Full text of Treasury Bulletin : August 1939

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COPY N o.

JUN

TREASURY

U972
OePARTMlHT^

'J

,',

,

.1

3
BULLETIN
OF THE

TREASURY DEPARTMENT
AUGUST

1939

Analyfils of Receipts and Disbursements

Composition of the Public Debt
Capital Movements and Monetary Data
Other Treasury Statistics

TREASURY DEPARTMENT
OFFICE OF THE SECRETARY

REFERENCE
To be used
in Treasury

Library

^1

BULLETIN
OF THE

TREASURY DEPARTMENT
AUGUST

1939

Analysis of Receipts and Disbursements
Composition of the Public Debt
Capital Movements and Monetary Data
Other Treasury Statistics

TREASURY DEPARTMENT
OFFICE OF THE SECRETARY

4

Table of Contents

Federal and Estimated State and Local Revenues and E:q>endltares
for General Oovemment, riaoal Zear 1938

1-^

Reoelpts and Eiqpendlturea
^

risoal Xears 1935-'*0

Expenditures ty Classes, Reoelpts by Souroes

7-12

16-17

Soolal Insuranoe Accounts

Oaeb Income and Outgo

18

Oeneral Fund and Public Debt
OompoBltlon of the General Fund

21

Treasury Bill Offerings
Composition of the Public Debt

22

Het Meo-iet Transactions of Treasury Investment Accounts

23

Holdings of Oovemment Obligations
Holdings by 0, 8. Trust Accounts, etc.
Oomputed Interest and Ilelds on Public Debt Issues

23

23

25

26-28

Oovemment Oorporatlons and Oredlt Agencies
AasetB, Liabilities and Proprietary Interest

30

31-32

Sources and Uses of Funds
Issues Outstanding

33

Financing Operations

33

International Capital Movements

Summary Table
Short-term Foreign Assets «md Liabilities
Security Transactions and Brokerage Balances
Transactions In 0. 8. Domestic Securities

35
37-3*
39-'W

Foreign Exchange Transactions

*3-'**

'H

Other Monetary Data

Oold and Silver Stocks
Silver Production, Movements and Seigniorage

46-4-7

Foreign Exchange and Price Data

50-51

k6-^

Miscellaneous
Ooamodltles Imported Under Quota
Law Enforcement Statistics

53

5*

Federal and Estimated State and Local Revenues and
Expenditures for General Government, Fiscal Year 1938

Total IQ38 Transactions

During the fiscal year 1938 combined Federal and estimated State and
local
expendl tures for general government, exclusive of debt retirement,
amounted to $17,470,000,000.' Of this
total, $1,005,000,000 consisted of net
additions to social security reserves.
The Federal Government accounted for
$7,626,000,000, state governments for
$4,223,000,000 and local governments
for $5,621,000,000 of expenditures.
Inclusive of debt retirement, total
general governmental disbursements aggregated $18,199,000,000.
To pay for all general governmental disbursements, taxes are estimated
to have
furnished $14,811,000,000,
non-tax revenues $1,181,000,000, borrowings $1,869,000,000 and reductions
In general fund balances $338,000,000.
Of the total $15,992,000,000 revenue, the Federal Government collected
$6,242,000,000, the states collected
$4,202,000,000 and local governments
$5,548,000,000. These and the corresponding data for fiscal year 1932 are
presented In Table 1.
The term 'general government' as here emeicludea trust and Investment fund operatlone, public utllltlee and other public
service enterprises, unless these activities
incurred deficits paid from general governmental funds. In such cases the amount of
the deficits is included with and reported as
a general governmental expenditure.

ployed

Sources of Tax Revenue
It Is estimated that
total Federal, state and local tax collections
In the
fiscal year 1938 amounted to

This represented
$14,811,000,000.
$114.09 per capita and amoimted to
21.8 percent of the average of the
estimated national Income for calendar years 1937 and 1938.
The most Important single source
of tax revenue in the United States
Is the
property tax.
In 1938 this
tax Is estimated to have produced
$4,745,000,000, not Including special
assessments. Taxes on corporate Income and corporate privilege and taxes
on personal Income were the next largest revenue producers. The corporation taxes, which Included the net
Income, the capital stock and other
corporate franchise taxes, produced
in$1,762,000,000. The individual
come tax yielded $1,562,000,000. Automotive taxes,
the liquor-tobacco
group and taxes on payrolls each produced close to $1,500,000,000.
For the Federal Government, the
three most Important sources of current revenue were the taxes on corporation income and privilege, on individual

Income, and

tobacco.

Collections in 1938 from
three sources exceeded

each of these

on liquor

and

a billion dollars. For state govemthe automotive taxes were by

taxes,

(See Table 3.)
The first
includes expenditures from the various governments' own sources and,
ttterefore, does not include those ex-

motor vehicle registration fees, and
drivers' licenses (excluding the personal property taxes on automobiles)

penditures which were financed from
sums received from other units in the
loans,
or shared
form of grants,

yielded a total of $1,163,000,000.
Next in importance was the sales and
other excise group, which produced
In addition to the gen$717,000,000.
eral sales taxes, this category Includes the special taxes on amuse-

taxes. Trfinsfere to other units are
counted as expenditures of the granting or lending unit. The alternative
grouping of expenditures reports the
various governments' expenditures for
their own functions without regard to
It, therethe origin of the funds.
funds
not spent
excludes
all
fore,
directly but transferred to other
units in the form of grants, loans,
or shared taxes. The combined totals
for all governments are, of course,
Idoitical under the two classifica-

ents,

far the most Important.
motor
grroup. Including

In 1938 this

fuel

nents, soft drinks, utilities, oleomargarine, chain stores, severance of
natural resources, stock transfers,
as well as a large variety of business licenses. Ttte predominant source
of local revenue is the property tax.
In 1938 this tax yielded $4,531,000,
local general sales
000. Occasional
taxes and widely utilized local licenses yielded an estimated revenue

of $302,000,000.
extent to which the various
Itie
tax sources were utilized by the Fedstate and local governments
eral,
during the fiscal year 1938 Is sum-

marized in Table 2.
2

Purposes of Expenditures

Some public funds are twice disbursed, once in the form of grants or
loans to other governmental units and
again by the receiving units for specific governmental functions. In fewer Instances, the same funds are disbursed three timee. To avoid multiple
counting, the expenditure data for
fiscal
year 1938 are here shown on
The olaaalfloatlon of expenditures here
used varies from and la not as detailed as
olaaelf loatlons employed In the reports of the
Bureau of the Oenaua and elsewhere. The differenoes are neoeaaltated by the Inadequacy of
the data available for estimating purposea.
The claae 'all other" oomprlaea the aggregate
of all the unolaaaifled expenditures.

two bases.

tions.
Tlie most important expenditure category for all American governments in
tlie fiscal year 1938 was relief, welfare, and social security. It accounted for an estimated $3,085,000,000.
Diis includes funds expended for work
relief programs which in part were

devoted to highways, public buildings, and other functional purposes*
Net additions to social security reserves amounted to an additional $lt
005,000,000. Next in importance case
education, highways and streets. Interest, and national defense, including payments towar veterans and their
dependents. Tbe Federal Government's
expenditures from its own sources (not
including debt retirement) amounted
The correspondto $7,626,000,000.
ing estimated state and local totals
respectively were $4,223,000,000 and

$5,621,000,000.^
here used,
•^The term "debt retirement," as
refera not to the principal value of bonds
canceled or paid off but to the budgetary paymenta Into alnklng funds and for retirements
of serial bonds and notes with a maturity In
excess of one year.

i

In the case of the Federal Govern-

The bulk of these totals was accounted

ment, the most important single expenditure was for relief, welfare and

for by grants for education, highways,
and public welfare purposes. State

social
security. The largest state
expenditure was for highways, while
the largest
single local e^enditure
was for educatlcxi.
In 1938, an estimated $2,237,000,
000 was transferred among the various
public divisions. For the sake of
brevity, these transfers are termed
"grants," although
they Include, in
addition to grants, state-administered
taxes shared with local
units and
Federal loans. It should be specifically noted that Federal relief and
recovery expend! tures for work rel lef
programs under the Works Progress Administration are considered direct
Federal expenditures £md not grants.
These sums were disbursed directly
by the Federal Government without
clearance through state and local
treasuries.
Federal expenditures in the form
of grants to state governments amointthose to local
ed to $633,000,000;
governments amounted to $172,000,000.

transfers to local units, mostly for
these same purposes are estimated to
have amounted to $1,400,000,000. Local
payments to states, comprising
sums advanced locally for state hi^way construction and state public
assistance programe, amounted to $32,
000,000.
In view of the numerous transfers
from the Federal Government to state

Note on Bources utilized
The sources of Information utilized Included published reports
of the United States
Qovernment, unpublished
data from Federal departments administering
grants to states and localities, published and
unpublished reports of Federal research asenoles, and reports of private research agencies.
The statistics of Federal receipts and expenditures were derived from the Annual Reports
of the Secretary of the Treasury for fiscal
years I932 and 193S. State and local etatlstlc6 for 1932 were obtained from Bureau of the
Census, Financial Statistics of State and Local
OovernmentB, 1932 .
State tax and revenue statlatlcB for 193s were obtained from the U. S.
Office of Education,
of Public
U. 3. Bureau
Roads, the Tax Policy League, and the Distilled
Spirits Institute. Local tax and revenue statistics were estimated en the basis of the financial reports of a number of local units
which, in 1932,
acoovmted for more than onethird of the total local revenue In the United
States.
The Bureau of the Census annual reports of Financial Statistics of Cities and the
comparative city tax rates, prepared annually
by thoDetrolt Bureau of Qovernmental Research,

afforded a means for verifying the estimates.
Data on state and local borrowings. Interest,
and debt retirement were derived from the
Treasury Department's annual compilations of
tax-exempt securities.
State and local functional expenditures were Initially estimated
on the basis of the Bureau of the Census' reports for 1937.
For the three most Important
categories,
and
(1) education,
(2) highways
streets, and
welfare and social
(3) relief,
security, expenditure statistics for I93S were
obtEdned from other Federal departments.
For purposes of estimating total state and
local expenditures. It was assumed that expenditures amounted to the sum of (1) ctirrent
revenue collections, (2) depletion of general
fund balances, and (3) the net excess of bond
Issues over bond retirements.
In 193S the
Federal Government depleted Its general fund
balances by 8333,000,000. It was assumed that
states and local governments made no Important
use of balances.
Such changes as occurred In
the balances of state and local units In the
course of the fiscal year sure believed to have
neutralized one another.

:

and local
governments and from state
governments to local governments, the
division of total governmental expen-

ditures among the three governmental
levels, after adjustment for these
transfers, differs substantially from
the division on the basis of expenditures from the various governments'
own sources.
In 1938,
after adjustment for intergovernmental transfers,
expenditures were more than
local
twice as large as state expenditures
and exceeded Federal expenditures by
approximately $300,000,000.
(For the
details see Table 3.)

I

I

)

Federal and Estimated State and Local General (jovemment Financial Transactions,
Fiscal Years Ending In 1932 and 1938
(In millions of dollars)

Stat*

1932

1938

Berenuee
(a) Tax rerenue
HoQ-tax reTeoua
( b
(c) Total revenua

1.889
117
2,006

6.03U
208
6.2U2

Borrowing transactions
( a) Sew l)orrovlQ£
(b) Dsbt retirement
(o) Hot borrowing

Ul3
2,528

65

Ixpandltures (Ic plus 2c)

U,53'<

7.626

S.IOU

lt,223

Disbursements (inclusive of debt retirement)

U,9U7

7.691

2,2lU

''.358

tet

1/
2/
3/
4/

^

i.Uijg

1932

Local

1.701 1/
307
2.008
It/

206
110 5/
96

193«

3.857
31*52/
U,202

total
1938

i<,657

"•,920

8,2l*7

l>t.811

79.6

789
5.W»6

628
5.51*8

1,213
9,U6o

1,181
15.992

- 2.6
+69.0

602
529
73

3.71'*

2,207

-ito.6

I.0U6
2,668

729
1,1*78

5.1*90

,6a

12,128

17.'t70

Itlt.O

6,013

.150

13. n't

18,199

38.1

156

567

1355/
21

1932

Paroant

1932

1938

Chaa^

Baranoas axoluda grants and shared taxes. Xzpandituree exclude payinsnts from grants and shared taxes reealTad and include paymants of
grants and shared taxes to other Jurisdictions. Borroving is the excess of disbtLreenents over reTannes and includes raductiona In
general fund balances.
Includes $59,000,000 of income and inheritance taxes allotted to local governaents.
Includes $^5, 000, 000 of liquor store profits transferred to State general funds.
Includes $56,000,000 reduction in general fund balancs.
Includes $338,000,000 reduction in general fund balance.
Includes $12,000,000 of State funds transferred to local gOTeriaent s for debt redemption.

Federal and Estimated State and Local Tax Revenues Fiscal Year Ending In 1938
(In millions of dollars)

Local

Percant

Customs
Property
Individual Income
Estate, inheritance and gift...
Corporate Income and privilege.
Fay rolls
Motor fuel and vehicle
Li quor and tobacco
Sales and other excises
Other tax revenue
Total.

Per capita tax revenues 1/

Tax revanues aa percent of national income 2/.
1/
2/

l,U66
1,306
118

2.U
32.0
10.6
3.8
12.0
9.8
10.0
9.9
8.8
0.7

811

100.0

359

359
2llt

1.313

2lt9

'*17

llt5

1,1*119

313
707
.163
298
717
51

71*3

293
1,136
287
37

'*.531

1.562
562
1,762
25
32
302
30

6,03lt

3.857

lt,920

$ll6.l*8

$29.71

»37.90

8.9*

5.7*

l*.7i*5

7.2*

1.1*50
1,1*81

lit,

$111*. 09

21.8*

On the baeie of the estimated population (129,818,000) as of January 1, 1938.
On the basis of the average ($67,923,000,000) of the estimated national Income for calendar years 1937 and 1938.

