Treas.
HJ
10
c.l
Y No. 1
LIBRARY ROOM 5030
JUN 21 1972
TREASURY DEPARTMENT
BULLETIN OF THE TREASURY DEPARTMENT
MARCH 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
REFERENCE
To be used in Treasury Library
BULLETIN OF THE TREASURY DEPARTMENT
MARCH 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
Receipts and Expenditures
First Eight Months of Fiscal Years 1934-39 Expenditures by Classes, Receipts by Sources Social Insurance Accounts Cash Income and Outgo
General Fund and Public Debt
Composition of the General Fund
Major Financing Operations, Fiscal Years 1934-39
Composition of the Public Debt
Net Market Transactions by Treasury Investment Accounts
Sales and Redemptions of U. S. Savings Bonds
Holdings of Government Obligations
Bank Holdings of Government Obligations
Computed Interest, Yields on Public Debt Issues
Government Corporations, Credit Agencies
Assets, Liabilities, Proprietary Interest 28
Souroes and Uses of Funds 29-30
Issues Outstanding 31
International Capital Movements
Summary Tables, 1938
Summary Table, 1935-38
Short-term Foreign Assets and Liabilities
Security Transactions, Brokerage Balances
Foreign Exchange Transactions
Other Monetary Data
Balance Sheets of Stabilization Fund 44-45
Gold and Silver Stocks 46-48
Silver Production, Movements and Seigniorage 48-49
Foreign Exchange and Price Data 50-51
Miscellaneous
Commodities Imported Under Quota Law Enforcement Statistics
RECEIPTS AND EXPENDITURES
-1-
2
Summary Tables on Receipts, Expenditures and Public Debt
(In millions of dollars - on basis of daily Treasury statements, unrevised.)
<table><tr><th rowspan="2"></th><th colspan="6">Receipts and Expenditures</th><th rowspan="2"></th><th colspan="6">Public Debt</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><th>Outstanding on February 28 of fiscal year</th><th>1934</th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th></tr><tr><td>Receipts.....</td><td>1,886</td><td>2,262</td><td>2,348</td><td>2,717</td><td>3,860</td><td>3,653</td><td>-207</td><td>Market issues, etc</td><td>23,533</td><td>27,969</td><td>29,784</td><td>33,839</td><td>35,152</td><td>36,476</td><td>+1,324</td></tr><tr><td>Expenditures.</td><td>3,347</td><td>4,617</td><td>4,285</td><td>5,039</td><td>4,738</td><td>5,859</td><td>+1,121</td><td>Special issues...</td><td>2,519</td><td>557</td><td>736</td><td>762</td><td>2,481</td><td>3,382</td><td>+901</td></tr><tr><td>Deficit....</td><td>1,461</td><td>2,355</td><td>1,937</td><td>2,322</td><td>878</td><td>2,206</td><td>+1,328</td><td>Gross debt.....</td><td>26,052</td><td>28,526</td><td>30,520</td><td>34,601</td><td>37,633</td><td>39,858</td><td>+2,225</td></tr></table>
Receipts and Expenditures
First 8 Months, Fiscal Years 1934 to 1939
(in millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th></th><th>1934</th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>Change '38 -'39</th></tr><tr><td>Receipts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income Tax......</td><td>358</td><td>467</td><td>633</td><td>807</td><td>1,272</td><td>1,239</td><td>-33</td></tr><tr><td>Miscellaneous Internal Revenue......</td><td>986</td><td>1,078</td><td>1,244</td><td>1,449</td><td>1,580</td><td>1,514</td><td>-66</td></tr><tr><td>Taxes under Social Security Act..</td><td>-</td><td>-</td><td>-</td><td>13</td><td>458</td><td>475</td><td>+17</td></tr><tr><td>Taxes upon carriers and their employees.....</td><td>-</td><td>-</td><td>-</td><td>-</td><td>123</td><td>82</td><td>-41</td></tr><tr><td>Custome.........</td><td>224</td><td>221</td><td>257</td><td>300</td><td>264</td><td>210</td><td>-54</td></tr><tr><td>Other.........</td><td>318</td><td>496</td><td>214</td><td>148</td><td>163</td><td>133</td><td>-30</td></tr><tr><td>Total Receipts</td><td>1,836</td><td>2,262</td><td>2,348</td><td>2,717</td><td>3,860</td><td>3,653</td><td>-207</td></tr><tr><td>Expenditures</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>National defense and Veterans Adm..</td><td>709</td><td>892</td><td>1,038</td><td>1,049</td><td>1,051</td><td>1,131</td><td>+80</td></tr><tr><td>Social Security and R. R. Retirement Acts..</td><td>-</td><td>-</td><td>4</td><td>212</td><td>659</td><td>615</td><td>-44</td></tr><tr><td>Agricultural Adjustment Program......</td><td>203</td><td>495</td><td>408</td><td>258</td><td>126</td><td>416</td><td>+290</td></tr><tr><td>Interest on the public debt....</td><td>407</td><td>470</td><td>408</td><td>437</td><td>465</td><td>472</td><td>+7</td></tr><tr><td>Public Works....</td><td>322</td><td>475</td><td>432</td><td>702</td><td>582</td><td>645</td><td>+63</td></tr><tr><td>Unemployment relief.........</td><td>739</td><td>1,514</td><td>1,446</td><td>1,636</td><td>1,167</td><td>1,759</td><td>+592</td></tr><tr><td>Loans and stock subscriptions....</td><td>545</td><td>314</td><td>16*</td><td>84</td><td>41</td><td>93</td><td>+52</td></tr><tr><td>Other.........</td><td>422</td><td>457</td><td>565</td><td>661</td><td>647</td><td>728</td><td>+81</td></tr><tr><td>Total Expenditure......</td><td>3,347</td><td>4,617</td><td>4,285</td><td>5,039</td><td>4,738</td><td>5,859</td><td>1,121</td></tr><tr><td>Excess of Expenditures..</td><td>1,461</td><td>2,355</td><td>1,937</td><td>2,322</td><td>878</td><td>2,206</td><td>1,328</td></tr></table>
Excess of credit, deduct.
Fiscal Years 1937 and 1938; Fiscal Year 1939 to Date and on Basis of 1940 Budget
(In millions of dollars - on basis of the 1940 Budget and daily Treasury statements, unrevised.)
<table><tr><th></th><th>Actual 1937</th><th>Actual 1938</th><th>Estimated 1939</th><th>Actual 8 months 1939</th></tr><tr><td>Receipts:</td><td></td><td></td><td></td><td></td></tr><tr><td>Income tax</td><td>2,158</td><td>2,635</td><td>2,086</td><td>1,239</td></tr><tr><td>Miscellaneous Internal Revenue</td><td>2,181</td><td>2,280</td><td>2,173</td><td>1,514</td></tr><tr><td>Taxes under Social Security Act</td><td>252</td><td>604</td><td>611</td><td>475</td></tr><tr><td>Taxes upon carriers and their employees</td><td>-</td><td>150</td><td>109</td><td>82</td></tr><tr><td>Customs</td><td>486</td><td>359</td><td>335</td><td>210</td></tr><tr><td>Other</td><td>217</td><td>214</td><td>206</td><td>133</td></tr><tr><td>Total Receipts</td><td>5,294</td><td>6,242</td><td>5,520</td><td>3,653</td></tr><tr><td>Expenditures:</td><td></td><td></td><td></td><td></td></tr><tr><td>National defense and</td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans Adm</td><td>2,023</td><td>1,552</td><td>1,557</td><td>1,131</td></tr><tr><td>Social Security and</td><td></td><td></td><td></td><td></td></tr><tr><td>R. R. Retirement Acts</td><td>454</td><td>823</td><td>945</td><td>615</td></tr><tr><td>Agricultural Adjustment Program</td><td>527</td><td>362</td><td>703</td><td>416</td></tr><tr><td>Interest on the public debt</td><td>866</td><td>926</td><td>976</td><td>472</td></tr><tr><td>Public Works</td><td>1,102</td><td>880</td><td>1,229</td><td>645</td></tr><tr><td>Unemployment relief</td><td>2,527</td><td>1,996</td><td>2,741</td><td>1,759</td></tr><tr><td>Loans and stock subscriptions</td><td>150</td><td>104</td><td>271</td><td>93</td></tr><tr><td>Other</td><td>793</td><td>983</td><td>1,070</td><td>728</td></tr><tr><td>Total Expenditures</td><td>8,442</td><td>7,626</td><td>9,492</td><td>5,859</td></tr><tr><td>Net deficit</td><td>3,148</td><td>1,384</td><td>3,972</td><td>2,206</td></tr><tr><td>Financing of deficit</td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in debt</td><td></td><td></td><td></td><td></td></tr><tr><td>Market issues</td><td>1,714</td><td>378 1/2</td><td>3,008</td><td>1,988</td></tr><tr><td>Special issues</td><td>932</td><td>1,118</td><td>959</td><td>706</td></tr><tr><td>Total debt increase</td><td>2,646</td><td>740</td><td>3,967</td><td>2,694</td></tr><tr><td>Net increase in working balance, general and special accounts (deduct)</td><td>502</td><td>644</td><td>5</td><td>488</td></tr><tr><td></td><td>3,148</td><td>1,384</td><td>3,972</td><td>2,206</td></tr></table>
1/ Decrease, deduct.
* Decrease in balance, add.
** Add, represents decrease in working balance due to retirement of National bank notes.
RECONCILIATION, DEFICIT AND DEBT INCREASE, FIRST 8 MONTHS OF FISCAL YEAR 1939
increase in debt:
New issues (less redemptions) 2,694
Accounted for:
Deficit 2,206
Increase, cash balance 1,128
Less trust fund net receipts 640 488
2,694
3
Summary of Federal Receipts and Expenditures
(in millions of dollars - on basis of daily Treasury statements, unrevised) 1/
<table><tr><th rowspan="2">Period</th><th colspan="5">Receipts</th><th rowspan="2">Miscellaneous receipts</th><th colspan="5">Expenditures 2/</th><th rowspan="2">Excess of receipts (+) or expenditures (-)</th></tr><tr><th>Total</th><th>Total</th><th>Internal revenue<br>Income tax</th><th>Social Security 3/</th><th>Other</th><th>Customs</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><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></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>2,681</td><td>2,703</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>2,179</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>1938-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>913</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>1/</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>-195</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>14</td><td>678</td><td>374</td><td>248</td><td>7</td><td>48</td><td>1</td><td>-256</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><tr><td>1939-Jan...</td><td>308</td><td>264</td><td>48</td><td>43</td><td>173</td><td>24</td><td>20</td><td>693</td><td>391</td><td>257</td><td>6</td><td>39</td><td>1</td><td>-385</td></tr><tr><td>Feb...</td><td>417</td><td>380</td><td>56</td><td>182</td><td>142</td><td>22</td><td>16</td><td>662</td><td>348</td><td>254</td><td>10</td><td>50</td><td>-</td><td>-245</td></tr></table>
1/ Figures in this and three succeeding tables 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 Acts</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>703</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>236</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>749</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>1938-Feb</td><td>290</td><td>40</td><td>76</td><td>47</td><td>28</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>28</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>86</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>48</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>91</td><td>45</td><td>44</td><td>53</td><td>23</td><td>14</td><td>173</td><td>7</td></tr><tr><td>1939-Jan.</td><td>391</td><td>65</td><td>94</td><td>46</td><td>41</td><td>53</td><td>23</td><td>33</td><td>30</td><td>6</td></tr><tr><td>Feb.</td><td>348</td><td>57</td><td>77</td><td>44</td><td>34</td><td>61</td><td>22</td><td>26</td><td>17</td><td>10</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.
4
Federal Expenditures - Recovery and Relief
(In millions of dollars - on basis of daily Treasury statement, unreviced)
<table><tr><th>Period</th><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></tr><tr><th></th><th></th><th>WPA</th><th>Other</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></tr><tr><td>1932</td><td>625</td><td>-</td><td>-</td><td>-</td><td>125 (*)</td><td>-</td><td>500</td></tr><tr><td>1933</td><td>385</td><td>-</td><td>-</td><td>38</td><td>49</td><td>44</td><td>303</td></tr><tr><td>1934</td><td>2,763</td><td>-</td><td>494</td><td>1,844 1/2</td><td>48</td><td>195</td><td>182</td></tr><tr><td>1935</td><td>3,369</td><td>-</td><td>816</td><td>2,348 1/2</td><td>157</td><td>215</td><td>52</td></tr><tr><td>1936</td><td>3,441</td><td>1,264</td><td>784</td><td>985 1/2</td><td>64</td><td>298</td><td>36</td></tr><tr><td>1937</td><td>3,073</td><td>1,896</td><td>741</td><td>78</td><td>170 2/3</td><td>240</td><td>(4)</td></tr><tr><td>1938</td><td>2,238</td><td>1,472</td><td>342</td><td>6</td><td></td><td></td><td>7</td></tr><tr><td>1938-Feb.</td><td>153</td><td>105</td><td>22</td><td>1</td><td>9</td><td>17</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></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></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></tr><tr><td>June.</td><td>314</td><td>166</td><td>29</td><td>*</td><td>102 2/3</td><td>17</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></tr><tr><td>Aug.</td><td>236</td><td>193</td><td>24</td><td>*</td><td>9</td><td>10</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></tr><tr><td>Oct.</td><td>362</td><td>207</td><td>38</td><td>1</td><td>2</td><td>13</td><td>-</td></tr><tr><td>Nov.</td><td>248</td><td>194</td><td>36</td><td>*</td><td>5</td><td>10</td><td>2</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></tr><tr><td>1939-Jan.</td><td>257</td><td>185</td><td>59</td><td>*</td><td>(1)</td><td>14</td><td>*</td></tr><tr><td>Feb.</td><td>254</td><td>160</td><td>63</td><td>*</td><td>9</td><td>20</td><td>2</td></tr></table>
1/ Includes funds expended for Civilian Conservation Corps during these years. 2/ Includes $94,000,000 restoration of capital impairment of Commodity Credit Corporation. Less than $500,000. ( ) Indicates excess of credits, deduct.
Federal Expenditures - 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="3">Revolving funds (net)</th><th colspan="5">Transfers to trust accounts, etc.</th></tr><tr><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><td>Fiscal years ended June 30</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1932</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>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>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>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>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>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>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>1938-Feb.</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>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>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>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>12</td><td>(*)</td><td>13</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>July.</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>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>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>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>7</td><td>(1)</td><td>8</td><td>48</td><td>32</td><td>16</td><td>-</td><td>-</td></tr><tr><td>Dec.</td><td>6</td><td>(2)</td><td>8</td><td>48</td><td>32</td><td>16</td><td>-</td><td>-</td></tr><tr><td>1939-Jan.</td><td>6</td><td>(*)</td><td>6</td><td>39</td><td>37</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Feb.</td><td>10</td><td>(*)</td><td>11</td><td>50</td><td>50</td><td>-</td><td>-</td><td>-</td></tr></table>
Less than $500,000. ( ) Indicates excess of credits, deduct.
5
Collections of Internal Revenue
(in thousands of dollars - on basis of reports of collections)
<table><tr><th>Source of Revenue</th><th colspan="2">February</th><th colspan="2">July 1 - February 28</th><th>Source of Revenue</th><th colspan="2">February</th><th colspan="2">July 1 - February 28</th></tr><tr><th></th><th>1939</th><th>1938</th><th>Fiscal year 1939</th><th>Fiscal year 1938</th><th></th><th>1939</th><th>1938</th><th>Fiscal year 1939</th><th>Fiscal year 1938</th></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td>Miscellaneous internal revenue - continued</td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation</td><td>11,863</td><td>2,994</td><td>584,148</td><td>570,062</td><td>Manufacturers' excise taxes:</td><td>2,129</td><td>1,715</td><td>21,092</td><td>21,759</td></tr><tr><td>Current</td><td>12,676</td><td>16,800</td><td>97,658</td><td>88,970</td><td>Lubricating oils</td><td>16,427</td><td>13,541</td><td>143,086</td><td>143,069</td></tr><tr><td>Individual</td><td>24,109</td><td>31,580</td><td>481,212</td><td>533,893</td><td>Gasoline</td><td>3,110</td><td>2,151</td><td>21,741</td><td>23,667</td></tr><tr><td>Current</td><td>8,224</td><td>9,213</td><td>58,127</td><td>58,053</td><td>Tree and inner tubes</td><td>592</td><td>711</td><td>3,319</td><td>4,931</td></tr><tr><td>Back</td><td>652</td><td>1,197</td><td>21,218</td><td>14,190</td><td>Automobile trucks</td><td></td><td></td><td></td><td></td></tr><tr><td>Excess profits</td><td></td><td></td><td></td><td></td><td>Other automobiles and motorcycles</td><td>5,965</td><td>3,863</td><td>22,888</td><td>33,290</td></tr><tr><td>Total income taxes</td><td>57,524</td><td>68,784</td><td>1,242,363</td><td>1,265,168</td><td>Parts or accessories for automobiles</td><td>698</td><td>567</td><td>5,171</td><td>5,942</td></tr><tr><td>Tax on unjust enrichment</td><td>438</td><td>491</td><td>4,319</td><td>3,087</td><td>Electrical energy</td><td>3,344</td><td>3,176</td><td>25,988</td><td>25,144</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td>Radio sets, phonograph records, etc.</td><td>404</td><td>261</td><td>3,657</td><td>4,723</td></tr><tr><td>Capital stock tax</td><td>164</td><td>273</td><td>126,538</td><td>138,519</td><td>Mechanical refrigerators</td><td>417</td><td>619</td><td>2,917</td><td>5,863</td></tr><tr><td>Estate tax</td><td>19,976</td><td>20,036</td><td>219,188</td><td>259,561</td><td>Firearms, shells, and cartridges</td><td>105</td><td>52</td><td>2,212</td><td>2,234</td></tr><tr><td>Gift tax</td><td>2,086</td><td>1,367</td><td>6,730</td><td>5,630</td><td>Pistols and revolvers</td><td>6</td><td>7</td><td>40</td><td>62</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td>Toilet preparations, etc. (including repealed 5% tax)</td><td>694</td><td>1,185</td><td>7,587</td><td>11,028</td></tr><tr><td>Distilled spirits (imported, excise)</td><td>1,515</td><td>1,417</td><td>17,819</td><td>21,016</td><td>Matches (including repealed taxes)</td><td>2</td><td>427</td><td>124</td><td>3,916</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>16,589</td><td>13,844</td><td>174,087</td><td>157,233</td><td>Brewers' wort and malt (repealed as of 7/1/38)</td><td>4</td><td>24</td><td>12</td><td>345</td></tr><tr><td>Distilled spirits rectification tax</td><td>669</td><td>638</td><td>7,456</td><td>7,789</td><td>Articles made of fur (repealed as of 7/1/38)</td><td>17</td><td>407</td><td>277</td><td>4,590</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>25</td><td>25</td><td>362</td><td>390</td><td>Sporting goods (repealed as of 7/1/38)</td><td>32</td><td>432</td><td>746</td><td>4,342</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>426</td><td>355</td><td>4,101</td><td>3,610</td><td>Cameras and lenses (repealed as of 7/1/38)</td><td>4</td><td>110</td><td>184</td><td>968</td></tr><tr><td>Brandy used for fortifying sweet wines</td><td>22</td><td>32</td><td>393</td><td>333</td><td>Chewing gum (repealed as of 7/1/38)</td><td>1/</td><td>46</td><td>106</td><td>659</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stille (special taxes)</td><td>69</td><td>79</td><td>4,634</td><td>4,756</td><td>Total manufacturers' excise taxes</td><td>33,950</td><td>29,297</td><td>261,147</td><td>296,538</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>26</td><td>43</td><td>287</td><td>152</td><td>Bituminous Coal Act of 1937</td><td>317</td><td>252</td><td>2,278</td><td>2,247</td></tr><tr><td>Container stamps</td><td>584</td><td>552</td><td>6,416</td><td>6,681</td><td>Sugar Act of 1937</td><td>6,286</td><td>4,307</td><td>46,933</td><td>13,210</td></tr><tr><td>Floor taxes</td><td>870</td><td>1/</td><td>5,380</td><td>8</td><td>Telephones, telegraph, radio and cable facilities, leased wires, etc.</td><td>1,016</td><td>1,007</td><td>15,342</td><td>15,652</td></tr><tr><td>Fermented malt liquors</td><td>15,084</td><td>15,974</td><td>166,286</td><td>179,349</td><td>Transportation of oil by pipe line</td><td>1,093</td><td>1,095</td><td>7,411</td><td>8,583</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>39</td><td>46</td><td>2,500</td><td>2,724</td><td>Lease of safe-deposit boxes</td><td>227</td><td>240</td><td>1,309</td><td>1,342</td></tr><tr><td>Total alcoholic beverage taxes</td><td>35,918</td><td>33,005</td><td>389,721</td><td>384,241</td><td>Admission to theaters, concerts, cabarets, etc.</td><td>1,503</td><td>1,660</td><td>13,382</td><td>14,467</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td>Club dues and initiation fees</td><td>631</td><td>681</td><td>3,941</td><td>4,284</td></tr><tr><td>Cigars (large)</td><td>854</td><td>808</td><td>8,498</td><td>8,596</td><td>Adulterated and processed or renovated butter, mixed flour and filled cheeses</td><td>1</td><td>1</td><td>16</td><td>15</td></tr><tr><td>Cigars (small)</td><td>10</td><td>11</td><td>77</td><td>94</td><td>Oleomargarine, including special taxes</td><td>82</td><td>113</td><td>1,634</td><td>1,799</td></tr><tr><td>Cigarettes (large)</td><td>1/</td><td>1</td><td>13</td><td>15</td><td>Marcotics, including marihuana and special taxes</td><td>15</td><td>18</td><td>263</td><td>290</td></tr><tr><td>Cigarettes (small)</td><td>35,316</td><td>34,476</td><td>328,378</td><td>327,247</td><td>Coconut and other vegetable oils processed</td><td>2,375</td><td>2,327</td><td>18,244</td><td>19,278</td></tr><tr><td>Smuff</td><td>536</td><td>511</td><td>4,521</td><td>4,405</td><td>National Firearms Act</td><td>1/</td><td>1/</td><td>5</td><td>6</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>4,042</td><td>4,004</td><td>36,318</td><td>35,127</td><td>All other, including repealed taxes not listed above</td><td>10</td><td>121</td><td>250</td><td>997</td></tr><tr><td>Cigarette papers and tubes</td><td>49</td><td>93</td><td>880</td><td>764</td><td>Total miscellaneous taxes</td><td>13,556</td><td>11,822</td><td>111,008</td><td>82,180</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1/</td><td>1/</td><td>1</td><td>1</td><td>Total miscellaneous internal revenue</td><td>149,685</td><td>139,290</td><td>1,522,227</td><td>1,576,908</td></tr><tr><td>Total tobacco taxes</td><td>40,837</td><td>39,904</td><td>378,686</td><td>376,249</td><td>Payroll taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Documentary, etc., stamp taxes:</td><td></td><td></td><td></td><td></td><td>Social Security taxes (Social Security Act); Taxes with respect to employment (title VIII)</td><td>74,571</td><td>25,727</td><td>388,612</td><td>370,525</td></tr><tr><td>Bonds of indebtedness, issues of capital stock, deeds of conveyance, etc.</td><td>1,343</td><td>1,477</td><td>13,159</td><td>14,263</td><td>Tax on employers of 8 or more (title IX)</td><td>37,694</td><td>31,394</td><td>86,814</td><td>76,123</td></tr><tr><td>Capital stock and similar interest sales or transfers</td><td>1,394</td><td>1,514</td><td>12,715</td><td>13,911</td><td>Total Social Security taxes</td><td>112,265</td><td>57,121</td><td>475,426</td><td>446,648</td></tr><tr><td>Playing cards</td><td>439</td><td>394</td><td>2,979</td><td>2,784</td><td>Carriers Taxing Act of 1937</td><td>13,605</td><td>14,915</td><td>82,169</td><td>122,473</td></tr><tr><td>Silver bullion sales or transfers</td><td>22</td><td>10</td><td>107</td><td>127</td><td>Total payroll taxes</td><td>125,870</td><td>72,036</td><td>557,595</td><td>569,121</td></tr><tr><td>Sales of produce for future delivery (repealed as of 7/1/38)</td><td>-</td><td>191</td><td>249</td><td>2,905</td><td>Total internal revenue</td><td>333,517</td><td>280,601</td><td>3,326,504</td><td>3,414,284</td></tr><tr><td>Total documentary, etc., stamp taxes</td><td>3,198</td><td>3,586</td><td>29,209</td><td>33,990</td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Less than $500.
6
Collections of Internal Revenue
(In thousands of dollars - on basis of reports of collections)
<table><tr><th>Period</th><th>Total</th><th colspan="3">Income and Profits</th><th colspan="4">Payroll Taxes</th></tr><tr><th></th><th></th><th>Total</th><th>Individual</th><th>Corporation 1/</th><th>Total</th><th colspan="2">Social Security Act</th><th>Carriers' Taxing Act of 1937</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Title VIII</th><th>Title IX</th><th></th></tr><tr><td>Piecayear ended June 30</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1929</td><td>2,939,054</td><td>2,331,274</td><td>1,095,541</td><td>1,235,733</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1930</td><td>3,040,146</td><td>2,410,259</td><td>1,116,845</td><td>1,263,414</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1931</td><td>2,428,229</td><td>1,860,040</td><td>833,648</td><td>1,026,393</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1932</td><td>1,557,729</td><td>1,056,757</td><td>427,191</td><td>629,566</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1933</td><td>1,619,839</td><td>746,791</td><td>352,574</td><td>394,218</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>2,672,239</td><td>819,656</td><td>419,509</td><td>400,117</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1935</td><td>3,299,436</td><td>1,105,791</td><td>527,113</td><td>578,678</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>3,520,208</td><td>1,427,448</td><td>674,416</td><td>753,032</td><td>48</td><td>-</td><td>-</td><td>48</td></tr><tr><td>1937</td><td>4,653,195</td><td>2,173,769</td><td>1,091,741</td><td>1,082,028</td><td>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,658,765</td><td>2,622,813</td><td>1,286,312</td><td>1,336,501</td><td>742,660</td><td>502,917</td><td>90,267</td><td>149,476</td></tr><tr><td>1938-Feb.</td><td>280,601</td><td>68,784</td><td>40,793</td><td>27,991</td><td>72,036</td><td>25,727</td><td>31,394</td><td>14,915</td></tr><tr><td>Mar.</td><td>916,945</td><td>715,604</td><td>403,635</td><td>311,969</td><td>3,470</td><td>1,016</td><td>2,358</td><td>96</td></tr><tr><td>Apr.</td><td>302,476</td><td>48,805</td><td>14,905</td><td>33,900</td><td>91,283</td><td>70,092</td><td>6,410</td><td>14,741</td></tr><tr><td>May</td><td>277,765</td><td>42,492</td><td>17,839</td><td>24,653</td><td>73,859</td><td>56,957</td><td>4,784</td><td>12,118</td></tr><tr><td>June.</td><td>747,295</td><td>550,743</td><td>257,986</td><td>292,757</td><td>4,927</td><td>4,328</td><td>592</td><td>7</td></tr><tr><td>July</td><td>350,426</td><td>42,923</td><td>11,999</td><td>30,924</td><td>77,707</td><td>61,026</td><td>5,181</td><td>11,500</td></tr><tr><td>Aug.</td><td>362,286</td><td>31,609</td><td>12,764</td><td>21,845</td><td>85,736</td><td>65,608</td><td>5,509</td><td>14,619</td></tr><tr><td>Sept.</td><td>682,544</td><td>495,548</td><td>227,573</td><td>267,975</td><td>2,864</td><td>2,074</td><td>779</td><td>11</td></tr><tr><td>Oct.</td><td>315,061</td><td>42,162</td><td>9,468</td><td>32,694</td><td>81,508</td><td>59,282</td><td>7,287</td><td>14,339</td></tr><tr><td>Nov.</td><td>304,572</td><td>36,491</td><td>12,513</td><td>23,978</td><td>81,979</td><td>64,601</td><td>4,731</td><td>12,647</td></tr><tr><td>Dec.</td><td>662,252</td><td>481,509</td><td>213,622</td><td>267,887</td><td>2,939</td><td>2,414</td><td>483</td><td>42</td></tr><tr><td>1939-Jan.</td><td>315,845</td><td>51,598</td><td>19,067</td><td>32,531</td><td>98,992</td><td>59,035</td><td>25,150</td><td>14,807</td></tr><tr><td>Feb.</td><td>333,517</td><td>57,524</td><td>32,333</td><td>25,191</td><td>125,870</td><td>74,571</td><td>37,694</td><td>13,605</td></tr></table>
<table><tr><th>Period</th><th>Total</th><th>Capital stock</th><th>Estate and Gift</th><th>Alcoholic beverages</th><th>Tobacco</th><th>Stamp</th><th>Manufacturers' excises</th><th>Miscellaneous 2/</th><th>Unjust enrichment</th><th>Agricultural Adjustment</th></tr><tr><td>Fiscal year 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></tr><tr><td>1929</td><td>607,780</td><td>-</td><td>61,897</td><td>12,777</td><td>434,445</td><td>64,173</td><td>166</td><td>34,322</td><td>-</td><td>-</td></tr><tr><td>1930</td><td>629,887</td><td>-</td><td>68,770</td><td>11,695</td><td>450,339</td><td>77,729</td><td>344</td><td>25,010</td><td>-</td><td>-</td></tr><tr><td>1931</td><td>568,189</td><td>-</td><td>48,078</td><td>10,432</td><td>444,277</td><td>46,954</td><td>138</td><td>18,310</td><td>-</td><td>-</td></tr><tr><td>1932</td><td>500,972</td><td>-</td><td>47,422</td><td>8,704</td><td>398,579</td><td>32,241</td><td>-</td><td>14,026</td><td>-</td><td>-</td></tr><tr><td>1933</td><td>873,048</td><td>-</td><td>34,310</td><td>43,174</td><td>402,739</td><td>57,578</td><td>247,751</td><td>87,495</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>1,481,160</td><td>20,158</td><td>113,138</td><td>258,911</td><td>125,169</td><td>66,580</td><td>390,038</td><td>147,156</td><td>-</td><td>371,423</td></tr><tr><td>1935</td><td>1,667,423</td><td>91,508</td><td>212,112</td><td>111,022</td><td>459,179</td><td>43,133</td><td>342,275</td><td>108,194</td><td>-</td><td>526,222</td></tr><tr><td>1936</td><td>2,021,075</td><td>94,943</td><td>378,840</td><td>505,464</td><td>501,166</td><td>68,990</td><td>379,540</td><td>92,132</td><td>-</td><td>71,637</td></tr><tr><td>1937</td><td>2,207,608</td><td>137,499</td><td>305,548</td><td>594,245</td><td>552,254</td><td>69,919</td><td>449,854</td><td>98,289</td><td>6,073</td><td>-</td></tr><tr><td>1938</td><td>2,287,075</td><td>139,749</td><td>416,874</td><td>567,979</td><td>568,182</td><td>46,233</td><td>416,754</td><td>131,704</td><td>6,217</td><td>-</td></tr><tr><td>1938-Feb.</td><td>139,290</td><td>273</td><td>21,605</td><td>33,005</td><td>39,904</td><td>3,586</td><td>29,137</td><td>11,780</td><td>491</td><td>-</td></tr><tr><td>Mar.</td><td>196,277</td><td>247</td><td>62,686</td><td>43,450</td><td>47,855</td><td>2,914</td><td>26,714</td><td>12,411</td><td>1,594</td><td>-</td></tr><tr><td>Apr.</td><td>162,061</td><td>166</td><td>25,526</td><td>42,035</td><td>43,583</td><td>3,453</td><td>34,367</td><td>12,931</td><td>327</td><td>-</td></tr><tr><td>May.</td><td>160,952</td><td>142</td><td>24,923</td><td>44,203</td><td>49,633</td><td>2,928</td><td>27,727</td><td>11,396</td><td>462</td><td>-</td></tr><tr><td>June.</td><td>190,879</td><td>275</td><td>38,550</td><td>54,049</td><td>50,862</td><td>2,948</td><td>31,408</td><td>12,787</td><td>746</td><td>-</td></tr><tr><td>July.</td><td>228,760</td><td>50,822</td><td>25,645</td><td>52,440</td><td>47,461</td><td>3,373</td><td>34,344</td><td>14,675</td><td>1,036</td><td>-</td></tr><tr><td>Aug.</td><td>241,655</td><td>60,362</td><td>27,296</td><td>52,522</td><td>54,432</td><td>4,078</td><td>30,445</td><td>12,520</td><td>286</td><td>-</td></tr><tr><td>Sept.</td><td>183,434</td><td>11,653</td><td>22,544</td><td>47,244</td><td>50,952</td><td>3,029</td><td>34,050</td><td>13,962</td><td>698</td><td>-</td></tr><tr><td>Oct.</td><td>191,134</td><td>2,552</td><td>37,519</td><td>54,603</td><td>46,291</td><td>3,592</td><td>31,517</td><td>15,060</td><td>257</td><td>-</td></tr><tr><td>Nov.</td><td>185,659</td><td>354</td><td>29,324</td><td>57,573</td><td>47,539</td><td>4,212</td><td>31,399</td><td>15,248</td><td>443</td><td>-</td></tr><tr><td>Dec.</td><td>177,041</td><td>322</td><td>33,701</td><td>51,270</td><td>43,815</td><td>3,895</td><td>31,087</td><td>12,951</td><td>763</td><td>-</td></tr><tr><td>1939-Jan.</td><td>164,858</td><td>300</td><td>27,828</td><td>38,151</td><td>47,359</td><td>3,831</td><td>34,355</td><td>13,034</td><td>397</td><td>-</td></tr><tr><td>Feb.</td><td>149,685</td><td>164</td><td>22,062</td><td>35,918</td><td>40,837</td><td>3,198</td><td>33,950</td><td>13,556</td><td>438</td><td>-</td></tr></table>
1/ Including excess-profit tax collections.
2/ Including tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the act of June 15, 1933.
COLLECTIONS OF INTERNAL REVENUE
8
Customs Duties and Taxes Estimated, and Value of Dutiable and Taxable Imports, by Tariff Schedules: July - December, 1938
(In thousands of dollars)
<table><tr><th>Month</th><th>Chemicals, oils, and paints</th><th>Earths, earthenware, and glassware</th><th>Metals and manufactures of</th><th>Wood and manufactures of</th><th>Sugar, molasses, and manufactures of 2/</th><th>Tobacco and manufactures of</th><th>Agricultural products and provisions</th><th>Spirits, wines, and other beverages</th><th>Cotton manufactures</th><th>Flax, hemp, jute, and manufactures of</th></tr><tr><td>Duties and taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1938-July....</td><td>1,660</td><td>790</td><td>1,632</td><td>141</td><td>4,042</td><td>3,670</td><td>3,194</td><td>2,117</td><td>725</td><td>869</td></tr><tr><td>Aug......</td><td>1,943</td><td>979</td><td>1,914</td><td>185</td><td>7,486</td><td>2,239</td><td>3,437</td><td>1,854</td><td>891</td><td>1,076</td></tr><tr><td>Sept....</td><td>1,749</td><td>1,149</td><td>2,201</td><td>209</td><td>5,188</td><td>1,874</td><td>4,047</td><td>2,659</td><td>856</td><td>1,030</td></tr><tr><td>Oct....</td><td>1,795</td><td>1,132</td><td>2,211</td><td>208</td><td>3,961</td><td>2,209</td><td>5,051</td><td>3,58</td><td>850</td><td>1,066</td></tr><tr><td>Nov....</td><td>1,874</td><td>1,040</td><td>2,201</td><td>186</td><td>2,098</td><td>1,990</td><td>5,293</td><td>4,116</td><td>765</td><td>915</td></tr><tr><td>Dec....</td><td>1,481</td><td>766</td><td>1,836</td><td>175</td><td>1,209</td><td>1,592</td><td>4,769</td><td>5,192</td><td>645</td><td>820</td></tr><tr><td>Total</td><td>10,503</td><td>5,856</td><td>11,994</td><td>1,104</td><td>23,985</td><td>13,573</td><td>25,791</td><td>19,516</td><td>4,735</td><td>5,775</td></tr><tr><td>Value:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1938-July....</td><td>4,236</td><td>1,829</td><td>5,203</td><td>1,001</td><td>8,276</td><td>5,299</td><td>9,937</td><td>3,650</td><td>1,792</td><td>3,639</td></tr><tr><td>Aug....</td><td>4,882</td><td>2,122</td><td>6,096</td><td>1,293</td><td>12,991</td><td>3,276</td><td>10,614</td><td>3,229</td><td>2,233</td><td>4,130</td></tr><tr><td>Sept...</td><td>4,500</td><td>2,476</td><td>6,840</td><td>1,356</td><td>10,706</td><td>2,738</td><td>13,199</td><td>4,619</td><td>2,178</td><td>4,051</td></tr><tr><td>Oct....</td><td>4,813</td><td>2,146</td><td>6,729</td><td>1,478</td><td>8,589</td><td>3,140</td><td>15,236</td><td>6,081</td><td>2,257</td><td>4,168</td></tr><tr><td>Nov....</td><td>4,665</td><td>2,231</td><td>6,662</td><td>1,231</td><td>3,791</td><td>3,223</td><td>14,781</td><td>7,114</td><td>2,071</td><td>3,731</td></tr><tr><td>Dec....</td><td>4,070</td><td>1,829</td><td>5,782</td><td>1,079</td><td>1,556</td><td>2,216</td><td>13,298</td><td>9,063</td><td>1,791</td><td>3,539</td></tr><tr><td>Total</td><td>27,166</td><td>12,946</td><td>37,313</td><td>7,439</td><td>45,910</td><td>19,891</td><td>77,065</td><td>33,787</td><td>12,323</td><td>23,567</td></tr></table>
<table><tr><th>Month</th><th>Wool and manufacture of</th><th>Silk manufactures</th><th>Manufactures of rayon or other synthetic textile</th><th>Papers and books</th><th>Sundries</th><th>Free list 3/</th><th>Miscellaneous</th><th>Total</th><th>Adjustment to daily Treasury statement (unrevised)</th><th>Total, daily Treasury statement (unrevised)</th></tr><tr><td>Duties and taxes: 1938-July...</td><td>1,518</td><td>211</td><td>183</td><td>175</td><td>2,394</td><td>817</td><td>14</td><td>24,153</td><td>-1,052</td><td>23,101</td></tr><tr><td>Aug....</td><td>2,244</td><td>318</td><td>313</td><td>217</td><td>3,304</td><td>842</td><td>40</td><td>29,285</td><td>-612</td><td>28,673</td></tr><tr><td>Sept...</td><td>1,962</td><td>305</td><td>232</td><td>219</td><td>3,291</td><td>676</td><td>19</td><td>27,666</td><td>+924</td><td>28,590</td></tr><tr><td>Oct....</td><td>2,047</td><td>354</td><td>229</td><td>235</td><td>3,240</td><td>822</td><td>17</td><td>28,974</td><td>+1,823</td><td>30,797</td></tr><tr><td>Nov....</td><td>1,828</td><td>299</td><td>186</td><td>220</td><td>3,195</td><td>763</td><td>18</td><td>27,016</td><td>+322</td><td>27,338</td></tr><tr><td>Dec....</td><td>1,479</td><td>269</td><td>168</td><td>183</td><td>2,848</td><td>800</td><td>9</td><td>21,241</td><td>+880</td><td>25,121</td></tr><tr><td>Total</td><td>11,077</td><td>1,755</td><td>1,311</td><td>1,249</td><td>18,273</td><td>4,721</td><td>117</td><td>161,335</td><td>+2,285</td><td>163,620</td></tr><tr><td>Value: 1938-July...</td><td>2,244</td><td>389</td><td>532</td><td>823</td><td>8,148</td><td>2,883</td><td>11</td><td>59,891</td><td>-</td><td>-</td></tr><tr><td>Aug....</td><td>3,221</td><td>593</td><td>1,011</td><td>1,038</td><td>10,539</td><td>3,438</td><td>61</td><td>71,067</td><td>-</td><td>-</td></tr><tr><td>Sept...</td><td>2,822</td><td>564</td><td>731</td><td>998</td><td>10,725</td><td>2,438</td><td>9</td><td>70,959</td><td>-</td><td>-</td></tr><tr><td>Oct....</td><td>3,206</td><td>663</td><td>721</td><td>1,080</td><td>10,248</td><td>2,907</td><td>6</td><td>73,782</td><td>-</td><td>-</td></tr><tr><td>Nov....</td><td>2,711</td><td>559</td><td>514</td><td>1,038</td><td>10,642</td><td>2,592</td><td>9</td><td>67,595</td><td>-</td><td>-</td></tr><tr><td>Dec....</td><td>2,055</td><td>508</td><td>443</td><td>913</td><td>11,001</td><td>2,805</td><td>5</td><td>61,954</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>16,259</td><td>3,275</td><td>3,950</td><td>5,889</td><td>61,304</td><td>17,064</td><td>100</td><td>405,248</td><td>-</td><td>-</td></tr></table>
Note: The amount of customs duties and taxes is calculated on the basis of reports of the Bureau of Foreign and Domestic Commerce, showing the quantity and value of merchandise imported.
