Organizador de opções de ações continua respostas

Construa um sistema automatizado de negociação de ações no excel ebook.

Pesquise a história de mais de um bilhão de páginas da web na Internet. Textos em destaque Todos os Textos Mais Recentes Isto Apenas Nas Bibliotecas Smithsonian FEDLINK Coleções Genealogia Lincoln Colecção Adicional.

Trading Pro System - Negocie ações e opções como um profissional de Wall Street.

Principais bibliotecas americanas Bibliotecas canadenses Biblioteca Universal Projeto de textos comunitários Gutenberg Biblioteca de patrimônio da biodiversidade Biblioteca infantil. Filmes em destaque Todos os vídeos mais recentes This Just In Prelinger Archives Democracy Now!

Ocupe a Biblioteca de Clips da NSA de Wall Street TV. Áudio em destaque All Audio latest This Just In Grateful Dead Netlabels Rádio Old Time 78 RPMs e gravações do cilindro.

Software em destaque Todo o software mais recente Isto Apenas na emulação da velha escola Software histórico do MS-DOS Games Clássico Biblioteca de software de jogos para PC. Top Community Software MS-DOS CD-ROM Software Sites de Software Tucows Software Library APK Shareware CD-ROMs.

Texto completo de "pdf (PDFy mirror)"

Vintage Software ZX Spectrum Biblioteca Vectrex ZX Spectrum: Jogos Atari Magnavox Odyssey 2 Bally Astrocade. A imagem em destaque Mais recente da imagem Isto apenas no Commons Flickr Ocupar Wall Street Flickr Cover Art Mapas USGS. Top NASA Images Sistema Solar Coleção Ames Research Center.

Alternar a navegação SOBRE CONTATO BLOG PROJETOS AJUDA DONA TERMS TRABALHOS VOLUNTÁRIO PESSOAS. Texto completo de "Nós temos algo que os traders da AJI precisam se eles planejam usar qualquer tipo de software de negociação automatizado. A solução que surgiu é chamada tecnologia EA-VPS.

O que isto significa é que você terá acesso à sua área de trabalho pessoal através da web. Você poderá carregar seu Metatrader, Tradestation ou outros platiorms de negociação e deixá-los rodar em seu computador virtual.

Não há limites em quantos platiorms você pode ter correndo de uma só vez!

Aprenda como construir um robô de negociação automatizado - Parte 1 (Robô Grátis)

Obtendo acesso instantâneo gratuito Forex Decoder Forex Club - Revisão.

Organizando e Apresentando Dados.

Visão geral da lição.

Dados de codificação Análise de dados exploratórios Diagrama de caules e folhas Boxplots Tabelas de frequência: Gráficos de dados padrão, relativo e cumulativo, Histogramas / Gráficos de barras, Ogive, Diagramas de Pareto, Gráficos de pizza Scatterplots Shapes Homework Há uma grande variedade de formas de resumir , organizar e apresentar dados. A maioria dos métodos comuns, como diagramas de origem e folha, distribuições de frequência, histogramas, barras e outros gráficos, serão resumidos aqui, juntamente com as convenções e termos usuais para cada um.

Codificando dados.

Os dados devem, de alguma forma, ser inseridos em um computador antes que possam ser analisados. Folhas de digitalização ótica podem ser usadas ou os dados digitados usando um [micro] computador. A maioria dos pacotes estatísticos pode importar dados, mas os campos separados por vírgula, delimitação de cotação ou comprimento fixo são esperados.

Vários editores de arquivos podem ser utilizados, mas o conceito de um registro de dados semelhante a um cartão perfurado está se tornando um conceito arcaico. Se alguém usasse um processador de texto, "hard returns" pode ser necessário e uma fonte de pitch fixa pode ajudar a determinar se os dados estão alinhados nas colunas apropriadas. Esses programas geralmente permitem a exportação de arquivos do tipo "flat ASCII" ou ".txt". (A alternativa para ASCII (EBCDIC) está se tornando uma nota de rodapé histórica também.)

Os programas de planilhas se tornaram uma maneira comum de inserir dados. Conforme declarado no programa, no entanto, eles não substituem os pacotes estatísticos para análise de dados. Geralmente não há estatísticos empregados na criação de programas de planilhas eletrônicas, não há garantia, implícita ou expressa, com relação à validade de sua produção estatística, então o tempo é provavelmente melhor gasto de outra forma!

Por favor, note que a linha de separação deve ser contínua, mas as limitações de tempo limitam a realização desse feito. As seguintes regras devem ser observadas ao construir diagramas de haste e folha. As folhas à direita devem estar em ordem crescente (ou decrescente), da esquerda para a direita. Nenhuma vírgula deve aparecer à direita. Nenhuma linha horizontal deve aparecer. Se a quebra da haste / folha ocorrer em um ponto decimal, coloque o ponto decimal à esquerda com a haste. Se a folha for dupla ou tripla, etc., deixe um espaço [meio] entre cada entrada. Deve haver pelo menos cinco, mas não mais de vinte linhas. Se um intervalo é usado para o tronco, um asterisco (*) pode ser usado para separar as folhas correspondentes. Reformatar o anterior com mais linhas (chamadas por alguns livros dividindo o tronco) enfatiza ainda mais a natureza normalmente distribuída. Observe como o diagrama de haste e folha também é semelhante a um histograma, mas virou de lado. Normalmente, os dados são arredondados antes de serem colocados em tal diagrama, mas as idades, por qualquer motivo, geralmente ficam truncadas! Muitos pacotes estatísticos comuns geram diagramas de stem-and-leaf.

Tabelas de Frequência ou Distribuições.

em outra coluna as freqüências correspondentes.

Uma maneira comum de resumir ou apresentar dados é com uma tabela de frequência padrão, conforme visto nos dados salariais fictícios dados abaixo. Um diagrama de haste e folha para esses dados seria bastante inútil!

Alguns autores abreviam frequência com a letra f. Freqüência refere-se ao número de vezes que cada categoria ocorre nos dados originais. Muitas vezes, a coluna de categoria terá dados contínuos e, portanto, será apresentada por meio de um intervalo de valores. Nesse caso, os termos usados ​​para identificar os limites de pontuação (classe), limites exatos (limites de classe), intervalos de classe (larguras de classe) e pontos médios de intervalo (marcas de classe) devem ser bem compreendidos. Para os exemplos a seguir, usaremos os dados de inauguração presidencial de haste dividida do diagrama de haste e folha acima.

Para este exemplo, os limites de pontuação são 40 e 44 para a menor classe e 65 e 69 para a maior classe. Cada turma tem um limite de pontuação mais baixo e um limite de pontuação superior.

Eles estão igualmente espaçados entre os limites de pontuação vizinhos.

Para os dados de posse presidencial, os limites exatos seriam 39,5, 44,5, 49,5, 54,5, 59,5, 64,5 e 69,5. Note que 39.49999. é outro nome para e idêntico a 39.50000. mas enfatiza como um canhoto ao invés de um limite destro.

Para este exemplo, os pontos médios do intervalo são 42,0, 47,0, 52,0,. Pode ser necessário utilizar os pontos médios do intervalo para encontrar a média, o desvio padrão, etc. dos dados resumidos em uma tabela de frequência. Isso ocorre porque muitas vezes a informação foi perdida e fazemos duas suposições importantes: 1) as pontuações são uniformemente distribuídas entre os limites exatos do intervalo; 2) Sempre que uma única pontuação for usada para representar um intervalo de classe, o ponto médio do intervalo será utilizado.

Para este exemplo, a largura da classe é 5.0. A seguir, estão as diretrizes para a construção de tabelas de frequência. As classes devem ser "mutuamente exclusivas" & # 151; nenhum elemento pode pertencer a mais de uma classe. Mesmo se a frequência for zero, inclua todas e cada uma das classes. Faça todas as classes da mesma largura. (No entanto, classes abertas podem ser inevitáveis.) Alvo entre 5 e 20 classes, dependendo do intervalo e do número de pontos de dados. Mantenha os limites tão simples e convenientes quanto possível (múltiplos de largura?). Se for prático, torne a largura ímpar para que o ponto médio do intervalo seja um número inteiro.

Se os seus limites não forem imediatamente óbvios com base nos dados, tente encontrar uma largura apropriada arredondando o intervalo dividido pelo número de classes. Seu limite inferior deve ser a pontuação mais baixa ou um valor conveniente um pouco menor. Evite casas decimais irrelaventes. Grandes conjuntos de dados justificam ter mais classes. Um guia publicado é: número de classes = 1 + log 2 n. Isso oferece 5 classes para conjuntos de dados pequenos de 12 a 22 elementos e 10 classes para conjuntos de dados maiores de 362 a 724 elementos. As sete classes usadas acima para 50 elementos estão no alvo. Não é incomum para omitir classes vazias & ldquo; esteja alerta para tais violações de diretriz! Classes omitidas não alteram a largura da classe, mas podem ser uma verdadeira fonte de confusão!

Frequências relativas podem ser expressas como porcentagens ou seus equivalentes de frações decimais.

Em uma tabela de frequência cumulativa, as palavras menores do que geralmente também aparecem na coluna da esquerda.

O eixo x geralmente representa dados ordinais. As diferenças iguais entre valores podem tender a implicar dados de intervalo quando tal não é o caso. Tenha cuidado ao avaliar esse gráfico. Se você olhar para um gráfico do Dow-Jones Industrial Average, você notará rapidamente que o eixo y foi exagerado e que o pequeno intervalo de valores de interesse recente foi ampliado. O protocolo apropriado requer que o eixo y seja quebrado com um par de linhas oblíquas paralelas curtas antes de encontrar o eixo x.

Pares ordenados de pontos de dados (x, y) podem ser plotados isoladamente ou conectando os pontos. Quando os pontos estão conectados, o termo curva de dados é usado. A curva, no entanto, pode muito bem ser composta de segmentos de linha reta e, portanto, não corresponde ao uso popular dessa palavra.

Como as escalas de medida ao longo dos eixos podem ser bastante arbitrárias, os gráficos podem ser facilmente usados ​​para suportar pontos de vista opostos. Uma nova regra para mim que ajuda a evitar distorções e fornecer consistência é usar uma proporção de 4: 3 para os comprimentos dos eixos horizontais: verticais. Isso tem sido chamado por alguns a regra de três quartos de altura. Exemplos de gráficos, incluindo gráficos de barras e diagramas de dispersão, serão discutidos abaixo.

