Full text of Treasury Bulletin : August 1945
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(iLIBR-RY
V
^*5si^POM 50^'
t^>-f^
LIBRARY
ROOVi 5030
JUN
? 1 1972
TREASURY DEPARTMENT
^EUILILETniN
AUGUST -1345
UNITED STRTES TREflSURV DEPRRTMENT
OFFICE QF THE SECRETBRV
Treasury Bulletin
Cumulative Table of Contents
l*ml» and pa^tt
ixaiift>or
WMS
JViljr
Job*
Maor
19I1U
i^<
H«r.
7»1).
Jeoi.
Seo.
Jlov.
Oct.
S«pt.
Artlolet
op«ratloua of th9
jrtiuinolfti
naoal year
n.cal
Tftilt«d
Statof OoToxmant:
iglt?
7»i>r l9<^-
Statlotlca of Incoao:
Taxable ladlvlduAl aad fldoolary Inoono tax ratrima, with net income
of $5,000 and ovor, for 19U3 (odTonoe tatulotlon)
iJtO
Individual end taxable fiduciary retume for 19^2 (oosplete report).
Var Loana:
SaTanth War Loon, Kc^-Jniie 19^5
Saloa Iv ioimoo, b^ InTootor olaaoea, and
^
Stotaa
OompsrlBOn of foaturen of aocurltioa offered
Redemption Toluoa and Innstmant yields of United Statea onvlnca
bondo and Troajmry gaTio^D notao
Oatllne of plana
Sixth War Loan, NoTamber-Seoembor 19U4:
Salea by laeuea,
InToator oloasea, and
V
V
Statea.
Salei patterns for lean
Outline of plana and oomporle
.
A-7-
of faaturea of seourltles offered.
i-9
Seourity purchaaea outelde var loans by oomnoroial banks and by TreaflUX7
inTodtment aooounta:
Serenth War loan
Sixth War Loan
.
currency
Vsdorol land bank bonds
Aaoota and liabilities of all aotlTO bonks in the Ihlted States:
Iscember 31, 1939 throuft December 31. 19l(U
Sscember 31, 1939 through June 30,
1^
Bank deposits, geo«raphio distribution on Sacanber 31,
A-5-
19>tl-l|U.
A-19
Maturity of Adjusted service bonds on June 15, 19^.
Dnlted Statea savings bonds:
Maturity of Series A bonda
A-1
1-23
Bademption through bonks and additional financial Institutions.
Sxolsa taxes in the United States. Canada, and United Kingdom
Var nnonca policies (Thre<
A-1-
epoeohes by the Seoretaiy of the Treaoury)
A-lU
Treaariry market financing.
Summary of fl«o»l atatiatloa
Budgetary receipts and expenditures
Public debt and guaranteed obligationo outstanding.
Means of financing oaah requirements
Beoelptg and axpeinaituree «na approprlatlona
tary reoelpta and expenditures
Buinnsry
major claaslfloations. ..
Analysis of receipts from Internal
Analysis of general expoxuUturos
Analysis of expenditures for war activities
Analysis of expenditures for (l) rovolvlng funds and (s) transfers to
trust accounts, etc
Total budgetary receipts and expenditures, by months, for recent years
V
5
i
7
7
7
8-9
8-9
Trust accounts, etc. receipts and expenditures
Means of financing cash requirements
Social Security program:
^dgetary receipts and expendltureoi
Social Security Act
fiallroad Retirement Act
Ballroad Unemployment Insurance Aot
13
13
13
13
13
lU
lU
lU
lU
lU
lU
lU
lU
«
Statement of trust accounts:
Tsdaral Old-Age and Survivors Insuranoe Trust I\uid
Bal Iroad Batirement Account
Unemployment Trust TaaA
Appropriations and net contract authorisations for the var activities program
Oosh income and outgo of the Treasury:
Analysis by major classifications
Total cash income and outgo I7 months and calendar yeara beginning
vlth January 19*^0
lU
lU
lU
11*
lU
lU
lU
lU
ll»
Ik
lU
Ik
Ik
11*
11*
lU
lU
15-16 15-16 15-16 15-16 15-16 15-16 15-16 15-16 15-16 15-16 15-16 15-16
17
17
17
17
17
17
(Oontlnuad on followln/r naxe)
17
17
17
17
17
17
17
August 1945
Cumulative Table of Contents
-
(Continued)
lam* and pa^e aombar
19UU
19U5
iof.
J0I7
June
May-
ipr.
Mar>
Vab.
Jan.
fto.
VoY.
Oot.
Sapt.
General Fund of the Treaaury
llaMlitlee, and 1)0181100 la Oeneral f^d.
Ina^slB of ohangoB in balanos of OAneral fond...
JLaeetB,
Publlo debt and guaranteed obllgatlona of United Btataa QoTerniPent
Public dett and goaranteed obllgailona:
Detatled Btateoent
n«cal years, 1935-19**^*
Monthly data
Chart
PubUo
23-2U
2*4-25
214-25
2I-2U 2J-2U Z}-2k
at-25 sit- 25 2U-25
26
26
26
2^-25
26
;
;
debt:
IsBuance and retirement (reoelpti and expeadlturea)
Intereet-bearlng debt, compoeltloa of
Guaranteed obllgationB held ty Treasury
Statutory limitation on the pabllo debt - condition, as of:
September 30 l^Ul*
December 3I. 19**^
March 31. 1?^5
June 30. 19*^5
Computed interest charge and computed Interest rate
.
28
a
27
Maturity schedule of interest-bearing public marketable aeoorltlaa laaoad
or guaranteed by the United States
Offerings of marketable issues of Treasury bonds, notes, and oertlflcates
of indebtedness
SlflpoBitlon of matured marketable istuea of Treaaury bonds, notes, and
certificates of Indebtedness
Offerings and maturities of Treasury bills
United States sarings bonds:
Summary of sales and redemptions, by series
Sales by series, classified by denominations
Sales to inreetors other than cosBiercial banks ly series, classified
by States
Maturities and redemptions of Series ^D and Z combined,
Payroll savlzigs plans
Treasury notes - tax and saringe series:
dunnaary of sales and redemptions, tgr series
Sales, classified iQ-t
Denomination
^pe of purchaser
States
United States soTings stamps:
Summary of sales and redemptions
Sales, classified by dsnnmlnatlon
27
27
27
27
27
29-31 28-30 2«-30 29-31 28-30 28-30 29-31 28-30 28-30 29-31 28-30 28-30
32
33
3^35
31
31
32
31
31
32
31
31
32
31
31
32
32
32
32
32
32
32
33
33
33
33-3't 33-3U 3^-35 33-3't 33-3U 3U-35 33-3U 33-3U 3U-35 33-3U 33-3U
32
36-37 35-36 35-36 36-37 35-36 35-36 36-37 35-36 35-36 36-37 35-36 35-36
38
38
38
38
37
37
37
37
37
37
37
37
39-liO
"by
27
39-UO
''-^
Kl
111
Us
111
Ul
Ul
ItU
U3
t3
Ul
Ul
U2
uo
Ul
U2
U3
U3
U3
K3
"Uo
uo-ui Ui-Ua Uo-lil Uo-Ui
U1-U2 Ul-Uz
'*a-U3 Ul-1»2 ltl-l«2
Mk
39-Uo 38-39
39-Uo
'"^
UU
U5
Ownership of United Statea OoTernnient aecurltlee
9ummu7 distribution, by holders
~.
Zstimated ownership by Tarious classes of bank and non-bank investors
Market transactions in Oovernment securities for Treasury inrestment
accounts, monthly beglooing January 1937
Treasury Surrey of Ownership of United States OoTsmment securities (Tederal
land bank bonds Included oomoencing Janufiory 31 19^^)
Oimership by banks and insurance companies:
June 30. 19UU
July 31. 19^
August 31. ISi^
September 30. I9UU:
Herlelons
Original data
October 31 I9UU
NoTenber 30. 19^
December 3I 19^
January 3I 19^
B^bniary 28, 19^5
March 31 19*4^5
April 30. ISk^
M«or 31. 191^
Ownftrshlp by Tarious clAjaea of Vsderal Baserra mem1}er and nomMnbw
coomarclal banka;
June 30, I9IA
December 31. igW
>
=
U7-50
U8-51
53
U7-50
U7-50
.
U9-52
U8-51
.
U8-52
•
"•9-53
U8-52
.
U8-52
U9-53
(Oontlnnad on follovlnc paga)
51-5U
Treasury Bulletin
Ill
Cumulative Table of Contents
-
(Continued)
and page nuisber
I9U5
Au£.
Jul7
Juse
May
Ap
Dec.
Not.
Oc
Prleee and yields of Qovernnent aecurltles (Including Beeurltlea
laeued by Federal aRenclee)
Ovei^the-couiiter closing quotations and price hletory for public marketable sec'orlties Issued by the U. S. OoTerament and by federal agencies:
July 31, I9UU
56-53
52-51*
l?"*
September 30. 19Ult
October 3I igUl*
Noveaber 30 IjUl*
December 3I igUU
January 3I 13k^
February 28. I')h3
March 3I I9U5
April 30. 19115
Kay 31, 19'*5
June 30. 131*5
Aug-jst 31
,
,
52-5^
,
.
.
511-55
,
rt
5i»-56
5I1-56
showing yield structure of Treasury bonds and note
Average yields of long-term Treasury bonds and high-grade corporate bonds
Discussion of revision of high-grade corporate bond average
Ylelrts beginning with 1937
Chart
56
56-57
58
Corporations and certain other agenolee of the United Statea
Oovernment
Assets, liabilities, and capital:
New quarterly statements:
September 30, 19ltll
December 3I 19ltlt
March 31 igl+S:
Sufflaary, segregating interagency Items
Loane outstanding, classified by type of loan
Statement s f or eac h agency
59-63
,
,
£1
62-63
61*- 6g
59-60 63-61*
Old monthly statements
Sources and application of funds:
New quarterly statements:
Tlrst three months, fiscal year 19l*5"
First six months, fiscal year 19U5...
First nine months, fiscal year 19i*5-'
61-65
62-65
Old monthly statements
Internal reven
65-68
Btatistloa
Collections of internal revenue:
Summary data
Chart
Comparative details for current periods
62
63
6l*-65
61
62
67
6g
62
63
63-6I1 6I1-65 69-70
61
65-66
Monetary atatletioB
Balance sheet of the Exchange Stabilization Fundi
June 30, 19U1*
September 30, 19I1U
December 31, ISMH
March 31, I9U5
Qold assets and liabllltie
Increment from reduction
September 3O, I9UU.
December 31, 19ltl».
.
I
of the Treasury
6«-69
67-6g
67-68
69
69
72
75
70
weight of gold dollar, cuaulatlve to:
.
March 3I, 191*5
June 30, 19I45
Treasury gold receipts, for recent quarterly periods
Monetary stocks of gold and sliver
Components of silver monetaiy stock
Silver of specified classifications acquired by mints and aeeay offices..
Silver production in United States
Seigniorage on silver, by types
Capital movement between the United States and foreign countries
Money in circulation
Note:
In those tables where figures have been rounded to a specified unit, all calculations (Including percentage calculations)
Therefore, details will not necessarily add to the totals shown.
have been made from unrounded figures.
August 1945
A-l
Sales In fhe 7th War Loan
Fart
1
>
Results of the 7th War Loan
Sales by Investor Classes
aeries E bonds and t3.0 billion for other securiThe E bond quota of |1;,0 billion,
the
highest in any bond drive,
was
practically
reached, with sales totaling 13,976 million.
Sales of United States Oovernment seourltles
the 7th War Loan totaled #26.3 billion, $12.3
billion greater than the Illf-.O billion national
ties.
m
gosJ. and the largest volume of sales in any war
The total quota of Ill^.O billion
loan to date.
was equally divided between individuals and corporations and other investors, and both groups
This was
exceeded their quotas.
vious loans,
Sales to individuals reached
Individuals.
|g.7 billion, thereby reaching a new peak for any
war loan and exceeding the quota of 17.0 billion
by 2U^. The I7.0 billion goal set for individuals was greater than that of any previous war
counts.
loan and was divided between
$4.0 billion
for
SALES
IN
Investor Classes
amount
of E bonds sold in
Sales of other securities
$l»-.7 billion, thereby
ex-
Because of the sharp increase In the goal
for individuals as a whole and for E bonds alone,
the
sales period for the 7bh War Loan was
lengthened as compared with previous drives. An
7"
I
WAR LOAN
By Issues
^e 3
f//
largest
ceeding the 13.0 billion goal by 57^. As In prethe figures for individuals include
sales to partnerships and personal trust ac-
Chort
By
the
any war loan to date.
to individuals reached
^^
£
^
Series
'
"^Savings Bonds
Nonmarketable
t
Issues
^
JSeries F and G
~ Savings Bonds
Series C
Savings Notes
.
'
Insurance
Companies
^^i"/*
^
Marketable
Issues Restricted as
to Bonk Ownersliip^
Savings Banks •
—
Treasury
—2^%Bonds
-
^
Corporations
and
Treasury
Bonds
(June 1 5.1967-72)
<
IJunel5J359- Vl)
-
Associations
—
l^% Treasury
Smlngs and Loan
Associations
v
Bonds^
(0tcl5.l950)
Unrestricted
Dealers and Bro/iers-^\\
Marketable
Issues
and Local
Sovemments
State
"
-
•llAva/lobIt to indtviduolt only
^Commtraot bonis ore not ptrmltttd
to ptirthost those seeurttlBS for specified
periods of years.
i% Certificates
-
(June
1.
1
946)
Treasury Bulletin
extensive campaign for the sale of Series E bonds
through expanded payroll savings was begun on
on Kay 1*^ this was supplenented by the
April 9;
formal opening of the drive for Individuals
cover the sale of all marketable and nonto
The formal closing of the
marketable securities.
drive was June 30, but it was originally annon-marketable Issues processed
that
nounced
through July 7 would be credited to the drive to
edlow time for processing under payroll savings
The final date was later extended to
plans.
July 9 because
of processing lags.
Sales to
Corporations and other Investors.
corporations and other investors aggregated |17.6
billion, an overaubscrlption of 152% on the $7.0
billion goal. Of this group sales to insurance
companies reached ft-.H billion and sales to savThe remaining
ings banks totaled $2,2 billion.
111.2 billion of sales to corporations and other
investors went to corporations and associations,
savings and loan associations, dealers and broMarketkers, and State and local Governments.
able securities were issued to corporations and
other Investors In the 7th War Loan only from
June IS through June 30.
Summary table.
The
sales and goals in
major investor classes.
rizes
following table summathe
7th War Loan by
S
August 1945
sales
marketable
Issues,
bonds and
Series C
with
fl-.O
of
Series E
notes- hit
savings
savings
new highs
billion and $2,7 billion, respectively.
Sales of the Series F and a savings bonds reached
l.O billion, almost as high as peak sales In the
'(•th
aggreg^ed $5.1 billion,
substantially
greater than the amount of sales of the 2-1/lt^
Issue offered in the U^th War Loan.
Sales of the
two restricted Issues combined thus totaled $12.2
billion or lv6^ of total sales.
bonds
War Loan.
Marketable Issues restricted as to bank ownOf the four marketable securities ofershlp.
fered during the 7th War Loan, the two long-term
Issues
—
the 2-1/2^ and
are restricted as
to
2-1/14-^
Treasury bonds
bank ownership.
—
Neither
Issue may be owned by commercial banks until the
period to the final maturity date does not exceed
The offering of two such restricted
10 years.
Issues was In keeping with Treasury requests that
Indirect bank participation be kept to a minimum
during the Loan.
Subscriptions
to
the
2-1/2^ Treasury bonds
billion or more than one-fourth of
record high. This was almost
sales,
a
total
three times the eunount of sales of similar Issues
In the 5th and 6th War Loans. Sales of the 2-lA^
reached $7.1
TOTAL SALES
Combining these sales with sales of all nonmarketable Issues, an aggregate amount of $19.
billion, or three-fourths of total sales during
the 7th War Loan, consisted of securities which
may not be shifted
to commercial banks, at least
extended period.
This Is almost double
the proportion of such sales In the 6th War Loan,
when they accounted for about l»-0^ of the total.
for an
Unrestricted marketable Issues.
Of the two
other marketable Issues available during the 7th
War Loan, the 1-1/2^ Treasury bonds were offered
only to Individuals.
Sales of this security totaled
ness,
than
LEGEND
170%
to
184%
\l85%
to
199%
\
1
200% or over
billion.
IN 7^"
WAR LOAN
in
7/SjS,
Sales of the remaining Iscertificates of Indebted-
aggregated $U.g billion, somewhat higher
of a similar Issue In the 6th War
sales
Loan.
Percent of Quota Reached
njOiMfer ITOVc
$1,7
the one-year
sue,
Each State
.
Treasury Bulletin
A-k
Among
Preferences among Investor cLaBses.
Insurance companies, the popularity of the 2-1/2^
Treasury bonds of 1967-72 far outranked that of
any other security, with 795^ of their purchases
Purchases by savings banks were
In this Issue.
concentrated In
m
the
two
long-term Issues,
7th War Loan (Map 1). The quotas for Individuals
also reached In all of the States (Map 2).
About two-thirds of the States surpassed their
were
E bond quotas (Map 3) 1/.
with
Achievements In total sales to
Individuals.
2-1/2^ bonds and 55^ In the
Savings bank purchases of the
2-lA^ bonds.
2-1/2^ bonds were much Increased over similar
purchases In recent war loans.
State records for sales to Individuals In the 7th
War Loan showed substantial Improvement over the
Corporations and associations showed their
preference for short-term Issues by placing 72^
The 7/8^
of their purchases In this category.
certificates accounted for '^•'^^ of their purohases
and the Series C savings notes for 2g^. On the
ual quota achieved.
about
'^2^
other hand,
chased more
the
and associations purlong-term 2-1/U^ and 2-1/2^
corporations
of
the
bonds than In any previous loan.
Savings
and loan associations concentrated
of their purchases In the 2-1/1^^
over two-thirds
State and local governments placed about
half of their purohases In the two long-term
State and local governments In earlier
bonds.
war loans had concentrated more In shorter-term
bonds.
already outstanding achievements In earlier loans.
the States surpassed their quotas, with the
top State, Kentucky, showing 150^ of Its Individ-
All
In 11 States the quotas were,
This Is particularly
30^ or more.
striking because of the peak Individual quotas
set for the 7th War Loan.
Of all the States, only
one did not show an Increase In the dollar value
exceeded by
of sales In the 7th War Loan over the 6th.
The
five States with the largest dollar Inoreasee
were New York, Ohio, Illinois, Texas, and Pennsylvania.
The largest percentage Increases In sales
to Individuals In the 7th over the 6th War Loan
were recorded In Kentucky, Missouri,
Georgia,
and Rhode Island.
The State quotas for
sales to Individuals of securities other than Se-
Ohio,
ries E
bonds
were
surpassed In all States but
one, North Dakota (Map ^)
securities.
Dealers and brokers
were
limited to pur-
chases of the 2-l/'<^ and 2-1/2^ Treasury bonds.
There were also restrictions on the amount of
these securities which any one organization was
State records for E bond quotas.
As previously mentioned, the E bond quota was practloally
reached on the national level d«aplte the In-
permitted to purchase.
crease In the quota to a new high. In the case
the various States, 31 States exceeded their
quotas by amounts ranging as high as 20^6. Of the
All marDating of marketable securities.
ketable securities available during the War Loan
were dated June 1, 19'*^5 and bore Interest from
Subscriptions from nonbank Investors
that date.
remaining 19 States, 12 reached 90^ or more of
their goals and
achieved 95ll or more. The Impact of V-E Day on May 6, followed by outbacks,
or the Imminence of them,
affected primarily the
Industrial States.
Large dollar Increases In E
of
*)•
other than individuals, however, were not accepted
AcciMed Interest from June 1 to
until June IS.
date of payment was charged on all marketable
Issues except for subscriptions of 1500 or |1,000
The Treasto each of the Treasury bond Issues.
bond sales occurred under the payroll savings
plan in these States, as compared with previous
war loans, but they were not always sufficient to
meet the expanded E bond quotas.
ury requested that there be no trading In these
securities and no purohases other than on direct
The chief
subscription until after June 30.
characteristics of the securities offered In the
7th War Loan are fully described In the "Treasury
Agricultural States have generally had a
better record than Industrial States
In their
achievement of E bond quotas.
The following
Bulletin" for May
19'*^5
(pages A-2 and A-3).
table presents the percent of 3e:;les E bond goals
reached In the last four war loans In the ten
leading Industrial States as compared with the
five leading farm States.
The States are listed
Sales by States
Each State surpassed Its total quota and Its
quota for corporations and other Investors In the
1/
War Finance Organization, Northern and Southern
California and the District of ColUDbia are treated as
separate States.
In the
August 1945
A-5
Map 2
^^^^
SALES TO INDIVIDUALS
IN 7^"
WAR LOAN
6
A-
Treasury Bulletin
Map 4
SALES OF OTHER SECURITIES TO INDIVIDUALS
IN 7™ WAR LOAN
Percent of Quota Reached
in
Each State
LEGEND
!MUn(/er /35%
^/35% to 149%
IM 150% to 164%
^1 165% or over
In the order of percent
of
Sales In United States territories and posAll the territories and possessions
E bond quotas reached
sesslons.
In the 7th War Loan.
made
Percent of
bond goal
6th
7 th
War
War
Loan Loan
Leading Induetrlsil
States:
1/
New YorE
Indiana
Illinois
Pennsylvania
OMo
California,
Southern
Michigan
California, Northern
Massachusetts
New Jersey
Series E
achieved
¥th~
5th
War
Loan
War
Loan
111+
9«
9«
92
113
110
92
91
89
89
110
111
log
105
109
lo6
los
95
106
106
9|
log
101
102
100
103
102
107
100
111
97
104-
&&
io4
96
91+
2/
Iowa
Wisconsin
Texas
Ulnnesota
Ulssourl
showed
quotas reached.
The Canal Zone
l6l^ and 131^ of their E bond
Puerto Rico stood out with 3l+0^
of Its total quota achieved.
Sales Patterns
101
101
101
Leading agricultural
States:
their 7th War Loan quotas.
and Hawaii
119
103
102
136
120
120
133
109
111
101
101
113
los
io6
9«
11+7
Anticipated
sales
patterns were worked out
In advance of the 7th War Loan to show what cumu-
lative day-to-day sales would have to be In order
to achieve the final quotas.
In keeping with the
emphasis on sales to Individuals during the drive,
separate sales patterns were prepared for (1) toto Individuals,
sales of Series E
(2)
tal sales
bonds alone, and (3) sales of other securities to
Individuals.
Chart 2 presents a set of these
patterns for the United States as a whole.
It
national goal
for
Individuals of
io6
shows that
111
Sales of E
$7.0 billion was passed on June 2g.
bonds ran below the expected pattern throughout
io6
most
spurt
The induEtrlal States were selected on the basis of
those having the highest iiarufacturlng salaries and
wages in the calendar year iglAi according to Department of Oonmerce figures.
The agricultural States selected were those which had
the highest cash farm income (including Government pay-
the
of
the
In
the
drive but recorded a substantltd
last few days.
Sales of other se-
oents) in the calendar year 19U4, according
ment of Agriculture data.
Por purposes of
analysis, California, Illinois, and Ohio are
as industrial States although they are also
cash farm Income.
to Departwar loan
considered
leading in
August 1945
A-7
Treasury Bulletin
Chort 3
SALES TO INDIVIDUALS
Actual Soles
Compared
LOAN - IOWA
IN 7^"
Expected Sales Pattern
with
CUMULATIVE
OOLLA
Millior
170
160
WAR
Aucfust
1945
SALES
A-9
IN
THE SEVEN WAR LOANS, BY INVESTOR GLASSES
Total Sales to All Investors
ILLIONS
DOLLARS
OF
14
18
16
20
22
24
26
121.6
'
I
State and Local
Savings Banks
OF DOLLARS
Individuals
BILLIONS
4
OF
DOLLARS
5
6
-LIONS
7
8
9
Governments
BILUONS OF DOLLARS
1
2
.
Treasury Bulletin
curltles
passed
Individuals
to
the
on
gOEil
of sales In each loan by type of security.
June 13-
A similar set of patterns was prepared for
each State and provided to the State War Finance
Chart 3 shows this Information for one
chairmen.
Amounts in
State (Iowa).
Subscriptions under the Deferred
Payment Plan
Of total sales of #26.3 billion In the 7th
War Loan, $779 million was made up of ssiles under
This plan permitted
the deferred payment plan.
certain classes of Investors, namely, life insurance companies, savings institutions, State and
governmental units,
and agencies,
local
corporations
whole
or
In
and
to
similar public
defer payment in
at
par and accrued interest
19'*-5
on their subscriptions to
part
through August 31,
the two long-term Treasury bonds.
to
Sales
nies under
the
savings banks and insurance compa-
deferred payment
accounted
plan
the major portion of sales
$657 million,
The following table presents a
under this plan.
for
summary of deferred payment sales.
2-1/1;^
2-1/2^
Treasury Treasury
bonds
bonds
(In miUlonfl of dollars)
Insurance oomnanles.
Savings banks
Savings and loan
associations
State and local
governments
Fraternal benefit
associations and
other investors....
232
Total
1+25
193
163
263
58
15
^3
59
37
22
779
"4-12
367
Comparison with Prior War Loans
With sales of $26.3 billion, the hi^est in
any drive, recorded in the 7th War Loan, sales in
totaled $136 billion.
the war loans to date
Sales to Individuals aggregated I36 billion or
27^ of the total and sales to corporations and
other nonbank investors accounted for $S9 billion
or 66^.
Sales
to
commercial
banks,
which were
Included for stated amounts In only the first two
war loans, made up $10 billion or 7^ of total
sales to date.
The following
table
summarizes
the
distri-
bution of sales in each of the seven war loans by
major investor classes. Chart h also presents the
distribution of sales by
for each war loan.
•
Total
Less than $500,000.
major investor classes
Chart 5 shows a distribution
CorporaIndl- tlons and Commercial
vldother
banks
uals investors
1/
August 1945
SALES
IN
THE SEVEN WAR LOANS BY ISSUES
Non marketable Issues
-
Series
Series
C Savings
Notes
Fa G Savings Bonds -^
Series
C Savings Bonds
Marketable Issues Restricted
as to Bank Ownership-'^
si %
Treasury Bonds
>
^-m
2^%
Treasury Bonds-
19^
m
Unrestricted Marketable Issues
2%
Treasury Bonds \
K
K
14%
Treasury Bonds s
:%
Certificotes'^~
l^% Treasury
frt
//%
J
Bonds
Bone
iirfm
^
Treasury Bills
2nd
1st.
^Commercial banks ora not permitted
to
purchase these
3rd
4th
securities n.
permitted concurrently milh the Fourth. Fifth, and Sixth War Loans for the limited investment of time deposits.
Treasury Bulletin
A- 12
SALES OF SERIES E SAVINGS BONDS
THE SEVEN WAR LOANS
2nd
1st
and
savings bonds,
securities
as
a
3rd
savings
group;
4th
5th
6th
7th
and marketable
notes
to
total sales
tions and other Investors are classified
tailed Investor groups for each 3tate.
corporaby
Number
of
2nd
3rd
1st
A
release.
and number of units of each
request.
Series E bonds
supplement
"Treasury
to
this
-
showing
and
to
by
the
States
the sales of each security In the 7th War Loan to
each Investor class. Is being prepared for early
This supplement will be available upon
Background of the 7th War Loan
greatly increased Importance
determination of the Ill+.O billion
national quota for the 7th War Loan was made after
analysis of both the current financial needs of
the Treasury and the flow of funds throughout the
Oovernment operations as a part of the
country.
riod,
Pinal
a
7th
article,
Bulletin",
Development of Quotas
economy as a whole have attained
6th
th
during each
sold
Part 2
5
Table 6 summarizes sales and
goals for the seven drives,
Table ^ gives a historical analysis of sales
securities by major Investor classes and by
Table 5 gives
Issues for the seven war loans.
denomination of
4th
de-
of
of
Bonds Sold
of the seven drives.
current
the dollar value
IN
position
of
during the
and It Is, therefore, necessary
the Income flow throughout the nation In
examine the funds which may be reached
eral borrowing.
war pestudy
order to
to
for Fed-
Total expenditures by the different segments
August 1945
A-13
GOALS AND SALES
By
DOLLARS
IN
THE SEVEN WAR LOANS
Investor Classes
Treasury Bulletin
A-lU-
the economy measure the total production and
thereby the total Income of the nation. The Income of the country In turn Is equal to the value
During the
of the goods and services produced.
of
war period there has been a disproportionate
amount of expenditures by the Federal Oovernment
as compared with the Income It has received In
At the same time the people
the form of taxes.
far smaller amount of
available for purchase than
Income they have left after taxes.
of the country have
goods and services
had a
the amount of
The deficit the Government Incurs and the surplus
the remainder of the economy enjoys are Identical.
It Is this surplus, with
Its
Inherent Inflation-
ary character, which the Treasury seeks to borrow
as far as possible In covering the Oovernment 's
of total liquid savings by individuals during the
January-June
transferred,
amount
1
sfy needs
receipts of $26 billion, leaving a deficit of $25
billion to be financed through borrowing. Of the
equivalent current surplus of $25 billion which
was being accumulated by individuals, corporations,
estimated that new
it
Is
and other Investors,
liquid savings by indfviduals alone aggregated
(1) Wages
$21 billion, made up of savings from:
rents,
and
Interest,
End salaries, dividends.
royalties; (2) operations of farms and unincorporated businesses, including allowances for reset up
serves for depreciation, depletion, etc.
by these businesses but not invested In new capi-
Moreover,
and (3) net social insurance accumu-
of
new
sav-
period are an addition to the already unprecedented accumulations of savings made since the
beginning of the war.
est
In
quota for individuals was
billion in the 7th War Loan, the highany war loan to date.
On the other hand,
$7
the quota
for corporations and other investors
was reduced from |9 billion in the 6th War Loan
to 87 billion in the 7th.
Sales to these Investors absorb savings transferred from individuals
to other nonbank investors, as noted above, as
well
as
funds
and reserves.
arising
from
corporation profits
The reduction
in the quota for
corporations and other investors was a reflection
of
(1) the fact that corporations' new savings
have not been growing as rapidly as during the
early part of the war period, and (2) the efforts
of
the
Treasury Department
to
discourage
the
speculative purchases by nonbank investors.
In conformity with
the
decentralized opera-
tion of the war loan program,
were
broken down by
States
the national quotas
and
supplied to the
respective chairmen of the State War Finance Committees some time before the opening of the
lations.
The actual amount of current savings availfor investment by individuals is limited,
however, by two types of transactions (1) transfers to other nonbank investor classes who in
turn may Invest in Federal securities, and (2)
accumuor preference for additional
cash, including both currency and deThe transfers menDoslts in commercial banks.
tioned here Include net payments on insurance by
Individuals whereby funds are transferred from
need
in
Individuals to insurance companies and Government
Debt retirement also involves
Insurance funds.
transfers from individuals to other Investor
classes such
as
banks,
insurance companies, sav-
Deposits in
mutual savings banks and the postal savings system likewise transfer funds to other nonbank InIt Is estimated that about $7 billion
vestors.
ings
these accumulations
ings available after transfers during the current
,
the
Federal securities and to satadditional savings in the form of
in
Accordingly, the
During the financing period January through
June IS'tv, from the close of the 6th War Loan to
the close of the 7th, Federal Oovernment expendiA little over onetures totaled $51 billion.
half of this amount was covered by net budgetary
lations
for
This total of tlk- billion was a greater
cash.
amount of new savings available than In any prior
war loan period.
set at
able
of
for investment
financial needs.
tal assets;
financing period
were
thus
leaving $lk- billion as the net
new savings of individuals available
19''-5
and
loan
associations,
etc.
drive.
State quotas were in turn broken down by
the State chairmen
by counties and frequently by
other geographical units.
Certain economic data
were provided the State chairmen for this purpose but the breakdown into local quotas was
ultimately determined
in
each State
In
conform-
ity with local conditions.
Speculative Purchases Discouraged
Special efforts were made to achieve maximum Investment of non-bank funds in the 7th War
Loan and to hold Indirect participation of commercial banks to a minimum.
In thJ.s connection,
the Secretary
of
the Treasury
sent
a
letter on
March 20, 19'+5 to all commercial banks, requesting
their assistance In carrying out these policies.
The letter, which described
the
steps
taken
by
the Treasury in this regard, was reprinted in the
—
.
A-15
August 1945
April
19'l-5
l88ue
of
the
"Treasury Bulletin",
sorted
by
cities
order
in
to
pass credits to
local communities.
Sales by issuing agents whose
activities are largely confined to one city or
page A-1
The efforts made to carry out thl8 policy
In
Included the previously mentioned reduction
Investors
the quota for corporations and other
seand the limitation of available unrestricted
the 7/S^ certificurities to only one issue
for corporations and
cates of indebtedness
The 1-1/2^ Treasury bonds were
other investors.
offered only to individuals because it was on an
entered
issue of this type that corporations had
speculative subscriptions In previous drives.
—
county (such as
post
banks,
offices,
etc.) were
credited to the place of their location.
subscriptions from insurance companies were
signed
the address
to
All
as-
the home office, as in
of
the past.
—
banks were requested to
In addition, all
make
cooperate with the Treasury by declining to
for
loans for purchases of Government securities
speculative purposes during the 7th War Loan.
intended to imply
This policy, however, was not
investors to
any disapproval of loans to enable
purchase securities in anticipation of income,
provided that the loans were on a short-term or
Sales Promotion
The general pattern of promotion for the 7th
War Loan differed from that of earlier drives in
the extended sales period for payroll savings
plans which allowed three months, from April 9
to meet the increased E bond
through July 7.
A large number of volunteer salesmen
quota.
6
million or more
— were
organized in
mittees throughout the country
personally soliciting potential
previous war loans
State, county,
Finance Chairmen
for
local comthe
buyers.
organization was
the
Job
of
As
in
set on
and local lines with State War
taking top responsibility and
amortization basis fully repayable within six
These principles were set forth in the
months.
and
Joint statement on bank loans by national
State bank supervisory authorities on November 23,
19l(-2.
This statement was reprinted in the "Treas-
maintaining liaison between national headquarters
The
ury Bulletin" for March 19'^, page A-3.
Treasury also requested that commercial banks not
make loans for the purpose of acquiring the drive
securities later for their own account.
pending on average wages.
The range was from
$13.75 per employee in companies whose average
wage was less than $100 per month to $137-50 per
employee in companies whose average wage was $250
Sales Allocations Between States
The realization of these comor more per month.
pany quotas depended on enlarging payroll savings
and local groups.