1/ Figures are rounded to nearest thousand, and will not necessarily add to totals.
2/ Includes taxable sugar from the Philippine Islands.
3/ Duty-free commodities taxed under the Revenue Act of 1932 and subsequent acts.
4/ Articles dutiable under paragraph 1615 and repairs on vessels dutiable under Section 466 of the Tariff Act of 1930; the taxable copper content of dutiable articles taxed under the Revenue Act of 1932 and taxes on articles composed in chief value of manufactured sugar under the Sugar Act of 1937, which cannot be allocated to appropriate schedules. Taxes collected on other dutiable commodities under the revenue acts and the Sugar Act of 1937 are included in appropriate schedules.
9
Estimated Receipts from Taxes Imposed by Various Revenue Acts on Imports into the United States: July - December, 1938
<table><tr><th>Article</th><th>Rate of tax</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th><th>Total, July - December</th></tr><tr><td>Duty-free articles 1/:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Crude petroleum</td><td>1/6 gal.</td><td>$503,062</td><td>$320,672</td><td>$300,928</td><td>$438,746</td><td>$387,938</td><td>$464,821</td><td>$2,416,167</td></tr><tr><td>Fuel oil and gas oil derived from petroleum, and all 11- quid derivatives of crude petroleum except lubricating oil and gasoline or other motor fuel</td><td>1/6 gal.</td><td>102,522</td><td>256,682</td><td>134,798</td><td>101,372</td><td>126,058</td><td>136,560</td><td>857,992</td></tr><tr><td>Gasoline or other motor fuel</td><td>2 1/4 gal.</td><td>11</td><td>2</td><td>16</td><td>667</td><td>1</td><td>341</td><td>1,038</td></tr><tr><td>Lubricating oil</td><td>1/4 gal.</td><td>42</td><td>643</td><td>1,127</td><td>978</td><td>27</td><td>1,477</td><td>4,294</td></tr><tr><td>Paraffin and other petroleum wax products</td><td>1/6 lb.</td><td>27,878</td><td>27,180</td><td>17,768</td><td>15,614</td><td>2,582</td><td>8,217</td><td>99,239</td></tr><tr><td>Seed oils</td><td>4 1/2 lb.</td><td>100,851</td><td>106,818</td><td>113,124</td><td>129,666</td><td>167,034</td><td>132,357</td><td>749,860</td></tr><tr><td>Oil seeds</td><td>Various 2/</td><td>25,377</td><td>15,061</td><td>37,953</td><td>44,085</td><td>32,559</td><td>24,023</td><td>179,058</td></tr><tr><td>Animal, fish and coconut oils</td><td>3/6 lb.</td><td>0</td><td>148</td><td>0</td><td>13</td><td>126</td><td>66</td><td>353</td></tr><tr><td>Copper</td><td>4/4 lb.</td><td>49,286</td><td>100,829</td><td>56,004</td><td>76,155</td><td>32,966</td><td>19,554</td><td>334,794</td></tr><tr><td>Lumber of specified types</td><td>$1.50 M ft. 3/</td><td>7,819</td><td>14,135</td><td>11,970</td><td>14,350</td><td>12,451</td><td>11,283</td><td>71,948</td></tr><tr><td>Coal and related fuels</td><td>10/100 lbe.</td><td>562</td><td>0</td><td>2,455</td><td>332</td><td>1,494</td><td>1,651</td><td>6,494</td></tr><tr><td>Total</td><td></td><td>817,420</td><td>842,170</td><td>676,143</td><td>821,978</td><td>753,236</td><td>800,290</td><td>4,721,237</td></tr><tr><td>Dutiable articles 4/:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cane sugar</td><td>Various 5/</td><td>$535,685</td><td>$779,248</td><td>$195,850</td><td>$66,019</td><td>$41,776</td><td>$20,595</td><td>$1,639,173</td></tr><tr><td>Cane sugar (from Philippine Islands)</td><td>Various 5/</td><td>85,754</td><td>85,854</td><td>43,107</td><td>54,421</td><td>30,607</td><td>14,735</td><td>314,478</td></tr><tr><td>Beet sugar</td><td>Various 5/</td><td>0</td><td>3,478</td><td>0</td><td>0</td><td>0</td><td>0</td><td>3,478</td></tr><tr><td>Article composed in chief value of manufactured sugar</td><td>.51 1/4 lb. 6/</td><td>1,216</td><td>1,680</td><td>1,838</td><td>2,114</td><td>2,445</td><td>1,810</td><td>11,103</td></tr><tr><td>Fuel oil and gas oil derived from petroleum, and all 11- quid derivatives of crude petroleum except lubricating oil and gasoline or other motor fuel</td><td>1/6 gal.</td><td>1</td><td>0</td><td>1</td><td>0</td><td>0</td><td>1</td><td>3</td></tr><tr><td>Lubricating oil</td><td>1/4 gal.</td><td>0</td><td>23</td><td>30</td><td>0</td><td>0</td><td>23</td><td>76</td></tr><tr><td>Paraffin and other petroleum wax products</td><td>1/6 lb.</td><td>0</td><td>9</td><td>3</td><td>18</td><td>5</td><td>19</td><td>54</td></tr><tr><td>Seed oils</td><td>4 1/2 lb.</td><td>1,363</td><td>4</td><td>2,260</td><td>58</td><td>168</td><td>214</td><td>4,067</td></tr><tr><td>Animal, fish and coconut oils</td><td>3/6 lb.</td><td>69,706</td><td>132,813</td><td>25,067</td><td>100,869</td><td>71,674</td><td>9,900</td><td>410,029</td></tr><tr><td>Cocoanut oil</td><td>5/6 lb.</td><td>1,126</td><td>401</td><td>211</td><td>515</td><td>695</td><td>671</td><td>3,619</td></tr><tr><td>Copper</td><td>Various 1/</td><td>13,459</td><td>12,241</td><td>17,710</td><td>12,924</td><td>16,066</td><td>8,947</td><td>81,347</td></tr><tr><td>Lumber of specified types</td><td>$1.50 M ft. 3/</td><td>21,107</td><td>36,777</td><td>52,500</td><td>48,623</td><td>39,533</td><td>41,786</td><td>240,326</td></tr><tr><td>Total</td><td></td><td>729,417</td><td>1,052,528</td><td>338,577</td><td>285,561</td><td>202,969</td><td>98,701</td><td>2,707,753</td></tr><tr><td>Grand total</td><td></td><td>1,546,837</td><td>1,894,698</td><td>1,014,720</td><td>1,107,539</td><td>966,205</td><td>898,991</td><td>7,428,990</td></tr></table>
The total of the taxes herein corresponds to the total of the column headed "Free List" in the preceding table.
Tax in cente per pound: hempseed, 1.24; perilla seed, 1.38; kapok seed, 2; rapeseed, 2; sesame seed, 1.18.
$1.20 M feet from Cuba.
The total of the taxes herein corresponds to the total of the taxes on copper and sugar in the Miscellaneous column in the preceding table, plus all taxes included in appropriate tariff schedules.
0.514$ lb. on less than 92 degree sugar; 0.465$ lb. on 92 degree sugar and 0.00875$ lb. additional for each additional sugar degree.
On the total sugar therein.
(a) 4$ lb. on ores, concentrates, and articles in tariff paragraphs 316, 380, 381, 387; (b) 3$ lb. on dutiable articles, excluding those in (a), in which copper is the component material of chief value; (c) 3 percentum ad valorem or 3/4$ lb., whichever is lower, on dutiable articles excluding those in (a) and (b), containing 4 per centum or more of copper by weight.
10
Receipts and Expenditures under Social Security Act
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th>Fiscal Year</th><th colspan="3">Receipts</th><th colspan="7">Expenditures</th></tr><tr><th></th><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 Expenses 1/</th><th>Grants to States Unemployment compensation administration</th><th>Old-Age Assistance, etc.</th><th>Total grants to states</th><th>Refunds to states of taxes collected under Title IX,Sec. 901 2/</th><th>Transfers to Old-Age Reserve Accounts (Title II)</th><th>Total Expenditures 3/</th></tr><tr><td>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>1937</td><td>194.3</td><td>57.3</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>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>1939-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>Aug.</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>Sept.</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>Oct.</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>Nov.</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>Dec.</td><td>2.5</td><td>.5</td><td>3.0</td><td>1.6</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>Jan.</td><td>28.8</td><td>12.9</td><td>41.7</td><td>1.7</td><td>4.6</td><td>26.3</td><td>30.9</td><td>-</td><td>37.0</td><td>69.6</td></tr><tr><td>Feb.</td><td>102.3</td><td>52.1</td><td>154.4</td><td>1.7</td><td>2.5</td><td>21.6</td><td>24.1</td><td>-</td><td>50.0</td><td>75.8</td></tr><tr><td>Total fiscal year 1939 to date</td><td>388.7</td><td>86.5</td><td>475.2</td><td>14.1</td><td>38.0</td><td>179.6</td><td>217.6</td><td>-</td><td>292.0</td><td>523.7</td></tr><tr><td>Grand total</td><td>1,097.4</td><td>234.4</td><td>1,331.8</td><td>50.5</td><td>89.9</td><td>593.9</td><td>683.8</td><td>40.6</td><td>944.0</td><td>1,718.9</td></tr></table>
1/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act. Does not include administrative expenses payable from other appropriations. The principal agencies in the latter group are the Bureau of Internal Revenue and the Public Health Service of the Treasury Department, and the Office of Education of the Department of Interior.
2/ $40,561,886.43 appropriated in fiscal year 1938 for making refund to certain states of portions of employers' tax for the calendar year 1936 collected under Title IX, Section 901 of the Social Security Act.
3/ Excludes expenditures from the appropriation of $6,902,491 made to the "Railroad Unemployment Insurance Administration Fund," to date. This appropriation is equivalent to the amount that carriers have paid for the fiscal years 1936 and 1937 under Title IX, Section 901 of the Social Security Act.
Old-Age Reserve Account
(in millions of dollars - on basis of daily Treasury statements, unrevised) 1/
<table><tr><th rowspan="2">Cumulative as of end of Fiscal Year or of month</th><th colspan="4">Receipts</th><th colspan="2">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Transfers from general fund</th><th>Balance available for transfe-re</th><th>Total</th><th>Interest on Investment</th><th>Total Receipts</th><th>Benefit Payments</th><th>Total</th><th>Invest-ments</th><th>Unexpended To credit of appro-priations 2/ To credit of disbureeing officers</th></tr><tr><td>1936</td><td>-</td><td>-</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>-</td><td>265.0</td><td>2.3</td><td>267.3</td><td>-</td><td>267.3</td><td>267.1</td><td>.1</td></tr><tr><td>1938</td><td>652.0</td><td>113.0</td><td>765.0</td><td>17.7</td><td>782.7</td><td>5.4</td><td>777.3</td><td>662.3</td><td>113.0 2.0</td></tr><tr><td>1939-July</td><td>690.0</td><td>435.0</td><td>1,125.0</td><td>17.7</td><td>1,142.7</td><td>6.2</td><td>1,136.5</td><td>700.3</td><td>435.0 1.2</td></tr><tr><td>Aug.</td><td>728.0</td><td>397.0</td><td>1,125.0</td><td>17.7</td><td>1,142.7</td><td>7.0</td><td>1,135.7</td><td>733.3</td><td>397.0 5.4</td></tr><tr><td>Sept.</td><td>761.0</td><td>364.0</td><td>1,125.0</td><td>17.7</td><td>1,142.7</td><td>7.9</td><td>1,134.8</td><td>766.3</td><td>364.0 4.5</td></tr><tr><td>Oct.</td><td>793.0</td><td>332.0</td><td>1,125.0</td><td>17.7</td><td>1,142.7</td><td>9.0</td><td>1,133.7</td><td>798.3</td><td>332.0 3.4</td></tr><tr><td>Nov.</td><td>825.0</td><td>300.0</td><td>1,125.0</td><td>17.7</td><td>1,142.7</td><td>10.0</td><td>1,132.7</td><td>830.3</td><td>300.0 2.4</td></tr><tr><td>Dec.</td><td>857.0</td><td>268.0</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>268.0 1.3</td></tr><tr><td>Jan.</td><td>894.0</td><td>231.0</td><td>1,125.0</td><td>17.7</td><td>1,142.7</td><td>12.2</td><td>1,130.5</td><td>894.3</td><td>231.0 5.2</td></tr><tr><td>Feb.</td><td>944.0</td><td>181.0</td><td>1,125.0</td><td>17.7</td><td>1,142.7</td><td>13.4</td><td>1,129.3</td><td>944.3</td><td>181.0 4.0</td></tr></table>
1/ All figures are cumulative as of the dates indicated.
2/ Includes balance of appropriation available for transfers.
Unemployment Trust Fund
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th rowspan="2">Fiscal Year</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures Withdrawals by States</th><th colspan="3">Balance</th></tr><tr><th>Deposits by States 1/</th><th>Interest on Investments</th><th>Total Receipts</th><th>Total</th><th>Investments</th><th>Cash</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>Aug</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>Sept</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>Oct</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>Nov</td><td>125.1</td><td>-</td><td>125.1</td><td>26.5</td><td>1,051.7</td><td>1,032.0</td><td>22.7</td></tr><tr><td>Dec</td><td>36.9</td><td>-</td><td>36.9</td><td>19.4</td><td>1,072.2</td><td>1,064.0</td><td>8.2</td></tr><tr><td>Jan</td><td>38.7</td><td>11.9</td><td>50.6</td><td>33.3</td><td>1,089.5</td><td>1,074.0</td><td>15.5</td></tr><tr><td>Feb</td><td>148.3</td><td>-</td><td>148.3</td><td>36.0</td><td>1,201.8</td><td>1,185.0</td><td>16.8</td></tr><tr><td>Total fiscal year 1939 to date</td><td>539.2</td><td>12.0</td><td>601.2</td><td>283.6</td><td>1,201.8</td><td>1,185.0</td><td>16.8</td></tr><tr><td>Grand total</td><td>1,647.4</td><td>30.0</td><td>1,677.4</td><td>475.5</td><td>1,201.8</td><td>1,185.0</td><td>16.8</td></tr></table>
1/ Includes in 1938 the proceeds of refunds to States of taxes collected under Title IX, Section 901 of the Social Security Act, amounting to $40,561,856.43.
11
Receipts and Expenditures Under Railroad Retirement Act
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th>Fiscal Year</th><th>Receipts</th><th colspan="3">Expenditures</th></tr><tr><th></th><th>Taxes upon carriers and their employees</th><th>Administrative Expenses</th><th>Transfers to Railroad Retirement Act.</th><th>Total Expenditures</th></tr><tr><td>1936</td><td>-</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>1937</td><td>.4</td><td>1.5</td><td>-</td><td>1.5</td></tr><tr><td>1938</td><td>150.1</td><td>2.6</td><td>146.4</td><td>149.0</td></tr><tr><td>1939-July</td><td>.4</td><td>.2</td><td>22.0</td><td>22.2</td></tr><tr><td>Aug.</td><td>25.5</td><td>.2</td><td>9.5</td><td>9.7</td></tr><tr><td>Sept.</td><td>-</td><td>.3</td><td>11.5</td><td>11.8</td></tr><tr><td>Oct.</td><td>.8</td><td>.2</td><td>11.5</td><td>11.7</td></tr><tr><td>Nov.</td><td>26.5</td><td>.2</td><td>16.5</td><td>16.7</td></tr><tr><td>Dec.</td><td>-</td><td>.3</td><td>16.5</td><td>16.8</td></tr><tr><td>Jan.</td><td>.9</td><td>.3</td><td>1.5</td><td>1.8</td></tr><tr><td>Feb.</td><td>27.5</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>Total fiscal year 1939 to date</td><td>81.6</td><td>2.0</td><td>89.0</td><td>91.0</td></tr><tr><td>Grand total</td><td>232.1</td><td>6.4</td><td>235.4</td><td>241.8</td></tr></table>
Note: Includes Railroad Unemployment Insurance Act.
Railroad Retirement Account
(in millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th rowspan="2">Cumulative as of end of Fiscal year or of month</th><th colspan="4">Receipts</th><th rowspan="2">Expenditures</th><th colspan="3">Balance</th></tr><tr><th colspan="3">Appropriations by Congress</th><th>Interest on investments</th><th>Total Receipts</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended:</th></tr><tr><th></th><th>Transfers from general fund</th><th>Balance available for transfers</th><th>Total</th><th></th><th>Benefit Payments</th><th></th><th></th><th>To credit of appropriation</th><th>To credit of disbursing officer</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>46.6</td><td>-</td><td>46.6</td><td>-</td><td>46.6</td><td>-</td><td>46.6</td><td>-</td></tr><tr><td>1937</td><td>-</td><td>-</td><td>46.6</td><td>-</td><td>46.6</td><td>4.0</td><td>42.6</td><td>-</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>146.4</td><td>.1</td><td>146.5</td><td>1.4</td><td>147.9</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.3</td><td>1.6</td></tr><tr><td>1939-July</td><td>168.4</td><td>96.1</td><td>264.8</td><td>1.4</td><td>266.2</td><td>87.9</td><td>178.3</td><td>68.2</td><td>96.5</td><td>13.6</td></tr><tr><td>Aug.</td><td>177.9</td><td>86.9</td><td>264.8</td><td>1.4</td><td>266.2</td><td>96.3</td><td>169.9</td><td>69.7</td><td>87.1</td><td>13.1</td></tr><tr><td>Sept.</td><td>189.4</td><td>75.4</td><td>264.8</td><td>1.4</td><td>266.2</td><td>104.9</td><td>161.3</td><td>71.2</td><td>75.6</td><td>14.5</td></tr><tr><td>Oct.</td><td>200.9</td><td>63.9</td><td>264.8</td><td>1.4</td><td>266.2</td><td>113.7</td><td>152.5</td><td>72.7</td><td>64.0</td><td>15.8</td></tr><tr><td>Nov.</td><td>217.4</td><td>47.4</td><td>264.8</td><td>1.4</td><td>266.2</td><td>122.3</td><td>143.9</td><td>74.2</td><td>47.6</td><td>22.1</td></tr><tr><td>Dec.</td><td>233.9</td><td>30.9</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>31.1</td><td>28.1</td></tr><tr><td>Jan.</td><td>235.4</td><td>29.4</td><td>264.8</td><td>1.4</td><td>266.2</td><td>140.1</td><td>126.1</td><td>77.2</td><td>29.6</td><td>19.3</td></tr><tr><td>Feb.</td><td>235.4</td><td>29.4</td><td>264.8</td><td>1.4</td><td>266.2</td><td>149.1</td><td>117.1</td><td>77.2</td><td>29.5</td><td>10.4</td></tr></table>
1/ All figures are cumulative as of the dates indicated.
2/ Includes balance of appropriation available for transfer subsequent to June 30, 1937.
3/ Transfers from general fund were not reflected until July 1, 1937.
<table><tr><th>Item</th><th>2022</th><th>2021</th></tr><tr><td>1. Total Revenue</td><td>$2,200,000</td><td>$2,100,000</td></tr><tr><td>2. Cost of Revenue</td><td>$1,600,000</td><td>$1,500,000</td></tr><tr><td>3. Gross Profit</td><td>$600,000</td><td>$600,000</td></tr><tr><td>4. Depreciation and Amortization</td><td>$100,000</td><td>$100,000</td></tr><tr><td>5. Other Expenses</td><td>$200,000</td><td>$150,000</td></tr><tr><td>6. Net Income</td><td>$300,000</td><td>$350,000</td></tr></table>
12
Cash Income and Outgo of the Treasury Fiscal Year 1939
(These figures are not intended to reflect the budgetary position of the Government. They will not agree with budgetary figures on receipts, expenditures and deficit such as those appearing in Daily Treasury Statements and in other tables in this Bulletin.
(In millions of dollars)
<table><tr><th></th><th>July</th><th>Aug.</th><th>Sopt.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Total</th></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></tr><tr><td>Budget:</td><td></td><td></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>48</td><td>56</td><td>1,239</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>172</td><td>142</td><td>1,514</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>42</td><td>154</td><td>475</td></tr><tr><td>Taxes upon carriers and their employees.</td><td>-</td><td>26</td><td>-</td><td>1</td><td>26</td><td>-</td><td>1</td><td>28</td><td>82</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>24</td><td>22</td><td>210</td></tr><tr><td>Other.</td><td>16</td><td>12</td><td>12</td><td>17</td><td>15</td><td>15</td><td>18</td><td>15</td><td>120</td></tr><tr><td>Subtotal.</td><td>302</td><td>487</td><td>711</td><td>332</td><td>382</td><td>704</td><td>305</td><td>417</td><td>3,640</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment trust fund (deposits by States).</td><td>36</td><td>131</td><td>35</td><td>38</td><td>125</td><td>37</td><td>39</td><td>148</td><td>589</td></tr><tr><td>Trust accounts.</td><td>27</td><td>14</td><td>21</td><td>25</td><td>14</td><td>16</td><td>20</td><td>16</td><td>153</td></tr><tr><td>Subtotal.</td><td>63</td><td>145</td><td>56</td><td>63</td><td>139</td><td>53</td><td>59</td><td>164</td><td>742</td></tr><tr><td>Total cash income.</td><td>365</td><td>632</td><td>767</td><td>395</td><td>521</td><td>757</td><td>364</td><td>581</td><td>4,382</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></tr><tr><td>Budget:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>National defense.</td><td>96</td><td>98</td><td>88</td><td>95</td><td>98</td><td>99</td><td>103</td><td>84</td><td>761</td></tr><tr><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>33</td><td>26</td><td>232</td></tr><tr><td>Interest on the public debt.</td><td>13</td><td>16</td><td>146</td><td>67</td><td>9</td><td>172</td><td>18</td><td>17</td><td>458</td></tr><tr><td>Public Works.</td><td>73</td><td>82</td><td>94</td><td>99</td><td>89</td><td>120</td><td>99</td><td>102</td><td>757</td></tr><tr><td>Agricultural aid.</td><td>79</td><td>50</td><td>38</td><td>75</td><td>78</td><td>66</td><td>65</td><td>91</td><td>542</td></tr><tr><td>Works Progress Administration.</td><td>172</td><td>193</td><td>194</td><td>207</td><td>195</td><td>219</td><td>185</td><td>160</td><td>1,525</td></tr><tr><td>Other.</td><td>155</td><td>164</td><td>136</td><td>133</td><td>132</td><td>122</td><td>139</td><td>133</td><td>1,114</td></tr><tr><td>Subtotal.</td><td>628</td><td>634</td><td>706</td><td>725</td><td>629</td><td>812</td><td>642</td><td>613</td><td>5,389</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation.</td><td>58*</td><td>10</td><td>24</td><td>19</td><td>20</td><td>8</td><td>38</td><td>17*</td><td>44</td></tr><tr><td>Commodity Credit Corporation.</td><td>10</td><td>31</td><td>27</td><td>23</td><td>18</td><td>15</td><td>10</td><td>-</td><td>134</td></tr><tr><td>Unemployment trust fund.</td><td>36</td><td>53</td><td>40</td><td>40</td><td>26</td><td>19</td><td>33</td><td>36</td><td>283</td></tr><tr><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>1</td><td>1</td><td>8</td></tr><tr><td>Railroad retirement account.</td><td>8</td><td>8</td><td>8</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>69</td></tr><tr><td>Other.</td><td>40*</td><td>43</td><td>44</td><td>10</td><td>2*</td><td>29</td><td>4*</td><td>27</td><td>107</td></tr><tr><td>Subtotal.</td><td>43*</td><td>146</td><td>144</td><td>102</td><td>72</td><td>81</td><td>87</td><td>56</td><td>645</td></tr><tr><td>Redemption of adjusted service bonds.</td><td>6</td><td>5</td><td>4</td><td>4</td><td>3</td><td>3</td><td>3</td><td>2</td><td>30</td></tr><tr><td>Total cash outgo.</td><td>591</td><td>785</td><td>854</td><td>831</td><td>704</td><td>896</td><td>732</td><td>671</td><td>6,064</td></tr><tr><td>EXCESS OF CASH OUTGO.</td><td>226</td><td>153</td><td>87</td><td>436</td><td>183</td><td>139</td><td>368</td><td>90</td><td>1,682</td></tr></table>
Excess of credit, deduct. Figures in this table and corresponding figures in table below have been revised since issuance of the January Bulletin.
Cash Income and Outgo and Excess of Cash Outgo, Jan. 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>Excess of cash outgo</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>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>-149</td><td>381</td><td>287</td><td>183</td><td>336</td><td>241</td><td>170</td><td>398</td><td>248</td><td>179</td></tr><tr><td>1936</td><td>182</td><td>249</td><td>-150</td><td>395</td><td>300</td><td>1,058</td><td>608</td><td>345</td><td>214</td><td>463</td><td>343</td><td>129</td></tr><tr><td>1937</td><td>173</td><td>224</td><td>-324</td><td>299</td><td>152</td><td>-167</td><td>120</td><td>25</td><td>-203</td><td>193</td><td>90</td><td>-241</td></tr><tr><td>1938</td><td>142</td><td>21</td><td>-293</td><td>455</td><td>146</td><td>20</td><td>226</td><td>153</td><td>87</td><td>436</td><td>183</td><td>139</td></tr><tr><td>1939</td><td>368</td><td>90</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>Cash outgo</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>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>614</td><td>561</td><td>610</td><td>658</td><td>474</td><td>632</td></tr><tr><td>1936</td><td>431</td><td>489</td><td>621</td><td>650</td><td>549</td><td>1,600</td><td>919</td><td>707</td><td>736</td><td>762</td><td>602</td><td>676</td></tr><tr><td>1937</td><td>476</td><td>550</td><td>791</td><td>720</td><td>542</td><td>758</td><td>558</td><td>566</td><td>649</td><td>582</td><td>523</td><td>689</td></tr><tr><td>1938</td><td>537</td><td>481</td><td>745</td><td>774</td><td>665</td><td>844</td><td>591</td><td>785</td><td>854</td><td>831</td><td>704</td><td>896</td></tr><tr><td>1939</td><td>732</td><td>671</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>Cash income</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>278</td><td>320</td><td>440</td><td>260</td><td>226</td><td>463</td></tr><tr><td>1936</td><td>249</td><td>240</td><td>771</td><td>255</td><td>249</td><td>542</td><td>311</td><td>362</td><td>522</td><td>299</td><td>259</td><td>547</td></tr><tr><td>1937</td><td>303</td><td>326</td><td>1,115</td><td>421</td><td>390</td><td>925</td><td>438</td><td>541</td><td>852</td><td>389</td><td>433</td><td>930</td></tr><tr><td>1938</td><td>395</td><td>460</td><td>1,038</td><td>319</td><td>519</td><td>824</td><td>365</td><td>632</td><td>767</td><td>395</td><td>521</td><td>757</td></tr><tr><td>1939</td><td>364</td><td>581</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>
Note: Negative figures denote excess of cash income. Revisions have been made to figures back to and including July, 1935.
CASH INCOME AND OUTGO AND NET CASH OUTGO
January 1934 to Date
GENERAL FUND AND PUBLIC DEBT
14
15
Composition of Treasury General Fund
(in millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th rowspan="2">End of month</th><th colspan="5">Balance</th><th colspan="5">Current assets</th><th rowspan="2">Current liabilities</th></tr><tr><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 sales of Gov't. 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>2,554</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>1938-Feb.</td><td>2,975</td><td>1,212</td><td>421</td><td>142</td><td>1,200</td><td>3,124</td><td>2,089</td><td>208</td><td>776</td><td>51</td><td>149</td></tr><tr><td>Mar.</td><td>3,140</td><td>1,388</td><td>427</td><td>142</td><td>1,183</td><td>3,287</td><td>2,055</td><td>373</td><td>811</td><td>48</td><td>147</td></tr><tr><td>Apr.</td><td>2,689</td><td>2,114</td><td>433</td><td>142</td><td>-</td><td>2,845</td><td>707</td><td>1,360</td><td>728</td><td>50</td><td>156</td></tr><tr><td>May</td><td>2,567</td><td>1,985</td><td>440</td><td>142</td><td>-</td><td>2,708</td><td>779</td><td>1,203</td><td>679</td><td>47</td><td>141</td></tr><tr><td>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>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><tr><td>1939-Jan.</td><td>2,933</td><td>2,288</td><td>503</td><td>142</td><td>-</td><td>3,119</td><td>1,385</td><td>792</td><td>876</td><td>66</td><td>186</td></tr><tr><td>Feb.</td><td>3,343</td><td>2,693</td><td>508</td><td>142</td><td>-</td><td>3,517</td><td>1,354</td><td>1,222</td><td>873</td><td>68</td><td>174</td></tr></table>
Statement of the Outstanding Public Debt on June 30, 1938 and February 28, 1939
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th></th><th>June 30, 1938</th><th>February 28, 1939</th><th>Increases(+) Decrease(-)</th><th></th><th>June 30, 1938</th><th>February 28, 1939</th><th>Increases(+) Decrease(-)</th></tr><tr><td>Market issues, etc.</td><td></td><td></td><td></td><td>Special issues:</td><td></td><td></td><td></td></tr><tr><td>Pre-war bonds</td><td>197</td><td>196</td><td>-1</td><td>Government Life Insurance Fund</td><td>523</td><td>511</td><td>-12</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>944</td><td>+282</td></tr><tr><td>U. S. Savings bonds</td><td>1,237</td><td>1,643</td><td>+406</td><td>Railroad Retirement Account</td><td>66</td><td>77</td><td>+11</td></tr><tr><td>Adjusted Service bonds</td><td>319</td><td>293</td><td>-26</td><td>Government retirement funds</td><td>397</td><td>464</td><td>+67</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>1,310</td><td>+156</td><td>Unemployment Trust Fund</td><td>872</td><td>1,185</td><td>+313</td></tr><tr><td>Matured debt on which interest has ceased</td><td>141</td><td>112</td><td>-29</td><td>Postal Savings System</td><td>45</td><td>64</td><td>+19</td></tr><tr><td>Debt bearing no interest</td><td>448</td><td>421</td><td>-27</td><td>Federal Deposit Insurance Corporation</td><td>85</td><td>115</td><td>+30</td></tr><tr><td>Total Market issues, etc.</td><td>34,489</td><td>36,476</td><td>+1,987</td><td>Total Special issues</td><td>2,676</td><td>3,382</td><td>+706</td></tr><tr><td></td><td></td><td></td><td></td><td>Total</td><td>37,165</td><td>39,858</td><td>+2,693</td></tr></table>
Public Debt Accounts
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<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="2">Market Operations</th><th rowspan="1">Special Series</th><th rowspan="1">Total</th><th rowspan="1">Excess of Receipts</th></tr><tr><th></th><th>Cash</th><th>Adjusted Serv. Bonds</th><th>Exchanges</th><th></th><th>Cash</th><th>Exchanges</th><th></th><th></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>9,620.7</td><td>5,166.0</td><td>2,673.8</td><td>1,040.8</td><td>8,880.6</td><td>740.1</td></tr><tr><td>1938-July.........</td><td>144.3</td><td>.8</td><td>-</td><td>135.7</td><td>580.8</td><td>553.1</td><td>-</td><td>1.0</td><td>554.1</td><td>26.7</td></tr><tr><td>Aug................</td><td>538.6</td><td>.7</td><td>-</td><td>134.9</td><td>674.2</td><td>270.0</td><td>-</td><td>2.5</td><td>272.5</td><td>401.7</td></tr><tr><td>Sept................</td><td>1,238.8</td><td>.6</td><td>423.9</td><td>35.5</td><td>1,698.8</td><td>429.6</td><td>423.9</td><td>45.6</td><td>899.1</td><td>799.7</td></tr><tr><td>Oct................</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>Nov................</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>503.0</td><td>180.3</td></tr><tr><td>Dec................</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>823.8</td></tr><tr><td>1939-Jan.........</td><td>549.5</td><td>.5</td><td>-</td><td>89.5</td><td>639.5</td><td>405.1</td><td>-</td><td>30.3</td><td>435.4</td><td>204.1</td></tr><tr><td>Feb................</td><td>471.4</td><td>.4</td><td>-</td><td>169.5</td><td>641.3</td><td>411.0</td><td>-</td><td>2.9</td><td>413.9</td><td>227.4</td></tr></table>
16
Statement Showing Details of Major Financing Operations of the Treasury for the Period July 1, 1933 to March 15, 1939
(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 subscription tendered</th><th colspan="5">New securities allotted</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 colspan="2">Amount of exchanges</th><th colspan="3">In exchange for</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Treasury bonds</th><th>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 1/2 mos.</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 1/2 mos.</td><td>Aug. 1, 1941</td><td>$ 835</td><td>-</td><td>2,748 245 2/2 231 2/2</td><td>479</td><td>-</td><td>125 231</td><td>Mar. 15, 1933 Sept. 15, 1932</td><td>4 1-1/4</td><td>Aug. 15, 1933 Sept. 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 4-1/4</td><td>Dec. 15, 1933 Dec. 15, 1933</td></tr><tr><td>1934-Jan. 29</td><td>2-1/2</td><td>1 yr. 1 1/2 mos.</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) May 2, 1932</td><td>4-1/4 3</td><td>Apr. 15, 1934 May 2, 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>Aug. 1, 1932 Sept. 15, 1933</td><td>2-1/8 1/4</td><td>Aug. 1, 1934 June 15, 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>-</td><td>-</td><td>-</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>Jan. 29, 1934</td><td>1-1/2</td><td>Sept. 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>Oct. 24, 1918 (4th Liberty)</td><td>4-1/4</td><td>Oct. 15, 1934</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</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>(Add. 6/15/34)</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><td>Dec. 15, 1949 Dec. 15, 1952</td><td>491</td><td>-</td><td>2,334</td><td>491</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1935-Mar. 15</td><td>2-7/8</td><td>20-25 years</td><td>Mar. 15, 1955 Mar. 15, 1960</td><td>1,558</td><td>-</td><td>-</td><td>-</td><td>1,558</td><td>-</td><td>Oct. 24, 1918 (4th Liberty)</td><td>4-1/4</td><td>Apr. 15, 1935</td></tr><tr><td>"</td><td>1-5/8</td><td>5 years</td><td>Mar. 15, 1940</td><td>-</td><td>514</td><td>-</td><td>-</td><td>-</td><td>514</td><td>Jan. 29, 1934</td><td>1-1/2</td><td>Mar. 15, 1935</td></tr><tr><td>June 3 (Add. 6/15/34)</td><td>3</td><td>12-14 years</td><td>June 15, 1946 June 15, 1948</td><td>99</td><td>-</td><td>270</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June 15 (Add. 3/15/35)</td><td>1-5/8</td><td>5 years</td><td>Mar. 15, 1940</td><td>-</td><td>864</td><td>-</td><td>-</td><td>864</td><td>-</td><td>June 15, 1917 Nov. 15, 1917 May 9, 1918 Oct. 24, 1918 (1st Liberty)</td><td>3-1/2 4 4-1/4 4-1/4</td><td>June 15, 1935 " " "</td></tr><tr><td>1935-June 15 (Add. 3/15/35)</td><td>2-7/8</td><td>20-25 years</td><td>Mar. 15, 1955 Mar. 15, 1960</td><td>746</td><td>-</td><td>-</td><td>-</td><td>746</td><td>-</td><td>"</td><td>"</td><td>"</td></tr><tr><td>June 15</td><td>1-1/2</td><td>5 years</td><td>June 15, 1940</td><td>-</td><td>739</td><td>-</td><td>-</td><td>-</td><td>403 336</td><td>June 15, 1932 Aug. 15, 1933</td><td>3 1-5/8</td><td>June 15, 1935 Aug. 1, 1935</td></tr></table>
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.
