HJ 10 A.2 c.2
Name
Copy No 1
LIBRARY ROOM 5030 JUN 21 1972 SURY DEPARTMENT
Reference To be used in Treasury Library
BULLETIN OF THE TREASURY DEPARTMENT
DECEMBER 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
DECEMBER 1939
Analysis of Receipts and Disbursements Composition of the Public Debt Capital Movements and Monetary Data Other Treasury Statistics
TREASURY DEPARTMENT OFFICE OF THE SECRETARY
Table of Contents
Page
Receipts and Expenditures
Fiscal Years 1935-40 2
Expenditures by Classes, Receipts by Sources 3-13
Social Insurance Accounts 14-15
Cash Income and Outgo 15
General Fund and Public Debt
Composition of the General Fund 18
Treasury Financing Operations 19
Composition of the Public Debt 20
Net Market Transactions of Treasury Investment Accounts 20
Holdings of Government Obligations 20
Tax Exempt Securities Outstanding 22
Statutory Debt Limitation 23
Computed Interest and Yields on Public Debt Issues 24-26
Government Corporations and Credit Agencies
Assets, Liabilities and Proprietary Interest 28
Sources and Uses of Funds 29-31
Issues Outstanding 33
Financing Operations 33
International Capital Movements
Summary Table 35
Short-term Foreign Assets and Liabilities 37-38
Security Transactions and Brokerage Balances 39-40
Transactions in U. S. Domestic Securities 41
Foreign Exchange Transactions 43-44
Other Monetary Data
Gold and Silver Stocks 46-47
Silver Production, Movements and Seigniorage 48-49
Foreign Exchange and Price Data 50-51
Miscellaneous
Commodities Imported Under Quota
Law Enforcement Statistics
FEDERAL
RECEIPTS
AND
EXPENDITURES
-1-
2
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 colspan="6">Public Debt</th></tr><tr><th colspan="6">First 5 months fiscal year-</th><th rowspan="2">Change '39 -'40</th><th colspan="5">Outstanding on November 30 of fiscal year-</th><th rowspan="2">Change '39 -'40</th></tr><tr><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>1940</th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>1940</th></tr><tr><td>Receipts.....</td><td>1,460</td><td>1,468</td><td>1,641</td><td>2,310</td><td>2,223</td><td>2,175</td><td>-48</td><td>Market issues, etc.</td><td>26,838</td><td>28,902</td><td>33,173</td><td>34,976</td><td>35,513</td><td>37,010</td><td>+1,497</td></tr><tr><td>Expenditures.</td><td>2,975</td><td>2,677</td><td>3,147</td><td>3,012</td><td>3,642</td><td>3,868</td><td>+226</td><td>Special issues....</td><td>461</td><td>732</td><td>621</td><td>2,118</td><td>3,090</td><td>4,295</td><td>+1,205</td></tr><tr><td>Deficit.....</td><td>1,515</td><td>1,209</td><td>1,506</td><td>702</td><td>1,419</td><td>1,693</td><td>+274</td><td>Gross debt......</td><td>27,299</td><td>29,634</td><td>33,794</td><td>37,094</td><td>38,603</td><td>41,305</td><td>+2,702</td></tr></table>
Receipts and Expenditures
First 5 Months, 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 1939 -1940</th></tr><tr><td>Receipts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income Tax.....</td><td>257</td><td>327</td><td>420</td><td>671</td><td>654</td><td>478</td><td>-176</td></tr><tr><td>Miscellaneous Internal Revenue.....</td><td>724</td><td>822</td><td>959</td><td>1,077</td><td>1,020</td><td>1,105</td><td>+35</td></tr><tr><td>Taxes under Social Security Act..</td><td>-</td><td>-</td><td>-</td><td>251</td><td>276</td><td>313</td><td>+37</td></tr><tr><td>Taxes upon carriers and their employees.....</td><td>-</td><td>-</td><td>-</td><td>23</td><td>53</td><td>34</td><td>-19</td></tr><tr><td>Customs.....</td><td>137</td><td>161</td><td>178</td><td>184</td><td>139</td><td>150</td><td>+11</td></tr><tr><td>Other.....</td><td>342</td><td>158</td><td>84</td><td>104</td><td>81</td><td>95</td><td>+14</td></tr><tr><td>Total Receipts</td><td>1,460</td><td>1,468</td><td>1,641</td><td>2,110</td><td>2,223</td><td>2,175</td><td>-48</td></tr><tr><td>Expenditures</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>National defense and Veterans Adm..</td><td>580</td><td>675</td><td>684</td><td>655</td><td>711</td><td>795</td><td>+84</td></tr><tr><td>Social Security and R. R. Retirement Acts.</td><td>-</td><td>-</td><td>74</td><td>407</td><td>404</td><td>459</td><td>+55</td></tr><tr><td>Agricultural Adjustment Program.....</td><td>310</td><td>294</td><td>124</td><td>68</td><td>244</td><td>373</td><td>+129</td></tr><tr><td>Interest on the public debt...</td><td>284</td><td>251</td><td>263</td><td>268</td><td>252</td><td>265</td><td>+13</td></tr><tr><td>Public Works....</td><td>348</td><td>280</td><td>484</td><td>391</td><td>368</td><td>426</td><td>+58</td></tr><tr><td>Unemployment relief.....</td><td>905</td><td>796</td><td>1,042</td><td>743</td><td>1,116</td><td>789</td><td>-327</td></tr><tr><td>Loans and stock subcriptions....</td><td>242</td><td>9</td><td>34</td><td>26</td><td>48</td><td>70</td><td>+22</td></tr><tr><td>Other.....</td><td>306</td><td>372</td><td>442</td><td>454</td><td>499</td><td>691</td><td>+192</td></tr><tr><td>Total Expenditure.....</td><td>2,975</td><td>2,677</td><td>3,147</td><td>3,012</td><td>3,042</td><td>3,868</td><td>+226</td></tr><tr><td>Excess of Expenditures..</td><td>1,515</td><td>1,209</td><td>1,506</td><td>702</td><td>1,419</td><td>1,693</td><td>+274</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 5 months 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>478</td></tr><tr><td>Miscellaneous Internal Revenue....</td><td>2,279</td><td>2,232</td><td>2,333</td><td>1,105</td></tr><tr><td>Taxes under Social Security Act..</td><td>604</td><td>631</td><td>686</td><td>313</td></tr><tr><td>Taxes upon carriers and their employees.....................</td><td>150</td><td>109</td><td>124</td><td>34</td></tr><tr><td>Customer.....................</td><td>359</td><td>319</td><td>404</td><td>150</td></tr><tr><td>Other.....................</td><td>215</td><td>195</td><td>219</td><td>95</td></tr><tr><td><b>Total Receipts</b>....................</td><td>6,242</td><td>5,668</td><td>5,669</td><td>2,175</td></tr><tr><td><b>Expenditures:</b></td><td></td><td></td><td></td><td></td></tr><tr><td>National defense and Veterans Adm.....................</td><td>1,610</td><td>1,720</td><td>1,941</td><td>795</td></tr><tr><td>Social Security and R. R. Retirement Acts.............</td><td>823</td><td>954</td><td>1,068</td><td>459</td></tr><tr><td>Agricultural Adjustment Program....</td><td>362</td><td>782</td><td>694</td><td>373</td></tr><tr><td>Interest on the public debt........</td><td>926</td><td>940</td><td>1,050</td><td>265</td></tr><tr><td>Public Works.....................</td><td>794</td><td>948</td><td>595</td><td>426</td></tr><tr><td>Unemployment relief.....................</td><td>1,914</td><td>2,595</td><td>1,980</td><td>789</td></tr><tr><td>Loans and stock subscriptions....</td><td>135</td><td>212</td><td>177</td><td>70</td></tr><tr><td>Other.....................</td><td>1,062</td><td>1,059</td><td>1,490</td><td>691</td></tr><tr><td><b>Total Expenditures</b>....................</td><td>7,626</td><td>9,210</td><td>8,995</td><td>3,868</td></tr><tr><td><b>Net deficit</b>.....................</td><td>1,384</td><td>3,542</td><td>3,326</td><td>1,693</td></tr><tr><td><b>Financing of deficit:</b></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in debt</td><td></td><td></td><td></td><td></td></tr><tr><td>Market issues.....................</td><td>3781/</td><td>2,180</td><td>2,376</td><td>341</td></tr><tr><td>Special issues.....................</td><td>1,118</td><td>1,094</td><td>950</td><td>525</td></tr><tr><td><b>Total debt increase</b>....................</td><td>740</td><td>3,274</td><td>3,326</td><td>866</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>827*</td></tr><tr><td></td><td>1,384</td><td>3,542</td><td>3,326</td><td>1,693</td></tr></table>
1/ Decrease, deduct. * Decrease in balance, add.
RECONCILIATION, DEFICIT AND DEBT INCREASE, FIRST 5 MONTHS OF FISCAL YEAR 1940
<table><tr><td>Increase in debt:</td><td></td><td></td></tr><tr><td>New issues (less redemptions)</td><td>856</td><td></td></tr><tr><td>Accounted for:</td><td></td><td></td></tr><tr><td>Deficit</td><td></td><td>1,693</td></tr><tr><td>Decrease, cash balance</td><td>673</td><td></td></tr><tr><td>Trust fund net receipts</td><td>154</td><td>827</td></tr><tr><td></td><td>856</td><td></td></tr></table>
3
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>737</td><td>268</td><td>397</td><td>613</td><td>308</td><td>420</td><td>719</td><td>321</td><td>407</td><td></td><td></td></tr><tr><td><b>Expendituree</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>9,384</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>822</td><td>793</td><td>764</td><td>691</td><td></td><td></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>3,598</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>402</td><td>74</td><td>443</td><td>284</td><td></td><td></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)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Receipts</th><th colspan="5">Expenditures £/</th><th rowspan="2">Excess of receipts (+) or expenditures (-)</th></tr><tr><th>Total</th><th>Total</th><th>Income tax</th><th>Social Security</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>1938-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>-296</td></tr><tr><td>Dec......</td><td>704</td><td>664</td><td>481</td><td>3</td><td>180</td><td>25</td><td>15</td><td>870</td><td>500</td><td>307</td><td>6</td><td>48</td><td>9</td><td>-166</td></tr><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>613</td><td>574</td><td>355</td><td>25</td><td>195</td><td>25</td><td>14</td><td>973</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>-439</td></tr><tr><td>Aug....</td><td>420</td><td>374</td><td>37</td><td>119</td><td>218</td><td>27</td><td>19</td><td>822</td><td>424</td><td>321</td><td>11</td><td>66</td><td>-</td><td>-402</td></tr><tr><td>Sept....</td><td>719</td><td>667</td><td>328</td><td>27</td><td>312</td><td>36</td><td>16</td><td>793</td><td>559</td><td>170</td><td>5</td><td>50</td><td>9</td><td>-74</td></tr><tr><td>Oct....</td><td>321</td><td>272</td><td>37</td><td>36</td><td>199</td><td>32</td><td>17</td><td>764</td><td>527</td><td>175</td><td>9</td><td>53</td><td>1</td><td>-443</td></tr><tr><td>Nov....</td><td>407</td><td>355</td><td>34</td><td>130</td><td>191</td><td>29</td><td>23</td><td>691</td><td>451</td><td>182</td><td>5</td><td>53</td><td>-</td><td>-284</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
5
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 Act</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>821</td><td>166</td></tr><tr><td>1936</td><td>3,399</td><td>429</td><td>764</td><td>576</td><td>150</td><td>533</td><td>321</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>325</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>290</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-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>64</td><td>100</td><td>45</td><td>48</td><td>55</td><td>26</td><td>44</td><td>15</td><td>22</td></tr><tr><td>Aug.</td><td>424</td><td>54</td><td>106</td><td>46</td><td>57</td><td>45</td><td>28</td><td>36</td><td>18</td><td>34</td></tr><tr><td>Sept.</td><td>559</td><td>59</td><td>102</td><td>45</td><td>57</td><td>68</td><td>24</td><td>22</td><td>151</td><td>31</td></tr><tr><td>Oct.</td><td>527</td><td>64</td><td>108</td><td>45</td><td>63</td><td>97</td><td>24</td><td>43</td><td>68</td><td>15</td></tr><tr><td>Nov.</td><td>451</td><td>51</td><td>112</td><td>45</td><td>59</td><td>117</td><td>23</td><td>24</td><td>12</td><td>8</td></tr></table>
1/ Includes public buildings, public highways, rivers and harbors, Tennessee Valley Authority, Rural Electrification 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 statements, 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 3/</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>3,442</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>1,836</td><td>741</td><td>78</td><td>64</td><td>298</td><td>(4)</td></tr><tr><td>1938</td><td>2,238</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-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>5</td><td>16</td><td>2</td></tr><tr><td>July</td><td>220</td><td>149</td><td>60</td><td>*</td><td>-</td><td>11</td><td>-</td></tr><tr><td>Aug.</td><td>321</td><td>134</td><td>51</td><td>*</td><td>125 1/2</td><td>9</td><td>2</td></tr><tr><td>Sept.</td><td>170</td><td>106</td><td>55</td><td>*</td><td></td><td>9</td><td>-</td></tr><tr><td>Oct.</td><td>175</td><td>113</td><td>52</td><td>*</td><td>*</td><td>8</td><td>2</td></tr><tr><td>Nov.</td><td>182</td><td>112</td><td>61</td><td>*</td><td>*</td><td>9</td><td>-</td></tr></table>
1/ Includes funds expended for Civilian Conservation Corpse during these years.
2/ Includes $94,000,000 restoration of capital impairment of Commodity Credit Corporation.
3/ Prior to fiscal year 1948 figures include National Youth Administration expenditures.
4/ Includes $119,599,918.05 restoration of capital impairment of Commodity Credit Corporation.
* Less than $500,000.
( ) Indicated excess of credits, deduct.
6
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 Fund (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>868</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-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>87</td><td>15</td></tr><tr><td>Aug.</td><td>11</td><td>(1)</td><td>11</td><td>66</td><td>48</td><td>18</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sept.</td><td>5</td><td>(1)</td><td>6</td><td>50</td><td>43</td><td>7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Oct.</td><td>9</td><td>(1)</td><td>10</td><td>53</td><td>43</td><td>10</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Nov.</td><td>5</td><td>(1)</td><td>6</td><td>53</td><td>43</td><td>10</td><td>-</td><td>-</td><td>-</td></tr></table>
Less than $500,000. ( ) Indicates excess of credits, deduct.
7
Collections of Internal Revenue
(In thousands of dollars - on basis of reports of collections)
<table><tr><th>Sources of Revenue</th><th colspan="2">November</th><th colspan="2">July 1 - November 30</th><th>Sources of Revenue</th><th colspan="2">November</th><th colspan="2">July 1 - November 30</th></tr><tr><th></th><th>1939</th><th>1938</th><th>Fiscal year 1940</th><th>Fiscal year 1939</th><th></th><th>1939</th><th>1938</th><th>Fiscal year 1940</th><th>Fiscal year 1939</th></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td>Miscellaneous internal revenue - continued</td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation</td><td>11,708</td><td>12,428</td><td>223,107</td><td>317,920</td><td>Manufacturers' excise taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current</td><td>8,289</td><td>10,971</td><td>55,327</td><td>47,469</td><td>Lubricating oils</td><td>2,988</td><td>2,469</td><td>13,797</td><td>14,654</td></tr><tr><td>Back</td><td></td><td></td><td></td><td></td><td>Gasoline</td><td>18,426</td><td>18,809</td><td>101,426</td><td>93,292</td></tr><tr><td>individual</td><td>7,991</td><td>7,214</td><td>163,014</td><td>244,197</td><td>Tires and inner tubes</td><td>3,624</td><td>2,979</td><td>17,317</td><td>12,571</td></tr><tr><td>Current</td><td>5,133</td><td>5,300</td><td>31,856</td><td>30,121</td><td>Automobile trucks</td><td>230</td><td>193</td><td>2,512</td><td>1,685</td></tr><tr><td>Back</td><td>577</td><td>578</td><td>5,608</td><td>12,026</td><td>Other automobiles and motorcycles</td><td>2,591</td><td>1,037</td><td>13,960</td><td>8,327</td></tr><tr><td>Excise-profits</td><td></td><td></td><td></td><td></td><td>Parts or accessories for automobiles</td><td>761</td><td>668</td><td>3,908</td><td>3,046</td></tr><tr><td>Total income taxes</td><td>34,298</td><td>36,491</td><td>478,912</td><td>651,733</td><td>Electrical energy</td><td>3,396</td><td>3,272</td><td>16,921</td><td>15,962</td></tr><tr><td>Tax on unjust enrichment</td><td>630</td><td>443</td><td>2,856</td><td>2,721</td><td>Radio sets, phonograph records, etc.</td><td>578</td><td>568</td><td>2,328</td><td>2,084</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td>Mechanical refrigerators</td><td>400</td><td>176</td><td>3,963</td><td>1,979</td></tr><tr><td>Capital stock tax</td><td>367</td><td>364</td><td>130,854</td><td>125,753</td><td>Firearms, shells, and cartridges</td><td>550</td><td>334</td><td>2,231</td><td>1,810</td></tr><tr><td>Estate tax</td><td>22,642</td><td>29,058</td><td>161,128</td><td>139,683</td><td>Pistols and revolvers</td><td>10</td><td>6</td><td>28</td><td>21</td></tr><tr><td>Gift tax</td><td>2,883</td><td>261</td><td>3,975</td><td>2,646</td><td>Toilet preparations, etc. (including repealed 5% tax)</td><td>604</td><td>831</td><td>3,331</td><td>5,016</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td>Matches (including repealed taxes)</td><td>1</td><td>6</td><td>1</td><td>111</td></tr><tr><td>Distilled spirits (imported, excise)</td><td>2,426</td><td>3,061</td><td>12,191</td><td>10,929</td><td>Brewers' wort and malt (repealed as of 7/1/38)</td><td>1/</td><td>1</td><td>4</td><td>9</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>35,210</td><td>31,617</td><td>125,074</td><td>112,852</td><td>Articles made of fur (repealed as of 7/1/38)</td><td>15</td><td>38</td><td>75</td><td>211</td></tr><tr><td>Distilled spirits rectification tax</td><td>1,684</td><td>1,400</td><td>5,394</td><td>4,739</td><td>Sporting goods (repealed as of 7/1/38)</td><td>3</td><td>11</td><td>52</td><td>691</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>69</td><td>75</td><td>257</td><td>205</td><td>Cameras and lenses (repealed as of 7/1/38)</td><td>1</td><td>1</td><td>2</td><td>180</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>772</td><td>659</td><td>2,898</td><td>2,470</td><td>Chewing gum (repealed as of 7/1/38)</td><td>1/</td><td>1/</td><td>1/</td><td>106</td></tr><tr><td>Brandy used for fortifying sweet wines</td><td>50</td><td>49</td><td>677</td><td>296</td><td>Total manufacturers' excise taxes</td><td>34,196</td><td>31,399</td><td>181,856</td><td>161,755</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>114</td><td>117</td><td>4,161</td><td>4,368</td><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Stamps for distilled spirit intended for export</td><td>2</td><td>1/</td><td>2</td><td>1/</td><td>Bituminous Coal Act of 1937</td><td>421</td><td>315</td><td>1,552</td><td>1,284</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>132</td><td>40</td><td>426</td><td>163</td><td>Sugar Act of 1937</td><td>8,787</td><td>6,504</td><td>34,330</td><td>30,713</td></tr><tr><td>Container stamps</td><td>1,240</td><td>1,209</td><td>4,650</td><td>4,325</td><td>Telephone, telegraph, radio and cable facilities, leased wires, etc.</td><td>1,551</td><td>1,953</td><td>10,155</td><td>10,015</td></tr><tr><td>Floor taxes</td><td>1</td><td>98</td><td>10</td><td>3,972</td><td>Transportation of oil by pipe line</td><td>1,039</td><td>1,013</td><td>4,774</td><td>4,586</td></tr><tr><td>Fermented malt liquors</td><td>19,263</td><td>19,192</td><td>120,641</td><td>117,691</td><td>Leases of safe-deposit boxes</td><td>150</td><td>145</td><td>798</td><td>779</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>57</td><td>56</td><td>2,290</td><td>2,372</td><td>Admission to theaters, concerts, cabarets, etc.</td><td>2,118</td><td>1,985</td><td>8,746</td><td>8,294</td></tr><tr><td>Total alcoholic beverage taxes</td><td>61,020</td><td>57,573</td><td>278,671</td><td>264,382</td><td>Club dues and initiation fees</td><td>534</td><td>536</td><td>2,461</td><td>2,513</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td>Adulterated and processed or renovated butter, mixed flour and filled cheeses</td><td>1</td><td>1</td><td>11</td><td>12</td></tr><tr><td>Cigars (large)</td><td>1,305</td><td>1,303</td><td>6,125</td><td>6,006</td><td>Oleomargarine, including special taxes</td><td>94</td><td>103</td><td>1,192</td><td>1,356</td></tr><tr><td>Cigars (small)</td><td>9</td><td>11</td><td>48</td><td>48</td><td>Narcotics, including marijuana and special taxes</td><td>22</td><td>24</td><td>214</td><td>212</td></tr><tr><td>Cigarettes (large)</td><td>2</td><td>3</td><td>8</td><td>9</td><td>Coconut and other vegetable oils processed</td><td>2,576</td><td>2,660</td><td>10,189</td><td>11,498</td></tr><tr><td>Cigarettes (small)</td><td>43,384</td><td>40,517</td><td>226,402</td><td>213,475</td><td>National Firearms Act</td><td>1/</td><td>1/</td><td>3</td><td>5</td></tr><tr><td>Snuff</td><td>524</td><td>575</td><td>2,786</td><td>2,797</td><td>All other, including re-peeled taxes not listed above</td><td>6</td><td>8</td><td>113</td><td>198</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>4,535</td><td>4,995</td><td>23,963</td><td>23,736</td><td>Total miscellaneous taxes</td><td>17,299</td><td>15,247</td><td>74,538</td><td>71,465</td></tr><tr><td>Cigarette papers and tubes</td><td>157</td><td>135</td><td>468</td><td>602</td><td>Total miscellaneous internal revenue</td><td>191,520</td><td>185,659</td><td>1,107,589</td><td>1,030,642</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1/</td><td>1/</td><td>-</td><td>1</td><td>Payroll taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Total tobacco taxes</td><td>49,976</td><td>47,539</td><td>259,800</td><td>246,674</td><td>Social Security taxes (Social Security Act):</td><td></td><td></td><td></td><td></td></tr><tr><td>Documentary, etc. stamp taxes:</td><td></td><td></td><td></td><td></td><td>Taxes with respect to employment (Federal Insurance Contributions Act) 2/</td><td>87,280</td><td>64,881</td><td>291,233</td><td>255,651</td></tr><tr><td>Bonds of indebtedness, issues of capital stock, deeds of conveyance, etc.</td><td>1,401</td><td>1,597</td><td>7,656</td><td>8,344</td><td>Tax on employers of 8 or more (Federal Unemployment Tax Act) 3/</td><td>5,730</td><td>4,774</td><td>22,518</td><td>20,751</td></tr><tr><td>Capital stock and similar interest sales or transfers</td><td>1,275</td><td>2,226</td><td>7,228</td><td>7,916</td><td>Total Social Security taxes</td><td>93,010</td><td>69,655</td><td>313,751</td><td>276,402</td></tr><tr><td>Playing cards</td><td>411</td><td>378</td><td>1,795</td><td>1,705</td><td>Carriers' Taxing Act of 1937</td><td>20,167</td><td>12,324</td><td>50,513</td><td>53,392</td></tr><tr><td>Silver bullion sales or transfers</td><td>40</td><td>11</td><td>88</td><td>70</td><td>Total payroll taxes</td><td>113,177</td><td>81,979</td><td>364,264</td><td>329,794</td></tr><tr><td>Sales of produce for future delivery (repealed as of 7/1/38)</td><td>1/</td><td>1/</td><td>-</td><td>249</td><td>Total internal revenue</td><td>339,615</td><td>304,572</td><td>1,953,621</td><td>2,014,890</td></tr><tr><td>Total documentary, etc. stamp taxes</td><td>3,127</td><td>4,212</td><td>16,767</td><td>18,284</td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ Less than $500. 2/ Formerly Title VIII. 3/ Formerly Title IX.
8
Collections of Internal Revenue
(In thousands of dollars - cn basis of reporte of collections)
<table><tr><th>Fiscal year or mouth</th><th>Total</th><th colspan="3">Income and Profit</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>Social Security Act 2/ Insurance Contributions Act</th><th>Unemployment Tax Act</th><th>Carriers' Taxing Act of 1937</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>3,040,146</td><td>2,410,259</td><td>1,146,845</td><td>1,263,414</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1931</td><td>2,428,229</td><td>1,860,040</td><td>833,648</td><td>1,026,393</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1932</td><td>1,557,729</td><td>1,056,757</td><td>427,191</td><td>629,566</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1933</td><td>1,619,839</td><td>746,791</td><td>352,574</td><td>394,218</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>2,672,239</td><td>819,656</td><td>419,509</td><td>400,147</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>5,658,765</td><td>2,622,813</td><td>1,286,312</td><td>1,336,501</td><td>742,660</td><td>502,917</td><td>90,267</td><td>149,476</td></tr><tr><td>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-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><tr><td>Aug.</td><td>397,421</td><td>33,496</td><td>10,477</td><td>23,019</td><td>97,447</td><td>73,555</td><td>6,052</td><td>17,816</td></tr><tr><td>Sept.</td><td>624,254</td><td>331,298</td><td>151,177</td><td>180,121</td><td>12,308</td><td>2,374</td><td>491</td><td>9,443</td></tr><tr><td>Oct.</td><td>292,241</td><td>36,122</td><td>8,172</td><td>27,950</td><td>68,578</td><td>61,882</td><td>5,148</td><td>1,548</td></tr><tr><td>Nov.</td><td>339,615</td><td>34,298</td><td>13,724</td><td>20,574</td><td>113,177</td><td>87,280</td><td>5,730</td><td>20,167</td></tr></table>
<table><tr><th>Fiscal year or month</th><th colspan="8">Miscellaneous Internal Revenue</th><th>Unjust enrichment</th><th>Agricultural adjustment</th></tr><tr><th></th><th>Total</th><th>Capital stock</th><th>Estate and Gift</th><th>Alcoholic beverages</th><th>Tobacco</th><th>Stamp</th><th>Manufacturers' excises</th><th>Miscellaneous</th><th></th><th></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>247,751</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>139,349</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-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>176,834</td><td>180</td><td>22,533</td><td>49,404</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>1,337</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><tr><td>Aug.</td><td>265,886</td><td>74,524</td><td>29,471</td><td>53,113</td><td>56,980</td><td>3,261</td><td>34,440</td><td>14,097</td><td>592</td><td>-</td></tr><tr><td>Sept.</td><td>280,095</td><td>52,041</td><td>56,154</td><td>56,519</td><td>51,128</td><td>3,194</td><td>44,548</td><td>16,511</td><td>553</td><td>-</td></tr><tr><td>Oct.</td><td>186,987</td><td>1,984</td><td>29,185</td><td>56,363</td><td>53,087</td><td>4,584</td><td>28,635</td><td>13,149</td><td>554</td><td>-</td></tr><tr><td>Nov.</td><td>191,520</td><td>367</td><td>25,525</td><td>61,020</td><td>49,976</td><td>3,127</td><td>34,196</td><td>17,299</td><td>630</td><td>-</td></tr></table>
1 Including excess-profits tax collections.
2 For the period prior to September 1939 the data in the columns entitled "Insurance Contributions Act" and "Unemployment Tax Act" represent collections under Titles VIII and IX, respectively, of the Social Security Act.
3 Including tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
COLLECTIONS OF INTERNAL REVENUE
YEARLY, FISCAL YEARS 1929 TO 1939
By Principal Sources
MONTHLY, JULY 1938 TO DATE
By Principal Sources
10
Customs Duties and Taxes Estimated, and Value of Dutiable and Taxable Imports, by Tariff Schedules
(In thousands of dollars) 1/
<table><tr><th>Month</th><th>Chemicals, oil, and paints</th><th>Earthe, 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>Spirite, wines, and other beverages</th><th>Cotton manu-factures</th><th>Flax, hemp, jute, and manufactures of</th></tr><tr><td>Duties and taxes: 1938-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>1,871</td><td>1,040</td><td>2,201</td><td>186</td><td>2,036</td><td>1,990</td><td>5,293</td><td>4,146</td><td>765</td><td>916</td></tr><tr><td>Dec.</td><td>1,481</td><td>766</td><td>1,836</td><td>175</td><td>1,209</td><td>1,592</td><td>4,773</td><td>5,192</td><td>645</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>5,869</td><td>2,021</td><td>847</td><td>1,262</td></tr><tr><td>Feb.</td><td>1,620</td><td>688</td><td>1,613</td><td>162</td><td>1,524</td><td>1,841</td><td>4,916</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>5,709</td><td>2,479</td><td>936</td><td>1,321</td></tr><tr><td>Apr.</td><td>2,968</td><td>1,374</td><td>2,652</td><td>202</td><td>2,220</td><td>1,534</td><td>5,236</td><td>2,471</td><td>830</td><td>807</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>2,452</td><td>4,594</td><td>2,488</td><td>771</td><td>908</td></tr><tr><td>June.</td><td>1,324</td><td>890</td><td>1,720</td><td>188</td><td>3,504</td><td>2,122</td><td>3,889</td><td>2,302</td><td>744</td><td>779</td></tr><tr><td>July.</td><td>1,052</td><td>827</td><td>1,718</td><td>157</td><td>4,778</td><td>1,918</td><td>3,605</td><td>1,834</td><td>790</td><td>779</td></tr><tr><td>Aug.</td><td>1,278</td><td>986</td><td>1,998</td><td>163</td><td>5,313</td><td>2,334</td><td>4,014</td><td>2,045</td><td>801</td><td>697</td></tr><tr><td>Sept.</td><td>1,374</td><td>871</td><td>2,635</td><td>140</td><td>8,346</td><td>1,957</td><td>4,305</td><td>5,302</td><td>804</td><td>824</td></tr><tr><td>Oct.</td><td>1,715</td><td>909</td><td>2,943</td><td>186</td><td>4,978</td><td>2,061</td><td>5,545</td><td>3,383</td><td>913</td><td>761</td></tr><tr><td>Value: 1938-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>3,778</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>13,302</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>6,733</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>5,151</td><td>2,331</td><td>6,712</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>1,310</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>June.</td><td>4,123</td><td>2,054</td><td>6,044</td><td>1,411</td><td>7,711</td><td>3,289</td><td>12,035</td><td>4,088</td><td>2,002</td><td>4,098</td></tr><tr><td>July.</td><td>3,728</td><td>1,951</td><td>6,217</td><td>1,266</td><td>9,634</td><td>3,005</td><td>12,251</td><td>3,277</td><td>2,125</td><td>4,338</td></tr><tr><td>Aug.</td><td>3,833</td><td>2,226</td><td>6,747</td><td>1,347</td><td>11,339</td><td>3,583</td><td>12,939</td><td>3,608</td><td>2,153</td><td>3,434</td></tr><tr><td>Sept.</td><td>3,822</td><td>1,959</td><td>9,189</td><td>1,414</td><td>15,348</td><td>3,012</td><td>15,100</td><td>9,277</td><td>2,247</td><td>4,337</td></tr><tr><td>Oct.</td><td>4,656</td><td>2,035</td><td>9,626</td><td>2,244</td><td>7,217</td><td>3,175</td><td>17,585</td><td>5,714</td><td>2,534</td><td>3,046</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 2/</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>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-Oct.</td><td>2,046</td><td>354</td><td>229</td><td>235</td><td>3,240</td><td>822</td><td>17</td><td>28,973</td><td>+1,824</td><td>30,797</td></tr><tr><td>Nov.</td><td>1,829</td><td>299</td><td>186</td><td>220</td><td>3,194</td><td>763</td><td>18</td><td>27,010</td><td>+328</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>24,244</td><td>+877</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>23,708</td><td>+610</td><td>24,318</td></tr><tr><td>Feb.</td><td>2,142</td><td>196</td><td>286</td><td>177</td><td>2,774</td><td>724</td><td>15</td><td>22,000</td><td>+361</td><td>22,361</td></tr><tr><td>Mar.</td><td>2,860</td><td>245</td><td>276</td><td>196</td><td>3,384</td><td>815</td><td>19</td><td>28,539</td><td>+727</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>27,653</td><td>+1,784</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>June.</td><td>2,397</td><td>220</td><td>273</td><td>150</td><td>2,413</td><td>1,217</td><td>56</td><td>24,189</td><td>+328</td><td>24,517</td></tr><tr><td>July.</td><td>2,508</td><td>182</td><td>231</td><td>171</td><td>2,454</td><td>936</td><td>43</td><td>24,014</td><td>+1,514</td><td>25,528</td></tr><tr><td>Aug.</td><td>2,662</td><td>321</td><td>262</td><td>185</td><td>3,031</td><td>1,028</td><td>37</td><td>27,154</td><td>+59</td><td>27,213</td></tr><tr><td>Sept.</td><td>3,569</td><td>241</td><td>190</td><td>122</td><td>2,457</td><td>1,022</td><td>28</td><td>34,187</td><td>+1,408</td><td>35,595</td></tr><tr><td>Oct.</td><td>2,888</td><td>238</td><td>238</td><td>167</td><td>3,077</td><td>1,035</td><td>24</td><td>31,060</td><td>+1,358</td><td>32,418</td></tr><tr><td>Value:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1938-Oct.</td><td>3,206</td><td>663</td><td>720</td><td>1,080</td><td>10,248</td><td>2,906</td><td>6</td><td>73,780</td><td>-</td><td>-</td></tr><tr><td>Nov.</td><td>2,712</td><td>559</td><td>514</td><td>1,038</td><td>10,642</td><td>2,592</td><td>9</td><td>67,583</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>61,958</td><td>-</td><td>-</td></tr><tr><td>1939-Jan.</td><td>4,239</td><td>411</td><td>692</td><td>918</td><td>11,208</td><td>2,228</td><td>28</td><td>66,031</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>861</td><td>1,052</td><td>12,993</td><td>2,582</td><td>25</td><td>76,132</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>78,042</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>3,687</td><td>8</td><td>68,570</td><td>-</td><td>-</td></tr><tr><td>June.</td><td>3,423</td><td>414</td><td>899</td><td>829</td><td>9,015</td><td>3,777</td><td>86</td><td>65,299</td><td>-</td><td>-</td></tr><tr><td>July.</td><td>3,654</td><td>350</td><td>763</td><td>901</td><td>9,020</td><td>3,179</td><td>83</td><td>65,743</td><td>-</td><td>-</td></tr><tr><td>Aug.</td><td>4,102</td><td>618</td><td>802</td><td>987</td><td>11,048</td><td>3,222</td><td>10</td><td>72,001</td><td>-</td><td>-</td></tr><tr><td>Sept.</td><td>5,120</td><td>451</td><td>634</td><td>619</td><td>9,335</td><td>3,128</td><td>28</td><td>85,019</td><td>-</td><td>-</td></tr><tr><td>Oct.</td><td>3,806</td><td>452</td><td>836</td><td>862</td><td>11,169</td><td>3,563</td><td>25</td><td>79,146</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.
