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

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AGRICULTURAL FINANCE
DATABOOK
September 1978

Monthly Series

Emanuel Melichar
Amy Brooks

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

SEPTEMBER 1976

PAGE

SECTION
200

FARM LENDING OPERATIONS AND EXPERIENCE OF NONBANK INSTITUTIONS

210

PRODUCTION CREDIT ASSOCIATIONS

...3

220

FEDERAL LAND BANKS

..10

230

LIFE INSURANCE COMPANIES

..18

300

..23

AGRICULTURAL BANKING DATA

...28

RECENT FEDERAL RESERVE PUBLICATIONS IN AGRICULTURAL FINANCE

OVERVIEW
This issue of the Databook was delayed primarily by the desire to include,
in the same mailing, the two papers that you will find enclosed.

Some notes

about and from these papers are on the back cover of this Databook.
The October Databook should be back on schedule, which calls for sending
copy to the printshop directly after receipt of complete monthly data for
Production Credit Associations and Federal Land Banks.
Data for August indicate that trends at PCA's and FLB's remain as noted
in the August issue.

The relatively tight liquidity situation noted at rural

commercial banks also continued into September.




AGRICULTURAL FINANCE OATABOOK—MONTHLY SERIES

210

SEPTEMBER 1978

PRODUCTION CREDIT ASSOCIATIONS (AGRICULTURAL LOANS. EXCEPT AS NOTED)
211

LOANS OUTSTANDING

211.1
211.2
212

ACTUAL
SEASONALLY ADJUSTED

LOANS MADE AND NEW LOANS

212.1
212.3
213

*

5

ACTUAL
12-MONTH MOVING TOTAL

RENEWALS AND COLLECTIONS

213.1
213.3

SOURCE:

ACTUAL
12-MONTH MOVING 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. IP ONLY YEAR END
DATA ON OUTSTANDING LOAN VOLUME ARE REQUIRED, USE THE SERIES IN SECTION 100
OF THE AGRICllLTlfftftl FINANTF OATABDOK—ANNUAL 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 PERFORMANCE," BY EMANUEL MELICHAR, AGRICULTURAL FINANCE REVIEW,
FEBRUARY 1977, PP. 92-95.




3

TABLE 211.1

PRODUCTION CREDIT ASSOCIATIONS
LOANS OUTSTANDING
(END OF MONTH)
BORROWERS

AMOUNT
MILLIONS OF DOLLARS
END
OF
MONTH

I
1
CHANGE FROM PREVIOUS I
1
MONTH |
YEAR
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|
1

YEAR

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

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

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
I
|
|
|

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

|
|
1
|
1
|
|
1
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

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

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

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

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

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

1429.1
1449.7
1465.8
1508*5
1626.2
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

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

13233.3
13273.6
13426.8
13629.8
13909.1
14312.1
14651.5
14846.1

-220.9
40.3
153.2
203.0
279.3
403.0
339.4
194.5

1
|
I
|
|
|
I
I

1093.1
1000.7
843.8
700.5
576.2
563.2
613.5
713.6

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

13.3
13.4
13.2
13.2
13.9
14.5
15.2
14.7
14.4
133
12.4
10.3

1978 JAN...
FEB. i
-MAR. . .
APR...
••MA Y . • .
JUN...
JUL...
AUG...

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

9.0
8.2
6.7
5.4
4.3
4.1
4.4
5.0

341.2
341.7
343.7
346.2
348.0
349.3
350.5
351.3

1.8
1.3
0.6
0.2
-0.1
-0.3
-0.2
0.0




-1.6
0.3
1.2
1.5
2.0
2.9
2.4
1.3

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

AVERAGE SIZE

1

I PERCENTAGE|
DOLLARS 1 CHANGE
|
I
FROM
1
I PREVIOUS 1
I
YEAR
|
32646.
32761.
33250.
33815.
34415.
35106.
35552.
35926.
36036.
35837.
35591.
36338.

1
1
I
K
1
I
1
1
I
1
1
1

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

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

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

1
1
I
I
1
1
1
1
1
1
1
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

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

38788.
38850.
39067.
39366.
39971.
40971.
41806.
42261.

1
I
1
1
1
1
1
1

7.1
6.8
6.1
5.2
4.5
4.4
4.6
5.0

I
j
I
#
1
I
|
1

TABLE 211.2

PRODUCTION CREDIT ASSOCIATIONS
LOANS OUTSTANDING
SEASONALLY ADJUSTED DATA
(END OF MONTH)
AMOUNT
1
1
i
I
1

BORROWERS

MILLIONS OF DOLLARS
END
OF
MONTH

#
I
CHANGE FROM PREVIOUS#
I
MONTH i
YEAR
#

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

#
I

THOUSANDS

YEAR

AVERAGE SIZE

PERCENTAGE#
CHANGE #
FROM
#
PREVIOUS #
YEAR
1

DOLLARS

PERCENTAGE
CHANGE
FROM
PREVIOUS
YEAR

1976—JAN. eel
-FEB...|
-MAR...#
-APR...#
—HAY...|
-JUN...|
—JUL...j
—AUG.eel
-SEP...I
-OCT...#
—NOV...1
—DEC...|
1
1977-JAN...|
-FEB...#
—MAR...|
-APR...1
—MAY... 1
—JUN.e.|
-JUL...#
-AUG...#
-SEP...#
-OCT...#
-MOV...#
—DEC...#

11056.6
11134.6
11262.6
11399.1
11506.0
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
#

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

#
|
|
#
|
#
#
#
t
|
#
#

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
#
#
#
#
|
I
#
|
|

12.3
11.3
11.3
11.9
12.0
12.3
12.6
13.8
14.6
15.0
14.5
13.5

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

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

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

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

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

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

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

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

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

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

|
#
#
#
#
#
#
|
|
#
(
#

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

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

13658.7
13667.7
13619.9
13623.8
13684.1
13881.0
14161.4
14425.2

-58.0
9.0
-47.8
3.9
60.3
197.0
280.3
263.9

#
t
#
#
#
|
#
#
#
1
#
|
j
<
#
#
|
#
#
#
#

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

1978—JAN..e #
-FEB...#
-MAR...#
—APR...#
-MAY...#
-JUN...#
-JUL...#
—AUG...#

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

-0.4
0.1
-0.3
o.o
0.4
1.4
2.0
1.9

#
#
#
#
#
#
#
#

9.0
8.2
6.6
5.5
4.4
4.1
4.4
5.0

348.0
346.3
344.6
344.1
344.2
344.3
345.3
346.9

1.7
1.3
0.6
0.2
-0.1
-0.3
-0.2
0.0

#
#
|
#
#
#
#
#

39250.
39472.
39522.
39588.
39757.
40319.
41012.
41578.

7.1
6.8
6.1
5.2
4.5
4.4
4.6
5.0




1127.8
1034.2
861.4
706.5
570.5
549.5
590.6
687.7

TABLE: 212.1

PRODUCTION CREDIT ASSOCIATIONS
LOANS MADE AND NEW LOANS
NEW LOANS

LOANS MADE
1 MILLIONS 1
OF
I
1
1 DOLLARS 1
I
1
1976-JAN... |
—FEB...|
-MAR...|
—APR...|
—MAY..•|
-JUN...1
-JUL...I
—AUG...I
-SEP...1
-OCT...*
-NOV...|
-DEC...I
1
1
1977—JAN...|
—FEB...I
-MAR...|
—APR...|
—MAY... I
-JUN...I
—JUL.e.1
-AUG...I
-SEP...I
-OCT...!
-NOV...!
-DEC...I
I
1
1978—JAN...|
-FEB...I
-MAR...I
—APR...1
—MAY...1
-JUN...I
—JUL... 1
-AUG...1

1794.8
1594.0
1932.3
1714.3
1412.4
1438.6
1177.3
1178.1
1168.5
1210.5
1487.8
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
2414.1
2027.6
1909.4
1788.1
1544.2
1595.9

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

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
-5.8
-6.4
-13.6
3.4

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

YEAR

AS PERCENTAGE OF
LOANS OUT—|
STANDING*!

