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MONTHLY
SuoimM et/ceiu
IN THIS I S S U E
FEDERAL RESERVE BANK of CLEVELAND —
1959
Trends In State Government Expenditures
3
Another Year of Farm A b u n d an ce.......
7
Around the Fourth District...................
12
(Announcement)
(joAjesuum nt Secu sU ttel M a rk e t
a Treasury-Federal Reserve Study
The United States Treasury Department and the Federal Re
serve System early last spring initiated a joint study into the
functioning of the Government securities market. The first of three
parts of the study is now available in printed form.
Part I summarizes the informal consultations conducted by the
Treasury-Federal Reserve study group with individuals associated
with or informed about the functioning of the market. Part I also
contains a special technical study concerned with the question
whether an organized exchange might better serve the public in
effectuating the purchase and sale of Government securities.
Part II will be a factual and analytical report on the perform
ance of the Government securities market in 1958. Part III will
deal with specialized and technical subjects suggested by the in
formal consultations and the factual records of 1958.
{Part I may be obtained now by ivriting to the Division of
Administrative Services, Board of Governors of the Fed
eral Reserve System, Washington 25, D. C. The price of
each part is $1.00. There is a special price of $2.50 for the
set of three pamphlets, when all are ordered at one time.
The individual parts will be forwarded as they become
available.)
#
#
#
Editor’s Note: Also available now is a summary of the fore
going study. It is included in the following reprint from the August
1959 issue of the Federal Reserve Bulletin:
The Government Securities Market
(1) Joint Statement by Robert B. Anderson, Secretary
of the Treasury, and William McC. Martin, Chairman of
the Board of Governors of the Federal Reserve System, to
the Joint Economic Committee, July 24, 1959;
(2) Statement by Mr. Martin on “ The Government
Securities Market and Economic Growth” , July 27, 1959.
(.Reprints may be obtained without charge by request to
the Board of Governors of the Federal Reserve System,
Washington 25, D. C.)
Trends In State Government Expenditures
of 48 state govern
ments during the fiscal year 1958(1)
amounted to almost $24 billion, exceeding
general revenues by nearly $2 billion. This
total represented an increase of nearly 12
percent from the preceding fiscal year.
e n e r a l e x p e n d itu r e s
G
Examination of state expenditures in the
postwar period reveals that they have risen
more rapidly than revenues, with deficits
appearing on the books of an increasing num
ber of states. In 1946 only one state had ex
penditures larger than revenues. The number
rose to sixteen in 1948, and in 1950 to thirtyone. In the fiscal year 1958, thirty-seven states
showed deficits.(2)
During the years 1940 through 1945, state
government expenditures had been held down
by the shift to a wartime economy. During
that period, total state revenues exceeded ex
penditures by sizeable margins. However, by
1948 the backlog of capital improvements, as
well as the rapid growth of population, cou
pled with general economic expansion and a
rise in prices, pushed total state expenditures
above revenues.
In each year since 1948, general expendi
tures by all states combined outstripped gen
eral revenues, as illustrated by the accom
(1) The fiscal year for all but four states ends on June 30.
Those four states and their closing dates are: New York,
March 31; Pennsylvania, May 31; Texas, August 31; and
Alabama, September 30.
The fiscal year 1958 represents the latest year for which
data of the type presented here are available. It happens to
coincide in considerable part with the business recession of
1957-58. Although that fact may help to explain some of the
increased deficits noted for fiscal 1958, no attempt is made
here to analyze the impact of the recession upon state govern
ment finance.
(2) Source of data cited in this article is: Compendium of
State Government Finances in 1958, U. S. Department of
Commerce, Bureau of the Census.
For the revenue side of the picture, see “Tax Revenues of
State Governments,” Monthly Business Review, November,
1958.
panying chart (1948 and 1949 not plotted),
with total deficits ranging from $166 million
in 1953 to $1,765 million in the fiscal year
1958.
Annual deficits have been characteristic of
the postwar period for the states of Ohio,
Pennsylvania, Kentucky, and West Virginia;
these four states are included in whole or in
part within the Fourth Federal Reserve Dis
trict and are selected for special attention
below. A series of charts, which shows general
revenues for each of the four states, illus
trates the spending pattern since the fiscal
year 1950. Thus, for example, in Ohio general
expenditures were covered by general reve
nues in only two of the nine years plotted; in
Kentucky and Pennsylvania this occurred in
one year only, while in West Virginia, general
expenditures exceeded general revenues in
each year shown on the chart.
