Full text of Treasury Bulletin : December 1943
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TREASURY DEPARTMENT
^
FQB^ICTORY
BUY
UNITED
STATES
WAR
'bonds
AND
STAMPS
COPY
BULLETIN
OF THE
TREASURY DEPARTMENT
DECEMBER
1943
[if
JANS
^9-^
Analyili of Rtotlpti and Expendlturoi
Oonpeiltlen of th§ Public Debt
Frloti and Ylaldi of Oovernmont Steurltita
Othor Trtaiury Stat lit iei
UNITED STATES
TREASURY DEPARTMENT
OFPICI OP THE SECRETARY
No. 3
i
I:
Bulletin of the TreaBury Department, December 1943
Cumulative Table of Contents
Issue aad pa^e
nliml)er
I9U3
Dec.
I.
Hot.
Oct.
Sept.
Aug.
JoXy
June
May
Apr.
Mar.
Jan
Feb.
Special articles
Finanrlng the war and the post-war reedjastment
1-6
Fourth War Loan, January-February I9UU:
Outline of plans
Comparison of features of securities offered
8-9
7
Treasury market financing
7
Third War Loan, September I9I+3:
Sales of securities, classified by issues, by types of investor, and
by States
Comparison of features of securities offered
Redemption values and Investment yields of United States savings
bonds and Treasury savings notes
1-7
2-3
U
Financial operations of the United States Ckfvemment during the fiscal
year 19I13
2-5
Second War Loan, April I9U3:
Sales of Series E savings bonds by States
Sales of securities, classified by issues, by types of Investor, and
by Federal Reserve districts
Comparison of fe&tures of securities offered
2-6
2-3
War activities budgetary expenditures, monthly Jaly 19U0 through April
19^3.
7
Bank deposits;
Maps showing deposits by counties, as of December 31. 19^*2 and increases during 19^2
Amounts by Federal Reserve Districts and
States, December 31,
.'.
19U1 and igUS
t-5
^
2-3
First War Loan, December 19^2, sales of securities el&Bslfled by type
of investor
II.
2
Dividends received by corporations, individualB, and fiduciaries, 1936..
3-6
Estate tax rates and tax liability in the United States, United Kingdom,
and Canada
7-8
Summary of fiscal statistics
Budgetary receipts and expenditures
10
Public debt and guaranteed obligations outstanding.
11
Means of financing cash requirements
11
III. Receipts and expenditures and appropriations
Appropriations and net contract authorizations for the war activities
program as of month-end preceding month of publication
Budgetary receipts and expenditures:
Summary by major classifications
Analysis of receipts from Internal revenue
Analysis of general expendi tures
Analysis of expenditures for war activities
Analysis of expenditures for war activities, monthly July 19^
throng April I9U3
Analysis of expenditures for (1) revolving funds and (2) transfers
to trust accounts, etc
Total budgetary receipts and expenditures, by months, for recent
years
Tmst
13-14
5-6 13-lU
5-6
9-10
8-9
7-8 12-13
5-6 13-llt
lit
15
lU
15
15
16
16
7
17
9
17
9
13
15
18-19 10-11 18-19 10-11 13-14 15-16
account, etc. receipts and expenditures
20
Means of financing cash requirements beginning 1933-
21
13
11
16
U-12 16-17
lU
12
llt-15 12-13
9
17
9-10 17-18
20
12
15
17
13
18
16
Ik
11
19
21
13
16
18
lU
19
17
15
12
20
Social Security program:
Budgetary receipts and expenditures:
Social Security Act
Bal Iroad Ret Irement Act
Railroad Unemployment Insurance Act
21
22
22
Statement of trust accounts:
Federal Old-Age and Survivors Insurance Trust Fond.
Railroad Retirement Account
Unemployment Trust Fund
Cash Income and outgo of the Treasury:
Analysis by major classifications
Total cash Income and outgo by months beginning with:
January 1936
January 1938
23
23
23
25
17
25
17
23
19
16
24
24-25
25 17-18 25-26 17-18
(Continued on following page)
22-23 18-19 23-24
19-20 16-17
Bulletin of the Treasury Department, December 1043
Cumulative Table of Contents - (Continued)
Itiua «ad
onabar
PM*
19''3
tec.
loT.
Oct. S«pt.
Aii(.
July
JsB*
Naj
Ipr.
lar.
Nb.
J«b
rv. General Fund of the Treasury
Atseti. llabllltl**. and balasc* la 0«asral Fund.
Analjtla of cbaa^oi la balanc* of O«noral fund...
V.
~
27
2S
Public debt and guaranteed obllgatlone of United States Gotarnnant
Pabllc dabt and (narantaed obligations:
9vwMArj
Qatallad atataaant
Chart
30
32
Public dabt:
loauanca and ratlraaant (recalpta and axpandlturaa)
latarast-baarlDC dabt. conpoaltloa of
31
Jl
Ouarantaad obligations hold bj Traaaury
Dabt potltloa of United Statea Goremnent under llaltatlona Inpoaed by
Sactloa 21 of tba Second Llbertj Bond Act. as aaaaded:
Oacaabar 31 19U2
Karch 31 I9U3
June 30, 19U3
Saptaabar 30 19113
33
.
.
31
35
.
Coaputad Intereat charge and coapntad Interest rate
3"
Maturity schedule of Interest-bearing public aarketable eacurltlee
ieeued or guaranteed by the United Statee. as of aonth-and
preceding aontb of publication
27
36
26
29
32
27
32
31
28
25
3'«
35-37 28-30 37-39 27-28 30-31 33-3'» 26-29 33-3'» 132-33 29-30 26-27 35-36
Offerings of aarketable eacurltlee:
Treasury bonds, notae, and certificates of Indebtedneaa beginnlDg
vlth:
January 1, 1939
January 1 I9UO
Treasury bills
.
39-fco
United States earlngs bonds:
Sugary of sales and redesptlona. by eerlea
Salee reported by aarlea. classified by:
DenoBlnatlon
Statee
Bedeaptlon Taluee and InTeatnant ylslda
Payroll ssTlng plana
31
llO
32
ui
29
30
32
33
3»
31
28
35
32
29
37
UI-U2 33-3>t U2-l»3 31-32 3'*-35 37-38 32-33 37-38 36-37 33-3'' 30-31 39-110
itU
Ul
'»3
3"
38
36
32
39
35
39
33
UU-U5 36-37 U5-U6 3'*-35 37-38 UO-Ul 35-36 to-ui 39-I10 36-37 33-3'< U2-I13
I)
U2
37
U7-U8 39->iO Ug-U9 37-38 MO-Ul U5,U8
110.113
>t6
Treasury notes - tax and eaTlnga aarlea:
Snmary of ealee and redenptlone. by aertee
Salee. claaslfled by:
DanoBlnatlon
Type of purchaeer
fiedeaptloa Taluee and InTestaent yielde
U9
U9
38
Ul
Ul
U7
50
50
36
39
39
39
U2
U2
ue
Ul
1*7
Us
U2
Ul
38
35
UU
U5.U8 Wi.UT Ul.UU 38. Ul U7.50
U8
U9
U2
U3
l>
United States saTlngs ataape:
Suaoary of aalea and redenptlone
Sales, claaalfled by:
Denoalnatlon
Statee
UO
•3
U5
i2
"5
h6
VI. Oanershlp of Qover nment securities
Soaaaiy dlatrlbutlon, by holdara. of aeeorltlea Isauad or guaranteed
by the United Statee
52
Market tranaactlona la QoTemaant securities for Treasury InToetaant
accouAta. aonthly beginning January 1937
52
SuBTary data froa Treasury survey of the ovnershlp of OoTerament
securities:
HoTeaber 30, 19U?
Daceaber 3I, 19U2
January 3I. 19U3
fabruary 28. I9U3
March 3I 19U3
Iprll 30. 19U3
Kay 31. 19U3
June 30, 19U3
July 31. I9U3
August 31. I9U3
Sapteaber 30, I9U3
October 31 19U3
53-58
U7-52
50-55
52-63
52-63
52-63
,
,
51-56
U6-51
51-56
U7-52
UUJt9
55-60
U6-51
5U-59
ReTielon of claeslf Icatloo of Ineuraaca coapaay data, quarterly
March 31. 19U1 through March 3I 19U3, and April 30 and May 31,
.
19113
UU.U9
52-63
52-63
(Continued on following page)
Bulletin of the Treasury Dejiartinent, December 1943
Cumulative Table of Contents - (Continued)
SPECIAL
ARTICLES
a
Financing the War and the Poet-War Readjustment
AD addreas delivered by Daniel W. Bell, Under Secretary of the Treasury, before
the Worceater Economic Club,
Worcester,
Massachueetta
December 15, I9U3.
.
I welcome the opportunity to discuss with you this
evening the problems of financing the war and the postwar readjustment.
It is because we feel that these two
problems are so closely tied together that I have chosen to discuss some aspects of each in the same address.
War Finance
—
In the first place, the burden of a tax or of any
other compulsory levy, even if it is subsequently reimbursable must be levied according to fixed rules.
These rules can take but little account of individual
circumstances.
It requires considerable time for many
individuals to adjust their living standards and commitments to the new and lower levels which would be
dictated by all-out wartime taxation.
—
has come to be generally recognized that the
real cost of a war must be paid for while it is being
fought.
This real cost consists in the labor put forth
and the sacrifices endured in order to produce and to'
use the goods of war.
Guns cannot be fired until they
and their shells have been made, nor can they be fired
with time borrowed from tomorrow. The labor and sacrifice involved in these things must be made today and
cannot be postponed.
While some individuals are revising their living
standards downward,
other individuals, whose incomes
have been increased by the war to levels considerably
above those required to meet their former standards of
living, are ready and willing to lend a substantial
proportion of their increased incomes to the Government
in order to insure their future security.
There are, of course, some exceptions to this rule.
A war may be fought, in small part, by the use of
stoolcs of goods aooiuEulated before it begins; and, to a
much larger extent, by postponing the replacement of
capital goods wearing out during its course.
With
these exceptions, the whole physical cost of a war must
be paid for while it is being fought.
Ultimately, if the war should last long enough,
these adjustments mlgnt be continued under a steadily
Increasing burden of taxation until each person's
standard of living and financial commitments had become
adjusted to hie place in the war economy.
This is
unlikely to occur, except in a very long war; and, in
the meantime, a considerable proportion of the total
war cost must be borrowed in order to avoid unnecessary
disruption in the economy.
It
What then, it may be asked, is the role of war
borrowing. The answer must be that war borrowing is a
method of postponing, not the cost Itself, but the
final allocation of the total burden of the war to some
future date, when the costs now paid for through the
sale of bonds are finally assessed in the form of taxes
at which time it is inevitable that a much larger
portion of them will be paid by the persons now in the
armed forces than if they were assessed today.
—
Taxation vs. Borrowing
When this fact is seen in its stark reality, it is
clear that the money cost of the war should be met as
far as possible by taxes, and so be paid for once and
for all by today's civilians at the same time that the
men in the services are paying their much higher price
Exceptions from
in human cost on the fighting fronts.
this rule should be permitted only when clearly Justified by special circumstances.
There are a number of these special circumstances,
and it is because of them that the Treasury Department
has never recommended to Congress that the whole cost
of the war should be paid for out of current taxation.
But it is these exceptions, and not the general rule,
which need special Justification; and I should like to
explain to you tonight, not why the Treasury has recommended to Congress additional taxes, which if enacted
would only provide sufficient revenue to cover about
one-half of total Federal expenditures, but rather why
it- has not asked for taxes to cover the full cost.
The use of borrowing, to the extent that it is
Justified by special circumstances, makee for a smoother
working of our war economy than would the exclusive use
of taxation. What are these circumstances under which
borrovjlng is thus the superior instrument of war finance?
In the next place, the magnitude of our war effort
is fixed by our full gross product, rather than by our
net
national Income.
This means that during wartime
replacements and repairs on plant and equipment must be
postponed, as far as possible, so that the manpower and
materials which they would otherwise have absorbed can
be thrown into the war effort.
Producers, as well as
consumers, are asked by their Government to 'Use it up.
Wear it out. Make it do, or Do without."
This means that during the war period, the capital
assets of most business firms are wearing out more rapidly than they are being replaced, and the depreciation
reserves set aside to offset this wear and tear are
piling up in cash. At the same time, the accounts receivable of these firms are running down, which results
also in piling up cash.
These fur.ds are all available
to be lent to the Government; but they are not available to be taxed since they represent capital, rather
than income, of the firms possessing them, and represent very different proportions of the total capital of
different firms, depending upon the type of business.
A policy of borrowing these funds, rather than taxing
them away, is, therefore, clearly Indicated.
In the third place, the great wartime expansion in
the economy requires even at a constant price level
§reat Increase in the available supply of currency and
bank deposits; and this Increase, under our existing
institutions and under wartime conditions, can be supplied only by an increase in Government borrowing.
—
—
Finally, it is necessary that some financial incentive be supplied to individuals to work long hours,
and to corporations to operate with the utmost efficiency.
If the whole of the extra incomes resulting
from the overtime pay of individuals and the efficient
—
of buBlneee enterprleee were taxed
would be no econonlo Incentive to call
exertions.
anagement
away,
there
forth
';hese
The borrowing which le Justified entirely by the
special oonalderatlone which I have Just enuaerated
would have to take place for our wartime economy to
operate SBOothly, no matter how willing Congress might
be to levy additional taxes or the people to bear them.
This borrowing alone would amount to a great deal of
money by peacetime standards; but It would certainly
be much less than the nearly fifty billion dollars a
year which we should have to borrow even If the Treasury tax proposals were granted In full.
—
over and above
An additional amount of borrowing
can also be
the minimum required on eoonomlo grounds
accomplished without danger of Inflation to the extent
that Individuals can be Induced, for patriotic reasons,
This the Treasury le ento increase their savings.
deavoring to do by means of the payroll savings plan
—
not believe that the advocates of the sales tax would,
If they reallted the full Implications of the proposal.
—
and the War Loan campaigns.
The volume of total savings required Is dictated
by the slie of the deficit and may differ materially
from the sum total of savings which would occur from
At the present time
economic and patriotic motives.
the Federal Sovemment Is purchasing about one-half of
the total volume of goods and services being produced,
while the remaining 50 percent Is being purchased for
Federal taxes, however, are bringing In
private use.
of the gross Income generated by
percent
20
about
only
production, leaving about gO percent In private hands.
There Is, thus, a discrepancy equivalent to about 30
percent of the value of total output which makes up the
Federal deficit on the one hand and the corresponding
necessary private savings on the other hand.
extent that total borrowing exceeds the
of savings consciously and Intentionamount
aggregate
ally undertaken, we are placing liquid assets In the
hands of persons who may use them to put added pressure
It Is to aid In Immobllltlng such
on price ceilings.
unstable accumulations, as well as for fiscal and equitable reasons, that the Treasury considers the need for
To
Exemptions are granted commensurate with fanlevied.
lly status, so that the tax does not fall with merciless brutality upon those with small Incomes and large
No such adjustment mechanism Is customary or
families.
The view that we have
practicable for the sales tax.
exhaustsd our ability to pay additional Inoome taxes,
but still have the ability to pay a sales tax, logically reduces Itself to the view that the principal
additional ability to pay In the economy resides In
that portion of Incomes falling within the exemptions
that Is, five hundred
from the Individual Income tax
dollars for a single person, twelve hundred dollars for
a married couple, and three hundred fifty dollars for
I cannot accept this view; and 1 do
each dependent.
the
additional taxes so urgent.
Types of Wartime Taxes
particuI do not desire to go Into the matter of
lar types of wartime taxes at any length this evening,
but I should like to make some general observations.
First, there can be no doubt of the ability of the
people of the United States to pay taxes much higher
Of course, it would be hard
than those now levied.
beoause war Itself Is hard. But the very fact that we
are threatened with Inflation le evidence of our ability to pay higher taxes, for It means that we have more
dollars to spend than things to buy with them.
Second, the view Is sometimes voiced that, while
have exhausted our ability to pay some kinds of
taxes, such as Income taxes, we have not exhausted our
ability to pay other klnde of taxes, such as sales
Ability to
see no merit In this view.
I can
taxes.
pay resides In persons, rather than In kinds of taxes
both Income and aales taxes must be met from the same
we
pay envelopes; and If we have the ability to pay
we have the ability to pay the other.
one,
The Income tax can be adjusted, and Is adjusted to
the personal circumstances of those upon whom It Is
Third, It is often proposed that we should place a
special tax on Increases In Individual Incomes; that le,
tax a man with an Income of, say, three thousand dollars more heavily If he has recently come up from one
thousand dollars than If he had been receiving three
This propoeal seems to
thousand dollars for some time.
me to be wrong on a number of counts.
It seems to me that, consciously or
It Is unfair.
unconsciously. It Is based In part on the feudal concept that every man should stay In his place, and It
strikes at the root of the principle that every man may
a principle which has
rise according to his worth
given so much life and hope to the American scene for
generations past.
—
It would undermine the IncenIt Is uneconomic.
tive of workers to transfer to war Industries located
In Inconvenient places and to work long hours at hard
Particularly, It would strike at the Incentive
Jobs.
for wives to enter war plants In order to earn Incomes
It would,
supplementary to those of their husbands.
thsrefore, aggravate the la'bor shortage.
This
It would be very difficult to administer.
would be true, not only for the Treasury, but also for
the taxpayers, as It would require the use of forms and
questionnaires far more complex than any Involved In
the administration of the Individual Income tax.
It eeeme to me that the baslo problem of the taxation of Individuals In wartime Is really not very comAggregate Individual Income Is higher, and the
plex.
Oovemment must tax a portion of It away. There may be
a great deal of dispute as to which Inoome brackets
should be drawn upon the most heavily, but any reasonable pattern of withdrawal can be effected by means of
the Individual Inoome tax.
I think It Is a good rule when any other tax Is
proposed, that you first express the distribution of
Its burden In terms of the Individual Inoome tax, and
then ask yourself whether you would consider It reasonable that the burden of the Individual Inoome tax ItIf the answer Is 'No,' then
self should be so altered.
the other tax should be placed on the defenslvs and Its
proponents made to Justify It by reasons of strong pubSometimes this can be done for example, I
lic policy.
believe that the luxury excises proposed by the Treaeury thle year and the spendlngs tax proposed last year
The test should be rigid, however,
are cases In point.
and the considerations of public policy should be Important before a tax Is placed on the statute books,
the burden of which Is distributed In a manner other
than that In whloh we would be willing to distribute
—
the burden of an Inoreaee In the Individual Income tax.
Principles of War Borrowing
I turn now to our policies with respect to wartime
These have been dominated by the following
borrowing.
considerations.
First, we have tried to borrow as much as possible
from Investors other than commercial banks. This principle must be stated subject to some qualification.
It
would neither be possible nor desirable to do all of
our borrowing outside of the banking system,
I have
already explained that one of the reasons for borrowing
at all, rather than relying exolaslvely upon taxation,
is that an expanding wartime economy needs
even at a
constant price level
a greatly Increased amount of
currency and bank deposits.
These can be obtained,
under existing Institutions and In wartime, only by a
corresponding Increase In the Government security holdings of commercial and Federal Heserve Banks; and a
sufficient amount of securities have to be sold to the
banks to provide this necessary circulating medium,
even If adequate markets exist for them elsewhere.
—
—
The amount of Government securities which would
thus have to be sold to the banks In any event Is substantial; but. In practice, I must admit that this has
proved little of a problem, since It has taken care of
Itself by th« rapid expansion of the borrowing needs of
the Federal Government and the slower development of
nonbanklng sources for Federal borrowing.
For this reason, we have directed our main effort
to the sale of securities to nonbanklng Investors. During the past year, we have sold to such Investors, net
after all switches and redemptions, about forty billion
as compared with
dollars of Government securities,
about thirty billions absorbed by the banks.
Second, we have tried to make the securities sold
The
small Investor as rlskless as possible.
Treasury has considered Itself the trustee of the InexIt Is with this In view that the
perienced Investor.
Department's appeal to small Investors has been confined to Series E bonds which are non-negotiable, payable on demand and hence are guaranteed against fluctuations In market values.
to
the
The Treasury Is less concerned with the large volume of demand obligations which Is being built up by
the sale of savings bonds to small Investors than It
would be with the only practicable alternative to this
course. This alternative would be the sale to small
Investors of marketable securities payable by the
Treasury only after the expiration of a fixed term of
years.
The fixing of a definite term on securities sold
by no means Insures that they will
be held by these Investors for the full term. By and
large, the holders of marketable securities would sell
them on the same occaelons when holders of redeemable
Indeed, there le one
securities would redeem theirs.
Important occasion upon which marketable securities
would be sold, but redeemable securities would not be
redeemed that Is, the fear of a decline In price, from
which the non-negotiable securities are Immune.
to small Investors
—
Now It may appear, at first glance, that while the
Treasury should be properly concerned with redemptions.
It should not be concerned with market sales, since It
must meet the redemptions out of Its own pocket; while
the market sales will be taken up by somebody else.
Thle type of reasoning would suffice for a private borrower, but It Is entirely Inadequate for the Treasury
since It overlooks the real problem which the holdings
of Government securities whether redeemable or marketable
by small investors will present in the post-war
period.
—
—
This problem Is that the holders of these securities may dispose of them and spend the proceeds on consumers goods at a time when the supply of such goode
will be scarce; and the spending can result only In
price rises. This problem would exist, however, whether
the securities were payable on demand or were negotiable and payable at the close of a fixed term, and will
be somewhat: less troublesome for demand securities, because, as I have already pointed out, the liquidation
of this type of security will never be precipitated by
the fear of a fall in the price of the security Itself.
'
The other problems which will be caused by holdings of Government debt by small Investors In the postwar period are minor, relative to the major problem
which I have Just mentioned; and will be less serious
with demand obligations than with negotiable obligations of fixed term.
When savings bonds are presented for redemption
to the Treasury and it is neceseary to refund them, the
Treasury offers the type and maturity of new eecuritles
best suited to the market at the time, and offers these
securities for distribution through the regular channels of the Government security market.
Marketable
fered in small
obannels where
full value, and
securities, by contrast, would be ofblocks, oftentimes through Irregular
the original holders may not receive
might dribble Into the market in such a
way as to keep It continually disturbed. They might
not be fitted by coupon rate, maturity, or other oharaoteristlos for the predominant demand then existing In
the market, but they would have been oast in whatever
mold they were, once and for all, and the market would
have to make the best of it.
To the extent that the refunding of demand obligations would have been accomplished by the sale of securities to banks, so also would the marketable securities find their ultimate lodgment in banks, but only
after a roundabout Journey, probably Involving both
loss to their original purchasers and a higher interest
cost to the Treasury.
It seems clear, therefore, that the Treasury is in
a much better position to refund the non-negotiable se-
curities than the individual would be to refund negotiable securities through the market.
The third of the principles governing our borrowing policy has been the maintenance of the liquidity of
the banking system.
We have laid down the policy that
no securities will be offered to commercial banks for
the Investment of their demand deposits with a maturity
at time of issuance of over ten years.
The great ma-
jority of the securities sold to commercial banks have
had maturities far ehortei than this.
Indeed,
more
than half of the total increase in the portfolios of
commercial banks since Pearl Harbor has been in the
form of three-month Treasury bills and one-year certificates of indebtedness.
This concentration of sales
to commercial banks in short securities insures that
our banking system will be in a strong and liquid posl-
tion to Bsat the problena of the poat-var parlod.
the reoonTerslon period will be caused, howsTer, not by
lack of deaand for the flnlahed producte, but because the plants are not yet ready for mass reeaployaent, and so aay go hand- In-hand with Inflation.
a
rinallr, va hara flnanoed thia war at an avaraga
Thla oo«rate of allghtly leae than I-3A percent.
paraa with an average rata of about It-lA percent on
the aeourltlea iaaued to floanae the laat World Var.
Intereat ratea haTe regained atabla during the
wartlae period and oonfldenoe In the oontlnuatlon of
thla stabllltr naa been and Is wldeapraad and well Juatlfled, and haa oauaed InTeetora to eubeorlbe to new
laauea of OoTemaent aeourltlea In auooeaelve war loana
without any elgn of holding baok In anticipation of
higher ratea.
fairly aald of the United
I think It oan be
Chancellor of the Exchequer,
the late
aa
States
Blr Elngaley Wood, reoently said of Oraat Britain, that
*. . .we have rerolutlonltad public opinion as to what
I beare fair rates for aoTernment war borrowing."
lleTe that this roTolutlon In opinion has a sound basli
In underlying economic realities, and Is applicable to
I hope that the polthe coalng tlaes of peace also.
Iclea of the QoTernaent will be directed to this end.
,
Financing the Poet-War Readjustment
I ooae now to the asoond
toplo, that Is, the problems of
ent period.
aajor dlTlalon of ay
the post-war readjuat-
approaeb thla aubjeot with aoae trepidation. Ho
post-war plan will be of any Talue unless ye win the
war and are In a poaltlon to put It Into effect, tha
war Is not yet In the bag. Hitler's post-war plan Is
slaTsry, and there will not be rooa for both hla plan
I
and our own.
Tou all renember the recipe for rabbit stew which
begins "First catch the rabbit." 80 It Is with postwar planning. We Buat first win the war; and we auat
not let anything, eren post-war planning, distract our
alnda froa thla for an Instant.
Once the period of reconTeralon la OTer and tha
traaendoua potentialities of the Aaerloan eoonoay which
haTe been deaonstrated during the war period are directed to the production of the goods of peace, tha
aaln hazard of Inflation will be OTer.
The taak of stateamanahlp In the period laaedlately following the war will be to hasten the reoonTerslon process while mitigating Its hardships and reducThis task will, of course, be
ing Its huaan costs.
eaaler If a tsralnatlon of the war on one front befoz^
the other should aaks It possible to coaplete part of
tha reoonTerslon process under a wartlae enTlronaent.
But we auat press for Tlctory agalnat Japan aa well aa
Oeraany without regard for the eoonoalos of reoonTerslon.
Thla CTenlng I shall discuss only three aspects of
fiscal planning for the reconversion parlod, and these
briefly.
They are, flret, the cancellation of war oontracts; second, the adequacy of corporate financial resources to carry on tha work of reoonTerslon; and,
third, the control of IndlTldual apendlng during tha
reoonTerslon period.
Cancellation of War Contracts
If the war should end today on all fronta, thara
would be outatandlng more than 75 billion dollars of
war oontracta on which dellverlea had not yet been made.
Much of the material coTered by these contracts would
be of no use to the OoTernaent If It were delivered
after the Immediate emergency of this war had passed.
This Is beoause there are no goods with respect to
whloh obeolesoence runs faster than It doea for the
goods of war; so the best preparation for future wars
consists In maintaining the skills and plant capacity
necessary for the development, production, and use of
new war goods rather than In hoarding Tast quantities
of old ones.
laaedlately following the olose of the war, we
will be confronted with the problea of reoonTerslon.
The period of reoonTerslon will be a tine fraught with
ezoeptlonal hazard to our econoalc structure.
During noraal tlaea, aost of our people are engaged In producing goods which they and their fellow
workers oan buy with their wagea. During wartlae, they
are largely engaged In producing war gooda which thay
cannot purchaae with their Incoaes, but the eicasa purchasing power which Is thereby created la held In ohaok
by direct oontrole, by personal taxation and by OoTernaent borrowing froa IndlTlduals. The people are willing to accept and oooperata with theae measures beoause
of patrlotlaa and the all-perradlng spirit of sacrlfloe
whloh exists during wartlasa. During the reoonTerslon
period, howBTer, while the tools of production for
peace goods are being aade ready, purchaalng power aay
outrun tha goods aTallable for porohass, while wartlae
aeasurea of control aay be relaxed If the people do not
recognize the need for continued restraint.
oonsequently, one of the
A price Inflation Is,
Stalking hand-lnhazards of the reoonTerslon period.
hand with It goes the hazard of unaaployment. Normally,
theae two are nsTer seen together, since uneaploynent
usually rlssa froa a lack of deaand for gooda and InThe uneaployaent of
itiation from a ahortage of goods.
?art of the undellTered oontraots would still exist merely In blue-prints In the hands of the contractors, while part would be represented by goods In process, some of whloh In
peacetime gooda.
turn
oould
be
oonTerted
Into
In ay opinion, all war contracts should be canceled Immediately upon the passing of tha military need
Thla la dealrable for
for the goods contracted for.
two Important reaaona.
First, It aTolda the tremendoua waats of human and material reeourcaa Involved In
making goods which we will never use; and, second. It
gives the aaxlaua stlaulatlon to the men and aanageaent
raleaaed froa aaklng suoh goods to ssek eaploynent In
the production of goods
for which there Is a human
need, and so haatana tha procaaa of reconversion.
The abrupt cancellation of war contracts will give
rise to two problema.
These arei
First, proTlslon for
the labor thrown out of eaployaenti and aeoood, ooapensatlon for the contractors.
The flrrt of thsae problems should be settled with
•
liberality; the aeoond, with the utaoat of apeed.
A generous traataent of the
sontraot oanoellatlon la required,
labor dlaplacad by
aerely by con-
not
Blderatlona of oomnon humanity and fair dealing, but
also by oonelderatlonB of eoonomy; for without It, we
are unlikely to seoure abrupt cancellation at all, and
there 18 no form of relief more expensive than the production of unneeded tools of war.
We should be sure,
however, that the treatment accorded labor displaced
from war production Is of such a character that It encourages, rather than slows down, its quest for peacetime employment.
Payments to contractors should be Just In accordance with a fixed standard of equity; that Is, they
should be enough to make the oontraotore and their subcontractors whole for the losses they have sustained as
the result of the contract cancellations.
It Is Important also, that payments to contractors
should be prompt.
This Is not primarily for the benefit of the contractors themselves
although I have no
doubt that they will appreciate It but for the benefit
of the country as a whole.
A dollar paid out in the
settlement of war contraota during the early reconversion period may In terms of national well-being
be
worth several dollars paid out a year or so later. It
Is far more important, therefore, that the settlements
be prompt than that they be accurate to the last dollar
according to some accounting concept, which may Itself
be open to question.
—
—
—
—
The settlement of war contracts along the lines
which I have Just outlined will involve a heavy outflow
of funds from the Treasury in the few months Immediately following the end of the war. We are prepared
for thlB outflow, and we feel that there will be few
occasions when a disbursement of funds may be made with
so little real cost to the Government and so much benefit to the eoonomy.
mates of the Federal Reserve Board, the demand deposits
of nonflnanolal businesses,
including unincorporated
enterprises, amounted to over 30 billion dollars at the
end of last July; and, according to Treasury estimates,
the holdings of Government securities
payable for the
most part on demand or at very short term by nonflnanolal corporations alone, amount at the present time to
about 20 billion dollars.
