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i—i
M O NTHLY
i —i
I N T HI S I SSUE
Major Agricultural Developments of 1957. 2
•F E D E R AL R ES ERVE BANK of C L E V E L A N D
‘Decentfien,, t957
Expansion in Steel Finishing
Capacity, Fourth District...................
Notes............................................
10
Annual Index to Monthly
Business Review (1957)................... 11
Since mid-'57, farm prices and food prices have switched to a declining
tendency, ceasing to add impetus to general commodity price averages.
A part of the change, but probably not all of it, is seasonal in character.
ISee p. 2.1
6
Major Agricultural Developments of 1957
c e m id -a u g u s t , prices of farm and
Sinfood
products have exerted a restrain
ing influence on the general level of prices.
The prices of products at the farm and of
food at retail generally turned down in Sep
tember and have shown weakness in subse
quent months.(1) Meanwhile, wholesale prices
of commodities other than farm and food held
steady at advanced levels and consumer prices
of non-food items continued upward.
The situation since late summer is in con
trast to that which prevailed earlier this
year when much of the advance in the gen
eral level of prices reflected a fairly persist
ent rise in the prices of farm and food
products. Can the recent downturn in farm
and food prices be solely ascribed to sea
sonal influences, or have there been other
contributing factors? A review of some of
the major agricultural developments of the
year may serve in part to answer this ques
tion.
Farm Output Equaled Previous Record
The total farm output this year matched
the peak performance of 1956, despite re
duced plantings and some decline in meat
animal production. Better than average
growing conditions in the latter part of the
crop season permitted yields which were
much higher than had been anticipated ear
lier in the summer. The result was a vol
ume of crops which seldom, if ever, has been
realized from so few acres. The acreage
from which crops were harvested in the na
(l) Prices of farm products were fractionally higher in midNovember. The change was insufficient to be reflected in
prices received on a 1947-49 base as shown on the cover chart.
tion this year was the smallest in forty years,
but the total outturn of crops as indicated in
the accompanying chart equaled the record
of the preceding year.
The curtailment of plantings associated
with the Soil Bank program brought notable
reductions in production of tobacco, cotton
and food grains (principally wheat) as
shown in the accompanying tabulation.
These reductions in output, together with
those indicated for vegetables and oil seed
crops, were fully offset, however, by sub
stantial increases in feed grain, hay and
sugar crops.
A compensating factor for the reduction
in harvested acreage was an outturn per
Declines in cropland acreages have been accom
panied over the years by Increases in the produc
tion of crops.
FARM OUTPUT
1947-49 = 100
Indicated % change
1957(1) from 1956
Total Farm Output................... 113
— 0—
—0—
All Crops................................. 106
+ 1 5.6
Sugar crops......................... 126
+ 1 4 .4
Hay and forage................. 127
+ 7.2
Feed grains......................... 119
+ 0.9
Fruit and nuts.................... 112
— 2.6
Oil crops.............................. 151
77
- 7.2
Food grains.........................
—10.4
95
Vegetables...........................
—11.7
83
Cotton..................................
—21.7
83
Tobacco...............................
- 0.8
All Livestock and Products. 121
+ 0.9
Dairy products................... 111
- 0.7
Poultry and eggs............... 135
— 1.6
Meat animals..................... 121
(1) Based on November 1 estimates.
Source: Statistical Summary, Agricultural Marketing
Service, U. S. Department of Agriculture.
acre for 28 of the major crops which ex
ceeded that of any previous year of record.
The estimated average yield of those crops
this year was more than one-fourth greater
than in the early postwar years of 19471949.
The output estimates for livestock and
products nearly duplicated the record vol
ume of the previous year. The indicated
volume of dairy products exceeded that of
any previous year. The output of poultry
products equaled the high of the previous
year, and meat animal output was down
only slightly from last year. The gain in
output per animal, although of smaller pro
portions than the increase in yield per acre,
was nearly sufficient to counterbalance a small
decline in the number of units of breeding
stock.
Farm Prices Advanced
This year, for the first time in six years,
prices of farm products averaged higher than
in the previous year. The combined influence
of a strong domestic demand and a substan
tial expansion in agricultural exports
brought about a 3 percent gain in farm
product prices for the year, although the
price trend in the latter part of the year has
been downward, as shown on the cover chart.
