Full text of Treasury Bulletin : August 1953
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^md/MEFM flUGUST-ia53 UNITED STRTES TREflSURV DEPORTMENT OFFICE DF THE SECRETRRV Table of Contents Treasury financing operations Summary of Federal fiscal operations A-1 1 Budget receipts and expenditures 2 Trust account and other transactions S Treasury cash Income and outgo 12 General Fund of the Treasury 15 Debt outstanding l6 Statutory debt limitation 21 Debt operations 22 United States savings bonds 27 Treasury savings notes 35 Ownership of Federal securities 3^ Treasury survey of ownership of Federal securities.... 3^ Market quotations ^2 Average yields of long-term bonds 4-5 Internal revenue collections '+7 Monetary statistics 5^ Exchange Stabilization Fund 55 Capital movements 57 Cumulative table of contents 70 Note: In those tables in which figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not check to the totals shown. J August 195 Treasury Financing Operations August Certificate Refunding On August 3, 1953, the Secretary of the Treasury announced the offering on August 5 of an Issue of one-year 2-5/S percent certificates of Indebtedness. The new certificates were offered to holders of the 2 percent certificates of Indebtedness, Series C-I953, which mature August I5, 1953. !•" the amount of $2,SS2 million. the financing were to be announced later. Details of Treasury 91-Day Bills Again Increased New Issues of 91-day Treasury bills In July totaled $7.5 billion. The maturing Issues of $7.0 billion were refunded and additional new money of $500 million was borrowed. The cash was raised In the first three offerings, and as of July 16 new money totaling $2.2 billion had been supplied by weekly bill issues since the Initial Increase this year on April 23. Each new issue In July amounted to $1.5 bilThe Issue of July 2 exceeded the maturity by $300 million, and the Issues of July 9 and 16 exceeded the maturities by $100 million each. Average rates of discount on the new Issues were 2.106 percent lion. for July 2, 2.OO7 percent for July 9, 2.106 percent for July l6, 2.127 percent for July 23, and 2.I57 percent for July 30, Details of Troaaury market flnnnolng oporatlona are shown oleawhere In this Issue of the "Troaevrj Bulletin", In the tables oa "Offerings" ani "Disposition", respectlTelj, of marketatle issues of bonds, notes, and certificates of indebtedness, aM in the table "Offerings of Treasury Bills". SUMMAEY OF FEDERAL FISCAL OPERATIONS (In millions of dollars) B\id^et receipts account and other EipendIturee Clearing account 3l*,l87 79,622 95,315 98,703 60,703 It0,0lf3 te.su 38,Slt6 39,289 33,791 -21,1*90 -57,1*20 -51,1*23 -53,91*1 -1,613 -338 -2,222 791 -20,676 -521* 751* -1,103 8,1*19 -291* -1,811 -3,122 3,510 -1*95 358 6,515 10,662 37, (A5 1*0,057 1*0,167 l>8,lli3 W,633 62,129 65,2lB 66,11*5 7l*,607 -1*,017 11*7 -1*01 -9,389 U37 -312 16,290 57,751 -1*1,1*61 3lt,U83 90,171* ''3,531 1*3,928 97,181 87,522 -55,691 -53,650 38,810 1*1,322 -2,512 -1,161 -123 -1,386 1*1,010 38,576 2,1*31* -350 68,6655/ 99 679 21*, 2,991 9,507 20,169 698 136,696 201,003 258,682 ll*,238 269,1*22 -10,930 3,308 1,621* -1,1*62 1*,932 3,1*70 1*,670 258,286 252,29s 252,770 257,357 255,222 259,105 266,071 6,000 273,800 12,291* 108,170 165,877 230,630 1*,529 -10,1*60 555 -507 366 1*83 1*,587 2,01*7 -211* -2,135 3,883 1,839 -388 -2,299 -9,922 5/ -1*3,591* 50,232 57,707 -18,966 -2,21*9 -1*,100 l*,331 5,21*1 1*1,1*50 38,122 -3,592 5,517 7,357 6,969 6,983 61*,753 1.7,1*8!* Debt outstanding Osnerea Fund baleuue debt, or ^eorease it/ Ull 3,767 -22,502 -1*05 22,236 26,003 3,502 3,097 1*,208 U,679 72,1*22 278, U5 -1*22 -1*23 1*,232 56,81*6 -3,358 -5,81*2 2,711 7,973 1*,295 6,o61* 259,1*19 71,366 1*,1*1*8 61*0 -583 l*,l*5U 256,125 1*,257 3,808 3,211 8,112 l*,058 l*,05l* -91*1* -1,381 -1,370 1,119 -270 366 129 1,571* 5,382 8,569 6,955 5,782 7,357 255,91*1 25l*,997 l*,007 3,'U*6 1*,517 7,089 5,969 2,571 1*,739 3,591* -181. -2,168 -1,611* -1,173 267,391 25l*,727 255,093 255,222 5,087 5,163 -1,1*93 1,01*6 988 709 -1,737 -525 1,822 5^095 6,916 256,61*1* 2,635 3,521 5,279 5,1*83 -2,81*7 91*5 -2,0l*2 l*,87l* 258,298 l*,62l* 259,601* 259,1*19 l*,953 5,1*55 5,553 9,886 5,105 6,209 9,796 5,178 5,627 6,016 5,659 6,930 1*,050 6,585 1*,151 6,383 5,161 6,003 7,121* 5,061 5,737 5,595 6,187 5,1*79 10,502 2,81*9 l*,380 255,657 1*,295 -1*15 1,196 1,765 5,701* 3,316 3,099 1,306 -1,693 -1,850 2,865 1*32 -968 515 -195 -229 -3,283 -1,009 -1,121 316 2,238 -21*3 2,513 J*l -501* 258,081* -3,099 1*,315 -1,862 1,756 1*16 9,71*1* 3,308 -2,759 -23U Actual figures f^rom Dally Treajsur; Statanent; estljnates based a 1951* Budget dooumont, released January 9, 1953! see also footnote 5. More detailed Infomation vlth respect to the figures In thle table Is given In succeeding tables. Gross receipts leas approprlatlona to the Federal Old-Age and Survivors Insurance Trust Fund and refunds of receipts. Eranaactlons of the Foreign Economlo Cooperation Trust Fund, established under Section 111* (f) of the Economic Cooperation Act of 191*8 (62 Stat. 150), are consolidated with budget eipendltures . Beginning vlth the fiscal year 1951, Investments of iflioUy ovned Government corporations In public debt securities are excluded from 105 1,930 irce: 7,925 6,952 7,156 263,073 263,186 262,682 6,175 7,636 261*, 919 267, U32 6,021. 267,1*02 267,581* 261*,U85 267,391 -676 -116 3 'S3 259,775 260,362 6,81*0 258,292 259,905 259,105 3,968 113 -11*5 257,353 3,879 5,075 1,613 -800 -3,1*26 6,908 -3,326 57 1,032 l*,670 '*,071 8,71*1 3.582 3,639 budget aipandlturea, and Included with other such Investments under "Trust Account and Other Transactions" Excess of receipts, or expenditures (-). For outstanding checks and Interest coupons, and telegraphic reports frcm Federal Eeaerve Banks; excess of receipts, or expenditures {-). Revised estlnates for the fiscal year 195I* based on existing tax lavs ware given in the ft'ealdent's tax message to Congress on May 20, 1953, as follows: net budget receipts $67.5 billion, budget expend. 1/ 1/ 5/ 1*33 256,900 252,800 257,130 256,708 65,523 1,01*7 1,623 259,11*9 37,831* 53,1*88 221 929 3,187 l*,568 i*,10O Treasury Bulletin .BUKET RECEIPTS AND KXPENDITURES Table 1.- Receipts by Principal Sources (In mllllona of dollars) August /95J .BUDGET EECEIPTS MB EXPEHDITURES. Table 3.- Expenditures for National Defense and Related Activities (In minians of dollars) Fiscal year or mmth Treasury Bulletin .BUDGET RECEIPTS AND EXPENDITUEES. Table 5.- "Other" Expenditures (In mllllonB of dollars) Beconatructloa Corporation 32/ 2,525 2,133 5,332 6,U67 9,666 ISltS 191*6 19hl 19k8 19't9 10,865 9,263 -56 -270 1950 1951 1952 1953 ll,381i .219 25/ 13,393 063 WSlt (EBt.)... 13,716 1952 -July 635 Social Mlscella- program n^ua 81*5 1,11(2 1,066 1,619 1,696 1,1(56 1,633 1,967 2,027 2,203 2,253 3,185 2,311 3,623 l,5l'3 Septambei October.. Novanber. Doc ember. 1,302 9W* l,lUo 1953 January.. Febru«l7, March..., April.... 1,281 May 1,1*18 1,11(1 Source: S«e Table 2. Footaiotea 1 through 6 on page 2 and 7 thro page 3. 2/ For description of content, see Table 10/ Beginning November I9U9, interest on the public debt is reported as an expenditure when such interest becomee due and payable, as distinguished fnm the previous practice of shoving the expenditure on the baa is of interest paid by the Treaaurer of the Itolted States. 11/ Includes public works undertaken by the Veterans' Administration. 