Full text of Statements and Speeches of Andrew F. Brimmer : Education, Income, and Wealth Accumulation in the Negro Community : A Commencement Address at Booker T. Washington Business College, Birmingham, Alabama

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E.D.T.)

EDUCATION, INCOME, AND WEALTH ACCUMULATION
I N THE NEGRO COMMUNITY

A Commencement A d d r e s s

By

Andrew F. Brimmer
Member
Board o f G o v e r n o r s o f t h e
F e d e r a l Reserve System

At

Booker T. W a s h i n g t o n B u s i n e s s
B i r m i n g h a m , Alabama

May 2 8 ,

1970

College

EDUCATION, INCOME, AND WEALTH ACCUMULATION
IN THE NEGRO COMMUNITY
By
Andrew F . B r i m m e r *

I

am f l a t t e r e d

marking another
College.
you - -

year

of achievement

on t h e a c q u i s i t i o n
in

has b e e n

of

this

graduating

skills

(in

terms o f both

the

the burden,

and you have s t a y e d

the

to

these

certainly

the

troubled

times

--

troubled,

public's

(if

that

difficult

welfare

point.
I

us,
focus

rewarding

Yet,

challenging
you have

congratulate

borne

all

of

the opportunities

you,

which

not a t any t i m e ) ,
speaker
it

t o do

is

obstacles
highly

a

graduating

more

necessary

At

this

the Federal Reserve

bring

to note

hampering
important

than

the

that

nation's

goals

crucial

juncture

System.

I am g r a t e f u l t o s e v e r a l members o f t h e B o a r d ' s s t a f f f o r
assistance i n the p r e p a r a t i o n of these remarks.
M r . H e n r y S.
T e r r e l l h e l p e d w i t h t h e a n a l y s i s o f t r e n d s i n e d u c a t i o n and
income and w i t h t h e a s s e s s m e n t o f r e l a t i v e w e a l t h a c c u m u l a t i o n
by N e g r o a n d w h i t e f a m i l i e s .
Miss H a r r i e t t Harper also a s s i s t e d
a t several stages of the e f f o r t .




it

scale.

and t h a t

of

Business

know how d i f f i c u l t

burden and t h e

have n o t been a c h i e v e d .

Board o f Governors

ceremonies

have k e p t your

I

to explore

A t a minimum,

r e m a i n t o be o v e r c o m e ,

-Member,

out

the

thundering about

the course.

e x p e c t s a commencement

a n d good w i s h e s .

times are

progress

financial

t o y o u on a n e v e r - w i d e n i n g

In

greetings

a s you s e t

in

e n a b l e you to b u i l d

some o f y o u t o r e a c h t h i s

w i s h you w e l l

opening

class

share

t h e w o r l d o f business and f i n a n c e .

for

are

is

class

which w i l l

curriculum)

and I

to

by B o o k e r T . W a s h i n g t o n

A t a t i m e when so much r h e t o r i c

t h e members o f

careers

t o have been asked

in

-2-

the

life

of

our n a t i o n ,

in challenging

no commencement a d d r e s s

a graduating

class

p r o b l e m s w i t h hope a n d v i g o r
question

of

the area

of n a t i o n a l

assessment

the

of

the

economic

impact

of

t o go f o r t h a n d t a c k l e

without

Indochina War.

can p r o c e e d v e r y

confronting

My own o f f i c i a l
policy,

t h e war

so I

the

society's

implacable

responsibility

h a v e no b a s i s

outside

far

for

is

a

t h e economic and

in

direct

financial

field.
However,
s i n g l e most
today.

critical

There

Not o n l y a r e

issue

straining

the m i l i t a r y

be a v a i l a b l e
it

--

t h e b e s t minds

in

the

other

diverts

p o v e r t y and i g n o r a n c e ,
the r e b u i l d i n g

of

our

has c o n c l u d e d

f a r more p r o d u c t i v e l y
our

own m i d s t .

can r e f o c u s

So,
consequences,




cities
that
in

attention

while
I

I,

think

is

of American

involvment

to

the

pursuit

of

of

of

of

discrimination

proportion of

cope w i t h

own home

could dwell a t

of
and

the

c a n be

public

employed

the pervasive

n o t be l o n g b e f o r e

--

some

the e l i m i n a t i o n

racial

might

t h e war

including

time w i l l

also v i t a l

Asia.

consuming r e s o u r c e s which
but

the

problems

i n Southeast

e n e r g y and i m a g i n a t i o n

effort

is

society

pressing domestic

a substantial

on i t s

too,
it

--

the

t h e war

G i v e n t h e enormous a g e n d a

home - -

this

the

that

the energy and i m a g i n a t i o n

the e r a d i c a t i o n

Hopefully,

its

uses,

country.

u n f i n i s h e d b u s i n e s s we h a v e a t

fabric

any - -

requirements

for

to

clearly

if

t o anyone

the

been a g g r a v a t e d by our

and o p p o s i t i o n
of

s h o u l d be o b v i o u s

seem t o b e f e w - -

which have n o t

otherwise

it

ills

this

nation

ground.
l e n g t h on t h e w a r a n d

t h a t we n o t

overlook

the

in

its

-3-

fundamental tasks which remain before us.

And f o r us i n t h e Negro

community ( c o n s t i t u t i n g more t h a n 10 per c e n t o f t h i s
population),
skills

t h e r e i s no t a s k more b a s i c

that w i l l

e n a b l e us t o e n t e r

n a t i o n ' s economic l i f e .

country's

than the a c q u i s i t i o n

i n t o the mainstream of

of

the

I am f u l l y aware o f t h e p r e s s u r e s on Negro

youths today to give great weight to m a i n l y c u l t u r a l aspects of
lives

-- at

t h e expense o f p r e p a r a t i o n t o compete s t r o n g l y i n

m a r k e t p l a c e f o r competence.

I can u n d e r s t a n d t h e w i d e n i n g

t o emphasize and enhance o u r A f r o - A m e r i c a n h e r i t a g e .
time,

their

the

campaign

But a t

t h e same

I must p o i n t o u t t h a t a s o l i d economic f o u n d a t i o n i s a n e c e s s a r y

p r e c o n d i t i o n f o r any c u l t u r e

to f l o u r i s h .