Prices of farm commodities advanced
steadily from February to August, reaching
a three-year high in that month. Much of
the gain was due to higher prices for hogs,
beef cattle, vegetables and wool, reflecting
smaller marketings. Other commodities reg
istering minor price gains from the third
quarter of 1956 to the third quarter of 1957
were tobacco, oil bearing crops, cotton and
dairy products. Prices of a few commodities
such as feed grains, hay and potatoes, mean
while, registered substantial declines. These
price declines, together with minor declines
for fruit, poultry meat, eggs and food grains,
were more than offset by an advance in
prices of a majority of the principal farm
products. The present level of farm product
prices as a result is about 3 percent above
a year ago despite a somewhat more than
seasonal downturn since mid-August.
The gain in farm prices this past year
was sufficient to more than offset a slightly
lower level of farm marketings. Both gross
and net farm income are expected to show
some improvement over the previous year,
partly as a consequence of the price rise and
particularly because of an increase in govern
ment payments from the soil bank program.
Despite some increase in production expenses,
realized net farm income is currently ex
pected to be slightly above the $12.1 billion
of 1956.
Agricultural Exports Set Records
While much of the gain in farm product
prices was realized on commodities sold
largely on domestic markets, there was an un
precedented volume of agricultural exports.
Foreign shipments of non-surplus items con
tributed in some measure to the gain in farm
prices. (See chart.) For the fiscal year ended
June 30, 1957, agricultural exports, in value
as well as in physical volume, topped all pre
vious records. In terms of value, the $4.7billion worth of farm products exported in
fiscal 1957 was 35 percent above that of the
3
Exports of agricultural products rose to a new
high In 1957, but are expected to decline In 7958.
r ~~~......
Billions
o f D ollars
*
f
11........................ ........... ....
AGRICULTURAL
EXPORTS
Year Ending June 30
Source of Data: U. S. Department of Agriculture.
previous year; the volume was up 40 percent
in the same period.
The expansion in foreign shipments of
agricultural products during the year ended
last June stemmed from an increase in com
mercial sales as well as from an increase in
exports under government programs. Ship
ments under each category increased by
more than a third from the previous year.
Spectacular increases occurred for a number
of commodities. Cotton exports, for example,
rose from 2.2 million bales in the previous
year to 7.6 million bales in fiscal 1957, wheat
rose by 200 million bushels to set a new high
of 550 million bushels, and rice exports
doubled. Export shipments of fats and oils
also rose moderately from the high level of
the previous year.
The export market for agricultural prod
ucts is likely to be subject to some contrac
tion during the current fiscal year (year
ending June 1958) for the reason that sev
eral foreign countries, which have been
active purchasers of this nation’s agricul
tural exports, experienced appreciable de
clines in their foreign gold and dollar hold
ings this past year. Furthermore, heavy
4
cotton stocks in importing countries and good
wheat harvests in Western Europe will have
a tendency to reduce foreign demand. Some
indication of the proportion of this contrac
tion in agricultural exports is indicated by
the Department of Agriculture’s estimate of
agricultural exports for the year ending June
30, 1958, shown in an accompanying chart.
Assuming that funds are available to con
tinue a high level of agricultural exports
under government programs, it seems prob
able that much of the anticipated contrac
tion in export shipments will be confined to
the commercial sale of farm products abroad
and will presumably have some adverse in
fluence on farm product prices. Foreign ship
ments under government-financed programs,
since they are drawn quite largely from ac
cumulated holdings of the price support
programs, tend to have a less direct effect
on prices. Such shipments, however, have
been significant in reducing the Commodity
Credit Corporation investment in price sup
port loans and inventories by over one bil
lion dollars, or 13 percent, in the past year.
Feed Supplies Continue to Mount
While supplies of some farm products
such as cotton and wheat have been pulled
down somewhat by aggressive surplus dis
posal programs here and abroad, the total
supply of feed grains and other concentrate
feeds has continued to mount. The supply
of feed concentrates advanced to new highs
in each of the past four years as shown on
an accompanying chart. Moreover, a further
increase in feed concentrates to a record 213
million tons is indicated for the feeding year
which began October 1.
Feed grain production, which provides
the bulk of the feed concentrate supply, has
exceeded consumption in each of the years
shown on the chart with the result that a
steady increase in carryover stocks has oc
curred. Carryover stocks on October 1, the
beginning of the current feeding year, were
at a record 47 million tons — more than
double the carryover of a year as recent as
1952—and a further increase seems prob-
A record supply of feed grains and other concen
trate* Is available for the current feeding season.