COLLECTIONS

MILLIONS I
OF
t
DOLLARS 1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

1

YEAR

AS PERCENTAGE OF
LOANS OUT—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

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

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

169.0
205.4
221.8
206.3
193.3
173.6
162.8
153.0
131.0
114.8
122.7
1*9.0

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

|
1
|
|
I
|
|
I
i
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

I
I
|
1
|
|
|
|
I
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

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
1
i
1
|
I
i
I
|
|

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

10.0
14.8
13.7
9.3
17.0
12.3
9.7
b.8
9.9
9.5
3.9
1.5

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

|
1
1
|
|
1
|
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

1
I
I
|
I
|
|
|
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

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

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

1
|
!
1
|
1
i
1
1
1
i
!

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

4.1
4.5
9.9
8.2
15.6
10.7
19.5
24.6

15.3
14.4
18.2
15.1
14.0
12.9
10.8
10.9

|
|
I
I
I
|
|
|

146.5
190.9
190.8
187.5
174.0
176.4
174.8
151.4

1176.5
1040.3
1447.3
1285.2
1374.3
1408.7
1217.5
1246.2

|
|
|
I
|
I
|
1

-12.5
-11.6
39.1
-11.2
6.9
2.5
-13.6
2.4

I
1
I
|
|
|
I
|

4.8
3.3
10.5
6.1
14.2
14.8
21.7
27.3

8.7
7.9
10.9
9.6
10.1
10.1
8.5
8.5

I
I
!
I
|
|
|
I

83.9
103.9
114.4
118.8
125.2
138.9
137.9
118.2

* 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.•• |
-FEB...I
-MAR...I
—AP R... 1
-MAY...I
—JUN.eej
-JUL...|
-AUG...I
-SEP...|
-OCT...I
-NOVe.el
—DEC•e e 1

16211.7
16393.Z
16868.2
17133.2
17288.0
17519.0
17560.0
17757.2
17862.2
17837.4
18129.8
18255.5

1977-JAN.ee1
—FEB...|
-MAR...I
-APR...#
-MAY..e|
—JUN...|
-JUL...|
—AUG.e e |
-SEPeeel
—OCT... I
-NOV...I
—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...|
—MAR.e e 1
—APR e e e |
-MAY.eel
JUN...|
—JUL...|
-AUG...I

20129.6
20211.1
20428.9
20582.3
20839.5
21012.8
21264.9
21579.6

|
|
|
1
|
|
1
|
1
#
|
|
j
I
|
|
|
|
|
|
1
|
|
|
|
4
|
I
|
|
I
|
|
|

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

YEAR

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

1.3
lei
2.9
1.6
0.9
1.3
0.2
1.1
0.6
-0.1
1.6
0.7

|
|
I
|
|
|
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

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

1.0
1.3
1.4
0.8
1.3
0.9
0.6
0.5
0.6
0.6
0.3
0.2

|
|
|
|
|
1
1
1
|
|
|
|
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
7.9
7.8
7.8
7.7
8.4
9.4

151.0
150.6
151.3
151.6
152.8
153.6
154.9
156.6

0.4
0.4
1.1
0.8
1.2
0.8
1.2
1.5

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

COLLECTIONS

MILLIONS 1
OF
I
DOLLARS I
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

1

YEAR

AS PERCENTAGE OF
LOANS OUT—|
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

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

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
I
|
|
|
|
I
1
|
|
I
1

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

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

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

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

0.7
1.0
1.1
0.6
1.4
0.8
0.7
0.6
0.5
0.7
0.2
-O.l

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

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

162.5
161.5
159.9
158.4
156.8
155.8
155.6
156.0

13474.0
13506.8
13644.2
13718.1
13688.9
14070.3
14287.2
14554.3

|
1
I
|
|
1
|
|

0.4
0.2
1.0
0.5
1.2
1.3
1.5
1.9

I
|
|
1
|
|
8
i

8.1
7.4
7.3
7.2
7.0
7.6
8 .6
9.9

COLLECTIONS
112.1
111.1
111.0
111.7
112.1
112.5
113.4
114.6
115.3
115.5
114.4
113.6

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

101.1
100.6
101.0
101.0
101.9
102.8
104.1
105.6

1
|
1
|
1
|
1
|

108.7
107.9
106.8
105,6
104.5
104.3
104.6
105.2

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




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

6
TABLE 213.1

PRODUCTION CREDIT ASSOCIATIONS
RENEWALS AND COLLECTIONS

1976-JAN...1
-FEB... 1
—MAR*..I
—APR..« I
-MAY...J
—JON.•«,1
-JUL....1
—AUG..«.1
-SEP....1
—QCT.. .1
—NOV..•1
-DEC..
1
1977—JAN.. .1
-FEB.. .1
—MAR..•.1
-APR.. .1
-MAY...1
-JUN.. .1
—JUL.. .1
—AUG.. .1
-SEP...1
—QCT.. • 1
-NOV...1
—DEC.. .1
i
1
1978—JAN.. .1
-FEB...1
—MAR...1
-APR.. .1
-MAY..• 1
—JUN.. .1
—JUL.. .1
—AUG.. • 1

.#

COLLECTIONS

RENEWALS

I
I
| MILLIONS
I
OF
I DOLLARS
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

764. 3 1
706. 7 I
762. 2 1
575. 2 1
391. 1 1
309. 0 I
265. 4 |
282.0 i
273. 0 |
306,• 4 |
462..8 |
788,.3 |
1
851,»6 I
822,.7 I
886..4 I
662,.9 I
448,.7 1
387 .6 I
291.4 |
302 .1 1
322 .6 I
326 .9 1
492 .8 i
834 .2 1
I
877 • 5 |
871 .4 |
966 .7 |
742 .5 |
535 .1 I
379 .4 |
326 .6 I
349 .7 1

I

YEAR

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

18.5
15.4
23.3
9.5

8.0
-3.4
7.7
-25.2
-32.3
— 13.6
-24.8
3.7
6.8
1.3
50.8
69.3

11.4
16.4
16.3
15.2
14.7
25.4
9.8
7.1

5.2
-0.7
10.9
-23.2
-27.9
-29.1
-13.9
7.1

3.0
5.9
9.1

MILLIONS
OF
DOLLARS

AS PERCENTAGE OF
LOANS OUTSTANDING*

2.8

10.0

-4.9
15.1
7.7
-5.4
22.5
11.5

18.2
6.7
6.5
5.8

7.1

6.6

7.0
5.2
3.4

2.6

2.2
2.3
2.2
2.5
3.8

6 .6
7.0

6.8

7.2
5.3
3.5
2.9

2.1
2.2

COLLECT. &
RENEWALS

LOANS
MADE
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

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

43.1
45.0
40.4
35.4
27.2
24.0

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

22.6

2.3
2.3
3.6

23.6
25.1
24.7
31.9
38.3

6.5

42.7
45.6

6.2
6 .6

7.3
5.5
3.9
2.7
2.3
2.4

12.0
19.3

-2.1

12.1
15.8

40.0

36.6

28.0
21.2
21.2
21.9

38.5
46.5
43.3
40.7
32.8
27.2
27.0
24.9

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
I
I
|
I
1
1
1
|
|
|
|
j
1175.3 1
875.5 I
1004.4 |
865.0 |
800.8 I
813.7 1
711.8 |
884.4 1
1023.3 |
1281.0 |
1372.0 1
1356.7 1
1
1402.0 I
1001.5 |
1265.1 1
1081.4 |
1097.5 |
1014.0 I
883.2 I
1054.2 1

AS PERENTAGE OF
LOANS OUTSTANDING*

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
4.3
-27.0
12.3
-4.6
-12.1
13.4
-12.7
6.4
15.9
18.2
14.9
-6.3

|

I
|
|
|
I
|
1
i
1
1
|
1
1
3.5 1
-25.5 1
14.7 1
-13.9 I
-7.4 1
1.6 I
-12.5 I
24.3 I
15.7 1
25.2 i
7.1 1
-1.1 I
1
3.3 I
-28.6 |
26.3 1
-14.5 I
1.5 1
-7.6 I
-12.9 I
19.4 1

YEAR
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
26.0
25.0
37.0
24.6
24.1
19.2

9.9
7.2

8.1
7.5
6.4
7.1

6.0

6.3
7.2

8.6
10.0
9.5

9.6
7.2

8.2
6.9

6.2
6.1
5.2
6.3
7.2
9.1
9.9

10.1
10.4
7.6
9.5

8.1
8.1
7.3

6.2
7.2

* OUTSTANDING LOANS AT END OF PRECEDING MONTH.
RENEWALS AND COLLECTIONS INCLUDE SOME NOMAGR1CULTURAL LOANS (SEE NOTE ON PAGE 31.


http://fraser.stlouisfed.org/
•
#
Federal Reserve Bank of St. Louis

#

#

e

#

#

#

#

#

«

TABLE 213.3

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

RENEWALS
MILLIONS
OF
DOLLARS

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

1976—JAN*••
—FEB#*»
—MAR••.
—APR*.»
-MAY...
—JUNi. . .
-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

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 P...
-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

1.5
1.9
2.0
1.4
0.9
1.2
0.4
0.3
0.8
0.3
0.5
0.7

1978—JAN...
—FEB..*
-MAR...
—APR...
-MAY...
—JUN...
-JUL...
—AUG...