As barras em um gráfico de pareto devem ser organizadas em ordem decrescente de freqüência, da esquerda para a direita.

Quando a construção for um polígono de frequência, as marcas de classe devem ser usadas na escala horizontal. O gráfico também deve ser estendido para a esquerda e para a direita para que comece e termine com uma frequência de 0.

Uma pictografia retrata dados usando imagens de um objeto, como moedas, sacos de dinheiro, aviões, etc. Aqueles que usam vários objetos do mesmo tamanho estão ok. Aqueles que usam objetos similares, escalados linearmente para representar dados, podem facilmente distorcer as coisas. Pode haver muitas outras variações, mas as listadas acima são mais comuns.

Distribuições que podem ter alguns valores grandes e arbitrários, como avaliações residenciais, mas muitos valores pequenos, são denominadas de forma positiva. Distribuições que podem ter a característica oposta, como as distribuições de grau de Harvard, onde a maioria é alta e apenas algumas são baixas, são denominadas negativamente distorcidas.

Uma distribuição pode ser uniforme (como a probabilidade de obter uma determinada contagem de pip quando rolando um dado) ou simétrica (como a probabilidade de obter qualquer soma de pip particular ao rolar um par de dados). De fato, a distribuição uniforme dada acima também é simétrica. Em uma distribuição simétrica, há uma linha de simetria tal que se o gráfico fosse dobrado, os dois lados coincidiam.

A forma de distribuição mais comum é em forma de pilha ou em forma de montículo, parecendo que alguém apenas pegou uma cesta de algo e a despejou. Se o monte se espalha muito (como a água!), O grau de pico ou curtose é baixo e a distribuição é considerada platykurtic. Uma distribuição uniforme é platykurtic. Se o monte se empilhar como uma estalagmite, diz-se que a distribuição é leptocúrtica. O padrão de referência é a distribuição normal e como a distribuição é mais ou menos a média em comparação. As imagens abaixo são de Gosset via Harnett (1975). A forma de uma distribuição é extremamente importante e será considerada extensivamente durante o restante deste curso.

Finanças do Yahoo.

Ações Comuns da CapStar Financial Holdings, Inc. (NASDAQ: CSTR)

Teleconferência sobre os resultados do terceiro trimestre de 2017.

Perguntas e respostas.

Observações preparadas:

Boa tarde, senhoras e senhores, e bem-vindos à teleconferência sobre os resultados do terceiro trimestre de 2017 da CapStar Financial Holdings. Receber hoje a chamada da CapStar é a Sra. Claire Tucker, Presidente e CEO; Sr. Rob Anderson, Diretor Financeiro e Diretor Administrativo; O Sr. Dan Hogan, diretor executivo do CapStar Bank; e o Sr. Chris Tietz, Diretor de Crédito, CapStar Bank.

Se alguém precisar de ajuda durante esta chamada, por favor, pressione estrela, em seguida, zero no seu telefone de tom. Por favor, note que a chamada de hoje está sendo gravada e estará disponível para reprodução no site da CapStar. Neste momento, todos os participantes foram colocados em um modo somente de escuta. O piso estará aberto para as suas perguntas após a apresentação e as instruções serão dadas naquele momento. Observe que o release de resultados da CapStar, os materiais de apresentação mencionados nesta teleconferência e o formulário 8-K que a Capstar protocolou na SEC hoje estão disponíveis no site da SEC, sec. gov, e na página de relações com investidores do site da CapStar. no ir. capstarbank. Também durante esta apresentação, a CapStar pode fazer certos comentários que constituem declarações prospectivas dentro do significado das leis federais de valores mobiliários. Declarações prospectivas refletem as visões atuais do CapStar com relação, entre outras coisas, eventos futuros e seu desempenho financeiro. Declarações prospectivas não são fatos históricos e são baseadas nas expectativas, estimativas e projeções da CapStar até hoje.

Consequentemente, as declarações prospectivas não são garantias de desempenho futuro e estão sujeitas a riscos, suposições e incertezas, muitas das quais são difíceis de prever e estão além do controle da CapStar. Os resultados reais podem revelar-se materialmente diferentes dos resultados expressos ou implícitos pelas declarações prospectivas. Você é alertado para não depositar confiança indevida em declarações prospectivas que falam apenas a partir de hoje. Exceto conforme exigido por lei, a CapStar nega qualquer obrigação de atualizar ou revisar quaisquer previsões futuras contidas nesta apresentação, seja como resultado de novas informações, eventos futuros ou de outra forma.

Além disso, esta apresentação pode incluir certas medidas financeiras não-GAAP. Os riscos, premissas e incertezas que impactam as declarações prospectivas e uma apresentação de medidas financeiras não-GAAP e uma reconciliação das medidas não-GAAP com as medidas GAAP mais diretamente comparáveis ​​estão incluídas na divulgação de resultados e nos materiais de apresentação mencionados no relatório. ligar. Finalmente, a Capstar não é responsável e não edita nem garante a precisão de suas transcrições de teleconferência de resultados fornecidos por terceiros. O único webcast e transcrições ao vivo e arquivados autorizados estão localizados no site da CapStar. Com isso, vou passar a apresentação para a Sra. Claire Tucker, Presidente e CEO da CapStar.

Claire Tucker - Diretora Executiva, Presidente.

Obrigado operador. Boa tarde a todos e obrigado por se juntarem a nós para a nossa Chamada de Resultados do terceiro trimestre de 2017. Conforme relatamos nesta manhã, a CapStar obteve um lucro líquido de US $ 4,4 milhões ou US $ 0,35 por ação diluído para os três meses encerrados em 30 de setembro de 2017, comparado ao lucro líquido de US $ 2,1 milhões ou US $ 0,20 por ação nos três meses encerrados em 30 de setembro. 2016. Durante a nossa chamada de lucros para o segundo trimestre, eu comentei que nossa intenção era capitalizar o momento criado por nossos resultados operacionais e financeiros.

Acreditamos que nossos resultados do terceiro trimestre demonstram nosso bom momento em direção a essa meta. Se você tiver o deck de apresentações à sua frente, dirijo sua atenção para a Página quatro, para que eu possa compartilhar com você alguns dos drivers dessa performance. Nossa visão para a CapStar é ser uma instituição financeira de alto desempenho, conhecida por um crescimento sólido e lucrativo no contexto de solidez, ativos em atraso para empréstimos mais OREO totalizaram 32 pontos base e não tivemos baixas. Além disso, recebemos uma recuperação de US $ 1,9 milhão do empréstimo de assistência médica, que foi baixado no segundo trimestre deste ano.

A lucratividade do terceiro trimestre resultou em um lucro trimestral recorde de US $ 4,4 milhões e um retorno sobre o ativo médio de 1,28%. A margem líquida de juros aumentou 11 pontos base para 3,26%, positivamente impactada por reprecificação do nosso livro de empréstimos de taxa variável. Comparando o terceiro trimestre de 2017 com o mesmo período de 2016, o crédito médio cresceu 8% excluindo a carteira de crédito de saúde, que discutirei mais detalhadamente em um momento, e o crédito médio cresceu 13%. Os nossos banqueiros continuaram a aprofundar as relações com os clientes, conforme indicado pelo aumento de 27% nos saldos médios da DDA durante o trimestre.

A pesquisa recentemente conduzida pela Greenwich Associates valida ainda mais a força e a eficácia de nossos banqueiros. Recebemos excelentes marcas de satisfação do cliente, destacadas pela facilidade de fazer negócios, nossa capacidade de resposta do banco e proativamente fornecendo assessoria financeira sólida a nossos clientes e a administração de tesouraria e outras taxas de serviços de depósito aumentaram 54% no mesmo período. Gostaria agora de pedir a Rob para discutir os resultados financeiros resumidos do terceiro trimestre.

Rob Anderson - Diretor Financeiro e Diretor Administrativo.

Obrigada Claire e boa tarde a todos. Como Claire mencionou, a equipe CapStar entregou lucro recorde de US $ 4,4 milhões ou US $ 0,35 por ação em uma base totalmente diluída no terceiro trimestre. Além disso, o lucro gerou um ROAA de 1,28% e registramos expansão em nossa margem financeira no trimestre. Ao olhar para o balanço, você verá que o nosso crescimento para o trimestre foi inferior ao nosso guidance anterior, mas, no acumulado do ano, está de acordo com o nosso guia.

Os empréstimos cresceram, em média, 8% no trimestre e 15% no acumulado do ano. Ele encolheu para o trimestre, mas aumentamos nossas contas de transações em 8% no trimestre e 18% no acumulado do ano. Este desempenho continua a demonstrar nossa capacidade de atrair, reter profundamente em nossos relacionamentos com nossos clientes. À medida que avançamos para a demonstração de resultados, observamos crescimento tanto na nossa receita líquida de juros quanto na nossa receita não juros.

Registramos um número negativo de provisões neste trimestre, uma vez que tivemos um declínio em nossa carteira de empréstimos em uma base de final de período. As despesas foram relativamente estáveis ​​em relação ao ano anterior e tivemos uma alavancagem operacional acima do normal, o que permitiu que mais ganhos diminuíssem o resultado final. Além disso, nossa alíquota efetiva de impostos ficou mais baixa com os benefícios da nova orientação contábil sobre compensação de ações. Vamos apenas discutir isso em mais detalhes daqui a pouco.

Deixe-me voltar a Claire para um mergulho mais profundo em nossa qualidade de ativos e crescimento de empréstimos.

Claire Tucker - Diretora Executiva, Presidente.

Obrigado Rob. Chamando a sua atenção para a página seis, você notará que continuamos a manter níveis saudáveis ​​de reservas para o total de empréstimos. Especificamente, a provisão para créditos de liquidação duvidosa foi de 1,45% no terceiro trimestre. O rácio de activos em atraso para empréstimos mais OREO foi estável em termos trimestrais a 32 pontos base, notavelmente nos trimestres de baixa representados no gráfico.

Da mesma forma, a relação entre a linha bruta total de empréstimos criticados e classificados melhorou ligeiramente para 2,6% no total. Dito isto, fizemos ajustes em certas medidas qualitativas em nosso modelo de ALLL durante o trimestre para refletir nossa avaliação em um nível macro do atual ambiente geopolítico, um ambiente legislativo dinâmico de Saúde e um cenário de taxa de juros em evolução. Em consonância com o nosso modelo, a provisão calculada foi de 1,45% no trimestre. Como Rob mencionou, devido a um declínio em nossa carteira de empréstimos no trimestre, a provisão negativa de US $ 200.000 foi registrada.