Millions
of Dollars
FEED SUPPLY
1954
1955
1956
1957
Year Ending September 30
1958
Source of Data: U. S. Department of Agriculture.
able as the record feed grain crop of 1957
exceeded probable consumption.
Supplies of feed concentrates are, there
fore, more than ample for the current feeding
year, and the prospect that carryover stocks
will be even larger next fall gives assurance
of adequate supplies well into the following
year. Moreover, feed supplies are reported
to be better distributed by areas than in any
of the last four years. This condition also
prevails for hay, which is in record supply.
This buildup in the supply of feed for the
nation’s livestock population seems virtually
certain to foster an expansion in the output
of livestock products. The output of meat
animals, particularly pork, seems most likely
to reflect the abundance of feed. Evidence for
this prospect can be found in a 3 percent
increase in the fall pig crop and indications
that the spring pig crop may increase by as
much as 7 percent or more, according to sur
veys of intentions of producers in the ten
principal producing states.
The current abundance of feed is also ex
pected to encourage a high volume of cattle
feeding. Cattle will likely be fed to heavier
weights than in some recent years. Another
anticipated effect of the abundance of feed
is that it may tend to slow down the pres
ent decline in cattle numbers, thereby short
ening the length and extent of the current
downswing in the cattle cycle. While the lat
ter development cannot be expected to aug
ment the output of meat animals in the near
future such as is probable in the case of pork,
it may tend to limit the contraction in beef
production now under way as a result of the
cyclical downturn in cattle numbers.
The unprecedented supply of feed for the
eurrent feeding year may also serve as a
powerful stimulant to expanding the output
of dairy and poultry products. Feed grain
prices in mid-October were the lowest in 14
years. In most instances they were below or
barely equal to the reduced level of price
supports. While substantial quantities will
undoubtedly move under the price support
shelter, sufficient producers may for various
reasons elect to convert this feed into milk,
eggs and poultry meat to give a substantial
increase in these livestock products as well.
Impact of Major Developments
The upswing in farm and food prices which
characterized the first half of the year was
apparently brought to a standstill by late
summer. At that time it became apparent
that farm output would equal the record of
the previous year. Moreover, export ship
ments of agricultural products, which had
been at peak levels for more than a year, be
gan declining as foreign supplies became
easier and as some foreign countries found it
necessary to conserve their dwindling foreign
exchange balances. As a consequence of these
developments, prices of farm products turned
down somewhat more than seasonally. A
record outturn of feed grains forced prices
of these farm products in mid-October to the
lowest level in over 14 years and presumably
set the stage for expansion in the output of
livestock products. The likelihood of a sub
stantial increase in the output of pork is
already evident in the 3-percent increase in
the fall pig crop and in the prospect that the
spring crop may be increased by 7 percent or
more.
5
Expansion in Steel Finishing Capacity
Fourth District
T
wo o u t o f e v e r y f i v e tons of steel pro through 1959 suggest some further slight at
duced in the United States are poured trition in the District’s share of the nation’s
and finished at mills located in the Fourthsteel producing capability.
Federal Reserve District. This proportion has
Although it looks as if the Fourth District’s
changed very little during the past few years. capacity
to produce finished steel products
The District’s “ share’’ of the nation’s ingot will not expand
as rapidly as that of the rest
capacity has remained unchanged since 1954, of the country during
years 1957-59, it
but relatively larger increases in finishing appears that mills in thetheDistrict
adding
capacity in other areas reduced slightly this the bulk of the industry’s new pipearemills
and
District’s share of the country’s hot finishing finishing lines for hot and cold rolled sheet
capacity in the 1954-56 period. Expansion and strip. The District has long specialized in
plans of the steel industry for the years 1957 finishing and coating sheet and strip and in
producing tubular products and it appears
that this specialization will be intensified in
District finishing capacity Is concentrated largely
the future.
in Hat rolled products and tubular goods.
