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CONFIDENTIAL (FR)
SUPPLEMENT
CURRENT ECONOMIC AND FINANCIAL CONDITIONS
Prepared for the
Federal Open Market Committee
April 12,
By the Staff
Board of Governors
of the Federal Reserve System
1974
SUPPLEMENTAL NOTES
The Domestic Economy
Industrial production.
Industrial production declined 0.5
percent in March, following drops of .9 and .7 percent in January and
The downward revisions in January and February, .2 and .3
February.
percentage points, were because of revised data showing larger declines
in output of construction products and in the automotive supplying
industries than previously reported.
In March, auto assemblies were at an annual rate of 6.6
million units, the same as in February. Declines in output of household
appliances were offset by increased production of other consumer
durable goods.
further.
Output of consumer nondurable goods, however, declined
Production of business equipment was unchanged.
Output of construction products, steel and other durable goods
materials were down 2 percent and production of nondurable goods materials
rose about 1 percent.
The following table shows the percentage declines in the major
input sectors of the total index from the high in November 1973 to
March 1974.
DECLINES IN INDUSTRIAL PRODUCTION
Percent declines
Nov. 1973 to March 1974
Physical product series
Manhour series
Kilowatt hour series
4.8
2.6
2.5
Total industrial production
2.8
-2-
INDUSTRIAL PRODUCTION
(1967=100, seasonally adjusted)
Total index
Market groupings:
Final products
Consumer goods
Business equip.
Materials
Industry groupings:
Manufacturing
Durables
Nondurables
Mining & utilities
Percent change
Year
QIV 1973 Month
ago
ago
to
QI 1974
Jan.
1974
Feb.
March
123.7
125.4
124.5
123.9
-1.9
-.5
.2
119.6
130.8
118.6
127.0
120.9
129.2
126.1
129.5
120.5
128.0
127.2
128.2
120.1
127.3
127.3
127.2
-2.0
-3.3
- .1
-2.1
-.3
-.5
.1
-.8
.4
-2.7
7.3
.2
123.4
119.9
128.6
127.3
125.0
120.7
131.0
125.9
123.9
119.4
130.3
128.0
123.4
118.6
130.4
128.3
-2.1
-3.3
- .3
-1.8
-.4
-.7
.1
.2
-1.1
1.4
.8
1973
March
Advance retail sales for March.
Sales in March increased 2
percent from February with all major types of stores reporting gains,
according to the advance report.
Sales of durable goods recovered by
1.6 percent, after declining by about this amount in February.
Non-
durable goods sales were up 2.2 percent with a 4.1 percent rise in outlays for general merchandise and a 5.2 percent increase in sales of
gasoline stations.
Total sales were 4.6 percent above a year earlier.
According to present data, sales in the first quarter were
1.4 percent above the fourth quarter.
Outlays for durable goods were
off 3.3, as sales of the automotive group declined by a substantial
amount for two successive quarters.
Sales of nondurable goods were 3.7
percent higher than the fourth quarter; sales of the food group rose
4.5 percent.
-3RETAIL SALES
(Seasonally adjusted, percentage change from previous period)
1973
QIII
2.9
Total sales
1973~_ 194
1974
QIV
QI
.3
97
Jan.
1974
Feb.
Mar.
1.4
1.9
.2
2.0
-3.3
-8.6
1.9
1.0
-1.7
-3.6
1.6
Durable
Auto
Furniture and
appliance
1.9
3.0
-3.4
-6.6
1.0
-1.0
4.2
4.2
.7
3.6
Nondurable
Food
General merchandise
Gasoline
3.4
4.7
2.0
.3
2.2
1.9
1.2
2.3
3.7
4.5
3.6
3.9
1.9
3.1
3.3
1.7
1.1
.6
2.6
2.2
.7
4.1
5.2
Total, less auto and
nonconsumption items
3.1
2.0
3.6
2.1
1.0
2.2
GAF
2.1
.7
3.6
2.9
.2
3.9
.3
-1.9
Real*
n.a.
.6
-
.2
-1.3
1.6
n.a.
*Deflated by all commodities CPI, seasonally adjusted.
Inventories.
Book value of total manufacturing and trade
inventories increased at a $36.6 billion annual rate in February (p)-down from the $39.6 billion January rate.
The two month average
increase was $38.1 billion, annual rate, as compared to the $36.5
billion fourth quarter rate.
