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AGRICULTURAL FINANCE DATABOOK Monthly Series Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, D C. 20551 Not for general distribution. Inquiries should be addressed to the a u t h o r s . AGRICULTURAL FINANCE DATABOOK—MONTHLY MARCH SERIES SECTION 200 PAGE FARM LENDING 210 PRODUCTION 220 FEDERAL 230 LIFE 300 1978 CREDIT LAND FEDERAL AND EXPERIENCE OF NONBANK INSTITUTIONS ASSOCIATIONS 3 BANKS INSURANCE AGRICULTURAL RECENT OPERATIONS COMPANIES BANKING RESERVE 10 18 DATA 23 PUBLICATIONS IN AGRICULTURAL FINANCE 28 Overview Farm n o n r e a l - e s t a t e lending continues to e x h i b i t the lack of s t r e n g t h t h a t has c h a r a c t e r i z e d i t since l a s t f a l l . At PCA's in February, new loans were weaker and repayments stronger ( r e l a t i v e to outstanding loan volume, f o r example) than in the same month of the l a s t few y e a r s . The preliminary year-end c a l l r e p o r t e s t i m a t e f o r bank n o n r e a l - e s t a t e loans (Table 301) i n d i c a t e s t h a t bank loan volume declined s i g n i f i c a n t l y during the f o u r t h q u a r t e r , as did the p r e v i o u s l y - r e p o r t e d PCA volume. Both banks and PCA's a r e now shown to have experienced i d e n t i c a l gains of 10.3 per cent in outstanding loan volume during 1977. Year-end farm mortgage data f o r l i f e insurance companies has now been reported (Table 231.1). Their income of 19 per cent in outstanding loan volume during 1977 exceeded the 16 per cent growth r a t e posted by the Federal Land Banks. Loans closed during the year t o t a l e d $2.5 b i l l i o n a t the l i f e insurance companies and $5.6 b i l l i o n a t the Federal Land Banks. As a r e f l e c t i o n of the high r a t e of lending a c t i v i t y in r e c e n t y e a r s , loans made during the past t h r e e years ( i . e . , a t n e a r - c u r r e n t land p r i c e s ) are equal to 67 per cent of present (year-end) outstanding loan volume a t the Federal Land Banks and 57 per cent of such loan volume a t the l i f e insurance companies ( t h i s will have to do f o r the t h o u g h t - o f - t h e - m o n t h ) . The l i q u i d i t y p o s i t i o n of r u r a l banks has improved since l a s t f a l l . Of the f o u r areas f o r which data are compiled, however, degree of improvement has been s u b s t a n t i a l in the Southeast and Texas (Table 312.3) but r e l a t i v e l y i n s i g n i f i c a n t in the Corn Belt and Northern Plains (Table 311.3). In a l l four a r e a s , average l o a n / d e p o s i t r a t i o s in February were above those of a year e a r l i e r . This i s the l a s t i s s u e which will show data f o r the year 1975, and so some users may want to save i t . Captions f o r individual t a b l e s have been omitted in t h i s i s s u e . 2 • AGRICULTURAL 210 FINANCE PRODUCTION 211 LOANS 211*2 DATABOOK CREDIT MONTHLY ASSOCIATIONS e • MARCH 1 9 7 8 SERIES (AGRICULTURAL • LOANS, EXCEPT AS NOTED) OUTSTANDING S E A SONA LLY * AD J U S T ED 212 LOANS MADE 213 RENEWALS AND NEW 5 I . I I I I . * . * LOANS AND C O L L E C T I O N S IHjiieilEiiSSEf S m S K FEBRUARY 1977, PP. 92-95. 3 i 4 TABLE 211.1 PRODUCTION C R E D I T A S S O C I A T I O N S LOANS OUT STAND NG (END OF MONTH MILLIONS END OF MONTH I 1 1975—JAN...I —FEB•• • 1 -MAR.. . 1 -APRe••1 -MAY... 1 -JUN...| — JUL . . . 1 -AUG...1 -SEP.. . 1 -OCT...1 -NOV...1 -DEC...| 1 1976—JAN...I —F E 6 . . . 1 -MAR•.•1 —AP R . . . 1 -MAY... I —JUN. • . I —JUL . . . 1 -AUG• • . 1 -SEP...I -OCT . . . 1 -NOV . . . 1 -DEC.. . 1 1 1977-JAN.. . | -FEB.. . 1 -MAR. . . 1 —APR . . . 1 -MAY . . . 1 -JUN...| -JUL.. . 1 —AUG... 1 - S E P . . •! -OCT...I -NOV . . . 1 —DEC . . . 1 I 1978-JAN...1 -FEB...I PERCENTAGE CHANGE FROM P R E V I O U S OF DOLLARS CHANGE FROM P R E V I O U S MONTH 9546.6 9743.6 10011.0 10230.0 10471.5 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 10711 .1 10823.2 11117.2 11420.9 11706.7 12005.6 12190.8 12319.4 12321.4 12170.4 11980.8 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 I YEAR MONTH YEAR 1751.8 1792.0 1:05.5 1'24.9 1640.6 1612.0 lb 32 .3 1438.1 1305.4 1240.7 1208.3 1239.7 1164.5 1079.6 1106.2 1190.9 1235.2 1302.8 1378.1 1510.7 1584.2 1599.8 1628.7 14 5 4 . 8 0.5 2.1 2.7 2.2 2.4 2 .2 i.o •0.0 -0.7 -1.6 -1.1 2.8 -0.3 1.0 2.7 2.7 2.5 2.6 1.5 i . i 0.0 -1.2 -1.6 1.8 12140.2 12272.9 12583.0 12929.3 13332.9 13748.9 14038.0 14132.5 14089.8 13788.7 13471.3 13454.3 -56.1 132.7 310.1 346.3 403.6 416.0 289.1 94.5 -42.7 -301.1 -317.4 -17.0 1429.1 1449.7 1465.8 1508.5 1743.3 1847.2 1813.1 1768.4 1618.4 1490.5 1257.9 -0.5 1.1 2.5 2.8 3.1 3.1 2.1 0.7 -0.3 -2.1 -2.3 -0.1 13233.3 13273.6 -220.9 40.3 1093.1 1000.7 -1.6 0.3 ERCENTAGE CHANGE FROM PREVIOUS YEAR THOUSANDS 1626.2 1 j 1 j j j i I | i | I 1 1 I I I 1 1 I i I I 1 1 1 I 1 | t 1 1 1 I 1 1 t 1 1 1 | 22.5 22.5 22.0 20.3 16.6 17.7 16.5 15.3 13.8 13.3 13.1 13.0 12.2 11.1 11.0 11.6 11.8 12.2 12.7 14.0 14.8 15.1 14.6 13.5 I I I 1 1 | 1 1 1 1 1 I 1 1 i 1 I I 1 1 1 I I 1 I 330.5 330.9 333.6 334.7 337.2 338.5 338.8 338.2 336.6 333.1 329.8 328.7 328.1 330.4 334.3 337.7 340.2 342.0 342.9 342.9 341.9 339.6 336.6 335.6 13.3 13.4 13.2 13.2 13.9 14.5 15.2 14.7 14.4 13.3 12.4 10.3 1 | 1 1 | I I 1 | 1 1 I 335.3 337.4 341.7 345.5 348.4 350.4 351.3 351.2 350.6 347.9 344.9 342.8 9.0 8.2 I I 341.2 341.7 1 1 I 1 1 1 1 1 t I 1 I i 1 1 I 1 1 I I 1 I 1 1 1 i 1 I I | | | 1 1 | | | | j I | I I ERCENTAGEI CHANGE I FROM I PREVIOUS I YEAR I AVERAGE SIZE BORROWERS AMOUNT 6.4 5.4 4.6 3.5 3.2 2.8 2.5 2.3 1.8 1.6 1.5 1.5 DOLLARS 28889. 29445. 30010. 30568. 31053. 31618. 31913. 31955. 31902. 31733. 31688. 32682. | | 1 1 1 1 I I 1 I 1 1 1 I 1 1 1 I 1 I 1 I 1 1 32646. 32761. 33250. 33815. 34415. 35106. 35552. 35926. 36036. 35837. 35591. 36338. 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 1 I 1 | | | I 1 I | | 36207. 36373. 36828. 37424. 38266. 39233. 39961. 40237. 40189. 39637. 39064. 3925?. 1.8 1.3 I I 38788. 38850. —0.7 -0.2 0.2 0.9 0.9 1.0 1.2 1.4 1.6 1.9 2.1 2.1 15.1 16.3 16.6 I I I 16.2 I 14.9 14.5 13.6 I I I 11.5 11.4 11.4 I I | 12.8 I 11.8 I I 13.0 11.3 I I 10.8 I 10.6 I 10.8 I 11.0 I 11.4 12.4 13.0 12.9 12.3 I I I I I 11.2 I I 10.9 I 10.7 I 12.4 I 11.5 I 11.0 I 10.8 I 11.2 I 11.8 I 12.0 I 10.6 I 9.8 I 8.0 | I 7.1 I 6.8 I TABLE 211.2 PRODUCTION CREDIT A S S O C I A T I O N S LOANS O U T S T A N D I N G S E A S O N A L L Y A D J U S T E D DATA ( E N D OF MONTH) MILLIONS I I 1 I I 1975—JAN.••I —FEB*.»I -MAR...I -APR...I —MAY... I —JUN.•.I —JUL... I —AUG... I - S E P . . . I —OCT... I —NOV . . . I —DEC.•.| END I OF MONTH I | 9847.6 10005.2 10117.0 I I I 10277.2 10357.4 10466.6 10533.6 10574.8 10657.5 10782.6 10945.5 I | 1 I I I I I —APR... I -MAY... I -JUN...I —JUL•*.I —AUG...I - S E P . . . I -OCT...I -NOV...I -DEC...I I 1978—JAN...I —FEB... I PREVIOUS 148.9 157.6 111.7 69.9 90.4 80.2 109.2 67.0 41.2 82.7 125.1 162.9 111.1 YEAR 1797.8 1849.9 1845.3 1739.7 1626.7 1560.1 1474.0 1380.7 1259.6 1229.2 1226.2 1246.8 I I 11262.6 I 128.0 1209.0 1129.4 1145.7 11399.1 11508.0 11635.6 11789.1 11984.9 12118.4 12259.0 12351.4 12428.6 I 136.4 108.9 127.7 153.5 195.8 133.5 140.7 92.4 77.1 1230.7 12 7 8 . 2 13. 2 . 5 14- 1 . 3 15<T3.6 1601.5 1568.8 1483.0 12530.9 12633.6 12758.5 12917.3 13113.6 13331.6 13570.7 13737.5 13855.7 13889.9 13892.2 13716.7 78.0 I | I I | 1 | I I I | I I | I I I I 1 1 I I 13658.7 13667.7 I I 1212.2 1.5 1.6 1.1 0.7 0.9 0.8 1.1 0 . 6 0.4 0 . 8 1.2 1.5 1.0 0 . 7 1.1 1.2 1.0 1.1 1.3 1.7 1.1 1.2 0 . 