12/ Includes tranaactlons relating to the Foreign Economic Cooperation Trust Fund ( see page 1 ) li/ Net transactions by the Deparljnents of the Air Force and the Army relating to "Deposit fund accounts" are included under "Trust Account aM Other Transactions" instead of "Budget Beceipta and Expenditures" beginning 1952. Ih/ Department of the Air Force expenditures, excluding those made on behalf of this departii»nt out of appropriations to the Department of the Anny. 15/ Deparlanent of the Anuy expenditures, excluding the following: those included elsewhere in Table 3; internati on al finance and aid, shown in Table 1*; river and harbor works and flood control, included in Table 5 under "Public works"; and Panama Canal. Defense expenditures of the Panama Canal prior to 191*7 are included in Table 3 under "Other"; nondefense expenditures are Included in Table 5 under "Miscellaneous" . Figures Include certain expenditures on behalf of the Department of the Air Force ( see footnote Ih ) 16/ Department of the Navy expenditures, excluding those included elsewhere in Table 3 and those for international finance and aid shown in Table 1*. U/ After 191*7, expenditures for national defense and related activities were not segregated frcm other expenditures of the Corporation ami its affUiates, which are Included in Table 5. 18/ Excludes expenditures included elsewhere in Table 3. Beginning 1950, expenditures of the CcramiBSlon until it was abolished are Included in Table 5 under "Comaeroe" (see footnote 29). 12/ Not classified separately prior to 19l*7. 20/ Through 191*7, Includes "war" and "national defense" expenditures of various departments and agencies; administrative expenses of the Selective Service System; expenditures of the War Shipping Administration not included elsewhere In Table 3, until the Administration was transferred to the U. S. Maritime Administration for liquidation, September 1, 19U6; aid to China; and beginning 191*7, the National Advisory Ccmnnittee for Aeronautics. From July 191*7 through February 191*8, consists of expenditures of that Camlttee and the Selective Service System. Thereafter, Includes also expenditures of the Office of the Secretary of Defense, including retired pay for the military services beginning September 191*9. 21/ Excludes Bank expenditures under the Mutual Secin*ity Act and the preceding Econcmic Cooperation Act of 191*8, as amended. First repaymenl 22/ Ifader the Financial Agreement of December 6, 191*5 made of $1*4 ml] mllbecame due on December 31, 1951, when payments we: lion principal and $75 million interest. Payments on December 31, 1952, were $1*5 million principal and $71* million Interest 237 Public Law 165, approved October 10, 1951. 2a/ Prior to July 1951, consists of expenditures under Cooperation Act. £5/ Prior to July 1951, consists of expenditures for mirtxial defense assistance. 26/ Includes principally relief to countries devastated by war, various other foreign relief programs, international children's emergency funds, and loan for construction and furnishing of toited Nations Headquarters 27/ Total under Mutual Security Act; breaMown not available. 26/ Department of Apiculture expenditures, excluding those included in Tables 3 and 1* snd those for forest roads and trails. Included In Table 5 under "Public works". 29/ Department of Ccmmierce expenditures, axoludlng thoee included in Tables 3 and k aai those for public roads includsd in Table 5 under "Public works"; includes U. S, Maritime Cammlaslon for eleven months of 1950, until it was abolished and Its functions were transferred into the Department of Ccamnerce by Reorganization Plan Ho. 21 of 1950. 30/ Excludes expenditures included in Table 3; beginning September 1950, includes Federal National Mortgage Association and prefabricated housing loans program, which were transferred from the Eeconstruction Finance Corporation by Beorganizatlon Plans Nos. 22 snd 23 of 1950. 31/ Conalsts of expenditures for the following: public roads, except assistance to Greece and Turkey; public buildings, ccneistlng of construction only, beginning 1950; Bureau of Conmunlty Facilities through 1950, when it was abolished and its functions were distributed; other Federal Works Agency expenditures except those included in Table 3 until the Agency was abolished by the act of June 30, 191*9 (63 Stat. 38O); Bureau of Eeclamation; Tennessee Valley Authority; river and harbor works and flood control under the Department of the Aimy; and forest roads and trails under the Department of Agriculture. 22/ Excludes expenditures included in Table 3. See also footnote 30. For more detail of those expenditures, see Tables 7, 8, snd 9. 31*/ Includes expenditures for executive departments and other agencies not included elsewhere and for legislative and Judicial functions. 35/ Beginning 1952, borrowings ard other transactions of the Federal intermediate credit banks are reflected in the Daily Treasury Statement, even t^hough funds received and disbursed under certain of these transactions do not clear through accounts of the Treasurer of the Itoited States. » Less than $500,000. W August 19511 .BUDGET KECEIPl'S ANT raFBmDITURES. Summary of Budget Results (In Billions of dollars) Bet iudfe-Jt receipts 2/ I Months and Years Treasury Bulletin -BUEGET BECEIPTS AND EXPENDITURES. Social Security Act - Budget Receipts and Expenditures (In milllonii of dollars) Xmnift mJ Treasury Bulletin .TRUST ACCOUNT AND OTEER TRANSACTIONS. Table 1.- Summary of Trust Account and Other Transactions (In minioiiB of doUttM) Aaqust 195) -TRUST ACCOUHT AND OTHER TRANSACTIONS. Table 3.- Trust Account Expenditures Other Thai; Net Investments (In nllllonB of dollars; nagatlre figures are eioesa of credits) Fiscal 7ear or onth Treasury Bulletin .TEUST ACCOUNT AHD OTHER TRAWSACTIOMS- Tabie 5.- Federal Old-Age and Survivors Inaurance Trust Fund (In BlUlone of doUars) ^ Auqust mj .TEUST ACCOUNT AND OTHKR TRANSACTIONS. Table 7.- Unemployment Trust Fund (In mllllona of dollars) Treasury Bulletin . TREASUEY CASH INCOME AND OOTGO. Sumnary of Cash Transactions (In mUllOM ol doUars) Cash operations other than borrowing operating outgo Cash operating inc operating outgo (-) mi 191*6 39,8» 191*7 191*8 1.1, SOU 3,707 3,595 191*9 38,11.5 3,1*83 36,925 l.,0l.6 1.7,887 5,552 6,102 6,336 1950 1951 1952 1953 61,991 65,008 50,21.0 1.3,839 1.3,591 U5,1.00 1.1,628 36,977 62,599 71,139 71,31*1* 1952 -July.... 3,292 3,593 l.,0l.7 11,878 6,583 1953 -January February March.... June 1*1,795 -768 4,316 3,270 2,944 3,328 6,868 3,807 4,947 5,138 -17,899 6,659 8,903 1,051 -366 -483 43,155 45,8o4 67,956 76,561 -2,185 7,635 137 -5,217 -6,573 4/ 75,505 3,1.18 4,997 6,320 49,474 7,439 •19,389 -7,280 -2,513 1>,231 -5,795 -525 2,918 4,529 -10,460 -10,930 1,624 -1,462 6,573 6,514 5,558 7,364 4,950 6,620 -3,097 -561 -1,044 -981 1,461 -1,572 5,239 6,267 U,0l.2 5,555 5,1*75 10,1.99 5,751* -203 513 6,059 6,970 4,072 335 884 2,81.6 l.,375 3,211. 5,291. 6,21.1 6,443 2,253 -3,326 57 1,032 5,018 10,185 i/ 2,047 1,839 -388 -2,299 204 6,898 3,096 4,11.9 5,932 37,517 68,093 68,1.60 October. November December 57,1.22 32,1.82 1.0,970 53,1*39 (Eat.).. 1951* 95,952 33,190 5,442 5,1*27 6,0631 7,0U 7,9 Source: Actual flgurea baaed on Dally Treaaury Statonent; estimates baaed on 1954 Budget document, released January 9, 1953. For rerleed eetlmstea of total budget receipts and axjwidlturos In 1954 as presented In the President's tel message to Congreas on May 20, 1953, aee page 1. i/ The U. S, subscription to tile capital of the Interoational Monetary Fund vas paid In part frcoi the Exchange Stabilization Fund (see "Treasury Bulletin" for September 1947, page 17). 