George E. Lent

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Research Papers in Economics

This PDF is a selection from an out-of-print volume from the National
Bureau of Economic Research
Volume Title: The Ownership of Tax-Exempt Securities, 1913-1953
Volume Author/Editor: George E. Lent
Volume Publisher: UMI
Volume ISBN: 0-87014-361-1
Volume URL: http://www.nber.org/books/lent55-1
Publication Date: 1955
Chapter Title: Appendix B.
Chapter Author: George E. Lent
Chapter URL: http://www.nber.org/chapters/c6460
Chapter pages in book: (p. 128 - 131)Appendix B
• TABLE B-i
INSTITUTIONAL OF STATE LOCAL
JUNE 30, 30, 1953
A.Amount (millions of dollars)
Fire, All
Marine, Inst itu-
and tions
Total Corn-TaxableLjfe CasualtyMutual and
Private mercial Cor-Insurance InsuranceSavingiFraternalCorpo-
rearHoldings Banksporations Companies CompaniesBanksSocietiesrations
1913 3,625 525 275 175 100 800 100 1,975
1914 4,000 575 300 200 125 850 125 2,175
1915 4,400 675 325 225 125 850 125 2,325
1916 4,775 800 350 250 125 825 150 2,500
1917 5,125 775 400 250 125 875 150 2,575
1918 5,375 875 375 275 150 775 150 2,600
1919 5,625 875 375 275 150 675 175 2,525
1920 6,300 925 400 300 175 675 175 2,650
1921 7,025 1,000 425 325 200 675 200 2,825
1922 8,100 1,100 500 375 225 725 250 3,175
1923 8,625 1,125 550 375 250 675 275 3,250
1924 9,500 1,325 575 350 275 675 325 3,525
1925 10,575 1,475 600 375 300 750 400 3,900
1926 11,200 1,650 625 375 325 800 425 4,200
1927 12,100 1,825 650 375 375 850 475 4,550
1928 12,850 1,950 700 400 400 900 500 4,850
1929 13,675 1,975 750 525 425 925 525 5,125
1930 14,700 2,150 700 625 400 925 550 5,350
1931 15,900 2,375 650 700 400 1,025 575 5,725
1932 16,600 2,300 650 775 375 975 600 5,675
1933 16,650 2,475 650 850 350 925 675 5,925
1934 15,675 2,525 625 1,000 325 900 700 6,075
1935 15,500 2,725 600 1,200 325 875 675 6,400
1936 15,525 2,850 575 1,350 325 800 650 6,550
1937 15,250 2,775 525 1,475 325 825 625 6,550
1938 15,150 2,775 500 1,575 325 700 625 6,500
1939 15,625 3,275 650 1,725 325 650 650 7,275
1940 15,750 3,600 600 1,875 325 625 650 7,675
1941 15,400 3,675 550 1,975 325 550 625 7,700
1942 14,900 3,575 500 1,875 325 375 600 7,250
1943 14,075 3,525 550 1,625 300 250 550 6,800
1944 13,300 3,500 600 1,300 275 175 475 6,325
1945 13,025 3,800 500 925 250 125 425 6,025
1946 12,900 4,075 500 675 250 100 375 5,975
1947 13,675 4,975 400 600 275 75 400 6,725
1948 15,400 5,575 450 650 450 75 400 7,600
1949 17,400 6,000 600 900 700 100 425 8,725
1950 19,900 7,500 550 1,125 975 100 450 10,700
1951 22,425 8,575 600 1,175 1,300 125 450 12,225
1952 24,625 9,900 650 1,125 1,650 250 475 14,050
1953 27,350 10,600 700 1,200 2,000 375 500 15,375
128TABLE B-I(Continued)
B. Percentage Distribution of Total Private Holdings
Fire, Marine, All