6655.6
6704.3
6784.7
6864.2
6950.6
6942.5
6977.7
7025.4

0.4
0.7
1.2
1.2
1.3
-0.1
0.5
0.7

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

YEAR

AS PERCENTAGE OF
LOANS OUTSTANDING*

LOANS
MADE

COLLECT. &
RENEWALS

MILLIONS
OF
DOLLARS

MONTH

|

YEAR

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

13.8
12.8
10.8
9.7
9.4
7.7
8.0
8.7
9.9
12.3
10.9
11.7
12.6
12.8
13.7
15.3
17.2
19.1
20.6
21.1

I
I
I
1
|
I
1
1

92.9
93.2
94.6
95.7
97.5
98.6
99.5
100.4

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

1
|
1
1
|
|
|
I
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

11.3
11.5
10.8
11.4
12.2
13.0
13.8
13.4
13.9
14.6
13.4
12.6

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
1131k.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
1
I
I
1
1
|
1
1
I
1
I

11.4
10.1
9.2
8.9
9.3
7.8
8.0
8.4

49.9
49.9
50.2
50.6
51.0
50.7
50.8
51.0

33.1
33.2
33.2
33.4
33.4
33.0
32.8
32.6

34.9
34.9
34.7
34.6
34.3
34.0
33.8
33.7

12390.6
12516.7
12777.4
12993.9
13290.6
13490.8
13662.2
13832.0

1.9
1.0
2.1
1.7
2.3
1.5
1.3
1.2

|
|
1
I
|
|
I
|

RENEWALS AND COLLECTIONS INCLUDE SOME N0NAGR1CULTURAL LOANS (SEE NOTE ON PAGE 31.

AS PERCENTAGE OF
LOANS OUTSTANDING*
|
|
|
|
I
I
|
1
1
I
I
1
j
1
1
1
1
|
1
|
|
1
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

AVERAGE OUTSTANDING LOANS DURING THE PRECEDING 12 MONTHS (AVERAGE OF fcND-OF-MONTH DATA I.




PERCENTAGE CHANGE
FROM PREVIOUS

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

AGRICULTURAL FINANCE OATABOOK.—MONTHLY SERIES

220

SEPTEMBER 1978

FEDERAL LAND BANKS (AGRICULTURAL LOANS)
221

LOANS OUTSTANDING

221.1
222

ACTUAL

LOANS CLOSED

222.1
222.3
223

ACTUAL
12-MONTH MOVING TOTAL

12
13

NEW MONEY LOANED

223.1
223.3
224

11

ACTUAL
12-MONTH MOVING TOTAL

15

REFINANCING AND REPAYMENTS

224.1
224.3

SOURCE:

ACTUAL
12-MONTH MOVING TOTAL

"FEDERAL LAND BANKS—SUMMARY OF SELECTED MONTHLY LOAN DATA,"
TECHNICAL SERVICES DIVISION, FARM CREDIT ADMINISTRATION.

DATA IN THIS SECTION ARfc OBTAINED FROM TIMELY MONTHLY REPORTS WHICH ARE NOT
REVISED TO REFLECT ANY SUBSEQUENT CHANGES GR CORRECTIONS. IF ONLY YEAR-END
DATA ON OUTSTANDING LOAN VOLUME ARE REQUIRED, USE THE SERIES IN SECTION 100
OF THE AC.Rlf.Ht TURAL FINANCE DATABOOK—ANNUAL SERIES. NOVEMBER 1977.




16
17

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

NUMBER

MILLIONS OF DOLLARS
OUTSTANDING

#
1
CHANGE FROM PREVIOUS I
1
MONTH |
YEAR
|

1976—JAN.•.1
-FEB* »*|
-MAR*.*j
-APR...|
-MAY...|
—JUN...i
—JU L...I
—AUG...|
-SEP...|
-OCT...I
—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

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

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

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

168.5
229.2
409.0
294.2
291.8
273.4
250.6
217.2
215.7
163.3
201.2
206.6

1978—JAN...|
-FEB...|
-MAR...I
—APR..*|
—MAY.••1
—JUN...I
-JUL...I
-AUG...I

21672.2
21895.7
22234.1
22480.7
22806.7
23130.7
23394.6
23677.6

207.3
223.5
338.4
246.6
326.0
324.0
263.9
283.0




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

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|
1

THOUSANDS

YEAR

I

PERCENTAGE!
CHANGE |
FROM LAST1
YEAR
|
1

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
1.1
2.0
1.5
1.3
1.4
1.3
1.0
1.0
0.9
1.0
1.1

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

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

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

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

2502.8
2552.3
2631.0
2678.8
2757.3
2787.0
2818.1
2851.8
2891.5
2909.3
2938.0
2940.7

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

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

|
1
|
|
|
1
|
|
|
|
|
i

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

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

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

1.0
1.0
1.5
1.1
1.4
1.4
1.1
1.2

1
|
1
|
|
|
|
|

15.9
15.7
15.0
14.6
14.5
14.6
14.5
14.6

459.8
460.4
461.3
461.8
463.1
464.6
465.8
467.2

2.0
2.0
1.9
1.8
1.8
1.9
1.9
2.1

2979.5
2973.8
2903.3
28 55.7
2889.9
2940.4
2953.7
3019.6

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

AVERAGE SIZE
DOLLARS

PERCENTAGI
CHANGE
FROM LAS1
YEAR

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

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

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

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

47136.
47559.
48193.
48680.
49247.
49787.
50225.
50677.

13.7
13.5
12.9
12.6
12.5
12.5
12.3
12.3

TAbLE 222,1
FEDERAL LAND BAI
LOANS CLOSED
AMOUNT
MILLIONS 1
OF
|
DOLLARS 1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

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

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

|
|
i
1
i
|
|
1
|
1
|
|

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

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

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

1978—JAN...|
—FEB...|
—MAR...|
-APR... |
-MAY... I
—JUN...|
—JUL... I
—AUG...I

502.7
433.0
618.9
492.1
570.7
559.7
461.9
480.7

|
|
|
|
|
1
|
|

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

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

12.0
-13.9
42.9
-20.5
16.0
-1.9
-17.5
4.1

|
|
#
I
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

1
|
|
|
1
|

AVERAGE SIZE

1 PERCENTAGI
I CHANGE
1 FROM LAS1
I
YEAR
4*16.
4467.
6377.
5377.
4879.
5175.
4457.
4366.
4167.
4098.
4465.
5047.

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

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

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

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

4930.
4719.
6801.
5627.
5806.
5668.
4784.
4808.
4457.
4361.
4846.
5003.

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

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

8.4
0.8
-8.8
-5.6
10.1
10.6
-6.2
19.3

1
|
I
1
|
|
|
|

4919.
4495.
5899.
4908.
5874.
5898.
4848.
5333.

1
1
1
1
1
1
1
1

-0.2
-4.7
-13.3
-12.8
1.2
0.5
1.3
10.9

* OUTSTANDING LOANS AT END OF PRECEDING MONTH.