HOT ROILED PRODUCTS
Millions o f Short Tons
SHEET and STRIP
STEEL FOR MAKING W IRE
AND TUBULAR GOODS
BA RS
PLAT E
STRUCTURAL SHAPES
ALL O TH ER
OTHER FINISHED PRODUCTS
COLD ROLLED SHEET 8 STRIP
PIPE and TUBING
TIN and TERNE PLATE
GALVANIZED SHEET & STRIP
PLAIN W IR E
COLD FIN ISH ED BARS
Capacity Expansion, 1954-1959
In the 1954-56 period, District mills added
3.608.000 tons of steel ingot capacity, account
ing for two-fifths of the industry’s 9,129,000ton expansion during these three years. At
the same time, hot finishing capacity of mills
in the District was increased by 1,910,000
tons, or only 27 percent of the country’s
6.981.000 ton expansion. The District’s rela
tively slower expansion reduced very slightly
its “ share” of the nation’s capability to pro
duce hot rolled steel products, that is, from
41 percent on January 1, 1954, to 40 percent
at the beginning of 1957.
New ingot capacity now being built or
planned for completion in the United States
during 1957, 1958, and 1959 totals over 14*4
million tons, or 50 percent more tonnage than
was added in the 1954-56 period.(1) However,
only a little over one-fourth of this new ca(l) Ingot capacity figures for the beginning of 1958 will be
released by the American Iron and Steel Institute in January.
However, the Institute does not compile steel finishing capaci
ties on a regular annual basis. In recent years, the compila
tions have Men made triennially. New estimates of finishing
capacity are not expected until 1960.
pacity is being added at District mills, where
the 3,827,000-ton expansion program now
under way for 1957-59 is only 6 percent
greater than the tonnage added in the previ
ous three-year period. According to present
plans, District ingot capacity at the begin
ning of 1960 will be 58 million tons out of a
national total of 148 million tons.(2)
Sheet and Strip Capacity
At the beginning of 1957, about 45 percent
of the nation’s sheet and strip producing ca
pacity—both hot rolled and cold rolled—was
located in the Fourth District. On a tonnage
basis, nearly one-half of the District’s hot
rolling capacity is devoted to making sheet
and strip. The table on the following page
gives District capacities for selected steel
products on January 1, 1957, expressed both
as tonnages and percentages of total U. S.
capacity. The table also shows growth in
capacity occurring in the previous three years.
The concentration of sheet and strip capac
ity in this District reflects the fact that stamp
ing (particularly for autos and appliances)
and sheet metal work weigh heavily among its
industries.
The considerable capital expansion pro
gram of the last several years seems to have
intensified — rather than diluted — the Dis
trict’s predominance in metal working. Esti
mates of employment during the first half of
1957 suggests that two out of every three
manufacturing jobs in the District were in
either the primary metals or metal fabricating
industries. The estimates also suggest that
over 18 percent of all workers employed in
these industries were working in establish
ments located in the District.
During the first six months of 1957, about
three-eighths of the finished steel products
shipped to domestic users from the nation’s
steel mills were sheet and strip. This propor
tion represented over 16 million tons of fin
ished flat rolled products and included both
(2) The capacity estimated for the beginning of 1960 is based
upon published accounts of individual steel company expan
sion plans. It assumes no extensive retirements of existing
facilities beyond those already allowed for in the individual
company announcements.
hot and cold rolled flats plus all coated sheet
and strip (including tin and teme plate, black
plate, and galvanized sheets) as well as elec
trical sheets and strip.
The automotive industry took about onethird of the industry’s domestic shipments of
sheet and strip during the first half of the
year—mostly uncoated stock. About 44 per
cent of the shipments went to other manufac
turing industries in the metal-fabricating
group—half to container manufacturers and
half to producers of commercial, industrial
and domestic machinery and equipment.
Warehouses and distributors received about
10 percent of the shipments made during the
first half; some of this sheet and strip un
doubtedly ended up in the hands of the afore
mentioned manufacturers also. In general,
those manufacturing industries which con
sume close to eight out of every ten tons of
the nation’s sheet and strip output account
for nearly 47 percent of the factory jobs in
the Fourth District.
Relative to all other steel mill products,
sheet and strip production shows the fastest
rate of growth in the United States between
7
STEEL MAKING AND FINISHING CAPACITY
Fourth District, January 1, 1957
PERCENT 4th Dist. as
Capacity 1957 CHANGE Percent U.S.
1957
(000’s net tons) ’54 to ’57
PRODUCT
INGOTS AND STEEL FOR CASTINGS.......................................
54,146
+ 7%
41%
HOT ROLLED STEEL PRODUCTS (1).......................................
Rails.............................................................................................................
Structural shapes......................................................................................
Plates............................................................................................................
Sheet and strip (2)...................................................................................
Bars...............................................................................................................
