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In T h i s Is s u e : Grain Supplies and Food Prices A Decade of Growth in Southeastern Agricultural Loans District Business Conditions F e d e ra l R e s e r v e B a n k O f A t la n t a F e d e r a l R e s e r v e S t a t io n A t la n t a , G e o r g ia 3 0 3 0 3 A d d r e s s C o r r e c t io n R e q u e ste d ,;S , BU LK RATE U .S. P O S T A G E P A ID A tlanta, Georgia Permit No. 292 178 G r a in S u p p lie s a n d F o o d P r ic e s by Gene D. Sullivan R u ssia n gra in p ro d u c t io n has a g a in fallen sh a rp ly b e lo w n e e d e d levels. R e ce n t p u rc h a se s fro m the U. S. to m a k e u p fo r the sh o rtfall h a ve attracte d a gre at de al o f p u b lic a tten tion . R e s p o n d in g to fears that f o o d p ric e s m ig h t a g a in sp u rt u p w a rd as they d id f o llo w in g the 1972 grain sales, the A d m in is tr a tio n im p o s e d a te m p o ra ry ban o n fu rth er sale s until m o re is k n o w n a b o u t the size o f the d o m e s tic c ro p a n d the full extent o f fo re ig n d e m a n d fo r U. S. gra in s.1 In recent w e e k s m a n y q u e stio n s h a ve b e e n a sk e d as to the effects o f gra in sales to R ussia, a n d a p ro fu sio n o f a n sw e rs h a ve b e e n giv e n . B a se d o n in fo rm a tio n a v a ila b le at the tim e o f w ritin g, this article tries to sh e d s o m e lig h t o n the f o llo w in g q u e stio n s : (1) W h a t is the p ro sp e c tiv e gra in s u p p ly fo r 1975, a n d h o w d o e s it c o m p a r e w ith p ast ye a rs? (2) W h a t is the p ro sp e c tiv e d is p o s it io n o f 1975 gra in su p p lie s in d o m e s tic a n d e x p o rt m arkets, a n d h o w d o e s that c o m p a r e w ith p ast years? (3) H o w h a ve gra in p rice s re s p o n d e d to p ast flu c tu a tio n s in su p p lie s, a n d w h a t has a p p a re n tly b e e n the r e la tio n s h ip b e tw e e n grain p rice s a n d c o n s u m e r f o o d p ric e s? (4) W h a t is the e x p e cte d e ffe ct o f the R u ssia n gra in sale s o n p rices o f g ra in s as d e te rm in e d fro m sh o rt-ru n s u p p ly a n d d e m a n d a n a ly sis? (5) W h a t are the m a jo r issu es in c o n t r o llin g gra in e x p o rts? G r a in S u p p lie s S in c e 1970, d o m e s tic grain su p p lie s (see F igure 1) h a ve flu c tu a te d fo r tw o p rim a ry reason s: First, the ca rry -o v e r o f grain sto c k s w a s sh a rp ly re d u c e d in 1972 as a result o f the o r ig in a l R u ssia n grain sales. S in c e then, sto c k s h a ve b e e n re d u c e d to m in im a l levels b y brisk w o r ld m a rke ts fo r fo o d s . S e c o n d , gra in p r o d u c tio n w a s sh a rp ly re d u c e d in 1970 a n d 1974 b e c a u se o f d ise a se a n d d ro u g h t, respectively. Except fo r th o se years, gra in p r o d u c t io n has g r o w n a n n u a lly ; a n d the U. S. c ro p in 1975, b a se d o n S e p te m b e r 's U S D A p ro je c tio n s, Mn late October, as this article was being printed, the moratorium on grain sales to the USSR was lifted, following the signing of an agreement governing future purchases of U.S. grain by the Soviet Union. The agreement specifies annual quantities to be purchased from five crop years, commencing October 1, 1976 and running to September 30, 1981. Some of the uncertainties addressed by this article have thereby been resolved. However, this discussion is relevant to unexpected demand for U.S. grain, regardless of the source. M o n t h l y R e v i e w , u p o n request to Atlanta, G e o r g i a this R e v i e w , t h e Research Dep ar t reprinted. Vol. LX, N o . 11. F r e e s u b s c r i p t i o n a n d a d d i t i o n a l c o p i e s a vailable t h e R e s e a r c h D e p a r t m e n t , Federal R e s e r v e B a n k o f Atlanta, 30303. Material herein m a y b e reprinted or abstracted p ro vi de d B a n k , a n d t h e a u t h o r a r e c r e d i t e d . P l e a s e p r o v i d e this B a n k ' s m e n t w i t h a c o p y o f a n y p u b l i c a t i o n i n w h i c h s u c h m a t e r i a l is N O V E M B E R 1975, M O N T H L Y R E V IE W F IG U R E 2 is e stim a te d to be the largest o n record. P ro d u c e rs h a ve be en r e s p o n d in g to risin g gra in p rices b y in c re a sin g p ro d u c tio n , exce pt d u r in g the tw o years w h e n facto rs b e y o n d their c o n tro l re d u c e d ou tp u t. W heat and Feed G rains Disp osition M il. B u . Wheat G r a in U s a g e T h e use o f gra in s sin ce 1970 has flu ctu a te d p rim a rily b e c a u se o f (1) sh a rp e n e d e x p o rt d e m a n d in 1972 a n d a g a in in 1975 d u e to c ro p failu re s a b ro a d a n d (2) restricted d o m e s tic c o n s u m p t io n in re sp o n se to the u n fa v o ra b le grain a n d liv e sto c k p rice rela tio n sh ip s f o llo w in g 1 97 4 's se rio u s d r o u g h t in the gra in b e lt (see F igure 2). In the case o f w h e a t, e x po rt d e m a n d has a c c o u n te d fo r m o st o f the U. S. c ro p a n d it has b e e n flu c tu a tio n s in exports, like th o se o c c u rrin g in 1975, that h ave be en r e sp o n sib le fo r m a jo r v a ria tio n s in w h e a t use fro m y e a r to year. G r a in s a n d F o o d Price R e la tio n sh ip s E stim ates a n d forecasts as to the effects o f re d u c e d grain su p p lie s o n f o o d prices, p a rtic u la rly bread, h ave be en p le n tifu l sin ce early 1973. A ll fo o d p rice series sp u rte d u p w a rd f o llo w in g the large sales o f gra in s to R u ssia in 1972 (see Figures 3 a n d 4). T h e c h a n g e s in the p rice series are b y n o m e an s p ro p o rtio n a l, h ow eve r. A la r m in g c la im s o f a direct a n d p ro p o r tio n a l r e la tio n sh ip b e tw e e n c h a n g in g w h e a t p rices a n d b re ad p rices are n o t verifie d fro m the data in F igure 3. It is intere stin g to n ote that b re ad p rices have be en a p artic u larly p o o r refle ctor o f sh a rp F IG U R E 1 W heat and Feed Grains S u p p ly Wheat ’7 0 ’7 1 ’7 2 ’7 3 ’7 4 ’7 5 S o u r c e : U .S .D .A ., W h e a t S it u a t io n , A u g u s t 1 9 7 5 , a n d F e e d S it u a t io n , S e p te m b e r 1 97 5. m o v e m e n ts, either u p w a rd o r d o w n w a r d , in w h e a t prices. N e v e rth e le ss, a d e la y e d u p w a rd m o v e m e n t in bre ad p rices fo llo w e d the u p w a rd sp u rt in w h e a t p rices at the e n d o f 1972. A c lo se r p rice re la tio n sh ip w a s fo u n d b e tw e e n w h o le sa le grain p rices a n d the retail fo o d price in d ex (see F igure 4). T h is is u n d o u b t e d ly attrib u t a b le to the c o m p a n io n effects o f gra in price v a ria tio n s o n liv e sto c k p ro d u c ts a n d o n g ra in -b a se d f o o d p ro d u cts, reflected in the o v e ra ll C o n s u m e r F o o d Price Index. In this case, too, h o w e v e r, the p re cise m o v e m e n ts o f gra in p rices are h a rd ly id e n ti fiab le in the o v e ra ll in d ex— a result o n e m ig h t 2000 Pr< 1000 _ Beg tg C a rryo ve r ’7 0 ’71 ’7 2 -73 ’7 4 0 ’7 5 Mil. Tons e x pe ct sin ce raw a gric u ltu ra l p ro d u c ts a c c o u n t fo r a relatively sm a ll p ro p o r tio n o f the v a lu e o f retail fo o d p ro d u cts. Less than 22 p e r c e n t o f the retail p rice o f ba k e ry a n d cereal p ro d u c ts reflects the c o st o f grain. Effects o f R u ssia n P u rch a se s Feed Grains - 240 1 60 f— 80 A lt h o u g h o th e r te c h n iq u e s c o u ld be used, this a n a ly sis treats the R u ssian w h e a t p u rc h a se s fro m the sta n d p o in t o f an u n a n tic ip a te d re d u c tio n in the s u p p ly o f U. S. w heat, w h ile a n tic ip a te d expo rts to o th e r c o u n trie s are v ie w e d as a n o rm a l c o m p o n e n t o f d e m a n d .2 T hus, the a n n o u n c e m e n t o f sales to R u ssia in early July e ffe ctive ly re d u c e d 0 ’7 0 ’71 ’7 2 ’73 ’7 4 ’75 S o u r c e : U .S .D .A ., W h e a t S it u a t io n , A u g u s t 1 9 7 5 , a n d F e e d S it u a t io n , S e p te m b e r 1 9 7 5 . F E D E R A L R E SE R V E B A N K O F A T L A N T A 2This analysis is restricted to wheat but is also applicable to other grains. 179 at a n y giv e n tim e e sta b lish e s the p ric e fo r w heat. W it h an e x p e cte d s u p p ly o f 2.5 b illio n b u sh e ls in 1975, the p rice at w h ic h the q u a n tity d e m a n d e d e q u a le d the q u a n tity o ffe re d fo r sale w a s a b o u t $3.00 p er b u sh e l. A n e w s u p p ly sc h e d u le (S 2, F igure 5) d e p ic ts the 2.3 b illio n b u sh e ls o f w h e a t re m a in in g fo r all uses f o llo w in g the R u ssia n p u rc h ase s. T h e n e w in te rse ction fo r m e d w ith the d e m a n d sc h e d u le in dicate s a h ig h e r p rice o f $3.75 p er b u sh e l. In actuality, the p rice o f w h e a t m o v e d s lig h tly a b o v e $4.00 p er b u sh e l at the e n d o f July f o llo w in g the ex p o rt sales, p e rh a p s re fle ctin g a te m p o r a r y (and sp e c u la tiv e ) increase in d e m a n d . In early A u g u s t, p rices d e c lin e d fro m their initial p eak, b u t ru m o rs o f a d d itio n a l gra in sh o rta g e s h a ve sin c e p re c ip i tated re n e w e d p rice v aria tio n s. H o w e v e r, if the a p p a re n t increase in d e m a n d is o n ly te m p o r a r y a n d if d o m e s tic s u p p ly is n o t re d u c e d fu rth e r (i.e., by u n a n tic ip a te d fo re ig n sales), the p rice fo r w h e a t w o u ld be e x p e cte d to settle b a c k n ear the $3.75 level. H o w e v e r, that w o u ld still b e su b sta n tia lly a b o v e the o rig in a l p rice in June p rio r to the a n n o u n c e m e n ts o f the sale s to Russia. the a m o u n t o f w h e a t a v a ila b le in d o m e s tic m arkets. T h e U. S. w h e a t s u p p ly w a s p ro je c te d at 2.5 b illio n b u sh e ls p rio r to the R u ssia n p u rch ase s. T h at su p p ly is s h o w n in Figure 5 by a vertical line (su p p ly sc h e d u le S i) d ra w n d ire c tly o v e r the 2 .5 -b illio n b u sh e l level. T h e s u p p ly sc h e d u le sh o w s that w h e th e r the p rice g o e s u p o r d o w n w ith in o n e p ro d u c t io n se a so n (w h ile the c ro p is g ro w in g ), the a m o u n t o f w h e a t p r o d u c e d w ill n o t vary w ith in a n y re a so n a b le ran ge o f p rice variation . T h e e stim a te d d e m a n d fo r the U. S. w h e a t s u p p ly (in c lu d in g n o rm a l exports) is rep rese nted b y a sla n tin g lin e (d e m a n d sc h e d u le ) w h ic h in d i cates that, w ith a v aria tio n o f o n e p e rce n t in the p rice o f w heat, the c h a n g e in the q u a n tity d e m a n d e d is o n ly a b o u t o n e -fo u rth o f o n e percent. E c o n o m is ts refer to this le ss-th a n -p r o p o r tio n a l re la tio n sh ip b e tw e e n c h a n g e s in p rice a n d q u a n tity taken as a h ig h ly in e la stic d e m a n d curve. It m e a n s that relatively large c h a n g e s in the price o f w h e a t are a c c o m p a n ie d b y relatively sm all c h a n g e s in the q u a n tity o f w h e a t d e m a n d e d . T he in te rse ction o f the s u p p ly a n d d e m a n d sc h e d u le s 180 N O V E M B E R 1975, M O N T H L Y R E V IE W p ro ce ss o f se llin g a p ro d u c t to w h ic h they h o ld total o w n e r sh ip to the b u y e r w h o o ffers the h ig h est price. T o be d e n ie d the p riv ile g e o f se llin g to the h igh e st b id d e r is v ie w e d as an u n ju st restric tion o f the m a rk e tin g process. F oreign c u sto m e rs, w ith w h o m m u c h m o n e y , tim e, a n d effort h a ve been sp e n t e s p o u s in g the a d v a n ta g e s o f free trade, see the e x p o rt restrictions as a se rio u s p o lic y c o n tra d ic tio n . D o m e s t ic users o f grain, in c lu d in g liv e sto c k feeders, fee d m a n u fa ctu re rs, fo o d p ro ce sso rs, a n d c o n su m e rs, ten d to o p p o s e the grain sales b e c a u se o f their c o st-in c r e a sin g effects. S o m e m an u fa ctu re rs a n d p ro c e sso rs w e re p artic u larly d istu rb e d b e c a u se o f the su d d e n reversal in p rice trends, w h ic h c a u g h t th o se d e la y in g p u rc h a se s o f n e e d e d sto c k s w h ile prices d e c lin e d in lig h t o f the p ro sp e c ts o f b u m p e r harvests. T h e y h a d s u d d e n ly m isse d the o p p o rtu n ity to b u y n e e d e d gra in su p p lie s at w h a t n o w a p p e a rs to have be en the lo w p o in t fo r the year. M a n y c o n su m e rs, h a v in g be en h ard p re sse d b y c o n tin u in g rap id in fla tio n in f o o d prices, v ie w e d the gra in sales as an act o f u n ju stifia b le g o v e r n m e ntal p e rm issiv e n e ss that w o u ld re n e w a n d stre n gthe n the f o o d - c o s t spiral. T h e y felt it w o u ld result in a h ea vy p e n alty o n the p o p u la tio n as a T o Export o r N o t C ra in sales to the U S S R have a ro u s e d heated d e bates o n b o th id e o lo g ic a l an d e c o n o m ic g ro u n d s. A p o rtio n o f the p u b lic e rro n e o u s ly b e lie v e s that the recent sales w ere a repeat o f 1 972's tra n sac tio n s w h ic h in v o lv e d a g o v e rn m e n ta l su b sid y , o r they b e lie v e at least that the sale s w e re m a d e fro m g o v e r n m e n t-h e ld stocks. A c tu a lly , the 1975 sales in v o lv e d gra in s p u rc h a se d b y e x p o rtin g c o m p a n ie s fro m p ro d u c e rs in o p e n m arke t tran sactio n s. From the sta n d p o in t o f b o th p ro d u c e rs a n d grain m e r chants, the sale s rep rese nt the n o rm a l m a rk e tin g Digitized F Efor D E RFRASER A L R E SE R V E B A N K O F A T L A N T A w h o le fo r the be n e fit o f a su sp e c te d u n frie n d ly c o u n try a n d o f farm e rs a n d grain m e rch a n ts w h o se p ro fits m a n y c o n su m e r s c o n sid e r to be a lre a d y t o o high. P o lic y m a k e rs n o w have the u n e n v ia b le task o f d e te r m in in g h o w m u c h restriction they can p lace o n grain ex po rts w ith o u t d e stro y in g g ro w e rs' in c e n tiv e to p ro d u c e c ro p s as large o r even larger next year. T h e y m ust, at the sa m e tim e, d e te rm in e h o w m u c h p rice increase can be p e rm itte d w h ile a v o id in g se rio u s d isc o n te n t a m o n g c o n su m e rs. G o v e r n m e n t o ffic ia ls are h o p e fu l that a lo n g -te rm a gre e m e n t g o v e r n in g grain sales to R u ssia w ill o ffe r an a c c e p ta b le w a y o u t o f this m o st d iffic u lt d ile m m a .■ 181 Digitized182 for FRASER A D e c a d e o f G ro w th in S o u t h e a s t e r n A g r ic u ltu r a l L o a n s by Gene D. Sullivan T h e v o lu m e o f a gric u ltu ra l lo a n s has m o re than d o u b le d in the Sixth D istric t states1 d u r in g the p ast de ca d e . Loan v o lu m e has g r o w n m o st for c o m m e r c ia l ban ks, Federal Land Banks, a n d p ro d u c t io n c re d it a sso c ia tio n s, three m a jo r le n d ers w h ic h have a c c o u n te d for m o re than tw o -th ir d s o f the o v e r $7.0 b illio n o f agric u ltu ra l lo a n s o u ts ta n d in g in the re g io n in 1974 (see F igu re 1). T h is a n a ly sis u tilizes data p ro v id e d by Federal Lan d Ban ks, Federal In te rm e d ia te C re d it Banks, a n d C a ll R e p o rts o f c o m m e r c ia l b a n k s to e stim a te the a gric u ltu ra l lo an v o lu m e for each c o u n ty w ith in the six states.2 T h e se c o u n ty data reveal the sp e c ific areas w ith in the D istric t states w h e re a gric u ltu ra l lo an v o lu m e is heaviest. A c o m p a r is o n o f 1965 a n d 1974 da ta id e n tifie s areas w h e re a gric u ltu ra l lo an s h a ve increase d. T h e da ta a lso s h o w h o w the three m a jo r a gric u ltu ra l le n d ers sh ared in lo an g ro w th d u r in g the p ast d e ca d e . W h e r e L o an V o lu m e is G re a te st T h e a gric u ltu ra l lo an v o lu m e he ld by the three m a jo r le n d e rs w a s n o t sp re a d e v e n ly w ith in the D istric t states in 1974 (see Figure 2). T h e m a jo r v o lu m e o f lo a n s w a s h e a v ily c lu ste re d in rather n a rro w areas c o r r e s p o n d in g to the r e g io n 's tra d itio n a l c r o p -fa r m in g areas. T h e se c o n c e n tra tio n s are s o m e w h a t su r p r isin g in v ie w o f stru ctu ral c h a n g e s in the r e g io n 's a gric u ltu ra l e c o n o m y o v e r the p ast t w o d e ca d e s. T h e liv e sto c k se cto r has ty p ica lly a c c o u n te d for a b o u t o n e -h a lf o f the r e g io n 's cash farm in c o m e in recent years. M u c h o f that industry, p a rtic u la rly the p o u ltr y se gm e n t, falls o u ts id e the m a jo r c r o p p in g areas. A lt h o u g h liv e sto c k 's recent p r o m in e n c e in the e c o n o m y m ig h t be e x p e cte d to le ad to an e v e n in g o u t o f cre d it v o lu m e ’ The states included either partially or totally within the Sixth Federal Reserve District are Alabama, Florida, Georgia, Louisiana, Mississippi, and Tennessee. Data reported in this article refer to the total area of all states. 