Full text of Treasury Bulletin : January 1943

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LIBRARY
ROOM 5030
JUN

9 1 1972

TREASURY DEPARTMENT

No-JjJ

o.S,

HI
ir&vfo

Tr»

E_E7

f

.

BULLETIN
OF THE

TREASURY DEPARTMENT
JANUARY
1943

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

UNITED STATES

TREASURY DEPARTMENT
OFFICE OF THE SECRETARY

JUN

%

l

1972

TREASURY DEPARTMEf*

Bulletin of the Treasury Department, January 1043

Cumulative Table of Contents
Issue and page number

19U3
Jan.

19U2
Sept

Dec.

Aug.

July

May

Apr.

Mar.

Special articles
Salee of United States Government securities In December 191*2, classified
by type of Investor
Dividends received by corporations. Individuals, and fiduciaries, 1936...

2
T-S

Estate tax rates and tax liability In the United States, United
Kingdom, and Canada

7-8

Individual Income tax rates and tax liability in the United States,
United Kingdom, and Canada

7"«-75

Individual income tax rates in the United States, selected taxable
yearB, 1918-19te

75

Comparison of various features of Treasury securities currently
offered to the public

22-23

Preliminary analysis of taxable excess profits tax returns for 19^1
filed through July 31, 19^2

71-73

United States Government interest-bearing public debt outstanding
during World Wax I
Taxable corporation income tax returns for 19^0 filed through
December Jl, I9U1

68-71

Estimated ownership of all interest-bearing Governmental securities
outstanding, classified by Issuer and by tax status, ae of June 30,
1937-lPUl and December 31, 19U1

30

Summary of fiscal statistics

Budget receipts and expenditures
Debt outstanding:
Public debt
Public debt and guaranteed obligations.
Means of financing cash requirements

III.

Receipts and expenditures and appropriations

Appropriations and net contract authorizations for the war activities
program as of month-end preceding month of publication
Budget receipts and expenditures:
Summary by major classifications
Analysis of receipts from internal revenue
Analysis of general expenditures
Analysis of expenditures for war activities
Analysis of expenditures for (1) revolving funds and (2) transfers
to trust accounts, etc
Total budget receipts and expenditures, by months, for recent years.

Receipts and expenditures for trust accounts,

increment on gold, etc....

Means of financing cash requirements beginning 1933
"ocial Security program:
Budget receipts and expenditures:
Social Security Act
Railroad Retirement Act
Railroad Unemployment Insurance Act

Cash income and outgo of the Treasury:
Analysis by major classifications
Total cash income and outgo, by months beginning January 193°

V.

5-6

5-6

15
15

7
7

7

16
16

5-6

7

7

7

8

8
8

8

5-6

5-6

7
7

7
7

8

5-6

7
7

g
8

8

6
6
7
7

5
5
6

6

5
5
6
6

5

5

5

5

6

6
6

6

17
17-18

9

9

9

9

9

9

8

7

7

7

7

9-10

9-10

9-10

9-10

9-10

9-10

8-9

7-8

7-8

7-8

7-8

19

11

11

11

11

11

11

10

9

9

9

9

20

12

12

12

12

12

12

11

10

10

10

10

,

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

IV.

13-1I4

23
23
23

15
15
15

15
15
15

15
15
15

15
15
15

15
15
15

15
15
15

11

11

12
12

12
12

13
13
13

2k
16
16
16
16
16
16
15
2U-25 16-17 16-17 16-17 16-17 16-17 16-17 15-16

lU

1M5

13

13
13

13
13
13

13
13
13

lit
lit
lU
lU-15 1U-15 1U-15

General Fund of the Treasury

Assets, liabilities, and balance in General Fond.

17

Analysis of changes in balance of General Fund...

18

Government securities outstanding
Debt outstandlrr. classified by type of Issues:
Public debt
Public debt ax i guaranteed obligations

23

Composition of the -ubllc debt
Receipts acd

Composition of

urea on account of public debt
j

I

lie debt and guaranteed obligations.

(Continued on following page)

22-23

23-21)

Ul

1*2

?o

20

20

20-21 20-21 20-21 20-21
39

1»0

28

28

Bulletin of the Treasury Department, January 1943

Cumulative Table of Contents

-

(Continued)

Bulletin of the Treasury Department, January 1943

Cumulative Table of Contents

-

(Continued)

SPECIAL

ARTICLES

-l-

/

Sales of United States Government Securities in December 1042

Classified by Type of Investor

The following table presents an analysis of the sales of United States Government securities
In December 19,14-2
Statistics for the breakdown of total sales of the
by
type of Investor.
various securities Issued are available In part from tabulations of subscriptions and allotment data and are estimated In part on the basis of the Information which Is available.
A comDlete breakdown, by type of Investor, Is available only for the 7/8 percent certificates,
Series E savings bonds are sold only
the 1-3
percent bonds, and the 2-1/2 percent bonds.
to natural persons.
A breakdown for Series A and C tax notes Is available between Individuals and all corporations,
and a breakdown Into the same two classes has been estimated for
Series F and
savings bonds.
The whole amount of sales of these securities to corporations
has been classified as "other corporations".
Small amounts of them were purchased by the
but not enough to affect the
types of corporate Investors specifically listed In the table,
Is
the net Increase In the
results materially.
The total amount shown for Treasury bills
rather than total sales during that
whole supply of bills during the month of December,
month as Is the case for all other securities. The entire Increase In bills has been assumed
to have been absorbed by banking sources.

A

Ret Increase In

Treasury
kills
outstanding

Sales of other securities

7/6*
Certificate* of
Indebtedness,

1-3/"*
Treasury

2-1/2*
Treasury

bonds,
19Ug

1963-68

bonds,

Series
A

Amounts In Billions of dollars

2.117

2,058

1,677

73

237

609

Ug

Other corporations

2.213

668

Individuals, partnerships, and personal
trust accounts

1.589

118

881

Uh 7

53

12

Banking sources

5.072

Other sources:
Insurance companies

Savings banks

Dealers and brokers
Eleemosynary institutions

897

United States Government agencies and
263

trust funds

State and local governments, their agencies,
and sinking and tr st funds
All other (including unclassified)

Total from other sources
Total from all sources

Other sources:

Insurance companies
Savings banks
Other corporations
Individuals, partnerships, and personal
trust accounts

Dealers and brokers
Eleemosynary Institutions
United States Government agencies and
trust funds
State and local governments, their agencies
and sinking and trust funds

Total from other sources
Total from all sources
•

lesp than 0.05 percent.

3g6

7.865

••

Banking sources

All other (including unclassified)

19**

12.937

897

28

83
832

62

1,682

l.OOU

M9?

3,062

Savings bonds

Tax notes
Series
C

Series

Series
T and

3

Sources of Dividend Receipts, 1036
The accompanying tables
axe
derived from special
tabulations of the 1936 lnoome tax returns of Individuals,
corporations! and fiduciaries, undertaken as a part of the
Income Tax Study for 1936 whloh was sponsored and dlreoted
by the Division of Tax Researoh of the Treasury Department
They
In oooperatlon with the Works Projeots Administration.
contain Information hitherto not available and are presented
In advanoe of detailed analysis.
In 1936, corporations paid out a total of I7- * billions
in cash dividends
the largest amount sinoe 1930 which compares with an average amount of 16.0 billions for the preTh- 8
volume of
ceding 10-year period (1926 through 1935)cash dividends In 193& undoubtedly was Influenced by the
encouraged
operation of the undistributed profits tax whloh
a more substantial distribution than would otherwise have
taken plaoe.
It may also be noted that 1936 was the laet
year for whloh a tabulation of this nature could be made.
Individual and flduolary lnoome tax returns of subsequent
years do not oontain detailed dividend eohedulee.
1

—

—

The amounts and distributions of dividends reoeived do
not necessarily reflect oorporate ownership.
Equal amounts
of dividends do not always represent identical amounts of
corporate net worth. Moreover, no distinction could be made
In the tabulation of these data between dividends on preferred stook and dividends on oomoon stook.
Finally, the
data throw no light upon the ownership of corporations which
did not pay dividends In 1936.

Table I shows the dividends received by corporations,
individuals, and fiduciaries, classified (a) by size of total
assets of dividend paying corporations and (b) by size of
total assets of dividend receiving corporations and by size
of net lnoome of dividend reoelving individuals.
Table II
provides the same information for eaoh olass of dividend
recipients on the basis of peroentage distribution of dividends received and Table III provides It on the basis of
percentage distribution of dividends paid.

Individuals filing lnoome tax returns reoeived 56 percent,
corporations 7^ percent,
and fiduciaries 70 peroent
of their dividend Income from corporations with total assets
of $10 millions and over.
Of the three main groups of recipients, fiduciaries showed the highest peroentage of dividends received from the largest corporations (total assets
of $100 millions and over).
Intercorporate dividends are
highly concentrated in the group of corporations with total
assets of $10 millions and over.
More than &k peroent of
the intercorporate dividends paid by this group went to
other corporations with total assets of $10 millions and
over.

The relative importanoe of individuale as recipients of
'ldends distributed by small corporations
lndloated
Is
further by a comparison of the peroentages shown in Table II

with a percentage distribution of total cash dividends paid
In 1936 by corporations In the various asset size classes.
(See below for dividend distribution from "Statistics of
Income for 1936", part II, table 5.)
Table II indicates that the financial Interest In small
corporations of Individuals with large amounts of net lnoome
Is proportionately muoh smaller than that
of Individuale
with small amounts of net Income.
For example, while dividend payments of corporations with total assets of less than
$50,000 amounted to 1.26 percent of the dividends paid by
all corporations,
the proportion of dividends received by
individuals with net income of $50,000 or more from thie
?roup of small corporations ranged only between .01 percent
for the class with net Income of $1 million and over) and
percent (for Individuals with net lnoome between $60,000
.9
and $70,000). The ratio lnoreaeed steadily as net Income of
the recipients declined,
and individuals with net Income of
less than $5,000 reoeived on the average 3. 11 percent of
their dividend Income from the group of the smallest corporations.
1*-

Table III emphaslz.es further the disproportionately
small financial Interest of the high lnoome groups of Individuals in small corporations. Of the dividends paid by all
corporations to all Individuals filing income tax returns,
only 18.28 percent was paid to individuals with net Income
of less than $5,000.
However, the share of this group In
the dividend payments of corporations with total assets of
less than $50,000 wae 28.81 peroent,
and In those of corporations with total assets between $50,000 and $100,000, 20.27
peroent.
Similarly,
only 12.79 peroent of total dividend
payments to individuals filing income tax returns was paid
to Individuals with net Income between $5,000 and $10,000,
but this group was paid more than 2k percent of the dividends paid to individuals by corporations of the two lowest
asset size classes. On the other hand. Individuals with net
income of $50,000 and more, whose proportionate share was
were paid lees than 7 percent of the divi31. 1 percent,
dends paid to all individuals filing income tax returns by
corporations with total assets of less than $100,000.
*-

Dividend Distribution by Total Assets Classes
of Dividend Paying Corporations,
Statistics of Income for 1936"
(Peroent)
Assets classes
(In thousands of dollars)

Table I.- Dividends Received by Corporations, Individuals, and Fiduciaries, 1936 u
Classified by Size of Total Assets of Dividend Paying and Receiving Corporations,
and by Size of Net Income of Dividend Receiving Individuals.

a

:

Table II.- Percentage Distribution of Dividends Received
by Corporations, Individuals, and Fiduciaries, 1936i/
Classified by Size of Total Assets of Dividend Paying and Receiving Corporations,
and by Size of Net Income of Dividend Receiving Individuals.
(Percent)

Total aeeets claeaee of dividend paying corporations
(In thousands of dollars)

Dividend
recipient.
Under

100250

50-

100

50

250500

5,00010,000

10,00050,000

2 5 .4 5

6.1*2

14.62
7.95

13. 91*

9.96
13.27

2.1*1*

5"*-35

18.1*2

IO.36
5-58

8.36
13.82
17.23
18.22
32.86
17.78
21.15

5001,000

1,0005.000

9-U

7.55
4.56
3.88
13.16
10.08

8.56
10.77
5.25
12.07
9-97

>*.73

6.22

8.1)0

25.22

3.16
1.38

3.9lt

6. lit

2U. 72

2.28

3-57

.84

50.000-

100.000

100,000
and over

Corporations
Total assets classes
of dividend receiving
corporations (In thousands
of dollars):

100.00
100.00
100.00
100.00
100.00

7. 81

250
500
1,000

5.000
10,000
50.000
- 100,000
and over

100.00
100.00
100.00
100.00
100.00

1.25

.18

.50
.21
.10

100.00

•13

.57

.60

•

50
100
250
500

-

1,000
5,000
10,000
50,000
100 000

-

-

,

Under 50
100

Unknown
Total

6.63
5.31*

77

M
•

.Ik

6.39
6.58
3.20

1-57
1.11

59

6.34
7.84
6.52
8.86

20.56

3-27
6.39
2-93
3-72
5-32

18.25

5.1*9

16. 1*3

19-33
19.12
19.76
51.21

17.70

1*9.26

15-1*0
8.11*

15-73
18. 38

38

.83
.60

1.1*2

•

1.16

19.66
5.88
6.28

10.56
16.22
10.37
5.26
3.19

•

51

.86

383

6.86

lt.69

31.35

31.11

20.09

1.56

2.05

3.06

6.27

22.67

14.20

37-18

6.60

9.15

Individuals 2/
Net Income classes

of dividend receiving
Individuals (in thousands
of dollars)

>ficit

2.1*1*

U.57

4.74

4.87

18.40

8.42

17.20

6.