11
Estimated Receipts from Taxes Imposed by Various Revenue Acts on Imports into the United States
<table><tr><th>Article</th><th colspan="3">1938</th><th colspan="10">1939</th></tr><tr><th></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>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</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>$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>$688,585</td><td>$531,266</td><td>$501,758</td><td>$561,192</td><td>$501,327</td></tr><tr><td>Fuel oil, etc. 2/</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>175,648</td><td>141,622</td><td>156,573</td><td>111,578</td><td>102,482</td></tr><tr><td>Gasoline or other motor fuel.</td><td>667</td><td>1</td><td>341</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td><td>9</td><td>-</td><td>376</td><td>3</td><td>-</td></tr><tr><td>Lubricating oil.</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>606</td><td>354</td><td>600</td><td>1,443</td><td>1,455</td></tr><tr><td>Paraffin and other petroleum wax products.</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>27,228</td><td>23,745</td><td>28,243</td><td>37,634</td><td>52,090</td></tr><tr><td>Seed oils.</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>190,842</td><td>146,799</td><td>256,544</td><td>253,957</td><td>258,943</td></tr><tr><td>Oil seeds.</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>33,278</td><td>38,425</td><td>28,950</td><td>23,523</td><td>17,065</td></tr><tr><td>Animal, fish and coconut oils.</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>-</td><td>-</td><td>80</td><td>40</td><td>15</td></tr><tr><td>Copper.</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>59,423</td><td>72,278</td><td>85,793</td><td>34,240</td><td>36,688</td><td>17,930</td><td>70,768</td></tr><tr><td>Lumber of specified types.</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>14,105</td><td>17,270</td><td>17,954</td><td>14,421</td><td>31,035</td></tr><tr><td>Coal and related fuels.</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>562</td><td>2,238</td><td>166</td><td>-</td><td>-</td></tr><tr><td>Total.</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>1,216,656</td><td>935,959</td><td>1,027,932</td><td>1,021,721</td><td>1,035,180</td></tr><tr><td>Dutiable articles 3/:</td><td></td><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>$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>$370,204</td><td>$396,050</td><td>$435,529</td><td>$757,843</td><td>$152,795</td></tr><tr><td>Cane sugar (from Philippine Is.).</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>135,286</td><td>34,708</td><td>55,168</td><td>59,481</td><td>42,155</td></tr><tr><td>Beet sugar.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Articles composed in chief value of manufactured sugar.</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>2,641</td><td>5,170</td><td>19,373</td><td>20,786</td><td>16,682</td><td>7,516</td></tr><tr><td>Fuel oil, etc. 2/.</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>36</td><td>565</td><td>-</td></tr><tr><td>Lubricating oil.</td><td>-</td><td>-</td><td>23</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>24</td><td>-</td><td>10</td></tr><tr><td>Paraffin and other petroleum wax products.</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>16</td><td>42</td><td>44</td><td>17</td><td>41</td></tr><tr><td>Seed oils.</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>-</td><td>19,865</td><td>19</td><td>406</td><td>3</td></tr><tr><td>Animal and fish oils.</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>15,441</td><td>22,486</td><td>14,324</td><td>15,989</td><td>16,585</td></tr><tr><td>Palm oil.</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>1,771</td><td>1,008</td><td>1,500</td><td>850</td><td>1,610</td></tr><tr><td>Coconut oil (from Philippine Islands).</td><td></td><td></td><td></td><td>-</td><td>570</td><td>761</td><td>1,357</td><td>45</td><td>957</td><td>1,564</td><td>1,009</td><td>802</td><td>-</td></tr><tr><td>Coconut oil.</td><td>515</td><td>695</td><td>671</td><td>786</td><td>322</td><td>547</td><td>923</td><td>1,095</td><td>419</td><td>456</td><td>873</td><td>1,242</td><td>512</td></tr><tr><td>Copper.</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>8,432</td><td>7,350</td><td>16,479</td><td>7,842</td><td>9,797</td></tr><tr><td>Lumber of specified types.</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>38,243</td><td>29,940</td><td>29,927</td><td>33,531</td><td>60,207</td></tr><tr><td>Total.</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>575,939</td><td>532,864</td><td>575,724</td><td>895,250</td><td>291,228</td></tr><tr><td>Grand total.</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>1,186,628</td><td>1,671,025</td><td>1,792,595</td><td>1,468,823</td><td>1,603,656</td><td>1,916,971</td><td>1,326,413</td></tr></table>
1/ The total of the taxes herein corresponds to the total of the column headed "Tree List" in the preceding table. 
2/ Fuel oil and gas oil derived from petroleum, and all liquid derivatives of crude petroleum except lubricating oil and gasoline or other motor fuel. 
3/ 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.
12
Computed Duties Collected, by Countries, Fiscal Years 1938 and 1939, and Fiscal Year 1939 by Months
(In thousands of dollars)
<table><tr><th>Country</th><th colspan="3">Fiscal Year</th><th colspan="3">1938</th><th colspan="10">1939</th></tr><tr><th></th><th>1938</th><th>1939</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>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><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>Belgium</td><td>$8,318</td><td>$7,906</td><td>$590</td><td>$566</td><td>$579</td><td>$657</td><td>$715</td><td>$760</td><td>$785</td><td>$755</td><td>$718</td><td>$713</td><td>$913</td><td>$769</td><td>$1,009</td></tr><tr><td>Czechoslovakia</td><td>13,767</td><td>6,346</td><td>705</td><td>699</td><td>373</td><td>314</td><td>357</td><td>490</td><td>229</td><td>20</td><td>12</td><td>11</td><td>14</td><td>39</td><td>29</td></tr><tr><td>France</td><td>17,467</td><td>18,128</td><td>1,732</td><td>1,641</td><td>1,946</td><td>1,357</td><td>1,336</td><td>1,573</td><td>1,395</td><td>1,598</td><td>1,583</td><td>1,464</td><td>1,875</td><td>1,884</td><td>1,232</td></tr><tr><td>Germany</td><td>17,793</td><td>19,071</td><td>1,499</td><td>1,544</td><td>1,384</td><td>1,463</td><td>1,174</td><td>1,508</td><td>5,637</td><td>276</td><td>539</td><td>635</td><td>747</td><td>383</td><td>541</td></tr><tr><td>Greece</td><td>7,449</td><td>7,623</td><td>594</td><td>499</td><td>533</td><td>558</td><td>560</td><td>615</td><td>387</td><td>797</td><td>626</td><td>553</td><td>624</td><td>571</td><td>676</td></tr><tr><td>Italy</td><td>15,062</td><td>14,328</td><td>1,698</td><td>1,355</td><td>1,068</td><td>968</td><td>922</td><td>1,379</td><td>1,046</td><td>1,154</td><td>1,007</td><td>944</td><td>1,026</td><td>1,183</td><td>1,523</td></tr><tr><td>Netherlands</td><td>6,839</td><td>6,762</td><td>638</td><td>554</td><td>430</td><td>503</td><td>431</td><td>606</td><td>456</td><td>615</td><td>587</td><td>477</td><td>670</td><td>692</td><td>361</td></tr><tr><td>Norway</td><td>2,854</td><td>2,905</td><td>336</td><td>316</td><td>161</td><td>266</td><td>217</td><td>205</td><td>195</td><td>237</td><td>200</td><td>273</td><td>286</td><td>355</td><td>430</td></tr><tr><td>Poland</td><td>2,583</td><td>2,478</td><td>180</td><td>225</td><td>234</td><td>184</td><td>179</td><td>246</td><td>241</td><td>262</td><td>208</td><td>235</td><td>246</td><td>125</td><td>26</td></tr><tr><td>Spain</td><td>2,936</td><td>2,818</td><td>209</td><td>208</td><td>245</td><td>169</td><td>152</td><td>390</td><td>232</td><td>320</td><td>269</td><td>179</td><td>223</td><td>256</td><td>295</td></tr><tr><td>Sweden</td><td>2,332</td><td>1,722</td><td>151</td><td>155</td><td>156</td><td>129</td><td>118</td><td>153</td><td>121</td><td>159</td><td>192</td><td>114</td><td>172</td><td>147</td><td>226</td></tr><tr><td>Switzerland</td><td>9,171</td><td>9,555</td><td>1,072</td><td>1,001</td><td>792</td><td>630</td><td>708</td><td>736</td><td>756</td><td>877</td><td>767</td><td>723</td><td>1,031</td><td>901</td><td>1,549</td></tr><tr><td>U. S. S. R. (Russia)</td><td>2,560</td><td>2,102</td><td>146</td><td>137</td><td>217</td><td>168</td><td>163</td><td>138</td><td>88</td><td>156</td><td>125</td><td>102</td><td>147</td><td>204</td><td>294</td></tr><tr><td>United Kingdom</td><td>43,020</td><td>40,353</td><td>3,746</td><td>3,737</td><td>3,719</td><td>3,599</td><td>3,095</td><td>3,460</td><td>3,078</td><td>3,450</td><td>3,495</td><td>3,180</td><td>3,534</td><td>5,069</td><td>3,620</td></tr><tr><td>Other Europe</td><td>9,073</td><td>6,569</td><td>589</td><td>630</td><td>687</td><td>580</td><td>477</td><td>718</td><td>454</td><td>633</td><td>478</td><td>399</td><td>468</td><td>498</td><td>777</td></tr><tr><td>Total Europe</td><td>161,223</td><td>148,665</td><td>13,885</td><td>13,267</td><td>12,524</td><td>11,544</td><td>10,603</td><td>12,976</td><td>15,100</td><td>11,309</td><td>10,803</td><td>10,032</td><td>11,974</td><td>13,076</td><td>12,585</td></tr><tr><td>North and Central America:</td><td></td><td></td><td></td><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>Canada</td><td>26,849</td><td>18,891</td><td>2,113</td><td>2,292</td><td>2,020</td><td>1,842</td><td>1,247</td><td>1,320</td><td>1,648</td><td>1,402</td><td>1,135</td><td>1,387</td><td>1,402</td><td>1,923</td><td>2,335</td></tr><tr><td>Cuba</td><td>39,735</td><td>37,869</td><td>3,915</td><td>1,852</td><td>580</td><td>1,362</td><td>1,898</td><td>3,496</td><td>2,383</td><td>2,648</td><td>3,538</td><td>5,259</td><td>5,829</td><td>8,529</td><td>4,824</td></tr><tr><td>Dominican Republic</td><td>2,370</td><td>1,947</td><td>162</td><td>272</td><td>140</td><td>8</td><td>120</td><td>150</td><td>204</td><td>179</td><td>24</td><td>5</td><td>7</td><td>329</td><td>337</td></tr><tr><td>Mexico</td><td>5,464</td><td>7,059</td><td>354</td><td>486</td><td>543</td><td>1,103</td><td>800</td><td>994</td><td>1,114</td><td>488</td><td>427</td><td>327</td><td>331</td><td>340</td><td>633</td></tr><tr><td>Netherland West Indies</td><td>1,188</td><td>1,627</td><td>106</td><td>129</td><td>140</td><td>102</td><td>119</td><td>149</td><td>100</td><td>126</td><td>179</td><td>145</td><td>163</td><td>117</td><td>108</td></tr><tr><td>Other Countries</td><td>1,893</td><td>1,614</td><td>219</td><td>117</td><td>84</td><td>97</td><td>53</td><td>70</td><td>61</td><td>167</td><td>216</td><td>60</td><td>72</td><td>95</td><td>87</td></tr><tr><td>Total North and Central America</td><td>77,499</td><td>69,007</td><td>6,870</td><td>5,148</td><td>3,508</td><td>4,514</td><td>4,237</td><td>6,179</td><td>5,509</td><td>5,010</td><td>5,519</td><td>7,184</td><td>7,803</td><td>11,332</td><td>8,325</td></tr><tr><td>South America:</td><td></td><td></td><td></td><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>Argentina</td><td>24,521</td><td>17,753</td><td>1,311</td><td>1,405</td><td>1,329</td><td>1,994</td><td>1,928</td><td>1,879</td><td>1,548</td><td>1,374</td><td>1,612</td><td>1,103</td><td>1,518</td><td>1,177</td><td>1,403</td></tr><tr><td>Brazil</td><td>3,179</td><td>3,447</td><td>340</td><td>373</td><td>349</td><td>162</td><td>329</td><td>324</td><td>151</td><td>355</td><td>154</td><td>141</td><td>223</td><td>473</td><td>318</td></tr><tr><td>Chile</td><td>701</td><td>525</td><td>79</td><td>28</td><td>2</td><td>41</td><td>34</td><td>74</td><td>65</td><td>17</td><td>26</td><td>42</td><td>55</td><td>28</td><td>75</td></tr><tr><td>Peru</td><td>2,394</td><td>3,381</td><td>262</td><td>598</td><td>893</td><td>55</td><td>84</td><td>194</td><td>47</td><td>105</td><td>243</td><td>111</td><td>71</td><td>416</td><td>557</td></tr><tr><td>Uruguay</td><td>3,133</td><td>4,044</td><td>336</td><td>242</td><td>363</td><td>228</td><td>97</td><td>318</td><td>445</td><td>583</td><td>530</td><td>550</td><td>303</td><td>689</td><td>610</td></tr><tr><td>Venezuela</td><td>4,960</td><td>4,752</td><td>385</td><td>360</td><td>465</td><td>288</td><td>282</td><td>298</td><td>505</td><td>553</td><td>611</td><td>477</td><td>455</td><td>518</td><td>463</td></tr><tr><td>Other Countries</td><td>1,118</td><td>1,228</td><td>76</td><td>76</td><td>95</td><td>70</td><td>63</td><td>64</td><td>70</td><td>295</td><td>178</td><td>140</td><td>96</td><td>136</td><td>93</td></tr><tr><td>Total South America</td><td>40,006</td><td>35,130</td><td>2,791</td><td>3,083</td><td>3,496</td><td>2,837</td><td>2,818</td><td>3,151</td><td>2,831</td><td>3,282</td><td>3,354</td><td>2,564</td><td>2,720</td><td>3,438</td><td>3,518</td></tr><tr><td>Asia:</td><td></td><td></td><td></td><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>British India</td><td>7,751</td><td>6,296</td><td>597</td><td>543</td><td>633</td><td>15</td><td>317</td><td>867</td><td>454</td><td>619</td><td>517</td><td>568</td><td>367</td><td>769</td><td>509</td></tr><tr><td>China</td><td>12,146</td><td>10,264</td><td>1,138</td><td>1,300</td><td>774</td><td>833</td><td>706</td><td>979</td><td>704</td><td>763</td><td>737</td><td>673</td><td>742</td><td>832</td><td>1,169</td></tr><tr><td>Japan</td><td>25,885</td><td>16,392</td><td>1,526</td><td>1,516</td><td>1,397</td><td>1,399</td><td>1,171</td><td>1,489</td><td>1,186</td><td>1,266</td><td>1,259</td><td>1,245</td><td>1,515</td><td>1,704</td><td>1,707</td></tr><tr><td>Turkey</td><td>7,874</td><td>10,024</td><td>912</td><td>769</td><td>845</td><td>751</td><td>742</td><td>930</td><td>474</td><td>699</td><td>683</td><td>614</td><td>781</td><td>659</td><td>700</td></tr><tr><td>Other Countries</td><td>5,691</td><td>6,203</td><td>539</td><td>586</td><td>404</td><td>953</td><td>411</td><td>500</td><td>380</td><td>615</td><td>539</td><td>358</td><td>464</td><td>751</td><td>754</td></tr><tr><td>Total Asia</td><td>59,347</td><td>49,180</td><td>4,712</td><td>4,715</td><td>4,053</td><td>3,951</td><td>3,346</td><td>4,765</td><td>3,199</td><td>3,962</td><td>3,736</td><td>3,457</td><td>3,869</td><td>4,805</td><td>4,929</td></tr><tr><td>Oceania - Total</td><td>4,239</td><td>6,087</td><td>449</td><td>417</td><td>354</td><td>580</td><td>620</td><td>1,094</td><td>726</td><td>718</td><td>484</td><td>399</td><td>438</td><td>1,107</td><td>965</td></tr><tr><td>Africa:</td><td></td><td></td><td></td><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>Egypt</td><td>1,714</td><td>1,856</td><td>115</td><td>145</td><td>126</td><td>137</td><td>184</td><td>147</td><td>152</td><td>246</td><td>154</td><td>110</td><td>151</td><td>201</td><td>374</td></tr><tr><td>Gold Coast</td><td>920</td><td>899</td><td>44</td><td>120</td><td>114</td><td>21</td><td>105</td><td>114</td><td>13</td><td>39</td><td>66</td><td>197</td><td>108</td><td>138</td><td>264</td></tr><tr><td>Union of South Africa</td><td>1,151</td><td>326</td><td>10</td><td>38</td><td>16</td><td>49</td><td>11</td><td>36</td><td>30</td><td>50</td><td>17</td><td>15</td><td>21</td><td>26</td><td>17</td></tr><tr><td>Other Countries</td><td>1,172</td><td>947</td><td>98</td><td>77</td><td>55</td><td>74</td><td>75</td><td>76</td><td>64</td><td>62</td><td>56</td><td>56</td><td>70</td><td>65</td><td>62</td></tr><tr><td>Total Africa</td><td>4,957</td><td>4,028</td><td>267</td><td>380</td><td>310</td><td>282</td><td>375</td><td>373</td><td>288</td><td>397</td><td>293</td><td>378</td><td>350</td><td>429</td><td>737</td></tr><tr><td>Grend Total</td><td>347,271</td><td>312,095</td><td>28,973</td><td>27,010</td><td>24,244</td><td>23,708</td><td>22,000</td><td>28,539</td><td>27,653</td><td>24,679</td><td>24,189</td><td>24,014</td><td>27,154</td><td>34,187</td><td>31,060</td></tr></table>
Note: Figures are rounded to nearest thousand and will not necessarily add to totals.
13
Receipts and Expenditures under Social Security Act
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th>Fiscal year or month</th><th colspan="3">Receipts</th><th colspan="5">Expenditures</th></tr><tr><th></th><th>Employment taxes Title VIII</th><th>Tax on Employers of 8 or more, (Title IX, Sec. 901)</th><th>Total Receipts</th><th>Administrative Expense 1/</th><th>Unemployment compensation administration</th><th>Old-Age Assistance, etc.</th><th>Total grants to statee</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</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>30.1</td><td>504.4</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-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>1.6</td><td>.6</td><td>11.7</td><td>12.3</td><td>-</td><td>32.0</td><td>45.9</td></tr><tr><td>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>30.8</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>154.4</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>91.8</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>73.4</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><tr><td>Aug.</td><td>106.6</td><td>8.1</td><td>114.6</td><td>1.9</td><td>7.4</td><td>26.3</td><td>33.7</td><td>-</td><td>48.0</td><td>83.7</td></tr><tr><td>Sept.</td><td>2.5</td><td>.5</td><td>3.0</td><td>1.9</td><td>2.3</td><td>15.3</td><td>17.6</td><td>-</td><td>43.0</td><td>62.5</td></tr><tr><td>Oct.</td><td>31.4</td><td>2.9</td><td>34.4</td><td>.9</td><td>11.1</td><td>32.6</td><td>43.7</td><td>-</td><td>43.0</td><td>87.6</td></tr><tr><td>Nov.</td><td>117.5</td><td>8.0</td><td>125.5</td><td>1.8</td><td>1.0</td><td>21.0</td><td>22.1</td><td>-</td><td>43.0</td><td>66.9</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/ 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.
2/ 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.
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 rowspan="1">Interest on Investments</th><th rowspan="1">Total Receipts</th><th rowspan="1">Total</th><th colspan="2">Unexpended</th></tr><tr><th></th><th>Transfer from general fund</th><th>Balance available for transfers</th><th>Total</th><th>Benefit Payments</th><th>Investments</th><th>To credit of appropriations 1/</th><th>To credit of disbursing officers</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>267.2</td><td>267.1</td><td>1.1</td><td>1.1</td></tr><tr><td>1937</td><td>265.0</td><td>-</td><td>265.0</td><td>2.3</td><td>267.3</td><td>-</td><td>267.1</td><td>113.0</td><td>1.9</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>562.3</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>1,199.5</td><td>19.3</td><td>1,180.3</td><td>1,177.2</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>1.6</td></tr><tr><td>Aug.</td><td>1,246.0</td><td>459.0</td><td>1,705.0</td><td>44.6</td><td>1,749.6</td><td>22.0</td><td>1,727.6</td><td>1,263.2</td><td>459.1</td><td>5.3</td></tr><tr><td>Sept.</td><td>1,289.0</td><td>416.0</td><td>1,705.0</td><td>44.6</td><td>1,749.6</td><td>22.7</td><td>1,726.9</td><td>1,306.2</td><td>416.1</td><td>4.6</td></tr><tr><td>Oct.</td><td>1,332.0</td><td>373.0</td><td>1,705.0</td><td>44.6</td><td>1,749.6</td><td>23.6</td><td>1,726.0</td><td>1,349.2</td><td>373.1</td><td>3.8</td></tr><tr><td>Nov.</td><td>1,375.0</td><td>330.0</td><td>1,705.0</td><td>44.6</td><td>1,749.5</td><td>24.4</td><td>1,725.2</td><td>1,392.2</td><td>330.1</td><td>2.9</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 unemployment benefit payments</th><th>Total expenditures</th><th>Total Investments</th><th>Trust account</th><th>Unexpended balances Disbursing 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>310.6</td><td>-</td><td>-</td><td>2.8</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><tr><td>Aug.</td><td>2,066.3</td><td>.3</td><td>15.0 2/</td><td>44.9</td><td>2,126.5</td><td>715.1</td><td>.9</td><td>716.0</td><td>1,410.4</td><td>1,382.0</td><td>14.4</td><td>14.1</td></tr><tr><td>Sept.</td><td>2,079.0</td><td>.3</td><td>15.0 2/</td><td>45.0</td><td>2,139.3</td><td>753.6</td><td>2.2</td><td>755.8</td><td>1,383.5</td><td>1,363.0</td><td>7.7</td><td>12.8</td></tr><tr><td>Oct.</td><td>2,133.1</td><td>.6</td><td>15.0 2/</td><td>45.0</td><td>2,193.7</td><td>776.5</td><td>3.3</td><td>779.8</td><td>1,413.9</td><td>1,370.0</td><td>32.2</td><td>11.7</td></tr><tr><td>Nov.</td><td>2,276.3</td><td>1.2</td><td>15.0 2/</td><td>45.0</td><td>2,337.5</td><td>805.1</td><td>4.2</td><td>809.3</td><td>1,528.2</td><td>1,512.0</td><td>5.4</td><td>10.3</td></tr></table>
1/ Includes in 1938 the proceeds of refunds to States of taxes collected under Title IX, section 901 of the Social Security Act, amounting to $40,561,886.43.
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, 1941.
14
Receipts and Expenditures Under Railroad Retirement and Railroad Unemployment Insurance Acts
(In millions of dollars - on basis of daily Treasury statements, unrevied)
<table><tr><th>Fiscal year or month</th><th>Receipts Taxes upon carriers and their employees</th><th>Administrative Expenses</th><th>Transfers to Railroad Retirement Act.</th><th>Transfers to Railroad Unemployment 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>146.4</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-Nov. Dec.</td><td>26.5 -</td><td>.2 .3</td><td>16.5 16.5</td><td>- -</td><td>16.7 16.8</td></tr><tr><td>1939-Jan. Feb. Mar.</td><td>.9 27.5 -</td><td>.3 .3 .3</td><td>1.5 - 18.0</td><td>- - -</td><td>1.8 .3 18.3</td></tr><tr><td>Apr. May. June.</td><td>.4 6.1 21.1</td><td>.3 .3 .4</td><td>- .1 -</td><td>- - -</td><td>.3 .4 .4</td></tr><tr><td>July. Aug. Sept.</td><td>.7 4.4 23.7</td><td>.5 .6 .6</td><td>21.9 18.1 7.1</td><td>15.0 - -</td><td>37.4 18.7 7.7</td></tr><tr><td>Oct. Nov.</td><td>1.2 4.2</td><td>.7 .5</td><td>10.0 10.0</td><td>- -</td><td>10.7 10.5</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">Expenditure</th><th colspan="3">Balances</th></tr><tr><th colspan="3">Appropriations by Congress</th><th rowspan="2">Total Receipts</th><th colspan="2">Unexpended</th></tr><tr><th>Transfers from general fund 1/</th><th>Balance available for transfers</th><th>Total</th><th>Interest on Investments</th><th>Total</th><th>Investments</th><th>To credit of appropriations 2/</th><th>To credit of dis-bursing officer</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>46.6</td><td>-</td><td>46.6</td><td>46.6</td><td>-</td><td>46.6</td><td>-</td></tr><tr><td>1937</td><td>-</td><td>-</td><td>46.6</td><td>-</td><td>46.6</td><td>4.0</td><td>42.6</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>146.4</td><td>.1</td><td>146.5</td><td>1.4</td><td>147.9</td><td>79.8</td><td>68.1</td><td>66.2</td><td>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>82.8</td><td>67.2</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>193.8</td><td>69.1</td><td>111.5</td><td>13.3</td></tr><tr><td>Aug.</td><td>293.5</td><td>91.4</td><td>384.9</td><td>3.6</td><td>388.5</td><td>203.8</td><td>184.7</td><td>77.2</td><td>93.4</td><td>14.2</td></tr><tr><td>Sept.</td><td>300.7</td><td>84.2</td><td>384.9</td><td>3.6</td><td>388.5</td><td>212.9</td><td>175.6</td><td>77.2</td><td>84.3</td><td>14.1</td></tr><tr><td>Oct.</td><td>310.7</td><td>74.2</td><td>384.9</td><td>3.6</td><td>388.5</td><td>222.4</td><td>166.2</td><td>77.2</td><td>74.3</td><td>14.7</td></tr><tr><td>Nov.</td><td>320.7</td><td>64.2</td><td>384.9</td><td>3.6</td><td>388.5</td><td>231.7</td><td>156.8</td><td>77.2</td><td>64.2</td><td>15.4</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.
15
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 not been revised in accordance with that explanation.