The overall manufacturing and trade
inventory-sales ratio was at 1.45 in February, unchanged from that in
January.
Book value of retail trade inventories rose at a $1.6
billion annual rate in February (p), following the upward revised $8.4
billion January rate.
The January-February average was $5.0 billion,
-4-
annual rate--down from the $10.9 billion rate in the fourth quarter.
Auto stocks were off $2.1 billion annual rate in February after rising
at a $.4 billion rate in January; the two month average indicates a
decline of $.8 billion, compared with a $4.4 billion rate fourth quarter increase.
Nondurable goods retailers' inventories rose $2.4
billion, annual rate, in February; the January rate was revised
sharply upward.
1.50 in February,
The retail trade inventory-sales ratio remained at
unchanged from its January level.
The following tables include the retail trade data and supersede those published in
the Greenbook.
TABLE I
BUSINESS INVENTORIES
(Change at annual rates in seasonally adjusted
book values, $ billions)
1973
Manufacturing and trade
Manufacturing, total
Durable
Nondurable
Trade, total
Wholesale
Retail
Auto
1974
Feb.
r/
(p)
QIII
QIV
Jan.
21.1
36.5
39.6
36.6
12.4
9.8
2.6
8.7
4.5
4.2
1.2
19.0
12.8
6.3
17.5
6.6
10.9
4.4
20.4
13.2
7.2
19.2
10.8
8.4
.4
27.2
15.2
12.0
9.4
7.8
1.6
-2.1
-5
-
TABLE II
INVENTORY RATIOS
1973
Inventories to sales:
Manufacturing and trade
Manufacturing, total
Durable
Nondurable
Trade, total
Wholesale
Retail
Inventories to unfilled orders:
Durable manufacturing
Real estate.
1974
Feb.
Jan.
Feb.
Jan. r/
1.45
1.58
1.87
1.23
1.44
1.58
1.87
1.22
1.45
1.59
1.97
1.15
1.45
1.60
1.99
1.17
1.31
1.17
1.41
1.30
1.16
1.40
1.31
1.08
1.50
1.30
1.06
1.50
.846
.836
.715
.711
(p)
Merchant builder sales of new single-family
homes rose 13 percent further in February,
year earlier and the October 1972 peak.
but remained well below a
Units available for sale
continued to rise but reflecting the improved sales rate, the backlog
declined to 10.5 months' supply, appreciably below the December peak,
although still unusually high.
The median price of units sold turned
upward again and remained above the rising median price of unsold
homes.
Existing home sales in
earlier level.
February held fairly near the year
The median price on such units was $30,640, only
slightly higher than January and 9 percent above a year ago.
- 6 SALES, STOCKS AND PRICES OF NEW SINGLE FAMILY HOMES
Homes
sold 1/
Homes
for sale 2/
Months'
supply
Median price of:
Homes sold
Homes for sale
(Thousands of dollars)
(Thousands of units)
1973
QI
QII
726
QIII
566
482
QIV(r)
December(r)
680
426
436
453
446
7.0
7.7
9.6
11.1
30.4
33.5
33.9
29.4
31.2
32.1
32.9
446
12.4
35.7
32.9
451
459
11.7
34.0
34.9
33.4
33.5
32.7
1974
January(r)
February(p)
1/ Seasonally adjusted annual rate.
2/ Seasonally adjusted, end of period.
10.5
- 7 -
The Domestic Financial Situation
Mortgage market.
In March,
average interest rates on new
commitments for conventional new-home mortgages rose 5 basis points,
according to the HUD(FHA)
opinion survey,
since the September 1973 peak.
unchanged.
the first
increase in the rate
Rates for existing-home mortgages were
In the private secondary market, yields on FHA-insured new-
home mortgages, which had also declined steadily since last fall, rose
by 12 basis points to 8.66 percent.
AVERAGE RATES AND YIELDS ON NEW-HOME MORTGAGES
(HUD-FHA Field Office Opinion Survey)
Secondary market l/
Primary market
End of month
Conventional loans
Level 2/
Spread
FHA-insured loans
/
(percent) (basis points)
1973 - Low
High
Sept.
Oct.
Nov.
Dec.
1974 - Jan.
Feb.
Mar.
1/
2/
3/
4/
Level 3/
Spread 4/
(percent) (basis points)
Discounts
(points)
7.70 (Jan.)