Types of Expenditures
The largest categories of general expendi
tures by state governments are education,
highways, and health and welfare. In the
fiscal year 1958 these three groups accounted
for over 80 percent of total general expendi
tures by all 48 states. The remaining 20 per
cent was allocated to such functions as pubblic safety, conservation of natural resources,
general control, and others.
Education
Outlays for education by state governments
in 1958 amounted to $7.3 billion, or more than
double the 1950 figure. The share of the total
represented by outlays for education rose
from 28 percent in 1950 to 31 percent in 1958.
3
A n nu a l deficits have been characteristic of the past
deca d e fo r the four states included all or in p a rt in
the Fourth District. In Ohio, general expenditures
w ere co vered b y general revenues in only tw o of the
nine years plotted; in Kentucky and Pennsylvania this
o ccu rred in one yea r only, w hile in W est Virginia,
g eneral expenditures exceeded general revenues In
each y e a r show n on the chart.
Millions of Dollars
2,000
»
.
! ***^
.
^
. -
PENNSYLVANIA
EXPENDITURE
REVENUE
OHIO
EXPENDITURE
REVENUE
ts
i
The portion of total expenditure allocated
to education in West Virginia and Pennsyl
vania was greater than the national average;
in West Virginia, outlays for education repre
sented 35 percent of the total, and in Penn
sylvania, 32 percent. Education’s share of the
total in Kentucky and Ohio, however, was
somewhat below the national percentage.
A large proportion of state outlays for
education take the form of grants to local
governments to supplement local revenues for
the operation and construction of public
schools. Rising costs of operating and con
structing schools have produced increased
need for state aid to local school districts,
especially in view of the pressure exerted by
the rapidly expanding school-age population.
In 1958, such grants to local governments by
all 48 states amounted to $4.5 billion, or over
60 percent of outlays for education by state
governments. The proportion of grants to
local governments by the four states included
in the Fourth District was even higher, rang
ing from 62 percent in Ohio to 72 percent in
Pennsylvania.
Highways
WEST V I R G I N I A
EXPENDITURE
REVENUE
KENTUCKY
EXPENDITURE
REVENUE
The second major area of state government
expenditures is the construction and mainte
nance of highway facilities. Following World
War II, highway expenditures have risen
sharply in an effort to bring highway systems
up to adequate standards. In 1958, state out
lays for highways amounted to $6.7 billion,
or more than two and one-half times the 1950
figure. This amount represents 28 percent of
total state expenditures. Of the four states of
the District, Ohio spent the largest share of
expenditures for highways, allotting 37 per
cent of its budget for this purpose, a propor
tion substantially greater than the 48-state
average. The proportion of total expenditures
allotted to highways by Kentucky, Pennsyl
vania, and West Virginia accounted for 33
percent, 27 percent, and 23 percent, respec
tively. (See table at end of article.)
R A T IO SCALE
.
Capital outlays for the construction of reg
ular highway facilities represented by far the
largest share of highway expenditures,
amounting to $3.8 billion. Toll highway facili
ties accounted for $% billion, or less than 12
percent of total outlays for highways. In the
previous years, toll highway facilities had
accounted for a substantially greater share
of highway expenditures than in the fiscal
year 1958. In 1955 and 1956 for example, toll
highways accounted for nearly 20 percent of
the highway total, but the share then declined
to 15 percent in 1957 and 12 percent in 1958.
D o llars
'
EXPENDITURE
REVENUE
R A T IO SCALE
if
Welfare and Health
The welfare and health activities of state
governments include such functions as old age
assistance, aid to dependent children, and aid
to the blind, as well as the operation and con
struction of facilities for the treatment of
mental illness, tuberculosis, etc. In addition,
states may make grants to local governments
and to private institutions which perform
such services. Expenditures for such activities
totaled about $5.1 billion, or 22 percent of
the total budget of the 48 states in 1958.
Pennsylvania and Kentucky allotted a higher
proportion of general expenditures to health
and welfare than the national average, while
the share for this category in Ohio and West
Virginia was somewhat smaller.
General control, once an important item in
the budgets of state governments, represented
only a small fraction of total expenditures in
1958, accounting for less than 3 percent of the
total.
