Treas.
H J
10
.A2
C.2
Copy 1
LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
REFERENCE To be used in Treasury Library
BULLETIN
OF THE
TREASURY DEPARTMENT
MARCH 1940
Mar 27, 1940
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
MARCH 1940
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
<table><tr><th>Receipts and Expenditures</th><th>Page</th></tr><tr><td>Fiscal Years 1935-40</td><td>2</td></tr><tr><td>Expenditures by Classes, Receipts by Sources</td><td>3-12</td></tr><tr><td>Social Insurance Accounts</td><td>13-14</td></tr><tr><td>Cash Income and Outgo</td><td>15</td></tr><tr><th>General Fund and Public Debt</th><th></th></tr><tr><td>Composition of the General Fund</td><td>18</td></tr><tr><td>Treasury Financing Operations</td><td>19</td></tr><tr><td>Holdings of Government Obligations</td><td>20-21</td></tr><tr><td>Net Market Transactions of Treasury Investment Accounts</td><td>21</td></tr><tr><td>Composition of the Public Debt</td><td>21</td></tr><tr><td>Computed Interest and Yields on Public Debt Issues</td><td>23</td></tr><tr><th>Government Corporations and Credit Agencies</th><th></th></tr><tr><td>Assets, Liabilities and Proprietary Interest</td><td>27</td></tr><tr><td>Sources and Uses of Funds</td><td>28-31</td></tr><tr><td>Issues Outstanding</td><td>32</td></tr><tr><th>International Capital Movements</th><th></th></tr><tr><td>Summary Tables, 1939</td><td>34-35</td></tr><tr><td>Summary Table, 1935-39</td><td>36</td></tr><tr><td>Short-term Foreign Assets and Liabilities</td><td>38-39</td></tr><tr><td>Security Transactions and Brokerage Balances</td><td>40-41</td></tr><tr><td>Transactions in U. S. Domestic Securities</td><td>42</td></tr><tr><td>Foreign Exchange Transactions</td><td>44-45</td></tr><tr><th>Other Monetary Data</th><th></th></tr><tr><td>Gold and Silver</td><td>47-50</td></tr><tr><td>Foreign Exchange</td><td>51</td></tr><tr><th>Miscellaneous</th><th></th></tr><tr><td>Commodities Imported Under Quota</td><td>53</td></tr><tr><td>Law Enforcement Statistics</td><td>54</td></tr></table>
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="6">Receipts and Expenditures</th><th rowspan="2"></th><th colspan="6">Public Debt</th></tr><tr><th colspan="6">First 8 months fiscal year-</th><th colspan="3">Outstanding on February 29 of fiscal year-</th><th rowspan="2">Change '39 -'40</th></tr><tr><th></th><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>2,262</td><td>2,348</td><td>2,717</td><td>3,860</td><td>3,653</td><td>3,503</td><td>-150</td><td>Market issues, etc.</td><td>28,131</td><td>29,784</td><td>33,839</td><td>35,152</td><td>36,477</td><td>38,009</td><td>+1,532</td></tr><tr><td>Expenditures.</td><td>4,621</td><td>4,285</td><td>5,039</td><td>4,738</td><td>5,859</td><td>6,128</td><td>+269</td><td>Special issues....</td><td>395</td><td>736</td><td>762</td><td>2,481</td><td>3,382</td><td>4,356</td><td>+974</td></tr><tr><td>Deficit....</td><td>2,359</td><td>1,937</td><td>2,322</td><td>878</td><td>2,206</td><td>2,625</td><td>+419</td><td>Gross debt......</td><td>28,526</td><td>30,520</td><td>34,601</td><td>37,633</td><td>39,859</td><td>42,365</td><td>+2,506</td></tr></table>
Receipts and Expenditures
First 8 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 '39 -'40</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>467</td><td>633</td><td>807</td><td>1,272</td><td>1,238</td><td>908</td><td>-330</td></tr><tr><td>Miscellaneous Internal Revenue......</td><td>1,078</td><td>1,244</td><td>1,449</td><td>1,580</td><td>1,514</td><td>1,598</td><td>+84</td></tr><tr><td>Taxes under Social Security Act..</td><td>-</td><td>-</td><td>13</td><td>458</td><td>475</td><td>534</td><td>+59</td></tr><tr><td>Taxes upon carriers and their employees.....</td><td>-</td><td>-</td><td>-</td><td>123</td><td>82</td><td>63</td><td>-19</td></tr><tr><td>Customs......</td><td>221</td><td>257</td><td>300</td><td>264</td><td>210</td><td>239</td><td>+29</td></tr><tr><td>Other......</td><td>496</td><td>214</td><td>148</td><td>163</td><td>134</td><td>161</td><td>+27</td></tr><tr><td>Total Receipts.</td><td>2,262</td><td>2,348</td><td>2,717</td><td>3,860</td><td>3,653</td><td>3,503</td><td>-150</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>892</td><td>1,038</td><td>1,049</td><td>1,051</td><td>1,131</td><td>1,320</td><td>+189</td></tr><tr><td>Social Security and R. R. Retirement Acts.</td><td>-</td><td>4</td><td>212</td><td>659</td><td>615</td><td>636</td><td>+21</td></tr><tr><td>Agricultural Adjustment Program......</td><td>495</td><td>408</td><td>258</td><td>126</td><td>411</td><td>722</td><td>+311</td></tr><tr><td>Interest on the public debt...</td><td>470</td><td>408</td><td>437</td><td>465</td><td>472</td><td>512</td><td>+40</td></tr><tr><td>Public Works.....</td><td>475</td><td>432</td><td>702</td><td>582</td><td>645</td><td>622</td><td>-23</td></tr><tr><td>Unemployment relief......</td><td>1,518</td><td>1,446</td><td>1,636</td><td>1,167</td><td>1,759</td><td>1,253</td><td>-506</td></tr><tr><td>Loans and stock subscriptions.....</td><td>314</td><td>160</td><td>84</td><td>41</td><td>97</td><td>130</td><td>+33</td></tr><tr><td>Other.........</td><td>457</td><td>565</td><td>661</td><td>647</td><td>729</td><td>933</td><td>+204</td></tr><tr><td>Total Expenditures.</td><td>4,621</td><td>4,285</td><td>5,039</td><td>4,738</td><td>5,859</td><td>6,128</td><td>+269</td></tr><tr><td>Excess of Expenditures.</td><td>2,359</td><td>1,937</td><td>2,322</td><td>878</td><td>2,206</td><td>2,625</td><td>+419</td></tr></table>
Excess of credits, deduct.
Fiscal Years 1938, 1939 and 1940
(In millions of dollars - on basis of the 1940 Budget and daily Treasury statements, unreviced.)
<table><tr><th></th><th>Actual 1938</th><th>Actual 1939</th><th>Estimated 1940</th><th>Actual 8 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>1,953</td><td>908</td></tr><tr><td>Miscellaneous Internal Revenue...</td><td>2,279</td><td>2,232</td><td>2,356</td><td>1,598</td></tr><tr><td>Taxes under Social Security Act...</td><td>604</td><td>631</td><td>703</td><td>534</td></tr><tr><td>Taxes upon carriers and their employees....................</td><td>150</td><td>109</td><td>124</td><td>63</td></tr><tr><td>Customs....................</td><td>359</td><td>319</td><td>283</td><td>239</td></tr><tr><td>Other....................</td><td>215</td><td>195</td><td>285</td><td>161</td></tr><tr><td><b>Total Receipts</b>....................</td><td>6,242</td><td>5,668</td><td>5,704</td><td>3,503</td></tr><tr><td><b>Expenditures:</b></td><td></td><td></td><td></td><td></td></tr><tr><td>National defense and Veterans Admn....................</td><td>1,610</td><td>1,720</td><td>2,162</td><td>1,320</td></tr><tr><td>Social Security and R. R. Retirement Acts....................</td><td>823</td><td>954</td><td>1,046</td><td>636</td></tr><tr><td>Agricultural Adjustment Program....................</td><td>362</td><td>782</td><td>937</td><td>722</td></tr><tr><td>Interest on the public debt....................</td><td>926</td><td>940</td><td>1,050</td><td>512</td></tr><tr><td>Public Works....................</td><td>794</td><td>948</td><td>946</td><td>622</td></tr><tr><td>Unemployment relief....................</td><td>1,914</td><td>2,595</td><td>1,838</td><td>1,253</td></tr><tr><td>Loans and stock subscriptions....................</td><td>135</td><td>212</td><td>251</td><td>130</td></tr><tr><td>Other....................</td><td>1,062</td><td>1,059</td><td>1,407</td><td>933</td></tr><tr><td><b>Total Expenditures</b>....................</td><td>7,626</td><td>9,210</td><td>9,637</td><td>6,128</td></tr><tr><td><b>Net deficit</b>....................</td><td>1,384</td><td>3,542</td><td>3,933</td><td>2,625</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>3781/2</td><td>2,180</td><td>1,691</td><td>1,340</td></tr><tr><td>Special issues....................</td><td>1,118</td><td>1,094</td><td>1,092</td><td>586</td></tr><tr><td><b>Total debt increase</b>....................</td><td>740</td><td>3,274</td><td>2,783</td><td>1,926</td></tr><tr><td><b>Net increase in working balance, general and special accounts (deduct)</b>....................</td><td>644</td><td>268</td><td>1,150</td><td>699</td></tr><tr><td></td><td>1,384</td><td>3,542</td><td>3,933</td><td>2,625</td></tr></table>
1/ Decrease, deduct.
2/ Excessive of $10,000,000 transferred to Capital Stock, Federal Crop Insurance Corporation reflected in loans and stock subscriptions.
- Decrease in balance, add.
RECONCILIATION, DEFICIT AND DEBT INCREASE, FIRST 8 MONTHS OF FISCAL YEAR 1940
<table><tr><td>Increases in debt</td><td></td><td></td></tr><tr><td>New issues (less redemptions)</td><td>1,926</td><td></td></tr><tr><td>Accounted for</td><td></td><td>2,625</td></tr><tr><td>Deficit</td><td></td><td></td></tr><tr><td>Decrease, cash balance</td><td>458</td><td>699</td></tr><tr><td>Trust fund net receipts</td><td>211</td><td>1,926</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>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>353</td><td>335</td><td>863</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>569</td><td>5,484</td></tr><tr><td>1940</td><td>315</td><td>444</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td><b>Expenditures</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935</td><td>488</td><td>531</td><td>574</td><td>785</td><td>596</td><td>858</td><td>616</td><td>438</td><td>588</td><td>805</td><td>535</td><td>637</td><td>7,451</td></tr><tr><td>1936</td><td>538</td><td>489</td><td>644</td><td>648</td><td>693</td><td>2,438</td><td>661</td><td>592</td><td>683</td><td>681</td><td>569</td><td>728</td><td>9,364</td></tr><tr><td>1937</td><td>588</td><td>613</td><td>815</td><td>757</td><td>564</td><td>1,295</td><td>677</td><td>558</td><td>702</td><td>612</td><td>499</td><td>680</td><td>8,360</td></tr><tr><td>1938</td><td>534</td><td>528</td><td>752</td><td>643</td><td>569</td><td>937</td><td>763</td><td>683</td><td>765</td><td>771</td><td>678</td><td>870</td><td>8,493</td></tr><tr><td>1939</td><td>693</td><td>662</td><td>879</td><td>786</td><td>745</td><td>973</td><td>807</td><td>822</td><td>793</td><td>764</td><td>691</td><td>889</td><td>9,504</td></tr><tr><td>1940</td><td>713</td><td>668</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td><b>Exceed 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>1935</td><td>285</td><td>317</td><td>-27</td><td>557</td><td>350</td><td>395</td><td>337</td><td>139</td><td>167</td><td>570</td><td>301</td><td>203</td><td>3,594</td></tr><tr><td>1936</td><td>310</td><td>271</td><td>-108</td><td>417</td><td>437</td><td>1,909</td><td>367</td><td>249</td><td>184</td><td>409</td><td>336</td><td>211</td><td>4,992</td></tr><tr><td>1937</td><td>304</td><td>338</td><td>-196</td><td>394</td><td>229</td><td>427</td><td>268</td><td>105</td><td>-86</td><td>279</td><td>172</td><td>-186</td><td>2,048</td></tr><tr><td>1938</td><td>199</td><td>179</td><td>-208</td><td>370</td><td>194</td><td>163</td><td>452</td><td>196</td><td>54</td><td>439</td><td>296</td><td>166</td><td>2,500</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>142</td><td>518</td><td>348</td><td>360</td><td>499</td><td>402</td><td>74</td><td>443</td><td>284</td><td>320</td><td>4,020</td></tr><tr><td>1940</td><td>398</td><td>224</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Note: Negative figures denote excess of receipts.
Summary of Receipts and Expenditures
(In millions of dollars - on basis of daily Treasury statements, unrevised) 1/
<table><tr><th>Fiscal year or month</th><th colspan="6">Receipts</th><th colspan="6">Expenditures 2/</th><th>Excess of receipts (+) or expenditure (-)</th></tr><tr><th></th><th>Total</th><th>Total</th><th>Income tax</th><th>Social Security 3/</th><th>Other</th><th>Customs</th><th>Miscellaneous receipts</th><th>Total</th><th>General</th><th>Recovery and relief</th><th>Revolving funds (net)</th><th>Transfers to trust accounts etc.</th><th>Debt retirement</th><th></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>2,753</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>-1,953</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>1939-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>-499</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>-143</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>-224</td></tr><tr><td>Dec....</td><td>569</td><td>518</td><td>318</td><td>5</td><td>195</td><td>28</td><td>23</td><td>839</td><td>629</td><td>194</td><td>(1)</td><td>58</td><td>9</td><td>-320</td></tr><tr><td>1940-Jan....</td><td>315</td><td>258</td><td>45</td><td>45</td><td>168</td><td>36</td><td>21</td><td>713</td><td>528</td><td>185</td><td>4</td><td>(5)</td><td>1</td><td>-398</td></tr><tr><td>Feb....</td><td>444</td><td>395</td><td>63</td><td>178</td><td>154</td><td>26</td><td>23</td><td>668</td><td>586</td><td>168</td><td>4</td><td>10</td><td>-</td><td>-224</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.
( ) Indicates excess of credits, deduct.
BUDGET RECEIPTS, EXPENDITURES AND EXCESS OF EXPENDITURES
January 1935 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 Acts</th><th>Interest on the public debt</th><th>Other</th></tr><tr><td>1933</td><td>3,283</td><td>807</td><td>668</td><td>763</td><td>118</td><td>-</td><td>-</td><td>-</td><td>689</td><td>238</td></tr><tr><td>1934</td><td>2,681</td><td>341</td><td>480</td><td>507</td><td>154</td><td>289</td><td>2/</td><td>-</td><td>757</td><td>153</td></tr><tr><td>1935</td><td>3,225</td><td>356</td><td>534</td><td>556</td><td>80</td><td>712</td><td>2/</td><td>-</td><td>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>3/</td><td>29</td><td>749</td><td>169</td></tr><tr><td>1937</td><td>4,237</td><td>505</td><td>856</td><td>580</td><td>311</td><td>527</td><td>321</td><td>188</td><td>866</td><td>143</td></tr><tr><td>1938</td><td>4,661</td><td>599</td><td>974</td><td>582</td><td>471</td><td>362</td><td>325</td><td>290</td><td>926</td><td>172</td></tr><tr><td>1939</td><td>5,328</td><td>645</td><td>1,075</td><td>552</td><td>536</td><td>787</td><td>290</td><td>345</td><td>941</td><td>157</td></tr><tr><td>1939-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><tr><td>Dec.</td><td>629</td><td>59</td><td>119</td><td>45</td><td>54</td><td>102</td><td>23</td><td>21</td><td>190</td><td>16</td></tr><tr><td>1940-Jan.</td><td>528</td><td>63</td><td>127</td><td>46</td><td>47</td><td>119</td><td>23</td><td>41</td><td>38</td><td>24</td></tr><tr><td>Feb.</td><td>486</td><td>56</td><td>124</td><td>45</td><td>40</td><td>128</td><td>22</td><td>38</td><td>19</td><td>14</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 rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="2">Public works, including work relief</th><th rowspan="2">Relief</th><th rowspan="2">Agricultural Aid</th><th rowspan="2">Aid to home owners</th><th rowspan="2">Miscellaneous</th></tr><tr><th>VPA 3/</th><th>Other</th></tr><tr><td>1933</td><td>385</td><td>-</td><td>-</td><td>38</td><td>(*)</td><td>44</td><td>303</td></tr><tr><td>1934</td><td>2,763</td><td>-</td><td>494</td><td>1,844 1/2</td><td>49</td><td>195</td><td>182</td></tr><tr><td>1935</td><td>3,369</td><td>-</td><td>816</td><td>2,348 1/2</td><td>48</td><td>104</td><td>52</td></tr><tr><td>1936</td><td>3,441</td><td>1,204</td><td>784</td><td>985 1/2</td><td>157</td><td>215</td><td>36</td></tr><tr><td>1937</td><td>3,073</td><td>1,896</td><td>741</td><td>78</td><td>64</td><td>298</td><td>(4)</td></tr><tr><td>1938</td><td>2,238</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>1939-Jan.</td><td>254</td><td>160</td><td>63</td><td>*</td><td>9</td><td>20</td><td>2</td></tr><tr><td>Mar.</td><td>297</td><td>201</td><td>61</td><td>*</td><td>3</td><td>32</td><td>-</td></tr><tr><td>Apr.</td><td>266</td><td>173</td><td>64</td><td>*</td><td>2</td><td>25</td><td>2</td></tr><tr><td>May</td><td>262</td><td>173</td><td>61</td><td>*</td><td>5</td><td>23</td><td>(*)</td></tr><tr><td>June</td><td>252</td><td>167</td><td>60</td><td>*</td><td>6</td><td>16</td><td>2</td></tr><tr><td>July</td><td>220</td><td>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><tr><td>Dec.</td><td>194</td><td>124</td><td>53</td><td>*</td><td>6</td><td>11</td><td>1</td></tr><tr><td>1940-Jan.</td><td>185</td><td>120</td><td>49</td><td>*</td><td>5</td><td>11</td><td>-</td></tr><tr><td>Feb.</td><td>168</td><td>113</td><td>40</td><td>*</td><td>1</td><td>14</td><td>-</td></tr></table>
1/ Includes funds expended for Civilian Conservation Corps during these years.
2/ Includes $94,000,000 restoration of capital impairment of Commodity Credit Corporation.
3/ Prior to fiscal year 1940 figures include National Youth Administration expenditures.
4/ Includes $119,599,918.05 restoration of capital impairment of Commodity Credit Corporation.
( ) Less than $500,000.
( ) Indicates 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>Federal Old-Age and Survivors Insurance Trust Fund/</th><th>Railroad Retirement Account</th><th>Adjusted Service Certificate Fund</th><th>Advances to Railroad Unemployment Insurance Account</th><th>Government Employees' Retirement Funds (U.S. share)</th></tr><tr><td>1933</td><td>74</td><td>74</td><td>-</td><td>121</td><td>-</td><td>-</td><td>100</td><td>-</td><td>21</td></tr><tr><td>1934</td><td>496</td><td>346</td><td>150</td><td>71</td><td>-</td><td>-</td><td>50</td><td>-</td><td>21</td></tr><tr><td>1935</td><td>345</td><td>141</td><td>204</td><td>71</td><td>-</td><td>-</td><td>50</td><td>-</td><td>21</td></tr><tr><td>1936</td><td>11</td><td>(33)</td><td>44</td><td>1,814</td><td>-</td><td>-</td><td>1,173</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>117</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>1939-Feb.</td><td>10</td><td>(*)</td><td>11</td><td>50</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mar.</td><td>6</td><td>(*)</td><td>6</td><td>68</td><td>50</td><td>18</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Apr.</td><td>8</td><td>(*)</td><td>8</td><td>55</td><td>55</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May.</td><td>7</td><td>(*)</td><td>8</td><td>50</td><td>50</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>8</td><td>(*)</td><td>9</td><td>56</td><td>56</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>1</td><td>(*)</td><td>1</td><td>167</td><td>43</td><td>22</td><td>-</td><td>15</td><td>87</td></tr><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><tr><td>Dec.</td><td>(1)</td><td>(1)</td><td>(*)</td><td>58</td><td>48</td><td>10</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940-Jan.</td><td>4</td><td>(*)</td><td>4</td><td>(5)</td><td>-</td><td>10</td><td>-</td><td>(15)</td><td>-</td></tr><tr><td>Feb.</td><td>4</td><td>(*)</td><td>4</td><td>10</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td></tr></table>
Less than $500,000. ( ) Indicates excess of credits, deduct. 1/ Includes transactions formerly classified as "Old-Age Reserve Account".
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">February</th><th colspan="2">July 1 - February 29</th><th>Sources of Revenue</th><th colspan="2">February</th><th colspan="2">July 1 - February 29</th></tr><tr><th></th><th>1940</th><th>1939</th><th>Fiscal year 1940</th><th>Fiscal year 1939</th><th></th><th>1940</th><th>1939</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></td><td></td><td></td><td></td><td>Manufacturers' excise taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current</td><td>13,050</td><td>11,863</td><td>411,806</td><td>594,148</td><td>lubricating oils</td><td>2,636</td><td>2,129</td><td>21,355</td><td>21,091</td></tr><tr><td>Back</td><td>13,816</td><td>12,676</td><td>97,504</td><td>97,658</td><td>Gasoline</td><td>18,392</td><td>16,427</td><td>156,048</td><td>143,086</td></tr><tr><td>Individual</td><td></td><td></td><td></td><td></td><td>Tires and inner tubes</td><td>3,218</td><td>3,110</td><td>27,923</td><td>21,741</td></tr><tr><td>Current</td><td>37,057</td><td>24,109</td><td>336,353</td><td>481,212</td><td>Automobile trucks</td><td>505</td><td>592</td><td>4,904</td><td>3,319</td></tr><tr><td>Back</td><td>6,386</td><td>8,224</td><td>59,864</td><td>58,127</td><td>Other automobiles and motorcycles</td><td>3,251</td><td>5,965</td><td>31,411</td><td>22,888</td></tr><tr><td>Excess-profit</td><td>637</td><td>652</td><td>8,865</td><td>21,218</td><td>Parts or accessories for automobiles</td><td>732</td><td>698</td><td>6,444</td><td>5,171</td></tr><tr><td>Total income taxes</td><td>70,946</td><td>57,524</td><td>914,392</td><td>1,242,363</td><td>Electrical energy</td><td>3,875</td><td>3,344</td><td>27,737</td><td>25,988</td></tr><tr><td>Taxes on unjust enrichment</td><td>507</td><td>438</td><td>5,228</td><td>4,319</td><td>Radio sets, etc. (including tax on phonograph records repealed as of 7/1/38)</td><td>633</td><td>404</td><td>4,383</td><td>3,657</td></tr><tr><td>Miscellaneous internal revenues:</td><td></td><td></td><td></td><td></td><td>Mechanical refrigerators</td><td>1,001</td><td>417</td><td>5,528</td><td>2,917</td></tr><tr><td>Capital stock tax</td><td>177</td><td>154</td><td>131,502</td><td>126,538</td><td>Firearms, shells, and cartridges</td><td>151</td><td>105</td><td>2,791</td><td>2,212</td></tr><tr><td>Estate tax</td><td>26,573</td><td>19,976</td><td>233,865</td><td>219,188</td><td>Pistols and revolvers</td><td>11</td><td>6</td><td>52</td><td>40</td></tr><tr><td>Oil tax</td><td>1,850</td><td>2,086</td><td>7,545</td><td>6,730</td><td>Toilet preparations, etc. (including repealed 5% tax)</td><td>492</td><td>694</td><td>5,151</td><td>7,587</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>2</td><td>1</td><td>124</td></tr><tr><td>Distilled spirits (imported, excise)</td><td>1,384</td><td>1,515</td><td>18,426</td><td>17,819</td><td>Brewers' wort and malt (repealed as of 7/1/38)</td><td>1</td><td>4</td><td>4</td><td>12</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>21,543</td><td>16,589</td><td>190,756</td><td>174,087</td><td>Articles made of fur (repealed as of 7/1/38)</td><td>20</td><td>17</td><td>119</td><td>277</td></tr><tr><td>Distilled spirits rectification tax</td><td>888</td><td>669</td><td>8,054</td><td>7,456</td><td>Sporting goods (repealed as of 7/1/38)</td><td>2</td><td>32</td><td>68</td><td>747</td></tr><tr><td>Wines, cordiale, etc. (imported, excise)</td><td>29</td><td>25</td><td>425</td><td>362</td><td>Cameras and lenses (repealed as of 7/1/38)</td><td>1</td><td>4</td><td>2</td><td>184</td></tr><tr><td>Wines, cordiale, etc. (domestic, excise)</td><td>557</td><td>426</td><td>4,814</td><td>4,101</td><td>Chewing gum (repealed as of 7/1/38)</td><td>-</td><td>1</td><td>1</td><td>106</td></tr><tr><td>Brandy used for fortifying sweet wines</td><td>35</td><td>22</td><td>880</td><td>393</td><td>Total manufacturers' excise taxes</td><td>34,919</td><td>33,950</td><td>293,922</td><td>261,147</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>68</td><td>69</td><td>4,402</td><td>4,634</td><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Stamp for distilled spirits intended for export</td><td>1</td><td>1</td><td>1</td><td>1</td><td>Bituminous Coal Act of 1937</td><td>412</td><td>316</td><td>2,755</td><td>2,278</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>86</td><td>26</td><td>760</td><td>287</td><td>Sugar Act of 1937</td><td>5,127</td><td>6,286</td><td>48,126</td><td>46,933</td></tr><tr><td>Container stamps</td><td>719</td><td>584</td><td>6,783</td><td>6,416</td><td>Telephone, telegraph, radio and cable facilities, leased wires, etc.</td><td>1,712</td><td>1,016</td><td>17,084</td><td>15,342</td></tr><tr><td>Floor taxes</td><td>1</td><td>870</td><td>11</td><td>5,380</td><td>Transportation of oil by pipe line</td><td>1,009</td><td>1,093</td><td>7,601</td><td>7,411</td></tr><tr><td>Fermented malt liquors</td><td>16,107</td><td>15,084</td><td>170,957</td><td>166,286</td><td>Leases of safe-deposit boxes</td><td>235</td><td>227</td><td>1,334</td><td>1,309</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>37</td><td>39</td><td>2,416</td><td>2,500</td><td>Admission to theatres, concerts, cabarets, etc.</td><td>1,853</td><td>1,503</td><td>14,060</td><td>13,382</td></tr><tr><td>Total alcoholic beverage taxes</td><td>41,454</td><td>35,918</td><td>408,684</td><td>389,721</td><td>Club dues and initiation fees</td><td>677</td><td>631</td><td>3,932</td><td>3,941</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>15</td><td>16</td></tr><tr><td>Cigars (large)</td><td>891</td><td>854</td><td>8,708</td><td>8,498</td><td>Oleomargarine, including special taxes</td><td>91</td><td>83</td><td>1,459</td><td>1,634</td></tr><tr><td>Cigars (small)</td><td>10</td><td>10</td><td>72</td><td>77</td><td>Narcotics, including marijuana and special taxes</td><td>14</td><td>15</td><td>299</td><td>263</td></tr><tr><td>Cigarettes (large)</td><td>1</td><td>1</td><td>12</td><td>13</td><td>Coconut and other vegetable oils processed</td><td>2,044</td><td>2,375</td><td>15,838</td><td>18,244</td></tr><tr><td>Cigarettes (small)</td><td>39,488</td><td>35,345</td><td>348,001</td><td>328,378</td><td>National Firearms Act</td><td>1</td><td>1</td><td>4</td><td>5</td></tr><tr><td>Snuff</td><td>566</td><td>536</td><td>4,464</td><td>4,521</td><td>All other, including repealed taxes not listed above</td><td>7</td><td>10</td><td>134</td><td>250</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>4,269</td><td>4,042</td><td>36,263</td><td>36,318</td><td>Total miscellaneous taxes</td><td>13,182</td><td>13,556</td><td>112,641</td><td>111,008</td></tr><tr><td>Cigarette papers and tubes</td><td>123</td><td>50</td><td>846</td><td>880</td><td>Total miscellaneous internal revenue</td><td>166,276</td><td>149,686</td><td>1,612,008</td><td>1,522,227</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>1</td><td>1</td><td>1</td><td>Payroll taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Total tobacco taxes</td><td>45,347</td><td>40,837</td><td>398,367</td><td>378,686</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) 2/3</td><td>87,861</td><td>72,315</td><td>441,974</td><td>368,891</td></tr><tr><td>Bonds of indebtedness, issues of capital stock, deeds of conveyance, etc.</td><td>1,301</td><td>1,343</td><td>11,948</td><td>13,159</td><td>Tax on employees of 8 or more (Federal Unemployment Tax Act) 3/</td><td>41,061</td><td>39,921</td><td>92,497</td><td>86,858</td></tr><tr><td>Capital stock and similar interest sales or transfers</td><td>1,043</td><td>1,395</td><td>10,370</td><td>12,715</td><td>Total Social Security Taxes</td><td>128,922</td><td>112,235</td><td>534,471</td><td>475,749</td></tr><tr><td>Playing cards</td><td>426</td><td>439</td><td>3,029</td><td>2,979</td><td>Carriers' Taxing Act of 1937</td><td>18,360</td><td>13,634</td><td>77,831</td><td>81,846</td></tr><tr><td>Silver bullion sales or transfers</td><td>4</td><td>22</td><td>135</td><td>107</td><td>Total payroll taxes</td><td>147,282</td><td>125,870</td><td>612,302</td><td>557,595</td></tr><tr><td>Sales of produce for future delivery (repealed as of 7/1/38)</td><td>-</td><td>-</td><td>-</td><td>249</td><td>Total internal revenue</td><td>385,011</td><td>333,518</td><td>3,143,930</td><td>3,326,504</td></tr><tr><td>Total documentary, etc., stamp taxes</td><td>2,774</td><td>3,199</td><td>25,482</td><td>29,209</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 - on basis of reports of collections)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="3">Income and Profits</th><th colspan="3">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>1,263,114</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>1,091,711</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>1,119,597</td><td>740,429</td><td>529,635</td><td>101,167</td><td>109,427</td></tr><tr><td>1939-Feb.</td><td>333,517</td><td>57,524</td><td>32,333</td><td>25,191</td><td>125,870</td><td>74,572</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>39,232</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>17,840</td></tr><tr><td>Sept.</td><td>624,294</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><tr><td>Dec.</td><td>498,993</td><td>318,845</td><td>137,344</td><td>181,501</td><td>11,110</td><td>2,723</td><td>493</td><td>7,894</td></tr><tr><td>1940-Jan.</td><td>306,304</td><td>45,689</td><td>20,561</td><td>25,128</td><td>89,644</td><td>60,157</td><td>28,424</td><td>1,063</td></tr><tr><td>Feb.</td><td>385,011</td><td>70,946</td><td>43,443</td><td>27,503</td><td>147,282</td><td>87,861</td><td>41,061</td><td>18,360</td></tr></table>
Miscellaneous Internal Revenue
<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>1939-Feb.</td><td>149,685</td><td>164</td><td>22,062</td><td>35,918</td><td>40,837</td><td>3,198</td><td>33,950</td><td>13,556</td><td>438</td><td>-</td></tr><tr><td>Mar.</td><td>188,771</td><td>213</td><td>42,461</td><td>47,356</td><td>49,321</td><td>3,126</td><td>34,116</td><td>12,178</td><td>301</td><td>-</td></tr><tr><td>Apr.</td><td>170,444</td><td>141</td><td>33,626</td><td>46,277</td><td>42,539</td><td>2,962</td><td>31,750</td><td>13,149</td><td>566</td><td>-</td></tr><tr><td>May</td><td>176,894</td><td>180</td><td>22,533</td><td>49,464</td><td>53,106</td><td>3,070</td><td>35,251</td><td>13,290</td><td>666</td><td>-</td></tr><tr><td>June</td><td>197,695</td><td>131</td><td>36,177</td><td>54,982</td><td>56,506</td><td>2,716</td><td>34,627</td><td>12,556</td><td>831</td><td>-</td></tr><tr><td>July</td><td>183,111</td><td>1,937</td><td>24,767</td><td>51,655</td><td>48,629</td><td>2,602</td><td>40,038</td><td>13,483</td><td>527</td><td>-</td></tr><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>Sep.</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>191,510</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><tr><td>Dec.</td><td>168,030</td><td>241</td><td>21,320</td><td>51,197</td><td>43,702</td><td>2,921</td><td>36,018</td><td>12,631</td><td>1,008</td><td>-</td></tr><tr><td>1940-Jan.</td><td>170,113</td><td>229</td><td>26,566</td><td>37,363</td><td>49,519</td><td>3,020</td><td>41,128</td><td>12,288</td><td>858</td><td>-</td></tr><tr><td>Feb.</td><td>166,276</td><td>177</td><td>28,423</td><td>41,454</td><td>45,347</td><td>2,774</td><td>34,919</td><td>13,182</td><td>507</td><td>-</td></tr></table>
1/ including excess-profits tax collections.
