Full text of Treasury Bulletin : December 1944

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1

1MU.

JUN

1 1 1972

TREASURY DEPARTMENT.

BULLETIN
OF THE

TREASURY DEPARTMENT
DECEMBER
1944

Analysis of Receipts and Expenditures
Composition of the Public Debt
Prices and Yields of Government Securities

Other Treasury Statistics

UNITED STATES

TREASURY DEPARTMENT
OFFICE OF THE SECRETARY

Treasury Bulletin

Cumulative Table of Contents

Iiiu* and page number

19U3

19U4
0*0.

Artlolaa
belli

tun

la the United States.

Hot.

Sept.

Oct.

"'"l7 ~

Jon*

Hay

lUr.

Apr.

feb.

Jan.

Ik.

A-2-

Cauda, and United Ilngdom.

»-3
War Loans:
Sixth Var Loan. lovember-Deoemher. 19UU;
Sal si pattarna for Loan and aalai raportad through December 7.

A-lA-2
A-7

Outllna of plana
Coaparlaon of features of securities offarad.

A-9

Tlfth Var Loan, June-July 19UU1
Sales of securities, elaaalflad by laauas, by types of Investor, and
by Stataa

A-la-15

Outllna of plana
Comparison of features of aaourltlaa offarad.

tl*-5

fourth War Loan, Jauuary-february 19UU:
Salaa of aaeurltlaa, elaaalflad by laauaa, by typos of Investor, and
by Stataa

—

A-l
A-ll

Prallmlnary report on aales
Outllna of plana
Comparison of faaturaa of aaeurltlaa offarad.

T

*-9

Security purchases outside war loans by commercial banks and by U.
ment agencies and trust funds:
Mfth Var Loan
fourth Var Lean

8.

Govern-

A-l6

A-l-

Var finance policies (Three speeches by toe Secretary of the Treasury)

A-6
Asssta and liabilities of all aetlTe banks In the Unltad Stataa. December 31,
1939 through June 30 19 *
,

A-10-

1

4-13

United Statee savings bonds - new provisions for redemption through bants....

A-l-

financial operations of the United States Government during fiscal year 19UU.

A-B

lank deposits, geographic distribution en December 31.

191*1,

19U2, and 191*3.

A-l-

.

A-ll

A-2-

Corporate net Income, Income taxes, and dividends, I93&-I9UU

*-3
A-lU

Treasury market financing

A-S

A-12-

A-h

A-16

A-13 A-2

7

financing the war and the poet-war readjustment (Speech by the Under Secretary of the Treasury)

1-6

Summary of flgoal atatlatlog
Budgetary reeelpte and expenditures
Public debt and guaranteed obligations outstanding.

10

Means Of financing cash requirements

11

11

ReoelPta and axpenultureB ana appropriations;
Budgetary reeelpte and expenditures!
Summary by major classifications
analysis of raeelpts from Internal revenue
Analysis of general expenditures
Analysis of expenditures for war activities
Analysis of expenditures for (1) revolving funds and (2) transfers to
trust account s, eto
Total budgetary reeelpte end expenditures, by months, for recent years.

7
8-9

7

7

s-9

s-9

7

7

7

7
I

7

7

«

S

9

9

9

15
II
17

17
9
9
7
9
9
9
9
«-9 10-11 10-11 10-11 10-11 10-11 10-11 10-11 is-19

Trust accounts, etc. reeelpte and expenditures

10

10

10

10

12

12

12

12

12

12

12

20

Means of financing cash requirement s

11

Ul

11

11

13

13

13

13

13

13

13

21

12
13
13

12
13
13

IU
15
15

IU
15

IU

IU
15
15

lb
15
15

IU
15
15

lit

15
15

22
23
23

1U
1H

1U
1U

16

16

16
16

16

16
16
16

16

iu

16
16

16
16

1U

16

16

16
16
16

2U
2U
2»

15-16 15-16 15-16 15-16

5-6

5-6

5-6

5-6

5-6

5-6

17

17

17

17

17

17

17

Social Security program:
Budgetary receipts and expenditures:
Social Security Aet
Railroad Betlreaent Act
Railroad Unemployment Insurance Act

•

Statement of trust accounts:
federal Old-Age and Survivors Insurance Trust fund
Railroad Retirement Account
Unemployment Trust fund

Appropriations and net contract authorisations for the war activities program
Cash Income and outgo of the Treasury:
Analysis by major classifications
Total cash income and outgo by months beginning with:
January 193 s
January 1939

17

17

(Continued on following page)

17

17

17

17

17

17

15

17

15
15

16
16

17

17

17

16

"17

5-6 13-lU
17

25

17

25

December 1944

11

Cumulative Table of Contents

(Continued)

-

lam* and page number
lSUU
Dtc.

Sot.

Oot.

Sept.

*lPAug.

June

1943

May

Apr.

Mar.

Dsc.

general Fund of the Treasury
Assets, liabilities, and balance In General Fund.
Analysis of changes in balance of Oeneral fond...

19
20

27
28

Publlo debt and guaranteed obligations of United Statea Government
Public debt and guaranteed obligations:
Summary. •,.•.•.•..*........•.....................•..*........•..«.
Detailed statement
Fiscal years. 1935-19*
Monthly data.
Chart
Public debt:
Xaeuanoe and retirement (receipt! and expenditure a)
Interest-bearing debt composition of

22

22
22

,

30

23-24 23-24 23-2U 23-24 23-24
24-25 24-25 24-25 24-;
25-26 23-2U 23-24 23-2U
26
26
26
27
25
25
25
22
22

Ouaranteed obligations held by Treasury

22
26

27

31

32

22
2U

22
24

22
2U

22
25

30
33

26

26

27

25

33

Dsbt position of United States Government under limitations imposed by
Section 21 of the Seoond Liberty Bond Act, as amended:
December 31. I9U3

26

March 31, 1944
June 30, 1944
September 30, 1944

26
28

28

Computed interest charge and computed interest rate

27

Maturity schedule of interest-bearing publlo marketable securities issued
or guaranteed by the United States
Offerings of marketable Issues of Treasury bonds, notes, and certificates
of indebtedness

27

27

27

29

Offerings and maturities of Treasury bills

26

27

26

26

27

34

28-30 29-31 28-30 28-30 30-32 27-29 27-29 28-30 27-29 27-29 28-30 35-37
31

32

31

31

33

32

33

32

32

34

Imposition of matured marketable Issues of Treasury bonds, notes, and
certificates of Indebtedness

26

30

30

31

30

30

31

38

33-34 34-35 33-34 33-34 35-36 31-32 31-32 32-33 31-32 31-32 32-33 39-40

United States savings bonds!
Summary of sales and redemptions, by series
Sales by series, classified by denominations
Sales to Investors other than commercial banks by series,
by Statea
Payroll savings plans

35-36 36-37 35-36 35-36 37-38 33-34 33-34 34-35 33-34 33-34 34-35 41-42
38
36 35-36
37
37
37
39
35
35
38-39 39-I40

3

Treasury notes - tax and savings series:
Summary of sales and redemptions, by series.
Sales, classified by:
Denomination
Type of purchaser
M

41

»%

38"g 4o-4l 36-37 36-37 37-38 37-38 36-37 37-38
42
3«
38
38
39
39
39

4o-4l 41-42 1*0-41 40-41 42-43 38-39 39-40 4o-4l 4o-4l 39-40 4o-4l 47-48
N3

1*2

>»3

1*2

42
42

44
44

40
40

N3

44

43

43

45

43

44

45

42
42

United States savings staapei
Summary of sales and redemptions
Sales, classified byl
Denomination
States

43

43

41
41

42
42

43

42

"»3

s

42
43

41
4l

42
42

42
42

4l

42

43

4i

42

43

49
49
50

50
51

Ownership of United Statea Government seourltlee
46

Summary distribution, by holders

46

53

46

53

Estimated ownership by various dosses of bank and non-bank investors....
Market transactions In Government securities for Treasury investment
accounts, monthly beginning January 1937
Treasury Survsy of Owner ship 1
Ownership by banks and Insurance companies:
October 31, 1943
November 30. 1943
December 31, 1943
January 31. 1944
February 29, 1944
March 31, 1944
April 30, 1444
May 31, 1944
June 30, 1944
July 31. 1944
August 31, 1944
September 30, 1944

45

54-59

1*5-48

49-52
47-50

47-50
48-51

47-50
52-57

various classes of federal Reserve member and nonmember
banks:
31.

Ifi

47-52
52-57
46-51
52-57
47-52
52-57
52-57 46-51

Reclassification of data on banks, monthly November 30, 19U3
through February 29, 1944
Ownership by
commercial
December
June 30,

46

58-63

1943

51-54

1944
(Continued on following page)

Treasury Bulletin

Ill

Cumulative Table of Contents

-

(Continued)

December 1944

A-l

Sales Patterns for Sixth War Loan and Sales Reported
Through December 7
Sales of securities In the Sixth War Loan
reached the national quota of $l4-.0 billions on
December 7 and exceeded It by fo.l billions.
Indications are that final sales will be well In
This preliminary report reexoess of the goal.
views sales progress through Deoember 7.
The following chart
compares day by day
sales through Deoember 7 with anticipated sales
patterns for (1) total sales, (2) sales to corporations, and (3) sales to Individuals.
The sales
patterns, which are designated by broken lines on
the ohart, were developed to lndloate the levels
It was believed cumulative sales would have to

reaoh each day In order to achieve the quotas.
These patterns are based on experience In previous war loans and take Into aocount the time factors which differ from drive to drive, such as
the dating of the marketable securities, the
length of the counting period before the formal
opening of the drive, and the length of the
counting period after the sale of marketable Issues has been completed.
The experience In earlier loans Is woven together to form the pattern
or "beam" for the Sixth War Loan.
As
through

Indicated on the ohart,
total sales
December 7 were far In advance of the

ACTUAL SALES IN 6™ WAR LOAN
COMPARED WITH EXPECTED SALES PATTERN
CUMULATIVE
DOLLARS

Treasury Bulletin

A-2

sales pattern, having already exceeded the quota
Corporation purchases
for the entire War Loan.
were substantially ahead of the pattern, having
passed their total quota by $2.0 billions. Purchases by Individuals had followed the sales pattern closely and, as of December 7, amounted to
$3.0 billions or 6o# of their total quota.

These figures show that the War Loan was
going well through December 7 a nd Indicate that
the over-all quota will be surpassed by a subThe exact amount of oversubstantial margin.
scription w'll not be known, of course, until
The sales patterns are
final results are In.
only approximations prepared for the purpose of
evaluating the progress of the War Loan and not

as a forecast of how much final sales will be.

Final figures on sales In the Sixth War Loan
be available early In January. While the
formal period of the drive extends from November
20 to December 16, sales of savings bonds and
savings notes processed by the Federal Reserve
Banks and by the Treasury Department during the
entire months of November and December will be
credited to the drive to enable millions of persons to participate through the purchase of bonds
by weekly or semi-monthly deductions from their
pay during this period.
The January issue of the
"Treasury Bulletin" will present the final sales
figures.

will

Comparison of Excise Taxes in the United States,
Canada, and United Kingdom
A comparison of the excise taxes Imposed by
the oentral governments In the United Kingdom,
Canada, and the United States was reoently published In a Treasury tax study entitled "Excise
Taxes: United States, Canada and United Kingdom".
following table summarizes Information on
The
comparative rates of tax for the principal exThe table does not
olses reviewed In the study.
lnolude exolses whloh are levied in only one of
the three countries.
The study undertakes to show, In so far as
possible, the relative tax rates on the taxed
articles and services In the respective countries.
Considerable attention is also devoted to showing
the differences and similarities of the taxbases.
The taxes compared are the Federal exolse taxes
of the United States, the duties of exolse and
some of the customs duties of the United Kingdom,
and the Canadian duties of exolse assessed under
The Excise Aot, 193^ and Its amendments, as well
as
the excise taxes and retail purohase tax
levied unaer the Special War Revenue Act. Excluded from the comparison are State exolses and
sales taxes in the United States, Provincial
sales and exolse taxes In Canada, the Canadian
federal manufacturers' sales tax of &$, and the
British Purchase Tax. 1/

While no consideration is given to the
United States or Canadian customs duties on articles subject to excises, it is necessary to refer
to the British customs duties where artloles subJeot to exolses are wholly or largely Imported.
In the United States and Canada, exolse taxes or
excise duties are Imposed on both domestloally

produoed
and
Imported articles,
and customs
duties in virtually all oases represent an additional levy upon the Imported articles.

Where not expressed as a percentage of selling prloe, the taxes are shown in terms of dollars per taxable unit.
For this purpose British
taxes have been converted to dollars.
It should
be noted, however, that conversion does not give
a oompletely acourate picture of the comparative
level of the taxes because of differences In
Internal prices In the two countries and wartime
controls over exchange rates.
Since conversion
to United States currency would not make a major
difference in the comparison with Canada, Canadian duties are, as a matter of convenience, expressed in Canadian currenoy.
In addition to problems of oustoms duties
and currency conversion, there are also other
problems of comparability which have precluded
exact tax comparisons in every case.
For some
taxes It has been necessary to present derived
rates rather than the actual statutory rates In
order to place the taxes on a comparable basis.
The actual rate and base of each excise may be
determined by consulting the full text of the
study.
It is believed that the data presented
give a reasonably accurate view of the exolse tax
rates In the three countries.
1/

See Treasury Department study "Considerations Inspecting a Federal Betall Sales Tax", the parts on "Canadian
Federal Sales Tax" and "British Purchase Tax", in the
"Hearings Before the Committee on Ways and Means, Revenue Revision of 191+3", pages 1C95 - 1272.

;

December 1944

a- 3

Summary comparison of United States, British, and Canadian excises

±1

Comparable tax ratee 2/

Artlole or servloe taxed

Admissions:
General admissions
Cabarets, roof gardens, eto.

Alcoholic beverages:
Distilled spirits
Fermented malt liquors
Wines:
Sparkling
Artificially oarbonated.
Still

Reotlfled spirits and wines, additional tax
Automotive vehlolee:
Passenger vehicles.

Busses.
Truoke.

Communications:
Telegraph, oable, and radio messages...
Telephone and radio- telephone messages-

Conveyances of realty
Electric, gas, and oil appliances.
Furs
Gasoline
Jewelry, olooks and watches.
Lubricating oil
Luggage, handbags, wallets, eto.
Hatches
Playing oards

Basis of comparison

United
States

United
Kingdom

Charge for admission
Total oharge to patron

20*
20*

5*-100*

U. 3. proof gallon
Barrel of 31 wine gallons (type beer
commonly consumed In respective
oountrles)

$9.00

Wine gallon
Wine gallon
containing by volume:
than lk-% alcohol
but not over 21* aloohol
but not over Sty aloohol
S. proof gallon

Wine gallon
Not more
Over ltyt
Over 21*
u.

Manufacturers sales prloe:
900 or less
Over 4900 but not more than 81,200
Over Si, 200
Manufacturers' sales prloe
Manufacturers' sales price

y

Canada

20*
25*

23.00

$8.03

$8.00

$28.39

$8.68

$3.00
$2.00

$5.oo-$9.33
$5. 00- $9. 33

$2.08
$2.08

$.15
$.60
$2.00

2.U2-83.M-2

t.hs

$2.<i2-$6.25
82."t2-s6.25

5.1*2

.30

2/

.U2

2/

1

Charge for domestic messages
Charge for long dlstanoe messages

10,000 property
Manufacturers' sales prloe
Retail prloe
Wine gallon
Retail prloe
Wine gallon

7
i
7i

?5* .,
25*-29*
Over 29*

7*

8

5*

25*
25*

12*
15*

y

$11.00
10*
20*

2.00

$.015
2o*
$.06

$.125

-1/2*

y
s

Retail prloe
Thousand matohes
Paok of 5** oards

20*
$.02 and $.055
1.13

Manufacturers' sales prloe
Manufacturers' sales prlos
Manufacturers sales prloe

25*

.025

$.515
19*
.10
.20

$.05

Photographic apparatus and supplies:
Cameras, apparatus, and supplies (exoept
f lias)

Films
Radios, phonographs, eto

Stooks and bonds:
Bonds, registered:
Issuanoe
Transfer at face value.
Stooks, par value:
Issuanoe
Transfer at par value..
Sugar
Tires and tubes:
Tires
Tubes
Tobaooo products:
Cigarettes
Cigars
Manufactured tobaooo
Cigarette papsrs and tubes:
Papers
Tubes
Toilet preparations
Transportation of persons:
Transportation
Berths and seats

2/

'

1,000 bond

1.10

$1,000 bond

.50

1100 par value share
$100 par value share

25*
255
25*

10*

1.25

10

.11
.06

.005
Pound
Pound

.05
.09

Paokage of 20
Thousand cigars
Pound

.07
2. 50- $20. 00
.18

Paokage of 100
Paokage of 100

.01
.02

Retail prloe

20*

Charge for transportation
Charge for berths and easts

The rates shown In this table, In many oases, are those whloh
have been derived subsequent to a conversion of the aotual excise tax In order to plaoe the taxes on a comparable basis.
The aotual rate and base of each excise tax may be determined
by consulting the full text of the study entitled "Exolse
Taxes, United States, Canada and United Kingdom".
Central
government sales taxes, snd State or Provincial and looal
sales and exolse taxes are exoluded.
Tax rates of United Kingdom oonverted on bssls of CI to C*.00.
Canadian taxes are In Canadian ourrenoy. British and Canadian
taxes roundsd to nearest 1/2-oent for amounts of less than $1
and to nearest 1-oent for amounts of $1 and over.
The following units of measurement are used:
Imperial or Canadian gal-

V

15*

.

00

.50
1.00

.o£

.oil

.01

.05
.05

%
.275

and

t.^
.

.20

»16I»-$171

6.2S-^58.00

«6.79

T67
.08

I.1U

y

1"**

13*

Ion » 277.1*18 oublo lnohes; wine gallon (standard gallon of
the United States)
231 oublo lnohes; Imperial or Canadian
proof gallon - 277.1*18 oublo lnohes oontalnlng 57.1* of aloohol by volume at 60° F.; United States proof gallon - 231 oublo lnohes oontalnlng 50* of aloohol by volume at 600 f.
British hundredweight
112 pounds; a wine gallon Is equivalent to O.833 Iaperlal or Canadian gallon, and a United States
proof gallon la equivalent to O.73 Imperial or Canadian proof
gallon.
No exolse tax.
Watches retailing for not more than ^65 and alarm clooks retailing for not more than $5 are subjeot to a 10* rate.

December 1944

SUMMARY

OF

FISCAL

STATISTICS

.

r

.

7

Treasury Bulletin

Budgetary Receipts and Expenditures
(In millions of dollars)

First U months,

fiscal years 19>*3 to

Complete fiscal years. 19

19>»5

1

to 19"*5

*!

Estimated

19>*3

19W»

19U5

Actual
Actual
191*1* to
to
actual estimated
19"*1*
19U5 1/

to

19U5

Change

V

Change
19W*
19U1

19>*2

19U3

191*3

19U5

19"*1*

Receipts;
Internal revenue:

Income and profits taxes 2/. ....

Employment taxes

Miscellaneous Internal revenue ^j
Customs

Other receipts

kj

Total receipts....

2.760

9.213

325

3,!*70

7.960

16,091*

3"*.&55

3l*,6Ufi

I6.561

-9

197

"3

925

1,186

1.1*98

1.739

2.069

2l*l

330

2.0U8

2,607

559

2.967

3.8»*7

".553

5.291

6.51 1*

738

1.223

8,587

373

I.U37
91

lUl

105

-36

392

389

32U

"31

362

107

-69

105

1,039

631

-1*08

515

266

916

3.292

3.655

2.376

363

U.766

12.570

13.053

8. 269

13,668

23.385

1*5.1*08

2U6

22,02>*

1,83s

299

3»

395

31

661

869

1.103

1*52

7.607

12.799

22.282

1*1*,

lit,

1*7.

Less:

Amounts transferred to Federal Old-Age
and Survivors Insurance Trust Fund 2/
Net receipts.

Expenditures:

1,260

1.583

157

323

11*9

1*5,663

21.S67

I.51I*

1*2,265

1*9,21*2

1*7.900

26,538

28,500

6,977
5.6U9

-1.3U8

20.888

3.362

8.955

11,259

12,500

2,303

1.21*1

6,301

26,011

72.109

87.039

88,900

1U, 930

1,861

563

556

602

730

1,285

127

+555

>*33

U22

-110

-11

-260

"*,U67

12,206

12.657

12,672

16,205

16.010

-195

3.678

070

,5.369

7.799

10,036

2.237

2.313

8,580

2.207

3,601

3,202

-399

310

20.2U7

27.605

29. 2^8

1,61*3

206

203

Uoo

+197

6/

War activities:

Var Department
Navy Department

Miscellaneous war activities.
Total war activities.

Veterans' Administration Jj

1.96?

Public Works 8/

222

ISO

128

-52

738

680

5>*3

Aid to agriculture 2/

333

285

1U9

-136

937

1.225

1,163

909

6U9

-25>>

360

W9

U26

17

588

659

735

803

808

68

5

-282

-17

Social Security program 10/

Wort Projects Administration
Civil Ian Conservation Corps

163

8

13

-7

•

•

225

Excass profits tax refund bonds 12/.

Other 1J/

2

362

+75

700

566

901

1.070

1.890

l68

820

2,609

3.750

801

1,11*1

12,711

32.397

78.179

93.

*

98,1*0*;

15.565

l*.66o

5.103

19,598

55,897

*9.595

52 .7 *!

-6.303

3.11*6

2.U63

Net budgetary deficit 6/.

17.777

17.51 »*

19,525

6/

13*

1.808

32,183

5V

-18

13U

873

29.720

J*/

•

1,260

22.2W*

3/

17

18

8Ul

Total expenditures 6/.

1/
2/

299

1,111

877

•

163

253

556

r

97011/

728

337

ce:

257

225

322

Interest on the public debt

l,37>tll/

Dally Treasury Statements, except ae noted.
Revised.
Less than $500,000.
Based upon Budget estimates revised as of August 1, 19W*.
Beginning July 19>*3>
Includes unjust enrichment tax and victory tax.
Includes collections of taxes withheld by employers under the Current
Tax Payment Act of 19U3. For details see following chapter on Receipts and Expenditures and Appropriations, Table 2.
Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
Includes deposlte resulting from the renegotiation of war contracts.
Information on the amount of such deposits is not available on the
basis of Dally Treasury Statements. On the basis of covering warfiscal year 19U3, $558 milrants, such deposits were as follows:
lions; fiscal year 19W*, $2,235 millions, of which $113 millions represented a voluntary return of excess profits. Budget estimates of
such deposits for the fiscal year 19U5 are $1,212 millions.
For explanation, see tables In next chapter on Social Security program.
Excludes expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.

2/

8/

1

1

Includes expenditures classified ae transfers to trust accounts, etc.
for the Adjusted Service Certificate Fund and the National Service
Life Insurance Fund.
Includes Publlo Works transactions classified as Revolving Funde
(net).

9_/

Includes Aid to agriculture transactions classified as Revolving
Funds (net); expenditures of the Department of Agriculture classified as Departmental In the Dally Treasury Statement; and Office of
Distribution transactions classified ae tronsfere to truet accounts.
etc.

10/

11/
12/
137

Includes expenditures classified as transfers to trust accounts, etc.
for the Railroad Retirement Account and the Railroad Unemployment
Excludes expenditures made by Office
Insurance Administration Fund.
for Emergency Management, War Manpower Commission (U. S. Employment
Service) under authority of the Social Security Act.
Includes National Youth Administration.
Represents transfers to public debt accounts for excess profits tax
refund bonds.
Includes departmental expenditures not otherwise classified and expenditures classified as transfers to trust accounts, etc., for Oovernment employee retirement and Insurance funds.

December 1944
Public Debt and Guaranteed Obligations Outstanding

Treasury Bulletin

AND EXPENDITURES
AND
APPRO PRI AT IONS

RECEIPTS

..

.

e

...

December 1944
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollar*)

Receipt

Bxpendituree 1/
Less net amounts
transferred to
Federal Old-age
Het
and Survivors receipt
Ineoranoe Trust
fond */

Orosa receipts
71 seal 7 ear
or month

Total
receipt

Internal
revenue Cuatoma
i

3. 800
4.116
5.2?U
6,242

193519J6.
1937193*.
1939.
1940.
19U1.
1942.
19U3.
1944.

3.278
3.513
4.597
5.674
5.l6l
5.303
7.362

5.66g
5.925
8.269

3X3

486
359
319
3U9
392
389
124
431

265
387
503
661
869
1,103
1.260

Total
expenditures

3,800
U.116
5.029
5.855
5.165
5.387
7.607
12.799
22.282
44.149

7.010
8.666
8.177
7.239
8.707
8.998
12.711
32.397
78.179
93.744

2.030
2.099
5.736

7.U56
7.839
7.452

438

304
740

2.7>»7

7,570

2.503
6.573
3.087
2.950
6.247

22.

itslfoa
38

U1.685

19U3- October..
November.
Dec ember

2.069
2.370
5.737

1.81)
2.115
5.4«4

3
?
3 1*

39
271

3"»

1

1944-January.
February.

2.779
2.75 *
6.576

2.188
2.464
6.353

Uo

March

s

32
250
2

April.
Kay...
June.

3.119
3.256
6.249

2.935
3. 024
5.73 1*

39
38
28

306
2

July
August ....
September

2,212
2.859
5.927

1.985
2.702
5.749

28
23
25

U9
291
1

2.163
2.56s
5.926

October..

2,051*

1,880

29

5"

2.001

•

1/

Hi

I
2/

1

3.2921

Dally Treasury Statements.
Less than $500,000.
Excludes amounts for public debt ret 1 resent which are chargeable to
the sinking fond, etc under special proTlslons of law.
Tor further details, see Table 2.
Tor explanation see tables which follow on the Social Security progran.
Tor further details, see Table 3.
Tor further details, see Table U.
Tor further details, see Table 5- Also eee footnotee 3 and- **•
Total expenditures less net recelpte.
Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
Includes recoveries of U. S. lnvestmente In capital funds.
Such re-

Oeneral

let
Transfers OUdgetRevolving
to trust
ery
funds
accounts, deficit
(net)

i/

13.668
85

1W

War actlrltlei

10/

11/

5.900
5.935
6.437
5,864
7.221
7.055
6,21510/
5.986
5.595
6,188

689
900
929
1.029
1.206
1.657
6.301
26,011
72.109
87.039

V

etc.

