Full text of Treasury Bulletin : December 1954

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LIBRARY
APR

1 5 1955

TREASURY DEPARTMENT

LIBRARY
ROOM 5030
J UN 2 3 1972

TREASURY DEPARTMENT

1

1
1

TREASURY DEPARTMENT
FISCAL SERVICE. BUREAU OF ACCOUNTS
OFFICE OF THE COMMISSIONER

WASHINGTON

25.

D. C.

OFFICIAL BUSINESS

BUY
AND
HOLD
UNITED
S TAT E S
SAVINGS

BONDS

FMEAmmv.
EUHILIETEM

DECEMBER -1354

UNITED STRTES TREflSURV DEPARTMENT
OFFICE OF THE SECRETRRV

Oeccmhcr 19^4

Table of Contents

Fage

Treasury

f

Lnsnclng operations

of Federal fiscal operaticns

3um::.ary

A-1
1

Budget receipts and expenditures

2

Trust acoount and other transactions

6

Treasur:^

cash Income and outgo

g

Debt outstanding and Treasurer's account

12

Statutory cebt

I5

1

irritation

Debt operations

I6

United States savings bonds

21

Treasury savings notes

25

Ownership of Federal securities

26

Treasury survey of ownership of Federal r.ecurltles

2S

Karket quotations on Treat^ury securities

32

Average yields of long-term bonds

35

Internal revenue coll

37

eir^tions

Monetary st-tistics

4-1

Capital movements

4-5

Cumulative table cf contents

57

Nott:

vn^.ere

calculations have been rrade from unrounded
the details Tiay not check to the totals

figures,
shown.

The Treasury Bulletin la for sale by the
Superintendent of Documents,
U, S. Governnent Printing Office, Washington 25, D. C,
Subscription per year $^.2^ domestic, $5.25 foreign.
Single copy prloe varies.

December

A-l

1954-

Treasury Financing Operations
SI7.7 Billion Bond and Note Refunding

The

l-V^

percent certificates, Series E-I955,

On November IS, 195'+. '^he Treasury Department
announced that In exchange for Its three December
bond and note maturities (Including the 2 percent

are dated December I5, 195'+, ^"^ bear Interest at
the rate of 1-1/1+ percent per annum, payable at

bonds of I95I-55 °8lled for redemption on December 15,

Issued In bearer form only,

155*+)

It'

would offer on November 22 three securities:

S-year and S-month 2-1/2 percent Treasury bonds, one-

year

1-lA

their maturity on December I5, 1955.
as the new bonds except that

They were

in the sane denominations

the denomination of ';500

was not made available.

percent certificates of Indebtedness, and

an additional amount of 1-1/2 percent certificates of

The additional amount of the l-l/S percent

Indebtedness, Series D-1955. which will mature In
August 1955. Holders of the maturing Issues were

certificates. Series D-1955, are part of the series

given the option of subscribing for any or all of
the securities offered and exchanges were made par
for par.

The subscription books were closed at the

close of business on November 2h.
Exchanges amounted to I17.O billion, more than
9S percent of the total, leaving $316 million to be

paid In cash.

The results of the refinancing are

summarized In the following table.

first Issued In August 1951+ (with which they are
freely Interchangeable) and are Identical except

for authorization of their issuance in the two
additional denominations of *100,000,000 and
These certificates are dated
3530,000,000.
August 15, 1951+, and bear interest at the rate of
l-l/S percent per annum, payable at their maturity
For exchange Into this issue,
on August 15, 1955.
the full six months' interest due on December I5,
195'+,

on the securities surrendered was credited,

.

Treasury Bulletin

A-2

Interest on these bonds will cease.

There are

|2,6ll million of the Issue outstanding.

Treasury Bills Refunded
November maturities of Treasury bills amounting
to $6.0 billion were refunded In full by four weekly

The announcement stated that holders may, In

issues of approximately $1.5 billion each.
bills, dated November

advance of the redemption date, be offered the
prlvlles-e of exchanging all or any part of their

called bonds for other Interest-bearing obligations
of the United States,

in which event public notice

will be given.

Note:

Detaila of TreaBury market financing operationB are
shown elsevrtiere in this issue of the "Treasury
Bulletin", in the tables on "Offerings" and "Dis-

4-

New 91-day

and IS, refunded like maturi-

ties and new 90-day bills, dated November 12 and 26,
refunded maturing 92-day bills. The average rates of
discount on the new Issues were I.O23 percent for

November

U;

O.9U0 percent for November 12; O.931 per-

cent for November IS; and O.S97 percent for November 26.

position", respectively, of marketable Issues of bonds,
notes, and certificates of indebtedness, and in the table
"Offerings of Treasury Bills"

December I9i4
SUMMARY OF FEDERAL FISCAL OPEFATIONS
(In mlllionfl of dollara)

Budget receipts and expenditures Net of
trust
account
Surplus,
and other
Net
Expendor
transacreceipts
itures
deficit
tions
1/
(-) 2/

Levels, end of period
Net
increase in
Debt outstanding
Treasurer's
Treasurer's
cash bal
cash
Total
Public
Guaracteed
ance, or
balance
Federal
debt
securities
decrease
securities

Net
increase

Clearing
account,
etc. kj

In
public
debt, or

decrease

2/i/

(-)

jean:

Flfical

i9te.
wits.
19W>...

12,555
21,987

34,01.5
79,1*07

95,059
98,Ul6

-21,1*90
-57,1*20
-51,1*23
-53,91*1

-1,613
-338
-2,222
791

23,1.61

'•3,635
W','t75

64,307
57,679

358
6,515
10,662
4,529

19'<6...

39,771
39,786
U,li88
37,696

60,1.1*8

-20,676

-521.

10,71*0

-10,1.60

-11,136

i9in.

.

19'<8...
19'>9...

1950...
1951...
1952...
1953 .

36, "195
117,568

61,391
61*, 596

l*,587

-2,135

65,1.08

-l*,017

11.7

-1.01

73,985

1.37

-312

3,883
6,966

1.35

328

-250
-303

6,966
5,189

-2,299
2,096

4,670
6,766

266,071
271,260

1

3,2W

-1,766

5,000

274,500

50,232
57,707

6,983
1,751
9,942
3,767
-22,502
-405

10,543
12,294
22,236
26,003
3,502
3,097
4,208
4,679
4,232
4,295

108,170
165,877
230,630
278,115
259,149
256,900
252,800
257,130
256,708
259,419

4,301
4,230
1,514
567
339
81

-352

16,081
31*, 227

57,51*2

-1*1,1*61

-1,788

191*3

19Wt

I*3,2li6

-55,691
-53,650

19'i^

1*3,678

89,918
96,896
87,271

igiifi

38,568

1.1,080

-2,512

19l>7

1*0,389

2,1*31*

WW

1.0,861*

37,955
35,623

19l<9

37,511*

1*1,106

-3,592

1950
1951

37,306
52,979

37,728
56,337

-1.22

-266
-1,161
-123
-1,386
-350
-229
-502
311

-3,358

815

1952
1953

61»,eiiO

70,682
72,997

-5,8te
-9,157

-1.1

.
.

101

2,711

42

-319
-209

7,973
7,777

1,770
-1,488

6,064
4,577

267,391
275,168

54
76

267,445
275,244

266,821
274,671

4,071
-1,067
-196

8,741
7,675
7,479

272,660
273,206
272,937

63
63
64

272,732
273 ,269
273,001

272,148
272,688
272,422

-2,352
797
-1,346
-533
944
1,366
-1,567
700
1,280

5,126
5,923
4,577
4,044
4,988
6,355
4,787
5,487
6,766

273,386
275,209
275,168
274,849
274,782
270,235
271,047
273,475
271,260

66

273,452
275,282
275,244
274,924
274,859
270,312
271,127
273,555
271,341

272,875
274,707
274,671
274,362
274,300
269,757
270,572
273,002
270,790

-2,542
1,233
-313

4,224
5,457
5,145

270,984
274,955
274,810

21
27
29

271,005
274,982
274,tij8

270,466
277,447
274,305

1,518

6,663

278,752

34

278,766

278,255

362

-18,966

-2W

-2,21.9
-1*,100
l*,331

199
231.

-1,712

-239
301

-578

-1,6W

-261*

6,598
536

-152

36

188

-269

3,005

5,753
5,183

-2,71.8

6,1.37

-1,81.9

5,218

-185
737
5,879

-219
79
-176
-36

i*,707

5,555
5,296
5,203
7,308

2,751
3,592
2,827
3,911
l*,951

827
6,731
5,019

October

2,639

i*,857

I.,

1.10

193

1,LU

-1.23

5,072

5,1.1.1*

165

1.1.9

-1.76

1,822

719

-W

9
-135
-160

-l*,5l.6

-320
-67

-2,51.5

-1.27

-1,611
3,336

39I*

593
-511

811
2,te8

13

11.6

-2,215

-2,000
-2,820
-68

-169
301*

-97
-222

3,971

-121

21

-11.5

-2,216

-311

lOli

3,91*2

-276

Source: Actual figures are from the old Daily Treasury Statement through the
calendar year 1953 except as noted; actual figures on the new reporting
basis (see footnote 6) are from the new Dftily Treasury Statement and the
new^Monthly Statement of Receipts and Expenditures of the United States
Government"; estimates we based on the "Review of the 1955 Budget", released September 14, 1954. More detailed Information with respect to the
flgiirp'' on this page is given In succeeding tables.
Gross receipts less appropriations to the Federal Old-Age and Survivors
1^/
Insurance Trust Fund and the Railroad Retirement Account, and refunds
of receipts.
2/ Transactions of the Foreign Economic Cooperation Trust Fund, established
under Section 114 (f) of the Economic Cooperation Act of 1948
(62 Stat. 150), are consolidated with budget expendltxires
Consists of transactions of trust and deposit funds, investments of
Government agencies In public debt securities, and sales and redemptions
of obligations of Government agencies In the market; excess of receipts,
or expenditures (-).
4/ For checlce and Interest coupons outstanding and telegraphic reports from
Federal Reserve Banlfs, and beginning with the fiscal year 1954, also deposits In transit and cash held outside the Treasury; net Increase, or

6/

^

^

257,491
251,542
252,028
256,652
254,567
258,507
265,522

471
-447
62

753

1.7,1.81.

6,022

11,1.31.

73

27
20
29

87
-106

61*,

6,01(j

-628

90

112,471
170,108
232,144
278,682
259,487
256,981
252,854
257,160
256,731
259,461

3,360

10,61*1*

.

5,21*1

1.78

5,870

July
August. . .
September.
.

-1*3,591*

-5,991*

l*,378

5,033

171,202
239,099
288,559
258,554
256,127
252,057
256,413
256,026
258,794

1*83

-211*

-l*,655

February
March
April
May
June

UO,833

99
679

l*l>,058

63,968

195'+-January,

265,522
270,790

-3,122
3,510

-10,930
1,624
-1,462
2,047
1,839
-388
-2,299

59,313

l>,555
i*,588

266,123
271,341

555
-507
366

71*, 271*

October. .
November.
December.

52
81

433
476

-1*95

67,772

.

74,154
140,469
208,077
268,671
268,932

46
52

76,991
140,796
202,626
259,115
269,898
258,376
252,366
252,798
257,377
255,251
259,151
266,123

-291*

61*, 825

Months : 6/
1953 -JuOj
August. .
September.

4,568
4,100
1,623

-1,103

6"*, 655

63,81*1

72,422
136,696
201,003
258,682
269,422
258,286
252,292
252,770
257,357
255,222
259,105
266,071

751.

57
6/

1955 (Est.)....

2,991
9,507
20,169
24,698
14,238
3,308
4,932
3,470
5,517
7,357
6,969
4,670

8,1*19

1953 6/

Calendar years:
191^..

61., 271.

-l,6u

39,032
33,069
39,507
39,617

-9,389
-9,Wi9
-3,117

.

195"*

Subject to
limitation
5/

decrease ( - )
For current month detail, see section on "Statutory Debt Lljnltatlon" in

r
a

.

74
76
75
77
77
80
80
81

each issue of the Bulletin. The lljnltatlons In effect during the
period covered by this table and the date when each became effective
are as foUows: March 26, 1942, $125 blUlon; April 11, 1943, $210
billion; June 9, 1944, $260 billion; April 3, 1945, $300 blUlon;
June 26, 1946, $275 billion; and August 28, 1954, $281 blUlon (temporary increase ending on June 30, 1955). Guaranteed securities ere Included \uider the limitation beginning April 3, 1945. Savings bonds
are included at current redemption value beginning June 26, 1946;
prior to that time they were Included at maturity value. In the debt
cutatanding, savings bonds are carried at current redemption value,
New reporting baels as announced February 17, 1954 (see April 1954
"Treasury Bulletin", page A-2). The new D-'lly Treasury statement
shows cash deposits and withdrawals in the account of the Treasxirer
The new Monthly Statement includes agency
of the United States
transactions not cleared through the Treasurer's account, and shows
receipts when they are received by collecting officers and expenditures when checks are issued or payments are made by disbursing
officers. Final figures for fiscal years 1953 and 1954 are shown in
this issue of the Bulletin.
Revised.
Rot available
.

.

55

30
24

:

.......
,

Treasury Bulletin
BUIXJET RECEIPTS AND EXPENDITURES

.

Table !•- Receipts by Principal Sources
(ill

dill Ions of dollaj'a

]

Internal revenue 1/
Incoiae and profits taxes

Fiscal year
or month

Individual

Corporation
2/

Not
withheld
2/ 1/

Withheld
1/

19't7

WW

292
735

10,013

19'»9

6l»l

1950
1951

;i89
,218
826
,901

1952
1953

EmploTinent taxes

Total
income

Fear

and
profits

insvtrance

old -age

Fear

railroad retirement

For unemployment
insurance

2/

6,/

9,842
10,073
13,535
18,521
21,172

29,306
31,171
29,482
28,263
37,753
51,347
54,073

1,459
1,616
1,690
2,106
3,120
3,569
4,086

735
626

223
226
234
259
276

21,351
21,635

54,363
53,906

4,086
4,537

620
603

277
285

4,983
5,425

11,1.36

380
557
564
550
578

Excise
taxes
2/

Total
employment

Estate
and gift
taxes 2/

2,024
2,381
2,477
2,883
3,931
4,562

185

208

Not
otherwise
classified
2/

8,049
8,301
8,34e

Total
intern«^
revenue

8,303
9,423

39,379
41,853
40,307
39,449
51,106

9,726
10,870

65,635
69,931

10,014

10,8B5
945

70,171
70,300

l',988

Wev reporting baa
1953
195l<

21,523

1955 (Bat.)....

18,730

1953^uly
August. .
September
,

October. .
Hovember.
December.
195lt-Januar7.

.

April
ItW

Jul7
August. .
September.

48,760

5,415

650

300

6,365

9,150

930

65,205

327
91
1,596

1,205
2,883
1,384

2,183
3,301

28

5
15
1

239
617
353

924
883
883

83

'',783

206
519
299

60
64

3,428
4,861
6,083

U14

120
88
372

1,296
2,834

160
388
150

15
104
37

5
13

180
505
189

977

96

1,'.76

1,830
3,226
3,724

1,096
644

56
46

2,365
l,OWt

1,097
3,066
1,413

3,901
4,507
11,221

85
598
589

17
77
50

33
184

1,108
2,601
1,272

2,561
3,100
9,570

278
759
507

21
71

5
17
1

304
846

1,035
2,578
1,422

1,819
2,971
3,955

217

20

4

743

76
47

16
1

30lt

1,877
396
7,353

2,'>5'i

61(5

808

358
6,956

lllO

1,3'<2

532
300

252
93

1,101*

l,!i29

.

October,

84
53

2

6

45

274

703

135
859
645

n4

r

834

3,083
4,882
4,604

1

64

4

87
118

-2

94

3

2

:

4,808
6,225
12,820

553

763
804
731

73
103

3,725
4,823
10,958

240
835
322

713
766
767

77
64
72

2,849
4,634
5,116

361

199

1,077

1,637

188

21

4

213

785

65

2,700

2,296

1,973

6,112

10,382

1,423

164

24

1,611

3,031

277

15,299

.

1955 to date...

30, 030

651
326
1,503

..

February
March

012
10, 71*7

Deductiona from budget receipta

Mlscellaneoua
receiptB
8/

Fiscal year
or aonth

494
422
384

Total
budget
receipta

624

4,635
3,824
2,082
1,439
1,639

44,508
46,099
42,774
41,311
53,369

551
613

1,814
1,912

67,999

1954

613
562

1955 (Est.)....

570

1953-July
Auguat. .
September.

51
47
51

October.
November..
December.
1954 -January...
February.
March

44

1?'>7.
19**^.

19" 9.
1950.
1951.

Hey reporting baale:
1953.

.

.

Total
refunds
11/

256

2,982
2,250
2,817
2,135
2,082

17

723
550
550
575

72, '•55

3,569
4,086

738
622

1,865
2,311

72,649
73,173

4,086
',537

2,453
218
138

68,228

UO

3,697
5,046
6,244

50
48
44

123
177
196

40
41

budget
receipts

16
15

3,006
2,272
2,838
2, 160
2,107

39,786
41,488
37,696
36,495
47,568

2,275
3,128

18
17

2,302
3,151

61,391
64,596

620
603

3,095
3,345

17
20

3,U8
3,377

64,825
64,655

5,415
206
519
299

650

2,822

2,850

59,313

28

101
63
19

103
65

3,360

84

22

5,870

3,255
5,107
4,845

160
388
150

15
104
37

352
159
149

5,200
6,425
13,013

85

598
589

17
77

3,956
5,037

19

17

2/

43
48

179
170
340
254
119
117

October,

47

188

1955 to date...

net
Internal
revenue

1,616
1,690
2,106
3,120

April
Hay
June
July
August ....
September.
.

Refunds of receipts

l,'t59

423

1952.
1953.

Appropriations to
iVASl
Trust Fund
2/

Appropriations of
receipts to
Railroad
Retirement
Account
10/

52
44
49
45

53

50

11

li,378

3,005
4,555

73

75

58
67

60
69

'.,588

63
304
938

64
306
940

5,033
5,444
11,434

902

2,751
3,592
10,644
2,827
3,911

21
71

4,801
5,280

278
759
507
217
743
274

47

6

906
616
150
85
70
8

140

2,887

188

21

37

39

2,639

630

16,117

1,423

164

195

202

14,329

11,31*7
3,1'.8

Source: Actual figures through 1953 on the old bas Is are from the old
Dally Treasury Statement; actual figures on the new reporting basis
aj^ from the new "Monthly Statement of Receipts and Expenditures of

"•5

608
148

20
76

68

83

the lAilted States Govezn^nt' (see footnote 7); estimates are
the "Beview of the 1955 Bwlget", released September 14, 1954.
Footnotes on page 5,

'1,951

December 1954
-BUDGET RECEIPTS AHD EXPENDITURES.

