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To the Banks in the Fourth Federal
We are pleased to present the Annual
Bank of Cleveland
staff, we extend
financial

for 1966. On behalf

Report of the Federal Reserve
of the Directors,

community

of the Fourth District for giving

generously

a "Profile

Reserve District."

of Manufacturing

life of the region.

40 percent of all nonagricultural
Workers

As the article

employment

in manufacturing

cent of all such workers

of manufacturing

capital

spending

out, nearly

in the District is in manu-

industries

in the nation;

in

appropriate

points

represent about

value added

10 per-

by manufacturing

plants accounts for more than 11 percent of the nation's
by manufacturing;

of time

Activity

It seems particularly

to present such an analysis because of the importance

facturing.

and

business, and

us to carry out our responsibilities.

Report contains

the Fourth Federal

in the economic

Officers,

our sincere thanks to the agricultural,

and effort in helping
This Annual

Reserve District:

by manufacturing

value added

industries

in the

District is more than 10 percent of that in the U. S. as a whole.
The Fourth District has long been one of the leading
regions

of the country.

Many factors

determine

of a region. These include resource availability,
population
receptive

shifts, and
to change,

will maintain

CHAIRMAN

location.

are innovative,

its record of long-term

not be easy. Hopefully,
will promote

industrial

OF

THE

SOARD

technological

If manufacturing

and are aggressive,
economic

the information

understanding

manufacturing

the industrial

growth.

provided

of the determinants

position
changes,
firms are

the District

But the task will

in this Annual
of future growth.

PRESIDENT

Report

CONTENTSProfile of Manufacturing Activity
in the Fourth Federal Reserve District

2

Comparative Statement of Condition .

20

Comparison of Earnings and Expenses

21

Directors

22

Officers

23

Branches -

Directors and Officers

24

Manufacturing

activity

has expanded

markedly since 1961 in both the United
States and the Fourth Federal Reserve
District,

thus providing

thrust in the nation's
performance.

much

recent economic

The ability of manufactur-

ing activity to contribute
economic

of the

performance

importantly

to

reflects the size

of the manufacturing sector in the economy. About 30 percent of all persons employed in nonagricultural
nation are employed

pursuits in the

in manufacturing.

Value added by manufacture

accounts

for about one-third of the Gross National
Product. Profits of manufacturing

corpo-

rations represent nearly 30 percent

of

total corporate profits. Capital spending
by manufacturing

firms

accounts

for

about 40 percent of total capital spending.
The Fourth Federal Reserve District, in
relative terms, is more highly industrialized than is the nation as a whole, with
nearly 40 percent of all nonagricultural
workers

in the District

manufacturing

industries.

employed

in

Putting it an-

other way, workers in manufacturing

in-

dustries in the Fourth District account for

2

PROFILE of MANUFACTURING
ACTIVITY
in the FOURTH FEDERAL RESERVE DISTRICT
about 10 percent of all such workers in

ployed

in 1964 was

most equally between durable goods and

the nation as contrasted to the District's

about 10 percent greater than in 1954,

nondurable goods industries. As of 1964,

8-percent

although

total capital investment

share of all nonagricultural

workers. Value added by manufacturing

workers

in manufacturing

the number
was about

of production

the same in both

ing industries approximated

$280 billion,

or an average of $16,200 per employee

plants located in the Fourth District rep-

years. Value added by manufacture

resents more than 11 percent

of the

employee in 1964 was 59 percent greater

($22,600 per production

nation's value added by manufacture, and

than in 1954, when it had amounted to

industries exceeded the all-manufacturing

capital

$7,480; part of this increase, of course,

average of capital

spending

by manufacturing

in-

per

by manufactur-

worker). Seven

investment

per em-

is more than 10

percent of that in the U. S. as a whole.

OVERVIEW OF MANUFACTURING
ACTIVITY: U.S. AND FOURTH DISTRICT
A broad survey of manufacturing activity in the nation provides a useful backdrop against which to view manufactur-

reflected a rise in the general price level.
The fact that virtually all of the increase

ing order, petroleum

in the number of employees in manufac-

dustries in the District

ployee in 1964. These were, in descend-

extraction,

turing was in so-called

nonproduction

tobacco,

workers is symptomatic

of changing in-

dustrial

techniques

and labor market

motor

(including

and pipeline
chemicals,

vehicles,

refining,

transportation),
primary

instruments,

metals,
and food

and kindred products.
Four of the seven industries are pro-

requi rements.
Although total manufacturing

employ-

ducers of nondurable goods, and the first

l

ment in the U. S. approached 19 million

two -

in 1966, it has not increased as fast as

shown steady declines in the number em-

17.3 million persons employed in manu-

nonmanufacturing

ployed since 1954. In contrast, in two of

facturing

manufacturing

ing in the District.
In the United States. In 1964, there were

industries. (See Chart 1.) (The

employment.

employment

In 1966,

accounted

petroleum

the industries -

and tobacco -

chemicals and instru-

use of 1964 is dictated by the fact that it

for about 30 percent of total nonagricul-

ments -

is the most recent year for which value-

tural employment

most uninterruptedly

added data are available.) These persons,

percent in 1953 when the previous post-

of whom 12.4 million

war peak in manufacturing

were production

workers, turned out goods that carried a
value added of $206 billion,
per employee
worker).

or $11,919

($16,613 per production

The number

of persons em-

as compared with 35

employment

New capital expenditures by manufacturing industries amounted

employment

has expanded alsince 1954, despite

large-scale capital investment.

to $113 bil-

lion during 1954-64 inclusive, divided al-

The pri-

mary metals and motor vehicles industries have experienced

was reached.

have

marked cyclical

patterns in both capital spending and employment

superimposed

on an upward

secular trend. Employment

in the food

3

industry

declined

64, while

slightly

during

annual expenditures

plant and equipment

for new

counts for about one-tenth

District

ac-

of that in the

nation, and District value added accounts
for about
Patterns

one-ninth

manufacturing

with a national

in Fourth

activity

often

District

have been

Despite the recent excellent
by the District,

longer-run

of the durable

including

cated

metal

products,

transportation
major

metals,
machinery,

equipment,

components

manufacturing.

of Fourth

employment

to the U. S. in either

Recent

or value

In value added
Fourth District

by manufacture,

accounted

the chart indicates, during 1958-63 value

the

added by all manufacturing

for 13.3 per-

are

percent in 1964. Within

District

achieved

1963-65

a modest

the District,

share of employment

Table I.

rise in

creased in both the nation and the Fourth

share of value added

District.

Ohio

petroleum

by manufacture.

Percent

of Persons

by chemicals,

1958-63

As Percent
1958-65

1963

1965*

1954-58

1954-65

16,099

16,025

17,065

18,122

-0.5%

+12.6%

+

6.5% +13.1%

Fourth District'

1,666

1,693

1,711

1,828

+1.6

+

+

1.1

Ohio

1,162

1,199

1,240

1,317

+3.2

+13.3

+

3.4

United States

.

..

9.7

10.3

10.6

10.0

10.1

+

9.8

+

6.2

7.2

7.5

7.3

7.3

6.1

0.7

+

+

1.2

+

7.7

2.7

2.7

2.4

2.4

9.0

-

6.0

+

3.3

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.3

-1.8

-

West Virginia
(4th District portion)'

35

33

30

31

-5.7

-11.4

-

Kentucky.
.
(4th District portion)'

33

33

41

48

+45.5

+24.3

of labor

1965

+

433

U. S. Department

1963

6.2% 100.0% 100.0% 100.0% 100.0%

400

estimated.