30-97

1.83
2.11
2.83
3.84
3.63

1.90
1.5U
2.16
3.C1
3-io

4.47
3-5*
4.39
5.25
6.08

3.73
3.24
4.04
4.21

3.1*9

5.51

5-55
4.66
4.86
4.99
5.24

l"*-97

8.51
8.53
7.90
7-78
7.00

44.04

4.94

10.63
9-51
10.23
10.24
12.18

15.85
15.96
14.95
15.19

5

100.00
100.00
100.00
100.00
100.00

44.65
41.04
37.35

Total, under 5

100.00

3.11

2.50

4.90

4.15

4.42

IO.63

5.00

15.25

7-79

42.25

5-

10
15
20
25
30

100.00
100.00
100.00
100.00
100.00

3.71*

4.30
4.01
3-97
3-38
2.64

7.67
9.69

6.14
7-98
8.85
9.42
9-32

5-5"
7-12
8.09
8.62
10.44

12.48
13.66
14.73
15.96
17.06

5.09
5.10
5. 81

5.45

14.58
13-53
13-38
14.12
13.62

7-17
6.62
6.23
5. 80
5.98

33.29
29.07
26.86
26.60
25.50

1*0

1.21
1.02

9-73
9.69
10.10
7.36
7-35

19. 88

60
70
80

100.00
100.00
100.00
100.00
100.00

22.80
22-59
24.71
21.94

5.96
7.41
7.34
8.31
8.52

14.80
14.45
16.32
15.93
20.57

6.31
6.04
5.96
6.58
8.12

25.22
24.30
24.39
26.40
26.86

90
100
150
200
250

28.47
31.62
27.26
27.76
33.06

100.00

Under
1 -

23t-

10 15 20 -

2530 "to 50 60 -

70'80 -

90
100
150
200

250 300 -

1

.

1

2.
3

h

50

300
uoo
1*00 500
500 750
1,000
750
000 and over

3.22
2.56
2.08
1.76

8. 23

3-73
3-99
4.45

5-5>*

47. 18

.91*

1.0U

37

•52

s'.Zk

8.60
8.02
7.05
5-37
3-31

100.00
100.00
100.00
100.00
100.00

-32

-i»5

-1*7

-53

St

.50
-19
.06

3-71
3.68
3-36
1.41
1.62

7.91
7.42
3-73
2.85
3.83

21.45
20.96
20.65
22.71
13.47

12.25
9-93
12.66
11-58
12.76

16.73
17.61
20.65
23-17
24.03

6.18
5.96
9.11

:S

2-53
1.82
1.54
1.05
1.80

100.00
100.00
100.00
100.00
100.00
100.00

-03
.03

-90

.82

.62

.21*

.24

1.29
1.25
55

1.88
2.11

•59
.08

2.31
1.89
.90

11.19
7.81
5.12
10.39
7t
1.38

24.30
21.51
26.45

29
•25

7-01
13-13
12.61
II.03
4.64
4.50

35-31
17.86

11.20
14.44
7.08
14.86
11.62
21.72

42.05
37.13
44.03
41.25
46.07

6.21

15.51

6.63

16.30

7.72

32.25

4.02

14.06

6.74

20.29

7.98

41.32

Total

.88

•

1*

6.55

.98

5.29
4.38

1.7
•

99

.05

.03
.07

.01

.05

•98
.01

.23
.01

1-97

2.25

5.51

5.65

•

•

7 1*

1.10
•

•

19. 81

8.99

9.23

54.21

Fiduciaries $/
Total.
1/
2/

100.00

.68

Estimated on the basis 01 corporate, individual, and fiduciary
tax returns for 1936.
Based upon dividend receipts of individuals and taxable estates
and truBtB filing individual income tax returns.

2.66

I.69
3_/

Basic data exclude dividend receipts of taxable estates and
trusts filing individual Income tax returns.

)

:

Table III.- Percentage Distribution of Dividends Paid to Corporations

and Individuals, 10361;
Classified by Size of Total Assets of Dividend Paying and Receiving Corporations,
and by Size of Net Income of Dividend Receiving Individuals.
(Percent

Total assets classes of dividend paying corporations
(in thousands of dollars)

Dividend
recipients

Under
50

50100

100250

250500

5001,000

1,0005,000

5,00010,000

10,00050,000

50,000- 100,000
and over
100,000

Corporations
Total assets claasss
of dividend receiving
corporations (In thousands
of dollars)

Under 50
100
100 250
250
500
1.000
500 50 -

1,000
5,000
10,000
50.000
100,000

Unknown
Total

-

5,000
10,000
50,000
- 100,000
and over

2.51
2.81
7-39
8.01
12.9&

.92

.84

2.00
1.73
2.66
2.6f

2.96
2-73
11.89
12.93
12.15

1.24
5-58
7.57
12.02

55
2-53
8-57
10.15

12.56
7-05
21.06
15.07
33-43

18.73
7-23
13.27
2.79
1U.U6

24.48
10.80
14.46
4.21
8.54

27-33
11.44
14.87
6.25
11.52

27.42
10.88

3-67

.86

3.83

:8

100.00

•

.64
• 87

.10
.14

.49

.23

.31
.90

.55
52
2.21

3.21

1.84

1.26

2.30
5.27
6.73

2.08
3.60

14. 04

24.83
11.36
19.65
5.40
18.09

19.31
11.83
28.05
5. 80
25-38

15.22
lS.63
27-83
S.76
24.31

6.86
4.54
24.40
9.12
44.52

1.26

1.63

4.86

2.25

2.90

5.36

100.00

100.00

100.00

100.00

100.00

100.00

18. 69

4.70

•

.49

05
.11

Estate Tax in the United States, United Kingdom, and Canada
Effective Rates, January
The following table and chart show the taxes due on
estates of selected sizes In the United States, the United
The New York State tax has been added
Kingdom, and Canada.
to the net Federal tax, and the Ontario Provincial tax has
the United
been added to the Canadian Dominion tax;
In
Kingdom only the central government imposes death taxe6.
These calculations are based on the assumption that the estate Is divided equally between a widow and one adult child.
In the United States the Federal Government grants each
estate a specific exemption of $60,000;
In Canada under the
Dominion law the exemption varies according to the number of
heirs and their relationship to the decedent, from 120,000
for a widow to a minimum of $1,000 per heir with no tax
There is no
levied If the estate Is less than $5,000.
specific exemption In the United Kingdom, but estates of
less than $400 are not subject to tax. 2/

The three countries employ somewhat different types of
rate schedules.
The United States Imposes bracket rates,
each rate applying only to the amount of property In a
single bracket.
The United Kingdom employs totality rates;
a single rate,
determined by the size of the total estate,
Is applied to the total amount of property subject to tax.
Notch provisions prevent a small difference In the size of
an estate from making a greater difference in the amount of
The Canadian tax also imposes totality rates.
These
tax.
rates however rise very gradually and notch provisions are
not needPd.
With certain exceptions In the lower brackets,
one
two sets of totality rates apply to each Inheritance;
the
rate is determined by the amount of the total estate,
other by the size of the inheritance and the relationship.
In the United States transfers of property at death are
taxed also by all of the States, except Nevada.
The Federal
Government allows the estate to credit against the Federal
liability payments of state death taxes In amounts not exceeding 80 percent of the tax due under the Federal Act of
In
1926, which Imposes rates ranging from 1 to 20 percent.
Canada all Provinces Impose death taxes,
but the Dominion
allows no credit for Provincial death taxes.
In the United
Kingdom the smaller Jurisdictions have no death taxes.
However,
the central government Imposes In addition to the
estate duty, which Is the major death tax,
a legacy and
succession duty which varies with relationship.
In recent
years
this latter tax has averaged about 1.9 percent of
total estates.

International comparisons of the taxes Imposed by
different Jurisdictions on the tranefer of property from one

Net estate before
specific exemption
(In thousands of dollars)

1,

1943_l/

generation or one person to another are subject to several
limitations.
The significance of some factors cannot be
readily appraised,
and it is difficult to summarize and
generalize about others.
Variations in the treatment of gifts made before death
are especially significant.
The United States and Canada,
but not the United Kingdom, impose gift taxes. In the United
States the gift tax rates are nominally three-quarters of
the estate tax rates.
The United States gift tax Is cumulative;
all gifts (except philanthropic gifts and amounts
exempted and excluded from the base) made eince June 6, 1932.
are added to determine the bracket or brackets In which the
current year's gifts are taxable.
The Canadian gift tax is
not cumulative;
its rates
are higher than the death tax
rates.
In the United States there Is a presumption that
outright gifts made within two years of death are to be
included In the estate (credit being given for gift tax
paid),
but the presumption Is not conclusive, and many euch
gifts as well as a large part of those made more than two
years before death are In fact not subjected to the estate
tax.
In the United Kingdom non-charitable gifts made within
three years (and charitable gifts made within one year) of
death are Included in the estate;
In Canada gifts made
within three years of death are included in the estate
(credit being given for gift tax paid).
In all three countries gifts on which there are certain legal restrictions
are Included In the estate when outright glfte are excluded.
The tax bases are generally similar,
but there are
Important differences other than the exemptions and treatment of gifts already noted.
for
The United States law,
example,
permits unlimited deduction of bequests to a wide
variety of religious, charitable,
educational,
and other
non-profit organizations, whereas the law of the United
Kingdom grants virtually no deduction, and the Canadian law
limits the deduction to one-half of the estate.
The United
States also allows more generous credit than the United
Kingdom for "property previously taxed",
taxed
that Is,
recently in the estate of another decedent.
Canada grants
no such credit.
Property subject to certain legal restrictions, such as powers of appointment and family settlements,
Is covered more thoroughly by the United Kingdom than by the
United States law. The Canadian law also appears to provide
stricter treatment, although the full meaning of the statute
awaits further Interpretation. The United States allows the
executors to choose between valuation of the assets of the
estate as of the date of death or a date one year later (or
if distributed In the meantime at the date of distribution);
neither the British nor the Canadian law provide such option.

<
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SUMMARY

OF

FISCAL

9-

STATISTICS

10

Budget Receipts and Expenditures
(In millions of dollar*)

Complete fiscal years, 19U0 to 19UU
First 6 months,
fiscal years 1941 to 1943

Istlmated 1/

Change

Change
l°,ltl

1942

I9U3

191*2

Actual
l94o

1941

191*2

19U3

1944

to

I9U3

Istlaated

191*2 to

191*3 to

estimated
19U3 1/

estimated
19UI*

fiecelpts:

Internal revenue:
Income and profits taxes 2/

Employment taxes

Miscellaneous Internal revenue $j

.