17
Statement Showing Details of Major Financing Operations of the Treasury for the Period July 1, 1933 to March 15, 1939 - 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 dates</th><th colspan="2">Amount issued</th><th rowspan="2">Amount of cash subscriptions tendered</th><th colspan="6">New securities allotted</th></tr><tr><th>Treasury bonds</th><th>Treasury notes and certifi-cates</th><th>For Cash</th><th>Amount of exchangee Treasury bonds</th><th>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>July 1 (Add. 6/15/34)</td><td>3</td><td>12-14 years</td><td>June 15, 1946-June 15, 1948</td><td>113</td><td>-</td><td>461</td><td>113</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July 15</td><td>1-3/8</td><td>4 yrs. 5 mos.</td><td>Dec. 15, 1939</td><td>-</td><td>526</td><td>2,970</td><td>526</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July 22 (Add. 3/15/35)</td><td>2-7/8</td><td>20-25 years</td><td>Mar. 15, 1955-Mar. 15, 1960</td><td>102</td><td>-</td><td>511</td><td>102</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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, 1916 (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 mos.</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>485</td><td>-</td><td>161</td><td>Feb. 19, 1934</td><td>2-1/2</td><td>Dec. 15, 1935</td></tr><tr><td>1936-Mar. 16</td><td>1-1/2</td><td>5 years</td><td>Dec. 15, 1940</td><td>-</td><td>737</td><td>2,487</td><td>488</td><td>-</td><td>249</td><td>Feb. 19, 1934</td><td>2-1/2</td><td>Dec. 15, 1935</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>48</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</td><td>Dec. 15, 1934</td><td>1-1/8</td><td>June 15, 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</td><td>Aug. 1, 1932</td><td>3-1/4</td><td>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</td><td>Dec. 15, 1932</td><td>2-3/4</td><td>Dec. 15, 1936</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</td><td>Feb. 19, 1934</td><td>3</td><td>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>Dec. 15, 1932</td><td>2-3/4</td><td>Dec. 15, 1936</td></tr><tr><td>June 15</td><td>1-3/8</td><td>2 yrs. 3 mos.</td><td>Sept.15, 1939</td><td>-</td><td>427</td><td>2,499</td><td>427</td><td>-</td><td>-</td><td>Oct. 15, 1932</td><td>3</td><td>Apr. 15, 1937</td></tr><tr><td>June 15</td><td>1-3/4</td><td>4 yrs. 9 mos.</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></table>
18
Statement Showing Details of Major Financing Operations of the Treasury for the Period July 1, 1933 to March 15, 1939 - 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 dates</th><th colspan="2">Amount issued</th><th rowspan="2">Amount of cash subscriptions tendered</th><th rowspan="2">For Cash</th><th colspan="5">New securities allotted in exchange for</th></tr><tr><th>Treasury bonds</th><th>Treasury notes and certificates</th><th>Amount of exchanges Treasury bonds</th><th>Treasury notes and certificates</th><th>Date of Issue</th><th>Rate Per Cent</th><th>Call or maturity date</th></tr><tr><td>1937-Sept. 15.</td><td>1-1/4</td><td>1 yr. 3 mos.</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 years 6 mos.</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. 1-1/8 (Add. 6/15/38)</td><td></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>Dec. 15.</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>1-1/8</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><tr><td>1939-Mar. 15. (Add. 12/15/38</td><td>2-3/4</td><td>22-27 years</td><td>Dec. 15, 1960 Dec. 15, 1965</td><td>894</td><td>-</td><td>-</td><td>-</td><td>-</td><td>894</td><td>June 15, 1934</td><td>2-1/8</td><td>June 15,1939</td></tr><tr><td>Mar. 15. 2-1/2 (Add. 9/15/38</td><td></td><td>12-14 years</td><td>Sept.15, 1950 Sept.15, 1952</td><td>320</td><td>-</td><td>-</td><td>-</td><td>-</td><td>320</td><td>June 15, 1934</td><td>2-1/8</td><td>June 15,1939</td></tr><tr><td>Mar. 15. 1-1/8 (Add. 12/15/38</td><td></td><td>5 years</td><td>Dec. 15, 1943</td><td>-</td><td>53</td><td>-</td><td>-</td><td>-</td><td>53</td><td>June 15, 1934</td><td>2-1/8</td><td>June 15,1939</td></tr></table>
19
Composition of the Public Debt
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th rowspan="2">End of month</th><th colspan="10">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>Total</th><th colspan="2">Bonds 1/</th><th colspan="2">Notes 1/</th><th colspan="2">Bills and cts. of indebt. 1/</th><th colspan="2">Special issues</th><th>Matured debt</th><th>Non-interest-bearing debt</th></tr><tr><th></th><th></th><th></th><th>Amount</th><th>% of total interest-bearing debt</th><th>Amount</th><th>% of total interest-bearing debt</th><th>Amount</th><th>% of total interest-bearing debt</th><th>Amount</th><th>% of total interest-bearing debt</th><th></th><th></th></tr><tr><td>1930-June...</td><td>16,185</td><td>15,922</td><td>12,112</td><td>76.1</td><td>1,626</td><td>10.2</td><td>1,420</td><td>8.9</td><td>764</td><td>4.8</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>81.9</td><td>452</td><td>2.7</td><td>2,246</td><td>13.6</td><td>291</td><td>1.8</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>74.1</td><td>1,261</td><td>6.6</td><td>3,341</td><td>17.4</td><td>309</td><td>1.6</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>64.2</td><td>4,549</td><td>20.5</td><td>3,063</td><td>13.8</td><td>323</td><td>1.5</td><td>66</td><td>315</td><td>862</td><td>21,677</td></tr><tr><td>1934-June...</td><td>27,053</td><td>26,481</td><td>16,510</td><td>62.4</td><td>6,653</td><td>25.1</td><td>2,922</td><td>11.0</td><td>396</td><td>1.5</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>54.0</td><td>10,023</td><td>36.3</td><td>2,053</td><td>7.4</td><td>633</td><td>2.3</td><td>231</td><td>825</td><td>1,841</td><td>26,860</td></tr><tr><td>1936-June...</td><td>33,779</td><td>32,989</td><td>18,628</td><td>56.5</td><td>11,381</td><td>34.5</td><td>2,354</td><td>7.1</td><td>626</td><td>1.9</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>59.6</td><td>10,617</td><td>29.7</td><td>2,303</td><td>6.4</td><td>1,558</td><td>4.3</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>64.5</td><td>9,147</td><td>25.0</td><td>1,154</td><td>3.2</td><td>2,676</td><td>7.3</td><td>141</td><td>448</td><td>2,216</td><td>34,949</td></tr><tr><td>1938-Feb....</td><td>37,633</td><td>37,080</td><td>22,116</td><td>59.6</td><td>10,531</td><td>28.4</td><td>1,952</td><td>5.3</td><td>2,481</td><td>6.7</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>61.1</td><td>10,076</td><td>27.2</td><td>1,802</td><td>4.9</td><td>2,518</td><td>6.8</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>61.2</td><td>10,076</td><td>27.3</td><td>1,753</td><td>4.7</td><td>2,501</td><td>6.8</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>61.5</td><td>10,076</td><td>27.3</td><td>1,553</td><td>4.2</td><td>2,582</td><td>7.0</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>64.5</td><td>9,147</td><td>25.0</td><td>1,154</td><td>3.2</td><td>2,676</td><td>7.3</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>64.5</td><td>9,147</td><td>24.9</td><td>1,054</td><td>2.9</td><td>2,810</td><td>7.7</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>23,558</td><td>63.9</td><td>9,147</td><td>24.7</td><td>1,304</td><td>3.5</td><td>2,942</td><td>7.9</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>64.9</td><td>9,057</td><td>24.0</td><td>1,302</td><td>3.4</td><td>2,932</td><td>7.7</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>64.3</td><td>9,067</td><td>23.9</td><td>1,302</td><td>3.4</td><td>2,949</td><td>7.8</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>64.7</td><td>9,067</td><td>23.8</td><td>1,303</td><td>3.4</td><td>3,090</td><td>8.1</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>25,541</td><td>66.7</td><td>8,496</td><td>21.8</td><td>1,306</td><td>3.4</td><td>3,156</td><td>8.1</td><td>101</td><td>427</td><td>3,083</td><td>36,344</td></tr><tr><td>1939-Jan....</td><td>39,631</td><td>39,097</td><td>26,077</td><td>66.7</td><td>8,496</td><td>21.7</td><td>1,309</td><td>3.3</td><td>3,215</td><td>8.3</td><td>109</td><td>425</td><td>2,933</td><td>36,698</td></tr><tr><td>Feb....</td><td>39,858</td><td>39,325</td><td>26,137</td><td>66.5</td><td>8,496</td><td>21.5</td><td>1,310</td><td>3.3</td><td>3,382</td><td>8.6</td><td>112</td><td>421</td><td>3,343</td><td>36,515</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>-7.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939......</td><td>1.6</td><td>.1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Net Market Purchases or Sales of Government Securities For Treasury Investment Accounts, January 1936 to Date
(in millions of dollars - purchases or sales (-))
<table><tr><td>1938-Jan. 2 - 8 ......<br>Jan. 9 - 15 ......<br>Jan. 16 - 22 ......<br>Jan. 23 - 29 ......<br>Jan. 30 - Feb. 5....<br>Feb. 6 - 12 ......<br>Feb. 13 - 19 ......<br>Feb. 20 - 26 ......<br>Feb. 27 - Mar. 5....<br>Mar. 6 - 12 ......<br>Mar. 13 - 19 ......<br>Mar. 20 - 26 ......<br>Mar. 27 - Apr. 2....<br>Apr. 3 - 9 ......<br>Apr. 10 - 16 ......<br>Apr. 17 - 23 ......<br>Apr. 24 - 30 ......</td><td>-5.0<br>-4.0<br>-4.0<br>1.0<br>-<br>1.0<br>-3.0<br>-<br>-1.0<br>1.0<br>6.4<br>15.0<br>1.9<br>1.5<br>-<br>1.0<br>-1.0</td><td>1938-May 1 - 7 ......<br>May 8 - 14 ......<br>May 15 - 21 ......<br>May 22 - 28 ......<br>May 29 - June 4....<br>June 5 - 11 ......<br>June 12 - 18 ......<br>June 19 - 25 ......<br>June 26 - July 2....<br>July 3 - 9 ......<br>July 10 - 16 ......<br>July 17 - 23 ......<br>July 24 - 30 ......<br>July 31 - Aug. 6....<br>Aug. 7 - 13 ......<br>Aug. 14 - 20 ......<br>Aug. 21 - 27 ......<br>Aug. 28 - Sept. 3...</td><td>.2<br>-.8<br>-3.2<br>-1.1<br>-<br>-<br>.2<br>.6<br>-<br>.2<br>1.0<br>-<br>-<br>-<br>-5.5<br>-<br>1.3<br>.3</td><td>1938-Sept. 4 - 10 ......<br>Sept. 11 - 17 ......<br>Sept. 18 - 24 ......<br>Sept. 25 - Oct. 1....<br>Oct. 2 - 8 ......<br>Oct. 9 - 15 ......<br>Oct. 16 - 22 ......<br>Oct. 23 - 29 ......<br>Oct. 30 - Nov. 5....<br>Nov. 6 - 12 ......<br>Nov. 13 - 19 ......<br>Nov. 20 - 26 ......<br>Nov. 27 - Dec. 3....<br>Dec. 4 - 10 ......<br>Dec. 11 - 17 ......<br>Dec. 18 - 24 ......<br>Dec. 25 - 31 ......</td><td>32.9<br>5.4<br>.1<br>-<br>-<br>-<br>1.0<br>-<br>.3<br>-<br>-<br>.1<br>-<br>-<br>-<br>6.5<br>-</td><td>1939-Jan. 1 - 7 ......<br>Jan. 8 - 14 ......<br>Jan. 15 - 21 ......<br>Jan. 22 - 28 ......<br>Jan. 29 - Feb. 4....<br>Feb. 5 - 11 ......<br>Feb. 12 - 18 ......<br>Feb. 19 - 25 ......<br>Feb. 26 - Mar. 4....<br>Mer. 5 - 11 ......<br>-</td><td>.3<br>-<br>.1<br>1.2<br>.1<br>-<br>-<br>-<br>-<br>-</td></tr></table>
Lees than $50,000
COMPOSITION OF INTEREST-BEARING PUBLIC DEBT OUTSTANDING
Daily Statement Basis
8
21
United States Savings Bonds - Sales and Redemptions from Mar. 1, 1935 to Dec. 31, 1938 Also Showing Accruals Certified and Outstanding Bonds as of Dec. 31, 1938
<table><tr><th>Month</th><th colspan="2">Sales</th><th colspan="2">Redemptions</th></tr><tr><th></th><th>Maturity Value</th><th>Sale Price</th><th>Maturity Value</th><th>Redemption Value</th></tr><tr><td>SERIES A-1935:</td><td></td><td></td><td></td><td></td></tr><tr><td>1935-Mar</td><td>$51,751,475.00</td><td>$38,813,606.25</td><td>-</td><td>-</td></tr><tr><td>Apr</td><td>31,715,125.00</td><td>23,786,343.75</td><td>-</td><td>-</td></tr><tr><td>May</td><td>23,797,525.00</td><td>17,848,143.75</td><td>$229,425.00</td><td>$172,068.75</td></tr><tr><td>June</td><td>21,525,525.00</td><td>16,144,143.75</td><td>478,425.00</td><td>358,818.75</td></tr><tr><td>July</td><td>27,909,600.00</td><td>20,932,200.00</td><td>580,050.00</td><td>435,037.50</td></tr><tr><td>Aug</td><td>16,093,350.00</td><td>12,070,012.50</td><td>562,225.00</td><td>421,668.75</td></tr><tr><td>Sept</td><td>12,555,350.00</td><td>9,416,512.50</td><td>863,575.00</td><td>647,681.25</td></tr><tr><td>Oct</td><td>26,538,850.00</td><td>19,904,137.50</td><td>975,225.00</td><td>731,418.75</td></tr><tr><td>Nov</td><td>25,027,650.00</td><td>18,770,137.50</td><td>867,200.00</td><td>650,400.00</td></tr><tr><td>Dec</td><td>34,929,075.00</td><td>26,196,806.25</td><td>772,200.00</td><td>579,150.00</td></tr><tr><td>Total</td><td>271,843,525.00</td><td>203,882,643.75</td><td>5,328,325.00</td><td>3,996,243.75</td></tr><tr><td>SERIES B-1936:</td><td></td><td></td><td></td><td></td></tr><tr><td>1936-Jan</td><td>60,143,175.00</td><td>45,107,381.25</td><td>1,162,750.00</td><td>872,062.50</td></tr><tr><td>Feb</td><td>30,889,875.00</td><td>23,167,406.25</td><td>1,002,300.00</td><td>751,725.00</td></tr><tr><td>Mar</td><td>35,770,825.00</td><td>26,828,118.75</td><td>1,640,175.00</td><td>1,233,742.25</td></tr><tr><td>Apr</td><td>34,782,500.00</td><td>26,086,875.00</td><td>2,207,425.00</td><td>1,662,145.00</td></tr><tr><td>May</td><td>29,688,950.00</td><td>22,266,712.50</td><td>2,128,125.00</td><td>1,602,429.75</td></tr><tr><td>June</td><td>35,683,925.00</td><td>26,762,943.75</td><td>2,209,950.00</td><td>1,665,254.00</td></tr><tr><td>July</td><td>47,822,425.00</td><td>35,866,818.75</td><td>2,329,175.00</td><td>1,754,918.75</td></tr><tr><td>Aug</td><td>34,376,575.00</td><td>25,782,431.25</td><td>2,408,000.00</td><td>1,814,202.50</td></tr><tr><td>Sept</td><td>34,214,575.00</td><td>25,660,931.25</td><td>2,833,800.00</td><td>2,136,428.25</td></tr><tr><td>Oct</td><td>35,241,550.00</td><td>26,431,162.50</td><td>3,356,025.00</td><td>2,534,621.25</td></tr><tr><td>Nov</td><td>34,257,225.00</td><td>25,692,918.75</td><td>3,000,400.00</td><td>2,266,963.25</td></tr><tr><td>Dec</td><td>80,191,450.00</td><td>60,143,587.50</td><td>3,523,250.00</td><td>2,660,762.00</td></tr><tr><td>Total</td><td>493,063,050.00</td><td>369,797,287.50</td><td>27,801,375.00</td><td>20,955,254.50</td></tr><tr><td>SERIES O-1937:</td><td></td><td></td><td></td><td></td></tr><tr><td>1937-Jan</td><td>128,655,250.00</td><td>96,491,437.50</td><td>3,685,075.00</td><td>2,785,416.50</td></tr><tr><td>Feb</td><td>61,541,025.00</td><td>46,155,768.75</td><td>3,438,600.00</td><td>2,599,196.50</td></tr><tr><td>Mar</td><td>56,835,400.00</td><td>42,626,550.00</td><td>5,132,350.00</td><td>3,885,684.50</td></tr><tr><td>Apr</td><td>42,878,800.00</td><td>32,159,100.00</td><td>5,935,150.00</td><td>4,494,384.75</td></tr><tr><td>May</td><td>34,515,500.00</td><td>25,886,625.00</td><td>6,562,625.00</td><td>4,970,814.25</td></tr><tr><td>June</td><td>38,689,675.00</td><td>29,017,256.25</td><td>5,835,675.00</td><td>4,424,519.75</td></tr><tr><td>July</td><td>50,555,225.00</td><td>37,916,418.75</td><td>5,917,700.00</td><td>4,493,362.00</td></tr><tr><td>Aug</td><td>40,482,775.00</td><td>30,362,081.25</td><td>5,286,450.00</td><td>4,011,849.00</td></tr><tr><td>Sept</td><td>35,327,775.00</td><td>26,495,831.25</td><td>6,530,925.00</td><td>4,963,752.25</td></tr><tr><td>Oct</td><td>37,146,225.00</td><td>27,859,668.75</td><td>8,168,975.00</td><td>6,212,223.50</td></tr><tr><td>Nov</td><td>37,218,650.00</td><td>27,913,987.50</td><td>6,549,425.00</td><td>4,985,212.00</td></tr><tr><td>Dec</td><td>62,179,175.00</td><td>46,634,381.25</td><td>6,758,500.00</td><td>5,150,182.75</td></tr><tr><td>Total</td><td>626,025,475.00</td><td>469,519,106.25</td><td>69,801,450.00</td><td>52,976,597.75</td></tr><tr><td>SERIES C-1938:</td><td></td><td></td><td></td><td></td></tr><tr><td>1938-Jan</td><td>130,934,075.00</td><td>98,200,556.25</td><td>7,111,225.00</td><td>5,423,893.25</td></tr><tr><td>Feb</td><td>59,539,675.00</td><td>44,654,756.25</td><td>6,439,600.00</td><td>4,911,913.25</td></tr><tr><td>Mar</td><td>59,892,350.00</td><td>44,919,262.50</td><td>8,780,625.00</td><td>6,701,025.75</td></tr><tr><td>Apr</td><td>49,813,300.00</td><td>37,359,975.00</td><td>9,284,350.00</td><td>7,092,669.00</td></tr><tr><td>May</td><td>43,498,075.00</td><td>32,623,556.25</td><td>7,962,700.00</td><td>6,088,126.50</td></tr><tr><td>June</td><td>44,878,775.00</td><td>33,659,082.25</td><td>8,941,775.00</td><td>6,834,653.50</td></tr><tr><td>July</td><td>54,251,925.00</td><td>40,688,943.75</td><td>8,806,250.00</td><td>6,746,622.25</td></tr><tr><td>Aug</td><td>47,913,175.00</td><td>35,934,881.25</td><td>8,487,575.00</td><td>6,502,907.75</td></tr><tr><td>Sept</td><td>42,769,875.00</td><td>32,077,406.25</td><td>8,709,550.00</td><td>6,682,556.50</td></tr><tr><td>Oct</td><td>53,220,625.00</td><td>39,915,468.75</td><td>8,242,500.00</td><td>6,331,941.75</td></tr><tr><td>Nov</td><td>48,341,275.00</td><td>36,255,956.25</td><td>7,404,725.00</td><td>5,692,271.25</td></tr><tr><td>Dec</td><td>78,994,850.00</td><td>59,246,129.06</td><td>8,287,375.00</td><td>6,366,895.25</td></tr><tr><td>Total</td><td>714,047,975.00</td><td>535,535,972.81</td><td>98,458,250.00</td><td>75,375,476.00</td></tr><tr><td>Total, all series</td><td>2,104,980,025.00</td><td>1,578,735,010.31</td><td>201,389,400.00</td><td>153,303,572.00</td></tr></table>
Total Sale Price, all series 1,578,735,010.31
Add: Accruals certified to Dec. 31, 1938 37,862,004.25
Total sales and accruals 1,616,597,014.56
Less: Redemptions as shown 153,303,572.00
Outstanding December 31, 1938 1,463,293,442.56
22
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="5">Direct obligations</th><th colspan="3">Guaranteed obligations</th></tr><tr><th colspan="2">Government agencies and trust funds</th><th rowspan="2">Federal Reserve Banks</th><th rowspan="2">Other holders United States savings, adjusted service and postal saving bonds</th><th rowspan="2">Market issues otherwise held</th><th rowspan="2">Total direct obligations outstanding</th><th rowspan="2">Government agencies and trust funds</th><th rowspan="2">Market issues otherwise held</th><th rowspan="2">Total guaranteed obligations outstanding</th></tr><tr><th>Special issues</th><th>Market issues</th></tr><tr><td>1937-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>4,671</td><td>5,015</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>4,655</td><td>5,009</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>4,674</td><td>5,001</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>4,668</td><td>4,993</td></tr><tr><td>Dec.</td><td>3,156</td><td>1,874</td><td>2,564</td><td>1,857</td><td>29,448</td><td>38,899</td><td>325</td><td>4,667</td><td>4,992</td></tr><tr><td>1939-Jan.</td><td>3,215</td><td>1,945</td><td>2,564</td><td>1,993</td><td>29,380</td><td>39,097</td><td>320</td><td>4,667</td><td>4,987</td></tr><tr><td>Feb 1.</td><td>3,382</td><td>1,918</td><td>2,564</td><td>2,054</td><td>29,520</td><td>39,438</td><td>320</td><td>5,091</td><td>5,411</td></tr></table>
Notes: Holdings of Government agencies, etc. on basis of their accounts with Treasury; holdings of Federal Reserve Banks on basis of their statements; other figures on basis of Daily Treasury Statements, unrevised. 1/ Figures partly estimated. 2/ Includes a small amount of Postal Savings Bonds.
23
Bank Holdings of U.S. Government Obligations and Securities Guaranteed by the Government, Dec. 31, 1938
(Book values as reported to the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation)
Direct Government Obligations Securities Guaranteed by the United States
(In millions of dollars) 1/ (In millions of dollars) 1/
<table><tr><th></th><th>Bill</th><th>Notes</th><th colspan="4">Bonds maturing</th><th>Total</th></tr><tr><th></th><th></th><th></th><th>1939-43</th><th>1944-48</th><th>1949-58</th><th>1959-65</th><th></th></tr><tr><td>National banks</td><td>123</td><td>2,198</td><td>471</td><td>1,520</td><td>2,098</td><td>748</td><td>7,157</td></tr><tr><td>State member banks</td><td>163</td><td>1,190</td><td>256</td><td>933</td><td>790</td><td>392</td><td>3,725</td></tr><tr><td>Total member banks</td><td>286</td><td>3,389</td><td>727</td><td>2,453</td><td>2,888</td><td>1,140</td><td>10,882</td></tr><tr><td>Nonmember insured commercial banks</td><td>4</td><td>259</td><td>53</td><td>240</td><td>316</td><td>180</td><td>1,052</td></tr><tr><td>Total - all operating insured commercial banks</td><td>290</td><td>3,648</td><td>780</td><td>2,693</td><td>3,204</td><td>1,320</td><td>11,934</td></tr><tr><td>Member banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>New York City</td><td>158</td><td>1,142</td><td>348</td><td>581</td><td>534</td><td>199</td><td>2,963</td></tr><tr><td>Chicago</td><td>59</td><td>291</td><td>36</td><td>134</td><td>353</td><td>133</td><td>1,005</td></tr><tr><td>Reserve city</td><td>57</td><td>1,224</td><td>217</td><td>1,117</td><td>1,185</td><td>479</td><td>4,278</td></tr><tr><td>Country</td><td>11</td><td>732</td><td>126</td><td>622</td><td>816</td><td>329</td><td>2,636</td></tr><tr><td>Total member banks</td><td>286</td><td>3,389</td><td>727</td><td>2,453</td><td>2,888</td><td>1,140</td><td>10,882</td></tr></table>
<table><tr><th></th><th>RFC</th><th>HOLC</th><th>FFMC</th><th>Other</th><th>Total</th></tr><tr><td>National banks</td><td>257</td><td>843</td><td>339</td><td>94</td><td>1,533</td></tr><tr><td>State member banks</td><td>170</td><td>481</td><td>94</td><td>62</td><td>807</td></tr><tr><td>Total member banks</td><td>427</td><td>1,324</td><td>434</td><td>156</td><td>2,340</td></tr><tr><td>Nonmember insured commercial banks</td><td>8</td><td>135</td><td>69</td><td>14</td><td>226</td></tr><tr><td>Total - all operating insured commercial banks</td><td>435</td><td>1,459</td><td>503</td><td>170</td><td>2,567</td></tr><tr><td>Member banks:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>New York City</td><td>235</td><td>505</td><td>98</td><td>56</td><td>894</td></tr><tr><td>Chicago</td><td>80</td><td>11</td><td>5</td><td>13</td><td>109</td></tr><tr><td>Reserve city</td><td>65</td><td>451</td><td>166</td><td>58</td><td>740</td></tr><tr><td>Country</td><td>47</td><td>358</td><td>164</td><td>28</td><td>597</td></tr><tr><td>Total member banks</td><td>427</td><td>1,324</td><td>434</td><td>156</td><td>2,340</td></tr></table>
(By percent of privately held marketable supply)
<table><tr><th></th><th>Bill e</th><th>Notee</th><th colspan="4">Bonde maturing</th><th>Total</th></tr><tr><th></th><th></th><th></th><th>1939 - 43</th><th>1944 - 48</th><th>1949 - 58</th><th>1959 - 65</th><th></th></tr><tr><td>National banks</td><td>17</td><td>30</td><td>30</td><td>22</td><td>24</td><td>17</td><td>24</td></tr><tr><td>State member banks</td><td>22</td><td>16</td><td>16</td><td>14</td><td>9</td><td>9</td><td>13</td></tr><tr><td>Total member banks</td><td>39</td><td>47</td><td>46</td><td>36</td><td>33</td><td>26</td><td>37</td></tr><tr><td>Nonmember insured commercial banks</td><td>1</td><td>4</td><td>3</td><td>3</td><td>4</td><td>4</td><td>3</td></tr><tr><td>Total - all operating insured commercial banks</td><td>39</td><td>50</td><td>49</td><td>38</td><td>36</td><td>30</td><td>40</td></tr><tr><td>Member banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>New York City</td><td>21</td><td>16</td><td>22</td><td>9</td><td>6</td><td>4</td><td>10</td></tr><tr><td>Chicago</td><td>8</td><td>4</td><td>2</td><td>2</td><td>4</td><td>3</td><td>3</td></tr><tr><td>Reserve city</td><td>8</td><td>17</td><td>14</td><td>17</td><td>13</td><td>11</td><td>14</td></tr><tr><td>Country</td><td>1</td><td>10</td><td>8</td><td>8</td><td>9</td><td>7</td><td>9</td></tr><tr><td>Total member banks</td><td>39</td><td>47</td><td>46</td><td>36</td><td>33</td><td>26</td><td>37</td></tr></table>
1/ Figures are rounded to nearest million, and will not necessarily add to totals.
2/ The percentage figures are only roughly accurate because (1) the book value of bank holdings is somewhat greater than their par value, yet they are here given as percentages of the total par amount of the privately held marketable supply in each category; and (2) the deductions required to eliminate bank holdings of U. S. Savings bonds (which are not part of the marketable supply) were estimated.
Note: Excludes holdings of 6 National banks located in U. S. possessions and 12 non-member insured Commercial banks.
(By percent of privately held marketable supply) 2/
<table><tr><th></th><th>RFC</th><th>HOLC</th><th>FTMC</th><th>Other</th><th>Total</th></tr><tr><td>National banks</td><td>51</td><td>31</td><td>27</td><td>46</td><td>33</td></tr><tr><td>State member banks</td><td>34</td><td>18</td><td>8</td><td>30</td><td>17</td></tr><tr><td>Total member banks</td><td>84</td><td>49</td><td>35</td><td>76</td><td>50</td></tr><tr><td>Nonmember insured commercial banks</td><td>2</td><td>5</td><td>6</td><td>7</td><td>5</td></tr><tr><td>Total - all operating insured commercial banks</td><td>86</td><td>54</td><td>40</td><td>83</td><td>55</td></tr><tr><td>Member banks:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>New York City</td><td>46</td><td>19</td><td>8</td><td>27</td><td>19</td></tr><tr><td>Chicago</td><td>16</td><td>-</td><td>-</td><td>6</td><td>2</td></tr><tr><td>Reserve city</td><td>13</td><td>17</td><td>13</td><td>28</td><td>16</td></tr><tr><td>Country</td><td>9</td><td>13</td><td>13</td><td>14</td><td>13</td></tr><tr><td>Total member banks</td><td>84</td><td>49</td><td>35</td><td>76</td><td>50</td></tr></table>
1/ Figures are rounded to nearest million, and will not necessarily add to totals.
2/ The percentage figures are only roughly accurate because the book value of bank holdings is somewhat greater than their par value, yet they are here given as percentages of the total par amount of the privately held marketable supply in each category.
Note: Excludes holdings of 6 National banks located in U. S. possessions and 12 non-member insured Commercial banks.
Privately Held Marketable Supply of Direct and Guaranteed Government Obligations, Dec. 31, 1938
Direct Government Obligations Securities Guaranteed by the United States
(In millions of dollars) (In millions of dollars)
<table><tr><th></th><th>Bille</th><th>Notes</th><th colspan="4">Bonde maturing</th><th>Total</th></tr><tr><th></th><th></th><th></th><th>1939 - 43</th><th>1944 - 48</th><th>1949 - 58</th><th>1959 - 65</th><th></th></tr><tr><td>Privately held marketable supply..</td><td>740</td><td>7,265</td><td>1,580</td><td>6,695</td><td>8,843</td><td>4,443</td><td>29,566</td></tr></table>
<table><tr><th></th><th>RFC</th><th>BOLG</th><th>FTMO</th><th>Other</th><th>Total</th></tr><tr><td>Privately held marketable supply...</td><td>506</td><td>2,701</td><td>1,253</td><td>206</td><td>4,666</td></tr></table>
* The "privately held marketable supply" includes all interest-bearing obligations except U. S. Savings bonds, Adjusted Service bonds, and securities held by the Federal Reserve banks and Federal governmental corporations, credit agencies and trust funds.
24
Amount of Interest-Bearing Debt Outstanding, the Computed Annual Interest Charge and the Computed Rate of Interest
Comparative Yields of Average of All Long-Term U.S. Treasury Bonds and Average of High-Grade Corporate Bonds
<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>$971,562,590</td><td>$23,084,635</td><td>2.376</td></tr><tr><td>1917-June</td><td>2,712,549,476</td><td>83,625,482</td><td>3.120</td></tr><tr><td>1918-June</td><td>11,985,582,436</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>18,250,943,965</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>16,519,586,640</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>Aug.</td><td>37,051,561,281</td><td>956,207,791</td><td>2.581</td></tr><tr><td>Sept.</td><td>37,849,982,493</td><td>977,274,331</td><td>2.582</td></tr><tr><td>Oct.</td><td>37,896,865,589</td><td>978,604,732</td><td>2.582</td></tr><tr><td>Nov.</td><td>38,068,027,769</td><td>982,917,804</td><td>2.582</td></tr><tr><td>Dec.</td><td>38,898,851,391</td><td>1,005,833,188</td><td>2.586</td></tr><tr><td>1939-Jan.</td><td>39,097,833,713</td><td>1,011,231,467</td><td>2.585</td></tr><tr><td>Feb.</td><td>39,325,527,811</td><td>1,017,225,042</td><td>2.587</td></tr></table>
NOTE: On basis of Public Debt Statements through June 30, 1937; remainder on basis of daily Treasury statements unreviced. "Interest-Bearing Debt" figures include discount on Treasury Bills, amount being deducted prior to calculating the average interest rate.
<table><tr><th>Date</th><th>Long-term Treasury 1/</th><th>Corporate rates 2/</th><th>Corporate rates, excluding rails 3/</th><th colspan="2">Spread between long-term Treasury and corporates</th></tr><tr><th></th><th></th><th></th><th></th><th>Including rails</th><th>Excluding rails</th></tr><tr><td>Monthly averages of daily figures 1/</td><td></td><td></td><td></td><td></td><td></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><tr><td>1939-Jan......</td><td>2.47</td><td>3.00</td><td>2.86</td><td>.53</td><td>.39</td></tr><tr><td>Feb.........</td><td>2.44</td><td>2.98</td><td>2.86</td><td>.54</td><td>.42</td></tr><tr><td>Weekly figures of Saturday closing prices 2/</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Feb. 4.........</td><td>2.44</td><td>2.99</td><td>2.85</td><td>.55</td><td>.41</td></tr><tr><td>Feb. 11.........</td><td>2.44</td><td>2.98</td><td>2.85</td><td>.54</td><td>.41</td></tr><tr><td>Feb. 18.........</td><td>2.43</td><td>2.98</td><td>2.85</td><td>.55</td><td>.42</td></tr><tr><td>Feb. 25.........</td><td>2.43</td><td>2.98</td><td>2.86</td><td>.55</td><td>.43</td></tr><tr><td>Mar. 1.........</td><td>2.38</td><td>2.97</td><td>2.85</td><td>.59</td><td>.47</td></tr><tr><td>Mar. 11.........</td><td>2.33</td><td>2.96</td><td>2.84</td><td>.63</td><td>.51</td></tr></table>
NOTE: Monthly figures for 1937 in January bulletin, Page 15. 1/ Average of Treasury bonds due or callable after twelve years. 2/ Average of 20 bonds. 3/ Average of 15 bonds. 4/ January 1938 through April 1938, monthly average of Saturday figures. 5/ Or the most recent sale if there was no sale on Saturday.
COMPARATIVE YIELDS OF AVERAGE OF ALL LONG TERM U.S. TREASURY AND AVERAGE OF HIGH GRADE CORPORATE BONDS
Yields Based on Saturday Quotations
*Break in line indicates change in composition of Long Term Treasury average.
YIELDS OF TREASURY BONDS AND NOTES MAR. 15, 1939
Based on Closing Prices
Note: For callable bonds, yields are computed to, and issues plotted as of, the earliest call date if the bond is selling above par, and as of the final maturity date if the bond is selling below par. The smooth curves are fitted by eye. Dollar amounts shown in descriptions of issues are in millions.