Federal and Estimated State and Local General Government Expenditures
Fiscal Year Ending In 1938
(In millions of dollars)

fonotloD

FEDERAL

RECEIPTS

AND

-5-

EXPENDITURES

6

Summary Table on Receipts, Expenditures and Public Debt
(Ib llllona of dellara - on basti of dally

Treuu? ttatennti,

onrcrltad.)

Monthly Receipts, Expenditures and Excess of Expenditures
(Ib lllleiM of dellart - on tatli of dall^ Iroanrj itatnitntt,

Jan.

Bao«lpts
19JU...

1937.
193«.
1939.

Sxpanditurat
193^
1935
1936
1937
1938
1939

Kb.

Mar.

iwo
601
752

211
203
228
28U
335
308

206
2lU
218
275

^7

737

720
•M8
538

93^

580

588

613
528
662

815
752
879

728
317
271
338
179

160
-27
-108
-196
-208
IU2

I?*
693

,011

Juno

ipr.

182
228
231
363

960
268

IS
256
335
375
397

6U3
858

SI

kg<)

391
U63
529
868
77U
613

2.1*38

786

7U5

1.295
937
973

U€2
557
U17
39U
370

2U6
350
•37
229

252
395
1.909
U27

1911

3U8

'^

518

569

talr

nanrlMd)
8f%.

29^

lt99

I109

788
711

260
235
272
333
332

5U1I

790

218

>ai9

U21

311
308

611
616
£61
677
763
807

^3i
592
558
683

588
683
702
765

393

275

95
167
18U
-8£

Izcata of ozpandltuxaa
193'*

509

1935
1936

285
310
30U
199
385

1937
1938
1939

21*5

360

Oot.

3|7

268
U52
1199

2*9
105
196

5it

Sae.

2'»7

23U
233
327
382

Total

BUDGET RECEIPTS. EXPENDITURES AND EXCESS OF EXPENDITURES
Date

Janu<ary 1934 to
1934

1937

1936

1935

1939

1936

DOLLARS

DOLLARS

M illiona

MitliOna

1.200

Receipts

1.200

1.000

1.000

800

800

600

600

400

400

200

200

111
liil
II
SNJMMJ SNJMMJ SNJMMJSN
SNJMMJ
MJ SNJMMJ
1.600

1.600

1.400

Expenditures

1.400

1.200

1.200

.000

1.000

800

800

600

400

400

ZOO

200

°JMMJ SNJMMJ SNJMMJSNJMMJ SNJMMJ SNJMMJSN

1.000

1.000

Excess of Receipts

SCO

or

800

Expenditures
600

600
£xc9SS

Off

Expenditures

400

400

200

200
'

I

a
Excess

200

400

200

of Receipts

Mil
M
JMMJSNJMMJSNJMMJSNJMMJSNJMMJSNJM
h

II

1934

I

I

I

I

I

I

1935

I

I

I

I

I

I

I

I

I

I

1936

I

I

I

I

I

I

I

I

I

;

I

Ill

I

1937

1938

I

I

I

I

I

M

I

I

J

1939

I

I

S

I

I

N

I

400

II

II

'

9

Expenditures

-

General

(Id millions of dollars - on basis of daily Tr«asTU7 stateiMnt, Qnr«Tls«d)

Departmontal

Tlscal year
or month

3.283
2,681
3.225
3.399

1933I93U.
19351936.
1937.
1938.
1939.

't.297
i*.66i

807
3^1
356
U29
505

>I06

Vstoraas
Adnlnlstratlon

668
hso
53U
764
856
97'»

5.328

1938- Jolx.

Rational
defense

1.075

68

386

89

Its
Its

'*53

?5

8U

"7

Oct.
Hot.
See.

U51*

51

90
92

U6

1939-Jaa.
Teb.
Mar.

391

1.56

1/

Z/

Mny..
June.

1*25

July.

"tig

1/

program

118
15U
80
150

Sept.

37U
500

Jus taant

763
507
556
576
580
582
552

91*

it6

Agricultural Id-

Pabllo
Works

U71
536

2/
321
325
290

t5
U9
52

58
33
25

27
28
26

llO

57
50

63
70
53

25
23
23

23
22
2U

?"

9U
77
91

U£
Mt
U6

*!

P
61

?l

9U

52

87

1)6

33

90
95

^5
U5

Us

Other

238

757
821
7I49

9?6
9U1

169
lt3
172
157

33
10

13
17
1U6

18
25
18

U9
28
lU

67
9
173

6

6
10

2U

30
17
120

33
18

66
10
272

15
25

15

>4S

15

23

29
188

22
23

106
73

1*5

65

Intarsat
on ths
public
dsbt

b89

55
51

635

Social
Saeuplty
and
Ballroad
Batlrament Acts

289
712
533
527
362
787

U8
61

ClTlllan
ConssrTatlon Corps

866

37

55

1

7

13

Includes public bolldln^s. public highways, rivers and harbors, Tennessee Talley Authority, fiural Xlectrlflcatlon Administration and
reclamation projects.
Included under Recovery and Belief in these years.

Expenditures

-

Recovery and Relief

(In millions of dollars - on basis of dally Treaeuzy statement, unrerlsed)

Tlecal year
or month

Public vorks. Including work relief
Total

»FA

tural
Aid

(•)
1*91*

816

l,8Ul* 1/
2,31*8 1/

1*9
1*8

1,26U
1,896

781*

1,1*72
2,21*0

31*2

Sept.

2i»3

172
193
I9U

26
2U
36

Oct.
lOT.
Dec.

262
2U8
309

207
I9U
219

'?
36
75

1939-J«».
V»b.
Mar.

258

60
63
61

(1)

3,1*1*1

19
1937.
1938.
1939-

3.073
2.238
3.105

1938-July.

216
2^6

1/
2/
•
{

Other

385
2.763
3.369

1933.
1935.

AgriculRelief

)

71*1

606

985 1/
78
6
2

3

Mlseellansoos

303

182
36
(K)

2«0
198

8

15
10
9

(•)
(•)
(•)

7

13
10
11

297

Apr..
May..
Ains.

266
262
252

173
173
167

61*

2

61
60

i

July.

220

11*:;

60

Includes f\ud8 expended for ClTlllan Conserratlon Corps during these years.
Includes $91*, 000,000 restoration of coital Impairment of Commodity Credit Corporation.
Less than $500,000.
Indicates excess of credits, deduct.

UU
195
lOU
215

61*

170 2/
50

185
160
201

25I*

Aid to
home
owners

9
3

lU
20
32
25
23
16
11

2
(•)

2

»l

tl

10

Expenditures

-

Revolving Funds (Net), and Transfers to Trust Accounts, etc.

(Ib allllsBt of dell*r> - ea bails of dallj trasrair ttataaaat, aar«Tli*d)

Tranafari to troat aceouita. ate.

RarolTlac fuadt (nat)
flieal JMX
or aonth
Total

1933
193»
1935
193*
1937
193«
1939

7>»

i>9£

Oct
lOT
Dae

5
13
10

(1)
(1)
(1)

6
lU
11

10

(1)
(1)
(2)

(•)
(•)
(•)

7
It

1939-Jan

5

»a)>

Mar

10
6

ipr

g

•tax

7

Jnaa

8

July
•
(

)

Leai than $^,000.
Indieataa axcaaa of eradlta,

Total

01d-i«a
Baaorra
Aacoiint

Mranoat to OoTarBBant
Mjnttai
Ballroad
teplo7««a*
Ballroai
Sarrlca
BatlrOBOnt
UneaploTaant Ratlraaent
Oortlfleati
Fund a
Aa<oimt
Inauranca
Accooat
(U.S. staara)

121

(33)
(18)
(13)
(8)

11

Sapt

Vorka

121
92

«k

to*

7U
3U6
lUl

Pii]>llo

150
20U
UU
222
IJU
101

3U5

193«-J«ljr

Icrlonltoral
Aid

1,81U
868
607
68$

265
387
503
38
38

U5

33

11
8
6

Ul)

32
32

5
11
6

39

U8
U8

73
75

22
10
12

75

12
16
16

37
50
50

18

55

55

56

5?
56

(•)

167

"3

>t7

1U7
107

32

(•)
(•)
(•)

21
21
21
Ul

100
50
50
1.773
556

71
71

2

22

15

87

11

Collections of Internal Revenue
(la thouiandt of dollars - on baali of r«portt of collootlou)

AOx
8oTire«a of RaraiBU

1938

1939

laeoB* tuna I
Corporation
Ourrant
Back
ladirldnal
Oarraot

Back

13.929
17.983

I9,92i»

U.366
6.932

>«,88S

bcaat-prof Its
Total Ineoaa tazas

"•3.699

,

Alcoholic berara^ ta^s:
Dletllled tpirlta
(laported, exclaa)
SlatlUad aplrita
(doaaatlc, axclse)
Dlitllled aplrita
ractlficatlon tax
Vlnaa, cordials, ate*
(ioportad, exoisa)
Winas. cordiala* etc.,
(donestlc, axclsa)
Brandy used for fortlfylQ^ Bveet vines
Dealers In distilled
aplrlts; rectlfiere;
anufactorera of atllla
(apeclal taxea)
StaafBfor distilled
spirits intended for
export
Case ataaps for
distilled spirits
bottled in bond
Container stamps
n.oor taxes
Teraented aialt liquors
Brevers; dealers In malt
liquors (special taxes)..,
fotal alcoholic

berera^ ta^s
Tobacco taxasi
Cigars (larga)
Cigars (small)
Cigarettes (large)
Cigarettes (small)
Siraff

Tobacco (ohavlng
and smoking)..
Cigarette papers and tubes..
Leaf dealer penalties, etc..
Total tobacco taxea

Ooenmentarr, etc., stanp
tazas:
Bonds of indebtedness,
issues of capital stock,
deeds of conrejance, etc..
Capital stock and similar
interest sales or transfers
Pla^og cards
SilTsr bullion sales
or transfers
Sales of produce for ftiture
dellTery (repealed as
of 7/1/38)
total doeoaentary, etc.,
staap tazas

7.1W
1.317

Tax oo iinju«t enrichment

Niaoallaneous
Intarnal reTenaa:
Ci^ltal stock tax
latata tax
Olft tax

9.683

1.557

28

2,602

1

,

13

Collections of Internal Revenue
(In thoasaudB of dollars - on toaslB of reports of collections)

Incone and Profits
fiscal 7«ar
or month

IndlTldoal

1929
1930
1931

2.939 f OS"*

2.331.27''

3.0lt0.llt6

2, 1110,259

2. '28,229

1932
1933

1.557.729
1.619.839
2,672,239
3. 299. '36
3,520,208
'.653.195
5,658,765

l,860,oSo
1.056,757

193'*

1935
1936
1937
1938
1939

5.isi,57'^

193g-Jttly

Oct.,
Sot.,

315,061
304,572
662,252

Dec.

1939-Jan.
TeD.

Social Seourltj Act

Corporation 1/

Carriers'
Taxing Act
of 1937

Total
Title

nil

2.173.769
2,622,813
2, 178. '31

1.235.733
l,263,4i4
1.026,393
623,566
394,218
400,147
578.678
753.032
1,082,028
1.336.501
1.149.597

48
265,745
742,660
740,429

207.339
502.917
529.835

58.119
90,267
101,167

'2,923
34,609
'95, 5'^*

11.999
12,764
227.573

30,934
21,845
267,975

77,707
85.736
2,864

61,026
65,608
2,074

5.181
5.509
779

11,500
14,619

'2.162

9.468
12.513
213,622

32,694
23.978
267.887

81.508
81,979
2,939

59,282
64,601
2,414

7,287
4,731
483

14.W9

19.067
32.333
291.215

32.531
25.191
207.259

98,992
125.870
3.855

59.035
74.571
2,4l0

25.150
37.694
1.747

14,807
13,605
-302

7''6,79l

819,656
1.105,791

362,286

6«2,5W

Tans

1.095
,..541
l,lU6
46, SI'S
833,648
427.191
352.574
419,509
527,113
674,416
1,091,741
1,286,312
1,028,834

350, '26

Sapt.

Fajrroll

36, '91

'81,509

315.8'^5

51.593

48
287
149,476
109,427

11

12,667
42

333.517

57. 52''

Mar.,

691, '01

'98, '7'^

Apr.
May.
June

279.986
315.036

39.292
''.'32
353. 8S8

14,964
19,647
163,668

24,328
24,785
190,200

69.684
93.044
16,252

62.529
73.682
2,604

5.5"»2

568,6l4£

6,U01
663

1.613
12.961
12,985

July

300,091

"3.699

11,318

32.381

72. 75''

66,141

5,098

1.515

Mlscelleneoue Internal Eevesua
riscal year
or month

Total

Capital
stock

Zetate
and
91ft

Alcoholic
bereragee

Tobacco

Stamp

Manufacturers*
excises

166
344
138

94,943
137.499
139.349
127.203

61,897
64,770
48,078
47,422
34,310
113.138
212,112
378,840
305.548
4l6,874
360,715

12.777
11,695
10.432
8.704
43,174
258,911
411,022
505,464
594,245
567,979
587,800

434.445
450,339
444,277
398,579
402,739
425,169
499.179
501,166
552,254
568,182
580.159

64.173
77,729
46.954
32.241
57.578
66,580
43.133
68,990
69,919
46,233
41,083

228,760
241,655
I83.434

50,822
60,362
11.653

25.645
27.296
22,544

52,440
52.522
47,244

47,461

191.134
185. 659
177,041

2.552
364
322

37.51?
29,324
33.701

54,603
57.573
51,270

ret.
Mar.

164,858
149,685
188,771

164
213

27,828
22,062
42,461

38.151
35.918
'7.356

47,359
40,837
49,321

Apr..
May..
June.