1,0>*1

1.82U

i*.93l

+3.107

.125

,1*70

7.960

17.571

27,61*5

+9.611

+10.074

1*11*

525

669

+144

833

925

1.186

1,1*62

1.971

276

+509

1,516

1.901

2,1*01*

+503

.3*5

.967

3.847

U..516

".936

+669

420

139

-65

31*9

392

389

253

20U

-136

-49

Customs

159

Other receipts

106

125

156

+31

273

515

286

751

651

+1*65

-100

3.236

>*.579

8,298

+3.719

5.925

8,269

13,668

2l*,552

35."07

+10,881*

10.855

311

1*13

529

+116

538

661

869

1.076

1.525

+207

+449

500

800

+500

+300

2.925

4,166

7.769

+3.603

5.387

7.607

12.799

22,976

33.081

10.177

10.105

War Department

885

>».550

19.980

+15.430

667

3.678

14,070

44.000

62,000

+29.930

+18.000

Navy Department

864

2,762

8,227

+5,1*65

891

2.313

8,580

17.500

22,000

+8.920

4,500

Miscellaneous war activities.

112

953

3.908

+2.955

99

310

3.362

12,500

13.000

+9.138

+500

1.861

8.265

32.114

+23,849

1.657

6.301

26,011

74,000

97.000

+i*7,989

23.000

277
442

278

304

+26

557

563

885

+61

+268

312

950

738

666

403

-\4

-263

*71

587

523

-59
-64

556
680

617

371

1.559

1.225

1.142

1,015

-83

-127

308

353

434

+81

513

588

659

755

786

+96

+31

677

53"

-316

1.572

1.37>t

970

300

-670

-300

Civilian Conservation CorpB

137

104

-5

-109

283

Interest on the public debt

491

525

717

+192

1,041

257
1.111

163
1,260

1.850

Total receipts.
Less:

Amounts transferred to federal Old-Age
and Survivors Insurance Trust Fund 4/.
Post-war credits for excess-profits tax,
victory tax, etc
Net receipts

Expenditures:

^j
War activities:

Total war activities.
Veterans' Administration 6/

Public Works 1/
Aid to agriculture 8/
Social Security program 10/

937 2/

Direct and work relief:

Work Projects Administration and
National Youth Administration 11/
Federal Emergency Belief Administration
and Civil Works Administration

Other 12/
Total expenditures 57
Net budget deficit 5/...
Source:

1/

s/

5/
6/

1/

1

16

3,000

-1H7

-16

+590

+1.150

478

1*67

489

+22

866

84l

873

1,086

1.035

+213

-51

5.141

11.483

35.107

+23,624

8,998

12.711

32.397

80.432

104.124

+48,035

23.692

2,216

7.317

27.337

+20,020

3,611

S103

19.598

57."56

7l.Ot3

+3 7,8 58

+1 3 , 587

Dally Treasury Statements, except as noted.
5/
Estimates as shown In the 13UU Budget. Does not Include proposal for $16,000,000,000 additional funds from nev legislation
for the fiscal year 19-44.
Includes unjust enrichment tax.
Includes chiefly alcoholic beverage taxes, tobacco taxes, manu2/
facturers' and retailers' excise taxes, and estate taxes.
For explanations, see tables In next chapter on Social Security
10/
program.
Excludes expenditures for public debt retirements which are chargeable to the slaking fund, etc. under special provisions of law.
11/
Includes expenditures classified as transfers to trust accounts,
etc., for the Adjusted Service Certificate Fund and the National
12/
Service Life Insurance Fund.
Includes Public Works transactions classified as Revolving Funds (net).

Includes Aid to agriculture transactions classified ae Revolving Funds
(net), expenditures of the Department of Agriculture classified as
Departmental in the Daily Treasury Statement, and Agricultural
Marketing Administration transactions classified as transfers to
trust accounts, etc.
Represents grosB expenditures of $1,252 millions less repayments of
U. S. investments in capital funds aggregating $315 millions.
Includes expenditures classified ae transfers to trust accounts, etc.
for the Railroad Retirement Account and the Railroad Unemployment
Insurance Administration Fund.
Beginning July 19^2 expenditures for National Touth Administration
are shown under War activities.
Includes departmental expenditures not otherwise classified and
expenditures classified as transfers to trust accounts, etc., for
Government employee retirement and insurance funde.

11

Public Debt and Guaranteed Obligations Outstanding

RECEIPTS

AND EXPENDITURES
AND
APPRO PRI AT IONS

-13-

,, .

.

) )

13

Appropriations and Net Contract Authorizations for the War Activities Program
As of December 31, 1942
Date
approved

Public
Law No

i

Appropriations

Title of act

Net contract
authorizations 2/

76th CoagreeB, Third Session
Mar. 25, 19U0

1*1*2

Treasury Department Appropriation Act, 1941

Apr. 18, 1940

1*59

Independent Of f IceB Appropriation Act

53.965.035
11*9,500.000

I9I+I

,

May

1"*,

1940

508

Department of Justice Appropriation Act.

June

11

19U0

588

Navy Department Appropriation Act

June 13. 19U0

611

Military Appropriation Act, 19U1

19U0

6U0

Interior Department Appropriation Act, 1941

June 24. 19U0

653

War Department Civil Appropriation Act, 1941

June 26, 19U0

667

Civil Activities National Defense Appropriation Act. 19U1

June 18

June 26, 191*0
June 27, 191*0

July 18, 19U0

88 2J

668

91*37

191*1

1.308.171,138
1.499,323,322
1*95,000

15,000,000

50,000,000

Second Deficiency Appropriation Act

17,656,900

191*0

,

1*0,000,000

Public Resolution (War Risk Insurance Fund)

$ 3,287.726.699

757

Public Law (Naval expansion program)

Sept. 9, 191*0

781

Second Supplemental National Defense Appropriation Act, 1941

Sept. 24, 194c

99 1/

1,1*71*, 901, 057

Emergency Relief Appropriation Act, 1941 (Refugee Relief)

191*0

July 19,

2.1*88,000

(Title III)

1941

,

Public Resolution (War Department - Military Posts and Acquisition of Land).

Oct.

8,

191*0

800

Third Supplemental National Defense Appropriation Act, 1941

Oct.

9.

191*0

812

First Supplemental Civil Functions Appropriation Act, 1941

Oct. 14,

19U0

106 i/

Public Resolution (National Defense Housing)

rU/

1*7,000,000 hj

2,1*97.016.392

338.263,902
1,323. Ull*. 082
11*8,821,000

75,000,000

Total, 76th Congress. Third Session

8, 99U, 015, 828

$

$ 3. 33>*. 726. 699 r

77th Congress. First Session
Jan.

31. 1941

1*

Public Law (Naval expansion program)

1941

5

Joint Resolution (Fjnergency Ship Construction)

Feb. 13, 19U1

6

Joint Resolution (Clothing and Equipage

Mar.

9

Urgent Deficiency Appropriation Act, 1941

Feb.

6,

1.

191*1

•

f

War Department)

13

Mar. 27.

191*1

23

Defense Aid Supplemental Appropriation Act, 1941

Apr.

1,

1941

25

First Deficiency Appropriation Act,

Apr.

5.

19U1

28

Independent Offices Appropriation Act

1,376, ,i*6U, 602

7,000 ,000,000

399 ,360,000

1942

Apr.

5.

191*1

29

Fifth Supplemental National Defense Appropriation Act, 1941

May

6,

19U1

1*8

Navy Department Appropriation Act

May

23. 19Ul

71

War Department Civil Appropriation Act, 1942

May

2>*.

191*1

73

Additional Urgent Deficiency Appropriation Act, 1941

May

31.

191*1

86

Treasury Department Appropriation Act, 1942

June 28.

191*1

135

Departments of Justice. State and Commerce Appropriation Act

June 28.

191*1

136

Interior Department Appropriation Act, 1942

June 30.

191*1

139

Military Appropriation Act. 1942

July

1

191*1

11*6

Labor - Federal Security Appropriation Act, 1942

173 ,168,500

3,

19U1

150

Second Deficiency Appropriation Act, 19U1

998

Aug. 25, 19U1

2U7

First Supplemental National Defense Appropriation Act, 1942

6,580

Oct. 28. 191*1

282

Second Supplemental National Defense Appropriation Act
(Title I
(Title II

5.985.000,000
159.005.585

July

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

.

58,000,000 U/

111* ,1*58,1*68

1941
,

313 ,500,000

175 ,000,000
6. .01*7.775

Fourth Supplemental National Defense Appropriation Act, 1941

Mar. 17. 1941

1*00.000,000 kj

*

2,293 ,227.920
.521.750

1942

1*5,596,528

37 ,920,370

168 ,556,000

<

62 .193.150

.

1942

129 .227.750
2 ,035,000

10,384 ,821,621*

.

,891*,

561

012,1*1*8

1942:

353

Third Supplemental National Defense Appropriation Act, 1942

371

Joint Resolution (War, Philippine Relief, and Defense Housing)

510,000,000
$1*9,

Total, 77th Congress, First Session

(Continued on following page)

2l*l*,000,000

9.112,021.91*7

396, U37, 450

$

7t7.596.52S

1U

Appropriations and Net Contract Authorizations for the War Act ivies Program

\94Zu- (Continued)

As of December 31,

Date
approved

Public
Law Ho.

Appropriations

Title of act
77th Congress,

Second Session

Jan. 30,

19>*2

1*22

Fourth Supplemental National Defense Appropriation Act, 191*2

Feb.

191*2

1*1*1

Naval Appropriation Act

Feb. 12, I9U2

1*52

Joint Resolution (Financial Aid to China)

a.

191*2

1*63

First Deficiency Appropriation Act, 1JU2

5,

I9U2

U7U

Fifth Supplemental National Defense Appropriation Act,

Apr. 28, 19"*2

527

War Department Civil Appropriation Act,

Apr. 28, 19U2

528

Sixth Supplemental National Defense Appropriation Act,

Feb.

Mar.

7,

,

* 12.525 872.1*71*

23.738 865,1*7!*

191*3 5_/

30,1*12 737.900

191*2

18.932 12U.093

19l*3

572

Joint Resolution (War Bisk Insurance Fund)
Joint Resolution (Education and Training)

June 23, 19U2

626

Seventh Supplemental National Defense Appropriation Act, 191*2 6/...

June 27. 191*2

150,1*00,000 U/

9 500,000

655

19l*3

630

Independent Offices Appropriation Act,

2,

19l*2

6W*

Departmente of Justice, State and Commerce Appropriation Act,

July

2,

19l*2

6U5

Department of the Interior Appropriation Act,

,07'*.7'*0

1,052 812,001*

3,112,500,000 U/

90,000,000

261 908,180 r

19^*3

19l*3

8 977.370

110,000,000

July

2,

191*2

61*6

Public Law (Federal Works Agency

July

2,

19U2

61*7

Labor-Federal Security Appropriation Act,

July

2,

19U2

61*8

Second Deficiency Appropriation Act, 19U2

July

2,

19U2

6U9

Military Appropriation Act,

July

2,

I9U2

650

War Rousing and Public Works Appropriation Act

July 25,

19l*2

678

First Supplemental National Defence Appropriation Act

Aug.

6,

I9U2

700

Public Law (Public works-Navy)

Oct. 26,

191*2

763

Second Supplemental National Defense Appropriation Act, I9U3 jj
77th Congress,

2.298,925.617

210 000,000

July

Total,

670, 000, 000 U/

57 886.985

616

-

i».

135 203.321 r
191*2

191*2

5,

$

500, 000.000

June 19. 191*2

Juno

Net contract
authorizations 2/

Public Roads)
227 726,861*

151+3

10 >15.075
1*2,820 ,003,067

191*3

,

19U2

32 500,000
,

1,81*5 2311,990

191*3

971*.631*,000

.