8 0.6 1474.3 1499.0 14V5.9 1518.2 1605.7 16S*6 . 0 17 6 1 . 6 1752.6 17 3 7 . 4 1630.9 1540.7 - 1 7 5 . 5 1288.1 0 . 8 0.8 1.0 1.2 1.5 1.7 1.8 1.2 0.9 0.2 0.0 - 1 . 3 - 5 8 . 0 9.0 1127.8 1034.2 - 0 . 4 0 . 1 102.4 102.7 124.9 158.8 196.4 217.9 239.2 166.8 118.2 34.2 2.2 THOUSANDS YEAR MONTH I 11056.6 11134.6 I 1977-JAN.O.| -FEB...I —MAR... I FROM MONTH 1 1976-JAN...I -FEB...I —MAR... I —APR... I -MAY...I -JUN...I —JUL... I —AUG... I - S E P . . . I —OCT. E . | —NOV... 1 —DEC•..I P E R C E N T A G E CHANGE FROM P R E V I O U S DOLLARS CHANGE 10186.8 I I OF AVERAGE BORROWERS AMOUNT 1 1 1 I 1 1 1 1 I 1 1 1 1 1 I 1 1 1 1 1 1 1 I 1 I 1 I I 1 1 1 I 1 1 I I 1 I 1 1 1 22.3 22.7 22.3 20.6 18.6 18.0 16.4 15.1 13.5 13.0 12.8 12.9 12.3 11.3 11.3 11.9 12.0 12.3 12.6 13.8 14.6 15.0 14.5 13.5 337.1 335.1 334.1 332.3 333.1 333.2 333.5 333.8 333.8 334.1 334.8 334.5 1 1 | I 1 I | 1 1 1 1 I | 1 1 | I 1 1 1 I 1 I 1 1 | 334.8 334.8 335.1 335.6 336.3 336.9 337.7 338.5 339.1 340.3 341.5 341.4 E R C E N T AGE CHANGE FROM PREVIOUS YEAR 6.2 5.3 4.6 3.6 3.3 2.9 2.6 2 . 3 1.8 1.5 1.3 1.3 - 0 . 7 - 0 . 1 0.3 1.0 1.0 1.1 1.3 1.4 1.6 1.9 2.0 2.1 DOLLARS 29209. 29855. 30283. 30655. 30649. 31087. 31384. 31553. 31683. 31902. 32206. 32721. t 1 1 1 1 I I 1 I I 1 1 1 1 | 1 I 1 1 I I 1 1 1 33023. 33256. 33605. 33965. 34218. 34540. 34911. 35401. 35735. 36019. 36172. 36401. SIZE 1 PERCENTAGE I CHANGE | FROM | PREVIOUS | YEAR 15.1 16.5 16.9 16.5 15.0 14.7 13.4 12.5 11.5 11.4 11.4 11.4 1 1 I 1 1 1 | 1 1 I 1 1 | 1 1 1 1 1 1 1 I 1 I 1 1 | 13.1 11.4 11.0 10.8 10.9 11.1 11.2 12.2 12.6 12.9 12.3 11.2 13.3 13.5 13.3 13.3 14.0 14.6 15.1 14.6 14.3 13.3 12.5 10.4 1 I I 1 1 I 1 1 1 1 I I | 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 1 1 I 1 1 1 I | | I 1 1 36634. 36945. 37246. 37620. 38057. 38606. 39215. 39608. 39832. 39840. 39712. 39331. I 1 1 1 1 1 1 1 1 1 1 1 | 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 8.2 1 1 348.0 346.3 1.7 1.3 1 I 39250. 39472. 1 I 7 . 1 6.8 TABLE 2 1 2 . 1 PRODUCTION CREDIT ASSOCIATIONS LOANS MADE AND NEW LOANS NEW LOANS LOANS MADE MILLIONS OF DOLLARS 1579.8 1412.5 1457.3 1449.3 1257.6 1207.6 1136.3 980.8 1063.6 1235.3 1195.4 2021.3 1975-JAN. -FEB. . . I —MAR • . . I -APR • . . I -MAY. . . I — J U N e. ». I -JUL...I —AUG... . I -SEP.. .I -OCT.. . I -NOV.. . I —DEC.« 1976-JAN.. -FEB.. -MAR., - A P R . . .1 -MAY. . . I —JUN•< > • I -JUL. » . I —AUG. , * ! -SEP. ..I -OCT. . . I -NOV. . . I -DEC. . . I I ..I ..I ..I ..I ..I ..I —JUL • . . I 1977-JAN. -FEB. -MAR. -APR. -MAY. -JUN. —AUG . -SEP. -OCT. -NOV. -DEC. ..I ..I ..I ..I I 1976-JAN. . . I -FEB. . . I * 1794.8 1594.0 1932.3 1714.3 1412.4 1438.6 1177.3 1178.1 1168.5 1210.5 1467.8 2146.9 1973.7 1830.1 2196.2 1874.2 1652.2 1614.8 1292.0 1281.2 1284.4 1325.8 1545.4 2179.1 2054.0 1911.6 PERCENTAGfc CHANGE FROM PREVIOUS MONTH I -5.2 -10.6 3.2 -0.6 -13.2 -4.0 -5.9 -13.7 8.4 16.1 -3.2 69.1 -11.2 -11.2 21.2 -11.3 -17.6 1 .9 -18.2 0.1 -0.8 YEAR AS PERCENTAGE OF OANS O U T STANDING* 5.8 14.6 8.9 12.0 9.1 26.4 8.0 0.1 14.1 9.5 5.6 21.2 13.6 12.8 32.6 18.3 12.3 19.1 3.6 20.1 9.9 16.6 14.8 15.0 14.5 12.3 11.5 10.6 9.1 9.8 11.5 11.3 19.3 16.7 14.9 17.9 15.4 12.4 12.3 9.8 9.7 9.5 9.8 3.6 22.9 44.3 -2.0 24.5 12.2 -8.1 10.0 16.2 -7.3 20.0 -14.7 -11.8 -2.3 -20.0 -0.8 6.2 14.8 13.7 9.3 17.0 12.3 9.7 17.9 15.1 17.9 14.9 12.8 12.1 9.4 9.1 9.1 9.4 COLLECTIONS 176.9 234.2 254.4 206.9 197.8 176.0 150.2 132.8 120.3 114.7 127.8 198.4 169.0 205.4 221.8 206.3 193.3 173.6 162.8 153.0 131.0 114.8 122.7 189.0 167.9 209.0 218.7 216.7 206.3 198.5 181.5 144.9 125.5 103.5 MILLIONS OF DOLLARS 935.0 800.0 839.0 923.9 877.4 926.7 857.1 735.9 810.1 10.1 -21.6 1122.1 -17.4 60.8 -13.9 31.9 -2.6 -10.3 10.6 -19.3 -1.7 -0.1 1.0 13.4 32 . 6 1007.5 1309.9 1211.3 1203.5 1227.3 -10.2 1000.6 -18.5 -2.1 -1.8 3.9 5.4 27.b -12.5 112.6 41.0 160.6 -5.7 —6 . 9 4.1 4.5 15.3 14.4 146.5 190.9 1176.5 1040.3 16.6 10.1 -5.0 5.6 -7.5 -14.1 1030.5 887.3 1170.0 1139.1 1021.3 1129.6 911.9 896.1 895.6 904.2 1025.0 1358.7 11.2 16.2 3.2 I -14.1 -14.4 4.9 12.5 -10.3 979.2 961.8 998.9 1052.6 1345.0 8.8 MONTH 911.5 817.5 1314.1 9.9 9.5 3.9 1.5 0.2 PERCENTAGE CHANGE 30.0 -7.5 -0 .6 2.0 -11.6 AS PERCENTAGE OF OANS OUTSTANDING* !AR -0.5 5.8 -2.4 3.5 2.1 25.7 6.9 -3.3 15.1 10.9 7.7 20.7 10.2 10.9 39.5 23.3 16.4 21.9 6.4 21.8 10.6 —0 . 8 25.4 3.4 9.8 8.4 8.6 9.2 8.6 8.8 8.0 6.8 7.5 8.5 7.7 12.6 9.6 8.3 10.8 10.2 8.9 9.6 7.6 7.4 7.3 7.3 8.4 11.3 8.9 13.5 12.0 6.3 17.8 8.6 9.7 9.3 7.4 10.5 2.7 -1.0 9.2 8.3 10.7 9.6 9.3 9.2 7.3 7.0 6.8 7.1 7.6 10.0 4.8 3.3 8.7 7.9 COLLECTIONS 104.7 132.6 146.5 131.9 138.0 13b.1 113.3 99.6 91.7 84.7 87.4 129.0 I 1 I I I 1 1 1 I I I I | 97.0 I 114.4 I 134.3 I 137.1 I 139.8 I 136.3 I 126.1 1 116.4 I 100.4 I 85.7 I 84.5 1 119.6 1 | 95.5 1 115.1 1 130.4 I 140.0 1 150.3 I 150.8 1 140.6 I 110.7 I 94.0 I 78.0 I 76.7 I 99.1 1 | 83.9 I 103.9 I OUTSTANDING LOANS AT END OF PRECEDING MONTH. -NEW LOANS" ARE COMPUTED A , LOANS MADE LESS RENEWALS. RENEWALS INCLUDE SOME NONAGRICULTURAL LOANS ( S E E NOTE ON PAGE 3 ) . I 1 TABLE 2 1 2 . 3 PRODUCTION CREDIT A S S O C I A T I O N S LOANS MADE AND NEW LOANS TWELVE-MONTH MOVING TOTAL NEW LOANS LOANS MADE 1 1 MILLIONS OF 1 1 DOLLARS 1 1975-JAN . . . 1 -FEB...1 -MAR...1 —APR . . . 1 -MAY... 1 -JUN...| —JUL . . . I —AUG...1 -SEP... | -OCT...i —NOV . . . 1 —DEC . . . 1 1 1976—JAN . . . | -FEB.. . 1 -MAR.. . | — APR. • . 1 —MAY.. . 1 -JUN...1 —JUL...I —AUG.*.1 -SEP...I —OCT...1 -NOV...1 —DEC . . . 1 1 1977-JAN•..1 -FEB...1 -MAR...I -APR.. . I -MAY...| —JUN*.«I —JUL... 1 - A U G . . . 1i -SEP...I| - O C T . . . 1| - N O V . . . II - O E C . . . I| 1 1 9 7 8 - J A N . . . I| - F E B . . . 1I * | 1 | AS PERCENTAGE OF PERCENTAGE CHANGE FROM PREVIOUS MONTH 14445.1 14625.3 14744.0 14899.1 15004.3 15256.4 15340.2 15340.8 15472.0 15578.9 15642.7 15996.8 1 1 | 1 1 I 1 I 1 | 1 I 16211.7 16393.2 16868.2 17133.2 17288.0 17519.0 17560.0 17757.2 17862.2 17837.4 18129.8 18255.5 I | I I 1 1 | I 1 I I I 1.3 1.1 2.9 1.6 0.9 1.3 0.2 1.1 0.6 -0.1 1.6 0.7 18434.4 1 16670.5 1 18934.5 1 19094.4 1 19334.2 | 19510.4 | 19625.1 I 19728.3 1 19844.1 | 19959.4 | 20017.1 I 20049.3 I 1 20129.6 I 20211.1 I 1.0 1.3 1.4 0.8 1.3 0.9 0.6 0.5 0.6 0.6 0.3 0.2 I 8.6 9.0 9.1 8.0 7.3 9.0 8.4 8.5 8.9 9.6 10.6 11.4 162.7 162.1 160.7 159.6 158.5 156.8 157.5 155.5 154.9 154.3 153.4 155.3 1 1 | | 1 I 1 1 I 1 1 1 12.2 12.1 14.4 15.0 15.2 14.8 14.5 15.8 15.4 14.5 15.9 14.1 155.6 156.1 159.3 160.4 160.4 161.0 159.7 159.9 159.0 156.9 157.7 157.0 | 1 | I 1 | I | I | I I | 1 | 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 8.3 151.0 150.6 0.6 | 1.2 | 0.6 I 1.1 1 0.7 1 1.7 1 0.5 I 0.0 1 0.9 I C .7 1 0.4 | 2.3 1 0.4 0.4 LOANS O U T - I STANDING*1 YEAR DURING THE PRECEDING AVERAGE OUTSTANDING LOANS 1 -NEW LOANS" 12 MONTHS ARE COMPUTED AS LOANS MADE L E S S RENEWALS. 1 1 | 1 I I 1 | 1 I | 1 I 1 I I I | 1 I 1 1 | 1 1 | | I | | 1 I | | 1 | 1 I | I 1 COLLECTIONS MILLIONS OF DOLLARS -0.0 0.4 -0.2 0.3 0.2 1.9 0.5 -0.2 1.0 0.9 0.6 2.1 176.8 178.9 181.1 180.7 179.6 176.1 176.1 174.1 170.9 169.2 168.1 168.4 9976.7 10020.4 9999.6 10030.8 10046.7 10238.3 10293.6 167.6 166.5 166 . 