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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
dustries in the District
in-
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-
per
by manufactur-
worker). Seven
investment
per em-
reflected a rise in the general price level.
ployee in 1964. These were, in descend-
The fact that virtually all of the increase
ing order, petroleum
in the number of employees in manufac-
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
Manufacturing
in the Fourth
counts for about one-tenth
District
ac-
of that in the
nation, and District value added accounts
for about
Patterns
one-ninth
in Fourth
activity
often
District
have been
posted net gains, albeit small ones, in its
increased by 11.4 percent
of the durable
including
value added by manufacture.
Despite the recent excellent
by the District,
longer-run
cated
metal
products,
transportation
major
metals,
machinery,
equipment,
components
manufacturing.
which
of Fourth
Thus, during
manufacturing
fabri-
employment
Recent
or value
11.)
In value added
Fourth District
by manufacture,
accounted
percent in 1964. Within
District
achieved
a modest
1963-65
share of employment
the District,
rise in
added by all manufacturing
District.
Ohio
with
average increases shown
in its
petroleum
by manufacture.
larger-than-
by chemicals,
and coal products, rubber and
MANUFACTURING EMPLOYMENT
United States and Fourth District
Selected Years
Percent
of Persons
Change
1958-63
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
+
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
States
6.8
428
NOTE: Totals may not be additive due to rounding.
1954
of United
+
436
-0-
0.7
1963-65
As Percent
8.0
Pennsylvania
(4th District portion)
4
The average annual gain in the
U. S. was 6.9 percent,
1958
Source:
industries in-
creased in both the nation and the Fourth
its relative
but slipped
share of value added
the chart indicates, during 1958-63 value
the
for 13.3 per-
1954
• Partly
and
Fourth District are shown in Chart 2. As
are
Thousands
.. '
changes in employment
value added in both the nation and the
(See Tables I and
cent of the U. S. total in 1954 and 11.2
Table I.
MANUFACTURING EMPLOYMENT AND
VALUE ADDED: BY INDUSTRY
to the U. S. in either
and
in the Fourth
and
(See Tables
comparisons
employment
added by manufacture.
employment
I and 11.)
showing
indicate that it has not been able to hold
goods indus-
primary
of Kentucky
shares of manufacturing
activity in the Fourth Dis-
tries,
portion
as compared with an increase of 7.8 per-
manufacturing
expansion
District
cent for the U. S. (See Table 11.)
manufacturing
the cyclical
on both scores
and value added). Only the
in the District
its own in relation
in particular
slightly
of Pennsyl-
Fourth
increase
trict, reflecting
receded
(employment
dur-
portion
ing 1963-64 value added by manufacture
ly, a sharper
in
vania
increase of 6.2 percent.
at variance with those in the U. S. Recenthas occurred
The Fourth District
rose by 6.8 percent as compared
with a national
of the U. S. total.
and trends
manufacturing
District
(See Table I.) Even more favorably,
nearly doubled.
In the Fourth District.
employment
1954-
+45.5
+17.1
plastics, nonelectrical
machinery, electri-
cal machinery, transportation
equipment,
2.7 percent); the largest decrease in the
apparel,
furniture
and fixtures,
paper,
District during the same period was an
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
outstanding performer in the District.
During
1958-65, the average annual
percent increase in manufacturing
em-
ployment amounted to 1.9 percent in the
U.
s. and 1.1 percent
in the total,
in the District. With-
however,
patterns
were
ing 1958-65 was in petroleum
products
larger-than-average
paper,
metal products, nonelectrical
percent in employment
electrical
nationally), there
(in-
rubber
and plastics,
machinery,
and
gains in
fabricated
machinery,
instruments.
relocation
The annual average rate of increase in the
facilities of the indus-
instruments industry was three times the
a geographic
District average.
Table III shows employment
Those industries in the nation whose
average annual rates of increase in employment
Fourth District as a percent of U.
during 1958-65 exceeded the
for
selected
and value
added
average for all manufacturing
(at an average annual rate of
with
ployment in furniture and fixtures (in the
try.
and coal
machinery,
instruments.
rubber and plastics, nonelectri-
face of an average annual increase of 2.7
of the production
s. dur-
and
ment increased by 1.1 percent in the Dis-
In
trict,
creases. For example, the largest rate of
in the U.
automation.
the case of the decrease in District em-
was apparently
mixed, including increases as well as de-
decline in employment
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
States
+ 7.8% 100.0% 100.0% 100.0% 100.0%
23,063 +
15,617
1958-64
of United
+11.4
+76.0%
+47.7
Fourth District'
1958-63
As Percent
+45.6%
+20.9%
1.7
20,711
Pennsylvania
(4th District portion)
1954-58
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
100
in the manufacturing
segment of that industry was less than 1
percent of the U. S. and District
of Manufactures,
1958 and 1963, which
provides
breakouts
certain
the Fourth District's
total manufacturing
nation
EMPLOYMENT
-.
that are not
available from the data used in Chart 2.
