Tobacco situation

MISSING IMAGE

Material Information

Title:
Tobacco situation
Physical Description:
v. : ; 26 cm.
Language:
English
Creator:
United States -- Dept. of Agriculture. -- Economics, Statistics, and Cooperatives Service
United States -- Dept. of Agriculture. -- Economics and Statistics Service
United States -- World Food and Agricultural Outlook and Situation Board
Publisher:
The Service
Place of Publication:
Washington, D.C
Frequency:
four no. a year
quarterly
regular

Subjects

Subjects / Keywords:
Tobacco industry -- Statistics -- Periodicals -- United States   ( lcsh )
Genre:
federal government publication   ( marcgt )
statistics   ( marcgt )
serial   ( sobekcm )

Notes

Citation/Reference:
Predicasts
Citation/Reference:
American statistics index
Statement of Responsibility:
Economics, Statistics, and Cooperatives Service, U.S. Department of Agriculture.
Dates or Sequential Designation:
TS-1 (jAN. 1937) - TS-174 (Dec. 1980).
Numbering Peculiarities:
Issues for <March 1938>-1939 called also spring outlook issue.
Numbering Peculiarities:
Sept. issues for 1941-<1961> called also outlook issue for the next year; e.g. Sept. 1943 called 1944 outlook issue.
Numbering Peculiarities:
Issues TS-67-<TS-71> lack chronological designation.
Issuing Body:
Dec. 1980 issued by the Economics and Statistics Service, USDA.
Issuing Body:
Issued by: U.S. Dept. of Agriculture, Agricultural Marketing Service, 1954-Mar. 1961; U.S. Dept. of Agriculture, Economic Research Service, June 1961-Dec. 1977; U.S. Dept. of Agriculture, Economics, Statistics, and Cooperatives Service, 1978-<Dec. 1979>; U.S. Dept. of Agriculture, Economics and Statistics Service, -Dec. 1980.
General Note:
Previously classed: A 36.94:, A 88.34/2:, and A 93.25:
General Note:
Cover title.
General Note:
"Approved by the World Food and Agricultural Outlook and Situation Board."

Record Information

Source Institution:
University of Florida
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
aleph - 001233689
oclc - 04015633
notis - AFY4099
lccn - 78643654 //r81
issn - 0040-8344
sobekcm - AA00005303_00059
Classification:
lcc - HD9134 .A375
ddc - 338.1/7/3710973
System ID:
AA00005303:00060

Related Items

Succeeded by:
Tobacco outlook & situation

Full Text


UNIJIED) STIATES DEPARTMENT OF AGRICUL e
Bureau of Agricultural Economi
Washington ... ''

TS-3 UZ- O 2 1 37
TH E T 0 A C IT A I




AI moderately favorable price outlook for most types of tobacco is re-

ported byr the .Burreau of Agricultural Economics, but Ab~~e general market cit-

nation mnay not be quite so favorable to growers as lact year.

Total acreage of tobacco on July 1 was estimated to be almost 18 per-

cent above the acreage harvested last year. Increases in acreage are reported

for all types of tobacco except Type 14 in Georgia and Typre 32 in Maryland.

In these two areas, growers' original intentions have been materiallly rediiced,

chiefly because of th~e effect of bluG mold.

With rather good yield prospects, the indicated production shows even

a greater increase than acreaae, a total of 1.4 billion pounds being 23 per-

cent larger than the 1936 production. Since stocks Lre expJected to be lower



supplies (production plus stocks) for most t;.pes and classes will not be much

larger than last year. With an increasing consum~ption of most. tobacco products,

therefore, the general market situation this year is likely to be moderartely

favorable to growers.

The price outlook for Maryla~nd tobacco is better than in 1936 becr~use

of the smaller production indicated. Although production of the cigar types

has increased, it is still less than probable consumption, and consequently

the general outlook for cigar tobacco is no less favorable than in 1936.

For flue-cured tobacco, the market situation is not expected to differ






i


greatly from that of last ;ear, although a. small decline in the average price

is possible. The outlook for Burley and the dark air-cured types seems fairly

satisfactory, but prices are not expected to remain at the high levels reached

in 1936-3?. With increased production indications and apparently declining

consumption, the outlook for fire-cured tobacco is not encouraging.

Thie marketing season for the 1337 tobacco crop will begin this month

with the opening of thle flue-cured markets in Georgia and Florida on July 29.

