Full text of Treasury Bulletin : February 1954

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LIBRARY

LIBRARY
POOM 5030

M
TREASURY

^.^^^^^

DEPARTMENT

TREASURY DEPARTMENT
FISCAL SERVICE, BUREAU OF ACCOUNTS
OFFICE OF THE COMMISSIONER
WASHINGTON 25, DC.

OFFICIAL BUSINESS

BUY
AND
HOLD
UNITED
S

TAT

E

S

SAVINGS

BONDS

^mmiLEFm
FEeRUnRV-1954

UNITED STRTES TRERSURV DEPORTMENT
OFFICE DF THE

SECRETBRV

February 1954

Table of Contents

Page

Treasury financing operations

A-1

Sunimary of Federal fiscal operations

1

Budget receipts and expenditures

2

Trust account and other transactions

&

Treasury cash Income and outgo

13

Debt outstanding and general fund

l6

Statutory debt limitation

21

Debt operations

22

United States savings bonds

27

Treasury savings notes

33

Ownership of Federal securities

jH-

Treasury survey of ownership of Federal securities

36

Market quotations on Treasury securities

4-0

Average yields of long-term bonds

4-3

Internal revenue collections

K<^

Monetary statistics

14-9

Exchange Stabilization Fund

53

Capital movements

55

Cumulative table of contents

66

Note:

Where calculations have been made from unrounded figures, the details may not check
to the totals shown.

A-l

February 1954

Treasury Financing Operations

Refunding of Five Securities

Subscript lone for the ae« offerings totaled

On January 27, IS^k, the Secretary of the Treasury

announced the offering on February
7-year, 9->iionth 2-1/2 percent bonds and

of lesuee of

1

one-year 1-5/g

percent certificates of Indebtedness In exchange for

certificates of Indebtedness maturing Febivary I5 and

Treasury notes maturing March I5.

tl8.2 billion, of which |11.2 bUllon were for the
2-1/2 percent bonds and I7.0 billion for the 1-3/S
Boldere of the bonds who did

percent oertlflcatee.

not subscribe to the offering will have an opportu-

nity later to exchange their holdings for another

In addition, the

new bonds were offered to holders of three bond Issues
maturing or to be called for redemption on JunelJ,
The five Issues were outstanding In the amount
195'^.
of nearly «20.g billion.
Subscription books were

closed at the close of business on February

Treasury Issue, probably sbort-teni, it was stated
in the announoeoent on February 10 of the results

of the refinancing.
The results are summarized as follows:

3.

New issues exchanged
Outstand-

Maturing or called securities

ing

2-1/U percent certificates of indebtedness. Series A-195^i maturing
February I5, 195!;

For
2-1/2
percent
bonds
of 1961

For
1-5/S
Total
percent
certificates,
Series
A-1955
(In millions)

To be
paid
in cash
or refunded
later

Maturing or
called securities held
by the banking system,
Nov. 30, 1953

(Percent

$g,lll+

$3,012

$2,367

15,6'^

$102

63

I-3/S percent notes. Series A-1954,
maturing March I5, 195'+

'^.675

l+,600

3,233

1,367

75

57

2 percent bonds of 1952-5'+ (dated
June 26, Ijl+il), maturing June 15,195!+

5,S25

4,083

i+,og3

2/

1,71+2

61+

percent bonds of 1952-55,
called on February 9 for redemption
on June I5, 1951+

1,501

1,125

1,125

2/

376

63

2-1/1+ percent bonds of 195'+-56,
called on February 9 for redemption
on June I5, I95I+

6S1

359

359

2/

322

ss

20, 796

IS, 179

11,167

2,617

65

)

2-1/1+

Total.
1/

~

2/

7,012

Commercial banks and Federal Reserve Banks reporting to the Treasury on the ownership of
Government securities. The ownership figures for November 30 are the latest published
for commercial banks.
Not eligible.

Terms of the offerings are sunirarlzed in the
following paragraphs.
Holders of the maturing certificates and notes
were offered the choice of the new certificates or
the new bonds.

Holders of the three bond issues were

were made par for par in the case of the maturing

certificates and at par with an adjustment of interest as of February 15, 1951*, in the case of the
other Issues eligible for exchange. Bonds of the
new Issue are dated February I5, 195'+, and bear
interest from that date at the rate of 2-1/2 percent

given an opportunity to exchange their holdings for

per

the new bonds only, and the announcement stated that

November 15, 195*+, and thereafter on May 15 and on
November 15 in each year until the principal amount

the Treasury would Issue calls for redemption on

June 15,
that date.

I95I+,

of the two bond Issues callable on

Cash subscriptions to the two new Issues

were not received.

annum,

payable

on

a semiannual basis on

becomes payable at their maturity on November I5,
They were Issued both in bearer and registered

1961.

in denominations of $500, $1,000,
$10,000, $100,000, and $1,000,000.

form,

$5,000,

The new bonds, designated 2-1/2 percent Treasury

bonds of 1961, were exchanged for any of the five
listed securities tendered singly or In combinations

Treasury certificates of Indebtedness of Series A-I955,

aggregating I5OO or multiples thereof.

were exchanged for the 2-1/1+ percent certificates of

Exchanges

The new certificates, designated 1-5/3 percent

Treasury Bulletin

A-2

Series A-IS^^ maturing February I5 or for the 1-3/S
percent notes maturing March I5.
Exchanges were made

bond for cash at that time, consideration was being
given to such an offering at a later date.

par for par In the case of the maturing certificates

the case of the maturing notes.

Other Treasury Bonds Callable on June 15, 1951^
In addition to the announcement oonoerning the

Certlflcstes of the new Issue are dated February I5,

calls of the two bond Issues eligible for refunding,

and at par with an adjustment of Interest as of
February I5,

IS?**.

!•"

bear Interest from that date at the rate of

the January 27 announcement stated that the option

1-5/g percent per annum, payable at their maturity on

to call the 2 percent bonds of 1951-55 and the 2 per-

February I5, 1955- They were Issued In bearer form
only, In denominations of $1,000, $5,000, $10,000,

redemption on June I5,

195'*.

e"<i

$100,000, and 11,000,000.

cent bonds of 1952-51+ (due December I5, I95U) for
195'*.

would not be exercised.

Any premium paid on the

acquisition of these certificates In the market may
be amortized in accordance with Section I25 of the

Internal Revenue Code.

Treasury gi-Day Bills Refunded
Weekly maturities of Si-day Treasury bills in
January totaled $6.0 billion. They were refunded in
full In four equivalent issues of $1.5 billion each.

stated also In the announcement of

The average rates of discount on the new Issues were

January 27 that while the amount of the public debt

1.314 percent for January 1 1.336 percent for
January l4; 1.20S percent for January 21; and O.99S

It was

outstanding In relation to the statutory limit of
5275 billion precluded the sale of a longer term

Note:

DstailB of Treaeury market financing operations are
shown elsewhere In this Issue of the "Treasury
Bulletin", In the tables on "Offerings" and "Dls-

;

percent for January 2S.

position", reepectlTely, of marketable Issues of bonds,
notes, and certificates of Indebtedness, and In the table
"Offerings of Treasury Bills"
.

.
.

Febriiarif

.
.

-

.

I9i4
SUMMAEY OF FEDERAL FISCAL OPKRATIONS
(In millions of dollars)

Net of

Net

Budget receipts and expend Ituree txuat
account
SurpluB, and other
Expend
Net
sr
transacreceipts
Ituree
deficit
tions
2/
1/
(-) 2/
2/3/

Clearing
account

y

increase
in
public
debt, or
decrease
(-)

Net
increase
In general
fund balance, or

decrease

Levels, end of period

Debt outstanding

General
fund
balance

Public
debt

Guaranteed
securities

C-)

Total
Federal
securities

Subject to
lljiiltatlon

2/

Fiscal yeara:

12,696
22,202

I9k2
191*3

l*,568

136,696
201,003
258,682

1*,100

11*0,796

11*0,1*69

1,623

202,626

1*33

259,U5

10,71*0

-10,1*60

ll*,238

269,1*22

1*76

269,893

208,077
268,671
268,932

-11,136

-10,930

3,308

90

-5,991*

1,621*
-1,1*62

l*,932

5,517
7,357

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

257,1*91
251,51*2

1*78

258,286
252,292
252,770
257,357
255,222
259,105
266,071

1.6

259,151
266,123

258,507
265,522

269,750
273,000

92
66

269,81*2

269,292
272,561

108,170
165,877
230,630
278,115

l*,301
l*,230

112, U7I

1,511*

232,11*4

567
339

278,682

81

256,981

55
30

252,851*

-1,613
-338
-2,222
791

23,1*61

-20,676

-521*

751*

-1,103

1*3,892

19't6

1*0,027

igliT

1*0,01*3

V^&

U2,211

39,289
33,791

wiig
1950
1951

38,21*6
37,01*5

1*0,057
1*0,167

US, 11*3

l*l*,633

1952
1953

62,129
65,218

(Eet.)..
1955 (Est.)..

67,628
62,61*2

195''

72,1*22

57,679

2,991
9,507
20,169
21*, 698

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

19W>
WltS

W.,762

358
6,515
10,662
U,529

187
79,622
95,315
98,703
60,703
31*,

61*,27l*
61*, 307

8,1*19

-291*

-1,811
-3,122
3,510

-1*95

555
-507
366

99
679

1*83

l*,587

2,01*7

-211*

-2,135

66,11*5

-l*,017

11*7

-1*01

71*, 607

-9,389

1*37

-312

3,883
6,966

1,839
-388
-2,299

70,902
65,570

-3,271*

-118

-7

-2,928

-31*2

19

-1,788
-266
-1,161

3,1*70

6,969
l*,670

l*,950

3,679
3,250

280

50,232
57,707

6,983
1,751

10,51*3
12,291*

61*,753

9,91*2

1*7,1*81*

3,767
-22,502

22,236
26,003
502

lt,950

73

27
20
29
52

76,991

273,086

74,151*

252,028
256,652
254,567

Calendar years:
191*2

16,290

57,751

-1*1,1*61

V)kJ,

31*, 1*83

90,171*

19W
19't5

1*3,531
1*3,928

97,181
87,522

-55,691
-53,650

191*6

38,810

1*1,322

-1*3,591*

-123

-2,512

-1,386

362

-18,966

-21*0

1,111

231*

-2,21*9
-l*,100
l*,331

87
-106

-1*23

-1*1*7

2,711

-319
-209

7,973
7,777

103
-25
-21*5

357
587
-2,278

1,196
1,765

329
-91
-326

209
1,613
-800

-1,1*1*7

2,1*31*

1*1,1*50

38,576
36,209

38,122

1*1,711*

-3,592

1950.
1951.

37,331*
53,1*88

38,255

-1*22

56,81*6

-3,358

-350
-229
-502
311
815

1952.
1953.

65,523
61*, 152

71,366
73,309

-5,81*2

-Ul

-9,157

101

191*7.

1*1,010

191*8.
191*9.

5,21*1

199

l*,953

5,1*55

-501

-371*

February
March

5,553
9,886

5,105

W*8

5,701*

1*,132

186
106

April.
May...
June.

1*,323

-1,693
-1,850
2,865

-291

3,809
9,796

6,016
5,659
6,930

July..
August
September

3,316

6,71*2

-3,1*26

-17

1*32

1*,050

5,013
6,070

-968
515

77

Oc tober

3,099
It, 151
6,003

6,383
5,161

-3,283
-1,009
-1,121

5,061

5,737
5,595
6,187

1952 -January

Not ember
December
1953 -January

February
March

6,585

5,1*79

10,502

7,121*

-676

-U6
l*,315

1*22

-195
-229

-252

316

201

6,81.0

258,031*

1*1

259,813
260,399
253, 12U

259,153
259,745
257,473

5,393

258,337
259,951
259,151

257,639
259,305
258,507
262,472
262,592
262,091

1*0

261*, 919

1*5

261*, 961*

267,1*32

51

267,1*83

1*5
1*6

39

201*

-981

-21*3

1,1*61

6,175
7,636

-265

-11.5

-1*1

-1,572

6,061*

267,391

51*

267,1*1*5

264,336
266,857
266,821

-111
272
-197

1*01

U

-376
335

5,689

1*8

6,021*

267,1*02
267,581*

881*

6,908

261*, 1*85

50
51

267,1*50
267,631*
261*,536

266,837
267,023
263,929

-3,326
57
1,032

3,582
3,639

261*, 590

52
52
52

261*, 61*2

266,572
266,123

264,037
265,969
265,522

l*,071

8,71*1
7,671*

272,732
273,269
273,001

272,148
272,688
272,422

273,1*52

-2

-135

182
-3,099

-231*

1*66

-1*30

6,593
536

-2,818
-728

300
35
-218
79

-1,201*

-600

5,058

38
37

-501*

-1,1*73

5,132

259,775
260,362

256,127
252,057
256,413
256,026
253,794

2,238
2,513

-S,759

l*,l*58

3,879
5,075

263,107
263,225
262,722

5,9l*ar

5,333r
6,336

-1*15

31*

6,052r

-79

266,821
274,671

263,073
263,186
262,682

-1*1*9

5,l*62r

275,21*1*

7,925
6,952
7,156

-373

6,066r

76

957

93

5,988r

267,1*1*5

577

-973

1,756

2,61*5r
l*,605r

51*

-1,1*88

267,391
275,168

113

7,988

October.
November
December

259,1*61

06I*

3,968

6,21(1

l*,li75r

1*2

1,770

1.1*

105
1,930

3,293r

259,1*19

258,292
259,905
259,105

289

July..
August
September

62

6,969

-1*28

9,71*1*

21*

257,160
256,731

1*71

5,1*21

1*16

6,362

256,900
252,800
257,130
256,708

28

-207

2,81*9
lt,380

259,1*87

110,833
171,202
239,099
288,559
258,554

097
208
679
232
295

-1*05

1,51*8

-3,513
-1,862

April.
May...
June.

1951* -January.

357
-192

259,11*9

170,108

117

-269
1*1*9

-131

835
-376
29

-172

559

-1,067
-196

1*,670

7,1*78

l*,OI*l*

27l*,81*9

-1,31*6

-320

-533

r

61*

66

-1*0

4/

63
63

l*,577

1,822

5,126
5,923

^

272,669
273,206
272,937

273,386
275,209
275,168

-2,352
797

Source: Actual figures from Dally Treasury Statement; estimates based on
1955 Budget document, released January 21, 1954. More detailed
Information vlth respect to the figures on this page Is glTen in succeeding tables
1/ Groaa receipts less approprlatlona to the Federal Old-Age end Survivors
Insurance Trust Fund end refunds of recelpta, azid also, beginning vlth
the fiscal year 1954, appropriations of recelpta to the Railroad Eetirement Account.
2/ Transactions of the Forei^ Economic Cooperation Trust Fund, established
under Section 114 (f) of the Economic Cooperation Act of 1948
(62 Stat. 150}, are consolidated with budget expenditures.
Beginning
with the fiscal year 1951, Investmanta of wholly owned Government corporations in public debt securities ere excluded from budget expenditures, and included vlth other such Investmants under "Trust Account
and Other Transactions".
i/ Excess of receipts, or ezpoidlturee (-).

266,520
266,071

71*

275,282

76

275,21*1*

272,875
274,707
274,671

75

27l*,92li

274,362

For outstanding checks and lntea*est coupons, and telegraphic reports
fron Federal Reserve Banks; excess of recelpta, or expenditures (-).
For current mocith detail, aee section on "Statutory Debt Lijiltatlon"
in each Issue of the Bulletin. The llaltations In effect during the
period covered by this table and tlie date when each becaae effective
are as foliowo: March 28, 1942, $125 billion; April 11, 1943, $210
billion; June 9, 1944, $260 blXUon; April 3, 1945, $300 billion;
sal June 26, 1946, $275 billian. Guaranteed securities are Included
under the limitation beginning April 3, 1945. Savings bonds are Inclixled at c\jrrent redemption value beginning June 26, 1946; prior to
that tijne thjy were included at maturity value. In the debt outstanding, savings bonds are carried at current redemption value.
Revised to exclude fl*om net budget receipts and budget expenditures
the appropriations to the Railroad Retirement Account (see footnote 1,
and also Table 1 on page 2}.

Treasury Bulletin
.BOTGET RECEPTS AMD EXPENDITUEES

Table 1.- Receipts by Principal Sources
(In millions of dollars)

.

... .

-

.

February 1954
-BUIXJErr

RECEIPTS AND EXPENDITURES

Table 3.- Expenditures for National Defense and Related Activities
(In minions of dollars)

Office of
Secretary of
Defenae

Fiacal year
or month

Air Force

19lt6

118,870

19^7
Y)hB
19^9
1950

16,812
11.500
12,158

5

12, SI'S

161

1,690
3,506

1951
1952
1953

19,955
39,033 15/
U,581.

313

6,238

(Est.)...
1955 (Est.)...
1953 -January..
Fetniary

195'>

^•.arch

....

Anny
18/

S7

27,800
6,911
6,0U6

15,161
1,998
1,171

1,986
270

5,lil7

1,^1 12

10

11,058

1,110

1

5,757
9,961
11,776

3
1

Mo

12,35012/

6,867
15,370 12/

111,882

16,1197

U2,UU2
38,271

U50

15,600
16,209

111

570

3,«3J
3,501
3,789

31
53

1,285
1,088

ItOS

,201

10,201

1,2U

Strategic

Paymente
under Armed
Forces
Leave Act

Surplus
property
dLlaposal

and

critical
netcrlals
20/

661i

106

1,501

I1I12

11

268
25

325
98
7

99
299

1,281*

1,315
1,293

1,020
96U
1,078

5,139
963
321
202
65

I139

656

11,300
10,598

oth«r
21/

8I17

92
101

912

107

'0

121

^.

108

76
71

9
11
9

93

April.
Ma»...

3,891

32

1,285

1,399

l.llll

52

3,7'»6

l,211l

Jm?..

l-.OSfi

36
39

l,li20
l,li88

1,003
1,059

66
65

July
August. . ..
Septemter

3,890
3,519
3,787

36
35
32

l,liii7

1,1132

1,293
1,383

899
925
1,019

66

1,210
i,3oe

13

9

October
Vorember ....
Deceaber ....
Calendar yr.

3,61.7
3,5'tO

Uk

1,271

l,37l>

52

1.9

1,2511

10
10

3,k65

37

liJi,l»65

'•55

to date

21,8U8

233

1,519
15,555
8,00s

1,357
837
15,800

897
830

195't

Source:

1,395

7,675

See Table 1.

10
10

I17

kl

98I1

75

13

11,790

71.6

119

5,553

321.

62

FootDotes at end of Table 5.

Table 4.- Expenditures for International Finance and Aid
(In nilllane cf dollaro)

Fiscal i-ear
or aontli

I9I1S.
19l!7.

727
1,028

19I18.

l',lli3

IQllO,

6,016

3rett-Dn Woods

EXTXJTt-

Agreements
Act

lEipor+
Banlr

159
l,li26

^

2^

568
93S
465

Credit

GD7omBent

to

and relief
In occupied
areas

United
Klilgloi.

23/

2,050
1,700

-60
I15

GreekTurkish
Assistance

Mutual Security Act 2*/
EcoucuLlc and

technical
assistance 22/

Other

Military
asTlotance 26/

21/

511i

ly

881
1,333
779

161
279

li,0li3

k6

3,523

111*

65
18

3,005
2,191

£81.

h

1,72't

2,2?8
3,760

1,263
958

1,200
1,275

llil

277
316

2

156

131*

803
1(20

1950

11,689

1951
1952
1953

li,li69

',917
5,788

113

370
152
U8

195I1

5,695
5,250

88
-151

22
20

3P1

690

-37
-6
-10

3

523

3

April.
May...
June.

1.68

-23

2

11^1

5I17

U7

Ii

63

3

366
285
325

3
3

560

200
1U8

July
August
September

55B
U37
390

-111

3

l^i3

2

53

1

95
80
91

151
197
232

October
Sorember ....
December ....
Calendar yr

313

1
1

106
88

155
19a

ii

609
5,779

Uo
39
•

2

UU

I18I1

li

5

295

27

1,U7U

3,810

ll2

131

to date

2,652

262

9

573

1,718

21

69

(Eat.)...
1955 (Eat.)...
l?53"January.
Februari'.

March .

195I1

Source:

,

.