Each of these figures is far
above any peacetime precedent; but, to make the picture
brighter, American business, during the same time it
has been acquiring them, has reduced the amount of both
its bank loans and Its bonded debt.
—
—
Third, generous carry-back and carry-forward provisions included in the corporation tax laws insure
that corporations suffering losses during the reconversion period, or even earning incomes of less than their
excess profits credit, will receive substantial refunds
of the taxes paid in their prosperous years.
These refunds
for the expediting of which the Treasury has
made recommendations to ths Congreeslonal committees
will be available to carry on the work of reconversion.
In addition, there is provided in the present law a
post-war refund, irrespective of future tax status, of
ten percent of the excess profits tax paid in the war
period.
—
—
For the reasons given, I do not believe that the
adequacy of business funds for reconversion purposes
will present a major problem. But I cannot speak with
equal assurance with respect to the prospects for the
control of individual spending during the reconversion
period
the third post-war problem to be discussed.
—
Control of Post-War Spending
Immediately following the end of the actual fighta let-down in the willingness of people to submit from patriotic motives to a
continued reduction in their consumption.
There
is
likely to be a demand for an Immediate end of the direct controls; and this demand may, to some extent,
succeed.
For some time, however, while industry is being reconverted and the war effort demobilized, there
will be only a very gradual Increase in the supply of
consumers' goods.
When it is considered that there
will be available to be spent currently, in addition to
the Incomes being received for the production of consumers' goods, not merely the Incomes from work in demobilizing the war effort and reconverting private Industry, but also the large liquid resources piled up
during wartime, It is easy to conjure up the specter of
a post-war inflation.
ing, we can probably expect
Corporate Financial Resources
for Reconversion
My second point with respect to the reconversion
period relates to the adequacy of corporate financial
The
resources to carry on the work of reconversion.
adequacy of these resources Is important, not merely or
even principally from the point of view of the corporations Involved, but from the point of view of the whole
economic system.
We In the Treasury have given careful consideration to this mattsr, and believe that funds for the reconversion of war Industry will be ample, provided that
a-prompt settlement is made of canceled war contracts.
Our reasons for believing this are as follows:
First, the wartime period has been a profitable
one for American corporations as a whole.
Net corporate profits, after taxes, hav? averaged about twice as
much per year during the wartime period as they did In
the years 1935 through 1939 (the base period for the
and, by and large,
FTIB index of industrial production)
the greatest increases have gone to those firms whose
Corporate
problems of reconversion will be greatest.
dividend policy, furthermore, has been so conservative
that most of the Increase in corporate earnings has
been added to surplus.
Against this must be set the powerful force of
human foresight and sobriety.
The reconversion period
is bound to be attended by considerable unemployment,
and each Individual will naturally ask himself how he
le going to come out in the swirl of readjustments he
sees around him.
His natural tendency will be to "play
it close to the chest" and handle his reserve funds as
carefully as possible. This human tendency alone may
maintain a high rate of saving during the reconversion
period, and so forestall the possibility of a post-war
inflation.
Second, in addition to their savings from undistributed earnings, American corporations have piled up
a large volume of liquid assets as a result of repayment of receivables, and In some cases reduction In inventories, and the general inability to expend depreciation and depletion reserves which has been brought
about by wartime conditions.
According to the esti-
We hope that this will be so; but counting on it
would be as Improvident as counting on an internal
smash-up in Germany to win the war. We must consequently lay our plans to prevent a post-war inflation
from occurring,
but stand ready to adjust any such
plans on short notice to conditions as they actually
develop during the reconversion period.
;
What should thee* plans bet It seams to me that
direct controls, such aa price ceilings, priorities, and rationing, should be kept In effect as long
as necesaarjr; and high Incoae taxes, aa long aa poaalthe
But this would take me Into new vistas beyond the
scope of tonight's address for I have no Intention of
discussing the broader phases of fiscal policy beyond
the reconversion period.
ble.
Let me explain the difference between " necessary'
and "possible' In the statement which I have Juet made.
While I believe that we should keep tne direct
controls as long after the war as necessary, I do not
I feel certain
believe that this will be very long.
that the last of them can be done away with as soon as
the reconverted plants commence to pour their flood of
ooneufflers' goods on the market.
have said, however, that the high rates of taxaI think that
tion should be kept ae long as possible.
High personal taxes
the case here Is very different.
serve the antl-lnflatlonary purpose of absorbing surplus purchasing power; and this may be very useful and
necsasary In the reconversion period. But they also
serve the purpose of helping to pay off the national
debt; and this purpose Is also useful and neoeasary.
I
It seems to me, therefore, that, while the criterion with respect to the removal of the controls ahould
be "How soon can we remove them without risking Inflathe criterion with respect to wartime rates of
tion?"
taxation ahould be "How long can we keep them without
Perhaps for a long time to
risking unemployment?"
come. If the post-war period Uvea up to our hopes and
;
expeotatlona.
a few general obI would like to make, however,
The war has opened the eyes of the Ameriservations.
can people to the tremendous productivity of Industrial
and agricultural America. The shortages of peacetime
goods and services that exist now have not blinded us
to the enormous potentlalltlea for abundance Inherent
It la precisely this unIn our productive mechanism.
exampled capacity to produce upon which the future
prosperity and welfare of our people ultimately depend.
To help soolety achieve more fully the promise of
abundance Implicit In our capacity to produce; to help
maintain output and employment at a level more nearly
corresponding to our true productive potential; and to
secure this at a price that a peaceful democracy can
that will constitute the greatest task of ecopay;
nomic statesmanehlp In the post-war world.
—
I do not believe that the glory of America belongs
only to the past.
I believe that
the real promise of
Between the goal of
America belongs to the future.
securing maximum utilization of our resources and the
goal of achieving a more equitable distribution of
wealth, there need be no conflict.
Our history has
been testimony to that fact, and our future will be the
record of Its- fulfillment.
Treasury Market Financing
On November 22, 19'''}, an exchange offering of oneyear certificates of Indebtedness was made to holders
of $3,800 millions of l/&io certificates of Indebtedness
due December 1, 19'*3. the certificates which were originally sold during the First War Loan In December 1942.
The books were open three days, November 22 through 24-.
The new certificates were offered In exchange for the
old Issue, par for par, and no cash offering was made.
The new Issue Is dated December 1, 194-3 and will mature
December 1, 1944.
Of the $3,S00 millions of the maturing Issue, 83.5'W millions were exchanged for thp new
Issue and $26o millions were turned In for cash.
On December 15, I943 there was a maturity of $421
millions of 1-1/g^ Treasury notes originally Issued on
December I5, I93S.
These notes were paid off In cash.
Announcement was made on December 13, 1943 that
the 3-l/45i Treasury bonds due April 15, 1946, and callable two years earlier, were called for redemption on
April 15, 1944. Approximately $1,519 millions of these
bonds are now outstanding.
Plans for the Fourth War Loan
The Fourth War Loan campaign will open on January
and will continue through February 15.
The
goal of this drive will be $14 billions, of which $5.5
billions are to be raised directly from Individuals.
In the Third War Loan, the goal for Individuals was
$5.0 billions out of a total goal of $15.0 billions.
Ig,
19'*^,
The major emphasis throughout the Fourth War Loan
will be on sales to Individuals and the general outlines of the drive have been formulated accordingly.
Only sales to Individuals will be reported up to February 1, although subscriptions will be accepted from
other nonbank Investors during the whole period.
It Is
hoped by the delayed reporting of these other subscriptions to concentrate attention on sales to Individuals.
The success of war financing depends very largely upon
the response of Individuals, If Treasury borrowing Is
to be effective not only In raising the necessary funds
but also In helping to check the pressure on prices of
excess funds In the hands of Individuals.
All subscriptions for savings bonds and savings notes cleared
through the Federal Reserve Banks during January and
February will be counted toward the goal of the drive.
The table which follows presents the chief characteristics of the securities to be offered during the
The list of securities is similar to
Fourth War Loan.
that offered in previous war loans, except that the
marketable Intermediate-term bond has been changed in
maturity and coupon rate, and the issue has been made
unavailable to commercial banks (except for the limited
investment of savings deposits), until September 15,
1946, at which time the period to first call by the
Treasury will have been reduced to 10 years. The seven
securities to be offered are as follows:
Savings bonds. Series E, F, and Q
Savings notes, Series C
l/Sio certificates of Indebtedness, due
February 1, 1945
2-1/4^ Treasury bonds due September I5,
1959, callable September I5, I956
2-1/2^ Treasury bonds due March I5, I97O,
callable March 15, I965
As in the Third War Loan, commercial banks are excluded from direct participation in the drive, except
that they will be given concurrent opportunity for the
limited investment of savings deposits outside the
drive as discussed below.
In order to minimize the
amount of Indirect participation by commercial banks in
the Fourth War Loan, the Treasury has asked the cooperation of all banks in declining to make speculative
loans for the purchase of Government securities.
This
policy, however, is not Intended to Imply any disapproval of loans which fit the requirements set forth
in the Joint statement by national and State bank supervisory authorities on November 23, 1942, namely that
the loans be made to enable Investors to purchase bonds
In anticipation of Income, and that they be made on a
short-term or amortization basis and be fully repaid
within six months.
In order to avoid unnecessary transfers of funds
from one locality to another during the Fourth War
Loan, the Treasury has requested that all subscriptions
by corporations and firms be entered and paid for
through the banking institutions where the funds are
located.
The Treasury will undertake to aee that statistical credit for such subscriptions Is given to any
locality that the subscribing corporations and firms
may designate, except that subscriptions from Insurance
companies will be credited to the State of the home
office as in the past.
Concurrently with the Fourth War Loan, commercial
banks holding savings deposits will be permitted to
subscribe to the 2-1/4 percent and the 2-1/2 percent
bonds.
Such banks will also be permitted to subscribe
to Series F and Series G savings bonds on and after
January 1, 1944. The formula for oommercial bank participation in these securities is that any such bank
holding savings deposits as defined in Regulation Q of
the Board of Qovernors of the Federal Reserve System
may subscribe to any or all of the four bonds in an
amount not to exceed, in the aggregate, 10 percent of
its savings deposits as shown on the bank's books as of
the date of the most recent call statement required by
the supervising authorities prior to the date of subscribing for such bonds, or $200,000, whichever Is less.
Under no clroumstanoes, however, will a bank be allowed
to hold more than $100,000 (issue price) of Series F
and Series
savings bonds (Series 1944), combined.
Comparison of Various Features of Securities Offered
During the Fourth War Loan, January-February 1944
Marketable eeourltiai offered during Fourth Var Loan drive
2-1/211 bonds
a-l/l^^l
bonda
7/811
oertlfloatea
Comparison of Various Features of Securities Offered
During the Fourth War Loan, January-February 1944 - (Continued)
Feature
SUMMARY
OF
FISCAL
STATISTICS
10
Budgetary Receipts and Expenditures
lint 5 Bontha.
flual 7MT> 19>t2 to I9U1
Coaploto riieal jurt. I9U0 to I9MU
latlutol
ChoBc*
19U3
19*3
ISWi
(In
19>»3
to
19W1
1111 oai
Bocelpti:
I9IK)
doUmra)
ot
1
Intomal rovMao;
I&coBo aad profit! tftzoo 2/
1.057
taplo7««at taxes
Mlacallanaona l&taroal rorwoBO
^
2.959
10.3*7
7.388
621
7*6
2.1»U
125
638
61
i,;Us
1.77'*
Cuatoaa
171
llH
175
Othar racalpta
103
128
1.261
1.133
Total roealpta
3.3ft
5.596
lU,9Uo
9.3**
Laaa:
laonnta tranafarrod to fodoral Old-A^
and SoTTlTOra Inaoraaca Tmat fund 6/.
Ull
528
635
107
2.95^
5.069
1U.305
9.237
3.'»61*
16.210
20.378
2.217
6.8U7
9.933
73»t
3.232
''.835
6.U15
26,289
35.1*7
Tatarana' AAMnlatratlon 8/
232
255
258
Puille »orka 3/
310
262
206
Aid to a^rlcultora 10/
W»3
UlU
3*1
Social Secorltj pro^aa 13/
318
399
*50
UlO
191
Hat racetpti
BzpaDdltnraa;
2/
Vet actlTltlea:
War DepartBont
Jtcrj
DapartBont
KlBcallanaoua var actlTltloa
Total var actlritlaa
Direct and vork relief;
York Projecta Adalnlatratioo and
latlonal Tonth Admiaiatratlon IJ/
fadaral ^Mrge&cj Belief Adainlatratlon
and CiTil Vorln Adsiniatration
ClTlllan Conaerration Corps
Other
l|k/
Interest on the public debt
Total expeflditnree jj
at
biid«atar7
dafidt jJ
88
13
U02
UI8
293
365
603
8,9>tl
28. 607
37.560
5.988
23.538
23.25*
5*5
2.125
l^ltl
19'»2
I9U3
19WI
11
Public Debt and Guaranteea Obllgatlone Outstanding
AND EXPENDITURES
AND
APPRO PRI AT IONS
RECEIPTS
-12-
.
13
Appropriations and Net Contract Authorizations for the War Activities Program
As of November 30, 1943
CBtS
approved
Puljllc
Law He.
Title of act
Approprlat loBt
76tb Congress, Third Session
Mar. 25. 19UO
Apr. 13, igliO
May lU. 19110
•June 11, I9U0
June 13. 19UO
Tune 18, 13^
June
June
June
June
July
2U,
26.
26,
27,
18,
Sept. 9.
Sept.2U,
Oct.
8,
Oct.
9.
Oct. lit.
19'tO
19U0
igMo
19'tO
1*1*2
508
588
611
.'
.
61*0
653
667
86 2J
6gg
y
U
I9U0
91*
781
igiw)
99
800
812
106 i/
19UO
53.l65.035
11*9,500.000
2,1*88,000
,
I9I4O
191*0
191*0
Treasury Department Appropriation Act 191*1
Independent Offices Appropriation Act 191*1
Justice Department Appropriation Act. I9U1 (Title III)
Navy Department Appropriation Act, 19l*l
Military Appropriation Act, 191*1
Interior Department Appropriation Act, 191*1
War Department Civil Appropriation Act. 191*1
Civil Activities National Defense impropriation Act, 191*1
Jfaorgency Relief Appropriation Act. igUl (refugee relief)
Second Deficiency Appropriation Act, 191*0
Public Hesolutlon (War Risk Insurance Tund)
Second Si^plemental National Defense J^ipropriatlon Act, I9UI
Public Resolution (War Department - military posts and acquisition of land).
Third Supplemental National Defense Appropriation Act, 191*1
?lrst Sij^plemental Civil Punctioas ^proprlation Act, 191*1
Public Resolution (national defense housing)
,
1*59
Total
,
76th Congress, Third Session
1,308.171.138
1, '•99.323. 322
1*95,000
15,000,000
901, 057
50.000,000
17,655,900
1,1*71*.
1*0,000,000
2,1*97.016,392
338,263,902
1.323.1*11*, 082
11*8.821,000
75.000.000
*
8. 991*. 015. 828
$
313.500,000
77th Congress, First Session
Teb.
6, 191*1
Teb. 13. 191*1
Mar.
1, 191*1
Mar. 17. 191*1
Mar. 27, 191*1
Apr.
191*1
191*1
i^r.
5
6
9
13
J^,r.
191*1
23
25
28
29
Hay
May
Hay
Hay
June
June
June
July
July
191*1
1*8
191*1
71
191*1
73
88
135
136
31,
28,
28,
30,
191*1
1,
191*1
191*1
191*1
I9UI
3. I9UI
Aug. 25. 191*1
Oct. 28. 191*1
Nov. 19, 191*1
Dec. 17. 191*1
Dec. 23. 191*1
lie
150
2l*7
282
295
353
371
Joint Resolution (emergency ship construction)
Joint Resolution (clothing and equipage - War Department)
Urgent Deficiency ^propriation Act, 191*1
fourth Supplemental National Defense Appropriation Act, 191*1. ..•
Defense Aid Supplemental i^ropriatlon Act, I9UI
First Deficiency Appropriation Act. 19l»l
Independent Off ices Appropriation Act I9U2
Fifth Supplemental National Defense Appropriation Act, 191*1
Navy Department Appropriation Act, 19l*2
War Department Civil Appropriation Act, 191*2
Additional Urgent Deficiency Appropriation Act. I9UI
Treasury Department Appropriation Act 191*2
Justice, State and Commerce Departments Appropriation Act, I9U2.
Interior Department Appropriation Act 191*2
Military Appropriation Act, I9U2
Labor - Federal Security i^ipropriation Act, 19l*2
Second Deficiency Appropriation Act, 191*1
First Supplemental National Defense Appropriation Act 191*2
Second Supplemental National Defense Appropriation Act, 191*2:
(Title I)
(Title II)
Defense Highway Act of 19l*l
Third Supplemental National Defense impropriation Act, 19l*2
Joint Resolution (War, Philippine relief, and defense housing)..
.
,
,
,
Total, 77th Congress, First Session
i/
Bet contract
authorizations 2/
Ik
Appropriations and Net Contract Authorizations for the War Activities Prograini/
As of November 30, 1943 - (Continued)
Pabllo
Oati
appronA
Uv
Title of
So.
ut
78tb Congn»t,
Mar.
2.
igi^j
3
Mat'.
18,
)l,
19113
11
Mar.
19^3
kvr. 29, 19^3
Mar
7. 19^3
J^a 2. I9U3
Juno lU. 19U)
Jua* 26. 151*3
Jona 26. 19'*3
JtOjr
1. 19U3
JMX/ 1, 19U3
20
•5
50
6U
70
90
92
105
J11I7 12,
I9I13
July
July
July
July
July
12.
12,
12.
12,
12,
19''3
Oct.
1.
19''3
19113
I9I13
I9U3
I9U3
108
129
132
133
135
139
lUO
156
•t
Appropriations
cODtraet
athorliationi 2/
Tint Satoloa
Joint Resolution (Selectlre Sorrlco Syotea)
nrat Doflclency Appropriation Act, I9I13
SuppleBontfll NaTal Appropriation Act, I9I13
Joint BoBOlutlon (fara labor pro^aa)
Joint SeioluClon (Coascrce Departaant - war training progria)
War Dapartxant ClTll Appropriation Act. I9W1
Dafense Aid Suppliaental Appropriation Act, ISI13
Independent Office* Appropriation Act. igllU
XaTal Appropriation Act. 19ltli
Dapartnenti of State, Justice, and Commerce Appropriation Act, I9UU,
Military Appropriation Act, igWl
Department of Apiculture Appropriation Act, 1911^
Organt Dof 1 elf ncy Approprlatl on Act 19113
Interior Departaent Appropriation Act, I9I1I1
Labor - raderal Security Appropriation Act, I9W1
Hatlonal War Agencies Appropriation Act, 19Ult
Second Deficiency Appropriation Act, I9I13
Joint Resolution (Labor Departaent^
21,160,000
li,063.9U«,9gl»
50,000,000
1,1157,898
6,273,629,000
1,395.013,569
27,637,226,198 2/
67,635.000
5,389,000,000 6/
59.0311,839.673
38,01*8,000
31.979.600
,
Total, 7Sth Coivraia, rirst Session
$ 2,075,9911.622 r
3,836,176,119
26,100,000
3,500,000
llt,g8U,000
307.953,500
2,911,697,2211
151.3110,088
18,620,000
$105,835,208,853
« 7. 532. SS"*. 622 r
Pending 10/
rirst Supplaaantal National Sefenaa Appropriation Bill,
18U,gUo,370
I9I1U.
Su^ury
Total, 76th Congress, Third Seaalon..
$
Total, 77th Congress, First Session..
li9,
707.000.000
10.1*87.01*8,696 r
Total, 78th Congress, First Session..
105.835.208,853
7.532.99'».622 r
Total s^proTed
Liquidations of
108,5118,215
$30U.070,UiU,33U
$18,727.01*3.318 r
18U, alio, 370
and prior contract mithorlzatlons.
-Ii67,g72,gli6
Total approprlatl one and nat contract anthorliatlons 1/
$303,787,381,859
I9I1O
Coosltts of approprlfttlonfl and net contract uthorlxatione available
(1) authorlzatlone of the
on aul after July 1, 19^. Excludes:
Beconttructlon Plnance Corporation and Ite affiliates for war
balances
of
appropriations on JUne 30.
unexpended
purposes, and (2)
19U0 (except Issedlately available funds from fiscal year 19U1 appropriations) available for expenditure in the fiscal /ear 19^1.
Contract authorliatlons have been reduced by later appropriations
t^ilch vere earmarked in anthorlilnf acts for this purpose.
Public resolution nuatber.
Bepresents the net amount of contractual authority that the President may authorise the head of any department or agency of the
Oovemsent to enter Into for the procureaent of defense articles,
information or senrlces for the goremnent of any country whose
defense the president deems vital to the defense of the United States.
Includes 19,693,525.500 appropriated for the fiscal year 19U2.
TTnapproprlated contract authorisations for the naval expansion
pro^as are as follows:
Sate approrad
$
139.736.203.988
Total pending, 78th Congress. First Session
17
396,1*37,1150
Total, 77th Congress, Second Session.
Permanent appropriations and net transfers from other than war actlTltlea
appropriations 11/
2/
8.99U.015.g28
10/
11/
$18. 727. 01*3.318 r
..
.. ..,
,
.
15
Budgetary Receipts and Expenditures
Table !•- Summary by Major Classifications
(In mlllloni of dollars)
Expenditures 1/
Receipts
GroBB receipts
Tlecal year
or month
Total
receipts
Internal
revenue
2/
3,116
3,800
C,ll6
193't
1935
1936
1937
193s
2,6Ul
3,278
3,513
i*,597
6,2US
5.668
5.925
8,269
13,668
23,385
1939
19I10
19Ul
igu?
I9't3
5.671*
Less net amounts
transferred to
Total
Net
Federal Old-A^
other
receipts expenditures
and Survivors
receipts Insurance Trust
Fund j/
162
179
216
210
208
188
273 2/
515 2/
286 9/
9162/11,
313
31*3
387
U66
5.l6l
5.303
399
319
3U9
7.362
12.993
392
389
22,11*4
32I*
6,0U
3.116
3.800
265
387
503
538
661
869
1,103
5,029
5.855
5,165
5.387
7.607
12,799
22,282
229
Goi
1
2
5,581*
5.16I*
7
1
2.11*7
1,511*
1,1*80
7,1*66
1*39
6.97"*
38
7.1*35
328
7.092
U,569
8.327
81*6
7.1*69
16
lU
10
5.952
5.955
3.758
2.007
2,721
7.112
7.617
7.535
337
365
583
6,1*32
-1
7,232
6,952
3UU
15
-2
7.1*56
1*38
6.989
36
5.1*26
7.839
30U
7.5'*l
2
5.71*0
1*1
121*
262
31*
321*
September
3,005
5, Wis
1.815
2.602
5,160
33
39
31
201
36U
257
October.
November.
2,069
2,370
1,813
2,115
38
218
221
July
2,01*8
.
.
.
.
.
Source;
31*
1*1
281*
5.'*'*7
2.030
2,099
39
271
Dally Treasury Statements.
Less than $500,000.
Excludes amounts for public debt retirement which are chargeable
to the sinking fund, etc. under special provisions of law.
For further details, see Table 2.
For explanation see tables which follow on the Social Security
program.
For further detalla, see Table 3For further detalla. Bee Table U.
Also see footnotes j/ ^^ ii/.
For fxirther details, see Table 5.
Total expenditureB less net receiptB.
Represents expenditures for public debt retirements which are chargeable to the Binldng fund. etc. under special provisions of law.
3
6.71*1*
127
Au^Bt
1*35
5.770
32
37
l,7't2
1*0
601
1,396
1.581
U.211
U,569
-136 10/
18
31*6
1.555
April
May
June
5lt
7.351*
1,075
1
92
3.5^2
3.611
5.103
19,R98
55.897
-1*
1,190
5.207
5. 151*
121
3.11»?
1.381*
5.91*7
35
235
.
20I*
2,896
3,?09
U.550
77
76
,820
6O8
225
187
232
331
581
5.825
2,701
75
89
21
.
5,995
11
391
1
25
26
32
Febniary
March
7.221
7.055
6,215 10/
5.986
^^5
6.372
6,119
21*
721*
.
6.1*37
5.861*
689
900
929
1,029
1,206
1.657
6.301
26.011
72.109
5/
6/
788
955
5,206
2,61*9
salt
.
U,908
5.900
5.935
etc
-2
22
28
.
6/
6,01*2
23
igU3-Jaiiuary
(net)
Public
Net
debt
budgetary retiredeficit ments
320
65U
78l*
.
General
Tranefere
Revolving
to trust
funds
account s
6.363
6.500
830
2,702
igUS-NoTemlier
December.
7.010
8.666
8.177
7.239
8.707
8.998
12.711
32.397
78.179
14,116
War activities
571*
loi*
65
58
"62
95
3
5.761
3,799
25
35
5
360
1*03
1
1
5.105
U,896
2.087
2
Sxich
Includes recoveries of U. S. invcstmente In capital funds.
recoveries totaled {5!* mllllonB In the fiscal year I9UO: $319 BilI9U2;
year
fiscal
millions
in
the
191*1
$18
year
lions in the fiscal
and $10 millions in the fiscal year I9U3
Receipts from reductions in capital stock and paid-in surplus available to be reissued under existii^ law are included as negative
Such reductions totaled $l60 milllose
items under expenditures.
for general expenditures and $155 mlllione for revolving funds dup19U1.
ing the fiscal year
Includes deposits by the War and Navy Departments and the TJ. S. MarOn
itime ComralBSlon as a result of renegotiation of war contracts.
the basis of warrants issued, such amounts totaled $558 millions.
2/
;
10/
11/
Table 2.- Analysis of Receipts from Internal Revenue-i/
(In millions of dollexs)
Ekoployment taxes'
Income and profits taxee
Social security taxee
Withheld by
employers ( Current
Tax Payment
Fiscal year
or month
other
2/
Act of 191*3)
818
1.099
818
1.099
1.1*27
1,1*27
2.163
2,163
2,61*0
2,61*0
191*2
5.161
5.303
7.362
12,993
2,189
2,125
3.t70
7.960
2,189
2,125
19''3
22,11*1*
781*
193lt
2.61*1
1935
1936
3.278
3.513
1937
1938
1939
'».597
5.671*
191*0
19U1
19l*2-i;ovember.
December.
.
2,61*9
^
Federal Insurance Federal Unemployment
Contributions Act
Tax Act
(Old-age
(Unemployment
insurance)
insurance)
253
755
I9U
51U
90
Carriers' Taxing
Act of 1937
(Railroad
retirement)
150
109
121
137
170
209
71*0
530
60I*
101
108
7.960
833
925
,186
16.091*
16,091*
,1*98
691
896
1.130
98
120
158
199
199
21*8
231
9
8
1.972
1.972
1*7
h
1
1*3
52
3. ''70
lU
Miscellaneous Agricultural
adjustment
internal
tajcee
revenue
1,1*70
353
1,657
2,010
2,181
2,279
2,232
521
77
2,31*5
2.967
3.81*7
1*.553
337
630
1.075
306
380
306
380
31*3
37
237
99
7
365
352
5. 151*
lt.732
l*.732
1*8
3
3
1*2
371*
1.396
1.581
1.000
1,000
1*3
3
3
31*6
91*0
91*0
265
12
6
1*,211
3. 803
3,803
50
282
55
3
3
U9
359
353
July
August.
September
1,815
2,602
5,160
1.255
19
U8
310
50
3
51*8
1.236
1.016
*,091
l*U
l,56i*
i*.765
287
15
3
1*6
October.
November
1,813
2,115
7U6
U6
292
72I*
19l*3-January.
February
March
.
April
May
June
.
Source:
•
1/
2/
671*
557
1,010
1*1*9
Dally Treasury Statements.
Less than $500,000.
Tot further details, see chapter on Internal Revenue Statistics.
Includes un^st enrlchoent ta:t and victory tax collections pursuant
to Revenue Act of 1^2.
1
1
512
729
31*1*
U2
3
1*61*
271*
10
363
2/
For the period prior to September 1939* **i® data In the columns entitled Federal Insurance Contributions Act and Federal Unemployment
Tax Act represent collections under Titles Till and IX. respectively, of the Social Security Act.
.
,,
.
.
.
16
Budgetary Receipts and Expenditures
-
(Continued)
Table 3.- Analysis of General Expenditures
(IB BlllloBa of
doUwi)
Dlroot and work rallaf
TotorBBB
or Boath
TetBl
trBtloa
1/
2/
Social
<
Pobllo
Vorki
2/
U
Ud
to
^Idiltvr*
2/
is/
flooBTlty
progriB
2/
5/
VorkB Projocti
AdBtalotratloB
aad latloaal Tonth
itelBlotratloa
6/
red*riJ fti«re»nej Relief
AdaliListration
and CI Til Vorks
OlTlUar
CoaaorratloB
Corps
lataroat
OB tba
public
tebt
Otbar
dapart-
MBtal
5/
Other
ceoeral
expendItoree
2/
Adalnlitratlon
1/
l9Jk
19J5
1936
1937
193*
9oe
900
935
»37
1939
l9ito
7.221
7.055
19U1
6'.
19U2
19^3
5.9«6
5.595
19't2-HOT«Bbor
.
Daoaabar
.
215
320
654
5^9
679
685
803
670
557
557
553
555
572
900
890
715
669
'»7
"•7
1*8
.
Karota
601
U9
April
Kay
1*39
Ug
>>8
Jttna
328
sue
JtOx
Ancoat...
SaptOBbar
337
365
583
Octobsr..
BoToabar
30l»
Sooroa:
i/
h/
5/
5^
Ug
U29
930
966
988
866
1.006 10/
1.091
1.052
1.2€Jt
1.513
1.831
t95
1.896
-1
335
l.ll??
326
3'»7
2.2lt0
392
«57
515
1.572
290
283
970
299
uo
111
111
127
56
26
38
2U
It
U9
35
22
Ul
101
«5
58
60
37
15
11
'I
59
53
33
51
52
5^
U9
50
U3
26
87
110
iMfi
1.37'*
5W
83
89
66
65
71
1.9
29
18U
39
52
U7
19U}-Jai)BaT7...
Tabnarj
507
557
578
581
582
18
28
28
3"
-18
757
821
7*9
866
926
509
283
25«
223
200
9*1
i.oui
1.111
1.260
1,808
191
227
216
220
197
28
353
5t
July ig"*!.
