Full text of Treasury Bulletin : June 1940

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L/BRARy

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LlFBRARY
ffOOM 5030

JUN

7.1

WZ

TREASURY DEPARTMENT

X.

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BULLETIN
OF THE

TREASURY DEPARTMENT
JUN291940

JUNE 1940

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

TREASURY DEPARTMENT
OFnCE OF THE SECRETARY

BULLETIN
OF THE

TREASURY DEPARTMENT
JUNE 1940

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

TREASURY DEPARTMENT
OFHCE OF THE SECRETARY

Table of Contents

Fag*
1-10

OlTldende Received by Oorporatlons
Reoelpts and Expenditures

12
13-22

Flaoal Years 1935-'W
Expenditures by Glasses, Heoelpts by Souroes
Social Insurance Accounts
Gasb Income and Outgo

2J-ZK
25

General Fund and Public Debt
Oompositlon of the General Fund
Holdings of Government Obligations
Net Market Transactions of Treasury Investment Accounts
Composition of the Public Debt
Computed Interest tuid Yields on Public Debt Issues
Government Corporations and Credit Agencies
Assets, LlabllltleB and Proprietary Interest
Souroes and Uses of Funds

28
29

29
29
Jl

35
36-39
'W

Issues Outstanding

International Capital Movements

^

Summary Tabls, 1935-39
Short-term Foreign Assets and Liabilities
Security Transactions and Brokerage Balances
Transactions In U. S. Domestic Securities
Foreign Exchange Transactions

44-1^7

48-50
51
53-5'*'

Other Monetary Data

Gold and Silver
Foreign Exchange

.

—

.

Miscellaneous
Vessels Cleared from the United States
Oommoditles Imported Under Quota
Law Enforcement Statistics

56-59
60

62

63
64-

Dividends Received by Corporations

since 1917 the Federal Income tax
have accorded special treatment
to the Income of corporations derived
laws

from dividends.^
As a result,
the
statistics compiled from corporation
Income tax returns contain significant
Information on the volume and distribution of dividends received by corporations. ITils Information Is here
summarized for the taxable years 19261937, or for available years within
this period.
that these data
It should be noted
do not Include all dividends received
by corporations. Some corporations,
for example, those not organized and
operated for profit, are exempt from
the Federal
Income tax.^
Since they
do not file Income tax returns, their
dividend receipts are necessarily excluded from these statistics. Moreover, in the case of corporations filing tax returns, not all dividend receipts are accorded special treatment
and, therefore, not all are separately
tabulated.

Variations from year to year In the
tax treatment of some of the special
categories of dividend receipts, and
other factors affecting thecomparabllIty of the data, are noted below and
In the footnotes to the tables.
nhidar th« Act of Aa«<ut J, 1909 alM lattroorporat*
dlTldvadt w«r« aeoordtd «p«ol«l tr«ata«nt, tottt iBd«r Vb»
lartno* Acta of 191} ud 1916 th«r Mr* sot llfforantlatod froa oth«r oorporato lacoao.

^foT an omiBarvtloo of oxAspt ol&oa*« of oorporfttlona,
••• ftfotloa 101 of tha latomal lUToaoo Ooda a« aaandad
ty (aetloa n? of tha Barans* iot of 1939.

Federal tax treatment
Under the Revenue Acts of 1913 and
1916 Intercorporate
dividends were
fully taxable; under the acts of 19181034 they were fully exempt.
The act
of 1917 provided the transition by
stipulating that dividends received In
1917 from earnings of the period March
were taxable at
1, 1913, through 1915
the rate Imposed by the 1913 act, and
those received In 1917 from 1916 and
1917 earnings were taxable at the rate
of the 1916 act.
Dividends received
In the
taxable year 1918 and In all
subsequent taxable years beginning
prior to January 1,
1936 were exempt
from tax.
In the 1936 act Intercorporate dividends were made partially taxable by
requiring the Inclusion of 15 percent
of such dividends In the Income tax
base for taxable years beginning after
December 31, 1935.'
For purposes of
the 1936 and 1937 surtax on undistributed profits. Intercorporate dividends
were fully taxable.

Under the Revenue Act of 1938, Intercorporatedlvldends received by corporations with net Incomes of not more
than $25,000 were exempt from tax to
the extent of 85 percent of such dividends received (but not more than 85
For
percent of adjusted net Income).

Tha laranaa Aat of 1939 prortdad for tha laeloaloB of
10 paroant of aooh dlTldaado. fhla proTlaion vaa auparaadad bafora It haoaaa affaetlva. hovarar,
*^* aboraaatloaad proTlalon of tha 193^ aot.

V

corporations with net Incomes of more
$25,000 a similar exemption was
tlian
allowed with respect to what in effect
was a basic tax rate of 16)5 percent.
The entire amount of Intercorporate
dividends, however, was included in the
tax base subject to what in effect
amounted to an undistributed profits
tax of 2'i percent on undistributed net
Income."*

The tax on undistributed profits
does not apply to any taxable year beginning after December 31, 1939. Under
the Revenue Act of 1939, 85 percent of
Intercorporate dividends (but not in
excess of 85 percent of adjusted net
continues to be exempt from
Income)
the normal corporation income tax.^
TlB special tax treatment summarized
above has not been accorded all diviFor
dends received by corporations.
varying periods, some minor classes of
dividends received by corporations have
been taxable as ordinary income. These
Include (1) dividends received in taxable years 1918-1920, inclusive, and
1932 to date on the stock of domestic
corporations which are themselves exincome tax;^
empt from the Federal
(2) dividends received in taxable years
1921
to date on the stock of corporations deriving their gross income
chiefly within a possession of the
United States and taxable only on income from sources within the United
States; (3) dividends received on the
stock of corporations organized under
taxed corporatlont wUh not Incomee of
''Th* 1958 act
sore than $29,000 In general at a rate of 19 percent, but
allond a tax credit of 2i percent for dlvldende paid (ae
thli procedure
defined \>j the act). Ae Indicated at>OTe,
«ae eiiulTalent In reetdt to the Inpceltlon of a baalc tax
of l6J percent and a enrtax on mdlitrltiuted profite of
2^ percent.

'Onder the 1936 act and aubeequent acts, corporatlont
qualifying ae autxial InveetBent conpanlee are not allowed
the 83 percent credit for dlrldende recelred, but are allowed to deduct dlTldende paid In coaputlng taxable net
IncoBe.

TJnder the I909 act aleo, dlTldende received from eieapt doBettlc corporatlone were taxable aa ordinary Income,
and dlTldende received from foreign corporatlone
eubjoct to the Tederal exclee tax «r« deductible.

the China Trade Act, 1922; and (4) dividends received on thestock of foreign

foreign
(a)
corporations, excepting
corporations subject to the Federal
income tax, in taxable years 1918foreign
and (b)
Inclusive,^
1920,
corporations deriving a major portion
of tlieir gross income from sources in
In taxable years
the United States,
1921-1933, inclusive.^

Volume of dividends received
During the twelve-year period 19261937, the volume of dividends received
annually by corporations ranged from
approximately one to three billion
dollars. (Table 1.) Receipts were at a
minimum in 1933 and reached a maximum
The record high of $3,014
in 1935.
million for the taxable year 1935 Is
partially due to the discontinuance of
the privilege of filing consolidated
except for railroads, under
returns,
Because
the Revenue Act of 1934.'
corporations (with some exceptions)
are no longer permitted to file consolidated returns, the amount of reported dividend receipts includes intercompany dividend transfers between
affiliated corporations, some of which
did not enter into the statistics for
earlier years when consolidated rethe
In 1936,
turns were p)ermitted.
amount of dividends received by corI)orations declined, despite a substanin cash dividends paid,
tial Increase
reflecting possibly some simplification of corporate structure through
elimination of subsidiary companies.
In the course of the twelve years
under examination, the division of
between corporadividend receipts
Incomes and corpotions with net
rations with deficits has undergone
'The amount of dlTldende
received by corporatlone on
the etoclc of foreign corporatlone In the year 1937 vae
reported at $209,000,000.
The amount of dlvldende received from the other above-enuaerated categorlee of corporatlone le not known.
S

Tor the treatment of coneolldated retume under the
Bevenue Acta of 1913-1939 eee Bulletin of the Treaaury
Department, April, 19ltO, pa^ee 1-U.

radical change. Between 1929 and 1932
the proportion of dividend receipts
accounted for by deficit corporations
Increased from 15.6 percent to 65.3
percent. Thereafter, the share of deficit corporations declined to 6,2 percent in 1937.
In this
connection it
should be pointed out that a marked
re-grouping of net income and deficit
corporations occurred in 1936 as a result of a change in the definition of
Beginning in 1936, divinet income.
dends received were included in the
statutory definition of net income, and
both dividends received and partially
exempt interest on Government obligations (formerly excluded) were Included
In the definition of net
Income employed in "Statistics of Income" tabulations.' As a result of this change
in definition,
some corporations previously in the deficit class were
shifted to theclass of net income corporations.

Size of recipient corporations
Large corporations, which receive a
sizable proportion of every item of
corporation income, receive a particularly large proportion of intercorporate dividends. In 1937, when corporations submitting balance sheets reported $2,601 million dividend receipts,
those with assets of $50,000,000 or
more accounted for 65.2 percent of the
With one exception (1933) the
total.
corresponding percentages for the years
1931-1936 were each in excess of 60
Corporations with assets of
percent.
$1,000,000 or more have in most years
accounted for roundly 95 percent or
more of all dividends received by corporations.
(Table 2.)
The aggregate amount of dividends
of specified size received by corporations with different sizes of net Incomes and deficits is shown in Table 3,
''United Stat«a Treasury Department. Bureau of Internal
Eerenua, Statlttlce of Incoae, Part 2, coaplled annualljr
froB corporation Income and exceee-prof Ita tax retume.

These data also Indicate that the bulk
of dividends is received by the larger
corporations.
In 1937, for Instance,
corporations with net incomes of $5,
000,000 and over accounted for $1,348
million or 53.6 percent of the $2,515
million dividends received by all net
income corporations.
The corresponding percentage for 1936 was 51.3 percent.
(Table 5.)

Number of recipient corporations
Only a relatively small number of
corporations receive dividends from
other corporations.
In 1936, when
478,857 active corporations filed Income tax returns, only 44,947, or less
than 10 percent of the total number,
reported dividend receipts.
The percentage for 1937 was substantially the
same.
(Table 4.)
The proportion of
corporations reporting dividend receipts is higher for net Income than
for deficit corporations, and for both
groups of corpwrations Increases markedly with the size of net Income or
deficit.
(Table 6.)

Size of dividend receipts
Most of the corporations receiving
dividends do so in small amount.
In
Income
1937, 70.3 percent of all net
and 87.5 percent of all deficit corporations receiving dividends reported
than $5,000 each.
less
(Table 7.)
Quantitatively, these small dividend
receipts account for only a small fraction of the total amount of dividends
received by all corporations. The aggregate amount of dividends reported
In amounts
of $1,000,000 and over, as
amount of all divia percent of the
dends received by corporations with
Incomes and
different sizes of net
deficits. Is shown In Table 8.
Dividends receivedby Industrial groups
Three industrial groups of corpora(a) finance, (b) public
utllitions

—

transportation, and
generally accounted for some 90 percent or more of
the dividends received hy corporal ions.
Finance corporations alone, the most
Important recipients of dividends, have
In recent years received around 60 percent of all dividends paid to corporaFor 1937 next In Importance
tions.
are manufacturing, with 19.6 percent,
transportation and other public
and
utilities, with 12.1 percent. The distribution of dividend receipts by Industrial groups for corporations reporting net Incomes is similar to that
(Table 9.)
for all corporations.
ties.
(c)

Including

manufacturing— have

The enhanced relative importance of
the dividend receipts of the finance
group since 1934 and the collateral
decrease in the Importance of divi-

dends received by transportation and
other public utility corporations appear In part to be the result of the
shifting of corporations from one industrial group to another after the
substitution of separate for consoliWhereas in 1933 and
dated returns.
prior years parent holding companies

Included In consolidated returns were
classified In the Industry in which the
principal business activity cf the consolidated companies lay, in 1934 and
thereafter such holding companies, filing separate returns, were classified
In the finance group.

Importance of dividends received by
industrial groups
The relation of dividends received
compiled net profit for corporato
tions with net incomes in the several
industrial groups is shown in Table 10.
For 1937, dividends received amounted
to 64.9 percent of compiled net profit
for finance corporations, 19.7 percent
corporations,
19.2
for agricultural
percent for transportation and other
public utilities, and 18.8 percoit for
It
the mining and quarrying group.
should be emphasized tliat year to year
comparisons of tlie percentages in this
table are seriously affected by the
lack of comparability of the corporations included In the group of net Income corporations due to changes In the
statutory definition of net income and
in business conditions.

Table

1

-

Dividends on the Stock of Domestic Corporations Received by Corporations
Subject to the Federal Income Tax, 1926-1937 \J
(ifflouats

In thoutandt of dollar*) 2/

Vet inooBO corporations

Doflolt coiporatlou

Tazablo yoar

all

iaowt

AB0)2nt

1926 2/-

1.2U3,190

82.5

262. 9eu

17.5

i.soe.is"*

1927....

1.303.635

78.6

35U.Ulti

21.

1.658.076

1928....

1,595.120

83.2

321.551

16.8

1.916.671

1929....

2,lg«.655

gl».U

'•Oli.397

15.6

2.593.052

1930....

1.76'».olio

(a..i

807. 191

31.'*

2.571.231

••

852,586

"3.3

1.116, 6U1

56.7

1,969.229

'*37.001

3U.7

822.981

65.3

1.259,982

Wto.OT?

l(£.9

585. 63U

57.1

1.025.709

9110.895

U2.U

1.276.551

57.6

2.217.'tl<6

1931.

1932

!t/.

1933

!»/•

193U

Is/.

1935

!»/•

l.'*92,322

U9.5

1.521,265

50.5

3.013.587

1936 5/.

2,503,922

93.5

172,676

6.5

2.676.598

1937 5/-

2,51'».603

93.8

167, 62U

6.2

2.682.226

Table 2 - Dividends on the Stock of Domestic Corporations Received by Corporations
Submitting Balance Sheets, by Specified Size Classes of Total Assets, 1931-1937
(iBomiti of dlTldoodt in thousands of dollars) 2/
Size of
total asnts

Table 3

-

Aggregate Amount of Dividends of Specified Size ClaBses Received on the Stock of
Domestic Corporations by Corporations with Specified Size Classes of Net
Incomes and Deficits, 1936 and 1937
(imoontB at dlTlleadi and •

Table 4 - Number of Net Income and Deficit Corporations Receiving Specified Size Classes
of Dividends on the Stock of Domestic Corporations, 1936 and 1937

Table 5 - Dividends on the Stock of Domestic Ciorporatlons Received by Specified Net
Income and Deficit Size Classes of Corporations, as a Percent of Total Dividends
Received by Net Income and by Deficit Corporations, 1936 and 1937
31 se of aat IsooiM

or d«fiolt

9

Table 9 - Dividends on the Stock of Domestic Corporations Received by Major
Industrial Groups of Corporations, 1926-1937 i/
(In ttaauundt «f dallara) 2/

Agrloultur* and

Klnliis

nlatad

7»«P

iadus-

lUnafao-

Ooattmo-

turiii4

tiOB

trlM

Sarrloa:
Frofai-

Vinaaoai BaaklBc,
Inauraaoa. raal
•atata. holdlnf
amaaaanta. oo^aalaa. atook baalnaai
net
betala,
and %a*d brakara,
flTaa
•«a.
ate.