(3) Issues for which an exchange offer has been made and has expired are excluded
の
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES
-27-
28
Governmental Corporations and Credit Agencies of the United States: Jan. 31, 1939
(Compiled From Latest Reports Received From These Agencies) (In millions of dollars)
Proprietary Interest of the United States in Governmental Corporations and Lending Agencies: Jan. 31, 1939
(Compiled From Latest Reports Received From These Agencies) (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>1,876.1</td><td>509.8</td><td>99.5</td><td>-</td><td>1,266.8</td></tr><tr><td>Commodity Credit Corp.</td><td>391.8</td><td>206.5</td><td>75.3</td><td>-</td><td>110.0</td></tr><tr><td>Export-Import Bank of Washington</td><td>48.4</td><td>-</td><td>.7</td><td>-</td><td>47.7</td></tr><tr><td>Federal Crop Insurance Corp.</td><td>6.9</td><td>-</td><td>.1</td><td>-</td><td>6.8</td></tr><tr><td>Federal Deposit Insurance Corp.</td><td>461.8</td><td>-</td><td>172.5</td><td>139.3</td><td>150.0</td></tr><tr><td>Tennessee Valley Authority</td><td>235.0</td><td>-</td><td>8.7</td><td>-</td><td>226.3</td></tr><tr><td>Public Works Administration</td><td>37.2</td><td>-</td><td>-</td><td>-</td><td>37.2</td></tr><tr><td>United States Maritime Commission</td><td>219.5</td><td>-</td><td>126.1</td><td>-</td><td>93.4</td></tr><tr><td>Rural Electrification Admin.</td><td>55.6</td><td>-</td><td>-</td><td>-</td><td>25.6</td></tr><tr><td>Home Owners' Loan Corp.</td><td>3,082.3</td><td>2,911.0</td><td>106.9</td><td>-</td><td>64.4</td></tr><tr><td>Federal Savings & Loan Insurance Corp.</td><td>117.4</td><td>-</td><td>1.2</td><td>-</td><td>116.2</td></tr><tr><td>Federal Savings & Loan Assn.</td><td>47.1</td><td>-</td><td>-</td><td>-</td><td>47.1</td></tr><tr><td>Federal Home Loan Banks</td><td>284.8</td><td>-</td><td>113.9</td><td>46.2</td><td>124.7</td></tr><tr><td>Federal Housing Admin.</td><td>39.8</td><td>1.4</td><td>1.2</td><td>-</td><td>37.2</td></tr><tr><td>United States Housing Authority</td><td>171.8</td><td>-</td><td>2.3</td><td>-</td><td>169.5</td></tr><tr><td>Farm Credit Administration</td><td>124.6</td><td>-</td><td>5.7</td><td>-</td><td>118.9</td></tr><tr><td>Federal Farm Mortgage Corp.</td><td>1,608.6</td><td>1,391.4</td><td>45.3</td><td>-</td><td>171.9</td></tr><tr><td>Federal Land Banks</td><td>2,332.3</td><td>-</td><td>1,818.4</td><td>193.3</td><td>320.6</td></tr><tr><td>Federal Intermediate Credit Banks</td><td>271.4</td><td>-</td><td>175.7</td><td>-</td><td>95.7</td></tr><tr><td>Bank for Cooperatives</td><td>183.8</td><td>-</td><td>3.3</td><td>3.9</td><td>181.6</td></tr><tr><td>Production Credit Corp.</td><td>122.3</td><td>-</td><td>.3</td><td>-</td><td>122.0</td></tr><tr><td>Regional Agricultural Credit Corps.</td><td>21.8</td><td>-</td><td>3.3</td><td>-</td><td>18.5</td></tr><tr><td>War emergency corps. & agencies (in liquidation):</td><td></td><td></td><td></td><td></td><td></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 Admin.</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>United States Spruce Products Corp.</td><td>.7</td><td>-</td><td>-</td><td>-</td><td>.7</td></tr><tr><td>War Finance Corp.</td><td>1/</td><td>-</td><td>1/</td><td>-</td><td>1/</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Disaster Loan Corp.</td><td>11.1</td><td>-</td><td>1/</td><td>-</td><td>11.1</td></tr><tr><td>Electric Home and Farm Authority</td><td>8.1</td><td>-</td><td>7.2</td><td>-</td><td>.9</td></tr><tr><td>Farm Security Administration</td><td>186.4</td><td>-</td><td>-</td><td>-</td><td>186.4</td></tr><tr><td>Federal National Mortgage Assn.</td><td>98.7</td><td>-</td><td>86.9</td><td>-</td><td>11.8</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>7.3</td><td>-</td><td>.2</td><td>-</td><td>7.1</td></tr><tr><td>Interior Department (Indian loans)</td><td>2.2</td><td>-</td><td>-</td><td>-</td><td>2.2</td></tr><tr><td>Inland Waterways Corp.</td><td>26.0</td><td>-</td><td>1.0</td><td>-</td><td>25.0</td></tr><tr><td>Panama Railroad Co.</td><td>45.4</td><td>-</td><td>.9</td><td>-</td><td>45.4</td></tr><tr><td>Puerto Rico Reconstruction Admin.</td><td>4.6</td><td>-</td><td>-</td><td>-</td><td>4.6</td></tr><tr><td>R F C Mortgage Company</td><td>59.3</td><td>-</td><td>1.5</td><td>-</td><td>57.8</td></tr><tr><td>Tennessee Valley Assn. Cooperatives, Inc.</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>Treasury Department: 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 Reconstruction Finance Corp. under Act of Feb. 24, 1938</td><td>2.6</td><td>-</td><td>-</td><td>-</td><td>2.6</td></tr><tr><td>Total</td><td>12,275.9</td><td>5,020.1</td><td>2,858.1</td><td>382.7</td><td>4,015.0</td></tr></table>
<table><tr><th></th><th>Capital Stock</th><th>Surplus</th><th>Inter-agency Transactions</th><th>Total Proprietary Interest</th></tr><tr><td>Stock:</td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corp....</td><td>500.0</td><td>218.0</td><td>160.9 2/</td><td>557.1</td></tr><tr><td>Commodity Credit Corp........</td><td>100.0</td><td>-</td><td>-</td><td>100.0</td></tr><tr><td>Export-Import Bank of Washington......</td><td>46.0</td><td>1.7</td><td>-</td><td>47.7</td></tr><tr><td>Federal Crop Insurance Corp.....</td><td>5.0</td><td>1.8</td><td>-</td><td>6.8</td></tr><tr><td>Federal Deposit Insurance Corp</td><td>150.0</td><td>-</td><td>-</td><td>150.0</td></tr><tr><td>Home Owners' Loan Corp.........</td><td>200.0</td><td>48.6 3/</td><td>100.0 2/</td><td>51.4</td></tr><tr><td>Federal Savings and Loan Insurance Corp.........</td><td>100.0</td><td>16.2</td><td>-</td><td>116.2</td></tr><tr><td>Federal Savings and Loan Asen.</td><td>47.1</td><td>-</td><td>-</td><td>47.1</td></tr><tr><td>Federal Home Loan Banks.........</td><td>124.7</td><td>-</td><td>-</td><td>124.7</td></tr><tr><td>U. S. Housing Authority.........</td><td>1.0</td><td>143.5</td><td>-</td><td>144.5</td></tr><tr><td>Federal Farm Mortgage Corp.........</td><td>200.0</td><td>-</td><td>28.1 2/</td><td>171.9</td></tr><tr><td>Federal Land Banks.............</td><td>124.9</td><td>183.7</td><td>12.0</td><td>320.6</td></tr><tr><td>Federal Intermediate Credit Banks.........</td><td>70.0</td><td>46.7</td><td>21.0 2/</td><td>95.7</td></tr><tr><td>Banksfor Cooperatives.........</td><td>149.0</td><td>11.6</td><td>21.0</td><td>181.6</td></tr><tr><td>Production Credit Corps.........</td><td>120.0</td><td>2.0</td><td>-</td><td>122.0</td></tr><tr><td>Regional Agricultural Credit Corp.........</td><td>5.0</td><td>13.5</td><td>-</td><td>18.5</td></tr><tr><td>U. S. Housing Corp.........</td><td>34.1</td><td>32.1 3/</td><td>-</td><td>2.0</td></tr><tr><td>U. S. Spruce Production Corp.</td><td>1/</td><td>.2</td><td>.4</td><td>.7</td></tr><tr><td>War Finance Corp.............</td><td>12.0</td><td>.9 3/</td><td>-</td><td>11.1</td></tr><tr><td>Diester Loan Corp............</td><td>12.0</td><td>.9 3/</td><td>-</td><td>11.1</td></tr><tr><td>Electric Home and Farm Authority.........</td><td>.9</td><td>1/</td><td>-</td><td>.9</td></tr><tr><td>Federal National Mortgage Asen.........</td><td>10.0</td><td>1.7</td><td>.1</td><td>11.8</td></tr><tr><td>Inland Waterways Corp.........</td><td>12.0</td><td>13.0</td><td>-</td><td>25.0</td></tr><tr><td>Panama Railroad Company.........</td><td>7.0</td><td>39.0</td><td>.6 2/</td><td>45.4</td></tr><tr><td>R F C Mortgage Company.........</td><td>25.0</td><td>.6</td><td>32.2</td><td>57.8</td></tr><tr><td>T V A Cooperatives, Inc.</td><td>1/</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>Total</td><td>2,043.8</td><td>611.9</td><td>244.9 2/</td><td>2,410.8</td></tr><tr><td>Non-Stock:</td><td></td><td></td><td></td><td></td></tr><tr><td>Tennessee Valley Authority.....</td><td></td><td></td><td></td><td>226.0</td></tr><tr><td>Public Worke Admn.........</td><td></td><td></td><td></td><td>37.2</td></tr><tr><td>U. S. Maritime Commission.....</td><td></td><td></td><td></td><td>93.4</td></tr><tr><td>Rural Electrification Admn.....</td><td></td><td></td><td></td><td>95.6</td></tr><tr><td>Federal Housing Admn.........</td><td></td><td></td><td></td><td>37.2</td></tr><tr><td>Farm Credit Admn.........</td><td></td><td></td><td></td><td>118.9</td></tr><tr><td>Navv Department (Sale of surplus war supplies).....</td><td></td><td></td><td></td><td>4.7</td></tr><tr><td>U. S. Railroad Admn.........</td><td></td><td></td><td></td><td>1.1</td></tr><tr><td>Farm Security Admn.........</td><td></td><td></td><td></td><td>186.4</td></tr><tr><td>Federal Prisons Industries,Inc Interior Department (Indian loans).....</td><td></td><td></td><td></td><td>7.1</td></tr><tr><td>Puerto Rico Reconstruction Admn.........</td><td></td><td></td><td></td><td>2.2</td></tr><tr><td>Railroad Loans (Transportation Act, 1920).........</td><td></td><td></td><td></td><td>4.6</td></tr><tr><td>Securities received from R F C (Act Feb. 24, 1938).....</td><td></td><td></td><td></td><td>30.2</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>846.2</td></tr><tr><td>Special Obligations Held by Treasury:</td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation.........</td><td></td><td></td><td></td><td>709.7</td></tr><tr><td>Commodity Credit Corp.........</td><td></td><td></td><td></td><td>10.0</td></tr><tr><td>Home Owners' Loan Corp.........</td><td></td><td></td><td></td><td>13.0</td></tr><tr><td>U. S. Housing Authority.........</td><td></td><td></td><td></td><td>25.0</td></tr><tr><td>Tennessee Valley Authority.....</td><td></td><td></td><td></td><td>.3</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>758.0</td></tr><tr><td>Grand Total</td><td></td><td></td><td></td><td>4,015.0</td></tr></table>
Excluding inter-agency transactions. 1/ Less than $100,000. 1/ Less than $100,000. 2/ Exceeds inter-agency assets (deduct) 3/ Deficit.
29
Statement of Sources of Funds of Certain Corporations and Agencies Maintaining Checking Accounts with the Treasurer of the United States: July 1, 1938 to Jan. 31, 1939
(Compiled from latest reports received by the Treasury)
<table><tr><th></th><th>Appropriations from general fund 1/</th><th>Allocations, rediscouts, and loans from other governmental corporations or agencies</th><th>Sale of obligations to Treasury (net)</th><th>Sale of obligations in the market (net)</th><th>Sale of stock to other agencies</th><th>Sale of other property acquired</th><th>Repayment of loans 2/</th><th>Interest dividends, assessments, and property income</th><th>Other receipts</th><th>Total sources of funds</th></tr><tr><td>Reconstruction Finance Corporation 3/</td><td></td><td>-$17,450,000</td><td>$153,029,112*</td><td>$265,698,333</td><td>-</td><td>$224,469</td><td>$210,031,244</td><td>$35,919,748</td><td>$16,361,136</td><td>$391,755,818</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>10,000,000</td><td>5,000*</td><td>-</td><td>-</td><td>29,699,838</td><td>799,648</td><td>569,491</td><td>41,063,977</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>2,450,000</td><td>-</td><td>-</td><td>$25,000,000</td><td>-</td><td>6,178,999</td><td>898,855</td><td>351,775</td><td>34,879,629</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>129,994</td><td>4,156,734</td><td>43,693,013</td><td>66,781</td><td>48,046,522</td></tr><tr><td>Rural Electrification Administration</td><td>$27,208,532</td><td>10,543,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>188,979</td><td>437,632</td><td>9,605</td><td>38,387,748</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-</td><td>-</td><td>2,000,000*</td><td>-</td><td>-</td><td>14,193,893</td><td>94,068,459</td><td>84,934,978</td><td>31,201</td><td>191,228,531</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,034,594</td><td>119</td><td>3,034,713</td></tr><tr><td>Federal home-loan banks</td><td>-</td><td>-</td><td>-</td><td>14,954,845</td><td>-</td><td>-</td><td>61,073,689</td><td>3,954,822</td><td>3,654,184</td><td>83,637,540</td></tr><tr><td>United States Housing Authority</td><td>7,240,492</td><td>-</td><td>21,000,000</td><td>-</td><td>-</td><td>-</td><td>345,743</td><td>1,904,649</td><td>3,606</td><td>30,494,490</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>-</td><td>-</td><td>27,000,000*</td><td>-</td><td>-</td><td>39,833,927</td><td>39,494,562</td><td>1,233,787</td><td>53,562,276</td></tr><tr><td>Central Bank for Cooperatives</td><td>-</td><td>17,729,949</td><td>-</td><td>-</td><td>67,600</td><td>-</td><td>19,220,624</td><td>761,472</td><td>91,105</td><td>37,870,750</td></tr><tr><td>Disaster Loan Corporation</td><td>2,000,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>748,363</td><td>91,118</td><td>21,863</td><td>2,861,314</td></tr><tr><td>Electric Home and Farm Authority</td><td>-</td><td>-</td><td>-</td><td>908,253</td><td>-</td><td>-</td><td>2,309,593</td><td>381,132</td><td>39,196</td><td>3,638,174</td></tr><tr><td>Total</td><td>36,449,024</td><td>48,172,949</td><td>124,929,112*</td><td>254,556,431</td><td>25,067,600</td><td>14,548,356</td><td>467,856,192</td><td>216,306,223</td><td>22,433,849</td><td>960,461,512</td></tr></table>
*Excess of retirements (deduct). 1/ This is the only item in this statement which constitutes a charge against the Federal Budget. Includes items chargeable to general fund under section 1 of Public No. 432, approved Feb. 24, 1938. 2/ Receipts from sale of property acquired in liquidation of loans are shown under "Sale of other property acquired." 3/ Includes Federal National Mortgage Association and R F C Mortgage Co.
Statement of Uses of Funds of Certain Corporations and Agencies Maintaining Checking Accounts with the Treasurer of the United States: July 1, 1938 to Jan. 31, 1939
(Compiled from latest reports received by the Treasury - Expenditures on baile of checks issued)
<table><tr><th></th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgages 1/</th><th>Investments (net)</th><th>Allocations, rediscounts, and loans to other governmental corporations or agencies</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total uses of funds</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>$5,959,439</td><td>$1,634,222</td><td>-</td><td>$269,957,993</td><td>-</td><td>$25,000,000</td><td>$40,993,000</td><td>$15,286,595</td><td>$292,932</td><td>$359,124,181</td></tr><tr><td>Commodity Credit Corporation</td><td>442,960</td><td>-</td><td>-</td><td>160,722,207</td><td>-</td><td>-</td><td>-</td><td>1,888,550</td><td>284,764</td><td>163,338,481</td></tr><tr><td>Export-Import Bank of Washington</td><td>30,090</td><td>39</td><td>-</td><td>19,296,364</td><td>-</td><td>-</td><td>17,450,000</td><td>-</td><td>50,353</td><td>36,826,846</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>1,829,067</td><td>-</td><td>-</td><td>4,870,732</td><td>-</td><td>30,000,000</td><td>-</td><td>1,764,516</td><td>91,995</td><td>38,556,311</td></tr><tr><td>Rural Electrification Administration</td><td>1,228,631</td><td>-</td><td>-</td><td>34,384,037</td><td>-</td><td>-</td><td>-</td><td>-</td><td>57,898</td><td>35,670,565</td></tr><tr><td>Home Owners' Loan Corporation</td><td>14,879,490</td><td>18,581,320</td><td>19,202,345</td><td>17,183,510</td><td>49,680,250</td><td>2,829,700</td><td>-</td><td>46,672,968</td><td>9,732,547</td><td>178,567,730</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>121,840</td><td>4,257</td><td>-</td><td>-</td><td>-</td><td>2,809,925</td><td>-</td><td>-</td><td>29,331</td><td>2,965,353</td></tr><tr><td>Federal home-loan banks</td><td>778,163</td><td>-</td><td>-</td><td>43,700,342</td><td>-</td><td>12,329,660</td><td>-</td><td>3,125,653</td><td>4,118</td><td>59,937,536</td></tr><tr><td>United States Housing Authority</td><td>1,454,711</td><td>1,556,574</td><td>4,675,993</td><td>21,229,517</td><td>-</td><td>850,000</td><td>-</td><td>43,868</td><td>3,157</td><td>29,813,820</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>4,762,358</td><td>612,604</td><td>1,504,839</td><td>14,086,988</td><td>-</td><td>16,075,000*</td><td>-</td><td>23,836,771</td><td>3,059,463</td><td>31,738,023</td></tr><tr><td>Central Bank for Cooperatives</td><td>72,200</td><td>-</td><td>-</td><td>24,913,654</td><td>-</td><td>2,526,500*</td><td>13,244,132</td><td>169,252</td><td>194,150</td><td>36,066,888</td></tr><tr><td>Disaster Loan Corporation</td><td>334,650</td><td>-</td><td>-</td><td>2,687,826</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,022,476</td></tr><tr><td>Electric Home and Farm Authority</td><td>200,199</td><td>87,802</td><td>-</td><td>3,354,938</td><td>-</td><td>-</td><td>-</td><td>37,446</td><td>18,604</td><td>3,698,989</td></tr><tr><td>Total</td><td>32,093,798</td><td>22,276,818</td><td>25,383,777</td><td>616,393,108</td><td>49,680,250</td><td>55,217,785</td><td>71,687,132</td><td>92,825,619</td><td>13,819,313</td><td>979,377,600</td></tr></table>
*Excess of sales over purchases (deduct).
1/ Receipts received in payment of mortgages appear under "Repayment of loans" in statement of sources of funds.
2/ Includes Federal National Mortgage Association and R F C Mortgage Co.
30
Statement of Sources of Funds of Certain Governmental Corporations and Agencies from Inception of Organization to Jan. 31, 1939
(Compiled from latest reports received by the Treasury)
<table><tr><th></th><th>Appropriations from general fund 1/</th><th>Allocations, rediscoumtes, and loans from other governmental corporations or agencies</th><th>Sale of obligations to Treasury (net)</th><th>Sale of obligations in the market (net)</th><th>Sale of stock to other agencies</th><th>Sale of other property acquired</th><th>Repayment of loans 2/</th><th>Interests, dividends, assessments, and property income</th><th>Other receipts</th><th>Total, sources of funds</th></tr><tr><td>Reconstruction Finance Corporation 3/...</td><td>$500,000,000</td><td>$39,752,794</td><td>$709,763,054</td><td>$594,319,000</td><td>-</td><td>$2,400,101</td><td>$4,487,037,847</td><td>$469,353,549</td><td>$52,731,504</td><td>$6,855,357,849</td></tr><tr><td>Commodity Credit Corporation......</td><td>194,285,405</td><td>-</td><td>10,000,000</td><td>206,174,000</td><td>-</td><td>-</td><td>513,045,013</td><td>8,424,035</td><td>967,855</td><td>932,896,308</td></tr><tr><td>Export-Import Bank of Washington....</td><td>1,000,000</td><td>2,792,500</td><td>-</td><td>-</td><td>$45,000,000</td><td>-</td><td>26,089,424</td><td>2,990,106</td><td>381,110</td><td>78,253,140</td></tr><tr><td>Federal Deposit Insurance Corporation......</td><td>150,000,000</td><td>-</td><td>-</td><td>-</td><td>139,299,557</td><td>-</td><td>11,509,893</td><td>185,167,428</td><td>1,978,450</td><td>487,955,328</td></tr><tr><td>Rural Electrification Administration....</td><td>56,139,313</td><td>47,697,575</td><td>-</td><td>-</td><td>-</td><td>-</td><td>240,423</td><td>611,995</td><td>10,786</td><td>104,700,092</td></tr><tr><td>Home Owners' Loan Corporation......</td><td>-</td><td>-</td><td>13,000,000</td><td>127,453,550 4/</td><td>200,000,000</td><td>26,612,528</td><td>526,588,699</td><td>584,646,999</td><td>3,776,378</td><td>4,482,078,154</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>100,000,000</td><td>-</td><td>-</td><td>19,714,582</td><td>31,043</td><td>119,745,630</td></tr><tr><td>United States Housing Authority</td><td>29,379,849</td><td>-</td><td>25,000,000</td><td>-</td><td>-</td><td>-</td><td>637,824</td><td>4,153,683</td><td>5,407</td><td>59,176,763</td></tr><tr><td>Disaster Loan Corporation......</td><td>12,000,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,781,105</td><td>188,784</td><td>44,561</td><td>14,014,450</td></tr><tr><td>Central Bank for Cooperatives....</td><td>50,000,000</td><td>62,008,778</td><td>-</td><td>-</td><td>565,900</td><td>-</td><td>147,258,384</td><td>7,777,674</td><td>2,211,344</td><td>269,822,030</td></tr><tr><td>Total......</td><td>992,804,567</td><td>152,251,647</td><td>757,763,054</td><td>3,927,946,550</td><td>484,865,457</td><td>29,012,629</td><td>5,714,188,612</td><td>1,283,028,835</td><td>62,138,443</td><td>13,403,999,794</td></tr></table>
1/ This is the only item in this statement which constitutes a charge against the Federal Budget. Includes items chargeable to general fund under section I of Public No. 432, approved Feb. 24, 1938.
2/ Receipts from sale of property acquired in liquidation of loans are shown as "Sale of Other Property Acquired."
3/ Includes Federal National Mortgage Association and RFC Mortgage Company.
4/ Retirement of these obligations shown as "Retirement of Obligations Issued in Exchange for Mortgages" in statement of uses of funds.
Statement of Uses of Funds of Certain Governmental Corporations and Agencies from Inception of Organization to Jan. 31, 1939
(Compiled from latest reports received by the Treasury - Expenditures on books of checks issued.)
<table><tr><th rowspan="2"></th><th colspan="2">Expenses</th><th rowspan="2">Purchase and improvement of property owned</th><th rowspan="2">Loans</th><th rowspan="2">Retirement of obligations issued in exchange for mortgages 1/</th><th rowspan="2">Investments (net) 3/</th><th rowspan="2">Allocations, rediscouts, and loans from other governmental corporations or agencies</th><th rowspan="2">Interest and dividends paid</th><th rowspan="2">Other expenditures</th><th rowspan="2">Total, nase of funds</th></tr><tr><th>Administrative</th><th>Nonadministrative</th></tr><tr><td>Reconstruction Finance Corporation 2/...</td><td>$63,962,692</td><td>$4,936,737</td><td></td><td>$6,438,150,966</td><td>-</td><td>$45,000,000</td><td>$78,492,500</td><td>$219,414,706</td><td>$469,026</td><td>$6,850,426,627</td></tr><tr><td>Commodity Credit Corporation......</td><td>2,497,204</td><td>-</td><td></td><td>899,588,203</td><td>-</td><td>-</td><td>-</td><td>16,676,965</td><td>345,732</td><td>919,108,104</td></tr><tr><td>Export-Import Bank of Washington....</td><td>160,697</td><td>174</td><td></td><td>52,451,058</td><td>-</td><td>-</td><td>22,792,500</td><td>1,206,164</td><td>1,137,954</td><td>77,748,547</td></tr><tr><td>Federal Deposit Insurance Corporation......</td><td>15,246,490</td><td>-</td><td>$911,930</td><td>38,013,796</td><td>-</td><td>382,403,291</td><td>-</td><td>21,050,144</td><td>414,581</td><td>458,040,232</td></tr><tr><td>Rural Electrification Administration...</td><td>4,583,200</td><td>-</td><td>-</td><td>94,424,847</td><td>-</td><td>-</td><td>2,425</td><td>547,712</td><td>74,151</td><td>99,632,335</td></tr><tr><td>Home Owners' Loan Corporation......</td><td>164,216,721</td><td>42,193,336</td><td>86,497,177</td><td>3,150,818,186</td><td>$239,139,950</td><td>315,656,335</td><td>-</td><td>329,303,863</td><td>12,574,602</td><td>4,340,400,170</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>684,523</td><td>4,810</td><td>-</td><td>-</td><td>-</td><td>115,689,686</td><td>-</td><td>3,035,326</td><td>143,881</td><td>119,558,226</td></tr><tr><td>United States Housing Authority</td><td>2,868,038</td><td>2,414,099</td><td>25,484,767</td><td>24,617,467</td><td>-</td><td>850,000</td><td>-</td><td>45,263</td><td>4,408</td><td>56,284,042</td></tr><tr><td>Disaster Loan Corporation......</td><td>1,199,770</td><td>29,090</td><td>-</td><td>9,561,545</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,305</td><td>10,791,710</td></tr><tr><td>Central Bank for Cooperatives.....</td><td>558,832</td><td>-</td><td>-</td><td>174,312,584</td><td>-</td><td>38,548,000</td><td>46,786,094</td><td>390,384</td><td>2,619,619</td><td>263,215,513</td></tr><tr><td>Total......</td><td>255,978,167</td><td>49,578,246</td><td>112,893,874</td><td>10,881,938,652</td><td>239,139,950</td><td>898,147,312</td><td>148,073,519</td><td>591,670,527</td><td>17,785,259</td><td>13,195,205,506</td></tr></table>
1/ Receipts received in payment of mortgages appear under "Repayment of Loans" in statement of sources of funds.
2/ Includes Federal National Mortgage Association and RFC Mortgage Company.
3/ Includes U. S. Government Bonds in the amount of $278,321,255, as follows:- Federal Deposits Insurance Corp., $240,901,579; Home Owners' Loan Corp. $1,100,000 included in the Bond Redemption Sinking Fund maintained with the Treasurer U. S.; Federal Savings and Loan Insurance Corp. $11,321,676; U. S. Housing Authority $350,000 and Bank for Cooperatives $24,148,000.
31
Principal of Outstanding Obligations Guaranteed by the United States
(In millions of dollars - compiled from reports received by the Treasury)
<table><tr><th>End of month</th><th>Total</th><th>Commodity Credit Corporation notes</th><th>Federal Farm Mortgage Corporation bonds</th><th>Federal Housing Administration debentures</th><th>Home Owners' Loan Corporation bonds</th><th>Reconstruction Finance Corporation notes</th></tr><tr><td>1934-June</td><td>680.7</td><td>-</td><td>311.6</td><td>-</td><td>134.3</td><td>234.8</td></tr><tr><td>1935-June</td><td>4,122.7</td><td>-</td><td>1,225.6</td><td>-</td><td>2,647.3</td><td>209.8</td></tr><tr><td>1936-June</td><td>4,718.0</td><td>-</td><td>1,422.2</td><td>-</td><td>3,044.2</td><td>251.6</td></tr><tr><td>1937-June</td><td>4,664.6</td><td>-</td><td>1,422.2</td><td>.1</td><td>2,987.1</td><td>255.2</td></tr><tr><td>1938-June</td><td>4,852.7</td><td>206.2</td><td>1,409.8</td><td>.6</td><td>2,937.2</td><td>298.9</td></tr><tr><td>1938-Jan</td><td>4,645.7</td><td>-</td><td>1,409.9</td><td>.3</td><td>2,937.2</td><td>298.3</td></tr><tr><td>Feb</td><td>4,645.9</td><td>-</td><td>1,409.9</td><td>.3</td><td>2,937.2</td><td>298.5</td></tr><tr><td>Mar</td><td>4,646.2</td><td>-</td><td>1,409.9</td><td>.4</td><td>2,937.2</td><td>298.7</td></tr><tr><td>Apr</td><td>4,646.8</td><td>-</td><td>1,409.9</td><td>.5</td><td>2,937.2</td><td>299.2</td></tr><tr><td>May</td><td>4,852.3</td><td>206.2</td><td>1,409.8</td><td>.5</td><td>2,937.2</td><td>298.6</td></tr><tr><td>June</td><td>4,852.7</td><td>206.2</td><td>1,409.8</td><td>.6</td><td>2,937.2</td><td>298.9</td></tr><tr><td>July</td><td>5,064.2</td><td>206.2</td><td>1,409.8</td><td>.6</td><td>2,937.2</td><td>510.4</td></tr><tr><td>Aug</td><td>5,015.0</td><td>206.2</td><td>1,409.8</td><td>.9</td><td>2,887.6</td><td>510.5</td></tr><tr><td>Sept</td><td>5,009.4</td><td>206.2</td><td>1,404.2</td><td>.9</td><td>2,887.6</td><td>510.5</td></tr><tr><td>Oct</td><td>5,000.5</td><td>206.2</td><td>1,395.1</td><td>1.1</td><td>2,887.6</td><td>510.5</td></tr><tr><td>Nov</td><td>4,993.3</td><td>206.2</td><td>1,387.8</td><td>1.2</td><td>2,887.6</td><td>510.5</td></tr><tr><td>Dec</td><td>4,991.9</td><td>206.2</td><td>1,387.8</td><td>1.3</td><td>2,887.6</td><td>509.0</td></tr><tr><td>1939-Jan</td><td>4,987.3</td><td>206.2</td><td>1,382.7</td><td>1.4</td><td>2,887.9*</td><td>509.1</td></tr></table>
Preliminary
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES
- 32 -
33
Summary Table - Change in Short-Term Foreign Liabilities and Assets by Classifications and Countries During 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-land</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 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><td></td></tr><tr><td>Dec. 29, 1937</td><td>261,457</td><td>143,867</td><td>38,952</td><td>25,655</td><td>89,115</td><td>302,075</td><td>155,933</td><td>1,017,114</td><td>175,587</td><td>280,866</td><td>236,029</td><td>19,991</td><td>1,729,587</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>438,805</td><td>190,899</td><td>19,883</td><td>22,574</td><td>98,380</td><td>217,353</td><td>249,908</td><td>1,237,802</td><td>235,196</td><td>254,872</td><td>243,686</td><td>32,376</td><td>2,003,932</td><td></td></tr><tr><td>Change 1/</td><td>+177,348</td><td>+47,032</td><td>-19,069</td><td>-3,081</td><td>+9,265</td><td>-84,722</td><td>+93,915</td><td>+220,688</td><td>+59,609</td><td>-25,994</td><td>+7,657</td><td>+12,385</td><td>+274,345</td><td></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><td></td></tr><tr><td>Dec. 29, 1937</td><td>207,364</td><td>138,517</td><td>38,525</td><td>24,313</td><td>86,808</td><td>301,465</td><td>154,949</td><td>951,941</td><td>174,829</td><td>280,526</td><td>219,559</td><td>19,739</td><td>1,646,604</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>357,633</td><td>187,156</td><td>19,340</td><td>22,326</td><td>97,097</td><td>217,099</td><td>248,285</td><td>1,148,936</td><td>233,193</td><td>254,524</td><td>231,966</td><td>31,944</td><td>1,900,563</td><td></td></tr><tr><td>Change 1/</td><td>+150,269</td><td>+48,639</td><td>-19,185</td><td>-1,987</td><td>+10,289</td><td>-84,366</td><td>+93,336</td><td>+196,995</td><td>+58,364</td><td>-26,002</td><td>+12,397</td><td>+12,205</td><td>+253,959</td><td></td></tr><tr><td>Deposits 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>Dec. 29, 1937</td><td>190,060</td><td>129,424</td><td>37,911</td><td>23,164</td><td>68,644</td><td>234,559</td><td>129,097</td><td>812,859</td><td>148,168</td><td>273,562</td><td>183,658</td><td>18,760</td><td>1,437,007</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>344,841</td><td>181,690</td><td>13,090</td><td>21,420</td><td>92,266</td><td>198,541</td><td>232,990</td><td>1,090,838</td><td>229,906</td><td>233,980</td><td>200,995</td><td>30,053</td><td>1,785,772</td><td></td></tr><tr><td>Change 1/</td><td>+154,781</td><td>+52,266</td><td>-18,821</td><td>-1,744</td><td>+23,622</td><td>-36,018</td><td>+103,893</td><td>+277,979</td><td>+81,738</td><td>-39,582</td><td>+17,337</td><td>+11,293</td><td>+348,765</td><td></td></tr><tr><td>Bills 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><td></td></tr><tr><td>Dec. 29, 1937</td><td>13,310</td><td>3,248</td><td>255</td><td>902</td><td>6,060</td><td>28,744</td><td>7,254</td><td>59,773</td><td>3,678</td><td>6,649</td><td>32,968</td><td>681</td><td>103,749</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>8,224</td><td>2,114</td><td>190</td><td>761</td><td>4,131</td><td>16,400</td><td>13,592</td><td>45,412</td><td>2,945</td><td>20,275</td><td>29,872</td><td>1,776</td><td>100,280</td><td></td></tr><tr><td>Change</td><td>-5,086</td><td>-1,134</td><td>-65</td><td>-141</td><td>-1,929</td><td>+12,314</td><td>+6,338</td><td>-14,361</td><td>-733</td><td>+13,626</td><td>-3,096</td><td>+1,095</td><td>-3,469</td><td></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><td></td></tr><tr><td>Dec. 29, 1937</td><td>392</td><td>3,801</td><td>-</td><td>-</td><td>10,380</td><td>35,011</td><td>17,051</td><td>66,635</td><td>22,650</td><td>30</td><td>-</td><td>-</td><td>89,315</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>12</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>21</td><td>-</td><td>15</td><td>-</td><td>-</td><td>36</td><td></td></tr><tr><td>Change</td><td>-380</td><td>-3,793</td><td>-</td><td>-</td><td>-10,380</td><td>-35,011</td><td>-17,050</td><td>-66,614</td><td>-22,650</td><td>-15</td><td>-</td><td>-</td><td>-89,279</td><td></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><td></td></tr><tr><td>Dec. 29, 1937</td><td>3,602</td><td>2,044</td><td>359</td><td>247</td><td>1,724</td><td>3,151</td><td>1,547</td><td>12,674</td><td>333</td><td>285</td><td>2,943</td><td>298</td><td>16,533</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>4,556</td><td>3,344</td><td>60</td><td>145</td><td>700</td><td>2,158</td><td>1,702</td><td>12,665</td><td>342</td><td>254</td><td>1,099</td><td>115</td><td>14,475</td><td></td></tr><tr><td>Change</td><td>+954</td><td>+1,300</td><td>-299</td><td>-102</td><td>-1,024</td><td>-993</td><td>+155</td><td>-9</td><td>+9</td><td>-31</td><td>-1,844</td><td>-133</td><td>-2,058</td><td></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><td></td></tr><tr><td>Dec. 29, 1937</td><td>54,093</td><td>5,350</td><td>427</td><td>1,342</td><td>2,307</td><td>610</td><td>1,044</td><td>65,173</td><td>758</td><td>340</td><td>16,460</td><td>252</td><td>82,983</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>81,172</td><td>3,743</td><td>543</td><td>248</td><td>1,283</td><td>254</td><td>1,623</td><td>88,866</td><td>2,003</td><td>348</td><td>11,720</td><td>432</td><td>103,369</td><td></td></tr><tr><td>Change</td><td>+27,079</td><td>-1,607</td><td>+116</td><td>-1,094</td><td>-1,024</td><td>-356</td><td>+579</td><td>+23,693</td><td>+1,245</td><td>+8</td><td>+4,740</td><td>+180</td><td>+20,386</td><td></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><td></td></tr><tr><td>Dec. 29, 1937</td><td>17,800</td><td>497</td><td>384</td><td>445</td><td>553</td><td>406</td><td>041</td><td>20,726</td><td>98</td><td>297</td><td>15,582</td><td>17</td><td>36,750</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>47,830</td><td>100</td><td>538</td><td>98</td><td>291</td><td>77</td><td>1,120</td><td>50,054</td><td>1,566</td><td>272</td><td>11,112</td><td>114</td><td>63,118</td><td></td></tr><tr><td>Change</td><td>+30,030</td><td>-397</td><td>+154</td><td>-347</td><td>-262</td><td>-329</td><td>+479</td><td>+29,328</td><td>+1,468</td><td>-25</td><td>-4,470</td><td>+67</td><td>+26,368</td><td></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><td></td></tr><tr><td>Dec. 29, 1937</td><td>30,410</td><td>4,484</td><td>-</td><td>780</td><td>1,704</td><td>43</td><td>61</td><td>37,482</td><td>223</td><td>6</td><td>36</td><td>26</td><td>37,713</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>27,704</td><td>3,407</td><td>-</td><td>30</td><td>825</td><td>29</td><td>35</td><td>32,030</td><td>362</td><td>-</td><td>30</td><td>2</td><td>32,424</td><td></td></tr><tr><td>Change</td><td>-2,706</td><td>-1,077</td><td>-</td><td>-750</td><td>-879</td><td>-14</td><td>-26</td><td>-5,452</td><td>+139</td><td>-6</td><td>-6</td><td>-24</td><td>-5,349</td><td></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><td></td></tr><tr><td>Dec. 29, 1937</td><td>5,883</td><td>369</td><td>43</td><td>117</td><td>50</td><td>161</td><td>342</td><td>6,965</td><td>437</td><td>37</td><td>842</td><td>179</td><td>8,460</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>5,638</td><td>236</td><td>5</td><td>120</td><td>107</td><td>148</td><td>468</td><td>6,782</td><td>75</td><td>76</td><td>578</td><td>316</td><td>7,827</td><td></td></tr><tr><td>Change</td><td>-245</td><td>-133</td><td>-38</td><td>+3</td><td>+117</td><td>-13</td><td>+126</td><td>-183</td><td>-302</td><td>+39</td><td>-264</td><td>+137</td><td>-633</td><td></td></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><td></td></tr><tr><td>Dec. 29, 1937</td><td>84,758</td><td>13,457</td><td>126,071</td><td>20,753</td><td>23,009</td><td>5,517</td><td>52,928</td><td>326,493</td><td>117,995</td><td>114,363</td><td>78,222</td><td>17,217</td><td>654,990</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>87,668</td><td>13,256</td><td>90,905</td><td>13,284</td><td>25,517</td><td>5,428</td><td>46,730</td><td>282,788</td><td>95,700</td><td>99,211</td><td>162,626</td><td>15,717</td><td>626,042</td><td></td></tr><tr><td>Change</td><td>+2,910</td><td>-201</td><td>-35,166</td><td>-7,469</td><td>+2,508</td><td>-89</td><td>-6,198</td><td>-43,705</td><td>-52,295</td><td>-15,152</td><td>+83,704</td><td>-1,500</td><td>-28,948</td><td></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><td></td></tr><tr><td>Dec. 29, 1937</td><td>57,799</td><td>1,297</td><td>499</td><td>4,152</td><td>4,772</td><td>1,728</td><td>5,376</td><td>75,623</td><td>30,311</td><td>4,121</td><td>41,062</td><td>1,317</td><td>152,437</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>45,019</td><td>1,536</td><td>1,160</td><td>2,271</td><td>5,959</td><td>2,920</td><td>4,943</td><td>63,808</td><td>18,404</td><td>7,223</td><td>59,553</td><td>1,056</td><td>150,041</td><td></td></tr><tr><td>Change</td><td>-12,780</td><td>+239</td><td>+661</td><td>-1,881</td><td>+1,187</td><td>+1,192</td><td>+433</td><td>-11,815</td><td>-11,910</td><td>+3,102</td><td>+18,491</td><td>-261</td><td>-2,393</td><td></td></tr><tr><td>Banks 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><td></td></tr><tr><td>Dec. 29, 1937</td><td>31,851</td><td>712</td><td>256</td><td>337</td><td>3,124</td><td>1,468</td><td>3,265</td><td>41,033</td><td>26,820</td><td>2,109</td><td>1,777</td><td>223</td><td>71,962</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>24,305</td><td>1,161</td><td>908</td><td>102</td><td>4,266</td><td>2,165</td><td>2,317</td><td>35,224</td><td>14,262</td><td>1,344</td><td>1,370</td><td>201</td><td>52,401</td><td></td></tr><tr><td>Change</td><td>-7,546</td><td>+449</td><td>+652</td><td>-235</td><td>+1,142</td><td>+677</td><td>-948</td><td>-5,809</td><td>-12,558</td><td>-765</td><td>-407</td><td>-22</td><td>-19,561</td><td></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><td></td></tr><tr><td>Dec. 29, 1937</td><td>4,743</td><td>163</td><td>180</td><td>3,653</td><td>224</td><td>121</td><td>777</td><td>9,861</td><td>1,254</td><td>191</td><td>30,372</td><td>20</td><td>41,698</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>4,409</td><td>154</td><td>137</td><td>2,035</td><td>190</td><td>645</td><td>1,121</td><td>8,691</td><td>1,527</td><td>170</td><td>49,317</td><td>28</td><td>59,733</td><td></td></tr><tr><td>Change</td><td>-334</td><td>-9</td><td>-43</td><td>-1,618</td><td>-34</td><td>+524</td><td>+344</td><td>-1,170</td><td>+273</td><td>-21</td><td>+18,945</td><td>+8</td><td>+18,035</td><td></td></tr><tr><td>Other 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><td></td></tr><tr><td>Dec. 29, 1937</td><td>21,205</td><td>422</td><td>63</td><td>162</td><td>1,424</td><td>119</td><td>1,334</td><td>24,729</td><td>2,240</td><td>1,821</td><td>8,913</td><td>1,074</td><td>38,777</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>16,305</td><td>221</td><td>115</td><td>134</td><td>1,503</td><td>110</td><td>1,505</td><td>19,893</td><td>2,615</td><td>5,709</td><td>8,866</td><td>827</td><td>37,910</td><td></td></tr><tr><td>Change</td><td>-4,900</td><td>-201</td><td>+52</td><td>-28</td><td>+79</td><td>-9</td><td>+171</td><td>-4,836</td><td>+375</td><td>+3,888</td><td>-47</td><td>-247</td><td>-867</td><td></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><td></td></tr><tr><td>Dec. 29, 1937</td><td>26,959</td><td>12,160</td><td>125,572</td><td>16,601</td><td>18,237</td><td>3,789</td><td>47,552</td><td>250,870</td><td>87,681</td><td>110,242</td><td>37,860</td><td>15,900</td><td>502,553</td><td></td></tr><tr><td>Dec. 28, 1938</td><td>42,649</td><td>11,720</td><td>89,745</td><td>11,013</td><td>19,558</td><td>2,508</td><td>41,787</td><td>218,980</td><td>47,296</td><td>91,988</td><td>103,073</td><td>14,651</td><td>475,998</td><td></td></tr><tr><td>Change</td><td>+15,690</td><td>-440</td><td>-
1/ Net change adjusted to exclude capital movement resulting from revision in instructions given to banks.