(In millions of dollars)
<table><tr><th></th><th colspan="2">1938</th><th colspan="11">1939</th></tr><tr><th></th><th>Nov.</th><th>Dec.</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></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></tr><tr><td>Income tax.</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><td>37</td><td>328</td><td>37</td><td>34</td></tr><tr><td>Miscellaneous internal revenue.</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><td>217</td><td>311</td><td>198</td><td>191</td></tr><tr><td>Taxes under Social Security Act.</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><td>115</td><td>3</td><td>34</td><td>125</td></tr><tr><td>Taxes upon carriers and their employees.</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><td>4</td><td>24</td><td>1</td><td>4</td></tr><tr><td>Customs.</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><td>27</td><td>36</td><td>32</td><td>29</td></tr><tr><td>Other.</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><td>20</td><td>17</td><td>19</td><td>24</td></tr><tr><td>Subtotal</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><td>420</td><td>719</td><td>321</td><td>407</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></tr><tr><td>Unemployment trust fund (deposits by States).</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><td>154</td><td>13</td><td>54</td><td>144</td></tr><tr><td>Trust account.</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><td>15</td><td>20</td><td>24</td><td>16</td></tr><tr><td>Subtotal</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><td>169</td><td>33</td><td>78</td><td>160</td></tr><tr><td>Total cash income.</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><td>589</td><td>752</td><td>399</td><td>567</td></tr><tr><td>CASH OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></tr><tr><td>National defense.</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><td>114</td><td>108</td><td>115</td><td>118</td></tr><tr><td>Social Security Act (grants and administrative expenses).</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>42</td><td>35</td><td>19</td><td>45</td><td>24</td></tr><tr><td>Interest on the public debt.</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><td>14</td><td>148</td><td>65</td><td>12</td></tr><tr><td>Public Works.</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>96</td><td>106</td><td>106</td><td>101</td><td>95</td></tr><tr><td>Agricultural aid.</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>69</td><td>63</td><td>80</td><td>102</td><td>129</td></tr><tr><td>National Youth Administration.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>5</td><td>5</td><td>6</td><td>8</td></tr><tr><td>Works Progress Administration.</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><td>134</td><td>106</td><td>113</td><td>112</td></tr><tr><td>Other.</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>159</td><td>161</td><td>159</td><td>159</td><td>138</td></tr><tr><td>Subtotal</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><td>632</td><td>731</td><td>706</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></tr><tr><td>Reconstruction Finance Corporation.</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><td>25</td><td>19</td><td>10</td><td>22</td></tr><tr><td>Commodity Credit Corporation.</td><td>18</td><td>15</td><td>10</td><td>-</td><td>2</td><td>5</td><td>4</td><td>1</td><td>6</td><td>236</td><td>5</td><td>19</td><td>25</td></tr><tr><td>Unemployment trust fund.</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><td>41</td><td>39</td><td>24</td><td>30</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>2</td><td>1</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Railroad retirement account.</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><td>9</td><td>9</td><td>9</td></tr><tr><td>Other.</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>37</td><td>42</td><td>84</td><td>10</td><td>24</td></tr><tr><td>Subtotal</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>33</td><td>354</td><td>157</td><td>73</td><td>67</td></tr><tr><td>Redemption of adjusted service bonds.</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><td>3</td><td>3</td><td>2</td><td>2</td></tr><tr><td>Total cash outgo.</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>672</td><td>989</td><td>891</td><td>781</td><td>705</td></tr><tr><td>EXCESS OF CASH OUTGO.</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>303</td><td>400</td><td>139</td><td>382</td><td>138</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>390</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>757</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>589</td><td>752</td><td>399</td><td>567</td><td></td><td></td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>736</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>672</td><td>989</td><td>891</td><td>781</td><td>705</td><td></td><td></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>144</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>2,998</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>303</td><td>400</td><td>139</td><td>382</td><td>138</td><td></td><td></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
16
TREASURY GENERAL FUND AND PUBLIC DEBT
- 17 -
18
Composition of General Fund
(In millions of dollars - on basis of daily Treasury statements, unvarisied)
<table><tr><th>End of fiscal year or month</th><th colspan="5">Balance</th><th colspan="4">Current assets</th><th>Current liabilities</th></tr><tr><th></th><th>Total</th><th>"Working" balance</th><th>Seigniorage</th><th>Increment 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 deposits a/c sales of Govt. Sacs.</th><th>All other deposits and collection</th><th></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>451</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>1,853</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-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>186</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><tr><td>Aug.</td><td>2,231</td><td>1,539</td><td>550</td><td>142</td><td>-</td><td>2,576</td><td>986</td><td>748</td><td>761</td><td>81</td><td>345</td></tr><tr><td>Sept.</td><td>2,178</td><td>1,481</td><td>554</td><td>143</td><td>-</td><td>2,334</td><td>879</td><td>586</td><td>758</td><td>111</td><td>156</td></tr><tr><td>Oct.</td><td>1,913</td><td>1,213</td><td>558</td><td>142</td><td>-</td><td>2,077</td><td>890</td><td>318</td><td>756</td><td>113</td><td>164</td></tr><tr><td>Nov.</td><td>2,165</td><td>1,462</td><td>561</td><td>142</td><td>-</td><td>2,350</td><td>1,007</td><td>471</td><td>755</td><td>117</td><td>185</td></tr></table>
Statement of the Outstanding Public Debt on June 30, 1939 and Nov. 30, 1939
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th></th><th>June 30, 1939</th><th>Nov. 30, 1939</th><th>Increase(+) Decrease(-)</th><th></th><th>June 30, 1939</th><th>Nov. 30, 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>504</td><td>-33</td></tr><tr><td>Treasury bonds</td><td>25,218</td><td>25,218</td><td>-</td><td>Old-Age Reserve Account</td><td>1,177</td><td>1,392</td><td>+215</td></tr><tr><td>U. S. Savings bonds</td><td>1,868</td><td>2,141</td><td>+273</td><td>Railroad Retirement Account</td><td>67</td><td>77</td><td>+10</td></tr><tr><td>Adjusted Service bonds</td><td>283</td><td>271</td><td>-12</td><td>Government retirement funds</td><td>473</td><td>551</td><td>+78</td></tr><tr><td>Treasury notes</td><td>7,243</td><td>7,232</td><td>-11</td><td>Adjusted Service Certificates</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Treasury bills</td><td>1,308</td><td>1,454</td><td>+146</td><td>Fund</td><td>20</td><td>17</td><td>-3</td></tr><tr><td>Matured debt on which interest has ceased</td><td>142</td><td>98</td><td>-44</td><td>Unemployment Trust Fund</td><td>1,267</td><td>1,512</td><td>+245</td></tr><tr><td>Debt bearing no interest</td><td>411</td><td>400</td><td>-11</td><td>Postal Savings System</td><td>128</td><td>121</td><td>-7</td></tr><tr><td>Total Market issues, etc</td><td>36,669</td><td>37,010</td><td>+341</td><td>Federal Deposit Insurance Corporation</td><td>101</td><td>121</td><td>+20</td></tr><tr><td></td><td></td><td></td><td></td><td>Total Special issues</td><td>3,770</td><td>4,295</td><td>+525</td></tr><tr><td></td><td></td><td></td><td></td><td>Total</td><td>40,439</td><td>41,305</td><td>+866</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="5">Receipts</th><th colspan="5">Expenditures</th></tr><tr><th>Cash</th><th>Adjusted Serv. Bonde</th><th>Exchanges</th><th>Special Series</th><th>Total</th><th>Cash</th><th>Exchangas</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-Nov.</td><td>539.2</td><td>.5</td><td>-</td><td>143.6</td><td>683.3</td><td>501.0</td><td>-</td><td>2.0</td><td>503.0</td><td>180.3</td></tr><tr><td>Dec.</td><td>1,183.8</td><td>.5</td><td>928.6</td><td>68.1</td><td>2,181.0</td><td>426.0</td><td>928.6</td><td>2.6</td><td>1,357.2</td><td>823.8</td></tr><tr><td>1939-Jan.</td><td>549.5</td><td>.5</td><td>-</td><td>89.5</td><td>639.5</td><td>405.1</td><td>-</td><td>30.3</td><td>435.4</td><td>204.1</td></tr><tr><td>Feb.</td><td>471.4</td><td>.4</td><td>-</td><td>169.5</td><td>641.3</td><td>411.0</td><td>-</td><td>2.9</td><td>413.9</td><td>227.4</td></tr><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>459.0</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>556.3</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><tr><td>Aug.</td><td>576.0</td><td>.4</td><td>-</td><td>180.1</td><td>756.5</td><td>522.6</td><td>-</td><td>3.9</td><td>526.5</td><td>230.0</td></tr><tr><td>Sept.</td><td>448.4</td><td>.5</td><td>-</td><td>43.0</td><td>491.9</td><td>451.4</td><td>-</td><td>74.1</td><td>525.5</td><td>-33.6</td></tr><tr><td>Oct.</td><td>552.0</td><td>.5</td><td>-</td><td>55.0</td><td>606.5</td><td>419.2</td><td>-</td><td>9.0</td><td>428.2</td><td>178.3</td></tr><tr><td>Nov.</td><td>607.6</td><td>.6</td><td>515.2</td><td>188.4</td><td>1,311.8</td><td>524.8</td><td>515.2</td><td>2.8</td><td>1,042.8</td><td>269.0</td></tr></table>
19
Statement Showing Details of Major Financing Operations of the Treasury for Fiscal Years 1938, 1939 and 1940
(in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th rowspan="2">Rate Per Cent</th><th rowspan="2">Term</th><th rowspan="2">Call and maturity dates</th><th colspan="2">Amount issued</th><th rowspan="2">Amount of cash subscriptions tendered</th><th colspan="6">New securities allotted</th></tr><tr><th>Treasury bonds</th><th>Treasury notes and certificates</th><th rowspan="2">For Cash</th><th colspan="2">Amount of exchangeee</th><th colspan="3">In exchange for</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Treasury bonds</th><th>Treasury notes and certificates</th><th>Date of Issue</th><th>Rate Per Cent</th><th>Call or maturity date</th></tr><tr><td>1937-Sept. 15.</td><td>1-1/4</td><td>1 yr. 3 mos.</td><td>Dec. 15, 1938</td><td>-</td><td>433</td><td>-</td><td>-</td><td>-</td><td>433</td><td>Sept. 15, 1932</td><td>3-1/4</td><td>Sept. 15,1937</td></tr><tr><td>Sept. 15.</td><td>2</td><td>5 years</td><td>Sept.15, 1942</td><td>-</td><td>342</td><td>-</td><td>-</td><td>-</td><td>342</td><td>Sept. 15, 1932</td><td>3-1/4</td><td>Sept. 15,1937</td></tr><tr><td>Dec. 15.</td><td>2-1/2</td><td>8 years</td><td>Dec. 15, 1945</td><td>541</td><td>-</td><td>4,084</td><td>294</td><td>-</td><td>247</td><td>Feb. 1, 1933</td><td>2-5/8</td><td>Feb. 1,1938</td></tr><tr><td>Dec. 15.</td><td>1-3/4</td><td>5 years</td><td>Dec. 15, 1942</td><td>-</td><td>232</td><td>2,702</td><td>219</td><td>-</td><td>13</td><td>Feb. 1, 1933</td><td>2-5/8</td><td>Feb. 1,1938</td></tr><tr><td>1938-Mar. 15.</td><td>2-1/2</td><td>10 years 6 moe.</td><td>Sept.15, 1948</td><td>451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>451</td><td>Mar. 15, 1934</td><td>3</td><td>Mar. 15,1938</td></tr><tr><td>June 15.</td><td>2-3/4</td><td>20-25 years</td><td>June 15, 1958 June 15, 1963</td><td>919</td><td>-</td><td>-</td><td>-</td><td>-</td><td>572 347</td><td>June 15, 1933 Sept. 15, 1934</td><td>2-7/8 2-1/2</td><td>June 15,1938 Sept. 15,1938</td></tr><tr><td>June 15.</td><td>1-1/8</td><td>5 years</td><td>June 15, 1943</td><td>-</td><td>268</td><td>-</td><td>-</td><td>-</td><td>36 232</td><td>June 15, 1933 Sept. 15, 1934</td><td>2-7/8 2-1/2</td><td>June 15,1938 Sept. 15,1938</td></tr><tr><td>Sept. 15.</td><td>2-1/2</td><td>12-14 years</td><td>Sept.15, 1950 Sept.15, 1952</td><td>867</td><td>-</td><td>4,487</td><td>462</td><td>-</td><td>405</td><td>Sept. 15, 1937</td><td>1-1/2</td><td>Dec. 15,1938</td></tr><tr><td>Sept. 15. (Add. 6/15/38)</td><td>1-1/8</td><td>5 years</td><td>June 15, 1943</td><td>-</td><td>361</td><td>3,062</td><td>342</td><td>-</td><td>19</td><td>Sept. 15, 1937</td><td>1-1/4</td><td>Dec. 15,1938</td></tr><tr><td>Dec. 15.</td><td>2-3/4</td><td>22-27 years</td><td>Dec. 15, 1960 Dec. 15, 1965</td><td>591</td><td>-</td><td>5,732</td><td>403</td><td>-</td><td>188</td><td>Sept. 16, 1935</td><td>1-1/2</td><td>Mar. 15,1939</td></tr><tr><td>Dec. 15.</td><td>2</td><td>9 years</td><td>Dec. 15, 1947</td><td>701</td><td>-</td><td>-</td><td>-</td><td>-</td><td>701</td><td>Sept. 16, 1935</td><td>1-1/2</td><td>Mar. 15,1939</td></tr><tr><td>Dec. 15.</td><td>1-1/8</td><td>5 years</td><td>Dec. 15, 1943</td><td>-</td><td>368</td><td>3,647</td><td>329</td><td>-</td><td>39</td><td>Sept. 16, 1935</td><td>1-1/2</td><td>Mar. 15,1939</td></tr><tr><td>1939-Mar. 15. (Add. 12/15/38)</td><td>2-3/4</td><td>22-27 years</td><td>Dec. 15, 1960 Dec. 15, 1965</td><td>894</td><td>-</td><td>-</td><td>-</td><td>-</td><td>894</td><td>June 15, 1934</td><td>2-1/8</td><td>June 15,1939</td></tr><tr><td>Mar. 15. (Add. 9/15/38)</td><td>2-1/2</td><td>12-14 years</td><td>Sept.15, 1950 Sept.15, 1952</td><td>319</td><td>-</td><td>-</td><td>-</td><td>-</td><td>319</td><td>June 15, 1934</td><td>2-1/8</td><td>June 15,1939</td></tr><tr><td>Mar. 15. (Add. 12/15/38)</td><td>1-1/8</td><td>5 years</td><td>Dec. 15, 1943</td><td>-</td><td>53</td><td>-</td><td>-</td><td>-</td><td>53</td><td>June 15, 1934</td><td>2-1/8</td><td>June 15,1939</td></tr><tr><td>June 15.</td><td>3/4</td><td>5 years</td><td>June 15, 1944</td><td>-</td><td>416</td><td>-</td><td>-</td><td>-</td><td>416</td><td>June 15, 1937</td><td>1-3/8</td><td>Sept. 15,1939</td></tr><tr><td>Nov. 1.</td><td>1</td><td>4 years 4 mos.</td><td>Mar. 15, 1944</td><td>-</td><td>515</td><td>-</td><td>-</td><td>-</td><td>515</td><td>July 15, 1935</td><td>1-3/8</td><td>Dec. 15,1939</td></tr><tr><td>Dec. 8.</td><td>2</td><td>9-11 years</td><td>Dec. 15, 1948 Dec. 15, 1950</td><td>571</td><td>-</td><td>6,264</td><td>521 50*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dec. 22.</td><td>2-1/4</td><td>12-14 years</td><td>Dec. 15, 1951 Dec. 15, 1953</td><td>1,030 1/2</td><td>-</td><td>13</td><td>13**</td><td>-</td><td>1,017</td><td>Mar. 15, 1935</td><td>1-5/8</td><td>Mar. 15,1940</td></tr><tr><td>Dec. 22.</td><td>1</td><td>4 years 9 moe.</td><td>Sept.15, 1944</td><td>-</td><td>283 1/2</td><td>-</td><td>-</td><td>-</td><td>283</td><td>Mar. 15, 1935</td><td>1-5/8</td><td>Mar. 15,1940</td></tr></table>
Note: For financings in fiscal years 1931-37 see March Bulletin, pages 16 - 17.
1/ Preliminary figures.
2 This amount was sold to Government investment accounts direct, as authorized by the issuing circular No. 626 of November 28, 1939.
** Cash sales direct to Government investment accounts, as authorized by issuing circular No. 627 of December 12, 1939.
20
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="5">Direct obligations</th><th colspan="3">Guaranteed obligations</th></tr><tr><th colspan="3">Government agencies and trust funds</th><th colspan="2">Other holders</th><th rowspan="1">Total direct obligations outstanding</th><th rowspan="1">Government agencies and trust funds</th><th rowspan="1">Market issues otherwise held</th><th rowspan="1">Total guaranteed obligations outstanding</th></tr><tr><th>Special issues</th><th>United States Savings Bonds, 3% Adjusted Service Bonds of 1945, and 2 3/4% Postal Savings Bonds 1/</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></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>681</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>373</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>2,157</td><td>29,571</td><td>39,892</td><td>295</td><td>5,155</td><td>5,450</td></tr><tr><td>1938-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>1,850</td><td>2,564</td><td>1,993</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</td><td>3,666</td><td>27</td><td>1,805</td><td>2,564</td><td>2,091</td><td>29,596</td><td>39,755</td><td>302</td><td>5,107</td><td>5,409</td></tr><tr><td>June</td><td>3,770</td><td>27</td><td>1,816</td><td>2,551</td><td>2,157</td><td>29,571</td><td>39,892</td><td>295</td><td>5,155</td><td>5,450</td></tr><tr><td>July</td><td>3,912</td><td>27</td><td>1,818</td><td>2,453</td><td>2,234</td><td>29,668</td><td>40,118</td><td>295</td><td>5,185</td><td>5,480</td></tr><tr><td>Aug.</td><td>4,094</td><td>28</td><td>1,825</td><td>2,426</td><td>2,297</td><td>29,685</td><td>40,356</td><td>294</td><td>5,195</td><td>5,489</td></tr><tr><td>Sept. 3/.</td><td>4,063</td><td>28</td><td>1,888</td><td>2,752</td><td>2,326</td><td>29,285</td><td>40,312</td><td>296</td><td>5,160</td><td>5,456</td></tr><tr><td>Oct. 3/.</td><td>4,109</td><td>28</td><td>1,887</td><td>2,669</td><td>2,365</td><td>29,468</td><td>40,526</td><td>296</td><td>5,160</td><td>5,456</td></tr><tr><td>Nov. 3/.</td><td>4,295</td><td>28</td><td>1,885</td><td>2,526</td><td>2,412</td><td>29,661</td><td>40,807</td><td>296</td><td>5,354</td><td>5,650</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 24½ Postal Savings Bonds held by the Postal Savings System.
2/ Includes 25½ 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>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</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 colspan="9">Grose debt</th><th rowspan="2">Balance in general fund</th><th rowspan="2">Grose debt less balance in general fund</th></tr><tr><th>Total</th><th colspan="2">Bonde</th><th colspan="2">Notee</th><th colspan="2">Bille and cte. of indebted.</th><th colspan="2">Special issues</th><th rowspan="2">Matured debt</th><th rowspan="2">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>852</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>533</td><td>2.3</td><td>231</td><td>825</td><td>1,341</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>2,338</td><td>37,601</td></tr><tr><td>1938-Nov.</td><td>38,603</td><td>38,068</td><td>24,608</td><td>64.7</td><td>9,067</td><td>23.8</td><td>1,303</td><td>3.4</td><td>3,090</td><td>8.1</td><td>105</td><td>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>21.3</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>39,935</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>37,019</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>38,213</td></tr><tr><td>Aug.</td><td>40,891</td><td>40,351</td><td>27,707</td><td>68.7</td><td>7,243</td><td>17.9</td><td>1,307</td><td>3.2</td><td>4,094</td><td>10.1</td><td>134</td><td>406</td><td>2,231</td><td>38,660</td></tr><tr><td>Sept.</td><td>40,858</td><td>40,342</td><td>27,741</td><td>68.8</td><td>7,232</td><td>17.9</td><td>1,306</td><td>3.2</td><td>4,063</td><td>10.1</td><td>112</td><td>404</td><td>2,178</td><td>38,680</td></tr><tr><td>Oct.</td><td>41,036</td><td>40,526</td><td>27,780</td><td>68.5</td><td>7,232</td><td>17.8</td><td>1,405</td><td>3.5</td><td>4,109</td><td>10.1</td><td>109</td><td>401</td><td>1,913</td><td>38,123</td></tr><tr><td>Nov.</td><td>41,305</td><td>40,807</td><td>27,826</td><td>68.2</td><td>7,232</td><td>17.7</td><td>1,454</td><td>3.6</td><td>4,295</td><td>10.5</td><td>93</td><td>400</td><td>2,165</td><td>39,140</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
ST
22
Estimated Amount of Securities Outstanding, Interest on Which Is Wholly or Partially Exempt from the Federal Income Tax, June 30, 1939*
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Wholly exempt</th><th>Partially exempt</th></tr><tr><td>A. U. S. Government, Federal agencies and instrumentalities:</td><td></td><td></td><td></td></tr><tr><td>1. Interest-bearing securities outstanding:</td><td></td><td></td><td></td></tr><tr><td>(a) U. S. Government</td><td>39,892</td><td>12,800</td><td>27,092</td></tr><tr><td>(b) Federal agencies and instrumentalities</td><td>7,988</td><td>2,090</td><td>5,898</td></tr><tr><td>Total</td><td>47,880</td><td>14,890</td><td>32,990</td></tr><tr><td>2. Interest-bearing securities held by:</td><td></td><td></td><td></td></tr><tr><td>(a) U. S. Government, Federal trust funds and agencies</td><td>6,978</td><td>4,708</td><td>2,270</td></tr><tr><td>(b) Federal Reserve banks</td><td>2,551</td><td>1,640</td><td>911</td></tr><tr><td>(c) State and local sinking funds</td><td>61</td><td>-</td><td>61</td></tr><tr><td>(d) State and local trust and investment funds</td><td>221 1/2</td><td>-</td><td>221 1/2</td></tr><tr><td>Total</td><td>9,811</td><td>6,348</td><td>3,463</td></tr><tr><td>3. Net outstanding interest-bearing securities</td><td>38,069</td><td>8,542</td><td>29,527</td></tr><tr><td>B. State and local governments:</td><td></td><td></td><td></td></tr><tr><td>1. Interest-bearing securities outstanding</td><td>19,626</td><td>19,626</td><td>-</td></tr><tr><td>2. Interest-bearing securities held by:</td><td></td><td></td><td></td></tr><tr><td>(a) U. S. Government, Federal trust funds and agencies</td><td>426</td><td>426</td><td>-</td></tr><tr><td>(b) State and local sinking funds</td><td>1,530</td><td>1,530</td><td>-</td></tr><tr><td>(c) State and local trust and investment funds</td><td>2,513 1/2</td><td>2,513 1/2</td><td>-</td></tr><tr><td>Total</td><td>4,469</td><td>4,469</td><td>-</td></tr><tr><td>3. Net outstanding interest-bearing securities</td><td>15,157</td><td>15,157</td><td>-</td></tr><tr><td>C. Territories and insular possessions:</td><td></td><td></td><td></td></tr><tr><td>1. Interest-bearing securities outstanding</td><td>150</td><td>150</td><td>-</td></tr><tr><td>2. Interest-bearing securities held by:</td><td></td><td></td><td></td></tr><tr><td>(a) Territorial and insular sinking and trust funds</td><td>29</td><td>29</td><td>-</td></tr><tr><td>3. Net outstanding interest-bearing securities</td><td>121</td><td>121</td><td>-</td></tr><tr><td>D. Recapitulation:</td><td></td><td></td><td></td></tr><tr><td>1. Interest-bearing securities outstanding</td><td>67,656</td><td>34,666</td><td>32,990</td></tr><tr><td>2. Interest-bearing securities held by:</td><td></td><td></td><td></td></tr><tr><td>(a) U. S. Government, Federal trust funds and agencies</td><td>7,404</td><td>5,134</td><td>2,270</td></tr><tr><td>(b) Federal Reserve banks</td><td>2,551</td><td>1,640</td><td>911</td></tr><tr><td>(c) State and local sinking funds</td><td>1,591</td><td>1,530</td><td>61</td></tr><tr><td>(d) State and local trust and investment funds</td><td>2,734 1/2</td><td>2,513 1/2</td><td>221 1/2</td></tr><tr><td>(e) Territorial and insular sinking and trust funds</td><td>29</td><td>29</td><td>-</td></tr><tr><td>Total</td><td>14,309</td><td>10,846</td><td>3,463</td></tr><tr><td>3. Net outstanding interest-bearing securities</td><td>53,347</td><td>23,820</td><td>29,527</td></tr></table>
"Total outstanding issues" of tax-exempt securities of the several borrowers differs from the gross indebtedness of those borrowers in that it excludes noninterest-bearing and taxable interest-bearing debt. "Net outstanding issues" differs from net indebtedness in that it excludes from "total outstanding issues" tax-exempt securities held by governments, governmental agencies, Federal Reserve banks, and public sinking, trust and investment funds, while net debt excludes from gross debt the total volume of sinking fund assets, regardless of their character, but ignores all other public assets. Tax-exempt securities are segregated into 2 categories, those partially exempt and those wholly exempt. The former are exempt from the normal rates and the latter from both the normal and the surtax rates of the Federal income tax. United States savings bonds and Treasury bonds are here classified as partially tax-exempt securities. However, it is to be noted that by statutory provision, interest derived from $5,000 of principal amount of these securities owned by any single holder is exempt from the surtax as well as the normal tax. The estimate of the volume of tax-exempt securities outstanding on June 30, 1939, is based in part on a questionnaire survey of State, local, territorial, and insular debt and specified funds, conducted by the Treasury Department in cooperation with the Department of the Interior Division of Territories and Island Possessions, and in part on the record of new security issues published by the COMMERCIAL AND FINANCIAL CHRONICLE.
1/ And is associated with a plan on the theory of a tax shift, in the spirit of the common law rule that "a man is not taxed in the absence of Nation-wide trust and investment fund data for 1938 and 1939, it was assumed that the tax-exempt security holdings of these funds increased 5 percent during each of the last 2 fiscal years. This assumption was based on pre-1937 trends for States and cities and on available fragmentary data for 1938.
23
Statutory Debt Limitation
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount of bonds, certificates of indebtedness, Treasury bills, and Treasury notes issued under authority of that Act "shall not exceed in the aggregate $45,000,000,000 outstanding at any one time." The following table shows the face amount of obligations outstanding on December 15, 1939, and the face amount which can still be issued under this limitation. This limitation does not include War-savings certificates authorized by Section 6. Figures are preliminary on basis of daily Treasury statements.
<table><tr><td>Total face amount of bonds, notes, certificates of indebtedness, and Treasury bills which may be outstanding at any one time......</td><td></td><td>$45,000,000,000</td></tr><tr><td>Outstanding as of December 15, 1939:</td><td></td><td></td></tr><tr><td>Interest-bearing:</td><td></td><td></td></tr><tr><td>Bonds -</td><td></td><td></td></tr><tr><td>Treasury......</td><td>$25,789,753,900</td><td></td></tr><tr><td>Savings (maturity value)......</td><td>2,812,751,700*</td><td></td></tr><tr><td>Adjusted Service......</td><td>771,011,675</td><td>$29,373,517,275</td></tr><tr><td>Treasury notes......</td><td>9,478,098,000</td><td></td></tr><tr><td>Certificatee of indebtedness......</td><td>1,522,800,000</td><td></td></tr><tr><td>Treasury bills (maturity value)......</td><td>1,454,250,000</td><td>12,455,148,000</td></tr><tr><td></td><td></td><td>41,828,665,275</td></tr><tr><td>Face amount of matured obligations on which interest has ceased:</td><td></td><td></td></tr><tr><td>Bonds......</td><td>19,588,050</td><td></td></tr><tr><td>Notes......</td><td>32,336,900</td><td></td></tr><tr><td>Certificates of indebtedness......</td><td>4,016,750</td><td></td></tr><tr><td>Treasury bills......</td><td>36,706,000</td><td>92,647,700</td></tr><tr><td></td><td></td><td>41,921,312,975</td></tr><tr><td>Face amount of obligations which may be issued under above authority....</td><td></td><td>$ 3,078,687,025</td></tr></table>
Approximate maturity value. Principal amount (current redemption value) outstanding according to preliminary public debt statement $2,176,705,727, adjusted on basis of Daily Treasury statement.
RECONCILEMENT WITH DAILY TREASURY STATEMENT - DECEMBER 15, 1939
<table><tr><td>Total face amount of outstanding public debt obligations issued under authority of the Second Liberty Bond Act, as amended (above).</td><td>$41,921,312,975</td></tr><tr><td>Deduct, unearned discount on Savings Bonds (difference between current redemption value and maturity value).</td><td>639,547,073</td></tr><tr><td></td><td>41,281,765,902</td></tr><tr><td colspan="2">Add other public debt obligations outstanding but not subject to the statutory debt limitation -</td></tr><tr><td>Interest-bearing (pre-war, etc.).</td><td>$196,367,520</td></tr><tr><td>Matured, on which interest has ceased.</td><td>16,085,820</td></tr><tr><td>Bearing no interest.</td><td>398,408,651</td></tr><tr><td></td><td>610,861,991</td></tr><tr><td>Total gross public debt outstanding as of December 15, 1939.</td><td>$41,892,627,893</td></tr></table>
24
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>36,641,937,719</td><td>951,738,835</td><td>2.597*</td></tr><tr><td>Aug.</td><td>37,051,561,281</td><td>956,207,791</td><td>2.581*</td></tr><tr><td>Sept.</td><td>37,849,982,493</td><td>977,274,331</td><td>2.582*</td></tr><tr><td>Oct.</td><td>37,896,865,589</td><td>978,604,732</td><td>2.582*</td></tr><tr><td>Nov.</td><td>38,068,027,769</td><td>982,917,804</td><td>2.582*</td></tr><tr><td>Dec.</td><td>38,898,851,391</td><td>1,005,833,188</td><td>2.586*</td></tr><tr><td>1939-Jan.</td><td>39,097,233,713</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>2.503*</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><tr><td>Aug.</td><td>40,351,348,487</td><td>1,050,844,300</td><td>2.604*</td></tr><tr><td>Sept.</td><td>40,341,909,035</td><td>1,051,817,484</td><td>2.607*</td></tr><tr><td>Oct.</td><td>40,526,147,836</td><td>1,054,365,376</td><td>2.602*</td></tr><tr><td>Nov.</td><td>40,806,570,235</td><td>1,058,487,906</td><td>2.594*</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.
