Treas. HJ 10 A2 c.1
Form Y No. 1
LIBRARY ROOM 5030
JUN 9 1972
TREASURY DEPARTMENT
REFERENCE To be used in Treasury Library
BULLETIN OF THE TREASURY DEPARTMENT
JANUARY 1939
Analysis of Receipts and Disbursements
Composition of the Public Debt
Capital Movements and Monetary Data
Other Treasury Statistics
LIBRARY ROOM 5030 JUN 9 1972 TREASURY DEPARTMENT
TREASURY DEPARTMENT OFFICE OF THE SECRETARY
TREASURY DEPARTMENT
BULLETIN
OF THE
JANUARY 1939
Analysis of Receipts and Disbursements Composition of the Public Debt Capital Movements and Monetary Data Other Treasury Statistics
TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
Table of Contents
Page
<table><tr><td>Introduction</td><td>1</td></tr><tr><td colspan="2">Receipts and Expenditures</td></tr><tr><td>First Six Months of Fiscal Years 1934-39</td><td>3</td></tr><tr><td>Calendar Years, 1935-38</td><td>3</td></tr><tr><td>Fiscal Years, 1932-33</td><td>4-5</td></tr><tr><td>Social Security Acts</td><td>5-6</td></tr><tr><td>Railroad Retirement Act</td><td>6</td></tr><tr><td>Cash Income and Outgo</td><td>7-8</td></tr><tr><td colspan="2">General Fund and Public Debt</td></tr><tr><td>Composition of General Fund, 1933-38</td><td>10</td></tr><tr><td>Public Debt, June 30 and December 31, 1938</td><td>10</td></tr><tr><td>Holdings of Government Obligations, 1936-38</td><td>11</td></tr><tr><td>Composition of Public Debt</td><td>12</td></tr><tr><td>Major Financing Operations, 1933-38</td><td>13-14</td></tr><tr><td>Computed Interest, Comparative Yields</td><td>15</td></tr><tr><td>Holdings by U. S. Trust Accounts, etc.</td><td>16</td></tr><tr><td colspan="2">Contingent Liabilities</td></tr><tr><td>U. S. Corporations, Credit Agencies</td><td>18</td></tr><tr><td>U. S. Proprietary Interest</td><td>18</td></tr><tr><td colspan="2">Capital Movements</td></tr><tr><td>Summary Table</td><td>20</td></tr><tr><td>Short-term Foreign Assets and Liabilities</td><td>21-22</td></tr><tr><td>Security Transactions, etc.</td><td>23-24</td></tr><tr><td>Foreign Exchange Transactions</td><td>25-26</td></tr><tr><td colspan="2">Other Monetary Data</td></tr><tr><td>Gold, Silver Stocks</td><td>29-30</td></tr><tr><td>Silver Production, Movements</td><td>30-31</td></tr><tr><td>Foreign Exchange Data</td><td>33</td></tr><tr><td colspan="2">Miscellaneous</td></tr><tr><td>Commodities Imported under Quotas</td><td>35</td></tr><tr><td>Law Enforcement Statistics</td><td>36</td></tr></table>
BULLETIN OF THE TREASURY DEPARTMENT
INTRODUCTION
This Bulletin contains statistics of the United States Government transactions and other information gathered by the Treasury Department. It is the intention to issue similar Bulletins monthly and to incorporate in them information additional to that which is included in this first issue.
The purpose of the Bulletin is to extend knowledge of the public finances, monetary developments and activities of the Treasury Department by making information available in a more compact and usable form. The material herein contained supplements or recapitulates data contained in the Daily Treasury Statement and other publications and press releases of the Treasury Department.
Only a limited number of copies is being prepared, for the present distribution will be restricted in the main to periodical publications desiring to make use of the material and to public officers. Other requests may be filled only to the extent of the limited supply.
I shall be glad to receive and to give careful consideration to suggestions for improving the Bulletin so as to make it serve its purpose more adequately.
Henry Morgenthau, Jr. Secretary of the Treasury.
-1-
RECEIPTS AND EXPENDITURES
-2-
Summary Tables
(In millions of dollars)
RECEIPTS AND EXPENDITURES
<table><tr><th rowspan="2"></th><th colspan="6">First 6 months fiscal year</th><th rowspan="2">Change '38 -'39</th></tr><tr><th>1934</th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th></tr><tr><td>Receipts.....</td><td>1,469</td><td>1,845</td><td>1,902</td><td>2,158</td><td>3,176</td><td>2,927</td><td>-249</td></tr><tr><td>Expenditures.</td><td>2,085</td><td>3,607</td><td>3,284</td><td>3,863</td><td>3,690</td><td>4,504</td><td>+814</td></tr><tr><td>Deficit...</td><td>616</td><td>1,762</td><td>1,382</td><td>1,705</td><td>514</td><td>1,577</td><td>+1,063</td></tr></table>
PUBLIC DEBT
<table><tr><th rowspan="2"></th><th colspan="5">Outstanding on December 31, of fiscal year</th><th rowspan="2">Change '38 -'39</th></tr><tr><th>1934</th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th></tr><tr><td>Market issues</td><td>23,443</td><td>27,921</td><td>29,829</td><td>33,775</td><td>34,707</td><td>36,271</td><td>1,564</td></tr><tr><td>Special issues....</td><td>371</td><td>558</td><td>728</td><td>632</td><td>2,572</td><td>3,156</td><td>584</td></tr><tr><td>Gross debt.</td><td>23,814</td><td>28,479</td><td>30,557</td><td>34,407</td><td>37,279</td><td>39,427</td><td>2,148</td></tr></table>
3
Federal Receipts and Expenditures
(In millions of dollars)
EXPENDITURES
<table><tr><th></th><th colspan="6">First 6 months fiscal year</th><th rowspan="2">Change '38 - '39</th></tr><tr><th></th><th>1934</th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th></tr><tr><td>National defense and Veterans' Adm......</td><td>550</td><td>685</td><td>794</td><td>808</td><td>792</td><td>855</td><td>+63</td></tr><tr><td>Social Security and R.R. Retirement Acts. Agricultural Adjustment Program.</td><td>-</td><td>-</td><td>-</td><td>78</td><td>493</td><td>467</td><td>-26</td></tr><tr><td>Interest on the public debt.</td><td>160</td><td>376</td><td>366</td><td>162</td><td>78</td><td>303</td><td>+225</td></tr><tr><td>Public Works.</td><td>353</td><td>414</td><td>358</td><td>403</td><td>432</td><td>425</td><td>-7</td></tr><tr><td>Unemployment relief.</td><td>237</td><td>402</td><td>331</td><td>595</td><td>461</td><td>472</td><td>+11</td></tr><tr><td>Loans and stock subscriptions.</td><td>243</td><td>1,215</td><td>1,019</td><td>1,279</td><td>890</td><td>1,363</td><td>+467</td></tr><tr><td>Other.</td><td>221</td><td>268</td><td>283/444</td><td>57</td><td>28</td><td>54</td><td>+26</td></tr><tr><td></td><td>321</td><td>247</td><td>444</td><td>481</td><td>510</td><td>565</td><td>+55</td></tr><tr><td>Total.</td><td>2,085</td><td>3,607</td><td>3,284</td><td>3,663</td><td>3,690</td><td>4,504</td><td>+814</td></tr><tr><td>Excess of Expenditures.</td><td>616</td><td>1,762</td><td>1,382</td><td>1,705</td><td>514</td><td>1,577</td><td>+1,063</td></tr></table>
RECONCILIATION, DEFICIT AND DEBT INCREASE, FIRST 6 MONTHS OF FISCAL YEAR 1939
Increase in debt:
<table><tr><td>Net issues (less redemptions)</td><td>$2,262</td></tr><tr><td>For:</td><td>1,577</td></tr><tr><td> deficit</td><td></td></tr><tr><td>increase, cash balance</td><td>$861</td></tr><tr><td>decrease, trust fund net receipts</td><td>182</td></tr><tr><td></td><td>685</td></tr><tr><td></td><td>$2,262</td></tr></table>
Estimates for Fiscal Year 1939 and Actual for First Six Months (In millions of dollars)
A comparison of actual receipts and expenditures for the first six months and the estimates for the full current fiscal year, in millions of dollars, is indicated below:
<table><tr><th></th><th>Estimated Fiscal Year 1939</th><th>Actual 6 months to Dec. 31, 1938</th><th>Balance last 6 months</th></tr><tr><td>Receipts.</td><td>$5,520</td><td>$2,927</td><td>$2,593</td></tr><tr><td>Expenditures:</td><td></td><td></td><td></td></tr><tr><td>Ordinary.</td><td>5,251</td><td>2,615</td><td>2,636</td></tr><tr><td>Public Works.</td><td>1,229</td><td>472</td><td>757</td></tr><tr><td>Unemployment Relief.</td><td>2,741</td><td>1,353</td><td>1,378</td></tr><tr><td>Loans, subscriptions to stock, etc.</td><td>271</td><td>54</td><td>217</td></tr><tr><td>Total Expenditures.</td><td>9,492</td><td>4,504</td><td>4,988</td></tr><tr><td>Deficit (net).</td><td>3,972</td><td>1,577</td><td>2,395</td></tr><tr><td>Financing of deficit Increase in debt:</td><td></td><td></td><td></td></tr><tr><td>Market issues.</td><td>3,008</td><td>1,782</td><td>1,226</td></tr><tr><td>Special issues.</td><td>959</td><td>481</td><td>478</td></tr><tr><td>Total debt increase.</td><td>3,967</td><td>2,263</td><td>1,704</td></tr><tr><td>Increase in working balance, general and special accounts (deduct).</td><td>-</td><td>691</td><td>691.2</td></tr><tr><td>Decrease in working balance, other accounts (add) 1/</td><td>5</td><td>5</td><td>-</td></tr><tr><td></td><td>3,972</td><td>1,577</td><td>2,395</td></tr></table>
1/ Represents decrease in working balance due to retirement of National bank notes.
2/ Decrease, add.
RECEIPTS
<table><tr><th></th><th colspan="6">First 6 months fiscal year</th><th rowspan="2">Change '38 -'39</th></tr><tr><th></th><th>1934</th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th></tr><tr><td>Income Tax</td><td>325</td><td>421</td><td>555</td><td>706</td><td>1,157</td><td>1,135</td><td>-22</td></tr><tr><td>Miscellaneous Internal Revenue</td><td>742</td><td>855</td><td>975</td><td>1,133</td><td>1,268</td><td>1,200</td><td>-68</td></tr><tr><td>Taxes under Social Security Act</td><td>-</td><td>-</td><td>-</td><td>-</td><td>345</td><td>279</td><td>-66</td></tr><tr><td>Taxes upon carriers and their employees</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>53</td><td>-15</td></tr><tr><td>Customs</td><td>175</td><td>170</td><td>190</td><td>217</td><td>214</td><td>164</td><td>-50</td></tr><tr><td>Other</td><td>227</td><td>399</td><td>182</td><td>102</td><td>124</td><td>96</td><td>-28</td></tr><tr><td>Total</td><td>1,469</td><td>1,845</td><td>1,902</td><td>2,158</td><td>3,176</td><td>2,921</td><td>-249</td></tr></table>
a/ Excess of credits, deduct.
Receipts and Expenditures
Calendar Years 1935-1938
(In millions of dollars)
<table><tr><th></th><th>1935</th><th>1936</th><th>1937</th><th>1938</th></tr><tr><td>Income tax</td><td>1,233</td><td>1,578</td><td>2,609</td><td>2,613</td></tr><tr><td>Miscellaneous internal revenue</td><td>1,777</td><td>2,168</td><td>2,316</td><td>2,211</td></tr><tr><td>Taxes under Social Security Act</td><td>-</td><td>-</td><td>597</td><td>539</td></tr><tr><td>Taxes upon carriers and their employees</td><td>-</td><td>-</td><td>68</td><td>135</td></tr><tr><td>Customs</td><td>373</td><td>414</td><td>483</td><td>309</td></tr><tr><td>Other</td><td>474</td><td>212</td><td>239</td><td>186</td></tr><tr><td>Total</td><td>3,857</td><td>4,372</td><td>6,312</td><td>5,993</td></tr><tr><td>National defense and Veterans' Adm.</td><td>1,426</td><td>3,276</td><td>2,056</td><td>1,673</td></tr><tr><td>Social Security and Railroad Retirement Acts</td><td>-</td><td>106</td><td>858</td><td>807</td></tr><tr><td>Agricultural Adjustment Program</td><td>703</td><td>329</td><td>443</td><td>586</td></tr><tr><td>Interest on the public debt</td><td>765</td><td>794</td><td>895</td><td>919</td></tr><tr><td>Public Works</td><td>567</td><td>993</td><td>832</td><td>801</td></tr><tr><td>Unemployment relief</td><td>2,158</td><td>2,569</td><td>2,048</td><td>2,391</td></tr><tr><td>Loans and stock subscriptions</td><td>196</td><td>258</td><td>170</td><td>157</td></tr><tr><td>Other</td><td>872</td><td>860</td><td>967</td><td>1,107</td></tr><tr><td>Total</td><td>6,687</td><td>9,185</td><td>8,269</td><td>8,441</td></tr><tr><td>Excess of expenditures</td><td>2,830</td><td>4,813</td><td>1,957</td><td>2,448</td></tr></table>
4
Summary of Federal Receipts and Expenditures
(In millions of dollars - on basis of daily Treasury statement, unrevised) 1/
<table><tr><th rowspan="2">Period</th><th colspan="6">Receipts</th><th colspan="6">Expenditures 2/</th><th rowspan="2">Excess of receipts (+) or expenditures (-)</th></tr><tr><th>Total</th><th colspan="3">Internal revenue</th><th>Miscellaneous receipts</th><th>Total</th><th>General</th><th>Recovery and relief</th><th>Revolving funds (net)</th><th>Transfers to trust accounts, etc.</th><th>Debt retirement</th></tr><tr><th></th><th></th><th>Total</th><th>Income tax</th><th>Social Security 3/</th><th>Other</th><th>Customs</th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Fiscal years ended June 30</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1932</td><td>2,006</td><td>1,561</td><td>1,057</td><td>-</td><td>504</td><td>328</td><td>117</td><td>4,948</td><td>3,627</td><td>625</td><td>62</td><td>221</td><td>413</td><td>- 2,942</td></tr><tr><td>1933</td><td>2,080</td><td>1,604</td><td>746</td><td>-</td><td>858</td><td>251</td><td>225</td><td>4,325</td><td>3,283</td><td>385</td><td>74</td><td>121</td><td>461</td><td>- 2,245</td></tr><tr><td>1934</td><td>3,116</td><td>2,641</td><td>818</td><td>-</td><td>1,823</td><td>313</td><td>162</td><td>6,371</td><td>2,683</td><td>2,763</td><td>496</td><td>71</td><td>360</td><td>- 3,255</td></tr><tr><td>1935</td><td>3,800</td><td>3,278</td><td>1,099</td><td>-</td><td>2,119</td><td>343</td><td>179</td><td>7,583</td><td>3,225</td><td>3,369</td><td>345</td><td>71</td><td>574</td><td>- 3,783</td></tr><tr><td>1936</td><td>4,116</td><td>3,513</td><td>1,427</td><td>-</td><td>2,086</td><td>387</td><td>216</td><td>9,069</td><td>3,399</td><td>3,441</td><td>11</td><td>1,814</td><td>403</td><td>- 4,953</td></tr><tr><td>1937</td><td>5,294</td><td>4,598</td><td>2,158</td><td>253</td><td>2,187</td><td>486</td><td>210</td><td>8,546</td><td>4,297</td><td>3,073</td><td>204</td><td>868</td><td>104</td><td>- 3,253</td></tr><tr><td>1938</td><td>6,242</td><td>5,675</td><td>2,635</td><td>755</td><td>2,285</td><td>359</td><td>208</td><td>7,691</td><td>4,661</td><td>2,238</td><td>121</td><td>607</td><td>65</td><td>- 1,450</td></tr><tr><td>1937 - Dec.</td><td>866</td><td>817</td><td>487</td><td>138</td><td>192</td><td>30</td><td>19</td><td>680</td><td>438</td><td>169</td><td>7</td><td>63</td><td>2</td><td>- 186</td></tr><tr><td>1938 - Jan.</td><td>335</td><td>281</td><td>52</td><td>57</td><td>172</td><td>26</td><td>27</td><td>574</td><td>326</td><td>147</td><td>4</td><td>56</td><td>1</td><td>- 199</td></tr><tr><td>Feb.</td><td>349</td><td>313</td><td>62</td><td>110</td><td>141</td><td>24</td><td>12</td><td>528</td><td>290</td><td>153</td><td>17</td><td>56</td><td>13</td><td>- 179</td></tr><tr><td>Mar.</td><td>959</td><td>919</td><td>723</td><td>3</td><td>193</td><td>26</td><td>14</td><td>752</td><td>476</td><td>196</td><td>18</td><td>58</td><td>4</td><td>- 207</td></tr><tr><td>Apr.</td><td>273</td><td>238</td><td>49</td><td>34</td><td>155</td><td>24</td><td>10</td><td>643</td><td>411</td><td>202</td><td>9</td><td>19</td><td>1</td><td>- 370</td></tr><tr><td>May</td><td>375</td><td>340</td><td>40</td><td>131</td><td>169</td><td>22</td><td>12</td><td>569</td><td>344</td><td>206</td><td>16</td><td>2</td><td>1</td><td>- 193</td></tr><tr><td>June</td><td>774</td><td>740</td><td>550</td><td>5</td><td>185</td><td>22</td><td>12</td><td>937</td><td>603</td><td>314</td><td>12</td><td>1</td><td>7</td><td>- 163</td></tr><tr><td>July</td><td>311</td><td>265</td><td>47</td><td>32</td><td>186</td><td>23</td><td>24</td><td>763</td><td>406</td><td>216</td><td>5</td><td>135</td><td>12</td><td>- 451</td></tr><tr><td>Aug.</td><td>487</td><td>446</td><td>32</td><td>131</td><td>283</td><td>29</td><td>13</td><td>683</td><td>386</td><td>236</td><td>13</td><td>48</td><td>-</td><td>- 192</td></tr><tr><td>Sept.</td><td>711</td><td>671</td><td>498</td><td>3</td><td>170</td><td>29</td><td>11</td><td>765</td><td>453</td><td>243</td><td>10</td><td>45</td><td>14</td><td>- 54</td></tr><tr><td>Oct.</td><td>332</td><td>284</td><td>41</td><td>34</td><td>209</td><td>31</td><td>17</td><td>771</td><td>454</td><td>262</td><td>10</td><td>44</td><td>2</td><td>- 439</td></tr><tr><td>Nov.</td><td>382</td><td>340</td><td>36</td><td>129</td><td>175</td><td>27</td><td>15</td><td>678</td><td>374</td><td>248</td><td>7</td><td>48</td><td>1</td><td>- 296</td></tr><tr><td>Dec.</td><td>704</td><td>664</td><td>481</td><td>3</td><td>180</td><td>25</td><td>15</td><td>870</td><td>500</td><td>307</td><td>6</td><td>48</td><td>9</td><td>- 166</td></tr></table>
1 Figures are rounded to nearest million and will not necessarily add to totals. 
2 Excluding postal revenues but including postal deficit. 
3 Including Railroad Retirement. 
4 Less than $500,000.
Federal Expenditures - General
(In millions of dollars - on basis of daily Treasury statement, unrevised)
<table><tr><th>Period</th><th>Total</th><th>Departmental</th><th>National defense</th><th>Veterans' Administration</th><th>Public Works</th><th>Agricultural Adjustment program</th><th>Civilian Conservation Corps</th><th>Social Security and Railroad Retirement Act</th><th>Interest on the public debt</th><th>Other</th></tr><tr><td>Fiscal years ended June 30</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1932</td><td>3,627</td><td>958</td><td>708</td><td>785</td><td>117</td><td>-</td><td>-</td><td>-</td><td>599</td><td>460</td></tr><tr><td>1933</td><td>3,283</td><td>807</td><td>668</td><td>763</td><td>118</td><td>-</td><td>-</td><td>-</td><td>689</td><td>238</td></tr><tr><td>1934</td><td>2,681</td><td>341</td><td>480</td><td>507</td><td>154</td><td>289</td><td>2/</td><td>-</td><td>757</td><td>153</td></tr><tr><td>1935</td><td>3,225</td><td>356</td><td>534</td><td>556</td><td>80</td><td>712</td><td>2/</td><td>-</td><td>821</td><td>166</td></tr><tr><td>1936</td><td>3,399</td><td>429</td><td>764</td><td>576</td><td>150</td><td>533</td><td>2/</td><td>29</td><td>789</td><td>169</td></tr><tr><td>1937</td><td>4,297</td><td>505</td><td>856</td><td>580</td><td>311</td><td>527</td><td>321</td><td>188</td><td>866</td><td>143</td></tr><tr><td>1938</td><td>4,661</td><td>570</td><td>974</td><td>582</td><td>460</td><td>362</td><td>325</td><td>290</td><td>926</td><td>172</td></tr><tr><td>1937 - Dec.</td><td>438</td><td>42</td><td>85</td><td>49</td><td>42</td><td>11</td><td>27</td><td>14</td><td>163</td><td>5</td></tr><tr><td>1938 - Jan.</td><td>326</td><td>51</td><td>81</td><td>49</td><td>37</td><td>18</td><td>26</td><td>46</td><td>16</td><td>2</td></tr><tr><td>Feb.</td><td>290</td><td>40</td><td>76</td><td>47</td><td>29</td><td>30</td><td>24</td><td>18</td><td>17</td><td>9</td></tr><tr><td>Mar.</td><td>476</td><td>52</td><td>89</td><td>49</td><td>27</td><td>58</td><td>27</td><td>9</td><td>153</td><td>12</td></tr><tr><td>Apr.</td><td>411</td><td>47</td><td>81</td><td>49</td><td>30</td><td>70</td><td>24</td><td>28</td><td>66</td><td>16</td></tr><tr><td>May</td><td>344</td><td>45</td><td>85</td><td>48</td><td>31</td><td>60</td><td>24</td><td>22</td><td>9</td><td>19</td></tr><tr><td>June</td><td>603</td><td>47</td><td>84</td><td>48</td><td>35</td><td>45</td><td>25</td><td>65</td><td>233</td><td>18</td></tr><tr><td>July</td><td>406</td><td>70</td><td>89</td><td>48</td><td>43</td><td>58</td><td>27</td><td>40</td><td>13</td><td>18</td></tr><tr><td>Aug.</td><td>386</td><td>61</td><td>94</td><td>48</td><td>47</td><td>33</td><td>28</td><td>33</td><td>17</td><td>25</td></tr><tr><td>Sept.</td><td>453</td><td>48</td><td>84</td><td>47</td><td>49</td><td>25</td><td>26</td><td>10</td><td>146</td><td>18</td></tr><tr><td>Oct.</td><td>454</td><td>56</td><td>90</td><td>46</td><td>52</td><td>63</td><td>25</td><td>49</td><td>67</td><td>6</td></tr><tr><td>Nov.</td><td>374</td><td>60</td><td>92</td><td>46</td><td>45</td><td>70</td><td>23</td><td>28</td><td>9</td><td>1</td></tr><tr><td>Dec.</td><td>500</td><td>50</td><td>92</td><td>45</td><td>44</td><td>53</td><td>23</td><td>14</td><td>173</td><td>7</td></tr></table>
1/ Includes public buildings, public highways, rivers and harbors, Tennessee Valley Authority and reclamation projects. 
2/ Included under Recovery and Relief in these years.
5
Federal Expenditures - Recovery and Relief, Revolving Funds (net), and Transfers to Trust Accounts, etc.
(In millions of dollars - on basis of daily Treasury statement, unrevised)
<table><tr><th rowspan="2">Period</th><th colspan="6">Recovery and relief</th><th colspan="3">Revolving funds (net)</th><th colspan="5">Transfers to trust accounts, etc.</th></tr><tr><th>Total</th><th colspan="2">Public works, including work relief</th><th>Relief</th><th>Agricultural Aid</th><th>Aid to home owners</th><th>Miscellaneous</th><th>Total</th><th>Agricultural Aid</th><th>Public Works</th><th>Total</th><th>Old-Age Reserve Account</th><th>Railroad Retirement Account</th><th>Adjusted Service Certificate Fund</th><th>Government Employees' Retirement Funds (U.S. share)</th></tr><tr><th></th><th></th><th>WPA</th><th>Other</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Fiscal years ended June 30</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1932</td><td>625</td><td>-</td><td>-</td><td>-</td><td>125</td><td>-</td><td>500</td><td>62</td><td>62</td><td>-</td><td>221</td><td>-</td><td>-</td><td>200</td><td>21</td></tr><tr><td>1933</td><td>385</td><td>-</td><td>-</td><td>38</td><td>(9)</td><td>44</td><td>303</td><td>74</td><td>74</td><td>-</td><td>121</td><td>-</td><td>-</td><td>100</td><td>21</td></tr><tr><td>1934</td><td>2,763</td><td>-</td><td>494</td><td>1,844 1/2</td><td>49</td><td>195</td><td>182</td><td>496</td><td>346</td><td>150</td><td>71</td><td>-</td><td>-</td><td>50</td><td>21</td></tr><tr><td>1935</td><td>3,369</td><td>-</td><td>816</td><td>2,348 1/2</td><td>48</td><td>104</td><td>52</td><td>345</td><td>141</td><td>204</td><td>71</td><td>-</td><td>-</td><td>50</td><td>21</td></tr><tr><td>1936</td><td>3,441</td><td>1,264</td><td>784</td><td>985 1/2</td><td>157</td><td>215</td><td>36</td><td>11</td><td>(33)</td><td>44</td><td>1,814</td><td>-</td><td>-</td><td>1,773</td><td>41</td></tr><tr><td>1937</td><td>3,073</td><td>1,896</td><td>741</td><td>985</td><td>64</td><td>298</td><td>(4)</td><td>204</td><td>(18)</td><td>222</td><td>868</td><td>265</td><td>-</td><td>556</td><td>47</td></tr><tr><td>1938</td><td>2,238</td><td>1,472</td><td>342</td><td>6</td><td>170</td><td>240</td><td>7</td><td>121</td><td>(13)</td><td>134</td><td>607</td><td>387</td><td>147</td><td>-</td><td>73</td></tr><tr><td>1937-Dec.</td><td>169</td><td>115</td><td>28</td><td>-</td><td>4</td><td>19</td><td>2</td><td>7</td><td>(2)</td><td>9</td><td>63</td><td>43</td><td>20</td><td>-</td><td>-</td></tr><tr><td>1938-Jan.</td><td>147</td><td>103</td><td>23</td><td>1</td><td>3</td><td>16</td><td>2</td><td>4</td><td>-</td><td>4</td><td>56</td><td>41</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Feb.</td><td>153</td><td>105</td><td>22</td><td>1</td><td>9</td><td>17</td><td>*</td><td>17</td><td>-</td><td>17</td><td>56</td><td>41</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Mar.</td><td>196</td><td>145</td><td>20</td><td>1</td><td>7</td><td>23</td><td>*</td><td>18</td><td>-</td><td>18</td><td>58</td><td>43</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Apr.</td><td>202</td><td>146</td><td>21</td><td>1</td><td>11</td><td>23</td><td>*</td><td>9</td><td>-</td><td>9</td><td>19</td><td>11</td><td>8</td><td>-</td><td>-</td></tr><tr><td>May</td><td>206</td><td>158</td><td>25</td><td>1</td><td>3</td><td>20</td><td>*</td><td>16</td><td>-</td><td>16</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>314</td><td>166</td><td>29</td><td>*</td><td>102 2/2</td><td>17</td><td>(*)</td><td>12</td><td>(1)</td><td>13</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>July</td><td>216</td><td>172</td><td>26</td><td>*</td><td>3</td><td>15</td><td>*</td><td>5</td><td>(1)</td><td>6</td><td>135</td><td>38</td><td>22</td><td>-</td><td>75</td></tr><tr><td>Aug.</td><td>236</td><td>193</td><td>24</td><td>*</td><td>9</td><td>10</td><td>(*)</td><td>13</td><td>(1)</td><td>14</td><td>48</td><td>38</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Sept.</td><td>243</td><td>194</td><td>36</td><td>*</td><td>4</td><td>9</td><td>(*)</td><td>10</td><td>(1)</td><td>11</td><td>45</td><td>33</td><td>12</td><td>-</td><td>-</td></tr><tr><td>Oct.</td><td>262</td><td>207</td><td>38</td><td>1</td><td>2</td><td>13</td><td>-</td><td>10</td><td>(1)</td><td>11</td><td>44</td><td>32</td><td>12</td><td>-</td><td>-</td></tr><tr><td>Nov.</td><td>248</td><td>194</td><td>37</td><td>*</td><td>5</td><td>10</td><td>2</td><td>7</td><td>(1)</td><td>5</td><td>48</td><td>32</td><td>16</td><td>-</td><td>-</td></tr><tr><td>Dec.</td><td>307</td><td>219</td><td>73</td><td>*</td><td>4</td><td>11</td><td>-</td><td>6</td><td>(2)</td><td>8</td><td>48</td><td>32</td><td>16</td><td>-</td><td>-</td></tr></table>
1/ includes funds expended for Civilian Conservation Corps during these years.
2/ includes §§4 restoration of capital impairment of Commodity Credit Corporation.
* Less than $500,000
( ) Indicates credit; deduct.
