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AGRICULTURAL FINANCE
DATABOOK
May 1978

Monthly Series

Emanuel Melichar
Marian Sayre

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 authors.

AGRICULTURAL

FINANCE

DATABOOK—MONTHLY

SERIES

MAY

SECTION

PAGE

200

FARM

LENDING

210

PRODUCTION

220

FEDERAL

230

LIFE

300

1978

CREDIT

LAND

FEDERAL

EXPERIENCE

OF NONBANK

INSTITUTIONS

ASSOCIATIONS

3

BANKS

INSURANCE

AGRICULTURAL

RECENT

OPERATIONS AND

COMPANIES

BANKING

RFSFRVF

10
18

DATA

23

PURI 1 C A T I Q N S

IN

AGRICULTURAL

FINANCE

28

OVERVIEW

Preliminary banking data indicate that non-real-estate farm loans at commercial banks increased
by $1.3 billion in the first quarter of 1978, which widened the year-over-vear gain in these loans from 10.3
per cent at year-end 1977 to 13.8 per cent on March 31 (Table 301.1). In sharp contrast, outstanding PCA
loans fell slightly during the first quarter, and their year-over-year change dropped from 10.4 per cent in
December 1977 to 6,7 per cent at the end of March (Table 211.1). Two factors that may be contributing to
these divergent trends are (a) average interest rates increased much faster at PCA's than at rural banks
during the two quarters ending in March, and (b) demand for cattle loans has been strong, and banks have
usually played a dominant role in feeder cattle financing.
(If final processing and editing of the March
banking data results in a different statistical story, we will rationalize it in the June issue!)
We have corrected our procedures for processing banking data received from the Chicago and
Atlanta Districts (Tables 311.3 and 312.3), and users of these data should examine the revisions shown.
Additional historical data for the Chicago District will probably appear in the next issue.
Some updated tables for Section 600 of the Annual Series Databook are enclosed.
The USDA has recently published the results of a survey of banks and PCA's in 12 states. If
you have not received a copy of Farmer Credit Survey, March 1978 (ESCS-17) and of the May 1978 issue of the
Agricultural Finance Review, you may want to get on the appropriate mailing list by writing to Philip T.
Allen, BSCS, U.S. Department of Agriculture, Washington, D.C. 20250.




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

210

PRODUCTION CREDIT ASSOCIATIONS
211

4
5

ACTUAL
12-MONTH MOVING TOTAL

6
7

RENEWALS AND COLLECTIONS

213.1
213.3

SOURCE:

ACTUAL
SEASONALLY ADJUSTED

LOANS MADE AND NEW LOANS

212.1
212.3
213

(AGRICULTURAL LOANS, EXCEPT AS NOTED)

LOANS OUTSTANDING

211.1
211.2
212

MAY 1978

ACTUAL
12-MONTH MOVING

8
9

TOTAL

"PRODUCTION CREDIT ASSOCIATIONS—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 O K — A N N U A L SERIES. NOVEMBER 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 P E R F O R M A N C E , B Y EMANUEL ME LI CHAR , AGRICULTURAL FINANCE REVIEW.
FEBRUARY 1977, PP. 92-95.




TABLE 211.1

PRODUCTION CREDIT ASSOCIATIONS
LOANS OUTSTANDING
(END OF MONTH)
BORROWERS

AMOUNT
MILLIONS OF DOLLARS
END
OF
MONTH

1
1
CHANGE FROM PREVIOUS|
1
YEAR
|
MONTH
|

10711.1
1976-JAN••.t
- FE B • • • | 10823.2
11117.2
-MAR...I
—APR• •. I 11420.9
-MAY• . . | 11706.7
-JUN...| 12005.6
12190.8
-JUL...I
12319.4
-AUG...I
12321.4
-SEP...I
12170.4
-OCT...I
-NOV ... I 11980.8
-DEC • • • | 12196.4

-30.4
112.0
294.0
303.7
285.8
296.9
185.1
126.6
2.0
-151.0
-189.6
215.6

1977-JAN•••| 12140.2
—FE B • • • | 12272.9
12583.0
-MAR...I
-APR • • • 1 12929.3
—MAY. . . 1 13332.9
-JUN... | 13748.9
- JU L . . . i 14038.0
14132.5
-AUG...I
14089.8
-SEP...I
—OC T . * . | 13788.7
-NOV... | 13471.3
-DEC ... I 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

1978-JAN...| 13233.3
—FE B • . • | 13273.6
-MAR...| 13426.8
-APR...j
13629.8

-220.9
40.3
153.2
203.0




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

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

1
1

YEAR

1
i
PERCENTAGE|
CHANGE
|
THOUSANDS
FROM
|
PREVIOUS 1
YEAR
|

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

|
I
|
|
1
|
1
1
I
1
|
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

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

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

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

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

-0.5
1.1
2.5
2.8
3.1
3.1
2.1
0.7
-0.3
-2.1
-2.3
-0.1

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

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

1093.1
1000.7
843.8
700.5

I
|
I
|

-1.6
0.3
1.2
1.5

|
|
1
I

9.0
8.2
6.7
5.4

341.2
341.7
343.7
346.2

1.8
1.3
0.6
0.2

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

AVERAGE SIZE
I PERCENTAGE
CHANGE
DOLLARS |
|
FROM
| PREVIOUS
|
YEAR
32646.
32761.
33250.
33815.
34415.
35106.
35552.
35926.
36036.
35837.
35591.
36338.

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

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

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

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

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

38788.
38850.
39067.
39366.

1
1
I
I

7.1
6.8
6.1
5.2

TABLE 211.2

PRODUCTION CREDIT ASSOCIATIONS
LOANS OUTSTANDING
SEASONALLY ADJUSTED DATA
(END OF MONTH)
BORROWERS

AMOUNT
MILLIONS OF DOLLARS
END
OF
MONTH

|
1
CHANGE FROM PREVIOUS 1
1
YEAR
|
MONTH
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|
1

THOUSANDS

YEAR

I

PERCENTAGE|
CHANGE
|
FROM
|
PREVIOUS |
YEAR
|

1976 —JAN• . . 1
—FE B . . . I
-MAR...1
—APR ... 1
-MAY...1
—JUN... I
—JUL ... I
-AUG ... 1
—SEP . . . |
—OC T...|
-NOV... I
-DEC... I

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

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

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

I
|
|
|
|
I
I
{
|
|
I
|

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

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

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

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

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

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

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

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

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

-58.0
9.0
-47.8
3.9

1127.8 I

-0.4
0.1
-0.3
0.0

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

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

1978-JAN...| 13658.7
— FE B • . . I 13667.7
-MAR... | 13619.9
—APR . . • 1 13623.8

I
1
|
|
1
|
|
|
1
I
I
|
1
I
|
!
|

9.0
8.2
6.8
5.5

348.0
346.3
344.6
344.1

1.7
1.3
0.6
0.2




1034.2 |
861.4 |
706.5 |

AVERAGE SIZE
DOLLARS

I PERCENTAGE
| CHANGE
I
FROM
I PREVIOUS
I
YEAR

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

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

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

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

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

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

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

|
|
|
|

39250.
39472.
39522.
39588.