Traaaportatlsn
and othar

alooal.

paUle
nttlltlaa

Ml
oorporailona

ill Oorpei
tiont

A.

76.OOU

1926

7.089

'«7.515

12,093

1)117,1)93

511.152

19,81)6

l)«0.95l^

1,008

1.506,15l)

1927

8,l6U

51.752

377,092

25.527

5U7.25I)

58,283

26,930

559. WS

3.609

1,658,076

1928

9.U71

57.607

»»7''.857

11,712

580.750

62,186

35,20U

681,505

3.398

1929

8,7Ul

59.735

583,513

13.670

831,831

59,257

59,613

972,331

U.Sfio

2,593,052

1930

9.668

53.581

5^*7,660

25.U32

71)0,230

63,988

53,166

1,076,261

l,2l)l)

2,571,231

1931

5.278

3>»,8Ui

391,658

1,916,671

21,008

6l>),88l)

1)7. 31)1

1)2,023

809,250

2.91)6

1,969.229

.

5.102

20,506

210,928

17,652

1)29,11)1)

36.286

17.505

520,607

2.252

1.299,982

1933 !i/-.

3.982

15.580

160, 1)81

10,09>)

310,781

3'».')30

8,1)07

1)80,901

1.053

1.025,709

193^5/...

5.582

75.7'*7

388,637

5.167

321), 151

59.517

12,1)70

1.3')5.671

505

2,217,1)1)6

1935 it/...

lO.eiU

71.711

6l3,l6l»

6,11)0

268,269

71.731

16,832

1.955, 1)1')

111

3.013,587

1936

l3,oiio

68,022

5^.577

7,288

31)1,302

81,233

1)5,1)28

1.57'*.61)1)

66

2.676.598

X93T

12.670

«.603

52>».3U

6,182

32l),l68

93.799

33.5*3

Tgl*

79

2.682,226

1926

3.526

53.0*

3^.5»

10,1)92

l09,>)l6

1)2,61)2

17.121)

3»,8l)l)

903

1,21)3,190

1927

>>,218

jl.03^

J17.397

22.591

>)62.96j

••5.518

20,531

396,93"*

2.1)1)7

1.303,635

1928

k,&>6

••5.903

1)1)6.265

7.812

506,381

51.159

26,039

509,01)6

1,870

1.599.120

1929

3.837

U7.710

553.177

11.992

799,758

•)«.7»0

51,662

669.763

1.976

2,188,659

1930

l,76l),ol)0

1932

il/..

1,601.

•t

Inota*
Oorperatleat

2.979

28,820

"•57.195

23.098

666,328

l)i),95i)

1)2,926

1)97.1»56

28l)

1931

7«9

8,992

209.725

5.631

1)05,773

23.132

19,833

178.21)1)

1)69

852,588

1932

!l/

1,183

7.373

101.207

1,156

192.571

15.820

'•,51)6

112.680

161)

1)37,001

'».037

U9.626

1,712

168. 36>)

2l),l)92

i!/

9^

3.128

117.1)82

281)

1)1)0,075

193"* !t/

1.IA7

16.335

l9U,oio

1.287

7.052

27.997

')52,890

2,056

195.093
197.3W*

1)0,588

1935

U.359

61,881

526,785

5,1)20

11.356

si,ou

502,776

5.320

1933

!t/

19365/
19375/

6.302

'•85.721

113

9*0,899

61,756

9.1)21

733.758

D9

1,1)92,322

312.957

77,888

3U,i)5l)

l.i)73.l'»7

31

2,903,922

289.719

90,151

21),

1.509,862

53

2. 51*. 603

355

Table 10 - Dividends Received on the Stock of Domestic Corporations as a Percent of
Compiled Net Profits, for Major Industrial Groups of
Net Income Corporations, 1926-1937 J/
Asrlcnltnra and

related
Indnatrlaa

Mtnln«
and

fuanTlns

KanofaoturlB^

Oenatmetlen

Sanrlea
Profaa-

Traaaportatlen
and etbar

naancai Buddnci

Inanranoa. raal
alonal,
aat&ta. holdlnc
bnelDSB
amiaaaanti co^iaiilaB. atook
not
hotala,
and bond brekara,
glTon
ato.
ate.

indille

utUltlaa

eorporatlona

i).7

10.2

7.8

6.0

19.0

3.5

6.1

16.7

19.5

1927...

5.1

9.8

7.3

11.5

22.3

3.8

7.7

18.1

36.3

12.2

1928...

5.*

11.9

8.5

"•.3

21.6

3.7

9.2

I8.3

J1.1

12.6

1929...

9.0

9.8

9.1)

6.2

27.*

».0

li).l

21.2

1)5.6

15.3

1930...

6.8

12.6

13.9

13.1

32.9

6.1)

19.*

27.8

13.6

20.7

1931-..

9.3

10.9

12.3

6.1)

30.5

*.7

1V.3

19.9

20.6

17.9

1932 i/

16.3

10.1

u.l)

•.3

21.1

6.2

6.5

22.9

13-3

16.0

5.9

5.2

7.3

6.3

20.1

5.2

).8

25.9

36.8

12.3

U.l)

9.2

9.0

3.7

17.3

5.6

5.5

1)6.0

10.9

17.*

13.5

1U.3

15.2

3.9

17.3

7.*

6.8

90.1

7.9

21.8

1936 5/

17.2

20.1)

12.9

7.2

22.6

6.8

Ik. 8

60.7

>).7

25.7

1937 5/

19-7

18.8

12.1

6.2

19.2

8.*

10.8

9i.$

8.0

25.5

1933

it/

193I)

y.

1935

it/

(Tor aoiirca and footootes, aee

pa^

10.)

11.0

10

Dividends Received by Corporations

SonrMi

StMpt for labl*

3. th* takla*

an teud

npon d«t«

in1>-

^

-

(Sources and Footnotes)

Prior to 1926 tha totala are Inooaplate, priaarlly baeana*

ntlll^ 00a-

llthsd In Qolt^d Statci Ti«saax7 Separtant, Bnraai at

before that year retuma of rallroada and pobllo

Intarnal Bcmrn* Btatlitloi of Inooaw . eenplLel froB

panlaa. and probablr aoae eonaolldated retnraa In other law

eorperatlen IsooM aal xoaeS'^roflta tax ratiinis.

dnatrlal gronpa, vera ant fslljr tabolatad aa reapeota partlefurtharaore, Tarlatlon la tba

labia 3 la teaad npoa nnpobllabsd tebnlatlona preparad

nlar reoelpta and dedootlona*

ty tha Boreaa of Internal Bsranoa, Insosa Tax Unit,

nnaber of filed zetnma tabttlated appeara to hare affected the

omparabllltT of the data for

Statlatloal Sactlon.

aoaie

of tha earlier Te<ura>

notablT 1919.
1/

Ilia

dlTldanda tabnlatad In 8tatl»tlei of Inoo»a coaiirlaa
aa a dadnstlon In coopatlnc nat

throng 193$ thoaa allowed

U/

In Interpreting ttaaaa data It ahould be recalled that la 1933-

tnoeoa, and kagtanlnc 193^ thoaa allovad aa a l>aaa npon

193; oorporatloaa filing oonaelldated retnma vara aoAJact to

hloli to oonpata tba 8$ persant dlTldanda racalTad oradlt

a hlj^r rata of tax thaa other oorporatlona; and further,

against net Inoou.

that tha prlTllege of filing ooaaolldatad

Eanea, the flgoraa ahovn akora exolnda

atrleted to rallroada

dlTldandi raoalnd fr«B apaolal olaaaaa of donaatlo oorpor*tlona, not allovad aa a dadostlan or aa a taala for oradlt

acalnat nat Inooaa, aa foUovat

^

fra

Tor 1936 the olaaalfloatlon of retnma between net laeoaa
oorporatloaa and dafldt oorporatlona la baaed on aat Inaoaa

for Inooae tax ooapatatloa which, nallka tha set Inscae an-

tha fadaral laeoM tax; and In all Taara

ployed for daaalflcation In fonwr 7«ara, Includaa dlTldanda

ahoMi, dlTldanda reealTad on the atook of corporationa

racelTed on tha stock of doaaetlo oorporatlona anb^ot to the

orgaaiied vadar tha Ohina Trada Aot and on tba atoek of

ledaral Incoaa tax and Intareat reeelTed on eertaln OoTamaaBt

oorporatlona darlTlng a larga percaataga of thalr groaa Isoona vlthla a poaaaaalon of the Oblted Statea.

the anoonta ahovn Include

throng 1933

•

obllgatlona subject to the eiseaa-proflta tax, and axdndea

Oonraraaly,

oontrlbatloaa or glfta (to tha extent allowed) and tha exoeaa-

thoofb not thare-

proflta tax.
itftar,

dlTldanda raoelTad fron foral^ oorporatlona derlT-

lag Bora than

haU

retnma vaa re-

the BaraaDa lot of 1934.

In 1933 and anbaaiinant

Taara, dlTlda&da raoalTad on tba atook of donaatlo oorpora^

tlona •zanpt

tgr

Tor 1937, tha olaaalfloatlon la baaed Tqpca nat

laeoaa for exeeaa-proflta tax coaipatatloa, which dlffera froa

tbalr groaa Ineooa, erer a thr«e-7aar

the I93S "net Incoae for Incone tax ooajntatlon* bj not ar-

period eloalng vlth the taxable Tear, froa aoorcaa oltbla
olndlng the axoeaa-'proflts tax.
the Oiltad Statea.

^ BQtnal

The flgorea Inolnde dlTldenda recelTed

IsTeatBant ooapanlaB,

thoo^ for taxable yeara

beginning after Saoaaber 31> 1939i anoh ooeipealea

haire

not

been allooed tha dlTldanda reoelTed oredlt.

6/

Oorporstlons with total aaaeta of »50, 000,000 and OTer.

1100,000,000 and thoaa with aaaeta of $100,000,000 and orer la
not srallable for Tear a prior to 1936.

2/

iooonta are roondad to the nearest thonaand, and vlll not
neoeBsarllT add to totala.

Bia

breatnown batnan oorporatlona with aaaeta of $9>,000,OCIO -

FEDERAL

RECEIPTS

AND

-11-

EXPENDITURES

13

Summary Table on Receipts, Expenditures and Public Debt
(In Billions of dollar* - on

bull

of Aalljr

Irouwy

•tatouato, onrarliod.)

13

Monthly Receipts, Expenditures and Excess of Expenditures
(In atlllena of doUsri - en kaslt of dallr Treanrjr •tsteaonto, oimTlBed)

Sept.

Beoalpto
1935
1936
1937
193«

2XU
ZL8
275

1939

S?

IxcasB of ezpendlturei
1935
1936
1937
1938
1939

Sotei

228

^3

960

19110

Ixpondltureo
1935
1936
1937
193«
1939
19S0

601
75?
1,011

USg
538
588
53U
693
713

285
310
30U
199
385
398

T?

21)6

1*63

256
335
375
397

529

93*

yen

Hoc

6W»
815
752
879
1,006

6lt3

569

786
792

7'»5

557
U17

350
537

868

n»
613

858
613
528
662
668

317
271
338
179
2^5

-27
-108
-196
-208

2.1)38

1.295
937
973

279
M09
311
308

6l£
661
677
763
807

1)21

231*

3,857

1)99

233
327

'».372

788
711
719

1.38

592
558
683
822

588
683
702
765
793

105
196
U02

535

637

7.1*51

9. 361*

U99
678
691

8.360
8.1)93
9.50I)

61*9

39't

11)2

370
518

3U8

72

ItSS

2))9

395
1.909
1)27

367
268

163
360

U99

167

570

181)

1)09

-86
5h
71

279
1*39

301
336
172
296

1*1*3

281)

lagatiTO figures denote ezceee of reeelpte

Summary of Receipts and Expenditures
(la mllllou of dollan - on bsele of dally Treaaory itataaents, nnrerlaed) 1/

Tlaoal year
or month

6.312

-186
166
320

3.59'»
v. 992
2,01)8

2,500
1*.020

BUDGET RECEIPTS, EXPENDITURES AND EXCESS OF EXPENDITURES
January 1935 to Date
1936

1938

1937

1939

Millions

-Receipts

1.200

II
E
JMMJ
SNJMMJ
SNJMMJ SNJMMJ SNJMMJ SNJMMJSN
1.600

1,400

1.200

1.000

800

]
I

1

1

1

1

1

1

1.600

15

Expenditures

-

General

(In nlllloDt of dollara - on baili ot d«ll7 Tr*atxii7 ttattiunt, unrtTtsad)

Social
Saonrltjr

Tatarans'
idalalatratloa

w

3.|«3

2,6a

1935.
1936.
19371938.
1939.

It29

'i.29T

505

u.eei
5.328

635

763

lis

507
556
576
580
582
552

15>»

856
97U
1.075

90
95

^5

^
K6

Sept.

599

100
106
102

¥

108
112
119

go6

1/

668

ltl9

Apr.
Hay.

^

Hi

Verica

>t80

Joly.

ISUO-Jaa.
ret.
Mar.

1/

807
JUI
356

J.Z25
3.399

PSblle

<0
150

?"

U71
536

tnral MrJuatmaat

procraa

289
712
533
527
362
7»7

OlTlltaB
Oonaana/tloa Oorpa

u
321
325
290

Ballroad
Ratlramottfe lota

29
ISS
290
3^5

Xateraat
OB tha
pntllo

757
821
7U9
866
926
9'H

106
73

97
117
102

127

U9

12>»

128
105

138

38
19
lUfi

155
150

I&olodes pobllo bolldin^, pobllc hlgbwaTa, rlTera and hartora, fannsaaaa Tallay Inthorlty, ftiral naetrlfieatloa and Baalaaktloa
projecta.
Included midar BecoTeiy and Belief in tbeaa Teara.

Expenditures

-

Recovery and Relief

(In ailliona of dollara - on baala of daily Trearar atatementa, Tmraftaad)

157

85
15

'»5

^5

169
lUj
172

16

Expenditures

-

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

(In allllou of dollar! - on

%ula

of dall/

BsTolTloc fund* (n«t)

i<rlenltoral

Aid

%

11
SOU
121

92

Juna*

(•)
(•)

Jnl7.
io«..
Sapt.

lil
(1)

1939-«V..

