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M oidm u
FEDERAL RESERVE BANK OF SA N F R A N C IS C O
J A N U A R Y - D E C E M B E R 1947

Annual
Agricultural credit...............................................................13, 93, 106
Agricultural Non-Real Estate Loans of Commercial
Banks—Twelfth D istrict.................................................... 93-97
Farm Mortgage Loans of Commercial Banks—
Twelfth D istrict........................................................
.106-109
Tables
Farm mortgage debt, Twelfth District States,
selected years, 1920-46...................................................... 13
Farm mortgage loans of insured commercial banks,
mid-1947—Twelfth District and United States,
by size of bank, by original amount of loan.................. 106
by type of farm mortgaged, by number of acres
mortgaged, by purpose of loan, by maturity___ 107
by date of mortgage, by interest rate........................ 108
Farm production loans of insured commercial
banks, mid-1947—Twelfth District and United
States, by size of bank, by type of farm (chart a ls o ). 94
by net worth of borrower, by type of security.......... 95
by purpose of loan, by original maturity, by
interest r a te................................................................ 96
Interest rates on farm mortgage loans, Twelfth
District member banks, 1947, 1940, 1930...................... 108
Interest rates on farm production loans, Twelfth
District member banks, 1947, 1940, 1930...................... 96
Agricultural production and prices.................. 9, 17, 21, 35, 61, 72
Agriculture in 1946.................................................................... 9-14
Agricultural Position and Outlook in Mid-1947—
Twelfth District.....................................................................72-76
Cash Receipts from Livestock and Livestock Prod­
ucts, 1939-46—Twelfth District.........................................61-63
Production Goals for Agriculture—1947.......................... 21-24
Tables
Cash receipts from crop and livestock marketings,
1939,1945, 1946—Twelfth District by states, and
United States...................................................................... 61
Cash receipts from farm marketings—Twelfth
District, 1935-39 average, 1944-46.................................. 13
Estimates of 1947 production of leading crops;
1946 actual production ; 1936-45 average, Twelfth
D istr ic t................................................................................. 75
Farm real estate values, 1941-46, United States,
Mountain States, Pacific States...................................... 13
Indexes of agricultural prices on selected dates,
June 1946—July 1947—United States............................ 72
Indexes of 1946 production of leading crops and
of livestock and livestock products—Twelfth
D istr ic t................................................................................. 62
Livestock population as of January 1—Twelfth
District, 1935-39 average, 1943, 1945, 1946.................. 10
1947 crop goals and 1946 planting—United States
22
1947 farm production goals—Twelfth District, 1946___ 23
1947 goal for livestock and livestock products and
actual 1946 figures—United States................................ 22
Percentage increase in farmers’ cash receipts, Jan­
uary-June, 1947 over 1946—Twelfth D istrict.............. 72
Percent of total cash receipts of agriculture de­
rived from livestock and products, 1939 and
1946, Twelfth District by states, and United
States ................................................................................... 63
Percent of total production of livestock and prod­
ucts produced in Twelfth District, 1939 and 1946. . . . 61
Price indexes of farm products, 1940-46—United States 62




Index
Agricultural production and prices— continued
Production and cash receipts for livestock and live­
stock products, 1939-46—Twelfth D istrict..................
Production and gross farm value of major crops—
Twelfth District, 1935-44 average, 1945, 1946............
Selected agricultural price indexes, 1946..........................
Charts
Pasture conditions—Twelfth District, 1946 and 1947...
Wholesale prices in 1946—United States........................