Passando para a página sete, comparando o terceiro trimestre de 2017 com o terceiro trimestre de 2016, o crescimento médio dos empréstimos foi de 8%. Nossas equipes comercial, industrial e de varejo geraram uma produção sólida durante o trimestre. É importante notar a capacidade de crescimento de empréstimos que existe em nossos compromissos não financiados. No final do terceiro trimestre, os compromissos não financiados totalizaram US $ 454 milhões.

Já mencionamos anteriormente que nossa carteira de empréstimos não refletirá o crescimento linear a cada trimestre devido à natureza de nosso modelo de negócios. Por exemplo, no livro de imóveis comerciais ocupado por não-proprietários, financiaremos um projeto até a conclusão, quando o mutuário normalmente buscará o mercado permanente para um financiamento de longo prazo. Nós experimentamos payoffs em vários projetos no terceiro trimestre que essencialmente todos os financiamentos em novos projetos. Nos trimestres anteriores, compartilhamos com você nosso aprimoramento contínuo da estratégia de assistência médica.

Isso é feito em conjunto com nossa forte equipe de banqueiros, bem como com o Healthcare Advisory Council, que foi formado no ano passado. Como lembrete, este conselho consultivo é preenchido com CEOs de empresas locais de saúde. Eles têm sido recursos tremendos para facilitar nossa visão sobre o que está acontecendo em termos de questões regulatórias e legislativas no espaço da Assistência Médica. Nossa equipe de assistência médica avaliou muitas oportunidades de financiamento durante o trimestre, durante o trimestre, mas diminuiu um grande percentual devido à estrutura, alavancagem ou desempenho financeiro das empresas subjacentes, consistente com nossa estratégia subjacente neste setor.

Efetivamente, a equipe está girando um pouco, então levará alguns trimestres para ser reconstruída. Esse segmento de clientes também foi impactado por diversos empréstimos que foram refinanciados por credores mais agressivos nos Estados da região central. No gráfico na parte inferior direita da página, gostaria de salientar que houve algum ruído na categoria de empréstimo CRE devido a um pedido de crédito tri-líquido da Cation de detido para investimento para detido para venda durante o segundo trimestre de 2017. Isso resultou em uma diferença de US $ 24 milhões em empréstimos médios entre os trimestres.

Passando para a página oito da apresentação de slides. Existem vários gráficos relacionados à nossa participação em empréstimos. Como já mencionamos anteriormente, esses empréstimos não são transações compradas em uma mesa de sindicato onde não há relacionamento com o cliente. Por outro lado, temos esforços de chamadas diretas nessas empresas e desenvolvemos relações de depósito não-creditícias com muitos.

O objetivo é cultivar continuamente a profundidade do relacionamento com esses clientes. No gráfico superior esquerdo, você notará que as participações de empréstimos diminuíram para US $ 264 milhões, ou 27% das brutas. Importante, continuamos a aumentar o número de relações de empréstimo em que somos credor ou arranjador. As transações que lideramos aumentaram em 39% desde o quarto trimestre de 2015. Também dividimos os empréstimos para participação por linha de negócios na parte inferior direita, porque você tem mais visibilidade, embora continuemos a fornecer a você esse detalhe.

É importante usarmos como co-emprestadores como meio de gerenciar a concentração pela exposição ao crédito do Sherry com outros bancos com os quais você está familiarizado e que operam em nosso mercado primário. Rob, entregarei a você para continuar com mais detalhes em relação aos resultados financeiros.

Rob Anderson - Diretor Financeiro e Diretor Administrativo.

Ok, obrigada Claire. Em nosso rendimento de empréstimo - expandimos nosso rendimento de empréstimo em 26 pontos-base no terceiro trimestre, predominantemente impulsionado pelo reajuste de nossos empréstimos com taxa variável. Além disso, tivemos um aumento nas taxas de empréstimo no trimestre, mas grande parte desse benefício de 8 pontos básicos foi devido à amortização acelerada das taxas de empréstimo com payoffs. Este é o segundo trimestre consecutivo em que tivemos rendimentos de empréstimos acima da média do nosso portfólio.

Neste trimestre, o rendimento do empréstimo na produção de novos empréstimos foi de 4,87% e no último trimestre foi de 4,47%. Essa tendência deve ajudar a sustentar nosso rendimento nos próximos trimestres. Vamos para os nossos depósitos. Nosso depósito global diminuiu neste trimestre, mas com os saldos de empréstimos mais baixos e nosso desejo de aumentar nosso índice de empréstimo para depósito, não vemos isso como negativo.

Como dito anteriormente, nós aumentamos nossos saldos de DDA, que é o produto de relacionamento mais rígido e demonstra que mais clientes estão trazendo sua conta operacional principal para nós. Os saldos da DDA cresceram 14% em uma base sequencial e 27% ano a ano. No que se refere ao nosso custo de depósito, esperamos que nosso custo de depósito aumente sempre que o FOMC aumente as taxas ou quando as expectativas do mercado de um aumento de tarifa sejam altas. Como você pode ver pelo gráfico no canto superior direito da página, mantivemos nosso custo de depósito para um beta de 23% durante o último aumento de 100 pontos-base no movimento dos fed funds.

Esperamos que este beta aumente ligeiramente com aumentos futuros das taxas, mas o nosso plano de jogo é atrasar quaisquer aumentos e manter os custos baixos através da melhoria do mix. Vamos para a nossa margem. Nossa margem financeira aumentou 11 pontos base no trimestre, impulsionada principalmente pelo reajuste de nossa carteira de empréstimos com taxa variável. Além disso, o aumento nas taxas de empréstimo ajudou a impulsionar essa melhoria, mas a maior parte do benefício da taxa foi devido a pagamentos elevados e à aceleração das taxas.

A reapreciação de alguns de nossos depósitos e nossas obras de empréstimos do FHLB - funcionou contra nós em algum grau, mas nossos ativos globais reaqueceram mais do que nossos passivos, demonstrando nossa sensibilidade a ativos. Este é o segundo trimestre consecutivo em que operamos com nosso índice de empréstimos para depósitos no limite superior de nossas diretrizes e esperamos que essa tendência continue. Acreditamos que podemos manter nossa margem em torno desse nível no curto prazo, dado o rendimento encorajador em nossa produção de novos empréstimos e a probabilidade de aumentos futuros das taxas. Mais uma vez, 65% da nossa carteira de empréstimos é de taxa variável por natureza e predominantemente vinculada à taxa LIBOR de um mês. Vamos para nossa renda não juros.

Nossa receita não juros para ativos médios foi de 98 pontos base para o trimestre, o que coincide com um registro que registramos no ano passado. Em primeiro lugar, tivemos um aumento de 54% em nossa linha de serviços de Gerenciamento de Tesouraria e Outros Serviços de Depósito. Esse aumento está sendo impulsionado pela implementação completa de nosso maior cliente de gerenciamento de tesouraria até o momento. Em seguida, você notará que nossos negócios da Tri-Net aumentaram constantemente sua produção em vendas de empréstimos desde que adquirimos a equipe no ano passado.

Com US $ 32 milhões de empréstimos Tri-Net em nossos livros no final do trimestre, estamos prontos para futuras vendas de empréstimos de magnitudes semelhantes. Tradicionalmente, o terceiro trimestre é o trimestre mais forte do ano para a Mortgage. O prêmio sobre empréstimos hipotecários vendidos no trimestre foi mais forte do que a nossa média no acumulado do ano. Vamos passar para as despesas.

Nossa base geral de despesas foi de pouco menos de US $ 8,5 milhões e foi ligeiramente superior à do segundo trimestre, mas estável em relação ao ano anterior. Nossa taxa de eficiência ficou em 59,6% e melhor do que a nossa faixa anteriormente guiada. Como você deve se lembrar, nossa base de despesas está ficando um pouco mais leve do que o normal, já que estamos registrando uma baixa taxa de incentivo com o desempenho deste ano. Dito isto, você deve esperar que o quarto trimestre esteja em um intervalo semelhante ao do último trimestre e, em seguida, aumente em 2018.

Olhando para os itens de linha individuais. Os salários e benefícios dos empregados aumentaram em relação ao segundo trimestre, devido a algumas novas contratações, ao custo de aquisição desses indivíduos e ao aumento das despesas de incentivo associadas à nossa venda de empréstimo da Tri-Net. O processamento de dados e a despesa de software aumentaram durante os períodos apresentados devido a um aumento no volume de transações e implementação de novo software em nosso negócio de Hipoteca. Os honorários profissionais diminuíram durante os períodos apresentados, principalmente devido às taxas associadas à abertura de capital em 2016 e à nossa mudança nas empresas de auditoria externa para 2017.

O aumento nas despesas com equipamentos para cada período está relacionado ao aumento do custo de gerenciamento de nossa rede de TI. As taxas regulatórias aumentaram principalmente devido à mudança na metodologia de avaliação do FDIC. Então, vamos falar sobre nossa taxa de imposto. No terceiro trimestre, nossa alíquota efetiva foi menor do que a que registramos em trimestres anteriores e anos anteriores.

Primeiro, com a grande baixa de crédito no segundo trimestre, estamos registrando uma taxa de imposto efetiva mais baixa, já que nosso lucro tributável acumulado no ano é menor. Em seguida, relacionadas ao novo padrão contábil para compensação de ações, continuamos a reconhecer benefícios fiscais à medida que opções e garantias são exercidas. Isso reduziu nossa alíquota efetiva para 25,5% no terceiro trimestre. À medida que analisamos 2018, estaremos chegando ao nosso aniversário de 10 anos e muitos dos organizadores e líderes originais de nossa empresa terão opções e os mandados do organizador expirarão. Supondo que estes sejam exercidos antes de expirarem no 4º trimestre de 2018, teremos um benefício de taxa de execução maior que o normal em nossa linha de impostos.

Fornecemos uma análise de sensibilidade para que você possa ver a magnitude das flutuações nos preços das ações. O que não temos visibilidade clara é quando as pessoas que detêm esses títulos decidirão exercer, mas esperamos que elas ocorram em 2018. Vamos para a capital. Com ganhos recordes e algumas opções de ações sendo exercidas no terceiro trimestre, todos os nossos índices de capital aumentaram em relação ao segundo trimestre. Sei que você tem muitas perguntas, então deixe-me voltar a Claire para receber alguns comentários finais.