FLUE CUSED, 2YP2S 11-14

Total acreage of flue-cured tobacco this y.ear is a little less than the
acreage~ indicated by March 1 intentions to plant. The raLvages of blue mold
and insect pests have reduced acreage below March I intentions in Georgia and,
to a lesser extent, in the T;-pe 11 region of Virginia anzd North Carolina. Re-
ductions in these areas have not be~en entirely,. offse-s by increased aLcreage of
Types 12 and 13 above March 1 intentions. In all States except Georgia, how~-
ever, the acreage is well above thle 1936 h7,rvested acreage, the total of 958
thousand acres bei;g 11 percent above last year.

Total production of flue-cured tobacco, according to July 1 conditions,
is 767 isillion pounds, 84 million pounds more than? last year's production.
Althouech rstocks on hand at the beginning osf the marketing season are ex-pected
to be somewn t smanlrler than last year, the totzl supply will probably be about
68 million pounds larger.

Consuimption of cigarettes, the most important domestic outlet for flue-
cured tobacco, is expected to continue to Iincrease, although there may be some
slackenine off in the rate of increase. Tax-paid withdrawals of cigarettes in
the last half of 1936 were 16 percent larger than in the last half of 1935; but
Januair,-June withdrawals in 1937 were only 8 percent above the siame period in 1936.

The outlook for improvement in foreign demand is rather favornfble inasmuch
as increased supplies in this country will probazbly be accompanied by a somewrhat
larger volume of exports thaLn in 1936-37. The increased acreage of flue-cured
tobacco in th;e Orient may decrease demand for United States flue-cured tobacco
in that area. On the other hand, prospects are good for increased exports to
European countries s, including the United Kingdom which is the outstanding foreign
outlet for our flue-cured tobacco.








The expcted~- increase of t8 million lioundis in the: totr"l sulpply this
year does not appear to be much larger th-an needed to keep pace with in-
creasing con~umpt~ion. Consequently, the outlook is for a market situation
almost as favorable as that of last yIear when prices avreraed 22 cents per
pound. Markets in Georg~iaj and Florida aire scheduled to open Jully 29.

Flue-cured tobacco: Dome-stie c Pluplips, tisap~p-aa n~ce, and3 season
avenpge price, rtverage 193~1-15~, aninuail 196-'7 I/

Stoc :Di sanp~earance,:Aveyerage
Yea : rodctin : 4,l-; 1 sunpl.y- : :'ea" b gin- : prince
_: ning July :per pound
Million illiojn ilon Id~illion:
r.oiunrd. Do w~nl s zyounds porJund s Cents

Average 19j1-jg.: 628.1? 7;70.; 1,399. 61. 16.CI

19i36 2] ........: 632,S 871.3 1,554.1 ~1 /699.1 22,0l


1/ Farm-sales--veignt equivalent. ~ / Peiia
1/ Estimated. k} Ind~icated Juil. 1.

BlrCLEY, TYPE 31

The estimated manage-: of Burleyr tobacco this year shlonS a 413 percent
increse over the relctivi...;, smell acreage~ :InrvesTed~ in 19)b. Thiis is a
greater increase than was indicated b;.* thre M8arch 1 report of intentions to
plant. Most of the increase- over March 1 intentions is in Tennessee.

Ulthi ,rieldfs per acrF ;lso) exTcted to be. higher o production of 361
million pounds is indicated, 6~5 percent 7.bove thle 193c production. Total
disat~ppeL~rance in the youi~r beginning October 1936- is -xpjec-t.,d to reach~ 300
million pounds, 122 million pounds more than thle 193; production, and Octobter
1 stocks this ;;ear ci'll nrobo.bly be lo-er thrn last .ea's3'c stocks by appro'xi-
mately this amount.

nith smaller stocks and larger production, the total supply is ex-
pected to be only 21 million poindv a'oove tIe- ;lhort supply of 1Sijr0. Since
production third, year -ill constitute a mu~ch larger proportion of the total
supply, however, a repetition of last year's unusually high prices is not to
be expected. These high- prices -ere appFarentlY due to Ilow pro un-ion and to
stocks which ;nere ;jnusuall.y small relative to expected future requ~irements,
but a rather widespread. -underestimation in trade circles of the actual pro-
duction also may have been a factor.