2/ Consists of sel^iorage on silver and incranasit resulting frcm reduction In velght of the gold dollar. This itom is part of the -376 cash budget receipts shown in these tables, but Is excluded from the budget figures for "Eeoelpts from the public". In addition to this decrease in the General Fund balance, the Exchange Stabilization Fund was drawn down by $1,800 million for subscription to the capital of the International Monetary Fund. In the President's tax massage to Congress on May 20, 1953, the cash deficit for 1954 (cash operating outgo lees net reoelpte from the siarcise of monetary authority) was estimated at $3,3 billion on the baale of existing tax laws (see page 1). Bovised. Derivation of Cash Budget Receipts (In millions of dollars) August mj .TREASUEY CASH INCOME AND OOTGO. Table 3.- Derivation of Cash Budget Expenditures Treasury Bulletin .TREASURY CASH Table 5.- Derivation of Cash Borrowing or Repayment of Borrowing (In millions of dollars) Atujust 195) .GENERAL FUND OF THE TREASURY. Table 1.- Statue of the General Fund (In mlUlona of lollan) Ireasury Bulletin Table 1.- Summary of Federal Securltli (In mlllloQB of iollors) Aaqust 195) JjEHT OUrSTAMDHC- Table 3.- Interest-Bearing Public Debt (In BlUlona of dollara) Treasury Bulleiin .DEBT OOTSTANDHG. Table 5.- Speci il Issues to United States Government Investment Accounts (In Billions of dollars) Auqust 19'yJ .DEBT OOTSTANDHG. Table 7.- Treasury Holdings of Securities Issued by Government Corporations and Other Agencies V (In mllliaiis of doUsrs) End of fiscal Treasury Bulletin JJEHT OUrSTAHDHC, Public Debt and Guaranteed Securities Outstanding by Months (End. 1932 of month. In millions of dollars) Aagust 1951 STATUTORY DEBT LIMITATION . (3I U.3.C. The Second Liberty Bond Act, ae amended, provides that the face amount of obligations Issued aggregate 5H75 billion outstanding at any one time. Obligations Issued on a discount basis, and subject to and the face amount of under authority of that act, obligations guaranteed as to principal and Interest by redemption prior to maturity at the option of the owner, are included In the statutory debt limitation at current the United States (except guaranteed obligations held by the Secretary of the Treasury), shall not exceed In the redemption values. 757 b), Table 1.- Status under Limitation, June 30, 1053 ( mt of June 26, In mlUlons of .doliare of oeourltlea vhlch may be outatandlns at any one time, under limitation Inpoeed (31 U.S.O. 757 b) V the aot 19W 275,000 Amount of seourltles outetandlng sutjoot to such atatutory debt lliiltatlon: U. S. Sorernmont aecurltiee Issued under the Second Liberty Bond Act, as amended Total amount of Boeurlties outstanding eubjeot to statutory debt limitation 265,522 9,''-7B Balance Issuable under limitation Source: 265,1170 ^ auaranteed Beourltles (aioludlng those held by the Treasury) Bureau of the Public Debt. Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding June 30, 1953 (In milllonB of dollars) Class of security 22 23 Auqust 195) ,DKBT OPERATIONS. Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding June 30, 1953 i/- (Continued) (In mlUlons of.doilara) Treasury Bulletin .DEBT OPEBATIOMS. Table 2.- Offerings of Treasury Bills (Dollar emouats in mllllonB) , Auqust mj DEBT OPERATIONS. Offerings of Marketable IsBues of Treasury Bonds, Notes, and Certificates of Indebtedness Description of oecurlty First oaU Cash X/ Cxohaage In exohasge for other securities (In millions of dollars) 1/20/1*8 2/13A8 3/22A8 s/ig/its 6/21/1.8 1-1/8)6 l-l/BJt 1-1/8)6 1-1/8)6 1-1/8)6 1-3/8)6 1-1/1*)6 1-1/1*)6 l-l/l*)6 1/19A9 2/15A9 l-l/l*)6 3/2l/l»9 1-1/1*56 5/19/1*9 1-1/1*56 l-l/lt)6 6/20 A9 l-l/l*)6 8/21A9 1-1/3)6 1-1/8)6 1-3/8)6 1-1/8)6 9/20/1*9 12/5A9 12/19A9 1/20/50 2/17/50 2/17/50 3/20/50 5/22/50 6/21/50 9/5/50 9/18/50 12A/50 £/ 6A/5I ^9« 9/18^1 lo/im 12/3/51 6/16/52 9/15^ Hote l-l/l.)6 Hote 1-1/2)6 Hote 1-1/1*)6 Hote l-l/l»)6 Hote 1-1/1*)6 Hote 1-1 A* Hote l-l/U)6 Hote l-3/l*i6 Hote 2,189 3,553 1,055 It, 301 5,783 3,596 6,535 519 5,695 2,189 3,553 1,055 1,993 2,922 963 5,019 5,601 1,197 1,993 2,922 963 5,019 5,601 1,197 6,21*8 1*,675 6,21*8 3/l5/5l*-A 1/1/51-A 5,373 5,373 10/1/51-A 7/1/51-B 3/15/^5-A 7/1/51-0 1,918 1,918 2,71*1 2,71*1 5,365 886 5,365 2/1/1.9-B 3/1/1*9-0 l./lA9-I> 6/l/l*9-E 7/l/lt9-F U/1/50-A 10/l/l*9-G I2/15A9-H 1/1/50 -A 2/1/50-B 3/1/50 -C l*/l/50-D 6/1/50 -E 7/1/50-F 9/15/50-0 10/1/50-H '',301 5,783 3,596 6,535 519 5,695 '',675 l*,8l8 5,351 5,351 5,9'tl 5,91*1 5,253 6,85U 5,253 6,851* 1-1/2)6 Note 1.007 i/ 1-7/8* Certificate Certificate Certificate Certificate Certificate Bote Certificate 9,521* 1-7/8)6 1-7/8)6 1-7/8)6 1-7/8)6 1-1/2)6 1-7/8)6 Bond Certificate Hote Bond Certificate Certificate 2)6 2-1/8)6 Hote 1-1/2)6 Hote Certificate 2)6 5,216 583 3-lA)6 2-5/8)6 2-1/2)6 2-5/8)6 Certificate Bond Note Bond Certificate Certificate Certificate 1,832 10,861 lli, 5yr 550 1/ 1,063 Ui. ii 7 jr 2-3/8)6 1-7/8)6 1-1/2)6 2-3/8)6 1-7/8)6 2-1/2)6 1-1/2)6 ©3 Certificate Certificate Certificate Certificate Certificate Certificate Certificate Hote Certificate l-l/lt)6 2-l/l*)6 5/20/53 Certificate Certificate Certificate Certificate Certificate Note Certificate Certificate Certificate 11} Syr im 927 ,868 . 927 8,868 5311/ 5313/ ;008 5/ 2.008 2/ ,51*2 10,51*2 821* /15/53-c 5/ 873 2/ Syr 10 5 yr 30 yr 3/22/S-C2/ 1* y 873 2/ I 1 1 5,250 100 6/ 107 1/ l*l8pi/ 8,687 8/l5/5'*-D Source: Bureau of the Public Deht. suhscrlptloDS 1/ Consists of all public cash aubsorlptlo Goremment Inreslment accounts. 2/ Exchange offering available to owners of nonmarketable 2-3/1** Treasury Bonds, Investoient Series B-1975-80, dated April 1, 1951. For further Infonnatlan relating to the original offering see "Treasury Bulletin" for April 1951, page A-1. 1/ Amounts shovn are as of July 31, 1953. They Include exchanges by Federal Reaerre System Open Market Account amounting to $1,000 milthe case of lion in the case of Series EA-I956, $500 million each Series EO-1956 and Series EA-I957, and $711* mlUlon in the case of Series EO-1957. kj Honbanjc subscriptions were allotted In full, Conmercial bazilra' subscriptions for amounts up to and including $100,000 for their own account also were allotted In full. Cammerclal banks' subscriptions for amounts over $100,000 for their own account were allotted $100,000 on each eubaoriptlon. 5/ The 2* certificates dated August 15, 1952, were reopened, with all certificates of the series Identical in all respects, as an exchange offering for the 1-7/^ certificates which matured December 1, 1952. Total exchanges amounted to $2,882 million. ' m Holders of the 1-7/8)6 certificates which matured February 15, 1953, were offered a choice of exchanging the securities for either the one-year certificate or the flTe-year, ten-month bond. The bond offering was made available for exchange of F and G aavlngs bonds maturing from May 1 through December 31, 1953. Total allotauente on cash subscriptions were limited to approximately $1,000 million, Nonbank subscriptions In amounts up to and including $5,000 were allotted in full. AU other suisorlptlons were aUotted 20*. Canmiercial banks' subscrlptlans were restricted to an amount not exceeding 5* of their tijne deposits as of December 31, 1952. The Treasury also reserved the right to allot lljnlted amounts of these bonds to Government Investsnent accounts, which subscribed to a total amount of $117,779,000. Also designated tax anticipation certificates which will be accepted at par plus accrued interest to maturity In payment of Income and profits taxes due March 15, 1951* • Subscriptions for amounts up to and Including $100,000 were allotted in fun. Subscriptions for amounts over $100,000 were allotted 67)6 but in no case lees than $100,000. Preliminary. Not available. Treasury Bulletin .DEBT OPERATIONS. Table 4.- Ulsposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness Auqust 195) .UNITED STATES SAVUKJS BONDS. United States savings bonds were first offered In March 1975 and began to mature In March V)^^. Series A-D were sold between March I935 and the end of April IShX, and Series E, ?, and were first offered In May 19IU. bona, Series H, similar In Interest return to Series E, was- offered beginning June 1. For details of these changes see "Treasury Bulletin" for May 1952, page A-1. and G began to mature on May 1, Series F for the exchange 1953. To redeem the offering made to holders of these bonds maturing through December 3I, I953, see the May I953 Issue, page A-1. In bonds In cash In accordance with the original terms; to the tables which follow, Series A-F and J sales are shown When Series E began to mature on May 1, 1951, owners of the matured bonds were offered three options: retain them with an extended maturity of 10 years at specified rates of Interest accrual; or to exchange them for Series Mayl, 1952. bonds. A number of changes became effective The principle ones were: The rate of Interest accrual on Series E was Increased, especially for the near term, with corresponding changes In extended Series Series r and E; and were replaced by two new Issues, Series J and K, also at higher Interest rates. A new current-Income at Issue price and total redemptions and amounts out- standing at current redemption values. Series 0, H, and K are shown at face value throughout. Matured bonds which have been redeemed are Included In redemptions. Matured F and bonds outstanding are Included In the Interest- bearing debt until all bonds of the annual series have matured, when they are transferred to matured debt upon which Interest has ceased. Table 1.- Sales and Redemptions by Series, Cumulative through June 30, 1953 (Dollar em. unto in mlUlona) SsrlsB Treasury Bulletin .UNITED STATES SAVUJGS BONDS. Table 3.- Sal es and Redemptions by Periods, Series E through K (Dollar amounts tn mlllloas) Amount outstanding ( interestbearing debt) riaoea years: Auqttst 195) .UNITKD STATES SAVUJGS BONDS. Table 3.- Sales Redemptions by Periods, Series E through K - (Continued! (In mlUlons of dollBM) Bodrntptlons 2/ i/ riBoal yean: ABOunt outBtenAinQ (Intarestbearing dobt) Treasury Bulletin .UNITED STATES JAYIRGS BOKDS. Table 3.- Sales and Redempt ions by Periods, Series B through K (In mllllonB of dollars) FlB=alyeB«! Auqust IW .UNITED STATES SAVIBGS BOHDS. Table 3.- Sales and Redenptlons by Periods, Series B through K - (Continued) (In nlUlona of dollars) Sales plus discount I'lBo<a y~«i Treasury Bulletin .UNITED STATES SAVINGS BONDS. Redemptions of Matured and Unmatured Savings Bonds (In miUlons of dollara) UoBatured bonds i In exohango for S«rle8 G or E FlBcai yeora: 1951 1952 1953 6,137 5,109 5,621 5,320 "•,996 't,317 It.OW 3,622 3,860 Calendar years: 1950 1951 5,ao 1952 5,07"* .,853 I., 879 059 5,651 It, 1952 -July 1953 -January.. March Dally Treasury Statement. Details by series on a cuamlatlTe basis and by periods for ccnbined will be found In the Fehrtiary 1952 and prerioua Is "Treasury Bulletin" Includes exchanges of matured Series E bonds for Series G b nlng May 1951 and for Series K bonds beginning May 1952 Includes both matured and unmatured bonds; see Table h. Sales began June 1, 1952. rce: 5/ 6/ 7/ 8/ 2/ Sales were discontinued after April 30, 1952. Sales began May 1, 1952. Comparable data are not arallable prior to January 1950, Includes redemptions not yet classified. Includes exchanges of Series 19'»1 F and G savings bonds for Treasury 3-1A16 bonds of I978-83 as follows: $397 million 1: May and $19 million in June. Xnqust 1955 .UNITED STJfflES SAVINGS BONDS. Table 5.- Sales and Redemptions by Denominations, Series B and H Combined Series E and H combinod 1/ Total, Fiscal years: aU Treasury Bulletin .UNITED STATES SAVINGS BONDS. Sales by States, Series E and H i/ (Combined) (In thousands of dollars at laaue price) Inceptlo: through June 30, 1953 720,676 S!»l,0l8 l<2li,38U California Colorado Connecticut 5,090,055 5Mi,8«6 1,150,571 10,231. 1,897 3,971 District of Coliinbla. Florida Idaho IlllnolB 2,901 1,230 1,568 2,698 929 1,685 17,139 1,607 17,213 l*,567 '^,333 2,1*13 Maryland. MaaaachuB Michigan. 644 934 4,250 361 3,816 478 25,136 903 799' 693 28,652 34,449 34,378 12,958 16,235 7,294 9,839 9,388 9,381 11,169 11,795 12,269 10,484 10,205 7,586 4,464 4,116 3,054 1,198 6>31 3,278 S,338 927r Montana. Nebraska. Nerrada... 3,1*37 8,011 18,903 5,090 1,627 8,232 1,1(38,208 1*39,302 1*,569 1,1*66 5,641 8,663 8,799 5,131* 591r 12,1*26 651 8,293,005 35,721* 81*4,786 2,751 358,368 1,1*1*9 191,787 835,539 13,626 3,612 1,655 27,218 1,075 1,667 396,619 1,1*31* 3,1*32 1,133 3,1*51 7,946 ll*,996 4,662 1,464 6,646 7,186 2,597 12,228 776,51*6 1,903 1.837 2,557,396 7,7l*J* 20,999 4,605 2,572 706 1,138 1,293 25,337 1,055 2,010 1,665 2,727 9,063 1,1*52 21*, 3,735 2,889 1,046 4,030 8,167 17,408 4,632 8,041 21,044 6,054 2,494 10,873 6,025 1,952 10,956 6,262 1,872 10,625 551* 38,523 2,974 1,518 1,373 22,999 1,172 1,968 655 13,754 B50 36,338 3,804 1,960 36,907 3,565 1,695 37,036 3,295 1,507 29,915 3,326 2,502 21,622 4,750 2,626 7,104 2,642 29,376 1,232 1,783 1,671 2,532 9,551 2,689 6,252 627 13,844 695 24,078 18,487 2,366 1,668 26,708 1,016 545 13,425 918 35,670 1,470 2,061 31,097 1,267 2,052 35,709 30,478 1,1*83 1,334 1,893 2,287 4,094 13,113 2,542 3,841 2,720 3,084 11,293 13,1*81 2,174 1,U4 278,962 101,033 l,ll.6,6U7 Washington West Virginia, WlBccmsla Wycalng 1,253,373 3,1*21 2,31*5 61*0,363 l,5l*l>,867 2,639 7,629 11*2,1*82 51*5 2,392 6,565 W*6 W*,72l* 5,886 2,831 7,260 3,530 2,634 6,081 269 6I.5 150 656 320,389 1,239 279 5,272 297 3,999 335 3,905 Virginia 3,698 8,283 316 64lr 12,927 30,619 2,696 1,254 1,669 3,457 696 3,342 4,493 2,258 35,198 1,966 1,212 2,91*5 3, 1*01 4,604 8,496 23,142 380 158,1*76 . Puerto Rico Virgin Islands,,,. Other possessicns. 3,594 7,547 18,176 1,31*6 Pennsylvania, Rhode Island... South Carolina, ntah 3,567 7,033 15,252 930,632 77,733 760,51*0 2,579 2,261 975r 81*7r 2,550,666 1», South Dakota.,, 6,371 4,4a 3,390 2,215 31*3,236 177,1*67 New York Korth Carolina. North Dakota, . 4,169 8,813 1*,736 l,aao,290 21,601 2,111 4,958 3,605 5,659 6,865 3,107 7,573 17,179r 26,066 3,437 4,500 580 2,960 2,693 9701 3,61i5,l31 18,977 3,076 5,464 4,358 '*,236 856,256 2,151,931 17,374 2,083 4,384 2,314 1,606 1,901 3,31*2 1,793,079 1,063,689 719,091 2,392 1,521 625 9,091* 281t,087 !;958 1*,091 1,8146,558 73lt,770 3,344 1,316 2,674 2,1*80 2lt,li78 lam...'.'.'.'.'.'.'.'.'.'.'..'.. 14,346 1,856 3,900 2,439 1,065 1,773 3,690 3,635 7,302 5,617 3,618 8.264 5,046 396,815 351,263 3,1*75 7,679 11*5 1,547 158 l*J*,l*eB 2,11*2 31*, 1*68 448,253: 69,326,175 315,528 309,658 Auqust 195) .TREASURY SAVTMGS NOTES. Treasury tax and savings notes have been Issued as Tax Series A from August 1, l^^\, through follows: June 22, 19^3; Tax Series B from August 1, 1941, through September 12, ISlf^; Savings Series C (originally designated Tax Series C) from September lli, 13^2, through August 31, iglt^; Savings Series D from September 1, 19'*-S, through May l'^, I55I; Savings Series A from May I5, 1951, through Hay \^, 1953; and Savings Series B beginning on May I5, 1953. Details concerning terms and conditions for purchase and redemption and Information on investment yields of Savings Series B appear In the June 1953 issue of the Similar Information with "Treasury Bulletin", page A-1, respect to the offering of the earlier series was published currently In the "Treasury Bulletin", and appears also In the "Annual Report of the Secretary of the Treasury" for appropriate years. In the following tables sales and redemotlons of Treasury savings notes are shown at par value. Matured notes redeemed (either for cash or for tax payment) are Included in the figures on redemptions. Matured notes outstanding are reflected In the Interest-bearing debt until all notes of the annual series have matured, when they are transferred to matured debt upon which Interest has ceased. Table 1.