Claire Tucker - Diretora Executiva, Presidente.

Obrigado Rob. Para reiterar nossa estratégia declarada, continuamos comprometidos em entregar um crescimento sólido e lucrativo. O lucro líquido reportado de US $ 4,4 milhões ou US $ 0,35 por ação representa um trimestre recorde. Com foco em todos os nossos acionistas, estamos comprometidos em fornecer consistentemente resultados financeiros sólidos em toda a empresa.

No geral, as métricas de qualidade de ativos estão tendendo positivamente. Mais detalhes são fornecidos nas informações financeiras históricas no apêndice do quadro de ganhos. Referi anteriormente os resultados positivos da pesquisa de mercado recentemente concluída pela Greenwich Associates. A conclusão é que os banqueiros da CapStar são bem considerados em termos de satisfação do cliente e, especificamente, são citados pela facilidade de fazer negócios, capacidade de resposta e proativamente fornecer conselhos aos nossos clientes.

Acreditamos que esses atributos serão adicionais ao nosso objetivo declarado de aumentar a participação de mercado de nossa franquia por meio do crescimento orgânico. O aumento de 27% nos saldos médios do DDA é um indicador significativo das relações que nossos banqueiros desenvolveram. Continuamos comprometidos em entregar um retorno sustentável sobre ativos médios de 1% até o final de 2018. E, finalmente, estamos agradecidos por seu investimento e interesse contínuos na CapStar.

Operador, agora estamos prontos para abrir as linhas para perguntas dos participantes da chamada. Obrigado.

Perguntas e respostas.

Senhoras e Senhores Deputados, se você tiver uma pergunta neste momento, por favor, pressione estrela e, em seguida, um no seu telefone de tom de toque. Se a sua pergunta foi respondida, ou se você quiser se remover da fila, por favor, pressione a tecla da libra. Nossa primeira pergunta vem de uma linha de Catherine Mealor com a KBW. A sua linha está agora aberta.

Olá, boa tarde.

Claire Tucker - Diretora Executiva, Presidente.

Eu quero - a primeira pergunta é sobre crédito. Então, eu gostaria apenas de dar seguimento a um dos comentários que você deixou claro sobre a reserva que você teve neste trimestre. E assim, para ser claro, a construção de reserva que vimos foi toda a qualidade. Houve algum crédito específico em que você viu a deterioração que você acha que justificou o provisionamento adicional? Ou foi realmente apenas um impulso amplo e qualitativo para a reserva, considerando todos os itens que você mencionou?

Sim. Ótima pergunta, Catherine. Você notará que nossos ativos em atraso para o total de empréstimos foram estáveis. Nossos empréstimos criticados e classificados ficaram estáveis ​​trimestre a trimestre.

Então, eu acho que isso reforça o fato de que estamos realmente olhando para ele de um nível macro. I think everything you read in terms of the geopolitical environment, the uncertainty around the Healthcare legislation and regulatory environment, interest rate trending were sufficient enough to cause us to use our model in the qualitative assessment components as we develop the ALLL. So I would say it was all qualitative.

OK. And would you envision continuing to build their reserve from here? Or do you think it's more of his kind of keeping a now this elevated level given that?

Claire Tucker -- Chief Executive Officer, President.

That's a great question as well, Catherine. And what I would say is that we will -- every quarter, we evaluate our ALLL. We have a very sophisticated model. I would anticipate that as we go through that process, we'll continue to look at the items that I outlined in terms of the macro scenario.

And as those elements either improve or have more certainty around them, I could see us beginning to pull that reserve back down.

OK. And then, maybe one follow-up on loan growth. How do you think we should think about growth rate moving forward? I mean, you've historically been in kind of mid-teens growth, that's been slower the past couple of quarters for a lot of different reasons. But is it -- do you -- is your goal to get back to that mid-teens pace? Or do you feel like, going forward, it's maybe a little bit of a slower growth rate of -- as your target, but with greater profitability within that slower growth rate?

Claire Tucker -- Chief Executive Officer, President.

I would -- that's a lot of questions. I would see if I can answer them in order there, Catherine. You noted that we have had slower loan growth the last couple of quarters and for explainable, understandable reasons. Most recently, the payoff on some of our CRE projects as well as what I would call the refinement on our Healthcare strategy.

We remain committed to a low to mid-teens growth rate going forward. But I'll also point out to you, as you well know, it's never going to be a straight line growth just by the nature of our business model, but I do feel confident in the low to middle double-digit growth on an ongoing basis.

Okay, that's helpful. Alright, thank you.

Claire Tucker -- Chief Executive Officer, President.

Thank you, Catherine.

Obrigado. And our next question comes from line of Stephen Scouten with Sandler O'Neill. Your line is now open.

Stephen Scouten -- Sandler O'Neill -- Analyst.

Hi, guys. How are you all doing?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

We'd like -- Stephen, have you are?

Stephen Scouten -- Sandler O'Neill -- Analyst.

And maybe just following up on Catherine's question around loan growth. Can you give a little color about the level of payoffs relative to maybe production level this quarter? And, I mean, I guess, my real question is, were production levels similar to the maybe 1Q level, which was maybe the last quarter of higher growth that we'd seen? Or what has that been trending like lately?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

Sim. Stephen, it's Rob. What I would say is that, first of all, the front door production was a little lower than normal. And then, the back door or the payoffs and the pay downs were higher than normal.

The payoffs and pay downs came in, in Healthcare and CRE were the main spots for that.

Stephen Scouten -- Sandler O'Neill -- Analyst.

OK. And what kind of gives you guys gives the confidence, I guess, that those pay down levels will subside somewhat and that kind of front door, as you said Rob, production level would be able to increase in the coming quarters?

Claire Tucker -- Chief Executive Officer, President.

Stephen, I would say a couple of things. One, as I look at our commercial real estate book, you know how that cycles as projects come on, fund ups get paid off, and we've got a good level of commitments that we're working on right now as well as some others that are unfunded that I believe will allow us to replace that portfolio. I would also point to the unfunded commitment level of $454 million. It is a lower usage percentage right now.

It's at about 68%, 67% and it's been running about 70% or 72%. So what that signifies to me is that we have multiple areas within the various lines of business that I believe will effectively support the growth going forward.

Stephen Scouten -- Sandler O'Neill -- Analyst.

OK. That's really helpful. And maybe thinking about the loan yields and the NIM, the last 2 quarters, you've seen some pretty significant jumps in the new loan production yields. I think, Rob, you mentioned 4.87% this past quarter.

What has changed there? Are you guys just having demand higher pricing? Has pricing across your market shifted? Is it composition changes? What's kind of driving that move that we've seen?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

Sim. There's a couple of things on that, Stephen. Certainly, the rate increases that we saw recently in the past 2 quarters, I mean, in the second quarter, we saw our loan yield bump up to 4.47% for the second quarter. That was above our portfolio yield.

That was predominantly due to repricing of our variable rate loan book. Again, we just saw in this past quarter in the third quarter, our loans moved on new production with 4.87%. So we are seeing a little bit richer yield on new loan production. So as I said on the call, we do believe that we can hold our NIM going forward for a couple of reasons.

One is just the new loan production yields that we're getting and then the increase in our portfolio that's moving up with the rate increases. And then, certainly, we intend to run our loan to deposit ratio as we discussed and kind of talked to you about even last year that we had moved that up and that's at kind of a nice range where we have it today.

Stephen Scouten -- Sandler O'Neill -- Analyst.

OK. So, I guess, two follow-ups to that maybe. So it sounds like that 4.47% yield is something you feel is sustainable? And then, two, on that loan to deposit ratio you mentioned, are you guys kind of maxed out there now at 97%, including the held for sale?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

Sim. You might see it go up to close to 100%, but I think that's getting to the level where we would start feeling a little uncomfortable. Just going back to your comment on the 4.87%, certainly I think that's nice on new loan production, but what I would say is that we've seen a trend in the past 2 quarters of loan yields on new production above our portfolio average. So if next -- we're 4.55% overall, we'll see where it lands, but certainly, it's a good trend to see, new loan production higher than portfolio average.

So if next, you know what you know for 50, five overall, you know we'll see where it lands, but certainly, it's a good trend to see new loan production higher than portfolio average.

Claire Tucker -- Chief Executive Officer, President.

The thing I would add to that too is that we're on-we're continuing to see some really effective our growth in our-our DDA and money market with some of our-our-our retail, a lot of business. Our personal banking, our private banking, I should say line of business, healthcare, Ted, a really strong run it some good deposit generation on the relationship side. So I believe will be able to, to stay on pace are in, in terms of funding all the growth that we have.

Stephen Scouten -- Sandler O'Neill -- Analyst.

Ótimo. Okay, thanks for all the color guys. Aprecie isso.

Claire Tucker -- Chief Executive Officer, President.

Certo. Thanks for your question.

Obrigado. And our next question comes from the line of Daniel Cardenas with Raymond James. Your line is now open.

Daniel Cardenas -- Raymond James -- Analyst.

Good afternoon, guys.

Claire Tucker -- Chief Executive Officer, President.

Daniel Cardenas -- Raymond James -- Analyst.

Just a quick question on the margin. What benefits, if any, did it have from the recapture of interest on the loan that you guys got a payback on?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

Sim. So the NIM, we should have loan fees of about three basis points overall from an increase from the prior quarter. I would say about two basis points of that 3 is basically due to the amortization or the acceleration of the amortization of the loan fees with payoffs and pay downs. It's probably going to total right around $120,000.

Claire Tucker -- Chief Executive Officer, President.

But I think his question was around the recovery.

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

So, Daniel, yes -- no, we didn't have anything in the recovery that's related to -- in the margin. That was all in our allowance. The $1.9 million recovery is in the allowance. There's no benefit into the margin.

Daniel Cardenas -- Raymond James -- Analyst.

No recapture of interest or anything like that on the margin? So that 3.26% that we saw is pretty much a core number, which you think is sustainable?

Rob Cardenas That's correct. sim.

Daniel Cardenas -- Raymond James -- Analyst.

And is it possible that we could see some additional yield increase just given the timing of the June rate hike? Could we see a little bit more kind of bleed into the fourth quarter? Or is that pretty much all said and done?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

No. I said that's certainly possible. I mean, it's usually a full quarter before we see kind of our loan book cycle through all the different contracts that we have, so that's certainly possible.

Daniel Cardenas -- Raymond James -- Analyst.