Coaprlses A^lcultural Coneerratlon aad Adjustment Adalnlstratlon
(claeslfled In the Dally Treaniry Statement as "Other Var Food AdInlstratlon expenditures" conneaoln« October I9U3). A^loiltural
Merkstlnc Administration. Conmodlty (Credit Corporation. Tara Credit
A<^lnlstratlon, Federal Tarm Mortgage Corporation, Federal land
banks, Fam Security Administration, Farm Tenant Act, Rural Ileotrlflcatlon Admlaistratlon. end Department of Apiculture departmental expeadltruref
Includes railroad retireaent and railroad unemployment aotlTltles
and sxoludes expenditures made by Of floe for teergenoy Management,
Var Manpower Cofamlsslon (U. 3. finployvent Serrloe) under authority
8/
^
10/
U
22
17
18
10
8
U2
59
70
3
609
16
lU
27
68
U2
15
3U
77
55
16
56
12
12
15
I)
Jf
*5
U9
1"
*5
50
16
6/
5mS
590
262
^?
131
Dallj Treaturjr Stateeente.
Let! than I^OO.OOO.
Inclodet pnbllc works undertaken "bj the Teterane' Adnlnlitratlon.
Doee not Include expenditures for (1) reTolrln^ fnnde or (2) traneThese are thovn In Tahle ^.
feri to truet acoormte, etc.
lacludet public huildln^i. pahllc highways (lnoladln« forest roads
work
and flood control, Tennessee Valand
harhor
and trails), rlrer
ley Authority, federal Puhllc Housing Authority (formerly U. 3.
Housing Authority), reclamation projects and the Public Vorks AdnlnIstratlon. Ixoludes certain expenditures for public works In connection with war actlTltles by the federal Vorks A«enay, he^nnln^
F
For further details, see tables whltA folof Social Security Act.
low on the Social Secnirlty program.
Work projects Administration was formerly Vorks Progrees Administration. Beginning with July 19^2, e^endlturee for the latlonal
Tcrath Admlnletratlon are ehown In Table U.
Includes expenditures of the Beconstruotlon Finance Corporation for
relief throu^ loans and grants to States, vnnlolpalltles, eta.
Excludes e^endltures for the U. S. Maritime Commission, departmental expenditures under the Social Security progrsa and the Department of Agriculture departmental expenditures.
Includes expenditures for the following: Office of Idncatloa, and
Public Health Serrloe of the Federal Security Agency; refunds of
taxes and duties by the Treasury Department; Poet Office Department
postal deficlenclea; Federal Housing Admlnletratlon; Treasury Department Investments In Federal enrlo^ and loan usoolatlena; 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.
Oross escpendltures hare been reduoed $l60 allllona representing the
repayment of capital funds by certain Uhlted States Oovemment
agencies. For further detalle see "Treasury Bulletin* for June
1-9^3
pa<« 9. footnote 13/.
•
-
-
..
..
.
17
Budgetary Receipts and Expenditures
-
(Continued)
Table 4«- Analysis of Expenditures for War Activities
(In BillloaB of dollars)
Mlteellaaeoua war aetlrltlee
Var
nsc&l 7«ar
or
oath
1935
1936
1937
1938
531
689
900
929
1.029
1939
19U0
19U1
19U2
19^3
1.206
1.657
6,301
26,011
72.109
193>»
,
Da part-
Havy
Depart
Bent
eat
Total
leeellaaeoua
war actlTltlea
297
U36
529
557
596
-10
-21
-12
-6
1
1
673
uu
'12.265
892
2.313
8.580
20.888
Wt
99
310
3.362
8.955
I.U78
1,380
1.025
676
2U3
273
3«3
378
U32
ugo
66T
3,678
llt,070
2,0U
62
215
t5
297
6O8
18
33
52
2U
519
1.201
t33
21
16
6
15
19
50
50
2
81
83
620
528
705
18
12
17
17
12
17
12
17
l*U
3
39
55
5
51"
382
318
21
11
^1
6
1»
33
61
77
70
12
8
2U
180
239
16
11
27
2U
176
332
2lt
lU
25
19
6,0lt2
December
5.S25
3.535
3.770
'•.053
l,27l(
5.770
6.7W(
3.239
3.985
2,002
2.053
3.727
3.857
2,102
2,251
2,980
1,11*5
J^uie
6,97U
7.092
7,t69
July
Augaat. ..
September
6.U32
7.232
6.952
3.808
U,219
1,898
2.037
1,909
726
976
1,007
October.
Norember
6.989
7.5^1
lt,lU2
1.955
2.13U
1.235
April
M
V
3.>t2l*
'».036
Shipping
AdalnlitrmtlOB
Othar
var
Aid
to
actlTltlaa
China axpaadItopaa If
-10
-21
-12
-6
62
111
153
19U2-Sov»mli»r
19U3- January.
rebraary.
March
Oslted
Agricul- Federal federal "Ktlon&l SalactlT* Treasury
Statai
HooslBc
Serrlce
ture
Security tforke
DepftrtMarltlae
Depart
A^Bcy (wlalnlt- «nt
A««ncy
Agency
CoaaliBiott
eat
tr»tlT»)
1/
3
696
98U
1,065
892
26
Source:
Daily Treasury Statemeate.
Back Tigurei:
For aonthly flgoree coBBBenolng J^y I9U0, eee "Treaaury Bolletln" for May 19U3, pa«e 7.
•
Leea than $500,000.
Inoludea war public houaing functlooa.
1/
Includea emergeaoy ahlp oonatruotlon, beginning March I9U1.
2/
132
.776
.105
27I*
85
275
127
95
79
103
331
223
285
77
68
2'»8
5
5
120
106
117
5
5
95
lis
5
111*
319
361
366
5
100
111
1*02
5
5
72
68
50
5"
99
51
929
5
200
uo
18
59
98
92
69
85
116
315
51
86
105
29I*
795
68
88
103
21*3
108
382
85
81
119
130
69
lUS
216
91
66
Similar Itema for periods prior to fiscal year I9U1 are claesifled
under Other departmental and Other general expenditures In Table 3*
Indudee war expendituree of Commerce. Justice, Interior, and State
Departments; Civil Serrlce Commiaalon; EzecutlTo Offleee of the
President (including Office for Emergency Management); Panaina Canal;
capital stock of Smaller War Plants Corporation; and Defense Aid
Special Tund.
Table 5.- Analysis of Expenditures for
(1)
Revolving Funds and
(2)
Transfers to Trust Accounts, Etc.
(In «llllona of dollars)
Rerolrlng fonda (net) 1/
naeal year
or aonth
Aid to
agriculture
2/
Total
I93U
1935
1936
1937
1938
1*96
121
1939
92
315
11
201*
19110
,
5it
19U1
-136
191*2
18
19'»3
1*0
3W
Tranafera to trust aoeouate. etc.
Fsbllo
works
Teterane*
Adalnlstratlen
II
y
-33
-18
-13
IU9
SOU
uu
221
131
77
76
1.820
6O8
225
-8
101
187
59
23
11
-1
232
331
381
"35
30
11*1
-6
-159 1/
7
Ul
50
50
1.773
557
-2
-1*
-2
-2
3
25
2
2
35
2
1
1
-1
-1
7
8
1
1
16
l6
38
February.
March.
.
.
April
May
June
11*
11*
1
10
10
1
1
-1
U
3UU
-2
October.
Hovember
-7
-8
.
Source:
•
1/
Zj
3/
4/
.
5
-7
-8
metrlct of
ColoBbla
S. ihare)
6/
(n.
117
1U6
73
107
121
132
IU5
221
75
87
93
103
107
18
126
71
23
3"*
35
161
1
15
2
U
36
3
2
U
Bally Treasury Statement*.
Leas than $500,000,
Addltlon&l transaotlons on Aid to agrloralture and Public worke are
hown In Table 3farm Credit Adolalstratloa.
Pabllo Works Adalnlatratlon.
Oomprlses Adjusted Serrlce Certificate Tund and the National Service
Life Insurance Toad, adalnlstered by the Veterans' Adainlstratloa.
Federal
contribution to
2
3
2
July
August
September
Aid to
agriculture
21
1
December
eaployees'
retirement
funds
(n. 3. share)
21
Ul
10
19l*2-H0Tember
19l*3-January.
OoTemsent
Social
Security
prograa 5/
177
12
2
31*
-2
^
^
j/
Includes railroad retirement and railroad unemployrsent aotlTltlea.
Tor further explanations see tables which follow on Social Security program.
A^lcaltural Marketing Adnlnlstration (surplua coomodlty stamps),
arose expendituree hare been reduced $1^5 milllona repreaentlnc
the rapi^rvent of capital fonda by certain United States Oorerniieat
a^noles. 7or details see footnotes to Table 1.
18
Budgetary Receipts and Expenditures
-
(Continued)
Table 6.- Totals by Months, Beginning with 1034
(IB
r«t.
llllOB*
Apr.
Of dollU-l)
Jo]/
Mur
AX'
Sept.
Ost.
Die.
(•t tad««tu7 r«e*tpti 1/
206
21U
218
>»20
195*
811
203
228
1937.
193«.
1939.
239
29^
271
230
308
367
967
916
687
318
igito.
315
5UI
758
955
799
1.566
3.5i»7
30U
565
695
l,5l«
193»t.
1935.
JllO
19UJ.
19^3-
578
788
601
752
5.206
182
228
231
262
213
218
I1U9
233
517
>'.372
UI2
UU9
372
7U7
678
676
292
300
279
286
350
823
672
521
5.79«
650
711
1.135
2.527
607
7'W
1.212
2.701
5.83U
8,8U9
16.U03
5.'1^7
2,030
570
676
701
632
677
636
607
716
9.2UI*
U21
256
529
290
373
3U7
828
557
265
uoo
39U
563
6U9
1.276
1.13
2. '•92
7"t7
l.llSO
'».569
2.007
UU7
397
587
2,721
611
561
656
561
U2U
57t
367
77>«
3.U92
3.857
260
235
272
2^7
23U
l»99
286
36".
56U
601
2.099
I .918
Bndcttary •xp«&dltiir«s 2/
ksk
527
686
695
U82
521
63U
528
U80
573
570
636
6U3
19351936.
1937.
1938.
1939-
539
U92
656
U7U
612
766
705
820
695
631
730
51U
366
1940.
19U1.
19U2,
19U3,
712
1,111
2,628
6.372
668
1.075
2,629
6,119
822
1,399
193''.
3,'t21
7,35't
599
631
693
2,U27
635
691*
1.253
930
895
783
1,315
3.753
6H7
l.lUl
3.953
887
1,528
"•.530
7.'»66
7.'»35
8,327
818
1.598
5,160
7,112
H*t ynifturj deficit 2/
193^.
1935.
1936.
1937.
1938.
1939-
19ltO.
19'»1.
191*2.
19U3.
U8U
279
293
632
718
77't
706
1,529
5.215
7.617
71.1
75?
1.87't
5.931
7,535
565
737
721
869
2.083
5.937
7.V56
559
^6
6U8
817
1.858
6.363
7,839
7.28U
6.682
635
830
832
8.097
8,885
1,172
2.5U2
6.500
9,657
19.053
56.020
7,75'»
1
19
BUDGETARY RECEIPTS AND EXPENDITURES
1939
1938
DOLLARS
Bill
ions
^^itntnt a hintnlillTitntM
u
JMMJSNJMMJSNJMMJSNJMMJSNJMMJSNJMMJSN
Budoetary Expenditures
3 Month
TtTTtrnmiiiTinimlnninn
J^M
MJSNJM^AJSNJMMJSNJM^AJSNJMMJSNJM^AJSN
r
Net Budgetary
Na^a-tivi
figures represent
Deficit
Net Budgetary Surplus
ft*^liiiidtiittidlllt]
hill
-I
Vm
I
M
J
1938
S
N
J
M
1
M
J
1939
S
N
I
J
M M
J
1940
S
I
N
ill
J
I
I
'''
I
M M
J
f^'
S
N
J
''''
M W J
'
"''2
"'.
'
'
J
S
J.
N
'
' M
M
'
'
''
'
J
.
1943
V N.V
S
'
so
Trust Account, Etc. Receipts and Expenditures
Table 1.- Trust Funds
(IB
or Boatb
alUloM
of dollart)
..
.
21
Means of Financing Cash Requirements
(In million* of dollar*)
Aaowit required to be financed
n*cal year
or Bonth
total
amount
required
bnd^tary
Ret
Increaae
in Oeneral
to be
deficit
Ittnd
financed
1/
balance
Het
Mean* of financing
Vet
expenditure*
In tniit
account B,
increment
on gold.
Total
amount
financed
let
decreaae
in Oeneral
fund
balance
Increase
in
inblic
debt
etc. 2/
etc. 2/
u.eie
3.209
5.390
W"*
1935
1936
1937
1938
l*.6l6
i*,5ii*
3.W?
3,209
5.390
3.1*9
1,61*8
8ltO
5,078
2,6U6
1.38*
1.381*
7ltO
128
338
821
312
37U
306
U,i61*
3.275
2,528
9lt7
890
136
l,8llt
736
U,i6lt
3.51*2
3,611
191*1
191*2
5.99"*
23,'*6l
19^3
6C,27U
3,611
5,103
19.598
55.897
19U2-NoTOmbor
December.
12,051*
19U3- January
February.
March
5.719
5,286
2.696
5.761
lit.
April
May
June
390
6,o6l*
3,961*
5.7'to
July
Auguet
September
896
lit, 291
October.
NoTOBber.
\iw
.
Souroei
1/
.
It,
5.761
3.799
SS2
558
6.515
23,1*61
6U.271*
5.761
3,212
7.it6l
79U
12,051*
12,05lt
135
122
5.719
5.286
2.696
2,899
,
5.58it
5.161*
2,llt7
5.952
5.955
3.758
3.611
5,99U
71*1
lUs
3.506
1,861
7lt2
51*9
8.lt3S
2.95"*
l,it83
2,819
2.331
1.213
390
lit, 31*2
6,o61*
6.06I*
206
781*
3,180
635
5.71*0
i(.8g6
It,
828
912
2,231
131
291
lit,
'*.338
290
5.105
896
2,087
11,791*
ItlO
5.lt26
1.139
132
2/
U; 2711
3.96U
It,
5.71*0
5.991*
39
lit.
70
Sally Treasury Statement*.
Sxcluda* aaount* for public debt ratirement vdleh are chargeable to the alnklag fund, etc., under special jrOTielon* of
lav.
101
1.720
1939
19&O
.
Set
receipt*
in truat
account*,
Increment
on gold,
lit,
2,531*
1*8
291
,697
6.697
.7W
1,112
Comprl*e* trust account*, checking atfeount* of OoTemment
agenclee, etc., increment on gold, eelgnlorage on silTer, and
Biacellaneous fund* and account*
Increment on gold exclndei
expenditure* for national bank note retirement*.
.
U
.
.
22
Social Security Progra
Section I.- Budgetary Receipts and Expenditures
Table I.- Social Security Act
(Id
Ullont
of dollar*)
Bacvtpti
Oroi* receipt*
Sootftl Securltj tucet
Tlte&l 7«ar
or BODtb
Federal IneTxrenoe
CoDtrlbutlone iot
(01d-ec« Inaurenoe)
feder&I Uneaplqyaenk
Tax Act
(QneBployveat laaurenoe)
Latt kaouAtt or«dlt«4 to
fadsral Old-A^ and
SoTTlTOrt tasnTABO*
Trust
fat
raealpt*
Fttnd JJ/
u
1936
1937
19J«
1939
19S0
252.2
19U.3
6olt.U
51l«.i«
IS"*?
631.2
712.2
7«8.2
1,015.6
19^3
1.2U.9
530.U
60U.7
690.6
895-6
1.130.5
19I1I
231.1
3-5
19U2-IOTaal>ar
Daeaabar.
19>)3-Jaiiu«l7
•
rabraar7
March
April
>U7
JOM
Jnljr
Jtfi^at ...
Saptaabar
Oetobar. .,
Roraabar.
neoal jou*
or aoath
50.7
335.8
6.1
2^6:
2.
1*6.7
'•3.
276.2
5.9
26>t.
U6.g
29U.7
U.l
ltlt.6
28U.1
2.
265.0
387.0
503.0
537.7
661.3
868.9
1.103.0
-12.8
8.7
1.0
228.5
1.0
11.2
3-5
13-6
99.0
3-2
23*-9
1.0
100.9
5-1
U0.8
262.0
5.8
lU.2
5-7
57.8
90.1
100.9
107.5
97.7
119-9
158.
3.3
11-7
3-1
217.'*
128.2
126.9
1116.7
185-9
15-'*
.2
286.6
3.0
3-2
8.1
1.1
283.8
.2
6.0
10.9
3-9
U1.5
273-6
3-0
10.5
38.9
271.0
5-7
13.1
1*3.6
lJO.8
,
.
c
E
..
g
23
Social Security Program
(Continued)
-
Section I.- Budgetary Receipts and Expenditures
-
(Continued)
Table 2.- Railroad Retirement Act
(In millions of dollarfl)
BecelptB
fiscal year
or Bonth
1936
1937
1938
1939
I9U0
I9UI
Szpendltnree
Corrleri' Tailnc
Act of 1937
AdslnletrbtlTe
expeneeB
Total
1/
3
•
•
191*2
170.
206.
19'»3
igU^-Hoveober.
December.
1.5
2.6
110.0
123.3
12g.2
lUg.5
220.2
2.6
3-8
7.6
5.t
13'*3-JsnuAry
.
robniary
March
8.2
hs.s
.
,
.
,
.7
2.3
-8.7
It
lltO.9
-21.6
Slk.S
u.u
3U.0
5
33.1
-6.9
-'•1.3
3.0
5.9
35-1
.k
.2
.2
.3
3
JMly
August ...
September
1.1
15.0
U6.2
l6l.o
.2
.2
.2
.3
.3
October.
November.
1.1
33.8
.2
8.2
.2
.2
1/
12'!.
.U
•
Ug.6
•
.3
1.2
-1.1
IU6.U
107.1
120.7
-1»2.U
April
M
June
Soiu-ce:
r
2/
-7.7
31.5
.
Izcess of
expenditures
of
taxes
.i
1.1
7.1
Ul.8
V
^fonds
3
l^.O
.3
150.1
109-3
1?1.0
136.9
Transfer! to
Ballroad B«tlresent
Account (trust account)
Daily Treasury Statements,
Eevlsed.
Less than $50,000.
Includes only expenditures from appropriations made specifically for admlnlstratlrc expenses relating to the Railroad
2/
3'».7
3S.1
-5-7
-Ug.J
160.7
159-8
-lU.g
-U5.9
33.5
32-7
g.O
Retirement Act.
Covered by spproprlatlons from the General
I^lnd
of the Treas-
ury.
Table 3.- Railroad Unemployment Insurance Act^^
(In millions of dollars)
Expenditures
Receipts
Fiscal year
or month
Railroad unemployment
Insurance contributions 2/
Total
1936
1937
1938
1939
U.9
6.8
igito
19'ti
8.5
10.3
191*2
19U3
i9'*2-N0Tember
December.
.
IS^^-Jan^iary
.
February
March
.
.
April
May
June
.
.
Source:
•
1/
g.2
5/
-1
7.5
6.0
k.i
-2.1
-2.1
2.5
.2
.2
.2
.2
-2-3
.1
.1
.1
•
.1
.1
.1
.2
.2
.1
2-5
.2
.2
-2.3
.2
.2
.2
.2
.2
.2
2.6
-2.3
•3
.3
.2
11.9
.2
.2
2-5
.?
.2
-2-3
.
.1
.1
.2
.2
.2
.2
.
.2
.1
.
Daily Treasury Statements.
Lees than $50,000.
Operated as Railroad Unemployment Insurance Administration
Pond.
2/
,
Excess of
expenditures
•
September.
October.
November
-5
5.0
3-1
2-5
2-2
Transfsrs to Railroad
Unemployment Insurance
Account Unemploynsnt
Trust Fund kf
.1
JUly
Au^st
-5
5-0
.
.
AdolnletratlTe expeneee
(Railroad Unemployment
Insurance Administration Fund) i/
Represents 10?6 of contributions under the Railroad Unemployment Insurance Act; the remaining 9C^ is deposited In the
Railroad Unemployment Insurance Account, Unemployment Trust
Fund (See Section II, Table 3)- Excludes amounts appropriated
to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period
from January I936 to June 1939. inclusive, from employers subJect to the Railroad Unemployiaent Insurance Act. as follows
^
1/
^
11.7
-2
11.
(in millions):
Calendar year I936 - $2.7, 1937 - $5.3,
1935 - $6.g, and for the first six aontha of the calendar
year 1939 - $2-9. aggregating $17.7. These amounts are
included in Table 1 under Federal Unemployment Tax Act
(unemployment insurance).
Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad
Unemployment Insurance Act.
Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, I9I0).
Covered by ^propriatlons by Congress.
.
.
U
.
6
9
•
M
2"+
Social Security Program
-
(Continued)
Section II.- Statements of Trust Accounts
Table
1
Federal Old-Age and Survivors Insurance Trust FUndA^'
-
(CuBQlatlT* froa orfanl zatl on
- In
Saealpta
of flieal
yaar or aonth
t>ii
Total
racalpta
Appropriations 1v
Con^raaa
llltoas of dollara)
XxpanAltoraa
Intaraat
Inraat-
anta
Total
axpandltnraa
01d-a<a
banant
p^aaats
Balaaoa
Unaxpandad balaaca
Ba labor aaaaat
for
adnlnlitratlTa
azpanaaa 2/
Total
Invaat-
anta
la Aaaaral
Auid
In dlt^aralnc
offlear'a
aoeooat
193<
19H2
267-3
7«2-7
1.199.6
1.792-1
2.536.2
3.502.«
265.0
765.0
1.155.0
1,705.0
2.393-1
3,288.8
19'«3
'•.720-7
't.'tl9.3
19U3-Sapteabar
Cctobar.
VoTeabar
S.osit-S
''.752-5
5.096.1
5.369-7
'*.79'»-0
1937
193«
1939
19W
19'tl
.
Sonrea:
•
1/
5.067-6
93 -»
267.2
777-2
1,180.3
1.7W1.7
2.397.6
3.227.2
U, 268.3
26T.1
662.3
1.177.2
1.738-1
2,;go.6
3,3)1.6
It. 236.8
101.9
10U.5
107.1
".551.7
U. 576.1
>». 832.3
"».
2-3
17-7
5.''
5-'»
Ul«.6
19-3
S7-1
lUJ.l
21».l
301.5
13«.^
275-6
U32.U
19.3
35-1
99-5
209.8
359-1
12.3
39-1
65-9
302.0
302.0
302.0
502.8
520.0
537 -It
uoi.o
U15.5
U30.3
''7.U
Qallj Trearory Stateaenta.
Laia than $50,000.
Inclndet transactlona affaetad nadar tha pradacaaaor Old-A^
2/
1*98.9
U, 1198.
l»,U98.9
.1
.1
1.9
3-0
6.1
10.8
113
.1
d
20.'t
5-2
7-0
2^-5
2U.5
25-9
27-2
28-3
51-5
306.2
ROBonre Accoiut.
Dnder 3«ctlon 201 (f) of tha Social Sseurlty Aet
of 1939
Table 2.- Railroad Retirement Act
(CumlatlTe froa orgajilcatlon
Xnd of flacal
/aar or aonth
Total
raoalpta
1936
1937
193*
1939
19U0
19^13
19U3-Septenber
October.
VoTeaber
Interest on
Inreetaanta
Benefit
pajaante
U6.6
U6.6
ue.6
IU6.5
26U.8
38U.9
l.U
3.6
m-5
85I1.2
1:1
11.6
17.3
U.O
79-S
185-6
298.7
U19.9
5U6.1
676.6
1,116.9
1,116.9
1,116.9
17.5
17.6
17-7
709.8
721.1
732.3
390.8
506.9
650.9
871-5
19U2
In allllona of dollara)
l'*7-?
268.
19'tl
Appro prl atl ons
by Coa^asa
-
l.l3'»-3
1.13U.5
l.l3't-6
Balanoa
Unazpandad balance
Ixpandltnrae
Baoalpta
US.
Total
Inraataenta
la Gaaaral
Pood
U6.6
36.6
U6.6
U2.6
68.1
82.7
92.1
87.0
66.2
67.2
lOlt.8
91-5
178.0
13.2
10.8
2-5
1.6
U.l
310.0
332.0
321.0
102.1
68.6
68.6
I9W.9
U2U.5
1*13.3
U02.3
Dall/ Treaaurj Stataaente.
Lest than 150,000.
Table 3.- Unemployment Trust Fund
(OuaolatlTe froa organlaatlon - In llllons of dollars)
7'»-0
,2
In dlabvralac
offle«r*e aeconst
6.0
1.6
2.3
l.S
10.5
11.7
12.8
12.
12.7
12.7
25
Cash Income and Outgo of the Treasury, by Major Classif icationsi^
(In mllltone of dollars)
GENERAL
FUND
OF
-26-
THE
TREASURY
\
.....
.
27
Assets of the General Fund of the Treasury
(In nllllone of dollari)
Sad of fiscal
7ear or month
193^
1935
1936
1937
193«
3.033
2.016
2.936
2.709
1939
3.087
2.038
2,812
3.UU3
Federal
Be serve Banks
1.01*5
l.oUlt
865
1.863
827
2.1*19
Special deposits
account of sales
of GoTeniMent
securities
(War Loan accounts)
!>epOBlt» in
Bullion, coin,
and currency
1.19U
Other
deposits
and
collections
97
118
862
lUl
929
1.85U
611
37
55
58
55
52
776
805
661
1.679
7,667
95
105
1U3
265
533
799
1.150
6>*9
19U1
19l«
19U3
10,1'»9
«97
911
1,022
25U
1.02U
603
1,038
19lt2-Novemher
Decemher.
3.557
11,032
915
863
512
1,516
1.695
8,166
t35
8,200
5.895
I*.
758
857
872
871
1*65
6.367
3.892
511
509
550
April
Hay
13.112
13.152
1.215
651
1.038
529
11,117
7,667
1*«7
10,11*9
883
897
911
10,1*85
June
906
905
883
979
1,076
1.538
6,790
U51
l*,362
15,676
501
636
900
908
1.095
17.280
12,770
563
569
19110
191*3- January
.
February.
March
July
August
September
.
9.127
6,gl*5
.
18,731*
October.
November
Source:
871*
981*
19.838
15.1*92
623
6U3
1*87
2,691*
1,21*5
533
Iblly Treasury Statements.
Balance in the General Fund of the Treasury
(In mlllloni of dollare)
bd of fiscal
year or month
Total
assets
Total
liabilities
i.Tn
1.81*1
1.001
2,069
2,000
1,622
11*0
2,682
2.553
2.216
2,160
1,163
1.885
2.229
8.71*!*
536
585
605
619
619
2,320
9.780
619
619
11*1*
619
619
619
iWi
iw*
lUl*
203
3.087
2,038
2,812
21I8
December
191*3- January
Increment
on sold
2,582
1939
19M0
19l*2-HOTem*er.
Seigniorage
on sllTar
251*
2,1*19
191*3
Working
halanoa
1*51
3.033
2,016
2.936
2.709
191*2
Analysis of balance In the Oeneral Toad 1/
175
193^
1935
1936
1937
1938
191*1
Balance
in the
Oeneral
Fund
156
3.'*^3
10,11*9
1*52
6U3
2.838
1,891
2,633
2.991
9.507
3.557
11.032
1*75
3.082
1*89
10,51*3
8.200
5.895
1U7
179
316
gl
Sll
700
297
198
IU7
11*2
IU3
IH3
lliU
11*1*
1*77
7,721*
6.961
503
579
5,392
i*.630
'*.758
i*,179
3.1*16
April....
May
Jane .....
13,112
13.152
U95
U65
II.85I*
10.11*9
61*3
12,617
12,687
9.507
8.71*1*
619
619
619
July
August..
September
9,127
532
8.595
6,81*5
7.832
5.601
17.395
619
619
619
11*1*
18.531*
ll*.196
619
11*1*
619
IW*
.
February.
Harch.
.
.
October.
November
Soures;
1/
1*81
6,361+
18,73'*
576
18,158
19,838
51*1
19.297
15,1*92
53"*
li*,958
Dally Treasury Statements.
In the fiscal years 1935 and 1936. $91 millloaa and $551* alllions. respeetlTely. were transferred from Increment on gold
to the working balance for retirement of national bank notes.
In this statement, however, charges for retirement of national
II.92U
11*1*
11*1*
11*1*
11*1*
ll»l*
bank notes are reflected directly against Increment on gold
in the years during which the retirements were actually
made.
Inactive gold in the amount of tl,087 millions for
the fiscal year 1937 is considered as a part of the working
balanoo.
,.
.
.
28
Analysis of Change In Balance of General Fund of the Treasury
[iB
llllou
Of dollars - Sat
Iwrau*
or nat
loorouo
(-7|
WorklDC balanca
Total
ohaa^
Chao^ dorlDC flaoal
fw
or aoata
iB
Saaaral
AlBtf
193^
v,35
1936
1937
li3«
1.720
1939
19UO
19U1
igUz
19^3
fat
-9U7
7"w
35«
6.515
-7'»1
-m
-33«
Oanaral
aad
apaoial
accoDBta
Total
vorklac
balaaca
Pobllo
labt
y
aconuta 2/
y
aeootiBta
6.515
-3.611
-5.103
-19,598
-55,897
-73"*
637
108
2,7U6 1/
792 ll
19
11
3,280 ll
2,528
29
37
2
16
37
66
92
2U1
5.99'*
23,1*61
61*. 27"*
-1.8IU
7.W1
-l.SlU
7.U61
-5,761
-3,799
19l»3-Joim«ry...
-2,819
-2,331
-1,213
-2.819
-2.331
-1.213
-5,58U
-5.l<?>t
March
-2.1't7
April
SIV
Jtma
8,U3g
70
-3.180
8.1*38
70
-3,180
-5.952
-5.955
-3.758
1U.3U2
6.06U
78U
266
-279
JUI7
Aucuat
Septasbar
-912
-2,231
11.79^
U,828
11.79'*
-5.105
-U.896
-2.087
October
Toraabar
1.139
-^.338
1,139
-5.'«26
-^'.338
-5.7'W
Fabruuy.
.
e«:
•
1/
2/
2/
U/
5/
6/
.
.
-912
-2.231
DK.II7 Treaaury Stat«a«nti.
!,«• than $^00,000.
Thii it thi Mt tottd^et^ry deficit. Bxclud«i nounts for pabIle dobt retlr«m«nt which are chargeable to the eliilciiig fond,
etc., under epeclal prorleione of law.
"^Ib rnpreiTti the Increaie lu the greet piibllc debt, except
.-.*
'..'?
f3o*.aote jj )
joted.
Includet feJT«i 01d-Ag« end SurTlvore lotnranee Tmat Fond.