I
|
|
|

7.1
6.8
6.1
5.2

5

TABLE 212.1

PRODUCTION CREDIT ASSOCIATIONS
LOANS MADE AND NEW LOANS
LOANS MADE
1 MILLIONS I
OF
1
1
1 DOLLARS 1
1
1

1976-JAN...|
1794.8 1
-FE B . . . | 1594.0 1
-MAR...|
1932.3 I
1714.3 1
-APR ... I
-MAY...|
1412.4 1
-JUN...|
1438.6 1
-JUL...|
1177.3 1
-AUG...I
1178.1 1
-SEP...|
1168.5 1
-OCT...|
1210.5 1
-NOV...|
1487.8 1
2146.9 1
-DEC ... 1
i
1
1
1977-JAN...|
1973.7 1
-FEB... |
1830.1 1
-MAR...|
2196.2 1
-APR ... |
1874.2 1
-MAY...|
1652.2 1
-JUN... |
1614.8 1
-JUL...|
1292.0 1
-AUG...|
1281.2 1
-SEP... |
1284.4 1
-OCT... |
1325.8 1
-NOV... |
1545.4 1
2179.1 1
-DEC...I
1
I
1978-JAN.. . | 2054.0 1
-FEB... |
1911.6 I
-MAR...|
2414.1 1
-APR ...j
2027.6 I

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
-11.2
-11.2
21.2
-11.3
-17.6
1.9
-18.2
0.1
-0.8
3.6
22.9
44.3
-8.1
-7.3
20.0
-14.7
-11.8
-2.3
-20.0
-0.8
0.2
3.2
16.6
41.0
-5.7
-6.9
26.3
-16.0

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

YEAR

NEW LOANS
I

AS PERCENTAGE OF

I LOANS OUT-I
I STANDING*!

COLLECTIONS

MILLIONS 1
OF
|
DOLLARS 1
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

YEAR

1

AS PERCENTAGE OF

I LOANS OUT-I
I STANDING*!

COLLECTIONS

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
1
1
1
1
1
I
1
t
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

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

169.0
205.4
221.8
206.3
193.3
173.6
162.8
153.0
131.0
114.8
122.7
189.0

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
|
|
|
|
|
|
|
|
|

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

|
|
|
|
|
|
1
|
|
|
|
}

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
1
1
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

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

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

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
1
1
1
1
1
I
1
1
1
1
I

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

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

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

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

-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
|
j
|
|
|
(
|
|
|

8.9
13.5
12.0
6.3
17.8
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
I

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
|
|
1
|
1
1
|
1
|

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

4.1 1
4.5 1
9.9 1
8.2 1

15.3
14.4
18.2
15.1

|
|
I
|

146.5
190.9
190.8
187.5

1176.5
1040.3
1447.3
1285.2

|
|
|
|

-12.5 |
-11.6 |
39.1 |
-11.2 |

4.8
3.3
10.5
6.1

1
1
1
1

8.7
7.9
10.9
9.6

|
|
1
|

83.9
103.9
114.4
118.8

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 |
OF
|
DOLLARS I
1
1976—JAN ...
— FE B . . .
-MAR...
-APR . . .
-MAY...
- JU N . . •
-JUL ...
-AUG...
-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...
-FE B . . .
-MAR...
—APR ...
-MAY...
-JUN...
—JUL ...
-AUG...
-SEP...
—OC T . . .
-NOV . . .
-DEC ...

18434.4
18670.5
18934.5
19094.4
19334.2
19510.4
19625.1
19728.3
19844.1
19959.4
20017.1
20049.3

1978-JAN ...
-FEB...
—MA R...
-APR ...

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

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

|
|
|
|
|
|
|
i
|
|
|
|
1
1
20129.6 |
20211.1 |
20428.9 |
20582.3 1

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
0.4
1.1
0.8

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

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

NEW LOANS
I

AS PERCENTAGE OF

|LOANS OUT-|
I STANDING*!

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

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

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

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

151.0
150.6
151.3
151.6

|
|
|
I

162.5
161.5
159.9
158.4

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

9.2 1
8.3 I
7.9 1
7.8 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

COLLECTIONS

MILLIONS |
OF
|
DOLLARS |
1

* AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 MONTHS

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

YEAR

|

AS PERCENTAGE OF

I LOANS OUT-1
I STANDING*!

COLLECTIONS

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
|
|
|
|
|
|
|
|
|

8.7
9.1
12.6
14.4
15.6
15.5
15.4
17.2
16.9
15.8
17.1
15.1

*
1
1
I
I
1
1
1
1
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
I
|
|
|
I
|
|
|
f
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

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

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

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

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

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

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

106.1
106.0
106.1
105.6
106.1
105.7
105.2
104.5
103.8
103.4
102.5
101.5

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

113.3
113.3
113.2
113.5
114.4
115.5
116.4
115.9
115.2
113.8
112.5
110.3

13474.0
13506.8
13644.2
13718.1

|
|
1
|

0.4
0.2
1.0
0.5

|
|
I
|

8.1
7.4
7.3
7.2

1
1
I
1

101.1 |
100.6 |
101.0 |
101.0 |

108.7
107.9
106.8
105.6

(AVERAGE OF END-OF-MONTH DATA),

•NEW LOANS" ARE COMPUTED AS LOANS MADE LESS RENEWALS. RENEWALS INCLUDE SOME NONAGRICULTURAL LOANS (SEE NOTE ON PAGE 3).




TABLE 213.1

PRODUCTION CREDIT ASSOCIATIONS
RENEWALS AND COLLECTIONS
COLLECTIONS

RENEWALS
MILLIONS I
OF
I
DOLLARS I
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

I

YEAR

I

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

AS PERCENTAGE OF

I LOANS OUTI STANDING*

LOANS
MADE

MONTH

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
I
|
I
|
|
|
I
1
|

18.5
15.4
23.3
9.5
2.8
10.0
-4.9
15.1
7.7
-5.4
22.5
11.5

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

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

41.8
47.7
46.7
40.9
34.9
27.2
26.8
26.8
23.4
22.5
27.6
41.0

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

1062.2
775.9
871.3
831.2
730.7
828.5
723.4
769.8
892.2
1054.8
1212.4
1135.8

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

4.3
-27.0
12.3
-4.6
-12.1
13.4
-12.7
6.4
15.9
18.2
14.9
-6.3

851.6
822.7
886.4
662.9
448.7
387.6
291.4
302.1
322.6
326.9
492.8
834.2

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

8.0
-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
|
|
I
1
|
I
|
I

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
I
1
1
I
1
I
1
I
I
I

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
22.6
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

