Treas. HJ 10 A2 c.2
CCP's No
LIBRARY ROOM 5030
JUN 21 1972
TREASURY DEPARTMENT
REFERENCE To be used in Treasury Library
BULLETIN OF THE TREASURY DEPARTMENT
AUGUST 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
BULLETIN OF THE TREASURY DEPARTMENT
AUGUST 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
Federal and Estimated State and Local Revenues and Expenditures
for General Government, Fiscal Year 1938
Receipts and Expenditures
<table><tr><td>Fiscal Years 1935-40</td><td>6</td></tr><tr><td>Expenditures by Classes, Receipts by Sources</td><td>7-12</td></tr><tr><td>Social Insurance Accounts</td><td>16-17</td></tr><tr><td>Cash Income and Outgo</td><td>18</td></tr></table>
General Fund and Public Debt
<table><tr><td>Composition of the General Fund</td><td>21</td></tr><tr><td>Treasury Bill Offerings</td><td>22</td></tr><tr><td>Composition of the Public Debt</td><td>23</td></tr><tr><td>Net Market Transactions of Treasury Investment Accounts</td><td>23</td></tr><tr><td>Holdings of Government Obligations</td><td>23</td></tr><tr><td>Holdings by U. S. Trust Accounts, etc.</td><td>25</td></tr><tr><td>Computed Interest and Yields on Public Debt Issues</td><td>26-28</td></tr></table>
Government Corporations and Credit Agencies
<table><tr><td>Assets, Liabilities and Proprietary Interest</td><td>30</td></tr><tr><td>Sources and Uses of Funds</td><td>31-32</td></tr><tr><td>Issues Outstanding</td><td>33</td></tr><tr><td>Financing Operations</td><td>33</td></tr></table>
International Capital Movements
<table><tr><td>Summary Table</td><td>35</td></tr><tr><td>Short-term Foreign Assets and Liabilities</td><td>37-38</td></tr><tr><td>Security Transactions and Brokerage Balances</td><td>39-40</td></tr><tr><td>Transactions in U. S. Domestic Securities</td><td>41</td></tr><tr><td>Foreign Exchange Transactions</td><td>43-44</td></tr></table>
Other Monetary Data
<table><tr><td>Gold and Silver Stocks</td><td>46-47</td></tr><tr><td>Silver Production, Movements and Seigniorage</td><td>48-49</td></tr><tr><td>Foreign Exchange and Price Data</td><td>50-51</td></tr></table>
Miscellaneous
<table><tr><td>Commodities Imported Under Quota</td><td>53</td></tr><tr><td>Law Enforcement Statistics</td><td>54</td></tr></table>
Federal and Estimated State and Local Revenues and Expenditures for General Government, Fiscal Year 1938
Total 1938 Transactions
During the fiscal year 1938 combined Federal and estimated State and local expenditures for general government, exclusive of debt retirement, amounted to $17,470,000,000. Of this total, $1,005,000,000 consisted of net additions to social security reserves. The Federal Government accounted for $7,626,000,000, state governments for $4,223,000,000 and local governments for $5,621,000,000 of expenditures. Inclusive of debt retirement, total general governmental disbursements aggregated $18,199,000,000.
To pay for all general governmental disbursements, taxes are estimated to have furnished $14,811,000,000, non-tax revenues $1,181,000,000, borrowings $1,869,000,000 and reductions in general fund balances $338,000,000. Of the total $15,992,000,000 revenue, the Federal Government collected $6,242,000,000, the states collected $4,202,000,000 and local governments $5,548,000,000. These and the corresponding data for fiscal year 1932 are presented in Table 1.
The term 'general government' as here employed excludes trust and investment fund operations, public utilities and other public service enterprises, unless these activities incurred deficits paid from general governmental funds. In such cases the amount of the deficit is included with and reported as a general governmental expenditure.
Sources of Tax Revenue
It is estimated that total Federal, state and local tax collections in the fiscal year 1938 amounted to $14,811,000,000. This represented $114.09 per capita and amounted to 21.8 percent of the average of the estimated national income for calendar years 1937 and 1938.
The most important single source of tax revenue in the United States is the property tax. In 1938 this tax is estimated to have produced $4,745,000,000, not including special assessments. Taxes on corporate income and corporate privilege and taxes on personal income were the next largest revenue producers. The corporation taxes, which included the net income, the capital stock and other corporate franchise taxes, produced $1,762,000,000. The individual income tax yielded $1,562,000,000. Automotive taxes, the liquor-tobacco group and taxes on payrolls each produced close to $1,500,000,000.
For the Federal Government, the three most important sources of current revenue were the taxes on corporation income and privilege, on individual income, and on liquor and tobacco. Collections in 1938 from each of these three sources exceeded
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2
a billion dollars. For state governments, the automotive taxes were by far the most important. In 1938 this group, including motor fuel taxes, motor vehicle registration fees, and drivers' licenses (excluding the personal property taxes on automobiles) yielded a total of $1,163,000,000. Next in importance was the sales and other excise group, which produced $717,000,000. In addition to the general sales taxes, this category includes the special taxes on amusements, soft drinks, utilities, oleo-margarine, chain stores, severance of natural resources, stock transfers, as well as a large variety of business licenses. The predominant source of local revenue is the property tax. In 1938 this tax yielded $4,531,000, 000. Occasional local general sales taxes and widely utilized local licenses yielded an estimated revenue of $302,000,000.
The extent to which the various tax sources were utilized by the Federal, state and local governments during the fiscal year 1938 is summarized in Table 2.
Purposes of Expenditures
Some public funds are twice disbursed, once in the form of grants or loans to other governmental units and again by the receiving units for specific governmental functions. In few instances, the same funds are disbursed three times. To avoid multiple counting, the expenditure data for fiscal year 1938 are here shown on
two bases. (See Table 3.) The first includes expenditures from the various governments' own sources and, therefore, does not include those expenditures which were financed from sums received from other units in the form of grants, loans, or shared taxes. Transfers to other units are counted as expenditures of the granting or lending unit. The alternative grouping of expenditures reports the various governments' expenditures for their own functions without regard to the origin of the funds. It, therefore, excludes all funds not spent directly but transferred to other units in the form of grants, loans, or shared taxes. The combined totals for all governments are, of course, identical under the two classifications.
The most important expenditure category for all American governments in the fiscal year 1938 was relief, welfare, and social security. It accounted for an estimated $3,085,000,000. This includes funds expended for work relief programs which in part were devoted to highways, public buildings, and other functional purposes. Net additions to social security reserves amounted to an additional $1,005,000,000. Next in importance came education, highways and streets, interest, and national defense, including payments towar veterans and their dependents. The Federal Government's expenditures from its own sources (not including debt retirement) amounted to $7,626,000,000. The corresponding estimated state and local totals respectively were $4,223,000,000 and $5,621,000,000.
The classification of expenditures here used varies from and is not as detailed as classifications employed in the reports of the Bureau of the Census and elsewhere. The differences are necessitated by the inadequacy of the data available for estimating purposes. The class "all other" comprises the aggregate of all the unclassified expenditures.
The term "debt retirement," as here used, refers not to the principal value of bonds canceled or paid off but to the budgetary payments into sinking funds and for retirements of serial bonds and notes with a maturity in excess of one year.
<table><tr><th>Year</th><th>Male</th><th>Female</th></tr><tr><td>1995</td><td>2.6%</td><td>3.3%</td></tr><tr><td>1996</td><td>2.9%</td><td>3.5%</td></tr><tr><td>1997</td><td>2.7%</td><td>3.1%</td></tr><tr><td>1998</td><td>2.8%</td><td>3.1%</td></tr><tr><td>1999</td><td>2.7%</td><td>3.2%</td></tr><tr><td>2000</td><td>2.8%</td><td>3.3%</td></tr><tr><td>2001</td><td>2.8%</td><td>3.4%</td></tr><tr><td>2002</td><td>2.8%</td><td>3.5%</td></tr><tr><td>2003</td><td>2.7%</td><td>3.5%</td></tr><tr><td>2004</td><td>2.6%</td><td>3.4%</td></tr><tr><td>2005</td><td>2.7%</td><td>3.4%</td></tr><tr><td>2006</td><td>2.7%</td><td>3.3%</td></tr></table>
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In the case of the Federal Government, the most important single expenditure was for relief, welfare and social security. The largest state expenditure was for highways, while the largest single local expenditure was for education.
In 1938, an estimated $2,237,000,000 was transferred among the various public divisions. For the sake of brevity, these transfers are termed "grants," although they include, in addition to grants, state-administered taxes shared with local units and Federal loans. It should be specifically noted that Federal relief and recovery expenditures for work relief programs under the Works Progress Administration are considered direct Federal expenditures and not grants. These sums were disbursed directly by the Federal Government without clearance through state and local treasuries.
Federal expenditures in the form of grants to state governments amounted to $633,000,000; those to local governments amounted to $172,000,000.
The bulk of these totals was accounted for by grants for education, highways, and public welfare purposes. State transfers to local units, mostly for these same purposes are estimated to have amounted to $1,400,000,000. Local payments to states, comprising sums advanced locally for state highway construction and state public assistance programs, amounted to $32,000,000.
In view of the numerous transfers from the Federal Government to state and local governments and from state governments to local governments, the division of total governmental expenditures among the three governmental levels, after adjustment for these transfers, differs substantially from the division on the basis of expenditures from the various governments' own sources. In 1938, after adjustment for intergovernmental transfers, local expenditures were more than twice as large as state expenditures and exceeded Federal expenditures by approximately $300,000,000. (For the details see Table 3.)
Note on sources utilized: The sources of information utilized included published reports of the United States Government, unpublished data from Federal departments administering grants to states and localities, published and unpublished reports of Federal research agencies, and reports of private research agencies.
The statistics of Federal receipts and expenditures were derived from the Annual Reports of the Secretary of the Treasury for fiscal years 1932 and 1938. State and local statistics for 1932 were obtained from Bureau of the Census, Financial Statistics of State and Local Governments, 1932. State tax and revenue statistics for 1938 were obtained from the U. S. Office of Education, U. S. Bureau of Public Roads, the Tax Policy League, and the Distilled Spirits Institute. Local tax and revenue statistics were estimated on the basis of the financial reports of a number of local units which, in 1932, accounted for more than one-third of the total local revenue in the United States. The Bureau of the Census annual reports of Financial Statistics of Cities and the comparative city tax rates, prepared annually by the Detroit Bureau of Governmental Research,
afforded a means for verifying the estimates. Data on state and local borrowings, interest and debt retirement were derived from the Treasury Department's annual compilations of tax-exempt securities. State and local functional expenditures were initially estimated on the basis of the Bureau of the Census' reports for 1937. For the three most important categories, (1) education, (2) highways and streets, and (3) relief, welfare and social security, expenditure statistics for 1938 were obtained from other Federal departments.
For purposes of estimating total state and local expenditures, it was assumed that expenditures amounted to the sum of (1) current revenue collections, (2) depletion of general fund balances, and (3) the net excess of bond issues over bond retirements. In 1938 the Federal Government depleted its general fund balances by $338,000,000. It was assumed that states and local governments made no important use of balances. Such changes as occurred in the balances of state and local units in the course of the fiscal year are believed to have neutralized one another.
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Federal and Estimated State and Local General Government Financial Transactions, Fiscal Years Ending in 1932 and 1938
(In millions of dollars)
<table><tr><th></th><th colspan="2">Federal</th><th colspan="2">State</th><th colspan="2">Local</th><th colspan="2">Total</th><th rowspan="2">Percent Change</th></tr><tr><th></th><th>1932</th><th>1938</th><th>1932</th><th>1938</th><th>1932</th><th>1938</th><th>1932</th><th>1938</th></tr><tr><td>1. Revenues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>(a) Tax revenue</td><td>1,889</td><td>6,034</td><td>1,701 1/</td><td>3,857</td><td>4,657</td><td>4,920</td><td>8,247</td><td>14,811</td><td>+79.6</td></tr><tr><td>(b) Non-tax revenue</td><td>117</td><td>208</td><td>307</td><td>345 2/</td><td>789</td><td>628</td><td>1,213</td><td>1,181</td><td>-2.6</td></tr><tr><td>(c) Total revenue</td><td>2,006</td><td>6,242</td><td>2,008</td><td>4,202</td><td>5,446</td><td>5,548</td><td>9,460</td><td>15,992</td><td>+69.0</td></tr><tr><td>2. Borrowing transactions</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>(a) New borrowing</td><td>2,941 3/</td><td>1,449 4/</td><td>206</td><td>156</td><td>567</td><td>602</td><td>3,714</td><td>2,207</td><td>-40.6</td></tr><tr><td>(b) Debt retirement</td><td>413</td><td>65</td><td>110 5/</td><td>135 5/</td><td>523</td><td>529</td><td>1,046</td><td>729</td><td>-30.3</td></tr><tr><td>(c) Net borrowing</td><td>2,528</td><td>1,384</td><td>96</td><td>21</td><td>44</td><td>73</td><td>2,668</td><td>1,478</td><td>-44.6</td></tr><tr><td>3. Expenditures (1c plus 2c)</td><td>4,534</td><td>7,626</td><td>2,104</td><td>4,223</td><td>5,490</td><td>5,621</td><td>12,128</td><td>17,470</td><td>+44.0</td></tr><tr><td>4. Disbursements (inclusive of debt retirement)</td><td>4,947</td><td>7,691</td><td>2,214</td><td>4,358</td><td>6,013</td><td>6,150</td><td>13,174</td><td>18,199</td><td>+38.1</td></tr></table>
Note: Revenues exclude grants and shared taxes. Expenditures exclude payments from grants and shared taxes received and include payments of grants and shared taxes to other jurisdictions. Borrowing is the excess of disbursements over revenues and includes reductions in general fund balances.
1/ Includes $59,000,000 of income and inheritance taxes allotted to local governments.
2/ Includes $45,000,000 of liquor store profits transferred to State general funds.
3/ Includes $56,000,000 reduction in general fund balance.
4/ Includes $338,000,000 reduction in general fund balance.
5/ Includes $12,000,000 of State funds transferred to local governments for debt redemption.
Federal and Estimated State and Local Tax Revenues Fiscal Year Ending in 1938
(In millions of dollars)
<table><tr><th>Source</th><th>Federal</th><th>State</th><th>Local</th><th colspan="2">Total</th></tr><tr><th></th><th></th><th></th><th></th><th>Amount</th><th>Percent</th></tr><tr><td>Customs</td><td>359</td><td>-</td><td>-</td><td>359</td><td>2.4</td></tr><tr><td>Property</td><td>-</td><td>214</td><td>4,531</td><td>4,745</td><td>32.0</td></tr><tr><td>Individual income</td><td>1,313</td><td>249</td><td>-</td><td>1,562</td><td>10.6</td></tr><tr><td>Estate, inheritance and gift</td><td>417</td><td>145</td><td>-</td><td>562</td><td>3.8</td></tr><tr><td>Corporate income and privilege</td><td>1,449</td><td>313</td><td>-</td><td>1,762</td><td>12.0</td></tr><tr><td>Pay rolls</td><td>743</td><td>707</td><td>-</td><td>1,450</td><td>9.8</td></tr><tr><td>Motor fuel and vehicle</td><td>293</td><td>1,163</td><td>25</td><td>1,481</td><td>10.0</td></tr><tr><td>Liquor and tobacco</td><td>1,136</td><td>298</td><td>32</td><td>1,466</td><td>9.9</td></tr><tr><td>Sales and other excises</td><td>287</td><td>717</td><td>302</td><td>1,306</td><td>8.8</td></tr><tr><td>Other tax revenue</td><td>37</td><td>51</td><td>30</td><td>118</td><td>0.7</td></tr><tr><td>Total</td><td>6,034</td><td>3,857</td><td>4,920</td><td>14,811</td><td>100.0</td></tr><tr><td>Per capita tax revenues 1/</td><td>$46.48</td><td>$29.71</td><td>$37.90</td><td>$114.09</td><td></td></tr><tr><td>Tax revenues as percent of national income 2/</td><td>8.9%</td><td>5.7%</td><td>7.2%</td><td>21.8%</td><td></td></tr></table>
1/ On the basis of the estimated population (129,818,000) as of January 1, 1938.
2/ On the basis of the average ($67,923,000,000) of the estimated national income for calendar years 1937 and 1938.
Federal and Estimated State and Local General Government Expenditures Fiscal Year Ending in 1938
(In millions of dollars)
<table><tr><th>Function</th><th colspan="4">Expenditures from own sources 1/</th><th colspan="4">Intergovernmental grants 2/</th><th colspan="4">Expenditures for own functions 3/</th></tr><tr><th></th><th>Federal</th><th>State</th><th>Local</th><th>Total</th><th>Federal to State</th><th>Federal to Local</th><th>State to Local</th><th>Local to State</th><th>Federal</th><th>State</th><th>Local</th><th>Total</th></tr><tr><td>1. Education</td><td>177</td><td>818</td><td>1,418</td><td>2,413</td><td>58</td><td>102</td><td>628</td><td>-</td><td>17</td><td>248</td><td>2,148</td><td>2,413</td></tr><tr><td>2. Highways and streets</td><td>260</td><td>900</td><td>510</td><td>1,670</td><td>219</td><td>24</td><td>300</td><td>23</td><td>17</td><td>842</td><td>811</td><td>1,670</td></tr><tr><td>3. Agriculture and natural resources 4/</td><td>1,000</td><td>73</td><td>3</td><td>1,076</td><td>27</td><td>-</td><td>2</td><td>-</td><td>973</td><td>98</td><td>5</td><td>1,076</td></tr><tr><td>4. National defense</td><td>1,610</td><td>12</td><td>-</td><td>1,622</td><td>2</td><td>-</td><td>-</td><td>-</td><td>1,608</td><td>14</td><td>-</td><td>1,622</td></tr><tr><td>5. Police and other protection</td><td>44</td><td>138</td><td>565</td><td>748</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>138</td><td>566</td><td>748</td></tr><tr><td>6. Relief, welfare, and social security</td><td>2,182</td><td>637</td><td>266</td><td>3,085</td><td>260</td><td>-</td><td>315</td><td>9</td><td>1,922</td><td>591</td><td>572</td><td>3,085</td></tr><tr><td>7. Net additions to social security reserves 5/</td><td>489</td><td>516</td><td>-</td><td>1,005</td><td>41</td><td>-</td><td>-</td><td>-</td><td>448</td><td>557</td><td>-</td><td>1,005</td></tr><tr><td>Social security reserves</td><td>(574)</td><td>(707)</td><td>-</td><td>(1,281)</td><td>(41)</td><td>-</td><td>-</td><td>-</td><td>(533)</td><td>(748)</td><td>-</td><td>(1,281)</td></tr><tr><td>Withdrawals included in (6) above</td><td>(85)</td><td>(191)</td><td>-</td><td>(276)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>(85)</td><td>(191)</td><td>-</td><td>(276)</td></tr><tr><td>8. Health and hospitals</td><td>36</td><td>270</td><td>265</td><td>571</td><td>16</td><td>-</td><td>7</td><td>-</td><td>20</td><td>279</td><td>272</td><td>571</td></tr><tr><td>9. Interest</td><td>926</td><td>121</td><td>592</td><td>1,639</td><td>-</td><td>46</td><td>136</td><td>-</td><td>926</td><td>121</td><td>592</td><td>1,639</td></tr><tr><td>10. All other</td><td>902</td><td>738</td><td>2,001</td><td>3,641</td><td>10</td><td>-</td><td>-</td><td>-</td><td>846</td><td>612</td><td>2,183</td><td>3,641</td></tr><tr><td>11. Total expenditure</td><td>7,626</td><td>4,223</td><td>5,621</td><td>17,470</td><td>633</td><td>172</td><td>1,388</td><td>32</td><td>6,821</td><td>3,500</td><td>7,149</td><td>17,470</td></tr><tr><td>12. Debt retirement</td><td>65</td><td>135</td><td>529</td><td>729</td><td>-</td><td>-</td><td>12</td><td>-</td><td>65</td><td>123</td><td>541</td><td>729</td></tr><tr><td>13. Total disbursement, including debt retirement</td><td>7,691</td><td>4,358</td><td>6,150</td><td>18,199</td><td>633</td><td>172</td><td>1,400</td><td>32</td><td>6,886</td><td>3,623</td><td>7,690</td><td>18,199</td></tr></table>
Note: The classification of expenditures here used varies from and is not as detailed as classifications employed in the reports of the Bureau of the Census and elsewhere. The differences are necessitated by the inadequacy of the data available for estimating purposes. The class "all other" comprises the aggregate of all the unclassified expenditures.
1/ Excludes expenditures from grants received from another jurisdiction.
2/ Includes shared taxes and comprises part of "Expenditures from own sources."
3/ Includes expenditures from own sources and from "Intergovernmental Grants" received, but excludes grants paid other jurisdictions.
4/ Includes such items as flood control, reclamation, river and harbor improvement and Panama Canal expenditures.
5/ Interest on invested social security reserves is included in item (9) below.
FEDERAL RECEIPTS AND EXPENDITURES
— 5 —
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Summary Table 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="7">Receipts and Expenditures</th><th rowspan="2"></th><th colspan="6">Public Debt</th></tr><tr><th colspan="7">First month of fiscal year-</th><th colspan="6">Outstanding on July 31 of fiscal year-</th></tr><tr><th></th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>1940</th><th>Change '39 -'140</th><th></th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>1940</th><th>Change '39 -'140</th></tr><tr><td>Receipts.....</td><td>218</td><td>279</td><td>294</td><td>409</td><td>311</td><td>308</td><td>-3</td><td>Market issues, etc.</td><td>26,725</td><td>28,350</td><td>32,502</td><td>35,017</td><td>34,351</td><td>36,743</td><td>+2,362</td></tr><tr><td>Expenditures.</td><td>611</td><td>561</td><td>656</td><td>677</td><td>762</td><td>807</td><td>+45</td><td>Special issues....</td><td>404</td><td>770</td><td>642</td><td>1,699</td><td>2,810</td><td>3,918</td><td>+1,108</td></tr><tr><td>Deficit.....</td><td>393</td><td>282</td><td>362</td><td>268</td><td>451</td><td>499</td><td>+48</td><td>Gross debt......</td><td>27,189</td><td>29,120</td><td>33,444</td><td>36,716</td><td>37,191</td><td>40,661</td><td>+3,470</td></tr></table>
Receipts and Expenditures
First Month of Fiscal Years 1935 to 1940
(in millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th></th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>1940</th><th>Change '39 -'40</th></tr><tr><td><b>Receipts</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income Tax......</td><td>18</td><td>23</td><td>39</td><td>57</td><td>47</td><td>42</td><td>-5</td></tr><tr><td>Miscellaneous Internal Revenue......</td><td>132</td><td>165</td><td>201</td><td>221</td><td>185</td><td>187</td><td>+2</td></tr><tr><td>Taxes under Social Security Act..</td><td>-</td><td>-</td><td>-</td><td>53</td><td>31</td><td>35</td><td>+4</td></tr><tr><td>Taxes upon carriers and their employees.....</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>+1</td></tr><tr><td>Customs.........</td><td>19</td><td>30</td><td>32</td><td>41</td><td>23</td><td>26</td><td>+3</td></tr><tr><td>Other.........</td><td>49</td><td>61</td><td>22</td><td>37</td><td>25</td><td>17</td><td>-8</td></tr><tr><td><b>Total Receipts</b></td><td><b>218</b></td><td><b>279</b></td><td><b>294</b></td><td><b>409</b></td><td><b>311</b></td><td><b>308</b></td><td><b>-3</b></td></tr><tr><td><b>Expenditures</b></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>142</td><td>209</td><td>159</td><td>133</td><td>144</td><td>155</td><td>+11</td></tr><tr><td>Social Security and R. R. Retirement Acts.</td><td>-</td><td>-</td><td>12</td><td>82</td><td>100</td><td>106</td><td>+6</td></tr><tr><td>Agricultural Adjustment Program......</td><td>27</td><td>32</td><td>38</td><td>24</td><td>53</td><td>55</td><td>+2</td></tr><tr><td>Interest on the public debt...</td><td>14</td><td>8</td><td>10</td><td>12</td><td>13</td><td>15</td><td>+2</td></tr><tr><td>Public Works....</td><td>78</td><td>56</td><td>91</td><td>79</td><td>61</td><td>72</td><td>+11</td></tr><tr><td>Unemployment relief......</td><td>204</td><td>115</td><td>209</td><td>178</td><td>210</td><td>186</td><td>-24</td></tr><tr><td>Loans and stock subscriptions....</td><td>67</td><td>34</td><td>16</td><td>12</td><td>12</td><td>16</td><td>+4</td></tr><tr><td>Other.........</td><td>79</td><td>107</td><td>121</td><td>157</td><td>169</td><td>202</td><td>+33</td></tr><tr><td><b>Total Expenditure</b>.........</td><td><b>611</b></td><td><b>561</b></td><td><b>656</b></td><td><b>677</b></td><td><b>762</b></td><td><b>807</b></td><td><b>+45</b></td></tr><tr><td><b>Excess of Expenditures..</b></td><td><b>393</b></td><td><b>282</b></td><td><b>362</b></td><td><b>268</b></td><td><b>451</b></td><td><b>499</b></td><td><b>+48</b></td></tr></table>
Fiscal Years 1938, 1939 and 1940
(In millions of dollars - on basis of the 1940 Budget and daily Treasury statements, unrevised)
<table><tr><th></th><th>Actual 1938</th><th>Actual 1939</th><th>Estimated 1940</th><th>Actual 1 month 1940</th></tr><tr><td><b>Receipts:</b></td><td></td><td></td><td></td><td></td></tr><tr><td>Income tax</td><td>2,635</td><td>2,182</td><td>1,903</td><td>42</td></tr><tr><td>Miscellaneous Internal Revenues</td><td>2,279</td><td>2,232</td><td>2,333</td><td>187</td></tr><tr><td>Taxes under Social Security Act</td><td>604</td><td>631</td><td>686</td><td>35</td></tr><tr><td>Taxes upon carriers and their employees</td><td>150</td><td>109</td><td>124</td><td>1</td></tr><tr><td>Customs</td><td>359</td><td>319</td><td>404</td><td>26</td></tr><tr><td>Other</td><td>215</td><td>195</td><td>219</td><td>17</td></tr><tr><td><b>Total Receipts</b></td><td><b>6,242</b></td><td><b>5,668</b></td><td><b>5,669</b></td><td><b>308</b></td></tr><tr><td><b>Expenditures:</b></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' Aid</td><td>1,610</td><td>1,720</td><td>1,941</td><td>155</td></tr><tr><td>Social Security and</td><td></td><td></td><td></td><td></td></tr><tr><td>E. R. Retirement Acts</td><td>823</td><td>954</td><td>1,068</td><td>106</td></tr><tr><td>Agricultural Adjustment Program</td><td>362</td><td>782</td><td>694</td><td>55</td></tr><tr><td>Interest on the public debt</td><td>926</td><td>940</td><td>1,050</td><td>15</td></tr><tr><td>Public Works</td><td>794</td><td>948</td><td>595</td><td>72</td></tr><tr><td>Unemployment relief</td><td>1,914</td><td>2,595</td><td>1,980</td><td>186</td></tr><tr><td>Loans and stock subscriptions</td><td>135</td><td>212</td><td>177</td><td>16</td></tr><tr><td>Other</td><td>1,062</td><td>1,059</td><td>1,490</td><td>202</td></tr><tr><td><b>Total Expenditures</b></td><td><b>7,626</b></td><td><b>9,210</b></td><td><b>8,995</b></td><td><b>807</b></td></tr><tr><td><b>Net deficit</b></td><td><b>1,384</b></td><td><b>3,542</b></td><td><b>3,326</b></td><td><b>499</b></td></tr><tr><td><b>Financing of deficit:</b></td><td></td><td></td><td></td><td></td></tr><tr><td><b>Increase in debt</b></td><td></td><td></td><td></td><td></td></tr><tr><td>Market issues</td><td>378</td><td>2,180</td><td>2,376</td><td>74</td></tr><tr><td>Special issues</td><td>1,118</td><td>1,094</td><td>950</td><td>148</td></tr><tr><td><b>Total debt increase</b></td><td><b>740</b></td><td><b>3,274</b></td><td><b>3,326</b></td><td><b>222</b></td></tr><tr><td><b>Net increase in working balance, general and special accounts (deduct)</b></td><td>644</td><td>268</td><td>-</td><td>277</td></tr><tr><td></td><td><b>1,384</b></td><td><b>3,542</b></td><td><b>3,326</b></td><td><b>499</b></td></tr></table>
1/ Decrease, deduct. Decrease in balance, add.
RECONCILIATION, DEFICIT AND DEBT INCREASE, FIRST MONTH OF FISCAL YEAR 1940
Increase in debt: New issues (less redemptions) 222
<table><tr><td>Deficit</td><td>499</td></tr><tr><td>Decrease, cash balance</td><td>390</td></tr><tr><td>Less trust fund net expenditures</td><td>113</td><td>277</td></tr><tr><td></td><td>222</td></tr></table>
7
Monthly Receipts, Expenditures and Excess of Expenditures
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<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><th>Total</th></tr><tr><td><b>Receipts</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><td></td></tr><tr><td>1934</td><td>211</td><td>206</td><td>420</td><td>182</td><td>237</td><td>391</td><td>218</td><td>286</td><td>449</td><td>260</td><td>247</td><td>385</td><td>3,492</td></tr><tr><td>1935</td><td>203</td><td>214</td><td>601</td><td>228</td><td>246</td><td>463</td><td>279</td><td>299</td><td>421</td><td>235</td><td>234</td><td>434</td><td>3,857</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>284</td><td>275</td><td>1,011</td><td>363</td><td>335</td><td>868</td><td>409</td><td>453</td><td>788</td><td>333</td><td>327</td><td>866</td><td>6,312</td></tr><tr><td>1938</td><td>335</td><td>349</td><td>960</td><td>273</td><td>375</td><td>774</td><td>311</td><td>487</td><td>711</td><td>332</td><td>382</td><td>704</td><td>5,993</td></tr><tr><td>1939</td><td>308</td><td>417</td><td>757</td><td>268</td><td>397</td><td>613</td><td>308</td><td></td><td></td><td></td><td></td><td></td><td>3,048</td></tr><tr><td><b>Expenditures</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><td></td></tr><tr><td>1934</td><td>720</td><td>934</td><td>580</td><td>644</td><td>483</td><td>643</td><td>611</td><td>561</td><td>544</td><td>790</td><td>598</td><td>647</td><td>7,755</td></tr><tr><td>1935</td><td>488</td><td>531</td><td>574</td><td>785</td><td>596</td><td>858</td><td>616</td><td>438</td><td>588</td><td>805</td><td>535</td><td>637</td><td>7,451</td></tr><tr><td>1936</td><td>538</td><td>489</td><td>644</td><td>648</td><td>693</td><td>2,438</td><td>661</td><td>592</td><td>683</td><td>681</td><td>569</td><td>728</td><td>9,364</td></tr><tr><td>1937</td><td>588</td><td>613</td><td>815</td><td>757</td><td>564</td><td>1,295</td><td>677</td><td>558</td><td>702</td><td>612</td><td>499</td><td>680</td><td>8,360</td></tr><tr><td>1938</td><td>534</td><td>528</td><td>752</td><td>643</td><td>569</td><td>937</td><td>763</td><td>683</td><td>765</td><td>771</td><td>678</td><td>870</td><td>8,493</td></tr><tr><td>1939</td><td>693</td><td>662</td><td>879</td><td>786</td><td>745</td><td>973</td><td>807</td><td></td><td></td><td></td><td></td><td></td><td>5,945</td></tr><tr><td><b>Excess of expenditures</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><td></td></tr><tr><td>1934</td><td>509</td><td>728</td><td>160</td><td>462</td><td>246</td><td>252</td><td>393</td><td>275</td><td>95</td><td>530</td><td>351</td><td>262</td><td>4,263</td></tr><tr><td>1935</td><td>285</td><td>317</td><td>-27</td><td>557</td><td>350</td><td>395</td><td>337</td><td>139</td><td>167</td><td>570</td><td>301</td><td>203</td><td>3,594</td></tr><tr><td>1936</td><td>310</td><td>271</td><td>-108</td><td>417</td><td>437</td><td>1,909</td><td>367</td><td>249</td><td>184</td><td>409</td><td>336</td><td>211</td><td>4,992</td></tr><tr><td>1937</td><td>304</td><td>338</td><td>-196</td><td>394</td><td>229</td><td>427</td><td>268</td><td>105</td><td>-86</td><td>279</td><td>172</td><td>-186</td><td>2,048</td></tr><tr><td>1938</td><td>199</td><td>179</td><td>-208</td><td>370</td><td>194</td><td>163</td><td>452</td><td>196</td><td>54</td><td>439</td><td>296</td><td>166</td><td>2,500</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>142</td><td>518</td><td>348</td><td>360</td><td>499</td><td></td><td></td><td></td><td></td><td></td><td>2,497</td></tr></table>
Note:
Negative figures denote excess of receipts.
Summary of Receipts and Expenditures
(In millions of dollars - on basis of daily Treasury statements, unrevised) 1/
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">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>Miscellaneous receipts</th><th>Total</th><th>General</th><th>Recovery and relief</th><th>Revolving funds (net)</th><th>Transfers to trust accounts etc.</th><th>Debt retirement</th></tr><tr><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>2,763</td><td>496</td><td>71</td><td>360</td><td>-3,255</td></tr><tr><td>1935</td><td>3,800</td><td>3,278</td><td>1,099</td><td>-</td><td>2,179</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>1939</td><td>5,668</td><td>5,154</td><td>2,182</td><td>740</td><td>2,232</td><td>319</td><td>195</td><td>9,268</td><td>5,328</td><td>3,105</td><td>92</td><td>685</td><td>58</td><td>-3,600</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>457</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>-236</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><tr><td>Mar.</td><td>737</td><td>693</td><td>506</td><td>4</td><td>183</td><td>29</td><td>15</td><td>879</td><td>499</td><td>297</td><td>6</td><td>68</td><td>10</td><td>-142</td></tr><tr><td>Apr.</td><td>268</td><td>226</td><td>40</td><td>30</td><td>156</td><td>29</td><td>13</td><td>786</td><td>456</td><td>266</td><td>8</td><td>55</td><td>1</td><td>-518</td></tr><tr><td>May</td><td>397</td><td>355</td><td>43</td><td>124</td><td>188</td><td>25</td><td>17</td><td>745</td><td>425</td><td>262</td><td>7</td><td>50</td><td>1</td><td>-348</td></tr><tr><td>June</td><td>614</td><td>576</td><td>355</td><td>25</td><td>195</td><td>25</td><td>14</td><td>972</td><td>635</td><td>252</td><td>8</td><td>56</td><td>21</td><td>-360</td></tr><tr><td>July</td><td>308</td><td>265</td><td>42</td><td>36</td><td>187</td><td>26</td><td>17</td><td>807</td><td>419</td><td>220</td><td>1</td><td>167</td><td>-</td><td>-499</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.
