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CONFIDENTIAL (FR)
CLASS II
-
July 16, 1976
FOMC
SUPPLEMENT
CURRENT ECONOMIC AND FINANCIAL CONDITIONS
Prepared for the
Federal Open Market Committee
By the Staff
Board of Governors
of the Federal Reserve System
TABLE OF CONTENTS
Page
THE DOMESTIC NONFINANCIAL ECONOMY
Industrial production.......................................
Inventories ..................................................
1
3
TABLE:
Industrial production........................
................
2
Time and savings deposit flows at
commercial banks and thrift institutions...................
Mortgage market..............................................
4
5
THE DOMESTIC FINANCIAL ECONOMY
TABLES:
Average rates and yields on new-home mortgages.. ...........
Interest rates................. ....
......................
5
6
APPENDIX
Quarterly survey of bank lending practices...................
A-1
SUPPLEMENTAL NOTES
The Domestic Nonfinancial Economy
The newly revised industrial production index is estimated
to have risen 0.3 per cent in June following upward revised increase
of 0.7 in May.
Rises in output of durable materials and business
equipment were partially offset by weakness in production of consumer
nondurable goods and nondurable materials.
At 129.9 per cent of
the 1967 average, the index is about 16 per cent above the March
1975 low but remains about 1-1/2 per cent below the high of June 1974.
Products.
Auto assemblies rose slightly in June and pro-
duction schedules for the coming months indicate some further expansion
after allowance for the model changeover period.
However, production
of compact and subcompact cars declined further in June.
of durable home goods increased further.
Output
Output of business equip-
ment advanced an estimated 0.6 per cent in June over the downward
revised May level.
Since April 1975 production of this important
component has regained about one-half of the reduction in output
which occurred between September 1974 and April 1975 and, furthermore,
the rate of increase accelerated in the second quarter to 2.3 per
cent as compared with the 1.9 per cent rise in the first quarter.
Production of construction supplies edged off slightly.
Materials.
Strong increases in output of durable goods
materials continued reflecting a surge in basic metal production
and further rises in output of consumer durable and equipment parts.
- 2 -
Nondurable materials, however, are estimated to be unchanged as
inventory accumulations over the last several months have dampened
after the earlier rapid growth of textile, paper, and chemical
materials production.
INDUSTRIAL PRODUCTION
(Seasonally adjusted)
1976
June
Per cent changes
Month Year QI to
OTT
Ago
Ago
129.5
129.9
11.6
1.8
128.2
128.7
129.0
8.6
1.1
Nondurable goods
Business equipment
126.4
136.1
140.3
134.4
134.0
126.4
135.9
141.0
133.9
134.5
126.8
136.3
142.7
133.9
135.8
127.2
136.6
143.3
134.0
136.6
7.6
9.9
18.0
6.8
7.9
1.3
1.2
3.4
.2
2.3
Intermediate products
Construction supplies
134.9
128.7
134.9
128.1
135.4
130.0
135.4
129.6
12.1
15.1
.4
.6
128.2
129.1
130.9
131.4
16.7
Indexes, 1967=100
Mar.
Final products
Consumer goods
Durable goods
Materials
p--preliminary
128.6
128.1
Products, total
May
(p)128.1129.
128.1
Total
Apr.
128
e--est:Lmate d
2.8
- 3 -
Inventories.
Book value of retail trade inventories rose
at a $.7 billion rate in May, much slower than the $6.9 billion April
rate of rise and the $8.0 billion first quarter average annual rate
of increase.
This low rate of growth of retail inventories in May
is somewhat surprising given the substantial decrease of retail sales
relative to manufacturing shipments and wholesale sales in that month.
However, inconsistencies in the monthly inventory and sales figures
are not uncommon.
For manufacturing and trade the rate of inventory growth
was $23.2 billion in May, faster than both the $11.5 billion April
rate of rise and the
of increase.
$19.5 billion first quarter average annual rate
However, the average annual rate of increase in the
first two months of the second quarter was $17.5 billion, slightly
below the first quarter average rate of rise.
The manufacturing
and trade inventory-sales ratio rose slightly to 1.46 in May from
1.45 in April.
-4-
The Domestic Financial Economy
Time and Savings Deposit Flows at Commercial Banks and Thrift
Institutions.
Data for the first part of July indicate a resumption of
strong inflows into time and savings accounts at commercial banks and
savings and loan associations following the slowdown in deposit growth
at these institutions in June.
According to FHLBB staff estimates,
insured S&L's received $1.8 billion in net new deposits during the
first 10 days in July--a record inflow for this period of time.
At
commercial banks, inflows in the first week of July were generally
quite strong, and savings deposits in particular increased sharply
following a slight decline in June.
Mutual savings banks so far
have not shared in the resurgence of growth in time and savings
deposits.
As a result of the early July inflows, growth in time and
savings deposits over the June and July period appears to be little
changed from the healthy expansion in these deposits that occurred
during the first five months of the year.
While it is not clear
why deposit flows have fluctuated sharply during the past few weeks,
modest declines in short-term rates may account in part for the resurgence of these flows in July.
Also, some interest crediting for
the month of June may have shown up in the commercial bank data for
early July.
- 5Mortgage market.
According to the HUD(FHA)
opinion survey,
average interest rates on new commitments for conventional new- and
existing-home mortgages edged up 5 basis points during June to 9.05
and 9.10 per cent, respectively.
Yields on FHA-insured new-home
mortgages for immediate delivery in the private secondary market were
virtually unchanged in June.
These rate movements are generally con-
sistent with the primary and secondary mortgage market yields reported
in the Greenbook.
AVERAGE RATES AND YIELDS ON NEW-HOME MORTGAGES
(HUD-FHA Field Office Opinion Survey)
Primary market
End
Secondary market 1/
Conventional loans
of
Month
Level 2/
(per cent)
1975-Low
High
8.90 (Mar.)
9.25 (Sept.,
Spread 4/
(basis points)
FHA-insured loans
Level 3/
(per cent)
Spread 4/
(basis points)
Discounts
(points)
-70 (Mar.)
+15 (Jan.)
8.69 (Mar.)
9.74 (Sept.)
-91 (Mar.)
+31 (Oct.)
2.4 (Dec.)
6.2 (Aug.)
Oct.)
1976-Jan.
Feb.
Mar.
Apr.
May
9.05
9.00
8.95
8.90
9.00
+39
+42
+42
+32
+5
9.06
9.04
n.a.
8.82
9.03
+40
+46
n.a.
+24
+8
2.4
2.2
n.a.