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

1175.3
875.5
1004.4
865.0
800.8
813.7
711.8
884.4
1023.3
1281.0
1372.0
1356.7

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

3.5
-25.5
14.7
-13.9
-7.4
1.6
-12.5
24.3
15.7
25.2
7.1
-1.1

877.5
871.4
966.7
742.5

I
|
I
I

5.2
-0.7
10.9
-23.2

1
|
|
|

3.0
5.9
9.1
12.0

I
I
1
1

6.5
6.6
7.3
5.5

42.7
45.6
40.0
36.6

38.5
46.5
43.3
40.7

|
|
|
|

1402.0
1001.5
1265.1
1081.4

|
|
I
I

3.3
—28.6
26.3
-14.5

1976-JAN...
—FEB...
-MAR...
-APR...
-MAY...
-JUN...
-JUL...
-AUG ...
-SEP...
—OC T . . .
-NOV . . .
-DE C . . e

764.3
706.7
762.2
575.2
391.1
309.0
265.4
282.0
273.0
306.4
462.8
788.3

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

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




PERCENTAGE CHANGE
FROM PREVIOUS
|
|
I
|
|
|
|
|
|
|
|
I
|
j
|
1
I
|
|
I
I
1
|
1
1
I
1
|
|
|
1

YEAR

I AS PERC E N T A G E OF
I LOANS OUTI STANDING*

18.9
28.6
52.1
18.7
15.0
20.8
-4.4
4.2
0.9
—2 .0
29.6
11.5

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

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
I
I
I
I
1
|
1
1
1
I

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 |
14.4 I
26.0 |
25.0 1

10.4
7.6
9.5
8.1

TABLE 213.3

PRODUCTION CREDIT ASSOCIATIONS
RENEWALS AND COLLECTIONS
TWELVE-MONTH MOVING TOTAL
COLLECTIONS

RENEWALS
MILLIONS I
OF
|
DOLLARS |
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

YEAR

I

AS PERCENTAGE OF

| LOANS OUTI STANDING*

LOANS
MADE

| MILLIONS
OF
COLLECT. &| DOLLARS
RENEWALS I

1
|
I
1

MONTH

|

YEAR

1 AS PERC E N T A G E OF
I LOANS OUT| STANDING*

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

i
I
I
I
I
I
I
1
|
1
I
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

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

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

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

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
|
|
|
|
|
|
|
1

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

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

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

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
I
!
I
|
1
1
|
|
|
|
|
|
|
|
|
|
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

I
I
I
I
1
I
I
I
I
I
1
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

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

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

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

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

|
|
|
1

11.4
10.1
9.2
8.9

I
I
I
I

49.9
49.9
50.2
50.6

33.1
33.2
33.2
33.4

34.9
34.9
34.7
34.6

|
|
1
|

12390.6
12516.7
12777.4
12993.9

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

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

0.4
0.7
1.2
1.2

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

12.6
12.8
13.7
15.3

I
I
I
I

92.9
93.2
94.6
95.7

1976-JAN...
—FEB. • .
—MAR* . .
-APR...
-MAY...
-JUN...
-JUL ...
-AUG...
—SE P. . •
-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
|
|
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

1977-JAN...
-FEB...
-MAR...
—APR...
-MAY...
—JUN...
-JUL...
—AUG ...
— SE Pee.
—OC T...
-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...
-FEB...
—MAR ...
-APR...

6655.6
6704.3
6784.7
6864.2

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

* AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 MONTHS

(AVERAGE OF END-OF-MONTH DATA)<

RENEWALS AND COLLECTIONS INCLUDE SOME NONAGRICULTURAL LOANS (SEE NOTE ON PAGE 3).




PERCENTAGE CHANGE
FROM PREVIOUS

1.9
1.0
2.1
1.7

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

220

FEDERAL LAND BANKS
221

ACTUAL
12-MONTH MOVING

TOTAL

REFINANCING AND REPAYMENTS

224.1
224.3

SOURCE:

ACTUAL
12—MONTH MOVING TOTAL

NEW MONEY LOANED

223.1
223.3
224

ACTUAL

LOANS CLOSED

222.1
222.3
223

(AGRICULTURAL LOANS)

LOANS OUTSTANDING

221.1
222

MAY 1978

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 A D M I N I S T R A T I O N .

DATA IN THIS SECTION ARE OBTAINED FROM TIMELY MONTHLY REPORTS WHICH ARE NOT
REVISED TO REFLECT ANY SUBSEQUENT CHANGES OR C O R R E C T I O N S .
IF ONLY YEAR-END
DATA ON OUTSTANDING LOAN VOLUME ARE REQUIRED, USE THE SERIES IN SECTION 100
OF THE AGRICULTURAL FINANCb DATAftnnK—ANNUA L SERIFS. NOVEMBER 1977.




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

NUMBER

MILL IONS OF DOLLARS

I
1
I CHANGE FROM PREVIOUS!
OUTSTANDING
1
|
MONTH
|
YEAR
|
1976—JAN.••
-FEB...
-MAR...
-APR...
-MAY...
—JUN...
-JUL...
—AUG...
-SEP...
—OC T . . .
-NOV...
-DEC• ..

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

1977-JAN...
—FEB...
-MAR...
—APR.*.
-MAY...
-JUN...
—JUL ...
—AUG ...
-SEP...
—OC T...
-NOV...
-DEC. ..

18692.7
18921.9
19330.8
19625.0
19916.8
20190.2
20440.8
20658.0
20873.7
21057.0
21258.2
21464.9

1978-JAN...
-FEB...
-MAR...
—APR.*.

21672.2
21895.7
22234.1
22480.7




;
1
1
1
1
1
1
I
I
I
1
1
1
1
I
I
1
1
1
1
1
1
1
1
1
j
1
1
I
I

i76.i
179.7
330.3
246.4
213.3
243.6
219.5
183.5
176.0
165.5
172.6
203.9
168.5
229.2
409.0
294.2
291.8
273.4
250.6
217.2
215.7
183.3
201.2
2 06.6
207.3
223.5
338.4
246.6

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

2533.7
2489.9
2520.7
2505.2
2466.7
2464.9
2477.9
2473.6
2464.3
2436.0
2483.1
2510.4

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|
1

THOUSANDS

YEAR

|

PERCENTAGE!
CHANGE
I
FROM LAST!
YEAR
1

AVERAGE SIZE
DOLLARS

!

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

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

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
44 7.0
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

2502.8
2552.3
2631.0
267b .8
2757.3
2787.0
2818.1
2851.8
2891.5
2909.3
2938.0
2940.7

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

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

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

15.5
15.6
15.8
15.b
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

2979.5
2973.8
2903.3
2855.7

|
|
|
1

1.0
1.0
1.5
1.1

I
|
I
1

15.9
15.7
15.0
14.6

459.6
460.4
461.3
461.8

(PERCENTAGE
I CHANGE
1 FROM LAS1
1
YEAR

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

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

15.0
14.7
14.7
14.5
14.2
14.0
14.0
13.8
13.7
13.4
13.6
13.6

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

I
1
1
1
1
I
1
I
1
!
1
|
1
|
|
1
1
1
|
1
1
1
|
|
1

41457.
41909.
42684.
43243.
43792.
44273.
44732.
45124.
45519.
45868.
46289.
46711.

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

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

2.0
2.0
1.9
1.8

1
*
1
1

47136.
47559.
48193.
48680.

1
I
1
1

13.7
13.5
12.9
12.6

TABLE 222.1
FEDERAL LAND BANKS
LOANS CLOSED
AMOUNT
MILLIONS
OF
DOLLARS

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

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

NUMBER

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

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

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

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
618.9
492.1

|

YEAR
-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.
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

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

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

|
|
|
|
|
|
|
|
|
|
|
1
t
|
|
|
|
|
|
|
|
|
|
|
|

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.
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

1
I
|
|

12.0 |
-13.9 |
42.9 |
-20.5 |

8.4
0.8
-8.8
-5.6

4919.
4495.
5899.
4908.