Although the indicated production this year is larger thani dJisappear-
ance in any~ past year, it does not appear to be ou~t of line ith fuiture re-
quirements, provided the present urpward trend in consumption continues. On
the whole, i:his condition appe~.rrc klikel to be fulfilled, since a further in.-
crease in the demand for Burley in cigarettes is exp~ct~ed, anid little change
is indicated in the consumrrption of smoking and cheving tobacco. With these
considerations in mind, and considering the relativiely low stocks on hand,
a moderately favorable situation for Burlcy gro ers alppear probable,































































Farm-sale s--.-eight equivalent.
Estimated.


Preliminary.
Indicated July 1.


4


Bulrley tobacco: Domestic suppli_e, dlisenpFarance, ,-nd season average
price, a7ve~rage 1931-F; 5. annurl 19!6-j7 1)


:Disappearence,
: year begin-
: ning October
Million
Dounds i


A ere~g
price
rjcr TJound


: : Stocks,
Year :Production:
Oct.

: illion Million
:~ (j LTds pon ZOr 3


STotal
supply
Million
rcoundls


Cents


Average~ 1431-!5 .:

1936 2] .........:
1937 ..........:


,] 5.3 ;

?18.'
k/ 30 t


700.7 1,016-5


281.5

13/9.0


13.5

35-8


b81.7
1/560l.0


00.0 o
}}920.8


If Fac~rm-sales-7eeight equivalent.
7/ Estimated.


27
.. /


Prolimina~ry.
Indicat-d Jul-r 1.


MArtYLAND~l, Ti'PE ?2

Th~e slighr. increase i:1 acreagpe of Mar:lland tobacco, indicated on March
1 has given my13 to a 4 percent decrase accordize to Jul; 1 estimates. The
pirevalence of blue mcld in thle Mr.rlann~ tobacco area has bean chiefly responsi-
ble for thiis shift. W7ith2 lo-or yields per acre also exspected, the indicated
production of 23 million -neands is 22 percent below the 193jt production.

If th prtsen;t rate- of dirlysapparanc is maintained, stocks on January
1, 1938, the beg3inninr of the marketin; eCrason frti erspouto wl
be about the same as stocks 0.: Janua11r, 1 of thisJ .'Lcr. Consequently, thel de-
crease of 6.~ million +nounds in p~rroduction! 7ill probnol;. be ncormpe~nied byJ a
similar reduction in the total supply1~.

This expected du~cc~reas in supnl: ten~ds t- remove coma. of the iuncertrzinty
--hich has existed in the o~utlook for Mn~r:lannd' tobacco. W~ithi prodLuction sm,-ller
than probLble disapnearance, smid aith fu~rther iacrea.su c i:? domestic consumption
cxpected, any uncertairnly as to export demand is not sufficient to affect the
relatively faviorable price outlook for gro-irs of Marylahd tobacco.

Maryland tobacco: Domescic supyli-s, disappearances and season
ave-rage price, c.verage 1931-jg, anrnuzl 1936-j7 1)


:Disrppea~ranc : A ve rage
. following : rice
JoaEnlendr year : pe~r poIund
Million
pounds Cents


: :Stocks, Jcn.:
:Production:1 of fo~llo7-:
:~~ mne: I':.r :
: MJillion Mlin
: pounds ons


Total
supply
Million
pounds


Yc-ar


60.1


Average 1931-35..:

1936 2/ .........:
1937 .........:


20.6

29.6
k/2j.1


23.3


17.4


]),5

38-5
}}}8.0


+ 68.1
Ij 61. 1

































: .Iillion Hiillion~ Iil lion Hlillion iin
: gocgcis counds wmi -ound S oun. rd s
Avera,e
13 31- 35 : 13!3.1 202.7 340C.i 1.31. 1 8. 0
133G 2/ :i 99. 209,0O 3137,7 5/ 19_7.7 11.0.
19737 : 411.6 20.0 2/4.

If rFam7- sDles-weizht equivle~ nt. 2/Prcl i:mi na ry.
3/Es tir.,at ed. Indle icted July 1.


DARK AIR-CULED, TP~ES 35-37

Total acre?;e olf pll dark air-cired tobrcce ir 42, nercent above tihe 19736
acrela6o, but indicated pJrodluction is up, ?4 percent because of larger y'ields
poer acre. Production of One Sulcker Ch;o's thei ;arrest increase, the expected
?roductio~n of 21 million pounds beinJ 9-1 percentt larger than last year's -pro-
dulction. IncrEases for Greon. Liver and Vir,-inia sun-cured are j3 percent and
12 percent respectively.