Oct..
>0T..
Sao..

r*d*i«i
Old^lC* ud
SorriTort
Inaoranoo

?nme
Vorln

222
13^

71
71
1.81U
868
607

685

lallrend
Aooonnt

•ooomtti, ote.

MJuatod
Sorrlo*
Oortl float*

Amd

Admnooa

100
50
50
265
387
503

i'»7

107

1*'

US
50

6
<•)

U

Ub..

It

Mar..

6

53
53
58

^'

(15)

(5)

10
135

Apr..
Kay..

Laae than $$00,000.
Isdleatas exeasa of oradlta, dadnot.
)
(
1/ Inoludas tranaaetlona fomerl; claaalflad aa 'Old^ice Basarr* Aeoomt*.

135

u

to

OoTomaent

Railroad
laploTaaa'
QaaaplOTBant Batlroaont
Inanranoo
(U.S. aharo)
Aocoont

52
56

ISlKKTaa..

•

tmat

Il*tlr«a«nt

la

lUl
(18)
(13)
(8)

atatoBcnt, nnrarlwd)

Trantfor* to

7U

1933
1935
1935
1936
1937
1938
1939

TnMutj

17

Collections of Internal Revenue
(In thousands of dollars - on 1>ssls of reports of colleotlons)

July 1 - May 31
19>K)

looODS taxes:
Oorporatlon
Ourrent

Baok
tndlTldual
Ourrent

,

Baolc

,

Sxoes 8-^)rof 1 1

,

Total iacone taxes

Taxes on

im^st

enrlofament .

1939

Alcoholic ^erera^ taxes!
Distilled spirits
(imported, excise)
Distilled spirits
(domeetlo, exodse)
Distilled spirits
rectification tax
Wines, cordials, etc.,
(imported, excise)
•,
Vines, cordials, etc.,
(domestic, excise).....,.
Brandy used for fortifying eweet vines
Sealers in dlstlUed
spirits; rectlflersi
manafaotnrers of stills
(special taxes)
Stamps for dlatillea
spirits Intended for
export
.*.....••
Case stamps for
distilled spirits
hottled In feond
Container stamps... •••,•.••
Tloor taxes
Fermented malt ll<iaore
Brewers; dealers in malt
ll<iiiara (qpecial taxes)..

ll»5.i>59

3.919
140 .331

5.350
7.720

5.751
13.897

a;

697.287
83.520

776.U56
88,710

900

llt,9ii£

25.1'»6

Total tobacco taxes

Total documentary, etc.,
stamp taxes

1/
2/
2/

Less than $500.
lonnorly Title Till.
»ormerly Title H.

i(it.i»33

1.655,670

1,82)4,562

7.783

5.852

ISO

132.260

127,072

2)(.205

a, 981

3U.155

296,11^7

U77

552

28,071

1.985

l,86U

23,91*

23.283

a.iui

20,009

257.609

239.696

em

768

10.566

lO.oM*

U7

37

537

1)69

510

U36

6.U2U

5.>*88

63

15>*

1.015

9't8

U.677

U.852

985
9.068

U27
8,7U6

25.359

235. Ulg

230,816

U9

2.5^3

2.625

5.'*a^

*,623
53

U9,it€i»

1.157

11.8>I9

92

3
1

July 1 - May 31
Souroas of BeTenae

year 19J9

7lU,lt5g

Total aloohollo
lieTersge taxes

Tobacco taxes:
Cigars (large)
Cigars (small)
Cigarettes (large)
Cigarettes (small)
Snoff
Tohacco (chsvlag
and smoking)
•
Cigarette pai>ers and tnties.
Leaf dealer penalties, etc.

19l<0

9.903
13.982

•

Hlscelloneoua
Internal reTenoei
Capital stock tax
Xstate tax
(Mft tax

Documentary, etc., atemp
taxes:
Bonds of Indebtedness,
issues of capital stock,
deeds of conveyance, etc.
Capital stock and similar
Interest sales or transfere
Playing cards
Silver bolllon sales
or transfers
..•••
Sales of produce for fnture
delivery (repealed aa
of 7/1/38)

yaar

Hseal

11.6gU
15.606

Ul,i55
• . .

ntaa

11,628
110

16

U8,8S5

t6,336
635

6,277

U.765
13U
1/

i»,«55

"19.925

'*9.928

1.193

1.369
7

55.'t99

53.106

5>19.701

523.653

Miscellaneous internal
revenue - contlsned
Manufacturers* excise taxes:
Lubricating oils
Ossolins
Tires and Inner tubas
Antoaobile tracks
Other ontoDobiles end
motorcycles
Farts or accessories for
antomobiles
Xlectrlc.-il energy
Badlo sets, etc. (including
tax on phonograph reoorda
repealed as of 7/1/38)...
Mechanical refrigerators...
Firearms, ahalls, and
cartridges
•
Pistols and revolvers......
Toilet preparations, etc..
(including repealed
5* tax)
Matches (inoludlag
repealed taxes)
Brewers* wort and malt
(repealed as of J/l/jS)..
Articles made of fur
(repealed as of l/l/jS)..
Sporting goods
(repealed as of 7/1/38)..
Cameras and lenses
(repealed as of 7/1/38)..
Chewing gum
(repealed as of 7/1/38)..
Total manufaoturers*
excise taxes
Miscellaneous taxes:
Bituminous Coal Act of 1937
Sugar Act of I937
Telephone, telegraph,
radio azid cable facilities, leased wires, etc..
Transportation of oil
by pipe line
Leases of aafe-deposlt
,

box
Admiesioa to theaters,
concerts, cabarets, etc
Club dues and
initiation fees
Adulterated and processed
or renovated butter,ml3md
flour and filled cheese..
Oleomargarine, including
special taxes
Barcotics, including marihuana and speolal taxes..
Coconut and other
vegetable oils processed.
Hatlonal rireaims Act
All other, including repealed taxes not listed

Total miscellaneous taxes

i.uait

1.557

16.U63

1.593

1.273
23*

13.695
3.952

28

Total mlseellaneoue
internal revenue
Payroll taxes:
17.7"*3
Social Security Taxes
(Social Security Act):
Taxes with respect to
16.330
employment (Tederal In3.866
surance Contributlone
Act) 2/
Tax on employers of 8 or
noire (Federal (Tnemploy^
ment Tax Act) 2/

38.367

1939

2.853
18.953
3.678

2.551
16.377

8ll€

628

28,308
205,101
37.387
7.239

7.923

6.367

53.1181*

3.62U

712
3.237

9.007
38.278

1.33^

1.163

8.670

180
7

205

3.291*

2.'*30

5.W3

72

1.262

6,619
22
1*

11)8

116
7

•1.203

1*03.

aa

325
5.325

206
5.892

3.836
61,650

2,258

1.7'*8

23.733

1,029

905

10.1*69

166

158

1.832

1.791

1,606

20,21*2

675

677

5.729

67

1.691

23

5

76
38

36

395

2.050

1.98^

20,87|

8

161

13.7'»3

13.290

150,61*6

176. 89U

2.162,1(82

73.682

602.677

86.792

6,802

6,1*01

105,1*1*3

93.59lt

80,083

708,120

Total payroll taxss

112.731

93.01*'*

Total internal revemis...

31*3.603

•

Total Scoial
Security Taxes
3l».29lt

I9I4O

Tlseal
year 191(0

Carriers' Taxing Act of 1937.

12,961

109,298
817,1*18
l*.6l*3.353

i*,6l2,928

18

Collections of Internal Revenue
(In thoaMLDdt of dollarB - on bails of raporta of oollootlou)
InsoB* MtA front*
Iltoal 7««r
Off BOOwl

Oenorktle

2.939.05li
3,0ii0,iu£

1929

ftgrroll

2,331,27'»

Xnrarimo*
Oo&trilntloiu
Aot

?:IS

i.253.iali

833,6I»8

1.026.393
629.566
395.218

519.509
527.113

MOO, 11(7

1935

1.557.729
1.6X9.839
2.672.239
3.299.t36

1936
1937
1938
1939

1,520,208
5.653.195
5.658.765
5,181.575

1.U27,1A8
2.173.769
2.622,813
2.178.U31

67i»,Ul6
1,091,71*1

1,2«S,312
1,028,S3U

753.032
1,082,028
1.336,501
1.159.597

'A,U32
353.868

19.6U7
163.668

785
190.200

U3.699
33. "^6
331.298

11.318

?2J:^

10,5n
i5i.in

32.381
23.019
180,121

292.2^1
339.615
l«8,993

3>».^

13.72't

20, 57"*

Sao.

318,8U5

137.3'*

181,501

ISltO-Jan.

306.301*

Mar.

385.011
861.168

1931
1932
1933
193'*

l939-*to7.

300.091

Oet.
lOT.,

AprMay.

36.122

29U.652
353.603

Oiurrlori'

UhOBploj^
Bont lax
Aat

Tulnc

^t

of 1937

1.235.733

2.410.299

1.860,0lW
1.056.757
756.791
S19.656
1.105.791

1930

lun

ooitl 8*oarlt7 A«t £/

'•27.191
352. STU

5715,678

kg

2'*.

8,172

27.950

U5.689
70.9U6

'tJ.UUj

25.128
27.503

65)1, 62U

356,076

298.51(8

U5.1I98

IS.IM

30,051*

'H.155

13.070

28,085

20,561

Miioellaaaoaa Itrtaiaal

7lt2!b60
7i(O.U29

207,339
502.917
529.835

58.119
90.267
101.167

93.0'tU

73.682

6.1*01

16,252

2.60I*

663

5.098
0,092
191

lii9,i»76

109. '*27

12.961
12.985

72.75'*

66,11*1

97. WT
12,308

73. B5

68,578
113.177
11.110

61,882
87.280
2,723

J.llW
5.730
1*93

20,167
7.89U

S9.m

60,157
87.861
2.099

28,>*2U
>*1.06l

1,063
18,360

1,191

U,7<6

6,802

19.137

2.375

1U7,282
15.076

1.515
17,81*0
9,1*1*3

I.JM

71.03

77,310
112,731

86,792

Bawm*

Agrloal-

tm«l
Xitata
aad

gUt
1929.
1930.

607,780
629.887

61,897

568,199
500,972

1*8,078

6i*,770

Nmxfa^

Aleohollo
teraraces

12,777
11,695

U3l».lil*5

10.1*32
8,701*

1*1(1*,

1(02,739
1*25,169
1*99.179

1*50.339

277
398,579

1931.
1932.
19331935,
1935.

310

1*3.171*

1,1*81,160
1,667,1*23

80,168
91.508

U3.138

258.9U

212.112

1*11.022

1936.
1937.
1938.
1939.

2.021.075
2,207.608
2.287,075
2.256.031

9'*.;

378.81*0

505,1*61*

501,166
552.25'*

M.6I87'*

595.2U5
567.979
587,800

1939-*V..

176,891*

Jona.

197,695

July.
Bapt.

183.111
265,886
280,095

Oot.
>0T.
Ike.

186.987
191.510
168,030

19l*0^an.

Kb.
Mar.
Apir.
Majr.

1/
2/

^

1*7,1*22

873.01*8

31*.

137,

139,

568,182
580.199

127.203

360.715

180
131

22.533
36.177

1*4,1*6)*

g,io6

55.982

56,506

1.937

2U.767
29.U71

52.041

56.1^

51,655
53.113
56.519

^,629

7i*,52'*

1,981*

29.185
25.525
a. 320

56.363
61,020
51.197

1*3.702

1*7.116

'5.3'*7
'*5.092

367
2>*1

tsrara'
axolsaa

Stamp

56,980
51,128

53.087
59,976

26.566

6U.173
77.729

2'*7.75l
'*3.133

68.990
69.919
46.233
41,083
3.070
2.716
2.602
3,261

^,322
25.010
18,310
14,026
87,496
147,156

396.891

351627

13.290
12,556

666
831
527
592
553

1*,584

28,635

13,11*9

3.127
2.921

3i*,l96

3.020

41.128

312

1*6.798

50,7U2

2.8llO

251*

50.201

55.'<99

3.289

526.222

92.132
98.299
131.705
162,180

4>*9,854
416,751*

13.1(83

188.871

37l.'*23

108,191*

40,038
34.440
(4.548

171,121*

11(2

390,038
352.275

3/

3.19'*

229
177
193

28,1*23

3hi*

32.241

166! 276
190.U79

1(1*.

166

'*6,95i*

adjurt-

Mlaoallaaeoaa

14,097
16,511

38.490
29.606
41,203

6.a7
6.683

630
1,008

36,018

3'*.?19

71.637

6,073

12,288
13,182
12,762

858
507
989

U,500
13.71*3

Inclndlsc exc«BB-^ofltB tax oolleotlo&a.
Iter the period prior to Sapteoljar 1939 the data In the oolunaB entitled 'tosuranoa Oontrllntloni iot' asd TtaopleTBant lax let* repretent
oollectlone under Tltlee Till and IZ. reapectlTsl;. of the Social Seourlt/ Act.
the Act of Jane I6. 1933tnclndisg tax oollectlone nnder the Sogar Ast of 1937 and under the dlTldends tax lapoaed

V

1

LJ

Zoo

Z ii
LJ
>
UJ
<

z
01

.30

Customs Duties and Taxes Estimated, and Value of Dutiable
and Taxable Imports, by Tariff Schedules
(In ttieuand* of dellart)
Chemicals,
olla, and
paints

Hutles and taxeai
1939-4pr

2.968

manofactxiree
of 2/

l.Itfi?