OK. And then, maybe some color on the deposit pricing side right now. What are you seeing from competitors? Are you beginning to see a pickup on deposit pricing pressures? Or is the market still relatively rational?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

No. In fact, I would say it's probably more irrational on the liability side or the deposit side. There is an intense fight in Nashville for core deposits. What I would say is that our deposits went down this quarter, but we don't view that as a negative.

We want to be very selective in our pricing and how we gather deposits. We said we are a relationship-oriented bank and I think that is pretty telling in terms of our DDA growth this past quarter. And we are able to shrink some -- more of the rate-sensitive type deposits that are with us, but certainly, from a competitive standpoint, it's, I would say, highly competitive in Nashville for deposits right now.

Daniel Cardenas -- Raymond James -- Analyst.

Ótimo. And does that kind of bleed over to the public funds as well or not necessarily so?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

I would say yes, certainly, n the public funds arena, but you have a lot of banks that are either coming in from out of town and trying to gain a foothold, some that are just trying to get market share and the pricing on deposits are pretty tough right now and it's in all arenas.

Daniel Cardenas -- Raymond James -- Analyst.

Then, I would imagine just kind of given the new competition that's coming to the Nashville market, wouldn't that necessarily then play the same for the yields on your in-assets? Wouldn't we see some pressure on those given people are jockeying for market share right now?

Claire Tucker -- Chief Executive Officer, President.

We've always seen that type of pressure. Certainly, on the C&I side, it's highly competitive. What we're focusing on is sound, profitable growth and we're a relationship bank and we're going to bank relationships and not transactions. So certainly, you're seeing that on both sides, but when you get the full relationship, we can demonstrate profitability for our organization.

Daniel Cardenas -- Raymond James -- Analyst.

OK. And last question for me here, Rob. I missed your comments on the efficiency ratio. Were you saying that you expect the efficiency ratio to remain relatively stable on a linked quarter basis or were you talking noninterest expenses?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

On the efficient, yes, but speaking to the expense base, I think near-term it will be around the 8.85% level and then that can move up in 2018. What we did say is that we're going to manage to an efficiency ratio between the mid to low 60s by the end of '18. While I think that, near-term, it could be around the 8.85% level, I think you can see that move up in 2018 as we continue to make progress on new hires, et cetera.

Daniel Cardenas -- Raymond James -- Analyst.

Okay, OK. And then now do you care to make a stab at the tax rate that we should be modeling in for you guys?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

You know, I'm not going to make a stab at the rate. I certainly wanted to provide some transparency to you guys in terms of what's going to happen in 2018 as we come upon our 10th anniversary. We have a lot of original organizers and executives that have options and warrants expiring. We tried to give you a sensitivity in terms of the dollar amount that could fluctuate so I think you could probably model that out, but certainly, I think it's going to be closer to our current quarter.

Through the year, it can be lumpy depending upon when these individuals exercise, but I think our current quarter is more indicative of mid-30s or lower 30% ratio going forward.

Daniel Cardenas -- Raymond James -- Analyst.

Okay, great. Obrigado rapazes.

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

Obrigado. And once again ladies and gentlemen, if you have a question at this time, just press star. And then one next question comes in a line of Laurie Hunsicker with compass point. Your line is now open.

Laurie Hunsicker -- Compass Point -- Analyst.

Sim. Hi, thanks. Good afternoon, Can help us think about, and I know Catherine and Stephen both asked this, but I'm just trying to understand, with respect to loan growth, how we should think about how you're getting to that low to mid-teens growth rate? And I realized you've had some reworking of how you've been doing the Healthcare and we've seen it decline, but I'm just looking here, March to June down, June to September down. I mean, if we're looking -- and I get that it's lumpy.

If we're looking to get to that low to mid-teens growth rate, that implies that you're going to finish the year-round numbers with about $1.1 billion in loans? Isso é possível?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

You know, what we're trying to do is be selective about, thanks. Claire mentioned, you know, we're doing a little bit of permitting on the healthcare side of the house. You know, that could take a quarter to two, I demonstrate our growth, but overall we -- we're going into the low that said to mid double digits. What we're trying to do is be selective.

I think Claire mentioned, we're doing a little bit of pivoting on the Healthcare side of the house, that could take a quarter or 2 to demonstrate our growth. But overall, we're going into the low to mid-double digits.

Claire Tucker -- Chief Executive Officer, President.

And Laurie, I'd look at it over a little bit longer horizon than just the next quarter. Again, I think we talked about some of the commercial real estate projects with respect to Healthcare. We have reconstituted much of that team over the last 12 months, and I think we got an excellent, excellent team of bankers in the Healthcare group and I'm really looking to them to have some nice loan growth. But when you recalibrate the way that we've done, sometimes it takes a little bit of time to build your momentum back up.

So -- then, if I look again at the unfunded commitments, I think we'll see some increased usage there. We saw good growth in our core C&I book. And when I say core C&I, I'm talking about the exclusive of Healthcare as well as our retail book is picking up nicely. So I think there are a couple of opportunities there for us.

Laurie Hunsicker -- Compass Point -- Analyst.

Okay, OK. And then, just on the line item of Healthcare, and I'm just looking at Slide 8, but maybe you can help me think about this sort of apples-to-apples here. Your total Healthcare, including the commercial real estate piece, as of June was $188 million and as of March, it was what, $172 million? Isso esta certo?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

Yes, $172 million.

Laurie Hunsicker -- Compass Point -- Analyst.

$172 million. And then, the commercial real estate piece as of June was $11 million. Do you have that as of September?

Claire Tucker -- Chief Executive Officer, President.

No. Commercial real estate within the Healthcare books roughly the same.

Laurie Hunsicker -- Compass Point -- Analyst.

Roughly the same. OK. And then, the SNC piece, the $129 million went down sharply. It went down to $107 million.

Is that going to be something that you continue to let the let bleed off in line with your pivoting on how you're thinking about Healthcare?

Christopher Tietz -- Chief Credit Officer.

Sim. Laurie, this is Chris. The SNC piece is actually $91 million within that. And then, there's another -- the difference between that and the $107 million is the non-SNC portion.

Laurie Hunsicker -- Compass Point -- Analyst.

Okay, that's more like club or something like that?

Christopher Tietz -- Chief Credit Officer.

Well, that's correct. Sim.

Claire Tucker -- Chief Executive Officer, President.

Okay, and just to be clear, just by definition, the SNC is going to be three banks or more. So we oftentimes will look at -- I mean, it could be a club deal that's a SNC just because we got three local banks in it.

Laurie Hunsicker -- Compass Point -- Analyst.

Certo. I guess, I'm just thinking also more broadly the -- anything that's sort of your participant co-lender, majority of that is SNC. Of your $91 million, how much of that is in Nashville?

Christopher Tietz -- Chief Credit Officer.

Well, let me come at it a different way, if I could. If we start with the $172 million for gross Healthcare, $130 million of that is in our defined market. I can't tell you specifically what's in Nashville, but of that -- then it would split down into half and half roughly between SNC and non-SNC.

Laurie Hunsicker -- Compass Point -- Analyst.

OK. OK. That's helpful. OK.

And then, just to go back to, again, reserving, and I realize that there is a lot of moving parts this quarter with respect to recovery, but as we're thinking about a normalized loan loss provision going forward and normalized reserves, what is your goal in terms of where that reserves to loan ratio would be as we fast-forward the year out? And I realize there's moving parts with Washington and everything else, but in other words, you've jumped around a lot and, I guess, in terms of thinking about modeling, it would be helpful to know how you're thinking about that as a goal, even if it's just a range.

Claire Tucker -- Chief Executive Officer, President.

Well, I think, Laurie, going back to how we got to the $144 million, I think that's more macro types of issues. We've historically been running the ALLL at around $120 million to $124 million on new production.

Laurie Hunsicker -- Compass Point -- Analyst.

OK. Perfeito. OK. And then, the $1.9 million recovery, that was off of the $11 million loan that you charged off originally to 0, is that correct?

Claire Tucker -- Chief Executive Officer, President.

OK. Is there anything else potentially covering from not coming back from that loan?

Well, we -- as I've said in prior quarters, we will continue to pursue collateral or other sources of payment -- repayment that we have on that or any other credit that we might have a loss on. So I would say the efforts are ongoing on that front.

Laurie Hunsicker -- Compass Point -- Analyst.

OK. And then, to the extent that you've got a recovery, would you let that all drop to the bottom line or would you do something in terms of reserve building or you're just not sure?

Claire Tucker -- Chief Executive Officer, President.

Well, that's really sort of hypothetical. So, again, what I can speak to is what we've done this past quarter with respect to our allowance methodology.

Laurie Hunsicker -- Compass Point -- Analyst.

OK. OK. And just going back, Rob, to something that you said to Daniel. The higher payoffs, you said, including amortization, was $120,000 within the net interest income.

Isso está correto?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

Sim. So as you think about the acceleration of the amortization of the fees, if you're looking for more of a run rate on a normalized level, we probably had $120,000 of -- and maybe a little bit higher than normal payoffs and pay downs in the fees -- associated with the fees and the fee line. So yes, we certainly benefited from that this quarter. Short-term benefit, longer-term pain on those payoffs and pay downs.

Laurie Hunsicker -- Compass Point -- Analyst.

OK. OK. Boa. And then, Claire, just more macro.

At one point, you had talked about potentially looking for acquisitions. Obviously, your stock price is very high. It's stronger acquisition currency. How do you think about that now? How are you sitting in terms of potentially looking for other potential acquisitions?

Claire Tucker -- Chief Executive Officer, President.

Well, I think your point is well made, Laurie, that with the stock price that we have, that certainly broadens the opportunities that we have for M&A activity. What I've said historically is the core focus of our bankers on a day in and day out basis is to continue to grow the bank organically. We believe we've got some good opportunities there. With that said, we also think there's some merits to considering some strategic opportunities.

And I've outlined for you before something that could improve our cost of funds or a higher-yielding loan product or a noninterest income play. So, again, the stock price certainly will provide us a valuable currency that will enhance those discussions.

Laurie Hunsicker -- Compass Point -- Analyst.

OK. And then, just lastly, any comments or color you can share with us regarding Gaylon Lawrence and potentially how his strategy is fitting how you're looking going forward?

Claire Tucker -- Chief Executive Officer, President.

Well, it's a -- that's speculation and we're really not going to comment on speculation. We're aware of his filing and his purchase of the stock. We are focused on just operating the bank every day and trying to benefit all of our shareholders through solid performance.