31.5

See Table 1.
Footnotes 1 through 7 on pa^e 2 and 9 through 3I1 on page l.
B/ Amounts appropriated to the Federal Old-Age and SurrlTora Insurance
Trust Fund are equivalent to the anotoits of tazee collected and
deposited for old-age Inaurance (li2 U.S. C. 1.01 (a)). The Social
Security Act Amendments of I95O (Public Lev 73lt), approred
August 28, 1950, changed In certain reapects the basis of transferring the appropriated funds to the trust fund. EffectlTe January 1,
1951, the old-age insurance taxes on ea^loyers and eoqxloyeee and the
vlttaheld Income tax are paid into the Treasury in combined amounts
without separation as to type of tax. The old-age Insurance tax on
self-ei^loyment income, Imposed by Public Law 73I1, Is levied and
collected as part of the individual income tax, beginning with the
taxable year 1951. Beginning Janiiary 1951, the amounts transferred
currently as appropriations to the trust fixui are based on estimates
of old-age Insurance tax receipts made by the Secretary of the Treasury

lli3

170
''7
ii7

58
256
90
123

IW
3

5
10
15
7

7

10
15

3

21

li

11

3

9

It

T
15

as required by lav, and are adjusted in later transfers on the besis of
wage and self -employment Inccne records maintained In the Social Security
Administration. For purposes of this table, the amounts credited to the
trust fund beginning January 1951 represent estimated receipts of old-age
Accordingly, these amounte are
insuraxice taxes for corresponding periods.
included under e^loyment taxes and excluded from total Income and profits
taxes as shovn. Hie breakdown needed for excluding appropriate amounts
from Individual income tax withheld and not withheld has been estimated
only on a fiscal year basis. Figures for June 1953 Include adjustments
by increase in amounts transferred as appropriations as follows: $53 million based on records of self -employment income for calendar year 1951 and
$39 million based 00 records of wages earned in the quarters ending
September 30 and December 31, 1952. Beginnlne December 29, 1953, transfers of appropriations were suspended until adjustments amounting to
$25 million had been coiiq>leted; the unadjusted amount as of December 31
was $1 million.

Treasury Bulletin
.BUDGET RECEIPTS AND EXPENDITURES.

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

Fiscal year
or month

.
.

I9i4
-BUIKEr EECEIPTS AHB EXPENDITURES.

Table 6.- Siamary of Budget Results by Months and Years
(In

Apr,

Tn

m^^»'« of dollare)

July

Ma;

Aug.

Not lm(l«et rocalpte 2/
1932
1933
193't...-

1*17

595
750

221
228

21*1

96U
910
682
791
1,557

313

285
369

270

225

19'»0....

236
290
267
309

19'H....

331*

1*U

19'*^

571

19^3....
IS'A....

783

751
9U9

2,71*0

2,1*91*

m5....

3,1*59

3,613

191*6....

3,770

3,581*

3,538
5,202
6,532
6,661
5,501

19'>7.-.-

3,725

i*,196

5,31*2

191*8....

l*,196

lt,158

5,871*

2,786
2,159
1,962
a, 239

•

3,579
3,366

3,381
2,972

5,1*35
l*,820

1,31*0
1,1*88

1935
1936

193T
1938....
1939....

191*9..

1950....
1951.- •

205
197
225

301*

363
1*39

11*9

109
179

liO
203
208
216

112

257
208
296

233
251*

31*0

393

383

386

686
1,508

556

3,01*7

1,1*72

2,895
2,900
2 .2ll3

9,71*1*

5,553
5,t79

9,886
10,502

lt,323

5,061

3,809
",380

19'>3..

191*5.
191*6.
191.7.
191*8.
191*9.

1950.
1951.

1952.
1953 2/-

2.182

1,881
2,571

l*,953

191*2.,

2,1*35

1,91*6

1953 2/

191*1..

739
2,001
2,078

6,182
5,702
3,963
U,929

1*07

7,089

1952..-.

1^..

2,1*69
l*,567

lt,l*0l*

2,626

1937.
1938..
1939.

267
260
325

1*,767

8,112

1935..
1936..

36U

730
552
599
1,270

2,320

,257

1931*..

289

822

l*,e59

I*

1932..
1933..

271*

2,321*
1,91*5

1*, 1*1*8

2,81*9

U58
527

32
159
211*

2,281
2,096

2,297

3,11*6

•

282
386

9,796

3,316
3,293

96

Sspt.

Oot.

Calendar
yqar

Flaoal
y»«r 1/

.

Treasury Bulletin
.BUDGET RECEIPTS AND E3CPEBDITUKES

Table 7.

Social Security Act

-

Budget Receipts and Exoendlturee

(In allXicns of dollar«)

,..
,
.

,

-

.

February I9i4
BUDGET RECEIPTS AND EXFENDITUEES

Table 8.- Railroad Retirement Act
(]ji

-

Budget Receipts and Expenditures

mill lane of dollars)
Becelpts

Fiscal year
or month

19^5

£xce6a of net
rocelpta, or
expandltures (-)

Taxes on
carriers
and their
employees

Expenditures

Deduction:
Refimdfl of taxes

on carrlei^ and
their eouployees
2/

AdulnletratlTe
expenses

Ket
receipts

Transfers to
Railroad Be tire
ment Account
(trust account)

285.0
282.6
380.1
557.1
563.8

2811.8

311.1

2.3

281.7
380.0
557.0

291*. 5

2.6

19^9

-26.3
-12.8
77.3
-206.5
-15.5

302.8
763.5
578.9

4.3
5.0
4.4

308.8
291.9
298.5
758.5
574.5

1950
1951
1952
1953

-3U.1
-30.5
-35.9
-30.3

550.2
577.5
735.0
626.0

549.6
577.5

.4

saa.s
608.0
770.7
655.2

.2

lU.2

-1.2
-.U

89.U
51.8

89.it

April....,

.1

May
June ......

-.7

12.6
89.6
53.3

-1.0

191*6
191*7
igitS

1953*Jaa«ary..
February.
March....

July
August.

.7

October.
November
December.
.

.

625.3

51.8

13.4
90.6
51.9

12.6
89.6
53.3

12.5
90.2
52.7

12.5
90.2
52.7

IU.6
93.3
53.0

14.6
93.3
53.0

.8

lU.li

llt.14

*

90.0
Sl.U

90.0
51.1

48.1
94.0
53.9
13.6
90.0

-33.5
-.8

.

Septeonber,

73't.8

-1.3

See Table 7Source:
Excess of expenditures Is covered by appropriations by Congress.
Interest on refunds is Included under "AdnlnlstratlTe expenses"
Includes interest on refunds (see footaote 2). Beginning in 1950»
administrative expenses previously shown as budget expenditures are
paid from the trust fund (see "Trtist Account and Other Transactions",

Table 6).
Fiffxn-es

y

48.15/
94.0
53.9

52.5

13.6
90.0
52.1

.k

I95I* to show approprlatlcQS of receipts to the Ballroad Betirement
Account as deductions from budget receipts ^ and they are therefore
excluded from budget expenditures. Data are shown in this table
on the old basis through December for comparative purposes only.
Figures for the fiscal year 195** Include appropriations of receipts
to the Ballroad Betirement Account ^Ich are not handled as budget
transfers to trust occounte (see footnote k)
Leas than $50,000.

I
4/

583.7
608.0
770.7
655.6
13. >>
90.6
52.2

.6

,

.

11*

563.'*

In the preceding tables have been revised for the fiscal year

Table 9.- Railroad Unemployment Insurance Act

i/ -

Budget Receipts and Expenditures

(In millions of dollars)

Ezpanditurea

Beceipta

Fiscal year
or month

1945
1946
1947
1948
1949

Excess of
receipts, or
expenditures (2/

Railroad
unemplo^noant

Insurance
contributions

April
Hay
June

-.6
-5.1
-3.2
4.0

9.1
9.8
10.3
10.0

6.9
5.8
5.3
5.8

5.4

.6

12.3
5.3
9.7
10.6
.1
.3
^o

.1
.8

.4

.4
.6
.6

-.1
-.6

2.1
-.4
-.3

.2

2.3
«

2.1
*

4.6

A

.4

.8

.4

.4

Septeoiber,

1.4

.3

-.4

1.7
*

.3

October.
November
December.

.1.

.li

-.1
2.0

.4

.4

.li

2.2

.2

.2

1.5

.

.

Source: See Table 7.
1/ Operated as Railroad Unemployment Insurance Administration Fund, for
administrative expenses of the Railroad Retirement Board in administering the act (li5 U.S.C. 36I).
2/ Excess of expenditures is covered by appropriations by Con^iess.
i/ Through 1948 represented 10^ of contributions under the Railroad
Unemployment Insurance Act of 1938; the remaining 90^ was deposited
In the Railroad Unemployment Insurance Account in the Unemployment
Trust Fund. Beginning 1949, represents contributions equal to 0.2^

.3

4/

^

4.4
4.9

.2

-4.6
. .

^

8.9
9.6
9.2
9.7
9.0

.6
.6

July
August.

Account, Unamplojment
Trust Fund

3.7
3.5
4.5
5.5
5.9

-.6

February .
March

Tronflfere to Railroad
UoemplOTinent Insurance

12.6
13.1
13.7
15.1
14.8

.5

1953 -January...

^

AdnlnlstratiTe
ezponsee 4/

13.2
12.9
14.2
14.5
9.7

.6

-.2

1950
1951
1952
1953

Total

4.2

of the taxable pay roll; the remaining contributiaos are deposited in
the Railroad Ibiemployment Insurance Account (45 U.S.C. 358 (f)).
(See "Trust Account and Other Transactions", 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 Adminlatratlon Fund, under act of Oct.lO, 1940 (54 Stat. IO99).
Less than $50,000.

..

)

)

^

'

Treasury Bulletin
;

-TRUST ACCOUNT AND OTHER TRANSACTIONS.

Table 1.- Summary of Trust Account and Other Transactions
(In mUllcDB of dollare)

Trust accounts, etc.

Net of
Fiscal year
or month

trust account
and other
transactions l/

19l>6

-52l»

X$>H
19^8

-1,W3

of
Goremment agencies In
public debt securities
Net

Het receipts, or
expenditures ( -

Expenditures
( other than net
InTaetmBnts

Receipts

7,712
6,8W(
6,515 2/

li,lt7lt

3,625
3,857

,

2/

inreelaiiflnte

—

Net redeanptlone, or sales (-),
of securities of Govern]
agencies In the marlcet
Guaranteed

Not guaranteed

3,668
3,362
3,060
2,311

160
387
16

-66
-28
-123

1.6

28

19't9

-1.95

3,238
2,619
2,658
1,890

5,711t

3,8211

1950

99

-281

6,669

6,950

-ll02

8

Ik

1951
1952

679

3,852
3,855
3,763

7,796
8,807
8,932

3,9l'5

952
5,169

-10
-16
-7

-371.

It,

3,557
3,636
3,301

9,1A1*

1C,323

6,859
7,639

2,999
3,15^

-ko
6

-255
-136

-29l*

1953

88
32

195^ (Est.)...
1955 ;jBt.)...

-ia8
-3l*2

2,586
2,683

1953-J»nu'>r7..
Februftry,
Harch. ..

-111
272
-197

286
920
6U9

296
3U6
758

130
170
100

6

-35

-2

1311

-109

-1

-11

AiirU....

-207
In6

-1.5

IA3

1.88

112

-1

831
801

l,0l»7

217
537

"•53

51
-38
-33

61
395
71

-U

-15

May
June
July
August.
Sept<Bbar

-231*

Octol)er..

-218
79
-131

-10
571.

300
35

.

Hot flower,
December.

1,338
1,158

629
h6h

31

1.82

1.51

-225
202

378
839
627

60I1

-76

72

636
5U9

21.0

-108
61

ll29

78

Actual flgrires frcm Dally Treasury Statonant; estlnates based
an 1955 Budget docunent, released January 21, I95I..
Excess of receipts, or expenditures (-).

Source:

X/

735

-199
695

2/
*

-1

-75

150

Excludes Foreign Ecanoolc Cooperation Trust Fund (see page 1).
Less than $500,000.

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

Federal Old -Age
and Survivors
Insurance Trust
Fund

Fiscal year
or month

191.6

Railroad
Retirement
Account

191.8

7,712
6,21A
6,515 a/

1,386
1,623
1,807

312
323
797

19'»9

5,71'»

1,921.

625

1950

6,669

2,367

6I.5

1951
1952

7,796
8,807
8,932

3,1.11

9,Wt
10,323

6,081

19'»7

1953

(Est.)...
1955 (Est.)...
1951.

1953 -January..
February.
March....

April....

May
June
July
August. ,.
Septanber
October.
Hoveanber.

December.

Uiemploynsnt
Trust Fund

National Service
Life Insurance
Fund

Govei'iiiiient

Life
Insurance
Fund

Government
employees
retirement
funds 1/

Other trust
funds and
accounts
2/

1,280
1,289
1,313
1,173
1,281

2,351

103

61I.

1,666

1,501*

131*

578

7I.O

90
92
87

591.

792
l.n"* 1/
529

1,51.2

681.

3,932

678
850

1,61.3

'»,516

71.5

1,591'

786
637

5,11.2

782
755

1,566
1,690

690
1,076

680
809

1«33

86
87
79

850
912

5l»5

961

1.01

61.8

83
81

685
692

376

1.

721

597

1.61.

286
920

U8

11.

28

1.1

1.92

91

6I.9

lAO

213
22

kk
kz

3
3

kk
26
36

37
51

53

21.8

67
332
106

37

3

36

38
27

IA3

1,338

525
593

Ik
92
135

1.29

211.

1.8

1,158

530
310

91.

65
321

51.

1,01.7

1.82

378
839
627

31*

3

3".

193

1.7

2I.5

19

5

38

13

36
51
33

3

71

2

37

25
89
32

ik
37
39

51
22
30

189

II.

50

398

39

90

3

25"»

3W.

35

2

53

122

36

3

Source: See Teble 1.
1/ Conslsta of ClvU Service and Forel^ Service rotlranant funds.
2/ Includes Adjusted Service Certificate Fual, District of Columbia,
Indian tribal funds. Island poesesslcDs, Increment reeultlng from

i/

51.

reduction in the weight of the gold dollar, and through June 1950
seigniorage on a liver under the Silver PurchojBe Act of 1931.. Thereafter
any such seigniorage is included under budget recelpta.
Excludes Foreign Economic Cooperation Trust Fund (see page 1).

,

February /95-f
.TRUST ACCOUHT AMD OTHER TRANSACTIONS.

Table 3.- Trust Account Expenditures Other Than Net Investments

.

Treasury Bulletin

10
.TBUST ACCOUWT AMD OTHER TRAHSACTIONS

Table 5.- Federal Old-Age and Survivors Insurance Trust Fundi/
(In mllliaDS of dollara)

Februarij

9

U

.

1
5

6

-

1

11

I9i-i-

.TRUST ACCOUNT AHD OTHER TRANSACTIONS

Table 7.- Unemployment Trust Fund
(In naillcme of doUare)

Receipts
Fleoal
year
or
month

State
accoimte

Bxpsodlturee other than inrastaiflate

Railroad TJbaiuploTment
Ineurance Account l/
Trana-

Total
Depoalta
by

States

Contrl
butlons
2/

1936-lt5.

Railroad
Unemploy
Transfers nent Insurance
Withto RaildravalB road ttoam- Account l/
by
ployment
Benefit
States Insurance
payments
Account

Tranefere

fera

frcan

from
States

Admliils-

3/

State acoounta

tratlon
Fund kj

inveatmenta

Inveetmenta

In

aaeeta

502.5
116.2
127.6
130.6

98lt.O

1,281.0

1,098.8
1,362.6

11*.

161*.

900.

81*8.3

52.0

61*1.3

1,'*39.0

15.1*

It.l*

131*.

1,01*8,

1*8.3

1,593.8

1,371.1

15.0

l*.9

202.8

1,009.

1,000.3
912.6

1,566.5
1,690.5

1,325.0

15.0
15.0

'*.3
l*.3

222.2
216.2

1,095.
1,255.

999.9
1,159.9

28.0
212.9
17.9

99.

Mar..

28.1
213.3
21.8

Apr,
May..
June.

67.3
332.5
106.0

56.8
331.6
10.6

July.
Aug..
Sept.

61t.8

60 .U

321.2
13.2

320.0
10.3

1*9.6

19^9....

1950....
1951....
1952....
1953....
195lt

(lat.:
1955 (Sat.:

1953 -Jan..
Fat)..

Oct..
Not..

l,5ltl.6
l,61t3.3

1,1*55.0

Dec.

253.9
122.0

39.1
253.5
15.9

1936 to
date ....

21,628.1*

18,517.6

10C.3

501.5

2,373.

11*3.6
11*6.9

1,11*5.

165.3
180.1

1,313.

798.1
1,227.1

60.8

.1

38.0
9.6
9.2
9.7
9.0

9.7

5.1*

167.1

2,025.

1,879.0

11*6.5

.1*

869,
858,

2,222.5
1,128.3

106.3

817.1*

.5

.1.

7,315.3
7,449.1
7,869.0
8,323.0
8,182.4

7,307.2
7,409.0
7,852.0
8,298.4
8,138.3

8.1
40.1
17.0
24.6

97.3

594.7
584.0

7,437.9
8,079.2
8,673.9
9,257.9

7,414.3
8,064.2
8,647.1
9,237.0

23.6
15.0
26.9
20.9

95.2
95.2

471.3
435.3

9,729.2
10,164.5

9,711.0
10,062.0

18.2
102.5

-71.6

8,967.6

118.8
-88.4

9,086.li

8,998.0

3,938.1
9,059.1
8,974.1

29.5
27.4
24.0

-24.7

8,973.3
9,230.1
9,257.9

3,961.1
9,214.1
9,237.0

16.1
20.9

9,247.6
9,500.3
9,442.0

9,234.0
9,479.0
9,425.0

13.7
21.3
17.0

-6.0

9,418.2
9,566.9
9,560.9

9,408.0
9,547.0
9,545.0

10.2
19.9
15.9

9,560.9

9,560.9

9,545.0

15.9

17.2
51.7

91*.

110.

89.1
85.6
100.5

10.6
8.8
9.7

92.
75.
78.

.2

69.9
73.2

7.8
5.8

10.5

.5

.ll

92.2

.1

1*.2

1.2
.3

939.7

107.2

9'*.'*

7>*.

69.9

68.

62.lt
61».7

71.

10.5

73.

102.8

105.
128.

.1.

3.1*

1,969.5

81*

66.1
92.8
116.7

12,067.5

SourceJ See Table 1.
1/ Excludes interim advance of $15 million flrom the Treas«i7 and subsequent
repayment, both talcing place in the fiscal year 1940.
2/ Represents contributions under the Railroad Unemploymsnt Insurance Act
of 1938, as amended (45 U.S.C. 36O (a)). In eTcesa of the amount specified
for administrative expenses.
(See "Budget Beceipts and Expenditures",
Table 9).
Bepresents amounta transferred frcan States to Baliroad Unemployment Insurance Account equivalent to amounts of taxea collected with respect to

11,311.2

4/

^

y

•

1*19.9

86.75/

.3

3.1

7,315.3
133.9

1*1*.

3.5
*

2.5
«

Uneipeoded
balance

^

8,540.3
1,009.9
1,005.3
1,007.3

V^l....

AseetB, and of period

or
decrease

9,688.6
1,279.8
1,289.
1,312.9
1,173.2

19li6

2/

-71.4.5

5.0

5.0
6.2

-10.1
252.5

6.8

-58.3

7.1*

-23.8
148.7

7.5
11.3

107.2

1*51* .0
-11*0.6

256.8
27.8

649.2^

41*.

12.3

period from January I936 to June 1939, Incluaive, from employers lAo
come within the purview of the Bailroad Uoemployient Insurance Act.
Represents excess funds of the Railroad Uaemployn^nt Insurance Administration Fund, under act of Oct. 10, 1940 (54 Stat. IO99).
Includes transfers to the Railroad Unemployment Administration Fund
as follows: $9.7 million in 191*9 and $2.6 million In 1950, representing adjustment for over-ooHections due to retroactive change in
tax rate (45 U.S.C. 358 (a)).
Less than $50,000.

Table 8.- National Service Life Ineurance Fund
(In millicoa of dollars)
1

net
increase

Treasury Bulletin

12

-TRUST ACCOUHT AMD OTHER TRANSACTIONS-

Table 0.- Investnenta of Specified Trust Accounts In Public Debt Securities,
by Issues, as of December 31, 1053
(In mlUloDS of dollars)

lae-ao

13

Febntarij 1954
.TREASURY CASH INCOME AND OOTGO.