170,444
176,894
197.695

35,626
22.533
36.177

46,277
4j,464
54,982

42,539
53,106
56,506

2,962
3.070
2,716

31.750

51.655

48,629

2, 60S

1929.
1930.
1931.
1932.
1933.
1934.
1935.
1936.
1937.
19381939.

1938- July.
tag..
Sept.
Oct.

VOT.
Sec.

1939-Ju.

July.

607,780
629,887
568,189
500,972
373,048
1,481, 160
1,667,423
2,021,075
2.207,608
2.287,075
2,256,031

183,111

80,168
91. 508

l4l

180
131
1.937

24.767

Miscellaneous

Dnjast
enrlch-

ment

2/

34,322
25,010
18,

no

247,751
390.038
342.275
379.540
449.854
416.754
396.891

14,026
87.496
147,156
108,194
92,132
98.28?
131,704
162,180

6,073
6.217
6.683

50.952

3.373
4,078
3.029

34.344
30,445
34,050

14.675
12,520
13,962

1,036
286
698

46.291
47.539
43. 815

3.592
4,212
3.895

31.517
31.399
31.087

15,060
15.248
12,951

S3

34.355

13.034
13.556
12,178

438

34; 627

13.149
13.290
12.556

566
666
831

40,038

13.483

527

514,432

^

Agricultural
Adjust-

Including excess-profits tax collections.
Including tax collections ualer the Sugar Act of 1937 and under the dlTldends tax Imposed by the Act of June 16, 1933.

371.423
526,222
71,637

763
397
301

o
L.

3
O

o xo-

(^^^^
-

in

^~

^^^

^1

X

"<2

14

Customs Duties and Taxes Estimated, and Value of Dutiable and Taxable
Imports, by Tariff Schedules: First II Months, Fiscal Year 1930
(la thonaaadt of lollara) 1/

Noath

I

15

Estimated Receipts from Taxes Imposed by Various Revenue Acts on Imports
into the United States: First 11 Months, Fiscal Year 1030

1

i
1

U

.

3

U
u
8

2
8

16

Receipts and Exi)endlturee under Social Security Act
(In

llllouB of dollar!

- on baBls of dolly Treaauiy s^&tenente, unrerlsed)

Izpendlturei

Bacelpti

taxes
Title Till

1936
1937
1938
1939

8 or more,

(Title IX,
Sec. 901)

Adffllols-

Total
Beceipte

tratlve

u

Daeaploynent
compensation
administration

Old-ice
Assistance,
etc.

30.0

38.0
30.6
8.0

38.0
38.0
33-0

U2.8

1*7.

32.0
32.0
32.0

81.0
60.3
U5.9

2U.2
21.5

37.0
50.0
50.0

69.5
76.0
73-2

26.0
26.1
10.3

35.0
30.5
15.6

55.0
50.0
56.0

91.
82.3
73.«

32.5

1.3

U3.0

86.0

st.e
97.8
a.s

2.6
8.0

31.3
105.8
2.7

1-9
1.8
1.8

8.0
5.8
1.2

2.9
7.1

Dec.

30.6
95-7
2.5

33.5
102.8
3.0

1.8
1.7
1.6

1939-Jan..
Teb..
Mar..

28.9
102.2
2.2

12.9
52.1
1-7

•1.7
15U.U
3.9

1.7
1.8
1.7

U.6
2.6
2.2

26.2
21.6
19.3

Apr..
Kay..
June.

27.1
109.1
3-3

2.S
9-1
.7

29.9
118.2
U.O

l.S
1.8
1.8

2:2
5.3

July.

32.7

2.7

35-'*

1.7

8.8

Sept.

Oct..
V07,

Hote:

u
Hi

.5

.5

28.

27.8
166.9
271.5
320.3

•9

9.1
U1.9
58.9

193g-Jvay.

Transfers
states of
Total
to Old-Ace
taxes colExpendiBeserre
lected undor
tures
Accounts
Title IX, Sec.
1/
(Title II)
901 2/

26.9
157.8
229.6
261.

.6

15.8
20.0
21.3

530.1*

^ants
to

252.2
60U.U
631.2

51U.U

Total

states

57.8
90.1
100.9

iglt.l

Befttnds to

Grants to States

Tax on fa-

bploynent ployert of

Tloeal 7«ar or month

2lt.g

6.8
38.1
20.3
11.7

Wt7.7
719.1

265.0
387.0
503.0

U0.6

26.6
12.3
30.

77.9
70.

neores in this and four euceeedlnc tables are rounded

to nearest tenths of millions and will not necessarily add to totals.
Second Deficiency Appropriation Act, fiscal year 1938, approved June 25, 1938, carried an appropriation of $40, 561,886.^3, parsuant to
authorization of Au^. 2U, I937, for making refund to certain States of portions of Federal employers' tax for 1936 collected under Title IX
of the Social Sectirlty Act.

Counter entry, deduct.
Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security and Railroad
Does not Include admlnlstratlTs expenses pe^able from other appropriations. The principal agencies in the latter group
Retirement Acts.
are the Bureau of Internal Revenue of the Traeeuiy Department, and the Public Health Service and the Office of Education of the Federal
Security Agency.

Old-Age Reserve Account
(Ib alllloas of dollars - on basis of dally Treasury statements, tinreTlsed)
Sxpenditurei

Raoelpts
Cumulative as of end
of Fiscal Tear
or month

Appropriations by Congress
Transfers
from
general fond

Balance aTallable for
transfers

1936.
1937.
1938.
1939.

265.0
652.0
1,155.0

113.0

1939-Jttly.

1.198.0

507.0

Balance

Uaexpended

Interest

Total

Investments

Total
Receipts

Benefit
Payments

InvestBente

Total

To credit
of ap|jro-

prlations 1/

267.2
777.2

To credit of

disbursing
offieert

265.0
765.0
1,155.0

2.3
17.7

267.3
782.7
1,199.6

.1

.1

19.3

1.180.

267.1
662.3
1,177.2

113.0

Uii.6

.1

1.9
3.0

1,705.0

>«U.6

l,7't9.6

20.7

1.728.9

1.220.2

507.x

1.6

5.'»

Includes balance of appropriation available for transfere.

1/

Unemployment Trust Fund
(In milllou of dollars - on basis of dally Treasury statements, unrevlsed.)

Beeelpts

Expenditures

Unexpended balances
OttBulative as of
•n4 of fiscal
year or month

Deposits
States

1/

1936
1937
1938
1939

18.9
310.6
1,058.2
1,869.5

1939-July..

1,912.1

1/

ij

Deposits
by
Railroad
Retirement
Board

Advanced
from
Appropriations

15.0 2/

Interest
Investmenta

Total
Receipts

Vithdravals
by
States

Railroad
oaeaployment
benefit
payBents

Total
expenditures

Total

18.9

Investments

18.9
312.3

.1

18.9

2.5
18.0
UU.8

1,076.2
I.9IU.3

1.0
192.0
633.8

1.0
192.0
633.8

1,280.5

S2.0
7.0

UU.9

1.972.2

675.t

675.>t

1,296.1

1.253.0

313.'*

312.ll
88lt.2

Trust
account

Disbursing
account
(Railroad
unemployment
benefits
and refunds

.1

12.2

28.9

IU.9

Includes la I938 the proceeds of refunds to States of taxes collected under Title II. section 901 of the Social Security Act, aaonntlng to
$U0,56l,886.U3.
Advanced to Railroad Onemployaent Insurance Account, pursuant to SecttcB 10 (d) sf the lallroad DBaaployasnt Insurance Act of June 25, 1938.
•och saounts advanced to be repaid on or before January 1, I9UI.

1

I

i

s

17

Receipts and Expenditures Under Railroad Retirement
and Railroad Unemployment Insurance Acts
(In Bllllou of dollar* - on teilt of dally Trcuury stat^Mnta, unraTlaad)

Baoelpta

Tazaa upon
carrlara and
thalr employeea

Tlsoal 7«ar or Bo&th

1936
1937
1938
1939

IxpandittireB

AdmlnlttratlTa
Sxpanse^

Traatfart to
Ballroad Batlraaent Acct.

Tranofara to
B&llroad tlnasploynant Inanraaca account

Total
Xxpandltnraa

.3

•3
,1*

109.3

193S-July.

1.5

^•?
2.6
3.3

1^.1

IU6.I4

l"*9.o

107.1

110. i»

22.0
9.5
11.5

22.2
9-7

.3

11.5
16.5
16.5

11.7
16.7
16.8

.3
.3
.3

1.5

1.8

K.O

18.3

.1

:l
.»

.2
.2

.11

25.5
Sapt.

3

Oct..

.S

OT..

s6.5

.2
.2

Sac
1939-Jan..

.9

lab..
Kar..

27.5

11.

.3

Apr.
6.1
Zl.l

•tojr.

15.0

21.9

July

37.'»

Railroad Retirement Account
(In allllona of dollara - on teala of dally TraasMiy itatamnts, unrarlaad)

zpandl-

Baeaipta

Balaima

tsraa

Unaxpandad

Approprlatlona by Concraaa

OtmlatlTa ae of and of
Tlaoal yaar or aonth

Traaafara
froB
ganaral
fund

Intaraat

Balaaoa

anl labia
for
traaafara

Total

Inraet-

Total
Baealpta

Banaflt
PaymantB

Total

iBTaatsanta

anta

IU6.U
253.5

11.3

1939-JUy.

275.'»

109.5

1/
2/

.1

To eradlt
of dli-

boralnc
offlear

i/

1/

1936.
1937.
1938.
1939.

To eradlt
of
appropriation*

U6.6
U6.6
1U£.;

38^.9

U6.6
U6.6

U6.6
36.6

1)6.6

l.U
3.6

26g.lt

U.O
79.8
185.6

3.6

388.5

19'».7

Tranafari froa general fond were not reflected nntll July 1. 1937.
Inelwlet balance of appropriation srallable for traaafara inbaa<tuent to toot JO, 1937.

ite.6

6s.l
82.7

66.2
67.2

13.2

6.0
1.6
2.3

193.9

69.1

111.;

13.3

.2

II

*l

18

Cash Income and Outgo of the Treasury
(These figures are not Intended to reflect the tmdgeteiy position of the OoTernment . They will not agree with budgetEry figures on
receipts, expenditures and deficit euch as those appearing in Dally Treasury Stateoenti and In other tables in thle Bulletin. Tor
an explanation of the revleione made In Dally Treasury Stateoent figures to arrlTe at this cash series, see the text In Tebruary
Bulletin. All figures In the table at the bottom of the page hare now been rerlsed In accordance with that explanation.)

CASH INCOME AND OUTGO AND NET CASH OUTGO
January 1934 to Date
1934

1935

DOLLARS"

1936

1937

1938

1939
•

DOLLARS
Millions

M.llions

1,200

1.200

Cash Income
1.000

1,000

800

800

600

600

400

400

200

II
MJSNJMMJSNJMMJSNJMMJSNJMMJSNJMMJSN
1,600

1,600

Cash OutiJO-

1.400

1.200

1.000

1.000

800

800

600

600

400

4-00

200

JMMJSNJMMJSNJMMJSNJMMJSNJMMJSNJMMJSN
1,000

800

400

200

400

\

I

TREASURY

GENERAL

FUND

-20-

AND

PUBLIC

DEBT

!'

6

U

9

u

21

Composition of General Fund
(In Dillloaa of dollars - on baelt of daily Traaeury etateoante, ulLreTlsad)

Balance
End of fiscal
yaar or month

Working"
balanca

193"*

862
2.582

1935

l,81tl

I93i>

2,b82

1937
1938
1939

2.55't

1933

Salcnloraga

Currant assets

Increaant on

gold

Xaactira
gold

Total

Bullion,
coin and
currancy

51

837

97
118
862
lUl
929
1.022

1.85lt

886
1.023
1.360

777
778

585
556
791

50
50
U9

183

963
605
570
1.053

7t7
756
888

53

161*

60

792
1.222
1.388

876
875
866

66
68
68

186

313

3.230
3.106
3.087

1.329
1.272
1.212

975
971
1.022

858
792
777

68

186
182

2.800

1.015

928

771

86

2.21b
2,838

536

2.116
2.260
2.978

1.523
1.663
2.576

1*51

lUS

Aug.
Sept

".55

1112

2.I107

U60

lk2

3.16U

Oct.
Hot.
Dec.

2.569
2.W47
3.083

1.960
1.827

1U2
IU2
llt2

2.733
2.625
3.285

1.330

2.UI49

U67
U7g
U92

1939-Jaa.
feh.
Mar.

2.933

2.288
2.695
2.752

503
508
515

IU2
1U2
lh2

3.119
3.517
3.635

385

Apr.
May.
June

3.0U1I

2.92U
2.858

2.580
2.25U
2,160

522
528
536

1U2
lU2
lU2

July

2.U117

1.761

5itU

1U2

193g.july

3.3'*3

3.389

Current
llahllitles

All other
deposits
and collections

18U

700
lUl
lUl
1U2
1U2

W>

Banks

Special deposits a/c
sales of
Got* t .Sees.