2See Appendix footnote for the method of estimation. N O V E M B E R 1975, M O N T H L Y R E V IE W acro ss g e o g r a p h ic areas, the a gric u ltu ra l lo an v o lu m e o f the three m a jo r le n d e rs re m ain s c o n c e n tra te d in c o u n tie s w h e re c ro p p ro d u c tio n is m o re intensive. A lso , sin ce lo a n s m a d e b y b a n k s w e re cre d ite d to the c o u n ty in w h ic h the b a n k w a s lo cate d, lo an p a rtic ip a tio n s b y b ig -c ity b a n k s m ig h t have altered the d istrib u tio n . A c tu a lly , m o st c o m m e r c ia l b a n k lo a n s w e re ex te n d e d by b a n k s w ith in the areas o f c o n c e n tra te d c ro p p ro d u c tio n . B a n k s in several F IG U R E 1 Agricultural Credit (Sixth District States) i" F a rm e rs’ H o m e A d m in . In d iv id u a ls & O th e rs m e tro p o lita n areas rep orte d su r p r isin g ly lo w v o lu m e s o f a gric u ltu ra l loans. In Lo u isia n a , the c o tt o n -p r o d u c in g c o u n tie s a lo n g the M is s is s ip p i an d R ed R ive r D e lta s a c c o u n t fo r m o st o f the state's farm lo an v o lu m e . Lo an s are a lso c o n c e n tra te d in the rice area o f so u th w e st Lo u isian a, the su g a r can e area in the so u th central regio n, a n d the d a iry a n d v e g e ta b le fa r m in g regio n 6 L if e In s u r . C o. P r o d u c tio n C r e d it A s s o c . F e d e ra l Land B an k s in the extrem e so u th e a ste rn p o rtio n o f the state. In M is s is s ip p i, lo a n s are a lso h e a v ily c o n c e n tra te d in the D e lta c o tto n region. A re a s o f s o m e w h a t 4 — 2 lesser im p o rta n c e in c lu d e liv e sto c k a n d ge n e ral c r o p p in g areas in the central a n d eastern parts o f the state. Loan c o n c e n tra tio n s in T e n n e sse e f o llo w the w estern c o tto n areas, the ge n e ral fa r m in g area in the central p o rtio n o f the state, a n d the eastern t o b a c c o region. A la b a m a 's farm lo a n s are m o st h e a v ily c o n c e n trated in the n orth e rn c o tto n area a lo n g the T e n n e sse e R iver V a lle y a n d in areas o f p eanut, c o tto n , a n d v e g e ta b le p ro d u c tio n a lo n g the so u th e rn border. M o s t c o u n tie s in G e o r g ia s h o w in g h ea vy loan v o lu m e are in the so u th central a n d so u th w e ste rn to b a c c o , cotton , a n d p e a n u t areas. P o u ltry a n d liv e sto c k p ro d u c tio n in the north central regio n sh o w s s o m e w h a t lesser c o n c e n tra tio n s o f a gric u ltu ra l loans. F lorid a had 17 c o u n tie s re c o rd in g a gric u ltu ra l loan v o lu m e s o f $20 m illio n o r m o re as o f 1974. T h ese lo a n s w ere m o st h e a v ily c o n c e n tra te d w ith v e g e ta b le a n d su g a r can e g ro w e rs in the so u th an d citrus g ro w e rs in central Florida. T he ge ne ral c r o p p in g re gio n a lo n g the n orthe rn b o rd e r sh o w e d a ligh te r lo an co n ce n tratio n . A re a s o f lo w e r farm lo an v o lu m e g e n e ra lly c o in c id e w ith the D istric t's ra n ge la n d a n d tim b e re d re g io n s w h e re c ro p fa rm in g activity is relatively sparse. 0 1964 1969 1974 rapidly. Y et the se le ctio n in c lu d e s o n ly 199, o r 37 percent, o f all c o u n tie s in the region. T h ese a c c o u n te d for a p p ro x im a te ly tw o -th ird s o f the total farm lo an g r o w th in D istric t states d u r in g the p ast decade . How Le n d ers S h a re d in the G r o w th A c o m p a r iso n o f the three m a jo r le n d e rs' total v o lu m e in 1965 w ith that in 1974 id e n tifie s the p articu lar c o u n tie s w h e re farm loan g ro w th has been greatest d u r in g the p ast d e c a d e (see Figure 3). S e le c tin g c o u n tie s w ith lo an gro w th o f $7.5 m illio n Farm le n d ers have n ot sh ared e q u a lly in the last ten years' gro w th . In general, Federal Land Ban ks a n d p ro d u c tio n cre d it a sso c ia tio n s in crease d their p ro p o r tio n o f total lo a n s o u ts ta n d in g fairly ste a d ily o v e r the p e rio d , w h ile the share fo r c o m m e rc ia l b a n k s d e clin e d . T h e se three k in d s o f in stitu tio n s m a k e slig h tly differen t typ es o f loans. Federal Land B a n k s le nd m o n e y o n ly o n farm real estate; therefore, the cre dit e x te n d e d is u su a lly lo n g term a n d is a lw a y s se cu re d by first m o rtg a g e s o n farm lan d . P ro d u c tio n cre dit a sso c ia tio n s exte nd sh o rtan d in te rm e d ia te -te rm credit, typ ic a lly se cu red b y farm chattel p roperty. A lt h o u g h they a lso a cc e p t m o rtg a g e s o n fa rm la n d as collateral, a first m o rtg a g e o n real estate is n o t a c re dit re q u ire m e n t as w ith the Federal Lan d Banks. G e n e ra lly , P C A 's are n o t c o n sid e re d lo n g -te rm cre dit so urces, sin ce lo an s are e x te n d e d for a m a x im u m o f seven years. H o w e v e r, m o st are ex te n d e d for o n e year o r less; they are u su a lly p a id o ff after o n e p ro d u c tio n season. o r m o re in c lu d e s m o st o f the sm a lle r c o u n tie s w h e re a g ric u ltu ra l le n d in g has been in c re a sin g C o m m e r c ia l b a n k s rem ain the largest sin g le so u rc e o f lo a n s to a g ric u ltu re in the Sixth District. W h e r e th e G r o w th H a s O c c u r r e d Digitized for FED E R FRASER A L R E SE R V E B A N K O F A T L A N T A 183 C o u n t ie s w h e re total farm cre d it o f m a jo r le n d e rs in 1974 w as: □ 1 T h e re m ay L e s s than $ 1 0 m illio n | $ 1 0 m illio n to $2 0 m illio n 1 $ 2 0 m illio n o r more. be a s lig h t b ia s in t h is re p r e s e n ta t io n U n lik e the o th e r tw o lenders, they extend b o th sh o rt-te rm (or p ro d u c tio n ) cre dit a n d lo n g -te rm (or real estate) cre dit to farm ers. M o s t loans, h o w e v e r, p artic u larly at sm all ban ks, are sh o rt term o r se aso n al, p r o v id in g the fu n d s farm e rs n ee d to p ro d u c e a c ro p d u r in g a giv e n year o r fo r fin a n c in g liv e sto c k p ro d u c tio n d u r in g s o m e p h a se o f the g ro w th cycle. 3This difference was statistically significant at the .01-percent level. 1 84 of lo a n g ro w th d u e to v a r ia t io n s in c o u n t y s iz e T he ave rage p ro p o r tio n o f lo an v o lu m e h e ld by c o m m e r c ia l b a n k s d e c lin e d fro m 48.8 p e rce n t in 1965 to 40.3 p e rce n t in 1974 (see F igure 4).3 T he g ra p h s h o w s the n u m b e r o f c o u n tie s in w h ic h c o m m e r c ia l b a n k s a c c o u n te d fo r p ro p o r tio n s o f total a gric u ltu ra l lo a n s ra n g in g fro m as lo w as 5 p erce n t up to 95 percent. T h e tw o lin es s h o w that c o u n tie s w h e re b a n k s a c c o u n te d fo r a m a jo rity o f the a gric u ltu ra l lo an s (ove r 50 percent) w ere d e c id e d ly less n u m e r o u s in 1974 than in 1965. C o m m e r c ia l b a n k s ' sh r in k in g im p o rta n c e as a N O V E M B E R 1975, M O N T H L Y R E V IE W so u rc e o f farm cre d it w a s e v id e n t in v a ry in g d e gre e s in each D istric t state. T h o u g h the d e c lin e w a s less severe in L o u isia n a a n d T e n n e sse e , the share o f total a gric u ltu ra l lo a n s h e ld b y b a n k s still sh ra n k su b sta n tia lly d u r in g the de ca d e . T h e results w e re n o t the sa m e fo r all c o u n tie s w ith in each state. In a b o u t o n e -fo u r th o f D istric t L o u isia n a 's p arishes, c o m m e r c ia l b a n k s h e ld a larger share o f a gric u ltu ra l lo a n s in 1974 than in 1965, w h ile o n ly 18 p erce n t o f F lo rid a 's c o u n tie s s h o w e d an in c re a sin g share for c o m m e r c ia l banks. S u m m a r y a n d C o n c lu s io n s D istric t a gric u ltu ra l lo a n s have g r o w n sh a rp ly in c ou n tie s, the sh are o f a gric u ltu ra l lo a n s he ld by c o m m e r c ia l b a n k s increased. T h eir lo an share in cre a se d in a b o u t the sa m e p ro p o r tio n o f c o u n tie s e q u a lly d istrib u te d g e o g r a p h ic a lly . A b o u t o n e -th ird in fo u r o f six D istric t states. In a b o u t o n e -th ird o f o f the c o u n tie s h a ve a c c o u n te d fo r a lio n 's share F E D E R A L R E SE R V E B A N K O F A T L A N T A the p ast 10 years, bu t this gro w th has n o t been 185 FIGURE 4 S h a r e of F a r m L o a n s He l d by C o m m e r c i a l B a n k s Counties ( C o u n t i e s of S i x t h D i s t r i c t S t a t e s ) £ un° ' es o f the in cre a se in lo an v o lu m e fr o m 1965 th ro u g h 1974; these h ig h -g r o w t h c o u n tie s te n d to b e in areas o f c o n c e n tra te d fie ld c ro p p ro d u c tio n . N e ith e r has lo an g r o w th b e e n sh a re d e q u a lly b y the three m a jo r le n d e rs in c lu d e d in this analysis. D a ta se cu re d fro m each le n d e r ve rify that c o m m e rcial ban ks, o n ave rage, h a ve lo st g r o u n d in their relative share o f D istric t a gric u ltu ra l credit. W h e r e a s c o m m e r c ia l b a n k s a c c o u n te d fo r n early o n e -h a lf o f total a g ric u ltu ra l lo a n s e x te n d e d by these three le n d e rs in 1965, that p e rc e n ta g e h ad d e c lin e d to a b o u t 40 p e rce n t in 1974. H o w e v e r, 5 15 25 35 45 55 65 75 R a n g e M id p o in ts ( % o f fa r m lo a n s h e ld b y c o m m e r c ia l b a n k s ) 186 85 95 c o m m e r c ia l b a n k s w e re still the largest sin g le so u rc e o f a gric u ltu ra l lo a n s fo r farm ers. Just w h y the c o m m e r c ia l b a n k s ' p o rtio n o f farm lo a n s is sh r in k in g d e se rv e s sp e c ia l e x a m in a tio n in a futu re study. ■ N O V E M B E R 1975, M O N T H L Y R E V IE W APPENDIX F a rm Loans of T h re e M a jo r (L o a n s T o ta l F arm L o a n s* C o m m e rc ia l Banks Len d ers in O u t s t a n d in g , F e d e ra l Land Banks S ix t h D is tr ic t S ta te s $ 0 0 0 ) P ro d . C r e d it A ssn s. T o ta l F a rm L o a n s* C o m m erc ia l Banks F e d e ra l Land Banks P ro d . C r e d it A ssn s. ALABAM A A u t a u g a ................................... B a l d w i n ................................... B a r b o u r ................................... B i b b .......................................... B l o u n t ...................................... 2,866 9,104 3,731 811 3,822 . . . . . . . . . . . . . . . . . . 48.5 30.4 91.7 . 74.0 . 41.0 . . . . . . . . . . . . . . . . . . . . 29.6 56.4 6.3 14.9 41.3 . . . . . . . . . . . . 21.9 . . . 13.2 . . . 2.0 . . . 11.1 . . . 17.7 . . . . . . . . . . . 5,236 26,902 . 9,286 . 7,501 . 13,153 . . . . . . . . . . . . . . . . . . . . 41.3 34.0 76.4 34.3 32.9 . . . . . . . . . . . . . . . . . . . . 40 .0 48.3 13.1 35.6 38.3 . . . . . . . . . . . . . . . . . . . . 18.7 17.7 10.5 30.0 28.8 B u l l o c k ................................... B u t l e r ........................................ C a l h o u n ................................... C h a m b e r s .............................. C h e r o k e e ................................. 2,092 2,967 1,666 744 4,622 . . . . . . . . . . . . . . . . . . 59.4 62.8 65.1 . 43.2 . 62.6 . . . . . . . . . . . . . . . . . . . . 23.3 21.3 24.4 25.5 26.1 . . . . . . . . . . . . . . . 17.3 15.9 10.5 31.3 11.3 . . . . . . . . . . . . . . . . . . . . 5,171 7,248 5,488 2,904 19,181 . . . . . . . . . . . . . . . . . . . . 72.7 58.1 51.1 44.4 62.0 . . . . . . . . . . . . . . . . . . . . 18.6 28.5 28.0 19.8 21.7 . . . . . . . . . . . . . . . . . . . . 8.7 13.4 20.9 35.8 16.3 C h i l t o n ...................................... C h o c t a w ................................... C l a r k e ...................................... C l a y ........................................... C le b u rn e .............................. 3,265 1,596 2,486 1,528 1,850 . . . . . . . . . . . . . . . . . . . . 69.9 37.8 72.7 86.1 32.1 . . . . . . . . . . . . . . . . . . . . 17.3 35.5 15.6 9.8 47.5 . . . . . . . . . . . . 12.8 . . 26.7 . . 11.7 . . 4.1 . . 20.4 . . . . . . . . . . . . . . . . . . . . 8,670 4,187 5,960 3,638 1,917 . . . . . . . . . . . . . . . . . . . . 56.1 20.8 64.6 83.3 72.1 . . . . . . . . . . . . . . . . . . . . 29.9 42.9 19.2 9. 5 15.9 . . . . . . . . . . . . . . . . . . . . 14.0 36.3 16.2 7.2 12.0 C o f f e e ...................................... C o l b e r t ...................................... C o n e c u h ................................. C o o s a ...................................... C o v i n g t o n .............................. 4,394 4,143 3,331 200 5,858 . . . . . . . . . . . . . . . . . . 57.2 18.9 51.8 . 81.0 . 66.4 . . . . . . . . . . . . . . . . . . . . 32.3 46.1 39.0 11.5 25.4 . . . . . . . . . . . . . . . 10.5 35.0 9.2 7.5 8.2 . . . . . . . . . . . . 15,199 . . 11,400 . . 6,077 . . 508 . . 13,484 . . . . . . . . . . . . . . . . . . 49.7 19.1 63.6 . 63.0 . 54.1 . . . . . . . . . . . . . . . . . . . . 27.9 42.3 26.7 25.6 25.5 . . . . . . . . . . . . . . . . . . . . 22.4 38.6 9.7 11.4 20.4 C renshaw .............................. C u l l m a n ................................... D a l e ............................................. D a l l a s ...................................... D e K a l b ...................................... 2,388 7,047 2,290 7,685 6,797 . . . . . . . . . . . . . . . . . . . . 71.2 24.7 60.2 85.9 29.8 . . . . . . . . . . . . . . . . . . . . 16.5 52.1 30.1 8.1 48.6 . . . . . . . . . . . . 12.3 . . 23.2 . . 9.7 . . 6.0 . . 21.6 . . . . . . . . 6,305 . . . . 18,529 . . . . 7,172 . . . . 17,875 . . . . 21,474 . . . . . . . . . . . . . . . . 63.4 12.1 53.8 62.1 40.8 . . . . . . . . . . . . . . . . . . . . 24.9 58.3 25.7 25.8 39.3 . . . . . . . . . . . . . . . . . . . . 11.7 29.6 20.5 12.1 19.9 E l m o r e ...................................... 4,871 . . . E s c a m b ia ................................. 10,670 . . . E t o w a h ...................................... 3,023 . . . Fayette ................................... 1,724 . . . F r a n k l i n ................................... 3,359 . . . . . . . . 44.5 34.9 56.3 74.5 68.7 . . . . . . . . . . . . . . . . . . . . 31.9 52.7 30.6 14.4 17.8 . . . . . . . . . . . . . . . . . . . . 23.6 12.4 13.2 11.1 13.5 . . . . . . . . . . . . . . . 9,783 17,215 9,626 2,610 8,987 . . . . . . . . . . . . . . . . . . . . 49.0 37.4 41.3 71.2 61.3 . . . . . . . . . . . . . . . . . . . . 34.7 45.9 33.5 15.4 20.3 . . . . . . . . . . . . . . . . . . . . 16.3 16.7 25.2 13.4 18.4 G e n e v a ...................................... G r e e n e ...................................... H a l e ............................................. H e n r y ........................................ H o u s t o n ................................... 4,411 2,117 5,556 3,460 8,939 . . . . . . . . . . . . . . . . . . . . 40.8 55.8 31.4 65.0 61.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.8 25.3 39.2 26.4 29.3 14.4 18.9 29.4 8.6 . 9.4 . . . . . . . . . . . . 13,760 . . 6,108 . . 14,947 . . 13,705 . . 24,835 . . . . . . . . . . . . . . . . . . . . 39.4 30.5 24.4 64.4 60.6 . . . . . . . . . . . . . . . . . . . . 33.7 37.8 41.1 19.8 21.9 . . . . . . . . . . . . . . . . . . . . 26.9 31.7 34.5 15.8 17.5 J a c k s o n ................................... J e f f e r s o n ................................. L a m a r ...................................... L a u d e r d a l e ............................ Law ren ce .............................. 4,721 1,761 1,015 5,672 6,968 . . . . . . . . . . . . . . . . . . . . 70.9 43.3 77.0 50.0 28.5 . . . . . . . . . . . . . . . . . . . . 20.1 39.7 13.0 28.4 40.6 . . . . . . . . . . . . . . . . . . . 9.0 17.0 10.0 21.6 30.9 . . . . . . . . . . . . . . . . . . . . 13,104 7,815 2,723 15,135 19,704 . . . . . . . . . . . . . . . . . . . . 49.4 75.2 83.8 47.6 32.0 . . . . . . . . . . . . . . . . . . . . 33.6 14.1 8. 3 27.4 35.6 . . . . . . . . . . . . . . . . . . . . 17.0 10.7 7.9 25.0 32.4 L e e ............................................. L i m e s t o n e .............................. L o w n d e s ................................. M a c o n ...................................... M a d i s o n ................................. 1,764 4,771 3,944 1,835 9,337 . . . . . . . . . . . . . . . . . . . . 56.5 33.0 27.5 48.7 59.3 . . . . . . . . . . . . . . . . . . . . 19.6 46.4 41.7 23.1 28.2 . . . . . . . . . . . . . . . . . . . . 23.9 20.6 30.8 28.2 12.5 . . . . . . . . . . . . . . . . . . . . 4,851 10,617 7,212 5,384 12,604 . . . . . . . . . . . . . . . . . . . . 52.1 24.8 28.8 19.8 34.1 . . . . . . . . . . . . . . . . . . . . 17.0 49.9 48.5 28.6 43.7 . . . . . . . . . . . . . . . . . . . . 