Full text of Treasury Bulletin : April 1940

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

\

^-^

UFBRARY
ffOOM 5030

JUN

7.1

WZ

TREASURY DEPARTMENT

Xj

be used
Treasury
Library

y\M

2.

194i.
^i./

BULLETIN
OF THE

TREASURY DEPARTMENT
APRIL 1940

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

LIBRARY
ROOM 5030
JUH

TREASURY DEPARTMENT
OFRCE OF THE SECRETARY

2 1

mz

TREASURY DEPARTMEnIt

BULLETIN
OF THE

TREASURY DEPARTMENT
APRIL

1940

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

TREASURY DEPARTMENT
OFFICE OF THE SECRETARY

Table of Contents

Page

Consolidated Returns Under the Revenue Acta

1- ^

Reoelpts and Expenditures
riBoal Years 1935-'^
Expenditures by Classes, Reoelpts by Sources
Social Insurance Accounts
Cash Income and Outgo
Oeneral Fund and Publlo Debt
Composition of the Oeneral Fund
Treasury rinanolng Operations
Holdings of Oovernnient Obligations
Net Market Transactions of Treasury Investment Accounts
Composition of the Public Debt
Insured Bank Holdings of Oovernment Obligations
Computed Interest and Yields on Public Debt Issues

Oovernment Corporations and Credit Agencies
Assets, Liabilities and Proprietary Interest
Sources and Uses of Funds
Issues Outstanding

^

7-l6
17-18
^9

22

23
2't-

24^

24
26
2?

31

32-35
3"

Internatlonea Capital Movements
Summary Table, 1935-39
Short-term Foreign Assets and Liabilities
Security Transactions and Brokerage Balances
Transactions In U. 8. Domestic Securities
Foreign Exchange Transactions

Other Monetary Data
Exchange Stabilization Account
Gold and Silver
Foreign Exchange

Miscellaneous
Commodities Imported Under Quota
Law Enforcement Statistics

5*
U0-'^3

kk~k6
'^7

''9-50

52-53
5''-57

58

"0

°1

Provisions Relating to Consolidated Returns for Income and Profits
Tax Purposes, Under the Revenue Acts of 1913-1939

Since the adoption of the income
tax, the extent to which groups of affiliated corporations could file consolidated tax returns covering all
business comprising the affiliation
has undergone considerable change. Under the early revenue acts when the
tax rates were low, 1 percent imder the
1913 act and 2 percent under the 1916
act, it mattered little to either corporations or the Government whether
consolidated returns were permitted.
The issue came to the fore for the
first time in 1917, with the enactment
In view of
of the excess-profits tax.
the high excess-profits tax rates, consolidated returns were considered essential in the interest of minimizing
checking highly Involved
the need for
intercorporate transactions.

Prior to 1918, the revenue acts
contained no provisions for consolidated returns.
In connection with the
Revenue Act of 1917, however, the Treasury Department required by regulation
that closely related domestic corporations conforming to prescribed standards of affiliation file consolidated
returns for excess-prof its tax purposes. Under the Revenue Act of 1918
the substance of these regulations was
enacted into law and made applicable
to both income and profits taxes. The
1921 act, which reelected the excessprofits tax for that year only, made
consolidated returns comptulsory for
1921 excess-profits tax and 1921 Income
tax purposes. It further provided that
after the lapse of the excess-profits
consolidated
tax (at the end of 1921)
returns were to be optional for income
tax purposes.
The option granted under the 1921
act was to be binding for subsequent
years, but the binding feature was re-

laxed by granting similar options anew
under the 1924 and 1926 acts. The 1928
act required for 1928 the same type of
return as that filed for 1927 under the
1926 act. The 1928 and later acts permitted corporaticns to take up the use
of the consolidated return in 1929 or
any subsequent year, irrespective of
the type of return filed in the preIf, however, a consoliceding year.
dated return was elected for 1929 or
any subsequent year, such election was
binding thereafter.

Beginning

with the Revenue Act

of

1934, the privilege of filing consolidated returns was denied to all except
In
affiliated railroad corporations.
the
1936 and 1938 acts the privilege
was extended to street, suburban or

Interurban electric railways, street
or suburban trackless trolley and bus
1939
transportation systems.
In the
also to certain
act
it was extended
Pan-American trade corporations. Otherwise the prohibition against consolidated returns has continued to date.
For 1932 and 1933 corporations filconsolidated returns were taxed
3/4 of 1 percent higher than other
corporations. For 1934 and 1935 the
differential rate was increased to 2
percent, except that in 1934 corporations with fiscal year returns were
taxed 1 percent higher than other corporations on their income attributable
to 1934.
In 1936 and subsequent years
corporations filing consolidated returns were subject to the rates applicable to other corporations.
ing

Detailed provisions respecting consolidated returns, under the various
revenue acts in force since 1913, are
presented in the table following.

.

Federal Corporate Income and Profits Taxes:
Provisions Respecting Ck)nsolldated Returns, Under Revenue Acts of 1013-1939, Inclusive
Scop* of Application of ProvlBloni
Income
year

1913-16
1917

Conaolldated Betum
Baqaired or Optional

Criterion of Affiliation
Type of BuBineee

Tax

Income tax

-

Xxcesa-proflts
tax only.

Citation:
Revenoe Act and
Begulations

Ho proTieione

Ho proTlslone

5o provisions

Someatic corporatione,
except public eervlce
corporatlone (railroads, gaB, electric,
water, etc.) l/i
and
domestic partnerehlpe.

Two or more corporations or partnerships (a) If
(1)
engaged In the same or closely related business or
(b) if among them there existed contracts or trade
or financial practices which arbitrarily or artificially Influenced or determined the amount of the Inrested capital or net Income of one or more of such
corporations or partnerBhlpe, and (2) if 95 percent
or more of the stock was owned directly by a parent
corporation or partnership or was controlled through
closely affiliated interests, or If 95 percent of the
stock of one or more corporations, or the business of
two or more partnershipe, waB owned by the same

Be qui red

1917 Heg. Ul.
Arts. 77 and
78 as amended
by T. D. 33g9.
April 2U, 1922
and validated
by Sec. I33I
of Rev, Act of
1921.

Required

I9I8. Sec.2l*0;
Reg. U5 (1920
Ed.), Arts.
631-638.

2/

interests.
1 918-20

Income, varprofltB and

excsBB-proflto

Domeetlc corporatlone
except personal
service corporations.

^

taxea.

If substantially all of the stock of one or more
corporations was owned or controlled through closely
affiliated interests, by a corporation: or if substantially all the Btock of two or more corporations
was owned or controlled by "the same interest" (individual, group of individuals, partnership or partnerships). 5/

According to regulations "substantially all of the
stock" did not mean any particular percentage, but
was construed according to the facts in the particular case. Ownership or control of 95 percent or more
of the outstanding voting capital stock (not Including Treasury stock) at the beginning of and during
the taxable year was deemed to constitute an affiliation. ?or purposes of determining the type of return fall disclosure of affiliation was required, if
ownership was less than 95 percent but over 50 percent.
1921-23

For 1921 Income, warprofltB and
ezceBB-profltt
taxes, for
1922 and 1923
income tax
only.

192^+

Income tax.

Domestic corporations
6/ except (1) corporations subject to
section 262 (relative
to income from eources
within pOBBesslons of
the United States) and
(2) corporations excluded by the China
Trade Act of 1922. jj

"The eama
Same ae for 1918-20 except that:
(l)
intereste" included the oase where two or more oorporatioQB were owned or controlled by one or more
oorporatione 5/1 ^^^ (2) for the purpose of determining the type of return full dleoloeure of affiliation was required if ownership was leas than 93 Percent but over 70 percent.

Required prior to January 1,
1922. Optional on or after
January 1, 1922. Option
binding in subsequent years
unless permission to change
obtained from the Coomiesioner.

1921. Sec.2U0;
Beg. 62 (1922
Sd.). Arts.
631-638.

Same as for 1931-23.

If one corporation owned at least 95 percent of
(1)
the voting stock of the other or others or (2) if at

Option granted anew for 192U
but option binding in subsequent years unless permission to change obtained
from the Commissioner.

192U. Sec.2U0;
Beg. 65, Arts.
631-638.

^

least 95 percent of the voting stock of two or more
corporatlone was owned by the ease Interests (the
sane individual, partnership or corporation or the
same individuals, partnershipe or corporations).

^

1925-27

Income tax.

Same as for 1921-23.

for 1925 aame as for 192^; for Bubsequent years the
ownership of "at least 95 percent of the stock exclusive of non-voting stock which is limited and preferred as to dividendB** was substituted for "at least
95 percent of the voting stock."

Option granted anew for 1925
and 1926, but option binding
in subsequent years unless
permission to change obtained from the Commissioner.

1926. Sec.2U0:
Beg. 69. Arts.
631-637, as
amended by
T. D. U026.
June 22, 1927.

1928

Income tax.

Same ae for 1921-23,
except that certMn
Canadian and Mexican
corporatlODB were
treated as domestic
corporations. 8/

Same as for I926-27.

If return was filed in 1927
same basis required xmless
permission to change obtained from the Commissioner
otherwise optional.

1928. Sec.l>*2:
Beg. 7^. Arts.
71U and 731-

Same as for 1928, except that Instirance
companies (Section 201
relating to life insurance and section
SOU relating to insurance other than
life or mutual) coTild
not be affiliated with
any other class of

One or more chains of corporations connected through
stock ownership with a common parent corporation if (1) at least 95 percent of stock of each of the corporations (except the common parent corporation) was
owned directly by one or more of the other corporations:
and (2) the common parent corporation owned
directly at least 95 percent of the stock of at least
one of the other corporatlone. 10/
"Stock" did not
Include non-voting stock which is limited and preferred as to dividends.

Option granted anew for
In any subsequent
1929*
year, however, corporations
which had filed separate re
turns in 1929 and after,
could elect to file conaolldated returns. But once
consolidated returns were
elected for I929 or any sub
sequent tassble year such
election was binding for
future taxable year. Provided, that all corporations in the affiliated
group within the taxable
year consented to all the
regulations preecrlbed hy
the Commissioner.

1928. Sec. lUl;
Beg. 7U, Arte.
711-715. Reg.

1929-31

Income tax

corporation. 2/

(Continued on following page)

735.

75.

•

Federal Corporate Income and Profits Taxes:
Provisions Respecting Consolidated Returns, Under Revenue Acts of 1913-1939, Inclusive
(Continued!
Scope of Application of Provlaloni

Citation:

Orlterlon of Affiliation
Xncone

year

Tax

Consolidated Beturn
Required or Optional

Type of Batlneta

Same as for 1929-31
except that date, wherever it appears, was
changed to "1932".

fievenne Act and

Bagolatlons

1932. Sec.lUl;
H.I.R. Act,
Sec. 218 (e):
Heg. 77. Arts.
711-71^. Beg.

Same as for 1929-31, except
that a life ineurance company
(Section 201) and an ineurance
company other than life or mutual (Section 20U) could not be
included in the aame coneolIdated return.

Same ae for 1929-31.

I93U.35 Income ta
only 11/

Donestic corporations
(l)
vhoee principal butlneat 1b that
of a "common carrier by railroad'
or (2) doueetlc corporation!
vhoee aseeta coneiet principally
of stock in such corporation
and vhlcb do not operate butlneee other than that of a
common carrier by railroad"
and (3) foreign corporations of
contiguous countries forced to
comply with foreign lav (see
footnote g), except (a) corporations organised under the
China Trade Act. 1922 and (b)
corporations derlrlng income
from posseselons of the United
States (Section 251). 12/

Same as for 1929-31*

1936-37 Income ta
only.

Same ae for 193^35 except that
privilege extended to street,
suburban, or Interurban electric railvays.

Same as for 1929-31

Same as for 1929-31
1936, Sec.lUl;
except that date, vhex^ Beg. 9U, Arts.
lUl-1 to lUl-U
ever It appears, was
fieg. 97.
changed to "1936".

1938-39 Income tax
only.

Same as for 193^-37 except that
privilege extended to a street
or suburban trackless trolley
system of transportation, or a
street or suburban bus system
of transportation operated as
part of a street or suburban
electric railway or trackless
trolley system.

Same as for 19 29-31.

Same ae for I929-31
except that date, vhez^
ever It appears, was
changed to "1938".

1938. Sec.lUl;
Reg. 101, Arts.
lUl-1 to lUl-U
Beg. 102.

19UO

Same as for 1938-39 except that
privilege extended to PanAmerican trade corporations.

'c PanJot common carriers same as 1938-39American trade corporations: a domestic corporation engaged in the active conduct of a trade
or buelnees within the United States which owns
directly 100 percent of the capital stock of one
or more domestic corporations each of vhlch Is
engaged solely In the active conduct of trade or
business in Central or South America (hereafter
referred to as a Pan-American trade corporation)
such corporations (including the parent corporation) shall' be deemed to be an affiliated group
provided that (1) at least 80 percent of the
gross income for the taxable year of the parent
corporation is derived from sources other than
royalties, rents, dividends, interest, annuities,
and gains from the sale or exchange of stock or
securities; and (2) at least 90 percent of the
gross Income for the taxable year of each of the
Pan-^erican trade corporations Is derived from
sources other than these sources listed imder
(l); and (3) no part of the gross income for the
taxable year of any of the Pan-American trade
corporations Is derived from sources within the
United States.

Same as for 1929-31
except that date, wherever It appears, was
changed to 19^0".

1938, Sec.lUl;
1939. Sec. 225,
(I. B.C. Sec.
152); Heg. 103,
Sees. iq.lUl-1

1932-33 For 1933 Income
for
tBx 11/;
1933 Income and
ezce&B-proflta
taxee.

Income tax
only.

78.

Same as for 1939-31
except that date wherever it appears, was
changed to "193^*.
,

(for footnotes see following page)

I93U. Sec.lUl;
H.I.R. Act,
Sec. 218 (e):
Eeg. S6. Arts.
lUl-l to lUl-U
Eeg. 89.

to ig.iui-U,
Beg. lOU.

•

Federal Corporate Income and Profits Taxes:
Provisions Respecting Consolidated Returns, Under Revenue Acts of 1913-1939, Inclusive
(Footnotes)

1/

2/

3/

U/

Public eervlce corporationB when not grouped Into one operating
unit - particularly when situated In different JurUdlctlone and
•utject to regulation ty public eervlce commleBlonB - were not
required or permitted to make a coneolldated return without the
CommlBBloner'* Bpeclal permlselon. Vhen, however, Buch utllltie*
were owned by an Industrial corporation and operated as a plant
facility or aa an Integral part of a group organization of affiliated corporations required to file a consolidated return, the
return of the utilities was to be Included In the consolidated
return.