8.95 (Sept.)
30 (Jan.)
114 (Sept.)
7.55 (Jan.)
9.18 (Sept.)
15 (Jan.)
137 (Sept.)
2.2 (Dec.
9.4 (July
8.95
8.80
8.75
8.75
114
83
90
77
9.18
8.97
8.86
8.78
137
100
101
80
5.2
3.6
2.8
2.2
8.65
8.55
8.60
40
45
- 4
8.54
8.66
44
2
2.3
3.2
Any gaps in data are due to periods of adjustment to changes in maximum
permissible contract rates on FHA-insured loans.
Average contract rate (excluding fees or points) on commitments for conventional first mortgage loans, rounded to the nearest 5 basis points.
Average gross yield (before deducting servicing costs) to investors on 30year minimum-downpayment FHA-insured first
mortgages for immediate delivery
in the private secondary market (excluding FNMA), assuming prepayment in
15 years.
Average gross mortgage rate or yield minus average yield on new issues of
Aaa utility bonds in the last week of the month.
-8Nonbank financial intermediaries.
Deposit losses at 17
large New York City mutual savings banks (MSBs) during the first 5
business days of April were substantially larger than in the comparable
period a year ago, as shown in the table below.
This weak performance
represents a turnaround from the relatively favorable deposit experience
at these institutions during March.
At a sample of 13 large California S&Ls, a similar pattern of
weak deposit performance in early April was reported.
DEPOSIT FLOWS AT 17 LARGE NEW YORK CITY MUTUAL
SAVINGS BANKS DURING THE FIRST 5 BUSINESS
DAYS OF APRIL
(Millions of dollars)
Net adjusted for
Net as a percentage
passbook loans
of total deposits
1974
-138.1
-.50
1973
1972
1971
1970
- 78.8
14.8
32.6
-127.2
-.29
.06
.15
-.62
-9
-
INTEREST RATES
1971:
Highc
Lows
liar.
18
Apr.
11
Short-Term Rates
Federal funds (ukly. avg.)
3-month
Treasury bills (bid)
Comm. paper (90-119 day)
Bankers' acceptances
Euro-Jollars
CD's (UYC) 90-119 day
Most often quoted new
10.02(4/10) 8.81(2/27)
9.03(3/13)
10.02(4/10)
8.65(4/5)
9.75(4/11)
10.00(4/11)
10.56(//10)
7.95
8.50
8.75
9.25
8.24
9.75
10.00
6.93(2/6)
7.75(2/22)
8.13(2/25)
8.25(2/18)
10.38
9 75(,/10) 7.88(2/20)
8.25(3/13)
9.75(4/10)
8.44(4/5) 6.80(2/19)
9.63(4/11) 7.50(2/22)
9.14(4/11) 7.16(2/19)
7.84
8.50
8.24
8.27
9.63
9.14
8.75(4/10) 7.50(2/27)
7.75(3/13)
8.75(4/10)
7.28
7.75
7.96
8.75
7.25(3/13)
4.20(3/13)
8.00(4/10)
7.40(1/4)
7.32
7.78
7.84
7.97
8.25('/10) 7.73(1/2)
8.38(4/10) 8.54(1/2)
3.02
3.66
8.25(4/10)
8.88(4/10)
9.13(4/10) 8.05(2/13)
8.33(3/13)
9.13(4/10)
Municipal
Bond Buyer Index
5.75(4/10) 5.16(2/6)
5.32(3/13)
5.75(4/10)
Mortgage--average yield
in F21A auction
0.95(4/8)
8.44(3/11)
8.95(4/8)
6-month
Treasury bills (bid)
Comm. paper (4-6 mo.)
Federal agencies
CD's (NYC) 180-269 day
Most often quoted new
1-year
Treasury bills (bid)
Federal agencies
8.13(4/5)
8.88(4/9)
6.37(2/15)
7.01(2/19)
CD's (NYC)
Most often quoted new
Prime municipals
8.00(4/10) 7.00(2/27)
5.10(4/5) 3.70(2/15)
N.A.
Intermeciate and Long-Term
Treasury coupon issues
5-years
20-years
Corporate
Seasoned Aaa
New Issue Aaa Utility
7.97<4/5)
8. r(4/5
6.72(2/14)
8.43(2/25)
SUPPLEMENTAL APPENDIX A
MONTHLY SURVEY OF BANK LOAN COMMITMENTS, FEBRUARY 1974
The Monthly Survey of Bank Loan Commitments taken at 132 large
banks shows that total unused commitments grew only slightly in February.
