Full text of Treasury Bulletin : February 1951
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IKY LIBRARY / LIBRARY. LIBRARY ROOM 3 wn i993 TREASURY DEPARTMENT FEBRURRY-1351 % UNITED STRTES TRERSURY DEPBRTMENT DFFIGE DF THE SECRETRRV February 1951 Table of Contents Page Treasury financing operations A-l Summary of Federal fiscal operations 1 Budget receipts and expenditures 2 Trust accounts, g etc Treasury cash income and outgo 12 General Fund of the Treasury 15 Debt outstanding 16 Statutory debt limitation 20 Debt operations 21 United States savings bonds 26 Treasury savings notes 33 Ownership of Federal securities jk Treasury survey of ownership of Federal securities 36 Market quotations 4-0 Yields of Treasury and corporate bonds 4-3 Internal revenue collections 4-5 Monetary statistics kj Exchange Stabilization Fund 53 Capital movements 55 Cumulative table of contents 68 Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown. . February 1951 a-i Treasury Financing Operations Treasury Bills Refunded Treasury bills maturing In January totaled $k.O billion. weekly offering of $1.0 billion equaled the amount maturing. Each The average rates of discount on the four new offerings were 1.3*51 per- cent for January k-, I.3&7 percent for January 11, I.39I percent for January IS, and 1.3&9 percent for January 25. Note: Details of Treasury market financing operations are shown elsewhere in this issue of the "Treasury Bulletin", in the tables on "OfferingjPand "Disposition", respectively, of marketable issues of bonds, notes, and certificates of Indebtedness, and in the table "Offerings of Bills" Treasury February 1951 SUMMARY OF FEDERAL FISCAL OPERATIONS (In millions of dollare) Budget receipts and expenditures l/ Trust Net receipts Expenditures 2/ yy Surplus or deficit <->3/ accounts, etc, - net receipts, or expenditures (-) decrease Net increase In General Fund balance, or decrease (-) (-) Net Increase Clearing account £/ y y 5/ In public debt, or Levels, end of period Debt outstanding General Fund balance Public debt Guaranteed securities 72,1*22 4,568 4,100 Total Federal Becurltle Fiscal years: 12,696 22,202 1942 19"»3 19k * 1945 1*3,892 1 44,752 1*0, 02? 19^ 1947 1948 1949 1950 34,187 79,622 95,315 98,703 60,703 -21,490 -57,420 -51,423 -53,941 -20,676 -1,613 -338 -2,222 791 -524 39,289 33,791 -1,103 -294 -495 99 555 -507 366 -11,136 -5,994 -10,930 1.78 -1,462 1*83 4,587 2,01*7 22 -8 2,943 16,000 37,01*5 40,167 754 8,419 -1,811 -3,122 512 55,138 47,210 71,594 -2,699 -16,456 -283 19>>2 16,290 3li,l*83 57,751 90,174 97,181 87,522 41,322 -1*1,1*61 19»3 1944 1945 1946 -55,691 -53,650 -43,594 -2,512 -1,788 -266 -1,161 -123 -1,386 1*0,01*3 1*2,211 38,21*6 1951. lEstima ted) 1952 (Estimated) 1*1*, 1*0,057 136,696 201,003 258,682 269,1.22 1*76 3,308 4,932 3,470 5,517 258,286 252,292 252,770 257,357 90 27 20 258,376 252,366 252,798 257,377 -17 5,500 5,500 260,300 276,300 38 31 260,338 276,331 50,232 57,707 64,753 6,983 1,751 3,767 -22,502 108,170 165,877 230,630 278,115 259,149 4,301 4,230 1,514 567 339 232,11*1* 47,1.81* 10,543 12,294 22,236 26,003 3,502 3,097 256,900 252,800 257,130 256,708 81 256,981 55 30 24 257,160 256,731 256,574 254,605 252,990 77 79 78 256,651 254,683 253,068 252,21*0 75 75 73 252,315 252,311 252,366 64,307 57,679 10,740 464 358 6,515 10,662 4,529 2,991 9,507 20,169 24,698 14,238 23,1*61 6l*,27l* -10,1*60 1,621. 1,623 433 73 76,991 140,796 202,626 259,115 269,898 Calendar years : 43,531 1*3,928 38,810 1947 1948 1949 1950 1*1,010 362 -18,966 2,434 5,241 -3,592 -422 -350 -229 -502 -21*0 -2,21.9 199 311 87 -4,100 4,331 -423 1,396 1,934 2,788 259 -194 -86 -101 -53 2,541 2,222 4,018 -302 103 378 81*1 -685 3,741 2,335 3,066 -1,645 169 1,477 202 -374 2,911 3,163 4,102 -810 -623 -88 3,205 2,972 3,651 374 1,783 3,151 3,104 4,656 -1,811 -1,159 111 -1,488 -1,106 837 -1,230 -783 1*1,1*50 38,576 36,209 38,122 41,711* 37,831. 38,255 1948- January . February. March 4,196 *,158 2,800 5,871. 3,086 April May June 2,239 July August. . . September 2,096 2,505 October. November . Dec amber.. 2,101 1949- January... February.. 3,579 3,381 March 5,1*35 April May June 1,31*0 23*. 9,91*2 -405 1,111 471 -1*1*7 1*,208 4,679 4,232 112,471 170,108 278,682 259,487 252,851* Months: . 2,321. I*, 859 "•,5^3 . 2,51*0 1*,011* 1,945 4,767 2,221* July August. . .. September. 2,1*79 4,832 3,434 3,585 3,995 October November . December 1,881 2,344 4,191 3,111 3,127 3,722 3,366 2,972 4,820 3,323 1,488 2,320 . 1,9**6 . . 1950-Jonuary... February March 1*09 1*69 1*1. 86 I* 700 -289 1,082 -324 -362 141 -21*1 751 5,074 4,832 5,583 253,374 253,049 252,687 55 51 50 253,429 253,101 252,738 4,802 4,385 4,208 252,460 252,506 252,800 52 57 252,513 252,563 252,854 9 340 -51 87 -179 101 -1,080 451 631 U76 4,659 5,291 5,767 252,620 252,721 251,642 36 26 -62 291 -511 213 -32U -173 -111 359 881 -1,771 -833 308 3,995 3,163 3,470 251,530 251,889 252,770 23 23 27 251,553 251,912 252,798 30 218 -133 20 -133 1,081 1,231 3,337 345 1,107 1,975 828 253,877 255,852 256,680 26 27 29 253,902 255,879 256,709 98 -962 -315 4,737 148 257 4,679 256,778 256,982 257,130 28 201* 256,805 257,011 257,160 -265 370 137 935 5,01*9 256,865 256,368 255,724 27 27 -1*04 10 299 -272 2 170 -79 147 It, 1*0*. 108 •53 July August. . . September. 1,881 2,860 4,605 3,013 2,515 3,520 -1,132 1,081. -99 147 -27 October. . November.. December 2,056 2,851 4,211 3,170 3,102 3,742 -1,114 -17 470 252,236 252,292 -84 172 -315 -61*2 . 4,932 l*,9l*6 294 -1,358 -252I*/ -11. -I63 2,962 4,296 M -3 56 -219 2,81*7 31*1* -750 4,318 5,353 4,612 -781 -417 -177 1*76 , 226 -144 -226 I*, -227 1,551 April May June ...... 61*8 1,551 -330 1,035 -741 334 174 -158 82 3,269 , -326 -1,969 -1,615 317 2,1*96 . 222 -?3 1*6 l60 -36 -88 589 -11 122 -1*97 -61*5 -6 i*,ltl8 5,699 I*, 1*22 5,186 6,121 55 21* 29 30 21* 252,656 252,747 251,666 256,892 256,395 255,747 632 1,007 -1,419 -238 1,053 5,517 255,718 256,350 257,357 20 255,740 256,370 257,377 -80 183 333 -658 -1,017 685 319 4,500 5,185 5,505 257,541 257,874 257,216 16 18 20 257,557 257,891 257,236 49 -63 -52 -279 140 -369 -1,359 4,11*5 -6 4,139 4,232 256,937 257,077 256,708 22 24 256,959 257,100 256,731 25 -376 -8 31 -11*0 169.5/ 45 Source* Actual figures from Dally Treasury Statement; estimates based on the 1952 Budget document. Including effect of proposed legislation. 1/ Both receipts and expenditures exclude (1) refunds of receipts and (2) payments to the Treasury, principally by wholly owned Government corporations, for retirement of capital stock and for disposition of earnings. For prior fiscal year figures adjusted to a comparable basis, beginning with 1931, see the 1949 Annual Report of the Secretary of the Treasury, pages 360 and 361. 2/ Gross receipts less appropriations to Federal Old-Age and Survivors Insurance Trust Fund and refunds of receipts (Bee "Budget Receipts and Expenditures'*, Table 1). To make the figures for the fiscal years 1948 and 1949 comparable with those for othsr years shown in this table, all transactions relating to the Foreign Economic Cooperation Trust Fund, established under Section 111* (f) of the Economic Cooperation Act of 1948 (62 Stat. 150), have been consolidated with Budget expenditures, beginning with the March 1950 issue of the "Treasury Bulletin" 1*/ y y 6/ 93 4,702 l*,l*61» 22 20 21* Beginning with November 1950, net investments of wholly owned Government corporations and agencies in public debt securities are excluded from budget expenditures erne- classified separately (see "Trust Accounts, Etc.", Table 3). Budgst Expenditures for November have been reduced by $1,746,100, repreesntlng such nst Investments which wsre clsnslfled during the period July through October 1950, as budget expenditures. This adjustment is reflected also in the deficit for November Prior to November 1950, consists of trust funds and accounts, special deposits (net) and net sales or redemptions of sscuritiee of Government corporations In the market. Beginning with November 1950, includes also net investments of wholly owned Government corporations in public debt securities, which transactions previously were classified as budget expenditures (see footnote 4). For outstanding checks and Interest coupons, and telegraphic reports from Federal Reserve BankB; excess of receipts, or expenditures (-). Treasury Bulletin BUDGET RECEIPTS AND EXPENDITURES Table Receipts by Principal Sources !. (In millions of dollars) Internal revenue l/ Income and profits taxes Fiscal year or month Withheld by employers 2/ 16,091* 3'i,655 i6,09>* 19"*3. I9UI1. 19>>5. 191.6. 19>»7. 19>»8. 19^9. 1950. 1951 (Estimated) 1952 (Estimated) 22,202 1.3,892 1*2,211 33,21*6 37,01*5 ,238 508 1,1*59 U6.099 1,616 1,690 2,106 2,272 2,838 2,160 2,960 3,823 2,336 2,703 22,11*1* 32U 931* 23,1*02 5,291 1*31 3,325 1*5,1.1.1 355 3,1.91. 1.7,750 7,725 1*1,685 1*3,902 1*0,310 1*35 3A92 1*1. 2,021* 8,01*9 39,379 1*91* U,635 1*1*, 31,171 2,381 29,1*82 2,1*77 1.1,853 1*0,307 1*22 38U 2,082 1.2,771. 19,61(1 28,263 2,883 39,1*1*9 1,1*39 1.1,311 18,189 1*23 10,073 8,301 8.3U8 8,303 3,821. 19,735 35,159 1*7,873 1*6,025 1*,97>» 8,950 8,977 600 620 1,331* 1,31*3 1.9,807 21,957 29,667 3,761* 67 61*5 3,257 3A80 U7 5W 3,1*81. l*,l*29 362 599 701 5,1*92 1*3 3,607 5,622 398 229 238 2,31*2 37 35 67 2,5U5 186 1,957 1,032 3,655 93 3"* 701. 69 138 2,092 2,895 271* 518 301 295 ll*6 1*,776 l!>9 l*,l*0l* 711* 222 31*9 1,989 2,719 U.590 1,1.88 1,267 1,721 3,526 629 86 788 379 2,709 lUO 129 T3 2,11*8 201 316 185 66 62 1,881 2,860 U,605 2,300 3.18U 181 288 239 62 23 2,056 2,851 It, 211 1,1.11 311 18,1.61. 13 ' 20 | 16,35° I.3I. November. December. Fiscal year 10*11 to date. 70 257 1,679 2,973 3,006 >*,553 1,739 1,780 1,701 2/ 1/ 1,130 1,292 1,310 1,238 1,1.98 Met receipts 19,292 21,1*93 59*» 1,1*23 . . He funds of receipts 11,1*36 9,81i2 817 . y Appropriations to Federal Old-Age and Survivors Insurance Trust Fund 6/ 35,173 30,885 29,306 1*79 July August September. GrooB Other receipts receipts 2J 26,262 2U.88U 77U April. May... June.. Total internal revenue 8,393 10,289 9,392 10,013 588 1,310 1950- January.. February. March .... Oc tober Miscellaneous internal revenue 819 2,816 51U 1,620 591 320 2,175 988 5,798 59,976 38 do 39 52 hi 1,969 3,057 1,028 1,768 3,635 20l* 737 31*0 91*8 312 775 l*,722 808 2,099 2,997 57 1*,302 % 3,lo3 186 310 375 ll*l* 1,105 5"< 133 117 12,61.0 1,727 1*,779 19,11*6 303 736 1,91.0 6,81*1 6,91*9 71*6 76I* based on Actual figures from Dally Treasury Statement; estimates ource: proposed change In employ-^ 1952 Budget document, Including effect of shown classifications Keceipt ment taxes for medical care Insurance. 61,939 3,238 l*,8U2 MT> a 1,185 573 52 1*5 1*1., 762 1*0,027 1*0,01*3 512 55,1338, 1*1., 3,366 2,972 U.820 2,320 therefore differ somehere are based on the Dally Treasury Statement, and what from those In the Budget. Footnotes at end of Table 2. Table 2.- Expenditures by Major Classifications (In millions of dollars) Fiscal year or month Total 5./ 2/ 79,622 95,315 98,703 60,703 39,289 191*3. I9I1I1. 19!*5. 19U6. 191*7. 19"*9. 1950. 1951 (Estimated). 1952 (Estimated). tlonal finance and aid 7,259 12/ 6,016 12/ 5,211 5,339 5,750 6,1*69 6,1*67 6,878 6,517 9,666 10,865 5,820 *,913 12,312 1..1U3 7,138 3,323 1,0U6 936 1,051 29U 326 UoH 96U 1,007 998 359 1,021* 1,1U9 1,037 2,962 1*,296 3,013 2,515 3,520 1*,657 1,338 3,1T0 October... 1,1.1*6 3,102 11/ November. 1,523 P 3,71*2 December 7,517 p 19,063 Fiscal year 1951 to date. ostliatee based on Source: Actual figures from Dally Treasury Statement; legislation. Ex195? Budget document, including effect of proposed Treasury penditure classifications shown here are based on the Dally Budget. Statement and therefore differ somewhat from those In ths ^ 1/ For further detail, see tables under "Internal Revenue Collections . 19l»3, «" amended (2c U.S.C. 1621-1632). 8/ Under Current Tax Payment Act of insurance, f/ Consists of receipts for old-age Insurance, unemployment estimate; railroad retirement, and medical care insurance in the 1952 contriInsurance unemployment for details see Tables 7 and 8. Railroad receipts". "Other in butions are Included Incluieu proceeds from sole of surplus property and from Ck>vernment. y l,9l!» 1*,958 1*,316 2,81*7 602 730 2,060 727 1*1,1*31 April. May... June.. ii/ "*,928 71,591* March .... 1 16,812 1*7,210 3,269 Veterans Administration 1*8,870 21,017 2,1*96 Interest on the public debt 10/ 1,808 2,609 3,617 U,722 75,297 89,720 93,501 1*0,167 1950- January.. February. July August.... September. Intema- 11,500 12,158 12,378 33,791 12/ 1*0,057 12/ 19!>8. National defense and related activities 1*63 161 636 10,1*33 516 502 588 1,001* 832 885 817 571 589 18U 136 509 1*20 1*05 1,611 1*65 273 271 1*1.9 251* 13U 1*66 299 6U6 1*02 996 512 1,136 360 321 239 p 1,71*6 P 229 1*60 783 ll*2 1*69 721. 968 2,390 1*1*3 569 1/ 511* 2,691 . ii/ l*,719 of war owned securities; also deposits resulting from renegotiation contracts (see "Treasury Bulletin" for February 19<-3, page 5)to the payments sxclude expenditures budget Both budget receipts and corporations, for reTreasury principally by wholly owned Government Treasury (see tirement of capital etocfc and for disposition of e.irnlngB Bulletin" for February 19l*9, page A-2). See Table 7. I 5,625 5,800 "*,253 2,256 2,525 2,133 5,332 .,,,.. Miscellaneous . Interest on refunds Is included in Table 5 under for Medical Care Allows for deduction of appropriation of $275 million legislation. proposed under Fund, Insuroncs Trust Footnotes 9 through 15 on page 3. February 1951 BUDGET RECEIPTS AND EXPENDITURES Table 3.