2.5
4.1
June
9.05
+35
9.05
+35
4.2
1/ Any gaps in data are due to periods of adjustment to changes in maximum
permissible contract rates on FHA-insured loans.
Average contract rates (excluding fees or points) on commitments for con2/
ventional first mortgage loans, rounded to the nearest 5 basis points.
3/ Average gross yield (before deducting servicing costs) to investors on
30-year minimum-downpayment FHA-insured first mortgages for immediate
delivery in the private secondary market (excluding FNMA), assuming
prepayment in 15 years.
4/ Average gross mortgage rate or yield minus average yield on new issues
of Aaa utility bonds in the last week of the month.
INTEREST RATES
(One day quotes - in per cent)
1976
July 15
Lows
June 21
5.58(3/33)
4.70(2/18)
5.48(6/23)
5.27(7/14)
5.57( 6/2)
6.00(6/15)
5.95( 6/2)
6.81( 6/1)
4.68(1/29)
5.00(4/29)
4.80(4/2 1)
5.19(4/22)
5.36
5.88
5.73
6.19
5.11
5.50
5.43
5.63
5.75(6/16)
4.88(4/21)
5.63(6/23)
5.38(7/14)
5.96(5/27)
6.00(6/22)
6.42(5/27)
4.95(1/29)
5.13(4/29)
5.31( 2/2)
5.73
6.00
6.12
5.39
6.50( 5/2)
5.38(4/21)
5.13(6/23)
5.75(7/14)
5.39(5/27)
6.86(5/28)
5.27(1/29)
5.82(4/14)
5.05
6.55
5.67
6.75(6/15)
3.70(5/28)
5.38( 2/4)
3.00(1/30)
5.63(6/23)
3.40(6/13)
6.13(7/14)
3.20(7/15)
7.32(5/27)
8.20(5/21)
7.12(4/21)
7.77(4/14)
7.51
7.98
7.38
7.95
G. 66(
1/2)
10.34(
1/2)
3.34(4/15)
9.70(6/16)
3.60
9.65
0.53
9.63
8.95(5/28)
0.38(4/22)
1.70(6/23)
8.53
Municipal
Bond Buyer Index
7.13( 1/8)
5.54(4/15)
5.87(6/23)
5.78
Mortgage--average yield
in FNMA auction
9.20(
5/1)
8.83(4/19)
9.14(6/14)
9.05(7/12)
Highs
Short-Term Rates
Federal funds
(wkly.
avg.)
3-month
Treasury bills
(bid)
Comm. paper (90-119 day)
Bankers' acceptances
Euro-dollars
CD's (NYC) 90 day
Most often quoted new
6-month
Treasury bills
(bid)
Comm. paper (4-6 mo.)
Federal agencies
CD's (NYC) 180 day
Most often quoted new
1-year
Treasury bills (bid)
Federal agencies
5.63
6.02p(7/13)
6.41p(7/13)
CD's (NYC)
Most often quoted new
Prime municipals
Intermediate and Long-Term
Treasury coupon issues
5-years
20-years
Corporate
Seasoned Aaa
Baa
New Issue Aaa Utility
A- 1
SUPPLEMENTAL APPENDIX A*
Quarterly Survey of Bank Lending Practices
May 14, 1976
The Survey of Bank Lending Practices conducted on May 14, 1976,
suggests that the respondents suspect that a firming of business loan demand
may be about to occur. After allowance for normal seasonal variation, more
than one-half of the 121 large commercial banks reporting in the May survey
anticipate modest growth in the demand for commercial and industrial loans
over the mid-May to mid-August period. About 47 per cent expect loan demand
to remain slack, while less than two per cent foresee further deterioration
through mid-August. This expected expansion in loan demand is in part a
consequence of additional, mostly unexpected, erosion - or continued weakness - in business credit over the February to May period at most banks.
In the mid-February survey only 10 per cent of the respondents had believed
demand would moderate over the survey period; however, in mid-May, almost
one-fourth of the banks had actually experienced further softening in
their borrowing demands. Moreover, while one-third of the banks had expected
in February that credit demands would moderately firm in the months ahead,
in May only 14 per cent of the panel reported somewhat stronger loan demand
over the February-May interval. Indeed, about one-half of the 64 banks
currently anticipating stronger loan demand had previously predicted the
same in February-only to experience either weaker or unchanged credit demands
between February and May.1/ This phenomenum has occurred repeatedly in past
surveys; thus expectations of firmer borrowing demands over the short-run
may more realistically be interpreted as reflecting optimism with regard
to regaining some prior level of loan volume.
As in earlier surveys, the majority of the respondents reported
that both price and nonprice terms of lending have remained essentially
unchanged over the period between surveys. Although interest rates charged
to nonfinancial businesses had showed indications of declining in the previous
two surveys, more than four-fifths of the panel currently are reporting no
change in such interest rates, and only 14 per cent have reported lower
rates. The stability of price terms of lending undoubtedly was a reflection
of a stable prime rate between mid-February and mid-May. However, this
pricing policy is still quite restrictive since the prime rate was still
high historically, compared with short term market rates of interest.
The trend that emerged in the previous survey toward less
restrictiveness in compensating balance requirements has continued at a
small, but increasing number of banks, with 27 per cent now reporting an
easing in such requirements since mid-November. However, other nonprice terms of lending have apparently remained restrictive with most banks
1/ It should be recalled that the bank credit estimates for June, discussed
in Part II of the current Greenbook, show that business loans at all commercial banks declined at about a 2-3/4 per cent annual rate. Thus it seems
probable that some of these banks have again not experienced the anticipated
pickup in loan demand.
*
Prepared by Virginia Lewis, Banking Section, Division of Research and
Statistics.
reporting no significant changes between February and May in practices
relating to the reviewing of credit lines, credit standards, or maturities.
As in February, respondents have indicated a greater willingness
to extend loans of all types included in the survey, most notably term
loans to businesses and consumer instalment loans. More than one-quarter
of the banks are more willing to make term loans and more than a third,
consumer type loans.
Although the demand for commercial and industrial loans continues
to be sluggish and the liquidity positions of commercial banks have improved
substantially, there is little evidence, outside of the slight easing of
compensating balance requirements at some banks, that banks are attempting
to stimulate loan growth either through a less restrictive posture on nonprice terms of lending or by reducing loan rates relative to market rates.
In spite of continued assertions in the comments on the questionnaires
that new opportunities to increase loan totals are aggressively being sought,
standards of credit worthiness are not being relaxed, as banks are still
apparently concerned with maintaining or upgrading the quality of their
loan portfolios.
