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252
253
Purchase
of
New
govern- plant
Mini- Maxi- ment
conmum mum owned strucstrucplant
tion
and
equipment
Industry
Total
Purpose of Outlays
(per cent)
26
70
36
80
10
10
21
5
16
21
3
77
2
20
29
10
19
22
6
139
9
48
2
1
3
5
17
2
10
Source of Funds
(per cent)
AccuStrucmulatural Retion
addi- toolof
All
re- Banks All
tions
ing work- other sources
re- Banksother
and
ing
invenrepairs
tories
23
42
10
2
3
52
16
2
72
96
25
3
19
25
50
82
18
52
60
14
23
11
1
2
29
40
43
13
5
6
4
31
10
33
22
30
22
18
26
2
28
38
34
54
28
8
11
11
20
20
5
89
43
64
76
72
50
47
42
35
21
6
18
34
58
3
1
3
57
1
3
22
32
19
33
53
25
18
12
22
22
71
13
16
291
433
16
20
14
36
12
67
19
14
bWith respect to postwar outlays, reportingfirmsin each industry were classifiedin three
groups: (1) those reporting planned outlays, (2) those reporting no outlays planned, and (3)
those not reportingor uncertain. Maximumestimates are based on the assumption that firms
in group 3 will spend proportionatelyas much as those in group 1; minimum estimates are
based on the assumption that firms in group 3 are comparablewith those in group 2 and will
have no postwar outlays.
c Including oil production, transportation, and storage, as well as
refining. Source:
Federal Reserve Bank of San Francisco.
facturing facilities. A tremendous volume of new investment has been required to provide necessary additions to
peacetime.2
2 Whereverthe term "expansion"is enclosed
in quotation marks, it will have the specific
meaninggiven here. Otherwise,where the balance of the context is clear, it will be used to
denote the total of all three types of plant
capacity discussedabove.
254
Type of Expansion
Total
All
Plants
State Total
California
$1,335,698
Public
Private
Expansions
of Old
Plants
New Plants
Conversions
$931,931
$403,767
$337,270
$891,610
$106,818
47,583
22,774
271
13,406
354
41,173
825
121,439
1,463
1,455
93,857
793
17,819
1,096
41,915
1,059
4,408
274
369,452
17,350
2,000
1,343
5,449
1,552
263,369
72
1,179
1,218
248
106
138,203
72
884
1,027
2,304
1,222
3,359
17,043
12,034
2,348
5,783
1,130
9,933
511
496
2,813
22,873
18,304
863
274
387
1,066
112,798
41,772
43,165
11,043
2,172
962
57,723
107,888
2,960
Alameda
Calaveras
Contra Costa
Fresno
65,402
1,096
135,772
1,852
Humboldt
Kern
Kings
Los Angeles
Marin
Monterey
1,343
9,857
1,826
632,821
17,422
3,179
Napa
Orange
Riverside
San Bernardino
San Diego
San Francisco
San Joaquin
San Mateo
Santa Barbara
Santa Clara
1,577
2,534
1,222
115,678
64,645
62,449
12,120
5,837
1,349
60,454
112,319
47,602
50,415
9,772
54
219
50,521
110,858
110,848
14,357
13,280
1,077
721
13,636
404
3,785
7,869
3,538
3,734
4,535
Solano
Stanislaus
Ventura
All others
3,785
8,273
550
230
83
9,564
1,720
397,623
17,350
2,295
1,577
1,998
927
35
42
45
96,995
25
726
67
980
214
3,391
1,665
51
200
255
3-ESTIMATED
BY WPB
OVER,
1940 THROUGHDECEMBER1944
(000 omitted)
OF AUTHORIZATION,
JUNE
Public
Total
Region X
Los Angeles
San Diego
San Francisco
Remainder
Private
Grand
Region
Bay
$1,686,019
684,736
69,259
493,940
438,084
$1,216,576
404,354
50,055
388,772
373,395
Structure
$577,361
159,411
27,533
214,268
176,149
Equipment
$639,215
244,943
22,522
174,504
197,246
Total
$469,443
280,382
19,204
105,168
64,689
Structure
$130,461
69,962
12,497
23,575
24,427
Equipment
Other
$295,375
189,125
4,839
69,897
31,514
$43,607
21,295
1,868
11,696
8,748
256
PROBLEMS
OF THE POSTWAR
CAPITAL
MARKET
respect to the postwar capital market
in California? The large firms which
have shared in the war boom have obviously done well, improving their position for internal financing and strengthening their already sound claims for
the attention of the regularly organized
capital market. Many minor firms have
had a similar experience insofar as the
growth of assets is concerned, while increased savings of all classes indicate
the availability of funds if only the
market can be organized to serve their
needs. How can this be achieved?
257
258
259
Cecil L. Dunn, Ph.D., is associate professor of economics and chairman of the Department of Economics and Sociology, Occidental College, Los Angeles, California. The
present paper is an outgrowth of a study made under the direction of Dr. John B. Condlife and Dr. Frank L. Kidner for the California State Reconstruction and Re-employment
Commission on a temporary appointment as Research Fellow of the Bureau of Business
and Economic Research of the University of California, Berkeley.