Per Capita Expenditures
Another method of comparing the relative
importance of the different state activities is
on the basis of per capita expenditure for
various functions. As illustrated by the ac
companying chart, all 48 state governments
combined spent $139 per U. S. resident in the
fiscal year 1958. Of this amount, $43 went for
education, $39 for highway facilities and im
provement, $30 for health and welfare, and
the remaining $27 was distributed among such
functions as public safety, general control,
conservation of natural resources, etc.
expert
n m ore i
7948, ge
outstripp
As can be seen from the chart, general ex
penditures were smaller than the national
average, on a per capita basis, in each of the
four states included all or in part in the
Fourth District. West Virginia, with $125 per
capita expenditures was the closest to the na
tional average; however, it ranked 29th among
the 48 states. (The first in order among the
48 states, on the basis of per capita expendi
tures, was the state of Delaware with a per
capita figure of $268; at the bottom of the list
was the state of New Jersey, where per capita
expenditures amounted to only $79.)
Debt Outstanding
Outstanding debt of all state governments
has nearly tripled since 1950. At the end of
1958, total debt amounted to $15.4 billion.
More than half of the debt outstanding repre
sented indebtedness for highway facilities.
The second and third largest items financed
by long-term debt issues were education and
veterans’ bonuses.
In the states included in the Fourth Dis
trict, except in Pennsylvania, the proportion
of long-term debt outstanding incurred for
highways was considerably greater than the
national average. In Kentucky, for example,
80 percent of the long-term debt outstanding
5
was incurred for highway facilities; the fig
ures for Ohio and West Virginia were 75 per
cent and 72 percent, respectively. Only in
Pennsylvania was the share of the long-term
debt for highways smaller than the 48-state
average, accounting for 47 percent of the
total.
During the fiscal year 1958, general expenditures on
a per capita basis in each of the four states In
cluded all or in p a rt in the Fourth D istrict w ere
sm aller than the national average.
D o ll a r s per c a p ita
15 0 ------------------
------------------------------------------------------------
OTHER
The rising expenditures of state govern
ments in the postwar period have primarily
stemmed from a backlog of needs built up
during the war, as well as from an increased
rate of population growth and demands for
expanded services provided by states, espe
cially in the areas of education, highway
facilities, and public health and welfare. The
pressure for more adequate facilities in these
areas will continue in the years to come and
will present a challenge to the state govern
ments to find additional sources of revenue to
satisfy such needs.
HEALTH
AND
WELFARE
HIGHWAYS
^ EDUCATION
A ll 48
States
W. Va.
SU M M A R Y OF STATE EXPENDITURES BY FUNCTION
Fiscal Year 1958
Pennsylvania
Education ..................................................
H ig h w ays.......................................................
Health and W e l f a r e ................................
Public S a f e t y ..............................................
General C o n tr o l.........................................
O t h e r ............................................................
Total
..................................................
Ohio
Kentucky
(millions of dollars)
West Virginia
400.4
338.2
282.6
42.0
33.0
140.2
249.1
424.7
228.3
29.9
29.2
182.1
93.9
104.7
70.7
7.9
11.7
28.6
85.9
56.2
46.6
4.8
6.1
46.2
1,236.4
1,143.3
317.5
245.8
(percent distribution)
Education ..................................................
H ig h w a ys.......................................................
Health and W e l f a r e ................................
Public S a f e t y ..............................................
General C o n tro l.........................................
O t h e r ............................................................
Total
..................................................
6
32.4
27.4
22.9
3.4
2.7
11.2
21.8
37.1
20.0
2.6
2.6
15.9
29.6
33.0
22.3
2.5
3.6
9.0
34.9
22.9
19.0
2.0
2.5
18.7
100.0
100.0
100.0
100.0
Another Year of Farm Abundance
t h e e n d of the growing season
on August 1. A cotton crop of close to 15 mil
lion bales was forecast at that time. A crop of
barely six weeks away, it is becoming
that size, if realized, would be well over oneincreasingly apparent that the nation’s out
fourth larger than the comparatively short
put of farm products will be about the same
crop of a year ago. A marked increase in the
as the unprecedented level attained last year.
acreage for harvest, together with the pros
Crop production, although indicated to be
pect of a record yield per acre, accounts for
down from the peak of 1958, will apparently
the favorable outturn anticipated. The 4-bil
exceed that of any other year of record. The
lion bushel corn crop expected this year is
total output of livestock and products gives
about one-tenth more than the record of the
promise of advancing to a new high.(1)
previous year. The larger crop in prospect
stems mainly from a 14 percent increase in
Crop Volume Moderately Lower
plantings as the indicated yield per acre is
This year, for the first time in five years,
down from the high of last year.