2/ For the period prior to September 1939 the date 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
Fiscal Years 1929 to Date
MONTHLY
January 1939 to Date
9
10
Customs Duties and Taxes Estimated, and Value of Dutiable and Taxable Imports, by Tariff Schedules
(In thousands of dollars) 1/
<table><tr><th>Calendar year or month</th><th>Chemicals, oils, and paints</th><th>Earths, earthenware, and glassware</th><th>Metals and manufactures of</th><th>Wood and manufactures of</th><th>Sugar, molasses, and manufactures of 2/</th><th>Tobacco and manufactures of</th><th>Agricultural products and provisions</th><th>Spirits, wines and other beverages</th><th>Cotton manufactures</th><th>Flax, hemp, jute, and manufactures of</th></tr><tr><td>Duties and taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1938</td><td>19,417</td><td>11,049</td><td>21,498</td><td>2,156</td><td>45,506</td><td>24,408</td><td>51,058</td><td>34,498</td><td>9,439</td><td>12,092</td></tr><tr><td>1939</td><td>19,634</td><td>10,794</td><td>25,749</td><td>2,096</td><td>46,218</td><td>23,927</td><td>56,418</td><td>34,206</td><td>9,841</td><td>10,829</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>2,462</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>826</td><td>1,748</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>Nov.</td><td>1,942</td><td>1,078</td><td>2,533</td><td>177</td><td>2,024</td><td>2,107</td><td>5,151</td><td>3,306</td><td>834</td><td>1,088</td></tr><tr><td>Dec.</td><td>1,573</td><td>836</td><td>2,629</td><td>160</td><td>7,071</td><td>1,413</td><td>3,585</td><td>4,603</td><td>860</td><td>906</td></tr><tr><td>1940-Jan.</td><td>1,289</td><td>799</td><td>2,047</td><td>147</td><td>3,079</td><td>1,919</td><td>4,886</td><td>2,215</td><td>899</td><td>1,216</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</td><td>51,958</td><td>24,693</td><td>68,172</td><td>13,503</td><td>95,486</td><td>35,803</td><td>147,856</td><td>59,460</td><td>24,288</td><td>49,402</td></tr><tr><td>1939</td><td>56,586</td><td>25,369</td><td>89,728</td><td>17,002</td><td>90,543</td><td>35,999</td><td>173,808</td><td>59,076</td><td>27,284</td><td>54,765</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>2,231</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><tr><td>Nov.</td><td>5,661</td><td>2,493</td><td>8,280</td><td>1,705</td><td>3,284</td><td>3,245</td><td>16,965</td><td>5,396</td><td>2,319</td><td>5,695</td></tr><tr><td>Dec.</td><td>4,686</td><td>2,118</td><td>8,417</td><td>1,333</td><td>12,707</td><td>2,184</td><td>11,793</td><td>7,497</td><td>2,454</td><td>4,834</td></tr><tr><td>1940-Jan.</td><td>4,112</td><td>1,992</td><td>7,351</td><td>1,263</td><td>6,606</td><td>3,196</td><td>15,342</td><td>3,692</td><td>2,466</td><td>8,269</td></tr></table>
<table><tr><th>Calendar year or month</th><th>Wool and manufactures of</th><th>Silk manufactures</th><th>Manufactures of rayon or other synthetic textile</th><th>Papers and books</th><th>Sundries</th><th>Free list 3/</th><th>Miscellaneous 4/</th><th>Total</th><th>Adjustment to daily Treasury statement (unrevised)</th><th>Total, daily Treasury statement (unrevised)</th></tr><tr><td>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</td><td>18,531</td><td>3,327</td><td>2,275</td><td>2,531</td><td>33,959</td><td>9,307</td><td>330</td><td>301,381</td><td>+7,657</td><td>309,038</td></tr><tr><td>1939</td><td>33,624</td><td>2,776</td><td>3,090</td><td>2,152</td><td>35,245</td><td>11,428</td><td>325</td><td>328,352</td><td>+4,483</td><td>332,835</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>226</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>Nov.</td><td>3,413</td><td>249</td><td>316</td><td>205</td><td>3,412</td><td>1,025</td><td>18</td><td>28,878</td><td>+ 171</td><td>29,049</td></tr><tr><td>Dec.</td><td>3,969</td><td>232</td><td>370</td><td>147</td><td>3,028</td><td>890</td><td>20</td><td>32,292</td><td>+4,478</td><td>27,814</td></tr><tr><td>1940-Jan.</td><td>5,842</td><td>238</td><td>293</td><td>136</td><td>3,263</td><td>712</td><td>18</td><td>28,997</td><td>+6,791</td><td>35,788</td></tr><tr><td>Values:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1938</td><td>27,418</td><td>6,185</td><td>6,041</td><td>11,970</td><td>110,444</td><td>32,999</td><td>286</td><td>765,964</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>49,271</td><td>5,286</td><td>10,210</td><td>11,461</td><td>133,270</td><td>38,051</td><td>343</td><td>878,050</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>78,642</td><td>-</td><td>-</td></tr><tr><td>May.</td><td>3,366</td><td>418</td><td>727</td><td>882</td><td>9,982</td><td>3,687</td><td>9</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>87</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>3,571</td><td>17</td><td>79,146</td><td>-</td><td>-</td></tr><tr><td>Nov.</td><td>4,966</td><td>483</td><td>1,103</td><td>1,106</td><td>12,100</td><td>3,473</td><td>16</td><td>78,293</td><td>-</td><td>-</td></tr><tr><td>Dec.</td><td>6,035</td><td>440</td><td>1,366</td><td>842</td><td>12,184</td><td>3,878</td><td>30</td><td>82,800</td><td>-</td><td>-</td></tr><tr><td>1940-Jan.</td><td>8,737</td><td>446</td><td>980</td><td>782</td><td>12,428</td><td>3,713</td><td>19</td><td>81,393</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="2">Calendar year</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>Jan.</th></tr><tr><th></th><th>1938</th><th>1939</th><th></th><th></th><th></th><th></th><th>1939</th><th></th><th></th><th></th><th></th><th></th><th>1940</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>$4,714,293</td><td>$5,840,624</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><td>$557,120</td><td>$380,726</td><td>$210,908</td></tr><tr><td>Fuel oil, etc. 2/.</td><td>1,632,662</td><td>1,570,550</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><td>108,843</td><td>182,545</td><td>164,832</td></tr><tr><td>Gasoilne or other motor fuel.</td><td>4,475</td><td>3,683</td><td>-</td><td>-</td><td>1</td><td>9</td><td>-</td><td>376</td><td>3</td><td>-</td><td>38</td><td>3,255</td><td>1,750</td></tr><tr><td>Lubricating oil.</td><td>11,172</td><td>9,531</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><td>1,672</td><td>82</td><td>659</td></tr><tr><td>Paraffin and other petroleum wax products.</td><td>284,627</td><td>383,514</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><td>40,035</td><td>44,130</td><td>59,599</td></tr><tr><td>Seed oil.</td><td>1,533,318</td><td>2,332,836</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><td>174,811</td><td>187,231</td><td>200,189</td></tr><tr><td>Oil seeds.</td><td>283,405</td><td>399,024</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><td>29,079</td><td>39,044</td><td>56,797</td></tr><tr><td>Animal, fish and coconut oil.</td><td>747</td><td>1,330</td><td>197</td><td>608</td><td>-</td><td>-</td><td>-</td><td>80</td><td>40</td><td>15</td><td>82</td><td>67</td><td>211</td></tr><tr><td>Copper.</td><td>773,288</td><td>678,352</td><td>64,781</td><td>59,413</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><td>89,946</td><td>38,244</td><td>214</td></tr><tr><td>Lumber of specified types</td><td>115,568</td><td>184,820</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><td>23,124</td><td>-</td><td>16,589</td></tr><tr><td>Coal and related fuels.</td><td>43,815</td><td>8,642</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><td>-</td><td>-</td><td>-</td></tr><tr><td>Total.</td><td>9,397,370</td><td>11,412,906</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><td>1,024,750</td><td>875,324</td><td>711,746</td></tr><tr><td>Dutiable articles 3/1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cane sugar.</td><td>$3,653,275</td><td>$3,731,081</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><td>$172,782</td><td>$744,726</td><td>$119,374</td></tr><tr><td>Cane sugar (from Philippine I.e.)</td><td>631,390</td><td>722,345</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><td>50,682</td><td>14,012</td><td>11,805</td></tr><tr><td>Beet sugar.</td><td>6,566</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Articles composed in chief value of manufactured sugar.</td><td>76,321</td><td>87,858</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><td>2,106</td><td>2,505</td><td>2,060</td></tr><tr><td>Fuel oil, etc. 2/.</td><td>1,822</td><td>66</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>36</td><td>565</td><td>-</td><td>923</td><td>290</td><td>409</td></tr><tr><td>Lubricating oil.</td><td>153</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>24</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Paraffin and other petroleum wax products.</td><td>292</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><td>25</td><td>11</td><td>21</td></tr><tr><td>Seed oil.</td><td>21,119</td><td>222</td><td>62</td><td>37</td><td>-</td><td>19,855</td><td>19</td><td>406</td><td>3</td><td>191</td><td>10</td><td>-</td></tr><tr><td>Animal and fish oils.</td><td>269,733</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><td>21,854</td><td>42,461</td><td>21,995</td></tr><tr><td>Palm oil.</td><td>15,384</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><td>1,294</td><td>1,037</td><td>604</td></tr><tr><td>Coconut oil (from Philippine Islands).</td><td>579,241</td><td>8,525</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><td>585</td><td>874</td><td>548</td></tr><tr><td>Coconut oil.</td><td>9,456</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><td>708</td><td>1,573</td><td>393</td></tr><tr><td>Copper.</td><td>151,427</td><td>143,017</td><td>13,566</td><td>21,619</td><td>13,128</td><td>3,432</td><td>7,350</td><td>16,479</td><td>7,842</td><td>9,797</td><td>12,840</td><td>10,512</td><td>10,181</td></tr><tr><td>Lumber of specified types</td><td>458,942</td><td>465,917</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><td>47,849</td><td>-</td><td>28,524</td></tr><tr><td>Total.</td><td>5,557,315</td><td>5,476,623</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><td>311,839</td><td>818,011</td><td>195,912</td></tr><tr><td>Grand total</td><td>14,954,686</td><td>16,889,529</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><td>1,336,587</td><td>1,693,335</td><td>907,658</td></tr></table>
Note: Rates of tax for the respective articles are shown in the September Bulletin, page 11. 1/ The total of the taxes herein corresponds to the total of the column headed "Free 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
(In thousands of dollars)
<table><tr><th>Country</th><th colspan="2">Calendar Year</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>Jan.</th></tr><tr><th></th><th>1938</th><th>1939</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>1940</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>6,661</td><td>9,395</td><td>657</td><td>715</td><td>760</td><td>785</td><td>755</td><td>718</td><td>743</td><td>913</td><td>769</td><td>1,009</td><td>901</td><td>672</td><td>768</td></tr><tr><td>Czechoslovakia</td><td>10,827</td><td>1,504</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><td>29</td><td>21</td><td>8</td></tr><tr><td>France</td><td>16,319</td><td>19,210</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>1,404</td><td>1,875</td><td>1,884</td><td>1,232</td><td>2,126</td><td>1,787</td><td>1,742</td></tr><tr><td>Germany</td><td>15,406</td><td>14,224</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><td>801</td><td>520</td><td>427</td></tr><tr><td>Greece</td><td>7,846</td><td>7,209</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><td>708</td><td>534</td><td>544</td></tr><tr><td>Italy</td><td>15,024</td><td>13,394</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><td>1,188</td><td>1,056</td><td>842</td></tr><tr><td>Netherlands</td><td>6,170</td><td>5,972</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><td>329</td><td>245</td><td>190</td></tr><tr><td>Norway</td><td>2,508</td><td>3,208</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><td>304</td><td>241</td><td>197</td></tr><tr><td>Poland</td><td>2,298</td><td>1,983</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><td>13</td><td>18</td><td>3</td></tr><tr><td>Spain</td><td>2,847</td><td>3,065</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><td>319</td><td>261</td><td>158</td></tr><tr><td>Sweden</td><td>1,800</td><td>1,920</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><td>165</td><td>224</td><td>188</td></tr><tr><td>Switzerland</td><td>8,278</td><td>11,369</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><td>1,612</td><td>1,080</td><td>755</td></tr><tr><td>U. S. S. R. (Russia)</td><td>2,116</td><td>1,921</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><td>154</td><td>183</td><td>230</td></tr><tr><td>United Kingdom</td><td>36,813</td><td>43,783</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><td>3,735</td><td>4,467</td><td>3,357</td></tr><tr><td>Other Europe</td><td>6,389</td><td>7,103</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><td>931</td><td>690</td><td>509</td></tr><tr><td>Total Europe</td><td>141,299</td><td>145,319</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><td>13,315</td><td>12,000</td><td>9,978</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>18,031</td><td>19,688</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><td>2,047</td><td>1,998</td><td>1,386</td></tr><tr><td>Cuba</td><td>45,435</td><td>48,811</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><td>2,262</td><td>6,783</td><td>3,628</td></tr><tr><td>Dominican Republic</td><td>2,462</td><td>1,444</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>323</td><td>337</td><td>76</td><td>7</td><td>3</td></tr><tr><td>Mexico</td><td>5,755</td><td>7,819</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><td>678</td><td>585</td><td>966</td></tr><tr><td>Netherland West Indies</td><td>1,536</td><td>1,605</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><td>110</td><td>188</td><td>174</td></tr><tr><td>Other Countries</td><td>2,052</td><td>1,161</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><td>100</td><td>82</td><td>74</td></tr><tr><td>Total North and Central America</td><td>75,271</td><td>80,528</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><td>5,272</td><td>9,644</td><td>6,230</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>14,168</td><td>18,610</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><td>1,650</td><td>1,424</td><td>2,478</td></tr><tr><td>Brazil</td><td>3,450</td><td>3,107</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><td>212</td><td>265</td><td>265</td></tr><tr><td>Chile</td><td>632</td><td>601</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><td>97</td><td>47</td><td>48</td></tr><tr><td>Peru</td><td>3,004</td><td>3,082</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><td>404</td><td>795</td><td>209</td></tr><tr><td>Uruguay</td><td>2,808</td><td>5,604</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><td>669</td><td>580</td><td>1,282</td></tr><tr><td>Venezuela</td><td>4,387</td><td>5,267</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><td>472</td><td>345</td><td>170</td></tr><tr><td>Other Countries</td><td>982</td><td>1,424</td><td>70</td><td>62</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><td>115</td><td>107</td><td>115</td></tr><tr><td>Total South America</td><td>29,431</td><td>37,695</td><td>2,837</td><td>2,817</td><td>3,151</td><td>2,831</td><td>3,282</td><td>3,154</td><td>2,564</td><td>2,720</td><td>3,438</td><td>3,518</td><td>3,618</td><td>3,563</td><td>4,566</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>7,035</td><td>6,945</td><td>604</td><td>317</td><td>866</td><td>454</td><td>619</td><td>517</td><td>568</td><td>367</td><td>769</td><td>509</td><td>773</td><td>583</td><td>879</td></tr><tr><td>China</td><td>9,602</td><td>10,262</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><td>1,066</td><td>1,057</td><td>1,147</td></tr><tr><td>Japan</td><td>17,826</td><td>17,823</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>1,794</td><td>1,791</td><td>1,835</td><td>1,867</td><td>2,316</td></tr><tr><td>Turkey</td><td>9,219</td><td>8,436</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><td>760</td><td>642</td><td>706</td></tr><tr><td>Other Countries</td><td>4,994</td><td>6,716</td><td>365</td><td>412</td><td>500</td><td>380</td><td>615</td><td>539</td><td>358</td><td>484</td><td>751</td><td>754</td><td>880</td><td>699</td><td>780</td></tr><tr><td>Total Asia</td><td>48,677</td><td>50,182</td><td>3,951</td><td>3,347</td><td>4,764</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><td>5,314</td><td>4,848</td><td>5,828</td></tr><tr><td>Oceania - Total</td><td>2,913</td><td>8,509</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><td>692</td><td>687</td><td>762</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>1,523</td><td>2,377</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><td>298</td><td>224</td><td>203</td></tr><tr><td>Gold Coast</td><td>716</td><td>1,375</td><td>21</td><td>105</td><td>114</td><td>43</td><td>39</td><td>66</td><td>197</td><td>108</td><td>138</td><td>264</td><td>128</td><td>153</td><td>100</td></tr><tr><td>Union of South Africa</td><td>298</td><td>1,528</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>37</td><td>145</td><td>1,092</td><td>1,240</td></tr><tr><td>Other Countries</td><td>1,252</td><td>838</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><td>96</td><td>81</td><td>91</td></tr><tr><td>Total Africa</td><td>3,789</td><td>6,118</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><td>667</td><td>1,550</td><td>1,634</td></tr><tr><td>Grand Total</td><td>301,381</td><td>328,352</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><td>28,878</td><td>32,292</td><td>28,997</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 rowspan="2">Fiscal year or month</th><th colspan="3">Receipts</th><th colspan="6">Expenditures</th></tr><tr><th>Employment taxes (Title VIII)</th><th>Tax on employers of 8 or more. (Title IX, Sec. 901)</th><th>Total receipts</th><th>Administrative expenses 1/</th><th>Unemployment compensation administration</th><th>Grants to States Old-age assistance, etc.</th><th>Total grants to States</th><th>Refunds of taxes 2/</th><th>Transfers to Old-Age and Survivors Insurance Trust Fund</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>.4</td><td>265.0</td><td>448.1</td></tr><tr><td>1938</td><td>514.4</td><td>90.1</td><td>604.4</td><td>20.0</td><td>41.9</td><td>229.6</td><td>271.5</td><td>40.6</td><td>387.0</td><td>719.1</td></tr><tr><td>1939</td><td>530.4</td><td>100.9</td><td>631.2</td><td>21.3</td><td>58.9</td><td>261.4</td><td>320.3</td><td>1.7</td><td>503.0</td><td>846.3</td></tr><tr><td>1939-Jan</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>.1</td><td>43.0</td><td>86.1</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>.1</td><td>48.0</td><td>83.8</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>.1</td><td>43.0</td><td>62.6</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>.1</td><td>43.0</td><td>87.7</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>.2</td><td>43.0</td><td>67.1</td></tr><tr><td>Dec.</td><td>4.1</td><td>.5</td><td>4.7</td><td>1.8</td><td>1.2</td><td>16.6</td><td>17.8</td><td>.2</td><td>48.0</td><td>67.8</td></tr><tr><td>1940-Jan</td><td>31.1</td><td>13.7</td><td>44.8</td><td>2.0</td><td>5.6</td><td>33.3</td><td>38.9</td><td>.2</td><td>-</td><td>41.1</td></tr><tr><td>Feb.</td><td>115.2</td><td>57.0</td><td>172.2</td><td>1.8</td><td>4.9</td><td>31.1</td><td>36.0</td><td>.1</td><td>-</td><td>37.9</td></tr></table>
Federal Old-Age and Survivors Insurance 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="4">Receipts</th><th rowspan="2">Expenditures</th><th colspan="3">Balance</th></tr><tr><th colspan="3">Appropriations by Congress</th><th>Interest on investments</th><th>Total receipts</th><th>Total</th><th>Investments</th><th>Unexpended</th></tr><tr><th></th><th>Transfers from general fund</th><th>Balance available for transfers</th><th>Total</th><th></th><th>Benefit payments</th><th></th><th>To credit of Fund Account 3/</th><th>To credit of disbursing officers</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>265.0</td><td>-</td><td>265.0</td><td>2.3</td><td>267.3</td><td>267.2</td><td>267.1</td><td>.1</td></tr><tr><td>1938</td><td>652.0</td><td>113.0</td><td>765.0</td><td>17.7</td><td>782.7</td><td>514</td><td>717.2</td><td>662.3</td></tr><tr><td>1939</td><td>1,155.0</td><td>-</td><td>1,155.0</td><td>44.6</td><td>1,199.6</td><td>19.3</td><td>1,180.3</td><td>1,177.2</td></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></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></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></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></tr><tr><td>Nov.</td><td>1,375.0</td><td>330.0</td><td>1,705.0</td><td>44.6</td><td>1,749.6</td><td>24.4</td><td>1,725.2</td><td>1,392.2</td></tr><tr><td>Dec.</td><td>1,423.0</td><td>282.0</td><td>1,705.0</td><td>44.6</td><td>1,749.6</td><td>25.2</td><td>1,724.4</td><td>1,435.2</td></tr><tr><td>1940-Jan.</td><td>1,423.0</td><td>282.0</td><td>1,705.0</td><td>44.6</td><td>1,749.6</td><td>25.9</td><td>1,723.7</td><td>1,435.2</td></tr><tr><td>Feb.</td><td>1,423.0</td><td>282.0</td><td>1,705.0</td><td>44.6</td><td>1,749.6</td><td>26.9</td><td>1,722.7</td><td>1,435.2</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>282.1</td></tr></table>
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="4">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Deposits by States</th><th colspan="2">Railroad Unemployment Insurance Account</th><th>Interest on investments</th><th>Total receipts</th><th>With-drawals by States</th><th>Railroad Unemployment Insurance Account</th><th>Total expenditures</th><th>Total</th><th>Invest-ments</th><th>Unexpended balances</th></tr><tr><th></th><th></th><th>Deposits by Railroad Retirement Board</th><th>Advanced from appropriations</th><th></th><th></th><th></th><th>Railroad unemployment benefit payments</th><th>Repayment of advance</th><th></th><th>Trust account</th><th>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></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>-</td><td>1.0</td><td>312.4</td><td>312.3</td><td>.1</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>-</td><td>192.0</td><td>884.2</td><td>872.0</td><td>12.2</td></tr><tr><td>1939</td><td>1,669.5</td><td>-</td><td>-</td><td>44.8</td><td>1,914.3</td><td>633.8</td><td>-</td><td>-</td><td>633.8</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td></tr><tr><td>1939-July</td><td>1,912.1</td><td>.3</td><td>15.0</td><td>44.9</td><td>1,972.2</td><td>675.4</td><td>.1</td><td>-</td><td>675.4</td><td>1,296.8</td><td>1,253.0</td><td>28.9</td></tr><tr><td>Aug</td><td>2,066.3</td><td>.3</td><td>15.0</td><td>44.9</td><td>2,126.5</td><td>715.1</td><td>.9</td><td>-</td><td>716.0</td><td>1,410.4</td><td>1,382.0</td><td>14.1</td></tr><tr><td>Sep</td><td>2,079.0</td><td>.3</td><td>15.0</td><td>45.0</td><td>2,139.3</td><td>753.6</td><td>2.2</td><td>-</td><td>755.8</td><td>1,383.5</td><td>1,363.0</td><td>7.7</td></tr><tr><td>Oct</td><td>2,133.1</td><td>.6</td><td>15.0</td><td>45.0</td><td>2,193.7</td><td>776.5</td><td>3.3</td><td>-</td><td>779.8</td><td>1,413.9</td><td>1,370.0</td><td>32.2</td></tr><tr><td>Nov</td><td>2,276.3</td><td>1.2</td><td>15.0</td><td>45.0</td><td>2,337.5</td><td>805.1</td><td>4.2</td><td>-</td><td>809.3</td><td>1,528.2</td><td>1,512.0</td><td>5.4</td></tr><tr><td>Dec</td><td>2,290.8</td><td>15.1</td><td>15.0</td><td>45.1</td><td>2,366.0</td><td>836.0</td><td>5.2</td><td>-</td><td>841.2</td><td>1,524.8</td><td>1,509.0</td><td>6.0</td></tr><tr><td>1940-Jan</td><td>2,352.9</td><td>15.3</td><td>15.0</td><td>62.2</td><td>2,445.4</td><td>877.5</td><td>6.9</td><td>15.0</td><td>899.4</td><td>1,546.0</td><td>1,537.0</td><td>5.9</td></tr><tr><td>Feb</td><td>2,506.6</td><td>16.1</td><td>15.0</td><td>62.2</td><td>2,599.9</td><td>920.6</td><td>8.7</td><td>15.0</td><td>944.3</td><td>1,655.6</td><td>1,640.0</td><td>13.3</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>2.3</td></tr></table>
(For footnotes see following page)
14
Receipts and Expenditures Under Railroad Retirement
and Railroad Unemployment Insurance Act
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th>Fiscal year or month</th><th>Receipts</th><th colspan="4">Expenditures</th></tr><tr><th></th><th>Taxes upon carriers and their employees</th><th>Administrative expenses</th><th>Transfers to Railroad Retirement acct.</th><th>Transfers to Railroad 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>1939-Feb</td><td>27.5</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>Mar.</td><td>-</td><td>.3</td><td>18.0</td><td>-</td><td>18.3</td></tr><tr><td>Apr.</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>May</td><td>6.1</td><td>.3</td><td>.1</td><td>-</td><td>.4</td></tr><tr><td>June</td><td>21.1</td><td>.4</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>July</td><td>.7</td><td>.5</td><td>21.9</td><td>15.0</td><td>37.4</td></tr><tr><td>Aug.</td><td>4.4</td><td>.6</td><td>18.1</td><td>-</td><td>18.7</td></tr><tr><td>Sept.</td><td>23.7</td><td>.6</td><td>7.1</td><td>-</td><td>7.7</td></tr><tr><td>Oct.</td><td>1.2</td><td>.7</td><td>10.0</td><td>-</td><td>10.7</td></tr><tr><td>Nov.</td><td>4.2</td><td>.5</td><td>10.0</td><td>-</td><td>10.5</td></tr><tr><td>Dec.</td><td>24.5</td><td>1.3</td><td>10.0</td><td>-</td><td>11.3</td></tr><tr><td>1940-Jan.</td><td>.4</td><td>.5</td><td>10.0</td><td>15.0*</td><td>4.5*</td></tr><tr><td>Feb.</td><td>5.4</td><td>.5</td><td>10.0</td><td>-</td><td>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">Expenditures</th><th colspan="4">Balance</th></tr><tr><th colspan="3">Appropriations by Congress</th><th>Interest on investments</th><th>Total receipts</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended</th></tr><tr><th></th><th>Transfers from general fund 6/</th><th>Balance available for transfers</th><th>Total</th><th></th><th>Benefit payments</th><th></th><th></th><th>To credit of appropriations 1/</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></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></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></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></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></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></tr><tr><td>Dec.</td><td>330.7</td><td>54.2</td><td>384.9</td><td>3.6</td><td>388.5</td><td>241.0</td><td>147.5</td><td>77.2</td><td>54.2</td></tr><tr><td>1940-Jan.</td><td>320.7</td><td>64.2</td><td>384.9</td><td>3.6</td><td>388.5</td><td>250.4</td><td>138.1</td><td>77.2</td><td>44.2</td></tr><tr><td>Feb.</td><td>330.7</td><td>54.2</td><td>384.9</td><td>3.6</td><td>388.5</td><td>259.8</td><td>128.7</td><td>77.2</td><td>34.2</td></tr></table>
Notes: Figures for five preceding 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 latter 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 authorisation of August 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. Other refunds are on account of Employment taxes (Title VIII) and tax on employers of 8 or more (Title IX, Sec. 901) "Other than to States."
3/ Includes balance of appropriation available for transfers.
4/ Includes in 1938 the proceeds of refunds to States of taxes collected under Title IX, Sec. 901 of the Social Security Act, amounting to $40,561,886.43.
5/ 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.
6/ Transfers from general fund were not reflected until July 1, 1937.
7/ Includes balance of appropriation available for transfers subsequent to June 30, 1937.
*Exceeds credit.
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 Feb. 1939 Bulletin. All figures in the table at the bottom of the page have now been revised in accordance with that explanation.)
(In millions of dollars)
<table><tr><th></th><th>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>Jan.</th><th>Feb.</th></tr><tr><td colspan="14">1939</td><td colspan="2">1940</td></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>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><td>318</td><td>45</td><td>63</td></tr><tr><td>Miscellaneous internal revenue.</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><td>171</td><td>167</td><td>154</td></tr><tr><td>Taxes under Social Security Act.</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><td>5</td><td>44</td><td>172</td></tr><tr><td>Taxes upon carriers and their employees.</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><td>23</td><td>1</td><td>5</td></tr><tr><td>Customs.</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><td>28</td><td>35</td><td>26</td></tr><tr><td>Other.</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><td>24</td><td>23</td><td>24</td></tr><tr><td>Subtotal</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><td>569</td><td>315</td><td>444</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>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><td>29</td><td>62</td><td>155</td></tr><tr><td>Trust accounts.</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><td>17</td><td>21</td><td>15</td></tr><tr><td>Subtotal</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><td>46</td><td>83</td><td>170</td></tr><tr><td>Total cash income.</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>615</td><td>398</td><td>614</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>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><td>125</td><td>132</td><td>129</td></tr><tr><td>Social Security Act (grants and administrative expenses).</td><td>26</td><td>23</td><td>37</td><td>32</td><td>17</td><td>41</td><td>35</td><td>19</td><td>45</td><td>24</td><td>20</td><td>41</td><td>38</td></tr><tr><td>Interest on the public debt.</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><td>185</td><td>15</td><td>16</td></tr><tr><td>Public Works.</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><td>94</td><td>82</td><td>69</td></tr><tr><td>Agricultural aid.</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><td>121</td><td>138</td><td>147</td></tr><tr><td>National Youth Administration.</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><td>10</td><td>10</td><td>9</td></tr><tr><td>Works Progress Administration.</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><td>124</td><td>120</td><td>113</td></tr><tr><td>Other.</td><td>131</td><td>132</td><td>127</td><td>142</td><td>134</td><td>159</td><td>161</td><td>199</td><td>159</td><td>138</td><td>138</td><td>156</td><td>134</td></tr><tr><td>Subtotal</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><td>817</td><td>694</td><td>655</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>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><td>6*</td><td>20*</td><td>6*</td></tr><tr><td>Commodity Credit Corporation.</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><td>11</td><td>6*</td><td>3*</td></tr><tr><td>Unemployment trust fund.</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><td>32</td><td>43</td><td>45</td></tr><tr><td>Federal Old-age and Survivors</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance Trust Fund.</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><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>27</td><td>19*</td><td>1</td><td>18</td><td>65</td><td>57*</td><td>42</td><td>84</td><td>10</td><td>14</td><td>82</td><td>5</td><td>23*</td></tr><tr><td>Subtotal</td><td>58</td><td>31</td><td>1</td><td>56</td><td>32</td><td>13</td><td>354</td><td>157</td><td>73</td><td>57</td><td>129</td><td>32</td><td>23</td></tr><tr><td>Redemption of adjusted service bonds.</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><td>1</td><td>-</td><td>1</td></tr><tr><td>Total cash outgo.</td><td>669</td><td>834</td><td>730</td><td>750</td><td>843</td><td>652</td><td>989</td><td>891</td><td>781</td><td>695</td><td>947</td><td>726</td><td>679</td></tr><tr><td>EXCESS OF CASH OUTGO.</td><td>88</td><td>38</td><td>407</td><td>198</td><td>199</td><td>283</td><td>400</td><td>139</td><td>382</td><td>128</td><td>332</td><td>328</td><td>65</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>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>517</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>767</td><td>395</td><td>521</td><td>757</td><td>6,992</td></tr><tr><td>1939</td><td>364</td><td>581</td><td>796</td><td>323</td><td>552</td><td>644</td><td>369</td><td>589</td><td>752</td><td>399</td><td>567</td><td>615</td><td>6,551</td></tr><tr><td>1940</td><td>398</td><td>614</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>652</td><td>989</td><td>891</td><td>781</td><td>695</td><td>947</td><td>9,509</td></tr><tr><td>1940</td><td>726</td><td>679</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>1935</td><td>239</td><td>299</td><td>-44</td><td>384</td><td>290</td><td>258</td><td>336</td><td>241</td><td>170</td><td>398</td><td>248</td><td>179</td><td>2,998</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>283</td><td>400</td><td>139</td><td>382</td><td>128</td><td>332</td><td>2,958</td></tr><tr><td>1940</td><td>328</td><td>65</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Note: Negative figures denote excess of cash income.