1958

6.8

428

NOTE: Totals may not be additive due to rounding.

1954

States

+

436

-0-

1963-65

of United

8.0

Pennsylvania
(4th District portion)

4

larger-than-

and coal products, rubber and

Change

1958

Source:

with

average increases shown

in its

1954

• Partly

The average annual gain in the

U. S. was 6.9 percent,

its relative

but slipped

industries in-

MANUFACTURING EMPLOYMENT
United States and Fourth District
Selected Years
Thousands

.. '

and

Fourth District are shown in Chart 2. As

cent of the U. S. total in 1954 and 11.2

in the Fourth

changes in employment

value added in both the nation and the

(See Tables I and

and

which

Thus, during

manufacturing

fabri-

MANUFACTURING EMPLOYMENT AND
VALUE ADDED: BY INDUSTRY

11.)

goods indus-

primary

and

(See Tables

comparisons

employment

added by manufacture.

employment

I and 11.)

showing

indicate that it has not been able to hold

activity in the Fourth Dis-

tries,

of Kentucky

value added by manufacture.

manufacturing

the cyclical

portion

shares of manufacturing

manufacturing

in

District

as compared with an increase of 7.8 per-

its own in relation

expansion

on both scores

cent for the U. S. (See Table 11.)

increase

in particular

slightly

and value added). Only the

posted net gains, albeit small ones, in its

increased by 11.4 percent

ly, a sharper

trict, reflecting

receded

(employment

dur-

of Pennsyl-

in the District

at variance with those in the U. S. Recenthas occurred

vania

increase of 6.2 percent.

portion

Fourth

of the U. S. total.

and trends

The Fourth District

rose by 6.8 percent as compared

ing 1963-64 value added by manufacture

Manufacturing

in the Fourth

District

(See Table I.) Even more favorably,

nearly doubled.

In the Fourth District.
employment

1954-

+45.5

+17.1

plastics, nonelectrical

2.7 percent); the largest decrease in the

cal machinery, transportation

equipment,

apparel,

District during the same period was an

machinery, electri-

furniture

and fixtures,

paper,

chemicals, rubber and plastics, fabricated

average annual rate of 1.7 percent in the

metal products, nonelectrical

in the District was 6.7 percent, almost

furniture and fixture grouping. It is inter-

electrical

equal to that in the nation, with larger-

esting to note the contrasting

The average annual increases in employ-

than-average gains registered by chemi-

stances of these two declines. In the case

ment in several of these industries

cals, rubber and plastics, nonelectrical

of petroleum and coal products, the rea-

cluding

son for decreased employment

in the

cal machinery, and electrical machinery)

can be ascribed generally to tech-

were twice the national average. Employ-

and instruments. The average annual gain

machinery, transportation

equipment, in-

struments, and the miscellaneous
gory. Transportation

equipment

cate-

nical changes, including

was the

During

s. and 1.1 percent

in the total,

patterns

trict,

in the U.

ing 1958-65 was in petroleum
products

larger-than-average

metal products, nonelectrical
electrical

were

nationally), there

and plastics,

machinery,

and

fabricated
machinery,

instruments.

The annual average rate of increase in the

facilities of the indus-

instruments industry was three times the
District average.

try.

Table III shows employment

Those industries in the nation whose

s. dur-

rubber

gains in

relocation

a geographic

of the production

creases. For example, the largest rate of
decline in employment

with

paper,

was apparently

added

ployment

Fourth District as a percent of U.

during 1958-65 exceeded the

average for all manufacturing

(at an average annual rate of

for

selected

and value

average annual rates of increase in em-

and coal

(in-

ment increased by 1.1 percent in the Dis-

In

percent in employment

mixed, including increases as well as de-

machinery,
instruments.

rubber and plastics, nonelectri-

ployment in furniture and fixtures (in the

em-

in the District. With-

however,

and

face of an average annual increase of 2.7

1958-65, the average annual

ployment amounted to 1.9 percent in the
U.

automation.

the case of the decrease in District em-

outstanding performer in the District.

percent increase in manufacturing

s.

U.

circum-

machinery,

industries

in

the

s. totals

in 1958 and 1963 (tobacco is excluded

include:

VALUE ADDED BY MANUFACTURE
United States and Fourth District
Selected Years

Table II.

Millions
1954

United States

of Current

1958

Percent

Dollars

1963

1964

$117,032 $141,500 $191,035 $205,963

1954-64

11,473

15,506

3,503

3,742

4,281

West Virginia .
(4th District portion)*

383

362

456

n.a.

Kentucky
(4th District portion)*

258

307

468

n.o.

1963

1964

+42.1

+35.1

+42.1

+

6.8

+65.7

+14.4

+55.1

5.8

n.o.

+26.0

n.o.

+52.4

5,806 +

11,473

1958

+45.2

-0-

Ohio.

1954

+32.6

16,307

15,884

1963-64

+ 7.8% 100.0% 100.0% 100.0% 100.0%

23,063 +

15,617

1958-64

States

+11.4

+76.0%
+47.7

Fourth District'

1958-63

of United

+45.6%

+20.9%
1.7

20,711

Pennsylvania
(4th District portion)

1954-58

As Percent

Change

+19.0

+35.0%

13.3

11.2

10.8

11.2

9.8

8.1

8.1

7.9

+35.6

3.0

2.6

2.2

2.8

n.a.

n.a.

0.3

0.3

0.2

n.a.

n.o.

n.a.

0.2t

0.2

0.2t

n.c,

5.1

*Partlyestimated.

tAs percent of U. S., value added in Kentucky was 0.220 percent in 1954 and 0.245 percent in 1963.
n.o. Figures for value added are available
only through 1964, and then only for the U. S.,
1964 data for the Fourth District portions of West Virginia and Kentucky are estimated
NOTE:

Totals may not be additive

Sources: U. S. Department

Ohio (entire
for deriving

Stote), and Pennsylvania
a fourth District total.

{by counties}.

due to rounding.

of Commerce

and Department

of Internal

Affairs,

State

of Pennsylvania

5

Chert

1.

SElECTED

SERIES

on

MANUFACTURING

since employment

ACTIVITY

PRODUCTION

INDEX 1957.59=100
200
150

F.R.B. INDEX of MFG. PRODUCTION,
UNITED STATES

in the manufacturing

segment of that industry was less than 1
percent of the U. S. and District

totals).

The data in Table III are from the Census
of Manufactures,
provides

100

1958 and 1963, which
breakouts

certain

available from the data used in Chart 2.
Generally,

the Fourth District's

total manufacturing
nation
50
EMPLOYMENT

-.

that are not

dipped

share of

employment

between

in the

1958 and 1963,

with losses of 1 percentage point or more
in furniture

and fixtures, chemicals,

ber and plastics, stone-clay-glass,
metals, fabricated
chinery,
tion

of transportation

the entire

primary

metals, electrical

and the aircraft

rub-

ma-

and parts porequipment.

transportation

(For

equipment

grouping, however, therewas a slight gain
in the
VALUE

ADDED

Billions

UJITED ISTATJS

-

.••... v-

.....-

I-""

l
l

200
150

- ---

- r----- •....

FOURTH DISTRICT

......-

I-- f--

~

of dollars
250

L---

100
25

~

20

15

10

Billions

of dollars

l-

15.0 [
100

V

CAPITAL

v- r---.

-

UNI1TED S'TATEJ

'--

---'-'"' .