Receipts and Expenditures under Social Security Act, by Fiscal Years to June 30, 1938, and by Months for Fiscal Year 1939
(In millions of dollars)
<table><tr><th rowspan="2">Year</th><th colspan="3">RECEIPTS</th><th colspan="7">EXPENDITURES</th></tr><tr><th>Employment taxes (Title VIII)</th><th>Tax on employers of 8 or more (Title IX, Sec. 901)</th><th>Total Receipts</th><th>Administrative Expense</th><th colspan="3">Grants to States</th><th>Refunds to states of taxes collected under Title IX a/</th><th>Transfers to Old-age Reserve Account (Title II)</th><th>Total Expenditures</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Unemployment Compensation Administration</th><th>Old-age Assistance, Sto.</th><th>Total Grants</th><th></th><th></th><th></th></tr><tr><td>Fiscal year 1936..</td><td>$ --</td><td>$ --</td><td>$ --</td><td>$ .6</td><td>$ .9</td><td>$ 26.9</td><td>$ 27.8</td><td>$ --</td><td>$ --</td><td>$ 28.4</td></tr><tr><td>Fiscal year 1937..</td><td>$ 194.3</td><td>$ 57.8</td><td>$ 252.1</td><td>$ 15.8</td><td>$ 9.1</td><td>$ 157.8</td><td>$ 166.9</td><td>$ --</td><td>$ 265.0</td><td>$ 447.7</td></tr><tr><td>Fiscal year 1938..</td><td>$ 514.4</td><td>$ 90.1</td><td>$ 604.5</td><td>$ 20.0</td><td>$ 41.9</td><td>$ 229.6</td><td>$ 271.5</td><td>$ 40.6</td><td>$ 387.0</td><td>$ 719.1</td></tr><tr><td>Fiscal year 1939:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July</td><td>$ 28.8</td><td>$ 2.6</td><td>$ 31.4</td><td>$ 1.9</td><td>$ 8.0</td><td>$ 30.0</td><td>$ 38.0</td><td>$ --</td><td>$ 38.0</td><td>$ 77.9</td></tr><tr><td>August</td><td>$ 97.8</td><td>$ 8.0</td><td>$ 105.8</td><td>$ 1.9</td><td>$ 5.8</td><td>$ 24.8</td><td>$ 30.6</td><td>$ --</td><td>$ 38.0</td><td>$ 70.5</td></tr><tr><td>September</td><td>$ 2.2</td><td>$ .5</td><td>$ 2.7</td><td>$ 1.8</td><td>$ 1.2</td><td>$ 6.8</td><td>$ 8.0</td><td>$ --</td><td>$ 33.0</td><td>$ 42.8</td></tr><tr><td>October</td><td>$ 30.6</td><td>$ 2.9</td><td>$ 33.5</td><td>$ 1.8</td><td>$ 9.1</td><td>$ 38.0</td><td>$ 47.1</td><td>$ --</td><td>$ 32.0</td><td>$ 80.9</td></tr><tr><td>November</td><td>$ 95.7</td><td>$ 7.0</td><td>$ 102.7</td><td>$ 1.7</td><td>$ 6.2</td><td>$ 20.4</td><td>$ 26.6</td><td>$ --</td><td>$ 32.0</td><td>$ 60.3</td></tr><tr><td>December</td><td>$ 2.5</td><td>$ .5</td><td>$ 3.0</td><td>$ 1.5</td><td>$ .6</td><td>$ 11.7</td><td>$ 12.3</td><td>$ --</td><td>$ 32.0</td><td>$ 45.9</td></tr><tr><td>Total</td><td>$ 966.3</td><td>$ 169.4</td><td>$ 1,135.7</td><td>$ 47.1</td><td>$ 82.8</td><td>$ 546.0</td><td>$ 628.8</td><td>$ 40.6</td><td>$ 857.0</td><td>$ 1,573.5</td></tr></table>
g/ Second Deficiency Appropriation Act, fiscal year 1936, approved June 25, 1936, carried an appropriation of $40,561,856.43, pursuant to authorisation of August 24, 1937, for making refund to certain states of portions of Federal employee's tax for calendar year 1936 collected under title IX of the Social Security Act.
6
Old-Age Reserve Account by Fiscal Years to June 30, 1938 and by Months for Fiscal Year 1939
(In millions of dollars)
<table><tr><th rowspan="2">Year</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures - Benefit Payments</th><th rowspan="2">Balance of Account</th><th colspan="2">Balance Analyzed</th></tr><tr><th>Appropriations by Congress</th><th>Interest on Investments</th><th>Total Receipts</th><th>Investments</th><th>Unexpanded</th></tr><tr><td>1936</td><td>$ -</td><td>$ -</td><td>$ -</td><td>$ -</td><td>$ -</td><td>$ -</td><td>$ -</td></tr><tr><td>1937</td><td>265.0</td><td>2.3</td><td>267.3</td><td>-</td><td>267.3</td><td>267.1</td><td>.2</td></tr><tr><td>1938</td><td>500.0</td><td>15.4</td><td>515.4</td><td>5.4</td><td>777.3</td><td>662.3</td><td>115.0</td></tr><tr><td>1939-July</td><td>360.0</td><td>-</td><td>360.0</td><td>.8</td><td>1,136.5</td><td>700.3</td><td>436.2</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>.8</td><td>1,135.7</td><td>733.3</td><td>402.4</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>1,134.8</td><td>766.3</td><td>368.5</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>1,133.7</td><td>798.3</td><td>335.4</td></tr><tr><td>November</td><td>-</td><td>-</td><td>-</td><td>1.0</td><td>1,132.7</td><td>830.3</td><td>302.4</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>1,131.6</td><td>862.3</td><td>269.3</td></tr><tr><td>Total</td><td>1,125.0</td><td>17.7</td><td>1,142.7</td><td>11.1</td><td>1,131.6</td><td>862.3</td><td>269.3</td></tr></table>
Unemployment Trust Fund by Fiscal Years to June 30, 1938 and by Months for Fiscal Year 1939
(In millions of dollars)
<table><tr><th>Year</th><th>Deposits by States</th><th>Interest on Investments</th><th>Total Receipts</th><th>Withdrawals by States</th><th>Balance of Fund</th><th colspan="2">Balance Analyzed</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Investments</th><th>Unexpended</th></tr><tr><td>1936</td><td>$ 18.9</td><td>$.1</td><td>$ 19.0</td><td>$ -</td><td>$ 19.0</td><td>$ 18.9</td><td>$ .1</td></tr><tr><td>1937</td><td>291.7</td><td>2.7</td><td>294.4</td><td>1.0</td><td>312.4</td><td>312.3</td><td>.1</td></tr><tr><td>1938</td><td>747.6</td><td>15.2</td><td>762.8</td><td>191.0</td><td>884.2</td><td>872.0</td><td>12.2</td></tr><tr><td>1939-July</td><td>35.5</td><td>-</td><td>35.5</td><td>36.0</td><td>883.7</td><td>872.0</td><td>11.7</td></tr><tr><td>August</td><td>131.3</td><td>-</td><td>131.3</td><td>52.7</td><td>962.3</td><td>954.0</td><td>8.3</td></tr><tr><td>September</td><td>35.4</td><td>-</td><td>35.4</td><td>40.0</td><td>957.7</td><td>950.0</td><td>7.7</td></tr><tr><td>October</td><td>38.0</td><td>.1</td><td>38.1</td><td>39.7</td><td>956.1</td><td>936.0</td><td>20.1</td></tr><tr><td>November</td><td>125.1</td><td>-</td><td>125.1</td><td>26.5</td><td>1,054.7</td><td>1,032.0</td><td>22.7</td></tr><tr><td>December</td><td>36.9</td><td>11.9</td><td>48.8</td><td>19.4</td><td>1,084.1</td><td>1,064.0</td><td>20.1</td></tr><tr><td>Total</td><td>1,460.4</td><td>30.0</td><td>1,490.4</td><td>406.3</td><td>1,084.1</td><td>1,064.0</td><td>20.1</td></tr></table>
Receipts and Expenditures under Railroad Retirement Act*, by Fiscal Years to June 30, 1938; and by Months for Fiscal Year 1939
Railroad Retirement Account by Fiscal Years to June 30, 1938 and by Months for Fiscal Year 1939
(In millions of dollars)
(in millions of dollars)
<table><tr><th rowspan="2">Year</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th><th rowspan="2">Year</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures</th><th colspan="3">Balance Analyzed</th></tr><tr><th>Taxes upon carriers and their employees</th><th>Adminis- trative Expenses</th><th>Transfers to Railroad Retirement Account</th><th>Total Expendi- tures</th><th>Appropriations by Congress</th><th>Interest on Investments</th><th>Total Receipts</th><th>Balance of Account</th><th>Invest- ments</th><th>Unex- pended</th></tr><tr><td>1936</td><td>$ -</td><td>$ .3</td><td>$ -</td><td>$ .3</td><td>1936</td><td>$ 46.6</td><td>$ -</td><td>$ 46.6</td><td>$ -</td><td>$ 46.6</td><td>$ -</td><td>$ 46.6</td></tr><tr><td>1937</td><td>.4</td><td>1.5</td><td>-</td><td>1.5</td><td>1937</td><td>-</td><td>-</td><td>-</td><td>42.6</td><td>-</td><td>42.6</td></tr><tr><td>1938</td><td>150.1</td><td>2.6</td><td>146.4</td><td>149.0</td><td>1938</td><td>99.9</td><td>1.4</td><td>101.3</td><td>75.8</td><td>68.1</td><td>66.2</td><td>1.9</td></tr><tr><td>1939-July</td><td>.4</td><td>.2</td><td>22.0</td><td>22.2</td><td>1939-July</td><td>118.3</td><td>-</td><td>118.3</td><td>5.1</td><td>178.3</td><td>68.2</td><td>110.1</td></tr><tr><td>August</td><td>25.5</td><td>.2</td><td>9.5</td><td>9.7</td><td>August</td><td>-</td><td>-</td><td>-</td><td>8.4</td><td>169.9</td><td>69.7</td><td>100.2</td></tr><tr><td>September</td><td>-</td><td>.3</td><td>11.5</td><td>11.8</td><td>September</td><td>-</td><td>-</td><td>-</td><td>8.6</td><td>161.3</td><td>71.2</td><td>90.1</td></tr><tr><td>October</td><td>.8</td><td>.2</td><td>11.5</td><td>11.7</td><td>October</td><td>-</td><td>-</td><td>-</td><td>8.8</td><td>152.5</td><td>72.7</td><td>79.8</td></tr><tr><td>November</td><td>26.5</td><td>.2</td><td>16.5</td><td>16.7</td><td>November</td><td>-</td><td>-</td><td>-</td><td>5.6</td><td>143.9</td><td>74.2</td><td>69.7</td></tr><tr><td>December</td><td>-</td><td>.3</td><td>16.5</td><td>16.8</td><td>December</td><td>-</td><td>-</td><td>-</td><td>9.0</td><td>134.9</td><td>75.7</td><td>59.2</td></tr><tr><td>TOTAL</td><td>203.7</td><td>5.8</td><td>233.9</td><td>239.7</td><td>TOTAL</td><td>$264.8</td><td>$1.4</td><td>$266.2</td><td>$131.3</td><td>$134.9</td><td>$75.7</td><td>$ 59.2</td></tr></table>
Includes Railroad Employment Insurance Act.
7
Cash Income and Outgo of the Treasury Fiscal Year 1939
(This statement includes trust accounts and money received (except proceeds from sale of obligations) and disbursed for account of governmental corporations which use the Treasury as a depository for their funds. The excess of cash outgo, therefore, is not the same as the "budget deficit". Nor is the difference between the "Cash Income: Budget" and the "Cash Outgo: Budget" the same as the budget deficit for the reason that it does not include certain non-cash items such as the annual premium paid into the Old-Age Reserve account pursuant to the Social Security Act.)
(In millions of dollars)
<table><tr><th></th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th><th></th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>CASH OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budget:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Budget:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income tax....................</td><td>47</td><td>32</td><td>498</td><td>41</td><td>36</td><td>481</td><td>1,135</td><td>National defense....................</td><td>96</td><td>98</td><td>88</td><td>95</td><td>98</td><td>99</td><td>574</td></tr><tr><td>Miscellaneous internal revenue....................</td><td>185</td><td>282</td><td>169</td><td>209</td><td>175</td><td>180</td><td>1,200</td><td>Social Security Act (grants and administrative expenses)</td><td>40</td><td>32</td><td>10</td><td>49</td><td>28</td><td>14</td><td>173</td></tr><tr><td>Taxes under Social Security Act....................</td><td>31</td><td>106</td><td>3</td><td>33</td><td>103</td><td>3</td><td>279</td><td>interest on the public debt...</td><td>13</td><td>17</td><td>146</td><td>67</td><td>9</td><td>173</td><td>425</td></tr><tr><td>Taxes upon carriers and their employee....................</td><td>-</td><td>26</td><td>-</td><td>1</td><td>26</td><td>-</td><td>53</td><td>Public Works....................</td><td>73</td><td>81</td><td>94</td><td>99</td><td>89</td><td>120</td><td>556</td></tr><tr><td>Customs....................</td><td>23</td><td>29</td><td>29</td><td>31</td><td>27</td><td>25</td><td>164</td><td>Agricultural aid....................</td><td>79</td><td>50</td><td>38</td><td>75</td><td>78</td><td>66</td><td>386</td></tr><tr><td>Other....................</td><td>25</td><td>12</td><td>12</td><td>17</td><td>15</td><td>15</td><td>96</td><td>Works Progress Administration</td><td>172</td><td>193</td><td>194</td><td>207</td><td>195</td><td>219</td><td>1,180</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Other....................</td><td>156</td><td>160</td><td>138</td><td>132</td><td>128</td><td>122</td><td>836</td></tr><tr><td>Subtotal....................</td><td>311</td><td>487</td><td>711</td><td>332</td><td>382</td><td>704</td><td>2,927</td><td>Subtotal....................</td><td>629</td><td>631</td><td>708</td><td>724</td><td>625</td><td>813</td><td>4,130</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment trust fund....................</td><td>36</td><td>131</td><td>35</td><td>38</td><td>125</td><td>37</td><td>402</td><td>Reconstruction Finance Corporation....................</td><td>48</td><td>10</td><td>24</td><td>19</td><td>22</td><td>18</td><td>45</td></tr><tr><td>Trust accounts....................</td><td>27</td><td>15</td><td>21</td><td>25</td><td>14</td><td>16</td><td>118</td><td>Commodity Credit Corporation....................</td><td>10</td><td>31</td><td>27</td><td>23</td><td>18</td><td>15</td><td>124</td></tr><tr><td>Other....................</td><td>5</td><td>4</td><td>5</td><td>7</td><td>10</td><td>15</td><td>46</td><td>Unemployment trust funds....................</td><td>36</td><td>53</td><td>40</td><td>40</td><td>26</td><td>19</td><td>214</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Old-age reserve account....................</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>6</td></tr><tr><td>Subtotal....................</td><td>68</td><td>150</td><td>61</td><td>70</td><td>149</td><td>68</td><td>566</td><td>Railroad retirement account....................</td><td>8</td><td>8</td><td>8</td><td>9</td><td>9</td><td>9</td><td>51</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Other....................</td><td>53</td><td>26</td><td>57</td><td>10</td><td>12</td><td>18</td><td>46</td></tr><tr><td>Total cash income....................</td><td>379</td><td>637</td><td>772</td><td>402</td><td>531</td><td>772</td><td>3,493</td><td>Subtotal....................</td><td>46</td><td>129</td><td>157</td><td>102</td><td>64</td><td>80</td><td>486</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Total cash outgo....................</td><td>583</td><td>760</td><td>865</td><td>826</td><td>689</td><td>893</td><td>4,616</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Excess of cash outgo by....................</td><td>204</td><td>123</td><td>93</td><td>424</td><td>158</td><td>121</td><td>1,123</td></tr></table>
a/ Excess of credits, deduct.
b/ See explanation in heading.
Cash Income and Outgo and Excess of Cash Outgo January 1934 to Date
(In millions of dollars)
<table><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td><b>Excess of cash outgo</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1934</td><td>743</td><td>428</td><td>192</td><td>485</td><td>309</td><td>338</td><td>1,175</td><td>226</td><td>53</td><td>402</td><td>350</td><td>245</td></tr><tr><td>1935</td><td>242</td><td>295</td><td>-49</td><td>381</td><td>287</td><td>183</td><td>333</td><td>237</td><td>168</td><td>395</td><td>245</td><td>177</td></tr><tr><td>1936</td><td>186</td><td>246</td><td>-153</td><td>391</td><td>295</td><td>869</td><td>517</td><td>329</td><td>209</td><td>454</td><td>334</td><td>89</td></tr><tr><td>1937</td><td>205</td><td>217</td><td>-327</td><td>265</td><td>148</td><td>-160</td><td>87</td><td>-39</td><td>-211</td><td>191</td><td>88</td><td>-266</td></tr><tr><td>1938</td><td>139</td><td>31</td><td>-305</td><td>455</td><td>142</td><td>20</td><td>204</td><td>123</td><td>93</td><td>424</td><td>158</td><td>121</td></tr><tr><td><b>Cash outgo</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1934</td><td>972</td><td>644</td><td>624</td><td>684</td><td>556</td><td>737</td><td>1,408</td><td>523</td><td>515</td><td>682</td><td>617</td><td>652</td></tr><tr><td>1935</td><td>475</td><td>526</td><td>572</td><td>630</td><td>548</td><td>662</td><td>632</td><td>557</td><td>608</td><td>655</td><td>496</td><td>629</td></tr><tr><td>1936</td><td>443</td><td>486</td><td>618</td><td>646</td><td>568</td><td>1,405</td><td>837</td><td>691</td><td>731</td><td>752</td><td>592</td><td>638</td></tr><tr><td>1937</td><td>523</td><td>544</td><td>790</td><td>686</td><td>537</td><td>763</td><td>538</td><td>503</td><td>641</td><td>579</td><td>522</td><td>663</td></tr><tr><td>1938</td><td>545</td><td>491</td><td>734</td><td>773</td><td>661</td><td>844</td><td>583</td><td>760</td><td>865</td><td>826</td><td>689</td><td>893</td></tr><tr><td><b>Cash income</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1934</td><td>229</td><td>216</td><td>432</td><td>199</td><td>247</td><td>399</td><td>233</td><td>297</td><td>462</td><td>280</td><td>267</td><td>407</td></tr><tr><td>1935</td><td>233</td><td>231</td><td>621</td><td>249</td><td>261</td><td>479</td><td>299</td><td>320</td><td>440</td><td>260</td><td>251</td><td>452</td></tr><tr><td>1936</td><td>257</td><td>240</td><td>771</td><td>255</td><td>273</td><td>536</td><td>320</td><td>362</td><td>522</td><td>298</td><td>258</td><td>549</td></tr><tr><td>1937</td><td>318</td><td>327</td><td>1,117</td><td>421</td><td>389</td><td>923</td><td>451</td><td>542</td><td>852</td><td>388</td><td>434</td><td>929</td></tr><tr><td>1938</td><td>406</td><td>460</td><td>1,039</td><td>318</td><td>519</td><td>824</td><td>379</td><td>637</td><td>772</td><td>402</td><td>531</td><td>772</td></tr></table>
Note: Expenditures exclude debt retirement and bookkeeping transfers to trust accounts. Negative figures denote excess of cash income.
CASH INCOME AND OUTGO AND NET CASH OUTGO
January 1934 to Date
*Excludes debt retirement and bookkeeping transfers to Trust Accounts. Includes bonus bonds cashed and checks paid. †Includes Trust Accounts.
-8-
GENERAL FUND AND PUBLIC DEBT
-9-
10
Composition of Treasury General Fund
(In millions of dollars)
<table><tr><th>End of month</th><th colspan="4">BALANCE</th><th colspan="4">CURRENT ASSETS</th><th>Current liabilities</th></tr><tr><th></th><th>Total</th><th>"Working" balance</th><th>Seign- lorage</th><th>Incre- ment on gold</th><th>Inactive gold</th><th>Total</th><th>Bullion, coin and currency</th><th>Deposits in Fed. Reserve Banks</th><th>Special de- posits a/c of Govt. Secs.</th><th>All other deposits and col- lections</th></tr><tr><td>1933-June</td><td>862</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,103</td><td>184</td><td>51</td><td>837</td><td>31</td><td>241</td></tr><tr><td>1934-June</td><td>2,582</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,033</td><td>1,045</td><td>97</td><td>1,854</td><td>37</td><td>451</td></tr><tr><td>1935-June</td><td>1,841</td><td>1,001</td><td>140</td><td>700</td><td>-</td><td>2,016</td><td>1,044</td><td>118</td><td>799</td><td>55</td><td>175</td></tr><tr><td>1936-June</td><td>2,682</td><td>2,225</td><td>316</td><td>141</td><td>-</td><td>2,936</td><td>865</td><td>862</td><td>1,151</td><td>58</td><td>254</td></tr><tr><td>1937-June</td><td>2,553</td><td>970</td><td>356</td><td>141</td><td>1,087</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td><td>156</td></tr><tr><td>1938-June</td><td>2,216</td><td>1,628</td><td>446</td><td>142</td><td>-</td><td>2,419</td><td>830</td><td>929</td><td>611</td><td>49</td><td>203</td></tr><tr><td>1937-July</td><td>2,639</td><td>915</td><td>369</td><td>141</td><td>1,213</td><td>2,819</td><td>2,023</td><td>247</td><td>501</td><td>48</td><td>180</td></tr><tr><td>Aug.</td><td>2,902</td><td>1,051</td><td>375</td><td>141</td><td>1,335</td><td>3,064</td><td>2,162</td><td>168</td><td>685</td><td>49</td><td>162</td></tr><tr><td>Sept.</td><td>2,860</td><td>1,128</td><td>382</td><td>141</td><td>1,209</td><td>3,013</td><td>2,033</td><td>161</td><td>768</td><td>51</td><td>153</td></tr><tr><td>Oct.</td><td>2,676</td><td>875</td><td>388</td><td>141</td><td>1,271</td><td>2,852</td><td>2,120</td><td>128</td><td>552</td><td>52</td><td>176</td></tr><tr><td>Nov.</td><td>2,608</td><td>831</td><td>394</td><td>141</td><td>1,243</td><td>2,764</td><td>2,095</td><td>132</td><td>485</td><td>52</td><td>156</td></tr><tr><td>Dec.</td><td>2,973</td><td>1,202</td><td>401</td><td>141</td><td>1,228</td><td>3,162</td><td>2,092</td><td>181</td><td>835</td><td>54</td><td>189</td></tr><tr><td>1938-July</td><td>2,116</td><td>1,523</td><td>451</td><td>142</td><td>-</td><td>2,299</td><td>886</td><td>777</td><td>585</td><td>50</td><td>183</td></tr><tr><td>Aug.</td><td>2,260</td><td>1,663</td><td>455</td><td>142</td><td>-</td><td>2,407</td><td>1,023</td><td>778</td><td>556</td><td>50</td><td>147</td></tr><tr><td>Sept.</td><td>2,978</td><td>2,376</td><td>460</td><td>142</td><td>-</td><td>3,164</td><td>1,360</td><td>963</td><td>791</td><td>49</td><td>186</td></tr><tr><td>Oct.</td><td>2,569</td><td>1,960</td><td>467</td><td>142</td><td>-</td><td>2,733</td><td>1,330</td><td>603</td><td>747</td><td>53</td><td>164</td></tr><tr><td>Nov.</td><td>2,447</td><td>1,827</td><td>478</td><td>142</td><td>-</td><td>2,625</td><td>1,265</td><td>570</td><td>736</td><td>54</td><td>178</td></tr><tr><td>Dec.</td><td>3,083</td><td>2,449</td><td>492</td><td>142</td><td>-</td><td>3,285</td><td>1,304</td><td>1,033</td><td>888</td><td>60</td><td>202</td></tr></table>
Statement of the Outstanding Public Debt on June 30, 1938 and December 31, 1938
(In millions of dollars)
<table><tr><th></th><th>June 30, 1938</th><th>December 31, 1938</th><th>December Increase(+) Decrease(-)</th><th></th><th>June 30, 1938</th><th>December 31, 1938</th><th>December Increase(+) Decrease(-)</th></tr><tr><td><b>Market issues</b></td><td></td><td></td><td></td><td><b>Special issues</b></td><td></td><td></td><td></td></tr><tr><td>Pre-war bonds</td><td>197</td><td>197</td><td>-</td><td>Government Life Insurance Fund</td><td>523</td><td>507</td><td>- 16</td></tr><tr><td>Treasury bonds</td><td>21,846</td><td>24,005</td><td>+ 2,159</td><td>Old-Age Reserve Account</td><td>662</td><td>862</td><td>+ 200</td></tr><tr><td>U. S. Savings bonds</td><td>1,238</td><td>1,441</td><td>+ 203</td><td>Railroad Retirement Account</td><td>66</td><td>76</td><td>+ 10</td></tr><tr><td>Adjusted Service bonds</td><td>319</td><td>298</td><td>- 21</td><td>Government retirement funds</td><td>396</td><td>468</td><td>+ 72</td></tr><tr><td>Treasury notes</td><td>9,147</td><td>8,496</td><td>- 651</td><td>Adjusted Service Certificate Fund</td><td>26</td><td>22</td><td>- 4</td></tr><tr><td>Treasury bills</td><td>1,154</td><td>1,306</td><td>+ 152</td><td>Unemployment Trust Fund</td><td>872</td><td>1,064</td><td>+ 192</td></tr><tr><td>Matured debt on which interest has ceased</td><td>141</td><td>101</td><td>- 40</td><td>Postal Saving System</td><td>45</td><td>52</td><td>+ 7</td></tr><tr><td>Debt bearing no interest</td><td>448</td><td>427</td><td>- 21</td><td>Federal Deposit Insurance Corporation</td><td>85</td><td>105</td><td>+ 20</td></tr><tr><td><b>Total Market issues</b></td><td>34,490</td><td>36,271</td><td>+ 1,781</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td><b>Total Special issues</b></td><td>2,675</td><td>3,156</td><td>+ 481</td></tr><tr><td></td><td></td><td></td><td></td><td><b>Total</b></td><td>37,165</td><td>39,427</td><td>+ 2,262</td></tr></table>
Public Debt Accounts
(millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="5">RECEIPTS</th><th colspan="5">EXPENDITURES</th></tr><tr><th colspan="3">Market Operations</th><th rowspan="1">Special Series</th><th rowspan="1">Total</th><th colspan="3">Market Operations</th><th rowspan="1">Total</th><th rowspan="1">Excess of Receipts</th></tr><tr><th></th><th>Cash</th><th>Adjusted Serv. Bonde</th><th>Exchanges</th><th>Cash</th><th>Exchanges</th><th>Special Series</th></tr><tr><td>Fiscal year 1938...</td><td>4,775.7</td><td>12.7</td><td>2,673.8</td><td>2,158.5</td><td>9,620.8</td><td>5,166.0</td><td>2,673.8</td><td>1,040.8</td><td>8,880.7</td><td>740.1</td></tr><tr><td>1938-July.........</td><td>444.3</td><td>.8</td><td>-</td><td>135.7</td><td>580.7</td><td>553.1</td><td>-</td><td>1.0</td><td>554.1</td><td>26.6</td></tr><tr><td>August...........</td><td>538.6</td><td>.7</td><td>-</td><td>134.9</td><td>674.9</td><td>270.0</td><td>-</td><td>2.5</td><td>272.5</td><td>401.7</td></tr><tr><td>September.........</td><td>1,238.8</td><td>.6</td><td>423.9</td><td>35.5</td><td>1,698.9</td><td>429.6</td><td>423.9</td><td>45.6</td><td>899.2</td><td>799.7</td></tr><tr><td>October...........</td><td>440.9</td><td>.5</td><td>-</td><td>33.5</td><td>474.9</td><td>427.4</td><td>-</td><td>17.2</td><td>444.6</td><td>30.3</td></tr><tr><td>November...........</td><td>539.2</td><td>.5</td><td>-</td><td>143.6</td><td>683.3</td><td>501.0</td><td>-</td><td>2.0</td><td>503.1</td><td>180.2</td></tr><tr><td>December...........</td><td>1,183.8</td><td>.5</td><td>928.6</td><td>68.1</td><td>2,181.0</td><td>426.0</td><td>928.6</td><td>2.6</td><td>1,357.2</td><td>823.5</td></tr></table>
11
Holdings of Direct and Guaranteed Interest-Bearing Obligations of the United States Government
(In millions of dollars)
<table><tr><th rowspan="2">Date</th><th colspan="3">Direct obligations</th><th colspan="6">Guaranteed obligations</th></tr><tr><th colspan="2">Government agencies and trust funds</th><th>Federal Reserve banks</th><th>United States Savings Ad-justed Service and Postal Savings Bonds</th><th>Market issues available for trading</th><th>Total direct obligations outstanding</th><th>Government agencies and trust funds</th><th>Market issues available for trading</th><th>Total guaranteed obligations outstanding</th></tr><tr><th></th><th>Special issues</th><th>Market issues</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1936 - Jan.</td><td>733</td><td>1,159</td><td>2,430</td><td>292</td><td>25,004</td><td>29,618</td><td>393</td><td>4,169</td><td>4,562</td></tr><tr><td>Feb.</td><td>736</td><td>1,173</td><td>2,430</td><td>317</td><td>24,990</td><td>29,646</td><td>397</td><td>4,233</td><td>4,630</td></tr><tr><td>Mar.</td><td>733</td><td>1,222</td><td>2,430</td><td>361</td><td>25,845</td><td>30,591</td><td>395</td><td>4,259</td><td>4,654</td></tr><tr><td>Apr.</td><td>732</td><td>1,239</td><td>2,430</td><td>386</td><td>25,814</td><td>30,601</td><td>394</td><td>4,281</td><td>4,676</td></tr><tr><td>May.</td><td>729</td><td>1,253</td><td>2,430</td><td>410</td><td>26,001</td><td>30,823</td><td>393</td><td>4,309</td><td>4,703</td></tr><tr><td>June.</td><td>626</td><td>1,300</td><td>2,430</td><td>1,149</td><td>27,251</td><td>32,756</td><td>392</td><td>4,327</td><td>4,718</td></tr><tr><td>July.</td><td>642</td><td>1,315</td><td>2,430</td><td>1,049</td><td>27,236</td><td>32,672</td><td>392</td><td>4,332</td><td>4,724</td></tr><tr><td>Aug.</td><td>630</td><td>1,336</td><td>2,430</td><td>1,028</td><td>27,197</td><td>32,621</td><td>383</td><td>4,286</td><td>4,669</td></tr><tr><td>Sept.</td><td>627</td><td>1,383</td><td>2,430</td><td>1,029</td><td>27,617</td><td>33,086</td><td>383</td><td>4,284</td><td>4,667</td></tr><tr><td>Oct.</td><td>623</td><td>1,387</td><td>2,430</td><td>1,027</td><td>27,614</td><td>33,081</td><td>382</td><td>4,285</td><td>4,667</td></tr><tr><td>Nov.</td><td>621</td><td>1,412</td><td>2,430</td><td>1,034</td><td>27,589</td><td>33,086</td><td>382</td><td>4,280</td><td>4,662</td></tr><tr><td>Dec.</td><td>632</td><td>1,439</td><td>2,430</td><td>1,044</td><td>28,154</td><td>33,699</td><td>381</td><td>4,281</td><td>4,662</td></tr><tr><td>1937 - Jan.</td><td>683</td><td>1,458</td><td>2,430</td><td>1,066</td><td>28,185</td><td>33,822</td><td>381</td><td>4,282</td><td>4,662</td></tr><tr><td>Feb.</td><td>762</td><td>1,466</td><td>2,430</td><td>1,114</td><td>28,155</td><td>33,927</td><td>380</td><td>4,282</td><td>4,662</td></tr><tr><td>Mar.</td><td>806</td><td>1,593</td><td>2,430</td><td>1,262</td><td>27,977</td><td>34,068</td><td>376</td><td>4,286</td><td>4,662</td></tr><tr><td>Apr.</td><td>882</td><td>1,600</td><td>2,526</td><td>1,284</td><td>28,006</td><td>34,298</td><td>378</td><td>4,281</td><td>4,660</td></tr><tr><td>May.</td><td>959</td><td>1,620</td><td>2,526</td><td>1,302</td><td>28,187</td><td>34,594</td><td>382</td><td>4,278</td><td>4,660</td></tr><tr><td>June.</td><td>1,558</td><td>1,645</td><td>2,526</td><td>1,310</td><td>28,764</td><td>35,803</td><td>381</td><td>4,284</td><td>4,665</td></tr><tr><td>July.</td><td>1,699</td><td>1,654</td><td>2,526</td><td>1,333</td><td>28,905</td><td>36,117</td><td>379</td><td>4,324</td><td>4,703</td></tr><tr><td>Aug.</td><td>1,815</td><td>1,684</td><td>2,526</td><td>1,353</td><td>29,075</td><td>36,453</td><td>356</td><td>4,277</td><td>4,633</td></tr><tr><td>Sept.</td><td>1,905</td><td>1,694</td><td>2,526</td><td>1,369</td><td>28,773</td><td>36,267</td><td>355</td><td>4,278</td><td>4,633</td></tr><tr><td>Oct.</td><td>1,991</td><td>1,697</td><td>2,526</td><td>1,385</td><td>28,769</td><td>36,368</td><td>355</td><td>4,279</td><td>4,634</td></tr><tr><td>Nov.</td><td>2,118</td><td>1,697</td><td>2,564</td><td>1,403</td><td>28,732</td><td>36,514</td><td>365</td><td>4,279</td><td>4,644</td></tr><tr><td>Dec.</td><td>2,227</td><td>1,684</td><td>2,564</td><td>1,434</td><td>28,806</td><td>36,715</td><td>365</td><td>4,280</td><td>4,645</td></tr><tr><td>1938 - Jan.</td><td>2,314</td><td>1,681</td><td>2,564</td><td>1,525</td><td>28,810</td><td>36,894</td><td>357</td><td>4,289</td><td>4,646</td></tr><tr><td>Feb.</td><td>2,481</td><td>1,684</td><td>2,564</td><td>1,564</td><td>28,791</td><td>37,084</td><td>357</td><td>4,289</td><td>4,646</td></tr><tr><td>Mar.</td><td>2,518</td><td>1,711</td><td>2,564</td><td>1,602</td><td>28,609</td><td>37,004</td><td>355</td><td>4,292</td><td>4,646</td></tr><tr><td>Apr.</td><td>2,501</td><td>1,787</td><td>2,564</td><td>1,630</td><td>28,485</td><td>36,967</td><td>353</td><td>4,294</td><td>4,647</td></tr><tr><td>May.</td><td>2,582</td><td>1,777</td><td>2,564</td><td>1,656</td><td>28,294</td><td>36,873</td><td>350</td><td>4,503</td><td>4,852</td></tr><tr><td>June.</td><td>2,676</td><td>1,779</td><td>2,564</td><td>1,677</td><td>27,883</td><td>36,579</td><td>344</td><td>4,509</td><td>4,853</td></tr><tr><td>July.</td><td>2,810</td><td>1,784</td><td>2,564</td><td>1,707</td><td>27,777</td><td>36,642</td><td>345</td><td>4,719</td><td>5,064</td></tr><tr><td>Aug.</td><td>2,940</td><td>1,784</td><td>2,564</td><td>1,733</td><td>28,031</td><td>37,052</td><td>344</td><td>4,657</td><td>5,001</td></tr><tr><td>Sept.</td><td>2,898</td><td>1,837</td><td>2,564</td><td>1,758</td><td>28,793</td><td>37,850</td><td>344</td><td>4,666</td><td>5,010</td></tr><tr><td>Oct.</td><td>2,949</td><td>1,871</td><td>2,564</td><td>1,788</td><td>28,725</td><td>37,897</td><td>327</td><td>4,706</td><td>5,033</td></tr><tr><td>Nov.</td><td>3,090</td><td>1,861</td><td>2,564</td><td>1,817</td><td>28,736</td><td>38,068</td><td>325</td><td>4,700</td><td>5,025</td></tr><tr><td>Dec.</td><td>3,156</td><td>1,861</td><td>2,564</td><td>1,857</td><td>29,461</td><td>38,899</td><td>321</td><td>4,718</td><td>5,039</td></tr></table>
Figures partly estimated.