Table 1.- Summary of Cash Trarisactlons
(In mllllana of dollars)

Treasury Bulletin

14

.TREASUBY CASH INCOME AMD 0OT3O.

Table 3.- Derivation of Cash Budget Expenditures

..
.

February 1954

15

INCWE AND

.TREASURY- CASH

OITEGO.

Table 5.- Derivation of Cash Borrowing or Repayment of Borrowing
(In mlUlonfl of dollara)

Net InrestBiante
In Federal
securities

outstandljig

Fiscal year
or month
Public
debt

Ouaranteed
aecurltlee

Noncash debt transactions

Leae:

Increase, or decrease (-),
In Federal eecurltlee

Total
Federal
80CUrltles

Bj trust
funds and
accounts

Issuance of Federal securities resulting from budget expenditures,
etc. J or refunds of receipts
Armed
forces
leave
bends

By GoTeiTgnent

agencies

Notes for
International
Bank and
Fund 1/ g/

Adjusted
service
bonds l/

1/
19't6

10,71*0

"•3

10,783

3, ''09

19^7
19^8
19^9

-11,136

11,523

7,892

-5,99''

-387
-16

U78

-W

-6,010

1,391*

1*32

2,916

159
178
-69
319

1,793
-1,229
-16I1

-k
-2

-913
-123

97
187
281
232

-95
-160
-68
-Sk

-2
-1
-1
-1

166

-15
-10

'•,587

-8

'»,579

33''

-l«)5

-2,135
3,883
6,966

10
16
7

-2,126
3,900
6,972

'',0t5
'',336
'',023

3,369
3,355
3,068

3,679
3,250

1*0

3,719
3,21A

3,533
3.5W'

2^878
2,980

121

-6

5
18I»

212
227
101

-112
223

21*2

2

Mar...

11
i8e
-3,099

61

38

Apr...
Ma;...
June..

105
1,930
-W(9

106
1,930

lUh

-33

-1*49

152
5Wt
805

July..
Aug,
Sept.

6,598
536

6,609
537
-268

169
''U
80

1»52

-77
280
291

1950
1951
1952
1953
195^ (Est.)
1955 (Eat.)

1953-Jan.

.

Foil...

.

Oct...
Hot...
Dec...

-269

-6

1

-3,098

W9
1,822
-llO

1,830
-39

-86
-8

3,668
3,362
3,060
2,311

1711

1*2

81*0

-1(A

80

-19

'llO

-11'

22

1*9

-73

-3

39
-32

7,''39

28

559
580

-19,399
-7,280
-2,513

-Ik

'',231

-5,795
-525

28
25

525

-255
-136

-11

Source: See Table 1.
1/ The iBBuance of these securitlee la treated as a noncash budget expenditure at the time of Issuance and as a cash budget expenditure at the
time of cash redamptlmi; net Issuance, or redanptlon (-).
See Table 1, footnote 1.
1^ The Issuazuse of these securities Is treated as a noncash deduction froa

66
123
-28

203

37''

Wi

-1
-1
-1

60

k/

^
*

Net cash
borrowing,
or
repayment
of
borrowing

57''

-1
-1
-1

19
-19

-1
-1
-1

guaranteed
securities
of Federal
agencies

Eqiiials:

U67

1*35

-88
-32

1*00

-2
-1
-1

201
181

-970
-39
-10
J*

y

Plus:
Cash
Issuance
of naa-

638
779
719

13
-9

-2
-2
-2

-5'*

UU

2,ito

Excess
profits
tax
refuDd
bonds 3/

Interest
on
ssTings
bonds and
Treewury
bills

Net transactions In
guaranteed
securities
not reflected in
Treasurer 'e
accounts

2,918
ItJtl

-151*

81*

35

-173

1*0

-13I'

23

11

-178
-3,188

ll2

-51

kS

38

71

33

109
28
22

15
1
75

-97
1,425
-1,222
6,1'56

127
-27''

-72

1*57

111

108

83

-61

1,659
-391

budget receipts at the tine of Issuance and as a cash deduction at
the tljne of cash redemption; net Issuance, or redanptlon (-).
See Table 3, footnote 2.
Includes borrowing through Foetal Savings System.
Less than $500,000.

Table 6.- Cash OperatlriK Income and Outgo by Months
(In millions of dollara)

Annual total

Calendar year

Apr.

May

July

Aug.

Sept.

Calendar
year

Fiscal
year 1/

Cash operating incceae:

2,915
3,724
3,032
3,821
4,482

3,104
4,275
4,068
4,947
4,548

6,675
7,001
5,649
5,585
6,019

3,319
3,164
2,366
2,228
2,402

3,642
3,850
2,965
2,746
2,969

6,332
6,016
4,183
4,886
4,877

2,327
2,764
2,332
2,446
2,268

3,238
3,371
2,803
3,112
3,162

6,015
5,276
4,585
4,666
4,667

2,212
2,809
2,683
2,589
2,280

2,877
3,030
2,813
3,305
3,190

5,538
4,328
4,156
3,987
4,106

48,194
49,608
41,635
44,319
44,971

47,861
50,240
43,839
43,591
45,400

3,683
3,485
4,696
5,183
5,239

3,893
3,595
4,877
6,275
6,267

5,555
5,162
3,489
10,436
11,042

1,430
1,683
2,960
4,689
3,214

2,595
2,939
4,148
4,722
5,294

4,798
4,687
7,367
9,988
10,185

2,081

3,150

2,jJ.O

3,52''

2,854
3,593
3,615

4,600
4,878
5,526

4,915
4,865
6,555
6,898
6,373

2,046
2,426
2,855
3,418

2,950

2,965
3,487
4,293
4,997
5,396

4,263
4,488
5,642
6,320
5,339

41,374
42,431
59,338
71,396
70,440

41,628
40,970
53,439
68,093
71,344

8,009
7,118
3,700
3,487
2,726

8,564
8,786
3,876
2,961
3,418

7,677
7,765
3,600
3,063
2,397

8,027
8,436
3,853
2,781
2,507

8,478
8,829
4,562
4,784
4,129

7,249
7,750
2,745
3,272
2,588

8,146
7,512
2,760
3,073
2,950

7,686
6,326
2,944
3,943
3,197

7,886
5,913
2,844
2,570
2,779

7,373

1948

7,537
7,729
4,668
2,715
2,497

4,754
2,269
2,490
3,474

8,178
5,224
3,578
3,476
4,235

94,810
86,142
41,399
38,616
36,897

93,956
95,184
61,738
36,931
36,496

19^9
1950
1951
1952
1953

2,855
3,177
3,438
5,473
5,442

3,259
3,537
3,522
5,328
5,754

3,850
4,046
4,219
6,120
6,970

3,130

3,709
3,700
5,154
5,751
6,66a

4,550
4,061
5,223
6,978
7,932

2,966
3,143
4,843
6,233
6,001

3,715
3,009
5,565
5,622
6,720

3,847
3,199
4,862
6,066
6,294

3,266
3,335
5,801
5,759

3,426
3,415
5,642
5,558
6,258

4,070
4,004
5,621
7,364
6,294

42,642
41,969
58,034
72,980
76,529

40,576
43,155
45,804
67,956
76,561

-4,622
-4,005
-1,636
1,106
1,986

-4,905
-2,843
368
1,460
1,824

-1,889
-1,785
1,773
2,624
2,601

-4,358
-4,601
-1,234
-835

-2,146
-2,813
-379
102
748

-4,922
-4,986

-4,908
-4,141
43

-5,674
-3,104
-161

41
212

723

18

-4,496
-1,724
544
816

1,469

-499

-283

-2,640
-896
578
510
-128

-46, 616

-413
-827
-320

-1,671
-1,050
1,641

4

-4,385
-4,586
-888
-35
462

5,703
8,076

-46,095
-44,945
-17,899
6,659
8,903

829
308
1,259
-290

635
58
1,356
947
513

1,704
1,116
4,270
4,316
4,072

-1,699
-1,661
-1,184
-1,283
-3,229

-1,114
-762
-1,006
-1,029
-1,368

248
626
2,144
3,010
2,253

-885
-1,032
-1,989
-2,640
-2,386

-566
514
-965
-744
-1,193

1,068
1,666
1,693
832
78

-1,220
-909
-2,946
-3,097
-2,809

-461

193

72

485
21
-1,044
-956

-1,267
482
1,304
-1,583
-6,089

1,051
-2,185
7,635
137
-5,217

19l|lt

I9I1?
191*6

19*7
191*8
191*9

1950
1951
1952
1953

Cash operating outgo:
1944
1945
1946
19''7

3,3''''

4,144
5,972
6,443

6,51''

get cash operating Income
or outgo (-);
1944
19'*5

1946
1947
1948
1949
1950
1951
1952
1953
Source:

-203

See Table 1.

1/

-1,348
-561
-862

Fiscal year ending June 30 of year Indicated.

-36,53''

236

.

.

.

.

.

Treasury Bulletin
i6

,

DEHT OOTSTAHDING AHD GENERAL FUND

,

Table 1.- Summary of Federal Securities
(In minionfl of dollars)

Guaranteed
securities

Guaran-

End of
fiscal
year or
Bbon^

Total
1/

Public
debt

teed
securities

Public
debt

2/
19k6.
igkT.
19^8.

269,898
258,376
252,366
252,798
257,377

19''9.

1950.

1951.
1952.
1953.

269,li22

l>76

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

90
27
20

l,27l>

298

1,302

1,313

1,301

238

2,100

2,098

3011

1,258

2,079

286

1,258
1,277
1,258

265,323
265,1189

119

262,380

50

52
52
52

262,601

262,550
26li,lili5

263,997

263,91.6

51
51
51

2,0ltl

2611,1196

272,669
273,206
272,937

63
63

270,665
271,207
270,806

270,603
271,11.5
270,711*

273,386
275,209
275,168

66

271,356
273,201
272,956

271,291
273,128
272,881

73
75

J^ll.

261i,6lt2

261., 590

May...
June.

266,572
266,123

266,520
266,071

July

272,732
273,269
273,001
273,'»52

50
51

61t

7k

76

Source: Dally Treasury Stat«uait.
Includes certain obll^atlcsis not subject to statutory llJBltatlan.
For amounts subject to limitation, see page 1.
2/ Excludes guaranteed securities held by the Treasury. For current
nonth detail by Issues, see "Treasury Surrey of Ovnershlp"
i/ Special notes of the United States issued to the International
Monetary Fund In paynent of part of the Ibilted States eubscrlptlon.

^

935
1,218
788
701

10

613

2

575
550
525

2

1,063

12

1,283

512
1.19

2,125

262,1130

261»,li85

267,5811

2I15

2,21t2

265,370
265,538

26U,536

265

1,161
1,063
1,270

2,370

2,080
2,096
2,106

267,ll02

252,852
256,863

2,11.8

Other

4/

1,721.

2,126

1.7

267,'»50
267,6311

52

376
231
280

2,2llJl

53

252,879
256,907
263,997

I46

1,311
3,173
2,229
2,009

2,372

539

1953 -January..
February.
March....

275,282
275,2Wi

17

277,912

551

267,391

,

2,012
2,150

21.

265,293

279,211l

267,W>5

norenber ....
Deconber. ...

1,321
3,179
2,23ll

278,1.51

279,761t

1952-Decenbor.

Octol)er

83

69

1.67

265,3116

Dobt peak:
?eb. 19lt6.

.

268,111
255,113
250,063
250,762
255,209

27
w.
51

29

.

Monetary
fund i/

263,9116

255,222
259,105
266,071

Septantier.

268,578
255,197
250,132
250,785
255,226

73

Guaranteed
securities 2/
(matured)

Public debt

2/

255,251
259,151
266,123

August

Matured dett and debt bearing no Interest

Interest-bearlne debt

Total outstanding

6

5
3

1
1

536

1

535
531

1
1
1

1,258
1,302
1,302

529
527
525

1
1
1

2,091.

281.

2,105

316

2,<A0
2,075
2,125

252

2,076
2,126

62
62
63

2,067
2,062
2,195

2,066
2,061
2,193

2I13

252
398

1,302
1,291
1,280

521
518
516

1
1
1

65

2,097
2,082
2,288

2,095
2,081
2,287

301
287

1,280
1,280

515
511.

1
1

I136

1,31.0

511

1

2I16

298

533

pursuant to proTlsians of the Bretton Woods Agreenents Act. The
notes bear no Interest, are noonegotiable and are payable on denand.
Similar notes issued to the IntematianflJ Bank and outstanding
I9I.7-19I.9 are included under "Other".
Includes savings stamps, excess profits tax refund bonds, currency
items , and notes issued to the International Bank ( eee footnote 3 )
For current month detail, see "Statutory Debt Llfflltatlon" , Table 2.
,

y

Table 2.- Interest' -Bearing Public Debt
(In millions of dollars)

Public Issues
Qjd of
fiscal
year or
month

Total
Interestbearing
public
debt

Marketable
Total
public
issues

Cert ificatee

268,111
255,113
250,063
250,762
255,209

2U5,779
219,852
217,986
222,853

160,3116
155,11.7

155,310

17,039
15,775
13,757
11,536
13,533

252,852
256,863

218,198

137,917

13,611.

9,509

Ili0,li07

263,9116

219,12ll
223,ll08

17,219
19,707

277,912

257,016

199,810

17,032

265,293

226,lll3

lli8,58l

21,713

1118,5711

262,380

226,226
226,187
223,025

Apr....
May...,
Juna...

262,550

223,077

2611,1.1.5

22li,735
223,li08

July...
Aug....
Sept..

270,603

191.6.

191'7.
191.8.
191.9.

1950.

1951.
1952.
1953.

227,7li7

Nonmarketable
Treasury bonds

189,606
168,702

Bsnk
eligible

Bank re
stricted
1/
53,1.59
1.9,636
1.9,636
1.9,636
1.9,636

162
160

36,061

156

27,li60
17,2ii5

1112

31., 801.

18,261

65,861.

25,296
22,588

8,11.2

n,375

29,1.27
18,1.18

20,l«51l

69,686
62,826
60,789
53,159

28,1123

35,806
18,963

1*2,772
1.8,200

15,851.

30,1.25

63,980

l.l,".13

19,551

68,207

16,712

30,266

58,71.0

16,712
15,958
15,959

30,275
30,282
30,327

58,71.0

11.5,988

21,709
21,710
19,211

l't6,133
1U8,321.
l'.7,335

19,312
19,913
19,707

15,959
15,959

30,375

63,111.

30,1.11
30,li25

6U,671
63,980

153,757

20,207
20,208

21,756
21,655
26,369

30,1.55
30,1.92

33,578

63,989
63,992
59,837

17,21.0
13,1.06

26,385
26,386
26,386

33,736

59,836

13,l«)l.

33,21.9

62,071.

13,1.02

31,"«)6

63,820

13,1.00

l''7,335

3,596

Other
bonds
2/

u. s.

savings
bonds

Treasury
savii^s
notes

Armed
forces
leave
bonds

Special
Issues

Treasury
bonds.
Invest-

ment

Other

2/

serlee
180
166

56,173

1.9,035

59,0li5

51,367

6,711
5,560

161.

59,506
62,839
67,51*

53,271.

lt,39l.

56,260
57,536

l.,86o

57,572
57,685
57,886

7,818
6,612

121.

80,281
78,717
76,073

53,1.27

180

57,206

1.8,692

8,01.3

21,016

131.

77,562

57,9ltO

21,013
21,012
21,009

121.
121.

77,653
77,7l«

121.

77,037

17,2li9
17,2ii8

I2I1
121*

76,91.4
76,1111

17,2115

12U

76,073

17,21.3

107
107
107

76,252
76,U63
76,982

107
107
107

1.27

22,332
27,366
30,211
32,776
32,356

1,793
563
396
297

95".

325
316
369

954

285

1.7

14,526
lli,0li6

319
373

13,288

IU.7

37,739
40,538

1.71

20,897

5,770

13,1.50

1.03

39,150

58,131.

5,676

13,1.1.0

1.02

58,268
58,371

5,61.2
l.,879

13,'.33

399
UOO

39,097
39,302
39,354

58,1.13

11,798
l*,793

13,31.0
13,301.

393

39,1174

39I1

•,1.53

39,710
40,538

8,1.72

'>,'*53

959

3't,653

Debt peak:
Feb. 19U6,

1952-Dec

. . .

1953-Jan...,
Foh...,
Har...,

Cot...
Hot...
Dec...

2f5,323

265,1189

263,9116
271,11.5
270,71.1.

271,291
273,128
272,881

230,009
230,157
229,785
230,l«)3

232,115
231,68U

ll»8,lili5

153,691.
152,801.

152,977
151., 726
15^,631

J.9,508

19,509
19,509

19,5U

15,851.

59,359
59,358

Source: Daily Treasury Statement.
1/ Issues vhlch ccmmarclal banks (banks accepting dansixl depoaits) are not
permitted to acquire prior to specified dates, except that: (1) concurrently with the Uth, 5th, and 6th War Loans and the Victory Loan,
they vere permitted to subscribe for limited Investment of their
savings
depoaits; (2) they may temporarily acquire ouch Iceues through
forfeiture
of coUateral; (3) they may hold a limited amount of such Icaues
for

57,920
57,886

13,387

13,288

I1I.7

l.,706
l.,977

13,231

I.W.

13,191*

1.1.1

5,639

13,088

1.59

77,li27

6,258

77,389
77,053

6,201.

12,939
12,927
12,906

1.52

57,871
57,851
57,795

57)710

6,026

1.51.

1.16

40,594
40,988
40,958
40,888
41,013
41,197

trading purposes
Bank restricted bonds may be redeemed at par and
accrued interest upon the death of the owner If the proceede are used
to pay Federal estate taxes. For the date when each euch Issue
beccoies bank eligible, see "Debt Operations", Table 1.
Consists of postal savings and Panama Canal bonds, and also conversion
bonds prior to 1947,
Ccmslste of depositary bonds.
.

17

Februuni 1954
.

DEBT ODTSTAHBUCr AHD GEBEE?AL FUND

,

Table 3.- Sp>ecial Issues to United States Government Investment Accounts
(In mlllionB of dcllara)

.

-

.

.

IS

Treasury Bulletin
.

DEBT OOTSTAHDUC AHD GEHERAL FUND

Table 5.- Treasury Holdings of Securities Issued by Government
Corporations and Other Agencies 1/
(In mlUloDs of dollais)
Jul of
fiscal

Caatoiltj
Credit
Corporation

year or
nan til

X9W

11,673
n,gii6
2,789
6,851

19k7
19lt8

19^9
1950

8,1>23

Defease
Froduotlon
Aot of 1950
2/

1,301
510
1,669
3,193

9,097
9,636
12,196

2,555
1,970
3,612

1953-Jan.
Feb..
Nar..

10,709
10,953
11,079

2,lK)l

3W

2,608
2,763

3't5

11,331
11,902
12,196

Julr.
Aug..
S«pt.

11,959
12,532
12,832

Oot..

12,880
13,079
12,953

or..
Sbc.

Hotislng

and Eiane

Flnanoe

Mmlnletrator 4/

158
395

3">3

2,931
3, "n't

369
359

3,612

I116

3,'t68

too

3,798
3,962

U29

3,917

'•51

I),lli8

k70
501

3,9W

Public
Housing
ALnlniatratlon

Beccnatructlcn
Finance
Corporatlon g/

1,088
1,227

1,579
2,082
2,513

1,097
1,150
1,189

489
655
655

274
197
159

1,154
1,150
1,139

2,328
2,361
2,419

1,176
1,180
1,182

795
778
703

1,185
1,188
1,189

1,339
1,159
1,227

Ii2l>

OperatlcoB
AdalnlBtratlon 5/

964

l,0lt0

1(16

Forel^

360
347
362
337
349

516
971
91U
964

1^

1951
1952
1953

Apr..
Mar..
juDa.