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 11824.0 11878.8 12039.0 12124.5 12117.2 12324.7 12369.3 0.9 0.8 3.0 1.9 1.3 1.7 0.5 1.3 0.7 -0.1 1.7 0.4 167.6 168.2 168.5 169.5 170.5 172.3 173.5 172.7 171.7 169.4 167.6 164.8 12460.9 12581.0 12720.9 12793.0 12975.2 13072.9 13161.6 13244.7 13310.9 13405.7 13433.3 13419.6 0.7 1.0 1.1 0.6 1.4 0.6 0.7 0.6 0.5 0.7 0.2 -0.1 162.5 161.5 13474.0 13506.8 0.4 0.2 10375.2 10464.4 10522.9 10748.1 11621.1 I 1 1 | 1 | | | 1 1 I 1 1 | 1 1 1 I 1 1 | 1 I 1 | 1 | 1 1 1 | 1 | 1 1 | | I 1 | I COLLECTIONS LOANS O U T STANDING* YEAR MONTH 10268.8 AS PERCENTAGE OF PERCENTAGE CHANGE FROM PREVIOUS 6.9 6.4 5.3 3.3 1.9 3.7 3.1 2.9 3.6 4.9 6.7 7.7 | | 1 | | 1 I | 1 | | 1 112.4 111.0 109.0 107.6 106.1 106.6 105.7 104.1 103.9 103.7 103.2 104.4 | 1 t I 1 1 1 | | | | 1 | 122.1 122.6 122.6 121.6 120.3 119.5 118.1 116.5 114.6 113.6 113.1 113.1 8.7 9.1 12.6 14.4 15.6 15.5 15.4 17.2 16.9 15.6 17.1 15.1 1 1 1 | I I | 1 | | 1 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 | 1 1 | 1 1 1 | 1 1 I 1 i 112.1 111.1 111.0 111.7 112.1 112.5 113.4 114.6 115.3 115.5 114.4 113.6 14.9 15.1 13.0 11.5 11.7 10.6 10.8 10.0 9.8 10.6 9.0 6.5 I 1 1 I 1 1 I 1 1 I 1 | 106.1 106.0 106.1 105.6 106.1 105.7 105.2 104.5 103.8 103.4 102.5 101.5 1 1 1 1 1 t 1 I 1 | 1 1 | 113.3 113.3 113.2 113.5 114.4 115.5 116.4 115.9 115.2 113.8 112.5 110.3 8.1 7.4 I I 101.1 100.6 1 I 106.7 107.9 (AVERAGE RENEWALS INCLUDE SOME NONAGRICULTURAL LOANS (SEE NOTE ON PAGE 3 ) . TABLE 213.1 PRODUCTION C R E D I T A S S O C I A T I O N S RENEWALS AND C O L L E C T I O N S COLLECTIONS RENEWALS .LIONS OF DLLARS PERCENTAGE CHANGE FROM P R E V I O U S MONTH 1975~JAN,..I -FEB...I —MAR * . » I -APR.. . I -MAY...I —JUN•• . | —JUL.. . I — AUG... I -SEP...I -CCT...I -NOV... I -DEC .1 I 197 6 — J A N . . . I -FEB••• I -MAR.. . I -APR. . . 1 —MAY.e.| — JUN e . . | —JUL•• • I —AUG.*.I —S E P • • • I -OCT...I -NOV...I -DEC... 1 644 . 8 612.5 618.2 525.4 380.2 280.9 279.2 245 .0 253.5 323.6 377.9 707.1 764.3 706.7 762 . 2 575.2 391.1 309.0 265 .4 282 . 0 273.0 306.4 462.8 788.3 YEAR I AS PERCENTAGE OF OANS O U T STANDING* 16.4 28.7 29.2 30.8 29.8 28.6 11.4 11.6 10.8 5.8 1.4 22.3 11.5 -5.0 0.9 -15.0 -27.6 -26.1 -0.6 -12.3 3.5 27.7 16.7 67.1 I | | I | 1 1 | 1 t | 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 I 1 I I 1 I I I 1 1 1 I OLLECT. & RENEWALS LOANS MADE 6.8 6.4 6.3 5.2 3.7 2.7 2 .6 2 .3 2.3 3.0 3.6 6.8 40.8 43.4 42.4 36.3 30.2 23.3 24.6 25.0 23.8 26.2 41.9 50.4 51.9 42.9 37.4 29.1 27.0 24.9 22.3 23.1 31.6 35.0 41. C 18.5 15.4 23.3 9.5 2.8 10.0 -4.9 15.1 7.7 -5.4 22.5 11.5 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 23.4 22.5 27.6 41.0 I | 1 I 1 I 1 i 1 | 1 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 7.0 6.8 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 1978-JAN . . . 877.5 871.4 5.2 -0.7 1 I 3.0 5.9 6.5 6.6 42.7 45.6 38.5 46.5 OUTSTANDING LOANS AT END OF RENEWALS AND C O L L E C T I O N S 1062.2 775.9 871.3 831.2 730.7 828.5 723.4 769.8 892.2 1054.8 12 1 2 . 4 1135.8 26.8 26.8 6.0 -3.4 7.7 -25.2 -32.3 -13.6 -24.8 3.7 6.8 1.3 50.8 69.3 * 893.2 603.2 572.9 700.5 635.6 686.0 756.4 7 38.7 883.8 1076.7 9 35.7 1018.7 41.8 47.7 46.7 40.9 34.9 27.2 851 . 6 822.7 886.4 662.9 448.7 367.6 291.4 302.1 322.6 326.9 492 . 8 834.2 — FEB.. . MONTH 28.8 1977-JAN•. . 1 —F t B . . . I -MAR. . . I —APR . . . I -MAY. - J U N . .1 -JUL. ,.l —AUG . , . l - S E P . ,.1 —OCT.. . t -NOV.. . I —DEC . . . I 22.6 1175.3 875.5 1004.4 865.0 800.8 813.7 711.8 884.4 1023.3 1281.0 1372.0 1356.7 SOME N U N A G R I CULTURAL LOANS (SEE NOTE ON PAGE 1 I I I I 1 | 1 1 I I | 1 1 I 1 1 I | | S 1 1 | 1 i 1 1 I I 1 I | 1 } I 1 1 1402.0 i 1001.5 1 PRECEDING MONTH. INCLUDE P E R C E N T A G E CHANGE FROM P R E V I O U S MILLIONS OF DOLLARS 3). 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 18.2 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 -28.6 I YEAR 1 1 1 1 1 I I I 1 1 1 1 i 1 1 1 1 1 | 1 I 1 I I I i 1 I 1 | I 1 1 1 | 1 1 1 I 1 I -10.4 0.6 -5.5 18.0 20.2 44.4 24.4 15.6 37.9 16.6 11.3 24.0 18.9 28.6 52.1 18.7 15.0 20.8 -4.4 4.2 0.9 -2.0 29.6 11.5 10.6 12.8 15.3 4.1 9.6 -1.8 —1.6 14.9 14.7 21.4 13.2 19.5 19.3 14.4 AS P A R ENTAGE OF OANS O U T STANDING* TABLE 2 1 3 . 3 PRODUCTION C R E D I T A S S O C I A T I O N S RENEWALS AND COLLECTIONS TWELVE-MONTH MOVING TOTAL COLLECTIONS RENEWALS MILLIONS OF DOLLARS | 1 1 PERCENTAGE CHANGE FROM PREVIOUS MONTH * | YEAR AS PERCENTAGE OF I 1 LOANS O U T | STANDING* LOANS MADE COLLECT. & RENEWALS MILLIONS OF DOLLARS AS P E R CENTAGE OF LOANS O U T STANDING* PERCENTAGE CHANGE FROM P R E V I O U S MONTH | YEAR 1975—JAN.•• —FEB... -MAR... —A PR . . . -MAY... —JUN.*. —JUL . . . —AUG... -SEP... -OCT... -NOV... —DEC•. . 4468.4 4604.9 4744.4 4868.3 4955.6 5018.1 5046.6 5072.0 5096.8 5114.4 5119.8 5248.6 | j | | | I | | j | I 1 2.1 3.1 3.0 2.6 1.8 1.3 0.6 0.5 0.5 0.3 0.1 2.5 1 1 I | 1 | | | | I | | 12.7 15.2 17.9 19.4 20.4 21.7 21.0 22.0 21.6 20 . 6 19.6 19.9 I 1 I 1 I 1 I 1 t 1 I I 50.3 51.0 51.7 52.2 52.3 52.2 51.8 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 36.8 37.1 37.2 36.9 36.7 36.5 36.0 35.7 35.5 35.6 8169.7 8173.1 8140.0 8247.0 8353.9 8564.9 8713.4 8813.0 9055.8 9209.0 9304.1 9501.4 -1.3 0.0 -0.4 1.3 1.3 2.5 1.7 1.1 2.8 1.7 1.0 2.1 I | | | | | | 1 | I | I 0.5 -0.4 -1.2 -1.4 0.4 3.6 6.7 8.3 10.2 11.8 14.1 14.8 I | I | 1 1 | 1 | | | | 92.0 90.6 88.7 88.5 88.2 89.2 89.5 89.3 90.7 91.2 91.2 92.3 1976—JAN... —FEB . . . —MAR . . . —APR•.. -MAY... -JUN... -JUL... -AUG... -SEP... —OCT . . . -NOV... —DEC . . . 5368.1 5462.3 5606.3 5656.1 5666.9 5695.0 5681.2 5718.3 5737.7 5720.3 5805.1 5886.3 I | | | I I I 1 | | I | 2.3 1.8 2.6 0.9 0.2 0.5 -0.2 0.7 0.3 -0.3 1.5 1.4 | | | | I I | | I | | 1 20.1 18.6 18.2 16.2 14.4 13.5 12.6 12.7 12.6 11.8 13.4 12.1 t 1 I 1 I I 1 1 1 I I I 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 9670.4 9843.1 10141.5 10272.2 10367.2 10509.8 10476.7 10507.8 10516.1 10494.3 10771.0 10888.2 1.8 1.8 3.0 1.3 0.9 1.4 -0.3 0.3 0.1 -0.2 2.6 1.1 | I I I 1 1 1 | 1 } 1 I 18.4 20.4 24.6 24.6 24.1 22.7 20.2 19.2 16.1 14.0 15.8 14.6 | 1 | | | | | 1 | | I 1 93.0 93.7 95.8 96.2 96.2 96.6 95.3 94.6 93.6 92.3 93.7 93.7 1977-JAN... -FEB . . . -MAR... -APR... -MAY... —JUN... —JUL . . . —AUG... —SEP . . . -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 1 | | | | I I | | | 1 | 1.5 1.9 2.0 1.4 0.9 1.2 0.4 0.3 0.8 0.3 0.5 0.7 | | | | | I | 1 | | | | 11.3 11.5 10.8 11.4 12.2 13.0 13.8 13.4 13.9 14.6 13.4 12.6 1 I 1 1 I 1 I I 1 1 I I 50.9 51.3 51.8 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 11001.2 11100.8 11233.9 11267.7 11337.8 11323.1 11311.5 11426.1 11557.3 11783.4 11942.9 12163.9 1.0 0.9 1.2 0.3 0.6 -0.1 -0.1 1.0 1.1 2.0 1.4 1.8 I | | I | | I I 1 | | | 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 1978-JAN.. . —FEB.•. 6655.6 6704.3 | I 0.4 0.7 I I 11.4 10.1 1 I 49.9 49.9 33.1 33.2 34.9 34.9 12390.6 12516.7 1.9 1.0 | 1 12.6 12.8 | 1 | | I | | | 1 | | | j 1 1 AVERAGE OUTSTANDING LOANS DURING THE PRECEDING RENEWALS AND COLLECTIONS INCLUDE 12 MONTHS SOME NOAGRICULTURAL (AVERAGE OF END-OF-MONTH DATA), LOANS ( S E E NOTE ON PAGE 3 ) . 92.9 93.2 AGRICULTURAL FINANCE DATABOOK—MONTHLY S E R I E S 220 FEDERAL LAND BANKS 221 ACTUAL 12-MONTH MOVING TOTAL 12 13 ACTUAL 12-MONTH MOVING TOTAL REFINANCING 224.1 224.3 SOURCE: 11 NEW MONEY LOANED 223.1 223.3 224 ACTUAL LOANS CLOSED 222.1 222.3 223 (AGRICULTURAL LOANS) LOANS OUTSTANDING 221.1 222 MARCH 1 9 7 8 14 15 AND REPAYMENTS ACTUAL 12-MONTH MOVING TOTAL 16 ....17 "FEDERAL LAND BANKS—SUMMARY OF SELECTED MONTHLY LOAN D A T A , " TECHNICAL S E R V I C E S D I V I S I O N , FARM CREDIT A D M I N I S T R A T I O N . DATA IN T H I S SECTION ARE OBTAINED FROM TIMELY MONTHLY REPORTS WHICH ARE NOT R E V I S E D TO REFLECT ANY SUBSEQUENT CHANGES OR C O R R E C T I O N S . I F ONLY YEAR-END DATA ON OUTSTANDING LOAN VOLUME ARE R E Q U I R E D , USE THE S E R I E S IN SECTION 1 0 0 OF THE AGRICULTURAL FINANCE DATABOOK—ANNUAL S E R I E S . NOVEMBER 1 9 7 7 . TABLE 2 2 1 . 