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CHAIRMAN'S


OFFICE

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W . J . BULOW, 5 . D A K . , CHAIRMAN
KENNETH M C KELLAR, T E N N . WALLACE H . WHITE* J R . , MAINS
W A L T E R K. GEORGE, G A .
ERNEST W . GIBSON, V T .
M . M . LOGANTTKY.
' M . M . NEELV. W . VA.
HARRY FLOOD BYRD, V A .
SHERIDAN DOWNEY, CALIF.

LYNN J . FRAZJER, N. DAK.




"SICnHeb « & i a i e s

Senate

C O M M I T T E E O N CIVIL SERVICE

May 13, 1939

Hon. Karriner S. Eccles
Chairman, Board of Governors
Federal Reserve System
Washington, D. C.
Dear I I . Eccles:
.r
I should like to be furnished
the follow In j Information if you can forward it to me without too much inconvenience .
IVhat is the amount of net disbursements now being made by the Federal
Government over net income?
To what extent are Federal bonds
being absorbed by savings and to what extent, if any, are they being purchased
through the creation of new "bank credits
established for that purpose?
With best regards, please believe
me,
Sincerely,

SrJERIDAlT DOsfflEY

SDtfmc




May 2Zt 1939.

My dear Senator:
In reply to your letter of May 13 request ins Information on net disbursements of the
Federal Government and on bank holdings of United
States securities, I am enclosing:
Photostatic copy of page 10 of the April
1939 Bulletin of the Treasury Department
showing the cash income, cash outgo, and
excess of cash outgo of the Treasury by
months from January 1954 to March 1939*
Photostatic copy of page 22 of the February
1939 Bulletin of the Treasury Department
showing the principal classes of holders
of direct and guaranteed obligations of
the United States Government and the
estimated amounts of their holdings on
June 30, 1938*
If there is any further information you
wish, please do not hesitate to let me knovr.
With kindest personal regards,

Sincerely yours,

U S. Eccles,
Chairman.
Honorable Sheridan Downey,
United States Senate,
Washington, D # C.
©closures
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If

W . J. BULOW, S .
ICENNETH MC KELLAR, TENN.
W A L T E R F . GEORGE* GA.
M . M . LOGAN. K Y .
M . M . NEELY; W . V A .
HARRY FLOOD BYRD, V A .
SHERIDAN DOWNEY, CALIF,




DAK., CHAIRMAN
WALLACE H . WHITE, JR., MAINE
ERNEST W . GIBSON, V T .
LYNN J . FRAZ1ER, N . OAK.

I D C n H e b J&iaias

Senate

C O M M I T T E E O N CIVIL SERVICE

May 25, 1939

Hon. Marriner S. Eccles,
Chairman Board of Governors
Federal Reserve System
Washington, D. C.
Dear Mr. Eccles:
Just to acknowledge with thanks
your letter of May 22nd together with
the photostatic material therein contained.
With all kind regards, I am,
Sincerely,

SD:finc