June

1.32'*

890

2.652
1,780
1.720

A1I7

1,052
1,278
I.37U

826
986
871

1.998
2.635

lUO

Oct
Var
Dec

1.715

909
1,078
836

2.9"»3

186

2.533
2,629

19l(0-Jaa

1.289
1.229
1.135

799

?ab
Mar

793

2,0U7
1,768
2,111

*pr

1,203

683

2,22>»

1939-<^pr

8.153
U,270

3,100
1.95?
2.09»

9,1*0

1.310
1.302

e'.M

l.UU

3.728
3.833
3.822

1.951
2,2S6
1.959

6,217
6.7U7
9.189

1,266
1,3^7
l.UlU
2,21*1)

5.6&L
k,686

9.626
8,280

See

2.035
2.U93
2,118

igltO-Jan

1*,112

feh
Mar

3.8U2
3.510

1.992
1.722
1.976

7,351
5.956

*pr

U,029

1,629

Voel and

silk
BSBnfao*
tures

1,9^
1.573

6i»7

A^lOTtltural
products and
proTlslons

molasses, and

"V

Sept

^

So^tar,

larths,
earthenvare,
and glaBsvar«

202

Spirits,
vines and
other
1)eTera^s

Cotton
faotnres

TlsLZ, hemp,

Jats, and
mannfactnres

169

2,220
2.U76

188

3.50'»

2|U62
2,122

U.n8

1,918

8!3it6

1.957

U,978
2,02U
7.071

2.061
2.107
1.1*13

5.5^5
5.151
3.585

3.383
3.306

160

'*.603

83U
860

761
1.088
906

IU7
125
116

3.079
3.986
5.558

1.919
1.622
1.589

u.esg
U,6l3
U,760

2.215
1,894
2.186

899
668
718

1,0^

1»,809

1.8O7

U,655

628

61*0

5.155
5.787
7.711

2,167
3.817
3.289
3,005
3.583
3,012

15.55>t

2.356
2.085
2,002

t,20>)
1».711

3,277
3.608
9.277

2,125
2.153

1*,338

3.175

17.585
I6.965
11.793

5.71'*

2.53^

1,705
1.333

7.217
3.28U
12.707

1.263
1,171
1.091

6,606
7.291
9.012

3.196

7.02t»

l5.3te
13.960
13.698

3.692
3.101
3.575

7.689

1,180

9.589

13.9U

3.778

1.7't8

5.236

2.33>t

2.U71

U,59i»

2,1*88

830
771

3.889

2,302

71*1*

i'.oS
U.305

1,831*
2.0l*5

790
801

5,302

801)

807
908
779

l,2l6

Taloe:
Magr

Jiuie.,..,,

July..,**,
Sept

Oot

or

suunifae~

tores of

Duties and taxes
1939-^pr

May
June

July

8,1117

Manufactures
of rajon or
other synthetic textile

2,118
2,368
2.397

217
220
220

2.508
2.662
3.569

182
321

^^

21*1*

232
273

9.631*

11.339
15.3'i8

3.2^
2,18f|

It—
Ust

P^ers
tioak*

3/

W,912
12.035
12.251
12.939
15.100

1*,088

1.781)

29.637

639
328

2?. 318

2l),0llt

+1,511)

27.15"*
3l).187

+
59
1.1*08

25,528
27.213
35.595

2,1*51*

3.031
2,U57

936
1.028
1.022
1.035
1.025
890

31.060
28.878
32,292

1.358
171

32.1*18
29.01*9

->*,U78

27,816

+6,791
+
21
563

35.788
25.651
28,702

716

26.U79

?r.653
2l»,679

2>),189

+

167
205
1U7

3.on

19l*0-Jan

5.8U2

238

Tel)

6,1*1*7

i».6l3

136
118
119

3.263
2.560
3.276

712
700

Mar

165
109

rn

28,997
25,630
28,139

Apr

3.025

163

11)1)

110

2.375

81*5

25.765

1*12

13.906
9.982
9.015

2.91*0

78.61)2

3.687
3.777

§8.570
65.299

3.179
3.222
3,128

65.763
72.001
85.019

3.571
3.673
3.878

78.293
82,800
81.393
70,897
78,950

3.1)12

3,028

Ull»

792
727
899

1.^

3.623
July.
lu«..
Sept.

3.651.

350
618
651

763
802
636

901
987
619

Oot..

3,806
6,966
6.035

1*52

836
1,103
1.366

862
1.106

U.169

1*1*0

8l)2

12,1^

igUO-Jan..
feh..
War..

8.737
6.850

1)1*6

980

Apr..

i*,720

Sotet
1/

^
V

4/

1*83

7.211*

J13

fetal.
dally
Treaaury
statement
(unrsTlsed)

850
1.207
1.217

238
316
370

Sao..

.032

3.612
2,592
2.613

269
232

or..

8,269
5.600
6,920

297
165
150

Dae

6,102
5.120

2.01*0

(umwTlsed)

190

las

2,i»66

1.916

Adjnstnent
to dally
Ireaanry
statcmeat

Mlseollansons
6/

2l»l

Talne:
1939-*pr..
"ay*.

3,61*6

5)836

7.1*97

2,888
3.613
3.969

Sept
Oot

Hot

3.U3U
5,337

5.396

171
185
122

Aug

2,21*7

U,098

882
829

9,020
11,01)8

9.335
12,100
12,1*28

51*0

§u

331

681)

10,109
12,581

3.713
6.995
6,Ul3

1*86

661

9.M96

5.371

26,517

79.1'*6

10

71.698

The anoimt of costoms datlee and taxse Is calculated on the basle of reports of the Bureaa of 7orel0i aad DoBBstle Oonwroe, ahovias the
quantltjr azid value of merchazLdlee Inported.
n.j:areB are rounded to oeeareBt thousaad, and will not necesearllj add to totala.
Includes tejmble eiigar from the Fhlllppina Xslande.
OutT-free oommodltleo taxed under the BeTenue Act of 193^ and sxihsaqoent aote.
Articles dutiable under para^apb l6l^ and repairs on ressels dutlahle tmder Section ^^ of the Tariff Act of 1930* t^ taxable copper
content of dutiable articles taxed under the BeTenoe Act of 1932 and taxes on articles cooposed in chief value of manofactured sogar under
the Sugar Act of 1937, which cancot be allocated to appropriate schedules. Taxes collected on other dutiable coBBodltlee under the rerenoe
acts and the Sugar Act of 1937 a;re Included In appropriate schedules.

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

Artlal*

Computed Duties Collected, by Countries
(In thovuwtda of dollara)

Country

23

Receipts and Expenditures under Social Security Act
(In adllton* of dollcri - on beuile of iailf tfBMtaej •tataaente, nnrvrlMd)

TlMal

jTMor or

Bsnth

24

Receipts and Expenditures Under Railroad Retirement
and Railroad Unemployment Insurance Acts
(la atlllaa* of dollari - on

buls

of dallr trMunur

tatmnta. narcrlMd)

BMtlpt*

IxpMlAltllTOO

Tranaforo to
lallroad imtlnMst aeot.

ntoal jtax or aoath

1936
X9JT
193«
1939

Traaafon

to

total
oxpaadl-

Sallroad 1I»oaploTaoat i»>
araaoa aooonat

.3

.3

1.5

.k

150.1
109.3

lUS.U
107.1

3.3

1119.0

U0.>l

6.1
ZL.l

1939-««a7..

Juaa,
July.
Aa«..

.7

.It

.u

:l

Bopt.

23.7

.6

Oct.,
IbT..
tea.,

1.2
U.2
2U.5

1.3

19110-JaB..

.1*

.5

Nar..

27.0

:l

lj>r.,

•3

.7
•

5

21.9
18.1
7.1

37.U
18.7
7.7

10.0
10.0
10.0

10.7
10.5

20.0
3.5

20.l»

U.3

Kb..

5.9

Railroad Retirement Account
(la alllleaa of dollar* - oa

tedo

of dall^ Troanur itattBtBto

nararlBod)

fiMMptt
Appropi l.'itloas

OaHDlstlTa a« of aad of
flaeal jaar or aeath

TroBofor*
froB
gaaoral
fund
5/

Ooatsrtn

lotal
raealpt*

Balaaoa
aTallalilo

llt£.5

253.5

2A.8

275."*

tag..

293.5
300.7

Oot..

310.7
320.7
330.7

pfl^Boato

109.5
91 .u

U.O
79.8
185.6

U2.£
68.1
82.8

66.2
67.2

38U.9
38U.9
38U.9

388.5
388.5
388.5

19U.7
203.8
212.9

193.9
18U.7
175.6

77.2
77.2

38U.9
38U.9

166.2
156.8
1*7.5

77.2
77.2
77.2

138.1
128.7

388.5
388.5
388.5

222.U
231.7

3*-9

eu.2

38U.9
3**.9
38U.9

388.5
388.5
388.5

250.U

Har..

320.7
330.7
330.7

Apr..

350.7

3'».2

35'».2

30-7

38U.9
3*».9

388.5
388.5

279.2
289.0

Ooe..
19110-Jaa..

nb..

Votot
1/

2/

3/
4/

^
6/

2/
8/
9/

5)».S

U6.6
36.6

Ii6.6

it€.6

5U.2

OT..

appropriation*

to eradlt
of dl*tar*lBC
offloar

2/

llt£.l»

1939-Jolor.

iBTOatBonti

a«iBfit

for
traaoferi

It6.£
>)£.6

1936
1937
193«
1939

*

Iqr

21)1.0

69.1

1U.5

6.0
1.6
2.3
13.3
1U.2
lU.l

lU.T
15.1*
5>>.2

16.1

)A.2
3U.2

16.7

U9.1

77.2
77.2
77.2

109.3
99.5

77.2
77.2

i'*.3

3'».3

10.8

17.8
11.5

Vl^oros la thl* aad foor preceding tabloe ar« roTQidad to noareat t«Btha of mlllioaa and vlll not necaaaarlly add to totala.
Inclndoa only oxpendlturo* frovt eqiproprlatlona aad* apodflcally for admlnlatratlT* •xpensaa r«l&tln£ to the Soolal Seenrlty aad
Ballroad Bstlresant Acta. Sooa not inclnda adalnlstratlTo oipanaea poTabl* froa othar i^iproprlatlona. Tba prlnolpal acondaa
la the latter gronp ere the Boreoa of Internal Savenn* of the Ir«a«ai7 Departaent, aad the PukUo Health Serrlce and the Offloe
of Idttcatlon of the T^der&l Security A^ncy.
Second Deficiency Appropriation Act, flaeal year 1538, approrod June 25, 1938, carried an approprlattoB of $l40,56l,886.U3,
porecant to anthorliatlon of Aa^uat SU, 1937, for naklne refund to certain Statea of portion* of 'ederal eaployera' tax for 1936
oollacted under Iltle 11 of the Social Security Act. Other refUnda are on eooount of fcployaent tax** (Title 7TII) aad Tax oa
•aployera of 8 or aore (Title IX, Sec. 9OI) "Other than to Statea.'
tbder Section 201 (f) of the Social Security Act aoandaenta of 1939.
Inolndea balance of appropriation arallahle for tranafera,
Inolnde* In 1938 the proceed* of refund* to Statea of taxea collected under Title IZ, Sec. 90I of the Social Security Act,
aoonntlii« to $W,56l,886.U3.
Adraoced to Ballroad Ifasaployaent Inaurance Aocosat, poranant to Section 10 (d) of the Ballroad loaBplcyBaBt lanranoo Aot of
June 25, 1938. Such aaounta adranoed to be repaid on or before Jenoaiy 1, 19U1.
Socelpta exclude tranofert froi Statea. Irpendlturea aiclud* tbeae Iteaa which are tr*n*f*rrad to Ballroad (haaployaent I»eurance Account. Tor details aee* Treasury daily atataaent for 10th of month.
Tranafera froa general fund vere not reflected until July 1, 1937.
Include* balance of iqiproprlation arallable for traaafer* aubaaiiaant to Joaa 30. 1937.
Zxcaaa credit.

Cash Income and Outgo of the Treasury

m

(TheB« fl£ar«B are net Intended to reflect the biul^taxy position of the Qcve aent . The^ wHI not agree vlth bnd^taiy flgoree on
reoelpta, expendltnree and defldt each as those appearing In Dall^ Treaanrr Statements and In other tables in this Bulletin. Tor
aa e:9lanatlon of the revisions oade in DSII7 Treasmrr Statsaent flgores to arrlTa at this oaah series, see the text In Kt, 1939
Bolletln. All figures In the tahle at the hottoa of the page haye nov heen rerlsed In aecordanoe vlth that azplanatloa.

(In Billions of dollars)

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

Cash Income

i
1.600

1,400

1.200

1.000

800

600

400

2

00

n

.

u

B
I"

' ' '

1

1

I

^

'

'

TREASURY

GENERAL

FUND

-27-

AND

PUBLIC

DEBT

Composition of General Fund
(la olllloai

dollari - on t>Btli of dallj Trouuiy •t>t*B«ntt,

uimrlxd)
Onrraat

Ind of fiaoal
j»u or aonth

•forking"
balano*

XncT«Mnt on
gold

8«l(it.

ior«4*

Bolllon,
coin and
oazT«no7

InsotlT
(Old

aiHt*

Oapoilto
In rod.

Bosom

flpoclal dapoolti a/o
aalao of
OoT't. Saoa,

862
2.5«2
1.8U1
2,683
2.55^
2,2l6
2,838

1,001
2.225
970
1,628
2,l60

IU2

1939-««T..
Jnaa.

2.92't

2.25l»

ll»2

2,838

2.160

1U2

All/.

2,U1*7

1.761
1.539
l.Uil

1U2
lU2

3.800
2.576

11.3

2.33't

910

586

758

1,213

ll»2

OT..

1.913
2,i6;

2.0T7

1,1462

ll»2

Dae..

2,1»7S

1.768

IU3

922
i.oie
1,066

673

756
755
825

19llO-J«n.,

2,282
2.350

i,o>a»

517

Kar..

2,51l*

\M

IU3

r»\,..

Apr..

2.210
2.030

1933
I93>t

1935
1936
1937
193!
1939

2.231
2,178

Sapt.

Oct..

Itaar-.

700
lUl
lUl

1.103
3.033
2,016
2.936
2.709

11*2

2,1(19

3.087

865
1.863
830
1,212

51
97
118
862
lUl
929
1,022

3.106
3.087

1.272
1,212

971
1,022

2.1163

1^3

1.79»»

1,U86
1.303

2.382
2.23U

11.3
11*3

18U
l.OU?

LOW

All othar
dapoilta
and oollaotlona

Oorrant

llaMlltlat

837

1,8^
799
1,151
6U9
611
7T?

792
777

l^
7U8

1,060
1,063

816
815
8IU

1,019
901

813
813

StateMSit of the Outstanding Public Debt on June 30, 1030 and May 31, 1040
(In BlllleBa of dollara - on Ijaaia of dally Ireaaciy atatananta, nararlaad)

*a»

30.

•«a7 31.
19itO

1939

Naitot loanaa, ate:
Pra-var bonds
treaaar7 bonda
U. S. SaTlngs bonds
Adjnstad Serrlea bonda....
Traaaury notes
..,
Traasnry Mils
Katnrad dabt on wiileh
intarest has caasad
Ssbt baarlng no intarast...

^'56

196
25,218
1,868

,

7,2't3

26,908
2.869
265
6.125

1,308

1,30ft

?'

Aaa

Insraaaa(^)
Oaoraaaa(-)

+ 1,690
+ 1.001

Spaolal lamasi
Qo v a mmant Life Insnranca twiA,
Vadaral Old-^Age and SurrlTora
Inenranoa Tmat Ttmd.........
Ballroad Batlrenent Aoconnt....
OoraniBent ratlrsnent fnuds....
Adjusted Sarrlca Oertlfleata

Amd
IU2

,

Total Harkat Isanas, ato<

167
389

+

36.669

30.

*w

193B

1.5^

1.177
67
'•73

••.

^lanploj iiaut bnat Amd.
Featal Sarlsgs Sjratam
Federal Seposlt Insoranca
Corporation

1.267
128

lotal Spaotal laaoas

31.

