Abstract not available

The purpose of this study was to examine the unique character of the state centralized investment process adopted by a few states to secure a maximum efficiency in their investment programs.Investment of state funds has become increasingly important in recent years.Cash and security holdings of all states in 1963 exceeded $35 biIlion and had nearly tripled since 1951.Even more significant was the $30 billion of security holdings representing 86 per cent of total funds and more than three times the 1951 level.A state has a number of alternatives in the face of rising balances in its treasury.At the one extreme, the funds can be allowed to accumulate with no attempt to make any investments.On the other hand, a sound, businesslike investment program can be devised to make the greatest possible use of these funds.Proper handling of state funds in this modern day demands such an investment program.The author is indebted to many individuals and groups for assistance in completing this study.