BUDGET RECEIPTS, EXPENDITURES AND EXCESS OF EXPENDITURES
January 1934 to Date
8
9
Expenditures - General
(In millions of dollars - on basis of daily Treasury statement, unrevised)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Departmental</th><th>National defense</th><th>Veterans' Administration</th><th>Public Works 1/</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>1933</td><td>3,283</td><td>807</td><td>668</td><td>763</td><td>118</td><td>-</td><td>-</td><td>-</td><td>689</td><td>238</td></tr><tr><td>1934</td><td>2,681</td><td>341</td><td>480</td><td>507</td><td>154</td><td>289</td><td>2/</td><td>-</td><td>757</td><td>153</td></tr><tr><td>1935</td><td>3,225</td><td>356</td><td>534</td><td>556</td><td>80</td><td>712</td><td>2/</td><td>-</td><td>621</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>559</td><td>974</td><td>582</td><td>471</td><td>362</td><td>325</td><td>290</td><td>926</td><td>172</td></tr><tr><td>1939</td><td>5,328</td><td>645</td><td>1,075</td><td>552</td><td>536</td><td>787</td><td>290</td><td>345</td><td>941</td><td>157</td></tr><tr><td>1938-July</td><td>406</td><td>68</td><td>89</td><td>48</td><td>45</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>59</td><td>94</td><td>48</td><td>49</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>45</td><td>84</td><td>47</td><td>52</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>51</td><td>90</td><td>46</td><td>57</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>55</td><td>92</td><td>46</td><td>50</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>46</td><td>91</td><td>45</td><td>48</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>61</td><td>94</td><td>46</td><td>45</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>55</td><td>77</td><td>44</td><td>36</td><td>61</td><td>22</td><td>26</td><td>17</td><td>10</td></tr><tr><td>Mar.</td><td>499</td><td>51</td><td>91</td><td>46</td><td>36</td><td>94</td><td>24</td><td>24</td><td>120</td><td>13</td></tr><tr><td>Apr.</td><td>456</td><td>52</td><td>87</td><td>46</td><td>33</td><td>98</td><td>22</td><td>37</td><td>66</td><td>15</td></tr><tr><td>May.</td><td>425</td><td>54</td><td>90</td><td>45</td><td>39</td><td>106</td><td>23</td><td>33</td><td>10</td><td>25</td></tr><tr><td>June.</td><td>635</td><td>49</td><td>95</td><td>45</td><td>44</td><td>73</td><td>24</td><td>18</td><td>272</td><td>15</td></tr><tr><td>July</td><td>419</td><td>65</td><td>100</td><td>45</td><td>48</td><td>55</td><td>26</td><td>42</td><td>15</td><td>23</td></tr></table>
1/ includes public buildings, public highways, rivers and harbors, Tennessee Valley Authority, Rural Electrification Administration and reclamation projects.
2/ included under Recovery and Relief in these years.
Expenditures - Recovery and Relief
(in millions of dollars - on basis of daily Treasury statement, unrevised)
<table><tr><th>Fiscal year or month</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>1933</td><td>385</td><td>-</td><td>-</td><td>38</td><td>(*)</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>49</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>48</td><td>104</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>157</td><td>215</td><td>36</td></tr><tr><td>1937</td><td>3,073</td><td>1,896</td><td>741</td><td>78</td><td>64</td><td>298</td><td>(4)</td></tr><tr><td>1938</td><td>2,338</td><td>1,472</td><td>342</td><td>6</td><td>170 2/2</td><td>240</td><td>7</td></tr><tr><td>1939</td><td>3,105</td><td>2,240</td><td>606</td><td>2</td><td>50</td><td>198</td><td>8</td></tr><tr><td>1938-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>262</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>309</td><td>219</td><td>75</td><td>*</td><td>4</td><td>11</td><td>-</td></tr><tr><td>1939-Jan.</td><td>258</td><td>185</td><td>60</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><tr><td>Mar.</td><td>297</td><td>201</td><td>61</td><td>*</td><td>3</td><td>32</td><td>-</td></tr><tr><td>Apr.</td><td>266</td><td>173</td><td>64</td><td>*</td><td>2</td><td>25</td><td>2</td></tr><tr><td>May.</td><td>262</td><td>173</td><td>61</td><td>*</td><td>5</td><td>23</td><td>(*)</td></tr><tr><td>June.</td><td>252</td><td>167</td><td>60</td><td>*</td><td>6</td><td>16</td><td>2</td></tr><tr><td>July</td><td>220</td><td>141</td><td>60</td><td>*</td><td>-</td><td>11</td><td>-</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.
10
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">Fiscal year or month</th><th colspan="3">Revolving funds (net)</th><th colspan="6">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>Advances to Railroad Unemployment Insurance Account</th><th>Government Employees' Retirement Funds (U.S. share)</th></tr><tr><td>1933</td><td>74</td><td>74</td><td>-</td><td>121</td><td>-</td><td>-</td><td>100</td><td>-</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>-</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>-</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>-</td><td>41</td></tr><tr><td>1937</td><td>204</td><td>(18)</td><td>222</td><td>568</td><td>265</td><td>-</td><td>556</td><td>-</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>-</td><td>73</td></tr><tr><td>1939</td><td>92</td><td>(8)</td><td>101</td><td>685</td><td>503</td><td>107</td><td>-</td><td>-</td><td>75</td></tr><tr><td>1938-July</td><td>5</td><td>(1)</td><td>6</td><td>135</td><td>38</td><td>22</td><td>-</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><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><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><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><td>-</td></tr><tr><td>Dec.</td><td>4</td><td>(2)</td><td>6</td><td>48</td><td>32</td><td>16</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939-Jan.</td><td>5</td><td>(*)</td><td>5</td><td>39</td><td>37</td><td>2</td><td>-</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><td>-</td></tr><tr><td>Mar.</td><td>6</td><td>(*)</td><td>6</td><td>68</td><td>50</td><td>18</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Apr.</td><td>8</td><td>(*)</td><td>8</td><td>55</td><td>55</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May.</td><td>7</td><td>(*)</td><td>8</td><td>50</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June.</td><td>8</td><td>(*)</td><td>9</td><td>56</td><td>56</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July.</td><td>1</td><td>(*)</td><td>1</td><td>167</td><td>43</td><td>22</td><td>-</td><td>15</td><td>87</td></tr></table>
Less than $500,000. ( ) indicates excess of credits, deduct.
11
Collections of Internal Revenue
(In thousands of dollars - on basis of reports of collections)
<table><tr><th>Sources of Revenue</th><th colspan="2">July</th><th>Sources of Revenue</th><th colspan="2">July</th></tr><tr><th></th><th>1939</th><th>1938</th><th></th><th>1939</th><th>1938</th></tr><tr><td>Income taxes:</td><td></td><td></td><td>Miscellaneous internal revenue - continued</td><td></td><td></td></tr><tr><td>Corporation</td><td>13,929</td><td>19,924</td><td>Manufacturers' excise taxes:</td><td></td><td></td></tr><tr><td>Current</td><td>17,983</td><td>9,683</td><td>Lubricating oils</td><td>2,798</td><td>4,764</td></tr><tr><td>Back</td><td></td><td></td><td>Gasoline</td><td>20,381</td><td>16,264</td></tr><tr><td>Individual</td><td>4,366</td><td>4,885</td><td>Tires and inner tubes</td><td>2,629</td><td>2,427</td></tr><tr><td>Current</td><td>6,952</td><td>7,114</td><td>Automobile trucks</td><td>750</td><td>489</td></tr><tr><td>Back</td><td>469</td><td>1,317</td><td>Other automobiles and motorcycles</td><td>5,758</td><td>3,558</td></tr><tr><td>Excess-profits</td><td></td><td></td><td>Parts or accessories for automobiles</td><td>882</td><td>612</td></tr><tr><td>Total income taxes</td><td>43,699</td><td>42,923</td><td>Electrical energy</td><td>3,388</td><td>3,173</td></tr><tr><td>Tax on unjust enrichment</td><td>527</td><td>1,036</td><td>Radio sets, phonograph records, etc.</td><td>292</td><td>305</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td>Mechanical refrigerators</td><td>1,540</td><td>645</td></tr><tr><td>Capital stock tax</td><td>1,937</td><td>50,822</td><td>Firearms, shells, and cartridges</td><td>392</td><td>238</td></tr><tr><td>Estate tax</td><td>24,494</td><td>24,938</td><td>Pistols and revolvers</td><td>1</td><td>3</td></tr><tr><td>Gift tax</td><td>273</td><td>707</td><td>Toilet preparations, etc. (including repealed 5% tax)</td><td>693</td><td>1,124</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td>Matches (including repealed taxes)</td><td>1/</td><td>70</td></tr><tr><td>Distilled spirits (imported, excise)</td><td>1,481</td><td>1,610</td><td>Brewers' wort and malt (repealed as of 7/1/38)</td><td>3</td><td>5</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>16,595</td><td>16,972</td><td>Articles made of fur (repealed as of 7/1/38)</td><td>18</td><td>54</td></tr><tr><td>Distilled sprite rectification tax</td><td>630</td><td>655</td><td>Sporting goods (repealed as of 7/1/38)</td><td>12</td><td>346</td></tr><tr><td>Wine, cordials, etc. (imported, excise)</td><td>25</td><td>21</td><td>Cameras and lenses (repealed as of 7/1/38)</td><td>1/</td><td>97</td></tr><tr><td>Wine, cordials, etc. (domestic, excise)</td><td>369</td><td>371</td><td>Chewing gum (repealed as of 7/1/38)</td><td>1</td><td>90</td></tr><tr><td>Brandy used for fortifying sweet wine</td><td>430</td><td>149</td><td>Total manufacturers' excise taxes</td><td>40,038</td><td>34,344</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>2,619</td><td>2,801</td><td>Miscellaneous taxes:</td><td></td><td></td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>1/</td><td>1/</td><td>Bituminous Coal Act of 1937</td><td>231</td><td>206</td></tr><tr><td>Cases stamps for distilled spirits bottled in bond</td><td>72</td><td>13</td><td>Sugar Act of 1937</td><td>4,880</td><td>6,568</td></tr><tr><td>Container stamps</td><td>666</td><td>616</td><td>Telephone, telegraph, radio and cable facilities, leased wires, etc.</td><td>2,246</td><td>1,949</td></tr><tr><td>Floor taxes</td><td>2</td><td>511</td><td>Transportation of oil by pipe line</td><td>942</td><td>726</td></tr><tr><td>Fermented malt liquors</td><td>27,329</td><td>27,212</td><td>Leases of safe-deposit boxes</td><td>181</td><td>169</td></tr><tr><td>Brewers; dealers in malt liquor (special taxes)</td><td>1,437</td><td>1,499</td><td>Admission to theaters, concerts, cabarets, etc.</td><td>1,534</td><td>1,619</td></tr><tr><td>Total alcoholic beverage taxes</td><td>51,655</td><td>52,440</td><td>Club dues and initiation fees</td><td>465</td><td>469</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td>Adulterated and processed or renovated butter, mixed flour and filled cheese</td><td>3</td><td>2</td></tr><tr><td>Cigars (large)</td><td>1,038</td><td>1,025</td><td>Oleomargarine, including special taxes</td><td>688</td><td>766</td></tr><tr><td>Cigars (small)</td><td>9</td><td>5</td><td>Narcotics, including marijuana and special taxes</td><td>133</td><td>135</td></tr><tr><td>Cigarettes (large)</td><td>2</td><td>1</td><td>Coconut and other vegetable oils processed</td><td>2,174</td><td>1,959</td></tr><tr><td>Cigarettes (small)</td><td>42,780</td><td>41,353</td><td>National Firearms Act</td><td>2</td><td>4</td></tr><tr><td>Snuff</td><td>463</td><td>492</td><td>All other, including repealed taxes not listed above</td><td>4</td><td>104</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>4,262</td><td>4,466</td><td>Total miscellaneous taxes</td><td>13,483</td><td>14,676</td></tr><tr><td>Cigarette papers and tubes</td><td>75</td><td>118</td><td>Total miscellaneous internal revenue</td><td>183,111</td><td>228,760</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1/</td><td>1/</td><td>Payroll taxes:</td><td></td><td></td></tr><tr><td>Total tobacco taxes</td><td>48,629</td><td>47,160</td><td>Social Security taxes (Social Security Act):</td><td></td><td></td></tr><tr><td>Documentary, etc., stamp taxes:</td><td></td><td></td><td>Taxes with respect to employment (title VIII)</td><td>66,141</td><td>61,026</td></tr><tr><td>Bonds of indebtedness, issues of capital stock, deeds of conveyance, etc.</td><td>1,557</td><td>1,540</td><td>Tax on employers of 8 or more (title IX)</td><td>5,098</td><td>5,181</td></tr><tr><td>Capital stock and similar interest sales or transfers</td><td>513</td><td>1,429</td><td>Total Social Security taxes</td><td>71,239</td><td>66,207</td></tr><tr><td>Playing cards</td><td>204</td><td>186</td><td>Carriers Taxing Act of 1937</td><td>1,515</td><td>11,500</td></tr><tr><td>Silver bullion sales or transfers</td><td>28</td><td>14</td><td>Total payroll taxes</td><td>72,754</td><td>77,707</td></tr><tr><td>Sales of produce for future delivery (repealed as of 7/1/38)</td><td>-</td><td>204</td><td>Total internal revenue</td><td>300,091</td><td>350,426</td></tr><tr><td>Total documentary, etc., stamp taxes</td><td>2,602</td><td>3,373</td><td></td><td></td><td></td></tr></table>
1/ Less than $500.
12
Collections of Internal Revenue
(In thousands of dollars - on basis of reports of collections)
<table><tr><th> Fiscal year or month</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>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>3,040,116</td><td>2,410,259</td><td>1,146,815</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>833,548</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>400,147</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>5,658,755</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>1939</td><td>5,181,574</td><td>2,178,431</td><td>1,028,834</td><td>1,149,597</td><td>740,429</td><td>529,835</td><td>101,167</td><td>109,427</td></tr><tr><td>1938-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>362,285</td><td>34,609</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>14,939</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><tr><td>Mar.</td><td>691,401</td><td>498,474</td><td>291,215</td><td>207,259</td><td>3,855</td><td>2,410</td><td>1,747</td><td>-302</td></tr><tr><td>Apr.</td><td>279,986</td><td>39,292</td><td>14,964</td><td>24,328</td><td>69,684</td><td>62,529</td><td>5,542</td><td>1,613</td></tr><tr><td>May.</td><td>315,036</td><td>44,432</td><td>19,647</td><td>24,785</td><td>93,044</td><td>73,682</td><td>6,401</td><td>12,961</td></tr><tr><td>June.</td><td>568,646</td><td>353,868</td><td>163,668</td><td>190,200</td><td>16,252</td><td>2,604</td><td>663</td><td>12,985</td></tr><tr><td>July</td><td>300,091</td><td>43,699</td><td>11,318</td><td>32,381</td><td>72,754</td><td>66,141</td><td>5,098</td><td>1,515</td></tr></table>
<table><tr><th>Fiscal year or month</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' excise</th><th>Miscellaneous</th><th>Unjust enrichment</th><th>Agricultural Adjustment</th></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>64,770</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>247,151</td><td>87,496</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>1,481,160</td><td>80,168</td><td>113,138</td><td>258,911</td><td>425,169</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>411,022</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>139,249</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>1939</td><td>2,256,031</td><td>127,203</td><td>360,715</td><td>587,800</td><td>580,159</td><td>41,083</td><td>396,891</td><td>162,180</td><td>6,683</td><td>-</td></tr><tr><td>1938-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>364</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><tr><td>Mar.</td><td>188,771</td><td>213</td><td>42,461</td><td>47,356</td><td>49,321</td><td>3,126</td><td>34,116</td><td>12,178</td><td>301</td><td>-</td></tr><tr><td>Apr.</td><td>170,444</td><td>141</td><td>33,626</td><td>46,277</td><td>42,539</td><td>2,962</td><td>31,750</td><td>13,149</td><td>566</td><td>-</td></tr><tr><td>May.</td><td>176,894</td><td>180</td><td>22,533</td><td>49,464</td><td>53,106</td><td>3,070</td><td>35,251</td><td>13,290</td><td>666</td><td>-</td></tr><tr><td>June.</td><td>197,695</td><td>131</td><td>36,177</td><td>54,982</td><td>56,506</td><td>2,716</td><td>34,627</td><td>12,556</td><td>831</td><td>-</td></tr><tr><td>July.</td><td>183,111</td><td>1,937</td><td>24,767</td><td>51,655</td><td>48,629</td><td>2,602</td><td>40,038</td><td>13,483</td><td>527</td><td>-</td></tr></table>
1/ Including excess-profits tax collections.
2/ Including tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1931
COLLECTIONS OF INTERNAL REVENUE
YEARLY, FISCAL YEARS 1929 TO 1939
MONTHLY, JULY 1938 TO JULY 1939
By Principal Sources
By Principal Sources
14
Customs Duties and Taxes Estimated, and Value of Dutiable and Taxable
Imports, by Tariff Schedules: First 11 Months, Fiscal Year 1939
(In thousands of dollars) 1/
<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>7,485</td><td>2,239</td><td>3,437</td><td>1,854</td><td>894</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>3,548</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>4,146</td><td>765</td><td>915</td></tr><tr><td>Dec.</td><td>1,481</td><td>766</td><td>1,636</td><td>175</td><td>1,209</td><td>1,592</td><td>4,769</td><td>5,192</td><td>845</td><td>820</td></tr><tr><td>1939-Jan.</td><td>1,411</td><td>646</td><td>1,696</td><td>181</td><td>784</td><td>1,931</td><td>5,857</td><td>2,021</td><td>847</td><td>1,261</td></tr><tr><td>Feb.</td><td>1,620</td><td>688</td><td>1,619</td><td>162</td><td>1,524</td><td>1,841</td><td>4,920</td><td>1,974</td><td>710</td><td>698</td></tr><tr><td>Mar.</td><td>1,908</td><td>929</td><td>1,804</td><td>209</td><td>3,201</td><td>2,246</td><td>5,708</td><td>2,479</td><td>936</td><td>1,320</td></tr><tr><td>Apr.</td><td>2,968</td><td>1,374</td><td>2,653</td><td>202</td><td>2,220</td><td>1,534</td><td>5,235</td><td>2,471</td><td>830</td><td>806</td></tr><tr><td>May.</td><td>1,469</td><td>760</td><td>1,780</td><td>169</td><td>2,476</td><td>2,462</td><td>4,594</td><td>2,488</td><td>771</td><td>908</td></tr><tr><td>Total</td><td>19,879</td><td>10,254</td><td>21,546</td><td>2,028</td><td>34,188</td><td>23,587</td><td>52,116</td><td>30,948</td><td>8,829</td><td>10,768</td></tr><tr><td>Values:</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>2,333</td><td>4,430</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>4,061</td></tr><tr><td>Oct.</td><td>4,813</td><td>2,460</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>7,144</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>1939-Jan.</td><td>4,106</td><td>1,592</td><td>6,744</td><td>1,149</td><td>2,192</td><td>2,725</td><td>15,932</td><td>3,487</td><td>2,401</td><td>5,990</td></tr><tr><td>Feb.</td><td>4,398</td><td>1,651</td><td>6,029</td><td>1,093</td><td>3,627</td><td>2,669</td><td>13,261</td><td>3,418</td><td>2,005</td><td>3,115</td></tr><tr><td>Mar.</td><td>5,149</td><td>2,231</td><td>6,709</td><td>1,427</td><td>6,542</td><td>3,128</td><td>15,481</td><td>4,376</td><td>2,604</td><td>6,360</td></tr><tr><td>Apr.</td><td>8,153</td><td>3,100</td><td>9,440</td><td>1,320</td><td>5,155</td><td>2,167</td><td>15,554</td><td>4,572</td><td>2,356</td><td>4,204</td></tr><tr><td>May.</td><td>4,270</td><td>1,959</td><td>6,293</td><td>1,302</td><td>5,787</td><td>3,817</td><td>14,912</td><td>4,365</td><td>2,085</td><td>4,711</td></tr><tr><td>Total</td><td>53,242</td><td>23,479</td><td>72,528</td><td>13,721</td><td>69,212</td><td>34,398</td><td>152,205</td><td>54,006</td><td>23,774</td><td>47,947</td></tr></table>
<table><tr><th>Month</th><th>Wool and manufactures 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 4/</th><th>Total</th><th>Adjustment to daily Treasury statement (unrevised)</th><th>Total, daily Treasury statement (unrevised)</th></tr><tr><td colspan="11">Duties and taxes:</td></tr><tr><td>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>24,241</td><td>+880</td><td>25,121</td></tr><tr><td>1939-Jan.....</td><td>2,729</td><td>216</td><td>232</td><td>169</td><td>3,010</td><td>680</td><td>24</td><td>23,704</td><td>+614</td><td>24,318</td></tr><tr><td>Feb.....</td><td>2,142</td><td>196</td><td>226</td><td>177</td><td>2,773</td><td>724</td><td>15</td><td>22,009</td><td>+352</td><td>22,361</td></tr><tr><td>Mar.....</td><td>2,860</td><td>245</td><td>276</td><td>196</td><td>3,383</td><td>815</td><td>19</td><td>28,535</td><td>+731</td><td>29,266</td></tr><tr><td>Apr.....</td><td>2,118</td><td>217</td><td>244</td><td>297</td><td>3,612</td><td>850</td><td>23</td><td>27,654</td><td>+1,783</td><td>29,437</td></tr><tr><td>May.....</td><td>2,368</td><td>220</td><td>232</td><td>165</td><td>2,592</td><td>1,207</td><td>17</td><td>24,679</td><td>+639</td><td>25,318</td></tr><tr><td>Total..</td><td>23,295</td><td>2,549</td><td>2,520</td><td>2,252</td><td>33,643</td><td>8,997</td><td>215</td><td>287,915</td><td>+6,405</td><td>294,320</td></tr><tr><td colspan="11">Value:</td></tr><tr><td>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>599</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>1939-Jan.....</td><td>4,239</td><td>411</td><td>692</td><td>917</td><td>11,208</td><td>2,229</td><td>28</td><td>66,041</td><td>-</td><td>-</td></tr><tr><td>Feb.....</td><td>3,388</td><td>369</td><td>734</td><td>917</td><td>11,310</td><td>2,385</td><td>5</td><td>60,375</td><td>-</td><td>-</td></tr><tr><td>Mar.....</td><td>4,140</td><td>468</td><td>851</td><td>1,052</td><td>12,990</td><td>2,582</td><td>25</td><td>76,124</td><td>-</td><td>-</td></tr><tr><td>Apr.....</td><td>3,032</td><td>412</td><td>792</td><td>1,544</td><td>13,906</td><td>2,940</td><td>4</td><td>78,642</td><td>-</td><td>-</td></tr><tr><td>May.....</td><td>3,366</td><td>418</td><td>727</td><td>882</td><td>9,982</td><td>3,689</td><td>6</td><td>68,570</td><td>-</td><td>-</td></tr><tr><td>Total..</td><td>34,425</td><td>5,352</td><td>7,756</td><td>11,201</td><td>120,699</td><td>30,889</td><td>168</td><td>755,000</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.
15
Estimated Receipts from Taxes Imposed by Various Revenue Acts on Imports into the United States: First 11 Months, Fiscal Year 1939
<table><tr><th>Article</th><th>Rate of tax</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>First 11 months Fiscal year 1939</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><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Crude petroleum.....</td><td>$1/ 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>$287,862</td><td>$281,991</td><td>$297,665</td><td>$504,108</td><td>$747,024</td><td>$4,534,817</td></tr><tr><td>Fuel oil and gas oil derived from petroleum, and all liquid derivatives of crude petroleum except lubricating oil and gasoline or other motor fuel...</td><td>$1/ 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>111,504</td><td>116,562</td><td>145,922</td><td>95,381</td><td>121,890</td><td>1,449,251</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>-</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,040</td></tr><tr><td>Lubricating oil.........</td><td>$4/ gal.</td><td>42</td><td>643</td><td>1,127</td><td>978</td><td>27</td><td>1,477</td><td>519</td><td>551</td><td>1,463</td><td>10</td><td>776</td><td>7,613</td></tr><tr><td>Paraffin and other petroleum wax products.........</td><td>1/4 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>29,925</td><td>20,960</td><td>17,931</td><td>13,972</td><td>47,622</td><td>229,049</td></tr><tr><td>Seed oils.........</td><td>1/4 lb.</td><td>100,861</td><td>106,818</td><td>113,124</td><td>129,666</td><td>167,034</td><td>132,357</td><td>175,450</td><td>161,042</td><td>231,396</td><td>119,439</td><td>176,382</td><td>1,613,569</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>32,411</td><td>51,363</td><td>36,531</td><td>42,130</td><td>27,225</td><td>368,718</td></tr><tr><td>Animal, fish and coconut oils.........</td><td>3/4 lb.</td><td>-</td><td>148</td><td>-</td><td>13</td><td>126</td><td>66</td><td>142</td><td>99</td><td>197</td><td>608</td><td>-</td><td>1,399</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>29,953</td><td>78,318</td><td>64,781</td><td>59,413</td><td>72,278</td><td>639,537</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>11,223</td><td>12,163</td><td>12,685</td><td>16,013</td><td>12,775</td><td>13,275</td><td>138,859</td></tr><tr><td>Coal and related fuels.....</td><td>10/ 100 lbs.</td><td>562</td><td>-</td><td>2,455</td><td>332</td><td>1,494</td><td>1,651</td><td>-</td><td>166</td><td>2,688</td><td>2,381</td><td>441</td><td>12,170</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>763,236</td><td>800,290</td><td>679,929</td><td>723,738</td><td>814,587</td><td>850,217</td><td>1,206,914</td><td>8,996,622</td></tr><tr><td>Dutiable articles 4/1:</td><td></td><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>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>$22,882</td><td>$59,954</td><td>$228,714</td><td>$136,018</td><td>253,585</td><td>2,340,326</td></tr><tr><td>Cane sugar (from Philippine Ie.).........</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>7,754</td><td>35,914</td><td>47,247</td><td>96,210</td><td>143,728</td><td>645,331</td></tr><tr><td>Beet sugar.........</td><td>Various 5/</td><td>-</td><td>3,478</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>3,480</td></tr><tr><td>Articles composed in chief value of manufactured sugar.........</td><td>1/14 6/ lb.</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>1,438</td><td>3,917</td><td>2,663</td><td>3,062</td><td>2,041</td><td>24,824</td></tr><tr><td>Fuel oil and gas oil derived from petroleum, and all liquid derivatives of crude petroleum except lubricating oil and gasoline or other motor fuel.........</td><td>$1/ gal.</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td><td>11</td></tr><tr><td>Lubricating oil.........</td><td>$4/ gal.</td><td>-</td><td>23</td><td>30</td><td>-</td><td>-</td><td>23</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>85</td></tr><tr><td>Paraffin and other petroleum wax products.........</td><td>1/4 lb.</td><td>-</td><td>9</td><td>3</td><td>18</td><td>5</td><td>19</td><td>7</td><td>2</td><td>25</td><td>50</td><td>11</td><td>119</td></tr><tr><td>Seed oils.........</td><td>1/4 lb.</td><td>1,363</td><td>4</td><td>2,260</td><td>58</td><td>168</td><td>214</td><td>220</td><td>85</td><td>222</td><td>62</td><td>37</td><td>4,693</td></tr><tr><td>Animal and fish oils.........</td><td>3/4 lb.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>49,884</td><td>15,391</td><td>17,399</td><td>22,419</td><td>15,500</td><td></td></tr><tr><td>Palm oil.........</td><td>3/4 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>831</td><td>926</td><td>1,355</td><td>1,816</td><td>1,386</td><td>539,669</td></tr><tr><td>Coconut oil (from Philippine Ie.).........</td><td>3/4 lb.</td><td>1,126</td><td>401</td><td>211</td><td>515</td><td>695</td><td>671</td><td>-</td><td>570</td><td>761</td><td>1,357</td><td>45</td><td>7,292</td></tr><tr><td>Coconut oil.........</td><td>5/4 lb.</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>10,779</td><td>10,675</td><td>13,566</td><td>21,619</td><td>13,128</td><td>151,114</td></tr><tr><td>Copper.........</td><td>Various 7/</td><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>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>42,626</td><td>42,785</td><td>54,988</td><td>52,867</td><td>32,955</td><td>466,547</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>137,207</td><td>170,553</td><td>367,487</td><td>336,411</td><td>464,111</td><td>4,183,522</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>817,136</td><td>894,291</td><td>1,182,074</td><td>1,185,628</td><td>1,671,025</td><td>13,180,144</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 cents per pound: hempseed, 1.24; perilla seed, 1.38; kapok seed, 2; rapeseed, 2; sesame seed, 1.18. $.20 M feet from Cuba. The total of the taxes herein corresponds to the total of the taxes on copper and sugar in the Miscellaneous column in the preceding table, plus all taxes included in appropriate tariff schedules. 0.514$ 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.
16
Receipts and Expenditures under Social Security Act
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Receipts</th><th colspan="6">Expenditures</th></tr><tr><th>Employment taxes Title VIII</th><th>Tax on Employers of 8 or more, (Title IX, Sec. 901)</th><th>Total Receipts</th><th>Administrative Expenses 1/</th><th>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>57.8</td><td>252.2</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>604.4</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</td><td>530.4</td><td>100.9</td><td>631.2</td><td>21.3</td><td>58.9</td><td>261.4</td><td>320.3</td><td>-</td><td>503.0</td><td>844.6</td></tr><tr><td>1938-July</td><td>28.8</td><td>2.6</td><td>31.3</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>1.8</td><td>5.8</td><td>24.8</td><td>30.6</td><td>-</td><td>38.0</td><td>70.4</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>38.1</td><td>47.2</td><td>-</td><td>32.0</td><td>81.0</td></tr><tr><td>Nov.</td><td>95.7</td><td>7.1</td><td>102.8</td><td>1.7</td><td>6.3</td><td>20.3</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>1.5</td><td>.5</td><td>11.7</td><td>12.3</td><td>-</td><td>32.0</td><td>45.9</td></tr><tr><td>1939-Jan.</td><td>28.9</td><td>12.9</td><td>41.7</td><td>1.7</td><td>4.6</td><td>26.2</td><td>30.3</td><td>-</td><td>37.0</td><td>69.5</td></tr><tr><td>Feb.</td><td>102.2</td><td>52.1</td><td>154.1</td><td>1.8</td><td>2.6</td><td>21.6</td><td>24.2</td><td>-</td><td>50.0</td><td>76.0</td></tr><tr><td>Mar.</td><td>2.2</td><td>1.7</td><td>3.9</td><td>1.7</td><td>2.2</td><td>19.3</td><td>21.5</td><td>-</td><td>50.0</td><td>73.2</td></tr><tr><td>Apr.</td><td>27.1</td><td>2.8</td><td>29.9</td><td>1.8</td><td>9.0</td><td>26.0</td><td>35.0</td><td>-</td><td>55.0</td><td>91.9</td></tr><tr><td>May</td><td>109.1</td><td>9.1</td><td>118.2</td><td>1.8</td><td>4.4</td><td>26.1</td><td>30.5</td><td>-</td><td>50.0</td><td>82.3</td></tr><tr><td>June</td><td>3.3</td><td>.7</td><td>4.0</td><td>1.8</td><td>5.3</td><td>10.3</td><td>15.6</td><td>-</td><td>56.0</td><td>73.1</td></tr><tr><td>July</td><td>32.7</td><td>2.7</td><td>35.4</td><td>1.7</td><td>8.8</td><td>32.5</td><td>41.3</td><td>-</td><td>43.0</td><td>86.0</td></tr></table>
Note: Figures in this and four succeeding tables are rounded to nearest tenths of millions and will not necessarily add to totals.
1/ Second Deficiency Appropriation Act, fiscal year 1938, approved June 25, 1938, carried an appropriation of $40,561,886.43, pursuant to authorization of Aug. 24, 1937, for making refund to certain States of portions of Federal employers' tax for 1936 collected under Title IX of the Social Security Act.
2/ Counter entry, deduct.
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security and Railroad Retirement Acts. Does not include administrative expenses payable from other appropriations. The principal agencies in the letter group are the Bureau of Internal Revenue of the Treasury Department, and the Public Health Service and the Office of Education of the Federal Security Agency.
Old-Age Reserve 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 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>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>To credit of apportionments</th><th>To credit of disbursing officers</th></tr><tr><td>1936</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>267.2</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>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,155.0</td><td>-</td><td>1,155.0</td><td>44.6</td><td>1,199.6</td><td>19.3</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1939-July</td><td>1,198.0</td><td>507.0</td><td>1,705.0</td><td>44.6</td><td>1,749.6</td><td>20.7</td><td>1,728.9</td><td>1,220.2</td><td>507.1</td><td>1.5</td></tr></table>
1/ 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">Cumulative as of end of fiscal year or month</th><th colspan="5">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Deposits by States 1/</th><th>Deposits by Railroad Retirement Board</th><th>Advanced from Appropriations</th><th>Interest on Investments</th><th>Total Receipts</th><th>With-drawals by States</th><th>Railroad unemploy- ment benefit payments</th><th>Total expenditures</th><th>Total Invest- ments</th><th>Trust account</th><th>Unexpended balances Disturbing account (Railroad unemployment benefits and refunds</th></tr><tr><td>1936</td><td>18.9</td><td>-</td><td>-</td><td>.1</td><td>18.9</td><td>-</td><td>-</td><td>-</td><td>18.9</td><td>18.9</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>310.5</td><td>-</td><td>-</td><td>2.3</td><td>313.4</td><td>1.0</td><td>-</td><td>1.0</td><td>312.4</td><td>312.3</td><td>.1</td><td>-</td></tr><tr><td>1938</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>1,076.2</td><td>192.0</td><td>-</td><td>192.0</td><td>834.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,869.5</td><td>-</td><td>-</td><td>44.8</td><td>1,914.3</td><td>633.8</td><td>-</td><td>633.8</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1939-July</td><td>1,912.1</td><td>.3</td><td>15.0 2/</td><td>44.9</td><td>1,972.2</td><td>675.4</td><td>.1</td><td>675.4</td><td>1,296.8</td><td>1,253.0</td><td>28.9</td><td>14.9</td></tr></table>
1/ Includes in 1938 the proceeds of refunds to States of taxes collected under Title II, section 901 of the Social Security Act, amounting to $40,561,886.43.
2/ Advanced to Railroad Unemployment Insurance Account, pursuant to Section 10 (d) of the Railroad Unemployment Insurance Act of June 25, 1938. Such amounts advanced to be repaid on or before January 1, 1942.