- Expenditures for National Defense and Related Activities (In millions of dollars) Mecal year or month Treasury Bulletin BUDGET RECEIPTS AND EXPENDITURES Table 5«- "Other" Expenditures (In millions of dollars) Aid to agriculture 28/ Fiscal year or month Social security program Public works £2/22/ 22/ 1?"»3. 1,91k 19Mt. 19U7. 2,256 2,525 2,133 5,332 585 696 969 -203 1,226 19U8. 19«9. 1950. 6,^67 9,666 in, 865 1951 (Estimated). 1952 (Estimated). 19"»5. vM. 1950- January.. February. March .... April. May... June.. July August. September. October November December FlBcal year 1951 to date Housing and home finance Direct and vork relief 31/ as/ -35I. Atomic Energy Miscellaneous Cntnmiealon SJ 1,066 535 U25 313 359 690 -360 -307 -2U6 129 159 118 679 7k2 1,378 2,062 782 2,656 2,o8U 1,619 1,696 1,967 1,126 1,520 1,577 -68 -56 -270 U56 6U7 52U 2,553 3,201 U,08l 10,1.33 1,168 1,702 1,625 305 -U68 818 1,277 3Jt/ 1,612 2,093 2,164 V350 12,312 6,102 3J</ 1,00U 571 589 31U 123 186 102 75 125 86 108 -15 -29 832 885 817 202 10l» -28 112 150 181 79 157 138 -2U -*3 996 512 1,136 U2U -113 -220 1*3 -17 1»09 159 155 65 i 5213J 66 59 62 783 72U il/ 569 !*,719 98 -«5 96 137 23 16U 732 798 807 »5 157 129 223 1U6 7* 1,137 Source: (Same as Table 2). Footnotes 1 though 8 on page 2 and 9 through 15 on page 3. 16/ Excludes expenditures shown separate ly In Table 3, and those for International finance and aid shown In Table U. 17/ Excludes expenditures shown separately In Table 3. Beginning 1950, all other expenditures of the Commission and Its successor agencies are Included in Table 5 under "Miscellaneous" 18/ Beginning March 19^8, Includes re trabursement to the Departments of the Army and Navy for care and handling of surplus property overseas. 19/ Beginning 1950, General Services Administration expenditures for surplus property disposal and for public buildings other than construe*tion are not segregated from other expenditures by the Administration, and therefore are not included in expenditures for these purposes in Tables 3 and 5. 20/ After 19^7, expenditures for national defense and related activities wore not segregated from ether expenditures of the Corporation and its affiliates, which are Included in Tablo 5 under "Miscellaneous". 21/ Prior to 19^7, these expenditures were Included In "Other" Treasury Department expenditures, In Table 5 under "Miscellaneous". 22/ For content before July 19^8 see "Treasury Bulletin" for September I9U8, page I4, and February 19^8, page 7, except that beginning with I9U7, figures have been revised to Include expenditures of the National Advisory Committee for Aeronautics. Beginning I9U9, consists of expendlturee of that Committee, the Selective Service System, and the Office of the Secretary of Defense except In the 1951 and 1952 eetimates. The Office of the Secretary includes retired pay for the military services beginning September 19^9. 2"./ Total for Air Force, Army, Navy, and Cffice of the Secretary of Defense; separate estimates not available. 2k l Excludes Bank expenditures under Economic Cooperation Act of 19^8. 21/ Beginning June 19U9, includes ths revolving fund for agricultural commodities and raw materials for occupied areas. See also footnote 26. 26/ Includes principally relief in countries devastated by war, expenditures under the Foreign Aid Act of I9I17 (6l Stat. 93U) and the China Aid Act of 19l»8 (62 Stat. 158), International Children's Emergency Fund, loan for construction and furnishing of United Nations Headquarters, and Korean Aid. Beginning 1950, includes Department of Agriculture expenditures not previously classified In the Dally Treasury Statement as foreign aid and relief; in this classification expenditures for govern- 157 151 129 895 27/ 28 / 29/ 3P./ 31/ 32/ 1}/ 3U / * p -37 299 17 NO U2 376 233 38 298 N5 kg 55 327 223 359 -2 »9 52 2U0 286 26 53 713 3* 158 3M 317 220 i3_/ 2U7 2,022 mont and relief in occupied areas are not shown separately. Includes $3,000 million for mutual assistance, military and economic, under proposed legislation. Department of Agriculture expenditures except those included In Tables 3 and h and those for foreBt roads snd trails, Included in Table 5 under "Public works" For more detail of these expenditures, see Tables 7, 3, and 9. Consists of expenditures for the following: public roads, except assistance to Greece and Turkey; public buildings, consisting of construction only, beginning 1950 (see footnote 19); and Bureau of Community Facilities through 1950, these three categories of expenditures having been under the Federal Works Agency until it was abolished by the act of Jun6 30, 19U9 (63 Stat. 380); Bureau of Reclamation; Tennessee Valley Authority; river and harbor work and flood control under the Department of the Army; and forest roads and trails under the Deportment of Agriculture. Prior to 1950, included all othor Federal Worko Agency expenditures except those Included in Table 3. Excludes expenditures Included in Table 3; beginning September 1950, Includes Federal National Mortgage Association and Prefabricated Housing Loans Program, which were transferred from the Reconstruction Finance Corporation by Reorganization Plans Nob. 22 and 23 of 1950. Not classified separately after 19^5. For additional Information, see "Treasury bulletin" for August l$k5, page 6. Includes expenditures for executive departments not Included elsevhere and for legislative and Judicial functions; Government contribution.to Government employees' retirement; aide to education, labor, finance, commerce, industry, and transportation; Panama Canal, except defense expenditures; and Fost Office deficiency. Major items Included which are not represented in 1950 expenditures are: for defense production, $296 million in 1951 and $1,103 million in 1952; for economic stabilization and allocations, $300 million in 1952; for civil defense, $15 million in 1951 and $330 million In 1952; for dispersal of government facilities, $6 million in 1951 and $l6U million in 1952; for aid to elementary and secondary schools, $290 million in 1952; and for reserves for contingencies, $U5 million in 1951 and $175 million In 1952. Less then $500,000. Preliminary. February 1951 BUDGET RECEIPTS AND EXPENDITURES Table 6.- Sunmary by Months and Calendar Years (In millions of dollars) Feb. Calendar year Apr. May July Aug. Sept. Total Wet budget receipts 1/ 1932. 1933/ 112 193 k. 1935. 1936. 205 197 225 1937. 1938. 1939: 19k0. 236 200 19>>1. 110 203 208 216 270 U17 595 750 109 179 221 228 33>> lill 96k 910 682 791 1,557 313 267 309 225 30U 363 k39 19k2. 19k3. 19kk. 571 783 2,7k0 751 19">5. 3A59 19k6. 3,770 I9k7. 3,725 U.196 3,579 3,366 19W. 19k9. 1950. 9U9 2,491* 3,613 3,58U it, 196 M58 3,381 2,972 3,538 5,202 6,532 6,661 5,501 5,3k2 5,87k 5,k35 It, 820 257 208 296 383 686 1,308 3,01*7 2,786 2,159 1,962 2,239 l,3k0 1,1.88 82 159 21k 27k 289 96 182 282 2k3 318 291. IU9 233 282 386 21*1 25I* 1.58 285 369 36k 267 260 325 ko8 393 386 822 730 552 599 1,270 1*07 390 556 2,1*69 1,1.72 581 2,71k 2,k32 2,656 2,21*3 k,567 6,182 5,702 3,963 739 2,001 2,078 2,k35 2,182 2,297 2,32k l,9k5 2,320 k,929 k,859 k,767 k,kOk 2,281 2,096 l,9k6 1,881 2,1.38 3>*0 2,895 2,900 527 339 1*1*1. 365 1*1*0 108 203 kl7 U95 12k 252 251 229 268 7k2 672 671 703 1,128 288 295 272 327 k37 283 3k5 357 356 558 2,511 5,kkl 5,803 k,875 k,386 599 2,02k 1,900 2,k53 59k 2,093 k,6l2 k,5k3 k,832 k,605 2,339 2,101 1,881 2,056 261 326 510 k92 659 kl>3 21.1 230 230 336 328 377 k27 51k 2,k7U 3,k31 3,792 k,333 818 668 5,7k7 5,550 k,851 5,712 513 73k 1,205 8,1*67 2,105 2,322 2,288 2,695 5,730 5,32k k,067 k,050 16,290 3k,k83 k3,531 k3,928 38,810 2,692 k,197 2,51*0 k,011* 2,3kk 2,851 k,191 k,211 kl,010 kl.kjo 38,122 661 636 680 266 U88 59k 507 532 368 686 633 612 651 617 751 692 738 1,989 565 777 752 891 2,328 k91 967 631 888 1,890 671 835 835 1,187 2,68k 20,229 6,181. 2,7k5 5,921 7,667 7,779 6,372 2,663 7,619 8,03k 5,619 2,860 6,012 7,9k7 7,811 k,530 2,k53 6,926 7,7kk 8,327 k,962 3,605 57,751 90,17k 97,181 87,522 kl,322 2,962 2,335 3,585 2,515 2,673 3,066 3,995 3,520 2,39k 2,911 3,111 3,170 2,lk3 3,163 3,127 3,102 3,176 k,102 3,722 3,7k2 38,576 36,209 kl,71k 38,255 2,21*6 2,505 2,k79 2,860 2,1*1*0 37,831. Budget expenditures 2/ 1932. 1933. 193k. 1935. 1936. 33k 950 U57 k58 3k6 633 k90 U59 k28 607 5kl 571 1937. 1938. 1939. 19k0. 19kl. 587 513 653 677 1,133 513 U50 696 687 785 798 585 62k 1,076 1,1.82 1*95 3k7 k33 1*66 266 30I1 672 605 625 539 1*62 551 728 652 2,336 509 519 592 668 667 665 710 l.kOk 505 kl7 69k 605 1,352 l,2k8 786 88k 88k 1,591 57k 666 956 k,l*00 1*1.2 1*08 19k2. 19k3. 19kk. 19k5. 19k6. 2,680 6,728 7,737 8,lk2 k,8ll 2,652 6,358 8,012 7,127 3,3kO 3,515 7,7k6 10,kl2 9,03k 3,598 3,939 7,300 7,337 7,758 3,750 7,k75 6,879 8,927 3,37k k,8l0 8,260 8,631 9,5kO k,836 19k7. 19k8. 19k9. 1950. 3,019 2,800 3,205 3,323 3,731 3,239 3,086 3,651 3,269 3,k07 2,5kl 3,151 2,8k7 3,28k 2,222 3,10k 2,962 k,996 k,0l8 k,656 k,296 2,221* 2,972 2,1.96 727 U25 81*3 501 703 1,020 801 1,631 1,668 5,257 7,k99 8,01k 8,561 3,287 5,k56 7,831 8,208 3,553 3,7kl 3,k3k 3,013 Budget surplus, or deficit (-) %J 1932. 1933. 193k. 1935. 1936. 1937. 1938. 1939. 19k0. 19kl. 19k2. 19k3. 19kk. 19k5. 19k6. 19k7. 19k8. 19k9. 1950. -222 6,91.9 k35 1.96 5,017 7,k95 6,61*6 8,539 7,635 8,220 9,151 9,61.5 Treasury Bulletin BUDGET RECEIPTS AND EXPENDITURES Table 7.- Social Security Act - Budget Receipts and Expenditures (In million, of dollars) fiscal year or aonth February 1951 BUDGET RECEIPTS AND EXPENDITURES Table 8»- Railroad Retirement Act Budget Receipts and Expenditures - (In millions of dollars) Expenditures Receipts Fiscal year or month Excess of net receipts, or expenditures (-) if -ll.k 19>t3 19W 19V7 19>t8 19">9 1950 AdminlstratlTe expenses Ret recelpte 2/ -26.3 -12.8 77.3 208.8 267.1 285.0 282.6 380.1 208.8 267.O 28U.8 281.7 380.0 220.2 265.2 311.1 29U.5 302.3 -206.5 -15.5 -31.1 557.1 563.8 550.2 557.0 563.1. 51.9.6 763.5 578.9 583.7 1.8 19W».... 19*5 Deduction: Refunds of tales on carriers and their employees Taxes on carriers and their employees Transfers to Railroad Retirement Account (trust account) 5.1* 21I1.8 2.5 2.3 2.6 *.3 262.7 308.8 291.9 298.5 5.0 U.U 758.5 57U.5 582.8 .9 1950- January... February. -36.5 .9 .9 37.lt 37.3 It.U >t.9 .5 .5 March 123.1 t.9 123.1 123.1 * April Hay -56.1 5.9 125.2 3.2 5.9 125.2 2.9 5.9 125.2 59.1 59.0 25.8 26.0 331.U June July August. . September. . October. November . December. -2U.9 -15.5 -205.11 -77.7 9.8 133.0 . .9 .9 25.8 10.5 126.0 10.5 126.0 25.0 2.3 9.8 2.8 9.8 133.0 133.0 Scuroe: Dally Treasury Statement. 1/ Sxcess of expenditures is covered by appropriations by Congress. 2/ Tax refunds deducted from recelpte exclude Interest on refunds, which is Included under "Administrative expenses" Table 9.- Railroad Unemployment Insurance 331.lt 80.5 Consists of expenditures from appropriations made specifically for administrative expenses relating to the Railroad Retirement Act, and Interest on refunds of taxes (sea footnote 2). Loss than $50 ,'000. 2/ • kai.^-1 - Budget Receipts and Expenditures (In millions of dollars) Expenditures Receipts Fiscal year or month Exceas of recelpte, or expenditures (- 2/ Railroad unenploy&ent Insurance contributions Total 3_/ 8.2 Administrative eipensee (Railroad Unemployment Insurance Administration Fund ) It/ 19^3 19W» 19U5 19U6 19*7 2.1 -2.7 19W 1950 -.6 -5.1 -3.2 I950- January., February, March.... -1.0 1.7 April.... May June -.It » ,U .it July .6 -.2 .5 191*9 August. . . September October.. November. December 10.3 12.1 13.2 12.9 1U.2 12.6 13.1 13.7 2.2 3.2 3.7 3.5 U.5 6.0 11.7 8.9 9.6 9.2 15.1 1U.8 12.3 5.5 5.9 6.9 9.7 9.0 5.U llt.9 .It .1> .It .1 1.1 1.1 2.1 .It .It -.9 .1 1.0 1.0 .3 2.1 1.8 .3 -.5 -.8 1.9 * .5 .5 .1 .8 2.3 .It -.U » -.5 2.0 .1 .5 2.U .It Source: Dally Treasury Statement. Operated as Railroad Unemployment Insurance Administration Fund. Excess of expenditures is covered by appropriations by Congress. Through 19^8 represented 10$ of contributions under the Railroad 3_/ Unemployment Insurance Act of 1938; the remaining 90$ vaa deposited In the Railroad Unemployment Insurance Account in the unemployment Trust Fund. Beginning In 19lt9, represents contributions equal to 0,2$ of the taxable pay roll; and the remaining contributions are \J 2/ Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 5V 1.5 .It jjj 5/ • deposited in the Railroad Unemployment Insurance Account (lt5 U.S.C. 358 (f)). (See "Trust Accounts, etc.", Table 7). Consists of expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. Represents excess funds of the Railroad Unemployment Insurance Administration Fund, under act of Oct. 10, I9U0 (5k Stat. 1099). Le BB than $50,000. Treasury Bulletin TRUST ACCOUNTS, ETC. Table 1.- Summary of Receipts and Expenditures of All Trust Accounts, Etc. (In millions of dollars) Net receipts, or expenditure Fiscal year or month Expenditures 1/ Receipts 1/ Investments 2/ Total Other 2/ 5,200 3,668 3,362 1,287 3,178 1,09k k,568 3,9&5 k,292 7,307 6,29* 8,236 3,060 2,311 -k02 3,750 3,898 6,971 6,810 6,209 6,570 19k6 19k7 -338 -2,222 791 -52k -1,103 19U8 19U9 1950 -29U -U95 99 6,515 1951 (Estimated). 1952 (Estimated). -283 k6k 7,311 8,620 3,160 4,1.35 3,17"* U.982 7,595 8,157 2 170 -93 kl2 685 k20 -U53 -661 -797 863 1.10 1,176 1,310 515 513 April Hay June -79 H>7 -53 305 673 91* -275 96 589 659 U29 U09 38k 526 997 July August September. -99 lk7 -27 327 726 957 157 268 217 362 20k >*5 579 98k l»92 lk8 681 379 181. 