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MONTHLY REVIEW TWELFTH F ED ERA L RESERVE DISTRICT JANUARY - DECEMBER 1950 FEDERAL RESERVE BANK OF SAN FRANCISCO Annual Index Agricultural production and prices.............................3, 27, 34, 49, 61, 66, 77, 99,110,137,144 Agriculture in 1949............................................................... 27-31 Crop Plantings and Agricultural Prospects........... ......... 49-51 Farm Debt Situation..........................................................110-113 Harvest Prospects (as of A ugust)...................................99-101 Rice Industry in California....................................................3-10 Twelfth District Sheep Industry..........supplement, September 1. Sheep Raising............................................................... 66-72 Wayward Fruit Prices......................................................125-129 Tables Cash receipts from District farm marketings, 1949---- 30 January-May 1950........................................................... 100 Distribution of California milled rice................... ........... 7 Distribution of District farm mortgage debt by type of holder................................................................... I l l Index of value of District farm real estate, 1948-49........ 31 Indicated 1950 production of leading District crops as of August 1........................................................ 99 field crops as of March 1................................................ 50 Livestock on District farms, 1949-50.............................. 28 Price support level for selected commodities, 1949-50... 49 Production and value of District crops, 1949................. 27 Stock sheep in District states, 1942, 1950......................... 72 Charts California rice—supply and prices, 1930-51..................... 7 Cash receipts from District farm marketings, 1948-49.. 30 Citrus production—Twelfth District, 1948-50............... 50 Farm mortgage debt and farm real estate values, U. S., Pacific, and Mountain states, 1910-49............... 113 Indexes of prices received by farmers, 1946-50___101,126 Paid and received, 1939-49.............................................. 30 Livestock slaughter—Twelfth District, 1949-50............100 Products of the rice milling process................................. 6 Sheep and lambs—U. S. and District, 1924-50............... 72 Total District farm mortgage debt, 1940-50................... I l l Bank credit..........24, 33, 61, 77, 95,108, 113,132,136, 137,144,147 Banking and Credit in 1949................................................24-26 Credit, Taxes, and K orea......................................................95-96 Recent Developments in Credit Regulation.........................132 Tables Banking and credit statistics, monthly— ................... 11, 32,48, 58, 74, 86, 94,104,117,133,140,150 Loans and discounts outstanding—District mem ber banks, selected dates, 1949-50................................... 96 Chart Deposits, U. S. Government securities, and loans— District member banks, 1948-49..................................... 26 Bank deposits.............................. .....................24, 61, 72, 77,108,137 Ownership of Demand Deposits—Twelfth D istrict..........72-73 Tables Changes in demand deposits of individuals, part nerships, and corporations—District, 1949-50............. 73 Distribution of demand deposits of individuals, partnerships, and corporations, 1947-50....................... 73 District bank deposits and earning assets, 1941-49 ........ 24 See also banking and credit statistics Chart Deposits, U. S. Government securities, and loans— District member banks, 1948-49.................................... 26 Bank operations................................................................. 34, 56, 103 Changes in Banks and Branches, 1948-49......................... 56-57 Earnings and Expenses of District Member banks, 1949.34-36 first half 1950................................................................... 103 Tables Changes in earnings and expenses of District banks by size and area, 1948-49................................... 35 Earnings and expenses of District banks, 1947-49.......... 34 first half, 1949-50............................................................. 103 Number and total assets of District banks, 1948-49........ 57 Number of District branch banks, 1948-49..................... 56 Ratios to capital accounts and rates of return on earning assets—District banks, 1948-49....................... 36 Total assets of District member and nonmember branch banks, 1948-49..................................................... 57 Charts Distribution of District member bank earnings by source, 1939,1944,1949.............................................. 35 District bank earnings and expenses, 1942-49................. 36 Number of District banking offices, 1940-49..................... 57 Sources and uses of District member bank earnings—1949 ............................................................... 34 Bank reserves....................................................... 25, 35, 61, 118, 138 Tables Sources and uses of District member bank reserves, 1946-49............................................................. 25 See also banking and credit statistics Business conditions................. 1, 13, 33, 59, 75, 87, 97, 105, 135, 143 Tables Indexes, monthly— ................. 11, 32, 48, 58, 74, 86, 94,104, 117, 133, 140, 150 Chart Selected indicators, 1949-50.......................... ............ .76, 107 Coal........................................................................................60, 76, 78 Western Power and Fuel Outlook—IV. Coal................... 78-85 Tables Cost of fuels and electric energy consumed in manufacturing, 1947 ....................................................... 81 Western coal reserves, 1947.............................................. 80 Charts Consumption of bituminous coal and lignite, 1939-48___82 Production of bituminous coal—U. S. and 11 western states, 1890-1949................................................ 79 Trends in fuel efficiency—U. S. 1920-48......................... 83 Construction.......................................... 1, 14, 33, 53, 62, 77, 106, 145 Construction—First Four Months of 1950.......................62-66 Measurements of Construction Activity.............................53-56 What is Happening to Construction?.............................145-146 Table New construction activity—U. S., 1949-50....................... 62 Charts New construction put in place—U. S., 1948-50............... 62 Residential and total construction—Dist., 1947-49.......... 55 Residential construction—U. S., 1947-49......................... 55 Urban construction authorized—District, 1948-50.......... 63 Urban residential construction—District, 1948-50.......... 63 Consumer credit 1, 23, 35, 36, 61, 88, 96, 132, 147 Employment and wages— ....................... 1,14, 31, 33, 59, 76, 92, 98,106,135,143,149 Revision of Total Manufacturing Employment Index—Twelfth D istric t...................................................149 Tables See business indexes Charts Insured unemployment—District, 1948-49..................... 14 Nonagricultural employment—District, 1948-49............ 14 Total manufacturing employment—District, 1946-50.. .149 Federal Government............................................................51, 88,105 Federal Fiscal Position........................................................51-52 Federal Reserve System..................... 