12
Composition of the Public Debt
(In millions of dollars - on basis of daily Treasury statement, unrevised)
<table><tr><th rowspan="2">End of month</th><th colspan="7">Gross debt</th><th rowspan="2">Balance in general fund</th><th rowspan="2">Gross debt less balance in general fund</th></tr><tr><th>Total</th><th colspan="5">Interest-bearing debt</th><th>Matured debt</th><th>Non-interest-bearing debt</th></tr><tr><th></th><th></th><th>Total</th><th>Bond 1/</th><th>Notes 1/</th><th>Bills and ctf. of indet. 1/</th><th>Special issues</th><th></th><th></th><th></th></tr><tr><td>1930-June</td><td>16,185</td><td>15,922</td><td>12,112</td><td>1,626</td><td>1,420</td><td>764</td><td>32</td><td>231</td><td>319</td><td>15,866</td></tr><tr><td>1931-June</td><td>16,801</td><td>16,519</td><td>13,530</td><td>452</td><td>2,246</td><td>291</td><td>52</td><td>230</td><td>472</td><td>16,329</td></tr><tr><td>1932-June</td><td>19,487</td><td>19,161</td><td>14,250</td><td>1,261</td><td>3,341</td><td>309</td><td>60</td><td>266</td><td>417</td><td>19,070</td></tr><tr><td>1933-June</td><td>22,539</td><td>22,158</td><td>14,223</td><td>4,549</td><td>3,063</td><td>323</td><td>66</td><td>315</td><td>662</td><td>21,677</td></tr><tr><td>1934-June</td><td>27,053</td><td>26,481</td><td>16,510</td><td>6,653</td><td>2,922</td><td>396</td><td>54</td><td>518</td><td>2,582</td><td>24,471</td></tr><tr><td>1935-June</td><td>28,701</td><td>27,645</td><td>14,936</td><td>10,023</td><td>2,053</td><td>633</td><td>231</td><td>625</td><td>1,641</td><td>26,660</td></tr><tr><td>1936-June</td><td>33,779</td><td>32,989</td><td>18,628</td><td>11,381</td><td>2,354</td><td>626</td><td>169</td><td>621</td><td>2,682</td><td>31,097</td></tr><tr><td>1937-June</td><td>36,425</td><td>35,800</td><td>21,322</td><td>10,617</td><td>2,303</td><td>1,558</td><td>119</td><td>506</td><td>2,553</td><td>33,872</td></tr><tr><td>1938-June</td><td>37,165</td><td>36,576</td><td>23,599</td><td>9,147</td><td>1,154</td><td>2,676</td><td>141</td><td>448</td><td>2,216</td><td>34,949</td></tr><tr><td>1937-Dec</td><td>37,279</td><td>36,708</td><td>21,982</td><td>10,547</td><td>1,952</td><td>2,227</td><td>99</td><td>472</td><td>2,973</td><td>34,306</td></tr><tr><td>1938-Jan</td><td>37,453</td><td>36,887</td><td>22,074</td><td>10,547</td><td>1,952</td><td>2,314</td><td>99</td><td>457</td><td>2,950</td><td>34,503</td></tr><tr><td>Feb</td><td>37,633</td><td>37,080</td><td>22,116</td><td>10,531</td><td>1,952</td><td>2,481</td><td>91</td><td>462</td><td>2,975</td><td>34,658</td></tr><tr><td>Mar</td><td>37,556</td><td>37,000</td><td>22,604</td><td>10,076</td><td>1,802</td><td>2,518</td><td>98</td><td>458</td><td>3,140</td><td>34,416</td></tr><tr><td>Apr</td><td>37,510</td><td>36,964</td><td>22,634</td><td>10,076</td><td>1,753</td><td>2,501</td><td>92</td><td>454</td><td>2,689</td><td>34,821</td></tr><tr><td>May</td><td>37,422</td><td>36,871</td><td>22,660</td><td>10,076</td><td>1,553</td><td>2,582</td><td>101</td><td>450</td><td>2,567</td><td>34,855</td></tr><tr><td>June</td><td>37,165</td><td>36,576</td><td>23,599</td><td>9,147</td><td>1,154</td><td>2,676</td><td>141</td><td>448</td><td>2,216</td><td>34,949</td></tr><tr><td>July</td><td>37,191</td><td>36,642</td><td>23,631</td><td>9,147</td><td>1,054</td><td>2,810</td><td>106</td><td>443</td><td>2,116</td><td>35,075</td></tr><tr><td>Aug</td><td>37,593</td><td>37,051</td><td>23,658</td><td>9,147</td><td>1,304</td><td>2,942</td><td>102</td><td>440</td><td>2,260</td><td>35,333</td></tr><tr><td>Sept</td><td>38,393</td><td>37,850</td><td>24,549</td><td>9,061</td><td>1,302</td><td>2,932</td><td>106</td><td>437</td><td>2,978</td><td>35,415</td></tr><tr><td>Oct</td><td>38,423</td><td>37,897</td><td>24,579</td><td>9,067</td><td>1,302</td><td>2,949</td><td>93</td><td>433</td><td>2,569</td><td>35,854</td></tr><tr><td>Nov</td><td>38,603</td><td>38,068</td><td>24,608</td><td>9,067</td><td>1,303</td><td>3,090</td><td>105</td><td>430</td><td>2,447</td><td>36,156</td></tr><tr><td>Dec</td><td>39,427</td><td>38,899</td><td>25,940</td><td>8,497</td><td>1,306</td><td>3,156</td><td>101</td><td>427</td><td>3,084</td><td>36,343</td></tr></table>
1/ Excluding special issues.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts, January 1936 to Date
(In millions of dollars)
<table><tr><th rowspan="2">Year</th><th colspan="12">Purchases or sales (-)</th></tr><tr><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1936...</td><td>18.5</td><td>4.5</td><td>32.7</td><td>19.0</td><td>15.8</td><td>30.5</td><td>15.5</td><td>3.8</td><td>47.4</td><td>27.0</td><td>5.9</td><td>24.2</td></tr><tr><td>1937...</td><td>14.4</td><td>5.7</td><td>119.6</td><td>11.9</td><td>3.9</td><td>24.4</td><td>4.8</td><td>12.5</td><td>8.9</td><td>3.7</td><td>2.0</td><td>15.4</td></tr><tr><td>1938...</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr></table>
13
Statement Showing Details of Major Financing Operations of the Treasury for the Period July 1, 1933 to December 31, 1938
(In millions of dollars)
<table><tr><th>Date of Issue</th><th>Rate Per Cent</th><th>Term</th><th>Call and maturity dates</th><th colspan="2">Amount issued</th><th>Amount of cash subscriptions tendered</th><th colspan="6">New securities allotted In exchange for</th></tr><tr><th></th><th></th><th></th><th></th><th>Treasury bonds</th><th>Treasury notes and certificates</th><th></th><th>For Cash</th><th>Amount of exchanges Treasury bonds</th><th>Amount of exchanges Treasury notes and certificates</th><th>Date of Issue</th><th>Rate Per Cent</th><th>Call or maturity date</th></tr><tr><td>1933-Aug. 15</td><td>1-5/8</td><td>1 yr.11/2 moa</td><td>Aug. 1, 1935</td><td>-</td><td>$ 354</td><td>$ 1,396 181 1/2</td><td>$ 240</td><td>-</td><td>$ 114</td><td>Mar. 15, 1933</td><td>4</td><td>Aug. 15, 1933</td></tr><tr><td>*</td><td>3-1/4</td><td>7 yrs.11/2 mos.</td><td>Aug. 1, 1941</td><td>$ 835</td><td>-</td><td>2,748 231 2/2</td><td>479</td><td>-</td><td>125 231</td><td>Mar. 15, 1933</td><td>4</td><td>Aug. 15, 1933</td></tr><tr><td>Sept. 15</td><td>1/4</td><td>9 months</td><td>June 15, 1934</td><td>-</td><td>175</td><td>-</td><td>-</td><td>-</td><td>175</td><td>Sept. 15, 1932</td><td>1-1/4</td><td>Sept. 15, 1933</td></tr><tr><td>Oct. 15</td><td>4-3/4</td><td>10-12 years</td><td>Oct. 15, 1943- Oct. 15, 1945</td><td>1,401</td><td>-</td><td>1,989</td><td>500</td><td>$ 901</td><td>-</td><td>Oct. 24, 1918 (4th Liberty)</td><td>4-1/4</td><td>Apr. 15, 1934</td></tr><tr><td>Dec. 15</td><td>2-1/4</td><td>1 year</td><td>Dec. 15, 1934</td><td>-</td><td>993</td><td>2,199</td><td>385</td><td>-</td><td>608</td><td>Dec. 15, 1932 (Mar. 15, 1933)</td><td>3/4</td><td>Dec. 15, 1933</td></tr><tr><td>1934-Jan. 29</td><td>2-1/2</td><td>1 yr. 1/2 moa.</td><td>Mar. 15, 1935</td><td>-</td><td>528</td><td>3,424</td><td>528</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>*</td><td>1-1/2</td><td>7 1/2 months</td><td>Sept.15, 1934</td><td>-</td><td>525</td><td>1,361</td><td>525</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Feb. 19</td><td>2-1/2</td><td>1 yr. 10 mos.</td><td>Dec. 15, 1935</td><td>-</td><td>418</td><td>1,332</td><td>418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>*</td><td>3</td><td>3 years</td><td>Feb. 15, 1937</td><td>-</td><td>429</td><td>2,286</td><td>429</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mar. 15</td><td>3</td><td>4 years</td><td>Mar. 15, 1938</td><td>-</td><td>455</td><td>-</td><td>-</td><td>-</td><td>455</td><td>June 15, 1933</td><td>3/4</td><td>Mar. 15, 1934</td></tr><tr><td>Apr. 16</td><td>3-1/4</td><td>10-12 years</td><td>Apr. 15, 1944- Apr. 15, 1946</td><td>1,062</td><td>-</td><td>-</td><td>-</td><td>828</td><td>-</td><td>Oct. 24, 1918 (4th Liberty)</td><td>4-1/4</td><td>Apr. 15, 1934</td></tr><tr><td>June 15</td><td>3</td><td>12-14 years</td><td>June 15, 1946- June 15, 1948</td><td>825</td><td>-</td><td>2,515</td><td>336</td><td>-</td><td>317 172</td><td>May 2, 1932</td><td>3</td><td>May 2, 1934</td></tr><tr><td>*</td><td>2-1/8</td><td>5 years</td><td>June 15, 1939</td><td>-</td><td>529</td><td>4,932</td><td>529</td><td>-</td><td>-</td><td>Jan. 29, 1934</td><td>1-1/2</td><td>Sept. 15, 1934</td></tr><tr><td>Sept. 15</td><td>1-1/2</td><td>2 years</td><td>Sept. 15, 1936</td><td>-</td><td>514</td><td>-</td><td>-</td><td>-</td><td>514</td><td>Oct. 24, 1918 (4th Liberty)</td><td>4-1/4</td><td>Oct. 15, 1934</td></tr><tr><td>*</td><td>2-1/2</td><td>4 years</td><td>Sept. 15, 1938</td><td>-</td><td>596</td><td>-</td><td>-</td><td>596</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>*</td><td>3-1/4</td><td>10-12 years</td><td>Apr. 15, 1944- Apr. 15, 1946</td><td>457</td><td>-</td><td>-</td><td>-</td><td>457</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dec. 15 (Add. 6/15/34)</td><td>1-1/8</td><td>1 yr. 6 mos.</td><td>June 15, 1936</td><td>-</td><td>687</td><td>3,036</td><td>477</td><td>-</td><td>210</td><td>Dec. 15, 1933</td><td>2-1/4</td><td>Dec. 15, 1934</td></tr><tr><td>*</td><td>2-1/8</td><td>5 years</td><td>June 15, 1939</td><td>-</td><td>765</td><td>-</td><td>-</td><td>-</td><td>765</td><td>Dec. 15, 1933</td><td>2-1/4</td><td>Dec. 15, 1934</td></tr><tr><td>*</td><td>3-1/8</td><td>15-18 years</td><
1/ Exchange subscriptions received - allotment of 62½ per cent. 2/ Exchange subscriptions received - allotment of 50 per cent on August maturities; full allotment of September exchanges.
14
Statement Showing Details of Major Financing Operations of the Treasury for the Period July 1, 1933 to December 31, 1938 - Continued.
(In millions of dollars)
<table><tr><th rowspan="2">Date of Issue</th><th rowspan="2">Rate Per Cent</th><th rowspan="2">Term</th><th rowspan="2">Call and maturity date</th><th colspan="2">Amount issued</th><th rowspan="2">Amount of cash subscrip-tions tendered</th><th colspan="7">New securities allotted In exchange for</th></tr><tr><th>Treasury bonds</th><th>Treasury notes and certifi-cates</th><th>For Cash</th><th>Amount of exchanges Treasury bonds</th><th>Amount of exchanges Treasury notes and certifi-cates</th><th>Date of Issue</th><th>Rate Per Cent</th><th>Call or maturity date</th></tr><tr><td>1935 - Aug. 5 (Add. 3/15/35)</td><td>2-7/8</td><td>20-25 years</td><td>Mar. 15, 1955- Mar. 15, 1960</td><td>107</td><td>-</td><td>321</td><td>107</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Aug. 19 (Add. 3/15/35)</td><td>2-7/8</td><td>20-25 years</td><td>Mar. 15, 1955- Mar. 15, 1960</td><td>98</td><td>-</td><td>147</td><td>98</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sept.16</td><td>2-3/4</td><td>10-12 years</td><td>Sept.15, 1945- Sept.15, 1947</td><td>569</td><td>-</td><td>-</td><td>-</td><td>569</td><td>-</td><td>Oct. 24, 1918 (4th Liberty)</td><td>4-1/4</td><td>Oct. 15, 1935</td></tr><tr><td>Sept.16</td><td>1-1/2</td><td>3 yrs. 6 moe.</td><td>Mar. 15, 1939</td><td>-</td><td>942</td><td>1,275</td><td>513</td><td>429</td><td>-</td><td>Oct. 24, 1918 (4th Liberty)</td><td>4-1/4</td><td>Oct. 15, 1935</td></tr><tr><td>Dec. 16 (Add. 9/16/35)</td><td>2-3/4</td><td>10-12 years</td><td>Sept.15, 1945- Sept.15, 1947</td><td>646</td><td>-</td><td>2,035</td><td>455</td><td>-</td><td>161</td><td>Feb. 19, 1934</td><td>2-1/2</td><td>Dec. 15, 1935</td></tr><tr><td>9/16/35</td><td>1-1/2</td><td>5 years</td><td>Dec. 15, 1940</td><td>-</td><td>737</td><td>2,187</td><td>488</td><td>-</td><td>249</td><td>Feb. 13, 1934</td><td>2-1/2</td><td>Dec. 15, 1935</td></tr><tr><td>1936 - Mar. 16</td><td>2-3/4</td><td>12-15 years</td><td>Mar. 15, 1948- Mar. 15, 1951</td><td>1,223</td><td>-</td><td>5,107</td><td>727</td><td>-</td><td>496</td><td>May 2, 1933</td><td>2-7/8</td><td>Apr. 15, 1936</td></tr><tr><td>Mar. 16</td><td>1-1/2</td><td>5 years</td><td>Mar. 15, 1941</td><td>-</td><td>677</td><td>3,354</td><td>629</td><td>-</td><td>44</td><td>May 2, 1933</td><td>2-7/8</td><td>Apr. 15, 1936</td></tr><tr><td>June 15</td><td>2-3/4</td><td>15-18 years</td><td>June 15, 1951- June 15, 1954</td><td>1,627</td><td>-</td><td>4,282</td><td>671</td><td>-</td><td>620 336</td><td>Dec. 15, 1934 Aug. 1, 1932</td><td>1-1/8 3-1/4</td><td>June 15, 1936 Aug. 1, 1936</td></tr><tr><td>June 15</td><td>1-3/8</td><td>5 years</td><td>June 15, 1941</td><td>-</td><td>504</td><td>2,773</td><td>435</td><td>-</td><td>59 10</td><td>Dec. 15, 1934 Aug. 1, 1932</td><td>1-1/8 3-1/4</td><td>June 15, 1936 Aug. 1, 1936</td></tr><tr><td>Sept.15</td><td>2-3/4</td><td>20-23 years</td><td>Sept.15, 1956- Sept.15, 1959</td><td>982</td><td>-</td><td>5,130</td><td>470</td><td>-</td><td>512</td><td>Sept.15, 1934</td><td>1-1/2</td><td>Sept.15, 1936</td></tr><tr><td>Dec. 15</td><td>2-1/2</td><td>13-17 years</td><td>Dec. 15, 1949- Dec. 15, 1953</td><td>1,303</td><td>-</td><td>4,952</td><td>752</td><td>-</td><td>255 296</td><td>Dec. 15, 1932 Feb. 19, 1934</td><td>2-3/4 3</td><td>Dec. 15, 1936 Feb. 15, 1937</td></tr><tr><td>Dec. 15</td><td>1-1/4</td><td>5 years</td><td>Dec. 15, 1941</td><td>-</td><td>204</td><td>-</td><td>-</td><td>-</td><td>94 110</td><td>Dec. 15, 1932 Feb. 19, 1934</td><td>2-3/4 3</td><td>Dec. 15, 1936 Feb. 15, 1937</td></tr><tr><td>1937 - Mar. 15 (Add. 12/15/36)</td><td>2-1/2</td><td>13-17 years</td><td>Dec. 15, 1949- Dec. 15, 1953</td><td>484</td><td>-</td><td>-</td><td>-</td><td>-</td><td>484</td><td>Oct. 15, 1932</td><td>3</td><td>Apr. 15, 1937</td></tr><tr><td>June 15</td><td>1-3/8</td><td>2 yrs. 3 moe.</td><td>Sept.15, 1939</td><td>-</td><td>427</td><td>2,499</td><td>427</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June 15</td><td>1-3/4</td><td>4 yrs. 9 moe.</td><td>Mar. 15, 1942</td><td>-</td><td>426</td><td>2,496</td><td>426</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sept.15</td><td>1-1/4</td><td>1 yr. 3 moe.</td><td>Dec. 15, 1938</td><td>-</td><td>433</td><td>-</td><td>-</td><td>-</td><td>433</td><td>Sept.15, 1932</td><td>3-1/4</td><td>Sept.15, 1937</td></tr><tr><td>Sept.15</td><td>2</td><td>5 years</td><td>Sept.15, 1942</td><td>-</td><td>342</td><td>-</td><td>-</td><td>-</td><td>342</td><td>Sept.15, 1932</td><td>3-1/4</td><td>Sept.15, 1937</td></tr><tr><td>Dec. 15</td><td>2-1/2</td><td>8 years</td><td>Dec. 15, 1945</td><td>541</td><td>-</td><td>4,084</td><td>294</td><td>-</td><td>247</td><td>Feb. 1, 1933</td><td>2-5/8</td><td>Feb. 1, 1938</td></tr><tr><td>Dec. 15</td><td>1-3/4</td><td>5 years</td><td>Dec. 15, 1942</td><td>-</td><td>232</td><td>2,702</td><td>219</td><td>-</td><td>13</td><td>Feb. 1, 1933</td><td>2-5/8</td><td>Feb. 1, 1938</td></tr><tr><td>1938 - Mar. 15</td><td>2-1/2</td><td>10 yrs. 6 moe.</td><td>Sept.15,1948</td><td>451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>451</td><td>Mar. 15, 1934</td><td>3</td><td>Mar. 15, 1938</td></tr><tr><td>June 15</td><td>2-3/4</td><td>20-25 years</td><td>June 15, 1958- June 15, 1963</td><td>919</td><td>-</td><td>-</td><td>-</td><td>-</td><td>572 347</td><td>June 15, 1933 Sept.15, 1934</td><td>2-7/8 2-1/2</td><td>June 15, 1938 Sept.15, 1938</td></tr><tr><td>June 15</td><td>1-1/8</td><td>5 years</td><td>June 15, 1943</td><td>-</td><td>268</td><td>-</td><td>-</td><td>-</td><td>36 232</td><td>June 15, 1933 Sept.15, 1934</td><td>2-7/8 2-1/2</td><td>June 15, 1938 Sept.15, 1938</td></tr><tr><td>Sept.15</td><td>2-1/2</td><td>12-14 years</td><td>Sept.15, 1950- Sept.15, 1952</td><td>867</td><td>-</td><td>4,487</td><td>462</td><td>-</td><td>405</td><td>Sept.15, 1937</td><td>1-1/4</td><td>Dec. 15, 1938</td></tr><tr><td>Sept.15</td><td>1-1/8</td><td>5 years</td><td>June 15, 1943</td><td>-</td><td>361</td><td>3,062</td><td>342</td><td>-</td><td>19</td><td>Sept.15, 1937</td><td>1-1/4</td><td>Dec. 15, 1938</td></tr><tr><td>Sept.15 (Add. 6/15/38)</td><td>2-3/4</td><td>22-27 years</td><td>Dec. 15, 1960- Dec. 15, 1965</td><td>591</td><td>-</td><td>5,732</td><td>403</td><td>-</td><td>188</td><td>Sept.16, 1935</td><td>1-1/2</td><td>Mar. 15, 1939</td></tr><tr><td>Dec. 15</td><td>2</td><td>9 years</td><td>Dec. 15, 1947</td><td>701</td><td>-</td><td>-</td><td>-</td><td>-</td><td>701</td><td>Sept.16, 1935</td><td>1-1/2</td><td>Mar. 15, 1939</td></tr><tr><td>Dec. 15</td><td>1-1/5</td><td>5 years</td><td>Dec. 15, 1943</td><td>-</td><td>368</td><td>3,647</td><td>329</td><td>-</td><td>39</td><td>Sept.16, 1935</td><td>1-1/2</td><td>Mar. 15, 1939</td></tr></table>
15
Amount of Interest-Bearing Debt Outstanding the Computed Annual Interest Charge, and the Computed Rate of Interest
AT THE END OF EACH FISCAL YEAR FROM 1916 TO 1937 ON BASIS OF MONTHLY PUBLIC DEBT STATEMENTS, AND FROM END OF THE FISCAL YEAR 1938 TO DATE ON BASIS OF DAILY TREASURY STATEMENTS, UNREVISED
<table><tr><th>End of month</th><th>Interest-bearing debt</th><th>Computed annual interest charge</th><th>Computed rate of interest Percent</th></tr><tr><td>1916-June</td><td>$ 971,562,530</td><td>$ 23,084,635</td><td>2.376</td></tr><tr><td>1917-June</td><td>2,112,549,476</td><td>83,625,482</td><td>3.120</td></tr><tr><td>1918-June</td><td>11,985,882,436</td><td>468,618,544</td><td>3.910</td></tr><tr><td>1919-June</td><td>25,234,496,273</td><td>1,054,204,509</td><td>4.178</td></tr><tr><td>1920-June</td><td>24,061,095,361</td><td>1,016,592,219</td><td>4.225</td></tr><tr><td>1921-June</td><td>23,737,352,080</td><td>1,029,917,903</td><td>4.339</td></tr><tr><td>1922-June</td><td>22,711,035,587</td><td>962,896,535</td><td>4.240</td></tr><tr><td>1923-June</td><td>22,007,590,754</td><td>927,331,341</td><td>4.214</td></tr><tr><td>1924-June</td><td>20,981,586,429</td><td>876,960,673</td><td>4.180</td></tr><tr><td>1925-June</td><td>20,210,906,251</td><td>829,680,044</td><td>4.105</td></tr><tr><td>1926-June</td><td>19,383,770,860</td><td>793,423,952</td><td>4.093</td></tr><tr><td>1927-June</td><td>18,250,943,955</td><td>722,675,553</td><td>3.960</td></tr><tr><td>1928-June</td><td>17,317,695,096</td><td>671,353,112</td><td>3.877</td></tr><tr><td>1929-June</td><td>16,638,941,379</td><td>656,654,311</td><td>3.946</td></tr><tr><td>1930-June</td><td>15,921,892,350</td><td>606,031,831</td><td>3.807</td></tr><tr><td>1931-June</td><td>16,519,588,640</td><td>588,987,438</td><td>3.566</td></tr><tr><td>1932-June</td><td>19,161,273,540</td><td>671,604,676</td><td>3.505</td></tr><tr><td>1933-June</td><td>22,157,643,120</td><td>742,175,955</td><td>3.350</td></tr><tr><td>1934-June</td><td>26,480,487,920</td><td>842,301,133</td><td>3.181</td></tr><tr><td>1935-June</td><td>27,645,229,826</td><td>750,677,802</td><td>2.716</td></tr><tr><td>1936-June</td><td>32,755,631,770</td><td>838,002,053</td><td>2.559</td></tr><tr><td>1937-June</td><td>35,802,586,915</td><td>924,347,089</td><td>2.582</td></tr><tr><td>1938-June</td><td>36,575,925,880</td><td>947,084,058</td><td>2.589</td></tr><tr><td>1938-July</td><td>36,641,937,719</td><td>951,738,835</td><td>2.597</td></tr><tr><td>1938-Aug.</td><td>37,051,561,281</td><td>956,207,791</td><td>2.581</td></tr><tr><td>1938-Sept.</td><td>37,849,982,493</td><td>977,274,331</td><td>2.582</td></tr><tr><td>1938-Oct.</td><td>37,896,865,589</td><td>978,604,732</td><td>2.582</td></tr><tr><td>1938-Nov.</td><td>38,068,027,769</td><td>982,917,804</td><td>2.582</td></tr><tr><td>1938-Dec.</td><td>38,898,851,391</td><td>1,005,833,188</td><td>2.586</td></tr></table>
For monthly figures from June 1916 to June 1929, see report of the Secretary of the Treasury for 1929, page 509; from July 1929 to June 1936, see report of the Secretary of the Treasury for 1936, pages 442 and 443; from July 1936 to June 1937, see report of the Secretary of the Treasury for 1937, page 442. "Interest-Bearing Debt" figures include discount on Treasury Bills, amount being deducted prior to calculating the average interest rate. On basis of Daily Treasury Statements, unreveled (See heading).
Comparative Yields of Average of All Long-Term U.S. Treasury Bonds and Average of High-Grade Corporate Bonds by Months, January 1937 to Date
(Monthly averages of daily figures)
<table><tr><th>Date</th><th>Long-term Treasury 1/</th><th>Corporate rates 2/</th><th>Corporate rates, excluding rails 2/</th><th colspan="2">Spread between long-term Treasury and corporate</th></tr><tr><th></th><th></th><th></th><th></th><th>Including rails</th><th>Excluding rails</th></tr><tr><td>1937-Jan...</td><td>2.47</td><td>3.09</td><td></td><td>.62</td><td></td></tr><tr><td>Feb...</td><td>2.46</td><td>3.23</td><td></td><td>.77</td><td></td></tr><tr><td>Mar...</td><td>2.60</td><td>3.36</td><td></td><td>.76</td><td></td></tr><tr><td>Apr...</td><td>2.80</td><td>3.43</td><td></td><td>.63</td><td></td></tr><tr><td>May...</td><td>2.76</td><td>3.36</td><td></td><td>.60</td><td></td></tr><tr><td>June...</td><td>2.76</td><td>3.30</td><td></td><td>.54</td><td></td></tr><tr><td>July...</td><td>2.72</td><td>3.27</td><td></td><td>.55</td><td></td></tr><tr><td>Aug...</td><td>2.72</td><td>3.25</td><td>3.19</td><td>.53</td><td>.47</td></tr><tr><td>Sept...</td><td>2.77</td><td>3.26</td><td>3.20</td><td>.49</td><td>.43</td></tr><tr><td>Oct...</td><td>2.76</td><td>3.26</td><td>3.19</td><td>.50</td><td>.43</td></tr><tr><td>Nov...</td><td>2.71</td><td>3.22</td><td>3.13</td><td>.51</td><td>.42</td></tr><tr><td>Dec...</td><td>2.67</td><td>3.17</td><td>3.09</td><td>.50</td><td>.42</td></tr><tr><td>1938-Jan...</td><td>2.65</td><td>3.17</td><td>3.08</td><td>.52</td><td>.43</td></tr><tr><td>Feb...</td><td>2.64</td><td>3.15</td><td>3.06</td><td>.51</td><td>.42</td></tr><tr><td>Mar...</td><td>2.64</td><td>3.16</td><td>3.05</td><td>.52</td><td>.41</td></tr><tr><td>Apr...</td><td>2.62</td><td>3.23</td><td>3.08</td><td>.61</td><td>.46</td></tr><tr><td>May...</td><td>2.51</td><td>3.14</td><td>2.99</td><td>.63</td><td>.48</td></tr><tr><td>June...</td><td>2.52</td><td>3.15</td><td>2.99</td><td>.63</td><td>.47</td></tr><tr><td>July...</td><td>2.52</td><td>3.12</td><td>2.98</td><td>.60</td><td>.46</td></tr><tr><td>Aug...</td><td>2.51</td><td>3.10</td><td>2.98</td><td>.59</td><td>.47</td></tr><tr><td>Sept...</td><td>2.58</td><td>3.12</td><td>2.99</td><td>.54</td><td>.41</td></tr><tr><td>Oct...</td><td>2.48</td><td>3.07</td><td>2.94</td><td>.59</td><td>.46</td></tr><tr><td>Nov...</td><td>2.50</td><td>3.06</td><td>2.92</td><td>.56</td><td>.42</td></tr><tr><td>Dec...</td><td>2.49</td><td>3.04</td><td>2.90</td><td>.55</td><td>.41</td></tr></table>
1/ Average of Treasury bonds due or callable after 12 years
2/ January 1937 through July 1937, average of the yields of 15 high-grade corporate bonds. August 1937 to date, average of 20 bonds; excluding rails, average of 15 bonds. January 1937 through April 1938, monthly average of Saturday figures.