EXPENDITURES

~

V-

1.0

l

.••...

n.o.

V0

r-.

--

FOURTH DISTRICT

..............v-

1954

'56

'58

'60

f-/

'62

share as increased
production

employment

employment

in the

of motor vehicles more than

offset a loss in the aircraft category.)
In five of the industries

where

the

share was reduced by more than 1 percentage

point,

Fourth

District

employ-

ment accounts for more than 10 percent
of the national total and the employment
losses were accordingly

substantial.

relevant data may be summarized

The

as fol-

lows:
Fourth District Employment
as Percent of United States
Industry

,""

'64

'66

21.6%

Stone, clay, and glass

.

1963

24.8%
16.5

14.7

Primary metals

,

1958

Rubber and plastics

RATIO SCALE
l

0.5

District's

27.5

25.5

Fabricated

0.5
1.5 [

(New)

Fourth

metals

15.3

14,2

machinery

12.7

10.2

Electrical

Two of these industries

can be charac-

e Estimated
n.a.

terized

Not ovailoble

Sources

of doto:

Boord of Governors
U.S. Deportment
Commonwealth

6

of the Federal
of Commerce;

of Pennsylvania

Reserve

Deportment

System;

Federal

of Development,

Reserve
Stete

Bonk of Cleveland;

of Ohio; Oeportment

U.S. Deportment
of Internal

Affairs,

of labor;

as "growth

sense that, between
tionwide

employment

industries,"

in the

1958 and 1963, naincreased

nearly

20 percent in rubber and plastics and
more than 31 percent in electrical

Table III.

MANUFACTURING
EMPLOYMENT
AND VALUE ADDED BY MANUFACTURE
Fourth District as Percent of United States
Selected Industries

ma-

chinery. In the case of rubber and plastics, total employment

in the District in

1958 and 1963

actual numbers increased by more than
3,000 between 1958 and 1963, despite the
reduction

in the share of the U. S. total.

In that industry, there was a substantial
reduction

in one of the "old-line"

Employment

Value Added

sIC
Code

1958

1963

1958

6.8%

Industry

1963

6.2%

6.6%

6.5%

seg20

Food and kindred

22

Textile mill products.

1.2

1.0

1.6

1.5

23

Apparel and other finished
products.

2.2

1.8

2.5

2.5

24

Lumber

1.8

1.8

2.2

2.0

plastics. In stone, clay,

2S

Furniture

6.6

5.4

8.0

6.9

and glass products, the District drop was

26

Paper and allied products.

7.8

7.6

7.2

7.2

27

Printing

8.6

7.9

8.4

7.8

28

Chemicals

and allied products

8.2

7.1

7.1

6.7

29

Petroleum

and related industries

5.2

5.4

6.6

5.2

30

Rubber and plastic products

24.8

21.6

24.6

23.7

31

Leather and leather products.

3.5

3.2

3.7

3.5

more than 7,000 in the ferrous sector

32

Stone, clay, and glass products

16.5

14.7

15.7

13.9

while the nonferrous sector held steady.

33

Primary metal industries

25.5
31.5

ments, tires and inner tubes; practically
all of the total national decrease in employment

in that segment was concen-

trated in the Fourth District. On the other
hand, the District gained over 6,000 employees in the fastest growing
of the industry,

largely concentrated

and wood

products.

segment
and fixtures

in one category-

structural clay products.
There was an increase of some 23,000
employees in the primary

and publishing

metal indus-

tries in the U. S. between 1958 and 1963
-14,000

products

in the nonferrous segment and

9,000 in the ferrous category. In contrast,

.

in the Fourth District there was a drop of

national employment

Significantly, however, the District's share
of value added in the primary metal industries did not decline as much as employment, suggesting either increased efficiency

in production

or changes

While

the District's

tion's total employment
machinery
the decline

percent increase recorded by the District

15.3

14.2

15.9

15.1

14.7

14.0

14.5

14.7

12.7

10.2

14.4

11.9

2.1

4.0

1.4

3.6

11.5

11.6

12.0

12.4

16.2

17.7

15.5

16.4

8.8

7.6

9.2

7.3

4.9

4.3

4.2

3.5

5.2

5.3

4.6

6.0

Machinery,

36

Electrical

metal products.
except electrical
machinery

Communication
Transportation
Motor

.
equipment

equipment.

vehicles.

Aircraft

in the electrical

group of the industry that was the largest

13.0

3S

share of the na-

conceals a gain in a sub-

15.3

32.2
14.7

Fabricated

37

industry fell during 1958-63,

27.0

30.6

34

in

product mix, or both.

25.5

32.3

Nonferrous

in both categories.

27.5

Ferrous

The result was a smaller relative share of

38

Instruments

39

Miscellaneous
ordnance

Source: U. S. Department

and related products

of

13.0

including

Com mer,.

7

Chart

2.

AVERAGE
Selected

ANNUAL

Manufacturing

PERCENT

CHANGE

in EMPLOYMENT

Industries

EMPLOYMENT

SIC

(1958-65)

+10%

and VALUE ADDED

+5%

VALUE

Code

Industry

o

o
20

Food

23

Apparel

25

Furniture

26

Paper

27

Printing

28

Chemicals

and

allied

29

Petroleum

and

related

30

Rubber

32

Stone,

33

Primary

34

Fabricated

metal

35

Machinery,

except

36

Electrical

37

Transportation

38

Instruments

39

Miscellaneous

UNITED STATES --

FOURTH DISTRICT--

ALL

n.u.
Sources

8

Not

available

of data:

u.S. Department

of Commerce

and u.S.

Deportment

of labor

ond

kindred

and

and

and

products

other

finished

products

fixtures

allied

and

products

publishing

and

plastic

clay,

and

metal

products

industries

products

glass

products

industries

products

electrical

machinery

equipment

and

related

including

MANUFACTURING

ADDED

(1958-63)

products

ordnance

+5%

+10%

Table IV.

MANUFACTURING

EMPLOYMENT AND VALUE ADDED BY MANUFACTURE
Fourth District
Selected Years
As Percent
Employment

(thousands

Value Added

of persons)

(millions

of Fourth

District

Employment

Value Added

of dollars)

Percent

1963

Change

1958

1963

1958

1963

$15,884

Percent

$20,711

+30.4%

100.0%

100.0%

100.0%

100.0%

1958

1,693

All Other SMSA's t
Nonmetropolitan

11,080

13,803

+26.6

70.3

67.6

69.8

201

+13.6

1,766

2,761

+56.3

10.5

11.7

11.1

13.3

325

354

+

3,038

4,147

+36.5

19.2

20.7

19.1

20.0

.

Area Counties

·Canton is included
population,
Canton

t

1,156

177

9 Major SMSA's'

1,711

1,191

District Total.

1963

t.

Change

2.9

Totals may not be additive
U. S. Department

employment

tion equipment

industries.