This i s

true

for

ethnic

g r o u p s w i t h i n a c o u n t r y as w e l l as f o r t h e n a t i o n as a w h o l e .
Thus, as you l e a v e c o l l e g e - -

having earned diplomas

b u s i n e s s a d m i n i s t r a t i o n and r e l a t e d a r e a s - pause and r e f l e c t

on t h e e d u c a t i o n and income e x p e r i e n c e s o f

Negro community i n r e c e n t y e a r s .
examine t h e r e l a t i v e
and w h i t e

i t m i g h t be w e l l

In addition,

it

in
to

the

is illuminating

l e v e l and p a t t e r n o f w e a l t h a c c u m u l a t i o n by Negro

families.

The R i s i n g Q u a l i t y o f t h e Negro L a b o r

Force

Even t h e most c a s u a l o b s e r v e r o f t h e A m e r i c a n scene i s
of the sharp increases
i n t h e l a s t decade.

i n the l e v e l of e d u c a t i o n a l a t t a i n m e n t of

Yet,

the c o n s i d e r a b l e impact o f these trends

t h e q u a l i t y o f t h e Negro l a b o r

force i s not widely appreciated.

o v e r most o f t h e f o c u s has been on e x p a n d i n g c o l l e g e e n r o l l m e n t .




to

aware
Negroes
on
MoreWhile

-4-

the l a t t e r
to i t

i s undoubtedly a s i g n i f i c a n t development

further

on i n t h e s e r e m a r k s ) , a p a r t i c u l a r l y

also evident at
importance,
enter

the h i g h school l e v e l .

the labor

f o r c e as t h e y l e a v e h i g h

1960,

rather

the survey.

youths

For e x a m p l e ,

the

school

t h e Census
youths

respectively.

(See T a b l e l a a t t a c h e d . )

y o u t h s had e n t e r e d t h e c i v i l i a n
employed o r a c t i v e l y

labor

seeking jobs.

g r a d u a t e s and d r o p o u t s was e v i d e n t .

but

--• i n t h e t w e l v e months

T h i s number was d i v i d e d

e v e n l y between g r a d u a t e s and d r o p o u t s - -

almost

73 t h o u s a n d and 71 t h o u s a n d ,
A b o u t 104 t h o u s a n d o f

f o r c e , meaning t h a t

these

t h e y were

Here a l s o t h e 5 0 - 5 0 s p l i t

between

Among w h i t e y o u t h s , a r o u n d

three-

o f t h o s e l e a v i n g h i g h s c h o o l and n o t e n t e r i n g c o l l e g e were

graduates,
tion

t h a n as h i g h

t h a t 144 t h o u s a n d n o n w h i t e

had n o t gone on t o c o l l e g e o r t h e m i l i t a r y

quarters

considerable

o v e r 90 per c e n t a r e Negroes) had l e f t h i g h s c h o o l - -

e n d i n g w i t h t h e month o f

is

school.

t h a n was t h e case a decade a g o .

Bureau e s t i m a t e d i n O c t o b e r ,
( o f whom

i s of

p r o p o r t i o n o f Negro y o u t h s j o i n

f o r c e as h i g h s c h o o l g r a d u a t e s - -

dropouts - -

too,

return

s t r i k i n g trend

because t h e v a s t m a j o r i t y o f b o t h b l a c k and w h i t e

Today a much g r e a t e r
labor

This,

(and I w i l l

and o n l y o n e - q u a r t e r were d r o p o u t s .

(80 p e r c e n t )
By 1968,

o f those e n t e r i n g the l a b o r
(as shown i n T a b l e l c )

m a r k e d l y f o r Negro y o u t h s .

An even h i g h e r
f o r c e were

propor-

graduates.

t h e s i t u a t i o n had i m p r o v e d

The Census Bureau e s t i m a t e d i n O c t o b e r

t h a t year t h a t h i g h school graduates c o n s t i t u t e d

70 per c e n t o f

of

the

Negro y o u t h s c o v e r e d i n t h e s u r v e y , and g r a d u a t e s made up 78 per c e n t




of

-5-

those e n t e r i n g the labor

force.

The c o r r e s p o n d i n g f i g u r e s

y o u t h were 79 per c e n t and 82 p e r c e n t ,

respectively.

for

Thus,

the

t e n d e n c y f o r Negro s t u d e n t s t o r e m a i n i n h i g h s c h o o l t h r o u g h

gradua1960!s.

t i o n was s t r e n g t h e n e d c o n s i d e r a b l y d u r i n g t h e decade o f t h e
A t t h e s t a g e where most b l a c k and w h i t e y o u t h s e n t e r

white

the labor

force,

t h e gap between t h e l e v e l s o f e d u c a t i o n a c h i e v e d by b o t h groups
narrowed a p p r e c i a b l y - - a l t h o u g h b l a c k students undoubtedly s t i l l
s i g n i f i c a n t l y w i t h respect

to the q u a l i t y of t h e i r

education.

On t h e o t h e r hand, t h e o v e r a l l employment e x p e r i e n c e

of

Negro h i g h s c h o o l g r a d u a t e s was q u i t e m i x e d d u r i n g t h e 1 9 6 0 f s .
c o n s t i t u t e d a s t e a d i l y r i s i n g p r o p o r t i o n of both the labor
employment.
tion

to one-quarter)

was r o u g h l y t w i c e t h e i r

o f t h o s e who were unemployed.

p r o p o r t i o n of the youth labor

the r e d u c t i o n of youth'unemployment

force.

- - and p a r t i c u l a r l y

They

f o r c e and

But t h e y a l s o c o n s t i t u t e d a v i r t u a l l y u n c h a n g i n g

(one-fifth

lag

proporThis
Thus,

o f Negro

y o u t h - - was an i t e m o f u n f i n i s h e d b u s i n e s s b r o u g h t o v e r f r o m t h e
l a s t decade and s t i l l

Long-Run Trends

in

remaining before us.

Education

W i t h more Negro y o u t h r e m a i n i n g i n s c h o o l r a t h e r

than dropping

o u t , Negroes as a g r o u p have made c o n s i d e r a b l e p r o g r e s s i n b o t h
and h i g h e r e d u c a t i o n .

For example, between 1960 and 1969, t h e

secondary
percentage

o f Negro men aged 25 t o 29 who had c o m p l e t e d 4 y e a r s o f h i g h s c h o o l
more r o s e f r o m j u s t u n d e r t w o - f i f t h s

to t h r e e - f i f t h s w h i l e the

f o r whites increased from j u s t over t h r e e - f i f t h s




to about

or

proportion

four-fifths.