NOT FOR
QUOTATION OR
PUBLICATION
TABLE
1
SURVEY OF CHANGES IN BANK LENDING PRACTICES
AT SELECTED LARGE BANKS IN THE U.S.
1/
COMPARED TO THREE MONTHS
POLICY ON
MAY 15, 1976
(NUMBER OF BANKS & PERCENT OF TOTAL BANKS REPORTING)
QUARTERLY
OF
(STATUS
MUCH
STRONGER
TOTAL
BANKS
PCT
BANKS
PCT
MODERATELY
STRONGER
BANKS
PCT
EARLIER)
ESSENTIALLY
UNCHANGED
PCT
BANKS
MODERATELY
WEAKER
BANKS
PCT
MUCH
WEAKER
BANKS
PCT
STRENGTH OF DEMAND FOR COMMERCIAL AND
INDUSTRIAL LOANS (AFTER ALLOWANCE FOR
BANK'S USUAL SEASONAL VARIATION)
COMPARED TO
THREE
121
MONTHS AGO
ANTICIPATED DEMAND
IN
NEXT
3
MONTHS
100.C
0
0.0
17
14.0
75
121
100.0
0
0.0
64
52.'
BANKS
TERMS AND
STANDARDS OF
MATURITY OF
1/
BANKS
BANKS
BANKS
PCr
PCT
PLT
LOAN
OF
100.0
91.7
85.9
11.6
100.0
94.2
5.0
100.0
AREA CUSTOMERS
LENDING PRACTICES
MAY 15, 1976.
88.5
88.5
9.9
6.5
10.7
APPLICATIONS
CUSTOMERS
SERVICE
91.7
100.0
LINES OR
78.5
100.0
TERM LOANS
b4.1
100.0
SERVICE AREA CUSTOMERS
SURVEY
AS OF
MODERAIELY
EASIEK
POLICY
100.0
BALANCES
CUSTOMERS
NONLOCAL
ESSENTIALLY
UNCHANGED
POLICY
100.0
CHARGED
CREDIT WORTHINESS
CREDIT
ESTABLISHED
LOCAL
PCT
MODERATELY
FIRMER
POLICY
BUSINESSES
COMPENSATING OR SUPPORTING
NEW
BANKS
1.7
CONDITIONS:
INTEREST RATES
REVIEWING
PCT
MUCH
FIRMER
PLLICY
23.1
2
55 *b.4
ANSWERING
QUFSTION
LENDING TO NONFINANCIAL
28
62.1
AT
121 LARGE
BANKS
REPORTING
IN THE
FEDERAL
RESERVE QUARTERLY
INTEREST RATE
e.6
SURVEY
MUCH
EASIER
POLICY
BANKS
PLT
NOT FOR QUOTATION OR PUBLICATION
TABLE
PCT
(CONTINUED)
MUCH
FIRMER
POLICY
ANSWERING
QUESTION
PANKS
1
BANKS
PCT
MODERATELY
FIRMER
POLICY
ESSENTIALLY
BANKS
BANKS
PCT
UNCHANGED
POLICY
PCT
MODERATELY
EASIER
POLICY
BANKS
PCT
MUCH
EASIER
POLICY
BANKS
PCT
FACTORS RELATING TO APPLICANT 2/
VALUE AS DEPOSITOR OR
SOURCE OF COLLATERAL BUSINESS
121
100.0
103
85.2
INTENDED USE OF THE LOAN
121
100.0
115
95.0
INTEREST RATES CHARGED
100.0
117
r6.7
COMPENSATING OR SUPPORTING BALANCES
100.0
116
95.9
ENFORCEMENT OF BALANCE REQUIREMENTS
100.0
110
90.9
ESTABLISHING NEW OR LARGER CREDIT LINES
100.0
102
84.2
LENDING TO "NONCAPTIVE" FINANCE COMPANIES
TERMS AND CONDITIONS:
ANSWERING
QUESTION
BANKS
PCT
CONSIDERABLY
LESS
WILLING
BANKS
PCT
MODERATELY
LESS
WILLING
ESSENTIALLY
UNCHANGED
MODERATELY
MORE
WILLING
BANKS
BANKS
BANKS
PCT
PCT
PCT
CONSIDERABLY
MORE
WILLING
BANKS
PCT
WILLINGNESS TO MAKE OTHER TYPES OF LOANS
TERM LOANS TO BUSINESSES
100.0
88
72.8
31
25.6
CONSUMER INSTALMENT LOANS
100.0
80
66.6
32
26.7
SINGLE FAMILY MORTGAGE LOANS
100.0
97
fi
.9
18
15.0
MULTI-FAMILY MORTGAGE LOANS
100.0
111
94.1
3
2.5
ALL OTHER MORTGAGE LOANS
100.0
103
85.9
13
10.8
PARTICIPATION LOANS WITH
CORRESPONDENT BANKS
121
100.0
99
81.8
18
14.9
LOANS TO BROKERS
121
100.0
101
83.5
17
14.0
2/ FOR THESE FACTORS, FIRMER MEANS THE FACTORS WERE CONSIDERED
CREDIT REQUESTS, AND EASIER MEANS THEY WERE LESS IMPORTANT.