Export
Import
Bank of
WaablngtOD
i/

2,472
2,495
2,513

Rural
Kleotrlflcatlon
AdJBlnls-

Secretail of
Agriculture

tratlcn

2/

9,205
9,966

Tannessee
Valley
Authority

other

750
550
244
226
100

44

207
178
270

65

57
56
54
32
49

1,751
1,950

114
131
171

39
34

183
184
183

1,895
1,895
1,895

147
171
171

3l»

628
678
655

183
183
159

1,950
1,950
1,950

171
171
171

3"»

718
1,015
1,281

1,8^^
1,'»56

1,5'«>

34
34

8/

247
247
247

34

270
270
270

3I'

1,232
1,373
1,U29

2,563
2,572
2,564

1,190
1,191
1,192

503
581
619

159
159
159

1,983
1,983
1,983

142
152
172

29

1,U66
l.SOk
1,502

29
29

2,547
2,514
2,488

270
270
294

1,194
1,195
1,196

588
532
537

159
159
157

2,033
2,033
2,033

202
202
241

29
29
29

294
294
321

_L
Soapoes:

1/

2/

Dallj Treasury Statanent.
The securities shoim In tUe table vera Issued
to the Treasnrr to finance OoremiMt oorpca^tlona and other
aganclea, vlth the Treasury
necessary funds through public debt operations.
To
^^^J^.^^.""'
avoid dupllcatloi, these securities a«
not Included In tte euaranteea
guaranteed
debt outstanding as shorn In preceding
tables
Seourltleeoonsist of notes of the Secretary
of the Interior (Defaose
Mi««|Jlsaj^or«lc^ MMlnlstratlai), Export-Jiport Bani ofwifhS^,
*^
'^""^
^"^'"^
Mialnlstratlon
(to vhomlhe
nnotlans of??^r>!5
the Defense Materials Pxocura«nt
Agency were transferred

J^^?^

tlM of the Seccnstructlon Flnancs Corporation
under this act ware
teansferred pursuant to Public Lax
163, approred July 30 1<«^
^^' md
BlecutlTe Orter Bo. 10499, dated Septeiber26
'
1^?)
Eloludee securities lss»ed under Defense
Prodictloo Act
Ccoslsts of alum clearance program;
Federal Hatlonal >fart«>Re Associa''"'^' transfe!!^S^1^e "
Finance Corporation beginning 3ept«,a«r
1950; and ""»"«
houBlng
loans for educational Institutions,
beginning JUI7 I951.

3/
»/

^"L'^L'^l^J^ ^""^ ^°^

J^S^l

This Adamietratlon superseded the Mutual
Security AgMioy on
August 1, 1953, pursuant to Reorganization
Plan Bo 7 of 1<«^ an/l
KiecutlTe Order 10476, dated Au^t
1, 1953.
6/ Kicludea securities Issued under Defense Pr^uctlon
Act of 1950beginning Decaaber 1953 excludes also
securities Issued under
Federal OlTll Defense Act of I950, Alch
are Included under "Other"
Reconstruction Flnanoe Corporation actlrltles
under the CItU Defense Act have bean transferred to the
Secretary of the Treasury
pursuant to Public Law 163, approved July
30, 1953
For Fameire • Hc» Administration progran
"^ ^"^"^ '"' «°rt8«e» Corporation end
i""^
Corporation prior to 1950, TlJBln Islands
Canrpany
Of the Anw (Hatural Fibers Revolving
^«?"*«^
J'Sfi?'
Treasury, beginning Deoeaber 1953 (see
°^
f^tlh 6); end advances under asrea«ent with Veterans'
footoote
AdnSlstrallon for direct loan program beginning
August 1950
2/ Botes ontetandlng In the soonnt of $9,365 Bllllco, 'incHiing
mtapen June 30, 1948, pursuant to the G<,veT^t
corporetlons Appropriation Act, I949 (62 Stat.
II87).

^^

^

hZ^-^.'^*~

TSJLS^

^ ^"y^

^

r^T °™"^

Table 6.- Status of the General
Fund of the Treasury
(In mllUons of dollars)

Bunion, coin, and

End of fiscal
year or month

currency
Gold

1946
1947
1948
1949
1950

,

,

1951
1952
1953

1952-Decaaber,
1953-Jan\uiry..

February,
Marohs...

April....

"V
Jime
July
August...
Septeaber
October,
Bovenber.
Dsoinber.

14,708
3,730
5,370
3,862
5,927

160
1,023
1,073
1,022
1,052

7,871
7,481
5,096

1,046

6,582

6,278
6,564
7,351
•,099
4,086
5,096
9,115
8,113
7,854
5,481
6,292
5,014

Otter
243
232
191
219
191

Fund)^

icvniani

Treasury Bulletin

20

,

Table 7-

-

DEBT OTTrSTANIiIRJ AND GHJERAL FUUD

Public Debt and Guaranteed Securities Outstanding by Months - (Continued)
(B^

rear

,

of month, in mlUlans of dollars)

:

:

,

21

Februani I9i4

STATUTORY DEBT LIMITATION
The Second Liberty Bond Act, as amended, ( 3I U.3.C.
provldee that the face amount of obllgatlone Issued

757 b),

and the face amoujit of
under authority of that act,
obligations guaranteed ae to principal and Interest by
the United States (except guaranteed obligations held by

the Secretary of the Treasury),

aggregate 5275 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 Included In the statutory debt limitation at current

redemption values.

shall not exceed In the

Table 1.- Status under Limitation, December 31, 1953
(In mlllicaiB of dollars)

^ the

Mazlmim amount of eecurltlea vhlcb ma; be outatandlDg at any one time, under llmitatlcaa Impoeed
of Juna 26, 1946 (31 U.S.C. 757 b)

act

275,000

,

Anount of eecurltlea outatandlng aubjeot to aucb statutoz? debt limitation:

27^,59^

U. S. Crorezmiaiit securities Isoued under the Second Liberty Boi^ Act, as az[Lended

G^uaranteod eecurltlea (excluding those held by the Troaaury)

76

Total azaount of securities outatandlng aubject to statutory debt limitation

27l*,67l

,,

Balance laauable under limitation

Source:

329

Bureau of the Public Debt.

Table 2.- Application of Limitation to Public Debt and Guaranteed Securities

Outstanding December 31, 1953
(In mlUlonfl of dollars)

Class of eec'jrlty

Subject to
statutory debt
limitation

Public debt:

Interest -bearing securities:
Marketable
Treasury blUs....
Certificates of ludebtedneea
Treasury notes
Treasury bonds - bank eligible
Treasury bonds - bank raetrlotod l/.,.
Postal saTlngs and Panama Canal bonds.

Total marketable.

Konmarketable
U. S. aavlngs bonds (current redemption value).
Treasury savings notes
Depositary bonds
Treasury bonds inreslaiiant series
,

Total nonmarketable

Special Issues to Gorammant agencies and trust funds.
Total interest-bearing securities
Matui'ed securities on which interest has ceased

Debt bearing no Interest:
United Statea earlnga stamps .^
£xoese profits tax refund bonds
,
Special notes of the IMJted States:
International Monetary Fund Serlec
United States notes (less gold reserve)
Deposits for retirement of national bank and ITederal Peserve Bank notes.
Other debt bearing no Interest

Total debt bearing no Interest.
Total public debt.

Guaranteed securities:

2/

Interest-bearing,
Matured

Total gupranteed securities.
Total public debt and guaranteed securities.

19,511
26,386
31,'vo6

63,820
13, 1*00

Hot aubject to
statutory debt
limitation

Total
outstanding

.

Treasury Bulletin

2?

.DEBT OPKRATIOHS.

Table 1.- Maturity Schedule of Interest -Bearing Public Marketable Securities
Issued by the United States Government
and Outstanding

December 31,

1953^

(In mlllloDs of dollars)
Aaount of maturities
Tsar
aal
BCQth

Dasorlptlcn of aecurit; 2/

FUsd
raatu-

ntj
iBSUSS

Callable issnss
classified b;
year of:

First
call

Final,

aturlty

19»
Jan,

2-lA* Certificate

Apr..

Bills.
2lt

Zi

rear
and

Description of security 2/

nanth

Fixed
maturity
Issues

2-3/8* Bond
2-7/8* Hote

3/15/57-59
3/15/57-A

2,997

'./l/57-EA

531

Callable Issues
classified by
year of:

First
call

Final
aaturlty

927

6,00ll
-

Bills
1-3/8* Hote
2-1/2J Certificate (Tax
Anticipation Series)

June.

ir<3ue8

become
bank
eligible
3/

Anount of matoritles

1957
Mar.

6,003
Bllla

Date
bank restricted

2/15M-A

8,111.

Apr.,

6,003

Oct.,

i/iJM-A

'',675

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

-

IO/1/57-BO

Total
3/22/5Jt-C

821.

1»,352

927

5,902
1,502

Bond k/
Bond

y
U

2-1 A* Bom
2%
Bond
2-1 A* Bond k/
2-5/8* Certificate

12/15/51-55
6/l5/52-5l»

510

5,8e5

6/15/52-55

1,501
8,662
681

12/l5/52-5Jt

6/15M-56
6/I/5I.-B

Aug..

2-5/8* Certificate

8/15/5I.-D

2,788

Sept.

2-5/8* Certificate

9/15/5^ -E

lt,72lj

Sec..

Bond
2*
1-7/3* Bote

12/15/52-51*
12/l5/5lt-B

1958

l.,858

8,662

Mar.

2-1/2* Bond

-

3/15/56-58

Apr.

1-1/2* Hote

-

U/1/58-EA

383

June

2-3/8* Bond
2-3A* Bond

6/15/58
6/15/58-63

U,21.5

Oct..

1-1/2* Hote

10/1/58-BO

Dec..

2-1/2* Bond

12/15/58

8,175
6lt,573

11,35'.

8,662

Total

1,1*9

919

2,368
7,01.1

919

1M9

1955
Mar.

June,

Dec.

1-1/2* Note
2-7/8* Bond

3/15/55-A
3/15/55-60

2-1 A* Bond

6/15/52-55

2*

Bond
l-3/l«* Note

12/15/51-55
12/15/55-B

5,365

1959

2,611

Mar..

2-3/8* Bond

3/15/57-59

June,

2-l/'t* Bond

6/15/59-62

Sept,

2-3A* Bond

-

2-l/U* Bond

-

927

1,501

5,277

510

6,85U
12,219

2,6U

9/15/56-59
9/15/56-59

982
3,822

2,011
Dec.,

2-1/1.* Bond

12/15/59-62

Total

3,1.66
8,71.3

5,730

1956
Mar..

2-1/2* Bond

3/15/56-58

Apr..

1-1/2* Bote

"i/l/se-SA

June.

2-1 A* Bond

6/15/5^-56

Sept.

2 -3 A* Bond
2-lA* Bond

9/15/56-59

1-1/2* lots

10/1/56-iB

Oct..

Total
Footaotee at «id of table.

1,1.49

1,007
681
982
3,822

9/15/^-59
550

1,557

6,252

i960
Mar..

2-7/8* Bold

Dec..

2-3/1.* Bond - 12/15/60-65

1,1.85

Total

1,1.85

681

(Continued en foUovlne page)

-

3/15/55-60

2,611

2,6li

Date
bank restricted
Issues
bee one
bank
eligible

3/

Febmani I9i4

23

.DEBT OPERATIONS,

Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securit les
Issued by the United States Government
and Outstanding Decen±)er 31, 1953i/ - (Continued)
(In Bllllans of dollars)

Treasury Bulletin

2U

.DEBT OFDiATIORS.

Table 2.- Offerings of Treasury Bills
(Dollar aiomita In mlHionfl)

Februani

Treasury Bulletin]

26

.DEBT OPERATIONS.

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

'e

Called or maturing aecurity 1/

Date of
refund ii%
or retirement

Dispoaition offers
by Treasury
Ajnount

Issue
date

Description

outstanding

Ca£h
retirement

Exchange
security
offered

Results of exchange offers
Turned
Exchanged

(Is BlUlona of dollars)

"•/l/jl

6/15/51

2-1/2% Bond

6/15/67-72
12/15/67-72

2-1/2^1 Bond

2-3All Bond
l-l/li* Hot*
l-l/k)l note
l-l/kjt Sote

6/15/51-51.

7/1/51-B
7/1/51-C
7/1/51-D

6/1/1.5

U/15A5

6/15/36
3/1/50

7,967
11,689

19,656

19,656

1,627
2,71.1

l'/l/50

386

6/1/50

I.,8l8

Total
8/1/51

7,967
11,689

10,072

1-l/U* lote

8/1/51-1

7/1/50

5,351

9/15/51

3i

Bond

9/15/51-55

9/15/31

755

10/1/51

l-l/l>% Iot«

10/1/51-A

2/1/50

1,918

10/15/51

l-l/k> Bote
l-l/k» Bote

lO/15/51-r

9/15/50
10/1/50

5,9l'l

U/l/51-0

Total

5,253
11,101.

12/15/51

2-l/li» Bond

18/15/51-53

12/22/39

3/1/52

2-l/2jt Bond

3/15/52-5*

3/31/lH

1,021.

3/1/52

1-7/fl* Certificate

"•/l/SS-A

6/15/51

9,521.

6A/52

2-1/2* Bond
2-1/Zf Bond
2-1/2)1 Band
2-1/2* Bond

3/15/65-70
3/15/66-71
6/15/67-72
12/15/67-72

ll/l5/'>5

1,118

2/l/W.

5,195

12/1/1.1.

3,lt8o

6/IA5

1,999
1,072

Total

14,71.6

7/1/52

1-7/8)1 Certificate

7/1/52-B

8/1/51

5,216

8/15/52

1-7/6* Certificate
1-7/8* Certificate

8/15/52 -C
9/1/52-D

9/15/51
10/1/51

1,832

Total

583

2,lll6

10/1/52

1-7/8* Certificate

10/1/52 -E

10/15/51

12/1/52

1-7/8* Certificate

12/1/52-r

12/15/51

1,063

2/15/53

1-7/8* Certlfloate

2/15/53 -A

3/1/52

8,868

6/1/53
6/l5y^3

1-7/8* Certificate
2*
Bond

_6/l/53-B

7/1/52

l.,963

6/15/53-55

10/7/1.0

Total.

10,861

725

5,688

8/15/53

2*

Certificate

8/15/53-0

8/15/52

2,882

9/15/53

2*

Bond

9/15/51-53

9/15A3

7,986

12/1/53

2-1/8* Note

12/1/53-A

10/1/52

10,01.2

2-lA* Certificate

2/l5/5'<-A

2/15/53

8,11U

1-3/8* Note

3/l5/5k-A

12/l5/'>9

l»,675

6/15/52 -5U
6/15/52-55
6/15/5^-56

6/26/W.
2/25/1.2

5,825
1,501
681

2/15/51*:/

2*

2-lA*
2-lA*

Bond
Bond
Bond
Total.

7/22A0

6/

20,796

Source: Bureau of the Public Debt.
1/ Original call and maturity dates are used.
|/ All by InTestora other than Federal Reeerre Banks
i/ These nonoiffkotable bonds, dated April 1, 1951, aAd maturing
excha,.geable for 1-1/2* marketable Treasury
notea;
sS'T.M.^r';^
^'^' reopening, tie Investment Series
™;
i*
'"^ '"" """^^rlptions aa well aa exchange/Sd
°"^
fh
°'" "°^' "-^"^rlptlon had
to belaid In cash.
1./
?^e 2^.^?^,°°:
=f'"^l°«/>«>«t 15,
were reop«.^ for the
?^.^.r
December 1, 1952, refunding (see Table 1953,
3).

wl

n^,^

^V^^

'"^^
r fo^f

^

In

for
ca^h 2/

Description of new
security offered

-

.,.

February }95-t

21

.UNITED STATES SAVIMGS BOltDS.
United States savlngB bonds were first offered In
Series A-D
Miirch 1975 and began to mature In March 19'<-5-

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

were sold between March I935 and the end of April I9IH,
were first offered In May 19'H.
and Series E, F, and
When Series E began to mature on May 1, 1951» owners of

May

To redeem
the matured bonds were offered three options:
the bonds In cash In accordance with the original terms;

holders of Series F and G which began to mature In Jemuary

to retain them with an extended maturity of 10 years at

bonds.

specified rates of Interest accrual; or to exchange them
bonds.
A number of changes became effective
for Series

amounts outstanding at current redemption values.

Series G,

and E are Included at face value throughout.

Matured

May

The principal ones were:

1952.

1,

The rate of

For the exchange offering made to holders
1, 1953.
of these bonds maturing through December 3I, 1953. see

the May 1953 issue, page A-1.
195*^ to

The Treasury Invited

reinvest the proceeds In other series of savings
In the tables which follow, Series A-F and J sales

are Included at Issue price and total redemptions and
H,

Interest accrual on Series E was Increased, especially for

bonds which have been redeemed are Included In redemptions.

the near term,

with corresponding changes In extended
were replaced by two new
Issues, Series J and K, also at higher Interest rates.

Matured F and

Series E; and Series F and

Interest-bearing debt until all bonds of the annual series

A new new current -Income bond, Series H,

return to Series

E.

similar In Interest

was offered beginning June 1.

bonds outstanding are Included In the

have matured, when they are transferred to matured debt
upon which Interest has ceased.

For

Table 1.- Sales and Redemptions by Series, Cumulative through December 31, 1053
(Dollar auounts in mllllcus)
Accrued
discount

Series A-D l/
Series E and E
Series F, G, J, and K,

1,05U
7,500

Amount outstanding
BedemptiODB
Interest
bearing debt

Matured debt

BedeciptlonB of interestbearing series as
percent of sales plus

accmed discount

82

l.,921

5,003
78,963
29,862

''2,300

6711

8,67s

21,0lt7

11*3

9,228

113,827

55,893

57, no

225

29,188 2/

HA,599

Total A-K

Source!

3,9^9
71,1*63

SaleB plus
accrued
discount

36,663

2/

Dally Treasury Statement; Office of the Treasurer of the U. S.

53.57
25.80

Footnotes at end of Table U.

Table 2.- Sales and Redemptions by Periods, All Series Combined
(In millions of dollars)

Accrued
discount

Redemptions 2/

Sales plus
accrued
discount

Amount outstanding
Accrued
discount

Sales
price

Interestbearing debt

Matured debt

Fiscal years:
1935-191,5

53,769

8,181*

573

10,181*

6,717

8,098
6,579

691

5,51*5

5,321*

5,113
5,067

1*,8I*5

5,1*22

6,137
5,109
5,621

5,609

528

l*,6i*0

1*69

5,072

51*8

137
185
237

19''7
191*8

52,783
9,612
7,208
6,235

19^*9

7,11*1

927

1950
1951
1952
1953

5,673

1,01*5
1,11*9

igiie

85
138
221
268

1*5,586
1*9,035

1*,721

31*6

l*,9lt5

1*77

56,260
57,536
57,572
57,685
57,886

1*,562

1,207
1,229

7,899
7,039
8,068
6,718
6,292
5,132
5,791

58,353

1,251

59,601*

11,380

11,21*1*

7,1*27
6,691*

61*0

8,067

6,1*27

71*2

7,1*36

5,126

6,21*3
l*,389

872

8,167
6,815
7,178

5,11*1*

I*,

81*0

303

5,101

1*,708

391*

5,81*0

5,323
5,150

517
501
509
597

5,11*3

3,925

80I*

18

51,367

1*0

53,271*

59
73
92

212
122
91

Calendar years:
1935-19115

19h6
191*7
191*8
191*9

1950
1951
1952
1953
Months:

1*8,183
1*9,776

52,053
55,051
56,707
58,019
57,587

203

57,91*0

106
225

7,295
5,833

981

6,071*

1,101*

3,961
It, 161

1,181
1,220
1,237

5,11*2

5,651

5,381
6,037

5,071*
6,11*9

1*,565

627
500
531

1*35
369

1*3

58,131*

1*8
1*8

58,268
58,371

1*,800

5,552

1*1

87
122

57,710

11*6

229
152

1953 -January...
February.

1*11*

122
86

March

WtO

91

1*30

392
321
382

April
May
June

383
371
370

85
101

1*67

1*27

382

1*5

58,1*13

1*72

968

908

135

505

51*2

1*87

59
56

57,920
57,886

July
August . . .
Septonber

1*02

121*

527

51*1

525

371
368

87
88

1*58

1*80

1*23

1*56

511*

1*58

171*/
58
56

57,871
57,851
57,795

90
89
87

October...
NoToober..
December..

38I*

83

1*67

69

99
137

1*67

U89
U38

1*20

369

391

1*8

560

511*

I16I*

50

57,775
57,806
57,710

225

501*

1*23

1*/

103
100

98
96
93

91

85
83

Treasury Bulletin

28

.UNITED

STJffiES

SAVINGS BONDS.
1

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

..

February /9?4

29

.UHITED STATES SAVUCS BONDS.