76

11

,820
608

225
187
232

104
65

3.5>t2

58

95

-39

435
556

6,989
7.541
6,718

-7
-8
-8

36
2
2

5,426
5.740
1.716

7.138
7. 518
7.726

-6
-3
-3

37
5

8^25

400
342
795

7

4,823
5.359
1.952

7.859
8,292
8,625

479
387
1.018

7.3W

-6

40
26
40

4.772
5.3"«
2.378

8,110
8.119
7.930

458
492

-1

451
57
22

5.9"»7

911

7,201
7.571
6.998

8,024

500

7.479

-1

47

6.023

7.879
7.567

5/

3-209
4.550
3.149
1.384
3.611
5.103
19.598
55.897
49.595

18
40

debt

ente

6/

S*5

204
121
92
5U
-13610/

Public
retire-

331
381

3

5.551
2,004

coveries totaled $5U millions In the fiscal year 1940; $319 millions in the fiscal year l?Ul; $18 millions In the fiscal year
19U2; end $10 millions In the fiscal year 19U3.
Receipts from reductions In capital stock and paid-in surplus
available to be reissued under existing law are Included as negative Items under expenditures.
Such reductions totaled $160 millions for general expenditures and $155 millions for revolving
funds during the flsoal year 19Ul.
Includes deposlte resulting from the renegotiation of war contracts.
Information on the amount of such deposits Is not available on the basis of Dally Treasury Statements. On the basis of
covering warrants, euch deposlte were ae follows:
fiscal year
19 u 3. $55* millions; fiscal year I9UI+, $2,235 millions, of which
millions
represented a voluntary return of excess profits.
$113

Table 2«- Analysis of Receipts from Internal Revenue^
(In millions of dollars)
Stoployment taxes

Income and profits taxes

fiscal year
or month

Total
Total

3.278
3.513
4.597
5.67U
5.161
5.303
7.362
12.993
22.144
41.685

1943- October..
November.
Dec saber.

1.813
2.115
5.484

1944-January..
February.
Kerch

19351936.
1937.
1938.
1939.
1940.
1941.
1942.
1943.
1944.

April.
May...
June.

July
August ....
September.

October..
ce:
•

1/
2/

withheld by
employers (current
Tax Payment
lot of 19U3)

Social security taxes Jj

Other

Total

2/

1.099
1.427
2.163
2,640
2,189
2.125

federal Insurance
Contributions Act
(Old-ace
Insurance)

194
5Ht

federal Unemployment Tax Act
(Unemployment
Insurance)

58
90
101

Carriers' Taxing
act of 1937
(Ball road
retirement)

150
109
121
137
170
209
267

1.657
2,010
2.181
2.279
2.232
2.345
2.967
3.847
4.553
5.291

1

464

8.393

7.960
16.094
26,262

253
755
740
833
925
1,186
1,498
1.739

896
1.130
1.292

557
1.010
713

7U6
449
U.327

46
292
58

42
274
4

3
10
1

8
53

2.188
2.464
6.353

574
1.137
750

1.153
610
5.l6l

49

14

1

117

4

'6?

3»
252
4

4

59

2.935
3.024
5.73 *
1.985
2.702
5.749
1.880

560
1,104
746

1.915
1.063
4.495

39
337

35
309

d

71

5

1

594
1,065
741

654
487
4.432

56
319
61

52

*2

609

632

60

55

1

3.>*70

Dally Treasury Statements.
Less than $500,000.
Tor further details, see chapter on Internal Revonue Statistics.
Includes unjust enrichment tax and Tlctory tax collections pursuant
to Revenue Act of 1942.

530

6o4
691

2/

108
98
120
158
180

Miscellaneous
Internal
rerenue

521
77

fi
412
344
375
421

3

1

681

12

14
57
1

832
514

1

Agricultural
adjustment
taxes

580

for ths psrlod prior to September 1939, the data in the columns
entitled federal Insurance Contributions Act and Federal Uneen
ployment Tax Aot represents collections under Titles Till and IX,
respectively, of the Social Security Act.

..

'

Treasury Bulletin
Budgetary Receipts and Expenditures

-

(Continued)

Table 3.- Analysis of General Expenditures
(In million* of dollars)

Direct and work relief
Vet eran •

Fiscal year
or month

Administration

y

2/

Publlo
Aid to
Work. agriculture
2/

y

2/

k/

Social
S.curlty
program
2/

5/

Work Projects
Administration
and Rational Touth
Administration
6/

1935
1936
1937
1938
1939

5.900
5.935
6.U37

19>40

7,221

557
578
581
582
557

679
685
803
670
900

7.055
6.215
5.986
5.595
6.188

557
553
555
572
629

890
715
669

19Uj-0etooer. .
November.
December

U38
30U
7U0

*9
50

19l4l4-January...

too

5.861*

19U1
19U2
19*3
19UU

.

51

l»3

26
"3

930
966

29

988

184

866
1.237

335
3*7

1.5U6
1.006 10/
1,091
1.052
950

87
67
55

86
92

March

3U2
795

52
52
55

April
May
June

1*79

55

3^

100

387
1.018

60

a

102
59

February.

July

U58
U9 2

37

g

99

Other
general
expenditures

2

283
257
163
18

821
7*9

36*
ksk

866
926
9*1

481
517

283
258
223
200
191

5*6

227

5W
590
692

220
197
328

56

12

61

15
10

58

1U

l.oUl
l.lll
1.260
1.808
2.609

a6

5.9

1*9

62

117

70

33

7*1

»3
53

*5

s6
77
581

65
91
33

131

October.

500

70

35

30

51

sy

k

*36
U86
386
326
290

87

1
36

5*

U/

-1

U97

62
30
30

V

U95

?7

31

1/
2/

Other
departmental

2/

25

3*

•

Interest
on the
public
debt

8

63
71
69

ce:

572
37*
970
299
17

529

911

.

I.26U
1.896
1.U72
2.2M0

g

Civilian
Conservation
Corps

1/

.831

August. .
September.
.

Federal Emergency Relief
Administration
and CiTil tforki
Administration

36

Dally Treasury Statements.
Less than $500,000.
Includes public works undertaken by the Veterans' Administration.
Does not include expenditures for (1) revolving funds or (2) transfers to trust accounts, etc.
These are shown in Table 5»
Includes public buildings, public highways (including forest roads
and trails), river and harbor work and flood control. Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S.
Housing Authority), reclamation projects and the Public Works AdminExcludes certain expenditures for public works in conistration.
nectlon with war activities by the Federal Vorks Agency, beginning
July 19U1.
Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks. Rural Electrification Administration,
War Food Administration, and Department of Agriculture departmental
expenditures.
(War Food Administration comprises Agricultural Adjustment Agency, Farm Security Administration, Office of Distribution, Soil Conservation and Extension Service, and Other).
Includes railroad retirement and railroad unemployment activities
and excludes expenditures made by Office for Emergency Management,
War Manpower Commission (U. S. Employment Service) under authority
of Social Security Act.
For further details, see tables which fol-

50
60

96

68

6/

J]
8/

2/

low on the Social Security program.
Work Projects Administration was formerly Works Progress Administration.
Beginning with July 19^2, expenditures for the National Youth
Administration are classified as "war activities expenditures".
Includes expenditures of the Reconstruction Finance Corporation for
relief through loans and grants to States, municipalities, etc.
Excludes expenditures for the U. S. Maritime Commission, departmental
expenditures under the Social Security program and the Department of
Agriculture departmental expenditures.
Includes expenditures for the following:
Office of Education, and
Public Health Service of the Federal Security Agency; refunds of
taxes and duties by the Treasury Department; Post Office Department
postal deficiencies; Federal Housing Administration; Treasury Department investments In Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners Loan Corporation,
Federal home loan banks, and Disaster Loan Corporation.
Grose expenditures have been reduced $lo0 millions representing the
repayment of capital funds by certain United States Government agencies.
For further details see "Treasury Bulletin" for June 19^3.
F*ge 9. footnote 12.
1

10/

..
.

..

.

.

December 1944
Budgetary Receipts and Expenditures

(Continued)

-

Table 4.- Analysis of Expenditures for War Activities
(Id millions of dollars)

Miscellaneous war activities
Total
War
Navy
AgriculNational Selective
miscelFederal federal
Treasury
Depart- Departture
Housing Service
laneous
Security Works
Department
ment
Depart(adminisAgency
war acAgency
Agency
ment
ment
trative)
tivities

FlBCal year
or month

y

1935.
193619371938.
1939.

sion

-21
-12
-6

436
529

273
383
378

557
596

1

1

U90

673

44

44

1.657
G.301
26.011
72.109
87.039

667
3.678
1U.070
*2.265
U9.2U2

892
2.313
8,580
20,888
26,538

99
310

3

62

3.362
8.955
11.259

696
2.011
2.143

ill

1943-October..
Hot ember
December.

6,989
7.5*1
6.718

l»,ll*2

1.955
2.134
2.050

892
1.235
827

176

1944-Janunry.
February.
March....

7.138
7. 518
7.726

4,170

886
969

1:111

2.082
2.757
2.281

983

140
184
188

7.3*6
7.879
7,567

u.160
4.33*
4,106

2,262
2,536
2.636

924
1.010
825

224
205
219

July
August. ..
September.

7.201
7.571
6.998

56

6

144

26
10

15
21
13

7,*79

2,591
2.502
2.295
2,648

682
982
798

October.

3.928
4.087
3.905
4,091

740

-3

17

19

19"»2.

19U3.
1944.

April.
Hay...
June.

.

.

*.173
3,8*1

y

Admin.

-21
-12
-6

1*32

1940.
19U1

United
Other war
Nations
activiBelief and
ties
Rehabili- expendltation
lturee

United
War
States
ShipMaritime
pin*
CommisAdmin.

99

153
133
24
14

62
215
228

*5
297
608
539

24
519
1.201
1.432

929
2.776
3,812

132
1.105
1.922

25
19

s

100
111
108

294
402
356

216
164

91
82

308

153
182
165

87
71
82

149
191
201

106

a

6

J
8
8
7
5

18

42

s

38
38

125
127
97

11
7

35
31
28

130
118
188

$

22

124
152
102

130
372
335
326

a

Source:
Bally Treasury Statements.
Back Figures: Monthly figures for the period July 19*0 through April 19*3
appeared In the "Treasury Bulletin* for Hay 1943, page 7.
•
Less than $500,000.
Includes war public housing functions.
1/
Similar Items for periods prior to fiscal year 194l are classified
2/
under Other departmental and Other general expenditures In Table 3.

Table 5.- Analysis of Expenditures for

39

17
14

33

200
40

148

£

386

51

110

66

90
81

122
97

194
134
102

71
20

1*5

99

Includes war expenditures of Commerce, Justice, Interior, Labor, and
State Departments; Civil Serrlce Commission; Executive Office of the
President (Including Office for Emergency Management); Panama Canal;
and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the fiscal year 1943; thereafter such
expenditures are reflected within the respective departments.

Revolving Funds and

(1)

108
382
795
991

51

(2)

Transfers to Trust Accounts, Etc.

(In millions of dollars)

Revolving funds (net) 1/
Pi seal year

Aid to
agriculture

or month

2/

345
11

-33
-18
-13
-8

204

1940.
1941.
1942.

-136

121
92

Public
workB

1/

141

19351936.
19371938.
1939.

Transfers to trust accounts, etc.

*/

204
44

-6
-159 1/

59
23

194V

7
41

11
-1

1944.

-39

-38

-1

1943-October..
November.
December

-7
-8
-8

-7
-8
-8

1944-January..
February.
March.. ..

-6
-3
-3

-3

-6

-6

July
August ....
September.
October.
Source:
•

1/

2/
3/
4/

76
1,820
608
225
187

221
134
101

18
40

April.
May...
June.

Veterans'
Administration

36

50
1.773
557

146
107

10
1

30
101

2

3
4

2

2

-1

37

1

5
7

3
5

-1

40
26
40

-1

451

-1
-1

..

1

121
132

1*5
221
274

S.

Aid to
agriculture
6/

share)

Federal
contribution to
District of
Columbia
(U.

S.

share)

21
41
47
73
75
87
93
103
107
177

18
91

126
71
-3

3*

3*

7
6
26

35

*0

57

44
48

22

22

47

13

Daily Treasury Statements.
Less than $500,000.
Additional transactions on Aid to agriculture and Public works are
shown in Table 3.
Farm Credit Administration.
Public Works Administration.
Comprises Adjusted Service Certificate Fund and the National Service
Life Insurance Fund, administered by the Veterans Administration.

Government
employees'
retirement
funds
(U.

232
331
381
*35
556

Social
Security
program 5/

$J

6/

2/

205

197

9

3*
Includes railroad retirement and railroad unemployment activities.
For further explanations see tables which follow on Social Security
program.
Office of Distribution (formerly Agricultural Marketing Administration) - surplus commodity stamps.
Gross expenditures have been reduced $155 millions representing the
repayment of capital funds by certain united States Government
agencies.

Treasury Bulletin

g

Budgetary Receipts and Expenditures

-

(Continued)

Table 6.- Totals by Months, Beginning with 1935
(In millions of dollars)

Apr.

Calendar year

May

Net budgetary receipts l/

1935.
1936.
1937-

1938.
1939.
19U0.

191*1.
19!*?.

19U3.
19Wt.

203

July

Aug.

Sept.

December 1944

BUDGETARY RECEIPTS AND EXPENDITURES
1939

1940

1942

1941

1943

DOLLARS
Billion*

DOLLARS

Net Budgetary Receipts

JMMJSNJMMJSNJMMJS
8
7

6
5

4
3
2

I

7

6
5

4
3
2

I

-I

1944

N>J

MMJSNJMMJSNJM

Billions

•

Treasury Bulletin

10

Trust Accounts, Etc. Receipts and Expenditures

Table 1.- Trust Funds
(In millions of dollars)

Fiscal year
or noath

Total
trust funds,
receipts
not
()
or not expenditures (-)

federal Old-Age and
Survivors Insurance
Trust fund

Receipts

Unemployment
Trust fund

expenditure a

Bet.

Receipts

Railroad
Retirement Account

txpendltures

Receipts

Other
trust accounts 1/

Expenditures

64

19351936.
1937193«1939-

3>»

19
11
29

l9>*o.

37

19U1.
1942.

3

1
1
3
10
9
6

267
U02
530

267
U01
529

580
717
940
1.190
1.363

577
707
931
1,185

12

1
1

-It

*

-6

291

763

751

838

837

95?
l.llU
1,21*
1.399
I.567

957
1.118
1.243
1,404
1.564

148

6

52

+24

+210
-262

256

Karon.

+50
+X50
-201

April.
Hay...
June..

+120
+282
-355

+289
-313

306
102

July.

102
282

+4 5

1*9

5

+4

273

Septeaber.

-308

-293

291
5

18
29«

-14
-2

51
295
37

309
38

October...

+112

+31*

19

+30

58

28

19W.
19U3-Ootobor..
Hovembor.
December.
I9I4U-J1

Souroei
•

1/

.

1.357

-292

39
271
3

15
15
295

28

32

4

+134
-158

250
3

116
161

15

3

16

?

4i4

3
+5
-1

41
-4o
-3
-3

9
-e
2

64
34
20

2

29b

-2
+11

148
109

146
107

123
127
144
273

125
116
144
217
275

34

33

221

31

37
291
83

Receipts

301

Ixpendltureo

24

323
349

237
2,020
838
327
J25

35
20
57
88

x66

331

409
512

3«9
455
874
1.713

-4

141

22

2.053
858

961
1.853

139
?
4

117
123
125

164
121
94

101

202
179
231

108
178
273

%

-46
-11

#
26U

76

63

43

\1

+19
-41

44

J
?
286
101

35
e

+1

8

7

-45

47

205

205
-5
1

-13

415
216
162

3fe
198
174

34

47

206

159

278
103

34

95
53
18

U

102
135

Dally Treasury Statement 3.
Less than $500,000.
Includes Oorernment Insurance and retirement funds. etc.

Table 2.- Other Funds
(In mllllone of dollars)

Transactions in checking accounts
of Government agencies, etc.
fiscal year
or month

Total all
transactions

19351936.
19371938.
1939-

•

•
•

.

1940..
1941..
1942..
1944.!

637
108
314
204
768

34
-217
-3.625
-2,19«
-4,403

Other

Issuance of
obligations

trans-

2/

actions

i
1.106

288
852

-33

-1.809
-65S
-2.874

-1,069
-1,815
-1.535
-1.529

2

-2001

+66
-424

Seigniorage on eilver

Increment on gold

Receipts

-111
-403
-99
-51

-5

Sxpendltures

4ofi

101
52
5

Receipts

l4o
176

Miscellaneous funds
and accounts 1/

Expenditures

Receipts

90

140
176
4o
90
90

2

49
20
14

49
20
14

16
11
39

40
+90

241

204
+14
+16
+22

1943-Ootober..
Hovember.
Deo amber.

-427

-2
-3

Tumulty.,
february.
March....

-165
-331
-2,002

-18
-115
-95

-146
-216
-1.907

101

*§

+490
+1.500
-31

+160

-148
-88

IQ'l'l

April....
June

-211

18

-21

-233

8

-2

51
-170

Ally
August....
September.

+35

79

+223
+42
+29

October...

-95

-«9

+130

244

Expenditures

..

.

December 1944

11

Means of Financing Cash Requirements
(In Billions of dollars)

Amount required to be financed

Fiscal year
or month

Total
amount
required
to be
financed

Net

budgetary
deficit
1/

Means of financing

let
expenditures
In trust
accounts,

Net
increase
In General
Fund
balance

let

Set

Total
amount
financed

Increase In
public debt

etc.

decrease
In General
fund
balance

3.209
5.390
1.3s

3.209
U.550
3. 119

3.209
5.390

1.6U8
5.078

711

8U0

2.61*6

128
338

622

3.l"»9
1,38"*
U,l6"t

3,6ll
5.99 1*

61.271
6U.307

2,528
5.991
23.U61
61,271
6"*, 307

6.697
5.7'W
2.383

6,697
1,112
-281

12!"W8

12,1*1*8

1*

l.38"t

"t.l6i*

3.5"*2

3.611
5.99 1*

191*3.

23.1*61
6U,27>*

3,611
5.103
19.59s
55.897

19US.

61*.

307

"*9.595

6.515
10.662

lUg
3.506
I.861
U.051

19>*3-October..

6.697

5.>*26

1.139

132

November
December.

5.7>*0

2.383

5.7'W
1,716

1.837

"1,823

12,1*1*8

"t.157

5.359
1.952

U.772

1.772

"1.772

5.3>*2

.3>K
.637

19>*0.

19U1.
19>*2.

1944-January.
February.
March. ...

April.
May...
June..

7"*2

358

667

lC.637

2.378

11,616

July
August ....
September

7.703
5.551

5,9^7
5.551

1.756

2,2<*8

2,00"t

October.

6,023

6,023

Source:
1/

Dally Treasury Statements.
Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of
law.

23,1*61

173
2,205

613

A*
7.703
5.551

2"*"t

2/

7U0
3.275

"1.781

1"»

6.916

etc.
2/

2/

19351936.
1937.
1938.
1939.

receipts
In trust
accounts,

821
312
371
306
890

947

136

u
-22?
2,661

290

55

1,608

2.5U9

252
1.399
11.637

1.327
3.757

193
185

133
70

7.570
1,229
-307

"1,252

2,2"*8

6,023

7"*8

5.127

2.555

1"*8

Comprises trust accounts, checking accounts of Oovenment
agencies, etc.. Increment on gold, seigniorage on silver, and
miscellaneous funds and accounts. Increment on gold excludes
expenditures for national bank note retirements.

U

U

...

U

U

Treasury Bulletin

12

Social Security Program

Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)

Receipts

\

Gross receipts
Social Security taxes

Fiscal year
or month

Federal Insurance
Contributions Act
(Old-age Insurance)

Federal Unemployment
Tax Act
(Unemployment Insurance)

1/
1936
1937
193S
1939

60U.7
690.6
895-6
.130.5
,292.1

158.1*

179.9

.259.5

-12.8
217.U
128.2
17U.5
126.9
146.7
185-9
212.5

ti.5
273-6
3-7

3.0
10.5
1.1

38.9
271.0
1.1

13.1
3.«

33-S
252.2
U.U

ll*.2

31 .8

116.5
3.6

250.2
2.U

5-1

1.1

31.7
306.0
1-7

2.9

305.O
U.5

51.5
293-3
3-5

11-7

*9.3
290.8

-7

1.1*

3.1

58.6

55-1*

3-g

53-6

5-0

19te
19U3

631.2
712.2
788.2
.OI5.6
.288.9

191(4

.1*72.0

19W

1943-Octooer..
November.
December.

1*1*.

6

1*.S

1*8.1

368.7
8.0

April
May
June

38.

5*. 7

.

57-8
90.1
100.9
107.5
97.7
119.9

l»

35.1
309.U

323.6
6.2

July
August ....
September.
October.

530.

28U.1

19Wt- January..
February.
March

2/

265.0
387.0
503.0
537.7
661.3
868.9
.103.0

60U.lt

19"*1

Hot
receipts

£/

19U.3
51U.C

252.2

Lees amounts credited to
Federal Old-Age and
Survivors Insurance
Trust Fund

5-7

16.2
118.5
5.6
6.7
17.7
"*.5

?•"
1<*.2

Expenditures
Grants to States

Administrative
expenses
Aid to
Old-age Aid to
assist- dependent
the
ance
children
blind

5/

.6

28.

1936
1937
1938
1939
19U0
19U1
19U2

182.7
332-5
343-3
381*. 2

W*9.l»

50U.U
527.2
52U.2

19>»3

19>«
19l*3-October...

15.8
20.0
21.3
25-3
31-5
31-5
33-3
32.1

56.9

2-9

November.
December.

1*0.8

2.2
2.8

19Uk_January.
February.
March

58.8
33-U

April
May
June

53.6
U3.6
32.3

July
August
September.

53.1
37.6

-1.8

311.9

October.

50.1*

.

Source:

Hi

2/

.

Public
Health
Service

Social Security Board

Fiscal year
or month

2U.1

35-

*

1

2.2
2.7
2.8

27.8
166.S
271.5
320-3
356.5

19.7

2.0

1.0
U.6
5.2

12l*.8

11*.

25-5

1*69.6
1*91.1
1*88.0

182.2
208.8
227.6
260.1
299-1
316.9
360.6

53.7
38.3
21.0

36.1
29.2
18.2

6.1
5.2
2.1

56.I

35-2

1.1

1*15.2

3

1*5!!*

63.2
69.1*

67.3
57.0

6.2
7-1
8.0
8.5
10-3

Unemployment compensation
administration
9

2.1*

9.1

7.8
S.S
8.0

•

1*1.9

58.9
58-3
63.0
70.3

36.3

1.0

7-5

2.0

1.2

.6

.1*

•

5

30.1*

2l*.2

.6

*

26.1*

3.0

.7

1.6

B.7

35.6
31.U
25.1

5-3
5.5
2.'

1.0

5.3
.U

29.0

30.6
31.8
22.9

5.6
5.0
3-5

1.0
.9

6.1

50.3
38.3
28.3

2.8

1.6.9

30.0

5-'t

2.1*

11.

10.7
10.9

32.3

e

9."
10.8

55.1

6.2
U.7

2.7
2.9

Public
health
work

9.7

Maternal Services
and child
for
health
crippled
services
children

1.0
3-1
3.8

28.1*

195-5
115.1
215.1
209.7
322-5
357.8
3*1.3
311.7

.5
.1

u

.5
.3
.2

2.2

•

.2

•

.7

.>»

9.6

3-1

.2

.1

•

3

7

.2
.2

.2

•

5

.1
.2
.2

1.1

7.0

2.2

.1*

.1*

Dally Treasury Statements.
Less than $50,000.
Formerly Title Till of the Social Security Act.
Formerly Title IX of the Social Security Act.
Includes amounts equal
to appropriations to Railroad Unemployment Insurance Administration
Fund equivalent to amounts of taxes collected with respect to the
period from January 193*> t0 June 1939. Inclusive, from enployers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I).
Prior to January 1, 19*10. figures represent amounts transferred to
the Old-Age Reserve Account.
From January 1 to July 1, 19I1O "transfere" were made to the Federal Old-Age and Survivors Insurance Trust
Fund.
Subsequently receipts have been deposited in the General Fund
of the Treasury and "appropriated" directly to the Federal Old-Age
and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account
to cover administrative expenses, which are shown as expenditures In

U/

5/
6/

Ul.o 6/
1.8

1.1»

1.5
1.5
1.6
1.6
l.u

20.7
1-3

2.6
3.5
2.8
"*.2

3
•3
•3
•

3
9
•3

•

5/

S.

Employment
Service)

.2

.1

-9
•7

Excess
of
expenditures

1.0

.5
.9
.1

.2

(U.

Refunds
of
taxaa

.6

U.O
3.8
3.8

.1*

3

Child
welfare
services

War
Manpower
Commission

2.1
2-7
3.0

1:1
5.5
5.9
6.5
6.2

.9
•

Office for
Emergency
Manag ernes t

Department of Labor

.1

51.3
27.7
20.1*
1*2.6

5
.2
•3

-85.2
29.8

.2
• 5
• 5

U6.9
25-9
27.8

.1*

U7.S

•

7
5

23.

•

•

7

1*5.1*

•

31.8

Section II. Table 1.
Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Social Security Act; namely.
Social Security Board. Department of Commerce, and Department of
Labor; and administrative expenses reimbursed to the General Fund of
the Treasury under Section 201 (f) of the Social Security Act, as
amended. Beginning July 1, 19I+O, includes also administrative expenses under the Wagner-Peyser Act.
Excludes administrative expenses payable from other appropriations, principally for the following agenciee:
Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
Covered by appropriations by Congress.
Second Deficiency Appropriation Act, fiscal year 1938. appropriated
$Ul millions for refunding to certain States portions of Federal enployers' tax for 193*5 collected under the Social Security Act.

U

8

.....

December 1944

13

Social Security Program

(Continued)

-

Section I.- Budgetary Receipts and Expenditures

-

(Continued)

Table 2.- Railroad Retirement Act
(In ailllon* of dollars)

Expenditure*

Receipt*
Fiscal yaar
or month

1936
1937
1938
1939

Administratlva
expeness

Carrier • Taxing
act of 1937
•

y
.3

•

3

150.1
109.3
121.0
136.9
170.0
208.8
267.1

19W
19U1
19>*2
19"»3

19UU
19"*3-Octob.r

November
December .

1.1
8.2
52.9

lo,l*-Jammry.
February.
March

1.2
U.l
58.6

.

.

.

.

Ootober

.

.

of
taxes

Excess of
expenditures
2/

3

•

3

1.2

i
2.6

21U. 8

11.

2-5

262.7

-1.8

33-8

.2
.2

33.5

32-7
-8.0
-52.5

l

205.0

1.5

3U.2

.2

•
1/

Includes only expenditures from appropriations made specifi-

.1
.1
.2

31*.

.2
.2
.2

3H-5

-LI
•

7

2-3
-8.7
-21.6

32.9
-58.
3"»-3

£?
20U.

.2
.1
.2

.1

Daily Treasury Statements.
Revised.
Less than $50,000.

11(0.9

.1*

%

l.U
lU.2
56.9

1U6.U
107.1
120.7
12U.U

2.9
2.6
3.8
7.6

V*

July
Augast
September.

Refunds

1-5
1U9.0
110.0
123.3
128.2
1U8.5
220.2
265.3

.2
.U

April
May
Jane

Source:
r

•

Transfers to
Railroad Retirement
Account (trust account)

3U.0

203.6
-1U.1
-56.7 I
32-7

cally for administrative expenses relating to the Railroad
Retirement Act.
Covered by appropriations from the General Pond of the
Treasury.