Steel for further conversion into wire and tubular products (3). .
Other hot rolled products......................................................................
41,366
189
1,656
2,916
20,160
5,358
10,525
562
+ 5
—14
+14
+14
+ 5
—4
+ 6
+ 2
40
11
19
32
44
32
57
22
OTHER FINISHED STEEL PRODUCTS (4)
Pipe and tubing........................................................................................
Cold finished bars....................................................................................
Plain wire....................................................................................................
Cold rolled sheet and strip.....................................................................
Galvanized sheet and strip....................................................................
Long teme sheets......................................................................................
Tin and terne plate..................................................................................
8,294
1,682
2,027
10,237
2,394
168
3,037
+ 5
—4
+ 1
+ 10
+ 9
—28
+ 7
55
42
28
46
57
63
42
(1) Capacities of hot rolled products are limited to steel available from own ingot capacity plus estimated steel supply normally
obtained from others.
(2) Also includes coils for cold reduced black plate and tin plate.
(3) Wire rods, skelp, and blanks, tube rounds or pierced billets for seamless tubes.
(4) Capacities of other finished products are annual capacities without regard to the available supply of ingots or semi-finished
steel or hot rolled products.
Source: American Iron and Steel Institute.
1940 and 1950. Since 1950, however, sheet and
strip production has been expanded at about
the same rate as the output of other mill
products.
Pipe and Tubing
Fourth District mills have the capacity to
produce more than one-half of the country’s
pipe and tubing on a tonnage basis, and a
much larger proportion on a linear basis. The
bulk of the nation’s small diameter pipemaking facilities are located in the District.
However, electric-weld facilities for making
the larger diameter pipe (24 to 36 inch) used
in cross-country transmission lines are mostly
8
located near markets in the Southwestern gas
and oil fields. In tonnage terms, large
diameter pipe capacity weighs heavily in the
total.
The concentration of pipe and tubing mills
in the District may appear somewhat surpris
ing from certain points of view. Pipe mills
usually must be located near the source of the
hot-rolled mill products used in their manu
facture (skelp, tube rounds, sheet, strip, or
plate) although consideration of markets
would also appear to be in order.(3) It is hard
to pinpoint these markets from the data on
(3) Considerations of market location are especially important
to electric-weld mills for making large diameter transmission
pipe. In this instance, it is cheaper to ship plate than to ship
the finished pipe.
mill shipments provided by the American
Iron and Steel Institute since over half of the
shipments go to warehouses and distributors.
But, some idea of the many applications of
pipe and tubing can be gleaned from the
product classification of mill shipments.
Mill shipments of over 5y2 million tons of
pipe and tubing to domestic users during the
first six months of 1957 were split among the
five major product classifications as follows:
35%
Line pipe
27
Standard pipe
Oil country goods 26
8
Mechanical tubing
4
Pressure tubing
Line pipe is mainly the heavy, large
diameter pipe used in cross-country gas and
oil transmission and is made largely at mills
outside the District. It is in the production of
the remaining four types of tubular goods
that the District leads the rest of the country.
Oil country goods are a specialized product,
used largely outside the District. The remain
ing three types of pipe and tubing cover a
wide variety of tubular goods, having many
different industrial applications. These range
from the more familiar plumbing applications
to furniture, automobile exhaust pipes, bear
ings, conduit, fence posts, high pressure steam
lines, printing press rolls, bushings, shaftings,
and bridge and roof trusses—to name a few.
The automotive, machinery, appliance, and
the other industrial and commercial equip
ment industries are the major consumers of
pipe and tubing in the District.
Other Mill Products
Providing a clear contrast to the District’s
predominance in light, flat rolled products
and tubular goods is its smaller share of hotrolling capacity for rails, structural shapes,
plates and bars and its share of wire-drawing
capacity.
Structural Shapes and Rails. Fourth Dis
trict mills are relatively low in both struc
tural and rail rolling capacity, accounting for
less than one-fifth of the nation’s capacity to
roll structural shapes and only about onetenth of its capacity to produce rails. Both
are specialized products with production cen
tralized in a relatively small number of com
panies.
Plate. Mills in the Fourth District reported
less than one-third of the nation’s plate mak
ing capacity at the beginning of 1957.(4) Dur
ing wartime, of course, plate is extremely im
portant in shipbuilding and ordnance. But,
plate has many other industrial applications.