6,299,361,1*1*8

•

Second Session

$139,736,203,988 r

9.510.000,000 uy
$20,916.1*59,617

Summary
Total, 76th Congress. Third Session
Total, 77th Congress,

First Session

Total, 77th Congress,

Second Session

$

139.736.203.988 r

Permanent appropriations 8/

$198,205,382,722 r

Liquidations of 19U0 and prior contract authorizations.

3/
U/

2O.9i6.U59.6i7

$197,737,509,876 r

Revised.
Consists of appropriations and net contract authorizations available on
and after July 1, I9U0. Does not include authorizations of the Reconstruction Finance Corporation and its subsidiaries for war purposes.
Contract authorizations have been reduced by later appropriations which
were earmarked in authorizing acts for this purpose.
Public resolution number.
Unappropriated contract authorizations for the naval expansion program
are as follows:
U7, 000, 000
Public No. 781
$
U
1*00,000.000
(Estimated)
3,267,726,699 r
757
13
58,000,000
UUl
U, 170,000,000
528.
100.000,000
626
(Estimated)
2,962.500,000
(Estimated)
763
9.510,000.000

$20.535,226.699 r

$2U,998,782,8UU r

-1*67,872,81*6

Total approved.

2/

7U7.596.528

38,760,192 r

9_/

Total.

1/

$ 3. 33 1*. 726, 699 r

39,965,261* r

Net transfers from other than war activities appropriations

r

8.99l*,015,828

U9,396.U37.U50

5/
6/

$2U,998,782,8UU

r

Includes $9,693,525,500 appropriated and $U,170.000,000 contract
authorizations for the fiscal year 19U2.
Includes $650,000 for the fiscal year I9U1 and $209,UUo,000 for
the fiscal year I9U3, of which $UU0,000 was made immediately
aval lsble.

1/
8/

2/

Include? $7,851,U6o for the fiscal year 19U2.
Consists of actual appropriations for the fiscal years 19UI and
I9U2 and budget estimates for the fiscal years 19U3andl9UU. This item
represents approprletions of receipts, the exact amount of which
is not known until the end of each fiscal year.
Includes actual transfer of balances of the Bureau of Marine
Inspection and Navigation from the Department of Commerce to
Coast Guard, Navy, in the amount of $1,153,801-79 lh accordance
with Executive Order 9083, dated February 28, I9U2. Also Includes
$2,315,321.89 received as war contributions under authority of the
Second War Powers Act, deposits of advance payments made by foreign
governments to the Defense Aid Special Fund for the procurement of
defense articles amounting to $30, 523.3U2.37, and deposits of
$3,863,500.00 to compensate owners of foreign merchant vessels for
vessels acquired by the United States Government In accordance
with section 902 of the Merchant Marine Act of 1936.

15

Budget Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In nllllont of dollar*)

Expenditures if

Receipt*

Oroee receipt!
fiscal year
or month

Internal
Total
revenue
receipt*
2/

l.foU
2.641
3.278
3.513

Customs
1/

Lee* net amounts
transferred to
Total
Net
Federal Old -Age
receipts expenditures
Other
and SurriTors
receipts Insurance Trust
fund 4/

2.542

682

1.850

31

1

2,628
2.629
3.421

484
412

22

578
758
3.5U7

591

2.104
2.208
2.809

695
563
2.492

3.753
3.953
4,530

467
393
700

3.238
3.560
3-829

747
587
2.527

160
215
931

413
312
544

4.498
4,884
5.384

607
601
2.701

,937

401
320
654

5.481
6,042
5.825

33

1942-January.
February.
March. . .

6l4
937

35
27

24

33

661

732
764

555
879
3.493
6SU
708

2,424

32
30
28

16
26
42

37
201

2. 1*9 4

august.
September.

794
797
2,528

742
748
2.476

2U
22
20

28
26

47
209

October. ..
BoTamber.
December..

648
830
2,702

603
784
2.6U9

24
23
24

20
22
28

April.
May...
June..

July
.

Hi

I
2/

12/

.

1/

680
2.981
4,908
31
?
5.900
689
900
5.935
6.437
929
5.864
1.029
7.221
1,206
7.055
1.657
6.215 12/ 6,301
5.986
26,011

1,212

1.159

188
273 12/
515 11/
286 1J7
22

265
3«7
503
538

1

31 12/

1
41

229
1

Dally Treasury Statements.
Less than $500,000.
Excludes amounts for public debt retirement vhlch are chargeable to the sinking fund, etc under special provisions of law.
For further details, see Table 2.
For further details, see chapter on Customs Statistics In
December 19U1 "Treasury Bulletin".
Tor explanation see tables vhlch follow on the Social Security
program.
Tor further details, see Table 3,
For further details, see Table 4,
Tor further details, see Table 5» Also see footnotes U/ and 5/.
Total expenditures less net receipts.
Represents expenditures for public debt retirements which are
chargeable to the inking fund, etc. under special provisions
of law.
Include* partial return of amounts paid to the Commodity Credit
Corporation for the restoration of capital impairment $44 millions; and the retirement of Treasury investment In
federal savings and loan association shares - $10 millions*

11/

12/

UJ

•tc.

1/

2

1.214

225
162
179
216
210
208

Tracsf ert
HeTolving
to trust
funds
accounts,
(net)

36
179

1941-Decenjb.jr.

3.5"«

6/

869

5.674
5.161
5.303
7.362
12.993

3"»3

»».597

5/

3.864
6,011
7.C10
8.616
8.177
7,239
8.707
8,998
12.711
32.397

387
4g6
359
319
3U9
392
389

1

251
313

War activities

2.080
3.116
3. 800
4,116
5.029
5.855
5.165
5.3*7
7.607
12.799

3.080
3.116
3,800
4.116
5.29 *
6.242
5.668
5-925
8.269
13,668

1933
1934
1935
1936
1937
1938
1939
1940
1941
1942

General

363
6,500

PuDllC
Rat
dabt
budget
retiredeficit
ments
2/
2/

3.611
5.103
19.598

462
360
574
403
104
65
58
129
64
95

1.329

16

-1

9
42
9
22

2,050
1,871
-126

15

-1

48

3.058
3.391
2.037

249
19
5

4.413
4.628
3.404

56

5.331
5.761
3.799

74

129
77
76
,820
60S
225
187
232
331
381

496
345
11
204
121
92

-136 12/
18

1

-3

-8

3

25

1.784
2.896
3.209
4.550
3.149
1.384
3.542

3
1

2
2
1

Includes recoveries of Tl. S. investments in capital funds aa
Reconstruction Finance Corporation stock retired follows:
$175 millions; Federal Home Loan Bank stock (resold to Reconstruction Finance Corporation) - $125 millions; retirement of
Treasury Investment In Federal savings and loan association
shares - $10 millions; sale to Reconstruction Finance Corporation of bonds held by Public Works Administration - $9 millions.
Receipts from capital stock aud paid-in surplus reductions that
are available to be reissued under existing law are not reflected under recelpte, but rather are Included ae negative
lteme under expenditures.
During the fiscal year 19Ul, reductions in capital in this manner were as follows:
Under general
expenditures: Banks for cooperatives - $60 millions, and
Federal land banks - $100 millions; under revolving fund*:
Federal Farm Mortgage Corporation - $100 millions. Federal intermediate oredlt banks - $40 millions, and production credit
corporations - $15 millions; a total of $315 millions.
Includes $16 millions in the fiscal year 1942 and $10 millions
in the month of September, 19^2 representing partial return of
amounts paid to the Commodity Credit Corporation for restoration
of capital Impairment.

Table 2.- Analysis of Receipts from Internal Revenue^/
(In millions of dollars)

Employment taxes
Fiscal year
or month

Total

Iaeeae
and
profite
taxee ZJ

Total

1.604
2.641
3.278
3.513
4.597
5.674
5.161
5.303
7.362
12.993

746
818
1.099
1.427
2.163
2.640
2.189
2.125
7.960

1,186

1941-D.craber.

1.159

767

39

19^2 -January..
February.
March....

555
879
3.493

133
283
3.083

53
257
46

684

1933
1934
1935
1936
1937
1938
1939
1940
1941
1942

253
755
740
833

3.>»70

85*
1.470
1.657
2,010
2,181
2.279
2,232

150
109
121
137
170

353

71

3

2

4
42

369
340
364

*3
222
40

3

1

204

9

4

1

9
35

49
212

3

1

1

3

1

11
36

44

3
9
1

742
748
2.476

273
155
2.126

53

October...
HoT.aber.
December.

601
784
2.649

206
199
1.972

48
248
47

231
4

Daily Traaeury Statement t.
Uss than $500,000.
Tor further details, see chapter on Internal Revenue StatlstlOS.
Includes unjust enrichment tax.

353
521
77

305
270
298
416
362
309

1
8

350
337
630

t3

For the period prior to September 1939 the data In the
columns entitled Federal Insuranoe Contributions Aot and Federal Unemployment Tax Aot repreeent collections under Titles Till
and IX, respectively, of the Social Security Act.
Includes chiefly alcoholic beverage taxes, tobaoco taxee,
faoturere' and retailors' excise taxes and estate tax.
.

V

Agricultural
adjustment
tax*.

2.3J5
2.967
3.847

1

2,424

1/
2/

y

3t

July
August ....
September.

•

&04
691
896

Miscellaneous
internal
revenue

13

335
216
2,086

Source!

58
90
101
108
98
120

194
514

Carrier*' Taxing
Act of 1937
(Railroad
retirement)

39
181

April
May...
June.

708

Social security taxes }J
Federal Insurance
Federal Unemployment
Contributions Act
Tax Act
(Old-age ipsuranos) (Unemployment insurance)

..

..

'

16

Budget Receipts and Expenditures

-

(Continued)

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

Direct and work relief

fiscal year
or month

Total

Veterans
Administration

Public
Works

1/

2/

3V

UU2
5U9
679
685
803

102
U29
930
966
988

582
557
557
553
555
U6

670
900
890
715

866

UgU
U12
591
U67
393
700

U6
>»5

55
UU

U6

1*7

U6
U7
U7

July
August •
September

U13
312

October.
November.
December.

U01
320

1933
193 1*
1935
1936
1937

2.981
U.908
5.900
5.935

763
507
557
578

6.1*37

581

1938
1939

5.861*

19110

19H1
19U2
19Ul-Deeember.

19U2-January..
February
March
April
Hay
•Tune

.

7,221
7.055
6.215
5.986
682

5UU

65U

Social
Security
program

Aid to
agriculture

669

58

51^
3U

133
122
10U

56
38
33

5*
51
57

86
86

50

51

U7
U7
U6

5t
58

7U

U9
U7
U7

59
39
52

1

5»*

1'

is/

278
509
283
258
223

283
257
163
15

926
9U1
i.oUi
1,111
1,260
232

U81
517
5U6
525
5UU

2O0
191
227
216
220
lU

12
12

32
12

U6
U5
51

757
821
7U9
866

326
290

2
1

9",

77

76
79

51

11

205

6

10

68

8

77
19

12

61

7

390

5

5"

7

35

U7
17

80
U3
22

"*3

5

67
83

6U
Uo

I

5>*

^j

6/

jj

6/

£/

27
18
17

2U
lU
29

UU

19

7

"3
US

35

22U

52

12

31

70

U5
"5
U9

16

28

28
28

3>*

Daily Treasury Statenenta.
Less t! in $500,000.
Includes public works undertaken by the Veterans' Administration.
Additional expenditures included in Table 5. *° r the Adjusted Service Certificate Fund and the National Service Life Insurance Fund
Iiicludes public buildings, public highways (including forest roads
and trails), river and harbor work and flood control, Tennessee
Valley Authority, Federal Public Housing Authority (formerly U. S.
Housing Authority), Reclamation projects and the Public WorkB
Administration. Excludes certain expenditures for public works
in connection with war activities by the Federal Works Agency,
beginning July 19M- Additional transactions are included under
revolving funds, Table 5«
Comprises Agricultural Conservation and Adjustment Administration,
Agricultural Marketing Administration, Commodity Credit Corporation, Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Farm Security Administration, Farm
Tenant Act, Rural Electrification Administration, and Department
of Agriculture departmental expenditures.
Additional transactions
are included under Revolving funds, Table 5«
Includes railroad retirement and railroad unemployment activities.