16
Government Securities, by issues, and Other Securities Held as Investments (1) in Trust Funds Which by Law are Under the Control of the Secretary of the Treasury or the Treasurer of the United States and (2) in Accounts Under the Control of Certain Governmental Corporations and Agencies the Investments of Which are Handled Through the Facilities of the Treasury Department, as of December 31, 1938
(face amount)
<table><tr><th>Title</th><th>Postal Savings System</th><th>Federal Deposit Insurance Corporation</th><th>Individual Indian Trust Funde</th><th>Mutual Mortgage Insurance Fund and Housing Insurance Fund</th><th>Federal Savings & Loan Insurance Corporation</th><th>Civil Service Retirement & Disability Fund</th><th>U. S. Government Life Insurance Fund</th><th>D. C. Teachers Retirement Fund</th><th>Alien Property Custodian Funds</th><th>Miscellaneous Accounts</th><th>Total</th></tr><tr><td>Pre-War and Other Bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>21/2 Postal Savings bonds</td><td>25,895,400</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>25,895,400</td></tr><tr><td>United States Savings bonds</td><td>--</td><td>--</td><td>85,575</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>22,500</td><td>108,075</td></tr><tr><td>3% Adjusted Service bonds of 1945</td><td>--</td><td>--</td><td>400</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>400</td></tr><tr><td>Treasury Bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>41/2 bonds of 1947-52</td><td>19,432,000</td><td>4,631,000</td><td>45,000</td><td>2,940,000</td><td>--</td><td>--</td><td>41,272,000</td><td>1,142,200</td><td>--</td><td>459,100</td><td>69,921,300</td></tr><tr><td>41/2 1944-54</td><td>34,541,000</td><td>11,635,000</td><td>1,240,900</td><td>2,845,000</td><td>--</td><td>--</td><td>14,106,000</td><td>134,000</td><td>9,800,000</td><td>137,000</td><td>74,438,900</td></tr><tr><td>31/2 1946-56</td><td>20,744,000</td><td>7,338,000</td><td>16,000</td><td>2,788,100</td><td>--</td><td>--</td><td>2,200,000</td><td>118,000</td><td>--</td><td>156,000</td><td>33,660,100</td></tr><tr><td>3-3/8 1943-47</td><td>8,446,000</td><td>5,362,400</td><td>14,382,200</td><td>--</td><td>--</td><td>--</td><td>--</td><td>247,000</td><td>--</td><td>620,000</td><td>29,057,600</td></tr><tr><td>3-3/8 1940-43</td><td>5,928,000</td><td>8,953,000</td><td>550,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>80,000</td><td>15,511,000</td></tr><tr><td>3-3/8 1941-43</td><td>8,875,000</td><td>9,753,100</td><td>800,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>320,000</td><td>--</td><td>--</td><td>19,748,100</td></tr><tr><td>3-1/8 1946-49</td><td>22,423,000</td><td>12,265,500</td><td>4,357,200</td><td>--</td><td>100,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>39,145,700</td></tr><tr><td>31/2 1951-55</td><td>62,155,000</td><td>8,069,000</td><td>791,150</td><td>--</td><td>--</td><td>--</td><td>5,900,000</td><td>--</td><td>1,100,000</td><td>4,477,050</td><td>82,492,200</td></tr><tr><td>31/2 1941</td><td>25,049,000</td><td>11,557,000</td><td>10,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>36,616,000</td></tr><tr><td>31/2 1943-45</td><td>47,008,000</td><td>20,200,550</td><td>2,926,700</td><td>--</td><td>--</td><td>--</td><td>--</td><td>232,000</td><td>5,100,000</td><td>11,550</td><td>75,478,800</td></tr><tr><td>31/2 1944-46</td><td>57,285,250</td><td>31,232,100</td><td>1,976,150</td><td>--</td><td>--</td><td>--</td><td>40,000</td><td>--</td><td>--</td><td>124,750</td><td>90,658,250</td></tr><tr><td>31/2 1946-48</td><td>95,430,000</td><td>11,336,000</td><td>1,056,400</td><td>--</td><td>200,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>108,082,400</td></tr><tr><td>3-1/8 1949-52</td><td>10,250,000</td><td>1,335,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>1,250,000</td><td>--</td><td>500,000</td><td>--</td><td>13,335,000</td></tr><tr><td>2-7/8 1955-60</td><td>150,772,000</td><td>27,723,100</td><td>10,721,400</td><td>5,320,250</td><td>5,900,000</td><td>--</td><td>115,543,250</td><td>2,881,850</td><td>6,730,000</td><td>1,091,000</td><td>326,682,850</td></tr><tr><td>21/2 1945-47</td><td>42,526,000</td><td>654,700</td><td>1,881,250</td><td>1,334,500</td><td>--</td><td>--</td><td>91,300</td><td>--</td><td>3,300,000</td><td>--</td><td>49,787,750</td></tr><tr><td>21/2 1948-51</td><td>46,408,000</td><td>7,663,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>5,300,000</td><td>--</td><td>--</td><td>--</td><td>59,371,000</td></tr><tr><td>21/2 1951-54</td><td>48,785,000</td><td>14,651,000</td><td>245,000</td><td>550,000</td><td>210,000</td><td>--</td><td>17,745,000</td><td>94,000</td><td>350,000</td><td>298,050</td><td>82,928,050</td></tr><tr><td>21/2 1956-59</td><td>50,095,000</td><td>22,035,000</td><td>783,900</td><td>5,282,850</td><td>370,000</td><td>--</td><td>34,363,300</td><td>231,000</td><td>250,000</td><td>494,850</td><td>114,465,900</td></tr><tr><td>21/2 1949-53</td><td>99,978,000</td><td>16,780,000</td><td>600,000</td><td>--</td><td>150,000</td><td>--</td><td>1,813,050</td><td>--</td><td>--</td><td>150,000</td><td>119,471,050</td></tr><tr><td>21/2 1945</td><td>--</td><td>--</td><td>--</td><td>--</td><td>100,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>100,000</td></tr><tr><td>21/2 1948</td><td>167,000</td><td>4,358,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>4,525,000</td></tr><tr><td>21/2 1958-63</td><td>2,167,000</td><td>--</td><td>1,100</td><td>--</td><td>--</td><td>--</td><td>6,300,000</td><td>606,000</td><td>3,470,000</td><td>751,600</td><td>13,295,700</td></tr><tr><td>21/2 1950-52</td><td>17,155,000</td><td>--</td><td>--</td><td>--</td><td>750,000</td><td>--</td><td>25,100,000</td><td>--</td><td>--</td><td>--</td><td>43,005,000</td></tr><tr><td>21/2 1960-65</td><td>3,500,000</td><td>--</td><td>--</td><td>--</td><td>500,000</td><td>--</td><td>350,000</td><td>--</td><td>200,000</td><td>--</td><td>4,550,000</td></tr><tr><td>21/2 1947</td><td>--</td><td>--</td><td>--</td><td>--</td><td>1,150,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>1,150,000</td></tr><tr><td>Treasury Notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/8% Series A-1939, Mat.6/15/39</td><td>400,000</td><td>4,750,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>10,200</td><td>--</td><td>5,160,200</td></tr><tr><td>11/2% C-1939, Mat.3/15/39</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td></tr><tr><td>1-5/8% A-1940, Mat.3/15/40</td><td>--</td><td>513,700</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>513,700</td></tr><tr><td>11/2% B-1940, Mat.6/15/40</td><td>--</td><td>3,750,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>3,750,000</td></tr><tr><td>21/2% B-1942, Mat.9/15/42</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>200,000</td><td>110,000</td><td>310,000</td></tr><tr><td>1-1/8% A-1943, Mat.6/15/43</td><td>--</td><td>17,488,000</td><td>--</td><td>--</td><td>45,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>17,533,000</td></tr><tr><td>Special 21/2% Securities</td><td>52,000,000</td><td>105,000,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>6,700,000</td><td>--</td><td>--</td><td>--</td><td>163,700,000</td></tr><tr><td>Special 23/4% Securities</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>1,064,000,000</td><td>1,064,000,000</td></tr><tr><td>Special 31/2% Securities</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>459,900,000</td><td>--</td><td>--</td><td>--</td><td>938,000,000</td><td>938,000,000</td></tr><tr><td>Special 41/2% Securities</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>30,252,000</td><td>490,152,000</td></tr><tr><td>41/2% Adjusted Service Bonds (Govt.Life Inc. Pd. Series,1946)</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>500,157,956</td><td>--</td><td>--</td><td>--</td><td>500,157,956</td></tr><tr><td>TOTAL GOVERNMENT OBLIGATIONS</td><td>957,414,650</td><td>369,094,150</td><td>42,470,325</td><td>19,686,200</td><td>10,809,500</td><td>459,900,000</td><td>778,831,856</td><td>6,006,050</td><td>31,010,200</td><td>2,041,535,450</td><td>4,716,758,381</td></tr><tr><td>Commodity Credit Corporation notes</td><td>--</td><td>--</td><td>--</td><td>--</td><td>600,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>600,000</td></tr><tr><td>Reconstruction Finance Corporation notes</td><td>--</td><td>--</td><td>--</td><td>--</td><td>1,000,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>1,000,000</td></tr><tr><td>Home Owners' Loan Corporation bonds</td><td>79,678,000</td><td>--</td><td>25,525</td><td>--</td><td>102,667,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>182,370,525</td></tr><tr><td>Federal Farm Mortgage Corporation bonds</td><td>87,156,400</td><td>--</td><td>53,900</td><td>--</td><td>--</td><td>--</td><td>--</td><td>95,000</td><td>--</td><td>14,700</td><td>87,320,000</td></tr><tr><td>TOTAL GOVERNMENT-GUARANTEED OBLIGATIONS</td><td>166,834,400</td><td>--</td><td>79,425</td><td>--</td><td>104,267,000</td><td>--</td><td>--</td><td>95,000</td><td>--</td><td>14,700</td><td>271,290,525</td></tr><tr><td>Federal Farm Loan bonds</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>41,999,000</td><td>1,441,200</td><td>--</td><td>343,700</td><td>43,783,900</td></tr><tr><td>Philippine bonds and certificates</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>182,000</td><td>--</td><td>--</td><td>182,000</td></tr><tr><td>Puerto Rican bonds</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>71,000</td><td>--</td><td>--</td><td>71,000</td></tr><tr><td>All Other</td><td>--</td><td>--</td><td>21,000</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>--</td><td>274,484</td><td>295,484</td></tr><tr><td>GRAND TOTAL</td><td>1,124,24,9,050</td><td>369,094,150</td><td>42,570,750</td><td>19,686,200</td><td>115,076,500</td><td>459,900,000</td><td>820,830,856</td><td>7,795,250</td><td>31,010,200</td><td>2,042,168,334</td><td>5,032,381,290</td></tr></table>
<table><tr><td>Miscellaneous Accounts continued:</td><td></td><td></td></tr><tr><td>Ainsworth Library Fund, Walter Reed General Hospital</td><td>....................</td><td>9,700</td></tr><tr><td>District of Columbia Water Fund</td><td>....................</td><td>736,000</td></tr><tr><td>Unemployment Trust Fund</td><td>(Special 24)</td><td>1,064,000,000</td></tr><tr><td>Railroad Retirement Account</td><td>(Special 35)</td><td>75,700,000</td></tr><tr><td>Old-Age Reserve Account</td><td>(Special 35)</td><td>862,300,000</td></tr><tr><td>Foreign Service Retirement and Disability Fund</td><td>(Special 45)</td><td>3,519,000</td></tr><tr><td>Canal Zone Retirement and Disability Fund</td><td>(Special 45)</td><td>4,001,000</td></tr><tr><td>Adjusted Service Certificate Fund</td><td>(Special 45)</td><td>22,200,000</td></tr><tr><td>Alaska Railroad Retirement and Disability Fund</td><td>(Special 45)</td><td>532,000</td></tr></table>
<table><tr><td>Miscellaneous Accounts:</td><td></td></tr><tr><td>Panama Canal Zone Fund 1/</td><td>2,145,100</td></tr><tr><td>General Post Fund, Veterans' Administration</td><td>1,063,250</td></tr><tr><td>Library of Congress Trust Fund</td><td>274,484</td></tr><tr><td>D. C. Workmen's Compensation Fund</td><td>21,000</td></tr><tr><td>Longshoremen's and Harbor Workers' Compensation Fund</td><td>169,300</td></tr><tr><td>German Special Deposit Account</td><td>3,957,000</td></tr><tr><td>National Institute of Health Gift Fund</td><td>83,000</td></tr><tr><td>Controller of the Currency Employees' Retirement Fund</td><td>1,242,500</td></tr><tr><td>Perching Hall Memorial Fund</td><td>198,050</td></tr><tr><td>National Park Trust Fund</td><td>11,950</td></tr></table>
2,042,168,334
1
Investments handled by The Panama Canal.
CONTINGENT LIABILITIES
-17-
18
Governmental Corporations and Credit Agencies of the United States: Nov. 30, 1938
(In millions of dollars)
Proprietary Interest of the United States in Governmental Corporations and Lending Agencies: Nov. 30, 1938
(In millions of dollars)
<table><tr><th></th><th>Assets</th><th colspan="2">Liabilities</th><th colspan="2">Proprietary interest</th></tr><tr><th></th><th></th><th>Guaranteed by United States</th><th>Not guaranteed by United States</th><th>Privately owned</th><th>Owned by United States</th></tr><tr><td>Reconstruction Finance Corp.</td><td>$ 1,843.8</td><td>$ 511.5</td><td>$ 76.0</td><td>-</td><td>$256.4</td></tr><tr><td>Commodity Credit Corp.</td><td>382.9</td><td>206.3</td><td>75.2</td><td>-</td><td>101.4</td></tr><tr><td>Export-Import Bank of Washington</td><td>22.6</td><td>-</td><td>.4</td><td>-</td><td>22.2</td></tr><tr><td>Federal Crop Insurance Corp.</td><td>6.9</td><td>-</td><td>.3</td><td>-</td><td>6.6</td></tr><tr><td>Federal Deposit Insurance Corp.</td><td>441.0</td><td>-</td><td>151.7</td><td>$139.3</td><td>150.0</td></tr><tr><td>Tennessee Valley Authority.</td><td>223.7</td><td>-</td><td>7.6</td><td>-</td><td>216.1</td></tr><tr><td>Public Works Administration.</td><td>36.6</td><td>-</td><td>-</td><td>-</td><td>36.6</td></tr><tr><td>United States Maritime Commission.</td><td>203.1</td><td>-</td><td>113.0</td><td>-</td><td>90.1</td></tr><tr><td>Rural Electrification Administration</td><td>83.0</td><td>-</td><td>-</td><td>-</td><td>83.0</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>3,077.4</td><td>2,912.3</td><td>107.8</td><td>-</td><td>57.3</td></tr><tr><td>Federal Savings & Loan Insurance Corporation.</td><td>116.4</td><td>-</td><td>1.1</td><td>-</td><td>115.3</td></tr><tr><td>Federal Savings & Loan Associations</td><td>47.1</td><td>-</td><td>-</td><td>-</td><td>47.1</td></tr><tr><td>Federal Home Loan Banks.</td><td>282.0</td><td>-</td><td>111.3</td><td>$46.0</td><td>124.7</td></tr><tr><td>Federal Housing Administration.</td><td>40.4</td><td>1.2</td><td>1.1</td><td>-</td><td>38.1</td></tr><tr><td>United States Housing Authority.</td><td>157.8</td><td>-</td><td>1.6</td><td>-</td><td>156.2</td></tr><tr><td>Farm Credit Administration.</td><td>120.3</td><td>-</td><td>5.2</td><td>-</td><td>115.1</td></tr><tr><td>Federal Farm Mortgage Corp.</td><td>1,609.1</td><td>1,393.3</td><td>49.3</td><td>-</td><td>166.5</td></tr><tr><td>Federal Land Banks.</td><td>2,350.3</td><td>-</td><td>1,826.0</td><td>192.7</td><td>331.6</td></tr><tr><td>Federal Intermediate Credit Banks.</td><td>271.1</td><td>-</td><td>177.3</td><td>-</td><td>93.8</td></tr><tr><td>Bankes for Cooperatives.</td><td>190.2</td><td>-</td><td>2.8</td><td>$4.1</td><td>183.3</td></tr><tr><td>Production Credit Corporations.</td><td>122.2</td><td>-</td><td>.2</td><td>-</td><td>122.0</td></tr><tr><td>Regional Agricultural Credit Corps.</td><td>21.9</td><td>-</td><td>3.7</td><td>-</td><td>18.2</td></tr><tr><td colspan="6">War emergency corps. & agencies (in Liquidation):</td></tr><tr><td>Navy Department (sale of surplus war supplies).</td><td>4.7</td><td>-</td><td>-</td><td>-</td><td>4.7</td></tr><tr><td>United States Housing Corp.</td><td>2.0</td><td>-</td><td>-</td><td>-</td><td>2.0</td></tr><tr><td>United States Railroad Adm.</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>United States Spruce Prod. Corp.</td><td>.7</td><td>-</td><td>-</td><td>-</td><td>.7</td></tr><tr><td>War Finance Corporation.</td><td>1/</td><td>-</td><td>1/</td><td>-</td><td>1/</td></tr><tr><td colspan="6">Other:</td></tr><tr><td>Disaster Loan Corporation.</td><td>11.2</td><td>-</td><td>1/</td><td>-</td><td>11.1</td></tr><tr><td>Electric Home and Farm Authority.</td><td>8.0</td><td>-</td><td>7.1</td><td>-</td><td>.9</td></tr><tr><td>Farm Security Administration.</td><td>176.4</td><td>-</td><td>-</td><td>-</td><td>176.4</td></tr><tr><td>Federal National Mortgage Assoc.</td><td>72.5</td><td>-</td><td>31.0</td><td>-</td><td>41.5</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>7.2</td><td>-</td><td>.3</td><td>-</td><td>7.0</td></tr><tr><td>Interior Department (Indian loans)</td><td>2.1</td><td>-</td><td>-</td><td>-</td><td>2.1</td></tr><tr><td>Inland Waterways Corp.</td><td>26.4</td><td>-</td><td>1.0</td><td>-</td><td>25.4</td></tr><tr><td>Panama Railroad Co.</td><td>46.1</td><td>-</td><td>.8</td><td>-</td><td>45.3</td></tr><tr><td>Puerto Rico Reconstruction Corp.</td><td>4.6</td><td>-</td><td>-</td><td>-</td><td>4.6</td></tr><tr><td>B F C Mortgage Company.</td><td>50.7</td><td>-</td><td>1.1</td><td>-</td><td>49.6</td></tr><tr><td>Tennessee Valley Assoc. Cooperatives, Inc.</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>.3</td></tr><tr><td colspan="6">Treasury Department:</td></tr><tr><td>Railroad loans (Transportation Act, 1920).</td><td>30.2</td><td>-</td><td>-</td><td>-</td><td>30.2</td></tr><tr><td>Securities received from the Re-construction Finance Corp. under act of Feb. 24, 1938.</td><td>2.7</td><td>-</td><td>-</td><td>-</td><td>2.7</td></tr><tr><td>Total.</td><td>12,095.7</td><td>5,024.6</td><td>2,752.9</td><td>382.0</td><td>3,936.2</td></tr></table>
1/ Less than $100,000
<table><tr><th></th><th>Capital Stock</th><th>Surplus</th><th>Total* Proprietary Inter-est</th></tr><tr><td><b>I. Stock:</b></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation</td><td>500</td><td>58</td><td>558</td></tr><tr><td>Commodity Credit Corporation.....</td><td>100</td><td>1</td><td>101</td></tr><tr><td>Export-Import Bank.....</td><td>21</td><td>1</td><td>22</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>5</td><td>2</td><td>7</td></tr><tr><td>Federal Deposit Insurance Corporation.....</td><td>150</td><td>-</td><td>150</td></tr><tr><td>Home Owners' Loan Corporation ...</td><td>200</td><td>148</td><td>52</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.....</td><td>100</td><td>15</td><td>115</td></tr><tr><td>Federal Savings and Loan Insurance Associations.....</td><td>47</td><td>-</td><td>47</td></tr><tr><td>Federal Home Loan Banks</td><td>125</td><td>-</td><td>125</td></tr><tr><td>U. S. Housing Authority.....</td><td>1</td><td>114</td><td>115</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>200</td><td>33</td><td>167</td></tr><tr><td>Federal Land Banks.....</td><td>125</td><td>207</td><td>332</td></tr><tr><td>Federal Intermediate Credit Banks</td><td>70</td><td>24</td><td>94</td></tr><tr><td>Banks for Cooperatives.....</td><td>149</td><td>34</td><td>183</td></tr><tr><td>Production Credit Corporations.....</td><td>120</td><td>2</td><td>122</td></tr><tr><td>Regional Agricultural Credit Corporations.....</td><td>5</td><td>13</td><td>18</td></tr><tr><td>U. S. Housing Corporation.....</td><td>34</td><td>32</td><td>2</td></tr><tr><td>Disaster Loan Corporation.....</td><td>12</td><td>1</td><td>11</td></tr><tr><td>Electric Home and Farm Authority.</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Federal National Mortgage Assoc.</td><td>10</td><td>32</td><td>42</td></tr><tr><td>Inland Waterways Corporation.....</td><td>12</td><td>13</td><td>25</td></tr><tr><td>Panama Railroad Company.....</td><td>7</td><td>38</td><td>45</td></tr><tr><td>RFC Mortgage Company.....</td><td>25</td><td>25</td><td>50</td></tr><tr><td><b>Total</b></td><td><b>2,019</b></td><td><b>395</b></td><td><b>2,414</b></td></tr><tr><td><b>II. Non-Stock:</b></td><td></td><td></td><td></td></tr><tr><td>Tennessee Valley Authority.....</td><td></td><td></td><td>216</td></tr><tr><td>Public Works Administration.....</td><td></td><td></td><td>37</td></tr><tr><td>U. S. Maritime Commission.....</td><td></td><td></td><td>90</td></tr><tr><td>Rural Electrification Administration.....</td><td></td><td></td><td>83</td></tr><tr><td>Federal Housing Administration.....</td><td></td><td></td><td>38</td></tr><tr><td>Farm Credit Administration.....</td><td></td><td></td><td>115</td></tr><tr><td>Navy Department (Sale of surplus property).....</td><td></td><td></td><td>5</td></tr><tr><td>Farm Security Administration.....</td><td></td><td></td><td>176</td></tr><tr><td>Federal Prisons Industries, Inc.</td><td></td><td></td><td>7</td></tr><tr><td>Interior Department (Indian loans)</td><td></td><td></td><td>2</td></tr><tr><td>Puerto Rican Reconstruction Administration.....</td><td></td><td></td><td>5</td></tr><tr><td>Railroad Loans (Transportation Act) Securities received from RFC (Act Feb. 24, 1938).....</td><td></td><td></td><td>30</td></tr><tr><td><b>Total</b></td><td></td><td></td><td><b>607</b></td></tr><tr><td><b>III. Special Obligations Held by Treasury:</b></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation</td><td></td><td></td><td>699</td></tr><tr><td>Home Owners' Loan Corporation.....</td><td></td><td></td><td>5</td></tr><tr><td>U. S. Housing Authority.....</td><td></td><td></td><td>11</td></tr><tr><td><b>Total</b></td><td></td><td></td><td><b>715</b></td></tr><tr><td><b>Grand Total</b></td><td></td><td></td><td><b>3,936</b></td></tr></table>
* Excluding inter-agency transactions.