17
Receipts and Expenditures Under Railroad Retirement and Railroad Unemployment Insurance Act
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th>Fiscal year or month</th><th>Receipts</th><th colspan="4">Expenditures</th></tr><tr><th></th><th>Taxes upon carriers and their employees</th><th>Administrative Expenses</th><th>Transfers to Railroad Retirement Acct.</th><th>Transfers to Railroad Un-employment insurance account</th><th>Total Expenditures</th></tr><tr><td>1936</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>1937</td><td>.4</td><td>1.5</td><td>-</td><td>-</td><td>1.5</td></tr><tr><td>1938</td><td>150.1</td><td>2.6</td><td>116.4</td><td>-</td><td>149.0</td></tr><tr><td>1939</td><td>109.3</td><td>3.3</td><td>107.1</td><td>-</td><td>110.4</td></tr><tr><td>1938-July</td><td>.4</td><td>.2</td><td>22.0</td><td>-</td><td>22.2</td></tr><tr><td>Aug.</td><td>25.5</td><td>.2</td><td>9.5</td><td>-</td><td>9.7</td></tr><tr><td>Sept.</td><td>-</td><td>.3</td><td>11.5</td><td>-</td><td>11.8</td></tr><tr><td>Oct.</td><td>.8</td><td>.2</td><td>11.5</td><td>-</td><td>11.7</td></tr><tr><td>Nov.</td><td>26.5</td><td>.2</td><td>15.5</td><td>-</td><td>16.7</td></tr><tr><td>Dec.</td><td>-</td><td>.3</td><td>16.5</td><td>-</td><td>16.8</td></tr><tr><td>1939-Jan.</td><td>.9</td><td>.3</td><td>1.5</td><td>-</td><td>1.8</td></tr><tr><td>Feb.</td><td>27.5</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>Mar.</td><td>-</td><td>.3</td><td>18.0</td><td>-</td><td>18.3</td></tr><tr><td>Apr.</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>May</td><td>6.1</td><td>.3</td><td>.1</td><td>-</td><td>.4</td></tr><tr><td>June</td><td>21.1</td><td>.4</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>July</td><td>.7</td><td>.5</td><td>21.9</td><td>15.0</td><td>37.4</td></tr></table>
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 month</th><th colspan="4">Receipts</th><th rowspan="2">Expenditures</th><th colspan="4">Balance</th></tr><tr><th>Transfers from general fund 1/</th><th>Appropriations by Congress Balance available for transfer</th><th>Total</th><th>Interest on investments</th><th>Total</th><th>Investments</th><th>To credit of appropriations 2/</th><th>Unexpended 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>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>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>.2</td><td>1.6</td></tr><tr><td>1939</td><td>253.5</td><td>11.3</td><td>264.8</td><td>3.6</td><td>268.4</td><td>185.6</td><td>82.7</td><td>13.2</td><td>2.3</td></tr><tr><td>1939-July</td><td>275.4</td><td>109.5</td><td>384.9</td><td>3.6</td><td>388.5</td><td>194.7</td><td>193.9</td><td>69.1</td><td>111.5</td><td>13.3</td></tr></table>
1/ Transfers from general fund were not reflected until July 1, 1937. 2/ Includes balance of appropriation available for transfers subsequent to June 30, 1937.
18
Cash Income and Outgo of the Treasury
(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. For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the text in February Bulletin. All figures in the table at the bottom of the page have now been revised in accordance with that explanation.)
(in millions of dollars)
<table><tr><th></th><th colspan="7">1938</th><th colspan="7">1939</th></tr><tr><th></th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Deco.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th></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><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><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>506</td><td>40</td><td>43</td><td>355</td><td>42</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>183</td><td>155</td><td>187</td><td>193</td><td>187</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>4</td><td>30</td><td>118</td><td>4</td><td>35</td></tr><tr><td>Taxes upon carriers and their employee</td><td>-</td><td>26</td><td>-</td><td>1</td><td>26</td><td>-</td><td>1</td><td>28</td><td>-</td><td>-</td><td>6</td><td>21</td><td>1</td></tr><tr><td>Custome</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>29</td><td>29</td><td>25</td><td>25</td><td>26</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>15</td><td>15</td><td>18</td><td>15</td><td>16</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>737</td><td>269</td><td>397</td><td>613</td><td>307</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><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment trust fund (deposite by State)</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>34</td><td>34</td><td>137</td><td>17</td><td>43</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>25</td><td>20</td><td>18</td><td>14</td><td>19</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>59</td><td>54</td><td>155</td><td>31</td><td>62</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>796</td><td>323</td><td>552</td><td>644</td><td>369</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><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><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>98</td><td>96</td><td>101</td><td>106</td><td>109</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>23</td><td>37</td><td>32</td><td>17</td><td>84</td></tr><tr><td>Interest on the public debt</td><td>10</td><td>14</td><td>144</td><td>65</td><td>7</td><td>170</td><td>14</td><td>15</td><td>118</td><td>64</td><td>8</td><td>184</td><td>11</td></tr><tr><td>Public Works</td><td>73</td><td>81</td><td>94</td><td>99</td><td>89</td><td>120</td><td>99</td><td>102</td><td>93</td><td>97</td><td>97</td><td>102</td><td>93</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>135</td><td>132</td><td>139</td><td>96</td><td>95</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>201</td><td>173</td><td>173</td><td>167</td><td>149</td></tr><tr><td>Other</td><td>155</td><td>164</td><td>136</td><td>133</td><td>130</td><td>122</td><td>139</td><td>131</td><td>132</td><td>127</td><td>142</td><td>134</td><td>95</td></tr><tr><td>Subtotal</td><td>625</td><td>632</td><td>704</td><td>723</td><td>625</td><td>810</td><td>638</td><td>609</td><td>800</td><td>726</td><td>692</td><td>806</td><td>636</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><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>22</td><td>8</td><td>38</td><td>15*</td><td>6*</td><td>57*</td><td>-</td><td>85*</td><td>12</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>2</td><td>5</td><td>1*</td><td>1*</td><td>6</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>44</td><td>41</td><td>32</td><td>42</td><td>42</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>1</td><td>2</td><td>1</td><td>2</td><td>1</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>9</td><td>9</td><td>9</td><td>9</td><td>9</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>19*</td><td>1</td><td>18</td><td>65</td><td>34</td></tr><tr><td>Subtotal</td><td>43*</td><td>146</td><td>144</td><td>102</td><td>74</td><td>81</td><td>87</td><td>58</td><td>31</td><td>1</td><td>56</td><td>32</td><td>104</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>3</td><td>3</td><td>2</td><td>4</td><td>3</td></tr><tr><td>Total cash outgo</td><td>589</td><td>783</td><td>852</td><td>829</td><td>702</td><td>894</td><td>728</td><td>669</td><td>834</td><td>730</td><td>750</td><td>843</td><td>743</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>224</td><td>151</td><td>85</td><td>434</td><td>181</td><td>137</td><td>364</td><td>88</td><td>38</td><td>407</td><td>198</td><td>199</td><td>374</td></tr></table>
* Excess of credits, deduct.
Cash Income and Outgo and Excess of Cash Outgo
(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><th>Total</th></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><td></td></tr><tr><td>1934</td><td>224</td><td>216</td><td>432</td><td>198</td><td>228</td><td>400</td><td>232</td><td>296</td><td>462</td><td>280</td><td>245</td><td>407</td><td>3,620</td></tr><tr><td>1935</td><td>229</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>453</td><td>4,047</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><td>4,606</td></tr><tr><td>1937</td><td>303</td><td>326</td><td>1,115</td><td>421</td><td>330</td><td>925</td><td>438</td><td>541</td><td>852</td><td>389</td><td>433</td><td>930</td><td>7,063</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><td>6,992</td></tr><tr><td>1939</td><td>364</td><td>581</td><td>796</td><td>323</td><td>552</td><td>644</td><td>369</td><td></td><td></td><td></td><td></td><td></td><td>3,629</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><td></td></tr><tr><td>1934</td><td>967</td><td>647</td><td>627</td><td>688</td><td>541</td><td>733</td><td>411</td><td>525</td><td>520</td><td>687</td><td>598</td><td>656</td><td>7,600</td></tr><tr><td>1935</td><td>468</td><td>530</td><td>577</td><td>633</td><td>551</td><td>737</td><td>614</td><td>561</td><td>610</td><td>658</td><td>474</td><td>632</td><td>7,045</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>735</td><td>762</td><td>602</td><td>676</td><td>8,742</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>679</td><td>7,394</td></tr><tr><td>1938</td><td>537</td><td>481</td><td>745</td><td>774</td><td>665</td><td>834</td><td>589</td><td>783</td><td>852</td><td>829</td><td>702</td><td>894</td><td>8,685</td></tr><tr><td>1939</td><td>728</td><td>669</td><td>834</td><td>730</td><td>750</td><td>843</td><td>860</td><td></td><td></td><td></td><td></td><td></td><td>5,414</td></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><td></td></tr><tr><td>1934</td><td>743</td><td>431</td><td>195</td><td>490</td><td>313</td><td>333</td><td>179</td><td>229</td><td>58</td><td>407</td><td>353</td><td>249</td><td>3,980</td></tr><tr><td>1935</td><td>239</td><td>299</td><td>44</td><td>384</td><td>290</td><td>258</td><td>336</td><td>241</td><td>170</td><td>398</td><td>248</td><td>179</td><td>2,938</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><td>4,136</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>-251</td><td>331</td></tr><tr><td>1938</td><td>142</td><td>21</td><td>-293</td><td>455</td><td>146</td><td>10</td><td>224</td><td>151</td><td>85</td><td>434</td><td>181</td><td>137</td><td>1,693</td></tr><tr><td>1939</td><td>364</td><td>88</td><td>38</td><td>407</td><td>198</td><td>199</td><td>491</td><td></td><td></td><td></td><td></td><td></td><td>1,785</td></tr></table>
Note: Negative figures denote excess of cash income.
CASH INCOME AND OUTGO AND NET CASH OUTGO
January 1934 to Date
For the basis of these figures see the text in February issue of the Bulletin
19
TREASURY GENERAL FUND AND PUBLIC DEBT
- 20 -
21
Composition of General Fund
(In millions of dollars - on basis of daily Treasury statements, unavissed)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Balances</th><th colspan="4">Current assets</th><th rowspan="2">Current liabilities</th></tr><tr><th>Total</th><th>"Working" balance</th><th>Seign- iorage</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. Sacs.</th><th>All other deposits and col- lections</th></tr><tr><td>1933</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</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>461</td></tr><tr><td>1935</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</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</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</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>1939</td><td>2,838</td><td>2,160</td><td>536</td><td>142</td><td>-</td><td>3,087</td><td>1,212</td><td>1,022</td><td>777</td><td>76</td><td>249</td></tr><tr><td>1938-July</td><td>2,116</td><td>1,523</td><td>451</td><td>142</td><td>-</td><td>2,299</td><td>886</td><td>777</td><td>585</td><td>50</td><td>183</td></tr><tr><td>Aug.</td><td>2,260</td><td>1,663</td><td>455</td><td>142</td><td>-</td><td>2,407</td><td>1,023</td><td>778</td><td>556</td><td>50</td><td>147</td></tr><tr><td>Sep.</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><tr><td>Mar.</td><td>3,389</td><td>2,732</td><td>515</td><td>142</td><td>-</td><td>3,635</td><td>1,313</td><td>1,388</td><td>866</td><td>68</td><td>246</td></tr><tr><td>Apr.</td><td>3,044</td><td>2,380</td><td>522</td><td>142</td><td>-</td><td>3,230</td><td>1,329</td><td>975</td><td>858</td><td>68</td><td>165</td></tr><tr><td>May.</td><td>2,924</td><td>2,254</td><td>528</td><td>142</td><td>-</td><td>3,106</td><td>1,272</td><td>971</td><td>792</td><td>71</td><td>182</td></tr><tr><td>June.</td><td>2,838</td><td>2,160</td><td>536</td><td>142</td><td>-</td><td>3,087</td><td>1,212</td><td>1,022</td><td>777</td><td>76</td><td>249</td></tr><tr><td>July</td><td>2,447</td><td>1,761</td><td>544</td><td>142</td><td>-</td><td>2,800</td><td>1,015</td><td>928</td><td>771</td><td>86</td><td>353</td></tr></table>
Statement of the Outstanding Public Debt on June 30, 1939 and July 31, 1939
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th></th><th>June 30, 1939</th><th>July 31, 1939</th><th>Increase (+) Decrease (-)</th><th></th><th>June 30, 1939</th><th>July 31, 1939</th><th>Increase (+) 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>196</td><td>196</td><td>-</td><td>Government Life Insurance Fund....................</td><td>537</td><td>533</td><td>-4</td></tr><tr><td>Treasury bonds....................</td><td>25,218</td><td>25,213</td><td>-</td><td>Old-Age Reserves Account....................</td><td>1,177</td><td>1,220</td><td>+43</td></tr><tr><td>U. S. Savings bonds....................</td><td>1,868</td><td>1,949</td><td>+81</td><td>Railroad Retirement Account....................</td><td>67</td><td>69</td><td>+2</td></tr><tr><td>Adjusted Service bonds....................</td><td>283</td><td>280</td><td>-3</td><td>Government retirement funds....................</td><td>473</td><td>559</td><td>+86</td></tr><tr><td>Treasury notes....................</td><td>7,243</td><td>7,243</td><td>-</td><td>Adjusted Service Certificate Fund....................</td><td>20</td><td>20</td><td>-</td></tr><tr><td>Treasury bills....................</td><td>1,308</td><td>1,309</td><td>+1</td><td>Unemployment Trust Fund....................</td><td>1,267</td><td>1,253</td><td>-14</td></tr><tr><td>Matured debt on which interest has ceased....................</td><td>142</td><td>140</td><td>-2</td><td>Postal Savings System....................</td><td>128</td><td>143</td><td>+15</td></tr><tr><td>Debt bearing no interest....................</td><td>411</td><td>408</td><td>-3</td><td>Federal Deposit Insurance Corporation....................</td><td>101</td><td>121</td><td>+20</td></tr><tr><td>Total Market issues, etc....................</td><td>36,669</td><td>36,743</td><td>+74</td><td>Total Special issues....................</td><td>3,770</td><td>3,913</td><td>+143</td></tr><tr><td></td><td></td><td></td><td></td><td>Total....................</td><td>40,439</td><td>40,661</td><td>+222</td></tr></table>
Public Debt Accounts
(in millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th colspan="5">Expenditures</th></tr><tr><th>Cash</th><th>Adjusted Serv. Bonds</th><th>Exchanges</th><th>Special Series</th><th>Total</th><th>Cash</th><th>Exchanges</th><th>Special Series</th><th>Total</th><th>Excess of Receipts</th></tr><tr><td>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>1939</td><td>7,475.1</td><td>6.5</td><td>3,034.9</td><td>2,567.1</td><td>13,083.6</td><td>5,301.0</td><td>3,034.9</td><td>1,472.9</td><td>9,808.8</td><td>3,274.8</td></tr><tr><td>1938-July</td><td>444.3</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>472.4</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><tr><td>Mar.</td><td>571.0</td><td>.6</td><td>1,266.7</td><td>89.1</td><td>1,927.4</td><td>517.4</td><td>1,266.7</td><td>16.7</td><td>1,800.8</td><td>126.6</td></tr><tr><td>Apr.</td><td>469.0</td><td>.4</td><td>.1</td><td>68.0</td><td>527.5</td><td>419.8</td><td>.1</td><td>29.9</td><td>449.8</td><td>77.7</td></tr><tr><td>May.</td><td>566.3</td><td>.4</td><td>-</td><td>185.8</td><td>752.5</td><td>521.7</td><td>-</td><td>11.9</td><td>533.6</td><td>218.9</td></tr><tr><td>June</td><td>472.2</td><td>.5</td><td>415.5</td><td>1,413.8</td><td>2,302.0</td><td>418.8</td><td>415.5</td><td>1,310.0</td><td>2,144.3</td><td>157.7</td></tr><tr><td>July</td><td>491.2</td><td>.4</td><td>-</td><td>165.7</td><td>657.3</td><td>418.2</td><td>-</td><td>17.4</td><td>435.6</td><td>221.7</td></tr></table>
22
Treasury Bill Offerings
(On basis of Public Debt Service accounts)
<table><tr><th>Date of issue</th><th>Date of maturity</th><th>Days to maturity</th><th>Total amount applied for (In millions of dollars)</th><th>Amount (In millions of dollars)</th><th colspan="2">Bids accepted</th><th>Amount of maturing issues (In millions of dollars)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Average Prices (per hundred)</th><th>Equivalent rate 1/ (percent)</th><th></th></tr><tr><td>1938-July 6</td><td>1938-Oct. 5</td><td>91</td><td>189.8</td><td>100.0</td><td>99.994</td><td>0.023</td><td>150.4</td></tr><tr><td>July 13</td><td>Oct. 13</td><td>92</td><td>210.0</td><td>100.2</td><td>99.990</td><td>0.038</td><td>150.3</td></tr><tr><td>July 20</td><td>Oct. 19</td><td>91</td><td>187.8</td><td>100.1</td><td>99.986</td><td>0.054</td><td>150.4</td></tr><tr><td>July 27</td><td>Oct. 26</td><td>91</td><td>265.0</td><td>100.2</td><td>99.985</td><td>0.059</td><td>50.1</td></tr><tr><td>Aug. 3</td><td>Nov. 2</td><td>91</td><td>289.4</td><td>100.3</td><td>99.984</td><td>0.062</td><td>50.0</td></tr><tr><td>Aug. 10</td><td>Nov. 9</td><td>91</td><td>303.1</td><td>100.0</td><td>99.989</td><td>0.044</td><td>50.1</td></tr><tr><td>Aug. 17</td><td>Nov. 16</td><td>91</td><td>285.7</td><td>100.5</td><td>99.988</td><td>0.047</td><td>50.3</td></tr><tr><td>Aug. 24</td><td>Nov. 23</td><td>91</td><td>245.7</td><td>100.1</td><td>99.988</td><td>0.048</td><td>50.4</td></tr><tr><td>Aug. 31</td><td>Nov. 30</td><td>91</td><td>251.2</td><td>100.5</td><td>99.988</td><td>0.047</td><td>50.0</td></tr><tr><td>Sept. 7</td><td>Dec. 7</td><td>91</td><td>229.0</td><td>100.1</td><td>99.988</td><td>0.049</td><td>100.2</td></tr><tr><td>Sept. 14</td><td>Dec. 14</td><td>91</td><td>218.7</td><td>100.0</td><td>99.974</td><td>0.103</td><td>100.7</td></tr><tr><td>Sept. 21</td><td>Dec. 21</td><td>91</td><td>260.9</td><td>100.0</td><td>99.973</td><td>0.106</td><td>101.2</td></tr><tr><td>Sept. 28</td><td>Dec. 28</td><td>91</td><td>279.9</td><td>100.0</td><td>99.964</td><td>0.142</td><td>100.1</td></tr><tr><td>Oct. 5</td><td>1939-Jan. 4</td><td>91</td><td>455.8</td><td>100.1</td><td>99.992</td><td>0.032</td><td>100.0</td></tr><tr><td>Oct. 13</td><td>Jan. 11</td><td>90</td><td>425.7</td><td>100.0</td><td>99.995</td><td>0.022</td><td>100.2</td></tr><tr><td>Oct. 19</td><td>Jan. 18</td><td>91</td><td>320.3</td><td>100.0</td><td>99.995</td><td>0.018</td><td>100.1</td></tr><tr><td>Oct. 26</td><td>Jan. 25</td><td>91</td><td>297.1</td><td>100.5</td><td>99.994</td><td>0.026</td><td>100.2</td></tr><tr><td>Nov. 2</td><td>Feb. 1</td><td>91</td><td>399.4</td><td>100.2</td><td>99.993</td><td>0.027</td><td>100.3</td></tr><tr><td>Nov. 9</td><td>Feb. 8</td><td>91</td><td>331.1</td><td>100.7</td><td>99.994</td><td>0.022</td><td>100.0</td></tr><tr><td>Nov. 16</td><td>Feb. 15</td><td>91</td><td>288.5</td><td>100.5</td><td>99.993</td><td>0.027</td><td>100.5</td></tr><tr><td>Nov. 23</td><td>Feb. 23</td><td>92</td><td>323.9</td><td>100.3</td><td>99.993</td><td>0.026</td><td>100.1</td></tr><tr><td>Nov. 30</td><td>Mar. 1</td><td>91</td><td>325.6</td><td>100.3</td><td>99.995</td><td>0.021</td><td>100.5</td></tr><tr><td>Dec. 7</td><td>Mar. 8</td><td>91</td><td>354.2</td><td>101.0</td><td>99.996</td><td>0.017</td><td>100.1</td></tr><tr><td>Dec. 14</td><td>Mar. 15</td><td>91</td><td>384.5</td><td>100.7</td><td>99.997</td><td>0.013</td><td>100.0</td></tr><tr><td>Dec. 21</td><td>Mar. 22</td><td>91</td><td>497.7</td><td>100.6</td><td>99.999</td><td>0.006</td><td>100.0</td></tr><tr><td>Dec. 28</td><td>Mar. 29</td><td>91</td><td>507.4</td><td>101.0</td><td>100.000</td><td>2/</td><td>100.0</td></tr><tr><td>1939-Jan. 4</td><td>Apr. 5</td><td>91</td><td>488.8</td><td>100.7</td><td>100.001</td><td>2/</td><td>100.1</td></tr><tr><td>Jan. 11</td><td>Apr. 12</td><td>91</td><td>374.0</td><td>101.3</td><td>100.000</td><td>2/</td><td>100.0</td></tr><tr><td>Jan. 18</td><td>Apr. 19</td><td>91</td><td>295.0</td><td>101.2</td><td>100.000</td><td>0.001</td><td>100.0</td></tr><tr><td>Jan. 25</td><td>Apr. 26</td><td>91</td><td>250.5</td><td>100.4</td><td>99.998</td><td>0.007</td><td>100.5</td></tr><tr><td>Feb. 1</td><td>May 3</td><td>91</td><td>302.7</td><td>100.6</td><td>99.999</td><td>0.002</td><td>100.2</td></tr><tr><td>Feb. 8</td><td>May 10</td><td>91</td><td>302.1</td><td>101.3</td><td>99.999</td><td>0.004</td><td>100.7</td></tr><tr><td>Feb. 15</td><td>May 17</td><td>91</td><td>265.4</td><td>100.4</td><td>99.999</td><td>0.005</td><td>100.5</td></tr><tr><td>Feb. 23</td><td>May 24</td><td>91</td><td>321.5</td><td>100.8</td><td>99.999</td><td>0.004</td><td>100.3</td></tr><tr><td>Mar. 1</td><td>May 31</td><td>91</td><td>301.5</td><td>102.0</td><td>99.999</td><td>0.004</td><td>100.3</td></tr><tr><td>Mar. 8</td><td>June 7</td><td>91</td><td>323.3</td><td>100.5</td><td>99.999</td><td>0.003</td><td>101.0</td></tr><tr><td>Mar. 15</td><td>June 14</td><td>91</td><td>302.6</td><td>100.4</td><td>99.999</td><td>0.001</td><td>100.7</td></tr><tr><td>Mar. 22</td><td>June 21</td><td>91</td><td>342.1</td><td>100.4</td><td>99.999</td><td>0.003</td><td>100.6</td></tr><tr><td>Mar. 29</td><td>June 28</td><td>91</td><td>320.3</td><td>100.5</td><td>99.999</td><td>0.003</td><td>101.0</td></tr><tr><td>Apr. 5</td><td>July 5</td><td>91</td><td>256.8</td><td>100.3</td><td>99.999</td><td>0.016</td><td>100.7</td></tr><tr><td>Apr. 12</td><td>July 12</td><td>91</td><td>207.5</td><td>100.2</td><td>99.999</td><td>0.025</td><td>101.3</td></tr><tr><td>Apr. 19</td><td>July 19</td><td>91</td><td>222.8</td><td>100.4</td><td>99.999</td><td>0.023</td><td>101.2</td></tr><tr><td>Apr. 26</td><td>July 26</td><td>91</td><td>315.4</td><td>100.2</td><td>99.999</td><td>0.016</td><td>100.4</td></tr><tr><td>May 3</td><td>Aug. 2</td><td>91</td><td>377.5</td><td>100.4</td><td>99.999</td><td>0.012</td><td>100.6</td></tr><tr><td>May 10</td><td>Aug. 9</td><td>91</td><td>417.7</td><td>101.9</td><td>99.998</td><td>0.009</td><td>101.3</td></tr><tr><td>May 17</td><td>Aug. 16</td><td>91</td><td>414.4</td><td>100.2</td><td>99.999</td><td>0.005</td><td>100.4</td></tr><tr><td>May 24</td><td>Aug. 23</td><td>91</td><td>397.2</td><td>101.0</td><td>99.999</td><td>0.005</td><td>100.8</td></tr><tr><td>May 31</td><td>Aug. 30</td><td>91</td><td>392.0</td><td>100.5</td><td>99.999</td><td>0.005</td><td>102.0</td></tr><tr><td>June 7</td><td>Sept. 6</td><td>91</td><td>304.7</td><td>100.9</td><td>99.999</td><td>0.004</td><td>100.5</td></tr><tr><td>June 14</td><td>Sept. 13</td><td>91</td><td>311.4</td><td>100.1</td><td>99.999</td><td>0.004</td><td>100.4</td></tr><tr><td>June 21</td><td>Sept. 20</td><td>91</td><td>281.7</td><td>100.9</td><td>99.999</td><td>0.003</td><td>100.4</td></tr><tr><td>June 28</td><td>Sept. 27</td><td>91</td><td>236.1</td><td>100.1</td><td>99.999</td><td>0.005</td><td>100.5</td></tr><tr><td>July 5</td><td>Oct. 4</td><td>91</td><td>282.4</td><td>100.6</td><td>99.996</td><td>0.014</td><td>100.3</td></tr><tr><td>July 12</td><td>Oct. 11</td><td>91</td><td>259.7</td><td>100.4</td><td>99.997</td><td>0.012</td><td>100.2</td></tr><tr><td>July 19</td><td>Oct. 18</td><td>91</td><td>299.7</td><td>100.9</td><td>99.996</td><td>0.015</td><td>100.4</td></tr><tr><td>July 26</td><td>Oct. 25</td><td>91</td><td>240.2</td><td>100.2</td><td>99.995</td><td>0.019</td><td>100.2</td></tr><tr><td>Aug. 2</td><td>Nov. 1</td><td>91</td><td>275.4</td><td>101.0</td><td>99.995</td><td>0.022</td><td>100.4</td></tr><tr><td>Aug. 9</td><td>Nov. 8</td><td>91</td><td>256.2</td><td>100.4</td><td>99.992</td><td>0.032</td><td>101.9</td></tr></table>
1/2
Bank discount basis. Negative.
23
Holdings of Direct and Guaranteed Interest-Bearing Obligations of the United States Government
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Government agencies and trust funds</th><th colspan="3">Other holders</th><th colspan="3">Guaranteed obligations</th></tr><tr><th>Special issues</th><th>United States Savings Bonds, 3% Adjusted Service Bonds of 1945, and 2½% Postal Savings Bonds 1/2</th><th>Market issues</th><th>Federal Reserve Banks</th><th>United States Savings Bonds and 3% Adjusted Service Bonds of 1945</th><th>Market issues otherwise held 2/</th><th>Total direct obligations outstanding</th><th>Government agencies and trust funds</th><th>Market issues otherwise held</th><th>Total guaranteed obligations outstanding</th></tr><tr><td>1933</td><td>323</td><td>14</td><td>240</td><td>1,998</td><td>-</td><td>19,583</td><td>22,158</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>396</td><td>15</td><td>880</td><td>2,430</td><td>-</td><td>22,759</td><td>26,480</td><td>-</td><td>681</td><td>681</td></tr><tr><td>1935</td><td>633</td><td>17</td><td>967</td><td>2,430</td><td>62</td><td>23,536</td><td>27,645</td><td>378</td><td>3,745</td><td>4,123</td></tr><tr><td>1936</td><td>626</td><td>20</td><td>1,280</td><td>2,430</td><td>1,027</td><td>27,373</td><td>32,756</td><td>391</td><td>4,327</td><td>4,718</td></tr><tr><td>1937</td><td>1,558</td><td>22</td><td>1,618</td><td>2,526</td><td>1,191</td><td>28,888</td><td>35,803</td><td>381</td><td>4,284</td><td>4,665</td></tr><tr><td>1938</td><td>2,676</td><td>25</td><td>1,754</td><td>2,564</td><td>1,559</td><td>28,001</td><td>36,579</td><td>344</td><td>4,503</td><td>4,853</td></tr><tr><td>1939</td><td>3,770</td><td>27</td><td>1,816</td><td>2,551</td><td>2,151</td><td>29,571</td><td>39,886</td><td>295</td><td>5,155</td><td>5,450</td></tr><tr><td>1938-July</td><td>2,810</td><td>25</td><td>1,759</td><td>2,564</td><td>1,591</td><td>27,896</td><td>36,645</td><td>345</td><td>4,719</td><td>5,064</td></tr><tr><td>Aug.</td><td>2,943</td><td>25</td><td>1,759</td><td>2,564</td><td>1,618</td><td>28,145</td><td>37,054</td><td>344</td><td>4,671</td><td>5,015</td></tr><tr><td>Sept.</td><td>2,933</td><td>26</td><td>1,811</td><td>2,564</td><td>1,642</td><td>28,876</td><td>37,852</td><td>344</td><td>4,665</td><td>5,009</td></tr><tr><td>Oct.</td><td>2,949</td><td>26</td><td>1,831</td><td>2,564</td><td>1,672</td><td>28,857</td><td>37,899</td><td>328</td><td>4,673</td><td>5,001</td></tr><tr><td>Nov.</td><td>3,090</td><td>26</td><td>1,835</td><td>2,564</td><td>1,702</td><td>28,854</td><td>38,071</td><td>325</td><td>4,668</td><td>4,993</td></tr><tr><td>Dec.</td><td>3,156</td><td>26</td><td>1,847</td><td>2,564</td><td>1,751</td><td>29,567</td><td>38,911</td><td>325</td><td>4,667</td><td>4,992</td></tr><tr><td>1939-Jan.</td><td>3,215</td><td>26</td><td>1,856</td><td>2,564</td><td>1,885</td><td>29,561</td><td>39,107</td><td>320</td><td>4,667</td><td>4,987</td></tr><tr><td>Feb.</td><td>3,382</td><td>27</td><td>1,860</td><td>2,564</td><td>1,941</td><td>29,557</td><td>39,331</td><td>323</td><td>5,087</td><td>5,410</td></tr><tr><td>Mar.</td><td>3,454</td><td>27</td><td>1,860</td><td>2,564</td><td>1,998</td><td>29,545</td><td>39,448</td><td>323</td><td>5,087</td><td>5,410</td></tr><tr><td>Apr.</td><td>3,492</td><td>27</td><td>1,840</td><td>2,564</td><td>2,045</td><td>29,562</td><td>39,530</td><td>323</td><td>5,087</td><td>5,410</td></tr><tr><td>May 3/</td><td>3,666</td><td>27</td><td>1,805</td><td>2,564</td><td>2,092</td><td>29,597</td><td>39,751</td><td>302</td><td>5,107</td><td>5,409</td></tr><tr><td>June 3/.</td><td>3,770</td><td>27</td><td>1,816</td><td>2,551</td><td>2,151</td><td>29,571</td><td>39,886</td><td>295</td><td>5,155</td><td>5,450</td></tr><tr><td>July 3/.</td><td>3,918</td><td>27</td><td>1,819</td><td>2,453</td><td>2,229</td><td>29,668</td><td>40,114</td><td>295</td><td>5,155</td><td>5,450</td></tr></table>
Note: Holdings of Government agencies, etc., on basis of their accounts with the Treasury; holdings of Federal Reserve Banks on basis of their statements; other figures on basis of Public Debt Statements and Daily Treasury Statements, unrevised.
1/ Includes 24% Postal Savings Bonds held by the Postal Savings System.
2/ Includes 24% Postal Savings Bonds held other than by Government agencies and trust funds.
3/ Figures partly estimated.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(In millions of dollars)
<table><tr><th></th><th colspan="12">Purchases or sales (-)</th></tr><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>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>24.0</td></tr><tr><td>1937</td><td>14.4</td><td>5.7</td><td>119.6</td><td>11.9</td><td>3.9</td><td>24.4</td><td>4.8</td><td>12.5</td><td>8.9</td><td>3.7</td><td>2.0</td><td>-15.4</td></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>1.1</td><td>3.0</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Composition of the Public Debt
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total</th><th colspan="8">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 colspan="2">Bonds</th><th colspan="2">Notes</th><th colspan="2">Bills and ctf. of indet.</th><th colspan="2">Special issues</th><th rowspan="2">Matured debt Non-interest-bearing debt</th></tr><tr><th></th><th>Total</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></tr><tr><td>1933</td><td>22,539</td><td>22,158</td><td>14,223</td><td>64.2</td><td>4,548</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</td><td>27,053</td><td>26,480</td><td>16,510</td><td>62.4</td><td>6,653</td><td>25.1</td><td>2,921</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</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>271</td><td>825</td><td>1,841</td><td>26,860</td></tr><tr><td>1936</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>620</td><td>2,682</td><td>31,097</td></tr><tr><td>1937</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>2,304</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</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>447</td><td>2,216</td><td>34,949</td></tr><tr><td>1939</td><td>40,439</td><td>39,886</td><td>27,565</td><td>69.1</td><td>7,243</td><td>18.2</td><td>1,308</td><td>3.3</td><td>3,770</td><td>9.5</td><td>142</td><td>411</td><td>2,838</td><td>37,601</td></tr><tr><td>1938-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>37,052</td><td>23,658</td><td>63.9</td><td>9,147</td><td>24.7</td><td>1,304</td><td>3.5</td><td>2,943</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>9,067</td><td>24.0</td><td>1,302</td><td>3.4</td><td>2,933</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>64.9</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>94</td><td>433</td><td>2,569</td><td>35,854</td></tr><tr><td>Nov.</td><td>38,503</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>431</td><td>2,447</td><td>36,156</td></tr><tr><td>Dec.</td><td>39,427</td><td>38,899</td><td>25,940</td><td>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>39,326</td><td>26,137</td><td>66.5</td><td>8,496</td><td>21.6</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><tr><td>Mar.</td><td>39,985</td><td>39,442</td><td>27,407</td><td>69.5</td><td>7,270</td><td>18.4</td><td>1,311</td><td>3.3</td><td>3,454</td><td>8.8</td><td>125</td><td>419</td><td>3,389</td><td>36,596</td></tr><tr><td>Apr.</td><td>40,064</td><td>39,526</td><td>27,455</td><td>69.5</td><td>7,270</td><td>18.4</td><td>1,309</td><td>3.3</td><td>3,492</td><td>8.8</td><td>122</td><td>416</td><td>3,044</td><td>37,013</td></tr><tr><td>May.</td><td>40,282</td><td>39,751</td><td>27,507</td><td>69.2</td><td>7,270</td><td>18.3</td><td>1,308</td><td>3.3</td><td>3,666</td><td>9.2</td><td>117</td><td>414</td><td>2,924</td><td>37,358</td></tr><tr><td>June.</td><td>40,439</td><td>39,886</td><td>27,565</td><td>69.1</td><td>7,243</td><td>18.2</td><td>1,308</td><td>3.3</td><td>3,770</td><td>9.5</td><td>142</td><td>411</td><td>2,838</td><td>37,601</td></tr><tr><td>July.</td><td>40,661</td><td>40,114</td><td>27,644</td><td>68.9</td><td>7,243</td><td>18.1</td><td>1,309</td><td>3.3</td><td>3,918</td><td>9.8</td><td>140</td><td>408</td><td>2,447</td><td>38,214</td></tr></table>
Note: Figures in this table are rounded to nearest million and will not necessarily add to totals.