1 FEDERAL LAND BANKS LOANS OUTSTANDING (END OF MONTH) M I L L I O N S OF DOLLARS 1975-JAN...1 -FEB•. • | -MAR...| -APR...I —MAY... 1 -JUN...I -JUL . . . I -AUG...I —SEP... 1 -OCT . . . I -NOV...1 —DEC...| 11 197 6 — J A N . . . | —FEB... I —MAR . . . | -APR...I —MAY... I -JUN.. . | -JUL...1 —AUG...1 -SEP...I -OCT...! -NOV...1 -DEC... I 1 1977-JAN...| -FEB... 1 -MAR...| -APR.. . | —MAY . . . | -JUN...| —JUL . . . I —AUG...I -SEP...I -OCT...! —NOV...| -DEC . . . I 11 1978-JAN...I -FEB...! MONTH i 1 PERCENTAGE CHANGE FROM PREVIOUS MONTH 1 YEAR YEAR 199.7 223.6 299.5 261.8 251.9 245.4 206.5 187.8 185.3 193.8 125.5 176.6 | I 1 I | 1 | | 1 | | ! 2551.5 2631.1 2712.4 2748.3 2752.4 2761.8 2711.6 2672.3 2641.3 2637.0 2568.6 2557.4 16189.9 16369.6 16699.9 16946.2 17159.6 17403.2 17622.7 17806.2 17982.2 18147.7 18320.3 18524.2 | 1 ! 1 I I | | | I I 1 1I 1 I | I | 1 | 1 I 1 i | 176.1 179.7 330.3 246.4 213.3 243.6 219.5 183.5 176.0 165.5 172.6 203.9 2533.7 2489.9 2520.7 2505.2 2466.7 2464.9 2477.9 2473.6 2464 .3 2436.0 2483.1 2510.4 1.1 1.1 2.0 18692.7 18921.9 19330.8 19625.0 19916.8 20190.2 20440.8 20658.0 20873.7 21057.0 21258.2 21466.3 | 1 | | 1 I | I 1 I I | 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 | 1 | | 1 | 1 I 1 | 1 | j | I | | | 1 | 1 | | | | | 2502.8 2552.3 2631.0 2678.8 2757.3 2787.0 2818.1 2851.8 2691.5 2909.3 2938.0 2942.1 0.9 21672.2 21895.7 1 1 205.8 223.5 | 1 2979.5 2973.8 1.0 1.0 13656.1 13879.7 14179.2 14441.0 14692.9 14938.3 15144.8 15332.6 15517.9 15711.7 15837.2 16013.6 THOUSANDS CHANGE FROM PREVIOUS OUTSTANDING AVERAGE S I Z E NUMBER AMOUNT 1.5 1.6 2.2 1.8 1.7 1.7 1.4 1.2 1.2 1.2 0.8 1.1 1 1 1 1 1 . . . . . 5 3 4 3 0 1.0 0.9 1.0 1.1 1.2 2.2 1.5 1.5 1 .4 1.2 1.1 1.0 0.9 1.0 1.0 PERCENTAGE CHANGE FROM LAST YEAR DOLLARS I PERCENTAGE CHANGE FROM LAST YEAR 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 | | | i I 1 I | I | I I 31758. 32156. 32711. 33190. 33627. 34061. 34420. 34767. 35112. 35516. 35797. 36166. 1 1 t I I ! | I 1 | | 1 18.5 18.6 18.6 17.6 18.1 17.8 17.1 16.7 16.3 16.1 15.5 15.4 443.2 443.7 445.1 446.0 447.0 448.2 449.0 449.9 450.4 450.7 450.6 450.8 3.1 2.8 2.7 2.5 2.3 2.2 2.1 2.0 1.9 1.9 1.8 1.8 I I | 1 I 1 ! | 1 | i 1 36533. 36895. 37522. 37998. 36389. 38832. 39246. 39581. 39924. 40267. 40662. 41088. 1 1 I I | I I 1 | I I 1 15.0 14.7 14.7 14.5 14.2 14.0 14.0 13.8 13.7 13.4 13.6 13.6 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 I 1 | I | | | I 1 | 1 41457. 41909. 42684. 43243. 43792. 44273. 44732. 45124. 45519. 45868. 46289. 46714. 1 1 I 1 1 I I | 1 | I | 13.5 13.6 13.8 13.8 14.1 14.0 14.0 14.0 14.0 13.9 13.8 13.7 15.9 15.7 459.8 460.4 2.0 2.0 I I 47136. 47559. | | 13.7 13.5 23.0 23.4 23.7 23.5 23.1 22.7 21.8 21.1 20.5 20.2 19.4 19.0 18.6 17.9 17.8 17.3 16.8 16.5 16.4 16.1 15.9 15.5 15.7 15.7 15.5 15.6 15.8 15.8 16.1 16.0 16.0 16.0 16.1 16.0 16.0 11 TABLE 2 2 2 . 1 FEDERAL LAND BAI LOANS CLOSED I PERCENTAGE CHANGE FROM PREVIOUS PERCENTAGE 1 CHANGE 1 THOUSANDS FROM LAST 1 YEAR | I I 397.9 347.1 439.3 396.7 379.2 372.5 331.0 266.4 310.6 319.6 262 . 2 374.8 1 1 I I 1 I 1 | 1 1 I 1 lb.3 -12.8 26.6 -9.7 -4.4 -1.7 -11.2 -12.9 7.7 2.9 -17.9 42.9 392.9 346.8 527.6 436.4 363.7 405.0 367.1 320.7 323.2 313.6 350.6 437.6 t 1 1 1 | I 1 I 1 1 1 1 j 1 1 1 I 4.8 -11.7 52.1 -17.3 -16.7 11.4 -9.4 -12.6 0.8 -3.0 11.8 24.6 1975—JAN.•• 1 -FEB...1 -MAR. . . 1 -APR...| -MAY...| -JUN...I -JUL...1 -AUG...1 -SEP...I -OCT...| -NOV . . . 1 -DEC•• . | 1 1976-JAN.••| —FEB.. . 1 -MAR...I -APR . . . | -MAY...J -JUN...I -JUL...I -AUG...1 -SEP...I -OCT...I -NOV...1 —DEC. e • I 1 1977-JAN...1 -FEB...I -MAR...| -APR... I -MAY . . . | -JUN...| —JU L . . . 1 -AUG. . . I -SEP...1 -OCT...1 -NOV...1 -DEC...I 1 1978-JAN...1 -FEB...1 463.7 429.5 679.0 521.3 518.3 506.0 492.2 402 . 9 379.8 358.6 418.9 448.9 502.7 433.0 1 1 1 1 1 1 I I 1 1 1 I MONTH | YEAR IPERCENTAGE CHANGE DOLLARS I 1 FROM LAST I YEAR LOANS | OUTI STANDING*! REPAYMENTS I | 1 I | | 1 I | | | | 19.4 37.0 27.6 15.6 4.9 9.4 -10.9 -12.0 1.0 1.0 -13.8 11.4 I I I 1 | | 1 1 1 1 | | 5552. 5110. 5737. 5522. 5322. 5128. 4754. 4004. 4297. 4412. 3722. 4996. 7.2 14.0 4.1 —3.6 -7.7 -3.9 —10 . 6 -28.9 -10.0 -10.3 -21.4 —0 * 5 71671. 67929. 76576. 71848. 71243. 72648. 69617. 72028. 72291. 72440. 70457. 74992 * I I I 1 1 1 1 I 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 3.0 2.5 3.2 2.8 2.6 2.5 2.2 1.9 2.0 2.1 1.7 2.4 1 | 1 | 1 | I | 1 | 1 | 295.4 542.1 644.5 622.1 602.0 614.5 519.6 541.9 490.8 456.0 326.6 276.9 | 1 I I 1 | | | I 1 I | j 6.0 I -7.4 | 56.1 I -23.2 I -0.6 | -2.4 | -2.7 1 -16.2 I -5.7 1 -5.6 1 16.8 | 7.2 | j 12.0 I -13.9 | -1.3 -0.1 20.1 10.0 -4.1 8.7 10.9 11.2 4.1 -1.9 33.7 16.7 I | I I 1 I 1 | I | | | j I | | | 1 I I | | | | I | | i 4816. 4467. 6377. 5377. 4879. 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 81586. 77645. 82736. 81166. 74546. 78265. 82357. 73457. 77572. 76534. 78511. 66699. 1 1 1 1 I 1 1 I I 1 1 I 13.8 14.3 8.0 13.0 4.6 7.7 16.3 2.0 7.3 5.7 11.4 15.6 2.5 2.1 3.2 2.6 2.1 2.4 2.1 1.8 1.8 1.7 1.9 2.4 1 1 1 | I | I | I I | I 263.8 337.4 478.0 432.2 4*9.2 502.8 466.1 442.0 407.4 381.7 330.2 309.2 4930. 4719. 6801. 5627. 5806. 5866. 4784. 4808. 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 -0.9 940 5 8 . 91013. 99633. 92640. 89273. 662 3 3 . 102866. 83792. 65203. 82240. 86442. 89729. 1 I 1 1 1 I 1 1 I 1 1 1 15.3 17.2 20.7 14.1 19.8 10.2 24.9 14.1 9.6 7.5 10.1 3.5 2.5 2.3 3.6 2.7 2.6 2.5 2.4 2.0 1.8 1.7 2.0 2.1 | 1 I I I | | 1 | | 1 | 223.4 367.1 475.2 475.5 457.7 403.6 374.2 435.2 516.3 389.3 340.3 304.0 4919. 449 5 . -0.2 -4.7 102167. 96334. 1 I 8.6 5.8 2.3 2.0 1 | 247.1 360.2 16.0 23.8 26.7 19.4 42.5 24.9 34.1 25.6 17.5 14.4 19.5 2.6 fa.4 0.6 * OUTSTANDING LOANS AT END OF PRECEDING MONTH. AS PERCENTAGE OF AVERAGE S I Z E NUMBER AMOUNT 1 1 1 MILLIONS OF I 1 DOLLARS 1 TABLE 222.3 F E D E R A L LAND BANKS LOANS CLOSED TWELVE-MONTH MOVING TOTAL I | MILLIONS OF DOLLARS I I I P E R C E N T A G E CHANGE FROM P R E V I O U S MONTH —APR..• I -MAY... I —JUN.* #I —JUL . . . I -AUG... I - S E P . . . I —OC7 . . . I -NOV...I -DEC...I —MAR... I -APR...I -MA Y . . . I —JUN... I - J U L . . . I -AUG..•I - S E P . . . I -OCT...I -NOV...I -DEC...I -0.1 -0.0 1977—JAN...I -FEB...I -MAR...I —APR e . . I —MAY•••I —JUN... I - J U L . . . I —AUG...I - S E P . . . I 4656.1 4738.7 4890.1 4975.0 5129.6 5230.6 5355.7 5437.9 5494.4 5539.4 5607.7 5619.1 —OCT...I -NOV . . . I -DEC...| I 1978-JAN...I -FEB...I AVERAGE OUTSTANDING 451.0 433.0 423.7 412.5 404.1 399.7 397.5 393.6 389.1 384.5 383.6 386.9 23.7 24.9 24.0 22.5 57.8 56.1 58.5 58.7 59.7 60.4 60.7 61.1 61.4 61.7 62.1 62.0 —0.0 1.5 1.1 1.8 4.2 5.4 6.5 6.6 7 . 3 8.4 7.7 7.5 80548. 81622. 63619. 84707. 85983. 66669. 86264. 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 26.0 28.2 28.6 26.6 28.6 28.5 28.4 26.2 374.3 376.7 378.9 382.9 385.3 380.1 374.8 375.3 380.7 381.2 381.5 380.6 21.5 19.5 62.0 61.8 7.3 6.4 91260. 91648. 13.3 12.3 28.0 27.7 384.4 383.8 ENO-OF-MONTH DATA). -0.1 1.4 8.7 1.5 10.5 12.4 13.7 14.6 0.7 0 . 3 8.2 2.0 1.8 3.2 1.7 3.1 18.6 2.0 20.0 2.4 1.5 21.9 22.8 1.0 0.6 1.2 0.2 0.7 0. 1 LOANS 28.2 27.8 26.0 27.9 27.4 27.3 27.1 27.0 26.7 26.4 26.6 26.6 1.5 1.4 3.3 5.0 5.2 5.0 0.6 5658.0 5661.6 14.3 14.1 12.9 12.5 11.7 11.2 12.7 10.9 10.5 10.0 9.9 10.3 5.2 2.8 2.6 2.2 0.8 I 72666. 73701. 74412. 75288. 75600. 76105. 77136. 77212. 77608. 77932. 78459. 794 8 0 . 8.7 7.1 2.1 DURING THE 478.7 495.5 511.0 519.3 518.1 516.3 507.3 503.3 491.9 489.7 476.9 458.5 - 7 . 