CASH INCOME AND OUTGO AND NET CASH OUTGO
January 1935 to Date
16
TREASURY GENERAL FUND AND PUBLIC DEBT
-17-
18
Composition of General Fund
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th>End of fiscal year or month</th><th colspan="5">Balance</th><th colspan="4">Current assets</th><th rowspan="2">Current liabilities</th></tr><tr><th></th><th>Total</th><th>"Working" balance</th><th>Seigniorage</th><th>Increase 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/o sales of Gov't. Secs.</th><th>All other deposits and collections</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>1,894</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>1,863</td><td>141</td><td>649</td><td>55</td><td>156</td></tr><tr><td>1938</td><td>2,216</td><td>1,628</td><td>446</td><td>142</td><td>-</td><td>2,419</td><td>830</td><td>929</td><td>611</td><td>49</td><td>203</td></tr><tr><td>1939</td><td>2,838</td><td>2,160</td><td>536</td><td>142</td><td>-</td><td>3,087</td><td>1,212</td><td>1,022</td><td>777</td><td>76</td><td>249</td></tr><tr><td>1939-Jan.</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>104</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><tr><td>Dec.</td><td>2,476</td><td>1,768</td><td>565</td><td>143</td><td>-</td><td>2,666</td><td>1,050</td><td>673</td><td>825</td><td>119</td><td>190</td></tr><tr><td>1940-Jan.</td><td>2,282</td><td>1,571</td><td>568</td><td>143</td><td>-</td><td>2,463</td><td>1,007</td><td>517</td><td>816</td><td>123</td><td>181</td></tr><tr><td>Feb.</td><td>2,350</td><td>1,634</td><td>573</td><td>143</td><td>-</td><td>2,543</td><td>1,028</td><td>589</td><td>815</td><td>111</td><td>194</td></tr></table>
Statement of the Outstanding Public Debt on June 30, 1939 and Feb. 29, 1940
(In millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th></th><th>June 30, 1939</th><th>Feb. 29, 1940</th><th>Increase (+) Decrease (-)</th><th></th><th>June 30, 1939</th><th>Feb. 29, 1940</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>26,897</td><td>+1,679</td><td>Old-Age Reserve Account</td><td>1,177</td><td>1,435</td><td>+ 258</td></tr><tr><td>U. S. Savings bonds</td><td>1,868</td><td>2,610</td><td>+ 742</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>269</td><td>- 14</td><td>Government retirement funds</td><td>473</td><td>545</td><td>+ 72</td></tr><tr><td>Treasury notes</td><td>7,243</td><td>6,203</td><td>-1,040</td><td>Adjusted Service Certificates</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>1,308</td><td>1,308</td><td>-</td><td>Fund</td><td>20</td><td>12</td><td>- 8</td></tr><tr><td>Matured debt on which interest has ceased</td><td>142</td><td>132</td><td>- 10</td><td>Unemployment Trust Fund</td><td>1,267</td><td>1,640</td><td>+ 373</td></tr><tr><td>Debt bearing no interest</td><td>411</td><td>394</td><td>- 17</td><td>Postal Savings System</td><td>128</td><td>72</td><td>- 56</td></tr><tr><td>Total Market issues, etc</td><td>36,669</td><td>38,009</td><td>+1,340</td><td>Federal Deposit Insurance Corporation</td><td>101</td><td>71</td><td>- 30</td></tr><tr><td></td><td></td><td></td><td></td><td>Total Special issues</td><td>3,770</td><td>4,356</td><td>+ 586</td></tr><tr><td></td><td></td><td></td><td></td><td>Total</td><td>40,439</td><td>42,365</td><td>+1,926</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. Bonds</th><th>Exchanges</th><th>Special Series</th><th>Total</th><th>Cash</th><th>Exchanges</th><th>Special Series</th><th>Total</th><th>Excess of Receipts</th></tr><tr><td>1938</td><td>4,775.7</td><td>12.7</td><td>2,673.8</td><td>2,158.5</td><td>9,620.7</td><td>5,166.0</td><td>2,673.8</td><td>1,040.8</td><td>8,880.6</td><td>740.1</td></tr><tr><td>1939</td><td>7,475.1</td><td>6.5</td><td>3,034.9</td><td>2,567.1</td><td>13,083.6</td><td>5,301.0</td><td>3,034.9</td><td>1,472.9</td><td>9,808.8</td><td>3,274.8</td></tr><tr><td>1939-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>16.1</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>566.3</td><td>.4</td><td>-</td><td>185.8</td><td>752.5</td><td>521.7</td><td>-</td><td>11.9</td><td>533.6</td><td>218.9</td></tr><tr><td>June</td><td>472.2</td><td>.5</td><td>415.5</td><td>1,413.8</td><td>2,302.0</td><td>418.8</td><td>415.5</td><td>1,310.0</td><td>2,144.3</td><td>157.7</td></tr><tr><td>July</td><td>491.2</td><td>.4</td><td>-</td><td>165.7</td><td>657.3</td><td>418.2</td><td>-</td><td>17.4</td><td>435.6</td><td>221.7</td></tr><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>551.0</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>178.4</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><tr><td>Dec.</td><td>1,122.7</td><td>1.4</td><td>1,301.0</td><td>96.0</td><td>2,521.1</td><td>423.3</td><td>1,301.0</td><td>159.4</td><td>1,883.7</td><td>637.4</td></tr><tr><td>1940-Jan.</td><td>792.2</td><td>2.0</td><td>.1</td><td>50.3</td><td>844.6</td><td>651.1</td><td>.1</td><td>26.1</td><td>677.3</td><td>167.3</td></tr><tr><td>Feb.</td><td>548.4</td><td>.6</td><td>-</td><td>103.0</td><td>652.0</td><td>393.6</td><td>-</td><td>2.8</td><td>396.4</td><td>255.6</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 leued</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 exchanges</th><th colspan="3">In exchange for</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Treasury bonds</th><th>Treasury notes and certificates</th><th>Date of issue</th><th>Rate Per Cent</th><th>Call or maturity date</th></tr><tr><td>1937-Sept. 15.</td><td>1-1/4</td><td>1 yr. 3 moe.</td><td>Dec. 15, 1938</td><td>-</td><td>433</td><td>-</td><td>-</td><td>-</td><td>433</td><td>Sept. 15, 1932</td><td>3-1/4</td><td>Sept. 15,1937</td></tr><tr><td>Sept. 15.</td><td>2</td><td>5 years</td><td>Sept.15, 1942</td><td>-</td><td>342</td><td>-</td><td>-</td><td>-</td><td>342</td><td>Sept. 15, 1932</td><td>3-1/4</td><td>Sept. 15,1937</td></tr><tr><td>Dec. 15.</td><td>2-1/2</td><td>8 years</td><td>Dec. 15, 1945</td><td>541</td><td>-</td><td>4,084</td><td>294</td><td>-</td><td>247</td><td>Feb. 1, 1933</td><td>2-5/8</td><td>Feb. 1,1938</td></tr><tr><td>Dec. 15.</td><td>1-3/4</td><td>5 years</td><td>Dec. 15, 1942</td><td>-</td><td>232</td><td>2,702</td><td>219</td><td>-</td><td>13</td><td>Feb. 1, 1933</td><td>2-5/8</td><td>Feb. 1,1938</td></tr><tr><td>1938-Mar. 15.</td><td>2-1/2</td><td>10 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>1-1/4</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 41/2 moe.</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>1,118</td><td>-</td><td>100</td><td>100**</td><td>-</td><td>1,018</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</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 1934-37 see March Bulletin, pages 16 - 17. 
* 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
Principal Classes of Holders of Direct and Guaranteed Government Obligations and the Estimated Amounts of Their Holdings, June 30, 1937, 1938 and 1939
<table><tr><th>Holders</th><th colspan="3">Amount (in billions of dollars)</th><th colspan="3">Percent of total outstanding</th></tr><tr><th></th><th>1937</th><th>1938 5/</th><th>1939</th><th>1937</th><th>1938 5/</th><th>1939</th></tr><tr><td>Direct obligations</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating insured commercial banks</td><td>11.9</td><td>11.2</td><td>11.9</td><td>33</td><td>31</td><td>30</td></tr><tr><td>Mutual savings banks</td><td>2.1</td><td>2.4</td><td>2.7</td><td>6</td><td>7</td><td>7</td></tr><tr><td>Other commercial and private banks</td><td>.6</td><td>.5</td><td>.6</td><td>2</td><td>1</td><td>1</td></tr><tr><td>Subtotal, all commercial and savings banks</td><td>14.6</td><td>14.1</td><td>15.2</td><td>41</td><td>39</td><td>38</td></tr><tr><td>Individuals 1/</td><td>8.8</td><td>8.6</td><td>8.8</td><td>24</td><td>23</td><td>22</td></tr><tr><td>Insurance companies</td><td>4.3</td><td>4.5</td><td>5.2</td><td>12</td><td>12</td><td>13</td></tr><tr><td>Other corporations</td><td>1.7</td><td>1.7</td><td>1.7</td><td>5</td><td>5</td><td>4</td></tr><tr><td>Tax-exempt organisations 2/</td><td>.4</td><td>.4</td><td>.5</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Federal Reserve banks</td><td>2.5</td><td>2.6</td><td>2.6</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Federal agencies and trust funds</td><td>3.2</td><td>4.4</td><td>5.6</td><td>9</td><td>12</td><td>14</td></tr><tr><td>State and local government investment funds</td><td>.3</td><td>.3</td><td>.3</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Total amount outstanding</td><td>35.8</td><td>36.6</td><td>39.9</td><td>100</td><td>100</td><td>100</td></tr><tr><td>Guaranteed obligations 3/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating insured commercial banks</td><td>2.1</td><td>2.4</td><td>3.1</td><td>44</td><td>49</td><td>56</td></tr><tr><td>Mutual savings banks</td><td>.3</td><td>.3</td><td>.4</td><td>6</td><td>6</td><td>7</td></tr><tr><td>Other commercial and private banks</td><td>4/</td><td>4/</td><td>.1</td><td>1</td><td>1</td><td>2</td></tr><tr><td>Subtotal, all commercial and savings banks</td><td>2.4</td><td>2.7</td><td>3.6</td><td>51</td><td>56</td><td>65</td></tr><tr><td>Individuals</td><td>.9</td><td>.8</td><td>.7</td><td>19</td><td>17</td><td>13</td></tr><tr><td>Insurance companies</td><td>.7</td><td>.7</td><td>.6</td><td>15</td><td>15</td><td>11</td></tr><tr><td>Other corporations</td><td>.2</td><td>.2</td><td>.2</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Tax-exempt organisations 2/</td><td>.1</td><td>.1</td><td>.1</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Federal agencies and trust funds</td><td>.4</td><td>.3</td><td>.3</td><td>9</td><td>6</td><td>5</td></tr><tr><td>Total amount outstanding</td><td>4.7</td><td>4.8</td><td>5.5</td><td>100</td><td>100</td><td>100</td></tr><tr><td>Direct and Guaranteed 3/ Obligations</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating insured commercial banks</td><td>14.0</td><td>13.6</td><td>15.0</td><td>35</td><td>33</td><td>33</td></tr><tr><td>Mutual savings banks</td><td>2.4</td><td>2.7</td><td>3.1</td><td>6</td><td>7</td><td>7</td></tr><tr><td>Other commercial and private banks</td><td>.6</td><td>.5</td><td>.7</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Subtotal, all commercial and savings banks</td><td>17.0</td><td>16.8</td><td>18.8</td><td>42</td><td>41</td><td>41</td></tr><tr><td>Individuals 1/</td><td>9.7</td><td>9.4</td><td>9.5</td><td>24</td><td>23</td><td>21</td></tr><tr><td>Insurance companies</td><td>5.0</td><td>5.2</td><td>5.8</td><td>12</td><td>12</td><td>13</td></tr><tr><td>Other corporations</td><td>1.9</td><td>1.9</td><td>1.9</td><td>5</td><td>5</td><td>4</td></tr><tr><td>Tax-exempt organisations 2/</td><td>.5</td><td>.5</td><td>.6</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Federal Reserve banks</td><td>2.5</td><td>2.6</td><td>2.6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Federal agencies and trust funds</td><td>3.6</td><td>4.7</td><td>5.9</td><td>9</td><td>11</td><td>13</td></tr><tr><td>State and local government investment funds</td><td>.3</td><td>.3</td><td>.3</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Total amount outstanding</td><td>40.5</td><td>41.4</td><td>45.4</td><td>100</td><td>100</td><td>100</td></tr></table>
1/ Includes foreign holdings, which are estimated at less than $100 millions in these years.
2/ Other than mutual savings banks and insurance companies exempt from Federal income tax.
3/ Exclusive of obligations sold directly to the Treasury.
4/ Under $50 millions.
5/ Revised as compared with previously published figures.
21
Holdings of Direct and Guaranteed Interest-Bearing Obligations of the United States Government
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Government agencies and trust funds</th><th colspan="3">Other holders</th><th rowspan="2">Total direct obligations outstanding</th><th colspan="3">Guaranteed obligations</th></tr><tr><th>Special issues</th><th>United States Savings Bonds, 3% Adjusted Service Bonds of 1945, and 2½% Postal Savings Bonds 1/</th><th>Market issues</th><th>Federal Reserve Banks</th><th>United States Savings Bonds and 3% Adjusted Service Bonds of 1945</th><th>Market issues otherwise held 2/</th><th>Government agencies and trust funds</th><th>Market issues otherwise held</th><th>Total guaranteed obligations outstanding</th></tr><tr><td>1933</td><td>323</td><td>1¼</td><td>240</td><td>1,998</td><td>-</td><td>19,583</td><td>22,158</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>396</td><td>15</td><td>880</td><td>2,430</td><td>-</td><td>22,759</td><td>26,480</td><td>-</td><td>681</td><td>681</td></tr><tr><td>1935</td><td>633</td><td>17</td><td>967</td><td>2,430</td><td>62</td><td>23,536</td><td>27,645</td><td>378</td><td>3,745</td><td>4,123</td></tr><tr><td>1936</td><td>626</td><td>20</td><td>1,280</td><td>2,430</td><td>1,027</td><td>27,373</td><td>32,756</td><td>391</td><td>4,327</td><td>4,718</td></tr><tr><td>1937</td><td>1,558</td><td>22</td><td>1,618</td><td>2,526</td><td>1,191</td><td>28,888</td><td>35,803</td><td>381</td><td>4,284</td><td>4,665</td></tr><tr><td>1938</td><td>2,676</td><td>25</td><td>1,754</td><td>2,564</td><td>1,559</td><td>28,001</td><td>36,579</td><td>344</td><td>4,509</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>1939-Feb.</td><td>3,382</td><td>27</td><td>1,860</td><td>2,564</td><td>1,941</td><td>29,557</td><td>39,331</td><td>323</td><td>5,087</td><td>5,410</td></tr><tr><td>Mar.</td><td>3,454</td><td>27</td><td>1,860</td><td>2,564</td><td>1,998</td><td>29,545</td><td>39,448</td><td>323</td><td>5,087</td><td>5,410</td></tr><tr><td>Apr.</td><td>3,492</td><td>27</td><td>1,840</td><td>2,564</td><td>2,045</td><td>29,562</td><td>39,530</td><td>323</td><td>5,087</td><td>5,410</td></tr><tr><td>May.</td><td>3,666</td><td>27</td><td>1,805</td><td>2,564</td><td>2,097</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>3,918</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>29,686</td><td>40,356</td><td>294</td><td>5,195</td><td>5,489</td></tr><tr><td>Sept.</td><td>4,063</td><td>28</td><td>1,888</td><td>2,752</td><td>2,330</td><td>29,285</td><td>40,346</td><td>296</td><td>5,160</td><td>5,456</td></tr><tr><td>Oct.</td><td>4,109</td><td>28</td><td>1,887</td><td>2,669</td><td>2,369</td><td>29,468</td><td>40,530</td><td>296</td><td>5,152</td><td>5,448</td></tr><tr><td>Nov.</td><td>4,295</td><td>28</td><td>1,895</td><td>2,526</td><td>2,417</td><td>29,651</td><td>40,812</td><td>279</td><td>5,429</td><td>5,708</td></tr><tr><td>Dec. 3/.</td><td>4,231</td><td>28</td><td>2,017</td><td>2,484</td><td>2,480</td><td>30,205</td><td>41,445</td><td>278</td><td>5,426</td><td>5,704</td></tr><tr><td>1940-Jan. 3/.</td><td>4,256</td><td>28</td><td>2,010</td><td>2,465</td><td>2,744</td><td>30,098</td><td>41,601</td><td>278</td><td>5,422</td><td>5,700</td></tr><tr><td>Feb. 3/.</td><td>4,356</td><td>29</td><td>2,009</td><td>2,465</td><td>2,879</td><td>30,101</td><td>41,839</td><td>278</td><td>5,422</td><td>5,700</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, unrevise. 1/ Includes 2 1/4 Postal Savings Bonds held by the Postal Savings System. 2/ Includes 2 1/2 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>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>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940.</td><td>-9.5</td><td>-20.9</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Composition of the Public Debt
(in millions of dollars - on basis of daily Treasury statements, unrevised)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total</th><th colspan="8">Grose debt Interest-bearing debt</th><th rowspan="2">Balance in general fund</th><th rowspan="2">Gross debt less balance in general fund</th></tr><tr><th>Total</th><th>Bonds Amount</th><th>% of total interest-bearing debt</th><th>Notes Amount</th><th>% of total interest-bearing debt</th><th>Bills and cts. of indet. Amount</th><th>% of total interest-bearing debt</th><th>Special issues Amount</th><th>% of total interest-bearing debt</th><th>Matured debt</th><th>Non-interest-bearing debt</th></tr><tr><td>1933</td><td>22,539</td><td>22,158</td><td>14,223</td><td>64.2</td><td>4,548</td><td>20.5</td><td>3,063</td><td>13.8</td><td>323</td><td>1.5</td><td>66</td><td>315</td><td>862</td><td>21,677</td></tr><tr><td>1934</td><td>27,053</td><td>26,480</td><td>16,510</td><td>62.4</td><td>6,653</td><td>25.1</td><td>2,921</td><td>11.0</td><td>396</td><td>1.5</td><td>54</td><td>518</td><td>2,582</td><td>24,471</td></tr><tr><td>1935</td><td>28,701</td><td>27,645</td><td>14,936</td><td>54.0</td><td>10,023</td><td>36.3</td><td>2,053</td><td>7.4</td><td>633</td><td>2.3</td><td>231</td><td>825</td><td>1,841</td><td>26,860</td></tr><tr><td>1936</td><td>33,779</td><td>32,989</td><td>18,628</td><td>56.5</td><td>11,381</td><td>34.5</td><td>2,354</td><td>7.1</td><td>626</td><td>1.9</td><td>169</td><td>620</td><td>2,682</td><td>31,097</td></tr><tr><td>1937</td><td>36,425</td><td>35,800</td><td>21,322</td><td>59.6</td><td>10,617</td><td>29.7</td><td>2,304</td><td>6.4</td><td>1,558</td><td>4.3</td><td>119</td><td>506</td><td>2,553</td><td>33,872</td></tr><tr><td>1938</td><td>37,165</td><td>36,576</td><td>23,599</td><td>64.5</td><td>9,147</td><td>25.0</td><td>1,154</td><td>3.2</td><td>2,676</td><td>7.3</td><td>141</td><td>447</td><td>2,216</td><td>34,949</td></tr><tr><td>1939</td><td>40,439</td><td>39,886</td><td>27,565</td><td>69.1</td><td>7,243</td><td>18.2</td><td>1,308</td><td>3.3</td><td>3,770</td><td>9.5</td><td>142</td><td>411</td><td>2,838</td><td>37,601</td></tr><tr><td>1939-Feb.</td><td>39,858</td><td>39,326</td><td>26,137</td><td>66.5</td><td>8,496</td><td>21.6</td><td>1,310</td><td>3.3</td><td>3,382</td><td>8.6</td><td>112</td><td>421</td><td>3,343</td><td>36,515</td></tr><tr><td>Mar.</td><td>39,985</td><td>39,442</td><td>27,407</td><td>69.5</td><td>7,270</td><td>18.4</td><td>1,311</td><td>3.3</td><td>3,454</td><td>8.8</td><td>125</td><td>419</td><td>3,389</td><td>36,596</td></tr><tr><td>Apr.</td><td>40,064</td><td>39,526</td><td>27,455</td><td>69.5</td><td>7,270</td><td>18.4</td><td>1,309</td><td>3.3</td><td>3,492</td><td>8.8</td><td>122</td><td>416</td><td>3,044</td><td>37,019</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>38,214</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>39,123</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>98</td><td>400</td><td>2,165</td><td>39,140</td></tr><tr><td>Dec.</td><td>41,942</td><td>41,445</td><td>29,557</td><td>71.3</td><td>6,203</td><td>15.0</td><td>1,455</td><td>3.5</td><td>4,231</td><td>10.2</td><td>98</td><td>398</td><td>2,476</td><td>39,466</td></tr><tr><td>1940-Jan.</td><td>42,110</td><td>41,601</td><td>29,835</td><td>71.7</td><td>6,203</td><td>14.9</td><td>1,307</td><td>3.1</td><td>4,256</td><td>10.2</td><td>114</td><td>395</td><td>2,282</td><td>39,828</td></tr><tr><td>Feb.</td><td>42,365</td><td>41,839</td><td>29,973</td><td>71.6</td><td>6,203</td><td>14.8</td><td>1,308</td><td>3.1</td><td>4,356</td><td>10.4</td><td>132</td><td>394</td><td>2,350</td><td>40,015</td></tr></table>
Note: Figures in this table are rounded to nearest million and will not necessarily add to totals.
INTEREST-BEARING COMPOSITION OF PUBLIC DEBT OUTSTANDING
Daily Statement Basis
22
23
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>1939-Feb.</td><td>39,325,527,811</td><td>1,017,225,042</td><td>2.587*</td></tr><tr><td>Mar.</td><td>39,442,074,957</td><td>1,026,757,937</td><td>2.603*</td></tr><tr><td>Apr.</td><td>39,525,407,813</td><td>1,029,353,995</td><td>2.604*</td></tr><tr><td>May</td><td>39,751,011,399</td><td>1,035,271,505</td><td>2.604*</td></tr><tr><td>June</td><td>39,885,969,732</td><td>1,036,937,397</td><td>2.600*</td></tr><tr><td>July</td><td>40,113,701,724</td><td>1,044,251,926</td><td>2.603*</td></tr><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><tr><td>Dec</td><td>41,445,461,769</td><td>1,076,615,135</td><td>2.593*</td></tr><tr><td>1940-Jan.</td><td>41,601,096,741</td><td>1,084,974,743</td><td>2.608*</td></tr><tr><td>Feb.</td><td>41,839,478,210</td><td>1,091,342,623</td><td>2.608*</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 bonds 1/</th><th>Corporate bonds 2/</th><th>Spread between Treasury and Corporate bonds</th><th></th><th>Treasury bonds 1/</th><th>Corporate bonds 2/</th><th>Spread between Treasury and Corporate bonds</th></tr><tr><td>Monthly averages of daily figures:</td><td></td><td></td><td></td><td>Weekly, Wednesday closing prices 3/:</td><td></td><td></td><td></td></tr><tr><td>1939-Jan.........</td><td>2.47</td><td>2.96</td><td>.49</td><td>1939-June 7.........</td><td>2.08</td><td>2.81</td><td>.73</td></tr><tr><td>Feb.........</td><td>2.44</td><td>2.90</td><td>.46</td><td>14.........</td><td>2.12</td><td>2.78</td><td>.66</td></tr><tr><td>Mar.........</td><td>2.34</td><td>2.87</td><td>.53</td><td>21.........</td><td>2.16</td><td>2.77</td><td>.61</td></tr><tr><td>Apr.........</td><td>2.30</td><td>2.92</td><td>.62</td><td>28.........</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>July 5.........</td><td>2.20</td><td>2.76</td><td>.56</td></tr><tr><td>June.........</td><td>2.13</td><td>2.78</td><td>.65</td><td>12.........</td><td>2.16</td><td>2.76</td><td>.60</td></tr><tr><td>July.........</td><td>2.16</td><td>2.76</td><td>.60</td><td>19.........</td><td>2.17</td><td>2.76</td><td>.59</td></tr><tr><td>Aug.........</td><td>2.21</td><td>2.79</td><td>.58</td><td>26.........</td><td>2.14</td><td>2.74</td><td>.60</td></tr><tr><td>Sept.........</td><td>2.65</td><td>3.29</td><td>.64</td><td>Aug. 2.........</td><td>2.14</td><td>2.73</td><td>.59</td></tr><tr><td>Oct.........</td><td>2.60</td><td>3.14</td><td>.54</td><td>9.........</td><td>2.17</td><td>2.74</td><td>.57</td></tr><tr><td>Nov.........</td><td>2.46</td><td>2.93</td><td>.47</td><td>16.........</td><td>2.17</td><td>2.76</td><td>.59</td></tr><tr><td>Dec.........</td><td>2.35</td><td>2.86</td><td>.51</td><td>23.........</td><td>2.24</td><td>2.81</td><td>.57</td></tr><tr><td>1940-Jan.........</td><td>2.30</td><td>2.81</td><td>.51</td><td>30.........</td><td>2.27</td><td>2.88</td><td>.61</td></tr><tr><td>Feb.........</td><td>2.32</td><td>2.79</td><td>.47</td><td>Sept. 6.........</td><td>2.56</td><td>3.41</td><td>.85</td></tr><tr><td></td><td></td><td></td><td></td><td>13.........</td><td>2.64</td><td>3.33</td><td>.69</td></tr><tr><td>Weekly, Wednesday closing prices 3/:</td><td></td><td></td><td></td><td>20.........</td><td>2.72</td><td>3.31</td><td>.59</td></tr><tr><td>1939-Jan. 4.........</td><td>2.48</td><td>3.01</td><td>.53</td><td>27.........</td><td>2.74</td><td>3.29</td><td>.55</td></tr><tr><td>11.........</td><td>2.47</td><td>2.96</td><td>.49</td><td>Oct. 4.........</td><td>2.72</td><td>3.23</td><td>.51</td></tr><tr><td>18.........</td><td>2.45</td><td>2.95</td><td>.50</td><td>11.........</td><td>2.66</td><td>3.20</td><td>.54</td></tr><tr><td>25.........</td><td>2.48</td><td>2.95</td><td>.47</td><td>18.........</td><td>2.53</td><td>3.11</td><td>.58</td></tr><tr><td>Feb. 1.........</td><td>2.45</td><td>2.94</td><td>.49</td><td>25.........</td><td>2.49</td><td>3.06</td><td>.57</td></tr><tr><td>8.........</td><td>2.44</td><td>2.91</td><td>.47</td><td>Nov. 1.........</td><td>2.50</td><td>3.00</td><td>.50</td></tr><tr><td>15.........</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>22.........</td><td>2.43</td><td>2.89</td><td>.46</td><td>15.........</td><td>2.47</td><td>2.94</td><td>.47</td></tr><tr><td>Mar. 1.........</td><td>2.39</td><td>2.86</td><td>.47</td><td>22.........</td><td>2.39</td><td>2.91</td><td>.52</td></tr><tr><td>8.........</td><td>2.36</td><td>2.86</td><td>.50</td><td>29.........</td><td>2.36</td><td>2.90</td><td>.54</td></tr><tr><td>15.........</td><td>2.33</td><td>2.87</td><td>.54</td><td>Dec. 6.........</td><td>2.41</td><td>2.88</td><td>.47</td></tr><tr><td>22.........</td><td>2.35</td><td>2.88</td><td>.53</td><td>13.........</td><td>2.37</td><td>2.84</td><td>.47</td></tr><tr><td>29.........</td><td>2.30</td><td>2.90</td><td>.60</td><td>20.........</td><td>2.32</td><td>2.85</td><td>.53</td></tr><tr><td>Apr. 5.........</td><td>2.30</td><td>2.92</td><td>.62</td><td>27.........</td><td>2.30</td><td>2.83</td><td>.53</td></tr><tr><td>12.........</td><td>2.32</td><td>2.92</td><td>.60</td><td>1940-Jan. 3.........</td><td>2.29</td><td>2.82</td><td>.53</td></tr><tr><td>19.........</td><td>2.29</td><td>2.91</td><td>.62</td><td>10.........</td><td>2.28</td><td>2.80</td><td>.52</td></tr><tr><td>26.........</td><td>2.27</td><td>2.91</td><td>.64</td><td>17.........</td><td>2.32</td><td>2.82</td><td>.50</td></tr><tr><td>May 3.........</td><td>2.25</td><td>2.91</td><td>.66</td><td>24.........</td><td>2.30</td><td>2.81</td><td>.51</td></tr><tr><td>10.........</td><td>2.16</td><td>2.87</td><td>.71</td><td>31.........</td><td>2.32</td><td>2.82</td><td>.50</td></tr><tr><td>17.........</td><td>2.14</td><td>2.84</td><td>.70</td><td>Feb. 7.........</td><td>2.32</td><td>2.79</td><td>.47</td></tr><tr><td>24.........</td><td>2.13</td><td>2.83</td><td>.70</td><td>14.........</td><td>2.31</td><td>2.78</td><td>.47</td></tr><tr><td>31.........</td><td>2.13</td><td>2.83</td><td>.70</td><td>21.........</td><td>2.32</td><td>2.79</td><td>.47</td></tr><tr><td></td><td></td><td></td><td></td><td>28.........</td><td>2.33</td><td>2.80</td><td>.47</td></tr><tr><td></td><td></td><td></td><td></td><td>Mar. 6.........</td><td>2.26</td><td>2.79</td><td>.53</td></tr><tr><td></td><td></td><td></td><td></td><td>13.........</td><td>2.25</td><td>2.77</td><td>.52</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 1939 bulletin, page 20. 1/ Average of Treasury bonds not due or callable for twelve years or more. 2/ Average of five bonds. 3/ 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
24
25
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES
26
27
<table><tr><th colspan="6">Governmental Corporations and Credit Agencies of the United States: Jan. 31, 1940 (Compiled from latest reports received from these agencies)</th></tr><tr><th colspan="6">(In millions of dollars)</th></tr><tr><th></th><th>Assets</th><th colspan="2">Liabilities</th><th colspan="2">Proprietarian 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>Construction Finance Corp.</td><td>1,681.9</td><td>1,097.2</td><td>94.8</td><td>-</td><td>449.9</td></tr><tr><td>Modity Credit Corp.</td><td>695.9</td><td>407.3</td><td>188.6</td><td>-</td><td>100.0</td></tr><tr><td>Port-Import Bank of Washington</td><td>49.4</td><td>-</td><td>.4</td><td>-</td><td>1</td></tr><tr><td>Rural Crop Insurance Corp.</td><td>13.3</td><td>-</td><td>5.6</td><td>-</td><td>7.7</td></tr><tr><td>Rural Deposit Insurance Corp.</td><td>513.3</td><td>-</td><td>224.0</td><td>139.3</td><td>1</td></tr><tr><td>Massasoit Valley Authority</td><td>325.0</td><td>-</td><td>14.8</td><td>-</td><td>310.2</td></tr><tr><td>Public Works Administration</td><td>79.1</td><td>-</td><td>-</td><td>-</td><td>79.1</td></tr><tr><td>United States Maritime Commission</td><td>209.0</td><td>-</td><td>53.6</td><td>-</td><td>155.4</td></tr><tr><td>Local Electrification Admin.</td><td>192.9</td><td>-</td><td>-</td><td>-</td><td>192.9</td></tr><tr><td>Local Owners' Loan Corp.</td><td>2,933.7</td><td>2,821.6</td><td>79.1</td><td>-</td><td>33.0</td></tr><tr><td>Rural Savings & Loan Insurance Corp.</td><td>122.5</td><td>-</td><td>1.3</td><td>-</td><td>121.2</td></tr><tr><td>Rural Home Loan Banks</td><td>253.3</td><td>-</td><td>77.7</td><td>50.9</td><td>124.7</td></tr><tr><td>Rural Housing Admin.</td><td>52.9</td><td>3.2</td><td>3.8</td><td>-</td><td>46.0</td></tr><tr><td>Rural National Mortgage Assn.</td><td>154.6</td><td>-</td><td>87.8</td><td>-</td><td>66.8</td></tr><tr><td>Federal States Housing Authority</td><td>274.0</td><td>114.9</td><td>3.9</td><td>-</td><td>155.2</td></tr><tr><td>Rural Credit Administration</td><td>281.6</td><td>-</td><td>196.7</td><td>-</td><td>84.9</td></tr><tr><td>Rural Farm Mortgage Corp.</td><td>1,527.4</td><td>1,279.1</td><td>44.9</td><td>-</td><td>203.4</td></tr><tr><td>Rural Land Banks</td><td>2,298.7</td><td>-</td><td>1,790.7</td><td>204.4</td><td>303.6</td></tr><tr><td>Rural Intermediate Credit Banks</td><td>309.4</td><td>-</td><td>206.2</td><td>-</td><td>103.2</td></tr><tr><td>Loans for Cooperatives</td><td>186.9</td><td>-</td><td>4.4</td><td>3.7</td><td>138.8</td></tr><tr><td>Production Credit Corp.</td><td>122.5</td><td>-</td><td>.4</td><td>-</td><td>122.1</td></tr><tr><td>International Agricultural Credit Corps</td><td>22.1</td><td>-</td><td>2.8</td><td>-</td><td>19.3</td></tr><tr><td>Emergency corpc. & agencies (in liquidation):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Army 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</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U.S. 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>Wa. Master Loan Corp.</td><td>20.9</td><td>-</td><td>.1</td><td>-</td><td>20.8</td></tr><tr><td>Electric Home and Farm Authority</td><td>11.5</td><td>-</td><td>10.5</td><td>-</td><td>1.0</td></tr><tr><td>Farm Security Administration</td><td>258.8</td><td>-</td><td>-</td><td>-</td><td>258.8</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>8.2</td><td>-</td><td>.2</td><td>-</td><td>8.0</td></tr><tr><td>Interior Department (Indian loans)</td><td>2.7</td><td>-</td><td>-</td><td>-</td><td>2.7</td></tr><tr><td>Coast Guard Waterways</td><td>25.8</td><td>-</td><td>.9</td><td>-</td><td>24.9</td></tr><tr><td>Canadian Railroad Co.</td><td>48.5</td><td>-</td><td>1.5</td><td>-</td><td>47.0</td></tr><tr><td>Colorado & Rio Grande</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>1.1</td></tr></table>
<table><tr><td>Proprietary Interest of the United States in Governmental Corporations and Lending Agencies: Jan. 31, 1940</td></tr><tr><td>(Compiled from latest reports received from these agencies)</td></tr><tr><td>(In millions of dollars)</td></tr></table>
<table><tr><th></th><th>Capital Stock</th><th>Surplus</th><th>Inter-agency Transactions</th><th>Net Property 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>272.3</td><td>282.42/</td><td>489.9</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>3.0</td><td>-</td><td>49.0</td></tr><tr><td>Federal Crop Insurance Corp.</td><td>15.0</td><td>-</td><td>7.32/</td><td>7.7</td></tr><tr><td>Federal Deposit Insurance Corp.</td><td>150.0</td><td>-</td><td>-</td><td>150.0</td></tr><tr><td>Home Owners' Loan Corp.</td><td>200.0</td><td>67.03/</td><td>100.02/</td><td>33.0</td></tr><tr><td>Federal Savings and Loan Insurance Corp.</td><td>100.0</td><td>21.2</td><td>-</td><td>121.2</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>140.2</td><td>1.02/</td><td>140.2</td></tr><tr><td>Federal Farm Mortgage Corp.</td><td>200.0</td><td>-</td><td>1.63/</td><td>198.4</td></tr><tr><td>Federal Land Banks</td><td>124.8</td><td>188.3</td><td>9.52/</td><td>303.6</td></tr><tr><td>Federal Intermediate Credit Banks</td><td>70.0</td><td>49.3</td><td>16.12/</td><td>103.2</td></tr><tr><td>Banks for Cooperatives</td><td>149.0</td><td>13.7</td><td>16.1</td><td>178.8</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>14.3</td><td>-</td><td>19.3</td></tr><tr><td>U. S. Housing Corp.</td><td>34.1</td><td>32.23/</td><td>-</td><td>1.9</td></tr><tr><td>U. S. Bruce 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>1.23/</td><td>-</td><td>20.8</td></tr><tr><td>Electric Home and Farm Authority</td><td>.8</td><td>.2</td><td>1/2/</td><td>1.0</td></tr><tr><td>Federal National Mortgage Assn.</td><td>10.0</td><td>4.3</td><td>52.5</td><td>66.8</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>41.0</td><td>1.02/</td><td>47.0</td></tr><tr><td>E F C Mortgage Company</td><td>25.0</td><td>.8</td><td>33.9</td><td>59.7</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>2,016.5</td><td>663.7</td><td>316.02/</td><td>2,304.2</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>259.9</td></tr><tr><td>Public Works Admin.</td><td></td><td></td><td></td><td>79.1</td></tr><tr><td>U. S. Maritime Commission</td><td></td><td></td><td></td><td>155.4</td></tr><tr><td>Rural Electrification Admin.</td><td></td><td></td><td></td><td>192.9</td></tr><tr><td>Federal Housing Admin.</td><td></td><td></td><td></td><td>45.9</td></tr><tr><td>Farm Credit Admin.</td><td></td><td></td><td></td><td>84.9</td></tr><tr><td>Heavy Department (Sale of surplus war supplies)</td><td></td><td></td><td></td><td>4.6</td></tr><tr><td>U. S. Railroad Admin.</td><td></td><td></td><td></td><td>.1</td></tr><tr><td>Farm Security Admin.</td><td></td><td></td><td></td><td>258.8</td></tr><tr><td>Federal Prisons Industries, Inc</td><td></td><td></td><td></td><td>8.0</td></tr><tr><td>Interior Department (Indian loans)</td><td></td><td></td><td></td><td>2.7</td></tr><tr><td>Puerto Rico Reconstruction Admin.</td><td></td><td></td><td></td><td>8.0</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>1,132.9</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>-</td></tr><tr><td>U. S. Housing Authority</td><td></td><td></td><td></td><td>15.0</td></tr><tr><td>Tennessee Valley Authority</td><td></td><td></td><td></td><td>50.3</td></tr><tr><td>Federal Farm Mortgage Corp.</td><td></td><td></td><td></td><td>5.0</td></tr><tr><td>Total</td><td></td><td></td><td></td><td>110.0</td></tr><tr><td>Grand Total</td><td></td><td></td><td></td><td>3,607.1</td></tr></table>
Notes: Figures in this table are rounded to nearest tenth of million and will not necessarily add to totals.