34
Summary Table - Change in Foreign Balances in Brokerage Accounts as Reported by Brokers and Dealers in the United States, During 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></tr><tr><td>Dec. 29, 1937</td><td>10,531</td><td>8,225</td><td>284</td><td>152</td><td>4,707</td><td>3,301</td><td>4,946</td><td>32,149</td><td>22,253</td><td>4,412</td><td>6,568</td><td>560</td><td>65,942</td></tr><tr><td>Dec. 28, 1938</td><td>9,283</td><td>6,762</td><td>169</td><td>93</td><td>3,505</td><td>3,492</td><td>5,285</td><td>28,389</td><td>21,093</td><td>4,676</td><td>8,135</td><td>485</td><td>62,828</td></tr><tr><td>Change</td><td>-1,248</td><td>-1,463</td><td>-115</td><td>-59</td><td>-1,202</td><td>-12</td><td>+339</td><td>-3,760</td><td>-1,160</td><td>+264</td><td>+1,617</td><td>-75</td><td>-3,114</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></tr><tr><td>Dec. 29, 1937</td><td>6,029</td><td>5,735</td><td>523</td><td>115</td><td>3,344</td><td>8,933</td><td>2,252</td><td>26,931</td><td>6,642</td><td>1,925</td><td>647</td><td>167</td><td>36,312</td></tr><tr><td>Dec. 28, 1938</td><td>6,503</td><td>5,332</td><td>217</td><td>114</td><td>3,970</td><td>6,907</td><td>2,868</td><td>25,911</td><td>4,542</td><td>1,755</td><td>712</td><td>312</td><td>33,232</td></tr><tr><td>Change</td><td>+474</td><td>-403</td><td>-306</td><td>-1</td><td>+626</td><td>-2,026</td><td>+615</td><td>-1,020</td><td>-2,100</td><td>-170</td><td>+65</td><td>+145</td><td>-3,080</td></tr></table>
Summary Table - Security Transactions Between the United States and Foreign Countries During 1938
(In thousands of dollars)
<table><tr><th>Classification and period by reporting dates</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 foreign purchases of domestic securities: Dec. 29, 1937 - Dec. 28, 1938......</td><td>410,047</td><td>112,449</td><td>2,131</td><td>1,832</td><td>147,428</td><td>169,161</td><td>48,707</td><td>891,755</td><td>195,586</td><td>33,841</td><td>51,763</td><td>8,930</td><td>1,131,875</td></tr><tr><td>Total foreign sales of domestic securities: Dec. 29, 1937 - Dec. 28, 1938......</td><td>386,178</td><td>106,281</td><td>7,393</td><td>2,400</td><td>148,328</td><td>142,674</td><td>47,851</td><td>841,105</td><td>205,431</td><td>28,637</td><td>50,067</td><td>7,740</td><td>1,132,980</td></tr><tr><td>Net foreign purchases of domestic securities or sales (-): Dec. 29, 1937 - Dec. 28, 1938......</td><td>23,869</td><td>6,168</td><td>-5,262</td><td>-568</td><td>-900</td><td>26,487</td><td>856</td><td>50,650</td><td>-9,845</td><td>5,204</td><td>1,696</td><td>1,190</td><td>48,895</td></tr><tr><td>Total foreign purchases of foreign securities: Dec. 29, 1937 - Dec. 28, 1938......</td><td>93,207</td><td>11,088</td><td>8,279</td><td>7,704</td><td>16,749</td><td>35,935</td><td>62,602</td><td>235,564</td><td>184,790</td><td>45,340</td><td>12,180</td><td>4,935</td><td>482,809</td></tr><tr><td>Total foreign sales of foreign securities: Dec. 29, 1937 - Dec. 28, 1938......</td><td>100,901</td><td>7,736</td><td>1,797</td><td>677</td><td>10,643</td><td>29,241</td><td>11,915</td><td>162,910</td><td>234,182</td><td>53,984</td><td>2,909</td><td>2,066</td><td>456,051</td></tr><tr><td>Net foreign purchases of foreign securities or sales (-): Dec. 29, 1937 - Dec. 28, 1938......</td><td>-7,694</td><td>3,352</td><td>6,482</td><td>7,027</td><td>6,106</td><td>6,694</td><td>50,687</td><td>72,654</td><td>-49,392</td><td>-8,644</td><td>9,271</td><td>2,869</td><td>26,758</td></tr><tr><td>Total foreign purchases of securities: Dec. 29, 1937 - Dec. 28, 1938......</td><td>503,254</td><td>123,537</td><td>10,410</td><td>9,536</td><td>164,177</td><td>205,096</td><td>111,309</td><td>1,127,319</td><td>380,376</td><td>79,181</td><td>63,943</td><td>13,865</td><td>1,664,684</td></tr><tr><td>Total foreign sales of securities: Dec. 29, 1937 - Dec. 28, 1938......</td><td>487,079</td><td>114,017</td><td>9,190</td><td>3,077</td><td>158,971</td><td>171,915</td><td>59,766</td><td>1,004,015</td><td>439,613</td><td>82,621</td><td>52,976</td><td>9,806</td><td>1,589,031</td></tr><tr><td>Net foreign purchases of securities or sales (-): Dec. 29, 1937 - Dec. 28, 1938......</td><td>16,175</td><td>9,520</td><td>1,220</td><td>6,459</td><td>5,206</td><td>33,181</td><td>51,543</td><td>123,304</td><td>-59,237</td><td>-3,440</td><td>10,967</td><td>4,059</td><td>75,653</td></tr></table>
Summary Table - Purchases and Sales of Foreign Exchange, Outstanding Forward Exchange Contracts Entered into, and Net Position in Foreign Currencies, as Reported by Banks and Bankers in the United States, for 1938
(In thousands of dollars)
<table><tr><th>Classification and period by re-reporting dates</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Switze-land</th><th>Other Europes</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>Purchases of exchange:</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>Dec. 29, 1937 - Dec. 28, 1938. Spot.</td><td>4,479,155</td><td>232,141</td><td>43,280</td><td>38,543</td><td>177,087</td><td>78,342</td><td>135,556</td><td>5,184,104</td><td>1,162,735</td><td>23,303</td><td>145,561</td><td>23,953</td><td>6,539,656</td></tr><tr><td>Dec. 29, 1937 - Dec. 28, 1938. Forward</td><td>1,919,078</td><td>56,686</td><td>3,720</td><td>8,326</td><td>62,696</td><td>17,160</td><td>54,192</td><td>2,131,858</td><td>388,537</td><td>6,388</td><td>144,901</td><td>1,175</td><td>2,672,859</td></tr><tr><td>Sales of exchange:</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>Dec. 29, 1937 - Dec. 28, 1938. Spot</td><td>4,220,515</td><td>218,386</td><td>44,010</td><td>38,142</td><td>137,903</td><td>70,530</td><td>128,239</td><td>4,857,725</td><td>1,118,873</td><td>22,120</td><td>149,320</td><td>8,009</td><td>6,156,047</td></tr><tr><td>Dec. 29, 1937 - Dec. 28, 1938. Forward</td><td>2,192,857</td><td>82,170</td><td>4,250</td><td>2,711</td><td>102,582</td><td>24,863</td><td>62,671</td><td>2,472,104</td><td>432,942</td><td>7,362</td><td>146,178</td><td>716</td><td>3,059,302</td></tr><tr><td>Outstanding forward exchange 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>Purchase contracts 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>Dec. 29, 1937.</td><td>330,454</td><td>17,578</td><td>112</td><td>193</td><td>10,048</td><td>3,492</td><td>10,939</td><td>372,816</td><td>66,582</td><td>2,552</td><td>17,470</td><td>67</td><td>459,487</td></tr><tr><td>Dec. 28, 1938.</td><td>350,509</td><td>10,119</td><td>34</td><td>400</td><td>9,818</td><td>2,980</td><td>15,383</td><td>389,243</td><td>68,186</td><td>2,087</td><td>14,864</td><td>203</td><td>474,583</td></tr><tr><td>Sale contracts 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>Dec. 29, 1937.</td><td>357,446</td><td>19,039</td><td>70</td><td>395</td><td>14,753</td><td>5,044</td><td>14,030</td><td>410,777</td><td>83,290</td><td>4,392</td><td>12,881</td><td>10</td><td>511,350</td></tr><tr><td>Dec. 28, 1938.</td><td>364,091</td><td>13,511</td><td>84</td><td>611</td><td>16,213</td><td>5,993</td><td>18,458</td><td>418,961</td><td>76,404</td><td>4,538</td><td>18,138</td><td>201</td><td>518,242</td></tr><tr><td>Net sale (-) or net purchase (-) contracts 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>Dec. 29, 1937.</td><td>-26,992</td><td>-1,461</td><td>+42</td><td>-202</td><td>-4,705</td><td>-1,552</td><td>-3,091</td><td>-37,961</td><td>-16,708</td><td>-1,840</td><td>+4,589</td><td>+57</td><td>-51,863</td></tr><tr><td>Dec. 28, 1938.</td><td>-13,582</td><td>-3,392</td><td>-50</td><td>-211</td><td>-6,395</td><td>-3,013</td><td>-3,075</td><td>-29,718</td><td>-8,218</td><td>-2,451</td><td>-3,274</td><td>+2</td><td>-113,659</td></tr><tr><td>Position of banks and bankers in foreign currencies (-) indicates long position (+) indicates short 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>Dec. 29, 1937.</td><td>-3,364</td><td>-1,404</td><td>-135</td><td>-1,126</td><td>-1,922</td><td>-555</td><td>-193</td><td>-8,699</td><td>+3,888</td><td>+372</td><td>-1,034</td><td>+237</td><td>-5,236</td></tr><tr><td>Dec. 28, 1938.</td><td>-7,181</td><td>-2,432</td><td>-3</td><td>-952</td><td>-2,517</td><td>-824</td><td>-1,993</td><td>-15,902</td><td>+3,394</td><td>+172</td><td>-5,332</td><td>+181</td><td>-17,487</td></tr></table>
35
Net Capital Movement between the United States and Foreign Countries 1935 through December 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-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><b>MOVEMENT IN SHORT-TERM BANKING FUNDS:</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>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></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></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937.</td><td>55,151</td><td>-29,162</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></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938.</td><td>174,438</td><td>47,232</td><td>15,796</td><td>4,356</td><td>5,661</td><td>-84,633</td><td>99,761</td><td>262,611</td><td>111,904</td><td>-18,005</td><td>-77,082</td><td>13,787</td><td>293,215</td></tr><tr><td>Total</td><td>571,140</td><td>224,279</td><td>130,520</td><td>17,725</td><td>77,535</td><td>206,330</td><td>236,054</td><td>1,463,583</td><td>166,462</td><td>199,899</td><td>67,750</td><td>13,086</td><td>1,910,780</td></tr><tr><td><b>Week ended</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>1938-Dec. 7</td><td>37,191</td><td>-22,384</td><td>-1,206</td><td>-372</td><td>-2</td><td>-1,121</td><td>4,060</td><td>16,166</td><td>-13,698</td><td>-1,904</td><td>-2,019</td><td>-414</td><td>-1,869</td></tr><tr><td>Dec. 14</td><td>-21,648</td><td>5,160</td><td>941</td><td>604</td><td>-5,110</td><td>1,288</td><td>5,516</td><td>-13,249</td><td>-2,643</td><td>-189</td><td>-8,667</td><td>-132</td><td>-24,880</td></tr><tr><td>Dec. 21</td><td>37,574</td><td>4,345</td><td>3,510</td><td>3,208</td><td>7,068</td><td>5,083</td><td>-2,075</td><td>58,713</td><td>-9,370</td><td>56</td><td>5,494</td><td>-1,689</td><td>53,204</td></tr><tr><td>Dec. 28</td><td>9,466</td><td>5,115</td><td>633</td><td>86</td><td>2,606</td><td>-3,335</td><td>8,996</td><td>23,567</td><td>-10,034</td><td>-67</td><td>7,570</td><td>-1,560</td><td>19,476</td></tr><tr><td>Total December</td><td>62,583</td><td>-7,764</td><td>3,878</td><td>3,526</td><td>4,562</td><td>1,915</td><td>16,497</td><td>85,197</td><td>-35,745</td><td>-2,104</td><td>2,378</td><td>-3,795</td><td>45,931</td></tr><tr><td><b>MOVEMENT IN BP-TRIAGE BALANCES:</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>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></tr><tr><td>Jan. 1, 1936-Dec. 30, 1936.</td><td>4,016</td><td>7,977</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>6,811</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>34,587</td></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938.</td><td>1,722</td><td>1,060</td><td>-191</td><td>58</td><td>1,828</td><td>-2,014</td><td>277</td><td>2,740</td><td>-940</td><td>-434</td><td>-1,552</td><td>220</td><td>34</td></tr><tr><td>Total</td><td>13,245</td><td>12,578</td><td>-184</td><td>203</td><td>6,781</td><td>8,831</td><td>5,294</td><td>46,748</td><td>2,587</td><td>-948</td><td>-1,031</td><td>215</td><td>47,571</td></tr><tr><td><b>Week ended</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>1938-Dec. 7</td><td>422</td><td>-926</td><td>-19</td><td>34</td><td>410</td><td>404</td><td>-208</td><td>117</td><td>1,176</td><td>-1,175</td><td>50</td><td>50</td><td>218</td></tr><tr><td>Dec. 14</td><td>-119</td><td>308</td><td>6</td><td>-28</td><td>-458</td><td>240</td><td>-51</td><td>-102</td><td>423</td><td>-104</td><td>-206</td><td>-61</td><td>-50</td></tr><tr><td>Dec. 21</td><td>-583</td><td>-722</td><td></td><td>6</td><td>-167</td><td>-113</td><td>-136</td><td>-1,715</td><td>-1,986</td><td>559</td><td>-639</td><td>78</td><td>-3,703</td></tr><tr><td>Dec. 28</td><td>-395</td><td>359</td><td>-2</td><td>-13</td><td>-416</td><td>-894</td><td>-188</td><td>-1,549</td><td>1,281</td><td>70</td><td>-86</td><td>-130</td><td>-414</td></tr><tr><td>Total December</td><td>-675</td><td>-981</td><td>-15</td><td>-1</td><td>-631</td><td>-363</td><td>-583</td><td>-3,249</td><td>894</td><td>-650</td><td>-881</td><td>-63</td><td>-3,949</td></tr><tr><td><b>MOVEMENT IN TRANSACTIONS IN 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>Jan. 2, 1935-Jan. 1, 1936.</td><td>149,780</td><td>23,324</td><td>-5,353</td><td>-25</td><td>50,458</td><td>55,125</td><td>12,928</td><td>286,237</td><td>2,807</td><td>3,685</td><td>21,371</td><td>2,560</td><td>316,660</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>600,593</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></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938.</td><td>23,869</td><td>6,168</td><td>-5,262</td><td>-568</td><td>-900</td><td>26,487</td><td>856</td><td>50,650</td><td>-9,845</td><td>5,204</td><td>1,696</td><td>1,190</td><td>48,895</td></tr><tr><td>Total</td><td>472,588</td><td>76,494</td><td>-22,682</td><td>-5,428</td><td>212,942</td><td>301,748</td><td>56,603</td><td>1,092,265</td><td>27,799</td><td>23,435</td><td>56,373</td><td>11,002</td><td>1,210,874</td></tr><tr><td><b>Week ended</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>1938-Dec. 7</td><td>3,782</td><td>504</td><td>-30</td><td>-20</td><td>797</td><td>986</td><td>496</td><td>6,515</td><td>-639</td><td>398</td><td>208</td><td>77</td><td>6,559</td></tr><tr><td>Dec. 14</td><td>-346</td><td>724</td><td>-68</td><td>28</td><td>-7,885</td><td>-858</td><td>24</td><td>-8,381</td><td>-275</td><td>116</td><td>28</td><td>31</td><td>-8,481</td></tr><tr><td>Dec. 21</td><td>2,173</td><td>-43</td><td>-24</td><td>-36</td><td>1,940</td><td>2,769</td><td>626</td><td>7,405</td><td>1,296</td><td>212</td><td>747</td><td>-16</td><td>9,641</td></tr><tr><td>Dec. 28</td><td>4,933</td><td>-139</td><td>-16</td><td>7</td><td>-369</td><td>3,216</td><td>455</td><td>8,057</td><td>-5</td><td>150</td><td>357</td><td>160</td><td>8,719</td></tr><tr><td>Total December</td><td>10,542</td><td>1,046</td><td>-166</td><td>-22</td><td>-5,517</td><td>6,113</td><td>1,601</td><td>13,596</td><td>377</td><td>876</td><td>1,340</td><td>252</td><td>16,441</td></tr><tr><td><b>MOVEMENT IN TRANSACTIONS IN 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>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></tr><tr><td>Jan. 1, 1936-Dec. 30, 1936.</td><td>48,704</td><td>11,368</td><td>9,247</td><td>6,449</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></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937.</td><td>20,713</td><td>4,623</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></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938.</td><td>-7,694</td><td>3,352</td><td>6,482</td><td>7,027</td><td>6,106</td><td>6,694</td><td>50,587</td><td>72,654</td><td>-49,392</td><td>-8,644</td><td>9,271</td><td>2,859</td><td>26,758</td></tr><tr><td>Total</td><td>125,080</td><td>26,161</td><td>33,063</td><td>20,502</td><td>27,337</td><td>37,084</td><td>165,871</td><td>439,098</td><td>-38,870</td><td>166,313</td><td>33,802</td><td>9,657</td><td>610,000</td></tr><tr><td><b>Week ended</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>1938-Dec. 7</td><td>119</td><td>141</td><td>94</td><td>3,017</td><td>151</td><td>202</td><td>445</td><td>1,169</td><td>292</td><td>651</td><td>669</td><td>-103</td><td>6,278</td></tr><tr><td>Dec. 14</td><td>794</td><td>20</td><td>129</td><td>166</td><td>72</td><td>215</td><td>535</td><td>343</td><td>-622</td><td>574</td><td>288</td><td>112</td><td>655</td></tr><tr><td>Dec. 21</td><td>-377</td><td>69</td><td>214</td><td>44</td><td>281</td><td>87</td><td>394</td><td>712</td><td>1,977</td><td>336</td><td>115</td><td>233</td><td>3,373</td></tr><tr><td>Dec. 28</td><td>30</td><td>277</td><td>213</td><td>99</td><td>271</td><td>121</td><td>368</td><td>1,379</td><td>-554</td><td>199</td><td>156</td><td>147</td><td>1,327</td></tr><tr><td>Total December</td><td>-1,022</td><td>507</td><td>650</td><td>3,326</td><td>775</td><td>625</td><td>1,742</td><td>6,603</td><td>1,693</td><td>1,760</td><td>1,188</td><td>339</td><td>11,633</td></tr><tr><td><b>NET CAPITAL MOVEMENTS:</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>Jan. 2, 1935-Jan. 1, 1936.</td><td>554,335</td><td>210,240</td><td>36,599</td><td>23,983</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>1,412,465</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>115,131</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>1,195,966</td></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937.</td><td>164,382</td><td>-17,836</td><td>40,766</td><td>-23,478</td><td>32,216</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>801,910</td></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938.</td><td>192,335</td><td>57,812</td><td>16,825</td><td>10,873</td><td>12,695</td><td>-53,466</td><td>151,581</td><td>388,655</td><td>51,727</td><td>-21,879</td><td>-67,667</td><td>13,066</td><td>368,302</td></tr><tr><td>Total</td><td>1,186,053</td><td>339,512</td><td>140,717</td><td>33,002</td><td>324,595</td><td>553,993</td><td>463,822</td><td>3,041,694</td><td>157,978</td><td>388,699</td><td>156,894</td><td>33,960</td><td>3,779,225</td></tr><tr><td><b>Week ended</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>1938-Dec. 7</td><td>41,524</td><td>-22,655</td><td>-1,161</td><td>2,659</td><td>1,356</td><td>471</td><td>4,793</td><td>26,967</td><td>-12,269</td><td>-2,030</td><td>-1,092</td><td>-390</td><td>11,186</td></tr><tr><td>Dec. 14</td><td>-22,907</td><td>6,212</td><td>1,008</td><td>770</td><td>-13,381</td><td>885</td><td>6,024</td><td>-21,389</td><td>-3,117</td><td>397</td><td>-8,597</td><td>-50</td><td>-32,756</td></tr><tr><td>Dec. 21</td><td>38,787</td><td>3,649</td><td>3,700</td><td>3,222</td><td>9,127</td><td>7,826</td><td>-1,191</td><td>65,115</td><td>-8,083</td><td>1,163</td><td>5,717</td><td>-1,394</td><td>62,518</td></tr><tr><td>Dec. 28</td><td>14,034</td><td>5,612</td><td>798</td><td>179</td><td>2,092</td><td>-892</td><td>9,531</td><td>31,454</td><td>-9,312</td><td>352</td><td>7,997</td><td>-1,383</td><td>29,108</td></tr><tr><td>Total December</td><td>71,428</td><td>-7,192</td><td>4,345</td><td>6,830</td><td>-811</td><td>8,290</td><td>19,257</td><td>102,147</td><td>-32,781</td><td>-118</td><td>4,025</td><td>-3,217</td><td>70,
CUMULATIVE NET CAPITAL MOVEMENT BETWEEN U.S. AND FOREIGN COUNTRIES*
Weekly
50
37
Short-Term Foreign Liabilities as Reported by Banks and Bankers in the United States for December 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-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><b>TOTAL SHORT-TERM FOREIGN LIABILITIES:</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>Dec. 7.</td><td>413,850</td><td>187,689</td><td>16,864</td><td>19,580</td><td>95,562</td><td>214,836</td><td>238,396</td><td>1,186,777</td><td>270,771</td><td>255,439</td><td>232,687</td><td>34,988</td><td>1,980,662</td></tr><tr><td>Dec. 14.</td><td>400,704</td><td>186,498</td><td>17,575</td><td>19,706</td><td>90,335</td><td>215,917</td><td>243,534</td><td>1,174,269</td><td>269,272</td><td>255,331</td><td>231,903</td><td>35,784</td><td>1,966,559</td></tr><tr><td>Dec. 21.</td><td>423,240</td><td>187,049</td><td>19,333</td><td>22,572</td><td>96,457</td><td>220,082</td><td>241,257</td><td>1,209,990</td><td>243,184</td><td>256,173</td><td>237,356</td><td>33,744</td><td>1,920,447</td></tr><tr><td>Dec. 28.</td><td>438,805</td><td>190,899</td><td>19,883</td><td>22,574</td><td>98,380</td><td>217,353</td><td>249,908</td><td>1,237,802</td><td>235,196</td><td>254,872</td><td>243,686</td><td>32,376</td><td>2,003,932</td></tr><tr><td><b>TOTAL LIABILITIES PAYABLE IN DOLLARS:</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>Dec. 7.</td><td>338,211</td><td>183,240</td><td>16,376</td><td>19,021</td><td>93,495</td><td>214,627</td><td>237,226</td><td>1,102,196</td><td>269,278</td><td>255,032</td><td>217,164</td><td>34,672</td><td>1,878,342</td></tr><tr><td>Dec. 14.</td><td>325,886</td><td>182,032</td><td>15,982</td><td>19,203</td><td>89,279</td><td>215,696</td><td>241,997</td><td>1,091,075</td><td>267,852</td><td>254,962</td><td>220,251</td><td>35,349</td><td>1,869,489</td></tr><tr><td>Dec. 21.</td><td>345,342</td><td>182,517</td><td>18,769</td><td>22,138</td><td>95,468</td><td>219,796</td><td>239,967</td><td>1,123,997</td><td>241,135</td><td>255,729</td><td>225,656</td><td>33,218</td><td>1,879,765</td></tr><tr><td>Dec. 28.</td><td>357,633</td><td>187,156</td><td>19,340</td><td>22,326</td><td>97,097</td><td>217,099</td><td>248,285</td><td>1,148,936</td><td>233,193</td><td>254,524</td><td>231,966</td><td>31,944</td><td>1,900,563</td></tr><tr><td><b>Deposits for foreign accounts:</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>Dec. 7.</td><td>299,294</td><td>176,116</td><td>16,115</td><td>18,040</td><td>89,283</td><td>199,992</td><td>222,541</td><td>1,021,381</td><td>263,804</td><td>237,595</td><td>187,032</td><td>33,360</td><td>1,743,172</td></tr><tr><td>Dec. 14.</td><td>313,074</td><td>176,864</td><td>16,334</td><td>18,089</td><td>84,977</td><td>199,409</td><td>227,089</td><td>1,035,836</td><td>263,693</td><td>236,353</td><td>189,514</td><td>33,664</td><td>1,759,060</td></tr><tr><td>Dec. 21.</td><td>328,550</td><td>177,084</td><td>18,485</td><td>21,121</td><td>91,274</td><td>201,099</td><td>225,082</td><td>1,062,695</td><td>235,764</td><td>235,826</td><td>197,276</td><td>31,511</td><td>1,763,072</td></tr><tr><td>Dec. 28.</td><td>344,841</td><td>181,690</td><td>19,090</td><td>21,420</td><td>92,266</td><td>198,541</td><td>232,990</td><td>1,090,838</td><td>229,906</td><td>233,980</td><td>200,995</td><td>30,053</td><td>1,785,772</td></tr><tr><td><b>Bills held for foreign account:</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>Dec. 7.</td><td>7,213</td><td>1,495</td><td>197</td><td>787</td><td>3,521</td><td>13,508</td><td>12,776</td><td>39,497</td><td>5,298</td><td>17,181</td><td>27,979</td><td>1,203</td><td>21,158</td></tr><tr><td>Dec. 14.</td><td>8,689</td><td>1,892</td><td>211</td><td>893</td><td>3,609</td><td>14,728</td><td>13,221</td><td>43,243</td><td>3,577</td><td>18,360</td><td>29,675</td><td>1,575</td><td>96,430</td></tr><tr><td>Dec. 21.</td><td>8,544</td><td>2,043</td><td>217</td><td>825</td><td>3,504</td><td>16,452</td><td>13,324</td><td>44,914</td><td>5,356</td><td>19,173</td><td>27,307</td><td>1,626</td><td>98,376</td></tr><tr><td>Dec. 28.</td><td>8,224</td><td>2,114</td><td>190</td><td>761</td><td>4,131</td><td>16,400</td><td>13,592</td><td>45,412</td><td>2,945</td><td>20,275</td><td>29,872</td><td>1,776</td><td>100,280</td></tr><tr><td><b>Short-term United States Government obligations held for foreign account:</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>Dec. 7.</td><td>12</td><td>1,409</td><td>-</td><td>4</td><td>-</td><td>-</td><td>2</td><td>1,427</td><td>-</td><td>15</td><td>-</td><td>-</td><td>1,442</td></tr><tr><td>Dec. 14.</td><td>12</td><td>409</td><td>-</td><td>4</td><td>-</td><td>-</td><td>2</td><td>427</td><td>-</td><td>15</td><td>-</td><td>-</td><td>442</td></tr><tr><td>Dec. 21.</td><td>12</td><td>9</td><td>-</td><td>4</td><td>-</td><td>-</td><td>2</td><td>27</td><td>-</td><td>15</td><td>-</td><td>-</td><td>42</td></tr><tr><td>Dec. 28.</td><td>12</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>21</td><td>-</td><td>15</td><td>-</td><td>-</td><td>36</td></tr><tr><td><b>Other liabilities payable in dollars:</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>Dec. 7.</td><td>31,692</td><td>4,220</td><td>64</td><td>190</td><td>691</td><td>1,127</td><td>1,907</td><td>39,891</td><td>176</td><td>241</td><td>2,153</td><td>109</td><td>42,570</td></tr><tr><td>Dec. 14.</td><td>4,111</td><td>2,867</td><td>437</td><td>217</td><td>693</td><td>1,559</td><td>1,685</td><td>11,569</td><td>582</td><td>234</td><td>1,062</td><td>110</td><td>13,557</td></tr><tr><td>Dec. 21.</td><td>8,236</td><td>3,376</td><td>67</td><td>183</td><td>690</td><td>2,245</td><td>1,559</td><td>16,361</td><td>15</td><td>715</td><td>1,073</td><td>111</td><td>18,275</td></tr><tr><td>Dec. 28.</td><td>4,556</td><td>3,344</td><td>60</td><td>145</td><td>700</td><td>2,158</td><td>1,702</td><td>12,665</td><td>342</td><td>254</td><td>1,099</td><td>115</td><td>14,175</td></tr><tr><td><b>TOTAL LIABILITIES PAYABLE IN FOREIGN CURRENCIES:</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>Dec. 7.</td><td>75,639</td><td>4,449</td><td>488</td><td>559</td><td>2,067</td><td>209</td><td>1,170</td><td>84,581</td><td>1,493</td><td>407</td><td>15,523</td><td>316</td><td>102,320</td></tr><tr><td>Dec. 14.</td><td>74,818</td><td>4,466</td><td>593</td><td>503</td><td>1,056</td><td>221</td><td>1,537</td><td>83,194</td><td>1,420</td><td>369</td><td>11,652</td><td>435</td><td>97,070</td></tr><tr><td>Dec. 21.</td><td>77,898</td><td>4,532</td><td>564</td><td>434</td><td>989</td><td>286</td><td>1,290</td><td>85,993</td><td>2,049</td><td>444</td><td>11,700</td><td>496</td><td>100,682</td></tr><tr><td>Dec. 28.</td><td>81,172</td><td>3,743</td><td>543</td><td>248</td><td>1,283</td><td>254</td><td>1,623</td><td>88,866</td><td>2,003</td><td>348</td><td>11,720</td><td>432</td><td>103,369</td></tr><tr><td><b>Borrowings from foreign banks:</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>Dec. 7.</td><td>44,664</td><td>101</td><td>481</td><td>412</td><td>194</td><td>51</td><td>669</td><td>46,562</td><td>1,081</td><td>345</td><td>14,850</td><td>85</td><td>62,923</td></tr><tr><td>Dec. 14.</td><td>43,297</td><td>111</td><td>587</td><td>343</td><td>138</td><td>50</td><td>1,004</td><td>45,530</td><td>965</td><td>359</td><td>11,003</td><td>224</td><td>58,081</td></tr><tr><td>Dec. 21.</td><td>15,811</td><td>279</td><td>557</td><td>297</td><td>65</td><td>136</td><td>782</td><td>47,960</td><td>1,564</td><td>377</td><td>11,027</td><td>197</td><td>61,125</td></tr><tr><td>Dec. 28.</td><td>17,850</td><td>100</td><td>538</td><td>98</td><td>291</td><td>77</td><td>1,120</td><td>50,054</td><td>1,566</td><td>272</td><td>11,112</td><td>114</td><td>63,118</td></tr><tr><td><b>Acceptances made by foreign banks:</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>Dec. 7.</td><td>2,115</td><td>4,110</td><td>-</td><td>39</td><td>1,683</td><td>27</td><td>34</td><td>32,008</td><td>316</td><td>-</td><td>38</td><td>2</td><td>32,364</td></tr><tr><td>Dec. 14.</td><td>26,133</td><td>4,102</td><td>-</td><td>36</td><td>725</td><td>34</td><td>34</td><td>31,054</td><td>370</td><td>-</td><td>17</td><td>2</td><td>31,153</td></tr><tr><td>Dec. 21.</td><td>26,310</td><td>3,994</td><td>-</td><td>36</td><td>758</td><td>27</td><td>34</td><td>31,159</td><td>362</td><td>-</td><td>23</td><td>2</td><td>31,546</td></tr><tr><td>Dec. 28.</td><td>27,704</td><td>3,407</td><td>-</td><td>30</td><td>825</td><td>29</td><td>35</td><td>32,030</td><td>362</td><td>-</td><td>30</td><td>2</td><td>32,424</td></tr><tr><td><b>Other liabilities payable in foreign currencies:</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>Dec. 7.</td><td>4,870</td><td>238</td><td>7</td><td>108</td><td>190</td><td>131</td><td>467</td><td>6,011</td><td>96</td><td>62</td><td>635</td><td>229</td><td>7,033</td></tr><tr><td>Dec. 14.</td><td>5,383</td><td>253</td><td>6</td><td>124</td><td>193</td><td>137</td><td>499</td><td>6,500</td><td>85</td><td>10</td><td>632</td><td>209</td><td>7,536</td></tr><tr><td>Dec. 21.</td><td>5,744</td><td>259</td><td>7</td><td>101</td><td>166</td><td>123</td><td>474</td><td>6,874</td><td>123</td><td>67</td><td>650</td><td>297</td><td>8,011</td></tr><tr><td>Dec. 28.</td><td>5,638</td><td>236</td><td>5</td><td>120</td><td>167</td><td>148</td><td>468</td><td>6,782</td><td>75</td><td>76</td><td>578</td><td>316</td><td>7,827</td></tr></table>
38