Total company quotas for participation of
employees were set on a sliding scale basis, de-
In order to prevent disturbances to the
money market and the banking situation, the practice started in previous war loans was used again
who
to avoid transfers of funds by subscribers
wished to help local communities make their
Under this procedure, the Treasury and
quotas.
the Federal Reserve Banks undertook to give sta-
deductions for bonds as well as on extra purchases for cash.
Many millions of workers were
various localities for
subscriptions made by investors with interests in
more than one community or for purchases made at
the central offices of business organizations op-
education, retirement, etc.
erating in more than one area.
try--patrlotlc, fraternal, religious, educational,
For example,
farm, labor, and countless others.
of many large business organiSeries E bonds bought by employees under
payroll savings plans or during special plant
drives were Issued from central offices; the pro-
every State took a direct part in
For the country as a whole,
schools undertook responsibility for about 7^ of
Women's organizations took a
the E bond quota.
large part In personal solicitation, and worked
tistical
credit
to
the
In the case
zations.
cedure worked out for allocating credit made it
possible In these cases to transfer the credit
to the purchaser's home address or to the place
Likewise, stubs representing
of his employment.
sales by the Federal Reserve Banks, the Office of
the Treasurer of the United States, etc., were
reached and asked to subscribe for extra war
which included
bonds throu^ plant campaigns
meetings held by top management officials and the
distribution of educational material emphasizing
personal interest
in
savings
The program of War Finance
erally
has
future homes,
touched lit-
important organization in the coun-
every
the schools
for
of
the 7th War Loan.
out special programs
in
many
States.
Agricul-
tural States intensified their programs to reach
bond buyers on farms; country banks were of great
assistance
operated
In
in
this respect.
the drive, holding
Theatres again cospecial
War Bond
Treasury Bulletin
A-16
shows at which bonds were the price of admittance.
Special programs by
retail stores, newspaper and
and radio time all conperiodical advertising,
tributed extensively to the success of the drive.
Special events and exhibitions as well as military personnel
were
made
available
by
the
Army
the
Loan Committee,
'
sales work.
cooperated very closely
The Association's
"Plan of
featured not only reporting and
recording of bank sales but direct solicitation
of depositors, was more widely adopted by banks
than ever before.
Investment Bankers and secu-
Action",
which
rity dealers also stressed special promotions for
the sale of E bonds.
and Navy.
The
its War
in
American
Bankers
Association, through
August 1945
A-17
Table 1.- Sales In the 7th War Loan, by Investor Classes
and by Issues
Investor olaes
.
.
..
.
.
,
.
,
C
.
, ,
Treasury Bulletin
A-ig
Table 2.- Comparison of Goals and Sales in the 7th War Loan, by States
Corporations and
other Investors 2/
Individuals 1/
Other securities
Series E savings
bonds
^
1/
Sales
goal
of
goal
(In millions
of dollars)
Alabama.
Arizona,
Arkaneas.
100.0
(Percent)
(In millions
of dollars
77
183
149
142
74.0
23.0
42.0
635
8l(
121
159
176
153
250,0
288,0
54.0
812
76
233
210
176
207
119
22,0
122.0
121.0
29.0
216
221
IR
1^
144
85.0
83.0
20.0
Illinois.
Indiana..
965.0
2iro,o
1.689
HZ6
Iov;a
189.0
J69
175
178
195
490.0
167
135.0
Kansas.
Kentucky..
Louisiana.
106.0
113.0
112.0
176
215
178
166
190
159
86.0
81.0
76.0
Maine
Maryland
MaesaohusettB.
56.0
231.0
700.0
101
1.516
181
214
216
Michigan, ..
Minnesota.
Mississippi.
501,0
224,0
52.0
III
85
Missouri,
Montana.
Nebraska,
280.0
35.0
92.0
181*
12.0
36.0
622.0
Callfornla{g»J?SS?n":
Conneotlout
Delaware
District of Ooluobia.
Florida.
Georgia.
Idaho.
.
.
,
386.0
'i3.0
113.0
183
70
(Per-
cent)
Sales
of
goal
(In millions
of dollars)
128
114
120
49
(Per
cent)
goal
(In millions
of dollars)
119
105
103
25.0
8,0
14,0
37
147
131
155
26.0
91
92
100
86,0
104.0
23.0
103
173
29
120
166
126
149.0
174.0
25.0
40.0
12.0
67
15
37
167
126
169
267.0
21.0
43.0
60
57
9
170
204
126
37.0
38.0
9.0
292
87
75
138
"^75.0
252
342
60
101
119
111
164.0
184.0
31.0
149
169
31
'II
86
115
109
122
79.0
10.0
48.0
4|
133
135
110
50.0
55.0
13.0
13
106
100
101
572
191
173
117
^^§
128
279.0
104.0
82.0
281
105
98
101
101
119
211.0
63,0
101
121
117
104
98
86
31.0
37.0
27,0
44
It
141
212
153
84
84
89
13.0
88,0
98.0
17
104
158
129
118
161
92
'1}
112
137
84
70
U
49.0
53.0
3'^
102
104
119
333.0
140.0
45.0
340
148
56
102
106
124
226.0
29.0
3"^
101
117
107,0
60,0
16,0
201
176
200
171.0
25.0
65.0
241
31
85
141
122
131
101,0
16,0
43.0
102
}^
49
101
120
115
70,0
9.0
22.0
1,318
137
270
212
9.0
17.0
261,0
331
118
127
17.0
3.959.0
132.5
7.226
304
166
182
230
13,0
1,134,0
90,5
16
1,602
119
127
141
132
North Dakota.
Ohio
Oklahoma
33.5
713.0
99.0
1,419
ISO
146
199
182
26.5
403.0
72.0
,29
489
95
108
122
132
Oregon
Pennsylvania.
Rhode Island,
110.0
939.0
79.0
205
1.759
173
^V
187
219
506.0
44,0
South Carolina,
South Dakota, ,
Tennessee
86
34.0
125.0
285
162
164
228
85.
Texas.
'^30.0
766
17s
175
211
312.0
276
364
139
185
193
168
103.0
128.0
64.0
525
19
197
191
109
135
118
210
189
340
121
195
136
131
.
Nevada
New Hampshire,
Nev; Jersey.
.
,
New Mexico
New York
North Carolina,
.
Utah
ISO
563
62
16
97
49
56
41.0
23.0
Vermont,
Virginia
Washington, ,
West Virginia,
iitg.o
Wisconsin,
Wyoming,
267.0
,
,
189.0
83.0
Alaska
Canal Zone,
Hawaii
Puerto Rico,
Other
37.0
27.0
20.0
60.0
140.0
80.
17
51
125
207
81
109
199
112
101
96
4,0
6
674,0
37.0
51
114
98
112
8,0
165,0
27,0
58
283
106
98
52
232
55.0
288.0
24.0
6
5.0
113.0
10
465
92
142
199
127
163
90
89
132
9.0
460.0
53.5
(In millions
of dollars)
58
16
29
154
282
l^9l^
(Percent)
9
20.0
32.036
23.0
83.0
46,2
168.0
84.0
7
109.0
10.0
27
1.117
237
196
75
tl
68
340
1.233
412
265
29
322
31
99
136
186
176
3.0
5
361.0
987
158
169
182
4.0
2,825.0
42.0
5.624
I85
7.0
310
27.0
930
85
%
77
42
392
25
169
180
124
'*33.o
19
156
101
133
16.0
,7.0
4o.o
41
26
185
118.0
13.0
'^
30.0
105
I.O83
35.0
45
29
100
121
108
118
25.0
18.0
48.0
104
112
105
12.0
9.0
37.0
432
31
13
138
112
119
168.0
20.0
6.5
102
104
94
144.0
8.0
182
132
156
129
102
103
63.0
86.0
34.0
117
93
93
4o.o
42.0
30.0
149
120
114
143
234
103
119
61.0
2.0
119
185
361
4^
106
161
131
105
2.5
35
73
185
5/,,
Total sales
1^
1^000.0 26,313
188
7,000.0
8,681
124 4,000.0
Less than t500,000.
Includes partnerships and personal trust accounts.
Comprises insurance companies, savings banks, corporations
and aSBOoiatlona, savings and loan associations, dealers and
brokers, and State and looal governments (including their
3.976
99
3,000.0
4.705
157
7,000.0 17.632
agencies and their trust, sinking, and investment funds).
Savings bonde are shovn at issue price.
^or further details see Table 3.
Includes other possessions and investors giving foreign
addressee.
,. .
..
. ..
,
.
., .
August 1945
A- 19
Table 3.- Sales In the 7th War Loan, by States and by Investor Classes
(In mllllono of dollars)
Sales to Individuals 1/
(Classified by securities)
Savings bonds
(Issue price)
Alabama,
ArlEona.
ArkansaB.
183
Oonneotlout
Delaware
Difltrlot of Columbia.
252
3*2
60
812
76
23J
HI
IlUnolB.
and
associations
18
66
144
24
70
lis
23
3
7
59
72
121
49
103
ni
7
176
215
178
101
121
8U
P
42
Maine
Maryland
Massachusetts.
101
5^
17
68
15'*
51
1,516
282
125
340
1.233
85
3U0
148
56
Michigan, .
Minnesota.
Mississippi.
,
,
Missouri.
Montana.
Nebraska,
563
62
.
.
New Mexico
New York
North Carolina,
7,226
30U
16
1,602
119
Oregon
Pennsylyanla.
Rhode Island.
205
1.759
173
.
55
107
55
29
489
95
118
322
9
49
27
31
99
132
177
27
132
280
289
140
23
19
'I
248
16
37
587
465
1,0^8
52
5.624
I85
1.325
23
3
u
1,099
2.591
79
4
146
6
5
232
51
221
40
930
85
58
283
^t
338
105
1,083
16
41
26
I85
766
432
241
31
13
'^
I
35
133
130
S6
50
39
32
234
'%
Virginia
Washington.
West Virginia.
276
Vluonsln
525
52
19
3
139
'*57
6
.^
.
28
401
5
77
987
^5
29
100
86
Vermont.
Wyoming
412
265
29
S^
285
Utah
,
1.117
237
196
102
7
331
180
.
HI
5
1,318
1,1*19
South Carolina.
South Dakota.
Tennessee
281
105
98
16
97
North Dakota,
Ohio
Oklahoma
xae.
241
181(-
Nevada
New Hampshire.
New Jersey.
Savings
and loan Dealers
and
associabrokers
tions
1*3
104
42
111
Kaneaa.
Kentucky,
Louisiana,
.
146
40|
572
191
173
.
216
180
675
1,689
428
369
Indiana.
Iowa
39
7
51
51
53
55
13
IfS
.
149
169
31
86
216
221
Florida.
Georgia.
Idaho.
Savings
notes
and
marketable securities
58
16
29
77
jNorthern.
,^
1 .»
.
Callfornla<|g3uthern.
Colorado
Sales to corporations and other Investors
(Classified by Investor classes)
31
49
19
27
^5
85
49
73
164
5
Alaska
Canal Zone..
Hawaii
Puerto Rloo.
Other
3/.
Total sales.
z/
i^
26,313
8,681
3.976
6S3
Less than f 500,000.
Includes partnerships and personal trust asoounts.
Inoludes their agencies and their trust, sinking, and
4,022
2/
17,632
4,179
2,241
8,304
Inveataent funds.
Inoludes other poeseBsions and Investors giving foreign
addresses.
.
Treasury Bulletin
Table 4.- Comparison of Sales In the Seven War Loans, By Investor Classes and by Issues
Part A
Sales of Bach Issue In Each War Loan
(In allllone of dollars)
Sales to nonbank Investors
Total
salea
to all
Investors
Corporations and other investors
nonbank
Investors
Individuals
Savings
Sales
to OODCorporatlona
state Treasury aeroial
and aeaoola- Deal ere
and
Investbanks
and
tiona, and
local
oent
6/
savings and brokers govern- aooounts
loan aeeoolments
atlons 2/
V
y
Mon-msrketable issues
Series E savings bonds:
let War Loan
2nd War Loan
3rd War Loan
Ilth War Loan.
2/
5th War Loan
bth War Loan
7th War Loan.
savings bonds:
Series F and
let War Loan
2nd War Loan
3rd War Loan
ith War Loan
2/
,
5th War Loan,
bth War Loan.
7th War Loan.
Series C savings notes:
1st War Loan 2/
and War Loan
3rd War Loan
Uth War Loan
5th War Loan.
6th War Loan.
7th War Loan.
726
I.f73
726
1.^73
726
l,f73
2,1*72
2,1*72
2,1*72
3.1S7
3.187
3.187
3,036
2,S68
3.976
3,036
2,868
3,976
3.036
2,858
3.976
288
288
667
831
216
667
831
1,024
1,021*
818
818
719
991
571*
1*25
2(2^
- iW
565
573
1*51
21*2
S/
35
207
172
257
21*1*
197
30S
1.335
1,652
1.335
1,652
1,11*7 8/
2,1*83
1,5205^
2,290
2,232
2,232
188
132
193
183
8/
2,1*83
2,01*9
1,520 §/
2,262
1.997
2.575
2,575
181
2,391*
2,271
2,1*29
2,1*29
2,283
2,559
1*0
2,707
11*6
ll*8
2,21*2
2.707
2,337
219
1,11*7
26
1*7
120
Unrestricted marketable issues
Treasury bills: Ig/
1st War Loan
2nd War Loan
7/8J6
906
810
Oertifloates of indebtedness:
let War Loan
2nd War Loan
3rd War Loan
Itth War Loan
(duo i2/l/l»3)
(due it/l/W)
(duo J/l/W)
(due 2/1/U5)
3,800
5,251
5,122
5.036
1,67?
121
3.101*
21*6
5,122
5.036
366
596
5th War Loan
bth War Loan
7th War Loan
(.ivt 6/1/U5)
(due 12/1/1*5)
(due 6/1/1*6)
1*68
It,
k,-isi
I*,
785
339
301
i*,i*83
l-l/W Treasury
51
1,558
2,858
302
i*,066
105
11?
136
170
150
99
899
2.033
2,803
3. 1+79
3
1*6
3,318
3,282
3,696
121
133
913
857
81*
2,121
1*50
355
322
266
21*1
2,11*7
552
582
521*
61*5
notes:
5th War Loan
6th War Loan
(due 3/15/1*7)
(due 9/15/1*7)
1,91*8
1,91*8
1,595
1.550
1,550
1,31*0
7th War Loan
"(due 12/15/50)
1,690
1.690
1,690
(duo 6/15/1*8)
3.062
1,001
85
916
... ,(dne 9/15/50-52)
(due 9/15/51-53)
(due 6/15/52-511)
(duo 12/15/52-5ltT
i*.939
2,817
5.257
5,229
6,939
1*72
1,220
1,322
1,295
^.3'^5
l^.037
Treasury bonds:
Ist War Loan
l-3/'*i'
2)8
Treasury
2nd War
3rd War
5th War
6th War
bonds;
Loan
Loan
Loan
Loan
5.257
5,229
5,939
1:IU
2, 061
318
703
89!*
921*
1.339
539
1,032
1,250
2,018
832
1,357
1,242
1,773
2,122
189
123
1*80
21*2
21*9
181
333
15s
150
loi*
Uarketable issues restricted as to bank ownership 12/
2-1/5)8 Treasury bonds:
Uth War Loan
7th War Loan
5,311
801
775
1,028
1,251
2.575
3.222
3,218
1,568
1.382
1.582
1.585
1.095
583
550
1*17
1,81*6
502
2,209
5.971
1.357
1,603
3.291
68
116
950
286
1,001
li
136
886
2,811*
(duo 9/15/56-59)
(due 6/15/59-62)
3.331
5.077
3.331
5.077
Loan
Loan
Loan
Loan
(duo 12/15/63-6«)
(duo 6/15/65-69)
(duo 12/15/614-69)
(due 3/15/65-70)
2.831
3.762
3.779
1,920
2.831
3.762
3.779
1,920
55o
561
352
5th War Loan
bth War Loan
7th War Loan
(duo 3/15/65-70)
(duo I/15/66-71)
(duo 6/15/67-72)
2.263
2,711
7,088
2.263
2.711
7.088
1,117
322
2-1/2)8 Treasury bonds:
1st
2nd
3rd
5th
War
War
War
Wan
265
560
35"*
256
117
92
8
181
235
239
3^9
l'i7
21*9
593
Total - All issue
War
War
War
War
6,267
10,186
13,567
16,730
1.593
3,290
5.377
5.309
1.699
2,508
2,620
2,l5l
620
1,195
1.508
1,262
2,625
5.187
7.121
6.796
20,639
21,621
26,313
6.351
5.882
8,681
11*,
288
15,739
17,632
2.76?
3.196
^.179
1.525
2,31'*
2,21*1
8,201
8,613
9.115
Loan.
Loan.
Loan.
Loan.
12,91*7
7,860
18,555
18,955
16,730
13,1*76
18,951*
5th War Loan.
6th War Loan.
7th War Loan.
20,639
21,621
26,313
let
2nd
3rd
5th
(Continued on following page)
51*1*
891*
1*33
533
286
200
503
795
789
1,260
1.299
1,811
239
350
S30
5.087
5.079
A-21
August 1945
Table 4.- Comparison of Sales in the Seven War Loans,
by Investor Classes and by Issues - (Continued)
Part B
-
Summary
(In mllllong ot dollars)
Sales to nonbank Investors
Total
ealee
to all
Investore
Corporations and other InveBtore
nonbank
Investors
Insurance
companies
Savings
banks
Corporations
state Treasury merolal
and associa- Dealers
and
Invest- banks
and
tions, and
nent
local
6/
savings and brokers govern- accounts
loan aBsool1/
Bents
atlons £/
M
1
Total sales of each Issue In all «ar loans combined
Non-marketable Issues:
Series E savings bonds
savings onds 2/.
Series F and
Series C savings notes.
Total
Unrestricted marketable issues:
Treasury bills
7/gJt Certificates of indebtedness.
1-1/^$ Treasury notes
l-l/2jt Treasury bonds.
Treasury bonds.
Treasury bonds
Total
I_j/l;j6
2)8
Sale
to com-
Indlrlduals
1/
17,738
3.558
1.171
22,467
l't-,2't2
3,1*98
2.337
563
25,563
2,935
15.
W3
^s.^sg
~3S7E89
1,716
32,16s
27,900
3,lt9S
1.522
13.776
15. £98
1,780
16,022
1,690
3,062
1,690
1,001
1,690
85
22,36't
20,2li2
't.309
916
15,933
6ll,lt9«
5''.331
8,984
'*5.3'*7
Uarketable Issues restricted as
bank ownership:
2~\/^% Treasury bonds
2-1/2)6 Treasury bonds
Total
89,100
584
254
242
240
3,S60
S,46S
86
4,839
5.763
5,go4
26,726
1,575
11,895
13. "70
2,269
2,582
4,851
2,546
3.090
'5,636
19,012 10,665
47,658
i
y
Treasury Bulletin
Table 5.- Comparison of Sales of Series E Savings Bonds by Denomination
In the Seven War Loans
August 1945
A-23
Security Purchases Outside the 7th War Loan by Commercial
Banks and Treasury Investment Accounts
Commercial Banks
presented below.
Concurrently with
Jtb War Loan,
the
commer-
Amount
purchased
cial banks (defined as banks accepting demand dewere permitted to subscribe In limited
posits)
amounts for specified lesuee Included In the loan.
The securities made available were the 7/Sf> cerof
tificates
Series
and
bonds,
Indebtedness,
F
the 1-1/2^ Treasury
and
savings
bonds,
with
sales confined to the period June IS through June
Total purchases by any one bank were limited
(In millions
of dollars)
7/S^ Certificates of Indebtedness due 6/1A6
15
1-1/2^ Treasury bonds due 12/15/50
938
Series F savings bonds
112
30.
the combined
of
to 10^
cates
of
deposit
of
amount
of
Individuals
time
and
certifi-
nonprofit
corporations or
associations, and of savings de-
posits, but
more
not
than
In
$500,000 In all.
savings
addition, purchases of the Series F and
bonds were
restricted by
the usual 1100,000 an-
Series a savings bonds
239
Total
1.30^
Treasury Investment Accounts
Subscriptions
counts totaled
by
81,070
Treasury
Investment
ac-
millions during the period
These were divided between
2-1/U^ Treasury bonds and
nual limit for both Issues combined applicable to
Subscriptions by
all purchasers of these bonds.
of the 7th War Loan.
$200 million for the
commercial banks concurrently with the 7th War
Loan were not Included In the drive nor were they
credited toward any quota.
IS70 million for the 2-1/2^ Treasury bonds offered In the drive.
These purchases, however,
were not Included In sales In the 7th War Loan.
Treasury Investment accounts constitute the accounts of those United States Government agencies
and trust funds whose Investments are handled
Subscriptions by commercial banks to the Issues available
gated
|1,30'<-
to
them under these limits aggre-
million.
Distribution by
Issues Is
through the facilities of the Treasury Department.
Reinvestment of Matured Series A Savings Bonds
In Series E Savings Bonds
On
June 17,
19'*-5
the
Treasury
Department
issued a revised ruling concerning the concurrent
reinvestment by Individuals of the proceeds from
matured Series A bonds In Series E bonds.
Such
reinvestment Is exempted from the $5,000 annual
limitation on purchases of Series E savings bonds.
Previously this exemption from the annual purchase limit was permitted only If the reinvestment was made In the month
bonds
matured.
(See
in
which the Series A
"Treasury
Bulletin"
for
Under the revised ruling
March 19'^-5. page A-1.)
the exemption is extended to reinvestment in any
later month In which the Series A
Series E
day of the
sented.
first
bonds are pre-
bonds will be dated as of the
month In which the Series A
bonds are presented for payment to any specified
redemption agent.
Accordingly, if an owner of
Series A bonds desires to continue his Investment
without loss of -Interest, he must present hie
Series A bonds during the month In which they
mature for reinvestment In Series E bonds.
At
the
time
of the sale of Series A bonds
restriction on the Investors eligible to purchase them.
Series E bonds, however,
there was
no
may be purchased only by Individuals and the regulation for reinvestment outside the $5,000 limitation applies only to them.
Other Investors are
Invited to Invest the proceeds of their matured
bonds In other United States Government securities available to them.
Treasury Bulletin
k~Zk
Redenptlon of United States Savings Bonds Through
Additional Financial Institutions
On July 2, 19't5 the Secretary of the Treasury released revised regulations governing the
simplified plan for the redemption of savings
The new regulabonds of Series A through E.
tions, as authorised by the Publlo Debt Act of
19'«'5, extend the group of authorised Institutions
eligible to become redemption agents for these
usual oourse of business accept, subject to withdrawal, funds for deposit or the purchase of
shares; (o) be under the supei*vlslon of the bank-
savings bonds to Include savings and loan associations, building and loan associations (Including
cooperative banks), credit unions, cash depositories. Industrial banks, and similar financial
regular business hours.
ing department or equivalent authority of the
(d)
Jurisdiction In which It Is Incorporated;
maintain a regular office for the transaction of
Its business; and (e) be open dally and obsei>ve
Full
details with re-
spect to qualification, the scope of authority of
paying agents, and the details of payment and ac-
counting
will
be
found
In
Department
Circular
750, Revised.
Previously authorised redemption
Institutions.
agents Included only the Treasury Department, the
Federal Reserve Banks and their Branches, and In-
No.
corporated banks and trust companies which have
qualified for that purpose.
the requirement that savings bonds
The new
redemption regulations do not alter
Series E must
be held for 60 days from the date of Issue before
they become redeemable;
Incorporated banks and trust companies were
made eligible as redemption agents last October,
In an effort to simplify the redemption process
for those holders of bonds who find It necessary
to
cash
their
bonds
Treasury Bulletin"
prior to
for October
maturity.
19"*^,
(See
page A-1).
It was provided that the redemption value of the
bonds would thus be paid Immediately upon presentation of the securities, and at no charge to the
bond owners. The same arrangements are now being
extended by the additional types of redemption
agents as rapidly as they are qualified by the
Federal Reserve Banks
of
the
Districts In which
nor do they affect the
non-transferablllty of the bonds.
The privilege
of
cashing
savings bonds
of
Series A
to E
at
qualified Institutions Is available only to IndiSeries F and Series a savings bonds are
viduals.
not Included In
the
new
arrangements,
but will
continue to be redeemable by the method of certi-
fication through presentation of
Federal Reserve Bank or Branch,
ury.
the
bonds
to a
or at the Treas-
The experience of Incorporated banks and
trust companies in redeeming savings bonds during
the last
nine
months warrants a slight reduction
they are located.
In the scale of compensation made by the Treasury
Under the Act and the regulations, an Institution must meet the following tests In order to
be considered eligible to qualify to pay the
It must (a) be Incorporated under Federal
bonds.
law or under the laws of a State, territory, pos-
deemed on and after July 2, therefore, the reimbursement scale will be 15 cents each for the
first 1,000 bonds redeemed and 10 cents each for
for these services.
session, the District of Columbia, or the Common(b) In the
of the Philippine Islands;
wealth
Effective
as
to bonds
re-
excess of 1,000 bonds redeemed In any one
This applies to agents preCalendar quarter.
viously qualified as well as to new agents quali-
all In
fied under the revised regulations.
August 1945
A-25
Financial Operations of the United States Government
During the Fiscal Year 1945 1/
Summary
ReoelptB and expenditures of the United
States Government followed closely the pattern of
the
three
previous
years
war-time
and
again
reached unprecedented peaks. Although the war In
Europe ended In May 19't-5, the full effect of Its
termination will not be reflected In governmental
receipts and expenditures for some time.
Receipts for the fiscal year 19*^5 amounted
(exclusive of $1.3 billion of
to $1^6.5 billion
Social Security employment taxes set aside for
account of the Federal Old-Age and Survivors Inan Increase of $2.3 billion
surance Trust F^Jnd)
over 19*^^1 the previous record year.
,
Total
budgetary
expenditures
cunounted
to
an Increase of $6.7 billion over
tlOO.!*- billion,
expenditures of 193*7 billion during the fiscal
year ISkk.
The net budgetary deficit
for
the
year was
$53.9 billion as compared with ik$.€, billion for
the preceding fiscal year, an Increase of 9U-.k
billion.
Expenditures for war activities ajuounted to
$90.0 billion and continued to account for the
major portion of total expenditures. In addition,
war expenditures by the Reconstruction Finance
Corporation and Its subsidiaries, while much less
than In preceding years, amounted to $0.5 billion.
These war expenditures, together with interest on
the public debt, tax refunds, and Veterans' expenditures, accounted for about S&% of total ex-
penditures for the fiscal year
19'*^5i
the
same
(In fflilliona
of dollars)
Means of financing;
Public debt receipts (net) from:
Public issues
Special issues
53.9'«
Total receipts for the fiscal year ISk^
amounted to ikj .J billion as compared with t^^.Ubillion In 19UJ^, an Increase of $2.3 billion
(Table 1).
Income taxes showed a net Increase of
Income taxes withheld by employers
$0.5 billion.
under the Current Tax Payment Act of 19U3 in-
creased $1.9 billion and other Income taxes decreased $1.1^ billion. (For a detailed analysis of
Internal revenue collections based upon reports
from the collectors of Internal revenue,
see
pages 62-65.)
All other classes of receipts,
except those from customs.
Increased over the
preceding fiscal year.
Social Security taxes and
taxes upon carriers and their employees Increased
tho million; miscellaneous Internal revenue Increased $1.7 billion; and miscellaneous receipts
Increased $0.2 billion.
Customs collections,
amounting to $0.U- billion, were $76 million less
than In ISkk. A history of receipts from 1936 to
date appears on page 5.
Included among the mlsoellaneons receipts
were more than $2.0 billion on account of renegotiation of war contracts; approximately $0.3 billion from the sale of surplus property; and $0.2
billion from surplus postal revenue's.
The surplus postal revenues paid into the Treasury during the fiscal year 191^5 exceeded the total surplus receipts from this source slnoe the establishment of the Government.
The total receipts for the fiscal year Just
ended were only $0.7 billion, or 1-1/2^, more
than the Budget estimate of January 3, 19'+5.
Bxpendltures
Total budgetary expenditures (excluding debt
retirement) for the fiscal year 19'^5 amounted to
$100. l^ billion, an increase of $6.7 billion over
the previous fiscal year (Table 1).
Total budgetary expenditures exceeded the Budget estimate of
-37»^
1,553
-1,977
Receipts
as
for Blmils^ items in the fiscal year 19'^.
Cash requirements;
net budgetary deficit, excluding
debt retirements
Excess of receipts (-) or expenditur«e () in;
Checking accounts of Oovemment agencies;
General
Sales and redemptions of
obligations in the
market (net)
Trust and other accounts....
Increase in General fund balance
Total cash requirements
The preceding table shows the factors Involved In financing the net deficit and o.ther requirements.
-798
^.529
57.679
January 3, 19^5 by $1.5 billion, or about 1-1/216,
due primarily to continuing high e:q)enditure8 for
war activities, which were
than the Budget estimate.
hl^ep
53.15^
1/
Total
$2.0 billion
57,679
Ihli artiel* It basad on a July
of tha Iraaaury Sapartaaat.
3,
194$ praat
ralaaae
Treasury Bulletin
A-26
expenditures
Budgetary
amounted
activities"
to
classified as
$90.0
"war
fiscal year 19'^5, an increase of $3.0 billion
3ome of the larger war agencies conover 1944.
tributed to the higher level of expenditures In
the year Just ended, while there were offsetting
in the war activities
Increases were as follows:
$1.1 billion; Navy Department,
Treasury Department war expend-
decreases In other
classification.
War Department,
billion;
$3.5
by $46 million.
billion for the
Items
The
The trend In recent years of Government expenditures (Including net expenditures of certain
Government corporations and credit agencies) Is
shown In the following table which breaks down
budgetary expenditures Into war activities; Interest on the public debt, tax refunds, and Veterans' Administration; and all other.
itures, principally purchases for Lend-Lease ex$30 million; War Shipping Administration,
port,
Fiscal years
and other miscellaneous Items, $32
Expenditures for aid to China and pay-
$0.1 billion;
million.
for United Nations Relief and Rehabilitaaggregated
$0.3 billion,
tion Administration
while there were no expenditures for these Items
Decreases In war activIn the fiscal year 19'*-'*-.
19IU
billion;
billion;
United States Maritime Commission, $0.6
an aggregate of $0.5 billion under
and
the Federal Security Agency, Federal Works Agency,
and National Housing Agency.
excluding revolving
General expenditures,
funds and transfers to trust accounts, amounted
to $S.S billion, an Increase of $2.6 billion over
However, the Increase In total general exl^kh.
penditures was more than offset (l) by the Increases In certain Items classified as general
expenditures which reflect the Impact of war
Interest on the public debt,
activities, namely:
which Increased $1.0 billion; refunds of taxes
and
and duties, which Increased $l.'^ billion;
Veterans' expenditures, which Increased $0.3 billion; and (2) by a payment of $257 million to
restore the capital Impairment of the Commodity
Credit Corporation applicable to the fiscal years
and 19'*-'t-, but not appropriated by the Con-
1914-3
gress until April 25, 19^3.
Expenditures
ferred
to
trust
representing
accounts,
etc..
amounts
trans-
Increased
$1.1
This Increase
billion from the previous year.
was accounted for by the following: A payment of
$9 million to the Adjusted Service Certificate
Fund; transfers to Government employees' retirement funds that were $19 million greater than the
preceding year; transfers to the National Service
Life Insurance Fund that were $1,015 million more
than last year; and transfers to the Railroad Retirement account that exceeded the previous year
191;!^
^g^
(In billions of dollars)
ments
ities expenditures In 19'^5 from the previous fisDepartment of Agriculcal year were as follows:
$0.9
ture, mainly the Lend-Lease food program,
l9l^2 ^9!^3
Budgetary expendltu
War activities
Other activities:
Interest
.
8
.
August 1945
A-27
that Act)
Fiscal years
debt
19IH
19^2
i9i(.3
191^
i9i;5
(In billions of dollars)
Budgetary war expenditures
1
1.0
1.1
1.3
5A
October.
November.
Deoember.
5.5
6.0
5.S
7.0
1.91/
6.7
7.5
January
February,
2.1
2.2
5.9
llaroh
2.8
6.7
7.1
7.5
7.7
7.6
6.9
8.2
3.6
3.S
7.0
7.1
7.5
2
July.
August.
September.
.
2
.
2
.
April
Kay
June
Total budgetary war
expenditures
6.U-
5.
6.3 26.0
hi
7.2
7.0
7.0
90.0
War expenditures by
RJO and aabaldl arlee.
A
3.2
2.3
gross
to
public debt
billion
on
June 30,
compared
as
$258.7
$201.0 billion on June 30, 19'^,
an
194^5
with
Increase of
The computed rate of Interest on the total
debt
was
Interest-bearing public
1.936^ on
June 30, I9U.5, as compared with 1.929^ on June 30,
For Information on the computed rate
Interest for earlier years, see page 27.
19^^.
of
Table 3 shows the public debt outstanding as
19'*'+ and 19'<-5, classified by
charac-
of June 30,
ter of Issues, as between public Issues and special Issues for account of Oovernment trust and
The amount
Issues
of
outstanding public
Increased $53«2 billion during the year,
Issues Increased $>i.3 billion. A
special
and
more detailed classification
may be
found
Bulletin;
19'+'*'
19'4-5
of
the
public
In the statistical section
data
of
debt
this
throu^
throu^ June
for the fiscal years 1936
and for the months June 19't^
appear on pages 23-26.
Under the Public Debt Act of
19'*'5,
approved
April 3, 19'*'5. the limitation on the general borrowing power under the Second Liberty Bond Act,
as amended,
plicable
1/
to
Increased from $260 billion (appublic debt obligations Issued under
was
Month of Unltad Statet aatry
19H1.
Into
guaranteed as to principal
United States). As of June 30, 19't-5, the unused
borrowing authorization under the limitation was
Further details may be found on
$31.3 billion.
page 28.
The contingent liabilities of the Oovernment
on account of outstanding public Issues of obligations of Oovernment corporations and other
agencies, guaranteed as to principal and Interest,
decreased from $1.6 billion on June 30, 19lUt-, to
iO.k billion on June 30, 19^+5, a decrease of $1,2
billion.
This decrease Is largely due to the
continuation of the policy announced In October
19'H under which the funds needed by Oovernment
corporations are provided by the Treasury In lieu
such corporations sell their obligations In the market.
$57.7 billion.
special funds.
public
obligations
and Interest by the
of having
2.7
Public debt
The
amounted
to
and publicly-held
75.3 89.7 90.5
6.7 28.3
Total.
$300 billion (applicable
Guaranteed debt
l:\
7-8
72.1 87.
to
obligations
the
war.