Laurie Hunsicker -- Compass Point -- Analyst.

Okay, great. Thank you very much for taking my question.

Claire Tucker -- Chief Executive Officer, President.

Thank you, Laurie.

Obrigado. And our next question comes from line of Tyler Stafford with Stephens. Your line is now open.

Hi, good afternoon, guys. Just a couple of last questions for me. The rest have been asked and answered. Rob, first one on the gain on sale margin out of the Mortgage business.

Last quarter, you talked about that expanding kind of going forward, which it did this quarter to $160 million or so. Is this an appropriate level in terms of pricing out of those sale that you're expecting to get this $160 million level from here?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

Yes, that's probably at the higher end of the range that we've been at, Tyler. Certainly, we look at the mix on some of that, which drives it. So it depends on the origination mix as well, but certainly, that's probably on the upper end. So from a conservative standpoint, I'd back it down a little bit.

OK. And then, sticking within fee income, the Tri-Net business obviously had a nice quarter. Any color you can share with us on how to think about that business in terms of contribution going forward?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

Certo. Certo. I think what we've talked to you about the Tri-Net business is that was a team we acquired last fall. And what we said is that we're going to crawl before we walk, walk before we run.

And I think if you look at the sequential quarters, that demonstrates some improvement. Certainly, this quarter was a very nice quarter. We had nice loan sale with a decent premium. What I think going forward is that, that could bounce around a little bit and it depends upon a number of factors, but I wouldn't get too far ahead of yourselves on that line.

I think, given the third quarter's performance, is a strong indication. We do have about $32 million on our balance sheet. So we would anticipate quarterly sales, but it will depend upon a number of factors on the size and magnitude of those.

And I may have missed this in the release and the presentation, but did you guys disclosed how much you sold this quarter out of Tri-Net?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

No, I would not, and we did not disclose that fact.

OK. And then, last one for me just in terms of the profitability goal 4Q '18, next year, the 1%, in relation to how we should be thinking about that and going back to the earlier questions about the tax rate. Is this kind of 25%, 26% level the appropriate level that we should be thinking about in terms of you guys reaching that 1% ROA goal?

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

Sim. In short, Tyler, I think it is. Certainly, the mission for our bank has always been to be a high-performing financial institution and reaching that 1% threshold this quarter has been an important milestone for us. I think if you look back even as far back as last year at our IPO, we said we had a number of levers that we'd pull to reach that 1% number.

I think we've done some of that. I still think that we have some room to go. But going forward, I think you should expect this to be at or near the 1% more consistently and it does take into account the tax benefit with the ASU piece for next year as well.

Ok, entendi. Muito útil. Thanks, Rob.

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

Obrigado. Question from the line of Daniel Cardenas with Raymond James. Your line is now open.

Daniel Cardenas -- Raymond James -- Analyst.

Sim. Just one quick follow-up question. I think, Claire, you mentioned that you were seeing lower usage on that $458 million of unfunded commitments. Can you maybe give us some color as to why you think there has been a decrease in the usage levels?

Claire Tucker -- Chief Executive Officer, President.

Well, a couple of things on that, Daniel. I think one is that we've had some good production of new commitments. If you look at those numbers that are out there, the total commitments are actually -- I'm just trying to get back to my page. Since the end of last year, we're flat to last quarter, but I think some of it will be in the CRE projects that I referenced that we've gotten some commitments on that we believe we'll see some funding going up.

Daniel Cardenas -- Raymond James -- Analyst.

Okay, right. Good, I guess. Obrigado.

Obrigado. I'm showing no further questions at this time. I'd like to return to this Claire Tucker for any closing remarks.

Claire Tucker -- Chief Executive Officer, President.

OK. Well, thanks to all of you for participating in the call today. As we've said many times today, we're very excited about the profitability that we were able to achieve this quarter. We're committed to staying on this trend line to really deliver solid performance to all of our shareholders.

We're very appreciative of the continued support that you all have. And certainly, if there are any follow-up questions that anyone has, please feel free to reach out to Rob or me at any time. Obrigado.

Call participants:

Claire Tucker -- Chief Executive Officer, President.

Rob Anderson -- Chief Financial Officer and Chief Administrative Officer.

Stephen Scouten -- Sandler O'Neill -- Analyst.

Daniel Cardenas -- Raymond James -- Analyst.

Laurie Hunsicker -- Compass Point -- Analyst.

Christopher Tietz -- Chief Credit Officer.

This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

Collapse that never happened: China bounces back, discrediting Western analysts.

Since capitalism in China is tightly controlled and not allowed to run rampant, the population is far safer from the harmful effects of market turbulence.

According to the Financial Times, 55 percent of the US public is directly invested in the stock market. The majority of these people have no choice in the matter. They are seniors whose pensions were invested by their employers, or they are employees whose salaries are tied to “stock options” or other mechanisms linking them to the New York Stock Exchange.

As a result of the stock market’s central role in US society, when the financial crash of 2008 occurred, unemployment almost immediately went up to 10.1 percent, the highest it had been since 1983. The rate of hours worked per week dropped to 33, the lowest number ever recorded. Overall, the median household net-worth dropped by 35 percent between 2005 and 2011, according to a Vox Media report. Many people in the United States are still suffering the aftereffects of the financial crash of 2008, despite the widely reported “recovery.”

What makes China different?

Analysts in the US media, probably basing their views on what they know about the US economy, made predictions of catastrophe when China’s stock market plummeted on July 8 and 9. The US press had already spent months describing the “slowdown” in the Chinese economy as proof of impending collapse, at the same time as demonizing China’s President Xi Jinping for allegedly being a “neo-Maoist.” When 1,400 companies filed for a trading halt after a 30 percent drop, the US press went into a frenzy, declaring that the seemingly invincible Chinese economy had finally been brought to its knees.

However, the results were very different than those predicted. Within a week, China’s economy was pretty much back to normal. US economists were shocked to see the country reach the goal of 7 percent quarterly growth, despite so many predictions that it would finally lag behind. China’s plans for massive construction of irrigation systems and high-speed trains were not halted. The “New Silk Road” foreign investment programs are still moving ahead.

How was it that a massive stock market crash had so little impact? How was it that China’s market could crash dramatically, yet society could just move on apparently unscathed? The answers point to realities about the Chinese economy that many Western analysts are unable to comprehend or even acknowledge.

First, only 6 percent of the Chinese population is invested in the stock market. The Chinese stock market is a small club for millionaires and billionaires. China’s industrial workforce, which make up the majority of the planet’s industrial workers, do not have their wages or salaries tied up in “stock options.” The pensions of China’s elderly people are also not at stake with market flexibility. Most of the Chinese population is fully insulated from the chaos of the beloved neoliberal “free market.”

State ownership of industry is very widespread in China. Fifty percent of the world’s crude steel is manufactured in the mostly government-owned Chinese steel industry. China’s state sector controls a great deal of banking and other centers of economic power.

Secondly, despite a huge amount of private ownership, the classic laws of the market studied by economists all over the world do not apply even in China’s vast private sector.

Usually, following a financial crash, there is widespread panic in the stock markets, with investors rapidly pulling their money out. This did not occur in China because the government refused to allow it. Immediately after the crash, the government moved swiftly into action, implementing a variety of “anti-selling measures.” The Chinese government threatened to arrest anyone who was caught short-selling. All major shareholders and directors were blocked from selling stock for six months.

Essentially, the Chinese government stepped in and prevented the natural results of a stock market crash. Corporations were prevented from doing what they would normally and naturally do under such circumstances. The Chinese government gave marching orders, forced market players to do the opposite of what they were inclined to do. The result was a rapid economic recovery that shocked the world.

Keeping the “Invisible Hand” in check.

In China, capitalists are not free to invest as they choose, nor are they allowed to move money around based on what is most profitable. Corporations and assets are routinely nationalized, and wealthy capitalists have even been sentenced to death for harming the public. Last year, several employees of a Shanghai based food firm were taken away in handcuffs when it was exposed that they were supplying rotten meat to clients, including McDonald’s and other major restaurant chains.

The Chinese economy is watched over closely by a huge entity with over 88 million members: the Communist Party. It has direct control of the People’s Liberation Army, and all government officials are subject to its discipline. Most major private corporations have Communist Party officials who are assigned to watch over and monitor their activities. Sometimes these officials can be helpful to corporations. Capitalists can often utilize the government’s assistance in order to make more money, as this is in line with the party’s goal of expanding China’s Gross Domestic Product. However, the Chinese government has the ability to give direct orders to privately owned entities, forcing them to act according to the party’s wishes and against the dictates of capitalism’s much heralded “invisible hand.” China’s economy is now rebounding, with the stock market rising once again, because the Communist Party refused to allow the market to function naturally in response to the crash.

Attempts in the US press to blame the market crash on Chinese president Xi Jinping are highly disingenuous. Articles that make these arguments offer very few explanations why Xi is to blame. They merely quote broadly worded statements from market-oriented Chinese think tanks.

If anything, it was lack of regulations that caused the crisis. The Financial Times reports: “ Since they were not subject to regulation, fund-matching companies permitted higher leverage and lower barriers entry. & rdquo;

There is now widespread investigation into the unregulated practices of fund matching corporations in China, who may have greatly contributed to the events of July 8th and 9th.

Xi Jinping and the rising “Chinese Dream”

While Xi Jinping is hated in corporate boardrooms and on Wall Street, his actions are wildly popular with many people living on the Chinese mainland. The Economist stated: “ He is now more popular than any leader since Mao .” On another occasion they described him as possessing “unusual popularity,” saying “ Mr Xi has been winning hearts with a ferocious assault on corruption .”

It’s understandable why Xi’s “mass line campaign,” as well as his popularization and revival of the ideas of Mao Zedong and Deng Xiaoping, are refreshing to millions of Chinese people. Many have become alienated and frustrated by rising corruption over the last few decades, coinciding with the expansion of China’s market sector. With headlines such as, “To Reignite A Nation, Xi Carries Deng’s Torch”, the Chinese press portrays Xi Jinping as a champion of the founding principles of the People’s Republic, whipping China back toward building a prosperous socialist society.

China’s highly successful economic model should be studied by anyone who wants to improve the living standards of the human race. When the global capitalist economy reacted to decades of neoliberalism and experienced a horrific crash in 2008, China continued to roll ahead. As the world market reeled in the aftermath of the crash, China’s Gross Domestic Product increased by 9.6 percent in 2008. Chinese industrial production increased by 12.9 percent that year. Since 2009, the wages of Chinese industrial workers have been steadily increasing, with the rest of society keeping up with them. In 2012, the wages of Chinese private sector workers increased by 14 percent.