During the first half of 1957, for example, the
construction industry received 26 percent of
the mill shipments of plate to domestic users,
the transportation equipment producers re
ceived 25 percent (roughly one-half going to
railroad car builders, one-third to ship
builders, and the rest to the automotive indus
try), the manufacturers of machinery and
equipment received 2-3 percent, largely for
industrial machinery and equipment, and
most of the remainder went to warehouses and
distributors.
Light plate may be turned out by rolling
mills now producing sheet and strip without
any major changes of mill equipment.
Boughly 7 million tons of light plate could be
produced in this manner to augment the in
dustry’s estimated 9.2 million tons of plate
capacity at the beginning of 1957. Such a
switch was effected during World War II and
during the Korean conflict. Also, in the spring
and summer of 1957 when demand for plate
remained strong while demand for sheet and
strip slackened, considerable light plate ton
nage was rolled on strip mills.
Bars. About one-sixth of the nation’s hotrolling capacity is devoted to making bars and
nearly one-third of this capacity is located at
Fourth District mills. However, 42 percent
of the country’s facilities for cold finishing
bars are in the District.
The bar classification covers a wide variety
of mill products used by many industries.
Generally speaking, bars may be grouped into
three main categories: hot rolled, cold fin
(4) Plate is thicker than sheet or strip. In general, sheet and
strip ran up to about 0.20 inch in thickness, while plate is over
0.20 inch thick. All have a high ratio of width to thickness.
9
ished(5>, and tool steel. The latter, as the
name implies, is a specialty product, account
ing for a very small proportion of total bar
tonnage. However, tool steel has a relatively
high value in comparison with other types of
bars.
The large consumers of hot rolled bar shapes
are the automotive industry, construction
(mainly for concrete reinforcement and for
light structural applications), the machinery
and industrial equipment industries, the
forging industries and ordnance. The auto
motive and industrial machinery industries
are important district consumers of cold fin
ished bars. Nationally, these industries took
nearly one-half of the cold-finished bar ship
ments made during the first six months of
1957.
(5) A cold finished bar is a hot rolled bar that has been further
processed (without heating) by drawing, turning, or grinding
in order to improve its surface or mechanical properties.
NOTES
Among the articles recently published in
the monthly business reviews of other Federal
Reserve Banks, the following may be of spe
cial interest to our readers:
“ The Aluminum Industry — Part II:
Growth of the Market,” Federal Reserve
Bank of San Francisco, October 1957.
“ Profits under Pressure,” Federal Reserve
Bank of Chicago, November 1957.
“ The New York Foreign Exchange Mar
ket,” Federal Reserve Bank of New York,
November 1957.
Note also the recent publication of a 39page booklet on The Federal Funds Market,
Its Origin and Development by Parker B.
Willis, Federal Reserve Bank of Boston.
Copies may be obtained by writing to the
Federal Reserve bank named in each case.
10
ANNUAL INDEX to MONTHLY BUSINESS REVIEW (1957)
FINANCE
The Year in Fourth District Banking___ January
Member Bank Earnings & Operating Bates....April
The 1957 Survey of Ownership of
Demand Deposits ...........................................June
The Postal Savings System ............................August
Depreciation Allowances as a Source
of Corporate Funds ............................September
Bank Debits as Local Business
Indicators ...............................................November
AGRICULTURE
Farmers’ Costs of Borrowing.......
Farmers Mechanize on Credit.....
Farm Prices and the ConsumerMajor Agricultural Developments
of 1957 ......................................
...February
..........June
.September
..December
TRADE
Department Store Trade—Review
of 1956 .......................................................January
INDUSTRY
Ups and Downs in Home Building............February
District Steel Mills Expand Capacity..............April
Expansion in the Cement Industry....................June
Building Activity in Fourteen
Metropolitan Areas .......................................October
Expansion in Steel Finishing Capacity.....December
GENERAL
Cross Sections of the Fourth Federal
Reserve District:
(II) Cleveland & Eastern Lake Erie.—March
(III) Pittsburgh, Youngstown & the
Upper Ohio Valley ............................ May
(IV) Central & Southwestern Ohio..........July
(V) Lexington & Eastern Kentucky
....................September Supplement
Spending by Ohio City Governments............August
Investment Outlays and the National
Product ............................................- ...........October
Regional Aspects of Service Industries....November
11
FOURTH
FEDERAL
RESERVE
DISTRICT
ERIE
■ CLEVELAND
T OL E D O
AKRON •
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