Mr. LEFFINGWELL. Those may be convenient to you as a matter of reference.

(The paper referred to follows.)

Preliminary financial statement of the United States Government for the period from Apr. 6, 1917, to Feb. 29, 1920.

[On the basis of daily Treasury statements.]

RECEIPTS AND DISBURSEMENTS.

Net balance in the general fund Apr. 5, 1917.

Receipts, exclusive of principal of public debt, Apr. 6, 1917,

to Feb. 29, 1920----

Public debt receipts Apr. 6, 1917, to Feb. 29, 1920.

Total.

Disbursements, exclusive of principal of public debt, Apr.
6, 1917, to Feb. 29, 1920___

Public debt disbursements Apr. 6, 1917, to Feb. 29, 1920.
Net balance in the general fund Feb. 29, 1920.

Total__.

$92, 317, 710. 27

13, 099, 207, 169. 58

59, 196, 212, 111. 45

72, 387, 736, 991. 30

36, 918, 105, 294. 26 35, 073, 849, 100. 11 395, 782, 596.93

72, 387, 736, 991. 30

PUBLIC DEBT AND EXPENDITURES.

Total disbursements for war period, exclusive of principal of public debt

Total receipts for war period, exclusive of principal of public debt..

$36, 918, 105, 294. 26

13, 099, 207, 169. 58

Excess of disbursements over receipts for war period. 23, 818, 898, 124. 68

Statement showing classified disbursements of the United States Government, exclusive of the principal of the public debt, by months, from Apr. 6, 1917, to Feb. 29, 1920, as published in daily Treasury statements.

Statement showing classified receipts of the United States Government, exclusive of the principal of the public debt, by months, from Apr. 6, 1917, to
Feb. 29, 1920, as published in daily Treasury statements.

Mr. FREAR. Mr. Leffingwell, is there anything that you can inform the committee in regard to those outstanding obligations of foreign governments, as to what percentage is likely to be realized on them?

Mr. LEFFINGWELL. Our position necessarily is that we expect to realize on all of them.

Mr. FREAR. You do?

Mr. LEFFINGWELL. We can not take any other position.

Mr. FREAR. Well, I would take it that you would not care to make a public statement, but I am wondering if there has been any estimate or any understanding on the part of the Treasury Depart

ment.

Mr. LEFFINGWELL. No estimate and no understanding except that they are to be paid.

Mr. FREAR. One other thing, is there any place where an estimate can be found of the general securities in addition to the Government securities? Here are outside commercial securities, I suppose, representing $100,000,000,000, possibly, and I ask whether there is any basis at all for estimating their amount or any authority to indicate the extent of such securities.

Mr. LEFFINGWELL. I imagine that the statisticians must have some figures as to the whole bulk of securities.

Mr. FREAR. Do you have anything on that which you would be willing to give? If so, just mention the authority, because it seems to me that is very material along this line, the estimated value of all securities on the market?

Mr. LEFFINGWELL. I will see if I can get that data. I would not be able to give you anything that I can vouch for, because when statisticians take to making figures of that sort without a census, they are bound to use figures that are not precisely accurate. Mr. FREAR. But anyway, give us some information.

Mr. LEFFINGWELL. Yes.

(The matter referred to follows:)

Par value of stock and bonds outstanding in the United States, 1905.

Taken from Charles A. Conant's The World's Wealth in Negotiable Securities (Atlantic Monthly January, 1908. p. 102) ·