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

(Continued)

(In miUlGoia of dollara)

Accrued
discount

Bedemptlone 2/ i/

Sales plus
accrued
discount

Sales
price

Accrued
discount

Amount outstanding (interestbearing debt)

Fiscal jeara:
35.37''

Ul8

6,668

6,739

l'3l'

35,792
7,173

6,69lt

igw

5,912

19^7

11,287
li,026

'',821'

'',391

5, SI'S
lt,288

'',659

3,993
3,272
3,266
3,700

536
633
753
895
1,035
1,111
1,120

3,825
3,530
3,521

ISitl-W"*?

igw
witg
1950
1951
1952
1953

11,278

5,032
l»,887
'',307

'',295
"t.ooe

'',377
11,821

11,032

3,689
3,368
3,326
3,987
3,583
3,532

26
69
103
136
162
195
307
''25

500

29,097
30,358
30,791
31,625
33,127
3'',l'9't

3'',506
3'',875
35.661t

Calendar years:
19l»l-19lt5

39,680

615

U0,295

19116

li,U66

''93

19'*7

1<,085

'',959
U,66l4

19U8
19^9
1950
1951
1952

l»,22ll

208
3,668
3,190
3,393
3,906
It,

1953

9,568
3,930
3,728

9,517
5,330
3,813
3,575

53

3,l'l»8

3,27''

17''

30,727
30,263
30,997
32,188
33,766

lt,639

3,912

21*5

3'',''93

U,270

SW

3'',

',513

11,036
11,098

1(76

35.1''3

5,03lt

l',ll'l

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

531

36,036

505
toS

W3

320
250
306

35,287
35,'«»

8it

361
295
352

Ul

80

317
299
307

579
696
818
971
1,080
1,120
1,128

5, ''23

920
5,025
It,

93
116
15''

727

Months:
1953 -January.

108

Februaz7.
March. .

397
329
359

April
May
June

320
309
309

July
August.
September

327
309
301

October,

..

313

Ncvr amber.,

299

December.,

33''

76
92
125

.

.

78

397

360

91

1«)0

3lt3

123

^32

353

109
81

lt36

357
329
378

83

390
385

389
391

351
312
350

l»59

Series H

'•S

k6

35,''91

'•3

35,528
35,585

"'7

35,661*

15 Ji/
51

35,7''2

287
268

611

35,81*8

Wt

307

Its

35,927
36,036

278
329

35,803
35,810

^

Fiscal years:
1952
1953

30
360

30
360

i8e
1*62

182
U62

30
385

Calendar year:
1952
1953

181
627

16

16

1
1

1
1

257

1
1
1

1

321*

Mentha:

1953-Januai7
February
March

AprU
May
June

''3

1.3

3I'

3''

37

37

32
31

32

31

31
31

July
August
September

^3

1*3

37

37

1*2

1*2

October

1*3

''3

Hoveoober

111

I'l

December

1*7

''7

Footnotes at end of Table U

221'

2911

1

35''

1

385

1
2
2

1

''26

2

1*62

2

502

2
2
2

2
2
2

5U3
582
627

..

,

Treasury Bulletin

30

.UNITED STATES SAVUKrS BONDS.

Table 4.- Redemptlone of Matured and Unmatured Savings Bonds
(In BiHIlons of dollara)

Matured bonds

Unnatured bonde

Period 6/

Total
matured

Series
A-D

For
casta

In exctaange
for Series G
or K

Series
F and G

Total
unmatured 2/

Sales
price 2/

Accrued
discount

Fiscal yeera:
1951
1952
1953

Calendar jeara:
1950
1951
1952
1953

6,137
5,109
5,6ei

817
792
1,761

779
90
31

5,8UO
5,651

987
772
1,015
2,318

987
522

5,07't

6,lli9

1.7
2l»

38

37

702

69k

1,128

1,126

250
968
1,328

2ll5

602 8/

5,320

U,996

321.

".,317

4,01.6

3,860

3,622

271
238

l.,853

1,326

3,806
3,613

270
308
253
217

257
323

317
238
302

18
19
21

321
383
289

303
365
269

18
18
20
6
23
23

".,879
'.,059

962

3,831

967

"•,583
l.,571

Moothj:
1953 -January..
February.
Hsroh. .
.

101
112
107

98
109
105

106
585
253

104
121
110

5^1

72

l*8o

200
179

37
118

1*35

369
l»30

AprU

iiay

Maj
Juna

968
5li2

Julj k/..
August.
September
.

October,,
NoTamber,
DecoBber,

51U

113

l>89

21.8

180

"138

159
197

U7

51'>

116

Source: Dallj Treasuir Stataiunt,
1/ Details by series on a cumulative basis aikl by periods for Series A-D
coobined vin be found in the February 1952 and previous issues of the
"Treasury Bulletin"
2/ Includes exchanges of matured Series E bonis for Series G bonds beginning May 1951 and for Series Z bonds beginning May 1952.
3/ Includes both matured and unmatured bouls; see Table k,
\j Because of a change in procedure In July I953 for processing redeemed
esTings bonds, ttae amount of redeaaptlons not yet classified at the end
of July as between matured and unmatured vas larger t^an normal. This
situation vas reversed in subsequent months as these redemptions were

98
109

331.

101.

lou

121

1.61

no

11.1

8/
5/

37
118
113

31.

8/

80

180
117
116

l»70

1.63

280
335

257

66

21.1

1.0

280
318

221
265

61.

79

312

302

20
15
16

classiflod. Since 'Uie imclaaslfled redeaqitlons are Inclikled In these
tables at Issue price, the relation between issue price wnrf accrued
discount Is soBieiriiat distorted also.
Sales began June 1, 19^.
Canq»arable data are not ttvallable prior to January 1950.
Includes reden^lons not yet classified between matured f*r^ unmatured.
Includes exchanges of Series I9U1 F and G savings bonds for Treasury
3-1 A* boola of 1978-83,
Leas than $^00,000.
PrellJBdJTaiy.

...

31

Februarii /9T-f
.UNITED STATES SAVINGS BONDS.
1/
Table 5.- Sales and Redemptions by Denominations, Series E and H Combined
(In thousands of pieces)
Total, all
de n rgnInationa

$10 2/

$25

$50

$100

$200 1/

$500

Fiscal years;
882,683
165,039
71,356
58,971

9,223
8,505
2,095
522

611,576

39I*

1950
1951
1952

61., 301.

335
1

1953

8o,U85

19l»l-'<5

191*6
19lt7

19U8
19^9

61*

,299

7l*,136

623,733
112,071

128,o8U

1*5,876
36,11*6
39,1*00

10,896
9,901

39,150

U,8iil
11,786
13,129
11*, 372

8,651*

1W*,232
13,757
10,099

1*1,751

50,701
51*, 380

21*, 271*

11,1*25

100,769
11*, 693
7,803
7,777
8,550

1,311
801
816
916

7,559

917
786
720

8,2U

79U

110,832

769
918
803
879
933

7,61*9

11,753
2,065
1,61*5

1,571
1,569

Calendar years:

992,118
93,502

11*, 963

191*6

19'*7

62,571*

97U

191*8

61,313
65,118

1*35

371

697,925
62,769
39,219
37,659
39,572

62,929
68,069
77,271
81*, 390

11*1

39,050

11,660

3,253

1

1*5,661

12,11*8

7,1*30

52,808

13,773
15,235

7,721
8.606

5,167
U,l86
5,268

1,356
1,086

805
665
781

83

1,231
1,213
1,261

703

68
68
68

191*1 -'t5

19'*9

1950
1951
1952
195? B

i*,191

56,71*3

10,61*0

11,826

8,1*92

7,650
8,2U6
8,688

865
738
726
81*3

Months:
1953 -January .

, .

Fehruflxy

7,71*3

6,283
7,811

March

1,1*25

April
May
June

6,866
6,808

U,625

6,91*3

11,691

July
August .....
September.
October.
November p.
December p.

7,011
6,736
6,786

i»,695
11,51*1

1,270
1,216
1,260

7,035
6,866
7,502

1>,736

1,286

U,659
5,035

1,21*9

1,381

713
689
695
709
676
766

Inception to date p

1,567,783

1,071,1*06

21*3,370

175,918

. .

it,6oe

11,531

21,076

6911
701*

68
71*

72

67
67

70
65
71*

7,1*73

23,895

$1,000

$5,000 k/

$10,000 kj

,

Treasury Bulletin

32

.UNITED STATES SAVIMCIS BONDS.

Table 6.

-

Sales by States, Series E and H

y

Combined

July

Aug.

(In ttaouaaodja of dollare at Ibbuo prlco)
1953

iDceptloD

throi^
Boo. 31,
1953

Apr.

Alobaaa
ArlzoiA

2U7

8914

1,316

Arlcaiuaa

'»35,656

2,671*

5,212,217
561,106
1,179,617

18,977
3,076

l6l,6oli

CaHfomla
Colorado
Comiecticut
Delawaro
District of ColuiBbia
Florida

737,5'tO

3,3l^l*

5,1*61*

992
30,232

3,1A0
6IA
27,257

3,751
570
36,326

3,906
559
30,298

9,922
8,553
3,655

9,717

11,616

10,571*
6,261*

8,51*2

931*

696

3,1*01
l*,250

3,31*2

789
3,723

1*,1*93

1*,902

Indiana. ..........*.
lova
Eanaas ..............

1,850,121*
l,09l»,128

7,291*

9,839
9,388
9,381

11,169
11,795
12,269

10,205
7,586

757,221*

U,lt61t

l*,Ui6

1*,095

736,638
290,725

3,1*32

3,051*

1,133

1,198

2,916
1,080

883,0Wt
2,202,732
3,779,620

l*,80l*

l*,030

l*,6ol*

10,1.81.

3,735
2,889
1,01*6

9,751

8,167

8,1.96

•,632
8,0Ul

2lt,9ei

17,1*08

23,lA2

21,01*1*

7,186
2,597
12,228

6,051*

1,880,733

10,873

6,025
1,952
10,956

6,262
1,872
10,625

353,502
968,997
79,927

2,510
7,035
307

2,199
8,593

2,258
8,283
316

1,71*3

Rev Haapehlre
Raw Jersey.
Rev Heilca

181,309
2,631,712
163,252

98I*

5^5

16,191*

13,1*25

881*

918

Row Yoric
Rortb Carolina
Rorth Dakota

8,509,823

50,161

36,338

861*,525

1*,101

3,801.

367,871

2,325

1,960

Ohio
0)rT nhrmn
Oregon

't,332,7W*

21*, 078

21*, 511*

862,363

7,101*
2,61*2

6,71*9

773,1*38

PeonsylTanla.
Riode Island.
South Carolina

5,586,880

35,670

31,097
1,267
2,052

South Dakota
Tenneasee
Texas
Utah
Vermont
Virginia

Washington
Went Virginia
Wisconsin
WycKlng
Canal Zone
.•,...
Hawaii
Puerto Rico
Virgin Islands
Other poeseasiona...

1,1*70

2,061

1*09,1*21*

2,287

795,177
2,622,023

13,113

286,397

1,735

103,11*5

1*1*1*

l,l8o,8oe

6,216

1,279,755
662,310
1,596,927

lt,992

11*6, 1*<^

l*,09l.

6,970
10,700
699

1*5,61*2

90

326,1*68

1*90

1*5,1*15

89

2,172

13

668
2,290
3,59^

3,517
3,855

61*1*

3,698
693

361*,03l*

l*,985

6U7
3,177
3,823

1,708

3,605
5,659

3l»,378

1*32,620

5,101*

17,358
3,1A3

799

Montana
nebraaka
Nerada. .............

'•,352

18,91*7
1,901*
l.,551

U,5l*8

3,1*57

1*50,1*20

18,639
2,579

20,686
2,807

in

3l*,l*l*9

1,1.76,325

22,1*57
2,81*1

2,
1*,958

1*,169

Mlnneaota
Mlssljelppl
Missouri

2,163
l*,885

21,601

3,''37
l*,500

903
28,652

Michigan

18,1*26

26,066

683

Maasaohufletta

20,082
2,776

2,068

Illlllola

Maryland

1,078
1,730

2,835

1,172
1,736

l*,670

Eentucl^. . ..........
Louisiana. .........
Maine

2,1*59

1,183
1,739

3,71*5

1,311*

829,912
202,127
5,580,128

12,958
16,235

2,71*7

3,050

1,606
1,901

1*,735

l,91'i,'»o6

2,890
978
1,988

2,311.

819
3,723

1*1,668

2,975
1,138
1,676

2,392
1,521
2,286

8U7,083

Idaho

Sept.

3,090
1,958
1,922

8lt2,150

Geoxigla

May

2,1*91*

1*08

2,378

2,51*2
3,81.1
13,1*81

13,131*

351

1*,029

639

738

3,1*61

3,121*

777
3,558

l*,5l*l*

3,731

'.,352

3,395
690
28,1*1*3

11,803
9,269

11,11*2

10,582

8,300
5,615

9,1*91

5,972

10,397
8,580
5,195

3,315

3,691*

lt,135

l*,158

2,701*

3,101
l,U.l

2,965

2,801
1,081

3,380
2,561

1,032

3,507
3,027
1,155

'*,560

3,92'*

l.,ll22

l.,152

1*,1*10

l*,729

1*,302

8,236
20,680

8,119
21,1*50

8,261
22,715

7,973
21,950

7,91*1
22,81*5

8,715
21,063

8,371
17,808

6,751
2,022

5,951
1,813
9,717

5,930
1,876
9,730

6,527
1,806
10,219

6,221*
1,81*8

1,592
5,870

1,1*91*

1,71*5

1*23

5,826
368

7,010
387

2,019
5,591

629
13,126
755

602
13,233
690

635

653

13,71*3

12,01*5

81*3

661*

35,165
2,986
1,309

32,1*61*

37,082
3,262
1,658

31,986
3,256

22,372
3,911

22,310

2,11*6

2,332

25,567
3,965
2, 180

3,700
2,992
1,091

5,328

8,358

5,359
1,80U
10,373

U.lOl

1,636
5,026
356

1,711
8,128
275

1,620
7,228
330

1,81*0

36,907
3,565
1,695

37,036
3,295
1,507

29,915
3,326
2,502
35,709

1,01*2

l*,93l»

3,958

1,11.2

8,617

31*2

553

61*2

12,1*1*2

11*, 01*5

873

1,023

35,775
3,185
1,310

3l*,l*27

1*2,127

3,000

3,l*2l»

1,1.28

1,1*55

21,622
.,750
2,626

23,261
1,838
2,516

21,658

21,859
5,033
2,211

25,660

30,1.78
1,331*

30,565
1,195
1,999

29,218

31,981
1,138
1,967

30,276
1,097

28,127

33,1*29

28,991*

1,131*
1,91*0

1,211*

2,071*

2,131

1,028
2,051

1,193
1,727

2,01*6

3,057
10,618

1,709
2,787
11,696

2,189
3,786
10,737

2,098
2,778

11,01*3

1,620
330

1,161*

1*18

1,038
350

5,827

5,1*76

5,201*

5,1*70

5,585

1,893

5,5l*8-

1,91*3

3,081.

2,570
2,725

11,293

11,1^

2,52i
3,632
10,758

2,131
2,831
10,220

1,008
301

1,239
279
5,272

1,500
285
5,808

1,1*20

322
5,121

5,01*6

1*,87'*

1*,037

3,1*75

3,218
7,319

3,120
8,111*

9,701*

1*17

709

81*5

1*,299
2,21.6

1,316
307
5,M*2

5,5n

5,006
3,896
7,37U
977

5,617
3,618
8,26U
600

117
1,157
176

177

Ipl*

151*

2,01*5

1,182
189
17

1,311*

209
5

123
1,295
196
6

200
1,108
181

lOl*

5

7

U

3,890
76I*

850

159
6

3,501

28,670

13,751.

2,720

63I*

713

660
12,706
601

1,1*83
2,171*

22,581
3,203
I*, 785

31,768

627
13,8W.
695

655

l.,l*l.3

1,1*72

7,679
773

3l*,l*68

3,11*6

1,279

1,693
3,227

'*,725

1,901*

10,190

1,322
318
5,736

1,089

'',336

1*,U69

3,81*7

5,013

3,538

3,587
8,577
651

3,269

3,1*82

3,1*1*1*

8,1*55

8,068
697

7,671
506

l>*5

171

87

1,121

51*3

1,1*60

U8

186

861
137

6

3

5

61*3

36I*

Adjuetanent to Daily

Treasury StataasQt

Total

+1,299,950

+32,756

19,806

+£8,^51*

+l*,867

tao,256

*21,077

+15,510

+16,296

+22,681

+17,806

+27,757

71,1*62,590

1*1*0,568

362,299

396,815

351,263

339,956

31*0,220

369,535

3l*6,267

31*3,21*5

356,791

339,11*5

Source: Daily Treeaury Stataisnt and reporta frcm Federal Rseerre
1/ Sales of Series B began Jtme 1, 1952.

February 1954

33

-TREASUEY SAVIN&S NOTES.
Treasury tax and savings notes have been Iseuea as
Tax Series A from August 1, 1941, through
follows:
June 22, 19't-3; Tax Series B from August 1, ig"!!, through
September 12, l^h2; Savings Series C (originally designated
Tax Series C) from September l!*, igl+S, through August 3I,
ig^g; Savings Series D from September 1, 19^, through
May l"*, I95I; Savings Series A from May I5, 1951, through
May 1^, 1953; Savings Series B from May I5, 1953, through
September 25, 1953; and a new Savings Series C from
October 1 through October 23, 1953, wl^^n sale of these
notes was suspended.

Details concerning terms and conditions for purchase
and redemption and Information on investment yields of
Savings Series C appear In the October 1953 Issue of the

"Treasury Bulletin", page A-1.

Similar Information with

respect to the offering of the earlier series was published

currently In the "Treasury Bulletin", and appears also In
the "Annual Report of the Secretary of the Treasury" for

appropriate years.
In the following tables sales and redemptions of
Treasury savings notes are showr at par value. Matured
notes redeemed (either for cash or for tax payment) are
Included In the figures on redemptions. Matured notes
outstanding are reflected In the Interest-bearing debt

until all notes of the annual series have matured, when
they are transferred to matured debt upon which interest
has ceased.

Table 1.- Sales and Redemptions by Series, Cumulative through December 31, 1053
(In nlllloau of dollare]
S«rloB

)

Treasury Bulletin
3"*

OWIKRSHIP OF FEDKRAL SECURITIES.

Table

1.

and Types of Issues
Distribution of Federal Securities by Classes of Investors
(

In mlUiooB of doUArs

Fobniuni 1054

35

_0WfE3?SHIP OF FEDERAL SECURITIES.

y

Table 3.- Estimated Ownership of Federal Securities
{Par values l/

-

tn bililona of dollars)

-

Treasury Bulletin
36

.TREASURY SURVEY OF OWRERSHIP, NOVEMBER 30, 1953The Treasury Survey of Ovmershlp coTsrs eeourltles

Information on the distribution of ownership by types

Issued by the United States Oovernment and by Federal
agenoiss. The banks and Insuranoe oompanles Included
In the Survey account for approximately 95 percent of

of banks and insurance companies is published each month.

such securities held by all banks and Insurance companies

bank classes and nonmember banks is published for June 30
and December "^1.

In the

March

United States.
31,

19tl,

Data were first published for
"Treasury Bulletin".

Additional information showing the holdings of commercial

banks distributed acoording to Federal Reserve member

in the May iglH

Section

I

-

Securities Issued or Guaranteed by the United States Goverranent
Table 1.- Summary of All Securities
(Far values - In mlUloos of dollars)

)

February 1954

37

.TREASURY SURVEY OF OWNERSHIP, NOVEMBER 30, 1953.