360 328 2/ 29U 508 512 335 19*3 19kk 19">5 1950 -January February. . . March . . 5,08? 7,086 7,712 6,2kk 5,71>< 6,669 -17 160 October November .... December. >>5 . 3,001. l»,129 3,9511 Source: Actual figures from Dally Treasui-y Statement; estimates baaed on 1952 Budget document, Including effect of proposed legislation. 1/ To make the figures for the fiscal years 191*8 and 19^9 comparable with those for other years shovn in this table, transactions of the Foreign Economic Cooperation Trust Fund, established under Section 111* (f ) of 780 2/ 1.0 i/ 7,3l>7 the Economic Cooperation Act of 191*8 (62 Stat. 150) have been excluded. These transactions have been consolidated with Budget expenditures, beginning with the March 1950 issue of the "Treasury Bulletin" See Tables 3 and k. Table 2.- Receipts by Principal Accounts (In millions of dollars) Fiscal year or month Total 1/ Government Life Insurance Fund Federal Old- Age and Survivors Insurance Trust Fund Railroad Retirement Aocount 1,218 1,395 1,399 1,567 1,508 1,280 1,289 316 905 2,127 2,351 103 1,',623 221 273 32k 312 323 l,50l> 1,313 1,173 1,281 Tko 690 1,076 Unemployment Trust Fund National Service Life Insurance Fund 191*7 3,95k 5,085 7,086 7,712 6,2kk 19>»8 6,515 19*9 1950 5,71** ,807 ,92k 797 625 6,669 ,367 6I.5 3,263 U.lUO 669 721 1,390 l,l*8o 699 697 lkk 398 2k0 38 1 1 110 170 21 55 56 1* 685 U20 69 It 305 673 9U1 86 27U 3Ut 60 32 1 281 91 52 53 327 726 957 U92 681 379 201 316 196 26 26 332 35 181 292 256 81 191*3 19kk 191*5 19k6 1951 (Estimated) 1952 (Estimated) 1950- January. February . March . . . April May June July August September. October November. December. . . 7,311 8,620 1.12 1,1*31* 1,386 y 58 Source: (Same as Table 1). 1/ Excludes receipts of Foreign Economic Cooperation Trust Fund (all in 19k8); see Table 1, footnote 1. 2/ Consists of Civil Service and Foreign Service retirement funds. The Civil Service Fund Includes tho former Alaska Railroad and Canal Zone retirement funds, beginning September 19k9, these tvo funds having been abolished and their assets transferred In accordance vith provisions of Public Law l8o, 8lBt Congress, approved July 21, 19k9. Includes Adjusted Service Certificate Fund, District of Columbia, 3_/ Government employees * retirement funds 2/ 90 371. 91* 501 97 13U 557 6lU 578 90 92 87 680 809 591* Other trust funds and accounts 1/1/ 337 351 1,038 1,666 792 1,17k 529 U03 1*07 m. 1*07 31 30 31 30 26 3 30 u 31* 202 1.8 172 k2 26 30 29 5 288 1*1 2 32 32 -2 21 k 5k 17 28 3 331* k8 38 257 1*7 3 31* 107 kk 3 33 53 32 36 3 30 22 V Indian tribal funds, island possessions, increment resulting frccn reduction in the weight of tho gold dollar, and through June 1950 seigniorage on Bilver, under the Silver Purchase Act of 1?3^. Thereafter such seigniorage la included with other seigniorage under budgut receipts. Total Includes $275 million for Medical Care Insurance Trust Fund under proposed legislation. Lees than $500,000. February 1951 TRUST ACCOUNTS, ETC. Table 3.- Investments by Principal Accounts U (In Billions of dollars; negative figures are exoeas of redemptions) Fiscal year or month Treasury Bulletin 10 TRUST ACCOUNTS, ETC. Table 5.- Federal Old-Age and Survlvore Insurance Trust Fundi/ (In millions of loilsrs) fiscal year OI* month February 1951 11 TRUST ACCOUNTS, ETC. Table 7»- Unesployaent Trust Fund (in millions of dollars) Receipts State accounts Fiscal year or month Deposits by States Expenditures other than inreotanenta Railroad UnenploymBnt Insurance Account \J Transfsre butions frc« States 2/ Contri- 3/ frcan Administration Fund hj Inveetments 5,935.0 1,3*9.3 1,256.0 1,009.9 1,005.3 27k. 109. 19k6 19k7 6,6lk.O 1,566.9 1,507.8 1,279.8 1,289. 19U8 19k9 1950 1,312.9 1,173.2 1,281.0 1,007.3 98U.0 1,098.8 130.6 1*51 (Estimated) 133? (Estimated) 1,389.8 l,k79.7 1,201.0 1,279.0 1U.0 15.0 109.6 169.8 21.1 36.8 169.5 13.7 .1 .1 March 2.8 *.7 217, April. May... June 32.5 280.7 90.5 31.* 280. k 10.5 .7 .1 75.* lk2, 1U7, 128. 1*1.0 123.5 July August. . September 35.k 287.6 16.8 35.1 287.6 9.3 *.l 93. 89. 6k, 60.0 October. November . December. 37.7 256.9 31.9 37.5 256.8 21.9 3.5 Inception to data 16,691.2 1U,293.8 89k .0 1936-19*3. 19kk 19>>5 1950- January... February.. . . . 105.9 118.8 .ll 116.2 127.6 .1. .U 17. 281.1; 2,2*1. 2,092.li 11.7 8.9 9.6 9.2 96.5 123.6 1*3.6 1*6.9 60.1 60.0 70.1 1,128.3 8l7.k 9.7 9.0 5.* 165.3 ISO. .1 9.7 .2 3.1 1.5 167.I 1,1*5. 869. 858.' 1,313. 2,025. 17k. 962. 182.6 715 78.8 203, .2 .1 3.* 71. « 61 .1 59 107.2 80.9 6.5 72, 1,315.3 9,027. Source: (Same ae Table 1). l/ Excludes Interim advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 19k0. 2/ Represents contributions under the Railroad Unemployment Insurance Act of 1938, as amended (k5 U.S.C. 360 (a)), in excess of the amount specified for administrative expenses. (See "Budget Receipts and Expenditures'', Table 9.) Represents amounts transferred from States to Railroad Unemployment In3_/ surance Account equivalent to amounts of taxes collected vlth respect to period from January 1936 to June 1939, inclusive, from employers who come within the purview of the Railroad Unemployment Insurance Act. Total In assets 5/ k.O 1.5 5,870.0 7,307.2 7,k09.0 7,852.0 3.5 7.8 31.7 11.8 8.k 5.3 k5k.o -lko.6 -7kk.5 8,323.0 8,298. 8,182. 8,138.3 7,k37.9 7,klk.3 18.1 kl.k 22.1 6.5 2.7 1.5 k27.k 76i.3 7,855.3 7,8k6.3 8,629.6 8,313.3 -93.8 -5.5 -196.1 7,65k.7 7,616.3 7,6k9.1 7,595.3 7,k53.0 7,kl8.3 31.8 -110. 133.5 -38.2 7,3k2.6 7,308.3 7,k76.1 7,kk5.3 7,k37.9 7,klk.3 31.6 27.9 22.1 2.7 2.9 1.5 k.2 5.2 k.5 -57.8 198.1 -k7.6 7,3&0.1 7,351.3 7,578.2 7,561.3 7,530.5 7,516.3 26.3 15.1 12.9 2.5 1.8 1.* k.5 -23 .k 7,507.1 7,k&8.3 7,686.3 7, 70k. 7,663. 7,639.2 7,663. 7,639.2 17.0 16.5 23.1 1.9 .6 .It .8 .k 17.2 51.7 .5 60.8 86.76/ lk6.5 5/ 900.0 650.0 62. 65. 187.7 I63.2 202.2 15.7 6/ 12.1 15.0 8.1 6.2 5.2 13*. 89.O 8U.3 56.7 55.1 68.1 8,k&5.6 k/ 5/ 6/ jj * k.6 k.6 k35.1 6/ IO7.2 In dislores tbursing In menta offitrust , account cer e account k, 367.0 k3.2 105.9 798.1 1,227.1 1,879.0 175 Unexpended balance increase, or decrease Transfers Withto Balldrawals road Unemployment by States insurance Account 2/ Trans fere Assets, end of period Set State accounts k,372.5 1,506.3 l,k36.5 133.9 kl9.9 197.2 -k0.9 7,663.k k,372.5 5,878.8 7,315.3 7,kk9.1 7,869.0 .3 .3 19.01/ 316.31/ V, v 6.5 6.9 k6.9 30.5 k.3 1.6 1.1 1.1 23.1 Represents excess funds of the Railroad Unemployment Insurance Administration Fund, under act of Oct. 10, 19k0 (5k Stat. 1099). For railroad unemployment benefits and refunds. Includes transfers to the Railroad Unemployment Administration Fund as follows: $9.7 million In fiscal year 19U9, $2.3 million In September 19k9, and $.* million in January 1950, representing adjustment for over-collections due to retroactive change In tax rate under the Railroad Unemployment Insurance Act, as amended (U5 U.S.C. 358 (a)). Distribution of unexpended balance not available. Less than $50,000. Table 8.- Natlonal Service Life Insurance Fund (in millions of dollars) Expenditures other than investments Receipts Fiscal year or month Premiums and other receipts Transfers from General Fund Interest on investments Het Increase, or decrease Special ATHJ Assets, end of period Total Investments 359.1 873.2 1.999.3 2,071.2 1,22k. 359.1 1,232.3 3,231.6 5,302.8 6,527.6 351.7 1,213. 3,187.1 5,239. 6,k73. 7.k 18.9 kk.k 63.1 53.9 "•37.7 3kl.9 -1,911.5 6,965.3 7,307.2 5,395.7 6,93k. 7,287. 5,3k2. 30.6 19.6 53.6 -36.2 -273.9 5,359.5 5,085.6 5,339 20. k 5,065. 20.5 (-), in assets Unexpended balance re funds 19kl-19k3. 19kk 19k5 19k6 19k7 366.0 90k.5 2,127.k 2,351.0 l,50k.l 329.1 781.1 95k.l 8kk.7 516.6 31.5 101.2 1,116.5 1,381.* 816.7 5.k 22.2 56.7 12k. 170.9 6.9 31.k 128.2 279.8 279.3 6.9 31.k 128.2 279.8 279.3 19k8 19k9 1950 739.7 690.1 l,076.k 387.5 392.8 398.7 153.0 87.0 k72.8 199.2 210.3 205.0 301.9 3k8.1 2,987.9 301.9 3k8.1 35k.9 699. 697.3 k51.k k76.9 88.0 66.k 160.0 15k. 735.6 971.2 735-6 971.2 55. 56.3 69,k k0.3 3k.2 k0.5 7.5 7.6 10.5 7.6 lk.5 18.5 k79.6 817.7 917. k 30.1 30.0 30.7 1*9.6 787.7 886.7 -k2k.3 -76l.k -8k8.0 7,295.1 6,533.7 5,685.7 7,263.2 6,510.2 5,657.2 31.9 23.5 28.5 51.8 53.5 202. 3*.3 35.2 kl.7 9.6 16.2 7.9 2.1 37*a 29. k 3**.7 12?. 98.2 30.8 28.5 9k. -322.3 -71.9 10k.3 5,363 .k 5,291.k 5,395.7 5,325.2 5,2kk.2 5,3k2.1 38.2 k7.3 53.6 July August September.. 29.1 kl.l 28.k 27.3 39.0 26.2 1.7 2.1 2.2 56.k k5.3 ko.l 27.6 -27. -k.2 -11.7 5,368.3 5, 36k .2 5,352.5 5,3k0.6 5,337.k 5,328.1 27.7 26.7 29.1 28.9 15.9 11.0 October.... November. December k6.6 k3.7 36.3 •3.2 38.7 30.5 3.* k.9 5.8 k2.2 39.6 37.1 31.0 31.8 32.7 11.2 7.8 k.k k.k k.l -.8 5,356.8 5,360.9 5,360.1 5,328.9 5,328.1 5,335.3 27.9 32.8 2k. 9,98k.3 k,809.3 k, 180.1 k,62k.2 1,912.1 2,712.1 5,360.1 5,360.1 5,335.3 2k.8 1951 (Estimated).. 1952 (Estimated).. 1950- January.. February. March.... April. May... June.. . . . Inception to date. Source: (Same as Table 1). * Less than $50,000. 6.7 15k. .1 .1 99k. 29. 2,633.0 69.7 2k. 12 Treasury Bulletin February 1951 13 TREASURY CASK INCOME AND OUTGO. Table 3.- Derivation of Cash Budget Expenditures Treasury Bulletin 1* TREASURY CASH INCOME AND OUTGO Table 5.- Derivation of Cash Borrowing or Repayment of Borrowing (In millions of dollars) Fiscal year or month February 1951 15 GENERAL FUND OF THE TREASURY. Table 1.- Status of the General Fund (la «lllion» of dollars) End of fiscal year or month 19441 1946. 1947. 191*8. 191*9. 1950. 1950-January. February. March. . . Bullion, coin, and currency Total Deposits In Fedsral Reserve Bank* 17 all able In prooees funds of collection 10.1U9 20,775 25,119 lit, 708 3,730 150 154 150 160 1,023 761 666 558 243 232 1,038 1,44a 1,500 1,006 1,202 5,370 3,862 5,927 1,073 1,022 1,052 191 219 191 1,928 438 950 123 103 5,|*a 1,029 1,027 1,029 221 220 224 677 666 1,006 a6 236 216 191 195 5,1*89 6,438 April May June M57 5,927 1,014 1,036 1,052 July August September. 4,864 5,501 5,932 1,054 1,041 1,051 213 October. . November. December. 4,537 4,586 4,724 1,009 1,043 1,052 231 188 181 5,074 207 Deposit* in special depositaries Other deposits and collections 643 607 Balance in the Oeneral Tund 7,667 18,007 22,622 12,993 962 533 507 289 305 310 4a 1,773 1,771 3,268 283 309 323 438 392 410 >»,?32 124 190 2,898 3,146 3,665 381 306 324 372 303 317 5,049 5,186 6,121 875 588 950 143 2,543 2,560 3,268 302 284 323 410 4,702 4,464 5,517 566 733 1,116 97 102 174 2,618 3,115 3,065 334 364 304 314 316 428 4,500 5,185 5,505 114 2,317 2,232 2,344 298 310 327 392 446 492 4,145 4,139 4,232 569 714 690 i>»3 99 129 Source: Dally Treasury Statement. 1/ On account of withheld taxes and sales of Government securities. Table 2.- Analysis of Change In Balance In the General Fund (In millions of dollars) Fiscal year or month Liabilities 470 ksi 9,507 20,169 24,698 14,238 3,308 3,470 5,517 Treasury Bulletin 16 DEBT OUTSTANDING. Table 1.- Summary of Federal Securities (In millions of dollars) End of fiscal year or month Public debt Matured debt and debt bearing no interest Interest -bearing debt Total outstanding Ouaranteed securities Public debt X Ouaranteed securities Ooaran- Public debt International Sank J/ 1,316 1,460 2,326 1,311 3,173 141 201 269 83 1,324 1,567 2,350 1,321 3,179 376 231 4i6 2,229 2,009 2,i4e 280 245 66 41 17 2,234 2,012 2,150 Monetary fund Other 1U0.796 202,626 139,1172 135,380 1,623 1946 Vj*\ 269,896 258,376 269,1*22 258,286 476 90 201,059 256,766 268,578 255,197 199,5>»3 259.U5 136,696 201,003 258,682 U, 100 19"*5 1948 252,366 252,798 257,377 252,292 252,770 257,357 73 27 20 250,132 250,785 255,226 250,063 250,762 255,209 260,338 276,331 260,300 276,300 38 279, 76U 279,211* 551 278,1*51 277,912 539 1,313 1,301 238 256,892 256,395 255,747 256,865 256,368 27 27 25M93 254,869 254,406 253,506 1,997 1,962 2,218 1,008 1,008 1,270 632 21 1,999 1,965 2,220 356 2>t 254,430 253,527 24 24 255,72>» 255, 7"*0 22 20 20 253,536 251*, 200 255,226 253,516 254,183 255,209 19 18 17 2,204 2,170 2,150 2,202 2,167 2,148 310 280 265 1,270 1,270 1,270 621 617 613 255,tl6 255,779 255,403 255,764 254,968 14 15 25k, 986 18 2,141 2,112 2,250 2,138 2,110 2,247 258 235 375 1,270 1,270 1,270 610 605 602 25^,750 254,909 25U.30U 254,731 254,887 254,283 20 21 22 2,209 2,192 2,427 2,206 2,189 2,425 337 324 562 1,270 1,270 1,270 599 595 593 19>*9 1950 1951 (Estimated) 1952 (Estimated) Debt peak Feb. 1946 1950-Jairuary. ... February. . March April May June 256,370 257,377 255,718 256,350 257,357 July August Septenber. 257,557 257,891 257,236 257,216 October. . .. November . December. 256,959 257,100 256,731 256,937 257,077 256,708 . . "•33 31 16 257,5'tl 257,8711 18 20 22 214 24 n.a. n.a. 256,357 268,111 4,092 1,516 409 467 255, 113 n.a. n.a. Source: Actual figures from Dally Treaaury Statement; estimates based on 1952 Budget document, including effect of proposed legislation. n.a. n.a. n.a. n.a. n.a, n.a, 265 n.a. n.a. n.a. n.a. 107 24 10 1,724 1,161 1,063 1,270 722 660 613 5 3 n.a, n.a, n.a. 1,063 Footnotes at end of Table 2. (Increase, or decrease (-), In Billions of dollars) Total outstanding Public debt Guaranteed securities V Interest -bearing debt Public debt Guaranteed eeeurltles y Matured debt and debt bearing no Interest Public debt International Bank 8 1,175 1,259 2,057 935 802 Table 2.- Net Change In Federal Securities fiscal year or month y (atured) 1944 19>*3 teed securities Monetary Fund 624 6 2 n.a. n.a. 12 Februa ry 1951 17 DEBT OUTSTANDING Table 3.- Interest-Bearing Public Debt (In millions of dollars) End sf fiscal year or month Treasury Bulletin 18 DEBT OUTSTANDING Table 5.