MORE IMPORTANT
IN MAKING DECISIONS FOR APPROVING
1
0.8
NOT FOR QUOTATION
OR PUBLICATION
COMPARISON
TABLE 2
OF QUARTERLY CHANGES IN BANK LENDING PRACTICES AT BANKS GROUPED BY SIZE OF TOTAL DEPOSITS
(STATUS OF POLICY ON
MAY 15, 1976, COMPARED TO THREE MONTHS EARLIER)
(NUMBtR OF BANKS IN EACH COLUMN AS PER CENT OF TOTAL BANKS ANSWERING QUESTION)
SIZE
TOTAL
$1 &
OVER
UNDER
$1
OF
BANK
MUCH
STRONGER
$1 C
OVER
UNDER
$1
--
TOTAL DEPOSITS
1/
IN PILLIONS
MODERATELY
STRONGER
FSSENTIALLY
UNCHANGED
$1 E
OVER
$1 E
OVER
$1 E
OVER
MUCH
MODERATELY
WEAKER
UNDER
£1
UNDER
$1
UNDER
$1
WEAKER
UNDER
$1
$1 &
OVER
STRENGTH OF DEMAND FOR COMMERCIAL AND
INDUSTRIAL LOANS (AFTER ALLOWANCE FOR
BANK'S USUAL SEASONAL VARIATION)
COMPARED
10 THREE
ANTICIPATED
100
DEMAND
IN NEXT
3 MONTHS
100
100
MONTHS AGO
100
TOTAL
$I C
I VFR
LENDING TO NONFINANCIAL
UNDER
$1
MUCH
FIRMER
$1 &
'VER
UNDLR
$1
MUDERATELY
FIRMER
ESSENTIALLY
UNLHANGED
MODERATELY
EASI tR
SI f
UVER
$1 &
OVER
$1 £
OVER
UNDLR
$)
UNDER
$1
UNDER
$1
MULH
EASIER
1s &
OVER
Ul
EUSINESSFS
TERMS AND CONDITIONS:
)00
100
100
100
)00
100
100
100
ESTABLISHED CUSTOMERS
100
100
j
90
NEW CUSTOMERS
100
100
4
9u
LOCAL SERVICE AREA CUSTOMERS
100
100
1
s2
NONLOCAL SERVICE AREA CUSTOMERS
100
100
1
88
INTEREST RATES CHARGED
COMPENSATING OR SUPPOKIINu
BALANCES
STANDARDS OF CREDIT WORTHINESS
MATURITY OF
REVIEWING
1/
TERM LOANS
CREDIT
UNDER
$1
LINES OR LOAN APPLICATIONS
52 LARGE BANKS (DEPOSITS OF SI BILLION OR MORE) AND
SURVEY OF LENDING PRACTICES AT
$1 BILLION) KEPOR1ING IN IHE FEDERAL RESERVE QUARTERLY INTEREST RATE SURVEY AS OF
t9
SMALL BANKS
MAY 15,
(I
DEPOSITS OF LESS
1976.
THAN
2
TABLE
NOT FOR QUOTATION OR PUBLICATION
(CONTINUED)
SIZE
NUMBER
ANSWERING
QUESTION
$1 &
OVER
UNDER
$1
OF BANK
MUCH
FIRMER
POLICY
$1 E
OVER
UNDER
$1
--
TOTAL bEPOSITs
IN BILLIONS
MODERATELY
FIRMER
POLICY
tSSENTIALLY
UNCHANGED
POLICY
MODERATELY
EASIER
POLICY
$1 E
OVER
$1 &
OVER
$1 &
OVER
UNDER
$)
UNDER
$1
UNDER
$1
MUCH
EASIER
POLICY
$1 &
OVER
UNDER
$1
FACTORS RELATING TO APPLICANT 2/
VALUE AS DEPOSITOR OR
SOURCE OF COLLATERAL BUSINESS
100
100
INTENDED USE OF THE LOAN
100
100
LENDING TO "NONCAPTIVE" FINANCE COMPANIES
TERMS AND CONDITIONS:
INTEREST RATES CHARGED
COMPENSATING OR SUPPORTING BALANCES
ENFORCEMENT OF BALANCE REQUIREMENTS
ESTABLISHING NEW OR LARGER CREDIT LINES
NUMBER
ANSWERING
QUESTION
$1 E
OVER
UNDER
$1
CONSIDERABLY
LESS
WILLING
$1 &
OVER
UNDER
$1
MUDERATELY
LESS
WILLING
ESSENTIALLY
UNCHANGED
$1 &
OVER
$5 E
OVER
ONDER
$1
UNDER
$1
MODERATELY
MORE
WILLING
$1 C
OVER
UNDER
$1
CONSIDERABLY
MORE
WILLING
$1 6
OVER
UNDER
$1
WILLINGNESS TO MAKE OTHER TYPES OF LOANS
13
20
1
23
.6
14
MULTI-FAMILY MORTGAGE LOANS
0
4
ALL OTHER MORTGAGE LOANS
4
16
TERM LOANS TO BUSINESSES
CONSUMER INSTALMENT
LOANS
SINGLE FAMILY MORTGAGE LOANS
PARTICIPATION LOANS WITH
CORRESPONDENT BANKS
100
LOANS TO BROKERS
2/
100
100
100
FOR THESE FACTORS, FIRMER MEANS THE FACTORS WERE CONSIDERED MORE IMPORTANT
CREDIT REQUESTS, AND EASIER MEANS THEY WERE LESS IMPORTANT.
IN MAKING DECISIONS FOR APPROVING
0
1
NOT
TABLE 3
FOR QUOTATION OR PUBLICATION
QUARTERLY
SURVEY OF CHANGES IN BANK LENDING PRACTICES AT SELECTED LARGE BANKS IN THE U.S.
STATUS OF POLICY ON
MAY 15, 1976
COMPARED 10 THREE MONTHS EARLIER
(NUMBER OF BANKS)
NEW YORK
BOSTON
TOTAL CITY OUTSIDE
ALL
DSTS
PHILADEL.
CLEVE- RICHLAND
MOND
ATLAN- CHICAGO
TA
1/
ST.
LOUIS
MINNE- KANS.
CITY
APOLIS
DALLAS
SAN
FRAN
STRENGTH OF DEMAND FOR COMMERCIAL AND
INDUSTRIAL LOANS (AFTER ALLOWANCE FOR
BANK'S USUAL SEASONAL VARIATION)
COMPARED TO 3 MONTHS
AGO
121
MUCH STRONGER
MODERATELY STRONGER
ESSENTIALLY UNCHANGED
MODERATFLY WEAKER
MUCH WEAKER
0
17
75
28
1
ANTICIPATED DEMAND NEXT
THREE MONTHS
MUCH STRONGER
MODERATELY STRONGER
ESSENTIALLY UNCHANGED
MODERATELY WEAKER
MUCH WEAKER
0
64
55
2
O
0
0
6
3
0
0
0
3
0
O
0
0
3
t
0
0
5
2
1
0
0
0
5
3
1
0
4
5
0
0
O
9
4
U
0
1
b
0
0
0
0
b
1
0
0
C
10
1
1
7
0
0
0
8
1
0
121
0
i
6
1
0
G
i
7
7
0
0
0
2
6
0
0
2
5
1
0
0
0
5
1
0
0
1
6
4
0
0
3
0
0
0
7
9
0
U
0
2
6
0
0
0
5
3
0
0
0
3
3
0
0
0
5
5
1
0
G
7
5
0
c
u
5
5
0
0
0
9
6
0
0
0
0
8
0
0
C
1
12
3
0
0
8
0
0
O0
1
4
0
0
6
a
0
0
0
0
0
10
1
0
0
0
11
1
0
0
0
8
1
0
0
u
11
4
0
1
2
95
23
O
0
0
6
2
0
0
1
13
2
0
0
0
7
1
0
0
1
6
1
0
0
5
1
0
0
10
1
O
0
0
9
3
0
0
9
1
0
0
C
121
LARGE
BANKS
5
4
6
1
0
0
6
4
0
u
0
11
0
(
4
3
L
0
0
0
0
10
1
0
LENDING TO NONFINANCIAL
BUSINESSES
TERMS AND CONDITIONS
INTEREST RATES CHARGFD
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
COMPENSATING BALANCES
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
1/
SURVEY OF
AS OF
LENDING PRACTICES AT
MAY 15, 1976.