Comparison of Average Yields of Long-term United States Treasury Bonds and High-grade Corporate Bonds
<table><tr><th></th><th>Treasury bonde 1/</th><th>Corporate bonde 2/</th><th>Spread between Treasury and Corporate bonde</th><th>Weekly, Wednesday closing pricee 3/:</th><th>Treasury bonde 1/</th><th>Corporate bonde 2/</th><th>Spread between Treasury and Corporate bonde</th></tr><tr><td>Monthly avergages of daily figures 3/:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1938-Jan.</td><td>2.65</td><td>3.17</td><td>.52</td><td>1939-Apr. 5.</td><td>2.30</td><td>2.92</td><td>.62</td></tr><tr><td>Feb.</td><td>2.64</td><td>3.15</td><td>.51</td><td>12.</td><td>2.32</td><td>2.92</td><td>.60</td></tr><tr><td>Mar.</td><td>2.64</td><td>3.16</td><td>.52</td><td>19.</td><td>2.29</td><td>2.91</td><td>.62</td></tr><tr><td>Apr.</td><td>2.62</td><td>3.23</td><td>.61</td><td>26.</td><td>2.27</td><td>2.91</td><td>.64</td></tr><tr><td>May.</td><td>2.51</td><td>3.14</td><td>.63</td><td>May 3.</td><td>2.25</td><td>2.91</td><td>.66</td></tr><tr><td>June.</td><td>2.52</td><td>3.15</td><td>.63</td><td>10.</td><td>2.16</td><td>2.87</td><td>.71</td></tr><tr><td>July.</td><td>2.52</td><td>3.12</td><td>.60</td><td>17.</td><td>2.14</td><td>2.84</td><td>.70</td></tr><tr><td>Aug.</td><td>2.51</td><td>3.10</td><td>.59</td><td>24.</td><td>2.13</td><td>2.83</td><td>.70</td></tr><tr><td>Sept.</td><td>2.58</td><td>3.12</td><td>.54</td><td>31.</td><td>2.13</td><td>2.83</td><td>.70</td></tr><tr><td>Oct.</td><td>2.48</td><td>3.06</td><td>.58</td><td>June 7.</td><td>2.08</td><td>2.81</td><td>.73</td></tr><tr><td>Nov.</td><td>2.50</td><td>3.04</td><td>.54</td><td>14.</td><td>2.12</td><td>2.78</td><td>.66</td></tr><tr><td>Dec.</td><td>2.49</td><td>3.02</td><td>.53</td><td>21.</td><td>2.16</td><td>2.77</td><td>.61</td></tr><tr><td>1939-Jan.</td><td>2.47</td><td>2.96</td><td>.49</td><td>28.</td><td>2.17</td><td>2.76</td><td>.59</td></tr><tr><td>Feb.</td><td>2.44</td><td>2.90</td><td>.46</td><td>July 5.</td><td>2.20</td><td>2.76</td><td>.56</td></tr><tr><td>Mar.</td><td>2.34</td><td>2.87</td><td>.53</td><td>12.</td><td>2.16</td><td>2.76</td><td>.60</td></tr><tr><td>Apr.</td><td>2.30</td><td>2.92</td><td>.62</td><td>19.</td><td>2.17</td><td>2.76</td><td>.59</td></tr><tr><td>May.</td><td>2.17</td><td>2.86</td><td>.69</td><td>26.</td><td>2.14</td><td>2.74</td><td>.60</td></tr><tr><td>June.</td><td>2.13</td><td>2.78</td><td>.65</td><td>Aug. 2.</td><td>2.14</td><td>2.73</td><td>.59</td></tr><tr><td>July.</td><td>2.16</td><td>2.76</td><td>.60</td><td>9.</td><td>2.17</td><td>2.74</td><td>.57</td></tr><tr><td>Aug.</td><td>2.21</td><td>2.79</td><td>.58</td><td>16.</td><td>2.17</td><td>2.76</td><td>.59</td></tr><tr><td>Sept.</td><td>2.65</td><td>3.29</td><td>.64</td><td>23.</td><td>2.24</td><td>2.81</td><td>.57</td></tr><tr><td>Oct.</td><td>2.60</td><td>3.14</td><td>.54</td><td>30.</td><td>2.27</td><td>2.88</td><td>.61</td></tr><tr><td>Nov.</td><td>2.46</td><td>2.93</td><td>.47</td><td>Sept. 6.</td><td>2.56</td><td>3.41</td><td>.85</td></tr><tr><td>Weekly, Wednesday closing pricee 4/:</td><td></td><td></td><td></td><td>13.</td><td>2.64</td><td>3.33</td><td>.69</td></tr><tr><td>1939-Jan. 4.</td><td>2.48</td><td>3.01</td><td>.53</td><td>20.</td><td>2.72</td><td>3.31</td><td>.59</td></tr><tr><td>11.</td><td>2.47</td><td>2.96</td><td>.49</td><td>27.</td><td>2.74</td><td>3.29</td><td>.55</td></tr><tr><td>18.</td><td>2.45</td><td>2.95</td><td>.50</td><td>Oct. 4.</td><td>2.72</td><td>3.23</td><td>.51</td></tr><tr><td>25.</td><td>2.48</td><td>2.95</td><td>.47</td><td>11.</td><td>2.66</td><td>3.20</td><td>.54</td></tr><tr><td>Feb. 1.</td><td>2.45</td><td>2.94</td><td>.49</td><td>18.</td><td>2.53</td><td>3.11</td><td>.58</td></tr><tr><td>8.</td><td>2.44</td><td>2.91</td><td>.47</td><td>25.</td><td>2.49</td><td>3.06</td><td>.57</td></tr><tr><td>15.</td><td>2.43</td><td>2.89</td><td>.46</td><td>Nov. 1.</td><td>2.50</td><td>3.00</td><td>.50</td></tr><tr><td>22.</td><td>2.43</td><td>2.89</td><td>.46</td><td>8.</td><td>2.50</td><td>2.95</td><td>.45</td></tr><tr><td>Mar. 1.</td><td>2.39</td><td>2.86</td><td>.47</td><td>15.</td><td>2.47</td><td>2.94</td><td>.47</td></tr><tr><td>8.</td><td>2.36</td><td>2.86</td><td>.50</td><td>22.</td><td>2.39</td><td>2.91</td><td>.52</td></tr><tr><td>15.</td><td>2.33</td><td>2.87</td><td>.54</td><td>29.</td><td>2.36</td><td>2.90</td><td>.54</td></tr><tr><td>22.</td><td>2.35</td><td>2.88</td><td>.53</td><td>Dec. 6.</td><td>2.41</td><td>2.88</td><td>.47</td></tr><tr><td>29.</td><td>2.30</td><td>2.90</td><td>.60</td><td>13.</td><td>2.37</td><td>2.84</td><td>.47</td></tr></table>
Note: Yields are computed on the basis of closing prices on New York Stock Exchange. Back figures may be found in the July bulletin, Page 20.
1/ Average of Treasury bonds not due or callable for twelve years or more.
2/ Average of twenty bonds, Jan. 1938 through Sept. 13, 1938; five bonds, Sept. 14, 1938 to date.
3/ January 1938 through April 1938, corporate average is monthly average of Saturday figures.
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
2
YIELDS OF TREASURY BONDS AND NOTES DEC. 15, 1939
Based on Closing Prices
Note: For callable bonds, yields are computed to, and issues plotted as of, the earliest call date if the bond is selling above par, and as of the final maturity date if the bond is selling below par. The smooth curves are fitted by eye. Dollar amounts shown in descriptions of issues are in millions. Issues for which an exchange offer has been made and has expired are excluded.
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES
- 27 -
28
Governmental Corporations and Credit Agencies of the United States: Oct. 31, 1939
(Compiled from latest reports received from these agencies)
(In millions of dollars)
Proprietary Interest of the United States in Governmental Corporations and Lending Agencies: Oct. 31, 1939
(Compiled from latest reports received from these agencies)
(In millions of dollars)
<table><tr><th></th><th>Assets</th><th colspan="2">Liabilities</th><th colspan="2">Proprietary Interest</th></tr><tr><th></th><th></th><th>Guaranteed by United States</th><th>Not Guaranteed by United States</th><th>Privately owned</th><th>Owned by United States</th></tr><tr><td>Reconstruction Finance Corp.</td><td>1,732.9</td><td>822.5</td><td>122.3</td><td>-</td><td>788.1</td></tr><tr><td>Commodity Credit Corp.</td><td>697.4</td><td>409.3</td><td>187.6</td><td>-</td><td>100.0</td></tr><tr><td>Export-Import Bank of Washington.</td><td>48.3</td><td>-</td><td>.5</td><td>-</td><td>48.3</td></tr><tr><td>Federal Crop Insurance Corp.</td><td>15.5</td><td>-</td><td>.5</td><td>-</td><td>15.0</td></tr><tr><td>Federal Deposit Insurance Corp.</td><td>489.3</td><td>-</td><td>200.0</td><td>139.3</td><td>150.0</td></tr><tr><td>Tennessee Valley Authority.</td><td>315.9</td><td>-</td><td>15.3</td><td>-</td><td>300.1</td></tr><tr><td>Public Works Administration.</td><td>67.6</td><td>-</td><td>-</td><td>-</td><td>67.6</td></tr><tr><td>United States Maritime Commission.</td><td>196.3</td><td>-</td><td>52.4</td><td>-</td><td>143.9</td></tr><tr><td>Rural Electrification Admin.</td><td>169.6</td><td>-</td><td>-</td><td>-</td><td>169.6</td></tr><tr><td>Home Owners' Loan Corp.</td><td>2,976.3</td><td>2,835.2</td><td>85.6</td><td>-</td><td>55.5</td></tr><tr><td>Federal Savings & Loan Insurance Corp.</td><td>121.4</td><td>-</td><td>1.2</td><td>-</td><td>120.2</td></tr><tr><td>Federal Home Loan Banks.</td><td>250.0</td><td>-</td><td>74.9</td><td>50.4</td><td>124.7</td></tr><tr><td>Federal Housing Admin.</td><td>49.1</td><td>3.0</td><td>1.8</td><td>-</td><td>44.3</td></tr><tr><td>Federal National Mortgage Asso.</td><td>141.7</td><td>-</td><td>88.5</td><td>-</td><td>53.2</td></tr><tr><td>United States Housing Authority.</td><td>258.7</td><td>114.5</td><td>3.2</td><td>-</td><td>141.0</td></tr><tr><td>Farm Credit Administration.</td><td>291.1</td><td>-</td><td>197.1</td><td>-</td><td>94.0</td></tr><tr><td>Federal Farm Mortgage Corp.</td><td>1,563.3</td><td>1,295.5</td><td>45.0</td><td>-</td><td>222.8</td></tr><tr><td>Federal Land Banks.</td><td>2,320.7</td><td>-</td><td>1,815.2</td><td>201.5</td><td>303.0</td></tr><tr><td>Federal Intermediate Credit Banks.</td><td>316.3</td><td>-</td><td>210.8</td><td>-</td><td>105.5</td></tr><tr><td>Banks for Cooperatives.</td><td>183.5</td><td>-</td><td>4.0</td><td>3.7</td><td>175.8</td></tr><tr><td>Production Credit Corp.</td><td>122.4</td><td>-</td><td>.3</td><td>-</td><td>122.1</td></tr><tr><td>Regional Agricultural Credit Corps.</td><td>22.1</td><td>-</td><td>3.0</td><td>-</td><td>19.1</td></tr><tr><td>War emergency corps. & agencies (in liquidation):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Navy Department (sale of surplus war supplies).</td><td>4.6</td><td>-</td><td>-</td><td>-</td><td>4.6</td></tr><tr><td>United States Housing Corp.</td><td>1.9</td><td>-</td><td>-</td><td>-</td><td>1.9</td></tr><tr><td>United States Railroad Admin.</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>United States Spruce Production Corp.</td><td>.7</td><td>-</td><td>-</td><td>-</td><td>.7</td></tr><tr><td>War Finance Corp.</td><td>1/</td><td>-</td><td>1/</td><td>-</td><td>1/</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Diezeter Loan Corp.</td><td>21.0</td><td>-</td><td>.1</td><td>-</td><td>20.9</td></tr><tr><td>Electric Home and Farm Authority.</td><td>11.8</td><td>-</td><td>10.8</td><td>-</td><td>1.0</td></tr><tr><td>Farm Security Administration.</td><td>255.4</td><td>-</td><td>-</td><td>-</td><td>255.4</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>8.0</td><td>-</td><td>.2</td><td>-</td><td>7.8</td></tr><tr><td>Laterior Department (Indian loans).</td><td>2.7</td><td>-</td><td>-</td><td>-</td><td>2.7</td></tr><tr><td>Inland Waterway Corp.</td><td>25.7</td><td>-</td><td>.8</td><td>-</td><td>24.9</td></tr><tr><td>Panama Railroad Co.</td><td>47.7</td><td>-</td><td>1.1</td><td>-</td><td>46.6</td></tr><tr><td>Puerto Rico Reconstruction Admin.</td><td>6.5</td><td>-</td><td>-</td><td>-</td><td>6.5</td></tr><tr><td>R F C Mortgage Company.</td><td>57.9</td><td>-</td><td>1.5</td><td>-</td><td>56.3</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>Federal Savings & Loan Asso.</td><td>39.7</td><td>-</td><td>-</td><td>-</td><td>39.7</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, 1933.</td><td>2.4</td><td>-</td><td>-</td><td>-</td><td>2.4</td></tr><tr><td>Total</td><td>12,866.6</td><td>5,480.6</td><td>3,125.3</td><td>394.9</td><td>3,865.8</td></tr></table>
<table><tr><th></th><th>Capital Stock</th><th>Surplus</th><th>Inter-agency Transactions</th><th>Net Primary Interest of the U. S.*</th></tr><tr><td>Stock:</td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corp.</td><td>500.0</td><td>260.8</td><td>250.62/</td><td>510.24/</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>2.3</td><td>-</td><td>48.3</td></tr><tr><td>Federal Crop Insurance Corp.</td><td>15.0</td><td>-</td><td>-</td><td>15.0</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>64.53/</td><td>100.02/</td><td>35.54/</td></tr><tr><td>Federal Savings and Loan Insurance Corp.</td><td>100.0</td><td>20.2</td><td>-</td><td>120.2</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>140.0</td><td>-</td><td>141.0</td></tr><tr><td>Federal Farm Mortgage Corp.</td><td>200.0</td><td>-</td><td>2.22/</td><td>197.84/</td></tr><tr><td>Federal Land Banks</td><td>124.6</td><td>187.9</td><td>9.52/</td><td>303.0</td></tr><tr><td>Federal Intermediate Credit Banks</td><td>70.0</td><td>49.4</td><td>13.92/</td><td>105.5</td></tr><tr><td>Banks for Cooperatives</td><td>149.0</td><td>12.9</td><td>13.9</td><td>175.8</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>14.1</td><td>-</td><td>19.1</td></tr><tr><td>U. S. Housing Corp.</td><td>34.1</td><td>32.23/</td><td>-</td><td>1.3</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>Disaster Loan Corp.</td><td>22.0</td><td>1.13/</td><td>-</td><td>20.9</td></tr><tr><td>Electric Home and Farm Authority</td><td>.9</td><td>.1</td><td>-</td><td>1.0</td></tr><tr><td>Federal National Mortgage Assn.</td><td>10.0</td><td>3.6</td><td>39.6</td><td>53.2</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>40.2</td><td>.62/</td><td>46.6</td></tr><tr><td>R F C Mortgage Company</td><td>25.0</td><td>.6</td><td>30.7</td><td>56.3</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>2,016.4</td><td>649.8</td><td>292.22/</td><td>2,374.0</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>249.84/</td></tr><tr><td>Public Works Admn.</td><td></td><td></td><td></td><td>67.6</td></tr><tr><td>U. S. Maritime Commission</td><td></td><td></td><td></td><td>143.9</td></tr><tr><td>Rural Electrification Admn.</td><td></td><td></td><td></td><td>169.5</td></tr><tr><td>Federal Housing Admn.</td><td></td><td></td><td></td><td>44.3</td></tr><tr><td>Farm Credit Admn.</td><td></td><td></td><td></td><td>94.0</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>255.4</td></tr><tr><td>Federal Prisons Industries, Inc (Indian loans)</td><td></td><td></td><td></td><td>7.8</td></tr><tr><td>Interior Department</td><td></td><td></td><td></td><td>2.7</td></tr><tr><td>Puerto Rico Reconstruction Admn.</td><td></td><td></td><td></td><td>6.5</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 F C (Act Feb. 24, 1938)</td><td></td><td></td><td></td><td>2.4</td></tr><tr><td>War Finance Corporation</td><td></td><td></td><td></td><td>1/</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>1,078.9</td></tr><tr><td>Special Obligations Held by Treasury:</td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Savings and Loan Assn. Reconstruction Finance Corporation</td><td></td><td></td><td></td><td>39.7</td></tr><tr><td>Home Owners' Loan Corp.</td><td></td><td></td><td></td><td>277.9</td></tr><tr><td>Tennessee Valley Authority</td><td></td><td></td><td></td><td>20.0</td></tr><tr><td>Federal Farm Mortgage Corp.</td><td></td><td></td><td></td><td>50.3</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>412.9</td></tr><tr><td>Grand Total</td><td></td><td></td><td></td><td>3,865.8</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.
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. 4/ Exclusive of special obligations held by the Treasury shown at end of statement.
29
Sources of Funds of Certain Governmental Corporations and Agencies for the First 4 Months, Fiscal Year 1940
(Compiled from latest reports received by the Treasury)
<table><tr><th></th><th>Appropriations from general fund 1/</th><th>Allocations, redissecounts, and loans from other governmental corporations or agencies (net)</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></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>-</td><td>-</td><td>$34,810,250</td><td>$200,000</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>$119,599,918</td><td>-</td><td>10,000,000*</td><td>202,553,000</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>$6,200,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>17,893,245</td><td>35,518,638</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-</td><td>-</td><td>-</td><td>45,900,000*</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Home Loan Banks</td><td>-</td><td>-</td><td>-</td><td>40,758,075*</td><td>-</td></tr><tr><td>United States Housing Authority</td><td>2,079,866</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>-</td><td>25,000,000</td><td>110,022,000*</td><td>-</td></tr><tr><td>Central Bank for Cooperatives</td><td>-</td><td>-</td><td>-</td><td>-</td><td>$53,100</td></tr><tr><td>Disaster Loan Corporation</td><td>4,000,000 3/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Electric Home and Farm Authority</td><td>-</td><td>-</td><td>-</td><td>1,188,150</td><td>-</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>-</td><td>12,117,304</td><td>-</td><td>-</td><td>-</td></tr><tr><td>RFC Mortgage Company 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>143,573,029</td><td>53,835,942</td><td>49,810,250</td><td>7,261,075</td><td>53,100</td></tr></table>
<table><tr><th></th><th>Sale of other property acquired</th><th>Repayment of loans</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 2/</td><td>$80,763</td><td>$52,378,283</td><td>$20,130,574</td><td>$2,532,960</td><td>$110,132,830</td></tr><tr><td>Commodity Credit Corporation</td><td>11,504,147 5/</td><td>26,751,463 5/</td><td>1,072,118</td><td>672,195</td><td>352,152,841</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>1,494,570</td><td>513,492</td><td>-</td><td>8,208,062</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>5,954,826</td><td>23,960,444</td><td>204,234</td><td>30,119,504</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>253,510</td><td>929,421</td><td>8,280</td><td>54,603,054</td></tr><tr><td>Home Owners' Loan Corporation</td><td>14,448,039</td><td>62,339,056</td><td>46,099,851</td><td>3,372,871</td><td>80,359,817</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>977,285</td><td>12</td><td>977,297</td></tr><tr><td>Federal Home Loan Bank</td><td>-</td><td>34,655,662</td><td>1,452,029</td><td>-</td><td>4,650,324 6/</td></tr><tr><td>United States Housing Authority</td><td>-</td><td>82,099</td><td>1,294,753</td><td>25,579</td><td>3,482,297</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,181,106</td><td>22,502,221</td><td>17,063,628</td><td>533,464</td><td>43,741,581 6/</td></tr><tr><td>Central Bank for Cooperatives</td><td>-</td><td>11,030,432</td><td>426,732</td><td>92,184</td><td>11,602,448</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>595,842</td><td>71,270</td><td>32,524</td><td>4,699,636</td></tr><tr><td>Electric Home and Farm Authority</td><td>-</td><td>2,046,301</td><td>312,447</td><td>18,783</td><td>3,565,681</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>-</td><td>2,355,743</td><td>2,097,578</td><td>322,899</td><td>16,893,524</td></tr><tr><td>RFC Mortgage Company 2/</td><td>215,650</td><td>8,768,713</td><td>834,687</td><td>-</td><td>9,819,050</td></tr><tr><td>Total</td><td>27,429,705</td><td>231,208,721</td><td>117,236,309</td><td>7,815,985</td><td>638,224,116</td></tr></table>
Items in this column are the only ones in this statement which constitute a charge against the Federal Budget.
Effective this date, separate statements are being shown for the Reconstruction Finance Corporation, Federal National Mortgage Association and the RFC Mortgage Company. Previous statements included the letter two corporations with the Reconstruction Finance Corporation figures.
These funds were furnished by the Reconstruction Finance Corporation from the proceeds of its notes sold to the Treasury, such amounts being included in the total of obligations of the corporation cancelled by the Secretary of the Treasury pursuant to the Act of February 24,1938.
Receipts from sale of property acquired in liquidation of loans are shown as "Sale of Other Property Acquired."
To adjust classification.
Excess of disbursements; deduct.
Excess of retirements; deduct.
30
Uses of Funds of Certain Governmental Corporations and Agencies for the First 4 Months, Fiscal Year 1940
(Compiled from latest reports received by the Treasury - Expenditures on basis of checks issued)
<table><tr><th></th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgagees 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>$3,028,439</td><td>$512,979</td><td>-</td><td>$93,803,264</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>954,227</td><td>-</td><td>$10,358,261 3/</td><td>289,367,416 3/</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>24,051</td><td>1,040</td><td>-</td><td>8,054,663</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>1,116,050</td><td>-</td><td>-</td><td>2,080,697</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>929,733</td><td>-</td><td>-</td><td>45,926,597</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>8,062,004</td><td>10,038,808</td><td>13,130,833</td><td>36,968,741</td><td>$59,908,500</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>79,818</td><td>3,613</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Home Loan Banks</td><td>314,842</td><td>-</td><td>-</td><td>34,348,148</td><td>-</td></tr><tr><td>United States Housing Authority</td><td>1,854,937</td><td>474,242</td><td>177,447</td><td>52,568,508</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>3,297,214</td><td>527,033</td><td>1,103,126</td><td>6,878,927</td><td>-</td></tr><tr><td>Central Bank for Cooperatives</td><td>40,615</td><td>-</td><td>-</td><td>12,716,945</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>168,366</td><td>-</td><td>-</td><td>4,365,053</td><td>-</td></tr><tr><td>Electric Home and Farm Authority</td><td>142,508</td><td>72,165</td><td>-</td><td>3,298,863</td><td>-</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>288,250</td><td>273,037</td><td>-</td><td>15,792,777</td><td>-</td></tr><tr><td>RFC Mortgage Company 2/</td><td>233,076</td><td>218,403</td><td>-</td><td>6,839,813</td><td>-</td></tr><tr><td>Total</td><td>20,534,130</td><td>12,121,320</td><td>24,769,667</td><td>613,010,412</td><td>59,908,500</td></tr></table>
<table><tr><th></th><th>Investments (net)</th><th>Allocations, rediscouts, and loans to other governmental corporations or agencies (net)</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total uses of funds</th></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>-</td><td>$2,730,654</td><td>$4,672,115</td><td>$5,797,491 3/</td><td>$110,544,942</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>44,707,630</td><td>18,120</td><td>7,200,387</td><td>352,606,041</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-</td><td>-</td><td>65,110</td><td>8,144,864</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>$20,000,000</td><td>-</td><td>-</td><td>106,012</td><td>23,302,759</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>223,598</td><td>57,280</td><td>47,137,208</td></tr><tr><td>Home Owners' Loan Corporation</td><td>4,992,225*</td><td>-</td><td>15,221,800</td><td>584,002</td><td>138,922,463</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>737,688</td><td>-</td><td>-</td><td>2,865</td><td>823,984</td></tr><tr><td>Federal Home Loan Banks</td><td>409,535</td><td>-</td><td>1,267,928</td><td>-</td><td>36,340,453</td></tr><tr><td>United States Housing Authority</td><td>450,000</td><td>-</td><td>784,829</td><td>-</td><td>56,309,963</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>16,475,000*</td><td>-</td><td>7,328,919</td><td>981,444</td><td>3,641,663</td></tr><tr><td>Central Bank for Cooperatives</td><td>1,625,000*</td><td>36,503</td><td>24,337</td><td>2,768,269</td><td>13,961,669</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>165,974</td><td>-</td><td>244</td><td>4,699,637</td></tr><tr><td>Electric Home and Farm Authority</td><td>-</td><td>-</td><td>21,360</td><td>504</td><td>3,535,400</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>-</td><td>-</td><td>525,828</td><td>13,632</td><td>16,893,524</td></tr><tr><td>RFC Mortgage Company 2/</td><td>-</td><td>1,366,012</td><td>580,294</td><td>-</td><td>9,237,598</td></tr><tr><td>Total</td><td>1,495,002*</td><td>49,006,773</td><td>30,669,128</td><td>17,577,240</td><td>826,102,168</td></tr></table>
1/ Receipts received in payment of mortgages shown under "Repayment of Loans" in the statement of sources of funds.
2/ Effective this date, separate statements are being shown for the Reconstruction Finance Corporation, Federal National Mortgage Association and the RFC Mortgage Company. Previous statements included the latter two corporations with the Reconstruction Finance Corporation figures.
3/ To adjust classification.
*Excess of sales over purchases; deduct.
31
Sources of Funds of Certain Governmental Corporations and Agencies from Inception of Organization to October 31, 1939
(Compiled from latest reports received by the Treasury)
<table><tr><th></th><th>Appropriations from general fund 1/</th><th>Allocations, rediscounts, and loans from other governmental corporations or agencies (net)</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></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>$500,000,000</td><td>-</td><td>$277,857,877</td><td>$819,889,000</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>313,885,323 3/</td><td>-</td><td>-</td><td>408,727,000</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>1,000,000</td><td>-</td><td>-</td><td>-</td><td>$45,000,000</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>150,000,000</td><td>-</td><td>-</td><td>-</td><td>139,299,557</td></tr><tr><td>Rural Electrification Administration</td><td>87,595,783</td><td>$99,366,212</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>200,000,000 4/</td><td>-</td><td>20,000,000</td><td>3,114,453,550 5/</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>100,000,000</td></tr><tr><td>Federal Home Loan Banks</td><td>124,741,000 4/</td><td>-</td><td>-</td><td>88,828,100</td><td>-</td></tr><tr><td>United States Housing Authority</td><td>32,436,088</td><td>-</td><td>-</td><td>114,157,000</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>200,000,000 4/</td><td>-</td><td>60,000,000</td><td>1,234,387,900</td><td>-</td></tr><tr><td>Central Bank for Cooperatives</td><td>50,000,000</td><td>5,211,523</td><td>-</td><td>-</td><td>424,100</td></tr><tr><td>Disaster Loan Corporation</td><td>22,000,000 4/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Electric Home and Farm Authority</td><td>1,000,000</td><td>-</td><td>-</td><td>9,269,772</td><td>-</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>-</td><td>37,017,308</td><td>-</td><td>85,240,000</td><td>11,000,000</td></tr><tr><td>RFC Mortgage Company 2/</td><td>-</td><td>28,488,623</td><td>-</td><td>-</td><td>25,000,000</td></tr><tr><td>Total</td><td>1,682,658,194</td><td>170,083,666</td><td>357,857,877</td><td>5,874,952,322</td><td>320,723,657</td></tr></table>
<table><tr><th></th><th>Sale of other property acquired</th><th>Repayment of loans 6/</th><th>Interests, dividends, assessments, and property income</th><th>Other receipts</th><th>Total, sources of funds</th></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>$2,504,868</td><td>$4,731,978,252</td><td>$514,584,047</td><td>$71,541,189</td><td>$6,918,355,233</td></tr><tr><td>Commodity Credit Corporation</td><td>19,201,392 1/</td><td>595,276,588 1/</td><td>10,580,931</td><td>1,194,755</td><td>1,348,865,989</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>33,466,279</td><td>4,440,879</td><td>640,904</td><td>84,548,062</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>23,433,095</td><td>213,349,136</td><td>3,410,394</td><td>529,492,182</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>687,268</td><td>2,251,104</td><td>8,840</td><td>189,909,207</td></tr><tr><td>Home Owners' Loan Corporation</td><td>55,488,380</td><td>663,341,092</td><td>685,871,204</td><td>8,275,948</td><td>4,747,430,174</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>23,962,306</td><td>31,080</td><td>123,993,386</td></tr><tr><td>Federal Home Loan Banks</td><td>-</td><td>388,717,489</td><td>31,122,708</td><td>27,754,086</td><td>661,163,383</td></tr><tr><td>United States Housing Authority</td><td>-</td><td>879,397</td><td>7,016,886</td><td>176,304</td><td>154,665,675</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>5,876,860</td><td>203,837,481</td><td>324,969,082</td><td>8,827,224</td><td>2,037,898,547</td></tr><tr><td>Central Bank for Cooperatives</td><td>-</td><td>175,546,662</td><td>8,805,827</td><td>2,397,828</td><td>242,385,940</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>2,962,013</td><td>330,314</td><td>85,469</td><td>25,377,796</td></tr><tr><td>Electric Home and Farm Authority</td><td>-</td><td>10,290,889</td><td>1,855,195</td><td>199,935</td><td>22,615,791</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>-</td><td>7,070,589</td><td>5,858,546</td><td>2,561,164</td><td>148,747,607</td></tr><tr><td>RFC Mortgage Company 2/</td><td>215,650</td><td>87,574,522</td><td>7,760,795</td><td>2,522,554</td><td>151,562,144</td></tr><tr><td>Total</td><td>83,287,150</td><td>6,925,061,616</td><td>1,842,758,960</td><td>129,627,674</td><td>17,387,011,116</td></tr></table>
1/ Items in this column are the only ones in this statement which constitute a charge against the Federal Budget.
2/ Effective this date, separate statements are being shown for the Reconstruction Finance Corporation, Federal National Mortgage Association and the RFC Mortgage Company. Previous statements included the latter two corporations with the Reconstruction Finance Corporation figures.
3/ Includes $3,000,000.00 NIRA; $97,000,000.00 RFC included in notes cancelled by the Treasury (see footnote 4); and $213,885,322.78 restoration of capital impairment pursuant to Public No. 142 - 75th Congress, approved March 8, 1938.
4/ These funds were furnished by the Reconstruction Finance Corporation from the proceeds of its notes sold to the Treasury, such amounts being included in the total of obligations of the corporation cancelled by the Secretary of the Treasury pursuant to the Act of February 24, 1938.
5/ Retirement of these obligations shown as "Retirement of Obligations Issued in Exchange for Mortgages" in the statement of uses of funds.
6/ Receipts from the sale of property acquired in liquidation of loans are shown as "Sale of Other Property Acquired."
7/ To adjust classification.
32
Uses of Funds of Certain Governmental Corporations and Agencies from Inception of Organization to October 31, 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></tr><tr><th>Administrative</th><th>Nonadministrative</th></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>$57,899,760</td><td>$6,068,821</td><td>-</td><td>$6,398,681,870</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>5,111,724</td><td>-</td><td>$13,240,771 3/</td><td>1,253,383,146 3/</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>326,308</td><td>1,247</td><td>-</td><td>70,489,859</td><td>-</td></tr><tr><td>Federal Domoit Insurance Corporation</td><td>17,683,793</td><td>-</td><td>-</td><td>80,266,469</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>6,535,097</td><td>-</td><td>-</td><td>168,264,422</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>182,522,679</td><td>56,435,519</td><td>126,172,613</td><td>3,209,854,462</td><td>$290,957,025</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>856,179</td><td>13,840</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Home Loan Banks</td><td>7,473,798</td><td>-</td><td>-</td><td>557,371,539</td><td>-</td></tr><tr><td>United States Housing Authority</td><td>6,622,507</td><td>3,146,232</td><td>25,828,486</td><td>111,518,635</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>56,989,962</td><td>2,357,700</td><td>7,773,561</td><td>972,515,161</td><td>-</td></tr><tr><td>Central Bank for Cooperatives</td><td>654,492</td><td>-</td><td>-</td><td>190,163,142</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>1,620,208</td><td>47,597</td><td>-</td><td>21,661,374</td><td>-</td></tr><tr><td>Electric Home and Farm Authority</td><td>1,129,111</td><td>401,128</td><td>-</td><td>20,379,541</td><td>-</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>973,218</td><td>729,300</td><td>-</td><td>145,751,534</td><td>-</td></tr><tr><td>RFC Mortgage Company 2/</td><td>3,117,724</td><td>2,223,091</td><td>-</td><td>143,080,714</td><td>-</td></tr><tr><td>Total</td><td>359,516,560</td><td>71,424,475</td><td>173,015,431</td><td>13,343,381,868</td><td>290,957,025</td></tr></table>
<table><tr><th></th><th>Investments (net) $/</th><th>Allocations, redicounts, and loans to other governmental corporations or agencies (net)</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total, uses of funds</th></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>$81,000,000</td><td>$127,615,627</td><td>$226,849,011</td><td>$10,031,800 3/</td><td>$6,918,146,889</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>51,194,898 2/</td><td>17,080,471</td><td>7,708,595</td><td>1,347,719,605</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>10,100,000</td><td>2,262,329</td><td>529,301</td><td>83,709,044</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>363,495,857</td><td>-</td><td>41,999,630</td><td>658,761</td><td>504,104,510</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>771,310</td><td>241,066</td><td>175,811,895</td></tr><tr><td>Home Owners' Loan Corporation</td><td>311,466,735</td><td>-</td><td>377,431,670</td><td>10,698,783</td><td>4,565,539,486</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>118,672,826</td><td>-</td><td>3,414,739</td><td>562,202</td><td>123,519,786</td></tr><tr><td>Federal Home Loan Banks</td><td>49,396,877</td><td>-</td><td>15,684,904</td><td>166,049</td><td>630,093,167</td></tr><tr><td>United States Housing Authority</td><td>2,150,000</td><td>-</td><td>843,294</td><td>60,858</td><td>150,170,012</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>762,479,840</td><td>-</td><td>199,191,148</td><td>11,972,242</td><td>2,013,279,614</td></tr><tr><td>Central Bank for Cooperatives</td><td>43,885,000</td><td>-</td><td>447,633</td><td>5,826,388</td><td>240,976,655</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>2,046,938</td><td>-</td><td>679</td><td>25,376,796</td></tr><tr><td>Electric Home and Farm Authority</td><td>-</td><td>-</td><td>141,091</td><td>184,201</td><td>22,235,072</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>-</td><td>-</td><td>1,250,780</td><td>42,775</td><td>148,747,607</td></tr><tr><td>RPC Mortgage Company 2/</td><td>-</td><td>-</td><td>3,135,445</td><td>2,392</td><td>151,559,366</td></tr><tr><td>Total</td><td>1,732,547,135</td><td>190,957,463</td><td>890,503,455</td><td>48,686,092</td><td>17,100,989,504</td></tr></table>
1/ Receipts received in payment of mortgages appear under "Repayment of Loans" in the statement of sources of funds.