** Deficit.
CAPITAL MOVEMENTS
-19-
20
Net Capital Movement between the United States and Foreign Countries 1935 through October 1938
(In thousands of dollars. Capital inflow or capital outflow (-))
<table><tr><th>Classification and period by reporting dates</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Switz-erland</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>Movement in short-term banking funds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1,1936</td><td>337,385</td><td>177,610</td><td>28,829</td><td>21,011</td><td>55,362</td><td>73,990</td><td>69,476</td><td>763,663</td><td>41,394</td><td>53,554</td><td>96,140</td><td>9,878</td><td>964,629</td><td></td></tr><tr><td>Jan. 1, 1936-Dec. 30,1936</td><td>4,166</td><td>28,599</td><td>39,892</td><td>18,254</td><td>7,229</td><td>38,550</td><td>32,192</td><td>168,882</td><td>82,251</td><td>120,672</td><td>24,609</td><td>928</td><td>397,342</td><td></td></tr><tr><td>Dec. 30, 1936-Dec. 29,1937</td><td>55,151</td><td>-29,182</td><td>46,003</td><td>-25,896</td><td>9,283</td><td>178,423</td><td>34,625</td><td>268,427</td><td>-69,087</td><td>43,678</td><td>24,083</td><td>-11,507</td><td>255,594</td><td></td></tr><tr><td>Dec. 30, 1937-Sept. 28,1938</td><td>9,903</td><td>23,799</td><td>5,414</td><td>-4,690</td><td>-7,596</td><td>-109,976</td><td>83,088</td><td>-58</td><td>39,220</td><td>17,187</td><td>-63,892</td><td>18,407</td><td>10,864</td><td></td></tr><tr><td>Week ended Oct. 5</td><td>14,247</td><td>-126</td><td>788</td><td>5,809</td><td>-8,891</td><td>13,852</td><td>1,889</td><td>27,568</td><td>20,595</td><td>-1,838</td><td>-4,827</td><td>650</td><td>42,148</td><td></td></tr><tr><td>Oct. 12</td><td>11,483</td><td>10,278</td><td>452</td><td>424</td><td>3,777</td><td>9,883</td><td>1,567</td><td>37,804</td><td>-1,898</td><td>-18,211</td><td>-6,025</td><td>305</td><td>11,975</td><td></td></tr><tr><td>Oct. 19</td><td>43,301</td><td>15,738</td><td>1,074</td><td>1,070</td><td>5,815</td><td>3,621</td><td>8,630</td><td>79,449</td><td>299</td><td>1,340</td><td>11,291</td><td>-2,271</td><td>90,108</td><td></td></tr><tr><td>Oct. 26</td><td>11,806</td><td>-3,625</td><td>439</td><td>-530</td><td>-270</td><td>1,795</td><td>-7,553</td><td>2,062</td><td>14,984</td><td>-5,165</td><td>554</td><td>46</td><td>12,481</td><td></td></tr><tr><td>Total</td><td>487,442</td><td>223,111</td><td>122,891</td><td>15,452</td><td>64,709</td><td>210,078</td><td>224,114</td><td>1,347,797</td><td>127,758</td><td>211,217</td><td>81,933</td><td>16,436</td><td>1,755,141</td><td></td></tr><tr><td>Movement in brokerage balances:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1,1936</td><td>13</td><td>2,418</td><td>-152</td><td>123</td><td>1,265</td><td>2,455</td><td>1,431</td><td>7,553</td><td>-4,479</td><td>968</td><td>2,878</td><td>-881</td><td>6,039</td><td></td></tr><tr><td>Jan. 1, 1936-Dec. 30,1936</td><td>4,016</td><td>1,977</td><td>-510</td><td>131</td><td>-2,195</td><td>6,656</td><td>-1,070</td><td>15,005</td><td>-3,086</td><td>-5,182</td><td>-788</td><td>862</td><td>6,611</td><td></td></tr><tr><td>Dec. 30, 1936-Dec. 29,1937</td><td>7,494</td><td>1,123</td><td>669</td><td>-109</td><td>5,883</td><td>1,734</td><td>4,656</td><td>21,450</td><td>11,092</td><td>3,700</td><td>-1,569</td><td>14</td><td>34,687</td><td></td></tr><tr><td>Dec. 30, 1937-Sept. 28,1938</td><td>5,276</td><td>4,395</td><td>-93</td><td>43</td><td>1,805</td><td>-194</td><td>1,911</td><td>13,143</td><td>1,804</td><td>877</td><td>263</td><td>457</td><td>16,544</td><td></td></tr><tr><td>Week ended Oct. 5</td><td>-1,161</td><td>-575</td><td>-31</td><td>-23</td><td>-379</td><td>771</td><td>-1,174</td><td>-2,572</td><td>421</td><td>14</td><td>786</td><td>-114</td><td>-1,465</td><td></td></tr><tr><td>Oct. 12</td><td>-1,669</td><td>-484</td><td>-38</td><td>23</td><td>-618</td><td>-593</td><td>113</td><td>-3,266</td><td>-1,742</td><td>-208</td><td>114</td><td>-132</td><td>-5,234</td><td></td></tr><tr><td>Oct. 19</td><td>-485</td><td>459</td><td>87</td><td>-1</td><td>966</td><td>272</td><td>-284</td><td>1,014</td><td>-838</td><td>-113</td><td>-333</td><td>134</td><td>-136</td><td></td></tr><tr><td>Oct. 26</td><td>650</td><td>-660</td><td>-74</td><td>15</td><td>-306</td><td>-420</td><td>343</td><td>-452</td><td>-346</td><td>-198</td><td>-45</td><td>30</td><td>-1,011</td><td></td></tr><tr><td>Total</td><td>14,134</td><td>14,653</td><td>-142</td><td>202</td><td>6,421</td><td>10,681</td><td>5,926</td><td>51,875</td><td>2,826</td><td>-142</td><td>1,306</td><td>370</td><td>56,235</td><td></td></tr><tr><td>Movement in transactions in domestic securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1,1936</td><td>149,780</td><td>23,394</td><td>-5,353</td><td>-95</td><td>50,458</td><td>55,125</td><td>12,928</td><td>285,237</td><td>2,807</td><td>3,685</td><td>21,371</td><td>2,560</td><td>316,660</td><td></td></tr><tr><td>Jan. 1, 1936-Dec. 30,1936</td><td>217,915</td><td>41,352</td><td>-2,102</td><td>-3,235</td><td>107,149</td><td>145,036</td><td>25,604</td><td>531,719</td><td>29,840</td><td>11,841</td><td>22,763</td><td>4,530</td><td>600,933</td><td></td></tr><tr><td>Dec. 30, 1936-Dec. 29,1937</td><td>81,024</td><td>5,580</td><td>-9,965</td><td>-1,530</td><td>56,235</td><td>75,100</td><td>17,215</td><td>223,659</td><td>4,997</td><td>2,705</td><td>10,543</td><td>2,722</td><td>244,626</td><td></td></tr><tr><td>Dec. 30, 1937-Sept. 28,1938</td><td>-18,186</td><td>-2,569</td><td>-3,024</td><td>-419</td><td>-10,494</td><td>6,967</td><td>-2,730</td><td>-30,455</td><td>-9,900</td><td>3,620</td><td>-149</td><td>333</td><td>-36,551</td><td></td></tr><tr><td>Week ended Oct. 5</td><td>5,920</td><td>1,511</td><td>-14</td><td>2</td><td>3,856</td><td>4,165</td><td>911</td><td>16,351</td><td>193</td><td>607</td><td>-145</td><td>141</td><td>17,147</td><td></td></tr><tr><td>Oct. 12</td><td>4,620</td><td>1,840</td><td>-132</td><td>4</td><td>5,719</td><td>2,563</td><td>679</td><td>15,293</td><td>3,327</td><td>5</td><td>-207</td><td>143</td><td>18,561</td><td></td></tr><tr><td>Oct. 19</td><td>7,719</td><td>117</td><td>-1,052</td><td>-73</td><td>1,155</td><td>1,888</td><td>112</td><td>9,666</td><td>-216</td><td>40</td><td>-689</td><td>38</td><td>9,039</td><td></td></tr><tr><td>Oct. 26</td><td>5,212</td><td>1,282</td><td>-285</td><td>5</td><td>1,100</td><td>2,655</td><td>609</td><td>10,578</td><td>1,255</td><td>149</td><td>50</td><td>200</td><td>12,232</td><td></td></tr><tr><td>Total</td><td>454,004</td><td>72,507</td><td>-21,927</td><td>-5,341</td><td>215,178</td><td>293,499</td><td>55,328</td><td>1,063,248</td><td>32,303</td><td>22,652</td><td>53,537</td><td>10,667</td><td>1,162,407</td><td></td></tr><tr><td>Movement in transactions in foreign securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1,1936</td><td>67,757</td><td>6,818</td><td>13,275</td><td>2,949</td><td>7,408</td><td>-1,191</td><td>46,129</td><td>143,145</td><td>-39,715</td><td>12,700</td><td>7,914</td><td>1,114</td><td>125,158</td><td></td></tr><tr><td>Jan. 1, 1936-Dec. 30,1936</td><td>48,304</td><td>11,368</td><td>9,247</td><td>6,469</td><td>3,008</td><td>14,924</td><td>41,788</td><td>135,108</td><td>41,452</td><td>2,973</td><td>9,133</td><td>2,410</td><td>191,076</td><td></td></tr><tr><td>Dec. 30, 1936-Dec. 29,1937</td><td>20,713</td><td>4,023</td><td>4,059</td><td>4,057</td><td>10,815</td><td>16,657</td><td>27,267</td><td>88,191</td><td>8,785</td><td>159,284</td><td>7,484</td><td>3,264</td><td>267,008</td><td></td></tr><tr><td>Dec. 30, 1937-Sept. 28,1938</td><td>-7,495</td><td>1,381</td><td>5,316</td><td>3,570</td><td>2,585</td><td>76</td><td>40,010</td><td>45,443</td><td>-21,743</td><td>9,784</td><td>6,360</td><td>1,918</td><td>41,762</td><td></td></tr><tr><td>Week ended Oct. 5</td><td>-247</td><td>513</td><td>69</td><td>24</td><td>428</td><td>-71</td><td>3,901</td><td>4,617</td><td>3,745</td><td>2,008</td><td>145</td><td>30</td><td>10,545</td><td></td></tr><tr><td>Oct. 12</td><td>-1,097</td><td>86</td><td>-13</td><td>14</td><td>225</td><td>495</td><td>165</td><td>-125</td><td>1,080</td><td>338</td><td>133</td><td>22</td><td>1,448</td><td></td></tr><tr><td>Oct. 19</td><td>-24</td><td>40</td><td>4</td><td>45</td><td>167</td><td>463</td><td>327</td><td>1,022</td><td>1,808</td><td>135</td><td>100</td><td>70</td><td>3,135</td><td></td></tr><tr><td>Oct. 26</td><td>-1,643</td><td>81</td><td>-30</td><td>-33</td><td>222</td><td>465</td><td>430</td><td>-508</td><td>-1,954</td><td>590</td><td>111</td><td>20</td><td>-1,741</td><td></td></tr><tr><td>Total</td><td>126,268</td><td>24,910</td><td>31,927</td><td>17,095</td><td>24,858</td><td>31,818</td><td>160,017</td><td>416,893</td><td>-6,542</td><td>187,812</td><td>31,380</td><td>8,848</td><td>638,391</td><td></td></tr><tr><td>Net capital movement:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1,1936</td><td>554,935</td><td>210,240</td><td>36,599</td><td>23,988</td><td>114,493</td><td>130,379</td><td>129,964</td><td>1,200,598</td><td>7</td><td>70,907</td><td>128,303</td><td>12,671</td><td>1,412,488</td><td></td></tr><tr><td>Jan. 1, 1936-Dec. 30,1936</td><td>274,401</td><td>89,296</td><td>46,527</td><td>21,619</td><td>115,191</td><td>205,166</td><td>98,514</td><td>850,714</td><td>150,457</td><td>130,304</td><td>55,717</td><td>8,730</td><td>1,195,932</td><td></td></tr><tr><td>Dec. 30, 1936-Dec. 29,1937</td><td>104,382</td><td>-17,836</td><td>40,766</td><td>-23,478</td><td>82,216</td><td>271,914</td><td>83,763</td><td>601,727</td><td>-44,213</td><td>209,367</td><td>40,541</td><td>-5,507</td><td>801,915</td><td></td></tr><tr><td>Dec. 30, 1937-Sept. 28,1938</td><td>-10,502</td><td>27,006</td><td>7,613</td><td>-1,496</td><td>-13,700</td><td>-103,127</td><td>122,279</td><td>28,073</td><td>9,381</td><td>31,468</td><td>-57,418</td><td>21,115</td><td>32,619</td><td></td></tr><tr><td>Week ended Oct. 5</td><td>18,759</td><td>1,323</td><td>812</td><td>5,812</td><td>-4,986</td><td>18,717</td><td>5,527</td><td>45,904</td><td>24,954</td><td>791</td><td>-4,041</td><td>707</td><td>68,375</td><td></td></tr><tr><td>Oct. 12</td><td>13,337</td><td>11,720</td><td>269</td><td>465</td><td>9,103</td><td>12,288</td><td>2,524</td><td>49,706</td><td>767</td><td>-18,076</td><td>-5,985</td><td>338</td><td>26,750</td><td></td></tr><tr><td>Oct. 19</td><td>50,511</td><td>16,354</td><td>113</td><td>1,041</td><td>8,103</td><td>6,244</td><td>8,985</td><td>91,351</td><td>1,053</td><td>1,402</td><td>10,359</td><td>-2,029</td><td>102,146</td><td></td></tr><tr><td>Oct. 26</td><td>16,025</td><td>-2,922</td><td>50</td><td>-543</td><td>746</td><td>4,495</td><td>-6,171</td><td>11,680</td><td>13,939</td><td>-4,624</td><td>670</td><td>296</td><td>21,961</td><td></td></tr><tr><td>Total</td><td>1,081,848</td><td>335,181</td><td>132,749</td><td>27,408</td><td>311,166</td><td>546,076</td><td>445,385</td><td>2,879,813</td><td>156,345</td><td>421,539</td><td>168,156</td><td>36,321</td><td>3,662,174</td><td></td></tr></table>
21
Short-Term Foreign Liabilities as Reported by Banks and Bankers in the United States for October 1938
(in thousands of dollars)
<table><tr><th></th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Switz-erland</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>TOTAL SHORT-TERM FOREIGN LIABILITIES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>318,409</td><td>169,210</td><td>17,279</td><td>22,317</td><td>75,154</td><td>205,315</td><td>236,790</td><td>1,044,474</td><td>211,688</td><td>281,734</td><td>207,220</td><td>34,235</td><td>1,779,352</td></tr><tr><td>Oct. 12.</td><td>322,152</td><td>173,941</td><td>17,504</td><td>21,267</td><td>76,659</td><td>214,513</td><td>237,628</td><td>1,063,664</td><td>209,517</td><td>262,592</td><td>204,564</td><td>35,432</td><td>1,775,769</td></tr><tr><td>Oct. 19.</td><td>366,371</td><td>192,776</td><td>18,206</td><td>21,433</td><td>81,795</td><td>217,958</td><td>246,226</td><td>1,144,765</td><td>208,873</td><td>263,530</td><td>216,179</td><td>33,816</td><td>1,857,163</td></tr><tr><td>Oct. 26.</td><td>367,418</td><td>190,349</td><td>18,009</td><td>22,710</td><td>80,538</td><td>219,596</td><td>238,659</td><td>1,137,279</td><td>226,544</td><td>259,453</td><td>212,659</td><td>33,735</td><td>1,870,070</td></tr><tr><td>TOTAL LIABILITIES PAYABLE IN DOLLARS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>267,850</td><td>164,784</td><td>16,860</td><td>22,027</td><td>74,009</td><td>205,112</td><td>235,751</td><td>986,393</td><td>210,262</td><td>281,451</td><td>200,365</td><td>33,796</td><td>1,712,267</td></tr><tr><td>Oct. 12.</td><td>271,415</td><td>169,345</td><td>17,224</td><td>21,047</td><td>75,858</td><td>214,211</td><td>236,514</td><td>1,005,614</td><td>208,355</td><td>262,199</td><td>197,859</td><td>35,011</td><td>1,709,038</td></tr><tr><td>Oct. 19.</td><td>310,195</td><td>188,061</td><td>17,901</td><td>21,191</td><td>80,896</td><td>217,700</td><td>245,134</td><td>1,081,078</td><td>208,014</td><td>263,257</td><td>209,633</td><td>33,357</td><td>1,795,339</td></tr><tr><td>Oct. 26.</td><td>312,422</td><td>185,586</td><td>17,741</td><td>22,455</td><td>79,649</td><td>219,376</td><td>237,337</td><td>1,074,566</td><td>224,852</td><td>259,478</td><td>206,108</td><td>33,261</td><td>1,798,265</td></tr><tr><td>Deposits for foreign accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>256,037</td><td>158,071</td><td>16,556</td><td>21,158</td><td>69,545</td><td>199,737</td><td>225,261</td><td>946,365</td><td>205,884</td><td>267,294</td><td>173,191</td><td>33,089</td><td>1,625,823</td></tr><tr><td>Oct. 12.</td><td>260,054</td><td>161,572</td><td>16,677</td><td>20,116</td><td>72,091</td><td>207,896</td><td>224,698</td><td>963,104</td><td>203,351</td><td>248,645</td><td>171,447</td><td>34,371</td><td>1,620,918</td></tr><tr><td>Oct. 19.</td><td>276,375</td><td>180,100</td><td>17,357</td><td>20,127</td><td>77,000</td><td>210,243</td><td>233,439</td><td>1,014,641</td><td>201,279</td><td>248,718</td><td>183,727</td><td>32,495</td><td>1,680,860</td></tr><tr><td>Oct. 26.</td><td>298,478</td><td>177,712</td><td>17,255</td><td>21,482</td><td>75,814</td><td>211,564</td><td>224,576</td><td>1,026,881</td><td>220,534</td><td>243,341</td><td>179,219</td><td>32,203</td><td>1,702,478</td></tr><tr><td>Bills held for foreign accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>8,518</td><td>1,447</td><td>211</td><td>706</td><td>3,672</td><td>4,583</td><td>10,175</td><td>29,312</td><td>4,277</td><td>13,320</td><td>25,201</td><td>640</td><td>72,750</td></tr><tr><td>Oct. 12.</td><td>8,445</td><td>1,506</td><td>220</td><td>750</td><td>2,914</td><td>5,603</td><td>10,476</td><td>29,914</td><td>4,855</td><td>13,318</td><td>24,494</td><td>572</td><td>73,153</td></tr><tr><td>Oct. 19.</td><td>8,308</td><td>1,692</td><td>188</td><td>875</td><td>3,076</td><td>6,928</td><td>10,215</td><td>31,282</td><td>5,285</td><td>14,263</td><td>23,971</td><td>794</td><td>75,595</td></tr><tr><td>Oct. 26.</td><td>8,527</td><td>1,640</td><td>209</td><td>773</td><td>2,917</td><td>7,247</td><td>11,372</td><td>32,685</td><td>3,491</td><td>15,898</td><td>24,862</td><td>988</td><td>77,924</td></tr><tr><td>Short-term United States Government obligations held for foreign account:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>527</td><td>3,280</td><td>-</td><td>4</td><td>-</td><td>-</td><td>10</td><td>3,821</td><td>-</td><td>15</td><td>-</td><td>-</td><td>3,836</td></tr><tr><td>Oct. 12.</td><td>527</td><td>3,280</td><td>-</td><td>4</td><td>-</td><td>-</td><td>10</td><td>3,821</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,821</td></tr><tr><td>Oct. 19.</td><td>527</td><td>3,280</td><td>-</td><td>4</td><td>-</td><td>-</td><td>10</td><td>3,821</td><td>-</td><td>15</td><td>-</td><td>-</td><td>3,836</td></tr><tr><td>Oct. 26.</td><td>527</td><td>3,280</td><td>-</td><td>4</td><td>-</td><td>-</td><td>10</td><td>3,821</td><td>-</td><td>15</td><td>-</td><td>-</td><td>3,836</td></tr><tr><td>Other liabilities payable in dollars:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>2,768</td><td>1,986</td><td>93</td><td>159</td><td>792</td><td>792</td><td>305</td><td>6,895</td><td>101</td><td>822</td><td>1,973</td><td>67</td><td>9,558</td></tr><tr><td>Oct. 12.</td><td>2,389</td><td>2,987</td><td>327</td><td>177</td><td>853</td><td>712</td><td>1,330</td><td>8,775</td><td>149</td><td>236</td><td>1,918</td><td>68</td><td>11,146</td></tr><tr><td>Oct. 19.</td><td>24,985</td><td>2,989</td><td>356</td><td>185</td><td>820</td><td>529</td><td>1,470</td><td>31,334</td><td>1,450</td><td>251</td><td>1,935</td><td>68</td><td>35,048</td></tr><tr><td>Oct. 26.</td><td>4,890</td><td>2,954</td><td>277</td><td>196</td><td>918</td><td>565</td><td>1,379</td><td>11,179</td><td>527</td><td>224</td><td>2,027</td><td>70</td><td>14,027</td></tr><tr><td>TOTAL LIABILITIES PAYABLE IN FOREIGN CURRENCIES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>50,559</td><td>4,426</td><td>419</td><td>290</td><td>1,145</td><td>203</td><td>1,039</td><td>58,081</td><td>1,426</td><td>283</td><td>6,855</td><td>440</td><td>67,085</td></tr><tr><td>Oct. 12.</td><td>50,737</td><td>4,596</td><td>280</td><td>220</td><td>801</td><td>302</td><td>1,114</td><td>58,050</td><td>1,162</td><td>393</td><td>6,705</td><td>421</td><td>66,731</td></tr><tr><td>Oct. 19.</td><td>56,176</td><td>4,715</td><td>305</td><td>242</td><td>899</td><td>258</td><td>1,092</td><td>63,687</td><td>859</td><td>273</td><td>6,546</td><td>459</td><td>71,824</td></tr><tr><td>Oct. 26.</td><td>54,996</td><td>4,763</td><td>268</td><td>255</td><td>849</td><td>220</td><td>1,322</td><td>62,713</td><td>1,692</td><td>375</td><td>6,551</td><td>474</td><td>71,805</td></tr><tr><td>Borrowings from foreign banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>22,648</td><td>428</td><td>268</td><td>182</td><td>395</td><td>55</td><td>609</td><td>24,585</td><td>1,148</td><td>219</td><td>6,223</td><td>148</td><td>32,323</td></tr><tr><td>Oct. 12.</td><td>23,824</td><td>324</td><td>272</td><td>142</td><td>69</td><td>149</td><td>698</td><td>25,478</td><td>847</td><td>325</td><td>6,087</td><td>115</td><td>32,852</td></tr><tr><td>Oct. 19.</td><td>28,086</td><td>304</td><td>297</td><td>119</td><td>128</td><td>89</td><td>653</td><td>29,676</td><td>559</td><td>249</td><td>5,929</td><td>184</td><td>36,597</td></tr><tr><td>Oct. 26.</td><td>26,905</td><td>242</td><td>260</td><td>131</td><td>113</td><td>60</td><td>840</td><td>28,551</td><td>1,351</td><td>310</td><td>5,951</td><td>161</td><td>36,324</td></tr><tr><td>Acceptances made by foreign banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>24,185</td><td>3,834</td><td>140</td><td>30</td><td>552</td><td>12</td><td>35</td><td>28,788</td><td>180</td><td>-</td><td>32</td><td>6</td><td>29,006</td></tr><tr><td>Oct. 12.</td><td>23,356</td><td>4,090</td><td>-</td><td>30</td><td>544</td><td>12</td><td>31</td><td>28,063</td><td>190</td><td>-</td><td>38</td><td>3</td><td>28,294</td></tr><tr><td>Oct. 19.</td><td>23,926</td><td>4,213</td><td>-</td><td>29</td><td>580</td><td>18</td><td>35</td><td>28,801</td><td>190</td><td>-</td><td>37</td><td>3</td><td>29,031</td></tr><tr><td>Oct. 26.</td><td>23,992</td><td>4,308</td><td>-</td><td>29</td><td>600</td><td>21</td><td>37</td><td>28,987</td><td>242</td><td>-</td><td>37</td><td>3</td><td>29,269</td></tr><tr><td>Other liabilities payable in foreign currencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>3,726</td><td>164</td><td>11</td><td>78</td><td>198</td><td>136</td><td>395</td><td>4,708</td><td>98</td><td>64</td><td>600</td><td>286</td><td>5,756</td></tr><tr><td>Oct. 12.</td><td>3,557</td><td>182</td><td>8</td><td>48</td><td>188</td><td>141</td><td>385</td><td>4,509</td><td>125</td><td>68</td><td>580</td><td>303</td><td>5,585</td></tr><tr><td>Oct. 19.</td><td>4,164</td><td>198</td><td>8</td><td>94</td><td>191</td><td>151</td><td>404</td><td>5,210</td><td>110</td><td>24</td><td>580</td><td>272</td><td>6,196</td></tr><tr><td>Oct. 26.</td><td>4,099</td><td>213</td><td>8</td><td>95</td><td>176</td><td>139</td><td>445</td><td>5,175</td><td>99</td><td>65</td><td>563</td><td>310</td><td>6,212</td></tr></table>
22
Short-Term Foreign Assets as Reported by Banks and Bankers in the United States for October 1938
(In thousands of dollars)
<table><tr><th>Classification and date</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Netherlands</th><th>Switzerland</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>TOTAL SHORT-TERM FOREIGN ASSETS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>117,560</td><td>15,126</td><td>97,895</td><td>16,264</td><td>24,439</td><td>4,881</td><td>48,396</td><td>324,561</td><td>94,281</td><td>92,719</td><td>117,797</td><td>12,307</td><td>641,665</td></tr><tr><td>Oct. 12.</td><td>109,820</td><td>9,579</td><td>97,663</td><td>14,790</td><td>22,167</td><td>4,256</td><td>47,667</td><td>305,947</td><td>94,008</td><td>91,788</td><td>121,166</td><td>13,198</td><td>626,107</td></tr><tr><td>Oct. 19.</td><td>110,738</td><td>12,676</td><td>97,296</td><td>13,886</td><td>21,488</td><td>4,080</td><td>47,435</td><td>307,599</td><td>93,065</td><td>91,386</td><td>121,490</td><td>13,853</td><td>627,393</td></tr><tr><td>Oct. 26.</td><td>99,979</td><td>13,874</td><td>96,660</td><td>15,693</td><td>20,501</td><td>3,923</td><td>47,421</td><td>298,051</td><td>95,752</td><td>92,874</td><td>117,416</td><td>13,726</td><td>617,819</td></tr><tr><td>TOTAL ASSETS PAYABLE IN FOREIGN CURRENCIES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>73,959</td><td>873</td><td>496</td><td>2,708</td><td>6,763</td><td>2,475</td><td>7,692</td><td>94,966</td><td>20,339</td><td>2,497</td><td>59,060</td><td>1,460</td><td>178,322</td></tr><tr><td>Oct. 12.</td><td>69,547</td><td>773</td><td>522</td><td>2,622</td><td>6,691</td><td>1,760</td><td>6,883</td><td>88,798</td><td>19,490</td><td>2,498</td><td>58,578</td><td>1,492</td><td>170,856</td></tr><tr><td>Oct. 19.</td><td>68,798</td><td>953</td><td>505</td><td>2,693</td><td>5,906</td><td>1,618</td><td>7,036</td><td>87,509</td><td>18,821</td><td>2,573</td><td>59,314</td><td>1,516</td><td>169,733</td></tr><tr><td>Oct. 26.</td><td>63,379</td><td>1,083</td><td>517</td><td>2,758</td><td>5,905</td><td>1,712</td><td>6,686</td><td>82,040</td><td>19,951</td><td>2,911</td><td>60,240</td><td>1,557</td><td>166,699</td></tr><tr><td>Banker own deposits abroad:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>56,741</td><td>546</td><td>323</td><td>91</td><td>5,056</td><td>2,224</td><td>4,610</td><td>69,591</td><td>15,984</td><td>1,227</td><td>3,393</td><td>293</td><td>90,493</td></tr><tr><td>Oct. 12.</td><td>51,859</td><td>479</td><td>359</td><td>81</td><td>5,009</td><td>1,456</td><td>3,778</td><td>63,021</td><td>14,715</td><td>1,202</td><td>3,462</td><td>262</td><td>82,692</td></tr><tr><td>Oct. 19.</td><td>51,031</td><td>641</td><td>342</td><td>100</td><td>4,201</td><td>1,303</td><td>3,937</td><td>61,555</td><td>14,603</td><td>1,234</td><td>3,633</td><td>238</td><td>81,263</td></tr><tr><td>Oct. 26.</td><td>45,683</td><td>757</td><td>361</td><td>99</td><td>4,075</td><td>1,403</td><td>3,580</td><td>55,958</td><td>15,647</td><td>1,338</td><td>3,899</td><td>262</td><td>77,104</td></tr><tr><td>Deposits abroad for account of domestic clients:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>4,391</td><td>112</td><td>114</td><td>2,483</td><td>201</td><td>126</td><td>1,624</td><td>9,051</td><td>3,045</td><td>159</td><td>49,419</td><td>15</td><td>61,689</td></tr><tr><td>Oct. 12.</td><td>4,908</td><td>99</td><td>103</td><td>2,453</td><td>180</td><td>181</td><td>1,630</td><td>9,554</td><td>3,374</td><td>165</td><td>49,232</td><td>36</td><td>62,361</td></tr><tr><td>Oct. 19.</td><td>5,238</td><td>113</td><td>105</td><td>2,459</td><td>165</td><td>179</td><td>1,621</td><td>9,880</td><td>3,005</td><td>152</td><td>49,215</td><td>54</td><td>62,306</td></tr><tr><td>Oct. 26.</td><td>5,165</td><td>108</td><td>106</td><td>2,527</td><td>174</td><td>176</td><td>1,612</td><td>9,868</td><td>3,018</td><td>150</td><td>49,213</td><td>54</td><td>62,303</td></tr><tr><td>Other assets payable in foreign currenancies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>12,827</td><td>215</td><td>59</td><td>134</td><td>1,506</td><td>125</td><td>1,458</td><td>16,324</td><td>1,310</td><td>1,111</td><td>6,243</td><td>1,152</td><td>26,140</td></tr><tr><td>Oct. 12.</td><td>12,780</td><td>195</td><td>60</td><td>88</td><td>1,502</td><td>123</td><td>1,475</td><td>16,223</td><td>1,371</td><td>1,131</td><td>5,884</td><td>1,194</td><td>25,803</td></tr><tr><td>Oct. 19.</td><td>12,529</td><td>199</td><td>58</td><td>134</td><td>1,540</td><td>136</td><td>1,478</td><td>16,074</td><td>1,213</td><td>1,187</td><td>6,466</td><td>1,224</td><td>26,164</td></tr><tr><td>Oct. 26.</td><td>12,531</td><td>218</td><td>50</td><td>132</td><td>1,656</td><td>133</td><td>1,494</td><td>16,214</td><td>1,286</td><td>1,423</td><td>7,128</td><td>1,241</td><td>27,292</td></tr><tr><td>TOTAL ASSETS PAYABLE IN DOLLARS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>43,601</td><td>14,253</td><td>97,399</td><td>13,556</td><td>17,676</td><td>2,406</td><td>40,704</td><td>229,595</td><td>73,942</td><td>90,222</td><td>58,737</td><td>10,847</td><td>463,343</td></tr><tr><td>Oct. 12.</td><td>40,273</td><td>8,806</td><td>97,146</td><td>12,168</td><td>15,476</td><td>2,496</td><td>40,784</td><td>217,149</td><td>74,518</td><td>89,290</td><td>62,588</td><td>11,706</td><td>455,251</td></tr><tr><td>Oct. 19.</td><td>41,940</td><td>11,723</td><td>96,791</td><td>11,193</td><td>15,582</td><td>2,462</td><td>40,399</td><td>220,090</td><td>74,244</td><td>88,813</td><td>62,176</td><td>12,337</td><td>457,660</td></tr><tr><td>Oct. 26.</td><td>36,600</td><td>12,791</td><td>96,143</td><td>12,935</td><td>14,596</td><td>2,211</td><td>40,735</td><td>216,011</td><td>75,801</td><td>89,963</td><td>57,176</td><td>12,169</td><td>451,120</td></tr><tr><td>Loans to foreign banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>31,230</td><td>7,622</td><td>9,144</td><td>4,783</td><td>14,154</td><td>416</td><td>7,256</td><td>74,605</td><td>30,334</td><td>11,982</td><td>33,018</td><td>1,136</td><td>151,075</td></tr><tr><td>Oct. 12.</td><td>27,693</td><td>2,431</td><td>9,509</td><td>3,346</td><td>11,703</td><td>486</td><td>7,492</td><td>62,660</td><td>30,306</td><td>12,029</td><td>35,442</td><td>1,168</td><td>141,605</td></tr><tr><td>Oct. 19.</td><td>29,646</td><td>5,339</td><td>8,974</td><td>2,605</td><td>11,485</td><td>551</td><td>7,374</td><td>65,974</td><td>30,596</td><td>11,832</td><td>35,250</td><td>1,104</td><td>144,756</td></tr><tr><td>Oct. 26.</td><td>23,942</td><td>6,401</td><td>9,172</td><td>3,966</td><td>10,276</td><td>426</td><td>7,564</td><td>61,747</td><td>31,715</td><td>12,636</td><td>31,332</td><td>1,120</td><td>138,550</td></tr><tr><td>Acceptances made for foreign account:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>2,914</td><td>3,260</td><td>62,747</td><td>7,001</td><td>1,836</td><td>1,373</td><td>10,303</td><td>89,434</td><td>7,269</td><td>14,807</td><td>3,036</td><td>1,403</td><td>115,949</td></tr><tr><td>Oct. 12.</td><td>2,450</td><td>2,762</td><td>62,709</td><td>7,047</td><td>2,004</td><td>1,339</td><td>10,007</td><td>88,318</td><td>7,686</td><td>13,563</td><td>2,843</td><td>2,212</td><td>114,622</td></tr><tr><td>Oct. 19.</td><td>2,608</td><td>2,753</td><td>62,889</td><td>6,803</td><td>2,226</td><td>1,321</td><td>9,593</td><td>88,193</td><td>7,609</td><td>13,398</td><td>2,081</td><td>2,441</td><td>113,722</td></tr><tr><td>Oct. 26.</td><td>2,750</td><td>2,714</td><td>62,260</td><td>7,118</td><td>2,372</td><td>1,235</td><td>9,361</td><td>87,810</td><td>7,248</td><td>13,515</td><td>2,415</td><td>2,201</td><td>113,189</td></tr><tr><td>Other assets payable in dollars:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>9,457</td><td>3,371</td><td>25,508</td><td>1,772</td><td>1,686</td><td>617</td><td>23,145</td><td>65,556</td><td>36,339</td><td>63,433</td><td>22,683</td><td>8,308</td><td>196,319</td></tr><tr><td>Oct. 12.</td><td>10,130</td><td>3,613</td><td>24,928</td><td>1,775</td><td>1,769</td><td>671</td><td>23,285</td><td>66,171</td><td>36,526</td><td>63,698</td><td>24,303</td><td>8,326</td><td>199,024</td></tr><tr><td>Oct. 19.</td><td>9,686</td><td>3,631</td><td>24,928</td><td>1,785</td><td>1,871</td><td>590</td><td>23,432</td><td>69,923</td><td>36,039</td><td>63,583</td><td>24,845</td><td>8,792</td><td>199,182</td></tr><tr><td>Oct. 26.</td><td>9,908</td><td>3,676</td><td>24,711</td><td>1,851</td><td>1,948</td><td>550</td><td>23,810</td><td>66,454</td><td>36,838</td><td>63,812</td><td>23,429</td><td>8,848</td><td>199,381</td></tr></table>