30.9 25.3 22.7 51.6 22.2 M M M M M 5,196 2,007 6,965 3,900 3,841 . . . . . . . . . . . . . . . . . . . . 56.2 72.0 63.3 44.1 46.4 . . . . . . . . . . . . . . . . . . . . 25.0 15.9 25.4 45.2 43.4 . . . . . . . . . . . . . . . . . . . . 18.8 12.1 11.3 10.7 10.2 . . . . . . . . . . . . . . . . . . . . 10,231 6,040 21,572 8,244 8,106 . . . . . . . . . . . . . . . . . . . . 37.7 79.8 59.6 29.7 38.6 . . . . . . . . . . . . . . . . . . . . 33.9 10.5 26.8 51.5 45.0 . . . . . . . . . . . . . . . . . . . . 28.4 9.7 13.6 18.8 16.4 M o n t g o m e r y ......................... 8,507 . . . Morgan ................................... 12,414 . . . P e r r y ........................................ 3,342 . . . P i c k e n s ................................... 2,127 . . . P i k e ........................................... 3,137 . . . . . . . . 43.9 78.2 69.5 72.2 77.8 . . . . . . . . . . . . . . . . . . . . 32.2 15.1 17.4 15.9 16.8 . . . . 23.9 . . . . 23,216 . . . . . . 6.7 . . . . 28,600 . . . . . . 13.1 . . . . 11,745 . . . . . . 11.9 . . . . 16,633 . . . . . . 5.4 . . . . 7,426 . . . . . . . . . . . . 44.8 77.4 53.1 34.7 67.5 . . . . . . . . . . . . . . . . . . . . 37.6 15.0 25.5 35.5 18.0 . . . . . . . . . . . . . . . . . . . . 17.6 7.6 21.4 29.8 14.5 a r e n g o ................................... a r i o n ...................................... a r s h a l l ................................. o b i l e ..................................... o n r o e ..................................... F E D E R A L R E SE R V E B A N K O F A T L A N T A . . . . . . . . . . . . . . . . . . . . 187 Farm Loans of T h re e M a jo r (L o a n s Le n d e rs O u t s t a n d in g , Total Com m erFarm Lo an s* Fed eral in S ix t h D is t r ic t S ta te s $ 0 0 0 ) Prod. Total Com m erFed eral cial Land C redit B a n ksB a n ks A ssn s. Prod. Farm L o an s* ALABAM A (CO N T’ D) Randolph .............................. R u ssell ................................... St. C l a i r ................................... S h e l b y ...................................... S u m t e r ...................................... 1,286 1,931 1,532 2,061 3,474 . . . . . . . . . . . . . . . . . . . . 80.3 64.7 52.9 45.8 68.6 . . . . . . . . . . . . . . . . . . . . 13.7 15.9 32.9 38.0 17.9 . . . . . . . . . . . . . . . . . . . . 6.0 19.4 14.2 16.2 13.5 . . . . . . . . . . . . . . . . . . . 3,979 7,338 5,310 5,721 8,651 . . . . . . . . . . . . . . . . . . . . 84.5 51.7 69.1 44.0 36.1 . . . . . . . . . . . . . . . . . . . . 8. 9 17.2 17.6 32 .0 34.9 . . . . . . . . . . . . . . . . . . . . 6.6 31.1 13.3 24.0 29.0 T a ll a d e g a .................................. T a l l a p o o s a ............................. T u s c a l o o s a ............................. W a l k e r ...................................... W a s h in g t o n ............................. 3,080 1,937 1,676 1,219 604 . . . . . . . . . . . . . . . . . . . 61.9 58.4 58.7 52.7 32.0 . . . . . . . . . . . . . . . . . . . . 26.6 18.7 23.6 26.9 55.1 . . . . . . . . . . . . . . . . . . . . 11.5 22.9 17.7 20.4 12.9 . . . . . . . . . . . . . . . . . . . . 10,137 6,392 5,078 3,347 876 . . . . . . . . . . . . . . . . 48.8 57.3 36.2 58.4 . . . . . . . . . . . . . . . . 29.2 15.2 34.9 21.8 . 72.8 . . . . . . . . . . . . . . . . . . . . 22.0 27.5 28.9 19.8 27.2 W i l c o x ...................................... W i n s t o n ................................... 4,148 . . . . 1,672 . . . . 82.0 . . . . 55.6 . . . . 10.4 . . . . 25.2 . . . . 7.6 . . . . 19.2 . . . . 71.5 . . . . 57.2 . . . . 19.5 . . . . 22.4 . . . . 9.0 20.4 FLO R ID A A l a c h u a ................................... B a k e r ........................................ B a y ............................................. B r a d f o r d ................................... B r e v a r d ................................... 5,175 1,977 448 824 940 . . . . . . . . . . . . . . . . . . . . 70.1 15.1 22.1 62.4 36.5 . . . . . . . . . . . . . . . . . . . . 11.8 32.8 36.2 14.9 23.6 . . . . . . . . . . . . . . . 18.1 52.1 41.7 22.7 39.9 . . . . 32,486 . . . . . . 2,439 . . . . . . . . 1,783 . . . . . . . . 3,748 . . . . . . . . 4,729 . . . . 19.3 15.3 22.6 22.0 17.6 . . . . . . . . . . . . . . . 39.0 61.2 5.6 3 5 .0 42.7 . . . . . . . . . . . . . . . 41.7 23.5 . 71.8 . 43.0 . 39.7 B r o w a r d ................................... C a l h o u n ................................... C h a r l o t t e .................................. C i t r u s ........................................ C l a y ............................................ 4,090 1,605 440 1,068 1,392 . . . . . . . . . . . . . . . 89.4 32.1 58.4 13.6 21.9 . . . . . . . . . . . . . . . . . . . . 3.7 27.0 20.2 33.8 31.0 . . . . . . . . . . . . . . 6.9 40.9 21.4 52.6 47.1 . . . . . . . . . . . . . . . . . . . . . . . . . 66.1 32.2 8.4 2.0 27.0 . . . . . . . . . . . . 14.0 . . . 26.8 . . . 70.5 . . . 69.4 . . . 42 .4 . . . . . . . . . . . . . . . . 19.9 41.0 21.1 28.6 30.6 C o l l i e r ...................................... Colum bia .............................. D a d e ........................................ D e S o t o ...................................... D i x i e ........................................ 308 3,203 12,015 2,342 66 . . . . . . . . . . . . 100.0 . . . . — . . 6,901 . . . 81.4 . . . . 6.9 . . . . 11.7 . . . . 15,658 . . . 90.0 . . . . 3.8 . . . . 6.2 . . . . 14,285 . . . 22.3 . . . . 25.7 . . . . 52.0 . . . . 33,590 . . . 81.8 . . . . 18.2 . . 1,241 . . . . . . . . . . . . . . . . 10.2 58.3 60.2 7.8 36.8 . . . . . . . . . . . . . . . 27.2 32.1 13.5 . 65.5 . 4 .2 . . . . . . . . . . . . . . . . . . . 62.6 9.6 26.3 26.7 . 59.0 D u v a l ........................................ 3,488 E sca m b ia .............................. 3,298 Flag le r ................................... 1,372 F r a n k l i n ................................... — G a d s d e n ...................................'3,619 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.0 3.8 14.5 12.7 31.9 . . . . . . . . . . . . . . . . 12.8 . 47.6 62.5 — 20.7 . . . . . . . . . . . . . . . . . . . . 34 .2 48.6 23.0 87.3 47.4 G i l c h r i s t ................................... 850 G l a d e s ........................................ 1,073 G u l f ............................................. 77 H a m i l t o n .................................. 4,625 H ardee ................................... 13,711 . . . . . . . . . . . . 24.8 . . . . 31.1 . . . — . . . . 38.9 . . . 100.0 . . 16.8 . . . . 32.6 . . . 21.3 . . . . 30.9 . . . . . . . . . . . . . . . . . . . . . 21.9 16.0 1.1 29.5 17.5 Hendry ................................... 2,357 . . Hernando .............................. 1,943 . . H i g h l a n d s .............................. 14,479 . . H il ls b o r o u g h ......................... 32,227 . . H o l m e s ................................... 2,569 . . . . . . . . . . . . 48.2 27.6 20.2 53.7 51.8 . . . . . . . . . . . . . . . . . . . . 20.0 29.0 31.3 18.1 19.0 . 70.4 56.2 54.9 55.7 28.2 . . . . . . . . . . . . . . . . . . . . 25.9 22.6 27.7 8.9 30.7 Indian R i v e r ......................... J a c k s o n ................................... J e f f e r s o n ................................... Lafayette .............................. Lake ........................................ 4,432 5,076 677 1,432 14,320 . . . . . . . . . . . . . . . . . 51.5 11.8 29.5 15.3 31.0 . . . . . . . . . . . . . . . . . . . . . . . 44.8 24.3 15.3 . 49.5 . 60.2 . . . . . . . . . . . . . . . . . . . . 15.9 37.5 70.0 47.3 15.9 L e e ............................................ L e o n ......................................... L e v y ............................................ Liberty ................................... M adison .................................. 4,167 1,879 3,500 127 1,846 . . . . . . . . . . . . . . . 47.6 27.0 29.8 — 50.2 . . . . . . . . . . 20.6 . . . . 20.9 . . . . 31.2 . . . . . . . . . . . . . . . . . . . . . . . . 28.2 33.3 34.9 13.0 28.3 M anatee ................................. M a r i o n ..................................... Martin .................................... Monroe ................................... N a s s a u ..................................... 4,318 6,777 373 98 617 . . . . . . . . . . . . 46.1 . . . . 21.4 . . 81.8 . . . . 7.1 . . 65.6 . . . . 9.1 . . 100.0 . . . . — . . — . . . . 39.4 . . . . . . . . . . . . . . . . . . 188 . . . . . . . . . . 43.2 19.8 21.5 — 36.9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.9 31.9 30.7 — 24.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,984 5,515 4,612 1,924 5,590 . . . . . . . . . . . . . . 44.1 . . . . 61.1 . . . . . . . . . . . . . . 50.6 . . . . 47.8 . . . . 7,421 10,972 3,083 7,251 4 6,059 . . . . . . . . . . . . 66.5 84.0 7.0 . . . . 91.9 25.6 . . . . 44.9 14.3 . . . . 68.2 . . . . . . . . . . . . . . . . . . . . 31.8 43.4 48.5 28.2 29.2 . . . . . . . . . . . . . . . . . . . . 21,197 7,194 54,202 68,320 8,170 . . . . . . . . . . . . . . . . . . . . 3.7 21.1 17.4 35.4 41.1 . . . . . . . . . . . . . . . 18.9 34.7 29.0 32.4 27.1 . . . . . . . . . . . . . . . . . . . . 29.6 53.5 41.5 52.3 41.9 . . . . . . . . . . . . . . . . . . . . 18,262 38,125 11,553 5,478 34,322 . . . . . . . . . . . . . . . . . . . . 39.3 38.2 14.7 3.2 23.9 . . . . . . . . . . . . . . . . . 21.0 . . 28.1 . . 27.4 . . 26.0 . . 19.4 . . . . . . . . . . . . . . . . . . . . 31.4 44.9 42.8 74.0 30.4 . . . . . . . . . . . . . . . . . . . . 21,854 12,474 11,337 778 13,222 . . . . . . . . . . . . . . . . 51.2 45.8 33.9 . 87.0 23.8 . . . . 47.9 32.5 . . . 11.1 . . . 25.2 . . . — . . . 60.6 . . . . . . . . . . . . 24,728 50,738 4,462 252 11,710 . . . . . . . . . . . . 20.0 . . . . 34.2 . . . . 16.7 . . . . . . . . 0.3 . . . . . . . . . . . . . . . . . . 15,328 5,644 4,194 292 14,919 . . . 34.9 48.3 47.8 — 38.8 . . . . . 6,579 . . . . 7,080 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.6 . . . . . . . . 45.1 35.0 42.6 . — . 44.2 . . 34.9 30.8 40.7 .1 0 0 .0 . 55.5 N O V E M B E R 1975, M O N T H L Y R E V IE W F a rm Loans of T h re e M a jo r (L o a n s T o ta l Fa rm Lo a n s* O u t s t a n d in g , Co m m erc ia l Banks O kaloosa ................................ 1,159 . . O keechobee ......................... 1,497 . . O range ................................... 8,800 . O sceola ................................. 1,248 . Palm B e a c h ......................... 13,840 . L e n d ers F ed era l Land Banks . . 32.4 . . . . . . 57.2 . . . . . . . 52.7 . . . . . . 49.7 . . . . . . 31.1 . . . 27.2 . . 17.8 . . . 18.6 . . 20.3 . . 26.9 . . . . . . . . . . . 27.1 . 8 3 .6 . 39.2 . 36.2 . 42.0 . . . . . . . . . . . . . . . . St. L u c i e .............................. Santa R o s a ......................... S a r a s o t a ................................... Sem in ole .............................. Sum ter ................................... 4,511 4,644 1,285 1,305 1,188 . . . . . . . . . . . . . . . . . . . . 48.4 20.6 2.9 63.8 20.9 . . . . . . . . . . . . . . . . . S u w a n n e e .............................. T a y l o r ........................................ U n i o n ........................................ V olusia ................................... W a k u l l a ................................... 5,735 474 543 2,158 . . . . . . . . . . . . . . . . 143 65.2 29.7 72.2 64.4 . . . . . . . . . . . . Walton ................................... W ashington ......................... 1,341 . . . . 641 . . . . 29.8 . . . . 22.2 . . . . 28.3 . . . . 34.0 . . . . G EO R G IA A p p l i n g ................................... A t k i n s o n ................................... B a c o n ........................................ B a k e r ........................................ B a l d w i n ................................... 5,139 2,355 3,780 1,527 775 . . . . . . . . . . . . . . . 27.8 30.4 42.4 62.0 88.6 . . . . . . . . . . . . . . . . . . . . 42.1 40.1 33.0 22.9 6.6 . . . . . . . . . . . . . . B a n k s ....................................... Barrow ................................... Bartow ................................... Ben H i l l ................................... B errien ................................... 742 1,436 2,262 3,556 3,820 . . . . . . . . . . . . . . . . . . . — 33.1 49.2 69.8 55.0 . . . . . . . . . . . . . . . . . . . 58.4 40.0 30.3 17.1 26.8 . . . . . . . . . . . . . . . Bibb ........................................ B l e c k l e y ................................... B r a n t l e y ................................... Brooks ................................... B r y a n ........................................ 1,134 2,568 686 2,483 667 . . . . . . . . . . . . . . . . . . . . 70.3 42.4 — 34.4 41.2 . . . . . . . . . . . . . . . . . . . . 16.0 33.5 55.0 37.6 35.5 . . . . . . . . . . B u l l o c h ................................... B u r k e ....................................... B u t t s ........................................ C a l h o u n ................................... C a m d e n ................................... 9,173 6,051 457 2,262 453 . . . . . . . . . . . . . . . . . . . . 38.3 27.5 21.7 52.6 69.5 . . . . . . . . . . . . . . . . . . . . 35.6 41.8 44.4 26.9 13.5 . . . . . C a n d l e r ................................... Carroll ..................................... C a t o o s a ................................... C h a r l t o n ................................... C hatham .............................. 2,722 4,438 1,642 462 7,251 . . . . . . . . . . . . . . . 65.4 38.5 20.6 70.8 94.7 . . . . . . . . . . . . . . . . . . . . 20.4 35.4 46.4 12.5 3.1 C h a t t a h o o c h e e .................... C h a t t o o g a .............................. Cherokee .............................. C l a r k e ........................................ C lay ........................................ 355 1,741 1,985 1,347 1,053 . . . . . . . . . . . . . . . 3.1 27.3 42.9 33.0 26.2 . . . . . . . . . . . . . . . . . . . C l a y t o n ................................... C lin ch ................................... Cobb ........................................ Coffee ................................... C o l q u i t t ................................... 364 599 559 6,461 6,547 . . . . . . . . . . . . . . . 3.3 32.7 67.1 42.3 78.2 . . . . . . . . . . . . . . . . . . . F E D E R A L R E SE R V E B A N K O F A T L A N T A . . . . . . . . . . . . . . . . D is t r ic t S ta te s $ 0 0 0 ) T o ta l F arm L o a n s* 40.4 . . . . 25.0 . . . . . 28.7 . . . . 30.0 . . . . 42.0 . . . . . . . . . . . . . . S ix t h P ro d . C r e d it A ssn s. P asco ................................... 9,689 . . P i n e l l a s ................................... 4 ,8 5 4 . . Polk ........................................ 29,118 . . P u t n a m ................................... 3,367 . . St. J o h n s .............................. 1,600 . . . . . . in 5,785 . . 38,553 . . . 39.209 . 9,809 . 43,315 C o m m e rc ia l Banks F e d e ra l Land Banks . . 14.5 . . . . . . 7.4 . . . . . . . . 45.5 . . . . . . . 20.8 . . . . . . . 15.5 . . . P ro d . C r e d it A ssn s. 41.5 . . 68.7 . . . 28.5 . 57.2 . 60.6 . . 44.0 . . 23.9 . . . . 26.0 . . . . 22.0 . . . . 23.9 28.4 6.7 23.8 24.9 22.9 . . . . . . . . . . . . 44.5 . . . . 9.6 . . . . 37.0 . . . . 38.9 . . . . 35.1 . . . . 22,589 . .-.17,885. . . 47,370 . . . 10,612 . . . 5,647 . . . . 26.1 . . . . .91.7. . . . . 35.9 . . . . . 30.7 . . . . . 14.0 . . . . . . . . . . . . 53.0 7.0 38.2 27.0 53.5 . . . . . . . . 20.9 . . . 1.3 . . . 25.9 . . . 42.3 . . . 32.5 20.4 31.0 . 38.8 . 14.7 . 31.8 . . . . . . . . . . . . . . . . . . . . 31.2 48.4 58.3 21.5 47.3 . . . . . . . . . . . . . . . . . . . . 19,966 10,517 11,514 13,293 18,240 . . . . . . . . . . . . . . . . . . . . 15.9 26.6 15.0 12.1 7.6 . . . . . . . . . . . . . . . . . . . 56.2 31.2 46 .4 10.9 . 51.7 . . . . . . . . . . . . . . . . . . . . 27.9 42.2 38.6 77.0 40.7 . . . . . . . . . . . . . . . . . . . . . . . . 21.3 39.5 17.3 21.7 65.7 . . . . . . . . . . . . . . . . . . . . 24,571 2,655 4,078 11,627 2,475 . . . . . . . . . . . . . . . . 37.9 27.7 26.4 61.8 . . . . . . . . . . . . . . . . 39.4 25.8 32.6 16.1 85.3 . . . . . . . . . . . . . . . . . . . . 22.7 46.5 41.0 22.1 14.7 5.5 . . . . 36.6 . . . . 41.1 . . . . 21.8 . . . . 57.9 37.1 . 13.5 30.8 10.5 13.9 . 34.3 . . . . 41.9 . . . . 43.8 . . . . 30.1 29.5 24.6 15.1 . 4.8 . . . . . . . . . . . . . . . . . . . 41.6 26.9 20.5 13.1 18.2 . . . . . . . . . . . . . . . . . . . . 13.7 24.1 45.0 28.0 23.2 . . . . . . . . . . . . . . . . . . . . 26.1 30.7 33.9 20.5 17.0 . . . . . . . . . . . . . . . . . . . 53.2 41.6 33.7 38.2 44.5 . . . . . . . . . . . . . . . . 54.1 41.4 19.1 33.8 12.4 . . . . . . . . . . . . . . . . . . 15,888 4,763 11,974 5,097 . 3,209 . . . . . . . . . . . . . . . . . . . . 32.6 37.5 41.8 20.5 59.2 . . . . . . . . . . . . . . . . . . . . 41.3 40.5 41.5 37.4 21.1 . . . . . . . . . . . . . . . . . . . . 26.1 22.0 16.7 42.1 19.7 . . . . . . . . . . 