Source:

U

1

"»57

9_/

357
313
36U
U2U
510

lU
332
U36
U86
386

-1

1.U72
2.2UO
1.572
1.37 *
970

335
3":
392

Other
Other
general
departexpendimental 7/
tures 8/

Civilian Interest
on the
Conserpublic
vation
debt
Corps

336
1.513
1.831
U95

1.26U
1.896

29

18U

l!5>*6

1,006
1,091
137

federal Emergency
Work Projects
Administration and Belief Administraand ClTll Worki
tion
National Touth
Administr ation 6/
Administration $J

-18

353

16

11

22

Additional expenditures included in Table 5. For further details,
see tables which follow on the Social Security program.
Work Projects Administration was formerly Works Progress Administration.
Beginning with July 19*»2, expenditures for the National Touth Administration are shown in Table U.
Includes expenditures of the Reconstruction Finance Corporation for
relief through loans and grants to States, municipalities, etc.
Excludes expenditures for the U. S. Maritime Commission, departmental
expenditures under the Social Security program and the Department of
Agriculture departmental expenditures.
Includes expenditures for the following:
Office of Education, and
Public Health Service of the Federel Security Agency; refunds of
taxes and duties by the Treasury Department; Post Office Department
postal deficiencies; the Panama Canal; Federpl Housing Administration;
and Treasury Department investments in Federal savings and loan associations. Also includes expenditures for capital stock of the Federal
Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal
home loan banks, and Disaster Loan Corporation.
The Federal contributions to the District of Columbia (United States share) have been
transferred to the classification "Transfers to trust accounts, etc.".
Gross expenditures have been reduced $l60 millions representing t v e
repayments of capital funds by certain government agencies.

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

Miscellaneous war activities
Fiscal year
or month

Total

War
Department

Navy
Department

1/

Total
miscellaneous
war activities

Agriculture
Department

Federal National Selective
Federal
Treasury
Works
Housing Service
Security
DepartAgency
Agency (adminisAgency
ment
trative)
2/

United
War
States
Aid
Shipping
Maritime
to
AdminisCommission
Chlni
tration
37

1933
193 *
1935
1936
1937

680
531
689
900
929

302
2U3
273
383
378

350
297
U36
529
557

1938
1939
l?Uo

1.029
1.206
1.657
6.301
26,011

U32
U90
667
3.678
1U.070

596
673
891
2.313
8,580

1

1

UU
99
310
3.362

UU
99

696

62
111

62

19Ul-Dec ember.

1.850

1.072

5U5

?33

U3

7

19U2-January
February.
March

2.10U
2.208
2,809

1.282
1.369
1.U32

575

2U7
258
U30

63
53

7

1.59U
1.850
2.007
2,861
2.875
3.519

1.101
1.307
1.309
I.103
1.376
1.29U

5"*3

July
August.
September

3.238
3.56O
3.829
U.Ugs
U.88U
5.38U

October.
November.
December.

5.U81
6.0U2
5.825

3.U17
3.538
3.770

1.596
1.U78
1,180

U67
1.025
676

1

19U1
19U2

.

April
May
•Tune

.

Sorrce:
\j
2/

2/

581
9U6

29
-10
-21

29
-10
-21
-12
-6

-12
-6

U02
513

5>
633
572

Other
war
activities
expenditures U/

"5
297

18
33

2U

51

519

929

U

29

2

52

%9

U
10

27
19

2

105

10

18

3

35
U2
63

86
95
121

16

65
80
119

lU
10

22
17
21

63
83
99

98

U2
33
39

26
U2

130
150
18U
211
1U1

3

9

8

B

90
6l
9U

28

12

13

17

3

u

13

>*5

95
110
102

51

21

110

16

17
15

Ug

U33

6

50
50

81

21

Dally Treasury Statements.
Excludes Selective Service administrative expenses.
Includes war public housing functions.
Includes emergency ship construction, beginning March I9U1,

19
U/

83

U6
27U
275

132

108
382

200

28

2U
26
86

2

.

.

29
37
66

5"
99
113

U2
76
56

ill

60
68
88

85
127

Similar lteme for periods prior to fiscal year 19Ul are classified
undsr Other departmental and Other general expenditures in Table T.
Includes the Civil Aeronautics Administration and the Panama Canal.

...
.
.

17

Budget Receipts and Expenditures

Table 5.- Analysis of Expenditures for

-

Revolving Funds and

(1)

(Continued)
(2)

Transfers to Trust Accounts, Etc.

(In millions of dollars)

Revolving funds (net) 1/

Fiscal year
or month

Total

Aid to
agriculture

Public
worke

2/

1933
193 *
1935
1936
1937
1938
1939
19UO
19U1
19^2
1

7*

7U
3"*6

11

20*
121
92
5*
-136
18

13

19l+2-Januaxy
February.

-2
-1
-1

March

1,820
608
225
187
232

1

10:

59
2

share)

(

Federal
contribution to
District of
Columbia
(U.

10

121
132

"7
73
75
87
93

1

11*5

103

107

18
91
126

32

10
9
22

32

17

9

22
US
*
1
2l*9

October.
November.
December.

.

107

}1

19

19
5

l

7
2

56

31*

20
•

3

25

23

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

5/

6/

Includes railroad retirement and railroad unemployment activities.
For further explanations see tableB which follow on
Social Security program.
EeflectB reduction of expenditures through recoveries of investments in capital funds of Governmental agencies aggregating $155 millions.

Table 6.- Totals by Months, Beginning with 1933
(In millions of dollars)
Apr.

Jan..

Set budget recelpte 1/
1933
193*
1935
1936
1937
1938
1939
19*0
19*1
19*2

Budget expendlturei 2/
1933
193*

191*0.
191*1.

19U2.

Het budget deficit
1933
193*
1935
1936
1937
1938
1939

19!t2

116
211
203
228
23?
291*

112
206

272

2ll*

601
752
967
916
687
799
1,566
3.5*7

218
230
308

271
1*1*1*

3l*0

578

5*1
758

272

2*6

,695

63*
528
4g0
5*6

1*20

11*
182
228
231
318
262

3

Ugl.

1*28

153

279
293
300
198
385
398
771
2.050

31U
862
316
166

*|

-III
-200
-212
132
22
-167
-126

*oo

69

21*5

22*
53*
1.871

2(6
256
290
373

*15
6*3
599
631
695
631
730
783
1.315
3.753

3_/

156

157

1*00

612
668
1.075
2.629

1*71*

Nay

30*
565
695

3*1
573
570
636
766
705
820
822
1.399
3.*21

Ug2
521
539
U92
656
712
1.111
2.628

19351936.
1937.
1938.
1939.

19*1

share)

9

1*2

July
August
September.

19W

S.

1*1

9

April
May
June

Source:

S.

Agricultural
Marketing
Administration
surplus commodity
stamps)

21
21
21

11*6

331
381

1

(U.

100
50
50
1.773
557

129
77
76

1*1*

Government
employees'
retirement
funds

Social
Security
program Jj/

*/

22:

7

-2

.

Total

1U9
2(A

1U1
-33
-18
-13
-8
-6
-159 6/

19Hl-December.
.

Veterans'
Administration

1/

1*96

3*5

Transfers to trust accounts, etc.

377
369
517

*79
750
3.058

June

286
391
*6*
529
828
77*

39*

6*9
1.276

563

2.1*92

527
686
51*

693
2,1*27

July

Aug.

Sept.

Oct.

Dec.

"

18

BUDGET RECEIPTS AND EXPENDITURES
1940

1939

1938

1937

1942

1941

DOLLARS
Billions

Net Budget Receipts

40
3.5

30
2.5

20
1.5

1.0

JMMJSNJW.
).5i

60
5.5

5.0

4.5

40
3.5

30
2.5

20
1.5

10
5

5.0
4.5

4
3.5

3

2.5

2.0

1.5

1.0

.5

.5

1

tTTlTTtTTiynlTTtTll
MJSNJMMJSNJMMJSNJMMJSNJMMJSN
1

i

1

1

n

65

.

. . .. ...

.

19

Receipts and Expenditures for Trust Accounts, Increment on Gold, Etc.
Table 1.- Trust Funds
(In millions of dollars)

Fiscal year
or nonth

1933193^-

To to!
trust funds,
net receipts ()
or not expenditures (-)

Federal Old-Age and
Survivor, Insurance
Trust fond
B.t

Receipts

Unemployment
Trust Toad

Ixpendltur# .

Receipts

Railroad
Retlreaent Account

Ixpendltures

Net

Hecelpts

tur

„

-5

-5

2U
6U
3U
20

1
3
10
9

29
37

19Ul-December.

-189

-207

19U2-January.
February.
March

30

37

+1U7
-172

267
U01
529
577
707
931

267
U02
530
$80

1

+11

7 7

T
9U0

135

37
179

-171

1

-1
uu
173
*

1.7

+37

181

177

37
202

25

-205

-215

70

285

July
August. . .
September.

+55
-197
-227

U6
193

t7
210

60

ee:
•

1/

27U
-290

29u
763
838

12
+1

1

-229

1

16
230

+U2
+227
-273

1(2

•

2
271*

229
2

29<t

751

2
2

lU8
109
123

1U6
107
125
116
llA

-U

2U

1.2'A

«37
957
1.118
1.2 U3

60

55
83
191
33

32

-It

75
203
29

1
-5
2

"3
220
6U

U2
225
62

32
2

1
-1
3
9
9
7

52
223
29

5"*

113

13

220
30

1
-It

95?

i.m

209

April.
May...
June.

.

Hecelpts

Net

2U
19

October.
November.
December.

Ixpendi-

Izpendl-

61*
+Jk
1937
193*
1939
19M0
19U1
likz

Other
trust accounts 1/

-8

12

-2

3
-1

-U

-36

73

lW

*

*

+35

20
57
12

+1

2
22
6

3t

5U
203
109

50
2U3

1«

-2

11

19

tgn%

280
233
301
2.053
858
323
3U9
366

285
210
237
2,020
838
327
325
331

W9
512

$

27

15

28
22
U2

28
23
39

38
36

29
27
89

96
16C
Ul
68

1U7

6U

U2
Ug
Ug

1*1

66

5>»

66

Daily Treasury Statements.
Less than $500,000.
Includes Oorernment Insurance and retirement

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

Transactions in checking accounts
of Oorernment agencies, etc.
Fiscal year
or Month

Total all
transactions

1933193 *19351936.
19371938.
1939-

-818

19W.

3>»
-217
-3,625

s

Issuance
of obligations 1/

Other
transactions

'I*
+637
+108

3lU
+20U

768

19Ul.
19"»2.

I

1

+1,106
+288
+852
-1,809

-1.069
-1.815

-337

Seigniorage nn silver

Increment on gold

Receipts

Ixpendltures

Receipts

Miscellaneous funds
and accounts 2/

Ixpenditures

Recelpte

2.000

+811
-111
-U03
-99
-51
-5

lUO

-25*1

+90
+90

1U0
176
uo
90
90
U9
20

16

+20

+11

2W

lU

lU

39

331

233
292

27

27

28
27

26

hi

29

3>»

19
26
28

hoU
101
52

+176

5

%

+1«)

-1U0

+9

-1U9

I9't2-January.

-681
-35
-75

-625
-23

+16

17

-56
-12
-92

-189
-U30
-1.U17

-12
-2
-1,120

-176
-U2B
-296

+15
-9

July
August.
September.

-78
-262
-25

+12
+9
-23

-91
-271
-2

+20
+10
+6

October.
November.
December.

-583

-311

27

UU9

-1*51

-5U8

-5

-272
-2
-5U3

April.
May...
June.

.