With

in the communica-

sector of the electrical

ployment

included:

equipment,

communication

transportation

and the miscellaneous

ery industry

from

share rose from

of the national

,

The District's
in that

In terms of total

In an advanced

as the Fourth District,

of the

national total. One of the largest absolute
gains in employment

in the District

in motor vehicles (28,000), which

was

raised

machin-

a decrease in em-

components

industrial

region such

it is necessary that

substantial capital expenditures
to modernize

be made

or replace obsolete

ties, as well as to introduce
panded facilities

facili-

new and ex-

to satisfy increased de-

major

and the 19 counties

western

Pennsylvania
The data

spending

in Ohio

that lie within
show

that

the
of
the

capital

in 1963 amounted

to

in 1964, it amounted

$856 million;

to

$1,085 million,

Fourth

two

of the Fourth District -

State of Ohio

million.

in 1964 and

for only

District.

also increased,

to 3.6 percent

industries

1965 are available

Value

ployment.

share of value

industry

1.4 percent

total to 4.0

despite

by manufacturing

equipment,

category.

to 15,000, the District's

added

in manufacture.

due to rounding.

added rose in the nonelectrical

percent.

of persons employed

The basic criteria for inclusion are number of persons employed in a given industry (500 or more),
the District's
boundaries have been excluded. There are 16 counties within the Fourth District in the

machinery industry increasing from 4,000

2.1 percent

is the number

66.6

of Commerce

in any of the selected
District

8.9

among the moler SMSA's for purposes of the Census of Manufactures,
where the basic criterion
is ranked among the smaller SMSA's, that is, those with less than 500,000
population.

11 smaller SMSA's.

Source:

1.1%

+

For all other SMSA's and non metropolitan counties only limited data are available.
and the avoidance of disclosure. Counties in Fourth District SMSA's that lie outside

NOTE:

1958

and in 1965, to $1,572

Capital
District

expenditures
portion

for the

of Pennsylvania

rose from $284 million

in 1963 to $357

the District's share of the national total by

mand for existing products or permit the

million

1.5 percentage points. The District's share

production

reasonably consistent with those experi-

of value added in that industry increased

spending

somewhat

less.

In short,
District's

categories,
value

added

value

1958-63

added

the Fourth

manufacturing

increased in four industrial
and the

District's

increased

ries. (See Table

ones. New

by manufacturing

capital

industries

the U. S. in 1963 was $11.1 billion,

during

share of total

employment

of new

share of

in five

catego-

111.) Industries

where

increased

more

than em-

in

enced in the U. S. as a whole.

of

MANUFACTURING ACTIVITY:
FOURTH DISTRICT SMSA's

which nearly $1.2 billion, or 10.6 percent,
was spent in the Fourth District. This percentage is virtually

in 1965. These increases were

the same as the Dis-

Data on manufacturing

trict's share of value added (10.8 percent)

dustry are available

and employment

dard

(10.0 percent)

in that

year.
Preliminary

Metropolitan

activity

by in-

for the major StanStatistical

Areas

(SMSA's). (As used here, a major SMSA
figures on capital spending

is one with

a high

concentration

of

9

manufacturing

employment.)

There are

ment and value added achieved

by the

1965 and 1966 would

make such centers

nine major SMSA's in the Fourth District:

smaller SMSA's and the non metropolitan

"look

Akron, Canton, Cincinnati,

counties

figures are used. Unfortunately,

Cleveland, Co-

of the District.

Two factors

better"

than they do when

1963

only par-

lumbus, Dayton, Pittsburgh, Toledo, and

should

in inter-

tial data for value added

are available

Youngstown-Warren.

preting this showing. First, the major cen-

after 1963, and comparable

employment

ters account for two-thirds

of total manu-

data for all areas are not yet available for

and value added;

1966. Thus, data for 1958 and 1963 have

Table

rizes data for the Fourth

IV summaDistrict

as a

be taken into account

whole, the nine major SMSA's, the small-

facturing

er SMSA's,

it is easier for small centers to score large

counties.

and the nonmetropolitan

Table V provides

for areas within
Pennsylvania,
tucky within

similar

data

Ohio and those parts of
West

Virginia,

and

Ken-

been used to maintain

percentage gains than large centers. Second, the major SMSA's, particularly

Cleve-

point re-

employment
U.S.,

mand for such producers'

The de-

goods tends to

of

the most recent series on manufacturing

land and Pittsburgh, are heavily oriented
metals and machinery.

comparability.

Charts 3 and 4 show the behavior

toward

the Fourth District.

Perhaps the most interesting

employment

and value

the Fourth

added

District,

SMSA's of the District.

for

the

and major

Table VI shows

vealed by the data in Tables IV and V is

accelerate after a cyclical expansion peri-

percent

the large relative gains in both employ-

od is well

While the District as a whole lagged be-

Table V.

MANUFACTURING

under way, so that data for

changes

EMPLOYMENT AND VALUE ADDED BY MANUFACTURE
Subareas of the Fourth District
Selected Years
Employment
Thousands

Percent

of Persons

Change

1958

Ohio Total.

.1,199

8 Major SMSA's

Nonmetropolitan

Area Counties.

Metropolitan

Area Counties

Nonmetropolitan

Area Counties.

NOTE: Totals may not be additive
Source: U. S. Department

10

due to rounding.

of Commerce

Subarea

1958

1963

1958

1963

$15,506

+

35.2%

100.0%

100.0%

8,458

10,924

+

29.2

73.7

70.5

7.1

8.6

865

1,561

+

80.5

7.5

10.1

8.7

19.1

20.1

2,150

3,021

+

40.5

18.7

19.5

100.0

100.0

3,742

4,281

+

14.4

100.0

100.0

71.5

68.0

2,622

2,879

+

9.8

70.1

67.2

8.9

10.0

322

432

+

34.2

8.6

10.1

21.6

21.3

22.7

107

+25.9

249

+

428

400
272
40

-11.1
+

5.3

88

+

4.8

41

+24.2

19.6

22.0

798

970

+

100.0

100.0

307

468

+

52.4

100.0

100.0

228

336

+

47.4

74.3

71.8

79

132

+

62.5

25.7

28.2

+

26.0

100.0

100.0

+

23.1

97.0

94.7

3.0

5.3

25

+13.6

66.7

61.0

11
.

1958-63

of

Totals

$11,473

22

Area Counties.

West Virginia Total (4th District portion)

As Percent

Change

71.3

33

Area Counties

Nonmetropolitan

1963

Percent

of Dollars

100.0%

-0-

84

Kentucky Total (4th District portion)

1958

Totals

Millions

73.8

38

All Other SMSA Counties

Subarea

of

100.0%

3.5%

306

.

Value Added
As Percent

6.5

+

884

229

Area Counties.

1 Major SMSA (Pittsburgh) .

Metropolitan

1,240

1958·63

85

Pennsylvania Total (4th District portion)

Nonmetropolitan

1963

885

All Other SMSA's

for the same areas.

16

+45.4

33.3

39.0

33

30

-10.2

100.0

100.0

362

456

32

29

-10.5

97.0

96.6

351

432

3.0

3.3

11

24

-0·

+118.2

hind the nation in both manufacturing

included,

employment

(1958-65) and value added

jumped to 24.8 percent (1958-64) as com-

such as Gulf Oil, Westinghouse

(1958-63), the Dayton, Toledo, and Can-

pared with 45.6 percent for the nation.

Goodyear

ton SMSA's outperformed

(Note:

of percent

Gamble, United States Steel, and Alumi-

and value added

num Company of America, to name only

employment,

and Dayton and Columbus

did so in value added.
predominance

the nation in

Reflecting

the

of durable goods in the

Pittsburgh's

detailed

performance

tabulations

changes in employment

treme are large plants of industrial giants
Electric,

Tire and Rubber, Procter &

by industry during 1958-63 for Ohio and

a few. Of the 1,000 largest manufacturing

the major SMSA's of the Fourth District

firms in the U.S., 118 are headquartered

Fourth District, and the favorable show-

are available

in the Fourth District. (See Appendix for

ing of this sector in 1964, value added in

search Department

the District during 1958-64 increased by

in the nation (45.6 percent). During 1958gained only 9.8 percent

in value added as compared
percent for the U.S.;

with 35.0

but when 1964 is

of this Bank.)