NUMBER

AS PERCENTAGE OF

PERCENTAGE
CHANGE
FROM LAST
YEAR
13.8
14.3

8.0

13.0
4.6
7.7
18.3

2.0

7.3
5.7
11.4
15.6
15.3
17.2
20.7
14.1
19.8

10.2

24.9
14.1
9.8
7.5

LOANS
OUTSTANDING*
2.5

2.1
3.2
2.6
2.1
2.4
2.1
1.8
1.8
1.7
1.9
2.4

2.5
2.3
3.6
2.7

2.6

2.5
2.4

3.5

2.0
1.8
1.7
2.0
2.1

8.6

2.3

10.1
5.8
5.1

8.2
8.8

10.1

-7.4
7.6

2.0
2.8
2.2
2.5
2.5

2.0
2.1

REPAYMENTS
263.8
337.4
478.0
432.2
449.2
502.8
466.1
442.0
407.4
381.7
330.2
309.2
223.4
367.1
475.2
475.5
457.7
403.8
374.2
435.2
516.3
369.3
340.3
301.0
248.9
360.2
406.3
380.8
447.4
473.0
453.3
473.5

TABLE

222.3
FEDERAL LAND BANKS
LOANS CLOSED
T W E L V E - M O N T H M O V I N G TOTAL
AMOUNT

MILLIONS |
OF
1
DOLLARS |
I
1976-JAN...|
—FEB...|
-MAW...|
-APR...|
-MAY...|
-JUN...|
"Jul#..I
-AUG...I
-SEP...|
-OCT ...|
—NOV . • . j
-DEC...|
i
1977-JAN...|
—FEB...|
-MAR...|
—APR...j
—MAY...j
-JUN...|
-JUL... I
-AUG...|
-SEP...I
-OCT...|
-NOV...|
-DEC...I
I
1978-JAN...|
-FEB...|
-MAR...|
—APR...j
-MAY...|
-JUN...|
-JUL ...|
-AUG...|
*

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

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

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

-0.1
-0.0
2.1
0.9
-0.4
0.8
0.8
0.7
0.3
-0.1
2.0
1.4

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

4656.1
4738.7
4890.1
4975.0
5129.6
5230.6
5355.7
5437.9

I
I
|
|
|
|
|
|

5539.4
5607.7
5619.1

|
1
|

1.5
I.A
3.2
1.7
3.1
2.0
2.4
1.5
1.0
0.8
1.2
0.2

5494.4 j

5658.0 I
5661.6 |
5601.5 |
5572.3 1
5624.7 1
5678.4 1
5648.1 |
5725.9 |

THOUSANDS

YEAR

AVERAGE S U E

PERCENTAGE
CHANGE
FROM LAST
YEAR

DOLLARS

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

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

14.3
14.1
12.9
12.5
11.7
11 .a
12.7
10.9
10.5
10.0
9.9
10.3

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

10.5
12.4
13.7
14.6
18.6
20.0
21.9
22.8
23.7
24.9
24.0
22.5

57.8
58.1
58.5
58.7
59.7
60.4

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

60548.
81622.
83619.
84707.
85983.
66669.
88264.
88970.
89470.
89819.
90369.
90616.

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

0.7 |
0.1 |
-1.1 |
-0.5 6
0.9 |
1.0 |
-0.5 |
1.4 |

21.5
19.5
14.5
12.0
9.7
8.6
5.5
5.3

62.0
61.8
60.9
60.2
60.2
60.3
60.3
60.8

7.3
6.4
4.1
2.4
0.9

91260.
91648.
92020.
92634.
93400.
94245.
93642.
94112.

13.3
12.3
10.0

j

THE P R E C E D I N G

60.7
61.1

12 M O N T H S

-0.2
—0.6
-0.5

A S P E R C E N T A G E OF

PERCENTAGE
CHANGE
FROM LAST
YEAR

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

AVERAGE OUTSTANDING LOANS DURING




NUMBER

( A V E R A G E OF E N D - O F - M O N T H

9.4

8.6
8.7
6.1
5.8

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

|
|
|
|

DATA),

LOANS
OUTSTANDING*

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

|
#
|
#
|
|
|
|
|
|
I
|

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

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

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

374.3
376.7
378.9
382.9
385.3
380.1
374.8
375.3
380.7
381.2
381.5
380.3

28.0 |

384.4
383.8
377.3
370.4
370.4
375.7
381.1
384.1

27.7
27.1

|
|
1

26.5

|

26.6
26.6 |
26.1 |
26.1 |

TABLE 223.1
FEDERAL LAND BANKS
NEW MONEY LOANED
MILLIONS 1
OF
|
DOLLARS |
1
1976-JAN...I
—FEB...|
-MAR.».|
—APR...|
-MAY...|
-JUN...I
—JU L . . . |
-AUG...I
-SEP...1
—OCT...|
—NOV...|
-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

1977—JAN...|
—FEB...1
-MAR...!
-APR...j
—MAY...|
-JUN...I
—JU L. • . |
—AUG.. . $
—SEP.•.|
-OCT...I
—NOV...|
-DEC...1

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

1978—JAN...|
—FE B. . . j
-MAR...|
-APR...|
—MAY ...|
-JUN...I
—JUL...I
-AUG...I

409.3
343.7
490.7
375.8
453.5
442.3
365.8
384.5

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

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

|

YEAR

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

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

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

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

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

15.0
—16.0
42.8
-23.4
20.7
-2.5
-17.3
5.1

I
j
|
|
|
|
|
I

1

ILOANS OUT—1
1 STANDING*!

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

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

8.8
-0.7
-11.1
-6.9
12.0
10.9
-4.3
24.1

1
1
1
1
1
1
1
1

* OUTSTANDING LOANS AT END Of- PRECEDING MONTH.




AS PERCENTAGE OF

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

LOANS
CLOSED

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

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

81.1
80.6
81.3
77.5
78.1
78.8
77.6
76.9
76.2
76.8
77.4
79.3

1.9
1.6
2.2
1.7
2.0
1.9
1.6
1.6

1
i
|
|
1
|
1
|

81.4
79.4
79.3
76.4
79.5
79.0
79.2
80.0

82.7
81.5
83.5
79.6
80.9
80.0
61.3
79.8
79.0
79.0
79.5
78.9

TABLE 223.3
FEDERAL LAND BANKS
NEW HONEY LOANED
T W E L V E — M O N T H M O V I N G TOTAL
IILL IONS

OF

DOLLARS

|

|
I

I
1976-JAN... I

—FEB...|

-MAR...|
APR. . . |
-MAY...I
-JUN... |
-JUL...|
—AUG..•I

-SEP.
-OCT.
-NOV.

—DEC .

I
I
I
I
I

1 9 7 7 - J A N . ..|

-FEB...I

-MAR...|
-APR...I
-MAY...I
-JUN...!
-JUL.•.I
-AUG...|
-SEP...|
-OCT...|
-NOV...|
-DEC...I

I

1978—JAN..• |

-FEB...|
-MAR...|
-APR...|
-MAY...I
—JUN... I
—JUL...I
—AUG...I
*

PERCENTAGE CHANGE
FROM P R E V I O U S
MONTH

3468.2 |
3463.2 |
3536.2 |
3557.9 1
3537.3 |
3555.5 |
3583.6 |
3598.7 |
3605.4 |

3589.1 |

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

|

YEAR

AS P E R C E N T A G E OF
LOANS OUT—|
STANDING*!

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

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

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

82.3
82.2
82.2
81.9
81.8
81.6
81.5
81.3
81.2
80.9
81.0
80.6

1.4 1
1.7 |

|

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

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

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

J
|
I
|
|
1

18.8
16.8
11.9
9.6
7.8
6.9
4.4
4.9

22.0
21.8
21.2
20.8
20.8
20.8
20.5
20.6

#
|
|

78.7
78.6
78.3
78.2
78.4
78.4
78.5
76.8

3662.1
3695.6

#
1

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

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

1.4
2.8
1.8
2.0
1.3
0.8
0.6
1.0
0.2

4451.5
4449.1
4387.9
4359.9
4408.4
4452.0
4435.7
4510.5

|
|
|
|
|
|
|
|

0.8
-0.1
-1.4
-0.6
1.1
1.0
-0.4
1.7

j

2.9 |
|
|
|
|
|
|
|

1

j
1
1

1

|
|
1
|

A V E R A G E O U T S T A N D I N G L O A N S D U R I N G THE P R E C E D I N G 12 M O N T H S




LOANS
CLOSED

« A V E R A G E OF E N O - O F - N O N T H DATA I.