Production this lear, according to tile July 1 esti.ate, will be a little
larger than aJnnual disa91esrance in recent, years. 17ith~ stocks .1aterially
reduced, however, the total supp3ly' will not be muich lar..er thanl the relatively
small 1933 su??ly.
Little change in domestic consumptijn of darl: nir-c-.red tobacco is ex-
cocted but Expo~rts vrlay increased folloin.r- the u.arked~ declir ne wich~ occlrreld in
1936-,3%.
In view of the lar,-e increase in production indicated~ for this yeer, a
repetition of last year's unusually high~ prices is un~rlikel;', :ut a market
situation fairly favorable to ,rowers seccns nr-obab'le.


- 5


FILE-CURED, TYPES 21-24

For all tynes of' fire-cu~red tcbacco, acrear-e an.! ind~icato-'. production
are lar er th;is JFar than last year, althjugrh thea increases are not as larle
as w7ere inrficated. from the IMarch I intentions. Totel acreage is 11 3ercen~t
above thec record1 lor acea ese harvested- in 19.36, and p~romotiono is ur 15 norecnt.

In 19.75, as a result of thec small production, arnd stockrs wrhichi haZ'been
red-ucedl through the ::ypro~ducts,-diversi on, 3rogra.: of the Agricultural Adjustcment
Admiinistration, thie ?~vorage price rose to 11.rj cents per p~ound co..::pared~ with
8.8 cents in 1935.

Thie consu-.ption. of sr.aff, t'.:e iort imme~rtant domestic outlet for fire-
ca~red- tobacco, sreems tj be rather stable. Since there is no evritence to indicate
t;.at the d~ouwrd~~ trendc in exports has been ch~ecked, tie increased production
th:is fear will1 probably be above orlinaryr require-ents. Consequently,, the mainte-
nance of last year~'s prices for tre 1937 productionn appears lou~btful.

Fire-cured' tobacco: Dzrnectic s'!7plies,, disappearances, ?Tn
searon a-vera.-e rrrice, sveragi~e 1931-25, ilnnual 193~-3:' i/

: :: 3i sarpe-mrnce, Averpsec
Year~~ea btC 1 Tt1)e- : nrice peCr


: ignipe Octgoer:


pound


Oct. 1


supply


dic ti on










::: :Disappearance,: Average
Pro-Stocks, Total
T.,pre andl year : ear be- :price per
-- GII~dction O ctsobr 1 supply :Einninr October pound '
: Hillior. millionn .Idillion Million
:uiund s 13ounds REund nounds Cents
Total, Types 35-3?
Average 1931-35 : 4 74.4 115.4 42.1 6.1
19363 2/ : 21. 6 62.2 8"j.8 3 39.5 15.4
1987 : 4/ 42.8 g/ 47.3 g/ 90.1
Onre Suckrer, Type 35:
Avera e 1991-35 :17.6 34. 5 ,52.2 18.9 6.0
1'335 2/ : 10. 8 28.3 39.6 g/17.6 16.3a
193? : /210 2 23.0 3} 43.0-
Green. Iv1erT, Type 3S
Average 1931-35 : 1. 3.2 57.2 20.5 6.0
1936 2_/ : 11.2 30.7 41.9 3/ 18,9 14.5
1937 : /l.9 2 23.0J 2/ 41.9
Va;. Suni-cured, Type 37:
Avoer,- e 1931-35 : .43.6 6. 0 2.7 8.2
1985 2 : 2.6 2r. 7 5.3 3/ 3.0 15. 1
19;'3? 2.3 2/ 2.3 g/ 5.2


TS-3


- 6 -


Doutstic supplies, disappearance,


Da~rk air-cu~red~ tobacco:


and season avera :e ?rirc, pveragel 1931-35,annual 1936-37 If


Farm-sales-ri o tht couivasle~t.
3estica.;ted. In


2/ Preliriinary.


CIGAE TO3~ACCO, TYPES 4;1-0.