Table 3.- Railroad Unemployment Insurance Act^/
(In millions of dollars)

Expenditure*

Receipts
Fiscal year
or month

Railroad unemployment
Insurance contributions 2/

1936
1937
1938
1939
U.9
6.8
8.5
10.3
12.1

191*0
191*1

191*2

19U3
19UU
19l*3-0ctober...

November
December
19l*l*-January.

.

.

.

February.

March
April
Key
June

July
August.
September.
.

.

October..

Administrative expenses
(Railroad Unemployment
Insurance Administration Fund) 2/

Transfers to Railroad
Unemployment Insurance
Account, Unemployment
Trust fund U/

Excess of
expenditures
5/

3 5

3

Treasury Bulhtin

Ik

Social Security Program

-

(Continued)

Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fundi/
(Cumulative from organization - In millions of dollars)

Receipts
End of fiscal

7ear or month

1936
1937
1938
1939
19U0

AppropriaTotal
tions oj
receipts
Congress

265.0
765.0
1.155.0
1,705.0
2.393-1
3,288.8

1944

267-3
782.7
1.199-6
1.792-1
2.536.2
3.502.8
1*. 720.7
6.116.0

19U1*- August

6.U61.I

1941
1942
1943

September.
October...
Source:
•

1/

6,1168.6

6,524.0

Expenditures
Interest

investments

Total
expenditures

Reimbursement
Old-age
for
benefit
administrative
payments
expenses 2/

5.711.4

2-3
17.7
44.6
87.1
143.1
214.1
301.5
404.7

5.4
19.3
47.4
138.6
275-6
452.4
669.6

5-4
19.3
35-1
99-5
209-8
359-1
543-7

6,056.4
6,060.2
6.115.6

404.7
408.4
408.4

709-3
730.1
751-2

578.4
596.8
616.O

*, 1*19.

Dally Treasury Statements.
Less than $50,000.
Includes transactions effected under the predecessor Old-Age

2/

Unexpended balance
Total

Investments

In General

Fund

12.3
39.1
65.9
93-4
126.0

267.2
777.2
1.180.
1.744.7
2.397.6
3.227.2
4,268.3
5,446.4

267.1
662.3
1.177.2
1.738.1
2,380.6
3,201.6
4,236.8
5,408.9

130.9
133-3
135.2

5.751.8
5.738.5
5.772.8

5.396.9
5.676.8
5,676.8

In disbursing
officer' b
account

.1

.1

113.0

6.2
5.2
7.0
16.1

1.9
3.0
6.1
10.8
20.4
24.5
21.4

329.3
34.8
69.3

25.6
26.9
26.7

.1
•

5

Reserve Account.
Under Section 201 (f) of the Social Security Act amendments
of 1939.

Table 2.- Railroad Retirement Act
(Cumulative from organization - In millions of dollars)

Expenditures

Receipts
End of fl seal
year or month

Unexpended balance
Total
receipts

Appropriations
by Congress

Interest on
Investments

Benefit
payments

Total

Investments

In General

fund
46.6
46.6
146.5

1936
1937
1938
1939
1940
1941
1942
1943
1944

46.6
46.6
147-9
268.4
390.8
506.9
650.9
871-5
1.144.1

264. s

1.4
3.6

384.9
498.5
639.4
854.2
1.116.9

1944- August
September.
October...

1.452.9
I.453.O
1.453-1

1.425.7
1.425-7
1.425.7

46.6
42.6

11.6
17.3
27.2

68.1
82.7
92.1
87.O
104.8
194.9
333-0

66.2
67.2
79-4
74.0
91.5
178.0

27.3
27-3
27.4

833-9
845.8
857.6

619.0
607.2
595-6

501.5
490.5
512.5

U

L
Source:

Dally Treasury Statements.
Leas than $50,000.

Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)

End of fiscal
year or month

46.6
36.6

4.0
79-8
185.6
298.7
419-9
546.1
676.6
811.0

318-

In disbursing
officer's account

13.2
10.8
Z -\
1.6
4.1
1.1

6.0
1.6
2-3
1.8
10.5
11.7
12.8
13.4

105.1
104.2
70.2

12.4
12.6
12.9

.2

)

1

.

December 1944

!

15

Appropriations and Net Contract Authorizations for the War Activities Program!/
As of October 31, 1044
Bate
approTed

Public
Law Ho.

Title of act

Net contract
authorisations 2/

Appropriations

77th Congress, First Seeelon

Feb.
6, I9U1
Feb. 13, I9U1
Mar.
1. I9U1
Mar. 17, 19U1
Mar. 27. 19U1
19U1
Apr.
Apr.
5. I9U1
Apr.
5. 19Ul
May
6, I9U1

May
May
May

23.
26,

31,
June 28,
June 28,

19l*l

19Ul
19U1
19>tl
191*1

June 30 19Ul
July 1, 191*1
July 3. 191*1
Aug. 25, 19U1
Oct. 28, 191*1

Not. 19,

191*1

Dec. 17, 19U1
Dec. 23, 19U1

I
9
13
83
25
28

29
1*8

71
73
88
135
136
139
ll*6

150
21*7

282

295
353
371

Joint Resolution (emergency ship construction)
Joint Resolution (clothing and equipage - War Department)
Urgent Deficiency Appropriation Act, 19U1
fourth Supplemental National Defense Appropriation Act, I9U1....
Defense Aid supplemental Appropriation Act, 19U1
First Deficiency Appropriation Act, 19U1
Independent Offices Appropriation Act, 19l*2
Fifth Supplemental National Defenee Appropriation Act. 19U1
NaTy Department Appropriation Act I9U2
War Department Civil Appropriation Act, lgU2
Additional Urgent Deficiency Appropriation Act, I9U1
Treasury Department Appropriation Act, 19U2
Justice, State and Commerce Departments Appropriation Act, 19U2.
Interior Department Appropriation Act, 191*2
Military Appropriation Act, 19U2
Labor - Federal Security Appropriation Act, 19>*2
Second Deficiency Appropriation Act, 191*1
First Supplemental National Defense Appropriation Act. 191*2
Second Supplemental National Defenee Appropriation Act, 19U2:
(Title I)
(Title II
Defense Highway Act of 19l*l
Third Supplemental National Defense Appropriation Act, 191*2
Joint Resolution (War, Philippine relief, and defense housing)..
,

Total, 77th Congress, First Session

313, 500,000
175, 000.000
6,

OU7.775

1.376, U6U.602
7.000, 000.000
lilt, 1*58,1*68

399, 360,000

2.293, 227,920
J.ta5, 521.750

920.370
168 556,000
62, 193.150
129, 227.750
2, 035,000
10.38U, 821.621*
173, 168,500
998, 89U.561
6,580, 012.1*1*8

5,985.000.000
159.005.585

191*2
191*2

I9U2
I9U2

1*63

30.

Utl
U52

5,

191*2

U7U

28,
28,

19U2
I9U2

5.

19l*2

527
528
572
616

June 19, 191*2
June 23, I9U2
June 27, 191*2
July 2, 19U2
July 2, 191*2
July 2, 19l*2

July
July

1*22

7.

12,
21,

9,112.021,91*7

626
630
61*1*

61*5

6U6

191*2

61*7

2, I9U2
July 2, 191*2
July 2, 191*2
July 25, I9U2

61*8

2,

Oct. 26,

191*2

6U9
650
678
763

'.

Total, 77th Congrees, Second Session

50,000,000

510,000,000

$ 1*9,396,1*37,1*50

Fourth Supplemental National Defense Appropriation Act, 19U2
Naval Appropriation Act, I9U3
Joint Resolution (financial ala to China)
First Deficiency Appropriation Act, I9U2
Fifth Supplemental National Defense Appropriation Act, 19U2
War Department Civil Appropriation Act, I9U3
Sixth Supplemental National Defense Appropriation Act, I9U2
Joint Resolution (War Risk Insurance Fund)
Joint Resolution (education and training)
Seventh Supplemental National Defense Appropriation Act, I9U2...
Independent Offices Appropriation Act, I9U3
Justice, State and Commerce Departments Appropriation Act, I9U3
Interior Department Appropriation Act, 191*3
Public Law (Federal Works Agency - public roads)
Labor - Federal Security Appropriation Act, 19U3
Second Deficiency Appropriation Act, 19U2
Military Appropriation Act, I9U3
War Housing and Public Works Appropriation Act, 191*2....
First Supplemental National Defense Appropriation Act, I9U3
Second Supplemental National Defense Appropriation Act, I9U3....

600,000.000
28.1*00,000

77th Congress, Second Session

Jan.
Feb.
Feb.
Feb.
Mar.
Apr.
Apr.
June

$

$ 12.525.872,1*71*

678.1*00.000

3_/

Treasury Bulletin

16

Appropriations and Net Contract Authorizations for the War Activities Program-^
As of October 31, 1944 - (Continued)

Date
approved

Public
Law No.

Title of Act

Appropriations

73th Congress. Second Session

Feb. Ik, 19l*U
Apr.
1, 19U1*
Apr. 1*. 19UU

229
279
288

12, 19l*U
22, 191*1*
26, 191*1*

303
3"7
352
358
365
367
369
372

May
Jane
June
June
June
June
June
June
June
Jane
June
June
June

27, 19UI*
28, 19U1*
28, 191*1*
28, 19U1*
28, 191*1*
28, 191*!*
28, 19l*l*
28, 19ltl»
30, 191*1*
30, 191*1*

June 30,

19l*l»

37 1*

375
382
382

382

Joint Resolution (farm labor and migration of workers)
First Deficiency Appropriation Act, 191*1*
Public Law (Federal Works Agency - public roads)
Joint Resolution (Labor Department - maternity and infant care)
NaveJ. Appropriation Act, 191*5
War Department Civil Appropriation Act, 191*5
>*••*»
Independent Offices Appropriation Act, 19**5
Departments of State, Justice and Commerce Appropriation Act, 19H5....
Department of Agriculture Appropriation Act, 191*5
Interior Department Appropriation Act, 19^*5
National War Agency Appropriation Act, 191*5
Labor - Federal Security Appropriation Act, 19^*5
Military Appropriation Act ," 191*5
Second Deficiency Appropriation Act, l^kk
Defense Aid Appropriation Act, 19U5
United Nations Relief and Rehabilitation Administration Participation
Appropriation Act, 191*5
*
Foreign Economic Administration Appropriation Act, 19U5

Total, 78th Congress, Second Session

$

31.359,200

Net contract
authorization 2/

December 1944

17

Cash Income and Outgo of the Treasury, by Major Classifications^
(In millions of dollars)

Treasury Bulletin

is

GENERAL

FUND

OF

THE

TREASURY

..
,

December 1944

19

Assets of the General Fund of the Treasury
(Id millions of dollars)

End of fiscal
year or month

1935
1936
1937
1938
1939

19IW
191*1

19U2

,

IM

2.016
2.936
2.709
2.U19
3.087

l.OWt
865
1.863
827
1.19U

2.038
2.812
3.W*3

Slk
98U
897
911
820

10,ll»9

19UU

20,775

,

19l*3-0otob«r...

19.838

November.
December

194WaauAry...
February.

Marah

Special deposits
account of sales
of Government
securities
(Var Loan accounts)

118
862
lUl
929
1,022

799

25"»

1.02U
603

1,038
1,1*112

Other deposits
and collections

6U9
611
776

55
5«
55
52
95

805
661
1.679
7.667
18,007

105
H»3
265
533
507

17,280
12.770
9. 9^2

563
569
601

10,31**

523
513

1,150

12.878

900
908
926

12.873
19.726
17.270

9&6
933

17.095
lU.306
10,51*6

6.766
18.007

15.1*92

.

Deposits In
Federal
Reserve Banks

Bullion, coin,
and currency

1*91

April
M«y
June

12,896
20,775

890
912
820

July
August.. ..
September.

22.513
18.277
15.753

807
877
838

19,850
15.693
13.013

1*92

October.

10,609

835

8.2U2

533

Source:

9,ll*l*

..

506
52U
507

587
588

Dally Treasury Statements.

Balance In the General Fund of the Treasury
(In millions of dollars)

End of fiscal
year or month

Total
assets

Total
liabilities

1935
1936
1937
1938
1939

2,016
2.936
2.709
3,087

156
203
2U8

19U0
19U1

2,038
2,812

1K7
179

1*2

3.W3

1*52

19^3

10,11*9

61*3

19hl*

20.775

607

19.838

2,1*19

1943-October..,
November
December

Balance
In the
Oeneral fond

175

1,81*1

251*

2.682
2.553
2,216
2,838
1,891
2.633
2,991
9.507
20,169

Analysis of balance in the Oeneral Fund 1/

Working
balance
1,001
2,069
2,000
1.622
2,160
1,163
1,885
2,229
8,7Uh
19,1*06

Seigniorage
on silver

Increment
on gold

316

700
297
198

Si

1<*7

ll*0

536

11*2

585
605
619
619
619

l>*3
i"*3

1"A
iu»

5*1

.

15,1*92

19.297
1U.958

.

12,878

53J*
58l*

12,291*

12,873
19.726
17.270

63U

12,239

11.1*76

m

ll-M

18,392
15,8V*

619
619
619

April
May
June

12,896

12,279
8,522
20,169

11,517
7.759

619
619

lW*

20.775

617
622
607

19,1*06

619

lUl*

July

22.513
18.277
15.753

588
605
635

21,921*

l!*.355

619
619
619

11*1*

17.672
15.117

21,162
16,909

10,609

618

9,990

9.227

619

lUU

19l*U-January. .,
February..

March

9,ll*l*

August. ...
September.

October
Source:
1/

.

.

Daily Treasury Statements.
In the fiscal years 1935 and 1936, $91 millions and $551* millions, respectively, 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

18. 53 1*
lit, 196
11.532

619
619
619

11*1*
11*1*

lUl*

1UU
ll*l*

lUU
11*1*

lUl*

lUU

hank notes are reflected directly against increment on gold
in the years during which the retirements were actually
made.
Inactive gold in the amount of $1,087 millions for
the fiscal year 1937 !• considered as a part of the working
balance.

..

.

.

20

Treasury Bulletin

Analysis of Change in Balance of General Fund of the Treasury
[in

millions of dollars

-

Net increase or net decrease (-)]

Working balance
Change during fiscal
year or month

Total
change in
General
Fund
balance

Total

working

-7696/

61*

19

-1.384

792 1/
3.280 2/

11

29

-997

-3.611
-5,103
-19.598
-55.897

2.528

37

344
6.515
10,662

1.139

1.139

19>*3
191*1*

19i*3-Ootober

.

.

V

1.739
5. "75 1/

2.7WJ7

-9U7
7U2
358
6.515
10,662

19U1
19U2

.067 6/

722

-3.5l»2

-1*9.595

-5.1*26
-5.71*0

5.991*
23,1*61

II
92
148

6,697
1,112
-281

210
-262

->*.338

-2,664

-2.664

-1,716

I9I44- January...

-55
6,916

-55
6,916

-1»,823

4.781
12,1*1*8

-2.51*9

-2,5119

-5.359
-1.9*2

April
Hey
June

-^,327
-3.757

->*.327

->*.r72
-5.3!*2

ll,6J*6

11! 646

-2.378

July
August
September.

1.756
-4,252
-2.555

1.756
-4,252
-2.555

-5.91*7

Oetober...

-5.127

-5.127

Source:
•

l/

2/

2/

\j

5/
6/

Miscellaneous
fundB and
accounts

Check! ng
accounte of
Government
agencies

y

etc.

52

16

31*

11

-217
-3.625
-2.19 *

49
20
lU

241
205

14
16
22

101

1,608

252
1.399
14.637

120
282
-355

160
51
-170

102
282
-308

223

-2,0*

7.570
1.229
-307

-6.023

7>*«

Bally Treasury Statements.
Leas than $[300,000.
This Ib the net budgetary deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund,
etc., under special provisions of lav.
This represents the increase in the gross public debt, except
(See footnote 7-)
as noted.
Iacludea Federal Old-Age and Survivors Insurance Trust Fund,
Unemployment Trust Fund, fiailroad Retirement Account, Ocvernment insurance and retirement funds and other trust funds.
Comprises Public Works Administration revolving fund and special deposits (net). Also includes Office of Distribution
(formerly Agricultural Marketing Administration) commodity
food stamp transactions
Includes expenditures for retirement of national bank notes.
In the fiscal years 1935 and 1936, $91 millions and $554 millions were transferred from increment on £,old to th3 working

1J

8

-2

Increment
on gold
5/

140
176

50
150
-201

-5.551

Seigniorage
on silver

637
108
31"
20U
768

31*

64.274
64,307

November.
December..

February.
March

II

-3.1l»9

191*0

622

n

-3.209
-U.550

-7tl
1

accounts

Tru«t
accounte

-70
-377
537

1935
1936
1937
1938
1939

-128

General
Public debt
and special
accounts

1*0

90
90

-111
-403 5/
-99
-51
-5

%

1

-H,l>03

-U27

-165
-331
-2,002

-87
-ll*8

-sa

1*2

-193
-254

29

35

130

-95

In this statebalance for retirement of national bank notes.
ment, however, charges for retirement of national bank notes
are reflected directly against increment on gold, in the years
Inactive gold
during which the retirements were actually made.
in the amount of $1,087 millions for the fiscal year 1937 i*
considered as a part of the working balance general and special
accounte for the purpose of this table.
Expenditures for the retlrenrrnt of national bank notes from
increment on gold for the fiscal years 1933 *° 1939 (&* shown
below) are not reflected herein, but are refleoted under increment on g^ld as follows: 1935,
$91 millions; I936.
$397
millions; 1937. $99 millions; 1938. $51 million* | atd 1939,
$6^5 millions. The Increases In the pub$5 millions; total,
lic debt shown In the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason
stated above.

December 1944

PUBLIC
OF

21

DEBT AND GUARANTEED OBLIGATIONS
THE UNITED STATES GOVERNMENT

...
..

Treasury Bulletin

22

Analysis of Issuance and Retirement of Public Debt
(In ollllons of dollars)

Public
Flecal year
or month

debt outstanding
end of
fiscal
year or

month

Public debt receipts
(Issuance of public debt)

Hat change
In public
debt

during
fiscal
year or
month

Public Issues
Total

Certificates
Adjusted
of Indebtedservice
ness, special
bonds
series 2]

Cash

y

1935
1936
1937
1938
1939

28.701
33.779

,6U8
,078

36.1*25

.61*6

13.126
14,121
9.589

37.165
MO, 1*0

740
275

9.6a

5.716
8.95S
6.199
U.776

13,081*

7.1*75

191*0

42.968
U«,96l

2.528
5.994
23,U6l
64.274
64. 307

19U1
19142

72.1*22

19"*3

136,696
201,003

1944
1943- October...
November.
December.

165. 01*7

19 1*- January...

170.659
183. 107
18U.715

February.
March

166,158
165. 877

1

ll*,281

6.697
1,112
-281

5.682
10.378

4.781

9,1*1*9

12,1*1*8

1.608

19.226
10.355

181*.

967
186. 366
201.003

252
1.399
It. 637

10.322
7.700
27.837

July
August
September.

208,571*
209,1*96

7.570
1,229
-307

October.

210,21*1*

748

Source:
•

1/

.

Public issues
Excess
profits
tax refund
bonds

Special
Issues

Ex—

13
7

2.67"*

8
2

2.812
3.142

3.035

303
17.911

IJU

1*91

11.056
5.228
6.398

1*1*6

516
1.499
2.159
2.567

1,442
18.790

10,1*11

3.062

162

1*1*

9,822

6.092

32

Dally Treasury Statements.
Leae than $500,000.
Excludes certificate! of Indebtedness, special series.

2]

U.305
5.«*2
U.625
5.166
5.301

6,96U
2.978
1.751
2.67U
3.035

5.680
5.816

2,812
3.1U2

89.1*78

8: 202

l»91

18.790

7.584
4.570
10,660

u.511
M.525
7.105

1*07

66s
6,778

350

8.7W

U.628
4,540
6.789

203

6.394

IO.070
6,301
13.199

5.155
4,672
6.971

2.511
4,481

696
511
526

4.592
8,922
11,298

6,1*00

2,511

6.805

1*,1*81

3.492

205

9.073

5.571

3.1*92

U.903
1,618

7.0UU
5.920

Exchangee

1.1*1*2

24

11,1*22

ness, special
series 2/

303
17.911

2.127
1.946

12,162
10,151
10,991

Certificates
of indebted-

''&

1
38

J*
37

8,881
9. 809

10,638
11.853
13.703
58.358

*>37

209

21.1*06

11.1*78
9.01*3
6.9*13

u!2Ul
5.876
8,318

1*21

5.192
5.613

Cash

u

3.5'*

9.239
16.691
8. 019

Total

changes

6.96U
2.978
1.751

.669
141

13,166
7.19 *
17. 8U7 10.1*62
37.164 30.388
122.632 9U. 961
153.785 123.958

April
May
June

209.802

Public debt expenditures
(Retirement of public debt)

1*36

it,

3,062

3.5$

Special
issues

209
523
567
,041
.V73
2.11*6

2,896
U.111
5.332
6.99 *
1

11
11
11
Uo

2.127
1.9U6
!*.?03

1.618

112
11

12
11

6,228

W.570

22
11
11

Consists of special series of certificates of Indebtedness Issued
directly and solely to Federal Reserve Banks.

Composition of the Interest-Bearing Public Debt
Interest-bearing public debt outstanding
(In millions of dollars)

Percent of Interest-bearing public debt

Public Issues
End of fiscal
year or month

Total
Marketable

Nonmarketable

1935
1936
1937
1938
1939

27.6l»5

11*. 874

32.989
35.800
36.576
39.886

17.368
20,134
22.043

19!*o

42,376
U8.387
71.968
135.38O

26.751
30, Ull
38,281
57.716
79.440

10,1*96

19U1
191*2

19U3
19UM

199.5>»3

19l*3-0ctober...

163.589

November
December.

164, 781

1944-January. •
February.
March

167. ol*3

.

16U.508

181,709
183,31*8

Total

NonMarketmarketable
able

2.053
2.351*
2.303
1.154
1.30s

Pi
626
1.55S
2,676
3.770

100.0
100.0
100.0
100.0
100.0

53.S
52.6
56.2
60.3
63.7

3.166
4.555

3.015
7.495
9.557

3.096
l6,56l
28,822

1.302
1.603
2.508
11,864
14, 73 1*

4.775
6,120
7.885
10,871
14,287

100.0
100.0
100.0
100.0
100.0

63.1
62.8
53-2

21,704
35.298

6.383
5.698
6.689
9.168
17.405

42.6
39.8

14.6
16.0
17.7

68,085
68,136
68,140

26.667
27.316
27.988

11.596
11.596
11.175

9.109
9.278
8.586

23.199
23,103
22,843

13,064
13.074
13,072

11,868
12.278
12,703

100.0
100.0
100.0

41.6
41.4
41.4

68,140
7U. 078
73.009

29.527

11.175
13.302
16.24U

9.384
10.220
9.116

22,843
25,680
25.680

13,101
13,112

12.873
13,168
13.507

100.0
100.0
100.0

40.8
40.8

g:£3
33.183
33.67U
35.298

16,263
16,265
17,405

9,092
9.050
9.557

25.306
25.266
28.822

13.150
13,766

13.697
14.122
14,267

18,067
18,067
17.936

iO.OOO
10,030
9,124

30.035
30,001
29.573

15. 52 1*

15.715
15.747

17,936

9.075

29,51*6

16,060

25,1*14

S^

72.722
72.733
79.440

July
August ....
September.

207.U7

81.293

208,289
207.850

81.1*31

81,466

37.237
37.5«U
38.028

October.

208,608

81,466

38.355

Source:

Special
Issues

10.023
11.38I
10.617
9.147
7.243

183.1*13
I8U.S7I*

.

Certificates
of
indebtedness

62
1.261
1,188
1.556
2.151

April
May
June

199.

Marketable

Nonmarketable

Public Issues

Dally Treasury Statements.

13,l>*7

14. 73 1*

Marketable

Non-

marketable

Certificates
of
indebtedness

Special
leeues

.2

36.3

7.1

3-8

3"*.5

7.1

29-7
25.0
18.2

6.4
3-2
3-3

3
a

15.1
11.8

2-3
1.9
*.J
7.3
9-5
11.3
12.6
11.0
8.0
7.2

M

6.8
8.7

4.2
5-5
4.8

12.2
14.4

16.3
16.6
17.0

7-1
7.0
6.8

5.6
5.6
5.2

14.2
14.0
13.0

8.0
7.9
7.9

7-3
7.5
7.7

39. s

17.7
17.7
17.8

6.7
7.3
8.9

5.0

13.7
14.1
14.0

7.E
7.2
7-2

7.7
7-2
7.4

100.0
100.0
100.0

39.6
39-3
39.8

1S.1
18.2
17-7

8.9
8.8
8.7

5.0
4.9
4.8

13.8
13.7
15.4

7.2
7-U
7.4

7.6
7.2

14,961
15.461
15.976

100.0
100.0
100.0

39.2
39.1
39.2

18.0
18.0
18.3

8.7
8.7

4.8
4.3

1U.5
14.4

7-5

8.6

lt.lt

14.2

7.6

7.2
7.U
7-7

16,170

100.0

39-1

18.4

8.6

4.4

14.2

7.7

7.8

f'

3

December 1944

23

Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government
pari a - fiscal rsua, 1935-19**
(In mlllloD. of dollare)

June 30,
1935

J»!0.
June
1936

June JO,
1937

luratwl

Public debt and

JOM

30
193*

•

June 30

<

1939

Jum

June 30,

19*0

19*1

Job* 30,
19*2

30.