23
Security Transactions as Reported by Banks, Bankers, Brokers and Dealers in the United States, for October 1938
(In thousands of dollars)
<table><tr><th>Classification and week ended</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nother-lands</th><th>Switz-erland</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>TOTAL PURCHASES IN THE UNITED STATES FOR FOREIGN ACCOUNT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5</td><td>9,801</td><td>4,400</td><td>154</td><td>53</td><td>5,964</td><td>8,459</td><td>5,713</td><td>34,544</td><td>14,306</td><td>3,530</td><td>1,905</td><td>370</td><td>54,655</td></tr><tr><td>Oct. 12</td><td>16,310</td><td>3,873</td><td>69</td><td>75</td><td>5,609</td><td>7,627</td><td>1,740</td><td>35,303</td><td>7,645</td><td>1,371</td><td>1,709</td><td>355</td><td>46,383</td></tr><tr><td>Oct. 19</td><td>13,101</td><td>4,515</td><td>91</td><td>73</td><td>6,946</td><td>6,797</td><td>1,973</td><td>33,496</td><td>8,512</td><td>1,490</td><td>2,166</td><td>433</td><td>46,097</td></tr><tr><td>Oct. 26</td><td>11,487</td><td>4,118</td><td>97</td><td>51</td><td>4,969</td><td>7,264</td><td>2,630</td><td>30,616</td><td>7,909</td><td>1,501</td><td>1,545</td><td>444</td><td>42,015</td></tr><tr><td>Purchasee of domestic securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5</td><td>9,106</td><td>3,732</td><td>116</td><td>28</td><td>5,370</td><td>7,478</td><td>1,611</td><td>27,441</td><td>6,837</td><td>1,118</td><td>1,701</td><td>217</td><td>37,314</td></tr><tr><td>Oct. 12</td><td>15,287</td><td>3,669</td><td>50</td><td>27</td><td>5,281</td><td>6,750</td><td>1,293</td><td>32,357</td><td>5,765</td><td>1,108</td><td>1,580</td><td>286</td><td>41,096</td></tr><tr><td>Oct. 19</td><td>12,523</td><td>4,371</td><td>74</td><td>59</td><td>6,559</td><td>5,961</td><td>1,661</td><td>31,208</td><td>7,314</td><td>916</td><td>1,983</td><td>401</td><td>41,822</td></tr><tr><td>Oct. 26</td><td>11,029</td><td>3,951</td><td>84</td><td>37</td><td>4,589</td><td>6,424</td><td>2,031</td><td>28,145</td><td>6,821</td><td>803</td><td>1,420</td><td>412</td><td>37,601</td></tr><tr><td>Purchases of foreign securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5</td><td>695</td><td>668</td><td>38</td><td>25</td><td>594</td><td>981</td><td>4,102</td><td>7,103</td><td>7,469</td><td>2,412</td><td>204</td><td>153</td><td>17,341</td></tr><tr><td>Oct. 12</td><td>1,023</td><td>204</td><td>19</td><td>48</td><td>328</td><td>877</td><td>447</td><td>2,946</td><td>1,860</td><td>263</td><td>129</td><td>69</td><td>5,287</td></tr><tr><td>Oct. 19</td><td>578</td><td>144</td><td>17</td><td>14</td><td>387</td><td>836</td><td>312</td><td>2,288</td><td>1,198</td><td>574</td><td>183</td><td>32</td><td>4,275</td></tr><tr><td>Oct. 26</td><td>458</td><td>167</td><td>13</td><td>14</td><td>380</td><td>840</td><td>599</td><td>2,471</td><td>1,088</td><td>698</td><td>125</td><td>32</td><td>4,114</td></tr><tr><td>TOTAL SALES IN THE UNITED STATES FOR FOREIGN ACCOUNT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5</td><td>7,005</td><td>2,373</td><td>181</td><td>27</td><td>2,193</td><td>4,414</td><td>904</td><td>17,097</td><td>9,358</td><td>921</td><td>1,902</td><td>87</td><td>29,365</td></tr><tr><td>Oct. 12</td><td>10,469</td><td>3,708</td><td>1,160</td><td>103</td><td>3,845</td><td>5,187</td><td>1,237</td><td>25,709</td><td>5,840</td><td>1,206</td><td>2,297</td><td>257</td><td>35,309</td></tr><tr><td>Oct. 19</td><td>8,966</td><td>2,640</td><td>257</td><td>55</td><td>2,244</td><td>3,922</td><td>1,109</td><td>19,193</td><td>4,599</td><td>1,142</td><td>2,204</td><td>268</td><td>27,406</td></tr><tr><td>Oct. 26</td><td>10,498</td><td>2,746</td><td>481</td><td>79</td><td>3,739</td><td>4,379</td><td>1,581</td><td>23,503</td><td>7,480</td><td>766</td><td>1,386</td><td>224</td><td>33,359</td></tr><tr><td>Sale of domestic securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5</td><td>5,932</td><td>2,220</td><td>130</td><td>26</td><td>2,044</td><td>3,356</td><td>703</td><td>14,411</td><td>6,699</td><td>511</td><td>1,846</td><td>76</td><td>23,543</td></tr><tr><td>Oct. 12</td><td>9,684</td><td>3,576</td><td>1,101</td><td>100</td><td>3,698</td><td>4,818</td><td>1,114</td><td>24,091</td><td>5,096</td><td>1,059</td><td>2,269</td><td>248</td><td>32,763</td></tr><tr><td>Oct. 19</td><td>8,133</td><td>2,575</td><td>206</td><td>55</td><td>2,057</td><td>3,543</td><td>963</td><td>17,532</td><td>4,043</td><td>890</td><td>2,190</td><td>258</td><td>24,913</td></tr><tr><td>Oct. 26</td><td>9,420</td><td>2,669</td><td>369</td><td>32</td><td>3,530</td><td>3,981</td><td>1,406</td><td>21,407</td><td>5,596</td><td>654</td><td>1,370</td><td>212</td><td>29,239</td></tr><tr><td>Sales of foreign securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5</td><td>1,073</td><td>153</td><td>51</td><td>1</td><td>149</td><td>1,058</td><td>201</td><td>2,686</td><td>2,659</td><td>410</td><td>56</td><td>11</td><td>5,822</td></tr><tr><td>Oct. 12</td><td>785</td><td>132</td><td>59</td><td>3</td><td>147</td><td>369</td><td>123</td><td>1,618</td><td>744</td><td>147</td><td>28</td><td>9</td><td>2,546</td></tr><tr><td>Oct. 19</td><td>833</td><td>65</td><td>51</td><td>-</td><td>187</td><td>379</td><td>146</td><td>1,661</td><td>556</td><td>252</td><td>14</td><td>10</td><td>2,493</td></tr><tr><td>Oct. 26</td><td>1,078</td><td>77</td><td>112</td><td>47</td><td>209</td><td>398</td><td>175</td><td>2,096</td><td>1,884</td><td>112</td><td>16</td><td>12</td><td>4,120</td></tr><tr><td>TOTAL PURCHASES EXECUTED ABROAD FOR DOMESTIC ACCOUNT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5</td><td>218</td><td>5</td><td>-</td><td>-</td><td>32</td><td>35</td><td>-</td><td>290</td><td>1,946</td><td>-</td><td>3</td><td>117</td><td>2,356</td></tr><tr><td>Oct. 12</td><td>447</td><td>35</td><td>6</td><td>-</td><td>7</td><td>-</td><td>24</td><td>519</td><td>1,229</td><td>-</td><td>43</td><td>-</td><td>1,791</td></tr><tr><td>Oct. 19</td><td>485</td><td>42</td><td>7</td><td>-</td><td>50</td><td>24</td><td>84</td><td>692</td><td>2,541</td><td>-</td><td>1</td><td>-</td><td>3,234</td></tr><tr><td>Oct. 26</td><td>843</td><td>18</td><td>1</td><td>-</td><td>10</td><td>-</td><td>16</td><td>888</td><td>1,871</td><td>-</td><td>1</td><td>4</td><td>2,764</td></tr><tr><td>Purchasee of domestic securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5</td><td>105</td><td>1</td><td>-</td><td>-</td><td>8</td><td>35</td><td>-</td><td>149</td><td>1</td><td>-</td><td>-</td><td>-</td><td>150</td></tr><tr><td>Oct. 12</td><td>209</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td><td>230</td><td>33</td><td>-</td><td>-</td><td>-</td><td>263</td></tr><tr><td>Oct. 19</td><td>104</td><td>15</td><td>1</td><td>-</td><td>23</td><td>-</td><td>76</td><td>219</td><td>924</td><td>-</td><td>-</td><td>-</td><td>1,113</td></tr><tr><td>Oct. 26</td><td>379</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td><td>395</td><td>26</td><td>-</td><td>-</td><td>-</td><td>421</td></tr><tr><td>Purchases of foreign securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5</td><td>113</td><td>4</td><td>-</td><td>-</td><td>24</td><td>-</td><td>-</td><td>141</td><td>1,945</td><td>-</td><td>3</td><td>117</td><td>2,206</td></tr><tr><td>Oct. 12</td><td>238</td><td>35</td><td>6</td><td>-</td><td>7</td><td>-</td><td>3</td><td>289</td><td>1,196</td><td>-</td><td>43</td><td>-</td><td>1,528</td></tr><tr><td>Oct. 19</td><td>381</td><td>27</td><td>6</td><td>-</td><td>27</td><td>24</td><td>8</td><td>473</td><td>1,617</td><td>-</td><td>1</td><td>-</td><td>2,091</td></tr><tr><td>Oct. 26</td><td>464</td><td>18</td><td>1</td><td>-</td><td>10</td><td>-</td><td>-</td><td>493</td><td>1,845</td><td>-</td><td>1</td><td>4</td><td>2,343</td></tr><tr><td>TOTAL SALES EXECUTED ABROAD FOR DOMESTIC ACCOUNT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5</td><td>585</td><td>2</td><td>82</td><td>-</td><td>2</td><td>6</td><td>3</td><td>680</td><td>1,445</td><td>-</td><td>-</td><td>5</td><td>2,130</td></tr><tr><td>Oct. 12</td><td>673</td><td>87</td><td>27</td><td>-</td><td>4</td><td>49</td><td>2</td><td>842</td><td>1,406</td><td>1</td><td>7</td><td>-</td><td>2,256</td></tr><tr><td>Oct. 19</td><td>1,379</td><td>40</td><td>50</td><td>-</td><td>8</td><td>1</td><td>14</td><td>1,492</td><td>2,048</td><td>-</td><td>-</td><td>10</td><td>3,550</td></tr><tr><td>Oct. 26</td><td>1,078</td><td>9</td><td>70</td><td>-</td><td>23</td><td>1</td><td>3</td><td>1,184</td><td>1,101</td><td>-</td><td>3</td><td>4</td><td>2,292</td></tr><tr><td>Sales of domestic securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5</td><td>423</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>426</td><td>36</td><td>-</td><td>-</td><td>-</td><td>462</td></tr><tr><td>Oct. 12</td><td>381</td><td>45</td><td>-</td><td>-</td><td>-</td><td>49</td><td>2</td><td>477</td><td>45</td><td>-</td><td>-</td><td>-</td><td>522</td></tr><tr><td>Oct. 19</td><td>450</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>498</td><td>36</td><td>-</td><td>-</td><td>-</td><td>534</td></tr><tr><td>Oct. 26</td><td>412</td><td>-</td><td>-</td><td>-</td><td>20</td><td>-</td><td>-</td><td>432</td><td>24</td><td>-</td><td>-</td><td>-</td><td>456</td></tr><tr><td>Salee of foreign securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5</td><td>162</td><td>2</td><td>82</td><td>-</td><td>2</td><td>6</td><td>-</td><td>254</td><td>1,409</td><td>-</td><td>-</td><td>5</td><td>1,668</td></tr><tr><td>Oct. 12</td><td>292</td><td>42</td><td>27</td><td>-</td><td>4</td><td>-</td><td>-</td><td>365</td><td>1,361</td><td>1</td><td>7</td><td>-</td><td>1,734</td></tr><tr><td>Oct. 19</td><td>929</td><td>1</td><td>50</td><td>-</td><td>8</td><td>1</td><td>5</td><td>994</td><td>2,012</td><td>-</td><td>-</td><td>10</td><td>3,016</td></tr><tr><td>Oct. 26</td><td>666</td><td>9</td><td>70</td><td>-</td><td>3</td><td>1</td><td>3</td><td>752</td><td>1,077</td><td>-</td><td>3</td><td>4</td><td>1,836</td></tr></table>
24
Security Transactions in Joint Foreign Arbitrage Accounts as Reported by Brokers and Dealers in the United States,
for October 1938
(In thousands of dollars)
<table><tr><th>Classification and week ended</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Mother-lands</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td><b>TOTAL PURCHASES IN THE UNITED STATES:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>5,257</td><td>-</td><td>-</td><td>-</td><td>719</td><td>130</td><td>-</td><td>6,106</td><td>2,038</td><td>13</td><td>-</td><td>-</td><td>5,157</td></tr><tr><td>Oct. 12.</td><td>4,999</td><td>-</td><td>-</td><td>-</td><td>1,549</td><td>175</td><td>7</td><td>6,725</td><td>1,185</td><td>15</td><td>-</td><td>-</td><td>7,925</td></tr><tr><td>Oct. 19.</td><td>4,567</td><td>-</td><td>-</td><td>-</td><td>547</td><td>45</td><td>7</td><td>5,166</td><td>1,187</td><td>19</td><td>-</td><td>-</td><td>6,372</td></tr><tr><td>Oct. 26.</td><td>6,757</td><td>-</td><td>-</td><td>-</td><td>864</td><td>266</td><td>6</td><td>7,893</td><td>2,623</td><td>4</td><td>-</td><td>-</td><td>10,520</td></tr><tr><td><b>Purchases of domestic securities:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>4,625</td><td>-</td><td>-</td><td>-</td><td>714</td><td>130</td><td>-</td><td>5,469</td><td>41</td><td>-</td><td>-</td><td>-</td><td>5,510</td></tr><tr><td>Oct. 12.</td><td>4,381</td><td>-</td><td>-</td><td>-</td><td>1,521</td><td>137</td><td>-</td><td>6,039</td><td>66</td><td>-</td><td>-</td><td>-</td><td>6,105</td></tr><tr><td>Oct. 19.</td><td>4,184</td><td>-</td><td>-</td><td>-</td><td>538</td><td>45</td><td>-</td><td>4,767</td><td>44</td><td>-</td><td>-</td><td>-</td><td>4,811</td></tr><tr><td>Oct. 26.</td><td>6,491</td><td>-</td><td>-</td><td>-</td><td>804</td><td>238</td><td>-</td><td>7,533</td><td>54</td><td>-</td><td>-</td><td>-</td><td>7,587</td></tr><tr><td><b>Purchases of foreign securities:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>632</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>637</td><td>1,997</td><td>13</td><td>-</td><td>-</td><td>2,647</td></tr><tr><td>Oct. 12.</td><td>613</td><td>-</td><td>-</td><td>-</td><td>28</td><td>38</td><td>7</td><td>686</td><td>1,119</td><td>15</td><td>-</td><td>-</td><td>1,820</td></tr><tr><td>Oct. 19.</td><td>383</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>7</td><td>399</td><td>1,143</td><td>19</td><td>-</td><td>-</td><td>1,561</td></tr><tr><td>Oct. 26.</td><td>266</td><td>-</td><td>-</td><td>-</td><td>60</td><td>28</td><td>6</td><td>360</td><td>2,569</td><td>4</td><td>-</td><td>-</td><td>2,933</td></tr><tr><td><b>TOTAL SALES IN THE UNITED STATES:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>2,747</td><td>-</td><td>-</td><td>-</td><td>176</td><td>52</td><td>-</td><td>2,975</td><td>2,547</td><td>7</td><td>-</td><td>-</td><td>5,529</td></tr><tr><td>Oct. 12.</td><td>5,832</td><td>1</td><td>-</td><td>-</td><td>304</td><td>41</td><td>5</td><td>6,183</td><td>668</td><td>21</td><td>-</td><td>-</td><td>7,072</td></tr><tr><td>Oct. 19.</td><td>3,607</td><td>6</td><td>-</td><td>-</td><td>947</td><td>111</td><td>1</td><td>4,672</td><td>907</td><td>9</td><td>-</td><td>-</td><td>5,588</td></tr><tr><td>Oct. 26.</td><td>4,412</td><td>-</td><td>-</td><td>-</td><td>785</td><td>32</td><td>3</td><td>5,232</td><td>2,981</td><td>-</td><td>-</td><td>-</td><td>8,213</td></tr><tr><td><b>Sales of domestic securities:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>2,197</td><td>-</td><td>-</td><td>-</td><td>176</td><td>52</td><td>-</td><td>2,425</td><td>21</td><td>-</td><td>-</td><td>-</td><td>2,446</td></tr><tr><td>Oct. 12.</td><td>4,323</td><td>1</td><td>-</td><td>-</td><td>304</td><td>41</td><td>-</td><td>4,669</td><td>22</td><td>21</td><td>-</td><td>-</td><td>4,712</td></tr><tr><td>Oct. 19.</td><td>2,414</td><td>-</td><td>-</td><td>-</td><td>943</td><td>89</td><td>-</td><td>3,446</td><td>41</td><td>9</td><td>-</td><td>-</td><td>3,496</td></tr><tr><td>Oct. 26.</td><td>2,921</td><td>-</td><td>-</td><td>-</td><td>783</td><td>26</td><td>-</td><td>3,730</td><td>22</td><td>-</td><td>-</td><td>-</td><td>3,752</td></tr><tr><td><b>Sales of foreign securities:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>550</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>550</td><td>2,526</td><td>7</td><td>-</td><td>-</td><td>3,083</td></tr><tr><td>Oct. 12.</td><td>1,509</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>1,514</td><td>846</td><td>-</td><td>-</td><td>-</td><td>2,360</td></tr><tr><td>Oct. 19.</td><td>1,193</td><td>6</td><td>-</td><td>-</td><td>4</td><td>22</td><td>1</td><td>1,226</td><td>866</td><td>-</td><td>-</td><td>-</td><td>2,092</td></tr><tr><td>Oct. 26.</td><td>1,491</td><td>-</td><td>-</td><td>-</td><td>2</td><td>6</td><td>3</td><td>1,502</td><td>2,959</td><td>-</td><td>-</td><td>-</td><td>4,461</td></tr></table>
Foreign Balances in Brokerage Accounts as Reported by Brokers and Dealers in the United States, for October 1938
(In thousands of dollars)
<table><tr><th>Classification and date</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>Foreign debit balances: (due from abroad)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>7,617</td><td>6,243</td><td>173</td><td>102</td><td>3,602</td><td>2,377</td><td>4,131</td><td>24,245</td><td>18,691</td><td>4,059</td><td>5,845</td><td>471</td><td>53,311</td></tr><tr><td>Oct. 12.</td><td>9,463</td><td>7,172</td><td>178</td><td>97</td><td>3,805</td><td>2,414</td><td>4,370</td><td>27,499</td><td>19,590</td><td>4,055</td><td>5,714</td><td>538</td><td>57,396</td></tr><tr><td>Oct. 19.</td><td>9,470</td><td>6,925</td><td>149</td><td>100</td><td>3,550</td><td>2,474</td><td>4,679</td><td>27,347</td><td>20,078</td><td>4,078</td><td>6,070</td><td>415</td><td>57,988</td></tr><tr><td>Oct. 26.</td><td>9,018</td><td>7,144</td><td>177</td><td>101</td><td>3,728</td><td>2,766</td><td>4,628</td><td>27,562</td><td>20,613</td><td>4,120</td><td>6,121</td><td>421</td><td>58,837</td></tr><tr><td>Foreign credit balances: (due to abroad)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>7,230</td><td>7,573</td><td>288</td><td>85</td><td>3,665</td><td>8,583</td><td>2,174</td><td>29,598</td><td>5,305</td><td>2,463</td><td>973</td><td>421</td><td>38,760</td></tr><tr><td>Oct. 12.</td><td>7,407</td><td>8,018</td><td>255</td><td>103</td><td>3,250</td><td>8,027</td><td>2,526</td><td>29,586</td><td>4,162</td><td>2,251</td><td>956</td><td>356</td><td>37,611</td></tr><tr><td>Oct. 19.</td><td>6,929</td><td>8,230</td><td>313</td><td>105</td><td>3,961</td><td>8,359</td><td>2,551</td><td>30,448</td><td>4,112</td><td>2,161</td><td>979</td><td>367</td><td>38,067</td></tr><tr><td>Oct. 26.</td><td>7,127</td><td>7,789</td><td>267</td><td>121</td><td>3,833</td><td>8,231</td><td>2,843</td><td>30,211</td><td>4,301</td><td>2,005</td><td>985</td><td>403</td><td>37,955</td></tr></table>
25
Purchases and Sales of Foreign Exchange, Spot and Forward, as Reported by Banks and Bankers in the United States, for October 1938
(In thousands of dollars)
<table><tr><th>Classification, week ended, and delivery</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>TOTAL PURCHASES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5 Spot</td><td>135,837</td><td>5,980</td><td>904</td><td>614</td><td>2,766</td><td>2,487</td><td>5,921</td><td>154,509</td><td>29,390</td><td>1,056</td><td>4,029</td><td>383</td><td>189,367</td></tr><tr><td>Oct. 5 Forward</td><td>51,154</td><td>2,061</td><td>40</td><td>63</td><td>934</td><td>146</td><td>1,155</td><td>55,753</td><td>6,019</td><td>26</td><td>2,031</td><td>1</td><td>63,830</td></tr><tr><td>Oct. 12 Spot</td><td>100,518</td><td>3,734</td><td>480</td><td>526</td><td>3,541</td><td>1,067</td><td>2,608</td><td>112,074</td><td>18,547</td><td>140</td><td>1,627</td><td>264</td><td>132,652</td></tr><tr><td>Oct. 12 Forward</td><td>42,438</td><td>712</td><td>64</td><td>128</td><td>1,020</td><td>31</td><td>1,524</td><td>45,917</td><td>5,906</td><td>5</td><td>1,934</td><td>4</td><td>53,766</td></tr><tr><td>Oct. 19 Spot</td><td>109,349</td><td>2,420</td><td>637</td><td>711</td><td>3,540</td><td>788</td><td>3,918</td><td>121,363</td><td>24,638</td><td>712</td><td>3,502</td><td>366</td><td>150,584</td></tr><tr><td>Oct. 19 Forward</td><td>53,632</td><td>869</td><td>38</td><td>94</td><td>951</td><td>291</td><td>3,770</td><td>59,645</td><td>4,886</td><td>14</td><td>3,149</td><td>11</td><td>67,698</td></tr><tr><td>Oct. 26 Spot</td><td>79,969</td><td>3,479</td><td>519</td><td>702</td><td>4,133</td><td>1,541</td><td>3,294</td><td>93,637</td><td>28,799</td><td>296</td><td>3,358</td><td>228</td><td>126,118</td></tr><tr><td>Oct. 26 Forward</td><td>34,051</td><td>1,257</td><td>20</td><td>38</td><td>791</td><td>324</td><td>1,463</td><td>37,944</td><td>5,499</td><td>385</td><td>3,838</td><td></td><td>47,666</td></tr><tr><td>Purchasees from banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5 Spot</td><td>116,550</td><td>5,010</td><td>820</td><td>514</td><td>2,212</td><td>2,422</td><td>4,335</td><td>131,863</td><td>17,108</td><td>983</td><td>3,144</td><td>33</td><td>153,131</td></tr><tr><td>Oct. 5 Forward</td><td>35,530</td><td>1,894</td><td>40</td><td>61</td><td>698</td><td>115</td><td>1,089</td><td>39,427</td><td>3,205</td><td>18</td><td>1,023</td><td></td><td>43,673</td></tr><tr><td>Oct. 12 Spot</td><td>81,870</td><td>3,037</td><td>442</td><td>460</td><td>3,078</td><td>968</td><td>2,516</td><td>92,371</td><td>12,682</td><td>76</td><td>1,331</td><td>20</td><td>106,480</td></tr><tr><td>Oct. 12 Forward</td><td>25,547</td><td>542</td><td>64</td><td>128</td><td>675</td><td></td><td>1,366</td><td>28,322</td><td>4,722</td><td></td><td>1,129</td><td></td><td>34,173</td></tr><tr><td>Oct. 19 Spot</td><td>86,817</td><td>1,914</td><td>600</td><td>567</td><td>3,220</td><td>759</td><td>3,407</td><td>97,284</td><td>15,289</td><td>361</td><td>3,200</td><td>33</td><td>116,167</td></tr><tr><td>Oct. 19 Forward</td><td>31,158</td><td>782</td><td>38</td><td>94</td><td>411</td><td>271</td><td>2,747</td><td>35,501</td><td>2,799</td><td>2</td><td>1,289</td><td>3</td><td>39,594</td></tr><tr><td>Oct. 26 Spot</td><td>63,665</td><td>3,010</td><td>474</td><td>549</td><td>3,709</td><td>1,251</td><td>3,161</td><td>75,819</td><td>19,130</td><td>220</td><td>2,259</td><td>23</td><td>97,451</td></tr><tr><td>Oct. 26 Forward</td><td>23,152</td><td>1,102</td><td>20</td><td>37</td><td>520</td><td>301</td><td>847</td><td>25,979</td><td>2,854</td><td>331</td><td>1,680</td><td></td><td>30,844</td></tr><tr><td>Purchasees from customers other than banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5 Spot</td><td>19,287</td><td>970</td><td>84</td><td>100</td><td>554</td><td>65</td><td>1,586</td><td>22,646</td><td>12,282</td><td>73</td><td>885</td><td>350</td><td>36,236</td></tr><tr><td>Oct. 5 Forward</td><td>15,824</td><td>167</td><td></td><td>2</td><td>236</td><td>31</td><td>66</td><td>16,326</td><td>2,814</td><td>8</td><td>1,008</td><td>1</td><td>20,157</td></tr><tr><td>Oct. 12 Spot</td><td>18,648</td><td>297</td><td>38</td><td>66</td><td>463</td><td>99</td><td>92</td><td>19,703</td><td>5,865</td><td>64</td><td>296</td><td>244</td><td>26,172</td></tr><tr><td>Oct. 12 Forward</td><td>16,891</td><td>170</td><td></td><td></td><td>345</td><td>31</td><td>158</td><td>17,595</td><td>1,184</td><td>5</td><td>805</td><td>4</td><td>19,593</td></tr><tr><td>Oct. 19 Spot</td><td>22,532</td><td>506</td><td>37</td><td>144</td><td>320</td><td>29</td><td>511</td><td>24,079</td><td>9,349</td><td>351</td><td>302</td><td>333</td><td>31,114</td></tr><tr><td>Oct. 19 Forward</td><td>22,474</td><td>87</td><td></td><td></td><td>540</td><td>20</td><td>1,023</td><td>24,144</td><td>2,087</td><td>12</td><td>1,860</td><td>1</td><td>28,104</td></tr><tr><td>Oct. 29 Spot</td><td>16,304</td><td>469</td><td>45</td><td>153</td><td>424</td><td>290</td><td>133</td><td>17,818</td><td>9,669</td><td>76</td><td>1,099</td><td>205</td><td>28,867</td></tr><tr><td>Oct. 26 Forward</td><td>10,899</td><td>155</td><td></td><td>1</td><td>271</td><td>23</td><td>616</td><td>11,965</td><td>2,645</td><td>54</td><td>2,158</td><td></td><td>16,822</td></tr><tr><td>TOTAL SALES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5 Spot</td><td>143,337</td><td>5,857</td><td>789</td><td>552</td><td>2,435</td><td>2,389</td><td>3,347</td><td>158,706</td><td>28,401</td><td>335</td><td>4,008</td><td>125</td><td>191,575</td></tr><tr><td>Oct. 5 Forward</td><td>51,070</td><td>2,059</td><td>68</td><td>8</td><td>1,633</td><td>181</td><td>1,957</td><td>56,976</td><td>6,493</td><td>809</td><td>2,122</td><td>37</td><td>66,437</td></tr><tr><td>Oct. 12 Spot</td><td>98,896</td><td>3,289</td><td>536</td><td>471</td><td>2,809</td><td>1,380</td><td>3,191</td><td>110,572</td><td>16,155</td><td>213</td><td>2,354</td><td>41</td><td>129,335</td></tr><tr><td>Oct. 12 Forward</td><td>40,999</td><td>1,201</td><td>30</td><td>134</td><td>3,155</td><td>232</td><td>2,737</td><td>48,488</td><td>8,550</td><td></td><td>1,783</td><td>3</td><td>58,824</td></tr><tr><td>Oct. 19 Spot</td><td>110,306</td><td>2,416</td><td>514</td><td>652</td><td>2,988</td><td>877</td><td>3,474</td><td>121,227</td><td>24,734</td><td>639</td><td>3,894</td><td>78</td><td>150,572</td></tr><tr><td>Oct. 19 Forward</td><td>56,896</td><td>1,139</td><td>71</td><td>4</td><td>1,768</td><td>641</td><td>3,931</td><td>64,450</td><td>6,347</td><td></td><td>3,053</td><td></td><td>73,850</td></tr><tr><td>Oct. 26 Spot</td><td>80,167</td><td>2,884</td><td>455</td><td>694</td><td>3,848</td><td>1,053</td><td>3,370</td><td>92,471</td><td>26,284</td><td>298</td><td>2,695</td><td>52</td><td>121,800</td></tr><tr><td>Oct. 26 Forward</td><td>34,436</td><td>1,650</td><td>30</td><td>43</td><td>1,564</td><td>896</td><td>1,666</td><td>40,285</td><td>7,244</td><td>327</td><td>4,076</td><td></td><td>51,932</td></tr><tr><td>Sales to banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5 Spot</td><td>123,905</td><td>4,988</td><td>479</td><td>339</td><td>1,987</td><td>1,741</td><td>2,597</td><td>136,036</td><td>19,382</td><td>83</td><td>2,591</td><td>29</td><td>158,121</td></tr><tr><td>Oct. 5 Forward</td><td>34,980</td><td>1,220</td><td>54</td><td>8</td><td>856</td><td>168</td><td>1,835</td><td>39,121</td><td>4,715</td><td>809</td><td>1,802</td><td>14</td><td>46,461</td></tr><tr><td>Oct. 12 Spot</td><td>85,652</td><td>2,811</td><td>336</td><td>234</td><td>2,452</td><td>1,110</td><td>2,644</td><td>95,239</td><td>10,329</td><td>57</td><td>1,390</td><td>9</td><td>107,024</td></tr><tr><td>Oct. 12 Forward</td><td>27,506</td><td>1,000</td><td>26</td><td>133</td><td>2,447</td><td>231</td><td>2,603</td><td>33,946</td><td>5,005</td><td></td><td>1,555</td><td>3</td><td>40,509</td></tr><tr><td>Oct. 19 Spot</td><td>98,896</td><td>1,793</td><td>314</td><td>351</td><td>2,596</td><td>652</td><td>2,773</td><td>107,375</td><td>16,736</td><td>348</td><td>2,442</td><td>37</td><td>126,938</td></tr><tr><td>Oct. 19 Forward</td><td>43,522</td><td>962</td><td>19</td><td>345</td><td>1,159</td><td>633</td><td>3,393</td><td>49,688</td><td>4,751</td><td></td><td>3,001</td><td></td><td>57,440</td></tr><tr><td>Oct. 26 Spot</td><td>66,792</td><td>2,107</td><td>251</td><td>41</td><td>3,064</td><td>835</td><td>2,104</td><td>75,498</td><td>18,999</td><td>159</td><td>1,301</td><td>17</td><td>95,974</td></tr><tr><td>Oct. 26 Forward</td><td>23,673</td><td>1,391</td><td>10</td><td>755</td><td></td><td>599</td><td>1,624</td><td>28,093</td><td>5,712</td><td>325</td><td>3,645</td><td></td><td>37,775</td></tr><tr><td>Sales to customers other than banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5 Spot</td><td>19,432</td><td>869</td><td>310</td><td>213</td><td>448</td><td>648</td><td>750</td><td>22,670</td><td>9,019</td><td>252</td><td>1,417</td><td>96</td><td>33,454</td></tr><tr><td>Oct. 5 Forward</td><td>16,090</td><td>839</td><td>14</td><td>237</td><td>777</td><td>13</td><td>122</td><td>17,855</td><td>1,778</td><td></td><td>320</td><td>23</td><td>19,976</td></tr><tr><td>Oct. 12 Spot</td><td>13,244</td><td>478</td><td>200</td><td>237</td><td>357</td><td>270</td><td>547</td><td>15,333</td><td>5,826</td><td>156</td><td>964</td><td>32</td><td>22,311</td></tr><tr><td>Oct. 12 Forward</td><td>13,493</td><td>201</td><td>4</td><td>1</td><td>708</td><td>1</td><td>134</td><td>14,542</td><td>3,545</td><td></td><td>228</td><td></td><td>18,315</td></tr><tr><td>Oct. 19 Spot</td><td>11,410</td><td>623</td><td>200</td><td>301</td><td>392</td><td>225</td><td>701</td><td>13,852</td><td>7,938</td><td>291</td><td>1,452</td><td>41</td><td>23,634</td></tr><tr><td>Oct. 19 Forward</td><td>13,374</td><td>177</td><td>52</td><td>4</td><td>609</td><td>8</td><td>538</td><td>14,762</td><td>1,596</td><td></td><td>52</td><td></td><td>16,410</td></tr><tr><td>Oct. 26 Spot</td><td>13,375</td><td>777</td><td>204</td><td>349</td><td>784</td><td>218</td><td>1,266</td><td>16,973</td><td>7,285</td><td>139</td><td>1,394</td><td>35</td><td>25,826</td></tr><tr><td>Oct. 26 Forward</td><td>10,763</td><td>259</td><td>20</td><td>2</td><td>809</td><td>297</td><td>42</td><td>12,192</td><td>1,532</td><td>2</td><td>431</td><td></td><td>14,157</td></tr></table>