-0.2
-4.7
-13.3
-12.8

* OUTSTANDING LOANS AT END OF PRECEDING MONTH.




AVERAGE SIZE

I
PERCENTAGE!
THOUSANDS
CHANGE
|
FROM LASTI
YEAR
|
|
|
|
|
|
|
|
|
|
|
|
I
i
|
|
|
|
|
|
|
|
|
|
I
|
j
|
|
|
|

DOLLARS

AS PERCENTAGE OF

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

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

13.8
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
|
j
|
|
|
!
1
I
|

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

94058.
91013.
99833.
92640.
89273.
86233.
102888.
83792.
85203.
82240.
86442.
89729.

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

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

2.5
2.3
3.6
2.7
2.6
2.5
2.4
2.0
1.8
1.7
2.0
2.1

102187.
96334.
104921.
1002 55.

8.6
5.8
5.1
8.2

!
|
|
|

2.3
2.0
2.8
2.2

!
1
|
!
1
|
|
1
|
|
|
|
I
|
|
1
|
1
|
I
I
!
1
|
|
1
|
|
I
1

REPAYMENTS

I
1

263.8
337.4
478.0
432.2
449.2
502.8
466.1
442.0
407.4
381.7
330.2
309.2

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

223.4
367.1
475.2
475.5
457.7
403.8
374.2
435.2
516.3
389.3
340.3
301.0

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

248.9
360.2
406.3
380.8

1
|
|
I

TABLE 222.3
FEDERAL LAND BANKS
LOANS CLOSED
TWELVE-MONTH MOVING TOTAL
AMOUNT
MILLIONS |
OF
I
DOLLARS |
1
1976—JAN. . .
-FE B . . .
-MAR.. .
-APR...
-MAY...
-JUN...
—JUL ...
—AUG ...
-SEP...
—00 T . . .
-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 ...
—FE B . . •
-MAR.. .
-APR...
-MAY...
—JUN ...
—JU L . • .
-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

1978-JAN...
-FEB...
-MAR...
—APR ...

5661.6 |
5601.5 |
5572.3 i

5 6 5 8 . 0

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

NUMBER

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
-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
|
1
|
|
|
i
|
|
|
|

THOUSANDS

YEAR

PERCENTAGE!
CHANGE
\
FROM LAST!
YEAR
|

AVERAGE SIZE

t
I
|
I
i
|

2 . 4

I

1.5
1.0
0.8
1.2
0.2

|
|
|
|
$
|
|
|
1
|

0.7
0.1
-1.1
-0.5

AS PERCENTAGE OF

! PERCENT AGE!
LOANS
|
DOLLARS ! CHANGE
OUT|
1
1 FROM LAST! STANDING*!
YEAR
|
!
1

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

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

728 86.
73701.
74412.
75288.
75600.
76105.
77136.
77212.
77608.
77932.
78459.
79480.

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

14.3
14.1
12.9
12.5
11.7
11.2
12.7
10.9
10.5
io.o
9.9
10.3

|
1
|
1
!
|
1
(
l
|
1
1

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

10.5
12.4
13.7
14.6
18.6

2 2 . 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

-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
1
t
!
*
I
|
i
!
!

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

1
1
!
1
1
!
1
1
!
!
!
!

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

!
|
|
|
1
1
|
|
I
1
1
1

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

21.5
19.5
14.5
12.0

62.0
61.8
60.9
60.2

7.3
6.4
4.1
2.4

1
1
|
*

91260.
91648.
92020.
926 34.

1
1
1
1

13.3
12.3
10.0
9.4

!
!
1
1

g

1.5
1.8
3.2
1.7
3.1
2.0

I

5.2
2.8
2.6
2.2
1.5
1.4
3.3
5.0
5.2
5.0
8.2
8.7

2 0 . 0

21.9
22.8
23.7
24.9
24.0

* AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 MONTHS




|

(AVERAGE OF END-OF-MONTH DATA).

REPAYMENTS

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

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

|
|
1
|
1
|
1
|
1
|
1
I
1
28.0 1
27.7 |
27.1 |
26.6 |

374.3
376.7
378.9
382.9
385.3
380.1
374.8
375.3
380.7
381.2
381.5
380.3
384.4
383.8
377.3
370.4

14

TABLE 223.1
FEDERAL LAND BANKS
NEW MONEY LOANED
MILLIONS |
OF
|
DOLLARS 1
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

1976—JAN...|
-FEB...|
-MAR...I
—APR ...|
—MAY ...|
—JUN...|
-JUL ... I
—AUG ...|
-SEP ...|
—OC T . . . |
-NOV...I
-DEC ... 1

325.0
282.5
440.7
347.3
294.3
324.2
298.3
256.1
255.4
247.6
278.7
345.5

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

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

1977—JAN...|
—FEB...|
-MAR...|
-APR...|
—MAY... I
—JUN...|
-JUL.•.I
—AUG...j
-SE P...|
-OCT...;
-NOV...|
-DEC ... I

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

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

1978-JAN...|
-FEB ...j
-MAR...|
-APR ...|

409.3
343.7
490.7
375.8

|
|
1
|

|

YEAR

LOANS OUT-|
STANDING*!

-2.8
-1.8
19.9
6.7
-6.5
5.9
10.4
6.3
2.7
-6.2
35.5
10.7

2.0
1.7
2.7
2.1
1.7
1.9
1.7
1.5
1.4
1.4
1.5
1.9

8.9
-8.0
59.4
-26.8
0.3
-1.6
-4.2
-18.9
-6.6
-4.8
17.7
9.7

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

2.0
1.9
2.9
2.1
2.1
2.0
1.9
1.5
1.4
1.3
1.5
1.7

15.0
-16.0
42.8
-23.4

I
|
|
|

8.8
-0.7
-11.1
-6.9

1.9
1.6
2.2
1.7

* OUTSTANDING LOANS AT END OF PRECEDING MONTH.




AS PERCENTAGE OF

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

LOANS
CLOSED
82.7
81.5
83.5
79.6
80.9
80.0
81.3
79.8
79.0
79.0
79.5
78.9
81.1
80.6
81.3
77.5
78.1
78.8
77.6
76.9
76.2
76.8
77.4
79.3
81.4
79.4
79.3
76.4

TABLE 223.3

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

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

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

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

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

0.8
-0.1
-1.4
-0.6

1
I
|
I

18.8
16.8
11.9
9.6

1976-JAN•••
—FEB•••
—MAR•••
—AP R . . .
-MAYe..
—JUN. • *
-JUL...
-AUG...
—SE P...
-OCT ...
-NOV...
—DEC * • •

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

I
|
|
|
I
|
|
1
|
1
I
!

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

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

1978-JAN...
—FEB ...
—MAR ...
—APR ...