TJnmployaeBt Truet fund. Railroad Betlreaent Account. Oovem•«nt loeuraixe and retireaiant fundi and ather troet fundt.
Coeprltee Pn>)'.lc Vorka idmlnlttratlon roTolrlDg fund and tp«Ueo Includea A^lctiltural Marketing Adclal depoeita (net).
Blaiatratlon conodlty food atasp tranaactlont.
Inelndee expendlturet for retirement of national bioik notet.
Id the fltcai jeart 1935 "d I936. $91 alUlona and 155* "Hllont vera transferred from Increnent on gold to the working
SalfBlerac*
OB
allfar
iBOTMMBt
OD
cold i/
a^oolaa
6U
31*
-3. 5^*2
aocoonta of
OoTarnaeat
2*1
19U2-»0Ta»t>ar
DBcenbar.
.
MlaoallaaaooB
fonda and
aoeooBta
ate.
U.51U
l.-'39L'
908
-769 6/
1.067
-70
-377
537
-997
722
Tnat
SI"*
20U
U
768
3k
-217
-3.625
-2.19U
3.212
271*
13
1*1*9
12.051*
-290
Ul*
-51*8
2,899
2U
27
2,951*
1,1*83
222
-260
26
11
-186
-370
-300
1*9
16
51
-9
-356
82
lU.291
92
275
-265
6.697
1.112
52
210
2.531*
2/
811
lUO
176
bO
90
-Ul
6/
-99
-51
30
-17
-726
-ll»8
-IU6
lU
16
balanoe for retlreaent of national bask note*. In thla etataent, however, chargea for retlrenant of national bank notea
are reflected directly agalntt Increnent on gold. In the yeari
Inactive
during 1^1 ch the retlrementt were actually Bade.
gold In the aaount of $1,08? allUona for the fltcai year 1937
la conaldered aa a part of the working b&lanee general end
epectal accounta for the purpote of thli table.
Xxpendituret for the retirement of national bank notet from
IncrflDeat on gold for the flaoal yeara 193^ to 1939 (• thown
below) are not reflected herein, but are reflected under lacreoent on gold aa follows:
1935 - $91 mllllona, 193^ - $397
llllona. 1937 - $99 llllont. 1938 - $51 llllona. and 1939 $5 mllllona. total - $6U5 olUlona. The iDcreasea In the public debt ahown in the table Meana of rinanclng Caah Ra'qulrementa for the above flacal yeara will not agree for the raaaon
atated abore.
PUBLIC
OF
DEBT AND GUARANTEED OBLIGATIONS
THE UNITED STATES GOVERNMENT
-29-
..
,.
.
.
30
Suimiary of the Public Debt and Guaranteed Obligations of the United States Government-^
(la
BtllloM of dollu-i)
Pablle dobt
lBtor«ot-bOftrlBc
Ind of fticftl
or Moaih
J9T
19J5
1936
193T
1938
1939
19U0
19U1
13^2
19^3
19l«2-lIOT«abar
.
Deceabar.
19U3- January...
Tabniaiy.
March
April
May
June
37.7}^
32.82U
38. "^7
27.053
28,701
n9
26,08U
26,950
31,102
1)1,089
Us. 018
36.U25
37,165
33.05't
32. 3W*
''5.890
i40,uiio
33.965
U8.U96
55.332
76,991
3't.U36
l'iO,796
U2,968
U8.961
72, '«2
136,696
100,379
112. U7I
96.116
108,170
66, 551*
76,U88
lon-
33.
396
37.713
50.573
95.310
5,1*51
5.''50
1
5.529
6,370
5. '•98
31
11
><.665
2,151
3.166
3.770
>».775
55U
591
't.555
13.510
29.200
6.120
7.885
10.871
UjU
1.316
'1,568
>*,100
20,117
21.788
8,787
9.032
657
862
U,26U
i,oi*5
It,
1,173
1,219
1*,287
'',360
221
1U0,003
lUo, 796
129, 8U9
135.913
136,696
91.392
95.382
95.310
27,1*56
9.795
10.198
10.871
1,206
1,238
1,316
''.372
29.095
29.200
30.169
30.879
33.910
11.1*56
1,286
1,338
1,296
3.791
11.907
11,717
35,776
36,595
11,868
12,278
1.1*58
U.119
1,377
U.lfio
169,166
170,318
165, 0U7
ll5,9ltl»
166,158
115.909
6.360
U,5U9
291
'.091
>*,100
3.9W
3.971
20
'•.023
68
8
'',195
'*.196
U8
87
20
18
'«,196
'*,196
'',272
81
79
78
12
U,288
U,006
It, 023
76
7"
68
9
9
8
3.711
3.861
3.888
71
73
77
9
3.923
3,959
190
195
6
6
'•,301
9.172
9.565
lo.oob
October.
KoTeabar .
1/
t,«53
U.718
U.665
',853
23.356
2U.560
2U,622
158. 3«9
•
6<1
'*,123
78.726
79.662
98.613
99.935
111,U26
dabt
681
llU.02'1
lUl»,059
SonBar katabla
ioaoaa
U,718
111,069
1U1,52U
Matnrtd
Markotabla
lamioo
'».123
115.507
1U8,000
162,321
Source:
"J
1.056
790
625
589
115.361
118,311
119.867
11*5,316
.
Total
BO intorost
62
1,261
1.188
1.556
Jul/
Au^aat.
Septaabar.
.
b«ftrln£
SjMclal
a«rk«tablo
l«io«a
Int«r«at-b««rlfic dobt
77.i'96
131*,
.
Natnrod debt
•Ad dobt
Total
MsTtotabl*
Itioot
I93l»
(hiaruitood dobt
d«M
11*
11
7
7
guaranteed aa to intereat only, are not Included In thla table, ftr
detailed etatement of the public debt and guaranteed obligatlona, aee
follovlDg page.
Dally Treaaury Stataaenta.
Leal than $500,000.
Guaranteed aecurltiaa eold directly to the Treasury, and securltlea
Analysis of Issuance and Retirement of Public Debt
(In Blllione of dollara)
riBcal year
or Bonth
Public debt
ontatandlng
end of
flacal year
or Bonth
at
chases
during
flical
/ear or
Bonth
27.053
28.701
33,779
U,515
1,6U8
5.078
36,1*25
2.61*6
37,165
1939
19UO
1*0.1*1*0
19'tl
19lt2
U8.a6l
72.U22
136,696
193'*
1935
1936
1937
1938
1*2,968
19'»3
3.275
2,528
13,0**
13,166
7.'»75
17.81*7
23,1*61
6C,27ii
37,16U
122.632
30,388
9^,961
303
17,911
3.212
6,730
15,6U3
5.617
15.111
890
259
5.078
6.983
20.502
U.ssi
6,567
5.322
ll*,712
17.527
8.855
6,281
805
8,098
6,086
20,931
U91
2.899
2,95U
March
115.507
1.1*83
April
May
June
129,81*9
ll*.3l*2
135.913
136,696
6.06U
17.620
io,6U3
781*
12,1*80
July
Auguat....
September.
11*1,52'*
lt,828
8,702
059
^,53"*
158, 3^
l'*,291
8.10>*
21,7lt8
October.
Horeober.
165, 0U7
6.697
1.112
191*3. January..,
yebruary..
.
Source:
•
1/
11*1*,
166,158
erlei
7'*0
111..069
llU,02l*
,02U
.
Certificates
ld>«ted
of ladebtedservice
nesi, tpeolal
bonds
,161
.716
12,051*
Secesbar
Cash
y
96,116
108,170
19l*2-HoTe«ber..
Public Issues
Public leatiai
Total
13.583
13.126
1U,121
9.589
9,621
5.?f
Public debt expenditures
(Retlraaent of public debt)
Public debt receipts
(laiQanca of piablic debt)
ll*,281
5,682
Special
issues
ohan^B
i/
261*
9.069
1*1*6
ll.'t78
516
9.01*3
2,978
1.751
2,67M
2.159
7.19«
3.035
2,812
2.567
3.151
10,1*62
3.11*2
lt,2l*l
l,Ub2
317
l.'t99
6.9U3
8.881
1.556
3.062
3U
2/
5.51*2
't.625
5.166
223
273
518
3.589
3.029
2,879
180
2.179
028
19.019
2,025
3,803
«,277
ll*,712
9't
3.278
"15
5.395
11.697
2,976
3,195
6,170
805
It.
'•,580
changea
?,978
1.751
?,67U
33.67'*
3.
Special
laauea
U.720
'.305
5.876
8,318
1*68
1.37"*
Certiflcatea
of indebtedneaa, apaclal
aerlea 2/
9.8O9
10,638
11,853
13.703
58.358
1*16
11,056
5,228
Dally Troaaury Stateaeata.
Leai than $500,000.
Ixcludaa certiflcatea cf Indabtedneaa. apecial aarlea.
Caeh
2/
1.669
lU
13
,958
,199
,776
Total
5,301
5,680
5.8I6
8.693
3,035
2,812
3,11*2
303
17.911
1.U73
2.1U6
2.896
It.lll
1,UU2
5,332
21
29
1*68
681
115
202
39
23
30
1.371*
60U
U62
326
3.87U
5.570
3,855
7,1*58
6.U51
162
U21
7.581*
'*.570
i*,5li
3.062
'*,525
3'*
1.556
'*,003
191
209
523
567
l.OUl
302
12
U.722
19
11
516
1*91
Conaiata of apaclal aarlea of certiflcatea of Indabtedneaa laaued
directly and aolaly to federal Reeerre BanJca
11
11
31
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
*^i
*•
'U
32
...
6
...
1
33
y>-r'r.J'
1
QoBiposltloir of the Interest-Bearing Public Debt
IntoroBt-baarlB^; pabllo debt ontitaadln^
(In nlllloai of dollu-a)
Farcant of lataraat-baarlag pabllo dabt
FQbltc liioaa
Sad of tltoai.
jear or aonth
Total
Harkstabia
Sonoarkatakla
Markatabla
isi^
1935
1936
1937
193»
26,1*80
27,61*5
16.510
32,989
35.800
36.576
17.368
62
1.261
20.131*
22,01*3
l.Ug
6.653
10.023
11.381
10.617
1.556
9.11*7
1939
39.8«6
25,1*11*
1*2.376
1*8,387
26,751
2,151
3.166
7.2'»3
191*0
30,i»ii
l*,555
191*2
71.968
191*3
135. 3«0
38,281
57.716
10,1*96
21,701*
191*1
11*. 571*
19l*2-NoTember
Deceober..
95.1*58
ll»,l*15
107,308
15,l*oI*
IS^'i-jBH^iarj .
110.021*
1*9,1*69
16,607
17.1*35
IS. 276
.
.
.
Tebniary.
March
6.383
5.698
6,689
9,168
HOB-
arkatabla
PubUo iaaoaa
Cortlfloatai
of
ladsbtadoaat
1.517
3.015
7.l»95
10,095
9,863
9,863
9,863
9.797
6.7U9
7.125
9.797
9.797
9,168
7.783
8,163
7,1*95
100.0
100.0
100.0
100.0
100.0
abla
62.1*
3-3
it.S
25.0
3.2
63.7
63.1
62.8
5.1*
3-3
16.0
18.2
15.1
11.8
1-3
6.8
U.2
5-5
12.2
3-3
3.5
8.8
10.6
9.2
6.0
5.9
7.5
9.8
6.0
6.2
9.2
ll'.k
9.0
8.7
8.6
6.1
6.3
5.6
9.8
9.9
9.8
6.7
7.3
8.1
8.3
8.5
8.8
6.1
6.1
5-5
12.6
12.3
12.2
7.8
8.1
8.8
7.6
7.6
8.0
7.1*23
11,161
11,161
8,232
9.172
9.565
10,004
100.0
100.0
100.0
1*5.0
1*3.8
1*3.3
16.0
16,151*
10,01*1*
11,861*
100.0
100.0
100.0
1*3.1
16,561
16,561
9,795
10,198
10,871
15.3
15.5
16.0
11,1*56
19.673
20,932
135.380
July
August
September
11*0,238
11*2,721
57.716
57,716
22,1*91
65.61*0
23.176
25.060
11.875
11.875
11,596
7.678
7,703
8,851
16,561
157.053
October.
NoTember.
163.589
161*. 781
68.085
68.136
26,667
27.316
11,596
11,596
9,109
9.278
10,853
Special
laauaa
60.3
10,71*1
55,397
58,171
57.716
Cartlfloatao
of
Indabtadnaas
25
36.3
3U.5
29.7
.2
3.8
100.0
100.0
9,231*
Honaarkatabla
53.»
52.6
56.2
8.787
9.032
128.61*3
Soixree;
,770
3.77
lt.77
775
arkat-
5,721
6.627
April
May
Jmia
.
100.0
100.0
100.0
100.0
100.0
Markatabla
7,161
10,53U
1*9,1*69
21,701*
1,308
1.302
1.603
2.508
396
633
626
1.558
2.676
lon-
11,861*
1*9,1*69
675
l.UoU
2.053
2.35»
?.303
1.15*
Markatabla
3.096
16,561
112.851
287
131*.
Spaolal
laauAB
6,120
7.885
10.871
111*.
6. 3116
Bond!
11*.
lU
1*3.2
U2.6
15.1
15.'*
7.6
u
5-7
1-5
2.3
1.9
".3
7.3
u
7.1
6.1*
31
i*.3
9.5
11.3
12.6
11.0
8.0
8.1*
12,l*6o
12,81*6
1*1.8
16.0
16.2
16.0
5.5
13,05U
11,907
11,717
8.5
8.3
21.136
100.0
100.0
100.0
1*1.2
17.1*97
7.1*
5.6
11.8
12.3
13.5
8.9
9.0
8.3
8.2
8.3
7.5
23.199
23.103
13,061*
13.071*
11,868
12.278
100.0
100.0
1*1.6
Ul.l*
16.3
16.6
7.1
7.0
5.6
5.6
lU.2
lU.o
8.0
7.9
7.3
7.5
1*0.1*
Dally Treaeuiy Statementa.
Guaranteed Obligations Held by the Treasury 1/
(In
COBBOdlty
Credit
Corporation
Xnd of flaoal
year or aonth
l93l>
lllleaa of doUara)
Federal
Mortgafa
Corporation
Jmn
federal
Public Eousine
Authority
3.255
3.655
*.030
3.630
883
1935
1936
1937
1938
1939
BeeoaBtmetion
Finanoa
Corporation
Taaaaeeaa
Tallay
Authority
3.255
3.655
fc.030
25
15
10
25
2U3
191*1
104
302
lltO
191*2
l*,079
1*00
19U3
7.535
1.950
19l*2-SoTeniber
l*,729
300
80
December
5,201
1*50
1*9
..
5.59s
5.820
6.1U2
April
May
June .....
191*0
Hobo Owner**
Loan
Corporation
20
7
*?
20
551
212
2.531*
5.033
52
57
57
57
280
280
1*33
580
955
57
57
650
750
850
280
283
283
386
323
298
1*,226
57
57
57
6,152
6,357
7,535
750
700
1.950
283
283
283
276
21*3
1*,787
5.071*
212
5.033
57
57
57
July
Au^flt.
September
7,063
7,170
7,310
700
700
700
283
283
283
173
110
5.850
6,021
6,192
57
57
57
October.
KOTember.
7.1*77
700
800
283
283
36
9
6,1*01
57
57
,
19l*3-Ja'»ary.February.
March.
.
.
Souroa;
Dally Treasury Statementa.
Leia than $500,000.
7.560
263
271*
283
1/
UU
79
1*.1*08
l*,65U
6,Uli
niasa eecuritiea are not inolndad in preceding etatamento of ^oaranteed
obligatlono outatanding.
.
1
3'*
Conputed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations
of the United States Government
(In
alUlOB^ of dolUrt)
dobt ud
Cii«r«at*«d obllf&tlODi
I>til>llc
lad of fiscal
/••r or aoDth
XBt«r«at-b«arlBC
d«bt
oatatandio^
27.161
31.768
37.707
193>«.
193519361937.
193«.
I1O.U65
ui.ua
Coapatad
iDtereat
chare*
PnMlc
Coaputed
Xoteraat-baarlDC
rate of
Intareat
dabt
ontataodlDC
(raromt)
861
863
970
1.0U7
1.068
3.169
2.716
2.573
2.588
2.579
26.U80
27.6U5
32.989
55.800
36.576
2.53^
2.51U
2.U38
2.260
1.978
39.886
«2.376
71.968
135.380
1911?.
76.517
19»»3.
139. »7Z
1.1U9
1.203
1.335
1.729
2.759
99.702
111.591
2,092
2.291
2.098
2.053
107. 308
1939-
1*5.336
''7.«7'*
5'«.7'»7
19>il.
19>t2-IOTrab«r
Sacaabar
.
••8.387
95.''58
Ooaraataad obllcatlon* 2j
dabt 1/
Cospatad
aBBDal
iBtareat
eharsa
CoBputad
Iut*re*t-b*arlaf
rat* of
Intareat
(P*ro*Bt)
3. 181
2.715
2.562
2.582
2-589
2.710
2.720
2.650
2.633
2.U98
2.052
1-978
I.83U
1.861
1.968
)).6i5
••.853
2.106.
2-059
U.2W*
U,283
81
82
I.9I8
1.905
2.25U
2.302
2.33>»
2.0U9
2.0UO
2.0l»
••.277
••.275
'•.350
82
82
82
I-907
1-908
1-893
'*.363
U.082
U,092
82
60
81
1.890
1-970
1.968
3.96U
77
78
79
2-035
1-995
1-987
»'.15U
80
80
1.938
1.928
2.0Ult
110. 02U
2.035
2.037
112.851
llM.287
April
Kay
Jtma
133.006
138.757
139.U72
2.651
2.763
2.759
1-993
1-992
1.978
128.61t3
675
135.380
2.569
2.683
2.679
1-997
1.992
1.979
July
Jucoat...
S«pt*Bb*r
IUU.020
1U6.65;
161. 018
2.gU0
2.881
3.1'*9
1.972
i.9eu
1.956
lUo.238
1U2.721
157.053
2.763
2.802
3.070
1-971
I.96U
1-955
Ootohar..
loraabar
167.701
168.935
3.253
I.9I40
I.9U3
163.589
I6U.78I
3.173
3.203
I.9U0
3.a3
ff
125
123
121
2.010
2.210
2.336
2.383
2.U16
Dally fraasury Stateaent*.
Treasury bill* are Inclndad In Intareit-bearlng debt flgoret
at face amount, but for pnrpoeee of c&lcolatlnc the computed
TTwy Interest charge and the computed rate of Interest, the
discount Talue Is used. For the purposes of compatlnj; the
18
U2
'.718
6.360
U.5U9
U.092
118. 637
1/
681
11.123
112
109
117
85
81
IIU.301
117.126
Soorca;
iBtaraat
eharf*
Co«pat*d
rata of
iBtareat
(Parcant)
2.600
2-583
2.518
2.285
1.979
fe1>rtiar7.
13''.
ontatasdlnf
Oo^pDtad
1.037
1.095
1.218
1.6UU
2.679
March
I9>t3-Jaaiiar7..
dabt
I.9I1U
5. '•50
5.'*98
3.782
3.93''
wrniwl intereet eharg* and rat* of Intareat on Dtaltad State* •*ln«8 bonds. Series A-X are considered to yield 2-90 percent par
ammm and Serlee 7 Is considered to yield 2.53 percent.
Ouarenteed securities sold directly to the Treasury, and securities
guaranteed as to Interest only, are not Included in this table.
35
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States^
As of November 30, 1943
(In mllllonB of dollars)
Year
and
month
36
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States^
As of November 30, 1M3 - (Continued!
(In llllrai of dollari)
Tmt
oath
..
.
.
.
.
37
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States^
As of November 30, 1943 - (Continued)
(In mllllOM of dollars)
Detailed annual taaturltlee
Tear
Description of security £/
and
month
1956-Mar..
Kar..
jTine.
Sept.
3-3A)6
2-X/?%
2-lA?6
2-3Ait
Treasury
Treasury
Treasury
treasury
rixedaatnrl ty
iBsuee
Callable Issues
classified by year of:
Tlrst
call
3A5A6-56.
bond
bond
bond
bond
l,irt9
3/15/56-58.
6/15AU-56.
982
9/15/56-59.
Total
2,1*31
1957.
195«-«ar.
June.
2-1/256 Treasury bond
2-3Alt Treasury bond
3/15/56-58.
6/15/58-63.
1959-Sept.
S-j/ki Treasury bond
9/15/56-59-
1960-Mar.
Bee.
2-7/816 Treasury bond
-
2-3 A:* Treasury bond
-
3/15/55-60.
I2/15/6O-65
"
Total
Panama Canal bond -
6/l/6l.
1961 •June.
356
1963-June.
2-l/2jS Treasury bond
-
1963-Juna.
Dec.
2-3/1^ Treas-lry bond
2-1/3' Trensury bond
6/I5AS-63.
- 12/15/63-68.
. .
6/15/62-67.
Total
1964-Mar..
June.
Sec.
3-l/l<^
rwo
bond
2-l/2)f Treasury bond
2-1/2)6 Treasury bond
3/l5/Wt.6'!.
6/l5/61t-69.
- 12/l5/61;-69
Total
1965-Dee.
2-3A?6 freasxiry bond
12/15/60-65.
2-1/2)6 Treasury bond
6/15/62-67.
9/15/67-72.
1966
19ST-Juna.
Sept.
2-1/2)6 Treasury bond
Total
1968 -Dec...
Dec.
2-1/256 Treasury bond
12/15/63-68.
2-1/2)6 Treasury bond
2-1/251 Trensury bond
l2/l5/6't-69.
6/15/6U-69.
Total
1970.
1971.
1972-8ept
919
2-1/2)6 Treasury bond
-
9/15/67-72.
50
rinal
maturity
Total annual maturities
Tl zed-maturl ty
issues plus
callable Issues
classified by year
of first call
rixed-maturlty
Issues plus
callable Issues
classified by year
of final maturity
38
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
Since January
(In
0>t< of
Boaae»-
•Dt
1,
1940
lllloai et dollars)
1/
.
J
2
6
.
7
8
4
7
39
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Anountfl la millions of dollars)
Description of n«v Issue
Amount of bids accepted
Date of
liSUfl
Matorlty
date
igltS-BoT.
U.
Hot.
Not.
HOT.
12.
18.
Dee.
Dec.
Dec.
Dec.
2.
25.
9.
l6.
>c.
23.
30.
191*3- Jan.
6.
Jan.
Jan.
Jan.
13.
20.
27.
reb.
Feb.
Teb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
3.
10.
17.
2k.
3.
10.
17.
2U,
31,
7.
lU.
21.
28.
5-
12,
19.
26.
June
June
June
16.
Jtane
23,
Jane
30.
J»ily
7.
July
July
July
lU.
An*.
Aug.
Aug.
Aug.
2.
9'
21.
28.
U,
12.
19.
26.
2.
Sept.
Sept
9
Sept. l6.
Sept. 23.
Sept. 30.
Oct.
Oct.
Oct.
Oct.
Hot.
Hot.
Hot.
Not.
19lt3-7eb.
?ab.
Tab.
l*b.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
May
May
May
May
days to
maturity
Amount of
bids
tendered
501.5
501.2
500.1
501.4
501.5
501.2
91
91
91
91
91
1.220.
1,222.9
1.293.8
1,220.8
930.3
503.2
504.8
600.6
601.1
603.0
503.2
504.8
600.8
601.1
603.0
ioaii
401.5
401.1
5.873-8
6.027.3
6,226.1
6,425.6
6,627.5
91
91
91
91
1.2lt2.6
21.
28.
1,228.7
1.306.7
1,016.7
600.1
601.5
701.5
702.2
600.1
601.5
701.5
702.2
400.2
400.4
505.1
504.6
6.827.4
7,028.5
7,225.0
7,422.7
512.
19zS.
91
91
91
91
701.9
707.8
703.0
700.8
701.9
707.8
703.0
700.8
500.1
501.4
501.5
501.2
7.624.4
7.830.8
8,032.4
8,231.9
2.
91
91
91
91
91
1.382.3
1,302.7
1.329.9
1,101.1
701.3
705.3
802.2
802.1
8O5.I
701.3
705.3
802.2
802.1
8O5.I
503.2
504.8
600.8
601.1
603.0
8.430.0
8,630.4
8,831.8
9,032.7
9,234.4
91
91
91
91
i.iou.i
1.359.6
1,622.3
1,585.8
80lt.7
804.0
904.7
901.8
804.7
804.0
904.7
600.1
601.5
701.5
702.2
9,439.4
9,64i.9
9,845.0
10,044.4
91
9a
1,388.6
1.509.3
1.566.7
1.378.7
901.8
907.0
907.8
905.4
901.
701.9
707.8
703.0
700.8
10,244.5
10,443.6
843-7
820.5
921.3
701.3
705-3
802.2
802.1
8O5.I
11.057.7
11,261.1
11,459.4
11.663.
11,863.9
12,062.5
12.259.7
12.?58.7
12,459.8
3.
10.
17.
2lt.
31.
7lit.
23.
JO.
Jaly
July
July
July
lU.
21.
28.
916.
7.
It.
12.
19.
26.
92
92
1,301.8
l,0Ult.9
1, lilt.
1,054.7
l.39't.5
901.
826.4
814.3
823.0
353
350.9
5.273.3
5,424.0
5.573-2
5.721.4
10. 64s.
10,852.9
92
92
92
92
92
1,321.6
906.0
1.1*37.2
l,ltOT.5
908.
1.305.8
1.000.5
1.006.1
1,005.8
Oct.
Oct.
Oct.
Oct.
a.
9*
92
92
92
1,003.1
1,001.2
1,003.7
1,002.8
962.5
932.8
933.0
954.0
804.
804.
904.
28.
1.176.U
1.345.5
1.520.3
1.373.5
It.
92
92
91
92
1.UO8.9
1.U19.0
948.5
932.2
929.4
934.0
901.8
907.0
1.277.9
1.005.8
994.7
1,005.3
1.002.3
91
91
91
91
91
1.177.6
1,281.2
1.535-6
1,U98.8
1.337.7
001.8
004.9
008.6
017.7
003.0
942.3
950.4
932.2
940.5
943.2
1,000.5
1.006.1
1,005.8
12,941.8
13,038.0
13,046.2
13.057.8
13,054.1
1.006.9
1.004.7
1.000.8
1,008.1
955.1
951.3
928.9
940.3
1,003.1
1,001.2
1.003.7
1,002.8
13,058.9
13,062.4
13.059.5
13, 064.4
1,002.6
1,004.7
1.001.3
1,008.7
93'*.«
1,005.8
994.7
1,005.3
1,002.3
13,061.5
13.071.5
13.067.5
13.073.8
Not.
Not.
Not.
Not.
Dec.
Dec.
7-
Ik.
12.
18.
26.
2.
>c.
9.
16.
Dec.
Dec.
23.
30.
1.37*.
1,1*20.5
6.
13.
20.
27.
91
91
91
91
1.239.5
i.isu.g
Feb.
Feb.
Teb.
Feb.
3.
91
10.
17.
90
1,11*2.7
1,21*7.1
91
90
1,221.6
1,621.6
2lt.
1.1*13.9
1,286.5
Data on new Issues come from Public Debt SerTlce; amount of
maturing Issue and total bills outstanding are on Dally
Treasury Statement basis.
Back Figures: Annual Reports of the Secretary of the Treasury.
Source:
50i.lt
Sept.
2.
Sept.
9Sept. 16.
Sept. 23.
Sept. 30.
Jan.
Jan.
Jan.
18.
26.
352.6
350.7
352.4
500.1
1.157. It
i.iUg.s
19lllt-Jan.
12.
Amoont on
flxed-prloe
baali 1/
905.7
1.013.2
7.
It.
Amount on
competitive
91
91
91
lU.
21.
28.
Total
amount
90
3.
10.
17.
2U.
June
Juna
June
June
Juna
Aug.
Aug.
Aug.
Aug.
Sandier of
Amount of
Total bills
maturing
outstanding
Issue (as
(as of date
of date
shown In
shovn In
first coluKn)
flret column)
9;54.1
947.4
929.1
927.3
930.5
901.8
907 -8
905.4
906.0
908.
12,563.8
12,651.5
12,749.0
12,846.0
Coonencing with the offering of Treasury bills dated
May 12. 1943, tenders for bills in the amount of $100,000
or less from any one bidder haTe been accepted in full at
a fixed price of 99.9O5 per hundred.
)
1*0
Offerings and Maturities of Treasury Bills
(Continued)
-
Table 2.- Prices and Rates of Treasury Bill Offerings
CoapatltlTa blda accepted
Total blda aeeaptod
IlKt»
of
Bllb
ATarace
price
par hundred
Iqul Talent
aTera«a
rate 1/
Price
per
fqulTalent
rate
1/
99-925
99-925
99-926 2/
99-926
99-975
0.297
0.297
0.293
0.293
0.099
99.906
99-907
99.907
99-908
99.905
0.372
0.368
0.368
99-925 i/
99.930
0.297
0,277
0.237
0.237
99.907
99.907
99.906
99.905
0.368
0.368
0.372
0.376
0.297
0.237
0.257
0.297
99.906
99-935
99.925
99-905
99.9C5
376
376
376
0.369
0.371
0.373
0.373
0.37*
99.930
99.930
99-925
99.925
99-925
0.277
0.277
0.297
0.297
0.297
99-905
99 905
99 905
99-905
99-905
0.376
0.376
0.376
0.376
0.376
0.37't
0.373
0.371
0.372
99.925
99.925
99-935
99-935
0.297
0.297
0.257
0.257
99.905
99.905
99.905
99.905
0.376
0.376
0.376
0.376
99-90f
,368
Die.
99.907
99-907
99. 908
99. 908
99.908
19U3.JU.
6.
Jan.
Jan.
Jan.
13.
SO.
27.
99.910
99. 908
99.907
99.906
0.357
0.363
0.366
0.370
99.907
99.906
99.906
99.906
0.369
0.372
0.373
0.37»
99.907
99.906
99-906
99.906
99-906
7»t.
3.
Tab.
10.
Tab.
17.
1
Mar.
Mar.
Mar.
Mar.
Mar.
3.
10.
17.
5U.
31.
367
,36U
.363
.365
99.9lto
99.9lto
99-925
99.9'to
99905
0.361*
0.376
Apr.
Apr.
a.
St.
99.905
99-906
99-906
99.906
H«7
512.
1926.
99-906
99-905
99.905
99.905
0.373
0.372
0.373
0.373
99.935
99.912
99.910
99.910
0.257
2.
0.37''
0.37't
16.
23.
30.
99-905
99.90U
99-905
99.90U
0.37"*
0.37't
0.352
O.3U0
0.352
0.352
0.352
99-9*
99-9*
99-9*
99.90't
99.910
99.913
99.910
09.910
99.910
99.9*
0.376
0.376
0.376
0.376
0.376
7.