9 - 9 . 8 - 9 . 2 - 9 . 1 - 9 . 2 —6.8 - 8 . 4 —5 . 3 - 4 . 8 - 4 . 5 —1 . 6 - 1 . 5 11.6 0.9 - 0 . 4 32.6 32.8 33.0 32.8 32.4 32.1 31.2 30.4 30.0 29.5 28.8 28.6 REPAYMENTS 57.6 57.2 57.8 57.7 57.2 57.3 57.0 57.3 57.2 56.9 57.6 57.7 15.6 12.9 0.9 LOANS OUTSTANDING* 15.2 16.2 16.7 17.3 16.4 15.6 13.0 14.8 14.8 14.6 14.1 14.2 18.2 -1.0 E R C E N T AGE CHANGE FROM L A S T YEAR OF 63775. 64619. 65883. 66942. 67697. 68435. 68414. 69608. 702 15. 708 66. 71372. 72056. 24.6 0.1 0.1 DOLLARS PERCENTAGE 8.4 9.5 10.9 9.7 8.7 7.8 4.6 0.7 —1 . 7 - 2 . 6 - 4 . 7 —6 . 2 26.6 - 0 . 9 - 0 . 9 PERCENTAGE CHANGE FROM L A S T YEAR AS SIZE 62.8 63.4 63.6 63 . 4 63.0 62.8 62.2 60.6 60.1 59.6 58.6 58.6 24.9 27.3 29.5 28.7 0.8 4214.4 4214.2 4302.4 4342.1 4326.7 4359.2 4395.3 4427.6 4440.2 4434.2 4522.5 4585.3 THOUSANDS YEAR 2.3 2.3 1.3 0.4 I 1976—JAN..•I -FEB.. . I | 1.6 4004.9 4098.5 4193.5 4246.9 4264.8 4296.9 4256.2 4216.9 4220.0 4223.1 4181.1 4219.4 1975-JAN...I -FEB...I —MAR...} AVERAGE NUMBER AMOUNT PRECEDING 12 MONTHS (AVERAGE OF 13 14 TABLE 2 2 3 . 1 FEDERAL LAND BANKS NEW MONEY L O A N E D P E R C E N T A G E CHANGE FROM P R E V I O U S MILLIONS OF DOLLARS MONTH 15.7 22.5 25.2 16.3 37.6 23.0 28.1 21.0 13.3 11.2 16.3 3.0 2.0 1.9 2 .9 2.1 2.1 2.0 1 .9 1.5 1.4 1.3 1.5 1.7 81.1 60.6 61.3 77.5 78.1 78.8 77.6 76.9 76.2 76.8 77.4 79.3 I I 8.8 -0.7 1.9 1.6 81.4 79.4 -NOV.. . -DEC... 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 8.9 -8.0 59.4 —26.8 0.3 -1.6 -4.2 -18.9 —6.6 -4.8 17.7 9.7 1978-JAN... -FEB... 409.3 343.7 15.0 -16.0 1976—JAN... —FEB.e• —MAR... —APR . . . -MAY... -JUN... -JUL... —AUG.*. -SEP... —QCT. e * OUTSTANDING • I I I 1 I 1 1 | I I 1 | I I 1 I I | -OCT... -NOV... —DEC . . . e LOANS ' AT END OF '# 84.0 82.7 61.5 63.5 79.6 80.9 80.0 81.3 79.6 79.0 79.0 79.5 76.9 4.2 -13.1 56.0 -21.2 -15.3 10.2 -8.0 -14.1 -0.3 -3.0 12.6 23.9 —SEPee. LOANS CLOSED 2.0 1.7 2.7 2.1 1.7 1.9 1.7 1.5 1.4 1.4 1.5 1.9 325.0 282.5 440.7 347.3 294.3 324.2 298.3 256.1 255.4 247.6 278.7 345.5 e LOANS O U T STANDING* OF -2.8 -1.8 19.9 6.7 —6 . 5 5.9 10.4 6.3 2.7 -6.2 35.5 10.7 I | 1 | —M A R e e -APR... -MAY... -JUN.. . —JUL . . . —AUG#.. PERCENTAGE 2.5 2.1 2.6 2.3 2.2 2.1 1.8 1.6 1.6 1.7 1.3 2.0 19.6 -14.0 27.8 -11.4 -3.3 -2.8 -11.7 -10.8 3.2 6.1 -22.0 51.6 —EEBee* AS 16.9 32.2 25.6 11.3 3.1 6.5 -13.9 -14.4 -4.2 0.0 -20.8 11.6 334.4 287.6 367.7 325.6 314.9 306.0 270.2 241.0 246.6 263.9 205.8 312.0 1975-JAN... * YEAR | | 1 1 I I I 1 I | | 1 1 I | 1 1 I 1 | PRECEDING # MONTH. e 82.fa 83.7 82.1 63.0 82.1 81.6 83.6 60.0 82.6 76.5 83.2 TABLE 2 2 3 . 3 FEDERAL LAND BANKS NEW MONEY LOANED TWELVE-MONTH MOVING TOTAL | MILLIONS I OF | DOLLARS I MONTH 3388.2 3458.2 3533.1 3566.1 3575.5 3594.1 3550.6 3510.2 3499.3 3499.4 3445.3 3477.6 1.5 2.1 2.2 0.9 0.3 0.5 -1.2 -1.1 -0.3 0.0 -1.5 0.9 3468.2 3463.2 3536.2 3557.9 3537.3 3555.5 3583.6 3598.7 3605.4 3589.1 3662.1 3695.6 -0.3 -0.1 2.1 0.6 -0.6 0.5 0.8 0.4 0.2 -0.5 2.0 0.9 -FEB...I -MAR...I -APR..•I -MAY...I —JUN.* »I —JUL . . . I —AUG... I -SEP...I —OC T . . . I —NOV... I —DEC . . . | 3746.6 3810.3 3921.5 3978.0 4088.7 4163.2 4247.1 4300.8 4334.7 4362.5 4408.0 4418.3 1.4 1.7 2.9 1.4 2.8 1.6 2.0 1.3 0.8 0.6 1.0 0.2 1978—JAN...I —FEB...I 4451.5 4449.1 0.8 -0.1 1975-JAN...I —FEb•• • I -MAR...I —AP R . . . I —MAY . . . I —JUN•• . 1 —JUL . . . I —AUG... I —SEP . . . I -OCT...I -NOV...I -DEC...I I 1976—JAN...I -FEB...I —MAR...I -APR...I —MAY... I —JUN...I —JUL . . . I —AUG...I -SEP...I -OCT...I -NOV...I —DEC... I I 1977—JAN I I * PERCENTAGE CHANGE FROM PREVIOUS I I i | | I | 1 1 | 1 1 1 1 1 1 1 I I 1 I | 1 1 I I 1 1 I | | 1 I 1 1 I 1 1 1 1 1 1 YEAR AS PERCENTAGE OF OANS OUTSTANDING* 26.5 28.1 29.7 28.1 25.4 22.9 16.2 13.1 10.1 8.8 5.4 4.1 27.6 27.7 27.8 27.6 27.1 26.8 26.1 25.3 24.9 24.5 23.7 23.6 2.4 0.1 0.1 -0.2 -1.1 -1.1 0.9 2.5 3.0 2.6 6.3 6.3 23.2 22.8 23.0 22.8 22.4 22.2 22.1 21.9 21.7 21.3 21.5 21.5 8.0 10.0 10.9 11.8 15.6 17.1 18.5 19.5 20.2 21.5 20.4 19.6 21.5 21.6 22.0 22.0 22.3 22.5 22.6 22.6 22.5 22.4 22.4 22.1 lb.8 16.8 22.0 21.8 AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 MONTHS (AVERAGE END-OF-MONTH D A T A ) . 16 TABLE 2 2 4 . 1 FEDERAL LAND BANKS REFINANCING AND REPAYMENTS 1 I | MILLIONS I OF | DOLLARS I PERCENTAGE CHANGE FROM PREVIOUS MONTH 1 YEAR 55.7 56.5 62.9 -10.2 1.4 11.3 34.5 65.8 38.7 40.5 15.0 25.6 4.8 2.5 29.2 5.7 27.2 10.5 1976—JAN... I -FEB...I -MAR...I -APR.. . I —MAY . . . 1 —JUN... I -JUL... I -AUG... I -SEP... | -OCT... I -NOV.. . I —DEC . . . I 67.9 64.3 86.9 89.1 69.4 8.0 6.9 —5 . 2 35.2 2.5 21.3 25.3 71.8 92.1 28.3 21.5 13.3 36.4 9.5 16.5 27.2 46.6 1977—JAN...I —FEB.. .1 -MAR...I -APR...I -MAY.. . I -JUN. . -JUL.. —AUG.. -SEP.. -OCT.. -NOV.. —DEC.. 87.6 63.3 127.1 117.4 113.3 107.3 -4.9 -4.9 52.6 —7 . 6 -3.5 -5.3 29.1 29.5 46.2 31.8 63.2 32.8 93.1 90.5 83.2 94.6 93.1 -15.4 44.1 33.3 -8.0 13.7 -1.5 26.1 93.4 89.3 0.3 -4.4 6.6 1975—JANe•.| -FEB...I -MAR...I -APR...I -MAY . . . I —JUN... I -JUL . e . | -AUG...! -SEP...I -OCT...I -NOV...I -DEC...I I 1978-JAN.. — FEB. « * 63.5 59.5 71.7 71.1 64.3 66.5 60.7 47 . 4 62.0 60.8 68.8 64.6 67.9 66.0 110.1 11.7 —6 * 3 20.4 -0.7 -9.6 3.5 -8.7 -22.0 30.9 -22.1 16.5 -14.9 —6.1 5.0 -2.7 8.8 2.6 -2.8 OUTSTANDING LOANS AT END OF REPAYMENTS REFINANCING OF FEDERAL LAND BANK LOANS AS PERCENTAGE OF LOANS O U T STANDING* 8.0 8.0 60.0 31.7 1.1 7.2 PRECEDING MONTH. LOANS CLOSED MILLIONS OF DOLLARS PERCENTAGE CHANGE FROM P R E V I O U S MONTH 0.47 0.44 0.52 0.50 0.45 0.45 0.41 0.31 0.40 0.36 0.36 0.40 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 46.6 -52.5 6.5 -6.4 -1.2 -3.7 5.1 —16.4 18.9 10.7 14.6 68.6 0.42 0.40 0.53 0.53 0.41 0.47 0.40 0.37 0.38 0.37 0.40 0.50 17.3 18.5 16.5 20.4 19.1 20.0 18.7 20.2 21.0 21.0 20.5 21.1 149.0 102.8 110.4 101.0 61.0 80.5 78.8 72.6 79.3 82.2 106.2 141.5 10.0 -31.0 7.4 -8.5 -19.8 -0.5 -2.2 -7.9 9.3 3.6 29.2 33.3 0.47 0.45 0.67 0.61 0.58 0.54 0.55 0.46 0.44 0.40 0.45 0.44 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 46.7 -43.6 22.1 -23.3 3.3 10.6 5.0 -29.6 -20.5 25.3 33.6 20.0 0.44 0.41 18.6 20.6 203.4 120.2 37.8 -40.9 | I I 1 1 I | 1 | | I 1 1 j 1 1 I | 1 I 1 I I I | I | | 1 1 I | | I I 1 1 | I j | | YEAR 4.8 -13.0 —8.6 -4.4 9.1 17.9 11.9 -2.1 46.4 6.6 21.8 47.4 10.6 60.6 61.9 58.3 28.6 32.9 23.7 36.4 25.4 17.2 32.2 4.5 AS P A R ENTAGE OF OANS O U T STANDING* 1.00 0.47 0.49 0.45 0.44 0.41 0.43 0.35 0.41 0.45 0.51 0.85 0.93 0.64 0.67 0.60 0.46 0.47 0.45 0.41 0.45 0.46 0.59 0.77 1.12 39.3 13.8 29.5 8.6 39.9 55.6 67.0 27.6 -7 .3 12.1 15.9 4.4 0.63 0.76 0.57 0.56 0.63 0.65 0.45 0.36 0.44 0.58 0.69 -2.0 2.7 0.95 0.55 TABLE 2 2 4 . 3 F E D E R A L LAND BANKS R E F I N A N C I N G AND R E P A Y M E N T S TWELVE-MONTH MOVING TOTAL REFINANCING | MILLIONS OF DOLLARS 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 2.7 3.8 3.1 3.1 1976—JAN...I -FEB...I -MAR...I -APR...I -MAY . . . I - J U N . . .1 —JUL... I —AUG*.•I -SEP••.I —OCT... I -NOV...I -DEC...I 746.2 751.0 766.3 784.2 789.3 803.6 811.7 828.9 834.8 845.1 860.5 889.7 0.6 0.6 1977—JAN...I -FEB...I -MAR...I —APR•..I —MAY . . . I - J U N . . .1 —JU L • . • I -AUG...I - S E P . . . I -OCT...I -NOV...I -DEC...I 909.5 928.5 968.6 997.0 1040.9 1067.3 1975—JAN...I -FEB...I —MAR... I -APR.*.I —MAY * * . I —JUN•.. I - J U L . . . I —AUG... I -SEP.•• I -OCT... I -NOV...1 —DEC . . . I I I I 1978—JAN...