- Interest -Bearing Securities Guaranteed by the United States Government (In millions of dollars) End of fiscal year or month ^ February 1951 19 DEBT OUTSTANDING. Table 7.- Computed Interest Charge and Computed Interest Rate on Federal Securities (Dollar amounts In millions) Total Interest-bearing securities Amount outstanding End of fiscal year or month Public debt and guaranteed securities 1/ 191*3 19W1 191*5 191*6 19>>7 , I9I48 , 19**9 , 1950 1950- January Computed annual Interest rate Computed annunl Interest charge Public debt Public debt and guaranteed securities 1/ Public debt Public debt 139, 1*72 135,380 801,059 256,766 268,578 255,197 199,5l>3 256,357 268,111 255,113 11,969 5,357 5,376 5,351 250,132 250,785 255,226 250,063 250,762 255,209 5A57 5,1*55 5,606 5,613 5,606 5,613 5,620 5,607 5,575 5,619 5,606 Total Interests Total bearing public securidebt ties Marketable issues Total 2/ Bills ll Certificates Motes 1.978 1.925 1.935 1.995 2.107 1.979 1.929 1.936 I.996 2.107 1.822 1.725 1.718 1.773 1.871 .380 .381 .381 .381 .382 .875 .875 .875 .875 .875 I.I65 1.281 1.20U I.289 I.I4I48 2.182 2.236 2.200 2.182 2.236 2.200 1.91*2 1.0114 2.001 1.958 1.176 1.187 1.0U2 1.225 1.163 2.205 2.20U 2.199 1.195 1.191 2.199 1.957 1.959 1.955 1.1014 2.201* 5,571* 5,577 5,588 5,613 2.200 2.199 2.200 2.200 2.199 2.200 1.959 1.958 1.958 1.160 1.173 I.187 2,759 3,869 2,679 3,81*9 14,961 5,37"4 Treasury bonds Ronmarketable Issues Special issues y Guaranteed securities 1/ 2.I49I4 2.330 2.1*08 2.379 2.31"4 2.1*17 2."*73 2.1405 2.1*36 1.968 1.335 1.321 2.307 2.307 2.567 2.593 2.I4I48 l.lilO 2.510 1.758 1.20U 1.375 1.3W* 2.309 2.313 2.322 2.623 2.629 2.569 2.588 2.596 2.589 2.210 2.68U 1.375 1.351 1.351 2.316 2.316 2.322 2.576 2.576 2.575 2.612 2.600 2.588 2.227 1.1814 1 ,182 1 .182 1.371* 1.371* 2.525 2.581 2.589 2.61.3 1.31*1* 2.57U 2.572 2.569 2.581i 1 163 2.322 2.322 2.322 1.921* 25".,893 2511,869 25U,U30 253,527 25lt,l*06 April May June 253,536 25U,200 255,226 253,516 255,209 5,578 5,588 5,613 July August. 255 ,1*16 255,779 255,1*03 255,76li 25li,o68 5,613 5,626 5,585 5.618 5,626 5,585 2.200 2.200 2.191 2.200 2.200 2.191 1.959 1.960 1.938 1.191 1.209 1.252 1.125 1.125 1.125 1.325 1.325 1.311 2.322 2.322 2.336 2.567 2.561 2.562 2.588 2.586 2.602 2.315 2.793 25li,731 5,6ol4 2.201 2.201 1.299 2.2014 2 .201* I.36I4 1.125 1.125 2.336 2.336 2.560 2.561 2.209 2.209 1.963 1.378 1.125 1.302 1.302 1.328 2.602 5,617 5,616 1.951 1.957 2.359 2.565 2.729 2,626 2.655 . February March . . . . , 253,506 25I*, 183 September, 25"i,986 October . November December. 25"»,750 2514,909 25li,807 5,605 5,618 25U.30U 25^,283 5,6l6 2.205 Source: Dally Treasury Statement. l/ Excludes guaranteed securities held by the Treasury. 2/ Total Includes "Other bonds"; see Table 3. \j Treasury bills are Included In debt outstanding at face amount, but In computing the annual Interest charge and the annual Interest rate kj 1.125 1.139 2.599 2.600 2.21*6 2.398 2. 681* 2.751* the discount value la used. In computing the annual Interest charge and the wnn nal interest rate on United States savings bonds, Series A-E are considered to yield 2.90£ per annum and Series F Is considered to yield 2.53$. Table 8.- Treasury Holdings of Securities Issued by Corporations and Certain Other Business-Type Activities of the United States Government 1 ' (In millions of dollars) End of fiscal year or month 191*3 19W* 191*5 , 19U6 , 191*7 , 191*8 , Total 2/ 7,535 10,717 12,169 11,673 11,9!*6 191*9 2,789 6,851 1950 8,1*23 1950- January.., 7,l*6l Commodity Credit Corporation 8,1*01* 8,1*70 125 337 918 920 October. . November December. 8,U00 362 930 8,865 8,688 . 21*14 2,693 2,711 2,775 July August. . September, 21 3I17 3I49 928 3,1"*"* 938 961 3,193 96I1 961* 1 1 1 3,528 3,311 2,959 966 985 985 9I4O 1 9**6 1 1,192 2,781 2,785 2,736 1,006 1,02U 1,039 Reconstruction Adminis- Finance tration Corporation Public Housing 971 91"* 96I* 8,1*23 tion 13 782 96 1* 2,801 Corpora' tion 366 108 1,669 3,193 7,861 8,321 Corpora- Housing and Heme Finance Administrator }J 283 398 383 360 U1*0 April May June Federal Home Farm Owners* Mortgage Loan 212 580 1,010 737 529 516 7,619 7,797 8,1*10 ExportImport Bank of Washington 1,950 900 1,591 1,301 510 February . March . Economic Cooperation Administration 91*3 952 962 968 9U2 Source: Dally Treasury Statement. 1/ The securities shown In this table vere Issued to the Treasury to finance Government corporations and certain other business-type activities of the Government, with the Treasury itself raising the necessary funds through public debt operations. To avoid duplication, these securities are not included in the guaranteed debt outstanding as shown In preceding tables. 2/ Total for the period September 191*7 through September 19**9 Includes notes amounting to less than $1 million Issued by the Virgin Islands Company. 1/ Notes Issued under authority of Reorganization Plans Nos. 22 and 23 of 1950 transferring the Federal National Mortgage Association and the Prefabricated Housing Loans Program from the Reconstruction Finance Corporation to the Housing and Home Finance Agency, and Public Law 171, 8lst Congress, approved July 15, 191*9. for Slum Clearance °rogram. Rural Secre SecreVeterans Electri tary of tary of Tennessee Adminisfie at ion AgriValley the tration Adminis- culture Army Authority 1/ tration 2/ y 5,033 57 57 57 57 8,1*16 9,020 9,205 9,966 £ 1 1,1*56 56 718 1,015 65 1,171 1,191 1,221 33 53 100 100 100 339 1,1.18 1,1*56 1,**56 1,231 l,26l 1,281 57 62 65 100 100 100 1*9 351. 36I4 1,1*77 1,352 1,352 1,352 98 56 81 100 100 100 146 81 91 101 100 100 100 146 3 I46 6 10 3I4I4 3U9 37*4 355 1,307 1,355 39I4 21*7 1,1*32 1,1*32 3914 316 1,1432 7./ * 1*9 1*9 1,1*12 3SI4 6/ 52 1,311 1,380 1,251* 5_/ 100 100 337 337 337 1,527 368 U/ 51* l,28r 1*3 1*9 1*9 1*9 1*9 1*9 146 Ul* Notes issued under the act of June 29, I9U9 (63 Stat. 3^5), and Public Law 171, Slst Congress, approved July 15, 19*»9, for Farmers* Home Administration programs. Notee issued under the act of June 29, 19^8 (62 Stat. IO98), for Natural Fibers Revolving Fund. Pursuant to Public Law U75, 8let Congress, approved April 20, 195C, for direct loan program. Notes issued by the Reconstruction Finance Corporation and outstanding in the amount of $9,3^5 million, including interest, were canceled on June 30, 19^8, pursuant to the Government Corporations Appropriation Act, I9U9 (62 Stat. II87). Less than $500,000. Treasury Bulletin 20 STATUTORY DEBT LIMITATION The Second Liberty Bond Act, as amended ( }1 U.3.C. 757 b), provides that the face amount of obligations Issued and the face amount of under authority of that act, obligations guaranteed as to prlnolpal and Interest by the United States (except guaranteed obligations held by the Secretary of the Treasury), aggregate 8275 billion outstanding at any one time. Obligations Issued on a discount basis, and subject to redemption prior to maturity at the option of the owner, are lnoluded In the statutory debt limitation at current redemption values. shall not exceed In the Table 1.- Status under Limitation, December 31, 1950 (In millions of dollar* ) Maximum amount of securities which may be outstanding at any one time, under limitations Imposed by the act February 1951 21 DEBT OPERATIONS. Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding December 31, 1950(In millions of dollars) Year and month Treasury Bulletin 22 DEBT OPERATIONS. Table 1.- Maturity Schedule of Interest-Searing Public Marketable Securities Issued by the United States Government and Outstanding December 31, 1950 lj (Continued) (In millions of dollars) Amount of maturities TUed Year and month Description of security 2/ maturity Issues I960 Mar.. 2-7/8* Bond - 3/15/55-60 Dec. 2-3A* Bond - 12/15/60-65 Total 1961 June. 3* Panama Canal bond- 6/l/6l 1962 June. 2-lA* Bond 2-1/2* Bond 6/15/59-62 6/15/62-67 2-l/U* Bond 12/15/59-62 1963 June. 2-3/k* Bond - 6/15/58-63 Dec. 2-1/2* Bond - 12/15/63-68 . (6U June. 50 Date bank reCallable Issues stricted classified by Issubb year of: become bank Tlnal eligible First matucall 2/ rity Amount of maturities Tear and month Description of security 2/ Tiled maturity Issues Callable issues classified by year of: Tirst call final maturity Date bank re stricted issues become bank eligible a/ February 1951 23 DEBT OPERATIONS. Table 2.- Offerings of Treasury Bills Treasury Bulletin 2k DEBT OPERATIONS. Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness Date February 1951 25 DEBT OPERATIONS. Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States Government Results of exchange offers Called or aaturlng security 1/ Disposition offers Amount outstanding Date of lasue Description Cash retireBent Exchange security offered (In Billions of dollars) 7/8* 7/8* 7/8* 7/1 A8 Certificate Certificate Certificate - 7AA8-F - 7/l/kS-C - 7AA8-H 7/1A7 8/1A7 9/1A7 Total 9/15/W / 9/15 A8. 3/15/38 - 9/15A8-A 3/15A - Hote Certificate Certificate - 1- 10/1 /U8-B 9/15A7 - 10/lA8-J - 10/l/k8-K 10/1/U7 11/1/U7 Total 2* 12/15A8 1AA9 •51 3,7k8 U,092 1.35* 1,1*67 6,913 Bond - 12/15A8.. 12/8/39 571 1-1/8* Hote 1-1/8* Certificate - 1/1A9-A 12/1/U7 1/1/U8 3,535 2,592 - | 2,7k2 1,127 2,209 6,078 2-1/2* Bond 1-1/2* Noto 1* 1* 1* 10/1/1*8 I/I/U9-A Total 6,127 2/l/k9 1-1/8* Certificate - 2/1A9-B 2/1A8 2,189 3/1A9 1-1/8* Certificate - 3AA9-C 3/1/W 3,553 U/1A9 1-1/8* Certificate - k/l/k9-D k/l/k8 1,055 6/1A9 1-1/8* Certificate Bond 2* - 6/1/I19-E - 6/15 A9.. 6/1/U8 1/15 As k,301 1,01k 1-1/8* Certificate - 7/1A9-F 7/1A8 9/15A9 2* Bond - 9/15 A9.. 5/15A2 1,292 10/1A9 1-lA* Certificate - 10/1/U9-C 10/1A8 6,535 1-lA* Certificate - 12/15/U9-H Bond 3-1/8* Bond 2-1/2* Bond - 12/15A9.. 12/15A9.. 12/15A9.. 12/15A8 7/15A2 - 519 2,098 »91 1,786 •{ Total 7/1A9 12/15/U9 2* 5,315 - 12/15/3 ' 12/15/36 1 Total 5,783 U.89U 1/1/50 1-lA* Certificate - l/l/50-A 1/1A9 5,695 2/1/50 1-lA* Certificate - 2/1/50-B 2/1/U9 1,993 3/1/50 1-lA* Certificate - 3A/50-C 3/1A9 2,922 Bond 2* 1-3/8* Rote - 3/15/50 U/1/50-A 10/19A2 9/15A8 1,963 3,596 - k/l/50-D U/1/U9 963 - 6/1/50-E 6/1A9 7/1A9 9/15A9 5,019 3/15/50 U/l/30 Total k/l/50 5,559 b/1/50 1-lA* Certificate 1-lA* Certificate 7/1/50 1-1/1"* Certificate - 9/15/50 Turned In for cash by Treasury Sate of refundlng or retl reBent 1-1/8* Certificate 2-1/2* Bond Bond 2* 7A/50-F - o/15/50-G 9/15/50-52 9/15/50-52 - - 5,601 V15A3 1,197 1,186 k,939 9/15/38 Total 7,322 10/1/50 1-1/8* Certificate - lO/l/50-H 10/1/U9 6,2k8 12/15/50 1-1/2* Bond 1-1/8* Certificate - 12/15/50 l/l/51-A 6/1A5 2,635 5,373 Total - .'. 1/1/50 8,008 - Br chaaged federal Reserve Banlcsg/ other inTeetors Description of new security offered 26 Treasury Bulletin UNITED STATES SAVINGS BONDS. United States savings bonds were first offered for sale in March 1935 and began to mature In Maroh I9I5. Series A-D were sold from March 1935 t0 April 19>U. and dollar sales by States are published at less frequent Intervals but are shown on a monthly basis. and d haTe been on sale since May 1, 19'U- Series A-F sales are shown at Issue prloe and total redemptions and amounts outstanding at ourrent redemption values. Series Is shown at face value throughout. Series E, F, For Information on the terms and conditions of these bonds, see "Treasury Bulletin* Issues for December 19U-7, page 31 and October 19^5, pages A- 1* and A-5- In addition to the Information on savings bonds operations which appears each month, data by denominations Matured bonds which have been redeemed are Included In redemptloms. Matured bonds outstanding are Included In the Interest-bearing debt until all bonds of the series have matured, when they are transferred to matured debt upon which Interest has oeased. Table 1.- Summary of Sales and Redemptions by Series, Cumulative through December 31, 1950 (Dollar amounte In millions) Series February \95i 27 UNITED STATES SAVINGS BONDS. Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods (In millions of dollars) Accrued discount Period Fiscal years: I935-I9U2 3,9*19 l9*>3 19W 19>*5 19>*6 21*6 *>,195 92 96 103 106 92 96 103 106 107 110 101 107 110 101 68 191*7 19**8 191*9 1950 Redemptions 2/ ^/ Sales plus accrued discount Sales price 591 88 79 572 82 72 Amount outstanding Accrued discount Matured debt 19 6 Interestbearing debt 3,601* 3,608 3,625 3,585 3,365 2,968 1**3 117 309 21*2 1*82 370 393 530 812 8 25 67 113 123 172 269 615 22 7* 70 8 179 302 367 1*7 1.1 87 11*. 87 122 3,1*77 3,11*8 2,71*2 139 207 258 p 11*6 2,250 203 229 1,1*1*0 56 32 32 150 129 116 1,280 1,178 1,065 1,000 939 895 516 703 1,081 18 1*0 59 73 92 2,51*3 1,927 895 Calendar years: 1935-1*2 291 3,9**9 637 81 78 226 390 U8l 576 838 1*5 1*5 1,023 11 6 11 6 221* U It 9*. 19**** 19*>9 100 105 107 109 108 86 1950 19*>5 191*6 19*17 191*8 21*0 9U 100 105 107 109 108 19**3 It, 1.36 631 765 P 3,603 3,616 3,638 7 U37 Months 1950- January. February. March. .. 129 130 168 97 98 April May June 3 3 77 58 19 2 2 71 5** 18 3 3 53 1*0 13 107 99 92 July August. September 5 5 1* 56 6k 1*2 1* 2 2 1*2 32 1* 16 11 87 81 77 850 796 759 2 2 1 2 56 50 70 1*1 p 35 P 52 p 72 69 229 710 1 2 . October. November December. Series E, F, and U8 15 P 11* p 17 P 66*1 I»37 G- Flscal years: 19H 66*. 191.2 19"*3 5,993 11,789 191*1* 15,1.98 127 191.5 19>*6 11*, 891 28*1 1*67 19*>8 9,612 7,208 6,235 191*9 7,11*1 1950 5,673 191.7 2 36 583 69a 826 977 661. 1 1 5,995 75 760 2,292 75 760 2,286 1*,156 6,1.08 6,337 11,82*. 15,625 15,175 10,078 7,791 6,929 7,967 6,650 661* 1 6,58*. 17,61*8 6 30,981 1*2,000 5,063 It, 597 *>,95*. 