the anticipated volume of crops, as shown in
the accompanying chart, is down moderately
C ro p output this year has eased, as livestock out
from that of the previous year. That is true
put advanced to a new high.
despite a record corn crop that is expected to
be one-fourth larger than average. Most of the
reduction in crop volume from last year can
be attributed to much smaller crops of wheat,
oats, and sorghum grains. The estimated out
turn of wheat is 23 percent below the un
usually large crop of 1958. The indicated pro
duction of oats and sorghum grains is down
26 percent and 17 percent, respectively, from
that of the previous year. Smaller crops of
barley, rye, flaxseed, soybeans, potatoes, and
hay also contributed to the decline in total
volume of crops. Smaller plantings, together
with lower yields than were obtained last
year, account for most of the decline indicated
in the output for all of these crops.
Cotton and corn were the only major crops
for which a marked increase in production
over that of the previous year was indicated
■
W
ith
(1) All data used in the charts and text of this article are
from the U. S. Department of Agriculture.
[zr r r m ~ r r 7’5 0
’51
'52
’53
’5 4
’55
'5 6
’57
'58
’5 9
7
Other crops for which significant gains are
indicated include vegetables, sugar crops, and
tobacco. The total feed grain production, how
ever, may be no greater than that of the pre
vious year, despite the huge corn crop, as
the indicated outturn of oats, barley, and
sorghum grains is significantly below yearearlier levels. Feed grain supplies will be
more abundant than ever before as the carry
over stocks from previous crops are of record
proportions.
Livestock Output Higher
Under the stimulus of abundant feed sup
plies and generally favorable commodity-feed
price relationships, livestock production has
continued to expand and, on the basis of pre
liminary data, will advance to a new high this
year. (See chart.) The gain in output of live
stock and products stems mainly from an
expansion of production of meat animals and
poultry products. The production of milk, the
other principal livestock product, has been be
low year-ago levels so far this year. Milk
production per cow advanced to a new high,
but dairy cow numbers at midyear, number
ing 19.3 million head, were the lowest in three
decades of records. Attractive meat animal
prices that favored heavy culling of dairy
herds and the trend to fewer and larger com
mercialized dairy farms were largely responsi
ble for the continued decline in cow numbers.
Most of the gain in the output of meat ani
mal products is attributable to a sharp in
crease in the volume of pork produced. This
year’s pig crop is expected to be more than
104 million head, or 10 percent above last
year’s sizeable output. Such a level has been
exceeded only in the wartime years of 1942
and 1943. This expansion in pork production
was in response to hog prices that were higher
relative to com than in any other period over
the past 50 years.(2)
Abundant feed supplies have also stimu
lated a marked build-up in beef cattle num
bers. The number of beef cattle on farms at
(2) The hog-corn feed price ratio (bushels of corn equal in
value to 100 pounds 01 hog. liveweight) was at the highest
level of record last year.
the beginning the year was indicated to
be at a new high of 64 million head. A further
increase of several million head is antici
pated this year. The number of cattle on feed
for market July 1 in the thirteen states for
which comparable data are available totaled
4.7 million, or 10 percent more than the high
of a year ago. The cyclical expansion in cattle
numbers, however, has scarcely been reflected
in market receipts of slaughter animals. Only
small gains in the output of beef have oc
curred so far this year, as significant increases
in the slaughter of well-finished cattle were
largely offset by sharply lower slaughter of
other classes.
Somewhat larger lamb and mutton supplies
are also contributing to the expansion in out
put of livestock products.
The output of livestock products is also
being augmented by an increase in the pro
duction of broilers, eggs, and turkeys. Broiler
production through the first seven months
exceeded the same period a year earlier by 10
percent. Egg production was up 4 percent in
the same period. Production of broilers and
eggs may not exceed year-ago levels by as
wide a margin during the remainder of the
year, but significant gains are indicated for
the year. Adding further to the supply of
poultry products is a turkey crop which is ex
pected to exceed the record 81 million raised
in 1957. Marketings of turkeys in November
and December may be no greater than last
Stocks of Grain
July T, 1959
millions
of
units
Flaxseed, bu. .
14.9
Sorghum Grains,
bu...................
529
Soybeans, bu. .
157
W heat, bu. . . 1,277
Rye, bu. . . .