MANUFACTURING
ACTIVITY IN THE
FOURTH DISTRICT: BY FIRM

about the same rate (45.2 percent) as that

63, Pittsburgh

upon request to the Re-

There are more than 21,000 manufacturing establishments

in the Fourth Dis-

discussion of sources used.)
Table VII shows the distribution
1,000 largest manufacturing
U. S., by industry,
firms

firms in the

and the number

in each industry

that are head-

quartered in the Fourth District. In addi-

fewer than 20 persons. At the other ex-

tion to the 118 companies headquartered

Table VI.
PERCENT CHANGE IN
MANUFACTURING
EMPLOYMENT AND
VALUE ADDED BY MANUFACTURE
United States, Fourth District,
and Major SMSA's* in the Fourth District
Employment
1958-65

D

G

Value Added ]
1958-63

United States

+12.2%

Fourth Districtt

+

8.0

+30.5

+

8.5

+32.1

Pittsburgh

6.9

+ 9.8

Cincinnati

0.6

+30.0

Cleveland

OHIO

+35.0%

Dayton

+44.5

+ 7.0

+25.3

YoungstownWarren

WEST

+19.6

Akron

+

+23.6

6.6

Columbus

Fourth Federal Reserve District

o
o
U. S. Department

of Commerce

Major

SMSA's

Other

SMSA's

+41.5

+16.7

+27.7

Canton

KENTUCKY

+10.0

Toledo

VIRGINIA

Source of data:

of

trict. The majority are small, employing

MICHIGAN

IND.

of the

+13.7

+33.5

"Ceon+les in Fourth District SMSA's that lie outside
District's boundaries have been excluded.

the

tOnly partial value added data are available for 1964.
During 1958·64, value added in the U. S. increased by
45.6"/0, in the fourth District by 45,5"/0 (estimated!, and
in Pittsburgh by 24.8"/0.
: Partly estimated.
Sources: U. S. Department of Commerce and Deportment
of Internal Affairs, State of Pennsylvania

11

LOCATIONS

of FOREIGN FACILITIES of INDUSTRIAl

'I:

- TJ[:\
Canada
...
. _ ... ......J.._ ..

2

!

I

r
2
10
30
3
2

3

11

3

3

21
6

35
36

Electrical machinery

12

Machinery, except electrical

37

Transportation equipment

38

Instruments and related products

--f,;;\~

7

19

1
2

6

3

14

~\

--~
&!d@@®

CTJr:; ~

t

FIRMS HEADQUARTERED
-Caribbean
Region
4

-

--- --

in the FOURTH DISTRICT

- -- ~ -india, Pakistan,
Europe
and Ceylon
__

H~.

__

-_.

--

Japan and
Philippines

I

-r-

-t _

-

--~--

Middle East

6

T .. --'--;-:--rNon-Communist
~ Southeast Asia
_~o~t~

America
1

i

I

1

-

I

!

18

25

12

10

5

15

5

19

2

13

7

23

2

17

6

14

17

59

4

2

14

1

2

4

12

2

11

6

2

6

5
5

2

13

2

2

6

4

2

4

3

12

in the District, there are 295 other firms

represented 25 percent of their total em-

quartered in the District had total sales

among the 1,000 largest that have pro-

ployment.

in 1964 of $40.9 billion

duction or research facilities, or both, located in the District.

The 118 firms headquartered

in the

and held assets

aggregating $38.0 billion.

As such, the

Of the 118 firms

Fourth District cover all of the major in-

118 firms accounted for 13.8 percent of

headquartered within the Fourth District,

dustrial classifications with the exception

the total sales of the 1,000 largest manu-

76 are located in Ohio, 40 in western

of tobacco, textiles, and lumber. (Some

facturing

Pennsylvania, and one each in West Vir-

of the firms in those industries

15.2 percent of the assets. In turn, the

ginia and eastern Kentucky. The 118 firms

quartered

accounted for nearly one-fourth

of total

operations within the District; such firms

proximately

in the Fourth

employ slightly more than 2,000 persons

manufacturing

in the District.) The 118 companies head-

and three-fourths

manufacturing employment

District in 1964, and District employment

Table VII.

elsewhere

carryon

headlimited

corporations

in the U. S. and

1,000 largest fi rms accounted
two-thirds

for

ap-

of all sales by

corporations

in the U. S.

of the assets.

1,000 LARGESTMANUFACTURING CORPORATIONS
by Industry and Employment
United States and Fourth District
1965
Headquartered

SIC

Number
Industry

Code

United

States

Number
of Firms

Number
Total

District

of Employees

Within

Fourth

District

21

Tobacco

22

Textile

23

Apparel

and other

finished

24

Lumber

and wood

products.

25

Furniture

26

Paper

27

Printing

126

products.

manufactures
mill products
products

and fixtures.

3

33,635

3,716

·0·

-0-

-0-

-0-

-0-

4,000

-0-

3,245

1,710

32,941

7,670

11

-0-

11

products

Within

Fourth

District

Total

570,737

25,997

7,777

171

30,998

600

6,000

220

5

89,615

1,377

2

10,350

968

23

273,950

14,663

2

49

3

28

and publishing

3

11,339

6,198

5

30,233

7,907

28

Chemicals

and allied. products

97

9

66,734

19,302

33

632,842

31,075

29

Petroleum

and related

46

7

91,714

6,889

10

288,162

8,743

30

Rubber

and plastic

17

8

291,205

55,447

4

70,878

5,391

31

Leather

and

7,640

2,315

6,375

250
11,009

products.

leather

32

Stone,

33

Primary

34

Fabricated

metal

35

Machinery,

except

products

metal

Electrical

37

Transportation

38

Instruments

39

Miscellaneous
Total

industries

9

.

products
electrical.

machinery

39

12

141,071

40,006

18

132,782

83

20

525,989

165,386

20

445,192

18,185

51

clay, and glass products.

36

Sources: See Appendix

industries

9

60,727

10,920

23

235,917

21,363

127

21

210,783

55,614

37

625,460

59,794

91

8

147,163

44,270

24

974,268

57,605

79

equipment

but

of Employees

43

2,008

-0-

20

Number

of Firms

-0-

43

Food and kindred

Headquartered
Outside the Fourth District
with Plants in the Fourth District
Number

10

20

and allied

of Firms

in the Fourth

8

134,988

35,808

30

1,668,466

148,901

3

13,923

2,632

8

49,975

3,711

118

and related

products.

37

including

ordnance

26

4,622

2,394

5

73,504

8,907

1,000

1,781,719

462,285

295

6,223,481

424,837

By far the greatest concentration
various industrial

of the

categories in the Fourth

District

is in the rubber and plastics in-

dustry,

with

8 of the 17 largest

headquartered
companies

in the District.

accounted

firms

Those 8

for more than 76

percent of total sales and total assets of
the 17 largest companies.