19I10

50U

33

1.565
77
539

388
10
66

1.721

u4

97

31

'».5«5

Total

Incraaaa (+)
Dtoraaaa (-)

815

8.369

i)0.i|.39

Public Debt Accounts
(In Billions of dollars - on basis of daily Treaaory statements, unrarised)

Izpandltnraa

Baeeipta
Tlsoal year
or Bonth

Kattot Operatlona

Naricat Oparationa

Bpaoial
Series

Special
Sariea

Adjoatad
Berr,

Bonda
1938
1939

1».775.7

7.t75.l

i939-««y"

566.3
672.2

A1I7.

1»91.2

12.7
6.5

2.673.8
3.03*.9

2,158.5
2,567.1

9.620.7
13,083.6

2,673.8
3.036.9

1,060.8
1,672.9

8,880.6
9,808.8

185.8
1*15.5

1,1)13.8

752.5
2.302.0

615.5

11.9
1,310.0

..m

165.7
180.1
13.0

657.3
756.5
691.9

55.0
188 .U
96.0

606.5
1.311.8
2,521.1
652.0
1.385.8

26.1
2.8
32.9

r4

27.6
2.7

576.0
Sept.

Oot..

IM.U

or..

Wii

Iko..

1.122.7

IjUo-Jaa..
Tkb..
Mar..

519.2

.6
.6

50.3
103.0
IU8.O

Apr..
May..

523.0
564.7

.5
.3

91.0

515.2
1,301.0

2.0

53.0

8I1U.6

17.6
72:!

515.2
1.301.0

9.0
2.8
159.6

760,1
3.276.8

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

isd sf

far

n«wi

or aasth

so

Amount of Interest-bearing Debt Outstanding, the Computed Annual Interest
Charge and the Computed Elate of Interest
Ind of flioal Tear or aonth

latere st-tearliic

1935.
1936.
1937.
1938.
1939.

Oompatei ooinul
Interest ohar^

dsM

*22.157. ,61(3,120

71(2.175.955

Oonjmted rate of
intereiti Fereant
3.350
3.ISI
2.716

,1(87.920

81+2,301,133

,229.826
32.755. ,631,
35.802, ,586,915
36.575, ,925,880
39.885, ,969.732

750.677.802
838,002,053

1.035,937.397

39.751. .OU.399
39.885, ,969.732

1.035.271.505
1.036.937.397

,70l,72i(

i,oi(U, 251,926

2.603*

'10.351, ,31(8,1(87

l,050,8l(l(,300
l,051,817,Ii8l(

2.6oI(*

1.05l(.365.376

2.602*

no

July.

2.5^

92l*,3l(7,og9

2.582
2.589*
2.600*

9U7,08l(,058

2.60l»»

2.600*

Sept.

UO.SUl, ,909.035

Oct..
5oT..
Deo..

1(0.526, ,11(7.836
110.806,
1*1 'tU5,

1,058,1(87,906

2.59"**

1,076,615,135

2.598*

19110-Jan..

1(1,601, ,096,71(1

l,08l»,97l(,7l(3

Kb,.

1,091,31(2,623

Mar..

(1,839, ,i(78,ao
1(1.983, ,313.887

2.608*
2.608*
2.597*

Apr..

1(2,116, ,733.706

l,09l(,152,l(6o

1(2.252, ,678,1(72

i,097.ai7.U38

Sotei
*

2.607*

1,090,1(51*, 902

2.598*
2.598

'Intereat-Seartae OaM* flgurea inelnde dlaeouat oa Tr«ami7 Bllla, aaaunt twlag daduoted prior to oaleolattag the average Intareet rate.
toaale of dally Ireaeiuy etateaentt, unrerleed.
Tor basis of other figorea aee report of Seoretary of the Treasniy for 1937, v»e» MhS.

Oa

Comi>arlson of Average Yields of Long-term United States Treasury Bonds

and High-grade Corporate Bonds
Ireaatii7

hoada

y

Oorporata
iMada g/

Monthly oTerages of
daily figures:

1939-JaB
Teh
Mar
Apr
«»y

2.31*

2.96
2.90
2.87

2.30
2.17
2.13

2.92
2.36
2.78

2.16
2.Z1
2.65
2.60

2.76
2.79
3.29
3.1U
2.93
2.86

ZM

AOy
toe
Sept

Oct
Hot
Deo
19U0-JaB

ZM

Mar

2.35
2.30
2.32
2.25

Apr.
May.

2.25
2.38

Kb

freaswry
hands 1/

2.SI
2.79
2.77

1939-oot.

U

29.

Sao.

6.
13.
20.
27.

19l(0-Jaa.

3.

10.

2.71*

^:

a.«7

31.

leh,

VaeUy, Vednssdi^
cloelng prices
1939-Apr.

May

5

July

2.30
2.32
2.29
2.27

2.92
2.92
2.91
2.91

tag,

2.

Apr,

Z.Ik
2.13
2.13
2.08
2.12
2.16
2.17
2.20
2.16
2.17

z'.m
2.83
2.83

2.11«

2.71*

2.IU
2.17

il:
23.
30.

2.Si(

Sept. 6.
13.
20.

2.61|

27.

2.27

2.72
z.Th

2.81
2.78

2.72
2.66

2.50
2.50
2.U7
2.3?
2.36
2.1(1

2.37
2.32
2.30
2.29
2.28
2.32
2.30
2.33

2.32
2.32
2.32
2.33
2.28

2.23

2.91

3.

5.

7.
lU.

^i

10.

'I.
31.

Oorporata
honda g/

Weekly, Wednesday
olosiag prloes J|/l

2.U7

J^iae

Spread hetveea
Ireaaax7 aad
Oorporata boada

2.19

itay
2.U1(
2.1«£

2.76
2.76
2.76

2!7*
2.76
2.81
2.88

3.UI
3.33
3.31
3.29

Jane

29.

2.1(7

5.

2.1(9
2.1(1

3.23

Spread between
Treaetiry aad
Corporate honda

o

I—

z

O

C/5oQ

III

Ct

H O
I

CL

oo

_i

-•
_i

^
Q

<<
o?
liJ
-J-

^5

^.
^o
c/>

O

-^

uJ Q^

>
>

*"

2

o

LU

z
D

in
LlJ

I-

O

(0

>^

D
<
LJ
CO

I-

<0

Q
_i
UJ

to

GOVERNMENTAL CORPORATIONS
AND CREDIT AGENCIES

-34-

Proprietary Interest of the United
States In Oovemmental Corporations and
Lending Agencies: Apr. 30, 1040

Govemnental Corporations and Credit Affenclea
of the United States:

Apr. 30, 1040

(Oonplltd fi«B lftt*it rcporta r«MlT*l

fna

tlwi* •(•bo1*i)
(Ocatplled fr«a latest reports received froa these agencies)

(la allllau of dollwi)

(b

Blllleai of dalUre)

later*!*

lateiw

Ooaraatecd

^

Dtaited

liatei

SAconstructlon Tlnano* Corp...
Connodlty CraUt Corp
Xxport-Import Bask of
VaahlsetOQ
I^sdcral Crop lasuranoe Corp...
y«doral SopoBlt Insorano*
Oorp
Tennessee Tallejr Authority. . .
PaUio Vorks Atelnlstratloo...
Onlted States Marltln
Conmleelon
• •
finral Xleotrl float Ion Adsm. ...
Hone Owners* Loan Corp
federal Sarins & Loan
•
Insurance Corp.
federal Home I>o«n Banki
federal Bousing Adm
federal Vatlonal
Mortgege Aeen
United States Bousing
Authority
Tarn Credit AdAlnlatratlon....
federal Tani Mortgage Corp....
federal Land Banks
federal Intermediate
Credit Banks
Banks for Cooperatives
•
Production Credit Corp.
*
Beglonal Agricultural
Credit Corps
Var emergenoy corps. A
agencies (in liquidation))
Havy DspartDent (sale of
surplus var supplies)
United States Housing Corp..
thilted States
fiallroad Adam
•
Thilted States Spruce
Production Corp
War finance Corp
••••..

1.673.0
693.U

let
*.fT*nteed
thltel
atatee

V

Prlvateljr

223. It

232.2

56.0

100.0
78.8
7.1

150.0
31U.9
89.3

IU.8

176.2
209.8
36.6

209.

2,895-5

12U.0
260.0
57.0

2,786.6

72.3

122.7

6.7

1.3
83.0
2.U

88.8

75.0

UU.5

it.6

1,285.2

192.8
38.2
i.Tgg.u

163.1
100.8
198.9
301.0

163.8
282.

293.6
1.522.3
2,307.9

Oilted

1*51.0

8.0

512.7
329.7
«9.3

12l».7
'»7.9

1U.6

199.6
3.1

311.2
180.1
122.5

173.1
122.2

.3

1.8

22.7

1/

12.2

U.2

22.7
1.0

295.0

295.0

S.U

8.3

25.U
><9.2

2U.3
U7.8

8.2
61.5

8.2
60.0

3>».l

3^.1

fetal.

•

1/

Is* Pro.
prletary
laterest
of the
n. S.»

Tam Authority
federal Batlonal
Mortgage Assn
Inland Waterwa^e Oorp
Paaana Ballroad Company.......
BfO Mortgage OcBpaa^
fVt Cooperatives, Ine

3J1.72/

75.0
16.5
150.0
200.0

3.8
9.i»2/

73.ua/ 100.02/

100.0
12U.7
1.0
200.0
12U.7

137.1
187 .U

u.ia'

70.0
lUg.o
120.0

50.0
15.7
2.2

8.U2/
8.U

22.7

1.12/

IU.9
32.33/
.2

1.33/
1/
10.0
12.0
7.0
25.0

5.0
12.3
hi.

60.0

1.02/
3U.9

1/
2,0^8.9

669.U

359.02/

Von-Stookl
lennassee Valley Authority. ...
Pabllo Vorks Admn
U. S. Marltlne Ooanlsslon
fiaral Ileotrlfl cation Adm. ...
federal Housing Adan
••*
fam Credit Adnn
lavy Hepartment (Sale of
surplus var supplies)
•
IT. 8. Ballroad Adjm
fan Security Adnn
•....
federal Prisons Industries, lae
Interior Deparineat
(Indian loans)
Poerto Bloe
Beconstructlon Adon
..•
Ballroad Loans (Transportatiea
Act, 1920)
Seeuritles reoelved from HfO
(Act h«. 2l», 1938)
Var finanoe Corporation
Seonrltles received by the
Boreau of Internal Bevesoe
In settlenent of tax

Uahllltles
Total

30.2

30.2

2.U

2.1*

^

fctei

Stocks
Beconstructlon finance Corp...
Commodity Credit Corp
Xxport-Ixport Bank of
WaahlDgton
•
federal Crop Insurance Corp...
federal Deposit Insurance Coip
Bone ^mers' Loan Corp
federal Savings and Loan
Insurance Oorp.
....••
federal Eons Loan Banks
XI.
8. Bousing Authority
fsderal fkum Mortgage Corp....
federal Land Banks
federal Intermediate
Credit Banks
Banks for Cooperatives
Production Credit Corps
Beglonal Agricultural
Credit Oorp
U. 8. Bousing Corp
U. S. Spruce Production Corp..
Sleaeter Loan Corp
Xlectrlc Hone and

Total
i«.6

Otberi

Uaaster Loan Corp
••••
Jlectrlc Home and
fam Authority
••••
fam Security
Administration
Inderal Prison
Industries, Inc
•
Interior Ospartoent
(Indian loans)
Inland Watervays Corp
•
Panama fiallroad Co
Puerto SI CO
Beconstmctlon Adnx
BfC Mortgage Coopaay
Tennessee Valley Associated
Cooperatives, Ino
Treasury Department i
federal Sorlogs A
Loan Aeene
...•••••
Ballroad loans (Transportation Act, 19S0)....
Seonrltles received
the Boreau of Internal
Bevenue in settleaent
of tax llabllltle
Securities received frcB
the Beconstructlon finance Corp. under Act
of feh. », 1938

Traae•etloaa

Itatei

123.5
185.3

79.2
15.1

egenagr

Owned

Special Obligations
Bald by Treasaryi
federal Savings and Loan Assn.
••
Bane Owners' Loan Corp
n. S. Housing Asthority
Tennessee Tallsy Authority....

Total

12,936.7

5.699.6

3,uik.9

"MK.g

3.719.3

figures In this tahle are rounded to neareet taath of allllon and will
not necesearlly add to totals.
Izoludlng Inter-agency transections.
Less than $100,000.

Orand Total
late:
*

1/
2/
3/

C/

figares la this table are roouded to nasrest taath of alllioa
aad will aot necessarily add to totals.
Bxoludlng Inter-agency tranaaotlous.
Less than 1100,000.
Xxoess Inter-agency assets (deduct).
Deficit.
liolustve of special obligations held
end of statement.

bgr

the Treasury

than

at

36

Sources of Funds of Certain Governmental Corporations and Agencies
for the First 10 Months, Fiscal Year 1040
(Ooapllcd froo lateit reports recelmd tj

Corporfttion or

a^aaj

tli«

nraaavir)

37

Use* of Funds of Certain Govenawntal Oorporatlons and Aganolea
for the Plrat 10 Months, Fiscal Year 1040
(Ooaplltd froB Uttrt raportt netlTcd

Oerporktlon or canor

Igr tta*

I»uai7

- >qiaAl*ani

n tuli

of olwcki lt*Ml)

38

Sources of Funds of Certain Governmental Corporations and Agencies
from Inception of Organization to April 30, 1040
(Ooopllad froD latest reports recelTsd

Oorporstlon or agency

^

the Treaeory)

39

Uses of Funds of Certain Govemnental Corporatlone and Agencies
froB Inception of Organization to April 30, 1040
(Ooaplled froB lat«tt report* r«o«lTBd \r

^^ fr—mxf

- lxpradlttv«t on

bul*

of

Principal of Outstanding Obligations Guaranteed by the Italted States
(In allllODS ot doll&r* - eospllsd froB

Sod of fiscal
yeax or aonth

nporti ncelred ty tb* frttnTj)

THE

CAPITAL MOVEMENTS BETWEEN
UNITED STATES AND FOREIGN COUNTRIES

-41-

48

Net Capital Movement between the United States and Foreign Countries
1935 through March 1040
(In thousuli of dollwi.

Capital Inflow or oapltal outflow (-))

44

Short-Term

FV)relgii

Liabilities as Reported by Banks and Bankers

In the United States for March 1040
(In thonsaadA of lollart)

UaUlltlta

u of

follovliie tetoa

Oraad
total

Bal-

ttaltad

Othar

ItaOr

(ItBI

nropa

KBE!(H LUSILITaS:
Mai, 6
Mar. 13
Mar.
Mar. ?7
Apr. 3

»

2.9't9.9l'*

2.97'».225

3,012,828
3.035.755
3.052,250

357.113
355. 58U
366,017

2«lt,958

175.823

286,388
281.535

175,U2

3't3.377

28lt,982

361.279

290,706

179.205
18U,29l

315.068
316, 6U9
307.072
300,606
315.257

283.206
28i».698

27,765
27,856
29,382
29.930
28.735

25,378
26,309
25,760
25,161
25,030

8,738
9,060

17'', 758

27.7'>1

173.905
176.331

27.826
29.355
29.912
28.705

25,367
26,298
25.751
25,lVt
25,019

8,628
8,952
8.352
9,000
8.302

1*6,150
1*9,862
56.23I*

27.595
27.708
29.198
29,695
28,611

25.302
26.237
25.693
25,102
26,990

8,1*36

65.136

8,837
8.238
8,905
8,188

1*9.022

in. 510

8,1462

9.131
8,1*23

1*6.1*92

50,206
56.553
282
69.257
51*.