COMPOSITION OF INTEREST-BEARING PUBLIC DEBT OUTSTANDING
Daily Statement Basis
10
25
Government Securities, by Issues, and Other Securities Held as Investments (1) in Trust Funds Which by Law are Under the Control of the Secretary of the Treasury or the Treasurer of the United States and (2) in Accounts Under the Control of Certain Governmental Corporations and Agencies the Investments of Which are Handled Through the Facilities of the Treasury Department, as of June 30, 1939
(Pace amounts)
<table><tr><th>Title</th><th>Postal Saving System</th><th>Federal Deposit Insurance Corporation</th><th>Individual Indian Trust Fund</th><th>Mutual Mortgage Insurance Fund and Housing Insurance Fund</th><th>Federal Savings & Loan Insurance Corporation</th><th>Civil Service Retirement and Disability Fund</th><th>U. S. Government Life Insurance Fund</th><th>D. C. Teachers' Retirement Fund</th><th>Allen Property Custodian Funds</th><th>Miscellaneous Accounts</th><th>Total</th></tr><tr><td>Pre-War and Other Bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2½% Postal Saving bonds</td><td>27,023,080</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22,500</td><td>27,023,080</td></tr><tr><td>United States Saving bonds</td><td>-</td><td>-</td><td>55,575</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>108,075</td></tr><tr><td>3½% Adjusted Service Bonds of 1945</td><td>-</td><td>-</td><td>1,950</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,950</td></tr><tr><td>Treasury Bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4½% bonds of 1947-52</td><td>19,432,000</td><td>4,631,000</td><td>45,000</td><td>2,940,000</td><td>-</td><td>-</td><td>41,272,000</td><td>1,142,200</td><td>-</td><td>459,100</td><td>69,921,300</td></tr><tr><td>1½% 1944-54</td><td>34,541,000</td><td>11,635,000</td><td>1,240,900</td><td>2,845,000</td><td>-</td><td>-</td><td>14,106,000</td><td>134,000</td><td>9,800,000</td><td>137,000</td><td>74,438,900</td></tr><tr><td>3-3/4% 1946-56</td><td>20,714,000</td><td>7,338,000</td><td>16,000</td><td>2,788,100</td><td>-</td><td>-</td><td>2,200,000</td><td>118,000</td><td>-</td><td>456,000</td><td>33,660,100</td></tr><tr><td>3-3/8% 1943-47</td><td>8,446,000</td><td>5,362,400</td><td>14,382,200</td><td>-</td><td>-</td><td>-</td><td>-</td><td>247,000</td><td>-</td><td>620,000</td><td>29,057,600</td></tr><tr><td>3-3/8% 1940-43</td><td>-</td><td>-</td><td>550,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>80,000</td><td>630,000</td></tr><tr><td>3-3/8% 1941-43</td><td>8,875,000</td><td>9,753,100</td><td>808,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>320,000</td><td>-</td><td>-</td><td>19,756,100</td></tr><tr><td>3-1/8% 1945-49</td><td>22,423,000</td><td>12,265,500</td><td>4,279,200</td><td>-</td><td>100,000</td><td>-</td><td>5,900,000</td><td>-</td><td>-</td><td>19,067,700</td><td>39,067,700</td></tr><tr><td>3½% 1951-55</td><td>62,155,000</td><td>8,069,000</td><td>801,150</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,477,050</td><td>81,402,200</td></tr><tr><td>3¼% 1943-45</td><td>47,008,000</td><td>20,200,550</td><td>2,926,500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>232,000</td><td>5,100,000</td><td>11,550</td><td>10,000</td></tr><tr><td>3¼% 1944-46</td><td>57,285,250</td><td>31,232,100</td><td>1,975,550</td><td>-</td><td>-</td><td>-</td><td>40,000</td><td>-</td><td>-</td><td>124,750</td><td>75,478,600</td></tr><tr><td>3% 1945-48</td><td>95,430,000</td><td>11,396,000</td><td>1,018,900</td><td>-</td><td>200,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>90,657,650</td><td>108,044,900</td></tr><tr><td>3-1/8% 1949-52</td><td>10,250,000</td><td>1,335,000</td><td>4,000</td><td>-</td><td>-</td><td>-</td><td>1,250,000</td><td>-</td><td>-</td><td>12,839,000</td><td>321,134,700</td></tr><tr><td>2-7/8% 1955-60</td><td>150,772,000</td><td>27,723,100</td><td>10,673,250</td><td>5,320,250</td><td>5,900,000</td><td>-</td><td>115,943,250</td><td>2,881,850</td><td>1,230,000</td><td>1,091,000</td><td>46,482,950</td></tr><tr><td>2-3/4% 1945-47</td><td>42,526,000</td><td>654,700</td><td>1,876,450</td><td>1,334,500</td><td>1,334,500</td><td>-</td><td>91,300</td><td>-</td><td>-</td><td>59,374,000</td><td>82,572,550</td></tr><tr><td>2-3/4% 1948-51</td><td>46,408,000</td><td>7,663,000</td><td>3,000</td><td>-</td><td>-</td><td>-</td><td>5,300,000</td><td>-</td><td>-</td><td>292,550</td><td>114,476,900</td></tr><tr><td>2-3/4% 1951-54</td><td>48,785,000</td><td>14,651,000</td><td>245,000</td><td>550,000</td><td>210,000</td><td>-</td><td>17,745,000</td><td>94,000</td><td>-</td><td>494,850</td><td>119,458,900</td></tr><tr><td>2-3/4% 1956-59</td><td>50,095,000</td><td>22,035,000</td><td>794,900</td><td>5,242,850</td><td>370,000</td><td>-</td><td>35,213,300</td><td>231,000</td><td>-</td><td>150,000</td><td>100,000</td></tr><tr><td>2½% 1949-53</td><td>99,978,000</td><td>16,780,000</td><td>587,850</td><td>-</td><td>150,000</td><td>-</td><td>1,813,050</td><td>-</td><td>-</td><td>-</td><td>4,525,000</td></tr><tr><td>2½% 1945</td><td>-</td><td>-</td><td>-</td><td>-</td><td>100,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10,075,700</td></tr><tr><td>2-3/4% 1948</td><td>167,000</td><td>4,358,000</td><td>1,100</td><td>-</td><td>-</td><td>-</td><td>6,550,000</td><td>606,000</td><td>-</td><td>751,600</td><td>43,005,000</td></tr><tr><td>2-3/4% 1958-63</td><td>2,167,000</td><td>-</td><td>-</td><td>-</td><td>750,000</td><td>-</td><td>25,100,000</td><td>-</td><td>-</td><td>-</td><td>15,377,600</td></tr><tr><td>2½% 1950-52</td><td>17,155,000</td><td>4,750,000</td><td>-</td><td>2,601,700</td><td>500,000</td><td>-</td><td>2,850,000</td><td>301,000</td><td>-</td><td>474,900</td><td>1,150,000</td></tr><tr><td>2½% 1960-65</td><td>3,900,000</td><td>-</td><td>-</td><td>-</td><td>1,150,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1947</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>Treasury Notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-5/8% Series A-1940, Mat. 3/15/40</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>1½% Series B-1940, Mat. 6/15/40</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2% Series B-1942, Mat. 9/15/42</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110,000</td><td>110,000</td></tr><tr><td>1-1/8% Series A-1943, Mat. 6/15/43</td><td>-</td><td>17,488,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17,488,000</td></tr><tr><td>1-1/8% Series B-1943, Mat. 12/15/43</td><td>-</td><td>-</td><td>-</td><td>-</td><td>345,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>345,000</td></tr><tr><td>1-3/4% Series C-1942, Mat. 12/15/42</td><td>-</td><td>-</td><td>-</td><td>-</td><td>500,000</td><td>-</td><td>36,359,000</td><td>-</td><td>-</td><td>-</td><td>500,000</td></tr><tr><td>Special 2½% Securities</td><td>128,000,000</td><td>101,000,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>265,359,000</td></tr><tr><td>Special 2½% Securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,267,000,000</td><td>1,267,000,000</td></tr><tr><td>Special 3½% Securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>465,400,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,244,400,000</td><td>1,244,400,000</td></tr><tr><td>Special 4½% Securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27,537,000</td><td>492,937,000</td></tr><tr><td>3½% Adjusted Service Bonds (Govt. Life Ins. Yd. Series, 1946)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>500,157,956</td><td>-</td><td>-</td><td>-</td><td>500,157,956</td></tr><tr><td>TOTAL GOVERNMENT OBLIGATIONS</td><td>1,003,565,330</td><td>340,320,450</td><td>42,326,475</td><td>22,287,900</td><td>11,609,500</td><td>465,400,000</td><td>811,490,856</td><td>6,307,050</td><td>16,130,000</td><td>2,548,689,850</td><td>5,268,127,411</td></tr><tr><td>Commodity Credit Corporation notes</td><td>-</td><td>-</td><td>-</td><td>-</td><td>600,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>600,000</td></tr><tr><td>Reconstruction Finance Corporation notes</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,200,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,200,000</td></tr><tr><td>Home Owners' Loan Corporation bonds</td><td>59,406,000</td><td>-</td><td>25,175</td><td>-</td><td>103,167,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>162,598,175</td></tr><tr><td>Federal Farm Mortgage Corporation bonds</td><td>87,156,400</td><td>-</td><td>53,900</td><td>-</td><td>-</td><td>-</td><td>95,000</td><td>-</td><td>14,700</td><td>-</td><td>87,320,000</td></tr><tr><td>TOTAL GOVERNMENT-GUARANTEED OBLIGATIONS</td><td>146,562,400</td><td>-</td><td>79,075</td><td>-</td><td>105,967,000</td><td>-</td><td>95,000</td><td>-</td><td>14,700</td><td>-</td><td>252,718,175</td></tr><tr><td>Federal Farm Loan bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41,939,000</td><td>1,141,200</td><td>-</td><td>343,700</td><td>43,783,900</td></tr><tr><td>Philippine bonds and certificates</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>182,000</td><td>-</td><td>-</td><td>182,000</td></tr><tr><td>Puerto Rican bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>71,000</td><td>-</td><td>-</td><td>71,000</td></tr><tr><td>All Other</td><td>-</td><td>-</td><td>21,500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>263,494</td><td>284,984</td></tr><tr><td>GRAND TOTAL</td><td>1,150,127,730</td><td>340,320,450</td><td>42,427,050</td><td>22,287,900</td><td>117,576,500</td><td>465,400,000</td><td>853,489,856</td><td>8,096,250</td><td>16,130,000</td><td>2,549,311,734</td><td>5,565,167,470</td></tr></table>
<table><tr><td>Miscellaneous Accounts continued:</td><td></td></tr><tr><td>Ainsworth Library Fund, Walter Reed General Hospital....</td><td>9,700</td></tr><tr><td>District of Columbia Water Fund....</td><td>1,197,000</td></tr><tr><td>Unemployment Trust Fund.........(Special 24$)</td><td>1,267,000,000</td></tr><tr><td>Railroad Retirement Account.........(Special 3$)</td><td>67,200,000</td></tr><tr><td>Old-Age Reserve Account.........(Special 3$)</td><td>1,177,200,000</td></tr><tr><td>Foreign Service Retirement and Disability Fund.........(Special 4$)</td><td>3,528,000</td></tr><tr><td>Canal Zone Retirement and Disability Fund.........(Special 4$)</td><td>3,946,000</td></tr><tr><td>Adjusted Service Certificate Fund.........(Special 4$)</td><td>19,500,000</td></tr><tr><td>Alaska Railroad Retirement and Disability Fund.........(Special 4$)</td><td>563,000</td></tr><tr><td></td><td>2,549,311,734</td></tr></table>
<table><tr><td>Miscellaneous Accounts:</td><td></td></tr><tr><td>Panama Canal Zone Fund: 1/</td><td>2,145,100</td></tr><tr><td>General Post Fund, Veterans' Administration</td><td>1,068,250</td></tr><tr><td>Library of Congress Trust Fund</td><td>263,844</td></tr><tr><td>D. C. Workmen's Compensation Fund</td><td>21,000</td></tr><tr><td>Longshoremen's and Harbor Workers' Compensation Fund</td><td>183,200</td></tr><tr><td>German Special Deposit Account</td><td>3,957,000</td></tr><tr><td>National Institute of Health Oift Fund</td><td>83,000</td></tr><tr><td>Comptroller of the Currency Employees' Retirement Fund</td><td>1,242,500</td></tr><tr><td>Perching Hall Memorial Fund</td><td>192,550</td></tr><tr><td>National Park Trust Fund</td><td>11,950</td></tr></table>
1
Investments handled by The Panama Canal.
26
Amount of Interest-bearing Debt Outstanding, the Computed Annual Interest Charge and the Computed Rate of Interest
<table><tr><th>End of fiscal year or month</th><th>Interest-bearing debt</th><th>Computed annual interest charge</th><th>Computed rate of interest: Percent</th></tr><tr><td>1933</td><td>$22,157,643,120</td><td>742,175,955</td><td>3.350</td></tr><tr><td>1934</td><td>26,480,487,920</td><td>842,301,133</td><td>3.181</td></tr><tr><td>1935</td><td>27,645,229,826</td><td>750,677,802</td><td>2.716</td></tr><tr><td>1936</td><td>32,755,631,770</td><td>838,002,053</td><td>2.559</td></tr><tr><td>1937</td><td>35,802,586,915</td><td>924,347,089</td><td>2.582</td></tr><tr><td>1938</td><td>36,575,925,880</td><td>947,084,058</td><td>2.589*</td></tr><tr><td>1939</td><td>39,885,969,732</td><td>1,036,937,397</td><td>2.600*</td></tr><tr><td>1938-July</td><td>36,041,937,719</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>37,826,865,589</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>39,097,233,713</td><td>1,011,231,467</td><td>2.586*</td></tr><tr><td>Feb.</td><td>39,325,527,811</td><td>1,017,225,042</td><td>2.587*</td></tr><tr><td>Mar.</td><td>39,442,074,957</td><td>1,026,757,937</td><td>2.603*</td></tr><tr><td>Apr.</td><td>39,525,407,813</td><td>1,029,353,995</td><td>2.604*</td></tr><tr><td>May</td><td>39,751,011,399</td><td>1,035,271,505</td><td>2.604*</td></tr><tr><td>June.</td><td>39,885,969,732</td><td>1,036,937,397</td><td>2.600*</td></tr><tr><td>July</td><td>40,113,701,724</td><td>1,044,251,926</td><td>2.603*</td></tr></table>
Note: "Interest-Bearing Debt" figures include discount on Treasury Bills, amount being deducted prior to calculating the average interest rate. * On basis of Daily Treasury Statements, unrevised. For basis of other figures see report of Secretary of the Treasury for 1937, page 442.
<table><tr><th>Monthly averages of daily figures 1/</th><th>Treasury bonds 2/</th><th>Corporate bonds 3/</th><th>Spread between Treasury and Corporate bonds</th><th>Weekly, Wednesday closing prices 4/</th><th>Treasury bonds 2/</th><th>Corporate bonds 3/</th><th>Spread between Treasury and Corporate bonds</th></tr><tr><td>1938-Jan............</td><td>2.65</td><td>3.17</td><td>.52</td><td>1939-Jan. 4........</td><td>2.48</td><td>3.01</td><td>.53</td></tr><tr><td>Feb.................</td><td>2.64</td><td>3.15</td><td>.51</td><td>11.................</td><td>2.47</td><td>2.96</td><td>.49</td></tr><tr><td>Mar.................</td><td>2.64</td><td>3.16</td><td>.52</td><td>18.................</td><td>2.45</td><td>2.95</td><td>.50</td></tr><tr><td></td><td></td><td></td><td></td><td>25.................</td><td>2.48</td><td>2.95</td><td>.47</td></tr><tr><td>Apr.................</td><td>2.62</td><td>3.23</td><td>.61</td><td>Feb. 1.............</td><td>2.45</td><td>2.94</td><td>.49</td></tr><tr><td>May.................</td><td>2.51</td><td>3.14</td><td>.63</td><td>8.................</td><td>2.44</td><td>2.91</td><td>.47</td></tr><tr><td>June.................</td><td>2.52</td><td>3.15</td><td>.63</td><td>15.................</td><td>2.43</td><td>2.89</td><td>.46</td></tr><tr><td></td><td></td><td></td><td></td><td>22.................</td><td>2.43</td><td>2.89</td><td>.46</td></tr><tr><td>July.................</td><td>2.52</td><td>3.12</td><td>.60</td><td>Mar. 1.............</td><td>2.39</td><td>2.86</td><td>.47</td></tr><tr><td>Aug.................</td><td>2.51</td><td>3.10</td><td>.59</td><td>8.................</td><td>2.36</td><td>2.86</td><td>.50</td></tr><tr><td>Sept.................</td><td>2.58</td><td>3.12</td><td>.54</td><td>15.................</td><td>2.33</td><td>2.87</td><td>.54</td></tr><tr><td></td><td></td><td></td><td></td><td>22.................</td><td>2.35</td><td>2.88</td><td>.53</td></tr><tr><td>Oct.................</td><td>2.48</td><td>3.06</td><td>.58</td><td>29.................</td><td>2.30</td><td>2.90</td><td>.60</td></tr><tr><td>Nov.................</td><td>2.50</td><td>3.04</td><td>.54</td><td>Apr. 5.............</td><td>2.30</td><td>2.92</td><td>.62</td></tr><tr><td>Dec.................</td><td>2.49</td><td>3.02</td><td>.53</td><td>12.................</td><td>2.32</td><td>2.92</td><td>.60</td></tr><tr><td></td><td></td><td></td><td></td><td>19.................</td><td>2.29</td><td>2.91</td><td>.62</td></tr><tr><td>1939-Jan............</td><td>2.47</td><td>2.96</td><td>.49</td><td>26.................</td><td>2.27</td><td>2.91</td><td>.64</td></tr><tr><td>Feb.................</td><td>2.44</td><td>2.90</td><td>.46</td><td>May 3.............</td><td>2.25</td><td>2.91</td><td>.66</td></tr><tr><td>Mar.................</td><td>2.34</td><td>2.87</td><td>.53</td><td>10.................</td><td>2.16</td><td>2.87</td><td>.71</td></tr><tr><td></td><td></td><td></td><td></td><td>17.................</td><td>2.14</td><td>2.84</td><td>.70</td></tr><tr><td>Apr.................</td><td>2.30</td><td>2.92</td><td>.62</td><td>24.................</td><td>2.13</td><td>2.83</td><td>.70</td></tr><tr><td>May.................</td><td>2.17</td><td>2.86</td><td>.69</td><td>31.................</td><td>2.13</td><td>2.83</td><td>.70</td></tr><tr><td>June.................</td><td>2.13</td><td>2.78</td><td>.65</td><td>June 7.............</td><td>2.08</td><td>2.81</td><td>.73</td></tr><tr><td></td><td></td><td></td><td></td><td>14.................</td><td>2.12</td><td>2.78</td><td>.68</td></tr><tr><td>July.................</td><td>2.16</td><td>2.76</td><td>.60</td><td>21.................</td><td>2.16</td><td>2.71</td><td>.61</td></tr><tr><td></td><td></td><td></td><td></td><td>28.................</td><td>2.17</td><td>2.76</td><td>.59</td></tr><tr><td></td><td></td><td></td><td></td><td>July 5.............</td><td>2.20</td><td>2.76</td><td>.56</td></tr><tr><td></td><td></td><td></td><td></td><td>12.................</td><td>2.16</td><td>2.76</td><td>.60</td></tr><tr><td></td><td></td><td></td><td></td><td>19.................</td><td>2.17</td><td>2.76</td><td>.59</td></tr><tr><td></td><td></td><td></td><td></td><td>26.................</td><td>2.14</td><td>2.74</td><td>.60</td></tr><tr><td>July.................</td><td>2.16</td><td>2.76</td><td>.60</td><td>Aug. 2.............</td><td>2.14</td><td>2.73</td><td>.59</td></tr><tr><td></td><td></td><td></td><td></td><td>9.................</td><td>2.17</td><td>2.74</td><td>.57</td></tr></table>
Note: Description of revision and back figures may be found in the July bulletin, Page 20. 1/ January 1938 through April 1938, corporate average is monthly average of Saturday figures. 2/ Average of Treasury bonds not due or callable for twelve years or more. 3/ Average of twenty bonds, Jan. 1938 through Sept. 13, 1938; five bonds, Sept. 14, 1938 to date. 4/ Or the last preceding sale when there was no sale on Wednesday.
COMPARATIVE YIELDS OF AVERAGE OF ALL LONG TERM U.S. TREASURY AND AVERAGE OF HIGH GRADE CORPORATE BONDS
Yields Based on Wednesday Quotations
*Break in line indicates change in composition of Long Term Treasury average
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. Dollars amounts shown in thousands; all values are in millions
Other amounts shown in descriptions of assets are in millions of dollars for which an exchange offer has been made and for which
(2) Assets for which an exchange offer has been made and has expired are excluded
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES
29
30
Governmental Corporations and Credit Agencies of the United States: June 30, 1939
(Compiled from latest reports received from these agencies)
(In millions of dollars)
Proprietary Interest on the United States in Governmental Corporations and Lending Agencies: June 30, 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>1,775.9</td><td>821.9</td><td>85.0</td><td>-</td><td>869.0</td></tr><tr><td>Commodity Credit Corp.</td><td>393.6</td><td>206.9</td><td>76.1</td><td>-</td><td>110.6</td></tr><tr><td>Export-Import Bank of Washington</td><td>48.5</td><td>-</td><td>.4</td><td>-</td><td>48.1</td></tr><tr><td>Federal Crop Insurance Corp.</td><td>8.0</td><td>-</td><td>3.0</td><td>-</td><td>5.0</td></tr><tr><td>Federal Deposit Insurance Corp.</td><td>467.4</td><td>-</td><td>178.1</td><td>139.3</td><td>150.0</td></tr><tr><td>Tennessee Valley Authority</td><td>242.1</td><td>-</td><td>8.8</td><td>-</td><td>233.3</td></tr><tr><td>Public Works Administration</td><td>45.4</td><td>-</td><td>-</td><td>-</td><td>45.4</td></tr><tr><td>United States Maritime Commission</td><td>257.5</td><td>-</td><td>152.9</td><td>-</td><td>104.6</td></tr><tr><td>Rural Electrification Admin.</td><td>113.1</td><td>-</td><td>-</td><td>-</td><td>113.1</td></tr><tr><td>Home Owners' Loan Corp.</td><td>3,073.4</td><td>2,914.3</td><td>103.6</td><td>-</td><td>55.5</td></tr><tr><td>Federal Savings & Loan Assns.</td><td>118.8</td><td>-</td><td>1.2</td><td>-</td><td>117.6</td></tr><tr><td>Federal Home Loan Banks</td><td>44.0</td><td>-</td><td>-</td><td>47.9</td><td>44.0</td></tr><tr><td>Federal Housing Admin.</td><td>233.5</td><td>-</td><td>121.1</td><td>-</td><td>124.8</td></tr><tr><td>United States Housing Authority</td><td>41.7</td><td>2.2</td><td>1.2</td><td>-</td><td>38.3</td></tr><tr><td>Farm Credit Administration</td><td>260.8</td><td>114.5</td><td>2.5</td><td>-</td><td>143.8</td></tr><tr><td>Federal Farm Mortgage Corp.</td><td>123.7</td><td>-</td><td>4.5</td><td>-</td><td>119.2</td></tr><tr><td>Federal Land Banks</td><td>1,617.4</td><td>1,394.7</td><td>43.2</td><td>-</td><td>179.5</td></tr><tr><td>Federal Intermediate Credit Banks</td><td>2,333.3</td><td>-</td><td>1,818.3</td><td>196.8</td><td>318.2</td></tr><tr><td>Banks for Cooperatives</td><td>298.2</td><td>-</td><td>192.0</td><td>-</td><td>106.2</td></tr><tr><td>Production Credit Corp.</td><td>179.6</td><td>-</td><td>3.9</td><td>3.5</td><td>172.2</td></tr><tr><td>Regional Agricultural Credit Corps</td><td>122.3</td><td>-</td><td>.3</td><td>-</td><td>122.0</td></tr><tr><td>War Emergency Corps. & Agencies (in liquidation)</td><td>21.9</td><td>-</td><td>3.2</td><td>-</td><td>18.7</td></tr><tr><td>Navv 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. United States</td><td>1.9</td><td>-</td><td>-</td><td>-</td><td>1.9</td></tr><tr><td>Railroad Admin.</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>United States Spruce Production Corp.</td><td>.7</td><td>-</td><td>-</td><td>-</td><td>.7</td></tr><tr><td>War Finance Corp.</td><td>1/2</td><td>-</td><td>1/2</td><td>-</td><td>1/2</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Disaster Loan Corp.</td><td>15.0</td><td>-</td><td>.1</td><td>-</td><td>15.0</td></tr><tr><td>Electric Home and Farm Authority</td><td>8.7</td><td>-</td><td>7.8</td><td>-</td><td>.9</td></tr><tr><td>Farm Security Administration</td><td>240.3</td><td>-</td><td>-</td><td>-</td><td>240.8</td></tr><tr><td>Federal National Mortgage Assn.</td><td>118.7</td><td>-</td><td>87.9</td><td>-</td><td>30.8</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>7.5</td><td>-</td><td>.2</td><td>-</td><td>7.3</td></tr><tr><td>Interior Department (Indian loans)</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>2.3</td></tr><tr><td>Ialand Waterways Corp.</td><td>25.8</td><td>-</td><td>.8</td><td>-</td><td>25.0</td></tr><tr><td>Panama Railroad Co.</td><td>46.6</td><td>-</td><td>.8</td><td>-</td><td>45.8</td></tr><tr><td>Puerto Rico Reconstruction Admin.</td><td>5.2</td><td>-</td><td>-</td><td>-</td><td>5.2</td></tr><tr><td>H F C Mortgage Company</td><td>57.4</td><td>-</td><td>1.5</td><td>-</td><td>55.9</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>Treasury Department:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Railroad loans (Transportation Act, 1920)</td><td>30.2</td><td>-</td><td>-</td><td>-</td><td>30.2</td></tr><tr><td>Securities received from the 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>12,448.9</td><td>5,454.6</td><td>2,898.3</td><td>387.5</td><td>3,708.5</td></tr></table>
Note: Figures in this table are rounded to nearest tenth of million and will not necessarily add to totals. Excluding inter-agency transactions. 1/ Less than $100,000.
<table><tr><th></th><th>Capital Stock</th><th>Surplus</th><th>Inter-agency Transactions</th><th>Net Proprietary Interest of the U. S.</th></tr><tr><td>Stocks:</td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corp.</td><td>500.0</td><td>247.6</td><td>204.3 2/</td><td>543.3</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>1.5</td><td>-</td><td>47.5</td></tr><tr><td>Federal Crop Insurance Corp.</td><td>5.0</td><td>-</td><td>.3 2/</td><td>4.7</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>59.6 2/</td><td>120.0 2/</td><td>20.4</td></tr><tr><td>Federal Savings and Loan Insurance Corp.</td><td>100.0</td><td>18.3</td><td>-</td><td>118.3</td></tr><tr><td>Federal Savings and Loan Assn</td><td>44.0</td><td>-</td><td>-</td><td>44.0</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>141.7</td><td>-</td><td>142.7</td></tr><tr><td>Federal Farm Mortgage Corp.</td><td>200.0</td><td>-</td><td>15.9 2/</td><td>184.1</td></tr><tr><td>Federal Land Bank</td><td>124.9</td><td>189.0</td><td>5.1</td><td>319.0</td></tr><tr><td>Federal Intermediate Credit Banks</td><td>70.0</td><td>48.4</td><td>9.3 2/</td><td>109.1</td></tr><tr><td>Banks for Cooperatives</td><td>149.0</td><td>12.2</td><td>9.3</td><td>170.5</td></tr><tr><td>Production Credit Corps</td><td>120.0</td><td>2.1</td><td>-</td><td>122.1</td></tr><tr><td>Regional Agricultural Credit Corp.</td><td>5.0</td><td>13.7</td><td>-</td><td>18.7</td></tr><tr><td>U. S. Housing Corp.</td><td>34.1</td><td>32.2 2/</td><td>-</td><td>1.9</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>-</td><td>1/</td><td>-</td><td>1/</td></tr><tr><td>Disaster Loan Corp.</td><td>18.0</td><td>1.1 2/</td><td>-</td><td>16.9</td></tr><tr><td>Electric Home and Farm Authority</td><td>.8</td><td>.1</td><td>-</td><td>.9</td></tr><tr><td>Federal National Mortgage Assn.</td><td>10.0</td><td>2.7</td><td>27.2</td><td>39.9</td></tr><tr><td>Inland Waterways Corp.</td><td>12.0</td><td>12.9</td><td>-</td><td>24.9</td></tr><tr><td>Panama Railroad Company</td><td>7.0</td><td>39.7</td><td>.6 2/</td><td>46.1</td></tr><tr><td>H P C Mortgage Company</td><td>25.0</td><td>.3</td><td>32.8</td><td>58.1</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>2,046.6</td><td>637.8</td><td>275.6 2/</td><td>2,408.8</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>233.7</td></tr><tr><td>Public Works Admn.</td><td></td><td></td><td></td><td>54.6</td></tr><tr><td>U. S. Maritime Commission</td><td></td><td></td><td></td><td>112.8</td></tr><tr><td>Rural Electrification Admn.</td><td></td><td></td><td></td><td>123.7</td></tr><tr><td>Federal Housing Admn.</td><td></td><td></td><td></td><td>39.6</td></tr><tr><td>Farm Credit Admn.</td><td></td><td></td><td></td><td>111.7</td></tr><tr><td>Navy Department (Sale of surplus war supplies)</td><td></td><td></td><td></td><td>4.6</td></tr><tr><td>U. S. Railroad Admn.</td><td></td><td></td><td></td><td>.1</td></tr><tr><td>Farm Security Admn.</td><td></td><td></td><td></td><td>256.3</td></tr><tr><td>Federal Prisons Industries, Inc</td><td></td><td></td><td></td><td>7.4</td></tr><tr><td>Interior Department (Indian loans)</td><td></td><td></td><td></td><td>2.5</td></tr><tr><td>Puerto Rico Reconstruction Admn.</td><td></td><td></td><td></td><td>6.4</td></tr><tr><td>Railroad Loans (Transportation Act, 1920)</td><td></td><td></td><td></td><td>30.2</td></tr><tr><td>Securities received from R P C (Act Feb. 24, 1938)</td><td></td><td></td><td></td><td>2.6</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>986.2</td></tr><tr><td>Special Obligations</td><td></td><td></td><td></td><td></td></tr><tr><td>
Note: Figures in this table are rounded to nearest tenth of million and will not necessarily add to totals.
* Excluding inter-agency transactions.
1/ Less than $100,000.
2/ Excess inter-agency assets (deduct).
3/ Deficit.
31
Statement of Sources of Funds of Certain Corporations and Agencies Maintaining Checking Accounts with the Treasurer of the United States: Fiscal Year 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>$103,666,444</td><td>$620,644,539*</td><td>$576,308,333</td><td>-</td><td>$248,473</td><td>$485,975,267</td><td>$70,517,888</td><td>$31,072,144</td><td>$647,144,010</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>92,877,194</td><td>1,884,427</td><td>124,196</td><td>104,880,817</td></tr><tr><td>Export-import Bank of Washington.</td><td>-</td><td>6,150,000</td><td>-</td><td>-</td><td>$25,000,000</td><td>-</td><td>10,169,824</td><td>1,835,597</td><td>344,188</td><td>43,499,609</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,761,576</td><td>48,823,496</td><td>1,294,490</td><td>59,879,562</td></tr><tr><td>Eural Electrification Administration.</td><td>$40,726,096</td><td>26,691,244</td><td>-</td><td>-</td><td>-</td><td>-</td><td>382,315</td><td>1,247,320</td><td>-</td><td>69,046,975</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>-</td><td>-</td><td>5,000,000</td><td>45,900,000</td><td>-</td><td>18,943,188</td><td>168,482,399</td><td>140,059,333</td><td>1,157,900</td><td>379,542,820</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>5,762,070</td><td>139</td><td>5,762,209</td></tr><tr><td>Federal Home Loan Banks.</td><td>-</td><td>-</td><td>-</td><td>16,314,970</td><td>-</td><td>-</td><td>103,922,450</td><td>6,935,252</td><td>13,087,272</td><td>140,259,944</td></tr><tr><td>United States Housing Authority.</td><td>5,817,942</td><td>-</td><td>-</td><td>114,157,000</td><td>-</td><td>-</td><td>515,218</td><td>3,808,767</td><td>148,822</td><td>124,447,749</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>-</td><td>-</td><td>-</td><td>30,350,000*</td><td>-</td><td>1,560,984</td><td>66,848,253</td><td>65,863,281</td><td>1,858,162</td><td>105,780,680</td></tr><tr><td>Disaster Loan Corporation.</td><td>8,000,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,333,429</td><td>161,377</td><td>30,726</td><td>9,525,532</td></tr><tr><td>Central Bank for Cooperatives.</td><td>-</td><td>17,965,349</td><td>-</td><td>-</td><td>127,300*</td><td>-</td><td>36,478,471</td><td>1,362,892</td><td>185,406</td><td>55,894,818</td></tr><tr><td>Electric Home and Farm Authority.</td><td>-</td><td>-</td><td>-</td><td>2,806,353</td><td>-</td><td>-</td><td>4,334,117</td><td>716,451</td><td>72,747</td><td>7,929,668</td></tr><tr><td>Total.</td><td>54,544,038</td><td>154,473,037</td><td>605,644,539*</td><td>725,131,656</td><td>24,872,700</td><td>20,752,645</td><td>981,080,513</td><td>348,978,151</td><td>49,376,192</td><td>1,753,564,393</td></tr></table>
1/ Exceeds of Retirements (deducts).
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 February 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 the RFC Mortgage Company.