Generally,
50
totals).
The data in Table III are from the Census
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-
0.5
l
1.5 [
1.0
.••...
n.o.
V0
r-.
--
FOURTH DISTRICT
..............v-
f-/
(New)
,
,""
1954
'56
'58
'60
'62
.
'64
District's
share as increased
production
'66
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
RATIO SCALE
l
0.5
Fourth
1958
1963
Rubber and plastics
24.8%
21.6%
Stone, clay, and glass
16.5
14.7
Primary metals
27.5
25.5
Fabricated
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
Industry
1958
1963
1958
1963
6.8%
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
The result was a smaller relative share of
national employment
in both categories.
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
13.0
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
Nonferrous
32.2
14.7
3S
share of the na-
conceals a gain in a sub-
27.0
30.6
Fabricated
37
industry fell during 1958-63,
25.5
32.3
34
in
product mix, or both.
27.5
Ferrous
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%
+5%
VALUE
Code
Industry
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
FOURTH DISTRICT--
ALL
n.u.
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)
o
UNITED STATES --
Sources
and VALUE ADDED
products
ordnance
+5%
+10%
Table IV.
MANUFACTURING
EMPLOYMENT AND VALUE ADDED BY MANUFACTURE
Fourth District
Selected Years
As Percent
Employment
(thousands
District Total.
9 Major SMSA's'
All Other SMSA's t
Nonmetropolitan
·Canton is included
population,
Canton
t
U. S. Department
Change
1958
1963
1958
1963
$15,884
$20,711
+30.4%
100.0%
100.0%
100.0%
100.0%
1,693
1,711
1,191
1,156
11,080
13,803
+26.6
70.3
67.6
69.8
177
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
t.
1.1%
+
2.9
8.9
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
industry
1.4 percent
total to 4.0
In terms of total
In an advanced
also increased,
as the Fourth District,
of the
national total. One of the largest absolute
in the District
in motor vehicles (28,000), which
was
raised
machin-
a decrease in em-
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
industries
1965 are available
Value
ployment.
share of value
to 3.6 percent
gains in employment
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
1963
1958
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.
Totals may not be additive
Value Added
Percent
Change
11 smaller SMSA's.
Source:
Employment
of dollars)
1963
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:
(millions
Percent
District
1958
.
Area Counties
Value Added
of persons)
of Fourth
facili-
new and ex-
to satisfy increased de-
components
for only
major
and the 19 counties
western
Pennsylvania
District.
The data
spending
in Ohio
$856 million;
show
that
of
the
capital
in 1963 amounted
to
to
and in 1965, to $1,572
Capital
District
that lie within
the
in 1964, it amounted
$1,085 million,
Fourth
two
of the Fourth District -
State of Ohio
million.
in 1964 and
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-
the Fourth District.
Perhaps the most interesting
point re-
employment
been used to maintain
percentage gains than large centers. Second, the major SMSA's, particularly
Cleve-
land and Pittsburgh, are heavily oriented
employment
U.S.,
mand for such producers'
The de-
goods tends to
of
the most recent series on manufacturing
toward
metals and machinery.
comparability.
Charts 3 and 4 show the behavior
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
All Other SMSA's
Nonmetropolitan
Area Counties.
Pennsylvania Total (4th District portion)
.
1 Major SMSA (Pittsburgh) .
All Other SMSA Counties
Nonmetropolitan
Area Counties.
Kentucky Total (4th District portion)
Metropolitan
Area Counties
Nonmetropolitan
Area Counties.
West Virginia Total (4th District portion)
Metropolitan
Area Counties
Nonmetropolitan
Area Counties.
NOTE: Totals may not be additive
Source: U. S. Department
10
due to rounding.
of Commerce
.
for the same areas.