7/

The Coinmlssloner was given power in I921 to consolidate accounts
In any case of two or more related trades or businesses (whether
incorporated or not and whether organized in the United States
or not) owned or controlled directly or Indirectly by the same
interest, for the piirpose of making an accurate distribution or
apportionment of gains, profits, income, deductions, or capital
between or among such related trades or buelnesBeB. Under the
ig2U and I926 law the request for Buch consolidation of accounts
could be initiated by the taxpayer, whereaa under the I92I law
it was a natter solely within the discretion of the Conmlssloner.
ISidor the I92S and subsequent laws the Commissioner waa authorized to consolidate the accounts of two or more trades or businesses irrespective of whether or not related, whether or not
incorporated, whether or not organized in the United States and
whether or not affiliated, when it waa found that the items of
gain, profit, income, deductlone, etc., caild not be accurately
distributed or apportioned without sxich consolidation.

g/

In the case of a domestic corporation owning or controlling
directly or Indirectly, 100 percent of the capital stock (exclusive of directors' qualifying shares) of a corporation organlied \mder the laws of Canada or of Mexico and maintained solely
for. the purpoee of complying with the lawa of such country as
to tltlie and operation of property, such foreign corporation at
the option of the domestic corporation, may be treated for 19?8
and subsequent yeare aa a domeetlc corporation.

2/

In I. T. 2355 (VI-I C. B. 98), It was held that insurance companies could be included in the same consolidated return with
nonlnsurance companiee, but would lose the benefit of the lower
rate (12-1/2 percent), being taxed at the rate (13 percent for
1925 and 13-I/2 percent for 1926 and subsequent years) applicable
That decision, however, was revoked by
to other corporationa.
Cases arose involving the same
O.C.M. 5609 (VIII-I C. B. 186).
prior
to those covered by the Revenue Act of
question for years
1926, and the Bureau held that affiliation wae not allowable.

Ab validated by the 1921 Act the types of buslnesB required to
make consolidated returns were specified as domeatlc corporatlont
In the regulations requiring conend domeetlc partnerships.
solidated returns In 1917 no specific reference was made to partIt le not clear whether In the original provisions the
nerships.
requirement for consolidated returne was restricted to domestic
corporations, excluding their Interest In foreign corporations.
An affiliated corporation organized after August 1, 191^, and not
a BucceBBor to a then existing business, 50 percent or more of
whose gross income was derived from a Government contract or
contracts made between April 6, I917 and Hovember 11, igiS, Inclusive, could not be included in a consolidated return, and the
corporation so segregated was aeseBsed on the basis of Its own
Invested capital and net Income. A domestic corporation which
owned a majority of the stock of a foreign corporation wae not
permitted or required to include the net Income or Invested
capital of such corporation In a consolidated retxirn.

"Personal service corporation" means a corporation whose Income
Is to be ascribed primarily to the activities of the principal
owMrs or atockholdere who are themselves regularly engaged In
the active conduct of the affairs of the corporation and in which
capital (whether Invebted or borrowed) Is not a material incomeproducing factor. This class of corporation was established by
the I9I8 law for the purpose of relieving It from the excessIt disappeared with the repeal of that tax as of
profits tax.
December 3I, 1921. During the period 1918-1921 a personal
wae not taxed as a corporation but wae
corporation
service
treated as a partnership, the stockholders being taxed on their
If, however, the fiscal year of such a
dlatributive ahares.
corporation began in the calendar year I917. and ended In the
calendar year 19I8, it wae subject to tax aa a corporation for
the part of such fiscal year which fell within the calendar

10/

This provision eliminated affiliation of the type Involving
ownership by "the eame interest" which had been a constant source
In
of controversy and litigation xinder the acta of I9I8-I926.
two respects the Board of Tax Appeals frequently made more liberal
Interpret at lona of "the same Interests" than did the Bureau: (l)
It held, for example. In one Instance that tiro corporations were
affiliated where substantially all the stock was owned by two
family groups, an estate, and the several legatees thereunder.
This seems to have been without the scope of the Bureau's definition of "same Intereete", that is "the same individual, partnership, or corporation or the same individuals, partnerships or
corporations"; and (2) It departed from the Bureau's ruling that
the percentage of stock held by the parties comprising "the same
Interests" must be substantially the same in each of the corporationa. T.D. UlOO, November 12, 1927 apparently reconciled these
conflicts by striking the Bureau's definition of the "aame Interest" from each of the regulations promulgated under the Revenue
Acts of 1918-1926, thus apparently leaving each case of affiliation
through "the same interesta" prior to I929 to be determined on
This type of affiliation was completely eliminated
its merits.
for 1929 and subsequent years under section lUl of the Revenue
Act of 1928.

11/

Under the Revenue Acts of 1932 and I93U consolidated returns were
The rate of tax
taxed at hl^er rates than other corporations.
on conBOlidated returns was lU-l/2 percent for 1932 and I933 and
15-3/U percent for I93U and 1935, compared with 13-3/U percent on
other corporations for 1932 to 1935 Inclusive.

12/

The term "common carriers by railroad" Included steam and electric
railroads, but did not include street, suburban and Interurban
electric railways or express, refrigerator, or sleeping car
companies.

year 1917
5/

Corporations were not held to be affiliated when the stock of
two or more corporations wae owned or controlled by two or more
individuals or by two or more partnerships (or under the Acts of
1921-1926 by two or more corporationa) Tinlese the percentage of
atock held by each individual or partnership (or corporation)
wae Bubetantially the same in each of the affiliated corporations.
It Is believed, however, that the definition of the term "the
saine Interests" under the 19I8 and 1921 acts was identical and
that the apparent change in the definition by the I92I Act was
Blmply a confirmation of the Interpretation placed on the I9I8
Act.

6/

Prior to January 1, 1922. If the business of any one or more of
an affiliated group of corporations taken Independently was
such as to entitle it to claselflcation as a personal service
corporation, and the business of one or more of the corporations
was not that of a personal service corporation, and a consolidated return was filed, the former class of corporations
lost their status as personal service corporations except
(with certain limitations) In cases where the Income derived
from personal eervlce constituted 30 percent or more of the
total income.

FEDERAL

RECEIPTS

AND

5-

EXPENDITURES

6

Summary Table on Receipts, Expenditures and Public Debt
(In Dllllont of dollare - on %asla of dally Treaanry atatssiente, nnrerlaad.)

Monthly Receipts, Expend! tureB and Excess of Expenditures
(In BllllonB of dollara - on baale of dally Treaeury Btateaanta. nareTlied)

Teb.

Mar.

Apr.

May

Jiine

July

Aag.

fiaoalpta

1935
1936
1937
1938
1939
19I1C

Xzpendl tores
1935
1936
1937
193«
1939
19I10

Exceee of expendlturea
1935
193b
1937
1938

203
228
2BU
335
308
315

U88
538
588
53U
693
713

285
310
30U
199
385
398

2lU
218
275
3U9
U17

601
752
.011

960
737

228
231
363
273
268

21*6

1*63

279

256
335
375
397

529

291*

863

U09
311
308

596

858
2.U38
1.295
937

771*

613

299
3U3
''53

1*87
1*20

93»l

531

57U

Itg9

6Ul«

613
528
662

815
752
879
1,006

668

317
271
338
179

-27
-108
-196
-208
IU2
72

J?5
6U8
757
6U3
786

569
7U5

557
i«17
391*

370
518

31*8

973

395
1,909
U27
163
360

616
661
677
763
807

337

1*38

592
558
683
822

BUDGET RECEIPTS. EXPENDITURES AND EXCESS OF EXPENDITURES
January 1935
1935

1936

1937

to
1936

Date
1939

1940

DOLLARS
Mill ions

1.200

JMMJ SNJMMJ SNJMMJ SNJMMJ SNJMMJ SNJMMJSN
1.600

1,400

1,200

1.000

800

600

400

200

9

Expenditures
do

iritoal jraar

or DOBth

Total

3.f«3
2.681
3.225
3.399
^,237
u.eei
5.32«

19351936.
1937.
1938.
1939.
1939-ltor.

1*99

Bllllona of dollar! - on

Otpart-

•atal

latlonal

daftBM

n

1.075

763
507
556
576
580
582
552

51

91

U6

«7
90
95

1*6

1*80

5^

76U
856

97"*

Hajr..

1*25

Jsna.

635

July.

>»19

61*

iiig..

Usi*

Sapt.

559

5h
59

629

51
59

6o6

*l
56
57

19>IO-Jaa.

Tab.
Mar.
1/

2/

Fnblle
Verin
1/

i^ionltwal Mjoataaat
profraa

ClTlliaii

OontarratloD Oorpi

118
I5U
go
150

36
33

73

15
26
28
2U

1*71

536

1*
>t5

100
106
102

6>*

General

of dally frMioiy •tatoant, anrarliad)

Tatarana
idalai*tratlen

668

807
3U1
356
U29
505

U56

Oct.
Hot.
Das.

bull

-

289
712
533
527
362
7«7

172
157

91

21*

2U

120

13

98
106

22

37
33
18

66
10
272

15
25
15

Ui*

15

22

36
22

18

15

63

97

U6

102

2U
23
23

119
128
105

23
22
2U

U7

u1

138

I7
K)
38

166
169

91*1

I
68

12>*

u

238

866
926

57
57

127

689
757
821

Othar

29
188
290
315

1*8

'•5

Xntaraat
on tha
pdkllo
dabt

321
325
290

'*5

108
112
119

Sooial
Saonrit7
and
Bailroad
Batiramant Acta

71*9

Ul
38
28

11*3

151

31

68
12
190

15

38
19

2U
lU
2U

11*6

-

8

16

Inolndaa public bnlldlnca, pnbllo hl(la>a/a, rlvera and harbora, lannaaaaa Tallay iattaarlty, Inral Ilaatrifleatian and
Baolaaatlon Projaota.
Inolndad nndar Baeorary and Ballaf In thaaa yaara.

Expenditures

-

Recovery and Relief

(In Bllllona of dollara - on baaia of dally Traaaozy atataaanta, anroTlaad)

yiacal yaar
or month

Pobllo tforfca. Including work raliaf

Total

tPAj/
1933.
193*.
1935.
1936.
1937.
1938.
1939.

385

1939-Mar.
ipr..
May..
Juna.

Jnly.
inc..
Sapt.
Oat.
Hot.
Dao.
19>IO-Jan.

Tab.
Mar.

i^lenlBallaf

Othar

toral

Aid to
hoaa

Md

onara

Miaoallanaotia

10

Expenditures

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

-

(In millions of dollars - on baait of dally Treasury statement, unreTleed)

BeTolTln^ funds (net)
fiscal year
or month

AgriculTotal

tural

Aid

1933

7t

193'i

6

t11

1935
1936
1937
1938

SOU
121
92

1939

TU
3U6
lUl
(33)
(18)
(13)
(8)

Transfers to trust accounts, etc.

FaMle
Work*

150
20U
uu
222
I3U
101

Total

Tederal
Old-Age and
Ballroad
SurrlTors
Betirement
Insurance
Account
Trust fundi/

la

100

n

50
50

71

l.SlU
868
607
685

265
387
503

68

50

55

55

(•)

Apr..
Hay..
June.

(•)
(•)
(•)

9

56

1
11
5

<•)
(1)
(1)

1
11
S

50

U8
U3

22
IS
7

Oct..
Hot..

9

ih

(1)
(1)
(1)

10
6

Sec.

53
53
58

"3
t3
U8

10
10
10

6

(•)
(•)
(•)

July.
Aug..
Sept.

19lK>-Jan..

feb..
Mar..

10
10

(5)

10
135

Less than $500,000.
Indicates excess of credits, deduct.
)
1/ Includes transactions formerly classified as "Old-Age Beserre Account*.
•

(

(•)

135

OoTSmment
AdTanoes to
S&llroad
Asployeee*
Onemployment Retirement
funds
Insurance
(U.S. share)
Account

1.773

21
21
21
Ul

556

•7

IU7
107

1939-»tar..

8
8

Adjusted
Serrlce
Certificate
Fund

73
75

15

(15)

87

.

11

Collections of Internal Revenue
(1b tbooaandi of dollar* * on %aolo of report! of collootlona)

Mu«h

July 1 -

Itacali

Soi2ro«t of

1939

19>K)

InooBO tazaoi
Oorporatioa
Currant
Bask
Indlrldaal
Currant
B^isk

Sxcaaa-proflti
Total Income taxee

Taxes on tujuat anrlofaaent

Mlecellaneona
Internal rorentiat
Capital atoek tax
Estate tax
aift tax
Alooholic berera«e taxeei
Distilled spirits
(li^orted. exsise)
Distilled spirits
(doaestic, sxolss)
Distlllsd spirits
rectification tax
Wines, cordials, etc..
(it^crted. excise)
Vines, cordials, etc.,
(domestic, excise)
Brandy used for fortifying Bveet wines
Sealers in distlllsd
spirits; rsotiflers;
manufacturers of stills
(special taxes)
Staaps for distlllsd
spirits intended for
export
Case stasips for
distilled spirits
^ttlsd in bond
Container stamps
Tloor taxes
Tormented malt liquors
Brevsrs; dsalsrs in malt
liquors (special taxae)..

Total alcoholic
baTora^e taxes
Tobaoco taxes:
Cigars (large)
Cigars (nnall}
Cigarsttes (larga)
Cigarettes (small)
Snuff
Tobacco (cbetrlng
and smoking)
Cigarette papers and tubss.
Leaf dealer penalties, etc.
Total tobacco taxes
Oocrmontary, stc. . staj^
taxes:
Bonds of indebtedness,
issues of capital stock,
dssds of oonTsyance, etc.
Capital stock and similar
intsreet sales or transfers
Playing cards
SilTsr balllon sales
or transfers
Sales of produce for future
dellreiy (repealed aa
of 7/1/36)

Total docuaantaiy, etc.,
stafl9 taxes

riooal

7«v

191<0

19.9>a

U7,6»5

772.679
113,819

3W,221

282,870

682,57>«

76i»,og2

9,855
6,U97

8,31*5

2.568

69,718
13.362

66,U72
23.786

65U.6aU

U98,U7U

1,569,016

1,7110,838

6«5.?17

989

301

6,217

lt,620

193
25.231
18,911

213
22,625
19,836

131, 69U

126,751

259.096

2>>1,813

26,1(57

26,566

1.758

1,82U

20,18U

l9,6i»3

23,612

23.671

2lU,368

197.758

859

933

8,912

8.389

30

3^

"•55

396

559

520

5.37U

U,622

26

llU

906

507

U,U63

61

"*.697

1/1

83
800

7.5*

7,265

12

5,>ioe

19.292

190,21)8

185,510

36

2.U5I

2,538

1/

U7.116

>»7.356

95"*

l.oiio

9

12

1

39.062
577

U,382
107
1/

*5.092

>»,683

210

M55.8OO

9,662
80
lU
387. 06U
5.0U1

Uo,9t6
953

•9.321

U37.077

9,538

II
371,109
5.165
l«l,001

1.090
1

i/
i|it3,M&>

19>»

1939

188,530
16,161

BT1»,110

•28,007

HlBCSllaneoua Internal
revenua - coatinnad
Manufacturers' excise taxes:
Lubricating olla
Oasolins
Ursa and inner tubes
lutoiBobile trucks
Other automobiles and
Dotoroycles
Parts or accessories for
automobilss
Cectrloal energy
Badio sets, etc. (Includll^
tax on phonogn^h raoorda
rapaalad as of 7/I/38)..
Mechanical refrigerators,.
Tirearms, shells, and
cartridges
Pistols and rarolTars
Toilet preparations, stc,
(including repealed
5* tax)
Matches (includli:g
repealed taxes)
Brewers' wort and malt
(repealed as of 7/I/3S).
Articles loade of fur
(repealed aa of 7/1/38).
Sporting goods
(repealed a* of 7/1/38).
Cameras and lenees
(repealed as of 7/1/38).
Chawing gum
(repealed as of 7/1/38).
Total manufacturers'
excise taxes

Miscellaneous taxes:
Blttalnoua Coal Act of 1937
Sugar Act of 1937
Telephone, telegrt^,
radio and cable faeilltles, leased wires, etc.
Transportation of oil
by pip* line
Leaaea of aafa-deposit
boxes
Admission to theaters,
concerts, cabarets, etc.
Club dues and
Initiation fees
Adulteirated and processed
or renorated butter, mixed
flour and filled ohaess.
Olaomargarins including
special taxes
Harcotics, including marihuana and special taxes.
Coconut and other
TSgstable oils processed
Batiooal Tirearms Act
All other, including vpaaled taxes not listed
abore

1,603

1J.>»J7

l'(,762

781*
39i»

1,083
US8

11.15U
3.'»e3

13.798
3.'«7

17

12

152

U9
2>t9

2.6el»

3.126

28,166

32.335

Act) 2/

Tax on cnployers of 8 or
acre (Tsdeml Oaenplcynent Tax Act) 1/
Total Social
Security Taxes

Total payroll taxes
Total internal revanua.