While the Western world is consumed by austerity debates and its new generation faces a low-wage economy, the standard of living for China is rapidly increasing.

The secret to China’s success can be found in the role of the state. A powerful government, which has its roots in the 1949 popular revolution, has the ability to keep the market under its control. In China, the “rule of the dollar” certainly exists, but it is secondary. It is the population, organized and directed by the Communist Party, which ultimately has the final say in economic matters. While capitalist investment is utilized to strengthen China's economy, the country is spared from the difficulties associated with the market. Capitalism exists, but it is obedient and compliant, existing at the whim of a very strong government, with deep roots among the population.

As China rolls ahead, it should be clear that Xi Jinping’s “Chinese Dream” contains key economic lessons for the entire human race.

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of RT.

10 Ways to Cut Clutter in Your Home.

Mired in mess, fuss, and disarray? These quick hints for home organization can help you de-clutter fast.

WebMD archives content after 2 years to ensure our readers can easily find the most timely content.

">From the WebMD Archives.

Countless families are bedeviled by household clutter; the most common clutter hot spots are children's bedrooms, home offices, attics, and garages, professional organizers say. What does it take to create a clutter-free space? Here are 10 key home organization strategies from three top organizers.

10 Tips for Organizing Your Home.

Find a place for every item. One reason things pile up on counters, tables, and floors is that they have no "home." "Make sure everything lives somewhere," says Sharon Lowenheim, a professional organizer in New York City. Storing items in the room where they're used helps ensure they get put away when you're done, and usually it's best to store similar items together. If it's something you use frequently, make sure the storage place is easy to access. "If you need to reach to a high shelf and take down a turkey platter just so you can return a bowl to its 'home,' odds are it's not going to get put away very often," says Standolyn Robertson, a professional organizer in Waltham, Mass.

Play clutter cop. The better you are about keeping things out of your home, the less likely things will pile up inside. Take freebies. It's nice to get a T-shirt or coffee mug, but will you really use it? Enjoy it? If not, decline it. Or let's say you're a voracious reader. You could buy books -- but why not borrow (and return!) them from your public library? And take a minute to opt out of mailings from credit card companies and other direct marketers. Linha de fundo? Always look for ways to block unneeded items before they cross your threshold.

Do some detective work. Periodically scan your home for clutter hot spots, and spend some time figuring out why stuff accumulates there. Often, it's not what you think. Take that pile of dishes in your kitchen sink. "People often assume that dishes pile up because it's too much work to load the dishwasher," says Robertson. "But lots of times it's that family members hate unloading the dishwasher, and they hate that because it means having to open the cabinet to put away plastic containers -- and those plastic containers always rain down on them." Once you understand the problem, you'll find it easy to devise a solution.

Hold off on container shopping. Clutter victims often think the solution is to stock up on organizing products, so they head to the nearest superstore and stock up on bins and boxes. Grande erro. "People love to go out and buy containers, but getting organized does not start out with a shopping trip," says Robertson. She recommends shopping for storage items only after you've done some de-cluttering -- to understand the scope of the problem, the specific cause, and an appropriate solution.

Dump duplicates. Why have two nonstick spatulas when one is enough? Why have six hairbrushes or 17 coffee mugs? Lowenheim says that throwing out duplicates is one of the easiest ways to quell clutter. Her simple rule: One in, one out. "Anytime you get something new, get rid of something like it that is old," she says. Or, as Robertson puts it, "Before you bring home that big new flat-screen TV, figure out what you're going to do with the TV you already have."

Beware nostalgia. If you're a doting parent, it's not easy to discard a child's creation, whether it's pastel drawings from the second grade or that cooler-sized medieval castle. But if you're serious about minimizing clutter, you must. Robertson recommends taking a picture of your child with the creation, and letting that be your keepsake. "After all," she says, "what would you rather have in 30 years -- a photo of that castle, or the mouse-infested castle itself?" Of course, if your child creates something truly special, you'll want to keep it, maybe even display it in your home.

Weed out your wardrobe. Odds are your clothes closet is chockablock with clothes that are rarely worn. Lowenheim says it's a case of the familiar 80:20 rule: we wear 20% of our clothes 80% of the time. She recommends sorting through your clothes, and your children's, at the end of each season. Does a particular garment no longer fit, or maybe it's uncomfortable? Toss it into a box. Then take the box to a favorite charity or a consignment store. And don't hold onto things because you think you might need them someday. One key to de-cluttering is getting rid of things, not simply rearranging them. Tidying up is not the same as organizing.

Look for simple clutter control solutions. Often, there's an easy solution to even stubborn clutter problems. "One of my clients could never remember where she put her keys," says Laura Leist, a professional organizer in Seattle, and president of the National Association of Professional Organizers. "I suggested that she put a hook by the front door, so she could hang her keys up every time she walked in the door. And it worked." Leist is also a fan of lazy Susan turntables for organizing pantries or laundry rooms, can risers, drawer dividers, and bins and baskets to group items in bathrooms and linen closets. To add storage space in a crowded room, consider adding a shelf just below the ceiling. Overrun with CDs? Take them out of their jewel boxes and store them in a CD binder.

Think home organization "kits." Buy some clear plastic shoebox-sized containers, and use them to create kits where you store all the items you need for a particular task. For instance, you could create a shoeshine kit, a bill-paying kit, a manicure kit, and so on. That way, you can easily find everything you need to accomplish everyday tasks.

Stick to a schedule. Some spaces, like kitchen counters, need daily de-cluttering. Others can be tackled weekly or monthly. When that time comes, be systematic. Take all the items in a defined area (a cabinet, a desk drawer), and spread them out so you can see what you're facing. If you're de-cluttering the drawer where you keep kitchen utensils, for example, spread them on the counter, and then sort into two piles: utensils you use regularly and those you don't use. Be patient -- effective de-cluttering takes time. "People tend to underestimate how much time it will take," says Leist. If it looks like a two-hour job, budget four. And don't get discouraged if de-cluttering takes longer than you think it should.

Whatever happens, try not to feel embarrassed about clutter. It's important to remember that organizing need not be perfect, and that "good enough" really is. "When you're on your deathbed, you're not going to wish that you had found the perfect organizing container," says Robertson. "The important thing is being able to spend more time with family and friends." De-cluttering helps make that happen.

Sharon Lowenheim, professional organizer, New York City.

Standolyn Robertson, professional organizer, Waltham, Mass.

Laura Leist, professional organizer, Seattle; president, National Association of Professional Organizers.

APUSH test chapters 6-10.

d. Northwest Territories.

uma. all French claims west of the Mississippi, and Spanish Florida.

b. all French claims east of the Mississippi, and Spanish Florida.

c. all French claims east of the Mississippi, New Orleans, and the French sugar islands of the West Indies.

d. all French claims in North America.

uma. George Washington.

b. George Grenville.

uma. the organizer of British victory in the Seven Year's War.

b. relatively sympathetic to American protests during the years after the Seven Years' War.

c. both the organizer of British victory in the Seven Year's War, and relatively sympathetic to American protests during the years after the Seven Years' War.

d. None of these answers is correct.

uma. were suffering from war induced economic hard times; were saddled with a great war debt.

b. were proud to be British; were comparably proud of their fellow Englishmen in America.

c. sought to keep British troops to protect them from the Indians; thought the Americans should settle and defend the Ohio country on their own.

d. celebrated their contributions to victory; voiced contempt for American soldiering and suspicious of American self-interest.

uma. to defeat the French.

b. to centralize their empire.

c. to deprive Americans of their liberties.

d. to conspire to seize political power and influence.

uma. that government governs best which governs least.

b. that all men are created equal.

c. that property guarantees liberty.

d. no taxation without representation.

uma. They felt increasingly isolated.

b. They increasingly thought of themselves as part of a transatlantic network of the friends of liberty.

c. They increasingly backed down to British pressure.

d. None of these answers is correct.

uma. the elite members of the assemblies.

b. traders, lawyers, and prosperous artisans.

c. the poorer sort in the seaport towns.

d. male descendants of veterans of the Seven Years' War, regardless of social class.

uma. raised the price of tea that Americans imported from Britain.

b. gave the East India company a monopoly of the American tea trade.

c. prohibited the consumption of tea in Massachusetts.

d. cracked down on illegal smuggling of tea in the colonies.

uma. Townshend Acts.

b. Quartering Acts.

uma. the king's minsters, but not Parliament or George III.

b. Parliament, but not the king's ministers or Parliament.

c. George III, but not the king's ministers or Parliament.

d. the king's ministers and Parliament, but not George III.

uma. renounced American allegiance to George III, and established a Continental Army.

b. denied Parliament's right to tax and legislate for the colonies (while acknowledging its authority to regulate their trade), and set up a trade boycott.

c. denied that Parliament had any authority at all in America, but took a collective oath of allegiance reaffirming loyalty to George III.

d. denied that Parliament or George III had any authority in America, and urged colonial legislature to seize power from crown officials.

uma. fighting wars that would require new taxes.

b. maintaining a standing army in peacetime.

c. enriching corrupt officials through the enforcement of taxes.

d. denying the opportunity for ordinary fold to strive for the luxuries and comforts enjoyed by the better sort.

uma. Parliament had deliberately and wickedly brought about all of America's misfortunes.

b. Britain had dealt with the colonies out of self-interest rather than affection.

c. Monarchy was a foolish and dangerous form of government.

d. Nature had destined America for independence.

uma. Northern Anglicans and recent emigrants from the British Isles tended to remain loyal to the British.

b. Most middle-class American revolutionaries preferred to join the Continental Army rather than merely become part of their local militias.

c. The war to protect liberty and property was, ironically, waged by those classes of Americans who were poor and least free.

d. In the latter part of the war, brutal civil war between loyalist and rebel bands raged across the South.

uma. drafting the "Olive Branch Petition"

b. creation of a Continental Army.

c. dealing with Canada.

d. opening American trade to other nations.

uma. the violations of colonials' "rights as Englishmen"

b. Parliament's infringements on American liberty.

c. George III's infringements on American liberty.

d. the argument that monarchical government violate both reason and the Bible.

uma. They were devout Christians who believed the Bible commanded obedience to authority.