Decanter
With the repayment on June 1, 191*5 of the
outstanding 1-1/2^ Home Owners' Loan Corporation
bonds of 19'*5-''-7, called for redemption on that
date, there remain outstanding only two groups of
unmatured guaranteed obligations (with the exception of the guaranteed securities held by the
secretary of the Treasury):
(1) $375 million of
certain demand
obligations
of the Commodity
Credit Corporation Issued to commercial banks In
connection with commodity transactions, and (2)
$3'* million of debentures Issued by the Federal
Housing Administration In connection with mortgage Insurance.
During the fiscal year the securities of Oovernment corporations and other agencies held directly by the Treasury Increased from
$10.7 billion to $12.2 billion, an Increase of
$1.5 billion.
Table I* presents a statement as of June 30,
and 1945 of the guaranteed securities outstanding, showing both the public guaranteed issues and the guaranteed securities held by the
Treasury.
For Information on the public Issues
I9'*'*
of
guaranteed
securities
outstanding
since
June 30, 1936, see pages 23-25; similar Information on guaranteed securities held by the Treasury appears on page 27.
Treasury financing operations
During the fiscal year 19'45, cash sales of
marketable securities, other than the weekly Issues of Treasury bills, were confined to the 5th,
6th, and 7th War Loan drives.
The 5th War Loan
overlapped the beginning of the fiscal year and
Treasury Bulletin
the 7th Var Loan overlapped the end of the year.
In addition to new funds amounting to $'(•2.1
billion raised by cash sales of marketable Issues
new funds aggredurlnp the fiscal year igl^-S.
gating $22.3 billion were also raised by the sale
of savings bonds, savings notes, savings stamps,
The table which follows
and depositary bonds.
summarizes these cash operations by kind of secuFor details concerning the offerings
rity sold.
of marketable Issues of Treasury bonds, notes,
and certificates of Indebtedness, see page 32.
Information regarding the offering and maturities
of Treasury bills appears on pages 3**^ and 35-
August 1945
A-29
paying agents
qualify ae
for
savings bonds,
as
explained In an accompanying article.
Table 5
gives
cumulative sales and redemp-
are classified by denomination and by type of
purchaser; data on redemptions are classified as
to whether redeemed for cash or for payment of
taxes.
tion figures for all series of savings bonds from
It Indicates that
1935 through June 30, ig^tS.
about 15/^ of all savings bonds Issued have been
redeemed, leaving S5 cents
of
every
dollar
of
savings bonds sold still In the hands of the
Tor more detailed Information
original buyers.
concerning sales and redemptions of savings bonds,
sales by denomination, and sales by States, see
pages
36-'4-l.
Treasury Savings Notes
Treasury savings notes during the
fiscal year 19'*-5 "ere lower than In either of the
Sales
of
two preceding fiscal years.
The amount
of notes
received for taxes were |'4-59 million less than In
19UI; and the amount presented for cash redemption
InformaIncreased i^S million over last year.
tion on sales and redemptions by fiscal years and
Data on sales
by months appears on pages 14-2-l^U-.
Adjusted Service Bonds
Adjusted service bonds, issued to veterans of
the First World War In payment of amounts due on
Adjusted service certificates, matured on June 15,
19'*^5.
The face amount of each bond, l50.00,plUB
Interest
per annum for the full nine-year
$13-50, was payable at that time.
No
further Interest will accrue after June 15. Of
these bonds there was outstanding as of May
31,
3^
period,
or
19^5. $217 million, which was reduced through redemptions to #109 million as of June 30, 13^3.
These bonds were originally issued as of
June 15, 1936, and they were redeemable on demand
at the option of the owner.
About 12^ were held
to maturity.
For further discussion eonoemlng
these bonds,
see page A-1 of the May 19U^5 Issue
of the "Treasury Bulletin".
Treasury Bulletin
A- TO
Table 1.- Budgetary Receipts and Expenditures,
Fiscal Years 1944 and 1945
(In mllllona of dollars)
Change
during
1944
Receipts:
Internal revenue:
Income and profits taxes:
Withheld by employers (Current Tait
Payment Aot of 194})
Other
Miscellaneous Internal revenue
Social Security taxee
Taxes upon carriers and their employees
1944
fiscal
1945
Expenditures (continued):
War activities:
War Department
f.393
26,262
5,291
10,289
24,884
n,S96
Navy Department
-1,378
1,658
Agriculture Department
l,lt-72
267
Federal Security Agency
285
Federal Works Agency
Railroad unemployment Insurance contributions
13
National Houa Ing Agenoy
Customs
Mleoellansous receipts
Total reoe Ipts
431
355
-76
3,280
3,'^7o
•189
45,Uog
47,740
Treaeury Department
United Statee Maritime Commission
War Shipping Administration
Aid to China
Deduct net approprlatlona to Federal OldAge and Survivors Insurance Trust Fund...
Net reoelpte
1,260
1,283
44,149
46,457
Payments for United Nations Rsllef and
Rehabilitation Administration
2,308
other
Total war activities expenditures
Revolving funde (net):
Farm Credit Adjnlnlstratlon
Public Works Administration
Expenditures:
General:
Departmental (not othervlse classified)
Total revolving funds (net)
Agriculture Department:
War Food Administration:
Commodity Credit Corporation - Restoration of capital Impairment,..
Other
Other
257
484
-36
Federal Security Agency:
Social Security Board
Other
-352
Transfers to trust accounts, etc.:
Adjusted Service Certificate Fund
-7"^
Federal contributions to District of
Columbia (United States Share)
-It
Oovernment employees' retirement funds
United States share)
(
Federal Works Agency
National service life Insurance fund..
Interior Department - Reclamation
Projects
5"*
National Housing Agency
15
Panama Canal
12
Poet Office Department (deficiency)....
Railroad Retirement Board
River and harbor work and flood control
Tennessee Valley Authority
Treasury Department:
Intereet on the public debt
Refunds of taxee and dutlee:
Excess profits tax refund bonds,.,.
Other
Veterans
'
Administration
Total general sxpendlturee
*
Less than J500,000.
Office of Distribution (surplus commodity stamps)
Railroad retirement account
Railroad unemployment Insurance administration fund transfers to unemployment truet fund (Act Oct. 10, 1940).
-29
6
6
177
l42
-1^5
65
2,609
3,617
134
894
821
133
Total transfers to trust accounts, etc.
-35
Total expenditures (excluding public
debt retirements)
760
+689
629
6,iee
2,563
49,302
1945
August 1945
A- 31
Table 2.- Budgetary Expenditures Other Than War Activities, Interest on Public Debt,
Tax Refunds, and Veterans' Administration, Fiscal Years 1941-1945
(In ollllone of dollarB)
Flsoail rsara
igin
1942
Departmental (not otberwlee olaselfled).
676
Agriculture Department.
811 1/
191+5
191*14.
685
732
793
892
1,109
1,01*6
833
683
Federal Soourlty Agency:
Civilian Conservation Corps...
National Xouth Administration.
Social Security Board
Other
Total Federal Security Agency.
Federal Works Agenoy:
Public Buildings Administration.
Public Roads Administration
Public Works Administration
Works Projects Administration...
Other
Total Federal Works Agenoy
19^3
163
88
1+73
75
799
60
1^2
126
1,285
y
882
l,65i»
Government employees' retirement funds...
93
National Housing Agency
17
1,136
1*1*7
Railroad Retirement Board k/
139
321*
River and harbor work and flood control.
219
11*2
Tennessee Valley Authority.
51
Other.
Total.
1/
2/
Reduced by $315 million return of surplus funds from
Oovernment corporations, repaid to appropriations.
Borne functions abolished and other functions transferred to other agencies.
2/
U/
Reduced by tl4 million return of surplus funds, repaid to
appropriations.
Includes transfers to Railroad Retirement Account and to
Railroad Unemployment Insurance Account.
Table 3.- Public Debt Outstanding, June 30, 1944 and 1945
(In millions of dollars)
une 30
June 30,
191*4
191*5
Change during
fiscal year
191*5
Public issues:
Interest-bearing debt:
Uarketable issues:
Treasury bills
Certificates of indebtedness
Treasury notes
Treasury bonds
Postal savings and other bonds
Total marketable issues
Non-marketable issues:
U. 3
savings bonds
Treasury notes - tax and savings series.
Adjusted servioe bonds
Depositary bonds
Total non-marketable Issues
.
Total interest-bearing public Issue*
Uatured debt on which interest has ceased
Debt bearing no interest
Total public Issues
Special Issues
Total public debt outstanding
*
Less than 1500,000.
17,01*1
106,1*48
+2,307
^5.313
+5,092
196
+27,201*
•
181. 319
+1*0,917
606
9.557
217
1*5.586
i*7»
505
+10,979
+579
-217
+30
31*,
10,136
1*4.855
56,226
-*ll.37l
135,256
237.5^5
+52,289
201
269
1.259
g.057
+798
186,716
239,870
53. 15*+
li*,287
18,812
+4,525
201,003
258,682
+57.679
Treasury Bulletin
A-32
Table 4.- Securities Guaranteed by the United States Outstanding,
June 30, 1944 and 1945
(In nllllonB of dollara)
June 30,
Public leeueB!
Interest-bearing debt:
Marketable lesues:
Commodltjr Credit Corporation
Federal Housing Administration
Home Owners' Loan Corporation
Total marketable Issues
Change during
fiscal year
19U5
June 30,
1945
19W
1H2
-412
+10
-755
-1,156
755
Non-marketabls issues:
Commodity Credit Corporation
Rsconstruotion Finance Corporation
Total -ion-marketable Issues
150
176
"liS"
Total interest-bearing debt
+226
-176
375
375
1,516
t09
-1,107
1.591
108
+691
-25s
-15
Matured debt on which interest has ceased
Total public Issues
1,623
Issues held by the Treasury: 1/
Commodity Credit Corporation
Federal Farm Mortgage Corporation
Federal Public Housing Authority
Home Owners' Loan Corporation
Reconstruction Finance Corporation
Tennessee Valley Authority
Total issues held by the Treasury
5,1*16
383
1,010
9,020
57
57
10.717
12,169
lg,3lo
12,602
•••••
Total
l7
900
366
398
580
•
+14-30
+603
+1,1*51
These issues are refleoted in the public debt,
Table 5.- United States Savings Bonds Issued and Redeemed
Through June 30, 1945
Amount
issued 1/
Amount
redeemed 1/
Amount
outstanding 2/
(In millions of dollars)
Series A-D:
Series A-I935
Series B-1936
Series C-1937
Series O-1938
Series D-I939
Series D-igw
Series D-I9IH
Total Series A-0
Series E:
Series E-I9IH
Series E-1942
Series £-191*3
Series E-1944
Series E-19U5
Total Series S
Unclaeeified redemptions:
Series A-E
Total Series A-E
Series F and Q:
Series F and
Series F and
Series F and
Series F and
Series F and
Total Series
0-191*1
O-igte
0-191*3
G-19l*l*
0-191*5
F and
Total all series
*
1/
5/
Less than 0.05^.
Includes accrued dleoount except Series 0.
At current redemption values except Series O,
13'^
119
551
5l7
96s
135
127
1,151*
161*
I*.
56
1*87
901
i,'W5
6,382
12,Ii05
5 .055
35.79g
1(0,278
1,518
3,157
3,335
3,671
1,810
I3.'*9i
53.769
119
3g7
fi5
1190
802
1*98
10,51*1*
V
August 1945
A- 73
Advance Tabulation of 1943 Taxable Individual and Fiduciary Income Tax
Returns with Net Income of $5,000 and Over
of Internal Revenue completed In
advance tabulation of data from the
The Bureau
June
an
19''-5
1S^3 taxable Individual
returns with net Income
and
fiduciary income tax
$5,000 and over which
filed through December 31, 19!*^.
Fig-
had been
of
ures for complete 19'*-2 Individual and taxable fiduciary Income tajc returns were released this
summarized In the "Treasury Bulletin"
spring and
for April 19'^5.
which
the volume
complete
19'*-2
"Statistics of Income, Part I",
carries the detailed data for
returns. Is not yet available.
new figures, which
are
significant data for
of the full
The
summarized herein, provide
19't-3
tax
returns In advance
tabulations.
19'<-3
Number of Returns
A total of
l.l*-
million returns with net In-
come of #5,000 or over were Included In the tabu-
lation.
It
was
estimated
that
approximately
125,000 Individual and fiduciary returns with Income of $5,000 and over were not available for
Inclusion at the time of tabulation due to administrative changes In handling returns under the
CJurrent
Tax
Payment Act
of
turns will be Included In
complete reports for 19'*-3-
19'+3-
the
All such repreliminary and
The lA million of returns for 19'<-3 tabulated In the advance group compares with 1.2 million returns In the complete tabulation for 19*^2.
The table below eummarlzes the number of taxable
returns for Individuals and fiduciaries with net
Income of $5,000 and over In 19l*2 and 19U^3 by net
Income classes.
Net Income classes
:
Treasury Balletin
A--?»t
Revenue Act
'^Tax on 13^3 Income:
Normal tax.
Surtax.
Net victory tax.
Less tax credits (foreign tax
paid and tax paid at source).
Total
^"^
19't-3
J
^
of 19'*-3.
The principal changes affecting the data tabulated from individual returns and fiduciary returns were as follows:
(a)
The minimum amount of gross income for
which a return was required to be filed
was reduced from #1,200 to t62l*- for a
married person living with husband or
wife for any part of or for the entire
taxable year, and a return was required
of any person liable for an income tax
for the income year 19'*-2, regardless of
the amount of gross income for 19'<-3'
(b)
A victory tax was Imposed applicable to
taxable years beginning on or after January 1, 19'+3f which was 5^ of the victory
Non-recurring tax (adjuatmenta under
Current Tax Payment Act of 19'^3)
Additional tax for returns on
which 19U-3 tax is increased
to equal 19'*-2 tax liability.
Unforglven portion of the 19*^2
or 19'+3 tax, whichever is
smaller.
The income and victory tax on the net income
reported for 19'*-3, without regard to tax items
added in 191^3 In the adjustment to a "pay as you
go" basis (aa provided by the Current Tax Payment
This is conceptually
Act), was $6.1 billion.
comparable to the $U-.7 billion of tax on 19U.2 net
income except that the 19lt3 figure (1) includes
tax net income after a. specific exemption
|62'*-.
A victory tax credit (with lim-
of
itations) computed with regard to marital
atatus and number of dependents was al-
lowable
the victory tax and (2) was reduced by the amount
of tax credits (foreign tax paid and tax paid at
source);
19't-2
such
credits
were
not
against
exceus of 90^
tabulated from
victory tax.
<^"
The
limited to the
net Income over the nor-
mal tax and surtax (before credits).
returns.
(0)
The table at the bottom of the preceding
page presents the net income and tax liability
for taxable individual and fiduciary returns with
net income of #5,000 and over for three broad not
Income classes for
19lt-2
and
19'*-3-
A withholding tax, equal to 5^ of the excess of each wage payment
The following table summarizes the total Income from all sources, total deductions, and net
Income for taxable individual and fiduciary returns with net Income of $5,000 and over for 19'*-2
and 19'V3-
Less:
Total deductions
July 1,
allowed
(complete (advance
tabulareport)
ti on)
16,20s
l9,osl^
1,700
1,609
73
l'+,'+36
The tax
19't-3.
as
a
thus
withheld was
credit against the income
and victory tax liability for 19^+3.
of
a
baals
for
taxes
on
income
the current paynot
subject to
withholding tax, persons receiving
more than specified amounts of such Income were required to file on Septemthe
ber 15, 19'*-3> a declaration of estimated
income tax for the taxable year. After
the allowable estimated tax credits, payment of the Remaining estimated tax was
due in
Amount distributable to
beneficiaries
Net income
withholding
the
191+3
(In millions
of dollars)
Total income from all
sources
payment over
exemption allowable,
effective for the
complete
payroll
period
after
first
To provide
19'*-2
the with-
The withholding
after January 1, 19't-3.
tax was Increased to 20^ of the excess of
ment
Taxable returns with net
income of 15,000 and over
over
holding deduction allowable, was withheld
by every withholding agent on payrolls
each wage
Sources of Income and Deductions
96
17,379.
two
Changes In the Internal Revenue Code
The comparability of the income and tax data
with that of the previous year Is affected by amendments to the Internal Revenue Code
194^3
which were contained in the Revenue Act of 19'+2,
the Current Tax Payment Act of 19''-3» and the
Installments.
The first in-
stallment was to be paid at the time of
filing the declaration, and the second on
December I5,
for
the
amount of victory tax was
19'*'3'
for current
(d) In adoption of the system
payments of tax liability by individuals,
the Income tax liability for 191^2 was
discharged, except that (l) for individuals whose Income tax liability for 19'<-2
was
greater than for
19'*^3.
the tax lia-
•
August 1945
A-35
blllty for 19't-3 "as Increased by the
amount by which the 19't-2 tax exceeded the
tax for 19*^3;
(2) for Individuals whose
l$^2 and ending in the period July through Novem19'<-3.
or beginning in 191+3 and ending in the
period January through June 191+1+, as well as re-
either 191+2 or
smaller tax liability,
exceeded #66.67, the tax liability
for 19'+3 "as Increased by 25^ of the
for a part year beginning and ending in
or with the greater part of the accounting
period in I9I13.
Data have been tabulated from
the returns prior to audit by the Bureau. Amended
19I13,
and
for Individuals
smaller tax;
(3)
whose smaller tax liability, either 19'*-2
or 13^3, was more than I50 but less than
66.67, the tax liability for 1914-3 was
Increased by
the
excess
of
the
computing
service
of
Increase
the
for an Individual
who
the military
of the United States
United Nations
year
taxable
In the
19'f-3
was
or
Form 101*0. Owing to the Increased number of returns filed by individuals for 191+3, it was necessary to estimate data for a larger scope of the
or
19'<-2
any of the other
during the
19'+3.
the Increase
tax liability was
reduced by
an amount equal to that by which the 19'*-2
tax was Increased by reason of the Inclu-
sion In the net Income for 19'+2 of earned
net Income.
and
(e) BJllltary
naval
excluded
personnel
from gross Income $1,500 compensation for
active service In the military or naval
the United States.
provision applied to both enlisted personnel
and officers as well as to citizens or
residents of the United States who were
forces
of
members
of
the military
or
This
naval forces
of other United Nations.
(f)
Returns for a
period
January
fiscal year ending
through
June
subject to the law applicable
years
well
In
ig**^,
to
the
were
taxable
beginning on January 1, 19'*-3 as
the law applicable to taxable
as
years beginning
January
on
1,
Method of Tabulating Data
above
(1)
naval forces
or
and tentative returns have been excluded.
Data have been completely tabulated from the
fiduciary returns. Form IQl+l, and from Individual
returns with net income of $20,000 and over.
the active
time
any
at
In
In
turns
19'*-3
smaller
tax over $50
In
ber
19'*^.
A
tentative tax was computed under each
after which each tax was prorated
individual returns than heretofore when data for
the complete report,
"Statistics of Income, Part
1*, were estimated
only
come under $5,000.
former years,
the
for returns with net Inin contrast with
data for individual re-
Therefore,
19I+3
turns
In the net income classes $5,000 under
$20,000 were estimated from samples. The samples
comprised 10^ of the returns In net Income
classes $5,000 under $10,000, and 20^ of the returns
In
net
Income
classes $10,000 under
$20,000,
selected
at
random
from the
returns
filed in each State,
Statistical Tables
The tables at the
end
of
this
article pre-
sent more detailed data on taxable individual and
fiduciary returns with net income of $5,000 and
over given In the advance tabulation for 191+3 and
the complete report for 19I+2.
The footnotes ac-
companying the
explain the
tables are
designed primarily to
19I+3 data.
Table
1 presents summary data covering number
of returns, net income, exemptions and credits, and tajces.
law,
according to the number of days In each
year, and the total tax was the sum of
Table
2 presents by net Income classes the
number of returns, net Income, and taxes.
the prorated taxes.
Table 3 shows the sources
ductions.
Returns Included
of
income
and
de-
The returns Included In this advance tabulation
are
individual returns, Form lOlW, with net
fiduciary returns.
Income of $5,000 and over and
Form
loU^l,
with net Income taxable to the fiduci-
ary of $5,000 and over, received In the Bureau
through December 3I. 19'*^
The returns are, in
•
for the calendar year ended December 31.
However, there are Included a negligible
general,
19''-3-
number of returns for a
fiscal year beginning in
The Information provided In Table 1 and
Table 3 is available In greater detail by income
classes in the full report of the advance tabulation
19't-5
for
19I+3
from
Part 1".
tabulation
and
in the press release of March
"statistics
The
is
full
of
report
Income
of
available upon
reau of Internal Revenue.
the
for
19I+3
19I+2,
advance
request to the Bu-
Treasury Bulletin
A-36
Taxable Individual and Fiduciary Income Tax Returna with New Income of $5,000 and Over;
1043 Advance Tabulation Compared with 1042 Complete Report
Table 1.- Summary
[Money figures (e
li
)
:
:
August 1945
A-37
Taxable Individual and Fiduciary Income Tax Returns with Net Income of $5,000 and Over:
1943 Advance Tabulation Compared with 1942 Complete Report - (Continued)
Table 1.- Summary
-
i/
(Continued)
[Money figures (except average tax) In mllllone of dollarsl
Taxable Individual and
fiduciary returns
(
complete
report)
19'*3 2/
( advanoe
tabulation)
Taxable Individual
returns
(
igte
complete
report)
1943 2/
( advance
tabulation)
Taxable fiduciary
re turns
19te
Ccomplete
report)
191^32/
( advance
tabulation)
Returns with alternative tax 10/
Number of taxable
12,946
89,629
1,642
i/.
Tax on current year's income
Alternative tax:
/Normal tax
_
^. , .
Partial
tax JBurtax
30^ of excess of net long-term capital
gain over net ebort-term capital loss
3y^
72
Total alternative tax
Victory tax
Lees tax credits
paid at source
28,645
762
1,567
324
6t3
139
121
879
839
439
984
74
54
(
foreign tax paid and tax
i/
1/
3/
Total tax on current year 'a Income J/
Nonrecurring tax (adjustments under Current Tax
Payment Act of IS'^J)
Additional tax from IS'^J returns xlth
larger tax In 19M2
Dnforglven tax, either 19te or I943
63
151
63
151
Total nonrecurring tax
Total tax
2/
y
y
444
Less than 1300,000.
For discussion of comparability of 1942 and 1943 Income
and tax data, see 'Cbanges In the Internal Revenue Code'
on page A-34,
It Is estimated that approximately 123,000 returns (Individual and fiduciary) with net Income of $5,000 and
over for 1943 were not available for Inclusion In this
report.
The net Income shown for taxable fiduciary returns
represents the net income taxable to the fiduciary
after deducting the amount distributable to benefiData for taxable fiduciary returns Include
ciaries.
data for estates and trusts filed Improperly on Form
104o, which have net Income taxable to the flduoiary.
The pereonal exemption allowed the head of a family and
a married person living with husband or wife for the
entire year is (1,200 and that of a single person, a
married person not living with husband or wife, or an
estate is l3^- ^ trust Is allowed, In lieu of personal exemption, a credit of |100, against net income.
Credit for each dependent is *350.
Earned income credit is 10^ of earned net income (not
1,144
2/
424
1,104
41
to exceed }14,000) or lOjt of net income, whichever is
smaller.
The tax on 1942 income is conceptually comparable with
the
tax on 191^3 Income except that the latter (1) Includes
the
victory tax and (2) was reduced by the amount of tax
credits (foreign tax paid and tax paid at eource)
such
credits were not tabulated from 1942 returns.
Normal tax and surtax are reported on (l) returns without
sales or exohanges of capital assets, (2) returns with
a
net loss from such sales, and (3) returns with a net gain
from sales or exchanges of capital assets, unless the alternative tax is imposed.
Not tabulated.
Alternative tax is reported on returns showing an excess of
net long-term capital gain over net short-term capital
loss, but only If such tax is less than the sum of normal
tax and surtax computed on net income which includes the
net gain from sales or exchanges of capital assets.
Alternative tax Is the sum of a partial tax (normal tax and
surtax) computed on net Income reduced for this purpose by
the excess of net long-term capital gain over the net
short-term capital loss, and 50^ of such excess.
:
8/
9/
10/
. .
.
Treasury Bulletin
A- 38
Taxable Individual and Fiduciary Income Tax Returns with Net Income of $5,000 and Over:
1943 Advance Tabulatfon Compared with 1942 Complete Report - (Continued)
Table 2.- Distribution by Net Income Classes
1/
Net Inoome
igi^a
l9'^3 3/
(advance tabulation)
(complete
report)
Net Inoooe classes 2/
19kZ
ISl^J
(complete
report)
1/
(advance
tabulation)
igi^s
19'^J
(advance
(complete
report)
tabulation)
Total tax
(tajc on
19M.2
19't-3
Income)
Income
V
(In Billions
of dollars)
51*0
423,928
183,585
215,621*
323,
8 under 9 5/...
9 under 10 5/.
10 under 11 5/.
264
198
166
858
144
132
120
87.769
101,201
79,665
64,^10
744
643
51.903
43.383
35,881
483
42?
380
5?§
29.951
97.588
49,112
34«
1,31*2
924
434
1,680
1,094
394
317
914
609
1,108
720
261
394
293
510
365
278
225
173
139
111
95
1*2,058
31*, 161*
28,200
Ik under I5
15 under 20
20 under 25.
24,015
25 under 30.
30 under 40.
under 50.
21*,
50 under 60.
60 under 7070 under 80.
2,305
1.393
1.079
W.376
52.329
W
1,762
1,187
919
123,01*3
67,ei*a
51*8
866
26.597
13,674
29.630
32,212
16,170
7. 91*9
4,81*7
9.357
5.651
3.731
434
3.207
240
80 under 90.
90 under 100.
100 under I50.
2,183
1,607
3.585
2.508
1.798
185
152
'*.179
431
213
170
502
150 under 200.
200 under 250.
250 under JOO.
1.169
535
281
i.3'^5
199
119
77
230
123
78
300 under 400.
WO under 50O.
500 under 750.
266
278
129
145
.
11*9
11*6
557
287
750 under 1,000..
1,000 under 1,500.
1,500 under 2,000.
2,000
3,000
5,000
5,000
^9^
under 3,000.
under li,O00.
under 5,000.
and over.
.
.
Total taxable returns
with net Inoome of
$5,000 and over
1,177.100
1,445,005
14,436
Nonrecurring tax
(adjustments under Current
Tax Payment Act of 191*3)
2/
Additional
tax
from returns
with larger
tax In 19>*S
Unforglven
either
19'*2 or
tax,
19'*3
Total
191*3
tax
)
August 1945
)
A- 59
Taxable Individual and Fiduciary Income Tax Returns with Net Income of $5,000 and Over:
1943 Advance Tabulation Compared with 1942 Complete Report - (Continued)
Table 3.- Sources of Income and Deductions
(InpiUlong
of doll ar*)
Taxabl* Individual and
flduolarj ratams
l9'^^
(oomplate
report
Sources of Inoome!
Salaries and otber conpeneatlon
Dividends from domeatlo and foreign corporations 2/
Interest: j/
Bank deposits, notes, aortgages, corporation
bonds
Oovernment obligations:
Partlall; tax-exempt
Taxable 5/
1943 1/
(advance
tabulation)
Inoome from flduolarlea 10/.
Other Inoome 11/
Total Income
Net loss from sales of oapltal assets 12/
Net loss from sales of property other »a
tal assets 2/
Business loss 8/
Partnership loi
Contributions
Interest paid '11^;
Taxes paid IK/
Losses from Tire, storm, shlpwreok, sto.
theft IV 15/.
Uedlcal, dental, etc., expenses 16/
Othsr deductions 17/
Total deductions
/kmount distributable to beneflolarles.
Net Inoome 18/.
1/
7.029
2,122
6,379
1.950
7,029
1.938
362
3l»2
31*2
321
191*2
(oooplete
report)
191*3
1/
(advance
tabulation)
1*7
Annuities
Net gain froa sales of capital assets 6/
Net gain from sales of property otber than capital
assets 2/
•
191*3
(advance
tabulation)
6,379
2,117
V
Rents and royalties
Business profits 8/
Partnership profit 2/
igiz
(oooplete
report
33
231
1*85
U96
3.099
2.607
558
1*70
530
>*.102
3.51"*
3.078
2.579
i*.o76
3.1*76
61J
626
118
16,208
19,081*
loi*
11
603
9J_
18,689
6_
317
7_
395
Treasury Bulletin
i.-ko
Taxable Individual and Fiduciary Income Tax Returns with Net Income of $5,000 and Over:
1943 Advance Tabulation Compared with 1942 Complete Report - (Continued)
Table 3.- Continuation of footnotes
10/
11/
12/
tai return of the partner, excludee (1) partially taxexempt Interest on Oovernment obligations, (2) net gain
or loss froa sales or exchanges of oapltal aeeets, eaoh
of whloh Is reported In Its respeotlTe source of InooBS
or deduction, and (3) dividends on share accounts In
Federal savings and loan associations Issued prior to
March 28, ISkS, whloh are reported In the schedule for
In computing partInterest on Ooyernment obligations.
nership profit or loss, charitable contributions are not
deductible nor Is the net operating loss deduction alHowever, the pro rata share of contributions and
lowed.
prior year Inoome and losses of the partnership Is taken
Into account by each partner In dotemlnlng his own contributions and net operating loss deduction, respectively.
Income from fiduciaries, as reported on the return of
the beneficiary, excludes (1) partially tax-exempt Interest on Qovernment obligations, (2) net gain or loss
from sales or exchanges of capital assets received from
common trust funds, each of whloh Is reported In Its
respective source of Income or deduction, and (3) dividends on share accounts In Federal savings and loan associations Issued prior to March 28, 1942, whloh are reported In the schedule for Interest on Oovernaent obliThe net operating loss deduction Is allowed to
gations.
estates and trusts generally, and Is deducted In comIn the case of
puting the net Income to be distributed.
a common trust fund, however, this deduction Is not allowed, but each participant's share of prior year Inoome
and lasses of the fund Is taken Into account In determining his own net operating loss deduction,
other Income Includes alimony received, earnings of minors, prizes, sweepstakes, gambling profits, etc,
Net loss from sales or exchanges of capital assets Is
It Is the result of
the amount reported as a deduction.
combining net short- and long-term capital gain and loss
and the net oapltal loss oeu-rled over from the previous
such a loss Is
for
deduction
year, but the allowable
limited to net Income (computed without regard to oapl-
13/
iV
15/
16/
17/
18/
tal gains and losses) or $1,000, whichever Is smaller.
Loss from sales of capital assets Includes each participant's share of capital gains and losses to be taken
Into account from partnerships and common trust funds,
worthless stocks, worthless bonds which are oapltal assets, non-business bad debts, and certain distributions
froa employees' trust plans.
Contributions limited to 1^% of net Income computed
without this deduction or the deduction for medical expense. Include each partner's share of charitable contributions of partnerships.
Excludes amount reported In schedules for (1) rents and
royalties, and (2) business or profession.
Losses from fire, storm, shipwreck, war, or other casualty, or from theft not compensated for by Insurance or
otherwise reported on Individual returns.
Medical and dental expenses paid for care of taxpayer,
his wife, or a dependent, not compensated for by Insurance or otherwise, which exceed 5)6 of the net Income
computed without the deduction. Maximum deduction Is
$2,500 on the return for husband and wife, or for the
head of a family; tl,250 for all other Individuals,
Other deductions Include alimony paid, certain bad
debts, net operating loss deduction, expenses Incurred
for the management and maintenance of property held for
the production of taxable Income, and the net loss from
rents and royalties reported In sources of- Income.
Other deductions also Include losses from fire, storm,
shipwreck, etc, reported on fiduciary returns.
The net Income shown for taxable fiduciary ret<irna Is
the net Income taxable to the fiduciary after deducting
Data for
the amount distributable to beneficiaries.
taxabls fiduciary returns Include data for estates and
trusts filed Improperly on Form lOltO, which have net InIn tabulating data from
come taxable to the fiduciary.
these returns filed Improperly on Form lolto, an adjustment Is made whereby the "Amount distributable to beneficiaries" (If any) Is removed from deductions and tabulated as such.
August 1945
SUMMARY
OF
FISCAL
STATISTICS
Treasury Bulletin
Budgetary Receipts and Expenditures
(In jillUoni of dollars)
CoDplsta flaeal yaara, 1942 to 19U6
Estimated 1/
Actual
Actual
to
actual
I9U5
Estimated
igitit
19>»2
19^3
19^
iguit
19W
19'*5 to
I9I+6 1/
Beceipte;
Internal revenue:
IncDme and profits taxes 2/
7,960
1,186
anployment t&ies
HiscellaneouE internal revenue J/
OuatOES
Other receipts U/
1,1)98
389
3*
a86
916
13,668
Total receipts
Amounts transferred to I^ederoi Old^Age and
aurrivors Insurance Trust Fund
^
Expenditures:
l6,09U
35.173
1.780
31,022
518
-lt,l51
1.739
2.056
+140
+276
5.291
6,9lt9
6.520
+1.658
-U29
355
326
-76
3'»,655
3. 1*83
2.930
+191
1*5,1(08
1*7, 7IK)
1*2,855
2.331
-U.8S5
l*l*,ll*9
'«6.'*57
1*1.255
1*9.21*2
869
6/
War aetlTltleo:
War Department
ll*,070
1*2,265
26.538
38.999
22.000
-U.338
20.888
50.337
3O.OU7
+1.091*
8,580
+3,510
-6.01*7
3,362
8.955
U.259
9.61*5
7.003
-1.613
-2.61*2
26,011
72,109
87.039
90.029
69,1*00
+2.990
-20.629
Veterans' Administration jj
556
602
730
2.060
2.705
+1.330
+61*5
Public works 8/
680
51*3
t33
323
336
1,225
1,163
909
762
571*
815
765
Navy Department
Ml scellnneoue wax activities
Anticipated supplemental appropriations
Total war activities
Aid to agriculture 2/
+1.398
1.398
•
+13
Social security program 10/
659
735
8O3
Work Projects Administration
970 11/
299
17
Civilian Conservation Corps
163
18
131*
89I*
1.068
+760
+17U
873
901
1.070
1.906
2,835
+836
+929
1,260
1,808
2,609
3.617
1*.500
+1.008
Excess profits tax refund bonds 12/
Other
HJ
Interest on the public debt
Anticipated supplemental appropriations..
Total expenditures 6/
Bet budeatary deficit 6/ lU/
Source:
•
1/
Zj
2/
U/
,
^
6/
19.598
55,897
Actual reeelpts and ezpeodltores eoae froa Dally Treasury Stata'
aaats; souroa of sstlaated figures Is explained In footnote 1.
Use than $500,000.
Bassd upon estimates as shown is the 191*6 Bodcet. Olasslftoations
herein are based t^on data susceptible of segregation according to
Dally Treasury Statoaents and will not necessarily agrse with classifications In fiudgst document.
Includes unjust enrlchaent tax and taxes withheld by employers under
both the Bevenue Act of 191*2 and the Current Tax Payment Act of 191*310/
Tor details sse following chapter on fiecelpts and bpendltures and
Appropriations. Tabls 2.