Life and Casualty Mutual Institutions
CommercialTaxableInsuranceInsuranceSavingsFraternal and
Tear BanksCorporations CompaniesCompaniesBanksSocieties Corporations
1913 14.5 7.6 4.8 2.8 22.1 2.8 54.5
1914 14.4 7.5 5.0 3.1 21.2 3.1 54.4
1915 15.3 7.4 5.1 2.8 19.3 2.8 52.8
1916 16.8 7.3 5.2 2.6 17.3 3.1 52.4
1917 15.1 7.8 4.9 2.4 17.1 2.9 50.2
1918 16.3 7.0 5.1 2.8 14.4 2.8 48.4
1919 15.6 6.7 4.9 2.7 12.0 3.1 44.9
1920 14.7 6.3 4.8 2.8 10.7 2.8 42.1
1921 14.2 6.0 4.6 2.8 9.6 2.8 40.2
1922 13.6 6.2 4.6 2.8 9.0 3.1 39.2
1923 13.0 6.4 4.3 2.9 7.8 3.2 37.7
1924 13.9 6.1 3.7 2.9 7.1 3.4 37.1
1925 13.9 5.7 3.5 2.8 7.1 3.8 36.9
1926 14.7 5.6 3.3 2.9 7.1 3.8 37.5
1927 15.1 5.4 3.1 3.1 7.0 3.9 37.6
1928 15.2 5.4 3.1 3.1 7.0 3.9 37.7
1929 14.4 5.5 3.8 3.1 6.8 3.8 37.5
1930 14.6 4.8 4.3 2.7 6.3 3.7 36.4
1931 14.9 4.1 4.4 2.5 6.4 3.6 36.0
1932 13.9 3.9 4.7 2.3 5.9 3.6 34.2
1933 14.9 3.9 5.1 2.1 5.6 4.1 35.6
1934 16.1 4.0 6.4 2.1 5.7 4.5 38.8
1935 17.6 3.9 7.7 2.1 5.6 4.4 41.3
1936 18.4 3.7 8.7 2.1 5.2 4.2 42.2
1937 18.2 3.4 9.7 2.1 5.4 4.1 43.0
1938 18.3 3.3 10.4 2.1 4.6 4.1 42.9
1939 21.0 4.2 11.0 2.1 4.2 4.2 46.6
1940 22.9 3.8 11.9 2.1 4.0 4.1 48.7
1941 23.9 3.6 12.8 2.1 3.6 4.1 50.0
1942 24.0 3.4 12.6 2.2 2.5 4.0 48.7
1943 25.0 3.9 11.5 2.1 1.8 3.9 48.3
1944 26.3 4.5 9.8 2.1 1,3 3.6 47.6
1945 29.2 3.8 7.1 1.9 1.0 3.3 46.3
1946 31.6 3.9 1.9 .8 2.9 46.3
1947 36.4 2.9 4.4 2.0 .5 2.9 49.2
1948 36.2 2.9 4.2 2.9 .5 2.6 49.4
1949 34.5 3.4 5.2 4.0 .6 2.4 50.1
1950 37.7 2.8 5.7 4.9 .5 2.3 53.8
1951 38.2 2.7 5.2 5.8 .6 2.1 54.5
1952 40.2 2.6 4.6 6.7 1.0 1.9 57.0
1953 38.8 2.6 4.4 7.3 1.4 1.8 56.2
Including issuesofterritories and possessions.
Source: See Appendix E.
129TABLE B-2
INSTITUTIONAL HOLDINGS OF FEDERAL WHOLLY AND PARTIALLY TAX-EXEMPT
SECURITIES, 30,1913—JUNE 30, 1953
A. Amount (millions of dollars)
Fire, All
Marine, OtherInsti-
and Tax-tutions
Toga! Corn- Taxable Ljfe CasualtyMutualExemptand
Private mercial C'orpo-InsuranceInsuranceSavingsInsti-Corpo-
rearHoldings BanksrationsCompanies CompaniesBankstutionsrations
1913 975 775 a a ft B a 775
1914 975 775 a a a a a 775
1915 950 775 a a a a 775
1916 900 725 a 25 a a 750
1917 2,650 1,425 500 50 50 25 25 2,075
191811,625 3,175 3,600 350 150 250 50 7,575
191924,625 5,075 5,800 675 350 625 125 12,650
192023,450 3,725 4,800 800 450 775 125 10,675
1921 23,075 3,325 4,200 850 500 925 125 9,925
192221,675 3,950 3,800 875 525 1,000 125 10,275
192321,425 4,650 3,600 875 600 1,150 125 11,000
192420,100 4,325 3,600 775 625 1,125 100 10,550
1925 19,275 4,575 3,700 675 600 1,075 75 10,700
192618,275 4,525 3,600 575 575 950 75 10,300
192717,050 4,675 3,600 500 500 825 50 10,150
192816,150 5,050 4,000 450 500 725 50 10,775
192915,400 4,975 4,100 375 450 575 50 10,525
1930 14,225 5,250 3,800 350 375 500 75 10,350