| —FEB... I FEDERAL LAND P E R C E N T A G E CHANGE FROM P R E V I O U S MONTH I * OF 1.2 2.0 0.4 0.2 2.0 0.4 1.7 0.8 2.0 2.3 0.7 1.8 1.0 2.1 0.7 1.2 1.8 3.4 2.2 | YEAR 16.7 22.9 28.1 32.1 32.9 33.9 28.9 30.3 29.3 27.5 26.0 23.5 21.0 17.3 lb.O 15.2 14.5 14.3 15.0 17.3 15.8 16.8 16.9 19.9 1137.1 1159.7 1176.9 1199.7 1200.7 2.6 0.1 21.9 23.6 26.4 27.1 31.9 32.8 36.6 37.2 38.9 39.3 39.4 35.0 1206.5 1212.5 0.5 0.5 32.7 30.6 1108.6 2.1 4.3 2.9 4.4 2.5 3.9 2.0 1.5 1.9 BANK AS REPAYMENTS LOANS PERCENTAGE LOANS O U T STANDING* OF LOANS CLOSED 934.5 973.3 1015.5 1052.7 1070.7 1090.6 1105.7 1125.0 1141.1 1153.2 1179.0 1185.2 1.6 4.1 4.3 3-7 1.7 1.9 1.4 1.7 1.4 1.1 2.2 0.5 21.4 21.4 1243.8 1258.0 1290.5 1299.2 1331.4 1376.2 1429.0 1449.0 1443.2 1453.1 1470.1 1476.2 4.9 1.1 2.6 0.7 2.5 3.4 3.8 1.4 -0.4 0.7 1.2 0,4 21.3 21.4 1472.0 1475.3 -0.3 0.2 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.1 5.0 5.0 5.1 5.2 17.7 17.8 17.8 5.2 5.3 5.4 5.5 5.7 5.8 5.9 19.5 19.6 19.8 6.0 6.0 6.1 6.0 5.9 MONTH 0.8 -1.1 -0.8 -0.4 0.6 1.1 0.8 -0.1 2.4 0.5 1.7 5.0 15.4 15.6 15.7 6.0 PERCENTAGE CHANGE FROM PREVIOUS 836.7 827.1 820.7 817.6 823.1 832.3 839.0 837.9 858.0 862.3 876.7 920.2 5.0 5.1 5.2 5.3 5.2 5.2 5.2 5.1 5.1 5.1 5.1 5.0 6.0 LLIONS OF OLLARS 16.0 16.2 16.4 16.6 16.8 17.1 17.1 17.6 17.6 18.1 18.2 18.4 18.5 18.7 18.8 19.1 19.0 19.4 20.0 20.3 20.4 20.7 20.9 21.1 21.2 YEAR | | 1 1 | I 1 | 1 | 1 | I | 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 1 I I I 1 I | 1 | 1 1 | 1 | 1 1 I I | 1 | 1 1 1 I | 11.7 17.7 23.7 28.7 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 6.8 6.8 6.9 6.9 6.9 6.9 6.9 33.1 29.3 27.1 23.4 24.4 26.2 29.2 28.8 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 18.4 17.3 7.3 7.2 1 | AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 MONTHS (AVERAGE OF ENO-OF-MONTH DATA I . AS P E R CENTAGE OF LOANS OUTSTANDING* AGRICULTURAL FINANCE 230 LIFE 231 FARM MORTGAGES OUTSTANDING ACTUAL 12-MONTH MOVING TOTAL FARM MORTGAGE COMMITMENTS OUTSTANDING 233.1 SOURCE: ACTUAL FARM MORTGAGES ACQUIRED 232.1 232.3 233 MARCH ] INSURANCE COMPANIES 231.1 232 DATABOOK—MONTHLY S E R I E S ACTUAL "MONTHLY S T A T I S T I C A L R E P O R T , " AMERICAN COUNCIL OF L I F E INSURANCE. • TABLE 2 3 1 . 1 • • • • • LIFE INSURANCE COMPANIES FARM MORTGAGES OUTSTANDING END OF MONTH MILLIONS PERCENTAGE CHANGE FROM PREVIOUS OF DOLLARS CHANGE FROM PREVIOUS AMOUNT MONTH 1975—JAN#•i -FEB... —M A R . . 1 —APR• . « -MAY.., -JUN.., —JUL. . < -AUG. . -SEP.. —OC T • • -NOV.. -DEC • • 6300. 6394. 6428. 6504. 6543. 6573. 6584. 6606 . 6631. 6661. 6679. 6753. -27. 94. 34. 76. 39. 30. 1976—JAN.. -FEB.. -MAR.. —A PR.. —MAY.. —JUN.. -JUL.. —AUG.. -SEP.. —OCT.. -NOV.. -DEC.. 6744. 6781. 6827. 6873. 6941. 7000. 7068. 7124. 7181. 7217. 7286. 7418. -9. 37. 46 . 46. 1977—JAN.. -FEB.. -MAR.. —APR. • -MAY.. -JUN,. -JUL.• —AUG *. -SEP.. -OCT.. -NOV.. —DEC.« 7428. 7513. 7625. 7816. 7926. 8140. 8236. 8331. 8475. 8569. 8648. 8843. 11. 22. 25. 30. 18. 74. 68. 59. 68. 56. 57. 36 . 69. 132. 10. 85. 112. 191. 110. 214. 96. 95. 144. 94. 79. 195. | MONTH | YEAR YEAR 334. 429. 429. 469. 469. 445. 396. 384. 384. 361. 387. 426. -0.4 1.5 0.5 444. 387. 399. 369. 398. 427. 484. 518. 550. 556. 607. 665. -0.1 0.5 0.7 0.7 684. 732. 798. 943. 985. 1140. 1168. 1207. 1294. 1352. 1362. 1425. 1.2 0.6 0.5 0.2 0.3 0.4 0.5 0.3 1.1 1.0 0.9 1.0 0.8 0.6 0.5 1.0 1.6 0.1 1.1 1.5 2.5 1.4 2.7 1.2 1.2 1.7 1.1 0.9 2.3 19 20 TABLE 2 3 2 . 1 L I F E INSURANCE C O M P A N I E S FARM MORTGAGES ACQUIRED MILLIONS CHANGE FROM P R E V I O U S I I MONTH AMOUNT MONTH 1 1975-JAN...I -FEB...I —MAR... | —APR . . . | -MAY... 1 -JUN...1 - J U L . . .1 -AUG.*.1 —SEP. . . 1 -OCT...1 -NOV.. . I -DEC...! 1 1976—JAN...I -FEB.. .I -MAR.. . I —APR.*•1 -MAY...I - J U N . . .1 —JUL.. • 1 -AUG...1 -SEP.. . 1 -OCT...I -NOV...I -DEC.• . 1 1 1977—JAN...I -FEB.. • 1 -MAR... I -APR...I -MAY...I -JUN... 1 -JUL..•1 -AUG...1 -SEP...1 -OCT... I -NOV... 1 -DEC.• • 1 * PERCENTAGE CHANGE FROM P R E V I O U S OF DOLLARS YEAR 80. 164. 119. 120. 75. 75. 55. 53. 62. 54. 65. 153. -17. 64. —45 . 100. 116. 136. 128. 125. 131. 138. 106. 123. 79. 116. 242. -53. 16. 20. -8. -3. 6. 7. -32. 17. -44. 37. 126. i 1 | 160. 156. 233. 256. 214. 278. 16b. 188. 209. 144. 135. 319. -82. -4. 77. 23. -42. 64 . -110. 20. 21. -65 . -9. 184. | I 1 | | I I OUTSTANDING MORTGAGES 1 1. -45. 0. -20. -2. 9. -6 • 11. 88. 1 | 1 | | 1 I I 1 | 1 | I I | I 1 I 1 | 1 I | 1 1 1 -9. 100. -5. 28. -20. -22. -41. -20. 7. —18. 12. 56. 20. -48. 17. 8. 50. 56. 83. 53. 61. 25. 51. 89. 60. 40. 97. 128. 69. 147. 30. 62. 66. 65. 19. 77. YEAR 1 | I 1 I I I 1 I | | | 1 j I | | 1 I | I I 1 | | | -17.5 105.0 -27.4 0.8 -37.5 0.0 -26.7 -3.6 17.0 -12.9 20.4 135.4 -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 25.0 -29.3 14.3 6.7 66.7 74.7 150.9 -33.9 -2.5 49.4 9.9 -16.4 60.0 34.5 71.3 100.0 98.4 46 . 3 78.5 58.2 J 1 I | | I | | I ! 1 1 I AT END OF P R E C E D I N G MONTH. 100.0 71.2 29.9 112.2 -39.6 11.9 11.2 -31.1 -6.3 136.3 21.7 77.4 69.9 82.3 16.4 31.8 TABLE 232.3 L I F E INSURANCE COMPANIES FARM MORTGAGES ACQUIRED TWELVE-MONTH MOVING TOTAL MILLIONS I I | CHANGE FROM P R E V I O U S AMOUNT I 1975-JAN. . . I -FEB. —MAR . -APR. —MAY * . . I -JUN. —JUL. —AUG. -SEP. -OCT. -NOV. -DEC. 1 9 7 6—JAN. -FEB. . . I —MAR. . . I -APR. -MAY. -JUN. —JUL. —AUG. - S E P . .1 —OC T . -NOV. -DEC. . . I 1977-JAN. -FEB. -MAR. -APR. -MAY. -JUN. -JUL. -AUG -SEP -OCT -NOV -DEC ..I ..I ..I ..I ...I * AVERAGE PERCENTAGE CHANGE FROM P R E V I O U S OF DOLLARS 998. 1098. 1093. 1121. 1101. 1079. 1036. 1018. 1025. 1007. 1019. 107 5 . 1095. 1047. 1064. 1072. 1122. 1178. 1261. 1314. 1375. 1400. 1451. 1540. 1600. 1640. 1737. 1865. 1954. 2101. 2131. 2213. 2299. 2364. 2383. 2460. MONTH | -9. 100. —5 . 28. -20. -22. -41. -20. 7. -18. 12. 56. 20. -34. 64. 33. 45. 11. — 18. -72. -78. -49. —67. —12. 68. 97. —48 . 17. -51. 50. 56. 83. 53. 21. 8. 61. 25. 51. 89. 60. 40. 97. 128. 89. 147. 30. 82. 86. 65. 19. 77. MONTH -29. -49. 99. 223. 296. 350. 393. 432. 465. 505. 593. 673. 793. 832. 923. 870. 899. 924. 964. 932. 920. -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 2.8 0.8 3.2 O U T S T A N D I N G MORTGAGES DURING THE P R E C E D I N G YEAR I 1 YEAR AS P E R E NT AGE OF MORTGAGES OUTSTANDING* | 1 I 1 1 I | I 1 1 I 1 -3.3 6.2 3.1 4.2 1.0 -1.6 -6.5 -7.1 —4 * 6 —6 . 2 -1.2 6.8 16.2 17.b 17.6 18.0 17.5 17.1 16.3 15.9 16.0 15.6 15.7 16.5 I I I I I 1 1 1 1 1 I t 9.7 —4* 6 -2.7 -4.4 1.9 9.2 21.5 29.1 34.1 39.0 42.4 43.3 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 59.7 22.7 23.1 24.3 25.8 26.8 28.5 28.5 29.2 29.9 30.4 30.2 30.7 I I I I t I I 1 1 I I 1 1 2 MONTHS (AVERAGE OF END-OF-MONTH DATA), 21 TABLE 2 3 3 . 1 L I F E INSURANCE COMPANIES OUTSTANDING FARM MORTGAGE COMMITMENTS END OF MONTH PERCENTAGE CHANGE FROM PREVIOUS M I L L I O N S OF DOLLARS CHANGE FROM PREVIOUS AMOUNT 1 9 7 5 —JAN . . . | ~FEB e . • I —MAR * m . 1 -APR...I —MAY. . * 1 -JUN...I -JUL•• • 1 —AUG*.• 1 -SEP...I -OCT.. . 1 -NOV...I -DEC.. . 1 1 1976—JAN.. . | -FEB...I -MAR...! —APR . . . 1 -MAY.. .1 -JUN.. . I -JUL.. • 1 -AUG.. . 1 -SEP . . . 1 -OCT...1 -NOV . . . 1 —DEC . . . 1 1 1977-JAN..•I -FEB...I -MAR... I -APR...1 -MAY... I -JUN... | -JUL...1 —AUG... 1 -SEP...I —OCT...1 -NOV...I -DEC. . . 