Loans under commitments (not seasonally adjusted) advanced after January's
decline and grew faster than the series for comparable loans at Weekly Reporters, suggesting more than usual reliance on commitment takedowns. For
two months running, total new commitments have declined sharply. This is a
very sensitive series that moves erratically, but the two-month change may
be indicative of some weakness of commitments at the margin.
The major categories of commercial and industrial unused commitments expanded in February; unused commitments for term loans grew very
rapidly and returned to December's level after a decline in January (Table 1).
Unused commitments to nonbank financial institutions and for real estate
mortgages showed small change, but the February movements continued the
trends of expansion of unused commitments to nonbank financial institutions
and contraction of mortgage commitments at reporting banks.
The moderate growth of total unused commitments in February in part
reflected the pace of takedowns of commitments as measured by the change in
outstanding loans under commitments, which was above the average of previous
months (Table 2). The pattern of takedowns of business loans for the last
three months is consistent with the seasonal pattern of a strong December
increase, followed by a decline in January and moderate growth in February,
though the rate of growth in February of loans under commitments was much
stronger than seasonal. Reflecting in part the improved inflows of deposits
to thrift institutions, nonbank financial institutions began to repay their
loans under commitments at banks. In addition, the repayments by nonbank
financial institutions may be associated with the slow growth of retail sales,
which reduced the need for external financing at finance companies, also included in the category.
The utilization ratio for total commitments continued to move within a narrow range, as did that ratio for commercial and industrial firms
(Table 3). Reflecting the contraction of unused commitments for mortgages,
the utilization ratio for real estate loans rose, while repayments of loans
reduced the ratio slightly for nonbank financial institutions.
*
Prepared by Paul W. Boltz, Economist, Banking Section, Division of
Research and Statistics.
NOT
FOR
QUOTATION OR
PUBLICATION
MONTHLY SURVEY OF BANK LOAN COMMITMENTS
AT SELECTED LARGE U.S. BANKS 1/
(AS OF FEB. 28, 1974)
TABLE
1 -
UNUSED COMMITMENTS
(DOLLAR AMOUNTS
(1)
I
C & 1
FIRMS
TUTAL
I
(2)
CLI
I
I
(3)
C ,I
I
TERM
LOANS
I
I
REVOLVING
CREDITS
AMI
JULY
31
AUGUST
31
CHGII AMT
I
78.11
0.01
I
5.31
I
I
1
78.31
0.;l.
I
I
SEPTEMBER 30
77.31
-1.21
OCTOBER 31
I
80.11
I
3.61
I
I
NUVEMBER 30
DECEMBER 31
JANUARY 31
FEBRUARY 28
JUL 73 - FEb 74
AVERAGE
1% CHGI
I
80.71
0.71
I
I
80.11 -0.71
1
I
81.91
2.21
I
I
82.41
1
0.61
1
I
I
79.91
0.81
5.21
I
5.01
I
5.2
5.0
I