4451.5 I
4449.1 |
4387.9 1
4359.9 |

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

I

AS PERCENTAGE OF

I LOANS OUT—|
I STANDING*!
I
1
I
1
1
1
1
1
i
1
1
1
|
1
1
1
I
i
1
1
I
1
1
1
1
j
1
1
1
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
21.5
21.6
22.0
22.0
22.3
22.5
22.6
22.6
22.5
22.4
22.4
22.1
22.0
21.8
21.2
20.8

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

* AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 MONTHS




LOANS
CLOSED
82.3
82.2
82.2
81.9
81.8
81.6
81.5
81.3
81.2
80.9
81.0
80.6
80.5
80.4
80.2
80.0
79.7
79.6
79.3
79.1
78.9
78.8
78.6
78.6
78.7
78.6
78.3
78.2
(AVERAGE OF END-OF-MONTH DATA),

15

TABLE 224.1
FEDERAL LAND BANKS
REFINANCING AND REPAYMENTS
REFINANCING OF FEDERAL LAND BANK LOANS
1 MILLIONS 1
OF
I
1
1 DOLLARS 1
1
1
1976-JAN...|
-FEB...I
—MAR... I
—APR ...|
-MAY...|
-JUN...I
—JUL ...|
-AU G . . . |
-SEP...|
—OCT ...|
-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

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

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

1978—JAN...|
-FEB...I
-MAR ... 1
-APR ...|

93.4
89.3
128.2
116.2

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

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
8.0
-5.2
35.2
2.5
-22.1
16.5
-14.9
-6.1
5.0
-2.7
8.8
28.3
-4.9
-4.9
52.6
-7.6
-3.5
-5.3
2.6
-15.4
-2.8
—8.0
13.7
-1.5
0.3
-4.4
43.6
—9.4

|
|
|
|
I
|
|
|
1
|
|
|
I
*
1
1
|
|
|
|
|
1
|
|
|
|
|
1
|
|
|
|

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

REPAYMENTS

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

MILLIONS !
OF
|
DOLLARS |
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

|
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

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

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
81.0
80.5
78.8
72.6
79.3
82.2
106.2
141.5

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

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

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

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
I
I
1
I
I
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

29.1 I
29.5 |
46.2 |
31.8 |
63.2 |
32.8 |
60.0 |
44.1 1
33.3 I
26.1 |
31.7 I
1.1 |

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
|
1
|
|
|
1
|
|
|

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
149.1

|
|
1
|
|
|
|
|
1
*
I
!

46.7
-43.6
22.1
-23.3
3.3
10.6
5.0
-29.6
-20.5
25.3
33.6
21.1

1
1
!
|
1
1
I
1
1
|
1
|

39.3
13.8
29.5
8.6
39.9
55.6
67.0
27.6
-7.3
12.1
15.9
5.4

I
1
I
I
1
1
I
I
!
j
1
\

1.12
0.63
0.76
0.57
0.58
0.63
0.65
0.45
0.36
0.44
0.58
0.70

6.6
7.2
0.9
-1.0

0.44
0.41
0.59
0.52

|
I
*
|

18.6
20.6
20.7
23.6

202.0
120.2
152.3
129.2

|
|
1
|

35.4 |
-40.5 |
26.7 |
-15.2 1

-2.7
2.7
6.6
17.9

1
1
I
I

0.94
0.55
0.70
0.58

|
|
|
|

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.




YEAR

I AS PERC E N T A G E OF
1 LOANS OUTI STANDING*

TABLE 224.3

FEDERAL LAND BANKS
REFINANCING AND REPAYMENTS
TWELVE—MONTH MOVING TOTAL
REPAYMENTS

REFINANCING OF FEDERAL LAND BANK LOANS
MILLIONS
OF
DOLLARS

I
|
|
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

YEAR

I

AS PERCENTAGE OF

|LOANS OUT-I
I STANDING*!

LOANS
CLOSED

MILLIONS 1
OF
|
DOLLARS |
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

YEAR

I AS PERC E N T A G E 01
I LOANS OUT
| STANDING'

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

746.2
751.0
766.3
784.2
789.3
803.6
811.7
828.9
834.8
845.1
860.5
889.7

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

0.6
0.6
2.0
2.3
0.7
1.8
1.0
2.1
0.7
1.2
1.8
3.4

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

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

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

5.0 |
5.0|
5.0 1
5.0 I
5.0|
5.0 1
5.0 1
5.1 |
5.0 |
5.0 |
5.1|
5.2 |

17.7
17.8
17.8
18.1
18.2
18.4
18.5
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

|
|
|
|
|
|
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

|
|
|
|
|
|
I
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

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

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

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

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

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

2.2
2.1
4.3
2.9
4.4
2.5
3.9
2.6
2.0
1.5
1.9
0.1

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

21.9
23.6
26.4
27.1
31.9
32.8
36.6
37.2
38.9
39.3
39.4
35.0

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

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

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

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
1443.2
1453.1
1470.1
1477.7

4.9
1.1
2.6
0.7
2.5
3.4
3.8
1.4
-0.4
0.7
1.2
0.5

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

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

1206.5
1212.5
1213.6
1212.4

|
1
|
I

0.5
0.5
0.1
-0.1

|
|
|
1

32.7 I
30.6 1
25.3 1
21.6 1

6.0
5.9
5.9
5.8

|
|
|
|

21.3
21.4
21.7
21.8

1472.0
1475.3
1484.7
1504.3

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

33.1
29.3
27.1
23.4
24.4
26.2
29.2
28.8
26.5
26.0
24.7
24.7

1978-JAN...
—FEB. . .
-MAR...
-APR...

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

18.4
17.3
15.0
15.8

1
1
1
1

7.3
7.2
7.2
7.2

* AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 MONTHS

-0.4
0.2
0.6
1.3

(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.




17

AGRICULTURAL FlNANCb

230

numnLT

btRlES

MAY 1978

LIFE INSURANCE COMPANIES
231

FARM MORTGAGES OUTSTANDING

231.1
232

ACTUAL
12-MONTH MOVING TOTAL

20
21

FARM MORTGAGE COMMITMENTS OUTSTANDING

233.1

SOURCE:

19

FARM MORTGAGES ACQUIRED

232.1
232.3
233

ACTUAL

ACTUAL

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




22

TABLE 231.1

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

MILLIONS OF DOLLARS
CHANGE FROM PREVIOUS
AMOUNT
1

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




MONTH

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

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

1
1
1
I
[
1
|
I
I
|
|
|
1
1
8903. |
9012. |

10.
85.
112.
191.
110.
214.
96.
95.
144.
94.
79.
195.

6744.
6781.
6827.
6873.
6941.
7000.
7068.
7124.
7181.
7217.
7286.
7418.
7428.
7513.
7625.
7816.
7926.
8140.
8236.
8331.
8475.
8569.
8648.
8843.

60.
109.

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

YEAR
444.
387.
399.
369.
398.
427.
484.
518.
550.
556.
607.
665.
684.
732.
798.
943.
985.
1140.
1168.
1207.
1294.
1352.
1362.
1425.
1475.
1499.