24, 95, 106, 116, 132, 137, 147 Recent Developments in Credit Regulation...........................132 W hat the Federal Reserve System is Trying to D o .. .116-118 Limits to the Effectiveness of General Credit Controls..........................................................137-139 Regulation W ............................................................... 147-149 Regulation X ............................................................... 132-134 Food processing................................................................. 5, 20,89,98 Fruit and Vegetable Canning—Twelfth D istrict..............89-92 Tables Canners’ seasonal supplies and shipments of lead ing California fruit packs, 1946-49 ............................... 91 Principal fruit and vegetable packs in California, Oregon, Washington, Idaho, and Utah, 1946-49.......... 89 Principal fruit packs in California, Oregon, and Washington and canners’ stocks, 1947-49................... 21 Principal vegetable packs in California, Idaho, Oregon, and Washington and canners’ stocks, 1947-49 ............................................................................. 21 Foreign trade....................................................................... 17, 22, 119 Dollar and the Dollar G ap ................................ ...............119-125 Problems of Trade Recovery in Japan___supplement, October Charts Indexes of export, import, and wholesale prices— United States, 1946-50....................................................122 United States imports and exports, 1946-50................... 119 Income........................................................................... 30, 77,100,108 Income in the Twelfth District, 1949.............................108-110 Tables Per capita and total income payments, 1939-49. .109 Chart Changes in total income payments and selected components—U. S. and District states, 1946-49..........110 Industry............................................ 3, 13, 38, 60, 66, 76, 78, 92, 107 Census of Business—Twelfth District, 1948..................... 92-93 Industry and Trade in 1949..................................................13-24 Pacific Coast Lumber Industry..............supplement, December Rice Industry in California....................................................3-10 Twelfth District Sheep Industry..........supplement, September P art I. Sheep Raising......................................................66-72 W estern Power and Fuel Outlook........supplement, November P art III. Petroleum........................................................38-47 P art IV. Coal................................................................... 78-85 Tables Indexes of industrial production—District, 1941-49---- 13 Total receipts and employees by major business categories—District, 1948 ................. ............................ 92 See also business indexes Chart Census of business—District, 1939-48...............................92 Lumber.......................................... .. 1, 15, 60, 76, 98, 107, 139, 143 Pacific Coast Lumber Industry............. supplement, December Revision of Twelfth District Lumber Indexes..................... 139 Charts Lumber production, District and regions, 1949-50..........139 1948-49 ......................................................................... 15, 16 Mining and metals............. ............................................18, 19, 76, 78 Chart Spot prices of base metals—U. S., and mine pro duction—Twelfth District, 1949.................................... 19 Motion picture industry, 22 Petroleum...............................................................................17, 38, 84 Western Power and Fuel Outlook— III. Petroleum .................................................. ............. 38-47 Charts California petroleum production and shipments, 1917-49 ............................................................................. 40 California production of principal refined petro leum products, 1922-48.................................................... 43 Oil stocks—Pacific Coast Territory, 1922-49.................. 41 Population...............................................................................101, 116 The Growing West—Results of the Population C en su s........................................................101-102 Tables Population in major District cities, 1940-50................... 102 In Twelfth District states, 1940-50...................................102 P rices................. 7, 29,49, 60, 75, 87, 97,100, 106,121, 125,136,144 Wayward Fruit Prices................................................ 125-129 Tables See business indexes Real estate credit...........................26, 61, 64, 110, 113, 132, 137, 146 Farm Debt Situation........................................................110-113 Mortgage Recordings in the District, 1941, 49............113-116 Residential Real Estate Financing by District Banks. .146-147 W hat the Federal Reserve System is Trying to Do : Regulation X ................................................................. 132-134 Tables Changes in nonfarm mortgage recordings of $20,000 or less by type of mortgagee—District, 1941-49 .............................................................................115 Distribution, 1941 and 1949............................................ 115 Distribution by type of mortgage of FH A insured mortgages secured by single-family homes, 1949....................................................................... 115 Maximum real estate down payments and matu rities effective October 12, 1950.................................... 132 Residential real estate loans outstanding at mem ber banks, June 30, 1950.................................................. 146 Chart Principal types of mortgagees—nonfarm mort gage recordings of less than $20,000, 1941-49..............114 Retail trade................... 2, 22, 33, 36, 59, 77, 87, 92, 97, 129,134, 144 Census of Business—Twelfth District, 1948..................... 92-93 Retail Credit Survey—Twelfth District, 1949................... 36-38 W hat is Happening to the Buying Spree....................... 129-131 Tables Accounts receivable—District retail establish ments, 1948-49 .................................................................. 37 Department store sales by major departmental groups—District, 1948-49............................................ 23 Department store sales by selected departments— District, third quarter, 1949-50.......................................130 Department store stocks by departments—Dis trict, third quarter, 1949-50............................................ 131 Ratio of collections during month to accounts receivable at beginning of month—District department stores, 1949-50............................................ 131 Retail and wholesale trade—District, 1939-48................ 92 Retail sales—District, by state and city, 1939-48............ 93 Retail sales and inventories—District, 1948-49.............. 38 Retail sales by type of payment, District, 1948-49.......... 37 See business indexes Charts Department store sales and stocks indexes— District, 1948-50............................................................... 131 Department store sales indexes—District, 1948-49........ 22 Retail sales by groups—District, 1948............................. 93 Retail sales, receivables, and inventories—Dis trict, 1948-49 .................................................^................ 37 Sales, stocks, and orders outstanding—37 Dis trict Department stores, 1947-49................................... 23
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