Includes chiefly alcoholic bsvsrags taxss. tobacco taxes, aannfacturers' and retailers' excise taxes, and estate taxes.
Includes deposits resulting from the renegotiation of war contracts.
Information on the amount of such deposits Is not available on the
basis of Dally Treasury Statements. On the basis of covering warflsoal year 191*3. $558 Bilrants, such deposits were as followsi
lion; fiscal year 191*1*, $2,235 Billion, of which $113 million
12/
represented a volontary return of excess profltsi fiscal year 191*5.
$1,939 Billion, of which $738 Billion represents a voluntary return
lU/
The latter amounts ars subject to revision as
of excess profits.
of July 31 191*5.
for explanation, see tables In next chapter on Social security progran.
Excludes expenditures for public debt retirements which are chargeable to the sinking fund. etc. under special provisions of law.
+883
*3'*7
31*7
93.7'A
100.1(05
82.530
+«,66l
"9.595
53.9"8
1*1.276
•*.353
-12.672
Xnoludai •:9«&dltur«i olaialfied *• tranaf*ri to truit aecouatt,
•to., for the Adjusted Sarrlo* Certlflcat* Fund ajid the Hatlonal
Serrlca Life Inauranoa ?und.
Ineludaa Public woxka tranaactiona claaalfiad aa ReTolTtn^ funda (net).
Includaa Aid to agriculture tranaaetlona claaalfled aa Berolrtag
Fonda (net); aapandlturaa of the Departmant of Apiculture claaalfled aa Departaental In the fialljr Treaeuiy Statemant; and Office of
Dlatrlbution tranaaetlona claaalfled aa tranafera to truat aecounta.
etc.
Inoludea expendlturaa claaalfled aa tranafera to truat aecounta. etc.
for the Ballroad Eetlranent Account and the Ballroad UncaiploTnent
Excludea e:q)endlturea made tj Office
Inauranee Adalnlatratloo Fund.
for Itaergency Hana^eaant, War Hanpovar Coiulaalon (U. S. BEq>lo7aeat
Serrice) under authority of the Social Security Act.
Xnclxidea Hatlonal Youth Admlnlatratlon.
Repreaenta tranafera to public debt aecounta for exceaa proflta tax
refund bond a.
Inoludea departmental ezpanditurea not othervlee claaalfled and ezpenditurea claaalfled aa tranafera to truat aecounta. etc., for Ooternment employee retirement and Inaurance funda.
On June 7. 19**5 Secretary Morgenthan etatod that expendlturea during the four-month period J\uie-Septeober 19^5 ere eatlmated to exceed revenue by )17 billion or about the aaae aaoiint aa in the
prerloua four montha, February-May 19l*5. The figurea Include email
afflounta for net outlaya of iJoTenment corporations.
f
t
August 1945
Public Debt and Guaranteed Obligations Outstanding
(In BlllloQe of dollars)
Ssl of fiscal ^eara, 19l«2-19>t6
•tlaatad
1/
Actual
June 30
Jnna 30,
19U2
Jona 30,
Jon* 30>
19»t3
June 30
19U6
igltU to
actual
June 30.
iotual
June 30,
I9U5 to
eatlnated
June 30,
I9U6 ly
Seeurltlea ieauad ty the United 3tatei
Intereet-bearlng debt
I
Public Iseueii
Marketable.
Non-marketable
Total public lasuee
Special Iseuee
Total intereet-beartng debt
50.573
13.510
95,310
29,200
Il40,ll01
181,319
56,226
lw,917
A. 855
ft, 083
12"*, 509
185,256
237,5't5
52,289
7.885
10,871
lU,2g7
18,812
71,968
135,380
199.5'*3
256,357
1,316
l,U6o
2,326
866
258,682
57,679
Matured debt and debt bearing no Interaat.,
Total public debt outstanding
+11,371
56,813
72.1*22
136,696
U.5U9
3,908
183
1.190
326
3^
375
-1.156
'(,092
1.516
I409
-1.107
107
2l»
-83
100
1.623
U33
1110,796
202.626
33.618
Securities guaranteed by the United States J/
Interest-bearing debtt
Public isauesl
Marketable
Non-marketable
Total interest-bearing debt
"57559"
Matured debt
Total guaranteed securities outstanding....
Total public debt and guaranteed seeurltles
outstanding
T
Sourest
1/
u.ses
76,991
Daily Treasury Statements, except as noted.
Based upon estimates as shoon in the I9U6 Budget,
It,
2/
^
.360
56.U89
Details not aTailable.
Ixcludes guaranteed securitle
Means of Financing Cash Rs<iulreB0ntB
(In millions of dollars)
50
held by the Treasury,
Treasury Bulletin
AND EXPENDITURES
AND
APPRO PRI AT IONS
RECEIPTS
.. ..
August 1945
Budgetary Receipts and Bzpendlturea
Table 1.- Sunoiary by Major Classifications
(In mlllloB* of dollars)
Expenditure* 1/
PuMlc
n«t amoonti
transferred to
Federal 01d-A«e
and SorvlTori
IneuraBce Truit
fund 3/
Ii«s*
Internal
2/
1936
1937
1938
1939
19M>
>t.ll6
5.29"*
3.513
It.
597
19>t3
5.668
5.925
8.269
13.663
23.385
5.161
5.303
7.362
12.993
22,ll«
ISm
It5.1l08
IS"*?
l»7,7ltO
1*1.685
1*3.902
6.21*9
5.73"<
July
An^ust.
Sqptaakar.
2.212
2.859
5.927
1.985
2.702
5.7U9
Octo1)0r..
2.05U
2.506
5.UI8
1.880
2.300
U.9U5
3.587
3.987
6.908
3,0U2
3.815
6.U31
2.967
3.398
5.916
2.7U6
2.921
5.38U
19I11
19't2
19Uli_juna
. .
HoTamber..
Deceobar..
19^5-Jaiwary.
February.
March
.
iprll
Kay
Sonrce:
i*.n6
5.029
5.855
5,165
5.387
7.607
12.799
22.282
265
387
503
5.67't
2732/
5152/
2862/
9162/11/
3.2921ir
3.W3II/
13lt
153
IU5
178
Transfer*
Total
expendIturee
265
15
39
313
1*98
Dally Tr«anu7 Stat^Mnte.
Uas than (500,000.
Xxclodas aaounta for public debt ratlramant which are chareeable to
the einklns fond, etc. under special provisions of lav.
Por further details, see Table 2.
7or eiplanation see tables which follow entitled "Social Security
Profraa".
ltlt,ili9
8,666
8.177
7,239
8,707
8,998
12,711
32.397
78.179
93. 7W*
1*6.1*57
6.21*7
Oeaeral
Var aO'
tlTltlaa
5/
RerolTlncj'
fonds
(net)
6/
to
tmjt
account It
daficlt
2/
11
lt.550
1*03
3.11^
lOl*
100,1*05
5.986
5.595
6,188
8,751
900
929
1,029
1,206
1,657
6,301
26,011
72,109
87,039
90,029
8,625
1,018
7.567
2.378
2.163
2.568
5.926
8,110
8,119
7,930
1*58
7.201
7.571
6.998
5.91*7
U92
911
2,001
8,021*
500
7.U79
2,21*0
5,1*16
7,828
8.UI6
1*12
7.I101
895
7.503
6,023
5.587
2.999
3,556
3.767
6.892
8,202
7.551
U,6i*5
6,91*8
3.693
9,1*33
1,11*3
8.2U6
2.5110
2.929
3.085
5.9l»
7,968
9,275
9,6Ul
59U
7.139
8.156
7,837
5,OliO
5,861*
7,221
7,055
6,a5io/
7,1*60
829
1,1*68
lelt
ratlra..|t.
1.381*
92
3.
3.
-13610/
65
58
129
5.103
19.598
55.897
l«.5?l
53.9*
5.551
2.00U
6,190
3.727
191*2: and bO Billions in the fisaal year 191*3.
Beoeipts from reductions In oapitol stock and paid-in surplus
available to be reissued under existing law are included as aeg*tive iteas mder expenditures.
Such reduotions totaled |l60 aillions for general e^enditures and $155 Billions for revolving
funde during the fiscal year 19U1.
Includes deposits resulting from the renegotiation of war contracts.
Inforoatlon on the amount of such deposits is not available on the basis of Qtily Treasury Statnents. On the basis of
covering warrants, such deposits were as follows:
fisoal year
19'>3. ^58 aillionsi fiscal year 191(1*, (2,235 Billions, of which
$113 Billions represented a voluntary return of excess profits,
riscal year 19U5, $1,939 Billions, of which $738 Billions represents
a voluntary raturn of excess profits. The latter amounts are subject to revision as of July 31, 191*5.
10/
11/
Tor further details, see Table 5. Jlleo see footnotes 3 and 1*.
Total expenditures less net reoelpts.
Represents expenditures for public debt retlreoents which are chargeable to the sinking fund, etc. under special prorisions of law.
Includes recoveries of U. 9. investsents in capital funds.
Such recoveries totaled t5l* nilliona in the fiscal year 19I1O', (3I9 nillions in the fiscal year 19UI; $18 millions in the flioal year
Table 2.- Analysis of Receipts from Internal Revenue^
(In Billions of dollars)
Income and profits taxes
nthheld by
eo^loyerk (Current
Tax Payment
Act of 191*3)
rlty
Other
7ederEU. Insurance
2/
Contributions Act
(Old-aee
2/
)
3,513
t.597
1.1*27
1,1*27
2,163
2.163
191*
5.671*
2,6t|0
2,61*0
511*
2,189
2,125
2,189
2,125
3,1*70
3. "170
igte
5.161
5.303
7.362
12.993
7,960
7.960
833
925
1,186
191*3
22,ll*i*
16,091*
16.091*
1,1*98
19W*
1*1,685
3". 655
26,262
191*5
1*3,902
35.173
2lt,88l*
1,739
1,780
1936
1937
1938
1939
19UO
191*1
'V
Federal Unemployment Tax Act
(Unemployment
insurance)
Carriere' Taxing
Act of 1937
(Eallroad
retirement)
58
530
60U
691
896
1,130
1,292
1,310
209
267
285
Miscellaneous
internal
2,010
2,181
2.279
2.232
2.3*5
2.967
3.8U7
U.553
5.291
6.9U9
5. 731*
5.21*1
7U6
U,l*95
71
1*22
July
August.
September
1.985
2.702
5.7U9
1.2U7
1,552
591*
65U
1,065
1*87
56
319
832
5.171*
71*1
1»,U32
61
51l»
October..
Hovemb er
December.
1,880
2,300
U.9U5
1.21*0
609
1,035
60
293
5»
7U1
632
U66
3,606
19li5-January.
3,01*2
February
March
3,815
6,U31
2.U22
2.922
5.818
619
1.295
883
1,803
1,627
".935
April
May
June
2,71*6
5.3«lt
'*,757
600
1.282
826
1.567
2,921
2.167
2.027
191*1*- June
.
Source:
•
1/
2/
,
1.501
U.3U7
71*5
681
Al
53lt
316
3.930
Dsily Treasury StatsBents.
Less than $500,000.
For further detailo.see ch^ter entitled "Internal Bevenua Statistics
Excl\ides receipt of victory taxee withheld pursuant to the Revenue
Act of 191*2.
Such receipts have been classified as "Other" inoOB*
and profits taxes.
5_
3/
4/
557
561
Includes unjust enrichsent tax.
For the period prior to Septeaber 1939. the data in the columns
entitled "Federal Insurancs ContrihatioDS.ict" and "Federal Unetfrploynent Tax Act" represent collections under Titles 71II and IZ,
respectively, of the Social Security Act.
,.
.
Treasury Bulletin
Budgetary Receipts and Expenditures
-
(Continued)
Table 3.- Analysis of General Expenditures
(In mllllona of dollarg)
Direct and work relief
Teterana*
Administration
1/ 2/
Public
workB
2/
Aid to
agriculture
1/
Social
Security
profram
2/
5/
Work Projects
Malnlatratloa
and Satlonal Touth
Adalnlttratlon
Federal Imergeacy Belief
IdnlaletratloB
and ClTll Vorka
AdalBlttratloa
Civilian Interest
CoDseron the
atlon
public
Corps
debt
Other
departmental
y
Other
general
expendIturee
2/
6/
1/
1936
1937
1938
1939
7.221
7,055
57B
581
582
557
557
6,215
5.986
5.595
6,188
8.751
553
555
572
629
93t
5.935
6.U37
5.861*
191(0
19U1
igus
19'»3
19UU
19't5
1.26U
1.896
966
1,237
1,566
3'»7
1,1*72
2,2l«)
392
1,572
1,00612/
U57
515
51U
529
U97
1,371*
335
1,091
1,052
950
783
970
299
17
1*95
U86
386
326
290
283
257
163
7U9
866
926
1*81
91*1
517
510
l.oUl
51*6
1,111
1.260
1.S08
2,609
3,617
525
51*1*
590
692
258
223
200
191
227
216
220
197
328
1.808
igWt-June
July
August..
Septeober
77
581
151*
October.
HoTenber.
December.
133
56
560
112
132
19U5-January.
96
Tebmary.
585
U65
March....
1,1'»3
April.
M»y
June
Source!
*
1/
2/
}J
U/
^
. .
191
91
628
59U
829
l,ll68
85
139
66
1,009
3'»5
25
15
33
Dally Treasury Statemente.
Leea than $500,000.
Includee public worka undertaken by the Veterans' Administration.
Does not Include expenditures for (1) revolving funds or (2) transfere to trust accounts, etc.
These are shown In Table 5.
Includes public buildings, public highways (Including forest roads
and trails), river and harbor work and flood control, Tennessse Valley Authority, federal Public Housing Authority (formerly U. S.
Housing Authority), reclamation projects and the Public Works Admlniatratlon.
Xxcludee certain expenditures for public works in connection with war activities Igr the Pederal Works Agency, beginning
July 19ltl.
Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Sural Electrification Administration,
Var Food Administration, and Department of Agriculture departmental
expenditures.
(Var Food Administration comprises Agricultural AdJuatment Agency, Farm Security Administration, Office of Distribution, Soil Conservation and Extension Service, and Other).
Includes railroad retirement and railroad unemployment activities
and excludes expenditures made by Office for Emergency Management,
War Manpower Commiselon (U. S, S^ployment Service) under authority
of Social Security Act. For further details, see tables which fol-
10/
131
109
161*
2U2
151*
192
222
low on the Social Security program.
Work Projects Administration was formerly Works Progress Administration.
Beginning with July 19l*2, expenditures for the National Touth
Administration are classified as "war activities expendlturee".
Includes expenditures of the Reconstruction Finance Corporation for
relief through loans and grants to States, nunlclpalities. etc.
Excludes expenditures for the U. S. Maritime Commission, departmental
expendlturee under the Social Security program and the Department of
Agriculture departmental expendlturee.
Includes expenditures for ths followlngi Office of Education, and
Public Health Service of the Federal Security Agency; refunds of
taxes and dutiss by the Treasury Department; Post Office Department
postal deficienciea; Federal Housing Administration; Treasury Dspartment Investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners* Loan Corporation,
Federal home loan banks, and Disaster Loan Corporation.
Oroes expenditures have been reduced $l6o millions representing the
repayment of capital funds by certain United States Oovemment agencies.
For further details see "Treaeury Bulletin" for Jane 191*3,
page 9. footnote 12,
.
.
.
August 1945
Budgetary Receipts and Expenditures
-
(Continued)
Table 4.- Analysis of Expenditures for War Activities
(Id alllloni of dollar*)
KlMellfiaaoua var aetlrltl*!
Total
Havy
Depart- laaeouB
ment
var ftc-
tintloa
Apiculture
Department
Hatlonal Seleotlre
Federal federal
Treaeury Statee
Serrlott
HoualBf
Security Vorkt
Depart* Maritime
igenoy (adalnl»A«enc7 ieeacy
ent
ConotttratlTe)
1/
•lon
Shippln«
Adnla.
united
Katlone
Belief and
Hehaliill-
tatioB
expendlturee
2/
1936
1937
1938
1939
900
929
1.029
1,206
1.657
19'to
^Ul
6,301
26,011
72,109
87.039
90,029
19112
191*3
19'tlt
19U5
383
378
1132
itgo
667
3.678
529
557
596
673
892
99
99
2U
519
111,070
112,265
ll9,2U2
2.313
8.580
20.888
26,538
8,955
11.259
50,337
30,0117
9.6I15
1.198
1,201
1.U32
1.U62
310
3.362
695
2.011
2.II13
108
51
3M
929
2.776
3.812
3.227
132
1.105
1.922
2,0lt2
795
991
1,022
19l|lt-JiiB«
7.567
It,
106
2,636
825
219
188
51
201
106
July
7.201
7.571
6.998
682
982
798
12lt
122
97
iWi
152
102
130
372
335
I9I1
3,905
2.591
2,502
2,295
56
ll,087
7. '•79
"1,091
2,61<8
7110
99
3.978
8I15
870
112
152
183
9l»
li,19U
2.577
2.U39
326
298
312
11*5
7.'«1
7.503
2.539
2,392
2.759
718
690
803
102
IU7
18U
228
259
180
166
72
56
91
68
87
80
August ....
September.
October.
Kovember.
December.
.
19lt5-January.
.
7.551
U,29li
?ebni«ry.
6.9I48
Karch
8,2>i6
3,866
U,68U
April
M«y
Jwie
7,139
8,156
7,837
U,ll6
2,292
731
't.530
lt,66U
2.72lt
901
2,289
lil'
137
9U
136
85
Sooreai
Itelly Treasury Stateoente,
Back rigoreii Moathly ftgurai for the period July 19I10 throu^ April 19I13
appaarad In the Traaauiy Bulletin' for Kay 19I13, page 7>
•
Use than $500,000.
Includee war public housing functions.
1/
2/ Similar Items for periods prior to fiscal year I9I11 are claselfled
under 'Other departmental' and 'Other general expeBditurea' In
lou
159
11
2I16
259
277
71
97
189
168
209
220
8ll
68
112
71
Table 3*
Includes war expenditures of Coaaarce, Justice, Interior,
Labor, and State Dapartaants; Civil Serrlee Commission; ExeeutlTe
Office of the Preeldent (including Office for Ikergsncy Management};
Panama Canal; and capital stoctE of Smaller War Plants Corporation,
Includes Defense Aid Special fund through the fiscal year I9I13;
thereafter auch expenditures are reflected within the raspectlTS
departments.
Table 5.- Analysis of Expenditures for (1) Revolving Funds and
(In millions of dollars)
Fiscal year
or month
103
I3U
102
(2)
Transfers to Trust Accounts, Etc.
Treasury Bulletin
Budgetary Receipts and Expenditures
r
(Continued)
Table 6.- Totals by Months, Beginning with 1936
(In mllllone of dollare)
Calendfor
7MT
August 1945
BUDGETARY RECEIPTS AND EXPENDITURES
1940
1942
1941
1944
1943
1945
DOLLARS
DOLLARS
Billions
Billiont
Net Budgetary Receipts
^^
7
£x
=^
3 Month
Moving Average
i
;/
lllllliflill
hunI
JMMJSNJMMJSNJMMJSNJMMJSNJMMJSNJ
illlJ
Liil
J
S
N
Budgetary Expenditures
X
3 Month
Moving Average^
-A
JMMJSNJMMJSNJMMJSNJMMJSNJMMJSNJMMJSN
Net Budgetary Deficit
Negative figures represent Net Budgetary Surplus
JMMJ SNJMMJ SNJMMJ SN JMMJSNJMMJ
1940
1941
1942
1943
1944
SN
JMMJSN
1945
10
Trust Accounts, Etc. Rectiipts and Expend Itureb
Table 1.- Trust Funds
(In millions of doH«,-fi)
Total
Treasury Bulletin
..,
August 1945
Means of Financing Cash Requirements
(In millions of 4oUarB)
Meane of flnwining
inoont required to be financed
fetal eanuit
required
to be
financed
Bet
tad^taz7
deflolt
1/
Btt inorease
la Oensral
Aind balanoe
Net
expendl tares
in trust
aoooonta,
etc.
if
1936
1937
193«
1939
igw
19U1
5.103
19.598
55.S97
191*2
19IW
igits
igUU-Ame
lU.SST
J0I7
in^iaet
7.703
. . .
Septfluber
October
BoTenber.
.
.
fiscember..
I9l45-Jaliuai7...
hbxusiy..
March
4>rll
"V
Inorease In
pablle debt
Bet deoreaea
In Oenersl
Itand
balance
receipt*
In troBt
aeooBBta,
2 -
. ...
.
g
U
Treasury Bulletin
12
Social Security Program
Section I.- Budgetary Receipts and Expenditures
K-
Table
Social Security Act
(Ib nllllon* of dollarg)
Social Security taxai
Faderal In
Contrll)utlona let
(01d-ac« Intura&ce)
federal Uneaployment
Tax Act
(Uneiqtioymant iBeuranee)
Lese aoounta credited to
Federal Old-Age and
Survl7ori Insurance
Trust Fund
2/
1/
252.2
19>».3
eou.i»
sm.ii
530.lt
13'*}
631.2
712.2
788.2
1.015.6
1,288.9
i9Mt
l,l»72.0
19't5
1.'*9''.5
1937
1938
1939
19W
igltl
igte
19Ult-Jmi«
July
Aocuat
.
. .
S«ptamb«r.
690.6
895-6
1.130.5
1.292.1
1,309.9
158.
179.9
I8I1.5
6.2
5.1
1.1
1.7
5^.7
305.0
t.S
51 .8
293-3
3.8
2.9
11.7
290.8
lt.9
U6.5
336.3
33-3
222.1
March
27.lt
17.6
31.0
219.7
15.3
April
lA.O
328.0
6.2
315.6
t.e
19U5-JaniaAT7...
?«braAr7.
May
Jttna
128.2
I7U.5
126.9
lit6.7
I85.9
212.5
211.5
It.
5
5.t
2
lit.
l.lt
.7
53-6
265.5
2.1
58.6
278.5
2i7.lt
lt9.3
55.U
267.3
U.o
October..
HoT«Dbar.
Deceabar.
-12.8
265.0
387.0
503-0
537-7
661.3
868.9
1,103.0
1.259.5
1.253.0
57.8
90.1
100.9
107.5
97.7
119.9
601*. 7
ltl.2
15-5
116.6
12.0
38.8
313.2
2.2
Grants to States
Public
Health
Serrice
Social Security Board
i^lminli-
tratlTt
ezpenaeB
Xid to
dependent
children
166.9
271.5
320.3
356.5
1191.3
15.8
20.0
21.3
25-3
31.5
31.5
33-3
32.1
31.9
32-3
Jul7
Ancnst ....
Sapteober.
Ootobar.
SoTSmbar.
Dacaobar..
1937
1938
1939
182.7
332.5
3»3.3
igiio
19I11
38lt.2
19112
50li.l1
19U3
527.2
521*. 2
i|lt9.U
19m
19>»5
19Ul|-Jme
.
19lt5-Jaiitiai7.
.
Tabraary.
March
iprll
Hay
JQna
ca:
•
1/
2/
^
Itl5.2
>t69.6
lt91.l
12lt.8
ll».3
It.
182.2
208.8
227.6
260.1
25.5
31.0
5-2
l*5.lt
6.2
63-2
7.1
8.0
8.5
10.3
10.0
69.lt
67.3
57.0
it5l.9
299.1
316.9
360.6
333.6
2.8
29.0
25-1
2-7
53-1
37.6
2.U
-1.8
6.1
30.6
31.8
22.9
5.6
3lt.9
50.3
38.8
28.3
50. It
I16.9
39.8
32.9
5:1:
2.7
36.3
29.6
30.0
29.1
25.0
53.3
31.8
36.1
2,9
2-3
3-2
31.6
22. 1|
u
27.6
3-lt
lt9.3
2.8
3.0
2.8
31.6
28-9
22.1
lt.7
39.3
32.7
U88.0
it9.5
28.9
32-5
it5.9
35.7
29.2
peniatlon
adninlst ratios
52.8
6
9.1
41.9
58.9
58.3
63.0
70.3
55-1
36.3
31*.
Offiea for
Sbergeney
Kanaf enent
expenditures
War
Un employ
y
Department of Labor
Public
health
7.8
8.9
8.0
9.t
10.
11. It
10.7
10.9
10.7
Maternal
and child
health
serrices
3.1
3.8
u
5.5
5.9
6.5
6.2
5.it
Child
welfare
Bervlce
2.7
3.0
Coamlsslon
(0.
S.
Ei^loyaent
Serrice)
l.U
9.6
5-0
3-5
7.>t
195.5
115.1
215.1
209.7
322.5
357.8
341.3
311.7
279.8
.5
27.8
.U
.7
It7.8
"tl.O 6/
1.5
u
u.o
3.8
3.8
3.8
5/
Kaiq}Ower
20.7
1-3
1.8
2-5
2.6
3.5
2.8
U.2
•5
23.lt
31.8
lt5.U
26.8
3-2
U.6
3.t
Sally Traaaury Statamanta.
Lata than $50,000.
Toraarly Title Till cf the Social Security Act.
Includea amoaate equal
foraerly Title IX of the Social Security let.
to appropriatloni to Ballroad UnemployDent Ineurance AdmlnietratloD
fund equlTaleat to anouDta of taxee collected with reepect to the
period from Jaauaiy 1936 to June 1939. IncluaiTe, from employere aubJect to the Railroad tbemployment Ineurance Act (See Table 3 of Section I).
Prior to January 1, 19ltO, figureo repreaent amounta traniferred to
the Old-Aee Reaarre Account.
Trom January 1 to July 1, I9I4O "Tranafere" vare made to the Federal 01d-A«e and Surrlrore Insurance Truat
fund.
Subaaquently receipta hare been depoeitad in the Oeneral fund
of the Treasury and "appropriated" directly to the Federal Old-Age
and SurTivore Ineurance Truat fund. Amounte shown as transfers reflect deductions mde for reimbursement to the General IVuid account
to corer administratlre expenses, vhieh are shovn as expenditures in
1.9
37.8
3
-8>l.8
•
2lt.l
ltlt.l
2U.6
.2
.7
28.8
Section II, Table 1.
Includes only expenditures from appropriatlona made specifically for
adminlstratiTe ezpenaes rslating to the Social Security Act; namely.
Social Security Board, Department of Commerce, and Department of
Labor; and adminlstratiTe expenses reimbureed to the General Fund of
the Treasury under Section 201 (f) of the Social Security Act, as
amended. Beginning July 1, 19110, indudee also administrative exXxcludoe adminlstratiTe expenses under the Wagner-Feyser Act.
penees payabls from other appropriations, principally for the ^olloving agenciea: Bureau of Internal SeTenuo of the Treasury Department, and Public Health SerTlce and Office of Iducation of the Federal Security Agency.
Covered by appropriations by Congress.
Second Deficiency Appropriation Act. fiacal year 1938, appropriated
$Ul mlllloni for refunding to certain States port lone of Federal eiy
ployers' tax for 1956 collected under the Social Security Act.
August 1945
13
Social Security Program
-
(Continued)
Section I.- Budgetary Receipts and Expenditures
-
Table 2.- Railroad Retirement Account
(In millions of dollars)
Tisoal y«ar
or month
'cet
•
Ij
Dally Treasuxy Statements
Less than $30,000.
Includes only expsndltore
(Continued)
9
.
7
9
6
8
7
.
Treasury Bulletin
Ik
Social Security Program
(Continued)
-
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
^
(Cumulative from organisation - In mlllionB of dollars)
Msceipta
Total
Total
receipts
Congree
turee
Old-age
benefit
payments
265.0
765.0
1.155.0
1,705.0
2.393-1
3,288.8
U,Ul9.3
21M.1
301.5
1*52.1*
19.3
35-1
99.5
209.8
359.1
19U11.
267.3
782-7
1.199.f
1.792.1
2.536.2
3.502.8
U,720.7
6.116.0
5,711.it
I10U.7
669.6
5't3.7
19U5.
7,5'<9.8
7.021.3
528.5
936.'*
783.5
12.3
39.1
65.9
93-1
126.0
152.9
T.iau.e
7,Wt0.2
6,701.1
7.016.7
7,021.3
1123.5
1123.5
936.1.
738-3
761.1
783.5
lUg.S
150.6
152.9
1937-
1938
1939•
191(0.
19Ul.
19U2.
19t3-
7.5'*9.8
5.M
19.3
87.1
1*7.1*
IM.I
138.6
275.6
528.5
Dally Treasury Statements.
Lees than $50,000.
Iiiclu4eB tranaactlont affected under the pradecea
5."t
2/
In dieburtiD£
officer'
account
i*,26g.3
267.1
662.3
1.177.2
1,738.1
2,380.6
3,201.6
U,236.8
5.1*1*6.1*
5.1*08.9
6.613.1*
6,5^6.3
6,238.1
6,528.5
6,153-8
6,153-8
6.5U6.3
267.2
777.2
I.ISO.3
2-3
17.7
UU.6
Une^ended balance
Be imbur eement
adminletrative
expenses 2/
1.71*1*.
2.397.6
3.227.2
Account
Under Sectlo
6. 6i3.lt
.1
1.9
3.0
6.1
10.8
20.1*
2l».5
16.1
32.0
a.i*
35.1
50.9
3U1.1
33.U
33-6
32.0
35.1
201 (f) of the Social Security Act amendnentB of
1939-
Table 2.- Railroad Retirement Act
(Cumulative from organisation - In millions of dollars)
Total
receipts
1*6.6
1*6.6
11*6.5
1.1*
268.1*
26U.8
390.8
506.9
650.9
871.5
381*.9
1*98.5
639.1*
85U.2
1,116.9
3.6
5-9
8.U
11.6
17.3
27.2
l,'t25.7
1*2.1*
I.U5U.U
1,1*25.7
1,1*5^*.
l,l«5.7
1,1*68.1
l,'t25.7
191*0
191*1
191*2
191*3
l,lUl*.l
1,1*68.1
191*5
19l*5-Aprll.
Ma7...
Unexpended lialance
Benefit
payments
by Congress
1U7.9
1937
1938
1939
19UU
^propriationi
1*.0
1*2.6
79.8
185.
68.1
82.7
92.1
87.0
IOU.8
298.7
1*19.9
5116.1
66.2
67.2
79.I1
6.0
.2
1.6
13.2
10.8
71*.
676.6
811.0
952.5
1911.9
333-0
515.6
91.5
178.0
3I8.5
500.5
28.7
29.0
928.6
1*2.1*
952.5
525.3
513.9
515.6
511.5
U99.5
500.5
91*0.8
36.6
1.6
2.3
1.8
10.5
11.7
12.3
13.1*
l''.7
lU.O
lU.l
l'*.7
Table 3.- Unemployment Trust Fund
(Cunulatire from organisation - In millions of dollars)
Ind of fiscal
year or month
Total
State
unemployment
insurance
actlTi-
receipt!
tles
Deposits
1937
1938
1939
313-1*
1,076.2
2,857.9
3,971.9
5.215.5
6.61U.O
191*1
191*2
WU?
1*1*.
3.621.U
UU.2
105.6
u. 717.3
181.
5.935.0
191*11
8. 180.
7,28l*.3
191*5
9,688.6
8.5'«).3
27U.3
383.7
502.5
19l»5-April.
9.313.8
9,592.0
9,688.6
8.257.0
8.533-1
[•73.5
1*75.6
S.5'«!.3
502.5
Hay...
June.
Total
expenditures
2.8
18.0
310.6
1.058.2
1.8
105.9
105.9
105.9
105.9
106.3
106.2
106.2
106.3
Railroad
Unerapl'oy-
Transfers
Railroad
from
unemploy- Transfers
Rail coad
ment
Unemployment
from
insurance States
Insurance
2/
contribuAdmlniBtrations 2/
tlon I^lndl*/
1.911*. 3
19I10
State unemployment
Railroad Unemployment
Insurance Account 1/
82.6
131.5
198-9
17.1*
281.1*
29.1
58.0
377.9
501.5
38.0
38.0
38.0
501.5
l»39.0
1*39.0
192.0
Transfers
Account
to RailWithroad Unenkdrawals
ployment
by
Benefit
States
Account
payments
y
In
In disCaneral
bursing
Tund
(Specisl officer's
accotmt
Deposit
Account)
August 1945
15
Appropriations and Net Contract Aut^iorlzations for the War Activities Program
As of June 30, 1945
approved
Public
lew Ho.
Het ooBtmot
Appropriations
Titla of act
77th CongroBB, riret Seealon
Tob.
6, igui
rob. 13. igui
Mar.
1. igUl
Mar. 17, igltl
Mar. 27, IS"*!
5,
5.
6.
igui
igui
19U1
71
Kay
Ma7
Juno
Juno
June
July
July
2k,
19U1
31. ig"*!
2S, 19UI
28, 19U1
30,
I9UI
1,
igiti
Joint Resolution (emereoncy ship construction)
Joint Resolution (clothing and equipage - Var Department)
Urgent Deficiency Appropriation Act, 1941
Fourth Supplemental Hational Defense Appropriation Act, 19UI....
Defense Aid Supplemental Appropriation Act. l<)kl
First Deficiency Appropriation Act, igUl
Independent Offices i^iproprlatlon Act I9U2
fifth Supplemental Eatlonal Defense teproprlatlon Act, 19UI
Bavy Department Appropriation Act , ISnz
War Department ClTil impropriation Act, 19U2
Additional Urgent Deficiency Appropriation Act. 19'tl
Treasury Department Appropriation Act, 19U2
Justice, State and Commerce Departments Appropriation Aet. 19^2.
Interior Department Appropriation Act 19h2
Military Appropriation Act. 19U2
Labor - federal Sscurity Appropriation Act, 1$US
Second Deficiency Appropriation Act. I9UI
Tlrat Si^plsBontal national Defenss Appropriation Act, 19U2
Second Supplsnental National Defense Appropriation Act. 19U2:
(Title I )
(Title II)
Defense Highway Act of I9W
Third Supplemental National Defense Appropriation Act, ISkZ
Joint Resolution (War, Philippine relief, and defense houslnc)..
,
igw
73
88
135
136
3, 19UI
Aug. 25, 19"*!
Oct. 28. I9UI
150
2U7
282
Not. 19, igUl
Doc. 17, ig"*!