MONTH
I
|
|
I
I
1
1
|
|
|
1
|
I
|
1
1
1
I
|
I
1
1
|
|
|
I
j
I
S

-0.1
0.5
0.7
0.7
1.0
0.9
1.0
0.8
0.8
0.5
1.0
1.8
0.1
1.1
1.5
2.5
1.4
2.7
1.2
1.2
1.7
1.1
0.9
2.3
0.7
1.2

19

TABLE 232.1
LIFE INSURANCE COMPANIES
FARM MORTGAGES ACQUIRED
MILLIONS OF DOLLARS
AMOUNT

|
1
CHANGE FROM PREVIOUS|
1
MONTH
I
YEAR
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|
1

YEAR

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

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
|
|
|
|

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

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

-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
|
|
|

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

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

160.
156.
233.
256.
214.
278.
168.
188.
209.
144.
135.
319.

-82.
—4.
77.
23.
-42.
64.
-110.
20.
21.
-65.
-9.
184.

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

60.
40.
97.
128.
89.
147.
30.
82.
86.
65.
19.
77.

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

-33.9 |
-2.5 |
49.4 |
9.9 |
-16.4 |
29.9 |
-39. 6y 1
11.9 |
11.2 |
-31.1 |
-6.3 |
136.3 |

60.0
34.5
71.3
100.0
71.2
112.2
21.7
77.4
69.9
82.3
16.4
31.8

1978—JAN ...|
—FEB...|

200.
206.

-119. |
6. I

40. |
50. |

-37.3 |
3.0 |

25.0
32.1

* OUTSTANDING MORTGAGES AT END OF PRECEDING MONTH.




/

AS PERCENTAGE OF
MORTGAGES
OUTSTANDING*
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

3.7
2.3
2.3

TABLE 232.3

LIFE INSURANCE COMPANIES
FARM MORTGAGES ACQUIRED
TWELVE-MONTH MOVING TOTAL
MILLIONS OF DOLLARS
AMOUNT

|
1
CHANGE FROM PREVIOUS|
1
MONTH
|
YEAR
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

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

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

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

1.9
-4.4
1.6
0.8
4.7
5.0
7.0
4.2
4.6
1.8
3.6
6.1

1
I
|
I
|
1
1
|
1
I
|
|
j
40. I
50. I

505.
593.
673.
793.
832.
923.
870.
899.
924.
964.
932.
920.

I
|
|
|
|
|
|
I
|
|
|
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

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

109 5.
1047.
1064.
1072.
1122.
1178.
1261.
1314.
1375.
1400.
1451.
1540.

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

1977-JAN... |
-FEB. . . |
-MAR... I
—AP R...I
-MAY... |
-JUN...I
—JUL ... 1
-AUG...1
-SEP... 1
-OCT...!
-NOV...!
—DEC.. . {

1600.
1640.
1737.
1865.
1954.
2101.
2131.
2213.
2299.
2364.
2383.
2460.

60.
40.
97.
128.
89.
147.
30.
82.
86.
65.
19.
77.

1978-JAN...|
—FE B . . . |

2500.
2550.

900. |
910. 1

|
1

YEAR

I AS PERC E N T A G E OF
| MORTGAGE!
I
OUT| STANDING*

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

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
1
1
1
1
1
1
1
1
1
1
1

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

|
|
|
|
|
|
|
I
|
I
1
I
j
1.6 |
2.0 I

46.1
56.6
63.3
74.0
74.2
78.4
69.0
68.4
67.2
68.9
64.2
59.7

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

22.7
23.1
24.3
25.8
26.8
28.5
28.5
29.2
29.9
30.4
30.2
30.7

56.3 I
55.5 I

30.8
30.9

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




)

21

TABLE 233.1
LIFE INSURANCE COMPANIES
OUTSTANDING FARM MORTGAGE COMMITMENTS
END OF MONTH
MILLIONS OF DOLLARS
40UNT

|
1
CHANGE FROM PREVIOUS I
1
MONTH
|
YEAR
|

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

466.0
477.0
479.0
501.0
482.0
490.0
487.0
494.0
520.0
582.0
592.0
553.0

7.0
11.0
2.0
22.0
-19.0
8.0
-3.0
7.0
26.0
62.0
10.0
-39.0

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

567.0
614.0
603.0
663.0
680.0
671.0
673.0
696.0
745.0
769.0
782.0
768.0

14.0
47.0
-11.0
60.0
17.0
-9.0
2.0
23.0
49.0
24.0
13.0
-14.0

.978-JAN..•
-FEB...
-MAR...

742.0
818.0
827.0




PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|
1

YEAR

1
1

AS PERCENTAGE
OF MORTGAGES

I
OUT1 ACQUIRED
I STANDING I IN MONTH

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

-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
|
|
|
1
|
I
I
1
|
|
|

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
|
|
|
|
|
|
|

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

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

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

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

466.0
411.2
352.2
391.4
385.6
374.0
352.9
466.0
422.8
736.7
510.3
228.5

|
I
|
|
|
I
|
|
|
|
|
|
j
-26.0 |
76.0 |
9.0 |

101.0
137.0
124.0
162.0
198.0
181.0
186.0
202.0
225.0
187.0
190.0
215.0

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

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

21.7
28.7
25.9
32.3
41.1
36.9
38.2
40.9
43.3
32.1
32.1
38.9

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

7.6
8.2
7.9
8.5
8.6
8.2
8.2
8.4
8.8
9.0
9.0
8.7

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

354.4
393.6
258.8
259.0
317.8
241.4
400.6
370.2
356.5
534.0
579.3
240.8

175.0 I
204.0 |
224.0 1

-3.4 |
10.2 |
1.1 1

30.9 1
8.3 1
371.0
33.2 1
9.1 1
397.1
|********* j*********
37.1

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

300

MAY 1978

AGRICULTURAL BANKING DATA
301

FARM NON-REAL-ESTATE LOANS

301.1
302

24

SEASONAL BORROWING BY MEMBER BANKS

302.1
310

AMOUNT AND CHANGE FROM PREVIOUS YEAR

NUMBER OF BANKS AND AVERAGE DAILY BORROWING

25

DEPOSITS AND LOANS AT AGRICULTURAL BANKS

311

FEDERAL RESERVE DISTRICTS 7 AND 9

311.3
312

PERCENTAGE CHANGE FROM PREVIOUS YEAR, AND LOAN/DEPOSIT RATIO

26

FEDERAL RESERVE DISTRICT 6 AND TEXAS

312.3

PERCENTAGE CHANGE FROM PREVIOUS YEAR, AND LOAN/DEPOSIT RATIO

27

FOR INFORMATION ON THE DESIGN OF THE SEASONAL BORROWING PRIVILEGE FOR WHICH
DATA ARE SHOWN IN SECTION 302, AND ALSO AN ANALYSIS OF ITS POTENTIAL AND
ACTUAL USE BY AGRICULTURAL BANKS, SEE "SEASONAL BORROWING AT THE FEDERAL
RESERVE DISCOUNT WINDOW," BY EMANUEL MELICHAR AND HARRIET HOLDERNESS,
AGRICULTURAL FINANCE REVIEW « OCTOBER 1974, PP. 42-51.
FOR A BRIEF DISCUSSION OF THE ANALYTICAL VALUE OF THE DATA IN SECTION 310, SEE
THE SECTION ENTITLED "FREQUENT DEPOSIT AND LOAN DATA" IN "OVERALL MEASURES OF
FINANCIAL PERFORMANCE." BY EMANUEL MELICHAR. AGRICULTURAL FINANCE REVIEW.
FEBRUARY 1977, PP. 87-68.