99-90't
0.375
lU.
21.
28.
99.90U
99-905
99.906
0.37'»
0.37"*
0.37'*
99.910
99.925
99.910
99.910
0.352
0.293
0.352
0.352
99-9*
99.9*
99-9*
99-9*
0.376
0.376
0.376
0.376
99-90"»
99-90't
0.37''
0.37't
0.356
99.90U
0.3itit
99-9*
Apr.
Apr.
Majr
M«jr
I
0.376
0.376
0.372
0.372
9.
16.
2330.
Ok.
I
99.905
99 906
99.906
99.906
25-
Sac.
Dae.
Sia.
'
0.309
0.300
0.297
0.297
0.373
0.373
0.371
0.370
U.
y
99.922
99.925
99.925
99-925
99.906
99-907
99.906
99.907
U.
12.
IqulTmlaBt
rate
(Peroant
(Fareant)
(Farcamt)
19U2-|aT.
lOT.
•dt.
lOT.
Price
per
hundred
Jane
June
JVD«
JBna
June
July
July
July
July
7.
lU.
9.
O.37U
Anc-
<
All«.
12.
A8<.
An«.
1926.
99.905
0.375
99.90i»
0.37't
99-909
99.91?
99.909
99.911
2.
Sept.
Sept. 9.
Sept. 16.
Sept. 23.
Sept. 30.
99.905
99.905
99.905
99-906
99-905
0.375
0.375
0.37U
99-925
99-909
99.911
0.37'*
99.92'i
0.375
Oct.
Oct.
Oct.
Oct.
lU.
21.
28.
99-905
99-905
99.905
99-905
0.375
0.375
0.375
0.375
»0T.
HOT.
for.
»0T.
It.
99.90^
12.
18.
26.
99.':u5
0.375
0.375
0.375
0.376
7.
99.905
99-905
Source:' ^blle Debt Serrice.
Back Tlgorei:
A""^**^ Beporta of the Secretary of the Treaauxy.
1/
2/
1/
0.3Ult
0.352
0.352
99-90't
99.90't
99-9*
99.90it
0.376
0.376
0.376
O.J76
0.360
99.905
0.3lt8
99.9*
0.376
0.376
0.376
0.376
99.926
0.297
0.360
0.352
0.301
0.293
99.905
99.905
99.905
99-905
99-905
0.376
0.376
0.376
0.376
0.376
99.926
99.926
99.926
99.915
0.293
0.293
0.293
0.336
99-905
99.905
99.905
99.905
0.376
0.376
0.376
0.37S
99.915
99-915
99-925
99.910
0.336
0.360
0.297
0.360
99.905
99-906
99.905
99.906
0.376
0.376
0.376
0.376
.
Bank dleoount baalo.
Sicept $30,000 at par.
Iicept »1*.000 at 99.9110.
9
2
..,
,
.
2
7
kl
Sales of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(In millions of dollars)
Analysis of net ehane«
Aatount
Tlscal year
or month
outstanding
end of
fiscal year
or month if
Gross sales
Net
change
during
fiscal year
or month
Total
funds
recelTed
Adjustment
of sales
reported
to funds
recelTsd 2/
Redeoptlone
Sales
reported
2/
All aeries U/
1935
1936
1937
1938
1939
iguo
19U1
62.
+62.0
316.
799.
1.237.
1,868.
+251*.!
•4*83.5
+1*38.0
2,901*.
19112
I9i<3
+630.5
+1,036.6
i*.3l'*.
+1.1*09.3
10,188.
21,256.
+11,068.0
+5,871*.
19l*2-IIOTemtier.
lU,078.9
+698.0
December.
15,01*9.8
+970.9
62.6
62.6
26U.0
512.6
1*87.5
6slt.5
1,108.7
1.1*92.1*
5.99'*-l
11,788.7
73i*-6
1,011*.
-65.1
-12.8
+111.1
+8.5
-23.9
l6,2ll j.l
+1.196.3
February.
17,067.5
+821
.1*
887.2
+.7
March. ...
17.890.7
+823.2
9l*l*.3
+6.7
April
19.267.0
+1.376.3
1.1*69.7
-75.5
Magr
20.507.1*
+1,21*0.1*
1.335.0
+75-5
June
21,256.2
+71*8.8
875-5
+29.9
July
22,030.2
+77U.I
889.7
-16.7
August
22.693.5
+663.3
801.
Septenber.
21*. 1*78.1*
+1.781*.
1.926.6
October.
.
26,056.0
+1,577.6
1.708.2
NoTember
.
26,697.0
+6UI.0
798.1
19'»3-JanuaT7.
.,
1935
1936
1937
1938
1939
igto
igiti
191*2
191*3
igte-NoTember..
December.
191*3- January
.
.
February.
.
March
April
Mey
June
Jtdy
August
.
.
.
September.
October.
.
NoTember
.
1.21*0.1*
+7.2
+8.1
+135.7
-67.0
+22.5 P
Accrual
of
redemption
TBluea
Original
prirchaae
price 2/
Interest
accrued
kz
Sales of United States Savings Bonds
-
(Continued)
Table 1.- Sununary of Sales and Redemptions, by Series
(IB
Yltc&l 7«ar
or ooth
alUioBi of dollu-i)
-
(Continued)
U
.....
,
.
,
U
3
5
9
3
U
9
5
9
7
Sales of United States Savings Bonds
-
U
(Continued)
Table 2.- Sales Reported by Series, Classified by Denomination
Sales In Billions of dollars at Issue price
denoolnatloae
191*1
Percentage distribution of sales
Total
all
denool-
Denomination
7i8C&l year
or month
$25
$50
$100
$500
$1,000
$5,000
$10,000
lU.U
1*1.1*
203.1
1*0.7
13.3
93.1*
31*2.8
816.U 61*1.6 1,127.1*
613.1
8,180.5 2,951.8 1,068.1* 1,695.2 997.6 1,1*67.5
1/
3,51*1.3
19112
IS^i
Denomination
$100
$25
$50
100.0
100.0
100.0
7.1
17.3
36.1
6.5
9.7
13.1
20.1*
100.0
100.0
39.7
36.5
13.7
13.6
21.1*
100.0
100.0
100.0
33.3
12.2
13.2
13.8
19.1*
1*0.7
30.1
32.6
11.7
12.7
1*3.0
aatlotts
$500
$1,000
20.0
18.1
12.2
1*6.0
11.1
12.3
lU.l
16.0
12.U
10.9
10.5
22.7
19.0
18.8
ll*.8
20.9
21.5
19.1
lU.S
13.9
9.6
22.5
19.3
13.5
23.1
20.7
31.8
17.9
.
71*5.6
215.2
272.3
101.3
811.7
629.2
712.7
270.2
2U1.6
290.3
83.1
98.2
157.2 100.5
119.3 68.5
133.8 75.0
181*. 1*
.
March
April
May
June
1,030.6
967.8
668.8
310.3
315.6
287.5
121.0
122.9
98.8
215.6 152.2
13U.7
208.
128.0 6U.3
231.5
90.1
100.0
100.0
100.0
July
August
September.
709.0
657.7
1,252.2
301.1*
103.0
101.5
1U2.1
I3U.I
125.0
100.0
100.0
100.0
lU.5
18.
1*1*.0
15."*
30l*.2 197.2
100.7
82.2
272.0
1*2.5
289.2
336.7
26.9
11-3
19.0
24.3
9.9
9.1
15.8
IU.2
12.5
21-7
October.
November
1,1*27.9
1(20.1
I85.I
292.7
ioit.6
263.1
70.0
100.0
100.0
29.U
U5.6
13.0
16.3
25.0
19.1
lU.a
8.1
18.1*
6U2.7
356.9 202.7
123.0 52.1*
2.1
13.6
92.0
167.3
1.2
32
2.8
6.3
5.3
18.
306.5
100.0
100.0
100.0
.3
39.6
IU.2
123.7
205.7
28.3
27.6
22.
2.6
3.9
13.5
19.7
10.0
13.9
22.9
100.0
100.0
3.9
u.o
6.1
6.1
32.3
30.3
2U.0
23.7
38.8
23.6
100.0
100.0
100.0
2.7
3.7
3.7
U.3
.7
5.6
21.5
2U.3
26.7
19.6
19.8
21.8
100.0
100.0
100.0
.8
2-3
u.o
1.0
U.2
U.5
6.6
6.3
26.8
32.2
31.9
2U.U
23.9
25.6
.7
.1*
3.U
3.9
2.7
6.2
7.2
5.U
32.1
3U.8
33.3
23.8
23.0
26.0
.9
u.2
1.3
5.3
6.8
7.8
33.0
37.1
21.0
21.0
19'*2-NoTem\)er
Decemtier.
.
19'*3-J»nuar7
yetruary.
,
.
,
.
p.
19UI 1/
igUa 2/
51*2.6
71*.
99.1*
116.0
160.9
75.0
1*37.0
71*6.9
iJitS
19'*2-BoTember.
December.
19U3-jBnuary
February.
March
..
.
.
U1.9
65.1
75.6
50.9
43.7
120.8
71.9
April
May
June
3'*.6
July
August
September.
October.
HoTember p.
.
.
35.6
26.8
11*3.0
90.0
22.7
1.3
60.5
91.5
69.8
59.8
76.5
U9.6
116.7
115.3
186.
1*U.2
3.9
19.3
24.1
.2
1.6
.5
2.6
.3
.3
2.1
1.6
3.2
2.7
2.5
16.3
12.U
11.7
ll*.S
3
.5
.6
.U
2.8
2.9
1.5
5.1*
32.1*
23.2
11.0
29.5
17.2
8.9
50.3
'*.7
2.2
.2
.2
.6
1.2
1.0
3.8
2.2
1.9
7.8
9.3
U7.5
8.5
6.2
37.2
12.0
8.1
.8
3.8
1.2
6.2
1.8
29.7
8.U
•
.3
27.1*
11.1*
15.1*
10.1
9.5
18.
1*.S
173."*
18.1
23.1*
10.7
1*6.1
100.0
100.0
100.0
30.7
6.3
100.0
100.0
262. U
38.1*
•
5
•
5
.7
:i
.1*
•7
21.6
U.I*
$10,000
$5,000
18.
16.2
10.9
18.2
21.0
Series
U5I.U
2,027.8
2,750.1
I9UI 1/
19U2
19U3
5.2 12.2
50.6 112.7
80.6 187.2
90.7
576.0
800.2
52U.1*
885.0
1.157.7
100.0
100.0
100.0
1.2
2.5
2.9
2.7
5.6
6.8
20.1
UO3.5
29-1
17.9
19.9
19.1
100.0
100.0
3.5
3.2
7.U
7.3
33 .U
21. U
30.9
21.2
80.
28.
19U2-Hovember...
December
lUl.6
227. U
5.0
7.U
10.5
16.7
U7.3
70.2
30.3
Ug.l
U8.5
gU.9
I9U3- January
February.
March
3U5.9
7.U
5.U
5.5
19.1
12.5
13.0
80.1
5U.I
55.2
52.5
3U.I
32.6
100.3
7U.9
100.0
100.0
100.0
2.1
2.6
3.1
1-5
6.1
7.2
23.2
26.2
30.U
15.2
16.5
18.0
126.7
82.3
uu.u
30.1
1U2.2
65.1
U5.5
100.0
100.0
100.0
3.1
u.u
3.5
7.7
9.8
8.5
32.2
36.0
3U.8
20.9
20.2
21.2
U7.U
30.U
97.7
100.0
100.0
100.0
u
u.5
8.7
9.3
10.0
37.2
37.8
153.1
3U.7
22.8
87.6
38.7
21.5
20.9
22.1
100.5
UU.6
50.5
21.1
63.9
28.6
100.0
100.0
2.1
11.0
10.1
U0.5
19.6
19.1
.
.
.
206.
181.2
April
May
June
393.8
219.8
1U2.2
30.U
21.6
12.1
July
August
September.
161.8
109.1
395.7
17.7
IU.2
10.2
39.5
October
NoTember p.
257.3
110.2
lU.l
U.7
11.2
Source:
P
Reports of gross ealee.
Preliminary.
28.
186.
1/
2/
I
Sales of Series E. ?, and G bonds commenced May 1. I9U1.
Sale of $25 denomination Serlee P bonds began in January 19U2.
..
... .
..
.
..
.
.
1
;
.
Sales uf United States Savings Bonds
-
(Continued)
Table 3.- Sales Reported by Series, Classified by States
PAHT A
3EHIES E
-
Td thooaanda of dollara at laaua prlcaa)
yiacal 7a«r
IS"*?
"T"
Sk.
19U3
91.272
5.9li2
27.!l*6
52.76"
1.677
3,671
638.877
62.132
168, 2$8
Florida
7.629
3U.«27
39.565
21.82U
83.1U3
89.U96
Oaor^a.
35.6U2
9'».52'»
9.B>I0
27.8U5
575.056
Jllabau..
Arliona.
Arkanaaa.
Calironila..
Colorado
Couiectlcut
Zl.MOU
aSo.59?
S>1.8>15
Delav&ra
Dlat. of Coluabla
Idaho
IlllBola.
2«S.055
Jan.
11,106
3.760
5.713
51,828
1.995
10,868
56.511
5.086
11.570
75.703
9.101
15.8I3
82.735
7.517
17.866
1,692
7.252
7.860
2.230
9.293
12.115
2.236
10,870
11.101
53.559
12.125
3.863
66,607
10.256
11,602
21,560
18,288
9.017
17.885
12.126
8.320
19.696
18.270
10.681
25.761
23.975
16.650
23.801
I7.8I5
13.827
7,610
6.970
2. 116
7.131
8. 169
13.221
13.697
1.118
10,130
12.123
8.782
19.836
38.131
9.202
23.953
18.697
12.817
12.911
30.715
55.513
13.118
U,129
15.715
9.376
29.260
8.081
11,382
56.102
S.BUO
63. 819
17.8711
6.1178
17.2>i0
2,0110
2,012
7,771
6,950
1.872
8.099
9.160
8.1136
10,308
2.255
51.912
2,6llO
5ll,882
5.596
5.1»37
6,811
2,279
I1O.09I
2.7711
6.020
1,196
6.6671
7.126
8S.303
2.591
S.591
76.661
69.558
35.310
213.813
106.190
15.323
10.692
7.823
19.778
Eaaaaa.
Zontuclcy.
3". 293
Loulalana.
Kalna
36,8001
5.196
6.01U
2.U30
7.189
7.81A
3.195
8.938
9.152
17.7116
87.607
9U.9IO
37.361
Haiylaad
Maaaacboaatta.
Michigan
U9 .009
108, 60U
7.188
9,26U
10,U72
iui,2i7;
160. i;o
280.091
Ugl.637
18.6118
27,666i
29,giiii
32.550
39.1911
I13.I119
Minnesota.
Hiaalialppl.
Miaaourl.
71,181
22,973
9U,800l
179.108
52.870
195.868
11. 134
16,691
5.193
16,991
16,279
5.396
18,957
12.712
1.223
Montana.
labratka.
toTada. .
17.71O1
26.OU51
39. ''32
U,U66
2.582
3.987
956
U,053
6.565
1.113
2,786
5.586
680
2.807
6,616
U,3liol
2,316
30.0U7
2.136
22,070
1,552
2,3l8
27.6U7
1.370
72.550
8.719
3.171
82,583
9,019
2,156
Indiana,
lova.
.
.
.
.
Kew HajBpohlro.
lav Jeraaj
lav Maitco
176. 508
72.211
5e7.2'<9
11.39't
Ohio
190.262
U2,297
3.899
13.165
25.787
1.7511
303. 807
19.993
1.058
17.2eU
lav Tork
lorth Carolina,
lortb Dakota. ..
20.1115
9.OI19
U,olig|
I
5.852|
950I
2.317
27.650
1.816
Il,lt27
1.7I11
89,287 102, 72U
11,650 12,7li2
3''. 31*9
70,221
9.361
2.635
U,li07
11.260
506. 36U
31.001
I17.796
991.988
113.869
Ma7
13,522
3.976
7.729
36.526
3.676
11,739
I
Apr.
7.697
2.172
1.005
8.778
I
Hu-.
7.207
2,100
1.152
6,8U1
2.355
5.169
.
Tab
111.333
3.339
893
29.1511
69.173
311.629
1,2901
2.612
32.038
2.569
3.1138
62,606
11.193
21.235
5.503
21.831
3.359
10,913
1,612
2.806
36.902
2.036
105,581 111,815
10.918
13.31*5
6.165'
2.977
3U,li82
82.1U3
11,718
7. 574
37.39'»
107,6711
6,3«1
9.23"<
50.U9U
io,7Ua
10,550
39.3B11
Oklataoaa.
Oregon...
6.917
7.199
11,202
6,171
9.280
67.065
10.963
13.055
283.782
626,051
12,6111
2l<,293
53.71*8
3.380
18.782
53,U01
3.91I1
59.356
5.878
5.059
59.059
5.020
5.122
19.621
3.019
1,066
51.762
5. 161
1,187
71.713
5.5551
6.677
6.105
6,073
11.783
36.73S
126.056
33.171
100,530
306.265
2,092
6,791
19,69U
3.239
8,818
26,938
2.765
10.956
28,853
2.152
7.833
23,001
2.905
7.922
26.963
8,361
13.059
15.901
3.136
11,008
37.823
33.2U2
3.716
1.527
15.756
2,851
986
11,302
3,068
1.159
12.193
1,691
1,191
16.801
1.521
1.850
16.333
16.239
7.192
16,001
1.791
12,115
5.220
13,308
1.326
11.965
6.377
13.211
1,388
18. 630
131
613
PenoaylTanla
Bhode Itland
South Carolina.
.
Soath Dakota.
Taoneeaee.
Texaa
.
.
Utah
Teraont
Tlrglnla.
.
Vaablogton.
Vaat Tlrglnla
Vlaconaln. . .
.
•jroalog
Uaika
Canal Zone
Bavall
Puerto Rico
Tlrgln lalanda...
Other poeeeaalooa
Onallocated.
Total
9.919;
7.550'
56.2721
1.956
2.6117
111.175
9I12
lli5.l'59
10,3911
1.1U3
13.81U
57.9621
l6T.92ll
10,91U
15.69I1
27.6112!
64,583
172,650
17.313
11,638
11, 1186
1I1.825
1,008
I.6U5
2.959
315
15.837
1.726
91
lU
7,397
4.338
61.066
5I18
671
232
203
17
508
17
556
627
5.117
193
10
l.li72
63.62U
2,226
2.816
5.671
8,1J0,53S
5U2,6UU
77.6681
7.066'
l.?!*!.
5.1122
go
''^
5.6U8
8,3llt
715.562 811,701
5.322
582
1.076
1.293
23
18
5.633
7. 619
629.206 712.666
63.682
9.518
15.1*73
Juna
July
Atig
.
..
.
•*5
Sales, of. United States Savings Bonds
(Continued)
-
Table 3.- Sales Reported by Series, Classified by States
PART B
-
SERIES F AND
-
(Continued)
COMBINED
(In thouBands of dollars at ieaue prices)
fiscal year
191*2
Alabama
Arizona
Arksnaas
19'*3
191*2
Apr.
191*3
13,099
32.007
1,1*57
't.232
8,1*21
2.629
U55
1,658
3.'*5'*
1.61*9
1,387
751
1,200
1,592
512
703
30.031*
19.121
3,079
9,371
2,21*3
17,616
1,626
6,219
1,21*6
13.738
16.578
391
1,250
lUO,602
18,302
221*. 11*5
11.81*1
29.71*6
59,89't
81,128
1.378
3.736
lU.OOl
2,316
5,585
Delaware
Diet, of Columbia
Florida
11,910
12,326
33,757
36,705
1.093
1,953
1,137
1,083
801
3,281*
3,'*55
2.81*1
2.701*
2.538
3,681
2,339
Georgia
17.982
7.339
37.831
8,031
272,112
3.1*39
3,399
3,871*
31*0
1*1*5
9.311*
20,757
3.968
1,278
39.675
79.52'*
71.1*32
3, 51*5
2,91*8
5,892
30,676
897
2.077
'•3.755
2.537
2.071
1,009
California
Colorado
Connecticut ....
Idaho
Illinois
23,2''7
22,219
202,01*1
Indiana
lova
Kansas
1*5,123
lU,l*g6
31*.
Kentuclcy
2U.516
21,651
16.570
1*1*.
Louisiana
Maine
Maryland
Massachueetts.
Michigan
Minnesota
Mississippi
Missouri
20,21*5
3.177
5.005
l*.278
9,Ui*lt
l*.88l*
13,119
9,088
1*9.069
69,692
21,812
81*. 266
3.57'*
'*,95l
1.330
2,887
lt.680
16,099
977
2,575
918
1.133
2.208
1,063
1.595
2.792
3.1*85
11.1*96
5.300
5.800
lt.222
15,256
1,515
22U
10,068
6,700
1.300
30.700
28.521*
6,129
5,031
2,290
3,379
3,360
1,076
11,700
13,800
7,100
2.580
2,533
592
1.91*1
7.900
9,600
2,100
2,969
1,785
1,032
'*.209
2,638
3.025
1,91*0
17.772
7.1*89
'*.575
6.622
5,090
5.110
1*,290
8.900
lU.UOO
20,800
3.626
16.357
11,792
3,2Uo
3.699
1.093
1,81*7
12.1*00
8l»5
5.11*0
5.1*80
515
3,615
13.1*00
952
1.961
327
3,170
991*
18,076
33.351*
23.531*
13.01*5
11.001
8.783
3,222
5,030
lt.619
12,lUl*
7.593
2,533
10.807
6,319
6.610
3.607
1*,1*82
5,1*03
l*,109
5,311*
5.039
7,769
9.710
1.764
2.71*9
2.561*
1.71*0
1.690
2,970
1,261
1.8OI*
3,1*1*6
3.1'*3
2,U19
2,928
11,663
6,361
7.21*1*
llt,217
19,255
7.73'*
1.731*
1*,327
1,61*1
l*,03l
1,279
10,922
5.199
6,81*3
5. 721*.
'*,963
l'*,572
7.599
1.'51
7.225
97'*
729
3,316
271
2,583
3.935
U67
1*35
1*33
177
l*,263
2.1*3?
1*1*9
'*37
1,570
182
isU
1.120
223
8U3
71*7
1*75
779
10,1*92
6,55"*
6,1*23
1»,817
867
285
592
28.753
2.651
15,971
1,526
75,000
9,000
1*8.351*
i*9U
511
2.1*00
10,528
1,231
1,555
13.100
1.718
1.589
8,166
880
21.728
2,213
2,209
15,71*3
1,1*78
17.123
800
1,359
39I*
8.5'*6
1.11*6
1.1*20
21,676
9.533
1*. 1.1*1
30I*
171*
928
Sew Hampshire
New Jersey ....
New Mexico..
11.090
93,39?
IU.U03
118,761
7.025
856
1,095
11,879
675
2.857
12,310
680
1.177
7.118
667
1.309
7.865
216
1,061
15,316
999
New Tork
North Carolina
North Dakota.
580,1*33
26.071*
236
3.536
8U0
72.51*0
1*2,316
82,836
7.171
1,387
28.'*66
2.U67
9UI
38,317
3.167
U16
1*3,532
'*.957
U.221
1,168
2,226
1*1*1*
Ohio
Oklahoma
Oregon
20,721*
2,031*
i*.389
25.120
3.176
1*1,291*
8,1*1*6
3.21'*
1,891
10,662
1.137
1,136
3,876
3,805
2.689
3.791
25,937
1.852
1,683
31.758
17. 918
1*1*,
705
2,132
17.999
7,115
1.817
920
3. 819
567
2,716
'.376
11.321*
7.81*2
i,l*56
336
1.303
637
U63
3.67U
1*18
1.533
663
8.095
653
709
5.263
7.139
2.01*7
Pennsylvania.
Bhode Island.
South Carolina
7,515
119,098
16.587
22,095
203,827
25,095
32,892
9.699
285
297,1*30
20,81*3
30.1*21*
21*3
.
,
2,71*5
757
1,1*1*8
2,131
51*,
9,1*59
21,712
1,815
1.387
3.077
18.1*31
10.1*16
39,11*0
859
2.122
5U.196
110.993
5.61*1
978
3.293
9.777
5.019
7.1*7'*
1*85
1*71
5.81*2
7.50U
53.701
357
3.271*
579
5,932
3,008
1.291
3.709
502
3.607
2.063
6.839
570
1.775
2.801*
1U,866
1,U61*
5.900
360
2.369
755
2.367
397
30.032
3.11*0
2,1*70
1,710
12,662
rf*
3.871*
627,986
UU.65U
10,937
l*,79'*
900
16,500
1,200
2.696
576
9.593
26,1*U3
l,ll*7
815
1,227
6,2%
U.390
1.011
3,100
6.100
900
10.529
30,1*11*
9,0311
1.330
950
5,353
1,231
6.322
.
31*9
8,726
2.555
9,297
l't.132
Montana
Nebraska
Nevada
1,020
2,326
1,1*00
6.973
3.872
6.6gi»
1*10
7.001
15,121*
7.1*52
51*2
1,591*
2.083
798
21.319
13,21*3
1*05
l,Ol*l
8I6
2.331*
8,038
25,797
2,996
2.91U
1»,012
1,1*88
23,001
K.639
8,196
i*,995
2U.961*
6.100
7.100
19.915
32.1*78
1*1*0
l*.707
611*
1*0.200
12.196
1,632
3,996
779
1,62U
3,607
772
1,395
912
851*
2,65U
3.315
51*, 252
17U,999
106,363
903
2,721
6.700
l.SOO
U.UOO
1,539
532
1,032
1.396
909
1,251
1.1*50
U.127
7.232
Sept.
Aug.
U.79'*
1.61*6
lto.093
lUlt,l99
65,01*0
10.061
68.651
...
1*61
5,611*
2,71*1
7.008
July
May
1.297
2.79'*
1.1*77
3. 321*
8O7
2.1*56
'*,357
198
3.093
1.575
31*,
16. 802
3.261*
10,335
1,362
696
1*6,300
23
607
302
1*00
2.U61
5.172
.770
1,51*1
,300
1.693
3 860
133
3.1*36
26,500
10,101*
31*7
61*1*
603
2.960
309
3,ll*0
w*s
520
1.925
1,900
500
11.100
1.191
3.119
6.ll*i»
2.928
,151*
1,367
8,996
1,117
81*3
,281*
2.291
698
11,000
3.300
6,017
1,638
i*.863
,1*92
3.'*92
ll*.000
11,91*7
235
315
198
800
716
65
135
,050
8U
100
263
151*
1,35s
1,551*
300
5.100
6.000
2.723
.
Igl*
2.1*50
I
2,105
j
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
28,0lU
Vaehlngton
West Virginia
Wisconsin
Wyoming
25.898
11,750
1*2,205
3.690
Alaska
Canal Zona
Hawaii
Puerto Rico
Virgin Islands.
Other possessions
.
Unallocated
Total
Source:
p
•
1/
.
1*9,753
17,905
86.336
6,010
736
1,297
92
501*
1.81*3
1*9
5.882
1*72
17,367
3,010
985
170
26
1
507
28
6,1*93
6,002
2,1*7
11,009
71*7
3.891
1,1*02
6.603
323
55U
:,875
3.235
962
5.587
2l»2
57
11*3
lOl*
111
119
191
96
1*98
I.2U3
555
1,1*1*2
1,585
262
761
312
'
962
13,019
702
118
325
922
236
152
303
1,356
51
156
86
2,271
157
31*2
14*
569
197
100
s/
,
I
651
163
2,790
180
1
1
300
28
5,181
15
32
51*
332
3.'*96.973
183.1*29
292,501
1*21,501*
257,317
Report of gross sales,
Preliminary.
Lees than $500.
Unallocated amounts for prior months Included chiefly sales to the
21*5
221*.
863
2/
5lU,6lO
291.739
176,31*8
35
13
197.1*05
135. 908
armed forces. Beginning In September
State basis.
Included In "Other poesesslons".
19l*5
538.663
31*7.233
these sales are allocated on a
1*6
Participation In Payroll Savings Plans For War Savings Bonds-i/
Table 1.- Number of Firms and Number of Persons Participating In Payroll Savings Plans
...
....
8
.
5
^7
Table
1.-
Sales of Treasury Savings Notes -^
Smnnary of Sales and Redeaptlons, by Series
(Par T&laea - in Bllliona of doll*ri)
Badaoptlon* and exch&zi£«i
fiscal rear
or Bonth
ABOimt
oat>tandlD£
•nd of
flieal 7«ar
or BODth
19U2
S«t
ob&n^
daring
flical 7«ar
or aontb
B«e«lr«d
In paTiient
of taxes
Bedoened
for oaeb
i.ia'i.'t
1.103.7
20.7
7,''95.'*
+3.01'*.
+'i,Ugo.9
'*.138.9
I9»t3
8.758.5
''.277.6
't.09't.'»
UU.9
19U2.loT«aber..
Deoeaber.
5.702.5
6,38U.i
+739.0
+681.5
781.6
1.312.3
U2.6
630.8
37.8
626.2
't.9
lt.6
19U3-J&BuaT7...
Tebruar7.
March
i.lke.t
7.12lt.7
••52.9
1156.6
ltU6.8
88.1
80.7
1.225.9
86.U
78.8
1. 2111.1
1.8
2.0
11.8
196.0
101.8
1.135.6
176.6
97.0
1.119.8
15.8
231.5
127.1
2lU.ll
6.3U5.6
+36U.g
+375.9
-779.1
April
May
Jane
782.5
+1, '136.9
1.632.9
,162.9
+380.*
-667.5
1*82.2
July
,677.9
in^tt ....
76U.1
Septenber.
,876.Ii
,'*95.'t
October.
Hot ember.
9.132.9
9.301.9
.
+182.5
+86.U
+1,112.1
51*.
.
200.1
276.0
+33.1
+75.9
.
309.1*
+33.'*
Tebroary.
March
320.0
285.U
+10.5
-3U.6
April
May
June
29'*. 9
+9.
+7.
-35.
Deceaber
19U3-Janttary,
302.7
266.7
20l».2
161.2
99.2
1.111.9
17.1
27.9
36.0
181.6
121.9
22.6
39-3
16.6
llU.O
8.7
72.2
33U.7
17.1*
122.8
.8
.U
.2
.2
10.1
9.8
.3
1.0
2.5
.5
1.8
.5
.6
1*9.9
'>7.5
2.3
12.3
11.1
-.9
38.3
1.2
•
1*0.1*
.8
2.2
July
251.2
2l*7.6
-15.5
-3.7
15.5
Au^at ....