Jus* 30,
19*3

June 30.
19**

cbiigatlona 1/

lntaraat -bearing debt:

Publlo debt
Ouerenteed obi lgat Ion*

27.6*5
».123

32.989
».718

35.800

36.576
• ••53

39.886
5.»50

te.376
5.»9«

*8.387
6.360

71.968
*.5*9

135.3*0
092

5»:
199.
I9.W

"•.665

Total

31.768

37.707

*0.*65

»1.»28

M.336

»7.S7*

5*. 7*7

76.517

139. »72

201.059

1.0f4

T90

625

5*9

55*

6a

5«5

»7»

1.32*

1.567

32.82*

y.»97

*i.08«

kt.au

*5.890

U8.U96

55-332

76.991

1*0.796

202,626

Matured dabt aad debt bearing no lntaraat
Total outotandlng

Public dabt
Interaet -bearing debt:
Publlo leauee:
Marketable laauaa

Treaeurr bllle
Cartlfleataa of lndebtedaeoa
Treaaurj notao
Treaaurjr bonda
Poatal earlnge and othar bond*
Total earfcetabl* laauaa

lon-aarketablo laauaa
U. 8. aaalnga bondo
Treaaury not a a - tax aad aaTlaca aarlaa. ...
Adjuatad aervlee bonda
Depoe 1 tary bonda

2.35*

2.303

1.15*

i.JOB

10.023
12.bgu
2.190

11.381
17.168
200

10.617
19.936
198

9.1*7
21.8*6
197

25. 218

26.950

31.102

33.05*

316

800

1.2J8

1,868

9*5

M9

319

283

1.556

2.151

2.053

62

1.261

Total aon-aarketanle laauaa

Total public laauaa

Special leaueei
Adjuatad Semie Certificate fund
federal Depoalt Inauranea Corporation
federal Old-Age and SurrUore Inauranoa Traat
road
federal Seringa and Loan Inauranea Corporation
Oovaraant Llfa Inauranoa rand
OoTemnent Retirement Panda
national Sarrlca Llfa Inauranea Pond
Poatal Sort Ufa Syetea
Canal tana. Poatal Serlage Syetea
Eallroad Betlreaeat Aooount
Unenployaent Truat Pond

Total apaelal laauaa

Total lnteraet-benrlng debt

Matured debt an vhleh lntaraat hae oeeeed

Debt bearing no lntaraat 1
Unit ad Statee earlnge etaape
lxeeae proflte tax rafund bonda
Unit ad Statee nataa (laaa gold raearre)
Dapoalta for ratlraaant of national bank and

196
33.965

27.012

32.363

3*. 2*2

33.900

36.116

156
100

127
100

3*

95

26
85

20
101

267

66s

1.177

523

si
»73

*5

128

253

280

125

100

316

312

633

626

1.558

27.6U5

32.989

3? .«oo

231

169

US

66
872

191

191

191

191

Padaral Beeerre Bank nataa
Othar debt baarlnc no lntaraat

629
5

*2*
5

310
5

252
5

Total dabt bearing no lntaraat

825

620

506

28.701

33.779

36.U25

Total public dabt outetandlng

7.2*3

1.516

2*

Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
PAHT A

-

FISCAL YEARS, 1935-19l*4-( Continued)
(In Billions of dollars)

Treasury Bulletin

.

December 1944

25

Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued!
PABT B

-

MONTHLY

IiaTA

-(

Continued)

(In million* of dollars)

T

19U3

1944

Oct. 31 Sot. 30 Dec. 31 Jan.

31 Feb.

29 Mar. 31 Apr.

Public debt - (Continued)

Interest-bearing debt (continued):
3poclal Issues:
Aojusted Service Certificate Fund
Federal Deposit Insurance Corporation
Federal Old-Age and Survivors Insurance
Trust Fund
Federal Serines and Loan Insurance Corporation
Government Life Insurance Fund
Government Retirement Funds
National Service Life Insurance Fund
Foetal Savings System
Canal Zone, Postal Savings System
Railroad Retirement Account
Unemployment Truut Fund
Total special Issues.

18
77

18

4.256

4,256

8
50Z
1.314
5?6
115

9

3

11.868

Total Interest-bearing debt

1«3.5S9 164,781

Prepayments on Fourth War Loan securities.

Matured debt on which interest has ceased

-

Debt bearing no Interest:
United States savings stunps..
Excess profits tax refund bonds
United States notes (less gold reserve)
Deposits for retirement of national bank and
Federal Reserve Bank notes
Other debt bearing no Interest

Total debt bearing no Interest.

77

291

198
191

773

1.167

30

Hay 31

Juno 30 July 31 Aug. 31 Sept. 30 Cct. 31

i

Treasury Bulletin

26

INTEREST -BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS
OF THE UNITED STATES GOVERNMENT
DOLLARS

DOLLARS

DOLLARS

Billions

Billions

Public Debt and Guaranteed Obligations

270

270

60

260

260

50

250

250

Billions

Non-Marketable Public Debt

60

m

40

50
Other
Savings notes

40

Savings bonds

240

240

30

230

20

—

Guaranteed obligations
Special issues

230

1«130
20

Non - marketable issues

Public debt

I

Marketable issues

220

220

210

10

-IIO

210

iTt'n

1935 '36

'37

'38

jE3_o_n_
'39

'40

'41

'42

'43

44

Oct 31

1944

200

200

DOLLARS

DOLLARS
m,ont

Bi " ions

Marketable Public Debt

190

190

190

190

180

180

180

180

170

170

170

170

;

Bills

\

Certificates of indebtedness

160

160

160

150

150

150

150

140

140

140

140

130

130

130

130

120

120

120

120

110

110

110

110

100

100

100

90

90

90

80

80

80

70

70

60

60

60

50

50

50

40

40

40

160

Notes

Bonds

70

-\

_

100

90

1

1

80
70

—I

60

R
_

50

40
£=)
::

30

30

30

30

20

20

20

20

10

10

10

10

m

::

1935

'36

'37

'38

'39

'40

41
End of Fiscal Yeor

'42

'43

44
'

Oct 3

1944

1935
^

'36

'37

'38

End

'39

'40

of Fiscal

'41

Y«ar

'42

;& 18
'43

'44 Oct
'

31

1944

....
.

'

December 1944

*7

^

Guaranteed Obligations Held by the Treasury
(Is million* of dollars)

End of fiscal
year or month

Commodity
Credit
Corporation

Total

1935
1916
1937
1938
1939

3.655
U.030
3.630
883
27?

10

i9"*o

10U

25

19U1

303

11*0

191*2

>t.079

19U3
19UU

7.535
10.717

too
1.9S0
960

iqM-Cctober...
November
December
19"*"+-Jenuary

.

February
March

7.U77
7.560
7. 853

.

.

Reconstruction
Finance
Corporation

Tennessee
Valley
Authority

3.655
1.030
3.605
S6U
21*3

52
57
57
57
57

7

27&
283
398

263
36i

900
900
900

676

April

10. W>3

10,626
10.717

900
900
900

July
August
September.

10,993
11.312
11.181

900
1.000
863

286

October.

11.312

1.035

276

697
371

366
359

Dally Treasury Statements.
Less than $500,000.

1/

20
2,5?U
5.033

551

212
580

283
283
283

May
June

.

Home Owners
Loan
Corporation

25
15
20

800

8.292
10.325

.

Federal
Public Housing
Authorl ty

700
800

8,01*5

.

federal
Farm Mortgage
Corporation

3,1*16

36

6.U01

9

6,Un

283
398
39s

597

398
398
398

607
580

6.713

57
57
57

6,806
6.937
7,697

57
57
57

7.7>»9

8.U16

57
57
57

8. 29 It

198
398
398

51*9

1*93

8,730
8.99U
9.08U

57
57
57

398

U68

9.078

57

518

These securities are not Included In preceding statements of
guaranteed obligations outstanding.

Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations
of the United States Government
(Amount

In millions of dollars)

b

Public debt and guaranteed obligations
End of fiscal
year or month

Interest-bearing
debt outstanding

1935
1936
1937
1938
1939

31.768
37.707

Computed
annual
interest
charge

Public debt 1/

Computed
annual rate
of Interest
(Percent)

2.716
2-573
2.588
2.579
2.53 1*

Interest-bearing
debt outstanding

Computed
annual
Interest
charge

Guaranteed obligations 2/

Computed
rate
of Interest
(Percent)
annual

Interest-bearl ng
debt outstanding

U.123

1*1,1*28

863
970
1.0U7
1,068

"<5.336

1.1>*9

19"*0

1*7,871*

19U1
191*2

5".7t7
76.517

13>0
19UU

201,059

1.203
1.335
1.729
2.759
3.869

19U3-October. ..
November.
December.

167,701
168.935
163,732

3.25"»

1.91*0

3.28U
3.299

1.91*1*

1-955

16U.508

19W*-January.
February.
March

171.312
185,936
135.606

3.355
1,626
3,601

1.959
1.950

167,01*3

1.9!*0

183,31*8

1,607
3.618
3.869

1.9"*3
l.9>tl

183, U13

1.925

199. 5^3

3.573
3.598
3.8U9

1.922
1.923
1-933

207,117
208,289
207.850

3.990
U, 015
it, 026

1.927
1.928
1.937

1.U68

1-933

208. 608

U.OUl

1-937

1*0,1*65

139."*72

.

.

Anrll

185,670

May
June

186,1*03

July
August
September.

203,535
209. 76U
209.331

u.oio

October.

210 .088

l*,o6l

y

201,059

.

I*
li

046 r

2.51"*
2.1*38

2.260
1.978
1.925

Dally Treasury Statements.
Revised.
Treasury bills are included In Interest-bearing debt figures
at fice amount, but for purposes of calculating the computed
annual Interest charge and the confuted rate of interest, the
discount value is used.
Tor the purposes of computing the

:

2.715
2.562
2.582
2-589
2.600

27.61*5

751

32.989
35.800
36.576
39,886

81*5

1.037

1*2.376
1*8,337

1.095
1.218

71.968
135.380

1,6"*1»

199.5>*3

3,81*9

163.539

3.173
3.203
3.217

1.91*0

3.273
1.5IA
3.567

1.959
1-951

1.9I1S

l6l»,731

181. 709

2/

921*
91*7

2.679

2-583
2.518
2.235
1-979
1-929

1.9Wt
1.956

1.91*5

1.91*6

1-929

Computed

Computed

annual
interest
charge

annual rate
of intereet
(Percent)

5. "150

112
125
123
121
112

2.720
2.650
2.633
2.498
2.052

5.1*98

109

1-978

6.360

"7

l*,5l*9

85

4,092
1.516

81
20 r

4.111
4.154
it. 225

80

14.269

82 r
82 r

"1.718
"1,665

"t.853

4.227
2,258

81 t
82 r

14 r

?4r

l.?3l*

1.361
1.968
1-335 r

1-952 r
1.046 r
1-93 * r
1

1-930 r
1-930 r
1.522 r

20 r
20 r

I.U99 r
1.325 r
1-335 r

l."»75
1.1*80

19 r
20 r
20 r

l-3?6 r
1-333 r
1.139 r

1,1*80

20

l-3"»7

2,258
1.529
1.516

annual interest charge and rate of Intereet on United States savings
bonds, Series A-E axe considered to yield C.90-* per annum and Series 7
is considered to yield 2-53 ^.
Guaranteed securities held by the Treasury, and securities guaranteed
as to Interest only, are not included In this table.

)

Treasury Bulletin

28

Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States-i/
As of October 31, 1944
(In millions of dollars)

Detailed annus! maturities
Year
and
month

Description of security 2/

Firadmaturlty

(Date of Issue Is shown In parentheses)

Callable issues
classified by year of:
First
call

19W»
Dec
Dec

Treasury bills
Otf. of indebt. S - 12/l/W*
7/8$
12/15/W+-5l»
1*$
Treasury bond

(Various)

10,906

(12/l/l*3)

3.5>*0

(12/15/2U)

Total.

19>*5

Feb.
Feb.
Mar.

Mar.
Mar.
Apr.
May.
June
June
Aug.
Sept
Sept
Oct.
Dec.
Dbc.

Treasury bills
Otf. of indebt.
7/8$
1-1/8$ 000 note
Treasury note
.90$
3/H$
Treasury note
l-l/l*$ Treasury note
Otf. of indebt.
7/8$
7/S:S
Otf. of Indebt.
1-1/2$ HOLC bond
Otf. of Indebt.
7/8$
Otf. of Indebt.
7/3$
Otf. of indebt.
7/8$
2-3/1*$ Treasury bond
Otf. of indebt.
7/8$
2-l/gS Treasury bond
Treasury note
3/1*$

(Various

AD -

A-

BDM-

F -

1-

a B -

2/1/1*5
2/15/1*5
3/1/1*5
3/15/1*5

3/l5/

1
*5
l*/l/l*5

5/1/1*5
6/1/1*5-1*7
6/1/1*5
8/1/1*5
9/1/1*5
9/15/1*5-1*7
10/1/1*5
12/15/1*5
12/15/1*5

(2/1/1*1*)

Mar.
Mar.
June
June
Dec.

1*12

(2/1/1*1*)

2,127
718
1,606

(3/15/1*0)

(9/25/U2)
(U/i/ltU)

1».S77

(5/1/W

1,615

(6/1/3?)

June.
June.
Sept.
Sept.
Oct..

Dec.

'i'.ii'o

(8/1/W*)

2,511

(9

AM)

Dec.

June
Sept
Dec.
Dec.
Dec.

'i'i*?2
51*1

(12/18/1*0)

Sept
Sept
Dec.

531

37,093

1.969

3$

1AA6

1$

3A5A6

(iiAAD

3-3/1*$ Treasury

3/15/1*6-56

(3/15/26)

1*89

6/15/1*6-1*8

(6/15/31*)

6/15/1*6-1*9

(6/15/31)

1,036
819

Conversion bond
Treasury note
bond
Treasury bond
3$
3-1/8$ Treasury bond
1-1/2$ Treasury note

12/15/1*6

(I/1/16)

(6/5A2)

16
1.291

3,261
u.567

Conversion bond
1/1/1*7
3$
6/1/1*5-1*7
1-1/2$ HOLC bond
M l-l/l*$ Treasury note
B- 3A5/U7
- 9/15/1*5-1*7
2-3/1*$ Treasury bond
l-l/2$ Treasury note
A - 9/15/1*7
- 10/15/U7-52
U-l/l*$ Treasury bond
bond
- 12/15A7
Treasury
2$

(1/1/17)
(6/1/3?)

13

(6/26M)

1,91*8

(9/16/35)

(7A2A3)

2.707

'"761

759

5.370

759

2$

3A5/i*8-50

2-3/1*$ Treasury

3/15/1*8-51
3/15M-51

QA6/36)

6/i5/l*64«
1*6-1*8
6/15/U8

(6/15AI*:
(6A5/»

9/15A6

(3A5/38)

1*51

9A5A8

(3/15/W*)
(12/8/39)

3.71*8

Treasury bond
bond
Treasury bond
3$
1-3/1*$ Treasury bond
2-l/2$ Treasury bond
1-1/2$ Treasury note
Treasury bond
2$

12/15 A8-50

3-1/8$
2$
2$
3-1/8$
2-1/2$
2$

bond
bond
bond
bond
bond
bond

Treasury bond
2$
Treasury bond
2$
2-1/2$ Treasury bond
Treasury bond
2$
Treasury bond
2$
Total.

1,115
1,223

(3A5/>*1)

(12/1/1*2)

3.062

571

7,261

Treasury
Treasury
Treasury
Treasury
Treasury
Treasury

6/15/1*6-1*9

6/15/1*9-51
9/15/1*9-51
12/15/1*9-52
12/15/1*9-53

12/15A9-51

2,31*1*

(10/16/22)
(12/15/38)

(6/15/31)
(1/15 A2)

(5/15A2)
(12/15/31*)

(12/15/36)

(7/15A2)

Total.

1950-Mar.
Mar.

1,211*

do/i/HM
(12/15/37)

Total.

19l*9-Jime

3,691*

(9/16/35)

Total.

19U8-KBT.
Mar.
June
June
Sept
Sept

755

(6/26/1*4)

Total.

191*7- Jan..

5.153
5,048

(7/21/1*1)

Total.

191*6- Jan.

1.037
15.1*83

-

3A5A8-50

(3/15AD

-

3/15/50-52

(10/19A2)

- 9A5/50-52
- 9/15/50-52
- 12/15/1*8-50

(?/l5/38)

WlSTO)
(12/8/39)

2,910

l.OlU

Final
maturity

Total annual maturities

Wxed-maturlty
issues plus
callable issues
classified by year
of first call

Fixed-maturity
issues plus
callable issues
classified by year
of final maturity

December 1944

29

Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States 1
As of October 31, 1044 - (Continued)
(Id millions of dollar*.)

Detailed annual aaturltles
Tear
and
month

1951- Mar

Description of security 2/
(Date of Issue Is shown la parentheses)

fixednaturl tj
Issues

Callable Issues
classified by year of:
first
call

final

matur 1 ty

Total annual aturltles

flxed-aaturlty
flxsd-aaturlty
issues plus
issues plus
callable Issues
callable Issues
classified by year classified by year
of final saturt ty
of first call

)
)

Treasury Bulletin

30

Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States^
As of October 31, 1944 - (Continued)
(In millions of dollars)

Detailed annual maturities
Description of security 2/

Tear
and
month

Tlxedmaturl ty
issues

(Date of issue is shown in parentheses)

Callable Issues
classified by year of:
First
call

1960-Mar.

Dec

.

-

2-7/8)6 Treasury bond

3/15/55-60
12/1 5/60-65

2-3/U£ Treasury bond

1.U85

6/l/6l

(6/l/ll

1961 -June.

3*

19 62 -June.

2-1/20 Treasury bond

6/15/62-67

(5/5/te)

2,118

1963- June.

2_ 3/1*56 Treasury bond

Dec

2-1/20 Treasury bond

6/15/58-63
12/15/63-68

(6/15/38)
(12/1/U2)

2,831

-

Dec.

2-1/2$ Treasury bond
2-1/2$ Treasury bond

6/l5/6"t-69

(U/15/U3)

12/15/6U-69

(9/15/"»3)

2,611

50

919

2-3/U$ Treasury bond
2-1 /25t Treasury bond

Mar.

-

12/15/60-65
3/15/65-70

(12/15/38)

(2/1/WO

50

50

2,831

919

7.600

1.1*85

5.197
5.197

Total.

2,611

3.761
3.838

7.600

1965-Dec

1.U85

919

2,831

196U-June-

Tired-maturity
Flxed-naturlty
issues plus
issues plus
callable issues
callable issues
classified by year classified by year
of first call
of final maturity

2,611

(3A5/35)
(12/15/38)

1.1*85

Panama Canal bond

final
maturl ty

Total annual maturities

1\U«5

5.197

1.U85

2.716

2,118

1966.

196 7- June.
Sept.

2-I/236 Treasury bond

2-1/2$ Treasury bond

6/15/62-67
9/15/67-72

<5/5/t2)
(10/20/ltl)

2,118
2,716
2,716

Total.

2,118

1968-Dec

2-1/2$ Treasury bond

12/15/63-68

(12/1/1(2)

2,831

1969 -June.

2-1/2$ Treasury bond
2-1/2$ Treasury bond

6/15/6H-69
12/15/6U-69

(Vl5/"3)

3.761
3.838

Dec

<9/i5/>*3>

Total.

1970-Mar.

2-1/2$ Treasury bond

3/15/65-70

2-1/2$ Treasury bond

9/15/67-72

<2/l/"A)

2.831

7,600

7.600

5.197

5.197

2.716

2.716

1971-

1972-Sept.
Source:
1/

£/

(10/20/Ul

Dally Treasury Statement, and reports to the Treasury.
ration deExcludes postal savings bonds, Federal Housing Admlnlstraxi
bentures, and guaranteed securities held by the Treasury.
ilmnn,
It should be noted that callable Issues appear twice in thl
nal matuonce In the year of first call and again in the year of fin

rity.
Callable issues with respect to which a definite notice of
call has been made, however, are listed as fixed maturities.
The
abbreviations refer to the following corporations
Hob* Owners' Loa
t

Corporation and Commodity Credit Corporation.

December 1944

31

Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness

n.t.
t.ra, af

effarlac
war*

earliest
dats

Date
aobaorlptloa
took,
wara
opaaad

?arlod to aaturltj

Daacrlptlaa of aaonrltr

(P.rlod to flrat oall
aaowa la paraatbaaaa)

(Iat, of laana la aaora Is paraathaaaa)

i/

Aaonat lsauad

on which
of oath
commercial ubicripbanks
tlOBS
may 0*1
tendered
restricted
2/
Issues ZJ

IB
aichaaca
far athar
aaooritlaa

Total

(la

aUllaaa of dollar,)

lrat War Loan aaourltlaa:
11/30/1(2

1/21/43

3A2/>*3

11/30/42

1/21/43

2-1/2* Traaa. bead-12/15/63-6s
1-3/** Traaa. boad- 6/15/48
Oartlfloata- 12/1/43
7/8*

7/8*

Oarttf leata -

(12/1/42)
(12/1/42)
(12/1/42)

2/1/44

(2/1/43)

flooond War Loan aaourltlea:
2-1/2* traaa. boad- 6/15/64-69
Traaa. bond4/12/43.
d- 9/15/50-52
2*
Oartlfleat.•- 4/1/44
7/8*

3/12/43

V19/U3

S/Z7A3

6/28/1.3

7/22/*3

7/22/43

Oartlfloata 7/8*
1-1/2* Traaa. aeta Oartlfloata 7/8*

(4/15/43)
(V15/1»3)
(4/15/43)

<5/l/»3>
•(7/12/43)
••(8/2/43)

5/1/44.
9/15/»78/1/44.

••

A

rr

(21 jr)

1 7T

2.831
3.364
5.184

2.831
3.062
3,800

2.8J1
3.062
3. 800

1 rr

6,402

2.211

2.211 4/

3.762
12.757
12.895

3.762
4.939
5.251

3.762
4.939
5.251

19.544
5.484

1.655
2.707
2.545

2.707
989

3.779
5.257
4.122

3.779
5.257
4.122

3.779
5.257
4,122

5.391

3.519

1.580

1.939
59
1.102
3.5*0

26 rr.2
9 jr.5
1 rr

(21 rr.2 a)
( 7 rr.5 a)

9/9/43

10/6/43
10/6/43
8/16/43
10/6/43
IO/6/43 1/ 10/6/43
11/22/43
11/22/43

Third. War Loan
nrltlaat
2-1/2* Traaa. boad-12/15/64-69
Traaa.
Bead2*
9/15/51-53
Oartlfloata- 9/1/44
7/8*

1/24/44
3/2/**
3/z/H*
3/2/Wt
4/24/44

1/18/44-

1/24/44
3/2/1*
3/2/44
3/2/44
3/22/44
4/24/44

7/20/44
8/24/44
8/24/44
9/20/44

6/12/44'

7/20/44
8/24/44
8/24/44
9/25/1*

(10/15/43)

4 JT.2

lrr

.90*
2-1/2
2-1/4*
1-1/2*
7/8*
7/8*

Traaa. aota
Traaa. boad Traaa. boad Traaa. aotaOartlfloata
Oartlfloata
'

2-1/2*
2*
1-1/4*
7/8*

7/8*
7/8*
7/8*

Oartlfloata -

Oartlfloata-

3/l/*5

3/15/65-705/
9/15/56-59 5/
9/15/48
4/1/45

5A/45

Traaa. aota Oartlfloata -

(a
(

rr.3

)

9/15/53

irr)

lrr
26 rr.2 a

9rr.U

a

(a

rr.2 a) 6/

7

rr.lla)|/

(

9/15/53

1^556

59

5.532

2.729
3.5*0

1.627

2.212
3.728
5.048

2.212 8/
3.728 t/
5.048 f/

2.212 8/

1 TT

(2/1/44)
(2/1/44)
.(2/1/44)

(3A5/ *)
1

(4/1/44)
(5/1/1*)

26 rr.l a
15 rr.7 a
1

(a

,m

rr.l a)
(12 jr.7 a)

rr

jt,i a
rr
rr.6 a
rr.6 a
1 rr

1
26
15
4

(a

rr) 9/
(12 yr.b a) 2/

3.728*/
5.048 t/

2.127
77
95
3.7*8
4.877
I.615

*&

9/15/

lrr

2.127
77
95
3.748
*.S77
I.615

8/

6/1/45

8/1/45
9/l/»5
-'46 5/
3/15/4
10/1/45

(12/1/43)

(2/1/44)
(2/1/44)
(2/1/44)

Traaa. boad- 3/15/65-70 5/
Traaa. boad- 6/15/52-54
Traaa. aota- 3/15/47

Oartlfloata-

(9/15/"»3)
<9/15/>»3)

26 rr.3 a
10 rr
1 rr

1.655

6/

2-1/2* Traaa. boad- 3/15/65-70
2-1/4* Traaa. boad- 9/15/56-59
Cartlfloata- 2/1/45
7/8*

fifth War Loan saourltlea:
4/14/44

(9A5/!*3>
(9/15/43)

Oartlfloata - 10/1/44
7/8*
2-1/2* Traaa. boad - 12/15/64-69 5/
ftaaa. boad- 9/15/51-53 5/
2*
Oartlfloata- 12/l/44
7/8*

Fourth War Loan aaourltlaa:
11/22/43

(9/15/"»3)

V15/33

1 Tt

a—

8/16/43

12/1/52

5rr,6 a

,

(2/1/44)
(6/26744)
(6/26/44)
(6/26/44)

(8/1/44)
(9/1/44)
(11/1/41)
(10/1/44)

25 rr.9 a
10 rr
2 rr,9 a
11

1

(20 rr.9 a) 10/
(

2/1/5*

f rr)

a

2.909
5.«25
1.948
4.770

rr

rr,6auy.

1

rr

5.«5
1.94s

a

4.770?/

2.909 8/

5.8255/
1.9*8

i

*.770f/

2.511
3.694
788
3.492

lrr
1

2.909 tl

2.511
3.694
788
3.*92

Sixth War Loan aeourltlea:
10/23/1*

11/17/1*
11/17/44
11/17/44
11/17/1*
:

11/20/

11/20/44
11/20/44
11/20/44
11/20/44

2-1/2*
2*
1-1/4*
7/8*

Traaa. boad- 3/15/66-71
Traaa. boad-12/15/52-54
Traaa. aota- 9/15/47
Oartlfloata- 12/1/45

Traaa. aota 1/1/46
.90*
2-1/2* Traaa. boad - 3/15/66-71 1J/
Traaa. boad - 12/15/52-5* 1J/ ....
2*
1-1/4* Traaa. aota - 9/15/47 1J/

(12/1/44)
(12/1/44)
(12/1/44)
(12/1/44)

26 rr.3 a
10 rr
2 rr.9 a
1 rr

(12/1/44)
(12/1/44)
(12/1/44)
(12/1/44)

1 rr.l a
26 rr.3 a
10 rr

(

(

5/
6/

Jj
8/

3/
10/

11/
12/

IV
I*/

rr.3 a)

12/1/54

8 rr)

(a

2rr.9al4/

figures;
for period December 19U1 through October 19^- see "Treasury
Bulletin" for SoTeaber l^M, page 32.
1/ Xa ths cess of to* reopening of a previously offered security, the
period to first call and to maturity are calculated froa tho data
Interest conaences oa th* raopoaiac.
Saotrlotad Istnat ara thosa vfaloh ooavMrolal banks (daflnad for this
Zj
purpose aa aanks vhloh accept damaad deposits) aro not permitted to
acquire prior to a specified dato, with tvo sxoeptionsi
(l) concurrently with the fourth, fifth aad Sixth Var Loans, commsroial bancs
Issue
were permitted to subscribe to the restricted
offered la the
Var Loan for limited investment of thslr aarlac* deposits; (2) comerolal bancs may temporarily anqulrs restrloted issues through
foreclosurs when such Issues hare bsea need as collateral.
Consists of all public oaah sabsorlptlons and of subscriptions by
j/
0. 8. OoTeraaent e«reaolss aad trust funds.
H/
Issued primarily to refund maturing security.

(a

rr.3

1)

8 rr) i*/

14/

12/1/54

w
I

i
12/
12/
12/
12/

$

Reopenlnc of previously offered security.
Interest cosnenoed on October 15, 19U3.
Innonnoeaeat of enhance offering was lnoloded In announcement of
Third War Loan, lacoet 16. 19U3.
riguxes on amount of Var Lean securities Issued consist both of
amounts loeaed in connection with the Drive, and of amounts issued
concurrently with Drive to U. 8. OoTernmsnt agenoiss and trust fends
and to commercial banks.
Interest commenced on March 15, 19*h.
Interest comaenoed oa June 26, 19W*.
Intereet commenced on September 15. 19W..
Amounts not yet armllabls.
additional Issue offered slaultaneouely with Sixth Var Loan.
Irchmnged as of December 1% 1944 and accrued Interest charged froa
1 to December 15.