24

TABLE 301.1

FARM NON-REAL-ESTATE LOANS AT COMMERCIAL BANKS
(END OF MONTH)
CHANGE FROM PREVIOUS YEAR

I
1
I ALL COMMERCIAL BANKS I
LARGE
I ALL COMMERCIAL BANKS
LARGE
I(BILLIONS OF DOLLARS)!
BANKS
I (BILLIONS OF DOLLARS)
BANKS
(MILLIONS 1
(MILLIONS
1
I SEASONALLY|
OF
I ACTUAL
I SEASONALLY
OF
I ACTUAL
DOLLARS) 1
I ADJUSTED |
1 ADJUSTED
DOLLARS)
AMOUNT

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...
—MAR ...
—APR...

4639.
4525.
4783. I
4793.

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

20.2
20.3
20.5
21.2
21.6
22.2
22.4
22.6
22.9
23.0
23.1
23.3

|

23.7

I

25.6

1

26.3

I

25.7

27.0

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

20.6
20.7
20.7
21.3
21.5
21.8
22.0
22.3
22.7
23.0
23.3
23.5

24.0
25.2
26.0
26.0

27.3

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.
515.
424.

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

3.2
3.4
3.4
2.4

3.3

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

2.0
2.3
2.2
2.6
3.0
3.1
3.0
2.9
3.0
3.1
3.2
3.1

3.3
3.4
3.3
2.5

3.3

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

PERCENTAGE CHANGE FROM
PREVIOUS YEAR
LARGE
BANKS

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
9.3
8.6
12.1
9.7

I ALL COMMERCIAL BANKS
1
SEASONALLY
I ACTUAL
ADJUSTED
1
1
1
1
1
1
1
1
1
1
1
1
1
j
1
1
1
1
1
1
1
1
1
1
1
1
j
1
1
1
1

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

13.8

13.8

LARGE-BANK DATA ARE FOR APPROXIMATELY 330 COMMERCIAL BANKS THAT SUBMIT THE F.R. 416 WEEKLY REPORT OF CONDITION.
ARE BANKS THAT HAD TOTAL DEPOSITS IN EXCESS OF $100 MILLION AS OF DECEMBER 31. 1965.

THESE

DATA SHOWN FOR ALL COMMERCIAL BANKS ARE FROM CALL REPORTS AVAILABLE FOR JUNE AND DECEMBER 1975 AND QUARTERLY STARTING IN MARCH 1976
(MARCH AND SEPTEMBER DATA ARE ESTIMATED FOR UNINSURED BANKS). FOR OTHER MONTHS. DATA SHOWN ARE INTERPOLATED ESTIMATES.
DATA FOR
1916 ARE PRELIMINARY ESTIMATES.




TABLE 302.1
MEMBER BANK BORROWING UNDER SEASONAL BORROWING PRIVILEGE
WEEK ENDING ON LAST WEDNESDAY OF MONTH
NUMBER OF BANKS

|AVERAGE DAILY SEASONAL BORROWIf
I
(THOUSANDS OF DOLLARS)

(DEPOSIT SIZE OF BANK
TOTAL
1976—JAN•••I
— FEB ... 1
-MAR...|
—APR. . .1
—MAY ... 1
-JUN... I
-JUL...I
-AU6...1
-SEP...I
-OCT...I
-NOV...I
-DEC... |

7.
10.
17.
20.
21.
42.
38.
40.
49.
40.
31.
19.

1977—JAN...|
—FE B . . . I
-MAR...|
—APR . . . |
-MAY... I
-JUN.. . i
—JUL...I
-AUG...1
-SEP... 1
-OCT...!
-NOV...|
—DEC..• I

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

1978—JAN...|
—FEB...|
—MAR e. .I
-APR... |
-MAY... |

23.
31.
51.
43.
93.

I UP TO
1
$100
I MILLION

1
OVER
$100
|
| MILLION

1
1
1
1
1
1
1
1
1
1
1
1
l
1
1
1
1
I
1
1
I
1
1
1
I
1
1
I
1
1
1
1

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

7.
10.
17.
20.
21.
41.
37.
39.
48.
38.
31.
19.
8.
10.
17.
21.
44.
55.
59.
89.
83.
74.
45.
31.
23.
31.
49.
42.
85.

(DEPOSIT SIZE OF BANI
I

TOTAL

I UP TO
1
$100
I MILLION

|
OVER
$100
1
| MILLION

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

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

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

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

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

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

0
0
0
0
0
2000
5714
6000
4000
4143
0
0

0.
0.
0.
0.
1.
4.
4.
10.
9.
7.
8.
3.

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

8113.
11353.
14161.
15030.
34503.
70158.
68701.
130235.
115456.
116094.
74288.
52761.

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

8113.
11353.
14161.
15030.
32503.
45658.
48508.
80936.
73456.
74794.
41488.
34461.

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

0
0
0
0,
2000,
24500
20193
49299
42000
41300
32800,
18300

0.
0.
2.
1.
8.

I
I
1
I
1

35588.
52858.
51892.
49400.
114954.

I
I
1
I
j

35588.
52858.
50535.
44686.
88968.

|
|
!
|
1

0
0
1357,
4714,
25986,

DEPOSIT SIZE CLASSIFICATION IS BASED ON AVERAGE DEPOSITS IN 1972.




TABLE 311.3

DEPOSITS AND LOANS AT AGRICULTURAL BANKS
SEVENTH AND NINTH FEDERAL RESERVE DISTRICTS
SEVENTH FEDERAL RESERVE DISTRICT

PERCENTAGE CHANGE FROM PREVIOUS YEAR

PERCENTAGE CHANGE FROM PREVIOUS YEAR
DEPOSITS
TOTAL
1976-JAN...
-FEB .e e
—MAR e ••
-APR..,
-MAY...
-JUN...
—JUL ...
—AUG...
-SEP...
-OCT...
-NOV...
-DEC...
1977—JAN ...
-FEB...
—MA R...
—APR...
-MAY...
-JUN...
-JUL...
-AUG...
-SEP...
-OCT...
-NOV...
—DEC ...

*********
*********
*********
*********
*********
*********
*********
*********
*********
*********
*********
*********
11.1
10.7
11.5
12.0

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

1978—JAN•..
— FEB * * *
—MAR ...
—APR...