3,095 7,578 11,512 5,905 16,234 . . . . . . . . . . . . . . . . 23.6 16.7 63.8 50.2 . . . . . . . . . . . . . . . . 81.7 50.4 56.6 13.5 28.7 . . . . . . . . . . . . . . . . . . . . 18.3 26.0 26.7 22.7 21.1 . . . . . . . . . . . . . . . 4,857 8,311 4,985 15,157 4,505 . . . . . . . . . . . . . . . . . . . . 66.5 41.9 — 12.8 42.9 . . . . . . . . . . . . . . . . . . . . 18.7 29.7 69.6 38.7 53.5 . . . . . . . . . . . . . . . . . . . . 14.8 28.4 30.4 48.5 3.6 . . . . . . . . . . . . . . . . . . . . 26,987 15,904 1,662 10,635 898 . . . . . . . . . . . . . . . . . . . 46.9 36.9 37.2 48.9 . 47.1 . . . . . . . . . . . . . . . . . . . . 38.6 38.8 40.4 31.5 15.7 . . . . . . . . . . . . . . . . . . . . 14.5 24.3 22.4 19.6 37.2 14.2 26.1 33.0 16.7 . 2.2 . . . . . . . . . . . . . . . . . 7,843 21,555 2,360 3,677 . 10,073 . . . . . . . . . . . . . . . . . . . . 59.3 37.1 26.2 59.6 82.0 . . . . . . . . . . . . . . . . . . . . 21.5 48.9 33.4 13.9 13.3 . . . . . . . . . . . . . . . . . . . . 19.2 14.0 40.4 26.5 4.7 . . . . . 43.7 31.1 23.4 28.8 29.3 . . . . . . . . . . . . . . . . . . . . 306 4,597 11,123 5,460 2,904 . . . . . . . . . . . . . . . . . . . . — 63.4 48.4 10.0 13.9 . . . . . . . . . . . . . . . . . . . .1 0 0 .0 22.8 39.1 46.2 35.3 . . . . . . . . . . . . . . . . . . . . — 13.8 12.5 43.8 50.8 . . . . 42.6 25.9 13.8 23.9 . 9.4 . . . . . . . . . . . . . . . . . . 1,569 916 3 ,730 24,473 . 37,114 . . . . . . . . . . . . . . . . . . . . — 34.0 17.5 44.0 32.4 . . . . . . . . . . . . . . . . . . . . 32.6 42.1 51.1 40.9 25.3 . . . . . . . . 6,840 . . . . 4,583 . . . . . . . . . . . . . . . . . . . . . . . 67.4 23.9 31.4 15.1 42.3 F a rm Loans of T h re e M a jo r (L o a n s T o ta l F a rm Lo a n s* C o m m e rc ia l Banks G EO R G IA (CONT'D) C olum bia .............................. Cook ....................................... Coweta ................................... Crawford .............................. C r i s p ........................................ 1,092 3,878 1,480 1,207 4,222 . . . . . . . . . . . . . . . . . . . . Dade ........................................ D a w s o n ................................... D e c a t u r ................................... D eKalb ................................... D o d g e ........................................ 588 1,066 3,052 1,136 3,255 . . . . . . . . . . . . . . . D o o l y ........................................ D o u g h e r t y .............................. D o u g l a s ................................... E a r l y ........................................ E ch o ls ................................... 3,225 5,668 603 3,176 74 . . . . . E f f i n g h a m .............................. E l b e r t ........................................ Em an u el .............................. E v a n s ........................................ Fan nin ................................... L en d ers O u t s t a n d in g , F ed era l Land Banks in S ix t h T o ta l F arm L o a n s* 1.9 70.4 40.7 7.2 46.2 . . . . . . . . . . . . 55.6 . . 17.7 . . 33.2 . . 54.3 . . 31.8 . . . . . . . . . . . . . . . 42.5 11.9 26.1 38.4 22.0 . . . . . . . . . . . . . . . . . . . . . . . . . 66.8 28.6 56.7 96.5 40.9 . . . . . . . . . . . . . . . . . . . . 20.1 42.4 25.6 2.0 35.4 . . . . . . . . . . . . 13.1 . . 29.0 . . 17.7 . . 1.5 . . 23.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.5 79.9 32.3 66.0 — . . . . . . . . . . . . . . . . . 31.9 11.9 42.0 19.4 . 58.1 . . . . . . . . . . . . 21.6 . . ■ . 8.2 . . . . 25.7 . . . . 14.6 . . . . 41.9 . . . . . . . 1 ,4 3 7 . 1,529 . 3,740 . 2,089 . 1,012 . . . . . . . . . . 4 7 .7 . 64.7 . 51.8 . 71.4 . 28.2 . . . . . . . . . . . . . . .30.8. 20.1 . 27.5 . 17.5 . 41.3 . . . . . . . . . . . . . . . 21.5 15.2 20.7 11.1 30.5 . . . . . . . . . . . . . . . . . . Fayette ................................... F l o y d ........................................ Forsyth ................................... F r a n k l i n ................................... Fulton ................................... 353 887 5,689 3,297 4,353 . . . . . . . . . . . . . . . . . . . . 59.8 60.5 24.7 17.6 81.9 . . . . . . . . . . . . . . . . . . . . 18.4 22.0 44.0 47.2 11.0 . . . . . . . . . . . . . . . . . . 21.8 17.5 31.3 35.2 . . . . . . . . . . . . . . . . G ilm e r ................................... G la sco ck .............................. G l y n n ........................................ Gordon .................................. G r a d y ........................................ 550 286 1,197 1,185 4,219 . . . . . . . . . . . . . . . . . . . . 32.5 30.4 88.3 84.6 57.7 . . . . . . . . . . . . . . . . . . . . 39.3 42.7 5.3 8.9 24.0 . . . . . . . . 28.2 . . . 26.9 . . . 6.4 . . . 6.5 . . . 18.3 . . . . . . . . . . .. S ta te s $ 0 0 0 ) P ro d . C r e d it A ssn s. . . . . . D is t r ip t F e d e ra l Land Banks 1,731 16,142 14,305 3,404 19,820 . . . . . . . . . . . . . . . . . . . . 8.9 44.0 19.0 31.5 24.4 . . . . . . . . . . . . . . . 1,127 5,777 22,419 . 1,724 . 10,756 . . . . . . . . . . . . . . . . . . . . 48.3 23.8 47.8 2.4 33.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.8 47.2 21.2 49.7 . . . . . . . . . . . . 5 ,5 9 7 . 9,904 . 14,037 . 8,480 . 1,640 . . . . . . . . . . . . . . .48.8. 54.2 . 43.1 . 54.6 . 82.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.4 22.6 42.7 40.1 43.1 . . . . . . . . . . . . . 1,922 . . . . 686 . . . . 2,570 . . . . 15,198 . . . . 15,144 . . . . . . . . . . . . 67.4 . 20.3 . 92.7 . 60.6 . 47.6 . . . . . . . . . . . . . . 27,832 . 19,515 2,916 11,443 871 . 7. 1 . . . . . . . . C o m m erc ia l Banks 5,048 7,605 19,905 7,799 . 13,686 . P ro d . C r e d it A ssn s. . 72 .4 29.4 65.0 45.8 25.7 . . . . . . . . . . . . . . . . . . . . 18.7 26.6 16.0 22.7 49.9 19.9 65.4 11.3 . 75.1 . 33.8 . . . . . . . . . . . . . . . . . . . . 31.8 10.8 40.9 22.5 32.9 . . . . . . . . . . . . . . . . . . . . . . . . 54.3 21.9 10.8 10.4 50.1 . . . . .30.7. 16.6 . 40.8 . 25.7 . 14.1 . . . . . . . . . . . . . . . 2 0 .5 29.2 16.1 19.7 3 .8 . . . . . . . . . . 55.3 52.2 49.2 36.8 40.7 . . . . . . . . . . . . . . . . . . . . 31.3 25.2 8.1 23.1 16.2 . . . . . . . . . . 18.8 42.1 0. 2 25.3 28.5 . . . . . . . . . . . . . . . . . . . . 13.8 37.6 7.1 14.1 23.9 . . . . . . 23.9 30.9 68.0 39 .9 . 49 .9 . G reene ................................... 2,370 Gw innett .............................. 3,452 H abersham ......................... 3,287 Hall ........................................... 7 ,0 5 9 . Hancock .............................. 753 . . . . . . . . . . . . . . . . . . . 58.3 . 78.9 . 38.2 . 29. 1. 69.5 . . . . 25.4 . . . . 16.3 . . . . 6,745 . . . . 12.2 . . . . 8.9 . . . . 22,190 . . . . 35.9 . . . . 25.9 . . . . 9,112 . . . . 41.4. . . . 29.6. . . .24,894. . . . 20.3 . . . . 10.2 . . . . 2,725 . . . . 64.7 . . . . 74.7 . . . . 28.2 . . . .32.6. . . . 49.8 . . . . 18.3 . . . . 21.9 . . . . 60.0 . . . .47.4. . . . 43.3 . . . . 17.0 . . . 3.4 . . . 11.8 . . . 2 0 .0 . . . 6.9 H H H H H 45.7 65.0 33.3 52.9 46.7 . . . . . . . . . . . . . . . . . . . . 31.3 18.4 38.8 24.6 31.8 . . . . . . . . . . . . . . . . . . . . 23.0 16.6 27.9 22.5 21.5 . . . . . . . . . . . . . . . . . . . . 5,183 4,645 8,246 6,565 9,356 . . . . . . . . . . . . . . . . . . . . 54.6 25.1 23.8 15.3 16.8 . . . . . . . . . . . . . . . . . . . . 40.9 58.8 4 5 .9 76.7 66.1 . . . . . . . . . . . . . . . . . . . . 4.5 16.1 30.3 8.0 17.1 . . . . . . . . . . . . . . . . . . . . 37.5 20.0 46.9 31.6 25.5 . . . . . . . . . . . . . . . . . . . . 27.6 14.8 33.0 26.8 19.9 . . . . . . . . . . . . . . . . . . . . 14,766 15,831 17,353 5,596 8,420 . . . . . . . . . . . . . . . . . . . . 35.9 39.7 16.7 33.8 31.8 . . . . . . . . . . . . . . . . . . . . 37.2 38 .9 69.3 47.8 47.0 . . . . . . . . . . . . . . . . . . . . 26.9 21.4 14.0 18.4 21.2 a r a l s o n ................................. a r r i s ........................................ a r t ............................................. e a r d ........................................ e n r y ........................................ 1,345 463 2,491 690 2,160 . . . . . . . . . . . . . . . . . . H o u s t o n ................................... Irwin ........................................ J a c k s o n ................................... J a s p e r ........................................ Jeff D a v i s .............................. 3,366 2,619 4,224 865 2,329 . . . . . . . . . . . . . . . . . . . 34.9 65.2 20.1 41.6 54.6 Jefferson .............................. J e n k i n s ................................... J o h n s o n ................................... J o n e s ........................................ L a m a r ........................................ 2,949 3,349 2,575 619 911 . . . . . . . . . . . . . . . . . . . . 49.3 27.1 50.1 61.7 41.6 . . . . . . . . . . . . . . . . . . . . 29.7 42.9 28.9 25.8 32.9 . . . . . . . . . . . . . . . . . . . . 21.0 30.0 21.0 12.4 25.5 . . . . . . . . . . . . . . . . . . . . 13,145 9,535 4,890 4,501 3,994 . . . . . . . . . . . . . . . . . . . . 41.7 30.6 4 6 .9 23.4 21.2 . . . . . . . . . . . . . . . . . . . . 37.0 34.5 41.3 23.1 54.4 . . . . . . . . . . . . . . . . . . . . 21.3 34.9 11.8 53.5 24.4 L a n i e r ........................................ L a u r e n s ................................... L e e ............................................. L i b e r t y ........................................ Lin coln ................................... 813 5,823 1,259 387 476 . . . . . . . . . . . . . . . . . . . . 57.4 48.5 23.9 61.8 66.4 . . . . . . . . . . . . . . . . . . . . 23.5 30.3 45.4 18.3 17.4 . . . . . . . . . . . . . . . . . . . . 19.1 21.2 30.7 19.9 16.2 . . . . . . . . . . . . . . . . . . . . 2,710 25,876 8,551 1,874 3,861 . . . . . . . . . . . . . . . . . . . . 44.9 30.7 13.8 57.8 32.0 . . . . . . . . . . . . . . . . . . . . 31.1 24.8 57.2 29.4 14.7 . . . . . . . . . . . . . . . . . . . . 24.0 44.5 29.0 12.8 53.3 Long ........................................ L o w n d e s ................................... L u m p k i n ................................... M c D u f f ie ................................... M cIntosh .............................. 2,952 1,691 877 131 . . . . . . . . 210 . . . . . . . . 69.9 36.5 82.1 30.5 . . . . . . . . . . . . . . . . . 63.3 17.0 36.1 9.1 40.5 . . . . . . . . . . . . 36.7 . . 13.1 . . 27.4 . . 8.8 . . 29.0 . . . . . . . . . . . . . . . . . . 1,458 9,226 8,511 4,601 255 . . . . . . . . . . . . . . . . . . . 1.2 44.0 3 3 .4 36.0 . 19.6 . . . . . . . . . . . . . . . . . . . . 26.5 34 .4 40.0 47.6 80.4 . . . . . . . . 72.3 . . . 21.6 . . . 26.6 . . .164 . . . — 190 . . . . . N O V E M B E R 1975, M O N T H L Y R E V IE W F arm Loans of T h re e M a jo r (L o a n s T o ta l F a rm Lo a n s* Co m m erc ia l Banks M a c o n ........................................ M a d i s o n ................................... M a r io n ........................................ M e r iw e t h e r .............................. M i l l e r ........................................ 4,651 3,256 702 1,580 3,045 . . . . . . . . . . . . . . . M i t c h e l l ................................... M o n r o e ................................... M o n t g o m e r y ......................... Morgan ................................... Murray ................................... 9,218 1,157 728 3,538 1,333 . . . . . . . . . . M u s c o g e e .............................. Newton ................................... O conee ................................... O g le t h o r p e .............................. P a u l d i n g ................................... 319 2,322 766 2,122 844 . . . . . P e a c h ........................................ P i c k e n s ................................... P i e r c e ........................................ P i k e ............................................. P o l k ............................................. 2,049 616 6,058 985 1,921 P ulaski ................................... P u t n a m ................................... Q u i t m a n ................................... R a b u n ........................................ Randolph .............................. O u t s t a n d in g , F ed era l Land Banks . . . . . . . . . . . . . . . . . . . . . . 39.3 51.7 26.1 26.0 25.6 . . . . . . . . . . . . . . . 59.1 72.3 28.6 27.3 16.0 . . . . . . . . . . . . . . . . . . . . 24.1 14.3 39.6 42.1 49.2 . . . . . . . . . . . . . . . . . . . . . . . . . 88.7 38,2 34.1 27.6 39.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.5 47.6 27.6 39.0 68.9 . . . . . . . . . . . . . . . 2,171 1,117 139 251 2,472 . . . . . . . . . . . . . . . . . . 57.0 67.7 — 20.7 49.6 . . . . . . . . . . R i c h m o n d .............................. R o c k d a le ................................... S c h l e y ........................................ S c r e v e n ................................... S e m in o le ................................... 1,791 411 665 4,425 4,432 . . . . . . . . . . . . . . . . . . . 90.4 23.1 48.7 46.7 50.7 . . . . . S p a l d i n g ................................... Steph en s .............................. S t e w a r t ................................... Su m ter ................................... T a l b o t ........................................ 1,601 1,105 706 4,818 274 . . . . . . . . . . . . . . . . . . . . 54.7 36.5 69.8 49.8 35.4 Taliaferro .............................. T a t t n a l l ................................... T a y l o r ........................................ T e l f a i r ........................................ T e r r e l l ........................................ 283 2,951 2,837 2,417 4,630 . . . . . . . . . . . . . . . . . . . T h o m a s ................................... T i f t ............................................ T o o m b s ................................... T o w n s ........................................ T r e u t l e n ................................... 3,856 4,975 3,347 638 1,415 . . . . . . . . . . . . . . . . . . . . T r o u p ........................................ T u r n e r ........................................ T w ig g s ........................................ U n i o n ........................................ U p s o n ........................................ 1,086 . . . . 5,637 . . . . 147 1,126 . . . . 687 . . . . 81.4 . . . . 80.8 . . . . W alker ................................... Walton ................................... Ware ........................................ Warren ................................... W ashington ......................... 2,286 3,438 3,031 1,102 3,324 W a y n e ........................................ W e b s t e r ................................... W h e e l e r ................................... W h i t e ........................................ W hitfield .............................. 4,846 . . . . 392 1,067 . . . . 1,866 . . . . 3,670 . . . . FE D for E R A FRASER L RE SE R V E B A N K O F A T L A N T A Digitized . . . . . . . . . . . . . . . . . . . . in S ix t h T o ta l F a rm L o a n s* C o m m erc ia l Banks F e d e ra l Land Banks P ro d . C r e d it A ssn s. 28.3 38.0 22.0 19.6 17.8 . . . . . . . . . . . . . . . . . . . . 13,768 10,564 2,420 11,304 14,434 . . . . . . . . . . . . . . . . . . . . 36.3 10.7 33.7 32.3 30.9 . . . . . . . . . . . . . . . . . . . . 42.3 75.7 34.5 30.4 21.1 . . . . . . . . . . . . . . . . . . . . 21.4 13.6 31.8 37.3 48.0 • ■ • • • • 16.8 ■13.4 • 31.8 • 30.6 • 34.8 . . . . . . . . . . . . . . . . . . . . 27,980 9,513 3,473 21,321 2,555 . . . . . . . . . . . . . . . . . . . . 48.0 21.1 60.3 10.2 14.0 . . . . . . . . . . . . . . . . . . . . 31.2 35.9 22.0 52.8 75.1 . . . . . . . . . . . . . . . . . . . . 20.8 43.0 17.7 37.0 10.9 35.2 35.6 43.3 42.4 . . 4.7 . . . . 26.6 . . ■ • 30.3 . . • • 29.2 . . • • 18.4 . . . . . . . . . . . . . . . . . 1,062 15,255 6,972 8,865 3,283 . . . . . . . . . . . . . . . . . . . . — 14.4 10.1 23.6 12.6 . . . . . . . . . . . . . . . . . . . . 84.2 67.7 62.4 63.4 49.6 . . . . . . . . . . . . . . . . . . . . 15.8 17.9 27.5 13.0 37.8 . . . . . 34.1 27.3 41.8 37.4 19.0 . . . . . . . . . . . . . . . . . . . . 26.4 25.1 30.6 23.6 12.1 . . . . . . . . . . . . . . . . . . . . 7,222 2,982 17,338 7,788 7,173 . . . . . . . . . . . . . . . . . . . . 39.7 48.6 28.9 31.8 43.1 . . . . . . . . . . . . . . . . . . . . 38.8 38.1 40.4 41.1 48.3 . . . . . . . . . . . . . . . . . . . . 21.5 13.3 30.7 27.1 . . . . . . . . . . 25.2 18.4 44.6 48.6 28.5 . . . . . . . . . . . . . . . . . . . . 17.8 13.9 55.4 30.7 21.9 . . . . . . . . . . . . . . . . . . . . 10,728 13,193 238 4,478 7,387 . . . . . . . . . . . . . . . . . . . . 36.8 61.7 — 24.1 40.0 . . . . . . . . . . . . . . . . . . . . 30.0 17.6 54.2 55.3 26.7 . . . . . . . . . . . . . . . . . . . . 33.2 20.7 45.8 20.6 33.3 . . . . . . . . . . . . . . . 5.3 39.2 28.0 30.6 28.4 . . . . . . . . . . . . . . 4.3 37.7 23.3 22.7 20.9 . . . . . . . . . . . . . . . . . 2,797 2,086 2,376 8,171 15,239 . . . . . . . . . . . . . . . . . . . . 