.

Treasury Bulletin

32

Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States

Date of
refunding
for exchange
transaction) or
of retirement
for caah
transaction

Amount Of
maturing
or called
security
out it and lug

Description of called or maturing
security 1/
(Date of leeue ia shown in parentheeee)

Amount
for caah
retirement

Amount
exchanged

Percent
exchanged

Description of nov
security offered

(In millions of dollars)

11/1/42
12/15/42

1/2*

2/1/43
3/15/43

5/g*
3/4*

1-3/1(1.

5/1/43

Certificate - 11/1/42
Treae. note - 12/15/42

t 4/15/42)
(12/15/37)

1.507
232

1.507
232

2/1/1*3
3/l5/»t3

(6/25/42)
(3/15/41)

1,588

Treae. note -

66

1.588
66

.65*

Certificate-

5/1/43

3/4*

CCC note

-

5/l/>»3

(9/21/42)
(g/1/40)

1.506
289

132
S

1.373
282

91
97

Total! for exchange transaction of 5/1/1*3...

1.795

11*0

1.655

92

(6/15/27)
(6/15/38)
(4/17/41)

1*51*

1*51*

324

324

(8/15/42)

1.609
279

53
279

1.556

Certificate-

6/15/U3
6/15/U3
7/15/43

3-3/g* Treas. bond 1-1/8* Treae. note 1-1/g* BK note

8/2/43
9/15/43

7/8)1

Certificate-

1*

Treas. note -

6/15/1*3-1*7

6/15/43

7/15A3
8/1/1*3
9/15/!*3

(6/15/1*0)

*

7/8*

Oertlfloate -

5/1/ 1

97

7/8*

Certificate -

8/1/1*

I

629

10/15/43

3-1/U* Treas. bond - 10/15/1*3-1*5

(10/15/33)

1,1*01

239

1,161

83

2-1/2* Tree*, bond - 12/15/6V69
Treas. bond - 9/15/51-53
2*

IO/15/U3

Certificate - II/I/U3
7/8*
Certificate- 12/1/1*3
7/8*
1-1/8* Treas. note - 12/15/1*3

(11/2/1*2)
(12/1/1*2)

2.035
3, goo

260

t

1.939
3. 5MO

95
93

7/8*
7/8*

Certificate Certificate -

10/1/1*
12/1/1*

(12/15/38)

1*21

1*21

96

.90*

Treas. note -

3/1/1*5

12/l/>*3

12/15/1*3

1-3/g* 1FEA note
Certificate7/g*

2/1/44
2/1/lrt

3-1/1** rJMO

mc

3/15/44

4/1/1*

5/lM
6/1/1*
9/1/1*

9/15/1*

-

bond

bond
3*
BK note
1*
HOLC
bond
3*
3-I/4* Treas. bond
Treae. note
1*
3/lt*
Treas. note

-

-

3/lS/ 1*1*-^
5/15/44-49
U/15/I*
5/1/44-52
U/15/44-46
3/15/44
6/15/1*

(2/1/39)

111*

111*

(2/1/1*3)

J. 211

8U

2.127

(3/15/3 *)
(5/15/34)

95
835
571
779
1.519
515

19
130
12

705

1*16

ill

1

(7/3/1*1)
(5/1/31*)

(U/16/3U)
(11/1/39)
(6/15/39)

3/1**

Treas. note Treas. note -

Certificate-

42g

4,g77
1.615
2,511
3.694

93
98
99
90

9/15/1*
9/15/1*

635
283

33
98

602
185

s

918

130

788

86

10/l/l*
12/l/l*

7/8*
7/g*

Certificate Certificate -

It*

Treas. bond - 12/l5/l*-5U

1*0

(8/2/1*3)

(9/15A3)

(l/3l/l*l)

(12/22/39)

Totals for exchange transaction of 9/15/ *.

12/15/1*

65

122

Certlfioate -

(10/15/1*3)

l*!

2-1/2* Treas. bond
1-1/2* Treas. note

83

374

(5/l/>*3)

2-1/1** Treas. bond

78
81
94

270

5.?51
1.655

(4/15/43)

80
84

98

3.919

U/l/1*
5/1/1*.'.
8/l/l*
9/l/44

1

10/1/1*
12/1/1*

1*83

4.729

CertificateCertificate-

76

.223

Totale for exchange transaction of 3/15/UU..

7/8*
7/8*
7/8*
7/g*

1*

2/1/1*
2/1/44

(I2/1/U3)

3.519
3.540

(12/15/21*)

1.037

Back figures: xor period December 1941 through October 1942 see Treasury
Bulletin" for November 19I*, page 33.
1/ Original cell end maturity dates are used.

Si

2/
3_/

7/8*
7/8*
7/8*
7/g*

1*

Certificate
Certlfioate
Certificate
Certificate

8/1/ta
9/1/45

Treas. note

3/15/46

3.492,
2/

99,

7/8*

J/

.90*

Certlfioate
Treas. note

l-l/l**

Inaa. note

H

2/

Amounts not yet srailable.
Hot available to commercial banks.

9/I5/56-59
3/15/65-70
9/15/48

Treas. bond
2*
2-1/2* Treas. bond

4/1/45

1

•

•

10/1/1*5
1/1/1*6

9/15/47
12/15/52-54 ,
3/15/66-712/

§

..

December 1944

33

Offerings and Maturities of Treasury Bills

Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amount* la millions of dollars)

Description of new Issue

Date of
issue

1943-Oct.
Oct.
Oct.
Oct.

Hot.
Sot.
Hot.

Hot

.

71-8
67.8

1,003.1
1,001.2
1.003.7
1,002.8

13.058.9
13.062.4
13.059-5
13,064.4

91
90
91
90

1,142.7
1,247.1
1.221.6
1.621.6

1,002.6
1,004.7
1,001.3
1,008.7

935-2
929-1
927-3
930-5

67.5
75-6
74.0
78.1

1.005.8
994-7
1,005.3
1,002.3

13.061.5
13.071.5
13.067.5
13.073-8

91
91

16.
2330.

91
91
91

1,544.0
1.694.3
1,815.0
1.791-7
1.771-8

1,006.4
1,011.4
1.000.2
1.005-5
1,011.0

942.5
947.6
934.4
944.8
969.O

63.9
63.8
65.8
60.7
41.9

1,001.8

9.

003.0

13.078-3
13.084.8
13.076.3
13.064.2
13.072-2

1,006.9
1,004.7
1,000.8
1.008.1

13.080.1
13.075-6
13.092.0
13.100.9

310.

17.
24.
2.

53- >•

1,004.
1 008.6
1 .017-7
1

Apr.
Apr.
Apr.
Apr.

13.,
20.,
27..

91
91
91
91

2.255-5
2.173-7
2.273.5
2.291.5

1,014.8
1,000.2
1.017-2
1.016.9

966.7
942.8
957-7
950-0

48.1
57.4
59-5
66.9

10.
17.
24.

May
May
May
May

4.
11.
18.
25.

91
91
91
91

2.459.2
2,551.6
2,314.9
1.979-2

1,002.3
1.005.7
1.012.7
1.007-7

930.7
927-8
941-3
932-5

71.6
77-8
71-4
75-2

1,002.6
1.004.7

13.100.5
13.101.5
13.113-0
13,112.0

1.
8.

91
91

16.
23.
30.

June
June
June
June
June

15.
22.
29.

91
91
91

2.151.5
2,450.7
2,095.1
2,116.7
1.976.7

1,007
1.035
1,016
1,001
1,009

936.3
969.5
951-1
937-1
95"t-5

71-1
66.0
65.1
63-9
55.2

1.006.4
1,011.4
1,000.2
1,005.5
1,011.0

13.113-0
13.137-1
13.153-1
13.148.6
13.147-3

6.

July

6.

13.
20.

July
July
July

13.
20.
27.

91
91
91
91

1.997-8
1.927-7
2.028.4
2.131-1

1.007.7
1,014.5
1,013.4
1.015.9

960.7
959.0
959-5
961.3

47.0
55-5
54.0
54.6

1.014.8
1,000.2
1.017-2
1,016.9

Aug.
Aug.
Aug.
Ang.

3-

91

10.
1724.

91
91
91

2.149.7
2.172-7
2,170.2
1.958.4

1.017.1
1.206.9
1,206.3
1,214.1

966.6
1,148.0
1.147.0
1.157-1

50.5
59-0
59-3
57-0

1.002.3
I.OO5.7
1,012.7
1.007.7

13.164-5
13.365-S
13.559-3

1.887.1
1.990.1
2.193-9
2.173-8
2,308.9

1.215-3
1.202.6
1,201.0
1,211.6
1,207.8

1.164.6
1,150.0
1,148.7
1,156.5
1.154.9

50-7
52.6
52-3
55-1
52-9

1,007.4
1.035-5
1,016.1
1,001.1
1.009-7

13.973-7
14.140.8
14.325-7
14,536.2
14.734.1

6.

3.

27.
4.
1118.

25.

13.765s

14.
21.
28.

Oct.
Oct.
Oct.
Oct.

5.
13.
19.
26.

91
92
91
91

2.215.1
2.042.3
2.074.3
2.177.4

216.3
203.8
206.6
214.4

1.167.4
1,149.4
1,146.9
1,158.2

48.8
54.4
59-7
56.2

1,007.7
1,014.5
1,013.4
1,015.9

14.943.0
15.132-3
15.325- 1'
15.523-9

16.
24.
30.

91
91
91
92
91

2,010.4
2,001.1
2.033.4
1,851.6
1,831.6

1,214.1
1.210.9
1,205.8
1,209.9
1,210.2

1.156.6
1.150-3
1,143.7
1 148.1
1 153-2

57.5
60.6
62.0
61.9
57-0

1.017.1
1,206.9
1,206.3
1,214.1
1.215-3

15.720-9
15.724.9
15.724.3
15.720.1
15.715-0

91
91
91
91

1,762.1
2,005.4
2,088.3
2,244.5

1,206.9
1,214.8
1,215.5
1,218.2

161.9
151.3
152-5
1,161.5

45.O
63.5
63-1
56.7

202.6
201.0
211.6
1,207.8

15.719-2
15.733-1
15.737-p
15.747. *

91
90
91

2,308.0
2.197.0
2.183-9
2.356-3

1.218.0
1,312.6
1.313.9
1,308.9

1,161.9
1.253-9
1.254.1
1,254.6

56.I
58.7
59-7
54.3

1.216.3
1,203.8
1,206.6
1,214.4

15.7>*9-1

29.

July
July
July
July

13.
20.
27-

Aug.
Ang.
Ang.
Ang.
Ang.

10.
17.
24.
31-

Not.
Hot.
Hot.
HOT.
Hot.

Sept. 7.
Sept. 14.
Sept. 21.
Sept. 28.

Dec.
Dec.
Dec.
Dec.

3-

13.150.7
13.149-7

91
91
91
91
91

1^
22.

6.

13.140.1
13.15"*- 1'

31.

June

1.
8.

6..

ang.
Sept.
Sept.
Sept.
Sept.

June
June
June
June

7.

7.

14.
21.

28.

5.

1945- Jan.

4.

13.
19.
26.

Jan.
Jan.
Jan.

11.
18.
25.

91

Data on new Issues come from Public Debt Service; amount of
maturing issue and total bills outstanding are on Daily Treasury Statement basis.
Back Figures: »"""»i Reports of the Secretary of the Treasury.
Source:

Amount on
fixed-price
basis 1/
51-?

Feb.
Feb.
Feb.
Feb.

Hex.

Oct.
Oct.
Oct.
Oct.

Amount on
competitive
basis

955-1
951-3
928.9
940.3

4.
12.
18.
26

Feb.
Feb.
Feb.
Feb.

May
May
May
May

Total
amount

1.006.9
1,004.7
1,000.8
1,008.1

13.
20.
27.

13.
20.
27.

Apr.
Apr.
Apr.
Apr.

Amount of
bill
tendered

1.239-5
1,184.8
1,413.9
1,286.5

6.

Jan.
Jan.
Jan.

Mar.
Mar.
Mar.
Mar.
Mar.

number of
daye to
maturity

Total bills
maturing
outstanding
issue (as
(as of date
of date
shown in
shown in
first column)
flret column)

91
91
91
91

194U-Jan.

1944-Jan.
Jan.
Jan.
Jan.

Mar.
Mar.
Mar.
Mar.

Maturity
date

714.
21.
28.

Dec.
Dec.
Dec.
Dec.
Dec.

Amount of

Amount of bids accepted

1/

1

15.857-S
15.965.1
16.059-6

TenderB for bills in the amount of $100,000 or less from any one
bidder are accepted in full at a fixed price of 99-905 P«r hunThis practice commenced with the offering of Treasury
dred.
bills dated May 12, 1943.

Treasury Bulletin

3*

Offerings and Maturities of Treasury Bills

-

(Continued)

Table 2.- Prices and Rates of Treasury Bill Offerings
Competitive bide accepted

Total bide accepted
Date of
1b sue

High
Average
price
per hundred

Equivalent
average
rate 1/

per
hundred

Equivalent
rate
1/

Price
per
hundred

. ....
.

8

7

December 1944

7

33

Sales of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(In million! of dollar*)

Salee

riucal year
or month

Amount
outstanding
end of
fiscal year
or month 1/

Set change
during
flecal year
or month

Redemptions

Salee to
investors
other than
commercial
hanks
All series

1935
1936
1937
1938
1939

62.0
316.1
799-6
1.237.7
1.868.1

62.0
254.1
483.5

19U0
1941
1942

1.036.6
1.409.3
5,874.2
11.068.0

1944

2.90U.7
4.314.0
10.188.2
21.256.2
3U,6o6.1

1943-October..
BoTemher.
Decenher

26.056.0
26.697.0
27.362.8

+1.577.6

1944- January..
February.
March

28,901.0
31.515-2
31,973-8

1.538.2
2.614.2

19"t3

+U38.O
+630.5

+13.350.0

641.0
665.8

+458.6

62.6
264.0
512.6
487.5
684.5

i

6.5
7.0
13.1

13-1
13-4
19.6

143.7
170.5
206.9

142.9
169.6
205-9

1.0

737-0
748.4
1.765.4

1-5
2.2
76.8

a.6
I8.5
24.5

237.1
278.9
247.6

235-8
277.2
246.1

2,089.0
60O.O
691.1

36.1
2.4
1.0

33-5
21.9
30.7

226.9
278.7
283.0

%
5/

I
57

694.4

.6

26.9

400.6

57

57

1.2
7-2
17-1
28.0

11.2
36.2
66.6
82.0

65.6
80.0

1.1

42.1
65.O
85-9
92.0
96.0

114.3
147-5
132.7
88.2
79-3

110.8
142.2
126.2
81.8
71.7

3-5
5-3

6.2
6.1
6.0

5.7
5.5
5.5

.6

6.2
6.1
5.9

.7
-7
-7

Serlee A-D
62.6
264.0
512.6
487.5
684.5

358.1

183.

266.8

i
y

+1.036.6
+745.5
-46.1
+3.8

,108.7
828.0

828.0

.8

.8

.1

.1

16.8

.1

.1

1
y

5

5
11.1
35-9

1943-October...
SoTenher.
December.

3.615.6
3.614.7
3.616.3

;:1

6.3
5.1
7.7

1944-JanuaryFebruary.
March

3.623.3
3.624.2
3.624.9

+6.9
+.9
+.7

13.8
7.8
7.2

6.8
6.8
6.5

April
K»T
June

3,624.8
3.622.9
3.624.3

6.5
5.3
8.2

6.5

-1.9
+1.9

July
August
September

3.632-7
3.634.2
3.636.2

14.7
8.1
7-5

6.3
6.6
5-5

%

Ootober.

3.637.2 1/

5-7 1/

57

19V

1944
I9U3- October...
November.
December.

1944-January.
February.
.

March
April
May
June

July
August....
September.

October.

.

.8
•9

1.1
1.1
1-3

u
1.5

•

19UU

203.1
3,670.3
11,286.6
21.124.8

3

6/

•

+.1

+7.9
+1.6

2.0

6.7

Serlee I

I*

V,

3,604.2
3,608.0
3,624.8

19U1
1942

3-5

738.5
750.6
1,842.2

695.0

.

2.0

186.7

321.4

2.904.7

110.8
142.8
200.9
841.3
2.357-8

I87.8
184.8
268.1

37.644.7

19U0
1541
1942
19t3

87-5
127-6
223-2

114.3
148.1
207.4
848.3
.370.9

27-7
17-5
17.6

Octoher.

630.5

42.1
65.O

•3
1.1

193.0
80.6
4.1

439.8

62.O

65.6
80.0

1.505.4
2.700.9
705.0

September.

+254.1
+483.5
+438.0

11.1

1.698.4
2.781.5
709.1

2.125-1
602.4
692.I

62.0
316.1
799-6
1.237-7
1.868.1

.5

11.2
36.2
66.6
82.0

1.708.2
798.1
853.O

+1,931-6
3>»5-7

1935
1936
1937
193*
1939

i

-5

1.2
7-2
17.1
28.0

1.708.2
798.1
853-0

36.537-8
36.883.5
37.323-3

.

SJ

1.492
5.994.1
11.788.7
15.139.5

July
August

+523-0

Interest
accrued

1,492.4
5.994.1
11,788.7
15.497.7

32.U96.
32.987-0

490.2
I.619.2

Original
purchase
price 2/

3_/

1.108.

April
Kay
June

3lt,606.1

Sales to
commercial
hanks

Accrual
of
redemption
values

37 8/

1:1

l
\
5.6

•3

2.0

&
7-5
.6
.6

.7
.3
-7

57

57

9

..

Treasury Bulletin

36

Sales of United States Savings Bonds

-

(Continued)

Table 1.- Summary of Sales and Redemptions, by Series

-

(Continued)

(In millions of dollars)

Sales

Fiscal year

Amount
out standing
and of
fiscal year
or month 1/

Net change
during
fiscal year
or month

Total

Series I

66.6

191*1

+66.6

1*98.9

191*2

19U4..!.!!!.!..

1,242.3
1.995-7

19l*3-October...

1,529.6

Redemptions

Sales to
investors
other than
commercial
hanks

66.7

i*3U.9

+90.2
+19.I
+20.0

93.1

93.1

+123.2
+151-7
+17.0

126.8

1,860.6

May. ......
Jane

1.875.8
1.885.9
1.995-7

July
August...
September

2.091,
2,102,
2,113.

October...

2.121.5

19l*l*-Jamiary.

February
March

1.5>*S.7

.

1.568.7

.

1.691.9

.

April

1,81*3.7

39"».o
2,l*lU.3

191*2

5.119.2
7,860.8

191*3

19IA
19>*3-October...

November .
December
.

19l*l*-January.

.

February..
March

April
Kay
June

July
August . •
September.
.

October...

111.0

2.5
8.8
.1*

&

•

7

2.9
17.0
57-7

2/

3.3

2.9

17.0
57.U
3-3
5.0

IX

58.1
aU.7
1,3

1.1

l+.S

>*.7

.6
•7

6.3
6.6

6.3

22.9

68.7
132.7
21.7

+15.2
+10.0
+109.8

19.3
15.3
115.1

19.1
lU.6
89.1

.2

•9

5.0

1.0
1.1

+95-5
+11.0
+11.0

101.1
17.8
16.0

88.3

12.8

1.5

17.0
15.8

H
H

5.0
6.2

26.0

.1

1.1

6.3

+8.2

13.7

13.5

.1

i.i*

6.8

157.1*

SerleB
19l*l

.2

57.9

B 1.2

.

Interest
accrued

3_/ 9_/

757-9
802.2

November
December

Original
purchase
price 2/

valufis

66.7

1*31*.

+753 "*

Sales to

commercial
hanks

Accrual
of
redemption

J/ 2/

.8

6.6

6.1*

5/

5/

December 1944

37

Sales of United States Savings Bonds

-

(Continued)

Table 2.- Total Sales by Series, Classified by Denominations

Fiscal year
or month

7

.

Treasury Bulletin

38

Sales of United States Savings Bonds

-

(Continued!

Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States
PART A

-

SERIES E

(In thousands of dollars at Issue prices)

Fiscal year

19bb

191*3

State
19l»3

May

Apr.

Dec

Nov.

Oot.

191*1*

July

Aug,

Sept.

Oct.

P

Alabama
Arizona
Arkansas

91,272

139,180

17.171

7.1*1*9

27,8116
52,76!'

1*2,252

5.231*

7U.176

8,817

2,092
3.675

638.877
62,132
168,253

970, bib

123,72"*
12, "27

Delaware
Dist. of Columbia
Florida

21,82b
83,11*3
89,1*96

27,609
135,069
lb2,682

3.155
17,113
18,361

Georgia
Idaho
Illinois

9b. 52b
27,81*5

l!*5.933
1*0,230

575,056

755,362

is,8b9
6,296
8b, 909

Indiana
Iowa
Kansas

213,813
176,508
106, 190

313. 59 1*

35, 666

263.1*1*5

33.051

18.793
10.570

163,077

21.1*97

87.607
91*, 910
37.361

127,9^6
l"l,lb6
5U.99U

16.501

108, 60U

152,566
390,986
688,159

96,003

1*0.1*69

179,108
52,870
195,868

21*9,962

29. 6U5

82,588
283,681

9.158
3"*. 336

39.1*32

72.211

55.230
128,079

7.090
22,315

11,1*66

13.1*68

1.1*95

California
Colorado
Connecticut

Kentucky
Louisiana
Maine
Maryland
Massachusetts.
Michigan

. .

1*81.637

Minnesota
Mississippi
Missouri

Montana
Nebraska
Nevada
New Hampshire.
New JerBey
New Mexico

280,091

. .

90,226
220,926

26.163

56,01*9

5,028
13.300

7.331
2,012
3.903

ll,6b8
3.822

30,599

8,1*05

lb,017

56.999
5.121

86,635
7,698
19,502

182, 91*0
17,1*60
1*1.593

2.739

b,205
23,069
29,bu6

lb. 557

1,802
8,516
8.067

11,1*19

9.051
1.979
50,733

11.850
3.979
52,791

2l,8Sb
18,508

7.1*1*7

21,585
12,b27
7,015

8.325

5.85b
7.269
3.595

17,1*27
52, 6l6

9.015
23.1*67

17,1*38

7,880

8, 1*03

lb, 232

l.bn

1.935

"3,782

"2,31*0

5.159
76.625

15.53e
9.538
7.257

19,232
9.773
6,6b6

19. 661

lb, 1*57

58,283
63,579
36,095

8,060
7.351
2,81b

10,321
12. 687
b.761

26,856
25.213
11.530

5,089
6,896
2.5"*5

11.250
21,771
bo, 9U0

13.575
35.929
52.215

25,983
76,5b8
131, bOO

12,095
3.153
15.536

12, 0U1

28,795
9.381
26.617

1*3.513

2.0b6
5.050
693

2.199
5.281
639

1*5,1*79

3.571
16,519

9.202
21.153

10,170
2,807
i2,ob3

9.592
3.087
12.33b

10.039
3.137
lb, 751

32.193

37.573
lb,8i5
38.657

8.220
1.850
10,919

9.1131

13.751
52.0bs

6,505
10,870

IO.567
28,807

1,689
U.706

2.121
5.3>*5

1,912
",7"7

1,1*08

2,99!*

567

563

627

7.830
16,09s
1.323

2,656

7.195
75.393
6,0bb

1,025

l.bbo

21,1*97

23,1*26

1,225

1,300

1.623
23.752
1,092

8,635

2b2,271
30,398
11.317

68,902
5,526
I.U61

67.927
7.157
1.K3U

60,766
12.867
lb.bsi

Il6,9b2
28.783
29.055

3°. 373
5,1*02

6,806

Ib7.6b6
11.198
lb,bi7
10,099
26,556
105,358

2.296
12,696

10.7bb
b,o6s
lit, 2lb

1,856
b,"18
576

2,089
3.655
5ba

7.105

1,290

21,21*6

3.61*1

2.756

1*93

6,529

1.07b
21,ob6
1,09"

22,

1,812

1.569

*

2i*,b65

1.075

l.b2b

",650

67,337
7,281
l,b6s

127,955
lb, 021
7,970

2lb, 362

58,011
U.697
999

70,852
7.195
1.315

71.3**2

25.03b
9,822

39,912
5.395
7.SH3

1*3,338

71,091
15.551
16.571

106, 3"3

35.0"0

22,290
28,058

**.5i*7

6,91*0

5.937

37-327
5.906
7.379

b2.132
",333
7.106

b5,01S
2,26b
2,899

bb,805
3,b6o
3.763

U6, 1*02

91, "38

39.06s

1*7,888

3.551*

5.790
7.912

126,273
10,286

2.'»17

"87

3.723
".937

b2,b52
3.2b0
".538

1.589

8,9bb
20,696

1,625
7.533
22,255

1.60b
7,982
20,791

7.386
13.852

8,22"
23.957

63.1*55

7*1.871

1,182
5.316
16,019

7.365
20.335

21. "51

2.655
766
9,828

2,516
918
10,26b

6.207

9.030
3,16b

1.590

2.1*76

2.1*71

1.9**7

687

7b6

36.1*71

l,6ob
6b5
7,118

18,927

3**.7a9

6,385

10,856

912
10,57"

23,860
8.760
18,870
1.779

1*5.193

11,280

13,799
5.977
10.76s

27,579
9.589
28, 70b

38.856
15.369

15.99"

10,129
878

13,89"
b,989
11,089
9bl

10,1*63

16.958
51,125
5.805

1,01*9

2.251*

t.072

b,0l6
9.915
639

393

1.5l»l

333
1*5

822

"38

592
6.b62

317
528

869

766
U.800

157
538

657

1.11*9

18

b,oo6

",91*0

*>,795

1.7W

2.1*35

1*1*5

5.069
321

79

598

10

7

39
38

U09
29

5.050
903

7,200

U65

b

6

15
11

129
15

26

135

1*3

"2

S3

77

20

-95.133

29,09b

19,00"

122,879

107,67"
626,051

857, boo

60.858
76,058

52.523
3.506
b,23l

56,156
3.698
b, 217

76,1*95

53.71*8
53.1*01

102,520
8,16b
10,170

South Dakota
Tennessee
Teias

33.171
100.530
306,265

53.813

7,212

11*7.296

21,11*9

59.78U

1,962
7,991
26,190

7,18b
13,782

U9U.995

2,008
7.365
23.792

56,357
18,819
189. 563

8.571*

3. 191*

2,8bb
23.557

l.obo
11,090

3.522
362

U.835
1.6U1
17.862

257.729
92.197
2b8,280
23.769

36. obi

15,333

6,960
7,135
58.310
8.931
958

9b2
522
3.916

121,785
lb, 92s

5.1*99

6.621

39.1*87

Alaska
Canal Zona
Hawaii
Puerto Rico
Virgin Islands...
Other oosseeslons

7.397
U.338
61,066

Unallocated

63,62U

58.1*95

90,737

225,856

-llb,b7b

•23,585

78,51*6

8.271,275 11,819,71*2

1,31*0,11*8

665.293

1,08b, 637

Total

8,785
20,815
35.817

67.591*

Pennsylvania
Rhode Island
South Carolina...