200,733
197.969
200, 97U
198.530
199,676

69,81*5

68,1*30

151.795
iim.ooo
182,189
179.389'
8.636

197.370 69,i*2U
19U.639
197.856 68I2M
196,611 68,066
195.785 68,050

151,1196

li06,838

163,570
181,828
179,019
168,253

626.159

70.229
6g.66g
68.1*1*3
'

136.827 l,892,9U
137,761 1,907,229
13'*.S65 1.937.622,
135,636 1.939.705
163.591 1.980,253

1*07,1*1*1*

1*26.755
1*27.707
1*31,6*1
1*32,199

2^,366
258,156
255.817
273,187
250.135

TOUI. LUSIUTISS
PAltiSU IB DQLUSSi
Mar. 6
Mar. 13
Mar.
Mar. ZJ
*pr. 3

»

2,888,675

2,9l£.5^
2.95'».92I

2.973.127
2.985.9^5

279,971*

283.01
3.013
288,
8.536

178, aw

183.198

53.967
68,930

136.1*86 1.81*2.532
137,1*18 1.859.775
136,1*70 1.890,609

1*27.122
1*30,918
1*31,622

135,297 1,887,797
163.257 1.92>*,9ll*

iBpoalts for
foi«l0i aaoooBti
Mar. 6
Mar. 13
Mar. SO
Mar. ZJ
Apr. 3

2.758,330
2,789.301

308,1105

2,830,29lt
2,8<i8,228

310.267
300,685
291*. 026

279,130
280,585
276,027
277.323

2,8£0,279

309.oitf

283,011

95.09^
90,63?
89.564
85.722
87.958

5.835

172,051*

171.055
175.'6S
179,370

53.139
53.059
67.918

190,091 68,719
187,826 69.078
191,1*16 67.701
188,061 67.U69
189,720 67,'>77

165.131
137.657
176,672

,

3.8W*

613.822

17l*,031

1*16,529
1*19,935

162,900

Ui9,526

,

135.205 ll.799.0W
136,U17 .ag,5u
133.125 ,850.191*
133,868 .81*7,138
161,727 ,882,1*85

Bllla hald for
forei^i asconnti
Mar. 6
Mar. 13
Kar. 20
Mar. 27
Apr. 3

2,ll07

5.'t96

6,360
5.892
5,518
5,625
5.647

2.781

5.229

2.5W
3.790

6,lUl
5.688
5.11*1

6.973
5.338

U,030

3'*.98l

10,362
10.718
8,855
9.733

33.016
32.068
30,062
32.772

Short-tera thltod
States OorenoBBnt
obligations hsld for
forel^ aocoonti
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

20,727
20,727
20,730
23,869

510
510
510
3.513
3.019

3.003
3.000

22,71*3

Othsr lialillltle*
pa^Bble In dollara;
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

ll»,52l»

819
876
l,ll4<

15.308
965

3.152
3.160
3.156

1,961*

1.975
1.875
2,128
2.363

1.213
780

7.995
7.73«
7.837
633

1:^
638

loni lubhiiiis
PAttBLI nr KBEIOI
OOBBEBCIXSl

Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

61,^

l»2,0l»5

38.935
38.9li5

62,628
66,305

fo.771
U€,022

15.370
13.3^7
13.525

5.138
3.269
3.135

1.752
1.690
1,561
1.969
2.170

1,065
1.207

3.363
3.330
3.118
3.919
3.891

1.093

^:^
U7.013
51.908
55.339

Borrovlnca froa
foreign bankal
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

8.I109

6,791
6.292

W.8O3
16.59*

1:5!

36,019
3^.676
3^.667

31.209
30.303
30.306
3^.377
35.517

9,1*21

Aooaiitanoaa aada
^7 foraipi baakal

Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

Other

l,l»26

2,>t37

1.397
1.308
1.510
1.732

2.237
2,281

35.686

2,711*

2,908

UaMUtlaa

tf-tl* In forolgn
ouTwielasi
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

9.850
9.633

5.698
5.363
5.50U

8,UU6

't,5l8

8, "107

U,l5i

6,>iA

30I*

(Contlimad on follovlag pa«a)

5,506
5.612

I

250,921
255,051
252.851
268,168
2W»,583

Short-Term Foreign Liabilities as Reported by Banks and Bankers
In the United States for March 1940 - (Continued)
(la thousands of dollars)

LlablUtiea aa of
follovrlag dates

Short-Term Foreign Aasets as Reported by Bank* and Bankera
in the United States for March 1040
(In thsoaaal* of AeUart)

Aas«t« aa of
follovlnc datoo

Orand
total

Kl-

Ohltad
IlacAoM

Italy

athralanda

onnir

tmdaa

Svlta•rlaad

Othar
fcropa

to tad
loTopa

TOTAL saoas-nai
lOEIiaB ISSRSl
Mar. 6
Mar. 13
Mar. 30
Mar. 27
Apr. 3

520,5lt8

525. 5«7

520.350
522,228

"1,972
U8,798

5M9

it£,ui»
1*7, 01*5

527.'*95

39.737

63.A3

23,007
28,000
26,902

5.838
I*. 922

7,023
7.800
8,000
8.137
7.902

2,827
2,638
2.306
2,206
2,168

51.831*

50.996
50.102

16,869
l6,U75
16,880

50.81*8

50.058

lb!

9^

6.567
6,191
6.570
8.867
6.699

3.905
3.986
3.90?

5.662

28.107

176. 3U

5:7S

5.6l>*

29,19<*

5. "toe

29.293

3,9i'»

U.699

3.957

l*,518

5.090
S.33*
6.195

183.177
180.958
185.552
173.186

29.631*
29,2113

Touj. Assnrs fatablb
II lYlBZIGSI CUBBEBCISSl
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

71.965
70.103
€9.851
60,899

522
1.122

2.015
2.199
2.536
2,252
1.897

1.01*9

28,2l»9

20,566

^8^

i.6)*7

1.501

l!»77
l.'«7

?l?

Banka own dapoalta
abroad)
Mar. 6
Mar. 13
Mar. 20
Mar. ZJ
Apr. 3

19,996
28.757

10,076
17.758
15.172

28,291
20,227

17.9"»3

1.593
1.783
2.009
1.823

10,533

l.'»55

2S,6lU
29.826
3O.U83

'»,917

26,711*

15*

Dapoalta abroad for
aocoont of domeatlo

oUente:
Mar. 6
Nar. 13
Nar. 20
Mar. 27
Apr. 3

Other aaaets pajabla
In forelga
onrraoclas:
Mar. 6
Mar. 13
Nar. 20
Nar. 27
Apr. 3

lOCU

I*,

286

2S,7a
28,610

5.075

15.233
13.382
12,906
12,839
12.062

8,0lU
5,956

U56.705

18,965
20,798
19,212
18,796
19.171

'.897
U,871
5.361
5.223
».338

6,879
7.582
7.757

9.333
9.653
8,8U5
8,185
8.509

1.001
1.108
1.390
1.Z18

1,205
1,201
1,197
l.lW*

1*90

1.11*5

2.769

1.278
I.2U7
1.170
1.200
1.206

>*,198

6.863
7.130
6.379
6.821

2.6I8
2.516
2.801
2.805

1,1*76

6.71'»

2,6)t2

5.97'»

5.5"»
'i.958

18SBI8 FAIABU

H SOIULBS:
Nar. 6
Nar. 13
Nar. 20
Nar. 27
Apr. 3

loaaa to foreign
baaka:
Mar. 6
Mar. 13
Mar. 20
Nar. 27
Apr. 3

Acoeptansaa nada for
foreign bankai
Mar. 6
Mar. 13
Mar. 20
Mar. 27
^pr. 3

>»53.622
'»50,2U7
>)66,596

179.876
172,775
170,788
i86iao6

88,836
90.177
89.290

1».015

3.988

3.989
3,997
lt.090
3.93"»

16,157
15,800
16,232
16,609

2,791
2,588
2,266
2,175

51.388

2,lllO

^162^

l6,3')0

20.279
17.761
18,251
18,259
17.135

1.965

2,363
2,171
1,880
1.782
1.710

19, '•1*5

18,878
18,772
19.123

1,
91*7
l,lll0

10.787
11,081
U,l*68

'».552

3.992
l*.03l*

6,615
U,802

3.668
3.707
3.697
3.657
3.6<a

i»,530

I*.<ii9

U,oi6

5,006
U.296
5.531
5.527

'».710

3,9*3
3.771

28.157
27.756

8.20>>
81l»

9.126
9.361
9.196
8.997

75«
3.320
1.1*52

U.6U9

1.290
1.318
l.UlS

11,578

i.>*58

2.039
2.160
2.151
2.210
2.209

2.300
1.888
1.958
1.879
1,892

1.296
1.252
1.207
1.123
1.162

2.1)66
2.0>«2

1.978
2.020
1.968

3.006
3.120
3.126
2.871

Other aaaeta pa^abla
In dollarai
Nar. 6
Mar. 13
Nar. 20
Nar. 27
Apr. 3

187.993
190,670
190,169
187,362
190,626

2.392

3W

13.
12.5'^5

13.392
13.366

3.818
4,0131
3.622

1.831
1.8Z1
2.562

1.5W*
1.816
1.001
2.220

i:S2

2.1|ll0

17I607
18.013
17.700

30.320
35.857
35.952
35.792

Short-Term Foreign Assets as Reported by Banks and Bankers
In the United States for March 1040 - (Continued)
(In ihoasaals of dollars)

A«Mti at ot

Argentina

Othar
Latin
inert oa

Total
Latin
ioerloa

lK),250

109,216
108,173
110,158

China

Hong
Koos

Jaian,
PhllKorea and ipptna
MaaohsTla lelasde

Otbar

fotal

Aaia

Ida

lOSSIW ASSZTSi
Har. 6
Mar. 1}
Mar. SO
Mar. 27
*pr. 3

U.727
U,S26

31,220

OU

9.<>*8

12,128
12,213

31.375
31,618
33.017

9.^

12,^

31.

9.776

9.376
9.*a9

5.661

9.675
10.397
10.761

't.781

U,238

^679

10.697

1*,701

j».713

907
1.015
1,002
975
1,052

w!59l*
39.397
39.252

25.301
26,756
25,808

109,1196

110,690

1.969
1.568
2.091*
1,511*
I.7»t6

111*.

258

107.535
109.209
109.581
125,91(0

28.356
29.013

12,901
12,702

182.785

28,7'*9

10,1*22

28,630
28,881

10,013

176.282
175.'«?

9.91*2

192,571*

1.225
1.395

22,989
22,908
22.553
22,300

177. 575

lUIlL ASSBI8 PlItBU

n

fOBEIIBI

CUBBBICnSl

Mar. 6
Mar. 13
Mar. ZO
Mar. ST
*pr. 3

2.0U1

1.172
1,190
1.171
1.209
1,200

2,01*7

2,081
2,082
2.077

19.372
19.2SU
19.232
19.

SW

19.235

1,01*3

977
I.0U5
901
1.088

1.195
1.189
1.188
1.073

1.0»
1.022
1.019

l.OW

22,>il|9

Banka own daposlta
abroad)
Mar. 6
Mar. 13
Mar. 20
Mar. 27
*l«. 3

637

11*1*

1,61*2

11(8

l.5?»
1.269
1,168
1,383

Stpoelta abroad for
account of dooestio
olientii
Mar. 6.
Mar. 13
Mar. 20
Mar. 27
Air. 3

19. 188

19.726

19.226
19.188
19.185
19.137

i9.no
19,678
19.656
19,613

Other aaieta pa^ahl*
in foreign
eorrenclasl
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

TOIAL ASSII8
IS DQLLABSl

1.225
1.231
1.273

1.029
1,022
1,023

l,2>i5

-890
891

1.233

^

1,6a
1.62>*

1.606
1.U76
l.'»53

PAUSU

Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

10,555
10,63s
10,957
ll.OOU
ll,3U2

31,088
30,887
31,253
3l.'t97
3i^.892

9.602
10,325
10,689
11.163
10.633

1,288

3.6W»
3.210
3.701
3.559
5.983

926

U3.O63

39.009
38.879

I07,iai»

108,613

6.830

12>*.896

28,202
28,950
28,685
28,570
28,818

3.673
3.681
3.939
I*. 278
3.767

3.'A5
2,883
U,068
3.123

I2.p7

l.'"93

3.'»53

11,603
13.705
12.707
1U,057

88.873
82.865
83.266
88.767
101,030

15.903
16,150
15.271
16.975
15.310

2.981
2.967
3.02U
3.225
3,256

U.6U3

2U,ii9l*

lt.33'»

't.321

2'».263
2>«,064

5.>t23

39.920
38.920

U!U96
U,U70

1(0,212

U,t)98

107.175
106,126
108,077

5.929
7.472

106,31(6

108,021
108,508

i

11.676
11.307
9.398
8.991
8,923

159,796
15U,666
153.729
153.129
170.125

5'^
3.662
3.30U

106,326
103.932
108,807
ia,9l(6

Loans to forel^
banks)
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

l,2>t0

1,U28
1,160
1,312

1,690
2.019

U2,l68

3.^

Acesptancas mad* for
forei0> basks)
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

l>»,Ui6
lU,lt08
ll(,502

l.UUl

1^.605
lU.836

1,021^

19.028
13.269
13.050
13.333
13.073

8.152
8.191

l.'*53

1.257

1.091

U.IOU

23.928

1»,109

211.187

31.832
31.703
31.823
31.782
31.317

69.9M>1

1.963
1.675

2.^

1.051
1.027

3.526
3.627

987
1.076

3.75"*

l.UO

7.392
6.935
7.163
6.992
8,012

Other assets psgrabla
In dollars t
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

g,63lt

8,728
8,850
9.130
9.368

8,1110

8.129
8.173

2.91I8

'».5»

3.677
3.726
3.660
3.610

3.56
3.8U7
3.89»
3.901

70,260
70,309
70,779
70,369

3.815
23,1*29

1.167

18,262
21,520

862

8.706
9.323
9,888
9.968

I*,

9.75'*

'».355

1*0.236

)*,786

1*1.1*05

lt.7>t9

1*2,63!*

It.ai

Soil67

Security Transactions as Reported by Banks, Bankers, Brokers and Dealers
the United States for March 1040

m

(Ib thontaaa* of Aollari)

TruMOtlona lvrla(

wtk

endad-

TOTAL FDECEJLSXS
IK IBS DKITXD STIISS
rOB TOBEiail AOCOOBTl
Mar. 6
Mar. 13
Mar. 20
Mar, 27
Apr. 3
PoTchaaes of
dosteetle securltlee:
Stodcei
Mar. b
Mar. 13
Mar. 30
Mar. 27
Apr. 3
Bosdat
Mar. 6
Mar. 13
Mar, 20
Mar. 27
Apr. 3
Porohaaea of
forelgs aesurltleai
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

TOTAL SAUBS
nt THE UNITSS STATES
FOB rOBEIClH ACCOUHT:
Mar. 6
Mar. 13
Mar. 20
Mar. 27
ipr. 3
Sale a of
domestic seoorltleB:
Stocks:
Mar. 6
Mar, 13
Mar, 20
Mar. 27
Apr. 3
BoDda:
Mar, 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Sales of
foreign securities:
Mar. 6
Mar. 13
Mar, SO
Mar, 27

*pr. 3
TOTAL FDBCHASES
laffiCUTED ABEQAD fOH
DOMESTIC AOCODHT:
Max. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3
Purchases of
domestic securities:
Stocks:
Mar. S
Mar. 13
Mar. 20
Mar. 27
Apr.
3
Bonds:
Mar. 6
Mar. 13
Mar. 20
Mar. 27
Apr. 3

Purchases of
foreign aeeurltlesi
Mar. 6
Mar. 13
Mar. 20
Mar, 27
Apr. 3

Oraad
total

ttaltad

Bel.
(Ina

Xlocdam

17.32'»

2,502

16.357
15.608

2,38l»

1.576

1,220
1,202
622

8,lt77

581*

61*0

18,188

S82

2.639

aaiv

Ha the rland!