1.0lt5

lltO

1.0S7

in Tad.

l.OUn
865
1.863
830
1,212

1,105
3.033
2,016
2.936
2.709

1,001
2,225
970
1,628
2.160

316
356

Deposits

2,1*19

3.087
2,299

,265

30U

35i»

2ltl

31
37
55
58

799
1,151
6U9
611
777

U51
254
156
203
2U9

51
76

11*7

186
178
202
171*

2U6

71
76

2l»9

353

Statement of the Outstanding Public Debt on June 30, 1939 and July 31, 1939
(In alllions of dollars - on hasls of dally Treasury stateoents. unreTlsed)

June 30.
1939

July 31.
1939

Pre-war bonds
Treasury bonds
n. S. SaTiogs bonds
Adjusted Service bonds..
Treasury notes
Treasury bills
Matured debt on which
interest has ceased...
Debt bearing no interest

196
25.218
1,868
285
7.2U5

196
25.213
1.9U9
280
7.2U5
1.509

lU2
Ull

1>I0

-2

UO8

-3

Total Market issues, e

36.669

56.7"»5

7U

Karlcet Issues,

Increaae(4')

Decrease(-)

etc:

I.3O8

+81
-3

Special issues:
OoTerunent Life Insurance
Fund
Old-Age ReserTe Account
fiailroad Retirement Account.
OoTemment retirenent funds.
Adjusted Serrice Certlficata
fund
tJneinployment Trust ?und
Postal SaTiogs System
federal Deposit Insurance
Corporation

June 50.
1939

July 31.
1939

537
.177

555
1.220
69
559

67
•73

Total Special issues....
Total

Xttcreaee (+)

Deereaee (•)

-U

U3

2

+86

20
.267
128

20

1.253
lUS

-lU
+15

101

121

+Z0

3.770

5.9I8

+1U8

I1O.U59

I1O.661

Public Debt Accounts
(la millions of dollars - on basis of dally Traaeury statements, unreTlsed)
Becelpte
riscal year
or month

Expenditures

Market Operations

Market Operatl ons

Adjusted
Senr.

Exchangee

Special
Series

Exchanges

Excess

Special
Series

of

Becelpte

Bonds
1938
1959
1938-Juiy.
Aug..
Sept.

Oct..
»0T..

Dec.

9.620.7

1.01I0.8

U23.9

115.6

55U.I
272.5
899.1

928.6

17-2
2.0
2.6

503.0
1.357.2

30.3
180.]
825.8

30.5

135-1'

20U.1

2.9
16.7

1*13.9

227. It

1.800.8

126.6

UU9.S
555-6
2.lUii.5

77.7
218.
157.7

i*35-6

221.7

12.7
6.5

2.673.8
3.03U.9

2.158.5
2.567.1

W*U.5
558.6
1.258.8

.8
.7
.6

155.7
15K.9
55.5

580.8
67U.2
1.698.8

553-1
270.0

it23.9

U4O.9
539.2
1.I85.S

.5
.5
.5

33.5
1U5.6
68.1

U7U.9
683.5
2.181.0

U27.I1

928.6

5lt9.5

89.5
169.5
89.1

659.5
6U1.5

I1O5.I

1.927.1*

517.

68.0
185.8
I.U13.8

527.5
752-5
2.502.0

U19.8
521-7

.1

1*18.8

1.15.5

165.7

657.5

UI8.2

1959-Jan..
reb..
Mar..

1171.1.

5
.u

571.0

.6

1.266.7

Apr..
May..
June.

U59.0
566.3
U72.2

.It

.1

July.

I19I.2

.u

.U
.5

1115.5

15. 085.

5.166.0
5.501.0

2.673.8
3.O3U.9

7.U75.1

'•.775.7

1*29.6

501.0
U26.0

1.1172.9

1.0
2.5

1*11.0

1.266.7

29.9
11.9
1.310.0
17.

8.880.6
9.808.8

iiUk.6

7I1O.I

5.27't-8

26.7
I101.7

799.7

i

23

Treasury Bill Offerings
(On

bull of PuMio

D*bt Sarrle* aceouiti)
Bida accepted

Aaonnt of
Ikta of
le«u«

19 38- July

6.

Jul/ 13.
July 30.
July 27.
tag.
3.
tag' 10.
At«. 17.
Aug. 2U.
kae. 31.

Sept. 7Sept.lU.,
Sept. 21.
Sept .28.

Oct. 5.
Oct. 13.
Oct. 19.
Oct. 26.
Hot.
2.
Hot. 9.
Hot. 16.
Hot. 23.
Hot. 30.
Dec.

Oat* of

atari tr

to
natnrlty
Ikiya

Total aaoont
applied for
(In mllllona
of dollars)

iaount
(In allllona
of dollars)

atnrlnc

iTarac*
Price

liIulTalant

(per
hundred)

rata 1/
(percent)

laeo*
(In milllone
of dollars)

23

Holdings of Direct and Guaranteed interest-Bearing Ubligatlone of the United States Government
(la aillloat of dollarB]

Xnd of fiscal
7«ar or ooath

1i

4

24

jl

.

.

.

25

Government Securities, by IssueB, and Other Securities Held as Investments (1) In Trust Funds
Which by Law are Under the Control of the Secretary of the Treasury or the Treasurer of the United States
and (2) In Accounts Under the Control of Certain Governmental Corporations and Agencies the Investments
of Which are Handled Through the Facilities of the Treasury Department, as of June 30, 1939
(r«c« aaouBti)

Postal
SaTln^s
Syetea

Pre-Var and Oth«r Bondsl
a^ Poital SKTloct Iwiili...
United States Sarins* bonds
3j( Idjueted Serrloe Benda
of I9h^

Ir*ani7

IM

federal
IndlTldual
Depoelt
Indian
Insurance
Troat
Corporation
Ponds

Hatual
OlTll
Mortgage
federal
Serrloe
Insuraase
SaTlnge
Betlrenent
fund and
A Loan
and
Houolnc
Inauraaoe
DlsaMlitr
Insurance Corporation
9aaA
Pond

V. S.

Oorem-

ent

Life
Insurance
Pund

D. 0.

Allen

Propertj Kieeellaaeooa
EetireCustodian
Accounts*
ment fund
Punds
Teachere'

27,023,080
22,500

85.575

nonde of 19U7-52...

19,1*12,000
34,51*1,000

19U6-56...
19U3-U7...

20,744,000
8,446,000

4,631.000
11,635,000
7,338,000
5,362,400

19I40-43...

1951-55...
19U1

62,155,000

19U3.l»5...

47,008,000
57.2«5.250
95,430,000
10,250,000
150,772,000
42,526,000
46,408,000
48,785.000
50,095,000
99,978,000

20,200,550
31,232,100
11,396,000
1.335.000
27,723,100
654,700
7.663,000
14,651,000
22,035,000
16,780,000

167,000
2,167,000
17,155,000
3,900,000

4.358,000

i9ue-u«...
19119-52...

J-l/«*
a-T/g*
2-3/WJ

1955-«0...
19*5-^7...
19US-51...
195I-5U...
1956-59...

2-3/1**

a-S/u*
2-3/lt*

8,875,000

9.753.100
12,265,500
8,069,000

191*1-43...
19U6-lt9...

19119-53...

22,1*23,000

320,000

19IK
195«-63-..
1950-52.. •
1960-65...

232,000

5,100,000

11.550
124,750

,900,000
,33^.500

U5, 543,250 2,881,850

1,230.000

1,091,000

210,000
370.000
150.000
100.000

94,000
231,000

40,000
200,000

1.250,000
5,320,250

550,000
5,242,850

2,601,700

4,750,000

'*,'t77,050

5,900,000

4,000

794,900
5«7,850

9,800,000

459,100
137.000
456.000
620.000
80,000

100,000

111^5

2-3/t)'

41,272,000 1.142,200
134,000
14.106,000
118.000
2,200,000
247,000

2,940,000
2,845,000
2,788,100

,926,500
.975.550
,018,900

,673.250
,876,450
3,000
245,000

27,023,080
108,075
1,950

1,950

B«iidii

45,000
240,900
16,000
382,200
550,000
808,000
279,200
801,150
10,000

Total

19'»7

91,300
5,300,000
17,745,000
35,213.300
1.813,050

6,550,000
25.100.000
2.850,000

750,000
500.000
1.150,000

292,550
494,850
150,000

606,000

751.600

301,000

474,900

69,9a, 300
74,438,900
33,660.100
29,057,600
630,000
19,756,100
39,067,700
81,402,200
10.000
75,478,600
90,657,650
108,044,900
12,839,000
321,134,700
46.482.950
59,374,000
82,572,550
114,476,900
119,458,900
100,000
4.525.000
10,075,700
43,005.000
15.377.600
1.150.000

TrearuT Votes:
Series A-I9U0.
Mat. 3/l5/'tO
Series S-19U0,
Mat. 6/15/1*0
Series B-19l*2,
2H
Mat. 9/15/1*2
l-l/g* aerlaa i^Vj^J,
Mat. 6/15/U3
1-1/S* Series B-19l*1,
Mat. 12/15/113
1-3/'** Series C-19U2,
Mat. 12/15/1*2
Special 2i Seooxltles
Special 2^ Secnrltlea
Special 3% Securities
Special hi Securities
l*M Adjusted SerTlee Bonde
(OoTt. life Ins. Td.
Series, 191*6)
1-5/8)1

110,000

17,488,000

17,488,000

0BLIUXI0H8

TOTAL ooT^ssannaQASAlTZD OSLIOATIOBS.
Pederal Pans Loan bonds
Pbilippine bonds
and certificates
Puerto Rlcan bonds
All Other

(aim

TOIAI.

345,000

345,000

500,000
265.359,000
1,267,000.000
1,267,000.000
1.244,400,000 1.244.400.000
492.937.000
27,537.000

500,000
36,359,000

128,000,000 101,000,000
465,400,000

500,157.956

500.157,956

TOUL OOTZBIMIR
Coomodlty Credit
Corporation notes
Seoonstraotlon finance
Corporation notes
Borne ftmers' Loan
Corporation bonds
federal Fan Mortga«a
Corporation bonds

110,000

1,003.565,330 340,320,450 42,326,475 22,287,900

5,268,127,411
11,609.500 465,400,000 811. 490. 856 6,307.050 16,130,000 2,548,689,850

600,000

600,000

2,200,000

2,200,000
59.1*06,000

25,175

87,156,400

53.900

162,598.175

103,167,000
14,700

87.320.000

95.000

14,700

252.718.175

41,999,000 1,441,200

3'*3,700

U3,783,900

263.4A

182,000
71.000
284.984

95.000

105,967,000

146,562,400

182,000

n,ooo

21.500
5.565,l67,'»70
g53,'*89, 8561 8,096,250 16,130,000 2,5'*9,311.73'»
1,150,127,730 340,320,450 42,427,050 22,287,900 117.576,500 465,400,000

*Misoellaneous Accounts!
Panau Canal Zone funds 1/
Oeneral Post Pund, Teterans' Adalnlstratlon
Library of Congress Trust fund
D. C. »orlDson's Oompensatloo Pund
Loncahoreaen's and Harbor Workers' Coapensatlon fund
Oeraan Special Deposit Account
latlonal Institute of Health Olft Pund
CoaptroUer of the Currency fcployeee' Eatireaont fund...
Pershing Hall Meoorlal fund
latlonal Park Trust fund

2,145,100

^'c'^u
263,484
21,000
183,200

^''^'5S2
83,000
1,242.500
192,550
11.950

Miscellaneous Accounts contlnuedi
9,700
Ains»orth Library Pund. Walter Seed Oeneral Hoepltal....
1.197.000
District of Colunbla W(»t»r Pund
j^..
(Special 2M) 1,267.000.000
OneaployMnt Trust Pund
67.200.000
(Special
Bailroad Batlraaent Account
3J)
1.177.200.000
C Special
3*)
Old-Age Beeerre Account
Porelgn Serrloe Betlrenent and
3,528.000
(Special 4<).
Disability Pund
3,946.000
Canal Zone Betireasnt and Disability Pund ..( Special 4*).
19.500,000
(Special
4*).
fund
Adjusted Serrtce Certificate
Alaska Ballroad Betlrenent and
563,000
(Special 4»)
Disability Pond
2,5''9.311.73't

1/

larestaents handled by the Pnn sas Canal

i

26

Amount of IntereBt-bearlng Debt Outstanding, the Computed Annual Interest
Charge and the Computed Rate of Interest
lad of flteal 7«ar or BOftth

Intoroot-lMarlBg debt

Ooaputed annul
Intoroit chTgo

$22.157,6U3,120

7'*2.

350
181
716
599
582
589*
2.600*

175.955
8U2,301,133
750,677.802
838,002,053

s6,kSO,kV,9SO
1935
1938
1937
1938
1939

32.755.631.770
35,802,586,915
36. 575.925. 880
39.885,969,732

1938-^017.
tag..
S«pt.

36.6U1,937.T19
37.051,561,28!
37.8U9,982,U93

951.738.835
956,207.791

Oet..
Hot..
Doe..

37.896.865. 5«9
38,068,027.769
38,898,851,391

978.6ol*,732
982,917,801*

1939-J«..

39.097.233.713
39. 325.527. 811

To*..
Har..

Coapatod rat* of
Interoit:
Porcont

92'»,3't7.089
91*7,081*. 058

1.036,937.397

2.597*
2.581*
2. 582*

977.27'*. 331

39.'A2,07't,957

1,005,833,188

2.582*
2.582*
2.586*

1,011,231,1*67
1,017, 225. 0U2
1.026.757.937

2.586»
2.587*
2.603*

Apr..

39, 525. "WT. 813

tta^..

39.751.011.399
39,885.969.732

1.029.353,995
1.035.271.505
1.036.937,397

2.6oU»
2.60U»
2.600*

Uo.ll3,701,72U

1.0>tit,251.926

2.603*

Jqim.

.

Jalr.

*l&toroiV-B««rln£ Dsbt' flgorot Inolndo ditoonnt on Troasnr/ Bill*, aaoont Wing doduotod prior to onlonlatlnc tho Knragt Intoroit rnto.
Tot batlo of othar flgaraa ••• rapert of Saeratary of tha fraaanry for 1937. pa«a Vn.

lotoi

Dn t«sli of Sall^ tint^aTj Stntoaanto. nnroTlud.

Neathlj rnnragti of
dally ficoraa j/

fraaaarjr

boada 3/

Oarporata
boada }/

Spraad batvaaa
Traaaory and
Oorporata bonds

Wsakljr. Wadaaaday

TraaauT

oloslnc prlcao U/

bonds 2/

1939-;aa.

193S-Jaa..
Vsb..
Mar..

S.£s
2.6>i

2.6U

3-17
3.15
3.16

52
.51
• 52
•

Tab.

Apr..
May..
Joaa.

z.Sz

3.23

2.51
2.52

3.W

July.
lac..
Sapt.