62
10
12
81
12

Aircraft industry............................................................................ 2, 69
Aviation Policy and the Aircraft Industry........................ 69-72
Bank credit.................................. 6, 13, 17, 36, 63, 79, 93, 105, 106
Banking and Credit in 1946...................................................... 6
Commercial and Industrial Loan Survey—Twelfth
D istr ic t.................................................................................. 36-38
Member Bank Loans—Twelfth District.............................. 63-65
Tables
Banking and credit statistics,
monthly............ 8, 19, 31, 43, 51, 59, 67, 74, 89, 101, 114
Loans of Twelfth District member banks, semi­
annually, December 1945-June 1947, by states, by
type of loan...................................................... .................... 64
Loans of Twelfth District member banks, 1941-46........ 8
Member bank commercial and industrial loans,
November 20 and June 29, 1946:
Estimated amount and number :
by business and size of borrower, by busi­
ness of borrower and type of security................ 37
by business of borrower and bank size group___ 38
Estimated volume.............................................. ^.......... 36
Percentage distribution by maturity, by busi­
ness of borrower........................................................ 37
Bank deposits........................................................ 6, 25, 28, 54, 55,
Member Bank Deposits in Twelfth District States,
December 31, 1946, and May 28, 1947 ................................
Ownership of Demand Deposits..............................................
Fables
Member bank demand and time deposits, Twelfth
District, by states, and United States, 1946 and 1947..
Member bank deposits and earning assets—
Twelfth District, 1941-46.................................. .'............
Ownership of demand deposits of individuals,
partnerships, and corporations, Twelfth District
and Unite \ States, on selected dates, 1945-47..............
Ownership and size of account of demand de­
posits of individuals, partnerships, and corpora­
tions, Twelfth District, February 1947........................

80
54
55
54
6
55
56

Bank operations................................................................ 26, 33, 40, 76
Changes in Banks and Branches, 1945-46, Twelfth District. 40
Earnings and Expenses of the Fifteen Largest Twelfth
District Banks, January-June 1946 and 1947.................. 76-77
Operating Ratios of Twelfth District Member Banks
— 1946 .................................................................................... 26-27
Twelfth District Member Bank Earnings and E x­
penses— 1946 ........................................................................ 33-34
Tables
Earnings and expenses of member banks—Twelfth
District, 1940, 1944-46...................................................... 33

Bank operations— continued
Earnings and expenses of the fifteen largest
Twelfth District banks combined, January-June,
1946, 1947.......... . ............................. ..................................
Employment, salaries, and wages in the fifteen
largest Twelfth District banks, 1946 and 1947..........
Number of banking offices of member banks, June
29, 1946, by bank size group and location......................
Number and total assets of member and nonmem­
ber banks—Twelfth District, Dec. 31, 1945, 1 946...
Number of member and nonmember banks oper­
ating branches and number of branches oper­
ated—Twelfth District, December 31, 1945 and 1946.
Percentage increases in selected earnings and ex ­
pense items of Twelfth District member banks,
1945-46, by areas ; by size groups..................................
Of 15 large and 33 small member banks..................
Selected operating ratios of member banks, 194146, Twelfth D istrict...........................................................
Total assets of member and nonmember branch
banks, by states—Twelfth District, December
31, 1945, 1946 .......................................................................

76
76
38

40
34
34
26
40

Business conditions
National Summary........ 15, 24A, 32, 44, 52, 57, 68, 78, 90, 102
Twelfth D istrict.........................................1, 17, 25, 34, 53, 79, 103
Tables
Indexes, monthly. .2, 3, 18, 30, 42, 50, 58, 66, 73, 88,100,113
Consumer credit.......................................................................45, 82, 91
Termination of Controls on Consumer Credit.................. 82-83
Table
Total consumer and instalment credit, 1939-47.............. 82
Employment and w ages........ 1, 14, 17, 18, 25, 54, 76, 79, 104, 110
The Postwar Trend of Hourly and W eekly Earn­
ings in California Industries...............................................18-21
Tables
Employment, hours, and earnings in California
manufacturing industries, 1939-46................................ 18
See also, Population, and Business indexes
Food processing...................................................................46, 48, 112
The Frozen Food Industry—Twelfth D istrict...................... 48
The Fruit and Vegetable Canning Industry,
1946-47, Twelfth D istrict.....................................................46
Wheat Flour Production—Twelfth D istrict........ ................112
Tables
Annual output of all frozen fruits and vegetables
in United States, 1931-46.......................................
49
Monthly average production of wheat flour as
percent of capacity, Twelfth D i s t r i c t . ^ . ^ 2
Production of canned fruits and vegetables in ^
f ^
California, Oregon, Utah, and Washington, l§43-46‘. . . 47
Government finance.............................................................7, 8, 27, 80
Public Debt Redemption.................................... ....................27-29
Tables
Composition of U. S. Government debt, peruary 28
—December 31, 1946.......................... ................#.............27
Maturity distribution of commercial bank holdings
of marketable public debt.......... .....................................2e
Ownership of interest-bearing public debt,
February 28—December 31, 1946.................................. 29