- Sales and Redemptions by Series, Cumulative through June 30, 1953 Series Treasury Bulletin .OWNERSHIP OF JWERAL SECURITIES. Table 1.- Distribution of Federal Securities by Ciaeses of Investors and Types of Issues (In millions of dollars) Auqust 1951 .OWNERSHIP OF FEDERAL SECURITIES. 3.- Estimated Ownership of Federal Securities {Par valuoa l/ - In blUlonfl of dollars) Treasury Bulletin .TRKA3UPY SURVEY OF OWNERSHIP, MAY 31, 1953 The Treasury Survey of Ownership covers securities Issued by the United States Oovernment and by Federal agencies. The banks and Insurance companies Included In the Survey account for approximately 95 percent of such securities held by all banks and Insurance companies Data were first published for In the United States. March 71, igUl, In the May ig"*! "Treasury Bulletin". Section I - Information on the distribution of ownership by types of banks and Insurance companies Is published each month. Additional Information showing the holdings of commercial banks distributed according to Federal Reserve member bank classes and nonmember banks Is published for June 30 and December 31' Securities Issued or Guaranteed by the United States Government Table 1.- Summary of All Securities (Par Taluaa • In mUllcauB of dollare) J August 195 .TPEASUPY SURVEY OF OWNERSHIP, MAY 31, 1953 Sect-ion I - Securities Issued or Guaranteed by the United States Governnent Table 3.- Interest-Bearing Public Marketable Securities by Issues Treasury .TREASURY SURVEY OF OWNERSHIP, MAY 31, 1953 Section I - Securities Issued or Guaranteed by the United States Government Table 3.- Interest-Bearing Public Marketable Securities by Issues - (Continued) (Par Taluee - In oIUIods of dollars} Auijust mj Treasury Bulletin .MAEKET QTX)TATIONS ON TREASUFT SECURITIES, JUKE 30, 1953 . Current market quotations Bhovm here are over-thecounter closing bid quotations In the New York market for the last trading day of the month, as reported to securities Issued by the United States aovernment except Panama Canal bonds. Outstanding issues which are guaranteed by the United States Oovernment are the Treasury ty the Federal Reserve Bank of New York, The securities listed Include all public marketable excluded because they are not regularly quoted in the market. Table 1.- Treasury Bills (Taxable) Amount . Aitqust 195? .WSKSS QTOTAHOBS on TEEASURy SECUEITIES, JUNE 30, 1953 , Other Taxable leeues (Price dadmnlfl ere 32ndB) BiDce first traded k/ $3,833 723 2,963 It, 2-1/2* 2-1/2 2-1/2 2-1/2 2-1/2 - 12/15M-69 - 3/15/65-70 3/15/66-71 3/ 6/15/67-72 8/ 12/15/67-72 8/ - - 3.OU561/ 3.06 7/ 1/ 1/ 1/ 9/l5/'t3 2/l/W 3.01* 1£/1/Wl 3.00 3.00 6/1A5 11/15/1*5 of Taljle h Table 4.- Tax-Exempt Bonds ii/ (Price declmalB are itnia) toount outstand Ujg- (^lions) 107.24 107.23 107.22 106.16 106.16 V6/U6 l./6/l»6 V6/1.6 U/6/li6 90.20 90.18 90.16 6/1/53 6/1/53 6/1/53 6/1/53 6/1/53 Treasury Bulletin .MAEKET QTOTATIOBS ON TFEASUEY SECURITIES, JUNE 30, 1953 S! . August 195) .AVERAJE YIELDS OF LONG-TEEM BONDS. Table 1.- Average Yields of Treasury Bonds and ^kx>dy'8 Aaa Corporate Bonds by Periods (Porcent per annum) Treasury BuUeiin .AWBXiE YIELDS OF LONG-TEFM BONDS. . . , Auqust i95J .HfTERNAL EEVENUE COLLECTIOHS. Summary by Principal Sources i/ (In thouaands of dollars) Total receipts frcan Internal (Daity Treasury Statement) 12, 993, lib 22,lU3,969 Ul, 681., 987 Adjustment of collectlona to Dally Treasury Statement Corporatloj Income and profits -36,797 13,029,915 -221*, 755 1*, 71*1*, 083 9,668,956 -361,509 22,368,721* 1*0,119,510 1*3,800,338 1*0,671,922 +271,136 -11,051 1*1,861*, 536 10,171*, 1*10 1*0,307,285 -155,831* 1*0,1*63,119 39,1*1*8,607 +1*91,1*82 38,957,126 11,553,669 10, 851*, 351 51,106,095 +660,1*09 50,1*1*5,686 65, 631*, 891* +625,502 69,930,655 +ei*i*,ii*5 65,009,393 69,686,509 3,1*13,233 1*, 1*08,351 -1*30,755 3,81*3,988 -988,280 6,710,598 +1,1*32,218 5,396,631 5,278,380 1*3,902,002 1*0,310,333 +1,565,1*77 +101,661* 39,379,1*09 1*1,853,1*85 Individual Income tax not withheld 2/ collections ll*,766,796 162 3,262,800 8,128,637 19,999,378 5,91*3,917 10,1*37,570 8,770,091* 1*. 1*1*8, Individual vithheld 895,336 170,1*09 686,015 1,131,51*6 7,823,1*35 10,261*,219 1,290,025 1,307,931 1,237,825 211,151 265,011 16,027,213 12,553,602 20,813,1*91 20,1*05,361* 8,81*6,91*7 9,857,589 39,108,273 9,676,757 21,367,662 23,379,123 20,527,935 19,797,883 26, 621*, 788 33,738,370 9,501,015 9,81*2,282 IJ.,533,577 -550,71*1 -833,01*3 3,700,81*7 5,31*5,808 '*,367,900 +1,595,082 11*, 387, 569 21,1*66,910 21,59l*,515 9,l*6l*,20l* 10,055,502 9,888,976 13,089,769 7,996,320 7,26l*,332 9,907,539 11,31*5,060 11,603,91*2 37,25l»,6l9 957,770 356,938 1,939,176 1*, 190, 037 2,1*1*1,771 1,969,671* 393,125 93,368 1,652,593 927,1*71 1,805,1*86 161*, 390 352,262 2,785,165 1*, 11*8,1*17 108,607 61*2,652 357,571* 501,195 2,698,01*7 Ballxoad y 17,929,01.7 21*, 1,1*58,931* 1,612,721 1,687,151 28l*,758 281*, 258 379,555 560,113 1,873,1*01 562,731* 51*8,038 2,810,750 579,778 3,58l*,026 119,617 156,008 183,337 186,1*89 178,71*5 185,876 208,508 226,228 223,135 236,952 259,616 271,211* 750; l*,2l*3 1,538; ll*,639 . 763 3,290 91* '209 972, 366 6,150,309 -1,163,657 5,378,278 7,313,965 1*01*, 1*52 11,712,1*1*1* +1,1*37,829 10, 271*, 615 6,171,089 1*, 039, 683 6,063,001. 3,125,1*63 3,900,238 1*, 920, 068 10,117,195 -215,385 -1,090,318 651*, 130 2,529,1*27 3,081. i*,a25 738,553 50,8U5 99,399 17,179 -1,132 -1*05,912 1*, 358,953 5,683,320 +1,1*57,107 1*, 2,854,566 639,012 166,71.3 8,672 2,063,01*7 MlBcellsneous IntemAl rsTenue Total miscellaneous Internal 3,837,670 It, 571, 131 5,353,336 6,959,631* 7,712,956 8,063,851* 8,311,003 6,381,515 tax 5/ 281,900 328,795 380,702 371,999 352,121 1,597 1,723 1,1*23,1*80 780,792 923,857 1*1,702 1*5,155 852,065 670,012 1*00,505 1*1*7,1*96 511,210 1,618,01*5 2,309,861* 988,1*63 932,11*5 1,075,1*02 2,526,162 1,165,519 1,206,616 1,1*11*, 717 1,1*30,1*28 676,832 50,600 65,528 67,676 726,691* 61*3,055 2, 1*7!*, 756 1,237,768 1,300,280 1,321,875 1,939,621 1,550,81*2 i'S 2,U9,157 1,655,711 1,752,792 1,720,908 1,01*8,165 1*32,51*0 'm 2,255,320 2,210,601 2,219,196 9,1*33,328 9, 601*, 112 2,51*6,807 2,51*9,088 10,837,375 891,281* 2,780,925 1,380,396 1,565,162 1,651*, 911 91*7,01*2 83,553 69,801 58,982 21*5,539 11*0,301* 205,189 257,502 285,051 268,539 220,197 187,958 185,596 229,090 11*9,133 81*9,655 866,935 967,891 . etoolc 796,538 706,226 729,730 833,U*7 8,301*, 892 Deo amber. 1953-January February. March Capital 61*5,129 91*0,083 837,1*00 31.6,509 978,061* 56,631* 50,519 70,161 76,922 61*, 830 153,506 April May Source: Daily Treasury Statement for total receipts from internal revenue; reports by the Bureau of Internal Revenue for collections by typ« of tax. Detail by type of tax is available only on a collection basis. Receipts on the Dally Treasury Statemsnt basis are compiled from the latest daily reports from Govemment depositaries; they do not coincide with ajDDunts reported by the Bureau because of the lag in deposits of collections and because certain taxes are paid directly into the depositaries 1/ Excludes collections for credit to certain trust accounts for Island possessions; Includes corporation Income tax on Alaska Railroad (repealed by Public Law 386, approved June 10, 1952, for taxable years ending a^er that date). 