- 6 -

So w h i l e

t h e gap had been a r o u n d 27 p e r c e n t a g e p o i n t s

had n a r r o w e d t o o n l y 18 p e r c e n t a g e p o i n t s
for

the f i r s t

time, a greater

i n I960,

i n nine years.

In

it

1968,

p r o p o r t i o n o f Negro men t h a n Negro

women aged 2 5 - 2 9 had c o m p l e t e d h i g h

school.

These t r e n d s a r e made much more e v i d e n t v i e w e d a g a i n s t a
longer

time h o r i z o n .

As shown i n T a b l e 2 ,

t h e Negro p o p u l a t i o n w h i c h r e c e i v e d t h e i r
decade o f t h e 1 9 6 0 f s , w e n t c o n s i d e r a b l y

t h e younger g r o u p s

within

education mainly i n

farther

the

i n b o t h s e c o n d a r y and

h i g h e r e d u c a t i o n t h a n t h o s e who l e f t s c h o o l i n t h e 1 9 4 0 ' s and
By 1969, o n l y t w o - f i f t h s

of

earlier.

t h o s e under 30 y e a r s o f age had c o m p l e t e d

l e s s t h a n 12 y e a r s o f s c h o o l , w h i l e more t h a n t w o - t h i r d s

of

t h o s e 45

and o v e r were i n t h i s

of

the

category.

Again, about t w o - f i f t h s

y o u n g e r g r o u p had 12 y e a r s o f s c h o o l i n g ,

compared w i t h o n e - f i f t h

t h e 4 5 - 5 4 age g r o u p and l e s s t h a n 10 per c e n t f o r
age r a n g e .

those i n the

C o l l e g e a t t e n d e n c e was even more s h a r p l y

among t h e young.

i n 1969, and 15 per c e n t o f

y e a r s o f age had a c h i e v e d t h i s

level.

t i o n s were 9 p e r c e n t and 6 p e r c e n t ,

for

2 0 - 2 1 had

those

I n sharp c o n t r a s t ,
respectively,

55-64

concentrated

A b o u t o n e - f i f t h o f t h e young Negro a d u l t s

1 o r more y e a r s o f c o l l e g e

for

25-29

the

those

propor45-54

and 5 5 - 6 4 .
Nevertheless,

even among young p e o p l e ,

the d i s p a r i t y

e d u c a t i o n between Negroes and w h i t e s r e m a i n s c o n s i d e r a b l e .
i n Table 3,

As shown

t h e p r o p o r t i o n o f Negroes h a v i n g c o m p l e t e d 4 o r more

years of high school




in

(including

t h o s e w i t h 1 o r more y e a r s o f

college)

-7-

ranged from o n e - q u a r t e r
the s h o r t - f a l l

t o t w o - t h i r d s below t h a t

i s g r e a t e s t among t h e o l d e r

for whites.

Again

groups.

C o l l e g e E d u c a t i o n Among Negroes
I n t h e case o f h i g h e r e d u c a t i o n ,
been i m p r e s s i v e .

T a b l e 4 p r e s e n t s d a t a on t r e n d s i n Negro

e n r o l l m e n t between 1964 and 1968.

I n these f o u r y e a r s ,

o f Negroes i n c o l l e g e r o s e by 85 p e r c e n t .
however,

is

t h e r e c e n t g a i n s a l s o have

the f a c t

t h e number

What i s more

that during this period,

college

striking,

82 p e r c e n t o f

enrollment growth occurred i n i n s t i t u t i o n s

other

Negro c o l l e g e s .

t h e p e r c e n t a g e o f Negro

Thus, i n o n l y f o u r y e a r s ,

than the

this

c o l l e g e s t u d e n t s e n r o l l e d o u t s i d e p r e d o m i n a n t l y Negro
i n c r e a s e d f r o m 49 p e r c e n t t o 64 p e r c e n t .
the l a r g e r

colleges

This f a c t suggests

i n s t i t u t i o n s a r e becoming i n c r e a s i n g l y aware o f

p r o b l e m s and a r e m a k i n g a c o n c e r t e d e f f o r t
students.

predominantly

minority

to a s s i s t m i n o r i t y

I n f o u r y e a r s t h e number o f Negro s t u d e n t s a t

that

group

these

institu-

t i o n s has more t h a n d o u b l e d .
Still,
serious.

t h e l a g i n c o l l e g e e d u c a t i o n among Negroes

Moreover,

remains

t h e r e l a t i v e gap between Negroes and w h i t e s

appears

t o be w i d e n i n g - - d e s p i t e t h e s u b s t a n t i a l p r o g r e s s b e i n g made by N e g r o e s .
As shown i n T a b l e 5 , t h e p e r c e n t a g e o f c o l l e g e g r a d u a t e s among Negro
a d u l t s r o s e f r o m a b o u t 2 p e r c e n t i n 1950 t o a b o u t 4 - 1 / 4 p e r c e n t
1968.

D u r i n g t h e same p e r i o d ,

however,

the percentage of whites

t h e same c a t e g o r y i n c r e a s e d f r o m 6 - 1 / 2 p e r c e n t t o a b o u t 11 p e r




in
in

cent.

-8-

Thus,

the margin

points

to

6-3/4
This

because
major

the

favor

limited
to

number

be a m a t t e r

of

increased

Negro

in

the

participation

occupations.

today.

Here,

for

decade o f

the

last

then,

is

this

population.

Table

point,

it

data

do n o t

At

of

data

as

and a s s e t s .

the

family are

figures

do g i v e a r e p r e s e n t a t i v e




results

Negroes
fewer

us,

one o f

in

the

the

profes-

than h a l f

a

While

number

undoubtedly
our

of

is

the

million

n o t much

agenda

the

i n Table

t o examine

economic advances
1967-68
the

of

larger

objectives

it

record

Census

s h o u l d be n o t e d
the

contributions

income

However,

principal

source of

critical

the

family

This

series
are

carefully

that

made t o

income

sources

the earnings

family

Negro

of

Bureau

from other

since

the
of

family.

p r e p a r e d by t h e

do h a v e

head of

suggestive

is

on t h e

precisely

families

The d a t a

of

college.

t h e head o f

the outset

reflect

earners

of

to

graduates

t o add t o

the recent

by e d u c a t i o n because
secondary

all

1968,

it

item

i s used because most t a b u l a t i o n s

these

concern

m i g h t be h e l p f u l

6 presents

income.

percentage

Income

i n c o m e g r o w t h by e d u c a t i o n

family

from 4 - 1 / 2

1970,s.

the

r o l e of higher education in

for

In

two y e a r s ,

another

i n E d u c a t i o n and
At

of

college

had c o m p l e t e d 4 o r more y e a r s

has edged up

Trends

widened

points.

should

and m a n a g e r i a l

Negroes

of whites

percentage
trend

obstacles

sional

in

income,

of

c o n c e r n i n g changes

the
in

1967-68

period

the apparent

yield

returns

the

these

picture.