1 MONTH 496.0 500,0 466.0 430.0 413.0 399.0 399.0 405.0 438.0 473.0 506.0 459.0 1 1 I I 466.0 477.0 479.0 501.0 482.0 490.0 487.0 494.0 520.0 582.0 592.0 553.0 I | 1 I | 1 1 1 1 I I 1 I1 1 1 | 1 1 1 1 I 1 | 1 1 567.0 614.0 603.0 663.0 680.0 671.0 673.0 696.0 745.0 769.0 782.0 768.0 I I 1 1 1 1 1 I 1i -74.0 4.0 -34.0 —36.0 -17.0 -14.0 0.0 6.0 33.0 35.0 33.0 -47.0 I 1 51.0 -14.0 -54.0 -105.0 -220.0 -241.0 -206.0 -226.0 -198.0 -144.0 -89.0 -111.0 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 1.5 2.4 0.4 4.6 -3.8 1.7 —0.6 1.4 5.3 11.9 1.7 -6.6 101.0 137.0 124.0 162.0 198.0 181.0 186.0 202.0 225.0 187.0 190.0 215.0 2.5 8.3 -1.8 10.0 2.6 -1.3 0.3 3.4 7.0 3.2 1.7 -1.8 I 1 I 1 I I | I 1 I 1 I 1 I | I 1 1 | 1 | I 1 1 1 1 I I 1 1 I 1 I I 1 | | | YEAR I I 1 1 I | 1 1 I | I 1 j 7.0 1 11.0 | 2.0 I 22.0 1 -19.0 I 8.0 I -3.0 | 7.0 I 26.0 | 62.0 I 10.0 1 -39.0 I | 14.0 47.C -11.0 60.0 17.0 -9.0 2.0 23.0 49.0 24.0 13.0 -14.0 NTH I 1 1 | I 1 I I I I I 1 1 AS PERCENTAGE OF MORTGAGES OUTSTANDING ACQUIRED IN MONTH 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 —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 ti.l 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 21.7 28.7 25.9 32.3 41.1 36.9 38.2 40.9 43.3 32.1 32.1 38.9 7.6 fa.2 7.9 6.5 8.6 8.2 8.2 8.4 8.8 9.0 9.0 8.7 354.4 393.6 258.8 259.0 317.8 241.4 400.6 370.2 356.5 5 34.0 579.3 240.8 YEAR 11.5 -2.7 -10.4 -19.6 -34.8 -37.7 -34.0 —35.8 -31.1 -23.3 -15.0 -19.5 AGRICULTURAL 300 FINANCE AGRICULTURAL 301 BANKING DATA FARM N O N - R E A L - E S T A T E 301.1 302 302.1 310 312 BANKS AND LOANS AT FEDERAL RESERVE 311.3 PERCENTAGE FEDERAL 312.3 FROM P R E V I O U S YEAR BORROWING BY MEMBER BANKS NUMBER OF DEPOSITS 311 LOANS AMOUNT AND CHANGE SEASONAL MARCH 1 9 7 8 DATABOOK—MONTHLY S E R I E S AND AVERAGE AGRICULTURAL DISTRICTS 7 CHANGE 6 BORROWING... BANKS AND 9 CHANGE FROM P R E V I O U S RESERVE D I S T R I C T PERCENTAGE DAILY YEAR, AND L O A N / D E P O S I T RATIO, YEAR, AND L O A N / D E P O S I T RATIO AND TEXAS FROM P R E V I O U S RESERVE D I S C O U N T W I N D O W , " BY EMANUEL MEL1CHAR AND H A R R I E T H O L D E R N E S S , AGRICULTURAL F I N * " " R E V I E W , OCTOBER 1 9 7 4 , P P . 4 2 - 5 1 . s *«5is FINANCIAL FEBRUARY °FpcnPMAMCFr" 1977, PP. KY 87-88. EMANUEL M E L I C h A R , AGRICULTURAL FINANCE R E V I E W , 24 TABLE 301.1 FARM I I AMOUNT | | LARGE | BANKS | (MILLIONS 1975-JAN. -FEB. -MAR. -APR. -MAY. I | OF DOLLARS) ,1 3599. 3498. 3390. 342 5. 3397. 3458. 3549. 3581. 3631. 3597. 3547. 3640. -JUN. -JUL. —AUG -SEP ...I -OCT. -NOV. -DEC. 1977-JAN. -FEB. -MAR. -APR. -MAY. -JUN. -JUL. —AUG. ..I ..I ..I -SEP. ..I ..I 1976-JAN. -FEB. LARGE-BANK ARE BANKS DATA FOR THAT 3>TC 18.3 18.5 lb.7 19.1 19.4 19.7 19.9 19.9 19.9 ARE 1977 LARGE BANKS -102. 18.4 18.5 18.7 18.5 18.7 19.0 19.4 19.7 19.9 - 2 3 8 . - 3 9 8 . - 3 8 2 . —39 1 . - 3 8 0 . - 3 0 8 . 0.8 0.6 0.6 0.6 0.6 0.7 0.9 1.1 1.4 1.6 1.6 2.0 1 I j 1 I | I i 1 1 1 1 0.8 I 0.6 j 0.6 1 0.7 I 0.6 I 0.6 I 0.9 | 1.2 1 1.4 | 1.6 | 1.6 1 1.8 1 2.1 2.2 2.2 2.7 2.9 3.1 3.0 2.9 3.0 3.1 3.2 3.1 I 1 1 1 1 I 1 I I 1 I I 2.0 1 2.3 1 2.2 I 2.6 1 3.0 1 3.1 1 3.0 | 2.9 I 3.0 1 3.1 | 3.2 | 3.1 1 —268. -106. -112. - 1 7 8 . - 9 . 20.3 20.5 20 20 21 21 . . . . 4 6 . 129. 320. 377. 440. 501. 450. 590. 7 7 3 5 22.4 21.8 22.0 22.9 23.0 23.1 23.3 22.3 22.7 23.0 23.3 23.5 616. 681. 7 1 1 . 622. 23.7 24.0 25.6 25.2 26.3 26.0 25.7 26.0 558. 567. 74 1. 735. 744. 587. 547. 520. 4 4 2 . 4 3 8 . -2.8 -6.4 -10.5 —10 . 0 -10.3 -9.9 -8.0 -7.0 -2.8 -3.0 -4.8 -0.2 1.3 3.7 9.4 11.0 13.0 14.5 12.7 16.5 17.0 18.9 20.0 17.1 16.4 14.8 15.0 14.9 19.3 18.6 18.6 14.1 12.9 12.2 10.4 10.3 3.2 I 3.3 t 3.4 | 3.4 I 3.4 1 3.3 1 2.4 I 2.5 I APPROXIMATELY DEPOSITS IN 330 COMMERCIAL EXCESS OF $100 SEASONALLY ADJUSTED 4.6 3.4 3.4 3.4 3.3 3.8 4.9 5.9 7.6 8.7 8.7 11.0 4.5 3.4 3,4 3.9 3.4 3.3 5.0 6.6 7.7 8.7 8.6 9.7 11.6 12.2 11.8 14.6 15.5 16.2 15.5 14.7 15.3 15.6 16.1 15.3 10.8 12.5 11.9 13.9 16.2 16.6 15.8 14.9 15.3 15.6 15.9 15.2 15.8 15.8 15.5 15.5 14.6 14.6 10.3 10.5 9.3 8 .6 396. 360. FOR ALL COMMERCIAL BANKS ACTUAL 598. 538. TOTAL ARE BANKS 18.6 4639. 4525. HAD COMMERCIAL |SEASONALLY I 1 ADJUSTED | 20.6 22.6 ALL ACTUAL 20.2 22.2 I P E R C E N T A G E C H A N G E FROM P R E V I O U S YEAR YEAR 1OF D O L L A R S ) j 20.4 21.2 21.6 LARGE PREVIOUS BILLIONS 20.1 20.2 FROM BANKS BANKS MILLIONS OF DOLLARS) SEASONALLY ADJUSTED 18.1 18.1 L O A N S AT C O M M E R C I A L OF MONTH) CHANGE I DATA ttScSr ACTUAL 4243. 4165. 4268. 4369. 4578. 4694. 4743. 4758. 4794. 4798. 4700. 4700. ..I ..I ..I ..I -OCT. -NOV. -DEC. ALL COMMERCIAL BANKS ( B I L L I O N S OF DOLLARS) 364 5. 362 7 . 3710. 3802. 3837. 3959. 3999. 4171. 4247. 4278. 4258. 4262. 1976-JAN. -FEB. —MA R * -APR. -MAY. —JUN . -JUL. -AUG. -SEP. -OCT. -NOV. -DEC. NON-REAL-ESTATE (END BANKS THAT MILLION AS SUBMIT OF THE DECEMBER F.R. 31, 416 1965. WEEKLY REPORT OF CONDITION. THESE !ks.ss Esr.ssjsirK.iK'^.'oS.'is.s: srsaji's.'s.sssat: aaas.:""""""" PRELIMINARY ESTIMATES. TABLE 3 0 2 . 1 MEMBER BANK BORROWING UNDER SEASONAL BORROWING P R I V I L E G E WEEK ENDING ON LAST WEDNESDAY OF MONTH VERAGE DAILY SEASONAL BORROWlNGl (THOUSANDS OF DOLLARS) 1 NUMBER OF BANKS EPOSIT I I 1 | I 12. 1975-JAN...I -FEB...I -MAR...I -APR...I —MAY... I —JUN... I —JUL..* I —AUG... I —SEP... I -OCT...1 -NOV . . . I —DEC.. . I I 9. 13. 17. 29. 39. 40. 40. 23. 13. 9. 10. 17. I 1977-JAN...I -FEB...I —MAR... I —APR . . . I -MAY...I —JUN... I —JUL•*.I —AUG...I -SEP...I —OC T . . . I -NOV...I -DEC...I I 1978—JAN...I -FEB . . . I -MAR.... 11. 15. 28. 37. 34. 35. 17. 45. 59. 63. 99. 92. 81. 53. 34. 23. fiV 1. 2. 6. 5. 0. 0. 0. 0. 0. 1. 1. 1. 1. 17. 41. 37. 39. 48. 38. 31. 19. 21. 2. 2. 7. 10. 42. 38. 40. 49. 40. 31. 19. 8. 10. 0. 0. 0. 0. 2. 0. 13. 21. 8. I TOTAL 21. 20. SIZE CLASSIFICATION 10. 20. 21. -NOV...I -DEC...I DEPOSIT 15. 7. —OCT...I 12. 15. 10. 197 6 — J A N . . . I —FEB...I —MAR . . . I -APR...I —MAY... I —JUN... I -JUL . . . I —AUG... I —SEP... I OVER $100 MILLION UP TO $100 MILLION TOTAL |DEPOSIT S I Z E OF BANK 2. 0. 0. 1 UP TO $100 I 1 MILLION 10101. 1 9713. 1 6744. 1 7080. I 8 6 4 3 . 11 1 0 5 1 6 . 1I 2 2 6 0 2 . 1| 4 0 1 1 0 . 1I 6 6 0 1 8 . 1| 5 9 6 7 3 . 1| 25704. | 12850. | j 8267. | 8233. | 9605. I 11153. | 11637. | 27898. | 25957. 1 23354. | 33618. 1 33297. I 27215. | 9970. | 0. 0. 0. 0. 1. 8113. 11353. 14161. 15030. 34503. 70158. 68701. 130235. 115456. 116094. 74288. 52761. OF BANK OVER 1 $100 1 1 MILLION 10101. 1 9713. 1 6744. 1 7080. 1 5914. 1 6875. 1 15888. 1 31110. 1 35532. 1 35673. 1 21204. I 12850. 1 | 8267. 1 8233. 1 9605. 1 11153. 1 11637. 1 25898. 1 20243. 1 17354. | 29618. 1 29154. | 27215. 1 9970. 1 8113. 1 11353. 1 14161. 1 17. 15030. 1 21. 3 2 5 0 3 . 1I 44. 4 5 6 5 8 . 1I 4. 55. 48508. 1 4. 59. 8 0 9 3 6 . |1 10. 89. 73456. 1 9. 83. 74794. | 7. 74. 41488. 1 8. 45. 34461. 1 3. 31. ( 35588. 1 35588. | 23* I 0. 52858. 1 52858. | 31. I 0. 50535. 51892. 49. 2. I S BASED ON AVERAGE D E P O S I T S IN 1 9 7 2 . 10. | 1 | | 1 | | | 1 1 | I SIZE 0. 0. 0. 0. 2929. 3643. 6714. 9000. 30486. 24000. 4500. 0. 0. 0. 0. 0. 0. 2000. 5714. 6000. 4000. 4143. 0. 0. 0. o. 0. 0. 2000. 24500. 20193. 49299. 42000. 41300. 32800. 18300. o. o. 1357. I 1 1 I I I I I I I I I I I I I I I I I I I I I I I 1 I I I I I I I I I I I I I 25 26 TABLE 311.3 D E P O S I T S AND LOANS AT AGRICULTURAL p ANKS SEVENTH AND NINTH FEDERAL RESERVE D I S T R I C T S | | SEVENTH FEDERAL RESERVE D I S T R I C T \ 1975-JAN... 1 -FEB... | —MAR••, I -APR.., I -MAY.., 1 -JUN... i - J U L . . , I -AUG.., I - S E P . . , I -OCT.., f -NOV.., | -DEC.., I I 1976-JAN..< I —FEB.., ,| -MAR..,, | —A P R . . , , | - M A Y . . >1 — J U N . . »| -JUL.• , | -AUG.. , | - S E P . . , | -OCT. . „ | -NOV.. . j -DEC. . . | 1 1 9 7 7 - J A N . . .1 -FEB.. . | —MAR.. • | —APR. . . | - M A Y . . .1 -JUN.. . 1 - J U L . . .1 - A U G . . .1 - S E P . . . | —OCT.. .1 - N O V . . •I -DEC.. .