Table 2.- Expenditures by Major Classifications
(In millions of dollars)

Fiscal year
or nonth

W*?

39,032
33,069 15/
39,507 i5/
39,617

191*
19l>9

1950
1951

W,058
65,i«)8

1952
1953

73,985

Hev reporting baalet

International
affaire and
finance

Rational
security

Total 12/

Interest
on the
pubUc debt ij/

Veterans'
services and
benefits 11*/

15,130
11,W.6
12,787
12,952
21,663

6,562

'*,958

7,259

5,123

15/
6,026 15/

5,2U

6,1*69

5,'<63
8,1.76

3,798

5,339
5,750
5,613

6,878
6,517

te,867 16/
50,087

2,839
2,220

5,859
6,508

'•,952

'','•79

1*,817

7U,27U
67,772

50,276

2,181*

6,501*

'',33l*

IPS'*

1*6,510

1,566

6,382

U,249

1955 (Est.)....

63,968

1*1,900

1,11*1*

5,072
6,018
6,022

3,638
l*,066

160
229
157

6,635 yjj
237
206

It,

1953-JU17
Aogust.
September.

5,753
5,183

U,200
3,685

151
153

6,437

l*,228

U8

5,218
It, 707
5,555
5,296
5,203
7,308

3,61*8

.

October.
November.
December.

.

1951* -January

.

February
March

.
.

April.
May...
June.

July
Aueuet.

8,891
10,835

'•,335

2/

1953

,

9,581
7,652

5,333

10,977
9,065

367
350

9,867
670
1,300

560

328

912

351*

3itO

I6U

349
376

707
831

1,291*

61*

21*5

31*3

917

3,568
3,830

177
50

372

31*5

21*6

588

31*0

71*7

3,691

105
120
81

350
21*9

383
352

767
1,109

1,763

376

1.38

336

3,933

3,371*
It,

650

81

1*22

1*21

91*

213
332

331*

1,136
2,601

152

51*1

321

71*5

Sept-ember

6,731
5,019

3,061
3,370
3,261

October

'»,857

3,300

73

31*6

31*9

790

21,1*36

12,992

399

1,1*32

1,3'<0

5,272

'•,827
.

.

1955 to date.

See Table 1. Classifications of actual expenditures are based on the
detail available from the monthly Treaauiy reports and are described in
the footnotes; they do not a^ree fully In all cases vlth the estiiuAte

Source:

classifications taken from ths September
Footnotes on page 5>

1951*

Budget Review.

Table 3.- Expenditures for National Security
'In tnlllione of dollars)

Fiscal year
or month

Secretaiy of
Defense 18/

Air Force
military
functions 19/

lolt7

15,130

301.?

1', 1*1.6

lO'iO

12,787
12,952
21,663

31*3

1*2,867 16/

1*02

12,350 16/

50,087

1*10

ll*,882

1953

50,276

1*09

1951*

1*6,510

1*61*

15,085
15,668

1955 (Est.)

1*1,900

1950
1951
1552
1953

New reporting basis;

October
November
December
195'*-January

5

161

5,31*6
l*,03l*

6,811
15,361*
16,1*93

1,050

37
33

1,337

l*,200

60

3,685

31*

1*,228

37

3,61*8

39
37
35

3,568
3,830

April
May
June

3,37'*
i*,650

July
August
September

3,061
3,370
3,261

October

3,300

1*1

1955 to date

12,992

11*7

.

16,21*2

12,910

35,500

February
March

See Table 2

1,690
3,506
6,238

33

3,691

20/

6,911
5,96;

li,066

3,639
3,933

August
September

:

f-anctior.2

Jj

1953 -July

Source

,a7.-y

military

37
37
1*5

35
33

38

1,281*

i6/

".avj-

Mutual

allltarj'
functlor.a

ipllltarv

pro^raK 21/

Atomic
energy 32/

Streteglc
crltlcel
natarlals

ani3

ether Si/

.

Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES

,

Table 4.- Exi>endlture8 for International Affaire and Finance
(In Bllllcns of dollars)

Fiscal Tear
or Bontli

Department
of State

WltT

6,562

191)8

'',''79 15/
6,026 15/

19''9

Kiport-Iaport
Bank Sji/

133
229
265
299
277

938

Econoalc and
technical aseletance (Mutual
Securlt7 Act) 25/

GOTenment

Civilian
relief in
Korea

and relief In

occupied areas
51't

'•,977

I165

13''

1^

881

-60

'',0'*3

15/

,333

2,770
U.5

''5

88

3,523
3,006

779
370

1950
1951

'',817

1952
1953

2,839
2,220

Silt

25

2,191

152

2115

112

1,72''

1*8

72
82

1953
WSl*

2,18U
1,566

271
156

117
99

1,703
1,227

21/
21/

93
83

1955 (Est.)

1,1W

ll'2

-57

892

160
229
157

".3

6
120
55

9't

38
38
2

96

3,798

Hew reporting basis;

170
i'9

183
9

2/

1953>ruly
August
September

18
6

151

NoTeiDber. ...........

153

8
10

December

U8

12

I95U -January
February
March

61*

10
12
11

-52

k

5

92

177
50

April
May
June

July
August
September
October

101
99
Irt
156

-2

17

22/
22/
22/

7

10
ll

5
k
2

22/
22/
21/

m

-7'.

22/
22/
22/

11
2

105
120
81

3

10

19

-148

95
105

22/
22/
22/

-39
2
-20

86
78
151

22/
22/
22/

63

22/

2

-57

378

22/

22

81

28

9I'

6

152

lit

73

1955 to date

167

81
91

October

Source:

Other 26/

399

8
57

See Table 2,

1>

12
5
5

8
7

Footnotes on page 5*

Table 5.- "Other" Expenditures
(In mllllGDB of dollars)

Social
security,
welfare, and
health 28/

Flacal year
or BonUi

Housing and
cnnn unity
develoiBent

Apiculture and
agricultural
reaourcee ^0/

Natural
reaoxircae

ii/

12/

Trana por tat 1 on

Finance,
coakerce,

BunlcatioD

Induetry 33/

J2A_

Other
it/

979
1,0U5
1,165
1,526

129
68
-56
-270

1,226
782

519
822

2,658
2,8te

1,61*0

'•eo

''89

1,221
1,399
1,376

8,891
10,835

1,672
1,810

665

1,063
2,900

1,''51

10,977
9,065

1,801
1,882

2,961
2,653

1,55''

-556

1,389

1,841
1,453

104

2,333
2,140

1955 (Est.)

9,867

1,935

367

2,841

1,086

1,780

-42

1,900

1953-July
August
September

670
1,300

237

20

18

ll'7

-59

59't

912

121

38

2711

102
133
169

95
262
125

57
26

707
831

209

-33

12

llU)

1''5

96

335

''21

131

-23

-102

121
123

147
170
119

30
-101
-50

-1''3

78
96
99

109
165

-192
-10
-81

689

108
95
125

74
75
36

-95

29

5,123

19''7
19''8

5, ''63

19''9

8,U76
9,581
7,652

1950
1951

1952
1953

Hew reporting basis:
195''

,

1951* -January

1,533

l,l'86
l,l'99

1,839
1,819

''35

917

186

2I46

ll'l

7lt7

13''

April
May
June

767
1,109

169
129

'•38

13<^

July
August
September

1,136
2,601

165

52
-35

262
2,029

117

llt9

7l'5

153

-2

123

133

123
120
117

February,
March

.

,

:

:

:

:

:

1,032
1,338
1,697
1,884
2,000

138

2,064 r
2,200 r

113

103

188
lt52

23 It

U8

76

52

28
30
-4
26
4 r
6
-24

50
18
45

410

138 r
206
180
81
85
400
174
191

October

790

178

9

136

133

126

51

157

5,272

61.5

2l»

2,551

500

487

143

922

See Table 2.

r
r
r

198
166
159
204
126
178

1955 to date
Source:

r

299
287
399
714
188

jj

1953

October
November
December

''58

939
1,121
1,393

Footnotes on page 5-

December I9i4
-BUIOET RECEIPTS AND EXPENDITURES

Footnotes to Tables

1/

2/
3/

U/

2/
6/

2/

8/

2/

10/

11/
]2_/

13 /

lU/
1^/

16/

17/
18/
19/

For further detail, see tables under "Internal Eevenue Collections."
Breakdown vbb not made in the Dally Treasury Stateaent for years
prior to 195**.
Beginning January 1951, the distribution of receipts between individual Income taxes and old-age Insurance taxes Is made In accordance
with proTlslons of Sec, 109 (a) {2) of the Social Security Act Anendnente of 1950, for appropriation to the Federal Old-Age and Survlrore
Insurance Trust Fund (see footnote 9).
Taxes on employers and employees under the Federal Insurance Contributions Act, as amended (26 U.S.C. 11*00-1^32) ai^, beginning vlth the
taxable year 1951, tax on self-eaqiloyed Individuals under the SelfEmployment Contributions Act (26 U.S.C. USO-iifle).
Taxes on carriers and their employees under the Carriers Taxing Act,

20/

OB anended (26 U.S.C. I5OO-15O3).
Tax on employers of 8 or more under the Federal Uoemployment Tax Act,
as aasnded (26 U.S.C. l600-l6u).
As announced Fefaoniary 17, 195*+ (see April I95U "Treasury Bulletin",
page A-2), See also page 1, footnote 6. Final figures for the fiscal
years 1953 and 195!* are sbovn In this Issue of the Bulletin.
Includes proceeds from sale of surplus property and from Gorertaneat-

22/

owned securities; seigniorage; deposits resulting from renegotiation
of war contracts (see "Treasury Bulletin" for February 19^, page 5);
and railroad unei^ployment Insurance contributions for administrative
expenses through 1953, after which they are carried as trust accoiint
receipts under the Railroad Petlrement Board.
Amounts appropriated to the Federal Old-Age and Survivors Insurance
Trust Fund are equivalent to the amounts of taxes collected and
deposited for old-age Insurance (U2 U.S.C. UOI (a)). The Social
Security Act Amendments of 1950, appiroved August 26, I95O
{6k Stat. 1*77), changed In certain respects the basis of transferring
the appropriated funds to the trust fund. Beginning January 1951, the
amounts transferred currently as appropriations to the trust fund are
based on eatlmatee of old-age insurance tax receipts made by the
Secretary of the Treasury pursuant to the provisions of Sec. I09 (a)(2)
of the Amendments of 1950, and are adjusted In later transfers on the
basis of wage and self -employment Income records maintained In the
Social Secxirlty Administration.
Excludes the Government's contribution for creditable military service
under the act of April 8, I9U2 (56 Stat. 204). Beginning 1952, amounts
«u*e appropriated to the Ballroad Eetlrement Account equal to the amount
of taxes under the Railroad Retirement Tax Act deposited In the Treasury,
less refunds, during each fiscal year (65 Stat. 222 anl 66 Stat. 371),
and transfers are made currently.
Previously, annual appropriations
ware based. In effect, on estimated tax collectlans, with any necessary
adjustments made In suooeedlng appropriations.
Interest on refunds Is Included In Table 5 under "Other".
Expenditures are "nAt"^ after allawazioe for reimbursements to appropcrlatlons, receipts of revolving fund appropriations, and receipts credited
to disbursing accounts of corporations and agencies having authority to
use collections without formal, covering Into the Treasury. The figures
Include transfers to trust accounts. They exclude net Investments of
wholly owned Government corporations and agencies In public debt securities beginning 1951 (when these Investments were grouped with those of
trust funds and accounts), and public debt retirements chargeable to the
sinking fund, etc., under special provisions of law. Payments to the
Treasury, principally by wholly owned Government corporations, for retirement of capital stock and disposition of earnings are excluded from
both receipts and expenditures. Further Information on these capital
transfers may be found In the 1953 Annual Report of the Secretary of
the Treasury, page 332.
Beginning Hovember 19'*9, Interest on the public debt Is reported as an
expenditure i^Lon such 5nterest becomes due and payable, as distinguished
from the previous practice of showing the expenditure on the basis of
Interest paid by the Treaatirer of the United States.
Consists of Veterans' Administration expenditures, Including the direct
loan program.
Includes transactions relating to the Foreign EconcKulc Cooperation
Tnut Fund (see page l),
Net transactions by the Departments of the Air Force and the Army relating to "Deposit fund accounts" are Included under "Trust Account and
Other Transactions" Instead of "Budget Receipts and Sxpendltures" beginning 1952.
Includes Interest on refxmde of taxes and on uninvested trust funds, for
irtilch separate estimates are not available.
Includes retired pay for the military services beginning September 19^9.
Excludes certain expenditures made on behalf of the Department of the
Air Force out of appropriations to the Department of the Aiwy.

1

21/

22/
23/

2k/

26/

27/

26/

29/

30/

31/

32/

\3/

^kf

•

r

through 5

Includes certain expenditures on behalf of the Department of the
Air Force {see footnote 19).
Consists of expenditures from funds appropriated to the President
under the Mutual Security Act, approved October 10, 1951
(22 U.S.C. 1651), and the preceding Economic Cooperation Act; and
Greek -Turkish assistance.
Canslets of expenditures of the Atomic Energy Coi^leslon.
Consists of payments under the Armed Forces Leave Act, expenditures
for surplus property disposal, and In 19U7 also national defense
expenditures of the Reconstruction Finance Corporation and certain
other agencies.
Excludes Bank expenditures under the Mutual Security Act and the
preceding Economic Cooperation Act of 19**8, as amended.
Consists of expendltiires from funds appropriated to the President
under the Mutual Security Act, and the preceding Economic Cooperation Act.
Consists of expenditures under the Bretton Woods Agreements Act
(191*7); credit to the United Kingdom (19**7 and 19^); expenditures
of the United Watlons Relief and Rehabilitation Administration;
relief to countries devastated by war; various other foreign relief
programs; International children's emergency funds; and loan for
construction and furnishing of United Rations Headquarters.
Expenditures for this purpose by the Department of State are Included under "Department of State" In this table; expenditures by
other agencies, no longer shown separately In monthly reports to the
Treasury, are not Included In this table.
Consists of expenditures of the Department of Health, Education, and
Welfare except the Office of Education, and of the corresponding
component organizations prior to the establishment of this department
on April 11, 1953; the Government's contribution under the Railroad
Retirement Act for creditable military service and certain other
Railroad Retirement Board expenditures through 1953; and also, beginning 1950, the school lunch program under the Department of
Agriculture.
Consists of expenditures of the Housing and Home Finance Agency, and
of component organisations prior to the establishment of this agency
on July 27, 19^7; Federal Civil Defense Administration; and disaster
relief.
Conelsta of expenditures of the Department of Agriculture except the
Forest Service and the school lunch program; and of the Farm Credit
Administration.
Consists of expenditures of the Department of the Interior; the
Tennessee Valley Authority; the Coi-ps of Engineers in the Department
of the Ann7 (river and harbor works and flood control); and the
Forest Service In the Department of Agriculture.
Conelsts of expenditures of the Civil Aeronautics Administration,
Civil Aeronautics Board, Maritime activities and predecessor agencies,
and Bureau of Public Roads, all now in the Department of Commerce;
the Coast Guard In the Treasury Department; and the Post Office Department. Figures prior to 195** are revised in this Issue to Include
net expenditures of certain working funds of the Department In addition to the Postal Service Fund (advances to cover the postal deficit).
In the final figures for the fiscal year 195^, net erpendlturee of the
Department, including the Postal Service Fund, are on the basis of
cash receipts and expendltxires recorded In the accounts of the Department, which la consistent with the basis for other iHpnclee of the
Government. The same basis will be continued. In subsequent years,
but for the fiscal year 1955 to date no expenditures ere included for
the Post Office Department, pending completion of reporting arrangements now in progress
Consists of expenditures of the Department of Commerce except those
Included under "Transportation and communication"; the Reconstruction
Finance Corporation (as In liquidation by the Treasury Department beginning July 195't); Federal Facilities Corporation beginning July
195!*; the S»nw1 J Business Adjclnlstratlon; the EcononLlc Stablllratlon
Agency; and funds appropriated to the President for the expansion of
defense production.
Includes expenditures for executive departments and other agencler
not included elsewhere and for legislative and Judicial functions.
The National Advisory Committee for Aeronautics, formerly included
in Table 3, is now Included here instead of under "Transportation
and conmmnlcation" In Table 5 because expenditures are no longer
shown aeperately in monthly reports to the Treasury.
Less than $500,000.
Revised.

, .
,

,

Treasury Bulletin
-TRIBT ACCOUNT AND OTHER TRANSACTIONS.

Table 1.- Summary of Trust Account and Other Transactions
(In mllllonB of dollars)

Net of
trust account
and other
transactions ij

Flecal year
or okonth

Wl*?

-1,103
-a9U

wiig
1950
1951

-1*95

1952
1953

lltT

WW

Trust accoimts. etc.

Ret receipts, or
eipendlturee (-)

99
679

Expenditures
(other than net
Investments)

Bocelpte

Ret Inveetnente of
GoTemiBent agencies in
public debt securities

Ret redemptions, or aalee (-),
of securities of Government
agencies In the market.

Guaranteed

2,619
2,658
1,890
-281
3,852

6,2Wt
6,515 2/

3,625
3,857

5,71'*

3,821t

6,669
7,796

6,950
3,91*5

3,557

3,855
3,763

8,807
8,932

I.,

952
5,169

3,760
2,386

8,929
9,155

5,169
6,769
8,2l<6

2/

Not guaranteed
-2&
-123

3,362
3,060
2,311

387
16
46

28

-U02

8
-10

-37'»

3,636
3,301

-16

88

-7

32

3,301
2,054

-7
-29

32
33

14

Rev reporting basis:
1953

l»35

195it

328

1955 (Est.)

-352

2,128

10,37i>

1953Vulj

-239

-20lt

li29

633

301
36

695

1,159

lt6lt

32

I183

l»51

-219
T9
-176

-225
202

378
839
659

-36

-83

I4IO

582
222

August
September

October
November
December
195** -January

February
March

'•3

193

April.
May...
June..

-te7

-11

6ol»

-76

-2

72

637
616

240
169

-e

-108

-2

233
993

316

-75

itll

824

601

56
-30

39'>

-331
662

13

790

July
August, . .
September,

-169

-227

431.