0.01
I
-0.61
I
-3.71
I
2.81
-2.51
5.21
5.01
I
5.21
I
AMT
I
C
IN
BILLIONS)
1(4)
C I
I
I
I
ITERM LOANS t
IREV. CREDITS
IX
CHGI
AMT
I%
CLII CHG
AM
HG
AMI 1%
18.11
0.01
24.11
I
18.61
2.91
0.01I
-3.41
1
18.81
1.01
1
23.81 -1.21
23.01 -3.51
23.31
1.41
23.81
3.41
2.11
I1
3.81
18.41 -2.0
23.61 -0.71
I
-5.31
-1.41
23.11 -2.31
I1
23.1
4.31
18.31
0.91
1.61
I
23.51
5.11 -0.21
0.21
I
I
I
(6)
17)
23.51 -0.41
(8)
I
I
(9)
CLI I
NON-BANK
I
REAL
I
TOTAL
CONFIRMED I
OTHER
I FINANCIAL I
ESTATE i COMMITMENTS
EG
LINES
ICOMMITMENTS I INSTITUTIONSI
MORTGAGES
I
1
It CHGI AMT
IX CHGI AMT
IX CHt
AMT
ft CHGI AMT
1t CHGIl AMT
AM
I
50.81
0.01
3.21
0.01
23.61
I
I
I
18.31
18.1
(5)
C
I
51.51
1.31
3.01
I
I
I
51.51
0.11
2.91
-8*31
I
-3.81
24.81
I
25.11
0.01
I
941
I
I
0.01 111.11
5.21
112.51
I
0.91
9.01 -5.01
111.41 -1.0
I
I
53.81
4.51
3.01
5.41
26.21
4.51
I
53.91
0.31
2.9(
-3.21
26.81
2.31
I
53.61
-0.61
2.91
-1.71
26.11 -2.61
8.61 -4.31
I
56.11
53.41
53.41
3.91
3.11
7.01
I
I
I
0.61
1.4I
1.41
2.91 -6.71
3.0I
3.01 -1.61
8.51 -1.21
I
8.51 0.11
27.01
3.61
8.31 -2.11
27.31
0.91
8.31
1
I
I
25.91
2.11
114.91
3.1
115.91
I
0.9
-0.71
8.71 -1.71
114.71 -1.0
1
117.21
2.2
I
117.91
I
114.51
NUMBER OF BANKS
1/
BANKS
PARTICIPATING
IN THE MONTHLY LOAN COMMITMENT
**
NOTE:
SURVEY ARE SELECTED WEEKLY REPORTING BANKS WITH TOTAL DEPOSITS OF $100 MILLION OR MORE.
MINOR INCONSISTENCIES
MAY OCCUR DUE TO ROUNDING. **
1.2
I
I
55.71
0.0
I
9.41
0.5
MONTHLY SURVEY OF BANK LOAN COMMITMENTS
AT SELECTED LARGE U.S. BANKS 1/
(AS OF FEB. 28, 1974)
NOT FOR
QUOTATION OR
PUBLICATION
TABLE 2 - LOANS UNDER COMMITMENTS
2/
(DOLLAR AMOUNTS IN BILLIONS)
JULY
31
AUGUST
31
SEPTEMBLR 30
OCTOBER
31
(2)
I
(1)
I
(5)
I
(6)
I
(7)
I
(3)
I
(4)
I
C c
I
f
C
I
t
I NON-BANK
C
I
I
C
I I
C
I
I
C C I
TERM
I FINANCIAL I
FIRMS
REVOLVING ITERM LOANS C( CONFIRMED I
OTHER
LOANS
CREDITS
I
TOTAL
IREV. CREDITSI
LINES
IINSTITUTIONSI
It CHGI AMT
1t CHGI
CHGI AMT
1% CHGI AMT
It CHGI
I CHGI AMT
It CHGI AMT
AMT IL HGI AMT
It
1% CHGI AMT
AM7
I
I
I
I
I
9I
1
I
I
17.11 0.01
0.01
5.21 0.01
16.51
0.01
0.01 16.61 0.01
65.51
35.11 0.0O 25.21
I
I
I
9
I
I
17.81 7.61 17.61 2.81
16.41 -0.71
4.81 -7.01
35.41 0.81 25.11 -0.31
65.31 -0.21
I
I
I
I
I
I
I
I
I
1
I
3.51
3.71
0.91
17.01
18.41 4.51
4.91
36.31
2.81
2.71 26.01
67.21
I
I
I
I l.o| I c081I
I
I
I
17.91 -C.41
5.01
1.51
17.51
2.51
1e.61 1.31
36.51 0.51 24.71 -4.91
66.21 -1.51
I
NOVEMBER
30
DECEMBER 31
JANUARY 31
FEBRUARY 28
JUL 73 - FEB 74
AVERAGE
NUMBER
1.81
67.41
1
1
2.11
68.81
I
I
68.01 -1.21
I
I
2.01
69.41
I
I
I
I
0.81
67.51
18.01
I
18.51
I
0.71
I
2.71
18.51 -0.41
I
18.71
I
I
16.21
1.21
I
I
1.81
19.41
I
4.11
I
19.31 -0.31
1
19.41
19.91
0.71
I
2.41
I
37.41
2.4(
I
37.91
1
37.91
1
38.61
0.21
1.8
I
18.91
I
1 37.11
1.21
2.21
37.11
1.4
I
I
24.91
I
25.81
0.91
I
3.51
I
I
24.71 -4.11
I
I
3.71
25.61
I
I
25.31
UAT
""i
t
19
'"l"
(9T
TOTAL
t
I
I
I
rucl
"'l
I
LOANS
AMT
1a
15.61
16.41
0.01
4.2!