Statement of Uses of Funds of Certain Corporations and Agencies Maintaining Checking Accounts with the Treasurer of the United States: Fiscal Year 1939
(Compiled from latest reports received by the Treasury - Expenditures on basis of checks issued)
<table><tr><th></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)</th><th rowspan="2">Allocations, rediscouts, and loans to other governmental corporations or agencies</th><th rowspan="2">Interest and dividends paid</th><th rowspan="2">Other expenditures</th><th rowspan="2">Total uses of funds</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th></tr><tr><td>Reconstruction Finance Corporation 2/.</td><td>$9,817,079</td><td>$2,973,727</td><td>-</td><td>$402,885,291</td><td>-</td><td>$25,000,000</td><td>$150,793,000</td><td>$18,623,260</td><td>$138,071</td><td>$610,230,428</td></tr><tr><td>Commodity Credit Corporation............</td><td>2,103,253</td><td>-</td><td>-</td><td>228,032,245</td><td>-</td><td>-</td><td>-</td><td>2,273,935</td><td>447,240</td><td>232,856,673</td></tr><tr><td>Export-Import Bank of Washington......</td><td>56,462</td><td>72</td><td>-</td><td>25,691,618</td><td>-</td><td>-</td><td>17,450,000</td><td>1,056,164</td><td>331,979</td><td>44,585,295</td></tr><tr><td>Federal Deposit Insurance Corporation...</td><td>3,150,320</td><td>-</td><td>-</td><td>43,769,240</td><td>-</td><td>8,907,434</td><td>-</td><td>23,623,221</td><td>98,173</td><td>61,733,520</td></tr><tr><td>Enrol Electrification Administration......</td><td>2,250,719</td><td>-</td><td>-</td><td>62,297,014</td><td>-</td><td>-</td><td>-</td><td>-</td><td>166,939</td><td>64,714,672</td></tr><tr><td>Home Owners' Loan Corporation............</td><td>25,123,443</td><td>25,354,541</td><td>$33,299,787</td><td>39,256,045</td><td>$54,588,825</td><td>3,632,200</td><td>-</td><td>79,578,974</td><td>7,272,726</td><td>268,106,541</td></tr><tr><td>Federal Savings and Loan Insurance Corporation............</td><td>213,647</td><td>9,674</td><td>-</td><td>-</td><td>-</td><td>5,055,409</td><td>-</td><td>281,237</td><td>-</td><td>5,599,967</td></tr><tr><td>Federal Home Loan Banks.................</td><td>1,334,270</td><td>-</td><td>-</td><td>76,659,075</td><td>-</td><td>14,404,117</td><td>-</td><td>3,883,453</td><td>108,089</td><td>96,389,004</td></tr><tr><td>United States Housing Authority......</td><td>3,227,794</td><td>2,465,704</td><td>4,908,903</td><td>55,562,177</td><td>-</td><td>1,700,000</td><td>-</td><td>57,070</td><td>59,607</td><td>67,981,255</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>7,962,374</td><td>1,136,643</td><td>2,667,761</td><td>26,584,316</td><td>-</td><td>27,200,000</td><td>-</td><td>40,195,028</td><td>4,718,894</td><td>56,065,016</td></tr><tr><td>Disaster Loan Corporation................</td><td>586,723</td><td>24,003</td><td>-</td><td>10,422,602</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11,033,328</td></tr><tr><td>Central Bank for Cooperatives.............</td><td>127,244</td><td>-</td><td>-</td><td>28,047,267</td><td>-</td><td>4,435,500</td><td>23,454,190</td><td>202,165</td><td>632,650</td><td>56,899,016</td></tr><tr><td>Electric Home and Farm Authority.</td><td>362,958</td><td>164,646</td><td>-</td><td>7,174,953</td><td>-</td><td>-</td><td>-</td><td>64,258</td><td>42,606</td><td>7,609,421</td></tr><tr><td>Total....................</td><td>56,316,286</td><td>32,129,010</td><td>40,876,451</td><td>1,006,381,843</td><td>54,588,825</td><td>18,119,792</td><td>191,697,190</td><td>169,838,765</td><td>14,016,974</td><td>1,583,965,136</td></tr></table>
1/ Excess of sales over purchases (deduct). Receipts received in payment of mortgages appear under "Repayment of Loans" in the statement of sources of funds. 2/ Includes Federal National Mortgage Association and the FPC Mortgage Company.
32
Statement of Sources of Funds of Certain Corporations and Agencies Maintaining Checking Accounts with the Treasurer of the United States, from Inception of Organization to June 30, 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>Interests, dividends, assessments, and property income</th><th>Other receipts</th><th>Total, sources of funds</th></tr><tr><td>Reconstruction Finance Corp. 3/.</td><td>$500,000,000</td><td>$117,382,980</td><td>$243,047,627</td><td>$904,929,000</td><td>-</td><td>$2,424,105</td><td>$4,762,981,871</td><td>$503,951,689</td><td>$67,442,511</td><td>$7,102,159,783</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>576,222,370</td><td>9,508,813</td><td>522,560</td><td>996,713,148</td></tr><tr><td>Export-Import Bank of Washington</td><td>1,000,000</td><td>6,492,500</td><td>-</td><td>-</td><td>$45,000,000</td><td>-</td><td>31,971,709</td><td>3,927,387</td><td>640,904</td><td>89,032,500</td></tr><tr><td>Federal Deposit Insurance Corp.</td><td>150,000,000</td><td>-</td><td>-</td><td>-</td><td>139,299,557</td><td>-</td><td>17,114,735</td><td>190,297,912</td><td>3,206,199</td><td>499,918,353</td></tr><tr><td>Rural Electrification Administration</td><td>69,700,195</td><td>63,848,244</td><td>-</td><td>-</td><td>-</td><td>-</td><td>433,759</td><td>1,321,682</td><td>567</td><td>135,304,147</td></tr><tr><td>Home Owners' Loan Corporation</td><td>200,000,000</td><td>-</td><td>20,000,000</td><td>3,160,353,550 4/</td><td>-</td><td>29,502,955</td><td>601,002,640</td><td>639,771,353</td><td>4,903,077</td><td>4,655,533,575</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>22,442,058</td><td>31,068</td><td>122,473,126</td></tr><tr><td>Federal Home Loan Banks</td><td>-</td><td>-</td><td>124,741,000</td><td>129,586,175</td><td>-</td><td>-</td><td>354,061,827</td><td>29,670,679</td><td>33,878,711</td><td>671,938,392</td></tr><tr><td>United States Housing Authority</td><td>30,356,222</td><td>-</td><td>-</td><td>114,157,000</td><td>-</td><td>-</td><td>797,299</td><td>5,722,133</td><td>150,725</td><td>151,183,379</td></tr><tr><td>Federal Farm Mortgage Corp.</td><td>200,000,000</td><td>-</td><td>35,000,000</td><td>1,344,409,900</td><td>-</td><td>3,009,960</td><td>183,054,905</td><td>307,871,605</td><td>8,245,780</td><td>2,081,592,150</td></tr><tr><td>Disaster Loan Corporation</td><td>18,000,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,366,171</td><td>259,044</td><td>59,294</td><td>20,684,509</td></tr><tr><td>Central Bank for Cooperatives</td><td>50,000,000</td><td>62,244,178</td><td>-</td><td>-</td><td>371,000</td><td>-</td><td>164,516,231</td><td>8,379,094</td><td>2,305,645</td><td>287,816,148</td></tr><tr><td>Electric Sone and Farm Authority</td><td>1,000,000</td><td>-</td><td>-</td><td>8,061,622</td><td>-</td><td>-</td><td>8,244,588</td><td>1,542,748</td><td>181,152</td><td>19,050,110</td></tr><tr><td>Total</td><td>1,414,341,822</td><td>249,967,902</td><td>432,788,627</td><td>5,867,691,247</td><td>284,670,557</td><td>34,937,020</td><td>6,702,768,105</td><td>1,724,666,197</td><td>121,568,153</td><td>16,833,399,630</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 1 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 the RFC Mortgage Company.
4/ Retirement of these obligations shown as "Retirement of Obligations Issued in Exchange for Mortgages" in statement of uses of funds.
5/ Figures shown in the June 1939 Bulletin for these items should have been increased by $9,294,111.
Statement of Uses of Funds of Certain Corporations and Agencies Maintaining Checking Accounts with the Treasurer of the United States, from Inception of Organization to June 30, 1939
(Compiled from latest reports received by the Treasury - Expenditures on basis 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 mortgagee 1/</th><th rowspan="2">Investments (net) 3/</th><th rowspan="2">Allocations, redicounts, and loans to other governmental corporations or agencies</th><th rowspan="2">Interest and dividends paid</th><th rowspan="2">Other expenditures</th><th rowspan="2">Total, uses of funds</th></tr><tr><th>Administrative</th><th>Nonadministrative</th></tr><tr><td>Reconstruction Finance Corp. 2/.</td><td>$67,820,333</td><td>$6,276,243</td><td>-</td><td>$6,571,078,264</td><td>-</td><td>$45,000,000</td><td>$188,292,500</td><td>$222,751,371</td><td>$114,165</td><td>$7,101,532,876</td></tr><tr><td>Commodity Credit Corporation</td><td>4,157,497</td><td>-</td><td>-</td><td>966,898,241</td><td>-</td><td>-</td><td>-</td><td>17,062,351</td><td>508,208</td><td>988,626,297</td></tr><tr><td>Export-Import Bank of Washington</td><td>302,257</td><td>208</td><td>-</td><td>62,435,195</td><td>-</td><td>-</td><td>22,792,500</td><td>2,262,329</td><td>464,191</td><td>88,256,680</td></tr><tr><td>Federal Deposit Insurance Corp.</td><td>16,567,743</td><td>-</td><td>$909,933</td><td>76,912,304</td><td>-</td><td>343,495,857</td><td>-</td><td>42,903,849</td><td>552,748</td><td>461,347,434</td></tr><tr><td>Rural Electrification Administration</td><td>5,605,364</td><td>-</td><td>-</td><td>122,337,825</td><td>-</td><td>-</td><td>2,425</td><td>547,712</td><td>183,786</td><td>128,677,112</td></tr><tr><td>Home Owners' Loan Corporation</td><td>174,460,674</td><td>46,396,711</td><td>101,504,997</td><td>3,172,885,721</td><td>$231,048,525</td><td>316,458,960</td><td>-</td><td>362,209,870</td><td>10,114,781</td><td>4,415,080,239</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>776,330</td><td>10,228</td><td>-</td><td>-</td><td>-</td><td>117,935,170</td><td>-</td><td>3,421,397</td><td>9,715</td><td>122,152,840</td></tr><tr><td>Federal Home Loan Banks</td><td>7,158,956</td><td>-</td><td>-</td><td>523,023,391</td><td>-</td><td>48,987,342</td><td>-</td><td>14,416,976</td><td>145,932</td><td>593,732,597</td></tr><tr><td>United States Housing Authority</td><td>4,767,569</td><td>2,671,990</td><td>25,651,039</td><td>58,950,127</td><td>-</td><td>1,700,000</td><td>-</td><td>58,465</td><td>60,858</td><td>93,860,048</td></tr><tr><td>Federal Farm Mortgage Corp.</td><td>53,692,748</td><td>1,830,667</td><td>6,670,435</td><td>965,636,235</td><td>-</td><td>778,954,840</td><td>-</td><td>191,862,229</td><td>10,942,818</td><td>2,009,589,972</td></tr><tr><td>Disaster Loan Corporation</td><td>1,451,843</td><td>53,947</td><td>-</td><td>17,296,321</td><td>-</td><td>-</td><td>-</td><td>-</td><td>435</td><td>18,802,546</td></tr><tr><td>Central Bank for Cooperatives</td><td>613,877</td><td>-</td><td>-</td><td>177,446,197</td><td>-</td><td>45,510,000</td><td>56,996,153</td><td>423,296</td><td>3,058,119</td><td>264,047,642</td></tr><tr><td>Electric Home and Farm Authority</td><td>986,604</td><td>328,964</td><td>-</td><td>17,080,678</td><td>-</td><td>-</td><td>-</td><td>119,731</td><td>183,696</td><td>18,699,673</td></tr><tr><td>Total</td><td>338,361,795</td><td>57,568,958</td><td>134,736,404</td><td>12,731,980,499</td><td>231,048,525</td><td>1,698,042,169</td><td>268,083,578</td><td>858,044,576</td><td>26,539,452</td><td>16,344,405,956</td></tr></table>
1/ Receipts received in payment of mortgages appear under "Repayment of Loans" in the statement of sources of funds. 2/ Includes Federal National Mortgage Association and the RFC Mortgage Company. 3/ Includes U. S. Government Bonds in the amount of $289,924,140, as follows:- Federal Deposit Insurance Corp., $223,768,540; Federal Savings and Loan Insurance Corp., $10,764,500; U. S. Housing Authority, $1,700,000; the Banks for Cooperatives, $23,665,000, and Federal Home Loan Banks $30,026,000.
33
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 fiscal year or month</th><th>Total 1/</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><th>United States Housing Authority</th></tr><tr><td>1934</td><td>680.7</td><td>-</td><td>311.6</td><td>-</td><td>134.3</td><td>234.5</td><td>-</td></tr><tr><td>1935</td><td>4,122.7</td><td>-</td><td>1,225.6</td><td>-</td><td>2,647.3</td><td>249.8</td><td>-</td></tr><tr><td>1936</td><td>4,718.0</td><td>-</td><td>1,422.2</td><td>-</td><td>3,044.2</td><td>251.6</td><td>-</td></tr><tr><td>1937</td><td>4,664.6</td><td>-</td><td>1,422.2</td><td>1.1</td><td>2,987.1</td><td>255.2</td><td>-</td></tr><tr><td>1938</td><td>4,852.7</td><td>206.2</td><td>1,409.8</td><td>1.6</td><td>2,937.2</td><td>298.9</td><td>-</td></tr><tr><td>1939</td><td>5,471.0</td><td>206.2</td><td>1,379.4</td><td>2.6</td><td>2,948.9*</td><td>819.7</td><td>114.2</td></tr><tr><td>1938-June</td><td>4,852.7</td><td>206.2</td><td>1,409.8</td><td>1.6</td><td>2,937.2</td><td>298.9</td><td>-</td></tr><tr><td>July</td><td>5,064.2</td><td>206.2</td><td>1,409.8</td><td>1.6</td><td>2,937.2</td><td>510.4</td><td>-</td></tr><tr><td>Aug.</td><td>5,015.0</td><td>206.2</td><td>1,409.8</td><td>1.9</td><td>2,887.6</td><td>510.5</td><td>-</td></tr><tr><td>Sept.</td><td>5,009.4</td><td>206.2</td><td>1,404.2</td><td>1.9</td><td>2,887.6</td><td>510.5</td><td>-</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><td>-</td></tr><tr><td>Nov.</td><td>4,993.3</td><td>206.2</td><td>1,387.5</td><td>1.2</td><td>2,887.6</td><td>510.5</td><td>-</td></tr><tr><td>Dec.</td><td>4,991.9</td><td>206.2</td><td>1,387.5</td><td>1.3</td><td>2,887.6</td><td>509.0</td><td>-</td></tr><tr><td>1939-Jan.</td><td>4,987.0</td><td>206.2</td><td>1,382.7</td><td>1.4</td><td>2,887.6</td><td>509.1</td><td>-</td></tr><tr><td>Feb.</td><td>5,409.7</td><td>206.2</td><td>1,380.9</td><td>1.7</td><td>2,887.6</td><td>819.2</td><td>114.1</td></tr><tr><td>Mar.</td><td>5,410.0</td><td>206.2</td><td>1,380.9</td><td>1.9</td><td>2,887.6</td><td>819.2</td><td>114.2</td></tr><tr><td>Apr.</td><td>5,409.6</td><td>206.2</td><td>1,379.9</td><td>2.2</td><td>2,887.6</td><td>819.5</td><td>114.2</td></tr><tr><td>May</td><td>5,409.6</td><td>206.2</td><td>1,379.4</td><td>2.4</td><td>2,887.6*</td><td>819.6</td><td>114.2</td></tr><tr><td>June</td><td>5,471.0</td><td>206.2</td><td>1,379.4</td><td>2.6</td><td>2,948.9*</td><td>819.7</td><td>114.2</td></tr></table>
Preliminary
1/ Exclusive of obligations sold directly to the Treasury.
Market Financing Operations Conducted by the Treasury for Agencies Issuing Government-Guaranteed Securities up to July 31, 1939
<table><tr><th>Agency</th><th>Rate and title of issue</th><th>Term (years)</th><th>Date</th><th colspan="2">Amount Issued</th></tr><tr><th></th><th></th><th></th><th></th><th>Exchanges for other securities</th><th>For cash</th></tr><tr><td>FFMC</td><td>3½ Bonds of 1944-49</td><td>10-15</td><td>1934-May 15</td><td>-</td><td>$100,045,300</td></tr><tr><td>HOLC</td><td>1-1/2% Bonds, Series C, 1936</td><td>2</td><td>Aug. 15</td><td>-</td><td>49,736,000</td></tr><tr><td>HOLC</td><td>1-3/4% Bonds, Series D, 1937</td><td>3</td><td>Aug. 15</td><td>-</td><td>49,843,000</td></tr><tr><td>HOLC</td><td>2% Bonds, Series E, 1938</td><td>4</td><td>Aug. 15</td><td>-</td><td>49,532,100</td></tr><tr><td>HOLC</td><td>1-1/2% Bonds, Series F, 1939</td><td>4</td><td>1935-June 1</td><td>$245,254,750</td><td>80,000,000</td></tr><tr><td>FFMC</td><td>1-1/2% Bonds of 1939</td><td>4</td><td>Sept. 3</td><td>-</td><td>85,122,000</td></tr><tr><td>CCC</td><td>3/4% Notes of Series O</td><td>1-1/2</td><td>1938-May 2</td><td>58,430,000</td><td>147,744,000 1/</td></tr><tr><td>RFC</td><td>7/8% Notes of Series N</td><td>3</td><td>July 20</td><td>-</td><td>211,460,000 1/</td></tr><tr><td>RFC</td><td>7/8% Notes of Series P</td><td>3</td><td>Nov. 1</td><td>297,139,000</td><td>-</td></tr><tr><td>USHA</td><td>1-3/8% Notes of Series B</td><td>5</td><td>1939-Feb. 1</td><td>-</td><td>114,157,000 2/</td></tr><tr><td>RFC</td><td>7/8% Notes of Series R</td><td>2 yr. 11 mo.</td><td>Feb. 15</td><td>-</td><td>310,090,000 3/</td></tr><tr><td>HOLC</td><td>3/8% Bonds, Series K, 1940</td><td>1</td><td>May 15</td><td>127,867,400</td><td>-</td></tr><tr><td>HOLC</td><td>5/8% Bonds, Series L, 1941</td><td>2</td><td>May 15</td><td>191,801,900</td><td>-</td></tr><tr><td>HOLC</td><td>1-1/2% Bonds, Series M,1945-47</td><td>6-8</td><td>June 1</td><td>687,266,800</td><td>75,850,000</td></tr></table>
1/ Sold on a subscription basis. Subscriptions were allotted 3/4, with $1,000 minimum allotment.
2/ Sold on a subscription basis. Subscriptions were allotted 4/4, with $1,000 minimum allotment.
3/ Sold on a subscription basis at 100-1/4. Subscriptions were allotted 12/4, with $1,000 minimum allotment.
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES
-34-
35
Net Capital Movement between the United States and Foreign Countries 1935 through May 1939
(In thousands of dollars. Capital inflow or capital outflow (-))
<table><tr><th>Movement during following periods</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>Per East</th><th>All other</th><th>Grand total</th></tr><tr><td colspan="14">MOVEMENT IN SHORT-TERM BANKING FUNDS:</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>47,332</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>111,078</td><td>-17,201</td><td>-77,158</td><td>13,885</td><td>293,215</td></tr><tr><td>Dec. 28, 1938-May 31, 1939..</td><td>171,474</td><td>86,983</td><td>7,456</td><td>-6,887</td><td>45,579</td><td>23,027</td><td>126,256</td><td>453,888</td><td>90,475</td><td>104,859</td><td>62,189</td><td>19,107</td><td>730,518</td></tr><tr><td>Total.......................</td><td>742,614</td><td>311,262</td><td>137,976</td><td>10,838</td><td>123,114</td><td>229,357</td><td>362,310</td><td>1,917,471</td><td>256,111</td><td>305,562</td><td>129,863</td><td>32,291</td><td>2,041,298</td></tr><tr><td colspan="14">Week ended</td></tr><tr><td>1939-May 10.................</td><td>265</td><td>-780</td><td>-899</td><td>144</td><td>-220</td><td>1,532</td><td>-1,726</td><td>-1,684</td><td>-1,629</td><td>7,836</td><td>2,733</td><td>-921</td><td>5,335</td></tr><tr><td>May 17.......................</td><td>19,083</td><td>-934</td><td>623</td><td>946</td><td>-4,939</td><td>857</td><td>347</td><td>15,983</td><td>-505</td><td>-832</td><td>2,915</td><td>639</td><td>18,150</td></tr><tr><td>May 24.......................</td><td>4,846</td><td>-1,437</td><td>-402</td><td>1,518</td><td>-8,968</td><td>4,648</td><td>3,259</td><td>-5,832</td><td>1,460</td><td>6,580</td><td>-2,793</td><td>2,830</td><td>2,245</td></tr><tr><td>May 31.......................</td><td>3,686</td><td>+2,851</td><td>635</td><td>501</td><td>-2,863</td><td>-3,081</td><td>-2,173</td><td>-444</td><td>-4,045</td><td>1,513</td><td>1,912</td><td>12</td><td>-1,052</td></tr><tr><td>Total May....................</td><td>27,880</td><td>-300</td><td>-43</td><td>3,109</td><td>-16,990</td><td>-5,340</td><td>-293</td><td>8,023</td><td>-4,719</td><td>15,047</td><td>4,767</td><td>2,560</td><td>25,678</td></tr><tr><td colspan="14">MOVEMENT IN BROKERAGE BALANCES:</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>34,687</td></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938..</td><td>1,722</td><td>1,060</td><td>-191</td><td>53</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>Dec. 28, 1938-May 31, 1939..</td><td>4,730</td><td>3,770</td><td>10</td><td>1</td><td>2,682</td><td>1,980</td><td>1,964</td><td>15,137</td><td>6,080</td><td>1,771</td><td>2,000</td><td>160</td><td>25,148</td></tr><tr><td>Total.......................</td><td>17,975</td><td>16,348</td><td>-174</td><td>204</td><td>9,463</td><td>10,811</td><td>7,258</td><td>61,885</td><td>8,667</td><td>823</td><td>969</td><td>375</td><td>72,719</td></tr><tr><td colspan="14">Week ended</td></tr><tr><td>1939-May 10.................</td><td>-90</td><td>-29</td><td>-190</td><td>8</td><td>-140</td><td>-107</td><td>-224</td><td>-772</td><td>1,212</td><td>152</td><td>239</td><td>111</td><td>942</td></tr><tr><td>May 17.......................</td><td>65</td><td>-996</td><td>5</td><td>101</td><td>97</td><td>-457</td><td>114</td><td>-1,071</td><td>-1,190</td><td>-262</td><td>643</td><td>-11</td><td>-1,891</td></tr><tr><td>May 24.......................</td><td>266</td><td>263</td><td>-16</td><td>-99</td><td>-415</td><td>220</td><td>-76</td><td>143</td><td>136</td><td>248</td><td>311</td><td>-79</td><td>759</td></tr><tr><td>May 31.......................</td><td>-16</td><td>93</td><td>9</td><td>-13</td><td>-233</td><td>-44</td><td>-231</td><td>-435</td><td>-813</td><td>-29</td><td>-174</td><td>-5</td><td>-1,456</td></tr><tr><td>Total May....................</td><td>225</td><td>-669</td><td>-192</td><td>-3</td><td>-591</td><td>-383</td><td>-417</td><td>-2,135</td><td>-655</td><td>109</td><td>1,019</td><td>16</td><td>-1,646</td></tr><tr><td colspan="14">MOVEMENT IN TRANSACTIONS IN DOMESTIC SECURITIES:</td></tr><tr><td>Jan. 2, 1935-Jan. 1, 1936..</td><td>149,780</td><td>23,394</td><td>-5,353</td><td>-95</td><td>50,458</td><td>55,125</td><td>12,928</td><td>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, 1935-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>145,035</td><td>25,604</td><td>531,719</td><td>29,840</td><td>11,841</td><td>22,703</td><td>4,530</td><td>600,693</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>Dec. 28, 1938-May 31, 1939..</td><td>-23,711</td><td>-898</td><td>-1,890</td><td>-122</td><td>16,007</td><td>12,127</td><td>578</td><td>2,091</td><td>-11,238</td><td>2,326</td><td>2,639</td><td>2,496</td><td>-1,686</td></tr><tr><td>Total.......................</td><td>448,877</td><td>75,596</td><td>-24,572</td><td>-5,550</td><td>228,949</td><td>313,875</td><td>57,181</td><td>1,094,356</td><td>16,561</td><td>25,761</td><td>59,012</td><td>13,498</td><td>1,209,188</td></tr><tr><td colspan="14">Week ended</td></tr><tr><td>1939-May 10.................</td><td>-2,490</td><td>511</td><td>-28</td><td>12</td><td>1,362</td><td>209</td><td>288</td><td>-136</td><td>-2,541</td><td>-29</td><td>674</td><td>314</td><td>-1,718</td></tr><tr><td>May 17.......................</td><td>-1,354</td><td>-56</td><td>-96</td><td>-12</td><td>881</td><td>1,437</td><td>292</td><td>1,092</td><td>-476</td><td>284</td><td>589</td><td>133</td><td>1,622</td></tr><tr><td>May 24.......................</td><td>-1,537</td><td>-103</td><td>-76</td><td>-5</td><td>727</td><td>616</td><td>-43</td><td>-421</td><td>-564</td><td>-302</td><td>-1,146</td><td>-29</td><td>-2,462</td></tr><tr><td>May 31.......................</td><td>-326</td><td>1,330</td><td>-151</td><td>-12</td><td>539</td><td>-232</td><td>-44</td><td>1,104</td><td>701</td><td>13</td><td>-2,011</td><td>43</td><td>-150</td></tr><tr><td>Total May....................</td><td>-5,707</td><td>1,682</td><td>-351</td><td>-17</td><td>3,509</td><td>2,030</td><td>493</td><td>1,639</td><td>-2,880</td><td>-34</td><td>-1,894</td><td>461</td><td>-2,708</td></tr><tr><td colspan="14">MOVEMENT IN TRANSACTIONS IN FOREIGN SECURITIES:</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>48,304</td><td>11,368</td><td>9,247</td><td>6,469</td><td>3,008</td><td>14,924</td><td>41,788</td><td>135,108</td><td>41,452</td><td>2,973</td><td>9,133</td><td>2,410</td><td>191,076</td></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>50,687</td><td>72,654</td><td>-49,392</td><td>-8,644</td><td>9,271</td><td>2,899</td><td>26,758</td></tr><tr><td>Dec. 28, 1938-May 31, 1939..</td><td>-963</td><td>1,771</td><td>2,386</td><td>3,123</td><td>2,239</td><td>4,174</td><td>13,881</td><td>26,611</td><td>-1,469</td><td>5,913</td><td>2,770</td><td>759</td><td>37,564</td></tr><tr><td>Total.......................</td><td>128,117</td><td>27,932</td><td>35,449</td><td>23,625</td><td>29,576</td><td>41,258</td><td>179,752</td><td>465,709</td><td>-40,339</td><td>175,226</td><td>36,572</td><td>10,396</td><td>647,564</td></tr><tr><td colspan="14">Week ended</td></tr><tr><td>1939-May 10.................</td><td>-225</td><td>208</td><td>104</td><td>17</td><td>95</td><td>6</td><td>249</td><td>454</td><td>14,417</td><td>157</td><td>232</td><td>5</td><td>15,265</td></tr><tr><td>May 17.......................</td><td>-409</td><td>115</td><td>30</td><td>8</td><td>140</td><td>478</td><td>299</td><td>661</td><td>4,186</td><td>266</td><td>87</td><td>-13</td><td>5,187</td></tr><tr><td>May 24.......................</td><td>-54</td><td>60</td><td>83</td><td>16</td><td>31</td><td>55</td><td>285</td><td>476</td><td>1,182</td><td>205</td><td>74</td><td>-54</td><td>1,883</td></tr><tr><td>May 31.......................</td><td>-317</td><td>-30</td><td>1</td><td>21</td><td>-48</td><td>313</td><td>210</td><td>150</td><td>3,164</td><td>74</td><td>12</td><td>17</td><td>3,417</td></tr><tr><td>Total May....................</td><td>-1,005</td><td>353</td><td>213</td><td>62</td><td>218</td><td>852</td><td>1,043</td><td>1,741</td><td>22,949</td><td>702</td><td>405</td><td>-45</td><td>25,752</td></tr><tr><td colspan="14">NET CAPITAL MOVEMENTS:</td></tr><tr><td>Jan. 2, 1935-Jan. 1, 1936..</td><td>554,935</td><td>210,240</td><td>36,599</td><td>23,988</td><td>114,493</td><td>130,379</td><td>129,964</td><td>1,200,598</td><td>7</td><td>70,907</td><td>128,303</td><td>12,671</td><td>1,412,486</td></tr><tr><td>Jan. 1, 1936-Dec. 30, 1936..</td><td>274,401</td><td>89,290</td><td>46,527</td><td>21,619</td><td>115,191</td><td>205,166</td><td>98,514</td><td>850,714</td><td>150,457</td><td>130,304</td><td>55,717</td><td>8,730</td><td>1,195,922</td></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937..</td><td>164,382</td><td>-17,830</td><td>40,766</td><td>-23,478</td><td>82,216</td><td>271,914</td><td>83,763</td><td>601,727</td><td>-44,213</td><td>209,367</td><td>40,541</td><td>-5,507</td><td>801,915</td></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>50,901</td><td>-21,075</td><td>-67,743</td><td>18,164</td><td>368,902</td></tr><tr><td>Dec. 28, 1938-May 31, 1939..</td><td>151,530</td><td>91,626</td><td>7,962</td><td>-3,885</td><td>66,507</td><td>41,308</td><td>142,679</td><td>497,727</td><td>83,848</td><td>117,869</td><td>69,598</td><td>22,502</td><td>791,544</td></tr><tr><td>Total.......................</td><td>1,337,583</td><td>431,138</td><td>148,679</td><td>29,117</td><td>391,102</td><td>595,301</td><td>606,501</td><td>3,539,421</td><td>241,000</td><td>507,372</td><td>226,416</td><td>56,560</td><td>4,570,769</td></tr><tr><td colspan="14">Week ended</td></tr><tr><td>1939-May 10.................</td><td>-2,540</td><td>-90</td><td>-1,013</td><td>181</td><td>1,097</td><td>1,640</td><td>-1,413</td><td>-2,138</td><td>11,459</td><td>8,116</td><td>3,878</td><td>-491</td><td>20,524</td></tr><tr><td>May 17.......................</td><td>17,385</td><td>-1,871</td><td>562</td><td>1,043</td><td>-3,821</td><td>2,315</td><td>1,052</td><td>16,665</td><td>2,015</td><td>-594</td><td>4,234</td><td>748</td><td>23,068</td></tr><tr><td>May 24.......................</td><td>3,521</td><td>-1,217</td><td>-411</td><td>1,430</td><td>-8,625</td><td>-3,757</td><td>3,425</td><td>-5,634</td><td>2,214</td><td>6,731</td><td>-3,554
CUMULATIVE NET CAPITAL MOVEMENT BETWEEN U.S. AND FOREIGN COUNTRIES
Cumulative Weekly Since January 2, 1935
37
Short-Term Foreign Liabilities as Reported by Banks and Bankers in the United States for May 1939
(In thousands of dollars)
<table><tr><th>Liabilities as of following dates</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>Latia America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>TOTAL SHORT-TERM FOREIGN LIABILITIES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10.........</td><td>561,382</td><td>275,666</td><td>13,742</td><td>12,060</td><td>154,962</td><td>245,866</td><td>369,454</td><td>1,633,132</td><td>315,378</td><td>348,909</td><td>258,936</td><td>45,533</td><td>2,601,888</td></tr><tr><td>May 17.........</td><td>575,136</td><td>271,736</td><td>14,539</td><td>12,264</td><td>150,123</td><td>247,064</td><td>370,130</td><td>1,640,992</td><td>313,612</td><td>357,280</td><td>256,084</td><td>46,060</td><td>2,614,028</td></tr><tr><td>May 24.........</td><td>580,019</td><td>271,591</td><td>14,021</td><td>13,725</td><td>140,640</td><td>241,864</td><td>373,578</td><td>1,635,444</td><td>312,688</td><td>368,676</td><td>251,674</td><td>49,070</td><td>2,617,552</td></tr><tr><td>May 31.........</td><td>577,993</td><td>275,296</td><td>15,001</td><td>14,337</td><td>137,114</td><td>238,368</td><td>370,541</td><td>1,629,310</td><td>309,396</td><td>371,667</td><td>253,821</td><td>48,550</td><td>2,612,744</td></tr><tr><td>TOTAL LIABILITIES PAYABLE IN DOLLARS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10.........</td><td>491,918</td><td>272,407</td><td>13,335</td><td>11,688</td><td>153,825</td><td>245,608</td><td>367,928</td><td>1,556,709</td><td>313,697</td><td>348,690</td><td>249,503</td><td>45,039</td><td>2,513,638</td></tr><tr><td>May 17.........</td><td>502,674</td><td>268,447</td><td>14,166</td><td>11,854</td><td>149,001</td><td>246,857</td><td>368,466</td><td>1,561,465</td><td>311,161</td><td>356,873</td><td>246,767</td><td>45,645</td><td>2,521,911</td></tr><tr><td>May 24.........</td><td>513,436</td><td>268,196</td><td>13,727</td><td>13,374</td><td>139,662</td><td>241,566</td><td>371,112</td><td>1,561,073</td><td>309,885</td><td>368,262</td><td>242,341</td><td>48,549</td><td>2,530,110</td></tr><tr><td>May 31.........</td><td>512,226</td><td>272,075</td><td>15,282</td><td>14,000</td><td>136,102</td><td>238,100</td><td>369,448</td><td>1,557,233</td><td>307,470</td><td>371,188</td><td>245,114</td><td>48,063</td><td>2,529,068</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></tr><tr><td>May 10.........</td><td>475,095</td><td>267,945</td><td>12,936</td><td>10,891</td><td>147,814</td><td>230,657</td><td>353,567</td><td>1,498,905</td><td>306,517</td><td>326,517</td><td>220,222</td><td>44,042</td><td>2,396,203</td></tr><tr><td>May 17.........</td><td>484,543</td><td>262,010</td><td>13,742</td><td>11,178</td><td>142,982</td><td>233,214</td><td>353,081</td><td>1,500,750</td><td>303,876</td><td>331,392</td><td>216,637</td><td>44,708</td><td>2,397,363</td></tr><tr><td>May 24.........</td><td>499,813</td><td>262,661</td><td>13,191</td><td>12,609</td><td>133,339</td><td>228,135</td><td>355,807</td><td>1,505,555</td><td>302,301</td><td>343,809</td><td>213,544</td><td>47,755</td><td>2,412,964</td></tr><tr><td>May 31.........</td><td>496,827</td><td>265,504</td><td>14,742</td><td>13,158</td><td>130,132</td><td>224,381</td><td>353,648</td><td>1,498,392</td><td>301,266</td><td>346,129</td><td>216,424</td><td>47,286</td><td>2,409,497</td></tr><tr><td>Bill held for foreign account:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10.........</td><td>8,126</td><td>2,664</td><td>268</td><td>678</td><td>5,084</td><td>13,906</td><td>12,301</td><td>43,027</td><td>5,986</td><td>21,455</td><td>27,254</td><td>834</td><td>98,556</td></tr><tr><td>May 17.........</td><td>8,316</td><td>2,689</td><td>258</td><td>583</td><td>5,298</td><td>12,953</td><td>12,312</td><td>42,409</td><td>6,037</td><td>24,761</td><td>28,145</td><td>852</td><td>102,204</td></tr><tr><td>May 24.........</td><td>8,351</td><td>2,533</td><td>293</td><td>613</td><td>5,599</td><td>12,489</td><td>12,225</td><td>42,103</td><td>6,260</td><td>23,862</td><td>26,870</td><td>598</td><td>99,693</td></tr><tr><td>May 31.........</td><td>7,369</td><td>2,337</td><td>314</td><td>661</td><td>5,246</td><td>12,643</td><td>12,566</td><td>41,136</td><td>4,194</td><td>24,530</td><td>27,243</td><td>581</td><td>97,684</td></tr><tr><td>Short-term United States Government obligations held for foreign account:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10.........</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>33</td><td>800</td><td>-</td><td>1,000</td><td>-</td><td>1,833</td></tr><tr><td>May 17.........</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>801</td><td>833</td><td>800</td><td>-</td><td>1,000</td><td>-</td><td>2,633</td></tr><tr><td>May 24.........</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,026</td><td>1,058</td><td>800</td><td>-</td><td>1,000</td><td>-</td><td>2,858</td></tr><tr><td>May 31.........</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>801</td><td>833</td><td>800</td><td>-</td><td>1,000</td><td>-</td><td>2,633</td></tr><tr><td>Other liabilities payable in dollars:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10.........</td><td>8,665</td><td>1,798</td><td>131</td><td>119</td><td>927</td><td>1,045</td><td>2,059</td><td>14,744</td><td>394</td><td>718</td><td>1,027</td><td>163</td><td>17,046</td></tr><tr><td>May 17.........</td><td>9,783</td><td>3,748</td><td>166</td><td>93</td><td>721</td><td>690</td><td>2,272</td><td>17,473</td><td>448</td><td>720</td><td>985</td><td>85</td><td>19,711</td></tr><tr><td>May 24.........</td><td>5,240</td><td>3,002</td><td>243</td><td>152</td><td>724</td><td>942</td><td>2,054</td><td>12,357</td><td>524</td><td>591</td><td>927</td><td>195</td><td>14,595</td></tr><tr><td>May 31.........</td><td>7,998</td><td>4,234</td><td>226</td><td>181</td><td>724</td><td>1,076</td><td>2,433</td><td>16,872</td><td>1,210</td><td>529</td><td>447</td><td>196</td><td>19,254</td></tr><tr><td>TOTAL LIABILITIES PAYABLE IN FOREIGN CURRENCIES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10.........</td><td>69,464</td><td>3,259</td><td>407</td><td>372</td><td>1,137</td><td>258</td><td>1,526</td><td>76,423</td><td>1,681</td><td>219</td><td>9,433</td><td>444</td><td>88,250</td></tr><tr><td>May 17.........</td><td>72,462</td><td>3,289</td><td>373</td><td>410</td><td>1,122</td><td>207</td><td>1,664</td><td>79,527</td><td>2,451</td><td>407</td><td>9,317</td><td>415</td><td>92,117</td></tr><tr><td>May 24.........</td><td>66,583</td><td>3,401</td><td>294</td><td>351</td><td>978</td><td>238</td><td>2,466</td><td>74,371</td><td>2,803</td><td>414</td><td>9,333</td><td>521</td><td>87,442</td></tr><tr><td>May 31.........</td><td>65,767</td><td>3,221</td><td>379</td><td>337</td><td>1,012</td><td>268</td><td>1,093</td><td>72,077</td><td>1,926</td><td>479</td><td>8,707</td><td>487</td><td>83,676</td></tr><tr><td>Borrowings from foreign banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10.........</td><td>29,351</td><td>177</td><td>395</td><td>223</td><td>132</td><td>139</td><td>890</td><td>31,307</td><td>1,393</td><td>75</td><td>7,970</td><td>157</td><td>40,902</td></tr><tr><td>May 17.........</td><td>31,816</td><td>170</td><td>365</td><td>251</td><td>116</td><td>81</td><td>1,068</td><td>33,867</td><td>2,139</td><td>260</td><td>7,948</td><td>82</td><td>44,296</td></tr><tr><td>May 24.........</td><td>25,708</td><td>386</td><td>282</td><td>174</td><td>95</td><td>166</td><td>1,886</td><td>28,697</td><td>2,499</td><td>264</td><td>7,900</td><td>184</td><td>39,544</td></tr><tr><td>May 31.........</td><td>24,163</td><td>312</td><td>369</td><td>181</td><td>107</td><td>163</td><td>573</td><td>25,868</td><td>1,771</td><td>342</td><td>7,311</td><td>158</td><td>35,450</td></tr><tr><td>Acceptances made by foreign banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10.........</td><td>36,451</td><td>2,953</td><td>-</td><td>38</td><td>608</td><td>50</td><td>75</td><td>40,175</td><td>200</td><td>-</td><td>23</td><td>18</td><td>40,816</td></tr><tr><td>May 17.........</td><td>36,631</td><td>2,958</td><td>-</td><td>40</td><td>606</td><td>40</td><td>74</td><td>40,349</td><td>210</td><td>-</td><td>22</td><td>18</td><td>40,599</td></tr><tr><td>May 24.........</td><td>36,789</td><td>2,840</td><td>-</td><td>37</td><td>539</td><td>40</td><td>94</td><td>40,339</td><td>206</td><td>-</td><td>16</td><td>16</td><td>40,577</td></tr><tr><td>May 31.........</td><td>37,975</td><td>2,772</td><td>-</td><td>37</td><td>509</td><td>39</td><td>90</td><td>41,422</td><td>-</td><td>-</td><td>29</td><td>14</td><td>41,465</td></tr><tr><td>Other liabilities payable in foreign currencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10.........</td><td>3,662</td><td>129</td><td>12</td><td>111</td><td>397</td><td>69</td><td>561</td><td>4,941</td><td>85</td><td>144</td><td>1,440</td><td>319</td><td>6,932</td></tr><tr><td>May 17.........</td><td>4,015</td><td>161</td><td>8</td><td>119</td><td>400</td><td>80</td><td>522</td><td>5,311</td><td>102</td><td>147</td><td>1,347</td><td>315</td><td>7,222</td></tr><tr><td>May 24.........</td><td>4,086</td><td>175</td><td>12</td><td>140</td><td>344</td><td>92</td><td>486</td><td>5,335</td><td>98</td><td>150</td><td>1,417</td><td>321</td><td>7,321</td></tr><tr><td>May 31.........</td><td>3,629</td><td>137</td><td>10</td><td>119</td><td>396</td><td>66</td><td>430</td><td>4,787</td><td>155</td><td>137</td><td>1,367</td><td>315</td><td>6,761</td></tr></table>
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1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.