2/ Tormerly Title nil.
2/ Tormerly Title II.

1939

«

31

Hwol
r—r

1939

U,008
920

2,170
1U,578
2.697
896

170.958
31.932
5,82>»

1).215

9.761»

6,8Ul

Ul,l76

29.729

7.291

5.97U
29.951

2.071*
ll».910

8I18

23,

5W

23,261
157,663
2^^,1»38

3.«>7

3.963

93U

956

6,^(62

•,010
3.871

li(9

109

D

11

2.939
58

2,321
51

566

69^t

5.716

8,282

a

1

22

125

31,

•.829

1/

1/

•

12

9

35

128

313

26

8

9U

755

2

3

•

187

1/

2

106

3U.U6

332. ^^12

295.2A

3,800

377
2.977

3.I7U
51.926

2.656
19.910

2,600

3.05U

19.68i»

18,396

1,032

968

8,63U

8,379

166

178

1.500

1.^W6

2.391

1.607

16,1)50

li).9e9

656

522

•,588

U.l)63

38,^«0
I«l9

2

1

16

17

80

83

1.539

1,716

30

3U

329

297

2.365

17. ae

20,609
5

1.578
1/

y

5

12

ll^2

262

12.762

12.178

125 103

123.185

190.U79

188,771

1,802,1)88

1,710,998

2.099

2,130

IM.OTZ

391.021

1.191

l.TOl*

93.688

88,561

3.290

3.83»

537.760

'•79,582

Parrall taxaai
Social Security taxes
(Social Security Act):
Taxes with respect to
^loymant (Tedsral laBorance Contributions

Oarriera' Taxiag Act of I937

1/ Less than $500.

riioal
year 19>I0

Itareli

,

Total Bisoellaneoua taxes
Total misoallaneous
internal reranua
1,1(89

1 -

RoTomu

nooal

T—T

*aj

Narah

31

Sooroot of Beremio

11.786

15.076

89,617

81,867
56l,i))^9

3.855

•,005.098

•,017,905

,

12

Collections of Internal Revenue
(In tboasandi of dollars - on basl* of reports of collections)

Income and Profits

Payroll Iax««
Social 8«curlt7 Act 2/

Tlacal year
or month

Individual

Total

Corporation

Inauranca
Contrlbutlona

Total

1/

JLct

1929
1930

2.939.05»t

1931
1932
1933

7116,791

352.5711

39lt,218

3,299,>t36

819. 656
1.105.791

419.509
527.113

1100,147

1935

3,520,208

l.UST.lOlS

11,653.195
5.181.57't

2.173.769
2,622.813
2,178.U31

674,416
1,091,741
1,286,312
1,028.834

753.032
1,082,028
1.336,501
1,149,597

691,1101

I198.U7U

291.215

June

279.986
315.036
568.646

w!ll32
353.868

14,964
19,647
163,668

2.331,2711
2,1110,259

1,095,5111
l,lii6,8U5

1.235,733
1,263,414

2.1128,229

l,860,0ll0

1.557.729
1,619,839
2,672,239

1,056,757

833,648
427,191

1,026,393
629,566

3.0U0.1U6

W

1936
193T
1938
1939

5,658.765

1939-Jtor..

Apr.
Ite7.

Unemployaent Tax
Act

Carrieri'
Taxing Act
of 193T

578,678

48

48
287
149,476

742,660
740.429

207,339
502,917
529.835

58,119
90,267
101.167

207.259

3.855

2,410

1.71*7

-302

24,328

190,200

69,684
93.044
16,252

62,529
73.682
2,6o4

663

1.613
12.961
12,985

1.515
17.840
9,443

265,71*5

2»*.785

109,1*27

July.

300,091
397.1*21

1*3.699
33.lt96

11,318

Auf .

lo.un

32.381
23,019

72.75"*
97.1*47

Sept.

62'»,25ll

331.298

151.177

180, la

12,308

66,141
73.555
2,374

5,098
6,052
491

Oct.,
Rot..
Obo..

292,2)11

36,122

8,172
13.721*
137,3lt't

61,882
87,280
2.723

5.730
493

20,167

318,845

68,578
113,177
11,110

1,5118

3'1.2?S

27.950
20,574
181,501

5,1>*8

39.615
W) 8.993

19>tO-Jaa..
f«b..

306,3011

U5.6g9

20,561

385.011
S6l,l68

70,9116

43.41*3

25.128
27.503

6511.621*

356.076

298,51*8

89,644
147,282
15.076

60,157
87.861
2.099

28,424
41, 061
1.191

1,063
18,360
11.786

Mar..

Mlacallaaaoua latamal BaTaana
riacal year
or month

Total

Ci^ltal
stock

Istata
and
«lft

Alcoholic
boTaraeas

Staxp

34,322
25,010

46,95li

138

32,241
57.578
66,580

21*7.751

1*3.133

31*2.275

18,310
14,026
87.496
147,156
108,194

568,182
580.159

68.990
69,919
46,233
41,083

379,5110
[149,854
416.751*

396,891

92,132
98,289
131.704
162,180

1*7.356

49.3a

3,126

3"*,ll6

12.178

46,277
49,464
54,982

1*2.539

2,962
3.070
2,716

31.750

13,1119

48,629
56,980
51.128

2,602
3.261

13.1*83

29.1*71
56,151*

51,655
53.113
56.519

14.097
16.511

527
592
553

56.363
61,020
51.197

28,635

241

29.185
25.525
21,320

13,149
17.299
12.631

630
1,008

229
177
193

26,^66
28,423
44,142

1*7.116

12.288
13,182
12,762

858
507
989

607.780
629.887

61,897
64,770

12.777
11,695

434.445

1931.
193219331934.
1935.

568,189
500.972
873,048
,481, 160
,667.l«3

48,078
47,422
34,310
113.138
212,112

10.432
8.704
43,174
258,911
411,022

444.277
398.579
402.739
425,169
1*59. 179

1936.
1937.
1938.
1939-

2,021,075
2,207,608
2,287.075
2,256,031

94.943
I37.U99

378.840

505,464

501,166

305.51*8

59!*, 21*5

552.251*

139.31*9

127.203

416.874
360.715

567,979
587.800

188.771

a3

42.4&

170,444
176,894
197.695

141
180
131

33.626
22.533
36.177

July.
Aug..
Sept.

183, lU
265, 886

1.937
74,524
52,041

24,767

Oct.
Hot.
Dae.

186,987
191,510
168,030

1.984

1940-Jaii.

170.113
166,276
190,479

Apr..
Hay..
Jttne.

Tab.
Har.
1/
2/

^

280,095

Hiacallanaooa
1/

166
344

1929.
1930.

1939-ltor.

Manufactorara'
axclaaa

Onjnat
anrichsent

80.168
91,508

1*50.339

53,106
56,506

49)976
43,702

64,173
77.729

390,038

13.290
12,556

3.191*

40.038
34,440
44,548

4,584
3.127

3l*,196

2,9a

36,018

3.020

41,128

1*5. 31*7

2,771*

3l*.?19

1*5.092

2,684

38,490

1*9.519

7.891*

Agrlcnltnral
adjnatsant

371.1*23

526.222

71,637
6,073

6.a7
6,683

301

831

55>*

Including ezooaB-proflts tax oollactioaa.
7or tha period prior to September 1939 the data in the oolTuma entitled 'Insurance Oontrlbutlone Act' and ''OheBployiDent Tax Act" represent
oollectlona under Titles Till and IZ, respectlTCly, of the Social Seoorltgr Act.
Including tax collections under the Soear Act of 1937 sad under the dlvldsnds tax laposed by the Act of Jane 16, 1933>

Ixl

D

>

UJ
0^

LU
h-

Z

2
o

o-

a

B

,

14

Customs Duties and Taxes Estimated, and Value of Dutiable
and Taxable Imports, by Tariff Schedules
(In thoueandB of doll&rs) 1/

Chemical a,
oile. end

paints

Duties and taxsei
1939-reb
Kar

^pr
Ma^
June
Ally*.*...

*»e
Sapt

Oct

lOT

Wood and
manufacture
of

8a«ar.
molaeflea^and Tobacco and

manufacture
of 2/

1,620
1,908

688
929

1,61 J
1,804

162

1.5*

209

3.201

968

i.yju
760
890

2,652
1,780
1,720

202
169
188

2,220

1,052
1.278
1.3T*

836
986
871

1,7U8
1,998
2,635

1.715
1,9U2
1.573

909
1,078
836

rei>

1,289
1,229

1939-Iel)

i»,398

Har

5.151

19110-Jaii

S&rths.
Metala and
ear the Qv are
manufactures
and glae aware
of

A^l cultural
mamtfacturea products and
proTlalona
of

1,81*1
2,21(6

U,9l6
5,709

2,1*76
3.5OI*

2!l»62

5,591*

2,122

3,889

157
163
lUO

U.778

1,91s
2,33^
1,957

2,9^3
2.533
2.629

186
177
ISO

U.978

2,01*7

1,768

1U7
125

3.079
3,986

1.651
2,231

6,029
6,712

1.093
1.U27

3.627
6,5^2

2,669
3.128

1,310
1.302
l.Uil

5.155
5.787
7.711

2.167
3,817
3,289

1.266

9.63"*

3.005
3,583
3.012

I'M

5,236

2,02l»

7.071

Value!

Apr

8.153

"V

1*,270

Jims..*.*.

U,123

3,100
1.95?
2,09*

9,lA0

3alf

3,728
3.833
3.S22

1.951
2.226
1.959

6,a7

*»«
Sept

Oot

BOT

bo
igUo-faa
reb

U.112
3,8U2

6,7U7
9.189

l-M

11.339
15,31*8

7.217
3.2**
12.707

3.175

8,1»17

2,2W«
1.705
1.333

7.351
5.956

1,263
1.171

6.606
7,291

3.196
2.729

2.035
2.U93
2,118

9.626
8,280

1.992
1.722

3.21*5
2.181*

Splrlta.

wlnee and
other
beverages

Cotton
manufactures

Tlax. heap.
Jute, and

manufactures
of

.

..

:

15

Estimated Receipts from Taxes Imposed by Various Revenue Acts
on Imports into the United States

1939

Duty-free
articles \J
Crude petroleum.

Apr.

Ma;

igito

Juiy

Au«.

Sept.

Hot.

D«e.

Jan.

$281,991

$297,665

$50 It, 108

$71*7,021*

$688,585

$531 .266

$501,758

$561,192

$501,327

$557,120

$380,726

$210,908

$235,572

116.562

11*5,922

95.381

121,890

175,61*8

11*1,622

156.573

111.578

102.1*62

108,81*3

182,51*5

I6U.832

302,907

1

9

38

3.255

1.750

16

1.U63

10

776

606

l.'*55

1.672

82

659

887

Fuel oil,
etc. 2/

Gaeollne or
other motor
fuel

1

Lubricating oil..

Paraffin and
other petroleum
vax productB.

551

351*

376

3

600

1,1*1*3

20,960

17.931

13.972

1*7,622

27,228

23.71*5

28,21*3

37.631*

52,090

Seed ollB

l6l,0U2

231.396

119. U39

176,382

190,81*2

11*6,799

256,51*1*

253.957

258, 9U3

Oil seeds

51.363

36.531

1*2,130

27.225

33.278

38,1*25

28,950

23.523

17,065

.

.

Animal, fieh and
coconut oils. . .

130

59.599

37,958

811

187. 231

200,189

19,1*22

29,079

39,01*1*

56.797

li*.i*3l

1*0,035
1 71*,

1*1*.

99

197

608

80

1*0

15

62

67

211

17

7«,318

6U,7gl

59.1*13

72,278

85.793

31*, 21*0

36,688

17.930

70 768

89.91*6

38,2l*U

2lU

73.178

epeclfled types.

12,665

16,013

12.775

13.275

ii*>i05

17,270

17, 95"*

lU,l*21

31.035

23,121*

16.589

15.381

Coal and
related fuels...

166

2,688

2. 381

UUl

562

2,238

166
875.32'*

711. 71*6

699.769

726

$119,371*

$269,850

ll(,012

11,805

27.017

Copper

,

Lujuber of

Total.

Dutiable
articles

723.738

811*,

587

850,217 1,206,911* 1,216,656

935.959 1,027,932 1,021,721 1,035,180 1.02U,750

^:

Cane sugar
Cane sugar (from
Philippine le.).
Beet sugar

$59.95''

$228,711*

$136,018

$253,585

$370,201*

$396,050

$'»35.529

$757. SU3

$152,795

$172,782

35.9IU

1*7.21*7

96,210

11*3,728

135.286

3U.708

55,168

59,1*81

1*2.155

50,682

20,786

16.682

7.516

2,106

2.505

2,060

907

36

565

923

290

1*09

1*08

6

2

Articles composed
in chief value
of manufactured
sugar

$71*1*.

%
3.917

2,663

3.062

2.61*1

5.170

19.373

Fuel oil,
etc. 2/

6

Lubricating oil..

Paraffin and
other petroleum
wax products. .
.

Seed oils

Animal and
fish oils

21*

2

25

50

11

85

222

62

37

16

1*2

1*U

17

Ul

25

11

lU

19.865

19

1(06

3

191

10

18

15.391

17.399

22,1*19

15,500

15.1*1*1

22,1*S6

ll*,32l*

15.989

16,585

21,851*

1(2,1(61

21.995

ll*,l*99

Palm oil

926

1.355

I.8I6

1.386

1.771

1.008

1.500

850

1,610

1,291*

1.037

60U

IU6

Coconut oil
(from Philippine Islands)..

570

761

1.357

1*5

957

I.56U

1.009

802

585

871*

51*6

21*0

Coconut oil

322

5'*7

1.095

1*19

1*56

873

1,21*2

512

708

1.573

Copper

10,675

13,566

923
21,619

13.128

8,1*32

7.350

16.U79

7,81*2

9.797

12,81*0

10,512

393
10,181

7.81*0

Lumber of
specified types.