1,312
1,016
1.835

Svttt- Other
I

3.673
3.951
5.191
2.236
3,3ca

812

6,855
7.'*72

1*52

651

8,382
U,5U9
8,855

77'*

1*66

219
559

1*1*8

661

lilts
2.332

1*,7U2

1,818
1.509
353

2l(U

i*£5

U3U
100
131

731
803
281
35^

U,012
2.796
1,605
3.118

1.85>f

IO.O7S

9.967
5.1'*3
lO.ZllO

5.093
5.07S
6,199
3.176
5.910
2.768
2.978

'•U
2.582

5.727

2.215
2,252
1,300

2.1*1*0

1.7'*8

3.'*2'»

l't.903

l»,717

60I*

10,U6l
17.833

2,825

I.89I*

lt.779

2.569

6.U5U
9,82lt

10.008
5.1t6l

11,669

U.812

1.275
885

2.823
U.OUj
U,036
2,058
3.957

2,9U7
2.193
2.163
3.199

312
195

78U
393

i*92

1.5'>7

3.>*76

550

1.701

2.557
2,681
2.732
1,801
2,688

I.9O8
I.IS"*
1,1*23

737
1,231

1.70U
969
1,319
663
1.091*

60

1.515
1.703
2.257
993
2.193

7.658
9.223
10.021
7.118
12.289

617
9U7
1.050

7.168

1*20

3.1*88

1.303

7.6U3

329
280
631
222
UT9

1.677
1.263
1.305
2,51*0

3.13^

1.385
1.515
1.51*8

1.090
1,512

3*fa,

Other
la- Xorea and
Alia
erloa Kaaobarla

10,1*91*

U,U30
2.323
6,215

11,958
1U,698

Utia

Total

erlud lorape arope

li^TT

49

Security Transactions as Reported by Banks, Bankers, Brokers and Dealers
In the United States for March 1040 - (Continued)
(In thnniMult of dollar*)

Transaotlou daring
vedc ended-

60

SMurlty Traiuaotlona

In Joint Fbrelgn Arbitrage Accounts as Reported
by Brokers and Dealers In the Utlted States for March 1040
(la thmnOTiii of lellan)

ImiMStlCBS
dnrlac «*«k raiUl-

Foreign Purchases and Sales and Net Purchases or Sales of U.S. Domestic Securities
(In thooiaali of lollart)

Timnaaetlons

52

Purchases and Sales of Foreign Exchange. Spot and Forward, as Reported
by Banks and Bankers in the United States for March 1940
(In thotuoada of dollar*)
Onrraafl^ of-

Transactions

veek andedf-

VXU.

Balglna

ttaltad
KlngdfiB

FDSCBISBS:

6 Spot...
6 forward

36!'ta

U9.83I
30.019

1.899
275

Kar. 13 Spot
Mar. 13 Konmrd,

80.695
57.270

57.670
Us. 230

2.501
392

Mar. SO Spot
Kar. 30 Torvard,

6U,352
1*3, 2l6

"3.070
30.923

I.6U5
523

Kar. 27 Spot...
Kar. 27 Torvard

5>».235

37.115
23.697
UU.7U3
35.815

1.705
500

Nar.
Mar.

Jipr.

Apr.

29.195

3 Spot
3 'onrard,

Parchaaes from banka
Kar.
Mar.

6 Spot.

.

6 forward.

Kar. 13 Spot
Mar. 13 Torvard
Kar. 20 Spot...
Kar. SO Tomard
Kar. 27 Spot
Mar. 27 Torvard

Apr.
Apr.

22!

m

66.5*
3£.1SI«
53.'f»«

31.238
"•6.955

21.372

3 Spot

56.079

3 Torvard

30. "M^

froa
caatoaers othar

iftirchasos

ttaAa baajcst

Mar.
Mar.

6 Spot.
6 Torvard,

11.2140

13.617

8,003
9.882

Mar. 13 Spot...
Mar. 13 Torvard

1U.171
21.086

10,107
17,017

Mar. 20 Spot...
Mar. 20 Torvard

10.90lt

6.t|03

U.978

Nar. 27 Spot...
Mar. 27 Torvard

7.280
7.8?3

8.505
".689
5.739

3 Torvard

11.703
17.161

1U,697

TOIAL SALES I
Mar. 6 Spot.
Kar. 6 ftorvard

67.5^1

8.U25

110.978
61,82lt

31.932
52,6lU
51,U77

62.218

"1,790

Apr.
Apr.

3 Spot...

Kar. 13 Spot...
Nar. 13 Tomrd

73.3te

8.02l»

5.675

32, '29

Mar. 27 Spot...
Mar. 27 Torvard

52.789
28.620

Apr.
Apr.

69.239
"5.998

35.962
21.251
U7,866
33.U16

3 Spot...
3 Torvard

Salea to bankal

Mar.
Mar*

6 Spot...

6 Torvard.

Mar. 13 Spot...
Mar. 13 Torvard
Mar. 20 Spot...
Mar. 20 Torvard
Kar. 27 Spot...
Kar. 27 Torvard
Apr. 3 Spot...
Apr. 3 Torvard

U4.601
25.8U1

35.5»e
18,581

51.1>t8

li0,UlU
27,9Uit

33.523
'3.3'tO
28, 161

36.87U
19,252

33.'eU
22,209
28,201
l'*,872

51.037
29.895

38,606

6 Spot...
6 Torvard
Mar. 13 Spot...
Mar. 13 Torvard,

22.9ll0

Kar. 20 Spot
Kar. 20 Torvard,
Kar. 27 Spot
Kar. 27 Torvard,

18,878

12,883
13,351
12,200
23.533
8,296
10,220

*,86s

Salea to caatomere
other than banks:

Kar.
Kar.

Apr.
Apr,

3 Spot...
3 Torvard,

15.137
22,19l»

28,301
17. SI"*

15.915
9.368
18.202
16.103

7.761
6.379

9,260
8.5>^8

IstharItaly landa

Svltterlaad

fetal

Jqan,
Korea and
Kandaizls

Outstanding Forward Exchange Contracts as Reported by Banks
and Bankers In the United States during March 1040
(In thoosaads of dollAri)
Onppanoy ofContracts aa of
follovin^ dataa

Usitad

BalClna

IlngiliiM

Othap

Japan,

Total
Inropa

loraa and Othap
Aala
NanQfanpla

Total

Asia

TOIAZ. FOBCBiSI COITBAOTSl

Mar. 6
Mar. 13
Mar. 20
(tap. 27
Apr. 3

289,768
J0O,293
307.156
303.878
308. 133

215.127
220,696
221. 9»7
22l»,531

1,1*28

u,8a

1.519

U,56U
*.827

l,9>i6

1,88U
1.838

't,859
'*.969

28,257
27,350
26,070
23,802
21,8«7

1.770

3.912
6,129
i*.3i»7

1,118
1,228

U.lllO
U,3l*6

2l*3,808

33.2^

256.767
259. 89U

31,863
33.305
32,016
36,ieu

257,861*

259,380

1,126
1,102
1,132
1,260
1,096

3.863
3.385
3.3^*3

3.351
3.355

7.678 11.51*1
9.098 12.683
9,1*08 12.751
9.326 12.677
7.976 11,331

Contracta for
parctaAoaa froa
foreign cnatomeral
Mar. 6
Map. 13
Mar. 20
Map. 27
Apr. 3

79.118
82,U7l»

88.670
89.992
95.685

58,190
60,250

1,037
977
955
991
1,071

61t,238
66.61(2

68,033

3.766

63.991
66,528

1*,322

*,892
u.sii
U.I77

1.291
2,360

71.31*1

11,986

73.605
76,518

16,51*9

72I*

U,lU2

3.OU7
3.329
3.795
3.900
3.166

l*.338

5.669

6.519
',636
3,809

Contraota for
porchasoB froo
domestic castooerat
Map. £
Map. 13
Map. 20
Map. 27
Apr. 3

TOTAL

SlUS

210, 6so l'A.915

a7.819 15^.877
218,U86 156,1*58
213,886 15^.905

761
89U
1,125
1,11*9

212,>*1»8 156,1
,>>98

1.066

318,57'» 222,726
332.207
17.921

1,060
1,362
1.815
1.532
1.595

3,78U
3.587
3.872
3.868
3.898

2l*,l*9l

23,028
21,178
19,261
17.710

23.260
22.395
21.31?
20,876
19,635

U,63l
5.769

3.651
3.858
6,021

179.817
188,239
188,553

3.72'»

I8i*,659

3.987

181*,

269,996
283,379
287,915
282, 161
271*, 731

35.'t'*7

2,061

6,215

33.508
37.310

2,0l*U

i«,9li9

2,012

5.080

2,563
2,563
1,320
1,970
15

'*,235
1*,098
3,71>*

3,i*Ui

1,687
3.066
2.977
3.056
2.569

862

2,572
1.065
2.619
2,615
2.712

6,810

8.232
8,061
7,522

COHTB/IOTS:

Hap. 6
Map. 13
Map. 20
Map. 27
ApP. 3

336,'i62

3*1976

a, 151
238.792
233.

6w

5.U77
5.395
t-.770

32,961
31.366
31.658
28,936
26,219

1,867

5.1*

1.61*6
1,1*51

5,065
5,632

1,091
1.179

5.29'*

I306

3'*.66l*
31*,

6,ooU

100

S.Ul*l

Contracts for lale
to foreign cuetomara;
Map. 6
Map. 13
Map. 20
Map. 27
Apr. 3

95.331
93.955
96,521
93,1*17

92,281

't8,787
148,276

3.61*2

12,601*

1.1*89

3.381*

1,820

11,721
10.902
9.618
7.537

1.311

3.81*8

3.307
3.751
3.629
3.675

70,260
68,652
73.717
70,37?
71.956

16.1*35

3.691

53.706
52,337
55.589

16,828
15,912
15.926
15.339

1,811*
1,811*

1,760
1.758
1,881
1.665
1.631

199,636
216,727
21'*, 198
211,782
202.777

18,229
17.272
19.535
17.582
21.971

3.952
6,027

l,u6
761
802

1,812
1,786

3.289
3.115

6,798
6,661
5.03U
5.299
3.130

Contracts for aala
to dooeetlc oastoaen:
Mar. 6
Map. 13
Mar. 20
Mar. 27
Al«-.
3

91>*

1.835

1,226

1.70't

235. p8 186,1*55

1,61*0
1.1*69

232.693 178.095

1.537

1.922
1.938
2.019

223,a'*3 173,939
238.252 189. 645
239,91*1 187,1*5

Net Position In Foreign Currencies of Reporting Banks and Bankers
the United States for March 1040

m

2,878
2.895
2.979
5,065

5,128
5.91a*

5.872

AU
otbar

OTHER

MONETARY

-55

STATISTICS

Gold Assets and Liabilities of the Treasury
(In Billions of dollars - on bftils of dally Treasury statraants, nnrarlsad)

Ind of oal«Bdar
7«ar or month

Oald
Aisoto

238.6
122.9
257-6
760.0
511.2

193^.
1935.
1936.
19371938.
1939.

StaMlliatloB
fond

^

1,800.0
1,800.0
1,800.0
1.800.0
1,800.0
1,800.0

1,008.6

6U3.it

156.0
156.0
156.0
156.0
156.0
156.0

-956.U
,110.0

13.J98.«
13.995-6

156.0
156.0

July,

237.5

13.9't9.8

Sopt.

i6U5.l
.931.5

lU.391.9
1U.7U9.7

156.0
156.0
156.0

1,800.0
1,800.0
1,800.0

331.7
297.1
225.7

m

lU,90g.U
15.0U5.9
15,278.6

156.0
156.0
156.0

1.800.0
1,800.0
1,800.0

108.9

,931.0
.177.5
.U32.8

15,630.6
15,881.5
l6,lU3.g

156.0
156.0
156.0

1,800.0
1,800-0
1,800.0

.769.9
.208.9

16,1195.2

156.0
156.0

19U0-JU1..
Tot..
Kar..
Apr..
May..

^

Sold BaMTTo
gBlntt V. 8.
notM. oto. 2/

S.zTU.o
7.679.5
g.959-6
9.212.3
11,S72.S
15.278-6

Ost..
>OT..
Ike..

1/
2/

Gold Cwtlf 1o»t*« 1/

1

091.1

17,061.6

(87.lt

3^1.9
1.591.6
682.lt
>I08.9

601.6
558.3

226.7
356.lt

3UU.U
3I1O.O

333.0
318.7
191.3

la Tedaral Beoem BanJn, oto., gold eortifioato fund Board of Ooramoro, 'odaral Besom flTitom, and Bodntption fond, Vodoral Booorro notoo.
aeatnst $3ll6, 681,016 Qnltad Statao notai and tl. 167,122 TroasBxr notaa of 1890 oatataadln^.
Doaa not ^"'^^n.^^ gold in aotlra portion of Stabilisation Tund.