Doc. 23, igui
295
353
371
1'
,
Total, 77th Congress. First Session
$
313,500.000
authorizations 2/
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program
As of Jane 30, 1040 - (Contlnned)
Data
Tttla of aot
approved
ipproprlatloaa
7<th OoBsraaa. Sacond SaaatoB
Ttb. Ik, 19IA
i^r. 1, 19Mt
tfi. >t, 19Wt
Mv 12 • 1'9'i't
June 22, 19>>'t
Jtma 26. 19>A
June 27. 19l*U
Juse 28, 19IA
J\me 28, igkk
June 28, 19*
June 28, 19>«'«
June 28, 19lf>t
June 28, 19Ult
June 28, I9UI1
June 30, 19Ult
June yo, 19Ult
229
279
288
303
June 30, 19IA
Dee. 22, 19UU
382
529
3'*7
352
358
365
367
369
372
^}
Joint Reeolutlon (fam labor and migration of workers)
riTst OafloioEcy i^roprlatlon Act, 19>l>»
Public Lav (Federal Vorko igancy - public raada)
Joint Reeolutlon (Labor Departaant - BBtamlty and infant care)
Haval ipproprlatlon Act, 19I15
Var Departsent ClTll Appropriation let 19't5
,.
Independent Officee ipproprlatton lot, 194;
Separtmenta of State, Juatioa and Conmaroe ^propriatioa Aet, 1945-*-*
•
Department of i^ri culture impropriation ijct, 19'^5
Interior Department Appropriation Act. 19^*5
National War Agency Appropriation Act, I9U5
Labor - Federal Security Approprlat ion Act 19'^5
Military Appropriation Act I9U5
Second Deficiency Appropriation Act. I9UU
Defenae Aid Appropriation Act, 19U;
United latione Belief and Rehabilitation Adoiniatration Participation
Appropriation Act, 19115
Foreign Economic Adniniatration Appropriation Act, 19^5
Firat Supplemental Appropriation Act, I9U5
.
.
375
382
382
•
,
Total, 78tb Congreaa, Second Seaaion
»
31.359.200
1/
Bat co&traet
auttaerlaatlaBa 3/
7
.
August 1945
17
Cash Income and Outgo of the Treasury, by Major Classifications^
(In mlllione of dollars)
CASH IHCOMS
Budgetary:
Internal
Incone and profits taxi
Staployment taxee
HlscelloneoTis Internal
Cuatoms
Other
5.2^1
1.2>*7
1.552
319
832
71
,
6si
.11
Subtotal
6.2l»3
5.17U
61
1.501
293
507
27
177
'*.3't7
2,922
60
25
152
3tl
552
23
lUg
5.926
2.505
5.U10
5.6ol(
539
29
U36
S.S"*!
5,818
93
520
2.167
U5
2.027
337
53'*
561
36
1^3
33
188
''39
6.907
2.967
3.396
,33
Trust funds, etc.:
Unenployment Trust ?und (deposits by State
and Ballroad Retirement Board)
Trust accouknts
Subtotal
itig
Total cash Incooe.
6.38U
6,099
2.301*
2.965
6.998
7. '•79
7.'W1
~ssr
7.168
6.15U
CASH OUTGO
Budgetary:
War activities
Veterans' Administration
Publ ic works 2/
Aid to agriculture
Social security program U/
Worlc Projects Administration...
ClTillan Conserration Corps
Interest on the public debt ^.
7.567
60
7.201
63
^
69
31
7.551
73
78
25
30
II
5^
27
33
31
51
6,gks
75
19
7.139
8.156
85
95
5'»
33
633
193
Other
Subtotal.
Trust funds,
TTliT
8.5'»5
etc.:
Beconstructlon Finance Corporation:
War activities
Other
Connoodity Credit Corporation
Unemployment Trust Fund
Federal Old-Age and Sarrirore Insurance Trust
Tuod
Ball road Set 1 rement Account
Other
33
155
113
-10
-21
III
5
57
5
9
5
19
12
-1U7
-1182
23
13
-217
-133
~-5r
Subtotal
Bedemptlon of adjusted service bonds
Total cash outgo
7.769
7. '•60
8,2lt3
s.Ugo
EXCESS 0? CASH COTOO.
2.Sll2
Leas than $^.000.
Theee figures are oot Intended to reflect the budgetary poaitlon of
the OoTemmect, end will not agree vlth budgetary figures on receipts, expenditures, and deficit such as those appearing In the
Daily Treasury Statement and in other tables in the '*l^eaeury Bulletin".
For an explanation of the reTleions made in Qaily Treasury
Statement flgrires to arrive at this cash series, see the "Treasury
Bulletin". February 1939.
Comprises Public Buildings Admlnletratlon, Public Hoads Administration. Public Voiks Administration, Federal Public Bousing Authority.
8,962
2.808
river and harbor work and flood control. Tennessee Valley Authority
forest roads and trails, and reclamation projects.
Consists of Fa™ Credit Administration, Federal Iferm Mortgage Corporation, Federal land banks. Sural Qectriflcatlon Administration.
War Food Administration, and Department of Agriculture departmental
expenditures.
(War Food Administration comprises Agricultural Adjustment Agency. Fanii Security Administration, Office of Dletributlon. Soil Conservation and Extension Ssrvice, and Other).
Excludes transactions under transfers to trust accounts, etc.
Sxcludes accrued interest on United States savings bonds.
Total Cash Income and Outgo, by Months
(In millions of dollars)
May
Calendar year
Cash income
igito
39s
19U1
'175
19't2
7311
19'*3
919
61
2.9115
19't5
3.800
ll.llOO
727
679
1.150
2.729
851
1.555
3,608
793
691
1.I175
l.'t3'i
3.973
li,ii70
6.1122
7.6I17
7.it6o
7.I1I19
6.032
8.575
s,o6i
7.2ll2
8.9118
7.709
7.821
65
U26
-138
-85
-27
2.328
1.873
1.780
19113
I9I1U
19115
1.179
2.699
6.521
7.567
7.8O3
6,38U
2.392
3.313
1,5118
I1.738
1.516
5.067
I.7I18
8.012
8,530
8,962
7.0I15
1.329
2.558
1914*
19'*2
11.687
7119
1.036
2,098
3.686
3.908
385
3.635
5.319
6.702
7.168
Cash outgo
I9U0
igui
766
1,062
781
5I10
829
1.675
3-358
72U
1,180
1,502
3.133
3.225
8,1190
72I1
1*9
576
893
2.198
561
l,61i0
ii
3.1102
756
1,205
2,621
5.589
6.099
ll58
556
611
770
956
1.133
7.569
10.859
19.257
2.2I12
2.73'!
3S.2it6
2.30U
2.965
976
2.1139
962
1.973
6.203
5.9'i9
7.65I1
6,1511
870
5.538
7.766
8,220
5.989
7.710
7.769
I1.17I1
ll,U76
ll,8U7
li,908
U,36U
3.368
2.121
1.671
7,301
1.2lili
10.317
20.8I11
7.795
2.778
6.996
7.852
7.977
7. "160
8,2ll3
95.'i'i5
518
306
1.017
11U6
2.7li8
1,828
1.1190
5.I13U
I1.815
5.1tl2
5.67I1
5.061
U,U95
9.982
38.701
51.089
57.959
89.33'!
Excess of cash outgo
I9I1O
329
iglil
70I1
19112
I.5I19
lt.919
igitU
1.965
5,603
1,623
19115
11,003
2.8U2
I9I13
11.899
935
130
685
3.1tli
3. "1311
I1O8
5.785
5,352
375
11.351
It.
U,596
11.583
105
219
2,179
3.325
?,1U6
2.808
357
9I10
ll,908
U,190
1.971
2.639
116,560
18
GENERAL
FUND
OF
Treasury Bulletin
THE
TREASURY
..
August 1945
Assets of the General Fund of the Treasury
(In mllllo&s of dollare)
Special depoelts
account of sales
of OoTemmant
secorltlea
(War Loan acoeonts)
BUllon, coin,
of fiscal
Tear or aonth
ftid
and cnrrencj
2.ltl9
3.087
2,038
191(0
2,812
3.'A3
lo.iUg
20,775
25.119
19IH
ijUe
191*3
I9i(ii
igits
862
llH
929
1,022
865
1.863
827
1,194
87U
2.936
2.709
1936
1937
193«
1939
776
8O5
58
55
52
95
105
1.0J8
1,1«2
1,500
661
1,679
7.667
18,007
22,622
533
507
289
1,150
6%
6u
25"*
1.02>»
603
897
911
820
7O8
19i(l(-Jmie
20,T75
1,UU2
18. 007
Jnljr
807
877
838
1,269
1.215
1.31*
19. 850
insist
September
22,513
18.277
15.753
October
BoTember
December
10,609
10,223
22,717
835
785
825
998
1,122
1,335
20,077
17.»>t
15.722
807
792
779
i.cke
1,38U
••
19l^-Jaisua7
Tebnaiy
March
Kasr
Jms
Soorce:
I^ly Treasury
15.693
I3.0i3
533
315
295
8,002
20,261
17,866
15.265
13.055
1,5'*7
11,809
10,055
25.119
Iprll
'M
1,22U
sMz
l.lllO
7.9*1
22,622
1,500
315
286
289
Statemente
Balance In the General Fund of the Treasury
(In millions of dollars)
inaljrsls of balance In the General Aind 1/
Total
Ihd of fiscal
year or montli
UaMUtle
Increment
on gold
11*7
2,682
2.553
2,2l6
2,838
1,891
20.775
25.119
607
UZL
2,633
2,991
9.507
20.169
2U,698
19l|lt-J\me
20,775
607
Jnly
September
22,513
18,277
15.753
October .
Horember .
Dscember.
10,609
10,223
22,717
U21
USl
19'*5-Jsonaiy..
20,077
t7l
2,936
2,709
2,>H9
3.087
2.038
1936
1937
1938
1939
19110
251*
156
203
2U8
2.812
19U1
19U2
3,W3
io,iii9
ism .'.'.'.''.
19lt5
ib^st
.
.
15,722
1(145
iprll
May
Zva»
11,809
10,055
25.119
1(1(3
Sooroe:
1/
19.1(06
619
a.92U
21,162
16,909
619
619
619
9.990
9,803
22,236
U30
Dslly Treasoxy Statements.
In the fiscal years 1935 end I936, $91 mllHons ssd $55l( millions,
respectlTely, vere transferrsd from Increment on gold to the workIn this stateing balance for retirement of national bank notes.
ment, boweTer, charges for retlraoent of national bank notes are
9,227
9,Ol40
21,1*73
IW
11(1*
IW
iiii(
1141*
ll(,5lU
10.603
8,862
23.935
619
619
619
ll(U
18,81(3
11.366
9.625
reflected
vhlch the
amount of
as a part
619
619
619
lUU
619
619
619
19.606
17.313
15.277
2'(.698
11*3
ii(i(
19,1(06
l'(.355
ll*2
605
619
619
20,169
6l8
17.73't
1U7
536
585
lit
17.672
15.117
J^broary.
2,229
316
23.935
605
635
March
2,069
2,000
1,622
2, 160
1,163
16,551
1*
lUU
lUU
directly against Increment on gold In the years during
retirements were actually made. Inactive gold In the
$1,087 millions for the fiscal year 1937 Is considered
of the working balance.
..
.
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
[In nllllons of dollars - S«t Increaae or net dacraaia (-)J
Vorlclag telanoa
Total
Change during fiscal
Tear or month
ohan^
In
Oenaral
JSmd
balanca
Total
worldng
balance
Oanarol
and apeelal
aooounta
1/
1936
1937
1938
1939
igSo
-128
-33s
623
.9U7
19Ul
7hz
35«
6.515
10.662
U.529
I'jh2
191*3
191A
19'»5
1.067 6/
-70
-377
537
-997
722
6.515
10,662
It. 529
-••.SSO
-3,1'»9
-1,381*
-3.
51*2
-3,611
agenoles,
311*
20l*
792 1/
3.280 1/
2,528
5.99I*
6U.307
57.679
1,756
1.756
-5,91*7
-1*,252
-2.555
-2,555
-5.551
-2,O0U
October..
NoTenber.
December.
-5.127
-Igg
12.U33
-5.127
-188
I2.U33
-6,023
-5.587
-2.999
-2.630
-2,292
-2,036
-2.630
-2,292
-2.036
-l*.6lt5
-3.911
-1,71*1
15.073
15,073
,
I9't5-J»nuary.
February.
March. ,
.
1/
Increment
OoTsmfflant
176
2. 71*61/
-119,595
-53.91*8
-1(.252
•
CheelciQ^
accoonts of
eto.
23.1*61
Septan ber
Sourcei
Ml seallanaous
fonda and
accounts
768
-1(03 6/
1*0
-99
90
-51
-5
31*
37
66
6l».27l*
1U8
2U1
205
675
.302
-217
-3,625
-2,194
-l»,lt03
-1.179
1U.637
July
April
Hay
June
Tru«t
aocotinte
5,'*75 1/
-5,103
-19.598
-55.897
igUl-June
Au^st.
Public Ubt
acoounts
2/
7.570
1.229
-307
223
1*2
'112
71*8
lt,76l
257
15,626
-282
-3,693
1,778
1,300
i5«0
21*2
338
-13s
-3.911
-5.01*0
-1.7'*!
-6,190
-3.727
1,120
3.763
19.«50
-323
Dally Treasury Stateioente.
Uee than $500,000.
This la the net bud^tary deficit. Ixcludes aKounti for public
debt retirenent which are chargeable to the sinking fund. etc.
'
under special proTielons of lav,
This repreeente the increase in the gross public debt, except as
noted.
(See footnote 7.)
Includes Federal Old-Age and SurriTors Insurance Trust Fund, Uussiploynent Trust Fund, Railroad Retirement Account, QoTemnent insurance and retirement funds and other trust funds.
Comprises Public Vorks Administration rsTolving fund and special
deposits (net). Also includes Office of Distribution (formerly
Agricultural Marketing Administration) commodity food stamp transactions.
Includes expenditures for retirement of national bank notes.
In the fiscal years 1935 and 1936, $91 millions and $551* millions
Jj
-25ft
29
35
130
311
253
-95
71
-ISI*
137
95
1*62
76
-7
-313
1*07
-71
15U
-778
were transferred from increment on gold to the mrkiog balance for
retirement of national bank notes.
In this statement, however,
charges for retirenent of national bank notes are reflected directly against Increment on gold, in the years during which the
retirements vers actually made.
loactiTS gold in the amount of
$1,087 millions for the fiscal year 1937 Is considered as a part
of the working balance general and special accounts for the purpose of this table.
Xxpenditurea for the retirement of national bank notes from increment on gold for the fiscal years 1935 to 1939 (as sbovn below)
are not reflected herein, but are reflected under increment on
fold ae followsi 1935, t91 millions; 1936, $397 nllllons; 1937,
99 millions; 1938, $51 millions; and 1939, $5 millions; total,
millions. The increases in the public debt shown In the
table "Means of Finaociog Cash Requirements" for the above fiscal
years will not agree for the reason stated aboTe.
$61*5
August 1945
PUBLIC
OF
DEBT AND GUARANTEED OBLIGATIONS
THE UNITED STATES GOVERNMENT
..
9
5
3
.
B
Treasury Bulletin
22
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
Public
d«bt outetandloe
end of
fiscal
dxiriag
fiecal
Certificates
of Indebtedneee, special
series 2/
Cash
1936
1937
1938
1939
19«0
33.779
36.l«5
37.165
5.078
2.6U6
7I1O
lU.121
9.589
9.621
UO.MltO
3.275
2.528
13,08U
13.166
19UI
19U2
iguj
191A
Ug,96l
72.U22
136,696
201,003
z;g,6g2
5.99>t
17.eU7
61*, 307
57.679
w"*
23. Wl
6ll,27lt
27.837
21,1*06
12.162
10.151
10,991
11,1*22
209,1*96
7.570
1,229
-307
October.
Hovember..
Deceober.
ao,2UU
7'tg
215,005
230.630
U,76l
15,626
9.822
11.597
27.178
6,092
10,928
22,762
7.630
IS^^^anuary.
232.1408
233.707
233.950
1.778
1,300
2U2
12.01*0
12,1*71
7.169
6.879
7.782
iprll
May
June
235.069
238,232
258.682
1,120
3.763
19.850
U,8l*7
12,616
1*0, 65U
6.557
lO.ZOU
26.90U
1/
2.978
516
9.01*3
1.7^
1.1*99
13
2.671*
2.159
2.567
3.151
6.9U3
8.881
9.809
10,638
*.2ltl
18,790
3U.183
1*
1.1*73
3.1'«2
2,896
U.lll
5.338
6,99U
9.885
303
17.911
10, 1*11
ll*.l*10
89,1*78
L21,l*80
63.202
1*91
77. '•08
6.39>»
13.199
6.971
i».592
511
8,922
11.298
6.805
3.1*92
205
170
1*28
9.073
6,836
11.552
m
1*,150
5.852
2/
3.035
2,812
5,8l6
8,693
33.67<t
526
10,7110
61*9
I»,1U7
i*U9
12.229
U.ni
369
681
10,727
8,85U
9.1*66
20.801*
523
567
i.oui
2.671*
696
,1.579
lt,lg7
2.978
1.751
5.166
5.301
5,680
2.511
I*.
2/
5,f2
U,625
8.318
u.m
Dally Treasury Statenente.
Lees than $500,000.
Xicludes certificates of iadebtedjies
pedal
11,853
13.703
58.358
5. 876
303
17.911
1*91
Ccrtlficatea
of Indebted*
nastt
erlee
lUl
5.920
.
•
1/
1.669
7.01*1*
February.
March
Source
Cash
3.035
2.812
37.161* 30.388
122,632 9U,96l
153.785 123,95*
179.159 .29.663
It. 637
.
bonds
7.191*
208, 57U
209.802
errice
SscesB
profits
tax refund
bonds
10.1*62
201,003
.
Adjusted
8,958
6,199
It. 776
7.U75
July
Au£uet . .
September.
19ltlt-Juie
Public Issues
Public liifaeB
1/
U2,968
Public debt expenditures
(Retirement of piibllc debt)
Public debt racelpte
(Itauance of public debt)
Net change
in public
debt
596
2,1U6
6.228
2.511
k.US].
3,1*92
170
15
6.931
lt.150
1*71
5.801
6.077
8,066
7
U.6b9
5.903
7.262
7.370
'*,1U7
i*,gll
1.579
I»,187
CoBsists of special saries of certificates of indebtedness issued
directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
Interest-bearing public debt outstanding
(In millions of dollars)
Percent of Interest-bearing public debt
Public issues
Ihd of fiscal
year or oontb
Donmarketable
1936
1937
1938
1939
32.989
35.800
36.576
17.368
20.131*
22.01*3
25.U1U
26.751
19110
191*1
1*8,387
191*2
191*3
191*4
135. 380
30.UII
38.281
57.716
199.5^3
256.357
71,968
19H5
19l*l*-J«ne
July
August
September.
October
NoTeober.
December.
19l*5-January
February.
.
1.261
1,188
1.556
2.151
3.166
Km
10.U96
Sonmarketable
11,381
10,617
2.35't
9.11*7
7.21*3
1.151*
9.557
28,822
ll*,73't
1U,287
100.0
18,067
18,067
17.936
10,000
10,030
30.035
30,001
29.573
15.521*
15.715
15.7U7
ll*,96l
15,1*61
15.976
100.0
100.0
100.0
38.355
39,018
U1,07U
17.936
17.936
23.039
9.075
9.990
9.8U3
29.51*6
16,060
29.5U5
30,1101
16.1*05
16,1*£8
16,170
16,583
16,326
100.0
100.0
100.0
23.039
23.039
18.588
9.861*
30,1*01
16.1*03
9.927
30.396
8.91*8
31*. 51*1*
16,399
16.921
16,688
17.130
17.567
100.0
100.0
100.0
9.109
10.031
10.136
3U.l*78
17.0U1
31*. 1*1*2
17.01*9
311,136
17.0U1
17.923
18.592
18.812
100.0
100,0
100.0
35.298
81.293
37.237
37.58U
38,028
208,608
81,1*66
81,298
91.781
230.672
92.1*17
92,51*5
1*1,858
231,851*
March
232.026
92.572
1*2,885
April
May
June
233.063
235.761
256.357
92.572
92.572
m'M^
18.588
18.588
106.61*1*
1*6,090
23.1*97
Source:
Daily Treasury Statements
11:1
17.1*05
79,1*1*0
207.117
208,289
207.850
228,891
. .
62.8
18,812
100.0
100.0
100.0
100.0
100.0
17.0U1
199.5^3
.
6.120
7.885
10,871
3l»,136
23. '97
.
52.6
56.2
60.3
63.7
9.557
10,136
17.I105
1*6.090
210,771*
100.0
100,0
100.0
100.0
100.0
11,861*
1U,73'*
79.1*1*0
.
3.015
1.603
2,508
626
1.558
2,676
3.770
It.
775
3.096
16.561
28.822
106,61*1*
.
1,308
1.302
6.383
5.698
6.689
9.168
2l,70U
15.298
81.1*31
81.1*66
2.303
1*2,1*18
7.1*95
9.12I*
ll*,287
1.9
U.3
7.3
9.5
11.3
3'*,5
29.7
25.0
18.2
15.1
63.1
11.
lU.6
16.0
17-7
18.0
8.7
9.2
t.3
12.2
lU.U
13-3
39.8
17.7
8.7
lU.U
39.2
18.0
18.0
18 .3
8.7
8.7
IU.5
39-1
39.2
18.1*
18.
17.9
1*0.1
18.1
39.9
39.9
18.
18.
18.6
18.
6.8
ll*.i*
12.6
11.0
8.0
7.2
7.3
7.'*
8.6
IU.2
7.7
8.6
8.5
10.1
IU.2
lU.O
13.3
7.8
7.9
7.1
10.0
9.9
8.0
13.2
7.2
n.i
7.1*
1U.9
7.6
1U.8
IU.6
13-3
7.7
7.9
7.3
August 1945
23
Detailed Statement of the Public Debt and Guaranteed Obllgatlcns
of the United States Govemnent
PART A - FISCAL YEARS, 1936-19>15
(In tllloBi of dallara)
zh
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
(PARI A
-
FISCAL XCAR3, 1936-19'^5-(Cantlnue<l)
(In mllltoDa of dollars)
Treasury Bulletin
August 1945
25
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
PART B - MDUTVVi DATA- (Continued)
(la BlllloBi of dollars)
Treasury Bulletin
26
INTEREST -BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS
OF THE UNITED STATES GOVERNMENT
DOLLARS
Billions
Public Debt and Guaranteed Obligations
270
Guaranteed obligations
Special issues
PuMc
Non- marketable issues
debt
Marketable issues
1935 '36
200
1935
'36
'37
39 40 '41
42
END OF FISCAL YEAR
38
43
44
45
'38
'39
"40
'41
'42
43
44
45
'42
43
44
45
DOLLARS
«'"'»"
190
'37
Marketable Public Debt
190
1935
36
37
38
39
40
41
END OF FISCAL YEAR
..
,
.
.
£7
August 1945
Guaranteed Obligations Held by the Treasury
^
(In milliuns of dollars)
Commodity
Credit
Corporation
Snd of fiscal
year or month
OorporMlou
Home Ovmers'
Loan
Corporation
T^dsral
ITederal
Tarm Mortgage
Falillc Boaslng
ikittiorlty
Beoonstmotion
n
nance
Corporation
1936
1937
193s
1939
I*,q30
I*,q30
3.630
88}
3.655
8d*
igw
104
19U1
302
Tennessee
Valley
inthorlty
21*3
7
iito
I400
20
263
271*
1.591
366
108
283
398
383
10.717
900
366
S«ptesil)er
10,993
11.312
11.181
900
1,000
863
October
.
U,312
.
U.l*60
1.035
1.099
1.155
276
266
258
11.735
11.563
1.173
1.588
1.596
250
128
11,602
11.320
12,169
1.762
116
111
1.591
191*2
1*,079
191*4
igits
7.535
10.717
12.169
IjUU-Jnne
in£UBt
.
.
.
liloTember
U,l*9l*
SBcember.
19l*5-Janttaiy
.
1.950
900
11,501*
.
Fsbroary.
i^arll
^
Jnna
*
5U9
8,730
8,991*
9,081*
39s
1|6S
1*39
1*20
9,078
9,201
9,206
387
398
398
32I*
30I*
3S8
398
383
These securities
anteed ohllgatio
Dally Treasury Statements.
Less than $500,000.
Source t
2,531*
5.033
8,Ul6
9,020
8,Ul6
398
39?
398
398
la
l.Sl**
551
212
580
1,010
9,213
9.067
8,965
8,927
9,020
re not included In preceding statements of guaroutstanding.
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations
of the United States Government
(ifflounts
Pahllc debt and guaranteed ohllgatlons
Snd of fiscal
year or month
Computed
Interest -bearing
debt outstanding
nnnnfll
Interest
charge
(In mllllonB of dollars)
37,707
1936
1937
1938
1939
1940
110,1165
1*1,1*28
1*5.336
1*7.871*
191*1
191*2
191*3
191*4
igus
igltlt-June
Auguet .
September.
.
October
Hovember
December
.
19l*5-J enuary
.
.
.
.
.
.
February.
March
April
M^
June
CoDputed
rate
flmtwtHi
of interest
(Percent)
in mllllone of dollars)
Onaranteed obligations 2/
Pabllo debt 1/
Interest-bearing
debt outetandlng
Computed
annnal
intereet
charge
(In mllllone of dollars)
Computed
awTmwT rate
of intereet
(Percent)
Interest-bearing
debt outstanding
Computed
annnal
Interest
charge
(In millions of dollars)
CoDpnted
annual rate
of interest
(Percent)
W
.
Treasury Bulletin
23
statutory Limitation on the Public Debt
Beotlon 21 of the fleoond Liberty Bond
ae amended, provides that the face
amount of obligations Issued under authority of that Act, and the face amount of
obligations guaranteed as to principal and
Act,
Interest by the United States (except such
guaranteed obligations as may be held by
shall not
the Secretary of the Treasury)
exceed In the aggregate 1300 billion outstanding at any one time.
,
Table 1.- Condition as of June 30, 1045
(In millions of dollare)
amount of aecurltiee which may t>e outdtanding at any ons time, under llmltatione inpoeed ^y Section 21
of the Second Liberty Bond ict, aa amended
Moximuitt
300,000
Amount of Bflcuritlee outstanding euhject to such statutory deht limitation]
U.
S.
Government securities Issued under the Second Llherty Bond Act, as amended 1/
.
.'
266.238
,.
^33
Ouaranteed securities 2/
268,671
'•
Total amount of securities outstanding suhject to statutory deht limitation
31*329
Balance iosuahle under such authority
Tor ooD?)arlson with the puhllc deht outstandlnc,
tahle 2.
1/
a*
following
2/
faoXuda* guaranteed nooritiee held hy the Treaeory.
Table 2.- Analysis of U. S. Government Securities Outstanding Subject to Statutory Debt Limitation
and Comparison with the Public Debt Outstanding, June 30, 1945
(In millions of dollars)
U. 3< OoTernoent
securities outstanding
suhject to
atatukox7 deht
limitation 1/
Total
public deht
outstanding
Interest-hearing eeouritleai
Mnrlcetable leaues:
Treasury hills
Certificates of indehtednesa.
Troaeury notee
Treasuiry bonds
Postal savings and other honda.
.
Total marketable lasues
IT.OUl
3U.136
17.0U1
5U.136
23.'t?7
106,
23. '•97
106. U8
1«1,123
181.319
196
Hon-oarketahle lasuea:
'
D.
„
3.
.
,
.
"Tl-*"
tonda
"15.586
/Current redemption value.
j^^„j,y
^^„
Treasury tax and savings notes
Depositary bonds
Total non-marketable laauea
56.195
10,136
505
10,136
905
66,«35
56.226
266,770
256.357
Special laeues to Oovemment agencies and trust funds
Total Interest-bearing securities
269
Matured securities on which Interest has ceased.
Obligations bearing no Interest:
United States savings ataiqpe
Sxoeae profits tax refund bonds
Currency items, etc. 2/
178
1,028
852
Total obligations bearing no Interest.
268.238
1/
Ij
Limitations are established by Section 21 of the Second Liberty
Bond Act. as amended.
Consists of United States notes (less gold reeerra); deposits for
258,682
retirement of national bank and federal Reserve Bank notes;
other obligations baarii^ no Interest.
August 1945
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States i/
As of June 30, 1945
(In allllsna of dollari)
Tear
and
month
30
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United Statesi^
As of June 30. 1945 - (Continued)
(In Billloni of dollara)
rear
and
month
Treasury Bulletin
August 1945
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States i/
As of June 30, 1045 - (Continued)
(In mllllont of dollart)
T.«r
aontb
.
32
Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness
Stit*
tani
of
offering
nr*
annonacad
Back Wgoree:
Itor
period December 19U1 throu^ July 1943. see "IPreaaury
Bttlletln" for Horember I9U4, page 32.
p
r
1/
2/
y
Preliminary
Revleed.
In the case of the reopening of a prorlously offered security, the
period to first call and to maturity are calculated from the date
Intereet commences on the reopening.
EaBtrlcted Iflmiea are thOBe which commercial banke (defined for thle
purpoee aa banks which accept demand deposits) are not permitted to
acquire prior to a specified date, with two ©xceptloae;
Cl) concurrently with the Ibiirth, Fifth and Sixth Weir Loans, commercial banks
were permitted to subscribe to the restricted lesue offered in the
War loan for limited investment of their savlngB deposits; (2) commercial banks may temporarily acquire restricted Issues throu^
foreclosure when such ieeues have been used as collateral.
Coneiate of all public cash aubscrlptlons and of subscriptions t^'
Treasury Bulletin
.
August 1945
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States
Date of
refunding
for exchaoco
transaction, oi
of rattrement
for cash
tran tact Ion
Dascrlptlon of eallsd or maturlnc
•onrlty
1/
(Dato of Issue Is shovn In parentheaes)
Amount of
maturing
or called
security
outstanding
Amount
for cash
retirement
Peroent
exchanged
Description of new
aeourlt/ offered
(In allllone of dollars)
8/I/U3
(8/15/l«)
9/15/'t3
(6/15/1*0)
1.609
279
(10/15/33)
1,1(01
(ll/S/US)
(12/l/l»a)
2.035
3.800
96
260
(12/15/38)
1(21
1(21
7/8^
If
Certlf icats Treat, note -
lO/15/'*3
3-1/lljt
Trees, tond
IO/15/U3
12/1/U3
12/15/U3
7/8)i
Certlfloete - ll/l/ltS
Certificate- 12/l/li3
7/8if
l-l/8iS Treae. note - 12/15/'»3
-
2/1/Uli
(2/1/39)
Certificate-
2/1/1*
(2/1/1)3)
llU
2.211
8/2/U3
9/15/'*3
1-3/851 ITHi note
S/l/W*
7/8)6
3-l/U)( TIMC bond
3)f
ITw: Ijond
3/15/Ul.
-
-
-
BJC note
HOlO bond
3-l/U)t Treat, bondTreae. note it
3/U)6
Treae. note -
1*
ii
10/15/Il3-It5
3/15/UU-6U
(3/15/3U)
S/15/I4I1-U9
(5/15/3'')
k/l^/Mk
19
130
95
835
571
779
1.519
5/l/Ult-52
(7/3/11)
(^/l/ih)
lt/15/Ult-it6
(U/l6/3lt)
3/15/Wt
6/15/W*
(11/1/39)
(6/15/39)
S(l6
Totals for exchange traneactlon of 3/I5/UU..
U.729
515
7/8*
1.161
2-1/2* Trees, bond - 12/15/61(-69
Treae. bond - 9/15/51-53
2*
1.939
3.51(0
705
559
Sou
1.223
l5l
Certificate-
l(,877
(5/l/'t3)
5.251
1.655
37'(
Certiflcete -
k/l/UH
5/1/Wt
('»/15/'*3)
7/8)(
UO
7/8*
Certificate-
8/l/ltU
(8/2/U3)
2.51(5
,'"
7/8?t
Certificate -
9/1/"*
(9/15/'»3)
U,122
1(28
1.615
2.511
3.69K
3/U^
Treae. note Treae. note -
9/15/W*
9/15/'*
(1/31/lH)
635
283
7/8)S
Certificate-
lO/l/ltU
(10/15/'t3)
3.519
12/1/lA
7/8*
Cert If Icate -
12/1/lA
(12/1/1(3)
3.51(0
hi
Treae.
Z/l/U5<
Certificate 7/8*
1-1/8* CCC note
12/15/ltlt-5l|
.90*
3/l/'»5
3/l«(
U/X/US
!/l/t5
5/a/i«
7/8*
7/8*
27
2/I/U5
(2/1/ltU)
2/15/1(5
(7/21/1(1)
.90*
H,6U9
395
2.109
Totels for exchange transaction of 3/1/1(5...
l(,l(51
U/l/UU)
(,877
1,615
l(,811
U,770
755
1(.187
(2/1/VH)
(3/15/to)
Certificate -
1(/1/1(5
(
Certificate-
5/1/1(5
(5/l/'('()
6/I/U5
6/I/K5-U7
(6/26/Kl()
(6/1/39)
9/15/56-59
3/15/65-70
9/15/48
•
4/1/45
5/1/1(5
8/1/1*5
9/1/45
Treae. note -
3/15/46
Certificate
Trees, note
10/1/45
1/1/46
>
1(93
'
9/15/1(7
12/15/52-5l(
3/15/6&-712/
-
7/8*
Certificate -
2/1/46
7/8*
Certificate -
3/l/'»*
7/g*
7/g*
Certificate Certificate -
4/l/ll6
.90*
Treae. note
7/1/46
l.SW
30i(
l(,ll(7
1.579
P
88 p
723 P
96p
i(,910
totals for exchanga treneactlon of ^/Zl/k^*
Sack ?lgaree! Tor period Deceaber 1941 through July 1943
"Treaenxy Bulletin" for BoTeaber 1944, page 33*
Prellainarj.
p
Certificate
Certificate
Certificate
Certificate
1-1/4* Treae. note
Trees, bond
2*
2-1/2* Treae. bond
2,127
718
1,606
Certificate 7/8*
1-1/2* HOLC bond
7/8*
7/8*
7/8*
7/8*
7/8*
(9/25/'(2)
3/1/1(5
3/15/'(5
3/15/1(5
2-1/4* Treae. bond 2-1/2* Treae. bond 1-1/2* Treae. note -
3.1(16
5.0U3
Trees, note Treae. note -
•
3.1(92
5.'(6o
l-l/U* Treae. note -
.
(12/15/2U)
Totals for exohange traneaotlon of ifl/U^..,
3/1/1(5
-
130
10/1/lUt
bond-
Treae. note
602
185
Totale for exchange traneactlon of 9/15/Wt.
IZ/IS/UU
.90*
10/1/1(4
12/1/1(4
270
7/8!J
(12/22/39)
Certificate Certificate -
1(83
U/l/Ul*
ijl
7/8*
7/8*
8/1/1(4
76
5/1/Wt
g/l/Wt
9/l/lA
9/15/Mk
Certificate -
1.556
1/
2/
p
Original call and maturity datee are used.
5ot arallable to eoarierclal banke.
.
5/U^
8
9
2
.