Excluding inter-agency transactions.
Less than $100,000.
Excess inter-agency assets (deduct).
Deficit.
Exclusive of special obligations held by the Treasury shown at end of statement.
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.
of the United States: Jan. 31, 1940
(Compiled from latest reports received from these agencies)
(In millions of dollars)
28
Sources of Funds of Certain Governmental Corporations and Agencies for the First 7 Months, Fiscal Year 1940
(Compiled from latest reports received by the Treasury)
<table><tr><th>Corporation or agency</th><th>Appropriations from general fund 1/</th><th>Allocations, redisc- counts, and loans from other govern- mental corporations or agencies (net)</th><th>Sale of obligations to Treasury (net)</th><th>Sale of obli- gations 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>$243,047,627*</td><td>$276,468,000</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>$119,599,918</td><td>-</td><td>10,000,000*</td><td>200,620,000</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>$8,900,000</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>24,146,400</td><td>50,918,498</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-</td><td>-</td><td>20,000,000*</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>40,069,925*</td><td>-</td></tr><tr><td>United States Housing Authority</td><td>2,219,353</td><td>-</td><td>15,000,000</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>-</td><td>5,000,000</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>$27,800</td></tr><tr><td>Disaster Loan Corporation</td><td>4,000,000 3/</td><td>794,749</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Electric Home and Farm Authority</td><td>-</td><td>-</td><td>-</td><td>890,150</td><td>-</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>-</td><td>25,202,237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>RFC Mortgage Company 2/</td><td>-</td><td>1,652,547</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total</td><td>149,965,691</td><td>87,468,031</td><td>253,047,627*</td><td>281,986,225</td><td>27,800</td></tr></table>
<table><tr><th>Corporation or agency</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>$2,775,585</td><td>$159,361,291</td><td>$36,531,831</td><td>$9,992,972</td><td>$242,082,052</td></tr><tr><td>Commodity Credit Corporation</td><td>17,861,657</td><td>41,739,745</td><td>3,267,390</td><td>5,577,563</td><td>378,666,273</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>2,856,297</td><td>1,200,500</td><td>66,215</td><td>13,023,012</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>17,151,718</td><td>48,525,060</td><td>327,364</td><td>66,004,142</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>506,683</td><td>1,906,145</td><td>2,143</td><td>77,479,869</td></tr><tr><td>Home Owners' Loan Corporation</td><td>25,079,584</td><td>105,005,958</td><td>78,209,020</td><td>6,139,096</td><td>148,533,658</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>3,275,416</td><td>76,068</td><td>3,351,484</td></tr><tr><td>Federal Home Loan Banks</td><td>-</td><td>75,459,086</td><td>2,989,879</td><td>-</td><td>38,379,040</td></tr><tr><td>United States Housing Authority</td><td>-</td><td>26,648,754</td><td>2,688,139</td><td>26,152</td><td>46,582,408</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>2,403,727</td><td>41,015,833</td><td>37,341,507</td><td>798,305 5/</td><td>23,462,628</td></tr><tr><td>Central Bank for Cooperatives</td><td>-</td><td>15,237,527</td><td>719,473</td><td>35,635</td><td>16,020,435</td></tr><tr><td>Disaster Loan Corporation</td><td>17,309</td><td>1,142,919</td><td>157,361</td><td>6,054</td><td>6,118,392</td></tr><tr><td>Electric Home and Farm Authority</td><td>-</td><td>3,814,282</td><td>555,981</td><td>30,049</td><td>5,290,462</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>9,350</td><td>5,201,634</td><td>3,820,734</td><td>66,323</td><td>34,300,278</td></tr><tr><td>RFC Mortgage Company 2/</td><td>301,327</td><td>10,867,013</td><td>1,476,320</td><td>-</td><td>14,297,207</td></tr><tr><td>Total</td><td>48,448,539</td><td>506,008,740</td><td>222,664,756</td><td>23,143,939</td><td>1,066,666,084</td></tr></table>
Items in this column are the only ones in this statement which constitute a charge against the Federal Budget. Effective October 31, 1939, separate statements are being prepared 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. 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 canceled by the Secretary of the Treasury pursuant to the Act of February 24, 1938. Receipts from the sale of property in liquidation of loans are shown as "Sale of Other Property Acquired". Excess of disbursements; deduct. Excess of retirements; deduct.
29
Uses of Funds of Certain Governmental Corporations and Agencies for the First 7 Months, Fiscal Year 1940
(Compiled from latest reports received by the Treasury - Expenditures on basis of checks issued)
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgages 1/</th></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>$5,340,790</td><td>$656,112</td><td>-</td><td>$151,742,105</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>2,371,446</td><td>-</td><td>43,552,744 1/</td><td>300,501,463 1/</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>42,264</td><td>1,111</td><td>-</td><td>12,939,321</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>1,994,475</td><td>-</td><td>-</td><td>26,553,280</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>1,594,542</td><td>-</td><td>-</td><td>69,466,422</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>13,855,006</td><td>22,262,454</td><td>14,738,055</td><td>52,934,233</td><td>$73,309,750</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>140,300</td><td>4,338</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Home Loan Banks</td><td>713,205</td><td>-</td><td>-</td><td>63,285,467</td><td>-</td></tr><tr><td>United States Housing Authority</td><td>3,240,160</td><td>827,025</td><td>357,829</td><td>92,760,312</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>5,310,373</td><td>863,431</td><td>2,067,176</td><td>13,928,090</td><td>-</td></tr><tr><td>Central Bank for Cooperatives</td><td>68,632</td><td>-</td><td>-</td><td>18,561,372</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>321,350</td><td>8,136</td><td>-</td><td>5,788,906</td><td>-</td></tr><tr><td>Electric Home and Farm Authority</td><td>250,491</td><td>130,094</td><td>-</td><td>4,755,150</td><td>-</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>511,405</td><td>503,018</td><td>-</td><td>31,650,638</td><td>-</td></tr><tr><td>RMC Mortgage Company 2/</td><td>416,882</td><td>277,454</td><td>-</td><td>12,684,715</td><td>-</td></tr><tr><td>Total</td><td>36,171,321</td><td>25,533,173</td><td>60,715,804</td><td>857,551,474</td><td>73,309,750</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net)</th><th>Allocations, rediscounts, 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>$48,404,626</td><td>$8,987,264</td><td>$8,684,735</td><td>$223,815,632</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>15,004,796</td><td>1,424,251</td><td>16,781,168</td><td>379,635,868</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-</td><td>-</td><td>65,110</td><td>13,047,806</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>$27,217,747</td><td>-</td><td>-</td><td>140,967</td><td>55,906,469</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>223,598</td><td>100,120</td><td>71,384,682</td></tr><tr><td>Home Owners' Loan Corporation</td><td>9,835,325*</td><td>-</td><td>40,866,035</td><td>-</td><td>208,130,208</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>2,525,131</td><td>-</td><td>527,814</td><td>6,851</td><td>3,204,434</td></tr><tr><td>Federal Home Loan Banks</td><td>1,942,463</td><td>-</td><td>2,676,239</td><td>3,276,083</td><td>71,893,457</td></tr><tr><td>United States Housing Authority</td><td>800,000</td><td>-</td><td>1,602,450</td><td>-</td><td>99,587,776</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>17,625,000*</td><td>-</td><td>23,444,221</td><td>1,756,879</td><td>29,745,170</td></tr><tr><td>Central Bank for Cooperatives</td><td>7,352,355*</td><td>795,525</td><td>38,071</td><td>111,109</td><td>12,222,354</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,118,392</td></tr><tr><td>Electric Home and Farm Authority</td><td>-</td><td>-</td><td>46,272</td><td>887</td><td>5,182,894</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>-</td><td>-</td><td>1,605,372</td><td>29,845</td><td>34,300,278</td></tr><tr><td>RFC Mortgage Company 2/</td><td>-</td><td>-</td><td>580,293</td><td>339,071</td><td>14,238,415</td></tr><tr><td>Total</td><td>2,327,339*</td><td>64,204,947</td><td>82,021,580</td><td>31,292,825</td><td>1,228,473,835</td></tr></table>
1/ Receipts received in payment of mortgages appear under "Repayment of Loans" in the statement of sources of funds.
2/ Effective October 31, 1939, separate statements are being made 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.
3/ To adjust classification.
Excess of sales over purchases; deduct.
30
Sources of Funds of Certain Governmental Corporations and Agencies from Inception of Organization to January 31, 1940
(Compiled from latest reports received by the Treasury)
<table><tr><th>Corporation or agency</th><th>Appropriations from general fund 1/</th><th>Allocations, redisc- ounts, and loans from other govern- mental corporations or agencies (net)</th><th>Sale of obligations to Treasury (net)</th><th>Sale of obli- gations 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>-</td><td>$1,096,157,000</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>313,885,323 3/</td><td>-</td><td>-</td><td>406,794,000</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>93,297,237</td><td>$114,766,073</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>200,000,000 4/</td><td>-</td><td>-</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 6/</td><td>-</td><td>-</td><td>89,516,250</td><td>-</td></tr><tr><td>United States Housing Authority</td><td>32,575,586</td><td>-</td><td>$15,000,000</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>40,000,000</td><td>1,234,387,900</td><td>-</td></tr><tr><td>Central Bank for Cooperatives</td><td>50,000,000</td><td>4,452,500</td><td>-</td><td>-</td><td>398,800</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>8,971,772</td><td>-</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>-</td><td>50,102,241</td><td>-</td><td>85,240,000</td><td>11,000,000</td></tr><tr><td>RFC Mortgage Company 2/</td><td>-</td><td>31,507,183</td><td>-</td><td>-</td><td>25,000,000</td></tr><tr><td>Total</td><td>1,688,499,146</td><td>200,827,997</td><td>55,000,000</td><td>6,149,677,472</td><td>320,638,357</td></tr></table>
<table><tr><th>Corporation or agency</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>$16,054,194</td><td>$4,837,220,655</td><td>$531,300,355</td><td>$69,374,458</td><td>$7,050,106,662</td></tr><tr><td>Commodity Credit Corporation</td><td>25,558,902</td><td>610,264,870</td><td>12,776,204</td><td>6,100,122</td><td>1,375,379,421</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>34,828,006</td><td>5,127,887</td><td>707,119</td><td>86,663,012</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>34,629,987</td><td>238,229,054</td><td>3,533,524</td><td>565,692,122</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>940,442</td><td>3,227,827</td><td>7,017</td><td>212,238,596</td></tr><tr><td>Home Owners' Loan Corporation</td><td>66,119,655</td><td>706,007,994</td><td>717,980,373</td><td>10,933,570</td><td>4,815,495,142</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>26,267,095</td><td>107,136</td><td>126,374,231</td></tr><tr><td>Federal Home Loan Banks</td><td>-</td><td>429,520,913</td><td>32,660,558</td><td>30,625,171</td><td>707,063,892</td></tr><tr><td>United States Housing Authority</td><td>-</td><td>27,446,053</td><td>8,410,272</td><td>176,877</td><td>197,765,788</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>7,099,481</td><td>222,351,094</td><td>345,246,961</td><td>9,092,065</td><td>2,058,177,501</td></tr><tr><td>Central Bank for Cooperatives</td><td>-</td><td>179,753,758</td><td>9,098,567</td><td>2,341,280</td><td>246,044,905</td></tr><tr><td>Disaster Loan Corporation</td><td>28,546</td><td>3,528,146</td><td>414,808</td><td>55,558</td><td>26,027,058</td></tr><tr><td>Electric Home and Farm Authority</td><td>-</td><td>12,058,870</td><td>2,098,729</td><td>211,201</td><td>24,340,572</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>9,350</td><td>9,916,480</td><td>7,581,701</td><td>2,304,588</td><td>166,154,360</td></tr><tr><td>RFC Mortgage Company 2/</td><td>304,131</td><td>89,677,891</td><td>8,415,447</td><td>2,764,774</td><td>157,669,426</td></tr><tr><td>Total</td><td>115,174,259</td><td>7,198,145,159</td><td>1,948,835,838</td><td>138,334,460</td><td>17,815,192,688</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 October 31, 1939, 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 canceled 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 canceled 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".
31
Uaeo of Funda of Certain Governmental Corporations and Agencies from Inception of Organization to January 31, 1940
(Compiled from latest reports received by the Treasury - Expenditures on basis of checks issued)
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgages 1/</th></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>$70,267,589</td><td>$6,111,108</td><td>-</td><td>$6,456,620,711</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>6,528,943</td><td>-</td><td>$46,435,255 1/</td><td>1,264,517,193 1/</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>344,521</td><td>1,319</td><td>-</td><td>75,374,516</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>18,562,217</td><td>-</td><td>-</td><td>104,739,052</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>7,199,906</td><td>-</td><td>-</td><td>191,804,247</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>183,315,680</td><td>80,095,947</td><td>116,342,783</td><td>3,225,819,954</td><td>$304,358,275</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>916,661</td><td>14,566</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Home Loan Banks</td><td>7,872,161</td><td>-</td><td>-</td><td>586,308,858</td><td>-</td></tr><tr><td>United States Housing Authority</td><td>8,007,729</td><td>3,499,016</td><td>26,008,868</td><td>151,710,439</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>59,003,121</td><td>2,694,098</td><td>8,737,611</td><td>979,564,325</td><td>-</td></tr><tr><td>Central Bank for Cooperatives</td><td>682,509</td><td>-</td><td>-</td><td>196,007,570</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>1,773,193</td><td>81,356</td><td>-</td><td>23,085,227</td><td>-</td></tr><tr><td>Electric Home and Farm Authority</td><td>1,237,095</td><td>459,058</td><td>-</td><td>21,835,827</td><td>-</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>1,196,373</td><td>959,281</td><td>-</td><td>161,609,395</td><td>-</td></tr><tr><td>RFC Mortgage Company 2/</td><td>3,301,530</td><td>2,299,227</td><td>-</td><td>148,925,615</td><td>-</td></tr><tr><td>Total</td><td>375,209,228</td><td>96,214,976</td><td>197,524,517</td><td>13,587,922,929</td><td>304,358,275</td></tr></table>
<table><tr><th>Corporation or agency</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>$173,382,510</td><td>$230,768,258</td><td>$13,069,610</td><td>$7,031,219,786</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>21,492,063</td><td>18,486,602</td><td>17,289,376</td><td>1,374,749,432</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>7,400,000</td><td>2,262,329</td><td>529,301</td><td>85,911,986</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>370,713,604</td><td>-</td><td>42,314,932</td><td>693,716</td><td>537,023,521</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>771,309</td><td>283,906</td><td>200,059,368</td></tr><tr><td>Home Owners' Loan Corporation</td><td>306,623,635</td><td>-</td><td>403,075,905</td><td>10,006,179</td><td>4,634,638,358</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>120,460,270</td><td>-</td><td>3,949,210</td><td>566,189</td><td>125,906,896</td></tr><tr><td>Federal Home Loan Banks</td><td>50,929,805</td><td>-</td><td>17,093,215</td><td>168,475</td><td>662,372,514</td></tr><tr><td>United States Housing Authority</td><td>2,500,000</td><td>-</td><td>1,660,915</td><td>60,858</td><td>193,147,825</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>761,329,840</td><td>-</td><td>215,306,450</td><td>12,747,677</td><td>2,039,383,122</td></tr><tr><td>Central Bank for Cooperatives</td><td>38,157,645</td><td>-</td><td>461,368</td><td>3,169,227</td><td>238,478,319</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>1,086,215</td><td>-</td><td>67</td><td>26,026,058</td></tr><tr><td>Electric Home and Farm Authority</td><td>-</td><td>-</td><td>166,004</td><td>184,583</td><td>23,882,567</td></tr><tr><td>Federal National Mortgage Association 2/</td><td>-</td><td>-</td><td>2,330,323</td><td>58,988</td><td>166,154,360</td></tr><tr><td>RFO Mortgage Company 2/</td><td>-</td><td>-</td><td>3,135,445</td><td>2,366</td><td>157,664,183</td></tr><tr><td>Total</td><td>1,731,714,799</td><td>203,360,788</td><td>941,782,265</td><td>58,830,518</td><td>17,496,918,295</td></tr></table>
Receipts received in payment of mortgages appear under "Repayment of Loans" in the statement of sources of funds. Effective October 31, 1939, separate statements are being shown for the Reconstruction Finance Corporation, Federal National Mortgage Association and the FIO Mortgage Company. Previous statements included the letter two corporations with the Reconstruction Finance Corporation figures. To adjust classification. Include U. S. Government Bonds in the amount of $353,539,618 as follows: Federal Deposit Insurance Corporation $282,223,462; Federal Savings and Loan Insurance Corporation, $12,464,500; U. S. Housing Authority, $2,500,000; the Banks for Cooperatives, $24,065,000; and Federal Home Loan Banks, $32,286,656.
32
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>4,664.6</td><td>-</td><td>1,422.2</td><td>.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>.6</td><td>2,937.2</td><td>298.9</td><td>-</td></tr><tr><td>1939</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>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>2,784.6</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>5,356.3</td><td>408.7</td><td>1,279.3</td><td>2.9</td><td>2,731.3</td><td>819.9</td><td>114.2</td></tr><tr><td>Nov.</td><td>5,620.7</td><td>406.8</td><td>1,269.4</td><td>3.4</td><td>2,731.2</td><td>1,095.7</td><td>114.2</td></tr><tr><td>Dec.</td><td>5,704.4</td><td>407.0</td><td>1,269.8</td><td>3.5</td><td>2,813.8*</td><td>1,096.1</td><td>114.2</td></tr><tr><td>1940-Jan.</td><td>5,699.9</td><td>406.8</td><td>1,269.8</td><td>3.2</td><td>2,809.8*</td><td>1,096.1</td><td>114.2</td></tr></table>
Preliminary
1/ Exclusive of obligations sold directly to the Treasury.
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES
33
34
Summary Table - Change in Short-Term Foreign Liabilities and Assets by Classifications and Countries During 1939
(In thousands of dollars)
<table><tr><th>Classification and date</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>TOTAL SHORT-TERM FOREIGN LIABILITIES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>438,805</td><td>190,899</td><td>19,883</td><td>22,574</td><td>98,380</td><td>217,353</td><td>249,908</td><td>1,237,802</td><td>235,196</td><td>254,872</td><td>243,686</td><td>32,376</td><td>2,003,932</td></tr><tr><td>Dec. 27, 1939</td><td>468,351</td><td>263,732</td><td>7,455</td><td>35,519</td><td>204,708</td><td>365,639</td><td>520,019</td><td>1,865,423</td><td>285,090</td><td>364,523</td><td>404,901</td><td>89,744</td><td>3,009,681</td></tr><tr><td>Change</td><td>+29,546</td><td>+72,833</td><td>-12,428</td><td>+12,945</td><td>+106,328</td><td>+148,286</td><td>+270,111</td><td>+627,621</td><td>+49,894</td><td>+109,651</td><td>+161,215</td><td>+57,368</td><td>+1,005,749</td></tr><tr><td>TOTAL LIABILITIES PAYABLE IN DOLLARS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>357,633</td><td>187,156</td><td>19,340</td><td>22,326</td><td>97,097</td><td>217,099</td><td>248,285</td><td>1,148,936</td><td>233,193</td><td>254,524</td><td>231,966</td><td>31,944</td><td>1,900,563</td></tr><tr><td>Dec. 27, 1939</td><td>428,951</td><td>261,942</td><td>7,263</td><td>34,988</td><td>203,181</td><td>365,219</td><td>518,187</td><td>1,819,731</td><td>282,215</td><td>363,495</td><td>392,090</td><td>89,365</td><td>2,946,896</td></tr><tr><td>Change</td><td>+71,318</td><td>+74,786</td><td>-12,077</td><td>+12,662</td><td>+106,084</td><td>+148,120</td><td>+269,902</td><td>+670,795</td><td>+49,022</td><td>+108,971</td><td>+160,124</td><td>+57,421</td><td>+1,046,333</td></tr><tr><td>Deposits for foreign accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>344,841</td><td>181,690</td><td>19,090</td><td>21,420</td><td>92,266</td><td>198,541</td><td>232,990</td><td>1,090,838</td><td>229,906</td><td>233,980</td><td>200,995</td><td>30,053</td><td>1,785,772</td></tr><tr><td>Dec. 27, 1939</td><td>420,912</td><td>257,454</td><td>6,987</td><td>33,952</td><td>196,659</td><td>354,259</td><td>504,736</td><td>1,774,959</td><td>280,148</td><td>344,199</td><td>333,440</td><td>88,271</td><td>2,821,017</td></tr><tr><td>Change</td><td>+76,071</td><td>+75,764</td><td>-12,103</td><td>+12,532</td><td>+104,393</td><td>+155,718</td><td>+271,746</td><td>+684,121</td><td>+50,242</td><td>+110,219</td><td>+132,445</td><td>+58,218</td><td>+1,035,245</td></tr><tr><td>Bills held for foreign accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>8,224</td><td>2,114</td><td>190</td><td>761</td><td>4,131</td><td>16,400</td><td>13,592</td><td>45,412</td><td>2,945</td><td>20,275</td><td>29,872</td><td>1,776</td><td>100,280</td></tr><tr><td>Dec. 27, 1939</td><td>6,717</td><td>1,417</td><td>173</td><td>693</td><td>5,902</td><td>9,768</td><td>11,384</td><td>36,054</td><td>1,803</td><td>18,555</td><td>48,808</td><td>905</td><td>106,125</td></tr><tr><td>Change</td><td>-1,507</td><td>-697</td><td>-17</td><td>-68</td><td>+1,771</td><td>-6,632</td><td>-2,208</td><td>-9,358</td><td>-1,142</td><td>-1,720</td><td>+18,936</td><td>-871</td><td>+5,845</td></tr><tr><td>Short-term United States Government obligations held for foreign account:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>12</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>21</td><td>-</td><td>15</td><td>-</td><td>-</td><td>36</td></tr><tr><td>Dec. 27, 1939</td><td>32</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>1</td><td>43</td><td>-</td><td>-</td><td>9,500</td><td>-</td><td>9,543</td></tr><tr><td>Change</td><td>+20</td><td>-8</td><td>+10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+22</td><td>-</td><td>-15</td><td>+9,500</td><td>-</td><td>+9,507</td></tr><tr><td>Other liabilities payable in dollars:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>4,556</td><td>3,344</td><td>60</td><td>145</td><td>700</td><td>2,158</td><td>1,702</td><td>12,665</td><td>342</td><td>254</td><td>1,099</td><td>115</td><td>14,475</td></tr><tr><td>Dec. 27, 1939</td><td>1,290</td><td>3,071</td><td>93</td><td>343</td><td>620</td><td>1,192</td><td>2,066</td><td>8,675</td><td>264</td><td>741</td><td>342</td><td>189</td><td>10,211</td></tr><tr><td>Change</td><td>-3,266</td><td>-273</td><td>+33</td><td>+198</td><td>-80</td><td>-966</td><td>+364</td><td>-3,990</td><td>-78</td><td>487</td><td>-757</td><td>+74</td><td>-4,264</td></tr><tr><td>TOTAL LIABILITIES PAYABLE IN FOREIGN CURRENCIES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>81,172</td><td>3,743</td><td>543</td><td>248</td><td>1,283</td><td>254</td><td>1,623</td><td>88,866</td><td>2,003</td><td>348</td><td>11,720</td><td>432</td><td>103,369</td></tr><tr><td>Dec. 27, 1939</td><td>39,400</td><td>1,790</td><td>192</td><td>531</td><td>1,527</td><td>420</td><td>1,832</td><td>45,692</td><td>2,875</td><td>1,028</td><td>12,611</td><td>379</td><td>62,785</td></tr><tr><td>Change</td><td>-41,772</td><td>-1,953</td><td>-351</td><td>+283</td><td>+244</td><td>+166</td><td>+209</td><td>+43,174</td><td>+872</td><td>+680</td><td>+1,091</td><td>-53</td><td>+40,584</td></tr><tr><td>Borrowings from foreign banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>47,830</td><td>100</td><td>538</td><td>98</td><td>291</td><td>77</td><td>1,120</td><td>50,054</td><td>1,566</td><td>272</td><td>11,112</td><td>114</td><td>63,118</td></tr><tr><td>Dec. 27, 1939</td><td>8,102</td><td>331</td><td>190</td><td>310</td><td>410</td><td>143</td><td>1,271</td><td>10,757</td><td>2,552</td><td>286</td><td>10,328</td><td>29</td><td>23,952</td></tr><tr><td>Change</td><td>-39,728</td><td>+231</td><td>-348</td><td>+212</td><td>+119</td><td>+66</td><td>+151</td><td>-39,297</td><td>+986</td><td>+14</td><td>-784</td><td>-85</td><td>-39,166</td></tr><tr><td>Acceptances made by foreign banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>27,704</td><td>3,407</td><td>-</td><td>30</td><td>825</td><td>29</td><td>35</td><td>32,030</td><td>362</td><td>-</td><td>30</td><td>2</td><td>32,424</td></tr><tr><td>Dec. 27, 1939</td><td>26,991</td><td>1,325</td><td>-</td><td>135</td><td>761</td><td>24</td><td>217</td><td>29,453</td><td>220</td><td>1</td><td>54</td><td>21</td><td>29,749</td></tr><tr><td>Change</td><td>-713</td><td>-2,082</td><td>-</td><td>+105</td><td>-64</td><td>-5</td><td>+182</td><td>-2,577</td><td>-142</td><td>+1</td><td>+24</td><td>+19</td><td>-2,675</td></tr><tr><td>Other liabilities payable in foreign currencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>5,638</td><td>236</td><td>5</td><td>120</td><td>167</td><td>148</td><td>468</td><td>6,782</td><td>75</td><td>76</td><td>578</td><td>316</td><td>7,827</td></tr><tr><td>Dec. 27, 1939</td><td>4,307</td><td>134</td><td>2</td><td>86</td><td>356</td><td>253</td><td>344</td><td>5,482</td><td>103</td><td>741</td><td>2,429</td><td>329</td><td>9,084</td></tr><tr><td>Change</td><td>-1,331</td><td>-102</td><td>-3</td><td>-34</td><td>+189</td><td>+105</td><td>-124</td><td>-1,300</td><td>+28</td><td>+665</td><td>+1,851</td><td>+13</td><td>+1,257</td></tr><tr><td>TOTAL SHORT-TERM FOREIGN ASSETS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>87,668</td><td>13,256</td><td>90,905</td><td>13,284</td><td>25,517</td><td>5,428</td><td>46,730</td><td>282,788</td><td>65,700</td><td>99,211</td><td>162,626</td><td>15,717</td><td>626,042</td></tr><tr><td>Dec. 27, 1939</td><td>44,394</td><td>4,964</td><td>53,946</td><td>10,871</td><td>6,596</td><td>4,933</td><td>53,017</td><td>178,723</td><td>46,308</td><td>117,502</td><td>186,908</td><td>11,866</td><td>541,305</td></tr><tr><td>Change</td><td>-43,274</td><td>-8,292</td><td>-36,959</td><td>-2,413</td><td>-18,921</td><td>-195</td><td>+6,287</td><td>-104,067</td><td>-19,392</td><td>+18,291</td><td>+24,282</td><td>-3,851</td><td>-84,737</td></tr><tr><td>TOTAL ASSETS PAYABLE IN FOREIGN CURRENCIES</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>45,019</td><td>1,536</td><td>1,160</td><td>2,271</td><td>5,959</td><td>2,920</td><td>4,943</td><td>63,808</td><td>18,404</td><td>7,223</td><td>59,553</td><td>1,056</td><td>150,044</td></tr><tr><td>Dec. 27, 1939</td><td>26,986</td><td>688</td><td>344</td><td>894</td><td>1,839</td><td>554</td><td>2,977</td><td>34,282</td><td>8,659</td><td>3,032</td><td>22,818</td><td>940</td><td>69,731</td></tr><tr><td>Change</td><td>-18,033</td><td>-848</td><td>-816</td><td>-1,377</td><td>-4,120</td><td>-2,366</td><td>-1,966</td><td>-29,526</td><td>-9,745</td><td>-4,191</td><td>-35,735</td><td>-116</td><td>-80,313</td></tr><tr><td>Banka own deposits abroad:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>24,305</td><td>1,161</td><td>908</td><td>102</td><td>4,266</td><td>2,165</td><td>2,317</td><td>35,224</td><td>14,262</td><td>1,344</td><td>1,370</td><td>201</td><td>52,401</td></tr><tr><td>Dec. 27, 1939</td><td>14,808</td><td>349</td><td>47</td><td>69</td><td>1,415</td><td>428</td><td>600</td><td>17,716</td><td>5,902</td><td>949</td><td>1,188</td><td>47</td><td>25,802</td></tr><tr><td>Change</td><td>-9,497</td><td>-812</td><td>-861</td><td>-33</td><td>-2,851</td><td>-1,737</td><td>-1,717</td><td>-17,508</td><td>-8,360</td><td>-395</td><td>-182</td><td>-154</td><td>-26,599</td></tr><tr><td>Deposits abroad for account of domestic clients:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>4,409</td><td>154</td><td>137</td><td>2,035</td><td>190</td><td>645</td><td>1,121</td><td>8,691</td><td>1,527</td><td>170</td><td>49,317</td><td>28</td><td>59,733</td></tr><tr><td>Dec. 27, 1939</td><td>4,785</td><td>177</td><td>275</td><td>710</td><td>119</td><td>29</td><td>658</td><td>6,753</td><td>1,335</td><td>640</td><td>19,985</td><td>29</td><td>28,742</td></tr><tr><td>Change</td><td>+376</td><td>+23</td><td>+138</td><td>-1,325</td><td>-71</td><td>-616</td><td>-463</td><td>-1,938</td><td>-192</td><td>+470</td><td>-29,332</td><td>+1</td><td>-30,991</td></tr><tr><td>Other assets payable in foreign currencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>16,305</td><td>221</td><td>115</td><td>134</td><td>1,503</td><td>110</td><td>1,505</td><td>19,893</td><td>2,615</td><td>5,709</td><td>8,866</td><td>827</td><td>37,910</td></tr><tr><td>Dec. 27, 1939</td><td>7,393</td><td>162</td><td>22</td><td>115</td><td>305</td><td>97</td><td>1,719</td><td>9,813</td><td>1,422</td><td>1,443</td><td>1,645</td><td>864</td><td>15,187</td></tr><tr><td>Change</td><td>-8,912</td><td>-59</td><td>-93</td><td>-19</td><td>-1,198</td><td>-13</td><td>+214</td><td>-10,080</td><td>-1,193</td><td>-4,266</td><td>-7,221</td><td>+37</td><td>-22,723</td></tr><tr><td>TOTAL ASSETS PAYABLE IN DOLLARS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>42,649</td><td>11,720</td><td>89,745</td><td>11,013</td><td>19,558</td><td>2,508</td><td>41,787</td><td>218,980</td><td>47,296</td><td>91,988</td><td>103,073</td><td>14,661</td><td>475,938</td></tr><tr><td>Dec. 27, 1939</td><td>17,408</td><td>4,276</td><td>53,602</td><td>9,977</td><td>4,757</td><td>4,379</td><td>50,040</td><td>144,439</td><td>37,649</td><td>114,470</td><td>164,090</td><td>10,926</td><td>471,578</td></tr><tr><td>Change</td><td>-25,241</td><td>-7,444</td><td>-36,143</td><td>-1,036</td><td>-14,801</td><td>+1,871</td><td>+8,253</td><td>-74,541</td><td>-9,647</td><td>+22,482</td><td>+61,017</td><td>-3,735</td><td>-41,420</td></tr><tr><td>Loans to foreign banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>31,117</td><td>5,682</td><td>7,884</td><td>1,333</