.

.

ce:
•
1/

Daily Treasury Statements.
Less than $500,000.
Net receipts in this column constitute net sales, and net
expenditures constitute net redemptions of obligations.

+1
+12

-lit

+13
Hit
2/

37

-2
27

+2

19Ul-Dec ember.
February.
March

Expenditures

12

17
lh
20

13
10

lh

8

33

32
10
33

5

-2
-11

Comprises PWA revolving fund, and special deposits (net).
Also Includes Agricultural Marketing Administration commodity
food stamp transactions.
Details not available.

.

..

20

Means of Financing Cash Requirements
(In millions of dollars)
Amount required to be financed

Fiscal year
or month

Total
amount
required
to be
financed

Net
budget
deficit

1/

Set
increase
in General
Fond
balance

Means of financing

Bet
expenditures
in trust
account s,
increment
on gold,
etc. 2/

Het

Total
amount
financed

Increase
in
public
debt

decreaee
in Oeneral
Fund
balance

Bet
receipts
in trust
accounts,
Increment
on gold,

ate

2/

1933

3.052

1,784

445

193 1*

4.6l6

2.896

1.720

1935

3.209

3.209

1936

5.390

"*.550

5.390

5.078

1937

3.1U9

3.1M9

3.l>t9

2.646

128

37*

1938

1.3*

1.38U

1.384

74o

338

306

1939

1+.16U

3.5>»2

4,164

3.275

19I10

3.611

3.6U

3.611

2.528

947

136

823

840

622

3.052

3.052

4,6l6

4.514

3.209

1,648

101

7*1

312

890

1941

5.99

*

5.103

742

148

5.99 1*

5.99*

1942

23,1*61

19.598

358

3.506

23.461

23,461

1941-December.

2,898

1.329

1.241

328

2,898

2,898

1942- January .

2.683

2.050

633

2.683

2.073

2.482

1.871

2.482

2.369

108

39

69

February.

March

1

108

612

-126 2J

234

610
114

April.

3.184

3,05s

126

3,184

2.542

642

Hay...

3.648

3.391

257

3.648

3.609

39

June.

3.«52

2.037

179

1.635

3.852

3.852

U,7llt

4.413

296

4,683

4.628

4,798

3,404

October.

6,420

5.331

November.

5.761

5.761

December.

12. 054

3.799

7,461

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

2j

July
August.

.

.

September.

Source:
1/

4

4,714

4.714

5*

4,683

4,549

1,148

245

4,798

4.798

594

496

6,420

6.420

794

3.212

12,054

12,054

134

1,814

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

2/

5.761

821

736

7

.
...

8
5

U

2

u

U

21

Social Security Program

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

Receipts
Gross receipts
Social Security taxes

Fiscal year
or month

Federal Insurance
Contributions Act
(Old-age insurance)

Total

Federal Unemployment
Tax Act
(Unemployment insurance)

Lees amounts credited to
Federal Old-Age and
Survivors Insurance
Trust Fund 37

Net
receipts

1936
19U-3
51L.U

252.2

1937
1938
1939

6oi*.u

191*0

631-2
712.2

15H1

788.

191*2

1,015.6

igl*l-Dec ember.

19U2-January.
February.
March

.

.

April
May
June

530.1*

60U.7
690.6
895-6

6

U.l

36.8
201.1*

5-2
11.7

l.U

3-3

1-3

2.1
36.1*

2.8

12.7
71.3
2.0

39.2
203-7
3-7

2.9
9-3
1.0

1*9-

2.8
8.5

181.1*

52.2
220.1
U-3

211.7
3.1

U6.6
239.8

.

179.3

3-5
1L.Q
73-U

U.3
38.6

l*-7

September.

-12.8
217. k
128.2
17H.5
126.9

5-6

213-0

October.
November.
December.

265.0
387.0
503.0
537.7
661.'
868.9

51-3
252-7
U.8
1*2.0

July
August

57-8
90.1
100.9
107.5
97.7
119-9

"*3-9

231.1
3-5

"5

11*6.7

U7.1

5-1

201.1*

10.7
3-1

-9

1.2

2.6
8.7
1.0

Ul.l*

5-1

228.5
1.0

11.2
3.5

Expenditures
Grants to States

UnemployOld-Age
Aid to
Aid to ment compensation
assist- dependent
the
adminischildren blind
ance
tration

y
1936
1937
1938
1939

28.M
182.7
332-5

191*0

38U. 2

19U1

1*1*9.1*

191+2

50U.l1

31*3-3

.6

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

Public
Health
Service

Social Security Board

Administrative
expenses Total

Fiscal year
or month

27-8
166.9
271.5
320.3
356.5

19-7
12l*.8

2.0
lU.'
25.5
31.0

1.0

U5.i1

6.2

1*15.2
1*69.6

182.2
208.8
227.6
26O.I
299.1

3-

.9

9.1-

i*.6

1*1.9

5.2

63.2

7.1

69.1*

8.0

58-9
58.3
63.0
70.3

191+1-December.

33-"

2.6

30.6

2U.8

191*2- January.

55-8
37-1
31-7

2.8
2.6
2.8

52.

February.
March

28.9
23.0
19.9

7.9
5.6

April
May
June

U9-5
53-2
11.5

2-5
2.6
2-5

U6.6
50.2
8.7

28.8
32.6

7-7
6-3

>».3

.9

.1

July
August.
September.

78.8
Hi.
21.2

2.7
2.7
2.5

75-9
38-7

1*7.2

11.5

1.3

26.0
11.0

6.8

.8

13.1
3.3

2.9

.1*

3.5

October. .
November.
December.

6 3 .2
38.9
33-6

2.8
2-3
2-7

60.1

.

Source:
•

1/
2/

37

.

.

3U.1

28.6

18.

1*

1*.2

.8
.6
.6

35.2
2U.8

8.2

1.0

1*

6.1*

.7

30.7

2>*.9

2-7

.1*

36.

Daily Treasury Statements.
Less than $50,000.
Formerly Title VIII of the Scclal Security Act.
Formerly Title IX of the Social Security Act.
Includes
amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes
collected with respect to the period from January 1936 to
June 1939, Inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I).
Prior to January 1, 19U0, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to
July 1, 191*0 "transfers" were made to the Federal Old-Age
and Survivors Insurance Trust Fund.
Subsequently receipts
have been deposited in the General Fund of the Treasury
and "appropriated" directly to the Federal Old-Age and
Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the
General Fund account to cover administrative expenses,
which are shown as expenditures in Section 11, Table I.

Maternal Services
Public
Child
and child
for
health
welfare
health
crippled
work
services
services children
2.U
7.8
8.9
8.0
9-U
10.8
ll.ll

1-3

.1

10.7
U.l

2.7

.2

2.1

1.0
l.U
1-5
1.5

5.5
5-9

2-7
3.0
3-3
U.O
u.o

3."»

.1

.1

.2

29.9

•3

.2
,T

U0.9
-36.
27.6

.1

.1

u.u

2-9

.8

.8

.11

,8

.2

.u

.1

.1

2.6

*

.6

•5
•

3

.7

.8
•

5

195.
115.
215.
209.
322,

1.6

3.6

2.U

Excess
of
expenditures 5./

28.

Ui.o 6/
1.8
2.5
2.6

.6
.U
.1

3.0
2.0

i

.6

3-1
3.8
3-7
U.8

.U

12.

it/

1.0

Refund s
of
taxes

•

9.5
3.2

.7

Department of Labor

5
.2
•

•3

357.7

UU.2
U1.5
8.2
73-7
31.0
18.1
58.0
27.7
30.1

Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social
Security Act; namely. Social Security Board, Department of
Commerce, and Department of Labor; and administrative expenses
reimbursed to the General Fund of the Treasury under Section
201 (f) of the Social Security Act, as amended.
Beginning
July 1, 19^. includes also administrative expenses under the
Wagner-Peyser Act. Excludes administrative expenses payable
from other appropriations, principally for the following
agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of
the Federal Security Agency,
Covered by appropriations by Congress,
Second Deficiency Appropriation Act, fiscal year 193S,
approved June 25, 193 s carried an appropriation of
$UO,^6l,S86.1i3 for making refund to certain States of portions
of Federal employers' tax for 10.36 collected under the Social
Security Act.
.

..
.
.

22

Social Security Program

(Continued)

-

Section I.- Budget Receipts and Expenditures

-

(Continued)

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

Receipts
Fiscal year
or month

Expend! tures

Carriers' Taxing
Act of 1937

Administrative
expenses

Total

1/

1936
1937
1936
1939

•3

150.1
109.3
121.0
136.9
170.0

19W
19U1

19U2
ljUl-December..
19^2-January.
February.
March

.

•3

•3

1-5
1U9-0
110.0
123.3
128.2
IU8.5

1-5
2.6
2-9
2.6
3.8
7.6

33-9

.8

1-3

32.0

U.2

•

1.1.6

•

7

.7

7

1.2
9-0
35-0

*}

.6
.6

July
August. . .
September.

1.0
11.5
36.5

113.2

.6

7

.7

5

•

5

1.1
8.2

3U.0

•

5

.

Source:

•

5

•

5

2/

•

3

1.2
-1.1

107.1

•7

120.7
12U.U
lUO.9

2-3
-8.7
-21.6

31.5

30.7
-3-5
-Uo.9

31-5

30.9
-8.5
-3U.5

112.6

112.2
-10.8
-36.O

5

33-5

• 5
.U

U2.8

Dally Treasury Statements.
Less than $50,000.

Excess of
expenditures

taxes

1U6.U

5

April
May
June

October.
November.
December.

Refunds
of

-33.1
•

.7

•

Transfers to
Railroad Retirement
Account (trust account)

1/
2J

32.8
-7.7
-U2.lt

Includes only expenditures from appropriations made specifically
for administrative expenses relating to the Railroad Retirement Act.
Covered by appropriations from the General Fund of the Treasury.

Table 3.- Railroad Unemployment Insurance Act-1

'

{In millions of dollars)

Receipts
Fiscal year
or month

1936
1937
193s
1939
19MO
19U1

Expenditures

Railroad unemployment
insurance contributions 2/

t-9
6.8
8.5

19"*2

19Ul-Deceraber.

19U2-January.
February.
March
.

April
May
June
July
August..
September.
.

October.
November.
December.
.

Total

Administrative expenses
(Railroad Unemployment
Insurance Administration Fund) jj

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

Excess of
expenditures
5/

6

..

8

3
7

3

23

Social Security Program

-

(Continued)

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

End of fiscal
year or month

1936
1937
193s
1939
191*0
191*1

191*2

191*2- July..

August
September
October.
November
December.
Source:
•

1/

AppropriaTotal
tions by
receipts
Congress

Expenditures
Interest

investments

267.3
782.7
1,199-6
1.792-1
2.536.2
3.502.8

265.0
765.O
1.155.0
1.705.0
2.393-1
3,288.8

3.552-2
3.764.0
3.768.1

3.338.1

2ll*.l

3.5"*9-8

211*. 2

3.553-3

211*. 9

3,812.2
4,043.4

3.597-2
3.828-3
3.831.8

215-0
215.1
215.9

14,01*7.7

2.3
17.7
Hi*.

87.1
1U3.1
211*. 1

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

Total
sxpenditures

Old-age
"benefit

payments

Unexpended balance

Reimbursement
Investments

for

administrative
expenses 2/

267.2
777-2
1,180.3

5-U
19-3
35-1
99-5
209.8

12.3
39-1
65.9

2,397.6
3,227-2

288-9
302.2
316.2

220.7

68.2

3.263-3

231.

70.1*

21*3.5

72-7

330-7

255-1*

31*5-1

267.3
279.3

5-

*

1

19.3
1*7-5

138.6
275-6

359-6
2/

1.7"*!*.

267.1
662.3
1.177-2
1.738.1
2,380.6
3,201.6

In General

In disbursing

Fund

officer's
account

.1

.1

113.0

1-9

.1

3.0
6.1
10.8

5

6.2
5-2

20.1*

3,1*61.8

3.191.6
3,196.8

52-3
236.7

3.1*51.9

3,1*15.1

5- 1*

75-2
77-7

3A81.5

3.1*03.1

1*6.9

3. 69s.