5
8
Treasury Bulletin
3'^
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Afflounts
In millions of dollars)
Description of
Uflv
Issue
Amount of bids accepted
Hummer of
days to
maturity
19Ult-June
June
June
June
June
July
July
July
July
29.
Aug.
Sept.
Sept.
Sept.
Sept.
6.
1}.
20.
27.
Oct.
Oct.
Oct.
Oct.
1.
6.
15.
32.
.
31.
7-
Ik.
21.
28.
5.
13.
19.
26.
Amount of
bids
tendered
Amount on
competitive
basis
Amount on
fixed-price
basis 1/
Amount of
maturing
Issue (as
of date
shovn In
first column)
1,887.1
1.990.1
2.193-9
2.173-8
2,308.9
1,215-3
1.202.6
1.201.0
1,211.6
1.207.8
l,l6i*.6
50.7
52.6
52.3
55-1
52.9
1.007.1*
1,150.0
1.1U8.7
1,156.5
l,15U.9
2,215.1
2,0U2.3
1,216.3
1.203.8
1,206.6
1,167.U
1*8.8
1,007.7
1.11*9.1*
2.177.U
1.2ll*.U
I.IU6.9
1.158.2
5U.U
59.7
56.2
1,011*.
2,07't.3
2.010.U
2,001.1
l,2lU.l
1,210.9
1,205.8
1,209.9
1.210.2
1.156.6
1,150.3
1.163-7
I.IU8.I
1.153.2
57.5
60.6
62.0
61.9
57.0
1,017.1
1,206.9
1.206.3
1*5.
1.202.6
1,201.0
1.211.6
1.207.8
1.035-5
1,016.1
1.001.1
1.009.7
1,013.1*
1,015.9
31.
Hot.
Hot.
Hot.
Hot.
Hot.
9.
16.
2U.
30.
Sept.
7.
Sept. 1>I.
Sept. 21.
Sept. 28.
Dec.
Dec.
Dec.
Dec.
7.
1,762.1
1.206.9
lU.
21.
28.
2,005.1*
1,211*.
2,088.3
2,2UU.5
1,215.5
1,218.2
1,161.9
1,151-3
1.152-5
1.161.5
2,308.0
2.197.0
2.183.9
2.356.3
1.218.0
1,312.6
1.313-9
1,308.9
1.161.9
1.253-9
1.25U.1
1.25U.6
56.1
58.7
59.7
5t.3
1.260.6
1.261.7
50.lt
l,2ll*.l
1.21*7.7
52.6
52-9
1.262.1
1,138.6
65.1 1/
1,210.9
1,205.8
1.209.9
1.210.2
1.137.8
1.135-0
1,151.0
1,152.8
67.1
72.0
66.2
U9.U
1.206.9
1,218.0
1.312.6
1.313-9
1,308.9
Aug.
Aug.
Aug.
Aug.
Aug.
Oct.
Oct.
Oct.
Oct.
3.
10.
17.
2U.
1*.
Jan.
Jan.
Jan.
11.
18.
reb.
reb.
reb.
reb.
Mar.
1.
8.
2,2l40.9
1,311.0
2.261t.U
l,311*-3
1;.
23.
1,932-1
2,078.5
2,061.8
1,300.6
1,313-5
1,203.7
1.97't.g
1,93't.U
2,0li0.8
1.201*.
26.
lU.
21.
28.
2.
7.
U.
11.
18.
25.
reb.
reb.
Teb.
reb.
15.
23.
Mar.
Mar.
Mar.
Mar.
Mar.
8.
15.
22.
29.
May
Ma;
May
May
May
jMae
June
June
June
1.
8.
1.
5-
12.
19.
26.
310.
17.
2U.
31.
7-
lU.
21.
28.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
i^r.
2$.
1.
8.
15.
22.
29.
5.
12.
19.
26.
1,868.2
2,1*65.0
2,157.'*
1,207.0
1.217.2
1.202.3
1.20>t.9
63.5
63.1
56.7
51.1*
1.21l*.l
1.215.3
1,216.3
1.203.8
1,206.6
1.21U.1*
1,21 It.
1.215.5
1.218.2
2.198.2
2,195.0
1.303-0
1,302.6
1.153-5
1,227.1
1,229-2
1,318.1*
1.21*8.1*
51.5
75-9
73-t
69-9
2,056.7
2,027.9
1,891.8
1,888.0
1,315-8
1,310.2
1.300.1
1.308.7
1.258.0
1,252.7
57.8
57.5
1,311.0
I.3IU.3
1.300.6
1.313.5
59.0
60.5
62.7
68.6
1,203.7
May
May
May
May
10.
17.
2U.
May
June
Jons
June
June
2,065.8
2,U36.U
2,085.8
2,075.2
2,022.1
1.311*.
1.255-1
lU.
21.
28
1.310.2
1,316.1
1,302.5
1,31U.0
1,21*9.6
1,253.1*
1,251*.0
60.1
1,207.0
1,217.2
1.202.3
5.
1,81*2.8
1.271.1
1*6.0
l,20lt.9
12.
19.
26.
2.I6U.O
2,092.1
2.109.3
1.317.1
1.303-9
1,318.2
1,310.3
1.21*3.2
60.8
63.2
56.0
1,303-0
1,302.6
2.
2,0lt8.7
1.3ll*.l
1*9.5
9.
16.
23.
30.
2.012.9
2,029.9
2.067.9
1.307.*
2,01*3.1
l.3l[>.i(
1,26U.8
1.252.9
1.255.1
1,262.1
1.263.0
1.315.8
1,310.2
1.300.1
1.308.7
1,31U.2
Sept.
6.
Sept. 13.
Sfpt. 20.
Sept. 27.
2,071.U
2,112.8
1.302.3
1.309.8
1.305.3
1.317.S
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
3.
31.
7'
Data on nev Issues come from Public Debt
Issue and total bills outstanding are on
basis.
Back rigures: Annual Reports of the Secretary of
Commencing with the offering of Treasury
1/
Source;
1,851.6
1,831.6
19U5-Jan.
Doe.
Dec.
Sec.
Dec.
Apr.
Apr.
Apr.
tor.
It
5.
9.
16.
2U.
30.
Jan.
Jan.
Jan.
2. 033.
13.
19.
SOTi
Hot.
Hot.
Hot.
Hot.
19>>5-Jai>.
2.
2,2!*3.0
2.256.3
Serrlce; amount of maturing
Dally Treasury Statement
the Treasury.
bills dated May 12,
19'*3i
1,307-'*
1.313.1
1.21*9.8
1,21*2.7
1.233-9
1.255.0
l,25l*.2
l,25l-7
1.2^.5
1.266.5
1.253-9
56.5
52.3
51.0
51.t
50.6
58.3
l,201t.9
1,318. It
1,310.2
1,316.1
1.302.5
1.311*.0
tenders for bills in the amount of $100,000 or less from any one
bidder vere accepted in full at a fixed price of 99-905 per hundred.
This amount vas increased to $200,000 or less commencing vith the
offering dated HoTember 30, 191*1*.
August 1945
35
Offerings and Maturities of Treasury Bills
-
(Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
Date of
line
Treasury Bulletin
36
Sales and Redemptions of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(In
ri«e>l TMr
or aoath
Ulloai
of dollars)
August 1945
37
Sales and Redemptions of United States Savings Bonds
Table 1.- Sununary of Sales and Redemptions, by Series
(In Dllllont of dollAn)
ri«eal 7«ar
or aoBtta
-
(Continued)
(Continued!
..
.
. .
.
U
..
8
U
3
U
9
6
8
U
Treasury Bulletin
58
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 2.- Total Sales by Series, Classified by Denominations
Salaa in nlllloaa of dollar* at lira* prlea
Poroentage dlitrlbutlon of aalot
DonoDlnatlon
denomlDAtlont
19U2
tlOO
$10
1/
500
Danoolnat Ion
$1,000
$3,000
$10,000
I
615.6
3U1.5
812.7
636.9
2,988.2 1,081.0 1.713.8 1,007.3
U,1U9.1 1,61*2.5 2,583.5 1.396.9
69.2 3.927.7 1,72U.8 2,1*06.2 1.325.7
denomlnatloaa
$10
$25
$90
$100
$500
$1,000
100.0
100.0
100.0
100.0
9.7
13.1
13.9
lU.9
23.0
20.7
31.7
17.9
17.3
18.2
20.8
18.1
12.2
11.8
11.5
19ll4-June
I,3't9.8
1*02.2
17U.2
309-0
I86.9
277-5
100.
12.9
a.
13-0
19.9
J\il7
526.5
221.8
277.1
21*8.8
38U.I
95.9
107.6
'216.1*
iugaat
Soptembar
1,686.5
U99.U
590.8
309.2
51.7
59-5
100.0
100.0
100.0
lU.g
18.0
18.0
22.8
19.2
18.2
12.8
7-1
6.8
10. )|
10.1
October.
HoTember
Decasbar
598.6
806.8
1.855-3
281.9
301.2
109-3
126.3
233. U
108.8
165.5
81*.
52.3
12U.3
W7.7
1*57.6
288.3
1*02.
100.0
100.0
100.0
18.3
15.7
12.6
18.2
20.5
2U.7
10.5
15.5
19U5-January.
Fabruary
March.
803.8
653.2
712.1
296.2
269.1
12U.7
112.0
122.5
153-5
118.2
127.5
77.3
50.8
5^.1
IU6.I
98.3
99.0
100.0
100.0
100.0
15.5
17.1
17.2
19.1
18.1
17.9
9.6
7.8
7.6
18.2
301.
68U.U
I.19U.7
I.U67.7
285-3
3IH.3
358.3
115.2
157.7
178.8
123.1
99.0
281.6
317-9
5U.0
l60.2
227. U
100.0
100.0
100.0
16.8
13.2
12.2
18.0
20.6
21.7
7.9
13.t
15.5
IU.5
23.6
25.6
19.6
27.5
igw
3.526.3
8.271.3
11.819.7
igus
11.553.'*
l?"*?
.
.
.
ipril.
May...
Juna.
191*2 if.
19UVT..
191*1*
I9lt5---
89-8
106.3
31*6.5
35.6
36.6
5
1.119.5
1,1*81.0
2,01*7-8
2,099-7
376.U
U3U.9
757.9
802.2
679.1
21).
1*0.6
ao.i
2U.9
20.0
1*0.9
32.7
213-3
167-3
91.7
170.2
162.7
127-5
171.1
308.3
35U.8
326.2
100.0
100.0
100.0
100.0
123-6
115.1
2.8
U.9
28.5
2U.2
5^.1
100.0
July
iueuat
Saptambar.
101.1
17.8
16.0
3.0
5.7
29.9
5-8
5.J
22.3
3-7
3.5
39.1*
100.0
100.0
100.0
Octobar
HoTombar
Doceobar..
12U.7
3-2
9.7
28,8
19l*U-.Jmia.
.
.
.
19l*5-January.
13.7
.9
1*2.7
2-3
7-5
5.0
12.7
39.8
1-9
1-3
1.2
9.2
6.3
6.0
1*2.0
Tabruary.
30.7
26.5
March
23.1
62.9
178.0
itprll.
May...
Jnna..
191*2.
191*3.
19W.
191*5.
191*1*- Juna.
Jiily
Auguat
Saptambar.
October
Horambar.
Dacanbar.
.
.
.
. .
19.2
883.8
1.157.3
I.O5U.2
1,035.6
100.0
100.0
100.0
100.0
2.5
3.0
3-8
3-3
28.
20.0
19-1
18-1
130.2
100.0
99.5
22.1
21*.
100.0
100.0
100.0
16.0
35.3
85.8
2U.U
50.5
IIU.O
100.0
100.0
100.0
32.7
23.6
26.3
115.1*
100.0
100.0
100.0
2.1
2.2
2.6
6.3-
1*6.8
100.0
100.0
100.0
2.9
3.5
2.2
7.9
9.0
5.9
SW.7
1*67.6
33.8
128.1*
70.
337.5
85.3
85.3
11*.
6
3.6
3.2
3i*.i*
123.1
31*. 2
33-3
82.8
173-9
3.2
6.6
19.7
7.7
16.1
31.5
65.U
1.5.6
11*0.8
U.8
3.6
3.9
10.1*
1*1.9
1*6.9
3.8r
10.2
l*lt.8
21*. 5
25.I1
101.8
120.0
?•'
91-1
69.8
299-"*
9.81
31.3
ruiy Ireasory Statements: (2) Figures t^ de(1) Total Bales:
nominations are estimated on the basis of reports received by the
Treasury.
Berised.
Less than .0^.
22.0
21.0
21.8
12.0
221.9
11.9
33-'*
27.2
27.6
lU.U
532.>*
32- 1*
13.3
377.3
282.1*
21.0
29.6
3.>*
526.3
520.7
130.1
20.3
18.8
22.
3-0
1-6
1*06.2
fabrttary.
21.1
3-1
100.0
100.0
578.1
March
U.5
3-3
100.0
13.7
a.i*
61.2
13.9
10.2
25.5
I2U.9
23.6
8O5.7
9U2.3
1*05-9
15.1,
3-'*
21*9.6
8.6
8.7
i5.t
21-7
100.0
100.0
100.0
22.1*
50.9
81,5
108.8
88.5
113.0
188.7
6.1
16.9
13.2
16.3
U3.1
85-3
63.1
Sale of $10 denoialnatlon
191*1*.
This denondnatlon
tary and oaral forces of
Sale of $25 dBnomination
191*1.
$10,000
Ig.'l
5-"*
1*.U
6.J
17-1*
5-9
a.
100.0
100.0
100.0
2.032.1
2.759.5
2.875.6
2,658.3
19l*5-January..
April.
May...
Juna.
•9
$5,000
1/
3.1
3.5
2.9
3.3
3.7
U.2
3-8
36-9
29.7
31.9
23.1*
21.8
20.5
22.9
16.1
16.5
18.6
29.2
32.8
31.8
22.8
23.1
a.
17.6
3U.O
18-7
10.2
10.1
9-5
36.5
19.5
19.6
19.6
9.3
9.2
11.2
38.1
37.6
19.3
20.3
3'*.7
21.1
26.8
25-5
31-1
11*.!*
Vs
3U.1*
36.1
22.5
17.5
18.8
19.2
13.1
Series I bonds was futhorlzed in Jane
is available only to members of the milithe United States.
Series 7 bonds was aathorlsed in December
...
.
August 1945
Sales and Redemptions of United States Savlnse Bonds
-
(Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States
PART A
-
3ERIES E
(In thonsandfl of dollftrs at Issue prices)
fiscal year
I9I4U
ig"!?
Ala^Bma
Arlsona
Arlcansas
California
Colorado
CoDnectleat
970, UlU
90.226
220,926
.
aware
Aug.
Sept.
152,122
ll*,3li3
''3.923
'1.353
8.91*7
25.560
7.763
10,699
5.053
1,U12
2.351
6,731
1.829
3.100
96.211
10.011
23.139
163.598
13.620
33.522
301*
56,iiU7
2,809
10,316
3.725
12,269
76,368
.
July
972.302
82,617
ai,932
1*1
.
19U5
Oct.
5oY.
7,272
7,613
2,316
5.532
25.325
7.087
13.270
13.175
3.531
5.162
7.935
2.510
3.951
8,211
10. n2
2,1*80
1,121
2,615
1,090
17.239
1.371
8,6W*
51,600
3.033
12.1M0
53.796
5.303
l'*,680
153.160
11. 177
29.180
77.636
5.758
16.61J
55.361
3.957
12.857
61,991
1,511
12,177
1,873
15.573
78.051*
9,021*
17.61*6
1.572
7.706
8,326
1.753
7.939
7.083
1.0115
22,961
22,799
2.091
11.196
1.511
6,669
9.251
7.7112
9.391
2.310
50,668
25.513
8.703
11,115
2.002
118.1136
67,82ll
22,070
11.003
10,727
11.67'
28.277
2,02l*
>1,000
27,609
135.069
26,663
3.177
13.991
3.610
23.267
1.382
1,556
t. of Colonbia
Florida
I*,ll26
8,6118
I<t2.6g2
156! 6U5
111.392
2I1.936
5.3I19
7.877
Oeorgla
l't5.933
156,821
2l».987
6,021*
Idalio
U0.230
755.362
6.1150
1,620
1110,398
956
36,009
8,616
1.292
8421247
1U.232
5.159
76.625
1*5.181
1*3.959
15.930
5.855
6.5SO
18,837
8,227
18,080
8,139
6.1*35
5.I106
1*,302
5.657
7.029
2.535
6,873
8.337
Illinois
Indiana
Io«a
Kansas
313. sgu
263,11*5
323,206
163.077
163,285
29.519
3'*. 856
19.625
2ll.ll85
Kentucky
Louisiana
Maine
127.956
iui.106
122,288
135.933
51.791
12.297
1U.200
5.095
20.168
20,530
9.791
152.566
390.986
688.159
156,1*21
16.630
38.237
7U.I37
23.996
60.670
13. 802
9,202
21.153
95, 0118
23.516
l*ll, 1*112
Minnesota
Mississippi
Missouri
21*9.962
223
M,
32.193
82.588
283,681
86.99I
273,05'*
8.9>*1
35.11*5
37,573
1U,«15
38,657
8.220
1.850
10.919
Montana
Nehraska
Nevada
55,230
128,079
I3.U68
7.105
1,290
3.6UI
193
1,856
127.113
13.909
it.Uie
576
Bev Hampshire....
New Jersey
New Mexico
32.722
31.836
3.017
6,529
1,812
'•15.338
1+21,1*16
ltl*,085
27.990
28,570
3.327
67.591*
11,650
1,290,035
1,365,1*61
153,1108
127.955
2111.362
lU9,l4i»3
oa
58,
2»
57.135
7.970
Tilt.
Maryland
Massachusetts.
Michigan
5l».99l*
.
New Tork
North Carolina.
North fiakota
.
Ohio
Oklahoma
Oregon
>
Pennsylvania
Bhode Island
South Carolina.
South Dakota
Tennessee
Texas
Washington
Vest Virginia.
Visconsin
Wyoming
.
Alaska
Canal Zone
Eawall
Puerto Eico
Virgin Islands...
Other possessions
Unallocated
Adjustment to
Daily Treasiiry
Statement
373.076
627,872
52,21*1*
7.830
16.09s
1.323
11*.
50.160
112.133
21.2ll6
2.756
5.7UU
l,9ltO
6,969
50.211
I.68I1
8,153
9,838
2.155
12.377
ll*,206
9.157
1,581
51.071
8,812
1,711
51.113
8,630
1.519
51,997
11,566
21*. 030
16,376
11.727
20,821*
19.239
11.119
11,638
20,7117
10,173
9.167
11.958
7.213
29.982
29.885
18,lU3
3.1*1*2
79.152
6.397
8,08U
2,559
17.311
20,581
9.0111
9.803
11.120
3.956
7.081
8,085
2,991
9.720
8.I37
2,998
6.155
7.291
2,6o«
11.215
ll,2l0
3.955
8.785
20,815
35.817
9.272
22,006
37,811
23,128
53.991
97.629
13,012
32.5«5
15.602
9,630
20,936
38,120
10,019
23.88J
37.331
9,055
25.370
37.125
11.917
29.552
6U,09l
9. "131
10,7'il*
2,296
12,696
li,06g
IU.21I1
11,561
1,937
12, 122
17.66U
17,71*7
llU,JliU
U.5U2
19,881
9,896
3.893
13.119
II.II7
3.5I8
15.776
12.173
3.959
11,65U
22,751
11.975
31.135
2.089
3.655
6,220
7.112
518
8U1
8,680
23.889
2,125
3,073
8,985
799
2,121
5.566
656
2,223
6,713
850
1.569
2l,16s
l.l2l
1.183
21,967
2,055
5.117
61,801
1.731
2,827
36.712
1,685
1.178
23.703
1.932
27.755
1,761
78,972
9.009
1.925
83.077
9.360
2,131
10,703
7.066
7,683
116,252
7.511
12,191
6.810
7,769
15,1*88
6,360
11.395
1.063
1.071*
21.0ll6
22,71*11
1,091*
1.075
25.O3U
9.822
58.011
U,697
999
70.067
7.195
71.312
7,880
1.755
70,013
7.815
1,718
213,168
27.985
11,276
129.977
13.650
1.315
35. Olio
37.327
5.906
7.379
12.132
1.833
7.106
1*1*,
286
9.536
107,388
23,981
27.853
55.767
13,060
5.937
121,210
9.175
13,816
63.61*5
5.729
6,552
51.109
3.681
1.636
55.339
1.187
5,0gU
51,189
1,051
1.593
79,519
1.992
6,29s
l,6lio
5.755
12.530
51.289
2,61*1
1.965
23,113
1.609
2,Z1U
38.109
3,088
139.383
13,011
5.773
177
709,91*2
159.752
138,827
157,205
71.091
15.551
16.571
106.31*3
135. 26U
857.I4OO
852,71*5
91
1*7,888
I9.3I3
59.6n
63,079
80,080
5.790
7.912
126.273
10,286
13.U52
39.068
60,858
76.058
2,lil7
3.723
3,2ltO
3.125
2.1*87
'1.937
1.538
u,oe>i
53.813
'18,59'*
11*7,295
1*76,879
7.386
13.852
8,221*
11*7,296
21.957
63. ''55
711.871
1,182
5.316
16,019
1.195
7.365
20.335
1.739
7.775
21,U51
35.318
10,655
23.297
79.620
2.519
12.217
31.119
8,572
26,910
1.777
9.001
28,ol5
2,156
8.272
26,075
2.171
912
10.571
3.305
870
9.838
9.222
3.030
33.562
3.180
1.838
17.896
2.715
913
11.265
12,922
2.758
1,008
12,310
16.757
12,715
6,201
17.191
5.196
15.711
1.177
10,009
11,229
12.282
1.391
20,166
9.091
19.928
1,791
11.760
5.650
13.269
11.225
5.723
11,295
l,2ll
12,150
6,273
15.169
1.058
20,865
8,512
21,158
1.735
309
270
1.275
909
9.060
2.885
108
230
5U9
5,125
25I
225
538
3.379
I19
362
577
7,125
"•9"*,
Otah
Ternont
Virginia
21*8,1*110
l6.olt6
995
.1*38
22.290
28.058
I*.
5117
56.357
5't.37'»
6.207
17.901
203.197
1.590
687
2,1176
18, n9
189. 563
18.927
3't.789
6.385
10,856
257.729
92,197
21*7,058
38,856
15.369
10,1163
li,0l6
15.99'!
21)8,280
262,3;
22,01
27.579
9.589
28.70U
Uli,l5«
2.251*
1*,072
9.915
639
822
I138
657
5.050
903
1,11*9
2,1*69
18
5.069
321
15
11
129
15
5
3
23.769
6,960
7.135
58.310
8.951
96,302
5.67t
6.965
70,385
12,285
69
58.195
225,856
l.9't7
7,200
7I16
U.790
12,970
9I19
390
532
5,050
II16
8,1*86
3.052
8,lil*9
529
1.965
5.110
313
10,61*7
1.01*7
212
7. 175
"5
539
1,727
I62
ii,6lio
,
7
18:
66,76U
12,957
'•'It
10
21
122.879
16,718
.6,703+107.108
-39
11,553,361 1.319.791 1,686,509 199.357 590.827 598,570 806,817
653,222
(Continued on following page)
15, 8361
68l*,ll2l 1,1911.712
1,167,673
,.
;
1
Treasury Bulletin
4o
Sales and Redemptions of United States Savings Bonds
(Continued)
-
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States
PART B
V
(In
-
(Continued)
SERIES F AND d COMBINED
tboutaMi of dollar! at loeuo prlceo)
19U5
19ltU
PI seel 7saT
Wits
2l*,501
3.851
l*,009
61*5
78U
9.1*50
8.368
1.1*97
1.391*
767
131
l'*,65l
2.9UO
1.719
228
332
25I*
17.831
538
1*72
25«,108
30,678
6U.U37
218.153
31.37U
U,286
7.706
3i*.giio
7.932
632
1.576
8,070
671*
2, 106
12,188
37.718
1.205
U.276
5.359
1,801*
norida
10,306
29.761
1(0, U96
3.517
6.276
302
79U
1,680
Oaorgia
1*1.958
5.51*1*
i*.li»9
1,21*6
Idaho
Illlnola
7.630
236,291
235,81*9
1,183
27.872
Indiana
lova
Eansae
82.311
106,397
Wt,903
Alabama
Arliona
Arkaneai
30,156
California
Colorado
Connecticut
Dalavare
Dlat. of Colunbla
Eentucl^
It7,l»it2
liouieiana
38.952
20,591
Maine
2l*,726
55.553
2U,83l*
i»,050
6,2U6
ISO
9,156
2.905
637
15.772
7.1*81*
2,932
2.299
2,51*1
1*2,991*
7.311*
U.7l*9
1.1*73
2,1*50
1.1*35
38,586
32.271
19.707
7.888
5.739
2.353
l*,l69
1.350
1.286
393
1.>I06
7.02U
17.887
i*,i«36
2,617
2,011
2,152
897
3.877
1,627
6.651
5.535
1.711
7.077
10,303
2.571
11.879
3,106
779
1,1*60
l.lMo
3.376
535
1.658
6,088
U26
632
11.959
urr
2,562
12,676
739
ll*2
516
2,959
1,799
68,563
6,812
2,183
31,21*6
2,1*80
iu.905
2,287
2.370
29,606
3.971
U,222
11.119
1.369
1.698
35.133
2.959
12.971
3.1*36
1.1*35
1U.563
106,839
6.503
13.593
91.275
1,768
13.295
919
1.796
613
3.15;
Hev Toik
5orth Carolina...
Horth Oaltota
U72.310
1*26,182
lU,978
37.052
13.762
Ohio
Oklahoma
Oregon
l9!t,155
26,01*2
166,210
21,311
29.326
2l*,598
PenneylTania
Bhode Island
South Carolina.
251.120
20,628
a, 988
222,925
9.91*7
32.pi
86,632
508
2.550
177
61(0
1.587
2,136
175
1*,OOU
61*3
1.155
10,100
716
2U3
1.003
U,621
168
l*.733
28,158
2,2M0
569
19,907
2,566
1,006
l*,605
8,211
702
1,361
20,120
2,067
2,712
12,21*51 12.528
919
970
29.852
1.952
2,063
l.i&i
3.856
11.268
316
2,603
l*,9Ul
21.893
7.1*30
11,885
3.623
3.929
1*99
3.065
680
852
5.710
789
931
l*,669
3,1*10
1. 1*1*9
2,121*
32,850
2,318
3.O6U
28,1*82
7.060
7.p3
771
2,1*98
580
619
632
6,591
665
501
16,680
2,181
1.570
22.398
1.155
830
1,666
301
836
2.269
7,886
1.2502.6531
1,1*81
6.1(01
1*18
38O
1.067
2.793
1.735
lo,i9i*{
13,921
1*.292
1.1*73
3.1*89
1.1U5
1.526
7.107
510
155
ita
2,7*
3.035
3.352
825
5.025
136
2.717
655
2,129
5.31*7
61*9
I*.
5.169
188
1.739
9.788
93
87
56U
1U9
71
13.1*69
1*69
50?
3.3l*i*
6,758
15.992
27.328
1,1*00
2,1*1*1
397
1,321*
1*66
780
1.31*5
1*1*.
2,186
5,068
19,557
10,783
255
1.125
2,831
1.231
1.029
7.221
665
1.072
U.768
213
276
381
679
1*26
67^
1,1*70
l.efe
1,31*1
1*.019
1*,281
5.636
2,063
1,808
11,61*8
1,201*
2,911
170
2,007
658
3.108
171*
Alaska
Canal Zone
Hawaii
Puerto Blco
Virgin Islands. ..
Other possessions
1,316
1,825
10.522
3.982
1.209
1.038
9,800
129
275
673
i*,2i*6
ll*0
1*18
211*
317
100
657
232
5.21*3
191
^?
21*1
I105
216
79
1,565
1,28U
231
259
370
-12.526
17.251*
11,269
1*02.1*77
100,677
;
906
2.1*69
1*25
8,026
2.801
l.UlU
3.910
U,200
651*
1.1*35
1,1*18
2,1*71*
9.231
727
ll*,09l*
77
6.103
153
Ho
17
62
67
320
202
90
llOO
7112
1.51*1*
27
39
1.31*1*
9U6
259
1,063
1*,908
U23
IM6
8,923
1.090
IMO
1
I
1.251*;
1,276
1,085
599
197
55
675
ll(0
1.330
l,0>(lt
25
125
613
120
3.5l!0
1.199
802
1(26
69
151*
1.329
11*8
71
1*15.61*5
Dally Treasury Statements
sales.
6,823
3.089
12,1*90
3.223
22.31*1
7.31*7
(1) lotal selee
fiaports of groe
1.610
738
U,262
12.569
1,U20
2.7U9
13.901
663
2.913.71*7
118
2.9171
630
5.833
u6
15.213
87.726
5.380
21*. 381
l*Ul
1,1(01
U.8II
12,085
12,685
1.087
1*6.955
3.319.7'»7
161
i
1.121
56.253
19.552
93.192
6,032
Adjustment to
Daily Treaeuiy
Statement
1.823
2.978
9.088
5,119
59.856
Vathlngton
Vest Virginia
Wisconsin
Wyoming
Unallocated
1^
1*,827
981*
51.251
5.885
2.890
8.393
8,oz6
51.399
6.505
7,600
397
5.95?
3,806
9.262
10.538
6.088
U58
3,086
217
Utah
Vermont
Virginia
1*2,701
15, 1(80
5.289
356
1,220
158
13,222
39.186
117.537
2.982
9.208
U,626
2.799
277
1.133
57
South Dakota
Tenneeaee
Texaa
l*.970
3.910
2.223
ll*.679
1.321
U.96U
e9U
17,1*22
2.89I*
1,163
1.333
6,886
2.671
5.2U1
Ull
.
1.709
1.1*1*7
15.328
11,377
35.329
3.202
17,1*1*0
2.515
2,lU8
1.902
27.031*
13.550
39.539
3.630
'»2.263
6,1*11
2.905
3. 381
1.827
9.538
Montana
Hebraaka
HeTada
l*,906
1,71*0
3.11*0
1.71*8
3.712
839
26.901
19s
15,186
U.859
9.1*39
379
2,670
5.276
1,71*1
265
17.09U
U,l*05
3.1*60
521*
2,1(10
5.8'*2
8,262
5.957
3.U7
3.1*88
5,1*1(9
1*.215
3.O9I*
2.337
1,729
2.988
l*,lt8U
1.751
588
2,028
681*
1,109
1*,7U2
1.1*85
2,600
7.866
.
l*,566
23.225
3.613
3.077
3.776
9.31*5
.
15.1*22
9.691
1,606
2.795
5.561*
11.71*6
i*.153
9.912
3.800
15,806
13.678
973
U,863
2.881
1.112
2,232
10.990
6,600
8,529
5.762
1.707
79,1*1*2
Hev Has^shire.
New Jersey
Hew Mexico
1.953
369
1.906
3.560
2.732
58.715
16,900
633
962
1.173
69,836
22,296
91.689
Ml»l»ippi
2I16
I.U2I
2.228
3.1*59
2.31*1
Hlaionrl
Hlsnaaota
5.361
l.l*U3
1.332
319
651.
5»*7
W.175
5.759
6.037
1.101
38.671
693
21.562
3.670
11. 151*
378
1.123
1,098
139,269
93.732
15,1*69
12,12>*
2,1*1*6
896
I162
52.1*93
ll*,080
1,678
3.797
1,021*
1.150
1U7.625
l0U,76g
Maryland
Kaasaohuaattt....
Mlehl«an
1.139
2.002
3.785
566
789
1,126
235
8,221
9,1*91*
11.738
1.103
5.033
i*.l5l
1.1*1*7
1,211
226
10,381
28,1*58
13.003
I.91I*
1.351*
ll*.281t
28,791
2,750
3.273
9.365
822
I.36I*
10,21*6
I.75I*
3.156
922
2.198
2.262
75.099
77.69?
3.991
1.181
2,685
1,066
U5U
1,521
(2) Sales
V
2,U25
833
95.867
States:
-10,868 211.359 -195.81*2
8.531*
3.91*7
270,361
191*, 768
176,91*2
192. 81*7
1*98,153
Preliminary.
Less than $500.
-670
-3.126
31*5.376
.. ...
.. .
.
.. ..
.
ki
August 1945
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 4.- Maturities and Redemptions of Series A-D and E Combined, Classified by States^
(In thoaflaads of aollare at current rftdfloption valuea)
igW*
19lt5
March 2/
5.389
1.757
2.662
California.
Colorado
Connectleat.
.
.
.
Ds lav are
Diatrlct of OolumMa
Plorlda
Oeorgta.
Idaho..
. .
.
31.'t67
33.3^
2.611
5.048
2.663
31.610
2.073
1*,718
1*.687
2,766
6.587
3.639
5.592
690
3.525
5.417
1.003
5.004
6.474
825
3,815
5.827
'*.300
"•.333
6.000
4.980
5. "we
802
22,413
33.239
29.416
28,481
i'*.03i
5.149
753
3.918
960
872
3.986
5.09U
2,g*
,
^5
l*,329
5,630
4,540
762
24.285
'*,997
6.2l*l
8.088
13,091
5,843
3,525
2.998
.597
4,71*6
12,555
5.866
4,492
3.683
4.136
3.677
5.287
5.183
1.587
4,784
'».7S3
'*,762
'.999
1,660
5.456
13.1*47
5.293
11.199
27.373
29.1*17
11.938
25.748
7,1*03
8.367
2.331
11,658
7.808
2,355
11.299
7.218
2.218
11.454
1.351
Minnesota. .
MlsBlBBlppl.
MlBBOurl.
7.660
8.690
7,20U
1,705
8,671
Montana.
Neteaaka.
Hevada.
952
2,287
513
New Torlc
North Carolina.
North Dakota.
Pennsylvania. .
Bhode Island.
South Carolina.
.
Soatb Hakota.
Tennessee
Texas
.
Utah
Temont
.
Tlrglnla.
Washington...
WsBt Virginia
Wisconsin.
.