38
Short-Term Foreign Assets as Reported by Banks and Bankers in the United States for May 1939
(In thousands of dollars)
<table><tr><th>Assets as of following dates</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>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>May 10.</td><td>66,386</td><td>11,520</td><td>78,164</td><td>12,622</td><td>19,750</td><td>4,042</td><td>41,453</td><td>233,937</td><td>52,317</td><td>95,600</td><td>117,721</td><td>13,248</td><td>512,823</td></tr><tr><td>May 17.</td><td>61,057</td><td>8,524</td><td>78,338</td><td>11,880</td><td>19,850</td><td>4,383</td><td>41,782</td><td>225,814</td><td>51,056</td><td>104,853</td><td>111,954</td><td>13,136</td><td>506,813</td></tr><tr><td>May 24.</td><td>61,094</td><td>9,822</td><td>78,222</td><td>11,823</td><td>19,335</td><td>3,831</td><td>41,971</td><td>226,098</td><td>48,672</td><td>109,669</td><td>110,337</td><td>13,316</td><td>508,092</td></tr><tr><td>May 31.</td><td>55,382</td><td>10,670</td><td>79,227</td><td>11,934</td><td>18,672</td><td>3,416</td><td>41,107</td><td>220,408</td><td>49,425</td><td>111,147</td><td>110,572</td><td>12,784</td><td>504,336</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>May 10.</td><td>40,929</td><td>960</td><td>454</td><td>1,793</td><td>3,720</td><td>1,579</td><td>3,416</td><td>52,851</td><td>16,026</td><td>3,937</td><td>25,331</td><td>1,102</td><td>99,247</td></tr><tr><td>May 17.</td><td>38,477</td><td>1,420</td><td>481</td><td>1,778</td><td>4,398</td><td>1,880</td><td>3,908</td><td>52,342</td><td>14,465</td><td>4,812</td><td>25,421</td><td>1,000</td><td>98,040</td></tr><tr><td>May 24.</td><td>36,958</td><td>1,365</td><td>625</td><td>1,766</td><td>3,693</td><td>1,448</td><td>4,324</td><td>50,179</td><td>14,697</td><td>4,990</td><td>26,111</td><td>953</td><td>96,930</td></tr><tr><td>May 31.</td><td>33,610</td><td>941</td><td>570</td><td>1,737</td><td>2,520</td><td>1,170</td><td>4,235</td><td>44,783</td><td>14,123</td><td>5,125</td><td>24,934</td><td>986</td><td>89,951</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>May 10.</td><td>24,394</td><td>696</td><td>310</td><td>123</td><td>2,932</td><td>1,408</td><td>1,409</td><td>31,272</td><td>13,000</td><td>1,342</td><td>1,860</td><td>201</td><td>47,675</td></tr><tr><td>May 17.</td><td>24,526</td><td>1,180</td><td>366</td><td>147</td><td>3,693</td><td>1,709</td><td>1,880</td><td>33,501</td><td>11,737</td><td>1,131</td><td>1,310</td><td>190</td><td>48,469</td></tr><tr><td>May 24.</td><td>20,826</td><td>1,131</td><td>526</td><td>157</td><td>3,073</td><td>1,261</td><td>2,305</td><td>29,279</td><td>11,821</td><td>1,305</td><td>2,673</td><td>240</td><td>45,318</td></tr><tr><td>May 31.</td><td>20,422</td><td>718</td><td>496</td><td>160</td><td>1,886</td><td>1,019</td><td>2,208</td><td>26,909</td><td>11,021</td><td>1,039</td><td>1,675</td><td>289</td><td>40,933</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>May 10.</td><td>4,642</td><td>108</td><td>97</td><td>1,539</td><td>173</td><td>46</td><td>566</td><td>7,171</td><td>1,314</td><td>211</td><td>19,863</td><td>57</td><td>28,616</td></tr><tr><td>May 17.</td><td>5,463</td><td>98</td><td>65</td><td>1,502</td><td>197</td><td>48</td><td>573</td><td>7,946</td><td>1,233</td><td>236</td><td>19,800</td><td>58</td><td>29,273</td></tr><tr><td>May 24.</td><td>5,316</td><td>104</td><td>55</td><td>1,479</td><td>153</td><td>60</td><td>565</td><td>7,732</td><td>1,202</td><td>202</td><td>19,895</td><td>46</td><td>29,077</td></tr><tr><td>May 31.</td><td>4,488</td><td>100</td><td>42</td><td>1,447</td><td>176</td><td>34</td><td>577</td><td>6,864</td><td>1,225</td><td>202</td><td>19,846</td><td>47</td><td>28,184</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>May 10.</td><td>11,893</td><td>156</td><td>47</td><td>131</td><td>615</td><td>125</td><td>1,441</td><td>14,408</td><td>1,712</td><td>2,384</td><td>3,608</td><td>844</td><td>22,956</td></tr><tr><td>May 17.</td><td>8,488</td><td>142</td><td>50</td><td>129</td><td>508</td><td>123</td><td>1,455</td><td>10,895</td><td>1,495</td><td>3,445</td><td>3,711</td><td>752</td><td>20,298</td></tr><tr><td>May 24.</td><td>10,816</td><td>130</td><td>44</td><td>130</td><td>467</td><td>127</td><td>1,454</td><td>13,168</td><td>1,674</td><td>3,483</td><td>3,543</td><td>667</td><td>22,535</td></tr><tr><td>May 31.</td><td>8,700</td><td>123</td><td>32</td><td>130</td><td>458</td><td>117</td><td>1,450</td><td>11,010</td><td>1,877</td><td>3,884</td><td>3,413</td><td>650</td><td>20,834</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>May 10.</td><td>25,457</td><td>10,560</td><td>77,710</td><td>10,829</td><td>16,030</td><td>2,463</td><td>38,037</td><td>181,086</td><td>36,291</td><td>91,663</td><td>92,390</td><td>12,146</td><td>413,576</td></tr><tr><td>May 17.</td><td>22,580</td><td>7,104</td><td>77,857</td><td>10,102</td><td>15,452</td><td>2,503</td><td>37,874</td><td>173,472</td><td>36,591</td><td>100,041</td><td>86,533</td><td>12,136</td><td>408,773</td></tr><tr><td>May 24.</td><td>24,136</td><td>8,457</td><td>77,597</td><td>10,057</td><td>15,642</td><td>2,383</td><td>37,647</td><td>175,919</td><td>33,975</td><td>104,679</td><td>84,226</td><td>12,363</td><td>411,162</td></tr><tr><td>May 31.</td><td>21,772</td><td>9,729</td><td>78,657</td><td>10,197</td><td>16,152</td><td>2,246</td><td>36,872</td><td>175,625</td><td>35,302</td><td>106,022</td><td>85,638</td><td>11,798</td><td>414,385</td></tr><tr><td>Loans to foreign banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10.</td><td>13,484</td><td>5,174</td><td>6,307</td><td>1,870</td><td>11,918</td><td>327</td><td>7,118</td><td>46,198</td><td>11,277</td><td>9,825</td><td>59,507</td><td>183</td><td>126,990</td></tr><tr><td>May 17.</td><td>11,037</td><td>1,810</td><td>6,333</td><td>1,254</td><td>11,377</td><td>311</td><td>7,152</td><td>39,274</td><td>11,819</td><td>8,861</td><td>54,642</td><td>235</td><td>114,831</td></tr><tr><td>May 24.</td><td>13,555</td><td>3,206</td><td>6,264</td><td>1,303</td><td>11,873</td><td>329</td><td>6,873</td><td>43,403</td><td>9,419</td><td>7,776</td><td>55,376</td><td>399</td><td>116,373</td></tr><tr><td>May 31.</td><td>10,906</td><td>4,321</td><td>6,225</td><td>1,878</td><td>12,422</td><td>324</td><td>6,610</td><td>42,686</td><td>9,338</td><td>6,718</td><td>56,229</td><td>308</td><td>115,279</td></tr><tr><td>Acceptances made for 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>May 10.</td><td>4,142</td><td>2,201</td><td>54,744</td><td>7,211</td><td>2,296</td><td>1,620</td><td>9,630</td><td>81,844</td><td>3,831</td><td>12,791</td><td>1,971</td><td>4,096</td><td>104,533</td></tr><tr><td>May 17.</td><td>3,919</td><td>2,136</td><td>54,974</td><td>7,114</td><td>2,285</td><td>1,658</td><td>9,513</td><td>81,599</td><td>3,887</td><td>23,315</td><td>2,220</td><td>3,875</td><td>114,836</td></tr><tr><td>May 24.</td><td>3,338</td><td>2,036</td><td>55,061</td><td>6,951</td><td>2,329</td><td>1,569</td><td>9,448</td><td>80,732</td><td>3,419</td><td>29,456</td><td>1,616</td><td>3,808</td><td>119,031</td></tr><tr><td>May 31.</td><td>3,254</td><td>1,996</td><td>55,504</td><td>6,622</td><td>2,412</td><td>1,521</td><td>8,932</td><td>80,241</td><td>3,466</td><td>32,656</td><td>2,236</td><td>3,601</td><td>122,200</td></tr><tr><td>Other assets payable in dollars:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10.</td><td>7,831</td><td>3,185</td><td>16,659</td><td>1,748</td><td>1,816</td><td>516</td><td>21,289</td><td>53,044</td><td>21,183</td><td>69,047</td><td>30,912</td><td>7,867</td><td>182,053</td></tr><tr><td>May 17.</td><td>7,624</td><td>3,158</td><td>16,550</td><td>1,734</td><td>1,790</td><td>534</td><td>21,209</td><td>52,599</td><td>20,885</td><td>67,865</td><td>29,671</td><td>8,026</td><td>179,046</td></tr><tr><td>May 24.</td><td>7,243</td><td>3,215</td><td>16,272</td><td>1,803</td><td>1,440</td><td>485</td><td>21,326</td><td>51,784</td><td>21,137</td><td>67,447</td><td>27,234</td><td>8,156</td><td>175,758</td></tr><tr><td>May 31.</td><td>7,612</td><td>3,412</td><td>16,928</td><td>1,697</td><td>1,318</td><td>401</td><td>21,330</td><td>52,698</td><td>22,498</td><td>66,648</td><td>27,173</td><td>7,889</td><td>176,906</td></tr></table>
39
Security Transactions as Reported by Banks, Bankers, Brokers and Dealers in the United States for May 1939
(In thousands of dollars)
<table><tr><th>Transactions during 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>Grand total</th></tr><tr><td>TOTAL PURCHASES IN THE UNITED STATES FOR FOREIGN ACCOUNT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10....................</td><td>2,930</td><td>2,936</td><td>58</td><td>40</td><td>2,271</td><td>1,873</td><td>1,055</td><td>11,163</td><td>20,644</td><td>472</td><td>1,376</td><td>408</td><td>34,063</td></tr><tr><td>May 17....................</td><td>3,516</td><td>1,732</td><td>22</td><td>14</td><td>1,681</td><td>3,078</td><td>1,059</td><td>11,102</td><td>11,121</td><td>969</td><td>1,052</td><td>192</td><td>24,436</td></tr><tr><td>May 24....................</td><td>3,033</td><td>1,046</td><td>50</td><td>22</td><td>1,423</td><td>2,305</td><td>618</td><td>8,497</td><td>6,425</td><td>658</td><td>578</td><td>119</td><td>16,277</td></tr><tr><td>May 31....................</td><td>4,012</td><td>2,089</td><td>103</td><td>31</td><td>1,285</td><td>2,238</td><td>958</td><td>10,716</td><td>12,300</td><td>734</td><td>981</td><td>136</td><td>24,867</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>May 10....................</td><td>2,683</td><td>2,643</td><td>41</td><td>23</td><td>2,082</td><td>1,419</td><td>747</td><td>9,638</td><td>1,199</td><td>192</td><td>1,032</td><td>374</td><td>12,435</td></tr><tr><td>May 17....................</td><td>3,095</td><td>1,494</td><td>10</td><td>4</td><td>1,394</td><td>2,373</td><td>605</td><td>8,975</td><td>1,751</td><td>549</td><td>926</td><td>179</td><td>12,380</td></tr><tr><td>May 24....................</td><td>2,593</td><td>896</td><td>36</td><td>5</td><td>1,322</td><td>2,028</td><td>290</td><td>7,170</td><td>2,134</td><td>379</td><td>460</td><td>111</td><td>10,254</td></tr><tr><td>May 31....................</td><td>3,687</td><td>2,008</td><td>86</td><td>3</td><td>1,171</td><td>1,723</td><td>606</td><td>9,284</td><td>3,677</td><td>471</td><td>918</td><td>112</td><td>14,422</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>May 10....................</td><td>247</td><td>293</td><td>17</td><td>17</td><td>189</td><td>454</td><td>308</td><td>1,525</td><td>19,445</td><td>280</td><td>344</td><td>34</td><td>21,628</td></tr><tr><td>May 17....................</td><td>421</td><td>238</td><td>12</td><td>10</td><td>287</td><td>705</td><td>454</td><td>2,127</td><td>9,370</td><td>420</td><td>126</td><td>13</td><td>12,056</td></tr><tr><td>May 24....................</td><td>440</td><td>150</td><td>14</td><td>17</td><td>101</td><td>277</td><td>328</td><td>1,327</td><td>4,291</td><td>279</td><td>118</td><td>8</td><td>6,023</td></tr><tr><td>May 31....................</td><td>325</td><td>81</td><td>17</td><td>28</td><td>114</td><td>515</td><td>352</td><td>1,432</td><td>8,623</td><td>303</td><td>63</td><td>24</td><td>10,445</td></tr><tr><td>TOTAL SALES IN THE UNITED STATES FOR FOREIGN ACCOUNT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10....................</td><td>4,985</td><td>2,217</td><td>70</td><td>11</td><td>847</td><td>1,653</td><td>531</td><td>10,314</td><td>9,004</td><td>305</td><td>398</td><td>89</td><td>20,170</td></tr><tr><td>May 17....................</td><td>5,413</td><td>1,662</td><td>121</td><td>18</td><td>773</td><td>1,185</td><td>467</td><td>9,639</td><td>5,919</td><td>429</td><td>354</td><td>79</td><td>16,420</td></tr><tr><td>May 24....................</td><td>5,034</td><td>1,091</td><td>119</td><td>11</td><td>654</td><td>1,697</td><td>460</td><td>9,066</td><td>4,574</td><td>768</td><td>1,623</td><td>212</td><td>16,243</td></tr><tr><td>May 31....................</td><td>4,410</td><td>717</td><td>279</td><td>22</td><td>840</td><td>2,094</td><td>543</td><td>9,205</td><td>7,761</td><td>683</td><td>2,939</td><td>84</td><td>20,672</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>May 10....................</td><td>4,553</td><td>2,134</td><td>69</td><td>11</td><td>749</td><td>1,203</td><td>404</td><td>9,183</td><td>3,845</td><td>219</td><td>358</td><td>60</td><td>13,665</td></tr><tr><td>May 17....................</td><td>4,725</td><td>1,549</td><td>106</td><td>16</td><td>656</td><td>959</td><td>313</td><td>8,324</td><td>2,277</td><td>261</td><td>337</td><td>46</td><td>11,245</td></tr><tr><td>May 24....................</td><td>4,495</td><td>998</td><td>112</td><td>10</td><td>615</td><td>1,401</td><td>414</td><td>8,105</td><td>2,718</td><td>681</td><td>1,606</td><td>140</td><td>13,250</td></tr><tr><td>May 31....................</td><td>3,600</td><td>678</td><td>237</td><td>15</td><td>666</td><td>1,892</td><td>692</td><td>7,780</td><td>2,941</td><td>418</td><td>2,929</td><td>69</td><td>14,137</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>May 10....................</td><td>432</td><td>83</td><td>1</td><td>1</td><td>98</td><td>450</td><td>67</td><td>1,132</td><td>5,159</td><td>146</td><td>40</td><td>29</td><td>6,505</td></tr><tr><td>May 17....................</td><td>688</td><td>113</td><td>15</td><td>2</td><td>117</td><td>226</td><td>154</td><td>1,315</td><td>3,642</td><td>168</td><td>17</td><td>33</td><td>5,175</td></tr><tr><td>May 24....................</td><td>539</td><td>93</td><td>7</td><td>1</td><td>39</td><td>236</td><td>46</td><td>961</td><td>1,856</td><td>87</td><td>17</td><td>72</td><td>2,993</td></tr><tr><td>May 31....................</td><td>810</td><td>39</td><td>42</td><td>7</td><td>174</td><td>202</td><td>151</td><td>1,425</td><td>4,820</td><td>265</td><td>10</td><td>15</td><td>6,535</td></tr><tr><td>TOTAL PURCHASES EXECUTED ABROAD FOR DOMESTIC ACCOUNT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10....................</td><td>303</td><td>24</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>328</td><td>1,272</td><td>-</td><td>72</td><td>-</td><td>1,672</td></tr><tr><td>May 17....................</td><td>373</td><td>24</td><td>-</td><td>-</td><td>31</td><td>-</td><td>-</td><td>428</td><td>2,288</td><td>-</td><td>22</td><td>-</td><td>2,738</td></tr><tr><td>May 24....................</td><td>182</td><td>2</td><td>-</td><td>-</td><td>32</td><td>1</td><td>-</td><td>217</td><td>1,931</td><td>2</td><td>27</td><td>3</td><td>2,180</td></tr><tr><td>May 31....................</td><td>240</td><td>73</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>313</td><td>1,298</td><td>-</td><td>41</td><td>-</td><td>1,652</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>May 10....................</td><td>83</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>83</td><td>8</td><td>-</td><td>-</td><td>-</td><td>91</td></tr><tr><td>May 17....................</td><td>16</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td><td>2</td><td>-</td><td>-</td><td>-</td><td>19</td></tr><tr><td>May 24....................</td><td>75</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>76</td><td>-</td><td>-</td><td>-</td><td>-</td><td>76</td></tr><tr><td>May 31....................</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>25</td><td>-</td><td>-</td><td>-</td><td>57</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>May 10....................</td><td>220</td><td>24</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>245</td><td>1,264</td><td>-</td><td>72</td><td>-</td><td>1,581</td></tr><tr><td>May 17....................</td><td>357</td><td>23</td><td>-</td><td>-</td><td>31</td><td>-</td><td>-</td><td>411</td><td>2,286</td><td>-</td><td>22</td><td>-</td><td>2,719</td></tr><tr><td>May 24....................</td><td>107</td><td>1</td><td>-</td><td>-</td><td>32</td><td>1</td><td>-</td><td>141</td><td>1,931</td><td>2</td><td>27</td><td>3</td><td>2,104</td></tr><tr><td>May 31....................</td><td>208</td><td>73</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>281</td><td>1,273</td><td>-</td><td>41</td><td>-</td><td>1,595</td></tr><tr><td>TOTAL SALES EXECUTED ABROAD FOR DOMESTIC ACCOUNT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10....................</td><td>241</td><td>21</td><td>88</td><td>-</td><td>1</td><td>3</td><td>6</td><td>360</td><td>1,426</td><td>-</td><td>-</td><td>-</td><td>1,786</td></tr><tr><td>May 17....................</td><td>236</td><td>12</td><td>33</td><td>-</td><td>5</td><td>10</td><td>-</td><td>296</td><td>957</td><td>2</td><td>-</td><td>7</td><td>1,262</td></tr><tr><td>May 24....................</td><td>198</td><td>4</td><td>76</td><td>-</td><td>2</td><td>10</td><td>82</td><td>378</td><td>717</td><td>-</td><td>-</td><td>13</td><td>1,108</td></tr><tr><td>May 31....................</td><td>355</td><td>-</td><td>26</td><td>-</td><td>-</td><td>2</td><td>42</td><td>426</td><td>701</td><td>1</td><td>-</td><td>8</td><td>1,136</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>May 10....................</td><td>72</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>79</td><td>101</td><td>-</td><td>-</td><td>-</td><td>180</td></tr><tr><td>May 17....................</td><td>68</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>72</td><td>45</td><td>-</td><td>-</td><td>-</td><td>117</td></tr><tr><td>May 24....................</td><td>57</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>138</td><td>-</td><td>-</td><td>-</td><td>-</td><td>138</td></tr><tr><td>May 31....................</td><td>97</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>42</td><td>141</td><td>2</td><td>-</td><td>-</td><td>-</td><td>143</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>May 10....................</td><td>169</td><td>19</td><td>88</td><td>-</td><td>1</td><td>3</td><td>1</td><td>281</td><td>1,325</td><td>-</td><td>-</td><td>-</td><td>1,606</td></tr><tr><td>May 17....................</td><td>168</td><td>12</td><td>33</td><td>-</td><td>1</td><td>10</td><td>-</td><td>224</td><td>912</td><td>2</td><td>-</td><td>7</td><td>1,145</td></tr><tr><td>May 24....................</td><td>141</td><td>4</td><td>76</td><td>-</td><td>2</td><td>16</td><td>1</td><td>280</td><td>717</td><td>-</td><td>-</td><td>13</td><td>970</td></tr><tr><td>May 31....................</td><td>259</td><td>-</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td><td>245</td><td>699</td><td>1</td><td>-</td><td>8</td><td>993</td></tr></table>
40
Security Transactions in Joint Foreign Arbitrage Accounts as Reported by Brokers and Dealers in the United States for May 1939
(In thousands of dollars)
<table><tr><th>Transactions during 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>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>May 10.</td><td>985</td><td>3</td><td>-</td><td>-</td><td>44</td><td>9</td><td>7</td><td>1,048</td><td>628</td><td>25</td><td>-</td><td>-</td><td>1,701</td></tr><tr><td>May 17.</td><td>1,273</td><td>1</td><td>-</td><td>-</td><td>169</td><td>48</td><td>-</td><td>1,491</td><td>772</td><td>12</td><td>-</td><td>-</td><td>2,275</td></tr><tr><td>May 24.</td><td>1,236</td><td>-</td><td>-</td><td>-</td><td>33</td><td>75</td><td>2</td><td>1,346</td><td>1,122</td><td>15</td><td>-</td><td>-</td><td>2,483</td></tr><tr><td>May 31.</td><td>814</td><td>1</td><td>-</td><td>-</td><td>56</td><td>4</td><td>9</td><td>884</td><td>1,085</td><td>35</td><td>-</td><td>-</td><td>2,004</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>May 10.</td><td>711</td><td>-</td><td>-</td><td>-</td><td>40</td><td>9</td><td>-</td><td>760</td><td>27</td><td>-</td><td>-</td><td>-</td><td>787</td></tr><tr><td>May 17.</td><td>901</td><td>-</td><td>-</td><td>-</td><td>169</td><td>34</td><td>-</td><td>1,104</td><td>29</td><td>-</td><td>-</td><td>-</td><td>1,133</td></tr><tr><td>May 24.</td><td>1,043</td><td>-</td><td>-</td><td>-</td><td>33</td><td>75</td><td>-</td><td>1,151</td><td>36</td><td>-</td><td>-</td><td>-</td><td>1,187</td></tr><tr><td>May 31.</td><td>476</td><td>-</td><td>-</td><td>-</td><td>44</td><td>4</td><td>-</td><td>524</td><td>26</td><td>-</td><td>-</td><td>-</td><td>550</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>May 10.</td><td>274</td><td>3</td><td>-</td><td>-</td><td>4</td><td>-</td><td>7</td><td>288</td><td>601</td><td>25</td><td>-</td><td>-</td><td>914</td></tr><tr><td>May 17.</td><td>372</td><td>1</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td><td>387</td><td>743</td><td>12</td><td>-</td><td>-</td><td>1,142</td></tr><tr><td>May 24.</td><td>193</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>195</td><td>1,086</td><td>15</td><td>-</td><td>-</td><td>1,296</td></tr><tr><td>May 31.</td><td>338</td><td>1</td><td>-</td><td>-</td><td>12</td><td>-</td><td>9</td><td>360</td><td>1,059</td><td>35</td><td>-</td><td>-</td><td>1,454</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>May 10.</td><td>1,583</td><td>-</td><td>-</td><td>-</td><td>11</td><td>17</td><td>-</td><td>1,611</td><td>546</td><td>4</td><td>-</td><td>-</td><td>2,161</td></tr><tr><td>May 17.</td><td>1,002</td><td>-</td><td>-</td><td>-</td><td>30</td><td>35</td><td>1</td><td>1,069</td><td>933</td><td>4</td><td>-</td><td>-</td><td>2,006</td></tr><tr><td>May 24.</td><td>842</td><td>-</td><td>-</td><td>-</td><td>14</td><td>27</td><td>-</td><td>883</td><td>1,141</td><td>-</td><td>-</td><td>-</td><td>2,024</td></tr><tr><td>May 31.</td><td>1,175</td><td>-</td><td>-</td><td>-</td><td>10</td><td>69</td><td>-</td><td>1,254</td><td>1,162</td><td>-</td><td>-</td><td>-</td><td>2,416</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>May 10.</td><td>1,320</td><td>-</td><td>-</td><td>-</td><td>11</td><td>16</td><td>-</td><td>1,347</td><td>15</td><td>2</td><td>-</td><td>-</td><td>1,364</td></tr><tr><td>May 17.</td><td>677</td><td>-</td><td>-</td><td>-</td><td>30</td><td>11</td><td>-</td><td>718</td><td>22</td><td>4</td><td>-</td><td>-</td><td>744</td></tr><tr><td>May 24.</td><td>660</td><td>-</td><td>-</td><td>-</td><td>13</td><td>26</td><td>-</td><td>699</td><td>16</td><td>-</td><td>-</td><td>-</td><td>715</td></tr><tr><td>May 31.</td><td>954</td><td>-</td><td>-</td><td>-</td><td>10</td><td>69</td><td>-</td><td>1,033</td><td>38</td><td>-</td><td>-</td><td>-</td><td>1,071</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>May 10.</td><td>263</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>264</td><td>531</td><td>2</td><td>-</td><td>-</td><td>797</td></tr><tr><td>May 17.</td><td>325</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25</td><td>1</td><td>351</td><td>911</td><td>-</td><td>-</td><td>-</td><td>1,262</td></tr><tr><td>May 24.</td><td>182</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>184</td><td>1,125</td><td>1</td><td>-</td><td>-</td><td>1,309</td></tr><tr><td>May 31.</td><td>221</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>221</td><td>1,124</td><td>-</td><td>-</td><td>-</td><td>1,345</td></tr></table>
Foreign Balances in Brokerage Accounts as Reported by Brokers and Dealers in the United States for May 1939
(In thousands of dollars)
<table><tr><th>Balance as of following dates</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nother-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>May 10</td><td>5,260</td><td>4,539</td><td>140</td><td>87</td><td>2,335</td><td>2,064</td><td>3,559</td><td>17,984</td><td>15,044</td><td>3,951</td><td>7,043</td><td>337</td><td>44,359</td></tr><tr><td>May 17</td><td>5,317</td><td>5,559</td><td>133</td><td>90</td><td>2,322</td><td>2,138</td><td>3,428</td><td>18,987</td><td>16,006</td><td>4,147</td><td>6,444</td><td>307</td><td>45,891</td></tr><tr><td>May 24</td><td>5,284</td><td>5,213</td><td>142</td><td>92</td><td>2,368</td><td>2,005</td><td>3,638</td><td>18,742</td><td>16,056</td><td>4,001</td><td>6,291</td><td>293</td><td>45,388</td></tr><tr><td>May 31</td><td>5,405</td><td>5,448</td><td>141</td><td>90</td><td>2,434</td><td>1,965</td><td>3,707</td><td>19,250</td><td>16,077</td><td>3,988</td><td>6,535</td><td>216</td><td>46,066</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>May 10</td><td>6,895</td><td>7,519</td><td>200</td><td>120</td><td>6,033</td><td>7,940</td><td>3,299</td><td>32,006</td><td>6,440</td><td>2,844</td><td>790</td><td>419</td><td>42,499</td></tr><tr><td>May 17</td><td>7,017</td><td>7,543</td><td>198</td><td>224</td><td>6,117</td><td>7,557</td><td>3,282</td><td>31,938</td><td>6,212</td><td>2,778</td><td>834</td><td>378</td><td>42,140</td></tr><tr><td>May 24</td><td>7,250</td><td>7,460</td><td>191</td><td>127</td><td>5,748</td><td>7,644</td><td>3,416</td><td>31,836</td><td>6,398</td><td>2,880</td><td>992</td><td>290</td><td>42,396</td></tr><tr><td>May 31</td><td>7,355</td><td>7,788</td><td>199</td><td>112</td><td>5,641</td><td>7,560</td><td>3,254</td><td>31,909</td><td>5,600</td><td>2,838</td><td>1,062</td><td>203</td><td>41,618</td></tr></table>
41
Foreign Purchases and Sales and Net Purchases or Sales of U.S. Domestic Securities
(In thousands of dollars)