2.52
2.5»
2.5«

3.12
3.10
3-12

3.15

.61
.63
.63

k.

2.U8

U.

a.'»7
2.1*5
2.1*8

18.
25.

Mar.

.60

Apr.

1939-J««..

2.1*8

3.06

3.02

2.U7

nb..

ZM

Mar..

2.3'»

2.96
2.90
2.87

.53

May

M
M
.53

2.91
2.89
2.89

:!?7

2.1*3
2.'»3

1.
8.
15.
22.
29-

2.39
2.36
2-33
2.35
S.JO

2.86
2.86
2.87
2.88
2.90

.>«7

5.

2.30
2.32
2.29
2.27

2.92
2.92
2.91
2.91

.62
.£0
.62

10.
17.

l-^

2.91
2.87

2.1>*

2.8>)

A.

2.13
2.13

2.83
2.83

2.08
2.12
2.16
2.17

2.81
2.78
2.
2.77
2.
2.76

2.20
2.16
2.17

2.76
2.76
2.76
2.7*

3-

31.

Jnaa

7>
l>t.

21.

Aow.

2.30
2.17
2.13

2.92
2.86
2.78

.62
.69
.65

Jaly.

2.16

2.76

.60

Apr..
May..

28.

JUy

stai
1/
2/
3/

t/

J.

12.

tag.

:5?

2.1*5
2.1*4

^:

3.0'*

3.01
2.96
2.95
2.95

flpraad batwaaa
Traaanry and
Oorporata boada

1.
S.
15.
22.

12.

Oot..
lOT..
Bso..

Oorporata
boada 3/

'I

2.11*

2.

2.1>*

9.

2.17

SsserlptloB of rarlslon and baak ficoraa say ba found in tha Jsly bollatln. Vaca 20.
Jasnary I938 throng April I938. oorporata araraca is aonthly ayaraca of Saturday ficnras.
Araraca of Troaaory bonds not dna or oallabla for tvalTa yaars or aora.
Ararac* «* t»snty bonds, Jan. I938 throoch Sapt. I3. 1938; firs bonds, Sapt. ll*. 193* to data,
Or tha last praeadlng sala when thsrs »aa no sals on fadnesday.

2.91*

IS

.1*6
.1*6

.50
.5*

•2
.60

.£>*

.£6
.71
.70
.70
.70

:U
.61
.59

1
.59
.57

4t

41

q:

^^

o
o
o

II

o
00

O
D
<
c/)

I-

O
u

o

Q ac
xn
<c

10

Q Oc
o
o

Z
CO

LLl

D
CO
<
\-

O
Q

CO
_i
LjJ

I

GOVERNMENTAL CORPORATIONS
AND CREDIT AGENCIES

-28-

9
5

.

I

3
6

30

Governmental Corporations and Credit Agencies
of the United States: June 30, 1939

Proprietary Interest on the United
States In Governmental Corporations and
Lending Agencies: June 30, 1939

(Ooaplled from latest T«parti recatrad from thais acanoles)

(Compiled from latest reports rscelred from these agencies)

(In Btlllloni of dollare}

(In allllons of dollars)

Proprietary*
Intereet

Llahlllttaa

la sate

Reoonfltructlon TlnAnce Corp..
Coamodlt7 Credit Corp
Ixport-Xaport Bank of
VashlD^ton
Tedoral Crop Znsorance Corp..
yodaral Depoelt Insoranee
Corp
Tonnaieee Tallejr Authority...
Ftibllc Worki Ada! al at rati on.
United States Marltlne
Coomlsslon
Bural Klectrlfioatlon Adan...
Hose Owners* Loan Corp.,
federal Sarlnge A Loan
Inmiranoe Corp
Tederal Sarins A
Loan Assne
federal Home Loan Banks
federal Housing Adon
United States Housing
Authority
farm Credit Administration...
federal farm Mortga^ Corp...
federal Land Banks
federal Intermediate
Credit Banks
Banks for CooperatiTee
Production Credit Corp

1.775.9
393.6

Onarasteed hy
United
States

lot
Ooaranteed by
United
States

821.9
206.9

85.0
76.1

869.0
110.6

.k

1*8.1

Us.

8.0

3.0

U67,U
2U2.1
Uj.U

178.1
8.8

257.5

152.9

Privately
owned

2,91"*.

118.8

150.0

%i

103.6

lou.e
113.1
55.5

1.2

117.6

W.O

llU.O

121.1
1.2

293. S

UI.7
260.8
123.7
I.617.U
2.333.3

United
States

5.0

139.3

U3.1
3.073.'*

Owned

'7.9

12U.S
38.3

IIU.5

2.5

11*3.8

1.39'*.7

U3.2
1.818.3

119.2
179-5
318.2

196.8

192.0

298.2
179.6
122.3

3-9
.3

3.5

106.2
172.2
122.0

Seconal A^loultural

a.

Credit Corps
tfar

ber^ncy

Corps,

18.7

3.2

it

A^ncies (in liquidation)!
BaT7 Department ( sale of
snrplue var supplies)....
United States Housing Corp.
United States
Sallroad Admn. ...........
United States Spruce
Production Corp
Var finAnce Corp
Other
Disaster Loan Corp
Xlectric Borne and
fan Authority
farm Security
Administration
federal lational
Mortga^ Assn
federal Prison
Industries, Inc
Interior Department
(Indian loans)
•
Inland Waterways Corp
Panama Bailroad Co
Poarto Rico
Beconstruction Admn
E f C Mortga^ Company
Tennessee Talley Associated
CooparatlTes, Inc
Treasury Departnsnt:
Ballroad loans (Transportation Act, 1920)...
Securities reeelTed from
the Reooastiuction finance Corp. under Act
of feb. 24. 1938
Total.
Vote;
*

1/

U.7
1.9

U.7
1.9

.1

.7

1/

i]

15.0

.1

15.0

8.7

7.8

1/

.9

2U0.8

2tlO.S

118.7

87.9

7.5

.2

30.8
7.3

2.3
25.0
U5,8

2.3
25.8
U6.6

5.2
55.9

5.2

1.5

57.1*

.3

30.2

30.2

2.6

2.6
12.'»U8.9

5. US'*.

2,898.3

3»7.5

3.708.5

figures in this table are rounded to nearest tenth of million and
will not neoessarlly add to totals.
lxcludiQ£ ioter-a^ncy transactions.
Less than $100,000.

II

31

Statement of Sources of Funds of Certain Corporations and Agencies Maintaining Checking
Accounts with the Treasurer of the United States: Fiscal Year 1930
(CoaplXed froa latest reports reeelTcd ty tba Ir«a«ar7)

I

.

32

Statenoit of Sources of Funds of Certain Corporations and Agencies Maintaining Checking Accounts
with the Treasurer of the United States, from Inception of Organization to June 30, 1039
(Coaplled froB latest report* received by the Treaeury)

Appropriations froa
ceaeral
fund 1/

Allocations,
rediscounts,
and loans
from other

eoTemaental
corporations
or acenoles

Sale of
obllga^
tlons to
Treasory
(net)

Sale of

oMlga^
tlona la
the market
(net)

Sale of
•took to

other
acancles

Sale of
other
property
acquired

Repayment
of loans 2/

Interests,
dlrl deads,
assessments,
and property Income

Other
receipts

Total.
sources of
funds
I

BaooasimetloB
Tln&no, Corp. ^..
Coimodlt]r Credit

Corporation

$500,000,000 »117.382,980^2't3 Ol»7.627 «90U,929,000
19U, 285, 1(05

10,000,000

$2,U2U,105 $U. 762. 981. 871

503.951.689 »67,UU2,5ll $7,102,159,783'
996,7l3.lU8

576.222.370

9,508,813

522,560

$U5,000,000

Jl. 971, 709

3.927. 3«7

6UO,90U

89,032,500

139,299.557

i7.llU.735

190,297,912

3.206,159

U99.9i8.3S3

U33.759

1,321,682

567

135.30U.UU7

6oi.oo2,6Uo

639.771.353

U.903.077

U.655.533.575

22,UU2,058

31,068

122.U73.126

29.670.679

33,878.711

671.938.392

206,1714,000

bport-laport Bgnk
of V«thli^ton
Todsral I>>poalt
Inauracoe Corp.
loral Ilootrl*
flcatlon

1,000,000
. •

AjSnlnlttratlon...

.

6,'*92.500

150,000,000

63,8l|«.2lU4

69.700.195

Bob, Onttra' Loan

Corporation
Tadaral Sarlaga
and Loan Inaurmc* Corporation..
Tadaral Hoaa
Loan Bank*
Onlted Statoa
Eousli^ Authority.
7aderal r&ra
Mortfa^ Corp
Slaaater Loan
Corporation
Cantral Bank for
Cooperatlraa
Xlaotrlc Hob* and
fara Authority....

2/
3/

%l
*

20,000,0005.160,353.550 U/

29.502,955

100,000,000
i2U.7Ul.OflO

35U,o6l,827

129,586.175

30,356,222

UU, 157,000

200,000,000

35,ooo,oflo|i,3UU,Uo9,900

3.009.960

18,000,000
62,2UU,i7g

50,000,000

371.000

1,000,000
l,Ull»,3Ul,822

Total
1/

200,000,000

8,081,622

2U9,967,902

U32 . 788 , 627

5 , 867 . 691

,

2U7

S8U.670,557 3U,937.020

797.299

5.722.133

150,725

151.183.379

183.05U,905

307.871.605

8,2U5,780

2.081,592,150

2,366.171

259, OUU

59.29U

20,6gU,509

l6U,5l6,231

8.379.O9U

2.305.6U5

287,8l6,lUe

8,2UU,588

l,5Ua,7U8

181.152

19,090,110

6,702,768,105 l,72U,666,197 121,568,153 16,833.399.630

Includea itena ohargeahle to general fond under
Ihla it tha only item in thie Btatenent lAloh conatltntea a charge againat the Tederal Budget.
Section 1 of Pnhlic Ho. U32, approTed Peh. 2U. 1938.
Beceipti froa eale of property acquired in liquidation of loana are ahown aa 'Sale of Other Property Acquired."
Includei Tederal Hatlonal Mortgage Aesociation and the RIO Mortgage Conpany.
Betlreaent of theae ohligatlons ehovn ae "Batireoent of Obligatlone Isaued in Ixchange for Mortgages" in etatenent of usee of f^iada.
Tlgaree ahovn in the June 1939 Bulletin for theae itene ahould have been increased by $9.29U,111.

Statement of Uses of Funds of Certain Corporations and Agencies Maintaining Checking Accounts
with the Treasurer of the United States, fron Inception of Organization to June 30, IfiOO
(Compiled from latest reports received

\jj

the Treaaury - expenditures on basis of checks issued.)

Xxpenee,

Beoonatruction
rinance Corp. 2/..
CoBBodity Credit
Corporation
bport- Import Bank
of Vashington
tederal Depoeit
Insurance Corp....
Sural Klectrlfication
Administration. ..
Rcae Oners' Loan
Corporation
federal SaTlnga
and Loan Insurance Corporation..
Yederal Home
Loan Banks
Dnlted States
Housing Authority.
Pederal 7arm
Mortgage Corp
Usastsr Loan
Corporation. ......
Central Bank for
Cooperatlres
nectrlo Home and
Tata Aathorlty....
.

fetal
1/
2/

^

Adalnistratire

Bonadainie
t retire

$67,820,333

$6,276,2U3

Purchase ai^
iaprOTeaent
of property
owned

Allocations,
rediscounts.
and loana
to other
gOTsrmsental
corporations
or agencies

966,898.2Ul
62,U35.195

208

16.567.7U3

»909.933

5.605. 36U

17U,U6o,67U

Investments
(net) i/

22,792,500
3U3.U95.857

76,912, 30U

2,U25

122,337.825
U6, 396,711

loi,5oU,997

Interest
and dlTldends paid

Other expenditures

$U5,000.000 $188, 292, 500|«222, 751 . 371

$6,57l.078.26U

U.157.U97
302.257

Loaaa

Batiraaent
of obligetiona Issued
in exchange
for
nortgages 1/

3,172,885,721 $231,0U«,525

3l6.U5g,96o

Total, uses
of funds

$3lU.l65

$7,101,532,876

17,062,351

508.208

988.626,297

2,262,329

U6U,l9l

88.256,680

U2,903,8U9

552. 7U8

U8l.5U7.U3U

5U7.712

183.786

128. 677.112

362,209,870

10,llU,781

U,Ul5.080.239

776.330

117.935.170

3.U21.397

9.715

122,152,8UO

7.158.956

1U.U16.976

1U5.932

593.732.597

523.023.391

U8.987.3U2

u. 767. 569

2,671,990

25.651.039

58,950,127

1,700,000

58.U65

60,858

93,86o,oU«

53.692.7U8

1,830,667

6.670,U35

965,636,235

778,95U,8U0

191,862,229

10,9U2,818

2,009,509,972

1,U51.8U3

53.9U7

U35

18,802,5U6

U23,296

3.058,119

28U.oU7,et2

119.731

183,696

18,699,673

268,083,578 858,OUU,576

26,539.U52

16,3UU,U05,956

17,296.321

177,UU«,197

613.877
986, 60U

328, 96U

338.361.795

57.568,958

U5, 510,000

17,080,678
13U,736,UoU

12,731.980,U99

231,OUg.525 1,698, 0U2, 169

56.996.153

Beeelpts recelTed in payment of mortgages appear under "Bapayment of Loans* in tl>s statement of aooreas of fttala.
Inolndas Pederal Hatlonal Mortgage Association and the HIC Mortgage Company.
Includes n. S. OoTernment Bonis in the smouat of $289.92U.llt0. as folloKsi- federal Deposit Insurance Corp., $223.768,6UO; Pederal Sarli^s and Loan
Insurance Corp.. $10,76U,500: D. S. Bousing Authority, $1,700,000; the Banks for CoopsratlTes. $23,665,000, and Tederal Bcm Loan Banks $30,026,000.
I

33

Principal of Outstanding Obligations Guaranteed by the United States
(In mllllou of doll»r« - eomplled froB nportt r»c»lT«d bj

tai of flacal
year or nonth

ttaa

Ir»a«UTjr)

THE

CAPITAL MOVEMENTS BETWEEN
UNITED STATES AND FOREIGN COUNTRIES

-34-

35

Net Capital Movement between the United States and Foreign Countries
1935 through May 1939
(In thousands of dollars.