120
0
2
101
17
0
0
6
:
0
0
0
3
0
0
121
REPORTING IN
THE
FEDERAL
RESERVE
1.
2
0
,UAKIERLY INTEREST
0
0
5
4
0
RATE
0
0
2
1
0
SURVEY
0
b
0
NOT FOR QUOTATION OR
TABLE
PUBLICATION
ALL
DSTS
BOSTON
3 (CONTINUEC)
PHILADEL.
NEW YORK
TOTAL CITY OUTSIDE
RICHMOND
CLEVELAND
ATLANTA
CHICAGO
ST.
LOUIS
DALLAS
SAN
FRAN
MINNEAPOLIS
KANS.
CITY
0
0
3
1
1
6
1
0
0
0
9
0
0
0
0
3
0
1
b
6
2
0
0
U
6
3
u
0
G
11
0
0
3
O
O
0
e
6
0
G
9
0
0
u
0
11
2
(
o
2
5
2
0
0
1
(
0
1i
.
0
0
1
7
1
0
0
O
9
0
0
LENDING TO NONFINANCIAL
BUSINESSES
TERMS AND
CONDITIONS
STANDARDS
OF
CREDIT WORTHINESS
12)
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
2
5
111
3
O
MATURITY OF TERM LOANS
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
POLICY
ESSENTIALLY UNCHANGEC
MODERATELY EASIER POLICY
MUCH EASIER POLICY
0
C
8
0
0
1
1
14
0
0
0
0
8
0
0
1
1
6
0
0
0
0
6
0
0
0
2
9
0
0
0
0
12
0
C
0
0
10
0
0
0
0
14
1
C
0
0
9
0
0
0
0
8
0
0
0
0
16
0
0
C
8
0
0
0
0
8
0
0
0
0
5
1
0
0
0
11
0
0
0
0
10
2
0
0
0
10
0
0
0
0
1&
2
0
0
8
1
u
0
0
8
0
0
0
0
15
1
0
0
0
8
0
O
0
0
7
1
0
0
0
6
0
0
0
0
10
1
O
0
0
11
1
0
0
0
10
0
0
0
0
1I
0
0
0
6
0
0
0
0
10
1
0
0
0
9
3
0
0
0
9
1
0
0
0
11
4
0
0
0
0
0
3
0
0
0
11
1
0
0
10
0
0
0
13
2
0
0
9
0
0
0
0
3
0
0
0
0
0
11
1
0
121
1
0
107
13
0
REVIEWING CREDIT LINES OR LOANS
ESTABLISHED CUSTOMERS
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
SERVICE
0
2
111
8
0
9
2
0
1
0
121
NEW CUSTOMERS
LOCAL
121
AREA CUSTOMERS
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
16
0
0
8
0
0
0
0
8
0
0
0
16
0
0
0
8
0
0
0
8
0
0
0
0
0
3
104
14
0
0
0
7
1
0
0
0
9
0
0
121
0
0
0
1
114
6
0
0
8
0
0
0
0
6
0
0
0
0
0
10
1
0
0
0
u
1
1
0
NOT FOR QUOTATION OR PUbLICATION
TABLE
ALL
DSTS
NEW YORK
BOSTON TOTAL CITY OUTSIDE
3
(CONTINUED)
PHILADEL.
CLEVE- RICHLAND MOND
ST.
ATLAN- CHICAGO
LOUIS
TA
DALLAS
SAN
FRAN
l
0
6
2
u
O
0
9
0
0
0
0
11
2
O
MINNE- KANS.
CITY
APOLIS
LENDING TO NONFINANCIAL
BUSINESSES
REVIEWING CREDIT
LINES OR LOANS
NONLOCAL SERVICE
AREA CUST
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERAfELY EASIER POLICY
MUCH EASIER POLICY
121
1
1
107
12
0
O
0
7
1
O
0
0
6
0
O
0
0
10
1
0
0
0
10
2
0
0
1
9
0
O
0
0
3
Z
0
c
0
9
0
0
O
0
0
0
0
8
0
O
1
13
2
0
0
0
7
1
0
0
1
6
1
0
0
1
5
0
0
0
2
9
0
0
0
1
11
0
0
0
0
9
1
0
0
0
13
2
0
0
0
1
0
0
U
2
1
0
0
2
7
0
0
0
1
8
0
0
0
1
10
2
0
0
0
8
0
0
C
0
lb
0
0
0
0
8
0
0
0
0
P
0
0
0
6
0
0
0
10
1
0
0
0
12
0
0
0
0
10
0
0
0
0
15
0
0
0
0
8
.
0
0
0
3
0
0
0
2
7
0
0
0
1
b
0
0
0
0
12
1
0
0
0
8
0
0
O
0
15
1
0
0
0
8
0
0
O
C
7
1
0
0
0
6
0
0
O
0
11
0
0
0
0
12
C
0
0
1
9
0
0
0
0
14
1
0
0
0
9
0
0
0
0
3
0
0
0
0
9
0
0
0
0
9
0
0
0
0
12
1
0
0
0
6
2
0
0
0
15
1
3
0
FACTORS RELATING TO APPLILANT 2/
VALUE AS DEPOSITOR OR SOURCE
OF COLLATERAL BUSINESS
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
INTENDED USE OF LOAN
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
121
O
9
103
9
0
0
0
8
0
0
0
6
121
0
3
115
3
0
LENDING TO "NONCAPTIVE"
FINANCE COMPANIES
TERMS AND CONDITIONS
INTEREST RATES CHARGED
MUCH FIRMER POLICY
MODERATcLY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
121
O
1
117
3
0
2/ FOR THESE FACTORS, FIRMER MEANS THE FACTORS WERE CONSIDERED MORE IMPORTANT IN MAKING DECISIONS
CREDIT REQUESTS, AND EASIER MEANS THEY WFRE LESS IMPORTANT.
FOR APPROVING
NOT FOR QUOTATION OR PUBLICATION
TABLE
ALL
DSTS
BOSTON
3
NEW YORK
TOTAL CITY OUTSIDE
(CONTINUED)
CLEVF- RICHLAND MOND
PHILADEL.
ATLAN- CHICTA
AGO
ST.