6 covering

such

to

-9-

e d u c a t i o n f o r Negroes.

W i t h i n t h i s v e r y s h o r t t i m e h o r i z o n (one

year),

t h e m e d i a n income o f a Negro f a m i l y headed by an i n d i v i d u a l w i t h some
c o l l e g e i n c r e a s e d by 2 3 . 2 p e r c e n t ,

compared t o a r a t e o f g r o w t h o f

o n l y 7 . 0 per c e n t f o r a w h i t e f a m i l y headed by someone w i t h some c o l l e g e
education.

I n t h e s h o r t span o f o n l y one y e a r ,

w h i t e median f a m i l y income f o r

t h e r a t i o o f Negro

f a m i l i e s headed by an i n d i v i d u a l

some c o l l e g e n a r r o w e d f r o m .75 t o . 8 7 , o r by r o u g h l y o n e - h a l f .
a one-year time period i s c l e a r l y
any p r o j e c t i o n s ,

with
Although

t o o s h o r t a base upon w h i c h t o make

t h e d a t a do i n d i c a t e a s t r o n g t r e n d t o w a r d s

n a r r o w i n g o f N e g r o - w h i t e income d i f f e r e n t i a l s
some h i g h e r

to

for

individuals

the
with

education.

The d a t a i n T a b l e 6 p a i n t a c o n s i d e r a b l y d i f f e r e n t

picture

o f t h e r e c e n t economic p r o g r e s s o f Negro f a m i l i e s headed by someone
without higher education.

The g r o w t h i n income f o r Negro

families

headed by someone w i t h o n l y e l e m e n t a r y o r h i g h s c h o o l e d u c a t i o n was
not s i g n i f i c a n t l y d i f f e r e n t

f r o m t h a t o f w h i t e f a m i l i e s headed by some-

one w i t h low l e v e l s o f e d u c a t i o n .
income d i f f e r e n t i a l s

Consequently,

relative

i n these areas f a i l e d t o narrow.

Negro-white

Among

headed by someone w i t h o n l y 8 y e a r s o f e l e m e n t a r y e d u c a t i o n ,

families
the

p e r c e n t a g e g r o w t h o f Negro f a m i l y income between 1967 and 1968 was
actually

slower than t h a t

for whites,

and t h e r a t i o o f Negro t o w h i t e

f a m i l y income i n t h i s e d u c a t i o n a l c a t e g o r y d e c l i n e d by 3 p e r c e n t a g e
points.




-10-

The c h a n g i n g r e l a t i v e
family

i m p o r t a n c e o f e d u c a t i o n t o Negro

income can p e r h a p s be u n d e r s t o o d b e s t by a n a l y z i n g t h e

incre-

ments i n income a c c r u i n g t o f a m i l i e s headed by someone w i t h f o u r

or

more y e a r s o f c o l l e g e e d u c a t i o n compared t o someone w i t h o n l y a h i g h
school diploma.

I n 1967 m e d i a n f a m i l y income f o r Negroes w i t h a head

who had f o u r o r more y e a r s o f c o l l e g e was 5 5 . 8 p e r c e n t h i g h e r
f o r a f a m i l y headed by someone w i t h o n l y f o u r y e a r s o f h i g h
One y e a r l a t e r
families

t h i s gap had w i d e n e d t o 7 4 . 0 p e r c e n t .

t h e income i n c r e m e n t

for

For

than

school.
white

f a m i l i e s w i t h a head who had

four

y e a r s o r more o f c o l l e g e was 4 2 . 4 p e r c e n t above t h o s e w i t h a h i g h
s c h o o l d i p l o m a i n 1967, and i n 1968 t h i s gap a c t u a l l y
slightly

t o 40.4 per

cent.

The i m p o r t a n t p o i n t
q u i t e obvious:

narrowed

f r o m t h e p r e c e d i n g a n a l y s i s s h o u l d be

t h e income p o s i t i o n o f Negro f a m i l i e s headed by some-

one w i t h a c o l l e g e d e g r e e i s m o v i n g s u b s t a n t i a l l y
f a m i l i e s w i t h c o l l e g e d e g r e e s - - and p r o g r e s s i v e l y

closer

to white

f u r t h e r away f r o m

Negro f a m i l i e s headed by someone w i t h o n l y e l e m e n t a r y o r h i g h

school

education.
To f u r t h e r a s s e s s t h e r e t u r n s
it

t o e d u c a t i o n f o r Negro

families,

i s u s e f u l t o have a breakdown o f income by age as w e l l as b y educa-

tion levels

--

s i n c e work experience i s a v e r y i m p o r t a n t

o f income as w e l l as e d u c a t i o n .

Table 7 presents

figures

income i n 1968 b y r a c e o f head, age o f head, and l e v e l o f
o f head.




T a b l e 7 shows q u i t e c l e a r l y

that

f a m i l y income

determinant
for

family

education
increases

-11-

w i t h e d u c a t i o n and t h e age o f t h e head o f t h e f a m i l y ,
r e p r e s e n t i n g the r e t u r n s

the

latter

t o accumulated work experience.

As

T a b l e 6 t h e s e d a t a show t h a t i n 1968 t h e r a t i o o f Negro t o
f a m i l y income i n c r e a s e s w i t h h i g h e r l e v e l s o f

white

education.

The d a t a i n T a b l e 7, h o w e v e r , a r e p a r t i c u l a r l y
because t h e y show t h e o p p o r t u n i t i e s a v a i l a b l e

instructive

t o young Negro

headed by someone between t h e ages o f 25 and 3 4 .
the expected r e t u r n s

in

families

F o r t h i s young g r o u p ,

f r o m e d u c a t i o n appear t o be t h e most

When t h e head o f t h e Negro f a m i l y had 1 - 3 y e a r s o f c o l l e g e ,

impressive.
the

f a m i l y ' s m e d i a n income was e q u a l t o 9 5 . 9 p e r c e n t o f i t s w h i t e
part,

counter-

a f i g u r e t h a t m i g h t be even h i g h e r e x c e p t t h a t Negroes a r e

disproportionately

r e p r e s e n t e d i n t h e l o w e r income S o u t h .

still

Further-

m o r e , t h e Negro f a m i l y headed by a 2 5 - t o - 3 4 y e a r o l d p e r s o n w i t h 1 - 3
y e a r s o f c o l l e g e had a median income 1 1 1 . 1 p e r c e n t h i g h e r

than a

l i k e Negro f a m i l y headed by someone w i t h o n l y 1 - 3 y e a r s o f h i g h
education.
cent.