1(2.785

5'*.

988

52.867

32.955

38,21*3

29.91*0

29.927

33.531

60,207

1(7.81(9

28,521*

25,1*21

367.1*87

336,1*11

i(6U.lll

575.939

532,86i(

575.72'(

895.250

291.228

311.839

195.912

31*6,761*

Total
Crand total.
Note:
ly
2/

^

170,553

818,011

89l*,291 1,182,071* 1,186,628 1,671,025 1.792.595 l,U68.823 1,603,656 1.916,971 1,326,1*13 1.336,587 1.693.335

UOl*

907.658 l.oU6,533

Bates of tax for the reepective articles are shown in the September 1939 Bulletin, page 11.
The total of the taxes herein corresponds to the total of the column headed "Tree List" in the preceding table.
Tuel oil and gae oil derlTed from petroleum, and all liq\lld deriTatlves of crude petroleum except lubricating oil and gaeollne or other
motor fuel.
The total of the taxes herein corresponds to the total of the taxes on copper and sugar in the Miscellaneous column in the preceding table.
plus all taxes included in appropriate tariff tcbedulae.

16

Computed Duties Collected, by Countries
(In thoutandi of dollar*)

Hote:

Tlguree are rouzided to neareet thousand and vlll not ceceeBarlly add to totals.

17

Receipts and Expenditures under Social Security Act

18

Receipts and Expenditures Under Railroad Retirement
and Railroad Unemployment Insurance Acts
(In mllllona of dollare - on baele of dally Treasury stateiDeDts, unreTleed)

Sxpandlturee

Beealpta
71 seal year or nonth

Taxee upon
earrtere and
their enployees

1936
1937
1938
1939

AdnlnlitratlT*
expenees

Tranafera to
Ballroad Retirement ftOCt.

Tranefere to
Ballroad Uneaployment Ineuraooe account

Total
expenditiiree

.3
.U

.3

1.5
2.6
3.3

150.1
109.3

1U6.U
107.1

1-5
lUg.o
110.

18.0

18.3

1939-M»r.
Apr..
Hay..
June.

6.1
21.1

:2

J-uly.

.7

Aug..
Sept.

u.u
23-7

X
.6

7.1

7.7

Oct..
Hot..

1.2

.7

It.

Dec.

2lt.5

10.0
10.0
10.0

10.7
10.5
11.3

19110-Jan..

.It

Teb..
Mar..

27.0

21.9
18.1

• 5
1.3

•

10.0
10.0

5

37.t
18.7

15.0

15.0*

lt.5'

10.5

Railroad Retirement Account
(In fflllllona of dollars - on basis of dally Treasury statesents, unrerlsed)

Ixpandi-

Beeeiptt

tnres

OomulatlTe as of end of
fiscal year or month

Appropriations by Confess
Transfers
from
(•neral
ftud

Balance
avallahle
for
transfers

Unexpended

Invest-

Total

Total
receipts

Seneflt
payments

Inyestments

Oients

To credit
of

appropriations

2/
it6.6

1936
1937
1938
1939

1939-July.
Sept.

Oct..
Hot..

Sec.
19110-Jan..

7eb..
Mar..

Rote:
1/

2/

.1

1U6.5

253.5

11.3

261t.g

275 -It
293-5
300.7

109.5

38U.9

91.

38i*.9

8l|.2

3glt.9

310.7
320.7
330.7

7lt.2

38U.9
3gU.9

5lt.2

38it.9

320.7
330.7
330.7

61*.

38U.9
38U.9

6U.2

5lt.2

38lt.9

U6.6
36.6

it6.6

116.6

bursing
officer

U6.6

u.o

U2.6

l.U
3.6

1117.?
266.lt

79.8
185.6

68.1
82.8

66.2
67.2

3.6
3.6
3.6

388.5
388.5
388.5

19U.7
203.8
212.9

193.8

69.1
77.2
77.2

111.5
93.5
811.

13.3
1U.2
lU.l

3.6
3.6
3.6

388.5
388.5
388.5

222. U

166.2
156.8

77.2
77-2
77-2

7U.3

l't.7

61t.2

1I17.5

15.U
16.1

388.5
388.5
3«8.5

250.U
259.8
269 .14

138.1
128.7
119.1

77.2
77.2
77.2

ltlt.2

3.6
3.6

lt6.6
lit6.it

To credit
of dis-

231.7
2U1.0

lgit.7

175.6

.2

13.2

51*.

3lt.2

3H.3

mllUonB and will not oaceaBarllj- add to totals.
IncludBB only expenditures from appro prlatl one made apeclflcally for adadnietratlTe ezpensee relating to the Social Seoorlty
Aote.
Ooee
not
include
administrative
expenses
pe^able from other appropriations. The principal
Batlrement
azul Ballroad
Blendes la the latter group are the Buresu of latemal fiaTemie of the Treasury Qepartmeat^ and the Puhllc Health Service
and the Office of Education of the Federal Security Agency.
Second Deficiency Appropriation Act, fiscal year 1958. approved June 25. 1938« carried an appropriation of $1*0,561.886.1*3.
pursuant to authorization of August 2U, 1937. for maldnf refund to certain States of portions of Federal employers* tax for
1936 collected under Title IX of the Social Security Act, Other refunds are on account of Anployment taxes (Title TZIZ) and
Tax on employers of 8 or more (Title IX, Sec. 9OI} "Other than to States."
Under Section 201 (f) of the Social Security Act amendments of 1939Includes balance of appropriation available for transfers.
Includes In 1938 the proceeds of refunds to States of taxee colleoted under Title IZ, Sec. 9OI of the Soolal Security Act
amounting to $U0.56l,8«6.l*3.
Advanced to Railroad Unenployment Insurance Account, pursuant to Section 10 (d) of the Ballroad tlnemployment Insurance Act
of Jane 25, 1938. Such amounts advanced to be repaid on or before January 1, 19^1.
Transfers from general fund were not reflected Tintll July 1, 1937*
Inclxides balance of appropx-latlon available for transfers subsequent to June 30. 1937*
XxcesB credit.
Vl^tireB for five praoedlng tables cure roundeA to nearest tenths of

6.0
1.6
2.3

16.7
17.3
7.6

19

Cash Income and Outgo of the Treasury
(These flj^urvs are not Intended to reflect the budgetary position of the Oorernment. Thej will not a^ree with budgetary figure* on
receipts, expenditures and deficit such as those appearing In Dally Treasury Statements and in other tables in this Bulletin. Por
an explanation of the revisions aade in Dally Treasury Statement figures to arrlTo at this cash serleB) see the text In 7eh. 1939
Bulletin. All figures in the table at the bottom of the page have nov been revised In accordance with that explanation.)
(In milliont of dollars)

CASH INCOME AND OUTGO AND NET CASH OUTGO
January 1935 to Date
DOLLARS"

1935

1936

1938

1937

1939

1940

DOLLARS
Mi

Mil lions

II

ions

1.200

Cash Income
1.000

1.000

800

800

600

600

200

nil tt
uJMMJ5NJMMJSNJMMJ5NJMMJSNJMMJSNJMMJ6N
I

1,600

1.400

1.200

1.000

800

600

400

200

1
I

1

1

1

I

I

I

I

II

I

I

1
1

1,600

TREASURY

GENERAL

FUND

-21-

AND

PUBLIC

DEBT

22

Composition of General Fund
(In ollllons of dollars - on Isasle of dally Treaaury atatementa, unrevleed)

Balanca

End of fiacal
year or month

Total

862
2.582
i.aui
2,682

1933
1931*

Seigniorage

1,001
2.225

700
lUl

777

1.313

1,388

866

68

2U6

522
528
536

11*2

3.230
3.106
3.087

1.329
1.272
1,212

975
971
1,022

858
792
777

68
71

186
182

76

21*9

51*1*

ll»2
ll|2

71*8

771
761

IU3

2,33'*

1.015
986
910

928

550
55^

2,800
2.576

586

758

86
81
80

156

558
561
565

11*2

2.077
2.350
2.666

1,01*2

1U3
IU3

2.1*63

1.0l*l*

11*3

2,696

1,060
1,063

2,380
2,251*

•Tune.

2,92U
2,838

July.
Aug..
Sept.

2,1*1*7

1.761
1.539

Oct..
Sot..

1.913
2.165
2,U76

191*0-Jan..

let..
Mar..

2,282
2.350

1,571
l,63U

2,511*

1,79"*

21*1

3.635

3,01*1*

1.768

ties

3.087

Apr.

1.213

837
1,851*

liaMli-

11*2

515

1,1*62

51

97
118
862
lUl
929
1,022

Current

1U2

2.732

Dec.

Igl*

1,01*5
1,01*4

ill other
deposits
and collections

865
1,863
830
1.212

3.389

1,1*81

Special deposits a/c
sales of
SoT't. Sacs.

2,1*19

1,628
2, 160

2,231
2,178

1,103
3.033
2,016
2.936
2.709

Bepoelts
In Ted.
Reserve
Bank*

11*2

970

2,2l6
2,838

2.160

Bullion,
coin and
currency

InactlT
gold

31
37
55
58
55
U9
76

2.55"*

1939-Mar..

Increment on
eol4

•Working"
balance

lUO
316
356
UU6
536

1935
1936
1937
1938
1939

Current aaaete

11*1

1.087

IU2
ll*2

Iks
1U3

568
573
577

922
1,086

U7I
673
517

799
1.151
61*9

611

1*51

251*

156
203
21*9

3''5

81

l61*

825

82
83

185
190

816
815

86
79

811*

«5

181
19U
182

756
755

Statement of the Outstatidlng Public Debt on June 30, 1939 and March 31, 1940
(In millions of dollars - on basis of dally Treasury statements, unrerlsed)

Market issues, etc:
Pre-war bonds
Treasury bonds
U. S. SaTlngs bonds
Adjusted Service bonds
Treasury notes
Treasury bills
Matured debt on which
Interest has ceased
Debt bearing no interest...
Total Market isstiee, etc.

June 30,
1939

Har. 31,

196
25,218
1,868
283

196
26,908
2.707
268
6,125
1,308

+1,690
+ 839
15
-1,118

Ull

165
392

23
19

36,669

33,069

+1,1*00

7.21*3

1,308
11*2

191*0

June 30*
1939

Increaee(+)
Deere aae(-)
Special issxies:
OoTemnent Life Insurance ?und.
Federal Old-Age and Survivors
Insurance Trust Tvni
Railroad Retirement Account....
Oovemment retirement funds....
Adjusted Service Certificate
Aind
Unemployment True t Fund
Postal Savings System
Federal Deposit Insurance
Corporation

Total Special issues.......
Total

Public Debt Accounts
(In millions of dollars - on basis of daily Treasury statements, unrevlsed)

fiscal year
or month

Mar. 31, Increase (+)
Dscrease (-)
191*0

537

501*

33

1.177
67
"73

1,570

393
10
70

20
1.267
128

12
1,622
72

101

71

30

3.770

l*.lt71

701

1*0,1*39

1*2,51*0

77
5"3

8

355
56

23

Statement Showing Details of Major Financing Operations of the Treasury
for Fiscal Years 1938, 1939 and 1940
(In alUloiii of dollua)

24

Holdings of Direct and Guaranteed Interest-Bearing Obligations of the United States Government
(In inllllOQe of dollara)

Xnd of flsoal
jaar or month

5o

o
z
Q
Z
<
C/)

I-

D
o
Ico

z^

<
UJ
CO
I

LU
LU

O

in

m

o
05

o

26

Bank Holdings of U.S. Government Obligations and Securities Guaranteed
by the Government, December 31, 1939
(Book values as reported to the Comptroller of the Currency, the Board of GoTernors of the
federal Beeerve System, and the Federal Deposit Insurance Corporation)

.

37

Amount of Interest-bearing Debt Outstanding, the CotniHited Annual Interest
Charge and the Computed Rate of Interest
CoBputed ennxttl
Interest oharge

later«tt-1)earlns debt

Sad of fiscal year or aonth

$71*2.175.955
81*2.301,133
750. 677. 80S

$22,157. 61*3.120
26,USO, 1*57,920

1933

W"*

Cooputed rate of
intereeti Percent

229.826

3.350
3.181
2.716
2.559
2.582
2.589*
2.600*
2.603*

1935
1936
1937
1938
1939
1939-Mar..

32.755. 631.770
35.802, 586.915
36.575. 925,880
39.885, 969.732
39.UU2, 07i*.957

91*7,0**, 058
1.036,937,397
1,026,757.937

i^r..
Mey..
June.

39.525. 1*07, 813
39.751. 011,399
39.885. 969.732

1.029.353.995
1,035,271,505
1.036.937.397

2.60l**

July.
*u«..
Sept.

110,113, 701,721*

1,01*1*, 251, 926

2.603*

351. 3lt«.i|«7

1,050.8U1*,300

2.6ol»*

909.035
110.526, 1U7.836

1,051,817,1*81*

2.607*

1,05U,365,376

2.602*

UO.gOS,

l,058,Ii«7,906

2.591**

lH.Ul*5,

1,076,615,135

2.598*

Ul.fiOl, 096,71*1

l,08lt,97l*,7lt3

1*1.839, 1*78,210

1,091,31*2,623
l,090,U5i*,902

2.608*
2.608*

•to.

838.002.053
92I*, 31*7. 089

'to,3ui,

Oct..
Sot..

Dec.
19>IO-Jan.

Teb..
Mar..

1*1,983, ,313.887

2.6ol**

2.600*

2.59r

Intereet-Bearlne Debt* flgnree Include dlecoimt on Treae<U7 Bills, aaonnt being dedncted prior to calcnlatlac the arerage Intereet rate
On basis of dally Treasury atatements. nnrerlsed. Tor basis of other figures see report of Secretary of the Treasury for 1937 page 1*1*2.

Hotel

ComparlBon of Average Yields of Long-term United States Treasury Bonds
and High-grade Corporate Bonds
Treasury
bonds 1/

Corporate
bonde 2/

Spread between
Treaeuxy and
Corporate bonds

2. 1*7

2.W*
2. 31*

2.30
2.17
2.13
2.16
2.21
2.65
2.60

*pr
Hay
June
July
Aug
Sept

Oct
Hot
Dee
Feb

Mar

2.96
2.90
2.87
2.92
2.86
2.78

2.76
2.79
3.29

.U9

1939-8ept. 6

2.56

3.1*1

.1*6

13

2.61*

.53

20
27

2.72

3.33
3.31
3.29

k

2.72
2.66
2.52

.62
.69

:iS

May

2.93
2.86

:t,
.51

2.30
2.32
2.25

2.81
2.79
2.77

:?7
.52

June

2.25
2.16

2.91
2.87

2.11*

81*

2U

2.13
2.13

83
83

.66
.71
.70
.70
.70

2.08
2.12
2.16
2.17

81
78

M

2.77
2.76

.61

7

July

5

12
19

26
Aug.

2
9

16
23
30

Bote:
1/
2/

^

Dec.

19140-Jan.