21 71 109 *.,*>53 lltlt 50,730 ".,365 !»,191 "t.133 171. 5*, 333 209 56,61.1 l*,3l*2 **,13*> 1*5,670 1*8,398 Calendar years: 191*1 191*3 2,537 9,157 13,729 19"»2 19W> 16, 01*1* 19*t5 12,937 191*6 7,1.27 6,69*. 191*7 191*8 12 2,537 9,169 21*6 21*5 7*. 13,801* 1,501* 195 379 533 633 16,239 13,315 7,961 7,327 8,059 6,729 7,133 "t,61<5 1,502 3,251 5,293 5,9*U It, 522 568 It,lt0>* 761* 3,263 5,332 6,038 191*9 7,295 5,833 1950 6,07"* 896 1,058 707 581 98 68 521* 82 805 6U9 607 1*23 7*. 1*97 1*16 78 108 1*91* 335 383 506 109 78 85 Months 1950- January. . February. March April May June 398 July 1*17 August. . September. 350 310 October. . November. December. 971 U36 . . Footnotes at end of table 51.1 y y y 77 80 118 *., *, 263 It, 1*,817 fc.558 P 39I1 2,52*. lit lit 077 11,1*1*7 2 12 39 23,71*6 97 U6.628 123 1*9,311 161* 52,801 55,267 57,583 186 259 P 36,723 Ul.,706 377 272 361 17 16 19 55,679 56,039 56,266 318 362 383 17 21 20 56,539 1*03 526 1*1*9 1*28 1*29 1*73 1*1* 21 29 56,671* 395 1.33 1*09 21* 56,637 1*0 398 Wto 1*13 1,01*8 517 659 289 380 (Continued on following page) 376 1*15 27 P 23 P 25 P 56,1*27 56,61*1 56,718 57,21*5 57,3|3 57,583 Treasury Bulletin 28 UNITED STATES SAVINGS BONDS. Table 3.- Sales and Redemptions of 6erles A-D, E, F, and G by Periods - (Continued) (Dollar amounts la millions) Psrlod Accrued discount Seles 1/ Redemption 2/ Sales pins accrued discount Sales price Accrued discount Amount outstanding (interestbearing debt) Percent of monthly redemptions to amount outstanding Series X 203 3,586 8,271 11,820 1 33 118 265 kjk 536 633 753 895 ",553 ,6,739 4,287 U.026 4,278 3,993 203 3,528 8,301* 11,938 11,818 7,173 4.824 "I659 5,032 4,887 1.1U5 l,lU5 5,989 10 70 162 10,3* 12,380 9.822 4) 466 4,085 4,224 4,208 3,668 S93 579 696 818 971 60 689 2,100 3,846 5,912 5,391 3,825 3,530 3,521 11 4,920 5,025 4,639 209 1,380 3,005 4,963 5,423 3,930 3,72s 3,443 3,912 lOJUlU 12,562 10,175 k',6&t 60 688 2,095 3,825 5,843 4,288 3.689 3,368 3,326 1 5 20 69 103 136 162 195 11 209 1,378 2,993 4,925 5,330 3,813 3,575 3,274 3,669 p 2 11 38 9 ? 116 154 174 243 P 203 3,671 11,287 21,125 29,097 30,358 30,791 31,625 33,127 34,494 1.134 6,923 15,957 25,515 30,727 30,263 30,997 32,188 33,766 34,493 402 361 36U 88 63 77 490 424 440 320 224 309 305 209 292 16 15 17 33,936 34,135 34,266 .94 .66 • 90 305 307 297 69 73 98 374 380 396 275 31 ? 334 259 293 315 16 20 19 34,365 34,432 34,4§4 .80 •91 .97 318 270 244 98 73 79 416 343 323 271 72 74 107 343 320 391 21(6 28U 67 435 758 802 679 407 360 301 473 231 368 3W 20 3 ?£ 366 326 28 3U8 22 34,542 34,491 34,466 1.07 1.14 1.01 360 318 350 334 296 327 26 p 21 P 23 P 34,449 34,452 34,493 1.04 3 17 58 89 3 67 2 9 19 41 61 73 83 208 435 760 811 698 440 407 362 3 149 203 206 216 199 17 57 88 147 197 198 204 185 1 3 6 9 12 14 208 2 4 % 13 773 595 325 342 498 233 417 25 40 67 78 87 38 11 31 5 27 6 16 14 6 10 654 750 786 621 365 396 566 311 503 18 21 22 24 15 17 17 14 16 16 22 20 20 20 19 18 20 19 P 18 ? 21 p 24 8 6 16 14 6 11 206 p 15 15 17 5 5 185 196 211 189 16 16 11 V V 7 35 77 104 4| 36 33 13 11 145 37 61 57 7 35 77 106 189 203 222 202 223 151 43 71 19 22 (Continued on following page) 1 1 4 7 11 12 17 P 1 1 1 1 1 1 2 2 2 2 P 1 P 2P .92 1.01 67 499 1,242 1,996 2,6o4 2,895 3.099 3,255 3,584 3,699 207 854 1,569 2,278 2.793 2,969 3,162 3,505 3,615 3,895 3,647 3,667 3,681 • 45 .45 .48 3,687 3,692 3,699 .42 .45 .46 3,702 3,697 3,692 .55 .53 3,822 3,846 3,895 .57 • 59 .53 .49 February 1951 29 UNITED STATES SAVINGS BONDS. Table 3.- Sales and Redemptions of Series A-D, B, F, and G by Periods (Dollar amounts in mllllana) (Continued) Treasury Bulletin 30 UNITED STATES SAVINGS BONDS. Table 5.- Sales and Redemptions of Series E and F and G by Denominations (In thousands of pieces) Series F and G combined Total, all denominations $10 1/ $25 $50 $100 92,086 68,686 32,083 $200 2/ $500 Fiscal years: 1941-44.... 579,568 303,116 165,039 71,356 58,971 19*»5 I9U6 19*.7 19l»8 64,576 64,304 19>>9 1950 Calendar years: 1941-43 414,253 209,U8o 112,071 21*, 27!* 1*5,876 36,11*6 10,896 9,901 39** 39,1*00 335 39,150 11,1*25 11,81*1 9,223 8,505 2,095 522 1946 418,514 320,527 253,078 93,502 3,582 11,381 I*, 191 19l>7 62,571* 971* 1948 1949 1950 61,813 65,118 62,929 1*35 19>»>» 19li5 1*5,995 1U ,693 7,803 7,777 1,311 801 816 8,550 8.65U 916 917 298, 76 1* 226,213 58.5W* 172,91*8 37,773 13,757 10,099 21*, 551* 62,769 39,219 1*7,915 8,218 50,202 36,077 8,1*92 769 918 7,650 803 879 933 865 37,659 39,572 39,050 10,61*0 8,2lt6 11,826 11,660 8,688 8,253 5,218 5,15? 5,687 3,01*1 91*0 729 3,075 71"* 3,1*01* 932 1,067 5,152 3,160 3,356 3,196 9h3 1,019 967 693 3,211* 985 944 873 713 76 6U5 593 67 61 69 62 5,167 371 11*1 Months 1950- January . February. March. . . April May June 5,1*21* 5,172 791 697 711* July August. September 1*,720 3,177 3,018 October. November December 5,380 5,023 3,1*61 3,21*8 1,000 5,711* 3,700 1,063 660 618 686 916,191* 202,211* 152,161 . 5,253 5,035 Inception to date 1,338,05!* 21,075 928 82 66 87 72 77 7* 72 $1,000 Total, all denominations $25 1/ $100 $500 $1,000 $5,000 $10,000 February 1951 31 UNITED STATES SAVINGS BONDS. Table 6.- Sales of Series E Savings Bonds by States (In thousands of dollars at Issue price) Total, Inception through Doc. 31, 1950 Alabama. Arizona. Arkansas. 650, 18U California.. Colorado.. . Connecticut. Georgia Idaho. 2,996 3,1*1.6 211,1*76 1,1*01 1,291. 376,701 2,990 2,293 599, 91*2 "•81,355 1,021*, 092 27,8UI* 21,1*88 3,688 5,713 3,128 3,923 919 l*,l*26 766 3,896 1*,613 1*,532 3,019 893 3,61*7 It, Delaware District of Columbia. Florida 1950 139,399 733,389 718,235 . 787 Illinois 183,316 >> ,637, 373 1*3,972 Indiana. Iowa .... 1,592,235 1,567,617 11,707 9,521* 20,6711 920,07'' 7,516 10,336 9,023 6Ut,511i 61*6,125 25lt,562 "i,530 . . Kentucky. Louisiana. Maine 3,675 1,1*36 32,251* 078 3,390 1,196 It, Maryland Massachusetts. Michigan 751, 10U 1,911,777 12,063 3,115,11.2 22,31*7 3,630 8,592 17,308 Minnesota. Mississippi. Missouri 1,289,533 393,213 10,596 2,557 13,882 7,988 2,289 10,963 302,381 782,783 69,287 2,281 6,612 1*31 158,618 2,196,316 139,273 New York North Carolina. North Dakota. Ohio Oklahoma Oregon . . . . Nev Hampshire. New Jersey New Mexico. . . , . South Dakota. TenneBBee. . Texas . Utah Vermont. Virginia. Alaska Canal Zone Biwall Puerto Pico Virgin Islands Other possessions. . Adjustment to Daily Treasury Statement. Total 2/. 17,706 2,819 3,717 18,1.81 2,1*32 3,1.82 II*, 690 It, 1*1*3 969 3,577 I*, 322 2,260 3,211 1,922 665 1,193 1,601 823 1,299 1,791* 20,669 3,012 it, 911 16,588 15,967 1,861 2,779 15,800 2,173 It, 312 539 3,117 2,787 3,152 2,576 2,01*8 3,631 876 1,1*25 2,011 681 1,297 885 2,082 3,770 I"*, 1,91*1 806 1.2U6 15,1*21 2,001 I*, 177 608 777 659 6U1* 3,576 3,91.2 2,91*3 3,326 605 3,333 l*,208 3,157 3,619 1*,152 2,1*58 2,1*26 3,6o6 693 31,060 2,392 316 2,539 U61* 1*1*0 ll91 1*1*7 23,6li3 21,010 21,532 20,8!t0 20,366 9,36l 9,995 6,812 1,980 3,3"*1 6,51k 5,568 3,l8o 6,597 6,318 3,1101 7,097 5,275 3,228 7,035 5,691 1*,622 2,370 2,895 "»73 2,500 529 2,929 3, 2,761t 2,788 2,520 51*1. Hi 3,989 3,162 672 36,059 621* 2,733 606 30,301 28,81*1 9,089 11,613 11,01U 8,097 9,366 5,179 7,897 7,622 11,209 6,532 3,606 1*,161* 3,218 3,238 3,01*1* 3,126 2,568 1,086 2,905 2,555 939 216 2,769 1,572 2,709 2,196 970 2,693 2,038 827 2,330 2,231 996 2,109 2,007 916 2,969 7,906 15,235 3,872 2,1*73 3,238 9,711* 2,871 7,610 7,663 19,136 ll*,771 7.01U 15,027 2,939 7,638 15, 1*65 301 8,681 H, 550 11*, 996 15,llt3 2,823 8,506 15,098 *, 475 l,15>t 5,021* 1,11*3 1*,610 l*,5l*9 91U 7,526 6,877 7,860 1,050 6,675 1,139 6,653 1,015 3,151 306 1,036 3,100 225 1,290 2,989 503 538 10,270 530 598 11,308 606 10,1*17 11,1*53 608 579 29,570 2,212 969 33,196 2,520 979 30,555 3l>,72U 2,61*7 2,1*89 1,312 1,317 16,517 2,968 2,203 15,962 3,320 1,656 15,610 3,658 23,966 1,386 1,199 91*0 988 3A85 3,029 7,555 9,322 16,768 it, 550 20,011 6,21.1 it, 3,M l,93"t 1,01*7 1,928 6,729 1,970 8,725 1,1*60 ,ltlU 1,381 1,1*17 6,226 ,21*6 .,31.5 1»,931 1,151* 2,51*0 983 3,250 1*22 371* 271* 279 291 366 220 228 781 13,682 926 603 12,988 9U5 61*1 501* 521* 11,779 12,311 737 565 10,702 656 737 13,271 952 521* 13,928 528 10,990 7,266,1*53 758,1*22 59,081 1.1,697 1*2,153 36,01*9 31,71.9 1.2,939 U,81*6 319,1*911 2,61.8 3,825 2,211 3,215 1,686 8,888 1,503 1,1*82 2,193 1,293 3,223 1,866 33,881 2,000 3,598,99!» 25,975 6,598 3,618 22,11.8 19,087 18,1*17 3,836 2,710 "*,595 15,816 2,623 2,71.7 15,385 3,671 2,262 19,771 5,262 2,770 19,156 3,219 2,619 2,616 J, 861* 16,3U8 3,202 1,989 21*, 9*1 1,276 29,561. 1,11*3 1,636 22,889 1,285 969 23,065 1,251 1,253 23,765 1,156 1,257 22,101 1,257 1,230 1,1*1*3 1,1*02 2,012 7,869 2, 068 7,699 1,1*60 1,981* 713 38,885 3,373 "1,563 1*81 96!* 21*0 1,91*2 33,970 2,122 1,850 29,066 1,655 1,683 28,881. 26,209 29,19li 1,511. 1,331* 1,1*58 1,1*8 1,792 3U3,l82 697,633 2,99"i 3,150 1,836 2,32U 2,ltl7 1,016 1,216 2,Wl 2,936 2,101* 2,111* 15,1*81* 2,598 3,215 11,855 2,030 2,708 2,287,71*9 2,587 3,833 13,632 10,01*1* 11,113 9,11*8 10,785. 7,082 7,956 1,397 2,079 8,280 21)8,1*9!* 1,290 801* 1,13". 81*9 1*88 332 312 •,793 725 308 3,930 971 295 3,983 311< 3,571* l*,89l* 697 229 3,392 21*9 3,1*93 286 5,106 835 232 1,256 91,608 959 2U6 3,939 3,9.7 5,623 3,299 7,675 785 1*,202 I*, 91*2 1*,057 l*,906 3,71*9 3,663 2,760 6,975 683 3,503 7,091 612 2,381 6,599 681 3,071 7,755 925 2,373 6,162 2,21*1* U.093 2,955 6,017 572 3,267 2,526 5,376 532 3,571 3,237 5,292 "1,659 5,613 5,27"* 6,176 7,081* U,372 3,333 10,659 7,57"* 91*1 908 30,0751/ n.a. 1*0,121* 21*5 n.a. 290 1,552 n.a. 29U 862 101 n.a. n.a. 268 909 96 260 79"* 6 1* U 66 5 100 190 126 6 52 •665,079 1*2,569 412,897 +11*, 156 8,71". +5,178 60,329,72!* 1*02,126 360,537 363,71*3 30l»,7l*l 307,152 *0,673 1,962 1», 393 101. Source: Daily Treasury Statement and reports from Federal Reserve Banks. 1/ Cumulative through March 31, I9U7. 2/ Beginning with June I9U7, includes small amounts of unclassified sales consisting of SerleB E, F, and G. These amounts are substantially less than the sales reported as unclassified in ths Dally Treasury n.a. 1U3 717 55 1,581. 1*77 1*63 5,699 535 n.a. n.a. n.a. 281 31*5 287 757 790 93 87 906 109 7 51 91 93 12 35 19* -ll*,876 +211,71*5 +5,837 297,1*21* 317,590 269,657 2l*l*,017 733 931 127 288,37"* . 1,510 23,356 2,922 2,815 1,176 1,825 10,907 1,132,5111 51*0,800 1,351,1*07 125,3li7 . 92"* 1,711* 6,916 1,609 10,053 1,008,071* Washington. . WeBt Virginia. Wisconsin Wyoming 2,161. 1,130 5,263 1,629 8,072 320,535 372,751 . 2,1.23 9,056 l.,588,517 . . 2,286 1,109 1,625 Dec. Aug. 6,768 701,581* Pennsylvania. Rhode Island South Carolina. 2,380 1,272 2,055 Sept. July 7,295 730,225 . May 9,060 l,571,09li Montana Nebraska. Nevada 11,052 Apr. 111* +U1., 5 n.a. 172 381 63 2 773 n.a. 257 1,120 75 8,029 806 5UI+ n.a 316 61t5 72 3 2 +19,71*6 +7,593 +33,216 271,201* 21*6,109 283,787 Statement. The greater part of that item consists of saleB for which information is available as to the series "out not the year of Issue. Prior to June 191*7, It was possible to distribute by aeries all sales reported as unclassified In the Dally Treasury Statement. Not available. Treasury Bulletin 32 UNITED STATES SAYINGS BONDS. Table 7.- Sales of Series F and G Savings Bonds Combined by States (In thousands of dollars at Issue price) Total, Inception through Dec. 31, 1950 Alabama Arizona Arkansas 1950 Jan. Apr. May July Aug. Sept. Not. 198,172 60,753 Il6,k6k 1,728 386 1,269 2,726 kl5 811 930 27k 867 762 331 580 8kk 195 k05 620 312 3k3 7k3 k36 397 k29 388 kOl 687 192 226 k,215 1,331 1,332 1,515 367 281 637 208 501 l,*5k,329 223,555 510,911 13,810 2,533 5,880 12,021 1,501 5,303 8,518 1,950 2,312 6,7k2 1,163 2,598 6,153 1,301 1,728 k,051 719 l,2k0 7,015 962 l,k77 k,539 665 1,097 3,726 672 639 17,9k2 5,273 6,537 6,897 l,k67 2,139 11,109 652 5,5k3 92,050 235,399 293,007 1,317 3,559 2,1*83 628 2,kl7 3,259 515 1,308 2,137 kl7 1,038 1,580 k07 1,158 1,952 k7k 691 1,375 k53 639 1,317 U93 763 1,263 109 685 867 1,662 k,778 2,kl3 293 2,k76 2,2k5 2,717 2,671 23P.525 61,835 2,179,03'* 2,036 329 30,219 1,789 82k 19,715 1,092 208 16,102 1,051 153 ll,5kk 2,029 72 10,396 732 U52 8,8kl 8k6 708 11,120 762 156 7,k7k 675 kO 7,3kk 1,866 1,001 32,917 1,50k 265 17,896 1,035 l,2k0 15,575 Indiana Iova Kansas 650,886 7k2,757 332,598 9,519 9,676 3,606 k,8l9 5,378 3,933 k,993 6,593 2,5k3 3,292 k,l62 1,702 3,20k 3,9k2 l,k07 3,096 3,226 1,096 3,713 k,700 1,32k 2,690 2,525 1,37k 2,291 2,317 1,318 9,169 5,2k3 1,902 2,883 3,23k 1,159 5,360 5,kS0 1,338 Kentucky Louisiana Maine 336,689 2kk,590 153,988 3,96k l,k20 2,9kO 1,079 628 1,692 1,173 63k 1,809 l,k05 739 1,223 798 57k l,k78 1,180 575 1,090 l,72l> 2,3k7 l.lkk 1,382 k22 1,368 516 180 k,290 k,335 2,6kk 816 781 252 1,382 2,572 320 387,323 1,312,526 773,902 »,176 17,716 10,771 3,166 16,169 k,8k3 l,9k5 7,630 k,299 1,277 5,065 3,k3k 1,587 6,059 3,321 792 k,8kl 3,839 782 3.318 3,55k 1,197 3,lk7 2,121 1,151 2,27k 2,3k9 k,k08 26,21*5 3,290 9,k66 7,k33 1,521 6,k8l 5,675 Minnesota Mississippi Missouri 555,251 131,192 730,2k6 6,980 1,122 8,559 k,675 720 5,k90 k,227 385 5,k9k 3,008 2,25k 507 3,2kl 2,215 786 3>07 1,768 2k5 2,836 1,628 k27 2,57k 6,009 2,381 1,336 3,38k 6,83k 512 3,772 2,8k 5 700 3,k70 Montana Nebraska Nevada 9k,lk5 1,190 k,86l 7k3 1,797 108 328 1,173 117 k65 l,k93 50 1,389 58 1,199 ll,3k9 756 3,010 122 160 l,k25 2,569 268 627 1,888 80 166 26,212 kk2 k,339 561 503 3>»5,957 32 52 872 1,152 3,311 123 New Hampshire New Jersey New Mexico 103,626 816,585 50,195 1,127 10,170 532 630 5,189 2k5 1,061 k,908 296 38k 3,5kk 112 531 3,813 35k 222 3,125 382 237 3,lk2 lk5 272 2,k7k 225 253 2,312 153 1,598 9,009 157 289 2,282 kio 2k8 2,751 596 New York North Carolina North Dakota k, 381,735 6l,U39 2,692 1,270 kO,575 1,776 386 29,k71 1,327 630 16,806 9k6 k32 17,920 l,3k2 k2 3 12,k28 766 10,793 9,575 521 353 12,168 879 k63 113,067 1,263 1,018 22,kT2 1,202 kk6 36,675 1,861 1,97k Ohio Oklahoma Oregon l,>46l,015 20,089 3,922 2,250 8,619 1,656 1,300 8,385 l,k82 1,132 6,018 731 1,055 6,280 5,635 569 580 k,572 619 k27 k,8k7 560 5k6 Ik, 78k 882 1,09k k,580 887 919 3,999 6,937 6,252 l,lk0 1,01k 9,2k2 1,730 l,0k7 Penneylvania Rhode Island South Carolina 2,050, 55k 193,280 136,095 26,kkl 12,630 2,193 327 11,101 1,097 5k9 8,315 5k6 k32 10,kk8 631 352 7,276 67k 891 8,205 6k9 k6k 6,338 569 260 6,3k3 290 330 15,990 2,k99 1,812 7,591 1,253 502 9,306 1,097 lin,0Uo 600 k97 k90 9k0 2,015 k51 936 l,8k2 k63 3,357 8,882 638 2,&k6 3,695 605 2,k63 k,55k California Colorado Connecticut Delaware District of Columbia Florida Georgia Idaho Illinois Maryland Massachusetts Michigan 28k, 379 110, Sk8 207,670 213, k02 1,61.1 866 638 260 35k 12,771 7,252 52k South Dakota Tennessee Texas 263,1176 70U,!i35 1,09k 2,819 8,072 836 2,115 5,033 569 l,3k2 3,k67 983 3,089 766 8kk 3,568 J, 00k 2,882 556 1,106 2,875 Utah Vermont Virginia 57,078 56,877 330,888 5k5 k62 2,963 kl5 »51 2,109 265 302 1,293 29k 218 976 189 253 1,366 157 70 798 111 263 1,087 15k 138 773 139 59 718 l,kkl 253 1,800 791 1,120 Washington West Virginia Wisconsin Wyoming 373,637 3,015 2,090 8,88k 356 3,661 89k 1,830 613 5,k82 202 l,2kl k52 3,260 290 l,k67 &91 3,066 26k l,lk3 599 3,153 177 671 kk6 3,680 1,296 631 2,229 257 739 k,7&9 368 2,792 299 7,895 1,563 7,356 201 5,138 37k k,876 69 1U5/90 709,266 Ul.,666 Alaska .............. Canal Zona Hawaii Puerto Hico Virgin Islands Other possessions. 