For w h i t e s ,

however,

t h e gap was no more t h a n 2 9 . 6 p e r

These d a t a show p e r s u a s i v e l y t h a t h i g h e r l e v e l s o f

move younger Negro f a m i l i e s

closer

f u r t h e r away f r o m Negroes w i t h l e s s

Asset Accumulation

in

the Negro

Having discussed
the

future

to a matter

t o t h e w h i t e l e v e l s and

education
relatively

education.

Community
importance

economic a c h i e v e m e n t s

c a n now t u r n




the

school

of

of

today's

education

in general

in

young Negro

families,

we

w h i c h m i g h t be e s p e c i a l l y

interesting

to

the

-12-

graduates of a college s p e c i a l i z i n g
particular,

it

is

instructive

i n business a d m i n i s t r a t i o n .

In

t o examine e x i s t i n g d a t a on a s s e t

a c c u m u l a t i o n by Negro and w h i t e

families.

A l t h o u g h s u b s t a n t i a l amounts have been w r i t t e n r e c e n t l y
w h i t e - N e g r o income d i f f e r e n c e s ,
relating

relatively

little

has been p r e s e n t e d

t o t h e amount and f o r m s o f w e a l t h a c c u m u l a t i o n o f Negro and

white families.

Fortunately,

t h e 1967 S u r v e y o f Economic

c o n d u c t e d by t h e Bureau o f t h e Census f o r
O p p o r t u n i t y has h e l p e d f i l l

this

the O f f i c e of

i n f o r m a t i o n v o i d by

c o n s i d e r a b l e d a t a on f a m i l y a s s e t h o l d i n g s .
an a n a l y s i s

o f these d a t a ,

it

Opportunity

Economic

collecting

B e f o r e e m b a r k i n g upon

s h o u l d be c a r e f u l l y n o t e d t h a t

d a t a a r e drawn f r o m an i n d i v i d u a l ' s

of estimation.

It

s h o u l d a l s o be n o t e d t h a t

individuals

t o t h e s u r v e y may have been u n w i l l i n g t o d i v u l g e
t h e i r asset

asset

assessment o f t h e w o r t h o f

a s s e t s and n o t f r o m a m a r k e t e v a l u a t i o n and t h u s a r e s u b j e c t

his

to

the t r u e value

Economic
The d a t a

i n T a b l e 8 show r a t h e r

conclusively

t i o n o f Negro f a m i l i e s

is

o b s e r v e d income d a t a .

I n 1966 ( t h e c o m p a r a b l e y e a r o f t h e a s s e t

further

t h a t the r e l a t i v e w e a l t h accumula-

from the w h i t e l e v e l

income was r o u g h l y t h r e e - f i f t h s

However,

i n t h e case o f a s s e t s ,

show t h a t




than the

(58 p e r c e n t )

usual
data),

of the w h i t e

t h e mean a c c u m u l a t i o n f o r

f a m i l i e s was l e s s t h a n o n e - f i f t h as g r e a t as f o r w h i t e
facts

of

holdings.

O p p o r t u n i t y on a s s e t h o l d i n g s o f w h i t e and Negro f a m i l i e s .

Negro f a m i l y

errors

responding

T a b l e 8 p r e s e n t s summary d a t a f r o m t h e Survey o f

level.

on

families.

Negro
These

i n t h e base y e a r o f 1966 Negroes a c c o u n t e d f o r 11 p e r

-13-

cent of the p o p u l a t i o n ,
total

f a m i l y income.

$18.3 b i l l i o n )
i n Table

and e a r n e d a p p r o x i m a t e l y 6 . 6 p e r c e n t o f

I n t h e same y e a r ,

they h e l d about 2 per cent

o f the s e l e c t e d a s s e t s t o t a l i n g $960.2 b i l l i o n

reported

s t r u c t u r e o f a s s e t h o l d i n g s o f w h i t e and Negro

the

families.

The t a b u l a t e d d a t a i n d i c a t e c l e a r l y t h e l a c k o f f i n a n c i a l

asset

a c c u m u l a t i o n o f Negro f a m i l i e s ,

stocks.

particularly

the value of

I n 1966, t h e a v e r a g e e s t i m a t e d v a l u e f o r Negro f a m i l i e s
assets

(or

8.
The d a t a i n T a b l e 8 p e r m i t a f u r t h e r a n a l y s i s o f

relative

the

of

financial

(money i n b a n k , government b o n d s , and s t o c k s ) was o n l y

$382,

or 0.6 per cent o f the e s t i m a t e d v a l u e of $5,924 f o r the average
white family.
On a v e r a g e ,

The case o f s t o c k o w n e r s h i p shows a p a r t i c u l a r

gap.

Negro f a m i l i e s had o n l y 1 . 5 p e r c e n t t h e a c c u m u l a t i o n

in

s t o c k v a l u e s as w h i t e f a m i l i e s and a c c o u n t e d f o r r o u g h l y 0 . 1 4 p e r
cent of the t o t a l

stock

values.

The d a t a i n T a b l e 8 p o r t r a y a v e r y d i f f e r e n t p i c t u r e
i n g the d i r e c t asset accumulation
business e q u i t y )

o f w h i t e and Negro f a m i l i e s .

i n h o u s i n g s t a n d s as t h e l a r g e s t
families.