MoTraent during
followlse periods

CapltEa Inflow or capital outflow (-)

)

n

UJ

(J)

o
U
UJ
a:

<(
c^"

o-

O

to

UJ c
UJ '0

^^
si
UJ

>

cj)

Z^
UJ

> t
o|

<l
to
CL

<
u

_J

Z)

U

<»

o
>»
CM

^
I

37

Short-Term Foreign Liabilities as Reported by Banks and Bankers
In the United States for May 1030
(In ihouakodt of doll&ri)

Uabllltlas aa of
follovlii^ datoa

United

latharlanda

vltierlaad

Other
Inrope

IS". 962

2l»5,866

369.1*5"

150,123
137. ll"

2U7.06U
2Ul,864
238,368

370,130
373.578
370.5"!

11,688

153.825

21*5, 6O8

1149,001

13,337"
16,0
000

139.662
136.102

21*6,857
21*1,566

238,100

367.928
368,666
371.112
369, WtS

1.556.709

11.85lt

10,891
11,178
12,609
13.158

lU7,8lU

230,657
233. 21U
228,135
221*. 381

353.567
353.081
355.807
353.6U8

1. "98.905

678
5«3
613
661

5,086
5.298
5.999

13.906
12.953

"3.027

5,2>*6

12.61*3

12.301
12.312
12,225
12,566

1

fraaoe

Oeraaay

Italy

561.382
575.136
580.019
577.993

275.666
271.736
271.597
275.296

13.7''2
1'».539
lit. 021

12,060
12,26U
13,725

15,061

1'».337

>»91.918
502, 67U
513,'*36

272,1107
268,U1»7

13.33
lU.lS
13.727
15.282

Kln^oB

fetal
larope

Canada

Tar

Latin
iaerlea

aat

All
other

Oread
total

TOTAL SBQUf-niM

rOBIIM
May
Kay
May
May

I.IABILITII8:
10
17

aU
31

TOTAL LULBILZTHS
PATJJLI II KILLASS:
May 10
May 17
May aU
Hay 31

Dapoalta for
foralgn a«ooanti
May 10
May 17
Kay 2U
Kay 31
Bllla hald for
foralgn aooounti
May 10
May 17
May 2k
May 31

Short-tera Dnltail Stataa
OoTamaant obllgatiOBa
hald for foralgn
aooount:
Kay 10
Kay 17
Kay Sk
May 31

Othar llaMlltiea
payabla In dollarat
Kay 10
May 17
Kay 2U
Kay 31

TOTAL LIABILITIES ?AIABLt
II rosiiai caBBHcas:
May 10
Kay 17
May 2U
Mi» 31
Borrovli^a froa
foralgn baakat
May 10
May 17
May aU
May 31

Aecaptancaa mada
by foralgn banka:
Kay 10
Ki7 17
Kay ?>t
Kay 31
Othar llabtlltlea payable
la foreign cnrranclaal
Kay 10
May 17
May SU
Kay 31

512.226

12.936
13.762

'»99.«13
'•96.827

267.9U5
262,010
262,661
26;,50U

8.126
8.316
8.351
7.369

2,66U
2,689
2.533
2.337

268
258

"75.095

W.563

,

268,196
272.075

lui7U2

1>(0,61<0

l>t2,982

133.339
130.132

12,1*89

32
32
32
32

801
1,026
801

8.665
9.783
5,2U0
7.998

1.798

69.U£)»

3.259
3.289

72.U62
66.583
65.767

3.7't8

3,002
6,231*

131
166
2U3
226

119
93
152
181

927
721
72U
72U

1.01*5

lt07

372
610
351
337

1.137
1,122
978
1,012

258
207
298
268

1.526
1.66U

223

139

I7U
181

132
116
95
107

608
606
539
509

3.'«)i

3.221

379

2)t.l63

177
170
386
312

395
365
282
369

36,U51
36.631
36.789
37.975

2.953
2.95*
2,8U0
2.772

37
37

3.662
u.oi;
U.086
3.629

129
161
175
137

111
119
lUO
119

29.351
31.816
25.708

2»

690
9U2
1.076

81

166
163

2.059
2,272
2,051*

2."33

"5.533

3"8.690
356.873
368,262
371,188

21*9,503
21*6,767

"5.039
45.6H5
"8.5"9
"8.063

2,513.638
2,521.911
2,530,110
2,529,068

306,517
303.876
302,301
301.266

326.517
331.392
3"3.809
3"b.l29

220,222
216,637
213,5""

"",0l»2

2,396,203

"«.708
"7.755

2,»7,363

216,621*

1*7,286, 2, "09, 697

21. "55

U2,103
"1,136

5.986
6.037
6,260
".19"

33
833
1.058
833

800
800
800
800

1,629,310

1,561,1*65

1.561.073
1.557.233

1.500.750
1.505.555
1. "98. 392

1*2,1*09

1".7""
17. "73
12.357
16,872

315.378
313.612
312,688
309.396

31*8,909

313.697
311,161
309,885
307."70

3?"

t

ii6e

52"
1,210

357.280
368,676
371.667

21*,

21*2,31*1

2"5.11"

27.25"

761

28,11*5
j

23,862
26,530

26,870
27,2"3

1*6,060

"9,070
US. 550

83"
852
598
5«l

1.000
1,000
1,000
1,000

2,6l2,7"l*

2.6l2,j66

98,556
102,20"
99.693
97.686

1.833
2.633
2.858
2.633

718
720
591
529

1.027
985
927
UU7

163
85
196
19b

17.0"6
19.711
1».5?5
19.29»

9.«33
9.317
9.333
8,707

U9U
"15
521
"87

88,250
92.117

7.970
7.9"8
7.900
7.311

157
82

l,6isi

219

2,1*51

1*07

1,093

79.527
76,371
72.077

2,803
1,926

UlU
"79

890
1.068
1.886
573

31.307
33.867
28,697
25,868

1.393
2.139
2. "99

75
260

i,m

3"2

"0.175
"0,369
"0,339
"1,622

200
210
206

561

'*.9"l

"30

5.311
5.335
6.787

88
102
98
155

2,1*66

2.601.888
2,611*, 028
2,617,552

258.936
256,08"
251.67"!
253,821

1.635.661*

76,1*23

3iUt

396

1.633.132
l,b6o,992

261*

181*

158

87.lt«2

83,676

1*0,902
1*11,296

39.5""
35."50

uo.ki6
"0.599
"0.577
"l."65

11*1*

l.liUO

1''7

1.3"7
1.617
1.367

150
137

319
315
321
315

6.932
7.222
7.521
6.761

n

>l

38

Short-Term Foreign Assets as Reported by Banks and Bankers
In the United States for May 1930
(Ib tbonsandi of dollars)
Isteto aa of
follovloe datoa

VMX

thlltad

Xlofdoa

franca

Oaraaax

Italy

latharlasda

Svlttar-

Othar

Total

uropa

uropa

Oaaada

I«tlB
kaarlca

Tar
laat

othar

Oraal
total

SBC8T-TXW

lOEEiai kssns:
Magr 10
Maj 17
Najr Sk

IV

£6.386
61,057

11.520
8,52U
9,822
10.670

78.161*

TOTAL 1SSIT8 PAUBLI
iR roBiisii crmEZNCixsi
May 10
Kay IT
Nay 2k
"ay 31

1*51*

36.958
33.610

960
1,U20
1.365
9U1

ZU.39U
2U.526
ao.8a6
a).U22

696
1.180
1.131
718

310
366

lt.6U2
5.'rf3

5.316

U7.721
111.954
110.337
110.572

13,24g
13.136
13.316
12,784

512.823

49.425

95.600
104,853
109,669
111,147

52.851
52,342
.179
S;.783

16,026
14.465
14.697
14.123

3.937
4,812
4,990
5.125

25.331
25.421
26,111
24.934

1,102
1,000
953
986

99.247
98,040
96.930
89.951

1.409
1.880
2.305
2.208

31.272
33.501
29.279
26.909

13.000
11.737
11,821

U.OZl

1,342
1.131
1.305
1.039

1.860
1.910
2.673
1.675

201
190
240
289

"•0.933

566
573
565
577

7.171
7.9t6
7.732
6.864

I.31U
1.233
1,202
1.225

211
236
202
202

19.863
19. 800
19.895
19.846

57

1.441

14.408
10.895
13.168
11,010

1.712

2,384

1.^5

3.'*45

3,608
3.711

1.674
1.877

3.481
3.884

38.037
37.87U
37,647
36.872

181.086
175.919
175.625

36.291
36.591
33.975
35.302

100.041
104.679
106.022

324

7.118
7.152
6.873
6.610

46.198
39.274
43.403
42.686

11.277
11.8I9
9.419
9.338

9.825
8,861
7.776
b,7ie

1.620
1.658
1.569
1.521

9.630
9.513
9,448
8.932

a,844

3.831
3.887
3.'H9
3.466

12,791

81.599
80.732
80,241

I.8I6
1.790

516

21.289
21,209

1.1*40

485
401

a,3S6

53.044
52.59?
51.784
52.698

21.183
20.885
21.137
22.498

4.042

11.93''

19.750
19.850
19.335
18. 672

1.793
1.778
1.766
1.737

3.831
3.416

233.937
225.814
226.098
220.408

3.720
5.398
3.693
2,520

1.579
1.880
1.448
1,170

3.4l6
3.908
4.324
t.235

123
1U7
157
160

2.932
3.693
3.073
1.886

1.408
1.709
1.261
1.019

108
98

1.539
1.502

173
197

lOl*

l.'»79

u,it8e

100

1.W7

176

46
48
60
3^

11.893
8.U88
10,816
8.700

156
142
130
123

131
129
130
130

bl5

U58

125
123
127
117

25.U57
22,580
24,136
21,772

10.560

77.710
77.857
77.597
78.657

10,829
10,102
10.057
10,197

16.030
15.U52
15.6U2
16.152

2.463
2.503
2.383
2.246

6.307
6.333

1,870
1.303
1,878

II.9I8
11.377
11.873

327
311

6,261*

12.1*22

2.296
2.285
2.329
2.412

61,091*

55.3«2

Jl

12,622
11,880
11,823

41.453
41.782
41.971
41,107

1(0.929

78.338
78.222
79.227

U81
625
570

>t.383

52.317
51.056
1*8.672

506. 8I3

508.092
504.336

own dapoatta
abroad:

Baalca

Na^
MiV
May
May

10
17
Sk
31

DapoaltB abroad for
aeooont of donestic
cllanta:
Migr 10
May 17
May Zk
May 31

Othar aeaota payabla
In foreign curroncieB
May 10
May 17
Nay 2>»
May 31

TOTAL

1.454
1.''50

48,469
'5.318

47

28, 616
29.273
29.077
28,184

3.5l3

844
752
b67
650

22,956
20,298
22,535
20.834

92.390
86.533
84.226
85,638

12,146
12.136
12.363
11.798

413.576
408.773
411,162
414,385

55.376
56.229

183
235
399
308

126.990
114.831
116,373
115.279

29:556
32.656

1.971
2.220
1.616
2.236

4,096
3.875
3.808
3.601

104.533
114.896
119.031
122,200

69,047
67.865
67.447
66.648

30,912
29.671
27,234
27.173

7.867
8.026
8.156
7.889

182,0
179.0
175.758
176,906

3.5^*3

ASSRS PAIASLI

II lOLLABS:
Nay 10
May 17
Nay 2k
May 31

Loan* to foral^ bankai
Nay 10
Nay 17
Nay 2k
Hay 31

AecaptancaB aada for
forelcB bank* I
Kay 10
Kay 17
Kay 2k
Kay 31
Othar asaata payabla
in dollaral
Hay 10
Nay 17

May 2>>
Kay 31

7.101*
8.1*57

9.729

13.1»8lt

S.i?"*

11.037
13.555
10,906

1.810
3,206
6.321

U,ll»2

2.201
2.136
2.036
1.996

5l*,7l*U

55.501*

7.211
7,llU
6.951
b,622

7.21*3

3.185
3.158
3.215

7.612

3.'*12

16.699
16.550
16.272
16.928

l.T"*
1.734
1,803
1.697

3.919
3.338
3.25^

7.831
7.62't

b.225

5»t.97'>

55.061

1,251*

I.3I8

21.330

173. '•72

91.663

^1642

J''

39

Security Transactions as Reported by Banks, Bankers, Brokers
and Dealers In the United States for May 1939
(In tboUMUDl, of dollar*)

Onlted
tlngdoa

Traasactlons dorli^
week a&dsd-

totu. FOaCEkStS
IS THI DBITKD STATSS
KB F0BXI3S ACCODST:
Kay 10
•tajr

17

May 2k
•tay 31

Forchasea of
doaaatlc securltloai
May 10
Mar 17
May 2h
May 51
Purchaaaa of
foreign aecurltlea:
May 10
May 17
May 3U
•tay

31

TOTAt SALZS
II TEX nVITID STATIS
roB roBsisH accodir:
Nay 10
May 17
May 2lt
Hay 31