2/ Includes excess profits taxes formerly shown separately as follows: unjust enrichment through 19l*7 (thereafter these collections are Included under "Miscellaneous taxes"); declared value (repealed for years ending after June 30, 191*6); Excess Profits Tax Act of I9I.0 (Title II of the Second Revenue Act of 191*0, which was repealed for 81*;61.8 11*7, 06I* 156,530 127,176 6,333 10,676 l£l*,808 5,752 10,626 5,812 135,729 132,569 6,237 10,018 11*3,621 230,1*U8 228;859 236,958 93,107 81*, 995 90,319 136,181* 2,220,71*1* 2,21*5,182 2,81*0,690 2,8eU,l*09r 732,335 1,1*89,929 3,358,705 267,765 252,931 223,31*0 203,892 166,268 169,371 21*8, U32 215,1*92 267,606 312,925 282,730 308,281 275,965 291,538 320,183 307,009 120,663 206,161 11*7,825 11*5,215 169,999 181,125 166,997 168,222 years ending after December 31, 19l*5). Includes also eice profits taxes on Army and Navy contracts under the Vinson Act as amended (3I. U.S.C. 1.96) and Income tax on business income of exempt organizations, imposed by the Revenue Act of 1951, approved October 20, 1951. Monthly and fiscal year 1953 figures Include old-age Insurance tax on self-employment Income, which Is levied and collected as part of the individual Income tax beginning with the taxable year 1951. Fiscal year figures prior to 1953 exclude this tax, on the basis of estimates beginning 1952, and it is Included under "Old-age Insurances taxes". The estimate for 1953 Is not yet available. Withheld Incone tax and old-age Insurance taxes on employers and employees are paid Into the Treasury In combined amounts beginning January 1951, so that current collectlcos are not separable as to type of tax. The breakdown Is estimated for fiscal years beginning 1951, but the estimate for 1953 la not yet available. Repealed for years ending after June 30, 191*5. Beginning July 1950, included under "Miscellaneous taxes" Revised. Treasury Bulletin INTERNAL REVENUE COLLECTIONS. INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES Fiscal Years 1938-53 DOLLARS DOLL< Billio .4iu/ust I9jj .INTERNAL EEVENUE COLLECTIONS. Table 2.- Detail of Collections by Type of Taxof dollars) Treasury Bulletin .INTERNAL REVENUE COLLECTIONS. Table 2.- Detail of Collect lone by Type of Tax of dollars V Auqust i9'yj .MOHXTABT STATISTICS. Table 1.- Money In Circulation (In Lllllona of dollars except as noted) Treasury Bulletin .MOIETABT STATISTICS Table 2.- Monetary Stocks of Oold and Sliver (Dollar anounts In mllllona) SllT«r (»1.29+ per Batlo of BllTer to gold and sllTer In fine ounce) 191^... 19^7... l.,266.5 I9M... J,532.5 191*9... 3,685.8 3,508.U 3,525.7 3,571.0 3,618.3 3,3^.5 3,671.5 3,718.5 3,768.5 3,1*62.6 3, 811* .2 1951' 2,695.5 3,7'tl.3 1952 -JuU J, 350.5 3,773.3 3,777.8 3,781.2 1950... 1951... 1958... 1953 p. ^,230. 1,755.9 !,3W..'» September. i,3'»2.0 Ootober... HoTember. December.. i, 1953 -January... February.. 339.3 i, 337.5 i, 187.1 3,785.'* >,985.8 !,5&.7 3,797.7 3,801.0 3,8<A.7 !,56l.8 !,536.8 3.808.6 3,812 .U !,lt62.6 3,8ii».a !, 662.1 In minionfl of dollars lii.2 13.2 12.9 13.2 3,789.1 3,79't.l Table 3.- Gold Assets and Liabilities of the Treasury ( 111. lU.U IK A Ik.k IV.5 14.5 J Atujust 195 .MOHETARY STATISTICS. Table 4.- Oomponents or Silver Monetary Stoek (In millions of dollars) Treasury Balletitt .MDHET-AEY STATISTICS , Table 6.- Seigniorage on Silver (Cumulative from January 1, 1935 - In mllllone of dollars) Aaqust mj .KXCHANGE STABILIZATION FUND. Table 1.- Balance Sheet as of June 30, 1952, and March 31, 1953 .EXCHANGE STTABILIZATION FUMD. Table 2.- Income and Expense Close If loatlon Profit* on Brltlih starling transaotlonfl 310,638.09 310,638.09 351,527.60 351,587.60 Profits on gold bullion (Including profits from handling charges on gold) 53,883,358.93 56,128,892.31 Profits en othar gold sod eiohanga transactions llO, 000, 000.00 1*9,160,806.69 Prof 1 to on French franc transactions ioe,735.27 102,735.27 Profits CO sale of ellrar bullion to Treasury (natlonallted) 3, '•73, 362 .29 3,1*73,362.29 Profits on Inrsstasnts 1,876,790.55 1,876,790.55 8,198,066.89 8,573,802.55 Profits on sllTer trsasaotlons Mlsoellansous profits Interest earned on forel^i Interest earned on Chinese yuan. Total inoons 861,5*6.95 861,5*6.95 2,8119,683.19 2,81*9,683.19 1,975,317.07 1,975,317.07 113,883,026.83 125,665,102.56 Expanse! 8,753,788.26 9,75'*,690.5e Travel 1*1(5, 0U6. 91 1*83,972.90 Transportation of things 671,1*13.57 685,399.16 Ccmnunloatlons 557,523.13 572,1*1*3.12 Personal serrloes Supplies and natarlals Other Total expanse 99,193.91' 105,081.16 l,30'i,W7.33 1,388,61*3.51 11,831,373.11* 12,990,230.37 102,051,653.69 . Aucjust 195) .CAPITAL MOVIMEIiTS. the data for January 1950- Data relating to olalme on foreigners and liabili- Attention is called to the and capital raovcmentB between the fact that although the grand total figures on the revised collected reporting basis are reasonably comparable with those for since 1975, pursuant to Executive Order 6560 of January I5, preceding months, data for Individual countries in some ties to foreigners, United States and foreign countries, have been Treasury regulations thereunder. Information covering the principal types of data and the principal countries Is reported each month by banks and bankers and This securities brokers and dealers In the United States. i"!^ 193'''i Table 1 gives data by countries on short-term claims on and Supplementary Information la published at less frequent Intervals. The supplementary information, contained in Section IV, is presented in three tables appearing at different times. Information Is published regularly In the "Treasury Bulletin". instances are not comparable because of certain changes in coverage and geographical classification. llabllltiee to foreigners as reported quarterly by exporters, All reports are made Initially to the Federal Reserve Banks, which forward consolidated figures importers, and industrial and commercial concerns in the to the Treasury. United States. This information was published for the first time in the October 19^9 issue of the "Treasury Bulletin" Table 2 and begins with data for September 30, 19^6. supplies information by countries on long-term claims on The term "foreigners" as used In these reports covers all Institutions and Individuals (Including United States and liabilities to foreigners as reported by banks and bankers in the United States. This table appeared for the citizens) domiciled outside the United States, as well as International organizations, wherever domiciled, created by treaty or convention between sovereign states. first time in the December I949 issue. "Short-term" refers to original maturities of one year or less, and "long-term" refers to all other maturities. A detailed Data are for the Table 3 end of the calendar year beginning with 1942. gives information on short-term liabilities to countries basis of reporting, not regularly reported separately by banks and bankers. and derivation of capital movements figures appeared in This table appeared for the first time in the April I95O issue. The data have been requested at irregular intervals, discussion of the reporting coverage, the April 1950 issue of the "Treasury Bulletin", pages 50-52 Revised report forms and regulations became effective with Section I - the earliest date being October 191+3. Summary by Periods Table 1.