It

(housing e q u i t y ,

farm e q u i t y ,

Equity

concernand

accumulation

s i n g l e a s s e t o f b o t h w h i t e and Negro

r e p r e s e n t e d 38,0 per cent o f t h e a s s e t s o f w h i t e

and 7 0 . 2 p e r c e n t o f t h e a s s e t s o f Negro f a m i l i e s .

families

Proportionately,

Negro i n v e s t m e n t i n h o u s i n g on a v e r a g e i s r o u g h l y o n e - t h i r d o f t h e w h i t e
proportion,

and Negroes h e l d a p p r o x i m a t e l y 3 . 5 p e r c e n t o f t h e

housing e q u i t y .
equity

than t h e i r




C l e a r l y Negroes h o l d a s m a l l e r

f r a c t i o n of

6.6 per cent share i n the t o t a l

total

housing

f a m i l y income —

-14-

s u g g e s t i n g t h a t Negro f a m i l i e s

on a v e r a g e have p r o p o r t i o n a t e l y

invested i n housing than white f a m i l i e s

of s i m i l a r

levels

less

of

income.
The a v a i l a b l e
Negro f a m i l i e s

figures

on a s s e t a c c u m u l a t i o n o f w h i t e and

p e r m i t a comparison of the r e l a t i v e

importance

of

d i r e c t b u s i n e s s o w n e r s h i p o r o w n e r s h i p o f s t o c k as a s o u r c e o f
accumulation.

T h i s c o m p a r i s o n s u g g e s t s t h a t one o f

wealth

the legacies

r a c i a l d i s c r i m i n a t i o n has been t h e encouragement o f Negro

of

acquisition

o f b u s i n e s s e q u i t y s e r v i n g t h e s e g r e g a t e d and p r o t e c t e d Negro m a r k e t s
rather

than a f u l l

p a r t i c i p a t i o n i n the n a t i o n a l

economy.

The d a t a i n T a b l e 8 show t h a t s t o c k o w n e r s h i p i s
much more i m p o r t a n t

to the average w h i t e f a m i l y than ownership

business e q u i t y - - w h i l e e x a c t l y the opposite i s
families.

I n 1966,

the average w h i t e

f a m i l y was o n l y 0 . 2 4 .

true for

of

Negro

f a m i l y had 1 . 3 7 as much i n

s t o c k s as i n b u s i n e s s e q u i t y , w h i l e t h i s r a t i o

Negro f a m i l i e s

relatively

f o r t h e a v e r a g e Negro

C l e a r l y the r e l a t i v e o v e r c o n c e n t r a t i o n

by

i n b u s i n e s s e q u i t y a c c u m u l a t i o n compared t o w h i t e

f a m i l i e s has r e s u l t e d m a i n l y f r o m t h e a p p e a l o f t h e p r o t e c t e d m a r k e t
t o Negro b u s i n e s s m e n .

C o n c l u d i n g Remarks
I n c o n c l u d i n g t h e s e comments,

I c o m p l i m e n t you a g a i n

t h e e f f o r t s you have made t o o b t a i n an e d u c a t i o n and t o
marketable s k i l l s




at

t h e same t i m e .

In concentrating in

for

acquire
business

-15-

a d m i n i s t r a t i o n and r e l a t e d a r e a s , you have chosen a f i e l d

that

p r o m i s e s t o be one o f t h e most r a p i d l y e x p a n d i n g i n t h e 1 9 7 0 ' s .
particular,

t h o s e o f you w i t h an i n t e r e s t

i n a c c o u n t i n g can l o o k

forward to e s p e c i a l l y promising o p p o r t u n i t i e s d u r i n g the
decade.

Over-this

period,

current

t h e U.S. D e p a r t m e n t o f L a b o r

estimates

t h a t some 12,000 a c c o u n t a n t s may be needed each y e a r as
f o r t h o s e who d i e ,

r e t i r e or s h i f t

replacements

to other occupations.

t h e same number w i l l be r e q u i r e d t o f i l l

Perhaps

newly-created jobs.

o u t l o o k f o r bookkeeping workers i s a l s o promising.

B u s i n e s s machine o p e r a t o r s - -

d a t a - p r o c e s s i n g e q u i p m e n t - - w i l l a l s o grow
S t e n o g r a p h e r s and s e c r e t a r i e s

technological

electronic

can a l s o l o o k f o r w a r d

continue to spread.

to

duplicating

However,

these

changes a r e n o t e x p e c t e d t o have an a p p r e c i a b l e

on employment i n t h e s e o c c u p a t i o n s .

Moreover,

impact

I n 1967, a b o u t 2 . 4 m i l l i o n

( o v e r 95 per c e n t o f whom were women) were h o l d i n g j o b s
stenographic s k i l l s .

steno-

g r a p h e r s and s e c r e t a r i e s may o c c u r each y e a r d u r i n g t h e 1 9 7 0 f s .

e n t r a n t s appear t o be q u i t e




good.

is high,

persons

requiring

some 200,000 o p e n i n g s f o r

t h e t u r n o v e r r a t e i n such o c c u p a t i o n s

from

substantially.

U n d o u b t e d l y t h e use o f d i c t a t i n g ,

and o t h e r o f f i c e m a c h i n e s w i l l

1970fs,

vacancies

t h o s e manning t h e s i m p l e machines t o t h e most s o p h i s t i c a t e d

expanding o p p o r t u n i t i e s .

The

Through the

a b o u t 7 5 , 0 0 0 employees m i g h t be needed each y e a r t o f i l l
and meet e x p a n s i o n r e q u i r e m e n t s .

In

the prospects

Since

f o r new

-16-

As I
the

said at

long-run outlook

in

the o u t s e t ,
these

to educational

community.

it

run progress

s h o u l d a l s o be o b v i o u s

the p r e s s i n g problems

include

the

my l i s t

eradication
of

our c i t i e s .

the ending of

Again,
before




that

foreshadow

you.

that

currently

the

But I

in

the

tackle

some o f

y o u t a k e my b e s t w i s h e s

for

restricted

of

the experience
in

the

longfor

short-run

plague us.

These

discrimination
the

which would a l s o
our other

on

Negro

the evidence

p e r s o n a l l y would put a t

I n d o c h i n a War - to

focused

deliberately

trends

o f p o v e r t y and r a c i a l

more r e s o u r c e s w i t h w h i c h

lie

also

u n l e s s we c a n c o p e s u c c e s s f u l l y

some o f

rebuilding

I

and economic

p r e s e n t e d h e r e may n o t

years ahead - -

have d e l i b e r a t e l y

remarks.

my o b s e r v a t i o n s
But

I

the

with
must

and

the

top

of

provide

problems.

t h e new a d v e n t u r e s

which

Table

la.

