BROAD-GAUGED studies of the American debt structure are no longer the rarity they were when the Twentieth Century Fund published its pioneer study, Internal Debts of the United States, in 1933. The writer of the present report has been able to make use not only of the work done for that study, but of Donald C. Horton's Long-Term Debts in the United States, published in 1937 by the United States Department of Commerce, and of the stimulating essay on Liquid Claims and National Wealth (1934) by A. A. Berle and V. J. Pederson. In addition, he had the benefit of a preliminary survey made for the Committee on Debt Adjustment in 1936 by Alfred L. Bernheim.
Previously unpublished materials have been furnished for this study from several quarters. In particular, the United States Bureau of Internal Revenue, through E. D. White and Thomas Atkeson of the Division of Research, has provided material on corporation debts from its manuscript "Source Book." The United States Treasury, through the courtesy of Assistant Secretary W. C. Taylor, has provided data on the government's interest burden. W. J. Snow, Jr., Director of Finance and Research of the Farm Credit Administration, has supplied material on mortgage delinquency, etc., at the Federal Land Banks. Certain figures from the registration statements of the Securities and Exchange Commission, tabulated by a W.P.A. project in New York City, have been made available through the courtesy of Mr. Buckley, director of the