1963
1,240
1958·63
+
Subarea
1958
of
Totals
1963
Millions
Percent
As Percent
of Dollars
Change
Subarea
1958
1963
1958-63
of
Totals
1958
1963
100.0%
100.0%
$11,473
$15,506
+
35.2%
100.0%
100.0%
73.8
71.3
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
6.5
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
3.5%
885
884
85
107
+25.9
229
249
+
428
400
306
272
38
40
-0-
-11.1
+
Value Added
As Percent
5.3
84
88
+
4.8
33
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
22
25
+13.6
66.7
61.0
11
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
in each industry
of
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
OHIO
VIRGINIA
KENTUCKY
Fourth Federal Reserve District
o
o
U. S. Department
of Commerce
Major
SMSA's
Other
SMSA's
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
WEST
Source of data:
firms in the
and the number
trict. The majority are small, employing
MICHIGAN
IND.
of the
+35.0%
Dayton
+19.6
+44.5
Akron
+ 7.0
+25.3
YoungstownWarren
+
+23.6
6.6
Columbus
+10.0
+41.5
Toledo
+16.7
+27.7
Canton
+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
Machinery, except electrical
36
Electrical machinery
37
Transportation equipment
38
Instruments and related products
12
--f,;;\~
2
7
19
1
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
5
2
6
5
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
20
Food and kindred
21
Tobacco
22
Textile
23
Apparel
and other
finished
24
Lumber
and wood
products.
25
Furniture
26
Paper
27
Printing
products.
manufactures
mill products
products
and fixtures.
and allied
of Firms
States
Number
of Firms
and publishing
Number
Total
District
of Employees
Within
Fourth
District
3
33,635
3,716
10
·0·
-0-
-0-
43
-0-
-0-
-0-
4,000
2,008
-0-
-0-
3,245
1,710
32,941
7,670
20
11
-0-
Headquartered
Outside the Fourth District
with Plants in the Fourth District
Number
126
11
products
in the Fourth
Number
of Employees
Within
Fourth
District
of Firms
Total
43
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
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
Stone,
33
Primary
34
Fabricated
metal
35
Machinery,
except
products
clay, and glass products.
metal
36
Electrical
37
Transportation
38
Instruments
39
Miscellaneous
Total
Sources: See Appendix
products.
leather
32
industries
industries
.
products
electrical.
machinery
equipment
9
but
39
12
141,071
40,006
18
132,782
83
20
525,989
165,386
20
445,192
18,185
51
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
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,
ac-
for 10 percent or more of both
sales and assets of the largest firms in the
industries
are petroleum
ucts, nonelectrical
39 largest companies
trical machinery.
in
companies
in the Fourth District
and glass industry, with 12 of the nation's
headquartered
in which
and coal prod-
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
and fixtures
26
Paper and allied
27
Printing
28
Chemicals
and allied
29
Petroleum
and related
30
Rubber
products.
and plastic
and leather
and publishing
31
Leather
32
Stone,
33
Primary
34
Fabricated
products
industries
products
.
products
clay, and glass products
metal
Machinery,
36
Electrical
37
Transportation
38
Instruments
Total
industries
metal
35
Sources:
$ 17,251
products
products.
except
electrical
.
machinery
equipment
and related
products
5.1%
$ 34,660
2.7%
975
4.1
1,554
5.6
2,508
-0-
2,436
-0-
417
9.3
680
7.1
8,416
9.0
9,360
10.9
2,109
6.5
2,864
6.8
26,193
8.3
27,609
11.2
54,890
12.2
42,302
11.7
5,202
76.5
7,226
76.7
859
5.8
1,583
6.8
5,964
39.4
6,010
45.2
27,508
50.2
25,226
48.8
5,594
7.7
7,726
8.6
19,119
11.4
23,179
13.0
19,871
15.3
26,462
11.5
31,995
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
I
I
'60
ployed
about the same number
Reserve
16
of per-
employment
(compared
for headquartered
employment
repre-
with 25 percent
firms). The combined
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
(research labo-
etc.) outside
the
District. The 2,446 plants and facilities of
the 118 firms were distributed
the District,
1,382
(See
center map for foreign
For-
eign plants are operated by 82 of the 118
Of that group,
machinery
of
covering
of Employment
Bank
I
a wide range of products
137 plants
of Cleveland
Affairs,
Ohio
Security;
Federal
is apparent
industries
Industry
2
machinery
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
publishing
Chemicals
2
70
6
82
5
49
and
coal products
Rubber and plastics
leather
2
10
and
leather
products
Stone, clay,
and glass
Fabricated
8
55
12
77
6
32
15
137
5
27
7
50
metal
products
machinery
Electrical
machinery
Transportation
equipment
and
related products
1
7
82
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
.
Number of Large Number of
Fourth District
Foreign
Operations
Firms'
Instruments
industry has the largest num-
paper-making
'66
Internal
the nonelectrical
ber of firms (15) with foreign operations,
'64
of Pennsylvania;
operations.)
A summary tabu-
Nonelectrical
9 sales offices) in foreign countries.
firms.
I
operations.