52.1 5.4 24.2 60.7 23.6 . . . . . . . . . . . . . . . . . . . . . . . 40.7 . 88.0 39.6 38.4 23.7 . . . . . . . . . . . . . . . . . . . . 36.2 0.9 52.7 . . . . . . . . . . . . . . . . . . . . 26.0 35.5 19.3 29.3 36.5 . . . . . . . . . . . . . . . . . . . . 19.3 28.0 io .9 20.9 28.1 . . . . . . . . . . . . . . . . . . . . 5,804 4,644 3,193 22,788 1,847 . . . . . . . . . . . . . . . . . . . . 45.6 47.3 18.8 30.2 26.2 . . . . . . . . . . . . . . . . . . . . 38.6 31.8 17.9 35.4 40.9 . . . . . . . . . . . . . . . . . . . . 15.8 20.9 63.3 34.4 32.9 68.2 76.8 35.5 44.9 59.4 . . . . . . . . . . . . . . . . . . . . 18.4 12.7 37.3 32.7 23.9 . . . . . . . . . . . . . . . . . . . . 13.4 . . . . 10.5 . . . . 27.2 . . . . 22.4 . . . . 16.7 . . . . 759 13,553 6,037 13,233 21,068 . . . . . . . . . . . . . . . . . . . . 62.7 69.7 50.0 21.5 47.9 . . . . . . . . . . . . . . . . . . . . 27.3 21.4 23.9 19.9 31.8 . . . . . . . . . . . . . . . . . . . . 10.0 8.9 26.1 58.6 20.3 65.7 67.6 52.0 70.5 73.6 . . . . . . . . . . . . . . . . . . . . 20.3 18.4 27.2 17.4 15.5 . . . . . . . . . . . . . . . . . . . . 14.0 14.0 20.8 12.1 10.9 . . . . . . . . . . 12,520 20,393 11,671 3,953 4,579 . . . . . . . . . . . . . . . . . . . . 46.0 48.2 51.1 65.5 72.5 . . . . . . . . . . . . . . . . . . . . 34.9 28.7 26.5 31.3 19.4 . . . . . . . . . . . . . . . . . . . . 19.1 23.1 22.4 3.2 8.1 11.5 10.9 . 47.6 53.3 . . . . 26.1 26.1 . . . . 40.2 . . . . . . . . . . . . . . . 9,110 . 24,297 . . . 1,858 . . . 6,928 . . . 4,843 . . . . . . . . . . . . . . . . . . . . 50.3 63.7 7.7 44.8 18.7 . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 8.3 52.4 20.6 33.7 23.3 19.8 . 48.9 . 43.3 . 43.2 . . . . . . . . . . . . . . . . . . . . 26.4 16.5 43.4 11.9 38.1 21.1 47.9 37.9 53.4 32.1 . . . . . . . . . . . . . . . . . . . . 33.8 22.5 25.5 21.0 27.9 . . . . . . . . . . . . . . . . . . . . 5,231 12,419 8,165 5,245 16,214 . . . . . . . . . . . . . . . . . . . . 15.4 35.0 26.1 31.9 15.0 . . . . . . . . . . . . . . . . . . . . 30.2 55.6 54.0 36.1 40.6 . . . . . . . . . . . . . . . . . . . . 54.4 9.4 19.9 32.0 44.4 . 53.4 . . 60.5 . 45.0 . . . . 33.3 . 28.1 . . . . 42.9 . 39.9 . . . . 34.8 . . . . . . . . . . . . . . . . 38.3 39.5 21.7 29.0 25.3 . . . . . . . . . . . . . . . . . . . . 9,867 2,099 3,397 10,911 4,943 . . . . . . . . . . . . . . . . . . . . 19.2 16.0 27.1 40.7 36.1 . . . . . . . . . . . . . . . . . . . . 51.5 51.5 48.1 49.0 56.9 . . . . . . . . . . . . . . . . . . . . 29.3 32.5 24.8 10.3 7. 0 . . . . . . . . . . 8.3 . . . . . . . . . . . . . S ta te s . . . . . . . . . . . . . . . D is t r ic t $ 0 0 0 ) P ro d . C r e d it A ssn s. 32.4 10.3 51.9 54.4 56.6 . . . . . . . L en d e rs 6.6 . . 45.1 29.6 36.6 25.6 40.0 . . . . . . . . . . . . . . . . . . . . . . . . 8.6 7.2 6.6 F arm Loans of T h re e M a jo r (L o a n s T o ta l Fa rm L o a n s* G EO R G IA (CO N T’D) W ilcox ................................... W i l k e s ........................................ W ilkinson .............................. W o r t h ........................................ 2,276 1,997 1,207 3,973 C o m m e rc ia l Banks S ta te s $ 0 0 0 ) P ro d . C r e d it A ssn s. T o ta l F arm Lo a n s* C o m m erc ia l Banks Fe d e ral Land Banks P rod . C r e d it A ssn s. . . . . . . . . 33.5 19.4 9.5 7.3 . . . . 23.7 . . . . 9,800 . . . . 15.5 . . . . 7,838 . . . . 6.4 . . . . 3 ,586 . . . . 5.8 . . . . 19,816 . . . . . . . . . . . . . . . . 22 .4 33.7 75.4 40.5 . . . . . . . . . . . . . . . . 45.6 27.9 15.5 41.8 . . . . . . . . . . . . . . . . 32.0 38.4 9.1 17.7 LO U ISIA N A Acadia ................................... 15,318 . . . . A l l e n ........................................ 502 . . . . A s c e n s i o n .............................. 2,060 . . . . Assum ption ......................... 353 . . . . Avoyelles .............................. 7,549 . . . . 27.0 15.1 64.0 21.0 60.9 . . . . . . . . . . . . . . . . . . . . 20.0 59.4 11.9 26.4 27.4 . . . . 53.0 . . . . 25.5 . . ■ • 24.1 . . • ■52.6 . . • • H -7 . . . . . . . . . . . . . . . . . . . . 3 5,228 1,692 5,331 4,973 20,811 . . . . . . . . . . . . . . . . . . . . 35.7 42.8 53.4 27.2 51.2 . . . . . . . . . . . . . . . . . . . . 25.8 43.0 17.2 27.0 36.6 . . . . . . . . . . . . . . . . . . . . 38.5 14.2 29.4 45.8 12.2 Beauregard ......................... B i e n v i l l e ................................... B o ssie r ................................... C a d d o ........................................ C alca sie u .............................. 1,234 2,169 4 ,0 9 7 9,977 4,933 . . . . . . . . . . . . . . . . . . . . 92.2 29.6 39.8 82.4 72.9 . . . . . . . . . . . . . . . . . . . . 5. 4 36.6 35.2 10.3 7.4 . . . . . . . . . . • • • • • ■ 2. 4 • 33.8 • 25.0 ■ 7.3 ■19-7 . . . . . . . . . . . . . . . . . . 6,281 6,959 12,872 . 30,160 . 12,430 . . . . . . . . . . . . . . . . . . . . 80.6 29.9 20.0 73.2 58.1 . . . . . . . . . . . . . . . . . . . . 14.5 26.1 35.4 11.9 16.8 . . . . . . . . . . . . . . . . . . . . 4.8 44.0 44.6 14.9 25.1 C a l d w e l l ................................... C a m e r o n ................................... C a t a h o u l a .............................. Claiborne .............................. C o n c o r d i a .............................. 2,238 164 2,855 1,607 4,042 . . . . . . . . . . . . . . . . . . . . 71.0 — 27.3 21.9 27.5 . . . . . . . . . . . . . . . . . . . . 19.5 26.2 49.2 40.6 49.1 . . . . . . . . . . ■ • • • • • 9.5 • 73.8 • 23.5 • 37.5 • 23.3 . . . . . . . . . . . . . . . . . . . 7,416 7,070 13,747 3,495 21,640 . . . . . . . . . . . . . . . . . . . . 40.0 6. 6 31.3 17.4 27.6 . . . . . . . . . . . . . . . . . . . . 44.8 37.4 51.2 30.8 54.1 . . . . . . . . . . . . . . . . . . . . 15.2 56.0 17.4 51.8 18.3 DeSoto ................................... 2,355 . . E. Baton R o u g e .................... 2,386 . . E. C a r r o l l .............................. 10,176 . . E. F e l i c i a n a ......................... 1,764 . . E v a n g e lin e .............................. 5,168 . . . . . . . . . . . . 42.9 36.0 20.3 47.0 34.0 . . . . . . . . . . . . . . . . . . . . 33.4 35.9 54.0 29.8 27.8 . . . . . . . . . . • • ■ ■ ■23.7 - 28.1 • 25.7 • 23.2 • 38.2 . . . . . . . . . . . . . . . . . . . . 12,310 17,277 21,860 8,193 18,691 . . . . . . . . . . . . . . . . . . . . 28.1 49.6 23.2 45.2 40.6 . . . . . . . . . . . . . . . . . . . . 31.9 29.5 57.4 32.0 27.0 . . . . . . . . . . . . . . . . . . . . 40.0 20.9 19.4 22.8 32.4 F r a n k l i n ................................... G r a n t ........................................ I b e r i a ........................................ I b e r v i l l e ................................... J a c k s o n ................................... . . . . . . . . . . 72.3 29.7 57.2 48.5 55.0 . . . . . . . . . . . . . . . . . . . . 18.8 49.2 18.0 17.1 23.4 . . • • 8.9 . . . . . ■ • 21.1 . . . . . . . 24.8 . . . . . . . 34.4 . . . . . . . 21.6 . . . . 24,679 9,617 10,206 4,857 1,724 . . . . . . . . . . . . . . . . . . . . 39.2 9.0 27.2 26.3 52.4 . . . . . . . . . . . . . . . . . . . . 45.5 . 68.2 . 33.0 . 27.3 . 17.9 . . . . . . . . . . . . . . . . . . . . 15.3 22.8 39.8 46.4 29.7 — 2.6 . 71.0 . 70.1 . 100.0 . . . . . . . . . . 33.3 . . ■ • 66.7 . . . . . 26.7 . . . . 70.7 . . . . . 12.2 . . . . 16.8 . . . . . 10.0 . . . . 19.9 . . . . . — . . . . . . . . 537 16,736 11,647 2,957 2,951 . . . . . . . . . . . . . . . . . . . . 58.7 14.6 65.7 73.0 93 .9 . . . . . . . . . . . . . . . . . . . . 15.6 34.3 15.6 10.1 4.5 . . . . . . . . . . . . . . . . . . . 25.7 51.1 18.7 16.9 . 1.6 4,927 4,959 16,777 24,032 26,432 . . . . . . . . . . . . . . . . . . . . 45.6 26.8 22.8 29.9 31.6 . . . . . . . . . . . . . . . . . . . . 20.4 42.6 57.7 52.5 51.2 . . . . . . . . . . . . . . . . . . . . 34.0 30.6 19.5 17.6 17.2 5,416 21,952 989 11,042 34,459 . . . . . . . . . . . . . . . . . . . . 95.7 49.0 23.6 47.2 33.7 . . . . . . . . . . . . . . . . . . . . 1. 5 38.1 28.3 30 .9 49.7 . . . . . . . . . . . . . . . . . . . . 2.8 12.9 48.1 21.9 16.6 30.1 52.8 12.4 23.4 36.5 . . . . . . . . . . . . . . . . . . . . 38.0 17.9 4.2 41.4 63.5 Jefferson .............................. 279 Jefferson D a v i s .................... 8,306 .................................. 3,002 Lafayette L a f o u r c h e .............................. 2,187 L a S a lle ................................... 562 . . . . . . . . . . . . . . . . . . . D is t r ic t . . . . . . . . . . . . . Fe d e ra l Land Banks S ix t h . . . . . . . . . . . . . O u t s t a n d in g , in 42.8 65.1 84.1 86.9 5,558 1,375 4,869 963 793 . . . . Len d ers . . Lincoln ................................... L i v i n g s t o n .............................. M a d i s o n ................................... M o r e h o u s e .............................. N a t c h it o c h e s ......................... 1,870 1,423 7,185 4,638 6,072 . . . . . . . . . . . . . . . . . . . . 64.3 51.6 25.8 26.7 46.4 . . . . . . . . . . . . . . . . . . . . 18.6 27.1 50.2 49.7 37.5 . . . . . . . . . . . . . . . O r l e a n s ................................... O u a c h i t a ................................... Plaq uem ine ......................... Pointe C o u p e e .................... R a p i d e s ................................... 1,345 4,717 411 4,302 8,924 . . . . . . . . . . . . . . . . . . . . 94.7 66.4 — 50.1 29.0 . . . . . . . . . . . . . . . . . . . . 1.8 22.9 33.1 27.9 49.7 . . . . . . . . . . . . . . Red R i v e r .............................. Richlan d .............................. Sabin e ................................... St. Bernard ......................... St. C h arles ......................... 1,952 5,122 657 82 424 . . . . . . . . . . . . . . . . . . . . 58.9 50.0 88.7 42.7 10.6 . . . . . . . . . . . . . . . . . . . . 24.0 33.9 7.9 18.3 30.0 . . . . . . . . . . . . 17.1 . . . 16.1 . . . 3.4 . . . 39.0 . . . 59.4 . . . . 9,978 . . . . . . . 27,816 . . . . . . . 2,687 . . . . . . . 273 . . . . . . . 277 . . . . 31.9 29.3 83.4 35.2 — . . . . . . . . . . . . . . . . . . . . St. St. St. St. St. H e l e n a .............................. J a m e s .............................. John the B aptist . . . L a n d r y .............................. M a r t i n .............................. 1,231 557 388 9,961 2,003 . . . . . . . . . . . . . . . . . . 73.1 29.5 18.3 35.8 47.4 . . . . . . . . . . . . . . . . . . . . 15.2 23.5 27.1 27.0 22.2 . . . . . . . . . . . . . . . St. M a r y ................................... St. T a m m a n y ......................... Tangipahoa ......................... T e n sas ................................... Terrebonne ......................... 908 2,341 7,427 4,604 829 . . . . . . . . . . . . . . . . . . . 73.9 40.8 72.7 30.8 48.7 . . . . . . . . . . . . . . . . . . . . 8.7 33.1 15.3 46.9 17.0 . . . . . . . . . . . . . . 192 . . . . . . . . . . . . . . . 17.1 21.3 24.0 23.6 16.1 . . . . . . . . . . . . . . . . . . . . 3.5 10.7 66.9 22.0 21.3 . . . . . . . . . . . . . . . . . . . . . . . . . 11.7 47.0 54.6 37.2 30.4 . . . . . . . . . . . . . . . . . . . . 4,517 1,000 4,524 26,470 3,727 . . . . . . . . . . . . . . . . . . . . 41.1 59.9 2.8 32.3 44.0 . . . . . . . . . . . . . . . . . 34.4 14.9 . 36.0 . 30.7 . 25.5 . . . . . . . . . . . . . . . . . . . . 24.5 25.2 61.2 37.0 30.5 . 17.4 26.1 12.0 22.3 34.3 . . . . . . . . . . . . . . . . . . . . 2,853 12,610 40,441 19,293 1,943 . . . . . . . . . . . . . . . . . . . . 56.0 5.6 38.4 35.0 12.8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27.7 39.3 25.6 16.4 54.8 . 16.3 . 55.1 . 36.0 . 48.6 . 32.4 N O V E M B E R 1975, M O N T H L Y R E V IE W F arm Loans of T h re e M a jo r (L o a n s Farm Lo an s* O u t s t a n d in g , cial Banks U n i o n ........................................ Verm ilion .............................. V ernon ................................... W a s h in g t o n ............................. W e b s t e r ................................... 1,400 9,798 897 4,373 1,155 . . . . . . . . . . . . . . . W. W. W. W Baton Rouge . . . . C a r r o l l .............................. F e l i c i a n a ......................... i n n ........................................ 1,042 7,177 818 40 . . . . M IS S IS S IP P I A d a m s ....................................... A l c o r n ........................................ A m i t e ........................................ A t t a l a ........................................ Benton ................................... 2,682 3,252 1,657 4,255 632 . . . . . . . Len d ers Land B a n ks . . . 89.8 28.2 92.8 86.2 41.0 . . . . . . . . . . . . . . . . . . . . . . 55.2 27.9 42.2 — . . . . . . . . . . . . . . . . . . . 65.2 57.5 49.3 78.6 — B o l i v a r ................................... 15,423 . . . . C a l h o u n ................................... 5,065 . . . . C arroll ................................... 2,387 . . . . C h i c k a s a w .............................. 2,993 . . . . C h o c t a w ................................... 160 . . . . Claiborne .............................. 3,563 . C l a r k e ........................................ 1,197 . C la y ........................................ 1,249 . Coahom a .............................. 12,573 . C op iah ................................... 4,598 . . . . . . . . . . . C o v i n g t o n .............................. DeSoto ................................... Fo rrest ................................... F r a n k l i n ................................... George ................................... . . . . . S ix t h D is tr ic t $ 0 0 0 ) C redit A ssn s. Farm Lo an s* c ia l Banks . . . . . 44.5 29.1 63.4 78.4 39.7 . . . . . . . . . . . . . . . 20.6 28.4 27.2 12.6 22.4 . . . . . . . . . . . . . . . . . . . . 34.9 42.5 9.4 9.0 37.9 . . . . . . . . . . . . 25.1 48.8 32.3 67.5 . . . . . . . . . . . . 19.7 23.3 25.5 32.5 . . . . . . . . . . . . 57.2 41.7 9.9 51.0 . . . . . . . . . . 24.8 . . 43.6 . . 52.9 . . 37.0 . . . . . . . . . . . . . . . . 18.0 14.7 37.2 12.0 . . . . . . . . . . . . . . . 14.7 26.7 21.4 11.6 50.0 . . . . . . . . . . . . 20.1 . . 15.8 . . 29.3 . . 9.8 . . 50.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.6 16.3 47.8 9.3 48.2 23.2 22.0 18.1 41.6 — . . . . . . . . . . . . . . 38.8 . 39.2 . 40.1 . 36.7 . . 53.1 . . . . . . . . . . . . . . . . . . . . 38.0 38.8 41.8 21.7 46.9 . . . . . . . . . . . . . . . . . . . . . . . . . 47.1 74.6 47.3 40.6 69.5 . . . . . . . . . . . . . . . 24.2 11.8 19.5 42.2 14.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28.7 13.6 33.1 17.2 16.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,891 6,530 7,212 9,804 1,385 . . . . . . . . . . . . . . . . . . . . 27.4 . . . . 52.8 . . . . . . . . . . . . 70.7 . . . . — . . . . 34,470 10,818 6,160 5,942 951 . . . . . . . . . . . . . . . . 22.1 1.9 10.9 16.1 . . . . . . . . . . 54.0 . . . 50.9 . . . 53.0 . . . 54.8 . . 58.9 . . . . . . . . . . . . . . . . 23.9 47.2 36.1 29.1 41.1 10,098 4,199 4,847 41,203 9,174 . . . . . . . . . . . . . . . . . . . . 35.5 71.7 -32.8 60.0 65.8 . . . . . . . . . . . . . . . . . . . . 44.1 16.7 43.9 19.1 23.4 . . . . . . . . . . . . . . . . . . . . 20.4 11.6 23.3 20.9 10.8 6,934 . . . . 18,581 . . . . 47.9 21.5 50.3 32.1 63.3 . . . . . . . . . . . . . . . . . . . . 27.9 40.7 26.7 35.3 19.7 . . . . . . . . . . . . . . . . . . . . 24.2 37.8 23.0 32.5 17.0 90.4 83.3 2.1 33.0 82.8 . . . . . . . . . . . . . . 5. 1 9. 9 . . 52.5 . . 35.6 . . 11.8 . . . . . . . . . . . . . . . . . . . . 4.5 6.8 45.4 31.4 5.4 . . . . . . . . . . . . . . . . . . . . 16.5 18.3 30.8 34.8 22.7 . . . . . . . . . . . . 25.2 6.4 41.1 18.6 16.5 . . . . . . . . . . 21.5 35.0 28.4 20.1 10.7 . . . . . . . . . . . . . . . 48.5 38.3 83.6 40.1 50.4 . . . . . . . . . . . . . . . . . . . . . 21.7 31.0 6.8 25.5 20.9 . . . . . . . . . . . . . . Greene ................................... 1,011 G r e n a d a ................................... 6,047 H ancock .............................. 564 H a r r i s o n ................................... 428 H i n d s ........................................ 15,847 . . . . . . . . . . . . . . . . . . . . 73.5 80.2 31.9 44.9 79.8 . . . . . . . . . . . . . . . . . . . . 11.2 9.7 28.6 23.3 11.0 . . . . . . . . . . . . 15.3 . . . . 10.1 . . . . 39.5 . . . . 31.8 . . . . 9.2 . . . . . . . . . . . 3,075 22,063 3,134 1,320 . 50,444 H o l m e s ................................... Hum phreys ......................... I s s a q u e n a .............................. Itawamba .............................. J a c k s o n ................................... . . . . . . . . . . . . . . . 58.2 61.6 — — 2.5 . . . . . . . . . . . . 20.5 . . 20.3 . . 50.0 . . 63.0 . . 40.8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,060 17,874 3,452 2,451 2,696 J a s p e r ........................................ 1,004 . Jefferson .............................. 951 . Jefferson Davis . . . . 868 . 3,521 . Jo nes ........................................ K e m p e r ...................................553 . . . . . . . . . 