3
10
17

lU
21
28

3.00
2.95

15
22
29

2.1*7

2.91*

.1*7

2.3?
2.36

2.91
2.90

.52
.5U

6
13
20

2.U1
2.37
2.32
2.30

2.88
2.8U
2.85
2.83

.1*7

2.29
2.28
2.32
2; 30
2.33

2.82
2.80
2.82

.53
.52
.50

2.82

:§

2.32
2.32
2.32
2.33

2.79
2.78
2.79
2.80

.1*7

2.28
2.25
2.26
2.23

2.79
2.77
2.75
2.75

2.19
2.25

2.72
2.7U

27
.62
.60
.62
.6U

31

2.50
2.50

1

8

2.92
2.92
2.91
2.91

13
26

lOT.

3.11*

2.20
2.16
2.17
2.1U

2.1U
2.17
2.17
2.21*

2.27

2.76
2.76
2.76

.59

2. 71*

,85
.69
.59
.55

2.1*9

18
25

2.30
2.32
2.29
2.27

5
12

Spread between
Treasury and
Corporate bonds

3.23
3.20
3.11
3.06

11

.60

Veekly, Vednesday
oloslng prices ^:

1939-ipr.

Oct.

.65

2.35

2.1*6

19l*0-Jan

Corporate
bonde 2/

Veekly, Vedneeday
cloelag prices ^1

Monthly averages of
dally figures:
1939-Jan
»eb
Mar

Treasury
bonds 1/

3
10
17

2U
31
feb.

7

lU
21.
28.
Mar.

6.

13.
20.
27.
Apr,

3.

10.

:i
.99
.57
.50
.U5

.>*7

.53
.53

2.a
.1*6

.U7
.1*7

.1*9

.52
.53
.1*9

.60

•§

2.71*

.60

s'.li

2.76

.59
.57
.59

2.81
2.88

1

Yields are computed on the baele of cloelag prlcee on Hew Tork Stock Sxchange.
Average of Treasury bonds not due or callable for twelve yeare or more.
Average of five bonds.
Or the laet preceding sale when there was no sale on Vednesday.

Back flgnree nay be found in the July 1939 bulletin, page 20.

o

o
•o

-o

<r

o
<

""2;

ay

<
2S

<0

o

28

00

PER

o
in

<
LlJ

o
o

<

c
u)

O

CO

Q
O

Z

o
c

o
T)
(S

u)

>
D
CO

<
LLl

q:
I-

O
Q
_i
UJ

CD

275
CEN1

250

225

2

25

75

1

1.50

1

GOVERNMENTAL CORPORATIONS
AND CREDIT AGENCIES

-30-

31

Governmental Corporations and Credit Agencies
of the United States:
Feb. 29, 1940

Proprietary Interest of the United
States in Governmental Corporations and
Lending Agencies:
Feb. 29, 1940

(Compiled from lateit report* rec«lT«d from these agencies)

(Comptled from latest reports received from these agencies)

(Zn allllonB of dollars)

(In millions of dollars)

Proprietary*
Interest

Uablllttes
Assets

Ouaran-

teed by
United
States

Not

Quaranteed by
United
States

Pri-

vately
owned

Capital
Stock

Owned
by
United
States

Surplus

Interagency
Transactions

Net Pro-

prietary
Interest
of the
n. S.«

Stock:

fieconstructlon Flnaace Corp..
Commodity Credit Corp
Export-Import Bank of

Waehlngton
Federal Crop InBurance Corp..
Federal Deposit Insurance
Corp
Tennessee Valley Authority...
Public Works Administration..
United States Maritime
Commission
Rural Electrification Admn...
Home Owners' Loan Corp
Federal Savings 4 Loan
Insurance Corp
Federal Home Loan Banks
Federal Housing Admn
Federal National
Mortgage Assn
United States Housing
Authorl ty
Farm Credit Administration...
Federal Farm Mortgage Corp...
Federal Land Banks
Federal Intermediate
Credit Banks
Banks for Cooperatives
Production Credit Corp
Re^onal Agricultural
Credit Corps
War emergency corps. 4
agencies (in llqxildatlon):
Navy Department (sale of
surplus war supplies)....
United States Housing Corp.
United States
Ballroad Admn
United States Spruce
Production Corp
War Finance Corp
Other:
Disaster Loan Corp
Electric Home and
Farm Authority
Farm Securl ty
Administration
Federal Prison
Industries. Inc
•
Interior Department
( Indian loans
Inland Waterways Corp
Panama Railroad Co
Puerto Rico
RecODatructlon Admn......
Mortgage Company
Tennessee Valley Associated
Cooperatives. Inc
Treasury Department:
Federal Savings &
Loan Aesne
Railroad loane (Transportation Act, 1920)...
Securities received hy
the Bureau of Internal
Revenue In settlement
of tai liabilities
Securities received from
the Reconstruction Finance Corp. under Act
of Feb. 2U, 1938

RFC

1.677.5
69U.6

1,098.0
"t07.6

122.1
187.0

'•57.3

100.0

78.6

.U

78.2

lU.2

7.8

6.1t

513.6
328.6
81.1

2JU.3
lU.g

213.6
198.6
2,908.6

5't.7

2,800.6

78.0

3.6

80.
3.9

123.0
256.6
5it.6

275.'*

51.'*

1,282.0

69.7

u.o
192.7
113.2

1.796.2

121.7
12U.7
'*7.1

88.2

IIU.3

150.0
313.8
81.1
158.9
198.6
30.0

1-3

157.9

282.2
1.523.2
2,306.9

139.3

205.5

157.1
89.5
198.0
305.2

29U.6
185.2
122.5

189.2
3.0
3

122.2

22.0

2.2

19.8

•

3.8

105."*
178."*

Reconstruction Finance Corp...
Commodity Credit Corp
Export-Import Bank of
Washington
Federal Crop Insurance Corp...
Federal Deposit Insurance Corp
Home Owners' Loan Corp
Federal Savings and Loan
Insurance Corp
Federal Home Loan Banks
U, S, Housing Authority
Federal Farm Mortgage Corp....
Federal Land Banks
Federal Intermediate
Credl t Banks
Banks for Cooperatives
Production Credit Corps
Regional Agricultural
Credit Corp
U. S. Housing Corp
U. S. Spruce Production Corp..
Disaster Loan Corp
3£lectrlc Home and
Farm Authority
Federal National
Mortgage Assn
Inland Waterways Corp
Panama Railroad Company
Mortgage Company
T 7 A Cooperatives', Inc

RFC

Total

U.6
1.8

it.6

.1

.1

.7

.7

1.8

20.9

20.8

.1

11.?

1.0

10.3

26l».g

261t.8

8.3

8.1

.2

2.7

2.7

25.2
Ug.6

2'*.

.7

1.2

U7.1t

8.1
61.1

8.1
59.6

3U.9

3U.9

30.2

Non-Stock:
Tennessee Valley Authority....
Public Works Admn
U. S. Maritime Commission
Rural Electrification Admn....
Federal Housing Admn
Farm Credl t Admn
Navy Department (Sale of
surplus war supplies)
U. S. Railroad Admn
Farm Sec\irl ty Admn
Federal Prisons Industries, Inc
Interior Department
(Indian loans)
Puerto Rico
Reconstruction Admn
Railroad Loans (Transportation
Act, 1920)
Securities received from
(Act Feb. 2U, 1938)
War Finance Corporation
Securities received by the
Bureau of Internal Revemie
in settlement of
tax liabilities

RFC

Special Obligations
Held by Treasury:
Federal Savings and Loan Assn.
Reconstruction Finance
Corporation
Home Owners' Loan Corp
U. S. Housing Authority
Tennessee Valley Authority....
Federal Farm Mortgage Corp....

12,839.3

5,706.1

3.107.8

Uoo.i

*

3.2

100.0
12U.7
1.0
200.0
12't.7

1*57.3

100.0

8.62/
70. Oi/

100.02/

21.7

121.7
12U.7

138.1
186.

78.2
6.U
150.0
30.0

139.1!*/

2.02/
6.22/

198.0
305.2

70.0

1*9.5

IU.12/

105.

1119.0

15.2
2.2

lit.

i78.lt

120.0
5.0

lU.g

31*.

.1

22.0

122.2
19.8
1.8

32. 3i/
.2

.7

20.8

1.2i/

1.0

.2

10.0
12.0
7.0

25.0

t.5
12.5
Ul.U
1/

55.2

69.7
2lt.5

1.02/

lt7.U

3i..6-^

59.6

31*6.12/

2,362.2

.3

662.9

3

263.5!*/

81.1
158.9
198.6
1*7.1

89.5
U.6
.1

26U.g
8.1

2.7
8.1

30.2
2.U

1.159.9

31*.

18.0
50.3

103.2

3.625.3
Grand Total

Rote:

75.0
15.0
150.0
200.0

318.62/

2.U

2.1*

Total

Total

275.9

2,OU5.U

Total

30.2

500.0
100.0

Figures in this table are rounded to nearest tenth of million and
will not necessarily add to totals.
Excluding Inter-agency transactions.

Note:

I
^

3.625.3

Tlgurea In this table are rounded to naareat tenth of million
and will not necessarily add to totals.
Excluding inter-agency tranflactlone.
Less than $100,000,
Excess Inter-agency assets (deduct).
Deficit.
Exclusive of special obligations held by the Treasury shown at
end of statement.

32

Sources of Funds of Certain Governmental Corporations and Agencies
for the First 8 Months, Fiscal Year 1940
(Coaplled from latest reports received

Corporation or

a^nc/

^

the Trearair)

33

Usee of Funds of Certain Governmental Corporations and Agencies
for the First 8 Months, Fiscal Year 1940
(Ooapllfd froa latatt reports rsMlTcd

Corporation or

a^no^

V

tha Trtatuiy - >ziMiiiUtur«> on

bull

of ohaoka ItniBd)

34

Sources of Funds of Certain Governmental Corporations and Agencies
from Inception of Orgeinization to February 29, 1940
(Gonplled from latest reports received by the Treasury)

Corporation or a^ncy

35

Uses of Funds of Certain Governmental Corporations and Agencies
from Inception of Organization to February 29, 1940
(Coaplled from latest report* recelTod by the Treeeiiry - Ixpendltnree on batle of eheclcc leaued)

Corporation or ageaej

36

Principal of Outstanding Obligations Guaranteed by the United States
(Zd nllllottfl of doll&r. - compiled from reports received

End of fiscal
7e«r or month

V

the Treaeujy)

THE

CAPITAL MOVEMENTS BETWEEN
UNITED STATES AND FOREIGN COUNTRIES

-37-

38

Net Capital Movement between the United States and Foreign Countries
1935 through January 1940
(In thouaanlt of dollars.

Capital Inflow (+) or capital outflow (-))

t/5

00

40

Short-Term Foreign Liabilities as Reported by Banks and Bankers
In the United States for January 1940
(In thouaaade of dollars)

Llalillltlei al of

following datei

Orand
total

United

Eln^om

Trance

Belgium

Do Omar Ic rinland

Oermany

Ital7

Vetherlanda

Sorway

Sweden

Swlt<erland

Other
Borope

376.369
382.329
381,072
383, 76U
395.505

109.800 1,882,571
llU.lOl* 1,907.698
117.791 1.907,881
122,1*90 1,919,812
120,896 1,912,631*

27l*,62S

375.835
381,781

109,396 1.837,713
113.730 1,858,833
117,1*15 1,858,992
122,112 1.870,993
120,550 1.865,779

272,631
260,731
260,797

107,593
112,077
115.533
120,568
118,688

1,788,693
1,816,818
1,812,907
1.825,909
1.820,108

270,587
258,699

1,11*0

36.21*3
28,1*32

Total
Sorope

CanadA

TOTAL SHOST-TEBH
rOBEICN LIABILITIES:
Jan.
3
Jac. 10
Jan. 17
Jan. 2l»
Jan. 31

2,9i«,035

159,228

i*oi*,l*5l

288,225
293,621
285,059
289,950
290,591

1*09,951*

286,657

158,1*1*3

393.091
395.697
381*, lUi
363.927

291.1*77

160,705
161,186

1*00,553

281,787
287,351

1*1*8,217

2.986,381*
2.99'».593
3,010,l4Uo

1*31*,

2.99"*. 739

2,887,207
2,922,185

852

1*38,01*0

1*26,911*

161,1*96

162,00s
163,263
166,215

9,1*91*

33,500

20l*,851 56.259

11*2.229

8.559
8,226
8,576
9.133

1*1.251
1*1,867

205,1*88 58.280
208,71*6 61*, 201

157.629
153.397

1*3,81*0

202,711 6U.9U5
200,293 66,986

168, 1*81*

28,069
29.712
28,009
28,639
28,703

21,350
20,377

28,027
29,661
27.977
28,611
28,676

21,333
20,356

9.330

38.011

8,1*09

1*0,786

19,1*52
16, 221*

8,079

1*1,1*50

8,1*25

1*3.1*52

23,811

8,983

1*3,11*7

21,317

19,1*63

16,236
23,822

1*3.656

162,385

262,811
262,591*
265,691*

266,892

TOTAL LIABILITIES
PATABLS II SOLLABS:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
2U
31

2,930,281*
2,91*7,366

2,935.386

282,981
287,821
288,586

162,1*37

165,272

202,932
203,589
207,218
201,620
199,023

55.918
57.993
63.909
64,659
66,793

11*1,877

157,255
153.165
168,228
162,11*2

380,1*83

383.263
39U.869

261*,271

265.925

Deposit a for
foreign account:
Jan. »3..
Jan.
Jan.
Jan.
Jan.

2,751,896
2,783,980
2,788,11*5

386,110
387.589

2,806,626

155.830
158,287
158.771
159.971
162,971

27.280
29.150
27.531
28,159

938
1.023

2,382
2,360
2,383

1,071*

2,1*31

1,006

2,227

123
102
106
93
55

37'».S7l*

278,801*
283,591*

2.796,5'»o

355.565

281*, 1*1*1

103,062
99.858

7.057
6,018
7.163
6.982
6,798

1,31*8

27,61*2

37.080

20,291*

9,052
8,091

1*0,051*

19,1*1*1*

7.

no

1*0,1*82

16.219
23,807

8,220
8,828

1*2,583
1*2,358

15

151
91
72
72
87

567
U09
670
602
512

195.31*9 55.269
198,388 57.391*

133,226

361*,

11*8,881

200,980 6,5.596
195.273 66,317
192.1*82 65.985

ll*l*,628

370,71*1
367,81*1

160,51*1*

371.587

156.879

382,1*62

8,261*

5.01*7

U56
350
202

6.983
5.588

189
167

5.276
8,192
7.359
6,908

9.192
9.078
10,528
10,190
11,055

2.736

U6O

357

258,561*
262,11*2
261*,2l*8

Bills held for
foreign account:
Jan

.

3

Jan.
Jan.
Jan.
Jen.

106,

61*8

loi*,i*i7

100,815

5.51*8

2,876

925
992
73s
71*2

36,386
36,718
35.169

l!756
1.963

Short-term United
States OoTemiaent
obligations held for
foreign account:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10,085

10
17
Zk

2i»,36o

31

20,927
20,996
20.993

10
212
10
10
10

500

75
19

1.571*

500
500
500

52
550
725
725

175
175

Other liabilities
payable in dollars)
Jan.
Jan.
Jan.
Jan.
Jan.