35
Summary Table - Change in Foreign Balances in Brokerage Accounts as Reported by Brokers and Dealers in the United States During 1939
(In thousands of dollars)
<table><tr><th>Classification and date</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>Foreign debit balances: (due from abroad)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>9,283</td><td>6,762</td><td>169</td><td>93</td><td>3,505</td><td>3,292</td><td>5,285</td><td>28,389</td><td>21,093</td><td>4,676</td><td>8,185</td><td>485</td><td>62,828</td></tr><tr><td>Dec. 27, 1939</td><td>3,575</td><td>3,009</td><td>87</td><td>125</td><td>2,386</td><td>3,082</td><td>5,604</td><td>17,868</td><td>13,238</td><td>5,351</td><td>11,814</td><td>443</td><td>48,714</td></tr><tr><td>Change</td><td>-5,708</td><td>-3,753</td><td>-82</td><td>+32</td><td>-1,119</td><td>-210</td><td>+319</td><td>-10,521</td><td>-7,855</td><td>+675</td><td>3,629</td><td>-42</td><td>-14,114</td></tr><tr><td>Foreign credit balances: (due to abroad)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 28, 1938</td><td>6,503</td><td>5,332</td><td>217</td><td>114</td><td>3,970</td><td>6,907</td><td>2,868</td><td>25,911</td><td>4,542</td><td>1,755</td><td>712</td><td>312</td><td>33,232</td></tr><tr><td>Dec. 27, 1939</td><td>7,095</td><td>7,516</td><td>105</td><td>51</td><td>6,755</td><td>14,253</td><td>3,112</td><td>38,887</td><td>2,995</td><td>4,449</td><td>1,340</td><td>2,015</td><td>49,686</td></tr><tr><td>Change</td><td>+592</td><td>+2,184</td><td>-112</td><td>-63</td><td>+2,785</td><td>+7,346</td><td>+244</td><td>+12,976</td><td>-1,547</td><td>+2,694</td><td>+628</td><td>+1,703</td><td>+16,454</td></tr></table>
Summary Table - Security Transactions Between the United States and Foreign Countries During 1939
(in thousands of dollars)
<table><tr><th>Classification and period by reporting dates</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>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 foreign purchases of domestic securities: Dec. 28, 1938 - Dec. 27, 1939</td><td>233,322</td><td>87,836</td><td>1,250</td><td>2,181</td><td>126,633</td><td>175,785</td><td>59,769</td><td>686,776</td><td>163,920</td><td>44,478</td><td>83,603</td><td>11,031</td><td>989,808</td></tr><tr><td>Total foreign sales of domestic securities: Dec. 28, 1938 - Dec. 27, 1939</td><td>377,692</td><td>87,988</td><td>6,764</td><td>1,605</td><td>112,516</td><td>134,717</td><td>56,311</td><td>777,593</td><td>194,865</td><td>38,067</td><td>83,874</td><td>7,766</td><td>1,102,165</td></tr><tr><td>Net foreign purchases of domestic securities or sales (-): Dec. 28, 1938 - Dec. 27, 1939</td><td>-144,370</td><td>-152</td><td>-5,514</td><td>576</td><td>14,117</td><td>41,068</td><td>3,458</td><td>-90,817</td><td>-30,945</td><td>6,411</td><td>-271</td><td>3,265</td><td>-112,357</td></tr><tr><td>Total foreign purchases of foreign securities: Dec. 28, 1938 - Dec. 27, 1939</td><td>55,909</td><td>27,232</td><td>4,370</td><td>9,979</td><td>11,738</td><td>32,414</td><td>34,288</td><td>175,930</td><td>330,377</td><td>28,106</td><td>12,999</td><td>4,135</td><td>551,547</td></tr><tr><td>Total foreign sales of foreign securities: Dec. 28, 1938 - Dec. 27, 1939</td><td>59,439</td><td>11,338</td><td>812</td><td>2,917</td><td>9,701</td><td>24,698</td><td>11,549</td><td>120,454</td><td>302,976</td><td>11,461</td><td>4,048</td><td>2,506</td><td>441,445</td></tr><tr><td>Net foreign purchases of foreign securities or sales (-): Dec. 28, 1938 - Dec. 27, 1939</td><td>-3,530</td><td>15,894</td><td>3,558</td><td>7,062</td><td>2,037</td><td>7,716</td><td>22,739</td><td>55,476</td><td>27,401</td><td>16,645</td><td>8,951</td><td>1,629</td><td>110,102</td></tr><tr><td>Total foreign purchases of securities: Dec. 28, 1938 - Dec. 27, 1939</td><td>289,231</td><td>115,068</td><td>5,620</td><td>12,160</td><td>138,371</td><td>208,199</td><td>94,057</td><td>862,706</td><td>494,297</td><td>72,584</td><td>96,602</td><td>15,166</td><td>1,541,355</td></tr><tr><td>Total foreign sales of securities: Dec. 28, 1938 - Dec. 27, 1939</td><td>437,131</td><td>99,326</td><td>7,576</td><td>4,522</td><td>122,217</td><td>159,415</td><td>67,860</td><td>898,047</td><td>497,841</td><td>49,528</td><td>87,922</td><td>10,272</td><td>1,543,618</td></tr><tr><td>Net foreign purchases of securities or sales (-): Dec. 28, 1938 - Dec. 27, 1939</td><td>-147,900</td><td>15,742</td><td>-1,956</td><td>7,638</td><td>16,154</td><td>48,784</td><td>26,197</td><td>-35,341</td><td>-3,544</td><td>23,056</td><td>8,680</td><td>4,894</td><td>-2,255</td></tr></table>
Summary Table - Purchases and Sales of Foreign Exchange, Outstanding Forward Exchange Contracts Entered into, and Net Position in Foreign Currencies, as Reported by Banks and Bankers in the United States for 1939
(In thousands of dollars)
<table><tr><th>Classification and period by re-reporting dates</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-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>Purchases of exchange: Dec. 28, 1938 - Dec. 27, 1939 Spot.... Dec. 28, 1938 - Dec. 27, 1939 Forward.</td><td>3,170,198 1,767,441</td><td>126,024 21,070</td><td>20,834 903</td><td>29,878 5,256</td><td>193,126 85,269</td><td>75,779 11,583</td><td>135,689 51,178</td><td>3,751,528 1,942,705</td><td>1,144,117 415,377</td><td>23,765 2,821</td><td>123,895 101,381</td><td>20,598 466</td><td>5,063,903 2,462,750</td></tr><tr><td>Sales of exchange: Dec. 28, 1938 - Dec. 27, 1939 Spot.... Dec. 28, 1938 - Dec. 27, 1939 Forward.</td><td>2,991,262 1,962,322</td><td>117,003 26,508</td><td>20,302 1,473</td><td>26,173 1,944</td><td>164,631 114,384</td><td>67,176 20,465</td><td>127,116 61,106</td><td>3,513,663 2,188,202</td><td>1,079,463 484,167</td><td>21,653 4,115</td><td>129,308 95,893</td><td>7,123 352</td><td>4,751,210 2,772,729</td></tr><tr><td>Outstanding forward exchange contracts: Purchase contracts as of- Dec. 28, 1938.... Dec. 27, 1939....</td><td>350,509 224,426</td><td>10,119 681</td><td>34 -</td><td>400 239</td><td>9,818 21,472</td><td>2,980 1,834</td><td>15,383 6,304</td><td>389,243 254,956</td><td>68,186 57,215</td><td>2,087 1,410</td><td>14,864 16,459</td><td>203 73</td><td>474,583 330,113</td></tr><tr><td>Sales contracts as of- Dec. 28, 1938.... Dec. 27, 1939....</td><td>364,091 241,722</td><td>13,511 1,064</td><td>84 -</td><td>611 372</td><td>16,213 25,887</td><td>5,993 3,125</td><td>18,458 7,912</td><td>418,961 280,082</td><td>76,404 58,648</td><td>4,538 2,259</td><td>18,138 11,365</td><td>201 62</td><td>518,242 352,416</td></tr><tr><td>Net sale (-) or net purchase (-) contracts as of- Dec. 28, 1938.... Dec. 27, 1939....</td><td>-13,582 -17,296</td><td>-3,392 -383</td><td>-50 -</td><td>-211 -133</td><td>-6,395 -4,415</td><td>-3,013 -1,291</td><td>-3,075 -1,608</td><td>-29,718 -25,126</td><td>-8,218 -1,433</td><td>-2,451 -849</td><td>-3,274 +5,094</td><td>+2 +11</td><td>-43,699 -22,303</td></tr><tr><td>Position of banks and bankers in foreign currencies (-) indicates long position (+) indicates short position as of- Dec. 28, 1938.... Dec. 27, 1939....</td><td>-7,181 -6,001</td><td>-2,432 +131</td><td>-3 -148</td><td>-952 -582</td><td>-2,517 -3,571</td><td>-824 -932</td><td>-1,993 -2,474</td><td>-15,902 -13,577</td><td>+3,394 +1,145</td><td>+172 -161</td><td>-5,332 -3,531</td><td>+181 -16</td><td>-17,487 -16,140</td></tr></table>
36
Net Capital Movement between the United States and Foreign Countries 1935 through December 1939
(In thousands of dollars. Capital inflow or capital outflow (-))
<table><tr><th>Movement during following periods</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latia America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>MOVEMENT IN SHORT-TERM BANKING FUNDS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1, 1936</td><td>337,385</td><td>177,610</td><td>28,829</td><td>21,011</td><td>55,362</td><td>73,990</td><td>69,476</td><td>763,663</td><td>41,394</td><td>53,554</td><td>96,140</td><td>9,878</td><td>964,629</td></tr><tr><td>Jan. 1, 1936-Dec. 30, 1936</td><td>4,166</td><td>28,599</td><td>39,892</td><td>18,254</td><td>7,229</td><td>38,550</td><td>32,192</td><td>168,882</td><td>82,251</td><td>120,672</td><td>24,609</td><td>928</td><td>397,342</td></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937</td><td>55,151</td><td>-29,162</td><td>46,003</td><td>-25,896</td><td>9,283</td><td>178,423</td><td>34,625</td><td>268,427</td><td>-69,087</td><td>43,678</td><td>24,083</td><td>-11,507</td><td>255,594</td></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938</td><td>174,438</td><td>47,232</td><td>15,796</td><td>4,356</td><td>5,661</td><td>-84,633</td><td>93,761</td><td>262,611</td><td>111,078</td><td>-17,201</td><td>-77,158</td><td>13,885</td><td>293,215</td></tr><tr><td>Dec. 28, 1938-Dec. 27, 1939</td><td>72,820</td><td>81,125</td><td>24,531</td><td>15,358</td><td>125,249</td><td>148,781</td><td>263,824</td><td>731,688</td><td>69,286</td><td>91,360</td><td>136,933</td><td>61,219</td><td>1,090,486</td></tr><tr><td>Total</td><td>643,960</td><td>305,404</td><td>155,051</td><td>33,083</td><td>202,784</td><td>355,111</td><td>499,878</td><td>2,195,271</td><td>234,922</td><td>292,063</td><td>204,607</td><td>74,403</td><td>3,001,266</td></tr><tr><td>Week ended 1939-Dec. 6</td><td>-17,800</td><td>-6,546</td><td>1,904</td><td>-5,810</td><td>-500</td><td>3,688</td><td>15,746</td><td>-9,258</td><td>-4,741</td><td>-1,000</td><td>8,991</td><td>323</td><td>-5,689</td></tr><tr><td>Dec. 13</td><td>-24,049</td><td>-1,983</td><td>-388</td><td>3,339</td><td>7,096</td><td>18,034</td><td>-5,814</td><td>-3,765</td><td>-4,671</td><td>-1,100</td><td>155</td><td>2,143</td><td>-7,238</td></tr><tr><td>Dec. 20</td><td>28,875</td><td>-761</td><td>-368</td><td>928</td><td>7,454</td><td>-6,940</td><td>24,028</td><td>53,216</td><td>-22,552</td><td>2,049</td><td>-590</td><td>-286</td><td>31,837</td></tr><tr><td>Dec. 27</td><td>-18,127</td><td>-2,770</td><td>-166</td><td>82</td><td>-3,982</td><td>16,538</td><td>-8,792</td><td>-17,517</td><td>-13,250</td><td>117</td><td>4,277</td><td>4,518</td><td>-21,855</td></tr><tr><td>Total December</td><td>-31,101</td><td>-12,060</td><td>742</td><td>-1,461</td><td>10,068</td><td>31,320</td><td>25,168</td><td>22,676</td><td>-45,214</td><td>66</td><td>12,833</td><td>6,698</td><td>-2,941</td></tr><tr><td>MOVEMENT IN BROKERAGE BALANCES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1, 1936</td><td>13</td><td>2,418</td><td>-152</td><td>123</td><td>1,265</td><td>2,455</td><td>1,431</td><td>7,553</td><td>-4,479</td><td>968</td><td>2,878</td><td>-881</td><td>6,039</td></tr><tr><td>Jan. 1, 1936-Dec. 30, 1936</td><td>4,016</td><td>7,977</td><td>-510</td><td>131</td><td>-2,195</td><td>6,656</td><td>-1,070</td><td>15,005</td><td>-3,086</td><td>-5,182</td><td>-788</td><td>862</td><td>6,811</td></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937</td><td>7,494</td><td>1,123</td><td>669</td><td>-109</td><td>5,883</td><td>1,734</td><td>4,656</td><td>21,450</td><td>11,092</td><td>3,700</td><td>-1,569</td><td>14</td><td>34,687</td></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938</td><td>1,722</td><td>1,060</td><td>-191</td><td>58</td><td>1,828</td><td>-2,014</td><td>277</td><td>2,740</td><td>-940</td><td>-434</td><td>-1,552</td><td>220</td><td>24</td></tr><tr><td>Dec. 28, 1938-Dec. 27, 1939</td><td>6,300</td><td>5,937</td><td>-30</td><td>-95</td><td>3,904</td><td>7,556</td><td>-75</td><td>23,497</td><td>6,308</td><td>2,019</td><td>-3,001</td><td>1,745</td><td>30,568</td></tr><tr><td>Total</td><td>19,545</td><td>18,515</td><td>-214</td><td>108</td><td>10,685</td><td>16,387</td><td>5,219</td><td>70,245</td><td>8,895</td><td>1,071</td><td>-4,032</td><td>1,960</td><td>78,139</td></tr><tr><td>Week ended 1939-Dec. 6</td><td>-327</td><td>-512</td><td>-213</td><td>-12</td><td>318</td><td>40</td><td>-193</td><td>-899</td><td>-241</td><td>-301</td><td>334</td><td>-34</td><td>-1,141</td></tr><tr><td>Dec. 13</td><td>-490</td><td>133</td><td>52</td><td>-9</td><td>17</td><td>-606</td><td>540</td><td>-363</td><td>180</td><td>467</td><td>344</td><td>-59</td><td>569</td></tr><tr><td>Dec. 20</td><td>182</td><td>-93</td><td>-62</td><td>9</td><td>832</td><td>934</td><td>-3</td><td>1,799</td><td>116</td><td>340</td><td>-751</td><td>104</td><td>1,608</td></tr><tr><td>Dec. 27</td><td>577</td><td>-42</td><td>-15</td><td>-1</td><td>-87</td><td>271</td><td>-120</td><td>583</td><td>-190</td><td>-548</td><td>44</td><td>124</td><td>13</td></tr><tr><td>Total December</td><td>-58</td><td>-514</td><td>-238</td><td>-13</td><td>1,080</td><td>639</td><td>224</td><td>1,120</td><td>-135</td><td>-42</td><td>-29</td><td>135</td><td>1,049</td></tr><tr><td>MOVEMENT IN TRANSACTIONS IN DOMESTIC SECURITIES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1, 1936</td><td>149,780</td><td>23,394</td><td>-5,353</td><td>-95</td><td>50,458</td><td>55,125</td><td>12,928</td><td>286,237</td><td>2,807</td><td>3,685</td><td>21,371</td><td>2,560</td><td>316,660</td></tr><tr><td>Jan. 1, 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></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937</td><td>81,024</td><td>5,580</td><td>-9,365</td><td>-1,530</td><td>56,235</td><td>75,100</td><td>17,215</td><td>223,659</td><td>4,997</td><td>2,705</td><td>10,543</td><td>2,722</td><td>244,626</td></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938</td><td>23,869</td><td>6,168</td><td>-5,262</td><td>-568</td><td>-900</td><td>26,487</td><td>856</td><td>50,650</td><td>-9,845</td><td>5,204</td><td>1,696</td><td>1,190</td><td>48,895</td></tr><tr><td>Dec. 28, 1938-Dec. 27, 1939</td><td>-144,370</td><td>-152</td><td>-5,514</td><td>576</td><td>14,117</td><td>41,068</td><td>3,458</td><td>-90,817</td><td>-30,945</td><td>6,411</td><td>-271</td><td>3,265</td><td>-112,357</td></tr><tr><td>Total</td><td>328,218</td><td>76,342</td><td>-28,196</td><td>-4,852</td><td>277,059</td><td>342,816</td><td>60,061</td><td>1,001,448</td><td>-3,146</td><td>29,846</td><td>56,102</td><td>14,267</td><td>1,098,517</td></tr><tr><td>Week ended 1939-Dec. 6</td><td>-2,964</td><td>174</td><td>-85</td><td>28</td><td>-418</td><td>1,482</td><td>-111</td><td>-1,894</td><td>-1,215</td><td>358</td><td>-2,176</td><td>160</td><td>-4,767</td></tr><tr><td>Dec. 13</td><td>-2,607</td><td>913</td><td>-41</td><td>8</td><td>442</td><td>2,418</td><td>139</td><td>1,272</td><td>-2,064</td><td>329</td><td>-2,156</td><td>173</td><td>-2,446</td></tr><tr><td>Dec. 20</td><td>-3,088</td><td>367</td><td>-97</td><td>-1</td><td>-229</td><td>1,755</td><td>484</td><td>-809</td><td>-681</td><td>350</td><td>1,399</td><td>21</td><td>280</td></tr><tr><td>Dec. 27</td><td>-1,370</td><td>-12</td><td>9</td><td>25</td><td>1,067</td><td>880</td><td>467</td><td>1,066</td><td>100</td><td>225</td><td>291</td><td>64</td><td>1,746</td></tr><tr><td>Total December</td><td>-10,029</td><td>1,442</td><td>-214</td><td>60</td><td>862</td><td>6,535</td><td>979</td><td>-365</td><td>-3,860</td><td>1,262</td><td>-2,642</td><td>418</td><td>-5,187</td></tr><tr><td>MOVEMENT IN TRANSACTIONS IN FOREIGN SECURITIES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Jan. 2, 1935-Jan. 1, 1936</td><td>67,757</td><td>6,818</td><td>13,275</td><td>2,949</td><td>7,408</td><td>-1,191</td><td>46,129</td><td>143,145</td><td>-39,715</td><td>12,700</td><td>7,914</td><td>1,114</td><td>125,158</td></tr><tr><td>Jan. 1, 1936-Dec. 30, 1936</td><td>43,304</td><td>11,368</td><td>9,247</td><td>6,469</td><td>3,008</td><td>14,924</td><td>41,788</td><td>135,108</td><td>41,452</td><td>2,973</td><td>9,133</td><td>2,410</td><td>191,076</td></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937</td><td>20,713</td><td>4,623</td><td>4,059</td><td>4,057</td><td>10,815</td><td>16,657</td><td>27,267</td><td>88,191</td><td>8,785</td><td>159,284</td><td>7,484</td><td>3,264</td><td>267,008</td></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938</td><td>-7,694</td><td>3,352</td><td>6,482</td><td>7,027</td><td>6,106</td><td>6,694</td><td>50,687</td><td>72,654</td><td>-49,392</td><td>-8,644</td><td>9,271</td><td>2,869</td><td>26,758</td></tr><tr><td>Dec. 28, 1938-Dec. 27, 1939</td><td>-3,530</td><td>15,894</td><td>3,558</td><td>7,062</td><td>2,037</td><td>7,716</td><td>22,739</td><td>55,476</td><td>27,401</td><td>16,045</td><td>8,951</td><td>1,629</td><td>110,102</td></tr><tr><td>Total</td><td>125,550</td><td>42,055</td><td>36,621</td><td>27,584</td><td>29,374</td><td>44,800</td><td>188,610</td><td>494,574</td><td>-11,469</td><td>182,958</td><td>42,753</td><td>11,286</td><td>720,102</td></tr><tr><td>Week ended 1939-Dec. 6</td><td>293</td><td>115</td><td>17</td><td>1,081</td><td>-80</td><td>470</td><td>502</td><td>2,398</td><td>768</td><td>317</td><td>304</td><td>-143</td><td>3,044</td></tr><tr><td>Dec. 13</td><td>592</td><td>30</td><td>5</td><td>162</td><td>106</td><td>280</td><td>803</td><td>1,978</td><td>-761</td><td>240</td><td>202</td><td>18</td><td>1,677</td></tr><tr><td>Dec. 20</td><td>106</td><td>102</td><td>40</td><td>141</td><td>128</td><td>435</td><td>456</td><td>1,408</td><td>8,145</td><td>144</td><td>1,339</td><td>9</td><td>11,045</td></tr><tr><td>Dec. 27</td><td>221</td><td>126</td><td>45</td><td>119</td><td>-19</td><td>306</td><td>358</td><td>1,156</td><td>7,048</td><td>-11</td><td>118</td><td>21</td><td>8,332</td></tr><tr><td>Total December</td><td>1,212</td><td>373</td><td>107</td><td>1,503</td><td>135</td><td>1,491</td><td>2,119</td><td>6,940</td><td>15,200</td><td>690</td><td>1,963</td><td>-95</td><td>24,698</td></tr><tr><td>HET CAPITAL MOVEMENT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>129,904</td><td>1,200,598</td><td>7</td><td>70,907</td><td>128,303</td><td>12,671</td><td>1,412,486</td></tr><tr><td>Jan. 1, 1936-Dec. 30, 1936</td><td>274,401</td><td>89,296</td><td>45,527</td><td>21,619</td><td>115,191</td><td>205,166</td><td>98,514</td><td>850,714</td><td>150,457</td><td>130,304</td><td>55,717</td><td>8,730</td><td>1,195,922</td></tr><tr><td>Dec. 30, 1936-Dec. 29, 1937</td><td>164,382</td><td>-17,836</td><td>46,765</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>801,815</td></tr><tr><td>Dec. 29, 1937-Dec. 28, 1938</td><td>192,335</td><td>57,812</td><td>16,825</td><td>10,873</td><td>12,695</td><td>-53,466</td><td>151,581</td><td>388,655</td><td>50,901</td><td>-21,075</td><td>-67,743</td><td>18,104</td><td>368,905</td></tr><tr><td>Dec. 28, 1938-Dec. 27, 1939</td><td>-68,780</td><td>102,804</td><td>22,545</td><td>22,901</td><td>145,307</td><td>205,121</td><td>289,946</td><td>719,844</td><td>72,050</td><td>116,435</td><td>142,612</td><td>67,858</td><td>1,118,193</td></tr><tr><td>Total</td><td>1,117,273</td><td>442,316</td><td>163,262</td><td>55,903</td><td>469,902</td><td>759,114</td><td>753,768</td><td>3,761,538</td><td>229,202</td><td>505,938</td><td>299,430</td><td>101,916</td><td>4,898,024</td></tr><tr><td>Week ended 1939-Dec. 6</td><td>-20,798</td><td>-6,769</td><td>1,683</td><td>-4,713</td><td>-680</td><td>5,680</td><td>15,944</td><td>-9,653</td><td>-5,429</td><td>-626</td><td>7,453</td><td>306</td><td>-7,949</td></tr><tr><td>Dec. 13</td><td>-26,554</td><td>-907</td><td>-372</td><td>3
CUMULATIVE NET CAPITAL MOVEMENT BETWEEN U.S. AND FOREIGN COUNTRIES
37
38
Short-Term Foreign Liabilities as Reported by Banks and Bankers
in the United States for December 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 East</th><th>All other</th><th>Grand total</th></tr><tr><td><b>TOTAL SHORT-TERM FOREIGN LIABILITIES:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>482,173</td><td>269,657</td><td>10,787</td><td>29,683</td><td>194,169</td><td>338,125</td><td>514,585</td><td>1,839,179</td><td>320,938</td><td>359,925</td><td>390,316</td><td>82,784</td><td>2,993,142</td></tr><tr><td>Dec. 13.</td><td>458,307</td><td>268,231</td><td>9,626</td><td>33,212</td><td>200,929</td><td>356,209</td><td>504,290</td><td>1,830,804</td><td>315,953</td><td>361,890</td><td>398,336</td><td>85,795</td><td>2,992,788</td></tr><tr><td>Dec. 20.</td><td>488,904</td><td>266,461</td><td>8,605</td><td>35,069</td><td>208,717</td><td>349,024</td><td>528,360</td><td>1,881,140</td><td>294,053</td><td>361,614</td><td>402,565</td><td>85,302</td><td>3,024,674</td></tr><tr><td>Dec. 27.</td><td>468,351</td><td>263,732</td><td>7,455</td><td>35,519</td><td>204,708</td><td>365,639</td><td>520,019</td><td>1,865,423</td><td>285,090</td><td>364,523</td><td>404,901</td><td>89,744</td><td>3,009,681</td></tr><tr><td><b>TOTAL LIABILITIES PAYABLE IN DOLLARS:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>442,991</td><td>267,712</td><td>10,600</td><td>29,118</td><td>192,168</td><td>337,745</td><td>512,489</td><td>1,792,823</td><td>319,837</td><td>359,264</td><td>379,864</td><td>82,358</td><td>2,934,146</td></tr><tr><td>Dec. 13.</td><td>420,453</td><td>266,412</td><td>9,425</td><td>32,608</td><td>199,362</td><td>355,775</td><td>502,366</td><td>1,786,401</td><td>315,047</td><td>361,271</td><td>387,071</td><td>85,379</td><td>2,935,169</td></tr><tr><td>Dec. 20.</td><td>446,715</td><td>294,444</td><td>8,391</td><td>34,556</td><td>207,191</td><td>348,533</td><td>526,530</td><td>1,836,360</td><td>292,446</td><td>360,827</td><td>389,870</td><td>84,846</td><td>2,964,349</td></tr><tr><td>Dec. 27.</td><td>428,951</td><td>261,942</td><td>7,263</td><td>34,988</td><td>203,181</td><td>365,219</td><td>518,187</td><td>1,819,731</td><td>282,215</td><td>363,495</td><td>392,090</td><td>89,365</td><td>2,946,896</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>Dec. 6.</td><td>434,647</td><td>263,480</td><td>10,212</td><td>27,939</td><td>186,425</td><td>328,928</td><td>500,276</td><td>1,751,907</td><td>317,231</td><td>342,052</td><td>324,170</td><td>81,456</td><td>2,816,816</td></tr><tr><td>Dec. 13.</td><td>411,053</td><td>262,111</td><td>9,052</td><td>31,462</td><td>192,282</td><td>346,874</td><td>489,637</td><td>1,742,471</td><td>312,479</td><td>342,220</td><td>330,981</td><td>84,399</td><td>2,812,550</td></tr><tr><td>Dec. 20.</td><td>437,391</td><td>259,991</td><td>8,041</td><td>33,577</td><td>200,426</td><td>338,693</td><td>513,940</td><td>1,792,059</td><td>290,098</td><td>340,639</td><td>332,170</td><td>83,818</td><td>2,838,784</td></tr><tr><td>Dec. 27.</td><td>420,912</td><td>257,454</td><td>6,987</td><td>33,952</td><td>196,659</td><td>354,259</td><td>504,736</td><td>1,774,959</td><td>280,148</td><td>344,193</td><td>333,440</td><td>88,271</td><td>2,821,017</td></tr><tr><td>Bills held for foreign account:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>7,513</td><td>1,284</td><td>150</td><td>828</td><td>5,041</td><td>8,453</td><td>10,552</td><td>33,821</td><td>2,341</td><td>16,642</td><td>45,792</td><td>718</td><td>99,314</td></tr><tr><td>Dec. 13.</td><td>7,923</td><td>1,304</td><td>198</td><td>756</td><td>6,378</td><td>8,548</td><td>11,171</td><td>36,318</td><td>2,303</td><td>16,438</td><td>45,695</td><td>795</td><td>101,529</td></tr><tr><td>Dec. 20.</td><td>7,996</td><td>1,486</td><td>132</td><td>656</td><td>6,080</td><td>9,297</td><td>11,344</td><td>36,991</td><td>2,013</td><td>17,462</td><td>47,355</td><td>843</td><td>104,664</td></tr><tr><td>Dec. 27.</td><td>6,717</td><td>1,417</td><td>173</td><td>693</td><td>5,902</td><td>9,768</td><td>11,384</td><td>36,054</td><td>1,803</td><td>18,555</td><td>48,808</td><td>905</td><td>106,125</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>Dec. 6.</td><td>32</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>4</td><td>42</td><td>-</td><td>-</td><td>9,521</td><td>-</td><td>9,563</td></tr><tr><td>Dec. 13.</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>9,500</td><td>-</td><td>9,533</td></tr><tr><td>Dec. 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>9,506</td><td>-</td><td>9,539</td></tr><tr><td>Dec. 27.</td><td>32</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>1</td><td>43</td><td>-</td><td>-</td><td>9,500</td><td>-</td><td>9,543</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>Dec. 6.</td><td>799</td><td>2,948</td><td>238</td><td>351</td><td>696</td><td>364</td><td>1,657</td><td>7,053</td><td>265</td><td>570</td><td>381</td><td>184</td><td>8,453</td></tr><tr><td>Dec. 13.</td><td>1,445</td><td>2,997</td><td>175</td><td>350</td><td>702</td><td>353</td><td>1,557</td><td>7,579</td><td>265</td><td>2,613</td><td>895</td><td>185</td><td>11,537</td></tr><tr><td>Dec. 20.</td><td>1,296</td><td>2,967</td><td>218</td><td>323</td><td>685</td><td>543</td><td>1,245</td><td>7,277</td><td>335</td><td>2,726</td><td>839</td><td>185</td><td>11,362</td></tr><tr><td>Dec. 27.</td><td>1,290</td><td>3,071</td><td>93</td><td>343</td><td>620</td><td>1,192</td><td>2,066</td><td>8,675</td><td>264</td><td>741</td><td>342</td><td>189</td><td>10,211</td></tr><tr><td><b>TOTAL LIABILITIES PAYABLE IN FOREIGN CURRENCIES:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>39,182</td><td>1,945</td><td>187</td><td>565</td><td>2,001</td><td>380</td><td>2,096</td><td>46,356</td><td>1,101</td><td>661</td><td>10,452</td><td>426</td><td>58,996</td></tr><tr><td>Dec. 13.</td><td>37,854</td><td>1,819</td><td>201</td><td>604</td><td>1,567</td><td>434</td><td>1,924</td><td>44,403</td><td>916</td><td>619</td><td>11,265</td><td>416</td><td>57,619</td></tr><tr><td>Dec. 20.</td><td>38,189</td><td>2,017</td><td>214</td><td>513</td><td>1,526</td><td>491</td><td>1,830</td><td>44,780</td><td>1,607</td><td>787</td><td>12,695</td><td>456</td><td>60,325</td></tr><tr><td>Dec. 27.</td><td>39,400</td><td>1,790</td><td>192</td><td>531</td><td>1,527</td><td>420</td><td>1,832</td><td>45,692</td><td>2,875</td><td>1,028</td><td>12,811</td><td>379</td><td>62,785</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>Dec. 6.</td><td>11,872</td><td>461</td><td>185</td><td>354</td><td>1,020</td><td>131</td><td>1,593</td><td>15,616</td><td>791</td><td>380</td><td>7,786</td><td>29</td><td>24,602</td></tr><tr><td>Dec. 13.</td><td>9,734</td><td>475</td><td>200</td><td>381</td><td>587</td><td>147</td><td>1,401</td><td>12,925</td><td>622</td><td>390</td><td>8,642</td><td>34</td><td>22,613</td></tr><tr><td>Dec. 20.</td><td>7,106</td><td>493</td><td>212</td><td>302</td><td>415</td><td>203</td><td>1,256</td><td>9,987</td><td>1,305</td><td>292</td><td>10,150</td><td>30</td><td>21,764</td></tr><tr><td>Dec. 27.</td><td>8,102</td><td>331</td><td>190</td><td>310</td><td>410</td><td>143</td><td>1,271</td><td>10,757</td><td>2,552</td><td>286</td><td>10,328</td><td>29</td><td>23,952</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>Dec. 6.</td><td>23,462</td><td>1,260</td><td>-</td><td>116</td><td>619</td><td>42</td><td>161</td><td>25,660</td><td>216</td><td>2</td><td>79</td><td>23</td><td>25,950</td></tr><tr><td>Dec. 13.</td><td>24,183</td><td>1,242</td><td>-</td><td>114</td><td>619</td><td>45</td><td>201</td><td>26,404</td><td>221</td><td>2</td><td>67</td><td>23</td><td>26,717</td></tr><tr><td>Dec. 20.</td><td>26,751</td><td>1,416</td><td>-</td><td>113</td><td>799</td><td>23</td><td>235</td><td>29,338</td><td>217</td><td>2</td><td>69</td><td>18</td><td>29,604</td></tr><tr><td>Dec. 27.</td><td>26,991</td><td>1,325</td><td>-</td><td>135</td><td>761</td><td>24</td><td>217</td><td>29,453</td><td>220</td><td>1</td><td>54</td><td>21</td><td>29,749</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>Dec. 6.</td><td>3,648</td><td>224</td><td>2</td><td>95</td><td>362</td><td>207</td><td>342</td><td>5,080</td><td>94</td><td>279</td><td>2,587</td><td>374</td><td>8,414</td></tr><tr><td>Dec. 13.</td><td>3,937</td><td>102</td><td>1</td><td>109</td><td>361</td><td>242</td><td>322</td><td>5,074</td><td>73</td><td>227</td><td>2,556</td><td>359</td><td>8,283</td></tr><tr><td>Dec. 20.</td><td>4,332</td><td>108</td><td>2</td><td>98</td><td>312</td><td>265</td><td>338</td><td>5,455</td><td>85</td><td>493</td><td>2,476</td><td>408</td><td>8,917</td></tr><tr><td>Dec. 27.</td><td>4,307</td><td>134</td><td>2</td><td>86</td><td>356</td><td>253</td><td>344</td><td>5,482</td><td>103</td><td>741</td><td>2,429</td><td>329</td><td>9,084</td></tr></table>