Adjustment to
Dally Treasury
Statement

35.11*5

bb.Wc

7.7*tS

3.327

52, 65b

187

8.91*1

2",bS5

51,600
3.033

3.017
bb,085

bb,309
6,608
9.283

36

6.873
8.337
2.660

6.969
13,802
23.516

85,682
18.575
2b, 86b

67

5,1*06

23.996
60.670

135,26b
159.752

69

18.080
8,189

6.1*35

95.01*8

506,361*
82,11*3

312
10

18,837
8,227

50,160

16,630
38.237
71*. 137

Ohio
Oklahoma
Oregon

5.91*6

15.930
5.355
6,580

11*0,393

9,Ob5
23.2b6
33.829

65.537
8.138
2.656

U.362
322

1.620
"3.959

8,63b
20,881
33,122

18,751
9,325

669

8.616
1.292
U5. 181

7.289
15.692
33,961

158,1*07

"98

6,02b
956
36,009

535

58,221*

5bl
651

2b,987
6,b50

99**

lb9,l*U3

1.329

i,"30
7,706
8.326

,657

1,290,035

28U

1.556
3,6b8
7.377

1,91*0

1
3 *.3>'9

13,71*8

5.81*9

5.7*H*

991,938
113,869

17,085
6,308

1.382
b,b26

b,302

2.555

5.23"*

3.610
23.267
2", 986

20,168
20.530
9.791

3**.571

13,086
1,181

12,11*0

12.297
lb, 200
5.095

1,1*65

35.52**

56.bb7
3.725
12.269

6,885
8,01b
3.029

1,76b
28,307

10,005

bi,3o"
2,809
10,316

6,532
7.657
2, bis

1,336

13.53**

163,598
13,620
33.522

1,1(12

1*2,133

2,012

7.672
9,286

59a

7.272
2,02b
U.0O0

8,877
7,202

2b, 31b

8,968
2,170

29.91*7

991

2,351

6.731
1.S29
3,100

29.519
3",856
19,625

3.523

203

3.177

6,952
1,12b
bo, 050

5,018

5,1*22

96,211
10,011
23.139

8.957
150. b6l

8.666
1.6H3

1*9,899

3.91 1*

53.933
".357
13.097

8

27.990

64,583
172,650
17,313

3.911*
12, bos

1*.353

1.391
7.871
8.526

32.722

163,921*

55.636

3,86b
10,620

8,9"7

1.333

New York
North Carolina...
North Dakota

Washington
Vest Virginia
Wisconsin
Wyoming

1*5,^70

5,053

7.856

1*15.338

11*5,1*59

3. 718

25,560
7.763
10,699

7.691*

17.28U

33.2U2
I"*. 175

l",3b3

1.57't

11.237

8b, 6lb

Utah
Vermont
Virginia

8,107
2,096

5.1*83

6,699

25.737

177

7.111
2,098
3.037

8,127

1.563
11,01*9

303. 807

711*.

8,71*6

5.699
2.075
2.879

11.0b2
H, 021

l*,b09

2.102,31*5 575.77"

5.987

3.93s

13.1*52

bb, 153

2.1*69

2,

1

1.1*95

5
3

-l6b, 120 +31.932

-17.1*^8

62b, 253 1,31*9.79" 1,686,509 1*99.357

590.827

7.880
1.755

1.739
7.775

..

..

.

.

..

7

.

December 1944

39

Sales of United States Savings Bonds

(Continued)

-

Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States
PART B

-

(Continued)

SERIES F AND Q COMBINED

(In thousands of dollars at laeue prices)

19W4

19**3

Alabama.
Arl son*.
Arkansas.

30.156
9.U5O
17.831

32,007

•

6,1421

16, 578

California..
Colorado. ..
Connecticut.

22U.llt5

Georgia.
Idaho
Illlnola.
.

666

772

2149
441*3

214,9614

11.765

2.91U
7.03U

979
3.367

12.326
33.757
36.705

10.306
29.761

1.020
2.326

140,1496

"4,222

1,701

37.831
8,031
272,112

141,958

14,390

7,630
236,291

28,52"4

1

*

61,128

Delaware
Wit. of Columbia
Jlorlda

3.607

1.398

258,108
30.678
6U.U37

29.

.

19W*

i9>»3

fiscal year

1,011

Sac.

Jan.

1.095
370
365

3.399
755

5.829
1,928

687

626

81*6

3.851

1*23

"•37

2,1*34*

2,1*142

600

69U

282
U71

1.1*97
2.91*0

33,1*08

1*3,51*8

8.667

3.709

5.W6

9,868
1,276

1.27"4

11,1*11

11,14944

2,1*59

2.215

581

>422

1.21*5

1.U15
1.615

1*.681

1,660
5,028
8.317

1*01

1,0a

1,108
1,868

2.325
292
10.535

1.916
282

3.509
1.012
25.797

8.723
1,301

1.230

147,1407

h.311

1,61*1

6.766
10,030
5,286

1U.013

1.560
1,380

5.232

3.580

79,52"*

Iova.

n,U32

82,311
106.397

9.593
26.W43

897

I4I4.9O3

44.79U

3.002
1.596

Kentucky.

"*3.755

1*7. Ul*2

2.969

2.352

829

8.117

Louisiana
Maine

UU.U61

38.952
20,591

3.1140
2.1470

1.4*31

1.06U

1*,129

1.099

897

3.626
16.357
11.792

2.612
U.300

7.306
1.399

.

3"*.

20,21*5

Maryland
Massachusetts.
Michigan

5U.252

52, >»93

17"*. 999

1147,625

106,363

10>4.

Minnesota. ..
Mississippi.
Missouri. ...

69,692
21,812

Montana.
Nebraska.
Nevada

10.52?

.

.

Oregon.

Pennsylvania.
Bhode Island..
South Carolina

Utah

5.359

0,276

1,660

ijl

1.506

1,1*27

14,1149

1.2>*6

I9I*

301*

935

10,605

176
10.752

27,6145

160
9.156

1,211
226

13.5U2

5.5W4
1,183
27,872

7,888
5.739
2.353

"4.169

*,369

1.896
1,184
62U

2.762
5.573
3.362

7.325
31,252
11,217

8.378

2.335

25, 156
20,2149

5.198
1.781

1.826
5.563

2,7^8
7,288
'.332

7.02U
17.887
lU.oso

5.759
15.U69

2.266
660
3.539

2,267
5U6
2,7 1*6

10,550

U.952

3.TO14

3.625
13.1W4

299
928
80

1.321
U.96U
69U

7.55>*

69

12. 896

2,108
"*.179

518

2,112
8.177
750

3."*5>*

2,671
5.2"»1

56

1*11

327
3.693
151

1.768
13.295
919
51.251
5.885
2.890

59.856
4.591

"477

537

16,802
3.26U
2.723

8.935
851
955

8,1432
1,"423

28,030
3.195
t.173

26.711
3.771
U.302

8.565

9.957

8,816

722
.1.005

88U
1.259

611
811

23.18U

10.233
1.078

10.2U0
656

31. 108

"•3.976

7.693

2,1*50

3.036
.036

2,105

1,031*

7214

,o!*6

3.337
3.298

1.1*76

21.712

251.120
20,628
21,988

9.660
1.012
960

10,1416
39.1)40

13,222
39,186

31U

1.350

2,271

529

KV*5

6,0148

"7,537

5U1
1,556
2.650

l,63l4

110.993

1.693
3,860
10.10U

3.955

13,201

23,2"42

1.352
3.U89

7.14714

8,393
8,026
51.399

651
1,191
3.119

2,297

287
273
2.957

1.277
1.368
7.200

1,032
1.6U5
7.588

56.253
19.552
93.192
6.032

6,017
I.638
U.9l*7

1,631
985

,130

9,32"*

716

291

1U5

7.269
2,203
9.52 1*
569

8

72
55

11*1

2.790
160

1418

1

28

2lU

5,181

657

20.381

2U.381

3.517.35"*

3. 319.7it7

20.36U

356
1,220
158

271*

1.623

U5

2. 7511

1

277
1.133

1*62

13.960
1.603
3U1

17.367
*,010

3.U7

1.965

17.629
1.739

1.316
1.825
10.322
3.982

2.337
52U

356
2.153
190

19.585
1.560

.0514
.61"*

568

2,026

"4,063

96,018
5.911

3.1*92

1.751

2.600
7.866

5.066

68,129
6.050
1,926

"409

9.3>*5

532

"*,970

17.92"*

280

1.707
U.153
3.776

is

16.735
1.693
6U5

1.026

12,121*

1.906
3.560
2.732

9.912
3,600
15.806

3.093
1.575

1*27

1.1*06

2.663
360

3U

1.532

1.350
1.286
393

4.1436

2,617

2.720

"9

IJ.905
86,336
6.010

7. 1*e |*

Z.U16
1.322
785

1.267

,

^

1.697
1,268
6U7

5U8

29.326

382

6.557
6,210
3.706

10U

26.0142

79"*

J

2.1*50
l.»*35

"•73

19M55

,5l

2.299

3.891

203.827
25.095
32.892

J

U.7U9

52U

10.937

31*,

9,1*91*

1»,680

"*.173

l,Si*3

Source:

302

3.50?

Canal Zone

Adjustment to
Dally Treasury
Statement

I.80I4

"4.276

19. 326

1.297

Unallocated.

1.205

3.111

Alaska
Bawall
Puerto Rico
Virgin islands. ..
Other possessions

i»56

1.O83
1.580

12,607

>*9.753
..

i*i»3

886
2.068

U26

53.701

Washington
•eat Virginia.
Wisconsin
Wyoming

7.932
632
1.576

"t.053

7,5*

Vermont.
Virginia.

6.2U6

559

297,1430
30.U214

South Dakota.
Tennessee.
Texas

14,050

5.099
156

Ohio.

Qklahoa

U.286
7.706

10,381

1.710
12,662

1*8,3514

8,070
671
2,106

53«

8,823
1.231
2, 600

81*0

7,31"'

l"*.563

1U.978

25"*

114.28U

106.839
6.503
"472.310
142,263

78»

228
332

10.2U6

IU.U03

I4U.65U

6145

U.112
3.615
1.572

118, 76I

627,986

1.719

U.260
2.307

391

Sew Tork
North Carol In
North Dakota.

14,009
l.39>4

S.pt.

3.7"40
5.5"»l

1.058

77"*

Aug.

1,818

4.357
198

7.025

.

July

8.370

1,1147

U.14441

.

6.9141

Kay

15,"471

13.550
39.339
3.630

30.1*1 "4

•

Sew Hampshire.
lew Jersey
Sew Mexico

total

22.296
91.689

814.266

.

768

69. 836

Apr.

9.257
1.039
2.U62

Indiana
lansae.

Mar.

1.796
13,1469

1,121

57

613

3.15f
116

1.150

"5?
3.086
217
12.569

2.1147

12,665
1.087
U69

22.3U1
3.623
3.929

a. 893

7.1*30

3.1*10

3.065

680
652

5.710
789
931

6.200
sou

650

28,1482

7.060

3M

571

06L

2,181
2.U98

771
580

7.733
619
632

Jll

523
1,510

186
0b£

1.666

2,696

2.37"4

19.557

10.783

255
1.125
2.631

1.067
2.793

198
255
1,267

317
220
1.6U8

127
307
1.937

1.231
1.029

665
1.072

191
2U1

213

7,221

"4.768

l.l»70

1.6o2

2,065
866
3.625

2.126
966
3. 809

1,698
1.1U2

7.3>»7
2.7>*9

5.636
2.063

3."*97

11,6148

2.007
656
3.108

1.1*57

"416

306

155

13.901
663

1,806
U05
2.911
170

112

161
1 5U

129
275
673

216

11*0

lUeu

2,668
16.799

2U6
666

32U
1.157

2,08>4

lob

161*

14714

I4I47

31

122
to

99
70

10
100

27

18

13

10

99

930

36

19
33
502
133

150

5

g
5148

1.U6U

J7

70

5.2"»3

1.20U

79

1.1*20

377

17"*

60
6?
259
370

3U1*

19

33

22

231

119

19

.701

9.100

.114,255

18,300

-2.123

306

U.1U5

•12.526

17.25U

"*. 269

2,1*25

368.001 132.853

125.1*59

1420,728

598. 570

129,230

131.339

1214,177

W5.6I45

1*02,1477

100,677

100.277

(1) Total aalee:
Dally Treasury Statements:
Beporte of groea sales.

(2)

Sales by States:

Preliminary.
Leea than $500.

40

Treasury Bulletin

Participation In Payroll Savings Plans for United States Savings Bonds-^

..
.

1

U

,

U
7

,

December 1944

U

41

Sales of Treasury Savings Notes 17

-

(Continued)

Table I.- Summary of Sales and Redemptions, by Series
(Par

ioImi

-

(Continued)

- In Billions of dollar •)

Redemptions and exchanges

Fiscal year
or Booth

Aaount
out standi ng
end of
fiscal year
or sonth

Hot chaaga
during
fieccl yaar
or month

EeeelTod

Salai
Total

In payxast

of taxes

Redeemed
for caah

be banged
for
new eerlee

2/

Series B 4/

2.959.7
764.8

2.959-7

"».o66.7

19>»3

-2.195.0

877.1

1944

22.1

-7>t2.6

1.107.0
3.072.1
742.6

1,087.1
2.933-3
721.2

19.9
70.6
21.5

-27.2
-14.8
-178.0

27.2
1U.8
178.0

25.6
14.0
171.6

6.4

-18.9
-8.4
-53-2

18.9
53.2

1U.3
9-6
51.5

4.6
-1.2
1.7

39-7
34.1
22.1

-8.4
-5.6
-12.0

8.U
5.6
12.0

7.9
5-4
11.3

•5
.2
.6

19.1
17.9
13.6

-3.C
-1.2
-4.3

3.0
1.2
U.3

2.9
1.1
4.1

.2

August. ...
September

October.

12.7

-.9

1942

1943-Ootober..
BoTember.
December.

15W_ January..
February.

Harch
April

Hay
June. >•••<

July

3a.
306.6
128.6
109.
101.
48.

8.

68.2

1.6
.8

.1
.2

Series C 5/

1943
1944

6,464.0
9.447.7

6,464.0
2,983.8

7,545.7
8,953-7

1,082.7
5.969.9

1.047.2
5.507.9

1943-Oatober..
BoTasber
December

8,611.3
8.797.0
8,302.0

290.8
185.8

460.7
330.2
436.8

169.9
144.4
931.8

149-9
106.7
868.9

20.0
37-7
62.9

1944-Jamuury.
February.
March

9.233-0
10,071.4
8,984.5

931-0
838.4

.,216.1
1,017.1
238.1

285.1
178.7
1.325-0

254.3
132-9
.275-5

S5.8
49-6

312-9
185.

274-9
147-3

1.405.9

.334.2

220.2
171.0
1,181.3

.158. 1:

36.6
22.9
22-9

228.0

198-7

29-3

-495.0

-1,086.9

-13.2
-39.9

8.931.4
8.
3..447.7

516.4

299-7
145.1
1.922.3

July
August
September

9.893-0

445.2

665.5

9.923->»

201.

9.023.8

+30.4
-899.6

October.

8.976.4

->»7.3

8.971.

April
Hay
June

.

Source
A/

i

.

.

Dally Treasury Statement o.
Lets than $50,000.
These notes were originally designed to help taxpayers set aside
funds with which to pay taxeo and were known aa Treasury tax Barings notes. Series A notes were designed for the small and modernotes vera intended for the
ate taxpayer; Series S and Series
large taxpayer. When the oollectlon of taxes through withholding
Series A tax BarlngB notes
need
for
ooimaeiioed,
the
aouroe
at the
disappeared end their sale vaa discontinued, fiedemptlon provisions
on Series A notes were relaxed to pro-ride for the payment of interSale
est on notes thereafter redeemed for oaah (see footnote 3)of Series C notes, whloh were designed for the inreetmont of Idle
oaah reeerree aa well aa for the accumulation of tax reserree, waa
continued end the notes were designated Treasury eacrlngs notes.
Includes matured Treasury Barings notes.
Series A notes, which were sold from August 1, 19^1 through Jane 22,
19I+3, yield approximately l-92?t per annum.
Through June 22, 19**3
the notea could ho redeemed for oaah only at the original purchase
price; since that date, the notea hare been redeemed for oaah at

281.7
180.

4/

5/

I83.6
148.1

30.9

38.1
37.7
71.7

(See
the tax payment ralue current at the time of presentation.
also footnote 1.) Prior to October 4, I9U3, the maximum mount
which could be used In payment of each olaae of tax (Income, estate,
or gift) by each taxpayer during each taxable year waa United to
5.00C par ralue; this limitation was restored as cf that date.
Seriee B notes were sold from August 1, I9U1 through September 12,
19k2 s to jleld approximately 0.4g£ per ennum. The amount whloh nay
be turned In on taxes is unlisdtod. The notes nay be redeemed for
oaah only at the original purohaee price.
Interest aooruee
Seriee C notes vent on sale September l4, 1942.
each month on a graduated scale (see "Treasury Bulletin 1 for August
19^3. pef* *0 -° yield approximately 1.07** per annum If held to
maturity. These notes may be uoed In payment of federal taxes at
any tine two months after the date of issue. The amount whloh may
The notes nay be redeemed for
be turned In on taxes Is unlimited.
oaah alx months after the date of Issue at the tax peynant Talus
current at the time of presentation. Prior to July 27, 1943,
notice of 30 lays was required for oaah redemption. See alao footnote 1.

Treasury Bulletin

k2

Sales of Treasury Savings Notes

-

(Continued)

Table 2.- Sales of Series C Notes, Classified by Denomination^

Fiscal year
or month

1

December 1944

*3

Sales of United States Savings Stamps
Table 1-- Summary of Sales and Redemptions
(In thousands of dollars)

Percentage distribution
of redemptions

Redemptions

Amount
outstanding
end of
fiscal year
or month 1/

Fiscal year
or month

V

19U1
, /July 19U1
lqU
'
(Aug. 19Ul-June 191*2

Net change

during
fiscal year
or month 1/

Exchanged for
United States
savings
bonds 2/

Sales

1/

Total

5.291*

5.H3

6,087

91*3

166,31*1

+161,01*8

308,621

1"*7,57^

K

2/

I

.

213.350
196. 518

590,268 2/

127 9 **
168

18.1*6? 57

51*1*.

1*71*,

70,1*80 5/

-16,832

1*08,930

1*25.762

352.632

73.130

19U3-0ctober
November
December

197.9U2

-3.5U

35.1*62

+l*.i*73

39.565

38.973
35.091

32.771

202,1*15
203,061*

28,51*3

6,202
6.548

+6U9

1*3.585

>*2.937

33.896

19U*- January
February

+1,8U2
-^,329

8 .78U

30,027
33.625

->».T55

37.U51
3^.993
40,029

35.610
322

Karon

20U.906
200,577
195.821

35.781*

April
Hay

196,1*01*
198.1* 07

*

28,71*5

196,518

35.717
30,748
22.696

35.13

June

+582
+2,003
-1,889

24,584

180,399

-16.U9

167,1*25

168,253

-12.974
+828

16,566
23.138
18,898

175.199

*6.9>*5

24,679

19"*3

19U4

•

. • . *

July
August. ..
September

.

October
Source:

1/

2/
*/

•

L

+1*5,620 6/7/

6U7

1

100.0
100.0
100.0
100.0
100.0

9,01*0

582
698
000

100.0
100.0
100.0

8U.3
85-5
79-9

28, 26l

873

690
3.811

100.0
100.0
100.0

80.1*

23.055
20,774

32.685
36.112
18. 070

27.553
27.996
It. 175

5.132
8,116
3.896

100.0
100.0
100.0

84.3
77.5
78.4

17.731*

13.816

3.917

100.0

77.9

5/

i

2/

87.1
82.8

81.3
7S.9

1

Cash

87 .T

100.0
100.0
100.0

Daily Treasury Statement? commencing November 1, 19U2; prior
thereto. Post Office Department.
Figures for periods prior to November 1. 19**2 are not strictly comparable vltb subsequent data because of the shift to a Dally Treasury Statement basis. Stamps sold prior to October 1, 1942 were
known as postal savings stamps and vers obligations of the Postal
Savings System but subsequently became public debt obligations.
Estimated on the basis of samples conduoted by the Post Office Department.
Sales and rsdemptlons commence vltb May 1. 1941 when the special
defense series of stamps went on sale. The amount of the old se-

SU.

80.2
8U.5

22.1

rles of postal savings stamps outstanding on April 30, 1941 was
$150 thousands.
Details not available for Hay, June, and July 191*1.
Includes minor amounts which were exchanged for postal savings certificates.
These aggregated $123 thousands for the period August 1,
19Ul through June 30, 19U2 and $55 thousands for the period July 1,
1942 through October 31, 19U2.
Net of sales less redemption.
See footnote 1.
Does not include amounts transferred from Postal Savings System to
the Treasury to cover outstanding stamps.

Table 2.- Sales, Classified by Denomination

Fiscal year
or month

Exchanged for
United States
savings
bonds 2/

Cash

kk

OWNERSHIP

OF

GOVERNMENT

Treasury Bulletin

SECURITIES

December 1944

*5

Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued
by United States Government and Guaranteed by United States
(In millions of dollars)

Securities

limed

Securities guaranteed by United State* 1/

by United State* Government

Distribution by claeses of holders

Distribution by classes of holders

U. S. Oovensaent
8. Government
agencies and
trust funds 2/

D.

End of fiscal
year or month

Total
amount
outstanding

Total
PtLbliO
Public
public and marketnonspecial
able
marketable
Issues
Issues
Issues

19351936.
1937193«.
1939-

27.61,5

191*0.

112,376

19*1.
19*2.

*8.387
71.968
135.380
199.5*3

32.989
35.800
3«.576
39.886

.IS:

I.656
1.965
3.251
*.*67
5.605

r
r
r
r

r

1.023
1.339
1.693
1.791
1.835

18,920 r

2.028
2.10*
2.*52
213
623

6,803 1
8,225 r
10, 3*0 1
Ik. 091 r

r
r
r

r

r
r
r
r

Public
Special marketIssues
able
Issues

1.558
2.676
3.770

r

r

Tederel
Reserve
Banks

3

7
10

2.1)58

33."5 «

138,63* r 102,865 r

IOL863 r

136.5*5 r

99.978 r

35.769
3S.588
36.567

l*,113

138,1*51 r

If. 873

11.985

138.395 r

99.>*91 r

38.903

<).269

13.168
13.507

11.5>)5

152.91)1* r
153. 661) r

110,583 r
111.911 r

1*2,361
1)1,752

1.227
2.258

13.697

13.216
ll),2l)7

lU.287

l>).899

152.1*30 r 110,161* r
152,1*32 r 109. 718 r
165,725 r 120,880 r

1*2,265

U.122

2.258
1.529
1.516

l*.96l

172.619 r 125.392 r
172,1*07 r 12H.803 r
170,625 r 123. H83 r

170,179

*,060 r

199.5U3

17.767
18.195
18,920

19.5*6 r
20,079 r
20.575 r

it. 615

U.608 r
U.5S8 r

10
10
10

15.«*6l

Sept.

207.117
201,289
207.850

15.976

1U.912
15.803
16,651

Oct.

208,608

20,78i»

U.605

10

16.170

17.6D5

July.
tat..

Souroei

r
•

*.623 r

r

U.853
5.*50

11,1)60

U.057

10
10
10

lt.665

9.303
10.272

16,663 r
17.220 1
17.573 r

r

U.123
*,71S

11,868
12.278
12.703

167.0*3
181,709
183.3*8

"t,o6it

29.579 r

62
1.261
1.188
1.556
2.151

1,516

7.11)9

3.776 r
3.773 r
3.793 *

Apr..
Kay..
June.

r

27.333 r
28, 8**j r
27.989 r

2:1S

2.6)10

15.651 r
l6,05S r
16.503 r

ioai

23.1*91*

12,111

Dally Treasury Statements;
(1) total amounts outstanding!
(2) Securities held by 0. 8. Oevenmeet agsnclee sod trust fund.;
reports of the agencies end accounts with the Treasury] (3) 8ac«rlt lee held by Pederal Ressrvs Banks:
Pederel Reserve System.
Revised.
Lata than $500,000.

If

122.759

5.1*98

6,360
*.5*9
l».092

1*2.

71»

1*U.8**5

Privets
Investors

agencies and
trust funds and
federal Reserve
Banks 2/

Public
Publio
Public
Publio
nonmarketnonmarketmarketable
marketable able
able
Issues
Issues
Issues
Issues

Public
nonmarketable
lsro^i

1U.899

2,180

16U.781
16U.5O8

Peb.

Publio
marketable
leeuea

3.166
6.55*
13.507

6.120
7.885
10,871
1*.287

163. 5«9

Msv.

Total
public
ii-mei

2J.55* *
28. 59* r
30,023 r
29.5!)5 r
31.730 r

lOT.

l<Sl*Wan.

5/

2.*33
2.*30
2.526
2.56*
2.551

19U3-00..
Deo.

Total
amount
unmatured
outstanding

29,950
37.982 r 33.1)28
58,988 r *5.*S1
111). 1*1 r
S*,9>*8
165.725 r 120,880

"J.775

1

Private
Investors

*.15*
U.225

366
377
363
325
286

:

287
275 r
287 r
170
k

*.302
*,528
5,16*

5.211
6,085
*,262
3.738

176

1.186

68
ISO

62
88
87

3*0
7*
J
*37

3!*95
3.*95

190
195
205

91
91

1*95

570
539

3.*92
3.378
1.537

191
188
175

586
176
176

l.*97
1.183
1.186

168
163
150

7

1)7.227

1.1*68

fc*

*»7. ll*2

1.1*75
1,1*80

1.187
1,187
1.187

277
28*
289

1)7.1*20

1,1*80

1.189

287

1*7.

lxeludee matured eoourltlee, and obligation! bald by the Treafury.
Includes: fenhanage Stabiliaatlon Toad.
The total amount of •eourltlea bald by private lnroitore la calculated by deducting froa the total amount of eeourltlei outstanding,
the aoowltieo hold by U. 8. OoTonaoat oceneloe and truat fMnda
aad by federal loaorre Banka.

1+6

Treasury Bulletin

Estimated Ownership of Interest -Bearing Securities Issued or Guaranteed
by the United States Government
(Par values 1/ - in billions of dollars)

End of
month

December 1944

*7

Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States,
September 30, 1044
The following tables present summary
data as of September 30, 19U4 from the
Treasury Survey of Ownership of Securities
Issued, or Guaranteed by the United States.
Ths banks and lnsuranoe oompanles oovered

Table 1.- Summary:

In the survey aooount for approximately 95
peroent of the amount of such securities
owned by all banks and lnsuranoe oompanles
In the United States.

All Interest -Bearing Securities
(In million, of dollars)

.