(See Tables VII

and VII!.)

the District.

represent

the second

greatest

Table VIII.

the District. Those 12 held nearly 40 per-

of sales and assets within
Twenty

of the nation's

cent of total assets of the 39 largest fi rms

83

largest companies in this group are head-

and accounted for 45 percent of the total

quartered

sales.

in the Fourth District, account-

Other

ing for nearly 49 percent of total sales of
the group and about 50 percent

of the

industries

headquartered
counted

total assets.
Ranking third in degree of concentration within

Firms engaged in the primary metal industries

concentration

the District is the stone, clay,

in which

companies

in the Fourth District

ac-

for 10 percent or more of both

sales and assets of the largest firms in the
industries

are petroleum

and glass industry, with 12 of the nation's

ucts, nonelectrical

39 largest companies

and coal prod-

trical machinery.

headquartered

in

machinery,

and elec-

1,000 LARGEST MANUFACTURING
CORPORATIONS
Assets and Sales by Industry
United States and Fourth District

1%4

SIC
Code

Total Assets, United States
firms Headquartered
Total Sales, United States
Firms Headquartered
1,000 largest Firms
in the Fourth District
1,000 largest Firms
in the Fourth District
(millions of dollars)
(percent of Total Assets)
(millions of dollars)
(percent of Total Sales)

Industry

20

Food and kindred

products

23

Apparel

and other

finished

24

Lumber

and wood

products

25

Furniture

26

Paper and allied
Printing

28

Chemicals

and allied

29

Petroleum
Rubber

and plastic
and leather

31
32

Stone,

33

Primary

34

Fabricated

industries

products

.

products

35

Machinery,

36

Electrical

37

Transportation

38

Instruments

Total

680

7.1

9.0

9,360

10.9

6.5

2,864

6.8

8.3

27,609

11.2

54,890

12.2

42,302

11.7

5,202

76.5

7,226

76.7

products

50.2

25,226

48.8

7.7

7,726

8.6

19,119

11.4

23,179

13.0

15.3

26,462

11.5

31,995

equipment

6.8
45.2

19,871

.

1,583
6,010

5,594

electrical

5.8
39.4

27,508

machinery

and related

9.3

859

products.

except

-0-

5,964

industries

metal

2,436

26,193

products

5.6

-0-

2,109

clay, and glass products
metal

2.7%

1,554

8,416

products.

and publishing

Leather

$ 34,660

4.1

417

and related

30

5.1%

975
2,508

and fixtures

27

Sources:

$ 17,251
products

5.5

55,348

5.1

3,786

6.0

4,745

5.7

$242,783

15.6%

$291,840

14.0%

See Appendix

15

Chert

3.

MANUFACTURING

EMPLOYMENT

=---::TATES
::!~T"CTI
Th~~:r==--=lANDI
3S0f~URGHI

M~~;g"!
15.0

2Ol__~-="TlI

250 -

120t~YTONI

'::t~

1,000 leading

1958
Sources

of data:

I

ployed

about the same number

I

I

16

repre-

employment

(compared

for headquartered
employment

with 25 percent

firms). The combined

of the 118 firms headquar-

tered in the District

and the 295 others

with plants in the District
nearly half of total
ployment

accounted

manufacturing

in the District

for
em-

in 1965 (48.6

in the Fourth District also have

sales offices,

(research labo-

etc.) outside

the

the 118 firms were distributed

as follows

the District,

1,382

For-

of

Of that group,

of Employment
Bank

of Cleveland

covering

Affairs,
Federal

Number of Large Number of
Fourth District
Foreign
Operations
Firms'

a wide range of products

2

137 plants

machinery

is apparent

and

from
office

dispersal of that industry's
in other

countries,

with

2

Paper and allied

1

products

a

on western Europe,

large foreign

operations

3

Printing and

2

70

6

82

5

49

and

coal products
Rubber and plastics
leather

2

10

publishing
Chemicals

and

leather

products

Stone, clay,

8

77

6

Fabricated

55

12

32

15

137

5

27

7

and glass

50

metal

products
machinery
Electrical

machinery

Transportation
equipment
and

1

7

82

related products

608

'Of the 118 nationally large firms headquartered
in the Fourth District.

While

the above discussion

tered on large companies,

from the center map. Other
with

14

Apparel

Total

to roller bearings. The wide

geographical

industries

Industry

Instruments

industry has the largest num-

paper-making

Ohio

Security;

the nonelectrical

ber of firms (15) with foreign operations,

'66

Internal

of Pennsylvania;

operations.)

A summary tabu-

Nonelectrical

(See

machinery

'64

operations.

Primary metals

eign plants are operated by 82 of the 118

.

the

U. S., and the 12 primary metal firms with

Petroleum

District. The 2,446 plants and facilities of

firms.

I

82 plants

Food

center map for foreign

I

outside

firms with

sented less than 7 percent of their total

heavy concentration
I

leum

lation follows:

here, but that number

in 1965: 456 within

CANTON

the 6 petro-

quartered

ratories,

I

companies with

70 plants in other countries,

77 foreign

plants and other facilities

AKRON

of Ccmm er ce: U.S. Deportment

Deportment

Commonwealth
Reserve

I

'62

U.S. Deportment

Department

of per-

9 sales offices) in foreign countries.

'60

of labor;

that

elsewhere in the U.S., and 608 (including

[~"",I
l
I

manufacturers

include the 10 chemical

sons in the District as did the 118 head-

equipment

40

the na-

have plants within the Fourth District em-

quartered

'~r~MBUSI
Bor~LEOOI
50
60

among

All but 4 of the 118 large firms head-

YOUNGSTOWN·WARREN

]~I

tion's

firms

percent).

140

90

The 295 other

be overlooked
in addition

that smaller

has cen-

it should not
companies,

to being important

in their

own right, are often indispensable
large companies

as subcontractors,

to the
sup-

Chart

4.

VALUE ADDED
pliers of parts, and performers

of special

experienced

IN/;";O"'r~8:6

in the ways of industrial

jobs. Many of these firms are small only

processes and of large scale enterprises;

because they are new,

major industries find suppliers and satel-

likely

become

tributing

and some will

tomorrow's

giants, con-

much to the industrial

growth

of the Fourth District.
CONCLUDING
Fourth District
is substantially
producing
The District
mitment

accumulated
nomic

COMMENTS

manufacturing

committed

and

lite industries

industries.

also has a substantial

to two other

com-

basic industries,

supporting

business sera wide

variety of projects from new product promotion

to the development

of group

But there are minuses as well. Old industrial

plants are sometimes

glass. More specifically,

day's industrial

practices and methods of

transportation;

there are instances of in-

1965 data, manufacturing

employment

located for to-

in the Fourth District accounted for more

ertia

than 10 percent of the U. S. total in rub-

success. Also, it is difficult

ber and plastics,

tacular rates of gain when a million

stone-clay-glass,

mary metals, fabricated
nonelectrical
chinery,

pri-

metal products,

machinery,

electrical

and transportation

ma-

equipment.

Ten years earlier (1955), the corresponding percentages

were generally

higher;

indeed, only in the transportation

equip-

ment grouping

did the relative share of

the Fourth District

increase during 1955-

65 (see Table IX), thereby elevating
industry into the 10-percent-plus
The Fourth District
highly industrialized

is part of the most
region of the United

States, an economic
from southern

that

group.

complex

extending

New England to Chicago

that

come

with

long-continued
to score spec-

sons already are employed
turing;

per-

in manufac-

that is to say, there is little drama

in the gain of 10,000 new jobs, when it
represents only a 1-percent
Not only is it difficult

to maintain

the

pace of earlier rapid growth,

but factors

contributing

may them-

to that growth

selves have been altered or even arrested.
Comparative
availability

advantage

based

on

technology

Changed

may give new life to old in-

dustrial areas (witness the use of oxygen
furnaces and continuous

casting in estab-

and beyond, and from the Great Lakes to

lished steel centers), or it may spell the

the Mason-Dixon

decline

line. It has the advan-

tages and disadvantages

associated with

of once dominant

other areas, as has happened

industries

in

in the case

having been part of an advanced indus-

of the textile and paper industries. Popu-

trial complex.

lation shifts may also occasion

On the plus side, labor is

r

changes

.