2/ Effective this date, separate statements are being shown for the Reconstruction Finance Corporation, Federal National Mortgage Association, and the RFC Mortgage Company. Previous statements included the latter two corporations with the Reconstruction Finance Corporation figures.
3/ To adjust classification.
4/ Includes U. S. Government Bonds in the amount of $292,044,413, as follows: Federal Deposit Insurance Corp., $225,005,716; Federal Savings and Loan Insurance Corp., $10,997,697; U. S. Housing Authority, $2,150,000; the Banks for Cooperatives, $23,665,000; and Federal Home Loan Banks, $30,226,000.
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>234.8</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>4,604.6</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>2.6</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-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>1,387.8</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>1,387.8</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>5,409.4</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>5,450.0</td><td>206.2</td><td>1,379.4</td><td>2.6</td><td>2,927.9</td><td>819.7</td><td>114.2</td></tr><tr><td>July</td><td>5,479.7</td><td>206.2</td><td>1,379.4</td><td>2.2</td><td>2,957.9</td><td>819.8</td><td>114.2</td></tr><tr><td>Aug.</td><td>5,489.3</td><td>408.7</td><td>1,379.4</td><td>2.6</td><td>2,764.6</td><td>819.8</td><td>114.2</td></tr><tr><td>Sept.</td><td>5,356.0</td><td>408.7</td><td>1,279.3</td><td>2.8</td><td>2,731.2*</td><td>819.8</td><td>114.2</td></tr><tr><td>Oct.</td><td>5,448.8</td><td>408.7</td><td>1,280.0</td><td>2.9</td><td>2,823.1*</td><td>819.9</td><td>114.2</td></tr></table>
Preliminary
Exclusive of obligations sold directly to the Treasury.
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES
-34-
35
Net Capital Movement between the United States and Foreign Countries 1935 through September 1939
(In thousands of dollars. Capital inflow or capital outflow (-)
<table><tr><th>Movement during following periode</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td><b>MOVEMENT IN SHORT-TERM BANKING FUNDS:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1, 1936.</td><td>337,385</td><td>177,610</td><td>28,829</td><td>21,011</td><td>55,362</td><td>73,990</td><td>69,476</td><td>763,663</td><td>41,394</td><td>53,554</td><td>96,140</td><td>9,878</td><td>964,629</td><td></td></tr><tr><td>Jan. 1, 1936-Dec. 30, 1936.</td><td>4,166</td><td>28,599</td><td>39,892</td><td>18,254</td><td>7,289</td><td>38,550</td><td>32,192</td><td>168,882</td><td>82,251</td><td>120,672</td><td>24,609</td><td>928</td><td>397,342</td><td></td></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937.</td><td>55,151</td><td>-29,162</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><td></td></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938.</td><td>174,438</td><td>47,232</td><td>15,796</td><td>4,356</td><td>5,661</td><td>-84,633</td><td>99,761</td><td>262,611</td><td>111,078</td><td>-17,201</td><td>-77,158</td><td>13,885</td><td>293,215</td><td></td></tr><tr><td>Dec. 28, 1938-Sept.27, 1939.</td><td>239,526</td><td>109,523</td><td>11,695</td><td>-4,312</td><td>103,530</td><td>85,082</td><td>201,554</td><td>746,598</td><td>106,109</td><td>118,763</td><td>114,489</td><td>37,449</td><td>1,123,408</td><td></td></tr><tr><td>Total</td><td>810,666</td><td>333,802</td><td>142,215</td><td>13,413</td><td>181,065</td><td>291,412</td><td>437,608</td><td>2,210,181</td><td>271,745</td><td>319,466</td><td>182,163</td><td>50,633</td><td>3,034,188</td><td></td></tr><tr><td><b>Week ended</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1939-Sept. 6</td><td>27,837</td><td>7,423</td><td>1,267</td><td>-1,580</td><td>102</td><td>3,355</td><td>-539</td><td>37,865</td><td>-30,884</td><td>9,425</td><td>-9,838</td><td>3,727</td><td>10,295</td><td></td></tr><tr><td>Sept. 13</td><td>23,293</td><td>1,560</td><td>1,742</td><td>73</td><td>7,808</td><td>3,350</td><td>10,561</td><td>48,387</td><td>5,052</td><td>-8,961</td><td>11,756</td><td>-9,025</td><td>47,209</td><td></td></tr><tr><td>Sept. 20</td><td>50,608</td><td>-10,123</td><td>-66</td><td>6,300</td><td>14,532</td><td>4,268</td><td>63</td><td>65,582</td><td>-19,466</td><td>-9,655</td><td>-1,363</td><td>959</td><td>36,057</td><td></td></tr><tr><td>Sept. 27</td><td>-38,670</td><td>-18,846</td><td>-381</td><td>1,415</td><td>5,487</td><td>4,883</td><td>8,286</td><td>-37,826</td><td>8,688</td><td>-2,148</td><td>14,565</td><td>538</td><td>-16,183</td><td></td></tr><tr><td>Total September</td><td>63,068</td><td>-19,986</td><td>2,562</td><td>6,208</td><td>27,929</td><td>15,856</td><td>18,371</td><td>114,008</td><td>-36,610</td><td>-11,339</td><td>15,120</td><td>-3,801</td><td>77,378</td><td></td></tr><tr><td><b>MOVEMENT IN BROKERAGE BALANCES:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1, 1936.</td><td>13</td><td>2,418</td><td>-152</td><td>123</td><td>1,265</td><td>2,455</td><td>1,431</td><td>7,553</td><td>-4,479</td><td>968</td><td>2,878</td><td>-881</td><td>6,039</td><td></td></tr><tr><td>Jan. 1, 1936-Dec. 30, 1936.</td><td>4,016</td><td>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><td></td></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937.</td><td>7,494</td><td>1,123</td><td>669</td><td>-109</td><td>5,883</td><td>1,734</td><td>4,656</td><td>21,450</td><td>11,092</td><td>3,700</td><td>-1,569</td><td>14</td><td>34,687</td><td></td></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938.</td><td>1,722</td><td>1,060</td><td>-191</td><td>58</td><td>1,828</td><td>-2,014</td><td>277</td><td>2,740</td><td>-940</td><td>-344</td><td>-1,552</td><td>220</td><td>34</td><td></td></tr><tr><td>Dec. 28, 1938-Sept.27, 1939.</td><td>10,948</td><td>5,783</td><td>37</td><td>-1</td><td>2,655</td><td>6,484</td><td>1,656</td><td>27,562</td><td>7,144</td><td>3,012</td><td>-2,616</td><td>461</td><td>35,563</td><td></td></tr><tr><td>Total</td><td>24,193</td><td>18,361</td><td>-147</td><td>202</td><td>9,436</td><td>15,315</td><td>6,950</td><td>74,310</td><td>9,731</td><td>2,064</td><td>-3,647</td><td>676</td><td>83,134</td><td></td></tr><tr><td><b>Week ended</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1939-Sept. 6</td><td>-27</td><td>-128</td><td>47</td><td>-16</td><td>57</td><td>620</td><td>-309</td><td>174</td><td>518</td><td>221</td><td>-1,730</td><td>7</td><td>-810</td><td></td></tr><tr><td>Sept. 13</td><td>2,065</td><td>-572</td><td>48</td><td>-7</td><td>-1,600</td><td>-1,185</td><td>-606</td><td>-1,857</td><td>-690</td><td>272</td><td>-2,619</td><td>-139</td><td>-5,033</td><td></td></tr><tr><td>Sept. 20</td><td>2,317</td><td>88</td><td>-57</td><td>35</td><td>2,258</td><td>369</td><td>29</td><td>5,039</td><td>-1,275</td><td>-458</td><td>-1,263</td><td>-97</td><td>1,946</td><td></td></tr><tr><td>Sept. 27</td><td>2,071</td><td>-146</td><td>57</td><td>8</td><td>115</td><td>462</td><td>406</td><td>2,923</td><td>-708</td><td>156</td><td>-998</td><td>648</td><td>2,021</td><td></td></tr><tr><td>Total September</td><td>6,356</td><td>-758</td><td>45</td><td>20</td><td>830</td><td>266</td><td>-480</td><td>6,279</td><td>-2,155</td><td>191</td><td>-6,610</td><td>419</td><td>-1,876</td><td></td></tr><tr><td><b>MOVEMENT IN TRANSACTIONS IN DOMESTIC SECURITIES:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1, 1936.</td><td>149,780</td><td>23,394</td><td>-5,353</td><td>-95</td><td>50,458</td><td>55,125</td><td>12,928</td><td>286,237</td><td>2,807</td><td>3,685</td><td>21,371</td><td>2,560</td><td>316,660</td><td></td></tr><tr><td>Jan. 1, 1936-Dec. 30, 1936.</td><td>217,915</td><td>41,352</td><td>-2,102</td><td>-3,235</td><td>107,149</td><td>145,036</td><td>25,604</td><td>531,719</td><td>29,840</td><td>11,841</td><td>22,763</td><td>4,530</td><td>600,693</td><td></td></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937.</td><td>81,024</td><td>5,580</td><td>-9,965</td><td>-1,530</td><td>56,235</td><td>75,100</td><td>17,215</td><td>223,659</td><td>4,997</td><td>2,705</td><td>10,513</td><td>2,722</td><td>244,626</td><td></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><td></td></tr><tr><td>Dec. 28, 1938-Sept.27, 1939.</td><td>-64,198</td><td>-2,799</td><td>-4,713</td><td>-43</td><td>15,204</td><td>19,177</td><td>1,709</td><td>-35,603</td><td>-18,859</td><td>2,694</td><td>2,171</td><td>3,120</td><td>-46,477</td><td></td></tr><tr><td>Total</td><td>408,390</td><td>73,695</td><td>-27,395</td><td>-5,471</td><td>228,206</td><td>320,925</td><td>58,312</td><td>1,056,662</td><td>8,940</td><td>26,129</td><td>58,544</td><td>14,122</td><td>1,104,397</td><td></td></tr><tr><td><b>Week ended</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1939-Sept. 6</td><td>-406</td><td>750</td><td>-161</td><td>28</td><td>1,382</td><td>1,142</td><td>724</td><td>3,459</td><td>-1,034</td><td>980</td><td>2,130</td><td>142</td><td>5,677</td><td></td></tr><tr><td>Sept. 13</td><td>-7,039</td><td>398</td><td>-104</td><td>18</td><td>6,446</td><td>3,945</td><td>1,005</td><td>4,669</td><td>-63</td><td>1,629</td><td>3,522</td><td>196</td><td>9,953</td><td></td></tr><tr><td>Sept. 20</td><td>-8,935</td><td>274</td><td>-69</td><td>3</td><td>-817</td><td>1,789</td><td>-155</td><td>-7,910</td><td>-1,019</td><td>-126</td><td>1,164</td><td>-14</td><td>-7,905</td><td></td></tr><tr><td>Sept. 27</td><td>-8,692</td><td>38</td><td>4</td><td>150</td><td>600</td><td>654</td><td>66</td><td>-7,180</td><td>-1,979</td><td>-1,011</td><td>1,127</td><td>51</td><td>-8,992</td><td></td></tr><tr><td>Total September</td><td>-25,072</td><td>1,460</td><td>-330</td><td>199</td><td>7,611</td><td>7,530</td><td>1,640</td><td>-6,962</td><td>-4,095</td><td>1,472</td><td>7,943</td><td>375</td><td>-1,267</td><td></td></tr><tr><td><b>MOVEMENT IN TRANSACTIONS IN FOREIGN SECURITIES:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1, 1936.</td><td>67,757</td><td>6,818</td><td>13,275</td><td>2,949</td><td>7,408</td><td>-1,191</td><td>46,129</td><td>143,145</td><td>-39,715</td><td>12,700</td><td>7,914</td><td>1,114</td><td>125,158</td><td></td></tr><tr><td>Jan. 1, 1936-Dec. 30, 1936.</td><td>48,304</td><td>11,368</td><td>9,247</td><td>6,469</td><td>3,008</td><td>14,924</td><td>41,788</td><td>135,108</td><td>41,452</td><td>2,973</td><td>9,133</td><td>2,410</td><td>191,076</td><td></td></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937.</td><td>20,713</td><td>4,623</td><td>4,059</td><td>4,057</td><td>10,815</td><td>16,657</td><td>27,267</td><td>88,291</td><td>8,785</td><td>159,284</td><td>7,484</td><td>3,264</td><td>267,008</td><td></td></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938.</td><td>-7,694</td><td>3,352</td><td>6,482</td><td>7,027</td><td>6,106</td><td>6,694</td><td>50,687</td><td>72,654</td><td>-49,392</td><td>-8,644</td><td>9,271</td><td>2,869</td><td>26,758</td><td></td></tr><tr><td>Dec. 28, 1938-Sept.27, 1939.</td><td>-4,216</td><td>7,591</td><td>3,317</td><td>4,286</td><td>2,327</td><td>6,342</td><td>17,266</td><td>36,913</td><td>9,429</td><td>14,044</td><td>5,512</td><td>1,075</td><td>66,973</td><td></td></tr><tr><td>Total</td><td>124,864</td><td>33,752</td><td>36,380</td><td>24,788</td><td>29,664</td><td>43,426</td><td>183,137</td><td>476,011</td><td>-29,441</td><td>180,357</td><td>39,314</td><td>10,732</td><td>676,973</td><td></td></tr><tr><td><b>Week ended</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1939-Sept. 6</td><td>-1,893</td><td>4,899</td><td>-35</td><td>175</td><td>-9</td><td>-671</td><td>293</td><td>2,159</td><td>804</td><td>281</td><td>16</td><td>45</td><td>3,905</td><td></td></tr><tr><td>Sept. 13</td><td>-426</td><td>233</td><td>37</td><td>3</td><td>126</td><td>397</td><td>-266</td><td>104</td><td>6,122</td><td>627</td><td>168</td><td>134</td><td>7,155</td><td></td></tr><tr><td>Sept. 20</td><td>-240</td><td>272</td><td>1</td><td>184</td><td>-92</td><td>335</td><td>666</td><td>1,126</td><td>3,780</td><td>359</td><td>290</td><td>6</td><td>5,561</td><td></td></tr><tr><td>Sept. 27</td><td>-24</td><td>89</td><td>13</td><td>35</td><td>-103</td><td>128</td><td>635</td><td>773</td><td>1,314</td><td>323</td><td>60</td><td>36</td><td>2,506</td><td></td></tr><tr><td>Total September</td><td>-2,583</td><td>5,493</td><td>16</td><td>397</td><td>-78</td><td>189</td><td>1,328</td><td>4,762</td><td>12,020</td><td>1,590</td><td>534</td><td>221</td><td>19,127</td><td></td></tr><tr><td><b>NET CAPITAL MOVEMENT:</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>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><td></td></tr><tr><td>Jan. 1, 1936-Dec. 30, 1936.</td><td>274,401</td><td>89,296</td><td>46,527</td><td>21,619</td><td>115,191</td><td>205,166</td><td>98,514</td><td>850,714</td><td>150,457</td><td>130,304</td><td>55,717</td><td>8,730</td><td>1,195,982</td><td></td></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937.</td><td>164,382</td><td>-17,836</td><td>40,766</td><td>-23,478</td><td>82,216</td><td>271,914</td><td>83,763</td><td>601,727</td><td>-44,213</td><td>209,367</td><td>40,541</td><td>-5,507</td><td>801,915</td><td></td></tr><tr><td>Dec. 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
CUMULATIVE NFT CAPITAL MOVEMENT BETWEEN U.S. AND FOREIGN COUNTRIES
Cumulative Weekly Since January 2, 1935
GO
37
Short-Term Foreign Liabilities as Reported by Banks and Bankers
in the United States for September 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-lande</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far Eest</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>Sept. 6.</td><td>619,509</td><td>322,324</td><td>8,069</td><td>10,258</td><td>158,773</td><td>287,343</td><td>425,092</td><td>1,831,368</td><td>330,362</td><td>400,092</td><td>278,050</td><td>72,871</td><td>2,912,743</td></tr><tr><td>Sept. 13.</td><td>647,844</td><td>324,100</td><td>8,273</td><td>10,484</td><td>166,161</td><td>290,365</td><td>435,844</td><td>1,883,071</td><td>336,545</td><td>391,272</td><td>285,850</td><td>63,762</td><td>2,960,500</td></tr><tr><td>Sept. 20.</td><td>696,997</td><td>315,145</td><td>7,909</td><td>16,412</td><td>180,037</td><td>294,883</td><td>436,500</td><td>1,947,883</td><td>319,637</td><td>384,713</td><td>288,209</td><td>65,357</td><td>3,005,799</td></tr><tr><td>Sept. 27.</td><td>656,676</td><td>295,867</td><td>7,788</td><td>17,134</td><td>185,961</td><td>299,887</td><td>446,353</td><td>1,909,666</td><td>325,290</td><td>382,959</td><td>299,510</td><td>66,216</td><td>2,983,641</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>Sept. 6.</td><td>552,606</td><td>320,428</td><td>7,752</td><td>9,968</td><td>158,046</td><td>287,201</td><td>423,908</td><td>1,759,909</td><td>326,891</td><td>399,739</td><td>268,595</td><td>72,584</td><td>2,827,719</td></tr><tr><td>Sept. 13.</td><td>588,518</td><td>322,138</td><td>8,024</td><td>10,161</td><td>165,495</td><td>289,965</td><td>434,527</td><td>1,818,828</td><td>334,373</td><td>390,943</td><td>276,686</td><td>63,389</td><td>2,884,219</td></tr><tr><td>Sept. 20.</td><td>642,899</td><td>313,361</td><td>7,651</td><td>16,137</td><td>179,288</td><td>294,674</td><td>435,343</td><td>1,889,353</td><td>318,851</td><td>384,184</td><td>278,997</td><td>65,128</td><td>2,936,513</td></tr><tr><td>Sept. 27.</td><td>605,275</td><td>294,070</td><td>7,536</td><td>16,811</td><td>184,953</td><td>299,518</td><td>444,392</td><td>1,852,555</td><td>323,644</td><td>382,559</td><td>290,205</td><td>65,774</td><td>2,914,737</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>Sept. 6.</td><td>542,509</td><td>315,949</td><td>7,384</td><td>9,409</td><td>152,223</td><td>277,165</td><td>408,889</td><td>1,713,528</td><td>322,078</td><td>371,721</td><td>230,037</td><td>72,115</td><td>2,709,479</td></tr><tr><td>Sept. 13.</td><td>578,563</td><td>317,835</td><td>7,603</td><td>9,764</td><td>159,874</td><td>279,467</td><td>419,431</td><td>1,772,537</td><td>329,653</td><td>366,403</td><td>236,275</td><td>62,907</td><td>2,767,775</td></tr><tr><td>Sept. 20.</td><td>532,776</td><td>309,707</td><td>7,225</td><td>15,708</td><td>173,559</td><td>284,432</td><td>420,488</td><td>1,843,895</td><td>314,297</td><td>359,875</td><td>238,857</td><td>64,582</td><td>2,821,506</td></tr><tr><td>Sept. 27.</td><td>595,803</td><td>290,443</td><td>7,123</td><td>16,213</td><td>179,831</td><td>289,490</td><td>429,117</td><td>1,808,320</td><td>319,746</td><td>357,104</td><td>250,392</td><td>65,262</td><td>2,800,824</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>Sept. 6.</td><td>6,399</td><td>2,262</td><td>264</td><td>496</td><td>5,152</td><td>9,554</td><td>12,948</td><td>37,075</td><td>3,736</td><td>27,572</td><td>31,642</td><td>320</td><td>100,345</td></tr><tr><td>Sept. 13.</td><td>6,068</td><td>2,080</td><td>324</td><td>346</td><td>4,947</td><td>10,139</td><td>13,126</td><td>37,030</td><td>3,741</td><td>24,097</td><td>33,581</td><td>333</td><td>98,782</td></tr><tr><td>Sept. 20.</td><td>6,148</td><td>1,710</td><td>339</td><td>355</td><td>5,052</td><td>9,788</td><td>13,248</td><td>36,640</td><td>3,726</td><td>23,893</td><td>33,283</td><td>373</td><td>97,915</td></tr><tr><td>Sept. 27.</td><td>5,763</td><td>1,679</td><td>264</td><td>517</td><td>4,443</td><td>9,658</td><td>13,090</td><td>35,424</td><td>2,991</td><td>23,046</td><td>33,894</td><td>312</td><td>95,667</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>Sept. 6.</td><td>33</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>8</td><td>42</td><td>-</td><td>1</td><td>6,500</td><td>-</td><td>6,543</td></tr><tr><td>Sept. 13.</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td><td>6,500</td><td>-</td><td>6,532</td></tr><tr><td>Sept. 20.</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>33</td><td>-</td><td>-</td><td>6,500</td><td>-</td><td>6,533</td></tr><tr><td>Sept. 27.</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>33</td><td>-</td><td>-</td><td>5,500</td><td>-</td><td>5,533</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>Sept. 6.</td><td>3,665</td><td>2,217</td><td>103</td><td>53</td><td>671</td><td>482</td><td>2,063</td><td>9,264</td><td>1,077</td><td>445</td><td>417</td><td>149</td><td>11,352</td></tr><tr><td>Sept. 13.</td><td>3,855</td><td>2,223</td><td>97</td><td>51</td><td>674</td><td>359</td><td>1,970</td><td>9,229</td><td>979</td><td>443</td><td>330</td><td>149</td><td>11,130</td></tr><tr><td>Sept. 20.</td><td>3,943</td><td>1,944</td><td>87</td><td>74</td><td>677</td><td>454</td><td>1,606</td><td>8,785</td><td>828</td><td>416</td><td>357</td><td>173</td><td>10,559</td></tr><tr><td>Sept. 27.</td><td>3,677</td><td>1,948</td><td>149</td><td>81</td><td>679</td><td>360</td><td>1,884</td><td>8,778</td><td>907</td><td>2,409</td><td>419</td><td>200</td><td>12,713</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>Sept. 6.</td><td>66,903</td><td>1,896</td><td>317</td><td>290</td><td>727</td><td>142</td><td>1,184</td><td>71,459</td><td>3,471</td><td>353</td><td>9,454</td><td>287</td><td>85,024</td></tr><tr><td>Sept. 13.</td><td>59,326</td><td>1,952</td><td>249</td><td>323</td><td>666</td><td>400</td><td>1,317</td><td>64,243</td><td>2,172</td><td>329</td><td>9,164</td><td>373</td><td>76,281</td></tr><tr><td>Sept. 20.</td><td>54,098</td><td>1,784</td><td>258</td><td>275</td><td>749</td><td>209</td><td>1,157</td><td>58,530</td><td>786</td><td>529</td><td>9,212</td><td>229</td><td>69,286</td></tr><tr><td>Sept. 27.</td><td>51,401</td><td>1,797</td><td>252</td><td>323</td><td>1,008</td><td>369</td><td>1,961</td><td>57,111</td><td>1,646</td><td>400</td><td>9,305</td><td>442</td><td>68,904</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>Sept. 6.</td><td>17,955</td><td>66</td><td>216</td><td>207</td><td>122</td><td>75</td><td>595</td><td>19,236</td><td>3,226</td><td>313</td><td>8,047</td><td>8</td><td>30,830</td></tr><tr><td>Sept. 13.</td><td>13,570</td><td>119</td><td>206</td><td>252</td><td>76</td><td>283</td><td>752</td><td>15,258</td><td>1,905</td><td>289</td><td>7,285</td><td>3</td><td>24,740</td></tr><tr><td>Sept. 20.</td><td>10,832</td><td>64</td><td>221</td><td>211</td><td>75</td><td>134</td><td>612</td><td>12,149</td><td>529</td><td>343</td><td>7,311</td><td>6</td><td>20,338</td></tr><tr><td>Sept. 27.</td><td>9,328</td><td>145</td><td>215</td><td>258</td><td>248</td><td>276</td><td>1,374</td><td>11,844</td><td>1,300</td><td>238</td><td>7,411</td><td>16</td><td>20,809</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>Sept. 6.</td><td>42,860</td><td>1,661</td><td>82</td><td>8</td><td>486</td><td>8</td><td>129</td><td>45,234</td><td>172</td><td>-</td><td>75</td><td>-</td><td>45,421</td></tr><tr><td>Sept. 13.</td><td>39,942</td><td>1,704</td><td>23</td><td>7</td><td>459</td><td>56</td><td>129</td><td>42,320</td><td>183</td><td>-</td><td>75</td><td>-</td><td>42,578</td></tr><tr><td>Sept. 20.</td><td>37,247</td><td>1,567</td><td>23</td><td>5</td><td>455</td><td>7</td><td>130</td><td>39,434</td><td>189</td><td>-</td><td>88</td><td>-</td><td>39,711</td></tr><tr><td>Sept. 27.</td><td>35,748</td><td>1,522</td><td>23</td><td>10</td><td>487</td><td>7</td><td>131</td><td>37,928</td><td>191</td><td>-</td><td>103</td><td>-</td><td>38,222</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>Sept. 6.</td><td>6,088</td><td>169</td><td>19</td><td>75</td><td>119</td><td>59</td><td>460</td><td>6,989</td><td>73</td><td>40</td><td>1,332</td><td>279</td><td>8,713</td></tr><tr><td>Sept. 13.</td><td>5,814</td><td>139</td><td>20</td><td>64</td><td>131</td><td>61</td><td>436</td><td>6,665</td><td>84</td><td>40</td><td>1,804</td><td>370</td><td>8,953</td></tr><tr><td>Sept. 20.</td><td>6,019</td><td>153</td><td>14</td><td>59</td><td>219</td><td>68</td><td>415</td><td>6,947</td><td>68</td><td>186</td><td>1,813</td><td>223</td><td>9,237</td></tr><tr><td>Sept. 27.</td><td>6,325</td><td>130</td><td>14</td><td>55</td><td>273</td><td>86</td><td>456</td><td>7,339</td><td>155</td><td>162</td><td>1,791</td><td>426</td><td>9,873</td></tr></table>
38