7,365 69,633 11., 132 Bkk 980 Commercial banks 2/. 1,767,101 Adjustment to Dally Treasury Statement +k2,9k0 -9,802 +lk,719 -668 27,399,089 30k, 729 220, k83 160,737 . Total ll 5,3"*9 1/ n.a. 7 kl8 31 n.a. 10 130 76 n.a. 21 121 n.a. Ik 252 21 82 7 n.a. 16 119 23 +6,682 -7,986 +10,057 117,795 108, U33 100,152 113 n.a. 11 92 n.a. 8 23k 33k n.a. 28 210 173 n.a. 19 1,396 99,565 k03 5,kl9 572 1,702 510 372 1,109 8,632 1,811 6,618 161 n.a. k 173 kOl k5 3 +261 172 +3,753 80,691 326,613 52,038 66,675 -k,605 -11,895 -k,65k +5,996 65,899 700,133]/ 190,133k/ 257,59k k/ _U Sourco: Daily Treasury 3tateme.it and reports from Federal Reserve Banks. 1/ Cumulative through March 31, 19k7. 2/ State figures exclude purchaser by commercial banks, which were permitted within certain limitations concurrently with the last five war loans and In 19k8 and 1950. For details of theee offerings, see "Treasury Bulletin" for March and July-August 19kk, January and Aiwuet 19k5, February 19k6, and September 1950, and annual reports U/ t n.a. • of the Secretary of the Treasury for 19^S 19^5, 19**6, and.191.8. See Table 6, footnote 2. Includes Bales resulting from special offering to institutional Investors In excess of regular limitations (see Table 3, footnote U). Rot available. Leoe than $500. February 1951 33 TREASURY SAVINGS NOTES. Treasury savings notes (originally designated tax savings notes) have been Issued In four series: from August August 19^1, 1, 1941, 1, September ll*, Series A through June 22, 1943; Series B from through September 12, 19^2; Series C from 19^2, through August 31, 194g; and Series D on continuous sale beginning September 1, 19^8. and months, pages 11-2 and see "Treasury Bulletin" for February I9U6, '+3. Details concerning terms and conditions for purchase and redemption, and Investment yields of Series D notes will be found in the "Treasury Bulletin" for October 19^S, page A-l, September 19^9, page A-l. or redemption values of Series A and B, see "Annual Report of the Secretary of the Treasury" for 19^2, pages 207 and 220, and for sales and redemptions by fiscal years and Similar information concerning Series C notes will be found In the "Treasury Bulletin" for October 19^5, pages A-4 and A-5. For details concerning terms and conditions, investment yields, and tax payment 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 series have matured, when they Table 1.- Sumreary of Sales and Redemptions by Series, Cumulative through December 31, 1950 (In millions of dollars) Series are transferred to matured debt upon which Interest has ceased. Treasury Bulletin 3* OWNERSHIP OF FEDERAL SECURITIES. Table 1.- Distribution of Federal Securities by Classes of Investors and Types of Issues (In millions of dollars) End of fiscal year or month February 1951 35 OWNERSHIP OF FEDERAL SECURITIES, Table 3.- Estimated Ownership of Federal Securities by Bank and Nonbank Investors (Par valueo l/ End of month - Total Federal securities outstanding 2/ Cow»rcial boats \l Individuals kj Federal Heserve Banks Insurance companies Total 1939-December. 1*7.6 18. I* 15.9 2.5 29.3 1*8.5 18.6 19.5 16.1 17.3 2.5 2.2 29.9 31.5 10.1 10.6 21.8 23.7 19.7 2.2 2.3 33.5 21.1* 11.2 13.6 191*1- June 55.3 December. 61*. 1*0.6 19U2- June December. 77.0 112.5 28.7 26.0 >*7.3 1*1.1 2.6 6.2 19^3-Junew .... December. ll»0.8 59.1* 81. U 71.5 52.2 59.9 7.2 170.1 11.5 202.6 232.1 83.3 96.5 68.1* 77.7 December. 259.1 278.7 106.0 115.0 19U6-February (Peak) June December .... 279.8 269.9 259.5 116.7 108.2 97.9 19^7-June December. 258.1* 91.9 70.0 257.0 91.3 19^6-March June September. December. 253.1 252.7 252.9 19^9 -January. February. March.... 252.7 252.7 251.7 Xghk-Jvcoe December. I9U5- June 252.1* 7.5 7.9 6.5 6.9 3.1 3.2 2.1 2.0 7.6 8.2 7.1 8.2 3.1* 2.0 U.O 8.7 10.3 9.2 11.3 3.9 1*.9 .9 l*.5 10.1 5.3 3.2 19.1 21.7 6.U 3.7 6.5 7.1 7.6 .7 .7 8.5 9.5 .7 .9 1.0 10.6 12.2 1.1 2.3 1.5 Ik. 2.1 16.9 M .6 .7 12.9 16. I* ll*.9 11.9.3 1*6.0 18.8 135.6 52.9 31.2 36.2 1U.8 16.7 17.3 19.6 7.3 8.3 20.0 21.U 8U.2 90.8 21.8 153.1 163.6 58.9 63.7 18.3 20.7 22.7 9.6 10.7 22.9 22.0 21*. 21*. 1*0.7 1*2.9 27.0 8.9 9.5 93.8 22.9 23.8 23.3 163.1 161.7 161.6 63.7 1*3.3 20.1* 2>*. 63.0 63.8 1*3.5 W* .2 19.5 19.7 25.1 25.2 11.1 11.5 11.8 19.9 17.7 15.3 28.0 29.1 30.9 9.1 8.8 8.3 21.9 22.6 166.5 165.7 66.0 65.3 1*5.5 1*6.2 20.5 19.1 21*. 13.9 1U.1 7.1 7.3 3M 9.8 2U. 12.1 12.0 32.8 68.7 86.0 &5.9 85.8 85.S 65.1 20.9 167.0 21.1* 166.1* 23.1* 23.3 65.1* 18.2 18.1 18.0 17.5 23.6 23.1 22.3 21.5 12.1 12.0 11.7 11.5 7.8 7.8 7.8 7.9 35.0 35.8 36.8 37.3 8.9 9.1 8.9 62.5 166.9 167.1 1*6.9 1*7.1 1*7.6 1*7.8 1**.6 .6 62.1* 65.1 65.3 65.5 8U.8 62.7 62.1 60.5 22.1 22.3 21.7 167.9 168.3 169.5 65.7 66.1 66.2 1*8.1 17.6 17.8 17.7 21.5 21.5 21.3 11.6 11.6 11.6 1U.U 7.8 7.9 7.9 37.1* 9.1* 37.5 37.7 9.2 9.6 61.8 62.7 63.O 21.1 19.7 19.3 168.7 169.5 66.3 1*8.6 U8.7 170.1* 66.6 1*8.8 17.7 17.7 1T.8 21.2 21.0 20.8 11.6 11.6 11.6 1U.3 66.1* 7.9 8.0 8.0 37.5 37.5 38.3 9.8 10.2 10.0 18.5 17.5 18.0 170.7 171.9 172.2 66.7 66.8 66.8 1*9.0 17.7 17.8 17.7 20.6 20.5 20.5 11.6 11.6 11.6 15.1* 16.0 16.0 8.0 8.1 8.0 38.5 38.9 39.** 9.9 10.1 9.9 17.3 17.7 18.9 172.2 172.6 171.5 66.6 66.5 66.2 17.5 17.3 16.9 20.5 11.5 20.1* 11.1* 9.7 10.2 11. 8.0 8.0 8.0 39.3 39.3 20.5 16.6 16.7 16.3 39.1* 9.8 17.8 17.7 17.6 171.6 172.2 173.2 66.3 66.6 66.6 16.9 17.0 16.9 20.5 20.5 20.5 11.5 11.5 11.6 16.8 8.0 8.0 39.0 1*9.7 8.1. 37.6 9.5 10.0 10.5 172.7 173.2 173.5 66.8 67.0 67.2 1*9.8 1*9.8 17.0 17.2 20.5 8.3 8.2 37.1* 17.3 17.7 18.1 18.3 37.3 1*9.9 11.6 11.6 11.6 8.1* 20.3 20.1 37.8 10.5 10.6 10.2 67.1t 67.5 67. 3r 50.0 17. Ur 17.6 17 .Ur 20.1 20.0 19.7 11.5 11.1* 18.8 19.5 11.2 19. 5r 8.3r 8.3r 8.2r 38.0 38.1 38.9 10.9 10.8 10.7 67.3 67.3 17.5 17.6 19.5 19.2 11.1 10.9 19.9 20.1 8.1 8.1 39.0 39.2 10.8 11.3 81*. 82.2 81*. 1* 7>>.5 61* October. November December. 256.8 257.0 257.2 8U.6 8U.5 85.7 67.3 1950-January. February. March. 256.9 85.3 67.U 256. SU.2 82.5 61*. 5_/ 3.1 6.1 61*.6 66.1* U_/ 6.3 13.1 15.1 83.2 83.9 8U.5 82.1* 82.1* 66.5 66.8 66.8 66.1. 1*8.3 65.2 April. May... June. 255.7 256.U 83.0 55.2 17.8 83 .f 17.1* 257."* 83.9 65.8 65.6 July August.... September 257.6 257.9 257.2 82.6 82.U 81.7 61. .6 18.0 62.1 19.6 175.0 175.5 175.6 October. . . November p. 257.0 257.1 81.3 81.0 62.1 61.3 19.3 19.7 175.6 176.1 61*. 18.3 18.1* 9.1 19.2 1*8.3 1*8.5 1*9.0 1*9.1 1*9.1 1*9.2 1*9.3 1*9.1* 1*9.6 1*9.9 1*9.9 1*9.8 1*9.7 6/ Beginning vith the October 1950 issue of the"Tresaury Bulletin" a new classification of ownership figures is being presented for (1) individuals, (2) corporations other than banks and insurance companies, and (3) miscellaneous investors. Corporate pension trust funds and those nonprofit 7/ institutions that were formerly classified with "Individuals" are now Included in "Miscellaneous investors" United Statas savings bonds, Series A-D, E. and F, are included at current 8/ redemption values. Securities Issued or guaranteed by the U. S. Government, excluding guaranteed securities held by the Treasury. Consists of commercial banks, trust companies, and stock savings banks in Figures exthe United States and in Territories and island possess ions. clude securltiee held in truBt departmente. Includes partnerships and personal trust accounts. Nonprofit Institutions and corporate pension trust funds are included binder "Miscellaneous investors", p Exclusivs of banks and insurance companies. r Note: 2/8/ 11.7 12.9 253.9 255.9 256.7 3y 5> Miscellaneous investors 21*. August. . . September. 1/ 3.6 State and local governments 6/ 30.9 37.6 July 2/ 2.6 Corporations 2/ 98.7 82.9 255.7 Other 1.9 2.8 backs 13.1* 251.6 251.9 252.8 . l"^" bands Mutual savings 17.8 23.7 April. May... June. . Mllione of dollars) Eeld by nonbank Investors 19U0- June December. 50.9 in Held by banks 21*. 13.5 13.9 1">. 11* .6 15.1 11*. 15.1 17.2 18.1 1*.3 38. 1* 3.1* 7.1* 8.6 9.3 ConslstBof trust, sinking, and investment funds of State and local governments and their agenclee, and Territories and island possessions. Holdlnge by Federal land banks are included under "Miscellaneous investors" Instead of "U. S. Government Investment accounts" beginning with June 30, 19l*7, since the proprietary interest of the United States in these banks ended June 26, 19l*v. Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers, and investments of foreign balances and International accounts in this country. Beginning with December 191*6, Includes Investments by the International Bank for Reconstruction and Development and the International Monetary Fund in special nonlntereBt- bearing notes issued by the U. S. Government. Preliminary Revised. Treasury Bulletin 36 .TREASURY SURVEY OF OWNERSHIP, NOVEMBER 30, 1950. The Treasury Survey of Ownership covers securities Issued by the United States Government and by Federal The banks and Insurance companies Included agencies. In the Survey aocount for approximately 95 percent of such securities held by all banks and Insurance companies Data were first published for In the United States. March 31, 19^1, in the May 1941 "Treasury Bulletin". Section I Information on the distribution of ownership by types of banks and Insurance companies Is published each month. Additional Information showing the holdings of commercial banks distributed according to Federal Reserve member Securities Issued or Guaranteed by the United States Government Table 1.- Summary of All Securities (Par valueB Classification - - bank olasses and nonmember banks Is published for June 30 and December 31. in millions of dollars) February t95l 37 .TREASURY SURVEY OF OWNERSHIP, NOVEMBER 30, 1950. Section I - Securities Issued or Guaranteed by the United States Government Table 3. - Interest-Bearing Public Marketable Securities by Issues (Par values Issue (Tax statue 9_/ 1b shovn In parentheses) - In trillions of dollars) Treasury Bulletin 38 .TREASURY SURVEY OF OWNERSHIP, NOVBMHEP 30, 1950. Section I - Securities Issued or Guaranteed by the United States Government Table 3.- Interest-Bearing Public Marketable Securities by Issues (Par values Issue (Tax statue 2/ *s shown in parentheses) - in millions of dollars) - (Continued) February 1951 39 .TREASURY SURVEY OF OWNERSHIP, NOVBfflER 30, 1950. Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government (Par values Issue (Tax statue 9_/ Is shown In parentheses) - In millions of dollars) Treasury Bulletin ho . MARKET QUOTATIONS, DECEMBER 29, 1950. the only publlo marketable Interest-bearing guaranteed Market quotations shown here are over-the-oounter closing quotations In the New York market for the last trading day of the month, as reported to the Treasury by securities outstanding. Section II lists the publlo marketable securities Issued by Federal agencies but the Federal Reserve Bank of New York. not guaranteed by the United States Government. Hated In Seotlon I The securities include all publlo marketable secu- quotations for the securities listed In Sections I Dally and II rities Issued or guaranteed by the United States Govern- are published monthly In the Treasury Department state- ment except those not regularly quoted in the market. ment, The Issues excluded are poetal savings bonds and Federal Housing Administration debentures. The latter are Section I - "Prices and Yields of Publlo Marketable Securities Issued by the United States Government and by Federal Agencies". Securities Issued or Guaranteed by the United States Government Table 1.- Treasury Bills (Taxable) Amount out- February 1951 «u .MARKET QUOTATIONS, DECEMBER 29, 1950. Section I Securities Issued or Guaranteed by the United States Government Table 3 • - Tax-Exempt Bonds V (Price decimals are 32nds) Amount outstanding (Millions Treasury Bulletin M-2 , MARKET QUOTATIONS, DECEMBER 29, 1950. YIELDS OF TREASURY SECURITIES. Based on Mean •52 PERCENT •54 56 58 of Closing Bid •60 '62 DEC. 29, 1950 and Ask Quotations 64 •66 68 TO *3 February 1951 YIELDS OF TREASURY AND CORPORATE EOND3 Table 1.