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TO FEOT REMARKS: lis V * / CHAIRMAN'S OFFICE •RF > 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 :b 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