LOUIS
MINNE- KANS.
APOLIS
CITY
DALLAS
SAN
FRAN
LENDING TO "NONCAPTIVE"
FINANCE COMPANIES
TERMS AND CONDITIONS:
SIZE OF COMPENSATING BALANCES
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
ENFORCEMENT OF
BALANCE REQUIREMENT
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
ESTABLISHING NEW OR LARGER
CREDIT LINES
MUCH FIRMER POLICY
MODERATELY FIRMER POLICY
ESSENTIALLY UNCHANGED POLICY
MODERATELY EASIER POLICY
MUCH EASIER POLICY
121
15
0
0
0
0
0
1
0
0
0
3
0
0
0
0
9
0
0
0
0
9
0
0
O
0
11
2
0
0
1
8
1
0
0
15
0
0
0
0
8
1
0
0
0
0
O
0
1
8
0
0
0
0
9
0
0
0
0
b
5
0
0
1
0
0
8
0
0
O
0
16
0
0
O
0
8
0
0
0
0
8
0
0
0
0
6
0
0
0
0
11
0
0
U
11
1
0
0
0
9
1
0
0
0
8
0
0
O
116
5
0
0
0
16
0
0
0
8
0
0
0
8
0
0
C
5
1
0
1
10
0
0
0
12
0
0
c
121
0
3
110
8
0
0
0
0
0
0
0
0
0
4
121
0
6
102
11
2
0
0
10
1
0
0
1
8
3
0
0
1
9
0
0
0
0
13
1
1
0
1
7
1
0
0
0
3
0
0
0
1
8
0
0
0
0
8
0
1
0
3
3
0
0
10
1
0
0
0
8
4
0
1
0
8
1
0
0
0
1
2
0
0
0
5
4
0
0
0
3
0
0
0
0
6
3
0
0
0
6
0
7
b6
U
0
0
4
1
1
0
0
8
3
0
0
0
7
1
4
0
0
5
5
0
0
8
6
1
0
0
6
0
0
3
0
0
0
0
6
1
0
0
0
5
4
0
u
0
6
6
1
0
0
8
0
0
0
1
13
2
0
0
0
7
1
0
0
1
6
1
0
0
0
6
0
0
0
0
7
1
0
0
1
12
3
0
0
0
6
2
0
0
1
6
1
0
0
0
7
1
0
0
0
13
2
0
0
0
6
1
0
0
0
7
1
0
s
0
WILLINGNESS TO MAKE OTHER
TYPES OF LOANS
TERM LOANS TO BUSINESSES
CONSIDERABLY LESS WILLING
MODERATELY LESS WILLING
ESSENTIALLY UNCHANGED
MODERATELY MORE WILLING
CONSIDERABLY MORE WILLING
CONSUMER INSTALMENT LOANS
CONSIDERABLY LESS WILLING
MODERATELY LESS WILLING
ESSENTIALLY UNCHANGED
MODERATELY MORE WILLING
CONSIDERABLY MORE WILLING
121
1
1
88
31
0
0
0
120
O
0
80
32
8
1
NOT FOR
QUOTATION OR PUBLICATION
TABLE
ALL
DSTS
BOSTON
NFW YORK
TOTAL CITY OUTSIDE
3
(CONTINUED)
PHILADEL.
CLEVE- RICHLAND MOND
ST.
ATLAN- CHICTA
AGO
LOUIS
MINNE- KANS.
APOLIS
CITY
DALLAS
SAN
FRAN
WILLINGNESS TO MAKE OTHER
TYPES OF LOANS
SINGLE FAMILY MORTGACE LOANS
CONSIDERABLY LESS WILLING
MODERATELY LESS WILLING
ESSENTIALLY UNCHANGED
MODERATELY MORE WILLING
CONSIDEABLY MORE WILLING
MULTIFAMILY MORTGAGE LOANS
CONSIDERABLY LESS WILLING
MODERATELY LESS WILLING
ESSENTIALLY UNCHANGED
MODERATELY MORE WILLING
CONSIDFRABLY MORE WILLING
ALL OTHER MORTGAGE LOANS
CONSIDERABLY LESS WILLING
MODERATELY LESS WILLING
ESSENTIALLY UNCHANGED
MODERATELY MORE WILLING
CONSIDERABLY MORE WILLING
PARTICIPATION LOANS WITH
CORRESPONDENT BANKS
CONSIDERABLY LESS WILLING
MODERATELY LESS WILLING
ESSENTIALLY UNCHANGED
MODERATELY MORE WILLING
CONSIDERABLY MORE WILLING
LOANS TO BROKERS
CONSIDERABLY LESS WILLING
MODERATELY LESS WILLING
ESSENTIALLY UNCHANGED
MODERATELY MORE WILLING
CONSIDERABLY MORE WILLING
NUMBER OF
BANKS
120
1
3
97
18
1
0
u
0
2
12
1
0
0
0
7
0
0
0
2
5
1
0
0
0
5
0
1
1
0
7
3
0
0
O
9
3
0
0
0
10
0
0
0
0
13
2
0
0
0
7
2
0
0
0
2
1
0
0
0
7
2
0
0
0
9
0
0
0
0
9
4
0
0
n
7
1
0
0
1
12
0
0
0
0
6
0
0
0
1
6
0
0
0
0
6
0
0
1
0
9
1
0
0
0
11
1
0
0
0
10
0
0
0
0
15
0
0
1
7
0
0
0
0
3
0
0
0
0
9
0
0
0
0
9
0
0
0
0
13
0
0
0
0
7
1
C
0
0
15
0
(
0
0
7
0
0
0
0
6
0
0
0
0
6
0
0
1
0
9
1
0
0
0
10
1
1
0
0
9
I
0
0
0
12
3
0
1
1
5
2
0
0
0
3
0
0
0
0
8
1
0
0
0
9
0
0
0
0
10
3
0
0
0
7
1
O
C
0
12
4
0
0
0
6
2
0
0
0
b
2
0
0
C
0
11
0
0
0
0
10
2
0
1
0
8
1
0
0
0
12
2
1
0
0
5
3
1
0
0
3
0
0
0
0
8
1
0
0
0
7
2
0
0
0
11
2
0
0
c
b
0
0
0
C
12
4
0
O
4
4
0
u
8
0
0
0
0
5
0
1
0
0
O0
1
0
0
0
10
2
0
1
0
9
0
0
0
0
13
2
0
0
0
6
2
1
0
0
3
0
0
0
0
9
0
0
0
0
6
3
0
0
0
t0
3
0
)
7
11
2
2
111
3
0
120
2
1
1CJ
I~
i
121
1
0
99
38
3
0
5
0
1
121
I
0
101
17
2
121
0
NOT FOR QUOTATION OR PUBLICATION
COMPARISON OF
TABLE 4
SELECTED RESPONSES
IN THE FEBRUARY
FEB.