30l(

697

1,22't

-121

-331

l»57

October,

-311

-Il30

370

,

81c
568
658

479

1,230
1,W.8

Source:

i/

2,480

61
395
71

Actual figures through 1953 on the old basis are from the old Dally
Treasury Statement; actual figures on the new reporting basis are from
the new "Monthly Statement of Pecelpts and £zpenditures of the United
States Government" (see footnote 3); estimates are based on the "Bevlev
of the 1955 Budget", released September 14, 1954.
Sxceee of recelpte, or e.'fpendltures (-).

2/

^
•

-If

-1
-75

52

27
-1

118
60

391
809

-4
-1
-1

57
-122
-31

43

660
526
788

-91

61

-27

3U

-6
-1

-161

800

-142

-48

90
28

Excludes Foreign Economic Cooperation Trust Fund (see page 1),
As announced February 17, 1954 (see April 1954 "Treasury Bulletin"
page A-2), See also page 1, footnote 6. Final figures for the
fiscal years 1953 and 1954 are shovn In this Issue.
Less than $500,000.

Table 2.- Trust Account Receipts
(In millions of dollars)

Federal Old -Age
and Survivors
Insurance Trust
Fund

Fiscal yea
or laontfa

1948

6,244
6,515

191'9

5,711*

1950
1951

6,669
7,796

191*7

1952
1953

Mew reporting basis:
1953
1954

1955 (Est.)

1953^uly
August
September

October
November
December
1954-January
February
March
April

May
June
July
August, . ,
September.
October,

,

.

1,623
1,807
1,924
2,367

Railroad
Retirement
Account
323

797
625
645
678

3,4U

Unemployment
Trust Fund

National Service
Life Il^urance
Funl

Government
Life
Insurance
Fund

Government
employees*
retirement
funds 1/

Other trust
funds and
accounts
2/

1,289
1,313
1,173
1,261
1,542

1,504
740
690
1,076
684

131*

92
87
86

578
594
680
809
850

792
1,174
529

1,643
1,591*

786
637

87
79

912
961

597
401

637
619

79
78

961
691

401
457

90

403
51*5

8,807
8,932

3,932

8,929
9,155

1*,516

5,080

742
737

1,492

10,371*

6,060

753

1,699

719

386

429
1,159
483

214
530
310

48

36
51

5

38

25

94

65
321

3

5"*

13

33

2

71
37

31*

378
839
659
233
993
824

189
398
342
86
621
609

14
90

50

39
35
36

3

S"*

2

U3

37
39
44

4
2
4

51
22
77
29

53

29
175
20

37
35
35

479
1,230

6

60

42

3
3

1,448

300
778
705

434
1,224
457

370

850
745

1*,516

4/

53
13
.,

84

757

254

3

89

1»5

28

36

58
19
-18

90

271

136

122

36
193

45

25
35
264

228
764
287

20

l»3

3't

3

61

'•5

76
47

275

37
31

4

''3

24

12

3

31

1.5

204

22

35

42

3

29

36

Source: See Table 1.
1/ Consists of Civil Service and Foreign Service retirement funds.
2/ Includes Adjusted Serrlce Certificate Fund, District of Columbia, Indian
tribal funds, Islsnd possessions. Increment resulting from reduction in
the weight of the gold dollar, and through June 1950 aeignlorage on silver
under the Silver Purchase Act of 1934. Thereafter any such seigniorage is
Included under budget receipts. Beginning with the fiscal year 1954, the

K/

"•3

Pallroad DhaBployment Insurance Adalnlstrotlon Fund la classified
as a trust account, Instead of being handled through budget accounts as formerly (see "Budget Becelpts and firpendltiires"
Table 1, footnote 8).
Excludes Foreign Econanlc CooperatioD Trust Fund (see page 1),
See Table 1, footnote 3.

December I9i4
-TRUST ACCOUNT AND OTHER TRANSACTIONS

Table 3.- Trust Account Expenditures Other Than Net Investments
(In mlllloiu of doXlare; negative figures are excess of credits)

Federal Old -Age
and SurrlTors
Insurance
Trust Fttnl

Fiscal year
or aoDtii

19't7

I9W

3,625
3,857

19'>9

3,821.

1950
1951

6,950

1952
1953

l.,952

3,9't5

5,169

Sev reporting

toaalet

1953

Ballroad
Betlrenent
Account

li£6

y

TJnemploy-

ent
Trust
Fund

GoTemment

national
Service Life
Insurance
Funl

Life
Insurance
Funi

Government
enployeee *
retirement
funds 1/

282
302
348
2,988
6l4

77

244
222
268
271

2,067
2,750

391
465

1,049
1,010

996
588

ae
82

300
363

413

441

-346 2/
-529

588
623

as
147

363
411

441
495

-558

67
70
61

U4

323

1,010
1,745

1955 (l»t.)....

8,246

4,242

567

1,805

633

40
41
40

75
69
71

48
50
50

5

35

49
45
47

71
5

35
34

6

35

6
6

33
33

Attgust ....

l.£lt

Septemlwr.

•51

October.,
HoTeaber.

604
637
616

268
271
277

40

73

41
41

105
116

316
ill
601

274
280
299

40
52
41

178

47

192

ttarch

65
60

April
May
June

810
568
658

301
301
306

42
42
42

July
Angiut, ..
September.

660

300
295

79

526

788

382

43

179
180
172

October.

800

357

44

153

.

.

414
96
-194

44

245

221
192

208

Source: See Table 1.
1/ CoDslste of ClTll Serrloe and Foreign Service retlreaent funde.
2/ Includes Adjusted Service Certificate Ponl, District of Colnobla,
lodlan tribal funds, expenlltureB chargeable against Increnent on
gold, and beginning 1950, Nntual Defense Assistance Trust Fund.
Beginning vlth tlie fiscal year 1954, Includes also the Ballroad

U

34

33

6

3lt

90
41

n

1

131
-87
-96

58
20
26

9
115
69

36
31
47

-298
-247
-134
112
-98
-32

8

35

58
53
49

7
7
9

35
34
35

33

''5

10
7
7

3I'

46

36
35

1»7

21

-34
-126
86

6

35

33

127

45
43

37
43

tfnesployBent Insurance Adoinlstration Fund (seu Table 2, footnote 2).
Excludes net InvestBents In public debt seourltleB beginning 1951 (see
Table 4, footnotes 2 ami 3).
4/ Excludes Foreign Ecanomlc Cooperation Trust Fund (eee page 1).
5/ Inelades transactions by the Air Force and the Ars^ beginning 1952.
Z/ See Table 1, footnote 3.

^

Table 4.- Net Investments of Government Agencies In Public Debt Securities
(In »<

-529

414

449

769

261
262
304

..

1,073
1,234
526 4/
370
387

6/
465
50e

?ebruflry .

2/i/

869
859
1,314
2,026
900

2,750
3,405

195U-Januar7.

accouatG
(net) i/

fuM

173
222
278
304
321

5,169
6,769

DeceH^r.

Deposit

and accoxints

559
661
784
1,569

195"*

1953 -^JiOj

Other
tnist funds

^nw of dollars; negative figures are excess of redenptlons

Treasurii

BuUeth.

.TREASUPY CASH INCOME AND OUTGO.

The cash Income and outgo of the Treasury ehovm In
the
1 oonelet of cash depoelts and withdrawals In
account of the Treasurer of the United States. This Is
In line with the new reporting basis of the "Dally
Statement of the United States Treasury". Effective

Statement.

February 17,

the Dally Treasury Statement shows
deposits and withdrawals In the account of the Treasurer
of the United States.
Budget results and trust account

and trust account transactions.

and other transactions are now reported once each month

respects.

Table

195'^-,

follow the method used previously for deriving cash Income
and outgo from the transactions carried In the old Dally
Some rearrangement has been made In the table

setup, principally to combine all receipts and all ex-

penditures Instead of deriving separately the cash budget

Reporting bases for the two statements differ In two
Certain corporation and agenoy transactions In

In the "Monthly Statement of Receipts and Expenditures of

securities which are not effected through the account rf

the United States Oovemment" (seepage A-2 In the April 1954
Issue of the "Treasury Bulletin").

the

Figures for previous fiscal years heretofore published

have been revised to the basis of deposits and withdrawals
by eliminating corporation and agency transactions Included

In the old Dally Statement but not cleared through the

The cash borrowing or repayment of
borrowing as now shown Is likewise based only on transactions cleared through the Treasurer's account.

Treasurer's account.

Treasurer

of the United States are Included In

the Monthly Statement but excluded from the Dally Statement.
These are eliminated from the Monthly Statement figures
In arriving at the cash transactions shown In the tables
which follow. Other differences arise because of the
differences In timing, as between checks Issued (Monthly
Statement) and checks paid (Dally Statement ) for e}cpendltures or between collections (Monthly Statement) and

clearances (Dally Statement) for receipts. Thus an
Individual transaction near the end of a month may be
Included during that month In one statement but not
until the following month In the other.

actions which formerly appeared In the old Deilly Statement

These differences
tend to correct themselves over a period of time, but for
a given reporting date It Is necessary to Include an

and now appear In the new Monthly Statement.

adjustment figure to cover them.

In Tables

2,

3,

and h is given the reconciliation of

the cash transactions with the budget and

other

trans-

These tables

Table I.- Sumnary of Cash Transactions
(In

slUlona of dollara)

December 1954
.TREASUEY CASH mcOME AND OUTGO.

Table 2.- Derivation of Caeh Deposits
(In alU.10118 of dollars)

Soocasb ItoDB doduotad
fron bud^t recalpts - exceaa
profits tax rafund bonds
Plits:

Bscolpta

Fiscal year
or mDn^

Btdest (nat) 1/ 2/

Trust acoomt

19^7
19*8
19*9
1950
1951

39,786
Ul,U88
37,696

6,2lil(

1952
1953

^

Total

6,515

1*6,030
1*8,003

5,71''

'*3,l*10

36,1*95
'17,568

6,669
7,796

1*3,161*

61,391
6*, 596

8,807
8,932

70,198
73,528

1953

6U,a25
61.,655

8,929
9,155

73,75'*

WS*
1955 (Est.)

59,313
3,360
*,378
5,870
3,005

10,37'*

1*83

69,687
3,790
5,537
6,353

378
839
659

3.381.
5,39"*
5,2'*7

Hev reporting basis:

55,36*

U/

1953^uU
Au^XlBt

September
October
Hovember
December

1*29

April
May
June

5,266

5,W.

233
993

6,'*37

U,it3't

82'*

12,258

2,751

'*79

3,229

3,592
10,6Wi

1,230

'*,a23

1,'**8

12,092

l*3U

5,033

February
March

73,811

1,159

"1,555
lt,588

195*-i7anuar7

July
August
September

2,827
3,911

1,22'*

3,261
5,135

'1,951

'*57

5,'*08

October

2,639

370

3,009

Leas;

Fiscal year
or noath

-39
-10
-*
-1
-1

Transfers,
budget
to torust
account
2/

Payroll
deductions
for employeoB*
retlranent

19'*7.

1,105

191*8.

1.55

19*9.
1950.
1951.

366
833

397

259
238
329
360
38C

1952.
1953.

567

1*11*

1*55

lt2l|

Relobursenent
to budget from
trust accounts

5/

Interfund transactions

Interest payments

By Tl*essury
to trust
aocounts

To Treasury

Ot^r

by OorerxBiant
agencies

105
112

16

61*6

1"*

71*6

2ll

81*1

17

880
892

33
73
87

26

987

100

66

1,09*

lU

21

Total
Interfxmd
transactions

272
1,028
186
29

Adjuetoent
for differences
In reporting
bases j/

Equals:
Cash
deposits

1*3,590
1*5,399

2,1*02

11*6

2,59*
1,778
2,192
1,923

10

2,101*

68,093

2,183

71,31**

Ul,628
1*0,970

53, ''39

Hew reporting basis: k/
1953

I16I

1)2'*

163

-215

1*3'*

1,188

25*

5
16

2,211*

162

66
76

1,091*

1951*

2,130

101

1955 (Est.;

91

'l25

75

1,232

251

11*

2,088

1953 -July.
Aug..
Sept.

36
63

38
39
37

2

29

U

109
106
96

Oct..
Not..
Dec.

1*

1*

33

5

5

36
3*

3

31*

5

1*1*

6

35

Apr..
May..
June.

9
5
16

21*

33

July.
Aug..
Sept.

56
2
1

.

1951* -Jan..

Feb..
Mar..

Oct..

1*5
:

3
1*3

2

12

67,599
-75

96
115
-360
50
517
-575

7*

27

3

1

1

1*7

2
6

296
2
2
15

78
36
28

1*15

1

61*

66

3

29

3

66

-125

2

3

1

1*5

101*

799
*

69

932

101*

32

132

1

1

1*9

2

100

3

31

3

1*3

2

31

5*

13

29

10

27

Source: Actual figures through 1953 on the old basis are based on the old
Daily Treasury Statement; actual figures on the nev reporting basis are
based on the nev "htonthly Statement of Receipts and Expenditures of the
United States Goremment"; eetlmatea are based on the "BeTiew of the
1955 Budget", released September 1*, 195*. The Monthly Statement
figures for a given month appear in the Bulletin Issued following that
which carrlee corresponding Dally Statement figures in Table 1.
For further detail, see "Budget Receipts and Expenditures", Table 1.
'^
Figures have been revised to treat appropriations of receipts to the
Railroad Retirement Account as deductions from receipts instead of
transfers to trust accounts.
i/ Deduction from biMiget receipts of the tax refunds reprssented by these
bonds is treated as a noncash dwiuctlon at the time of Issuance of the
bonds and as a cash deduction at the time of redemption of tile bonds
(see Table h); net laaiiance, or redemption (-),

as
91

7*

1^

6/

71,326
71,781

181*

:

:

:

-173 r

289
-28 r
-318

3,606
5,527
6,373

:

2,9*9
5,396
5,3*9
*,609
6,530
12,260
3,036
*,e82
11,265

2,956
5,375
5,280
2,617

See Table 1, footnote 3.
By Federal Old-Age and SurvlTors Inaurance Truat Fund through
October 191*8. Thereafter includee also relnburaements from the
District of Columbia, etc.
Includee proceoda of ship aalea carried In truot accounta pending allocation to budget receipts from sale of aurplue propertj, traaofera between
trust accounts, and payment of eamlJigs or repayment of capital stock
Figures for ig^i^T
to the Treasury by corporatlone not wholly owned.
ani I9U8 Inclwie $53 miLLlon and $8 laillloa, respectively, of anned
forces leave bonds redeemed for Insurance premiums; after August 31,
19i*-7, these bonds were redeemable for caah.
For explanation, see headnote, Exceaa of receipts on Monthly Statement
basis Is deducted.
Less than $500,000,
Revised.

Treasury Bulletin

10

.TREASURY CASH INCOffi AND OUTGO-

Table 3,

-

Derivation of Cash Withdrawals
(In mllllOTie of dollars)

Expenditures

Fiscal year
or aonth
1/

December 1954

.
.

.

..

Treasury Bulletin

12

DEBT OUTSTANDING AND TREASURER'S ACCOUNT
Table 1.- Summary of Federal Securities
(In millions of dollars)

Total outatanding

End of
fiscal
year or
Dontb

Guaran-

GuaranTotal 1/

Public
debt

Public
debt

teed

secun-

19*7
19*8
19*9
1950
1951

258,376
252,366
252,798
257,377
255,251

258,286
252,292
252,770
257,357
255,222

90

1952
1953
195*

259,151
266,123
271,3*1

259,105
266,071
271,260

*6
52

279,76*
275,2**

1953-'>ecelnber.

195*-January
February.
March

.

Public debt

teed

aecurl-

1

MonetazT
Fund is/

Total

ties 2/i/

tlea 2/

Debt peak;
Feb. 19*6

Matured debt and debt bearing no lnt«rest

Intereet-bearlDg debt

Other
5/

Guaranteed
aecurl ties 2/
(matured)

1,218
788
701

6

613
575

2

512

1,72*
1,161
1,063
1,270
1,283

*19
298
*37

1,27*
1,302
1,*11

550
525
502

1
1
1

1,063

12

255,197
250,132
250,785
255,226
252,879

255,113
250,063
250,762
255,209
252,852

69
2*
17
27

3,179
2,23*
2,012
2,150
2,372

3,173
2,229
2,009
2,1*8
2,370

231
280
2*5
265

81

256,907
263,997
268,990

256,863
263,9*6
268,910

**
51
80

2,2**
2,126
2,351

2,2*2
2,125
2,350

279,21*

551

278, *51

277,912

539

1,313

1,301

238

275,168

76

272,956

272,881

75

2,288

2,287

*36

1,3*0

511

1

27*, 92*
27*, 859

27*, 8*9
27*, 782

272,706
272,612
267,899

272,632
272,536
267,823

7*
76
76

2,218
2,2*7
2,*13

2,216
2,2*6
2,*12

35*
385
515

1,352
1,352
1,391

510
509
506

1
1

73

27
20
29

83

5
3

2

270,312

270,235

75
77
77

271,127
273,555
271,3*1

271,0*7
273, *75
271,260

80
80
81

268,93*
271,359
268,990

268,855
271,280
268,910

79
79
80

2,193
2,196
2,351

2,192
2,195
2,350

308
280
*37

1,378
i,*ll
1,*11

505
50*
502

1
1

270,98*
27*, 955
27*, 810

21
27
29

268,699
272,719

2,303
2,262
2,370

1,U*2
i,*a6
1,538

*99
*95
*93

2

26
27

2,305
2,263
2,371

362

272, *67

268,681
272,693
272, **0

19

September

271,005
27*, 982
27*, 838

October.

278,786

278,752

3*

276, *32

276, *00

33

2,353

2,352

1,5**

*90

1

.

.

April
Mao-

June

July
Auguat.

.

Source: Dally Treasury Statement.
1/ Includes certain obligations not subject to statutory limitation.
For ejnounts subject to limitation, see page 1.
Excludes guaranteed eecurltles held by the Treasury.
For current month detail, see "Treasury Survey of Ovnerehlp"
f, Special notes of the United States Issued to the International
Monetary Fund in payment of part of the United States aubacrlptlon.

Table 2.-

5/

3*1
339
318

1

1

1
1

pursxiant to provlelona of the Bretton Woode Agreementa Act.
The
notes bear no Intereat, are nooDegotlable, and are pajable on dem/'nd.
Similar notea lasued to the Intematlooal Bank and outatandlng
19^7-19^9 are Incluied under "Other".
Includea eavlnge etainpe, ezceea profits tax refund bonds, currencj
Items, and notes lasued to the Intamatlonal Bank (aee footnote U).
For current month detail, see "Statutory Debt Limitation", Table 2.

Intereet-Bearlng Public Debt
(In millions of dollars)

December i954

13

DEBT OUTSTAKDIStJ AND TREASURpa^'S ACCOURT

Table 3,- Special Issues to United States Government Investment Accounts
(In Bllllona of dollars)

Federal
Deposit
Insurance
Corporation

End of fiscal
jear or Honth

Wl*?