62.0 . . . 17.9 . . . 28.6 . . . 62.7 . . 44.8 . . . . . . . . . 20.4 . . 34.6 . . 30.0 . . 15.7 29.5 . . . . . . . . . . . . . . . . . . . . 25.7 17.6 . . 47.5 . . 41.4 . . 21.6 . . . . . . . . . . . 4,148 . . . 2,311 . . . 2,121 . . . 12,819 . . 2,942 . . . . . . . . . . . . 38.6 Lafayette .............................. L a m a r ........................................ Lau derd ale ......................... Law ren ce .............................. L e a k e ........................................ . . . . . . . . . . . . . . . . . . . . . . 10.2 . . . . 13.1 . . . . 14.0 . . . . 19.2 . . . . 13.8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79.5 77.5 69.8 66.6 70.3 . . . . . . . . . . . . . . . . 10.3 9.4 16.2 14.2 15.9 .. 9. 6 . . . . . . . L e e .............................................7,095 . . Leflore ................................... 9,642 . Lincoln ................................... 3,582 . . L o w n d e s ................................... 2,956 . M a d i s o n ................................... 7,706 . . . . 54.3 . . . . . . . 37.0 . . . . . 51.1 . . . . . . . 65.1 . . . . . 44.7 . . . . 28.7 . . . . . 30.9 . . . 20.7 . . . . . 22.0 . . . 30.0 . . . . Marion ................................... 3,858 . M a r s h a l l ................................... 4,315 . M o n r o e ................................... 4,801 . M o n t g o m e r y ......................... 3,428 . . N e s h o b a ................................... 1,444 . . . . . 75.6 . . . . . . 87.4 . . . . . . 67.3 . . . . . 49.6 . . . . . . 62.0 . . . . . 10.2 . . . . 6.3 . . . 20.5 . . . 25.3 . . . . 20.3 . . . . Digitized F E Dfor E R AFRASER L R E SE R V E B A N K O F A T L A N T A 29.8 . . . . 30.7 . . . . 2,271 15,780 2,980 1,466 . 5,939 . . . . 34.4 . . . . 28.7 . . . . . . . . . 21.3 18.1 50.0 37.0 56.7 . . . . . 17.0 . . . . . 32.1 . . . 28.2 . . . . . 12.9 . . . 25.3 . . . . 2,375 . . . . 6,746 . . . . 6,617 3,327 935 1,847 11,096 . . . . . . . . . . . . . . . . . . . . 38.0 30.9 52.2 20.0 51.8 . . . . . . . . . . . . 59.2 . . . . 48.3 . . . . — . . . . . . . . 51.4 . . . . 24.3 33.4 69.2 65.2 25.9 84.5 . . 14.1 . . 60.1 . . 64.4 . . . . . . . . . . . . . . 36.2 9. 1 . 44.8 . 21.3 . 19.1 . . . . . . . . . 23.1 40.4 41.0 22.3 15.5 . . . . . . . . . . . . 55.5 24.6 . 30.6 . 57.6 . 73.8 . . . . . . . . . . . . . . . . . . . . . . . . . . 26,862 . . . . . 19,926 . . . 6,289 . . . . . 17,025 . . . 26,110 . . . . 64.9 . . . . . 16.0 . . . 45.6 . . . . . 39.6 . . . 37.5 . . . . 23.0 . . . . . 50.0 . . . 28.5 . . . . . 39.5 . . . 42.8 . . . . 12.1 . 34.0 25.9 . 20.9 19.7 14.2 . . . . 9,836 . . . 6.3 . . . . 13,002 . . . . 12.2 . . . . 10,249 . . . 25.1 . . . . 7,731 . . . . 17.7 . . . . 4,017 . . . . . 81.0 . . . . 70.9 . . . . 65.8 . . . 54.0 . . . . 54.0 . . . . . 10.1 . . . . 15.1 . . . . 22.3 . . . 23.9 . . . . 27.2 . . . . . 8.8 . 14.0 . 11.9 22.1 18.8 . . . . . . . Credit A ssn s. . . . 4.9 . . . . 7,615 . . . . . . 52.1 . . . . 25,408 . . . . . . 1.9 . . . . 1,540 . . . . . . 6.1 . . . . 20,047 . . . . . . 28.3 . . . . 4,361 . . . . . . . . 1,985 1,566 883 1,566 3,840 Land B an ks . . . . . 2,331 7,088 1,942 746 2,420 5,825 4,265 518 629 393 S ta te s 5.3 19.7 5.4 7.7 30.6 . . . . . . in . 193 Farm Loans of T h re e M a jo r (L o a n s Total Farm Loans* O u t s t a n d in g , Commercial Banks M IS S IS S IP P I (C O N T’D) N e w t o n ................................... N o x u b e e ................................... O k t i b b e h a .............................. Panola ................................... Pearl R i v e r ......................... 3,499 5,644 3,656 3,666 3,394 . . . . . . . . . . . . . . . . . . . . P e r r y ........................................ P ike ........................................ Pontotoc .............................. P r e n t i s s ................................... Q u i t m a n ................................... 546 5,811 3,040 2,323 5,170 . . . . . . . . . . . . . . . Rankin ................................... S c o t t ........................................ S h a r k e y ................................... S i m p s o n ................................... S m i t h ........................................ 3,425 3,939 2,975 2,750 3,954 . . . . . . . . . . Len d ers Federal Land Banks in S ix t h Total Farm Loans* 81.5 43.9 70.1 74.8 31.6 . . . . . . . . . . . . . . . . . . . . 9.9 29.9 18.8 12.7 28.8 . . . . . . . . . . . . . . . . . . 76.0 82.2 50.9 52.9 43.8 . . . . . . . . . . . . . . . . . . . . 10.4 7.5 30.9 29.7 16.3 . . . . . . . . . . . . . . . . . . . . . . . . . 43.1 76.4 25.1 41.9 79.2 . . . . . . . . . . . . . . . . . . . . 30.8 12.6 37.9 31.5 11.2 . . . . . . . . . . . . . . . . . . 63.0 . . . . 49.4 . . 27.1 . . 76.6 . . 89.5 . . . . . 15.6 . . . . 26.7 . . 35.7 . . 11.8 . . 6.6 . . 21.4 ........................ . . . . 23.9 . . . . . . . . 37.2 . . . . . . . . 11.6 . . . . . . . . 3.9 . . . . . . . . . . . . . . . . . . . 78.0 44.3 44.3 55.3 79.5 . . . . . . . . . . . . . . . . . . . . 13.9 16.1 35.1 18.9 11.1 W ashington ......................... 13,432 . . . . W a y n e ...................................... 1,272 . . . . W e b s t e r ................................... 2,129 . . . . W ilkinson .............................. 1,110 . . . . W i n s t o n ................................... 2,477 . . . . 46.0 40.2 33.3 16.4 33.7 . . . . . . . . . . . . . . . . . . . . 27.3 25.2 33.4 35.5 35.4 Y a l o b u s h a .............................. Y a z o o ........................................ 78.0 . . . . 62.7 . . . . S t o n e ........................................724 . . . S u n f l o w e r .............................. 14,160 . T a l l a h a t c h i e ......................... 3,888 . T a t e ........................................... 2,859 . Tippah ................................... 3,346 . Tishom ingo ......................... T u n i c a ...................................... U n i o n ........................................ W a l t h a l l ................................... Warren ................................... 1,610 6,570 2,539 2,634 2,323 . . . . . . . 2,209 . . . . 5,257 . . . . . TEN N ESSEE Anderson .............................. 687 . . . B e d f o r d ................................... 4,611 Benton ................................... 1,538 B l e d s o e ................................... 935 B lount ................................... 4,078 . . . . . . . . 59.1 . . . . . . . . . . . . 73.8 . . 35.9 . . 38.0 . . 34.8 . . B r a d l e y ................................... C am p bell .............................. Cannon ................................... Carroll ................................... C a r t e r ....................................... 2,619 1,097 1,670 6,730 1,168 . . . . . . . . . . . . . . . . . . . . 70.3 93.0 92.6 53.8 71.3 . . . . . C h e a t h a m .............................. C h e s t e r ................................... Claiborn e .............................. C l a y ............................................ C o c k e ....................................... 1,117 2,011 3,615 1,112 1,747 . . . . . . . . . . . . . . . . . . . . 39.9 60.8 97.2 19.1 42.7 C o f f e e ........................................ C r o c k e t t ................................... C u m b e r l a n d ......................... Davidson .............................. D e c a t u r ................................... 4,489 5,859 4,046 8,834 980 . . . . . . . . . . . . . . . . . . . DeKalb ................................... 1,169 . . D i c k s o n ................................... 5,895 . . D y e r ........................................... 12,215 . . F a y e t t e ................................... 5,767 . . F e n t r e s s ................................... 4,203 . . . . . . . . . . . . Digitized194 for FRASER . . . S ta te s $ 0 0 0 ) Prod. Credit Assns. . D is t r ic t Prod. Credit Assns. . . . . . . . . . . . . . . . . . . 12,618 15,796 19,120 11,368 18,809 . . . . . . . . . . . . . . . . . . . . 79.2 24.5 54.5 54.0 14.5 . . . . . . . . . . . . . . . . . . . . 12.3 44.5 29.8 23.9 45.8 . . . . . . . . . . . . . . . . . . . . 8.5 31.0 15.7 22.1 39.7 . . . . . 13.6 . 10.3 . 18.2 . 17.4 . 39.9 . . . . . . . . . . . . . . . . . . . . 2,573 6,900 14,762 4,864 14,351 . . . . . . . . . . . . . . . . . . . . 76.3 41.8 59.8 29.4 35.6 . . . . . . . . . . . . . . . . . . . . 12.9 30.4 26.3 46.1 30.8 . . . . . . . . . . . . . . . . . . . . 10.8 27.8 13.9 24.5 33.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,046 9,937 18,688 5,418 . 12,505 . . . . . . . . . . . . . . . . . . . . 51.7 63.9 19.7 46 .8 33.5 . . . . . . . . . . . . . . . . . . . . 33.0 21.3 55.7 36.3 45.4 . . . . . . . . . . . . . . . . . . . . 15.3 14.8 24.6 16.9 21.1 . . . . . . . . . . . . . . . . . . . . 58.1 47.5 23.7 30.2 82.5 . . . . . . . . . . . . . . . . . . . . 22.6 33.9 45.3 36.3 11.6 . . . . . . . . . . . . . . . . . . . . 19.3 18.6 31.0 33.5 5.9 . . . . . . . . 8.1 . . . . 3,006 . . . . . . 39.6 . . . . 17,406 . . . . . . 20.6 . . . . 11,164 . . . . . . 25.8 . . . . 4,363 . . . . . . 9.4 . . . . 5,896 . . . . . . . . 68.1 33.6 62.5 — 39.7 . . . . . . . . . . . . . . . . . . . . 21.3 31.8 24.5 52.3 41.2 . . . . . . . . . . . . . . . . . . . . 10.6 34.6 13.0 47.7 19.0 . . . . . . . . . . . . . . . 17.9 79.4 44.2 15.3 27.5 . . . . . . . . . . . . . . . . . . . . 57.0 11.0 28.9 44.3 42.8 . . . . . . . . . . . . . . . . . . . . 25.1 9.5 26.9 40.4 29.7 20.3 . . . . 31 .8 . . . . 19.0 21.7 . . . . . . . . . . . 26.7 34.6 33.3 48.1 30.9 . . . . . . . . . . . Federal Land Banks 8.6 26.2 11.1 12.5 39.6 26.1 11.0 37.0 26.6 . 9.6 . Commercial Banks . . . . . . . . . . 36,699 3,106 2,881 9,783 8,238 11.1 . . . . 10.9 . . . . 18.3 . . . . 19.0 . . . . 22.4 . . . . 15.0 . . 24.4 . . 28.6 . . 35.0 . . . . . . . . . . . . . . . . . . . . . . . . . 14.0 3.6 4.3 17.6 14.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.6 15.0 1.4 15.6 30.5 . . . . . . . . . . 71.8 66.0 53.5 84.7 79.9 . . . . . . . . . . . . . . . . . . . . 16.2 16.1 9.4 8.4 7.7 . . . . 12.0 . . . . 17.9 . . . . 37.1 . . . . 6.9 . . . . 12.4 58.3 32.6 40.8 57.6 14.1 . . . . . . . . . . . . . . . . . . . . 8.6 32.6 28.9 13.2 16.8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,353 . . . . 19,554 . . . . 60.7 . . . . 46.5 . . . . 18.5 ........................... 1,385 . . . 11.2 . . . . 15,150 . . 39.7 . . . . 5,172 . . 33.4 . . . . 2,781 . . 30.2 . . . . 9,892 . . . . . . . . . . . . . . . . 15.7 . . . . 3.4 . . . . 3.1 . . . 28.6 . . . 14.1 . . . . 9,426 . . . 2,220 . . . 6,739 . . . 20,062 . . . 4,266 . . . . . . . . . . . . . . . . 55.5 91.8 85.5 49.0 76.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.5 . . . 24.2 . . . 1.4 . . . 65.3 . . . 26.8 . . . . . . 2,048 35,543 15,512 13,941 8,277 . . . . . 33.1 34.8 30.3 29.2 69.1 56.3 . . 67.7 . 49.8 . 53.0 . 17.5 . . . . . . . . . . . . . . . 26.1 . 17.0 19.9 18.4 48.9 . . . . . . . . . . . . . . . . . . . 17.6 15.3 30.3 28.6 33.6 . . . . . . . . . . . . . . . . . . . . 17.3 5. 1 7.6 20.2 14.0 . . . . . . . . . . . . . . . . . 27.2 3.1 . 6,9 . 30.8 . 9.7 . . . 3,600 5,678 5,340 3,950 4,919 . . . . . . . . . . . . . . . . . . . . 51.2 57.2 90.7 21.4 46.5 . . . . . . . . . . . . . . . . . . . . 27.6 17.0 5. 4 9.6 31.7 . . . . . . . . . . . . . . . 21.2 25.8 3.9 . 69.0 . 21.8 11,280 13,123 12,176 . 24,559 . 1,722 . . . . . . . . . . . . . . . . . . . . 63.6 59.5 28.9 78.1 60.7 . . . . . . . . . . . . . . . . . . . . 19.2 18.4 8.8 12.4 15.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59.7 15.8 26.3 40.5 7.9 . . . . . . . . . . . . . . . . . . . 5.0 47.6 33.5 28.7 . 11.4 . . . . . . . . . . . . . . . . . . 3,586 23,389 20,450 15,239 13,746 17.2 22.1 . 62.3 . 9.5 . 23.7 . . . . . 35.3 36.6 40.2 30.8 80.7 N O V E M B E R 1975, M O N T H L Y R E V IE W F a rm Loans of T h re e M a jo r (L o a n s T o ta l F a rm L o a n s* Co m m erc ia l Banks F r a n k l i n ................................... 7,759 . . . Gibson ................................... 15,917 . . . G i l e s ........................................ 6,768 . . . G r a i n g e r ................................... 2,277 . . . G reene ................................... 7,176 . . . O u t s t a n d in g , F e d e ra l Land Banks . 43.0 . . . . 32.4 . . 57.0 . . . . 20.3 . . 77.2 . . . . 12.7 . 51.7 . . . . 26.0 . . 46.6 . . . . 27.6 Grundy ................................... H am blen .............................. H am ilton .............................. H a n c o c k ................................... H a r d e m a n .............................. 367 5,573 1,423 642 3,605 . . . . . . . . . . . . 18.8 . . 73.6 . . . 17.8 . . 95.8 . . 75.7 Hardin ................................... H a w k i n s ................................... Haywood .............................. H e n d e r s o n .............................. H e n r y ........................................ 2,745 4,403 5,081 3,713 7,013 . . . . . . . . . . . . . . . H ickm an .............................. H o u s t o n ................................... H um phreys ......................... J a c k s o n .................................. Jefferson .............................. 3,147 437 4,384 866 5,017 . . . . . . . . . . . . 45.5 . . 74.4 . . 13.1 . .79.2 . . . 27.4 J o h n s o n ................................... Knox ........................................ Lake ........................................ L a u d e r d a le .............................. Law ren ce .............................. 2,116 7,614 2,028 6,380 3,301 . . . . . . . . . . . . . . . L e w i s ........................................ Lin coln ................................... Loudon ................................... M c M i n n ................................... M c N a i r y ................................... 1,194 6,791 3,218 4,594 3,291 . . . . . . . . . . Macon ................................... M a d i s o n ................................... Marion ................................... M a r s h a l l ................................... M a u r y ........................................ 1,912 6,990 1,535 3,412 5,379 . . . . . M e i g s ........................................ M o n r o e ................................... M o n t g o m e r y ......................... M o o r e ........................................ Morgan ................................... 556 3,128 6,758 1,454 371 O b i o n ....................................... O v e r t o n ................................... P e r r y ........................................ Pickett ................................... Polk ........................................ Len d ers . . . . . S ta te s $ 0 0 0 ) P ro d . C r e d it A ssn s. . . . . . D is tr ic t T o ta l F a rm Lo a n s* C o m m e rc ia l Banks F e d e ra l Land Banks P ro d . C r e d it A ssn s. . 24.6 . . 22.7 . . . 10.1 . 22.3 . . . 25.8 . . . . . . . . . . . 15,637 . . 31,249 . . . 25,071 . 5,926 . . . 15,971 . . . . . . . . . . . 25.9 . . 44.7 . . . 78.5 . 42.7 . . . 40.3 . . . . . . . . . . . 39.0 . . 25.1 . . . 11.5 . 33.9 . . . 35.4 . . . . . . . . . . . 35.1 . 30.1 . . 10.0 . 23.4 . . 24.3 . . . . 34.6 . . . 12.3 . . . . . 43.1 . . . . 2.0 . . . . 15.0 . . . . . . . . . . . . 833 . 8,515 . . . 4,434 . . 1,556 . . 7,437 . . . . . . . . . . . . 35.9 . 45.3 . . . 18.9 . . 97.8 . . 56.8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.0 80.0 . . . . . 15,102 . . . . 57.5 . . . 9,035 . . . . 70.6 . . . . 16,940 . . . . 31.3 . . . . . . . . . . . . . 23.8 . . 11.8 . . . . 20.5 . . 11.6 . . . 27.2 . . . . . . . . . 36.2 . 8.2 . . 22.0 . 17.8 . 41.5 . . . . . . . . . . . . . . . 35.3 27.1 45.2 4.5 . . 52.2 . . . . . . . . . . . . 30.7 . . 21.8 . . 34.5 . 32.1 . . 36.0 . . . . . . . . . . . 60.7 . . 83.7 . . . 39.2 . . 80.5 . . . 53.2 . . . . . . . . . 14.9 . . . . 24.4 . 8.5 . . . . 7 .8 . . . 18.9 . . . . 41.9 . 7.5 . . . . 12.0 . . 17.9 . . . . 28.9 . . . . . . . . . . . . . . . . . . . 30.5 14.0 42.0 4.1 . . 38.7 . . . . . . . . 24.0 . . . 11.6 . . . 44.9 . . 16.7 . . . . 33.9 . . . . . . . . . . . . . . . . . . . 63.8 . 51.9 . 37.4 . . 61.4 . 62.7 . . . . . . . . . . . . . . . . . 18.8 25.8 30.3 . . 12.0 . 20.9 . . . . . . . . . . . . . . . . . 17.4 22.3 32.3 . . 26.6 . 16.4 . . . . . . . . . . . . . . . . . 4,528 . . . . 14,363 . . . . 5,343 ................... . 12,887 . . . . . 12,556 . . . . 47.4 20.6 45.3 61.2 70.4 . . . . . . . . . . . . . . . . . . . . 31.2 47.1 25.0 18.8 15.9 . . . . . . . . . . . . . . . . . . . . 21.4 32.3 29.7 20.0 13.7 . . . . . . . . . . 47.1 52.5 38.5 46.5 60.6 . . . . . . . . . . . . . . . . . . . . 29.7 27.0 26.2 25.3 15.0 . . . . . . . . . . . . . . . . . . . . 23.2 20.5 35.3 28.2 24.4 . . . . . . . . . . . . . . . . . . . . 2,903 21,904 10,071 16,612 10,384 . . . . . . . . . . . . . . . . . . . . 31.7 56.4 20.5 45.8 56.4 . . . . . . . . . . . . . . . . . . . . 