9.5
8.7
8.7
8.6

1

DEMAND

|*********
j*********
j*********
|*********
j*********
j*********
j*********
j*********

1

TIME

I

NINTH FEDERAL RESERVE DISTRICT (MINNEAPOLIS)
SECOND WEDNESDAY OF MONTH

(CHICAGO)

LOANS

1

|********* |********* |
j********* j********* j
j ********* j********* j

LOANDEPOSIT
RATIO

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

I
|
|
I
j
j

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

1
|
|
|

8.5
7.9
8.2
*********

i
3.0
I
1.8
I
I
4.3
1
5.7
j *********

|
I
I
I

j*********
j********* |********* j********* |
|********* |********* j********* j
j ********* j********* j********* j
j********* j ********* j********* j
j********* j********* j********* j
j********* j********* j********* j

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
I
I
1
1

I
I
1
I

0.614
0.616
0.617
0.608

4.2
2.6
3.7
3.5

1
18.7
I
18.5
1
19.3
1
18.7
j ********* j*********
j ********* ;*********

11.7
11.1
10.6
10.6

1
1
I
1

17.1
16.4
15.1
14.3

TOTAL

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

j ********* j********* j
j ********* j********* j
j ********* j********* j
j ********* j********* j
j ********* i ********* j
j ********* j********* i ********* j
j ********* j ********* j********* j
|********* j ********* j********* j
j ********* j ********* j********* j
14.9
14.7
14.6
14.7

DEPOSITS
1
I
I
1
1
1
I
1
1
I
1
1
I

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

I
-0.8
1
-1.1
I
0.8
I
0.2
1
1.2
I
1.0
1
0.8
1
-0.1
1
3.3
1
2.1
I
3.0
1
3.2
1
1
7.7
I
5.6
I
6.1
j*********

1

TIME

I
14.9
13.3
I
1
11.3
11.4
I
I
11.0
I
10.8
I
10.6
1
10.9
I
11.1
I
12.6
I
11.8
I
11.6
j
I
11.1
I
10.6
I
12.1
I
12.2
1
12.2
I
11.7
1
10.8
11.0
I
1
10.6
I
10.0
1
9.4
1
9.1
j
I
8.9
I
8.8
I
9.0
j*********

LOANS

DEPOSIT
RATIO

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

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

13.9
13.2
13.4
*********

0.666
0.683
0.681
*********

DATA FOR 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.




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
1976-JAN... * * * * * * * * *
8 .6
-FEB...
9.9
—MAR ...
10.2
-APR...
10.7
-MAY...
9.9
—JUN...
9.4
-JUL...
9.7
—AUG...
9.0
-SEP...
9.8
-OCT ...
10.9
-NOV...
10.9
—DEC ...

DEMAND

1

TIME

LOANS

|
I
1
I
1

********* |********* ********* |
9.6
7.8
8.2
9.5
8.6
8.2
7.8
5.8
5.9
7.0
7.8

1
1
1
1
I
1
1
1
1
1
1

10.9
11.1
11.4
11.4
10.7
10.7
10.7
10.7
12.0
13.2
12.7

5.7
8.1
9.3
9.0
11.6
12.8
13.4
13.7
13.3
13.7
14.1

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

10.4
10.3
10.3
10.3
10.0
10.1
10.9
10.8
10.8
9.3
9.7
10.7

6.2
5.2
5.5
5.6
4.6
4.0
5.3
4.6
4.4
3.4
4.5
5.9

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

12.9
13.2
13.0
13.0
13.0
13.4
13.9
14.0
14.2
12.4
12.5
13.4

15.1
15.0
15.9
15.7
15.0
17.0
17.2
17.7
17.7
18.0
18.5
18.5

1976—JAN...
—FE B.e .
-MAR...
—APR ...
-MAY...

11.1
10.8
11.9
12.9
13.7

8.5
7.9
8.9
11.4
13.5

I
1
1
1
1

12.5
12.3
13.6
13.7
13.8

16.9
16.7
17.3
14.4
12.8

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

TEXAS

I PERCENTAGE CHANGE
LOAN- | FROM PREVIOUS YEAR
DEPOSIT
RATIO
LOANS
1 DEPOSITS 1
1
1
0.570
0.567
0.571
0.566
0.573
0.588
0.596
0.603
0.606
0.599
0.596
0.597
0.594
0.598
0.598
0.599
0.616
0.628
0.632
0.643
0.644
0.646
0.642
0.636
0.623
0.628
0.622
0.604
0.608

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

15.9
15.4
15.0
15.3
14.1
12.9
12.1
10.5
10.1
10.0
10.2
11.3
11.9
11.7
11.0
11.1
10.8
10.7
10.9
11.2
11.5
11.4
11.3
11.0
10.5
10.9
11.3
11.8

1
I
1
1
1

1
1
I
1
LOAN- |
DEPOSIT I
RATIO
I
1

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

10.8
12.1
13.0
14.4
16.4
18.2
19.8
21.3
21.3
20.9
20.3
17 .6

1
i
1
1
1
1
1
1
I
I
I
I

0.479
0.477
0.482
0.487
0.507
0.516
0.522
0.533
0.536
0.536
0.531
0.521

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

17.4
18.2
18.9
19.9
19.3
18.8
18.6
18.6
18.8
17.8
16.8
17.6

I
|
1
|

15.7
16.1
16.9
15.1

1
0.502
1
0.505
1
0.516
1
0.526
1
0.546
1
0.554
I
0.559
I
0.568
I
0.571
I
0.567
I
0.557
I
0.552
j
I
0.526
1
0.528
1
0.542
I
0.541
j*********

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

|********* |*********

DATA FOR THE SIXTH DISTRICT ARE FOR MEMBER BANKS AT WHICH AGRICULTURAL LOANS COMPRISE 15 PER CENT OR MORE OF TOTAL LOANS.
DATA FOR TfcXAS 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
"Farmland Price Movements," by Gene D. Sullivan, Economic Review, Federal Reserve Bank of
Atlanta (Federal Reserve Station, Atlanta, Georgia 30303), March/April 1978.
"Inflation Stimulates Demand for Farmland," by Alan M. Young, Voice of the Federal Reserve
Bank of Dallas (Station K, Dallas, Texas 75222), April 1978.
"Rural Banking and Farm Credit Conditions," by Emanuel Helichar, Agricultural Finance Commentary , Board of Governors of the Federal Reserve System, April 1978.
"Farmland Values," by Don A. Langford, Agricultural Letter, Federal Reserve Bank of Chicago
(P.O. Box 834, Chicago, Illinois 60690), May 5, 1978.
"Trends in Credit Conditions," by Gary L. Benjamin, Agricultural Letter, Federal Reserve
Bank of Chicago (P.O. Box 834, Chicago, Illinois 60690), May 5, 1978.
"Farm Credit Conditions in the Fifth District, First Quarter 1978," by Sada L. Clarke, Federal Reserve Bank of Richmond (Richmond, Virginia 23213), May 22, 1978.
"Agricultural Credit Survey Results," Financial Letter, Federal Reserve Bank of Kansas
City (Kansas City, Missouri 64198), May 10, 1978.
"Rising Farmland Prices and Falling Farm Earnings: Is Agriculture in Trouble?" by Neil A.
Stevens, Review, Federal Reserve Bank of St. Louis (P.O. Box 442, St. Louis, Missouri
63166), May 1978.
"New Survey of Terms of Bank Lending to Farmers," by Emanuel Melichar, Agricultural Finance
Review, U.S. Department of Agriculture (Washington, D,C. 20250), May 1978.
"The Farm Income and Debt Situation in Perspective," by Sada L. Clarke, Economic Review,
Federal Reserve Bank of Richmond (P.O. Box 27622, Richmond, Virginia 262yl), May/June 1978.
"A Farm Credit Survey," by Gary L. Benjamin, Agricultural Letter, Federal Reserve Bank of
Chicago (P.O. Box 834, Chicago, Illinois 60690), June 2, 1978.