Short-Term Foreign Assets as Reported by Banks and Bankers in the United States for September 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>Nother-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 colspan="15">TOTAL SHORT-TERM FOREIGN ASSETS:</td></tr><tr><td>Sept. 6.</td><td>64,077</td><td>7,749</td><td>68,691</td><td>13,068</td><td>10,207</td><td>2,837</td><td>39,270</td><td>205,899</td><td>49,031</td><td>104,904</td><td>107,459</td><td>11,235</td><td>478,528</td></tr><tr><td>Sept. 13.</td><td>69,119</td><td>7,965</td><td>67,153</td><td>13,221</td><td>9,787</td><td>2,509</td><td>39,461</td><td>209,215</td><td>50,162</td><td>105,045</td><td>103,503</td><td>11,151</td><td>479,076</td></tr><tr><td>Sept. 20.</td><td>67,664</td><td>9,133</td><td>66,855</td><td>12,849</td><td>9,131</td><td>2,759</td><td>40,054</td><td>208,445</td><td>52,720</td><td>108,141</td><td>107,225</td><td>11,787</td><td>488,318</td></tr><tr><td>Sept. 27.</td><td>66,013</td><td>8,701</td><td>67,115</td><td>12,156</td><td>9,568</td><td>2,880</td><td>41,621</td><td>208,054</td><td>49,685</td><td>108,535</td><td>103,961</td><td>12,108</td><td>482,343</td></tr><tr><td colspan="15">TOTAL ASSETS PAYABLE IN FOREIGN CURRENCIES:</td></tr><tr><td>Sept. 6.</td><td>39,694</td><td>1,183</td><td>171</td><td>1,428</td><td>3,316</td><td>900</td><td>3,939</td><td>50,631</td><td>13,128</td><td>5,646</td><td>24,309</td><td>942</td><td>94,656</td></tr><tr><td>Sept. 13.</td><td>46,121</td><td>1,272</td><td>163</td><td>1,363</td><td>3,323</td><td>659</td><td>3,643</td><td>56,544</td><td>13,630</td><td>4,849</td><td>25,559</td><td>879</td><td>101,261</td></tr><tr><td>Sept. 20.</td><td>43,984</td><td>1,781</td><td>176</td><td>1,267</td><td>2,782</td><td>659</td><td>3,776</td><td>54,425</td><td>15,117</td><td>4,884</td><td>25,818</td><td>1,032</td><td>101,276</td></tr><tr><td>Sept. 27.</td><td>40,456</td><td>1,514</td><td>497</td><td>1,217</td><td>3,093</td><td>693</td><td>3,660</td><td>51,135</td><td>14,454</td><td>4,492</td><td>24,873</td><td>1,028</td><td>95,982</td></tr><tr><td colspan="15">Banke own deposits abroad:</td></tr><tr><td>Sept. 6.</td><td>25,338</td><td>817</td><td>92</td><td>56</td><td>2,317</td><td>163</td><td>1,491</td><td>30,874</td><td>10,542</td><td>853</td><td>1,905</td><td>75</td><td>44,249</td></tr><tr><td>Sept. 13.</td><td>31,881</td><td>867</td><td>86</td><td>51</td><td>2,391</td><td>503</td><td>1,456</td><td>37,235</td><td>10,757</td><td>862</td><td>3,211</td><td>45</td><td>52,110</td></tr><tr><td>Sept. 20.</td><td>28,460</td><td>1,389</td><td>88</td><td>42</td><td>1,926</td><td>506</td><td>1,541</td><td>33,952</td><td>12,196</td><td>1,484</td><td>3,422</td><td>47</td><td>51,101</td></tr><tr><td>Sept. 27.</td><td>24,677</td><td>1,108</td><td>72</td><td>36</td><td>2,277</td><td>520</td><td>1,358</td><td>30,048</td><td>11,097</td><td>1,096</td><td>2,811</td><td>36</td><td>45,088</td></tr><tr><td colspan="15">Deposits abroad for account of domestic clients:</td></tr><tr><td>Sept. 6.</td><td>4,114</td><td>217</td><td>59</td><td>1,254</td><td>232</td><td>16</td><td>875</td><td>6,767</td><td>974</td><td>112</td><td>19,792</td><td>30</td><td>27,675</td></tr><tr><td>Sept. 13.</td><td>4,245</td><td>184</td><td>57</td><td>1,194</td><td>241</td><td>17</td><td>663</td><td>6,601</td><td>1,189</td><td>108</td><td>19,820</td><td>28</td><td>27,746</td></tr><tr><td>Sept. 20.</td><td>5,236</td><td>171</td><td>58</td><td>1,105</td><td>203</td><td>15</td><td>672</td><td>7,460</td><td>1,176</td><td>111</td><td>19,808</td><td>28</td><td>28,583</td></tr><tr><td>Sept. 27.</td><td>4,671</td><td>203</td><td>395</td><td>1,048</td><td>145</td><td>29</td><td>671</td><td>7,162</td><td>1,269</td><td>108</td><td>19,828</td><td>28</td><td>28,395</td></tr><tr><td colspan="15">Other assets payable in foreign currencies:</td></tr><tr><td>Sept. 6.</td><td>10,242</td><td>149</td><td>20</td><td>118</td><td>767</td><td>121</td><td>1,573</td><td>12,990</td><td>1,612</td><td>4,681</td><td>2,612</td><td>837</td><td>22,732</td></tr><tr><td>Sept. 13.</td><td>9,995</td><td>221</td><td>20</td><td>118</td><td>691</td><td>139</td><td>1,524</td><td>12,708</td><td>1,684</td><td>3,679</td><td>2,528</td><td>806</td><td>21,405</td></tr><tr><td>Sept. 20.</td><td>10,288</td><td>221</td><td>30</td><td>120</td><td>653</td><td>138</td><td>1,563</td><td>13,013</td><td>1,745</td><td>3,289</td><td>2,588</td><td>957</td><td>21,592</td></tr><tr><td>Sept. 27.</td><td>11,108</td><td>203</td><td>30</td><td>133</td><td>671</td><td>149</td><td>1,631</td><td>13,925</td><td>2,088</td><td>3,288</td><td>2,234</td><td>964</td><td>22,499</td></tr><tr><td colspan="15">TOTAL ASSETS PAYABLE IN DOLLARS:</td></tr><tr><td>Sept. 6.</td><td>24,383</td><td>6,566</td><td>68,520</td><td>11,640</td><td>6,891</td><td>1,937</td><td>35,331</td><td>155,268</td><td>35,903</td><td>99,258</td><td>83,150</td><td>10,293</td><td>383,872</td></tr><tr><td>Sept. 13.</td><td>22,998</td><td>6,693</td><td>66,990</td><td>11,458</td><td>6,464</td><td>1,850</td><td>35,818</td><td>152,671</td><td>36,532</td><td>100,396</td><td>77,944</td><td>10,272</td><td>377,815</td></tr><tr><td>Sept. 20.</td><td>23,680</td><td>7,352</td><td>66,679</td><td>11,582</td><td>6,349</td><td>2,100</td><td>36,273</td><td>154,020</td><td>37,603</td><td>103,257</td><td>81,407</td><td>10,755</td><td>387,042</td></tr><tr><td>Sept. 27.</td><td>25,557</td><td>7,187</td><td>66,618</td><td>10,939</td><td>6,475</td><td>2,182</td><td>37,961</td><td>156,919</td><td>35,231</td><td>104,043</td><td>79,088</td><td>11,080</td><td>386,361</td></tr><tr><td colspan="15">Loane to foreign banks:</td></tr><tr><td>Sept. 6.</td><td>12,368</td><td>725</td><td>28,499</td><td>4,237</td><td>2,076</td><td>508</td><td>7,338</td><td>55,751</td><td>10,257</td><td>10,479</td><td>54,595</td><td>149</td><td>131,231</td></tr><tr><td>Sept. 13.</td><td>10,576</td><td>727</td><td>29,029</td><td>4,737</td><td>1,793</td><td>336</td><td>7,515</td><td>54,713</td><td>11,065</td><td>10,314</td><td>49,810</td><td>125</td><td>126,027</td></tr><tr><td>Sept. 20.</td><td>11,389</td><td>1,095</td><td>29,801</td><td>4,119</td><td>1,503</td><td>443</td><td>7,663</td><td>56,013</td><td>11,055</td><td>11,855</td><td>51,353</td><td>209</td><td>130,485</td></tr><tr><td>Sept. 27.</td><td>11,513</td><td>612</td><td>30,008</td><td>3,614</td><td>1,106</td><td>374</td><td>7,818</td><td>55,045</td><td>8,241</td><td>11,944</td><td>48,803</td><td>203</td><td>124,236</td></tr><tr><td colspan="15">Acceptances made for foreign banks:</td></tr><tr><td>Sept. 6.</td><td>3,766</td><td>2,567</td><td>25,886</td><td>6,159</td><td>2,934</td><td>944</td><td>7,263</td><td>49,519</td><td>5,131</td><td>29,349</td><td>4,189</td><td>1,594</td><td>89,782</td></tr><tr><td>Sept. 13.</td><td>3,044</td><td>2,646</td><td>23,460</td><td>5,865</td><td>2,952</td><td>992</td><td>7,105</td><td>46,663</td><td>4,996</td><td>29,491</td><td>3,469</td><td>1,532</td><td>85,151</td></tr><tr><td>Sept. 20.</td><td>2,862</td><td>2,734</td><td>21,411</td><td>5,983</td><td>3,005</td><td>1,143</td><td>7,200</td><td>44,338</td><td>5,416</td><td>29,479</td><td>3,337</td><td>1,342</td><td>83,912</td></tr><tr><td>Sept. 27.</td><td>3,295</td><td>2,760</td><td>20,692</td><td>5,744</td><td>3,088</td><td>1,321</td><td>7,957</td><td>44,857</td><td>5,275</td><td>29,875</td><td>3,314</td><td>1,509</td><td>84,830</td></tr><tr><td colspan="15">Other assets payable in dollars:</td></tr><tr><td>Sept. 6.</td><td>8,249</td><td>3,274</td><td>14,135</td><td>1,244</td><td>1,831</td><td>485</td><td>20,730</td><td>49,998</td><td>20,515</td><td>59,430</td><td>24,366</td><td>8,550</td><td>162,859</td></tr><tr><td>Sept. 13.</td><td>8,778</td><td>3,320</td><td>14,501</td><td>1,256</td><td>1,720</td><td>522</td><td>21,198</td><td>51,295</td><td>20,471</td><td>60,591</td><td>24,665</td><td>8,615</td><td>165,637</td></tr><tr><td>Sept. 20.</td><td>9,429</td><td>3,523</td><td>15,467</td><td>1,480</td><td>1,841</td><td>514</td><td>21,415</td><td>53,669</td><td>21,132</td><td>61,923</td><td>26,717</td><td>9,204</td><td>172,645</td></tr><tr><td>Sept. 27.</td><td>10,749</td><td>3,815</td><td>15,918</td><td>1,581</td><td>2,281</td><td>487</td><td>22,186</td><td>57,017</td><td>21,715</td><td>62,224</td><td>26,971</td><td>9,368</td><td>177,295</td></tr></table>
39
Security Transactions as Reported by Banks, Bankers, Brokers and Dealers in the United States for September 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 colspan="14">TOTAL PURCHASES IN THE UNITED STATES FOR FOREIGN ACCOUNT:</td></tr><tr><td>Sept. 6..................</td><td>2,788</td><td>6,681</td><td>9</td><td>223</td><td>2,607</td><td>3,073</td><td>2,047</td><td>17,428</td><td>3,259</td><td>2,503</td><td>4,812</td><td>441</td><td>28,443</td></tr><tr><td>Sept. 13..................</td><td>2,551</td><td>3,189</td><td>77</td><td>68</td><td>10,515</td><td>10,369</td><td>4,658</td><td>31,427</td><td>11,240</td><td>5,661</td><td>7,947</td><td>966</td><td>57,241</td></tr><tr><td>Sept. 20..................</td><td>2,345</td><td>1,991</td><td>28</td><td>231</td><td>5,185</td><td>6,695</td><td>3,598</td><td>20,073</td><td>6,648</td><td>3,074</td><td>5,594</td><td>607</td><td>35,995</td></tr><tr><td>Sept. 27..................</td><td>1,468</td><td>1,474</td><td>58</td><td>216</td><td>3,552</td><td>4,373</td><td>2,771</td><td>13,912</td><td>2,213</td><td>2,415</td><td>3,428</td><td>304</td><td>22,272</td></tr><tr><td colspan="14">Purchases of domestic securities:</td></tr><tr><td>Sept. 6..................</td><td>2,474</td><td>1,482</td><td>5</td><td>39</td><td>2,455</td><td>2,522</td><td>1,409</td><td>10,386</td><td>2,564</td><td>1,841</td><td>4,659</td><td>363</td><td>19,813</td></tr><tr><td>Sept. 13..................</td><td>2,272</td><td>2,784</td><td>39</td><td>59</td><td>10,055</td><td>9,483</td><td>3,813</td><td>28,505</td><td>9,999</td><td>4,679</td><td>7,685</td><td>811</td><td>51,679</td></tr><tr><td>Sept. 20..................</td><td>2,305</td><td>1,682</td><td>20</td><td>44</td><td>5,034</td><td>5,979</td><td>2,850</td><td>17,914</td><td>5,621</td><td>2,332</td><td>5,205</td><td>525</td><td>31,597</td></tr><tr><td>Sept. 27..................</td><td>1,380</td><td>1,080</td><td>39</td><td>181</td><td>3,376</td><td>3,773</td><td>1,970</td><td>11,799</td><td>1,417</td><td>1,929</td><td>3,299</td><td>265</td><td>18,709</td></tr><tr><td colspan="14">Purchases of foreign securities:</td></tr><tr><td>Sept. 6..................</td><td>314</td><td>5,199</td><td>4</td><td>184</td><td>152</td><td>551</td><td>638</td><td>7,042</td><td>695</td><td>662</td><td>153</td><td>78</td><td>8,630</td></tr><tr><td>Sept. 13..................</td><td>279</td><td>405</td><td>38</td><td>9</td><td>460</td><td>886</td><td>845</td><td>2,922</td><td>1,241</td><td>982</td><td>262</td><td>155</td><td>5,552</td></tr><tr><td>Sept. 20..................</td><td>40</td><td>309</td><td>8</td><td>187</td><td>151</td><td>716</td><td>748</td><td>2,159</td><td>1,027</td><td>742</td><td>389</td><td>82</td><td>4,399</td></tr><tr><td>Sept. 27..................</td><td>88</td><td>394</td><td>19</td><td>35</td><td>176</td><td>600</td><td>801</td><td>2,113</td><td>796</td><td>486</td><td>129</td><td>39</td><td>3,553</td></tr><tr><td colspan="14">TOTAL SALES IN THE UNITED STATES FOR FOREIGN ACCOUNT:</td></tr><tr><td>Sept. 6..................</td><td>4,478</td><td>1,034</td><td>226</td><td>20</td><td>1,396</td><td>2,606</td><td>1,043</td><td>10,803</td><td>4,136</td><td>1,228</td><td>2,639</td><td>254</td><td>19,060</td></tr><tr><td>Sept. 13..................</td><td>6,502</td><td>2,537</td><td>149</td><td>47</td><td>4,550</td><td>6,120</td><td>3,916</td><td>23,821</td><td>10,602</td><td>3,385</td><td>4,247</td><td>636</td><td>42,691</td></tr><tr><td>Sept. 20..................</td><td>9,765</td><td>1,440</td><td>102</td><td>44</td><td>5,865</td><td>4,566</td><td>3,095</td><td>24,877</td><td>7,027</td><td>2,836</td><td>4,105</td><td>615</td><td>39,460</td></tr><tr><td>Sept. 27..................</td><td>9,404</td><td>1,347</td><td>41</td><td>31</td><td>3,227</td><td>3,601</td><td>2,043</td><td>19,694</td><td>3,644</td><td>3,096</td><td>2,222</td><td>217</td><td>28,873</td></tr><tr><td colspan="14">Sales of domestic securities:</td></tr><tr><td>Sept. 6..................</td><td>2,332</td><td>732</td><td>166</td><td>11</td><td>1,217</td><td>1,384</td><td>685</td><td>6,527</td><td>3,581</td><td>858</td><td>2,529</td><td>221</td><td>13,716</td></tr><tr><td>Sept. 13..................</td><td>6,075</td><td>2,386</td><td>143</td><td>41</td><td>4,183</td><td>5,601</td><td>2,808</td><td>21,237</td><td>10,071</td><td>3,026</td><td>4,163</td><td>615</td><td>39,112</td></tr><tr><td>Sept. 20..................</td><td>9,422</td><td>1,408</td><td>89</td><td>41</td><td>5,628</td><td>4,175</td><td>3,005</td><td>23,768</td><td>6,767</td><td>2,459</td><td>4,041</td><td>539</td><td>37,574</td></tr><tr><td>Sept. 27..................</td><td>9,184</td><td>1,043</td><td>35</td><td>31</td><td>2,916</td><td>3,122</td><td>1,876</td><td>18,207</td><td>3,416</td><td>2,932</td><td>2,172</td><td>214</td><td>26,941</td></tr><tr><td colspan="14">Sales of foreign securities:</td></tr><tr><td>Sept. 6..................</td><td>2,146</td><td>302</td><td>60</td><td>9</td><td>179</td><td>1,222</td><td>358</td><td>4,276</td><td>555</td><td>370</td><td>110</td><td>33</td><td>5,344</td></tr><tr><td>Sept. 13..................</td><td>427</td><td>151</td><td>6</td><td>6</td><td>367</td><td>519</td><td>1,108</td><td>2,584</td><td>531</td><td>359</td><td>84</td><td>21</td><td>3,579</td></tr><tr><td>Sept. 20..................</td><td>343</td><td>32</td><td>13</td><td>3</td><td>237</td><td>391</td><td>90</td><td>1,109</td><td>260</td><td>377</td><td>64</td><td>76</td><td>1,886</td></tr><tr><td>Sept. 27..................</td><td>220</td><td>304</td><td>6</td><td>-</td><td>311</td><td>479</td><td>167</td><td>1,487</td><td>228</td><td>164</td><td>50</td><td>3</td><td>1,932</td></tr><tr><td colspan="14">TOTAL PURCHASES EXECUTED ABROAD FOR DOMESTIC ACCOUNT:</td></tr><tr><td>Sept. 6..................</td><td>82</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>83</td><td>553</td><td>17</td><td>27</td><td>-</td><td>680</td></tr><tr><td>Sept. 13..................</td><td>79</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>1,035</td><td>-</td><td>10</td><td>-</td><td>1,124</td></tr><tr><td>Sept. 20..................</td><td>48</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>48</td><td>682</td><td>3</td><td>36</td><td>-</td><td>769</td></tr><tr><td>Sept. 27..................</td><td>191</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td><td>219</td><td>293</td><td>1</td><td>19</td><td>-</td><td>532</td></tr><tr><td colspan="14">Purchases of domestic securities:</td></tr><tr><td>Sept. 6..................</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>2</td><td>-</td><td>-</td><td>-</td><td>37</td></tr><tr><td>Sept. 13..................</td><td>73</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>73</td><td>12</td><td>-</td><td>-</td><td>-</td><td>85</td></tr><tr><td>Sept. 20..................</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>39</td><td>5</td><td>3</td><td>-</td><td>-</td><td>47</td></tr><tr><td>Sept. 27..................</td><td>178</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28</td><td>206</td><td>-</td><td>-</td><td>-</td><td>-</td><td>206</td></tr><tr><td colspan="14">Purchases of foreign securities:</td></tr><tr><td>Sept. 6..................</td><td>47</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>48</td><td>551</td><td>17</td><td>27</td><td>-</td><td>643</td></tr><tr><td>Sept. 13..................</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>1,023</td><td>-</td><td>10</td><td>-</td><td>1,039</td></tr><tr><td>Sept. 20..................</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>677</td><td>-</td><td>36</td><td>-</td><td>722</td></tr><tr><td>Sept. 27..................</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td><td>293</td><td>1</td><td>19</td><td>-</td><td>326</td></tr><tr><td colspan="14">TOTAL SALES EXECUTED ABROAD FOR DOMESTIC ACCOUNT:</td></tr><tr><td>Sept. 6..................</td><td>55</td><td>3</td><td>21</td><td>-</td><td>1</td><td>-</td><td>-</td><td>80</td><td>1,564</td><td>6</td><td>-</td><td>-</td><td>1,650</td></tr><tr><td>Sept. 13..................</td><td>57</td><td>-</td><td>5</td><td>-</td><td>5</td><td>6</td><td>-</td><td>73</td><td>4,567</td><td>-</td><td>-</td><td>-</td><td>4,640</td></tr><tr><td>Sept. 20..................</td><td>55</td><td>-</td><td>6</td><td>-</td><td>5</td><td>10</td><td>3</td><td>74</td><td>2,075</td><td>-</td><td>1</td><td>-</td><td>2,150</td></tr><tr><td>Sept. 27..................</td><td>255</td><td>1</td><td>-</td><td>-</td><td>32</td><td>7</td><td>1</td><td>296</td><td>1,055</td><td>2</td><td>-</td><td>-</td><td>1,353</td></tr><tr><td colspan="14">Sales of domestic securities:</td></tr><tr><td>Sept. 6..................</td><td>-</td><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>Sept. 13..................</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td><td>-</td><td>-</td><td>12</td></tr><tr><td>Sept. 20..................</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>133</td><td>-</td><td>-</td><td>-</td><td>136</td></tr><tr><td>Sept. 27..................</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td></tr><tr><td colspan="14">Sales of foreign securities:</td></tr><tr><td>Sept. 6..................</td><td>55</td><td>3</td><td>21</td><td>-</td><td>1</td><td>-</td><td>-</td><td>80</td><td>1,564</td><td>6</td><td>-</td><td>-</td><td>1,650</td></tr><tr><td>Sept. 13..................</td><td>57</td><td>-</td><td>5</td><td>-</td><td>5</td><td>6</td><td>-</td><td>73</td><td>4,555</td><td>-</td><td>-</td><td>-</td><td>4,628</td></tr><tr><td>Sept. 20..................</td><td>52</td><td>-</td><td>6</td><td>-</td><td>-</td><td>10</td><td>3</td><td>71</td><td>1,942</td><td>-</td><td>1</td><td>-</td><td>2,014</td></tr><tr><td>Sept. 27..................</td><td>253</td><td>1</td><td>-</td><td>-</td><td>32</td><td>7</td><td>1</td><td>294</td><td>1,055</td><td>2</td><td>-</td><td>-</td><td>1,351</td></tr></table>
40
Security Transactions in Joint Foreign Arbitrage Accounts as Reported by Brokers and Dealers in the United States for September 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:</td><td></td><td></td><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>Sept. 6.</td><td>83</td><td>-</td><td>-</td><td>-</td><td>162</td><td>7</td><td>14</td><td>266</td><td>354</td><td>-</td><td>-</td><td>-</td><td>620</td></tr><tr><td>Sept. 13.</td><td>190</td><td>-</td><td>-</td><td>-</td><td>697</td><td>87</td><td>-</td><td>974</td><td>3,531</td><td>7</td><td>-</td><td>-</td><td>4,512</td></tr><tr><td>Sept. 20.</td><td>153</td><td>-</td><td>-</td><td>-</td><td>211</td><td>17</td><td>8</td><td>389</td><td>2,582</td><td>4</td><td>-</td><td>-</td><td>2,975</td></tr><tr><td>Sept. 27.</td><td>75</td><td>1</td><td>-</td><td>-</td><td>224</td><td>10</td><td>-</td><td>310</td><td>140</td><td>-</td><td>-</td><td>-</td><td>450</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>Sept. 6.</td><td>16</td><td>-</td><td>-</td><td>-</td><td>145</td><td>7</td><td>-</td><td>168</td><td>8</td><td>-</td><td>-</td><td>-</td><td>176</td></tr><tr><td>Sept. 13.</td><td>79</td><td>-</td><td>-</td><td>-</td><td>669</td><td>63</td><td>-</td><td>811</td><td>59</td><td>3</td><td>-</td><td>-</td><td>873</td></tr><tr><td>Sept. 20.</td><td>112</td><td>-</td><td>-</td><td>-</td><td>211</td><td>17</td><td>-</td><td>340</td><td>37</td><td>4</td><td>-</td><td>-</td><td>381</td></tr><tr><td>Sept. 27.</td><td>56</td><td>1</td><td>-</td><td>-</td><td>224</td><td>10</td><td>-</td><td>291</td><td>22</td><td>-</td><td>-</td><td>-</td><td>313</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>Sept. 6.</td><td>67</td><td>-</td><td>-</td><td>-</td><td>17</td><td>-</td><td>14</td><td>98</td><td>346</td><td>-</td><td>-</td><td>-</td><td>444</td></tr><tr><td>Sept. 13.</td><td>111</td><td>-</td><td>-</td><td>-</td><td>28</td><td>24</td><td>-</td><td>153</td><td>3,472</td><td>4</td><td>-</td><td>-</td><td>3,639</td></tr><tr><td>Sept. 20.</td><td>41</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>49</td><td>2,545</td><td>-</td><td>-</td><td>-</td><td>2,594</td></tr><tr><td>Sept. 27.</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>118</td><td>-</td><td>-</td><td>-</td><td>137</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>Sept. 6.</td><td>665</td><td>1</td><td>-</td><td>-</td><td>1</td><td>3</td><td>-</td><td>670</td><td>718</td><td>3</td><td>-</td><td>-</td><td>1,391</td></tr><tr><td>Sept. 13.</td><td>3,682</td><td>21</td><td>-</td><td>-</td><td>95</td><td>-</td><td>3</td><td>3,801</td><td>1,642</td><td>27</td><td>-</td><td>-</td><td>5,470</td></tr><tr><td>Sept. 20.</td><td>1,915</td><td>5</td><td>-</td><td>-</td><td>440</td><td>32</td><td>3</td><td>2,395</td><td>835</td><td>6</td><td>-</td><td>-</td><td>3,236</td></tr><tr><td>Sept. 27.</td><td>919</td><td>2</td><td>-</td><td>-</td><td>84</td><td>7</td><td>-</td><td>1,012</td><td>136</td><td>8</td><td>-</td><td>-</td><td>1,156</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>Sept. 6.</td><td>529</td><td>-</td><td>-</td><td>-</td><td>1</td><td>3</td><td>-</td><td>533</td><td>23</td><td>3</td><td>-</td><td>-</td><td>559</td></tr><tr><td>Sept. 13.</td><td>3,242</td><td>-</td><td>-</td><td>-</td><td>95</td><td>-</td><td>-</td><td>3,337</td><td>50</td><td>27</td><td>-</td><td>-</td><td>3,414</td></tr><tr><td>Sept. 20.</td><td>1,894</td><td>-</td><td>-</td><td>-</td><td>434</td><td>32</td><td>-</td><td>2,350</td><td>38</td><td>-</td><td>-</td><td>-</td><td>2,398</td></tr><tr><td>Sept. 27.</td><td>768</td><td>-</td><td>-</td><td>-</td><td>84</td><td>7</td><td>-</td><td>859</td><td>2</td><td>8</td><td>-</td><td>-</td><td>869</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>Sept. 6.</td><td>136</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>137</td><td>695</td><td>-</td><td>-</td><td>-</td><td>832</td></tr><tr><td>Sept. 13.</td><td>440</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>464</td><td>1,592</td><td>-</td><td>-</td><td>-</td><td>2,056</td></tr><tr><td>Sept. 20.</td><td>21</td><td>5</td><td>-</td><td>-</td><td>6</td><td>-</td><td>3</td><td>35</td><td>737</td><td>6</td><td>-</td><td>-</td><td>838</td></tr><tr><td>Sept. 27.</td><td>151</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>153</td><td>134</td><td>-</td><td>-</td><td>-</td><td>287</td></tr></table>
Foreign Balances in Brokerage Accounts as Reported by Brokers and Dealers in the United States for September 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>Nether-lands</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>Foreign debit balances: (due from abroad)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept. 6.........</td><td>5,080</td><td>3,520</td><td>90</td><td>79</td><td>2,513</td><td>1,446</td><td>3,369</td><td>16,097</td><td>14,707</td><td>4,012</td><td>6,262</td><td>511</td><td>41,589</td></tr><tr><td>Sept. 13.........</td><td>4,627</td><td>3,467</td><td>58</td><td>93</td><td>3,474</td><td>1,696</td><td>4,104</td><td>17,519</td><td>15,251</td><td>4,198</td><td>8,730</td><td>648</td><td>46,346</td></tr><tr><td>Sept. 20.........</td><td>4,122</td><td>3,477</td><td>77</td><td>82</td><td>2,646</td><td>1,887</td><td>4,225</td><td>16,516</td><td>15,730</td><td>4,861</td><td>10,136</td><td>642</td><td>47,885</td></tr><tr><td>Sept. 27.........</td><td>4,042</td><td>3,437</td><td>74</td><td>81</td><td>2,472</td><td>1,817</td><td>4,803</td><td>16,726</td><td>15,667</td><td>5,050</td><td>11,063</td><td>656</td><td>49,162</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>Sept. 6.........</td><td>6,795</td><td>8,503</td><td>177</td><td>63</td><td>4,860</td><td>11,899</td><td>2,779</td><td>35,076</td><td>7,973</td><td>4,133</td><td>1,053</td><td>387</td><td>48,622</td></tr><tr><td>Sept. 13.........</td><td>8,407</td><td>7,873</td><td>193</td><td>70</td><td>4,321</td><td>10,964</td><td>2,908</td><td>34,641</td><td>7,827</td><td>4,591</td><td>902</td><td>385</td><td>48,346</td></tr><tr><td>Sept. 20.........</td><td>10,219</td><td>7,976</td><td>155</td><td>94</td><td>5,651</td><td>11,524</td><td>3,058</td><td>38,677</td><td>7,031</td><td>4,796</td><td>1,045</td><td>282</td><td>51,831</td></tr><tr><td>Sept. 27.........</td><td>12,210</td><td>7,790</td><td>159</td><td>101</td><td>5,592</td><td>11,916</td><td>4,042</td><td>41,810</td><td>6,260</td><td>5,141</td><td>974</td><td>944</td><td>55,129</td></tr></table>
4
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.</td><td>49,555</td><td>30,020</td><td>19,535</td><td>1937-Apr.</td><td>58,751</td><td>50,982</td><td>7,769</td><td>1938-July</td><td>38,619</td><td>32,628</td><td>5,991</td></tr><tr><td>15....</td><td>49,591</td><td>49,064</td><td>527</td><td>14....</td><td>58,729</td><td>58,162</td><td>567</td><td>13....</td><td>38,121</td><td>38,613</td><td>-492</td></tr><tr><td>22....</td><td>48,976</td><td>43,722</td><td>5,254</td><td>21....</td><td>39,674</td><td>48,278</td><td>-8,604</td><td>20....</td><td>32,653</td><td>35,895</td><td>-3,242</td></tr><tr><td>29....</td><td>49,821</td><td>44,675</td><td>5,146</td><td>28....</td><td>43,113</td><td>54,898</td><td>-11,755</td><td>27....</td><td>36,049</td><td>43,931</td><td>-7,882</td></tr><tr><td>Feb.</td><td>52,463</td><td>43,821</td><td>8,642</td><td>May</td><td>44,852</td><td>67,685</td><td>-22,833</td><td>Aug.</td><td>20,541</td><td>27,220</td><td>-6,679</td></tr><tr><td>11....</td><td>52,605</td><td>45,394</td><td>7,211</td><td>12....</td><td>34,423</td><td>25,111</td><td>9,312</td><td>10....</td><td>18,739</td><td>24,969</td><td>-6,230</td></tr><tr><td>19....</td><td>77,355</td><td>55,391</td><td>21,964</td><td>19....</td><td>26,800</td><td>32,184</td><td>-5,384</td><td>17....</td><td>18,802</td><td>23,812</td><td>-5,010</td></tr><tr><td>26....</td><td>67,493</td><td>51,904</td><td>15,589</td><td>26....</td><td>34,169</td><td>25,316</td><td>8,853</td><td>24....</td><td>11,570</td><td>14,965</td><td>-3,395</td></tr><tr><td>Mar.</td><td>46,636</td><td>44,875</td><td>1,761</td><td>June</td><td>18,912</td><td>14,271</td><td>4,641</td><td>Sept.</td><td>12,060</td><td>13,819</td><td>-1,759</td></tr><tr><td>4....</td><td>55,716</td><td>51,901</td><td>3,815</td><td>2....</td><td>31,995</td><td>26,171</td><td>5,824</td><td>7....</td><td>15,463</td><td>18,411</td><td>-2,948</td></tr><tr><td>11....</td><td>51,541</td><td>47,661</td><td>3,880</td><td>9....</td><td>32,783</td><td>26,962</td><td>5,821</td><td>14....</td><td>34,063</td><td>25,408</td><td>8,655</td></tr><tr><td>18....</td><td>47,947</td><td>33,473</td><td>14,474</td><td>16....</td><td>21,651</td><td>28,638</td><td>-6,987</td><td>21....</td><td>20,902</td><td>24,745</td><td>-3,843</td></tr><tr><td>25....</td><td>36,986</td><td>33,823</td><td>3,163</td><td>30....</td><td>26,474</td><td>19,865</td><td>6,609</td><td>28....</td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>52,835</td><td>34,793</td><td>18,042</td><td>July</td><td>16,717</td><td>20,597</td><td>-3,880</td><td>Oct.</td><td>43,286</td><td>26,139</td><td>17,147</td></tr><tr><td>1....</td><td>33,368</td><td>22,781</td><td>10,587</td><td>14....</td><td>41,309</td><td>33,482</td><td>7,827</td><td>12....</td><td>48,449</td><td>29,888</td><td>18,561</td></tr><tr><td>15....</td><td>42,935</td><td>31,165</td><td>11,770</td><td>21....</td><td>34,326</td><td>31,427</td><td>2,899</td><td>19....</td><td>46,441</td><td>37,402</td><td>9,039</td></tr><tr><td>22....</td><td>49,814</td><td>40,844</td><td>8,970</td><td>28....</td><td>48,503</td><td>33,337</td><td>15,166</td><td>26....</td><td>45,644</td><td>33,412</td><td>12,232</td></tr><tr><td>29....</td><td>36,373</td><td>51,357</td><td>-14,984</td><td>Aug.</td><td>32,886</td><td>25,129</td><td>7,157</td><td>Nov.</td><td>41,470</td><td>33,198</td><td>8,272</td></tr><tr><td>May</td><td>29,848</td><td>22,903</td><td>6,945</td><td>11....</td><td>41,681</td><td>33,544</td><td>8,137</td><td>2....</td><td>25,338</td><td>23,665</td><td>1,673</td></tr><tr><td>6....</td><td>30,104</td><td>24,947</td><td>5,157</td><td>18....</td><td>28,433</td><td>27,762</td><td>671</td><td>16....</td><td>42,393</td><td>37,886</td><td>4,507</td></tr><tr><td>20....</td><td>23,085</td><td>22,098</td><td>987</td><td>25....</td><td>31,062</td><td>25,222</td><td>5,840</td><td>23....</td><td>33,318</td><td>31,704</td><td>1,614</td></tr><tr><td>27....</td><td>25,015</td><td>26,629</td><td>-1,614</td><td>Sept.</td><td>26,590</td><td>25,761</td><td>829</td><td>30....</td><td>19,846</td><td>23,886</td><td>-4,040</td></tr><tr><td>June</td><td>51,407</td><td>29,641</td><td>21,766</td><td>1....</td><td>26,093</td><td>23,110</td><td>2,983</td><td>Dec.</td><td>26,323</td><td>19,764</td><td>6,559</td></tr><tr><td>3....</td><td>37,033</td><td>29,333</td><td>7,700</td><td>8....</td><td>57,789</td><td>45,416</td><td>12,373</td><td>7....</td><td>19,917</td><td>28,398</td><td>-8,481</td></tr><tr><td>10....