TABLE 224.1
FEDERAL LAND BANKS
REFINANCING AND REPAYMENTS
REFINANCING OF FEDERAL LAND BANK LOANS
MILLIONS i
OF
|
DOLLARS I
1
1976—JAN*•• I
—FEB** * I
-MAR* * * I
-APR,.*|
—HA Y * * * 1
-JUN. * * I
-JUL...|
—AUG..* 1
-SEP...|
-OCT...*
-NOV...1
-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

197 7—JAN.••|
-FEB.«•$
—MA R . . . |
-APR...I
-MAY...I
—JUN.* *|
-JUL*.*|
—AUG* * *|
—SEP.* * 1
—QC T . . . |
-NOV...J
-OEC...I

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...|
—MAR.*. |
—APR* * * |
-MAY... |
-JUN...I
—JUL.* * 1
—AUG*..1

93.4
89.3
128.2
116.2
117.2
117.4
96.1
96*1

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

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
0.8
0.2
-18*2
0.1

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

YEAR

1

REPAYMENTS

AS PERCENTAGE OF

1LOANS OUT—|
1 STANDING*1

LOANS
CLOSED

MILLIONS |
OF
|
DOLLARS 1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

6.9
8.0
21.3
25.3
8.0
21.5
13.3
36*4
9.5
18.5
27.2
46.6

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

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

1
1
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

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

10*0
-31*0
7.4
-8.5
-19.8
-0.5
-2.2
-7.9
9.3
3.6
29.2
33.3

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

1
1
1
1
1
1
1
1
1
1
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

|
|
|
|
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
|
|
|

6.6
7.2
0.9
-1.0
3.5
9.4
-12.7
3.3

1
1
1
1
1
1
1
1

0.44
0.41
0.59
0.52
0.52
0.51
0.42
0*41

1
I
|
|
|
|
|
|

18*6
20.6
20.7
23.6
20*5
21.0
20.8
20.0

202*0
120*2
152.3
129.2
127.6
118.3
101.9
101.5

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

|
1
|
|
|
#
1
|
|
|
I
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

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

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

1.12
0.63
0.76
0*57
0.58
0.63
0.65
0.45
0.36
0*44
0*58
0.70

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

35.4
-40.5
26.7
-15.2
-1.3
-7.2
-13.9
-0.4

|
|
1
|
1
|
1
1

-2*7
2*7
6*6
17*9
12*6
—5*6
-22*5
9*7

1
1
1
1
1
I
1
1

0.94
0.55
0.70
0*58
0*57
0*52
0*44
0*43

|
1
|
|
|
I
|
1

* 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

1 AS PER- |
1CENTAGE GF|
1 LOANS OUT—I
1 STANDING*!

TAbLfc

224.3

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

REFINANCING OF FEDERAL LAND BANK LOANS
MILLIONS I
I
OF
DOLLARS 1
|
1976—JAN..•i
-FE6...I
—MAR.••|
—APR.•.|
—MAY... 1
— J UN e . • |
-JUL ... I
—AUG...I
—SEP...|
-OCT...|
—NOV..o1
—DEC. . » 1

746.2
751.0
766. 3
784.2
769.3
603.6
611.7
626.9
634.8
645.1
860.5
689.7

1977—JAN...|
—F E B . . . |
—MAR...|
—APR... I
—MAY... 1
—JUN. . • I
—JUL...1
—AUG..*|
—SEP.. • 1
—OCT...|
—NOV. . • 1
-OEC...I

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

1978—JAN...|
—FEB...j
—MAR... I
—APR...I
-MAY...I
—JUN..* j
—JUL ... I
-AUG...I

1206.5
1212.5
1213.6
1212.4
1216.3
1226.4
1212.4
1215.4

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

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
0.6
0.6
2.U
2.3
0.7
1.8
1.0
2.1
0.7
!•*
1.8
3.4
2.2
2.1
4.3
2.9
4.4
2.5
3.9
4.6
2.0
1.5
1.9
0.1
0.5
0.5
0.1
-0.1
0.3
0.8
-1.1
0.2

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

YEAR
21.0
17.3
lo.O
15.2
14.5
14.3
15.0
17.3
15.8
16.6
16.9
19.9
21.9
23.6
26.4
27.1
31.9
32.8
36.6
37.2
38.9
39.3
39.4
35.0
32.7
30.6
25.3
21.6
16.9
14.9
9.4
6.9

1

AS PERCENTAGE OF

ILUANS OUT—|
I STANDING*!
1
1
1
1
1
1
I
1
1
1
1
I
1
1
1
I
I
1
1
1
1
1
I
1
1
j
I
1
I
1
1
1
1
1

5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.1
5.0
5.0
5.1
5.2
5.2
5.3
5.4
5.5
5.7
5.8
5.9
6.0
6.0
6.0
6.1
6.0
6.0
5.9
5.9
5.8
5.7
5.7
5.6
5.5

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

LOANS
CLOSED

MILLIONS I
OF
|
DOLLARS |
1

17.7
17.8
17.6
18.1
la.2
18.4
18.5
18.7
18.6
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

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

21.3
21.4
21.7
21.8
21.6
21.6
21.5
21.2

1472.0
1475.3
1484.7
1504.3
1518.6
1511.6
1482.0
1490.9

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

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH
1.6
4.1
4.3
3.7
1.7
1.9
1.4
1.7
1.4
1.1
4.2
0.5
4.9
1.1
2.6
0.7
2 5
3.4
3.8
1.4
-0.4
0.7
1.2
0.5
-0.4
0.2
0.6
1.3
1.0

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

-a.5 |

-4.0 |
0.6 1

* AVERAGE OUTSTANDING LOANS DURING THfc PRECEDING 12 MONTHS (AVERAGE OF ENO-OF-MONTH DATA).
•REFINANCING OF FEDERAL LAND BANK LOANS" IS COMPUTED AS LOANS CLOSED LESS NEW MONEY LOANED.
"REPAYMENTS" ARE COMPUTED AS NEW MONEY LOANED LESS THE CHANGE IN LOANS OUTSTANDING.




YEAR

1 AS PERCENTAGE 01
I LOANS OUT1 STANDING3

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

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

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

33.1
29.3
27.1
23.4
24.4
26.2
49.2
28.8
26 .5
26.0
24.7
24.7

I
1
1
1
1
1
I
1
1
I
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

18.4
17.3
15.0
15.8
14.1
9.8
3.7
2.9

I
1
1
1
I
1
j
j

7.3
7.2
7.2
7.2
7.2
7.1
6.6
6.8

AGRICULTURAL FINANCE UATABOOK—MONTHLY SERIES

230

StPTEMbER 1978

LIFE INSURANCE COMPANIES
231

FARM MORTGAGES OUTSTANDING

231.1
232

FARM MORTGAGES ACQUIRED

232.1
232.3
233

ACTUAL

ACTUAL...
12-MONTH MOVING TOTAL

FARM MORTGAGE COMMITMENTS OUTSTANDING

233.1

SOURCE:

ACTUAL.

••••• *

S , ' '. ?
t
"*
:
V"MONTHLY STATISTICAL REPORT,- AMERICAN COUNCIL OF LIFE INSURANCE




TABLE 231.1

LIFE I N S U R A N C E C O M P A N I E S
FARM MORTGAGES OUTSTANDING
END OF M O N T H
1
1
1
1
1

1976—JAN•••I
-FEB.E.|
-MAR...|
—APR.•.I
—MAY... 1
-JUN...I
-JUL...I
—AUG...1
-SEP...I
-GCT... I
-NOV...I
-DEC...I
L
1
1977—JAN...|
-FEB...I
—MAR..•|
—APR ...1
-MAY...I
-JUN...I
—JUL...I

-AUG...I

-SEP...I
-OCT...|
—NOV...I
-OEC...I
197B—JAN*.. |
—FEB... |
-MAR...|

—APR...|

-MAY..* I

—JUNe..|
—JUL...|




M I L L I O N S OF D O L L A R S
AMOUNT

|
1
C H A N G E FROM P R E V I O U S |
1
YEAR
|
MONTH
1

6731.
6769.
6815.
6876.
6946.
7005.
7072.
7127.
7184.
7219.
7291.
7425.