12.8
Barley, bu. . .
193
Oats, bu. . .
369
Corn, bu. . . 2,204
% change from:
1958
1948-57 Avg.
+ 71%
+18%
+54
+45
+45
+31
+15
+14
+ 5
+390
+196
+109
+ 41
+114
+ 41
+ 66
C o rn production exceeded use for the seventh co n
secutive year in 1959, b o o stin g supplies to a level
sufficient to meet the current rates of consumption
for a year and a half.
This year's production of w heat has m oved nearer
to the rate of use, but ca rry o ver is so large that
present holdings are better than a two years' supply.
I--------------------------------------------------B illions
of B u s h e l s
6
CORN
-
'5 4
'5 5
’ 56
' 57
’ 58
’ 59
’60
’ 54
'5 5
'5 6
’ 57
’ 58
’ 59
’ 60
Production + carryover — supply
Production and carryover are plotted as of October 1; use
is plotted April 1, mid-point of the corn marketing year.
Production -+- carryover = supply
Production and carryover are plotted as of July 1; use is
plotted December 1, mid-point of the wheat marketing year.
year, though, as a large part of the increase in
the 1959 crop occurred in hatches early in the
year, and those turkeys have already been
consumed.
grains except corn is expected to be down
from that of the previous year. The com crop,
based on August 1 conditions, is expected to
be 10 percent larger than last year. The esti
mated production of that crop, together with
the probable carryover, will apparently give
supplies sufficiently in excess of probable use
(domestic consumption plus exports) to re
sult in some further build-up in stocks. This
is shown in an accompanying chart on which
production, carryover, and use of corn have
been plotted.
Crop Inventories Mount
A marked expansion in the inventories of
grains has occurred coincident with the re
cent build-up in livestock numbers. Stocks of
six of the eight major grains were at record
levels on July 1. In the case of three of those
grains—sorghum grains, soybeans, and wheat
—storage stocks exceeded the previous high
by 54 percent, 45 percent, and 23 percent, re
spectively. Stocks of flaxseed and rye, al
though not at record levels, were significantly
in excess of a year earlier, as shown in an
accompanying table. Storage holdings of all
eight grains on July 1 were above those of the
previous year, as well as higher than average.
Fortunately, from the standpoint of main
taining inventories more nearly in line with
prospective use, production of all of the
Some expansion in com use may occur dur
ing the marketing year which will start on
October 1, but it seems improbable that the
gains in utilization of corn will be sufficient to
forestall some further accumulation of stocks.
A 23 percent decline in the anticipated
crop of wheat this year brought production
down to a level that is close to the annual
rate of consumption, as shown in an accom
panying chart on which production, carry
over, and use of wheat have been plotted.
9
Production sharply in excess of use last year
and for two years prior to 1954, however, has
boosted carryover stocks to a level that sur
passes annual use. The anticipated produc
tion this year, together with carryover stocks,
is, therefore, equivalent to better than a two
years’ supply at the present annual rate of
use.
Much the same situation prevails with re
spect to sorghum grains. Even though the
anticipated crop of sorghum grains this year
is down 17 percent from that of the previous
year, production plus carryover stocks will
approximate 2y2 years’ supply at current an
nual consumption rates.
Since the indicated production of oats and
barley fell short of the estimated utilization
for the year ended July 1, no further build
up of stocks of those two grains is anticipated.
The production of rye and flaxseed also fell
short of annual requirements, but heavy
carryover stocks will maintain supplies close
to the present levels of utilization for the
marketing year that began July 1.
The p ro spe ctive 1959 crop of soybeans Is about
equal to current annual requirements. M oderate
carryover stocks will allow for some further expan
sion In use.
'5 4
’5 5
’5 6
’57
’5 8
'5 9
’6 0
Production + carryover = supply
Production and carryover are plotted as of October 1; use is
plotted April 1, mid-point of the soybean marketing year.
10
The 1959 burley crop will apparently be slightly be
low annual use, bringing a further slight reduction
in accum ulated stocks.
Production + carryover = supply
Production and carryover are plotted as of October 1, the
end of the marketing year; use is plotted April 1, mid-point
of the burley marketing year.
The indicated decline in soybean produc
tion this year, amounting to about 7 percent,
brings the crop below the level of indicated
utilization of 545 million bushels for the year
ending with this month. As will be noted from
the accompanying chart, however, carryover
stocks from the 1958 crop amounting to about
50 million bushels will provide further expan
sion in use. The annual utilization has risen
steadily over the past five years and carryover
stocks, except for the current marketing year,
have been barely more than enough to assure
a steady flow to the processing industries.