.
doming
Canal Zone
Bavali
Puerto Elco
Virgin Islands
Other possessions
1,045
1.522
5.935
1,971
7,437
5.8U7
1.825
5,528
9U7
2.951
550
930
2.402
467
1.103
2.663
873
2,449
1*31
585
1.257
3.184
499
1.145
'».095
'»35
903
12.553
782
893
11.912
863
737
10.075
815
601
I2.7U9
671
9,904
73«
938
14,834
1,049
12,859
947
12.909
891
36,762
31.81*1
28,941
3.905
38.195
U.626
722
28.720
4,449
597
25.690
3|*.763
'*,235
5,1*91
4,650
692
697
901
999
36,918
4,790
965
19.915
3.962
21, 049
29,922
26,529
26,M1
3,768
4.826
1%
'1.739
'*.477
5.657
5,535
21.337
1.656
1,981
33.525
2.478
2.800
31.284
2,100
2,328
30.889
2.216
2.422
769
851
1*.029
13.81*5
1.031
5.567
18.172
1.001
'*.307
15,685
935
5,323
l6,l42
28,691*
U,l»05
26.036
5. ''83
5.24U
27,866
2.057
2,720
32.99't
4,i61*
1.996
2.117
956
5.717
15.1'«3
26.883
2.074
2,312
23,919
1.715
2.037
724
4.S15
14,622
14,608
1,71*0
1.571
305
5.781
1,51*1
1,465
309
5.9^9
1,'*33
326
6,230
274
5.298
1.399
269
5.357
1.776
384
7,448
7.797
3.598
7,3lt
3.506
6,938
685
6,383
2.925
6,260
491
7.108
2.778
6,23U
573
6.821
2.359
6,100
480
8,790
3.571
8.S36
161
11*7
122
1*22
7
2,61)0
9.161*
1*57
ilaaka
l*.564
4.O5I*
3.676
9.260
21.397
.
Oklahoma.
Oregon. .
1.394
3,8l6
9,500
24,541
1.78't
.
971*
5.12I*
10,906
23,640
.
V\
6.289
3.067
U.657
10,825
29,182
.
i.ia
35,329
3,033
6,063
3.'*S5
3,961
10,9lU
25,410
. .
3'*,91?
10,756
(.166
1.362
.
39. 5W*
11.164
3.9>*7
New Hconpahlre
Hew Jeraey
New Mexico.
1.643
2.532
13.331
5.217
,019
.
5.515
1.836
2.632
l6,6lg
7.366
3.755
'».833
.
5.303
1,691
2,65U
2.351
"•,265
.
Vs, gl
1»,862
2,478
U,136
1.563
Maryland
MaeBachusette
Michigan
1.597
2,108
iprll S/
1.615
2.298
928
28,883
IlUnolB
1*,602
1.5'*7
35.263
2.673
6.198
I*.
l*,368
4,1*81
1,41*1
'*.526
Indiana.
Iowa.
£aneas
U,6l»g
360
4
762
378.255
359,982
5,31*1
1*05
6,476
6,603
7,570
3,589
7.379
570
7.579
3.487
7,170
602
127
151*
247
181
2,120
380
l.'t53
1.826
479
524
375
13
1,376
2U6
15
Unallocated.
9.955
31*0,1*23
(1) Total redemptions:
Dally Treasury Statements
(2) Bedemptlons t^ States;
Saports from Federal Baserre Banks
It should he noted that State figures presented in this table
not necessarily comparable with sales data by States Inasmuch
bonds which haTe been purchased In one State mac? have bee
in another. Moreover, the figures shown in this table are based on
-3.367
-11.252
296.517
+13,896
432,256
381.092
398.172
current redemption values, whereaa the sales figures are shown at
Issue price. Data on redemptions by States are not available prlo
to October 1944.
Includes Series A bonds which have matured and which have been
retired.
1^2
Participation In Payroll Savings Plans for United States Savings Bonds
Treasury Bulletin
1/
..
«
,. ..
August 1945
^3
Sales and Redemptions of Treasury Savings Notes
1/
-(Continued)
Table 1.- Summary of Sales and Redemptions, by Series
-
(Continued)
(Par Talues - In millions of dollars)
Sedflvptlona and eKchaneaa
isount
outataadia^
and of
fiscal jaar
or nonth
Nat chAn^e
during
fiscal jear
or noBth
Fecalvad
In pajuent
of taxaa
2/
Sarlaa B U/
W3.
76U.g
22.1
19U5.
it.U
-2,195.0
3,072.1
-7't2.6
7't2.6
-17.
17.8
July
Aofuat.
Saptambar,
19.1
17.9
13.6
-3.0
-1.2
-t.3
Oc lobar,
Ho Ten bar.
12.7
12.5
10.1
-.9
-.2
-2.U
8.9
8.6
6.1
-1.2
-.U
-2.5
.
.
Dacambar.
19lt5-Jann«T7.
fabniAT7.
March....
iprll.
K«7...
5.3
5.1
Juna.
"t.U
Serlea C
19"*.
191*5
19Wt.Juna.
July
inguat ....
Saptanber.
October...
Voraaber.
Decenber.
•
1/
2/
J/
5.969.9
6.396.1
5,507.9
5.853.3
1,1*05.9
l,33i*.2
1,158.1*
36.6
22.9
22.9
198,7
12U.2
1,265.2
162.7
176.6
127.7
1,177.8
52.6
20.1
26.3
221.6
123.8
22.0
50.9
5U.U
^
9,'tlt7.7
sie."*
9.893.0
+1*1*5.2
665.5
9,923.'t
+30.1*
201,1*
9,023.8
-899.6
281,7
220.2
171.0
1,181.3
8,976.1*
-"7.3
9,892.0
9,767.9
915.6
180.7
1,081.7
1,283.8
1.1*27.9
9,8lf0,9
Source:
.9
.2
2.U
*6l9.8
9,776.U
9,033.9
9,956.0
10,067,5
+28.5
8,953.7
7.015.8
257.7
228.0
166.0
229.3
+6it.6
212. 1»
11*7.8
-971.1
233.1
l,20l*.2
+16U.1
+922.1
+111.5
1.U3.5
Dally Treasury Statamanta,
Less than t5O.0O0.
Tbaaa notee vere originally dealfnad to help taxpayers set aside
funds with which to pay taxes and were known as Treasury tax savings notes.
Series A notes were designed for the soall and moderate taxpayer; Series B and Series C notes were Intended for the
large taxpayer. Whan the collection of taxes through withholding
at the sotLroe coonenced. the need for Series A tax savings notes
disappeared and their sale was discontinued. Redeoptlon provisions
of Series A notes were relaxed to provide for the payment of Interest on notes thereafter redeemed for cash (see footnote 3).
Sale
of Series C notes, which were designed for the Investment of Idle
cash reserves as well as for the accumulation of tax reserves, was
continued and the notes were designated Treasury savings notes,
Includes matured Treasury savings notes.
Series A notes, which were sold from August 1, 19l»l through Juno 22,
191*3. yield approximately 1.92!' per annum.
Through Juns 22, I9U3,
the notee could be redeemed for cash only at the original purchase
price; since that date, the notes have been redeemed for cash at
1.1
k.l
.u
10,067.5
February.
March
2.9
2.5
2,983.8
-lUl*.!
70.6
21.5
1.6
1.2
9,'»lt7.7
19'»5-Jajiu«ry..
April.
May...
June.
3.0
1.2
U.3
2.933.3
721.2
16.2
1*07.7
21*3.6
1,096.8
176.6
1,002.0
183.6
lUg.l
91*7.6
1*62.0
5'»2-7
29.3
1*1.9
the tax payment value current at the time of presentation.
(See
also footnote 1.) Prior to October U, 191*3, ^^^ maximum amount
which could be xiaed In payment of each class of tax (Income, estate,
or gift) by each taxpayer during each taxable year was limited to
$5,000 par value; this limitation was removed as of that date.
Series B notes wore sold from August 1, 19l*l through September 12,
191*2, to yield approximately 0.1*8^ per annum.
The emount which may
be turned In on taxes Is unlimited.
The notes may be redeeoed for
cash only at the original purchase price.
Series C notes went on sale September lU, 191*2.
Interest accrues
each month on a graduated scale (see "Treasury BTilletln" for August
191*3
P««« *) to yield approximately l,07lf per annum If held to
maturity. These notes may be used In payment of federal taxee at
any time two months after the date of Issue. The amount which may
be turned in on taxes la unlimited. The notes may be redeemed for
cash six months after the date of Issue at the tax payment value
current at the time of presentation. Prior to July 27, 191*3,
notice of 30 days was required for cash redemption. See also footnote 1.
Treasury Bulletin
44
Sales and Redemptions of Treasury Savings Notes
-
(Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination*/
Jlacal y«ar
or month
.
,.. ..
..
9
3
.
August 1945
>^5
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thoaaands of dollore)
iraaont
outetandlng
end of
flecal 79ar
or month
Percantage dlstrllnitlon
of radeoptlona
fie deapt Ions
Net oban^e
during
flaoal 7«ar
or month
Zxchanged for
United States
Cash
saying
2/
Sxchaoged for
Ualtod Statss
Cash
2/
honds 2/
bonds 2/
'
a3.350
U5, 620 5/6/
wo, 268
sl*J»,61*7
l*7l*,l68
18,1*68 1*/
70,1*80 5/
196. 518
ll08,930
1*25,762
177.598
-16,832
-18,920
268, "ill
287.331
352.632
231.593
73.130
55.738
100.0
100.0
100.0
100.0
100.0
196. 5I8
-1.889
22,696
2lt,5S'*
20.771*
3,811
100.0
8U.5
15.5
July
AU£UBt ....
Septenber
180.199
167. &25
168,253
-16.119
-12,974
+828
16,566
23.138
18,898
32.685
36.112
18,070
27.553
27.996
5.132
8,U6
3.896
100.0
100.0
100.0
8U.3
77.5
1'».175
78.1*
15.7
22.5
21.6
October
Norember
December.
.
175.199
+6,9U5
2U,679
17,731*
13.816
ISO, 587
5.388
23, 91*6
+9U2
21,163
18,558
20,221
li*,929
181,529
3.917
3.628
3.602
100.
.
77.9
80.U
82.2
22.1
19.6
17.8
182,692
186,710
189, U09
l,l6l»
+U,018
+2,699
21,088
20,731
19,921*
16,711*
16,321
3.603
25,555
13,1*21
20,11*0
100.0
100.0
100.0
81.
80.
28,251*
78.8
18.1
19.7
21.2
100.0
100.0
100.0
79.0
82.7
82.5
21.0
17.3
17.5
,al,Jjxa!r 19^1
I9'*2)jhig. iglti-June 19U2.J
.
19^-Januaiy.
February.
March. ..
166, 3IH
+161, oi«
308,621
,2/
l'*7,57't
6/
iprll.
188,71*3
-666
2U,7l*g
25,1*11*
20,079
Mcgr...
186,297
177.598
-2,Ul46
26,132
19,069
28,578
27,767
23,631*
June.
-8,699
Itally Treasury Statements coimnenclns Novenber 1. 19U2; prior
thereto. Post Office Ospartment
Stamps sold prior to October 1, 19^*2 were known as postal saving
stamps and were obligations of the Postal Saving System but subsequently become public debt obligations.
the Post Office DeSstimated on the basis of samples conducted
partment
Details not arellable for May, June, and July 191*1.
^
.
22,910
100.0
100.0
lt.857
87.^
12.51*/
12.9 s/
17.2
87.1
82.8
80.6
19.1*
Includes minor amounts which were exchanged for postal serlngs c
tiflcates. These aggregated $123 thousands for the period Viguet 1,
191*1 throu^ Juno 30, 191*2 and $55 thousands for the period July 1,
191*2 througji October 31, 191*2.
Het of sales less redemptions.
See footnote 1.
Dses not include amounts transferred from Postal Savings System to
the Treasury to cover outstanding stamps.
Table 2.- Sales, Classified by Denomination
Sales in thousands of dollars
Total
all
denominations
308. 621
191*2.
590,268
1*08,930
26s, 1*11
191*4!
191*5.
191*1*- Jane.
22, 696
iagaet ....
September.
16,566
23.138
18,898
October
KoTember
December.
24,679
23,946
a. 163
19l*5-January..
February.
21.088
20,731
28.254
.
March
i^il.
June.
24,748
26.132
19,069
Percentage distribution of lalet
Danomi nation
10^
67,466
126,327
102,534
68,727
25^
50^
»5.00
Total
all
denominations
Denomination
10,!
25iS
50,!
$1.00
$5.00
^6
OWNERSHIP
OF
GOVERNMENT
Treasury Bulletin
SECURITIES
^7
Auqust 1945
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued
by United States Government and Guaranteed by United States
(In Billion* of dollnrs)
S«eurlti*a
laanM bj
lAiltad Statet
Dlatrllntlon
^
OoTanment
8*onrltiaa gnaraataad
thltad Stataa 1/
\nt
Dlatrlbatlon b^ elaaaaa of holdara
olaaaaa of holdara
U. S. OoTanuBont
0.
Ind of fltoal
7«ar or nonth
3.
OoTammaat
Pabllo
aarkatabla
Total
Pttbllc
pdbllc and markatapeelal
abla
/ laanaa
laanaa
32.989
35.800
36.576
39.886
fe.376
1936.
193T.
1938.
1939.
19'to.
1.959
H332
,251
5,605
6,803
1.693
1,791
1.835
2,028
lt,U66
laanea
•
*
•
•
•
19U1.
1*8,387
8,225
2,10U
1
19'»2.
19l»3.
71.968
135.380
10,31*0
ll*,091
2,1*52
3
3,213
7
igitU.
199. SI'S
18,920
1*,623
19^5.
256.357
2lt,7l*6p
5,917p
10
17p
19lA-,rune.
199.5U3
July.
Aug..
Sept.
207.117
208,289
207.850
19.586
20,079
20,575
4,615
Oct.
Hot.
Oeo.
208,606
20,781*
210.77'*
21,185
21,672
1*,605
''.592
ISUS-Jan.
Tat.
Mar.
Apr
May
June
228,891
230.672
lt,608
'<,5B«
5,337
21,955
22,391
5,256
231,851*
232.026
22,861*
5,281
233.063
235,761
256,357
23,180
23, SOU
2U,7U6p
5.2l*0
5.2't5
5,195
5,917p
PplTate
InToatora
Tadaral
Baaarr*
Banka
ae«nel*a and
troat fonda
Total
aaonnt
out*
•tandlnc
626
1.558
2.676
3.770
2.1*30
2,526
2.561*
li,775
6,120
7,885
10.871
2,180
Total
pabllo
laanaa
28.601
30,023
29,5"^
31,730
33,115
ll*,287
7,11*9
ll*,899
18,812
a, 792
37,982
58,988
llU,iln
165,725
209,818p
ll*,899
165,725
2,61*0
Pabllc
arkatabla
laanaa
27,3110
28.835
27.989
29,579
29,950
Total
aaonnt
niaatnrad
outtaadlnc
Pnblle
nonmarkatabla
U.3U1
U.302
'*,528
5,161*
5.'*98
5.212
l*.55l»
6.360
U.5U9
ltl*,845
l*,092
56,209p
1.516
609
l*l*,gl*5
1.516
1,1*68
10
10
10
llt.Jfil
ll*,912
172,619
15,1*61
15,803
16,651
172,1107
125,392
124.803
''7,227
U7.60I*
170,625
123,1*83
1*7,11*2
l.'»75
1,1*80
10
10
10
16,170
16,583
16,326
17.6'*5
170,17?
171, 2CA
188,375
122.759
122.205
1*7,1*20
1.1*80
l*8r998
1,1*70
137.1*68
50,907
i,'*70
11
16
16
16,688
17,130
17,567
19,001*
190,021*
189,1*93
138,002
137,695
137.675
51,712
52,329
51,817
1.1*96
19,669
16
16
17p
17.923
18,592
18,812
20,1*55
20,95'»
189,1*28
191,001*
I36.98I*
52.'*ltl»
1.132
1,151
209,818p
136.503
I53,609p
51*, 501
21,792
15.976
18,386
18,gl*U
19. 1*39
Dally Traaaury Stateaenti;
(1) Total a&otmte outstanding;
(2) Securities held by U. S. OoTernBent agencies and trust funds;
reports of the aganoles and accounts with the Treasury; (3) Securities held by 7ederal Beserve Banksi federal Beserre System.
Prellminaiy.
Lass than t500,000.
56.209P
176
1.119
6
6
6p
non-
6,085
U,262
3,738
1,186
28p
275
287
170
U
6p
i.uu
'*09
PuMle
lianaa
't.853
5.'t50
't,71«
120,880
153.609P
2/
U.665
1.261
1.188
1.556
2.151
3.166
13,507
29.193
PrlTata
Inreator
Pabllo
markatable
Pabllo
Darketabla
laanaa
laanea
1*5,1*81
8<*,9l*8
aganolaa and
txuat fnada and
'•daral Baaarra
-
68
150
375
1,186
1,187
1.187
1.187
277
28U
289
1,189
1.189
1,190
287
277
275
1,191
780
781
300
328
332
782
783
28p
3'*3
|
362
375
bcludes natured securities, and obligations held by the Traasury.
ThB total aaount of securities held by prirate InTOStors is calculated by deducting froa the total aaount of securities outstanding,
the securities held by U> S. OoTerment agencies and trust funds
and by federal Reserre Banke.
.
..
8
7
.
Treasury Bulletin
u«
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed
by the United States Government
(Par
TalMt
1/ - In
tiUloDB of dollars)
Held by banka
Bald tj non-bank Invoator
Total
amotut
Coonercial
banke
0Ut8taildlD£
2/
IndiTldvals
Insuranc
companls
Mutual
utvlngs
banks
Other
orporatlona
State and
local
goTernfflODti
6/
6.3
50.lt
18.6
19-5
SI*-
a.
63.8
23-7
76.5
111.6
28.7
"7.3
26.0
113.6
139.5
l6l.O
l6«.7
50.1
59.U
67.2
71.5
1*1*.
185.7
186.U
201.1
77.0
77.5
83.3
63.7
63.2
68.U
13.2
l'i.3
li*.9
108.7
108.9
117.7
July
August ....
September.
208.6
ao9.8
209.3
86.9
87.2
72.0
71.6
70.5
1U.9
15.8
16.7
121.7
122.U
122.1
October.
HoTSmber.
December.
210.1
212.2
87.8
90.1
96.6
70.1
71.7
77. 7r
17.6
122.3
122.2
133.8
19U3-Januai7.
Tebruary.
Karch. . .
232.2
233.0
233.1
97. 7r
97. 8r
78. 7r
78. 3r
77. 6r
19.0
IS.k
19.7
13'*.
97.3r
231*. 2
98.0
77.5
20.5
136.2
igUl-June....
December
19lt3-March
Jtine
September.
December.
ISlA-Aprll.
May...
June.
April.
230. u
87.
16.1
17.3
W.l
29.3
30.9
2.2
2.3
32.9
MO.l
2.6
6.2
1*7.8
2
52.2
58.3
99-9
8.9
11.5
18. 1|
18.8
6U.3
68.6
80.0
93-8
97.3
S'
135.2r
135.9r
9.7
10.1*
0.
s.
OoTenuDont
agencies and
trust funds
August 1945
1^9
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal ARencIes, May 31, 1945
Section
I
-
Securities Issued or Guaranteed by the United States Government
mary data as of llay 31, 19''-5 from the
Treasury Survey of Ownership of Securities
Issued or Ouaranteed by the United 3tatee.
The banl£S and Insurance companies covered
In the survey account for approximately 95
Table 1.- Summary:
percent of the amount of such securities
owned by all banks and Insurance companies
in the United States.
Section II presents summary data on
the ownership of Federal land bank bonds.
All Interest-Bearing Securities
(In olllloiiB of dollars)
ClasBlfl cation
Treasury Bulletin
50
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, May 31, 1945 - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government
-
Table 2.- Public Marketable Interest-Bearing Securities - (Continued!
PART A
OlaSBlflcatlon
-
ANALYSIS OF OWNERSHIP BY TYPES OF SEOURITY, BY CALL CLASSES,
AND BY TAX-EXEMPTION PR0VI3I0HS-( Continued)
(Continued)
51
August 1945
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, May 31, 1945 - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 2.- Public Marketable Inter'sst-Bearing Securities
-
-
(Continued)
(Continued)
PART B - DISTHIBUTION OF OWNERflHlP FOR EACH ISSUE OUTSTANDINO
(Par Taloas - in millions of dollars)
Held by inrastors covarad in Traasury Surra/
Banks 1/
lastia
(Tax status
^
is shorn In parenthasss)
Total
anoQnt
outstandine
banks 2/
flcates of ipdebtedness
igU?
June
Auguet
19'*5
S)6
September I9U;
'Si
6)S
si
S^
Sf,
8^
(taxable)
(taxable)
(taxable)
October
Becenber
lebniary
l^V}
19U5
igUb
(taxable)
(taxable)
(taxable)
March
April
May
igUS
(taxable)
(taxable)
(taxable)
iglt£
191*6
Total certificates of indebtedness
3/l»j
3,1*92
ft,
395
5.o43
l*,ll»7
l|,ni
1.579
Il8
231
2,117
557
2,805
133
175
2.637
2.858
1,066
61)
6
9
11
162
December
March
September
igUg
(taxabli
(taiabli
(taiabl<
3,261
19U7
1,687
5U7
l-l/2lt
l-l/^lt
September
September
I9U7
igUS
(taxabli
(taxable
2,707
2,125
2.879
t2.5U5
it-l/U)t
2*
2%
2-3/1*^
l-3/U!6
2-1/256
2i6
256
2^
2i6
3-1/856
2-1/256
2)6
2)6
2-1/2)6
2-3/l*)6
3.7lt8
18,588
Total Treasury notes
3-l/8iS
1.9I18
2.369
866
1,21U
19l»5-''7
(partially!
19l»5
(partially
19I46-56
(partially'
U89
June
June
October
191*6-1*8
191*6-1*9
(partially:
(partially:
191*7-52
(partially
1,036
819
759
December
March
March
191*7
191*8-90
19l*S-51
(partially
(taxable
1.U5
(partially!
1.223
June
September
December
19l*«-50
(taxable
(partially
(partially
3,062
U51
571
Juno
September
December
191*9-51
191*9-51
191*9-51
(taxable
(taxable
(taxable
1,011*
1,292
2,098
1.1*55
December
December
March
191*9-52
191*9-53
(partially
1950-52
(taxable
U9I
1,786
1.963
1.270
1.512
September
September
June
1950-52
1950-52
(toxable
(partially
(partially:
U.939
1,186
1,627
3.035
9U7
1.156
I9UB
19US
1951-51*
(partiaUy
5_
961
1-1/2)1
1-1/Uit
l-l/lti
191*7
30
2.!t36
(taxable
(taxable
(taxable
3.S^6
56
39U
31*, 1*1*2
1945
19U6
19Ue
3)t
coispaniaa
lUl
1.991*
December
January
March
Treasury bonde
2-3/it*
September
December
2-1/256
3-3/lt^
March
317
lifs
Insurance
mutual
saTin^s
banks
2,511
3.69U
if
.goit
7^
•took
aarlngt
banks
5tl
(taxable)
Treasury bills
gjS
Insuranca co^aniaa
All n. s.
OoTemment
7.1105
701
733
977
31*1*
323
29
22
881*
653 fira,
casualty,
and marina
insurance
companies
aeencies and
trust funds,
and ?ederal
Eeserra
Banks
Treasury Bulletin
52
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, May 31, 1045 - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 2.- Public Marketable Interest-Bearing Securities
PART B
-
Issue
(Continued)
(Continued)
DISTRIBUTION OF OWNERSHIP rOR EACH ISSDE OUTSTANDINO-(Contlnued)
(Par Taluee - In nlllleae of dsllart)
(Tax status 2/ 1* shovn in parentheses)
-
-
August 1945
53
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, May 31, 1045 - (Continued)
Section
I
-
(Continued)
Securities Issued or Guaranteed by the United States Government
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values 1/ - in mllliont of dollars)
Held ty Inveators covered In Trsasuty Surrey
(Tax ttatui 2/ it •hown In parenthesea)
Ifnltad Statee
Sarles
Series
Sarles
Series
earing %onds
Banki 2/
Total
amount
outstanding
elal
3t
•tock
•arlaga
tianki U/
1}anka
All U. S.
GoverDiaent
Inrurance conrpaniaa
5Ul
653 fire,
casualty,
317
llf»
BTUtUftl
intnraiice
0avln|;a
compaDlas
and marine
ineurence
companlea
agencies and
trust funds.
and Federal
Eeeerre
Beld 1)7
all other
Inveetori
5/
Baalce
1/
6/
JL-D
I
(tKabla)
J
a
(tsxal)le)
(taxable)
3.597
2.&33
9.788
lilt
7
259
183
"ToTTsr
561
(taxable)
10,031
217
503
U59
Guaranteed secnrltles jj
GonuDOditr (Sredit Corporation demand obllga^
(taxable)
tlons
3fe
Total Ottlted States saving tends
Ireasary tax and saving notes
Adjusted sarrlce lionds
Depositary Iwnds
(taxable)
(irtiollr)
5M79
Total pobUc non-^narkatable secorltlea.
9i
-
195
1,529
Leaa than $^00,000.
%lted Statee saTln^e lioade, Seriet A-B, 1. and 7 are ahown at curThey were reported at maturity Talue hy the
rent redemption raliieB.
hanks and inetirance companies covered in the Treasury Surrey hut hare
heen adjusted to current redemption Taluee for use In this statement.
Inderal securities fall Into three hro&d geou^i vlth respect to Impoaltlon of hderal Income taxes on Income dariTod therefrom.
"Vhollj-" tax-exempt aeccuritlea are exempt from hoth the normal and
"Paz^lally* tax-axnspt aaouritlas are axanpt froa
ffurtax rates.
the normal rates except that in the case of partially tax-ezaopt
Treasury and savings honda. Interest derived from $5iOOO of jrln-
Section II
13^
l6l
dpal
3/
U/
^
6/
2/
276
102
^l^
V
f
Issue
(Tax status 2/ Is shovn In parentheses)
53.155
tax ratea.
surtax rates.
Securities held in trust departments are excluded.
Includes trust companies.
This column includ<^p securities held "by thoae banks and Insurance
See headcompanies which are not covered in the Treasury Surr^.
note to thle section.
Series A-D eenrlnge bonds sold prior to March 1. I9U1 are partially
tax-exempt; those sold on and after that date are taxable.
^^ Treasury are not Included.
Onarenteed securities held
Interest-Bearing Securities Issued by Federal Agencies
But not Guaranteed by the United States^
(Par Taluas - la Billlo
16
hy any one holder is also exan^t ffom the surTaxable" securities are trubject to both normal and
asKTont owned
-
Treasury Bulletin
5i^
PRICES
AND
YIELDS
OF
GOVERNMENT
SECURITIES
(Including securities issued by Federal agencies)
August 1945
Over-the-Counter Closing Quntai
United
on P ^llc Marketable Securities Issued by the
and by Federal Agencies
June :Jl!, 1045
nr,
-nnien.
Table I.- Securities Issued cv Guaranteed by the United States Government l)
Pii'-T
.,
- ttXAbiii. BC'NaS,
NOTES, AND CERTIFICATES
Treasury Bulletin
56
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
June 30, 1045 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Gove rnmentl/- (Continued)
FART
TAX-EXEUFT BONDS AND NOTES
C -
Frio« data
(Price decifflalt are
thlrty^aeconde)
Price ranee
aince first traded
(Price declnale are
thlrty-fleconde)
^
I9U5 price range
(Price declmale are
thirty-seconds)
^
Tiell lata 2/
Chaage
•tandio^
(mllllona)
IB
earliest
call
I9U5
yield
frea
Hay 31.
19U5
Issued hy U.
S.
Im
High
maturity
Price
Date
Price
Date
Price
Sate
OoTemmdnt
Treasury bonds
2-}/^
9/15/'»5-'t7
II
12/15/1*5
3/15/'*6-56
1,036
819
3*
3-1/8*
.
759
701
"4-1/Uil
1,223
2-3/W
.
U51
2-1/2*
.
571
Zf.
.
2*
l»91
1.786
1,186
1.627
755
2-1/2*
2-1/24
2-3/U*
2-l/ltiJ
681
2, 611
2-1 /U*
982
919
.
.
3*
1,118
725
IM5
.
.
2*
10/15/U7-52
12/15/1*7
3/15/1*8-51
9/15/1*8
12/15/1*8-50
12/15/1*9-52
12/15/1*9-53
9/15/90-52
6/15/51-5U
9/15/51-55
12/15/51-53
6/15/53-55
6/15/5^56
2-7/8*
s-.-il^i
2-3/1*
2-3/U*
6/15/116-118
6/15/1*6-1*9
•
.
3/15/55-60
9/15/56-59
6/15/58-63
12/15/60-65 8/
100. ll** 100. 15H
100.15
100.30
102.11
102.13
102.17
100.29
102.10
102.12
102.16
100.30
102.12
102. lU
102.18
103.12
103.13
105.12
105.20
lOU.lO
108. lit
109.26
107.03
107.31
109.30
111.17
109.28
107.05
108.01
110.00
111.19
109.27
107.ll*
107.16
106.31
108.29
113.31
107-15
106.30
108.28
113.30
113.17
106.29
108.27
113.29
IIJ.I6
111*. 01
115.10
103.15
105. lU
105.22
lOU.lS
11J.18
IIU.03
115.12
.1*1**
.08*
-.U3*
3.U9
2.15
2.U5
."3
.Ul
.U7
.1*6
108.13
103. lU
2.96
105.13
105.21
1.75
lOU.U
1.18
.71
107. OU
.87
.87
108.00
109.31
111.18
92
1.02
1.07
1-71
1.60
1.33
•
i!ui*
m.02
115.11
1/23
1/23
2/7
2/13
98.18
10/8/23 109.28
9/25/39 IOU.O5
122.22
107-20
111.18
111.01
107.00
12/ll»/l*0
12/15/3'i
12/15/36
9/15/38
6/15/36
9/15/31
1.31
1,26
1-37
1.79
1.68
1.83
1.85
9/17/35 101.22
6/30/% 102.00
1/12/32 103.30
9/17/3". 103.21
1/11/32 103.27
12/12/1*0
10/16/22
12/15/38
3/16/36
3/15/38
12/8/39
.59
99.27
100.30
89.18
12/l6/l|0 97.28
12/lVto 83-05
9/16/35 110.12
12/15/37 109-21*
3/15/26 116.11*
6/15/3'. 112.28
113.19
10/ 7/^
115.01*
108.28
108. 30
110.26
113.21*
108.01
107.07
7/22/1*0 108. 30
08
3/15/3'
9/15/31 113.19
6/15/38 IIU.05
12/15/38 115.15
111*.
12/ll*/lt0
12/ll*/l*0
12/12/1*0 99.11*
12/12/1*0 99.10
12/12/1*0 100.30
12/12/1*0 101.10
12/12/1*0 101.07
12/10/1*0 96.19
12/10/1*0 99.15
11/12/1*1 98. 16
I2/3O/I1O 82.08
101.03
Vl9/i*5 101.19
1*/13/1*5 102.02
98.30
3/8/1.5
6/21/1*5
98.10
6/19/1*5 99-15
100.15
100.30
102.11
1P2.13
102.17
6/30
6/30
6/30
6/30
6/30
2/26
2/z6
1/31
1/23
2/10
108.13
6/30
'
6/30
6/27
6/27
6/18
109.27
106.31
107.16
109.11
110.27
6/30
1/2
l/U/32 112.00
3/9
3/8
3/8
3/8
3/15
5/2U/U0 108.01
3/10
2/15/1*1 107-07
7/2l*/to 108. 30
V19
106.31
105.26
107.25
1/2
1/2
1/2
112.0l*
1/29
1/2
Vl/37
106.11*
'*/2/38 106.15
5/2U/I10 lOlt.26
12/15/*
V8/'37
9/25/39 108.21*
1./1/37 110.21*
9/20/35
2/8
1*/13
103. lU!
111*. 08
1/2
1/2
1/2
99.1".
Vl/37 113.19
9/25/39 111* .05
9/25/39 115.15
6/19
6/19
H2.0U
6/19/1.5
112.16
1/2
1/2
1935
75.00
1920
9/5/Wt
75-00
102.16
101*. 29
6/18/21 133.2".
1/13
1/13
5/8
101.10
103.2*
133.00
6/30
6/30
5/9
Other hends 2/
3* Conrerslon - 1/1/1*6
3* Conrerslon - 1/1/1*7
3* Panama Canal- 6/I/61
1/
2/
^
101.08
103.21*
101.12
lOU.OO
133.00
13l*.00
101.10
103.28
133.16
+ .05
.00
.76
-.06
-.01
lEcludec Tedaral Eoualng .Administration del)entur«t.
Vhen tha price of a sacurlty Is vach as to result In a nagatlre
yield, the aacess of price over sero yield It gWen In the yield
colufflne In thlrty-eecoods.
Prices represent the mean of closing bid and ask: quotations In the
ovar-tha-coonter market except that prices of Treasury bonds for
the period prior to October 1, 1939* represent closing prices on
the Nev Torlc Stoclc Ixchange.
"Vhen Issued" prices are Included beginning October 1, 1939* Bates of highs and love,' In case of rere the latest dates.
6/1/1111131*. 00
y
5/
6/
2/
8/
2/
Market convention treats the yield to earliest call date as more
significant when an Issue Is selling above par; the yield to maturity as more significant vhen an Issue Is selling at or belov par.
Included In the average of long-term tomble Treasury bonds.
^ted on a yield basis.
Called on May lU for redemption on September 15, 19^.
This Is the only bond eligible to remain In the average of longterm partially tax-exempt Treasury bonds.
Excludes postal savings bonds.
August 1945
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government luid by Federal Agencies
June 30, 1045 - (Continued)
Table II.
iooiint
out-
tandint
(Mllllont)
-
Securities Issued by Federal Agencies but not Guaranteed by the United States
5«
YIELDS
OF TREASURY SECURITIES JUNE
Based on
Mean
30.
of Closing Bid and Asked Quotations
Treasury Bulletin
1945
....
.
..
..
August 1945
59
Average Yields of Long-Term Treasury and Corporate Bonds
(Pareant par annua)
Partially
Taxabla
tax-exaopt
Treaaury
Treaeury
bonda 1/
bonds 1/
Partially
Taxabla
tax-axampt
Traaaury
Traaaury
bonda 1/
bonda 1/
Blgbgrada
corporata
bonda 2/
Partially
Taxabla
tax-exas^t
Treasury
Traaaury
bonds 1/
bonda 1/
Highgrade
corporata
bonda 2/
Monthly aertas 2/
1937-Jan.
7eb..
Mar..
3.09
3.2U
3.36
J*r..
May..
June.
2.«3
2.80
2.61
3.U3
3.36
3.31
Apr..
May..
June.
July,
lug.
Sept.
2.78
2.78
2.82
3.27
3.25
July.
Aug.
Sept.
Oct..
VOT.
2.82
2.78
2.73
3.26
3.22
3.17
Oct..
Hot.
.
Dec.
3.26
2.81
2.79
2.77
191*3- Jan..
2.11
2.11
2.12
2.1*6
Tab..
Mar..
2.71*
Apr..
May..
June.
2.05
1.96
1.91
2.1*8
2.87
2.93
2.30
2.31
2.25
2.85
2.80
2.71
July.
Aug..
Sept.
1.91
1.92
1.90
2.1*5
2.1(6
2.21
2.09
2.01
2.70
2.65
2.59
Oct..