-22.
38.
46.
61.
70.
59.
67.
55.
57.
35.
72.
134.

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

431.
375.
387.
372.
403.
432.
488.
521.
553.
558.
612.
672.

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

7434.
7510.
7640.
7814.
7924.
8139.
8235.
8331.
8475.
8569.
8648.
8843.

9.
76.
130.
174.
110.
215.
96.
96.
144.
94.
79.
195.

1
1

703.
741.
825.
938.
978.
1134.
1163.
1204.
1291.
1350.
1357.
1418.

8903.
9012.
9210.
9379.
9517.
9703.
9820.

60.
109.
198.
169.
138.
186.
117.

1469.
1502.
1570.
1565.
1593.
1564.
1585.

1
1
1
1
1
1
1
1
1
»
1
1
1
1
1
1
1
1
1

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

YEAR

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

6.
5.
6.1
5.
6.
6.
7.
7.
8.
8.
9.
10.

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

0.1 I
1.0 I
1.7 I
2.3 |
1.4 |
2.7 |
1.2 |
1.2 1
1.7 |
1.1 I
0.9 |
2.3 |

10.
10.
12.
13.
14.
16.
16.
16.
18.
18.
19.

|
|
1
|
|
|
1

0.7
1.2
2.2
1.8
1.5
2.0
1.2

19.
20.1
20.!
20.<
20.
19.
19.;

j

-0.3
0.6
0.7
0.9
1.0
0.8
1.0
0.8
0.8
0.5
1.0
1.8

|
I

j

|
|
|
|
|

I
|

lb.

19

TABLE 232.1

LIFE INSURANCE COMPANIES
FARM MORTGAGES ACQUIRED
PERCENTAGE CHANGE
FROM PREVIOUS

MILLIONS OF DOLLARS
CHANGE FROM PREVIOUS
|
1
1976—JAN.•• |
-FEB..e|
"MAR*••1
-APR...I
—MAY. . . 1
-jUNeeel
-JUL..•1
-AUG...I
-SEP...!
—QC T . • . I
—NOV.••1
-OEC...I
1
1977—JAN..•I
-FEB...I
—MAR#.#1
-APR...I
-MAY...1
-JUN...I
—JUL.e• |
—AUGe e e |
—SEPeeel
-OCT...I
—NOV... 1
—DEC... 1
1
1976-JAN...I
-FEBe.el
—MAR... 1
-"APR. eel
-MAYe e e |
-JUNeeel
—JUL...1

AMOUNT

MONTH

I

YEAR

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

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

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

-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
I
1
1
I
1
I
I
I
1
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.

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

-33.9
-2.5
49.4
9.9
-16.4
29.9
-39.6
11.9
11.2
-31.1
-6.3
136.3

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

200.
206.
284.
271.
251.
273.
203.

-119.
6.
78.
-13.
-20.
22.
—70.

40.
50.
51.
15.
37.
—5.
35.

-37.3
3.0
37.9
-4.6
-7.4
8.8
-25.6

1
1
I
I
1
1
I

* OUTSTANDING MORTGAGES AT END OF PRECEDING 1




YEAR

MONTH

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

AS PERCENTAGE OF
MORTGAGES
OUTSTANDING*

I
I
1
I
1
I
I
I
I
1
I
1
|
60.0 I
34.5 1
71.3 1
100.0 I
71.2 1
112.2 I
21.7 1
77.4 1
69.9 1
82.3 1
16.4 1
31.8 1
j
25.0 1
32.1 1
21.9 I
5.9 1
17.3 1
-1.8 1
20.8 I

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
3.2
2.9
2.7
2.9
2.1

TABLE 232.3
LIFE INSURANCE COMPANIES
FARM MORTGAGES ACQUIRED
TWELVE-MONTH MOVING TOTAL
1
1
1
1
1
1976—JAN.•.1
—FEB*• . I
-MAR...#
—APR.••j
-MAY...|
-JUN...|
-JUL...I
-AUG...#
~SEP...|
-UCT...I
—NOV...1
-DEC...I
j
1977—JAN...|
-FE6...I
-MAR...#
—AP R . . * j
-MAY...#
-JUN...I
-JUL.•.|
-AUG...#
—SEP...|
~OC T. . . |
-NOV...#
—OE C . . . j
j
1978—JAN...#
—FEb...#
-MAR...#
-APR...I
-MAY...#
-JUN...#
-JUL...#

MILLIONS OF DOLLARS
AMOUNT

#
f
CHANGE FROM PREVIOUS#
1
MONTH #
YEAR
|

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

20.
-4b.
17.
8.
50.
56.
83.
53.
61.
25.
51.
89.

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

60.
40.
97.
126.
89.
147.
30.
82.
86.
65.
19.
77.

2500.
2550.
2601.
2616.
2653.
2648.
2683.

40.
50.
51.
15.
37.
-5.
35.

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

PERCENTAGE CHANGE
FROM PREVIOUS
MONTH

#
I

YEAR

AS PERCENTAGE OF
MORTGAGES
OUTSTANDING*

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

#
#
1
#
I
#
#
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
#
#
#
1
#
#
#
#
#
#
#

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

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

t
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

1
1
#
#
#
#
|
#
#
t
|
#
1
#
!
#
$
#
#
#

46.1
56.6
63.3
74.0
74.2
78.4
69.0
68.4
67.2
66.9
64.2
59.7

22.7
23.1
24.3
25.8
26.7
28.4
28.5
29.2
29.9
30.4
30.2
30.7

56.3
55.5
49.7
40.3
35.8
26.0
25.9

30.7
30.9
31.0
30.7
30.7
30.2
30.1

900. #
910. #
to 64. #
751. #
699. #
547. #
552. #

1.6
2.0
2.0
0.6
1.4
-0.2
1.3

AVERAGE OUTSTANDING MORTGAGES DIKING THE PRECEDING 12 MONTHS (AVERAGE OF END-OF-MONTH DATA),




21

TABLE 233.1

LIFE INSURANCE COMPANIES
OUTSTANDING FARM MORTGAGE COMMITMENTS
E N D OF M O N T H
MILLIONS

PERCENTAGE CHANGE
FROM PREVIOUS

OF D O L L A R S

CHANGE FROM PREVIOUS

I
1

AMOUNT

1976—JAN.•• 1

-FEB...I

-MAR...I
"APR*. . |
-MAY*.* I
-JUN...I
—JU L • . • |
—AUG* * * I
—SEP*•* 1
—OCT*• * I
—NOV* * * I
—DEC* * * |
1
1977—JAN* * *|
-FEB...|
—MAR.* *|
—AP R *.. |
—MAY * * * I
—JUN*..|
—JUL * * *|
—AUG* *.I
—SEP.* * I
-OCT...I
—NOV,*.I
—DEC...1
1
1978—JAN*..|
—FEB.*.I
—MAR** * 1
—APR* * *j

-MAY...I
-JUN...1




1

1

MONTH

|

1

|
|
|
|
1
|
I
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

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

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

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

—26.0
76.0
9.0
19.0
-46.0
69.0

|
|
I
|
I
|

175.0
204.0
224.0
183.0
120.0
198.0

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

7*0
11*0
2*0
22*0
-19.0
8.0
-3.0
7.0
26.0
62.0
10.0
-39.0

I
I

567*0
614*0
603*0
663*0
680.0
671*0
673*0
696*0
745.0
769*0
782*0
768*0

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

742*0
818*0
827*0
846.0
800*0
869.0

1
|
|
1
|
1

466.0
477*0
479*0
501*0
482*0
490*0
487*0
494*0
520*0
582*0
592*0
553.0

YEAR

I

|
1
I
|
|
|
|

1

I

|

j

MONTH

|

1

1.5 I
2.4 I
0.4 I
4.6 fc
-3.8 |
1.7 I
-0.6 1
1.4 |
5.3 i
11.9 I
1.7 I
-6.6 1
i
2.5 1
8.3 I
-1.8 1
10.0 1
2.6 |
—1.3 |
0.3 I
3.4 I
7.0 1
3.2 I
1.7 1
-1.8 1
j
-3.4 I
10.2 I
1.1 1
2.3 |
-5.4 I
8.6 I

AS PERCENTAGE
OF MORTGAGES

OUTSTANDING

ACQUIRED
IN MONTH

—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
8.1
7.4

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
8.2
7.9
8.5
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
534.0
579.3
240.8

30*9
33.2
37.1
27.6
17*6
29*5

8.3
9.1
9.0
9.0
8.4
9.0

371.0
397.1
291.2
312.2
318.7
318.3

YEAR

AGRICULTURAL FINANCE DATABOOK—MONTHLY SERIES

300

SEPTEMBER 1976

AGRICULTURAL BANKING DATA
301

FARM NON-REAL—ESTATE LOANS

301 •!
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 MEL1CHAR AND HARRIET HOLDERNESS,
AGRICULTURAL FINANCE
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
« B D ^ D i L , ^ F 0 = n A N = ^ , r B V E M A N U E L MELICHAR, AGRICULTURAL FINANCE RFV1PW.
rtoKUAKY 1977, PP. 87—88.




