBER BANKS AT WHICH AGRICULTURAL
LOANS EXCEEDED 20 PERCENT OF TOTAL LOANS AS OF JUNE 1969.
FOR BOTH DISTRICTS, LOANS ARE GROSS LOANS LESS FEDERAL
FUNDS SOLD AND SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL.




0.609
0.604
0.599
0.617
0.624
0.616
0.627
0.629
0.622
0.623
0.610
0.616

•

-»

•

•

i*

•

•

•

•

•

•

•

-~t

*• !•

TABLE 312.3
DEPOSITS AND LOANS AT AGRICULTURAL BANKS
SIXTH FEDERAL RESERVE DISTRICT AND TEXAS
SIXTH FEDERAL RESERVE DISTRICT (ATLANTA)
MONTHLY AVERAGE ENDING SECOND WEDNESDAY OF MONTH
PERCENTAGE CHANGE FROM PREVIOUS YEAR
DEPOSITS
TOTAL

DEMAND

1

TIME

LOANS

1
I
I
I
1

TEXAS

|
PERCENTAGE CHANGE
LOAN- I FROM PREVIOUS YEAR
DEPOSIT
1 DEPOSITS 1
LOANS
RATIO
1
1

*********

*********
*********
*********
*********
*********
*********
*********
*********
*********
*********
*********

*********
*********
*********
*********
*********
*********
*********
*********
*********
*********
*********
*********

1 ********* ********* |*********
0.583
I ********* ********* I
0.580
1 ********* ********* I
0.570
1 ********* ********* |
0.582
1 ********* ********* I
0.579
i********* ********* I
0.578
1 ********* ********* |
j ********* ********* I
0.583
0.561
1 ********* ********* 1
0.581
1 ********* ********* I
0.582
1 ********* ********* I
0.580
1 ********* ********* 1

1
I
I
I
1
I
1
1
1
1
1
1

-1.2
-0.7
1.4
2.4
4.7
6.4
8.0
9.7
11.6
13.1
14.0
14.0

i
|
|
|
|
|
|
|
|
|
|
|

11.4
9.0
7.1
6.3
5.0
4.8
4.2
4.3
4.7
6.0
7.6
10.7

*********
1976—JAN.
-FEB. e #
8.5
- M A R .* #
10.5
-APR. # #
11.1
-MAY .* #
11.7
-JUN. # *
10.7
-JUL. * *
10.2
—AUG. e *
10.4
-SEP. # #
10.1
-OCT. # #
11.0
-NOV. e #
12.1
12.3
—DEC. • •

*********
9.9
8.5
8.7
10.3
9.4
9.0
8.6
7.2
7.1
8.2
9.1

j *********
1
10.5
1
11.7
1
12.4
I
12.5
1
11.5
1
11.5
I
11.4
1
11.8
1
13.2
1
14.2
I
14.2

*********
6.7
b.5
11.3
13.1
13.0
14.0
14.4
14.9
14.4
14.5
15.1

I
1
1
1
1
1
1
1
I
1
1
I

0.570
0.573
0.569
0.572
0.589
0.591
0.598
0.605
0.606
0.598
0.595
0.594

1
1
1
1
1
1
I
1
1
1
1
I

15.9
15.4
15.0
15.3
14.1
12.9
12.1
10.5
10.1
10.0
10.2
11.3

|
fi
I
I
|
|
|
|
|
|
1
1

10.8
12.1
13.0
14.4
16.4
18.2
19.6
21.3
21.3
20.9
20.3
17.6

1
1
1
I
1
1
I
1
1
1
1
I

0.592
0.598
0.598
0.599
0.616
0.628
0.632
0.643
0.644
0.646
0.642
0.636

1975—JAN.
-FEB. . .
-MAR.e .
—APR. . .
-MAY. # #
-JUN. . e
-JUL. • .
-AUG. e .
-SEP. + e
-OCT. . .
-NOV. e .
-DEC. • •

1977—JAN.
-FEB.. .
-MAR.# *
-APR. • 9
-MAY.* *
-JUN. * #
-JUL. * *
-AUG. • *
-SEP. * *
-OCT. * *
-NOV. • *
-DEC.
1978—JAN.