1931 15,300 6,050 3,400 375 325 650 75 10,875
193216,625 6,275 3,400 425 375 675 75 11,225
193319,300 8,025 3,400 650 425 725 100 13,325
193423,075 10,950 3,300 1,375 500 975 250 17,350
193527,100 12,825 3,100 2,400 625 1,550 375 20,875
1936 32,725 15,275 2,800 3,425 750 2,050 375 24,675
1937 34,075 14,575 2,600 4,275 900 2,400 400 25,150
193833,775 14,050 2,500 4,800 1,050 2,675 375 25,450
193936,500 15,700 2,500 5,175 1,150 3,050 350 27,925
194037,900 16,350 2,300 5,600 1,225 3,125 350 28,950
1941 35,950 15,900 2,100 5,550 1,250 2,400 300 27,500
194232,875 14,575 1,900 5,050 1,275 1,625 225 24,650
194331,550 16,025 1,700 3,075 1,250 1,000 150 23,200
194426,125 14,375 1,400 1,725 1,100 475 75 19,150
194523,475 14,625 1,100 550 975 200 25 17,475
194619,825 13,625 700 300 775 100 a 15,500
194719,850 14,550 500 100 600 100 15,850
194816,900 12,500 350 50 600 50 13,550
194915,725 11,975 350 a 675 25 13,025
195012,500 10,125 275 a 475 25 10,900
1951 9,250 7,800 200 a 300 a 8,300
1952 7,425 6,500 150 a 250 a 6,900
1953 6,650 5,800 125 a 225 a 6,150
130TABLE B-2(Continued)
B. Percentage Distribution of Total Private Holdings
Fire, Marine, All
Life and Casually Mutual Other Institutions
CommercialTaxableInsurance InsuranceSavings Tax-Exemptand
Tear BanksCorporations CompaniesCompaniesBanksInstitutions Corporatzon.s
1913 795
b b b b 795
b b b b b 81.6
b b b b 83.3
1917 53.8 18.9 1.9 1.9 .9 .9 78.3
1918 27.3 31.0 3.0 1.3 2.2 .4 65.2
1919 20.6 23.6 2.7 1.4 2.5 .5 51.4
1920 15.9 20.5 3.4 1.9 3.3 .5 45.5
1921 14.4 18.2 3.7 2.2 4.0 .5 43.0
1922 18.2 17.5 4.0 2.4 4.6 .6 47.4
1923 21.7 16.8 4.1 2.8 5.4 .6 51.3
1924 21.5 17.9 3.9 3.1 5.6 .5 52.5
1925 23.7 19.2 3.5 3.1 5.6 .4 55.5
1926 24.8 19.7 3.1 3.1 5.2 .4 56.4
1927 27.4 21.1 2.9 2.9 4.8 .3 59.5
1928 31.3 24.8 2.8 3.1 4.5 .3 66.7
1929 32.3 26.6 2.4 2.9 3.7 .3 68.3
1930 36.9 26.7 2.5 2.6 3.5 .5 72.8
1931 39.5 22.2 2.5 2.1 4.2 .5 71.1
1932 37.7 20.5 2.6 2.3 4.1 .5 67.5
1933 41.6 17.6 3.4 2.2 3..8 .5 69.0
1934 47.5 14.3 6.0 2.2 4.2 1.1 75.2
1935 47.3 11.4 8.9 2.3 5.7 1.4 77.0
1936 46.7 8.6 10.5 2.3 6.3 1.1 75.4
1937 42.8 7.6 12.5 2.6 7.0 1.2 73.8
1938 41.6 7.4 14.2 3.1 7.9 1.1 75.4
1939 43.0 6.8 14.2 3.2 8.4 1.0 76.5
1940 43.1 6.1 14.8 3.2 8.2 .9 76.4
1941 44.2 5.8 15.4 3.5 6.7 .8 76.5
1942 44.3 5.8 15.4 3.9 4.9 .7 75.0
1943 50.8 5.4 9.7 4.0 3.2 .5 73.5
1944 55.0 5.4 6.6 4.2 1.8 .3 73.3.
1945 62.3 4.7 2.3 4.2 .9 .1 74.4
1946 68.7 3.5 1.5 3.9 b 78.2
1947 73.3 2.5 .5 3.0 .5 79.8
1948 74.0 2.1 .3 3.6 .3 80.2
1949 76.2 2.2 b 4•3 .2 82.8
1950 81.0 2.2 3.8 .2 87.2
1951 84.3 2.2 b 3.2 b 89.7
1952 87.5 2.0 b 34 b 92.9
1953 87.2 1.9 b b 92.5
Less than $25 million.
bLessthan .05 per cent.
Source: See Appendix E.
131

The Ownership of Tax-Exempt Securities, 1913-1953

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