J 
APPENDIX C a 
various states and by correspondence. The figure was 2 
computed as follows: Complete information was ob- ) 
tained concerning the holdings of associations in 14 
states, their assets comprising 49 per cent of the total 
assets of building and loan associations in the United ’ 
States. (Data as to total assets of associations in each 
state were taken from Annual Report of the Comptroller 
of the Currency, 1923, p. 131.) These associations held 
altogether $3,001,000 of Federal bonds, and no state or 
municipal bonds. Practically no other bonds or stocks 
were reported. 
Associations in five states, holding 25 per cent of the 
assets of all associations, reported a total of $11,946,000 
in “bonds” or “bonds and stocks.” We have arbitrarily 
assumed that $10,000,000 of this total consists of Federal 
securities with no appreciable amount of state and 
municipal securities. 
Finally, for states whose associations hold 26 per cent 
of the total assets no classification of investments was 
obtained. We have assumed that the holdings of tax- 
exempt securities in these states constituted the same 
proportion of the total assets as was shown in the states 
for which complete data are available. This gives us 
an estimated total of $1,660,000 of Federal bonds for 
these states. 
Adding these three items we get a total of $14,661,000 
United States government securities for all associations. 
REeLicious AND CHARITABLE INsTITUTIONS: This figure 
is simply a guess. The report of the Bureau of the Cen- 
sus, Benevolent Institutions, 1910, p. 78, shows invested 
funds of 174 million dollars. No later data are available. 
LiBrariES AND Museums. This figure is also a guess. 
197