</td><td>36,988</td><td>24,138</td><td>12,850</td><td>15....</td><td>37,904</td><td>42,671</td><td>-4,767</td><td>14....</td><td>36,607</td><td>26,963</td><td>9,644</td></tr><tr><td>17....</td><td>41,305</td><td>32,955</td><td>8,350</td><td>22....</td><td>38,753</td><td>39,000</td><td>-247</td><td>21....</td><td>22,343</td><td>13,624</td><td>8,719</td></tr><tr><td>July</td><td>29,419</td><td>24,881</td><td>4,538</td><td>29....</td><td></td><td></td><td></td><td>28....</td><td></td><td></td><td></td></tr><tr><td>1....</td><td>39,413</td><td>32,202</td><td>7,211</td><td>Oct.</td><td>22,337</td><td>24,753</td><td>-2,416</td><td>1939-Jan.</td><td>25,529</td><td>24,960</td><td>569</td></tr><tr><td>8....</td><td>50,306</td><td>36,865</td><td>13,441</td><td>6....</td><td>24,008</td><td>36,652</td><td>-12,644</td><td>4....</td><td>30,039</td><td>28,178</td><td>1,861</td></tr><tr><td>15....</td><td>51,101</td><td>37,643</td><td>13,458</td><td>13....</td><td>37,540</td><td>41,240</td><td>-3,700</td><td>11....</td><td>21,367</td><td>29,874</td><td>-8,507</td></tr><tr><td>22....</td><td>44,399</td><td>40,386</td><td>4,013</td><td>20....</td><td>54,514</td><td>44,618</td><td>9,896</td><td>18....</td><td>20,784</td><td>37,180</td><td>-16,396</td></tr><tr><td>29....</td><td>43,348</td><td>39,039</td><td>4,309</td><td>Nov.</td><td>32,346</td><td>24,798</td><td>7,548</td><td>Feb.</td><td>29,450</td><td>36,458</td><td>-7,008</td></tr><tr><td>Aug.</td><td>42,280</td><td>30,789</td><td>11,491</td><td>10....</td><td>26,527</td><td>30,716</td><td>-4,189</td><td>8....</td><td>28,615</td><td>23,014</td><td>5,601</td></tr><tr><td>5....</td><td>33,308</td><td>24,666</td><td>8,642</td><td>17....</td><td>29,423</td><td>24,081</td><td>5,342</td><td>15....</td><td>17,529</td><td>15,519</td><td>2,010</td></tr><tr><td>12....</td><td>34,058</td><td>29,016</td><td>5,042</td><td>24....</td><td>26,339</td><td>29,814</td><td>-3,475</td><td>22....</td><td>16,502</td><td>14,868</td><td>1,634</td></tr><tr><td>19....</td><td>31,350</td><td>27,039</td><td>4,311</td><td>Dec.</td><td>26,062</td><td>19,104</td><td>6,958</td><td>Mar.</td><td>22,205</td><td>20,272</td><td>1,933</td></tr><tr><td>26....</td><td>54,768</td><td>40,859</td><td>13,909</td><td>1....</td><td>25,512</td><td>19,482</td><td>6,030</td><td>8....</td><td>22,675</td><td>25,232</td><td>-2,557</td></tr><tr><td>Sept.</td><td>45,382</td><td>28,288</td><td>17,094</td><td>15....</td><td>35,481</td><td>26,796</td><td>8,685</td><td>15....</td><td>26,725</td><td>27,207</td><td>-482</td></tr><tr><td>2....</td><td>50,193</td><td>48,549</td><td>1,644</td><td>22....</td><td>24,631</td><td>16,525</td><td>8,106</td><td>22....</td><td>24,587</td><td>39,669</td><td>-15,082</td></tr><tr><td>9....</td><td>76,926</td><td>44,416</td><td>32,510</td><td>29....</td><td>20,602</td><td>9,888</td><td>10,714</td><td>29....</td><td>29,386</td><td>23,209</td><td>6,177</td></tr><tr><td>16....</td><td>83,485</td><td>42,865</td><td>40,620</td><td>1938-Jan.</td><td>17,083</td><td>15,195</td><td>1,888</td><td>Apr.</td><td>36,475</td><td>25,365</td><td>11,110</td></tr><tr><td>Oct.</td><td>98,943</td><td>52,783</td><td>46,160</td><td>12....</td><td>22,268</td><td>21,189</td><td>1,079</td><td>5....</td><td>19,977</td><td>17,962</td><td>2,015</td></tr><tr><td>7....</td><td>74,886</td><td>49,312</td><td>25,574</td><td>19....</td><td>24,699</td><td>21,609</td><td>3,090</td><td>12....</td><td>21,239</td><td>20,677</td><td>562</td></tr><tr><td>14....</td><td>68,723</td><td>36,453</td><td>32,270</td><td>26....</td><td>17,822</td><td>17,942</td><td>-120</td><td>26....</td><td>19,851</td><td>11,245</td><td>8,606</td></tr><tr><td>21....</td><td>113,852</td><td>66,103</td><td>47,749</td><td>Feb.</td><td>20,255</td><td>18,017</td><td>2,238</td><td>May</td><td>19,699</td><td>10,723</td><td>8,976</td></tr><tr><td>28....</td><td>97,227</td><td>87,676</td><td>9,551</td><td>2....</td><td>13,626</td><td>18,587</td><td>-4,961</td><td>3....</td><td>13,402</td><td>15,120</td><td>-1,718</td></tr><tr><td>Nov.</td><td>81,621</td><td>70,460</td><td>11,161</td><td>16....</td><td>10,704</td><td>15,302</td><td>-4,598</td><td>10....</td><td>13,630</td><td>12,008</td><td>1,622</td></tr><tr><td>4....</td><td>57,253</td><td>45,903</td><td>11,350</td><td>23....</td><td>11,021</td><td>11,833</td><td>-812</td><td>17....</td><td>11,579</td><td>14,041</td><td>-2,462</td></tr><tr><td>11....</td><td>44,111</td><td>53,314</td><td>-9,203</td><td>Mar.</td><td>20,043</td><td>29,772</td><td>-9,729</td><td>21....</td><td>15,115</td><td>15,265</td><td>-150</td></tr><tr><td>18....</td><td>63,036</td><td>48,464</td><td>14,572</td><td>2....</td><td>12,462</td><td>11,806</td><td>656</td><td>June</td><td>14,902</td><td>13,522</td><td>1,380</td></tr><tr><td>25....</td><td>60,936</td><td>44,769</td><td>16,167</td><td>16....</td><td>12,986</td><td>15,846</td><td>-2,860</td><td>14....</td><td>13,136</td><td>15,430</td><td>-2,294</td></tr><tr><td>Dec.</td><td>37,272</td><td>31,650</td><td>5,622</td><td>23....</td><td>18,619</td><td>17,759</td><td>860</td><td>21....</td><td>13,162</td><td>15,837</td><td>-2,675</td></tr><tr><td>2....</td><td>1937-Jan.</td><td>38,171</td><td>37,056</td><td>1,115</td><td>30....</td><td>19,355</td><td>17,704</td><td>1,651</td><td>28....</td><td>10,035</td><td>16,353</td><td>-6,318</td></tr><tr><td>6....</td><td>65,591</td><td>56,170</td><td>9,421</td><td>Apr.</td><td>18,967</td><td>19,058</td><td>-91</td><td>July</td><td>13,187</td><td>13,128</td><td>59</td></tr><tr><td>13....</td><td>81,012</td><td>60,013</td><td>20,999</td><td>6....</td><td>14,702</td><td>12,630</td><td>2,072</td><td>5....</td><td>7,832</td><td>12,749</td><td>-4,917</td></tr><tr><td>20....</td><td>68,904</td><td>59,867</td><td>9,037</td><td>13....</td><td>19,312</td><td>12,406</td><td>6,906</td><td>12....</td><td>15,273</td><td>24,653</td><td>-9,380</td></tr><tr><td>27....</td><td>65,470</td><td>55,056</td><td>10,414</td><td>27....</td><td>14,912</td><td>13,401</td><td>1,511</td><td>26....</td><td>23,793</td><td>28,866</td><td>-5,073</td></tr><tr><td>Feb.</td><td>98,866</td><td>66,819</td><td>32,047</td><td>May</td><td>9,765</td><td>11,085</td><td>-1,320</td><td>Aug.</td><td>20,542</td><td>18,308</td><td>2,234</td></tr><tr><td>3....</td><td>77,632</td><td>73,754</td><td>3,878</td><td>4....</td><td>11,852</td><td>14,356</td><td>-2,504</td><td>2....</td><td>15,561</td><td>21,304</td><td>-5,743</td></tr><tr><td>10....</td><td>74,863</td><td>64,632</td><td>10,231</td><td>11....</td><td>12,105</td><td>12,553</td><td>-448</td><td>9....</td><td>12,867</td><td>24,466</td><td>-11,599</td></tr><tr><td>17....</td><td>74,784</td><td>63,616</td><td>11,168</td><td>18....</td><td>8,816</td><td>9,291</td><td>-175</td><td>16....</td><td>15,766</td><td>15,513</td><td>253</td></tr><tr><td>24....</td><td>113,812</td><td>85,119</td><td>28,693</td><td>25....</td><td>10,405</td><td>9,983</td><td>422</td><td>23....</td><td>20,453</td><td>19,904</td><td>549</td></tr><tr><td>Mar.</td><td>84,365</td><td>74,045</td><td>10,320</td><td>June</td><td>11,682</td><td>12,383</td><td>-701</td><td>Sept.</td><td>19,989</td><td>14,312</td><td>5,677</td></tr><tr><td>3....</td><td>66,507</td><td>69,074</td><td>-2,567</td><td>8....</td><td>9,021</td><td>11,977</td><td>-2,956</td><td>6....</td><td>52,564</td><td>42,611</td><td>9,953</td></tr><tr><td>10....</td><td>43,680</td><td>30,086</td><td>13,594</td><td>15....</td><td>11,375</td><td>9,257</td><td>2,118</td><td>13....</td><td>32,114</td><td>40,019</td><td>-7,905</td></tr><tr><td>17....</td><td></td><td></td><td></td><td>22....</td><td>38,260</td><td>37,841</td><td>419</td><td>20....</td><td>19,024</td><td>28,016</td><td>-8,992</td></tr><tr><td>31....</td><td></td><td></td><td></td><td>29....</td><td></td><td></td><td></td><td>27....</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 September 1939
(In thousands of dollars)
<table><tr><th>Transactione 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:</td><td></td><td></td><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>Sept. 6 Spot.........</td><td>55,450</td><td>2,166</td><td>219</td><td>267</td><td>3,111</td><td>1,430</td><td>1,767</td><td>64,410</td><td>29,523</td><td>467</td><td>1,696</td><td>471</td><td>96,567</td></tr><tr><td>Sept. 6 Forward.....</td><td>21,116</td><td>619</td><td>-</td><td>39</td><td>1,600</td><td>216</td><td>397</td><td>23,987</td><td>12,756</td><td>5</td><td>2,041</td><td>2</td><td>38,791</td></tr><tr><td>Sept. 13 Spot.........</td><td>55,887</td><td>2,214</td><td>166</td><td>463</td><td>3,946</td><td>1,379</td><td>1,882</td><td>65,937</td><td>34,483</td><td>758</td><td>4,452</td><td>412</td><td>106,042</td></tr><tr><td>Sept. 13 Forward.....</td><td>30,483</td><td>192</td><td>-</td><td>62</td><td>1,938</td><td>556</td><td>191</td><td>33,422</td><td>12,138</td><td>21</td><td>3,707</td><td>4</td><td>49,292</td></tr><tr><td>Sept. 20 Spot.........</td><td>52,158</td><td>2,785</td><td>92</td><td>321</td><td>4,168</td><td>1,210</td><td>2,069</td><td>62,803</td><td>19,020</td><td>369</td><td>4,398</td><td>243</td><td>86,833</td></tr><tr><td>Sept. 20 Forward.....</td><td>30,443</td><td>226</td><td>2</td><td>52</td><td>2,309</td><td>296</td><td>165</td><td>33,493</td><td>5,922</td><td>-</td><td>3,853</td><td>5</td><td>43,273</td></tr><tr><td>Sept. 27 Spot.........</td><td>46,906</td><td>2,364</td><td>149</td><td>541</td><td>4,087</td><td>1,894</td><td>2,774</td><td>58,715</td><td>11,554</td><td>643</td><td>2,047</td><td>298</td><td>73,257</td></tr><tr><td>Sept. 27 Forward.....</td><td>37,961</td><td>90</td><td>1</td><td>50</td><td>1,974</td><td>508</td><td>1,094</td><td>41,678</td><td>4,278</td><td>-</td><td>3,494</td><td>-</td><td>49,450</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>Sept. 6 Spot.........</td><td>45,909</td><td>1,975</td><td>102</td><td>244</td><td>2,836</td><td>1,415</td><td>1,370</td><td>53,851</td><td>20,427</td><td>351</td><td>1,217</td><td>199</td><td>76,045</td></tr><tr><td>Sept. 6 Forward.....</td><td>14,753</td><td>552</td><td>-</td><td>39</td><td>1,301</td><td>136</td><td>251</td><td>17,032</td><td>5,200</td><td>5</td><td>1,634</td><td>1</td><td>23,872</td></tr><tr><td>Sept. 13 Spot.........</td><td>46,572</td><td>1,983</td><td>75</td><td>293</td><td>3,773</td><td>1,357</td><td>1,786</td><td>55,839</td><td>22,771</td><td>567</td><td>3,874</td><td>198</td><td>83,249</td></tr><tr><td>Sept. 13 Forward.....</td><td>24,329</td><td>158</td><td>-</td><td>55</td><td>1,360</td><td>401</td><td>162</td><td>26,465</td><td>6,108</td><td>21</td><td>2,982</td><td>4</td><td>35,580</td></tr><tr><td>Sept. 20 Spot.........</td><td>45,155</td><td>2,159</td><td>68</td><td>234</td><td>3,989</td><td>1,129</td><td>1,594</td><td>54,328</td><td>11,279</td><td>306</td><td>3,715</td><td>87</td><td>69,715</td></tr><tr><td>Sept. 20 Forward.....</td><td>22,661</td><td>224</td><td>2</td><td>46</td><td>1,934</td><td>236</td><td>154</td><td>25,257</td><td>3,448</td><td>-</td><td>2,151</td><td>-</td><td>30,856</td></tr><tr><td>Sept. 27 Spot.........</td><td>40,302</td><td>2,201</td><td>102</td><td>405</td><td>3,847</td><td>1,858</td><td>2,653</td><td>51,368</td><td>6,661</td><td>520</td><td>1,753</td><td>43</td><td>60,345</td></tr><tr><td>Sept. 27 Forward.....</td><td>28,617</td><td>84</td><td>1</td><td>50</td><td>898</td><td>335</td><td>652</td><td>30,637</td><td>2,892</td><td>-</td><td>2,995</td><td>-</td><td>36,524</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>Sept. 6 Spot.........</td><td>9,541</td><td>191</td><td>117</td><td>23</td><td>275</td><td>15</td><td>397</td><td>10,559</td><td>9,096</td><td>116</td><td>479</td><td>272</td><td>20,522</td></tr><tr><td>Sept. 6 Forward.....</td><td>6,363</td><td>67</td><td>-</td><td>-</td><td>299</td><td>80</td><td>146</td><td>6,955</td><td>7,556</td><td>-</td><td>407</td><td>1</td><td>14,919</td></tr><tr><td>Sept. 13 Spot.........</td><td>9,315</td><td>231</td><td>91</td><td>170</td><td>173</td><td>22</td><td>96</td><td>10,098</td><td>11,712</td><td>191</td><td>578</td><td>214</td><td>22,793</td></tr><tr><td>Sept. 13 Forward.....</td><td>6,154</td><td>34</td><td>-</td><td>7</td><td>578</td><td>155</td><td>29</td><td>6,957</td><td>6,030</td><td>-</td><td>725</td><td>-</td><td>13,712</td></tr><tr><td>Sept. 20 Spot.........</td><td>7,003</td><td>626</td><td>24</td><td>87</td><td>179</td><td>81</td><td>475</td><td>8,475</td><td>7,741</td><td>63</td><td>683</td><td>156</td><td>17,118</td></tr><tr><td>Sept. 20 Forward.....</td><td>7,782</td><td>2</td><td>-</td><td>6</td><td>375</td><td>60</td><td>11</td><td>8,236</td><td>2,474</td><td>-</td><td>1,702</td><td>5</td><td>12,417</td></tr><tr><td>Sept. 27 Spot.........</td><td>6,604</td><td>163</td><td>47</td><td>136</td><td>240</td><td>36</td><td>121</td><td>7,347</td><td>4,893</td><td>123</td><td>294</td><td>255</td><td>12,912</td></tr><tr><td>Sept. 27 Forward.....</td><td>9,344</td><td>6</td><td>-</td><td>-</td><td>1,076</td><td>173</td><td>442</td><td>11,041</td><td>1,386</td><td>-</td><td>499</td><td>-</td><td>12,926</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>Sept. 6 Spot.........</td><td>48,826</td><td>1,369</td><td>140</td><td>282</td><td>2,453</td><td>1,532</td><td>1,345</td><td>55,947</td><td>31,544</td><td>423</td><td>2,708</td><td>469</td><td>91,091</td></tr><tr><td>Sept. 6 Forward.....</td><td>29,169</td><td>159</td><td>-</td><td>1</td><td>1,933</td><td>181</td><td>488</td><td>31,931</td><td>9,736</td><td>-</td><td>1,453</td><td>2</td><td>43,122</td></tr><tr><td>Sept. 13 Spot.........</td><td>46,510</td><td>2,231</td><td>124</td><td>442</td><td>3,597</td><td>1,580</td><td>1,823</td><td>56,367</td><td>33,081</td><td>693</td><td>3,544</td><td>115</td><td>93,800</td></tr><tr><td>Sept. 13 Forward.....</td><td>32,887</td><td>361</td><td>13</td><td>16</td><td>2,682</td><td>426</td><td>434</td><td>36,819</td><td>13,820</td><td>21</td><td>4,269</td><td>2</td><td>54,931</td></tr><tr><td>Sept. 20 Spot.........</td><td>52,646</td><td>2,191</td><td>106</td><td>323</td><td>4,236</td><td>1,094</td><td>1,663</td><td>62,319</td><td>17,884</td><td>425</td><td>4,473</td><td>148</td><td>85,249</td></tr><tr><td>Sept. 20 Forward.....</td><td>35,550</td><td>331</td><td>8</td><td>24</td><td>2,388</td><td>205</td><td>377</td><td>38,883</td><td>7,170</td><td>-</td><td>3,197</td><td>-</td><td>49,250</td></tr><tr><td>Sept. 27 Spot.........</td><td>47,404</td><td>2,015</td><td>140</td><td>493</td><td>3,766</td><td>2,010</td><td>3,166</td><td>58,994</td><td>10,085</td><td>353</td><td>3,206</td><td>71</td><td>72,709</td></tr><tr><td>Sept. 27 Forward.....</td><td>38,074</td><td>310</td><td>1</td><td>1</td><td>2,256</td><td>617</td><td>1,045</td><td>42,304</td><td>5,718</td><td>-</td><td>2,007</td><td>-</td><td>50,029</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>Sept. 6 Spot.........</td><td>35,878</td><td>761</td><td>66</td><td>135</td><td>1,799</td><td>1,307</td><td>861</td><td>40,807</td><td>17,429</td><td>200</td><td>1,041</td><td>172</td><td>59,649</td></tr><tr><td>Sept. 6 Forward.....</td><td>11,599</td><td>145</td><td>-</td><td>-</td><td>1,278</td><td>181</td><td>345</td><td>13,548</td><td>7,237</td><td>-</td><td>641</td><td>-</td><td>21,426</td></tr><tr><td>Sept. 13 Spot.........</td><td>37,576</td><td>1,657</td><td>86</td><td>285</td><td>2,283</td><td>1,020</td><td>1,293</td><td>44,200</td><td>21,970</td><td>184</td><td>1,935</td><td>6</td><td>68,295</td></tr><tr><td>Sept. 13 Forward.....</td><td>16,883</td><td>211</td><td>-</td><td>15</td><td>1,481</td><td>380</td><td>367</td><td>19,337</td><td>10,443</td><td>-</td><td>1,978</td><td>2</td><td>31,760</td></tr><tr><td>Sept. 20 Spot.........</td><td>41,550</td><td>1,440</td><td>25</td><td>166</td><td>3,948</td><td>938</td><td>1,072</td><td>49,139</td><td>11,429</td><td>179</td><td>1,744</td><td>75</td><td>62,566</td></tr><tr><td>Sept. 20 Forward.....</td><td>18,181</td><td>163</td><td>8</td><td>12</td><td>1,616</td><td>182</td><td>306</td><td>20,468</td><td>4,076</td><td>-</td><td>1,283</td><td>-</td><td>25,827</td></tr><tr><td>Sept. 27 Spot.........</td><td>39,062</td><td>1,215</td><td>42</td><td>278</td><td>3,266</td><td>1,615</td><td>2,056</td><td>47,534</td><td>5,694</td><td>122</td><td>1,461</td><td>37</td><td>54,848</td></tr><tr><td>Sept. 27 Forward.....</td><td>23,106</td><td>221</td><td>1</td><td>-</td><td>1,057</td><td>606</td><td>996</td><td>25,987</td><td>3,423</td><td>-</td><td>361</td><td>-</td><td>29,771</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>Sept. 6 Spot.........</td><td>12,948</td><td>608</td><td>74</td><td>147</td><td>654</td><td>225</td><td>484</td><td>15,140</td><td>14,115</td><td>223</td><td>1,667</td><td>297</td><td>31,442</td></tr><tr><td>Sept. 6 Forward.....</td><td>17,570</td><td>14</td><td>-</td><td>1</td><td>655</td><td>-</td><td>143</td><td>18,383</td><td>2,499</td><td>-</td><td>812</td><td>2</td><td>21,696</td></tr><tr><td>Sept. 13 Spot.........</td><td>8,934</td><td>634</td><td>38</td><td>157</td><td>1,314</td><td>560</td><td>530</td><td>12,167</td><td>11,111</td><td>509</td><td>1,609</td><td>109</td><td>25,505</td></tr><tr><td>Sept. 13 Forward.....</td><td>16,004</td><td>150</td><td>13</td><td>1</td><td>1,201</td><td>46</td><td>67</td><td>17,482</td><td>3,377</td><td>21</td><td>2,291</td><td>-</td><td>23,171</td></tr><tr><td>Sept. 20 Spot.........</td><td>11,096</td><td>751</td><td>81</td><td>157</td><td>348</td><td>156</td><td>591</td><td>13,180</td><td>6,455</td><td>246</td><td>2,729</td><td>73</td><td>22,683</td></tr><tr><td>Sept. 20 Forward.....</td><td>17,369</td><td>168</td><td>-</td><td>12</td><td>772</td><td>23</td><td>71</td><td>18,415</td><td>3,094</td><td>-</td><td>1,914</td><td>-</td><td>23,423</td></tr><tr><td>Sept. 27 Spot.........</td><td>8,342</td><td>800</td><td>98</td><td>215</td><td>500</td><td>395</td><td>1,110</td><td>11,460</td><td>4,391</td><td>231</td><td>1,715</td><td>34</td><td>17,861</td></tr><tr><td>Sept. 27 Forward.....</td><td>14,968</td><td>89</td><td>-</td><td>1</td><td>1,199</td><td>11</td><td>49</td><td>16,317</td><td>2,295</td><td>-</td><td>1,646</td><td>-</td><td>20,258</td></tr></table>
44
Outstanding Forward Exchange Contracts as Reported by Banks and Bankers in the United States during September 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>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 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>Sept. 6.</td><td>307,773</td><td>3,450</td><td>-</td><td>264</td><td>13,375</td><td>1,404</td><td>9,281</td><td>336,047</td><td>111,386</td><td>1,591</td><td>14,676</td><td>111</td><td>463,811</td></tr><tr><td>Sept. 13.</td><td>305,411</td><td>3,358</td><td>-</td><td>268</td><td>14,401</td><td>1,891</td><td>8,940</td><td>334,269</td><td>112,226</td><td>1,548</td><td>16,349</td><td>112</td><td>464,504</td></tr><tr><td>Sept. 20.</td><td>303,469</td><td>3,271</td><td>-</td><td>267</td><td>15,920</td><td>2,153</td><td>8,784</td><td>333,864</td><td>109,436</td><td>1,496</td><td>18,283</td><td>108</td><td>463,187</td></tr><tr><td>Sept. 27.</td><td>302,825</td><td>2,142</td><td>-</td><td>208</td><td>17,119</td><td>2,392</td><td>9,386</td><td>334,072</td><td>106,774</td><td>1,485</td><td>21,259</td><td>117</td><td>463,707</td></tr><tr><td>Contracts for purchases from foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept. 6.</td><td>79,213</td><td>912</td><td>-</td><td>23</td><td>3,258</td><td>152</td><td>2,569</td><td>86,127</td><td>10,097</td><td>903</td><td>4,521</td><td>-</td><td>101,648</td></tr><tr><td>Sept. 13.</td><td>81,129</td><td>751</td><td>-</td><td>24</td><td>3,241</td><td>181</td><td>2,320</td><td>87,646</td><td>9,941</td><td>903</td><td>5,168</td><td>-</td><td>103,658</td></tr><tr><td>Sept. 20.</td><td>79,061</td><td>733</td><td>-</td><td>24</td><td>4,212</td><td>239</td><td>2,084</td><td>86,959</td><td>9,262</td><td>903</td><td>6,028</td><td>-</td><td>103,152</td></tr><tr><td>Sept. 27.</td><td>80,938</td><td>290</td><td>-</td><td>9</td><td>4,412</td><td>463</td><td>2,334</td><td>88,446</td><td>8,625</td><td>898</td><td>8,003</td><td>-</td><td>105,972</td></tr><tr><td>Contracts for purchases from domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sept. 6.</td><td>228,560</td><td>2,538</td><td>-</td><td>341</td><td>10,617</td><td>1,252</td><td>6,712</td><td>249,920</td><td>101,289</td><td>688</td><td>10,155</td><td>111</td><td>362,163</td></tr><tr><td>Sept. 13.</td><td>224,282</td><td>2,607</td><td>-</td><td>244</td><td>11,160</td><td>1,710</td><td>6,620</td><td>246,623</td><td>102,285</td><td>645</td><td>11,181</td><td>112</td><td>360,846</td></tr><tr><td>Sept. 20.</td><td>223,802</td><td>2,538</td><td>-</td><td>243</td><td>11,708</td><td>1,914</td><td>6,700</td><td>246,905</td><td>100,174</td><td>593</td><td>12,255</td><td>108</td><td>360,035</td></tr><tr><td>Sept. 27.</td><td>221,887</td><td>1,852</td><td>-</td><td>199</td><td>12,707</td><td>1,929</td><td>7,052</td><td>245,626</td><td>98,149</td><td>587</td><td>13,256</td><td>117</td><td>357,735</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>Sept. 6.</td><td>342,434</td><td>5,577</td><td>19</td><td>376</td><td>18,602</td><td>2,858</td><td>10,998</td><td>380,864</td><td>114,359</td><td>3,513</td><td>15,057</td><td>68</td><td>513,861</td></tr><tr><td>Sept. 13.</td><td>340,869</td><td>5,753</td><td>22</td><td>355</td><td>19,802</td><td>3,030</td><td>10,701</td><td>380,532</td><td>119,244</td><td>2,957</td><td>17,666</td><td>69</td><td>520,468</td></tr><tr><td>Sept. 20.</td><td>336,619</td><td>5,641</td><td>32</td><td>363</td><td>21,033</td><td>3,116</td><td>10,652</td><td>377,456</td><td>117,700</td><td>2,902</td><td>19,255</td><td>58</td><td>517,371</td></tr><tr><td>Sept. 27.</td><td>335,676</td><td>4,570</td><td>33</td><td>293</td><td>22,282</td><td>3,259</td><td>10,392</td><td>376,505</td><td>114,567</td><td>2,896</td><td>20,382</td><td>71</td><td>514,421</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>Sept. 6.</td><td>119,139</td><td>3,968</td><td>12</td><td>87</td><td>10,188</td><td>1,793</td><td>7,884</td><td>143,071</td><td>43,343</td><td>3,250</td><td>7,324</td><td>51</td><td>197,039</td></tr><tr><td>Sept. 13.</td><td>114,235</td><td>3,991</td><td>12</td><td>66</td><td>9,504</td><td>1,607</td><td>7,461</td><td>136,876</td><td>45,929</td><td>2,699</td><td>7,430</td><td>51</td><td>192,985</td></tr><tr><td>Sept. 20.</td><td>107,654</td><td>3,864</td><td>19</td><td>70</td><td>9,343</td><td>1,568</td><td>7,429</td><td>129,947</td><td>43,706</td><td>2,649</td><td>7,241</td><td>51</td><td>183,594</td></tr><tr><td>Sept. 27.</td><td>99,430</td><td>3,045</td><td>19</td><td>42</td><td>9,227</td><td>1,735</td><td>6,907</td><td>120,405</td><td>41,367</td><td>2,645</td><td>7,396</td><td>51</td><td>171,864</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>Sept. 6.</td><td>223,295</td><td>1,609</td><td>7</td><td>289</td><td>8,414</td><td>1,065</td><td>3,114</td><td>237,793</td><td>71,016</td><td>263</td><td>7,733</td><td>17</td><td>315,822</td></tr><tr><td>Sept. 13.</td><td>226,634</td><td>1,762</td><td>10</td><td>289</td><td>10,298</td><td>1,423</td><td>3,240</td><td>243,656</td><td>73,315</td><td>258</td><td>10,236</td><td>18</td><td>327,483</td></tr><tr><td>Sept. 20.</td><td>228,965</td><td>1,777</td><td>13</td><td>293</td><td>11,690</td><td>1,548</td><td>3,223</td><td>247,509</td><td>73,994</td><td>253</td><td>12,014</td><td>7</td><td>333,777</td></tr><tr><td>Sept. 27.</td><td>236,246</td><td>1,525</td><td>14</td><td>251</td><td>13,055</td><td>1,524</td><td>3,485</td><td>256,100</td><td>73,200</td><td>251</td><td>12,986</td><td>20</td><td>342,557</td></tr></table>
Net Position in Foreign Currencies of Reporting Banks and Bankers in the United States for September 1939
(Minus indicates short position: In thousands of dollars)
<table><tr><th rowspan="2">Position as of following dates</th><th colspan="11">Currency of-</th></tr><tr><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>Sept. 6</td><td>-10,237</td><td>-1,633</td><td>-205</td><td>-951</td><td>-2,774</td><td>-761</td><td>-1,586</td><td>-18,147</td><td>1,779</td><td>-326</td><td>-5,796</td><td>21</td><td>-22,469</td></tr><tr><td>Sept. 13</td><td>-2,669</td><td>-1,858</td><td>-179</td><td>-929</td><td>-3,185</td><td>-806</td><td>-1,818</td><td>-11,444</td><td>1,720</td><td>-238</td><td>-5,358</td><td>-10</td><td>-15,330</td></tr><tr><td>Sept. 20</td><td>-8,185</td><td>-1,327</td><td>-195</td><td>-937</td><td>-3,407</td><td>-603</td><td>-1,633</td><td>-16,287</td><td>1,597</td><td>-288</td><td>-4,717</td><td>26</td><td>-19,669</td></tr><tr><td>Sept. 27</td><td>-8,674</td><td>-1,179</td><td>-186</td><td>-874</td><td>-3,363</td><td>-849</td><td>-1,979</td><td>-17,104</td><td>1,593</td><td>9</td><td>-4,413</td><td>11</td><td>-19,904</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 colspan="4">Liabilities</th></tr><tr><th></th><th></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-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><tr><td>Aug.</td><td>16,645.1</td><td>14,391.9</td><td>156.0</td><td>1,800.0</td><td>297.1</td></tr><tr><td>Sept.</td><td>16,931.5</td><td>14,749.7</td><td>156.0</td><td>1,800.0</td><td>225.7</td></tr><tr><td>Oct.</td><td>17,091.1</td><td>14,908.4</td><td>156.0</td><td>1,800.0</td><td>226.7</td></tr><tr><td>Nov.</td><td>17,358.3</td><td>15,045.9</td><td>156.0</td><td>1,800.0</td><td>356.4</td></tr></table>
1/ In Federal Reserve Banks, etc., gold certificate fund Board of Governors, Federal Reserve System, and Redemption fund, Federal Reserve notes.