36 .4 23.0 30.9 21.1 17.3 . . . . . . . . . . . . . . . . . . . . 31.9 20.6 48.6 33.1 26.3 . . . . . . . . . . . . . . . 66.7 37.8 20.9 72.7 47.8 . . . . . . . . . . . . . . . . . . . . 18.4 25.9 36.9 15.2 29.1 . . . . . . . . . . . . . . . . . . . . 14.9 36.5 42.2 12.1 23.1 . . . . . . . . . . . . . . . . . . . . 7,524 15,346 3,270 9,533 18,503 . . . . . . . . . . . . . . . . . . . . 74.6 56.8 20.4 73.3 33.2 . . . . . . . . . . . . . . . . . . . . 14.3 32.8 30.8 14.2 35.7 . . . . . . . . . . . . . . . . . . . . 11.1 10.4 48.8 12.5 31.1 . . . . . . . . . . . . . . . . . . . . 31.5 43.0 67.9 84.9 70.6 . . . . . . . . . . . . . . . . . . . . 32.2 27.0 18.4 8.4 15.6 . . . . . . . . . . . . 36.3 . . 30.0 . . 13.7 . . 6.7 . . 13.8 . . . . . . . . . . . . 3,665 . . . . . 10,259 . . . . . 12,646 . . . . . 7,474 . . . . . 2,149 . . . . . . . . 15.9 41.8 64.7 48.0 60.1 . . . . . . . . . . . . . . . . . . . . 32.8 22.7 20.0 3.3 23.7 . . . . . . . . . . . . . . . . . . 13,512 2,866 974 1,154 1,093 . . . . . . . . . . . . . . . . . . . 45.7 48.6 46.6 71.1 14.9 . . . . . . . . . . . . . . . . . . . . 26.1 10.0 29.8 5.8 40.5 . . . . . . . . . . . . 28.2 . . 41.4 . . 23.6 . . 23.1 . . 44.6 . . . . . . . . . . . . . . . . . . . . 29,550 10,474 2,868 4,652 3,524 . . . . . . . . . . . . . . . . . . . . 40.5 43.8 28.5 59.3 16.6 . . . . . . . . . . . . . . . . . . . . 27.0 7.0 38.3 5.1 32.5 . . . . . . . . . . . . 32.5 . . 49.2 . . 33.2 . . 35.6 . . 50.9 P u t n a m ................................... Rhea ........................................ R o a n e ........................................ R o b e r t s o n .............................. R u t h e r f o r d .............................. 6,605 1,523 1,504 5,641 5,391 . . . . . . . . . . . . . . . . . . . . 35.4 53.1 55.3 17.6 25.2 . . . . . . . . . . . . . . . . . . . . 12.6 22.2 19.2 47.1 42.8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,735 3,202 4,155 16,693 17,981 . . . . . . . . . . . . . . . . . . . . 31.6 34.3 27.2 14.1 20.1 . . . . . . . . . . . . . . . . . . . . 8.5 25.7 28.2 48.6 42.1 . . . . . . . . . . . . . . . S c o t t ........................................ S e q u a tch ie ......................... S e v i e r ........................................ Shelby ................................... S m i t h ........................................ 615 450 3,412 15,356 3,418 . . . . . . . . . . . . . . . . . . . . 96.3 33.6 61.0 81.1 69.1 . . . . . . . . . . . . . . . . . . . . 1.6 30.9 20.8 5.9 6.1 . . . . 2.1 . . . . . . . 35.5 . . . . . . . 18.2 . . . . . . . 13.0 . . . . . . . 24.8 . . . . . . . 3,851 1,492 15,240 36,736 7,922 . . . . . . . . . . . . . . . . . . . . 98.2 52.7 55.2 74.1 64.9 . . . . . . . . . . . . . . . . . . . . 0.9 20.3 26.6 12.5 4.4 . . . . . . . . . . . . . . . . . . . . S t e w a r t ................................... 1,614 . S u l l i v a n ................................... 1,671 . S u m n e r ................................... 7,394 . Tipton ................................... 1 1 ,8 0 3 . T r o u s d a l e .............................. 1,507 . . . . . . . . 99.6 . . 48.0 . . 51.6 . .6 2 . 7 . . . 40.6 . . . . . . . . 0.2 . . . 26.9 . . . 26.5 . .11.6. . . . 32.3 . . . 4,010 . . . 6,909 . . . 27,319 . .30,709. . . . 1,950 . . . . . . . . 97.8 . . . 55.5 . . . 49.5 . .48.6. . . . 53.9 . . . . . . . . 1. 4 . . . 26.4 . . . 28.6 . .24.8. . . . 25.6 . . . . . . . . 0.8 . . . 18.1 . . . 21.9 . . 26. 6 . . . 20.5 Digitized FE D for E R A FRASER L R E SE R V E B A N K O F A T L A N T A . . . 46.6 14.1 . 39.1 2.2 9.3 S ix t h . . . . . . . in . . . . . . . . . . 52.0 24.7 25.5 35.3 32.0 . . . 0.2 . . . 25.1 . . . 21.9 . .25.7. . . . 27.1 . . . . . . . . . . . 9,699 . . . . . 11,476 . . . . 11,725 1,220 17,239 3,938 . . 16,582 . I . . . . . . . . . . . . . . . . . . 34.0 51.1 20.3 63.4 . . 11.8 . . . . 34.6 32.3 . 31.6 1. 3 17.0 . . . . . . . 29.5 22.4 49.5 0.9 26.1 51.3 35.5 15.3 . 48.8 . 16.2 . . . . . 59.9 40.0 44.6 37.3 37.8 0.9 27.0 18.2 13.4 30.7 95 Farm Loans of T h re e M a jo r (L o a n s Len d ers O u t s t a n d in g , in S ix t h D is tr ic t S ta te s $ 0 0 0 ) 1974 1 9 65 P e rce n tag e Sh a re P e rce n tage Sh a re T o ta l Farm Lo a n s* Co m m erc ia l Banks F e d e ra l Land Banks Total Farm Loans* P rod . C r e d it A ssn s. Commercial Banks Federal Land Banks Prod. Credit Assns. TEN N ESSEE (CONT’D) U n i c o i ............................. 150 . U n i o n ............................. 822 . Va n B u r e n ...................... 7 03 . W arren ......................... 10,324 . W a s h in g to n .................. 7,413 . . . . . . . . . . . . . . . . ......................... 1,099 . . . W a yn e W e a k l e y ......................... 10,817 . . . W h i t e ............................. 9,440 . . . W illia m s o n .................. 7 ,0 8 9 . . . ......................... 5 ,426 . . . W ilso n . . . . . 43.4 92.8 18.1 30.3 36.6 . . . . . . . . . . . . . . . . . . . . 31.3 4.1 16.5 14.1 32.8 . . . . . . . . . . . . 25.3 . . . . 3.1 . . . . 65.4 . . . . 55.6 . . . . 30.6 . . . . 6 75 . . 4,386 . . 3 ,428 . . 2 9 ,8 8 5 . . 17,684 . . . . . . . . . . . . . . . . . . . . 3 6 .9 88.7 15.7 2 6 .4 32.6 . . . . . . . . . . . . . . . . . . . . 37.5 6. 6 10.5 9.1 40.0 . . . . . . . . . . . . . . . . . . . . 25.6 4.7 73.8 64.5 27.4 84.0 36.8 12.3 46.7 55.6 . . . . . . . . . . . . . . . . . . . . 9.0 30.3 17.7 29.7 23.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67.7 28.1 9. 6 30.5 41.7 . . . . . . . . . . . . . . . . . . . . 17.1 32.6 11.2 37.1 30.7 . . . . . . . . . . . . . . . . . . . . 15.2 39.3 79.2 32.4 27.6 . . . . . 7.0 32.9 70.0 23.6 20.8 . . . . . . . . . . . . . . . 5,933 31,281 31,6 9 5 2 7 ,4 2 4 19,286 *C o u n t y data are totals for three le n d e rs p artly estim a te d from rep orts p ro vid e d by the re sp e ctiv e fa rm cre d it b a n k s a n d from C all R e p o rts su b m itte d b y c o m m e rc ia l b anks. Fed e ral L a n d B a n k s ’ data w ere a v a ila b le in all c a s e s on a c o u n ty b a sis. In so m e areas, lo a n s of p ro d u c tio n cre d it a s s o c ia t io n s w ere a v a ila b le o n ly a s an a s so c ia t io n total w h ic h ty p ic a lly in c lu d e d severa l co u n tie s. T h e se lo a n s w ere alloc ate d to the re sp e ctive c o u n tie s w ith in the a s so c ia t io n on the b a s is of e a ch c o u n t y ’s s h a r e of the Fed eral L a n d B a n k lo a n s m ad e w ith in that a sso c ia tio n . All the lo a n s of a c o m m e rc ia l b a n k w e re a llo c a te d to the p a rtic u la r co u n ty in w h ic h the b a n k w a s d o m icile d , p ro b a b ly le a d in g to d is to rt io n s in s o m e co u n ty tota ls s in c e b a n k s ty p ic a lly m a k e lo a n s o u tsid e of h om e c o u n ty areas. How ever, th e se effe cts are la rg e ly offsetting, excep t in s o m e m e tro p o lita n areas. T h e m ajor m etro p olitan a re a s of Fu lto n a n d D e K a lb C o u n t ie s in G eorgia, O rle a n s a n d Je ffe rso n P a r is h e s in L o u is ia n a , a n d M o b ile a n d Je ffe rson C o u n t ie s in A la b a m a reported relative ly low v o lu m e s of a g ric u ltu ra l loans. M i Banking Structure in the Sixth District States reprint of the series of articles analyzing banking structure in the Sixth District states of Alabama, Florida, Georgia, Louisiana, Mississippi, and Ten nessee is now available upon request. The series describes each state's banking structure and attempts to provide basic, comparable data and to suggest some hypotheses about determinants of banking structure. Single copies free; 2-35 copies available free of charge to mem ber banks of the Federal Reserve System, libraries and teachers. Research Department, Federal Reserve Bank of Atlanta, Atlanta, Georgia 30303. A Digitized196 for FRASER N O V E M B E R 1975, M O N T H L Y R E V IE W O cto b e r 1,1975 C O N S U M E R N A T IO N A L B A N K J a c k s o n , Bank A n n o u n c e m e n ts M is s is s ip p i Converted to a national bank from White Systems Savings & Loan of Jackson, Inc. O cto b e r 11,1975 RABUN C O U N T Y BANK C la y to n , G e o r g ia Opened for business. Septem ber 2,1975 S O U T H E A S T N A T IO N A L B A N K O F T A M IA M I O cto b e r 15,1975 M ia m i, D E L E O N S P R IN G S B A N K F lo rid a Opened for business as a member. Officers: Otho B. Bruce, chairman; Victor F. Raymond, president and chief executive officer; Ricardo L. Sanchez, vice president and cashier. Capital, $500,000; surplus and other funds, $500,000. O c to b e r 1,1975 L e o n S p r in g s , A l a b a m a Opened for business. CENTRAL BA N K OF T U SC A LO O SA , N A T IO N A L A S S O C IA T IO N T u s c a lo o s a , O c t o b e r 1, 1 9 7 5 BARNETT B A N K O F PO RT EVERGLADES F o rt L a u d e r d a le , F lo rid a N o v e m b e r 1,1975 BANK OF ALABAM A F u lto n d a le , D e Opened for business. Officers: Edmund F. Eckert, president; Woodrow W. Asbury, vice president and cashier. Capital, $432,000; surplus and other funds, $288,000. F lo rid a A l a b a m a Opened for business as a member. Officers: Walter H. Civham, chairman and president; Jimmie L. Bryson, vice president and cashier; R. Manly Neighbors, Jr., vice presi dent and senior loan officer. Capital, $500,000; surplus and other funds, $1,000,000. Opened for business. N o v e m b e r 3,1975 O c to b e r 1,1975 F IR S T A M E R I C A N N A T I O N A L B A N K O F C IT Y B A N K O F H A R T F O R D HERNANDO COUNTY H a r tfo r d , A l a b a m a Opened for business. F E D Efor R A LFRASER R E SE R V E B A N K O F A T L A N T A Digitized S p r in g H ill, F lo rid a Converted to a national bank from First American Bank of Hernando County. 197 S ix t h D i s t r i c t S ta tis tic s Seasonally Adjusted ( A ll d a t a a r e i n d e x e s , u n l e s s i n d i c a t e d o t h e r w i s e . ) L a t e s t M onth 1975 O ne M onth Ago Tw o M o nth s Ago O ne Year Ago U n e m p lo y m e n t R a te (P e rc e n t o f W o rk F o rc e )* * * . A vg. W e e k ly H rs. in M fg. (H rs .) S IX T H D IS T R IC T IN C O M E A N D S P E N D IN G M a n u fa c tu rin g P a y r o l l s .......................... F a rm C a s h R e c e i p t s ...................................... C r o p s ...................................................................... L iv e s to c k ...................................... In s t a lm e n t C re d it at B a n k s * / 1 (M il. $) New L o a n s ......................................................... R e p a y m e n ts ................................................... L a t e s t M onth 1975 S e p t. Aug. Aug. A ug. 186 .8 177 152 185 1 82.5 268 418 205 177 .0 176 230 163 179 .2 186 170 182 S ep t. S ep t. 6 54 .0 6 5 0 .8 6 3 2 .Or 6 4 6 .2r 609.1 646.1 6 3 5 .6 6 38.3 S ep t. S e p t. S e p t. S e p t. S e p t. S e p t. S e p t. S e p t. S ep t. S ep t. S e p t. S e p t. S ep t. S e p t. S e p t. S e p t. S e p t. S e p t. S ep t. S e p t. S e p t. S e p t. S ep t. S e p t. S ep t. 129.7 110.5 1 10.4 1 01.2 1 04.8 110.5 1 06 .4 123 .4 107.2 109 .9 9 8.7 115 .5 102.3 1 21.2 1 44 .6 105 .5 136 .4 120.5 119.7 1 34 .8 150.4 154.8 1 08 .0 1 41 .9 9 0 .5 129.7 109.6 1 09.7 100.5 1 03.4 110.0 1 05 .8 122.7 107.1 1 09 .3 9 7.3 115.7 101.8 120.3 1 43 .0 103 .2 136 .8 121 .4 121.6 134.7 149.2 154.7 107 .4 1 45.0 9 1.7 129.7 108.2 107.7 101.2 9 9.0 106.4 104.5 122.5 1 06 .3 108 .8 9 5 .8 114 .7 100.3 118.4 142 .4 103 .0 137 .3 120 .9 122.2 135.3 149 .2 154 .5 107.3 146.8 9 5 .6 134.3 118.3 115.5 103 .9 111.6 115.1 114.8 123.4 1 1 3 .4 121 .8 9 8.7 1 15 .5 116.4 133.2 1 4 9 .4 107.1 1 40 .0 148 .8 125.6 1 39.5 1 54.0 155.3 1 05.8 137 .4 83.1 S ep t. 9 .5 9 .8 9 .2 5 .8 S e p t. S e p t. S e p t. S e p t. S e p t. J u ly J u ly J u ly J u ly J u ly Ju ly Ju ly J u ly J u ly J u ly J u ly J u ly Ju ly Ju ly Ju ly Ju ly Ju ly J u ly 5 .0 4 0.1 167 150 184 7 3.5 142.6 144.2 127.7 141.1 1 24.9 134.5 127.7 160.2 139 .9 1 43 .6 1 27 .7 140.1 100.5 111.3 147.7 2 2 6 .6 133.6 5 .0 3 9.8 150 125 175 6 4.4 141.5 142.7 130.7 1 37 .0 1 24 .2 130.9 127.5 158.3 139 .6 141 .3 1 22 .9 141.1 98.7 111.6 148.7 2 35 .5 1 29 .2 5 .3 3 9 .6 198 151 245 6 1.4 141.5 1 42 .9 134.2 138.7 119.9 131.1 1 25 .9 1 57 .6 139.5 140.7 120 .7 139.3 99.1 111.6 148.7 241.1 126.9 2 .7 3 9 .9 243 170 315 92.1 1 51 .9 151 .5 135.3 1 50.6 135 .6 139 .0 136 .0 167 .7 152.6 156 .6 1 59 .4 160 .5 108 .9 123.5 152 .6 2 55 .6 134.4 One Year Ago 9.1 3 9 .9 9.2 40.1 8 .8 3 9.3 5.7 4 0.5 S e p t. . S e p t. . S e p t. 267 224 293 2 64 225 282 2 64 2 24 291 257 215 275 S e p t. . Aug. 185.2 148 1 86.0 411 187.3 179 190.2 166 S e p t. , S e p t. . S e p t. 146.7 117.2 152.4 133.7 100,1 148.3 1 17 .4 154.3 1 33 .4 9 9.7 149.6 1 17.6 1 55.7 1 36.2 1 07.8 156.5 127.5 162.1 198.3 9 3 .5 . S e p t. . S ep t. 1 2.4 3 9.9 11.9 3 9.8 1 0.4 3 9.7 6 .9 4 0.1 . S e p t. 285 2 49 3 22 286 249 318 286 247 315 3 14 247 325 F IN A N C E A N D B A N K IN G M em b er B a n k L o a n s ......................... M em b er B a n k D e p o sits . . . B a n k D e b i t s * * ...................................... EM P LO YM EN T U n e m p lo ym e n t R a te (P e rc e n t o f W ork F o rc e )* * * . A vg. W e e k ly H rs . in M fg. (H rs .) F IN A N C E A N D B A N K IN G M a n u fa c tu rin g P a y ro lls ................................S e p t. F a rm C a sh R e c e i p t s .............................................A ug. 1 73 .0 112 170.1 229 1 60.7 178 1 65.6 128 EM P LO YM EN T F IN A N C E A N D B A N K IN G Lo an s* A ll M e m b e r B a n k s ............................................ L a rg e B a n k s ................................................... D e p o sits* A ll M e m b e r B a n k s ............................................ L a rg e B a n k s ................................................... B a n k D e b its * / * * ............................................ TWO M o nths Ago . S e p t. . S ep t. E M P L O Y M E N T A N D P R O D U C T IO N N o n fa rm E m p l o y m e n t ................................ M a n u fa c tu rin g ............................................ N o n d u ra b le G o o d s ................................ F o o d ............................................................... T e x t i l e s ................................................... A p p a re l ................................................... P a p e r ......................................................... P r in tin g an d P u b lis h in g . . C h e m i c a l s ............................................ D u ra b le G o o d s ...................................... L b r ., Wood P ro d s ., F u rn . & F ix . S to n e , C la y , a n d G la s s . . . P r im a ry M e t a l s ................................ F a b ric a t e d M e t a l s .......................... M a c h i n e r y ............................................ T ra n s p o rta tio n E q u ip m e n t N o n m a n u f a c t u r in g ...................................... C o n s t r u c t i o n ...................................... T ra n s p o rta tio n ................................ T r a d e ......................................................... F in ., in s ., an d re a l e s t. . . . S e r v i c e s ................................................... F e d e ra l G o v e rn m e n t . . . . S ta t e an d L o c a l G o v e rn m e n t Fa rm E m p lo y m e n t ............................................ U n e m p lo y m e n t R a te (P e rc e n t o f W o rk Force)-' . . . . In s u re d U n e m p lo y m e n t (P e rc e n t of C o v. E m p . ) ......................... A vg . W e e k ly H rs . in M fg. (H rs .) . . C o n s tru c tio n C o n t r a c t s * ......................... R e s i d e n t i a l ......................................................... A ll o t h e r ................................................................ C otton C o n s u m p t io n * * ................................ M a n u fa c tu rin g P ro d u c tio n . . . . N o n d u ra b le G o o d s ...................................... Food ......................................................... T e x t i l e s ................................................... A p p a re l ................................................... P a p e r ......................................................... P r in t in g an d P u b lis h in g . . C h e m i c a l s ............................................. D u ra b le G o o d s ............................................. L u m b e r a n d W o o d ......................... F u rn itu r e a n d F ix t u r e s . . . S to n e , C la y , a n d G la s s . . . P r im a ry M e t a l s ................................ F a b ric a t e d M e t a l s .......................... N o n e le c tric a l M a ch in e ry . . E le c t r ic a l M a ch in e ry . . . T ra n s p o rta tio n E q u ip m e n t O ne M onth Ago S e p t. S ep t. 263 239 264 242 263 241 277 262 S e p t. S e p t. S ep t. 222 192 322 223 194 307 222 191 306 215 190 301 M a n u fa c tu r in g P a y ro lls . . . S e p t. F a rm C a s h R e c e i p t s ............................................ Aug. 2 01 .1 219 2 0 1 .0 286 180.4 226 191.5 267 120 .6 110 .8 125.1 133 .3 110.1 121 .7 109 .9 127.1 134 .7 1 19 .9 121 .0 107 .4 127.1 130 .8 1 18 .9 122 .6 1 18 .4 124.5 139.1 9 8 .2 N o n m a n u fa c tu rin g . . . . C o n s t r u c t i o n ................................ F a rm E m p lo y m e n t ......................... S e p t. S e p t. S e p t. S e p t. S e p t. 125.6 103 .5 135.7 117 .4 102.3 124 .4 101.9 134.7 116.1 112.2 123.7 9 9.8 134 .6 113.7 109.3 130 .0 109 .8 139.3 1 40.3 9 7.1 (P e rc e n t o f W o rk F o rc e )2 . . A vg. W e e k ly H rs. in M fg. (H rs .) S e p t. S e p t. 9 .0 40.1 9 .2 3 9.2 9 .0 3 9.9 5.1 3 9.2 M e m b e r B a n k L o a n s ............................................ . S ep e p t. M e m b e r B a n k D e p o s i t s ................................Sep . S e p t. B a n k D e b i t s * * .........................................................Sept. . S ep t. 242 194 403 244 192 354 M a n u fa c tu rin g P a y ro lls ................................S e p t. F a rm C a s h R e c e i p t s .............................................Aug. 177.2 352 171.7 259 1 66 .4 165 165.2 273 117.9 104.1 117.5 103.9 120.4 97.1 7 5.4 117.7 103.7 1 18.3 1 05.8 120.6 121.0 9 6.7 8 0 .9 9 9.1 8 7.1 Unemployment Rate F IN A N C E A N D B A N K IN G 241 191 359r 269 192 337 EM P LO YM EN T N o n fa rm E m p l o y m e n t ...................................... S e p t. M a n u fa c tu rin g ...................................................S e p t. N o n m a n u f a c t u r in g .............................................S e p t. C o n s t r u c t i o n ............................................. S e p t. F a rm E m p lo y m e n t ...................................................S e p t. U n e m p lo ym e n t R a te (P e rc e n t of W o rk F o rc e )* * * . . . . S e p t. Avg. W e e k ly H rs . in M fg. (H rs .) . . . S e p t. 120.8 9 9.1 7 1 .4 9.0 3 9.6 8.3 8 .3 3 8.4 6 .9 4 0.2 . S e p t. . S e p t. . S e p t. 243 202 279 244 205r 280r 241 205 263 249 188 244 M a n u fa c tu rin g P a y r o l l s ................................s e p t . F a rm C a s h R e c e i p t s .............................................A ug. 2 1 7 .6 201 2 10 .1 2 79 2 0 8 .8 1 89 2 0 1 .6 191 128.1 1 25 .4 129.3 110 .0 6 7.8 127.3 122 .8 129.3 103 .2 6 4 .9 126 .5 120.3 129 .4 104 .9 7 5.8 131 .9 2 4 2 .6 131 .4 141.7 7 6.3 F IN A N C E A N D B A N K IN G A LA B A M A M IS S IS S IP P I IN C O M E EM P LO YM EN T N o n fa rm E m p l o y m e n t ...................................... M a n u fa c tu rin g ................................................... N o n m a n u fa c tu rin g ...................................... C o n s t r u c t i o n ................................................... F a rm E m p l o y m e n t ................................................... Digitized 198 for FRASER IN C O M E EM PLO YM EN T S e p t. S ep t. S e p t. S e p t. S e p t. . . . . . S e p t. S e p t. S e p t. S ep t. S ep t. N O V E M B E R 1975, M O N T H L Y R E V IE W O ne M onth Ago L a t e s t M onth 1975 U n e m p lo y m e n t R a te (P e rc e n t o f W o rk F o rc e )* * * . Avg. W e e k ly H rs. in M fg. (H rs .) TWO M o nth s Ago O ne Year Ago L a t e s t M onth 1975 O ne M onth Ago Tw o M o nth s Ago CUM Year Ago EM P LO YM EN T . S ep t. . S ep t. 7.7 3 9.7 8 .2 3 9.7 8 .6 3 9 .8 4 .1 3 9.2 256 223 281 261 226 267 261 225 2 80 261 211 259 S ep tt. N o n fa rm E m p l o y m e n t ......................................Sep Se p t. M a n u fa c tu rin g ...................................................S ep e p t. N o n m a n u fa c t u r in g ............................................ S Sep Se p t. C o n s t r u c t i o n ...................................................S ep S e p t. F a rm E m p lo y m e n t ...................................................Sep U n e m p lo ym e n t R a te (P e rc e n t o f W o rk F o rc e )1 ......................... S Sep ep t. S ep t. A vg . W e e k ly H rs . In M fg. (H rs .) F IN A N C E A N D B A N K IN G 1 26 .4 109 .7 135.7 131 .7 101.3 1 2 5 .4 1 0 9 .0 134 .5 130.7 9 7.1 1 25 .4 108.1 1 35 .0 131 .7 9 6.7 1 29 .7 1 19 .8 1 3 5 .2 1 3 8 .4 9 3 .4 8 .8 4 0 .6 9 .3 4 0 .3 8.5 4 0 .0 5 .1 4 0 .2 267 217 268 2 72 218 267 272 219 262 266 203 286 F IN A N C E A N D B A N K IN G M a n u fa c tu rin g P a y r o l l s ................................S ep t. F a rm C a sh R e c e i p t s ............................................ Aug. 186 .0 163 181 .6 167 1 7 7 .4 181 ‘ F o r S ix th D is t r ic t a re a o n ly ; o th e r to ta ls fo r e n tir e s ix s t a t e s ‘ “ S e a s o n a lly a d ju s te d d a ta s u p p lie d by sta te a g e n c ie s . 182 .6 161 , S ep t. * * D a ily a ve ra g e b a s is f P r e lim in a r y d a ta r-R e v ise d N .A . N ot a v a ila b le Note: All indexes: 1967 = 100. S o urce s: M a n u fa c tu rin g p ro d u ctio n e stim a te d by t h is B a n k ; n o n fa rm , m fg. a n d n o n m fg . e m p ., m fg . p a y ro lls a n d h o u rs, a n d u n e m p ., U .S . D ept, o f L a b o r a n d c o o p e ra tin g st a t e a g e n c ie s ; cotto n c o n su m p tio n , U .S . B u re a u o f C e n s u s ; c o n s tru c tio n c o n t ra c t s , F . W . Dodge D iv ., M cG ra w -H ill In fo rm a tio n S y s te m s C o .; fa rm c a s h re c e ip ts an d fa rm e m p ., U .S .D .A . O th e r in d e x e s b a se d on d a ta c o lle c te d by th is B a n k . A ll in d e x e s c a lc u la t e d by t h is B a n k . • D ata b e n c h m a rk e d to J u n e 1971 R e p o rt o f C o n d itio n . : R e v ise d to re fle c t 197 4 b e n c h m a rk s a n d new s e a so n a l fa c to rs . N O T E : A ll e m p lo y m e n t d a ta h a ve been re v ise d to re fle c t u p d a ted s e a so n a l fa c to rs . D e b it s to D e m a n d D e p o s it A c c o u n ts Insured Commercial Banks in the Sixth District (In T h o u san d s of D o lla r s ) P e r c e n t C h an g e P e r c e n t C h an g e S e p t. 1975 fro m S e p t. 1975 Aug. 1975 S e p t. 1974 A ug. 1975 S e p t. 1974 B a rto w -L a k e la n d W in te r H a ve n D a yto n a B e a c h F t. L a u d e rd a le H o llyw o od . . F t. M ye rs . . . . G a in e s v ille . . . J a c k s o n v ille . . . M elb ou rneT itu s v ille - C o c o a M iam i ......................... O r l a n d o ......................... P e n s a c o la . . . . S a ra s o ta . . . . T a lla h a s s e e . . . T a m p a - S t. P ete W. P a lm B e a c h A l b a n y ......................... A t l a n t a ......................... A u g u sta . . . . C o lu m b u s . . . . M aco n ......................... Savannah . . . . A le x a n d ria . . B a to n R o u ge . La fa y e tte . . . . L a k e C h a r le s . New O rle a n s . 4 ,6 5 0 ,6 3 0 111 ,1 27 3 8 1 ,4 4 2 1 ,3 7 5 ,6 1 8 8 1 1 ,1 0 3 2 7 5 ,7 0 0 5 ,1 6 7 ,4 5 1 1 0 3 ,9 75 3 9 0 ,0 2 9 1 ,1 7 2 ,9 8 6 6 7 6 ,6 7 2 2 3 1 ,6 1 0 + 7 + 4 + 21 - 7 + 7 + 6 - 3 + 11 + 18 + 9 + 28 + 27 + 12 + 3 + 10 + 17 + 20 + 12 8 1 8 ,8 5 3 4 2 9 ,5 8 9 8 1 9 ,9 8 6 4 1 0 ,2 3 8 7 7 9 ,1 0 9 4 6 1 ,4 2 9 - 0 + 5 + 5 - 7 + 6 + 5 1 ,7 4 3 ,3 5 4 3 78 ,4 81 2 5 7 ,8 6 0 5 ,3 3 2 ,2 5 0 1 ,7 1 8 ,0 9 4 3 5 0 ,0 4 7 2 4 0 ,7 3 0 4 ,6 8 3 ,9 2 0 1 ,8 0 7 ,9 5 5 3 4 6 ,7 3 0 2 6 7 ,0 1 3 4 ,9 5 6 ,1 1 8 + + + + 1 8 7 14 + + 4 9 3 8 + - 6 8 3 0 3 9 3 ,2 9 6 7 ,2 0 6 ,2 8 1 1 ,6 0 2 ,4 8 5 5 2 7 ,0 4 4 4 9 7 ,8 6 9 9 7 0 ,4 4 6 4 ,2 0 8 ,8 8 2 1 ,0 0 6 ,3 3 3 3 8 8 ,5 1 1 6 ,8 6 3 ,2 5 7 1 ,5 6 2 ,2 6 7 5 1 1 ,4 9 4 4 7 2 ,5 1 7 1 ,0 1 6 ,1 7 5 4 ,2 5 8 ,8 1 1 1 ,0 0 3 ,8 6 8 4 4 6 ,6 0 9 7 ,0 2 5 ,3 2 5 1 ,4 1 3 ,2 3 2 5 0 7 ,1 9 2 5 0 8 ,8 81 9 0 2 ,3 6 9 4 ,0 9 4 ,3 9 8 1 ,1 4 3 ,9 2 9 + + + + + + 1 5 3 3 5 5 1 0 -1 2 + 3 + 13 + 4 - 2 + 8 + 3 -1 2 + + + + - 3 2 3 8 3 10 3 8 1 9 9 ,8 36 . 2 3 ,6 7 0 ,9 7 9 6 1 4 ,0 0 0 5 0 1 ,4 1 9 9 5 7 ,1 2 7 . 1 ,0 9 6 ,4 9 3 1 8 4 ,7 43 1 9 ,9 8 8 ,1 3 7 5 7 2 ,4 4 9 4 7 8 ,1 9 0 8 6 8 ,2 1 5 1 ,0 0 3 ,3 6 0 1 94,081 1 8 ,7 5 5 ,7 0 6 7 1 3 ,3 8 0 4 4 7 ,4 8 9 8 0 6 ,7 3 4 6 1 8 ,6 9 9 + + + + + + 8 18 7 5 10 9 + 3 +26 -1 4 + 12 + 19 + 77 - 4 + 10 - 0 + 12 + 9 +65 . . . . . . . . 3 3 1 ,6 4 9 2 ,2 1 8 ,9 0 0 4 3 0 ,7 0 6 3 0 6 ,1 9 6 5 ,8 2 0 ,3 0 5 3 1 5 ,0 2 9 1 ,9 0 9 ,2 4 1 3 9 6 ,9 3 6 2 8 0 ,7 9 2 r 5 ,9 9 0 ,0 4 3 2 9 3 ,9 3 7 1 ,8 6 6 ,4 7 9 3 3 2 ,5 6 7 2 5 3 ,6 4 9 4 ,8 9 6 ,9 3 1 + + + + - 5 16 9 9 3 + 13 + 19 +30 + 21 + 19 + 12 + 19 + 30 + 11 + 13 . 2 9 4 ,8 7 2 1 ,8 4 0 ,5 6 5 2 8 1 ,5 5 0 1 ,8 4 7 ,0 8 5 2 7 1 ,9 4 5 1 ,6 5 5 ,1 5 4 + 5 - 0 + 8 + 11 + 13 + 3 . . . . . B ilo x i- G u lfp o rt . . Ja c k s o n . . . . C h atta n o o g a K n o x v ille . N a s h v ille . . . . . . . . . . O TH ER C E N T E R S A n n isto n . . . . . . . S e p t. 1975 1 ,3 3 5 ,3 6 9 1 ,5 17 ,8 61 4 ,1 9 2 ,4 7 6 1 ,2 8 6 ,8 5 8 1 ,5 2 9 ,9 4 9 4 ,3 9 0 ,5 4 8 1 ,2 9 6 ,6 0 6 2 ,0 1 1 ,0 2 0 4 ,2 1 6 ,1 1 6 + 4 + 18 - 5 + 3 -2 5 - 1 - 7 -1 7 + 9 130 ,9 13 1 27,541 1 2 1 ,6 95 + 3 + 8 + 7 Aug. 1975 S e p t. 1974 + 16 +24 - 1 + 0 + + - + + + 3 2 3 9 1 5 - 3 +12 + 8 -2 0 - 3 + 10 2 3 0 ,4 4 6 9 7 ,0 6 2 2 1 4 ,8 3 2 8 3 ,1 8 4 198 ,7 71 7 8 ,2 8 6 177 ,5 66 8 7 ,1 5 8 20 5 ,2 5 7 4 3 ,6 8 4 1 ,0 1 8 ,2 5 0 2 ,2 3 3 ,4 3 7 179 ,1 07 7 9 ,3 9 2 1 89 ,2 28 4 4 ,0 3 3 1 ,0 2 3 ,9 5 0 2 ,3 0 4 ,0 2 0 1 8 2 ,4 50 8 5 ,4 8 9 1 99 ,5 07 4 8 ,0 5 3 1 ,0 3 2 ,8 5 6 2 ,1 1 7 ,8 3 0 1 88 ,2 12 1 24 ,7 16 2 0 2 ,0 3 6 3 1 ,6 2 4 182 ,1 61 7 7 ,2 2 5 4 1 ,1 3 6 4 6 ,5 6 6 1 9 6 ,6 03 107 ,7 51 1 6 1 ,5 78 123 ,7 05 1 78 ,5 18 3 0 ,0 7 0 1 7 5 ,6 5 4 6 8 ,9 0 6 3 8 ,6 2 7 4 6 ,4 3 2 1 7 5 ,8 09 114 ,7 63 1 69 ,9 27 1 0 4 ,4 28 1 8 3 ,1 79 2 3 ,2 1 6 1 5 2 ,9 16 7 8,84 1 4 9 ,0 5 6 5 6,32 1 144 ,0 35 1 1 8 ,3 59 + 16 + 1 + 13 + 5 + 4 + 12 + 6 + 0 + 12 - 6 + 11 + 19 + 10 +36 + 19 - 2 -1 6 -1 7 + 36 - 9 + 2 + 21 - 8 + 18 + 10 -1 2 -1 6 -1 5 + 9 + 4 2 0 ,5 2 4 1 6,99 7 1 0 1 ,1 46 8 2 ,5 0 5 2 9 ,0 4 6 6 0 ,6 9 8 18,143 15,93 9 1 1 4 ,3 99 7 8 ,2 0 8 2 7 ,1 8 5 6 1,36 1 18,613 16,36 3 9 7 ,6 8 3 6 9 ,9 2 8 3 1 ,5 8 7 4 0 ,2 0 4 + 13 + 7 -1 2 + 5 + 7 - 1 + 10 + 4 + 4 + 18 - 8 + 51 + 10 + 19 +23 + 26 + 12 +62 1 58 ,2 39 9 6 ,1 4 0 1 3 9 ,6 89 6 3 ,0 6 5 1 5 0 ,5 36 8 4 ,4 9 5 127 ,3 13 5 6 ,0 6 4 1 17 ,5 05 8 2 ,7 8 0 1 3 0 ,8 98 6 0 ,9 9 8 + 5 + 14 + 10 + 12 + 35 + 16 + 7 + 3 + + - . . 163 ,8 17 7 9 ,9 7 0 9 7 ,2 5 3 1 8 2 ,0 45 74,67 1 3 7 ,3 6 8 1 6 7 ,2 40 9 6 ,6 9 6 5 0 ,1 5 4 - 2 -1 0 + 7 -1 7 + 160 + 9 4 + 6 -1 1 + 4 B ris to l . . . . Jo h n so n C ity . . K in g sp o rt . . . 1 36 ,0 67 190 ,9 42 3 4 7 ,3 2 5 1 2 4 ,7 4 7 r 1 7 3 ,9 46 3 1 4 ,7 2 5 1 48,886 1 4 8 ,8 9 8 3 1 5 ,1 61 + 9 + 10 + 10 - 9 +28 + 10 - 1 + 12 + 9 . 9 5 ,8 2 8 ,0 1 0 8 8 ,9 2 6 ,5 3 0 r 8 7 ,1 4 5 ,0 9 2 + 8 + 10 + 6 . . . . . . 1 0 ,8 2 1 ,5 8 2 2 6 ,3 1 9 ,8 3 3 2 7 ,0 5 8 ,8 3 9 1 0 ,5 5 1 ,7 1 5 r 3 ,7 1 0 ,7 5 8 1 0 ,4 6 3 ,8 0 3 1 0 ,5 2 5 ,5 3 2 2 7 ,2 4 8 ,9 1 2 2 5 ,6 9 2 ,7 8 9 9 ,1 7 2 ,6 0 2 3 ,4 8 5 ,7 4 4 1 1 ,0 1 9 ,5 1 3 + 6 + 5 + 16 + 3 + 5 + 0 + 9 + 2 +22 + 18 + 12 - 5 +13 - 0 + 9 + 15 + 5 - 0 D o th an S e lm a 4 ,9 9 5 ,9 7 6 1 15,521 4 5 9 ,6 4 2 1 ,2 8 4 ,2 7 8 8 6 4 ,5 5 7 2 9 3 ,4 5 6 . + 7 + 17 S e p t. 1975 fro m 9 m os. 1975 fro m 1974 S T A N D A R D M E T R O P O L IT A N S T A T IS T IC A L A R E A S ' B irm in g h a m . . . G a d sd e n . . . . H u n ts v ille . . . M o bile ......................... M o ntg o m ery . . . T u s c a lo o s a . . . Aug. 1975 Year to d a te 9 m o s. 1975 S e p t. fro m 1974 1974 Year to . . . . . . . . B ra d e n to n . . M onroe C o u n ty O c a l a ......................... S t. A u g u stin e S t. P e te rs b u rg . Tam pa . . . . A th e n s . B ru n s w ic k D alto n . E lb e rto n G a in e s v ille G riffin . L a G ra n g e N ew n a n . Rom e . V a ld o sta . . . . . . . . . . . . . . . . . . . . . . . A b b e v ille . . B u n k ie . . . . Ham m ond . New Ib e ria . P la q u e m in e . T h ib o d a u x . . H a ttie sb u rg . L a u re l . . . . M e rid ia n . . N a tc h e z . . P a sc a g o u la M o ss P o in t V ic k s b u rg . . Y a zo o C ity . D IS T R IC T T O T A L . . . . . . . . . . . . . . . A la b a m a . . . F lo rid a . . . . G eo rg ia . . . . L o u is ia n a . . M is s is s ip p i- . . Tennessee. . . , 1 1 ,4 5 6 ,0 9 2 2 7 ,6 9 7 ,3 6 5 3 1 ,4 2 4 ,2 1 0 1 0 ,8 6 1 ,8 1 9 3 ,9 1 2 ,7 3 1 1 0 ,4 7 5 ,7 9 3 1 10 8 1 1 3 13 0 3 1 'C o n fo rm s to S M S A d e fin itio n s a s o f D e c e m b e r 31, 197 2. 2 D is tric t p o rtio n o n ly , r-revised F ig u re s fo r so m e a re a s d iffe r s lig h tly fro m p re lim in a ry fig u re s p u b lis h e d in " B a n k D e b its a n d D e p o sit T u rn o v e r " by B o a rd o f G o v e rn o rs o f th e F e d e ra l R e s e rv e S y s te m . FEDE R A FRASER L R E SE R V E B A N K O F A T L A N T A Digitized for 199 D i s t r i c t B u s in e s s C o n d i t i o n s 1967=100 Bank Debits — Seas. Adj. n Employment Moving Avg Average Weekly Hours Mfg. Payrolls Moving Avg Farm Cash Receipts *Seas. adj. figure; not an index Latest plotting: September, except mfg. production, July, and farm cash receipts, Aug. S tr e n g th e n in g e c o n o m ic c o n d itio n s are b e c o m in g m o r e e v id e n t in the So u th e a st. L a b o r m a rk e t g a in s m ir rored the r e c o v e rin g e c o n o m y . C o n s tr u c tio n activ ity stre n gth e n e d , a n d c o n s u m e r s p e n d in g c o n tin u e d to b e n e fit fr o m in c r e a sin g e a rn in gs. P rim e rate le n d in g re d u c tio n s sp r e a d t o D istric t b a n ks. P rice s o f fa rm p ro d u c ts w e a k e n e d a m id st re c o rd o u tp u t fo r m o s t c ro p s. T h e u n e m p lo y m e n t rate d e c lin e d m o d e s tly in Se p te m b e r. T ra n sp o rta tio n e q u ip m e n t a n d textiles led a w id e s p r e a d increase in m a n u fa c tu r in g jobs. Both m a n u fa c tu r in g p ay ro lls a n d the a ve rag e facto ry w o r k w e e k m o v e d h igher, c o n tin u in g a six -m o n th trend. N o n m a n u fa c tu r in g jo b s de cre ase d , refle ctin g the te rm in a tio n o f sp e c ial state a n d lo ca l g o v e r n m e n t su m m e r e m p lo y m e n t p ro gra m s. Su b stan tia l ga in s in five o f the six states p u s h e d c o n stru c tio n e m p lo y m e n t u p w a rd fo r the first tim e in 17 m o n th s. T o ta l c o n stru c tio n a ctivity tu rn e d u p in Se p te m b e r. T h e v a lu e o f resid en tial c o n trac ts rose sharply. Im p ro v e m e n t in n o n re sid e n tia l c o n stru c tio n w a s w eak, h ow eve r. T h e v a lu e o f n o n re sid e n tia l c o n tracts re m a in e d b e lo w that in every m o n th o f 1975 except A u g u s t a n d stan d s tw o -fifth s b e lo w the y e a r-a g o level. In c o m p le te data in d ic a te that sa v in g s in flo w s at sa v in g s a n d lo an a sso c ia tio n s re ce d e d fro m record rates. C o n s u m e r e x p e n d itu re s c o n tin u e d to in cre a se in re sp o n se to im p ro v e m e n ts in e m p lo y m e n t a n d in c o m e . D e p a rtm e n t store sales in A u g u s t sh o w e d their largest ga in sin ce M a y . A u t o registration s d re w w ith in 5 p erce n t o f their re d u c e d y e a r -a g o level. No te : D ata on w h ic h sta te m e n ts 00 Digitized 2for FRASER a re b a se d have been C o n s u m e r b o r r o w in g at b a n k s fo r a u t o m o b ile p u r ch ase s a cc e le rate d sh a rp ly in S e p te m b e r, in d ic a tin g that a u to sales c o n tin u e to gro w . M a n u f a c t u r in g w o rk e rs' in c o m e s c o n tin u e d to incre a se in S e p te m ber. B a n k s h a ve fa c e d re d u c e d sh o rt-te rm b o r r o w in g co sts a n d g e n e ra lly w e a k lo a n d e m a n d . M a n y o f the larger b a n k s trim m e d the ir p rim e le n d in g rate to 73A p e rce n t in late O c t o b e r a n d a g a in to 7 1/2 p e r cent in early N o v e m b e r . C o n s tr u c tio n a n d tra n s p o rta tio n firm s are re p a y in g the ir lin es o f cre d it at the larger ban ks. Bu t b o r r o w in g b y w h o le s a le a n d retail trade e sta b lish m e n ts, se rvice firm s, a n d fo o d p ro c e sso rs has in c re a se d m o d e ra te ly . P rice s re c e iv e d b y fa rm e rs ro se in S e p te m b e r, b u t p re lim in a ry d a ta fo r O c t o b e r s h o w sh a rp p ric e d e c lin e s fo r so y b e a n s , b ro ile rs, a n d corn . Farm cash receipts fro m January th r o u g h A u g u s t w e re le a d in g the c o m p a r a b le y e a r -a g o level p rim a rily b e c a u se o f stro n g g a in s in F lorida a n d L o u isia n a 's c ro p se ctors; they d e c lin e d in M is s is s ip p i a n d T en n e sse e . O u t p u t o f so y b e a n s, to b a c c o , gra in so rg h u m , su ga rca n e , a n d p e a n u ts a p p e a rs to be re a c h in g re cord levels. a d j u s t e d w h e n e v e r p o s s ib le to e lim in a t e s e a s o n a l in flu e n c e s . N O V E M B E R 1975, M O N T H L Y R E V IE W
@FedFRASER