- Net Capital Movement between the United States and Foreign Countries (In thousands of dollars; negative figures indicate a net outflow of capital from the United States) Analysis of 1 apital wss-w 19112 IShi igiiit 19'>5 3,770,922 583,373 1,168,058 USI.SSI* l,07i»,375 ll>8,59'* 1,216,303 -793,321* -733,909 9,661 -331*, 203 331*, 163 225,1*17 395,521* 191*, 1*58 90,81*5 -11,318 -19,313 610 7,992 -89,055 -192,215 75,203 ms 191*7 191*8 19lt9 100,870 3,513 13,372 5, 351*, 071 626,121 1,286,393 ' 1950 1,757,618 1951 -380.1*71 531,777 950,583 1/ 626,731 1*6,599 27,767 210,735 -113,105 91*1*, 1*30 -6,11*1 832 27,800 -91*, -11*5,387 -376,989 -221,933 1952 1952 -July 265,127 39,012 3l8,U90 130,036 223,373 -3,738 September 356,566 189,905 228,593 82,611* 129,01*7 •111*, 1*97 November. 316 -7,810 3,692 185,791* 1*1,783 11,001 7,055 32,183 -1*8,079 1 3,516 33,899 ] -l.,81.5 1,1*1*7 -19,177 -37,972 -1,691 7,723 -23,1*27 -1,236 690 5,175 -27,862 -171,806 1953 -January. -11*, 093 February March -11*0,201 April p. 21*3,072 189,1*45 : : : 179,636 : 88,019 -159,602 -32,331 -98,831 197,031 271,1*80 115,986 -l»,102 2,023 I I -191* 32,893 -6,126 9,323 68,1.78 Treasury Bulletin .CAPITAL MOVHffiNTS. Section 1 - Sunmary by Periods Table 2.- Short-Teroi Claims on and Liabilities to Foreigners (Position at end of period llabllltleB forel^ers Payable forelga of foreigners 3,523,328 205, 389 13,893 17,911 19U2 19^3 19W* 21*6,673 30,916 31*, 387 72,01*8 11*3,709 137,161* 1*, 5,371*, 903 It, 329,69l» 51*, 603 105,1*21 169,670 356, 501 392,766 708,253 1*7,1*89 100,267 319,639 21*5,010 290,1*95 5,596,775 6,883,068 1*, 19l'5 1*, 91*6, 621* 6,1*80,262 I., 693, 911 1,71*5,722 25,51*6 1*0,629 91*8,936 165,1*39 292,866 361,197 222,719 151,115 1*90,631 7,116,1*19 1*, 809, 21*5 2,257,510 U9,661* 257,929 19^6 , 19't7 19't8 , 19^9 1950 1951 1952 , 98,119 October. RoTomber. December. 1953 -January.. February. 78;36l* 122,366 81*7,1*92 913 ^k,h^J 70,206 11*9,1*38 81*2,1*55 813,1*51 81*7,1*92 10,51*6,052 r 837,695 830,191 815,080 10,501,005 r 110,801* 21*0,583 1,01*8,722 1952 -July August. ... September 177,21*6 100,371 827,851* 83'.,l*75 026,209 066,320 023,375 018,652 021,120 61*, 01*8,722 78,361* 139,718 122,178 119,662 122,866 036,006 82,672 69,208 115,639 131*, 711 03"*, 682 66,290 71*, no 01*0,605 821,792 835,168 11*8,153 April p.. 1/ 131*, 1*12 21,61*1 1,218,633 1,910,898 2,1*37,751 7,717,960 7,617,959 8, 61*1*, 775 1/ 9,302,200 10,51*6,052 r 557,132 1*91*, 331 506,268 699,389 1,018,700 897,966 968,U*3 86,378 5^073^586 5,503,872 1/ 5,382,062 5,831,895 r 2,1*93,331* 10,356,210 10,526,357 10,706,785 5,752,221* 5,79l*,081* U,521i,598 1*, 670, 187 5,831,960 U, 809,166 10,587,565 10,678,052 5,71*8,925 l*,77l*,l88 5,935,119 5,831,895 r l*,679,138 l*,652,786 r 3,095,992 1/ 3,81*7,912 14,652,786 r 5,731,107 r 5,637,958 5,750,151 10,1*00,278 10,603,801* 1*, 70,389 51,039 911 72,226 61,371 1*1*, 79,388 717,278 r 52,620 '*,709,5a6 52,731* I*, 1*3,771* 809,879 818,713 788,030 1*5,217 51,11*9 Beginning 1950, Includes certain deposit balances and other assets which are held in specific tmst accounts but vhich preTlously had been excluded from reported liabilities. Table 3.- Net Movement of Short-Term Banking Funds (In thousands of dollars; negative figures Indicate a net outflow of capital from the Unit Short-term claims Short-term liabilities Payable in dollars Payable in 736,307 97,503 -11,256 -71,765 -63,072 307,187 15,933 191*9.... -315,1*87 -21*0,683 -69,761* 190,81*6 1950.... -76,233 11*8,775 1935-1*1. 191*2 191*3 .... 191*1* 191*5.... 191*6.... 191*7.... 191*8. . . 1952 -July. . . Septaibe: 1*22,711 3,034,615 20,671 330 60,899 1*85,870 1,179,311* -19,01*3 5,151* -32,506 -75,31*0 220,359 1,279,375 -50,630 -67,320 -219,372 26,773 -68,331 -1*5,1*85 -1*18,1.22 -10A33 138,1*78 -129,779 65,1*83 -200,136 -66,501 62,801 -11,937 -26,131 -3,1*71 -20,216 7,UU 3,391* -1*0,111 6,1*09 -11*, 6,51*5 636,207 601,51*1 -100,001 1,026,816 1/ -268,851* 115,381* 1*00,575 -136,231* 1*30,286 1/ 657,^25 -121,810 1,21*3,852 r 1*1*9,833 -ll*,901 -2,1*68 8,392 -27,602 -12,071* -7,980 1*,018 3,730 3,905 692,265 -11*8,103 -l*,l*76 -5,102 -3,91*7 -193,121 i*,723 -37,51*2 551*, 1*12 8,U63 1*2,91*5 in 266,156 385,365 13,1*1*1* -9,511* l*,221 Payable Deposits of foreigners foreign 315,096 -161*, 651 511,788 180,21*1 55,583 602,658 1/ 751,920 r 31*, 303 80l*,87l* r 15,083 9,035 20,725 -19,350 -6,128 27,315 -10,855 285,937 -5,11*4 11*5,589 -17,302 3,573 170,11*7 180,1*28 1*1,860 29,001* 37,876 138,979 17,51*0 -8,31*1 -119,220 -83,035 -31*, 978 186,191* -1,207 -657 2,516 -13,376 90,1*87 -3,201* -12,321* -132,000 r -103,22U r -95,050 -26,352 r -2,1*21* 12,716 1,896 7,227 -19,072 9,797' r -8,751 -13,1*1*2 15,111 -100,788 r -93,11*9 r 112,193 r -6,1*95 -100,727 r 203,526 -7,692 r 100,293 -8,960 257,298 r 1*7,798 ll*,ia2 1*9,105 : 10,918 2l*,U57 7,501* : -1*5,01*7 r 61*, 1*92 111* 1,W*3 5,932 1 , . August 195) .CAPITAL Section I - Summary by Periods Table 4.- mirchasee and Sales of Long-Term Domestic Securities by Foreigners (In thouaandB of doLLare; negative flgiires indicate a net outflow of capital from the United States) Domestic stocks Total Calendar year purchase purchases wss-u Ii30,2li5 19112 19115 96,383 151,639 136,853 260,223 igw 367,61.9 U32,109 19'»7 226,089 369,736 351., 085 376,671. 19^'i I9UU 191.8 191*9 1950 -1.11,365 1/ 1/ 20,895 19l»,6l6 171,1*32 357,655 511., 059 375,303 664,016 September. 50,628 52,989 75,530 1953-Januar7... February.. March 70,565 57,919 69,355 . . April p... 1/ January -95,652 1/ 25,704 70,744 245,314 393,390 -15,673 -64,1.60 Ull.,1.70 684,213 283,275 330,307 333,592 -269,743 31^,805 282, UI5 -97,1.32 1.30,013 1,31*1., Ill 1.02,606 941,505 793,551 733,802 ,1.98,172 1.19,812 .-704,621 1.3,105 115 -19,1*19 1.2,605 1.7,21.3 3,385 10,169 215,1*37 61., October... November December 1/ -150,585 -11*1*, 323 -21,218 2,925 6,202 5,010 1.8,231. 138,511* 170,555 268,21*1. 951* I952-JUI7 1*92, U20 513,558 377,717 120,332 1951 1952 396,768 1/ 161., 218 21.1,299 -1*2,977 -3l.,579 61,1.53 56,935 731 29,052 29,312 1*1*, 16, 13,293 66,21A 63,106 31*^630 37,71*7 1.5,1.52 53,81.8 U5,81.7 67,271. 1.2,71.6 38,027 56,867 37,104 182,409 31,614 25,359 15,821 -11,020 5,642 22,659 151,561 6,401 12,103 68^706 52,1.87 60,861 29,060 1.9,1.36 163,661. ,322,066 260,601 392,938 570,894 652,151 784,098 2,011,052 8,695,335 214,002 365,171 439,676 751,045 1,116,322 659,949 844,366 708,895 2,117,' 115,889 105,050 87,301 92,965 72,157 93,1*27 266,065 119,233 138,636 80,271 77,450 106,453 124,413 103,766 112,101 102,319 104,378 84,210 206,172 ,997 90,511* ' Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners (In thousands of dollare; negative figures indicate a net outflow of capital from the United States) Calendar year or month Treasury Bulletin 60 .CAPITAL MOVBMEHTS, Section II - Saimnary by CountrtCB Table 1.- Net Movement of Capital and of Short-Term Banking F'unds (In thouBODda of dollara; negative figures Indicate a net outflow of capital from the United States) . . Amntst 195) .CAPITAL MOVEMENTS. Section II - Summary by Countries Transactions by Foreigners Table 2.- Net Movenent In Brokerage Bal ances and Long-Term Security capital from the United States or not sales ty foreigners) of doliars; negative figures Indloata a net outflow of Transactions In long-tenn securities, dcmastlc In brokerage halanoes 1953 1,1(70 -2 Ciecboslorakla 346 Germany 327 Italy Netherlands -773 -3,566 -11*3 91*0 Portugal. 77 54 United Kingdom. Yugoslavia Other Europe... -1,U66 15,495 1,07"* 5,555 -1,610 79 -167 Total Europe... Latin America: Argentina. Bolivia. Braill.... Chile Oolanhla. . 