I9m
'"
97.81
0.0
98.21
0.3
I
5.11
2.01
17.11
-1.91
5.21
2.41
18.91
10.11
5.41
3.61
17.51 -7.01
5.11 -4.21
17.41 -0.61
17.41
1 -
1
5.11 -0.11
17.11
4
17.41
0.91
17.11
0.01 104.21
2.21
1.41
1.51 102.01
OF BANKS
1/ BANKS PARTICIPATING
IN THE MONTHLY LOAN COMMITMENT SURVEY ARE SELECTED WEEKLY REPORTING BANKS WITH TOTAL DEPOSITS OF $100 MILLION OR MORE.
2/ LOANS UNDER COMMITMENTS ARE DEFINED AS ALL LOANS UNDER COMMITMENTS CURRENTLY OR PREVIOUSLY IN FORCE, LESS REPAYMENTS OF THE PRINCIPAL.
DATA ARE DISTORTED BY TAKEDOWNS OF LOAN COMMITMENTS BY OVERSEAS BRANCHES OF U.S.
** NOTE:
rue
I
I
4.09 101.31
3.1
I
16.71 -1.91 100.41 -0.9
I
17.11 2.21I 101.61
1.2
1
17.31
1.41 105.01
3.3
1
17.41 0.41 103.01 -1.9
I
I
0.31
(81
REAL
ESTATE
MORTGAGES
BANKS AND LOAN SALES.
MINOR INCONSISTENCIES MAY OCCUR DUE TO ROUNDING. **
THE REPORTED
1.2
0.0
NOT FOR
MONTHLY SURVEY OF BANK LOAN COMMITMENTS
AT SELECTED LARGE U.S. BANKS 1/
(AS OF FEB. 28, 1974)
QUOTATION
OR
PUBLICATION
TABLE 3 - UTILIZATION RATIO 2/
(PERCENTAGES)
(2)
LE I
(1)
CE I
FIRMS
TUTAL
S
TERM
LOANS
.
(4)
(3)
I
I
I
I
I
PLVOLVING
CREUITS
C
I
I
ITERM LOANS El
IREV. CREDITS
I
I
(5)
CCI
CONFIRMEU
LINES
.I
I
(6)
I
C
1
I
I
II
OTHER
I
(7)
I
NON-BANK
I FINANCIAL I
IINSTITUTIONSI
I
I
I
(8
REAL
ESTATE
MORTGAGES
TOTAL
LOANS
(10)
TOTAL,
SHORT- 3/
TERM LOANS
(9)
I
I
I
45.6
75.9
48.6
59.3
33.1
61.6
41.2
62.7
46.8
40.4
45.5
77.3
48.6
59.8
32.8
62.0
39.8
63.5
46.6
39.5
46. !
78.1
50.5
61.2
33.5
63.1
40.5
65.6
47.6
40.5
45.2
77.6
50.6
61.0
31.5
62.2
40.0
66.1
46.6
39.4
45.
78.2
50.8
61.1
31.6
63.5
39.0
66.9
46.7
39.4
DECEMBER 31
78.0
bl.,
61.6
32.5
64.4
42.0
67.1
47.8
40.6
JANUARY 31
78.8
51.7
62.1
30.7
63.6
39.4
67.7
46.8
39.2
5
.1
62.2
31.4
64.2
39.0
67.9
46.9
39,5
50.5
61.0
32.1
63.1
40.1
65.9
47.0
39.8
JULY 31
AUGUST
31
SEPTEMBER 30
UCTOBER
31
4IVEMBER
FEBRUARY
30
28
JUL 73 - FEB
AVERAGE
NUMBER OF
45.7
74
45.7
1
I
78.3
77.6
I
I
BANKS
1/
BANKS
2/
THE UTILIZATION RATIO IS THE RATIO, EXPRESSED AS A PERCENTAGE,
3/
EXCLUDES REAL ESTATE MORTGAGES AND TERM LOANS.
PARTICIPATING
IN THE MONTHLY
LOAN
** NOTE:
COMMITMENT SURVEY ARE SELECTED WEEKLY REPORTING BANKS WITH TOTAL DEPOSITS OF $100 MILLION OR MORE.