3
10
17
2k
31

22,l6U
13.987

2.33'*

llt.561*

3.151*

15.327
17.038

935
2,275
1.556

60,828
6U.199

38.263

1,568

785

1*1,761

2,11*1*

791

1*8,31*3

2,078
2,129
2,005

91*3

751

3,522
3,169
3.153
3.139

231
58
32
35
71*

62U
1*09

31*0

.535
751

68

36U
323
258
227
237

16I*

'489

52
227
297

359

979

^?,^

S6U
U53

387
362
325
325
355

2,286
1,502

361
287
292
286
193

352

2l*l

193
2U8
113
153
61*1

663
676
890
631

12,192
8,529

271
278

2,111*
1,1*86

9.11*9
9.61*1

26I*

1.352

91*5

9.797

516
5U8
589
501
636

uoi*

1*1*,

371*

366

1*8,865
1*8,889
1*8,819
1*6,855

2U3
286
271
156
298

363
313
331
333
312

9.T36
9.513
8,318
7.676
6,230

1.376
1,660
1.183
906
370

30,516
33,105
33.89?
35.276
36.871

507
505
515
398
381

i*,608

108
115
99
119
216

277
331

TOTAL LIABILITIES
PAtABLI IN TOBEiaH
CUBBZKCIISl
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
2k
31
Borrowings froB
foreign ban]n:
Jan.
Jan.
Jan.
Jan.
Jan.

6i*.309
63.071*

1*2.773

59.353

1*0,521*

3

21.150

6,760

10
17
2k

20.1*72

6.591*

19.623
17.382

31

llt,38U

5.710
5.135
3.666

31.093
33.717
3^.525

27.973
30,225
31.137

35.76'*

32.1*09

K,ik3

31.876

8.585
10,010
10,161
9.928
9.620

3.530
U,9U2

133
312
302
3QU
21*5

822
826

566
555
571
559
688

1U9
151
150

1*17

388
507

1.919
1.899
1,528
1,091
1.270

153
1&7
1U6
1U8

291
353
287
28U
301

786
615
376
135
295

163
128
131
112
65

11*8

810
857
770
878
891

70
86
105
105
73

323

108

1*65

11*7

371*

252
256
263

183
179

376

858

1.991
2,080
1.797
1,1*23

967

Acceptances oade
by foreign banks:
Jan.
Jan.
Jan.
Jan.
Jan.

3

1.695
l,6lU
1,608
1.655

132
102
125
135
127

101
137
162
127
105

87
I3t
126
132
128

1.331*

66
6l

156

Other liabilities
payable in foreign
currencieei
Jan.
Jan.
Jen.
Jan.
Jan.

3

10
17
SU
31

5.1»96

5,229
1*,982

98

1*27

38U
78
8U

i
69
55

IS
66
57

2U6
196
255
258
250

6,11*7

6,672
6,071
5.756

41

Short-Term Foreign Liabilities as Reported by Banks and Bankers
In the United States for January 1940 - (Continued)
(In thouaanda of dollara)

Llallllitlaa *a of

follo«ln« dstea
TOTAL SBOBI-TIBM
rOBDiaS LIABILITIES!
Jan.
3
Jan. 10
Jan. 17
Jan. 2k
Jan. 31

Argentina

Panama

t Canal

Cuba

Braall

Zone

Other
Latin
America

Total
Latin
America

58.776
62.299
62,121
61,718
62,100

33,996

85, 31*8

335,999

35.81*7
35,1*28
35,81*8
36.191*

91,252

351,91*2

9i*,3l5

351,612
353,851
352,162

37.019

58,139

39.91*6

62,11*5

33.996
35.8U7

2l».l*2l*

37.925
39.16U
38.308

35.1*28
35.gi*8

85.123
91,038
91*, 082
91,151
92.663

335,066
351,507

62.052
61,535
61,955

,783
25,78^

36.311*

57,698

38.392

61,71*5

33.962
35,808

81.1*60

25,221*
2l*,259

36.781*
37.31*3
36,91*1

61,607
61,152
61,563

86,732
89,978

316.U31
332,026
333,570

35,822
36,171

86.81*7

335, tai*

87.735

33U,ail

223
258
301

3,566
3,728

21*0

3,719

16,813
18,029
16. 180
16,539

253

l*,32l

ii*.925

15

15

1.822

139

97
578
6O8
585
607

3

637

225

10
17
2U

933
U35

69

37.020

35,029

26,797
26,261
25,316
25.072

66.U65

31,81*8

2«,l*2l*

38.308

57,672
60,522
61,979
65,625
66,U3g

36,323

26.791*

35,71*8

26,261
25,316
25,072

3

55,296

10
17
2U

58,9'*3

25,918
25,182

57,709
60,561
62,028

36,353
35,775

65.61*7

3'*, 1*78

39.91*7

37.926
39.161*

91.373
92,823

TOTAL L1AB1HTII3
FATABLE IN SOLLASS:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
Zk
31

31*, 1*58

35,009
31.823

36.191*

351,21*0
353,1*01*

351,805

Sepoalta for
foreign account:
Jan.
Jan.
Jan.
Jan.
Jan.

31

60,392
63,993
63,997

25,11*2

959
930

10,376
10,537
9,288
9,000

25,981
23.991

276
23.813
21*.

35,1*08

Bllla held for
foreign account:
Jan. 3
Jan. 10
Jan. 17
Jan.
Jan. 31

^

91*5

990
999

7,'tOi*

990

666

I.02I*

1,511*

1.01*1*

1,101
1.782
1.328

783
598

3,1*81

Short-term United
Statea Oorerment
shllgationa held for
foreign account:
Jan. 3
Jan. 10
Jan. 17
Jan. Sk
Jan. 31
Other llabtlttlea
pajrable In dollara:
Jan.
Jan.
Jan.
Jan.
Jan.

3

1,1*17

10
17
Sk

6U9
61*2

29
29
28
28

31

1,1*1*2

1*28

61*2

218
11*2
11*1*

11*3

1,1*52

1,1*75
1.1*51

2,669

TOTAL LIABILITHS
TOSEial
FAUBLI
CUSEZSOIXS:

»

Jan.
Jan.
Jan.
Jan.
Jan.

211*

233
222
160

Ul*7

3

216

319

10
17
2k

191*

31

183
1U5

357

Borrovlnga froa
foreign hanka:
Jan.
Jan.
Jan.
Jan.
Jan.

217
212
150

31

Acceptancea made
b7 foreign banka:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
?U
31

Other llabllltlea
pliable In fore 1 91
ourrenolea:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
2k
31

596
119
32
13?
106

Chin

42

Short-Term Foreign Assets as Reported by Banks and Bankers
In the United States for January 1940
(In thouBanda of dollar*)

Grand
total

Aeeete as of
following dates

Onlted

Bel-

Kin^om

Sim

Deamark Finland

TOTAl SHOHT-TEMt
rOBIlOI ASSIT9:

508.702

Jan.
3
Jan. 10
Jan. 17
Jan. 2"*
Jan. 31

39.921

i*,9U5

1*1.525

U.6U6
(.773
5.030
5.265

522.973
518,950
533. 0U3

50.827
51.637
56.159

66,7't5

22, 662

67,797
77.032
78,005
82,936

21*,

23,997
25,629
32,76s
32,606
36,016

11,681

28,012

5.528
6.629

3.155

6.71*0

3.86U
3.818
3.662

7,31*
7.178

3,1*82

TOTAl ASSITS PATABU
IH rOBSIGN CTIBEZNCIIS:
Jan .

3

Jan.
Jan.
Jan.
Jan.

10
17
SU
31

.'....

582
502
607
736
709

283
118

13,5't9

251*
l6i(

253
88

19,062

367

lll(

19,l*6s

1*32

11(9

22,366

1(10

272

u.ogs
3.915
4.791

172
198
156
178
171

361

32,2l|6

33.330
38,618

31

11*9

178
296

Banks own deposlte
abroad:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
2U
31

Bepoalte abroad for
account of domestic
clients:
Jan.
3
Jan. 10
Jan. 17
Jan. 2>t
Jan. 31

27.9'tl

29,092
27,922
28,793

3.851*

5.362

Other aeeeta payable
in foreign
currencies:
Jan
Jan.
Jan.
Jan.
Jan.
.

6,883
6,897
8.393
10,008
10,890

156

1*1,957
1*6,757

17.259

.363

6.21(5

3,12l*

17.16I*

145,91*1
1*0,9145
1(50,107

18,581
18,307
17.5IH

u,ii4*
i*,i66

6,511
6.591
7,166
6,882

3,'*57
3.S3I*

3

173,238

10
17
2U
31

isit,oog

7,207
7,220
8,771
8,282

3

•

10
17
2U
31

l'*.736
ll*, 227
15,172

17.'*77

18,127

ll(0
gl*

126
128

IS
17

TOTAL ASSETS FAIABU
IB DOLLARS:
Jan.
Jan.
Jan.
Jan.
Jan.

3
10
17

Zk
31

l*,29l*

l*,556

3.785
3.627

Losis to foreign
banks:
Jan.
Jan.
Jan.
Jan.
Jan.

1,067

7.9'*7

601
626
505
U69
735

75,2lU
74,605
75.588
77,335
80,123

3,01(0

l,2l(2

3,861

3.263

1,060
1,250
1.395
1,381

3,861*

193.505
188, ll*
191,003
183,957
186,208

7,012
6,681
6,376
6,633
6.316

179.350
179,653
183,776

l,ll*l

1,151
1,203
1,151

Acceptances made for
foreign bankal
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17

2k
31

3.392
3.273

3.653
3.388
3.328

2,668
2,91*
3.338
3.28'*
3.13'*

Other assets payable
In dollars:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
2U
31

2.520
2,458

1*55

2,1*30

1.317
1.506
1,787
2,575

2,1*1(0

2,1(03

1*92

2,1*11

512
495
1*99

1.U46
l.4i6
1.21*7

1.085
1.213

Oarmanjr

Italy

HetherBonray
lands

3wltterland

Other
Surope

Total
Surope

Canada

1

43

Short-Term Foreign Assets as Reported by Banks and Bankers
In the United States for January 1940 - (Continued)
(Id thoatanda of dollara)

Aaaata aa of
following datea

Argen-

Panaoa
Mexico A Caaal
Zona

Aaiarlca

1.012
1.019
1,002
97U
927

Othar
lAtln

Japan.
PhilXoraa and ippine

Total
Latin
America

Chin

37,202
38,098
38,752
38.963
38,698

113.31*2

22,001*

22,395

102,133
107,650

22,1*1*6

1.91*0
1.1*12
l.Ultl

26.1*05

111,902
110,183

10l*,8U5

26.1*61*

110,71*9

22,818

1.711

110,181

22,1*91*

1.61*3

101,608
111,178

26,675
26,613

311

,91*8

19.39't

332
352

,03U

19.1*1*9

776
833

19.1*1*5

8n

19,286
19,363

81*2

1.573
1,368
S67
I.U23

979

3UI

Bene
tone

Maacfanrla Xalanda

Other

fatal

i.ala

Aala

TOTAL 3H0HT-TESM
rOEZISN ASSIT9:
Jan.
Jan.
Jan.
Jan.
Jan.

3
10
17
ZU
31

16,823
1U,I»70

13.509
18.598
12.909

32.216
33.139
3O.OU2
31.718
31.181

736
777
7U0
.61U
,627

10,1*61*

9.701*

11.332
11,093
10,371*

5.889
5.695
5.806
5.789
6.1*65

21,622
20,91s
21,653
21,603
22,720

17U.10I*

1.927
l,6U6
1,850

1,1*31

212
205
208
186
IU6

23.882
23.501
23,201
23,561
23.566

227
172
166
151
162

201
199
200
179
139

668
5^5
766
785
691

26.226

178.601
176. 81*9
171*. 1*15
181*. 61*8

TOTAL ASSITS PATABLI
IH TOSIiaB CDBBINCIISl
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17

2h
31

1,511*
1.651.

i.uuz
1.16U
1,U15

767
799
766

231*

121
125
122
123

881*

nk

,815
,067

1.606

367

,61*1

1,821*

l,6U7

BanJce own depoelta

abroad:

Jan .
Jan.
Jan.
Jan.
Jan.

3

10
17
2k
31

162
257
177
337
285

1.135
1,810

166
195
200
133
190

606
637
606
605
617

19,208
19,238
19.229
19.137
19.157

850

599
611
585
706

951*
81*9

1,1*21*

1*30
U2l*

1*10

539

1.603
1.5i»l

1.756
1,658
1,721

Dapoaita abroad for
account of domeatlc
cllenta:
Jan.
Jan.
Jan.
Jan.
Jan.

3

506

10
17
ZU
31

50U
53^
509

1*10

372
378
399
398

377
35^
333
286

20,019
19.997
19.965

311*

19.895

7'»7

2.260
1.963

751

1,1*80

19.81*9

Other aateta payable
In foreign

carrendaa:
Jan.
Jan.
Jan.
Jan.
Jan.

3
10
17
Ik
31

8U6
852
761
293
621

205
103
102
101
101

15.309
12,8l6
12,067

31.982
33.018
29.917
31.596
31.058

21U
233
2U8
698
2U6

1,1*92

36,891
37.766

110.391*

2.610

108,868
107,368
107,682

2.91*6

579

3.001
3.532
3.131

610

168
188
181
178

182

1.323
1,163
677
1.2U5

882

1,360
1.327
l,21l»

1,21*3

6U2

1.950

19.695
19,272
19.803
19.779
21.073

150,222
155,100

ll*,l*28

103.675
112,367
107,803
109,322

1,1*1*3

2,051*

TOTAL ASSITS PATABLI
IH KLLABS:

Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
Ik
31

ll,'t3'»

ll,lt9U

9.733
9.772
9.735
9,609
9.622

5.122
U.896

,161*

100,560
106,282
103,978
100.185

26,193
26,021
26,256

I09.7it7

26,U67

16,373
16,U03
16,367
16,37U
15,966

13.71*8

15.i*'*3

115.91*5

831
819
839
781
823

6,823
6,158

5,116

39.721*

1*,992
i*,990
l*,570

36.575
39.3^1
35.211
36.671

1*.859

963
968
953
933
888

".563
3.892

1*0U

25

3.205

15,838

2.81*9

15.1*31

317
uou

1*38

1.63

2.975
2,723
2,828

13.792

1*9

208

525
8U7

1*66

236

72.799
81.892
76.763
77.529
83.553

161
Ul
29
26
32

1*.237

23.297
23,085
23.519
23.556
23.513

361
306

1*78

1.560

3.593

88

1.51*1*

3.1*01

39U

103
121
103

1.75^
1.807
3.803

3.1H'*

777
927

29,1*1*9

21*8

26.201
22.8U6
25.U61
20.8U9

6,227
6,217

10,391*

9.632
11.256
11,016
10,288

5.01*0

U.905

38,1*00

38.189
38.331

106,51*0

869

26,1*89

153,61*8
150,851*

161, 082

Loans to foreign
banks:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
ik
31

U.36U
3.383
2,522
2,01*
1.732

3.21*9

U.815
2,172

5.61*3

1*15

1),U89

5.157

1*02

2,931

'•.53'»

uou

1.903
1,817
1,813
1,856
1.907

1*81*

3.928
3.923
3,800

U.23U
3.862
U.O69
3.86U
3.826

11*,

891

12,519

207

13,1*61

13.971*

Acceptancea made for
foreign bauka:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
2k
31

811
656
659

ll*,598
11*, Sol*

1.103
I.16U

658

ll*,609
ll»,727

71lt

llt.691

10,131*

ll».135

8.777
8,886
8.732

13.599
13,136
12,380

8.51*6
8,1*07

9.01*8

13,1*36

8,356

l,12l*

1.126
1.176

571
556
639
629

U.232
It.