2/ Reserve against $346,681,016 United States notes and $1,167,122 Treasury notes of 1890 outstanding.
3/ This does not include gold in the active 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>Switser-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 1/</th><th>All other</th><th>Total net imports or net exports (-)</th></tr><tr><td>1933</td><td>10.6</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>86.8</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>-</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>19.5</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-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>-1.1</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>1.1</td><td>365.4</td></tr><tr><td>Apr.</td><td>384.9</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>55.1</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>15.2</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>278.6</td></tr><tr><td>Aug.</td><td>163.7</td><td>-</td><td>22.6</td><td>-</td><td>34.3</td><td>4.0</td><td>10.9</td><td>-</td><td>9.3</td><td>5.7</td><td>2.8</td><td>2.1</td><td>.9</td><td>.3</td><td>1.9</td><td>1.4</td><td>259.9</td></tr><tr><td>Sept.</td><td>162.4</td><td>-</td><td>-</td><td>1.5</td><td>120.8</td><td>.7</td><td>16.4</td><td>-</td><td>4.1</td><td>5.5</td><td>3.9</td><td>2.1</td><td>.8</td><td>1.4</td><td>5.2</td><td>1.3</td><td>326.1</td></tr><tr><td>Oct.</td><td>10.2</td><td>-</td><td>3.0</td><td>-</td><td>9.9</td><td>1.8</td><td>12.5</td><td>-</td><td>2.7</td><td>8.4</td><td>3.2</td><td>-</td><td>1.0</td><td>.8</td><td>4.1</td><td>12.1</td><td>69.7</td></tr><tr><td>Nov.</td><td>18.6</td><td>-</td><td>8.8</td><td>3.0</td><td>65.1</td><td>3.4</td><td>9.5</td><td>-</td><td>12.1</td><td>12.5</td><td>2.6</td><td>2.1</td><td>.7</td><td>.2</td><td>2.7</td><td>26.7</td><td>168.0</td></tr></table>
1/ Including Hong Kong.
Monetary Stocks of Gold and Silver
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of Silver to Gold and Silver in Monetary Stocks</th></tr><tr><td>1934</td><td>7,856.2</td><td>898.2</td><td>10.3</td></tr><tr><td>1935</td><td>9,115.6</td><td>1,463.1</td><td>13.8</td></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</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-Nov.</td><td>14,312.1</td><td>3,265.2</td><td>18.6</td></tr><tr><td>Dec.</td><td>14,511.6</td><td>3,346.8</td><td>18.7</td></tr><tr><td>1939-Jan.</td><td>14,681.7</td><td>3,404.8</td><td>18.8</td></tr><tr><td>Feb.</td><td>14,874.4</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>16,238.0</td><td>3,649.1</td><td>18.3</td></tr><tr><td>Aug.</td><td>16,645.7</td><td>3,682.4</td><td>18.1</td></tr><tr><td>Sept.</td><td>16,931.5</td><td>3,709.8</td><td>18.0</td></tr><tr><td>Oct.</td><td>17,091.4</td><td>3,733.7</td><td>17.9</td></tr><tr><td>Nov.9</td><td>17,358.3</td><td>3,752.5</td><td>17.8</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
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="4">Silver held in Treasury</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total Silver at $1.29 per ounce</th></tr><tr><th colspan="2">Securing silver certificates 1/</th><th colspan="2">In General Fund</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th></th><th></th></tr><tr><td>1934</td><td>211.6</td><td>508.4</td><td>4.2</td><td>8.8</td><td>89.3</td><td>35.2</td><td>305.3</td><td>1,279.7</td></tr><tr><td>1935</td><td>576.9</td><td>508.7</td><td>4.2</td><td>.2</td><td>262.7</td><td>38.4</td><td>323.5</td><td>1,970.1</td></tr><tr><td>1936</td><td>775.9</td><td>505.7</td><td>5.7</td><td>.3</td><td>347.7</td><td>41.3</td><td>350.4</td><td>2,402.3</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>-</td><td>428.6</td><td>43.3</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</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-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>3,36.8</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>3.3</td><td>.2</td><td>593.8</td><td>45.3</td><td>377.8</td><td>3,649.1</td></tr><tr><td>Aug.</td><td>1,257.2</td><td>501.3</td><td>2.9</td><td>-</td><td>600.6</td><td>45.8</td><td>379.8</td><td>3,682.4</td></tr><tr><td>Sept.</td><td>1,266.7</td><td>500.9</td><td>3.7</td><td>-</td><td>605.0</td><td>46.2</td><td>382.8</td><td>3,709.8</td></tr><tr><td>Oct</td><td>1,277.8</td><td>500.7</td><td>4.8</td><td>.1</td><td>608.1</td><td>46.4</td><td>384.8</td><td>3,733.7</td></tr><tr><td>Nov.*</td><td>1,287.6</td><td>500.2</td><td>5.6</td><td>.1</td><td>611.6</td><td>46.4</td><td>384.8</td><td>3,752.5</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- ized 2/</th><th colspan="2">Foreign 3/</th><th colspan="2">Total</th></tr><tr><th></th><th>One- cee</th><th>Dol- lars</th><th>One- cee</th><th>Dol- lare</th><th>One- cee</th><th>Dol- lare</th><th>One- cee</th><th>Dol- lare</th></tr><tr><td>1934</td><td>21.8</td><td>14.1</td><td>110.6</td><td>55.3</td><td>172.5</td><td>86.5</td><td>304.9</td><td>155.9</td></tr><tr><td>1935</td><td>38.0</td><td>27.3</td><td>2.0</td><td>1.0</td><td>494.4</td><td>318.2</td><td>534.3</td><td>345.5</td></tr><tr><td>1936</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.9</td></tr><tr><td>1937</td><td>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-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><tr><td>Aug.</td><td>3.1</td><td>2.0</td><td>-</td><td>-</td><td>22.8</td><td>9.7</td><td>25.9</td><td>11.7</td></tr><tr><td>Sept.</td><td>3.0</td><td>2.0</td><td>-</td><td>-</td><td>17.8</td><td>7.7</td><td>20.8</td><td>9.7</td></tr><tr><td>Oct.</td><td>7.2</td><td>4.8</td><td>-</td><td>-</td><td>11.4</td><td>4.9</td><td>18.6</td><td>9.7</td></tr><tr><td>Nov.</td><td>6.5</td><td>4.5</td><td>-</td><td>-</td><td>15.3</td><td>6.3</td><td>21.8</td><td>10.8</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) 1/
<table><tr><th>Calendar year or month</th><th>United States</th><th>Canada 2/</th><th>Mexico</th><th>Peru</th><th>Other America</th><th>Europe</th><th>Oceania</th><th>Japan 3/</th><th>British India</th><th>Other Asia</th><th>Africa</th><th>Total for world</th></tr><tr><td>1933</td><td>22,821</td><td>16,395</td><td>68,101</td><td>6,761</td><td>10,819</td><td>14,769</td><td>11,553</td><td>6,680</td><td>6,080</td><td>1,104</td><td>4,076</td><td>169,153</td></tr><tr><td>1934</td><td>32,487</td><td>17,565</td><td>74,115</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 4/</td><td>3,535</td><td>4,783</td><td>258,429</td></tr><tr><td>1938-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>4,586</td><td>1,475</td><td>1,500</td><td>1,800</td><td>1,277</td><td>875*</td><td>585</td><td>400</td><td>439</td><td>18,197</td></tr><tr><td>June</td><td>5,493</td><td>1,766</td><td>10,274</td><td>1,550</td><td>1,550</td><td>1,850</td><td>1,329</td><td>875*</td><td>585</td><td>380</td><td>470</td><td>26,122</td></tr><tr><td>July</td><td>3,200</td><td>2,099</td><td>8,004</td><td>1,569</td><td>1,650</td><td>1,850</td><td>1,312</td><td>875*</td><td>485</td><td>380</td><td>454</td><td>21,878</td></tr><tr><td>Aug</td><td>4,226</td><td>2,703</td><td>6,971</td><td>1,600</td><td>1,675</td><td>1,900</td><td>1,220</td><td>875*</td><td>480</td><td>400</td><td>472</td><td>22,522</td></tr><tr><td>Sept</td><td>5,145</td><td>2,679</td><td>6,536</td><td>1,670</td><td>1,700</td><td>1,900</td><td>1,443</td><td>875*</td><td>475</td><td>425</td><td>465</td><td>23,313</td></tr><tr><td>Oct</td><td>4,874</td><td>2,913</td><td>5/</td><td>1,750</td><td>1,700</td><td>1,900</td><td>5/</td><td>875*</td><td>470</td><td>450</td><td>475</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/ Burme, 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-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>35</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><tr><td>Aug.</td><td>-485</td><td>17</td><td>775</td><td>1,773</td><td>11</td><td>210</td><td>422</td><td>361</td></tr><tr><td>Sept.</td><td>-584</td><td>-93</td><td>786</td><td>2,326</td><td>15</td><td>124</td><td>548</td><td>123</td></tr><tr><td>Oct.</td><td>-1,430</td><td>-97</td><td>503</td><td>2,607</td><td>3</td><td>134</td><td>597</td><td>284</td></tr><tr><td>Nov.</td><td>-135</td><td>-157</td><td>596</td><td>2,382</td><td>7</td><td>-3</td><td>344</td><td>336</td></tr></table>
<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>2,114</td><td>342</td><td>48</td><td>170,851</td></tr><tr><td>1937</td><td>-</td><td>5,614</td><td>4</td><td>1,271</td><td>504</td><td>433</td><td>79,835</td></tr><tr><td>1938</td><td>150</td><td>-</td><td>61</td><td>2,930</td><td>10,808</td><td>617</td><td>223,449</td></tr><tr><td>1938-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>116</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><tr><td>Aug.</td><td>-35</td><td>-</td><td>-</td><td>155</td><td>149</td><td>75</td><td>3,428</td></tr><tr><td>Sept.</td><td>-203</td><td>-</td><td>-</td><td>161</td><td>55</td><td>89</td><td>3,347</td></tr><tr><td>Oct.</td><td>-</td><td>-</td><td>2,404</td><td>415</td><td>87</td><td>-11</td><td>5,495</td></tr><tr><td>Nov.</td><td>-</td><td>-</td><td>-</td><td>155</td><td>75</td><td>95</td><td>3,696</td></tr></table>
1/ Less than $500.
2/ Includes net import of $12,950,000 from France.
3/ Figures for Nov. 1938 include net imports from France of $4,301,000.
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>Seignorage on silver and minor coins</th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21,1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalised silver (Proc. of Aug. 9, 1934)</th><th>Total Seignorage on silver revalued</th><th>Potential seignorage on silver bullion at cost in General Fund</th></tr><tr><td>1934</td><td>4.5</td><td>48.7</td><td>.4</td><td>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</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>-</td><td>509.5</td><td>34.7</td><td>677.2</td><td>897.6</td></tr><tr><td>Aug.</td><td>76.1</td><td>48.7</td><td>85.0</td><td>-</td><td>514.7</td><td>34.7</td><td>683.1</td><td>914.5</td></tr><tr><td>Sept.</td><td>80.1</td><td>48.7</td><td>85.3</td><td>.6</td><td>519.3</td><td>34.7</td><td>688.6</td><td>926.4</td></tr><tr><td>Oct.</td><td>82.9</td><td>48.7</td><td>86.5</td><td>1.5</td><td>523.0</td><td>34.7</td><td>694.4</td><td>933.3</td></tr><tr><td>Nov.</td><td>86.3</td><td>48.7</td><td>87.1</td><td>2.6</td><td>526.6</td><td>34.7</td><td>699.7</td><td>941.7</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>87</td><td>97</td><td>53</td></tr><tr><td>1932-Dec.</td><td>100</td><td>67</td><td>100</td><td>100</td><td>100</td><td>100</td><td>42</td><td>97</td><td>43</td></tr><tr><td>1933-Dec.</td><td>64</td><td>67</td><td>100</td><td>100</td><td>100</td><td>100</td><td>39</td><td>100</td><td>47</td></tr><tr><td>1934-Dec.</td><td>59</td><td>60</td><td>100</td><td>100</td><td>100</td><td>100</td><td>34</td><td>96</td><td>45</td></tr><tr><td>1935-Dec.</td><td>59</td><td>60</td><td>100</td><td>100</td><td>100</td><td>72</td><td>34</td><td>91</td><td>39</td></tr><tr><td>1936-Dec.</td><td>59</td><td>60</td><td>70</td><td>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>82</td><td>71</td><td>72</td><td>34</td><td>59</td><td>39</td></tr><tr><td>1938-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><tr><td>Aug.</td><td>59</td><td>56</td><td>39</td><td>79</td><td>69</td><td>72</td><td>32</td><td>59</td><td>9</td></tr><tr><td>Sept.</td><td>59</td><td>48</td><td>34</td><td>78</td><td>69</td><td>72</td><td>28</td><td>57</td><td>9</td></tr><tr><td>Oct.</td><td>59</td><td>49</td><td>34</td><td>78</td><td>69</td><td>71</td><td>28</td><td>57</td><td>10</td></tr><tr><td>Nov.</td><td>59</td><td>48</td><td>34</td><td>78</td><td>69</td><td>70</td><td>28</td><td>57</td><td>11</td></tr></table>
1/ Average exchange rate for January 1928 = 100.
Indexes of Prices of 40 Foreign
Currencies in New York
1935 = 100
<table><tr><th></th><th>Un-weighted (i.e. equal weights)</th><th>Weighted by U. S. exports</th><th>Weighted by U. S. imports</th><th>Weighted according to total foreign trade of each country included</th></tr><tr><td>1935</td><td>100</td><td>100</td><td>100</td><td>100</td></tr><tr><td>1936</td><td>97</td><td>99</td><td>99</td><td>98</td></tr><tr><td>1937</td><td>91</td><td>94</td><td>96</td><td>92</td></tr><tr><td>1938</td><td>85</td><td>91</td><td>93</td><td>88</td></tr><tr><td>1938-Nov.</td><td>85</td><td>89</td><td>90</td><td>85</td></tr><tr><td>Dec.</td><td>85</td><td>88</td><td>90</td><td>84</td></tr><tr><td>1939-Jan.</td><td>85</td><td>88</td><td>90</td><td>84</td></tr><tr><td>Feb.</td><td>85</td><td>90</td><td>91</td><td>85</td></tr><tr><td>Mar.</td><td>86</td><td>90</td><td>91</td><td>85</td></tr><tr><td>Apr.</td><td>85</td><td>90</td><td>91</td><td>85</td></tr><tr><td>May.</td><td>86</td><td>89</td><td>90</td><td>85</td></tr><tr><td>June.</td><td>86</td><td>89</td><td>91</td><td>85</td></tr><tr><td>July.</td><td>86</td><td>89</td><td>90</td><td>84</td></tr><tr><td>Aug.</td><td>85</td><td>88</td><td>89</td><td>83</td></tr><tr><td>Sept.</td><td>80</td><td>81</td><td>84</td><td>78</td></tr><tr><td>Oct.</td><td>80</td><td>81</td><td>83</td><td>79</td></tr><tr><td>Nov.*</td><td>80</td><td>80</td><td>83</td><td>78</td></tr></table>
Preliminary.
Indexes of Prices of 40 Foreign Currencies
in New York, London, Paris and Tokyo
1935 = 100
<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>New York</th><th>London</th><th>Paris</th><th>Tokyo</th><th>New York</th><th>London</th><th>Paris</th><th>Tokyo</th></tr><tr><td>1935</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td></tr><tr><td>1936</td><td>97</td><td>96</td><td>105</td><td>96</td><td>98</td><td>96</td><td>107</td><td>97</td></tr><tr><td>1937</td><td>91</td><td>90</td><td>150</td><td>91</td><td>92</td><td>91</td><td>156</td><td>93</td></tr><tr><td>1938</td><td>88</td><td>88</td><td>204</td><td>88</td><td>88</td><td>88</td><td>212</td><td>90</td></tr><tr><td>1938-Nov.</td><td>85</td><td>89</td><td>217</td><td>89</td><td>85</td><td>88</td><td>225</td><td>90</td></tr><tr><td>Dec.</td><td>85</td><td>89</td><td>216</td><td>90</td><td>84</td><td>89</td><td>225</td><td>91</td></tr><tr><td>1939-Jan.</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>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>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>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>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</td><td>90</td><td>218</td><td>90</td><td>85</td><td>89</td><td>225</td><td>91</td></tr><tr><td>July</td><td>86</td><td>89</td><td>216</td><td>90</td><td>84</td><td>88</td><td>222</td><td>90</td></tr><tr><td>Aug.</td><td>85</td><td>90</td><td>217</td><td>90</td><td>83</td><td>89</td><td>223</td><td>91</td></tr><tr><td>Sept.</td><td>80</td><td>98</td><td>237</td><td>98</td><td>78</td><td>99</td><td>245</td><td>99</td></tr><tr><td>Oct.</td><td>80</td><td>98</td><td>236</td><td>97</td><td>79</td><td>100 1/2</td><td>248 1/2</td><td>100 1/2</td></tr><tr><td>Nov.</td><td>80</td><td>100</td><td>241</td><td>98</td><td>78</td><td>102</td><td>252</td><td>100</td></tr></table>
Preliminary
1/ Revised.
51
<table><tr><th colspan="5">1935 = 100</th><th colspan="7">1935 = 100</th></tr><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>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><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><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>114</td><td>114</td><td>114</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>124</td><td>123</td><td>126</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-Sept.</td><td>122</td><td>123</td><td>122</td><td>125</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>125</td><td>124</td><td>127</td><td>Oct.</td><td>124</td><td>107</td><td>60</td><td>87</td><td>127</td><td>109</td><td>58</td><td>88</td></tr><tr><td>Nov.</td><td>124</td><td>125</td><td>124</td><td>127</td><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>126</td><td>125</td><td>128</td><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>126</td><td>125</td><td>128</td><td>1939-Jan.</td><td>125</td><td>110</td><td>58</td><td>85</td><td>128</td><td>112</td><td>56</td><td>85</td></tr><tr><td>Feb.</td><td>125</td><td>126</td><td>126</td><td>128</td><td>Feb.</td><td>125</td><td>110</td><td>58</td><td>84</td><td>128</td><td>112</td><td>56</td><td>84</td></tr><tr><td>Mar.</td><td>126</td><td>127</td><td>127</td><td>129</td><td>Mar.</td><td>126</td><td>111</td><td>59</td><td>84</td><td>129</td><td>113</td><td>57</td><td>83</td></tr><tr><td>Apr.</td><td>127</td><td>128</td><td>128</td><td>130</td><td>Apr.</td><td>127</td><td>111</td><td>60</td><td>84</td><td>130</td><td>112</td><td>57</td><td>83</td></tr><tr><td>May.</td><td>127</td><td>128</td><td>128</td><td>130</td><td>May.</td><td>127</td><td>110</td><td>59</td><td>83</td><td>130</td><td>112</td><td>57</td><td>82</td></tr><tr><td>June.</td><td>129</td><td>130</td><td>130</td><td>131</td><td>June.</td><td>129</td><td>110</td><td>59</td><td>83</td><td>131</td><td>110</td><td>56</td><td>82</td></tr><tr><td>July.</td><td>129</td><td>130</td><td>130</td><td>131</td><td>July.</td><td>129</td><td>110</td><td>60</td><td>83</td><td>131</td><td>110</td><td>57</td><td>81</td></tr><tr><td>Aug.</td><td>132</td><td>132</td><td>135</td><td>133</td><td>Aug.</td><td>132</td><td>112</td><td>61</td><td>84</td><td>133</td><td>112</td><td>58</td><td>82</td></tr><tr><td>Sept.*</td><td>130</td><td>131</td><td>134</td><td>133</td><td>Sept.*</td><td>130</td><td>109</td><td>63</td><td>82</td><td>133</td><td>109</td><td>61</td><td>81</td></tr></table>
Preliminary
Preliminary
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 shinglee</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>1,051,158</td><td>Established quota</td><td>6,000,000</td></tr><tr><td>Quota period - 12 months from Sept. 15</td><td colspan="2"></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 colspan="2"></td><td>Imports within quota limitation, by months:</td><td></td><td>Imports within quota limitation, by months:</td><td></td></tr><tr><td>12 months from Sept. 15, 1938</td><td>59,758,730</td><td>1,284,909</td><td>1939-Jan. Feb. Mar.</td><td>335,355 228,166 264,911</td><td>1939-May. June.</td><td>220,523 184,207</td></tr><tr><td>1939-Sept. 15 to 30</td><td>215,000</td><td>1,939</td><td>Apr. 1/</td><td>222,736</td><td>July. Aug. Sept.</td><td>376,646 453,217 349,149</td></tr><tr><td>Oct. Nov.</td><td>3,195,321 33,742,913</td><td>285,060 11,658,080</td><td></td><td></td><td>Oct. Nov.</td><td>339,029 276,386</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="3">Cattle Weighing -</th><th>Cream fresh or sour (Gallon)</th><th>Whole milk fresh or sour (Gallon)</th><th>Fish,fresh or frozen,filleted etc.- Cod, Had-dock,Bake,Pol-lock, Cusk and Rosefish (Pound)</th><th colspan="3">Products of Philippine Isande</th></tr><tr><th></th><th>Less than 200 pounds (Head)</th><th>700 pounde or more each other than dairy cove</th><th>From Canada (Head)</th><th>From other countries (Head)</th><th></th><th></th><th>Coconut Oil (Pound)</th><th>Cane Sugar</th><th></th></tr><tr><th></th><th></th><th>Total (Head)</th><th></th><th></th><th></th><th></th><th></th><th>Refined (Pound)</th><th>Unrefined (Pound)</th></tr><tr><td>Established quote: 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 moonte:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1939-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>30,341,856</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>16,646</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>496,642</td><td>22,818,683</td><td>15,999,791</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>533,540</td><td>40,298,068</td><td>16,789,739</td><td>210,364,560</td></tr><tr><td>June.........</td><td>12,886</td><td>24</td><td>24</td><td>-</td><td>150</td><td>551</td><td>675,559</td><td>35,481,502</td><td>21,155,336</td><td>236,059,534</td></tr><tr><td>July.........</td><td>13,924</td><td>33,565</td><td>26,476</td><td>7,089</td><td>219</td><td>731</td><td>784,917</td><td>21,186,545</td><td>4,474,482</td><td>240,735,933</td></tr><tr><td>Aug.........</td><td>8,090</td><td>17,017</td><td>16,565</td><td>452</td><td>327</td><td>818</td><td>609,089</td><td>34,003,335</td><td>9,035,961</td><td>127,155,850</td></tr><tr><td>Sept.........</td><td>1,957 1/</td><td>8,153</td><td>7,867</td><td>286</td><td>158</td><td>863</td><td>1,953,689</td><td>10,972,494</td><td>10,541,661</td><td>133,508,072</td></tr><tr><td>Oct.........</td><td>-</td><td>25,779 6/</td><td>19,116</td><td>6,663 5/</td><td>64</td><td>669</td><td>708,782</td><td>17,774,668</td><td>7,354,888</td><td>110,909,376</td></tr><tr><td>Nov.........</td><td>-</td><td>14,001</td><td>14,001</td><td>-</td><td>103</td><td>628</td><td>379,240</td><td>34,662,995</td><td>9,232,900</td><td>63,687,479</td></tr></table>
1 A tariff rate quota of 60,000 head was established for the first quarter of 1939 without any allocation between Canada and other countries. Tariff rate quotas of 60,000 head have been established for the second and third quarters of 1939, allocating 51,720 head to Canada and 3,280 head to other countries.
2 Tariff rate quota for first quarter filled February 2, 1939.
3 Tariff rate quota for countries other than Canada for second quarter filled April 13, 1939.
4 Preliminary reports show tariff rate quota for calendar year filled on September 12, 1939.
5 Tariff rate quota for countries other than Canada for fourth quarter filled October 2, 1939.
6 Based on imports during the first three quarters of the year, the tariff rate quotas for the fourth quarter are as follows: From Canada 40,351 head (subject to revision), from other countries 6,663 head.
Michele
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 Oct. 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>23,071</td><td>3,193</td><td>4,611</td><td>21,653</td><td>-1,418</td></tr><tr><td>Alcohol Tax</td><td>18,361</td><td>2,376</td><td>3,562</td><td>17,175</td><td>-1,186</td></tr><tr><td>Customs</td><td>332</td><td>29</td><td>70</td><td>291</td><td>-41</td></tr><tr><td>Narcotice</td><td>2,790</td><td>413</td><td>547</td><td>2,656</td><td>-134</td></tr><tr><td>Secret Service</td><td>1,136</td><td>342</td><td>401</td><td>1,077</td><td>-59</td></tr><tr><td>Internal Revenue</td><td>452</td><td>33</td><td>31</td><td>454</td><td>+2</td></tr></table>
DISPOSITIONS
<table><tr><th rowspan="2">Bureau</th><th rowspan="2">Number casese 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>Acquittal</th><th>Total</th><th>Found guilty</th><th>Plead guilty</th><th>Total</th></tr><tr><td>Total......</td><td>4,611</td><td>218</td><td>17%</td><td>7%</td><td>3%</td><td>27%</td><td>8%</td><td>65%</td><td>73%</td></tr><tr><td>Alcohol Tax.</td><td>3,562</td><td>137</td><td>20%</td><td>7%</td><td>4%</td><td>31%</td><td>8%</td><td>61%</td><td>69%</td></tr><tr><td>Customs 3/.,</td><td>70</td><td>—</td><td>4%</td><td>20%</td><td>2%</td><td>26%</td><td>10%</td><td>64%</td><td>74%</td></tr><tr><td>Narcotice 3/</td><td>547</td><td>57</td><td>4%</td><td>5%</td><td>2%</td><td>11%</td><td>10%</td><td>79%</td><td>89%</td></tr><tr><td>Secret Service 4/ internal Revenue...</td><td>401</td><td>24</td><td>4%</td><td>24%</td><td>2%</td><td>8%</td><td>6%</td><td>86%</td><td>92%</td></tr><tr><td></td><td>31</td><td>—</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</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>3,121</td><td>53%</td><td>40%</td><td>27%</td><td>422</td><td>402</td><td>345,174</td></tr><tr><td>Alcohol</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Tax 6/....</td><td>2,354</td><td>54%</td><td>41%</td><td>29%</td><td>329</td><td>399</td><td>267,755</td></tr><tr><td>Customs.....</td><td>52</td><td>83%</td><td>17%</td><td>21%</td><td>395</td><td>1,174</td><td>12,911</td></tr><tr><td>Narcotics...</td><td>353</td><td>78%</td><td>31%</td><td>14%</td><td>718</td><td>315</td><td>16,059</td></tr><tr><td>Secret</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Service...</td><td>342</td><td>63%</td><td>49%</td><td>34%</td><td>593</td><td>325</td><td>37,649</td></tr><tr><td>Internal Revenue...</td><td>15</td><td>5/</td><td>5/</td><td>5/</td><td>403</td><td>1,200</td><td>10,800</td></tr></table>
1/ Internal revenue cases are those referred by the Penal Division to the Department of Justice with recommendation for criminal prosecution.
2/ Include 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/ Cases disposed of by lunacy hearings not included in calculating percentages.
5/ Too few cases to show comparative percentages.
5/ Percent probated based on cases in which a suspended or probationary sentence only was imposed.
Treasury Criminal Cases, by Months
Total Alcohol Tax, Customs, Narcotics, 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-May..<br>June.</td><td>20,590<br>19,326</td><td>3,360<br>3,325</td><td>4,624<br>3,657</td><td>19,326<br>18,994</td><td>-1,264<br>-332</td></tr><tr><td>July.<br>Aug..<br>Sept.</td><td>18,994<br>19,982<br>21,998</td><td>2,906<br>3,333<br>3,355</td><td>1,918<br>1,317<br>2,282</td><td>19,982<br>21,998<br>23,071</td><td>+988<br>+2,016<br>+1,073</td></tr><tr><td>Oct..</td><td>23,071</td><td>3,193</td><td>4,611</td><td>21,653</td><td>-1,418</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>Found guilty</th><th>Plead guilty</th><th>Total</th></tr><tr><td>1939-May.. June.</td><td>4,624 3,657</td><td>163 177</td><td>16% 17%</td><td>6% 8%</td><td>5% 3%</td><td>27% 28%</td><td>7% 7%</td><td>66% 65%</td><td>73% 72%</td></tr><tr><td>July.</td><td>1,918</td><td>96</td><td>25%</td><td>14%</td><td>2%</td><td>41%</td><td>4%</td><td>55%</td><td>59%</td></tr><tr><td>Aug.. Sept.</td><td>1,317 2,282</td><td>92 149</td><td>23% 21%</td><td>10% 7%</td><td>4% 2%</td><td>37% 30%</td><td>10% 6%</td><td>53% 64%</td><td>63% 70%</td></tr><tr><td>Oct..</td><td>4,611</td><td>218</td><td>17%</td><td>7%</td><td>3%</td><td>27%</td><td>8%</td><td>65%</td><td>73%</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-May-June.</td><td>3,212 2,393</td><td>61% 60%</td><td>37% 40%</td><td>30% 29%</td><td>385 428</td><td>361 423</td><td>350,069 289,057</td></tr><tr><td>July. Aug. Sept.</td><td>1,001 710 1,446</td><td>60% 54% 66%</td><td>39% 43% 32%</td><td>28% 27% 33%</td><td>365 556 378</td><td>277* 474 324</td><td>77,247* 92,452 155,776</td></tr><tr><td>Oct.</td><td>3,121</td><td>58%</td><td>40%</td><td>27%</td><td>422</td><td>402</td><td>345,174</td></tr></table>
1/ Internal revenue cases are those referred by the Penal Division to the Department of Justice with recommendation for criminal prosecution.
2/ Narcotic and customs cases in which no arrests were made and secret service cases disposed of by lunacy hearings are not included 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.
<table><tr><td>Treas.</td><td>U.S. Treasury Dept.</td></tr><tr><td>HJ</td><td></td></tr><tr><td>10</td><td>Treasury Bulletin</td></tr><tr><td>.A2</td><td></td></tr><tr><td>1939</td><td></td></tr><tr><td>c.2</td><td></td></tr><tr><td>Treas.</td><td></td></tr><tr><td>HJ</td><td></td></tr><tr><td>10</td><td>U.S. Treasury Dept.</td></tr><tr><td>.A2</td><td></td></tr><tr><td>AUTHOR</td><td></td></tr><tr><td>1939</td><td>Treasury Bulletin</td></tr><tr><td>TITLE</td><td></td></tr><tr><td>c.2</td><td>OCT. DEC.</td></tr><tr><td>DATE LOANED</td><td>BORROWER'S NAME</td><td>PHONE NUMBER</td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td></tr></table>