Labor Force Status of High School Graduates (not E n r o l l e d i n C o l l e g e ) and
Dropouts as of October of Year of Leaving High School, by C o l o r , 1960
(Persons 16 to 24 years of age; number i n thousands)

High School
Graduates

High School
Graduates as
Per Cent of T o t a l

Category

Total

Total
j.
C i v i l i a n PopulatioirNot i n Labor Force
Labor Force
Employed
Unemployed
Per c e n t

1,265
345
920
774
146
15.9

921
215
706
599
107
15.2

344
130
214
175
39
18.2

73.0
62.4
76.7
77.5
73.1

White
C i v i l i a n Population
Not i n Labor Force
Labor Force
Employed
Unemployed
Per cent

1,121
305
816
701
115
14.1

848
195
653
568
85
13.0

273
110
163
133
30
18.4

75.5
64.0
80.0
81.0
74.0

Negro and o t h e r Races
C i v i l i a n Population
Not i n Labor Force
Labor Force
Employed
Unemployed
Per Cent

144
40
104
73
31
29.9

73
20
53
31
22
41.5

71
20
51
42
9
17.7

50.'5
50.0
51.0
42.5
71.0

Negro as Per cent of T o t a l
C i v i l i a n Population
Not i n Labor Force
Labor Force
Employed
Unemployed

11.4
11.6
11.3
9.5
21.2

7.9
9.3
7.5
5.2
20.5

20.6
15.4
23.8
24.0
23.0

1/ C i v i l i a n N o n i n s t i t u t i o n a l i z e d P o p u l a t i o n .

SOURCE:
http://fraser.stlouisfed.org/ U . S . Department of Labor, Manpower Report
Federal Reserve Bank of St. Louis

Dropouts

of the P r e s i d e n t , March,

1970,

-

-

-

-

Table l b .
Labor Force Status of High School Graduates ( n o t E n r o l l e d i n C o l l e g e ) and
Dropouts as of October o f Year o f Leaving High School, by C o l o r , 1964
(Persons 16 to 24 years o f age; number i n thousands)

High School
Graduates

High School
Graduates as
Per Cent o f T o t a l

Category

Total

Total
^
C i v i l i a n Population—
Not i n Labor Force
Labor Force
Employed
Unemployed
Per c e n t

1,352
337
1,015
803
212
20.8

1,108
245
863
702
161
18.7

244
92
152
101
51
33.6

82.0
72.6
85.0
87.5
75.8

White
C i v i l i a n Population
Not i n Labor Force
Labor Force
Employed
Unemployed
Per c e n t

1,200
306
894
726
168
18.8

997
224
773
644
129
16.8

203
82
121
82
39
32.2

83.2
73.3
86.5
88.5
77.0

Negro and o t h e r Races
C i v i l i a n Population
Not i n Labor Force
Labor Force
Employed
Unemployed
Per Cent

152
31
121
77
44
36.4

111
21
90
58
32
35.6

41
10
31
19
12
38.6

73.0
67.7
74.0
75.4
72.6

Negro as Per c e n t o f T o t a l
C i v i l i a n Population
Not i n Labor Force
Labor Force
Employed
Unemployed

11.1
9.2
11.9
9.6
20.8

10.0
8.5
10.5
8.3
19.8

16.8
10.9
20.4
18.8
23.5

1/ C i v i l i a n N o n i n s t i t u t i o n a l i z e d

http://fraser.stlouisfed.org/
SOURCE: U . S . D e p a r t m e n t o f L a b o r ,
Federal Reserve Bank of St. Louis

Dropouts

Population.
Manpower R e p o r t o f t h e P r e s i d e n t , M a r c h ,

1970,

-

-

-

-

Table

lc.

L a b o r F o r c e S t a t u s o f H i g h S c h o o l G r a d u a t e s ( n o t E n r o l l e d i n C o l l e g e ) and
D r o p o u t s as o f October o f Year o f L e a v i n g H i g h S c h o o l , by C o l o r , 1968
(Persons 16 t o 24 y e a r s o f a g e ; number i n thousands)

High School
G r a d u a t e s as
Per Cent o f T o t a l

Category

Total

High School
Graduates

Total
,
C i v i l i a n Population—
Not i n Labor F o r c e
Labor F o r c e
Employed
Unemployed
Per c e n t

1,490
378
1,112
946
166
14.9

1,162
258
904
782
122
13.5

328
120
208
164
44
21.2

75.4
68.3
81.5
82.5
73.5

White
C i v i l i a n Population
Not i n Labor F o r c e
Labor F o r c e
Employed
Unemployed
Per c e n t

1,256
310
946
818
128
13.5

999
224
775
684
91
11.7

257
86
171
134
37
21.6

79.4
72.4
82.0
83.4
71.0

Negro and o t h e r Races
C i v i l i a n Population
Not i n Labor F o r c e
Labor F o r c e
Employed
Unemployed
Per Cent

234
68
166
128
38
22.9

163
34
129
98
31
24.0

71
34
37
30
7
18.9

69.5
50.0
77.6
76.5
81.5

Negro as Per c e n t o f T o t a l
C i v i l i a n Population
Not i n L a b o r Force
Labor F o r c e
Employed
Unemployed

15.7
18.0
14.9
13.5
22.9

14.0
13.2
14.3
12.6
25.4

21.7
28.4
17.8
18.3
15.9

Dropouts

1/ C i v i l i a n N o n i n s t i t u t i o n a l i z e d P o p u l a t i o n .
of Labor, Manpower Report of the P r e s i d e n t , March,


SOURCE: U.S. Department


1970.

-

—

-

-

Table 2.

Y e a r s o f S c h o o l Completed by Negro A d u l t s , by Age, 1969
(Percentage

Distribution)

Less t h a n
12 y e a r s

12 y e a r s

20 - 21

42

36

22

100

25 - 29

44

41

15

100

45 - 54

71

20

9

100

55 - 64

85

9

6

100

Age (3roup

Source:

1 o r more y e a r s
of college

U . S . Department o f L a b o r , Manpower Report o f t h e
March 1970, C h a r t 16, p . 93.




Total

President,

Table 3.
P r o p o r t i o n o f Persons Who Have Completed 4 o r More Years o f H i g h S c h o o l , —'
by Age Group and Race, 1969

Age Group
(Years)

White

Negro

Negro t o W h i t e R a t i o
( i n per cent)

20 t o 2 1

82

58

71

22 t o 24

81

56

69

25 t o 29

77

56

73

30 t o 34

73

50

68

35 t o 44

66

37

56

45 t o 54

59

29

49

55 t o 64

45

15

33

1/

I n c l u d i n g t h o s e w i t h 1 o r more y e a r s o f

Source:

college

U. S. Department o f L a b o r , Manpower Report o f t h e
March 1970, p . 93




President,

Table

4.