24

TABLE 301.1
FARM N O N - R E A L - E S T A T E LOANS AT C O M M E R C I A L B A N K S
(END OF M O N T H )

AMOUNT

|
1
LARGE
I ALL COMMERCIAL BANKS
LARGE 1 ALL COMMERCIAL BANKSI
BANKS IC BILLIONS OF DOLLARS)
BANKS I(BILLIONS OF DOLLARS)!
(MILLIONS
(MILLIONS 1
1
OF
OF
1 ACTUAL 1 SEASONALLY
I ACTUAL ISEASONALLY!
DOLLARS >
DOLLARS) 1
1 ADJUSTED
! ADJUSTED I
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.

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

20.2
20.3
20.5
21.2
21.6
22.2
22.4
22.6
22.9
23.0
23.1

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.

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

23.2
23.3
23.7
24.3
24.9
25.6
25.9
26.1
26.3
26.1
25.9
25.7

1978—JAN...
—FEB...
-MAR...
—APR...
-MAY...
-JUN...
—JUL..*
-AUG...
—SEP*..

4639.
4525.
4783. I
4793.
5005.
4997. I
5148.
5247.
5323.

CHANGE FROM PREVIOUS YEAR

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

46.
129.
320.
377.
440.
501.
450.
590.
616.
681.
711.
622.

1
1
1
1
1
1
1
I
I
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

23.6
23.7
24.0
24.4
24.8
25.2
25.4
25.6
26.0
26.1
26.1
26.0

59b.
538.
558.
567.
741.
735.
744.
587.
547.
520.
442.
438.

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

3.0
3.0
3.2
3.1
3.3
3.4
3.5
3.5
3.4
3.1
2.8

27.0 I

26.6

23.2

25.5

1

1
1
1

25.8

396. 1
360. 1
515. I
424. 1
427. t
303. 1
405. 1
489. 1
529. 1

2.5

1.8

I
1
!
t
!
!
1
1
I
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

1

1.4 1

1
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
3.0
3.0
3.3
3.1
3.3
3.4
3.4
3.3
3.3
3.1
2.8
2.5

1.8

1
|
1
!
|
I
1
1
1
I
8
1
1
1
|
1
|
1
1
1
I
I
|
|
|
|
|
1
1
1
|
1

1

1.4 I

1
1

PERCENTAGE CHANGE FROM
PREVIOUS YEAR
LARGE
BANKS

1 ALL COMMERCIAL BANKS
1
| ACTUAL
SEASONALLY
ADJUSTED
1

1.3
3.7
9.4
11.0
13.0
14.5
12.7
16.5
17.0
18.9
20.0
17.1

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

11.6
12.2
11.8
14.6
15.5

10.8
12.5
11.9
13.9
16.2

15.5
14.7
15.1
15.6
16.1
15.3

15.8
14.9
15.1
15.6
15.9
15.2

16.4
14.8
15.0
14.9
19.3
18 .6
Id.6
14.1
12.9
12.2
10.4
10.3

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

14.9
14.8
15.8
14*6
15.3
15.5
15.6
15.5
14.6
13.5
12.1

14.6
14.5
15.8
14.6
15.3
15.5
15.5
14.8
14.6
13.5
12.0

7.5

7.5

5.4

5.4

9.3

8.6
12.1
9.7
9.3
6.5
8.5
10.3
11.0

1
1
1

1
1
1
1
1

16.3

10.8

16.3

10.8

L A R G E - B A N K D A T A A R E FOR A P P R O X I M A T E L Y 3 3 0 C O M M E R C I A L B A N K S T H A T S U B M I T THE F . R . 4 1 6 W E E K L Y R E P O R T O F C O N D I T I O N .
A R E B A N K S T H A T H A D T O T A L D E P O S I T S IN E X C E S S O F $ 1 0 0 M I L L I O N A S OF D E C E M B E R 3 1 , 1 9 6 5 .

THESE

D A T A S H O W N FOR A L L C O M M E R C I A L B A N K S A R E F R O M C A L L R E P O R T S A V A I L A B L E FOR J U N E A N D D E C B T B E R 1975 A N D Q U A R T E R L Y S T A R T I N G IN M A R C H 1 9 7 6
( M A R C H A N D S E P T E M B E R D A T A A R E E S T I M A T E D FOR U N I N S U R E D B A N K S ) .
FOR OTHER M O N T H S , DATA SHOWN ARE INTERPOLATED E S T I M A T E S .
D A T A FOR J U N E 1 9 7 8 A R E P R E L I M I N A R Y E S T I M A T E S .




T A B L E 30*:.I

MEMBER

1
1
1
1
1
1
1
1
1976-JAN...I
—FE 6 ... I
-MAR...I
—APR...I
-MAY...I
-JUN...I
—JUL...I
—AUG...1
-SEP...I
-OCT...I
-NOV...1
-OEC...I
1
1977—JAN...I
—FEB...I
—MAR...|
—APR...|
-MAY...1
-JUN...1
-JUL...1
-AUG...I
-SEP...I
-OCT...I
-NOV...I
-DEC...1
1
1978—JAN... |
-FEB...I
—MAR...1
—APR..•1
—MAY...|
-JUN...|
-JUL...I
—AUG...1
—SEP...I

BANK BORROWING UNDER SEASONAL BORROWING PRIVILEGE
W E E K E N D I N G UN L A S T W E D N E S D A Y OF M O N T H

(DEPOSIT SIZE OF BANK

(DEPOSIT SIZE OF BANK
I UP TO
|
$100
| MILLION

OVER
1
1 $100
| MILLION
I

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

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

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

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

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

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

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

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

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

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

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

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

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

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

23.
31.
51.
43.
93.
109.
128.
161.
160.

1
1
I
1
1
|
1
1
1

23.
31.
49.
42.
85.
100.
122.
150.
147.

|
|
1
I
|
|
|
1
|

0.
0.
2.
1.
8.
9.
6.
11.
13.

I
I
1
j
I
I
I
1
1

35588.
52858.
51892.
49400.
114954.
133794.
150938.
206810.
204226.

TOTAL

DEPOSIT SIZE CLASSIFICATION




|AVERAGE DAILY SEASONAL BORROWING
1
(THOUSANDS OF DOLLARS)

NUMBER OF BANKS

I

TOTAL

IS B A S E D O N A V E R A G E D E P O S I T S

1 UP TO
I
$100
I MILLION

OVER
|
$100
1
| MILLION

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

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

8267.
8233.
9605.
11153.
11637.
25898.
20243.
17354.
29618.
29154.
27215.
9970.
8113.
11353.
14161.
15030.
32503.
45658.
4850b.
80936.
73456.
74794.
41488.
34461.
35588.
52858.
50535.
44686.
88968.
101623.
119581.
158153.
156046.

IN 1 9 7 2 .

0.
0.
0.
0.
0.
2000.
5714.
6000.
4000.
4143.
0.
0.
0.
0.
0.
0.
2000.
24500.
20193.
49299.
42000.
41300.
32800.
18300.
0.
0.
1357.
4714.
25986.
32171.
31357.
48657.
48180.