- Average Yielde of Long-Term Bonds by Periods Treasury Bulletin 1+1+ YIELDS OF TREASURY AND CORPORATE BONDS if) Q Z o CD UJ IT O Q. OC O O >cr z> <f) Si < UJ or a> llJ s H O i (/> Q _l UJ >UJ < or UJ February 1951 *5 INTERNAL REVENUE COLLECTIONS. Table 1.- Summary by Principal Sources (In thousands of dollars) Fiscal year or month -A/ Treasury Bulletin i+6 _ INTERNAL REVENUE COLLECTIONS INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES DOLLARS Billions 1936 '38 DOLLARS DOLLARS" Billions Billions 20 20 Individual 1936 '38 Income Taxes 40 '42 Estate and Gift Taxes '44 '46 '48 'SO *7 February 1951 INTERNAL REVENUE COLLECTIONS Table 2.- Detail of Collections by Type of Tax (In thousands of dollars) Type of tax Treasury Bulletin us INTERNAL REVENUE COLLECTIONS Table 2.- Detail of Collections by Type of Tax-" (In thousands of dollars) Type of tax - (Continued! February 1951 49 MONETARY STATISTICS. Table 1.- Money in Circulation (In millions of dollars except as noted) Paper money End of fiscal year or month Total money in circulation 1/ Total paper money Silver certif- 2/ icates 28,2l»5 26,9U5 52 50 28,297 26,91.2 1.8 l6,U92 27,903 191*9 27,1»93 26,1.82 26,031. 1950 27,156 25,661 26,9Ul 27,068 27,0U2 25,1.81. 57 5* U3 Ul 25,609 1.1 25,57". Ul 27,0U8 27,090 27,156 25,571 25,600 25,661 1.1 25,512 August. . September. 27,010 27,120 27,l6l October. . November . December p March April May June July . End of fiscal year or month Treasury notes of 1890 United States notes Federal Reserve notes Federal Reserve Bank: notes y 21,1.38 25,51*1 19U8 . certificates 17,U21 22,50U 26,7U6 19U3 19UU 19U5 19U6 19U7 1950- January. February. Gold 1.1 Ul National bank notes y 1.6U9 1,538 1,651 2,025 2,061 322 322 323 317 320 13.7U7 18,750 22,867 23,973 23,999 58U 597 527 U6U U06 132 126 120 2, 06l 2, 06l 2,177 321 319 321 23,600 23,209 22,760 353 309 27U 99 93 86 2,023 2,06U 2,095 306 315 317 22,737 22,816 22.7U9 286 28U 283 89 88 2,121 2,179 2,177 319 322 321 22,723 22,69U 22,760 279 276 27U 87 87 86 11U 106 88 25,611. Ul Ul 25.6U6 uo 2,13U 2,131 2,136 316 320 318 22.66U 22,768 22,801 271 268 265 86 85 85 27,228 25,701 27,595 27,739 26,01.8 uo uo uo 2,111 2,132 2,128 317 318 22,885 23,212 23,362 263 260 257 8U 8U 26,185 313 k19 k ..... , k 5 Treasury Bulletin 50 MONETARY STATISTICS. Table 2.- Monetary Stocks of Gold and Silver (Dollar amounts In Billions) Gold End of fiscal year or month ($35 per fine ounce) 19*>3 19kk 19k5 19k6 19"»7 19k8 19">9 1950.... 1950-January. . February March . 3,9k7.9 3,685.8 3,508.U 3,525.7 23,532.5 2k,U66.3 2U.230.7 3,571.0 3,618.3 3,671.5 13.2 12.9 13.2 2k, 39k. 3,6^5.8 3.6U9.2 3,652.9 13.0 13.0 13.1 3,660.1. 13.1 13.1 2l*,2U6.2 , April May June , 2k,2b6.9 2k, 231.2 2k,230.7 , 2k, 136. , July September 23,li82.8 October . ... November . * December p. 23,2k9.k 23,036.7 22,705.6 3,f90.8 3,692.8 3,699 a 23,626.9 Source: Circulation Statement of U. S. Money; Dally Treasury Statement for preliminary figures. For detail of silver monetary stock, see Table 1.. 15. k lk.8 11. 3,666.1 3,671.5 3,676.3 3,680.9 3,685.8 August. 16.1 15.7 "t,298.5 22,387.5 21,173.1 20,213.0 20,269.9 21,266.5 2k,3k5.1 . Ratio of silver to gold and silver In monetary stocks (In percent) Sllror ($1.29* per fine ounce) .2 13 .a 13.2 13.5 13.6 13.7 13.8 lk.o Preliminary. Table 3.- Gold Assets and Liabilities of the Treasury (In millions of dollars) Liabilities End of calendar year or month Gold assets Gold certificates 1/ Gold reserve against U. S. notes, etc. 2/ Exchange Stabilization Fund 3_/ 1,800.0 1,800.0 1,800.0 1,800.0 Gold In General Fund 19U3 19kk 21,937.8 20,618.8 19,821.0 19l>5 20.06I..9 17, 91k. 19l>6 20,529.0 22,753.9 I8,k30.5 21,5kk.O 156.0 156.0 156.0 156.0 156.0 19">9 2k, 21*3.9 2k, 1*27.1 1950. p 22,705.6 23,010.0 23,817.9 21,k97.6 156.0 156.0 156.0 1,077.9 1,053.2 1,052.0 1950-January. . February . March 2k,39k.9 2k,3k5.1 23,209.6 23,l6l.7 23,06l.O 156.0 156.0 156.0 1,029.3 l,027.k 1,029.2 2l>,2l>6.9 23,076.1. 2l>,231.2 23,039.0 23,022.9 156.0 156.0 156.0 1,036.2 1,051.8 22,1*29.8 22, 275. 156.0 156.0 156.0 1,053.7 l.Okl.O l,051.k 22,085.0 21,837.6 21,k97.6 156.0 156.0 156.0 l,008.k l,0k3.1 1,052.0 19&7 19U8 April May June July , , , August. . . September. October.,.. November.. December p. 2lt,2U6.2 21»,230.7 2k, 136. 1. 23,626.9 23,1.82.8 23.2k9.lt 33,036.7 22,705.6 Source: Circulation Statement of U. S, Money; Dally Treasury Statement for preliminary figures. 1/ Comprises (1) gold certificates held by the publlo and in Federal Reserve Banks; and (2) gold certificate credits in (a) the gold certificate fund - 18,1*97.1. 22,936.6 2/ %/ p 160.7 165. 19k. 8 lk2. 1* 1,053.9 1,01k. Board of Governors, Federal Reserve System, and (b) the redemption fund - Federal Reserve notes. Reserve against United States notes and Treasury notes of 1890. Excludes gold in active portion of Exchange Stabilization Fund, Preliminary. February 1951 51 MONETARY STATISTICS. Table 4.- Components of Silver Monetary Stock (In millions of dollars) Silver held In Treasury Ena of calendar year or month Securing silver certificates 1/ Silver bullion 2/ 19*3 19kk 19k5 19k6 19U7 , , , 19k8., 1,520.0 1,520.1 1,703.9 1,911.2 1,937.6 Silver dollars Silver outside Treasury In General Fund Subsidiary coin 3/ UO0.lt llt.lt 376.5 356 .k 12.5 10.2 lk.O 13.1 337.2 Bullion for recoinage kj 19.1 Bullion at cost 2/ 551.8 It05.6 .1 I85.6 93.1 91.1 19>»9 1,971.5 2,003.2 89. 3 9k. It 1950 P 328.1 321.9 312.8 Il.lt 2,0lt0.7 3.5 95.0 1950- January. . . February.., 2,006.5 2,008.3 2,010.9 321.8 321.8 321.7 13.0 15.0 15.7 93.5 93.8 April...... 2,013.>t June 2,018.9 2,022.8 321.6 320.9 319.8 15.7 May July August September. 2,026.7 2,029.7 2,032.8 318.8 317.5 October. . November . . December p, 2,036.0 2,038.9 2,OU0.7 315.8 313.8 312.8 March . 316. Source: Circulation Statement of U. S. Money; Dally Treasury Statement for certain preliminary figures. l/ Valued at $1.29+ per fine ounce. 2/ Includes silver held by certain agencies of the Federal Government (see Daily Treasury Statement for amount). Does not include silver lendleased to foreign governments (these transactions all took place during the fiscal years 19k2 through I9U6; see 19k6 Annual Report of the Silver dollars 1/ 96.8 117.5 137.5 150.1 156.3 Subsidiary coin 3/ Total silver at $1.29+ per fine ounce 68U.7 k 771.6 &<6.7 901.1 928.7 3,870.6 3,512.8 3,51k.2 3,5k7.9 971.5 ,207.3 165.O 171.0 179.8 982.2 ,022.3 3,596.7 3,6k3.1 3,699.k 9k. 171.0 171.1 171.2 982.0 982. k 983.0 3,6k5.8 3,6k9.2 3,652.9 97.1 96.9 97.6 171.2 171.7 172.7 98k. 3,66o.lt 10. It 986.5 991.2 3,666.1 3,671.5 8.3 10.3 8.9 98.2 98.0 97.5 173.7 175.0 176.2 993.8 996.k 1,002.6 3,676.3 3,680.9 5.3 97.8 96.0 95.0 176.8 178.8 179-8 1,008.9 1,015.7 1,022.3 3,690.8 3,692.8 5.9 lit. 2A 3.5 3y y p » 3,685.8 3,699. Secretary of the Treasury for amounts ) Valued at $1.38+ per fine ounce. Valued at $1.38+ per fine ounce or at $1.29+ per fine ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars. Preliminary. Less than $50,000. Table 5.- Silver Production In the United States and Acquisitions by Mints and Assay Off Ices ±J Treasury Bulletin MONETARY STATISTICS Table 6.- Seigniorage on Silver (Cumulative frcm January 1, 1935 vnA of calendar year or month - In millions of dollars) February 1951 53 EXCHANGE STABILIZATION FUND Table 1.- Balance Sheet as of June 30, 1050, and September 30, 1050 ) Treasury Bulletin 5* EXCHANGE STABILIZATION FUND Table 2.- Income and Expense January 31 , 193*, through June 30, 1950 Classification January 31, 193*, through September 30, 1950 Income: Profits on British sterling transactions $310,638.09 Profits on rrench franc transactions Profits on gold bullion ( Including profits from handling charges on gold Profits on other gold and exchange transactions Profits on s llrer transactions 310,638.09 351,527.60 351,527.60 »2,579,013.09 »*,«73, 305.16 1*0,000,000.00 1*0,000,000.00 102,735.27 102,735.27 Profits on sale of silver bullion to Treasury (natlonallted) 3,»73,362.29 3,»73,362.29 Profits on lnvss tzaonts 1,876,790.55 1,876,790.55 Interest on lnreetanents 7,198,066.89 7,323,577.32 861,5*6.93 861,5*6.93 Interest earned on foreign balanoee 2,817,573.61 2,8*9,683.19 Interest earned on Chinese yuan 1,975,317.07 1,975,317.07 101,5*6,571.39 103,598,U83.*7 , Miscellaneous profits Total Income Exponas: Personal aerrlces 6,3*0,336.99 6,633,527.2* Travel 33»,6»1.51 356,lll.lU Transportation of things 627,369.27 636,933.25 Communications 521,9*3.66 525,683.12 79,512.17 81,658.21* Other 1,10*, 113. 73 1,11«,903.35 Total expense 9,007,917.33 9,3*8,816.3* 92,538,65*.o6 9k, 21*9,667. 13 Supplies and materials Net Income • February 1951 55 CAPITAL MOVEMENTS Data relating to claims on foreigners and liabiliand capital movements between the United States and foreign countries, have been collected the data for January 195". since 19?5, pursuant to Executive Order 656O of January 15, preceding months, data for Individual countries In some ties to foreigners, Attention la called to the fact that although the grand total figures on the revised reporting basis are reasonably comparable with those for Information covering the principal types of data and the principal countries Is reported each month by banks and bankers and This securities brokers and dealers In the United States. Instances are not comparable because of certain changes In Information Is published regularly In the "Treasury Is presented In three tables appearing at different times. 193 1 *, and Treasury regulations thereunder. Bulletin". coverage and geographical classification. The supplementary Information, contained In Section IV, Supplementary Information Is published at less Table 1 gives data by countries on short-term claims on and All reports are made Initially to the liabilities to foreigners as reported quarterly by exporters, frequent Intervals. Federal Reserve Banks, which forward consolidated figures Importers, and Industrial and commercial concerns In the to the Treasury. United States. This information was published for the first time In the October 19^9 Issue of the "Treasury Bulletin" The term "foreigners" as used In these reports covers all Institutions and Individuals (Including United States citizens) domiciled outside the United States, as well as international organizations, wherever domiciled, created by treaty or convention between sovereign states. "Short-term" Table 2 and begins with data for September 30, 194-6. supplies information by countries on long-term claims on and liabilities to f orelgners as reported by banks and bankers In the United States. This table appeared for the first time In the December 194-9 Issue. Data are for the refers to original maturities of one year or less, and end of the calendar year beginning with 1942. A detailed "long-term" refers to all other maturities. discussion of the reporting coverage, basis of reporting, gives Information on short-term liabilities to countries and derivation of capital movements figures appeared In This table appeared for the first time In the April 1950 Issue. The data have been requested at Irregular Intervals, the April 195O Issue of the "Treasury Bulletin", pages 50-52. Revised report forms and regulations became effective with Table 3 not regularly reported separately by banks and bankers. the earliest date being October 19^3. Section I - Historical Summary Table 1.- Net Capital Movement between the United States and Foreign Countries (In thousands of dollars; negative figures indicate a net outflow of capital from the United States) Analysis of net capital movement in: Calendar year or month Net capital movement Short-term banking funds Brokerage balances Transactions in domestic securities Transactions in foreign securities 1935-1*1 5,35**,071 3,770,922 100,370 626,731 19>*2 19**3 626,121 1,286,893 583,373 1,168,058 1*6,599 -7,361. 1161,351. 11*3,59'' 19*»5 1,07k, 375 1,216,303 17,791* 27,767 210,735 -113,105 77,696 19W 3,513 13,372 8,529 19**6 -793,32k -733,909 9,661 -11,318 -19,313 610 -33!i,203 19H 33M63 395,521* 19W 225,117 531,777 19^9 19M58 90,81*5 100,1.27 1950- January February March . . April May June July August September. 1/ See Table 2, footnote 1. 265,127 39,012 -91*, 832 27,800 -106,160 106,255 201,9 1*9 -69a 76,161* 60,71*2 30,701 -198 7,190 5,330 U6.282 69,195 213,381. 181,91*0 559 1*5.161* -9,279 191,39k 219,221 136,981 91*, 060 -5,361* 35,157 78,826 21*, 620 -2,059 26,711 11U.181 October p. November p. 93, W> -1*6,617 238,503 -2,1*61. 91,267 11*0,869 1/ 506,81*9 2,006 -308 11*2,955 25,031* 23**,595 127,985 1,051 39,315 -27,378 -279,31*7 5,71*8 21*2,015 232,1*89 . -39,055 -192,215 75,203 855,51*8 357,619 Preliminary. -1*6,31*1. 1*8,391* -1,333 -53.3U1 -173,1*56 63,2W. it, 206 .... . Treasury Bulletin 56 CAPITAL MOVEMENTS. Section I - Historical Summary Table 2.