85
85
83
84
6

41

Bank reserves.....................................................................7, 17, 28, 105
Table
Factors affecting Twelfth District member bank
reserve balances, 1936-40 average, 1943-46.................. 7

Housing and construction.............................................................5,
Survey of Housing Conditions in Five Metropolitan
Areas, 1940 and 1947—Twelfth D istrict..........................
Tables
Average monthly rent of all tenant-occupied
dwelling u n it s ...................................... ..............................
Increase in dwelling units and population........................
Number of persons per occupied dwelling unit..............
Number of rooms per occupied dwelling unit..................
Percentage of dwelling units having more than
1.5 persons per room...........................................................

Housing and construction— continued
Percentage of dwelling units having selected
modern fa cilities.................................................................
Percentage of dwelling units in need of major
repairs ..........................................., ....................................
Percentage of dwelling units occupied by owners,
1940, 1947.................. . ........................................................
Percentage of one-dwelling-unit structures......................
Western building construction, 1943-46.............................

83
83
84
83
84
84
84

In c o m e ....................................................................... 12, 18, 61, 72,
Income Payments to Individuals, 1940-46,
Twelfth D istrict.......................................................................
Tables
Per capita income payments in states of the
Twelfth District, 1940-46 .................................................
Total income payments to individuals, 1940-46,
by states, Twelfth D istrict...............................................

85
85

86
85

Industrial production.....................................1, 25, 53, 79, 104, 112
Industry and Trade in 1946....................................................... 1-6
Tables
Business indexes. .2, 18, 30, 42, 50, 58, 66, 73, 88, 100, 113
Indexes of Industrial Production, Twelfth
District, 1937-46 ................................................................. 1
Lumber .............................. ................................................... 3, 53, 104
Mining and metals.............................................................................

4

P etroleu m ......................................................................................... 4, 53
P opulation............................................................................... 1, 97, 109
Population and Labor Force of Principal Metropoli­
tan Areas— Twelfth District, 1947.......................................109
Some Aspects of Western Population Growth, 1940-47... „ 97
Tables
Contribution of migration to net increase in popu­
lation of Twelfth District States, 1940-47.................... 98
Percentage distribution of 1947 population with
respect to migration since 1940.......................................109
Percentage increase in labor force and employ­
ment, 1940-47, five districts.............................................110
Percentage of persons 14 years or over in the labor
force, 1940 and 1947, five districts.................................110
Percentage of total employed persons in construc­
tion and manufacturing industries, 1940 and 1947........ 112
Population increase, 1920-47, Twelfth District and
United States....................................................................... 97
Population, labor force, and employment, 1940,
1947, five western metropolitan districts combined. . .110
Total and civilian population of Twelfth District
states, 1940 and 1947........................................................... 97
Prices........................................ 11, 12, 22, 25, 34, 48, 61, 72, 79, 80
The Sharp Increase in Commodity Prices............................... 80
Retail Trade.........................................2, 17, 38, 45, 54, 79, 91, 103
Consumer Behavior and Trade Reaction, Twelfth
D istr ic t................................................................................... 91-93
Department Store Stocks and Orders Outstanding—
Twelfth D is t r ic t............................................................. 38-40
Retail Credit Survey—Twelfth D istrict...............................45-46
Tables
Accounts receivable of retail establishments—
Twelfth District, 1945, 1946............................................. 46
Assets and liabilities of retail establishments—
Twelfth District, 1945, 1946............................................. 46
Business indexes,
monthly............ 3, 18, 30, 42, 50, 58, 66, 73, 88, 100, 113
Department store sales and stocks, by major
departmental groups—Twelfth District,
January 1—September 30, 1947....................................... 92
Retail sales and inventories, 1945, 1946............................. 46
Retail sales by type of payment, Twelfth District,
1945, 1946............................................................................. 45
Sales, stocks, and orders, July 10, 1946 to March
1947—37 Twelfth District Department Stores.......... 38
Sales of weekly reporting department stores, six
weeks ending December 13, 1946 and 1947,
Twelfth District and United States...............................103