..

11.7
10.3
10.3
10.3
10.0
10.1
10.9
10.8
10.8
9.3
9.7
10.7

7.0
5.2
5.5
5.6
4.6
4.0
5.3
4.6
4.4
3.4
4.5
5.9

1
1
I
I
I
I
I
1
I
I
I
I

14.5
13.2
12.5
13.0
13.0
13.4
13.9
14.0
14.2
12.4
12.5
13.4

16.1
15.0
15.9
15.7
15.0
17.0
17.2
17.7
17.7
18.0
18.5
18.5

11.1

8.5 1

12.5

16.9 1

1
11.9
1
11.7
1
11.0
1
11.1
1
10.8
1
10.7
1
10.9
1
11.2
1
11.5
1
11.4
1
11.3
1
11.0
i
0.623 |*********

|
17.0
|
17.8
|
18.5
19.6
I
19.3
1
|
18.8
18.6
I
|
18.6
|
18.8
|
17.8
|
16.8
17.6
I
i
j*********

1
I
I
I
1

1
1
1
1
LOAN|
DEPOSIT |
RATIO
|
1

I
0.501
1
0.491
1
0.490
I
0.491
I
0.497
I
0.493
1
0.489
I
0.485
I
0.487
I
0.488
I
0.486
1
0.494
1
I
0.479
1
0.477
1
0.482
1
0.487
I
0.507
1
0.516
1
0.522
I
0.533
I
0.536
I
0.536
1
0.531
1
0.521
1
1
0.501
1
0.503
1
0.514
1
0.524
1
0.546
1
0.554
1
0.559
1
0.568
1
0.571
1
0.567
1
0.557
1
0.552
1
I *********

|
|
1
|
I
|
|
|
1
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
1
|
|
|
|
I
|
|
I
|
1
|

DATA FOR THE SIXTH DISTRICT ARE FOR MEMBER BANKS AT WHICH AGRICULTURAL LOANS COMPRISE 15 PER CENT OR MORE OF TOTAL LOANS.
DATA FOR TEXAS ARE FOR A SAMPLE OF MEMBER BANKS AT WHICH AGRICULTURAL LOANS COMPRISE 25 PER CENT OR MORE OF TOTAL LOANS.
FOR BOTH DISTRICTS? LOANS ARE GROSS LOANS LESS FEDERAL FUNDS SOLD AND SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL.




27

28

Recent Federal Reserve Publications in Agricultural Finance

"Farm Finance—Current Developments in Perspective," by Emanuel Melichar, Agricultural
Finance Commentary, Board of Governors of the Federal Reserve System, November 1977.
Agricultural Finance Databook—Annual Series, by Emanuel Melichar and Marian Sayre,
Board of Governors of the Federal Reserve System, November 1977.
"Some Current Aspects of Agricultural Finance and Banking in the United States,

by Emanuel

Melichar, American Journal of Agricultural Economics, Vol. 59, No. 5, December 1977.
"The Land Value and Credit Conditions," by Donald A. Langford, Agricultural Letter, Federal
Reserve Bank of Chicago, (P.O. Box 834, Chicago, Illinois 60690), January 27, 1978.
"Agricultural Credit Survey Results," Financial Letter, Federal Reserve Bank of Kansas
City, (Kansas City, Missouri 64198), February 8, 1978.
"Farm Credit Conditions in the Fifth District, 4th Quarter 1977," by Sada Clarke, Federal
Reserve Bank of Richmond, (Richmond, Virginia 23213), February 9, 1978.
"Survey of terms of Bank Lending—Loans to Farmers made during Nov. 7-12, 1977," Federal
Reserve Statistical Release G.14, Table 4, Board of Governors of the Federal Reserve
System, February 23, 1978.