27,366
30,211
32,776
32,356

191*8

1949
1950
1951

Sit

1952
1953

,653

37,739
1.0,538
ll2,229

195^

Federal
hone
loan
banks

408
549
666
808
868

37
117

888
846
892

Federal
Old -Age

Federal
Savings
and Loan
Insurance
Corporation

and

SuTTlTors
Inauranoe
Trust fund

GoTemaent
employees •
retirement
fonds

Government

Ufa
Insurance
Fui^

latlonal
Service
Life
Insurance
Funl

62
74
95
79
86

2,460
2,823
3,270
3,817
It, 391

1,254
1,286
1,318
1,292
1,300

6,474
6,935
7,288

77

7,104
7,709
9,003
1D,418
12,096

50
50
232

14,047
15,532
17,054

79
61

5,014
5,602
5,854

1,300
1,299
1,234

U9

84

Postsl
Savings
Astern
1/

Pellroad
Retirement
Account

5,436

1,628
1,912
1,952
1,802
706

806
1,374
1,720
2,058
2,414

5,191
5,249
5,272

552
452
213

2,863
3,126

5,3't2

Unemployment
Trust
Fund

7,142
7,500

Other
2'

30

U

7,3'«3

7

6,616
7,266

13

3,31*5

7,745
8,287
8,024

32
24

6
9

1953-D»co«l>er.

ltl,197

813

53

16,006

60

5,645

1,219

5,219

358

3,236

8,580

1954 -January.
February
March

ltl,009

875
880
880

lU

62
63
65

5,647
5,649
5,647

1,217
1,213
1,209

5,209
5,189
5,169

346

228

15,860
15,898
16,063

309
272

3,208
3,240
3,261

8,430
8,410
8,185

10
14
22

885
881
892

232
237
232

16,309
16,538
17,054

66
68

5,645
5,644
5,854

1,205
1,201
1,234

5,149
5,129
5,272

251
229
213

3,232
3,280
3,3't5

8,025
8,104
8,024

49

42,229

892
892
893

248
247
246

17,124

August.
September

42,152
42,479
42,407

17,27l»

82
83

85

5,887
5,888
5,886

1,229
1,226
1,223

5,272
5,262
5,252

220
213
206

3,300
3,338
3,3l«

7,874
7,979
7,824

77

17,357

October.

42,238

896

242

17,333

86

5,917

1,220

5,252

186

3,310

7,704

92

April
May
Jime

41,070
111

,002

lil,0l»9

''1,367

July
.

.

204

84

Source: Dally Treasury StateiMnt,
1/ Includes Canal Zone Postal Savings System.
2/ Consists of Adjusted Service Certificate Puni, various housing Insurance

55
24

24
92

funds. Farm Tenant Mortgage Inaurance Fund, and Veterans* Special Term
Insurance Fund.

Table 4.- Computed Interest Charge and Computed Interest Rate on Federal Securities
(Dollar aaouQte In mllliona)

Snd of
fiscal year
or month

191*7

Total intarest-bearii^ seountles
Aaount
Computed """»t
outstanding
Interest charge
Public debt
and guaranteed securities 1/

1948
1949
1950
1951

255,197
250,132
250,785
255,226
252,879

1952
1953
1954

Public
debt

255,U3

Public debt
and guaranteed secuntlea 1/

Public
debt

Co]q>ut«d annual interest rate

Public debt

Total
Interestbearing
securities

Maricetable Issues

Total
public
debt

Totel
2/

BlUs

1.871

382
1.014
1.176
1.187
1.569

5,455
5,606
5,613
5,740

2.107
2.182
2.236
2.200
2.270

2.107
2.182
2.236
2.200
2.270

2.001
1.958
1.981

5,982
6,432
6,300

5,981
6,431
6,298

2.329
2.438
2.342

2.329
2.438
2.342

2.051
2.207
2.043

5,371*

250,063
250,762
255,209
252,852

5,376
5,457
5,606
5,613
5,740

256,907
263,997
268,990

256,863
263,946
268,910

1.91*2

2/
•

1.7U

Certificates

Treaexiry

bonds

able
Issues

Special
Issues

anteed
securities
1/

it/

.ffr5

1.042
1.225
1.163
1.875

1.448
1.204
1.375
1.344
1.399

2.307
2.309
2.322
2.327

2.593
2.623
2.629
2.569
2.623

2.510
2.588
2.596
2.589
2.606

1.758
1.924
2.210
2.684
2.656

2.659
2.720
2.751

2.675
2.746
2.671

2.578
2.575
2.547

2.313

1.875
2.319
1.928

1.560

.843

1.838

2.317
2.342
2.440

2.254

Guar-

Ronmarket-

1.751*

1953-Dec ember.

272,956

272,881

6,587

6,585

2.414

2.414

2.170

1.510

2.482

1.765

2.393

2.725

2.747

2.551

1954 -January.
February.
March ....

272,706
272,612
267,899

272,632
272,536
267,823

6,577
6,585
6,412

6,575
6,583
6,410

2.412
2.416
2.394

2.412
2.416
2.394

2.164

1.465
1.326
1.128

2.482
2.319
2.263

1-765
1.831
1.832

2.393
2.429
2.430

2.733
2.739
2.742

2.746
2.744
2.744

2.551
2.550
2.550

April
May
June

268,934
271,359
268,990

268,855
271,280
268,910

6,400
6,368
6,300

6,398
6,366
6,298

2.380
2.347
2.342

2.097
2.041
2.043

1.015

2.263

2.31*7

.959
.843

1.928

1.832
1.839
1.838

2.430
2.439
2.440

2.744
2.747
2.751

2.743
2.740
2.671

2.549
2.548
2.547

July
August
September

268,699
272,719
272,467

268,681
272,693
272,440

6,272
6,251
6,272

6,271
6,250
6,271

2.331*

2.331*

2.292
2.302

2.292
2.302

2.027
1.960
1.977

.725
.759
.899

1.928
1.299
1.292

1.838
1.838
1.838

2.440
2.426
2.4S6

2.753
2.755
2.757

2.671
2.667
2.667

2.689
2.633
2.628

October.

276,432

276,400

6,352

6,351

2.298

2.298

1.978

.981

1.292

1.813

2.426

2.759

2.669

2.615

.

.

Source: Dally Treasury Stateasnt.
1/ Excludes guaranteed securities held by the Treasury.
2/ Total Includes "Other bonds"; see Table 2.
2/ Included In debt outstanding at face amount, but discount value Is used

2.380
2.342

4/

2.168
2.120

I.93I*

In computing annual Interest charge and annual Interest rate.
The annual Interest charge and annual Interest rate on United States
savings bonds aT9 computed on the basis of the rate to maturity applied
against the amount outstanding.

-

-

Treasury Bulletin

14

DEBT OOTSTAMDING AHB TREASDRER'S ACCOUMT
Table 5.- Treasury Holdings of Securities Issued by Government

Corporations and Other Agencies

i^

(in Billions of dollars)

Export

of
fiscal
year or
month

CoBDodlty
Credit
Corporation

lOi.

Defense
Production
Act of 1950

2/

19^7
i9ue
19^9
1950
1951

Il,9'i6

1952
1953
195*

9,636
12,196

1,970
3,612
180

1(16

12,9't9

It,

1953 -Dec.

12,953

3,9W

1954-jan.
Feb.

13,151
12, OW)
12,026

U,103

2,789
6,851
8,U23
9,097

Mar..

510
W»0
1,669
3,193
2,555

Bonk of
Washington
1/

Federal
Hatlonal
Mortgaee
Aflaocla-

tlon

It/

Foreign
Operatlona
Administration

^

516
971
91*
96U

Housing
and Home
Finance
Administrator 6/

782

Public
Bousing
Adminis-

tration

Fee on
8 true tlon
Finance
Corporation l/

3*7
362
337
3*9
*89

9,966

Pural
Electrification
Administration

Secretary of
Agriculture
8/

Tenneseee
Valley
Authorl ty

56

1,856
1,*56
27*

718
1,015
1,281
1,5*0

197
159
15*

1,751
1,950
2,117

Other
2/

u*

5*
52
*9
kk

550
2Wl
226
100
207

131
171
226

39
3*
29

178
270
369

65

961.

1

158

l,0li0

1,5*9

1,097

30

395

2,038
2,**6
2,233

1,150
1,189
1,203

67

773

1,088
1,227
1,3*7

103

655
655
215

501

1,502

2,396

1,196

92

537

157

2,033

2*1

29

321

5*7

2,397
2,37*
2,31*

1,197
1,198
1,199

98
98

157
157
1*2

2, 088

2*1
206
226

29
29
29

321
321
3*6

226
226
226

29

3*6

2,117
2,117

29
29

369

2,136
2,136
2,136
2,176

197
197
197
222

19
19

kk

3,ll»7

561.

3,183

608

1,*6*
1,*62
1,388

103

509
*17
*22

1,393
1,*03
1,3*7

2,23*
2,231
2,233

1,199
1,201
1,203

103
103
103

296
29*
215

1*2
89
15*

1,330
1,332
1,35*
1,35*

2,255
2,235
2,323
2,326

1,20*
1,205
1,206

107
107
107

15*
1*8

1,207

U7

237
168
165
165

12,19't

3,'t81i

May.

12,750

l.,0U3

June

12,91(9

u.ieo

625
667
773

July

13,102
15,027
15,166

11,290

798

6,256

8ltO

Sept.

6,3'tl

Oct.

15, ''05

6,li6o

901
9*3

Aug.

In^rt

Source: Dally Treasury Statement.
1/ The securities ehovn In this table were issued to the TreasuiT to finance Government corporations and other agencies with the Treasury
Itself raising the necessary f\jnds through public debt operations. To
avoid duplication, these securities are not included In the giiarantead
debt outstanding as shovn In precedli^ tables.
2/ Consists of notes of the Secretary of the Interior (Defense Minerals
Exploration Administration), Export-Import Bank of Washington, the
Administrator of the General Serrices Mmlnlstratlon (defense materials
procurement), the Secretary of the Tressuiy (Reconstruction Finance
Corporation obligations prior to October 1953), ani the Secretary of
Agriculture beginning June 195*.
Excludes securities issued xuider Defense Prodiictlon Act.
From September 1950 through July 195*, consists of lutea of the Housing
and Heme Finance Administrator issued to borrow for the Association.
Beginning August 195*, consists of liabilities taken over by the
Association from the Administrator in accordance with Public Law 560,
approved August 2, 195*, and notes issued by the Associstion under
authority of that act; and beginning September 195* also aecuritiea
transferred from the Beconstructlon Finance Corporation (eee footnote 7)
Prior to September 1950, the Association was financed from funis of the
Beconstructlon Finance Corporation, which owned the capital stock.
5/ And the predecessor Mutual Security Agency.

6/

1/

2/

2,067
2,067

2,U7

3i>6

19

37*
37*
*16

19

1.16

Consieta of notes issued to borrov for the elum clearance program, the
prefabricated housing loans program beginning September 1950 when It
was transferred from the Reconstruction Finance Corporation, and
housing loans for educational Institutions beginning Juljf IQ^l. Notes
issued to borrow for the Federal National Mortgage Association are
shown under the Association in a separate coliann {oee also footnote k).
Excludes aecuritiea Issued under Defense Production Act of 1950 through
September 1953 and luider Federal Civil Defense Act of 1950 through
NoTember 1953, after which the respective obligations were taken over
by the Secretary of the Treasury, pursuant to the act approved July 30,
During September 195**, urMler Reorganisation Plan
1953 (6? Stat, 230).
Ho. 2 of 195**, the remaining securities Issued by the Corporation to
the Treasury were transferred as foUows: $U2 million to Erport-Import
Bank of Waslilngton, $92 million to Federal Rational Mortgage Association,
and $1U million to Small Business AdmlnlstratloQ.
For Farmers* B<siie Administration program.
Conelata of notes issued by Federal Farm Mortgage Corporation and Home
Owners* Loan Corporation prior to 1950, Virgin Islands Company 19kS-k9,
Secretary of the Army {Hatural Fibers Revolving Fund) 191*9-51, Secretary
of the Treasury (activities under Federal Civil Defense Act of I95O
transferred from the Reconstruction Finance Corporation) beginning
December 1953, and anall Business Administration beginning September
195^; and advances under agreements with Veterans* Administration for
direct loan program beginning August 1950.

Table 6.- Status of the Account of the Treasurer of the United States
(In millions of dollars)

15

December I9i4
STATUTORY DEBT LIMITATION
The Second Liberty Bond Act,

aa amended

(

except that this eunount was Increased by (6 billion be-

3I U.3.C.

and ending on June 30, 1955i

757 b), provides that the face amount of obllgatlona Issued

ginning on August 2S,

under authority of that act, and the face amount of
obllgatlone guaranteed as to principal and Interest by

by Public Law 686, approved August 28,

),

195't-

(6S Stat. 895).

Obligations Issued on a discount basis, and subject to
redemption prior to maturity at the option of the owner,
are Included In the statutory debt limitation at current

the United States (except guaranteed obligations held by
the Secretary of the Treasury

195'*,

shall not exceed In the

aggregate $275 billion outstanding at any one time,

redemption values.

Table 1.- Status under Limitation, October 31, 1954
(iD nlllloDa of dollara)
oBtrant of seourltlee vMch aay be outstanding at any one tine, under limitation iMpoaed t7 the act
of June 26, 19116 (31 U.S.C. 757 b), as Increased teaporarllj by the act of *agn»t 28, 19511

Mazlro

281,000

Amount of aecurltiea outstanding subject to auob statutot? debt llaltatlon:
tr.

S.

Goremaent securities Issued under the Second Liberty Bond tet,

278,221

as aaeoded.

Guaranteed securities (excluding those held by the Treasury)

Total Biaount of eecurltles outetaodiog anbjeot to statutory debt lisltatlon

276,255

Balance Issuable under lijiltation

Source:

iyl^^

Bureau of the Public Debt

Table 2.- Application of Limitation to Public Debt and Guaranteed Securities
Outstanding October 31, 1954
(In llllons of dollars]

Class of security

Subject to
statutory debt
llnltatlon

Public debt!

Interest-bearing securities:
Marketable
Treasury bills
Certificates of Indebtedness
Treasury notes
Treasury bonds - bank eligible
Treasury bonds - bank restricted l/.
Postal savings and Panana Canal bonds.
,

Total marketable.

Total nomarketable
Special Issues to GOTemment agenoles snd trust funds.

Total interest -bearing securities
Mstured securities on vbicb interest has ceased

Debt bearing no interest:
United States eavil^s stamps
Excess profits tax refund bonds
Special notes of the United States:
International Monetary Fund Series
United States notes (lese gold reserve)
Deposits for retirement of national bank and Federal Reserve Bank notea.
Other debt bearing no Interest
ito

Interest.

Total public debt

Guaranteed securities:

I8,l8ll

36,188
75,512
8,669

158,063

NocBarketable
U. S. savings bonds (current redenptlon Talue).
Treaeury seTlngs notes
Depositary bonds
Treaeury bonds, investment series

Total debt bearing

19,509

2/

Interest-bearing
Matured.
Total guaranteed securities
Total public debt and guaranteed securities.

58,126
'.,766
1*22

12,701
76,01*
"•2,238

276,315
SI*

1.7

1

1,5^1

1,593

Bot subject to
statutory debt
lisltatlon

Total
outstanding

Treasury Bulletin

i6

.DEBT OFERATIOHS.

Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Government
and Outstanding October 31,
(in Billlooa of dollars)

1954

1/

17

December 1954
.DEBT OPERATIONS.

Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Government
and Outstanding October 31, 1954i/- (Continued)
(In millions of dollars)

Amount of maturltiea

Aaount of HaturltleB

Tear
Description of security 2/

end

Bonth

71xsd
maturity
Issues

Callable Issues
classified by
year of:

rirst
call

nnal
maturity

Data
bank restricted
Issues
become
bank
eligible
3/

1961

Description of security 2/

anl
month

Fixed
maturity
Iseuee

First

caU

Final
maturity

Date
bank restricted
issues
become
bank
eligible
i/

1967

June.

3^

Panama Canal bond

Sept.

2-3A*

Bond -

Nov.

Tear

Callable Issues
classified by
year of:

.

a -1/2* Bond -

-

6/I/61

50

9/15/61

2,239

2-1/2* Boi^
2-1/2* Bond

-

Sept.

Dec.

June.

2,116

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

1,888

2-1/2* Bond

-

9/15/67-72

2,716

2-1/2* Bond

-

12/15/67-72

3,820

-

6/15/62

U/15/61 11,177

Total

12/15/62

13,466

Total

6,424

2,116

1962
June.

2-l/l»* Bond
2-1/2* Bond

6/15/59-62
6/15/62-67

2-l/'>* Bot^

12/15/59-62

5,277

1968

2,U6

Dec.

Total

2-1/2* Boi^

12/15/63-68

2,826

2-1/2* Bond

6/15/64-69

3,754

2-1/2* Bond

12/15/64-69

3,830

3,465

2,116

8,742
1969
June.

1963
June.

2-3/11* Bond

6/15/58-63

2-1/2* Bond

12/15/63-68

Total

919

2,826

2,826

Total

7,584

919

1970
Mar.

2-1/2* Bond

-

3/15/65-70

4,719

2-1/2* Bond

3/15/66-71

2,961

12/1/54

1972
June.

2-1/2* Bold

6/15/67-72

1,688

6/15/62

Sept.

2-1/2* Bond

9/15/67-72

2,716

Dec.

2-1/2* Bonl

12/15/67-72

3,820

1964
June.

2-1/2* Bond

6/15/64-69

3,754

2-1/2* Bond

12/15/64-69

3,830

1971
Iter..

Total

7,584

1965
Mar..

2-1/2* Bond

3/15/65-70

2-3/4* BoMl

12/15/60-65

Total

4,719

Total

1,485

4,719

1,485
1978
June.

1966
Mar..

3-1/4* Bond

-

6/15/78-83

3-lA* Bond

-

6/15/78-83

1,606

1983

2-1/2* Bond

-

3/15/66-71

2,961

12/1/54

Sooroe: Dally Treaaury Statement and Bureau of the Public Debt.
Ixolndes postal saTlQga bonds.
It should
noted that oallable Issues appear tvloe In this ooli^
onoe in the year of first call and again in the year of final maturity.
Callable Isauee vlth respect to vlilch a definite notice of
call haa been made, hotferer, are Hated aa fixed maturltiea. For

\/
2/

12/15/62

8,424

V

June.