Short-Term Foreign Assets as Reported by Banks and Bankers in the United States for December 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-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><b>TOTAL SHORT-TERM FOREIGN ASSETS:</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>Dec. 7</td><td>88,105</td><td>24,666</td><td>92,970</td><td>14,188</td><td>27,263</td><td>5,947</td><td>47,655</td><td>300,794</td><td>79,228</td><td>99,578</td><td>156,024</td><td>14,948</td><td>650,572</td></tr><tr><td>Dec. 14</td><td>96,607</td><td>18,315</td><td>92,740</td><td>13,710</td><td>27,146</td><td>5,740</td><td>47,277</td><td>301,535</td><td>80,372</td><td>99,659</td><td>163,907</td><td>15,876</td><td>661,349</td></tr><tr><td>Dec. 21</td><td>81,569</td><td>14,521</td><td>90,988</td><td>13,368</td><td>26,200</td><td>4,822</td><td>47,075</td><td>278,543</td><td>63,654</td><td>100,445</td><td>163,866</td><td>15,525</td><td>622,033</td></tr><tr><td>Dec. 28</td><td>87,668</td><td>13,256</td><td>90,905</td><td>13,284</td><td>25,517</td><td>5,423</td><td>46,730</td><td>282,783</td><td>65,700</td><td>99,211</td><td>162,626</td><td>15,717</td><td>626,042</td></tr><tr><td><b>TOTAL ASSETS PAYABLE IN FOREIGN CURRENCIES:</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>Dec. 7</td><td>45,409</td><td>2,409</td><td>682</td><td>2,687</td><td>8,150</td><td>2,775</td><td>6,029</td><td>68,141</td><td>18,176</td><td>6,253</td><td>60,769</td><td>1,450</td><td>154,739</td></tr><tr><td>Dec. 14</td><td>52,089</td><td>2,496</td><td>801</td><td>2,435</td><td>8,227</td><td>2,487</td><td>5,834</td><td>74,369</td><td>19,714</td><td>6,240</td><td>62,040</td><td>1,601</td><td>163,964</td></tr><tr><td>Dec. 21</td><td>45,213</td><td>2,012</td><td>943</td><td>2,313</td><td>6,977</td><td>2,249</td><td>5,690</td><td>65,408</td><td>15,768</td><td>6,622</td><td>62,502</td><td>1,031</td><td>152,331</td></tr><tr><td>Dec. 28</td><td>45,019</td><td>1,536</td><td>1,150</td><td>2,271</td><td>5,959</td><td>2,920</td><td>4,943</td><td>63,808</td><td>18,404</td><td>7,223</td><td>59,553</td><td>1,056</td><td>150,544</td></tr><tr><td><b>Banks own deposits abroad:</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>Dec. 7</td><td>26,157</td><td>1,988</td><td>462</td><td>186</td><td>6,302</td><td>2,570</td><td>3,326</td><td>40,921</td><td>13,391</td><td>1,508</td><td>1,250</td><td>249</td><td>57,389</td></tr><tr><td>Dec. 14</td><td>31,969</td><td>2,083</td><td>599</td><td>192</td><td>6,410</td><td>2,282</td><td>3,132</td><td>46,672</td><td>15,517</td><td>1,317</td><td>1,550</td><td>351</td><td>65,407</td></tr><tr><td>Dec. 21</td><td>24,111</td><td>1,624</td><td>710</td><td>139</td><td>5,112</td><td>2,041</td><td>3,021</td><td>36,758</td><td>12,637</td><td>1,384</td><td>1,402</td><td>212</td><td>52,393</td></tr><tr><td>Dec. 28</td><td>24,305</td><td>1,161</td><td>908</td><td>102</td><td>4,266</td><td>2,165</td><td>2,317</td><td>35,224</td><td>14,262</td><td>1,344</td><td>1,370</td><td>201</td><td>52,401</td></tr><tr><td><b>Deposits abroad for account of domestic clients:</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>Dec. 7</td><td>4,513</td><td>173</td><td>121</td><td>2,364</td><td>205</td><td>104</td><td>1,143</td><td>8,658</td><td>2,309</td><td>172</td><td>49,290</td><td>40</td><td>60,469</td></tr><tr><td>Dec. 14</td><td>4,727</td><td>156</td><td>109</td><td>2,107</td><td>227</td><td>104</td><td>1,129</td><td>8,559</td><td>1,610</td><td>164</td><td>49,285</td><td>41</td><td>59,659</td></tr><tr><td>Dec. 21</td><td>4,522</td><td>152</td><td>142</td><td>2,045</td><td>226</td><td>104</td><td>1,113</td><td>8,309</td><td>1,490</td><td>175</td><td>49,303</td><td>26</td><td>59,303</td></tr><tr><td>Dec. 28</td><td>4,409</td><td>154</td><td>137</td><td>2,035</td><td>190</td><td>645</td><td>1,121</td><td>8,691</td><td>1,527</td><td>170</td><td>49,317</td><td>28</td><td>59,733</td></tr><tr><td><b>Other assets payable in foreign currencies:</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>Dec. 7</td><td>14,709</td><td>243</td><td>99</td><td>137</td><td>1,643</td><td>101</td><td>1,560</td><td>18,492</td><td>2,476</td><td>4,573</td><td>10,229</td><td>1,151</td><td>36,931</td></tr><tr><td>Dec. 14</td><td>18,393</td><td>252</td><td>93</td><td>136</td><td>1,590</td><td>101</td><td>1,573</td><td>19,138</td><td>2,587</td><td>4,759</td><td>11,205</td><td>1,209</td><td>38,998</td></tr><tr><td>Dec. 21</td><td>16,535</td><td>236</td><td>91</td><td>135</td><td>1,639</td><td>104</td><td>1,551</td><td>20,341</td><td>2,641</td><td>5,063</td><td>11,797</td><td>793</td><td>40,635</td></tr><tr><td>Dec. 28</td><td>16,305</td><td>221</td><td>115</td><td>134</td><td>1,503</td><td>110</td><td>1,505</td><td>19,893</td><td>2,615</td><td>5,709</td><td>8,866</td><td>827</td><td>37,910</td></tr><tr><td><b>TOTAL ASSETS PAYABLE IN DOLLARS:</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>Dec. 7</td><td>42,696</td><td>22,257</td><td>92,288</td><td>11,501</td><td>19,113</td><td>3,172</td><td>41,626</td><td>232,653</td><td>61,052</td><td>93,325</td><td>95,255</td><td>13,498</td><td>495,733</td></tr><tr><td>Dec. 14</td><td>44,518</td><td>15,819</td><td>91,939</td><td>11,275</td><td>18,913</td><td>3,253</td><td>41,443</td><td>227,166</td><td>60,658</td><td>93,419</td><td>101,867</td><td>14,275</td><td>497,385</td></tr><tr><td>Dec. 21</td><td>36,351</td><td>12,509</td><td>90,045</td><td>11,049</td><td>19,223</td><td>2,573</td><td>41,385</td><td>213,135</td><td>46,886</td><td>93,823</td><td>101,364</td><td>14,494</td><td>469,702</td></tr><tr><td>Dec. 28</td><td>42,649</td><td>11,720</td><td>39,745</td><td>11,013</td><td>19,558</td><td>2,503</td><td>41,787</td><td>218,980</td><td>47,296</td><td>91,988</td><td>103,073</td><td>14,661</td><td>475,998</td></tr><tr><td><b>Loans to foreign banks:</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>Dec. 7</td><td>30,427</td><td>15,495</td><td>7,899</td><td>1,489</td><td>12,977</td><td>853</td><td>7,130</td><td>76,270</td><td>26,150</td><td>12,865</td><td>68,358</td><td>905</td><td>184,548</td></tr><tr><td>Dec. 14</td><td>32,523</td><td>9,360</td><td>8,083</td><td>1,208</td><td>13,125</td><td>846</td><td>6,918</td><td>72,063</td><td>24,977</td><td>14,058</td><td>71,710</td><td>1,484</td><td>184,292</td></tr><tr><td>Dec. 21</td><td>25,274</td><td>6,273</td><td>7,883</td><td>1,235</td><td>13,131</td><td>350</td><td>6,721</td><td>60,867</td><td>10,192</td><td>13,797</td><td>73,159</td><td>1,499</td><td>199,514</td></tr><tr><td>Dec. 28</td><td>31,117</td><td>5,682</td><td>7,834</td><td>1,333</td><td>13,103</td><td>321</td><td>6,943</td><td>65,335</td><td>11,422</td><td>12,344</td><td>73,815</td><td>1,557</td><td>165,521</td></tr><tr><td><b>Acceptances made for foreign banks:</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>Dec. 7</td><td>2,712</td><td>2,858</td><td>60,066</td><td>8,238</td><td>3,820</td><td>1,463</td><td>10,326</td><td>89,543</td><td>6,355</td><td>14,045</td><td>2,582</td><td>3,278</td><td>115,803</td></tr><tr><td>Dec. 14</td><td>2,732</td><td>2,761</td><td>60,451</td><td>8,172</td><td>3,856</td><td>1,365</td><td>10,356</td><td>89,693</td><td>6,149</td><td>13,513</td><td>2,404</td><td>3,514</td><td>115,213</td></tr><tr><td>Dec. 21</td><td>2,764</td><td>2,615</td><td>59,276</td><td>7,935</td><td>4,138</td><td>1,467</td><td>10,440</td><td>88,635</td><td>6,075</td><td>13,954</td><td>2,156</td><td>3,614</td><td>114,434</td></tr><tr><td>Dec. 28</td><td>2,851</td><td>2,485</td><td>59,247</td><td>7,805</td><td>4,314</td><td>1,447</td><td>10,324</td><td>88,473</td><td>5,886</td><td>13,605</td><td>2,706</td><td>4,024</td><td>114,694</td></tr><tr><td><b>Other assets payable in dollars:</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>Dec. 7</td><td>9,557</td><td>3,904</td><td>24,323</td><td>1,774</td><td>2,256</td><td>855</td><td>24,170</td><td>66,840</td><td>28,547</td><td>66,415</td><td>24,315</td><td>9,315</td><td>195,432</td></tr><tr><td>Dec. 14</td><td>9,263</td><td>3,698</td><td>23,405</td><td>1,895</td><td>1,938</td><td>1,042</td><td>24,169</td><td>65,410</td><td>29,532</td><td>65,848</td><td>27,753</td><td>9,277</td><td>197,820</td></tr><tr><td>Dec. 21</td><td>8,713</td><td>3,621</td><td>22,886</td><td>1,879</td><td>1,954</td><td>756</td><td>24,224</td><td>63,533</td><td>30,019</td><td>66,072</td><td>26,049</td><td>9,381</td><td>195,754</td></tr><tr><td>Dec. 28</td><td>8,681</td><td>3,553</td><td>22,614</td><td>1,875</td><td>2,141</td><td>740</td><td>24,520</td><td>64,124</td><td>29,983</td><td>66,039</td><td>26,552</td><td>9,080</td><td>195,783</td></tr></table>
39
Security Transactions as Reported by Banks, Bankers, Brokers and Dealers in the United States, for December 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>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 colspan="15">TOTAL PURCHASES IN THE UNITED STATES FOR FOREIGN ACCOUNT:</td></tr><tr><td>Dec. 7.</td><td>6,568</td><td>2,834</td><td>46</td><td>3,062</td><td>2,545</td><td>4,136</td><td>2,003</td><td>21,194</td><td>5,071</td><td>1,293</td><td>1,797</td><td>230</td><td>29,585</td></tr><tr><td>Dec. 14.</td><td>6,808</td><td>1,724</td><td>46</td><td>267</td><td>2,455</td><td>3,270</td><td>1,014</td><td>15,584</td><td>4,140</td><td>1,142</td><td>1,045</td><td>219</td><td>22,130</td></tr><tr><td>Dec. 21.</td><td>9,762</td><td>5,059</td><td>52</td><td>57</td><td>4,052</td><td>6,025</td><td>1,846</td><td>26,853</td><td>8,059</td><td>1,399</td><td>1,726</td><td>412</td><td>38,449</td></tr><tr><td>Dec. 28.</td><td>6,235</td><td>1,647</td><td>47</td><td>116</td><td>2,903</td><td>4,897</td><td>1,122</td><td>16,967</td><td>3,596</td><td>757</td><td>888</td><td>269</td><td>22,477</td></tr><tr><td colspan="15">Purchases of domestic securities:</td></tr><tr><td>Dec. 7.</td><td>6,026</td><td>2,588</td><td>20</td><td>15</td><td>2,282</td><td>3,446</td><td>1,338</td><td>15,715</td><td>3,070</td><td>684</td><td>1,082</td><td>200</td><td>20,751</td></tr><tr><td>Dec. 14.</td><td>6,118</td><td>1,585</td><td>29</td><td>91</td><td>2,170</td><td>2,618</td><td>467</td><td>13,078</td><td>3,493</td><td>498</td><td>788</td><td>115</td><td>17,972</td></tr><tr><td>Dec. 21.</td><td>8,936</td><td>4,850</td><td>34</td><td>12</td><td>3,656</td><td>5,447</td><td>1,402</td><td>24,337</td><td>5,838</td><td>988</td><td>1,611</td><td>172</td><td>32,946</td></tr><tr><td>Dec. 28.</td><td>5,682</td><td>1,230</td><td>19</td><td>11</td><td>2,575</td><td>4,270</td><td>707</td><td>14,544</td><td>2,952</td><td>488</td><td>708</td><td>217</td><td>18,909</td></tr><tr><td colspan="15">Purchases of foreign securities:</td></tr><tr><td>Dec. 7.</td><td>542</td><td>246</td><td>26</td><td>3,047</td><td>263</td><td>690</td><td>665</td><td>5,479</td><td>2,001</td><td>609</td><td>715</td><td>30</td><td>8,834</td></tr><tr><td>Dec. 14.</td><td>690</td><td>139</td><td>17</td><td>176</td><td>285</td><td>652</td><td>547</td><td>2,506</td><td>647</td><td>644</td><td>257</td><td>104</td><td>4,158</td></tr><tr><td>Dec. 21.</td><td>826</td><td>209</td><td>18</td><td>45</td><td>396</td><td>578</td><td>444</td><td>2,516</td><td>2,221</td><td>411</td><td>115</td><td>240</td><td>5,503</td></tr><tr><td>Dec. 28.</td><td>553</td><td>367</td><td>28</td><td>105</td><td>328</td><td>627</td><td>415</td><td>2,423</td><td>644</td><td>269</td><td>180</td><td>52</td><td>3,568</td></tr><tr><td colspan="15">TOTAL SALES IN THE UNITED STATES FOR FOREIGN ACCOUNT:</td></tr><tr><td>Dec. 7.</td><td>6,256</td><td>2,225</td><td>104</td><td>65</td><td>1,791</td><td>3,090</td><td>1,060</td><td>14,591</td><td>5,030</td><td>379</td><td>919</td><td>206</td><td>21,125</td></tr><tr><td>Dec. 14.</td><td>5,790</td><td>1,004</td><td>109</td><td>73</td><td>10,331</td><td>4,433</td><td>525</td><td>22,268</td><td>4,345</td><td>463</td><td>767</td><td>90</td><td>27,933</td></tr><tr><td>Dec. 21.</td><td>7,155</td><td>5,056</td><td>77</td><td>49</td><td>1,796</td><td>3,200</td><td>818</td><td>18,151</td><td>5,053</td><td>861</td><td>864</td><td>208</td><td>25,137</td></tr><tr><td>Dec. 28.</td><td>3,731</td><td>1,556</td><td>68</td><td>10</td><td>3,497</td><td>1,738</td><td>311</td><td>10,911</td><td>3,193</td><td>412</td><td>370</td><td>61</td><td>14,947</td></tr><tr><td colspan="15">Sales of domestic securities:</td></tr><tr><td>Dec. 7.</td><td>5,566</td><td>2,078</td><td>50</td><td>35</td><td>1,698</td><td>2,588</td><td>817</td><td>12,832</td><td>3,751</td><td>286</td><td>874</td><td>123</td><td>17,866</td></tr><tr><td>Dec. 14.</td><td>5,280</td><td>851</td><td>97</td><td>63</td><td>10,139</td><td>3,988</td><td>442</td><td>20,870</td><td>3,758</td><td>382</td><td>758</td><td>84</td><td>25,852</td></tr><tr><td>Dec. 21.</td><td>6,398</td><td>4,893</td><td>58</td><td>48</td><td>1,682</td><td>2,712</td><td>756</td><td>16,547</td><td>4,581</td><td>771</td><td>864</td><td>188</td><td>22,951</td></tr><tr><td>Dec. 28.</td><td>3,034</td><td>1,419</td><td>65</td><td>4</td><td>3,150</td><td>1,220</td><td>252</td><td>9,444</td><td>2,977</td><td>338</td><td>351</td><td>57</td><td>13,167</td></tr><tr><td colspan="15">Sales of foreign securities:</td></tr><tr><td>Dec. 7.</td><td>690</td><td>147</td><td>54</td><td>30</td><td>93</td><td>502</td><td>243</td><td>1,759</td><td>1,279</td><td>93</td><td>45</td><td>83</td><td>3,259</td></tr><tr><td>Dec. 14.</td><td>510</td><td>143</td><td>12</td><td>10</td><td>195</td><td>445</td><td>83</td><td>1,398</td><td>587</td><td>81</td><td>9</td><td>6</td><td>2,031</td></tr><tr><td>Dec. 21.</td><td>757</td><td>163</td><td>19</td><td>1</td><td>114</td><td>488</td><td>62</td><td>1,604</td><td>472</td><td>90</td><td>-</td><td>20</td><td>2,186</td></tr><tr><td>Dec. 28.</td><td>697</td><td>137</td><td>3</td><td>6</td><td>47</td><td>518</td><td>59</td><td>1,467</td><td>216</td><td>74</td><td>19</td><td>4</td><td>1,780</td></tr><tr><td colspan="15">TOTAL PURCHASES EXECUTED ABROAD FOR DOMESTIC ACCOUNT:</td></tr><tr><td>Dec. 7.</td><td>380</td><td>23</td><td>-</td><td>-</td><td>39</td><td>-</td><td>25</td><td>467</td><td>988</td><td>-</td><td>1</td><td>54</td><td>1,510</td></tr><tr><td>Dec. 14.</td><td>820</td><td>17</td><td>-</td><td>-</td><td>40</td><td>-</td><td>1</td><td>878</td><td>1,861</td><td>-</td><td>2</td><td>-</td><td>2,741</td></tr><tr><td>Dec. 21.</td><td>556</td><td>20</td><td>-</td><td>-</td><td>7</td><td>-</td><td>20</td><td>603</td><td>2,344</td><td>-</td><td>-</td><td>-</td><td>2,947</td></tr><tr><td>Dec. 28.</td><td>180</td><td>83</td><td>-</td><td>-</td><td>25</td><td>5</td><td>-</td><td>293</td><td>2,891</td><td>3</td><td>5</td><td>-</td><td>3,192</td></tr><tr><td colspan="15">Purchases of domestic securities:</td></tr><tr><td>Dec. 7.</td><td>83</td><td>6</td><td>-</td><td>-</td><td>2</td><td>-</td><td>25</td><td>121</td><td>88</td><td>-</td><td>-</td><td>-</td><td>209</td></tr><tr><td>Dec. 14.</td><td>83</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>84</td><td>45</td><td>-</td><td>2</td><td>-</td><td>131</td></tr><tr><td>Dec. 21.</td><td>88</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>108</td><td>26</td><td>-</td><td>-</td><td>-</td><td>134</td></tr><tr><td>Dec. 28.</td><td>39</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td><td>49</td><td>10</td><td>-</td><td>-</td><td>-</td><td>59</td></tr><tr><td colspan="15">Purchases of foreign securities:</td></tr><tr><td>Dec. 7.</td><td>292</td><td>17</td><td>-</td><td>-</td><td>37</td><td>-</td><td>-</td><td>346</td><td>900</td><td>-</td><td>1</td><td>54</td><td>1,301</td></tr><tr><td>Dec. 14.</td><td>737</td><td>17</td><td>-</td><td>-</td><td>40</td><td>-</td><td>-</td><td>794</td><td>1,816</td><td>-</td><td>-</td><td>-</td><td>2,610</td></tr><tr><td>Dec. 21.</td><td>468</td><td>20</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td><td>495</td><td>2,318</td><td>-</td><td>-</td><td>-</td><td>2,813</td></tr><tr><td>Dec. 28.</td><td>141</td><td>83</td><td>-</td><td>-</td><td>15</td><td>5</td><td>-</td><td>244</td><td>2,881</td><td>3</td><td>5</td><td>-</td><td>3,133</td></tr><tr><td colspan="15">TOTAL SALES EXECUTED ABROAD FOR DOMESTIC ACCOUNT:</td></tr><tr><td>Dec. 7.</td><td>3,210</td><td>32</td><td>122</td><td>-</td><td>9</td><td>14</td><td>8</td><td>3,395</td><td>803</td><td>130</td><td>-</td><td>4</td><td>4,332</td></tr><tr><td>Dec. 14.</td><td>551</td><td>25</td><td>124</td><td>-</td><td>14</td><td>382</td><td>30</td><td>1,126</td><td>1,292</td><td>-</td><td>-</td><td>14</td><td>2,432</td></tr><tr><td>Dec. 21.</td><td>812</td><td>35</td><td>215</td><td>-</td><td>44</td><td>1</td><td>1</td><td>1,107</td><td>2,301</td><td>-</td><td>-</td><td>13</td><td>3,421</td></tr><tr><td>Dec. 28.</td><td>226</td><td>130</td><td>188</td><td>-</td><td>23</td><td>1</td><td>10</td><td>578</td><td>1,823</td><td>6</td><td>-</td><td>99</td><td>2,506</td></tr><tr><td colspan="15">Sales of domestic securities:</td></tr><tr><td>Dec. 7.</td><td>2,253</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,253</td><td>84</td><td>-</td><td>-</td><td>-</td><td>2,337</td></tr><tr><td>Dec. 14.</td><td>78</td><td>-</td><td>-</td><td>-</td><td>13</td><td>382</td><td>-</td><td>473</td><td>11</td><td>-</td><td>-</td><td>-</td><td>484</td></tr><tr><td>Dec. 21.</td><td>424</td><td>-</td><td>-</td><td>-</td><td>37</td><td>-</td><td>-</td><td>461</td><td>2</td><td>-</td><td>-</td><td>-</td><td>463</td></tr><tr><td>Dec. 28.</td><td>38</td><td>-</td><td>-</td><td>-</td><td>23</td><td>-</td><td>-</td><td>61</td><td>-</td><td>-</td><td>-</td><td>-</td><td>61</td></tr><tr><td colspan="15">Sales of foreign securities:</td></tr><tr><td>Dec. 7.</td><td>957</td><td>32</td><td>122</td><td>-</td><td>9</td><td>14</td><td>8</td><td>1,142</td><td>719</td><td>130</td><td>-</td><td>4</td><td>1,995</td></tr><tr><td>Dec. 14.</td><td>473</td><td>25</td><td>124</td><td>-</td><td>1</td><td>-</td><td>30</td><td>653</td><td>1,281</td><td>-</td><td>-</td><td>14</td><td>1,948</td></tr><tr><td>Dec. 21.</td><td>388</td><td>35</td><td>215</td><td>-</td><td>7</td><td>-</td><td>1</td><td>646</td><td>2,299</td><td>-</td><td>-</td><td>13</td><td>2,958</td></tr><tr><td>Dec. 28.</td><td>183</td><td>130</td><td>183</td><td>-</td><td>-</td><td>1</td><td>10</td><td>517</td><td>1,823</td><td>6</td><td>-</td><td>99</td><td>2,445</td></tr></table>
40
Security Transactions in Joint Foreign Arbitrage Accounts as Reported by Brokers and Dealers in the United States, for December 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>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>Ormd total</th></tr><tr><td>TOTAL PURCHASES IN THE UNITED STATES:</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>Dec. 7.</td><td>2,784</td><td>27</td><td>-</td><td>-</td><td>557</td><td>143</td><td>15</td><td>3,526</td><td>1,094</td><td>5</td><td>-</td><td>-</td><td>4,625</td></tr><tr><td>Dec. 14.</td><td>1,239</td><td>16</td><td>-</td><td>-</td><td>361</td><td>111</td><td>41</td><td>1,834</td><td>950</td><td>11</td><td>-</td><td>-</td><td>2,795</td></tr><tr><td>Dec. 21.</td><td>3,026</td><td>10</td><td>-</td><td>-</td><td>389</td><td>138</td><td>11</td><td>3,574</td><td>1,165</td><td>15</td><td>-</td><td>-</td><td>4,754</td></tr><tr><td>Dec. 28.</td><td>2,932</td><td>-</td><td>-</td><td>-</td><td>532</td><td>198</td><td>2</td><td>3,664</td><td>772</td><td>1</td><td>-</td><td>-</td><td>4,437</td></tr><tr><td>Purchases 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>Dec. 7.</td><td>2,438</td><td>-</td><td>-</td><td>-</td><td>541</td><td>143</td><td>-</td><td>3,172</td><td>63</td><td>-</td><td>-</td><td>-</td><td>3,235</td></tr><tr><td>Dec. 14.</td><td>923</td><td>-</td><td>-</td><td>-</td><td>335</td><td>169</td><td>-</td><td>1,427</td><td>34</td><td>-</td><td>-</td><td>-</td><td>1,461</td></tr><tr><td>Dec. 21.</td><td>2,587</td><td>-</td><td>-</td><td>-</td><td>384</td><td>138</td><td>-</td><td>3,109</td><td>89</td><td>-</td><td>-</td><td>-</td><td>3,198</td></tr><tr><td>Dec. 28.</td><td>2,627</td><td>-</td><td>-</td><td>-</td><td>526</td><td>182</td><td>-</td><td>3,335</td><td>38</td><td>-</td><td>-</td><td>-</td><td>3,373</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>Dec. 7.</td><td>296</td><td>27</td><td>-</td><td>-</td><td>16</td><td>-</td><td>15</td><td>354</td><td>1,031</td><td>5</td><td>-</td><td>-</td><td>1,390</td></tr><tr><td>Dec. 14.</td><td>316</td><td>16</td><td>-</td><td>-</td><td>26</td><td>8</td><td>41</td><td>407</td><td>916</td><td>11</td><td>-</td><td>-</td><td>1,334</td></tr><tr><td>Dec. 21.</td><td>439</td><td>10</td><td>-</td><td>-</td><td>5</td><td>-</td><td>11</td><td>465</td><td>1,076</td><td>15</td><td>-</td><td>-</td><td>1,556</td></tr><tr><td>Dec. 28.</td><td>305</td><td>-</td><td>-</td><td>-</td><td>6</td><td>16</td><td>2</td><td>329</td><td>734</td><td>1</td><td>-</td><td>-</td><td>1,064</td></tr><tr><td>TOTAL SALES IN THE UNITED STATES:</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>Dec. 7.</td><td>2,025</td><td>-</td><td>-</td><td>-</td><td>333</td><td>15</td><td>-</td><td>2,373</td><td>697</td><td>-</td><td>-</td><td>-</td><td>3,070</td></tr><tr><td>Dec. 14.</td><td>3,128</td><td>-</td><td>-</td><td>-</td><td>269</td><td>39</td><td>-</td><td>3,436</td><td>1,073</td><td>-</td><td>-</td><td>-</td><td>4,509</td></tr><tr><td>Dec. 21.</td><td>4,093</td><td>2</td><td>-</td><td>-</td><td>461</td><td>107</td><td>-</td><td>4,663</td><td>855</td><td>5</td><td>-</td><td>-</td><td>5,523</td></tr><tr><td>Dec. 28.</td><td>519</td><td>-</td><td>-</td><td>-</td><td>34</td><td>16</td><td>-</td><td>569</td><td>666</td><td>-</td><td>-</td><td>-</td><td>1,235</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>Dec. 7.</td><td>1,331</td><td>-</td><td>-</td><td>-</td><td>326</td><td>15</td><td>-</td><td>1,672</td><td>17</td><td>-</td><td>-</td><td>-</td><td>1,689</td></tr><tr><td>Dec. 14.</td><td>2,102</td><td>-</td><td>-</td><td>-</td><td>264</td><td>39</td><td>-</td><td>2,405</td><td>10</td><td>-</td><td>-</td><td>-</td><td>2,415</td></tr><tr><td>Dec. 21.</td><td>3,288</td><td>-</td><td>-</td><td>-</td><td>455</td><td>104</td><td>-</td><td>3,847</td><td>26</td><td>5</td><td>-</td><td>-</td><td>3,878</td></tr><tr><td>Dec. 28.</td><td>341</td><td>-</td><td>-</td><td>-</td><td>33</td><td>16</td><td>-</td><td>390</td><td>8</td><td>-</td><td>-</td><td>-</td><td>398</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>Dec. 7.</td><td>694</td><td>-</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td><td>701</td><td>680</td><td>-</td><td>-</td><td>-</td><td>1,381</td></tr><tr><td>Dec. 14.</td><td>1,026</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>1,031</td><td>1,063</td><td>-</td><td>-</td><td>-</td><td>2,094</td></tr><tr><td>Dec. 21.</td><td>805</td><td>2</td><td>-</td><td>-</td><td>6</td><td>3</td><td>-</td><td>816</td><td>829</td><td>-</td><td>-</td><td>-</td><td>1,645</td></tr><tr><td>Dec. 28.</td><td>173</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>179</td><td>658</td><td>-</td><td>-</td><td>-</td><td>837</td></tr></table>
Foreign Balances in Brokerage Accounts as Reported by Brokers and Dealers in the United States, for December 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-land</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></tr><tr><td>Dec. 7</td><td>8,894</td><td>6,819</td><td>195</td><td>66</td><td>2,881</td><td>2,610</td><td>4,945</td><td>26,410</td><td>20,113</td><td>4,913</td><td>7,349</td><td>412</td><td>59,197</td></tr><tr><td>Dec. 14</td><td>8,288</td><td>6,365</td><td>161</td><td>92</td><td>2,945</td><td>2,659</td><td>5,039</td><td>25,549</td><td>19,766</td><td>5,118</td><td>7,532</td><td>433</td><td>58,398</td></tr><tr><td>Dec. 21</td><td>9,091</td><td>6,887</td><td>157</td><td>88</td><td>3,339</td><td>3,072</td><td>5,388</td><td>28,072</td><td>21,247</td><td>4,457</td><td>8,241</td><td>389</td><td>62,406</td></tr><tr><td>Dec. 28</td><td>9,283</td><td>6,762</td><td>169</td><td>93</td><td>3,505</td><td>3,292</td><td>5,285</td><td>28,389</td><td>21,093</td><td>4,676</td><td>8,185</td><td>485</td><td>62,828</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></tr><tr><td>Dec. 7</td><td>7,211</td><td>5,444</td><td>239</td><td>122</td><td>4,387</td><td>6,992</td><td>2,903</td><td>27,293</td><td>3,844</td><td>1,467</td><td>807</td><td>352</td><td>33,768</td></tr><tr><td>Dec. 14</td><td>6,186</td><td>5,298</td><td>211</td><td>120</td><td>3,993</td><td>7,281</td><td>2,946</td><td>26,335</td><td>3,920</td><td>1,553</td><td>784</td><td>312</td><td>32,919</td></tr><tr><td>Dec. 21</td><td>6,706</td><td>5,098</td><td>207</td><td>122</td><td>4,270</td><td>7,531</td><td>3,159</td><td>27,141</td><td>3,415</td><td>1,466</td><td>854</td><td>346</td><td>33,224</td></tr><tr><td>Dec. 28</td><td>6,503</td><td>5,332</td><td>217</td><td>114</td><td>3,370</td><td>6,907</td><td>2,868</td><td>25,911</td><td>4,542</td><td>1,755</td><td>712</td><td>312</td><td>33,332</td></tr></table>
41
Purchases and Sales of Foreign Exchange, Spot and Forward, as Reported by Banks and Bankers in the United States, for December 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></tr><tr><td>Dec. 7 Spot......</td><td>122,097</td><td>4,131</td><td>542</td><td>1,289</td><td>2,633</td><td>1,812</td><td>3,425</td><td>135,929</td><td>25,579</td><td>612</td><td>3,463</td><td>491</td><td>166,074</td></tr><tr><td>Dec. 7 Forward....</td><td>51,623</td><td>1,712</td><td>65</td><td>198</td><td>1,179</td><td>801</td><td>1,987</td><td>57,565</td><td>8,813</td><td>109</td><td>2,673</td><td>1</td><td>69,161</td></tr><tr><td>Dec. 14 Spot......</td><td>104,161</td><td>1,826</td><td>479</td><td>1,404</td><td>2,748</td><td>1,473</td><td>3,361</td><td>115,452</td><td>28,308</td><td>321</td><td>3,517</td><td>685</td><td>148,283</td></tr><tr><td>Dec. 14 Forward....</td><td>52,982</td><td>622</td><td>32</td><td>712</td><td>999</td><td>230</td><td>1,852</td><td>56,929</td><td>8,124</td><td>14</td><td>1,187</td><td>6</td><td>66,266</td></tr><tr><td>Dec. 21 Spot......</td><td>97,355</td><td>1,887</td><td>584</td><td>1,356</td><td>1,954</td><td>2,353</td><td>3,273</td><td>108,772</td><td>26,550</td><td>316</td><td>1,423</td><td>432</td><td>137,193</td></tr><tr><td>Dec. 21 Forward....</td><td>45,959</td><td>491</td><td>30</td><td>77</td><td>1,166</td><td>607</td><td>1,086</td><td>49,416</td><td>5,308</td><td>20</td><td>1,893</td><td>-</td><td>56,637</td></tr><tr><td>Dec. 28 Spot......</td><td>54,210</td><td>1,391</td><td>504</td><td>776</td><td>1,374</td><td>1,946</td><td>1,540</td><td>61,741</td><td>19,129</td><td>302</td><td>802</td><td>397</td><td>82,371</td></tr><tr><td>Dec. 28 Forward....</td><td>22,424</td><td>527</td><td>-</td><td>-</td><td>982</td><td>383</td><td>387</td><td>24,703</td><td>2,513</td><td>-</td><td>1,831</td><td>6</td><td>29,103</td></tr><tr><td>Purchases 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></tr><tr><td>Dec. 7 Spot......</td><td>100,752</td><td>3,530</td><td>509</td><td>1,120</td><td>2,526</td><td>1,790</td><td>3,232</td><td>113,459</td><td>15,131</td><td>322</td><td>2,585</td><td>242</td><td>131,739</td></tr><tr><td>Dec. 7 Forward....</td><td>39,893</td><td>1,643</td><td>65</td><td>187</td><td>508</td><td>707</td><td>1,354</td><td>44,357</td><td>7,214</td><td>-</td><td>1,209</td><td>-</td><td>52,780</td></tr><tr><td>Dec. 14 Spot......</td><td>87,120</td><td>1,669</td><td>420</td><td>1,162</td><td>2,456</td><td>1,433</td><td>3,141</td><td>97,401</td><td>18,119</td><td>222</td><td>1,303</td><td>311</td><td>117,356</td></tr><tr><td>Dec. 14 Forward....</td><td>35,608</td><td>375</td><td>32</td><td>211</td><td>242</td><td>185</td><td>1,638</td><td>38,291</td><td>5,510</td><td>-</td><td>919</td><td>-</td><td>44,720</td></tr><tr><td>Dec. 21 Spot......</td><td>80,896</td><td>1,636</td><td>541</td><td>1,116</td><td>1,740</td><td>2,321</td><td>2,923</td><td>91,223</td><td>15,866</td><td>233</td><td>710</td><td>235</td><td>108,267</td></tr><tr><td>Dec. 21 Forward....</td><td>30,514</td><td>290</td><td>30</td><td>59</td><td>859</td><td>519</td><td>794</td><td>33,055</td><td>3,418</td><td>6</td><td>974</td><td>-</td><td>37,463</td></tr><tr><td>Dec. 28 Spot......</td><td>41,513</td><td>1,141</td><td>465</td><td>682</td><td>1,025</td><td>1,926</td><td>1,382</td><td>48,135</td><td>12,084</td><td>257</td><td>323</td><td>128</td><td>60,927</td></tr><tr><td>Dec. 28 Forward....</td><td>15,634</td><td>436</td><td>-</td><td>-</td><td>805</td><td>383</td><td>380</td><td>17,738</td><td>1,624</td><td>-</td><td>540</td><td>3</td><td>19,905</td></tr><tr><td>Purchases from customer 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></tr><tr><td>Dec. 7 Spot......</td><td>21,345</td><td>601</td><td>33</td><td>169</td><td>107</td><td>22</td><td>193</td><td>22,470</td><td>10,448</td><td>290</td><td>878</td><td>249</td><td>34,335</td></tr><tr><td>Dec. 7 Forward....</td><td>11,730</td><td>69</td><td>-</td><td>11</td><td>671</td><td>94</td><td>633</td><td>13,203</td><td>1,599</td><td>109</td><td>1,464</td><td>1</td><td>16,381</td></tr><tr><td>Dec. 14 Spot......</td><td>17,041</td><td>157</td><td>59</td><td>242</td><td>292</td><td>40</td><td>220</td><td>18,051</td><td>10,189</td><td>99</td><td>2,214</td><td>374</td><td>30,927</td></tr><tr><td>Dec. 14 Forward....</td><td>17,374</td><td>247</td><td>-</td><td>1</td><td>757</td><td>45</td><td>214</td><td>18,638</td><td>2,614</td><td>14</td><td>268</td><td>6</td><td>21,540</td></tr><tr><td>Dec. 21 Spot......</td><td>16,469</td><td>201</td><td>43</td><td>240</td><td>214</td><td>32</td><td>350</td><td>17,549</td><td>10,684</td><td>83</td><td>713</td><td>197</td><td>29,226</td></tr><tr><td>Dec. 21 Forward....</td><td>15,445</td><td>201</td><td>-</td><td>18</td><td>307</td><td>88</td><td>292</td><td>16,351</td><td>1,890</td><td>14</td><td>919</td><td>-</td><td>19,174</td></tr><tr><td>Dec. 28 Spot......</td><td>12,607</td><td>250</td><td>38</td><td>94</td><td>349</td><td>20</td><td>158</td><td>13,606</td><td>7,045</td><td>45</td><td>479</td><td>269</td><td>21,444</td></tr><tr><td>Dec. 28 Forward....</td><td>6,740</td><td>41</td><td>-</td><td>-</td><td>177</td><td>-</td><td>7</td><td>6,965</td><td>889</td><td>-</td><td>1,341</td><td>3</td><td>9,198</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></tr><tr><td>Dec. 7 Spot......</td><td>115,991</td><td>3,196</td><td>763</td><td>1,491</td><td>2,018</td><td>1,700</td><td>3,686</td><td>128,845</td><td>22,620</td><td>679</td><td>2,859</td><td>281</td><td>155,284</td></tr><tr><td>Dec. 7 Forward....</td><td>55,318</td><td>2,402</td><td>-</td><td>31</td><td>1,491</td><td>499</td><td>1,517</td><td>61,258</td><td>8,268</td><td>94</td><td>3,034</td><td>-</td><td>72,654</td></tr><tr><td>Dec. 14 Spot......</td><td>99,891</td><td>2,006</td><td>600</td><td>1,348</td><td>1,850</td><td>1,754</td><td>4,310</td><td>111,759</td><td>26,514</td><td>340</td><td>2,303</td><td>360</td><td>141,276</td></tr><tr><td>Dec. 14 Forward....</td><td>57,804</td><td>503</td><td>32</td><td>3</td><td>1,788</td><td>221</td><td>1,134</td><td>61,485</td><td>11,281</td><td>-</td><td>2,383</td><td>141</td><td>75,830</td></tr><tr><td>Dec. 21 Spot......</td><td>92,020</td><td>1,295</td><td>484</td><td>1,112</td><td>1,457</td><td>1,601</td><td>2,732</td><td>101,301</td><td>25,157</td><td>309</td><td>1,679</td><td>292</td><td>128,738</td></tr><tr><td>Dec. 21 Forward....</td><td>49,229</td><td>554</td><td>-</td><td>55</td><td>1,285</td><td>848</td><td>1,212</td><td>53,833</td><td>6,808</td><td>-</td><td>1,942</td><td>-</td><td>62,633</td></tr><tr><td>Dec. 28 Spot......</td><td>51,983</td><td>1,483</td><td>391</td><td>544</td><td>2,164</td><td>2,296</td><td>1,635</td><td>60,496</td><td>16,255</td><td>149</td><td>1,660</td><td>164</td><td>78,714</td></tr><tr><td>Dec. 28 Forward....</td><td>26,312</td><td>626</td><td>10</td><td>10</td><td>983</td><td>330</td><td>541</td><td>28,812</td><td>4,219</td><td>233</td><td>1,341</td><td>-</td><td>34,608</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></tr><tr><td>Dec. 7 Spot......</td><td>102,166</td><td>2,391</td><td>336</td><td>665</td><td>1,219</td><td>1,362</td><td>2,310</td><td>110,449</td><td>16,037</td><td>123</td><td>1,346</td><td>10</td><td>127,955</td></tr><tr><td>Dec. 7 Forward....</td><td>34,973</td><td>1,327</td><td>-</td><td>30</td><td>1,234</td><td>391</td><td>934</td><td>38,839</td><td>7,162</td><td>-</td><td>2,898</td><td>-</td><td>48,949</td></tr><tr><td>Dec. 14 Spot......</td><td>82,209</td><td>1,344</td><td>305</td><td>561</td><td>1,283</td><td>942</td><td>3,114</td><td>89,758</td><td>16,573</td><td>78</td><td>1,026</td><td>17</td><td>107,452</td></tr><tr><td>Dec. 14 Forward....</td><td>42,864</td><td>422</td><td>32</td><td>-</td><td>1,340</td><td>201</td><td>1,101</td><td>45,960</td><td>9,203</td><td>-</td><td>2,359</td><td>141</td><td>57,653</td></tr><tr><td>Dec. 21 Spot......</td><td>78,732</td><td>1,088</td><td>308</td><td>610</td><td>1,004</td><td>1,026</td><td>1,816</td><td>84,584</td><td>17,537</td><td>42</td><td>503</td><td>66</td><td>102,732</td></tr><tr><td>Dec. 21 Forward....</td><td>36,715</td><td>484</td><td>-</td><td>54</td><td>940</td><td>325</td><td>1,180</td><td>39,698</td><td>5,132</td><td>-</td><td>1,533</td><td>-</td><td>46,363</td></tr><tr><td>Dec. 28 Spot......</td><td>42,392</td><td>945</td><td>308</td><td>395</td><td>1,501</td><td>2,027</td><td>1,132</td><td>48,600</td><td>10,124</td><td>57</td><td>422</td><td>39</td><td>59,542</td></tr><tr><td>Dec. 28 Forward....</td><td>20,365</td><td>548</td><td>10</td><td>10</td><td>621</td><td>320</td><td>478</td><td>22,352</td><td>2,845</td><td>100</td><td>1,112</td><td>-</td><td>26,409</td></tr><tr><td>Sales to customer other than bank:</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>Dec. 7 Spot......</td><td>13,825</td><td>805</td><td>427</td><td>826</td><td>799</td><td>338</td><td>1,376</td><td>18,396</td><td>6,583</td><td>556</td><td>1,513</td><td>271</td><td>27,319</td></tr><tr><td>Dec. 7 Forward....</td><td>20,345</td><td>1,075</td><td>-</td><td>1</td><td>257</td><td>108</td><td>583</td><td>22,369</td><td>1,106</td><td>94</td><td>136</td><td>-</td><td>23,705</td></tr><tr><td>Dec. 14 Spot......</td><td>17,582</td><td>662</td><td>295</td><td>787</td><td>567</td><td>812</td><td>1,196</td><td>22,001</td><td>9,981</td><td>252</td><td>1,277</td><td>343</td><td>33,824</td></tr><tr><td>Dec. 14 Forward....</td><td>14,940</td><td>81</td><td>-</td><td>3</td><td>448</td><td>20</td><td>33</td><td>15,525</td><td>2,078</td><td>-</td><td>24</td><td>-</td><td>17,627</td></tr><tr><td>Dec. 21 Spot......</td><td>13,283</td><td>807</td><td>175</td><td>502</td><td>453</td><td>575</td><td>916</td><td>16,717</td><td>7,620</td><td>267</td><td>1,176</td><td>226</td><td>26,006</td></tr><tr><td>Dec. 21 Forward....</td><td>13,214</td><td>70</td><td>-</td><td>1</td><td>345</td><td>523</td><td>32</td><td>14,185</td><td>1,676</td><td>-</td><td>409</td><td>-</td><td>16,270</td></tr><tr><td>Dec. 28 Spot......</td><td>9,691</td><td>538</td><td>83</td><td>149</td><td>653</td><td>269</td><td>503</td><td>11,896</td><td>5,831</td><td>92</td><td>1,228</td><td>125</td><td>19,172</td></tr><tr><td>Dec. 28 Forward....</td><td>5,947</td><td>78</td><td>-</td><td>-</td><td>362</td><td>10</td><td>63</td><td>6,460</td><td>1,374</td><td>133</td><td>232</td><td>-</td><td>8,199</td></tr></table>