<table><tr><th>Transactions during week ended-</th><th>Total purchases</th><th>Total sales</th><th>Net purchases or sales (-)</th><th>Transactions during week ended-</th><th>Total purchases</th><th>Total sales</th><th>Net purchases or sales (-)</th><th>Transactions during week ended-</th><th>Total purchases</th><th>Total sales</th><th>Net purchases or sales (-)</th></tr><tr><td>1936-Jan. 8....</td><td>49,555</td><td>30,020</td><td>19,535</td><td>1937-Mar. 3....</td><td>74,784</td><td>63,616</td><td>11,168</td><td>1938-May 4....</td><td>9,765</td><td>11,085</td><td>-1,320</td></tr><tr><td>15.....</td><td>49,591</td><td>49,064</td><td>527</td><td>10.....</td><td>113,812</td><td>85,119</td><td>28,693</td><td>11.....</td><td>11,852</td><td>14,356</td><td>-2,504</td></tr><tr><td>22.....</td><td>48,976</td><td>43,722</td><td>5,254</td><td>17.....</td><td>84,365</td><td>74,045</td><td>10,320</td><td>18.....</td><td>12,105</td><td>12,553</td><td>448</td></tr><tr><td>29.....</td><td>49,821</td><td>44,675</td><td>5,146</td><td>24.....</td><td>66,507</td><td>69,074</td><td>-2,567</td><td>25.....</td><td>8,816</td><td>9,291</td><td>-475</td></tr><tr><td>Feb. 5....</td><td>52,463</td><td>43,821</td><td>8,642</td><td>Apr. 7.....</td><td>58,751</td><td>50,982</td><td>7,769</td><td>June 1.....</td><td>10,405</td><td>9,983</td><td>422</td></tr><tr><td>11.....</td><td>52,605</td><td>45,394</td><td>7,211</td><td>14.....</td><td>58,729</td><td>58,162</td><td>567</td><td>8.....</td><td>11,682</td><td>12,383</td><td>-701</td></tr><tr><td>19.....</td><td>77,355</td><td>55,391</td><td>21,964</td><td>21.....</td><td>39,674</td><td>48,278</td><td>-8,604</td><td>15.....</td><td>9,021</td><td>11,977</td><td>-2,956</td></tr><tr><td>26.....</td><td>67,493</td><td>51,904</td><td>15,589</td><td>28.....</td><td>43,143</td><td>54,898</td><td>-11,755</td><td>22.....</td><td>11,375</td><td>9,257</td><td>2,118</td></tr><tr><td>Mar. 4....</td><td>46,636</td><td>44,875</td><td>1,761</td><td>May 5.....</td><td>44,852</td><td>67,685</td><td>-22,833</td><td>July 6.....</td><td>38,619</td><td>32,628</td><td>5,991</td></tr><tr><td>11.....</td><td>55,710</td><td>51,901</td><td>3,815</td><td>12.....</td><td>34,423</td><td>25,111</td><td>9,312</td><td>13.....</td><td>38,121</td><td>38,613</td><td>-492</td></tr><tr><td>18.....</td><td>51,541</td><td>47,661</td><td>3,880</td><td>19.....</td><td>26,800</td><td>32,184</td><td>-5,384</td><td>20.....</td><td>32,653</td><td>35,895</td><td>-3,242</td></tr><tr><td>25.....</td><td>47,947</td><td>33,473</td><td>14,474</td><td>26.....</td><td>34,169</td><td>25,316</td><td>8,853</td><td>27.....</td><td>36,049</td><td>43,931</td><td>-7,882</td></tr><tr><td>Apr. 1....</td><td>36,986</td><td>33,823</td><td>3,163</td><td>June 2.....</td><td>18,912</td><td>14,271</td><td>4,641</td><td>Aug. 3.....</td><td>20,541</td><td>27,220</td><td>-6,679</td></tr><tr><td>8.....</td><td>52,835</td><td>34,793</td><td>18,042</td><td>9.....</td><td>31,995</td><td>26,171</td><td>5,824</td><td>10.....</td><td>18,739</td><td>24,969</td><td>-6,230</td></tr><tr><td>15.....</td><td>33,368</td><td>22,781</td><td>10,587</td><td>16.....</td><td>32,781</td><td>26,962</td><td>5,821</td><td>17.....</td><td>18,802</td><td>23,812</td><td>-5,010</td></tr><tr><td>22.....</td><td>42,935</td><td>31,165</td><td>11,770</td><td>23.....</td><td>21,651</td><td>28,638</td><td>-6,987</td><td>24.....</td><td>11,570</td><td>14,965</td><td>-3,395</td></tr><tr><td>29.....</td><td>49,814</td><td>40,844</td><td>8,970</td><td>30.....</td><td>26,474</td><td>19,865</td><td>6,609</td><td>31.....</td><td>20,801</td><td>23,853</td><td>-3,052</td></tr><tr><td>May 6....</td><td>36,373</td><td>51,357</td><td>-14,984</td><td>July 7.....</td><td>16,717</td><td>20,597</td><td>-3,880</td><td>Sept. 7.....</td><td>12,060</td><td>13,819</td><td>-1,759</td></tr><tr><td>13.....</td><td>29,848</td><td>22,903</td><td>6,945</td><td>14.....</td><td>41,309</td><td>33,682</td><td>7,827</td><td>14.....</td><td>15,463</td><td>18,411</td><td>-2,948</td></tr><tr><td>20.....</td><td>30,104</td><td>24,947</td><td>5,157</td><td>21.....</td><td>34,326</td><td>31,427</td><td>2,899</td><td>21.....</td><td>34,063</td><td>25,408</td><td>8,655</td></tr><tr><td>27.....</td><td>23,085</td><td>22,098</td><td>987</td><td>28.....</td><td>48,503</td><td>33,337</td><td>15,166</td><td>28.....</td><td>20,902</td><td>24,745</td><td>-3,843</td></tr><tr><td>June 3....</td><td>25,015</td><td>26,629</td><td>-1,614</td><td>Aug. 4.....</td><td>32,886</td><td>25,129</td><td>7,757</td><td>Oct. 5.....</td><td>43,286</td><td>26,139</td><td>17,147</td></tr><tr><td>10.....</td><td>51,407</td><td>29,641</td><td>21,766</td><td>11.....</td><td>41,681</td><td>33,544</td><td>8,137</td><td>12.....</td><td>48,449</td><td>29,888</td><td>18,561</td></tr><tr><td>17.....</td><td>37,033</td><td>29,333</td><td>7,700</td><td>18.....</td><td>28,433</td><td>27,762</td><td>671</td><td>19.....</td><td>46,441</td><td>37,402</td><td>9,039</td></tr><tr><td>24.....</td><td>36,988</td><td>24,138</td><td>12,850</td><td>25.....</td><td>31,062</td><td>25,222</td><td>5,840</td><td>26.....</td><td>45,644</td><td>33,412</td><td>12,232</td></tr><tr><td>July 1....</td><td>41,305</td><td>32,955</td><td>8,350</td><td>Sept. 1.....</td><td>26,590</td><td>25,761</td><td>829</td><td>Nov. 2.....</td><td>41,470</td><td>33,198</td><td>8,272</td></tr><tr><td>8.....</td><td>29,419</td><td>24,881</td><td>4,538</td><td>8.....</td><td>26,093</td><td>23,110</td><td>2,983</td><td>9.....</td><td>25,338</td><td>23,665</td><td>1,673</td></tr><tr><td>15.....</td><td>39,413</td><td>32,202</td><td>7,211</td><td>15.....</td><td>57,789</td><td>45,416</td><td>12,373</td><td>16.....</td><td>42,393</td><td>37,886</td><td>4,507</td></tr><tr><td>22.....</td><td>50,306</td><td>36,865</td><td>13,441</td><td>22.....</td><td>37,904</td><td>42,671</td><td>-4,767</td><td>23.....</td><td>33,318</td><td>31,704</td><td>1,614</td></tr><tr><td>29.....</td><td>51,101</td><td>37,643</td><td>13,458</td><td>29.....</td><td>38,753</td><td>39,000</td><td>-247</td><td>30.....</td><td>19,846</td><td>23,886</td><td>-4,040</td></tr><tr><td>Aug. 5....</td><td>44,399</td><td>40,386</td><td>4,013</td><td>Oct. 6.....</td><td>22,337</td><td>24,753</td><td>-2,416</td><td>Dec. 7.....</td><td>26,323</td><td>19,704</td><td>6,559</td></tr><tr><td>12.....</td><td>43,348</td><td>39,039</td><td>4,309</td><td>13.....</td><td>24,008</td><td>36,652</td><td>-12,644</td><td>14.....</td><td>19,917</td><td>28,398</td><td>-8,481</td></tr><tr><td>19.....</td><td>42,280</td><td>30,789</td><td>11,491</td><td>20.....</td><td>37,540</td><td>41,240</td><td>-3,700</td><td>21.....</td><td>36,607</td><td>26,963</td><td>9,644</td></tr><tr><td>26.....</td><td>33,308</td><td>24,666</td><td>8,642</td><td>27.....</td><td>54,514</td><td>44,618</td><td>9,896</td><td>28.....</td><td>22,343</td><td>13,624</td><td>8,719</td></tr><tr><td>Sept. 2....</td><td>34,058</td><td>29,016</td><td>5,042</td><td>Nov. 3.....</td><td>32,346</td><td>24,798</td><td>7,548</td><td>1939-Jan. 4....</td><td>25,529</td><td>24,980</td><td>569</td></tr><tr><td>9.....</td><td>31,350</td><td>27,039</td><td>4,311</td><td>10.....</td><td>26,527</td><td>30,716</td><td>-4,189</td><td>11.....</td><td>30,039</td><td>28,178</td><td>1,861</td></tr><tr><td>16.....</td><td>54,768</td><td>40,859</td><td>13,909</td><td>17.....</td><td>29,423</td><td>24,081</td><td>5,342</td><td>18.....</td><td>21,367</td><td>29,874</td><td>-8,507</td></tr><tr><td>23.....</td><td>45,382</td><td>28,288</td><td>17,094</td><td>24.....</td><td>26,339</td><td>29,814</td><td>-3,475</td><td>25.....</td><td>20,784</td><td>37,180</td><td>-16,396</td></tr><tr><td>30.....</td><td>50,193</td><td>48,549</td><td>1,644</td><td>Dec. 1.....</td><td>26,062</td><td>19,104</td><td>6,958</td><td>Feb. 1.....</td><td>29,450</td><td>36,458</td><td>-7,008</td></tr><tr><td>Oct. 7....</td><td>76,926</td><td>44,416</td><td>32,510</td><td>8.....</td><td>25,512</td><td>19,482</td><td>6,030</td><td>8.....</td><td>28,615</td><td>23,014</td><td>5,601</td></tr><tr><td>14.....</td><td>83,485</td><td>42,865</td><td>40,620</td><td>15.....</td><td>35,481</td><td>26,796</td><td>8,685</td><td>15.....</td><td>17,529</td><td>15,519</td><td>2,010</td></tr><tr><td>21.....</td><td>98,943</td><td>52,783</td><td>46,160</td><td>22.....</td><td>24,631</td><td>16,525</td><td>8,106</td><td>22.....</td><td>16,502</td><td>14,868</td><td>1,634</td></tr><tr><td>28.....</td><td>74,886</td><td>49,312</td><td>25,574</td><td>29.....</td><td>20,602</td><td>9,888</td><td>10,714</td><td>Mar. 1.....</td><td>22,205</td><td>20,272</td><td>1,933</td></tr><tr><td>Nov. 4....</td><td>68,723</td><td>36,453</td><td>32,270</td><td>1938-Jan. 5....</td><td>17,083</td><td>15,195</td><td>1,888</td><td>8.....</td><td>22,675</td><td>25,232</td><td>-2,557</td></tr><tr><td>11.....</td><td>113,852</td><td>66,103</td><td>47,749</td><td>12.....</td><td>22,268</td><td>21,189</td><td>1,079</td><td>15.....</td><td>26,725</td><td>27,207</td><td>-482</td></tr><tr><td>18.....</td><td>97,287</td><td>87,676</td><td>9,551</td><td>19.....</td><td>24,699</td><td>21,609</td><td>3,090</td><td>22.....</td><td>24,587</td><td>39,669</td><td>-15,082</td></tr><tr><td>25.....</td><td>81,621</td><td>70,460</td><td>11,161</td><td>26.....</td><td>17,822</td><td>17,942</td><td>-120</td><td>29.....</td><td>29,386</td><td>23,209</td><td>6,177</td></tr><tr><td>Dec. 2....</td><td>57,253</td><td>45,903</td><td>11,350</td><td>Feb. 2.....</td><td>20,255</td><td>18,017</td><td>2,238</td><td>Apr. 5.....</td><td>36,475</td><td>25,365</td><td>11,110</td></tr><tr><td>9.....</td><td>44,111</td><td>53,314</td><td>-9,203</td><td>9.....</td><td>13,626</td><td>18,587</td><td>-4,961</td><td>12.....</td><td>19,977</td><td>17,962</td><td>2,015</td></tr><tr><td>16.....</td><td>63,036</td><td>48,404</td><td>14,572</td><td>16.....</td><td>10,704</td><td>15,302</td><td>-4,598</td><td>19.....</td><td>21,239</td><td>20,677</td><td>562</td></tr><tr><td>23.....</td><td>60,936</td><td>44,769</td><td>16,167</td><td>23.....</td><td>11,021</td><td>11,833</td><td>-812</td><td>26.....</td><td>19,851</td><td>11,245</td><td>8,606</td></tr><tr><td>30.....</td><td>37,272</td><td>31,650</td><td>5,622</td><td>Mar. 2.....</td><td>20,043</td><td>29,772</td><td>-9,729</td><td>May 3.....</td><td>19,699</td><td>10,723</td><td>8,976</td></tr><tr><td>1937-Jan. 6....</td><td>38,171</td><td>37,056</td><td>1,115</td><td>9.....</td><td>12,462</td><td>11,806</td><td>656</td><td>10.....</td><td>13,402</td><td>15,120</td><td>-1,718</td></tr><tr><td>13.....</td><td>65,591</td><td>56,170</td><td>9,421</td><td>16.....</td><td>12,986</td><td>15,846</td><td>-2,860</td><td>17.....</td><td>13,630</td><td>12,008</td><td>1,622</td></tr><tr><td>20.....</td><td>81,012</td><td>60,013</td><td>20,999</td><td>23.....</td><td>18,619</td><td>17,759</td><td>860</td><td>24.....</td><td>11,579</td><td>14,041</td><td>-2,462</td></tr><tr><td>27.....</td><td>68,904</td><td>59,867</td><td>9,037</td><td>30.....</td><td>19,355</td><td>17,704</td><td>1,651</td><td>31.....</td><td>15,115</td><td>15,265</td><td>-150</td></tr><tr><td>Feb. 3....</td><td>65,470</td><td>55,056</td><td>10,414</td><td>Apr. 6.....</td><td>18,967</td><td>19,058</td><td>-91</td><td></td><td></td><td></td><td></td></tr><tr><td>10.....</td><td>98,866</td><td>66,819</td><td>32,047</td><td>13.....</td><td>14,702</td><td>12,630</td><td>2,072</td><td></td><td></td><td></td><td></td></tr><tr><td>17.....</td><td>77,632</td><td>73,754</td><td>3,878</td><td>20.....</td><td>19,312</td><td>12,406</td><td>6,906</td><td></td><td></td><td></td><td></td></tr><tr><td>24.....</td><td>74,863</td><td>64,632</td><td>10,231</td><td>27.....</td><td>14,912</td><td>13,401</td><td>1,511</td><td></td><td></td><td></td><td></td></tr></table>
Note: Includes transactions executed in the United States for foreign account, executed abroad for domestic account, and transactions in joint foreign arbitrage accounts as reported by banks, bankers, brokers and dealers in the United States.
FOREIGN PURCHASES AND SALES OF U.S. DOMESTIC SECURITIES Weekly
42
43
Purchases and Sales of Foreign Exchange, Spot and Forward, as Reported by Banks and Bankers in the United States for May 1939
(In thousands of dollars)
<table><tr><th>Transactions during week ended-</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nother-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>TOTAL PURCHASES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10 Spot</td><td>56,540</td><td>2,096</td><td>869</td><td>588</td><td>5,610</td><td>1,239</td><td>2,029</td><td>68,971</td><td>24,469</td><td>886</td><td>1,593</td><td>525</td><td>96,144</td></tr><tr><td>May 10 Forward</td><td>33,347</td><td>382</td><td>17</td><td>105</td><td>1,523</td><td>12</td><td>329</td><td>35,715</td><td>9,437</td><td>243</td><td>1,731</td><td>11</td><td>47,137</td></tr><tr><td>May 17 Spot</td><td>61,260</td><td>2,254</td><td>949</td><td>661</td><td>5,817</td><td>1,427</td><td>2,694</td><td>75,062</td><td>30,402</td><td>693</td><td>2,137</td><td>368</td><td>108,662</td></tr><tr><td>May 17 Forward</td><td>30,440</td><td>138</td><td>57</td><td>123</td><td>1,160</td><td>436</td><td>634</td><td>32,988</td><td>10,880</td><td>92</td><td>1,073</td><td>6</td><td>45,099</td></tr><tr><td>May 24 Spot</td><td>62,405</td><td>2,166</td><td>750</td><td>660</td><td>3,203</td><td>755</td><td>2,293</td><td>72,232</td><td>21,591</td><td>316</td><td>2,504</td><td>630</td><td>97,273</td></tr><tr><td>May 24 Forward</td><td>25,875</td><td>543</td><td>21</td><td>252</td><td>949</td><td>118</td><td>1,016</td><td>28,774</td><td>6,851</td><td>-</td><td>2,050</td><td>3</td><td>37,678</td></tr><tr><td>May 31 Spot</td><td>45,318</td><td>1,632</td><td>903</td><td>612</td><td>5,052</td><td>1,026</td><td>1,911</td><td>56,454</td><td>24,023</td><td>133</td><td>2,821</td><td>375</td><td>83,806</td></tr><tr><td>May 31 Forward</td><td>23,214</td><td>95</td><td>-</td><td>133</td><td>1,064</td><td>339</td><td>686</td><td>25,531</td><td>8,690</td><td>-</td><td>1,258</td><td>3</td><td>35,482</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><td></td></tr><tr><td>May 10 Spot</td><td>41,196</td><td>1,593</td><td>839</td><td>445</td><td>5,377</td><td>1,186</td><td>1,904</td><td>52,540</td><td>18,775</td><td>766</td><td>1,168</td><td>209</td><td>73,458</td></tr><tr><td>May 10 Forward</td><td>25,067</td><td>176</td><td>11</td><td>104</td><td>1,506</td><td>5</td><td>210</td><td>27,079</td><td>4,895</td><td>-</td><td>742</td><td>-</td><td>32,716</td></tr><tr><td>May 17 Spot</td><td>44,861</td><td>1,858</td><td>830</td><td>449</td><td>5,549</td><td>1,019</td><td>2,467</td><td>57,033</td><td>21,370</td><td>532</td><td>1,866</td><td>47</td><td>80,848</td></tr><tr><td>May 17 Forward</td><td>19,713</td><td>109</td><td>57</td><td>122</td><td>1,049</td><td>435</td><td>517</td><td>22,002</td><td>5,667</td><td>-</td><td>641</td><td>-</td><td>28,310</td></tr><tr><td>May 24 Spot</td><td>48,807</td><td>1,994</td><td>628</td><td>509</td><td>2,987</td><td>701</td><td>2,157</td><td>57,783</td><td>12,948</td><td>205</td><td>1,888</td><td>239</td><td>73,053</td></tr><tr><td>May 24 Forward</td><td>17,268</td><td>531</td><td>21</td><td>183</td><td>882</td><td>117</td><td>852</td><td>19,854</td><td>4,561</td><td>-</td><td>1,206</td><td>-</td><td>25,621</td></tr><tr><td>May 31 Spot</td><td>33,252</td><td>1,553</td><td>849</td><td>397</td><td>4,828</td><td>997</td><td>1,781</td><td>43,667</td><td>17,319</td><td>59</td><td>1,826</td><td>61</td><td>62,932</td></tr><tr><td>May 31 Forward</td><td>15,152</td><td>81</td><td>-</td><td>131</td><td>895</td><td>175</td><td>230</td><td>16,664</td><td>5,756</td><td>-</td><td>569</td><td>-</td><td>22,989</td></tr><tr><td>Purchases from customers other than banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10 Spot</td><td>15,344</td><td>503</td><td>30</td><td>143</td><td>233</td><td>53</td><td>125</td><td>16,431</td><td>5,694</td><td>120</td><td>425</td><td>316</td><td>22,986</td></tr><tr><td>May 10 Forward</td><td>8,280</td><td>206</td><td>6</td><td>1</td><td>17</td><td>7</td><td>119</td><td>8,636</td><td>4,542</td><td>243</td><td>989</td><td>11</td><td>14,421</td></tr><tr><td>May 17 Spot</td><td>16,399</td><td>396</td><td>119</td><td>212</td><td>268</td><td>408</td><td>227</td><td>18,029</td><td>9,032</td><td>161</td><td>271</td><td>321</td><td>27,814</td></tr><tr><td>May 17 Forward</td><td>10,727</td><td>29</td><td>-</td><td>1</td><td>111</td><td>1</td><td>117</td><td>10,986</td><td>5,213</td><td>92</td><td>432</td><td>6</td><td>16,729</td></tr><tr><td>May 24 Spot</td><td>13,598</td><td>172</td><td>122</td><td>151</td><td>216</td><td>54</td><td>136</td><td>14,449</td><td>8,643</td><td>111</td><td>616</td><td>391</td><td>24,210</td></tr><tr><td>May 24 Forward</td><td>8,607</td><td>12</td><td>-</td><td>69</td><td>67</td><td>1</td><td>164</td><td>8,920</td><td>2,290</td><td>-</td><td>844</td><td>3</td><td>12,057</td></tr><tr><td>May 31 Spot</td><td>12,056</td><td>79</td><td>54</td><td>215</td><td>224</td><td>29</td><td>130</td><td>12,787</td><td>6,704</td><td>74</td><td>995</td><td>314</td><td>20,874</td></tr><tr><td>May 31 Forward</td><td>8,062</td><td>14</td><td>-</td><td>2</td><td>169</td><td>164</td><td>456</td><td>8,867</td><td>2,934</td><td>-</td><td>689</td><td>3</td><td>12,493</td></tr><tr><td>TOTAL SALES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10 Spot</td><td>51,344</td><td>1,781</td><td>671</td><td>540</td><td>3,202</td><td>1,137</td><td>1,434</td><td>60,109</td><td>24,966</td><td>619</td><td>2,106</td><td>127</td><td>87,927</td></tr><tr><td>May 10 Forward</td><td>36,814</td><td>242</td><td>15</td><td>35</td><td>3,076</td><td>84</td><td>934</td><td>41,200</td><td>11,457</td><td>395</td><td>1,612</td><td>-</td><td>54,664</td></tr><tr><td>May 17 Spot</td><td>59,625</td><td>1,982</td><td>751</td><td>632</td><td>3,850</td><td>1,130</td><td>2,030</td><td>70,000</td><td>28,659</td><td>552</td><td>1,687</td><td>65</td><td>100,963</td></tr><tr><td>May 17 Forward</td><td>30,675</td><td>184</td><td>166</td><td>4</td><td>2,070</td><td>889</td><td>1,466</td><td>35,454</td><td>12,474</td><td>95</td><td>1,301</td><td>1</td><td>49,325</td></tr><tr><td>May 24 Spot</td><td>60,520</td><td>2,033</td><td>591</td><td>534</td><td>3,842</td><td>793</td><td>1,793</td><td>70,106</td><td>22,213</td><td>261</td><td>1,620</td><td>442</td><td>94,042</td></tr><tr><td>May 24 Forward</td><td>33,548</td><td>421</td><td>5</td><td>236</td><td>995</td><td>211</td><td>1,395</td><td>36,811</td><td>7,307</td><td>23</td><td>2,958</td><td>3</td><td>47,102</td></tr><tr><td>May 31 Spot</td><td>42,629</td><td>1,523</td><td>826</td><td>573</td><td>5,732</td><td>651</td><td>1,810</td><td>53,744</td><td>22,834</td><td>263</td><td>1,974</td><td>88</td><td>78,903</td></tr><tr><td>May 31 Forward</td><td>25,255</td><td>289</td><td>1</td><td>35</td><td>1,001</td><td>651</td><td>1,149</td><td>28,381</td><td>10,011</td><td>-</td><td>1,685</td><td>-</td><td>40,077</td></tr><tr><td>Sales to banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10 Spot</td><td>41,675</td><td>779</td><td>328</td><td>283</td><td>2,752</td><td>727</td><td>793</td><td>47,337</td><td>15,166</td><td>66</td><td>692</td><td>18</td><td>63,279</td></tr><tr><td>May 10 Forward</td><td>25,366</td><td>139</td><td>6</td><td>30</td><td>2,669</td><td>78</td><td>737</td><td>28,625</td><td>9,085</td><td>395</td><td>1,066</td><td>-</td><td>39,171</td></tr><tr><td>May 17 Spot</td><td>47,162</td><td>1,045</td><td>420</td><td>335</td><td>3,493</td><td>901</td><td>1,161</td><td>54,517</td><td>18,763</td><td>119</td><td>570</td><td>27</td><td>73,996</td></tr><tr><td>May 17 Forward</td><td>20,745</td><td>127</td><td>102</td><td>-</td><td>1,378</td><td>750</td><td>1,279</td><td>24,381</td><td>10,293</td><td>93</td><td>1,151</td><td>-</td><td>35,918</td></tr><tr><td>May 24 Spot</td><td>45,918</td><td>1,073</td><td>372</td><td>288</td><td>3,314</td><td>513</td><td>633</td><td>52,111</td><td>15,981</td><td>37</td><td>580</td><td>206</td><td>68,915</td></tr><tr><td>May 24 Forward</td><td>24,541</td><td>353</td><td>4</td><td>201</td><td>591</td><td>211</td><td>750</td><td>26,651</td><td>5,534</td><td>-</td><td>2,546</td><td>3</td><td>34,734</td></tr><tr><td>May 31 Spot</td><td>31,113</td><td>700</td><td>500</td><td>351</td><td>5,025</td><td>460</td><td>684</td><td>38,833</td><td>15,071</td><td>133</td><td>989</td><td>30</td><td>55,056</td></tr><tr><td>May 31 Forward</td><td>18,204</td><td>171</td><td>1</td><td>34</td><td>613</td><td>491</td><td>1,033</td><td>20,607</td><td>8,333</td><td>-</td><td>1,397</td><td>-</td><td>30,337</td></tr><tr><td>Sales to customers other than banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 10 Spot</td><td>9,669</td><td>1,002</td><td>343</td><td>257</td><td>450</td><td>410</td><td>641</td><td>12,772</td><td>9,800</td><td>553</td><td>1,414</td><td>109</td><td>24,648</td></tr><tr><td>May 10 Forward</td><td>11,448</td><td>103</td><td>9</td><td>5</td><td>807</td><td>6</td><td>197</td><td>12,575</td><td>2,372</td><td>-</td><td>546</td><td>-</td><td>15,493</td></tr><tr><td>May 17 Spot</td><td>12,403</td><td>937</td><td>331</td><td>297</td><td>357</td><td>229</td><td>869</td><td>15,483</td><td>9,836</td><td>433</td><td>1,117</td><td>38</td><td>26,967</td></tr><tr><td>May 17 Forward</td><td>9,930</td><td>57</td><td>64</td><td>4</td><td>692</td><td>139</td><td>187</td><td>11,073</td><td>2,181</td><td>2</td><td>150</td><td>1</td><td>13,407</td></tr><tr><td>May 24 Spot</td><td>14,602</td><td>960</td><td>219</td><td>246</td><td>528</td><td>280</td><td>1,160</td><td>17,995</td><td>6,232</td><td>224</td><td>1,040</td><td>236</td><td>25,727</td></tr><tr><td>May 24 Forward</td><td>9,007</td><td>68</td><td>1</td><td>35</td><td>404</td><td>-</td><td>645</td><td>10,160</td><td>1,773</td><td>23</td><td>412</td><td>-</td><td>12,368</td></tr><tr><td>May 31 Spot</td><td>11,516</td><td>823</td><td>326</td><td>222</td><td>707</td><td>191</td><td>1,126</td><td>14,911</td><td>7,763</td><td>130</td><td>985</td><td>58</td><td>23,847</td></tr><tr><td>May 31 Forward</td><td>6,991</td><td>118</td><td>-</td><td>1</td><td>388</td><td>160</td><td>116</td><td>7,774</td><td>1,678</td><td>-</td><td>288</td><td>-</td><td>9,740</td></tr></table>
44
Outstanding Forward Exchange Contracts as Reported by Banks and Bankers in the United States during May 1939
(In thousands of dollars)
<table><tr><th>Contracts as of following dates</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nother-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>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>May 10.............</td><td>293,494</td><td>4,600</td><td>127</td><td>325</td><td>13,662</td><td>2,044</td><td>14,904</td><td>329,156</td><td>94,591</td><td>1,701</td><td>11,403</td><td>187</td><td>437,038</td></tr><tr><td>May 17.............</td><td>292,232</td><td>4,345</td><td>182</td><td>326</td><td>13,823</td><td>2,399</td><td>13,967</td><td>327,274</td><td>99,723</td><td>1,794</td><td>11,440</td><td>184</td><td>440,415</td></tr><tr><td>May 24.............</td><td>276,916</td><td>4,236</td><td>178</td><td>362</td><td>12,869</td><td>2,304</td><td>12,536</td><td>309,401</td><td>100,052</td><td>1,765</td><td>11,641</td><td>184</td><td>423,043</td></tr><tr><td>May 31.............</td><td>259,613</td><td>3,581</td><td>27</td><td>368</td><td>11,299</td><td>2,026</td><td>9,419</td><td>286,333</td><td>96,259</td><td>1,762</td><td>10,289</td><td>177</td><td>394,820</td></tr><tr><td>Contracts for purchasee 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>May 10.............</td><td>84,740</td><td>2,000</td><td>63</td><td>19</td><td>4,379</td><td>500</td><td>3,542</td><td>95,243</td><td>13,905</td><td>1,026</td><td>2,922</td><td>10</td><td>113,106</td></tr><tr><td>May 17.............</td><td>83,777</td><td>1,747</td><td>75</td><td>19</td><td>4,388</td><td>555</td><td>2,826</td><td>93,387</td><td>14,426</td><td>1,026</td><td>3,123</td><td>10</td><td>111,972</td></tr><tr><td>May 24.............</td><td>78,614</td><td>1,865</td><td>64</td><td>20</td><td>4,427</td><td>522</td><td>2,350</td><td>87,862</td><td>13,053</td><td>1,003</td><td>3,166</td><td>10</td><td>105,094</td></tr><tr><td>May 31.............</td><td>74,139</td><td>1,577</td><td>-</td><td>21</td><td>4,031</td><td>467</td><td>1,794</td><td>82,029</td><td>12,291</td><td>1,003</td><td>2,330</td><td>10</td><td>97,663</td></tr><tr><td>Contracts for purchasee 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>May 10.............</td><td>208,754</td><td>2,600</td><td>64</td><td>306</td><td>9,283</td><td>1,544</td><td>11,362</td><td>233,913</td><td>80,686</td><td>675</td><td>8,481</td><td>177</td><td>323,932</td></tr><tr><td>May 17.............</td><td>208,455</td><td>2,598</td><td>107</td><td>307</td><td>9,435</td><td>1,844</td><td>11,141</td><td>233,887</td><td>85,297</td><td>768</td><td>8,317</td><td>174</td><td>328,443</td></tr><tr><td>May 24.............</td><td>198,302</td><td>2,371</td><td>114</td><td>342</td><td>8,442</td><td>1,782</td><td>10,186</td><td>221,539</td><td>85,999</td><td>762</td><td>8,475</td><td>174</td><td>317,949</td></tr><tr><td>May 31.............</td><td>185,474</td><td>2,004</td><td>27</td><td>347</td><td>7,268</td><td>1,559</td><td>7,625</td><td>204,304</td><td>83,968</td><td>759</td><td>7,959</td><td>167</td><td>297,157</td></tr><tr><td>TOTAL SALES 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>May 10.............</td><td>311,543</td><td>6,712</td><td>324</td><td>526</td><td>21,129</td><td>4,490</td><td>16,763</td><td>361,487</td><td>104,441</td><td>3,971</td><td>13,817</td><td>103</td><td>483,819</td></tr><tr><td>May 17.............</td><td>305,091</td><td>6,490</td><td>463</td><td>483</td><td>20,846</td><td>5,155</td><td>16,104</td><td>354,632</td><td>109,467</td><td>4,047</td><td>13,875</td><td>104</td><td>482,125</td></tr><tr><td>May 24.............</td><td>296,896</td><td>5,925</td><td>355</td><td>543</td><td>19,865</td><td>4,892</td><td>14,172</td><td>342,648</td><td>108,460</td><td>4,046</td><td>14,718</td><td>102</td><td>469,974</td></tr><tr><td>May 31.............</td><td>277,043</td><td>5,126</td><td>156</td><td>520</td><td>17,552</td><td>4,205</td><td>12,593</td><td>317,195</td><td>103,482</td><td>4,023</td><td>13,222</td><td>100</td><td>438,022</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>May 10.............</td><td>98,219</td><td>4,940</td><td>121</td><td>122</td><td>10,692</td><td>3,149</td><td>12,928</td><td>130,171</td><td>42,420</td><td>3,749</td><td>6,911</td><td>74</td><td>183,325</td></tr><tr><td>May 17.............</td><td>95,853</td><td>4,704</td><td>168</td><td>122</td><td>10,176</td><td>3,405</td><td>12,080</td><td>126,508</td><td>45,951</td><td>3,823</td><td>7,199</td><td>74</td><td>183,555</td></tr><tr><td>May 24.............</td><td>89,292</td><td>4,261</td><td>166</td><td>153</td><td>9,456</td><td>3,037</td><td>10,207</td><td>116,572</td><td>44,143</td><td>3,801</td><td>8,067</td><td>74</td><td>172,657</td></tr><tr><td>May 31.............</td><td>84,493</td><td>3,539</td><td>59</td><td>132</td><td>8,189</td><td>2,555</td><td>9,521</td><td>108,488</td><td>42,593</td><td>3,777</td><td>6,800</td><td>74</td><td>161,732</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>May 10.............</td><td>213,324</td><td>1,772</td><td>203</td><td>404</td><td>10,437</td><td>1,341</td><td>3,835</td><td>231,316</td><td>62,021</td><td>222</td><td>6,906</td><td>29</td><td>300,494</td></tr><tr><td>May 17.............</td><td>209,238</td><td>1,786</td><td>295</td><td>361</td><td>10,670</td><td>1,750</td><td>4,024</td><td>228,124</td><td>63,516</td><td>224</td><td>6,676</td><td>30</td><td>298,570</td></tr><tr><td>May 24.............</td><td>207,604</td><td>1,664</td><td>189</td><td>390</td><td>10,409</td><td>1,855</td><td>3,965</td><td>226,076</td><td>64,317</td><td>245</td><td>6,651</td><td>28</td><td>297,317</td></tr><tr><td>May 31.............</td><td>192,550</td><td>1,587</td><td>97</td><td>388</td><td>9,363</td><td>1,650</td><td>3,072</td><td>208,707</td><td>60,889</td><td>246</td><td>6,422</td><td>26</td><td>276,290</td></tr></table>
Net Position in Foreign Currencies of Reporting Banks and Bankers in the United States for May 1939
(Minus indicates short position: In thousands of dollars)
<table><tr><th rowspan="2">Position as of following dates</th><th colspan="12">Currency of-</th></tr><tr><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nother-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>May 10</td><td>-2,583</td><td>-1,431</td><td>-403</td><td>-919</td><td>-4,258</td><td>-1,091</td><td>-1,449</td><td>-12,134</td><td>-1,156</td><td>-325</td><td>-6,315</td><td>195</td><td>-19,735</td></tr><tr><td>May 17</td><td>-665</td><td>-1,309</td><td>-316</td><td>-910</td><td>-3,203</td><td>-1,213</td><td>-1,560</td><td>-9,176</td><td>-1,065</td><td>-129</td><td>-6,039</td><td>226</td><td>-16,183</td></tr><tr><td>May 24</td><td>-6,168</td><td>-1,001</td><td>-128</td><td>-878</td><td>-3,895</td><td>-1,347</td><td>-1,415</td><td>-14,832</td><td>-1,890</td><td>-85</td><td>-6,135</td><td>232</td><td>-22,711</td></tr><tr><td>May 31</td><td>-5,047</td><td>-1,121</td><td>-67</td><td>-836</td><td>-4,509</td><td>-1,291</td><td>-1,770</td><td>-14,641</td><td>-1,988</td><td>-233</td><td>-5,713</td><td>249</td><td>-22,320</td></tr></table>
OTHER MONETARY STATISTICS
-45-
46
Gold Assets and Liabilities of the Treasury
(In millions of dollars - on basis of daily Treasury statements unrevised)
<table><tr><th>End of calendar year or month</th><th>Gold Assets</th><th>Gold Certificates 1/</th><th>Gold 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</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>1938-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>12,199.1</td><td>156.0</td><td>1,800.0</td><td>719.2</td></tr><tr><td>Mar.</td><td>15,258.2</td><td>12,627.0</td><td>156.0</td><td>1,800.0</td><td>675.2</td></tr><tr><td>Apr.</td><td>15,790.6</td><td>13,176.0</td><td>156.0</td><td>1,800.0</td><td>658.4</td></tr><tr><td>May</td><td>15,956.4</td><td>13,398.8</td><td>156.0</td><td>1,800.0</td><td>601.6</td></tr><tr><td>June</td><td>16,110.0</td><td>13,595.6</td><td>156.0</td><td>1,800.0</td><td>558.3</td></tr><tr><td>July</td><td>16,237.5</td><td>13,949.8</td><td>156.0</td><td>1,800.0</td><td>331.7</td></tr></table>
1/ In Federal Reserve Banks, etc., gold certificate fund Board of Governors, Federal Reserve System, and Redemption fund, Federal Reserve notes, $346,681,016 United States notes and $1,167,122 Treasury notes of 1690 outstanding.