Septeaber.
207.3
-1*0.2
1*0.2
13.3
1.7
37.2
2.2
2.0
3.0
October..
200.2
198.3
-7.2
-1-9
7.2
1.9
6.2
1.1
1.0
1,107.0
3,072.1
,087.1
,933.3
19.9
70.6
-U1.5
-593.2
U1.5
593.2
36.8
589.0
l*.6
-68.5
-52.8
-823.0
68.5
52.8
823.0
67.1*
1.1
..
VoTaiiber.
Serlee B
19^2
19^3
2.959.7
19U2-BoTeBber..
Deoaaber.
3,026.0
19^3-Janii«JT.-.
f ebroary.
2,364.2
March
1,1*88.1*
April
1.395.0
.Hay
761*. 8
.
2,1*32.7
2,311.1*
+2,959.7
-2.195.0
.8
y
U,o66.7
877.1
U.2
52.1*
.U
820.7
2.2
87.3
6.1
-93.1*
-U5.1*
?3.'»
1,3'»9.7
Jane
76U.8
-581*. 9
5W.9
581*.
Jraj
ia^ott.
S.pteab.r.
711.0
687.9
31*8.6
-53.7
-23.2
-339.3
53.7
23.2
339.3
52.7
20,9
336.3
1.0
2.3
2.9
October.
VoTesber.
-27.2
-lU.g
27.2
lU.g
25.6
1.6
306.6
ll*.0
.8
.
321.1*
68.3
A 2/
+5l*.g
+211.9
l.l't7.9
U60.7
330.2
+169.0
266.7
19U2-lloTeBber..
n't.
213.
2.260.
+256.'t
Serlee
19^2
19^3
U68.1
fan banged
far
nev eerlee
(Oontlimed on follevln^
l*5.'»
;
2.2
.9
68.2
..
..
kB
Sales of Treasury Savings Notes-^- (Continued)
Table 1.- Sumnary of Sales and Redemptions, by Series
(Par Tain*
-
Id
llllooa
-
(Continued)
of dollart)
Radaaptloaa and axobaairaa
Jkaount
(ratataDdlnc
flical 7»ar
or konth
•nd of
flaeal yoar
or aonth
Hat
chAn^
during
flacal ymr
or aonth
ScHaa
6.U9i.0
19»*3
19U2-f OTaabar
.
Dacaabar.
19U3-jMgaaz7
.
.
.
.
March
April
HV
Jonm
Jolj
An^at
.
Saptaabar.
Octobar.
.
VoTOBb«r .
2.t76.5
Salaa
Pacalred
In p«7aant
of taza*
C U/
Rod aa Bad
for oaah
Xzchao^ad
for
naw aarlaa
k9
Sales of Treasury Savings Notes
-
(Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination^
Fiscal year
or month
.
.
.
u
)
.
s
1
7
50
Sales cf United States Savlnge
i^jtamps
Table 1.- Summary of Sales and Redemptions
(In thoutanda of dollar!
Pareactaga dlitrlttutlon
of radaaptlona
Redftspttont
Aaouat
ontataadln^
and of
flacal /aar
or aontb 1/
Tlaeal jraar
or BOBth
19*1 i/
fJulj 19ltl
,,1,,
'
\tat. igUl-Jtoa 19"»2
l6«.}ltl
IS"*}
213.350
Rat chaAca
1/
6.087
9U3
308.621
l''7.57'»
590.268
igltZ-IoTaabar
Dacaabar
19U3-January
February
March
12.6
26,220
32.988
3.736
5.396
100.0
100.0
87.5
85-9
12.5
lU.l
62.706
55.773
"to.
650
8.258
7.U3U
7.309
100.0
100.0
100.0
86.8
''8.339
i>7.958
86. 7
gU. 8
13.2
13.3
15.2
37.501
37.530
5'*. 391
5.517
5.737
100.0
100.0
100.0
87. 2
86. 7
9.71''
g'«.8
12.8
13-3
15-2
5,
100.0
100.0
100.0
85.1
li*.9
100.0
100.0
U7U,l68
39.077 2/
29.955
38.38U
22U,901
3.561
66.267
22't.356
-1,106 7/
1.671 1/
5't.667
1/
U9.630 2j
1.77'' 1/
-3.218
W*.791 1/
uo.ous
52.683
U3,oi8
30.770
29.313
28,600
36.8U5
32,U30
31.306
31.371
38.973
35,091
April
Max
Juna
227.989
July
iu^aat
Saptaabar
207.275
20U,158
201. U53
-6.075
-3.117
-2.705
Ootobar
Voraabar
197.91*2
202, U15
-3.5U
35, '•62
'»,S73
39.565
22''.
771
-11.
213.350
'(21
comD6ncl&£ Hoveober 1, I9U?; prior
thereto, Pott Office Departcent.
I9U2
figures for IfoTeaber
aod followlnc Bonthe are not strlctlj
cooparable with earlier month* because of the shift to a Dally
Treasury Statasent basis. Stamps sold prior to October 1. I3U2
were known as postal earln^s stamps and vere obligations of the
Postal SaTln^ Systea but subsequently becaoie publlo debt obllcatloae.
Xstlnatad oa tha basis of sanplee oondaotad by the Post Cffloe
Departsaat
Indudas alnor anouBts which were ezehaaged for postal savings
SblLIj Treaturjr Stattmenti
y
Caah
87.5
87.1
5101. 6lt7
9.121
226,216
Xzchancad for
Ualtad Stataa
aaTlnca
tenda 3/
70.Ugo
18.1*68
*5,536
Total
100.0
100.0
100.0
100.0
J
(1127. 9'*8
215,805
221. 3U0
6/ 1/
Caah
IMlted Stataa
aaTlnca
bonda 3/
Tot&l
i/
*5,l'*3
J*5.620 6/
2/
Ixchan^d for
Salaa
durloc
flacal raar
or Bonth 1/
"•3.267
6U.10U
27. ''27
"7"
5.OOU
27.098
''.207
32.771
28.5U3
6.202
6.51*8
12.9
8l*.6
15.1.
86.6
13.U
81*.
15-9
81.3
18.
cartlflcatea prior to Novaabar 1. 19'*2. Thaaa did hot a^gragata In
any ona month aore than $26 thouaanda nor aora than 0.9 parcant of
total redeaptiona.
Salaa and redemptione comicence with May 1. 19'*! whan the apaclal dafenie aerlee of ataape went on Bale.
The aaount of the old aerlaa of
poatal aavlD^a Btasips outatandlo^ on April 30. 191*1 waa $150 thouaanda.
Dataila not available for May. Juna. and July 19^*1.
Nat of aalaa leas redeaptiona.
See footnote l/.
Doei not Include anounta tranaferred from Poatal Seringa Syatea to the
cover
Treaaury to
outitandlcg itaapa.
Table 2.- Sales, Classified by Denomination
Salaa in thouaanda of dollara
Pltcal year
or aonth
Parcentaga dlatrlbution of aalea
Danoai nation
Total
all
danoainatlona
19'*2.
18.6
10.2
12.2
2,1*69
100.0
100.0
20.6
21.0
53-1
52.3
9.2
8.3
12.6
12.8
100.0
100.0
100.0
2'».1
51.6
52.2
51.5
7.8
8.3
8.1
11.8
11.7
5.652
3.075
2.U12
2,110
100.0
100.0
100.0
25.2
2U.2
20.0
8.0
8.U
9.U
U.U
6.803
1,665
l.U?9
2.151
51. r
52.
lt,9l*2
15.783
15.361
15.053
2.990
2.803
''.'•25
100.0
100.0
100.0
17.7
51.3
52.1'
23.0
52.6
9.7
9.6
8.U
lU.U
IU.3
3.382
2,110
1.550
1.192
18.'*
2.'*10
9.106
l7,it9U
2.708
1.359
100.0
100.0
i»9.3
20,330
2.556
2.987
25.7
10, 'A3
26.lt
51.1
1.759
5,600
314.209
5.192
'.566
7,798
1*9.630
15.993
12.771
12.290
1*,001
l4l*,79i
11.281*
23.161'
3.59''
'*O,0'tg
9.70U
10.531
20.983
28.257
5. '•62
October.
Noraabar.
35. "62
39.565
Source:
16.6
9.3
8.9
''.939
30.770
29.313
28.600
$1.00
53.1
3,62!*
July
Au«uat .
Septeaber.
50^
21.1*
3.595
52.683
25<
W*.2
sU.3
22,981'
66.267
5U.667
10^
6.6
21.9
20,751
19'*3-JaBnary..
Qenoal nation
100.0
100.0
100.0
8.033
9.2U3
''3.920
.
$5-00
13.250
26.0U8
39.077
.
$1.00
1.130
31.583
71.693
Dacaabar.
April.
Kay...
Juna.
50^
1,012
28.61U
52.508
19l»2-SaTaabar.
fabroary.
March....
25l«
2,691
167.709
313.691
6.087
308.621
590.268
I9UI.
10^
Totai
all
denoalnatlona
''00
67. ''66
126,327
5, ''09
6.561*
28.51U
25.576
6.''05
3.358
(1) Total salasi
Dally Treasury Statenents commencing
TToTeober 1. 19^2; prior thereto Post Office Department;
Basoc*. upon Post Offlc*
(?) Distribution by denoBlnatlons:
Deportaeat data.
'•.190
85''
23.'*
2U.g
53.6
7.6
11 .U
$5.00
lU.O
1:1
5-6
U.7
U.H
U.2
11.1*
12.9
11.
10.2
11.2
I;;
6.9
u
.3
.2
7.6
3.1'
.
.
.
*
5
.
3
6
9
3
7
U
3
2
H
U
9
8
u
U
2
h
U
7
91
51
Sales of United States Savings Stamps - (Continued)
T&ble 3.- Sales by States
(I& tboutende of dollare)
71 tc*! year
191*2
I9U3
Alal)aiia..
2.3>t3.7
Arizona.
Arkanaaa.
83^.8
l.6lk.7
'.215.1
1.765.8
2,970.7
19U3
19^*2
lOT.
OSD.
Jan.
7eb.
K»»
Ipr.
July
ta«.
Sept.
Oct.
P
California.
Colorado.
Connecticut.
.
.
Delaware
Diet, of Colnsbla
20.132.6
2.020.3
7.707.S
39.726.1
U, 083.1
Tlli.a
1,298.6
5.591-7
3'»9.1
366.2
132.5
191.5
278.5
171).
122.0
3. 62').
'105.9
1.336.2
376.7
1.255.6
251.
i»
3.0U8.7
330.6
1.235.*
12l>.3
1).
352-1
157-6
266.8
21)3-3
2,963-3
357.8
1.0S9.S
382. U
39i).9
296.9
158.7
250.8
190-2
271.9
115. 1)
3,3Ul).8
3,i)«6.U
3.256.5
372.9
1.090.3
I.OS3.3
37').6
193-1*
291*.
1.013.3
218.6
79-1
166.6
288.2
93-9
198.6
21)0.3
326.5
81.
11*3-9
125.0
171.0
331.6
103.1
160.8
2.312.7
216.5
78S.S
2,190.5
1,81*9.9
2.658.1
2,57l*.7
21s. 3
18U.1
331* -9
71*3-8
571-1*
950.3
239-1
900.5
1*90.5
131-5
519-5
600.3
119-2
U98.5
586.3
98.3
101.8
132.3
85.2
7I1.2
392-9
UTl.e
1)1)2.9
1)53-2
1)89.7
1*21. U
29lt-8
67-8
293-1
6. 188.
5.n.5
582-3
613.8
l)9l).8
365.0
I103.2
57.6
208.3
338.9
3.175.5
5.621.2
1)61).
Ii
533-''
1)22.1
259.lt
39.970.3
3.367.5
125-9
3,593-9
127.6
3,101.1
87.2
23.612.9
132.0
3.980.0
306.6
6*.9
2,226.7
327.2
112.
U79.3
138-9
3.203-7
1)58.6
1,1105-5
503.1
131.1
3 •555-0
119D.5
gItl.O
2.357.5
7.516.9 •lU,l76.li
9,010.3
2.532-9
5.576.8
1.226.6
682.8
1.378.5
887.2
1,262.7
778.3
511.1
767.7
1.339-2
517.7
1.222-3
720.6
5U5.0
61)2.3
507.'*
1.150.6
675.5
502.7
1.213.2
858.5
h2U.lt
1)11).
28E.lt
5'»9-3
507-2
50').6
1)36.1
387-5
51)8.7
302.2
350-0
328.7
511-3
300.7
1*33.6
282.7
551-7
328.9
598.1)
3.6l9.i»
H63.9
562-9
309 -8
wc.o
6.I1U.6
1)23-6
1)81-6
330.2
297.5
211).9
•9,ai.3
783'-'(
•88D.r
-82lf.«
8l)0:s
558 -<
27,025-9
26.161.1
2.129-1
2.013.3
2,>i68.8
2,1)05.9
2.>)C6.2
2.281.0
-727-2
2.125-9
1,931-9
611
767-8
277.9
1.328.0
norlda
6.100.1
3.T05.9
Oeorgla
Idaho
Illlnola
l>i.375.6
312. k
Indiana
Iowa
taniaa
'1,575.8
Kentucky
Lenlslana
Maine
3.036.2
3.U2g.0
1.725-5
HarylaiilS: ..'.'.".
5.7«5.2
Kaeeacbaaetta.
Michigan
1I».H13.6
5. "127.
736.1)
630.I)
2,833.1)
1,038.3
110.6
368.2
?3.7
288-0
39U-6
58-7
1.760.3
366.2
90.1
2,638.0
656.3
712-9
207-7
978.8
730.7
362.2
912.2
581-5
51*0. 71
326.9
U50.O
398-7
356.0
196.6
i)03.7
1*26.2
189.6
2U3.6
390. >»
227.51
099.6
I.3B0.C
1,237-7
l*75-l«
737.0
1.280.1
1,223-9
507.0
156.1
772-3
W)3.o
139-5
718-5
61).
356-5
97-5
317.2
2.1)53
53.1)
2.173.0
85-1*
362. 1)
I
Minnesota
Hloelselppl.
Mlseonrl
'
13.721.6
7,961.5
3,082.6
"1.037.7
.
Montana
Hebraeka
Vevada
1.508.8
7.326.H
,-1.03O.,7
1«, 223-5
1.87't.O
,
>.2J71,V8 v
381.
180.6
1,908.5
92.5
206.3
175.6
1.850.3
12l).7
203.0
2.071.5
131-2
9,028.1 10.1)26.5
5l)?.5
638.7
8.705.6
623.0
8.019.8
593.6
27.0753.087.
Soath Dakota...
TenneBRee
Texae
832.2
2,952-8
11.520.8
VaehlngtonVest Virginia..
Vleconaln
-
.
Ifyomlng
3.9092
Ala Iks
Eawall
Puerto Rleo....
Other posseeelone
total
p
170.0
nH.g
1)03.7
11)6.2
786.1
395-3"
125-0
312:9
23V. U
127.8
281.1
56.0
1)9-2
31.6
1*5-5
,?1U.3
35.6
180.8
2.057.2
117-1
170.1
1.760.3
126.6
81.1)
56.I1
118.0
1.152.5
59.6
8.793-1
631.8
126.5
8.939-1*
7.835-9
6.6l)'>.9
625.6
1)55-1*
3W-3
5.1*10.7
l*5*-5
2.882.0
388.2
2.922.0
2,1*99-5
1*58.6
302.7
369.0
2,001.2
105.5
167;5'
7S.8
1.1*17.1
3,076.2
1)02.2
1)22.')
2.859-9
390.2
522.1
609.1
i)33.1
1)65.0
531-2
Ii9.>>68.2
3.971-6
l).73l-«
h.586.6
1),020.3
lt,286.8
D.566.5
5.172-3
2,207.8
1)17.2
')93-l
ftl2.8
31)7.1
391.1)
1)39.2
152-5
237-5
198.5
190.5
202.0
a7.9
1.5116.1
13l).U
11)2.6
139.7
137.U
11)9-9
IS5.6
516.1)
1)38-7
1*51).
1*62.3
ici.i
359.6
ZJk.i
1.601.1
523-9
2,006-3
1.71)8-9
1,702.1
1.686.9
I.916.U
1.W.7
366.7
122.0
669.7
2l)i).6
2llt.O
119.6
707.8
107.5
222.7
108.
671.6
283.3
116.1
737-0
11)5.2
7.3151
220.0
IOU.6
586.7
8.12U.7
601. 1)
822.0
398.0
1,217-6
95-6
905-1*
672.0
379-3
1.151.I)
91.9
89-1)
105.6
735-5
368.U
1.199-9
Ul.l)
609. 2I
251-5
l,15lt-7
709-9
355-0
1,123-6
1D.5
213-7
31.0
1-3
11.0
203-8
2l).0
30.5
21*9.3
37-1*
253-1*
1.8
.8
UoU.g
-6.622.5
5,685.8
20.11U.6
2.1136.2
1,3140.0
320.1)
983.2
sb.g
190.2
2.339-3
329.0
12-5
12.0
161.5
27.3
2.5
isi.o'
17-9
255-7
2U.6
1.1)
380.9
- 139r.-T'
601). 1
15,906.6 -7,223.9 -11.768.0 li). 939. 6 8.527.6
'»3, 919.8
66.267.1
5I). 667.1
Iklly Treasury Statsaents; (2) Sales byStatea
Poet Office Departaent.
PrellainaTy.
(1) Total salea:
161.0
r;3T?-6
57-«
55U.g
185-1
1.030.6
3.255.3
3O8.62I.3 590.267.5 39.076.5
Sooroa:
2l)9.i*
1.353-1*
2,519.8
333.7
356.7
"t.oiu.a
-7
8I7.2
21)2.5
'"i2j.a
12,535-0
1.018.8
Adjustaent to
Daily Traaaury
Statement
"150;'
105. 1)
692.1
1.235.'>
1.61)3.0
1-393-3
1.55*". 8
2.Hlt9.7
66.1
1.238-7
166.8
2.21)8.0
-
32,9^9.1*
lt,Wi2.o
5.32?.'t
5.728.3
1*93-6
156.1
293,0
U3J.9
2,276.5
23.206.8
1.252.8
PenneylTenla. ..
Bhode liland. .,
South Carolina.
705-8
U.051.8
718.
235-8
1,219.8
52.6
IS. 269.
963.lt
2.1)96.8
5l'-3
Ohio
Oklahoaa
Oregon
Utah
Tercent
Virginia
2.237.1
76.I)
53.060.7 106.793-2
6.79U.6
3,089. 7
1.1188.2
267.3
2.575-6
2.15!;.
55-9
Bev Tork
lortb Carolina.,
Vorth Dakota. .
2.739.3
801.
1.281.1)
1.975.5
-7^7.-9
2.297.1)
763-. 7-
678. 1)
1.150.8
13.313-7
720.3
2.'i«9.1
^.82.
'*.-g3i.-i
Hew HaiqjBhlre..
Vew Jersey
Hew Mexico
Al. 2
292
1.183.7
•
33-5
103.
3.S2U.g
372-9
151-7
100.0
559-1
1,03!). 5
70.1
15.6
212.3
32.8
1-5
91*.
3
2, 031*.
662.0!
1.855-0!
1.809.7
l,67l)-2'
61D.6
53'=-8|
202.1)
172.6!
l,002.9j
1,097.3
132.1)
31l*.8
101. 5I
26g.l)
37.9
37.0
110.1
1.032.8
53.K
17U.6
1,650.6
77.1
156.6
1.588.9
87.8
11,863.0
7.170.U
31*6.2
i4«6.9
7.871-1*
1*37.0
71-5
101.2
85.3
95-1
loU.l
1.679.1
252.5
1.81*6.8
2,271-3
28!t.l)
1)82.7
1.521.U
223.3
292-9
2,01)5.0
272.1)
314.1)
2,821.9
2,3gl).0
3,797-8
292.1*
2.609.3
251.9
lllS.H
250.7
115-7
3lt8.2
122.5
1.11)3.6
102.2
309.5
1,177.9
82.6
265-0
1,027-8
105.5
82.9
373-0
128.0
82.7
629.2
108.7
78.0
1)08-8
1)51.
I8U.5
657.5
53-9
225-3
76U-8
70.0
186.
266.0
629.8
990.1*
1)2.0
67.7
69.
9.1*
250.0
11.
112.lt
1)0.9
28.5
1-3
28.7
1.2
2,585.g»-20.23U.7 -l,9l6.U
W:
177.6
3.365-3
329.7
154.1
1.378.6
103.2
363.3
1.373.9
36U.3I
155-9
98.0
593.2
134.1
90.3
632.7
359-6
569.1*
530.3
260.0
984.3
57.1
9.7
68.0
27.6
1.0
109.3
1*15.5
15.0
190.1*
31*-
1.3
13-1
206.0
41.9
10.3
1,866.9 -12,038.6 -3,241.9 5.744.3
1)9.629-8 W),791-5 1)0.01)8.2 52,683.0 30.770.2 29,313-1
28,600.5 35,462.4 39,56l».7
OWNERSHIP
OF
GOVERNMENT
-52-
SECURITIES
53
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued
by United States Government and Guaranteed by United States
(In
lod of flioal
year er aoBth
1111 one of dollare)
su
Suamary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, October 31, 1043
The following tables present suaaar; data froo the Treasury survey, as of
October 31, 19'*-3, of the ownership of securities Issued or guaranteed by the
The large oonoerclal and savings banks and Insurance companies
United States.
covered in the survey account for approxlaately 95 percent of the holdings of
United States Oovemfflent and Oovernment-guaranteed securities held by all banks and
Insurance companies In the United States.
Revisions of previously published data on life Insurance companies and
casualty, and marine Insurance companies appear on pages 52-o3 of the
November Issue of the •Treasury Bulletin'. These revisions have been made quarterly from March 194^1 through March I9U3 and eaeo for April 30 and May 31, 19'^3.
Note
:
on fire,
Table I.- Analysis of Omershlp by Type of Security, by Call Classes,
and by Tax-Exempt Provisions
PART A
-
PAR VALUES IN UILLIONS OF DOLLARS
PDbllo aarkatabla Intaraat-baarlng aaeorltlae 1/
Hald by banlca ai^ Inaaraaea ooapaalaa
eoTarad In Traaaury aorray
Bald by
D.
Cluilflutlra
I.
By
tjrj*
S.
OoTernaant
coapanlaa
a^nciaa
5''8
Total
7.3«9
Iratltutloni
6.11)5
1)90
dal
buka
BQtual
aarinea
banka
206
life
LoBoraoce
soapaalaa
and traat
funda. and
caraalty.
fadaral
and aarlna
Beaerra
1 DBiu-aaca
Banka 2/
coapaalaa
flra,
Bald by
all
other
Inraatora
Imad
kj Dhltcd BtntM
1.272
IJ.OSU
6.239
6.237
6.227
10
2
2
5.553
Cartlflcate, of lodelltadnaM
23.199
I3.8O6
13.528
13.357
172
277
'•7
230
1.616
7.777
Traaaury notaa
11.596
8,05U
7.765
7.569
195
2«9
156
133
TVt
2.797
Traaaxiry booda
67.889
U6,508
33.227
27.781
5.W7
13.280
11.617
1,663
5.122
16.259
196
15
lU
lU
•
1
•
•
3"
ID7
3.923
2,^7
2.563
2,521
U2
28>)
253
32
1)02
673
119.867
VM68
63.33U
57.')68
5.866
lU.lsU
12.073
2,060
13. '•72
28.927
Treanry
bl lit
Othar boada
Ouarantaad laanaa 2/-
Total.
By call claaaaa
Doa or flrat baooBlnc aallabla
Wthln 1 yaar
••2.563
23.
S"*
22.851
22.593
258
689
37')
315
7.7W
11.279
23.309
17,232
15. '*3
•l').775
668
1.789
1.332
U57
1.81)5
U,232
30,561
22,1)>U
18.715
16,271
2,Wl
3,>«9
2.759
670
1,530
6,886
10 to 15 yaara
6.6W1
''.317
2,759
2.28U
"75
1.558
l,2l)0
318
61)7
1.677
15 to 20 yaara
3.653
2.553
895
619
276
1.657
1,5U
11)6
302
798
13.IIT
7.663
2,663
919
1.7"*
5.000
U,8H6
15*
1.1)02
").053
22
19
12
12
119,867
77.W8
63.33h
57.U68
1'».13»
12,073
2,060
13.''72
28,927
2.5U9
639
605
599
31
306
1.60>)
1 to 5
yaara
5 to 10
yaara
Orar 20 yaara
yadaral Benaloc Adalnlatratlon dabanturaa
Total.
III.
75^) Inaxiranoo
6.635 >iaak.
of ••curlty
SamiTltlM
II.
Total
aaoont
outatacdlng
5.866
By tai-aztaptlon prorlalena
Wiolly aiaaf* froa Mdaral Ifioeaa
tazaa !»/
3"
Partially azaapt froa Padaral laoaaa
»a»a 5/
27.326
18.961t
15.305
l>».528
778
3.659
2,613
1.0U6
2.732
5.630
Sabjaat ta ra4aral taaaaa taaaa
89.992
57.865
>»7.H2lt
l«,3ln
5.0*3
10,1)1)1
9.'»58
98U
10,1)31)
21.693
119.867
77.>'68
63. SS"*
57.U68
5,866
lU.lS")
12,073
2, 060
13.')72
28,927
Total.
(Contlnnad on follo«ll« pa«a)
u
g
u
U
.
U
9
u
u
U
U
.
35
Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, October 31, 1943 - (Continued)
Table !•- Analysis of Ownership by Type of Security, by Call Classes,
and by Tax-Exemption Provisions - (Continued)
PART B
PERCENTAGE DISTRIBUTION BY CLASSES OF SECURITIES
-
Pabllc marketaM* int«r«ot-be&ring securities 1/
Held
Total
eaotmt
out-
Classification
standing
By type of security
Securities issued by Utalted States
Treasury bills
Certificates of Indebtedness
Treasury notes
Treasury bonds
Other bonds
10.9
19.
Total
6.IU5
conuner-
Instltutioas
elal
banks
21.1*
10.
12.3
52.5
•
•
3.3
3.7
It.O
u.u
100.0
100.0
100.0
100.0
39-3
25-7
28.3
u.o
1.1
1.6
.2
call clasBAt
Dae or first bflconin^ eallftbl«
Within 1 year
1 to ^ years
5 to 10 years
10 to 15 years
15 to 20 years
Over 20 years
federal Housing Administration debentures.
U90
mutual
Total
savings
banks
10.8
23.2
13.2
9.8
8.1
17-8
Beld by
i»g.3
u. s.
OoTernment
Beld by
agencies
all
5U8 fire.
and trust
ao6
other
casualty, funds and
life
Investors
and marine
Federal
Insurance
Insxiranee
Reserve
coapanles
companl et
Banks gf
7^U insurance oomponiee
6.635 banks
60.0
9.7
3S.S
Guaranteed ieeuee ^f
Total
banks aad Ineuraoce companies
covered In Treasury eurvey
\3j
,
.2
.1
2.0
2.0
9U.0
111
.2
96.2
11.2
6.5
80.7
•
.3
5
2.1
1-5
3.0
2.3
100.0
100.0
100.0
3-1
57.5
13-7
22.8
10.3
12.5
UO.l
15.3
22.2
32.5
8.1
U.T
29-7
U.9
12.7
2U.3
11.0
11.7
35."
15.
U.s
2.2
lO.U
39.0
lU.6
23.6
5-8
2.8
lU.o
.1
.1
100.0
100.0
100.0
2-9
3.3
92.9
1.3
12.0
5.5
38.0
26.9
9.7
56.2
I(r
Total
35.5
30.
36.1
19.
22.2
21.
25.5
5.5
3.0
10.9
28.
29.6
5.6
3.3
9.9
U.l»
100.0
100.0
100.0
2.1
22.8
75.1
.8
2U.5
1.0
2U.2
7lt.7
7"*.
100.0
100.0
l.U
U.S
u.u
11.
Ul.7
U.o
7.1
7.5
11.
100.0
By tajE-exemption proTlsions
Vholly exempt from federal Income taxes U/.
Partially exempt from federal Income taxes 2/
Subject to federal income taxes
Total.
PART
-
100.0
1.0
25.3
73.7
.1
.2
13.3
86.7
25.9
73.9
100.0
100.0
100.0
21.6
78.3
1-5
50.8
5-5
19.5
75.0
i»7.7
100.0
PERCENTAOE DISTRIBUTION BY 0R0UP8 OF INVESTORB
Public marlcetable interest-bearing securities 1/
Held by banks and Insurance companies
coTered In Treasury surrey
Total
amount
oat-
Claaalfl cation
6,635 banks
Total
7.389
ta&dlnc institutions
75I*
U90
commer- mutual
Total
cial
saTings
banks
banks
6.1115
Beld by
0. S.
insurance compaoies
Oovernment
Held by
a^neies
all
5Ug fire,
and trust
206
other
casualty
funds and
life
iBTestors
and marine
federal
insurance
insurance
Reserre
companies
companies
Banks 2/
.
By type of security
Securities issued by United States
Treasury bills
Certificates of Indebtedness
Treasury notes
Treasury bonds
Other bonds
guaranteed iseues
^
1.0
U2.5
7.0
1.3
17.1
1.1
6.1*
.1
.3
.1
.2
7.2
6.U
'».9
11.8
10.1
53-1
.6
63."*
20.3
33.1
53.2
3U.U
17.0
7.0
30.1
2.9
8.0
7.1
7.6
13.3
3.0
1.6
7.7
11.2
23.5
U5.U
38.1
53-6
11.8
"7.7
57.6
65.3
1.7
ito.9
7.1
7.0
72-6
65-3
6U.3
6U.6
52.8
1*7.9
UT.g
59.5
69.5
100.0
Total
.2
8.0
1.2
2.5
19.6
U7.7
58.3
67.0
Ug.9
100.0
100.0
100.0
100.0
100.0
%l
.1
•
7
9-7
33.5
2U.1
2l».0
2.U
75.2
10.3
17.2
au.i
1.7
By call classes
Due or first becoming callable
1.7
11.2
2U.I
11.6
9.6
10-5
1.2
3.8
1.1
12.0
10.0
11.6
62.9
20.6
2U.I
11.8
10.1
1.7
11.2
2U.1
10 to 15 years
15 to 20 years
Over 20 years
federal Bousing Administration debentures.
55.3
73.9
72.5
65.0
69.9
58.6
86.7
Total
100.0
6U.6
52.8
1*7.9
i*.9
100.0
100.0
100.0
25.1
69 .u
6U.3
23.7
56.0
52.7
23.5
53.2
U7.0
2.8
5.6
13.
100.0
6U.6
52.8
U7.9
U.9
1
year
1 to 5 years
5 to 10 years
III.
