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February 18, 1939

APPE0XD1ATE DISTRIBUTION OF HOLDINGS OF U. S. DIRECT OBLIGATIONS
AT END OF 1938 (BILLIONS OF DOLLARS)

Commercial Banks
Insurance Companies and Savings Banks
Baby Bonds
Federal Reserve Banks
Government Agencies and Trust Funds (including
Adjusted Service Certificates and Postal
Savings Bonds)

12«0
6*0
1#4
2*6
6#9
28.9

Other:
Individual Trust Funds, Educational and
Philanthropic Institutions, and so forth

10*0

Total

38.9