26
Outstanding Forward Exchange Contracts as Reported by Banks and Bankers in the United States During October 1938
(In thousands of dollars)
<table><tr><th>Classification and date</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Switz-erland</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>TOTAL PURCHASE CONTRACTS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>331,313</td><td>8,331</td><td>327</td><td>416</td><td>9,591</td><td>2,149</td><td>8,380</td><td>360,507</td><td>75,821</td><td>3,431</td><td>17,778</td><td>661</td><td>458,198</td></tr><tr><td>Oct. 12.</td><td>355,847</td><td>7,983</td><td>192</td><td>434</td><td>10,557</td><td>2,384</td><td>13,084</td><td>390,481</td><td>80,448</td><td>3,240</td><td>18,097</td><td>668</td><td>492,934</td></tr><tr><td>Oct. 19.</td><td>341,223</td><td>7,929</td><td>331</td><td>488</td><td>10,170</td><td>2,192</td><td>9,285</td><td>371,618</td><td>78,729</td><td>3,416</td><td>17,525</td><td>661</td><td>471,949</td></tr><tr><td>Oct. 26.</td><td>354,928</td><td>8,595</td><td>131</td><td>423</td><td>9,581</td><td>2,459</td><td>13,067</td><td>389,184</td><td>78,118</td><td>3,072</td><td>18,627</td><td>665</td><td>489,666</td></tr><tr><td>Contracts for purchase from foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>89,952</td><td>3,053</td><td>174</td><td>27</td><td>2,755</td><td>484</td><td>1,559</td><td>98,004</td><td>10,213</td><td>1,782</td><td>6,406</td><td>6</td><td>116,411</td></tr><tr><td>Oct. 12.</td><td>95,163</td><td>3,104</td><td>150</td><td>3</td><td>2,553</td><td>516</td><td>3,126</td><td>104,615</td><td>10,488</td><td>1,783</td><td>5,496</td><td>-</td><td>122,382</td></tr><tr><td>Oct. 19.</td><td>92,049</td><td>3,113</td><td>174</td><td>26</td><td>2,761</td><td>444</td><td>1,819</td><td>100,386</td><td>10,323</td><td>1,781</td><td>5,330</td><td>-</td><td>117,820</td></tr><tr><td>Oct. 26.</td><td>102,819</td><td>3,535</td><td>85</td><td>1</td><td>2,117</td><td>471</td><td>3,125</td><td>112,153</td><td>9,385</td><td>1,857</td><td>6,464</td><td>-</td><td>129,859</td></tr><tr><td>Contracts for purchases from domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>241,361</td><td>5,278</td><td>153</td><td>389</td><td>6,836</td><td>1,665</td><td>6,821</td><td>262,503</td><td>65,608</td><td>1,649</td><td>11,372</td><td>655</td><td>341,787</td></tr><tr><td>Oct. 12.</td><td>260,684</td><td>4,879</td><td>42</td><td>431</td><td>8,004</td><td>1,868</td><td>9,958</td><td>285,866</td><td>69,960</td><td>1,457</td><td>12,601</td><td>668</td><td>370,552</td></tr><tr><td>Oct. 19.</td><td>249,174</td><td>4,816</td><td>157</td><td>462</td><td>7,409</td><td>1,748</td><td>7,466</td><td>271,232</td><td>68,406</td><td>1,635</td><td>12,195</td><td>661</td><td>354,129</td></tr><tr><td>Oct. 26.</td><td>252,109</td><td>5,060</td><td>46</td><td>422</td><td>7,464</td><td>1,988</td><td>9,942</td><td>277,031</td><td>68,733</td><td>1,215</td><td>12,163</td><td>665</td><td>359,807</td></tr><tr><td>TOTAL SALE CONTRACTS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>392,334</td><td>9,899</td><td>590</td><td>641</td><td>15,932</td><td>4,307</td><td>11,683</td><td>435,386</td><td>83,018</td><td>4,484</td><td>24,713</td><td>740</td><td>548,341</td></tr><tr><td>Oct. 12.</td><td>412,723</td><td>10,604</td><td>371</td><td>672</td><td>17,936</td><td>5,015</td><td>17,006</td><td>464,327</td><td>88,867</td><td>4,228</td><td>26,381</td><td>699</td><td>584,502</td></tr><tr><td>Oct. 19.</td><td>393,488</td><td>10,161</td><td>599</td><td>720</td><td>18,055</td><td>4,604</td><td>13,311</td><td>440,938</td><td>86,776</td><td>4,416</td><td>24,819</td><td>695</td><td>557,644</td></tr><tr><td>Oct. 26.</td><td>407,347</td><td>11,212</td><td>295</td><td>658</td><td>17,629</td><td>5,248</td><td>16,765</td><td>459,154</td><td>86,287</td><td>4,014</td><td>27,658</td><td>690</td><td>577,803</td></tr><tr><td>Contracts for sale to foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>148,515</td><td>3,825</td><td>335</td><td>138</td><td>6,492</td><td>2,308</td><td>5,970</td><td>167,583</td><td>28,137</td><td>4,275</td><td>15,193</td><td>678</td><td>215,866</td></tr><tr><td>Oct. 12.</td><td>162,573</td><td>4,309</td><td>220</td><td>167</td><td>8,485</td><td>2,831</td><td>9,359</td><td>187,944</td><td>29,337</td><td>4,019</td><td>17,315</td><td>640</td><td>239,255</td></tr><tr><td>Oct. 19.</td><td>148,706</td><td>4,178</td><td>332</td><td>198</td><td>7,656</td><td>2,209</td><td>7,303</td><td>170,582</td><td>28,066</td><td>4,207</td><td>15,358</td><td>640</td><td>218,853</td></tr><tr><td>Oct. 26.</td><td>154,932</td><td>4,742</td><td>221</td><td>157</td><td>7,941</td><td>2,943</td><td>9,343</td><td>180,279</td><td>28,498</td><td>3,803</td><td>19,384</td><td>640</td><td>232,604</td></tr><tr><td>Contracts for sale to domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>243,819</td><td>6,074</td><td>255</td><td>503</td><td>9,440</td><td>1,999</td><td>5,713</td><td>267,803</td><td>54,881</td><td>209</td><td>9,520</td><td>62</td><td>332,475</td></tr><tr><td>Oct. 12.</td><td>250,150</td><td>6,295</td><td>151</td><td>505</td><td>9,451</td><td>2,184</td><td>7,647</td><td>276,383</td><td>59,530</td><td>209</td><td>9,066</td><td>59</td><td>345,247</td></tr><tr><td>Oct. 19.</td><td>244,782</td><td>5,983</td><td>267</td><td>522</td><td>10,399</td><td>2,395</td><td>6,008</td><td>270,356</td><td>58,710</td><td>209</td><td>9,461</td><td>55</td><td>338,791</td></tr><tr><td>Oct. 26.</td><td>252,415</td><td>6,470</td><td>74</td><td>501</td><td>9,688</td><td>2,305</td><td>7,422</td><td>278,875</td><td>57,789</td><td>211</td><td>8,274</td><td>50</td><td>345,199</td></tr></table>
Net Position in Foreign Currencies of Reporting Banks and Bankers in the United States During October 1938
(Minus indicates short position: In thousands of dollars)
<table><tr><th>Classification and date</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>Net position as of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Oct. 5.</td><td>-8,769</td><td>-1,519</td><td>-240</td><td>-1,182</td><td>-1,780</td><td>-578</td><td>134</td><td>-13,934</td><td>4,072</td><td>171</td><td>-4,403</td><td>143</td><td>-13,951</td></tr><tr><td>Oct. 12.</td><td>-6,813</td><td>-1,931</td><td>-264</td><td>-1,153</td><td>-2,986</td><td>-1,074</td><td>-1,693</td><td>-15,914</td><td>3,824</td><td>120</td><td>-1,903</td><td>182</td><td>-16,691</td></tr><tr><td>Oct. 19.</td><td>-10,647</td><td>-2,231</td><td>-179</td><td>-1,046</td><td>-3,307</td><td>-1,491</td><td>-1,482</td><td>-20,383</td><td>2,196</td><td>213</td><td>-5,254</td><td>163</td><td>-23,065</td></tr><tr><td>Oct. 26.</td><td>-10,447</td><td>-2,023</td><td>-35</td><td>-1,065</td><td>-3,802</td><td>-1,584</td><td>-1,781</td><td>-20,737</td><td>3,150</td><td>328</td><td>-4,899</td><td>175</td><td>-21,983</td></tr></table>
CUMULATIVE NET CAPITAL MOVEMENT BETWEEN U.S. AND FOREIGN COUNTRIES
Weekly
-27-
OTHER MONETARY STATISTICS
- 28 -
29
Increment Resulting from the Reduction in the Weight of the Gold Dollar
December 31, 1938
<table><tr><th></th><th>Allocations of Increment</th><th>Charges against Increment</th><th>Unexpended Balance of Increment</th></tr><tr><td>Exchange Stabilization Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>---</td></tr><tr><td>Payments to Federal Reserve Banks for Industrial Loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine Currency Reserve</td><td>23,862,750.78</td><td>---</td><td>23,862,750.78</td></tr><tr><td>Melting Losses on Gold Coin</td><td>2,175,121.93</td><td>1,837,172.84</td><td>337,949.09</td></tr><tr><td>Retirement of National Bank Notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>---</td></tr><tr><td>Unassigned</td><td>6,260,633.71</td><td>---</td><td>6,260,633.71</td></tr><tr><td>Total</td><td>$2,816,986,028.86</td><td>$2,674,771,449.26</td><td>$142,214,579.60 1/</td></tr></table>
1/ This amount included in the "balance" in the general fund of the Treasury.
Treasury Gold Receipts
(in millions of dollars)
<table><tr><th></th><th>Newly-minted domestic</th><th>Net imports or exports (-)</th><th>Miscellaneous</th><th>Total</th></tr><tr><td>1937<br>Jan. - Mar....<br>April- June....<br>July - Sept....<br>Oct. - Dec....</td><td>$32.93<br>36.46<br>45.85<br>45.61</td><td>$277.22<br>691.37<br>371.80<br>- 30.80</td><td>$ 6.00<br>16.61<br>4.40<br>4.95</td><td>$316.15<br>744.44<br>422.05<br>19.76</td></tr><tr><td>1938<br>Jan. - Mar....<br>April- June....<br>July - Sept....<br>Oct. - Dec....</td><td>38.23<br>40.42<br>47.22<br>49.12</td><td>- 7.67<br>124.59<br>743.96<br>701.00</td><td>3.83<br>3.54<br>5.25<br>1.75</td><td>34.39<br>168.55<br>756.43<br>751.87</td></tr></table>
Monetary Stocks of Gold and Silver and Ratio
(In millions of dollars)
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of Silver to Gold and Silver in Monetary Stocks</th><th>End of calendar year or month</th><th>Gold Assets</th><th>Gold Certificates</th><th>Gold Reserve against U.S. notes, etc.</th><th>Stabilization Fund</th><th>Gold in General Fund</th></tr><tr><td>1934</td><td>7,856.2</td><td>898.2</td><td>10.3</td><td>1934</td><td>$ 8,238.6</td><td>$5,274.0</td><td>$156.0</td><td>$1,800.0</td><td>$1,008.6</td></tr><tr><td>1935</td><td>9,115.6</td><td>1,463.1</td><td>13.8</td><td>1935</td><td>10,122.9</td><td>7,679.5</td><td>156.0</td><td>1,800.0</td><td>487.4</td></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938 - Jan.</td><td>12,755.5</td><td>2,868.2</td><td>18.4</td><td>1938 - Jan.</td><td>12,755.4</td><td>9,208.8</td><td>156.0</td><td>1,800.0</td><td>1,590.5</td></tr><tr><td>Feb.</td><td>12,776.2</td><td>2,912.2</td><td>18.6</td><td>Feb.</td><td>12,776.1</td><td>9,264.4</td><td>156.0</td><td>1,800.0</td><td>1,555.6</td></tr><tr><td>Mar.</td><td>12,794.7</td><td>2,932.7</td><td>18.8</td><td>Mar.</td><td>12,794.4</td><td>9,303.5</td><td>156.0</td><td>1,800.0</td><td>1,534.9</td></tr><tr><td>Apr.</td><td>12,868.9</td><td>2,990.5</td><td>18.9</td><td>Apr.</td><td>12,868.7</td><td>10,730.5</td><td>156.0</td><td>1,800.0</td><td>182.2</td></tr><tr><td>May</td><td>12,918.8</td><td>3,031.1</td><td>19.0</td><td>May</td><td>12,915.1</td><td>10,727.3</td><td>156.0</td><td>1,800.0</td><td>231.7</td></tr><tr><td>June</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td><td>June</td><td>12,962.9</td><td>10,723.9</td><td>156.0</td><td>1,800.0</td><td>283.0</td></tr><tr><td>July</td><td>13,017.4</td><td>3,102.9</td><td>19.2</td><td>July</td><td>13,017.4</td><td>10,720.2</td><td>156.0</td><td>1,800.0</td><td>341.1</td></tr><tr><td>Aug.</td><td>13,135.7</td><td>3,129.4</td><td>19.2</td><td>Aug.</td><td>13,135.5</td><td>10,717.1</td><td>156.0</td><td>1,800.0</td><td>462.4</td></tr><tr><td>Sept.</td><td>13,759.6</td><td>3,163.0</td><td>18.7</td><td>Sept.</td><td>13,759.3</td><td>10,994.5</td><td>156.0</td><td>1,800.0</td><td>808.8</td></tr><tr><td>Oct.</td><td>14,064.5</td><td>3,202.5</td><td>18.5</td><td>Oct.</td><td>14,064.3</td><td>11,347.6</td><td>156.0</td><td>1,800.0</td><td>760.6</td></tr><tr><td>Nov.</td><td>14,312.1</td><td>3,265.2</td><td>18.6</td><td>Nov.</td><td>14,311.9</td><td>11,688.3</td><td>156.0</td><td>1,800.0</td><td>667.6</td></tr><tr><td>Dec.</td><td>14,511.6</td><td>3,346.8</td><td>18.7</td><td>Dec.</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr></table>
1/ On baels of Daily Treasury Statements.
2/ Gold certificates outside of Treasury, gold certificate fund Board of Governors, Federal Reserve System, and Redemption fund for Federal Reserve notes.
3/ Reserve against $346,681,016 United States notes and $1,167,772 Treasury notes of 1890 outstanding.
4/ This does not include gold in the active portion of the stabilization Fund.
30
Components of Silver Monetary Stock
(In millions of dollars)
Silver of Specified Classifications Acquired by Mints and Assay Offices
(In millions)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="4">Silver held in Treasury</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total Silver at $1.29 per ounce</th><th rowspan="2">Calendar year or month</th><th colspan="2">Newly mined domestic (Exec. Proc. 12/21/33)1/</th><th colspan="2">National- ized (Exec. Proc. 8/9/34) 2/</th><th colspan="2">Foreign (Silver Pur. Act 6/19/34)</th><th rowspan="2">Total</th></tr><tr><th colspan="2">Securing silver certificates 1/</th><th colspan="2">In General Fund</th><th>Silver 1/ dollars</th><th>Sub- sidiary coin 2/</th><th>Oun- ces</th><th>Dol- lars</th><th>Oun- ces</th><th>Dol- lars</th><th>Ounces</th><th>Dollars</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Sub- sidiary coin 2/</th><th>Bullion for recoin- age 2/</th><th>Bullion at cost</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1934</td><td>211.6</td><td>508.4</td><td>4.2</td><td>8.8</td><td>89.3</td><td>35.2</td><td>305.3</td><td>1,279.7</td><td>1934</td><td>21.8</td><td>14.1</td><td>110.6</td><td>55.3</td><td>172.5</td><td>86.5</td><td>304.9</td><td>155.9</td></tr><tr><td>1935</td><td>576.9</td><td>508.7</td><td>4.2</td><td>.2</td><td>262.7</td><td>34.4</td><td>323.5</td><td>1,970.1</td><td>1935</td><td>38.0</td><td>27.3</td><td>2.0</td><td>1.0</td><td>494.4</td><td>318.2</td><td>534.3</td><td>346.5</td></tr><tr><td>1936</td><td>775.9</td><td>505.7</td><td>5.7</td><td>.3</td><td>347.7</td><td>41.3</td><td>350.4</td><td>2,402.3</td><td>1936</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.9</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>-</td><td>428.6</td><td>43.3</td><td>366.9</td><td>2,806.5</td><td>1937</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.4</td></tr><tr><td>1938-Jan.</td><td>961.8</td><td>503.9</td><td>6.8</td><td>-</td><td>441.2</td><td>43.2</td><td>366.0</td><td>2,868.2</td><td>1938-Jan.</td><td>4.1</td><td>3.2</td><td>-</td><td>-</td><td>44.0</td><td>19.8</td><td>48.1</td><td>23.0</td></tr><tr><td>Feb.</td><td>979.1</td><td>503.8</td><td>7.8</td><td>.3</td><td>449.5</td><td>43.3</td><td>365.7</td><td>2,912.2</td><td>Feb.</td><td>4.6</td><td>3.5</td><td>-</td><td>-</td><td>29.2</td><td>13.1</td><td>33.7</td><td>16.6</td></tr><tr><td>Mar.</td><td>992.9</td><td>503.8</td><td>8.6</td><td>.1</td><td>458.0</td><td>43.3</td><td>365.4</td><td>2,952.7</td><td>Mar.</td><td>4.3</td><td>3.1</td><td>-</td><td>-</td><td>27.0</td><td>12.1</td><td>31.3</td><td>15.2</td></tr><tr><td>Apr.</td><td>1,007.3</td><td>503.9</td><td>9.1</td><td>.6</td><td>465.5</td><td>43.2</td><td>364.8</td><td>2,990.5</td><td>Apr.</td><td>5.4</td><td>3.8</td><td>-</td><td>-</td><td>23.7</td><td>10.5</td><td>29.1</td><td>14.2</td></tr><tr><td>May.</td><td>1,022.9</td><td>503.7</td><td>9.4</td><td>1.2</td><td>473.0</td><td>43.3</td><td>364.3</td><td>3,031.1</td><td>May.</td><td>5.1</td><td>3.4</td><td>-</td><td>-</td><td>26.4</td><td>11.6</td><td>31.5</td><td>15.0</td></tr><tr><td>June.</td><td>1,037.2</td><td>501.6</td><td>8.7</td><td>1.3</td><td>479.6</td><td>43.4</td><td>364.7</td><td>3,066.4</td><td>June.</td><td>4.9</td><td>3.3</td><td>-</td><td>-</td><td>22.6</td><td>10.0</td><td>27.5</td><td>13.3</td></tr><tr><td>July.</td><td>1,048.9</td><td>503.6</td><td>8.6</td><td>1.2</td><td>488.0</td><td>43.5</td><td>365.0</td><td>3,102.9</td><td>July.</td><td>5.8</td><td>3.8</td><td>-</td><td>-</td><td>18.6</td><td>8.2</td><td>24.4</td><td>12.0</td></tr><tr><td>Aug.</td><td>1,060.6</td><td>503.6</td><td>9.8</td><td>.3</td><td>492.3</td><td>43.5</td><td>365.1</td><td>3,129.4</td><td>Aug.</td><td>6.2</td><td>4.1</td><td>-</td><td>-</td><td>18.0</td><td>8.0</td><td>24.2</td><td>12.1</td></tr><tr><td>Sept.</td><td>1,071.4</td><td>503.4</td><td>8.9</td><td>.3</td><td>499.4</td><td>43.7</td><td>366.8</td><td>3,163.0</td><td>Sept.</td><td>3.8</td><td>2.5</td><td>-</td><td>-</td><td>22.0</td><td>9.7</td><td>25.8</td><td>12.2</td></tr><tr><td>Oct.</td><td>1,086.9</td><td>503.2</td><td>7.7</td><td>.4</td><td>506.7</td><td>43.9</td><td>368.1</td><td>3,202.5</td><td>Oct.</td><td>4.9</td><td>3.2</td><td>-</td><td>-</td><td>25.7</td><td>11.3</td><td>30.6</td><td>14.5</td></tr><tr><td>Nov.</td><td>1,110.1</td><td>502.9</td><td>5.5</td><td>.5</td><td>519.2</td><td>44.2</td><td>370.2</td><td>3,265.2</td><td>Nov.</td><td>7.9</td><td>5.4</td><td>-</td><td>-</td><td>40.7</td><td>17.7</td><td>48.6</td><td>23.1</td></tr><tr><td>Dec.</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td><td>Dec.</td><td>4.6</td><td>3.0</td><td>-</td><td>-</td><td>57.6</td><td>24.8</td><td>62.2</td><td>27.8</td></tr></table>
1/ Valued at $1.29+ per ounce.
2/ Valued at $1.38+ per ounce.
1/ Acquired at 64.64+ cents per fine ounce until April 9, 1935; at 71.11+ cente per fine ounce from that date until April 23, 1935; at 77.57+ cents from April 23, 1935 to December 31, 1937; and at 64.64+ cents per fine ounce since December 31, 1937. 
2/ Acquired at 50.01 cents per fine ounce. Exac. Proc. of August 9, 1934, resealed April 28, 1938.
Silver Production, by Leading Countries
(In thousands of fine ounces)
<table><tr><th>Calendar year or month</th><th>Total for world</th><th>United States</th><th>Canada 1/</th><th>Mexico</th><th>Peru</th><th>Other America</th><th>Europe</th><th>Oceania</th><th>Japan 2/</th><th>British India</th><th>Other Asia</th><th>Africa</th></tr><tr><td>1933</td><td>169,159</td><td>22,821</td><td>16,395</td><td>68,101</td><td>6,761</td><td>10,819</td><td>14,769</td><td>11,553</td><td>6,680</td><td>6,080</td><td>1,104</td><td>4,076</td></tr><tr><td>1934</td><td>190,398</td><td>32,487</td><td>17,565</td><td>74,145</td><td>10,381</td><td>10,091</td><td>14,891</td><td>11,257</td><td>7,863</td><td>5,818</td><td>1,178</td><td>4,722</td></tr><tr><td>1935</td><td>220,704</td><td>45,613</td><td>17,713</td><td>75,589</td><td>17,433</td><td>12,788</td><td>17,199</td><td>12,434</td><td>9,706</td><td>5,850</td><td>1,219</td><td>5,130</td></tr><tr><td>1936</td><td>253,696</td><td>63,351</td><td>19,584</td><td>77,464</td><td>19,901</td><td>16,539</td><td>19,703</td><td>13,194</td><td>11,670</td><td>5,977</td><td>1,733</td><td>4,580</td></tr><tr><td>1937</td><td>273,874</td><td>71,299</td><td>24,131</td><td>84,681</td><td>16,994</td><td>15,663</td><td>20,811</td><td>14,903</td><td>12,451</td><td>6,205 3/</td><td>1,883</td><td>4,853</td></tr><tr><td>1938-Jan.</td><td>23,553</td><td>5,222</td><td>1,622</td><td>8,662</td><td>1,500</td><td>1,640</td><td>1,670</td><td>1,216</td><td>820</td><td>500</td><td>280</td><td>421</td></tr><tr><td>Feb.</td><td>21,065</td><td>5,083</td><td>1,735</td><td>7,144</td><td>1,351</td><td>1,450</td><td>1,600</td><td>1,112</td><td>820</td><td>510</td><td>250</td><td>410</td></tr><tr><td>Mar.</td><td>24,128</td><td>5,752</td><td>1,729</td><td>8,803</td><td>1,380</td><td>1,575</td><td>1,635</td><td>1,212</td><td>820</td><td>500</td><td>300</td><td>422</td></tr><tr><td>Apr.</td><td>21,197</td><td>5,044</td><td>1,430</td><td>7,153</td><td>1,350</td><td>1,425</td><td>1,600</td><td>1,170</td><td>840</td><td>500</td><td>290</td><td>395</td></tr><tr><td>May.</td><td>20,440</td><td>4,813</td><td>1,509</td><td>6,244</td><td>1,525</td><td>1,500</td><td>1,675</td><td>1,135</td><td>840</td><td>495</td><td>300</td><td>404</td></tr><tr><td>June.</td><td>22,490</td><td>4,679</td><td>1,603</td><td>8,417</td><td>1,300</td><td>1,400</td><td>1,675</td><td>1,361</td><td>845</td><td>495</td><td>325</td><td>390</td></tr><tr><td>July.</td><td>24,071</td><td>4,530</td><td>2,112</td><td>9,019</td><td>1,900</td><td>1,450</td><td>1,700</td><td>1,361</td><td>849</td><td>490</td><td>275</td><td>389</td></tr><tr><td>Aug.</td><td>25,619</td><td>5,596</td><td>2,528</td><td>9,224</td><td>1,775</td><td>1,450</td><td>1,700</td><td>1,352</td><td>845</td><td>490</td><td>265</td><td>394</td></tr><tr><td>Sept.</td><td>20,064</td><td>5,073</td><td>2,202</td><td>4,486</td><td>1,875</td><td>1,425</td><td>1,700</td><td>1,302</td><td>879</td><td>490</td><td>250</td><td>386</td></tr><tr><td>Oct.</td><td></td><td>5,041</td><td>2,400</td><td></td><td>1,800</td><td>1,425</td><td>1,725</td><td>1,084</td><td>879</td><td>485</td><td>250</td><td>384</td></tr><tr><td>Nov.</td><td></td><td>2,879</td><td>2,023</td><td></td><td>1,750</td><td>1,410</td><td>1,725</td><td>1,225</td><td>879</td><td>480</td><td>250</td><td>389</td></tr><tr><td>Dec.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Includes Newfoundland. 2/ Includes Chosen and Taiwan. 3/ Burma, refined silver. * No longer reported. Estimated at about previous rate.
Sources: Annual Reports of the Director of the Mint for annual figures. Releases of American Bureau of Metal Statistics for monthly figures.
31
Mine Production of Silver in United States, 1934 - 1937; Distributed According to Size of Mines
<table><tr><th>Mines Shipping</th><th colspan="4">Number of Mines 1/</th><th colspan="4">Combined Output 2/ (Thousands of ounces)</th></tr><tr><th></th><th>1934</th><th>1935</th><th>1936</th><th>1937</th><th>1934</th><th>1935</th><th>1936</th><th>1937</th></tr><tr><td>Over 5,000,000 ounces</td><td>-</td><td>2</td><td>2</td><td>2</td><td>-</td><td>11,013</td><td>16,031</td><td>19,824</td></tr><tr><td>5,000,000 to 1,000,000...</td><td>8</td><td>8</td><td>11</td><td>8</td><td>14,732</td><td>13,528</td><td>18,935</td><td>16,739</td></tr><tr><td>1,000,000 " 500,000...</td><td>7</td><td>11</td><td>11</td><td>13</td><td>5,030</td><td>7,823</td><td>7,660</td><td>9,206</td></tr><tr><td>500,000 " 250,000...</td><td>11</td><td>9</td><td>12</td><td>10</td><td>3,645</td><td>3,221</td><td>4,369</td><td>3,752</td></tr><tr><td>250,000 " 100,000...</td><td>24</td><td>31</td><td>38</td><td>54</td><td>3,386</td><td>5,006</td><td>5,772</td><td>8,767</td></tr><tr><td>100,000 " 50,000...</td><td>24</td><td>37</td><td>39</td><td>52</td><td>1,694</td><td>2,805</td><td>2,909</td><td>3,468</td></tr><tr><td>50,000 " 25,000...</td><td>28</td><td>31</td><td>56</td><td>69</td><td>969</td><td>1,124</td><td>1,892</td><td>1,072</td></tr><tr><td>25,000 " 10,000...</td><td>65</td><td>86</td><td>121</td><td>102</td><td>1,004</td><td>1,319</td><td>1,915</td><td>915</td></tr><tr><td>10,000 " 1,000...</td><td>391</td><td>496</td><td>526</td><td>584</td><td>1,225</td><td>1,586</td><td>1,651</td><td>1,875</td></tr><tr><td>Under 1,000...</td><td>2,313</td><td>2,288</td><td>2,450</td><td>2,761</td><td>350</td><td>375</td><td>410</td><td>452</td></tr><tr><td>Total</td><td>2,871</td><td>2,995</td><td>3,266</td><td>3,655</td><td>32,035</td><td>47,800</td><td>61,546</td><td>66,072</td></tr></table>
1/ These figures do not include certain very small mines (about 250 in 1937) which shipped directly to the Mints and not to private smelters.
2/ Annual mine production, as indicated by the above summary tabulation of miners' affidavits done not agree with estimates of mine production made by the Bureau of Mines or with the figures of Mint receipts compiled by the Bureau of the Mint. Apart from the possibility of errors made in the tabulation of several hundred thousand affidavits there are a number of reasons for not expecting the above totals of domestic silver shipments to agree either with the figures for Mint receipts or with the production estimates of the Bureau of Mines. (1) Each method of estimating silver production is dependent upon a different basis of recording; in the tabulation of miners' affidavits the date of delivery of each shipment of silver at a private smelter determined the year into which such shipment fell, whereas Mint figures are based on the date of delivery of silver to the United States Mints and the Bureau of Mines figures are based upon the date of actual mind output. (2) Included in the tabulation of miners' affidavits is a substantial number of affidavits which were later cancelled because the smelting companies had sent silver, accompanied by miners' affidavits, in excess of silver actually recovered from domestically mined ore, not allowing for metallurgical losses. (3) The output of certain small mines was not tabulated as explained in the preceding footnote.