Section

I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities by Issues

(For TSluss

-

In

llUcna

of dollars)

Held by Inrestors oorered in Treasury Surrey
iBBve
(Tax status 8/ la etaoim in

pamthesoe

Total
aaount
outstand-

Treasury bills

(taxable)

Insurance ccmpanlee

526

7,«6
ccnaerclal
banks jj 2/

ing

utual
saTings
banks 1/

314

Ufe

602 fire,
casualty,
and Barlne

U. S.

GcTammaat

Inreslaent
accounts and
Federal Beearre

19,509

l*,298

95

337

109

2,419

8,lllt

1,819
1,561

18
29

8

858

3

106
96

3,695
1,154

5,902

2,951

55

23

51

14

2,788

1,201
1,778

21
66

8

90

lt,72lt

3

119

ISl
859

26,386

9,310

189

46

451

5,913

Certificates of Indebtedness:

2-lA* February ig^-A

(taxable)
(taxable)
igS^-C (Tax totlclpatlon
Series) . .(taxable)

2-5/8
2-1/2

June
March

2-5/6
2-5/8

August
195't-I)
Septanber igSlt-B

195'»-B

(taxable)
(taxable)

Total certificates of Indebtedness

I.,

Treasury notes:
2-l/85t Deconber

1953-A

10,01*2

1,208

25

•,675
5,365

2,1*03

1955-A

(taxable)
(taxable)
(taxable)

7
10

1955-B
1956-KA
1956-BO

(taxable)
.(taxable)
(taxable)

6,85U
1,007
550

2,51*5

October

1957-A
1957-KA
1957-EO

(taxable)
(taxable)
(taxable)

2,996
531

2,21*2

1-1/2

March
April
October

821*

9U

1-1/2
1-1/2

April
October

1958-EA
1958-BO

(taxable)
(taxable)

383
22

235

33,2'*9

12,5W

(toxBble)
(taxable)
(taxable)

510
5,825
1,501

(taxable)
(partially)
1955-60.... (partially)

8,662
681

2,611

1-3/8
1-1/2

March
March

195lt-A

1-3A

DecoBber

1-1/2
1-1/2

2-7/8
1-1/2

AprU

Total Treasury notes ...•.«..

3,731*

112
178

126

1

3,236
1,000
500

126
1
6

500
714

6
1*2

85

26

7,007
246

63
2

24

147

73

657

13,294

3U8
3,290
916

8
70
U6

18

19
149
54

8
465
101

5,586
596
1,930

85
2

17

»

230
26

289
«

3

1

77

36

30
33

10
46

35
79
38

30
61

8
287
37

339
105
1

16
518
320

37
584
754
1
51

265

13

1

Treasury bonds:
Bank eligible:
Deoanber
2lt
2
June
2-lA June

1951-55
1952-5'*

1952-55

December
June
March

1952-5'>
195't-56

2-lA
2-3A

March
September
September

1956-58
1956-59
1956-59.

(taxable)
(taxable)
.(partially)

l,Wt9
3,822
982

1,081*
2,81t5
921*

3

2-3/8
2-3/8
2-3

March
June
June

(taxable)
1957-59
(taxable)
1958
1958-63.... (partially)

327

1*60

l.,2l*5

2,809

20
176

46

3

1

2-1/2

Deeeuibor

I958
1959-62
1959-62

2

2-lA
2-7/8
2-1/2

A

..

919

(taxable)
(taxable)
(taxable)

620
5,278

1,163

31
821

3,1*66

i*ao

31'*

I96O-65. ...(partially)
I96I
(taxable)
1962-67
(taxable)

1,1*85

September
June

2,239
2,116

1,302
1,390
522

6
178
383

348

32
123
142

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

December
June

I963-68
I96U-69

Deceniber

I96I1.-69

(taxable)
(taxable)
(taxable)

2,827
3,755
3,832

185
223
108

700
1,231
809

526
695
1,023

250
178
190

368
429
559

2-1/2

Septenbar

1967-72
1978-83

(taxable)
(taxable)

2,716
1,606

1,788
106

160
135

22
126

46
33

167
159

62,07'*

29,31*1*

5,2'*8

3,582

2,8ffr

4,810

1*,720

1*8

81*6

2,962
1,892
3,827

1*2

1,197
867
49

180
128

67
160

Ull
252
l'*5

72

m

1,161
667
141
263

IS.ItOg

316

1.654

2,186

472

2,232

75,1*75

29,660

6,902

5,768

3,359

7,042

2-lA June
2-lA Decefflber
2-3A
2-3A
2-1/2

Deoaiiiber

3-lA J™o

Total bank eligible
Bank restricted: j/
2-1/2* March
2-1/2 March
2-1/2 June
2-1/2 December

1965-70
1966-71
1967-72
1967-72

Total bank restricted
Total Treasut7 bends
Foo^iotes at end of Section

H.

(taxable)
(taxable)
(taxable)
(taxable)
•..

1*97

1

302
334
6
52

(CcQtlnued on following page)

53

Treasury Bulletin
38

.TREASURY SURVEY OF OWNERSHIP, NOVEMBER 30, 1953-

Section I - Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities by Issues - (Continued)
(Par TaXues

-

In alllloDs of dollars)

39

Februarij I9i4
TPWfiP!!

Treasury Bulletin
ito

.MAIEET QUOTATIONS ON THEASUEY SECURITIES, DECIMBER 31, 1953.

Current market quotations shown here are over-the-

public marketable securities Issued by the United States

counter closing bid quotations In the New York market
for the last trading day of the month, ae reported to
the Treasury by the Federal Reserve BanX of New York.

Government except Panama Canal bonds. Outstanding
Issues which are guaranteed by the United States

The securities listed Include all regularly quoted

quoted In the market.

Government are excluded because they are not regularly

Table 1.- Treasury Btlls (Taxable!
Imomt

Februarii I9i4

ki

.MAEKET QUOTATIONS OH TREASXffiY SECUKETIES, DECMBER 31> 1953.

Table 3.- Other Taxable Issues
(Price daclaals are 32iils)

-

(Continued)

Treasury Bulletin

1*2

.MAEEET QUOTATIONS OH TEEASUKY SECURITIES, EBCIMBER 31, 1953.

ro

-

,

February 1954-

^3

.

AVERAGE

nZLDS OF WYC-TEm BONDS

Table 1«- Average Yields of Treasury Bonds and Moody's Aaa Corix)rate Bonds by Periods
(Percent por azmum)

Taxable
Troaaury
bondB

Moody's Aaa
corporate
bondo

Taxable
Treasury
bODdfi

Moody's Aaa
corporate
bends

1/2/

i/

1/2/

3/

Antmal aetrlee
19't2
19l»3

A7

19W
19^5
19"^
19^7

.37
,19

2.25

-

calendar year gtrei^^ee of

2.83
2.73
2.72
2.62
2.53
2.61

19'*8.

2M

19^9.
1950.
1951.
1952.

2.31
2.32
2.57
2.68

2.71
2.71
2.70
2,70
2.71
2,71
2.67
2.62
2.60
2.61
2.60
2.58

1951-Apr..,
May..,
Juna.,
July..
Aug.,,
Sept,,
Oct,.,
Hot..,
Dec..,

2.56
2.63
2.65
2.63
2.57
2.56
2.61
2.66
2.70

1952 -Jan.

2.7'*

Monthly aerlee

Hajr.

Z.h2
2.39
2.38
2.38
2.38

June
July

2.38
2.27

Aug.

2,2l(

Sept
Oct.

2.22
2.22
2.20
2.19

1949-Jan.
Peb.
Mar.
Apr.

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

Hay.
Ji2ie

July,
Aug.,
Sept,

2.20
2.2l»

2,27
2.30
2.31
2.33
2.31*

Oct.
Hot,,
Dec,,

2.33
2,36
2,38
2.38
2,39

1951^an.,

2.39

Feb.,
Mar.,

2,1»0
2,1*7

Period

2.71
2.70

1953-Jan..,
Feb...
Mar...

2.80
2.83
2.89

2,61*

Prom 12 to
20 yeare

iB^^t.h^y

2.82
2.66
2.62
2.86
2.96

20 years
and after

Moody's Aaa
corporate
bonds

aeries

1953.

2.98

1953 -^r..
May..
June.
July.
Aug..
Sept.
Oct..
Rot. .
Dec..

2.97
3.09
3.09
2.99
3.00
2.97

3.16

y

3.20

ayeragee of dally aqrlee

Feb.,,
Mar..,
Apr,,,
Hay,.,
June.,
July..
Aug...
Sept..
Oct,,.
Hot.,.
Dec,,.

2.57
2.58
2.58
2.60
2.61
2.62
2,65
2,61
2,67
2.67
2.67

.

-

Taxable 'Dreasury bonds,
due or callable - 1/

2.61*

2.87
2.88
2.9U
2. 91*

2.88
2.81*

2.89
2,96
3.01

5/

2.57
2,61
2.61
2,70
2,71
2,71*

2.71
2.75

2.%
2.85
2.79

3. 21*

3.23

3.26
3.29
3.25

i.2''
3,1*0

3.22

3.21*

3.19
3.06

3.29
3.16
3.11
3.13

3.01*

2.96

3.28

2,98
2.93
2.96
2.93
2.93
2.91*

2.95
S.Sh
2.95
3.01
2.98
2.97
3.02

3.07
3.12

2.66
2.66
2.78

Taxable Treaaury booda, Moody's Aaa
dua or callable - l/
corporate
boule
Frcm 12 to
20 years
20 years
and after

Period

Taxable Trooaxory bcodfl,
due or callable - l/

Frcn 12 to
20 years

20 years
and after

Moody's Aaa
corporate
booda

a/

Taxable Treasury bcods. Moody's Aaa
due or callable - i/
corporate
bonds
FrcB 12 to
20 years
2/
20 years
and aftar

Treasury Bulletin
44

.AWRPGE YIELDS OF LONG-TEI*! BONDS.

UJ

o

,

,.
.

.

Februanf I9i4

^5

.

INTERNAL REVENUE COLIi!CTIONS

.

Table 1.- Summary by Principal Sources

i/

(In tboueands of doUara)

Fiscal year
or month

Total receipts from
Internal
revenue
(Dally
Treasury
Statement)

Individual inccne tax end esrployment taxes
Adjufltanent of

collections
to Dally
Treasury
Statemant

Total
internal
revenue
collect ions

Corporatlco
Incoine and
profits
taxes 2/

1*3,800,338
1*0,671,922

16,027,213
12,553,602
9,676,757

19^5

1*3,902, 008

+101,661t

19'»6

'•0,310,333
39,379,'»09
Ul, 853,1*85
110,307,285

-361,589
•«71,136
-11,051

1*1, 861*,

39,108,273
536

10,171*, 1*10

-155,831.

1*0,1*63,119

39,Wi8,60T
51,106,095
65,63U,89U
69,930,655

+Ii91,li82

+66o,li09

+625, 502
+2Ul|.,llt5

11,972,366

-l«)5,912

19'n
19^8
19^9

1950
1951
1952
1953
1953 -January.
Fetruflry.
March.

6,150,309

-1,163,657

11,712,W(

+1, 1137, 829

3,900,238
li, 920, 068
10,117,195

-215,385
-1,090,318
+1,1*57,107

3,332,32lt

-lt20,53lt

'•,965,578
6, 199, It 13

-a20,lM)3
+1,851*, 1*76

October.
November,

2,717,561

Deceouber.

5,052,021

-1*85,266
-1,1*56,973
+l,95l*,212

.

.

April
May
June
July
August...
Septauber

'•,915,031

Individual
Inccone tax

not withheld i/

Individual
Income tax
withheld

Old-age
Infiuranoe

y

taxes kj

Railroad
retirement

Unemployment
Insurance

20,813,1*91

8,770,091*

10, 261*, 219

20,'t05,361*

8,81*6,91*7

9,857,589

1,307,931
1,237,825

2811,758
2811,258

186,1*89
178,71*5

21,367,662
23,379,123
20,527,935

9,501,015

9,81*2,282

1,1*58,931*

9,l*61*,20l*

U, 533, 577

7,996,320

10,055,502

1,612,721
1,687,151

379,555
560,113

11,553,669

185,876
208,508
226,228

38,957,126

10, 854, 351

19,797,883

387,569

26,62l*,788

9,888,976
13,089,769

5l^8,038

111,

7,261., 332
9,907,539

1,873, 1*01

50,1*1*5,686

2,810,750

65,009,393
69,686,509

21,1*66,910
21, 591*, 515

33,738,370

11,31*5,060

17,929,01*7

3,5811,026

37,25'*,6l9

11,1*03,91*2

21,132,275

3,818,219

579,778
620,622
628,969

5,378,278
7,313,965
10,271*, 615

501,195

2, 851*, 566

6,171,089

'•,039,683
6,063,0011
3,125,1*63

11,115,622

65l*,130

6,010,386
8,660,088

1*01*, 1*52

839,012

1,11*4,150
11,990,091

2,698,01*7

327,686

562,73't

36,679
166,743
8,672
4,825
17,179
-1,132

8511,692
150,5118

1,666,826

358,953
5,683,320

2,529,1*27
'•,738,553
2,063,01*7

'•,519,981

3,081*
50,81*5

I,li37,li20

527,360

99,399

3,752,858
5,785,981

650,737

2, 12 1*, 615

326,1*61

I*,

lt,33't,937

3,202,827
6,372,00!*

318,122
1,882,291

3,097,810

3a't,338

1,792,397

606, 713

91,185

U,1.3l.,l83

3,091
67,509

1,766,879

2,032,213

1,631,111*

312,661

87,691*

1*77,665

2,020,637
4,556,682
566,172

78,836
77,050

1,933,761

361*,365

271,211*

288
67,158
91,058
I*,

3,222
70,097
84,736

".,397,601
ll't,999

223,135
236,952
259,616

4,789
13,836
744
'.,817

11, 93".

2,071

MlecellaneouB Internal rerenue
Fiscal year
or month

Total
miscellaneous
internal

revenue

Capital
stock
tai 1/

Manuf ac turers *
Tobacco
taxes

Stamp
taxes

retailers*
excise taxes 6/

Mlecellaneoxis

taxes 6/

65,528
87,676
79,978
79,466
72,828

1,206,616
1,414,717
1,939,621

1,430,428
1,489,929
1,550,842

2,U9,157

1,655,7U

796,538

932,145
1,165,519
1,237,768
1,300,280
1,321,875

2,220,744

1,752,792

706,226
729,730
833,147
891,284

2,219,196
2,546,807
2,549,088
2,780,925

1,328,464
1,380,396
1,565,162

84,648
93,107
84,995
90,319

2,245,182
2,840,690
2,824,409
3,358,705

1,720,908
1,842,598

147,825
145,215
169,999

371,999
352,121
1,597

643,055
676,832
779,291

1,723

899,3'.5

191.9

6,138

1950
1951
1952
1953

8,304,892
9,433,328
9,804,112
10,837,375

266

1946
1947
1948

taxes

2,309,864
2,526,162
2,474,756
2,255,320
2,210,601

6,959,634
7,712,956
8,063,854
8,311,003
8,381,515

19'i5

Liquor

Estate and
gift taxes

1,654,9U

1,91.7,311

2,061,230

March ....

837,400
846,509
978,064

76,922
64,830
153,506

187,958
185,596
229,090

135,729
132,569
143,621

6,237
10,018
5,883

282,730
308,281
275,965

April
Maj
June

932,066
912,879
913,722

84,374
62,074
59,911

230,448
228,859
236,958

132,831
128,962
136,184

11,751
5,805
5,'.37

291,538
320,183
307,009

181,125
166,997
168,222

July
August.,,
September

977,506
852,808
535,845

82,850
60,231
64,142

243,585
224,681
266,097

125,260
145,120
l4o,280

11,663
4,847
4,982

312,345
266,510
4,406

201,803
151,418
55,939

October.
November.
December.

704,525
1,497,200
649,346

96,240
55,686
62,680

294,008
275,707
216,490

146,664
126,341
120,058

11,482
4,802
5,079

73,720
772,715
46,391

82,410
261,949
198,649

1953 -January..
February

Source: Dally Treasury Statement for total receipts from internal revenue;
reports by the Internal Eevenue Service for collections by type of
tax.
Detail by type of tax la available only on a collection baa la.
Receipts on the Dally Treasury Statement basis are coii^)iled from the
latest dally reports from Government depositaries; they do not coincide
with amounts reported by the Internal Revenue Service because of the
lag In deposits of collections and because certain taxes are paid
directly into the depositaries,
1/ Excludes collections for credit to certain trxiet accounts for island
possessions; Includes corporation incone tax on Alaaka Pallroad (repealed by Public Law 386, approved June 10, 1952, for taxable years
ending after that date),
2/ Includes excess profits taxes formerly ehcnm separately as follows:
unjust enrichment through 1947 (thereafter these collections are Ineluded under "Miscellaneous taxes"); declared value (repealed for
years ending after June 30, 1946); Excess Profits Tax Act of 1940
(Title II of the Second Revenue Act of 1940, which waa repealed for

^
4/

5/

6/

years ending after December 31, 1945) . Includes alec excess profits
taxes cm Amy and Navy contracts under the Vinson Act aa amended
(34 tT,S.C. 496) and Income tax on buainees income of exempt organizations, Ijoposed by the Reveniie Act of 1951, approved October 20, 1951.
Hoathly figures Include old-age Insurance tax on eelf-onploymant
Income, which la levied and collected as part of the IMlvldual
income tax beginning with the taxable yeai* 1951, Fiscal year
figures exclude this tax, en the basin of estimates beginning 1952,
and it la included under "Old-age insurance taxes"
Withheld inccDS tax and old-age Insurance taxes on en^loyers and
employees are paid into the Treasury In ccmblned asKninta beginning
January 1951, so that current collectlcaia are not separable as to type
of tax. The breakdown is estimated for fiscal years beginning 1951.
Repealed for years ending after June 30, 1945. Beginning July 1950,
Included under "Mlsoellaneous taxes"
See Table 2, footnote 5, regarding change to quarterly retuma In the
fiscal year 1954,

Treasury Bulletin
-INTERNAL REVENUE COLLECTIONS-

INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES
'DOLLARS

DOLLARS"

Billions

Billions

Total
'*^F/sca/ year

60

Comparison first
6 months fiscal
years 1953 and 1954

-40

i

20

I
•43

45

47

49

1939

OllfC* ol lh« S«cr«lary ol th« Trsoiur^

•Al

•53

-43

45

I.

47

49

•SI

'53

,

:

;

February 19^4

^7

.INTERNAL REVENUE COLIECTIONS.

Table 2.- Detail of Collections by Type of Taxi/
(In thousaids of dollars)

First 6 months
of fiscal year

Fiscal year
Type of tai

Corporation income and profits taxes 2/

ai,U66,910

•

1953

1953

195S

21,59'*,515

Sixth month of
fiacel year
1953
(December 1952)

195"*

19511

(Decomter 1953

7,921,377

5,1*22,156

2,785,165

1,882,291

Individual inccme tax and enrploymant taxes

Inccme tax not vlthheljl ^..*
.•...,....
XnccDS tax withheld and old-age insurance |l/.....
Railroad ret irenient
Unenploymant Insurance.....
•

«,

Total individual incnmft tax and anploymeDt taxes

U,5't5,06o
21,313,072
620,622
259,616

11,603,91*2

2,769,656

2l*,750,l*9l»

11,57'*,'*01

2,566,888
12,985,602

357,571*
190,061.

628,969

313,137

316,31*9

364,365
114,999
84,736
2,071

271,21l»

38,21*7

38,192

94,209
806

33,738,370

37,251*, 619

11*, 695,1*1*2

15,907,031

642,652

566,172

750,591

781*, 590

382,570

1*15,716

69,157

61,525

82,556

106,6911

7,096

6,111*

1,024

1,155

187, '•79

2011,794

1,1102,220

1,636,057
32,721
3,956
76,579

111,288
860,355

133,530
896,030

17,1*57
2,251*

14, 172

39,063

37,87U

25,930
120,543
2,572
586
7,363

27,967
121,397
1,836
644
7,395

16,272
2U
i,oeo

12,200

189

181

13,31*9

7,025

Hlecellaneous internal revalue:
Estate tax..

•.........•.•

•••...•.......•...•....

Gift tax
Liquor taxes:
Distilled spirits (imported, excise)
Distilled spirits (domestic, excise)
Distilled spirits, rectification tax
Wines, cordials, etc. (importsd, excise)
Wines, cordials, etc. (domestic, excise)
Dealers in distilled spirits; rectifiers;
of stills (special taxes)
Stamps for distilled spirits intended for
Case stamps for distilled spirits bottled
Container s tampe
Floor taxes
Fermented malt liquors
Brewers; dealers in malt liquors (special

Total

1 iquor

31,812
3,753
68,621

2,1*61*

msnufacturers

27,571*

12,070
21
613
6,831
228

1*00,1*1*7

1*12,936

3,857

3,793

-429
1,472
126
61,779
63

2,780,925

1,1*82,016

1,520,567

220,197

216,490

Wt,76o

1*6,277

23,806
19

3,294

4

2

5

3

1

*

810,169

769,1.23

1,81*1.