.

u

9

Treasury Bulletin

«W

Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States,
September 30, 1944 - (Continued)

Table 2.- Public Marketable Interest-Bearing Securities

(Continued)

-

PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES,
AND BY TAX-EXEMPTION PROVISIONS- Continued)
(

Held by banks 1/ and Insurance companies covered in Treasury Survey

Hsld by
U.

90U insurance companies
Total
amount
outstanding

Classification

7.17"*

commercial
banks 2/

35
stock
savings
banks

5U2
mutual
Barings
banks

Total

307
life
insurance
companies

597 fire,
casualty,
and marine
insurance
companies

S.

Government
agencies and
trust funds,
and federal
He serve
BankB ^/

Held by
all other
investors

Percentage distribution by classes of securities
Types of security.
Securities issued by United States
Treasury bills...
Certificates of indebtedness..
Treasury notes
• •••»<
Treasury bonds
Postal savings and other bonds
H/....
Guaranteed by United States

10.8
20.3
12.3
55.7

18 .7
50.2
1.1*

Call classes:
Dae or first becoming callable
Within 1 year
1 to 5 years
••*
»•
5 to 10 years
10 to 15 years
•
15 to 20 years
I
Over 20 years
Various (federal Housing Administration debentures)
•

36.5
18.2
23. k
6.7
7.0
8.1

36.9
27.2
29.6
3.7
1.1
1.5

100.0

. .

Total

1-9

93- 1*

95

10.9
8.3
80.2

50.8
17.1

J:!
.2

*:l

100.0

100.0

100.0

15.0
20.U
32-7
17.2
9.6
5-1

71-3

38.0

.1

•3

100.0

9.2
10.5
27.1

31.6
9.0
12.6

10. u,

38.6
21.0
16.7
9-9

H

9.6
20.8
12.H
25.8
26.5

3.2
8.0
19.0
11.7
28.3
29-7

3.8
27-7
10.9

j_

1>*.3

l

i

I)
8.0

20.8
8.1
7-9
10.8

.1

Total

Tai-eiemption provisions: 5/
Wholly exempt from Federal income taxes
Partially exempt from Federal Income taxes
Subject to Federal income taxes

3.1

U.O
93- >*

100.0

100.0

Total

.2

2.U

.

.1
.8

.2

8.0
8.2
83.2

100.0

.3

.1

82.9

20.8
78.9

36.3
63.7

100.0

100.0

100.0

.6
16.

100.0

100.0

#

1U.9
85.1

100.0

100.0

.1

-5

.3

U2.7
56.8

11.3
88.5

i>*.3

100.0

100.0

100.0

1.0

.8

68.6
12.2

2.1
17.8

1.1
2.3

8.3
32.2
21.0

,

10.7
89.3

100.0

83.8

Percentage distribution by groups of investors
Types of security:
Securities issued by United States
Treasury bills
Certificates of indebtedness..,
Treasury notes
Treasury bonds
Postal savings and other bonds.
Guaranteed by United States ^j. .

1

,

.

Total

Oall classes:
Dae or first becoming callable
Within 1 year
•>••
1 to 5 years
*
5 to 10 years
10 to 15 years
l^ to 20 years
Over 20 years
Various (Federal Housing Administration, debentures)

22.9
53.0
67.8

100.0

l*l».5

100.0
100.0
100.0
100.0
100.0
100.0

1*5.0

.1

66.5
56.1

.1
.2

2l*.7

100.0

32.6
UU.5

Total

Tax-exemption provisions: 5/
Wholly exempt from Federal income taxes...
Partially exempt from Federal Income taxes
Subject to Federal income taxes
Total.

.1
.6

100.0
100.0
100.0
100.0
100.0
100.0

1.7
8.7

•3

.1

.2

7.0
17.8

l.U

1.1

•3

19-3

11.9

10.1*

1.6

1U.6

23.6

.6

6.3
10.6
22.2

&

1.8
2.2

1.0

3.0
8.6
16.3
12.1*

U3.

3

6.U

39.2

i8.1
Ul.8
38.2

l*.i

3

28.U
5-6
3-5
7-3
q.8
1U.5

2U.5
18.5
20.9
28.5
26.6
31-5

3-5

52.1

1*9.8

2.1*

6.2

5-5

5-2

11.9

10.1*

1.6

ll*.6

23.6

.1

1.2
10.8
12.2

1.2

1.8
5-9

6.7
11.2

l*.l

1.1

6.1
10.0
15.5

71.1
20.5
23.8

5.2

11.9

10.U

1.6

1U.6

"23X

7.8
77-2

100.0
100.0
100.0

21.5
56.5
U2.3

100.0

W*.5

6.3

2.5

1(0.1

7-1
8.1

1.8
3.2
20.0

5.2

•
•

•5
.2

•

5

(Continued on following page)

2.2
1.0

23.9
71*.

I

December 1944

1*9

Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States,
September 30, 1044 - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par Taluee - In million* of dollars)

Held by banke 1/ and Insurance companies oorarad In Treasury Survey
Issue
(Tax status is ahoyn In parentheses £/)

Total
amount
outstanding

90U Insurance companlee
7. IT 1*

35

commercial
bank* 2/

took
s.Ying»
banki

5^
mutual
arin^B
banks

307
life

Total

insurance
companlei

597 Hre,
casualty,
and sarin*
Insurance
companies

Bald by

Treasury Bulletin

50

Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States,
September 30, 1944 - (Continued)
Table 2.- Public Marketable Interest -Bearing Securities
PART B

-

Issue

(Continued)

DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING^ Continued)
(Par values - In millions of dollars)

(Tax status is shown In parentheses ^J)

-

51

December 1944

PRICES

AND

YIELDS

OF

GOVERNMENT

SECURITIES

(Including securities issued by Federal agencies)

a

)

Treasury Bulletin

52

Over- t he-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies

October 31, 1044
Table I.- Securities Issued or Guaranteed by the United States Government
PART A

-

TAXABLE BONDS, NOTES, AND CERTIFICATES

Price data
(Price decimals are

Price range
since first traded 2/
(Price deoimals are
thirty-seconds)

Yield data l/

thirty-Beconds)
Anount
outstanding
(Millions)

Change
in

Description

Change
in

mean

Yield

yield

from

if

from
Sept. 30,

Maturity
yield

1944
Issued by U. 3. Government

Treasury bonds
$1,115
3.062
l.OlU
1,292
2,098

2*
1-3/1$
2$
2*
2*

- 3/l5/!*8-50
- 6/15/1*8
- 6/15/1*9-51
- 9/15/^9-51
-12/15/1*9-51

101.31
101.12
101.25
101.21+
101.20

102.01
101. ll*

102.00
101.13
101.26
101.22
101.20

.02
.02
.00
.02
.02

1-39*
1-35

101.26
101.22+
101.21

101.11*+

101.15+
101.07+
100.21+
100.23
103.29

101.15
101.07
100.21
100.22
103.28

.02

1.71
1.78
1.90
1.90
1.93

.03
.06
.00

1,021*

2-1/2*

3/15/50-52
- 9/15/50-52
- 9/15/51-53
-12/15/51-55
- 3/15/52-5 *

5.825
1,501
l,'*9
3.823
2,118

2*

- 6/15/52-5I*

2-l/U*
2-1/2*
2-1/2*

- 6/15/52-55
- 3/15/56-58
- 9/15/56-59 ,
- 6/15/62-671*/

2,831
3,76l
3.838
5.197
2,71b

2-1/2*
2-1/2*

-12/15/63-68!*/
- 6/15/64-69!*/

2-1/2?:

-12/15/64-594/
9 J/

-

1.963
"*.?39

7,986
510

2*
2*

2-1/1*3

2-1/2*
2-1/2*

1

9W

-

3/15/65-70W
°W,
9/15/67-72I/

101.06+
100.20+
100.

103.27

.02
.02
.01

.OU

iS
1.67

100.12+
101.30
103.23
100.16
100.16

100.13+
102.00

100.13
101.31

10325

103.21*

100.18
100.18

100.17
100.17

100.05
100.03
100.03
100.02
100.12

100.07
100.05
100.05
100.04
100.14

100.06
100. OU
100.04
100.03
100.13

.03
.03
• 03

2.1*9

.70*

.01*
.00
.00
.00
.02

1.91*

.01

1.97
2.13
2.20

.02

2.1*6

.02
• 03

2.1*9
2.1*9

2.1*9
2.1*8

Treasury notes
157

3/1A5 5/

.90*

» -

1-1/U*

- 3/15A5
B -12/15/1*5

100.07
99.31
100.03-

261

^
1-1/2;.

A - 3/15/W
B -12/15/1*6

100.25

.69*
100.08
100.00
100.04+
100.26

1.9!*8

1-1/1*;;

B - 3/l5/!*7

2,707

1-1/2* A - 9/15/1*7
1-1/2* A - 9/15/1*8

100.09
100.26
100.18

100.10
100.27
100.19

.10*
.62*

00*

531

Ml

3.71*8

3/1**
,

.71*

100.08
100.00
100. 01*

100.26
100.1c
100.26
100.18

.02
.01*

.02

Certificates of
indebtedness 5/

3.^
5.01*8
M77
1.615
"»,770

2,511
3.69"*
3,1*92

7/8*
7/8*
7/8*
7/8*
7/S*
7/8*
7/8*
7/8*

- 12/1/44

59*.

05*
So*

s

77*

.08*
.02?
.00*
.00*

eo*
51*

.00*
.00*
.01*

A -

2/1/U5

B I -

I4/1/U5

5/1A5

vi
.74*

-

6/1/1*5

.78*

Z - 8/1/1*5
T - 9/1/1*5
- 10/1/45

.80*

78*

.82*

SO*

73<

•

39*

57
75
91
1.11
•

•
•

1.12
1.21
1-35

.00*

-.03
-.01
+ .01
+.01
.00

Bate
of
issue

High

Price

Date

prioe range 2/
(Price decimals are
thlrty-eeconds

19U1*

High

Price

Sate

)

)

)

December 1944

53

Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
October 31, 1044 - (Continued)
Table 1.- Securities Issued or Guaranteed by the United States Government
PART C
Price data
(Price decimals are
Amount
outstanding
(Million!)

-

Price range
since first traded 2/
(Price decimals are

Tleld data 1/

thirty-seconds
Change
In

Inscription

Bid

Mean

mean
from
Sept. 30
1944

(Continued)

TAX-EXEMPT BONDS AND NOTES

Yield

Tleld

2/

ft on

thirty-seoonde

Sate

Change
In

Matu-

of
liene

1944 price range 2/
(Price decimals are
thirty-seconds

High

Lev

High

Low

rity

Sept. 30

yield

Date

Price

Date

12/15/24 116.19 6/22/39 94.06 1/11/32 103.06
9/16/35 110.12 12/12/40 99.27 9/17/35 103.14
109.24 12/14/40 101.31 12/15/37 103.15
116.14 12/14/40 89. 18 1/12/32 106.09
6/15/34 112.28 12/16/40 97.28 9/17/34 105.09

1/11
1/11
1/11
1/11
1/12

100.18
102.00
102.12
104.05
103.23

10/31
10/31
10/31
10/31
10/31

105. 18
111.25
104.13

1/11
1/10
5/15

106.29
106.27

4/25
5/2

103.29
109.31
103.25
105-30
106.00

10/31
10/31
10/31
10/31
10/31

Price

Date

Price

Date

Price

1944
Issued by U. 3. Qovernment

Treasury bonds

1.037

«/
9/l5'/U5-i*7

1.214

%

1.038

819
759
701
1.223
451

491
1.786
1,186
1.627
755
1.118
725
681
2.611

982
?19

12/15/45

3-3/4*
3*

m&
,

6/15A6-U9
10/15A7-52

100.17+
101.31+
102.12
10U.0U
103.22

100.18+
102.00+
102.13
104.06
103. 2U

100.18
102.00
102.12
104.05
103.23

.08
.06
.05
.15
.11

103.30
110.00
103.26
105.31
106.01

103.29
109.31
103.25
105.30
106.00

.12
•15
.11
.07
.03

104.12
109.30
IO6.16
106.30
108.22

.01

.92

.04
.04
.04

2-3/4*
2-1/2*

3/15/48-51
9/15/48

103.28
109.30
103.24
105.29
105.31

2*
3-1/8*
2-1/2*

12/l5/1*e-50
12/15/49-52
12/15/49-53
9/15/50-52
6/15/51-5 *

10U.11
109.29
106.15
106.29
108.21

10U.13
109.31
106.17
106.31

9/15/51-55
12/15/51-53
2*
6/15/53-55
2-1/4*
6/15/55-56
2-7/8* - 3/15/55-60

110.11
106.03
104.29
106.22
111.23

110.13
IO6.O5
104.31
106. 24
111.25

111.06
111.06
111.12

111.08
111.08
111.14

111.07
111.07

IU.I3

.03
.00

103.00
105. 08
133.0U

103. 08

103 sk
105. lU
133.20

.04
.04
.04

12/15M

2*

2-3/4*

1

2-lA*

2-3/4*
2-3/4*

9/15/56-59
6/15/58-63
12/15/60-65 2/

108. 23

110.12
106.01*

104.30
106.23
111.21*

.05

.02
.02
.02
.03
•03
•.04

••3/32,

•37

:S

-.01* 2.0J*
-.02
+.15 3.31
+.09 1.93

M

6/15/31 113.19 12/14/40

+.11
+.07
+.07
+.03
-.01

2.23
2.84

1.12
1.19
1.27
1.37

-.02
-.01
+.01
+.01
+.01

1.26
1.80
1.73
1.56
1.76

12/8/3? 107.00 12/12/40 101.10 5/24/40 104.29
12/15/34 115.04 12/12/40 101.07 12/15/34 110.22
12/15/36 108.28 12/10/40 96.19
5/8/37 107.07
108.30 12/10/40 99-15 9/25/39 107.24
5/1/37 109.20
6/15/36 110.26 11/12/41 98.16

8/8
4/21
8/4
9
,V
4/12

104.09
109.2?
106.14
106.27
108.17

1/4
10/30
10/28
9/22
9/22

1.4l
1-35
1.39
1.50
1.64

-.01
-.01
-.01
-.01
-.02

1.94

9/15/31
12/22/39
10/7/40
7/22/40
3/15/35

113.24 12/30/40 82.08
107.02
8/5/44 101.08
105.21
3/7/44 101.19
102.02
107.22
112.28
7/6/43 98.30

1/11/32 111.16
5/24/40 107.02
105.21
7/24/40 107.22
9/20/35 112.19

2/24

110.10
105.29
104.20
106.09
111.09

9/28
9/22
9/21
9/21

7/6/43
7/6/43
7/6/43

98.10
99.15
99. i5

4/1/37 112.02
9/25/39 112.03
9/25/39 112.10

Hi
3/6

•115.00

1935

75.00

6/1/11 134.00

9/5/*

3/15/40 101.16

.70
.83

:S
.92

1.70
1.82
1.92

1.76

1.53
1.50
1.61
1.98

-.02

1.88
2.02
2.08

-.01
-.01

83.05
98.18
12/15/38 107.20 12/12/40 99-14
3/16/36 111.18 12/12/40 99-10
3/15/38 111.01 12/12/40 100.30

w/16/22 122.22 12/14/40

1/11/32
10/8/23
9/25/39
4/1/37
4/2/38

8/5
1
H
3/3

9/a
9/22
9/22

3/3

110.25
110.26
111.03

75-00

105.04
107.02
6/18/21 134.00

1/17
2/21
9/5

103.04
105.14
130.28

10/31
10/31
3/1

8/6/41

98.26

6/10/40

3/25

100.06

10/31

6/1/39 103.26 12/13/40

96.24

9/25/39 101.04

1/13

100.20

10/31

9/15/36 112.13
6/15/38 112.13
12/15/38 112.28

5/1

Other bonds 10/
3* ConTerelon - 1/1/46
3* Oonrerslon - I/1/U7
3* Panama Canal- 6/l/6l

105.20
134.04

.83

-.08
-.03
.00

.24

+.04

1/1/16

19;ao

[:

Treasury notes
718

3/4* a -

3/15/45

100.05+ 100.06+ 100.06

Guaranteed by

U.

3.

OoTernment 6/

Home Owners' Loan Corp.

755

1-1/2* M - 6/1/45-47

100.19

100.20

-.02

.42*

.04* 1.25*

to maturity date when mean price li below par.
Included In the average of long-term taxable Treasury bonds.
Qpoted on yield basle.

Vnen the price of a security is such as to result in a negsvtlTe
yield, the excess of prloe ore? aero yield is glTen in the yield
columns in thirty-seconds.
Prices represent the mean of closing bid and aak quotations in the
over-the-counter market exoept that prices of Treasury and Borne
Owners' Loan Corporation bonds for the period prior to October 1,
"When
1939. represent closing prices on the Hew Tort Stock Exchange.
issued' prices are Included beginning October 1, 1939. Dates of
highs end lows, in case of recurrence, are the lateet dates.
Computed on mean prloe to coll date when mean price le above par and

itV

Exclude* Federal Houilng Idmlnlitrutlon debenture!.
This security vas Issued on Hovember 2 194U, In the mount of
$1,311 ulUions.
Celled on August lU, 19UU. for redemption on December 1$, 1944.
Included la the average of long-term partially tax-exempt Treaeujy
bonds.
Excludes postal seringa bonds.

Treasury Bulletin

5*

Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
October 31, 1944 - (Continued)
Table II.

-

Securities Issued by Federal Agencies but not Guaranteed by the United States
Price data
(Price decimals are

Price range
since first traded 2/
(Price decimals are
thirty-seconds)

Yield data 1/

thirty-seconds)

Amount
outstanding
(Million!)

Description

Ask

Mean

Change
in
mean
from

Change

Held

in
yield

11

from

Sept. 30,

Sept. 30

19*

Maturity
yield

Date
of
issue

19*

High

19*

price range 2/
(Price deolmals are
thirty-seconds)

Low

Price

Date

Price

.82*

10/31/*

.82*

High
Date

Price

Sate

.82*

10/31

Low

Price

Date

Taxable debentures

Federal Home Loan
Banks j*/
$1+1*

.85*

A - I/15/U5

•

90*

.75*

.82*

.00*

6/15/*

10/31/*

.82*

10/31

Federal Intermediate

-

11/1/*
11/1/*
12/l/*

29
16
25

.93*
.90*
.90*

15
18
17

.80*
.90*
.80*

31

1'$

2/l/t5

•

90*

:li/2/U5

•

90*

18
26
27
20
30

-

-

- 12/l/Uh

-

I/2/U5
1/2/Uj

7ito

5/1/45
6/1/1*5

7/2/1*5

100.00 10/30/
100.00 10/30/

.90*

.00*

3/1/* 100.00 10/31/

.00.00 10/30/*!/ 100.00 10/30I/ 100.00
.00.00 10/30/*!/ 100.00 10/301/ 100.00
100.00 10/31/*!/ 100.00 10/311/ 100.00

10/30!/
10/30!/
10/31I/

.00
.00
.00

.80
.90
.80

.00
.00
.00

6/1/1*1* 100.00 10/31/*
100.00 10/31/*
100.00 10 31
100.00
4
7/
4/l/* 100.00 10/31/*!/ 100.00 10/31/*!/ 100.00 10/31!/
100.00
7/1/* 100.00 10/31/* 100.00 10/31/*
100.00 10/31
100.00

10/31!/
10/31

100.00
100.00
100.00

.00
.00
.00

.875
.90
.90

.000
.00
.00

5/1/* 100.00 10/3l/*2/lO0.00 10/31/*!/ 100.00 10/31!/ 100.00
6/1/* 100.00 10/31/* 100.00 10/31/*
100.00 10/31
100.00
7/1/* 100.00 10/31/* 100.00 10/31/* 100.00 10/31
100.00

10/311/
10/31
10/31

100.00
100.00
100.00

.00
.00
.00

.90
.85
.85

.00
.00

100.00

:
%
- 100.00

100.00
100.00
100.00

100.00
100.00
100.00

100.00
100.00
100.00
100.00
100.00
100.00

2/1/1*1*

8/1/* 100.00 10/31/*
9/1/* 100.00 10/31/*
10/2/* 100.00 10/31/*

.00

100.00 10/31/*
100.00 10/31/*
100.00 10/31/*

100.00 10/31
100.00 10/31
100.00 10/31

100.00
100.00
100.00

10/31
10/31
10/31

103.22
103.23
105.03
106.02

101.14
101.25

10/31

Tax-exempt bonds

federal Land Banks 8/
$157
230
171
170

1/

3-1/4*

5/1/1*5-55
7/1/1*5-55

I/1/U6-56
3*

5/1/1*6-56

101.13 101.15
101.21* 101.26
103.03 103.05
104.02 104. 05

101.14
101.25
103.04
104.04

.09
.08
.08
.08

31
31
.24
•

+.08*
+.04
+.03
+.02

When the price of a security Is such as to result in a negative
yield, the excess of price over zero yield Is given in the yield
columns in thirty-seconds.
Prices represent the mean of closing bid and ask quotations in the
over-the-counter market.
"When issued" prices are included beginning November 1, 19**1. Dates of highs and love, in case of recurrence, are the latest dates.
Computed on mean price to call date when mean price Is above par
and to maturity date when mean price Is below par.

3-09*
2.81
2.67
2.58

5/1/35
7/1/35
1/I/36
5/1/36

4/
5/

6/

jj
g/

111.12
110.12
111.12
111.22

12/10/40
12/10/40
12/10/40
12/10/40

99-28
97.24
98.08
9S.30

10/2/35
10/2/35
2/13/36
4/8/37

V3
3
M
1/3

1/12

104. 04

W/31
10/31
10/31

Quoted on a yield basis.
Prioee quoted are subject to a dealers' commission. Prior to May 15,
19^-i these securities were quoted on a yield baels without allowance for dealers 1 commies ions.
Hot quoted.
Price history begins May 15. I9UU.
Excludes issues completely held by Farm Credit Administration agencies.

December 1944

55

YIELDS
46

Explanation:

48

OF TREASURY SECURITIES

Based on

Mean

'52

54

50

31,

1944

56

The points represent yields to call date when prices ore above par,
the various classes of points are fitted by eye Issues for which on

months are excluded.

OCT.

of Closing Bid and Asked Quotations

and to maturity dote when prices are at par or below The smooth curves for
exchange offer has been mode or which ore due or callable in less than 3

.

..

...
.

Treasury Bulletin

56

Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)

Date

Partially
HighTaxable
tax- exempt
grade
Treasury
Treasury
corporate
bonds 1/
bonds 1/
bonds 2/

Date

Partially
Taxable
tax-exempt
Treasury
Treasury
bonds 1/
bonds

y

Monthly series
1936-Jan.
Feb..
Mar.

2.81
2.78
2.73

Apr..
May..
June.

2.70
2.6S
2.69

July.
Aug..
Sept.

Oct..
Hot. .

Highgrade
corporate
bonds 2/

Date

Partially
HighTaxable
tax-oxempt
grade
Treasury
Treasury
corporate
bonds
bonds 1/
bonds 2/

y

}rf

1939-Jan..
Feb..
Mar..

2.5U
2.51
2.U3

2.96
2.90
2.87

19U2-Jan.
Feb..
Mar..

2.10
2.17
2.10

19

Apr..
May..
June.

2.38
2.27
2.22

2.92
2.86
2.78

Apr..
May..
June.

2.07
2.06
2.04

2.68
2. 6U
2.65

3.18
3.18
3-15

July.
Aug..
Sept.

2.23
2.27
2.67

2.76
2.79
3.29

July.
Aug..
Sept.

2.04
2.06
2.08

2.68
2.60
2.59

3-l4
3.11
3.07

Oct..
Hot..

2. 60

3.1*
2.93
2.86

Oct..
Hot..

Dec.

2.46
2-35

Dec.

2.09
2.10
2.13

.

2.56
2.5U
2.66

3.09
3.24
3.36

1940-Jan.
Feb..
Mar..

2.30
2.32
2.26

2.81
2.79
2.77

19U3-Jan.
Teb..
Mar..

2.11
2.11
2.12

Apr..
May..
June.

2.83
2.80
2.31

3.>*3

3.36
3.31

Apr..
May..
June.

2.26
2.39
2.40

2.7U
2.87
2.93

Apr..
May..
June.

2.05
1.96
1.91

July.
Aug..
Sept.

2.78
2.78
2.82

3.27
3-25
3.26

July.
Aug..
Sept.

2.30
2.31
2.25

2.85
2.80
2.71

July.
Aug..
Sept.

Oct..
Nov..

2.82
2.78
2-73

3.26
3.22
3.17

Oct..
Hot. .

2.21
2.09
2.01

2.70
2.65
2.59

Oct..
Hot..

•3.17

H4l-Jan..

33

Feb..
Mar..

2.12
2.22
2.12

2-57
2.71
2-73

1944-Jan..

Mar..

2.69
2.68
2.68

Apr..
Hay..
June.

So
5b
53

Apr..
May.
June.

2.07
2.0U
2.01

2.76

3-15

Apr.
May.
June.

July.
Aug..
Sept.

58

63

3.12
3.10
3.12

July.
Aug..
Sept.

1.98
2.01
2.02

2.55
2.56
2.56

3.06
3.0U
3.02

Oct..
Hot..

1.98
1.95
2.06

Sec.
1937-Jan.
Fell..

Mar.

Dec.
1935-Jaa.

Fee.

Oct..
Hot..

Dec.

3?
26

24
22

Deo.

Dec.

Dec.
Feb..
Mar..

July.
Aug..
Sept.

2.34
2.34
2.47

Oot..

December 1944

57

2
in

z

IS

•!

o

5g

Treasury Bulletin

CORPORATIONS AND CREDIT AGENCIES
OF THE UNITED STATES GOVERNMENT

.

December 1944

59

Assets and Liabilities of Government Corporations and Credit Agencles-i/
September 30, 1044
The statements of assets and liabilities
of Government corporations and credit agencies
formerly published on a monthly basis were
discontinued with the statement of August 31,
and new statements will be published
191^,
quarterly hereafter.
The first of these new
quarterly statements appears below as of September 30, 19UU and was oomplled from data

submitted by each agency.
Provision hae also been made for new
quarterly statements of sources and application of funde of Government corporations and
credit agencies.
The first such statement
ooverlng the period July 1 through September
30, 19W-, will appear In the January Issue of
the "Treasury Bulletin".

(In millions of dollars)

Executive Office of the President
Office for Emergency Management
Total

Coordi
nator
of Inter-

American
Affairs

—

2/

csih

y

1,166.6

Loans receivable from Government agencies
Loans receivable from others.
To aid agriculture
To ai d home owners
To aid industry
To aid States, Territories, etc
To aid financial Institutions
Other loans
Total loans receivable from others
Lees:
Beserve for losses
Total loans receivable from others (net)

Accounts and other receivables, less reserves 6/
Commodities, supplies, and materials
Investments:
Public debt obligations of United States
Securities of Government agencies:
Guaranteed securities - public Issues
Hot guaranteed
Other securities, lees reserves

Total investment e

structures, and equipment, less reserves..

Acquired security or collateral:
Real estate and other
Reserve for losses
Less:
Total acquired security or collateral (not).