729

l*,52l*

'*,36U

1*10

U55

3.202
3,282

6.501*

6.321
8.1*66

Other aesetft payable
in dollara:
Jan.
Jan.
Jan.
Jan.
Jan.

3
10
17
2k
31

8,602
8.579

1*,003
3.81*7

921*

907
856

30,685
30,696
30,91*2

31.139

71.259
70,352
70,057
69.235
70,508

1.932
2.236
2.116
2.597
1.829

281*

299

282
325

22.1*91

6,1*75

6.913
7.219

U.8O7

44

Security Transactions as Reported by Banks, Bankers, Brokers and Dealers
In the United States for January 1940
(In thouBands of dollars)

Transactions during
week ended-

Orand
total

Dnlted
Prance
Kingdom

Belglum

Germany

Italy

NetherSweden
lands

S»Uterland

other
Europe

Latir
America

Total
Zurope

Japan,

Korea and Other
Manchuria Asia

TOTAL PUBCHASES
IK Tm UNITED STATES
POE rOREION ACOOUMT;
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
2U
31

19.015
19,Ugi
20,960
13.075
12.U25

2.173
1,312
1.630
833
1.090

1,215
2.921
1.173

1*21

126
206
101

579

313

131*

7.212
8.721
10.333
6.693
6.356

1*81

1*22

351*

599
589

688
730

367
53"

31*9

1*17

518

U07

253
185

966
792

3.920
2.271
•.757
2.978
2.662

,5l»6

155
uou
1.917
576
92

38
17

23

1U6
220
303
236
221

102
123
276
180
80

333
166
151
162
105

371
937

155
383
236
130
157

679

725
550
697

121*

1.222
1.365
1.901
1.382
1.217

60
112

3.369
3.885

179
57
51

3.1*89

36

'»3

1.829
2.979
2.505
2,630
2.210

12

1.138

13

3.09't

3

357

10

1*67

198
U6

61*0

56

1*61

131*

1.503
3.259
1.733
1.397

1*02

183
285
311
256
317

1.365
1.6U6
2.178
1,662
1.760

178
137
221
120
162

5.21*7

3,11*1*

7.1*98

12.338
9.257
7.828

1.573
5.197
2.293

86
61

5. 161*

3.007

8,063
7,253
6,010

2,01*7
1,231*
1.U31*

93U
1.508
2,756
1.085
89U

508
392
1.777

18

821
826
1.519
919

1,1*32
1.171*

3.831
3,U9l*

1*09

8. 77'*

889
860
635
566

9.1*72

11.905
S.UUU

213

l*.315

1*06

6.323
6,U68

7,1*51

7.181
7.735
5.519
2,638
3.167

1.965
950
1.391
872
1,007

IU5

1.538
79U
1.1U8
U39
878

502
581
779
388
526

6
6

221*

332
190
1*1*

907
1.065
1.71*2

609
703

Purchases of
domestic securities:
Stocks:
Jan.

3

Jan.
Jan.
Jan.
Jan.

10
17
2U

'.

...

31

973
1.015
1.1*12

86
1U5
U9

503
323
115

5.01*9
i*,29i*

Bonds:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
2U
31

281

U3U
189
382

12
6

696
662

171
5"
1

33
10

830
999
1,708
527
625

Ul

1,031*

5J
36
38
87

1.170

'•3

U,9l*7

1,1*12

6.279
2.953
1.165
1,119

575
397

106
208
I5U
I3U

1*38

29

696
796

36
18

530
5O8

.091

33
18

I.3UU

6

289

260
5U0

15

550
355
365

U

U85
388
1.291

11

1*93

6

28U

1,1*18

7

2
lU

59

I?
6U
32

Purchases of
forel^ securities:
Jan.
Jan.
Jan.
Jan.
Jan.

3

7.883

11*6

10
17
SU

8,1*89

338
607

31

3.'*07

295
190

5.870
3,Uolt

8U
35
105
17
3'*

103
130
186
180
20U

5U9
561
823

TOTAL SALES
IK THE UNITED STATES
FOB TOEEION ACCOUBT:
Jan.
Jan.
Jan.
Jan.
Jan.

3

9.68U

2,285

10
17
2U

13.'»15

3.021

20.085
12,8Ul

5.1*33
it.l86

31

ll,2't5

3.306

Sales of
domestic securities:
Stocks:
Jan.
3
Jan. 10
Jan. 17
Jan. 2U
Jan. 31
Bonds:
Jan.
3
Jan. 10.
Jan. 17.
Jan. 2U.
Jan. 31.

Sales of
foreign securities:
Jan.
3
Jan. 10
Jan. 17
Jan. 2U
Jan. 31

5.1*63

9.121
12.021*

9,368
8,180
1,1*87

267

2,81*9

1.990
i*.65l

1*72

1.809
1.551

186
230

2.73''

270
366
389
163
227

3.1*10
1.661*

1.517

1.195
590

1.690
2.296
572
3.837

I*.

325
359

2.30U

2,321*

71*

105
118
5U
36

119
55
35
16
1*7

602
97U

68
UU

1.01*1

1.175
881

69
5U

95
270
182

10
18
27

31*2

1*1

602

"•51

89

1*77

103

lU
31

8eU
577

10
113
65

73

28
60

657

32I*

.513
597
70

6

6
Us

106
25
U
2
10

"?

11*6

22

288

33

^U
110
IU9

31

llU

36

81*

151*

131*

11*7

181
155

1*3

5U

1

1.395
1.81*2

2.797
2.312
2.595

930
1.257
1.553
1.811
1,810
225
36U
582
162
363

2U0
221
662
339
U22

155
100
91
9

Ul
23
9
25

3.'t92

92I*

2,1*1*0

1,201*

63'*

616

1.373
U25
390

677
601

1*

51*8

35
67
35
37

UI8
221
U7U
287
199

21
11*

25
7

TOTAL PUECEASE3
EXECUTED ABHOAD 70H
DOMESTIC ACCOUNT:
Jan.
3
Jan. 10
Jan. 17
Jan. 2lt
Jan. 31

1,008
1.327
1.902
1.197
1.291*

95

95

323

323
93
166
210

92
66
210

99

907
980
1.795
1,010
1.071

Purchases of
domestic securities:
Stocks:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17

2k
31

83
111
85
139
72

73

73

108
85

108
85
137

53
57

83

57

Bonds:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
?U
31

2U
lOU
11
29
21

22

22
71

71
1

3

16

17
3

Purchases of
foreign securities:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17

2U
31

901
1,112
I.8O6
1.029
1,201

896
lUU
7

12
150

IW*
8
12
150

1.781*

996
1.038

.1

Total
Asia

45

Security Transactions as Reported by Banks, Bankers, Brokers and Dealers
In the United States for January 1940 - (Continued)
(Zn thoutandfl of dollare)

Traneactions durio^
we«k ended-

Orand
total

Unlttd
francs
Kingdom

Belglnn

Germany

Italjr

NetherSweden
lands

Swltt- Other Total
erland lurope Burope

TOTAL SALES
ESICtJTES ABROAD FOB
mKESTIC ACCOnST:
Jan.
Jan.
Jan.
Jan.
Jan.

3

I,0l49

10
17
ZU

975
1,218

31

1.356

l,g2l»

105

105
167
129
397
196

25

Sales of
domestic securities:
Stocks:
Jan.
3
Jan. 10
Jan. 17
Jan. ik

Jan. 31
Bonds:
Jan.
3
Jan. 10
Jan. 17
Jan. 2U
Jan. 31

Sales of
foreign securities:
Jan.
3
Jan. 10
Jan. 17
Jan. SU
Jan. 31

10
6
21
60
56

32

11

IU7
69
172
2"*

1,028
822
1,128
1,592
1,276

ll^
109

l6l

7U
25

Canada

Latin
Aaertea

Japan,

Other
Korea and
lela
Manchuria

Total

Asia

All
other

46

Security Transactions In Joint Foreign Arbitrage Accounts as Reported
by Brokers and Dealers In the United States for January 1940

47

Foreign Purchases and Sales and Net Purchases or Sales of U.S. Domestic Securities
(In thoaeanda of dollare)

Traasaotlona

(I)

49

Purchases and Sales of Foreign Exchtmge, Spot and Forward, as Reported
by Banks and Bankers in the United States for January 1940
(Xn thousanda of dollare)

Onrranoy of-

TranBactloM
during
week ended-

Orsnd
total

Iblted
franca
Kingdom

Belglua

0«i^
naaj

SatharItal7
Svedan
landa

Svlti- Other
Total
arlasd Burope Borope

Canada

Latin Japan,
Am- Korea and Other
erica Kancfaorla Aala

Total
Aala

TOTAL FOBCEASSS:
Jan
Jan

3 Spot . .
3 forward

35.382
20,807

1,625
25

1.326
390

115

'*17

7,902

21*

,005
107

1*6.776

1

3.879
1.938

2.701*

30,1*01

380

23,706

'*,159

850
13U

l,Ol*U

1,537
1,358

2,'»77
2,1*02

1.885
675

76

377
k

3.970
2,851

261

1,899

.299

39

51*0

8

51.970
31*, 025

6,005
5.909

272
8U

1.616
1,116

1,265
81*

2,881
1,960

333

l*,66i

51*2

1,613

1*56

1*7,81*1*

1.039

3,250

263

1*18

7.828
6,070

1*1*3

1

11

1*1*7

1,996
1.025

1,1*72

1*29

3.'*50

5,6ia
2,606

801

1*20

261
66

1*3.059

2,316

503
202

1,178

75

1.895
595

783
765

2,678
1,360

305

3,893
2,067

68U
390

1.53't

31*0

1*6,1*82

32,200

703
387

l.lUl
319

1,81*1*

58

5.783
1.076

583

6U9

3.531
791

901
62

2,619
313

21*1*

39.'*67

730
739

1,1*02

2.132

16,901

6,023
889

760

26

1*06

1,11*5

1,893
286

1.231

ui,ioi
19,890

1*,198

199
''5

1.389
78U

1.218
679

2,607

5.212

1,51*1

389

37.576
21*. 028

U.7U3
5,562

260

717
1*22

1.957
905

2,67U
1.327

632

1.613
386

676
765

2.289
1.151

1*78

1,01*2

270

319

1.520
589

58.368

Jan. 10 Spot. ..
Jen. 10 ITorward

61,565

1(0,692

ltl.985

29,838

1,511
70

Jan. 17 Spot...
Jan. 17 'orward

59. 50"*
39. 'A3

36,105
27,160

2,569
309

Jan. 2k Spot
Jan. 2k 7orvard

52, "e?

33. 35^*
23,821*

2,729

1,086
368

69

31*2

3U,025
27,216

3,821*

1,801*

73

266

l.SS"*

us.uos
18.935
U8,19U
26,610

28.971

1.572

278

15

1.277
265

7"*

15,1*01*

1

21*

30,610
17.503

l.'»37

1.857

1*0

202

1*01

336
U

3.1*95

65

1.623

1*

Jan. 17 Spot...
Jan. 17 Forward

1*5,31*8

26.715
21,256

2,1*90

1.1*73

230

't.175

2U6

182

1

2,156

517
17

Jan. 2k Spot...
Jan. 2k forward

1*0,787

25.31'*
ll*,886

2,668
318

1.075
151

61*

275

3,21*6

35'*

1,701*

3

"luu

352
17.250

3,1*81

1*0

203
U

3'*.

20,291

Jan. 31 Spot ...
Jan. 31 forward

1*1,

U68
23,516

23.983
19.186

3,653
197

1.778
1.138

62

173

3.658
1,081

572
258

l.>*59

299
5«

35.637
22,260

3,666
667

1*19

31*2

53
10

"9
125

139

7U

28

ui

5

271*

63

3t
293

Jen . 31 ^ot ...
Jen. 31 'orvard

31.583
55.2'*3

33.999

58

31.876

27.613

91*0

3.035

706

Purchases froB beaks
Jan.
Jan.

3 Spot...
3 ToiVBXd

Jan. 10 Spot...
Jan. 10 Forward

30,917

1*6

1*

170

1,889

l.'*63

Porchaees from
castomere other
than banks:
Jan.
Jan.

3 Spot .
3 forward

9,960

6,1*11

11,1*66

5,'*03

Jan. 10 Spot...
Jan. 10 forward

13.371
15.375

10,082
12.335

Jan. 17 Spot...
Jen. 17 forward

li*,i56

9.390

8,526

5,901*

Jen. 2k Spot...
Jen. 2k forward

11,710
11.292

8,01*0

61

8,93s

2l*

13.775

10,01*2

171

26

10,1*83

8,030

69

1*16

.

Jan. 31 Spot...
Jen. 31 forward

31*8

loU

1,11*7

"5

f5
67

7,309
6,805

1.879
3.270

90
13U

210
305

135
952

1.257

"75
1,228

59
35

6

10,869

73
39

227
332

271*

l't,135

1,807
697

1*7

251*

165

1*97

U86

72

10,268
7,81*8

183
11

322
25

361

2l*8

3,085
508

39

1.091*

25
2U6

120

l'*5

15'»

20I*

11*9

25

282

107

6l2

199

276

2,131
717

169

35

8,707
10,363

389
209

10,8U5

2,117

16U

32l*

1*09

225
117

99

9,91*0

7.932
3.970

1.51*9

1.137

1*5

l,'*80

2,686
1.925

1,803
927

1,387
5t5

1,1*72

1,130
72U

2,21*8

993
1.367

1,130
U71

2,123
1,838

103

11
217

132

209

235
986

112
132

75
307

3.577
3.352

781*

2,575
268

337
25

1*7,900

311

3.W*

283
63

1,822
828

1,290

1*7.389

39.579

6.155
5,888

1*22

6

U57
260

1.259
759

39U
15

762
280

7,880
5.907

391*

1*50

1,08U
390

269
5

1*1,31*2

5,39'*

615

222

29.5'tl

2,738

1*0

''5,512

31*5

117

TOTAL SALES:
3 Spot...

59.681*

36,787

2,163

1,26U

3 forward

32,089

21,1*80

'»3

579

Jan. 10 Spot...
Jen. 10 forward

57,1*21*

36,777
35,060

1,660

47,051*

121*

1.697
8U7

Jan. 17 Spot...
Jen. 17 forward

35.327
28,182

2,322

1.1*78

368

3,102

1*1,863

289

712

5

1*.058

Jen. 2k Spot...
Jan. 2U forward

1*9,699
ik.1.6}

32,083
25,511

3,226
262

1,008

1*32

llOO

81

2,722
2,669

Jan. 31 Spot...
Jen. 31 forward

35.l6t
28,701*

2,398
301

1,706
1,603

296

36,31'*

223

Jan.
Jan.