2.936
1.732

22

I.0I16

50

2,089

103

2.683
3.095
2.593
3.687

2.6U3

aU7
U21
kko
325

293
238
150

U,985

2.217
1,662
1,091

5.03U
u.uio

»<»7 31

Salea of
foreign aaeorltiea:
Nay 10
May 17
Nay 2k
•Uy 31

Oeraaoy

2.930
3.516
3.033
U,012

5.'*i3

Salea of
donestlc eeeorltieal
May 10
May 17
May ZU

Trance

latberlanda

Svlttarland

Other
luropa

Total
luropa

CaaftdA

Latin
iaartca

hr
set

All
othar

Orand
total

2.271
1,681
1,U23
1.285

1.873
3.078
2.305
2,238

1.055
1.059
6I8
958

11.163
11.102
8.U97
10. 71b

20.644
11.121
6,U25
12.300

472
969
658
73U

1.376
1.052

2,082
1.39"
1,322
1.171

1,U19
2.373
2,028
1.723

7>t7

9.638
8.975
7.170
9.28U

1.199
1.751
2,134
3.677

192

1.032
926
460

37"*

9 18

112

12.U35
12.380
IO.25U
1U.1«2

189
287
101
llU

U5U

308
U5lt

1.525
2.127
1.327
1.432

19.445
9.370
U.291
8.623

280
420
279
303

34l»

705
277
515

3^
13
8
Hk

21,628
12.056
6.023
10.445

70
121
119
279

SU7

10.314
9.639
9.066
9.205

9.004
5.919
7.761

365
429
768
6«3

79
212

guo

l.b53
1.185
1.697
2,09U

20.170
16.420
16.2U3
20.672

69
106
112
237

749
656
015
666

1.203
999
1,401
1.892

9.183
313
414

3.845
2.277
2.718

219
261
081

2.91*1

UI8

U50
226
236
202

67
15^
46
151

58

i.itgu

896
2,008

81

717

"»ly

•.553

2.I3U

'*.725

1.5't9

4.U95
3.600

998
67B

k}2
688

83
113
93

98
117

539

810

39

17U

605
290
606

328
352

u
U60
*«3

692

8.32lt

8.105
7.780

'•.57'»

1.131
1.315

i:^2

1.425

1.856
W,820

328
428
217
313

1.272
2,288
1.931
1.298

5l»9

379
431

578

981

126
118
63

398
35^

1.623
2.939

408
192
119
136

179
111

3^.063
2>«.)>36

16.277
2't.867

60
46
140
69

13.669

llt6

29

168
87
265

33
72
15

6,505
5.175
2,993
6.535

358
337
1,606
2.929

11,21*5

13,250
l''.l37

lOTAl PCBOHASSS
IXECUTED ASBOAD TOB
lOKISTIi:

May
Nay
May
May

ACCODRl

10
17
2k

303
373
182

31

2>tO

1.672
2.738
2,180
1.652

72
22
27
Ul

Porcoaaee of
domestic aecurltlea:
Nay 10
Nay 17
May 2k

91
19
76
57

«ny 31

Forchaaea of
foreign aeourltiaa:
May 10
Nay 17
Nay 2k
M«7 31

2lt5

220
357
107
208

411
lUl
281

1.264
2.286
1.931
1.273

1.581
2.719
2.104
1.995

TOTAL SALI8

mCUTIX

ABBQAS FOB
BOHESTIC ACCOUHT:
Nay 10
Nay 17
Nay 2k

241
236
198
35b

»»j 31

3

10
IB
2

Salea of
domestic aecurltlea:
May 10
Nay 17
Nay 3U
Hay 31
Salea of
foreign aeoorltieat
Nay 10
Hay 17
Nay 2k

Hay 31

,

82
k2

81
42

i69
168
lUl
299

l>26

1.426
957
717
701

79

101

72
138

1*5

360
296
378

7

13
8

180
117
i?3

141

3

281

10
16

22U
240
285

1.786
1,262
I.IOC
1.136

1.325
912

7

13

1.606
1.145
970

993

m

40

Security TraiuactionB in Joint Foreign Arbitrage Accounts as Reported
by Brokers and Dealers in the United States for May 1939
(ta thonsandt of dollara)
TraaaactlooB
dorli^ week eadad-

lOTU

ITolted

Ilngdoa

Ttboo*

Oemany

Italy

latherlaada

Svltter-

laai

Othar

nropa

fotal
loropa

Canada

LstlB
iaarlea

far
laat

Ul
other

Oraad
total

FDBCB/LSKS

II TBI nBITIS SIATESi
Mbj 10
"V 17
Hajr 3U
May 31

PorchAiee
doaeetlo
Ma;
May
May
•Uy

of
aecurltles:
10
IT

l.OUS
l."91
l.3"6
88"

628
772
1,122
1.085

1.701
2,275
2. "83
2.004

760
1,104
1.151
52"

27

787
1.133
1.1(7
550

288
387
195
360

601
7"3
1,086
1.059

17
36
27
69

1,611
1,069
883
1,254

5"6
933

1,320
677
660
95U

16
11
26
69

i.3"7
718
699
1.033

263
325
182
221

1

26"

531

T97

25

3^

911
1.125
1.124

1,262
1.309
1.3"5

m

Uo
169

1,01*3

31

"76

TOIAL aililS
II IHI DHITES STATIS:
May 10
May 17
May Sk
May 31

eeourltlea:
10
17
aU
31

9
169
33
56

901

all

Forcbaeet of
forel^ eeourltlesl
May 10
May 17
Nay 2l*
May 51

Salaa of
donestle
Hay
May
May
May

985
1.273
1.236
il4

27k
372
193
338

1)8

75
4

3?
75

lU

IS

1.583
1.002
8U2
1.175

11

30
lU
10

29

91"
1.1"2
1.296
l."5"

25

12
15
35

2.161
2.006
2.02"
2,"l6

1,1"1
1,162

15
22
16

1.36"
7""
715
1,071

38

Salaa of

foralgD ••ourltiea:
May 10
May 17
May 2)t
May 31

18"
221

1

Foreign Balances In Brokerage Accounts as Reported by Brokers
and Dealers In the United States for May 1939
(Ib thonaanda of dollara}

Balaacaa aa of
follovlsg dates

Dnlted
Kln^doB

ftaaoa

Oeiaany

Italy

letherlaods

1"0

87
90
92
90

2.335
2,322
2.368
2.49"

2, 06"
2.138
2,005
1.965

3.559
3. "28
3.638
3.707

17.98"
18,987
18,7"2
19,250

15,0""
16,006
16,056
16,077

4.147
",001
3.988

7.0"3
6,444
6,291
6.535

337
307
298

"".359
"5.891
"5.388
46,066

120
22"
127
112

6.033
6,117
5.7"8

7.9"0
7,557
7,6"4
7.560

3.299
3.282
3."l6
3.25"

32,006
31.938
31.836
31.909

6. 440
5,212
6,398
5.60b

2.84U
2.778
2,880
2.838

790
83"
992
1,062

419
378
290
203

42,449
42,140
"2,396
41.618

Svltsarlaad

Other

urops

fotal
loropa

I«tlB
iaarlea

hr
aat

All
othar

Oraad
total

fOrel^ debit balances:
(due froa abroad)
May 10
May 17
May 24

May 31

Foreign credit balancsai
(dna to abroad)
May 10
May 17
May 2"

May 31

5.260
5.317
5,284
5."05

".539
5.559
5.213
5.""«

6.895
7.017
7.250
7.355

7.519

l"2
1"1

]:^

200
198
191

7.788

199

5.6"!

3.951

41

Foreign Purchases and Sales and Net Purchases or Sales of U.S. Domestic Securities
(In thouaandi of dollari)
tranflactlona

darlsc
•nded-

waalc

61

<o

iZ

.
.

43

Purchases and Sales of Foreign Exchange, Spot and Forward, as Reported
by Banks and Bankers In the United States for May 1930
(ta thouBandt of doXIart)

OorrCBOy ot-

TraBiaetleu
dnrloc
veak ended-

0nlt*d
KlngdoD

TOTAL FUBCEASISl
Kay 10 Spot
May 10 Vbrvard

56.5»t0

33.3^7

Svltnr-

Other
Soropa

Oeraaaj

Italy

•ttaarland.

2.096
382

869
17

588
105

5,610
1.523

1.239
12

2,029

Trasoe

land

329

Total

kropo

Cajiada

Latin
Aaorioa

rar
laat

All
other

Orand
total

68.971
35.715

24,469
9.437

886
243

1.593
1.731

525
11

96,444
47.137

Kay 17 Spot
Kay 17 ronard

61,260

661
123

5.817
1,160

2,69»»

138

9U9
57

••27
1,U2'

30,Ulto

>»36

63U

75.062
32.988

30,402
10,880

693
92

2.137
1.073

368
6

108,662
"S.OJS

Nay Sk Spot
Kay Sk Tenari

62,li05

2,166
5^3

750
21

660
252

3.203

755
118

2.293
1,016

72.232
28.77U

21.591
6,851

316

2.504
2,050

630

25.«75

97.273
37.678

Kay 31 Spot
Kay 31 forvard

"5.31*
23,2lU

1,632
95

903

612
133

5.052
1,06U

1,026

1,911
686

56,l^54

24,023
8,690

133

2,821
1,258

375

339

PurchaBaB from banJcB:
Kay 10 Spot
Kay 10 Torvard. ...

1)1,196

1.593
17b

839
11

ult5

i.90it

52,51*0

210

27.079

1,168
742

209

5

18.775
4.895

766

IW

5.377
1,506

1.186

25,067

73.458
32.716

Kay 17 Spot
Kay 17 Torward....

UU,g6l
19.713

1.858
109

830

5.5^^9

1,019

2.W7

1,0U9

"•35

517

21.370
5.667

1,866
641

47

122

57.033
22,002

532

57

80,84<
28,310

Hay 2U Spot
Kay Zk Torvard, ...

'*g,g07

1,99U
531

b28

509

701
117

2.157
852

57.783
19.85*

12,948
4,561

1,888
1,206

239

183

2.987
882

205

21

73.063
25.621

Kay 31 Spot
Kay 31 ronrtrd....

33.262
15.152

1.553

eU9

397

U,828
«95

997
175

1.781
230

•3.667
1S,66U

17.319
5.756

99

1,826
569

61

62,932
22,9>9

PurchaBeB froa cxietOBera othar than banks
Kay 10 Spot
Hay 10 roivard....

15,3¥t
8,280

503
206

30
6

1U3

233
17

53

125
119

l6,i»3l

8,636

5.6?4
4,542

120
243

U25
989

316
11

22,986
14,421

Hay 17 Spot
Kay 17 forward..

16.399
10.727

396
29

119

212

268
111

lt08

227
117

18,029
10,986

9.032
5.213

161

1

271
432

321
6

27.814
16.729

Hay 2U Spot
Kay lU Tomri

13.598
8,607

172
12

122

151
69

216
67

5U

'?'
164

li*,Ui*9

8,543
2,290

lU

616
844

391

8.920

3

24,210
12,057

Kay 31 Spot
Nay 31 forward....

12,056
8.062

s

215

22U
169

29

130

12.787
8,867

6,704
2,934

74

995
689

314
3

20,874
12,493

3.202
3.076

1.137
84

i.i»3lt

60,109
Ul,200

24.966
11.457

619

2,106
l,6l2

127

395

87,927
54,664

3.850
2.070

1.130
889

2.030

70,000
35. '•54

28,659
12,474

552
95

1.687
1.301

65

1,W6

1

100,963
49.325

..

17,268

81

5U

1

2

9149

7

1

1

1*56

25.531

92

3

3

83,806
35.482

TOTAL SALIS:
Nay 10 Spot
Nay 10 forward

51,3*

1.781
2ita

671
15

5U0

36,«1'»

Nay 17 Spot
Nay 17 forward

59.625
30.675

1.982
IgU

751
166

632

Hay 2U Spot
Kay 2h Forward

60,520

2.033

591

995

1.793
1.395

70,106
36,811

22,213
7.307

261
23

1,620
2,958

94,642

5

793
211

442

U21

53U
236

3,8l»2

33.5^

3

'•7.102

Hay 31 Spot
Hay 31 forward

'•2.629

1.523

826

1,810
1,1U9

22,834
10,011

1.974
1.685

88

1

651
651

263

289

5.732
1,001

53. 7"*

25.255

573
35

78.903
40.077

1(1,675

779
139

328

283
30

2.752
2.269

727
78

793
737

••7.337

15,166
9.085

66
395

692
1,066

18

28,62;

63.279
39.171

'•7.162
20,7'^5

1,0145

U20
102

335

3.'^3
1.378

901
750

1,161
1.279

5'*.517

18. 763

119

10.293

93

570
1.151

27

2U,381

73.996
35.918

,918

1.073
353

'1

288
201

3.31'^

513
211

633
750

52,111
26,651

15.981
5.534

37

580
2.546

206
3

68,915

700
171

500

3^

5.025
613

^•60

38.833
20,607

15.071
8,333

133

989
1.397

30

M91

68U
1.033

55.056
30.337

1,002
103

3'»3

257

U50

UlO

6U1

5

807

6

197

9.800
2.372

1.414
546

109

9

12,772
12.575

553

UW

24,648
15.493

297
U

229
139

869
187

15.483
11.073

9.896
2,181

•33
2

1.117
150

38

692

26,967
13.407

528

280

.160

17.995
10.160

6,232
1.773

224
23

1,040
U12

236

25.727
12,368

14,911
7.774

7.763
1.678

130

985

5«

23.847
9.740

Salae to hankal
Kay 10 Spot
Kay 10 forward.

.

.

Kay 17 Spot
Nay 17 forward
Kay ZU Spot
Kay 2U forward....
Kay 31 Spot
Hay 31 forward.

25.366

.^1
31.113

.

..

Salaa to cuBtooerB
other than bankB:
Kay 10 Spot
Hay 10 forward....

18,2t>U

9.669
11,

127

6

35
It

1

991

Kay 17 Spot
Kay 17 forward.

.

i2,«o3
9.930

937

.

Kay Zk Spot
Nay Z'i forward.

lU,602
9.007

960

219

. .

68

1

35

tlOb

11,516
6.991

823
118

326

222

707
388

Hay 31 Spot
Nay 31 forward....