In contrast to wheat and corn, where carry
over stocks have been mounting over the past
five years, burley tobacco stocks have shown
a slight downward trend since 1955. As will
be noted from the accompanying chart, total
tobacco stocks are down from the record level
of the previous year and burley production
has been just slightly below use during that
period. The tobacco industry customarily
plans to have burley stocks equal to 2.3 times
annual consumption. Stocks currently are
equal to about 2y2 times annual use. Some
further decline in stocks is indicated for the
marketing year beginning October 1, as pros
pective production is moderately below the
present annual rate of use.
Fourth District Crop Prospects
Crop prospects for the different areas of the
Fourth District varied considerably early in
August. Total crop output for Ohio promised
to be of record proportions mainly because of
the prospect of an unprecedented 255-million
bushel corn crop. Sharp increases in the pro
duction of burley and cigar-leaf tobacco and
a record output of truck crops were expected
to be largely offset by declines indicated in
the production of all the other principal field
and fruit crops.
Of the principal crops in Pennsylvania,
only apples, tobacco, oats, and soybeans are
expected to be harvested in larger quantities
this year than in 1958. Declines in output are
indicated for barley, wheat, rye, corn, and
hay crops, as well as for all fruit crops with
the exception of apples.
Rains during the month of July boosted
crop production prospects in Kentucky. Both
corn and tobacco benefitted from these rains
and by early August gave promise of sub
stantially larger outturns than were obtained
in the previous year. A somewhat larger out
put of wheat and oats than last year will also
serve to offset anticipated declines in the pro
duction of practically all the other principal
crops.
The total outturn of crops in West Virginia
will apparently be below year-earlier levels as
indicated production of all the principal crops
except oats, tobacco, and apples was below
that of the previous year. Hot dry weather
until late July was responsible for below-average prospects for virtually all crops with the
exception of apples.
Impact on Prices
Although the discussion here has run in
terms of production and supply, rather than
prices of farm products, a final observation
may be made about the possible impact upon
prices of the relative abundance just de
scribed.
The output of crop and livestock products
now in prospect may be expected to operate
as a factor working toward holding or even
reducing the general level of farm and food
prices, thereby offsetting some of the upward
trend of prices of commodities other than
farm and food. The offsetting influence on the
over-all level of prices, however, is not likely
to be of the magnitude experienced last year
when prices of farm products slumped after
advancing to a five-year high as a result of
winter injury to southern crops and reduced
marketings of livestock. The downturn in
prices of farm products last year was accom
panied by a decline in food prices that erased
most of the advance which had carried con
sumer food prices to a new high in mid-1958.
11
A m u m JI the. fyoutUlt % tibdct
Department Store Sales, July and Year-to-Date
July ’59
Jan.-July *59
% change from
% change from
year ago
year ago
+ 17%
Portsmouth ..................
Springfield ..................
Youngstown ................
Canton .........................
Cleveland ....................
Pittsburgh ...................
Columbus ....................
Cincinnati ...................
Erie .............................
Lexington ....................
Akron .........................
Wheeling ..................... .
+
+
+
+
+
+
+
+
+
+
+
6
+ 8
+ 9
+ 8
+ 9
+ 8
+ 7
+ 9
—0—
—0—
FOURTH DISTRICT
+ 7
+ 8
-
*
*
19%
13
9
8
8
8
7
7
6
4
3
+ 10
+10
*
The volume of bank debits during July reported by banks of the Fourth
District was 23 percent above the year-ago figure—the largest year-to-year gain
since May 1951.
# # #
Savings deposits of individuals at the end of July at reporting commercial
banks of the Fourth District registered a new all-time high for the sixth suc
cessive month.
*
*
*
Between midyear and the end of August, weekly claims for unemployment
compensation in the Cleveland area rose from about 10,000 to 13,700.
*
#
#
Well over two-fifths of all milk shipped to federal order milk markets in
Ohio comes from farms having bulk cooling tanks.
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#
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Inventories at Fourth District department stores at the end of July averaged
5% above a year ago. Sales were up by a slightly larger percentage.
,
(The above items are based on various series of District or local data which are assem
bled by this bank and distributed upon request in the form of mimeographed releases.)
@FedFRASER