56,719

326
3'*5

2,651
55

2

26,060

1*1*.

31*,

llU

9U7

3.190
3.378
1.671

3.312
2.316

51*8

1,228

281*

89I*

76

3'*.

167

5,76U
1,212

53U

271

95U
282

1,319
635

2.273
917

2.230
2,851

U5I
287

1.795

9U

268

10

32,720
17.953

2,693
3,857

530
13U

U6I
212

278
510

739
722

2,29U
1.5«9

I6U
63

1,320

1*02

33.926

2,80U

111

21*, 1*28

9'*6

582
927

921

5

UU

339

797

U80

1,1*07

81*8

111

31,9Ul

3,799
722

161

1*01

1*1*1

81*2

623

752

1,375

Salee to banks:

Jan

3 Spot

25.653
13.963

900

3 forward

36,919
22.666

1,337

Jan.

11

561

Jan. 10 Spot...
Jen. 10 forward

37,923
26,896

27.280
21.293

1,01*7

1.219
677

187

Jan. 17 Spot...
Jen. 17 forward

36,891*

25,828

l,io6
681

1,701*

18,1*80

1.723
282

239

25.518

3

3.025

380
260

Jan. 2k Spot...
Jan. 2k forward

3'*.379

2"*,

391
15,612

2, 600

61*9

299

1.857

2'*0

30,882

351

68

380

65

l,75'»

222

18,1*52

2,291
1,166

380

21,181

ItO

1.255

368
262

1,517

Jan. 31 Spot...
Jan. 31 forward

35.921
25.115

21*. 678
18,«77

1,998
232

1.387
1.392

185

2,038
1.963

1*1U

281

310
179

351
589

661
768

3 Spot...
3 forward

22.765

11,13'*

36U
18

1,088
233

859

i,9'*7

7,517

826
32

103

9.1*23

970

1.203

Jen. 10 Spot...
Jen. 10 forward

19.501
20,158

9,'*97

1*78

158

1,221

1,01*8

13.767

613
80

65

2,269
65

Jan. 17 Spot...
Jan. 17 forward

19,825
16.3U5

9. 1*99

599

372

9.702

7

31

Jan. 2k Spot...
Jan. 2k forward,

15,320
12,982

626
19U

Jan. 31 Spot...
Jan. 31 forward

18.1*28

7.692
9.899
10,U86
9.827

900

. .

1*1*

271

685

23,1*16

823
801

31,6a

3.29)*

65

23,601

73"*

780

21*3

15. 180

8,107

5.239
113

353

15

3.351

311

719

Sales to cuetoners
other than banks:
Jan.
Jan.

11.199

69

1.3'»7

501

1,150
1,102

119

129
2

1.398
1.033

77

359
20

865
915

ao

16

319
211

111
2

1,271*

13U

170

353

13,U63
15.151

502
31
283
15

12,821

7U
31*9

172

10,1*60

1*1*

1

11,089

1*05

201*

93

11

13.891
10,566

1*11

10,861*

it,9U2

U,081
5.185

233

729
101

1,807
195

2.536
296

3.103
1.572

235

6U3
112

762
209

i,i*oi*

2,1*70

253

6l*U

968
U6

1,612

1*78

103

321
11*9

50

Outstanding Forward Exchange Contracts as Reported by Banks
and Bankers in the United States during January 1940
(In thoueands of dollars)

Currency ofContracts ae of
following dates

Orand
total

Belglum

United
Kingdom

OerDanjr

Italy

Bethsrlands

Other Total
erland lurope Siirope
Sifltl-

Canada

Japan,
Latin
Other
Zorea and
AmAsia
erica Mancboria

Total

Asia

All
other

TOTAL PUROHASB CONTRACTS
Jan.
3
Jan. 10
Jan. 17
Jan. 2l*
Jan. 31

313,91*2 216,795

1*21

3.980

21*6

32U,233 22lt,70l*
323.727 225,719
325.559 226.083
308,103 215.160

528

1*.201

21*1

1*67

U,l68
U.358

397
281
272

23,561*

3.612
U.132

1.1*37

10
10
10
30

731
880

1*.832

21,61*6
22,871*

2U,869

1,901
1,871
2,151
2,035

2l*,U20

2,171*

2.11*3

2.636
2,626
3,010
3.077

182
171
176
179
229

21*7.315

1*8,931

257,226
259,268

1*9,51*8

1.585
1.333

1*7.031
1*6,120

1.31*6

261,51*6

1,321*

5.235
5.223
5.235
5.306

251,01*1*

1*2,1*1*2

1,311

l*,22l*

611.861

5.525
8,963
12,798
13,630
11.906

927
971
972
971
972

2.217

65.357
66,950
61.692

182
171
176
179
228

182,1*51*

1*3.1*06

190,768
193.911
191*. 596
189.352

1*0.585

658
362

233

37l»

268,079
283,009
290,151

51.859
50,072
50,637

10,801* 16,039
10,826 l6,0l»9

10,717 15.952
11,130 16.436
8,986 13.210

72
77
130

96

Contracts for
purchases from
foreign customers:
Jan.
Jan.
Jan.
Jan.
Jan.

3

10
17
2U
31

76,820
81.723
85.396
88,163
79.098

59.183
60.281
59.033
60.025
55.058

80
lUl
81
239
265

1.762
1.605
I.UI5
1,518

31

l*.l*71

237.122
2l*2, 510
238.331
237.396
229,005

157.612

31*1

l6lt,i*23

387
186

236
231
387
251
2UI

18,031*
18,71*2

352
352
582
389
380

66.1*58

l*,5l*l

277
286
290

l*,930

2.21*5
2.21*1*

2.332
1,6U0

3.290
3,086
1*,025
1»,280

5.507
5.331
6,269
6,612

2,888

1*,528

Contracts for
purchases from
domestic customers:
Jan.
3
Jan. 10
Jan. 17
Jan. 2l»
Jan. 31

166,686
166,058
160,102

1*92

2,218
2.596
2.753
2.921

615

3.311*

33i*.l59 230,057

631

l*.7l*2

1,900
1,871
2.151
2,032
2,116

1.931
2.347

26,116
26,866
27.882
28.703
28,028

2.602

3.328
3.982

250

2,621*

2,832

3,80l*

2l*2

2.50I*

1,056
i*.009

203
251

2911.332

2.330

288.318

1.600
2,053
2.133
2,229

177
177
177
182

73.631
79.610
85.304

2.291*

lUl*

85.023

27.630
21.208
21.826
19.929
20.609

2,217
2,185
2,187
2,205
2, 206

I9I*. 1*1*8

2l*.229

203.399

28,86U
28,811
29,529
25.206

221
220
216
216
2l6

19.023
19,939
I9.9i*9

2,31*9

2,721*

2.787

31*,

32,1*90

3,018
2,978
2,991

353
339

2,971*

U.IU

1*9,1*58

2,1*38
2,1*05
2,1*03
2,1*21

1*5.815

2,1*22

30,536

2,58U

10.532
10,718
6,692 9.683
6,850 9.824
6,098 8.682
7. 511*
7,71*0

TOTAL SALES CONTBACTS:
Jan .

3

•••

Jan. 10
Jan. 17
Jan. 21*
Jan. 31

31*7.122 21*3,322
35i*.926 21*9,259
359.31*1*

252,508

31*8.532 246,603

^5^
785
1.027

U.922
U.996
5.181*

5.690

21*6

3.765
3.900
5,061
5.009

7.610
7,811
7,768
8,005
6.885

11.721
11,576
11,668
13,066

106

1»,U38

U,5U4

11*1

1*,705

U.8l*6

399
1,399
1,339

5.187

4.876

5.586
6,733
6,215

3.172
3.106
2.581
2.671
2.009

7,177
6.730
6,082
6.333
5.679

11,891*

Contracts for sale
to foreign customera:
Jan. 3
Jan. 10
Jan. 17
Jan. 2l»
Jan. 31

108,073
107,900
111*. 963
117.1*16
111*.

125

55.590
61,296
65,71*6
69.51*7
66,031*

71
1*9

60
60

2.933
2.991
2.966

1*1

11,21*1

1.978

1*1

10.963
11,927
11.139
11,105

2,01*0

875
15.903
15.955

621*

Ul

2.251*

2.0&g
1.935

3.21*3

1*1

11*3

3.327

Ul

560

1,809
1.931
2.030

311
311

1.91*1

31*8

17,561*

1*56

2.563

339

16.923

395

88.1*89

5.33I*

Contracts for sale to
domestic customers:
Jan.
3
Jan. 10
Jan. 17
Jan. 21*
Jan. 31

226,086 I7i*.i*67
239.222 182.026
239,963 183. 513
21*1.928 182.961
23l*,l*07 180.

569

61*6
1*91*

51*1

11*.

58U
578

1,728
1,929
1.671
1.827
1.715

65
21
107

20lt.8l*7

205,81*3

203,295

Net Position in Foreign Currencies of Reporting Banks and Bankers
In the United States for January 1940
(la thoaiaads of dollart)

Position as of
following dates

1*,005

3.62U
3.501
3.662
3.670

72
77

130
133
96

OTHER

MONETARY

-51-

STATISTICS

52

Balance Sheet of the Exchange Stabilization Fund

June 30, 1939

Deeembar 30, 1939

iLSSITS:

Csih:

Treasurer of the U. S., Sold
Treaeurer of the U. S.,
Checldag Account
Federal Beserre Bank of
New Tork Special Account
IHaburalng Offlcere' lalancea
and AdTance Account e

$1,800,000,000.00

$1,800,000,000.00

1.998,137.07

1,576,702.89

loU, 567, 674.90

29.959,870.1*2

3,185.31

$1,906,168,997.28

8,963.18

Special Accounta of Sec*y of
Traaaury - ?ed. Ree. Bk.
of H. T.!
Special Accoxint Ho. 1
(Oold)»
Due from foreign Banka

(Torelgn Izchange)
7ranc8
Belgaa
Sterling
Central Bank of China
(Secured Depoelta)
65,229.995.63 Tuan (Oold held
collateral $19,379,015.65)..
65.157,698.211 Tuaa (Oold held
collateral $19,379,015.65)..
InTeatmenta - U. 3. Treaaurjr Bonda**..

Accrued Interest Becelvabla**
Other Accounta - Deferred Chargee
Commodity Salea Contracta
(Deferred Chargee)
Total Aaaeta

2,636.00
$2,015,032.1*57.12

LIABILITIES AND CAPITAL:
Capital Account

$2,000,000,000.00

Accounta Payable
Touchere Payable
Due to 7orelgn Banka

Samlnge** - leaa General Expensea***.
Total Llabllltlea
and Capital
See Schedule 1.
See Schedule 2.
••• See Schedule 3.
*

••

16,61*8.13

1,6(A. 586.06
15.032,1*57.12

$2,015,032,1*57.12

$l.831,5i»5,536.l*9

53

Schedules for Balance Sheet of the Exchange Stabilization Fund
Schedule #1
Special Accmiat

H

- Sold

Schedule ehowln^ location «f Oold held by and for account of the Sxchan^ Stahlllzation Tund.

.

54

Gold Assets and Liabilities of the Treasury
(la Blllloas of dollax8-oai bftsls, dally Treanry st«t«iient* wireTlsed)

Uabllltlaa
Xnd of caloodar
Toar or noath

193^
1935
1936
1937
1938
1939
1939-Msr..
Apr..

ooia
Aaaeta

8,238.
10,122.
11.257.

Oold
Oertlfloatat 1/
i27'».0

I7.6U3

.679-5
.959.6
,212.3
,872.8
,278.6

12,760
lit,

511.

15,258

,627.0

Itay..

15.790.
15,956.

June.

16.110

.176.0
,398.8
,595.6

16.237

,91)9.8

ixig..

l6,6l*5

,391.9

Sspt.
Oct..
Hot..
See..

16,931
17,091
17,358
17,663

,7it9.7

17,931.
18,177.

,630.6
,881.5
,lU3.8

19l40-Jan.

T»i..
Mar..

18,U32

,908.U
,01*5.9

,278.6

Oold fiasarra
agalnat V.S,
netaa, ato.f/

156.0

StaMUatlon

o^

c
<o o

jZ

in
ea

LUi

O

-

—

CNJ

—

z

o

->o
-)

01

+J

O

O O

(->

ttM<WWWWW4MWg

^ffi

—

^^^
^^
^
£^^

>^
_l

X
Iz

__

Z
—

•p

O

^^^^^^ffi

I.

^>

lK'^^^<^^^^

lMMMM^^M^w.wA^

tMMiUMiWiKm^^
I

tmKmwxwxom

C

rM^MMvMy^TMfMJJT;

s
^^
^5^

5^
_

PvWVVWV

6)

<
o
_j
O

_
<

(/)

Q

o

—

3

IOQQOOQQOCCOOQOO<;^^66^^J

K><!^«><><>«WW<>«»«»

twwwwwwwwsiww

^0 o

O

O
(M

o^.

o
—

in

—

2.

«

5

>

s

kVVsWVVVWV

(^^

O

BMJMMMWWWW™

J

+

liJMXXXX^iXXXXbJ^Wi^
I

Li_

o
O

'^

CO

^

o
o

iffi

ii*ii8«ti«»»j«iii«j^i;TOs;5S

^s
^^1

l!t^'^^iMJMJiAMJi««88i«S«S
t<>o<xx>60«>y.6.NM<.^>!<!kW6

^
^BS

o
§

o

-f-

tAMfltMM&JAiMAtAM^

tW«<««iW)«!WW«TO
b*i^Ji^i'^^^i^i«WiW6WMW

^s

v>ooo'xx>o(>M>lMMiiiif
lift<«^WW9W<ii?W»i«XXX

f«g«ggw»<X8»5i;iXXX
TJ

CV

-S

™»™^

o

fc><'<^<>i>«™<»

<^

ti^^^<^«<^wwwwww™

IUJ

—

^ffi

(0

towA™wy>ww«<

» O

Z
o

O O

y^v'^mmmm'i'ivm
^

1.

-^
®2

to

^^^2

Kiwwww<«wwww«
fe^>»W«»»WW»»!

^wg«<»w«<xx?w:
I

^

c

^^^^^^^

S^^^^^

J
u

^^^^^S^

^^S^^^
tWWi<SM^

ifi

£

I
I

di 9

o a>

liJ
I

55

o

CM

56

Components of Silver Monetary Stock
(In DllllonB of dollare - on basis of dally Treasury statementa. revised)

End of
calendar
year or
month

57

Net Movement of Silver to and from the United States
(Ic thousEUids of dollarB - as reported by U.

Calendar year
end month

S.

Department of Commerce)

58

Value of Selected Currencies In TerniB of Gold
1928 • 100

Monthly srerage of dally qaotationa

United
Statee

MISCELLANEOUS

— 59 —

60

Connodlties Imported Under Quota Provisions

Commodity and coimtry

61

Summary of Criminal Cases In the United States
District Courts
Alcohol Tax, Oustoais, Narcotics. Secret Service and Internal fievenae 1/
for the Month of Teh. 19U0
INVINTOET 0? CASKS

Bureau

c:

Treas.

^