57

1

93U

6U5
191
160

,126

116

28,381

288

1

3'».734

44

Outstanding Forward Exchange Contracts as Reported by Banks
and Bankers In the United States during May 1939
(Ib Uwuaiidt of 4eU«rt)
OarroBcy ofOontr«ota aa of
following datea

TtaltoA

XlB(40B
torn. FOSCUSI COBTSACTS:
Ma/ 10
Hay 17
May 2U
May 31
Contract! for porchaaos
froB forolgn onitourtt
May 10
May 17
May 2k
May 31

Contract! for porotaaaos
fros doBeotle eattoBorsi
May 10
May 17
May 2>t
May 31

tOtkL S1LE8 COITBACTSt
May 10
May 17
May 2>>
May 31
Controcta for aala
to tOTttga cuBtOBera:
May 10
May 17
May 2>t
May 31
CoQtracta for aale
to dOBestlo ouatOBera:
May 10
May 17
May 2lt
May 31

293,U9>t

292,232
276.916
259.613

Trance

U,600
".3^5
'•.236

3.581

8U,7l»0

2.000

83.777

1.7't7

78.6ll»

1,865
1.577

7'».139

208,75lt
208, U55

Oonany

Italy

letherlaaAi

127
182
178
27

325
326
362
368

13.662
13.823
12.869
11.299

19
19
20
21

U.388
U,U27

Sirlii«r-

land

lU,90l)

329.156

13.967
12.536
9.619

327.27'*

286,333

3.?«

95.2't3

2,826
2.350

93.387
87.862
82,029

2.026

500
555

"1,031

1.79"*

185, '*7U

6U
107
llU
27

311. 5H3
305.091
296.896
277.OU3

6,712
6.U90
5.925
5,126

21^
355
156

20,81)6

5.155

5^3
520

19.865
17,552

1»,892

U,205

98.219
95.853
89,292

U,9lio

3.1'*9
3. '105

9.'*56

8U.1(93

3.539

122
122
153
132

10,692
10.176

"•,261

121
168
166
59

3.037
2.555

213, 32U

1.772
1.7«6
1,66U
1.5«7

203
295
189
97

I40U

IO.U37
10,670

209.238
207, 60U
192.550

it,70it

309, Uoi

1.765
1,762

11.6U1
10,289

lb!u26
13.053
12.291

1,026
1,026
1,003
1.003

2,922
3.123
3.166
2.330

80.686
85.297
86.999
83.968

675
768
762
759

8.1*81

lOb.UUx

3.971

13. 817

109,1*67
108.1*60
103.1*82

"*.0l*7

13,875

lt,0l*6

111,718

1».023

13,222

1*2,1*20

3,7"*9

"5.951

3.823
3,801
3.777

6,911
7.199
8,067
6,800

183.325
183.555
172.657
161.732

300,1*91*

2U5

6,906
6,676
6,651

2l<6

6,1*22

21,129

u,i»9o

16.763
i6,lou
1U,172
12.593

36l,U87
3?*.652

12,928
12,080
10.207
9.521

130.171
126,508
116,572

l*U.li*3

108,1*88

"»2.593

1.3"*!

231.316

1.750
1.855
1.650

228,121*

62,021
63.516
6U.317
60.889

8,189

10,1*09

9,363

3.965
3.072

20l»,30U

31*2,61*8

317.195

226,076
208,707

8.;ji7

8,675
7.959

222
22I*

Net Position in Foreign Currencies of Reporting Banks and Bankers
the United States for May 1939

m

total

ll.ltltO

7,268

3>»7

8,W«

Oraad

II.M03

233,913
233,887
221,53?

9.'»35

All
othor

1.79"*

11,362
ll,lUl
10,186
7,625

9.283

Tar
laat

1.701

91*. 591
99.723
100.052
96.259

l.SWt
1.8UU
1.782
1.559

306
307
3U2

361
390
388

limio

2.39?
2.301*

Latin
laarlea

total

2,0>4lt

2.600
2,598
2.371
2,00U

198,302

Other
lorepa

187
18U
18U
177

1*37.038
1*1*0.1*1$

1*23. 0U3
39't. 820

113,106
111.972
105,091*

97.663

177
I7U

323.932
328. W*3

17»*

3i7.9»i9

167

297.157

104
102
100

1*83.819
1*82.12^
1*69. 97U

1*38.022

298,570
297,317
276,290

II

1\

OTHER

MONETARY

-45

STATISTICS

i\

41

5

46

Gold Assets and Liabilities of the Treasury
(In mlllloni of dollari - on t>s<li of inilj Treaoair itatoBeDti unrcTltod)

Llablllttea

Ind of calondar
jear or aonth

OoU
Aatett

8,238.6
10.122.9
11,257.6
12,760.0
lU. 511.2

w"*
1935
1936
1937
1938
193«-»«ii7.

13,017.''

in«..
tapt.

13.135.5
13.759.3

Oct..
lOT..
Dao..

lk,o6h.}
lU, 311.9

19J9-J»B..
Fab..
Mar..

lit,680.9

Apr..

15.790.6

iJ
2/
3/

1>»,511.2

l't.87'».3

15.258.2

Oold Cartlflcatat 1/

Oold BaaarTo
a«alDit U. S.
notas. ate. 2/

StabllltatlOB
fund i/

Sold iB
Oaaeral fund

7.679.5
8.999.6
9.212.3
11,872.8

156.0
156.0
156.0
156.0
156.0

1,800.0
1.800.0
1.800.0
1,800.0
1,800.0

1,008.6
USI.k
5UI.9
1.591.6
b82.U

10,720.2
10,717.1
10.99".

156.0
156.0
156.0

1,800.0
1,800.0
1,800.0

>»l.l

ll.3''7.6

11,688.3
11,872.8

156.0
156.0
156.0

800.0
800.0
800.0

760.6
667.6

12,022.3
12.199.1
12,627.0

156.0
156.0
156.0

800.0
800.0
800.0

702.5
719.2
675.2

800.0
800.0
800.0

658.U
601.6
55«.3

5.27't.O

Majr..

15.956.''

Job*.

16.110.0

13.176.0
13.398.8
13.595.6

156.0
156.0
156.0

16.237.5

13.9>'9.8

156.0

IB Fadaral latarra Baaka, ate, cold oartlfloata fond Board of OoTaraora, Tadaral Batarra Sxitaa, aad BadaaptlOB
Baaam acalntt I3lt6, 681,016 DBltad Stataa notai and $1,167,122 Traanury Botai of 1890 oatataadli^.
Thia doaa Bot Inoluda gold In tha aotlra portioa of tha Stabilliatlon fbad.

l»62.ll

808.8

682.14

331.7
ftiad,

Net Movement of Gold to and from the United States
(Ib BlllloBi of dollar! at $35 par flBa ouaca - ai raportad b/ U. 8. Dapartaaat of Coasarca)

fadaral

laaam

aotaa.

47

c

11

48

Components of Silver Monetary Stock
(Ib millloaa of dollar* - on ba«l« of dail7 Treasury etateBanti. reTiaad)

bd

of

calendar
year or

onth

..im

»
5

.

7

s

49

Net Movement of Silver to and from the United States
(In thouaaodt of dollars - as raportad

V

D.

S,

Dcpartunt of ComMrse)

Vet laportB froa or net axporta (-) tei

Calend&r year
ajid month

Tbltal

Other
Airope

W"*

36.521

1935
1936
1937
1938

21*5.133

OaaadA
U38

190

Chll*

-3.780
-5.611
-8,951

1.550
2.920
1.01*8

7.1*08

-7.1*51

'tl.715

-U.3U2

968
696

6.786
7.381

2.918
2.600
1.956

-2Wt
-1.250

57
73
30

608
978

181

2/

87U
988
809

2.767
2.635
1.876

-993
-695
-1.200

1*6

2/

663
708

U98
631
708

312
277
239

2.737
2.635
3.112

-1,2U3
-1,093
-750

1*5

739
U91
759

219
236
28U

38
17
68

582
571*

223
321
252

67

5x6

UOU

856
-25
15.396 2/

8,957

.SOSI/

5.1*16

6.798
10.915

1938 -Jai7
AU£.
Sept

15.301

•t.soo

Oct.
Hot.
Deo.

10,169
15,T78
17.075

I46

"i.Sio

31

71*2

1939-Jan.
Teh.
Mar.

^.105

20
-u

U85
372

321t

8

5^7

Apr.

I.IOU
1.017
3.038

19
13
12

263
5U5
899

3.19'»

-1.250

3.225
3.702

-i*92

June

July

i»3i»

15

799

1.6U1

5

,08

Majr.

6

Brltlih
India
-338
188

193^
1935
1936
1937
1938

3.021*

China

21.967
227
69.996
5.61U

Boeg

Kong

II

2.873
6.787

81*3

3>*

118
Ug
U33
617

2.1U1*

31*2

1.271
2.930

10,808

2

126
117
IU9

1938-July.
Aug.
.

Sept.

13U

61

3.U6J

150

501*

y

166

171
305

10,065 k/

Dec.

!tl3

20'»

1939-JM..

270
630
502

Mar..

250

Apr..
May..
June.

86

5.319

1*3

Jaly.

Less than $500.
Includes net import of $12,950,000 from Trance.
Tignres for July, Sept. and Hot. 1938 Include net imports from ft-ance of
Includes net import of $9,791,000 from Siam.

1/
2/
3/
4/

$1*,

301,000,

86.17U
335.730
170.851
79.835
223.1*1*9

108
130
19

69
121

Oct..
5or.

Te\>..

Total net
imports or
exports (-)

3.221*

5?'

173

lt9U

All
other

Alia

-1.Z28
2.738
611
2,858
191*

33
36

Other

Japan

381

3.906
10.199

Het laporte from or net eiporte (-) toi

Calendar year
and month

Other latin
Aaarloa

Peru

21.995
58.325
29.925
30.203

12. iS?

13U,26U

53.393

Oaba

Maxleo

18.133

U.5W
22.635

70

21.813
2U.I63
20,189

IU6
U32
l60

I3U
8

8.658
7.87U

UU

5.2811

588
270
326

217
121
228

25

5.089

1

l^iW?

635

a.6

158

*.891

$1*.

300,000 and

(l*.

301,000 respeotiTely.

Seigniorage on Sliver
(In millions of dollars,- on basis of daily Treasury atatementa)

CumulatiTe from
Jan. 1, I93I*
to end of Calendar year or month

Salgslora«e on
ailTar and
minor coins

Sources of Seigniorage on Silver Bullion BeTalued 1/
Mlse. sllfer
Nevly-mined
(Incl.silTsr
sllTsr (Proc.
bullion held
Dec. 21,1933)
June lU, I93U)
US.

1931*

1935
1936
1937
1938

Ug.7

16.

1)6.1

1*8.7

36.0
58.0
7U,9

Us.

69.5

U«,7

19J9-Jan..
Peb..
Mar..

69.9
70.2
70.7

U8.7
U8.7

Apr..
May..
June.

71.0
71.9

July.

1/

.u

18.

SllTer Purchase Act
of June 19,
122*
51.1
226.2
302.7
366.7

latlonallied
•llrer

Salsnlora^

(Proc. of
^«€' 9. 193^)

on sllvvr
raralued

28.5
3U.5
3U.7

1*57.7

Total

Potential
algiilorae* on

llTor bullion
at oott In

Oanaral

Ituvi

128.7
326.2
U22.1
5O8.I
616.0

137.5
276.7
398.U

627.U
633.9

790.0
809.8
825.1

773.9

Us.

76.0
77.U
79.0

U6g.0
U73.I
US0.3

SO.l
81.2
82.9

U86.8
U93.I
501.6

3U.7

73.

Us.
Us.
us.

3^.7

650.3
657.7
667.9

8UU.0
859.7
879.0

7l*.7

Us.

8U.3

509.5

3^.7

677.2

897.6

3>*.7

Tbaaa Itana i«preaent the difference between the coat Talue and the monetary Talue of aiWer bnllloa reTalusd and held to aaeure allTer
certificates.

mI

50

Value of Selected Currencies In Terms of Gold
1928 « 100

NontUjr vnrngt of dally ^tetatlons

Dnlted
Ststea

1931-Dee.
1932-Dea.
1935-Deo.

100
100
6U

19311-Deo.
1935-I>»c.
1936-Iiec.

59
59
59
59

1937-Dec.

1938-Joly.

United

KlB^OB
t>9

67
67
bO
60
60
61

59
59
59

60
59

Sea.

59
59
59

58
57
57

19J9-Jan.
Ibb.
Mar.

59
59
59

57
57
57

Jtane.

59
59
59

July.

59

Sept.

Oct.

OT.

Apr..
May..

58

Ifranee

letherlaade

tierland

Sirl

101
100
100
100
100
70

51

100
100
100
100
100
80
8S

Ul
Ul

81
80
79

70
70

uo

80

iio

100
100
100
100
100
70

71

Selclna

100
100
100
100
72
72
72

fi9

72
72
72

iio

80
80

i
69

72
72
72

1(0

80

l<0

K)

79
78

p
H

57
57
57

UO
ko
Mo

78
79
78

I
69

72
72
72

57

1|0

78

69

72

72
72
71

Japan

87

Italy

China 1/

51

Ratios of Index of Wholesale Prices
In 30 Countries to Index of Wholesale
Prices in the United States
1935 » 100

if

J

MISCELLANEOUS

-52-

I

53

Commodities Imported under Quota Provisions During
Quota Periods Other than Calendar Years
(Pnllaliuuy
Whit* or Irish potato*!

fliforti)

4

54

Summary of Criminal Cases in the United States
District Courts
Alcohol Tax. Custooa, laraotlca, Soorat Serrlea and Zstoraal BaTaima 1/
for tha month Of J^ina 1939
IHTIBTOST or OASIS

Boraau

I

^
s

Copy ^

Treas.
HJ
10
.A2

1939
C.2

U.S. Treasury Dept.

Treasury Bulletin