AND
MAY SURVEYS
15, 1976
NUMBER
OF BANKS
MAY 15, 1976
NUMBER OF BANKS
STRONGER
UNCHANGED
WEAKER
STRENGTH OF DEMAND FOR COMMERCIAL AND
INDUSTRIAL LOANS
COMPARED TO THREE MONTHS AGO
STRONGER
UNCHANGED
WFAKER
9
56
56
ANTICIPATED DEMAND THREE MONTHS HENCE
STRONGER
UNCHANGED
WEAKER
42
66
13
ANTICIPATED DEMAND THREE MONTHS HENCE
STRONGER
UNCHANGED
WEAKER
42
66
13
LENDING TO NONFINANCIAL BUSINESSES
INTEREST RATES CHARGED
FIRMER
UNCHANGED
EASIER
COMPENSATING OR SUPPORTING BALANCES
FIRMER
UNCHANGED
EASIER
STANDARDS OF CREDIT WORTHINESS
FIRMER
UNCHANGED
EASIER
MATURITY OF TERM LOANS
FIRMER
UNCHANGED
EASIER
2
8
7
30
28
6
COMPARED
9
6
2
FIRMER
3
36
36
4
12
13
11
37
7
1
1
0
TO THREE MONTHS AGO
2v
10
44
16
8
3
UNCHANGED
EASIER
NOT FOR QUOTATION OR PUBLICATION
TABLE
FEB.
4
(CONTINUED)
MAY 15,
15, 1976
NUMBER
OF BANKS
1976
NUMBER OF BANKS
FIRMER
UNCHANGED
EASIER
REVIEWING CREDIT LINES OR LOAN APPLICATION
ESTABLISHED CUSTOMERS
FIRMER
UNCCHANGED
EASIER
4
10:
14
0
2
0
4
96
11
0
5
3
7
94
2C
0
2
1
7
84
13
0
8
6
NEW CUSTOMERS
FIRMER
UNCHANGED
EASIER
LOCAL
SEPVICE
AKEA CUSICMLRS
FIRMER
UNCHANGEU
EASIER
NONLOCAL SFRVICE AREA CUSTOMFRS
FIRMER
UNCHANGEL
ESItR
FAC10RS RELATING TO APPLICANT
VALUE AS DEPOSITOR rk
SOURCF OF COLLATERAL EUSINESS
FTRMEk
UNCHANI t
EASIER
INTENDED
LENDINb
USE CF
THE LOAN
FIRMER
UNCHANGED
EASIER
TO "NUNCAPlIVE"
TERMS ANI
FINANCE
COMPANIES
CONDITIONS:
INTEKEST KATES CHARGFD
FIRMER
UNCHANGED
EASIER
COMPENSATING OR SUPPU'KTING BALANCES
FIRMER
UNCHANGED
EASIER
NOT FOR QUOTATION OR PUBLICATION
TABLE 4 (CONINUED
FEB.
15,
1976
NUMBER
OF BANKS
LENDING TO "NONCAPTIVE"
MAY 15,
1976
NUMBER OF BANKS
FIRMER
UNCHANGED
EASIER
FINANCE COMPANIES
TERMS AND CONDITIONS:
REQUIRFMENTS
ENFORCEMENT OF BALANCE
FIRMER
UNCHANGED
EASIER
4
115
2
0
3
0
2
106
2
2
6
0
ESTABLISHING NEW OR LARGER CREDIT LINES
FIRMER
UNCHANGED
EASIER
13
101
7
0
5
1
11
b7
4
2
9
2
WILLINGNESS 10 MAKE OTHER TYPES OF LOANS
TERM LOANS
TO BUSINESSES
LESS
UNCHANGED
MORE
CONSUMER INSTALMENT LOANS
LFSS
UNCHANGED
MORE
LESS
4
79
38
3
81
36
SINGLE FAMILY MORTGAGE LOANS
LESS
UNCHANGED
MORE
2
103
15
MULTI-FAMILY MORTGAGE LOANS
LESS
UNCHANGED
MORE
8
109
3
ALL OTHER MORTGAGE LOANS
LESS
UNCHANGED
MORE
4
109
7
PARTICIPATION
LOANS WITH CORRESPONDENT BANKS
5
LESS
92
UNCHANGED
24
MORE
LOANS TO BROKERS
LESS
UNCHANGED
MORE
UNCHANGED
MORE
NOT FOR QUOTATION
OR
IN
PUBLICATION
TABLE
A CROSS-CLASSIFICATION
5
OF SELECTED RESPONSES
MAY 15,
1976
NUMBER
CF BANKS
NONFINANCIAL
LENDING
BUSINESSES
NONFINANCIAL
TO
IN THE
1Ht
MAY SURVEY
MAY 15,
1976
NUMBER OF BANKS
ESSENTIALLY
FIRMER
UNCHANGED
EASIER
BUSINESSES
CHARGED
FIRMFR
ESSENTIALLY UNCHANGED
EASIER
2
101
17
COMPENSATING UR SUPPORTING BALANCES
2
0
0
13
87
1
0
7
10
FIRMER
ESSENTIALLY
EASIER
CHARGED
RATES
INTEREST RATES
3
104
14
ESTABLISHED CUSTOMERS
2
1
0
103
0
7
9
103
9
INTENDED USE OF THE LOAN
1
8
99
2
0
8
NEW CUSTOMFRS
UNCHANGED
OR
VALUE AS DEPOSITOR
SOURCE OF COLLATERAL BUSINESS
FIRMER
ESSENTIALLY UNCHANGED
EASIER
LENDING
TO
INTEREST
"NONCAPTIVE"
FINANCE
RATES CHARGED
FIRMER
FSSENTIALLY
EASIER
COMPANIES
UNCHANGED
COMPENSATING OR SUPPORTING BALANCES
0
1
0
0
115
4
0
2
1
COMPENSATING
OR SUPPORTING BALANCES
FIRMER
ESSENTIALLY UNCHANGED
EASIER
ENFORCEMENT OF BALANCE REQUIREMENTS
0
0
0
3
309
4
0
1
4
COMPENSATING
OR SUPPURTING BALANCES
FIRMER
ESSENTIALLY UNCHANGED
EASIFR
ESTABLISHING NEW OR LARGER CREDIT LINES
0
0
0
6
98
12
0
4
1
NOT FOR QUOTATION OR PUBLICATION
TABLE 5
(CONTINUED)
A CROSS-CLASSIFICATION OF SELECTED RESPONSES IN THE
MAY 15,
1976
NUMBER
OF BANKS
MAY SURVEY
MAY 15, 1976
NUMBER OF BANKS
ESSENTIALLY
UNCHANGED
LESS
MORE
WILLINGNESS TO MAKE OTHER TYPES OF LOANS
TERM LOANS TO BUSINESSES
LESS
ESSENTIALLY UNCHANGFD
MORE
MATURITY OF TERM LOANS
2
0
85
1
0
20
SINGLE FAMILY MORTGAGE LOANS
LESS
ESSENTIALLY UNCHANGED
MORE