Thre 1037 acree-ye of ov.eryr tyr-e rf ci,_r ataj5c- is ab~ove th~e 1980j
har-vested acrea -e, with the relative ir.crea3scs ran in- from 2 percent for
Pennisylvan~ia Seedlonf (Type 4~1) to 441 percent for So'ithern ITisconsin (Typ~e E;4.)
Ind~icatef production is also lar.er thann last 7ear's production for everyr type
extent Penrsy~lve~r.if Seedleaf' which shjws a sn~all decrease. Thie total is us
15 prcent, with the filler claCss showin. an 8 ?ercent incrFase, tebne
class 253percent, and? the nrapper class 3 percent.

Tax-paid with~drawals of lar--e cip--rs in the year be-inniny Jul: 1936
wrero 3 Iprcenlt above July-Junee 1935-36, and sone further increase in consumptloion
seems 7robable. Even rit~h t.!e in~creases th~is year, the produictior of cigar
tobacco; ;ill "e less than rroabble dis~~lcarocarac

In 19S3, average ?rices for all 3 classes we~re a few cents h~ighor than
in 19;35. Gith stocks exrpected to LBe fulrther reduced th!is gear, and sith indi-
ca~tedl reductionj, though~- increased, still a little belong probable requiron~ents,
the outlook for all three classes continues generally favorable.





Tax-paid withdrawals of tobacco products, Ju.1-Jurne, and production of m-Jnu-
fcued tacco Julya-April, in the United States, 1935-36 and 1936-37 1/
STax-paid withdrawals~,:Lln~at.~ : Produiction
Produce ts July-Ju~ne :1.anuacted Juily April

:M~illions Miillions Percent: :100 ,0
Small cigarettes..: 1421,832 158,680s +119 IRMA Eas Percent
Large cigarettes-..: 3 3 O :Smok~ing......:161 ,974 1j9,331 1.6
Large cigars .....: 5,173 5,582 + 7.9 :Plug ........: 49,969 9,7 2/
Small cigars .....: 1803 19 .3 :Twist .......: 4i,916 5,53: +13.0
Snuff 3/..........: 36, 683 36,997 + .9 :Fine-cut .....: 4,132 4,662: +12.8
Manuzfactulred :Scrap ch~evring: 36,5015 37,5341 + 2.8
tobacco ,1...,.: Si07,880 3055, ?42 -.?
1 Tax.-paid wi thdrrawals include products from the- Philippinre Islands and Puerto Rico.
2/Less thma 5 h~undredthsc of 1 percent increase. 3~/Thousand pounds.

Exports of tobacco from the United States by types, export weight,
Octobjer-Mayl 193,5-36 ,;,nd 1936-37
Ty'pe 1935-36 1936-3? Chaic:

: ,000l pounds 1,0010 pounds Perc E nt
Blue-cured 1/ ......................: 30?,67 9 230,861 5.5
Burle:, .............,,.............: 6,210 8,197 +32.0n
Ky. and Tenni. fire-cured ...........: 44, 377 35,96 9 -18.9
Ya. fire-cured .....................: ?,084 6,961 -1.?
Ilaryland 2/ .....................: 3,133 2,792 -i10.9
One Sucker .................,........:. 530 349 -34.2
Green River ........................: 2,260 1,909 -15.5
Cigar le=Jf .........................: 565 3 -35.6
Black fat, water bales, and dark Afr~ican 6,930 7,0235 + 1.41
1/ July-EMay. 2./ January-. ,y.,


TS-3


_ 9


Cigar tobacco: Pomestic supplies, disappearance, and season average
price, average 1931-355 annual 1936-37 1
: : Stocks,: Total :Disappearance,: Average price
Class and y~ear :Production: Oct.1 : _~_,~:year beginning: per
: I /: JUJJ- : October : pound
: millionn Mitllion Mdillion millionn
Tiller, Typesg 4~1-4'5 : pounds pounds pounds noundls Cents
Average 1931-35....: 55.8 171.8 227.6 53.271
1936 3/.........: 47.3 164.6 211.9 4/ 52.9 11.0


4/ 1593.0 4} 210r.2


l'1987 ---*.....,:J/1 51.2
Binder, Ty.pes 51-55:
Averagte 1931-35....: 52.5
1'800 4/.........: 12
1937 .........:& 50.7
Wrapper, Type~,s 61-62 :
Average 1931-35....: ?.2
1956 3}.........: 9.6
12;37 .......'....:5,/ 10.5
1/}'arm~-sales-weight equivalent.
3 Prel1i mi na r;. 4


204.2
156.8


16.6

]} .6


256.7
198.0 i



205.6
4/20.1


59.1
4/ 64.0


8i.8


14."