3.393-1

275-7

31.5
29-5

80.

3,688.1

3.655.1*

5.3

27.1*

Under Section 201 (f) of the Social Security Act amendments
of 1939-

Table 2.- Railroad Retirement Act

19.1*

28.4
31-5

2k

Cash Income and Outgo

of. the

Treasury, by Major Classifications^

(la million* of dollar*)

25

CASH INCOME AND OUTGO OF THE TREASURY
1937

J

65
6.0

55
5.0

4.5

4.0

3.5

3.0

2.5

2.0

15
1.0

.5

5.0

4.5

40
3.5

3.0

2.5

2.0

1.5

1.0

.5

-.5

w

1938

1939

1910

1941

1942

GENERAL

FUND

OF

-26-

THE

TREASURY

.
.

.
,

27

Assets of the General Fund of the Treasury
(In millions of dollar*)

In* of fiscal
year or aonth

Total

Bullion, coin,
and currency

Special deposits
account of sales
of Government
securities

Deposits in
federal
Reserve Banks

Other
deposits
and
collections

1933
1936
1935
1936
1937

1.103
3.033
2,016
2.936
2.709

186

51

97
118
862
141

837
I.85H
799
I.150
669

31

1.045
i.ouu
86;
1.863

1938
1939
i960
1941
1942

2,419
3.087
2,038
2.812
3.643

827
1.194
876
984
897

929
1,022
25U
1.024
603

611
776
805
661
1.679

52
95
105
143
265

1941-Dscsmbsr.

3.816

919

966

1.756

175

19^2- January..
February
March . .

3.232
3.867
3.857

902
879
890

391
74s

1.750
2.05H
2.231

188
185
211

,216

522
603

1.579
1.666
1.679

226
250

663

889
900
897

265

July
August. .
September

3.782
3.695
6,688

926
907
909

553
569
1,021

2.014
1.880
2.411

289
338
347

October.
NoTsmber.
December.

5.313
3.557
11.032

931
915
863

619
512
1.516

3.373
1.695
8,166

,135

.

April
May
June

Source:

,198

525

37
55
58
55

390
487

Dally Treasury Statements,

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

Balance
Xnd of fiscal
year or aonth

Total
assets

Total
liabilities

Analysis of balance In the General Fund 1/

in the

foneral
fund

Working
balance

Seigniorage

..

28

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

Millions of dollars - Net increase or net decrease (-)j

Working balance
Change daring fiscal
year or south

Total
change in
General
Fund
balance

Total
working
balance

General
and
special
accounts 1/

Public
Trust
debt
accounts 2/ accounts 3/

Miscellaneous
funds and
accounts

Checking
accounts of
Government
agencies.

5/

etc.

Seigniorage

Increment
on
gold 5/

5

1*1*5

-1.78U

3.052

-5

-818

*

1.720

908

-2.896

U.51U

2U

-73>*

1935

-7"1

769 6/

-3.209

1.739 1/

6U

637

1>*0

-ill 6/

1936

8l*0

1,067 6/

->*.550

5.»»75

2/

3*

108

176

-1*03 6/

193T

-128

-70

-3.1>*9

2.7>*6

2/

19

31"

1*0

-99

193«

-33«

-377

-1.38U

792 2/

11

201*

90

-51

1939

622

537

-3.5>W

3.280 1/

29

2

768

90

-5

191*0

-9 U 7

-997

-3,611

2.528

37

16

19U1

7U2

722

-5.103

5.99 1*

37

11

-ar

20

19*2

35*

3UI*

-19.598

23,1*61

66

39

-3.625

l>*

hlt

1933
193

1

1*9

I.2U1

1.2U0

-1.329

2,898

-189

.

-610

-611

-2,050

2.073

30

16

-681

.

012

611

-1.871

2.369

11*7

1

-35

March

-69

-70

126

39

-172

12

-75

April

-6U2

-6U3

-3,058

2.5"*2

U7

15

-189

"87

-39

-39

-3.391

3.609

181

-9

-1*30

June

179

179

-2.037

3.852

-205

-11*

-1.1*17

19Ul-Dec ember..
19>*2- January.

February

July
August
September.

October.

-lUO

296

296

-U.U13

i*,71>*

55

20

-78

-13"*

-13"*

-U.628

I*.

51*9

197

10

-262

i.iUs

1,11*8

-3.U01*

i*,798

-227

6

-25

-583

59"*

59U

-5.331

6,1*20

60

27

November..

-1.811*

-1.81U

-5.761

3,212

271*

13

Wt9

Lee ember..

7.U61

7.U61

-3.799

12,051*

-290

Ul*

-5U8

Source:
•

1/

.

Dally Treasury Statements.
Less than $500,000.
This la the net budget deficit. Szcludes amounts for
public debt retirement which are chargeable to the sinking fund, etc. under special provisions of lav*
This represents the Increase in the gross public debt,
(See footnote Jj •)
except as noted.
Includes federal Old-Age and Survivors Insurance Trust
Fund, Unemployment Trust Fund. Railroad Retirement
Account, Government Insurance and retirement funds and
other trust funds.
Comprises Public Works Administration revolving fund
and special deposits (nst). Also Includes Agricultural Marketing Administration commodity food stamp
transactions.
Includes expenditures for retirement of national bank

6/

.

2/

y
U/

5/

notes.

Jj

811

In the fiscal years 1935 an* 1936. $91 millions and $551* millions
were transferred from increment on gold to the working balance
In this statement, howfor retirement of national bank notes.
ever, charges for retirement of national bank notes are reflected
directly against Increment on gold, In the years during which the
Inactive gold in the amount of
retirements were actually made.
$1,087 millions for the fiscal year 1937 Is considered as a part
of the working balance general and special accounts for the purpose of this table.
Sxpendlturee for the retirement of national bank notes from increment on gold for the fiscal years 1935 to 1939 (as shown below)
are not reflected herein, but are reflected under Increment on
gold as follows!
1935 - $91 millions, 1936 - $397 millions,
1937 - $99 millions, 1938 - $51 millions, and 1939 - $5 millions,
total - $6*15 millions. The increases in the public debt shown in
the table Means of Financing Cash Requirements for the above
fiscal years will not agree for the reason stated above.

GOVERNMENT

SECURITIES

-29-

OUTSTANDING

30

Statement of the Public Debt and Guaranteed Obligations Outstanding
(In million! of dollsj-i

1

42

. .
.

.

31

Composition of the Interest-Bearing Public Debt
Interest-bearing public debt outstanding l/
(In millions of dollars)
End of fiscal year
or month

Bills and
certificates
of
Indebtedness

Bonds

19331934.
19351936.
1937-

22,158
26.U80

193«.
193919U0.
19U1.
19U2.

36.576
39.886

27.61*5

32.989
35.800

223
16,510
1U,9 3 6
18,628
a, 322

11*,

l*,5l*8

6.653
10,023
11,381
10,617

3.063
2.921
2.053
2.351*
2.303

Percent of Interest-bearing public debt

Special
Issues

1.558

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

69.1
70.6
72-3
67.8

323
396

1,151*

1,308
1.302
1.603
5.604

2.676
3.770
4.775
6,120
7.885

Bills and
certificates
of
Indebtedness

Bonds

6V.

62.4
54.0
56.5
59.6

20.5
25-1
36.3
3>*-5

29-7

25.0
18.2
15.1
11.8

Special
issues

13.8
11.0
7-4
7.1
6.4

1-5
1-5
2-3
1-9
4.3

3.2
3.3
3.1
3.3
7.8

7-3
9-5
11.3
12.6

71.968

1*8,776

9.147
7.243
6,383
5.698
9.703

1941 -December.

57.>*5l

1*0,000

8,468

2,002

6,982

100.0

b9.6

14.7

3.5

12.2

1942-January
February.
March.. ..

59.531
61,895

1*2.078
1*4,305
UU.8l*7

8,288
8.398
8,107

2,101
2,002
1,652

7.063
7.190
7.333

100.0
100.0
100.0

70.7
71.6

3.5
3-2
2.7

11.9
11.6

72.

13.9
13.6
13.1

45.363
48.157
U8.776

8.315
8.670
9.703

3.560
3.76U

100.0
100.0
100.0

70.3
70.8
67.8

12.9
12.7
13-t

5- 1*

li,
11

5,601*

7.358
7.518
7.885

10.0U6

12.095

6.759
8.873
10,829

8,125
8,262
8,509

100.0
100.0
100.0

67.5
66.1
63.U

13-1
12.8
14.1

8.8
10.9
12.6

10 6
10 2

85,81*7

51.765
53.680
5U.IH3

92.265
95.458
107,308

57.285
57.991
61*. 868

15.059
15.798
16.247

11.336
12.882
17.l6l

8.585
8.787
9.032

IOC
100.0
100.0

62.1

16.3
16.5
15.1

12.3
13.5
16.0

9.3
9.2
8.4

.

April.
May...
June.

23,599
27.566
29,917
34,966

61,91*0
61*, 1*96

68,108
71.968

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

.

Source:
1/

1*2.376
1*8,387

76,691*
81,21*1*

10,1*28

£- 5

60.8
60.5

13."*

5-5
7-8

u.o

11. 8
It

11

9 ,9

Dally Treasury Statements.
Does not Include securities Issued by Federal agencies and
guaranteed by toe United States.

Public Debt Receipts and Expenditures
(In millions of dollars)

Expenditures

Becelpts

Special
Issues

Adjusted
Cash

9.392-0
9,160.9
5.715-9
8,958.0
6,198.6

sorrics
bonds

Exchanges

9.043.2
6.9U3.3

4.15s. 5
6.963.7
2.978.2

1.751-4

290.8
190.6
208.8
523.0
567.0

8,880.7
9,808.8
10,637.6
11,852.8
13.703.3

5,166.0
5.301.0
5.679.8
5,815.6
8.996.1

2.673.8
3.034.9
2,812.0
3.141.6
596.O

1.040.8
1.472.9
2.145.8
2,895-6
4,111.3

26U.5

648.8

559-5

1.001.3
791.7
1.554-7

535-U
757-8
1,507.6

57U.lt

6.645.1*

1937

9.589.1*

1938
1939

9,620.8
13,083-6
13,165.6
17.846.7
37.164.3

30,690.9

1941-December

547.1

3,282.5

1942-January
February
March

074.7
160.6
593-4

2,527-1
2.999-8
1.1*03.0

1U1.3
160.5
190.4

April
May
June

116.1*

3.051.3
4,119.1
5.214.4

64.9
180.7
3.996.4

690.7
5.359.0

533-7
670.0
1.729.8

July
August
September

277.0
578.3

268.5
193-7
290.0

563.2
1.029.3
3.370.0

534.6
973.2
3.278.6

October
November
December

929.4
729.9

102.7
223.3
273-2

1.509.O
3.517.9
3.589.0

1.462.2
3.496.8
3.560.3

19W
1941
1942

Source:
•

Daily Treasury Statements
Less than $50,000.

300.0
210.9

l68.ii

,6*3.1

4.775-8
7.475-1
7,194.4
10,1*62.1

4.158.5
6.963.7
2.978.2
1.751- 1*

2.673.8

3.03M

2.158.5
2.567.1

2,812.0
3.141.6
596.0

Ui240.8
5.876.2

406.2
.2

5,008.1*

5,384.6
7.829-7
7,806.9
6,506.5
15.369.8

3,051.7
4.514-5
1,647.8
5.077-7
2,646.1

6.35U.6
4.719-5
4,305.1
5. 542.0
4,625.0

305-0
263.7
4U5.9
515-9
1.498.9

1935
1936

1.668.8
140.6

Excess
of
rooelpte

Exchanges

9.697-1
13.583-0
13.125-5
14,120.8

1933
193 s*

Special
issues

Public Issues

Public Issues

Fiscal year
or month

48.6
19.7

9.068.5
11,1*77.7

1*06.2
.2

1*8.6

19.7

32

33

Statement of the Debt Position of the United States Government under Limitations
Imposed by Section 21 of the Second Liberty Bond Act, as amended
As of December 31, 1942

Total face amount which may be outstanding at any one time

$125,000,000,000

Face amount outstanding as of December 31, 1942:

Interest-bearing securities
Bonds

Treasury

$1*3,

Savings (maturity value) l/

268,120,650

18,485,093,400

Depositary

129,603,000

Adjusted Service

724, 592,657

Total bonds

$6g 607 409 707
.