507 397 -1,369 Dcninlcan Eepubllo (Juatamala Peru Kepuillc of Panana.., El Salvador Uruguay Venezuela Other Latin America. 466 -249 -181 Total Latin America. Total Asia Other countries: Australia Belgian Congo Egypt and AngloI^yptlan Sudan Union of South Africa. Other Total other countries. Intematlcsial l,011t 1,U6 -114 -15 -27 203 103 -6,707 6 36 try Section II - Summary by Countries Table 3.- Short-Term Clalme on and Liabilities to Foreigners Liabilities to foreigners Februfliy 96,313 131,19s Czechoelaralcia DermuLTk Finland 564 70,016 26,874 21*9,51*4 253,1*63 30,161* 531,1*51 128 552,182 53,793 286,625 221,056 259,084 585,650 57,112 304,935 230,655 233,401 6261844 61,955 311,426 231,507 2,31*6 115,869 2,358 54,591 6,061 18,995 5;768 17,618 116,559 2,071 54,840 5,8l4 18,209 89,194 632,639 2,837 751,555 9,334 44,347 88,724 657,597 1,599 833,685 9,813 44,681 142,644 20,155 83,414 82,402 126,519 142,479 20,095 75,697 86,192 123,879 152,407 19,590 81,111 278,317 331,311 46,992 l*,138 28,621 8,21*2 8,776 27,151 Italy Netherlands 25,61*6 50,666 308,280 6,231 5,81*1* 210,1*05 1,671 1,135 106,771* 2,251. 1*7,805 Portugal Kumanla Spain 6,703 2,893 Svitlerland U. S. S. E United Klogdoia 12,791* 6,111 20,192 86,581 610,525 3,503 27,267 Yugoalavla It, It 116,938 93, OW* 608,611 3,421 754,350 51* 7.278 6,1*27 Total Europe 133,788 563 62,315 26,143 5,065 5,123 2lt,052 Germany 130,756 51*0 60,657 28,591 3,5^0 5,088 3,l*91,53l*r 161, 1*95 l,lA£.023r Latin y\merlca: Argentina Bolivia Brazil Chile ColoDbia.... 7,1*09 6, It Jit 353,150 23,37li 7,205 10,709 383,277 19,377 36,1*8 Ouha Dominican Republic ; Guatemala 26,532 , . Netherlanda West Indies and Surinam, , , Peru Republic of Panama. . El Salvador Uruguay Yenazuela Other Latin Anerlca... . 39! 813 113,351* 31*, 91*7 27,158 275,938 2,793 2,71*8 1*5,339 l*,371 l*,5l*7 3,123 96,092 86,853 83,01*9 41,213 213,320 12,1*69 15,670 5,676 8,1(70 lit,017 6,760 9,225 7,331* ,220 32,951* 35,699 ll»,310 11*, 105 ll*,831 2,657 7,723 1,935 3,606 807 10,175 25,850 11.508 2,657 7,175 2,1*32 3,272 588 Turkey Other Asia 26,668 21,629 Total Aala 125,865 121*, 01*2 !!,,!!!! 10, 691* 2,613 Other countries: Australia *Belglan Congo Egypt end AngloIfeyptlan Sudan Union of South Africa, Other 2,133 2,766 Total other countries. 18,653 International ia.,i*69 45,369 45,333 41,150 13,71*1 61,505 871* 87,731* 1*0,127 9l*,217 61,885 90,403 44,166 97,306 103,916 133,608 67,455 91,139 54,799 91,735 117,322 138,559 63,858 90,430 52,237 94,250 142,469 130,560 5,388 It, l*,958 3,393 7,1*1*6 121*, 286 128,758r 33,392 11*, 1*59 803 2,657 6,733 2,031 2.557 6,272 2,671 l*,011 3,871* .585 199,349 2,1*91 658,975 10,153 25,089 15,588 11,593 3,035 21,202 21,258 Israel Japan Philippines Thailand 75;687 l,ltlT 31* 131,71*8 18,91.5 361t,lt20 37,812 2,850 Total Latin America,,, China Mainland Formosa Hong Kong India Indonesia 10,232 15,371 7,061 13,361* 370,651 19,013 37,792 ,692,495 2,785 5,571 2,076 3,133 770 11,650 12,619 2l»,193 20, It 73 19,962 lit, 202 11*, 225 13,625 6,111 1*,33S 18,639 21,586 10,516 37,1*32 36,096 71,997 70,200 58,016 l6,5l*J* 26,230 821,561 309,581* 186,71*3 10,162 210,71*3 37,290 35,461 71,434 75,053 60,664 36,121 34,538 71,370 76,308 67,318 37,503 35,035 79,647 85,319 64,289 16,360 22,738 862,847 313,709 190,420 19,342 15,413 897,116 324,777 192,999 8,605 206,878 268^9 19,483 15,312 886,186 327,934 194,797 8,4l6 245,592 ,855,298 283 2,670 3,102 ,999,513 3,1*69 55,068 38,054 93,522 21,859 358,435 2,801. 53,370 33,158 91,885 53,983 36,060 88,549 361,519 ,745,160 1,761,019 ,400,278 10,861,102 Auijust 1%) .CAPITAL MOYEMENTS. Section II - Suniniary by Countries 4.- Foreign Debit and Credit Balances In Brokerage Accounts (Position at and of month In tbouBands of dollars] Treasury Bulletin [ .CAPITAL MOVUffiUTS. Section 111 - Details for Month of March 1053 Table 1.- Short-Term Claims on Foreigners Auijust mj .CAPITAL MOTEMEHTS. Section III - Details for Month of March 1953 Table 2.- Short-Term Liabilities to Foreigners (Position at end of month tn thousai^B of dollare) Total treasury .CAPITAL Details for Month of March 1953 Table 3.- Purchases and Sales of Long-Term Securities by Foreigners Section III - dollars) August 195) Section III A - Preliminary Details for Month of May 1953 Table 1.- Short-Term Claims on Foreigners Treasury Bullet .CAPITAL MDVB4EHTS. Section III A - Preliminary Details for Month of May 1953 Table 2.- Short-Term Liabilities to Foreigners (Poeltlon at end of month Short-tern llahllltlos payable In dollare official institutions Total Depoalta >«7 tills and oortlf- U.S. Treasury tills and certlf- ^^^ U5,093 128,97't 2,780 61.5 69,U05 29,716 255,007 6^5,693 66,519 312,612 2Uli,o83 Nonrajr... 119,150 2,2U5 57,723 5,771 Poland... Portugal, 1.8,100 61.2,651 171,639 262,228 1*36 6,1*73 2,61*6 10,589 63,718 2,922 8,835 32,273 28,301 56,902 2,873 6,635 22,161 25,981 1.5,1.23 116,330 67, 1.1*0 11*1,139 198 20,856 7,107 92,651 1,609 37,566 29,708 1,607 37,216 56,551. 6,389 26,1*98 2 636 20,155 1,357 9,307 27,1.81. l.,l.05 It, 11*3 302 1.05 12,897 1.55 39,861. SwlUerland.... 626,381. n. S. S. E United Klnadom. 900,01.1 605,5911 811 305,367 10,762 10,099 31., 565 8,911. 26,11.8 259,1*60 l.SW 1.5,327 1,51*3 1*8,1*07 1*36 7,568 280^252 '"' 215 13,35s YugoelaTla Other Europe... 1,51*3 58,538 l*,093 27,070 189,003 139 293,020 19,301 116,935 17 7,207 1,185 9,1*81 636 19,881* 1,357 9,176 6,81*9 130,020 520 3,630 26l*,563 161*, 991 663 663 U,23l* 7,395 Total Surope... 1*,217 38 2,100 9,807 99,011 29,8 650 506,663 311., 1.71. 36,71*0 13,990 153,259 27,373 117,522 Bolivia... BraiU.... Chile Colombia. Cuba Dcnlnloan Guatonala. 93,11.2 122,055 372,202 192,500 305, 10,61*1 39,777 10,591* 7,862 37,386 171. 31,501* 32,51*7 3,1.81. 32,787 66,037 31 18,1*1*3 ll*,821 3,01.7 19,1*59 19,11*0 29,530 U,096 99,11*9 1,369 31., 17,064 3,305 62,1.93 22,726 95,22U Ul,; 13,600 10,395 39,902 1,502 27,71*3 37,021 31,386 65,399 75,023 8,032 7,907 22,551. 1.1,135 6,161. 39,766 53,915 35,292 37,305 29,686 ll*,837 11*, 1*13 33,280 129,669 129,61*0 53,870 56,061 1.5,389 186,321. 139,112 ioi.,2ia 80,573 31*, 1*91 1,221., 156 921., 21.3 28,790 29,605 28,178 28,993 35,213 39,1*78 3,207 1,392 87,201 i 61,1.63 89,261. 1.8,859 Other Latin 3,1.57 3 29,561 1.7,: 181,578 VflnezueLa... 109,621 16,729 72,255 100,518 1.8,001. 1 113,317 16,732 80,117 61,637 52,571 32,890 205 3,010 1,520 551,1.75 22,295 Asia; 37,1.80 China Mainland. 31., 635 5,030 8,188 5,030 39,339 3,207 1,392 75,31.2 35,' 92,219 88,81.5 Indonesia. 58, 57,532 l.6|868 17,132 10,1.18 Israel.... 16,1*32 ll.,9l.5 10,331* li*,931 882,982 326,063 192,082 867,706 305,771 835,093 30,891. 1,719 15,276 15,258 281,21.9 ll.,522 20,251* 20,181* 189,1*65 9,300 10,000 179,772 393 2,617 2,617 3,618 33,875 3,618 7,327 6,711* 1,1*87 3,683 156,958 Total Asia., 6,711. 1,1*87 11*1,638 Australia Belgian Congo ifeypt and Anglo- Egi-ptlan Sudan ttUon of South Africa OUi^r Total other 5'.,322 33,326 93,866 51,160 29,237 20,555 69,1.28 57,655 12,951* 30,000 16,200 1,750 605 3,161 3,161 83 l*,019 1*,012 10,023 23,71*6 20,793 1,691., 065 1,1*06,821. 31,833 c Intamatlonal • . 1,783,1.67 1,783,1.67 1*3,991 Qrani total... . 10,927,983 9,182,769 1*75,031* 21*, 81 1*03 190 1,750 Auqtist 195) CAPITAL MOVEMENTS Preliminary Details for Month of May 1953 Table 3.- PurchaeeB and Sales of Long-Term Securities by Foreigners Section III A - Treasury Bulletin .CTWULATIVE TABLE OF CQBTEIfrS. September 1952 through August 1953 Auqust 195) .CUMULATIVE TABLE OF COBTEinB, September 1952 through Argu8t 1953 - (Continued)