26.5
18.2
22.5
25.2
21.9
.3
18.2
7.9
5.0
9.7
8.3
10.7
5-9
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Vithin
By tax-exemption provisions
Wholly exempt from federal income taxes kf
Partially exempt from federal Income taxes
Subject to federal income taxee
^
Total.
Less than $500,000 or less than
66.3
61.2
U1.5
21..5
.05j(.
Public marketable Interest-bearing securities Include all
interest-bearing securities outstanding except (1) special
lesuee to Oovemment egencies and trust funds, (2) adjusted
service bonds, (3) depoeitary bonds, (U) united States savings
bonds, (5) Treasury savings notes and (6) Commodity Credit Corporation demand obligations. Such obligations were held by
institutions reporting, as follows:
(1) depoeitary bonds;
commercial banks, $3U6 millions: (2) united States savings
coosiercial
banks,
millions;
bonds:
mutual savings banks.
$217
$108 millions; Insurance companies, $1U7 millions; all insticommertutions, $U72 millions; (3) Treasury savings notes:
cial banks, $55 Billions; Insurance companies, $26 millions;
2/
3/
4/
^
.2
1.3
.9
.7
5.7
9.0
18.7
Ul.U
36.9
53.3
10.1
2.0
2.2
U.S
u.o
1.2
.1
all institutions, $82 millions; (U) Coiaodlty Credit Corpora
tlon demand obllgatlone; holdings of these obligations are
not reported.
Excludes Ixchange Stabilization fund.
Excludes obligations sold directly to the Treasury.
Securities the Income from which is exeispt from the normal
rates and the surtax rates of the federal income tax.
Securities the Income from which is exempt from the normal
rates of the federal Income tax.
(In the case of partially
tax-exen,pt Treasury bonds, interest derived from $5,000 of
principal amount owned by any single holder is also exempt
from the surtax rates of the federal Income tax.)
56
Summary Data from Treasury Survey 6f Ownership of Securities
Issued or Guaranteed by the United States, October 31, 1943 - (Continued)
Table II.- Distribution of Ownership for Bach Issue CXitstandlng
PART
.
..
57
Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, October 31, 1M3 - (Continued)
Table !!•- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART A - FAR VALUES IN MILLIONS OF DOLLARS- (Continuod)
Public Barkstable lBt«reat-l>«arlnc Becnrltles 1/
Bald hy banks and Inauranea ooBpanlas
ooTared In Treaaurj turray
Hall b7
U. S.
Isaue, clssalfled
tty
tax-ezeaptlon proTlalou
III.
Snbjaet to rederal
Trea8ur7 bllla
Itteotte
Total
aaount
outstanding
75U Insurance ooBpanles
6,63^ banks
Total
7.3«9
lUBtltutlona
5»9
6.11*5
U90
eoamarelal
utual
saving
banks
banks
206
tin.
Ufa
eafloaltj
Insurance and aarlna
eoapanlea laa«raao«
eoapanlea
OoTemBant
a^anolaa
and tmat
fvnda, and
^daral
Bald
ti7
all
other
Inreatora
Baaarra
Banka 2/
tajcea
13,061*
6.239
6.237
68
2,518
6.227
5.553
1.272
CartlflCBtaa of indebtedneas
l/H
Horamlier
191*3.
96
76
T/g)(
DacantMr
Jebniarj
I9U3
3.800
I9ltlt
2,2U
2.536
1.566
7/8)f
April
Majr
l.g5
7/gj(
Aogost
I9IA.
IjW*.
19Mt.
5.251
7/8*
l/ef,
7/«!t
Septenilier
I9UU.
Octobar
ISfik.
T/W
Total certlfleatoB of Indebtadnaaa.
6U
1*
8
1,51*0
2.507
1.527
11
13
18
26
2
2
16
25
340
169
924
476
3.068
1.307
2.020
3.012
1.297
2.002
2.992
1,291
1.995
20
17
39
221
1.962
2
7
56
10
18
8
17
28U
*,12S
3.519
570
2.662
'^38
105
132
23
2.651*
6
8
109
8
368
3.533
489
83.199
I3.8O6
13.528
13.357
172
277
>t7
230
1,616
7.777
635
1,606
531
510
1.190
1*80
1.139
U72
1.119
1*12
1*01
22
35
20
8
17
9
8
162
i*Ul
118
254
68
1*28
2U
21
32
7
1
3*
28
280
74
336
491
6
1
1
19
Tre&Bory notoe
3/1*^
Septemlier
19IA.
1-1/U)l
March
>caatiar
191*5.
March
Daoaahar
Septaahar
19l«e.
i/ki
1*
l-l/Sfi
l-l/ajl
19U5.
I9U6.
I9U7.
Total Treaaury notaa.
Treaaury honda
Sjt
March
191*8-50.
503
3,261
2,707
2.61*1*
2.216
397
2.589
2.157
387
2.519
2.087
9.*3
7.'»30
7.173
6,983
190
256
153
103
473
1.340
682
5*6
2.223
135
19
102
216
213
158
197
170
63
7
29
^
61*5
123
121
81
11*9
lU
15
25
117
225
130
200
201
615
824
38
5U9
659
29
165
8
^?
18
1.250
3.209
89
ll|0
523
128
219
504
12
25
19
69
72
50
218
245
315
.257
.325
.525
U5
38
33
266
380
1,214
1.473
657
11.213
191*8
I9U9-51.
1,115
3.o6a
l.OlH
898
2.507
3*
jdna
Juna
Septomhar
1,292
2,098
1.963
1.161
1.738
1.773
888
1.393
2*
I9U9-51.
19U9-511950-52.
1,511*
March
1.5'*7
1.1*67
2*
2*
Sapteaber
Saptamber
Dacembar
1950-52.
1951-531951-55-
'.939
7.960
510
uiU09
UoU
2.935
3.585
366
2.68U
2.651
3»9
251
93U
March
J<ma
March
1952-51*.
1952-55.
1956-58.
i.oaU
1,501
1,181*
597
939
560
271
650
253
326
289
307
I.3/I1*
13ec«Bbar
2J(
S-l/!i
2-1 Mt
2-l/2i(
2-l/2J(
2-l/2)(
JBna
Deceaber
Jona
1962-67.
1963-68.
2-1/2)1
2-1/2)6
December
September
196i*-69.
2-l/a)t
i96i*-69.
1967-72.
Total Treaanry boada
21
90I*
737
1.012
1,1*1*9
1,083
2,118
2,831
3.762
1,U98
1,856
2,168
3.808
2.716
1.8S0
1.788
1.211*
1*3,162
29.509
1*12
71
17
196
221*
21*5
lUl*
^
2>*
67
f^
425
1*93
1*93
6x0
610
1.302
1.363
1.558
3^6
I.50U
575
.1*59
"•5
919
3U6
295
537
38
485
271
19.638
l't.939
t.699
9.871
9.232
639
2.441
368
3112
336
21
511.
505
1*99
1*
^
Ooaranteed leeTiea
Conmiodlty Credit Corporation
I9I15
l-l/8)t ?ebru»iy
Beeonatructloa Tlnanea Corporation
191*1*
kpril
li
19U5
Jannarj
li
Total guaranteed laanea
Total subject to Federal Incoae taxea.
IT.
orand total
40
8
340
3U0
49
1.323
882
81*7
835
35
25
10
352
89
69.992
57.865
1*7.1**
1*2, 31*1
5.083
10.1*1*1
9. '•58
981*
10.434
21.693
119. 867
77.1*68
63.33I*
57.1*68
5.866 lU,13l*
12.073
060
13.472
28,927
(Contlmted on following
pa^)
2.
58
Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, October 31, 1943 - (Continued)
Table II.- Distribution of Omershlp for Each lasue Outstanding
PART B
-
PEKCKMTAOE
-
(Continued)
59
Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, October 31, 1943 - (Continued)
Table II.- Distribution of Ownership for Bach Issue Outstanding
PART B
-
PERCENTAOE DISTRIBUTION BY aROUPS OF
-
(Continued)
PRICES
AND
YIELDS
OF
GOVERNMENT
SECURITIES
(Including securities issued by Federal agencies)
60-
61
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
November 30, 1943
Table
I.
Securities Issued or Guaranteed by the United States Government
PART A
-
TAXABLE BONDS, N0TE3, AND CERTIFICATES
62
Over- the -Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
November 30, 1943 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government
FART C
Aaoust
out•
tud-
(Xllllons)
-
TAX-EXEMPT BONDS AND NOTES
(Continued)
63
Over-the-counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
November 30, 1€>43 - (Continued)
Table II.
-
Securities Issued by Federal Agencies but not Guaranteed by the United States
PART A
Amount
outstanding
(Millions)
-
ISSUES QUOTED ON A PRICE BASIS
6k
YIELDS
OF TREASURY SECURITIES NOV.
Based on Mean of
1942
ClosirnJ
Bid
30,
and Asked Quotations
1943
.
a
.
.
65
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per anzraa)
Partially
HighTaxable
tax-ezeapt
Srade
Treatury
Treaeury
corporate
bend! 2/
boadi 1/
boade 3/
HlgbFertlelljr
TaxaMe
erade
tax-ezeHpt
Treasorjr
coi^iorate
Treaenry
\ieade §/
lioadf 2/
tionds 1/
Monthly Series U/
1935- Jan
?«b
Mar
ipr
May
June
July
Aug
-
2.88
2.79
2.77
3.60
3-52
3.49
1938-Jan..
Peb..
Mar..
2!^
2.7"*
3.1*7
2.72
2.72
3.U8
Apr..
May..
June.
2.62
2.51
2.52
July.
Aug..
Sept.
2.52
2.51
2.58
3.'t3
2.69
2.76
2.85
^:^
Sept
3.17
2.e>t
Oct
2.-85
3.U6
2.83
2.83
3.'»l
Oct..
Sot..
2.1»g
Sot
Dec
3.39
Pec.
2.'19
19jS-Jen
Peb
Mar
2.80
2.77
2.71
3.32
3.26
3.2U
1939-Jan.
Peb..
Mar..
2.U7
ipr
May
2.68
2.66
2.66
3.2U
3.22
3.19
Apr..
May..
June.
2.30
2.17
2.13
July....
Aug
Sopt....
2.65
2.61
2.60
3.18
3.18
3.15
July.
Aug..
Sept.
2.16
Oct
Eov
Sec
2.62
2.53
2.51
3.1'*
Oct..
Hot..
2.60
1937-Jan
Peb
Kar
2.U7
3.09
2.1(6
3.21*
2,60
ipr
May
2.80
2.76
2.76
Sept....
Oct
Hot
Dee
June.
Jvii«
.
. .
. .
July
Aug
-
l9U3-June
5.
12.
19.
26.
July
3-
10.
17.
2U.
31-
19U3-S0T.
1.
2.
3.
It.
56.
8.
9.
10.
3.11
3.07
Dec
2.50
2.|
zM
2.3U
2.
2.65
2.1)6
2.35
3.36
Peb..
Mar..
2.30
2.32
2.25
3.36
3.31
Apr..
May..
June.
2.25
2.38
2.39
2.72
2.72
2.77
3.27
3.25
3.26
Julyr
Aug..
Sept.
2.28
2.25
2.18
2.76
2.71
2.67
3.26
3.22
3.17
Oct..
Hot..
2.10
1.97
L,89
19>IO-Jan.
Da*?..
Partially
HighTaxable
tax-exempt
grade
Treaeary
Treaeury
corporate
bonds 2/
bonda 1/
bonds 2/
66
(/)
GOVERNMENT
AGENCIES
CORPORATIONS AND CREDIT
OF THE UNITED STATES
67-
U
S
6
68
Assets and Liabilities of Government Corporations and Credit Agencies
October 30, 1943
(la
llllou
of dollan)
Iotara^DC7 aaaata
IoT«tt««nti
Tn-
fcmd
Corporfttlon or m^^ncy
ToUl
Loans
c&pltal
• took,
CMh
1/
276,)
1.617.9
20.
Izport-Iaport Bank of Vaihlo^ton
fan Credit Adalnlttratlon
7an Sacurlty Adnlnlttratloa
Tadaral Crop Inturanca Corporation
fadoral I>epotlt Inturanoo Corporation....
faderal Tar« Mortsa^a Corporation
fadaral homa loan banka
fadaral Roualn^ Adnlolltrat Ion
fadaral lotemsdlata cradlt banks
fadaral land bmkt j*/
7ad0ral National MortcafS Association,...
7edsral Prison Industries. Inc
federal Public Bousing Authority
Fsderal Savings and Loan Insurance
Corporation
Federal Security A^ncy . student war
loane ^/
Tsderal Works Aganeyt
Ptibllc Works AdBlnlstratlon
War Public Works- connunlty facilities
Boae Owners' Loan Corporation
Inland Waterways Corporation
^
Interior Departoent (Indian loans)
Panaaa Railroad Conpany
Production credit corporations
^
Puerto Rico Reconstruction Adnlnlstratlon
Reconstruction finance Corporation 6/....
Regional agricultural credit corporations
RFC Mortgage Company, The
Rural Electrification Adnlnlatratlon
Tenneese* Valley Authority
11.0
5.2
188.9
228.3
•Bt
Stourttlat
ffuarui-
tt«d
Othtr
\)T
T7nlt«d
1*0.9
33.6
l'*0.3
232.'*
50lt,8
U26.5
35.9
728.1
1,15^.3
31.'*
16.1*
.5
6.9
1*23.2
13.2
11.8
11.1
290,2
125,6
378.1
126.7
19.7
2.012.9
69.1
18.1
l,Uo6.2
66,3
550.1
317.3
638.7
190.0
21.7
1U2.5
62,6
36,0
1*1*.
22U.5
16.1*
250.6
1*71.3
l6o,o
.9
7.2
1*0.
1U5.6
3.3
3.0
72. »
72.U
).'*
3.'*
1.736.5
1.365.7
2>*.7
,U
2.6
73.5
127.5
2.6
22.2
8,738.0
6.0
l,''31.9
61..3
U5.8
uu.o
100.0
3UU.9
63.U
7.2
1.3
138.1
U6.0
15.0
6.3
1.0
10.0
,u
1.2
11.5
79.1
1*7.
3.1*
3'*2,8
2.21/
67.1*
6.3
18.0
8.1
Teanessee Talley Associated Coopera.
Ives
.3
.2
Cnlted States Marltlae Conlsslon
War corporations and aetlrltiss (World
War I) g/
5.965.'*
18.3
War corporations (World War 11) J/
War Shipping Adjslnlst ration
7,71*0,3
Other Ooveraaeot agencies 10/
t
.
Inc
Oross total
Adjustaent to ellalnata Interagency
Interests
Xet totnl
65.8
'•.9
.6
226.1
1.1
7,698.7
25.7
6.9
1*2,69'*, 3
7,1*87.1
"•l"*.)
1*85.5
1,1*31.14
7.'*87.1
lnlt.3
''85.5
l,lt3l,U
185.5
723.0
-15,005,1
27,689.2
1.6
1*89.2
2.8
191.8
Ul6,7
)60.6
681.9
8.
•eurl-
•to.
Banka for coop«ratlT«t
CoUDodlty Cradlt Corporation
Dltaiter Loan Corporation
U.
Aeooonti
•L&d othar
353.1
66U.5
Raal ••tato and
othar
bualaatt
proparty
Capital
Dua froD
•took and
Ooraropald-la
aant
iurplut of
corpo ra^Tamaaot
tio at and
corpo raa^anclai
tio at
Othar
aiteti
9
9
«
S
8
U
7
5
J
72
69
Assets and Liabilities of Government Corporations and Credit Agencies
October 30, 1943 - (Continued)
(In mllllona of dol^nra)
Proprietary interest
Liabilities and reserve^
Owned by United States 11/
Liabilities
Guaranteed
by United
States
(includes
accrued
interest)
Corporation or agenc/
Banks for cooperat Itos
Commodity Credit Corporation.
Disaster Loan Corporation....
Export- Import Bank of Washington.
Tans Credit Administration
Farm Security Administration
Federal Crop Insurance Corporation....
Federal Deposit Insurance Corporation.
Federal Farm Mortgage Corporation
6K.b
1,551.3
Due to ^vernment
corporations and
agencies
guaranteed
by United
States
Not
21*1.1
.1
.1
3
.2
.u
•
211.
196.9
.1
311.3
I
159.
"
11.3
ll*.l»
91*1*.
1.1*
,U
7.0
IS.
l.O^.U
Seerves
Treasury
66.9
607.5
KzceiB
of
assets
(Total
proprietary interest)
1
207.8
66.6
20.7
Privately
owned
Capital I.
Surplus
*^
stock
.
I;
7.3
191.5
205.0
307.9
1
200.5
66.6
20.7
17l*.0
26.5
100.0
-33.1*
21*.
-3.3
191.5
175.0
16.5
205.0
307.9
2:':.0
30^.9
U2U,1*
17.0
289.3
96.0
10l*.9
7U.U
.2
.1
199.1
99.2
89.3
1*80.9
23.
218.7
1*0.0
-23.0
ioi*.9
150.0
100.0
".9
121*.
121*. 7
17.0
150.0
139.3
Nonstock
!
Federal home loan hanks
Federal Housing Administration....
Federal Intermediate credit banks.
Federal land banks U/
Federal National Mortgage Association.
Federal Prison Industries, Inc
Federal Public Housing Authority
Federal Savings and Loan Insurance
Corporation
Federal Security Agency - student var
loans
9K1
91.1
26.1*
3.7
288.7
288.
l,?^?.'l
111*.
6
2.3
Interior Department (Indian loans)...
Panama Railroad Company ^/
Production credit cor-orations
Puerto Rico Reconstruction Administration
Reconstnictlon Finance Corporation 6/....
Regional agricultural credit corporations
RFC Mortgage Company, The
Rural Electrification Administration.
Tennessee Valley Authority
1,660.3
11*2.0
.2
ll*2.3
11*2.3
1.0
l'*1.3
1U3.U
ll'3.i'
100.0
1*3.1*
3.3
3.3
9.1
281*.
2.3
1.555.5
120.3
10.0
262.2
23."
17.6
75.5
1*3.8
^
Federal Works Agency:
Public Works Administration
War Public Works - community facilities
Home Owners' Loan Corporation
Inland Waterways Corporation^
29.3
17.6
1.6
2.0
1*07.8
99.2
60.0
.S
1,1* 51*.
'.5
99.2
?9.3
32.6
29.1
72.1*
72.1'
3."
76.3
•I.U
1*3.0
76.
72.1*
3."
200.0
12.0
123.7
51.2
7.2
^25.0
391.01,
18.2
.9
.1*
23.11
23.'
15.3
10.9
l*.l
2.6
58.2
127.2
58.
127.2
7.0
120.0
22.2
716.0
62.7
-2.2
716.0
62.7
'1*1*.
27.3
130.2
?T.3
1;0.2
SOO.7
.3
8,022.0
1.6
912.8 1/
51U.3 1/
6,1*20.7
1*9.2
12S.0
3
3.0
86.6
230.1*
81.2
18.8
United States Maritime Commission
War corporations and activities (World
War I) 8/
1,310.1
1,283.7
War corporations (World War II) 2/.
War Shipping Administration
8,01*9.7
56.9
U.l*
2.6
2.6
83.7
230 .U
1.0
U.l*
.9
25.5
l*,655.''
.1
.1
'*.7
^.7
6.037.3
.1*
-309.1*
.11
;'.9
157.6
--09. 1*
1=7.6
7.535.''
7. 5^5.1*
600.
lt.6
3.3
1.3
.3
13."
12.9
25.0
2.3
130.2
600.7
Tennessee Talley Associated Cooperat
Ives
,
Inc
Other Qovernment agencies lO/.
Gross total.
Adjustment to eliminate Interagency
interests
3
.2
2,012.0
205.0
565.1*
163.3
163.3
26,118.1*
'•,157.0
6,209.7
-llt,370.3
7.1*92.9
6,877.'* 1,381.1* 16.575.9
7. 1*92. 9 -6,877.'*
1*.157.0
''39.7
'139.7
't.655.'*
655.1*
25.
-2'*.0
3.3
186.8 -513.3
17.1
157.6
7,528.5
6.9
16,136.2 2,131.6
191.2
-633.7
-1.0
-631*. 7
631*. 7
1,381.'* 15,91*1.2
6,209.7
It,
190.2
15.'=Q1.1< 1,1*97
13,813.1*
13,813.U
Hf
1/
i/
it/
r/
Dally Treasury Statement.
Less than $50,000.
Excludes unexpended balances of approprla'. -d funds.
Includes deposits with the Heconstructlor. Finance Corporation ar/
interest thereon.
Represents chiefly commodity loans and underlying security taken
over from lending ageflciee purBuant to g\:.^ranty purchase agrepnents.
Also Includes comnoditles acquired throu.;;:- direct purchases fron
producers and others, as well as interagency transactions of "lendlease" funds which figures are not available, and which would otherwise be shown under "Due froa Government corporations and agencies".
Includes the assets and liabilities of the Federal Land Banks ot
Louisville and Houston which have retired stock and paid-in surplus
previously held by the Federal Govermnent.
Figures shown are as of September 30. 19^3. ^he latest available.
Includes the Electric Home and Farm Authority which was transferred
for purposes of liquidation to the Reconst. ruction Finance Corp3?*a-
II
11/
tlon by Executive order effective October 31, 19^2.
Adjusted for Interagency items and itens In transit.
Comprises Navy Department (sale of surplus supplies). U. S. Housing
Corporation, U. S, Railroad Administration and U. 3. Spruce Production Corporation.
Comprises Cargoes, Inc., Defense Homes Corporation, Defense Plant
Corporation, Defense Supplies Corporation, Institute of InterAmerican Affairs, Institute of Inter-An .rican Transportation.
Inter-Ajnerican Navigation Corporation, Metals Reserve Company,
Petroleum Reserves Corporation, Rubber Development Corporation,
Kubber Reserve Company, Smaller War Plants Corporation, U. S. Coocarclal Company and War Damage Corporation.
Comprises Treasury Department and other G^Dvernment agencies not
listed in this statement.
Excludes the interest of the United Sta e? represented by obligations held by the Treasury.
70
Sources of Funds of Certain Government Corporations and Credit Agencies
for the First Four Months, Fiscal Year 1944
Corporation or acoscy
71
Uses of Funds of Certain Government Corporations and Credit Agencies
for the First Four Months, Fiscal Year 1944
E^snaet
Retirement of
obligation!
iesued In
ezehimce for
mortgagee 1/
Pnrchafle and
Inrprorenefit of
CorporatloD or a^eocy
HonfLdnlBla-
AdalDlBtratlT0
Central Bank for Cooperatlvei
27.103
$
Comaodlty Credit Corporation
$106,31*5.192
$1.30't.26U,72U
1.752.25*
Sleaater loan Corporation
property
owned
trattn
-2.267
113.320
la^ort-Iaport Bank of Waehlnfton
189,287
18,283.8ll9
87.877
Tederal liapoalt Insurance Corporation
1,323.1150
Federal Tarn Mortea^a Corporation
2,6Mi.U39
Federal hone loan %anka
3, '•26, 157
725.625
•38.079
Federal Satlonal Mortgage Aeaoelatlon
Federal Pultlle Bousing Authority
i
7.570.582
87.123.050
375.599
213.939
1.1117.832
397.158
Federal Savlnga and Lean Insurance Oorperatlen,
86.099.607
175.620
5.703.878
1.0U6.g0>t
81.573
8.I1OO
3.272,3'*5
6,533.506
585.126
1.018,551
3,OU3.3lg
-295.025
-3.30U
92.59't.l59
RFC Mortgage Conpany. The
221 .906
187. U69
-36.U69
16.952,059
Rural nactrlfleatlon Idalnlatrmtlon
8Ug,202
2.1*32.137
36.887.957
1.551.112,918
60.070,067
$i7.g09."t38
»'»3.931.137
$2. 862. 352. 1*98
$iKit,gg3,65i
Home Ovners' Loan Corporation
Rsconst ruction Finance Corporation 2/
War eorporatlona
<
^
Total
Corporation or agency
Investaents
(net)
CoDBOdity Credit Corporation
3.988,367
Allocatlone, rediscounts, and loans
to other gorernnent
corporations and
credit agenclae (net)
$-2,277,229
Central Bank for OooperatiTea
Interest and
dlTldends paid
$
$ -212,152.718
•
Siaaster Loan Corporation
$1,165,575
Other
expenditures
62,782
l,9'iO,729
10U.i57,gi*7
1,181*. 1*58,1*72
826,883
10,812.8119
66,983.733
Total, uses
of funds
$
$2,553,872
-1U7
526.690
-17.200,000
Xzport-Iaport Bank of Waahington
Federal Deposit Insurance Corporation
$1,165,575
11, 981*. 576
-1,797.165
69.936.176
I13.500.OOO
1.692,692
91*9.602
57.082,91*0
-12.027.901
813.981
26.21*8
76,373,1*57
Federal Rational Mortgage Aesoolation
730.1*30
-18.798
1,1*76.790
Federal Public Roualng Authority
793,985
3,987,661*
13,077,321
Federal Far* Mortgage Corporation
Federal hnae loan banka
Federal Sarlngs and Lean Insurance Corporation.
Home Ovners' l«an Corporation
2.000,000
-1*06,100
-39.978.210
U/
1,683,871*
275.707
-26,11*1,121*
30. 075.91*2
36.215
1.1*56. 316,501*
HFC Mortgage Company. The
1,01*0.150
251.327
18.616.1*1*2
Sural Xlectrifioation Administration
3.331.501
Reeonstniation Finnaea Corporation 2/
War coiporatione
Total.
Source!
1/
2/
^
^
-2,000,000
985,975
1.332,865.200
73.028,127
81*2,1*16
363,560,693
2, 087,931*. 316
$1,177,067,299
$53,123.1*32
$369,1*19.118
$5.065.952.5i*l»
••
$56,200,393
Reporte receired from the corporations and agencies. Qata on
basis of checks issued.
Racelpts from the repayment of mortgage loans appear under 'Rapayment of loans" in the statement of sources of funds.
Includes the Ilectric Home and Farm Authority, which wae transferred for purposes of liquidation to the Reconstruction Finance Corporation by SxecutlTO order effective October 3I, 191*2.
Comprlaes Cargoes. Incozporated, Safense Homea Corporation,
8.168.070
ii/
Defense Plant Corporation, Defense Srippllea Corporation, Institute of Inter-^erlcan Affaire, Institute of Inter-Amerioan
Transportation, Inter-American Harleatlon Corporation, Metals
Sesenre Con^any, Petroleum Seeerves Corporation, Suti'ber Development Corporation. Rubber Reserre Company, Smaller War Plants
Corporation, U. S. Commercial Company and Var Damage Corporation.
Includes expenditures for contributions and subrogated shares
or claims In insured financial Institutions.
72
Sources of Funds of Certain Government Corporations and Credit Agencies
from Inception of Organization through October 30, 1943
Corporation or afucy
73
Usee of Funds of Certain Government Corporations and Credit Agencies
from Inception of Organization through October 30, 1943
SxpenseB
Purchaee and
Improvement of
property
ovnad
Corporation or agency
Adnlnlatratlve
Central Bank for Cooperatives
$
Konadminlfl-
tratlTe
1.163.11*
i
17.10U.08U
Commodl ty Credl t Co rporat Ion
Disaster Loan Corporation
3.933.358
Export-Import Bank of Washington
$ U. 993. 586.
i
1,002.896
federal Deposit Insurance Corporation
32.855.OUl
Federal farm Mortgage Corporation
96.U80,6U9
federal home loan banks
12,517.623
Federal National Mortgage Association
Retirement of
obligations
Ifisued in
exchange for
mortgagae l/
Loans
55u.657.832
2.532.9U0.639
286
136.067
30.UU1.525
18,06U
28U.677.209
201.310.985
20.U25.9UU
1.09U.101,670
1,112.U03.26U
5.220,691
5.731.U13
23,888.lU6
8,136.970
2,003, 70U
111,U19
Home Owners' Loan Corporation
2U7,085.002
l6o,53U,5U8
156.072.570
3.27U.253.591
Reconstruction finance Corporation 3/
105,077,U19
12,621,020
U68.50U
8.137.68U.758
6,278,712
5,191,37U
9,769.735
278.952,265
Federal Public Honeing Authority
Federal Savings and Loan Insurance Corporation
RFC Mortgage Company, The
271,256,6UU
75,U53.0U0
1,175.328.117
Rural Electrification Administration
IS.67U.867
War corporations kj
10,05U.396
101.598.297
7.811.981,863
37U,189.U68
$583,369,732
$29U,079,172
$13.067, 757, 9U2
$19,695,338,917
Total
$1,576, 109, U25 2/
373,lU0,950
$1,576, 109, U25
Allocations, re-
Corporation or agency
Central Bank for Cooperatives
Inveetments
(net) 5/
$
and loans
to other government
discoTints,
corporations and
credit agencies (net)
39,U82.193
Commodity Credit Corporation
interest and
dividends paid
$
$
10u.375.s07
Disaster Loan Corporation
16,222,189
Expert-Import Bank of Washington
U9, 550, 000
1,02U.015
Total, uses
of funds
Other
expenditures
t
3.5U2.693
$
599 ,869.877
7.7U1 ,86o,38U
U5. 672. 961
U8, 180. 606
UU
50 .733.182
13.175.178
593,801
3U9 ,017.lU8
32,181,379
906 .755.156
federal Deposit Ineurance Corporation
6UO,377.750
federal farm Mortgage Corporation
66l.33U,800
339.070.923
25.058.120
2,236 .U72.106
Federal home loan banks
1U2,90U,038
27.596.531
5UU.U70
1.295 .965.926
22. 103. 112
25U,776
30U .566.637
28,559,713
1.330 ,70U,966
federal National Mortgage Association
federal Public Housing Authority
7.070,000
12,268,981
Federal Savings and Loan Insurance Corporation.
i39.U5i.99U
3.035.326
Home Owners' Loan Corporation
178,U09,200
580,18U,627
7,190.286
6.179 ,839.250
Reconstruction finance Corporation 3/
367,oUl,ooi
332.U59,U97
18,762,172
1U,863 ,796,02U
9.995.656
660, 0U5
310 ,8U7.787
22,lU6,73l
371,526
UlU 33U,07U
5,889,681,653
RfC Mortgage Company, The
Rural Electrification Administration
War corporations U/
Tota.
ee:
1/
2/
y
U/
9,656,70U 6/
15U ,259,lU6
1,000,000
2U8,33U.769
2,391,U21
1,371,U05.7U9
9.920 955,963
$2,177,070,976
$6,30g.l6U,Ul8
$1,U11.12U.959
$1.5U6,962,08U
$U6, 659, 977, 626
Reports received from the corporations and agencies. Data on
the basis of checks Issued.