^
4/

1,606

date of iaaue of a«oh seonrity, see "Market Qnotatlona ; for tax
status, eee "Treasury Surrey of Omerahip".
Bank restricted laaues may aot be acquired by ocmmansial banks (vlth
minor exceptions) prior to specified dates; see "Debt Outstanding and
Treasurer's Aocowlt", Table 2, footnote 1.
Called on tagnat 12, 1954, for rede^tlon on Daeeaber 15, 1954.

Treasury Bulletin

12
.DEBT OFIIiATIOHS.

Table 2.- Offerings of Treasury Bills

Decombcr 1954

19

DEBT OPERATIONS.
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness
Dat«
Bubecrlptlon

Treasury Bulletin

20
.DEBT OPKBATIONS.

Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness

21

December /9T4
.UWITED STATES SAVINGS BONDS.
United States eavlnge bonds were first offered In
March 1975 and began to luature In March 19'*5. Series A-D

details of these changes see "Treasury Bulletin" for
Series F and S began to mature on
May 1952, page A-1.

were sold between March 1935 and the end of April ig'H,
and Series E, F, and G were first offered In May 194l.

Hay

For the exchange offering made to holders
1, 1953.
of these bonds maturing through December 31, 1953, Bee

the May 1953 Issue,

page A-1.

The Treasury Invited

When Series E began to mature on May 1, 1951. owners of
To redeem
the matured bonds were offered three options:
the bonds In cash In accordance with the original terms;

holders of Series F and 5 which began to mature In January

to retain them with an extended maturity of 10 years at

bonds.

specified rates of Interest accrual; or to exchange them

are Included at Issue price and total redemptions and

for Series G bonds.

May

1,

1952.

A number of changes became effective

The principal ones were:

The rate of

195't-

to reinvest the proceeds In other series of savings

In the tables which follow. Series A-F and J sales

amounts outstanding at current redemption values.

Series G,

and K are included at face value throughout.

Matured

H,

Interest accrual on Series E was Increased, especially for

bonds which have been redeemed are Included In redemptions.

the near term, with corresponding changes In extended
were replaced by two new
Series E; and Series F and

Matured

Issues,

Series J and

K,

also at higher interest rates.

A new new current-Income bond. Series H,

return to Series

E,

similar In Interest

was offered beginning June 1.

F and G

bonds outstanding are Included In the

Interest-bearing debt until all bonds of the annual series

have matured, when they are transferred to matured debt

upon which interest has ceased.

For

Table 1.- SaleB and Redemptions by Series, Cumulative through October 31, 1954
(Dollar aaountB In Billions }

....

:

.
,

)

.

:

22

Treasury Bulletin
.UNITED STATES SAVUIGS BONDS.

Table 3.- Salee and Redemptions by Periods, Series E through K
(In mlUians of dol 1 nrs
Accrued
discount

Bedemptlons

Salee plus
accrued
discount

^

Sales
price k/

Amount outatnndlng
Accrued

discount

Interest -bearing
debt

Matured debt

Series E end H combined

Fiscal years:
101,1-101,7

1*6,1,00

1,^88
633
753
895
1,035
1,111
1,120
1,126

1*7,788

1,687
6q6
818
971
1,080
1,120
1,128

49,918

16,097
3,825
3,530
3,521
1,295
I*, 008
4,038

16,799
3,689
3,368
3,326
3,987
3.583
3,538
3,791

18,921
3,728

5,025

3,1,118

11,639
'*,276
5,'*96

3,912
4,036
4,098
4,157

18,661
3,575
3,274
3,667
3,688
3,622
3,625

260

i«,920

110
81
79

595
502
553

370
361
407

330
308
347

41

75
92

1*65

SSi*

so
43

392

516

360
332
427

310
29?

121*

3862/

415/

July
August.
September

393

UO

103
i»95

388
377
353

346
339
322

42
38

367

ao
80

31

37,597
37,714
37,808

October.

369

78

Wt7

325

293

33

37,930

10
9
12

17,608
19,105
21,205
22,147

19^8
1950
1951
1952

U,026
I*
,278
3,993
3,272
3,296

1953
W?!*

't,06l
'',653

19't9

I1.659

5,032
I,, 887
•',307
I*

,1*07

5,181
5,779

198
136
162

195
307
42 "i

500
554

30,791
31,6a;
33,127
34,494
34, "06
34,905
36,048
37,482

Calendar years:
lQl,l-lql.7

1*8,230

191,8

I*

191*9

li,208

1950
1951
195a
1953

3,668
3,190
3,575

,221,

l.,368

195'* -January.

1.85

February.
March.

1*22

April
Mey
June

390

.

.

.

.

1*71*

1*15

It,

691*

1*1*6

1.1*7

1=.4

174
24')

348
476
531

53

60

20,9^7
32,188
33,766
34,493
34,727
35,324
36,663
36,887
37,029
37,175
37,279
37,393
37,482

Series F, G, J, and K combined

Fiscal years:

1941-1947
1948
1949
1956
1951
1952
1953
1954

19,254
2,209
2,863
1,680
1,871
629
501
841

110
61
73

20,295
3,071
1,626
2,4o6
770

139
67
78
87
93
100
109

20,435
3,139
1,704
2,493

,121

863

,093

686
542

929
,968

93
100
135

332
197
189

322

9

128

16
6
7

188
179

10
10

122
110
130

6
7
12

129
117
142

176
176

200

169
169
193

83

90
96

106
loe

19,364
2,270
2,935
1,763
1,961
726
610
949

1,757

1,747
764

772

835
821
1,042
1,012
1,552
2,152

82^

807
1,021
900
1,511
2,071

14

21
21
41
81

23 ,066

22,780
21,837
20,579

55

Calendar years
191,1-1047

1048
1949
1950
1951
1952
1953

432

840
815
905

2,108
829
803

888
1,071
908
1,909

13
11
12
17

22
21
59

J-8,314

20,613
21,501
23,089
22,859
22, 616
21,047

143

20,848
20,769
20,728

102
84
71

20,687
20,633
20,579

64
59
55
52

47

Months:
1954 -January.

.

February.
March
April
May

June

July
August. .
September
.

October.

yootnotes at end of Table 4

77
93

115
131
97

16

130
137
104

304
184
190

298

6

174
185

10

7

5

20,409
20,364
20,280

87

8

95

181

175

6

20,196

6

(Continued on followlns page)

50

48

23

December 1954
.UNITED STAIES SATIKGS BONDS.

Table 3.- Sales and Redemptions by Periods, Series E through K

-

(Contlnuedl

(In millions of dollars)

Accrued
discount

Redemptions 2/ i/

Sales plus
accrued

Sales
price

discount

y

Accrued
discount

Amount outstanding ( Interestbearing debt)

Fiscal years:
19111-191,7

I9U8
19'»9

1950
1951

,

lo-ja

195^
W?!*

1*6 ,i«oo

1,388

k ,ca(
11,278

633

3.993
3, '72
3,266
3,700
3,988

753

035
111
120
126

198
136
162
195
307

30,791
31,625
33,127

'•,319

16,799
3,689
3,368
3.326
3,087
3,583
3,532
3,765

i.,920

18,921
3,728

18,661
3,575

5,025

3,!iU8

3,271*

'',639
l»,270

3,912

2l»s

3i>,''93

31*8

3'', 727

476
531

35,li'3

'•7,788
i>,659

5,032
I*, 887
I»,P7
'',377

U,8B1
5,11^

16,997
3,ee5
3,530
3

,521

l»,395

ii,008
'*.032

3U,'w6
3'', 875

li25

35,661.
36,1158

500
55^*

Calendar years:
li8,230

19'tl-19'i7

I9UB

l»,22l»

19'49

U,208
3,668
3,190
3,393
3,906

1950
19^1
19'?2

19?3

1.687
696
818
971
1,080

U9,9l8

I.IM

i<,513

U,098

1,138

5,03''

i4,i;»l

3,667
3,688
3,622
3,609

110
81
79

l»33

11,036

260

30,997
32,188
33,766

15k
Vf*

36,036

Months
I9SI+ -January.

.

February
March

392
353
liOO

502
l»78

111

36,169

53

36,2'tU

3i»U

60

36,317

50

36,366
36,U29

358
330
U2l*

3835/

1*1

UlS
1H8
3»t

385

31*3

1*2

36,1489

336
31.9

318

38
31

36,533
36,568

379

321

289

33

36,626

April
May
June

331
301
329

75
92
12U

July
AUgUAt. .
September.

306

338
303

110
80
80

October.

301

78

.

328
306

308
286

l»06

.

369
359
liOlt

393
U53

'•3

3]

36,1158

:

..
.

:

,

.

24

Treasury Bulletin
.UNITED STATES SAVINGS BONDS.

Table 4.- Redemptions of Matured and Unmatured Savings Bonds
(In mlUlona of dollara)

Matured bonda
Perlcni

2/

Total
matured

Serlea
A-D

Unmatured bond?

for
cash

In exchange
for Series G
and K

Serlee
F and G

Total
unmatured

Sales

Accrued

priced/

discount

Fiscal years:

19?1
1952
1953

6,137
5,109
5,621
6.515

195l»

8l7
702
1,761

2,7U7

779
90

702

6911

31
18

1,128
1,U87

1,126
1,U86

250
968
1,328

113
153
175

181
192
155

213

395
199

13
li

266

2I19

!'

120
117
111

276
275
uo;

262
261
392

16

U83

1471

235

11
10
9

38

37

5,320
602

l.,996

3214

U,oi»6

271
238

3,860
3,768

3,622
3,577

2lt5

'',853
11,879

'•,583
'',571

270
308

962
1,326

U,059
3,831

3,806
3,613

217

l,2ltl

6,

1^

191

Calendar years
1950
1951
1952
1953

5,«»0
5,651
5,07l»

6,lli9

987
772
1,015
2,318

987
•S22
1*7

2U

967 8/

253

Mentha
195^ -January

704
560

295

598

332

113
153
175

April.
May
June 5/.

538
510
628

260
235
223

138
116
111

138
116

July
August,
September.

693
562

120

5W

210
317

205
95

21t5

361

352

October.

507

97

318

308

.

.

February
March ....
.

,

.

,

.

.

W

Ul

183

lil
87

120
111
87

189

91

91

Source: Dcilly Treasury Statement.
1/ Details by eerlea on a cumulative basis and by periods for Series A-D
combined will be found in the F3bruary 1952 and previous Issues of the
"Tvcosury Bulletin".
2/ Includes exchanges of matured Series E bonds for Series G bonis beginning May 1951 and for Series K bonds beginning May 1952.
Includes both matured and unmatured bonds; see Table 1*.
Includes total value of redemptions not yet classified betveen matured
and unmatured bonda
2J A change In procedxire, beginning in June I95U, for processing redeemed
savlnge bonds has resulted in a high level of redemptions not yet
classified between matured and unmatured bonds. Thie increase tempo-

U08

11.

13

rarlly obscuroe the relatlonohlp between the redemption colunma showing sales price and accrued discount in Tables 2 through U aikl also
the relationship between the matured and unmatured sections of Table U,
(See also footnote <,) The subsequent distribution of this high level
of unclassified redemptions may be large enough In any month to show
redemptloos of matured bonds for a aeries in Table h ^Ich are greater
than the total redemptions of that aeries as ehown In Table 3.
Sales began Jiine 1, 1952,
Comparable data are not available prior to January 1950.
Includes exchangee of Series 19^1 F and G savlnge bonds for Treasury
3-1/**^ boi^e of 1978-83.
Lees than $500,000.

December 1954

25

.TREASURY SAVIMGS NOTES.
TreaBury tax and savings notes have been Issued as
follows:
Tax Series A from August 1, l?'*-!, through
June 22, 19'^3; Tax Series B from August 1, IjlH, through

Similar Information with respect to the offering of the
earlier series was published currently In the "Treasury
Bulletin", and appears also In the "Annual Report of the

September 12,

Secretary of the Treasury" for appropriate years.

igitS;

Savings Series C (originally designated

Tax Series C) from September

through August 31,
19'^8; Savings Series D from September 1, igU-g, through
Ik,

19^2,

May Ik, I95I; Savings Series A from May I5, I95I, through
May

11+,

1953; Savings Series B from May I5, 1953,

September 25, 1953; and a new Savings Series

through
C

from

through October 23, 1953, when sale of these
notes was suspended.
Details concerning terms and
conditions for purchase and redemption and Information on

October

1,

Investment yields of Savings Series

C

appear In the

In the following tables sales and redemptions of

Treasury savings notes are shown at par value. Matured
notes redeemed (either for cash or for tax payment) are

Included In the figures on redemptions. Matured notes
outstanding are reflected In the interest-bearing debt
until all notes of the annual series have matured, when
they are transferred to matured debt upon which Interest
has ceased.

October 1953 Issue of the 'Treasury Bulletin", page A-1.

Table 1.- Sales and Redemptions by Series, Cumulative through October 31, 1954
(la Bllllona of dollars)

Treasury Bulletin

26

.OWNERSHIP OF FEDERAL SECURITIES.

Table 1.- Distribution of Federal Securities by Classes of Investors and Types of Issues
(In millions of dollars)

December I9i4

27

.OWNERSHIP OF FEDERAL SECURITIES.

Table 3.- Estimated Ownership of Federal Securities
(Par valiioB 1/ - In billiona of dollars)

Treasury Bulletin

2S

.TREASURY SURVEY OF OWNERSHIP, SEFTEMEER 30, 1954.
The Treasury Survey of Ownership covers securities
Issued by the United States Oovernment and by Federal

Distribution of ownership by types of banks and Insurance companies le published each month. Holdings by commer-

The banks and Insurance companies Included In

cial banks distributed according to Federal Reaen^e mamber-

the Survey account for approximately 95 percent of such
securities held by all banks and Insurance companies In

bank classes and nonmember banks are published for June 30
and December 3I. Holdings by corporate pension trust funds

Data were first published for
the United States.
March 3I, I9U1, In the May I9I+I "Treasury Bulletin".

Bulletin for quarters beginning December 3I,

agencies.

Section

I

-

are published quarterly and first appeared In the March XS3K

Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(Par Talues

-

In mlllloDa of doUere)

19'4-9.

December 1954

29
-rmra

Treasury Bulletin

30

.TREASURY SURVEY OF OWMERSHIP, SEPTEMBER 30,

Section

I

-

195^^.

Securities Issued or Guaranteed by the United States Government

Table 3.- Interest-Bearing Public Marketable Securities by Issues
(Par Taluea

Issue

- In

mlLIlon* of dollars)

-

(Contlnuedl

December 1954

31

.TREASUKY SURVEY OF OWMEBSHIP, SEPTEMBER 30, 1954.

Section

II

Interest-Bearing Securities Issued by Federal Agencies but

-

not Guaranteed by the United States Government
(Par TaluM

Isaue
(Tax atstua

J^

la shown in parantheaea

-

la llllona of dollar*)

Treasury Bulletin

32

.MARKET QUOTATIONS ON TREASURT SECURITIES, OCTOBER

Current market quotations shown here are over-the-

counter cloBlng bid quotations In the New York market
for the last trading day of the month,

as reportetf to

the Treasury by the Federal Reserve Bank of New York.
The securities listed Include all regularly quoted

19^,

public marketable securities Issued by the United States

tJovernment except Panama Canal bonds.

Outstanding
Issues which are guaranteed by the United States

Government are excluded because they are not regularly

quoted In the market.

Table 1.- Treasury Bills (Taxable)
Anount

29,

December /954

33

.MARKET QUDTATIONB OR TREASURY SKURIT US , OCTOBER

Table 3.- Other Taxable IsBuee
(Prlco decimals aj^ 32iui9)

Pjscnmt

-

89, 195lt_

(Continued)

Treasury Bulletin

3"^

,

o

MAHKET QW)TATIONS ON TREASURT SECUKlTiES, OCTOBER 29,

o
00

195'*.

December 19^4

35

.AVERAGE YIELDS OF LOTKJ-OEEM BONDS.

Table 1.- Average Yields of Treasury Bonds and Moody's Aaa Corporate Bonds by Periods
(Ferceot per axmum)

Taxable
Treasury
bonda

Hoody'e Aaa
corporate
bonda

Taxable
Treasury
bonds

1/2/

1/2/

Moodjr's Aaa

corporate
bonda
i/

Jtnnual eerlee - calendar year avera^ae of aonthlj^ series

2.U6

19''2
19i»3

2.lt7

19Wt

2.1(8

19'ti

igh6
19^7

,

19119-jan.,

?eb..
Mar..
Ajar.

May..
June.
July.
Aug..
Sept.
Oct..
Hov.

Dec.
1950 -Jan..
Feb..
Mar..
Apr..

mj..
June,
July.
Aug.
Sept.
Oct..
Not..
Dec.

1951 'Jan..
Feb..
Mar..

2.37
2 19
2.25

2.83
2.73
2.72
2.62
2.53
2.61

19'»8.

19119

1950.
1951.
1952.

2M

Taxable Treaeiu*; bonds,
due or callable - i/

From 12 to
20 years

20 years
and after

Moody's Aaa
corporate
bonds

i/

36

Treasury Bulletin
.AVERPGE riELDS OF LOHG-TEI*! BONDS.

December I9i4

37
.

INTERNAL REVENUE COUECTIONS.

Table 1.- Summary by Principal Sources

57

(In thousands of dollars

Budget
receipts
from
Internal
revenue

Fiscal 7©ar
or EDonth

19'>1

39, 379, '•09

19U8

I*l,853,lt85

19^9
1950
1951

1(0,307,285

Individual Inoone tax and enploTaent taxes
Adjustment of
collections
to budget
receipts 2/
+271,136
-11,051

Total
internal
revenue
collections

39,108,273
536

Corporation
Income and
profits
taxes

9,676,757

3,584,026
3,818,219
4,219,304r

620,622
628,969
605,221

259,616
273,182
283,882

2,371,889
1,050,976
2,697,997

1,114 675
5,191 642
401 .828

3,651
57,235
91,159

34,128
183,190
5,377

3,675,875
6,562,313
9,119,538

647,123
358,942
6,918,003

2,455,607
4,787,699
1,567,230

757,627
139,189
1,362,012

1,686,503
4,559,319
146,063

6,601
61,762
68,465

4,876
27,429
-9,310

532,281
299,945
1,103,940

1,528,001
3,505,481
3,173,096

252,145
93,008
1,429,465

1,252,385
3,320,589
1,696,174

19,588
76,043
46,871

3,884
15,841
586

**25,50S

21,1*66,910

195'»

70,299,652r

•379,751r

65,009,393
69,686,509
69,919,901

195U-January, .,
February
March

11,808,013
6,225,i*80r
12,819,5110

+377,651
-2,06o,970r
+1,520,591*

April
Maj
June

3,725,337
It, 822, 756
10,957,9O8r

-1,739,557
+l,838,370r

,

17,929,047
21,130,307
22,076,329r

3,524,343
6,483,044
3,196,360

65,63't,89lt

.