22,817

17,21*1*

8,712

913
2
17,752

717
1
19

371*

1,923
8,157
390

187

119,788
322
1,177
47
»
174

115,319

796

h9
7
1,586,775
3,821

23,698
25

3,295

50
12

1,565,162

1,651*, 911

81*5,015

803,723

124,808

120,058

77,556
7,353

82,61*0

1*1,273
3,891*

39,321
3,521

5,137
672

1*,503

22

12

3

575
1

15,2li9

28
1,285

export
in bond

12,080
93,808
taxes)

taxes

Tobacco taxes
Cigars ( large)
Cigars (small)
..•...•.•.•.,...,••
••.•,•.•...
Cigarettes ( large)
C igarettes (small)
Snuff
Tobacco (chewing and smolcing)
Cigarette papers and tubeB............................ .. ..
Leaf dealer penalties , etc ........•.....•.•.......•...•..<
Cigarette and cigar floor taxes....
•
,

,

Total tobacco taxes

727,6011
5,ll»8

27,956
762,983
5,215

2,5U9,088

l,lt7't,06o
It,

13
1*77

1

2

3

93

859
12

56,043
58

333
1,074
31*

Stamp taxes:
Bonds, Issues and transfers of capital stock, deeds of
conveyance, etc
•
Flaying cards
Silver bullion sales or transfers

,

Total stamp taxes
Manufacturers* excise taxes: 2/
Lubricating oils, .
Gasoline
Tires and tubes
•
Automobile trucks and busses
Other automobiles snd motorcycles
•
Parts and accessories for automobilee
Electrical energy 6/
Electric, gas, and oil appliances
*....<
Electric light bulbs and tubes
Radio sets, phonographs, television sets, contponente, etc,
Phonograph records
•
Musical instruments ..•.•.•.....•.........•.•.......•....
Mechanical refrigerators, alr-candltloners , quick-freeze
units , etc
Matches
Business and store machines
Photographic apparatxis
Sporting goods
Firearms, shells, and cartridges......
Pistole and revolvers
Mechanical pencils, pens, and lighters Tj

Total manufacturers * excise taxes

Footnotes at end of table.

7,5as
97

81t,995

90,319

U5,l88

1*2,855

5,812

5,079

95,286

73,321
890,679

38,531*
1*73,890
88,681.

38,155
1.00,526

6,939
76,366
18, 218
23,602
67,604
18,373

5,581
25,548
24
4,964

11,853
3,333
18,635
626
1,166

2,052
11

7,019
767
5,107
2,501
1,031

1,762

713,171*

161,328
1^7, IA5
578,11*9
l61t,135
53,091*

l8o,Ol*7

210,032
785,716
177,921*

99,076
310,278
90,759

78,629
76,815
1*30,163
63,51.6

89,5U*
30,736

113,390

ll8,2ltlt

6,880

159,383
7,617

52,757
16,392
67,555
2,980

9,1(12

11,01*8

5,1*37

57,970
8,032

87,1*21*

1*0,537
l.,688

36,827

25,727

1*8,515

36,68l»

8,950
50,259

1.1,181.

13,931
57,22li

3,1*76
3,71*2

3,891*

33,766
16,501
10,679
1,172

29,1*01
15,81*5
12,11*8

11*, 1.56

983

1*71

21,233
13,^79
6,760
6,861
379

1..880

11,938

6,062

2,31*8,91*3

2,862,788

1,352,810

7,31*8

7,181

(Continued on following page)

126
2,123

1,1*76

235
31

72
84
31*

856

286
-409

l*,555

95
1,886

1,301,780

265,977

44,075

73

I

Treasury Bulletin

48

-INTERNAL REVENUE COLLECTIONS.

Table 2.- Detail of Collections by Type of Tax
(In thouaands of dollars)

Type of tax

i/ -

(Continued

. ..
.

^

February 1954
-MONETARY STATISTICS.

Table 1.- Money In Circulation
(In mlUlacB of dollare except aa noted]

Paper money

Sod of flBcal
year or month

19116

Total
money In
circulation 1/

28,21*5

Total
paper
money

Gold
certif-

Treaaury
notes
of 1890

SllTer
certificates

icates

ay
50

United
States
notes

Federal
ReBer7e
notes

Federal
Reserve
Bank
notes

y

2,025
2, 061
2,061
2, 061
2,177

317
320
321
319
321

23,973
23,999
23,600
23,209
22,760

271*

318
318
318

23,1*56

21*3

21*, 605

National
bank
notes

y

1*61*

111*

1*06

106
99
93
86

27,'t93

26,91*5
26,91*2
26,1.82
26,031*

27,156

25,661

1*1

27,809
29,026
30,125

26,231

39

27,31*8

38

28,359

37

092
088
2,122

25,609

221
200

.,

30,lt33

28,683

37

2,105

311*

25,91*1

210

75

1953 -January...,

29,691
29,793

27,970
28,068
28,017

37
37
37

2,006
2,027
2,065

305
312

25,337

311*

25,321

208
207
205

71*

,

19117

19'*8

,

19''9

1950

,

1951
1952
1953
1952-Deoaiibor.

February .
March

.

28,297
27,903

29,751*

1*8
1*5
1*3

25,1*10

353
309

81
77
73

75
75

April
Ha;
June

29,81*3

28,095
28,196
28,359

37
37
37

2,089
2,116
2,122

311*

25,376

201*

71*

29,951
30,125

316
318

25,1*51

202
200

7"*

25,609

July
August
September..

30,120

28,351

30,21*8

30,275

28,1*70
28,1*83

36
36
36

2,107
2,106
2,100

317
319
316

25,618
25,738
25,762

198
197
195

73
73
72

October...,
Not ember . .
December p.

30,398
30,807
30,773

28,596
28,992
28,960

36
36
36

2,098

316
321
316

25.879

193
192

72
72
72

EDd of fiscal
year or month

191*6

Total
coin

2,120
2,099

Staodard
silver
dollars

Subsidiary
ellTer

a3

1,300
1,355

ll*0

191*7
191*8

1,1*21

156

876
919

191*9

1,1*59
1,1*96

16I*

91*0

170

965

1,578
1,678
1,766

180
191

1950

1951
1952
1953

11*8

202

26,21*9
26,21*7

Minor
coin

317
331
31*6

73

190

Money In
circulation
per capita
(In dollars) 5/
199.76
196.33
190.31

355
361

181*. 33

1,020
1,093
1,150

378

180.17

393
klS

l88.a

179.03
18I*.90

1952-Dec ember.

1,750

199

1,11*1

1*10

192.07

1953 -January

198
199
199

1,116
1,120
1,130

1|06

187.11*

It06

March

1,721
1,725
1,737

1*07

187.56
187.05

AprU

1,71*7

1*09

1,755
1,766

200
201
202

1,138

Ha;
June

1,11*1*

1*10

187.38
187.81

1,150

1*13

188.61*

201*

1,151
1,156
1,166

1*1U
1*16

U19

188.30
188.78
188.65

1,17*
1,185
1,179

itao

189.12

.

.

February.

July
August. . ..
September.,

1,778
1,792

205
207

October. .,
no7 ember..
Daoaabex p.

1,802
1,816
1,813

207
208

.

.

Source: Circulation Stateanent of IMlted States Money.
1/ Excludes money held by the Treasury, money held by or for the account
of the Federal Reserve Banks and agents, and coin estimated to be
held outside the continental limits of the United States. Includes
paper currency held outside the continental, limits of the United States.
2/ Gold certificates were vlthdrawn frcm circulation in 1933.

^
hj
5/
p

te3

191.1*0

iisi*

190.93

Treasury notes of I89O In circxilation are being canceled and retired upon receipt by the Treasury.
Federal Beserve Bank notes and national bank notes are covered by
deposits of lawful money and are In process of retirement.
Based on latest population estimates by the Bureau of the Census.
Preliminary,

Treasury Bulletin

50

MDKETAEY STATISTICS

,

Table 2.- Monetary Stocks of Gold and Silver
(Dollar anounte In allllona}

EUd of fiscal
year or aoDth

51

fcbruarif /95-f

.MONETAEY STATISTICS.

Table 4«- Components of Silver Monetary Stock
(In mllllona of dollars)

SilTer held In Treaaury
End of calendar
year or month

Securing silver certificates l/

Silver
btOIlon 2/

Silver
dollars

In general fund

Sutaidlary
coin i/

.

5
6
7

9

,

7
7
57

U
3

9

2

Treasury Bulletin

52

.MOKETAEY STATISTICS.

Table 5.- Seigniorage on Sliver
(CuamlatlTo

fj-om

Januair

1,

-

1935

In mllllonfl of dollare)

Sourcea of seigniorage on sllyer bullion reTalued 1/
End of calendar
Jeer or month

SeJgnloroge
en coins
(ellTer and
DLinor)

MlBc. ailTer
(Incl. silver
bullion held

June
18.5

1935.
1936.
1937.
1938.
1939.
19'<0.
19'<1.
19'>2.

19^3.
ig'i't.

19^5.

WW.
igii?.

igita.

19^9.
1950.
1951.,
1952.
1953.

lit,

I93I*)

1*8.7

it6.1

1*8.7

63.7
69.5
91.7

1*8.7

122.2
182.1
2U5.7
299.6
362.3

191*6)

16.8
36.0
58.0

Nationalized
silver
(Proc. of

I93I*

Aug. 9, 1931*)

Total
seigniorage
on eilver
revalued

31*.

326.2

271*.

3l*.7

1.22.1

397.5

31*.

508.1
616.0
705.6

758.8
950.6

71*.

1.57.7

31*

1*.2

530.7

31*

U8.7

87.6
87.6
87.6
87.6
87.6

25.7

562.7

31*.

759.1*

1*8.3

580.

31*.

63.6
65.3

531..

31..

581..

3i*-7

65.1*

581..

31*.

799.7
818.9
820.6
820.7

87.6
87.6
87.6
87.6
87.6

65.5
66.5

701.6
832.1
832.1
832.2
833.6

31*.

87.6
87.6
87.6
87.6

101.. 7

833.6
833.5
833.6
833.6

31*.

87.6
87.6
87.6

126.7

87.6
87.6
87.6

128.8
129.6

833.6
833.6
833.6

31*.

130.1.

87.6
87.6
87.6

130.9
131.6
132.3

87.6
87.6
87.6

133.1
133.9

1.8.7

1*8.7
1*8.7
1*8.7
1*8.7

520.5
559.2
578.7

1*8.7
1*8.7

596.6

1*8.7
1.8.7

1*8.7

1*8.7

1*8.7

February.
March....

696.5
697.7
700.6

1*8.7

April.
May...
June.

707.6
713.0
716.8

1*8.7

Juiy
August
September.
October.

719.7

1*8.7

721* .9

1*8.7

728.1*

1*8.7

1*8.7
1*8.7

1*8.7
1*8.7

732.1*

1*8.7

NOTfliaber.

736.5

U8.7

Deconhar..

71*2.2

1*8.7

71*.
81..

93.5
111. .6

125.1.
131*.

127.1*

128.0

13l».7

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

2/

Potential
seigniorage on
eilver bullion
at cost In
general fund 2/

226.2
302.7
366.7

87.3

1*8.7

.

end

July 31,

silver Purchase Act
of June 19,

1*8.7

7li2.2

1953 -January..

Dec. 21, 1933)

Hevly mined
allver (Acta
July 6, 1939,

1*8.7

1*29.5
'•91.9

61.2.3
69lt.2

Hevly mined
ailror (Proc.

833.6
833.6
833.6

.7
.7

31*.
31*.
31*.
31*.

31*.
31*

.7

31*.

31*.

31*.
31*

.7

51*1.6

1,055.8
1,089.0
1,01*8.2

967.3
717.3

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

333.2
161.2

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

1U.7

1,131.3
1,132.0
1,132.6

56.5
57.6
55.5

1,133.1*

53.9
50.0

11*6.8

129.9
127.2

81.9
57.2
31*.

31*.

1,131*.

31*.

1,135.0

1.6.1.

833.6
833.6
833.6

31*.

1,135.5
1,136.2
1,136.9

1.6.9
1*2.2

833.6
833.6
833.6

31*

1,137.7
1,138.5
1,139.3

39.1
37.8

3l*.7
31*.

.7
3l*.7
31*.

1.1.2

31*

.9

The figures in this column are not cumulative; as the amount of
bullion held changes, the potential seigniorage thereon changes.

Table 6.- Increment Resulting from the Reduction In the Weight of the Gold Dollar,

December 31, 1953

Februarii 1954

53

-EXCHANGE STABILZATION FUND-

Table 1.- Balance Sheet as of June 30, 1953, and September 30, 1953

5"^

.EXCHAMGE STTABILIZATION FUMD.

Table 2.- Income and Expense

Jaatiar; 31, I93U, through

ClasaiflcatloD

June 30, 1953

JanuaiT 31, I93I., through
September 30, 1953

Inccne:

$310,638.09

Proflta on Brltlah sterllne transactlcoB

$310,638.09

351,527.60

351,527.60

Profits on gold bullloa (luclulliie proflta froa hmwrnng chszces on gold)

56,U52,lllt.97

57,218,797.51

Profits GD other gold and exchange transactions

I»9,l61t, 525.110

1.9,165,755.06

Profits on Froich franc tronsactlcKiB

•

Profits GO allTar transacticos

Profits en sale of allTor l>ulIlaQ to Treasury (natloQAlized)
Profits CQ Inrestaents

,

Interest en Inreataants

,

Miscellaieoufi profits

,

Intereet earned on forel^ balances

Interest earned on Chlneae yuan

Total InociK

,

102,735.27

102,735.27

3,'>73,362.29

3,1.73,362.29

1,876,790.55

1,876,790.55

8,698,066.89

8,823,577.32

861,51.6.95

861,51.6.95

2,81t9,683.19

2,81.9,683.19

1,975,317.07

1,975,317.07

126,116,308.27

127,009,730.90

ficpanse:

Pereooal aerrlcea

10,093,183.99

10,1.23,260.71.

Travel

500,9lt0.85

513,765.82

TransportatlcB of things

686,263.87

695,731.52

CcBBwnJcatlonfl ..,.,,,.,.,,,,,.,,,,,,,,

575,885.01.

580,283.25

Suppllea and oaterlals

,

107,177.20

108,590.52

Other

1,1.13,163.20

1,1.1.3,997.23

Total

13,376,6111.15

13,765,629.08

112, 739,691. .3£

113,21^,101.82

Net Inccme

Februarij 19^4

55

.CAPITAL MOVBffiHTS.

Data relating to olalms on forelgnere and liabiliand capital movements between the

ties to foreigners,

United States and foreign countries, have been

the data for January 1950-

Attention Is called to the

fact that although the grand total figures on the revised

collected

reporting basis are reasonably comparable with those for

since 1935, pursuant to Executive Order 6560 of January I5,

preceding months, data for Individual countries In some

193!*,

Information

and Treasury regulations thereunder.

covering the principal types of data and the principal

Instances are not comparable because of certain changes In

coverage and geographical olasslfl cation.

countries la reported each month by banks and bankers and

This

The supplementary Information, contained In Section IV,

Information Is published regularly In the "Treasury

Is presented In three tables appearing at different times.

securities brokers and dealers in the United States,

Bulletin".

Supplementary Information Is published at less

Tabls 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 1949 Issue of the "Treasury Bulletin"

The term "foreigners" as used In these reports covers
all Institutions and Individuals (Including United

citizens

)

States

domiciled outside the United States, as well as

International organizations, wherever domiciled,
treaty or convention between sovereign states.

created by

"Short-term"

refers to original maturities of one year or lees, and
"long-term" refers to all other maturities.

A detailed

and begins with data for September 30, 19^6. Table 2
supplies information by countries on long-term claims on
and liabilities to foreigners as reported by banks and
This table appeared for the

bankers in the United States.

first time in the December 19^9 issue.

Data are for the

end of the calendar year beginning with igUS. Table 3
gives information on short-term liabilitiee to countries

basis of reporting,

not regularly reported separately by banks and bankers.

and derivation of capital movements figures appeared In
the April 1950 Issue of the "Treasury Bulletin', pages 50-52.

This table appeared for the first time in the April 195O
Issue. The data have been requested at Irregular intervals,

Revised report forms and regulations became effective with

the earliest date being October 19'^3.

discussion of the reporting coverage,

Section

I

-

Sumnary by Periods

Table 1.- Net Capital Movement between the United States and Foreign CSountries
(In thousandB of dollio^; negative figures Indicate a net outflow of capital from the Onlted States]

AnalTsle of net capital movement In:

Calendar year or nontta

Net capital
iKnrement

Short-temi
banking funds

Brokerage
balances

Transactions

Ireasury Jjulletin

56

.CAPITAL MOVH«ffiNTS.

Section I - Summary by Periods
Table 2.- Short-Term Claims on sind Liabilities to Foreigners
(Foeitlcn at oDd of period In thouBanda of dollars]

,

57

February 1954
.CAPITAL MOVIMEMTS

Section I - Summary by Periods
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In tbousanlB of dollars; negative figures Indicate a net outflov of capital fron the United States)

,

,.

Treasury Bulletin

52

.CAPITAL MOVaoaiTS.

Section

-

II

Samnary by Countries

Table 1.- Net Movement of Capital and of Short-Term Banking Funds
(In thouaaoda of doUare; negative figures Indicate a net outflow of capital from the United States)

Short-term banjEing funds

Bet capital noreoient
Country

19^^

19^^

Jul7

August

Septenber

October p
13,008
-29,l87r
20r
5,557
2,327

Horenbar p

July

August

September

October p

16, 801

9,003
-29,697r
19r

Borember p

Europe:

Austria
Belglta
Czechoslovakia
DenfflBTk

yinlani

France
GeTsaD7
Greece

U,032

ll.,37l.

16,793

4,859
77
2,202
1,735

5,681
-137

6,771.

l»,532

3,931

-2,783

-9014

29,968
30,726
3,75^

15,677
17,190

18,213
11,775

13,696
-15,682

1(91

1,991.

U65
5,767

6,576

3,626
USO
-2,938

-18,7'»8

60,525
-1,103
26,011
-^5,572

Italy
Netherlands

Horway
Poland
Portugal
Ihnania
Spain

Sweden
Switzerland
U. S. 3. R
Uhlted Kingdon
TugoBlavla
Other Europe

Total Europe

Canada

1.89

-59

It,

1.18

13,505
7,991
19

11,057
3,993

6,501.

77
536

3,127

1,728

14,354
8,848
-146
3,357
-2,788

't9,597r

661.

31,559
7,169
26,289r

28,933
6,688

11,11.0

11,918

29,517
60,512
-1,171
25,030
-111, 171

29,432
30,497
3,735
17,864
15,057

12,971
17,094
4,405
14,781
-13,855

24,346r
8,640

-!.51
li6l

2,038
489

5,737

7,413

3,072
480
-3,606

2,159
-1,216
3,376

2,231
-l,2l6r
3,500r

5

1.

-3

-50

-6,901

-3,683

-2,1.97

10,771.

1.0,61.2

1,935
688
2,978
213
3,335
8,010

7,33'i

-57
3,7'i3

4,9311

-960

2,313

49,980r
31,440
7,1511

13,519
7,li5V

19

5,230
3,121
-291

28,866
6,695
40,939
14,320
2,072
697
2,866
213
3,125

13

-6

-3

-66

-6,838

-3,730

-2,506

10,746

1,157
11,061

7,l4o

8,798

'1,368

-654

1,515
4,240
2,222
-1,963

224
3,585
-4,232
109

-6,971
lOr
-6,243
9,836
512
450

8,509
-12,774
797
-17,151
-247
2,551

U0,527

1,031.

6,896

9,19l»

18,9U3

9,031*

13,972

'•,310

1,515

221.

-6,21.3

-16,373
2,003
5,055

U,7l8

5,1'3't

22,1.09

797
-19,051

2,221.

-U,229

512

-21.8

-6I.9

71.6

2,583

-23,322
1,996
I., 936

55,817

152,221

85,81.3

l6l,062r

111,588

89,068

143,936

67,524

120,725r

8,599

6,291.

-10,671.

-36,921r

U,981.

31,299

13,079

34,795

-15,384

899
12,058

-5,033
-1,491
46,495
-4,8l4
-5,022

76,897
7,971
-12,833

17,001
-1,300
-2,622
-10,784

-8,790
-3,688
-4,456
19,516

-27,803r
-3,101
3,789

-40,237
474
-1,071
4,521

-358

-1,064

4,174

11,703

-6,681.