42
Outstanding Forward Exchange Contracts as Reported by Banks and Bankers in the United States during December 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-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 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>Dec. 7</td><td>364,343</td><td>11,059</td><td>142</td><td>462</td><td>9,874</td><td>7,025</td><td>15,449</td><td>404,354</td><td>75,298</td><td>2,081</td><td>14,186</td><td>651</td><td>496,570</td></tr><tr><td>Dec. 14</td><td>368,343</td><td>10,825</td><td>80</td><td>437</td><td>1,936</td><td>2,889</td><td>16,593</td><td>409,103</td><td>75,479</td><td>2,359</td><td>14,284</td><td>600</td><td>501,535</td></tr><tr><td>Dec. 21</td><td>371,688</td><td>10,394</td><td>74</td><td>433</td><td>10,672</td><td>3,129</td><td>16,837</td><td>413,227</td><td>73,925</td><td>2,087</td><td>14,666</td><td>195</td><td>504,100</td></tr><tr><td>Dec. 28</td><td>350,509</td><td>10,119</td><td>34</td><td>400</td><td>9,818</td><td>2,980</td><td>15,383</td><td>389,243</td><td>68,186</td><td>2,087</td><td>14,864</td><td>203</td><td>474,583</td></tr><tr><td>Contracts for purchases 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>Dec. 7</td><td>112,324</td><td>5,239</td><td>112</td><td>31</td><td>1,825</td><td>637</td><td>4,211</td><td>124,379</td><td>9,858</td><td>932</td><td>2,935</td><td>14</td><td>138,118</td></tr><tr><td>Dec. 14</td><td>117,277</td><td>5,346</td><td>52</td><td>7</td><td>1,818</td><td>441</td><td>5,294</td><td>130,235</td><td>10,209</td><td>909</td><td>2,659</td><td>-</td><td>144,012</td></tr><tr><td>Dec. 21</td><td>117,744</td><td>5,256</td><td>58</td><td>6</td><td>1,866</td><td>861</td><td>5,198</td><td>130,989</td><td>10,132</td><td>915</td><td>5,714</td><td>-</td><td>147,750</td></tr><tr><td>Dec. 28</td><td>108,050</td><td>5,146</td><td>18</td><td>6</td><td>2,030</td><td>835</td><td>4,814</td><td>120,899</td><td>8,989</td><td>915</td><td>3,126</td><td>-</td><td>133,929</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>Dec. 7</td><td>252,019</td><td>5,820</td><td>30</td><td>431</td><td>8,049</td><td>2,388</td><td>11,238</td><td>279,975</td><td>65,440</td><td>1,149</td><td>11,251</td><td>637</td><td>358,452</td></tr><tr><td>Dec. 14</td><td>251,056</td><td>5,479</td><td>28</td><td>430</td><td>8,118</td><td>2,448</td><td>11,299</td><td>278,868</td><td>65,270</td><td>1,160</td><td>11,625</td><td>600</td><td>357,523</td></tr><tr><td>Dec. 21</td><td>253,944</td><td>5,138</td><td>16</td><td>427</td><td>8,806</td><td>2,268</td><td>11,639</td><td>282,238</td><td>63,793</td><td>1,172</td><td>8,952</td><td>195</td><td>356,350</td></tr><tr><td>Dec. 28</td><td>242,459</td><td>4,973</td><td>16</td><td>394</td><td>7,788</td><td>2,145</td><td>10,569</td><td>268,344</td><td>59,197</td><td>1,172</td><td>11,738</td><td>203</td><td>340,654</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>Dec. 7</td><td>388,423</td><td>15,307</td><td>193</td><td>665</td><td>18,630</td><td>6,258</td><td>19,775</td><td>449,251</td><td>81,102</td><td>4,362</td><td>19,381</td><td>587</td><td>554,683</td></tr><tr><td>Dec. 14</td><td>394,270</td><td>14,775</td><td>181</td><td>652</td><td>18,364</td><td>5,958</td><td>20,150</td><td>454,350</td><td>85,569</td><td>4,339</td><td>20,223</td><td>739</td><td>565,220</td></tr><tr><td>Dec. 21</td><td>385,134</td><td>13,932</td><td>154</td><td>650</td><td>17,713</td><td>5,674</td><td>20,122</td><td>443,379</td><td>82,669</td><td>4,305</td><td>20,608</td><td>202</td><td>551,163</td></tr><tr><td>Dec. 28</td><td>364,091</td><td>13,511</td><td>84</td><td>611</td><td>16,213</td><td>5,993</td><td>18,458</td><td>418,961</td><td>76,404</td><td>4,538</td><td>18,138</td><td>201</td><td>518,242</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>Dec. 7</td><td>131,927</td><td>7,350</td><td>129</td><td>133</td><td>10,375</td><td>3,771</td><td>12,504</td><td>155,289</td><td>31,864</td><td>4,066</td><td>13,210</td><td>537</td><td>214,966</td></tr><tr><td>Dec. 14</td><td>141,387</td><td>7,207</td><td>104</td><td>133</td><td>10,010</td><td>3,443</td><td>13,388</td><td>175,672</td><td>35,925</td><td>4,042</td><td>14,166</td><td>690</td><td>230,495</td></tr><tr><td>Dec. 21</td><td>132,668</td><td>6,765</td><td>104</td><td>131</td><td>8,904</td><td>3,397</td><td>13,349</td><td>155,318</td><td>34,403</td><td>4,009</td><td>14,491</td><td>154</td><td>218,375</td></tr><tr><td>Dec. 28</td><td>120,452</td><td>6,856</td><td>34</td><td>131</td><td>7,818</td><td>3,640</td><td>11,855</td><td>150,786</td><td>31,852</td><td>4,108</td><td>12,251</td><td>150</td><td>199,147</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>Dec. 7</td><td>257,396</td><td>7,957</td><td>64</td><td>532</td><td>8,255</td><td>2,487</td><td>7,271</td><td>283,962</td><td>49,238</td><td>296</td><td>6,171</td><td>50</td><td>339,717</td></tr><tr><td>Dec. 14</td><td>252,883</td><td>7,568</td><td>77</td><td>519</td><td>8,354</td><td>2,515</td><td>6,762</td><td>278,678</td><td>49,644</td><td>297</td><td>6,057</td><td>49</td><td>334,725</td></tr><tr><td>Dec. 21</td><td>252,466</td><td>7,167</td><td>50</td><td>519</td><td>8,809</td><td>2,277</td><td>6,773</td><td>278,961</td><td>48,260</td><td>296</td><td>6,117</td><td>48</td><td>332,788</td></tr><tr><td>Dec. 28</td><td>243,639</td><td>6,655</td><td>50</td><td>480</td><td>8,395</td><td>2,353</td><td>6,603</td><td>268,175</td><td>44,552</td><td>430</td><td>5,887</td><td>51</td><td>319,095</td></tr></table>
Net Position in Foreign Currencies of Reporting Banks and Bankers in the United States for December 1938
(Minne indicates short position: In thousands of dollars)
<table><tr><th rowspan="2">Classification and date</th><th colspan="10">Currency of-</th></tr><tr><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>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>Dec. 7.</td><td>-6,982</td><td>-2,096</td><td>-114</td><td>-1,250</td><td>-2,477</td><td>-743</td><td>-1,952</td><td>-15,614</td><td>3,790</td><td>258</td><td>-4,750</td><td>261</td><td>-16,055</td></tr><tr><td>Dec. 14.</td><td>-7,342</td><td>-2,160</td><td>-248</td><td>-1,127</td><td>-2,386</td><td>-1,031</td><td>-2,180</td><td>-16,474</td><td>3,355</td><td>201</td><td>-4,692</td><td>178</td><td>-18,432</td></tr><tr><td>Dec. 21.</td><td>-5,905</td><td>-2,248</td><td>-115</td><td>-1,020</td><td>-2,009</td><td>-526</td><td>-1,722</td><td>-13,545</td><td>2,294</td><td>281</td><td>-5,006</td><td>179</td><td>-15,797</td></tr><tr><td>Dec. 28.</td><td>-7,181</td><td>-2,432</td><td>-3</td><td>-952</td><td>-2,517</td><td>-824</td><td>-1,993</td><td>-15,902</td><td>3,394</td><td>172</td><td>-5,332</td><td>181</td><td>-17,487</td></tr></table>
OTHER MONETARY STATISTICS
43
44
Balance Sheet of the Exchange Stabilization Fund
June 30, 1938
<table><tr><td>ASSETS:</td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the U. S., Gold.</td><td>$1,800,000,000.00</td><td></td></tr><tr><td>Treasurer of the U. S.</td><td></td><td></td></tr><tr><td>Checking Account</td><td>1,643,849.25</td><td></td></tr><tr><td>Federal Reserve Bank of New York Special Account</td><td>100,765,630.03</td><td></td></tr><tr><td>Disbursing Officers' Balances & Advance Accounts</td><td>11,829.04</td><td>$1,902,421,308.32</td></tr><tr><td>Accounts Receivable:</td><td></td><td></td></tr><tr><td>Due from French Cable Company</td><td></td><td>5,007.34</td></tr><tr><td>Special Accounts of Soc'y of Treasury - Fed. Res. Bk. of N. Y.:</td><td></td><td></td></tr><tr><td>Special Account No. 1 (Gold) 1,248,862.370 ozs.</td><td></td><td>43,701,226.28</td></tr><tr><td>Special Account No. 3 & 4 (Sterling and francs)</td><td></td><td>100,331.51</td></tr><tr><td>Foreign Exchange due from Foreign Banks - Secured Deposits:</td><td></td><td></td></tr><tr><td>Central Bank of China 165,000,000.00 Yuan.</td><td></td><td>48,487,500.00</td></tr><tr><td>Gold of Foreign Banks held with Fed. Res. Bk. of N. Y. as collateral on Exchange Deposits:</td><td></td><td></td></tr><tr><td>Gold of Central Bank of China 1,395,381.168 ozs.</td><td></td><td>48,838,340.89</td></tr><tr><td>Investments - U. S. Treasury Bonds **</td><td></td><td>15,107,637.53</td></tr><tr><td>Accrued Interest Receivable **</td><td></td><td>52,042.78</td></tr><tr><td>Commodity Sales Contracts</td><td></td><td>2,651.00</td></tr><tr><td>Total Assets</td><td></td><td>2,058,716,045.65</td></tr><tr><td>LIABILITIES AND CAPITAL:</td><td></td><td></td></tr><tr><td>Capital Account</td><td>2,000,000,000.00</td><td></td></tr><tr><td>Due to Central Bank of China</td><td>605.78</td><td></td></tr><tr><td>Commodity Sales Contracts</td><td>2,651.00</td><td></td></tr><tr><td>Liability for Gold of Foreign Banks held as collateral:</td><td></td><td></td></tr><tr><td>Gold of Central Bank of China</td><td></td><td>48,838,340.89</td></tr><tr><td>Earnings **</td><td>$10,235,737.45</td><td></td></tr><tr><td>Deferred Credits - add</td><td>310,250.56</td><td></td></tr><tr><td>General Expenses - deduct **</td><td>10,545,988.01</td><td></td></tr><tr><td></td><td>671,540.03</td><td>9,874,447.98</td></tr><tr><td>Total Liabilities and Capital</td><td></td><td>2,058,716,045.65</td></tr></table>
<table><tr><th colspan="3">December 31, 1938</th></tr><tr><td>ASSETS:</td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the U. S., Gold</td><td>$1,800,000,000.00</td><td></td></tr><tr><td>Treasurer of the U. S., Cracking Acct</td><td>1,620,526.45</td><td></td></tr><tr><td>Fed. Res. Bk of New York</td><td>77,599,972.84</td><td></td></tr><tr><td>Special Acct.</td><td>16,663.96</td><td>$1,879,237,153.25</td></tr><tr><td>Disturbing Officers' Balances & Advance Accounts</td><td></td><td></td></tr><tr><td>Accounts Receivable:</td><td></td><td></td></tr><tr><td>Due from French Cable Company</td><td>5,007.34</td><td></td></tr><tr><td>Due from Treasurer, U. S.</td><td>2,979.22</td><td></td></tr><tr><td>Special Accounts of Secretary of Treasury - Fed. Res. Bk. of N. Y.:</td><td></td><td></td></tr><tr><td>Special Account No. 1 (Gold)</td><td>80,410,864.90</td><td></td></tr><tr><td>2,303,965,650 ozs.*</td><td></td><td></td></tr><tr><td>Foreign Exchange Due from Foreign Banks -</td><td></td><td></td></tr><tr><td>Secured Deposits:</td><td></td><td></td></tr><tr><td>Central Bank of China</td><td>48,657,070.27</td><td></td></tr><tr><td>165,577,037.24 Yuan</td><td></td><td></td></tr><tr><td>Cold of Foreign Banks held with Federal Reserve Bank of New York as collateral on Exchange Deposits:</td><td></td><td></td></tr><tr><td>Cold of Central Bank of China</td><td>48,838,340.89</td><td></td></tr><tr><td>1,395,381,168 oss</td><td></td><td></td></tr><tr><td>Investments - U. S. Treasury Bonds**</td><td>5,026,562.50</td><td></td></tr><tr><td>Accrued Interest Receivable **</td><td>42,489.64</td><td></td></tr><tr><td>Other Accounts - Deferred Charges</td><td>9,302.02</td><td></td></tr><tr><td>Commodity Sales Contracts</td><td>2,651.00</td><td></td></tr><tr><td>Total Assets</td><td>2,062,232,431.03</td><td></td></tr><tr><td>LIABILITIES AND CAPITAL:</td><td></td><td></td></tr><tr><td>Capital Account</td><td>2,000,000,000.00</td><td></td></tr><tr><td>Accounts Payable:</td><td></td><td></td></tr><tr><td>Vouchers payable</td><td>8,250.97</td><td></td></tr><tr><td>Balance due Bank of England - Gold Purchase</td><td>756,526.76</td><td></td></tr><tr><td>Deferred Credit - net</td><td>184,014.55</td><td></td></tr><tr><td>Liability for Gold of Foreign Banks held as collateral:</td><td></td><td></td></tr><tr><td>Cold of Central Bank of China</td><td>48,838,340.89</td><td></td></tr><tr><td>Earnings **</td><td>13,229,951.08</td><td></td></tr><tr><td>General Expenses - deduct ***</td><td>784,653.22</td><td>12,445,297.86</td></tr><tr><td>Total Liabilities and Capital</td><td>$2,062,232,431.03</td><td></td></tr></table>
* See Schedule 1
** See Schedule 2
*** See Schedule 3
45
Schedules for Balance Sheet of the Exchange Stabilization Fund
June 30, 1938 Schedule #1
Special Account #1 - Gold
Schedule showing location of Gold held by and for account of the Exchange Stabilization Fund.
<table><tr><th></th><th>Ounces</th><th>Dollars</th></tr><tr><td>Cold held by:</td><td></td><td></td></tr><tr><td>Bank of England, Account A......</td><td>38,941.816</td><td>1,354,006.95</td></tr><tr><td>Federal Reserve Bank, New York..</td><td>47,460.817</td><td>1,661,128.59</td></tr><tr><td>U. S. Assay Office, N. Y.:<br>Held in safekeeping.........</td><td>1,162,459.737</td><td>40,686,090.74</td></tr><tr><td>Total.......................</td><td>1,248,862.370</td><td>43,701,226.28</td></tr></table>
December 31, 1938 Schedule #1
Special Account #1 - Gold
Schedule showing location of Gold held by and for account of the Exchange Stabilization Fund.
<table><tr><th></th><th>Ounces</th><th>Dollars</th></tr><tr><td>Cold in transit</td><td>199,919.629</td><td>6,946,872.02</td></tr><tr><td>Gold held by:</td><td></td><td></td></tr><tr><td>Bank of England - Account B</td><td>415,636,487</td><td>14,369,659.31</td></tr><tr><td>Federal Reserve Bank, New York</td><td>69,678,702</td><td>2,438,754.56</td></tr><tr><td>U. S. Assay Office, New York:</td><td></td><td></td></tr><tr><td>Held in safekeeping</td><td>1,595,264,088</td><td>55,834,243.16</td></tr><tr><td>Awaiting final report</td><td>23,466,744</td><td>821,335.85</td></tr><tr><td>Total</td><td>2,303,965,650</td><td>80,410,864.90</td></tr></table>
Schedule #2
Schedule showing total earnings of the Exchange Stabilization Fund from January 31, 1934 to June 30, 1938.
<table><tr><td>Source:</td><td></td></tr><tr><td>Profits on French Franc Transactions</td><td>$352,014.24</td></tr><tr><td>Profits on Gold Bullion</td><td>711,099.88</td></tr><tr><td>Profit on handling charges on gold</td><td>1,772,273.12</td></tr><tr><td>Profits on Silver Transactions</td><td>105,371.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalized)</td><td>3,473,362.29</td></tr><tr><td>Profits on investments</td><td>491,208.70</td></tr><tr><td>Interest on investments</td><td>2,866,888.37</td></tr><tr><td>Miscellaneous Profits</td><td>410.44</td></tr><tr><td>Interest earned on Foreign Balances</td><td>56,740.83</td></tr><tr><td>Interest earned on Chinese Yuan</td><td>406,368.31</td></tr><tr><td></td><td>10,235,737.45</td></tr><tr><td>Deferred Credits</td><td>30,250.56</td></tr><tr><td>Total</td><td>10,545,988.01</td></tr></table>
Schedule #2
Schedule showing total earnings of the Exchange Stabilization Fund from inception to December 31, 1938.
<table><tr><td>Source<sup>1</sup></td><td></td></tr><tr><td>Profits on French Franc Transactions</td><td>$335,072.94</td></tr><tr><td>Profit on Gold Bullion</td><td>1,294,301.21</td></tr><tr><td>Profit on handling charges on gold</td><td>3,497,935.34</td></tr><tr><td>Profit on sale of sterling</td><td>90,141.13</td></tr><tr><td>Profit on Silver Transactions</td><td>105,371.27</td></tr><tr><td>Profit on sale of Silver Bullion to Treasury (nationalised)</td><td>3,473,362.29</td></tr><tr><td>Profit on investments</td><td>615,826.17</td></tr><tr><td>Miscellaneous profits</td><td>430.44</td></tr><tr><td>Interest earned on foreign balances</td><td>82,032.99</td></tr><tr><td>Interest on investments</td><td>2,957,955.24</td></tr><tr><td>Interest earned on Chinese Yuan</td><td>773,522.06</td></tr><tr><td>Total</td><td>13,229,951.08</td></tr></table>
Investments
Schedule showing Classes of U. S. Treasury Bonds held by the Exchange Stabilization Fund.
<table><tr><th></th><th>Face Value</th><th>Principal Cost</th><th>Accrued Interest</th><th>Average rate at which bonds are held</th></tr><tr><td>Class: 2-7/8% U. S. Treasury Bonds of 1955-60</td><td>$5,000,000</td><td>$5,026,562.50</td><td>$41,796.88</td><td>100.5313</td></tr><tr><td>2-1/2% U. S. Treasury Bonds of 1949-53</td><td>10,000,000</td><td>10,051,075.03</td><td>10,245.90</td><td>100.8108</td></tr><tr><td>Total</td><td>15,000,000</td><td>15,107,637.53</td><td>52,042.78</td><td></td></tr></table>
Investment's
Schedule showing Classes of U. S. Treasury Bonds held by the Exchange Stabilization Fund.
<table><tr><th></th><th>Face Value</th><th>Principal Cost</th><th>Accrued Interest</th><th>Average rate at which bonds are held</th></tr><tr><td>Class: 2-7/8% U. S. Treasury Bonds of 1955-60......</td><td>$5,000,000</td><td>$5,026,562.50</td><td>$42,489.64</td><td>100.5313</td></tr></table>
Schedule #3
Administrative Expenses of the Exchange Stabilization Fund from January 31, 1934 to June 30, 1938.
<table><tr><td>Salariee.</td><td>$379,961.67</td></tr><tr><td>Travel</td><td>31,785.80</td></tr><tr><td>Subesistence.</td><td>18,509.14</td></tr><tr><td>Telephone and Telegraph.</td><td>171,622.29</td></tr><tr><td>Stationery, etc.</td><td>11,232.67</td></tr><tr><td>All other</td><td>58,428.46</td></tr><tr><td>Total.</td><td>671,540.03</td></tr></table>
Schedule #3
Administrative Expenses of the Exchange Stabilization Fund from January 31, 1934 to December 31, 1938
<table><tr><td>Salaries</td><td>$457,561.06</td></tr><tr><td>Travel</td><td>35,296.17</td></tr><tr><td>Subsistence</td><td>21,766.17</td></tr><tr><td>Telephone and Telegraph</td><td>195,214.88</td></tr><tr><td>Stationery, etc.</td><td>11,443.50</td></tr><tr><td>All other</td><td>63,371.44</td></tr><tr><td>Total</td><td>784,653.22</td></tr></table>
46
Gold Assets and Liabilities of the Treasury
(In millions of dollars - or basis of daily Treasury statements unrevised)
Monetary Stocks of Gold and Silver
(In millions of dollars - on basis of daily Treasury statements, revised)
<table><tr><th>End of calendar year or month</th><th>Gold Assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold Certificate 1/</th><th>Cold Reserve against U.S. notes, etc. 2/</th><th>Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><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>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>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>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938-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>12,794.4</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>12,868.7</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>12,915.1</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>12,962.9</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>10,720.2</td><td>156.0</td><td>1,800.0</td><td>341.1</td></tr><tr><td>Aug.</td><td>13,135.5</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>13,759.3</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>14,064.3</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>14,311.9</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>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939-Jan.</td><td>14,680.9</td><td>12,022.3</td><td>156.0</td><td>1,800.0</td><td>702.5</td></tr><tr><td>Feb.</td><td>14,874.3</td><td>12,195.1</td><td>156.0</td><td>1,800.0</td><td>719.2</td></tr></table>
1/ Gold certificates outside of Treasury, gold certificate fund Board of Governors, Federal Reserve System, and Redemption fund for Federal Reserve notes.
2/ Reserve against $346,581,016 United States notes and $1,157,572 Treasury notes of 1890 outstanding.
3/ This does not include gold in the active portion of the Stabilization Fund.
<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></tr><tr><td>1934</td><td>7,856.2</td><td>898.2</td><td>10.3</td></tr><tr><td>1935</td><td>9,115.6</td><td>1,463.1</td><td>13.8</td></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938-Feb</td><td>12,776.2</td><td>2,912.2</td><td>18.6</td></tr><tr><td>Mar</td><td>12,794.7</td><td>2,952.7</td><td>18.8</td></tr><tr><td>Apr</td><td>12,868.9</td><td>2,990.5</td><td>18.9</td></tr><tr><td>May</td><td>12,918.8</td><td>3,031.1</td><td>19.0</td></tr><tr><td>June</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>July</td><td>13,017.4</td><td>3,102.9</td><td>19.2</td></tr><tr><td>Aug</td><td>13,135.7</td><td>3,129.1</td><td>19.2</td></tr><tr><td>Sept</td><td>13,759.6</td><td>3,163.0</td><td>18.7</td></tr><tr><td>Oct</td><td>14,064.5</td><td>3,202.5</td><td>18.5</td></tr><tr><td>Nov</td><td>14,312.1</td><td>3,265.2</td><td>18.6</td></tr><tr><td>Dec</td><td>14,511.6</td><td>3,346.8</td><td>18.7</td></tr><tr><td>1939-Jan</td><td>14,681.7</td><td>3,404.8</td><td>18.8</td></tr><tr><td>Feb</td><td>14,874.3</td><td>3,432.2</td><td>18.7</td></tr></table>
Preliminary
Net Movement of Gold to and from the United States
(In millions of dollars at $35 per fine ounce)
<table><tr><th>Calendar year or month</th><th>United Kingdom</th><th>France</th><th>Nether-lands</th><th>Switzer-land</th><th>Canada</th><th>Mexico</th><th>Japan</th><th>Belgium</th></tr><tr><td>1933</td><td>10.8</td><td>-765.1</td><td>13.4</td><td>-19.7</td><td>33.6</td><td>7.2</td><td>11.3</td><td>-1.5</td></tr><tr><td>1934</td><td>499.9</td><td>260.2</td><td>94.3</td><td>12.4</td><td>86.8</td><td>30.3</td><td>-</td><td>8.9</td></tr><tr><td>1935</td><td>315.7</td><td>934.2</td><td>227.2</td><td>1.0</td><td>95.2</td><td>13.7</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>174.1</td><td>573.7</td><td>71.0</td><td>7.5</td><td>72.6</td><td>40.0</td><td>-</td><td>3.4</td></tr><tr><td>1937</td><td>891.5</td><td>-13.7</td><td>6.5</td><td>54.5</td><td>111.5</td><td>38.5</td><td>246.5</td><td>90.9</td></tr><tr><td>1938</td><td>1,208.7</td><td>81.1</td><td>163.9</td><td>1.4</td><td>76.3</td><td>36.5</td><td>168.7</td><td>15.5</td></tr><tr><td>1938-Feb</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.7</td><td>.7</td><td>-</td><td>-</td></tr><tr><td>Mar.</td><td>31.4</td><td>-</td><td>-</td><td>-</td><td>.7</td><td>2.8</td><td>4.5</td><td>4.2</td></tr><tr><td>Apr.</td><td>35.4</td><td>-</td><td>-</td><td>-</td><td>.7</td><td>1.8</td><td>23.3</td><td>1.9</td></tr><tr><td>May</td><td>2.9</td><td>-</td><td>-</td><td>-</td><td>.6</td><td>5.7</td><td>22.0</td><td>.9</td></tr><tr><td>June</td><td>20.6</td><td>-</td><td>.6</td><td>.2</td><td>.7</td><td>.7</td><td>5.8</td><td>3.2</td></tr><tr><td>July</td><td>5.0</td><td>.9</td><td>-</td><td>-</td><td>1.0</td><td>11.1</td><td>28.7</td><td>-</td></tr><tr><td>Aug.</td><td>91.2</td><td>4.7</td><td>-</td><td>-</td><td>14.3</td><td>3.2</td><td>23.5</td><td>3.2</td></tr><tr><td>Sept.</td><td>378.0</td><td>-</td><td>4.7</td><td>-</td><td>38.1</td><td>1.4</td><td>35.1</td><td>-</td></tr><tr><td>Oct.</td><td>443.4</td><td>43.0</td><td>41.8</td><td>-</td><td>10.8</td><td>2.2</td><td>5.7</td><td>-</td></tr><tr><td>Nov.</td><td>99.1</td><td>-</td><td>27.2</td><td>1.1</td><td>7.2</td><td>3.5</td><td>5.8</td><td>-</td></tr><tr><td>Dec.</td><td>101.7</td><td>37.4</td><td>46.2</td><td>-</td><td>.7</td><td>2.6</td><td>14.4</td><td>2.0</td></tr><tr><td>1939-Jan</td><td>52.1</td><td>1.4</td><td>33.7</td><td>.1</td><td>10.8</td><td>2.3</td><td>37.8</td><td>1.7</td></tr><tr><td>Feb.</td><td>165.4</td><td>1.4</td><td>29.3</td><td>-</td><td>4.2</td><td>2.5</td><td>5.4</td><td>-</td></tr></table>
<table><tr><th>Calander year or month</th><th>British India</th><th>Australia</th><th>Philippine lelende</th><th>Colombia</th><th>Chile</th><th>Peru</th><th>China/</th><th>All other countries</th><th>Total net imports or net exports (-)</th></tr><tr><td>1933</td><td>43.3</td><td>5.4</td><td>9.7</td><td>.2</td><td>4.0</td><td>2.6</td><td>21.7</td><td>-70.6</td><td>-293.7</td></tr><tr><td>1934</td><td>76.8</td><td>1.0</td><td>12.0</td><td>16.9</td><td>5.5</td><td>1.4</td><td>16.5</td><td>9.1</td><td>1,132.0</td></tr><tr><td>1935</td><td>75.3</td><td>3.5</td><td>15.3</td><td>10.9</td><td>6.6</td><td>.3</td><td>9.4</td><td>30.7</td><td>1,739.0</td></tr><tr><td>1936</td><td>77.9</td><td>23.3</td><td>21.5</td><td>11.9</td><td>7.9</td><td>4.1</td><td>7.9</td><td>19.8</td><td>1,116.6</td></tr><tr><td>1937</td><td>50.8</td><td>34.7</td><td>25.4</td><td>18.4</td><td>9.4</td><td>3.1</td><td>1.6</td><td>15.9</td><td>1,585.5</td></tr><tr><td>1938</td><td>16.2</td><td>39.2</td><td>27.9</td><td>10.6</td><td>8.4</td><td>4.0</td><td>11.7</td><td>104.4</td><td>1,973.6</td></tr><tr><td>1938-Feb</td><td>-</td><td>1.9</td><td>1.3</td><td>2.1</td><td>.3</td><td>.3</td><td>-</td><td>.7</td><td>8.0</td></tr><tr><td>Mar</td><td>3.0</td><td>.5</td><td>2.2</td><td>2.1</td><td>.6</td><td>.3</td><td>-</td><td>.6</td><td>52.9</td></tr><tr><td>Apr</td><td>2.4</td><td>1.2</td><td>1.9</td><td>-</td><td>.9</td><td>.3</td><td>.2</td><td>1.1</td><td>71.1</td></tr><tr><td>May</td><td>-</td><td>3.5</td><td>2.3</td><td>2.1</td><td>1.0</td><td>.8</td><td>.1</td><td>10.8</td><td>52.8</td></tr><tr><td>June</td><td>2.3</td><td>3.0</td><td>3.2</td><td>-</td><td>.5</td><td>.4</td><td>1.1</td><td>13.0</td><td>55.3</td></tr><tr><td>July</td><td>1.1</td><td>3.4</td><td>2.4</td><td>-</td><td>.4</td><td>.3</td><td>1.2</td><td>8.3</td><td>63.8</td></tr><tr><td>Aug</td><td>-</td><td>2.7</td><td>1.3</td><td>2.1</td><td>1.1</td><td>.3</td><td>1.5</td><td>16.4</td><td>166.0</td></tr><tr><td>Sept</td><td>-</td><td>3.8</td><td>2.7</td><td>-</td><td>.4</td><td>.4</td><td>1.5</td><td>12.3</td><td>520.9</td></tr><tr><td>Oct</td><td>.8</td><td>3.3</td><td>2.7</td><td>-</td><td>.8</td><td>.2</td><td>1.2</td><td>6.5</td><td>562.4</td></tr><tr><td>Nov</td><td>3.8</td><td>7.9</td><td>2.9</td><td>-</td><td>.5</td><td>.4</td><td>2.9</td><td>15.5</td><td>177.8</td></tr><tr><td>Dec</td><td>1.8</td><td>6.8</td><td>2.7</td><td>2.1</td><td>1.0</td><td>.4</td><td>2.0</td><td>18.7</td><td>240.5</td></tr><tr><td>1939-Jan</td><td>-</td><td>6.5</td><td>2.8</td><td>2.1</td><td>.6</td><td>.4</td><td>2.3</td><td>1.8</td><td>156.3</td></tr><tr><td>Feb</td><td>.2</td><td>4.0</td><td>2.7</td><td>-</td><td>.5</td><td>.3</td><td>2.4</td><td>5.0</td><td>223.3</td></tr></table>
1/ Including Hong Kong. Source: Bureau of Foreign and Domestic Commerce, U. S. Department of Commerce.