39
Short-Term Foreign Assets as Reported by Banks and Bankers
in the United States for December 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>Mother-lands</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>TOTAL SHORT-TERM FOREIGN ASSETS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6</td><td>44,915</td><td>5,375</td><td>56,056</td><td>9,384</td><td>6,625</td><td>5,051</td><td>57,005</td><td>184,411</td><td>41,683</td><td>113,970</td><td>176,165</td><td>11,281</td><td>527,510</td></tr><tr><td>Dec. 13</td><td>45,098</td><td>5,932</td><td>55,283</td><td>9,574</td><td>6,289</td><td>5,101</td><td>52,524</td><td>179,801</td><td>41,379</td><td>117,035</td><td>184,030</td><td>12,149</td><td>534,394</td></tr><tr><td>Dec. 20</td><td>42,820</td><td>4,923</td><td>54,630</td><td>10,503</td><td>6,623</td><td>4,856</td><td>52,566</td><td>176,921</td><td>42,021</td><td>114,710</td><td>188,849</td><td>11,942</td><td>534,443</td></tr><tr><td>Dec. 27</td><td>44,394</td><td>4,964</td><td>53,946</td><td>10,871</td><td>6,596</td><td>4,933</td><td>53,017</td><td>178,721</td><td>46,308</td><td>117,502</td><td>186,908</td><td>11,866</td><td>541,305</td></tr><tr><td>TOTAL ASSETS PAYABLE IN FOREIGN CURRENCIES:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6</td><td>27,386</td><td>592</td><td>402</td><td>915</td><td>1,547</td><td>807</td><td>2,906</td><td>34,555</td><td>10,068</td><td>2,860</td><td>22,623</td><td>1,008</td><td>71,114</td></tr><tr><td>Dec. 13</td><td>26,492</td><td>658</td><td>352</td><td>917</td><td>1,274</td><td>730</td><td>2,772</td><td>33,195</td><td>9,893</td><td>2,876</td><td>22,777</td><td>892</td><td>69,633</td></tr><tr><td>Dec. 20</td><td>26,596</td><td>631</td><td>362</td><td>899</td><td>1,681</td><td>704</td><td>3,041</td><td>33,914</td><td>10,027</td><td>3,006</td><td>23,303</td><td>942</td><td>71,192</td></tr><tr><td>Dec. 27</td><td>26,986</td><td>688</td><td>344</td><td>894</td><td>1,839</td><td>554</td><td>2,977</td><td>34,282</td><td>8,659</td><td>3,032</td><td>22,818</td><td>940</td><td>69,731</td></tr><tr><td>Banks own deposits abroad:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6</td><td>14,027</td><td>213</td><td>111</td><td>55</td><td>1,080</td><td>650</td><td>598</td><td>16,734</td><td>6,831</td><td>775</td><td>1,698</td><td>50</td><td>26,088</td></tr><tr><td>Dec. 13</td><td>14,251</td><td>277</td><td>146</td><td>67</td><td>813</td><td>457</td><td>647</td><td>16,558</td><td>6,889</td><td>838</td><td>1,452</td><td>59</td><td>25,796</td></tr><tr><td>Dec. 20</td><td>14,006</td><td>211</td><td>56</td><td>51</td><td>1,227</td><td>578</td><td>669</td><td>16,798</td><td>7,227</td><td>948</td><td>1,811</td><td>50</td><td>26,834</td></tr><tr><td>Dec. 27</td><td>14,808</td><td>349</td><td>47</td><td>69</td><td>1,415</td><td>428</td><td>600</td><td>17,716</td><td>5,902</td><td>949</td><td>1,188</td><td>47</td><td>25,802</td></tr><tr><td>Deposits abroad for account of domestic clients:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6</td><td>4,748</td><td>214</td><td>269</td><td>725</td><td>131</td><td>61</td><td>689</td><td>6,837</td><td>1,793</td><td>610</td><td>19,880</td><td>25</td><td>29,145</td></tr><tr><td>Dec. 13</td><td>4,663</td><td>214</td><td>284</td><td>718</td><td>137</td><td>34</td><td>667</td><td>6,717</td><td>1,637</td><td>633</td><td>19,971</td><td>33</td><td>28,991</td></tr><tr><td>Dec. 20</td><td>4,877</td><td>211</td><td>284</td><td>714</td><td>111</td><td>30</td><td>663</td><td>6,890</td><td>1,374</td><td>640</td><td>19,958</td><td>32</td><td>28,894</td></tr><tr><td>Dec. 27</td><td>4,785</td><td>177</td><td>275</td><td>710</td><td>119</td><td>29</td><td>658</td><td>6,753</td><td>1,335</td><td>640</td><td>19,985</td><td>29</td><td>28,742</td></tr><tr><td>Other assets payable in foreign currencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6</td><td>8,611</td><td>165</td><td>22</td><td>135</td><td>336</td><td>96</td><td>1,619</td><td>10,984</td><td>1,444</td><td>1,475</td><td>1,045</td><td>933</td><td>15,881</td></tr><tr><td>Dec. 13</td><td>7,578</td><td>167</td><td>22</td><td>132</td><td>324</td><td>239</td><td>1,458</td><td>9,920</td><td>1,367</td><td>1,405</td><td>1,354</td><td>800</td><td>14,846</td></tr><tr><td>Dec. 20</td><td>7,713</td><td>209</td><td>22</td><td>134</td><td>343</td><td>96</td><td>1,709</td><td>10,226</td><td>1,426</td><td>1,418</td><td>1,534</td><td>860</td><td>15,464</td></tr><tr><td>Dec. 27</td><td>7,393</td><td>162</td><td>22</td><td>115</td><td>305</td><td>97</td><td>1,719</td><td>9,813</td><td>1,422</td><td>1,443</td><td>1,645</td><td>804</td><td>15,187</td></tr><tr><td>TOTAL ASSETS PAYABLE IN DOLLARS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6</td><td>17,529</td><td>4,783</td><td>55,654</td><td>8,469</td><td>5,078</td><td>1,244</td><td>54,099</td><td>149,856</td><td>31,615</td><td>111,110</td><td>153,542</td><td>10,273</td><td>456,396</td></tr><tr><td>Dec. 13</td><td>18,606</td><td>5,274</td><td>54,931</td><td>8,657</td><td>5,015</td><td>1,371</td><td>49,752</td><td>146,606</td><td>31,486</td><td>114,159</td><td>161,253</td><td>11,257</td><td>464,761</td></tr><tr><td>Dec. 20</td><td>16,224</td><td>4,292</td><td>54,268</td><td>9,604</td><td>4,942</td><td>1,152</td><td>49,525</td><td>143,007</td><td>31,994</td><td>111,704</td><td>165,546</td><td>11,000</td><td>463,251</td></tr><tr><td>Dec. 27</td><td>17,408</td><td>4,276</td><td>53,602</td><td>9,977</td><td>4,157</td><td>1,379</td><td>50,040</td><td>144,439</td><td>37,649</td><td>114,470</td><td>164,090</td><td>10,926</td><td>471,574</td></tr><tr><td>Loans to foreign banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6</td><td>7,010</td><td>744</td><td>26,487</td><td>601</td><td>314</td><td>307</td><td>15,313</td><td>50,776</td><td>5,674</td><td>13,027</td><td>112,315</td><td>139</td><td>181,931</td></tr><tr><td>Dec. 13</td><td>8,336</td><td>1,207</td><td>24,958</td><td>478</td><td>359</td><td>274</td><td>10,536</td><td>46,148</td><td>5,594</td><td>13,722</td><td>118,631</td><td>223</td><td>184,318</td></tr><tr><td>Dec. 20</td><td>6,518</td><td>482</td><td>25,017</td><td>406</td><td>367</td><td>258</td><td>10,455</td><td>43,503</td><td>5,632</td><td>13,573</td><td>122,075</td><td>637</td><td>185,420</td></tr><tr><td>Dec. 27</td><td>7,612</td><td>554</td><td>25,039</td><td>540</td><td>389</td><td>375</td><td>11,157</td><td>45,666</td><td>10,623</td><td>15,173</td><td>125,172</td><td>487</td><td>197,121</td></tr><tr><td>Acceptances made for foreign banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6</td><td>2,795</td><td>1,473</td><td>13,237</td><td>6,681</td><td>2,457</td><td>1,053</td><td>13,190</td><td>42,886</td><td>3,026</td><td>25,026</td><td>1,956</td><td>583</td><td>73,477</td></tr><tr><td>Dec. 13</td><td>2,909</td><td>1,446</td><td>13,589</td><td>6,792</td><td>2,370</td><td>1,221</td><td>14,199</td><td>44,526</td><td>3,007</td><td>25,205</td><td>1,959</td><td>624</td><td>75,321</td></tr><tr><td>Dec. 20</td><td>2,948</td><td>1,383</td><td>12,553</td><td>7,001</td><td>2,257</td><td>1,052</td><td>14,216</td><td>43,410</td><td>2,856</td><td>25,321</td><td>2,443</td><td>675</td><td>74,705</td></tr><tr><td>Dec. 27</td><td>2,892</td><td>1,383</td><td>12,435</td><td>7,154</td><td>2,085</td><td>1,997</td><td>14,354</td><td>43,300</td><td>2,629</td><td>25,336</td><td>1,643</td><td>611</td><td>73,719</td></tr><tr><td>Other assets payable in dollars:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6</td><td>7,724</td><td>2,566</td><td>15,930</td><td>1,187</td><td>2,307</td><td>884</td><td>25,596</td><td>56,194</td><td>22,915</td><td>73,057</td><td>39,271</td><td>9,551</td><td>200,988</td></tr><tr><td>Dec. 13</td><td>7,361</td><td>2,621</td><td>16,384</td><td>1,387</td><td>2,286</td><td>876</td><td>25,017</td><td>55,932</td><td>22,885</td><td>75,232</td><td>40,663</td><td>10,410</td><td>205,122</td></tr><tr><td>Dec. 20</td><td>6,758</td><td>2,427</td><td>16,698</td><td>2,197</td><td>2,318</td><td>842</td><td>24,854</td><td>56,094</td><td>23,506</td><td>72,810</td><td>41,028</td><td>9,688</td><td>203,126</td></tr><tr><td>Dec. 27</td><td>6,904</td><td>2,339</td><td>16,128</td><td>2,283</td><td>2,283</td><td>1,007</td><td>24,529</td><td>55,473</td><td>24,397</td><td>73,961</td><td>37,075</td><td>9,828</td><td>200,734</td></tr></table>
40
Security Transactions as Reported by Banks, Bankers, Brokers and Dealers in the United States for December 1939
(In thousands of dollars)
<table><tr><th>Transactions during week ended-</th><th>United Kingdom</th><th>France</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>TOTAL PURCHASES IN THE UNITED STATES FOR FOREIGN ACCOUNT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>1,356</td><td>1,035</td><td>35</td><td>1,126</td><td>1,184</td><td>3,902</td><td>1,413</td><td>10,051</td><td>3,644</td><td>1,421</td><td>1,240</td><td>194</td><td>16,550</td></tr><tr><td>Dec. 13.</td><td>2,399</td><td>1,771</td><td>52</td><td>205</td><td>1,570</td><td>4,412</td><td>1,700</td><td>12,109</td><td>3,271</td><td>1,068</td><td>893</td><td>254</td><td>17,595</td></tr><tr><td>Dec. 20.</td><td>1,142</td><td>1,130</td><td>22</td><td>815</td><td>1,850</td><td>5,836</td><td>1,863</td><td>12,658</td><td>10,178</td><td>1,203</td><td>3,062</td><td>68</td><td>27,169</td></tr><tr><td>Dec. 27.</td><td>821</td><td>771</td><td>31</td><td>1,825</td><td>1,656</td><td>4,789</td><td>1,178</td><td>11,071</td><td>8,003</td><td>837</td><td>780</td><td>115</td><td>20,806</td></tr><tr><td>Purchases of domestic securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>1,011</td><td>847</td><td>24</td><td>29</td><td>1,126</td><td>3,113</td><td>622</td><td>6,772</td><td>1,740</td><td>626</td><td>874</td><td>181</td><td>10,193</td></tr><tr><td>Dec. 13.</td><td>1,888</td><td>1,652</td><td>46</td><td>35</td><td>1,352</td><td>3,733</td><td>727</td><td>9,433</td><td>2,968</td><td>617</td><td>655</td><td>244</td><td>13,917</td></tr><tr><td>Dec. 20.</td><td>798</td><td>928</td><td>11</td><td>3</td><td>1,048</td><td>5,046</td><td>1,044</td><td>9,478</td><td>1,530</td><td>763</td><td>1,676</td><td>64</td><td>13,511</td></tr><tr><td>Dec. 27.</td><td>557</td><td>569</td><td>30</td><td>71</td><td>1,566</td><td>4,182</td><td>773</td><td>7,748</td><td>1,424</td><td>479</td><td>655</td><td>100</td><td>10,406</td></tr><tr><td>Purchases of foreign securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>345</td><td>188</td><td>11</td><td>1,097</td><td>58</td><td>789</td><td>791</td><td>3,279</td><td>1,904</td><td>795</td><td>366</td><td>13</td><td>6,357</td></tr><tr><td>Dec. 13.</td><td>511</td><td>119</td><td>6</td><td>170</td><td>218</td><td>679</td><td>973</td><td>2,676</td><td>303</td><td>451</td><td>238</td><td>10</td><td>3,678</td></tr><tr><td>Dec. 20.</td><td>344</td><td>202</td><td>11</td><td>812</td><td>202</td><td>790</td><td>819</td><td>3,180</td><td>8,648</td><td>440</td><td>1,386</td><td>4</td><td>13,658</td></tr><tr><td>Dec. 27.</td><td>204</td><td>202</td><td>1</td><td>1,754</td><td>90</td><td>607</td><td>405</td><td>3,323</td><td>6,579</td><td>358</td><td>125</td><td>15</td><td>10,400</td></tr><tr><td>TOTAL SALES IN THE UNITED STATES FOR FOREIGN ACCOUNT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>3,912</td><td>746</td><td>119</td><td>17</td><td>1,656</td><td>1,988</td><td>1,041</td><td>9,479</td><td>3,961</td><td>791</td><td>3,062</td><td>182</td><td>17,475</td></tr><tr><td>Dec. 13.</td><td>4,839</td><td>828</td><td>109</td><td>35</td><td>959</td><td>1,745</td><td>777</td><td>9,292</td><td>5,394</td><td>553</td><td>2,824</td><td>75</td><td>18,138</td></tr><tr><td>Dec. 20.</td><td>3,765</td><td>661</td><td>108</td><td>675</td><td>2,112</td><td>3,683</td><td>943</td><td>11,947</td><td>2,667</td><td>730</td><td>308</td><td>48</td><td>15,700</td></tr><tr><td>Dec. 27.</td><td>2,084</td><td>657</td><td>22</td><td>1,681</td><td>657</td><td>3,618</td><td>359</td><td>9,078</td><td>1,655</td><td>656</td><td>364</td><td>37</td><td>11,790</td></tr><tr><td>Sales of domestic securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>3,575</td><td>673</td><td>109</td><td>1</td><td>1,497</td><td>1,653</td><td>733</td><td>8,241</td><td>2,941</td><td>271</td><td>3,050</td><td>21</td><td>14,524</td></tr><tr><td>Dec. 13.</td><td>4,287</td><td>739</td><td>87</td><td>27</td><td>845</td><td>1,324</td><td>588</td><td>7,897</td><td>5,031</td><td>294</td><td>2,811</td><td>71</td><td>16,104</td></tr><tr><td>Dec. 20.</td><td>3,421</td><td>561</td><td>108</td><td>4</td><td>1,944</td><td>3,310</td><td>564</td><td>9,912</td><td>2,240</td><td>402</td><td>277</td><td>43</td><td>12,874</td></tr><tr><td>Dec. 27.</td><td>1,895</td><td>581</td><td>21</td><td>46</td><td>557</td><td>3,317</td><td>299</td><td>6,716</td><td>1,322</td><td>252</td><td>364</td><td>36</td><td>8,690</td></tr><tr><td>Sales of foreign securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>337</td><td>73</td><td>10</td><td>16</td><td>159</td><td>335</td><td>308</td><td>1,238</td><td>1,020</td><td>520</td><td>12</td><td>161</td><td>2,951</td></tr><tr><td>Dec. 13.</td><td>552</td><td>89</td><td>22</td><td>8</td><td>114</td><td>421</td><td>189</td><td>1,395</td><td>363</td><td>259</td><td>13</td><td>4</td><td>2,034</td></tr><tr><td>Dec. 20.</td><td>344</td><td>100</td><td>-</td><td>671</td><td>168</td><td>373</td><td>379</td><td>2,035</td><td>427</td><td>328</td><td>31</td><td>5</td><td>2,826</td></tr><tr><td>Dec. 27.</td><td>189</td><td>76</td><td>1</td><td>1,635</td><td>100</td><td>301</td><td>60</td><td>2,362</td><td>333</td><td>404</td><td>-</td><td>1</td><td>3,100</td></tr><tr><td>TOTAL PURCHASES EXECUTED ABROAD FOR DOMESTIC ACCOUNT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>223</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>223</td><td>688</td><td>5</td><td>50</td><td>1</td><td>967</td></tr><tr><td>Dec. 13.</td><td>75</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>75</td><td>1,102</td><td>-</td><td>23</td><td>-</td><td>1,200</td></tr><tr><td>Dec. 20.</td><td>152</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>152</td><td>880</td><td>-</td><td>16</td><td>-</td><td>1,048</td></tr><tr><td>Dec. 27.</td><td>24</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>7</td><td>35</td><td>759</td><td>-</td><td>7</td><td>-</td><td>801</td></tr><tr><td>Purchases of domestic securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>100</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>100</td><td>32</td><td>-</td><td>-</td><td>-</td><td>132</td></tr><tr><td>Dec. 13.</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td><td>5</td><td>-</td><td>-</td><td>-</td><td>18</td></tr><tr><td>Dec. 20.</td><td>108</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>108</td><td>-</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>Dec. 27.</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td><td>16</td><td>2</td><td>-</td><td>-</td><td>-</td><td>18</td></tr><tr><td>Purchases of foreign securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>123</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>123</td><td>656</td><td>5</td><td>50</td><td>1</td><td>835</td></tr><tr><td>Dec. 13.</td><td>62</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>62</td><td>1,097</td><td>-</td><td>23</td><td>-</td><td>1,182</td></tr><tr><td>Dec. 20.</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>880</td><td>-</td><td>16</td><td>-</td><td>940</td></tr><tr><td>Dec. 27.</td><td>15</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>19</td><td>757</td><td>-</td><td>7</td><td>-</td><td>783</td></tr><tr><td>TOTAL SALES EXECUTED ABROAD FOR DOMESTIC ACCOUNT:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>439</td><td>-</td><td>16</td><td>-</td><td>22</td><td>-</td><td>-</td><td>477</td><td>658</td><td>-</td><td>-</td><td>6</td><td>1,141</td></tr><tr><td>Dec. 13.</td><td>628</td><td>-</td><td>21</td><td>-</td><td>2</td><td>-</td><td>16</td><td>667</td><td>488</td><td>-</td><td>-</td><td>12</td><td>1,167</td></tr><tr><td>Dec. 20.</td><td>120</td><td>-</td><td>29</td><td>-</td><td>97</td><td>-</td><td>7</td><td>253</td><td>846</td><td>-</td><td>-</td><td>10</td><td>1,109</td></tr><tr><td>Dec. 27.</td><td>215</td><td>-</td><td>45</td><td>-</td><td>4</td><td>-</td><td>5</td><td>269</td><td>1,640</td><td>-</td><td>-</td><td>7</td><td>1,916</td></tr><tr><td>Sales of domestic securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>18</td></tr><tr><td>Dec. 13.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Dec. 20.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29</td><td>-</td><td>-</td><td>-</td><td>29</td></tr><tr><td>Dec. 27.</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td></tr><tr><td>Sales of foreign securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>439</td><td>-</td><td>16</td><td>-</td><td>22</td><td>-</td><td>-</td><td>477</td><td>640</td><td>-</td><td>-</td><td>6</td><td>1,123</td></tr><tr><td>Dec. 13.</td><td>628</td><td>-</td><td>21</td><td>-</td><td>2</td><td>-</td><td>16</td><td>667</td><td>484</td><td>-</td><td>-</td><td>12</td><td>1,163</td></tr><tr><td>Dec. 20.</td><td>120</td><td>-</td><td>29</td><td>-</td><td>97</td><td>-</td><td>7</td><td>253</td><td>817</td><td>-</td><td>-</td><td>10</td><td>1,080</td></tr><tr><td>Dec. 27.</td><td>198</td><td>-</td><td>45</td><td>-</td><td>4</td><td>-</td><td>5</td><td>252</td><td>1,640</td><td>-</td><td>-</td><td>7</td><td>1,899</td></tr></table>
41
Security Transactions in Joint Foreign Arbitrage Accounts as Reported by Brokers and Dealers in the United States for December 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><b>TOTAL PURCHASES IN THE UNITED STATES:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>59</td><td>-</td><td>-</td><td>-</td><td>34</td><td>49</td><td>20</td><td>162</td><td>71</td><td>50</td><td>-</td><td>-</td><td>283</td></tr><tr><td>Dec. 13.</td><td>107</td><td>-</td><td>-</td><td>-</td><td>40</td><td>57</td><td>3</td><td>187</td><td>193</td><td>54</td><td>-</td><td>-</td><td>434</td></tr><tr><td>Dec. 20.</td><td>43</td><td>-</td><td>-</td><td>-</td><td>88</td><td>44</td><td>13</td><td>188</td><td>569</td><td>37</td><td>-</td><td>-</td><td>794</td></tr><tr><td>Dec. 27.</td><td>25</td><td>-</td><td>-</td><td>-</td><td>64</td><td>20</td><td>10</td><td>119</td><td>406</td><td>35</td><td>-</td><td>-</td><td>560</td></tr><tr><td><b>Purchases of domestic securities:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>16</td><td>-</td><td>-</td><td>-</td><td>34</td><td>33</td><td>-</td><td>83</td><td>-</td><td>3</td><td>-</td><td>-</td><td>86</td></tr><tr><td>Dec. 13.</td><td>9</td><td>-</td><td>-</td><td>-</td><td>40</td><td>15</td><td>-</td><td>64</td><td>-</td><td>6</td><td>-</td><td>-</td><td>70</td></tr><tr><td>Dec. 20.</td><td>3</td><td>-</td><td>-</td><td>-</td><td>35</td><td>26</td><td>4</td><td>117</td><td>-</td><td>5</td><td>-</td><td>-</td><td>122</td></tr><tr><td>Dec. 27.</td><td>22</td><td>-</td><td>-</td><td>-</td><td>63</td><td>20</td><td>-</td><td>105</td><td>-</td><td>-</td><td>-</td><td>-</td><td>105</td></tr><tr><td><b>Purchases of foreign securities:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>43</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td><td>20</td><td>79</td><td>71</td><td>47</td><td>-</td><td>-</td><td>197</td></tr><tr><td>Dec. 13.</td><td>98</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22</td><td>3</td><td>123</td><td>193</td><td>48</td><td>-</td><td>-</td><td>394</td></tr><tr><td>Dec. 20.</td><td>41</td><td>-</td><td>-</td><td>-</td><td>3</td><td>18</td><td>9</td><td>71</td><td>569</td><td>32</td><td>-</td><td>-</td><td>672</td></tr><tr><td>Dec. 27.</td><td>3</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>10</td><td>14</td><td>406</td><td>35</td><td>-</td><td>-</td><td>455</td></tr><tr><td><b>TOTAL SALES IN THE UNITED STATES:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>390</td><td>-</td><td>-</td><td>-</td><td>82</td><td>11</td><td>1</td><td>484</td><td>171</td><td>-</td><td>-</td><td>-</td><td>655</td></tr><tr><td>Dec. 13.</td><td>235</td><td>-</td><td>-</td><td>-</td><td>105</td><td>6</td><td>-</td><td>346</td><td>281</td><td>-</td><td>-</td><td>-</td><td>627</td></tr><tr><td>Dec. 20.</td><td>370</td><td>-</td><td>-</td><td>-</td><td>24</td><td>7</td><td>-</td><td>401</td><td>582</td><td>16</td><td>-</td><td>-</td><td>999</td></tr><tr><td>Dec. 27.</td><td>102</td><td>-</td><td>-</td><td>-</td><td>15</td><td>5</td><td>2</td><td>124</td><td>487</td><td>2</td><td>-</td><td>-</td><td>613</td></tr><tr><td><b>Sales of domestic securities:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>316</td><td>-</td><td>-</td><td>-</td><td>81</td><td>11</td><td>-</td><td>408</td><td>-</td><td>-</td><td>-</td><td>-</td><td>408</td></tr><tr><td>Dec. 13.</td><td>204</td><td>-</td><td>-</td><td>-</td><td>105</td><td>6</td><td>-</td><td>315</td><td>-</td><td>-</td><td>-</td><td>-</td><td>315</td></tr><tr><td>Dec. 20.</td><td>359</td><td>-</td><td>-</td><td>-</td><td>18</td><td>7</td><td>-</td><td>384</td><td>-</td><td>16</td><td>-</td><td>-</td><td>400</td></tr><tr><td>Dec. 27.</td><td>62</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>-</td><td>72</td><td>-</td><td>2</td><td>-</td><td>-</td><td>74</td></tr><tr><td><b>Sales of foreign securities:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>74</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td><td>76</td><td>171</td><td>-</td><td>-</td><td>-</td><td>247</td></tr><tr><td>Dec. 13.</td><td>31</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31</td><td>281</td><td>-</td><td>-</td><td>-</td><td>312</td></tr><tr><td>Dec. 20.</td><td>11</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>17</td><td>582</td><td>-</td><td>-</td><td>-</td><td>599</td></tr><tr><td>Dec. 27.</td><td>40</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>2</td><td>52</td><td>487</td><td>-</td><td>-</td><td>-</td><td>539</td></tr></table>
Foreign Balances in Brokerage Accounts as Reported by Brokers and Dealers in the United States for December 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-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>Foreign debit balances: (due from abroad)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6</td><td>3,700</td><td>3,257</td><td>76</td><td>141</td><td>2,321</td><td>2,897</td><td>5,853</td><td>18,245</td><td>13,045</td><td>5,458</td><td>11,233</td><td>357</td><td>48,938</td></tr><tr><td>Dec. 13</td><td>3,627</td><td>3,140</td><td>69</td><td>134</td><td>2,208</td><td>3,051</td><td>5,652</td><td>17,881</td><td>13,401</td><td>5,355</td><td>11,121</td><td>405</td><td>48,163</td></tr><tr><td>Dec. 20</td><td>3,618</td><td>3,117</td><td>73</td><td>129</td><td>2,260</td><td>2,860</td><td>5,530</td><td>17,587</td><td>13,397</td><td>5,246</td><td>11,668</td><td>422</td><td>48,320</td></tr><tr><td>Dec. 27</td><td>3,575</td><td>3,009</td><td>87</td><td>125</td><td>2,386</td><td>3,082</td><td>5,604</td><td>17,868</td><td>13,238</td><td>5,351</td><td>11,814</td><td>443</td><td>48,714</td></tr><tr><td>Foreign credit balances: (due to abroad)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6</td><td>6,951</td><td>7,766</td><td>119</td><td>68</td><td>5,928</td><td>13,469</td><td>2,944</td><td>37,245</td><td>3,296</td><td>4,297</td><td>1,122</td><td>1,760</td><td>47,720</td></tr><tr><td>Dec. 13</td><td>6,388</td><td>7,782</td><td>164</td><td>52</td><td>5,832</td><td>13,017</td><td>3,283</td><td>36,518</td><td>3,232</td><td>4,661</td><td>1,354</td><td>1,749</td><td>47,514</td></tr><tr><td>Dec. 20</td><td>6,561</td><td>7,666</td><td>106</td><td>56</td><td>6,716</td><td>13,760</td><td>3,158</td><td>38,023</td><td>3,344</td><td>4,892</td><td>1,150</td><td>1,870</td><td>49,279</td></tr><tr><td>Dec. 27</td><td>7,095</td><td>7,516</td><td>105</td><td>51</td><td>6,755</td><td>14,253</td><td>3,112</td><td>38,887</td><td>2,995</td><td>4,449</td><td>1,340</td><td>2,015</td><td>49,686</td></tr></table>
42