17,5'.2r

-9,61.3

11,310

68,270

Latin America!
-2,983

Argentina
Bolivia
Brazil
Chile

-5,136

1,168

-2.22li

-1,1190

-91.

-1.1,363

1.6,81.9

77,7'»0

8,370
-12,728

-'.,258

-8,631
-3,657

-15,85l.r

-6,1.18

-l.,258

680
-1,077

-2,769r
966
16,776

-5,725
10,359
56,329
-5,323
U,11.5

-3,265
-2,21.9
-'12,199

862
-51

-3,019
932
15,752
-4,725
1,012

-5,711
10,324
56,299
-5,500
10,925

98I.

-l.,626

Colciabla

12,136

-11,658

Cuba
Dcnlnlcan Republic
Guatemala
,.,...
Mexico
Netherlands West Indies
and Surinam
Peru
Republic of Panama
El Salvador
Uruguay
Venezuela
Other Latin Anerlca....

5,753
3,607
-2,022
3,752

18,711

-10,6to

20,300

5,970

'1,192

5,230
3,723
-2,085
3,121

579

-326

-966

'»,317

l.,862

1.67

-1,381.
7,01.2

-21.3

-3,681.

-1,527

-555

-3,063

-1,817
-5,785
-5,169
9,836
66

6,li5li

-1,856
3,095
9,379
-l,369r

-6,287
-6,621
832
32,176
-10,900

7,211r
-20,603r
-5,162
3,267
-27,228
-',853

11,585

"•,330

-1,853
3,014
9,284
-1.723 i-

4,568
-3,312
-1,578
-1,126
-3.199

-3,735
-6,601
-6,629
-760
31,718
-11-393

7,l87r
-21,683r
-6,141
4,086
-27,585

Total Latin America,

-9.24-i

-1,967
-5,788
-4,625
9,915
-1,429

-6,871.1

31,176

80,600

-'.8,277r

39,32't

-10, 651 r

26,870

76,964

-70,726r

35,388

438
-981
4,010

.

.

-1,191.
-2,61.6

-3,287

-9W
-1.59

1,362

-3,161

-37,831.

-11,356

'1,555

Asia:

China Mainland
Formosa
Hong Kong
India
Indonesia
Iran
Israel
Japan
Fblllpplnes

^allsDd

-l.5"t

-169

92

659
1,563
2,090
1,093

2,1.99

2,781.

1,11K>

I167

-137

-93

-61.

-1,307

.,11.3

-1,001.

2,013

2,105
178

"1,013

-6,398
1,9115

15,322
-5,815
-15,277

-3,922

7,53''

8,972
-7,261
10,033
-236

-1,671.

-3,8kl

-3,721

2,1.85

-11,757

9,3'tl

-"•,277

'',533

31,398

2,036
-^,138
16,559
-3,551
-^,776

2,913
11,173

Turkey
Other Asia

6,575

6,252
-7,352

Total Asia

18,567

18,397

Other countries:
Australia
Belgian Congo
^ypt and AngloI^yptlan Sudan
Union of South ATrlca..
Other

Total other countries .

Intematlooal
Grand total
p
r

-'•37

Preliminary
Revised.

891.

6,360
-7,37'»

-11,81.7

-79

2,019

Ut9
-5,730
1,1*5
1,870
-7,05U

121.
l.,5l.8

-736

-7I16

-538
718
1,063
2,094
1,076

-475

-205

2,'i56

2,288

-232

294
-1,014
2,019

161
1,063
-574
2,093
177

8,964
-5,688
9,406
-274

15,318
-2,700
-17,464
-1,621

4,141
-6,409

1,9W

-417

-743

ou

2,031
-658
16,306
-3,392
-4,742

4,369
10,947
7,550
-4,426

2, 1163

-11,567

-3,933
-2,189
-5,682
-3,810
-10,652

6,076

5,958
13,337

877
6,558

6,290
-7,475

9,329
1,031

-4,259
6,3&7

5,957
11,579

-6,951

-7,737

21,393

16,632

31,633

-5,986

-6,423

U,0l.7
-6,287

-1,861.

-11,791
-7,361

-754

-16,666

-498
4,547

8,3111

-5,738

-6,283

-2,555
-16,675

661
5,343
-12,166

-3,962
-6,267
2,770

-5,1176
-5,'i70

-10,

-627

678
7,098

l,'i51

-9,m

-3,967
-6,689
3,189

-11,968

6,721

-73

1,676

2,231
-7,054

5,606

-559
-94

-10,921

-9,020

10,805

3,392

-25,997

-29,515

-9,864

9,002

-4,131

-26,689

10,667

1,052

-12,21.6

11,313

-kjhce

12,404

5,560

1,617

92,598

-7,508

198,213

221,735

75,855ir

200,120

185,726

83,6iar

117,760

113,99ar

117,096r

173.565

.

59

^ebruarij 1954

.CAPITAL MOVBffiNTS

Section II

-

Summary by Countries

Table 2.- Net Movement In Brokerage Balances and Long-Term Security Transactions by Foreigners
(Iq thouBands of doHare; negative fl^urea Indicate a net outflow of capital froa the United States or net Bales by foreigners)

Coiuitey

]

. .

Treasury Bulletin

60
.CAPITAL MOVEMENTS.

Section II

-

Sumnary by Countries

Table 3.- Short-Tern Clalns on and Liabilities to Foreigners
(Position at end of month In thousands of dollars
ClaljDS

Counti7

Liabilities to foreigners

on foreigners

19?3

1953

Julj

Ai:guet

September

October p

Europe:

Austria
BelgliD
Ciechoelorajcia

Denmark
Finland

France

3

13

5

2,3llO

3,518
3,395

l.,2&7

5,736
2,675

9,6n

9,926
33,626
359
21,675
7,197

9,768
35,658

1,01.7

893
33

lo,?"*?
27,01*0

Greece
Italy
Netherlands

127
22,120
5,157
81.3

30

Svedec
Svlttarland
U. S. S. R
United Kii^doci
Yugoelavla
Other Europe

IW
11,021

372
10,282

Gemanj

MorwBj
Poland
Fortugal
Rumania. ............
Spain

327

lljlW

236
12,192
6

30,313
205
22,237
5,696

761
30

2,262

30

1.71

19,990
9,061

1.79

1.13

1.95

1.3".

5
14,1.02

5

5

20,317

2l.,101

18
22,620

2,555

1,773

2,186

ll.,001

13,1.20

l'.,7K)

1,698
15,360

28,1.61

26,61.0

33,857

39,1.99

5,336
6,313

5,795
6,880

U,21.8

6,615

5,319
7,097

155,^^

161,732

17s, 102

187,1.90

1.9,630

1.2,003

56,737

80,707

1

Total Exnrope

Canada , ••.•.....•..,
Latin AiDgrica:
Argentina
Bolivia
Brazil
Chile
Colcnbia..,.

7,951.
11., 292
317,181
7,653
1^,369

7,602
13,1.19

13,209

6,980
11,891

319,736

271., 739

201., 560

7,1.50
1.8,928

7,1.59

6,067

1.7,1.28

1.7,051.

23,989
1,931
2,991
88,990

21,632
1,736
3,552
79,300

1.1,761

1,836

Cuba
Dominican Republic .
Cuat<aala
Mexico
Netherlands West Indies
and Surinam. ........

28,805
1,901

2,1.05

2,21.8

Peru
Republic of Panama.
El SalTador
Uruguay
,
TenAzuela
Other Latin Aoerica..

13,659
5,605
3,290
3,313

15,053
5,379
3,672
3,197

35,61.9

IS.Wl

35,1.18
ll.,171

591,210

59l.,17l.

2,650
5,586

2,536

2,271.

2,859
2,689

.

Total Latin Amarlca..

3,21*7
86,1.16

7,1.77

Asia;

China Mainland

Fomosa
HoQg Kong
India
Indcnaela

2,506

5,1.10

1,21.5

1,61.6

Iran
Israel
Japan
Philippines
Thailani

13,311
17,773
18,766
10,815
l.,1.6U

13,888
18,789
17,090
10,055
5,216

Turkey
Other Asia

6,680
15,536

15,516

Total Asia

103,606

100,163

106,268

6,261
7,129

6,301.

6,978

5,932

5,720

21.2

139
2,275

l.,1.69

Other countriee:
Auatralia
'Belgian Congo
Egypt and AngloKgyptlan Sudan
Union of South Africa.
Other

2,886
3,682

161
2,9/2
.,557

Total other countries.

20,200

19,826

20,095

917,898

902,881

,

International

Grand tttal

193

920,505

'.,983

163

1,728
l.,190

86,337

HoTcmber p

July

August

September

October p

Hoveanber p

Febriiarii

1954

61

CAPI1AL MOVEMENTS
Section II

-

Sunnary by Countries

Table 4.- Foreign Debit and Credit Balancea in Brokerage Accounts
(FoaitioQ at and of montli In t^ousanla of dollaxB)

Treasury Bulletin

6?

.CAPITAL MOVIMEHTS.

in - Details for Month of September 1953
Table 1.- Short-Term Clalma on Foreigners

Section

(PoeitloD at oQd of nuath in thousanda of dollars)

February

l%4

.

. .

:

.

.

Treasury Bulletih

6U

.CAPITAL MDVBMnrrs

Section III

Details for Month of September 1053

-

Table 3.- Purchases and Sales of Long-Tern Securities by Foreigners
(In thoiwanda of dollarg)

Purchaa««
tlo

Cotntrj

Total

U.S.

OoT»m-

0nt

bondB
and notes

Bwrope:
Austria
BelgluB

•ourltioB

Corporate and othar
BonlB

Stooki

28

16

5,852

2,128

379

Vamart

312

10

25

rinlai^

81.

IA5

328

Ciectaoeloralda.

Trance
Cexvaaj
Greece
Italy
Netherlands.

5,?72
20£
12
289
"t.wl

85
230

1,285

Vomj

1,128

172

13".

Poland
Porti^al ....
R\Banla
Spain

15

691
501

Svedsn
Svitierland..
0. S. S. R...
Ollted tUsgia
TugoelaTla.
Other Europe

1138

Total Europe.

33,197

3,1.13

7,1.82

28,6Ul

16,205

1,313

51^

16

67

82,009

23,032

11,957

"(3,0110

1,293

ll.,126

Latin Aaerloa;
Argentina.
BollTla...
Brarll
Chile
ColcBhla.

608
21
781
581
100

Cube

1,792
117
86

Dooinlcan Bepuhllc
Cuateaala
Mexico
Retherlanda Vast IMlae
and Surlnaa

1,8W

Peru
Republic of Panam.
El Salvador

101
2,399

\

167

13

Venezuela
Other Latin Anerlca.

1,826
1,179
765

Total Latin Aaerlca.

12,381,

Aals!

China Mainland,
Poraoea
Hong Eong
India
Indonesia
Ires
Israel
Japan
Fhillppinei.
ISiailand.

.

.

Turtcey

Other Asia.
Total Asia.

••7

532
983
lit

18
6
li

761
62
i
3"»

211
2,673

Other countarlee
Australia
Belgian Coi^o
Egypt and AngloEgyptian Sudan
Itolon of South Africa.
Other

Total other oowtrles.
International

Crand total.

18
1.10

3

.

Uruguajr

3

1.98

312

659

6
l8l
1,502

2^48
15,95''

156,1.08

20

8alea hj forel^narv

forvlgnsra

}xj

Dcaestlo securities

foreign aeourltlee

Total
salee

U.S.

oQt
azkd

Gorem-

Foreign sectirltlee

Corporate and other

Nxkdfl

notes

Bonds

Stocks

Februani I9i4

Treasury BuJletin

66

.CAPITAL MOVmEHTS.

Section III A

-

Preliminary Details for Month of November 1953

Table 2.- Short-Term Liabilities to Foreigners
(Pooltlon at end of month In tbouaandB of dollare)

February 1954

Treasury Bulletin

6g

.CTMULATIVE TABLE OF COHTEinS.

March 1953 through February 1954
Issue snd page number
I95I1

1953
Apr.

July

Hay

Aug.

Sept.

Article:
TreaaiJX7 f Ijunclng operatlcmB

Summary of Federal fiscal operations
Budget receipts and expenditures:
Raceipta

t>7

principal eources

£zpeDillt\ir«B ^7 najor clflaslficatlona

SxpaDdlturee for oatlonal defons9 end relat«d actlTltlos
Expezidlturee for ljit«niatlonal fljuiuae and aid
"Othftr" azpendl ttjrea
Sunnar? of bud^at resulta b; moatha and years
Social Sacurlty Act
Railroad Retlrvmant Act
Railroad tMamploynent Insurance Act

TruBt account and other transactions:
Sianarj of trust account and other tranaacticdos
Trust account receipts
Trust account expenditures other than net liireatments
Hot InTestmente of Goremment aganoles in puMlc debt securities..
Federal Old-^ge and SurrlTors Insurance Trust Fund
Railroad Retirement Account
Utaemployoent Trust Fund
national Service Life Insurance Fuol
Inreetaents of specified trust acooimts In public debt securities,
by leeues ( December 31, 1953 )

8
8

8

8
8

8
8

9

9
9

8
8

8

8

9
9
10
10
11
11

9
9
10
10
11
11

11
11

12
12
13
13

12
12
13
13

12
12
13
13

12
12
13

111

lit

111

111

lit

lit

111

111

16
16
17
17

10

10

io

10

'io

18

16
16
17
17
18

16
16
17
17

18

16
16
17
17
18

10

17
17

18

li

ii

18

18

18

18

18

u

u

u
u

19
15

19
15

19
15
20

12
12

12
12

12
12

20

15

19
15
20
15

15

15

31

21

21

21

21

21

13

13

13

21

21

21

21

21

21

13

13

13

22

22

22

22

2l>

2lt

2lt

2ll

22
2K

16

16

25

25

25

25

25

17

17

17

26

26

26

26

26

18

18

18

9
9
10
10

11
11

9
10
10

10
10
11
11

9

9
10
10
11

u

Treasury cash Income and outgo:
SuBBSry of cash transactions
SerlTatlon of cash budget receipts
DerlTatlon of cash budget eipondltures
Derivation of cash trust account transactioDs
Dorlvatlcn of cash borrowing or repajaent of borrovlng
Cash operating incone and outgo by nuoths

,

,,

Debt outstanding and gene ral fund:
Sumsry of Federal securities
,

Ret change In FedertO. securities
Interest-bearing public debt .,
,
..,,...,,
.,,,.,.,
let change In intereet -bearing public debt
Special Issues to U, S. Govenaent inrestesnt accounts
C<mputed Intereet charge and cuiputed intereet rate en Federal
securltlee
,
,
Treasury holAlnge of eecnrltles Issued by aorennient corporstlou
and other agenclea
,.,,,
Status of the gener&l fund of the O^eaeury
Public debt and guaranteed securltlee outstanding by aonths
Geoaral fund balance by nxiths ..•,,,,,,...,.,,,.
,

,

',

16
16

19
15
20
15

20

11

U

12
12
13

13

Statutory debt limita tion:
Status under Ujoltatlcm
....,,,
Applloatlni of llialtatloo to public debt and guaranteed eecurltiee
outs tondli^ ,.,,,,,
•.•.•••..........,..,,,,

Debt ope rations:
Maturity echedule of Int^reet-bearlng public urketable securities
Issued by the U, S. Gorenauot
Offerings of Treasury bills
!.!!!!!!!!!!!!!!!!"
Offerlngo of marketable Issues of TrsuuiT boi^s, notes, "sod
certificates of Ijilebtedness
Dlspooltlon of matured marketable Issues of Trvasury bonds notes*
'
•nd oartifloatas of Indebtedness

(Coatlnued en foUovli^ pege)

111

10
20

16

.

Februanf

^-f

69
.cxMOL/orrvE table of contehts.

March 1953 through February 1054

-

(Continued)
Issoe and page nunfeer
195^

1953
Apr.

May

July

Aug.

27

Sept.

Oct.

Jan.

Dnlted States Esvlnge bonds:
CuDulatlTe sales and reAaapticmB bj sarles
Sales end redaaptlone bj periods, all series conbijaed
Ssles md radonptlons by perlode. Series E Uirough E. ......
BedoEptlooe of laatured aod icmaturBd bcoda
Sales aad rvimeptlanB by dauzBlnatlons , Series E end H end
Series 7, G, J, and K
Sales and rsdanptloos by deDcminatlcoa, Series E and H.....
Sales by States, Series E eml S

27
27
28

27
27

28

28

27
27
28

27
28

27
27
28

32

32

32

32

32

32

27
27

19
19
20
22

19

19
20
22

23
23

19
19

24

20
22

19
19
20
22

28
28

23
23

23
23

29

24

24

26

33

27

33
34

Treasury aavlnge notee:
23
23

35
35

33
33

33
33

35
35

23
23

l}l8l3*lbution by classes of InvestozB and types of Issues.........
let Barket porclissss car sales far Inrsstaent accoroDts bimrtlsd by

36

34

34

36

24

the Treesuxy.... •.•.•••...•. •.••............•
...•.•.•...•...•.•.•.•.,.....,...•.•

36
37

34
35

34
35

36

24
25

24

37

25

29
30

24
25

24
25

38

36

36

38

26

26

31

26

26

CtamlatlTe ealea and rsd^H^Jtloos by series....... ....•
Sales end redaqrtlcas by periods, all sorlea c<Bblned.

33
33

Ownership of Federal securities;

Estljoated cwnarBhlp.

Treasury survey of ownership:
OvnsTsblp by benkB, losnrence c^^xsilas, snd otiiers.. ..••.. .......
Olmearebip by coasiarclal banks claaslflsd by BeBbezshlp In Fedoi^kl
Bssorre Syst^ (latest date Jiaie 30, 1953)

36

30

Market quotations:
42

Kid-of-naath cXoelng quotatlcDS on Federal securities by Issues*.
&id-of-santh closing quotatlfxis on Trsesury securities by Issues.
Chart - Yields of Treasury securities

42
44

34
36

30
32

35
37

30
32

30
32

43
44

45

37

38

33
34

38

46

39

33
34

33
34

45
46
47

45
46
47

47
48
49

39
40
41

35
36

40
41
42

35
36
37

35
36
37

49
50
50
51

49
50
50
51

51

43
44
44

52

52
53
53
54

45

40
40
41

44
45
45
46

39
40
40
41

39
40
40
41

52
53

54
55

51

51

53

52

52

54

45
46

41
42

46
47

41

42

42
45
49

46

ho
'is

1*2

••5

k6
U7

43
44

U6

li8

1.7

••9

1.8

50

5U
55
55
56

50
51
51

56
57

Average yields of lon g-term bonds:
Arerage yields of Treasury and corpocrate bends by periods.
Chart - Arersge ylelde of Treasury and corporate booda . . .

Internal revenue collections:
SuBBBTy by prlnclpel sources..... •.•.....•...•... •...•.•.•
Chart - Internal rerenue coLLectloDs by principal oourcee.
Detail of collections by type of tax.....

37

Monetary Btatlatlcs:
Money .in circulation.
Monetary stocks of gold and eilvar.
Gold assets and liabilities of the Treasury
Ccoponents of silver monetary stock
Silver jOMduction in the liUted States and acqulslticos by alnte
end assay offices.
..............................................
Sel^alorage on silver....
Increskent frcn reductlcn In weight of gold dollar (latest date
DecsBter 31, 1953)
let Treasury gold receipts (latest quarter ending March 31, 1953)..

55

52
52
53

39

54

47

55
56

48

52

57

Exchange Stabilization Fund (latest date September 30, 1953):
Balance sheet ......
Inccnks and expense.

56
57

49

Capital movements between the United States and foreign
countries:
SxBsiary by periods alnce 1935
Sunnary by countries and uaonUis ........

Details for latest annths by coimtrles.
Si^pleneaitary data by countries ........

58
61
65

5^
57
61
67

58
61
65

53

53

56
60

56
60
66

66

57
60
64

47
50
54

43

46
50

50
53
57

43
50

Corporations and certain other business-type activities
(latest dates September 30, 1953 an^ June 30, 1953):
Loans outstandii^
•
Balance sheets (including loans by type, beglnnii^ with data for
June 30, 1953)
Inctae and expense. ........................................... ...
Source and appllcatlcc of funds

68
56

56

69

71
7U

63
70

GPO

871 381

Treas.
HJ

U.S. Treasury Dept,

10

Treasury Bulletin

.A2

1954
c.l

us

1

TREASjR'i LIBRARY

0031982