MULTI-FAMILY MORTGAGE LOANS
2
1
1
1
93
1
1
17
1
SINGLE FAMILY MORTGAGE LOANS
LESS
ESSENTIALLY UNCHANGED
MORE
ALL OTHER MORTGAGE LOANS
1
2
1
9
87
1
4
14
1
TERM LOANS TO BUSINESSFS
LESS
ESSENTIALLY UNCHANGED
MORE
CONSUMER INSTALMENT LOANS
O
1
1
0
67
21
0
12
18
TFRM LOANS TO BUSINESSES
LESS
ESSENTIALLY UNCHANGED
MORE
PARTICIPATION LOANS WITH
CORRESPONDENT BANKS
O
1
1
1
80
7
0
18
13
TERM LOANS TO BUSINESSES
LESS
ESSENTIALLY UNCHANGED
MORE
LOANS TO BROKERS
0
2
81
1
0
18
0
2
11
0
6
13
TABLE
NOT FOR QUOTATION OR PUBLICATION
5
(CONTINUED)
A CROSS-CLASSIFICATION OF SELECTED RESPONSES IN THE
MAY 15, 1976
NUMBER
OF BANKS
STRENGTH OF DEMAND
INDUSTRIAL LOANS
FOR COMMERCIAL
TO
CCPAKED
10 THREE
MONTHS AGO
STRONGFR
ESSENTIALLY UNCHANGED
WEAKER
COMPARED TO
MAY
15,
1976
NUMBER OF BANKS
ESSENTIALLY
FIPMER
UNCHANGED
EASIER
AND
THREE MONTHS AGO
STRONGFR
ESSENTIALLY UNCHANGED
WEAKER
COMPARED
MAY SURVEY
THREE MONTHS AGO
STRONGER
ESSFNTIALLY UNCHANGED
WEAKER
INTEREST RATES CHARGED
TO NONFINANCIAL BUSINESSES
2
12
3
0
67
0
22
6
COMPENSATING OR SUPPORTING BALANCES
3
5
STANDARD
3
3
1
OF CREDIT
13
71
27
WORTHINESS
1
I
1
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
MATURITY OF TERM LOANS
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
NEW CUSTOMERS
1
2
COMPARED
TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
("NONCAPTIVE FINANCE COMPANIES")
ENFCRCEMENT OF BALANCE REQUIREMENTS
3
12
2
4
71
0
1
27
1
("NON C APT I VE
ESTABLISHING
3
3
0
FINANCE COMPANIES")
NEW OR LARGER CREDIT LINtS
5
9
6
66
2
27
NOT FOR QUOTATION OR PUBLICATION
TABLE 5 (CONTINUED)
A CROSS-CLASSIFICATION OF SELECTED RESPONSES IN THE
MAY 15,
1976
NUMBER
OF BANKS
MAY SURVEY
MAY 15, 1976
NUMBER OF BANKS
ESSENTIALLY
UNCHANGED
LESS
MORE
STRENGTH OF DEMAND FOR COMMERCIAL AND
INDUSTRIAL LOANS
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENITALLY UNCHANGED
WEAKER
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
WILLINGNESS TO MAKE
TERM LOANS TO bUSINESSES
9
0
59
2
WILLINGNESS TO MAKE
CONSUMER INSTALLMENT LOANS
6
0
11
24
1
WILLINGNESS TO MAKE
SINGLE FAMILY MORIGAGE
6
3
LOANS
6
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
WILLINGNESS TO MAKE
MULTI-FAMILY MOhTGAGE LOANS
13
3
1
0
)
72
0
26
2
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
WILLINGNESS 10 MAKE
ALL OTHER MORTGAGE LOANS
2
11
bb
1
0
24
COMPARED TO THREE MONTHS AGO
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
COMPARED TO THRFE MONTHS AGO
STRONGFR
ESSENTIALLY UNCHANGED
WEAKER
WILLINGNESS TO MAKE
PARTICIPATION LOANS WITH
CORRESPONDENT BANKS
0
13
G
66
WILLINGNESS TO MAKE
LOANS TO BROKERS
O
15
O
68
1
18
NOT FOR QUOTATION OR
PUBLICATION
TABLE
5 (CONTINUED)
A CROSS-CLASSIFICATION OF SELECTED RESPONSES
MAY 15,
IN THE
MAY 15, 1976
1976
NUMBER
OF BANKS
MAY SURVEY
NUMBER OF BANKS
ESSENTIALLY
UNCHANGED
FIRMER
EASIER
STRENGTH OF DEMAND FOR COMMERCIAL AND
INDUSTRIAL LOANS
ANTICIPATED DEMAND IN NEXT 3 MONTHS
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
COMPENSATING OR SUPPORTING BALANCES
2
50
12
U
44
11
0
1
1
ANTICIPATED
STANDARDS OF CREDIT WORTHINESS
5
58
I
2
51
2
0
2
0
DEMAND IN NEXT 3 MONTHS
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
ANTICIPATED DEMAND IN NEXT 3 MONTHS
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
MATURITY OF TERM LOANS
56
1
0
49
0
2
7
6
0
ANTICIPATED DEMAND IN NEXT 3 MONTHS
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
NEW CUSTOMERS
2
53
50
1
0
1
9
4
1
ANTICIPATED DEMAND IN NEXT 3 MONTHS
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
("NONCAPTIVE
ESTABLISHING
3
2
1
LESS
ANTICIPATED
DEMAND IN NEXT 3 MONTHS
STRONGER
ESSENTIALLY UNCHANGED
WEAKER
FINANCE COMPANIES")
NEW OR LARGER CREDIT LINES
9
52
4
49
1
C
ESSENTIALLY
UNCHANGED
MORE
WILLINGNESS TO MAKE
TERM LOANS TO bUSINESSES
2
47
15
0
40
15
0
1
1
@FedFRASER