2.5

r~ 1'°
r~ r
1.4

r

0.9

I

/

0.8

YOUNGSTOWN ·WARREN

[0J

09

1

"---------------'

re-

sources may have diminished.

1

35

2.5

the

natural

of exhaustible

15.0

AKRON

increase.

140.0

J'50

IPI~

unsuitably

designed and unsuitably

-

I'~

pension plans.

rubber and plastics, and stone, clay, and
on the basis of

r~

through generations of eco-

vices stand ready to undertake
activity

to the metal-

metal-using

nearby; capital funds have

growth;

by MANUFACTURE

11.0

co~

l

I~
L-.

.
0.7

0.6

-----------'

TOLEDO

l09

ICA~

"---------------!

RATIO
!

1958
Sources

of detu:

'60

0.6
0.7

'62

U.S. Deportment
of Internal

I

'64

1
_

0.5

'66

of Commerce;

Affairs,

of Pennsylvania;

SCALE

I

Deportment

Commonwealth
Federal

Reserve

Bank

of Cleveland

17

in industrial location and thus restrain the

tended to follow agriculture in its move

economic

activity.

(Manufacturing

em-

continued expansion of one area or stirn-

to the west and southwest.

ployment

in the Fourth District,

esti-

ulate the expansion

of another.

(One

A final comment on the relative role

example is the development of southern

of manufacturing

California

mated at nearly 1.9 million

plex may be in order. In 1966, manufac-

within

the last 20 years as a

major apparel manufacturing

center.)

in the economic com-

turing employment

not quite reach the all-time high of slightly more than 2.0 million in 1953.)

in the U. S. reached

Students of employment

Similarly, the shifting location of one in-

an all-time high of 19 million. As a per-

general agreement

dustry may compel the relocation of an-

cent

employment

of

total

employment,

in 1966, did

however,

trends are in

that manufacturing

will decline relatively fur-

other industry. A case in point would be

manufacturing employment was substan-

ther by 1975. Basically, two considera-

the farm

tially less than in earlier periods of peak

tions underlie such a forecast: first, the

machinery

industry

that

has

Table IX.

MANUFACTURING
EMPLOYMENT BY INDUSTRY
United States and Fourth District
Selected Years
1955
Fourth

SIC

District

Code

Industry

20

Food and kindred

22

Textile

mill products.

23

Apparel

and other

finished

24

Lumber

and wood

products

25

Furniture

26

Paper

27

Printing

28

Chemicals

29

and

products

and allied

and plastic

Leather

and leather

32

Stone,

33

Primary

34

Fabricated

35

Machinery,

36

Electrical

37

Transportation

38

Instruments

u. S.

Department

States

(thousands

of persons)

Fourth

District

As Percent
of United

industries.

6.9%

112.1

1,752.0

1,050.2

1.5

12.5

921.3

1.4

30.6

1,219.2

2.5

24.8

1,353.6

1.8

739.6

2.1

12.2

610.1

2.0

363.8

8.6

~1.3

429.1

5.0

550.0

8.0

48.1

640.0

7.5

834.7

9.0

80.8

981.0

8.2

773.1

7.7

65.0

906.4

7.2

237.1

6.4

11.4

182.0

6.3
21.7

15.3

18.9

98.7

627.4

15.7

1,322.5

29.9

345.5

1,295.6

26.7

1,122.4

17.9

191.9

1,268.3

15.2

1,448.5

15.6

241.4

1,725.8

14.0

1,240.8

15.0

173.0

1,658.1

10.4

177.8

Directories

3.2

588.4

186.7

of Labor and Industrial

350.9

200.8

products

11.4

226.0

equipment.

102.5

3.7

395.4

machinery

28.8

385.9

111.1

electrical

363.3

471.5

14.3

products.

States

6.4%

104.6

products.

and related

1,824.7

59.7

products

products

except

States

United

District

43.8

industries

metal

of United

Fourth

15.3

clay, and glass products
metal

District

As Percent

75.5

and related

Rubber

of persons)

Fourth

31.2

products.

31

Source:

products

and publishing.

Petroleum

States

15.7

125.4

fixtures

and allied

30

18

(thousand

United

1%5

1,854.6

9.6

198.1

1,737.9

11.4

17.8

323.2

5.5

20.9

386.8

5.4

ratio of manpower use to total output will
continue its secular decline (see patterns
evidenced

in Tables I and II); second,

consumption

patterns will

continue

to

APPENDIX
Basic data used in the article are from
the Census of Manufactures, 1954, 1958,
and 1963. Comparable data for individual

change. A steadily increasing majority of

industries

consumers in the United States are add-

Censuses of 1958 and 1963 due to defini-

ing to

tional changes adopted in 1957. Data for

discretionary

which will

spending

power,

result in more spending on

services. More people are going on more
and longer vacations, are attending con-

are available

only

from

the

individual SMSA's are limited to 1958 and
1963 because of changes in coverage.
Preliminary data on value

added and

certs, are spending more for medical and

capital spending beyond 1963 are from

dental services, for education,

the 1964 Survey of Manufactures. Other

and the

like.

information

Fortunately for the Fourth District, the
area is well established in lines of manufacture in which consumers continue to
evidence a marked and sustained interest, including transportation
cal equipment.

and electri-

But the District's share in

these lines will not be maintained without a competitive

struggle. Manufactur-

ing firms in the District must be receptive to change, be innovative, and be aggressive, to derive benefit from change.
Important

decisions

will

made; if they are the "right"
they will

contribute

have

to be

decisions,

to the continued

economic growth of the region of which
the Fourth District is an important

part.

on capital spending beyond

1963 is from the Ohio Department of Development and the Pennsylvania Department of Internal

Affairs.

Employment

figures beyond 1963 are from the U. S.
Department

of Labor and the Kentucky

Department

of Labor. All employment

data are by place of employment

(estab-

lishment).
Information

on which

largest manufacturing

of the 1,000

firms are head-

quartered in the Fourth District is from
two sources: Fortune magazine's "Plant
and Product Directory, 1966," and News
Front, June 1965. Responsibility for interpreting such information

rests with .this

Bank.
Employment

figures for firms

head-

quartered or having plants in the Fourth
District are from the industrial directories
of the four states within

the District. In-

formation on plant locations outside the
U. S. is from Moody's Industrial

Manual,

June 1965.

19

COMPARATIVE STATEMENT OF CONDITION
ASSETS
Gold Certificate Account.

Dec. 31,1966
$

831,084,455

Dec. 31, 1965
$1,027,788,063

155,156,139

147,919,600

986,240,594

1,175,707,663

Federal Reserve Notes of Other Banks

98,460,309

70,087,483

Other Cash.

49,855,792

12,346,414

Redemption Fund for Federal Reserve Notes
Total Gold Certificate Reserves.

3,790,000

-0-

Discounts and Advances
U. S. Government Securities:
Bills .

963,072,000

772,221,000

355,004,000

Certificates

-0-

Notes

1,738,048,000

2,106,682,000

Bonds

505,763,000

555,763,000

Total U. S. Government Securities.

3,561,887,000

3,434,666,000

Total loans and Securities .