185,876
208,508
226 ,228
223,135
236,952

445,246
401,136
7,353,717

l'*,387,569

1952
1953

Julj 6/...
August .
September,

379,555
560,113
562,734
548,038
579,778

1*. '•30,362
8,286,1*50
11,298,91*6

50,1*1*5,686

+1*9,1*62

1,458,934
1,612,721
1,687,151
1,873,401
2,810,750

11,345,060
11,403,942
10,736,578r

51,106,095

.

9,842,282
11,533,577
10,055,502
9,888,976
13,089,769

Unemployment
insurance

33,738,370
37,254,619
37,921,314

11,553,669
10,854,351

+l*8i*,l*65r

Pallroad
retirement

21,594,515
21,546,322

1*0,1*63,10.9

y

Old-age
Insurance
taxes 4/

9,501,015
9,464,204
7,996,320
7,264,332
9,907,539

10, 171*, 1*10

-155,831*
4491,1*82
t660,l*09

70,170,97'*r

Individual
income tax
withheld 4/

21,367,662
23,379,123
20,527,935
19,797,883
26,624,788

1*1, 861*,

39,'t't8,607

Individual
income tax
not withheld 2/

38,957,126

2,81*9,1*31

-863

2,850,291*

l*,633,990

+6l6

'•,633,371*

5,U5,671

-63

5,115,73'*

Miscellaneous internal revenue

Total
ml BcellaneouB
Internal
revenue

Capital
stock
tax 1/

1947
1948
1949
1950
1951

8,063,854
8,311,003
8,381,515
8,304,892
9,433,328

1,597
1,723
6,138
266

1952
1953
1954

Flacal year
or month

1954 -January
February.
March
.

.

.

April
May
June
July 6/
August,
September.
.

.

.

,

.

Excise taxes

Eetate and
gift taxes

Total
excise

Liquor
taxes

taxes

Manufacturers'
and retailers'
excise taxes

^

Miscellaneous
taxes 8/

796,538
706,226
729,730

2,474,756
2,255,320
2,210,601
2,219,196
2,546,807

1,237,768
1,300,280
1,321,875
1,328,464
1,380,396

79,978
79,466
72,828
84,648
93,107

1,939,621
2,119,157
2,220,744
2,245,182
2,840,690

1,550,842
1,655,711
1,752,792
1,720,908
1,842,598

9,804,112
10,837,375
10,452,265

833,147
891,284
935,122

8,970,965
9,946,091
9,517,143

2,549,088
2,780,925
2,782,999

1,565,162
1,654,911
1,580,229

84,995
90,319
90,000

2,824,409
3,358,797
3,126,594

1,947,311
2,061,138
1,937,323

460,772
1,402,271
748,870

65,454
85,813
119,423

395,318
1,316,458
629,447

165,610
181,401
223,896

123,405
110,993
134,778

11,895
5,933
6,128

45,184
757,495
60,201

49,224
260,636
204,442

573,145
1,415,671
634,306

96,470
73,088
73 ,044

476,675
1,342,583
561,262

222,619
222,476
246,429

129,854
130,468
147,007

6,138
10,876
6,176

49,751
727,016
10,859

68,313
251,747
150,787

790,011
827,947
838,699

76,597
63,232
72,305

225,527
207,281
249,541

122,532
141,200
137,033

7,323
12,302
12,664

37,724
692,124
3,120

88,671
231,909
106,479

899,?i*5

713,415 2/
764,715
766,394

Internal Revenue Service for detail of collections by type of
tax; Dally Treasury Statament for budget receipts from internal
revenue through the fiscal year 1952, and the uov "Monthly Statemont of Eeceipta end Expenditures of the United States Government"
for receipts thereafter. Certain detail by type of tax is available only on the basis of returns filed with the Internal Revenue

2/

Stamp
taxes

7,282,966
7,409,935
7,578,840
7,598,399
8,703,598

779,291

Source:

1/

Tobacco
taxes

Service.
Excludes oollectlons for credit to certain truat accounts for lalaM
possessions; Includes corporation Income tax on Alaska Railroad (repealed by Public Law 386, approved June 10, 1952, for taxable years
ending after that date).
Differences between the afflounta of internal revenue reported hy the
Internal Revenue Service as collections for given periods and the
amounts reported In Treasury statements as budget receipts for the
same periods arise because of differences in the time when paymenta
are Included In the respective reports. Tax payments are Included
in budget receipts when they are reported as credits to the account
of the Treasurer of the United States.
Prior to July 1954, they
were included in Internal Revenue Service collection reports after
the returns to which they applied had been received In Internal
revenue offices. Ualer arrangements begun In 1950 with withheld
Income tax and old-age Insurance taxes and later extended to railroad retirement taxes and many excises, these taxes are paid
currently Into Treasury depositaries and the depositary receipts,
ae evidence of such payment, are attached to quarterly returns to
the Internal Revenue Service.
Under this procedure, the payments
are Included In budget receipt* In the month In which the depositary
receipts are Issued to the taxpayers. Revised accounting procedures

i/

effective July 1, 1954, extended the saas practice to Internal
Revenue Service collection reports.
Monthly figures include old-age Insurance tax on self employment
Income, which la levied and collected as part of the ioilvldual
income tax beginning with the taxable year I951. Fiscal
year
figures exclude this tax, on the basis of estimates beginning
1952 (see footnote 4), and it is included uiller "Old-age insurance
taxes".

it/

^
§J
1/
8/
i/
r

Withheld Income tax and old-age Insurance taxes on employers
and employees are paid Into the Treasury in combined aaounta beginning
January I95I. In Internal Revenue Service reports, current
collections have not heen separated as to type of tax but the breakdown
shown for flacal years beginning I95I is based on estimates made
In
accordance with provisions of Sec. 109 (a) (2) of the Social Security
Act Amendments of I950, for appropriationa to the Federal Old-Age
ami
Survivors Insurance Trust Fund.
Hew reporting basis beginning with the fiscal year 1953; for explanation, see footnote on page 1.
Beginning July 1954, collections shown Include undistributed depositary receipts. For the amount of such receipts, eee Table 2.
Repealed for years ending after June 30, 1945. Beginning 1951,
included under "Miscellaneous taxes".
See Table 2, footnote 6, regarding change to quarterly rettima in
the fiscal year 1954.
Beginning July 1954, total includes the whole amount of undistributed
depositary receipts for excise taxes.
Revised.

Treasury Bulletin

38

-INTERNAL REVENUE COLLECTIONS.

INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES
DOLLARS
Billions

ginning July 1954, includes undistributed depository receipfr (see Table 2} The whole
"
is included under "Other excise tones

tor excise tones
Otfic« ot

thfl

Secrstof y of th« Traosui

omouni of such receipts

39

December 1954
.INTERNAL EEVEWUE COLLECTIONS

Table 2.- Detail of Collections by Type of Tax'
(la thousanda of dollars)

1953

Corporation tncomo and profits taxes 2/.

Third Bontb of
flecal year

First 3 ontha of
fiscal year

Flecal year

Type of tax
1951*

195^

1955

195»*
1955
(8epte«ber 1953) (Septortjer 195^)

21,59'»,515

21,5't6,322

2,7liJt,077

1,936,166

1,766,879

1,103,91*0

U,603,9te

10,9l'6,578

2,0W,637

l,77i»,6ie

1,631,111*

1,1*29, '•65

2'»,7'»8,526

26,085,633

6,539,21*1

6,312,677

312,661

Individual Income tax and employment taxes:
Income tax not vlthheld 3/*
Income tax withheld and old -age Insiirance:
BecelYed vlth returns
Undistributed depositary receipts
Pallroad retirement:
Received with returns
Undistributed depositary receipts
Unemployment Insurance

U/

^

150,369
1,51*5,805

-1*3,528

628,969

605,221

158,2911

11*5,200

87,691*

273,182

283,882

19,369

-2,699
20,310

71*4

566

37,25'»,619

37,921,31lt

8, 763, 51*0

8,206,578

2,032,213

3,173,096

Estate tax.

781»,590

863,3l*J*

203,825

209,358

63,369

71,771*

Gift tax...

106,691*

71,778

3,398

2,776

773

531

20lt,T9li

230,566
1,6U3,052

52,102

52,1*81

20,1*69

399,051*

155,215

711,527

5,909
831
15,882

369,688
5,192
880
18,613

6,660

20,868
152,620
2,219
362
7,297

i6,i»oe

11,361*

10,762

31*1*

1*58

31
1,088
13,013
306
769,77*
5,132

12

1*

3

281
3,003
161

230
2,690

11*2

^

••

Total Individual Income tax and enqtloynent tozee.

70,939
-2l*,068

Hlscellanaoua internal revenue:

Excise taxes:
Liquor taxes:
Dlstl3JL6d spirits (ijoported, excise)

Distilled spirits (domeatic, excise)
Distilled spirits, rectification tax
Wines, coi^lals, etc. (l2tport«d, excise)
Wines, coi^lals, etc. (dcanestlc, excise)
Dealers In distilled spirits; rectifiers;
of stills (special taxes)
Stamps for distilled spirits intended for
Case stampB for distlllad spirits bottled
Container stones ....•
Floor taxes
Fermented malt liquors
Brewers; dealers in malt liquors (special

l,6'tl,932
26,81.5

3,956
76,579

2lt,955
1»,152

2,1*21
321*

manufacturers
export. ...
in bond...

16,272
2U
1,020

taxes)....

27,956
762,983
5,215

13, 3119

Total liquor taxes.

2,780,925

2,782,999

146,277

•15,576

1.9

lt2

21*2,221

22
218,368

3,5W*

1,118
1*0

2
132
1,007
6
61*, 1*11

3,1*20

79,208
152

73'*,363

682,31*9

266,097

21*9,51*1

U,81t6
11
2
393,379
927
It, 282
213

11,603
U.
1
383,905

'•,359

••,357

159

Tobeusco taxes:

Clears (large)
Clears (small)
Cigarettes (large)
Cigarettes (small)
Snuff
Tobacco (chevlng and smoldng)*..
Cigarette papers and tubes
Leaf dealer penalties, etc
Cigarette and cl^ar floor taxes.

7

1,586,775
3,821
17,21*
717
1

Staa^ taxes:
Bonds, issues snd transfers of capital stock, deeds of
conveyance, etc
Playing cards
Silver bullion sales or trenafers

Total staiq) taxes.
Manufacturera* excls. t&ie.: 6/
Lubricating oils
OeaoliDA
....•••.....••...
.•>•
TiT«e sod tTib«a....,
....•.....•...•.•.•.•.
AutoDobila triKka and bttaaea
Other autoooDbilea and motorojolea
Parte and acoaaaorlaa for autooBObilea.
Elactric, gas, and oil appliances
Klaotric ll^t bulba and tubes
Badlo seta, phonographs, telerlsion seta, ooBpanenta,
etc

RioDograph records
Musical inatranenta
•
Hechanical refrigerators, air-conditlonera, quickfreeze units, etc
Matcbaa
Business and store machines..........................
Photographic apparatus
Sporting goods
Flrearoe, shells, and cartridges.. ....... ....••.....•
Pistols and reTolTere,.
Mechanical pencils, pens, and lighters

Footnotes at end of table

1,513, 73't
3,925
16,2U9
695

5

1

*

131*, 006

130,7112

323
1,530
59

1,519

165

918
l*,l6l

37't

36

19

Total tobacco taxes.

Total manufacturers* exslee taxes.

5

3

l,65lt,9U

1,580,229

1*10,660

1*00,766

11*0,280

137,033

eB,6J«)

83,035
6,941
2U

19,839

l*,328

12,069

652
1

593

9

30,889
1,392
8

90,319

90,000

21,1*92

32,288

l*,982

12,661*

73,321
890,679

6e,Uti
835,610
152,079

12,51*0

18,652
218,737

163
233
59
75

250,685
31,700
5,551
2,336

39
296
27
31
31
310
78
1

17,765
1,068
1,269

21,706

622

2,01*8

11*

2,097

26

17,637
1,688
8,856
5,555

5,1*19

1,222
13,108
3,771

63
•

3,0U

lt,957

63

2,1*88

3,231*

20

379
12
273
78
76
-161

177
1,320

187
1,717

19
10

318

518,996

669,053

1,715

1,81*1

7,582
97

I80,01t7

210,032
785,716
177,92lt

113,390

1U9,911>
867,li82
135,2li8
97,'tl5

36,68lt

35,390

159,383
7,617
U,0li8

135,535

87,U2li

8,950
50,259
29,li01
15,8lt5

8,W5
9,191
75,059
9,373
"•8,992

11,938

25,196
12,766
10,266
975
10,8fe

2,862,788

2,688,262

12,11*8

983

(Continued on folloitlng page)

1,61*3

159,737
32,808
29,897
176,551
25,166
15,879
5,585

1*3,582
38,3'^2

2
61*

2

11*

229
155
-57
-105
61
33

3

)

Treasury Bulletin

Uo
.rrfTERMAL RKVENUE COLLECTIONS.

Table 2.- Detail of Collections by Type of Tax

i^-

(Continued

(ID thouaande of dollars)

Third Bonth of
fiscal year

Flret 3 »ontha of
fiscal jear

Fiscal jaar

Typ« of tax

Miacellaneoue Internal revenue

-

1955

195*

195*
1955
September 1953) (September 195*)

1953

195*

*9,923
23*, 659

95,750
115,677

39,036
209,256
79,891
110,1*9

2,680
32,623
12,632
16,330

3,599
31,5*7
12,5**
16,225

1,863
316
370

168
763
1*7
201

1*96,009

*38,332

6U,26lt

63,91*

2,691

1,279

78,130
*17,9*0
357,933
28,378

73,885
*12,508

12,863
100,006
86,371
3,392
52,967
68,621
1,069
*8,377
6,935
5,101
2,327
11,9*3

18,922
78,020
76,310

333
2*,*56
17,20*

1*8,352

(

(Continued)

Excise taxee - (Continued)
Betallere' 6/'
?urs
Jewelry
Laggoge
Toilet preparations
:

Total retAllers* excise taxee.
MlBCellaneoue taxee: 6/
Sugar Act of 1937
Telephone, telegraph, radio, and cable facilities.
Local telephone service
Transport^ition of oil by pipe lino
Traaspor*.'. ,lon of persons
etc
Trajispoxte i-lon of property
Leases of safe-deposit boxes
Admlesions to theaters, concerts, etc
AdmlBBlons to cabarets, roof gardens, etc
Club dues aod Initiation fees
Bovllng alleys, pool tables, etc
Coin operated devices
Adulterated and process or renovated butter, and
f 1 lied cheeee
Narcotics, Including marihuana and special taxes..
Coconut and other vegetable oils processed
Rational Firearms Act
Diesel oil j/
Wagering taxee
All other. Including repealed taxes not sbovn
separately
,

Total miscellaneous taxes.

Total excise taxes:
Received with returns and from sale of ataaqte.
Undistributed depositary recelpta

359, *73

16,505

30,106
2*6, 180
396,519
9,318
271,952
38,312
31,978
3,233
1*,610

6
929
17,957

12

1

918
16,190

28*
2,907
5

287,1108

*19,6o*
10,368
312,831
*6,691
36,829

3,*U

7

8

15,091
10,*75

19,056
9,558

647

3,505

Total miscellaneous Internal reveuue.

MJuetnent to budget receipts 6/
Budget receipts from Internal revenue 2/

!_/

2/

i/

kj

3

*7,383
116, lUU
3,911

2,129
*,0l8

51,857
69
723
2,72*

10
*,572

1,530

28,380
9,556

U,950
2,196
10,*83

677
198
297
671

a

3,015

9*3

336_

25*

-1,300

55,939

106,it79

Ii71,70ii

508,837

838,699

2,158,936

10,837,375

10,*52,265

2,366,159

2,1*56,656

535,8*5

13,873,776

12,599,*01

*,33*,937

2,275,*30
-30,908

+iie*,*65r

^379,751r

+1198,213

-309

»1, 7*7, 912

70,170,97*r

70,299,652r

1*,371,989

12,599,092

6,o8e,8*9

2/
8/
2,^

»

r

59
22
U6

9,517,1*3

6/

316

615

1

9,9116,091

^

253

u*

*09,l6l

69,919,901

21*

1*1*1

2

59

1,937,323

Internal FoTonue Service for detail of coUoctlona by type of
tax: Dally Treaeury Stateiaent for budget receipts from Internal
revenue tiirou^ the fiscal year 1952, and the nev "Monthly Stateaent
of Eecelpte and Expenditures of the United States Govemment" for
receipts thereafter. Certain detail hy type of tax la available
only on the baale of retuma filed with the Internal Revenue Service.
Eicludee collections for credit to cerA^ln trust accounts for Island
poseeaelons; Includes corporation Income tax on Alaaka Ballroad
(repealed by Public Law 386, approved June 10, 1952, for taxable
years ending after that date),
Includes eicesa profits taxes on Army and Ravy contracts imposed by
the Vinson Act as amended (3'* U.S.C. kS^) , and Income tax on business
income of exempt organlratlona Imposed by the Pevonue Act of 1951,
approved October 20, 1951.
Includes old-ogi^ Insurance tax on self -employment Income, Imposed by
the Social Security Act Amendments of 195O (Public Law 73**), approved
AwoJSt 28. I9S0, The tax la levied and collected as part of the
individual Income tax beginning with the taxable year 1951. ?or
estimated fiscal year breakdown, see Table 1.
Beginning January 1^51, withheld Income tax and social security employment taxes on employers and employees are ptald Into the Treasiiry In
combined amounts, pursuant tc the Social Security Act Amendments of

Scarce:

U,239

2,061,138

69,686,509

11*8

2,61.1

^

Total Internal revenue collections

lll2

5,115,671

1950. For estimated fiscal year breakdown, see Table 1,
Under revised accounting procedures effective JuXj 1, 19"^, tax
payments made to banks under the depositary receipts system are
included in Internal Revenue Service reports of collections In the
month In which the depositary receipts are Issuea inscead of the
month In which tax returns supported by the depositary receipts
are received In internal revenue offices, as was the previous
practice. The "Undistributed depositary receipts" Included In
the collections represent the amount of depositary receipts Issued during the period less the amount received with returns.
In
the case of excise taxes, it Is not possible to classify the
depositary receipts by type of tax until the returns are received.
Accordln^gly, the amount of such imdlstrlbuted depositary receipts
Is Included only In the total of excise taxes.
Collections In fiscal year 195** are not comparable month by month
with those In the prior year because of the Institution of quarterly retuma, effective with the quartt-r beginning July 1*^5^.
Applies to dlesel oil xised In highway Tehlcles.
See Table 1, footnott 2.
Hew reporting bauls; for explanation, see footnote on page 1,
Less then $500.
Revised to final figure of budget receipts on new reporting basis.

