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           German investment in the United States           
 
6. Long term investment of all kinds,about............................... $100,000,000                                         
 
 
7. Short term investment, about................................................$18,000.000        
 
 
Total, about ...........................................................................$118,000,000
 
 
Notes and comment
 
 
1. The previously published estimate of
$228,000,000 direct investments of Americans in
Germany has been raised to $234,000,000 to include
direct investments in Austria.
 
 
2. The figure of $380,000,000 for par value
of German long term bonds owned in the United States
has been increased from a previous estimate of
$385,000,000 to include holdings of Austrian bonds.
This estimate would mean that present American hold-
ings of German bonds are about 50 percent of the
total amount once owned by Americans and still out-
standing. Some private students think that American
holdings are much smaller. Dr. Brinkmann, the
competent German official, in discussion with Mr.
Reuben Clark last June, accepted the latter's figure
of $300,000,000, exclusive of Dawes and Young bonds
on which partial interest payments are made. Ameri-
can holdings of the latter are about $80,000,000.
If the $380,000,000 total be taken, the present mar-
ket value of American holdings of German bonds would 
probably be something under $100,000,000.
 
 
3. The estimate of $99,000,000 of short term
German obligations owed to Americans is as of Sep-
tember 28, 1938, and shows debt reduction of
$27,000,000 in nine months from a heretofore pub-
lished figure of $126,000,000 estimated as of
December 31, 1937.
 
 
4. The German Government bonds held by the
United States Treasury are expressed in Reichsmarks
and there is no very good way to convert them into
a dollar sum which can be entered into a tabulation