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
QUARTERLY (End of Quarter)
MONTHLY (End of Month)
47
Note: $287,000,000 written off as lost, Jan.31,1934
48
Components of Silver Monetary Stock
(in millions of dollars - on basis of revised daily Treasury statements)
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></tr><tr><th colspan="2">Securing silver certificates 1/</th><th colspan="2">In General Fund</th><th>Silver dollars 1/</th><th>Sub- editary coin 2/</th></tr><tr><th></th><th>Silver bul- lion</th><th>Silver dol- lars</th><th>Sub- edi- ary coin 2/</th><th>Bullion for racoin- age 2/</th><th>Bullion at cost</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></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>38.4</td><td>323.5</td><td>1,970.1</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></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></tr><tr><td>1938-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></tr><tr><td>Mar.........</td><td>992.9</td><td>503.8</td><td>8.6</td><td>.4</td><td>458.0</td><td>43.3</td><td>365.4</td><td>2,952.7</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></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></tr><tr><td>June.........</td><td>1,037.2</td><td>503.6</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></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></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></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></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></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></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></tr><tr><td>1939-Jan.....</td><td>1,157.8</td><td>502.7</td><td>4.1</td><td>.4</td><td>547.2</td><td>44.3</td><td>372.0</td><td>3,404.8</td></tr><tr><td>Feb.*</td><td>1,169.7</td><td>502.7</td><td>4.1</td><td>.3</td><td>553.5</td><td>44.3</td><td>372.0</td><td>3,432.2</td></tr></table>
<table><tr><th>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 (S11- var Fur. Act. 6/19/34) 3/</th><th colspan="2">Total</th></tr><tr><th></th><th>Own-case</th><th>Dollars</th><th>Own-case</th><th>Dollars</th><th>Own-case</th><th>Dollars</th><th>Own-case</th><th>Dollars</th></tr><tr><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>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>61.1</td><td>47.3</td><td>1.4</td><td>1.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.9</td></tr><tr><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-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>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>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>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>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>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>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>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>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>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>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><tr><td>1939-Jan.</td><td>4.5</td><td>2.9</td><td>-</td><td>-</td><td>41.3</td><td>17.8</td><td>45.8</td><td>20.7</td></tr><tr><td>Feb.</td><td>5.1</td><td>3.3</td><td>-</td><td>-</td><td>21.2</td><td>9.1</td><td>26.3</td><td>12.4</td></tr></table>
1/ Valued at $1.29+ per ounce. 2/ Valued at $1.38+ per ounce. *Preliminary
1/ Acquired at 64.64+ cents per fine ounce until April 9, 1935; at 71.11+ cents 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. Exec. Proc. of August 9, 1934, repealed April 28, 1938.
3/ Acquired at various prices averaging approximately 53+ cents per ounce.
Silver Production, by Leading Countries
(in thousands of fine ounces)
<table><tr><th>Calendar year or month</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><th>Total for world</th></tr><tr><td>1933</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><td>169,159</td></tr><tr><td>1934</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><td>190,398</td></tr><tr><td>1935</td><td>45,613</td><td>17,743</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><td>220,704</td></tr><tr><td>1936</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><td>253,696</td></tr><tr><td>1937</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</td><td>1,883</td><td>4,853</td><td>273,874</td></tr><tr><td>1938</td><td>58,736</td><td>22,445</td><td>84,243</td><td>19,356</td><td>17,340</td><td>20,355</td><td>14,767</td><td>10,175*</td><td>5,920 3/</td><td>3,535</td><td>4,783</td><td>261,655</td></tr><tr><td>1938-Jan.</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><td>23,553</td></tr><tr><td>Feb.</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><td>21,465</td></tr><tr><td>Mar.</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><td>24,128</td></tr><tr><td>Apr.</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><td>21,197</td></tr><tr><td>May.</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><td>20,440</td></tr><tr><td>June.</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><td>22,490</td></tr><tr><td>July.</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>845*</td><td>490</td><td>275</td><td>389</td><td>24,071</td></tr><tr><td>Aug.</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><td>25,619</td></tr><tr><td>Sept.</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>875*</td><td>490</td><td>250</td><td>386</td><td>20,064</td></tr><tr><td>Oct.</td><td>5,441</td><td>2,400</td><td>4,160</td><td>1,800</td><td>1,425</td><td>1,800</td><td>1,084</td><td>875*</td><td>485</td><td>300</td><td>384</td><td>20,154</td></tr><tr><td>Nov.</td><td>2,879</td><td>2,023</td><td>5,929</td><td>1,750</td><td>1,500</td><td>1,800</td><td>1,327</td><td>875*</td><td>480</td><td>350</td><td>394</td><td>19,301</td></tr><tr><td>Dec.</td><td>4,624</td><td>1,552</td><td>5,000</td><td>1,850</td><td>1,500</td><td>1,800</td><td>1,135</td><td>875*</td><td>485</td><td>350</td><td>394</td><td>19,565</td></tr><tr><td>1939-Jan.</td><td>4,669</td><td>1,575</td><td>-</td><td>1,825</td><td>1,500</td><td>1,800</td><td>1,324</td><td>875*</td><td>485</td><td>370</td><td>394</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 through 1937. Releases of American Bureau of Natal Statistics for monthly figures, and 1938 estimate.
49
Net Movement of Silver to and from the United States
(In thousands of dollars)
<table><tr><th>Year and month</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></tr><tr><td>1934</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></tr><tr><td>1935</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></tr><tr><td>1936</td><td>53,393</td><td>856</td><td>5,416</td><td>29,925</td><td>-8,952</td><td>1,048</td><td>7,408</td><td>2,738</td></tr><tr><td>1937</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></tr><tr><td>1938</td><td>134,264</td><td>15,396 2/</td><td>10,915</td><td>41,715</td><td>-4,342</td><td>696</td><td>7,381</td><td>2,858</td></tr><tr><td>1938-Feb</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></tr><tr><td>Mar</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></tr><tr><td>Apr</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></tr><tr><td>May</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></tr><tr><td>June</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></tr><tr><td>July</td><td>8,957</td><td>4,305 3/</td><td>874</td><td>2,918</td><td>6</td><td>57</td><td>519</td><td>194</td></tr><tr><td>Aug</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></tr><tr><td>Sept</td><td>15,301</td><td>4,300 3/</td><td>809</td><td>1,956</td><td>-1,250</td><td>30</td><td>978</td><td>173</td></tr><tr><td>Oct</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></tr><tr><td>Nov</td><td>15,778</td><td>4,310 3/</td><td>708</td><td>2,635</td><td>-695</td><td>33</td><td>631</td><td>277</td></tr><tr><td>Dec</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></tr><tr><td>1939-Jan</td><td>5,105</td><td>20</td><td>485</td><td>2,737</td><td>-1,243</td><td>45</td><td>739</td><td>219</td></tr><tr><td>Feb</td><td>4,083</td><td>-4</td><td>372</td><td>2,635</td><td>-1,093</td><td>38</td><td>491</td><td>236</td></tr></table>
<table><tr><th>Year and month</th><th colspan="6">Net imports from or net exports (-) to:</th><th>Total net imports or exports (-)</th></tr><tr><th></th><th>British India</th><th>China</th><th>Hong Kong</th><th>Japan</th><th>Other Asia</th><th>All other</th><th></th></tr><tr><td>1934</td><td>-338</td><td>21,967</td><td>2,873</td><td>303</td><td>134</td><td>34</td><td>86,174</td></tr><tr><td>1935</td><td>188</td><td>227</td><td>6,787</td><td>843</td><td>3,224</td><td>118</td><td>335,730</td></tr><tr><td>1936</td><td>3,024</td><td>69,996</td><td>3,463</td><td>2,114</td><td>342</td><td>48</td><td>170,851</td></tr><tr><td>1937</td><td>-</td><td>5,614</td><td>4</td><td>1,271</td><td>504</td><td>433</td><td>79,835</td></tr><tr><td>1938</td><td>150</td><td>-</td><td>61</td><td>2,930</td><td>10,808</td><td>617</td><td>223,449</td></tr><tr><td>1938-Feb.</td><td>-</td><td>-</td><td>-</td><td>206</td><td>11</td><td>58</td><td>15,255</td></tr><tr><td>Mar.</td><td>-</td><td>-</td><td>-</td><td>289</td><td>11</td><td>2</td><td>14,250</td></tr><tr><td>Apr.</td><td>-</td><td>-</td><td>-</td><td>321</td><td>4</td><td>18</td><td>15,507</td></tr><tr><td>May</td><td>-</td><td>-</td><td>5</td><td>116</td><td>11</td><td>44</td><td>17,636</td></tr><tr><td>June</td><td>45</td><td>-</td><td>-</td><td>343</td><td>63</td><td>84</td><td>18,931</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>126</td><td>69</td><td>108</td><td>18,133</td></tr><tr><td>Aug.</td><td>-</td><td>-</td><td>-</td><td>117</td><td>121</td><td>130</td><td>4,584</td></tr><tr><td>Sept.</td><td>-</td><td>-</td><td>2</td><td>149</td><td>166</td><td>19</td><td>22,635</td></tr><tr><td>Oct.</td><td>-</td><td>-</td><td>-</td><td>171</td><td>10,065</td><td>70</td><td>23,813</td></tr><tr><td>Nov.</td><td>43</td><td>-</td><td>54</td><td>305</td><td>75</td><td>9</td><td>24,163</td></tr><tr><td>Dec.</td><td>61</td><td>-</td><td>-</td><td>413</td><td>204</td><td>4</td><td>20,189</td></tr><tr><td>1939-Jan.</td><td>1</td><td>-</td><td>-</td><td>270</td><td>146</td><td>134</td><td>8,658</td></tr><tr><td>Feb.</td><td>43</td><td>-</td><td>2</td><td>630</td><td>432</td><td>8</td><td>7,874</td></tr></table>
1/ Less than $500.
2/ Includes net import of $12,950,000 from France.
3/ Figures for July, Sept. and Nov. 1938 include net imports from France of $4,301,000, $4,300,000 and $4,301,000 respectively.
4/ Includes net import of $9,791,000 from Siam.
Source: Bureau of Foreign and Domestic Commerce, U. S. Department of Commerce.
Seigniorage on Silver Since January 1, 1934
(In millions of dollars - on basis of daily Treasury statements)
<table><tr><th>Cumulative from Jan. 1, 1934 to end of Calendar year or month</th><th>Seigniorage on coinage (incl. silver and minor coins)</th><th colspan="4">Sources of Seigniorage on Silver Bullion Revalued 1/</th><th>Total Seigniorage on silver revalued</th><th>Potential seigniorage on silver bullion at cost in General Fund</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14,1934)</th><th>Newly-mined silver (Proc. Dec. 21,1933)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th></th><th></th></tr><tr><td>1934</td><td>4.5</td><td>48.7</td><td>.4</td><td>51.1</td><td>28.5</td><td>133.2</td><td>137.5</td></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>226.2</td><td>34.5</td><td>341.8</td><td>276.7</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>302.7</td><td>34.7</td><td>468.2</td><td>398.4</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>366.7</td><td>34.7</td><td>571.7</td><td>543.9</td></tr><tr><td>1938-Feb.</td><td>65.6</td><td>48.7</td><td>60.9</td><td>386.1</td><td>34.7</td><td>596.0</td><td>586.9</td></tr><tr><td>Mar.</td><td>66.5</td><td>48.7</td><td>62.1</td><td>392.2</td><td>34.7</td><td>604.1</td><td>604.5</td></tr><tr><td>Apr.</td><td>66.8</td><td>48.7</td><td>63.4</td><td>398.5</td><td>34.7</td><td>612.0</td><td>620.3</td></tr><tr><td>May.</td><td>67.2</td><td>48.7</td><td>65.0</td><td>405.1</td><td>34.7</td><td>620.7</td><td>637.6</td></tr><tr><td>June.</td><td>67.3</td><td>48.7</td><td>66.3</td><td>411.4</td><td>34.7</td><td>628.3</td><td>652.2</td></tr><tr><td>July</td><td>67.4</td><td>48.7</td><td>67.8</td><td>416.0</td><td>34.7</td><td>634.6</td><td>668.4</td></tr><tr><td>Aug.</td><td>67.5</td><td>48.7</td><td>69.4</td><td>420.4</td><td>34.7</td><td>640.7</td><td>678.5</td></tr><tr><td>Sept.</td><td>68.0</td><td>48.7</td><td>70.1</td><td>425.7</td><td>34.7</td><td>647.2</td><td>693.4</td></tr><tr><td>Oct.</td><td>68.5</td><td>48.7</td><td>71.6</td><td>432.6</td><td>34.7</td><td>656.1</td><td>710.0</td></tr><tr><td>Nov.</td><td>68.9</td><td>48.7</td><td>73.8</td><td>443.0</td><td>34.7</td><td>669.1</td><td>737.0</td></tr><tr><td>Dec.</td><td>69.5</td><td>48.7</td><td>74.9</td><td>457.7</td><td>34.7</td><td>685.4</td><td>773.9</td></tr><tr><td>1939-Jan.</td><td>69.9</td><td>48.7</td><td>76.0</td><td>468.0</td><td>34.7</td><td>697.3</td><td>790.0</td></tr><tr><td>Feb.</td><td>70.2</td><td>48.7</td><td>77.4</td><td>473.1</td><td>34.7</td><td>704.1</td><td>809.8</td></tr></table>
These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure silver certificates.
50
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>Netherlands</th><th>Switzerland</th><th>Belgium</th><th>Japan</th><th>Italy</th><th>China 1/</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></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></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></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></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></tr><tr><td>1936-Dec.</td><td>59</td><td>60</td><td>70</td><td>50</td><td>70</td><td>72</td><td>34</td><td>59</td><td>39</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></tr><tr><td>1938-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></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></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></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></tr><tr><td>1939-Jan.</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></tr><tr><td>Feb.</td><td>59</td><td>57</td><td>40</td><td>79</td><td>69</td><td>72</td><td>32</td><td>59</td><td>21</td></tr></table>
Note: Monthly average of daily quotations. 1/ Average exchange rate for January 1928 = 100.
Indexes of Prices of 40 Foreign Currencies in New York
1935 =100
Indexes of Prices of 40 Foreign Currencies in New York, London, Paris and Tokyo
1935 = 100
<table><tr><th></th><th>"Un-weighted" (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></tr><tr><td>1936</td><td>97</td><td>99</td><td>99</td><td>98</td></tr><tr><td>1937</td><td>91</td><td>94</td><td>96</td><td>92</td></tr><tr><td>1938</td><td>88</td><td>91</td><td>93</td><td>88</td></tr><tr><td>1938-Feb.</td><td>91</td><td>94</td><td>96 1/2</td><td>92</td></tr><tr><td>Mar.</td><td>90</td><td>93</td><td>95</td><td>91</td></tr><tr><td>Apr.</td><td>89</td><td>93</td><td>94</td><td>90</td></tr><tr><td>May.</td><td>89</td><td>92</td><td>94 1/2</td><td>89</td></tr><tr><td>June.</td><td>88</td><td>92 1/2</td><td>93</td><td>83</td></tr><tr><td>July.</td><td>88</td><td>91</td><td>93 1/2</td><td>87</td></tr><tr><td>Aug.</td><td>87</td><td>91 1/2</td><td>92</td><td>87</td></tr><tr><td>Sept.</td><td>86</td><td>90</td><td>91</td><td>86</td></tr><tr><td>Oct.</td><td>86</td><td>89</td><td>91</td><td>85</td></tr><tr><td>Nov.</td><td>85</td><td>89</td><td>90</td><td>85</td></tr><tr><td>Dec.</td><td>85</td><td>88</td><td>90</td><td>84 1/2</td></tr><tr><td>1939-Jan.</td><td>85 1/2</td><td>88</td><td>90</td><td>84</td></tr><tr><td>Feb.</td><td>86</td><td>90</td><td>91</td><td>85</td></tr></table>
<table><tr><th></th><th colspan="4">*Unweighted* (i.e. equal weights)</th><th colspan="4">Weighted according to total foreign trade of each country included in the index</th></tr><tr><th></th><th>New York</th><th>London</th><th>Paris</th><th>Tokyo</th><th>New York</th><th>London</th><th>Paris</th><th>Tokyo</th></tr><tr><td>1935.........</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</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>98</td><td>96</td><td>107</td><td>97</td></tr><tr><td>1937.........</td><td>91</td><td>90</td><td>150</td><td>91</td><td>92</td><td>91</td><td>156</td><td>93</td></tr><tr><td>1938.........</td><td>88</td><td>88</td><td>204</td><td>88</td><td>88</td><td>88</td><td>212</td><td>90</td></tr><tr><td>1938-Feb.....</td><td>91</td><td>88</td><td>185</td><td>89</td><td>92</td><td>89</td><td>193</td><td>92</td></tr><tr><td>Mar.........</td><td>90</td><td>88</td><td>192</td><td>89</td><td>91</td><td>88</td><td>201</td><td>91</td></tr><tr><td>Apr.........</td><td>89</td><td>88</td><td>193</td><td>88</td><td>90</td><td>87 1/2</td><td>200</td><td>90</td></tr><tr><td>May.........</td><td>89</td><td>87</td><td>211</td><td>88</td><td>89</td><td>87</td><td>219</td><td>89</td></tr><tr><td>June.........</td><td>88</td><td>87</td><td>212</td><td>87</td><td>88</td><td>86</td><td>220</td><td>88</td></tr><tr><td>July.........</td><td>88</td><td>87</td><td>212</td><td>87</td><td>87</td><td>86</td><td>220</td><td>88</td></tr><tr><td>Aug.........</td><td>87</td><td>87</td><td>213</td><td>88</td><td>87</td><td>86</td><td>221</td><td>89</td></tr><tr><td>Sept.........</td><td>86</td><td>88</td><td>214</td><td>88</td><td>86</td><td>87</td><td>222</td><td>89</td></tr><tr><td>Oct.........</td><td>86</td><td>88</td><td>216</td><td>89</td><td>85</td><td>87 1/2</td><td>224</td><td>90</td></tr><tr><td>Nov.........</td><td>85</td><td>89</td><td>217</td><td>89</td><td>85</td><td>88</td><td>225</td><td>90</td></tr><tr><td>Dec.........</td><td>85</td><td>89</td><td>216</td><td>90</td><td>84 1/2</td><td>89</td><td>225</td><td>91</td></tr><tr><td>1939-Jan.....</td><td>85 1/2</td><td>89 1/2</td><td>216 1/2</td><td>89</td><td>84</td><td>88</td><td>223</td><td>90</td></tr><tr><td>Feb.........</td><td>86</td><td>89</td><td>217</td><td>90</td><td>85</td><td>89</td><td>225</td><td>91</td></tr></table>
1/ Revised
1/ Revised
51
Ratios of Index of Wholesale Prices in 39 Countries to Index of Wholesale Prices in the United States
1935 = 100
<table><tr><th></th><th>"Un-weighted" (i.e. equal weights)</th><th>Weighted by U. S. exports</th><th>Weighted by U. S. imports 1/</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></tr><tr><td>1936......</td><td>104</td><td>105</td><td>105</td><td>105</td></tr><tr><td>1937......</td><td>111</td><td>114</td><td>114</td><td>114</td></tr><tr><td>1938-Jan.....</td><td>120</td><td>123</td><td>122</td><td>123</td></tr><tr><td>Feb......</td><td>121</td><td>124</td><td>123</td><td>124</td></tr><tr><td>Mar......</td><td>120</td><td>124</td><td>123</td><td>124</td></tr><tr><td>Apr......</td><td>122</td><td>125</td><td>124</td><td>125</td></tr><tr><td>May......</td><td>123</td><td>125</td><td>124</td><td>126</td></tr><tr><td>June......</td><td>122</td><td>125</td><td>124</td><td>126</td></tr><tr><td>July......</td><td>121</td><td>1241/</td><td>123</td><td>125 1/</td></tr><tr><td>Aug......</td><td>122</td><td>124</td><td>123</td><td>126 1/</td></tr><tr><td>Sept......</td><td>122</td><td>1231/</td><td>123</td><td>126 1/</td></tr><tr><td>Oct......</td><td>124</td><td>125</td><td>124</td><td>128 1/</td></tr><tr><td>Nov.°....</td><td>124</td><td>125</td><td>124</td><td>126</td></tr><tr><td>Dec.°....</td><td>124</td><td>125</td><td>124</td><td>127</td></tr></table>
1/ Revised * Preliminary
Ratios of Index of Wholesale Prices in 39 Countries to Index of Wholesale Prices in the United States, the United Kingdom, France, and Japan
1935 = 100
<table><tr><th></th><th colspan="4">"Unweighted" (i.e. equal weights)</th><th colspan="4">Weighted according to total foreign trade of each country included in the index</th></tr><tr><th></th><th>United States</th><th>United Kingdom</th><th>France</th><th>Japan</th><th>United States</th><th>United Kingdom</th><th>France</th><th>Japan</th></tr><tr><td>1935</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td></tr><tr><td>1936</td><td>104</td><td>99</td><td>87</td><td>99</td><td>105</td><td>99</td><td>86</td><td>99</td></tr><tr><td>1937</td><td>111</td><td>98</td><td>69</td><td>93</td><td>114</td><td>99</td><td>69</td><td>94</td></tr><tr><td>1938-Jan.</td><td>120</td><td>100</td><td>63</td><td>91</td><td>123</td><td>101</td><td>62</td><td>92</td></tr><tr><td>Feb.</td><td>121</td><td>101</td><td>63</td><td>89</td><td>124</td><td>102</td><td>63</td><td>90</td></tr><tr><td>Mar.</td><td>120</td><td>102</td><td>63</td><td>88</td><td>124</td><td>104</td><td>62</td><td>89</td></tr><tr><td>Apr.</td><td>122</td><td>103</td><td>62</td><td>90</td><td>125</td><td>105</td><td>61</td><td>90</td></tr><tr><td>May</td><td>123</td><td>104</td><td>61</td><td>89</td><td>126</td><td>106</td><td>60</td><td>89</td></tr><tr><td>June</td><td>122</td><td>105</td><td>60</td><td>87</td><td>126</td><td>107</td><td>59</td><td>87</td></tr><tr><td>July</td><td>121</td><td>105</td><td>61</td><td>86</td><td>125 1/2</td><td>107 1/2</td><td>60 1/2</td><td>87 1/2</td></tr><tr><td>Aug.</td><td>122</td><td>106</td><td>61</td><td>87</td><td>126 1/2</td><td>108 1/2</td><td>60 1/2</td><td>88 1/2</td></tr><tr><td>Sept.</td><td>122</td><td>108</td><td>61</td><td>88 1/2</td><td>126 1/2</td><td>110 1/2</td><td>60 1/2</td><td>88 1/2</td></tr><tr><td>Oct.</td><td>124</td><td>108 1/2</td><td>60 1/2</td><td>88 1/2</td><td>128 1/2</td><td>110 1/2</td><td>59 1/2</td><td>88 1/2</td></tr><tr><td>Nov.</td><td>124</td><td>108</td><td>59</td><td>87</td><td>126</td><td>109</td><td>56</td><td>86</td></tr><tr><td>Dec.</td><td>124</td><td>109</td><td>58</td><td>87</td><td>127</td><td>110</td><td>55</td><td>86</td></tr></table>
1/ Revised
Preliminary
Ratios of Index of Export Prices in 8 Countries to Index of Export Prices in the United States
1935 = 100
<table><tr><th></th><th>"Un-weighted" (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></tr><tr><td>1936......</td><td>106</td><td>104</td><td>104</td><td>105</td></tr><tr><td>1937......</td><td>120</td><td>114</td><td>116</td><td>116</td></tr><tr><td>1938-Jan....</td><td>127</td><td>122</td><td>123</td><td>125</td></tr><tr><td>Feb......</td><td>123</td><td>120</td><td>120</td><td>123</td></tr><tr><td>Mar......</td><td>124</td><td>121</td><td>122</td><td>125</td></tr><tr><td>Apr......</td><td>125</td><td>122</td><td>122</td><td>125</td></tr><tr><td>May......</td><td>128</td><td>123</td><td>123</td><td>128</td></tr><tr><td>June.....</td><td>129</td><td>123</td><td>122</td><td>128</td></tr><tr><td>July.....</td><td>129</td><td>123</td><td>122</td><td>129</td></tr><tr><td>Aug.....</td><td>127</td><td>120</td><td>118</td><td>127</td></tr><tr><td>Sept.....</td><td>127</td><td>118</td><td>115</td><td>127</td></tr><tr><td>Oct.....</td><td>129 1/2</td><td>121 1/2</td><td>118 1/2</td><td>129 1/2</td></tr><tr><td>Nov.....</td><td>130</td><td>120</td><td>116</td><td>130</td></tr></table>
1/ Revised Preliminary
Ratios of Index of Export Prices in 8 Countries to Index of Prices in the United States, the United Kingdom, France and Japan
1935 - 100
<table><tr><th></th><th colspan="4">"Unweighted" (i.e. equal weights)</th><th colspan="4">Weighted according to total foreign trade of each country included in the index</th></tr><tr><th></th><th>United States</th><th>United Kingdom</th><th>France</th><th>Japan</th><th>United States</th><th>United Kingdom</th><th>France</th><th>Japan</th></tr><tr><td>1935</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td></tr><tr><td>1936</td><td>106</td><td>105</td><td>89</td><td>109</td><td>105</td><td>105</td><td>86 1/2</td><td>107</td></tr><tr><td>1937</td><td>120</td><td>117</td><td>78</td><td>115</td><td>116</td><td>114</td><td>73</td><td>108</td></tr><tr><td>1938-Jan.</td><td>127</td><td>113</td><td>70</td><td>119</td><td>125</td><td>112 1/2</td><td>65</td><td>114 1/2</td></tr><tr><td>Feb.</td><td>123</td><td>112</td><td>69</td><td>118</td><td>123</td><td>112 1/2</td><td>65</td><td>114</td></tr><tr><td>Mar.</td><td>124</td><td>111</td><td>68</td><td>113</td><td>125</td><td>111</td><td>64</td><td>109</td></tr><tr><td>Apr.</td><td>125</td><td>113</td><td>67</td><td>113</td><td>125</td><td>112</td><td>63</td><td>109</td></tr><tr><td>May.</td><td>128</td><td>113</td><td>64</td><td>113</td><td>128</td><td>112</td><td>60</td><td>109</td></tr><tr><td>June.</td><td>129</td><td>114</td><td>64</td><td>109</td><td>128</td><td>113 1/2</td><td>60</td><td>104</td></tr><tr><td>July.</td><td>129</td><td>112</td><td>65</td><td>107</td><td>129</td><td>111</td><td>61</td><td>103</td></tr><tr><td>Aug.</td><td>127</td><td>111</td><td>65</td><td>109</td><td>127</td><td>109</td><td>61</td><td>105</td></tr><tr><td>Sept.</td><td>127</td><td>110 1/2</td><td>65</td><td>110</td><td>127</td><td>109 1/2</td><td>61</td><td>106</td></tr><tr><td>Oct.</td><td>129 1/2</td><td>111</td><td>64</td><td>104</td><td>129 1/2</td><td>110</td><td>60</td><td>100</td></tr><tr><td>Nov.</td><td>130</td><td>112</td><td>63</td><td>-</td><td>130</td><td>110</td><td>59</td><td></td></tr></table>
1/ Revised Proliminary
MISCELLANEOUS
-52-
53
Commodities Imported under Quota Provisions
Preliminary figures for January and February, 1939
<table><tr><th>Commodity</th><th>Quota period</th><th>Unit of quantity</th><th>Established quota</th><th colspan="2">Quantity imported</th></tr><tr><th></th><th></th><th></th><th></th><th>January 1/</th><th>February</th></tr><tr><td>Cattle weighing under 200 pounds each.</td><td>Calendar Year</td><td>Head</td><td>100,000</td><td>5,720</td><td>9,522</td></tr><tr><td>Cattle weighing 700 pounds or more each, other than dairy cows.</td><td>Quarter Year Calendar Year</td><td>Head Head</td><td>60,000) 225,000)</td><td>57,575</td><td>5,651 2/</td></tr><tr><td>Whole milk, fresh or sour.</td><td>Calendar Year</td><td>Gallon</td><td>3,000,000</td><td>407</td><td>207</td></tr><tr><td>Cream, fresh or sour.</td><td>Calendar Year</td><td>Gallon</td><td>1,500,000</td><td>84</td><td>11</td></tr><tr><td>Fish, fresh or frozen, filleted, etc., Cod, Haddock, Hake, Pollock, Cusk and Rosefish.</td><td>Calendar Year</td><td>Pound</td><td>15,000,000</td><td>1,016,729</td><td>1,038,962</td></tr><tr><td>White or Irish potatoes:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Certified seed.</td><td>12 months from Sept. 15, 1938</td><td>Pound</td><td>90,000,000</td><td>1,756,703</td><td>1,347,304</td></tr><tr><td>Other.</td><td>12 months from Sept. 15, 1938</td><td>Pound</td><td>60,000,000</td><td>2,062</td><td>47,828</td></tr><tr><td>Red cedar shingles.</td><td>1st. 6 months Calendar Year</td><td>Square</td><td>1,051,168</td><td>336,053</td><td>227,460</td></tr><tr><td>Molasses and sugar sirups, n.e.p.f., which contain soluble nonsugar solids, (excluding any foreign substance that may have been added) equal to more than 6% of the total soluble solide.</td><td>Calendar Year</td><td>Gallon</td><td>1,500,000</td><td>834,690</td><td>14,854</td></tr><tr><td>Products of Philippine Islands:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Coconut oil.</td><td>Calendar Year</td><td>Pound</td><td>448,000,000</td><td>25,777,920</td><td>20,426,183</td></tr><tr><td>Refined sugar.</td><td>Calendar Year</td><td>Pound</td><td>112,000,000</td><td>1,198,779</td><td>8,996,537</td></tr><tr><td>Unrefined sugar.</td><td>Calendar Year</td><td>Pound</td><td>1,792,000,000</td><td>80,341,856</td><td>143,000,194</td></tr><tr><td>Cordage.</td><td>12 months from May 1, 1938</td><td>Pound</td><td>6,000,000</td><td>526,853</td><td>1,049,934</td></tr></table>
Partially revised. The tariff rate quota on imports of this class of cattle for the first quarter of the calendar year was filled on February 2, 1939.
54
Summary of Criminal Cases in the United States District Courts
Alcohol Tax, Customs, Narcotics, Secret Service and Internal Revenue 1/ for the month of January 1939
INVENTORY OF CASES
<table><tr><th>Buream</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>20,158</td><td>3,465</td><td>3,059</td><td>20,564</td><td>+406</td></tr><tr><td>Alcohol Tax</td><td>16,113</td><td>2,551</td><td>2,262</td><td>16,432</td><td>+319</td></tr><tr><td>Customs....</td><td>388</td><td>62</td><td>76</td><td>374</td><td>-14</td></tr><tr><td>Narcotice..</td><td>2,306</td><td>404</td><td>389</td><td>2,321</td><td>+15</td></tr><tr><td>Secret</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Service..</td><td>972</td><td>414</td><td>320</td><td>1,066</td><td>+94</td></tr><tr><td>Internal Revenue..</td><td>379</td><td>4</td><td>12</td><td>371</td><td>-8</td></tr></table>
DISPOSITIONS
<table><tr><th>Bureau</th><th>Number cases closed</th><th>Number cases transferred 2/</th><th colspan="4">Percent released</th><th colspan="3">Percent convicted</th></tr><tr><th></th><th></th><th></th><th>Before indictment</th><th>After indictment</th><th>Acquittal</th><th>Total</th><th>Found guilty</th><th>Plead guilty</th><th>Total</th></tr><tr><td>Total......</td><td>3,059</td><td>124</td><td>19%</td><td>11%</td><td>3%</td><td>33%</td><td>8%</td><td>59%</td><td>67%</td></tr><tr><td>Alcohol Tax</td><td>2,262</td><td>69</td><td>20%</td><td>12%</td><td>3%</td><td>35%</td><td>9%</td><td>56%</td><td>65%</td></tr><tr><td>Custome....</td><td>76</td><td>-</td><td>7%</td><td>21%</td><td>14%</td><td>42%</td><td>1%</td><td>57%</td><td>58%</td></tr><tr><td>Narcotics 3/</td><td>389</td><td>25</td><td>24%</td><td>6%</td><td>3%</td><td>33%</td><td>6%</td><td>61%</td><td>67%</td></tr><tr><td>Secret Service..</td><td>320</td><td>30</td><td>10%</td><td>4%</td><td>2%</td><td>16%</td><td>6%</td><td>78%</td><td>84%</td></tr><tr><td>Internal Revenue..</td><td>12</td><td>-</td><td>4/</td><td>4/</td><td>4/</td><td>4/</td><td>4/</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>1,937</td><td>60%</td><td>34%</td><td>30%</td><td>416</td><td>316</td><td>185,943</td></tr><tr><td>Alcohol Tax</td><td>1,422</td><td>56%</td><td>34%</td><td>34%</td><td>320</td><td>320</td><td>154,423</td></tr><tr><td>Custome...</td><td>44</td><td>73%</td><td>27%</td><td>11%</td><td>337</td><td>2,120</td><td>10,600</td></tr><tr><td>Narcotics..</td><td>223</td><td>81%</td><td>27%</td><td>13%</td><td>683</td><td>213</td><td>6,379</td></tr><tr><td>Secret Service..</td><td>244</td><td>64%</td><td>43%</td><td>28%</td><td>607</td><td>208</td><td>14,338</td></tr><tr><td>Internal Revenue</td><td>4</td><td>4/4</td><td>4/4</td><td>4/4</td><td>1,095</td><td>203</td><td>203</td></tr></table>
1/ Internal revenue cases are those referred by the Penal Division to the Department of Justice with recommendation for criminal prosecution.
2/ Includes cases transferred to state, local, or other authorities for prosecution and cases closed because of duplicate prosecutions. These cases are not included in calculating percentages.
3/ Cases in which no arrests were made are not included in calculating percentages.
4/ Too few cases to show comparative percentages.
Treasury Criminal Cases, by Months
Total Alcohol Tax, Customs, Narcotice, Secret Service, Internal Revenue 1/
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-Aug... Sept..</td><td>19,596 21,902</td><td>3,428 3,155</td><td>1,122 2,286</td><td>21,902 22,771</td><td>+2,306 +869</td></tr><tr><td>Oct...</td><td>22,771</td><td>3,140</td><td>4,504</td><td>21,407</td><td>-1,304</td></tr><tr><td>Nov...</td><td>21,407</td><td>3,253</td><td>4,240</td><td>20,420</td><td>-987</td></tr><tr><td>Dec...</td><td>20,420</td><td>3,128</td><td>3,390</td><td>20,158</td><td>-262</td></tr><tr><td>1939-Jan...</td><td>20,158</td><td>3,465</td><td>3,059</td><td>20,564</td><td>+406</td></tr></table>
DISPOSITIONS
<table><tr><th rowspan="2">Date</th><th rowspan="2">Number cases closed</th><th rowspan="2">Number cases transferred 2/</th><th colspan="3">Percent released</th><th colspan="3">Percent convicted</th></tr><tr><th>Before indict.</th><th>After Acquit- tacle</th><th>Total</th><th>Found guilty</th><th>Plead guilty</th><th>Total</th></tr><tr><td>1938-Aug...</td><td>1,122</td><td>137</td><td>35%</td><td>15%</td><td>1%</td><td>51%</td><td>5%</td><td>44%</td><td>49%</td></tr><tr><td>Sept...</td><td>2,286</td><td>116</td><td>31%</td><td>8%</td><td>2%</td><td>41%</td><td>4%</td><td>55%</td><td>59%</td></tr><tr><td>Oct...</td><td>4,504</td><td>182</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>Nov...</td><td>4,240</td><td>276</td><td>16%</td><td>8%</td><td>5%</td><td>29%</td><td>8%</td><td>03%</td><td>71%</td></tr><tr><td>Dec...</td><td>3,390</td><td>177</td><td>14%</td><td>9%</td><td>4%</td><td>27%</td><td>8%</td><td>65%</td><td>73%</td></tr><tr><td>1939-Jan...</td><td>3,059</td><td>124</td><td>19%</td><td>11%</td><td>3%</td><td>33%</td><td>8%</td><td>59%</td><td>67%</td></tr></table>
SENTENCES
<table><tr><th>Date</th><th>Total convictions</th><th>Percent imprisoned</th><th>Percent probation</th><th>Percent fined</th><th>Average days imprisonment</th><th>Average fine (dollar)</th><th>Total fines (dollar)</th></tr><tr><td>1938-Aug. Sept.</td><td>446 1,239</td><td>74% 64%</td><td>30% 30%</td><td>29% 36%</td><td>617 463</td><td>608 480</td><td>77,825 211,851</td></tr><tr><td>Oct. Nov. Dec.</td><td>3,118 2,733 2,275</td><td>63% 61% 63%</td><td>35% 35% 35%</td><td>30% 30% 29%</td><td>366 366 372</td><td>475 377 452</td><td>448,492 304,367 299,098</td></tr><tr><td>1939-Jan.</td><td>1,937</td><td>60%</td><td>34%</td><td>30%</td><td>416</td><td>316</td><td>185,943</td></tr></table>
1/ Internal revenue cases are those referred by the Penal Division to the Department of Justice with recommendation for criminal prosecution.
2/ Includes cases transferred to state, local, or other authorities for prosecution and cases closed because of duplicate prosecutions. These cases are not included in calculating percentages.
Mera
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>1939</td><td>Treasury Bulletin</td></tr><tr><td>TITLE</td><td>c.l</td><td>Jan. - Mar.</td></tr><tr><th>DATE LOANED</th><th>BORROWER'S NAME</th><th>PHONE NUMBER</th></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>
U.S. TREASURY LIBRARY
1 0031882