65.1
83~.1


2/Stocks h~eld on farms not included.
/Estim~ated. /Indiicatedd July 1.




uN~IVERSI~ OF FLORIDA

TS-3 8 3 1282 08902 2668

Acreage and production of tobacco in the United States,
by' types, 1936 and 1937

: Acreage : rduction
Tyrpe 1936 : 1937 :Change: 1936 : 1_937 : Changej

:1,UUU. O1,00 Per- a M~il. Mdil. Per-


*682. 8 787.2 +12
:245.6 145.8 %
:222.7 283.7 +027
:124.9 166.4 +35
:89.6 71.3 -20

:99.7 114,8 +15 .


25.4 + 8 : 18.1
78.0 +11l : 56.4
34.0 +11 : 23.2
.5+30 : 2.0


42.B +74:
21.0 + 94
18.9 +69ii
2.9 +12

51 .2 + 8


71.5 9.0 +20 : 12.7 15.3 +20
4.9 5.9 +20 : 8.3 8.9 + 7
.8 11+38 : 1.1 1.4 +27:
?.2 10.4i +44 : 11. 0 11, 6 +331
6.0 7.6 +27 : 8.1 10.5 +30

9.0 10.2 +13 : 9.6 10.5 + 9


50.7 +23


+10TI ii~


_^


_~_


pounds cent


:acres acres cent :pounds


Total flue-cured, Types 11-14 .....:
Old and 1.:iddle B~elt, Type 11.....:
Eastern N~orth Carolina, Typ3e 12..:
South Carolina, Type 13 .........:
Georgia, Type 14 ................:

Total fire-cured, Types 21-24 .....:
Virginia, Tyrpe 21 ...............:
lCy. and Tenn1., Type 22 ..........:
Ky. and Tenn., Type 23 ..........:
Henderson, T:ype 24 .............:

Burley, TCpe 31 ...................:

Marylan~d, TvypG 32 .................:

Total d3ark air-cured, T:,pes 35-37..:
One Sucker, Typ;e 35 .............:
Green Riive-r, Typoe 36 ...?.........:
Va. sun-cured, T;.pFe 37 ..........:

Total cigar filler, Typ]es 41-45 ...:
Pa, Seedleaf, T;pe 41 ...........:
Miami Valley, T3ypes 42-~44.......:
Ga. anid Fla. sun-grown, Typle 415..:

Total cigar binder, Types 51-55....:
Cornn*Valley. Broadleaf, Type 51 ..:
Conn.Valley Havana Seed, Type 52.:
N~.Y. andl Pa. Havana Seed,Typei 53.:
Southern Wisconsin, Type 54......:
Northern Wisconain, Type 55......:

Total cigar wrapper, Types 61-62...:
Conn.Yalley Shaldcgrown, Type Gl..:
Ga. and Fla. Shadegrown, Type $2.:


864.5
327.5
293.0
151.0
93.0

126.7


958.0 +11


362.0
328.0
184.0
84.0


+11
+12
+22
-10


140.9 +11


23.5
70.0
30.5
2.7


19.0
64.6
28.1
2.9


+5 5.
+15
+21
+45

+65

-22


301.3 420.6 +-40 : 218,3

37. 0 35.5 4: 29.6

34.2 48.4 +42 : 24.6
14923. 6 +58 s:- 10.8
16.0 210 31 : 11.2
3.33.8 +15 : 2.6

37.8 421+11 : 47.3
23.0 23.5 + 2 : 33.3
14.0 17.5 +125 : 1.2
.8 1.1 +38 : .. ..8

26.4 34.0 +c29 :412


360.8

23.1


31.7

1.1


- 5
+39
+GS~


6.4
2.6


7.3 +4: 6.9 7.6
2.9 +12 : 2.7 2.9
:9.7 +118 :1,153. 1 1,420.9


Total, al
l types ..................:1,436.9 1,68


1/ PreliminaCY* 3/ Inidicated Julyl 1..
3/ Less tha~n 5 tenths of 1 percent increase.


...iil iil:
;;;t.


;4 ':


;;.I
il? .;~E~
"!Fi;'


rf;