economy, affecting Marylander, in greater or less degree, as it does
all other parts of the country. But the problem of the jobless in
Maryland is not, and has not been for a year and a half, so severe
as it is for the nation as a whole. Our rate of unemployment dur-
ing October of last year, for example, was only 3. 4 per cent, whereas
the national rate was 4. 7 per cent. All of these facts breed confi-
dence in the economic strength of our state and a great hope for its
future.

The Maryland Department of Economic Development, which at-
tempts to keep your government informed at all times about the
economic condition of the State, recently conducted a survey which
was unique in its kind in Maryland. The survey was beyond the
ordinary in that it reflects industry appraisal of itself rather than an
estimate from the outside. It was unusual, too, in that it was lim-
ited to the 104 Maryland firms which Fortune Magazine last year
ranked among the five-hundred largest corporations in the United
States. The Department mailed out questionnaires to the manage-
ment of these corporations, and the replies disclosed some interest-
ing and encouraging information about Maryland industry's gains in
1963 and prospects for 1964. Of the sixty-two corporations which
thus far have replied to the questionnaire, 31 reported higher earn-
ings in 1963 than in 1962. Five of them had earnings about the same
as the year before, two of them said the information was not avail-
able and twenty-four of them reported earnings down. On a ques-
tion regarding gross sales for 1963, 43 of the firms said their sales
were up from 1962. Four reported sales about the same and 13 re-
ported that sales had fallen off.

So much for their analysis of their 1963 activities. What about their
predictions for 1964? Forty-four of the corporations predicted that
their business would be up in 1964. One of them expects an in-
crease of 50 per cent, and many of them foresee increases ranging
from 25 per cent to 30 per cent. Only seven of the corporations ex-
pect a decline in 1964, and 11 expect to maintain their business at
approximately the 1963 level. Based on all the firms reporting to the
Department of Economic Development, an average business increase
of 6. 4 per cent can be predicted for the State of Maryland this year.

I would point out that these are highly successful business organ-
izations, competent at self-analysis and skilled in making prediction
for the future, giving us their own appraisal of their conditions. It
is as I have said, a most gratifying and encouraging report on the
economic health of our State. In addition to the analysis it made of

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