Hot.
1.90
2.1*8
.
1.91*
2.1*8
Dec.
1.95
2.1*9
2-57
2.71
2.73
1.95
1-93
1.91
2.1*9
2.1*9
2.30
2.32
2.26
19>iO-Ju.
2.56
2.5U
2.66
.
Dec.
2.1*6
2.1(8
2.1*6
2.1*5
2.1*«
Tab..
Mar..
2.69
2.68
2.67
3-17
3.15
3.16
2.12
2.22
2.12
ipr..
May..
June.
2.66
2.56
2.58
3.25
3.1U
3.15
2.07
2.0U
2.01
2.76
2-75
2.70
Apr..
May..
June.
1.91*
1.91*
2.1*8
1.91
2.1*9
July.
Aug.
Sept.
2.5s
2.57
2.63
3.12
3.10
3.12
July.
1.98
2.01
2.02
2.66
2.65
2.6U
July.
Aug..
Sept.
1.89
1.90
1.93
2.1*9
Oct..
Bor.
3.06
3.0U
3.02
Oct..
Hot. .
Oct..
Hot..
1.93
1.90
1.87
2.1(8
Dae.
2.55
2.56
2.56
1939-Jan..
2.51*
2.51
2.U3
2.96
2.90
2.87
19U2-JaB..
Feb..
Mar..
Feb..
Mar..
1.81
1.75
1.70
2.W*
2.38
Apr..
May..
June.
2.38
2.27
2.22
2.92
2.86
2.78
Apr..
May..
June.
1.68
1.68
1.63
2.39
2.39
2.35
July.
Aug.
Sept.
2.23
2.27
2.67
2.76
2.79
3-29
Oct..
Hot..
2.60
2.U6
2-35
193g-Jan..
.
Sept.
2.3I1
1.98
1.95
2.06
2.3U
2.1*7
2.61
2-57
2.68
2.10
2.17
2.10
2.Ug
2.U8
2.U6
2.76
2.80
2.80
Apr..
May..
June.
2.07
2.06
2.0U
2.1*
2.77
2.76
2.75
July.
Aug.
Sect.
2.0U
2.U6
2.06
2.08
2.1*7
2.1*6
2.09
2.10
2.13
2.1*5
2.1*7
Sac.
3.1U-
2.93
2.86
2. 1*5
2.1*3
19l»5-J»
6.
1320.
27.
3-
10.
17.
2U.
19l*5-June
1.83
1.79
1.80
1.82
1.77
1.75
1.73
1.73
1
2.
1.68
1*.
1.67
1.67
1.65
1:
.
7.
8.
9.
1.61*
1.61*
1.61*
2.1*5
2.1*1*
2.UU
2.1(2
2.1(0
2.59
2.58
2.58
2.58
19lt5-Kar.
3.
10.
172U.
31.
ifT.
2.39
2.35
2.57
2.57
2.56
2.55
2.37
2.37
2.55
2.55
191*5- June 11.
2.37
2.36
2.36
2.36
2.36
2.36
2.56
2.55
2.55
2.55
2.55
2.55
2.1(0
7.
13.
12.
\l
\l:
18.
19.
1.71
1.69
1.70
1.70
1.71
1.69
1.67
1.68
1.68
2.1*0
191*5- Jan.
2.1(0
2.1*9
2.39
2.1*9
19l»5-May
2.1*7
2.1(8
2.1*8
2.1*0
2.1*0
26.
1.69
1.68
1.68
2.
1.68
1.61*
2.37
2.36
1.62
1.62
1.62
2.34
2.33
19-
June
2. MO
2.1*9
916.
23-
2.39
2.1*9
30.
1.63
1.63
1.63
1.63
1.62
1.62
2.36
2.37
2.37
2.36
2.35
2.35
2.55
2.55
2.55
2.55
2.55
2.55
1.62
1.62
1.62
2.31*
2. 51*
2.5I*
Basis of Computation:
(l) Traaaury bond ylald* are conputad on tha 1>aali
of the mean of claalng tiid and ask quotation! In the oTor-thacounter market, beginning September 2. 19UI; prerioualy. closing
prices on the Hew York Stock Sxchange were uied on days when sales
took place on the Xxchange in a particular issue and the mean of
closing bid and aak quotations on the Hew Tork Stock Exchange on
(2) Corporate bond yields are comdays whan no sales took place.
puted on the basis of closing prices on the Bav York Stock Exchange
and the Hew York Curb Exchange; on days when an issue does not sell,
tha price of the last preceding sale is used.
N^ack figures:
Monthly and weekly data for the period Jamiaiy 1933 through
March l^kk speared in the "Treasury Bulletin* for April 19^4,
pages 57-61.
Average of Treasury bonds neither due nor callable for fifteen
1/
years.
For diecussion of conQiosltloa of average see "Treasury
Bulletin" for March igUU, page 58. Partially tax-exempt bonds are
those the interest on which is exempt from the normal rates of the
Federal Incoae tax, except that in the case of partially tax-exempt
Treasury and United States savings bonds. Interest derived from
2.1(8
2.51*
19U5-JU
2.39
5-
12.
2.50
2.33
2.33
2.U9
^
2.39
2.1*1
Dec.
2.1*8
2.72
2.71
2.72
2.52
2.51
2.50
2.U9
2.1(0
Tab..
Mar..
2.7U
2-73
2.73
2.1*9
Weekly aerlei - Saturday figurea
191*1*- Jan.
21.
22.
23-
i:
27.
28.
2930.
1.62
2.38
2.38
60
»o:'
O
z
o
GQ
UJ
a:
o
q:
o
o
>a:
or <n
UJ
I-
z
o
en
o
_i
UJ
>
Ul
o
<
Ul
—
—
—
—
—
Treasury Bulletin
eioiejeicvitoioroiofo^
61
August 1945
INTERNAL
REVENUE
STATISTICS
•
. .•.
.
Treasury Bulletin
62
Summary of Internal Revenue Collections
(In thonaiuadB of dollar*)
Total
receipt
froB iBt«rDally
Tr«aBury
Statement)
(
1936
1937
1938
1939
?.512.«58
U,597,1M0
5.67U.3I8
5.161.231
19110
5.303.13'i
Total
Internal
rereaoe
eolleotione
Total
Incoae
and
profita
taxea
6711.1116
111.509
us
31.178
265.7't5
7l«.66o
-37.168
>t.63it.30g
2,179,828
2,629,030
1.091,7111
5,6U3.gi4<
1,286,312
-1.133
-19.637
5,162.3611
2,185.11t|
1.028. 8311
1.122.5111
112.786
33.7'iO
5.322.771
2,129,609
982.017
1.120.5s
27.010
833.521
l»3,9O2.0O2
16,298,888
33,027.802
35,061.526
ig"*?
Oll-aca
iQauranco
eaant
U/
30.U70
7.351.53'!
igiA
Total
eoploj-
738.521
1.056.909
1.299.932
UO. 119. 510
"13.800,338
1H.6SU.9«7
MlMOllaneoiu
profit!
1. '117. 655
3.1l71,12U
e,006,881l
22.368.72i1
2.016.297
Thie^plo7ent In-
nxanoe
5/
l,ll37.Uli6
13.029.915
22. l"!?. 969
Corporation
Inceao and
•xeott
pKofiti
y tuM
3.'J9U.331
lo.iui
7.361.675
12.993.118
191*3
IndlTldual
18.521
-36.797
-22U.755
l.565.'»77
+101, 66U
19't2
19U1
Ineoae and profit t taxei
Idjoetnent
to Sblly
TreaauT7
Stateaent
118
7110.1129
58.119
90,267
101.167
106.123
100.658
119.617
156. 008
137.871
37.172
56,621
925.856
I.I85.362
687.328
895.336
9.584.715
8ll,2lll
1.1198.705
1,131.5116
111,629,31111
137,'152
i9.O3U.3i3
15.883.235
153.978
1.738.372
1.779.177
1,290,025
1.307.931
3.260.51*
18.970
'111.395
ll.5l«
1.165
38.689
1103.887
6,663
136.U75
261.058
38.508
127. aw
5.9111
216.672
3.353
8.966
677
2.688
35.U20
5.688
7.991
877
11.687, >i62
622.512
5.111.658
ll.568.lli3
l,288.900r
-635.503
-U7,863
691.7'*«
2.620.1119
2.750.3'19
I.729.I19I
1.712.1102
I.3I8.9I1I
1.3l(0.lil6
366,022
5.96fi
5.057.236
li,li«9,671
1.356.371
3,108.ll61i
2U.835
Ootobar..
loTanbar.
Daeeabar.
1.8gO.U76
2.300,370
-607.262
-95.871
1.809.766
1.633.189
1.322.758
•178.507
125.I170
1.2lllt.2«7
679.875
3.669.6I12
327.870
382.066
3.31U.922
8.501
6.836
26.8U9
1311.095
2113.026
't.9't5.«87
2.1187.738
2.396.2140
U. 265. 612
36.98I
3.10I1
3.0l»2,l»77
-631,287
3.673.76I1
3.02I1.16I1
1101.817
I125.366
5.026
6.065
71.268
3O,02ll
3.157.95'*
2.617,322
2.726.523
1.821,017
102,795
3.985.292
5.617.781
317. '112
1911.263
3.161. 7ia
13.l'*5
61.571
5.789
106.572
3.362
1,760,877
1.989.318
1.208. 613
637.651
9.22ll
>i07.ia3
9.885
20,983
106.510
296.726
2.795.700
6.U3l,321
i^rll
Hay
Jiua
2.920.937
5.38U.393
2.7>»5.867
ii.995.87'1
-285.266
-352.957
3.031.133
3.273.895
2,1106,326
+7ft3.2ii5
ll.glll.lllS
U, 025, 296
109,1127
122,0l|8
3.262.800
6.629.932
5.73't.l69
7abruar7.
Mardi
287
1119,1176
18. 261.005
1,98U.6U6
2.702.U«6
5.7U«,9«5
19'*5- January...
1/
6/
207.339
502,918
529.836
605,350
July
.
incnat
Saptam^ar
19UVj<iiia
Railroad
retir*aent
llll,020
199.507
99.916
11.931
256,3111
l,ll2g
10,330
1.129
170.1IO9
211,151
265,011
28U.75g
3l'.l»78
2.937
35.528
33.000
1.502
16.577
52.1119
1.663
30.082
38.1t61l
Hltcellanaoua Intaxnal raranua
Total
miscall
internal
ravanna
1936
1937
1938
1939
2,OOU,513
2.188.735
2.272.158
',236.821
19110
2.359.6I1I
e^>ltal
atook
tax
Manufaoturart' and
ratailara*
excite
tazaa
Alcoholic
boTaraca
tazaa
Xatata and
gift taxei
9U.9113
I37.I199
505.2U3
139.3119
567,669
587,605
127.203
132.739
500,785
551.923
567.777
68.990
69.919
56,233
379. 5I0
Mlaeallanaooa
tazaa
76.173
80.161
117.502
153.5I1O
579.7811
111,083
396,891
62U,o6li
608,073
38.681
Uii7.088
158.925
819,869
697. 712
617,373
852,069
670,015
728.696
1,206,616
206.831
100,501
732,332
1,075.501
932.155
39.057
5l.702
55.155
50,800
65.528
195.863
81,083
5.I150
17.687
62.670
35.310
209.93?
201. 91U
182. 761
77.315
86.022
77.507
5.233
5.591
71.586
87.679
8U.763
21 11.068
U.IM
ie.6iio
38.520
196.077
5.3't5
911.656
520,025
558.989
36U
311
7O.60II
5.152
5.893
95.259
119.552
113.119
102,617
U9!690
203.7511
201,l|6l
77,521
81.180
(-21)
'19.295
37.'i»i5
206.lt08
19U.5911
1I09
89.153
170,878
78.590
66.057
73.621
5.7I8
5.893
5.556
116.579
2l»7
March
5U6,806
509.926
560.337
iprll
516.871
1I09
Hay
Jnna
570.8lt2
(-67)
571.832
261
67.625
83.025
93.230
5.535
5.983
6.300
96.517
116.192
103.697
166.653
281.900
328,795
I,ll23,ll80
380. 702
l,6l8.oli5
988.1183
371.999
2.309,865
50,o6U
128.357
193.918
29.170
5'»3.877
19111
2.9511.553
19U2
1913
11,571.131
l9Uli
19I15
5.353.336
6.959. 63U
1198.8119
1.035
Jnly
75'».183
tagut ....
776.889
529.058
3.837.670
19llt|-Jnna
Saptaabar.
October...
SoTanber.
Daoaabar.
19115-Janiiary.
.
Fibrnary.
Bouroai
r
1/
2/
I,0>i8,l65
171.062
bu!298
61,807
Ig0,l6lt
190,852
Sally ^eaaary StatementOi
(1) fatal racalpte from Internal rareooe:
Seporte of collections made
(2) Detailed collections I7 type of tax;
1y collectors of Internal rerenoe.
SaTlsed.
Sxcludes collections for credit to certain trust accounts for territories and Insular possessions, etc.
Includes collection of taxes withheld by employers pirsuant to the
Sevenue ict of 1912 and the Current Tax Paynent ict of 19113
Includes Income tax collections on ilaaken railroads. The excess
profits tax included in this column is that imposed undar tha
Second Herenoe let of 195o. aa amended.
Consists of the declared value excess profits tax. the profit limit•
y
k/
780.792
923.857
II5.9I16
IOI1.199
adjilataant
tazea
5/
516.75I1
5I19.85I1
i^lcultnral
62.323
1,530,1128
139.095
115.099
112,1188
90,376
89.755
U6,530
100,350
121,2l»6
115.686
ing provisions of the Vinson let, and the tax en unJiiBt aarieh-
^
fiepresents collections under the Tederal Inanrance Contrlbntlona
Act commencing September 1939: prior thereto, collections under
Utle
of the Social Secnrity Act.
Bepresents collections under the Tederal Tftxenployment Tax Act
mi
6/
commencing September 1939: P^lor thereto, collections under
ntle IX of the Social Security Act.
Bepreeents collections under tha Carriers Taxing Act of 1937Includes tax collections under the &agar Act of 1937 end undar
the dividends tax Imposed by the Act of .Tone 16, 1933'
63
August 1945
COLLECTIONS OF INTERNAL REVENUE
Fiscol
1930
RS
*
Individual
Income Taxes
31
'32
'33
34
35
'36
Years.
'37
1930-1945
'38
'39
'40
'41
'42
'43
'44
'45
Treasury Bulletin
6k
Detailed Analysis of Internal Revenue Collections i/
(tA thousands of dollars)
Jons
19UU
19115
Xnoooa and profits tax«st
Indlrldualt
Withheld h7 evpl07erst
CurrsBt Tax PsTmsnt let of 19U3 2/
BaTsmia Act of 19>t2
Otharl
(hirrant
^.••...
7.03«,U3«
7alt,997
••••••••••••••••••••••
10.253.*?:
183, 7w
••1
Total IndlTldnal iDCooe taxes
10,263.Ul8
802
8.567.1U7 U/
202, 9U7
ig.gSi.oo;
19.03't.313
l»,7fe,7lU
521, USl
U,U21.682
U58,03U
38,06s
1,2W»,593
6,lU7
Corperatloni
Ineoaa taxesi
CTtrrent J/
Baok
Iisess profits taxes (Second Esrentts iet of
as amended)
g.173.906
9.3''5.198
3,260, 5UU
llt.629.3UU
Total corporation taxes
Hlscellaneous profits taxesi
Declared Talue
••••••...*•
Vinson Act
Unjust enrichment
136.980
l't3.798
39
U3U
137.U52
Total miscellaneous profits taxes
Total Income and profit e taxes
IU3.978
35.061.526
..•••.•
ftoploTment taxesi
Social Security taxest
Old-age insurance
•••
Unemployment Insurance 6/...
Total Social Security taxes..
^
•
Bal Iroad ret irement 2/
Total employment taxes
Miscellaneous Internal revenuei
Coital stock tax
...>.<
Xstate tax
Olft tax
Alcoholic heverage taxesi
Diitlllsd spirits (Imported, excise)
Distilled spirits (domestic, excise)
Distilled spirits rectification tax
Vines, cordials, etc. (imported, excise)
Vines, cordials, etc. (domeatle, sxolse)
Brandy used for fortifying sweet vines (repealed
as of July 1. igltO)
Dsalers in distilled spirits; rectifiers; manufacturers of stills (special taxes)
Staaps for distilled spirits Intaaiad for axport.
Case stamps for dlatllled spirits hottled In hond
Container stamps
Tloor taxss
Termented malt llqnars
Bravers; dealers in malt liquors (special taxes).
Total alcoholic beverage taxes
Tohaceo taxes!
Cigars ( large)
Cigars (small)
•
Cigarettes (large)
Cigarettes ( small )
Snuff
Tohacco (cheving and smoking)
Cigarette papers and tubes
Leaf dealer penalties, etc
Cigarette and cigar floor taxes
Total tobacco taxes
1.307.931
_lg6jU89
265,011
28U.758
1,U9U,1|20
180.702
371.999
U73.U66
596.137
37.7'*5
U6.918
286,871
611,835
14.87U
U,027
30,068
199.691
l,28U.6l3
32.5U9
2.122
U5,269
12
51
8.109
2
1.369
8,516
8.3O8
11.213
85.83it
83. JUS
559.15a
3.375
1.618.0U5
2.309,e61»
30.152
107
886'
638,682
3.130
36.59J
^695
1.16U
836.058
7.7U1
U9.57U
1.390
988. U83
932.l't5
903.958
7.692
Us. 269
•
Stamp taxesi
Bonds, issues of capital stock, deeds of oonvey••...
ance. etc
Transfers of capital stock and similar intorest
sales
Playing cards
Sllrer bullion salss or transfers
Total etasp taxas
1.290,025
183.3T
1.U73.361
1.738.372
••
l.oU3,530
U3,108
19'lO,
•
26.2U3
17.096
7.'HU
U7
2U,852
7.U93
25
50.800
65.528
I9I15
August 1945
65
Detailed Analysla of Internal Revenue Collectlona
2i
- (Continued)
(In thoueande of dollars)
June
1915
I9UU
MlBCellaneoug Interoal revenue (continued):
Maimfaeturere' and retallert* •xelse taxesl
Lubricating oilf
Oaeollne
•
Tires and tubes
Tloor taxes on tires and tubes
*
AutoDoblls truoks and bases
.,
Other aatonobiles and motorcycles
Parts and accesBorlea for autoaobiles
Qeotrlcal enaref
nsctrie, SB», aaA ttll appllaneas
nectrlc li<ht bulbs and tubes
Ileetrlo signs (rspealsd as of II/I/U2)
Radio ssts. phonographs, cofflponents, etc
Phonograph records
Musical Instrument e
Mechanical refrigerators, alr-eonditloners. etc.**.
Matches
Jloor taxes on matches
•..•.•••
Business and store maohlnes
•
Purs - retailers' ejclse
Jewelry
retailers' asclsa
••
Luggags - retailers' excise .(effeotlTe U/l/Vt)
Luggage - manufacturers' sxcise (auspended as of
52. ''73
271.217
110,309
3.2'»7
1.222
31.551
51.239
5.027
5.368
255
3.i«2
1,889
633
2.
3.809
21,029
3.8O6
20,8U7
1.087
89
2.881
1),020
57. 00"*
'•.535
12,060
11.035
552
».372
i.i;i
531
;
we
8.671
1)1
155
9.3''9
U
10.120
79. tag
18U, 220
8.3'»3
73.851
"•.777
6
73
19.288
228
Optical equipment (repealed as of II/I/U2)
Photographic afiparatus
.•••..
Bubber articles (repealed as of II/I/U2)
Sporting goods
...••••••••
.••...
Toilet preparations - retailers* excise
•••••
Vashlig maohlnes (repealed as of ll/l/Ua).
Plraarms. shells and cartridges
Pistols and revolTers
Repealed taxes not listed abore
••
g
il.907
295
2.U98
Total manufacturers' and retailers' excise taxes...
728,69'»
l,li07
55
t.753
2.015
927
1.637
3.760
58.726
113.373
U/l/W
Mlsoellaneon* taxesi
Sltuminnus Ooal iot of 1937
Sncar te% of 1937
Telephone. telegnQ>h, radio, and cable, leased
wires, etc
....••<
Local telephone eerrlce
Transportation of oil by pipe line.
Transportation of persons, seats, bertha
(effectlTO
12/1/U2)...
Transportation of property
Use of motor vehicles (effective i/l/kz)
Use of boats (affective Z/l/kl)
Leases of safe-deposit boxes
Admissions to theaters, conoerts. eto...... ......
Admissions to cabarets, roof gardens, etc.
Club dues and initiation fees
Bowling alleys, pool tables, eto
Coin operated devices
Adxilterated and proeeeaed or rawvated butter*
ixad flonr 8/ and filled oheeae
••
Oleomargarine, including special taxea.
Hareotlos, including marihuana and special taxea.
oils
processed. ......
Ooooinit and other vegetable
national Tlrcaim* Act
All other. Including rtycaled taxes not listed
92.865
M05.563
75.257
13.537
35.027
5.897
25
>t.2>K
'•U.79O
86.61$
i.oli
3.132
9D9
322
1.103
10,551
5.290
238
5.90
U3^
211
103
185
789
1.202
2.1)93
13.300
5. 1)22
(-2)
1
61
918
l.l)£8
5
209
5.335
1)29
6.786
It
37
53
5
J5_
JL.
1.206,616
1,1103
103,697
7
5.337
1)
5,022
68.789
73.292
IW.275
208.018
133.569
16,286
13,21)1)
1.621
18.235
11.532
1,306
2311,182
ll).265
17.281)
215,1(88
2a. 088
128.701
336
7.311
300,589
18.285
7.897
135
538
21.320 r
>.9Z1
1,001
529
1.955
18,01)1)
134.326
90,199
15.851
153.683
6.5?it
178.563
26,726
9.182
2,208
lUllbO
U.160
19.100
18,l»75
IS
58
5.503
756
6,208
7,531) r
8,1)21)
122
637
21.772
"».385
1.578
832
3.086
11)
16
605
227
3.307
3
201
180
180
i.075,i«a
1,1)30,1)28
5.353.336
6.959, 63U
1)98,81)9
571.832
Total internal revenue colleetlons
1(0,119.5X0
"•3.800.338
5.111.658
U,6l)l,ll(8
Adjustment to Sblly Treasury Statement.
1,565.'«77
lOl.Seit
622,512
71)3,21)5
1)3,902,002
5.73').l69
5.38U.393
above. ••••
Total miscellaneous taxes.
Total miscellaneous internal revenue.
••
It.OOt
779
7.190
16
•••.
Ul.68U,987
oe:
r
•
1/
2/
Daily Treasury State*
(1) Total receipts from internal revenuai
Reports of colmentss (2) Detailed collections by type of taxi
lections made by collectors of internal revenue.
Revised.
Less than $^.
Xxcludes collections for credit to certain trust accounts for
territories and insular possessions, ste.
Collections under the Current Tax Payment Act of 19'>3 >• shown
in this table consist of those for which returns have been filed
with the Collector of Internal Bevenuet receipts under this act
as shown in Daily Treasury Statements consist of vlttaholdlng
taxes deposited in Oovernment depoeitarles in addition to pay^
meats accompanying returns filed with the Oolleotor of Internal
^
U/
5/
1/
y
8/
730
219
1(93
5
115.686
Revenue.
Current collections consist in general of taxes paid within twelve
months after the close of the taxable year for which the return
waa filed.
Current Individual income tax collections for the fiscal year 191)5
include peyuents on unforglven portion of 191)2 tax. due March I5.
191)5. of $308,605 thousand for the period. January 1. 191)5 thro<wb
April 30. 19l»5.
Represents collections undsr the federel Insurance Contributions Aff
Repreeents colleotions under the federal Uiseaployaent Tax Act.
Represents colleotions under the Carriers* Taxing Act of 1937.
Tax ii^osed upon the manufacture and sale of. and the oec\q}ational
tax on, mixed flour repealed as of November 1. 191)2.
66
MONETARY
STATISTICS
Treasury Bulletin
67
August 1945
Balance Sheet of the Exchange Stabilization Fund
1945
Ae of June 30, 1044 and March 31
,
Am*
K&rcb 31, 19U;
30, I'^k
Caah:
Tnaaurgr of
tb« Unltad Ststsi, gold
Tr«»ouT«r of th« United States, ehecklnf
redar&l Keeerre Bank of Nev York, special accoont..
DieburelDg officers' balances and advance accounts.
n, 800,000, 000.00
81,800,000,000.00
1.333.369.61
201, 219, Jits. 50
12,728,1133.03
7.l'»1.96
207. 139. BUS. lU
10,370.12
2,013,95'«,918.1t9
$2,008,1*«3,387.87
Total cash.
Special accounts of Secretary of the Treasury in
federal Baserre Bank of Kev York:
Special account No. 1, gold (Schedule 1)
Due from foreign banks (foreign exchange)!
Swl sa franc s
7rencb francs
Eelgas
Sterling
All other
7orelgn depositories
32.08l»,585.08
»107.59't.92
17.
$
M
209.0lt£.66
17.88
505.06
2,980.05
9.965.503.57
505.06
2,980.05
1*2,929.77
6«6,390.'»i
Total due f roci fo reign banks
Due from the OoTernnent of the Republic of Cuba.
3,20U ,037.16
10,220.982.99
5,012 ,700.5'*
5.012,701.1*9
20,1*8,723.13
20,1*1*8,723.13
12.1tl»8.I2
80,011.27
GoTSmment securities
Accrued interest receivable (Schedule 2)
35.51
19.11
2,636.00
2,636.00
»2,05«,303,9'io.lO
$2, 081, 8OU, 577.56
Other accounts (deferred charges)
ComiDodlty sales contracts (deferred charges).
Total assets
Llabllltiee and Capital
Accounts payable:
Touchers payable
Sbployees* pay-roll allot&ent account. United
States savings bonds
...••
Withholding taxes
•
Miscellaneous
9,OUl.l7
69.899.78
*
Beserve for expenses and contingencies (net)
Capital account
Earnings less administrative expenses (Sch»dale«3 >nd k)
Total liabilities and capital.
17
927.79
768.66
Total accounts payable.
Sack Tlgoresl
793.61
»
390.79
»
Annual balance sheets for the yart I93I* through 191*0
be found la the Annual Seport of the Secretary of tbe
10,200.62
«
71. 621. 18
10,181,027.03
9,905.362.80
2,000,000.000.00
2,000,000,000.00
U8,112,712.''5
71,827,593-58
2.058,303,9*10.10
t2.081,80lt,577.56
(raaeury for 191*0'. ^larterly balance sheets comancing December 31,
1938 may be foujod in previous issues of the "Traasury Bulletin".
Schedules for Balance Sheet of the Exchange Stabilization Fund
Schedule 1
location of gold held by and for account of the Xzchange Stabllltatlon fund 1/
Treasury Bulletin
68
Schedules for Balance Sheet of the Exchange Stabilization Fund
Schedule 2
United Stateg OoTeriuient securities held by the Zzehan^ Stehlllsatlon Tund
iMoe
-
(Ckintlnued)
69
August 1945
Gold Assets and Liabilities of the Treasury
(In mllllone of dollars)
End of ealondar
year or month
..
.
H
.
U
5
7
3
Treasury Bulletin
70
Components of Silver Monetary Stock
(In Ellllona of dollara)
Silver held In Trflasat7
Silver outalde
Treaiux7
Securing allTer
certiflcatee 1/
Snd of calendar
7«ar or month
In Oeneral TvbA
Subeidlary
coin 2/
Silver bullion
1936
1937
1938
1939
505.7
503.7
502.7
535-3
616.0
1*1).
366.9
372.8
1*8.1
3911.1
3.790.2
657. H
52.5
!|22.lt
u, 060.0
662.3
623.2
l,>t76.1
3-5
19112
1,516.2
1,520.0
1.520.1
ll'.M
u
376.5
2,1102.3
350.1*
i»3-ii
3-5
5-3
2-3
19U1
191A
coin 2/
3117.7
1*28.6
19110
I9't3
Suhflidlary
1*1.1
775.9
938-8
1,137.6
1,298.2
1.398.1
'•99.0
U9>>.e
Silver
dollare 1/
Bullion for
recoinage J/
Total illvei
at »1.?9
per ounce
2.806.5
3. 3116-8
U,2l*l*.8
68U!7
771.6
It,
U05.6
63.0
78.8
96.8
117.5
"193-5
12.5
I1.317.6
207.
3.870.6
20.lt
I1I18.8
105.2
71I1.I
3.91*7.9
1.520.1
1,520.1
1.520.1
387.6
385-8
383-7
20.lt
1143.9
1*31.6
1|28.9
106.8
103.6
110.6
729.U
739-1
3.938-3
3.910.1
3.905-9
1,520.1
1,520.1
1.520.1
321.8
379-5
376.5
11.9
10.2
12-5
1120.1
BeceiDber
I1O5.6
112.5
11U.8
117.5
750.3
762.1
771.6
3,839,0
3.876-5
3,870.6
19U5- January.
February
March.
1,520.1
1,520.1
1,520.1
375-
Ik.S
118.6
120.0
121.9
3,81*1.1
u.o
393-8
391.0
378.2
772. ll
37U.O
372.1
773-3
779.9
3.833-6
3,800.7
Aorll...
Miy
June ..
1,520.1
1,520.1
1.520-3
370.6
368.7
367.2
20.2
27.0
25-5
3611.3
123.1*
125.3
126.8
786.2
795.8
3.777.7
332-3
1.520.1
19ltlt-June
July
August
.
.
September
October.
November
.
Sourc
Daily rreasuiy Statement • and Circulatlo
States Money.
Preliminary.
Less than $50,000.
Valued at $1.29* per ounce.
21.2
15.1
Mil .9
9.9
Statements of United
32l*.g
2/
y
Valued at $1.38+ per ounce.
Valued at $1.38+ per ounce or at $1.29 per ounce according to
whether the bullion Is held for recolnage of subsidiary silver
coins or for recolnage of standard silver dollars.
Silver Production In the United States and Sliver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
Silver
productioi
Silver acquired by mints and assay offices
Hevly Dined domestic
silver 2/
Nationalised
silver 2/
?oreign silver U/
Dollars
61.1
70.6
61.6
60.7
68.3
17-3
271.9
2U1.5
150.3
355.11
ito.i
282.3
139.8
I5G.9
120.5
50.9
191*1
70.5
50.1
191*2
>»7.9
3it.o
19113
5.5
3.9
1936
1937
1938
1939
I9MO
63-1*
n.3
61.7
63.9
68.3
37.1
191*1*
19>ll|-Ma7
3.55/
2.95/
June
July
August
Septembe
3.55/
3-15/
October.
2-9 5/
3.151;
3-2 2/
.
November
December
2.3 5/
19115-Janaary.
February
March.
.
April...
May
2.9
3-2
1*8.5
3.70l*.3
800.
72.6
IU.3
108.
^
5
.
.
s
7
August 1945
3
7
71
Seigniorage on Silver
(CumiilatlTO from January 1. 193'* - In millions of dollars)
Sources of seigniorage on silver bullion revalued 1/
Sei^lorage
on coins
(silver and
minor)
l*.5
193I*
Mlac. silver
Clncl. silver
bullion hold
June lU, 1931*)
Newly-mined
silver (Proc.
Hewly-mlned
silver (Act
Dec. 21. 1933) July 6, 1939)
226.2
302.7
366.7
1935
1936
1937
193s
1939
1*8.7
16,
1*6.1
1*8.7
I18.7
36.0
58.0
7U.9
87.3
191*0
122.2
182.1
191*2
21*5-7
1*8.7
87.6
87.6
87.6
87.6
87.6
25.7
191*1
1*8.7
1*8.7
lis.
1*8.7
l*.2
Potential
seigniorage on
silver bullion
at cost in
General Fund 2/
Nationalized
Total
seigniorage
on silver
revalued
28.5
3U.5
128.7
326.2
3l*.7
1*22.1
397.5
31*.
508.1
616.0
705.6
758.8
950.6
1931*
51.1
1*8.
18.
63.7
69.5
91.7
Sliver Purchase Act
of June 19,
7
1*57.7
31*.
530.7
3l*.7
132.6
27l*.9
51*1.6
3l*.7
759.lt
1*8.3
580.1*
3U.7
63.6
65.3
58U.3
58U.3
31*.
1.055.5
1,059.0
1.0U8.2
967.3
717.3
562.7
191*3
I9UI*
299.6
362.3
1*8.7
1*8.7
65.1*
581*.
3'*-7
799.7
8I8.9
820.6
820.7
191*1*- June
322.6
1*8.7
87.6
65.1*
581*. 3
3'*.7
820.7
791.1
July
326.2
332.7
336.7
1*8.7
87.6
87.6
87.6
65.1*
58l*.3
3l*.7
65.1*
581*. 3
65. U
58l*.3
3;*.7
3l*.7
820.7
820.7
820.7
751.8
76O.U
756.7
31*2.8
1*8.7
1*8.7
87.6
87.6
87.6
65.1*
65.U
581*. 3
581*. 3
3;».7
3l*.7
65.1*
581*.
3
3'*.7
820.7
820.7
820.7
728.3
717.3
87.6
87.6
87.6
65.1*
65.lt
581*.
820.7
820.7
820.7
697.3
692.5
670.9
87.6
87.6
87.6
820.7
820.7
820.8
6U6.2
589.2
575.0
September.
October..
November.
December.
351.3
362.3
191*5- January...
Tebruary,
March
April
Hay
Jane
Source:
1/
1*8,7
1*8.7
1*8.7
365.8
367.7
369.1
1*8.7
380.1
1*8,7
1*8.7
39'*.0
1*00.0
1*8.7
1*8.7
U8.7
Daily Treasui7 Statements.
These items represent the difference between the cost value and
the monetary value of silver bullion revalued and held to eecure
3
3U.7
58U.3
58U.3
3^.7
65.1*
581*.
65.1*
58l*.3
3'*.7
3l».7
65.5
581*.
3U.7
65.1*
2/
7
3U.7
3
3
silver certificates.
Thtf figures in this column are not cumulative; ae the amount' of
bullion held change, the potential seigniorage thereon changes.
Net Capital Movement to the United States, 1935 through April 1945
[in thousands of dollars.
Period
71*1.1
Ret capital outflow (-)J
72
Money In Circulation
Treasury Bulletin
UNITED STATES
TREASURY DEPARTMENT
PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OF POSTAGE, »30O
OFFICE OF THE SECRETARY
WASHINGTON 3S.D.
C.
OFFICIAL BUSINESS
PERMIT NO. 1002
FORMA-8/45-2000
FCp/JCTORY
Treas.
HJ
10
.A2
1945
c,2
U.S. Treasury Dept.
Treasury Bulletin
@FedFRASER