Other assets Jj
Interagency proprietary Interests
Total assets

Llabllltlea
Accounts payable and accrued liabilities
Trust and deposit liabilities
Bonds, debentures, and notes payable:
8/
Guaranteed securities issued to Treasury....
Guaranteed securities - public issues
Not guaranteed - public lesues 8/
4

Total bonds, debentures, and notes payable..
Other liabilities

U/

Total llabilltie

Capital
United States owned:
Capital stock
Pal d- in surplus
Expended appropriations.
Earned surplus 12/

.

Total United States owned.

Privately owned:
Capital stock
Earned surplus 12/
Total privately owned...

Total capital
Total liabilities and capital.

Interagency lteme lnoluded above
Assets

3. **o6. g

1.303.1
58U.7

5330
186.1
98^.2

6.998.3
-432.2

6,566.2
2.017-3
2,986-7

1,602.6
1.6

123.8
^37.0
2,165.1

Guaranteed securities held by Treasury
Land,

8.167.9

,

Liabilities

United States Interagency interest (net).

60

Treasury Bulletin

Assets and Liabilities of Government Corporations and Credit Agencies^
September 30, 1044 - (Continued)
(In millions of dollars)

Account

i

December 1944

61

Assets and Liabilities of Government Corporations and Credit Agencies
September 30, 1044 - (Continued)

62

Treasury Bulletin

Assets and Liabilities of Government Corporations and Credit Agencies
September 30, 1044 - (Continued)
(In millions of dollare)

Account

±/

December 1944

63

Assets and Liabilities of Government Corporations and Credit Agencies
September 30, 1044 - (Continued)
Cm

Aeoount

alllloss of dollars)

1'

Treasury Bulletin

6k

INTERNAL

REVENUE

STATISTICS

.

3

.

.

.

December 1944

65

Sunmary of Internal Revenue Collections!/
(In thousand* of dollars)

Income end profit* taxes

Employment taxes
Social Security taxes 5/

fiscal year
or month

Corporation
income and
excess
proflte 2/

Mlscellaneoua
profile
taxes U/

6.56O
lU.509
31.178

1.286.312

572.115
738.520
1,056,909
1.299.032
9.9J2

1.028,231*

1.122.
2,51*0

33.7>W

7UO.U29

1,120.582
2.016,297
1*,687.1*62

27,010
37.172
56.621

715

8U,2lil

629,31*3

137. 1*53

633.521
925.856
1,185,162
1.U98.705
1.738.372

8,713
15.717
4.832

111*.

661

108,1*05

5,i*e6

770

21*2,827
38,1*50

207,051

8.33?
1,086

27. 1*37

6,202
5.205
28,012

122,183
317.390

8U, 530

12,250
9.753
18,970

97.605
303,859
44.395

6.663

Individual
2/

1935
1936
1937
1938
1939

3.281,792
3, 11911,3 jo

i.i05,78e

527.II3

I,li27,lili5

4.6ll*,iai8

2,179,828
2.629,030
2.185.11U

67"i.Ui6
l,091.7ltl

19U0

5.322.771
7.351.533

2,129,609

13.029,915
22,168,724

8,006,883
16,298.888
33,027,802

982,017
1.U17.655
3,262.800
6,629,132
18.261, 006

i.6W3,57g

i,os6,i*5i

51*8,1*11*

1,1*70.850

307.579

5.643,81*8
5,162,3611

19U1
19U2.

.

.-.

19U3
19UU

110,119,510

3.1*71,124

9.581*.
lit.

1943-October...
Bovember.
December..

^.179.567
2,089,229
5.017,358

4.590,615

1.147.554
2.175.565

19UU-Jamury...

2,088,U86
3.133.366
5,808,888

1,5s 1*. 390
2.476.722
5,358,106

1.039.535
2.075.328
1,914,138

3.1*15.956

2,809,003
2,289,328

2.21*3.793

552,960

Tebruary..

March
April
••

3.330.1Q5
3.076.173
5,111,657

July
August ....
September.

2,620,lU9
2.750.3U8
5.057.236

October...

2.487,737

H*7
Anas*

• • •

U, 568,1*13

1,859,230
1,288,899

l,729, *91

318,91*1

1,712,1*02
U, 1*89, 671

1,809.766

l

538,653
396,189

3,26o!5l*l*

207,

31*0,1*16

5.961*

356.372

3,108,1*63

24.835

136.U75
261,058
38,508

1,322.758

"*78.507

8,501

13>*.095

IV

502,917
529.635

58,119
90.267
101,167

895, 116
l.l-a,5l*6

106.123
100,658
119.617
156. 008

1,290,025

181,

605. 350

687,127

1,1*96

199,848
3, 484

1*9.590

403.887
366.022

Carriers'
Taxing Act
of 1037

1*8

1*8

265.7|;5
71*2,660

42, 786

2,1*10,218

Tederal
Federal
Insurance
unemployment
Contributions
Tax Act
Act (Old-age (Unemployment
Insurance)
Insurance)

Total

"7

287
Ill9,ll76

109, U27

122.048

H7.871
170,1*09

211.151
265.011

35.868

36,859
97,336

79U
20,206

3.oi*9

1*3.057

25". 715

U, 602
ll.Ogl*

l*,5l*2

1,165

127,81*6

216,672
3.353

5.9U1
8.966
677

34.478

125,1*70

5.688

2.937

91,109

1,891*

38,060
38,689
2,688
35.1*20

Miscellaneous Internal revenue

71 seal year

or month

19351936.
19371938.
1939-

Total

19U1.

1944.

taxee

ManufacAlcoholic
beverage
taxes

Tobacco
taxee

turers' and
retailers'

Stamp
taxes

excise
taxee

1*3.133

11*2,275

500, 786

305.5"*8

55L923

U16.B7U
160,715

593.831
567.670
587.605

68.990
69.019

170,540
449,854
416.75 1 '
396,891

132.739
166,653
281,900
328.795
380,702

360,071
"07,058

624.064
819.869

6O8.072
697.712

1132,5110

1,01*8,165

760, 792

447,496
511.211

1,1*23,1181

923.657
988,483

1*5.155

447,088
617,171
852,669
670,015

50,800

728,691*

732.332
1.075, "01

20,063
366

1*0,718

122,37"*

34.253
36.443

90,013
93.058
87,101

3.93?
3.93 *
3,999

58,568
56,156

70,1*82

120.191*

64,391*

76,204
72.269

2.188,735
2,272.158
2,236,821

137. U99
139. U 9

127.203

1,618,01*5

567.777
579.781*

1*6.233
1*1,063

38.681
39.057
111, 702

1*21.328

1944-January..
February
March....

381,913
339. 25*

4,275

68,029

36,1*1*9

67,1*70

U72

60

107,886
108.395
123.999

77.211

21*7

1*01,192

11,122
i»,5S6

58,720

April.
Kay...
June..

423.827

56,102

169.331*

71.893
60,868
81,083

W, 800

51.297

1*1,862
50,061*

182. 3U5

1*98,8>*9

193
152
1.035

Ally
August. ..
September.

754,183
776.888
529.057

128.357
193.918
29.170

1*7.686

77.311*

5,233

182,761

86,022
77.507

October.

51*3.877

18,61*0

38.5a

196.077

77.521

375.552
388.293

1*82.986

.

Source:
1/
2/

3/

4/

-1*2

52.18U

62.670
35.310

Reports of collection!.
Excludes collections for credit to certain trust accounts for
territories sad insular possessions, etc
Includes victory tax collections and collections under the
Current Tax Payment Act of 1943
Includes ineeme tax collections on Alaskan railroads. The
excess proflte tax shown la this column is that imposed under
the Second Revenue Act of 191*0, ae amended.
Consists of the declared value excess profits tax, the profit

117,303

194,863
209,91*0
201,911*

5V

6/

76.697

1

91.052
76.172

526.222
62,323

80, l6l
11 7, sol
11*1,5110

11*8,926
206. 811
lt00.501

85,653

62,6118

61*!UUU

70.208
96.775
102,910

l:Z

71.586
87.679
8U.763

211*. 067
139.094
115.098

5.345

9U.656

113.119

4,321
4,450

Agricultural
adjustment

y

U58.776

94. 9l*3

1943-October
November.
December.
.

Miscellaneous
taxes

1*10,926
505.2113

91,508

2,OOlt,5llt

3.837.670
t. 571.131
5.353.336

191*2.
19lt3.

Istate
and
gift

212.112
378.8UO

1,61*9,782

2.359.6111
2.95i*.553

191*0.

Capital
stock
tax

limiting provisions of the Vinson Act, and the tax on unjust
enrichment
Tor the period prior to September 1939 the 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.
Includes tax collections under the Sugar Act of 1937 end under
the dividends tax imposed by the Act of June 16, 1933.

Treasury Bulletin

66

COLLECTIONS OF INTERNAL REVENUE
DOLLARS"
Billions

Total

40
35
*

Fiscal year

30
25

^Comparison

4 months
1944 and 1945

first

fiscal years

20
15
10

5

1930

18
17

16

I

5

14
13
12

I

I

10

9
8

7
6
5

4

3

2

I

32

'33

'34

'35

'36

'37

'38

DOLLARS

DOLLARS
eiiiion.

^i

individual

Income Taxes

Billions

18

15

'39

'40

'41

'42

'43

'44

'45

December

194-4

67

Detailed Analysis of Current Internal Revenue Collections!/
(In thousands of dollars)

First U months

Ootober
19UU

Sources of revenue

Fiscal
year
I9W*

Corporation:
Income taxes:
Current }J
Back

Total corporation taxee...

31*9,802 1,912.356
"*78.507 3,326,901*

Miscellaneous profits taxee:
Declared value
Vinson Act
Unjust enri content

8,1*86

3.687.878

Employment taxee:
Social Security taxee:
Federal Insurance Contributions Act (Oldage insurance)
Federal Unemployment Tax Aot (Unemployment
insurance)
Total Social Security taxes

,

Miscellaneous Internal revenue:
Capital stock tax
Estate tax

Source:

r
•

1/
2/

1.227,976
96.611*

3.032,290
U, 356,

880

U5.936
28

8,501

36.511

U5.96U

1,809.766 7.880,375

9.7U1.330

125.1*70

1*1*3,251

"+73.3U1

5,688

19.816

21,271

131.158

1*63,067

2.937

59: 006

75.522

13U.095

522,073

570.135

1*91*,

613

18,61*0

378,220

370 08c

37,780

I38,l6l»r

IS1.381*

151

Oift tax

Alcoholic beverage taxee:
Distilled spirits (imported, exciee)
Distilled spirits (domestic exciee)
Distilled spirits rectification tax
Wines, cordials, etc. (imported, excise).,
Wines, cordials, etc. (domestic, exciee),.
Brandy used for fortifying sweet vines
(repealed ae of July 1, 19U0)
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 taxee
Fermented malt liquors
Brewers: dealers in malt liquors (special
taxes)

1U.65U
116,638
2,f
219
3.9>*2

191

2,803

62,21*8

63,021*
1*06,209

5.61*9
51*9

8,669

5.2>t6

9.056
912
13.960

3

557r
2.557

1*36

24, 721

1*,098
1*6,772

190

239.503

191*

,

2.260r

I.916

196,077

1*93.726

790,690

2.989

9.1*72

7

31
19

11.110
33
90
288.316
2.306
16,135
371

33
69.199
661
t.523
109
.

77.521

32l«,2l*8

2,!*79r
16.1*11
l*26r
•

Manufacturers' and retailers' excise taxes:
Lubricating oils
Oasollne
Tires and tubes
Floor taxes on tires and tubes
Automobile trucks and buses
Other automobiles and motorcycles
Parts and accessories for automobiles
Electrical energy
,
Electric, gae, and oil appliances
Electric light bulbs and tubes
Electric signs (repealed as of 11/1/U2)...
Radio sets, phonographs, components, etc..
Phonograph records
Musical instruments
Mechanical refrigerators, air-conditioners
etc
Matches
Floor taxes on matches
Business and store machines
Furs - retailers' excise
Jewelry - retailers' excise
Luggage
retailers' excise (effective

AM)
Luggage -

10,1*68

1,288

3.367
2.457

7.468
2,672

5.3*5

16.311

20,617

5. 619
33.735
U.902

97.1*73

715
2

•

1.055
159
3,533
".071
701

18,568

12,108
16
525
607r
9,1*1*1

2U.120
130.13!

22,04
U.103
539
13.851
16,1*99

61

16,932
1.302
827
86r
I.158r
560
25U

128
6U7

1.672r
2.681T

526
2.795

639
3

385
165

ti
17

1.506
53>*

191

-J

595
6.371
12,831*

1,051*

11.830
30.059

2.151*
13.390

W.515
21,322

6,098
manufacturers' excise (suspended

as of U/l/UU)

1

Optical equipment (repealed as of ll/l/Ua)
Photographic apparatus
Hubber articles (repealed as of ll/l/U2)..
Sporting goods
Toilet preparations - retailers' excise...
Washing machines (repealed as of ll/l/s2)
Firearms, shells and cartridges
Pistole and revolvers
Repealed taxee not listed above
Total manufacturers
taxes

1

16

3

353.102

318. 36U

Reports of collections.
Revised.
Less than $500.
Excludes collections for credit to certain trust accounts for territories and insular possessions, eto.
Consists only of tax collections under the Current Tax Payment Act
of 19l*3 for which returns have been filed with the Collector of Internal Revenue.
Collections as shown in Dally Treasury Statements

1

•

1.103
13
, 299
6.230
109
2

2,286r
1

4,219r
140
880
11.253
31
253

1,126
23.727
1*

1,279
2

63"

5

and retailers' excise

Miscellaneous taxes:
Bituminous Coal Act of 1337
9uger Act of 1937
Telephone, telegraph, radio and cable,
leased wires, eto
Local telephone service
Transportation of oil by pipe line
Transportation of persons, seats, berths..
Transportation of property (effective
12/1/1(2)

U.800
1*

85
912
3.223
53. U62

8,1*66

,

3.375

187,081

Total stamp taxes

3.3UO

5.33«.!t87

198

Carriers' Taxing Act of 1937

Total tobacco taxee

1,610,758
39.209

15

Total miscellaneous profits taxes

Tobacco taxes:
Cigars (large)
Cigars (small)
Cigarettes (large)
Cigarettes (small)
Snuff
Tobacco (chewing and smoking)...
Cigarette papers end tubes
Leaf dealer penalties, eto
Cigarette and cigar floor taxes.

36,305r

61*2

Miscellaneous Internal revenue (continued):
Stamp taxee:
Bonde, Issues of capital stock, deeds of
conveyance, eto
Transfers of capital stock and similar
lntereet sales
Playing cards
Sliver bullion sales or transfers

months
Fiscal
year
19U5

191*1*

8

Total Income and profits taxee

Total alcoholic beverage taxes..

516, 961

110,058 1,310,653
18, 647
103,895

Excess profits taxes (Second Revenue Act
of 1940 ae amended)

Total employment taxee

1*,

>l

Fiscal
year

1?M

19"»5

3

1,322,758

Sources of revenue

Fiscal
year

Income and profits taxesi
Individual;
Withheld by employers (Current Tax Payment
Aot of 19l*3) 2/
1.233,393 1.007,528
Victory tax (Revenue Act of 191*2)
779.201
Other:
Oorrent J/
81.399 2.603.679
Back
7.923
126.553

Total Individual income taxee

First

October

Use of motor vehicles (effective 2/l/l*2)..
Dee of boats (effective ZflfkZ)
Leases of safe-deposit boxes
Admissions to theatera, conoerts, etc
Admissions to cabarets, roof gardens, eto.
Club dues and initiation fees
Bowling alleys, pool tables, eto
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 prooessed
National firearms Act
All other, including repealed taxes not
listed above

Total miscellaneous taxes
Total miscellaneous Internal revenue.
Total Internal revenue

9U.656

2
6,660
17.?83
10.1*26
1,1*00

22.78U

226.295T

1.313
26,01*2

U6,719
30,129
5.271
57.588

t.73>»

831
216
658

10
27.516
67.176
1*2.725

5.505
88,207

78,316
118,706

17.970
1.536

26.$

338,683

188
2.133
55
6.9U3

Mz

2,1*91
l.lt59

197

2,320
106,1*1*1*

19.208
3.830

3.U3

l>*.>*59

I3.9»i5

15
2.057

1

7

373

1.799

36
537

305
1,182

1

13

229
1.843
10

"*52.277

581.380

72

113.119

5"»3.877 2.061,1*70

2.604.007

2.**«7.737 IO.U63, 91*

12.915.472

consist of withholdings deposited in Government depositaries In 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

y

filed.
Tax imposed upon the manufacture and sale of, and the occupational
tax on, mixed flour repealed ae of Bovember 1, l$kS.

6s

MONETARY

STATISTICS

Treasury Bulletin

8
2
3
6

..

December 1944

9
»
3

7

69

Gold Assets and Liabilities of the Treasury
(In million, of dollars)

Liabilities
End of calendar

year or month

Sold
aesets

193119351936.
19371938.

8.238.6
10.122.9
11.257-6
12,760.0
11.511.2

1939.
19U0.
19U1.
19l21913.

17.613.1

Oold reserro
agalnet U. S.
notee, etc. 2/

Exchange
Stabilisation
fund J/

I56.O
156.0
156.0
156.0
156.0

1.800.0
1,800.0
1,800.0
1,800.0
1,800.0

I56.O
156.0
156.0
156.0
156.0

1,800.0
1,800.0
1,800.0
1.800.0
1.SO0.0

i9.sa.o

156.0
156.0
156.0

1.800.0
1,800.0
1.800.0

157.1
155.6
160.7

19.800.7
19.591.O
19.&77.2

156.0
156.0
156.0

1.800.0
1,800.0
1.800.0

161. l)

19.319.2
19.150-9
19.063.5

156.0
156.0
156.0

1,800.0
1,800.0
1,800.0

15U.0
156.8
153.5

Gold certlf
lcatee 1/

5.271-0
7.679.5
8.959.6

9.a2.3
11.872.8

K. 726.

15,278.6
19.S2J.U
20.561.8
20.611.9

21.937.8

19.«a.0

I9U3- October..

22.115.7

HoTeaber
December.

22.061).7
a. 937.

20,002.6
19.953-1

a.991-5
22.736.1

a .918.

19II- January.
February.
March....

a. 711.
a. 599.9
a. i)29.

Oold In
General fund

1.008.6
187.1
3">1.9

1.591.6
682. 1)
108.

213.2

as.j
158.

160.7

16U.6
166.7

April.
May...
June..

21.263.7
a. 173.1

July
August....
September.

20.995.9
20.926.3
20.825.1

18.876.9
18. 512. U
18. 700.

156.0
156.0
156.0

1,800.0
1.800.0
1,800.0

I63.O
157.9

October p.

20.726.5

18. 6O5.I

156.0

1,800.0

165.3

Source:

p
1/

Dally Treasury Statements,
Preliminary.
Comprises (1) gold certificates bald by the public and In federal Reierre Banks; and (2) gold certificate credits In (a) the

2/
37

16s.

Oold Certificate fund - Board of OoTernore, federal Heeerrs
System, and (b) the Redemption fund - federal Reierre notes.
Reierre against United Statee notes and Treasury notee of 1890.
Excludes gold In actlee portion of Exchange Stabilisation fond.

Treasury Gold Receipts

Monetary Stocks of Gold and Silver

(In millions of dollars at $35 P*r fins ounce)

(In millions of dollars)

..
.

4
7
e

....

e

Treasury Bulletin

70

Components of Silver Monetary Stock
(In millions of dollars)

Silver held In Treaeury
Securing ellrer
certificates 1/

2nd of calendar
year or month

Silver Bullion

Silver dollars

211

193 1*193519361937.
1938.

Subsidiary
coin 2/

Bullion for
recolnage 3V

8.8

4.2
4.2
5-T
5.4
3-5

508.
508.

576
775
938
.137

Silver outside
Treasury

In General Fund

505-7
503.7
502.7

.2
•3

Bullion
at cost

Silver
dollars 1/

Total silver
at $1.29
per ounce

Subsidiary
coin 2/

89.3
262.7
347.7
428.6
535-3

35-2
38.4
41.3
43.4
44.4

305.3
323-5
350.4
366.9
372-e

1.279-7
1.970.1
2.402.3
2,806.5
3.346.8

48.1
52.5
63.O
78.
96.8

394.1
422.4
493-5
587-3
684.7

3.790.2
4,060.0
4,244.8
4.317.6
4,207.3

19>t3-

1,516.2
1.520.0

484.1
468.3
400.4

19.1

616.O
657.4
662.3
628.2
551.8

1943-October..
November
December.

1.519.7
1.520.0
1,520.0

422.0
410-3
400.4

26.5
21.7
14.4

56O.7
553-8
551-8

92. J

19.1

94.0
96.8

663.6
674.2
684.7

4.223-7
4.213-7
4,208.6

1944- January..
February.
March. .

1.520.0
1,520.0
1,520.1

396.7
395-8
394.2

17.3
19.5
18.8

20.2
17.6
15.1

538.7
528.4
525-6

97.7
98.6
100.2

685-5
686.2
691.8

4.174.9
4.147.1
4,142.6

April.
May...
June.

1.520.1
1,520.1
1,520.1

392.6

18.0
21.1
20.4

12-5
9.7

5.2

390.

40
199-8

389.2

7-8

448.8

101.7
103.5
105.2

697.0
706.0
714.1

4,088.3
4,083.6
3.947.9

July
August ....
September.

1,520.1
1.520.1
1.520.1

387.6
385.8
383.7

20.4
21.2
15.1

2.8
1.1

443.9
431.6
428.9

106.8
108.6
110.6

722.3
729.4
739-1

3.938.3
3.910.1
3.905.9

October p.

1,520.1

381.9

13-2

420.4

112.4

748.9

3,888.7

19391940.
19U1.
1942.

.

1.298.2
1.398.1

1*99.0
1*94.6

1,1176.1

5.3
2-3
3-5
9.2
14.4

Dally Treaeury Statements and Circulation Statements of United
States Money.
Preliminary.
Less than $50,000.
Valued at $1.29 + per ounce.

•

2/
3_/

9

Valued at $1.38* per ounce.
Valued at $1.38+ per ounce or at $1.29 per ounce according to
whether the bullion is held for recolnage of subsidiary silver
coins or for recolnage of standard silver dollars.

Silver Production in the United States and Silver Acquisition by Mints and Assay Offices^
(In millions of ounces or dollars)

Silver
production

Silver acquired by mints and assay offices

in

Calendar year
or month

United
States

Newly mined domestic
silver 2/

Nationalized
silver I]

ill
63.4
71.3
61.7
63-9
68.3
71.1

19391940.
1941.
1942.
1943.

•9

8:1

1943- September.

21.8
38.0
61.1
70.6
61.6

14.1
27.3
47.3
54.6
42.4

60.7
68.3
70.5
47.9
5.5

1*0.1

110.6
2.0

55-3
1.0

.4

.2

48.5
50.1
34.0
3-9

304.9
534.3
333.4
312.2
417.1

155-9
346.5
197.8
163.3
199.1

282.8
139.8
72.6
14.3

120.5
50.9
27.1
6.0

343.3
208.0
143.1
62.1
5.5

160.6
99.4
77-2
40.0
3.9

.2

VX

1944-January.
February.
March

2.8
3.8
4.0

4.0

April.
May.
June.

3-5
2-9

July
August
September.

3-5
3-1
2-3

.1

3-1

.

Silver production:
Annual Reports of the Director of the
Mint for annual figures through 19 *?. releasee of American
Bureau of Metal Statistic! for all later figure*.
Less than 30,000 ounces or $50,000.
For Information on silver production In other countries from
1933 through 19 *© or 19U1, see "Treasury Bulletin" for
August 19U3, page 7U.
Acquired at 6U.6U* cents per fine ounce until April 9, 1935.
1

at 71.11+ cents per fine ounce fron that date until April 2},
1935; »t 77-57* cents from April 23. 1935 to December U, 1937;
at 6U.6U+ cents per fine ounce from December 31
1937 to Jul/ 1,
1939; and at 71.11+ cents Bince July 1, 19 39.
Acquired at 50.01 cents per fine ounce. Executive Proclamation
of August 9. I93U, repealed April 28, I93S.
Acquired at various prices averaging approximately 51 cents per
ounce.
,

2/

1

2/

355-><

S6.5
318.2
150.3
108.7
156.9

172-5
494.4
271.9
241.5

2.8

October.
November.
December.

1/

Total

Dollars

Doll are

193419351936.
19371938-

Foreign silver 4/

U/

9

73

1

..

Decembe* 1944

71

Seigniorage on Silver
(Cumulative from January 1, 193U - In millions of dollar*)

End of calendar
year or month

Seigniorage
on ellrer
and minor
coin*

Sourcei of seigniorage on ellrer bullion revalued 1/
Mlec. ellrer
(lncl. allrer
bullion held
June 1U, 19 +>
1

193 1*1935.
1936.
1937.
1938-

*.5
18.5
U6.1

1*8.7
1*8.7

|3.7
69.5

1*8.7
1*8.7

1939.

19W.

91-7
122.2

19U1.

182.

1*8.7
1*8.7
1*8.7

19"t2-

2U5.7
299.6

1*8.7
1*8.7

293.2
297-1
299.6

1*8.7
1*8.7

301.9
303.6
305.7

1*8.7

February.
March

April
May
June

308.8
315.6
322.6

1*8.7
1*8.7

July
August ....
September.

326.2
332.7
336.7

Us.

October...

31*2.8

191*3-

19^3-Octoijer...

November

.

Dec ember.
19l+l*-January...

1*8.7

1*8.7

1*8.7

U8.7

Hevlr-mlned
Nevly- mined
silver (Proo.
ellrer (Act
Dec. 21, 1933) July 6. 1939)

16.S
36.0
58.0
71*.

U.2
25-7

87-3
87.6
S7.6
87.6
87.6

1*8.3

87.6
87.6
87.6

65.2
65.3
65.3

87.6
87.6
87.6

III

63.6
65.3

65.I*

65.1*

65. 1*

1*8.7

87.6
87.6
87.6

1*8.7

87.6

65.I*

1*8.7

I93*»

51.1
226.2
302.7
366.7
U57.7

.1*

87.6
87.6
87.6

1*8.7

Sllrer Puxchaee Act
of June 19*

65.U
65.U
6S.1*

65.U

National lied
ellrer
(Proc. of
Aug. 9. 193 *)
1

Total
eelgnlorage
on ellrer
reralued

Potential
•iffnlorage 00
ellrer bullion
at cost in
General Fund
2/

72

Money In Circulation

Treasury Bulletin

PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OP POSTAGE. »300

UNITED STATES

TREASURY DEPARTMENT
OFFICE OF THE SECRETARY

WASHINGTON

25. D. C.

OFFICIAL BUSINESS
PERMIT

NO.

1002

FORM A-I2/W-I950

VICTORY

BUY
UNITED
STATES

WAR
k/bonds

I

COPY

Treas.

HJ
10
.A2
1944
c.2

i

U.S. Treasury Dept.

Treasury Bulletin

No. 2

U.S.

1

H^^^^^^^^^l

TREASURY LIBRARY

0031930