3,561,887,000

3,438,456,000

722,999,562

586,241,928

4,945,683

5,271,050

Cash Items in Process of Collection.
Bank Premises .

$5,530,488,432

Total Assets
LIABILITIES
Federal Reserve Notes
Deposits:
Member Bank -

$5,371,508,153

$3,315,615,159

$3,232,281,011

1,457,964,023

1,445,338,569

Reserve Accounts

U. S. Treasurer Foreign

83,397,615

106,099,492

Other Assets

556,311

13,500,000

13,321,479

Deferred Availability Cash Items
Other liabilities

1,537,676,741

607,918,429

Total Deposits.

11,019,221

1,486,241,813

Other Deposits .

Total liabilities

67,818,951

14,400,000

General Account.

.

486,774,242
15,301,059

18,455,531
$5,428,230,932

$5,272,033,053

CAPITALACCOUNTS
Capital Paid In .

51,128,750

49,737,550

Surplus

51,128,750

49,737,550

.
Total liabilities and Capital Accounts.

Contingent liability on Acceptances Purchased
for Foreign Correspondents
.

20

$5,530,488,432
$

17,262,000

$5,371,508,153
$

12,924,000

COMPARISON OF EARNINGS AND EXPENSES
1966
$153,521,823
16,195,696

Current
Additions

Net Earnings

110,607,738

118,844
26,284

83,349
99,191

145,128

182,540

203,594
37,924

862
46

241,518

908

.

to Current Net Earnings:

Profit on Foreign
All Other
Total
Deductions

Exchange

Transactions

(Net)

Additions

from Current

Net Earnings:

loss on Sales of U. S. Government
All Other
Total

Securities

(Net)

Deductions

Net Additions
Net

1965
$127,241,656
16,633,918

137,326,127

Total Current Earnings
Net Expenses .

.

181,632

Deductions

Net Earnings
Dividends

96,390

Before Payments

to U. S. Treasury

Paid

$

Payments to U. S. Treasury
Transferred
to Surplus
Total

$137,229,737

.

(Interest

on F. R. Notes)

3,027,907
132,810,630
1,391,200

$137,229,737

$110,789,370
$

2,899,235
105,243,485
2,646,650

$110,789,370

21

DIRECTORS

(as of January 1,1967)

Chairman
Director, Former Chairman of the Board

JOSEPH B. HALL •................
The Kroger

Deputy

Cincinnati,

Chairman of the Board

T. JOHNSTON
Steel

Corporation

Middletown,

& Swasey

The Warner

Company

Cleveland,

Company

Mt. Sterling,

Bank and Savings

Company

Findlay,

Cash

Register

Company

Dayton,

Manufacturing

Company

Troy, Ohio

Chairman of the Board

EVERETT D. REESE
Bank & Trust Company

The City National

of Columbus

Columbus,

National

Member,

Federal Advisory

22

National

Ohio

President

SEWARD D. SCHOOLER
Coshocton

JOHN A. MAYER

Ohio

Chairman of the Board and Chief Executive Officer

DA VI D A. MEEKER
The Hobart

Ohio

President

R. STANLEY LAING
The National

Kentucky

President

RICHARD R. HOLLINGTON
The Ohio

Ohio

President

ALBERT G. CLAY
Clay Tobacco

Ohio

Chairman of the Board

WALTER K. BAILEY

Mellon

Ohio

Chairman

LOGAN
Armco

Co

Bank

Coshocton,

Ohio

Council
Chairman of the Board and Chief Executive Officer

Bank and Trust Company

Pittsburgh,

Pennsylvania

OFFICERS

(as of January

I, 1967)

W. BRADDOCK HICKMAN
WALTER H. MacDONALD.

President
. . . . . . . . . . . . . . . . . . . . . . . . . . . ..

GEORGE E. BOOTH, JR
PAUL BREIDENBACH

First Vice President

Vice President and Cashier
Vice President and General Counsel

ROGER R. CLOUSE ..................•.........

Vice President and Secretary

PHILLIP B. DIDHAM ............•...................•.......

Vice President

ELMER F. FRICEK

Vice President

CLYDE HARRELL

Vice President

JOHN J. HOY

Vice President

HARRY W. HUNING

Vice President

FRED S. KELLY

Vice President

FRED O. KIEL

Vice President

MAURICE MANN

Vice President and General Economist

CLIFFORD G. MILLER

Vice President

ELFERB. MILLER

General Auditor

ADDISON T. CUTLER ....•...............
R. JOSEPH GINNANE

..............•...............

Assistant Vice President and Economist
Assistant Vice President

WILLIAM H. HENDRICKS

Assistant Vice President

ROBERT G. HOOVER

Assistant Vice President

H. MILTON PUGH

Chief Examiner

OSCAR H. BEACH, JR

Assistant Cashier

DONALD G. BENJAMIN

Assistant Cashier

JAMES H. CAMPBELL

Assistant Cashier

ANNE J. ERSTE

Assistant Cashier

THOMAS E. ORMISTON, JR

Assistant Cashier

IRWIN W. ROBINSON
LESTERM. SELBY

Assistant General Auditor
Assistant Secretary

23

BRANCH DIRECTORS AND OFFICERS
CINCINNATI

(as of January

1, 1967)

BRANCH

DIRECTORS
Chairman
BARNEY A. TUCKER, President
Burley-Belt

Fertilizer

Company,

ROBERT J. BARTH

President

Lexington,

Kentucky

JOHN W. HUMPHREY

President

The First National

Bank

The Philip Carey Manufacturing

Dayton,

Ohio

Cincinnati,

DEL R. CAWTHORNE

GRAHAM

Dean
School of Business Administration,

Miami University
Oxford,

Ohio

JACOB H. GRAVES

President
The Second National

Bank and Trust Company

of Lexington

Lexington,

Kentucky

Company

Ohio
E. MARX

President and General Manager
The G. A. Gray Company
Cincinnati,

Ohio

KROGER PETTENGill

President
The first National
Cincinnati,

Bank of Cincinnati

Ohio

OFFICERS
fRED O. KIEl

Vice President
JOSEPH W. CROWLEY

Assistant Cashier
HOWARD

ROBERT D. DUGGAN

Cashier
GEORGE W. HURST

Assistant Cashier
E. TAYLOR

Assistant Cashier

PITTSBURGH BRANCH
DIRECTORS
Chairman
f. l. BYROM, President
Koppers Company,

Inc., Pittsburgh,

CHARLES M. BEEGHLY

Chairman of the Board and Chief Executive OffiCfU
Jones and Laughlin Steel Corporation
Pittsburgh,

President
first National

Pennsylvania

ROBERT DICKEY III

President
Dravo Corporation
Pittsburgh,

Meadville,

LAWRENCE E. WALKLEY
Westinghouse

Pennsylvania

Bank of Meadville

Pennsylvania

President
Pittsburgh,

ROBERT C. HAZLETT

THOMAS

President
Wheeling

Pennsylvania

EDWIN H. KEEP

Air Brake Company

Pennsylvania

President

Dollar Savings & Trust Co.
Wheeling,

West Virginia

l. WENTliNG

first National
Greensburg,

Bank of Westmoreland
Pennsylvania

OFFICERS
CLYDE HARREll

Vice President
CHARLES E. HOUPT

Assistant Vice President

ROY J. STEINBRINK

Cashier
J. ROBERT AUFDERHEIDE

Assistant Cashier

PAUL H. DORN

Assistant Cashier

24


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102