Receipts from the repayment of mortgage loans appear under "Repayment of loans" in the statement of sources of funds.
Includes the retirement of those obligations iriiich were in effeet refunded through sale of securities to the Treasury.
Includes the Electric Home and farm Authority which was transferred for purposes of liquidation to the Reconstruction finance
Corporation by Executive order effective October 31, 19U2.
Comprises Cargoes, Incorporated, Defense Homes Corporation, Defense Plant Corporation, Defense Siq>pllee Corporation. Institute
of Inter-American Affairs, Institute of Inter-American Trans-
^
6J
portation, Inter-American Navigation Corporation, Metalo Reserve
Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation,
n. S. Commercial Company and War Damage Corporation.
Includes U. S. Government bonds in the amount of $830,055,621 as
follows:
Federal Deposit Insurance Corporation, $563,377,750;
Federal Savings and Loan Insurance Corporation. $126.66U,5O0:
Federal Public Bousing Authority, $7,070,000; federal homo loan
banks. $127,393,371; Central Bank for Cooperatives. $5,550,000.
Includes expenditures for contributions and subrogated shares
or claims in insured financial institutions.
INTERNAL
REVENUE
-7^-
STATISTICS
....
,,.
.
.
)
.
75
Sumnary of Internal Revenue Col lections
i/
(In thouBandB of dollars)
Income and profits taxes
finplojnnent taxes
Social Security taxes 5/
Fiscal year
or oonth
Corporation
Incone and
excess
profits J/
IndlTldual
Total
2/
2.672.239
3.2S1.792
193't
1935
1936
1937
1938
3.'«9'».330
U.63U,30S
5.6U3.g3U
1939
5.162.355
5,322.76s
7.351.531
13.029,912
22.368.713
19'tO
19U1
191*2
19H3
819,656
1,105,788
1.U27,1A5
2,179,828
2,629,016
527.113
67U,i*i6
1,091,71*1
1,286,312
81*. 21*1
1.1*98.705
1.131.51*6
155.031
2,1*60
1,1*25,91*2
11,231
1S3.195
25.263
217,36s
2W*,6g9
2,872,525
5.319
3.771
20,785
122.626
29"*. 33s
26.276
325,151*
828
120,031*
239,127
2,91*3
238,910
5,273,'t2l
1*,
l.'*72,335
1.007,599
753,1*77
June
1.36U,980
U.3g3.U?o
1*.
026.1*91*
681. 617
511,1*07
1,813,51*3
July
Au^ast
September
1,995,885
1,672,217
U,6l3,2U9
1.231,UU2
813,577
U. 191, 77s
873.819
511.977
2,01*1*. 715
298.726
2.132,387
October.
November
2,179,567
2,089.229
l,6U3,57S
l,086,U5i
51*8,1*11*
1,1*70,850
1,11*7.551*
307,579
April
Kay
.
.
73,1*10
1,971*, 909
185,299
109.1*27
122.01*8
687, 1*59
1*.
19^3- January
February.
March
296.097
101.167
106,123
100,658
119.617
156. 008
1*8
9,581*. 703
si*5 855
2,521,U1(3
1*33,759
868, 220
287
IU9.U76
605.350
687.327
895.336
3,262,800
6.629.932
797.227
1,058,902
58,119
90,267
529. S35
191+2-November.
December,
.
207.339
502.917
71*0,1*29
8,006,880
16,298,876
27,058
562,515
265,71*5
71*2,660
833.521
925.856
1.185,362
1,122.531
1.120.579
2.016,295
l8lt,5U9
1*8
31.178
Us, 786
33.71*0
1,1*17,655
1.999.688
2.631
6,560
ll*.509
27.010
37.172
56.621
1,028,831*
3.1171,122
982,017
Federal
Federal
Carriers'
Insurance
UnemplOTVent Taxlne; Act
Contributions
Tax Act
of 1937
Act (Old-age {Uneroployment
Insurance
Insurance)
y
397.516
572.115
738.520
1,056,909
1,299,918
1*19.509
2.185,105
2,129,606
,
Miscellaneous
profits
taxes
11*8.1*78
501
28,270
22,538
107,038
203. Uio
2,593
5.8U9
9,01*7
7.11*7
26.1*53
1,186
23.968
U,8U6
1.1*1*7
8,51*7
32.813
23.977
919
7,362
27,71*7
115,826
263.723
27,863
109.533
222,363
2,91*9
937
661
108, U05
208,81*7
5,1*86
676
111*,
21*2.827
28,961*
30,896
81,761
2.819
91.229
isl*,307
10,21*7
8,713
15,717
211,151
21,736
31*7.376
2,871*
170,1*09
5.753
951
2.576
2,205,581*
lit.
137.871
8,339
770
25,6Ui
Miscellaneous Internal revenue
Fiscal year
or month
Capital
stock
tax
Estate
and
gift
taxes
ManufacAlcoholic
beverage
taxes
Tobacco
taxes
Stamp
taxes
turers' and
retailers'
excise
taxes
66,580
390.038
11*7.156
371.1*23
1*3.133
31*2.275
79.51*0
it'9. 851*
1*6,233
1*16,751*
91.052
76.172
80. 161
117.501
526,222
62,323
593.831
567,670
68,990
69,919
360,715
360,071
587,605
579.781*
1*1.083
396,891
IU3.5UO
62i*,o6l*
38.681
39.057
Ul 702
11*8.926
ltii7.i*96
1.1*23,1*81
1*5.155
617,373
852,069
670,015
206,331
1*32, 5to
319 869
1,01*8,165
608.072
697.712
780,792
923.357
Ult7,0gg
1*07,053
78,607
81,359
3.399
1*7.137
32.138
3.1*58
63.832
1*5.632
136,876
128,299
120,528
80. 565
68.21*7
3.776
3.551
68,1*27
51,1*59
1*1.912
50,1*20
51*1*
l*.l*19
1*7,
17s
65,222
5. 115
1*8,793
60.1*39
39.195
63,806
79.981
60,902
113.13s
212,112
91*. 91*3
2.138,735
2,272,158
137,1*99
139,31*9
378,81*0
305,51*8
1939
2.236,821
191*0
2,359,61*1
191*1
2, 951*. 553
I9te
3,837.670
1*. 571. 132
127.203
132.739
166,653
281,900
328,795
19l*2-November.
1*73,1)1
182,195
30,201*
ioi*,it3i
December.
1*96,1*97
11*3.020
30.223
128,973
19U3- January.
February.
March
378,501*
209
216
392
1*6.739
28.613
61.6U2
191*3
,
April
May
702
372,593
329,179
Source:
1/
?/
^
,
79,
,
ltO0,501
732.333
36.659
112,757
109
28.672
115,231
71,339
79,821
5.127
U.993
651,617
591*, 917
393.608
135.61*5
1*7.910
2U.8lt7
125 16s
86,771
39,965
1*,021
59,1*38
192,611*
1*.510
3.81*1
55.53s
52,751
103,312
70,699
.
1*21,328
375.552
20.063
366
3,939
.
58.568
56,156
85. 653
70.1*82
.
September.
October.
November
1*16,871*
1*6.31*0
July
.
1*10,926
505.21*3
193
365
31*1*.
.
258,911
76. 681*
June
Au^st
330,805
378,925
6/
500,736
551.923
567.777
80,168
91,508
2,001*, 51 1*
1935
1936
1937
193s
187.876
31*. 636
Agricultural
adjustment
taxes
1*25,169
1*58,776
1,1*81.160
1,61*9,782
193I*
Miscellaneous
taxes
.
271*
.
23.012
123.369
117.315
1*0.718
122,371*
253
117.303
31*.
Reports of collections.
Excludes collections for credit to certain trxist accounts for
territories and Insular possessions, etc. (except for the fiscal years 1939 through 1931*. when they aggregated less than $1
million a year)
Includes vi.ifjry tax collections anti collections under the
Current Tax Payment Act of I9U3
Excess profits tax Imposed under the Second Revenue Act of
191*0, as amended.
}*/
^/
6/
86,351*
90.013
93.058
3. 931*
Consists of the declared value excess profits tax. the profit
limiting provisions of the Vinson Act. and the tax on unjust
enrichment.
For the period prior to September 1939 the data In the colxutns entitled Federal Insurance Contributions Act and Federal
Unemployment Tax Act represent collections under Titles VIII
and IX, respectively, of the Social Security Act.
Includes tax collections under the Sugar Act of 1937 and under the dividends tax Imposed by the Act of June I6, 1933-
76
COLLECTIONS OF INTERNAL REVENUE
Fiscal Years 1929 to
1943
First 5
Mor^ths Fiscal Year
DOLLARS
Billion*
Billions
DOLLARS
Biiiio"'
1944
DOLLARS
Individual
Income
17
1929
31
33
35
'37
)
)
'
77
Detailed Analysis of Current Internal Revenue Collections^/
(In thousands of dollars)
Tlrst 5 months
No venter
Sources of revenue
Fiscal
year
I9U3
lococe and profits tajcee:
Individual:
Withheld by employers (Current Tax Payment
Act of I3k}) 2/
1,086,791
Victory tai (Revenue Act of 13^Z)
Other:
Current ^/
Back
First 5 n-ontha
2,09'<.319
1.912
781.113
31. 718
78U,g53 2,635.397
142,31*5
153.686
27.133
Kovemter
Sources of revenue
Fiscal
year
19M1
Miscellaneous internal revenue (continued):
Stamp taxes:
Bonds, issues of capital stock, deeds of
conveyance, etc
Transfers of capital stock and similar
interest sales
Playing cards
Silver bullion sales or transfers
Total stamp taxes.
Corporation:
Income taxes;
Current ^7
Back
l9,Uol*
1.09U,020 1.1911,892
86,720
123,300
203.936
873.571 2.116,292
8U,239
Excess profits taxes (Second Revenue Act
of I9U0 as amended)
Miscellaneous profits taxes:
Declared value
Vinson Act
Unjust enrichment
51.973
15
33
30,711
192
1.099
1,1*70,850
2, 913, 51*1
9,351,225
15,669
Total Income and profits taxes
22
231
...
Employment taxes:
Social Security taxes:
Federal Insurance Contributions Act (Oldage insurance
Federal Unemployment Tax Act (Unemployment
Insurance)
Total Social Security taxes
Carriers' Taxing Act of 1937
,......'.....
Total employment taxes
Estate tax
<ii'fViax.j..T.
:...-.::
Alcoholic beverage taxes:
Distilled spirits (imported, excise)
Distilled spirits (domestic, excise)
Distilled spirits rectification tax
Wines, cordials, etc. (imported, excise)..
Vines, cordials, etc. (domestic, excise)..
Brandy used for fortlfylag sweet wines
(repealed as of July 1, 19^0)
Dealers in distilled spirits; rectifiers;
manufacturers of stills (special taxes).
Stamps for distilled spirits intended for
export
Case stamps for distilled spirits bottled
in bond
Container stamps
Floor taxes
Fermented malt liquors
Brewers; dealers In malt liquors (special
taxes
)
Total alcoholic beverage taxes
Tobacco taxes:
Cigars (large)
Cigars (small)
Cigarettes (large)
C igaret t ee ( small
Snuff
Tobacco ( chewing and smoking)
Cigarette papers and tubes
Leaf dealer penalt ies etc
Cigarette and cigar floor taxes
51*2.771
652.097
8,339
23,1*98
28.156
217,186
566,269
630,253
sS.SUl
Source:
•
1/
2/
77.2^2
7,981
996
3.8'»5
2,8l*l
681*
3
50
3.931*
ll*.717
3.292
23.576
3.102
11*0,653
1
l''7
2,655
3.622
352
182
35
278
161
61*3,511
Matches
Floor taxes on matches
Business and store machines
Furs - retailers' excise
Jewelry - retailers' excise
Luggage
0;ptical equipment (repealed as of 11/1/1*2)
76i*,900
183,512
378,586
33.520
l6l*.715
171,631*
-755
3,992
U.IOS
i.....y
Rubber articles (repealed as of 11/1/1*2)..
Sport Ing goods
Toilet preparations - retailers' excise...
Washing machines (repealed as of 11/1/1*2).
Firearms, shells and cartridges
Pistols and revolvers
Repealed taxes not listed above
-Total- manufaoturers
taxes
20,813
50,235
1,652
290
2,308
136
25,177
301. U90
9,339
199
13,83'*
5,221
83,060
237,316
7.301
838
10,978
5.382
16
ll*9
771*
5.1*63
571*
20,1*68
691
3.331
25.295
1*0.277
187.239
23l*,lt68
651
95
2.1*61
2,351*
117,303
571,51*2
611,030
2,615
7.793
Ul
12,087
8
7
10
26
85.135
593
353.310
2,818
1*09,383
lt,'i91
21,751*
3,072
21,001
101
531*
527
1
1
93,058
39
36
2l*
386,297
1*1*6,160
Reports of collections.
Less than $500.
Excludes collections for credit to certain trust accounts for
territories and insular possessions, etc.
Consists only of tax collections under the Current Tax Payment Act
of 191*3 for which returns have been filed with the Collector of
Internal Revenue.
Collections as shown in Daily Treasury Statements
consist of withholdings deposited in Government depositaries in
.
.
and retailers'
Miscellaneous taxes:
Blt^iminous Coal Act of 1937
Sugar Act of 1937
Telephone, telegraph, radio and cable,
leased wires, etc.
Local telephone service
Transportation of oil by pipe line
Transportation of persons, seats, berths..
Transportation of property (effective
12/1/1*2)
Use of motor vehicles (effective 2/1/1*2)..
Use of boats (effective 2/1/1*2)
Leases of safe-deposit boxes
Admissions to theaters, concerts,
cabarets, etc
Club dues and initiation fees
Bowling alleys, pool tables, etc
Coin operated devices
Adulterated and processed or renovated
butter, mixed flour U/ and filled cheese
Oleomargarine, including special taxes....
Narcotics, including marihuana and special
taxes
Coconut and other vegetable oils processed
National Firearms Act
All other, including repealed taxes not
listed above
Total miscellaneous internal revenue.
Total internal revenue
^/
U/
5.153
28
2.912
996
8,063
19.990
'*,821
l,lU8
389
3.^61*
61
735
800
69
721
3.627
3.205
2U0
1*
5,81*2
3.928
11,556
7,288
29,6ll*
1*1*1
2,255
1*
259
92U
i',';52
26
165
11.033
2,652
2,781
11.61*7
«
31*
UO
12
979
5
127
56,156
290,692
31
excise.
.
Total miscellaneous taxes
16,137
•
Fliotoferaphlc apparatvis
366
,
Total tobacco taxes
2,251
etc
208,Sl*7
21*2,827
Miscellaneous internal revenue:
Capital stock tax
Manufacturers' and retailers' excise taxes:
Lubricating oils
Gasoline
Tl res and tubes
Floor taxes on tires and tubes
Automobile tnltks and buses
Other automobiles and motorcycles
Parts and accessories for automobiles
Electrical energy
Electric, gas, and oil appliances
Electric light bulbs and tubes
Electric signs (repealed as of II/I/U2)...
Radio sets, phonographs, components, etc..
Phonograph records
Musical inst rujnents
Wecfcanical' refrigerators-* -alr-condltioners
riacal
year
19U3
16
2.319
5,201
2l*,639
9,516
5,662
977
11,966
28,590
17,671
633
3
1*77
16,389
'.
563
52
606
21,l*glt
5.879
22,938
136,836
360
2,728
589
2,807
61*.
1,1*70
7.173
1
20
275
1,31*9
U2
326
1*30
96I*
12
s**
70,1*82
32lt,lt57
375,5'^2 1.939.925
2,089.229 5,1*96,976 12,553,ll*
addition to payments accompanying returns filed with the Collector
of Internal Revenue.
Current collections consist in general of taxes paid within twelve
months after the close of the taxable year for which the return was
filed.
T.ax imposed upon the manufacture and sale of, and the occupational
tax on, mixed flour repealed as of November 1, 19l*2.
GOLD
AND
SILVER
-7«-
STATISTICS
5
8
.
6
2
8
U
7
79
Gold Assets and Liabilities of the Treasury
(In mllllonB of dollars)
Liabilities
Xnd of oalendar
7«ar or month
W"!
0«ld
Aseetfl
8.238.6
10,122.9
11,257.6
12.760.0
l't.5U.2
1935
1936
1937
1938
Oold Certificates 1/
Gold Reserre
against V. 3.
Ixchasge
Stabilisation
fand J/
Oold In
Oeneral Fond
notes, etc. 2/
156.0
156.0
156.0
156.0
156.0
800.0
800.0
800.0
800.0
800.0
1.008.6
U87.U
3U1.9
1.591.6
682.U
1.800.0
1.800.0
1,800.0
1.800.0
UO8.9
213.2
215-3
5,27'*-0
7,679.5
8.959-6
9.212.3
11,872.8
21. 99!*.
15. 27s.
19, 825.lt
22,736.1
22.726.3
20.56U.S
20.611.9
156.0
156.0
156.0
156.0
22,7U3.U
22.726.3
20.631.2
20.611.9
156.0
156.0
1.800.0
1,800.0
156.2
158. U
22.683.0
2?,6U3.8
22.575-7
20.578-5
20.533-7
20,«70.8
156.0
156.0
156.0
1.800.0
1.800.0
1.800.0
lUg.5
22.U72.7
22.U26.U
22.387.5
20.360. >>
20,318.1
20.281.3
156.0
156.0
156.0
1,800.0
1,800.0
1.800.0
156.2
152.3
150.2
Juiy
iugust ....
September
22. 33'*.
22.2112.8
20,219.1*
20,127.7
20,067.1
156.0
156.0
156.0
1.800.0
1.800.0
1.800.0
159.
159.1
Oct ober
22.11'
20.002.6
19.953.1
156.0
156.0
1.800.0
1.800.0
17,6U3.U
1939
igUo
19U1
19U2
19Us-H0Tm1»r.
.
D80«mlMr...
19U3-juaur7
Naroh
April
May
Jtm*
22.175.0
.
.
.
22 ;o6&!6
November p
Source:
p
1/
Treaenry St&tenente.
Prellmlnajy.
Comprlaee (1) gold oertlfientee held by the public and In federal Heserre Banka; and (2) gold certificate credit! In (a) the
Dalljr
2/
1/
158. l»
15l».3
li«.9
151.9
157.1
155. U
Oold Certificate Fund - Board of norernors. Vederal Seserre
System, and (b) the Redeuptlon Tond - federal Reserre notea.
Reserre against United States notes and Treasury notea of I890.
ticluden gold In active portion of Bcchange Stablllutlon Rud.
Monetary Stocks of Gold and Silver
(In millions of dollars)
Gold
Knd of fiscal
year or month
($35 per
fine ounce)
7,856.2
9.115.6
193'*
1935
1936
1937
1938
10.608.1*
12.318.3
12,963.0
Silver
($1.29+ P»r
fine ounce)
898.2
1,1*63.1
2,21*9.5
2,51*2.1
3,066.U
Ratio of
ailvar to gold
and silver in
monetary stooka
10.3
13-8
17.5
17-2
19,1
16,110.1
19.963.1
3,605.2
3,939.6
22, 621*.
l*.
22.736.7
22,387.5
U.306.3
1*,298.5
18-3
16.5
15.5
15-9
16.1
ijUZ-Bovember
December
22,71*3.1*
U,319.6
U.317.6
16.0
16.0
191*3- January
22,683.0
16.0
16.0
16.0
1939
191(0
igiti
191*2
19^3
22,726.3
11*8.
Pebroaiy
March
22,61*3.8
U,311*.6
U, 312.0
22.575-7
U,306.8
April
Hay
22,1*72.7
'*,303.9
22.1*26.1*
U.298.9
iTone
22.387.5
lt,298.5
JMly
Augaat
September
22,331*.
l*,29l*.l*
22,2U2.g
22.175.0
1»,
276.0
16.1
16.1
i*,233.1
16.0
October
Kovamber p
22,115.7
22,06U.6
1*,223.7
iS.c
16.0
Source:
p
Sally Treaanry Statement and Olroulatlon gtateDant of
United States Money,
Preliminary.
1*.
212.1
16.1
16.1
16.1
. .
3
. ...
..
3
80
Components of Silver Monetary Stock
(la
lllisu
of dsllsn)
SllTor hold Id TrBasiuy
Socurloc ollvBr
eortlfleatoo 1/
Isd of caloodAT
7«ar or Booth
Sllror oataldB
Tr«asur7
Xn OoBOral fond
•llnr talltos
911**r dollart
Soboldlarj
cola 2/
193*.
19351936.
1937.
193».
193919^0.
ai.6
508. >l
b.2
576.9
775.9
93«.«
1,137.6
l.?98-2
1.398.1
508.7
505.7
503-7
502.7
S99.O
U9h.6
lt.2
I9>tl.
l,li76.1
19U2-K0T«ab«r
DocoBbor.
1.515.8
1.516.2
Ballloa for
tBCOlBB^
2/
.2
Ballloa
at coot
Sllnr
dollaro 1/
89.3
262.7
Total allTor
at tl.29
per ounce
Saboldlary
cola 2/
35-2
J8.1.
1.279.7
1.970.1
305.3
323-5
2.I102.3
3>'7.7
61.
5.''
U28.6
h3.It
3-5
5.3
2.3
3.5
9.2
535.3
616.0
hb.h
'3^:9
372.8
148.1
39''. 1
3.790.2
52.5
63.0
'•'>3.5
it,06o.O
b.2hli.8
78.8
587.3
'4,317.6
U70.O
U68.3
10.5
9.2
63'».3
77.1
78.8
575.7
587.3
"4.319.6
1.516.3
1,516.3
1,516.8
I167.8
621.1
613.9
79.'*
606.0
81.6
588.5
590.0
596.0
'4,31'4.6
1.65.5
19-5
30.3
35.9
U63.6
"58-7
"41.2
JonB.
1.517.9
1,518.8
1.519.7
'»53.3
36.9
600.0
593.6
592.1
83.0
gU.3
85-7
60U.7
6l2.7
623.1
303.9
298.9
298.5
July
lu^utt.
Sopteabar
1.519.7
1.519.7
1.519.7
Wt5.9
U29.9
35.5
3U.2
27.2
.2
589.1
.2
581*. 9
276.0
1-5
567.3
87.5
88.8
90.7
61t2.2
1126.5
65U.8
U. 233.1
Cctobor
SoTaabar p.
1.519.7
1.520.0
U22.0
U12.1
26.5
23.3
560.7
55^.0
•92.3
92.2
663.6
672.6
14,223.7
i3.'t
5.7
1.516.2
19I13- January..
fobmary.
March
April.
Majr...
.
.
U66.e
.3
657."»
662.3
628.2
628.2
36.9
Sally Treatury Statenont and Circulation Stati Bent of united
States Monay.
PrellBlnary.
•
1/
2/
J
80.
2.806.5
3.3''6.8
U.317.6
U,
312.0
14,306.8
633.2
2914.14
U, 212.1
Lesi than $50,000.
Vaload at $1.29+ per ounce.
Talued at $1.38+ per ounce.
Sliver Production In the United States and Silver Acquisition by Mints and Assay Ottlcee^
(In Billions of ouncee or dollara)
SllTOr
production
In
Calendar year
or Bonth
I93U.
1935.
1936.
1937.
1938.
1939-
ttoltad
Statee
32-5
145.6
63.'4
71.3
61.7
63.9
67.0
I9I40.
19U1.
^.1
19142.
19U2-IOTeBber
DecoBber.
3.3
3-7
I9I43- January..
surer acquired by nlnte and aeoay offlceo
Vewlj Blned doneatlc
allTer 2/
21.8
38.0
61.1
70.6
61.6
60.7
68.3
70.5
47.9
1.2
lU.i
27.3
U7.35U.6
Vatlonallted
ellrer j/
Sollara
110.6
2.0
55.3
1.0
I49I4.I4
.2
271.9
172.5
2I41.5
U2.14
355.''
Uo.l
50.1
282.8
139-8
72.6
314,0
114.3
.5
.9
.u
Oollare
Dollart
Ouncee
148.5
Total
»*relgn ellrer U/
86.5
318.2
150.3
108.7
156.9
120.5
50.9
27.1
6.0
3014.9
9
53^-3
333 •'4
312.2
3I46.5
I417.1
3^3.
208.0
IU3.I
62.1
n.
197.8
163.3
199.1
160.6
99.14
77.2
140.0
1.2
.5
3.8
.1
.1
.1
.1
Tebruary
March
3. "4
.1
.1
.1
.1
3.9
.6
.5
.6
.5
April.
Hay...
June.
3.8
3-2
3.9
1.6
1.3
1.1
1.6
1.3
1.2
1.1
September.
U.U
U.O
2.8
October.
NoToaber
'1/
July.
Au^et
2/
.
.
.
.9
.8
Annual Reporte of the Director of the
Silver production:
Mint for annual flgurae through 1939: releaees of Aaerloaa
Boreau of Metal Statletlee for all later flgorei.
Uii than 50.000.
Tor Inforaatlon on ellTor production In otber oouatrlet froB
1933 through 19I4O or I9I4I, lee "Ireaeury Bulletin' fop
Aucuet I9U3. pace 7I4.
Acquired at 04.614+ cento per fine ounce until April 9. 1935:
at 71.11+ cent! per fine ounce froB that date until April 23.
if
Ji/
ij
.9
.8
1935: at 77.57+ cente froB April 23. 1935 to Deceaher 51,
1937; at 6l4.61»+ cente per fine ounce froB December 31, 1937
to July 1. 1939; end at 7111+ cento since July 1, 1939Acquired at 50.OI cents per fine ounce. EzecutlTO Proclaaatlon of Au<uat 9. 193I4, repealed April 28, 1938.
Acquired at yarlous prices aTera<ln« approilBately 51 cents
per ounce.
lot yet arallahle.
6
.....
SI
Seigniorage on Silver
(CumlatlTe from Jamutry
Selgnlora^
£nd of calendar
year or month
on silver
,
and minor
coins
1,
I93U - In Billions of dollare)
Sources of selgnlora^ on silver bullion revalued 1/
Misc. silver
(incl. silver
Newly-mined
Newly-mined
silver (Proc.
sliver (Act
bullion held
Dee. 21, 1933) July 6. 1939)
June lU, 1931*)
silver Purchase Act
of June 19,
I93U
193't
t.5
"18.7
.U
51.1
1935
1936
1937
1938
18. !
U6.1
63.7
69.5
Ug.7
Ug.7
Ug.7
Ug.7
l6.g
36.0
5g.O
7U.9
226.2
302.7
366.7
U57.7
91.7
122.2
182.1
2^5.7
Ug.7
Ug.7
Ug.7
Ug.7
87.3
g7.6
g7.6
g7.6
239-5
2U5.7
Ug.7
Ug.7
g7.6
g7.6
March
251.0
257.5
26U.9
Ug.7
Ug.7
Ug.7
g7.6
g7.6
g7.6
April
May
June ......
280.1.
1939
19140
igiti
igits
igUZ-NoTemlier
December.
.
19'*3-January..
February.
.
July
August
September.
.
.
.
October.
Hovember.
.
271.9
277.5
283.3
286.0
288. S
293.2
,897.1
:,
Ug.7
Ug.7
.Ua.7^.
87.6
g7.6
^7-6-
Ug.7
Ug.7
Ug.7
g7.6
g7.6
g7.6
Ug.7
Ug.7
g7.6
ST.
U.2
25.7
Ug.3
63.6
OTHER
TREASURY
—
«2
—
STATISTICS
..
.
.
83
Net Capital Movement to the United States, 1935 through September 1943
[Td thoUBande of
dollam.
Net capital outflow (-T]
Analynle of net capital movement
Net capital
movement
Movement In
transactions
In donestlc
Movement In
tranaactlons
In forplen
securities
Movement In
Bhort-tenn
banking funds
Movement In
brokerage
balances
96U,f;29
397,31*2
255,591*
6.039
6.811
3U,687
331,268
1,132,383
32.990
2UU.626
57,196
-85,U27
20,358
-21*5,062
3.513
-261.955
1*6. 599
936,3531/
852,928
-286,622
561.573
810.0921/
10.1*32
3i*,7'*7
81,082
6. 771. SI'S 1/
5,019,1871/
lll*,815
708. 077
929.266
55.018
U6,121
3,57U
3.1*01
1.922
39.788
66,905
73.376
23,382
57.538
57.339
-3,331
-90
327
g,ll*6
6,725
12.338
11,591
2,732
3.372
72.750
107,175
132,152
151. 8O9
2,658
-600
April.
Kay...
June.
65,206
70.330
223.795
58,289
71*. 311
22U,8U5
July
August ....
September.
170.3'»2
Bec\irltleB
Calendar year:
1935-Jan.
I.
1936-lJec.
3".
1936)
1136).
1935
1936
1937
1938
1939
(Jan.
5,
(Jan.
?,
(Dec. 31,
(Deo. 30,
(Deo. 29,
igUo
19U1
(Jan.
(Jan.
(Jan.
(Jan.
*,
1,
19U3-Sept.30. 19l»3)
Total (Jan.
2,
1935-Sept .30,
19112
19113
1.
1,
ig36-Dec. 29. 1937).
1937-Dec. 28, 193S)
193S-Jan.
3, 19'W)
igUo-Dec. 31, 19U0)
igUl-Deo. 31. IS"*!)
19112-D8C.
31.
19'*2)
19'»3)
1,U12,U56
1,195.922
801.915
U15.256
1.195,635
706,380
-1*96.923
6olt,321
3l»
,
316,660
600,
(193
125,158
191,076
2^7,008
26,755
115,689
78,156
51,703
-7,361*
Month:
19U2-Septemter.
October.
KOTem^er
December.
I9U3- January.
February
March.
.
.
1+9.
592
1*5,0111/
Sack ngurea: Monthly data for the period January I9U1 through
June 19112 mai' be found In the "Treasury Bulletin" for
September I9U3, page 73.
119,683
61,505
2,131*
922
-1,027
3.662
58,720
59.027
1.9031/
,
1*20
,698
565
5,205
-2,503
9,881
6,937
-389
-86.922
-9,1*05
58,632
-91*2
-l*,537
-2,565
-175
U,392
-5,283
-13,9'W
iiU.goo
21,01*1*
21,1*99
Adjusted by 49.8 millions for the reclassification of accounts
previously reported as "foreign".
FQEyiCTORY
ny
^1
BUY
UNITED
STATES
WAR
zjl
%ONDS
AND
STAMPS
Treas.
HJ
U.S. Treasury Dept.
10
.A2
Treasury Bulletin
1943
C.2
I
'PFASUR>
1
LiBRAfl'T
0031922
*
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jv.vKli:;'?-'
'-Jm
'
,
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@FedFRASER