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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