1+1

December 1954
.MONETAEY STATISTICS,

Table 1.- Money In Circulation
(In nllllone of dollars except as noted)

Paper money
End of flscsl
year or month

Total
money in
circulation 1/

191*7
191*8

28,297
27,903

191*9

Total
paper
money

Oold
certificates

Sliver
certificates

2/

Treosury
notes
of 1890

1/

United
States
notes

Federal
Reserve
notes

Federal
Se serve
Bank
notes

106
99
93
86
81

2,061
2, 061
2,061
2,177
2,092

320
321
319
321

23,999
23,600
23,209
22,760

271*

318

23,'i56

21*3

2,088
2,122
2,135

316
318
320

2l*,605

35

25,609
25,385

221
200
180

28,968

36

2,100

316

26,253

190

72

29,981

28,206

2,017

29,901*

28,131*

25,1*90

29,707

27,931

2,070

306
309
312

25,587

February.
March

36
36
36

25,257

187
186
185

71
71
71

April
May
June

29,735
29,870
29,922

27,951
28,083
28,127

36
36
35

2,107
2,135
2,135

315
321
320

25,239
25,338
25,385

163
i8e

180

70
70
70

August. .
September.

29,892
29,929
29,985

28,099
28,129

35
35
35

2,122
2,137
2,160

316
319
319

25,377
25,390
25,1*13

179
177
175

70
69

28,171*

October

30,068

28,252

35

2,169

320

25,1*81*

171*

69

1*8

27,1*93

26,91*2
26,1*82
26,031*

1950
1951

27,156
27,809

25,661
26,231

1*1

1952
1953

29,026
30,125
29,922

27,3W

38
37

195I*

1953 -December.

30,781

195l+-January.

.

July
.

p.

28,359
28,127

'•5
'•3

39

2,01*1

1*06

353

309

77
73

70

69

Treasury Bulletin

1+2

.MOHETAEY STATISTICS

,

Table 2.- Monetary Stocks of Gold and Silver
(Dollar

End of fiscal
year or month

aiiiount.8

In BLlllloDfi)

Gold
'*35 per
fine ounce)

December 1954

^+3

.MOKETABY STATISTICS.

Table 4.- Components of Sliver Monetary Stock
(In nllllonB of dollars)

7

...

2
5
U

U
7

.

7

kk

Treasury Bulletin
.

MONETARY STATISTICS

Table 5.- Seigniorage on Silver
(Cumulative from January 1, 1935

in mllllona of dollare]

-

Sources of seigniorage on silver bullion revalued 1/
End of calendar
year or month

Seigniorage
on coins
(silver and
minor)

Mlec. sliver
(Incl, silver
bullion held

June lU,

19311)

Nevlj mined
Bllver (Proc,
Deo. 21, 1933)

Nevlj mined
allver (Acts
July 6, 1939,
and

July 31,
18.5

1935
1936
1937
1938
1939

i»6.1

I18.7
I18.7

63.7
69.5
91.7

U8.7

7I1.9

I18.7

87.3

19'»1

122.2
182.1

lt8.7
I18.7

1942

21(5.7

I18.7

19't3

299.6

it8.7

19-''>

30?. 3

lt8.7

87.6
87.6
87.6
87.6
87.6

130S

'»29.5
i»91.9

I18.7

19U3
I0U9

520.5
559.2
578.7

I18.7
I18.7

1950

596.6

19=Jl
19'52

6112.3
6911.2
7112.2

WW

I9W
igi*?

19?3

lo"?^ -January.

I18.7

I18.7
I18.7
I18.7
I18.7
I18.7

7115.6
7511.8

I18.7

769.3

li8.7

April
Hay
June

777.5
780.5
780.7

lt8.7
I18.7

I18.7

Jjly
August...

782.2

US.

78I1.7

I16.7

Sept'rmber

787.0

l<fi.7

October.

789.3

I18.7

February
March

U8.7

Nationalized
silver
(Proc. of
Aug. 9, 193'')

19^*6)

16.8
36.0
58.0

I18.7

Silver Purchase Act
of June 19,

226.2
302.7
366.7

34.5
3l'.7
31*.

57.

31*.

4.

530.7

31*.

25.7

562.7

118.3

580.
584.3
584.3
584.3

It

63.6
65.3
65.

311.7
311.7

34.7
3l».7
31*.

Total
seigniorage
on silver
revalued

Potential
seigniorage on
silver bullion
at cost In
Treasurer's
account 2/

326.2
422.1
508.1
616.0
705.6

274.9
397.5
541.6
758.8
950.6

759.4
799.7
818.9
820.6
820.7

1,055.8
1,089.0
1,048.2
967.3
717.3

938.1
1,069.6
1,077.6
1,087.8
1,098.1

333.2
161.2
146.8
129.9
127.2

111.7
81.9
57.2
34.9

87.6
87.6
87.6
87.6
87.6

65.5
66.5
84.6
93.5

701.6
832.1
832.1
832.2
833.6

87.6
87.6
87.6
87.6

1011.7
Hi. 6
125. Il
13I1.7

833.6
833.6
833.6
833.6

31*.

34.7
34.7

1,109.3
1,119.2
1,130.0
1,139.3

87.6
87.6
87.6

135.7
136.3
137.1

833.6
833.6
833.6

34.7
34.7
34.7

1,140.3
1,140.9
1,141.7

27.9
18.7

87.6
87.6
87.6

137.9
138.5
139.8

833.6
833.6
833.6

34.7
34.7
34.7

1,142.5
1,143.1
1,144.4

6.6

87.6
»r.6
87.6
87.6

139.9

833.6
833.6
833.6
833.6

3l'.7

1,144.5
1,145.6
1,146.1
1,146.1

Source:
Office of the Treasurer of the United States.
1/ These Items represent the difference between the cost value and the monetary
value of silver bullion revalued and held to secure silver certificates.

71*.

11(1.0

141.5
II1I.5

2/

3''-7

34.7
34.7
34.7
31*.

3l».7

3'>.7

34.7
34.7

32.6

8.3
5.2

8.6
7.2

7.6
.4

The figures In this column are not cumulative; as the amo'int of
bullion held changes, the potential seigniorage thereo.T changes.

'^5

December 1954
.CAPITAL MOVEMENTS.

Data relating to capital movements between the
United States and foreign countries have been collected
since 1935. pursuant to Executive Order 656O of January I5,
1934,

Executive Order IOO33 of February

Treasury r-^gulatlons promulgated thereunder.

8,

13^3, and
Information

covering the principal types of data and the principal
countries 1 reported monthly, and Is published regularly
In the "Treasury Bulletin".
Supplementary Information Is
:

published at less frequent Intervals.
bankers,

of the latest available preliminary data.

Section IV provides supplementary data which appear
The five tables Included In

at less frequent Intervals.

this section, under the revised presentation begun In the

June 195'+ Issue of the Bulletin, and the dates of their

publication are as follows:

Reports by banks,

securities brokers and dealers, and Industrial

and commercial concerns In the United States are made

Initially to the Federal Reserve Banks, which forward
consolidated figures to the Treasury.

by periods and by countries and present detailed breakdowns

Beginning April 195^,

data reported by banks In the Territories and possessions

Table 1.-

Short-term foreign liabilities and claims

reported by nonflnanclal concerns
quarterly beginning July 195"^

-

-

published
previously

published October I949 and 195O, July 195I, 1952,
and 1953.

of the United States are Included In the published data.

Long-term foreign liabilities and claims
reported by banks and bankers - published quarterly

Table 2.The term "foreigner"

as used In these reports covers

all Institutions and Individuals domiciled outside the

United States and Its Territories and possessions,

the

official Institutions of foreign countries, wherever
such Institutions may be located, and International
organizations.

"Short-term" refers to original maturities

of one year or less,

beginning June 195^ - previously published December
1949 and 1950, June I95I, 1952,

Table 3.-

and I953.

Estimated gold and short-term dollar re-

sources of foreign countries - beginning June

195't,

published quarterly.

and "long-term" refers to all other

maturities.
A detailed discussion of the reporting
coverage, statistical presentation, and definitions
appeared in the June 195"^ Issue of the "Treasury Bulletin",

As a result of changes In presentation
introduced In that Issue, not all breakdowns previously

pages 45-^7-

published will be exactly comparable to those now presented.

Table k.- Foreign credit and debit balances In
brokerage accounts - published s err.lsnnually
beginning September 195'+ - published as part of
regular monthly series through May I95U.
Table 5.-

Short-term liabilities to foreigners In

countries and areas not regularly reported separately

The first three sections which follow are published
monthly. They provide summaries of the principal data

by banking Institutions - published annually

April 1950.

since

46

Treasury Bulletin
.CAPITAL MOVEMENTS.

Section I - Summary by Periods
Table 1.- Net Capital Movement between the United States and Foreign Countries
(la mllllone of dolXare; negative figures Indicate a net outflow of oapltal froii the United States

AnaljalB of net capital aoTeiaent

Calendar ^ear or month

Ret
capital
Bovement

Chengee In liabilities to foreigners

Short-tem
finds

December 1954

^7

.CAPITAL MOVUffiHTS.

Section

I

-

Summary by PerlodB

Table 3.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In alllloiie of dollars; oogatlvo flgurea Indicata a net outflov of capital from tb« Ublted Stataa)
U. S.

Calandar year
or Bonth

Pnrchaaaa

Sales

396.83/

19^

*92.*a/

16*.

19^3
19W»
19*5

2IH.3
513.6
377.7

138.5
170.6
268.2
393.*

19lt6

*1*.5

19*7
19*8
19*9
1950

3**.

1951
1958
1953

1935-*1

Corporate and other

Goromaent bondB

a&A notes ij

Boida 2/
Ret
purchaee
-95.7 3/
25-7
70.7
2*5.3
-15.7

282.*
*30.0
1,236.*

68* .2
283.3
330.3
333.6
29*.

-269.7
61.5
-*7.9
96.*
9*2.1

673.6
533.7
6*6.0

1,356.6
231.*
728.0

-683.0
302.3
-82.0

33.7
87.*
55.0

38.0
99.9
22.1

-*.3
-12.6
32.9

April
May
June

65.2
87.3
*8.9

30.0
88.*
27.3

21.6

Julj
August p. .,
Septemher p

33.*
86.9
38.1

2*.

195*-Januar7. .
February
March
.

.
.

33.9
37.7

35.2
-1.2

9.1
53.0
.*

Purohasee

^(

Set
purchaaea

Salea

let
purohasea

Total
pujcbaaee

Total
sales

Het purchaeoB of
doaeetlc
Beourltiee

7
2
5
8
3

2
S7
7
5

Treasury Bulletin

48

.CAPITAL MOVEMENTS.

Section II - Summary by Countries
Table 1.- Short-Term Banking Liabilities to Foreigners
(PoBltlon

ftt

end of period In

i/

llllons of dollars)

Calendar year

195^

Country
1950
Europe:
Austria

ltl.9

Belgium
Czechoslovakia.
Denmark
Flnlaai

128.2
5.6

•..

•...«.....•.•

Prance
Germany, Federal Republic of...
Greece
..•.•.•.•.•.•.....
Italy
Hetherlands

Norvay
Poland
Forti^al
Rumania
Spain

Sveden
Bvltierland
Turtey
O.S.S.B
United Kingdom

57.1
131*.

1.3

'•5.5

1*5.3

18.3

27.0

260.7
221.6

289.1*
1*05.6

32.3

1*5.8

311'. 7

300.5

193.6

11*8.8

1*3.6

99.7
2.8

k.2

.•.....•...••••...

1951

1*5.7

1*0.7

6.1
21.3

6.1
17.1

115.3
553.0

71.7
521.3

11*.

ll*.l

l*.0

2.5
61*2.6

TugoslaTla,
Other Europe

656.6
13.2
21*6.8

12 1*.

Total Europe

2,986.3

3,005.9

899.0

1,307.1

301.8

21*9.7

20.1*

27.
100.3

Canada

7.1

Latin America!
Argentina
Bolivia
Braill
Chile
Colombia.

,

,

Cuba
Dominican Repiibllc
...,
Guatemala ......................i
Mexico
Hetherlands W. Indies & Surinam,
,

Panama, Republic of

Peru
EI Salvador
Uruimay
Venetuela
Otlier Latin Aaerlca

,

,

...,,,

Total Latin America

226.0
79.5

51*.

53.1*

106.1*

259.1

263.6

1*2.7

1*5.8

25.1*

27.3
158.2

207.1
30.2

3lt.9

59.2
60.2
16.1
75.1
85.2
71.3

67.7

1,612.9

1*7.2

27.8
81*.

71.9

87.8
1,1*55.2

Aala;

China Mainland. .................
Fonaoea
Bcag Zjods
India
Indoneala

,

Iran
Israel
Japen
Korea, Republic of k/
Hilllpplnes
ThaHaral
OtJiar Aala

Total Asia

,

,

,

,

,

Othar o maitr laa!
Auatralla
Belgian Ccngo
%ypt and Anslo-lsTTtlan Sudan..
Union of South Africa
All other
,

,

Totail otllar countrlaa ...........

Intaroational
total

81.7

1*3.2

86.1
55.7

62.1*

1*1*.

111*.

20.3
12.6
1*58.5
19.1*
371*."*

25.5
26.6
596.0
26.2
329.7

1*8.2

96.7

9S.5

11*2.2

1,361*.

19.1
58.1
75.6
w*.o
57.7
251*.

1,527.8
,

62.1
11*0.6

8, 61*1*.

1,595.5

38.5
51..

110.7
7.0
86.8

297

1952

1953

April 2/

Itay

July

Au^uat p

3epteiiiba*i

October p

December 1954

^3

.CAPITAL MOVOffiNTS.

Section II - Summary by Countries
Table 2.- Short-Term Banking Claims on Foreigners
(IV>Bitloo at end of period la mlllloDa of dollars)

Country

Treasury Bulletin

50
.CAPITAL MOVQffiKTS.

Section II - Summary by Countries
Table 3.- Net Transactions In Long-Term Domestic Securities
(In thousasda of dollars; nsgatlTe rigures Indloate not s&les by faralgners or a nst outflow of capital froa the On! tad States)

Country

51

December 1954
.CAPITAL MOVQtEMTS.

Section II - Summary by Countries
Table 4.- Net Transactions In Long-Term Foreign Securities
(In thouaandB of dollare; negatlre figures liidlcat« net aalea by forol^nsra or a nat outflov of capital frcn the Ublted States)

Oonntrx

.

.i

Treasury Bulletin

52
.CAPITAL MOViMENTS

,

Section III"- Preliminary Details by Countries
Table 1.- Short-Term Banking Liabilities to Foreigners as of October 31, 1954
(Position In thouaanda of dollars)

atort-tcm llabllltlea pajabla In dollars
Countr7

Total
ahort-tera

To foreign banka and official Inatltutlons

llatillitlea

Daposits

Short-tarn
liabilities
payable in
foreign
currenolea

To all othar foralgnara

U. 8.

n. B.

Traaaury

Dapoelta

bills and
cartificatas

Traaaury
bills and
cartlf loataa

Sorope:

Aastrla
Bel^lua
CzaoboaloraJcla

Denmark
flnlai^
Trance
Oeraany, Federal Bepubllo of.
Greece
Italy
letherlanda
lorway
Polai^
Portogal
Puaanla
Spain
Sweden
Svitzerland..
Turkey

28it,97it

281,91*3

228,1*75

2,500

10i»,621

51*, 826

333

61,537
37,579

37,082
331
28,033

2,031*

755
68,823
39,128

32,100
5,500

30,71*3

50,968
15,710

1*9,61*0

2

1*22

1,1*01*

7,278

1,622
43,373
422
6,150

1,336

1,51.9

1,51.9

8,776

54,002

't89,550

i'3l',215

1,256,2M)

1,252,151*

162,706
338,126

93,81.5

86,91*1*

63,861*

262,733
800,000
23,000

553,901
2U8,655

527,025

133,158

352,1.93

1.1,371.

225,1*1*8

7'*,20l*

282

6,962

63,085
1,557
58,886

31,01*8

3,398

1,928
81*, 981
8,085
66,069

97,531
1,559
59,803
6,605
56,712

179,371

170,699

1*7,618

650,0111

520,691*

322,689
It, 510

125,

8W

11*1*,

111*

,028
80

2

917

1,637

1*,002

6,901
26,771
23,201
28,259
369
25,173

6,601*

1

1,1*71

56,1*23

21)9

9,275

97,229
117,593

1,566

15
4,701

370

758

50,962
3,885
6,411
17, 5W.
19,570
25,723
347
25,157
1,471
9,247

2,591

449
117

1,333
84

258

16

12

7,729
115,988
3,364

840
3,875

8,557

101
927

122,598

392

23,308

25,852

8,571

80,1*12

128,1*20

292
30
5,389

382

382

294,118

171,128
753
9,592

490
8,969
3,569
1,507
22

1,391.

155

62

105
6

1,029

58

16

5
9
82

2

8,166
1,959

1*,802

1,577

1,51.7

United Eingda

81)2,767

525,31.1

223,726

TugoslaTla.
Other Europe.

6,835

5,931*

368,1*30

6,08e
357,389

91*, 113

211,868

51,1*08

753
11,027

932

503

14

Total Europe.

5,i*8U,972

1.,

770, 798

l,983,Ullt

2,378,606

1*08,778

686,585

522,369

147,31.5

16,871

27,589

1,365,051*

1,094,1*97

365,978

709,519

19,000

258,570

225,535

32,065

970

11,987

151,031*

11.8,088

10
6

228

22

ColoHifela.

11*7,720

U6,693

39,571
14,277
57,855
40,739
30,605

24

17,601
69,059
30,652
116, U3

39,631
14,283
58,083
40,761
31,019

50

17,610
81,028
32,026

2,836
9
11,969

COiUa

190,689
31,893
139,133
72,787

Cuba
Dominican Fepablic
Guatemala
Mexico
Batharlanda W. Indies & Surinam.

268,950
58,503
31*, 068
265,357

195,295

150,939

1*2,362

1*2,21*1*

12,259
132,521
37,027

9,270

73,641
16, 141
21,809
132,637
9,265

70,562
16,128
21,596
116,940
9,002

52,971.

TJ.S.S.F

.

296,226

11*8

3,361*

Latin Anarlcat
Argentina.
Bolivia...

BraxU....