2/ This does not include gold in the entire portion of the Stabilization Fund.
Net Movement of Gold to and from the United States
(In millions of dollars at $35 per fine ounce - as reported by U. S. Department of Commerce)
<table><tr><th>Calendar year or month</th><th>United Kingdom</th><th>France</th><th>Nether-lande</th><th>Switzer-land</th><th>Canada</th><th>Mexico</th><th>Japan</th><th>Bel-gium</th><th>British India</th><th>Aus- tralia</th><th>Philip- pine Islands</th><th>Co- lombia</th><th>Chile</th><th>Peru</th><th>China</th><th>All other</th><th>Total net imports or net exports (-)</th></tr><tr><td>1933</td><td>10.8</td><td>-365.1</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><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>499.9</td><td>260.2</td><td>94.3</td><td>12.4</td><td>66.8</td><td>30.3</td><td>-</td><td>8.9</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>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>3.4</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>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><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>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><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>1,208.7</td><td>81.1</td><td>163.0</td><td>1.4</td><td>76.3</td><td>36.5</td><td>168.7</td><td>15.5</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-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><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>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><td>-</td><td>2.7</td><td>1.8</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>378.0</td><td>-</td><td>47.2</td><td>-</td><td>38.1</td><td>1.4</td><td>35.1</td><td>-</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>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><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>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><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>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><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>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><td>-</td><td>6.6</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>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><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><tr><td>Mar.</td><td>250.0</td><td>.8</td><td>27.1</td><td>8.2</td><td>6.9</td><td>3.8</td><td>11.4</td><td>37.2</td><td>3.7</td><td>4.3</td><td>3.3</td><td>4.2</td><td>1.5</td><td>.3</td><td>1.3</td><td>1.4</td><td>365.4</td></tr><tr><td>Apr.</td><td>364.9</td><td>-</td><td>44.6</td><td>55.7</td><td>7.7</td><td>1.6</td><td>5.5</td><td>84.6</td><td>4.9</td><td>4.8</td><td>2.2</td><td>2.1</td><td>.5</td><td>.3</td><td>.3</td><td>6.1</td><td>605.8</td></tr><tr><td>May.</td><td>302.7</td><td>-</td><td>40.4</td><td>2.3</td><td>12.1</td><td>2.1</td><td>10.9</td><td>41.7</td><td>3.4</td><td>5.3</td><td>2.6</td><td>2.1</td><td>.7</td><td>.3</td><td>1.3</td><td>1.5</td><td>429.4</td></tr><tr><td>June.</td><td>128.2</td><td>-</td><td>53.1</td><td>5.6</td><td>17.2</td><td>3.3</td><td>14.1</td><td>-</td><td>2.2</td><td>5.7</td><td>3.8</td><td>2.1</td><td>.8</td><td>.4</td><td>.6</td><td>1.3</td><td>240.4</td></tr><tr><td>July.</td><td>177.8</td><td>-</td><td>45.6</td><td>5.6</td><td>19.2</td><td>4.2</td><td>10.9</td><td>-</td><td>2.8</td><td>5.0</td><td>3.0</td><td>2.1</td><td>1.1</td><td>.2</td><td>1.2</td><td>3.9</td><td>278.5</td></tr></table>
1/ Including Hong Kong.
Monetary Stocks of Gold and Silver
(in millions of dollars - on basis, daily Treasury statements, revised)
<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>896.2</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</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.0</td><td>3,595.3</td><td>18.2</td></tr><tr><td>1938-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>3,129.4</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>3,262.2</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>14,874.4</td><td>3,439.4</td><td>18.8</td></tr><tr><td>Mar.</td><td>15,258.2</td><td>3,477.9</td><td>18.6</td></tr><tr><td>Apr.</td><td>15,790.6</td><td>3,518.0</td><td>18.2</td></tr><tr><td>May</td><td>15,956.7</td><td>3,555.8</td><td>18.2</td></tr><tr><td>June</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>July*</td><td>16,237.5</td><td>3,639.6</td><td>18.3</td></tr></table>
Preliminary
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)
DOLLARS Billions QUARTERLY (End of Quarter) Gold Silver DOLLARS Billions MONTHLY (End of Month) Gold Silver DOLLARS Billions PER CENT Ratio - Silver to Total Gold and Silver Stocks PER CENT Ratio - Silver to Total Gold and Silver Stocks
Note: $287,000,000 written off as lost, Jan.31, 1934
48
Components of Silver Monetary Stock
(In millions of dollars - on basis of daily Treasury statements, revised)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="5">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="3">In General Fund</th><th rowspan="2">Silver dollars 1/</th><th rowspan="2">Sub- oldiary coin 2/</th></tr><tr><th>Silver bul- lion</th><th>Silver dol- lars</th><th>Sub- oldi- ary coin 2/</th><th>Bullion for recoin- age 2/</th><th>Bullion at cost</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......</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>1938-Jul......</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>554.2</td><td>44.4</td><td>372.0</td><td>3,439.4</td></tr><tr><td>Mar......</td><td>1,185.6</td><td>502.7</td><td>4.5</td><td>.3</td><td>561.1</td><td>44.4</td><td>372.0</td><td>3,477.9</td></tr><tr><td>Apr......</td><td>1,199.2</td><td>502.6</td><td>3.6</td><td>.7</td><td>569.6</td><td>44.5</td><td>372.6</td><td>3,518.0</td></tr><tr><td>May......</td><td>1,212.2</td><td>502.5</td><td>3.7</td><td>.4</td><td>577.2</td><td>44.6</td><td>373.6</td><td>3,555.8</td></tr><tr><td>June......</td><td>1,230.6</td><td>502.2</td><td>3.8</td><td>.3</td><td>585.8</td><td>44.9</td><td>376.2</td><td>3,605.2</td></tr><tr><td>July......</td><td>1,246.9</td><td>501.8</td><td>3.4</td><td>.1</td><td>593.4</td><td>44.9</td><td>376.2</td><td>3,639.6</td></tr></table>
1/ Valued at $1.29+ per ounce.
2/ Valued at $1.38+ per ounce.
* Preliminary.
Silver of Specified Classifications Acquired by Mints and Assay Offices
(in millions)
<table><tr><th>Calendar year or month</th><th colspan="2">Newly mined domestic 1/</th><th colspan="2">National-ised 2/</th><th colspan="2">Foreign 3/</th><th colspan="2">Total</th></tr><tr><th></th><th>Own-ces</th><th>Dol-lars</th><th>Own-ces</th><th>Dol-lars</th><th>Own-ces</th><th>Dol-lars</th><th>Own-ces</th><th>Dol-lars</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>194.4</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>-</td><td>-</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</td><td>61.6</td><td>42.2</td><td>-</td><td>-</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1938-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><tr><td>Mar.</td><td>5.4</td><td>3.5</td><td>-</td><td>-</td><td>24.6</td><td>10.6</td><td>30.0</td><td>14.1</td></tr><tr><td>Apr.</td><td>4.9</td><td>3.2</td><td>-</td><td>-</td><td>26.1</td><td>11.2</td><td>31.0</td><td>14.4</td></tr><tr><td>May</td><td>4.7</td><td>3.0</td><td>-</td><td>-</td><td>24.7</td><td>10.6</td><td>29.3</td><td>13.6</td></tr><tr><td>June.</td><td>5.8</td><td>3.7</td><td>-</td><td>-</td><td>32.2</td><td>13.8</td><td>38.0</td><td>17.5</td></tr><tr><td>July.</td><td>5.4</td><td>3.4</td><td>-</td><td>-</td><td>28.6</td><td>12.0</td><td>33.9</td><td>15.4</td></tr></table>
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; at 64.64+ cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11+ cents since July 1, 1939
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 52+ 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</th><th>Mexico</th><th>Peru</th><th>Other America</th><th>Europe</th><th>Oceania</th><th>Japan</th><th>British Inde</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>81,017</td><td>19,356</td><td>17,340</td><td>20,355</td><td>14,767</td><td>10,175</td><td>5,920</td><td>3,535</td><td>4,783</td><td>258,429</td></tr><tr><td>1936-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>2,781</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>16,159</td></tr><tr><td>Dec</td><td>4,624</td><td>1,552</td><td>4,922</td><td>1,850</td><td>1,500</td><td>1,800</td><td>1,160</td><td>875</td><td>485</td><td>350</td><td>393</td><td>19,511</td></tr><tr><td>1939-Jan.</td><td>4,669</td><td>1,575</td><td>4,281</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>404</td><td>19,108</td></tr><tr><td>Feb</td><td>5,268</td><td>1,454</td><td>6,794</td><td>1,700</td><td>1,500</td><td>1,800</td><td>1,169</td><td>875</td><td>485</td><td>400</td><td>377</td><td>21,822</td></tr><tr><td>Mar.</td><td>5,067</td><td>1,637</td><td>4,906</td><td>1,650</td><td>1,500</td><td>1,800</td><td>1,242</td><td>875</td><td>585</td><td>400</td><td>408</td><td>20,070</td></tr><tr><td>Apr</td><td>5,336</td><td>1,411</td><td>2,515</td><td>1,500</td><td>1,450</td><td>1,780</td><td>1,225</td><td>875</td><td>585</td><td>380</td><td>412</td><td>17,469</td></tr><tr><td>May</td><td>3,701</td><td>1,559</td><td>5/</td><td>1,475</td><td>1,500</td><td>1,800</td><td>1,277</td><td>875</td><td>585</td><td>380</td><td>419</td><td>5/</td></tr><tr><td>June</td><td>5,493</td><td>1,766</td><td>5/</td><td>1,500</td><td>1,500</td><td>1,800</td><td>1,277</td><td>875</td><td>585</td><td>380</td><td>416</td><td>5/</td></tr></table>
1/ Annual Reports of the Director of the Mint for annual figures through 1937. Releases of American Bureau of Metal Statistics for monthly figures, and 1938 estimate.
2/ Includes Newfoundland.
3/ Includes Chosen and Taiwan.
4/ Burma, refined silver.
5/ Not yet reported.
= No longer reported. Estimated at about previous rate.
49
Net Movement of Silver to and from the United States
(In thousands of dollars - as reported by U. S. Department of Commerce)
<table><tr><th>Calendar 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>-8,951</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-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><tr><td>Mar.</td><td>324</td><td>8</td><td>547</td><td>3,112</td><td>-750</td><td>42</td><td>759</td><td>284</td></tr><tr><td>Apr.</td><td>1,104</td><td>19</td><td>263</td><td>3,194</td><td>-1,250</td><td>38</td><td>582</td><td>223</td></tr><tr><td>May</td><td>1,017</td><td>13</td><td>545</td><td>3,225</td><td>-492</td><td>17</td><td>494</td><td>321</td></tr><tr><td>June</td><td>3,038</td><td>12</td><td>899</td><td>3,702</td><td>-</td><td>68</td><td>574</td><td>252</td></tr><tr><td>July</td><td>434</td><td>15</td><td>799</td><td>1,641</td><td>5</td><td>67</td><td>516</td><td>404</td></tr></table>
Net imports from or net exports (-) to:
<table><tr><th>Calendar year and month</th><th>British India</th><th>China</th><th>Hong Kong</th><th>Japan</th><th>Other Asia</th><th>All other</th><th>Total net imports or exports (-)</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>2,144</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 ½</td><td>617</td><td>223,449</td></tr><tr><td>1938-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 ½</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><tr><td>Mar.</td><td>250</td><td>-</td><td>-</td><td>502</td><td>160</td><td>44</td><td>5,284</td></tr><tr><td>Apr.</td><td>86</td><td>-</td><td>-</td><td>588</td><td>217</td><td>25</td><td>5,089</td></tr><tr><td>May.</td><td>-</td><td>-</td><td>-</td><td>270</td><td>121</td><td>9</td><td>5,540</td></tr><tr><td>June</td><td>43</td><td>-</td><td>5,319</td><td>326</td><td>228</td><td>6</td><td>14,467</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>635</td><td>216</td><td>158</td><td>4,891</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.
Seigniorage on Silver
(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 silver and minor coins</th><th colspan="5">Sources of Seigniorage on Silver Bullion Revalued 1/</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>Total Seigniorage on silver revalued</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>128.7</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>326.2</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>422.1</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>508.1</td><td>543.9</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>457.7</td><td>34.7</td><td>616.0</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>627.4</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>633.9</td><td>809.8</td></tr><tr><td>Mar.</td><td>70.7</td><td>48.7</td><td>79.0</td><td>480.3</td><td>34.7</td><td>642.7</td><td>825.1</td></tr><tr><td>Apr.</td><td>71.0</td><td>48.7</td><td>80.1</td><td>486.8</td><td>34.7</td><td>650.3</td><td>844.0</td></tr><tr><td>May</td><td>71.9</td><td>48.7</td><td>81.2</td><td>493.1</td><td>34.7</td><td>657.7</td><td>859.7</td></tr><tr><td>June</td><td>73.4</td><td>48.7</td><td>82.9</td><td>501.6</td><td>34.7</td><td>667.9</td><td>879.0</td></tr><tr><td>July</td><td>74.7</td><td>48.7</td><td>84.3</td><td>509.5</td><td>34.7</td><td>677.2</td><td>897.6</td></tr></table>
1/ 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>Monthly average of daily quotations</th><th>United States</th><th>United Kingdom</th><th>France</th><th>Nether-lands</th><th>Switzer-land</th><th>Belgium</th><th>Japan</th><th>Italy</th><th>China 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>57</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>80</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>52</td><td>71</td><td>72</td><td>34</td><td>59</td><td>39</td></tr><tr><td>1938-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><tr><td>Mar.</td><td>59</td><td>57</td><td>40</td><td>78</td><td>69</td><td>71</td><td>32</td><td>59</td><td>21</td></tr><tr><td>Apr.</td><td>59</td><td>57</td><td>40</td><td>78</td><td>69</td><td>72</td><td>32</td><td>59</td><td>21</td></tr><tr><td>May.</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><tr><td>June.</td><td>59</td><td>57</td><td>40</td><td>78</td><td>69</td><td>72</td><td>32</td><td>59</td><td>18</td></tr><tr><td>July.</td><td>59</td><td>57</td><td>40</td><td>78</td><td>69</td><td>72</td><td>32</td><td>59</td><td>14</td></tr></table>
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><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></th><th></th><th></th><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><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><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>94</td><td>96</td><td>92</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>83</td><td>91</td><td>93</td><td>88</td><td>88</td><td>88</td><td>204</td><td>83</td><td>88</td><td>88</td><td>212</td><td>90</td></tr><tr><td>1938-July</td><td>88</td><td>91</td><td>93</td><td>87</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>91</td><td>92</td><td>87</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>90</td><td>91</td><td>86</td><td>86</td><td>85</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>89</td><td>91</td><td>85</td><td>86</td><td>88</td><td>216</td><td>89</td><td>85</td><td>87</td><td>224</td><td>90</td></tr><tr><td>Nov.</td><td>85</td><td>89</td><td>90</td><td>85</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>88</td><td>90</td><td>84</td><td>85</td><td>89</td><td>216</td><td>90</td><td>84</td><td>89</td><td>225</td><td>91</td></tr><tr><td>1939-Jan.</td><td>85</td><td>88</td><td>90</td><td>84</td><td>85</td><td>89</td><td>216</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>90</td><td>91</td><td>85</td><td>86</td><td>90</td><td>219</td><td>91</td><td>85</td><td>89</td><td>225</td><td>91</td></tr><tr><td>Mar.</td><td>86</td><td>90</td><td>91</td><td>85</td><td>86</td><td>90</td><td>218</td><td>91</td><td>85</td><td>89</td><td>225</td><td>91</td></tr><tr><td>Apr.</td><td>86</td><td>90</td><td>91</td><td>85</td><td>86</td><td>90</td><td>218</td><td>91</td><td>85</td><td>89</td><td>225</td><td>91</td></tr><tr><td>May.</td><td>86</td><td>89</td><td>90</td><td>85</td><td>86</td><td>90</td><td>217</td><td>90</td><td>85</td><td>89</td><td>225</td><td>91</td></tr><tr><td>June.</td><td>86 1/</td><td>89</td><td>91</td><td>85</td><td>86 1/</td><td>90 1/</td><td>218 1/</td><td>90</td><td>85</td><td>89</td><td>225 1/</td><td>91</td></tr><tr><td>July.</td><td>85</td><td>89</td><td>90</td><td>84</td><td>85</td><td>89</td><td>215</td><td>89</td><td>84</td><td>88</td><td>222</td><td>90</td></tr></table>
1/ Revised.
1/ Reviced.
51
Ratios of Index of Wholesale Prices in 39 Countries to Index of Wholesale Prices in the United States
1935 = 100
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>Un-weighted (1.0. equal weights)</th><th>Weighted by U. S. exporte</th><th>Weighted by U. S. importe</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>105</td><td>105</td><td>105</td><td>105</td></tr><tr><td>1937</td><td>112</td><td>114</td><td>114</td><td>114</td></tr><tr><td>1938</td><td>122</td><td>124</td><td>123</td><td>126</td></tr><tr><td>1938-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>124</td><td>123</td><td>125</td></tr><tr><td>Aug.</td><td>122</td><td>124</td><td>123</td><td>126</td></tr><tr><td>Sept.</td><td>122</td><td>123</td><td>122</td><td>125</td></tr><tr><td>Oct.</td><td>124</td><td>125</td><td>124</td><td>127</td></tr><tr><td>Nov.</td><td>124</td><td>125</td><td>124</td><td>127</td></tr><tr><td>Dec.</td><td>125</td><td>126</td><td>125</td><td>128</td></tr><tr><td>1939-Jan.</td><td>125</td><td>126</td><td>125</td><td>128</td></tr><tr><td>Feb.</td><td>125</td><td>126</td><td>126 1/</td><td>128</td></tr><tr><td>Mar.</td><td>126</td><td>127 1/</td><td>127 1/</td><td>129 1/</td></tr><tr><td>Apr.</td><td>127 1/</td><td>127</td><td>127</td><td>129</td></tr><tr><td>May *</td><td>128</td><td>128</td><td>129</td><td>130</td></tr></table>
Preliminary
1/ Revised
<table><tr><th rowspan="2"></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>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>105</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>112</td><td>98</td><td>69</td><td>93</td><td>114</td><td>99</td><td>69</td><td>95</td></tr><tr><td>1938......</td><td>122</td><td>105</td><td>61</td><td>88</td><td>126</td><td>107</td><td>60</td><td>89</td></tr><tr><td>1938-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>108</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</td><td>107</td><td>60</td><td>87</td></tr><tr><td>Aug....</td><td>122</td><td>107</td><td>61</td><td>87</td><td>126</td><td>108</td><td>60</td><td>88</td></tr><tr><td>Sept....</td><td>122</td><td>108</td><td>61</td><td>87</td><td>125</td><td>110</td><td>59</td><td>88</td></tr><tr><td>Oct....</td><td>124</td><td>107</td><td>60</td><td>87</td><td>127</td><td>109 1/2</td><td>58</td><td>88</td></tr><tr><td>Nov....</td><td>124</td><td>108</td><td>59</td><td>87</td><td>127</td><td>110</td><td>57</td><td>87</td></tr><tr><td>Dec....</td><td>125</td><td>108</td><td>58</td><td>86</td><td>128</td><td>110</td><td>56</td><td>87</td></tr><tr><td>1939-Jan....</td><td>125</td><td>110</td><td>58</td><td>86 1/2</td><td>128</td><td>112</td><td>56</td><td>85</td></tr><tr><td>Feb....</td><td>125</td><td>111</td><td>58</td><td>84</td><td>128</td><td>112</td><td>56</td><td>84 1/2</td></tr><tr><td>Mar....</td><td>126</td><td>111</td><td>59 1/2</td><td>84</td><td>129 1/2</td><td>113 1/2</td><td>56</td><td>83</td></tr><tr><td>Apr....</td><td>127 1/2</td><td>111</td><td>59</td><td>84</td><td>129</td><td>111</td><td>56</td><td>82</td></tr><tr><td>May *</td><td>128</td><td>111</td><td>59</td><td>83</td><td>130</td><td>111</td><td>56</td><td>82</td></tr></table>
Preliminary 1/ Revised.
MISCELLANEOUS
-52-
53
Commodities Imported under Quota Provisions During Quota Periods Other than Calendar Years
(Preliminary figures)
<table><tr><th colspan="3">White or Irish potatoes</th><th colspan="2">Red cedar shingles</th><th colspan="2">Cordage from Philippines</th></tr><tr><th></th><th>Certified seed (pound)</th><th>Other (pound)</th><th></th><th>(square)</th><th></th><th>(pound)</th></tr><tr><td>Established quota</td><td>90,000,000</td><td>60,000,000</td><td>Established quota</td><td>1,051,168</td><td>Established quota</td><td>6,000,000</td></tr><tr><td>Quota period - 12 months from Sept. 15</td><td></td><td></td><td>Quota period 6 months from Jan. 1</td><td></td><td>Quota period 12 months from May 1</td><td></td></tr><tr><td>Imports within quota limitation, by months:</td><td></td><td></td><td>Imports within quota limitation, by months:</td><td></td><td>Imports within quota limitation, by months:</td><td></td></tr><tr><td>1938-Sept. 15 to 30............</td><td>157,950</td><td>60</td><td>1939-Jan............</td><td>335,355</td><td>1938-May............</td><td>103,666</td></tr><tr><td>Oct....................</td><td>7,203,961</td><td>6,684</td><td>Feb....................</td><td>228,166</td><td>June....................</td><td>113,253</td></tr><tr><td>Nov....................</td><td>6,402,809</td><td>19,710</td><td>Mar....................</td><td>264,911</td><td>July....................</td><td>124,717</td></tr><tr><td>Dec....................</td><td>2,485,715</td><td>36,836</td><td>Apr. 1/............</td><td>222,736</td><td>Aug....................</td><td>138,232</td></tr><tr><td>1939-Jan............</td><td>1,756,703</td><td>2,062</td><td></td><td></td><td>Sep....................</td><td>163,075</td></tr><tr><td>Feb....................</td><td>1,348,404</td><td>52,557</td><td></td><td></td><td>Oct....................</td><td>391,894</td></tr><tr><td>Mar....................</td><td>33,293,797</td><td>708,445</td><td></td><td></td><td>Nov....................</td><td>180,642</td></tr><tr><td>Apr....................</td><td>6,300,452</td><td>123,784</td><td></td><td></td><td>Dec....................</td><td>131,850</td></tr><tr><td>May....................</td><td>768,311</td><td>232,889</td><td></td><td></td><td>1939-Jan............</td><td>526,852</td></tr><tr><td>June....................</td><td>40,628</td><td>4,173</td><td></td><td></td><td>Feb....................</td><td>985,093</td></tr><tr><td>July....................</td><td>-</td><td>82,340</td><td></td><td></td><td>Mar....................</td><td>1,113,426</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Apr....................</td><td>1,845,632</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>Total............</td><td>5,818,532</td></tr><tr><td>1939-May............</td><td></td><td></td><td></td><td></td><td>1939-May............</td><td>220,523</td></tr><tr><td>June....................</td><td></td><td></td><td></td><td></td><td>June....................</td><td>159,060</td></tr><tr><td>July....................</td><td></td><td></td><td></td><td></td><td>July....................</td><td>319,283</td></tr></table>
1/ Import quota filled April 14, 1939. The trade agreement with Canada of November 15, 1938, came definitely into full force on June 17, 1939, therefore, the import quota on this commodity ceased to be in effect thereafter.
Commodities Imported under Quota Provisions During Quota Periods Based on Calendar Years
(Preliminary figures)
<table><tr><th></th><th colspan="4">Cattle Weighing -</th><th rowspan="2">Cream fresh or sour (Gallon)</th><th rowspan="2">Whole milk fresh or sour (Gallon)</th><th rowspan="2">Fish, fresh or frozen, filleted e.g., Cod, Haddock, Hake, Pollock, Cusk and Rosefish (Pound)</th><th colspan="3">Products of Philippine Islands</th></tr><tr><th></th><th>Less than 200 pounds (Head)</th><th>700 pounds or more each other than dairy cows</th><th>From Canada (Head)</th><th>From other countries (Head)</th><th>Coconut Oil (Pound)</th><th>Cane Sugar Refined (Pound)</th><th>Cane Sugar Unrefined (Pound)</th></tr><tr><td>Established quota: Calendar year</td><td>100,000</td><td>225,000</td><td>1/</td><td>1/</td><td>1,500,000</td><td>3,000,000</td><td>15,000,000</td><td>448,000,000</td><td>112,000,000</td><td>1,792,000,000</td></tr><tr><td>Imports within quota limitation by months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1979-Jan.</td><td>5,723</td><td>57,575</td><td>30,574</td><td>27,001</td><td>86</td><td>407</td><td>1,064,901</td><td>26,885,197</td><td>1,198,779</td><td>80,341,856</td></tr><tr><td>Feb.</td><td>9,526</td><td>2,425 2/</td><td>2,337</td><td>88</td><td>14</td><td>398</td><td>1,187,139</td><td>20,354,521</td><td>8,991,734</td><td>139,357,404</td></tr><tr><td>Mar.</td><td>16,046</td><td>-</td><td>-</td><td>-</td><td>133</td><td>498</td><td>998,734</td><td>41,736,498</td><td>5,107,989</td><td>168,683,878</td></tr><tr><td>Apr.</td><td>14,966</td><td>38,940</td><td>30,660</td><td>8,280 3/</td><td>49</td><td>490</td><td>496,042</td><td>22,818,683</td><td>15,998,690</td><td>242,980,098</td></tr><tr><td>May.</td><td>16,282</td><td>20,287</td><td>20,287</td><td>-</td><td>177</td><td>571</td><td>533,940</td><td>40,298,068</td><td>18,619,966</td><td>208,543,111</td></tr><tr><td>June.</td><td>12,888</td><td>24</td><td>24</td><td>-</td><td>149</td><td>504</td><td>675,489</td><td>35,481,502</td><td>21,155,336</td><td>236,059,584</td></tr><tr><td>July.</td><td>14,177</td><td>33,440</td><td>26,351</td><td>7,089</td><td>221</td><td>731</td><td>761,066</td><td>21,203,968</td><td>4,485,239</td><td>241,267,857</td></tr></table>
1/ A quota of 60,000 head was established for the first quarter of 1979 without any allocation between Canada and other countries. Quotas of 60,000 head have been established for the second and third quarters of 1979, allocating 51,720 head to Canada and 8,280 head to other countries.
2/ Tariff rate quota filled February 2, 1979.
3/ Tariff rate quota for countries other than Canada filled April 13, 1979.
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 June 1939
INVENTORY OF CASES
<table><tr><th>Bureau</th><th>Cases pending first of month</th><th>New cases</th><th>Cases closed</th><th>Cases pending end of month</th><th>Net change in pending cases</th></tr><tr><td>Total......</td><td>19,326</td><td>3,325</td><td>3,657</td><td>18,994</td><td>-332</td></tr><tr><td>Alcohol Tax.</td><td>15,276</td><td>2,425</td><td>2,610</td><td>15,091</td><td>-185</td></tr><tr><td>Customs.....</td><td>299</td><td>34</td><td>20</td><td>313</td><td>+14</td></tr><tr><td>Narcotics...</td><td>2,406</td><td>401</td><td>502</td><td>2,305</td><td>-101</td></tr><tr><td>Secret</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Service....</td><td>937</td><td>451</td><td>498</td><td>890</td><td>-47</td></tr><tr><td>Internal Revenue...</td><td>408</td><td>14</td><td>27</td><td>395</td><td>-13</td></tr></table>
DISPOSITIONS
<table><tr><th rowspan="2">Bureau</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 indict.</th><th>Acquittals</th><th>Total</th><th>Found guilty</th><th>Plead guilty</th><th>Total</th></tr><tr><td>Total......</td><td>3,657</td><td>177</td><td>18%</td><td>5%</td><td>3%</td><td>23%</td><td>7%</td><td>64%</td><td>71%</td></tr><tr><td>Alcohol Tax.</td><td>2,610</td><td>119</td><td>21%</td><td>9%</td><td>4%</td><td>34%</td><td>7%</td><td>59%</td><td>66%</td></tr><tr><td>Customs 3/.</td><td>20</td><td>-</td><td>15%</td><td>25%</td><td>-</td><td>40%</td><td>10%</td><td>50%</td><td>60%</td></tr><tr><td>Harcoitics 3/</td><td>502</td><td>27</td><td>4%</td><td>5%</td><td>1%</td><td>10%</td><td>9%</td><td>81%</td><td>90%</td></tr><tr><td>Secret Service...</td><td>498</td><td>31</td><td>6%</td><td>3%</td><td>4%</td><td>13%</td><td>4%</td><td>83%</td><td>87%</td></tr><tr><td>Internal Revenue...</td><td>27</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>2,393</td><td>60%</td><td>40%</td><td>29%</td><td>428</td><td>423</td><td>289,057</td></tr><tr><td>Alcohol Tax.</td><td>1,652</td><td>56%</td><td>39%</td><td>31%</td><td>296</td><td>429</td><td>218,970</td></tr><tr><td>Customs....</td><td>12</td><td>58%</td><td>42%</td><td>33%</td><td>900</td><td>2,001</td><td>8,002</td></tr><tr><td>Narcotics...</td><td>309</td><td>74%</td><td>39%</td><td>14%</td><td>721</td><td>235</td><td>10,090</td></tr><tr><td>Secret Service...</td><td>408</td><td>69%</td><td>41%</td><td>29%</td><td>607</td><td>273</td><td>32,195</td></tr><tr><td>Internal Revenue...</td><td>12</td><td>4/</td><td>4/</td><td>4/</td><td>374</td><td>2,200</td><td>19,800</td></tr></table>
1/ Internal revenue cases are those referred by the Penal Division to the Department of Justice with recommendation for original 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, Harootios, 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>1939-Jan...</td><td>20,158</td><td>3,465</td><td>3,059</td><td>20,564</td><td>+406</td></tr><tr><td>Feb...</td><td>20,564</td><td>3,106</td><td>2,354</td><td>21,316</td><td>+752</td></tr><tr><td>Mar...</td><td>21,316</td><td>3,702</td><td>3,835</td><td>21,183</td><td>-133</td></tr><tr><td>Apr...</td><td>21,183</td><td>3,168</td><td>3,761</td><td>20,590</td><td>-593</td></tr><tr><td>May...</td><td>20,590</td><td>3,360</td><td>4,624</td><td>19,326</td><td>-1,264</td></tr><tr><td>June...</td><td>19,326</td><td>3,325</td><td>3,657</td><td>18,994</td><td>-332</td></tr></table>
DISPOSITIONS 2/
<table><tr><th>Date</th><th>Number cases closed</th><th>Number cases transferred 3/</th><th colspan="4">Percent released</th><th colspan="3">Percent convicted</th></tr><tr><th></th><th></th><th></th><th>Before indict.</th><th>After indict.</th><th>Acquittals</th><th>Total</th><th>Pound guilty</th><th>Plead guilty</th><th>Total</th></tr><tr><td>1939-Jan...</td><td>3,059</td><td>124</td><td>18%</td><td>11%</td><td>3%</td><td>32%</td><td>8%</td><td>60%</td><td>68%</td></tr><tr><td>Feb...</td><td>2,354</td><td>97</td><td>23%</td><td>10%</td><td>4%</td><td>37%</td><td>6%</td><td>57%</td><td>63%</td></tr><tr><td>Mar...</td><td>3,835</td><td>181</td><td>16%</td><td>9%</td><td>4%</td><td>29%</td><td>7%</td><td>64%</td><td>71%</td></tr><tr><td>Apr...</td><td>3,761</td><td>193</td><td>16%</td><td>9%</td><td>3%</td><td>28%</td><td>8%</td><td>64%</td><td>72%</td></tr><tr><td>May...</td><td>4,624</td><td>163</td><td>16%</td><td>6%</td><td>5%</td><td>27%</td><td>7%</td><td>66%</td><td>73%</td></tr><tr><td>June...</td><td>3,657</td><td>177</td><td>18%</td><td>8%</td><td>3%</td><td>29%</td><td>7%</td><td>64%</td><td>71%</td></tr></table>
SENTENCES
<table><tr><th>Date</th><th>Total convictions</th><th>Percent imprisoned</th><th>Percent prosecuted</th><th>Percent fined</th><th>Average days imprisonment</th><th>Average fine (dollars)</th><th>Total fines (dollars)</th></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><tr><td>Feb...</td><td>1,379</td><td>61%</td><td>32%</td><td>33%</td><td>358</td><td>413</td><td>188,735</td></tr><tr><td>Mar...</td><td>2,501</td><td>62%</td><td>37%</td><td>28%</td><td>430</td><td>310</td><td>216,448</td></tr><tr><td>Apr...</td><td>2,490</td><td>61%</td><td>36%</td><td>33%</td><td>410</td><td>401</td><td>330,859</td></tr><tr><td>May...</td><td>3,212</td><td>61%</td><td>37%</td><td>30%</td><td>385</td><td>361</td><td>350,069</td></tr><tr><td>June...</td><td>2,393</td><td>60%</td><td>40%</td><td>29%</td><td>428</td><td>423</td><td>289,057</td></tr></table>
1/ Internal revenue cases are those referred by the Penal Division to the Department of Justice with recommendation for criminal prosecu-tion.
2/ Narcotic and customs cases in which no arrests were made are not in-cluded in calculating percentages.
3/ 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.
* Revised figure.
Treas. U.S. Treasury Dep
<table><tr><td>HJ 10 .A2 1939 c.2</td><td>Treasury Bulletin</td></tr></table>
<table><tr><td>Treas.</td><td></td></tr><tr><td>HJ</td><td></td></tr><tr><td>10</td><td></td></tr><tr><td>.A2</td><td>U.S. Treasury Dept.</td></tr><tr><td>AUTHOR</td><td></td></tr><tr><td>1939</td><td>Treasury Bulletin</td></tr></table>
<table><tr><td>TITLE<br>c.2</td><td>July - Sept.</td></tr></table>
<table><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
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