b. they were old-stock wealthy planters and merchants from the coastal areas whose families had long prospered under British rule.

c. They owed their livelihood and social status to Crown appointments, and thus were unmoved by constitutional arguments.

d. They were fearful of divisions and instability within American society.

uma. was at first undermined by the republican fear of standing armies.

b. was eventually fulfilled by the power of the Second Continental Congress to draft soldiers.

c. diminished quickly because he came to rely almost wholly on the militia.

d. rose quickly because he concentrated on offensive military strategy rather than on discipline.

uma. New England states; from the middle states plus Virginia.

b. lower classes; solidly middle class.

c. militias; drawn from the poorest and least free.

d. farmers conscripted by the provincial congresses and state legislatures; volunteers.

uma. Cidade de Nova York.

c. the Carolina backcountry.

d. the Jersey shore.

uma. the Chesapeake; the Hudson valley.

b. the Chesapeake; the Carolinas and Georgia.

c. the middle states (New York, New Jersey, and Pennsylvania); the Carolinas and Georgia.

d. the port towns in the middle states (New York, New Jersey, and Pennsylvania); the backcountry.

uma. Britain's success meant they retained control of the seas after all.

b. Britain's defeat led to a treaty of alliance with France, opening a new phase of the war.

c. Britain's defeat meant they abandoned all hope of subduing the rebellion and opened negotiations for peace and American independence.

d. The military standoff forced General Howe to turn toward Philadelphia instead of linking up with General Burgoyne.

uma. Congress and the civilians responsible for providing for the Army were disorganized and corrupt.

b. the military leadership, in order to instill true discipline, drilledthe soldiers beyond their endurance.

c. the winter was unusually harsh and the Army was compelled to camp outdoors.

d. the soldiers were never told of the victories elsewhere.

uma. they felt they could exploit slave unrest.

b. they felt they could exploit loyalist support.

c. they had been driven out of their beachheads in northern cities.

d. the Continental Army was tied down defending the North.

uma. As the war dragged on, blacks - especially northern free blacks - were increasingly welcome to enlist.

b. Americans generally avoided arming blacks, but the British eagerly recruited runaway slaves.

c. Though still enslaved, they rallied around the revolutionary rhetoric of freedom, uniformly supporting the American cause.

d. Very few slaves escaped to freedom; those who did found themselves welcomed in the North, the West Indies, or Canada.

uma. the French army.

b. the French navy.

c. militia from the area.

d. all these answers are correct.

uma. The Americans had driven the British army out of North America.

b. The French had driven the British navy from the high seas.

c. The timing of the occasional American victories led to a global situation where the British needed to salvage the rest of their empire by cutting their American loses.

d. They had sent a commission offering peace on pre-war terms, which the Congress accepted in all particulars except refusing to remain in the empire.

uma. a mark of low social rank.

b. associated with the alliance with France.

c. a badge of opposition to British colonial policy.

d. considered stylish because they were worn in high society in France.

uma. a weak executive.

b. county divisions within a state structure.

c. direct popular rule.

d. creating a written document as supreme law.

uma. Could the individual states establish treaties and agreements with foreign countries, excluding the other states?

b. Would the lands in the West eventually become part of teh United States, and how would this take place?

c. Would factions and self-interest groups pull the states apart and make union impossible? What forces and issues could unite the very different types of people who populated the new states?

d. Non is the correct answer, because all these questions were among those raised by the revolution.

uma. annual elections and representation by district.

b. elections by secret ballot and representation of each social group.

c. restricting executive power and requiring a popular referendum for tax bills.

d. itemizing rights and prescribing virtual representation.

uma. national legislature.

b. national executive.

c. judicial authority.

d. All these answers are correct.

uma. an integrated republic with a decentralized structure of national government.

b. thirteen independent state republics loosely joined together under a virtually powerless representative body.

c. a political system functioning like a corporate conglomerate with thirteen wholly-owned subsidiary companies.

d. thirteen independent nations affiliated in a defensive alliance, like today's NATO.

uma. divisions between the states, and border disputes with Britain and Spain.

b. slavery, and the Indian question.

c. republicanism and federalism.

d. political ineffectiveness, and the need to industrialize.

uma. Indian policy.

c. western lands.

d. location of the national capital.

uma. The number of blacks in slavery quickly declined dramatically.

b. Communities of free blacks grew in numbers and health.

c. Most northern states abolished slavery by law either immediately or gradually.

d. On balance, the Revolution brought few changes to the status of most African Americans.

uma. religion; secular.

b. capitalism; neo-feudal.

c. equality; unequal.

d. reforming society; complacent about the Republic's future.

c. representative democracy.

uma. It supported the belief that the people should take the law into their own hands.

b. It proved that the country's revolutionary spirit was still alive.

c. It gave crucial momentum to the growing movement to strengthen the national government.

d. It prompted the Massachusetts legislature to ratify the Constitution.

uma. George Washington.

b. James Madison.

c. Thomas Jefferson.

d. Alexander Hamilton.

uma. they were men with a great deal of political experience, who all favored weakening the central government.

b. they were all relatively inexperienced politically, and they favored establishing a constitutional monarchy.

c, they were all former loyalists, who also favored establishing strong ties with Great Britain.

d. they were all men of considerable political experience, who recognized the need for a strong national union.

uma. adopting the Constitution of 1787.

b. keeping the Articles of Confederation.

c. creating a unitary form of government.

d. becoming a federated unit within the British empire.

uma. the most powerful groups in society would dominate and eventually rule in a corrupt and arbitrary fashion.

b. the common people would have too much control over the government.

c. elected officials would be too narrowly and directly concerned with the interests of their own constituents, rather than the nation as a whole.

d. poorer groups would be favored over the more substantial citizens in society.

uma. accelerating immigration, increasingly from Ireland.

b. the longevity of women.

c. the absorption of new peoples as new territories were acquired.

d. an extremely high birth rate.

uma. semisubsistence farmers, and those tied to a commercial economy.

b. mainstream religious groups, and those tied to a commercial economy.

c. northern and southern states and territories.

d. eastern states and western territories.

uma. stimulate the essentially virtuous nature of ordinary citizens, who could take advantage of new economic opportunities.

b. simulate commerce and manufacturing through the power and positive actions of the national government.

c. win the loyalty of the wealthy to the national government.

d. make the U. S. as a whole independent of European control by strengthening it economically.

b. a national bank.

c. a provision that the judiciary should decide the constitutionality of regulating the economy.

d. a procedure whereby the national government should pay off both its own debt and the combined debt of th estates.

uma. it violated the idea of a broad or loose construction of the Constitution.

b. it clashed with the interests and values of the agrarian, semisubsistence regions.

c. it threatened to lead to English-style monarchism and corruption.

d. it threatened to create a class of moneyed aristocracy.

uma. used the war to foster closer economic ties with Britain.

b. honored the Treaty of 1778 by supporting France.

c. asserted the right to street a path of neutrality.

d. placed an embargo on all goods to Europe.

uma. The French schemed to set up a friendly faction within the U. S. government.

b. Divided over whether France represented republicanism or anarchy, the two sides came to suspect the worst intentions of the other and organized parties against each other.

c. Pinckney's Treaty so blatantly met the interests of the commercial areas against the interests of the semisubsistence sector that the leaders of agrarian America rallied around the treaty fight and founded a party.

d. With both sides violating American neutral rights, the party that exploited American anger and fought for American rights was able to win the election of 1800.

uma. appealed to workers in cities and other tied to commercial economy.

b. sought to overturn the federal system and restore a unitary central government.

c. appealed to fears of commerce and urbanization.

d. articulated a conceptual framework that understood both the party in power and the loyal opposition as legitimate.

uma. wanted a weak government in order to promote economic individualism.

b. opposed a republican form of government.

c. wanted to aid subsistence farmers by printing paper money.

d. wanted to use government power to promote commerce and industry.

uma. to weaken the Republican party.

b. to criticize the president.

c. against immigrants and aliens.

d. against French - and Spanish-sponsored intrigue.

uma. counter British and Spanish threats to national security.

b. establish control over the judiciary.

c. slash federal spending and the national debt.

d. repeal Hamilton's bank and tariff acts.

uma. Thomas Jefferson.

b. John Marshall.

c. James Madison.

d. James Marbury.

uma. the renaissance in America.

b. an intellectual movement similar to the Enlightenment.

c. a revivalist religious movement at the beginning of the 1800s.

d. a new technology that made the Industrial Revolution possible.

uma. Jefferson's constitutional scruples caused him to hesitate to act in the Republic's best interests.

b. it illustrated Jefferson's enthusiastic interest in the West.

c. it illustrated America's continued ties to world power politics.

d. it secured western access to the sea.

uma. came mostly form New England shipping states.

b. came mostly from the frontier areas and were aggressively nationalistic.

c. militantly opposed any federal economic development program.

d. militantly opposed further territorial expansion.

uma. a meeting of New England literary figures.

b. a diplomatic agreement concerning Oregon.

c. the business conference where the first American insurance company was organized.

d. a protest meeting of anti-war New Englanders.

uma. proclaimed that the U. S. would be a continental nation.

b. warned Europe not to interfere in the Americas.

c. guaranteed the independence of Spain's former colonies.

d. laid claims to the Oregon Country.

uma. demonstrated how well-prepared Americans were to fight on land.

b. ended in a treaty that granted generous concessions to the U. S.

c. produced no significant American victories.

d. was followed by a surge of American nationalism.

uma. funding the war debt.

b. a protective tariff.

c. a national bank.

d. federal subsidies for public works projects.

uma. cotton production.

c. textile manufacture.

d. canal construction.

uma. extensive railroad development.

b. development of vast overseas markets.

c. federal subsidies of cotton production.

d. invention of the cotton gin.

uma. was made financially feasible by the development of the steamboat.

b. connected the Hudson and Ohio rivers.

c. never repaid the original public investment, but stimulate migration and economic growth.

d. stimulated construction of other canals by other cities and states.

uma. barter goods with friends and neighbors.

b. cultivate more acres of land.

c. work longer hours.

d. adopt scientific farming methods.

uma. upholding private contracts.

b. blocking state interference with private property.

c. ruling that Indian lands must be turned over to white developers.

d. creating a climate of business confidence.

uma. enlarged federal power to an extraordinary degree.

b. expanded individual economic rights by limiting government's role in stimulation the economy.

c. protected minority groups against the abuse of power by majorities.

d. limited the rights of private property y expanding the powers of government.