Negro C o l l e g e S t u d e n t s E n r o l l e d i n 1964 and 1968,
by Type o f I n s t i t u t i o n
(Numbers i n t h o u s a n d s )

1968
(Fall)

1964
(Fall)
Total

Enrollment

T o t a l Negro E n r o l l m e n t
Percent t o t a l enrollment
Enrollment i n predominantly
Negro c o l l e g e s
P e r c e n t o f a l l Negroes i n
college
Enrollment i n other colleges
P e r c e n t o f a l l Negroes i n
college

(X)

Not

Source:




Change, 1964-68
Percent
Number
46

4,643

6,801

2,158

234
5

434
6

200
(X)

120

156

36

30

51

36

(X)

(X)

114

278

164

144

49

64

(X)

(X)

85
(X)

applicable.
U . S . D e p a r t m e n t o f L a b o r , B u r e a u o f Labor S t a t i s t i c s ; U. S.
D e p a r t m e n t o f Commerce, B u r e a u o f t h e Census; U. S. Department
o f H e a l t h , E d u c a t i o n and W e l f a r e , O f f i c e o f E d u c a t i o n

T a b l e 5.

P e r c e n t a g e o f C o l l e g e Graduates Among Persons 25 Years O l d and O v e r ,
By Race, 1960-1968

Race

1950

1960

1964

1968

White

6.50

8.00

9.75

11.00

Negro

2.00

3.00

3.75

4.25

Difference

4.50

5.00

6.00

6.75

Source:




U . S . Department o f L a b o r , Manpower Report o f t h e P r e s i d e n t ,
March 1970, C h a r t 23, p . 184.

Table 6.
Median Income o f W h i t e and Negro F a m i l i e s
By L e v e l o f E d u c a t i o n o f Head, 1967 - 1968

White

1968
Negro

Ratio

Elementary:
Total
Less Than 8 y e a r s
8 years

6,328
5,589
7,041

4,220
4,016
5,020

High School:
Total
1 - 3 years
4 years

9,309
8,525
9,680

Education Level

College:
Total
1 - 3 years
4 y e a r s o r more

All,

Head Over 25

SOURCE:

P e r c e n t a g e Change
1967- 68
White
Negro

White

1967
Negro

Ratio

.67
.72
.71

5,832
4,932
6,608

3,838
3,565
4,876

.66
.72
.74

8.5
13.3
6.6

10.0
12.7
3.0

6,274
5,638
6,872

.67
.66
.71

8,618
7,971
8,962

5,597
4,920
6,403

.65
.62
.71

8.0
7.0
8.0

12.1
14.6
7.3

12,356
10,935
13,589

10,704
9,895
11,959

.87
.90
.88

11,548
10,277
12,770

8,686
8,027
9,979

.75
.78
.78

7.0
6.4
6.4

23.2
23.3
19.8

9,179

5,450

.59

8,471

4,993

.59

8.4

9.2

U. S. Department o f Commerce, Bureau o f t h e Census, "Measure o f O v e r l a p o f Income
D i s t r i b u t i o n o f W h i t e and Negro F a m i l i e s i n t h e U n i t e d S t a t e s , 1 1 T e c h n i c a l Paper 2 2 ,
W a s h i n g t o n , D. C . , 1970.




Table 7.
Median Income o f F a m i l i e s i n 1968 by Years
o f School Completed, Age, and Race o f Head

Age o f Head

25

E l e m e n t a r y School
8 Years
Less Than
8 Years

High School
4 Years
1 - 3
Years

Any C o l l e g e

College
4 or
1 - 3
More
Years

All

Education
Levels

34
White
Negro
Ratio

5,256
3,841
73.1

6,719
B

7,598
4,473
58.9

8,884
6,499
73.2

10,839
9,950
91.8

9,850
9,443
95.9

11,631
B

9,010
5,547
61.5

44
White
Negro
Ratio

6,997
4,916
70.3

8,485
4,686
55.2

9,365
5,838
62.3

10,197
6,980
68.4

13,332
11,362
85.2

11,696
B

14,404
B

10,401
6,143
59.1

54
White
Negro
Ratio

7,168
4,706
65.7

8,789
6,637
75.5

10,033
7,085
68.6

11,186
8,021
71.7

14,482
12,994
89.7

12,944
B

16,485
B

10,759
6,642
61.8

64
White
Negro
Ratio

6,523
4,338
65.5

7,864
6,026
76.6

8,876
6,682
75.3

10,096
B

14,113
B

11,412
B

16,947
B

9,157
5,207
56.9

Over 65
White
Negro
Ratio

3,639
2,775
76.3

4,308
B

4,882
B

5,809
B

7,747
B

7,028
B

8,573
B

4,746
3,070
64.7

A l l Families
White
Negro
Ratio

5,589
4,016
71.9

7,041
5,020
71.3

8,525
5,638
66.1

9,680
6,872
71.0

12,356
10,704
86.7

10,935
9,895
90.5

13,589
11,959
88.0

9,179
5,450
59.4

35

45

55

Source:
U.S. Department of Commerce, Bureau of the Census, "Income i n 1968 of F a m i l i e s and
Persons i n the U n i t e d S t a t e s , " Series p - 6 0 , No. 66, December 23, 1969.




Table

8.

N e t A s s e t A c c u m u l a t i o n o f W h i t e and N e g r o F a m i l i e s ,

Mean A s s e t
Type o f

Selected Assets,

Ownership

1966

T o t a l Asset

Ownership

Asset
Amount

Per

cent

Amount

Per

cent

Per c e n t o f

White

(amount

in billions)

(Per

cent)

2,859

16.7

294

9.7

10.3

157.8

1.8

1.1

462

2.7

50

1.6

10.8

25.5

.3

1.2

2,603

15.2

38

1.3

1.5

143.6

.2

0.14

Farm E q u i t y

2,760

16.2

311

10.2

11.3

152.3

1.9

1.2

Business

1,896

11.1

212

7.0

11.2

104.6

1.3

1.2

6,490

38.0

2,134

70.2

32.9

358.1

12.8

3.5

17,070

100.0

3,039

100.0

17.8

941.9

18.3

1.9

Money i n

Bank

Government
Value of

Equity

Bonds

Stocks

Equity

i n Home

T o t a l , Selected
Assets

Source:

Tabulated




f r o m 1967 S u r v e y o f Economic

Opportunity.

O