Booam

Net Movement of Gold to and from the United States
(la mllliona of dollar* at )35 par flna ooaa* - aa raportad ty V. 8. Daprrtaant of Oaaaarea)

Calendar
year or

onth

57

Silver of Specified Classifications
Acquired by Mints and Assay Offices

Components of Silver Monetary Stock
(In alllioiM of lollara - on baala of dally TToaaury atataanta, raviaed)

SllTer held In Trearoy

tai of
calendar
year or
month

Seoorlng allrer
oartlfloatea 1/
Sol)-

aldl-

211.6
576.9
775.9
938.8
1.137.6
1.298.2

9O8.U
5O8.7
505.7
503.7
502.7
U99.0

U.2

8.8

l».2

.2
•3

1,212.2
1,230.6

502.5
502.2

3.7
3.8

I.2U6.9

501.8
501.3
500.9
500.7

Sec.

1.277-8
1,287.6
1,298.2

19Uo-Jan.
leb..
Mar..

1.308.3
1.318.8
1.329.2

U99.O

Apr..
May*.

1.3S.2

1*98.7

1,3'*7.2

iigs.i*

ary
coin
2/

Sept.

Oct..
Bbv.

1/
2/
•

tl98.9
1*98.7

per

B-olllon

Silver
dollare

July.

Total
allrer
at (1.29

Silver
bnllion

1935.
1936.
19371938.
1939.

Silver ontelde
Ireaeniy

In Oeneral Ihad

9ubSilver
dollars ildlary
ooln 2/
1/

for
reoolna«e 2/

89.3
262.7

1.279-7
170.1

35.2

305.3
323-5
390.6
366.9
372.8

1*8.1

39i*.l

3.790-2

5n.2

l*l*.6

585.S

1*1*

.9

373.6
376-2

3.555.8
3.605.2

3.3
2.9
3.7

^3.8

U5.3

3n.8

600.6
605.0

1*5.8

379.8
382.8

3,61*9-1
3,682.1*

U.8
".9
5-3

6O8.I
612.U

Ufi.U

381*.

U£.9

389.5
39«-l

3.733.7
3.762.0
3.790.2

6.6
7.7
7.2

€21.8
627.9
631.6

1|«.0
1*8.2

393.5
393.2
393.5

3.817.6
3.850.7
3.873-1

6.7
5.8

636.

1*8.1*

61(0.8

1*8.1*

393.8
393.8

3.901.6
3.918.6

5-7

^A
3.5
5-3

Valued at $1.29+ P*' onnoe.
Valued at $1.38+ per ounce.
PTellmln&ry.

I

1*8.1*

...-(02.3

2,806.5
3,31*6.8

3.709-8

59

Net Movement of Silver to and from the United States
(In thouaandt of dollars - ai reported ^7 D.

3.

Oepartment of OosBneroa)

Set Inporta fron or net eiporte (-) tot

Calendar year

Othar
Europe

United
Elnedoa

190

36.521
2&5.133
53.393

I93U
1935
1936
1937
1938
1939

2.'t57

12.

8;6
-25

3't.iao

6,798
10,915
7.078

131*. 29*

12.3<1

21.995
58.325
29.925
30.203
'H.715
31.597

-3.780
-5.611
-8.951

1.550
2.920

3.906
10,199

i,(M

7.1)08

381
-1,228
2.738

-7.'*51
-U,3Sl2

968
696
851

6.786
7.381
6.513

2,858
3.178

3.225
3.702

-^2

-H.787

1,017
3.038

13
12

-58U

799
775
786

1,6>»1

Aug..
Sept.

15
17
-93

Oct..
BOT. .
Dbo..

-l,U30
-135
-90

-97

503
596
508

2,607
2.382
2,263

131*

71

i?j
Wt7

igltO^aa..
Teb..
Mar..

lit

2.539
2,322
2.556

-5

iioo

2.'t53

llM
234

1939-May..
June.

July

Apr..

^57

-I409

:i^
-»>75

309

ao9

-l»2U

63^
U52

Bet

Calendar year
and noath

a,967

-338
188
3.O2U

69.996
5.61U

150
-73

Oct..
Hot..
Deo..

-257

19140-Jaa..

-181*

1/

g/

627
U38

(-) toi

Othar

Acla

All
other

3.22**

3U
118

2.1W

31*2

Its

1.271
2.930
U.23U

501*

1*33

61
7.725

10,808 2/
1.960

617
672

270
326

la

5.319

635

a6

2.873
6,787

-35
-203
2,ltO)«

252

336
135

U67
612

Beng
Eoi«

3.1.6J

3a
IKA
361
123
28>»

-3

2.294

July.
Sept.

U22
5IW

12l«

li^rte froB or net e^ortt

China

193U.
1935.
1936.
19371938.
1939-

57>»

n£

67
210

1.773
2,326

3

m

l49lt

6u

158
170

total nat
i^orta or
er^ort* (-)

86,17^
335.730
170.851

8»

79.
223, IA9

70.677

i^lw?

228

i§

158
75

U,891

1U9
55

89

3.31*7

1*15

87

155
127

Kb..

1,261
170

Mar..

1,1*19

Apr..
May..

501*

3,1*28

2I9O8

92
55
118

56

5. 31*7

99

52

5!o67

139

U.576
U,Ull

721

InolTides net Isport of $12,950,000 from Trance.
Inoludee net liopart of t9. 791. 000 from Slaa.

Seigniorage on Silver
(In silliona of dallara - on baali of dally Treaiuiy etatementa)

GuBmlatlTe from

Selgnlora^

Jan. 1, I93I*
to end of calender

on allTer
and minor
COlQB

year or month

Sonroaa of aelgnlora^ on allrer Vnlllon revalued 1/
Misc. sllTar
(Incl. allrer
Inilllon held

Juno
193I*.

19l*0-Jan.

^

I93U)

1*8.7
1*8.7

latlonallied
Oliver
(Proc. of
Ane- 9. 1931*)

Total
eelgnloraee
on silver
revalued

3-^

a.5

128.7

226.2
302.7
366.7

3U.5

J26.2

Potential
seigniorage on
sliver bullion
at cost In
General Pund

1*22.1

137.5
276.7
39e.u

5O8.I
616.0
705.6

773-9
950.6

S-T

l4«.7

16.8
36.0
58.0

69.5
91.7

1*8.7
1*8.7

l»57-7

^.7

87.3

U.2

530.7

3i*.7

6.3
7.7
9.5
11.0
12.6

533.8
538.3

^.7
^.7

7U.0
716.9
722.7

961.5
972.1
987.6

3l*.7
3i*.7

728.3
732.7

998.1
1,009.6

18.5
U6.1

1935.
1936.
19371938.
1939.

lit,

Silver PurBewly-alned
chase lot
allver (lot
silver (Proo.
of June 19.
Doc. 21, 1933) July 6, 1939)
1931*
Hevly-ffllned

IW.7

7l*.9

Kb.

92.9
93.9

Mar.

9l*.7

1*8.7
1*8.7
1*8.7

87.5
87.5
87.5

Apr.
May.

95-5
97.2

1*8.7
1*8.7

87.5
87.5

3l*.7

51*2.3
5lt6.U

5l*3.9

These Itema represent the difference between the cost value and the moaetuy value of silver bolllon revalued and held to secure sliver
certificates.

60

Value of Selected Currencies In Terms of Gold
1928 - 100

Moathlj

1931-Sm).
1932-!)W].

193>»-Om.

1935-Bm.
193&-Dao.
1937-S»e.
1938-I)*e.

Knngt

of lallj tootatlOBt

Japan

100
100
6U
59
59
59
59
59

100
100
100
100
100

101
100
100
100
100
TO

100
100
100
100
72
72
72
72

99
59

72
72

talj.
ia«..
Sapt.

59
59
59

72
72

Oct..
Kit..

59
59
59

70
70

Mar.

59
59
59

72
72
72

"•7.

59
99

Dm..
ISUO-Jan.
Tat).

»7

72

71

T*
78 2/

i

7ia

OhlM

1/

MISCELLANEOUS

-61-

Vessels Cleared from the United States, Direct for Foreign Ports,
Classified by Nationality
Oalndar Taari 193<

uA

1939. aad ipril 1939 to iprll iglto

Vuabar of Ttattlt

Oalodar Tear

Orand total

Oloared to Great Lakas porti

1939

^r.

•tay

31.710

3't.i92

2.130

7.'«3

7.963

Olaared to coastal
and overteat ports
Affiorlcaa

Tssssls

Torslgn vessels

i3^n

1939

1938

Aat.

8«pt.

Oot.

lOT.

D«o.

Ui.

Mar.

ipr.

U,l4Ul

'*.32o

3.W9

3.011

2.829

2.103

1.869

2,037

2,136

962

l.'»83

1,1190

1.083

9llt

981

192

27

25

308

1,828

Jun*

J11I7

2.971

3.389

161

59U

26,229

1.969

2.377

2. '•27

2.958

2.830

2,386

2.097

1,81)8

1,911

1.890

1.81)2

2,012

7.335

7.822

595

71U

8I6

1.061

900

797

5I49

U78

U92

530

512

559

5UI)

16.952

18,ll07

l.37'»

1,663

1,611

1.897

1.930

1,1)19

1.360

1.330

1.1)53

1,28U

1.51*8

81

102

9

7

10

9

11

6

9.052

9.95"

691

897

883

1,162

1,176

821

Danish

520

60U

52

57

56

52

115

55

Dutch

525

653

51

56

57

59

51

1*5

85

3

7

3

5

7

33

Belgian

British

nnnlah

6

6

17

16

662

632

711

668

52

1)8

1)8

1)0

51

66

59

A

57

7

15

lU

iD

12

12

20

20

19

19

27

^

23

9

Trench

322

285

26

29

25

28

Qaraan

566

33>»

1)6

15

168

2U7

19

3S
lU

33

Oraak

53
12

9

19

Mo

Eoadnran

639

699

"•7

64

66

72

69

57

60

56

69

Italian

30U

278

22

26

2l»

26

19

22

23

31

27

J^anese

679

793

70

71

67

58

70

67

7»)

U7

16

13
2U7

lU

lit

lU

13

U

»

8

2U1

250

2lt2

2l)7

238

262

192

57

56

60

1)7

61

57

52

53

5«

SU

1>49

lU

2,858

2,7'A

21U

2>a

1)03

580

39

62

Svedlsh

386

W7

39

37

35

33

36

1)6

38

Ul

32

19

Other flags

320

'*33

32

28

32

39

29

1)8

62

55

7D

58

Hicara^oan

Horveglan

Bet Registered Tonnage (in thousands)

Calendar Tear

19'W

1939

^r.

1938

1939

^r.

May

June

July

Aug.

8ept.

Oot.

Hot.

Deo.

Jan.

rah.

71.286

70,306

5.219

6.251

6.661)

7.168

7.281)

6.303

5.976

6.071

1.537

1.362

1.279

Cleared to Oreat Lakee ports

12.181

12,030

316

918

1,1)58

1.691

1.61)0

1.61)0

1.711)

2.025

3I1

65

87

Olaared to coastal
and OTsrseas ports

59.105

58,276

U,903

5.333

5t206

5.I77

5.6>M

4.663

1),262

u.oue

1.196

1.297

1.192

1.556

1.092

iaierloan Tessela

15.560

1U.869

1.172

1.217

1,302

1.1)03

1.337

1.391

1.315

1,068

1.1I5

1.322

1.237

I.I07

l,l)2l)

foreign veaaala

I)3.5l5

1*3. 1)07

3.731

i).il6

3.90I)

U,07l)

i).307

3.272

2.91*7

2.978

3.051

2.975

2.955

3.II9

2,668

289

371

33

26

36

36

Ul

32

22

26

32

22

22

68

&

1.370

1.522

1.580

1.152

790

771*

822

858

827

931

839
2Z1

17

Belgian

1.637

666

I6.IU7

ll),90l)

1.379

1.1)08

Danlah

I.32I)

1,U80

119

li)9

137

125

117

128

122

128

131

97

U2

Oateh

2.1)1)9

2,968

23!)

230

259

285

238

27I)

178

2l)3

2l)2

291

225

91
2l3

11

1)

6

13

31

22

23

2l>

22

89

38

36

67

65

9)

71

Brltlah

95

137

1)

9

lU

Trench

2.350

1.922

162

2l)7

213

19I)

283

Oerman

3.577

S.lUl

312

280

250

23I)

337
66

Hnnlih

Oreek

528

833

39

59

52

37

1.758

69

27

7>»

91)6

911*

67

83

87

92

86

90

99

Italian

2.116

1.982

176

158

181

191)

170

175

171

Japaneae

3.183

370

315

292

317

2l)£

288

Hondnran *>•••••*....

3.839

316

27

65

5

7

5

7

7

1

3

Horvaglan

7.181

7.1)17

586

61)7

671

608

607

669

155

Pajjaaanlan

1.375

2.097

130

262

17>)

2l)l

231

222

171

9»adlah

1.299

l.'*5l*

123

132

121

100

51

883

1)6

1*7

96
5D

127

659

71

62

Iks

109

Hloaragoan

Othar flaga

63

Comnodlties

Iiiq;K>rted

Under Quota Provisions

Unit of
qaantlty

OoaiBodlty and eotmtrj

latabllahed
qiiota

C^BAntltr iatportvd
imder quotas to

June 1, 19U0

Cattle wei^ilii£ ander
200 poundB each

Cattle Milling 700 pounds or
other than dAlry cows:

oiore each.

Troa Canada

(^oarter year from Apr. 1.

19^

Head

Trom other countries

Qoarter year from ipr. 1,

19^

Head

Whole Dllk. fresh or sour

Calendar year

Gallon

Cream, fresh or wrar

Calendar year

Qallon

nsh. fresh or frocen. filleted,

etc.. Cod,

Haddock, Hake, Pollock, Cuak and Bosefleh.

White or Irish potatoes:
Certified seed

12 Bonths from Sept. 1^, 1939

Pound

Other

12 months from Sept. 15, 1939

Pound

Silver or black fox fur onltsi

7roa Canada

12 months from Dec. 1, I939

Trom other countrlee

12 months from Dec. 1, I939

Cuban filler tobacco, unstenmod or
stemmed, and scr^ tobacco

Pound
(unstesBDed

equlTalent

Molasses and cugar sirens, containing
soluble nottsugar solids equal to mora
than 6^ of total soluble solids
Crude petroleum, topped crude petroleoo
and fuel oil

TroD Venezuela

Calendar year

OaUon

From Ketherlande and Hetharlands Indies.

Calendar year

Oallon

From Colombia

Calendar year

Oellon

Trom other countries

Calendar year

Oalloa

Products of Philippine Islaodsi
Coconut oil

Calendar year

Pound

Bef Ined sugar

Calendar year

POQOd

Sogar other than refined

Cordage

Calendar year

12 months from May

1

.

I9M0

Pound

Buttons of pearl or shell

Calendar year

Gross

Cigars

Oalandar year

Voaber

Sorap tobacco and stflnmsd and
unstsomed filler tobacco

Calendar ymar

Pound

51.720

Summary of Criminal Cases In the United States
District Courts
Uoohol

Tax, Ou«tom«, Harootloi, Btorat Scrrlo* and Intamal Bsraima 1/
for tha month of April 19UO

ISTXROET or OiSU

BuMn

'^

Treas.

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