Net Movement of Silver to and from the United States
(In thousands of dollars)
<table><tr><th>Year and month</th><th>Total net imports or exports (-)</th><th>United Kingdom</th><th>Other Europe</th><th>Canada</th><th>Mexico</th><th>Cuba</th><th>Chile</th><th>Peru</th><th>Other Latin America</th><th>British India</th><th>China</th><th>Hong Kong</th><th>Japan</th><th>Other Asia</th><th>All other</th></tr><tr><td>1933</td><td>41,184</td><td>986</td><td>-116</td><td>487</td><td>17,560</td><td>-1,663</td><td>662</td><td>1,668</td><td>1,783</td><td>10,000</td><td>9,956</td><td>-432</td><td>133</td><td>155</td><td>4</td></tr><tr><td>1934</td><td>86,174</td><td>36,521</td><td>190</td><td>438</td><td>21,995</td><td>-3,780</td><td>1,550</td><td>3,906</td><td>381</td><td>-338</td><td>21,967</td><td>2,873</td><td>303</td><td>134</td><td>34</td></tr><tr><td>1935</td><td>335,730</td><td>245,133</td><td>2,457</td><td>12,147</td><td>58,325</td><td>-5,611</td><td>2,920</td><td>10,199</td><td>-1,228</td><td>188</td><td>227</td><td>6,787</td><td>843</td><td>3,224</td><td>118</td></tr><tr><td>1936</td><td>170,851</td><td>53,393</td><td>856</td><td>5,416</td><td>29,925</td><td>-8,951</td><td>1,048</td><td>7,408</td><td>2,738</td><td>3,024</td><td>69,996</td><td>3,463</td><td>2,144</td><td>342</td><td>48</td></tr><tr><td>1937</td><td>79,835</td><td>34,120</td><td>-25</td><td>6,798</td><td>30,203</td><td>-7,451</td><td>968</td><td>6,786</td><td>611</td><td>-</td><td>5,614</td><td>4</td><td>1,271</td><td>504</td><td>433</td></tr><tr><td>1938</td><td>223,449</td><td>134,264</td><td>15,3962</td><td>10,915</td><td>41,715</td><td>-4,342</td><td>696</td><td>7,381</td><td>2,858</td><td>150</td><td>-</td><td>61</td><td>2,930</td><td>10,8083</td><td>617</td></tr><tr><td>1937 - Dec.</td><td>22,916</td><td>17,989</td><td>-52</td><td>808</td><td>2,634</td><td>6</td><td>42</td><td>663</td><td>218</td><td>-</td><td>-</td><td>-</td><td>462</td><td>30</td><td>116</td></tr><tr><td>1938 - Jan.</td><td>28,353</td><td>15,574</td><td>192</td><td>491</td><td>10,843</td><td>6</td><td>154</td><td>454</td><td>188</td><td>-</td><td>-</td><td>-</td><td>373</td><td>7</td><td>70</td></tr><tr><td>Feb.</td><td>15,255</td><td>9,180</td><td>5</td><td>518</td><td>4,529</td><td>7</td><td>29</td><td>582</td><td>129</td><td>-</td><td>-</td><td>-</td><td>206</td><td>11</td><td>58</td></tr><tr><td>Mar.</td><td>14,250</td><td>9,053</td><td>8</td><td>1,054</td><td>3,042</td><td>1</td><td>54</td><td>495</td><td>240</td><td>-</td><td>-</td><td>-</td><td>289</td><td>11</td><td>2</td></tr><tr><td>Apr.</td><td>15,507</td><td>9,348</td><td>16</td><td>2,162</td><td>2,740</td><td>7</td><td>41</td><td>560</td><td>290</td><td>-</td><td>-</td><td>-</td><td>321</td><td>4</td><td>18</td></tr><tr><td>May</td><td>17,636</td><td>10,010</td><td>2,158</td><td>1,470</td><td>2,710</td><td>1/</td><td>59</td><td>667</td><td>386</td><td>-</td><td>-</td><td>5</td><td>116</td><td>11</td><td>44</td></tr><tr><td>June</td><td>18,931</td><td>13,813</td><td>20</td><td>436</td><td>3,098</td><td>13</td><td>86</td><td>680</td><td>249</td><td>45</td><td>-</td><td>-</td><td>343</td><td>63</td><td>84</td></tr><tr><td>July</td><td>18,133</td><td>8,957</td><td>4,305</td><td>874</td><td>2,918</td><td>6</td><td>57</td><td>519</td><td>194</td><td>-</td><td>-</td><td>-</td><td>126</td><td>69</td><td>108</td></tr><tr><td>Aug.</td><td>4,584</td><td>5</td><td>4</td><td>988</td><td>2,600</td><td>-244</td><td>73</td><td>608</td><td>181</td><td>-</td><td>-</td><td>-</td><td>117</td><td>121</td><td>130</td></tr><tr><td>Sept.</td><td>22,635</td><td>15,301</td><td>4,300</td><td>809</td><td>1,956</td><td>-1,250</td><td>30</td><td>978</td><td>173</td><td>-</td><td>-</td><td>2</td><td>149</td><td>166</td><td>19</td></tr><tr><td>Oct.</td><td>23,813</td><td>10,169</td><td>46</td><td>663</td><td>2,767</td><td>-993</td><td>46</td><td>498</td><td>312</td><td>-</td><td>-</td><td>-</td><td>171</td><td>10,0653/</td><td>70</td></tr><tr><td>Nov.</td><td>24,163</td><td>15,778</td><td>4,310</td><td>708</td><td>2,635</td><td>-695</td><td>33</td><td>631</td><td>277</td><td>43</td><td>-</td><td>54</td><td>305</td><td>75</td><td>9</td></tr><tr><td>Dec.</td><td>20,189</td><td>17,075</td><td>31</td><td>742</td><td>1,876</td><td>-1,200</td><td>36</td><td>708</td><td>239</td><td>61</td><td>-</td><td>-</td><td>413</td><td>204</td><td>4</td></tr></table>
1/ Less than $500. 2/ Includes net import of $12,950,000 from France. 3/ Includes net import of $9,791,000 from Siam.
MONETARY STOCKS OF GOLD AND SILVER IN U.S.
Gold per Ounce:-Through Jan.'34-$20.67 Thereafter-$35.00 Silver per Ounce $1.29
t CN
Note: $287,000,000 written off as lost, Jan.31, 1934
33
<table><tr><th colspan="4">Indexes of 40 Foreign Exchange Rates in New York, in London, in Paris, and in Tokyo, "Unweighted" 1935 = 100</th><th colspan="4">Indexes of 40 Foreign Exchange Rates in New York, Tokyo, Weighted According to Total Foreign Trade of each Country Included in the Indexes 1935 = 100</th><th colspan="4">Indexes of 40 Foreign Exchange Rates in New York 1935 = 100</th></tr><tr><th></th><th>New York</th><th>London</th><th>Paris</th><th>Tokyo</th><th></th><th>New York</th><th>London</th><th>Paris</th><th>Tokyo</th><th>"Unweighted"(i.e. Equal Weights)</th><th>Weighted by U.S. Exports</th><th>Weighted by U.S. Imports</th><th>Weighted according to Total Foreign Trade of Each Country Included</th></tr><tr><td>1935......</td><td>100</td><td>100</td><td>100</td><td>100</td><td>1935......</td><td>100</td><td>100</td><td>100</td><td>100</td><td>1935......</td><td>100</td><td>100</td><td>100</td></tr><tr><td>1936......</td><td>97</td><td>96</td><td>105</td><td>96</td><td>1936......</td><td>98</td><td>96</td><td>107</td><td>97</td><td>1936......</td><td>97</td><td>99</td><td>99</td></tr><tr><td>1937......</td><td>91</td><td>90</td><td>150</td><td>91</td><td>1937......</td><td>92</td><td>91</td><td>156</td><td>93</td><td>1937......</td><td>91</td><td>94</td><td>96</td></tr><tr><td>1938-Jan...</td><td>91</td><td>88</td><td>181</td><td>89</td><td>1938-Jan...</td><td>92</td><td>89</td><td>190</td><td>92</td><td>1938-Jan...</td><td>91</td><td>94</td><td>95</td></tr><tr><td>Feb......</td><td>91</td><td>88</td><td>185</td><td>89</td><td>Feb......</td><td>92</td><td>89</td><td>193</td><td>92</td><td>Feb......</td><td>91</td><td>94</td><td>95</td></tr><tr><td>Mar......</td><td>90</td><td>88</td><td>192</td><td>89</td><td>Mar......</td><td>91</td><td>89</td><td>201</td><td>91</td><td>Mar......</td><td>90</td><td>93</td><td>95</td></tr><tr><td>Apr......</td><td>89</td><td>88</td><td>193</td><td>88</td><td>Apr......</td><td>90</td><td>88</td><td>200</td><td>90</td><td>Apr......</td><td>89</td><td>93</td><td>94</td></tr><tr><td>May......</td><td>89</td><td>87</td><td>211</td><td>88</td><td>May......</td><td>89</td><td>87</td><td>219</td><td>89</td><td>May......</td><td>89</td><td>92</td><td>93</td></tr><tr><td>June...</td><td>88</td><td>87</td><td>212</td><td>87</td><td>June...</td><td>88</td><td>86</td><td>220</td><td>88</td><td>June...</td><td>88</td><td>91</td><td>93</td></tr><tr><td>July...</td><td>88</td><td>87</td><td>212</td><td>87</td><td>July...</td><td>87</td><td>86</td><td>220</td><td>88</td><td>July...</td><td>88</td><td>91</td><td>92</td></tr><tr><td>Aug......</td><td>87</td><td>87</td><td>213</td><td>88</td><td>Aug......</td><td>87</td><td>86</td><td>221</td><td>89</td><td>Aug......</td><td>87</td><td>90</td><td>92</td></tr><tr><td>Sept...</td><td>86</td><td>88</td><td>214</td><td>88</td><td>Sept...</td><td>86</td><td>87</td><td>222</td><td>89</td><td>Sept...</td><td>86</td><td>90</td><td>91</td></tr><tr><td>Oct......</td><td>86</td><td>88</td><td>216</td><td>89</td><td>Oct......</td><td>85</td><td>88</td><td>224</td><td>90</td><td>Oct......</td><td>86</td><td>89</td><td>91</td></tr><tr><td>Nov......</td><td>85</td><td>89</td><td>217</td><td>89</td><td>Nov......</td><td>85</td><td>88</td><td>225</td><td>90</td><td>Nov......</td><td>85</td><td>89</td><td>90</td></tr><tr><td>Dec......</td><td></td><td></td><td></td><td></td><td>Dec......</td><td></td><td></td><td></td><td></td><td>Dec......</td><td></td><td></td><td>85</td></tr></table>
Value of Selected Currencies in Terms of Gold
1928 = 100
<table><tr><th></th><th>United States</th><th>United Kingdom</th><th>France</th><th>Nether-lands</th><th>Switzer-land</th><th>Belgium</th><th>Japan</th><th>Italy</th><th>China 2/</th><th>Date Established</th><th>Nature of initial assets</th><th>Nominal amount of Fund</th></tr><tr><td>1931-Dec....</td><td>100</td><td>69</td><td>100</td><td>100</td><td>101</td><td>100</td><td>87</td><td>97</td><td>53</td><td rowspan="2">United States Jan. 1934</td><td rowspan="2">Gold</td><td>$2,000</td></tr><tr><td>1932-Dec....</td><td>100</td><td>67</td><td>100</td><td>100</td><td>100</td><td>100</td><td>42</td><td>97</td><td>43</td><td>United Kingdom 1/ Apr. 1932</td><td>Treasury bills</td><td>1,575</td></tr><tr><td>1933-Dec....</td><td>64</td><td>67</td><td>100</td><td>100</td><td>100</td><td>100</td><td>39</td><td>100</td><td>47</td><td rowspan="2">France Oct. 1936</td><td rowspan="2">Gold</td><td>10,000 (French francs)</td></tr><tr><td>1934-Dec....</td><td>59</td><td>60</td><td>100</td><td>100</td><td>100</td><td>100</td><td>34</td><td>96</td><td>45</td><td>1,125 (Belgian francs)</td></tr><tr><td>1935-Dec....</td><td>59</td><td>60</td><td>100</td><td>100</td><td>100</td><td>72</td><td>34</td><td>91</td><td>39</td><td rowspan="2">Belgium 2/ Mar. 1935</td><td rowspan="2">Gold</td><td>1,125 (Belgian francs)</td></tr><tr><td>1936-Dec....</td><td>59</td><td>60</td><td>70</td><td>80</td><td>70</td><td>72</td><td>34</td><td>59</td><td>39</td><td>539 (Swiss francs)</td></tr><tr><td>1937-Dec....</td><td>59</td><td>61</td><td>51</td><td>82</td><td>71</td><td>72</td><td>34</td><td>59</td><td>39</td><td rowspan="2">Switzerland Sept.1936</td><td rowspan="2">Gold</td><td>539 (Swiss francs)</td></tr><tr><td>1938-Jan....</td><td>59</td><td>61</td><td>50</td><td>82</td><td>71</td><td>72</td><td>34</td><td>59</td><td>39</td><td>380 (florins)</td></tr><tr><td>Feb....</td><td>59</td><td>61</td><td>49</td><td>82</td><td>71</td><td>72</td><td>34</td><td>59</td><td>39</td><td rowspan="8">Netherlands Sept.1936</td><td rowspan="8">Treasury bills</td><td rowspan="8">1/ Original amount of $175 million increased by $200 million in April 1933 and by a further $200 million in June 1937. According to official statements the British Exchange Equalisation Account held $334 million of gold on March 31, 1937, $1,395 million on Sept. 30, 1937, $1,489 million on March 31, 1938, and $759 million on September 30, 1938.</td></tr><tr><td>Mar....</td><td>59</td><td>60</td><td>47</td><td>82</td><td>71</td><td>72</td><td>34</td><td>59</td><td>37</td></tr><tr><td>Apr....</td><td>59</td><td>60</td><td>47</td><td>82</td><td>70</td><td>72</td><td>34</td><td>59</td><td>35</td></tr><tr><td>May....</td><td>59</td><td>60</td><td>42</td><td>81</td><td>70</td><td>72</td><td>34</td><td>59</td><td>31</td></tr><tr><td>June....</td><td>59</td><td>60</td><td>42</td><td>81</td><td>70</td><td>72</td><td>34</td><td>59</td><td>25</td></tr><tr><td>July....</td><td>59</td><td>60</td><td>42</td><td>81</td><td>70</td><td>72</td><td>34</td><td>59</td><td>24</td></tr><tr><td>Aug....</td><td>59</td><td>59</td><td>41</td><td>80</td><td>70</td><td>72</td><td>34</td><td>59</td><td>22</td></tr><tr><td>Sept....</td><td>59</td><td>58</td><td>41</td><td>79</td><td>69</td><td>72</td><td>33</td><td>59</td><td>22</td></tr><tr><td>Oct....</td><td>59</td><td>58</td><td>40</td><td>80</td><td>70</td><td>72</td><td>33</td><td>59</td><td>21</td><td colspan="3">2/ Discontinued April 1936.</td></tr><tr><td>Nov....</td><td>59</td><td>57</td><td>40</td><td>80</td><td>69</td><td>72</td><td>33</td><td>59</td><td>21</td><td colspan="3"></td></tr><tr><td>Dec....</td><td>59</td><td>57</td><td>40</td><td>80</td><td>69</td><td>72</td><td>32</td><td>59</td><td>21</td><td colspan="3"></td></tr></table>
1/ Monthly average of daily quotations.
2/ Average exchange rate for January 1928 = 100
MISCELLANEOUS
-34-
35
Commodities Imported under Quota Provisions During Quota Periods Other than Calendar Years
<table><tr><th colspan="2">Potatoes certified seed</th><th colspan="2">Red cedar shingles</th><th colspan="2">Cordage from Philippine Iolande</th></tr><tr><th></th><th>(pounds)</th><th></th><th>(squares)</th><th></th><th>(pounds)</th></tr><tr><td>Established quota</td><td>45,000,000</td><td>Established quota</td><td></td><td>Established quota</td><td>6,000,000</td></tr><tr><td>Imports during quota period</td><td></td><td>6 mos. from Jan. 1, 1936</td><td>1,048,262</td><td>Imports during quota period</td><td></td></tr><tr><td>12 mos. from Dec. 1, 1935</td><td>43,559,641</td><td>July 1, 1937</td><td>892,373</td><td>12 mos. from May 1, 1936 2/</td><td>6,000,000</td></tr><tr><td>Dec. 1, 1936</td><td>44,992,458</td><td>Jan. 1, 1938</td><td>916,246</td><td>May 1, 1937</td><td>5,894,502</td></tr><tr><td>Dec. 1, 1937</td><td>44,726,184</td><td>July 1, 1938</td><td>864,881</td><td></td><td></td></tr><tr><td>Imports during quota period by months</td><td></td><td>Imports during quota period 1/</td><td></td><td>Imports during quota period by months</td><td></td></tr><tr><td>1937-December</td><td>2,610,930</td><td>6 mos. from Jan. 1, 1936</td><td>1,042,163</td><td>1938-May</td><td>103,666</td></tr><tr><td>1938-January</td><td>393,277</td><td>July 1, 1937</td><td>892,373</td><td>June</td><td>113,253</td></tr><tr><td>February</td><td>577,113</td><td>Jan. 1, 1938</td><td>916,246</td><td>July</td><td>124,717</td></tr><tr><td>March</td><td>21,604,878</td><td>July 1, 1938</td><td>864,881</td><td>August</td><td>138,232</td></tr><tr><td>April</td><td>3,592,173</td><td>Imports during quota period</td><td></td><td>September</td><td>169,475</td></tr><tr><td>May</td><td>1,985,606</td><td>by months</td><td></td><td>October</td><td>391,894</td></tr><tr><td>June</td><td>197,497</td><td>1938-July</td><td>369,641</td><td>November</td><td>178,510</td></tr><tr><td>July</td><td>-</td><td>August</td><td>291,856</td><td>December</td><td>69,054</td></tr><tr><td>August</td><td>-</td><td>September</td><td>203,384</td><td></td><td></td></tr><tr><td>September</td><td>157,950</td><td>October</td><td>-</td><td></td><td></td></tr><tr><td>October</td><td>7,203,961</td><td>November</td><td>-</td><td></td><td></td></tr><tr><td>November</td><td>6,402,809</td><td>December</td><td>-</td><td></td><td></td></tr><tr><td>1938-December</td><td>2,485,655</td><td></td><td></td><td></td><td></td></tr></table>
1/ Quota filled November 1, 1937, April 25, 1938 and September 28, 1938
2/ Quota filled April 22, 1937.
Commodities Imported under Quota Provisions During Quota Periods Based on Calendar Years
<table><tr><th rowspan="2"></th><th colspan="3">Cattle, weighing -</th><th rowspan="2">Cream fresh or sour (gallons)</th><th rowspan="2">Douglas fir and Western hemlock lumber (bd. ft.)</th><th colspan="3">Product of Philippine Islands</th></tr><tr><th>Lese than 175 pounds each (head)</th><th>700 pounds or more each For dairy purposes (head)</th><th>Other (head)</th><th>Coconut oil (pounds)</th><th colspan="2">Cane sugar</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Refined (pounds)</th><th>Unrefined (pounds)</th></tr><tr><td>Established quota....</td><td>51,933</td><td>20,000</td><td>155,799</td><td>1,500,000</td><td>250,000,000</td><td>448,000,000</td><td>112,000,000</td><td>1,792,000,000</td></tr><tr><td>Imports during calendar year:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1936......</td><td>51,933 1/</td><td>6,579</td><td>155,799 2/</td><td>144,352</td><td>151,989,903</td><td>332,178,968</td><td>111,898,047</td><td>1,791,313,982</td></tr><tr><td>1937......</td><td>51,933 3/</td><td>6,778</td><td>155,799 1/</td><td>137,695</td><td>142,166,488</td><td>351,027,858</td><td>111,941,218</td><td>1,791,328,176</td></tr><tr><td>1938......</td><td>40,951</td><td>7,428</td><td>124,912</td><td>5,124</td><td>172,289,413</td><td>359,260,112</td><td>111,996,900</td><td>1,791,782,153</td></tr><tr><td>1938-January....</td><td>3,274</td><td>431</td><td>8,084</td><td>3,477</td><td>11,177,271</td><td>30,345,322</td><td>6,089,986</td><td>40,271,994</td></tr><tr><td>February......</td><td>3,283</td><td>442</td><td>3,693</td><td>766</td><td>13,788,730</td><td>29,361,009</td><td>501,137</td><td>213,701,837</td></tr><tr><td>March......</td><td>5,499</td><td>382</td><td>13,924</td><td>104</td><td>21,355,234</td><td>28,256,692</td><td>13,712,562</td><td>212,192,465</td></tr><tr><td>April......</td><td>7,633</td><td>289</td><td>13,228</td><td>81</td><td>19,349,101</td><td>28,792,053</td><td>9,210,379</td><td>289,567,986</td></tr><tr><td>May......</td><td>3,430</td><td>351</td><td>6,680</td><td>84</td><td>5,180,550</td><td>23,651,504</td><td>11,085,073</td><td>219,886,913</td></tr><tr><td>June......</td><td>4,912</td><td>735</td><td>2,268</td><td>138</td><td>11,363,145</td><td>33,722,278</td><td>12,632,661</td><td>243,038,123</td></tr><tr><td>July......</td><td>3,780</td><td>554</td><td>5,940</td><td>79</td><td>9,303,397</td><td>32,271,607</td><td>16,072,524</td><td>115,254,591</td></tr><tr><td>August......</td><td>2,266</td><td>933</td><td>7,429</td><td>174</td><td>11,152,298</td><td>26,711,126</td><td>17,553,369</td><td>148,245,166</td></tr><tr><td>September......</td><td>1,987</td><td>927</td><td>8,044</td><td>66</td><td>26,748,508</td><td>25,171,124</td><td>7,653,315</td><td>149,430,894</td></tr><tr><td>October......</td><td>1,658</td><td>721</td><td>17,924</td><td>116</td><td>14,138,967</td><td>26,786,331</td><td>9,605,632</td><td>57,415,847</td></tr><tr><td>November......</td><td>2,114</td><td>748</td><td>27,987</td><td>13</td><td>13,370,594</td><td>40,802,520</td><td>5,670,256</td><td>84,916,896</td></tr><tr><td>December......</td><td>1,145</td><td>915</td><td>9,711</td><td>26</td><td>15,361,618</td><td>33,388,546</td><td>2,210,006</td><td>17,859,451</td></tr></table>
Date quota filled
1/ August 7, 1936. 3/ June 19, 1937.
2/ November 13, 1936. 4/ August 14, 1937.
36
Summary of Criminal Cases in the United States District Courts
Alcohol Tax, Customs, Narcotics, Secret Service and Internal Revenue 1/ For Month of November 1938
INVENTORY OF CASES
<table><tr><th>Bureau</th><th>Cases pending first of month</th><th>New cases</th><th>Cases closed</th><th>Cases pending end of month</th><th>Net change in pending cases</th></tr><tr><td>Total</td><td>21,407</td><td>3,253</td><td>4,240</td><td>20,420</td><td>-987</td></tr><tr><td>Alcohol Tax</td><td>17,232</td><td>2,473</td><td>3,386</td><td>16,319</td><td>-913</td></tr><tr><td>Customs</td><td>422</td><td>62</td><td>76</td><td>408</td><td>-14</td></tr><tr><td>Narcotics</td><td>2,429</td><td>375</td><td>451</td><td>2,353</td><td>-76</td></tr><tr><td>Secret Service</td><td>936</td><td>339</td><td>307</td><td>968</td><td>+32</td></tr><tr><td>Internal Revenue</td><td>388</td><td>4</td><td>20</td><td>372</td><td>-16</td></tr></table>
DISPOSITIONS
<table><tr><th rowspan="2">Bureau</th><th rowspan="2">Number cases closed</th><th colspan="4">Percent released</th><th colspan="3">Percent convicted</th></tr><tr><th>Before indict.</th><th>After indict.</th><th>Acquittale</th><th>Total</th><th>Found guilty</th><th>Plead guilty</th><th>Total</th></tr><tr><td>Total</td><td>4,240</td><td>16%</td><td>8%</td><td>5%</td><td>29%</td><td>7%</td><td>64%</td><td>71%</td></tr><tr><td>Alcohol Tax</td><td>3,386</td><td>18%</td><td>7%</td><td>5%</td><td>30%</td><td>8%</td><td>62%</td><td>70%</td></tr><tr><td>Customs.</td><td>76</td><td>42%</td><td>12%</td><td>4%</td><td>58%</td><td>4%</td><td>38%</td><td>42%</td></tr><tr><td>Narcotics</td><td>451</td><td>4%</td><td>8%</td><td>3%</td><td>15%</td><td>10%</td><td>75%</td><td>85%</td></tr><tr><td>Secret Service.</td><td>307</td><td>6%</td><td>5%</td><td>5%</td><td>16%</td><td>4%</td><td>80%</td><td>84%</td></tr><tr><td>Internal Revenue.</td><td>20</td><td>4/</td><td>4/</td><td>4/</td><td>4/</td><td>-</td><td>4/</td><td>4/</td></tr></table>
SENTENCES
<table><tr><th>Bureau</th><th>Total Convictions</th><th>Percent imprisoned</th><th>Percent prosecuted</th><th>Percent fined</th><th>Average days imprisonment</th><th>Average fine (dollars)</th><th>Total fines (dollars)</th></tr><tr><td>Total.....</td><td>2,792</td><td>62%</td><td>35%</td><td>29%</td><td>373</td><td>$ 374</td><td>$304,685</td></tr><tr><td>Alcohol Tax</td><td>2,215</td><td>58%</td><td>35%</td><td>31%</td><td>261</td><td>$ 316</td><td>$219,906</td></tr><tr><td>Customs...</td><td>32</td><td>50%</td><td>50%</td><td>16%</td><td>392</td><td>$ 345</td><td>$ 1,725</td></tr><tr><td>Narcotice Secret</td><td>279</td><td>82%</td><td>29%</td><td>19%</td><td>746</td><td>$ 605</td><td>$ 31,439</td></tr><tr><td>Service..</td><td>258</td><td>70%</td><td>33%</td><td>22%</td><td>720</td><td>$ 106</td><td>$ 5,915</td></tr><tr><td>Internal Revenue..</td><td>8</td><td>4/</td><td>4/</td><td>4/</td><td>320</td><td>$7,617</td><td>$ 45,700</td></tr></table>
Treasury Criminal Cases, by Months
Total Alcohol Tax, Customs, Narcotics, Secret Service, Internal Revenue 1/ For the Month of November 1938
INVENTORY OF CASES
<table><tr><th>Date</th><th>Cases pending first of month</th><th>New cases</th><th>Cases closed</th><th>Cases pending end of month</th><th>Net change in pending cases</th></tr><tr><td>1938</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June.....</td><td>18,853</td><td>3,222</td><td>3,475</td><td>18,600</td><td>-253</td></tr><tr><td>July.....</td><td>18,560 2/</td><td>2,932</td><td>1,896</td><td>19,596</td><td>+1,036</td></tr><tr><td>August...</td><td>19,596</td><td>3,428</td><td>1,122</td><td>21,902</td><td>+2,306</td></tr><tr><td>September</td><td>21,902</td><td>3,155</td><td>2,286</td><td>22,771</td><td>+869</td></tr><tr><td>October...</td><td>22,771</td><td>3,140</td><td>4,504</td><td>21,407</td><td>-1,364</td></tr><tr><td>November.</td><td>21,407</td><td>3,253</td><td>4,240</td><td>20,420</td><td>-987</td></tr></table>
DISPOSITIONS
<table><tr><th rowspan="2">Date</th><th rowspan="2">Number cases closed</th><th colspan="3">Percent released</th><th colspan="3">Percent convicted</th></tr><tr><th>Before indict.</th><th>After indict.</th><th>Acquittals</th><th>Total</th><th>Found guilty</th><th>Plead guilty</th><th>Total</th></tr><tr><td>1938</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June.....</td><td>3,475</td><td>23%</td><td>11%</td><td>4%</td><td>38%</td><td>7%</td><td>55%</td><td>62%</td></tr><tr><td>July.....</td><td>1,896</td><td>14%</td><td>15%</td><td>3%</td><td>32%</td><td>7%</td><td>61%</td><td>68%</td></tr><tr><td>August...</td><td>1,122</td><td>34%</td><td>14%</td><td>1%</td><td>49%</td><td>5%</td><td>46%</td><td>51%</td></tr><tr><td>September</td><td>2,286</td><td>30%</td><td>8%</td><td>2%</td><td>40%</td><td>4%</td><td>56%</td><td>60%</td></tr><tr><td>October...</td><td>4,505</td><td>15%</td><td>8%</td><td>3%</td><td>26%</td><td>8%</td><td>66%</td><td>74%</td></tr><tr><td>November.</td><td>4,240</td><td>16%</td><td>8%</td><td>5%</td><td>29%</td><td>7%</td><td>64%</td><td>71%</td></tr></table>
SENTENCES
<table><tr><th>Date</th><th>Total convictions</th><th>Percent imprisoned</th><th>Percent probated</th><th>Percent fined</th><th>Average days imprisonment</th><th>Average fine (dollars)</th><th>Total fines (dollars)</th></tr><tr><td>1938</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June....</td><td>2,059</td><td>63%</td><td>32%</td><td>32%</td><td>480</td><td>$313</td><td>$205,973</td></tr><tr><td>July....</td><td>1,157</td><td>65%</td><td>32%</td><td>35%</td><td>496</td><td>$379</td><td>$153,443</td></tr><tr><td>August..</td><td>477</td><td>72%</td><td>32%</td><td>28%</td><td>638</td><td>$590</td><td>$ 79,050</td></tr><tr><td>September</td><td>1,272</td><td>64%</td><td>30%</td><td>35%</td><td>475</td><td>$476</td><td>$211,957</td></tr><tr><td>October..</td><td>3,154</td><td>63%</td><td>35%</td><td>30%</td><td>367</td><td>$473</td><td>$449,427</td></tr><tr><td>November.</td><td>2,792</td><td>62%</td><td>35%</td><td>29%</td><td>373</td><td>$374</td><td>$304,689</td></tr></table>
1/ Throughout this report, internal revenue cases are those referred by the Penal Division to the Department of Justice with recommendation for criminal prosecution.
2/ Cases closed because of duplicate prosecutions or because prosecution has been transferred to State or local authorities not included in calculating percentages.
3/ Cases in which no arrest was made are not included in calculating percentages.
4/ Too few cases to show comparative percentages, for complete analysis see Table VI.
1/ Throughout this report, internal revenue cases are those referred by the Penal Division to the Department of Justice with recommendation for criminal prosecution.
2/ Adjusted for inventory taken July 1, 1938.
3/ Commencing July 1938, the percentages have been revised to exclude alcohol tax cases closed because of duplicate prosecutions or because prosecution has been transferred to State or local authorities.
Treas. HJ 10 .A2 1939 c.1
U.S. Treasury Dept. Treasury Bulletin
Treas. HJ 10 A2
U.S. Treasury Dept.
<table><tr><td>AUTHOR</td><td colspan="2">1939 Treasury Bulletin</td></tr><tr><td>TITLE</td><td colspan="2">c.1 Jan. - Mar.</td></tr><tr><td>DATE LOANED</td><td>BORROWER'S NAME</td><td>PHONE NUMBER</td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr></table>