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Form F.R. 131
BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

Office Correspondence
Xo

Chairman Eocles

Fram

Date_ .y<™fesr
Subject:

Treasury Qfish Requirements

Henry Edmiston
CONFIDENTIAL
It occurs to me that the summary table below might be helpful to
you in connection with the detailed monthly cash requirements table in my
memorandum of November !].• For this purpose, I have deducted old age and
railroad retirement taxes from cash budget receipts and shown the amounts
added to these reserve accounts. The reason why the unemployment trust
funds and the old age reserves do not increase quite so much as was shown
on the public debt table of the previous memorandum is because of noncash
interest payments which are reinvested in special issues•
TREASURY CASH HEftUIRKIffiBCTS
November 1 , 1 9 3 9 , t o J u n e 3 0 , I9I4.O

(in millions of dollars)
Cash budget receipts l/
Cash budget expenditures
Cash budget deficit

2,050

Cash nonbudget expenditures

120

Total cash deficit
Treasury cash balance November 1, 1939
Add
U» S» Savings bonds
Unemployment trust funds
Old age and railroad retirement reserves
Net sales of guaranteed obliga*^ons
Total

2,170
1*190
565
I425
JL1I4.O
50
1,14.80

Deduct
Cash deficit above
Treasury cash balance, June 3 0 ,
1/ Excluding old age and railroad retirement taxes•




1,1+80