Primary metals
as follows
the
U. S., and the 12 primary metal firms with
Petroleum
sales offices,
82 plants
Food
of the 118 firms headquar-
heavy concentration
I
outside
firms with
sented less than 7 percent of their total
in 1965: 456 within
CANTON
leum
lation follows:
ratories,
I
the 6 petro-
quartered
here, but that number
companies with
70 plants in other countries,
77 foreign
plants and other facilities
AKRON
of Ccmm er ce: U.S. Deportment
Deportment
Commonwealth
Department
I
'62
U.S. Deportment
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
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
COMMENTS
manufacturing
committed
and
lite industries
accumulated
nomic
to the metal-
metal-using
industries.
also has a substantial
to two other
nearby; capital funds have
com-
basic industries,
growth;
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
of exhaustible
on
the
natural
re-
sources may have diminished.
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
15.0
1
35
r
changes
.
2.5
r~ 1'°
r~ r
2.5
1.4
r
0.9
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
IN/;";O"'r~8:6
in the ways of industrial
jobs. Many of these firms are small only
by MANUFACTURE
I
/
0.8
YOUNGSTOWN ·WARREN
[0J
09
1
"---------------'
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
plex may be in order. In 1966, manufac-
within
the last 20 years as a
major apparel manufacturing
center.)
mated at nearly 1.9 million
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
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
products.
and publishing.
and allied
products
and related
Rubber
and plastic
31
Leather
and leather
32
Stone,
33
Primary
industries.
products
products.
clay, and glass products
metal
34
Fabricated
35
Machinery,
36
Electrical
37
Transportation
38
Instruments
Department
industries
metal
products.
except
electrical
machinery
equipment.
and related
products
of Labor and Industrial
Directories
States
of persons)
Fourth
District
As Percent
of United
States
Fourth
United
District
States
(thousands
of persons)
Fourth
District
As Percent
of United
1,824.7
6.9%
112.1
1,752.0
15.7
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
125.4
fixtures
and allied
Petroleum
u. S.
(thousand
products
30
Source:
18
Industry
United
1%5
6.4%
15.3
739.6
2.1
12.2
610.1
2.0
31.2
363.8
8.6
~1.3
429.1
5.0
43.8
550.0
8.0
48.1
640.0
7.5
75.5
834.7
9.0
80.8
981.0
8.2
59.7
773.1
7.7
65.0
906.4
7.2
237.1
6.4
11.4
182.0
6.3
21.7
15.3
States
104.6
363.3
28.8
102.5
471.5
14.3
385.9
3.7
11.4
350.9
3.2
111.1
588.4
18.9
98.7
627.4
15.7
395.4
1,322.5
29.9
345.5
1,295.6
26.7
200.8
1,122.4
17.9
191.9
1,268.3
15.2
226.0
1,448.5
15.6
241.4
1,725.8
14.0
186.7
1,240.8
15.0
173.0
1,658.1
10.4
177.8
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
$
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 .
Certificates
963,072,000
772,221,000
355,004,000
-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 .
Total Assets
LIABILITIES
Federal Reserve Notes
Deposits:
Member Bank -
$5,530,488,432
$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
General Account.
.
Other Deposits .
Total Deposits.
Deferred Availability Cash Items
Other liabilities
Total liabilities
556,311
67,818,951
14,400,000
13,500,000
13,321,479
11,019,221
1,486,241,813
1,537,676,741
607,918,429
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
831,084,455
$5,530,488,432
$
17,262,000
$5,371,508,153
$
12,924,000
COMPARISON OF EARNINGS AND EXPENSES
Total Current Earnings
Net Expenses .
Current
Additions
Net Earnings
1965
$127,241,656
16,633,918
137,326,127
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
1966
$153,521,823
16,195,696
.
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
Kentucky
JOHN W. HUMPHREY
President
The First National
Bank
The Philip Carey Manufacturing
Dayton,
Ohio
Cincinnati,
DEL R. CAWTHORNE
School of Business Administration,
Miami University
Oxford,
Ohio
JACOB H. GRAVES
President
Bank and Trust Company
of Lexington
Lexington,
Kentucky
Company
Ohio
GRAHAM
Dean
The Second National
Lexington,
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
Dravo Corporation
Wheeling
President
first National
Pennsylvania
ROBERT DICKEY III
Pittsburgh,
Meadville,
LAWRENCE E. WALKLEY
Westinghouse
Pennsylvania
Pittsburgh,
THOMAS
President
President
Dollar Savings & Trust Co.
West Virginia
Bank of Meadville
Pennsylvania
President
ROBERT C. HAZLETT
Wheeling,
Pennsylvania
EDWIN H. KEEP
Air Brake Company
Pennsylvania
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
@FedFRASER