- Short-Term Claims on and Liabilities to Foreigners (Position at end of period in thousands of dollars) Short-term liabilities to foreigners Short-term claims on foreigners Payable in foreign currenc iee End of calendar year or month Payable In dollars 2li6,673 30,916 72,0li8 lk3,709 257,929 3M87 86,378 137,l6li 329,6911 511,603 105, U21 392,766 708,253 It7,li89 100,267 319,639 19*7 19k8 19k9 9*8,936 1,018,700 100,371 827,8511 110, Soli 72li,826 670,618 87,230 82,319 6*8, 72I1 81t,790 6311,806 , April Hay June July August. . . September . October p. November p 1/ k, 205,3&9 5,37li,903 169,670 2k5,010 3,523,328 k,13k,kl2 1,356,501 Payable In foreign currencies Deposits of foreigners Loans to foreign banks 19U2 19U3 19kk 19*5 19*6 1950- January. February . March Payable In dollars 668,168 1,222,580 1,218,633 1,910,898 13,893 17,911 Net short-term liabilities 3,958,716 5,116,9711 21,61.1 5,267,081 25,5*6 6,1.90,302 290,li95 5,596,775 6,883,068 6,k8o,262 1,71.5,722 1.0,629 5,772,009 292,866 361,197 222,719 1190,631 7,ll6,lil9 lt,809,2li5 2,257,510 li9,661i 557,132 k9k,331 7,717,960 7,617,959 5,209,820 5,073,586 2, '•37,751 70,389 51,039 6,l67,U83 6,699,260 6,790,105 Ilk,k7k 113,115 122,018 523,122 k75,k8k kkl,9l6 7,723,001 7,71.1', 957 7,753,76* 11,859,71.1. 12k, 298 1129,1.37 607,307 657,250 81,071 86,385 107, 17k 113,331 128,372 U07,591 7,921,785 P, 0=1, 268 8,175,271 5,052,025 5,110,129 5,293, lko 667,101 681,706 7U9,388 116,597 126,822 208,768 120,ll9lt 8,211,833 8,369,397 1/ 5,232, ouo 2,92li,227 55,566 7, 5**, 732 109,755 105,765 U30.01C kk7,219 k3k,355 5lt,809 B, 91*1,838 5,1166,155 850,7211 270, U90 U9.U19 U6o,8l5 ^92,113 9,17k, 38l 3, 392,83* 5,593,510 98, 119 165,1139 237,719 llB,"k2 Il21,70li Beginning with August 1950, data Include for the first time certain deposit balances and other assets which had been held in specific trust accounts but which had been previously excluded from reported liabilities. p k, 9116,6211 11,693,911 2,*93,33* 5,122,ll00 2,553,086 1.7,515 5,131,066 2,567,881. 2,9*1,7*2 U6,007 52,278 2,815,082 2,866,233 2,831,639 5^,679 5U,906 50,U92 7,105,01.0 7,286,980 7,li23,96l 7,518,021 3,ii03,Sofi 51,879 7,685,6011/ 3,192,*50 3 '366 ',168 3^ ;lli 8,OUli,310 5,217,8991/ 3,096,689 1/ 5,1.87,269 6,998,175 7,07"., 339 8,323,657 Preliminary. Table 3.- Net Movement of Short-Term Banking Funds (In thousands of dollars; negative figures Indicate a net outflow of capital from the United States) Short-term liabilities Short-term claims Calendar year or month Payable 19U2 19U3 19W. 19U5 19*6 19*7 19*9 1950- January . February March . . 1/ -733,909 395,52k 531,777 90,8k5 k8,8lk 8,666 -271,322 59,752 Ik, 798 273,858 -3,52k -1,508 6,271 201, 9k9 76,l6k 30,731 192,281 58,lCk 183,011 -26,660 51,151 -3k,59k 2,k01 227 -k.klk l8l, ?k0 -61,100 92,538 5,07k -757 -2,930 26,712 lko ,8691/ -' 506,8k9 2,306,001 105,607 620,88k 220,576 583,205 266,156 385,365 -315, *87 -50,630 -67,320 65,068 -10,U33 -219,372 26,773 -63,331 -1.5,1.85 138,1.78 -268,85k 115,38k k00,575 -136,23k -16k, 651 -200,136 -66,501 62,801 -kl8,k22 636,207 5oi,5kl -100,001 23,57"> 102,121. -28,791 5,211 -2,771 1,359 -8,903 1.7,638 105,0k2 21,956 8,807 96,907 5*, 208 33,568 3,719 -2,280 10,?67 21,8k6 -1.9,91,3 -20,789 -15,01.1 -Ik, 113 168,022 109, k82 lkk,003 -9,851 -16,695 -65,592 -9,1*23 -10,225 September -Si, 91*6 7,878 10,739 3,990 -8,306 -17.200 12,36k 36,562 157,56k 1/ 572,kkl October p. November p -93,168 2,150 -59,21*0 -11,1.75 32,771 677 -2£,k53 -31,298 See Table 2, footnote 1. 15,033 9,035 20,725 -19,350 k85,870 1,179,31k 220,359 1,279,375 -5, 31k . 511,788 180, 2kl 55,583 3, 03k, 615 60,899 6,5*5 -32,506 -75,3kO 13,?18 . 3,770,922 583,373 1,168,058 lk8,59k 1,216,303 1*22,711 20,671 -Ik, 330 5,15* funds -37,5k2 -5,102 k,0l8 3,730 3,905 6,1.09 15,933 -3,*ti -20,216 7,Uli -19,01.3 Net movement of short- term banking foreigners 27,1*99 July August. foreign currencies of" 307,187 21,891. April May June Deposits Loans to foreign banks 736,307 97,503 -11,256 -71,765 -63,072 -2liO,683 -69,7611 190,8li6 19W Payable in in foreign currencies l?35-kl Payable In dollars Payable In dollars 12,1*79 221,153 -281, k97 Preliminary. -lk.lklj/ 268,256 102, k93 -106,2kl 55k, kl2 -3,9*7 692,265 172, 1*62 1/ 307,115 L?6, 81»5 -r'0,305 -8,135 -k,951 136,981 9k, 060 127,985 -279,3*7 February 1951 57 CAPITAL MOVEMENTS Section I - Historical Summary Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners (in thousands of dollars; negative figures Indicate a net outflow of capital from the United States) Domestic stocks Calendar year or month 1935- M Sales 1.30,21*5 1/ 8U1.610 1/ 75.U88 Domestic bonds Net purchases Total purchases Total sales Net purchase Purchases Sales 396,768 1/ 1.92,1.20 138,511* 25,701. 70,71.1. 513,558 377,717 170,555 268.2W. 393,390 21.5,3111 9,322,066 260,601 392,938 650, Ull -15,673 -6l»,U6o l»lk,l.T0 681., 213 -269,71.3 -150,585 -IW.,323 -21,218 3W.,805 283,275 330,307 333,592 61,530 282,1.15 1*30,013 -l*7,&92 652,151 781., 098 81.1., -1.11,365 1/ 1/ -95,652 1/ 8,695,335 211., 002 365,171 Net purchases of domestic securities 626,731 19>t5 96,383 151,639 136,853 260,223 19U6 367,61*9 19l>7 19k8 226,089 369,736 191*9 35"t,085 375,303 5">,632 1.1,729 52,386 2,21*6 -8,11.8 20,751 1>9,377 77,1.71. 17; 667 23, 0U. 5l.,1.30 55,668 59,226 -3,558 110,1.52 37,699 72.753 75,383 119,203 166,120 70,053 72,921 96,925 5,330 U6.282 69,195 April May June •8,773 62,698 65,175 1.5,161. 6l,U0l> July August. . . September. 51,585 51,850 1.8,680 511,667 52,265 October p. November p 62,668 60,677 191*2 191*3 19W* 1950- January . . February . March 19l»,6l6 171,1*32 357,655 U32,109 376,67U 51"»,059 20,895 -1*2,977 -3"*,579 -97,1*32 I61t,2l8 21*1,299 3,081. 637,9".0 27,767 210,735 -113,105 782, 119 1,116,322 -331., 203 570,891* 659,91*9 366 708,895 -89,055 -192,215 75,203 1.9,095 -322 79,770 3lt,281t U5,l*86 128,51.3 57,706 l*,992 56,31*8 26,183 83,379 83,889 3,771 117,082 30,165 75,055 119,0^ 1.2,027 182,257 103,1*31 U.7,836 166,366 63,U20 26,301. 91.532 169,1.21 78,151. 91,267 17,1.21. Il.8,9li2 215,01.6 50,159 -265 -5,987 2,106 1.0,1.92 22,928 115,685 72,091 90,651 11*2,955 25,031* 59,310 53,760 3,358 6,917 62,136 26,179 27i»,702 39,601. 35,957 235,098 335,379 85,1.89 93,361* 21*2,015 January U, 19UO, through December 31, 191.1; the breakdown betveen stocks and bonds Is not available for earlier years. 1/ 96,1*21 1*6,599 1.39,676 751,01.5 p 12U,80l* 35,157 78,826 39,315 Preliminary. Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners (In thousands of dollars; negative figures Indicate a net outflow of capital from the United States) Foreign bonds Foreign stocks Calendar year or month 1935-1*1 191.2 191*3 19W» 191.5 191.5 191.7 , 19W 19U9 , 1950- January February March April May June . , , , a. 19,791 22,078 51*, 7&9 65,21.7 65,610 57,118 81,715 88,815 1*2,558 70,788 -363 lU,56o -15,029 18,027 12,589 13,986 13,59* 11,1*55 1,131* 8,839 13,291* 5,H*7 290 13,639 ll> ,299 15,651 18,225 12,283 16,771 96,71*1* 3,1.87 *, 523 -17,U6l n.a. 1^,367 311., 262 318,113 n.a. n.a. n.a. 372,158 225,289 31.7,269 209 88,973 -29,156 7l> , 1., 008,188 220,5:. W9,6l»5 -7,361* 77,696 93,1*96 355,l»l 1*2,058 -U6,6l7 821,183 715,859 293,336 556,056 676, 81.7 265,127 39,012 -91*, 832 27,800 1*90, U16 211,621 291,1*21* 321,21*3 311,1*70 -79,803 9,773 17,133 131,972 121., 1.27 -107,291. 29,722 30,861. 101,108 -W,63l. 11.5,958 -1>,693 96,982 25,193 2,016 -1,120 U.,1.32 29,886 21,828 27,362 22,601. 76,876 1.9,511. 855,51*8 391,91.9 21*7,367 63l*,289 50,31*8 3,152,61.0 31*0,863 755,936 -".,586 Net purchases of foreign securities 227,897 658,71*1 265,1.90 2U,1»52 Total sales 1.10,058 388,168 382,258 -106,160 106.255 63,932 135,882 39,703 110,276 38,832 58,731 92,527 U8,lll 3 "t, 111 W»,133 -9,279 -U6,-}Ut alt ,620 "18,391* July 11,729 11,1*87 13,11*6 12,911 2U2 235 22,108 August. . , . September. -53,3lil -17,331* 31,060 -1,575 -53,576 -156,122 79,891* 35,1*36 23,683 66,983 187,182 33,837 26,553 18,102 1.9,162 222,618 -173, '56 123,816 25,201 60,128 20.01U 63,688 5,187 1U1,U86 78,21*2 36,81*2 63,21* It October p. November p P n.a. n.a. n.a. n.a. 23,278 26,601 37,328 Total purchases Net purchases Net purchases Not available. Preliminary. 17,670 18, lilt .1*1*1* 15,01*7 16,828 -981 13,1*07 1.1,01.8 35,170 -1,533 it, 206 Treasury Bulletin 58 CAPITAL MOVEMENTS Section Table 1.- II - Summary by Countries Net Movement of Capital and of Short-Term Banking Funds Beginning with March 1947, includes transactions In accounts opened by occupation authorities for foreign trade purposes. 2/ p See Table 3, footnote 2. Preliminary. February 1951 59 CAPITAL MOVEMENTS Section II - Summary by Countries Table 2.- Net Movement in Brokerage Balances and Long-Term Security Transactions by Foreigners (In thousands of dollars; negative figures Indicate a net outflow of capital from the United Statee or net sales by foreigners) Country Treasury Bulletin 6o CAPITAL MOVEMENTS Section II - Summary by Countries Table 3.- Short-Term Claims on and Liabilities to Foreigners (Position at end of month In thousands of dollars) Country February 1951 61 CAPITAL MOVEMENTS. Section II - Summary by Countries Table 4.- Foreign Debit and Credit Balances in Brokerage Accounts (Position at end of month In thousands of dollars) Country Treasury Bulletin 62 CAPITAL MOVEMENTS Section III - Detail 8 for Month of September 1950 Table 1.- Short-Term Claims on Foreigners {Position at end of month In thousands of dollars) Country 1/ Beginning vlth March 19U7, Includes balances In accounts opened by occupation authorities for foreign trade purposes. February 1951 63 CAPITAL MOVEMENTS Section III - Details for Month of September 1950 Table 2.- Short-Term Liabilities to Foreigners (Position at end of nonth In thousand* of dollars) Country Tr reasury 6U — CAPITAL MOVEMENTS Section III - Details for Month of September 1950 Table 3.- Purchases and Sales of Long-Term Securities by Foreigners m Bullet February 1951 65 CAPITAL MOVEMENTS Section III A - Preliminary Details for Month of November 1950 Table 1.- Short-Term Claims on Foreigners (Position at end of month In thousands of dollars) Country l/ Beginning vlth March 191*7, Includes balances In accounts opened by occupation authorities for foreign trade purposes. . 66 Treasury Bulletin CAPITAL MOVEMENTS Section III A - Preliminary Details for Month of November 1950 Table 2.- Short-Term Liabilities to Foreigners (Position at end of month in thousands of dollars) Country 1/ Beginning with March I9U7, includes balances in accounts opened by occupation authorities for foreign trade purposes 67 February 1951 CAPITAL MOVEMENTS Section III A - Preliminary Details for Month of November 1950 Table 3.- Purchases and Sales of Long-Term Securities by Foreigners (In thoueande of dollars) Country Treasury Bulletin 68 CUMULATIVE TABLE OF CONTENTS. March 1080 through February 1061 February 1951 69 CUMULATIVE TABLE OF CONTENTS. March 1950 through February 1951 - (Continued) Issue and page number 1951 1950 Apr. May June July Aug. Sept. Oct United States savings bonds: Suamary of cumulative sales and redemptions by BerleB Sale3 and redemptions, nil series combined, by periods by periods Sales and redemptions of Series A-D, E, F, and Redemptions of matured and unmatured, all series combined.. Sales and redemptions of Series E and F and G by denominations Sales of Series E and F and G by States 26 26 27 29 26 26 27 29 26 26 2< 26 27 29 26 26 27 27 29 29 26 26 27 29 26 26 27 29 26 26 27 29 26 26 27 29 30 Treasury savings notes: Summary of cumulative sales and redemptions by series Sales and redemptions of Series C and D combined by periods 30 30 30 30 30 31 31 30 30 30 30 31 32 31 31 31 32 32 33 31 32 31 33 3U 33 33 37 39 38 UO 37 39 37 39 UO Ul Ul U2 UO Ul UO Ul U2 U3 UU U3 UU U2 U3 UU U2 U3 UU U7 U8 U8 U9 U6 U7 U7 U6 U7 U7 U8 U8 U9 50 U8 U9 U8 U9 Ow nership of Federal securities: Distribution by classes of Investors and types of Issues Net market purchases or sales for Investment accounts handled by the Treasury Estimated ownership by bank and nonbank investors 31 31 31 31 U 31 31 32 32 Tr easury survey of ownership: Ownership by banks, insurance companies, and others Owership by commercial banks classified by membership in Federal Reserve System (latest date June 30, 1950) 33 33 33 33 36 Market quotations: Over-the-counter closing quotations on Federal securities by issues •*... Chart showing yields of Treasury securities 37 39 , Yiel ds of Treasury and corporate bonds: Average yields of long-term bonds by periods Chart showing average yields of long-term bonds uo in , , uo u U3 Uo Kl In ternal revenue collections: U2 U3 UU Summary by principal sources Chart showing Internal revenue collections Detail of collections by type of tax U5 Monetary statistics: •• Money in circulation. • Monetary stockB of gold and silver Gold assets and liabilities of the Treasury Components of silver monetary stock Sliver production in the United States and acquisitions by mints and assay offices Seigniorage on silver Increment from reduction in weight of gold dollar ( latest date December 31, 1950) Net Treasury gold receipts (latest quarter ending September 30, 1950) l>6 U6 "47 1.7 U6 U7 hi U8 '.7 1*7 US UP U6 U7 U7 U8 U8 U9 U8 U9 U6 U9 1.8 U9 50 U9 53 U9 53 Exchange Stabilization Fund: 51 Balance Sheet (latest date September 30, 1950) Income and expense (latest date September 30, 1950) 52 Capital movements between the United States and foreign countries: Historical summary of capital movements since 1935 Summary by countries and months Details for latest months by countries Outstanding contracts for forward purchases and sales of foreign exchange Supplementary data by countries 5U 57 61 5" 50 55 59 53 '7 50 53 57 53 56 60 50 53 57 67 63 63 65 Corporations and certain other business-type actlvl ties (latest date June 30, 1950): Loans outstanding Balance sheets Income and expense Source and application of funds 66 67 66 67 65 68 6U 67 50 53 57 /