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Federal Deposit Insurance Corporation, statement of assets and liabilities,

Dec. 31, 1948

ASSETS

$2, 285, 883. 81

Cash on hand, in transit, and on deposit---
U. S. Government obligations at cost (pur-

chased at face value) and accrued in-
terest receivable-

1, 066, 056, 021. 46

$1,068, 341, 905. 27

4, 471. 74

$5, 414, 439. 64

27,959. 30

Miscellaneous receivables.--
Assets acquired through bank suspensions
and mergers (less collections):
Subrogated claims of depositors

against closed insured banks__
Net balances of depositors in closed

insured banks pending settlement or
not claimed, to be subrogated when

paid-contra---
Loans to merging insured banks, to

avert deposit insurance losses, and

recoverable liquidation expenses_Assets purchased from merging in

sured banks, to avert deposit in-
surance losses, under agreements to
return any excess recovery to selling

banks_
Assets purchased from merging in-

sured banks and receivers of closed
insured banks to avert deposit in-
surance losses.

4, 009, 535. 29

6,982, 842. 68

58, 366. 12

16, 493, 143. 03
12, 896, 663. 08

Less-Reserve for losses.

Furniture, fixtures, and equipment-
Deferred charges--

13, 596, 479.95

1.00 84, 244. 10

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$833, 682. 47 4,530, 476. 37

Deferred credits --
Special reserve for undetermined losses in purchases of assets

from merging insured banks_. Reserve for deposit insurance expenses.

790, 000.00 22, 042. 31

6, 176, 201. 15

Total liabilities_
1 Assets acquired through bank suspensions and mergers :

Disbursements.
Recoveries-----

Remainder-
Less-Losses incurred and reserves for losses---

$311, 202, 682. 88
283, 257, 988. 49

27, 944, 694. 39 24, 348, 214. 44

Net book values

3, 596, 479. 95

Federal Deposit Insurance Corporation, statement of assets and liabilities,

Dec. 31, 1948—Continued

CAPITAL 2
Surplus :
Balance June 30, 1948_-

$994,812,727.67
Add adjustments applicable to periods
prior to July 1, 1948_

229, 196. 58

Balance June 30, 1948, as adjusted -- 995, 041, 924. 25
Surplus for the 6 months ending Dec. 31,
1948:
Additions:

Deposit insur

ance assess-
ments

$59, 592, 895. 64
Interest earned

on Government

obligations_--- 11, 644, 339. 28
Other interest re-
ceived

1, 285, 517. 67
Reimbursementof

net cost of ad-
ministration of
the Federal
Credit Union
Act from May
16, 1942 to July
28, 1948_

1, 302, 049. 37
Other income..

20,527. 52

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3 Capital stock issued to the United States in the amount of $150,000,000 and to the Federal Reserve banks in the amount of $139,299,556.99, has been retired in accordance with the provisions of Public Laws 363 and 813, approved Aug. 5, 1947, and June 29, 1948, respectively.

Changes in the number of operating insured banks and operating branches of

insured banks, United States and possessions Dec. 31, 1947, to Dec. 31, 1948

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1 Includes 3 mutual savings banks members of the Federal Reserve System. . Includes 6 successors to operating noninsured banks. 3 In addition, 1 national bank was succeeded by another national bank with financial aid of FDIC.

Senator ROBERTSON. As previously announced, the hearings will be recessed until 10 o'clock next Monday morning.

(Whereupon, at 2:45 p. m., the hearing in the above-entitled matter was recessed until 10 a. m., Monday, January 30, 1950.)

FEDERAL DEPOSIT INSURANCE ACT AMENDMENTS

MONDAY, JANUARY 30, 1950

UNITED STATES SENATE,
COMMITTEE ON BANKING AND CURRENCY,
SUBCOMMITTEE ON FEDERAL RESERVE MATTERS,

Washington, D. C. The subcommittee met, pursuant to recess, at 10 a. m., in room 301, Senate Office Building, Senator A. Willis Robertson presiding.

Present: Senators Robertson, Maybank, and Douglas.
Senator MAYBANK. Senator, if you will go

ahead, please? I appreciate the fact that you have two other meetings.

STATEMENT OF HON. HUGH BUTLER, UNITED STATES SENATOR

FROM THE STATE OF NEBRASKA

Senator BUTLER. Mr. Chairman, members of the committee, I appreciate the opportunity of appearing before you today. I shall take only a minute.

I simply want to endorse those provisions of S. 2822, the Maybank bill, which provide for increasing the coverage under Federal Deposit insurance from $5,000 to $10,000. It happens that on June 16 of last year I introduced a bill, S. 2094, which provided for that change. Since that time I have received many letters from bankers all over the country endorsing the change.

It seems to me that this change should be made, if only because our dollars today will buy only about half of what they would when the Federal Deposit Insurance Corporation was originally set up: For that reason alone, if for no other, I believe the coverage should be increased.

From my correspondence, I judge that it is primarily the smaller country banks that are anxious for this change. It seems that under the present system a good many depositors maintain part or all of their funds in the city banks at some distance, perhaps, from their homes. In other words, the present system is draining funds out of the country where they are needed, and putting them in the bank centers where they are not needed so much. I believe it is important to keep these funds as near home as possible, so that they will be available for development of local and small-town business.

I have not yet taken the time to study all the other provisions of S. 2822, so I am not in position to comment on them. I merely wanted to take this opportunity to endorse this one change, and to say that I am happy to see that it is included in S. 2822.

I am also happy to note that S. 2822 includes a provision providing for return to the insured banks of a portion of the insurance fee,

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