TABLE

311.3

DEPOSITS AND LOANS AT AGRICULTURAL BANKS
SEVENTH AND NINTH FEDERAL RESERVE DISTRICTS
NINTH FEDERAL RESERVE DISTRICT (MINNEAPOLIS)
SECOND WEDNESDAY OF MONTH

SEVENTH FEDERAL RESERVE DISTRICT (CHICAGO)

PERCENTAGE CHANGE FROM PREVIOUS YEAR

PERCENTAGE CHANGE FROM PREVIOUS YEAR
DEPOSITS
I

TOTAL

I

1978-JAN.
-FEB.
-MAR...i
-APR. ..i
-MAY. ..i
-JUN. ..i
-JUL. ..i
—AUG.
-SEP.

9.5
8.7
8.7

8.6
8.2
8.8
8.7
8.6
9.2

LOANS

DEMAND—I

1976-JAN.• , |********* I * * * * * * * * *
-FEB.. , j********* I *********
—MAR * *, j********* |*********
—APR** , j********* j *********
-MAY.. ,j********* I * * * * * * * * *
-JUN. .#j ********* j*********
-JUL.. k}********* i*********
-AUG.. e j********* i*********
-SEP.. , I * * * * * * * * * j *********
-OCT.. . I * * * * * * * * * j *********
-NOV.. .j********* i*********
-DEC.. , j********* j *********
i
I
3.0
n.i I
1977-JAN.. i
1.8
10.7
-FEB. ..i
4.3
11.5
-MAR...I
5.7
12.0
-APR.
5.1
11.9
-MAY.
3.4
11.0
-JUN.
1.1
10.3
-JUL.
0.8
10.1
—AUG. ..i
9.2
-1.4
-SEP.
-2.6
8.1
-OCT.
0.5
8.6
-NOV.
9.0
2.2
-DEC. ,.i
4.2
2.6
3.7
3.5
4.0
6.5
7.2
7.0
9.2

LOANDEPOSIT
RATIO

IIHE—
*********
*********
*********
*********
*********
*********
*********
*********
*********
*********
*********
*********

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

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

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

14.9
14.7
14.6
14.7
14.7
14.2
14.2
13.9
13.7
12.7
12.0
11.9

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

18.7
18.5
19.3
18.7
14.6
19.4
20.7
21.2
21.7
21.3
19.8
19.1

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

11.7
11.1
10.6
10.6
9.8
9.7
9.3
9.2
9.2

I
1
1
I
|
|
I
1
I

17.1
16.4
15.1
14.3
13.5
13.0
12.0
12.9
12.3

I
|
1
I
I
|
1
I
1

total
9.6

10.1

8.2

9.6
9.0

8.6
8.3
B.9
7.9
9.3
8.3

I

DEMAND—I

—0.6
3.0

1.2

5.4
4.3
3.6
2.9
4.3
0.4

1.8

LOANS
14.9
13.3
11.3
11.4

11.0
10.8
10.6
10.9

11.1

8.0

-0.0

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

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

-0.8
-1.1

10.6

0.614
0.616
0.617
0.608
0.615
0.616
0.631
0.642

8.5
7.9
8.2
8.6
8.8
9.6
9.7
8.6

0.63a

*********

0.5

0.8
0.2
1.2
1.0

0.8
-0.1

11.1

12.1
12.2
12.2
11.7

10.8

11.0

3.3

10.6

3.0
3.2

9.4
9.1

7.7
5.6

8.9

2.1

6.1
7.5
8.0
10.6
10.8

9.1
*********

LOANDEPOSIT
RATIO

IIM£-

12.6
11.8
11.6

FUNDS SOLD AND SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL.




DEPOSITS

10.0

8.8

9.0
9.0
9.1
9.3
9.4
8.5
*********

12.8

0.607
0.619

12.6

0.622
0.635
0.640
0.645
0.649
0.654
0.650
0.644
0.642

9.1

11.3
10.5
10.9
13.0
11.3
12.4
13.4
14.0
14.4

12.4
12.9
14.7
14.3
14.3
13.4
14.9
14.4
13.4
14.0
14.7
13.7
13.9
13.2
13.4
12.5
13.2
13.2
13.0
13.4
*********

0.616

0.635
0.651
0.650
0.654
0.665
0.669

0.686

0.689
0.684

0.688
0.687

0.680

0.666
0.683

0.681
0.677
0.692
0.690
0.707
0.719
*********

#

•

•

•

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

•

1

DEMAND

1

TIME

LOANS

|
1
1
I
i

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

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

1

;
'

J

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

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

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

8.5
7.9
8.9
11.4
13.5
13.2
13.0
12.3
13.9

1
1
I
1
1
I
1
I
1

12.5
12.3
13.6
13.7
13.8
13.6
12.7
12.1
12.1

16.9
16.7
17.3
14.4
12.8
12.8
12.7
13.5
14.3

8.6
9.9
10.2
10.7
9.9
9.4
9.7
9.0
9.8
10.9
10.9

I
I
1
1
|
1
I
1
I
1
1

9.6
7.8
8.2
9.5
8.6
8.2
7.8
5.8
5.9
7.0
7.8

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

1
I
I
f
$
1
1
1
1
j
1
1

11.1
10.8
11.9
12.9
13.7
13.4
12.8
12.2
12.7

1
I
I
1
1
I
I
I
1

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

TEXAS
1
I
1
1
1

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

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
|
|
|
|
|
|
1

17.4
18.2
lb .9
19.9
19.5
19.0
18.9
18.6
18.8
17.8
16.8
17.6

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

0.502
0.505
0.516
0.526
0.547
0.555
0.560
0.568
0.571
0.567
0.557
0.552

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

15.7
16.1
16.9
15.1
15.1
15.1
15.6
15.7

1
0.526
1
0.528
1
0.542
I
0.541
I
0.557
I
0.564
1
0.575
1
0.584
|*********

I
I
1
|
1
1
|
I
j

1 PERCENTAGE CHANGE
LOAN- 1 FROM PREVIOUS YEAR
DEPOSIT
RATIO i DEPOSITS 1
LOANS
i
I
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
0.620
0.629
0.644
0.647

1
I
1
1
1
1
I
1
1
1
I
1
j
1
1
1
1
I
1
I
1
I
1
1
1
j
t
I
I
t
1
1
k
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
13.0
13.3
12.6
12.6

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

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

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




27

Recent Federal Reserve Publications in Agricultural Finance

Enclosed with this issue are two papers presented at a seminar in March, but with
data and discussion updated to reflect USDA data revisions through September 1978.
The first three sections of "Relationships Among Farm Capital, Income, and Debt,
1950-1977," summarize material presented earlier in the Agricultural Finance Commentary
of November 1977, "Farm Finance—Current Developments in Perspective." Charts 1—3 update
Charts 3-5, respectively, of that earlier paper, and may be compared to see the effect
of using current estimates of income, debt, etc., for 1977.
The last section, "Off—farm income and debt," raises questions about the use of
off-farm income in much aggregate financial analysis in recent years. Data in Farm
Income Statistics, July 1978, indicate that "...46 percent of off-farm income in 1977
was on farms with annual sales under $2,500. These farms owed only 5 percent of farm
debt. ...farms with sales of $100,000 or more owed 48 percent of the total debt but
had only 5 percent of the off-farm income. ...the role of off-farm income as a base
for debt service and as a factor in land price increases has been overemphasized."
The second paper, "The Relationship Between Farm Income and Asset Values, 1950-1977,"
focuses primarily on the relationships among farm income, returns to land, and land prices
during the 1954-71 period when, as is often noted, the U.S. index of farm real estate
values rose much faster than operators' net farm income. This common comparison embodies
several defects noted in the paper, but the defect that is fatal for its analytical value
during 1954-71 is its inability to take account of the drastic decline in the share of
farm income that can reasonably be attributed to labor. Thus, appropriate imputations
made by the USDA (but overlooked by most real estate analysts) show that "...returns to
production assets tended to rise faster than the value of those assets." Surprisingly,
therefore, "...influences other than returns had a negative net effect on land prices
as "...either...the rise in returns did not get fully capitalized or, more likely, ...the
capitalization rate rose along with interest rates generally. ...the common interpretation
of the 1954-71 rise in land prices is thus reversed. ...Clearly, returns to farm assets
have trended sharply upward since the late 1950's, and there is little need to look elsewhere to explain land price increases over most of this period."




As usual, comments on these articles will be much appreciated.