OF LOANS UNDER COMMITMENTS TO THE SUM OF UNUSED COMMITMENTS AND LOANS UNDER COMMITMENTS.
MINOR INCONSISTENCIES MAY OCCUR DUE TO ROUNDING. **
NOT FOR
QUOTATION OR
PUBLICATION
MONTHLY SURVEY OF BANK LOAN COMMITMENTS
AT SELECTED LARGE U.S. BANKS 1/
(AS CF FEB. 26, 1974)
TABLE 4 -
NEW COMMITMENTS
(DOLLAR AMOUNTS IN BILLIONS)
I
I
(7)
I
(6)
( )
(2)
I
(3)
I
(4)
I
C C I
C
I
I NON-BANK
C cI
I
c
i
I
CC I
TERM
I REVOLVING ITERM LOANS Cl CONFIRMED I
OTHER
I FINANCIAL
FIRMS
ICOMMITMENTS IINSTITUTIONSI
I
LINES
LOANS
CREDITS IREV. CREUITSI
TOTAL
IT CHGI AMT I CHGI AMT It CHGI AMT I CHGI AMT I% CHGI AMT IZ CHGI AMT IX CHGI
AMT
I
I
I
I
I
I
I
I
I
I
I
I
I
I
(1)
C
JULY 31
I
II
I
I
AUGUST
31
SEPTEMBER
30
4.41 -0.11
I
I
3.61-15.51
I
OCTOBER
31
NOVEMBER 30
DECEMBER 31
JANUARY 31
4.41
I
16.71
I
4.71
I
7.71
1
I
4.E1
I
1.71
I
4.61
-4.71
1
I
FEBRUARY
28
4.31
NUMBER
I/
4.41
I
0.91
I
0.01
11.71
I
0.71-22.71
I
0.81
I
1.11
I
0.91
I
5.01
I
1.G0
23.81
I
1.81
2.21
1.31
21.51
I
I
0.81-38.81
I
1
0.81
2.21
I
I
I
I
0.11
0.91
3.31
1
15.11
25.81
1
e.41
2.41
0.81-23.21
1.71-31.71
0.91
5.51
I
1.01
1
I
0.61
1
I
1.71
I
3.91
1. 1
I
1
1.91
0.41
0.01
1.01
0.01
1.21
I
0.01
I
1.21
(9)
TOTAL
COMMITMENTS
AMT
It CHG
I
6.61
1.91-13.31
0.51 28.51
0.91
-6.21
1.21
1.51-24.41
0.81 42.81
0.81
-8.21
17.61
0.91
7.71
0.91
I
6.51 -1.1
I
0.81-36.11
5.31-18.2
33.81
6.31 17.7
I
1.71
17.91
0.91
1.01
I
1.71
0.91
I
I
1.71
I
-1.41
I
O.bl
-5.21
I
I
I
0.71-10.41
1.01
25.21
C.81-15.11
I
I
I
2.11
23.41
0.81
20.81
I
I
I
I
2.01
I
I
1.91
-2.61
I
I
0.11
-
I
I
0.91-14.91
I
I
0.61-29.91
0.71-24.31
I
I
0.71
I
I
I
I
C.91 -4.01
I
I
7.7)
I
0.81-25.71
6.31
PARTICIPATING
IN THE MLNTHLY
**
LOAN COMMITMENT
NOTE:
SURVEY
1.01
37.21
6.91
9.0
I
I
C.91-16.01
I
I
6.31 -7.9
0.81 -8.51
5.81
-8.2
6.21
0.0
I
I
0.91
I
I
-2.11
ARE SELECTED WEEKLY REPORTING BANKS WITH TOTAL DEPOSITS OF $100 MILLION OR MORE.
MINOR INCONSISTENCIES MAY OCCUR DUE TO ROUNDING. **
0.4
I
OF BANKS
BANKS
0.0
I
I
1.11 -4.11
I
1
I
0.01
I
I
I
I
2.21
1
I
2.01
9.51
I
I
1.51-22.61
I
12.11
0.0|
I
I
I
1.1
1.8|
I
1.11 12.31
I
I
0.61-22.51
I
44.51
0.01
I
I
I
-5.21
I
4.4I
JUL 73 - FEB 74
AVERAGE
U.81
0.01
4.41
(8)
REAL
ESTATE
MORTGAGES
It CHGI
AMT
@FedFRASER