| I 197 8—JAN.. . i —FEB.. ej PERCENTAGE CHANGE FROM PREVIOUS YEAR PERCENTAGE CHANGE FROM PREVIOUS YEAR | DEPOSITS TOTAL 10.3 8.4 8.8 8.8 9.3 11.0 11.9 12.1 12.5 13.0 13.9 12.1 11.5 12.1 12.5 12.9 13.8 13.2 11.8 11.5 12.0 11.7 10.6 11.5 11.5 11.1 11.8 12.3 12.3 11.5 10.7 10.5 9.7 8.5 9.0 9.5 8.i 7.3 1 I 1 I * 1 I | I I i 1 1 1 I 1 | 1 I 1 | 1 1 i | | 1 I | | I I 1 | I 1 1 I j 1 i 1 DEMAND 0.8 -3.8 -3.2 -3.0 -3.3 0.7 1.8 1.6 4.1 4.9 8.6 1.6 1.5 4.0 5.4 6.2 8.5 7.5 5.2 5.3 5.4 3.2 0.5 3.9 3.1 2.0 4.5 5.7 5.4 3.8 1.2 1.1 -1.1 -2.6 0.6 2.3 2.4 0.9 | 1 1 1 TIME NINTH FEDERAL RESERVE D I S T R I C T (MINNEAPOLIS) SECOND WEDNESDAY OF MONTH (CHICAGO) LOANS LOAND EP O S IT RATIO DEPOSITS TOTAL 1 1 I 1 I 1 1 1 1 1 1 | 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 I | I 1 1 I 1 1 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 0.525 0.526 0.532 0.527 0.542 0.536 0.533 0.530 0.528 0.524 0.526 0.539 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 I 1 1 1 1 1 1 1 1 1 1 I 1 1 1 I 1 1 1 1 I $ 1 1 1 1 16.2 17.5 17.2 17.4 17.6 17.5 16.7 16.4 17.7 18.7 17.7 17.9 1 1 I 1 1 1 1 1 I 1 1 1 1 1 I 1 1 1 1 1 1 1 1 1 1 1 1 1 15.1 15.3 15.1 16.5 20.7 16.8 17.7 18.5 18.6 18.8 18.5 18. 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 9.6 10.1 6.2 9.6 9.0 8.6 8.3 8.9 7.9 9.3 8.3 8.0 20.1 19.6 20.6 20.0 15 . 8 20.6 23.0 22.6 23.2 22.4 20.8 20.4 0.574 0.574 0.581 0.576 0.586 0.593 0.612 0.617 0.621 0.623 0.619 0.621 7.4 7.2 8.6 8.7 9.1 8.6 8.0 7.8 8.5 7.7 7.6 7.4 10.9 10.5 0.614 0.616 8.5 7.9 18.0 17.5 17.5 17.5 17.7 17.8 18.3 17.7 17.2 15.8 15.0 15.3 5.5 5.3 11, DEMAND 1 1 1.1 1 -3.0 1 -7.9 t -6.9 I —2 . 6 1 1.5 1 0.9 1 -6.5 1 3.8 I 3.1 I 3.6 1 4.6 1 1 -0.6 1 3.0 1 1.2 1 5.4 1 4.3 1 3.6 1 2.9 I 4.3 1 0.4 1 1.8 1 0.5 1 -0.0 1 1 -0.8 1 -1.1 I 0.6 I 0.2 1 1.2 1 1.0 1 0.8 I -0.1 1 3.3 1 2.1 1 3.0 1 3.2 1 | 7.7 1 5.6 1 , TIME 1 1 LOANDEPOSIT RATIO I | 1 13.6 12.3 13,3 13.4 \l.l 9.4 io.a 9.2 9.5 7.9 8.6 11.8 0.609 0.604 0.599 0.617 0.624 0.616 0.627 0.629 0.622 0.623 0.610 0.616 1 | | | | | | I | 1 | | 9.1 12.8 11.3 10.5 10.9 13.0 11.3 12.4 13.4 14.0 14.4 12.6 0.607 0.619 0.616 0.622 0.635 0.640 0.645 0.649 0.654 0.650 0.644 0.642 I | 1 | 1 1 j j | | 1 | 12.4 12.9 14.7 14.3 14.3 13.4 14.9 14.4 13*4 14.0 14.7 13.7 0.635 0.651 0.650 0.654 0.665 0.669 0.686 0.689 0.684 0.688 0.687 0.680 1 | I | j 1 | | | j j I 13.9 13.2 0.666 0.683 | | I LOANS 1. 13.4 1 13.2 t 12.6 1 12.2 1 12.8 | 13.5 | 14.0 I 14.4 | 14.5 | 13.2 1 14.1 | 14*t 1 1 14.9 | 13.3 | 11.3 1 11.4 1 11.0 | 10.8 | 10.6 | 10.9 1 11.1 1 12.6 1 11.6 | 11.6 1 1 11.1 1 10.6 | 12.1 1 12.2 | 12.2 I 11.7 I 10.8 | 11.0 1 10.6 | 10.0 I 9.4 | 9.1 1 1 8.9 | 8.8 | DATA F O R THE S E V E N T H D I S T R I C T COVER MEMBER BANKS HAVING A RELATIVELY LARGE PROPORTION OF AGRICULTURAL LOANS AND LOCATED IN TOWNS WITH POPULATION UNDER 1 5 , 0 0 0 . DATA FOR THE NINTH D I S T R I C T COVER MEMBER BANKS AT WHICH AGRICULTURAL LOANS EXCEEDED 2 0 PERCENT OF TOTAL LOANS AS OF JUNE 1 9 6 9 . FOR BOTH D I S T R I C T S , LOANS ARE GROSS LOANS LESS FEDERAL FUNDS SOLD AND S E C U R I T I E S PURCHASED UNDER AGREEMENTS TO R E S E L L . • e # e - Vv TABLE 3 1 2 . 3 D E P O S I T S AND LOANS AT AGRICULTURAL BANKS S I X T H FEDERAL RESERVE D I S T R I C T AND TEXAS S I X T H FEDERAL RESERVE D I S T R I C T (ATLANTA) MONTHLY AVERAGE ENDING SECOND WEDNESDAY OF MONTH PERCENTAGE CHANGE FROM PREVIOUS YEAR I DEPOSITS I TOTAL 1 DEMAND | j********* | 9.9 I 8.5 I 8.7 10.3 1 1 9.4 1 9.0 1 8.6 1 7.2 1 7.1 I 8.2 1 9.1 j********* j 1 6.7 | 1 8.5 1 1 11.3 I I 13.1 | I 13.0 I 1 14.0 1 1 14.4 | 1 14.9 | 1 14.4 | 14.5 | 1 1 15.1 | 0.570 0.573 0.569 0.572 0.589 0.591 0.596 0.605 0.606 0.598 0.595 0.594 7.0 5.1 -0.1 5.6 4.6 4.0 5.3 4.6 4.4 3.4 4.5 5.9 | I I I | I I 1 I 1 1 I 14.5 13.5 4.4 13.0 13.0 13.4 13.9 14.0 14.2 12.4 12.5 13.4 1 1 1 1 1 1 1 | 1 I 1 1 16.1 14.9 7.2 15.7 15.0 17.0 17.2 17.7 17.7 18.0 18.5 18.5 | | 1 | 1 1 1 | | 1 I 1 0.592 0.596 0.594 0.599 0.616 0.628 0.632 0.643 0.644 0.646 0.642 0.636 8.5 7.9 6.9 1 1 1 12.5 12.3 13.6 1 1 1 16.9 16.7 17.3 I | 1 0.623 0.628 0.622 1976—JAN... ********* 8.5 —FEB.. . —M A R . • . 10.5 -APR.. . 11.1 -MAY... 11.7 -JUN... 10.7 10.2 —JUL. • . —AUG.*. 10.4 10.1 -SEP... 11.0 -OCT... -NOV... 12.1 12.3 —DEC . . . 11.7 LOANS TIME |********* j********* j********* j********* j********* j********* j********* ;********* j********* j********* j********* |********* |********* |********* j********* |********* |********* j ********* j********* |********* j ********* j ********* j********* j********* 1977-JAN... —FEB..» -MAR... —APR... -MAY... —JUN... —JUL.• . -AUG... —SEP. . . -OCT... -NOV... -DEC... 2.6 10.3 10.0 10.1 10.9 10.8 10.8 9.3 9.7 10.7 I 1 1 1 I 1 1 j | 1 I 1 1978—JAN... —FEB... -MAR.. . 11.1 10.8 11.9 1 1 I 10.4 1 LOANDEPOSIT RATIO |********* j********* j********* j********* j********* j********* j********* |********* j********* j********* j********* |****>**•• 11 |********* 1 10.5 1 11.7 1 12.4 1 12.5 1 11.5 1 11.5 1 11.4 1 11.8 1 13.2 I 14.2 1 14.2 ********* ********* ********* ********* ********* ********* ********* ********* ********* ********* ********* ********* 197 5—JAN.*• —FEB.•. -MAR... —APR... -MAY... -JUN... —JUL . . . -AUG..• -SEP... -OCT... -NOV... -DEC . . . • • # | ********* j 0.583 j 0.580 j 0.570 j 0.582 j 0.579 j 0.578 | 0.563 j 0.581 j 0.581 j 0.582 j 0.580 TEXAS 1 1 1 I PERCENTAGE CHANGE I FROM P R E V I O U S YEAR 1 LOANS I DEPOSITS | 1 1 1 -1.2 I -0.7 1 1.4 1 2.4 1 4.7 1 6.4 1 8.0 1 9.7 1 11.6 1 13.1 1 14.0 1 14.0 1I I 15.9 1 15.4 1 15.0 1 15.3 1 14.1 1 12.9 1 12.1 1 10.5 I 10.1 1 10.0 1 10.2 1 11.3 11 1 11.9 1 11.7 I 11.0 1 H . l 1 10.8 1 10.7 1 10.9 1 11.2 1 11.5 1 11.4 1 11.3 1 11.0 j 1 10.5 1 10.9 |********* LOANDEPOSIT RATIO 1 1 1 1 | | 1 1 11.4 9.0 7.1 6.3 5.0 4.8 4.2 4.3 4.7 6.0 7.6 10.7 0.501 0.491 0.490 0.491 0.497 0.493 0.489 0.485 0.487 0.488 0.486 0.494 1 I I 1 | 1 | | 1 I I | j 10.8 | 12.1 | 13.0 | 14.4 I 16.4 1 18.2 I 19.8 1 | 21.3 21.3 I 20.9 | 20.3 | 17.6 I 11 17.4 1 | 18.2 | 18.5 19.6 1 | 19.3 | 18.8 | 18.6 | 18.6 | 18.8 | 17.8 | 16.8 I 17.6 j | 15.7 14.7 | |********* 0.479 0.477 0.482 0.487 0.507 0.516 0.522 0.533 0.536 0.536 0.531 0.521 | | | 1 | 1 1 | | 1 1 | 0.502 0.505 0.514 0.524 0.546 0.554 0.559 0.568 0.571 0.567 0.557 0.552 | | | | | | | I | | 1 1 0.526 0.522 ********* | 1 j I I | | I I # 1 | I I | 11 DATA FOR THE SIXTH D I S T R I C T ARE FOR MEMbER BANKS AT WHICH AGRICULTURAL LOANS COMPRISE 1 5 PER CENT OR MORE OF TOTAL LOANS. DATA FOR TEXAS ARE FOR A SAMPLE OF MEMBtR BANKS AT WHICH AGRICULTURAL LOANS COMPRISE 2 5 PER CENT OR MORE OF TOTAL LOANS. FOR BOTH D I S T R I C T S , LOANS ARE GROSS LOANS LESS FEDERAL FUNDS SOLD AND S E C U R I T I E S PURCHASED UNDER AGREEMENTS TO R E S E L L . 27 28 Recent Federal Reserve Publications in Agricultural Finance "Agricultural Credit Conditions Survey," Federal Reserve Bank of Minneapolis, (Minneapolis, Minnesota 55480), January 1978. "The Land Value and Credit Conditions Survey," by Donald A. Langford, Agricultural Letter, Federal Reserve Bank of Chicago, (P.O. Box 834, Chicago, Illinois 60690), January 27, 1978. "Quarterly Survey of Agricultural Credit Conditions in the Eleventh Federal Reserve District," Statistical Release, Research Department, Federal Reserve Bank of Dallas, (Dallas, Texas 75222 ), January 31, 1978. "Agricultural Credit Survey Results," Financial Letter, Federal Reserve Bank of Kansas City, (Kansas Ctiy, 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. "Agricultural Credit 1977/78," Federal Reserve Bank of Chicago, (Chicago, Illinois March 1978. 60690),
@FedFRASER