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 purchase or sales (-)</th><th>Transactions during week ended-</th><th>Total purchases</th><th>Total sales</th><th>Net purchase or sales (-)</th><th>Transactions during week ended-</th><th>Total purchases</th><th>Total sales</th><th>Net purchase or sales (-)</th></tr><tr><td>1936-Jan. 8....</td><td>49,555</td><td>30,020</td><td>19,535</td><td>1937-May 5....</td><td>44,852</td><td>67,685</td><td>-22,833</td><td>1938-Sept. 7....</td><td>12,060</td><td>13,819</td><td>-1,759</td></tr><tr><td>15....</td><td>49,591</td><td>49,064</td><td>527</td><td>12....</td><td>34,423</td><td>25,111</td><td>9,312</td><td>14....</td><td>15,463</td><td>18,411</td><td>-2,948</td></tr><tr><td>22....</td><td>48,976</td><td>43,722</td><td>5,254</td><td>19....</td><td>26,800</td><td>32,184</td><td>-5,384</td><td>21....</td><td>34,063</td><td>25,408</td><td>8,655</td></tr><tr><td>29....</td><td>49,821</td><td>44,675</td><td>5,146</td><td>26....</td><td>34,169</td><td>25,316</td><td>8,853</td><td>28....</td><td>20,902</td><td>24,745</td><td>-3,843</td></tr><tr><td>Feb. 5....</td><td>52,463</td><td>43,821</td><td>8,642</td><td>June 2....</td><td>18,912</td><td>14,271</td><td>4,641</td><td>Oct. 5....</td><td>43,286</td><td>26,139</td><td>17,147</td></tr><tr><td>11....</td><td>52,605</td><td>45,394</td><td>7,211</td><td>9....</td><td>31,995</td><td>26,171</td><td>5,824</td><td>12....</td><td>48,449</td><td>29,888</td><td>18,561</td></tr><tr><td>19....</td><td>77,355</td><td>55,391</td><td>21,964</td><td>16....</td><td>32,783</td><td>26,962</td><td>5,821</td><td>19....</td><td>46,441</td><td>37,402</td><td>9,039</td></tr><tr><td>26....</td><td>67,493</td><td>51,904</td><td>15,589</td><td>23....</td><td>21,651</td><td>28,638</td><td>-6,987</td><td>26....</td><td>45,644</td><td>33,412</td><td>12,232</td></tr><tr><td>Mar. 4....</td><td>46,636</td><td>44,875</td><td>1,761</td><td>July 7....</td><td>16,717</td><td>20,597</td><td>-3,880</td><td>Nov. 2....</td><td>41,470</td><td>33,198</td><td>8,272</td></tr><tr><td>11....</td><td>55,716</td><td>51,901</td><td>3,815</td><td>14....</td><td>41,309</td><td>33,482</td><td>7,827</td><td>9....</td><td>25,338</td><td>23,665</td><td>1,673</td></tr><tr><td>18....</td><td>51,541</td><td>47,661</td><td>3,880</td><td>21....</td><td>34,326</td><td>31,427</td><td>2,899</td><td>16....</td><td>42,393</td><td>37,886</td><td>4,507</td></tr><tr><td>25....</td><td>47,947</td><td>33,473</td><td>14,474</td><td>28....</td><td>48,503</td><td>33,337</td><td>15,166</td><td>23....</td><td>33,318</td><td>31,704</td><td>1,614</td></tr><tr><td>Apr. 1....</td><td>36,986</td><td>33,823</td><td>3,163</td><td>Aug. 4....</td><td>32,886</td><td>25,129</td><td>7,757</td><td>Dec. 7....</td><td>26,323</td><td>19,764</td><td>6,559</td></tr><tr><td>8....</td><td>52,835</td><td>34,793</td><td>18,042</td><td>11....</td><td>41,681</td><td>33,544</td><td>8,137</td><td>14....</td><td>19,917</td><td>28,398</td><td>-8,481</td></tr><tr><td>15....</td><td>33,368</td><td>22,781</td><td>10,587</td><td>18....</td><td>28,433</td><td>27,762</td><td>671</td><td>21....</td><td>36,607</td><td>26,963</td><td>9,644</td></tr><tr><td>22....</td><td>42,935</td><td>31,165</td><td>11,770</td><td>25....</td><td>31,062</td><td>25,222</td><td>5,840</td><td>28....</td><td>22,343</td><td>13,624</td><td>8,719</td></tr><tr><td>29....</td><td>49,814</td><td>40,844</td><td>8,970</td><td>Sept. 1....</td><td>26,590</td><td>25,761</td><td>829</td><td>1939-Jan. 4....</td><td>25,529</td><td>24,960</td><td>569</td></tr><tr><td>May 6....</td><td>36,373</td><td>51,357</td><td>-14,984</td><td>8....</td><td>26,093</td><td>23,110</td><td>2,983</td><td>11....</td><td>30,039</td><td>28,178</td><td>1,861</td></tr><tr><td>13....</td><td>29,848</td><td>22,903</td><td>6,945</td><td>15....</td><td>57,789</td><td>45,416</td><td>12,373</td><td>18....</td><td>21,367</td><td>29,874</td><td>-8,507</td></tr><tr><td>20....</td><td>30,104</td><td>24,947</td><td>5,157</td><td>22....</td><td>37,904</td><td>42,671</td><td>-4,767</td><td>25....</td><td>20,784</td><td>37,180</td><td>-16,396</td></tr><tr><td>27....</td><td>23,085</td><td>22,098</td><td>987</td><td>29....</td><td>38,753</td><td>39,000</td><td>-247</td><td>Feb. 1....</td><td>29,450</td><td>36,458</td><td>-7,008</td></tr><tr><td>June 3....</td><td>25,015</td><td>26,629</td><td>-1,614</td><td>Oct. 6....</td><td>22,337</td><td>24,753</td><td>-2,416</td><td>8....</td><td>28,615</td><td>23,014</td><td>5,601</td></tr><tr><td>10....</td><td>51,407</td><td>29,641</td><td>21,766</td><td>13....</td><td>24,008</td><td>36,652</td><td>-12,644</td><td>15....</td><td>17,529</td><td>15,519</td><td>2,010</td></tr><tr><td>17....</td><td>37,033</td><td>29,333</td><td>7,700</td><td>20....</td><td>37,540</td><td>41,240</td><td>-3,700</td><td>22....</td><td>16,502</td><td>14,868</td><td>1,634</td></tr><tr><td>24....</td><td>36,988</td><td>24,138</td><td>12,850</td><td>27....</td><td>54,514</td><td>44,618</td><td>9,896</td><td>Mar. 1....</td><td>22,205</td><td>20,272</td><td>1,933</td></tr><tr><td>July 1....</td><td>41,305</td><td>32,955</td><td>8,350</td><td>Nov. 3....</td><td>32,346</td><td>24,798</td><td>7,548</td><td>8....</td><td>22,675</td><td>25,232</td><td>-2,557</td></tr><tr><td>8....</td><td>29,419</td><td>24,881</td><td>4,538</td><td>10....</td><td>26,527</td><td>30,716</td><td>-4,189</td><td>15....</td><td>26,725</td><td>27,207</td><td>-482</td></tr><tr><td>15....</td><td>39,413</td><td>32,202</td><td>7,211</td><td>17....</td><td>29,423</td><td>24,081</td><td>5,342</td><td>22....</td><td>24,587</td><td>39,669</td><td>-15,082</td></tr><tr><td>22....</td><td>50,306</td><td>36,865</td><td>13,441</td><td>24....</td><td>26,339</td><td>29,814</td><td>-3,475</td><td>29....</td><td>29,386</td><td>23,209</td><td>6,177</td></tr><tr><td>29....</td><td>51,101</td><td>37,643</td><td>13,458</td><td>Dec. 1....</td><td>26,062</td><td>19,104</td><td>6,958</td><td>Apr. 5....</td><td>36,475</td><td>25,365</td><td>11,110</td></tr><tr><td>Aug. 5....</td><td>44,399</td><td>40,386</td><td>4,013</td><td>8....</td><td>25,512</td><td>19,482</td><td>6,030</td><td>12....</td><td>19,977</td><td>17,962</td><td>2,015</td></tr><tr><td>12....</td><td>43,348</td><td>39,039</td><td>4,309</td><td>15....</td><td>35,481</td><td>26,796</td><td>8,685</td><td>19....</td><td>21,239</td><td>20,677</td><td>562</td></tr><tr><td>19....</td><td>42,280</td><td>30,789</td><td>11,491</td><td>22....</td><td>24,631</td><td>16,525</td><td>8,106</td><td>26....</td><td>19,851</td><td>11,245</td><td>8,606</td></tr><tr><td>26....</td><td>33,308</td><td>24,666</td><td>8,642</td><td>29....</td><td>20,602</td><td>9,888</td><td>10,714</td><td>May 3....</td><td>19,699</td><td>10,723</td><td>8,976</td></tr><tr><td>Sept. 2....</td><td>34,058</td><td>29,016</td><td>5,042</td><td>1938-Jan. 5....</td><td>17,083</td><td>15,195</td><td>1,888</td><td>10....</td><td>13,402</td><td>15,120</td><td>-1,718</td></tr><tr><td>9....</td><td>31,350</td><td>27,039</td><td>4,311</td><td>12....</td><td>22,268</td><td>21,189</td><td>1,079</td><td>17....</td><td>13,630</td><td>12,008</td><td>1,622</td></tr><tr><td>16....</td><td>54,768</td><td>40,859</td><td>13,909</td><td>19....</td><td>24,699</td><td>21,609</td><td>3,090</td><td>24....</td><td>11,579</td><td>14,041</td><td>-2,462</td></tr><tr><td>23....</td><td>45,382</td><td>28,288</td><td>17,094</td><td>26....</td><td>17,822</td><td>17,942</td><td>-120</td><td>31....</td><td>15,115</td><td>15,265</td><td>-150</td></tr><tr><td>30....</td><td>50,193</td><td>48,549</td><td>1,644</td><td>Feb. 2....</td><td>20,255</td><td>18,017</td><td>2,238</td><td>June 7....</td><td>14,902</td><td>13,522</td><td>1,380</td></tr><tr><td>Oct. 7....</td><td>76,926</td><td>44,416</td><td>32,510</td><td>9....</td><td>13,626</td><td>18,587</td><td>-4,961</td><td>14....</td><td>13,136</td><td>15,430</td><td>-2,294</td></tr><tr><td>14....</td><td>83,485</td><td>42,865</td><td>40,620</td><td>16....</td><td>10,704</td><td>15,302</td><td>-4,598</td><td>21....</td><td>13,162</td><td>15,837</td><td>-2,675</td></tr><tr><td>21....</td><td>98,943</td><td>52,783</td><td>46,160</td><td>23....</td><td>11,021</td><td>11,833</td><td>-812</td><td>28....</td><td>10,035</td><td>16,353</td><td>-6,318</td></tr><tr><td>28....</td><td>74,886</td><td>49,312</td><td>25,574</td><td>Mar. 2....</td><td>20,043</td><td>29,772</td><td>-9,729</td><td>July 5....</td><td>13,187</td><td>13,128</td><td>59</td></tr><tr><td>Nov. 4....</td><td>68,723</td><td>36,453</td><td>32,270</td><td>9....</td><td>12,462</td><td>11,806</td><td>656</td><td>12....</td><td>7,832</td><td>12,749</td><td>-4,917</td></tr><tr><td>11....</td><td>113,852</td><td>66,103</td><td>47,749</td><td>16....</td><td>12,986</td><td>15,846</td><td>-2,860</td><td>19....</td><td>15,273</td><td>24,653</td><td>-9,380</td></tr><tr><td>18....</td><td>97,227</td><td>87,676</td><td>9,551</td><td>23....</td><td>18,619</td><td>17,759</td><td>860</td><td>26....</td><td>23,793</td><td>28,866</td><td>-5,073</td></tr><tr><td>25....</td><td>81,621</td><td>70,460</td><td>11,161</td><td>30....</td><td>19,355</td><td>17,704</td><td>1,651</td><td>Aug. 2....</td><td>20,542</td><td>18,308</td><td>2,234</td></tr><tr><td>Dec. 2....</td><td>57,253</td><td>45,903</td><td>11,350</td><td>Apr. 6....</td><td>18,957</td><td>19,058</td><td>-91</td><td>9....</td><td>15,561</td><td>21,304</td><td>-5,743</td></tr><tr><td>9....</td><td>44,111</td><td>53,314</td><td>-9,203</td><td>13....</td><td>14,702</td><td>12,630</td><td>2,072</td><td>16....</td><td>12,867</td><td>24,466</td><td>-11,599</td></tr><tr><td>16....</td><td>63,036</td><td>48,464</td><td>14,572</td><td>20....</td><td>19,312</td><td>12,406</td><td>6,906</td><td>23....</td><td>15,766</td><td>15,513</td><td>253</td></tr><tr><td>23....</td><td>60,936</td><td>44,769</td><td>16,167</td><td>27....</td><td>14,912</td><td>13,401</td><td>1,511</td><td>30....</td><td>20,453</td><td>19,904</td><td>549</td></tr><tr><td>30....</td><td>37,272</td><td>31,650</td><td>5,622</td><td>May 4....</td><td>9,765</td><td>11,085</td><td>-1,320</td><td>Sept. 6....</td><td>19,989</td><td>14,312</td><td>5,677</td></tr><tr><td>1937-Jan. 6....</td><td>38,171</td><td>37,056</td><td>1,115</td><td>11....</td><td>11,852</td><td>14,356</td><td>-2,504</td><td>13....</td><td>52,564</td><td>42,611</td><td>9,953</td></tr><tr><td>13....</td><td>65,591</td><td>56,170</td><td>9,421</td><td>18....</td><td>12,105</td><td>12,553</td><td>-448</td><td>20....</td><td>32,114</td><td>40,019</td><td>-7,905</td></tr><tr><td>20....</td><td>81,012</td><td>60,013</td><td>20,999</td><td>25....</td><td>8,816</td><td>9,291</td><td>-475</td><td>27....</td><td>19,024</td><td>28,016</td><td>-8,992</td></tr><tr><td>27....</td><td>68,904</td><td>59,867</td><td>9,037</td><td>June 1....</td><td>10,405</td><td>9,983</td><td>422</td><td>Oct. 4....</td><td>15,174</td><td>29,373</td><td>-14,199</td></tr><tr><td>Feb. 3....</td><td>65,470</td><td>55,056</td><td>10,414</td><td>8....</td><td>11,682</td><td>12,383</td><td>-701</td><td>11....</td><td>16,594</td><td>22,395</td><td>-5,801</td></tr><tr><td>10....</td><td>98,866</td><td>66,819</td><td>32,047</td><td>15....</td><td>9,021</td><td>11,977</td><td>-2,956</td><td>18....</td><td>16,146</td><td>18,811</td><td>-2,665</td></tr><tr><td>17....</td><td>77,632</td><td>73,754</td><td>3,878</td><td>22....</td><td>11,375</td><td>9,257</td><td>2,118</td><td>25....</td><td>17,269</td><td>28,434</td><td>-11,165</td></tr><tr><td>24....</td><td>74,863</td><td>64,632</td><td>10,231</td><td>29....</td><td>38,260</td><td>37,841</td><td>419</td><td>Nov. 1....</td><td>17,198</td><td>24,066</td><td>-6,868</td></tr><tr><td>Mar. 3....</td><td>74,784</td><td>63,616</td><td>11,168</td><td>July 6....</td><td>38,619</td><td>32,628</td><td>5,991</td><td>8....</td><td>13,059</td><td>20,862</td><td>-7,803</td></tr><tr><td>10....</td><td>113,812</td><td>85,119</td><td>28,693</td><td>13....</td><td>38,121</td><td>38,613</td><td>-492</td><td>15....</td><td>16,948</td><td>23,674</td><td>-6,726</td></tr><tr><td>17....</td><td>84,365</td><td>74,045</td><td>10,320</td><td>20....</td><td>32,653</td><td>35,895</td><td>-3,242</td><td>22....</td><td>13,093</td><td>15,140</td><td>-2,047</td></tr><tr><td>24....</td><td>66,507</td><td>69,074</td><td>-2,567</td><td>27....</td><td>36,049</td><td>43,931</td><td>-7,882</td><td>29....</td><td>9,289</td><td>12,708</td><td>-3,419</td></tr><tr><td>31....</td><td>43,680</td><td>30,086</td><td>13,594</td><td>Aug. 3....</td><td>20,541</td><td>27,220</td><td>-6
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.
DREIGN PURCHASES AND SALES OF U.S. DOMESTIC SECURITIES
43
44
Purchases and Sales of Foreign Exchange, Spot and Forward, as Reported by Banks and Bankers in the United States for December 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><b>TOTAL PURCHASES:</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>Dec. 6 Spot</td><td>41,491</td><td>2,471</td><td>271</td><td>601</td><td>2,827</td><td>1,947</td><td>3,018</td><td>52,626</td><td>13,360</td><td>312</td><td>2,861</td><td>232</td><td>69,391</td></tr><tr><td>Dec. 6 Forward</td><td>25,369</td><td>97</td><td>-</td><td>110</td><td>1,307</td><td>10</td><td>689</td><td>27,582</td><td>5,520</td><td>10</td><td>1,649</td><td>4</td><td>34,765</td></tr><tr><td>Dec. 13 Spot</td><td>47,099</td><td>1,335</td><td>185</td><td>571</td><td>5,119</td><td>2,235</td><td>2,902</td><td>59,449</td><td>9,279</td><td>488</td><td>1,919</td><td>336</td><td>71,471</td></tr><tr><td>Dec. 13 Forward</td><td>26,953</td><td>130</td><td>-</td><td>73</td><td>3,188</td><td>172</td><td>1,370</td><td>31,886</td><td>3,176</td><td>-</td><td>1,478</td><td>-</td><td>36,940</td></tr><tr><td>Dec. 20 Spot</td><td>32,602</td><td>1,625</td><td>220</td><td>537</td><td>4,562</td><td>1,593</td><td>2,836</td><td>43,975</td><td>17,369</td><td>1,038</td><td>1,958</td><td>275</td><td>64,615</td></tr><tr><td>Dec. 20 Forward</td><td>23,901</td><td>69</td><td>-</td><td>39</td><td>2,592</td><td>117</td><td>461</td><td>27,179</td><td>5,113</td><td>75</td><td>2,225</td><td>4</td><td>34,536</td></tr><tr><td>Dec. 27 Spot</td><td>25,187</td><td>2,076</td><td>142</td><td>599</td><td>2,034</td><td>1,369</td><td>1,977</td><td>33,384</td><td>8,988</td><td>544</td><td>2,122</td><td>320</td><td>45,358</td></tr><tr><td>Dec. 27 Forward</td><td>17,890</td><td>62</td><td>-</td><td>39</td><td>2,980</td><td>508</td><td>448</td><td>21,927</td><td>3,704</td><td>-</td><td>1,350</td><td>26</td><td>27,007</td></tr><tr><td><b>Purchases from banks:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6 Spot</td><td>34,030</td><td>2,185</td><td>168</td><td>496</td><td>2,551</td><td>1,627</td><td>2,776</td><td>43,833</td><td>10,257</td><td>189</td><td>2,613</td><td>58</td><td>56,950</td></tr><tr><td>Dec. 6 Forward</td><td>16,466</td><td>54</td><td>-</td><td>71</td><td>666</td><td>10</td><td>527</td><td>17,791</td><td>1,252</td><td>-</td><td>711</td><td>-</td><td>19,757</td></tr><tr><td>Dec. 13 Spot</td><td>39,078</td><td>1,299</td><td>135</td><td>426</td><td>4,815</td><td>2,145</td><td>2,673</td><td>50,571</td><td>5,654</td><td>374</td><td>1,420</td><td>104</td><td>58,123</td></tr><tr><td>Dec. 13 Forward</td><td>19,511</td><td>88</td><td>-</td><td>61</td><td>1,568</td><td>98</td><td>1,104</td><td>22,430</td><td>1,625</td><td>-</td><td>1,163</td><td>-</td><td>25,218</td></tr><tr><td>Dec. 20 Spot</td><td>26,600</td><td>1,583</td><td>182</td><td>428</td><td>4,400</td><td>1,562</td><td>2,531</td><td>37,286</td><td>11,260</td><td>846</td><td>1,719</td><td>99</td><td>51,210</td></tr><tr><td>Dec. 20 Forward</td><td>19,242</td><td>63</td><td>-</td><td>39</td><td>1,434</td><td>117</td><td>346</td><td>21,241</td><td>1,459</td><td>-</td><td>1,885</td><td>-</td><td>24,585</td></tr><tr><td>Dec. 27 Spot</td><td>19,631</td><td>2,024</td><td>104</td><td>378</td><td>1,839</td><td>1,317</td><td>1,679</td><td>26,972</td><td>7,425</td><td>412</td><td>1,900</td><td>131</td><td>36,840</td></tr><tr><td>Dec. 27 Forward</td><td>14,639</td><td>53</td><td>-</td><td>39</td><td>1,190</td><td>323</td><td>198</td><td>16,442</td><td>1,262</td><td>-</td><td>539</td><td>24</td><td>18,267</td></tr><tr><td><b>Purchases from customers other than banks:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6 Spot</td><td>7,461</td><td>286</td><td>103</td><td>105</td><td>276</td><td>320</td><td>242</td><td>8,793</td><td>3,103</td><td>123</td><td>248</td><td>174</td><td>12,441</td></tr><tr><td>Dec. 6 Forward</td><td>8,903</td><td>43</td><td>-</td><td>39</td><td>641</td><td>-</td><td>162</td><td>9,788</td><td>4,268</td><td>10</td><td>938</td><td>4</td><td>15,008</td></tr><tr><td>Dec. 13 Spot</td><td>8,021</td><td>36</td><td>53</td><td>145</td><td>304</td><td>90</td><td>229</td><td>8,878</td><td>3,625</td><td>114</td><td>499</td><td>232</td><td>13,348</td></tr><tr><td>Dec. 13 Forward</td><td>7,442</td><td>42</td><td>-</td><td>12</td><td>1,620</td><td>74</td><td>266</td><td>9,455</td><td>1,551</td><td>-</td><td>315</td><td>-</td><td>11,322</td></tr><tr><td>Dec. 20 Spot</td><td>6,002</td><td>42</td><td>38</td><td>109</td><td>162</td><td>31</td><td>305</td><td>6,689</td><td>6,109</td><td>192</td><td>279</td><td>176</td><td>13,405</td></tr><tr><td>Dec. 20 Forward</td><td>4,659</td><td>6</td><td>-</td><td>-</td><td>1,158</td><td>-</td><td>115</td><td>5,938</td><td>3,654</td><td>75</td><td>340</td><td>4</td><td>10,011</td></tr><tr><td>Dec. 27 Spot</td><td>5,556</td><td>52</td><td>38</td><td>221</td><td>195</td><td>52</td><td>298</td><td>6,412</td><td>1,563</td><td>132</td><td>222</td><td>189</td><td>8,518</td></tr><tr><td>Dec. 27 Forward</td><td>3,251</td><td>9</td><td>-</td><td>-</td><td>1,790</td><td>185</td><td>250</td><td>5,485</td><td>2,442</td><td>-</td><td>811</td><td>2</td><td>8,740</td></tr><tr><td><b>TOTAL SALES:</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>Dec. 6 Spot</td><td>41,242</td><td>2,355</td><td>235</td><td>577</td><td>2,009</td><td>1,684</td><td>3,330</td><td>51,412</td><td>12,785</td><td>271</td><td>3,526</td><td>48</td><td>68,042</td></tr><tr><td>Dec. 6 Forward</td><td>26,781</td><td>304</td><td>-</td><td>84</td><td>2,172</td><td>61</td><td>598</td><td>30,000</td><td>5,557</td><td>-</td><td>1,008</td><td>-</td><td>36,565</td></tr><tr><td>Dec. 13 Spot</td><td>46,731</td><td>1,242</td><td>190</td><td>540</td><td>4,632</td><td>2,078</td><td>2,765</td><td>58,178</td><td>8,772</td><td>544</td><td>2,478</td><td>119</td><td>70,091</td></tr><tr><td>Dec. 13 Forward</td><td>25,941</td><td>230</td><td>-</td><td>52</td><td>3,311</td><td>244</td><td>1,335</td><td>31,133</td><td>3,479</td><td>367</td><td>1,357</td><td>-</td><td>36,316</td></tr><tr><td>Dec. 20 Spot</td><td>33,944</td><td>1,590</td><td>228</td><td>497</td><td>2,882</td><td>1,232</td><td>2,651</td><td>43,024</td><td>17,706</td><td>639</td><td>2,951</td><td>132</td><td>64,652</td></tr><tr><td>Dec. 20 Forward</td><td>24,019</td><td>44</td><td>-</td><td>10</td><td>3,744</td><td>225</td><td>614</td><td>28,656</td><td>5,394</td><td>100</td><td>1,096</td><td>4</td><td>35,250</td></tr><tr><td>Dec. 27 Spot</td><td>25,131</td><td>1,608</td><td>143</td><td>493</td><td>2,462</td><td>1,526</td><td>1,942</td><td>33,305</td><td>9,178</td><td>500</td><td>1,960</td><td>186</td><td>45,129</td></tr><tr><td>Dec. 27 Forward</td><td>18,902</td><td>55</td><td>1</td><td>25</td><td>2,949</td><td>801</td><td>454</td><td>23,187</td><td>3,630</td><td>1</td><td>1,498</td><td>27</td><td>28,343</td></tr><tr><td><b>Sales to banks:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6 Spot</td><td>30,728</td><td>1,532</td><td>104</td><td>260</td><td>1,050</td><td>1,181</td><td>1,869</td><td>36,724</td><td>5,465</td><td>117</td><td>758</td><td>15</td><td>43,079</td></tr><tr><td>Dec. 6 Forward</td><td>17,306</td><td>254</td><td>-</td><td>73</td><td>1,605</td><td>49</td><td>476</td><td>19,763</td><td>4,286</td><td>-</td><td>886</td><td>-</td><td>24,935</td></tr><tr><td>Dec. 13 Spot</td><td>35,814</td><td>711</td><td>43</td><td>286</td><td>2,790</td><td>1,175</td><td>1,702</td><td>42,521</td><td>3,980</td><td>172</td><td>908</td><td>7</td><td>47,583</td></tr><tr><td>Dec. 13 Forward</td><td>14,941</td><td>81</td><td>-</td><td>39</td><td>2,035</td><td>227</td><td>1,317</td><td>18,640</td><td>2,776</td><td>364</td><td>1,041</td><td>-</td><td>22,821</td></tr><tr><td>Dec. 20 Spot</td><td>25,385</td><td>825</td><td>57</td><td>297</td><td>1,151</td><td>940</td><td>1,674</td><td>30,329</td><td>8,485</td><td>554</td><td>524</td><td>12</td><td>39,974</td></tr><tr><td>Dec. 20 Forward</td><td>16,699</td><td>31</td><td>-</td><td>10</td><td>3,001</td><td>225</td><td>455</td><td>20,421</td><td>4,538</td><td>98</td><td>768</td><td>-</td><td>25,825</td></tr><tr><td>Dec. 27 Spot</td><td>18,822</td><td>1,055</td><td>47</td><td>335</td><td>1,168</td><td>911</td><td>889</td><td>23,227</td><td>5,252</td><td>254</td><td>480</td><td>53</td><td>29,266</td></tr><tr><td>Dec. 27 Forward</td><td>12,156</td><td>47</td><td>1</td><td>25</td><td>2,587</td><td>801</td><td>418</td><td>16,035</td><td>3,075</td><td>-</td><td>915</td><td>24</td><td>20,049</td></tr><tr><td><b>Sales to customers other than banks:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6 Spot</td><td>10,514</td><td>823</td><td>131</td><td>317</td><td>959</td><td>483</td><td>1,461</td><td>14,688</td><td>7,320</td><td>154</td><td>2,768</td><td>33</td><td>24,963</td></tr><tr><td>Dec. 6 Forward</td><td>9,475</td><td>50</td><td>-</td><td>11</td><td>567</td><td>12</td><td>122</td><td>10,237</td><td>1,271</td><td>-</td><td>122</td><td>-</td><td>11,630</td></tr><tr><td>Dec. 13 Spot</td><td>10,917</td><td>531</td><td>147</td><td>254</td><td>1,842</td><td>903</td><td>1,063</td><td>15,657</td><td>4,792</td><td>372</td><td>1,570</td><td>112</td><td>22,503</td></tr><tr><td>Dec. 13 Forward</td><td>11,000</td><td>149</td><td>-</td><td>13</td><td>1,276</td><td>17</td><td>18</td><td>12,473</td><td>703</td><td>3</td><td>316</td><td>-</td><td>13,495</td></tr><tr><td>Dec. 20 Spot</td><td>8,559</td><td>765</td><td>171</td><td>200</td><td>1,731</td><td>292</td><td>977</td><td>12,695</td><td>9,221</td><td>285</td><td>2,357</td><td>120</td><td>24,678</td></tr><tr><td>Dec. 20 Forward</td><td>7,320</td><td>13</td><td>-</td><td>-</td><td>743</td><td>-</td><td>159</td><td>8,235</td><td>856</td><td>2</td><td>328</td><td>4</td><td>9,425</td></tr><tr><td>Dec. 27 Spot</td><td>6,309</td><td>553</td><td>96</td><td>158</td><td>1,294</td><td>615</td><td>1,053</td><td>10,078</td><td>3,926</td><td>246</td><td>1,480</td><td>133</td><td>15,863</td></tr><tr><td>Dec. 27 Forward</td><td>6,746</td><td>5</td><td>-</td><td>-</td><td>362</td><td>-</td><td>36</td><td>7,152</td><td>555</td><td>1</td><td>583</td><td>3</td><td>8,234</td></tr></table>
45
Outstanding Forward Exchange Contracts as Reported by Banks and Bankers in the United States during December 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-lande</th><th>Switzer-land</th><th>Other Europe</th><th>Total Europe</th><th>Canada</th><th>Latin America</th><th>Far East</th><th>All other</th><th>Grand total</th></tr><tr><td>TOTAL PURCHASE CONTRACTS:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>239,023</td><td>721</td><td>-</td><td>249</td><td>19,431</td><td>1,744</td><td>6,562</td><td>267,730</td><td>65,605</td><td>1,365</td><td>16,314</td><td>87</td><td>351,101</td></tr><tr><td>Dec. 13.</td><td>234,320</td><td>807</td><td>-</td><td>264</td><td>20,049</td><td>1,870</td><td>7,278</td><td>264,588</td><td>61,950</td><td>1,357</td><td>16,080</td><td>82</td><td>344,057</td></tr><tr><td>Dec. 20.</td><td>234,719</td><td>834</td><td>-</td><td>240</td><td>21,193</td><td>1,570</td><td>7,604</td><td>266,160</td><td>58,920</td><td>1,478</td><td>16,145</td><td>72</td><td>342,775</td></tr><tr><td>Dec. 27.</td><td>224,426</td><td>681</td><td>-</td><td>239</td><td>21,472</td><td>1,834</td><td>6,304</td><td>254,956</td><td>57,215</td><td>1,410</td><td>16,459</td><td>73</td><td>330,113</td></tr><tr><td>Contracts for purchases from foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>64,002</td><td>95</td><td>-</td><td>7</td><td>5,035</td><td>352</td><td>1,608</td><td>71,099</td><td>8,039</td><td>945</td><td>6,302</td><td>-</td><td>86,385</td></tr><tr><td>Dec. 13.</td><td>60,517</td><td>138</td><td>-</td><td>7</td><td>4,284</td><td>440</td><td>1,795</td><td>67,181</td><td>6,869</td><td>937</td><td>6,644</td><td>-</td><td>81,631</td></tr><tr><td>Dec. 20.</td><td>60,569</td><td>150</td><td>-</td><td>7</td><td>4,237</td><td>147</td><td>1,902</td><td>67,012</td><td>7,037</td><td>937</td><td>7,199</td><td>-</td><td>82,185</td></tr><tr><td>Dec. 27.</td><td>60,754</td><td>131</td><td>-</td><td>7</td><td>3,905</td><td>213</td><td>1,663</td><td>66,673</td><td>6,549</td><td>926</td><td>6,903</td><td>-</td><td>81,051</td></tr><tr><td>Contrante for purchases from domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>175,021</td><td>625</td><td>-</td><td>242</td><td>14,396</td><td>1,392</td><td>4,954</td><td>196,631</td><td>57,566</td><td>420</td><td>10,012</td><td>87</td><td>264,716</td></tr><tr><td>Dec. 13.</td><td>173,803</td><td>669</td><td>-</td><td>257</td><td>15,765</td><td>1,430</td><td>5,483</td><td>197,407</td><td>55,081</td><td>420</td><td>9,436</td><td>82</td><td>262,426</td></tr><tr><td>Dec. 20.</td><td>174,150</td><td>684</td><td>-</td><td>233</td><td>16,956</td><td>1,423</td><td>5,702</td><td>199,148</td><td>51,883</td><td>541</td><td>8,946</td><td>72</td><td>260,590</td></tr><tr><td>Dec. 27.</td><td>163,672</td><td>550</td><td>-</td><td>232</td><td>17,567</td><td>1,621</td><td>4,641</td><td>188,283</td><td>50,666</td><td>484</td><td>9,556</td><td>73</td><td>249,062</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>Dec. 6.</td><td>244,993</td><td>971</td><td>1</td><td>360</td><td>23,386</td><td>2,953</td><td>7,986</td><td>280,650</td><td>68,147</td><td>1,803</td><td>12,645</td><td>56</td><td>363,301</td></tr><tr><td>Dec. 13.</td><td>244,863</td><td>1,179</td><td>1</td><td>379</td><td>24,079</td><td>2,927</td><td>8,670</td><td>282,098</td><td>64,683</td><td>2,172</td><td>12,329</td><td>58</td><td>361,340</td></tr><tr><td>Dec. 20.</td><td>246,315</td><td>1,150</td><td>-</td><td>388</td><td>25,474</td><td>2,585</td><td>9,095</td><td>285,007</td><td>61,255</td><td>2,319</td><td>11,365</td><td>60</td><td>360,006</td></tr><tr><td>Dec. 27.</td><td>241,722</td><td>1,064</td><td>-</td><td>372</td><td>25,887</td><td>3,125</td><td>7,912</td><td>280,082</td><td>58,648</td><td>2,259</td><td>11,365</td><td>62</td><td>352,416</td></tr><tr><td>Contracte for sale to foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>56,117</td><td>223</td><td>1</td><td>25</td><td>9,484</td><td>1,686</td><td>4,847</td><td>72,383</td><td>30,868</td><td>1,590</td><td>4,681</td><td>51</td><td>109,573</td></tr><tr><td>Dec. 13.</td><td>55,955</td><td>217</td><td>1</td><td>40</td><td>9,883</td><td>1,635</td><td>5,575</td><td>73,306</td><td>30,530</td><td>1,950</td><td>5,077</td><td>53</td><td>110,916</td></tr><tr><td>Dec. 20.</td><td>59,107</td><td>217</td><td>-</td><td>40</td><td>10,433</td><td>1,257</td><td>5,831</td><td>76,895</td><td>30,007</td><td>2,096</td><td>4,562</td><td>51</td><td>113,611</td></tr><tr><td>Dec. 27.</td><td>58,375</td><td>145</td><td>-</td><td>40</td><td>10,752</td><td>1,686</td><td>5,080</td><td>76,078</td><td>29,531</td><td>2,035</td><td>5,073</td><td>51</td><td>112,768</td></tr><tr><td>Contracts for sale to domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 6.</td><td>188,876</td><td>748</td><td>-</td><td>335</td><td>13,902</td><td>1,267</td><td>3,139</td><td>208,267</td><td>37,279</td><td>213</td><td>7,964</td><td>5</td><td>253,728</td></tr><tr><td>Dec. 13.</td><td>188,908</td><td>962</td><td>-</td><td>339</td><td>14,196</td><td>1,292</td><td>3,095</td><td>208,792</td><td>34,153</td><td>222</td><td>7,252</td><td>5</td><td>250,424</td></tr><tr><td>Dec. 20.</td><td>187,208</td><td>933</td><td>-</td><td>348</td><td>15,041</td><td>1,318</td><td>3,264</td><td>208,112</td><td>31,248</td><td>223</td><td>6,803</td><td>9</td><td>246,395</td></tr><tr><td>Dec. 27.</td><td>183,347</td><td>919</td><td>-</td><td>332</td><td>15,135</td><td>1,439</td><td>2,832</td><td>204,004</td><td>29,117</td><td>224</td><td>6,292</td><td>11</td><td>239,048</td></tr></table>
Net Position in Foreign Currencies of Reporting Banks and Bankers in the United States for December 1939
(Minus indicates short position:
In thousands of dollars)
<table><tr><th>Position as of following dates</th><th colspan="11">Currency of-</th></tr><tr><th></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>Dec. 6.</td><td>-5,807</td><td>-406</td><td>-132</td><td>-702</td><td>-4,050</td><td>-798</td><td>-2,671</td><td>-14,566</td><td>1,757</td><td>7</td><td>-3,270</td><td>-7</td><td>-16,079</td></tr><tr><td>Dec. 13.</td><td>-1,086</td><td>-424</td><td>-134</td><td>-689</td><td>-3,795</td><td>-723</td><td>-2,551</td><td>-12,402</td><td>1,996</td><td>-419</td><td>-3,743</td><td>-5</td><td>-14,573</td></tr><tr><td>Dec. 20.</td><td>-5,391</td><td>-304</td><td>-149</td><td>-659</td><td>-3,284</td><td>-482</td><td>-2,489</td><td>-12,818</td><td>1,336</td><td>-235</td><td>-3,605</td><td>-13</td><td>-15,335</td></tr><tr><td>Dec. 27.</td><td>-6,001</td><td>131</td><td>-118</td><td>-582</td><td>-3,571</td><td>-932</td><td>-2,474</td><td>-13,577</td><td>1,145</td><td>-161</td><td>-3,531</td><td>-16</td><td>-16,140</td></tr></table>
OTHER MONETARY STATISTICS
— 46 —
47
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>Stabilisation 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>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1939-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><tr><td>Dec</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940-Jan.</td><td>17,931.0</td><td>15,630.6</td><td>156.0</td><td>1,800.0</td><td>344.4</td></tr><tr><td>Feb.</td><td>18,177.5</td><td>15,881.5</td><td>156.0</td><td>1,800.0</td><td>340.0</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>Switzer-land</th><th>Canada</th><th>Mexico</th><th>Japan</th><th>Bel-gium</th><th>British India</th><th>Aus- tralia</th><th>Philip- pine Islands</th><th>Co- lombia</th><th>Chile</th><th>Peru</th><th>China 1/</th><th>All other</th><th>Total net imports or net exports (-)</th></tr><tr><td>1933.....</td><td>10.8</td><td>-365.1</td><td>13.4</td><td>-19.7</td><td>33.6</td><td>7.2</td><td>11.3</td><td>-1.5</td><td>43.3</td><td>5.4</td><td>9.7</td><td>.2</td><td>4.0</td><td>2.6</td><td>21.7</td><td>-70.6</td><td>-293.7</td></tr><tr><td>1934.....</td><td>499.9</td><td>260.2</td><td>94.3</td><td>12.4</td><td>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>19.8</td><td>1,116.6</td></tr><tr><td>1937.....</td><td>891.5</td><td>-13.7</td><td>6.5</td><td>54.5</td><td>111.5</td><td>38.5</td><td>246.5</td><td>90.9</td><td>50.8</td><td>34.7</td><td>25.4</td><td>18.4</td><td>9.4</td><td>3.1</td><td>1.6</td><td>15.9</td><td>1,585.5</td></tr><tr><td>1938.....</td><td>1,208.7</td><td>81.1</td><td>163.0</td><td>1.4</td><td>76.3</td><td>36.5</td><td>168.7</td><td>15.5</td><td>16.2</td><td>39.2</td><td>27.9</td><td>10.6</td><td>8.4</td><td>4.0</td><td>11.7</td><td>104.4</td><td>1,973.6</td></tr><tr><td>1939.....</td><td>1,826.4</td><td>3.6</td><td>341.5</td><td>86.9</td><td>613.0</td><td>33.7</td><td>165.4</td><td>165.2</td><td>53.0</td><td>74.3</td><td>35.5</td><td>23.1</td><td>10.3</td><td>5.3</td><td>26.3</td><td>110.3</td><td>3,573.8</td></tr><tr><td>1939-Feb. Mar.</td><td>165.4 250.0</td><td>1.4 .8</td><td>29.3 27.1</td><td>- 8.2</td><td>4.2 6.9</td><td>2.5 3.8</td><td>5.4 11.4</td><td>- 37.2</td><td>.2 3.7</td><td>4.0 4.3</td><td>2.7 3.3</td><td>- 4.2</td><td>.5 1.5</td><td>.3 .3</td><td>2.4 1.3</td><td>5.0 1.4</td><td>223.3 365.4</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><tr><td>Dec.</td><td>10.4</td><td>-</td><td>31.3</td><td>5.1</td><td>308.8</td><td>4.0</td><td>20.1</td><td>-</td><td>7.6</td><td>6.5</td><td>2.6</td><td>2.1</td><td>1.2</td><td>.4</td><td>3.0</td><td>47.8</td><td>450.9</td></tr><tr><td>1940-Jan.</td><td>23.9</td><td>-</td><td>30.4</td><td>1.2</td><td>52.7</td><td>2.6</td><td>37.7</td><td>-</td><td>9.7</td><td>6.2</td><td>3.4</td><td>-</td><td>1.3</td><td>.4</td><td>5.5</td><td>61.4</td><td>236.4</td></tr><tr><td>Feb.</td><td>21.3</td><td>-</td><td>16.2</td><td>13.9</td><td>46.9</td><td>2.0</td><td>4.9</td><td>1.0</td><td>6.8</td><td>.2</td><td>1.9</td><td>-</td><td>.7</td><td>1.5</td><td>1.0</td><td>79.1</td><td>197.4</td></tr></table>
1/ Including Hong Kong.