Panama, Bepubllo of
Pern
EL Salvador

Uruguay
Tanatuela
Othar Latin America
Total Latin America

1*6,292

76,633
79,186

23,659
26,871

22,961*

8,U1*0

1,371.

580

39,826

i*,530

1,700

118
1,289

3,050

l.,733

131,51.7

971*

29,21.1.

50
63

495

13
182

2,324
156

7,304
2,851

2

5,168
279

43 ,094

43,346
49,276
14,524
35,710
71,958
41,917

57,596
105,987
79,287

1,838,762

1,119,695

1,021,298

60,51*7

37,850

716,837

674,006

35,1.26

28,51*8

27,81.3

1.53

35,692

31,368

31,

3U

55

61*, 721*

28,281.

73,963
93,675

27,277
72,058
53,003

6,878
4,324
36,360

77,676

270
35,015

252
2
1,007
1,635
5,657

6,878
4,315
35,661
3,305
1,760

15,81*1

2,584

12

31
47
183

98,529
183,028
123,030

20

150

15,650
80

23,609
26,808
7,935
52,500
10U,919
60,770

505
5,076
1,068
2,676

10
264

52,283
14,524
40,880
75,812

199

32

53

14

1,229
649

26,053

16,778

2,230

27

9
672

3,575
1,163

Aalal

China Mainland.
FonH>ea
Hong Kong
India
Indoneaia

Iran
Israel
Japan
Korea, Pepubllc of.

95,1*35

212
75
15,129

3,309
1,760

8,6u

4

80
404

nmippines

689,819
93,786
289,696

270,305

15,891
21,66U
637,211
90,992
263,705

Thailand
Other Asia

117,663
228,015

115,253
192,566

168,631.

18,833
19,115

l.,8l7

2,570
35,353

2,565
34,896

1,777,1*93

1,632,1.98

1,501., 393

91,091

37,01U

144,351

142,936

267

1*0,587

37,032

3,639
3,313
68
W.

2,759

16

3,126
4,638
17,430

3

5

412

2,995

37
476
428

3,416

1,721

39,183

44,171

21*, 711*
21*

,687

16,103
21,739
668,690
92,001.

16,350
1,000

12

6,600

9U,8oU

1,616

2,948
21,125
1,782
19,331

8,611
2,948
21,114
1,782
19,101

4

60

230
5

447

96

1,148

644

Other countries
Auatrails
Belgian Congo
Egypt anl Anglo-Egyptian Sudan.
Iftlion of South Africa
All other

Total othar oountrlea.

Intamational.
Grand total.

1*6,951*

1*5,91.6

22,293
27,538

1*5,171'

1*2,011

25,i.i»3

39,1*1*2

U,376

98.952

31., 320
77,687

11,100
15,095
16,500
22,900

70,756

1.35

6,1.96

2,775
1,008
3,126
4,646
20,837

271,109

236,996

157,1.06

66,030

13,560

32,392

28,545

431

1,773,917

1,771,533

92,61*5

1,671,073

7,815

2,384

884

1,500

L2,5U,307

10, 626 ,.017

5,125,131.

976, 866

52 1., 017

1,841,U9

1,591., 275

207,661

1*,

780
416

592

December 1954

53
.CAPITAL MOVIMENTS.

Section III

Preliminary Details by Countries

-

Table 2.- Short-Terra Banking Claims on Foreigners as of September 30, 1954
(Poaltlosi lA thouiandA of dollara)

Short-tent claime pajable in foreign
ourrenoles

Short-term claims payable in dollars
Total
short-tarm

Country

Deposits of
reporting
>M<T\^n and
domestic
customers vlth
foreigners

Collections
outstanding
for own
account and
domestic

Foreign
banks and
official
Institutions

cust

Eutojm:

AuBtrla
Bel^luB
CzechoaioTokla
Dennark
Plnlftttl

,

Franco
Gttraanf

,

155
15,953

155
15,233

101
2,568

I
'»,8l5

1

1

U,76l»

9*

1,971

1,971

7

ll»,089

12,525
liU,l61t

2,*32
7,936

3,623

3

12,7i«9

5,02*
617

7aderal Hopubllc of

Greaoe

3,623
12,902
10,931

Italj
Hethor lands

lorvay
Poland
Portugal

Svadan
Svltzerland
Turk«7
U.S.SJ!
United KlogdOB

8,016

720

703

17

*6*
88

310
373

3,896
1,503

51

50

1

3,976
2,8*2
1,036
1*1
309

1,233
6,955
2,*33
2,585
5,717

*,88*
26,*31
151
*,999
2,329

1,56*
*,262

601
*,2*9

963

153

109
1,930

*11

83

83

50

13

2,85*

1,086

877

2
70

26

33,30U

2,003
11,167
33,299

2,*09
32,35*

1,018
5,77*
26

30
525
2
3,970

Spain

11

*,522

1,210
30
*33

l,7't3

B\aBanla

8,972

*3

127

2,35*
17,'t38

1,660
30
i>96

31

1,959

29

29

821

1,U6

X,U6

565
2,162
908

39*
822

351
6,271

351
6,228

5

5

5,39*

6,298

9,122

102,05*

91,738
2

2

U

13

**

29

*3

10,316

123,838

21,78*

970

TugoelaTla
Other Europe

2,973

2,910

5,3U

2,971
5,132

703

3,176

61
802

*51

2
179

16*

15

Total Europe

30li,35*

185,555

59,322

25,269

36,712

6* ,252

118,799

107,358

11,**1

67,3l»9

29,7*8

*,06*

7,517

5,987

12,180

37,601

32,*33

5,168

5,808
2,538
288,0Wt
11,310
70,181

5,775
2,538
287,968
11,310
70,172

736
730
125,052
2,333
7,550

981

*,058
1,663
*5,780
2, 061
29,28*

33

33

96,320
5,*72
25,*78

76

*9

9

8

Cuba
Dcnlnlcon Bepubllc
Guatemala
Mexico
Netherlands WeBt Indies & Surinam

62,702
2,389
3,636
9'!, 653

36,069

9,831

287

69*
35,6*5
60

6,232
309
29
18,5*7
616

10,283

2,0*8
2,8*3
8,852

32
67
30,688

3

3

921

56*

l,8u

62,*15
2,389
3,633
93,732
1,811

1,123

12

Panama, Republic of
Peru
El Salrador
Uruguaj

6,*20
13,722
7,085
2,919
51,288
20,1*3

70
500
1
1,211
6,868
371

3,*a2
772
359
80*
11,033
2,60*

2,132
9,516
2,557
655
25,767
15,536

736
2,93*
*,168
2*9
7,620
1,632

20
129

73

56

Venetuela
Othfltr Latin America

6,W>0
13,851
7,085
3,167
52,727
20,173

2*8
1,*39

2*8
751

688

30

16

1*

Total Latin America

61i6,515

6*3,320

217,890

76,031

16*, 158

185,2*1

3,195

1,965

1,230

2,632

2,628
5,*86
2,319
3,*0*
587
16,912
9,253
30,01*

2,618
5,*26

92

122
333

119
327

113
1,3*0
16,150

22
5,912
60*

2

199
12,2*1

**

63

Canada
lAtln Aaerloa:

Argentina
Bolivia
Brazil
Chile
Colonbla

,

1*3
20, 816
1,***

7,860

?

27
1

67

357

20

»»la!

China Mainland
Formosa
Bong Kong
Inlla
Indonesia

5,i»86
2,li'»l

3,737
587
16,912

Iran
Israel
Japan
Korea, Fepuhllc of
Philippines

9,25lt

30,016
199
12, 304

*6
1,256

10

20
*66

81
806
9,877
2*

8,022

39

5,033
28,131

870
*72

*0
1,807
2,056
587
16,696
1,195
3,383
175
*,136
782

1

53

1

Thailai^
Other Asia

3't,530

6,686
3*,366

5,708

55

Total Asia

~ii08i

12*, 095

68,135

12,665

36,565

6,730

10,501
6,853
U86
5,258
12,090

8,637
6,852

222

23
87

*,330
951

*10
*,9**
11,60*

60
1,250
5,311

1,86*
1
76

152
36*

31*

1,9**

*,062
5,81*
350
3,5*2
3,985

*86

308

1*7
178

35,188

32,**7

6,8*3

2,05*

17,753

5,797

2,7*1

1,892

8*9

1,178,190

1,015,165

356,25*

123,536

261,175

27*,200

163,025

1**,315

18,710

Other countries:
Australia
Belgian Congo
E^pt and Anglo-Egjptian Sudan.
Union of South Africa
All other
Total other countries

6,686

...

l6it

161

TST
1,3*1
1
75
167

3

22

523
1

Intematlcnal
Grand total

..

:

.

5^*

Treasury Bulletin
.CAPITAL MOVIMENTS.

Section III - Preliminary Details by Countries
Table 3.- Purcha see and Sales of Long-Term Securities by Foreigners during September 1954
(In tiioueands of dollaraj

PurchaaoB by foreignere
Doaestlc securities

Total

U.S.

purcliasos

OoTemoeDt

Sales ty foreigners

Foreign securities

Corporate end
otber

Finland
France
Geruony, Federal Republic of.
Greece
Italy
Netherlands

Norway
Poland
Portugal
Huaanla
Spain

3,097
21,267

5

3,000

1,281

it,0l8

1,133
1,093

53

185

5,386
222
1,601
U50
11,639

118

3,01.5

92

10

5

250

68
251
.,050

1,516
91
6,198

3,1.70

20

268

120

19

1.1

85

8

.

.

79

494

271
25,680

1,032
10,Ul8

102

2,012

960
29,382

'•1,506

50

1.58

103
2,938

16

U.S.S.P.
Utalted Kingdom.

31,008

17
218

1,121

1,11.3

15,181

5

3,484

1,210

51

384

2,771
75
124
217
7,221

10

1,102
120

5

4,569

102
2

1,137

179
125
343
14,316

134
65

5
52

25
409

3,U0

23

2,762

123

36

24

93

12

16
5,i.3'>

40
12,980

881.

1,093

1,508
.

46
19,504

75
2,563

13,187

Foreign securities

Corporate and
other

notes

172

Sweden
Switzerland.
Turkey

U.S.
GoTeniiaent
bonds and

Total
Bales

bonde aoi
Dotes
Europe:
AuBtrle
Belgium
CzechoBloTakla.
Denmark

Dcnestlc aecurltiee

315
13

239
9

268

744
2,732

6,813

2,1.37

28,135

153

21,595
5

5

10,637

843

9,617

Yugoslavia
Other Europe

.

.

12,639

10,021.

983

1,297

95

1,099

6

231

736

Total Europe

.

.

136,327

29,211.

7,577

51,502

1.0,61*5

7,389

102,466

24,231

8,759

44,685

93,752

6,21.3

9,729

12,891

i«,50i.

22,385

66,934

11,452

8,122

13,904

8
9
351

351
101

27

17
14

1.62

199
104
592
579

1,1W

3

123

212
98
1,022

latin >mer]ca:
Argentina.
BollTla.
Praill
Chile
Colombia.
.

1»16

168
1,075
71.5

501.

Cuba
Doolnican Bepubllc
Guatemala
Mexico
Netherlands W. Indies 1

4,61.1

352

8
155
J., 138
81

1,092
8

5

11.9

51

711.

30

Panama Kepublic of
Peru
El Salvador

7,690
115
1,509

,

51

7,130

5

82
8

1.1.

1,735
169
1

238

3,198

175

1.9

2

956
83

462

'Jruguay

'.,257

II.9

2,981

2,1.83

7
139

1,1.35

'.,805

262

Total Latin America

32,533

2,501.

1,130

15,1.32

12,083

1,375
57
38
774
41
90

20

1,032
151
40
2,716
1,156
515

225

1,384

12,723

333

28

Venezuela
Other Latin America

172
69
494
345
76

2,458

3,125

1,501
82U
38
1,901

1,582

50
138

303
102

286
14

~455

673
108
14
1,498
1,066
277

7,077

Asia:
Chinf. Mainland.
Formosa
Bong Kong
India
Indonesia

Iran
I eraal

Japan
Korea, Republic of.
Philippines

Thailand
Other Asia

1.7

38
123

100

859
9
26

2

19
37

10
1,359
17
18

12

12

29
3, '.03

26
107

79

79

62

51

1.7

32

1,665

111.

17

30
1,554
195

1

3,286

38
23
855
9
23
30
33

2

152

173

3

142

Be

284

52
2

249

3,373

64

1,554

292

10
22

2,018

3,1.1.2

1,31.0

2

2

1

15
90

19
6
26
212
1,351

1,003
1,080

18
146

305
1,504

235
1,244

3,1.23

171

3,875

56,598

613

1,326

102,11.1

31,392

245,969

37,722

18,839

323

5,708

51

116

63

Other countries

Australia
Belgian Congo
Egypt and Anglo-Egyptian Sudan.
'Jblon of 3outh Africa
All other
Total other countries.
International.

Grand total.

105

1,611.

U7I.

19

123

288

27'.,U7

38,106

18,733

83,71.5

2,064
5

75

1,486

December 1954

55

.CAPITAL MOVIMENTS.

Section IV
Table 2.- Long-Term ^Llabl

1 1

-

Supplementary Data by Countries

ties to and Claims on Forelgmers Reported by Banks and Bankers

.

..

.

.

)

Treasury Bulleiin

56

.CAPITAL MDVH4ENTS.

Section IV - Supplementary Data by Countries
Table 3.- Estimated Gold and Short-Term Dollar Resources of Foreign Countries
(Position at end of period In millions of dollars)

Ar«tt anA

country

1950

1951

Contloental Western Europe:

Austria
Bel^lta-Luxeabourg (and Belgian Congo)..,
Tranoe (and dependencies)
Ceraan; , federal Bepubllc of
Italy

63lt

107
898
896

571

633

559
9k
257
132
205

524
150
331
128
224

,023

164
828

1,973
165
651

6,829

7,114

3,557
120

92

8U8

It3lt

letherlanls (and Xetherlande West Iidles
and Sunnaa)

9omj
Portugal (and dependencies)
Spain ( and dependencies
Sweden

sntterland.
Turkey
Other 2/
Total Continental Western £urope.
Sterling area:
United ElngdOB
United Kingdom dependencies.
India
union of South Africa
Other

Total stsrllng area.
Canada

232

2,843
99
309
197
326

'».'»53

3,774

1,988

2,157

303
21*1

Latin Aaerlcat
Argentina.
Brazil
Chile
Cuba
Mexico

518

Uruguay .
Venezuela.
Other
.

Total Latin America.

Indonesia. .
Iran
Japan
Philippines.
Thailand ....
Other

Total Asia

Eaatom Europe h/

S.ltSS

32U
160
587
377
166
256

1,870
3W»

Other countries!
SgTPt.
Other.

173

Total other countries

201

Total foreign countries.

Intemati onal
Orand total.

28

19,140
3,090

22,230

i'

December 1954

57

.CUMULATIVE TABLE OF COMTEHTS.

January 1954 through December 1954

;

.

Treasury Bulletin

5S

.CUMULATIVE TABLE OF CONTENTS.

January 1954 through December 1954

(Continued)

-

iBsue and page number
195''

Mar.

Apr.

May

25
25

26
26

25
25

25
25

26

27

26

26

26
27

27
28

26
27

26
27

28

29

28

28

33

'to

Jul7

Aug

Sept.

Oct.

Trensury savings notes:
CuniulatlTe ealee and redemptiona by series
Salea and redemptions by perlcpds, all serlee combined.

23
23

33
33

Ownership of Federal securities;
Distribution by claBaea of Investors and types of issues
Ret market purchaaes or sales for liirestaient accounts handled by
the Treaaury
Estimated ownership

3't

35

31

26

26

27
27
28

Treasury survey of ownership of Federal securities;
Ovnerahlp by banks, Inaurance companies, and others
Ownership of U. S. Government securities held by corporate pension
trust funds (quarterly, December 31, 1949-September 30, 1953)
Ownerahip by commercial banks classified by memberehlp In Federal
Reserve System (latest date June 30, 195U)

26

36

26

28

28

29

30

31

Market quotations;
End-of -month closing quotatlona on Treasury eecurltlea by Issues
Chart - Yields of Treasury securities

ItO

33

32

'12

35

3't

36
37

35
36

35
36

37

38
39

37
38
39

Averat-e yields of long-term bonds:
Average yields of Treasury and corporate bonds by periods.
Chart - Average yields of Treasury and corporate bonds

35
36

'»3
'I't

itl

36
37

Internal revenue collections:
Sumnary by principal sources
Chart - Internal revenue collections by principal sources.
Detail of collect lone by type of tax

llO

37

It6

111

38

38
39

I17

U2

39

itO

't5

38
39
'lO

Monetary statistics:
Money In circulation
Monetary stocks of gold and silver
Gold assets and liabilities of the Treasury
Componente of silver monetary stock
Seigniorage on silver
Increment from reduction In weight of gold dollar (latest date
September 30, 195U)

Exchange Stabilization Fund (latest date June

30,

39

'•9

kk

'11

1*2

'tl

'11

lt£

'to

50

'*5

'IS

'13

ita

kz

ItO

lt2

'ta

ll2

Itl

50
51

U7
k^

It6

'»3

''3

It8

lt2

52

It?

lilt

It4

't'l

'9

52

't5

53

1.6

lt9

195'+):

Balance sheet
Income and expense

"•7

Capital movements between the United States and foreign
count rles
Sumnary by periods since 1935
Summary by countries end periods
Short-term banking liabilities to foreigners, latest nwnth
...
Short-term banking claims on foreigners, latest imsnth
Purchaaes and sales of long-term securities by foreigners,
latest month
Short-tenn liabilities and claims reported by nonflnanclal concerns
Long-term liabilities and claljas reporttl by banks and bankers
Estimated gold and short-tenn dollar reeoxnnjes of foreign countries
and International inatltutlona
Foreign credit and debit balances In brokerage accounts
aort-term liabilities, countries and areas not regularly reported.

55
58

'18

It?

It8

'tS

I16

53

'•9

51
59

I18

50

it8

51
55

55

51*

55
59
60

56

55
56

61

57

66
65

58

56
55

51
59
58

67

60

57

60

52

56

57
58
I19

61

S"*

51
58

Corporations and certain other business-type activities:
Balance sheets and loans by type (latest date Juno 30, 195't).
Income and expense (latest date June 30, 195'*)
Source and application of funds (latest date June 30, 195't)..

56

59

57

61
69

58
66

TREASURY DEPARTMENT
ISCAL SERVICE, BUREAU OF

ACCOUNTS

OFFICE OF THE COMMISSIONER

WASHINGTON

25, DC.

OFFICIAL BUSINESS

^-yj^

Treas.
HJ
10
.A2

1954
C.2

U.S. Treasury Dept.

Treasury Bulletin