Monetary Stocks of Gold and Silver
(in millions of dollars - on basis, daily Treasury statements, revised)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($.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>1939-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</td><td>17,358.5</td><td>3,762.0</td><td>17.8</td></tr><tr><td>Dec</td><td>17,643.6</td><td>3,790.2</td><td>17.7</td></tr><tr><td>1940-Jan.</td><td>17,931.0</td><td>3,817.6</td><td>17.6</td></tr><tr><td>Feb.</td><td>12,177.5</td><td>3,838.7</td><td>17.4</td></tr></table>
Preliminary.
MONETARY STOCKS OF GOLD AND SILVER IN U.S.
Gold per Ounce $35.00; Silver per Ounce $1.29
49
Components of Silver Monetary Stock
(In millions of dollars - on basis of daily Treasury statements, revised)
Silver of Specified Classifications Acquired by Mints and Assay Offices
(In millions)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="4">Silver held in Treasury</th><th rowspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29 per ounce</th><th colspan="5">Newly mined domestic 1/ National- ized 2/ Foreign 3/ Total</th></tr><tr><th colspan="2">Securing silver certificate 1/</th><th colspan="2">In General Fund</th><th>Calendar year or month</th><th>Own- ces</th><th>Dol- lars</th><th>Own- ces</th><th>Dol- lars</th><th>Own- ces</th><th>Dol- lars</th></tr><tr><th></th><th>Silver bul- lion</th><th>Silver dol- lars</th><th>Sub- sid- ary coin 2/</th><th>Bullion for recoin- age 2/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Sub- sidary coin 2/</th><th>1934.....</th><th>21.8</th><th>141.1</th><th>110.6</th><th>55.3</th><th>172.5</th><th>86.5</th><th>304.9</th><th>155.9</th></tr><tr><td>1934.....</td><td>211.6</td><td>508.4</td><td>4.2</td><td>8.8</td><td>89.3</td><td>35.2</td><td>305.3</td><td>1,279.7</td><td>1935.....</td><td>38.0</td><td>27.3</td><td>2.0</td><td>1.0</td><td>494.4</td><td>318.2</td><td>534.3</td><td>346.5</td></tr><tr><td>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><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>1936.....</td><td>775.9</td><td>505.7</td><td>5.7</td><td>.3</td><td>347.7</td><td>41.3</td><td>350.4</td><td>2,402.3</td><td>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>1937.....</td><td>938.8</td><td>503.7</td><td>5.4</td><td>-</td><td>428.6</td><td>43.3</td><td>366.9</td><td>2,806.5</td><td>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>193.1</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><td>1939.....</td><td>60.7</td><td>39.9</td><td>-</td><td>-</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.4</td></tr><tr><td>1939.....</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>-</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td><td>1939-Feb. Mar.</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>1939-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><td>Apr.</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>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><td>May.</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>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><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>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><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>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><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>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><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>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><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>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><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><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><td>Dec.</td><td>5.1</td><td>3.6</td><td>-</td><td>-</td><td>16.8</td><td>6.8</td><td>21.9</td><td>10.4</td></tr><tr><td>Nov.</td><td>1,287.6</td><td>500.1</td><td>4.9</td><td>.1</td><td>612.4</td><td>46.9</td><td>389.5</td><td>3,762.0</td><td>1940-Jan.</td><td>7.3</td><td>5.2</td><td>-</td><td>-</td><td>14.0</td><td>5.7</td><td>21.3</td><td>10.9</td></tr><tr><td>Dec.</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>-</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td><td>Feb.</td><td>4.5</td><td>3.2</td><td>-</td><td>-</td><td>20.9</td><td>7.8</td><td>25.4</td><td>11.0</td></tr></table>
1940-Jan. 1,308.3 499.0 6.6 .1 621.8 48.0 393.5 3,817.4
Feb. 1,318.8 499.0 7.7 .2 625.5 48.0 393.5 3,838.7
1/2 Valued at $1.29 per ounce.
2/3 Valued at $1.38 per ounce.
Preliminary.
1/ Acquired at 64.64+ cents per fine ounce until April 9, 1935; at 71.11+ cents per fine ounce from that date until April 23, 1935; at 77.57+ cents from April 23, 1935 to December 31, 1937; at 64.64+ cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11+ cents since July 1, 1939. 2/ Acquired at 50.01 cents per fine ounce. Exec. Proc. of August 9, 1934, repealed April 28, 1938. 3/ Acquired at various prices averaging approximately 52 cents per ounce.
Silver Production, by Leading Countries
(In thousands of fine ounces)
<table><tr><th>Calendar year or month</th><th>United States</th><th>Canada</th><th>Mexico</th><th>Peru</th><th>Other America</th><th>Europe</th><th>Oceania</th><th>Japan</th><th>British India</th><th>Other Asia</th><th>Africa</th><th>Total for world</th></tr><tr><td>1933</td><td>22,821</td><td>16,395</td><td>68,101</td><td>6,761</td><td>10,819</td><td>14,769</td><td>11,553</td><td>6,680</td><td>6,080</td><td>1,104</td><td>4,076</td><td>169,159</td></tr><tr><td>1934</td><td>32,487</td><td>17,565</td><td>74,145</td><td>10,381</td><td>10,091</td><td>14,891</td><td>11,257</td><td>7,853</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>61,689</td><td>23,826</td><td>81,019</td><td>20,424</td><td>16,153</td><td>22,630</td><td>15,043</td><td>13,115</td><td>5,947</td><td>2,406</td><td>5,661</td><td>267,913</td></tr><tr><td>1939</td><td>57,808</td><td>23,614</td><td>75,849</td><td>18,689</td><td>19,125</td><td>22,180</td><td>15,649</td><td>10,500*</td><td>6,175#</td><td>4,885</td><td>5,439</td><td>259,913</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>6,857</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>23,634</td></tr><tr><td>Oct</td><td>4,874</td><td>2,913</td><td>7,931</td><td>1,450</td><td>1,700</td><td>1,900</td><td>1,388</td><td>875*</td><td>470</td><td>450</td><td>475</td><td>24,426</td></tr><tr><td>Nov</td><td>5,113</td><td>1,898</td><td>6,539</td><td>1,350</td><td>1,700</td><td>1,900</td><td>1,370</td><td>875*</td><td>475</td><td>450</td><td>523</td><td>22,193</td></tr><tr><td>Dec</td><td>5,716</td><td>1,920</td><td>6,210</td><td>1,350</td><td>1,700</td><td>1,900</td><td>1,350</td><td>875*</td><td>480</td><td>450</td><td>540</td><td>22,491</td></tr><tr><td>1940-Jan</td><td>4,852</td><td>1,483</td><td>5/</td><td>1,550</td><td>1,750</td><td>1,900</td><td>5/</td><td>875*</td><td>5/</td><td>400</td><td>538</td><td>5/</td></tr></table>
1/ Annual Reports of the Director of the Mint for annual figures through 1938. Releases of American Bureau of Metal Statistics for monthly figures, and 1939 estimate. 
2/ Includes Newfoundland. 
3/ Includes Chosen and Taiwan. 
4/ Burma, refined silver. 
5/ Not yet reported. 
* No longer reported. Estimated at about previous rate.
50
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>12,117</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>1939</td><td>12,381</td><td>-656</td><td>7,078</td><td>31,597</td><td>-4,787</td><td>851</td><td>6,513</td><td>3,178</td></tr><tr><td>1939-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>175</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><tr><td>Dec.</td><td>-90</td><td>-409</td><td>508</td><td>2,263</td><td>-</td><td>71</td><td>417</td><td>135</td></tr><tr><td>1940-Jan.</td><td>14</td><td>-105</td><td>751</td><td>2,539</td><td>4</td><td>-5</td><td>400</td><td>523</td></tr><tr><td>Feb.</td><td>3</td><td>-134</td><td>647</td><td>2,322</td><td>-</td><td>11</td><td>467</td><td>174</td></tr></table>
<table><tr><th>Calendar year and month</th><th colspan="6">Net imports from or net exports (-) to:</th><th>Total net imports or exports (-)</th></tr><tr><th></th><th>British India</th><th>China</th><th>Hong Kong</th><th>Japan</th><th>Other Asia</th><th>All other</th><th></th></tr><tr><td>1934</td><td>-338</td><td>21,967</td><td>2,873</td><td>303</td><td>134</td><td>34</td><td>86,174</td></tr><tr><td>1935</td><td>188</td><td>227</td><td>6,787</td><td>843</td><td>3,224</td><td>118</td><td>335,730</td></tr><tr><td>1936</td><td>3,024</td><td>69,996</td><td>3,463</td><td>2,144</td><td>342</td><td>48</td><td>170,851</td></tr><tr><td>1937</td><td>-</td><td>5,614</td><td>4</td><td>1,271</td><td>504</td><td>433</td><td>79,835</td></tr><tr><td>1938</td><td>150</td><td>-</td><td>61</td><td>2,930</td><td>10,808 3/</td><td>617</td><td>223,449</td></tr><tr><td>1939</td><td>-73</td><td>-</td><td>7,725</td><td>4,234</td><td>1,960</td><td>672</td><td>70,677</td></tr><tr><td>1939-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>144</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><tr><td>Dec.</td><td>-257</td><td>-</td><td>-</td><td>127</td><td>74</td><td>40</td><td>2,908</td></tr><tr><td>1940-Jan.</td><td>-184</td><td>-</td><td>-</td><td>1,261</td><td>92</td><td>56</td><td>5,347</td></tr><tr><td>Feb.</td><td>-</td><td>-</td><td>-</td><td>170</td><td>55</td><td>59</td><td>3,773</td></tr></table>
1/ Less than $500. 2/ Includes net import of $12,950,000 from France. 3/ Includes net import of $9,791,000 from Siam.
Seigniorage on Silver
(In millions of dollars - on basis of daily Treasury statements)
<table><tr><th>Cumulative from Jan. 1, 1934 to end of calendar year or month</th><th>Seigniorage on silver and minor coins</th><th colspan="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost to General Fund</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th></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</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940-Jan.</td><td>92.9</td><td>48.7</td><td>87.5</td><td>6.3</td><td>533.8</td><td>34.7</td><td>711.0</td><td>961.5</td></tr><tr><td>Feb.</td><td>93.9</td><td>48.7</td><td>87.5</td><td>7.7</td><td>538.3</td><td>34.7</td><td>716.9</td><td>972.1</td></tr></table>
These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure silver certificates.
51
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>Swisser-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-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-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><tr><td>Dec.</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>10</td></tr><tr><td>1940-Jan.</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>10</td></tr><tr><td>Feb.</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></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>88</td><td>91</td><td>93</td><td>88</td></tr><tr><td>1939</td><td>84</td><td>86</td><td>88</td><td>84</td></tr><tr><td>1939-Feb.</td><td>86</td><td>90</td><td>91</td><td>85</td></tr><tr><td>War</td><td>86</td><td>90</td><td>91</td><td>85</td></tr><tr><td>Apr.</td><td>86</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><tr><td>Dec.</td><td>79</td><td>80</td><td>83</td><td>78</td></tr><tr><td>1940-Jan.</td><td>79</td><td>80</td><td>83</td><td>79</td></tr><tr><td>Feb.</td><td>79</td><td>80</td><td>82</td><td>78</td></tr></table>
Indexes of Prices of 40 Foreign Currencies in New York, London, Paris and Tokyo
1935 = 100
<table><tr><th></th><th colspan="4">Unweighted (1. o. equal weights)</th><th colspan="4">Weighted according to total foreign trade of each country included in the index</th></tr><tr><th></th><th>New York</th><th>London</th><th>Paris</th><th>Tokyo</th><th>New York</th><th>London</th><th>Paris</th><th>Tokyo</th></tr><tr><td>1935</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td><td>100</td></tr><tr><td>1936</td><td>97</td><td>96</td><td>105</td><td>96</td><td>98</td><td>96</td><td>107</td><td>97</td></tr><tr><td>1937</td><td>91</td><td>90</td><td>150</td><td>91</td><td>92</td><td>91</td><td>156</td><td>93</td></tr><tr><td>1938</td><td>88</td><td>88</td><td>204</td><td>88</td><td>88</td><td>88</td><td>212</td><td>90</td></tr><tr><td>1939</td><td>84</td><td>93</td><td>224</td><td>93</td><td>84</td><td>94</td><td>235</td><td>95</td></tr><tr><td>1939-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</td><td>248</td><td>100</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><tr><td>Dec.</td><td>79</td><td>99</td><td>239</td><td>97</td><td>78</td><td>101</td><td>252</td><td>99</td></tr><tr><td>1940-Jan.</td><td>79</td><td>98</td><td>237</td><td>97</td><td>79</td><td>101</td><td>250</td><td>100</td></tr><tr><td>Feb.</td><td>79</td><td>98</td><td>236</td><td>97</td><td>78</td><td>101</td><td>250</td><td>99</td></tr></table>
MISCELLANEOUS
52
53
Commodities Imported Under Quota Provisions
<table><tr><th>Commodity and country</th><th>Quota period</th><th>Unit of quantity</th><th>Established quota</th><th>Quantity imported under quotas to March 2, 1940</th></tr><tr><td>Cattle weighing under 200 pounds each.</td><td>Calendar year</td><td>Head</td><td>100,000</td><td>15,477</td></tr><tr><td>Cattle weighing 700 pounds or more each, other than dairy cows:</td><td></td><td></td><td></td><td></td></tr><tr><td>From Canada.</td><td>Quarter year from Jan. 1, 1940</td><td>Head</td><td>51,720</td><td>11,266</td></tr><tr><td>From other countries.</td><td>Quarter year from Jan. 1, 1940</td><td>Head</td><td>5,280</td><td>-</td></tr><tr><td>Whole milk, fresh or sour.</td><td>Calendar year</td><td>Gallon</td><td>3,000,000</td><td>1,229</td></tr><tr><td>Cream, fresh or sour.</td><td>Calendar year</td><td>Gallon</td><td>1,500,000</td><td>142</td></tr><tr><td>Fish, fresh or frozen, filleted, etc., Cod, Haddock, Hake, Pollock, Ousk and Rosefish.</td><td>Calendar year</td><td>Pound</td><td>15,000,000</td><td>990,927</td></tr><tr><td>White or Irish potatoes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Certified seed.</td><td>12 months from Sept. 15, 1939</td><td>Pound</td><td>90,000,000</td><td>51,147,882</td></tr><tr><td>Other.</td><td>12 months from Sept. 15, 1939</td><td>Pound</td><td>60,000,000</td><td>13,417,213</td></tr><tr><td>Silver or black fox fur units:</td><td></td><td></td><td></td><td></td></tr><tr><td>From Canada.</td><td>January 1940</td><td>Unit</td><td>4,948</td><td>-</td></tr><tr><td>From other countries.</td><td>January 1940</td><td>Unit</td><td>7,481</td><td>-</td></tr><tr><td>Cuban filler tobacco, unstemmed or stemmed, and scrap tobacco.</td><td>Calendar year</td><td>Pound</td><td>22,000,000</td><td>3,221,620</td></tr><tr><td>Molasses and sugar sirups, containing soluble nonsugar solids equal to more than 6% of total soluble solids.</td><td>Calendar year</td><td>Gallon</td><td>1,500,000</td><td>-</td></tr><tr><td>Crude petroleum, topped crude petroleum and fuel oil:</td><td></td><td></td><td></td><td></td></tr><tr><td>From Venezuela.</td><td>Calendar year</td><td>Gallon</td><td>1,869,014,616</td><td>185,955,891</td></tr><tr><td>From Netherlands and Netherlands Indies.</td><td>Calendar year</td><td>Gallon</td><td>527,691,192</td><td>145,862,978</td></tr><tr><td>From Colombia.</td><td>Calendar year</td><td>Gallon</td><td>103,978,560</td><td>7,655,677</td></tr><tr><td>From other countries.</td><td>Calendar year</td><td>Gallon</td><td>98,779,632</td><td>60,892,132</td></tr><tr><td>Products of Philippine Islands:</td><td></td><td></td><td></td><td></td></tr><tr><td>Coconut oil.</td><td>Calendar year</td><td>Pound</td><td>448,000,000</td><td>62,632,753</td></tr><tr><td>Refined sugar.</td><td>Calendar year</td><td>Pound</td><td>118,000,000</td><td>7,282,167</td></tr><tr><td>Sugar other than refined.</td><td>Calendar year</td><td>Pound</td><td>1,792,000,000</td><td>266,839,120</td></tr><tr><td>Cordage.</td><td>12 months from May 1, 1939</td><td>Pound</td><td>6,000,000</td><td>4,337,215</td></tr><tr><td>Buttons of pearl or shell.</td><td>Calendar year</td><td>Gross</td><td>850,000</td><td>285,742</td></tr><tr><td>Cigars.</td><td>Calendar year</td><td>Number</td><td>200,000,000</td><td>15,515,347</td></tr><tr><td>Scrap tobacco and stemmed and unstemmed filler tobacco.</td><td>Calendar year</td><td>Pound</td><td>4,500,000</td><td>100,132</td></tr></table>
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 Jan. 1940
INVENTORY OF CASES
<table><tr><th>Bureau</th><th>Cases pending first of month</th><th>New cases</th><th>Cases closed</th><th>Cases pending end of month</th><th>Net change in pending cases</th></tr><tr><td>Total</td><td>19,912</td><td>3,100</td><td>3,225</td><td>19,784</td><td>-128</td></tr><tr><td>Alcohol Tax</td><td>15,774</td><td>2,322</td><td>2,441</td><td>15,655</td><td>-119</td></tr><tr><td>Customs</td><td>230</td><td>60</td><td>47</td><td>243</td><td>+13</td></tr><tr><td> Narcotics</td><td>2,532</td><td>403</td><td>438</td><td>2,497</td><td>-35</td></tr><tr><td>Secret</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Service</td><td>935</td><td>299</td><td>280</td><td>957</td><td>+19</td></tr><tr><td>Internal Revenue</td><td>438</td><td>16</td><td>22</td><td>432</td><td>-6</td></tr></table>
DISPOSITIONS
<table><tr><th>Bureau</th><th>Number cases closed</th><th>Number cases transferred</th><th colspan="3">Percent released</th><th colspan="3">Percent convicted</th></tr><tr><th></th><th></th><th>2/</th><th>Before indict.</th><th>After indict.</th><th>Acquittal</th><th>Total</th><th>Found guilty</th><th>Fled guilty</th><th>Total</th></tr><tr><td>Total......</td><td>3,228</td><td>284</td><td>19%</td><td>10%</td><td>3%</td><td>32%</td><td>7%</td><td>61%</td><td>68%</td></tr><tr><td>Alcohol Tax.</td><td>2,441</td><td>188</td><td>21%</td><td>10%</td><td>4%</td><td>35%</td><td>7%</td><td>58%</td><td>65%</td></tr><tr><td>Customs 3/..</td><td>47</td><td>2</td><td>13%</td><td>25%</td><td>2%</td><td>40%</td><td>13%</td><td>47%</td><td>60%</td></tr><tr><td>Narcotics 3/</td><td>438</td><td>57</td><td>7%</td><td>11%</td><td>3%</td><td>21%</td><td>10%</td><td>69%</td><td>79%</td></tr><tr><td>Secret Service 4/</td><td>280</td><td>37</td><td>8%</td><td>2%</td><td>0%</td><td>10%</td><td>4%</td><td>86%</td><td>90%</td></tr><tr><td>Internal Revene...</td><td>22</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>
STATISTICS
<table><tr><th>Bureau</th><th>Total convictions</th><th>Percent imprisoned</th><th>Percent probated</th><th>Percent fined</th><th>Average days imprisonment</th><th>Average fine (dollars)</th><th>Total fine (dollars)</th></tr><tr><td>Total</td><td>1,924</td><td>60%</td><td>38%</td><td>28%</td><td>420</td><td>332</td><td>161,753</td></tr><tr><td>Alcohol</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Tax ($)</td><td>1,459</td><td>55%</td><td>39%</td><td>30%</td><td>325</td><td>317</td><td>139,335</td></tr><tr><td>Customs</td><td>27</td><td>85%</td><td>22%</td><td>19%</td><td>223</td><td>261</td><td>1,305</td></tr><tr><td>Narcotics</td><td>224</td><td>80%</td><td>27%</td><td>18%</td><td>738</td><td>353</td><td>14,120</td></tr><tr><td>Secret Service</td><td>208</td><td>70%</td><td>40%</td><td>30%</td><td>579</td><td>274</td><td>16,993</td></tr><tr><td>Internal Revenue</td><td>6</td><td>5/</td><td>5/</td><td>5/</td><td>730</td><td>10,000</td><td>10,000</td></tr></table>
1/ Internal revenue cases are those referred by the Penal Division to the Department of Justice with recommendation for criminal prosecution.
2/ Includes cases transferred to state, local, or other authorities for prosecution and cases closed because of duplicate prosecutions. These cases are not included in calculating percentages.
3/ Cases in which no arrests were made are not included in calculating percentages.
4/ Cases disposed of by lunsacy hearings not included in calculating percentages.
5/ Too few cases to show comparative percentages.
6/ 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
INVENTORY OF CASKS
<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-Aug.</td><td>19,982</td><td>3,333</td><td>1,317</td><td>21,998</td><td>+ 2,016</td></tr><tr><td>Sept.</td><td>21,998</td><td>3,355</td><td>2,282</td><td>23,071</td><td>+ 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><tr><td>Nov.</td><td>21,653</td><td>2,796</td><td>4,218</td><td>20,231</td><td>- 1,422</td></tr><tr><td>Dec.</td><td>20,231</td><td>2,740</td><td>3,059</td><td>19,912</td><td>- 319</td></tr><tr><td>1940-Jan.</td><td>19,912</td><td>3,100</td><td>3,228</td><td>19,784</td><td>- 128</td></tr></table>
DISPOSITIONS 2/
<table><tr><th rowspan="2">Date</th><th rowspan="2">Number cases closed</th><th rowspan="2">Number cases transferred 3/</th><th colspan="3">Percent released</th><th colspan="3">Percent convicted</th></tr><tr><th>Before indict.</th><th>After indict.</th><th>Acquittals</th><th>Total</th><th>Found guilty</th><th>Plead guilty</th><th>Total</th></tr><tr><td>1939-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><tr><td>Nov.</td><td>4,218</td><td>232</td><td>14%</td><td>7%</td><td>3%</td><td>24%</td><td>8%</td><td>68%</td><td>76%</td></tr><tr><td>Dec.</td><td>3,059</td><td>131</td><td>14%</td><td>8%</td><td>4%</td><td>26%</td><td>9%</td><td>65%</td><td>74%</td></tr><tr><td>1940-Jan.</td><td>3,228</td><td>284</td><td>19%</td><td>10%</td><td>3%</td><td>32%</td><td>7%</td><td>61%</td><td>68%</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-Aug.</td><td>710</td><td>5%</td><td>43%</td><td>27%</td><td>556</td><td>474</td><td>92,452</td></tr><tr><td>Sept.</td><td>1,446</td><td>66%</td><td>32%</td><td>33%</td><td>378</td><td>324</td><td>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><tr><td>Nov.</td><td>2,955</td><td>58%</td><td>40%</td><td>31%</td><td>325</td><td>359</td><td>332,491</td></tr><tr><td>Dec.</td><td>2,103</td><td>54%</td><td>42%</td><td>26%</td><td>361</td><td>379</td><td>206,111</td></tr><tr><td>1940-Jan.</td><td>1,924</td><td>60%</td><td>38%</td><td>28%</td><td>420</td><td>332</td><td>181,753</td></tr></table>
1/ Internal revenue cases are those referred by the Penal Division to the Department of Justice with recommendation for criminal prosecu-tion.
2/ Narcotic and customs cases in which no arrests were made and secret service cases disposed of by luncacy 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.
4/ Alcohol tax figures based on cases in which a suspended or proba-tionary sentence only was imposed.
* 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>1940</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>US. Treasury Dept.</td></tr><tr><td>.A2</td><td></td></tr><tr><td>AUTHOR</td><td>Treasury Bulletin</td></tr><tr><td>1940</td><td></td></tr><tr><td>TITLE</td><td>Jan. - Mar.</td></tr><tr><td>c.2</td><td></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>
U.S. TREASURY LIBRARY
1 0031891