.

,

Treasury notes

21,163,71*7,300

Certificates of indebtedness

I4.l48.967, 500

Treasury bills (maturity value)

6,626,982.000

Total interest -bearing securities

$110, 5^7,106,507

Matured obligations on which interest has ceased

Debt bearing no interest (United States savings stamps)

64, 918,100

221,340,388

,

Total face amount of securities outstanding

110,833,364,995

Total amount of authorization unused as of December 31. 19^2

$ 14. 166.635,005

Approximate maturity value. The current redemption value of
United States savings bonde. amounted to $1S,049, 803,916 on
December 31. 1942.

1/

Reconciliation of the Debt Position under Section 21 of the Second Liberty Bond Act, as amended,
With the Gross Public Debt of the United States as Shown in the Daily Treasury Statement
As of December 31, 1942

Grose public debt outstanding

$108,169,898,433

Total face amount of securities outstanding limited by Section 21

of the Second Liberty Bond Act, as amended
Less:

$110,833,364,995

Unearned discount on savings bonds (difference between

maturity value and current redemption value)

3,435,289,484

$107,398,075,511
Add:

Securities outstanding not subject to limitation under Section 21:
Interest-bear inp- securities

Matured obligations on which interest has ceased
Debt bearing no interest

$

195, 969, 620

10,324,200
565, 529 , 102

771,822.922
Gross public debt outstanding

$108,169,898,433

3*

Computed Annual Interest Charge and Computed Rate of Interest on the Interest-Bearing
Public Debt and Guaranteed Obligations
(In millions of dollars)

End of fiscal
year or month

'

.....

.

.

.

35

Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of December 31, 1042

U

(la millions of dollars)

Detailed annual maturities
Tear
and
month

Fixedmaturity
issues

Description of security 2/

19"*3

Feb..
Mar..
Kay..
Kay..

June.
June.
July.

•»«.
Sept.
Oct..
Hot.
.

Treasury bills
Certificates of
5/8*
indebtedness A
2/iA3.
3A* Treasury note D - 3A5A3
/15A3.
OCC
I
note
3A*
A3.
5
Certificates of
.65)6
Indebtedness C
5/1 A3....
l-l/8# Treasury note A
6/15A3...3-3/8^ Treasury bond
6/15A3-U7.
1-l/S* BTC note
7
TA5A3....
Certificates of
7/8*
indebtedness B 8/1A3....
Treasury note
1*
- 9A5A3....
3-lA* Treasury bond
- 10/l5A3->*5.
Certificates of
7/8*
indebtedness D - U/1A3. .
Certificates of
7/8*
indebtedness X
12/1 A3.
1-1/8)6 Treasury note B
12/15A3.

Dec.

A

1-3/816

Kar.
Kar..
Apr..
Apr..
Kay..
Kay..
June.
Sept.
Sept.

1*

Dec.

"*

j-iA* 77MC bond
RFC note

629
1*51*

32U
1,609
279
l.Uoi

2.035
3.795
U2i

\
3/W

EOLC bond
FFMC bond
Treaeury note
Treaaury note
Treasury note
Series)
Treasury bond

A

U/15/IA.U6...
5/lA'i-52-..

A

5/15A1*- *9.
6/15AU

C

9/15M

i

.

U16
283

9/15AU

Sept.
Oct..

Dec.
Sec.

0-

635
1.037

.

2/15 A5

3/15A5
3/15A5
6AA5-U7...

Kar..
Kar..
Apr..
June.
June.

Dec.

snsM-ki.

Dec.

Conversion bond
Treasury not* A
Treasury bond
3-lA* Treaeury bond
Treasury bond
3* ,
3-l/s* Treasury bond
1-1/2* Treasury note B

12/15A5

531

1AA6....
3/15A6....
3/15A6-56.

£/»

Dec.

.

bond
Treasury bond
»
1-3A* Treaeury bond
2-1/2* Tree* ry bond
Trees
bond
2*

*

FJHC bond
3-lA* Treaaury bond
Treaaury bond
2*
Treasury bond
2*
3-1/8* Treasury bond
2-l/2* Treaeury bond
Treasury bond
2*

June.
June.
Sept.

Dec.
Dec.

Dec.

l/l A7....

.

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

Total

2,31*1*

bond
bond
bond
bond

1.1*73

3.137

1,036

6.1*22

U. 51*8

6.682

1.651*

J.l^

1,687

755
1*5!*

1.21U
759

701

3/15/1*8-50.

3/15A8-5L
6/15A6-U8.
6/15 As....
9/l5A«.
12/15A8-50.
•

. •

759
1,115
1,223

3,061
U51
571

2,910

5/15/ltH-lq.

835

6/15/1*6.1*9.

6/15A9-51.
9/15A9-51.

8 19

l.oiu
1,292

12/15/1*9-52-

1*91

12/15 A9-53.

1,786
2,098

12/15A9-51.

6,682

Treasury
Treasury
Treaeury
Treaeury

2,1*23

3/15A8-50.
3/15/50-52.
9/15/50-52.
12/15 A8-50.

1,519

13

6/1A5-U7.
6/l5A3->»7.
9/l5A5->t7.
10/15 A7-52.
12/15 A7....

Total
1950-Mar..
Mar..
Sept.
Dec.

5.299

3,261

3.512

3*

6.12U

1.036
819

6/15A6-U9.

Total
19"t9-Kay.

5.209

1.519

6/l5A6-l*8.

12/15/U6

r.777

1,1*01

1*89

u/isAiJk.

7lU

Treaeury bond

2-3A* Treasury

1.969

16
503

3.780

Conversion bond
EOLC bond
H
3-3/8* Treaaury bond
2-3A* Treasury bond
U-lA* Treaaury bond
Treasury bond
2*
**

Mar..
June.
June.
Sept.

1,1*01

(Hat. Defenee

Total.
19l*8-Kar.

755
1,211*

.

3,808

3*
1*

U.26U

5"l

12/15A5

Total.
19U7-Jan.
June.
June.
Sept.
Oct..

2.53 *
Ul2
718
1.606

10/15A3-U5...

Total.
ig"*c-Jan.

2.531*

1.519
779
835

(Hat. Defense
12/l5/¥(-5l».

Treaeury note A
1-1A* Treasury note
HOLC bond
H
Treasury bond
3-lA)6 Treasury bond
2-1/2)6 Treaaury bond
3A* Treasury note B
Series)

6.798

571

1

1-1/8)6 CCC note

19.170

95

.

V15/UU

Total.

1945-J eb.
Kar..
Mar..
June.

21,025

515

3/l5/>A-6l».

D

1.855

UU

2/lAU.
3/15,
3/15AU.

W

3-iA* Treasury bond

maturity

Issues plus
callable Issues
classified by year
of final maturity

1,506

19.170

FFHA note
B
Treasury note B

final

Fl xed-maturl ty

Issues plus
callable issues
classified by year
of first call

1,5*8
66
289

Total

19M-*eb.

First
call

Total annual aaturl ties

Fixed-maturity

6,627

.

Dec.

Callable Issues
classified by year oft

I.65I*

1,115
1.963
1,186

571
3.1"*9

(Continued on following page)

1,687

.....,

36

Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States a/
As of December 31, 1942 - (Continued)
(Id millions of dollar*)

Total annual maturities

Detailed annual maturities
Tear

Deecriptlon of security 2/

and
month

Fixedmaturity
issues

1951-Mar...
June.
June.
Sept
Sept..
Sec...
Deo...
Sec...
.

2-3 /1*56 Treasury bond
Treaeury bond
25*
2-3/1*56 Treaoury bond
Treasury bond
2$
Treasury bond
356
2-1/1*56
256
256

Flret
call

Treasury bond
Treasury bond
Treasury bond

6/15/51-5"*.

1.627

9/15/U9-51.
9/15/51-55.
12/15/51-53.
12/15/51-55.

755
1.118
510

T.292'

2,098

12/15A9/51.
U.011

2-1/2/6 Treasury bond

3/15/52-5't.

Treaeury bond
EOLC bond
2-l/UJt Treasury bond
2-1/256 Treasury bond
I+-I/I+56 Treasury bond
3-1/856 Treasury bond

3/15/50-52.
5/I/UU-52.
6/15/52-55.
9/15/50-52.
10/15/U7-52.
l2/l5/ *9-52.

3$

Dec

Dec.

12/15/1*1*- 5>t.

2-1/1*56
1*56

Treaeury
Treasury
Treasury
Treasury

bond
bond
bond
bond

Treasury
2-1/256 Treasury
2-1/1*56 Treasury
2-3/1*56 Treasury

bond
bond
bond
bond

2-1/1*56
256
356

Dec.

256

June.
Sept.

3-3/1*56

2.90U

681

3,687

2,611

3.>*91

2,1*31

1,170

919

1,1*1*9

1,627
681

1,037
3,687

2.611

3/15/55-60.
6/15/52-55.
6/15/53-55.
9/15/51-55.
12/15/51-55.

1,501
725
755
510

2,611
1956-Kar,.
Mar..

2,901*
1,02"*

6/15/51-5^.
6/15/5^-56.

2-7/856 Treasury bond

725

1,786
1,118

681

1955-Kar.
June.
June.
Sept.

5,178

725

725

Treaeury bond
Treasury bond
Treasury bond

2-3/1*56

Dec.

1*

1

3/15/52-5't.

5,178

1*91

6/15/53-55.
12/15/ *9-53.
12/15/51-53.

2-1/216 Treasury bond

2. 526

1,186
759

Total
195U-Mar.
June.
June.

5,628

1.501

2.52

Treasury bond
2-1/256 TreaBury bond
2-1/1+56 Treasury bond

l»,011

1.963
779

1

256

5.628

1,021*

Total
1953- June.
Dec.

fixed-maturity
Issues plus
isBues plus
callable issues
callable Issues
classified by year classified by year
of final maturity
of first call

Fixed-maturity

1.223
l,0l6

6/15/U9-51.

256

Sept.
Oct..

Final
naturlty

3/15/1*8-51.

Total
1952-Mar..
Mar..
May..
June.

Callable iasuee
classified by year oft

3. >*91

US9

3/15/1*6-56.

3/15/56-58.
6/15/5H-56.
9/15/56-59.

'i,'

1*1*9'

681

982
2.1*31

1,170

1957

1958-Mar.
June.

2-1/276 Treasury bond
2-3/U56 Treaeury bond

1,1*1*9

3/15/56-58.
6/15/58-63.

919

919

Total

1,1*1*9

1959-Sept.

2-3/1*56

Treasury bond

9/15/56-59.

982

I960- Mar..
Dec..

2-7/856 Treasury bond

3/15/55-60.
12/15/60-65.

2,611

2-3/1*56

Treasury bond

1,1*85
1,1*85

Total

Panama Canal
bond

1961-June.

356

1962- June.

2-1/256 Treasury bond

6/15/62-67.

1963-June.
Dec.

2-3/1*56

Treasury bond

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

2-1/256 Treasury bond

-

6/1/61....

2,611

SO

1,1*85

2,611

50

50

2,118
919

2,827
2,827

Total

982

919

2,827

919

3/15/U4-6U.

95

95

Treaeury bond

12A5/6O-65.

1,1*85

1,1*85

2-1/256 Treaeury bond
2-l/2)6 Treasury bond

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

1961»-Mar.

3-lA)6 FFMC bond

1965-Dec.

2-3/!*)6

1966
1967-June.
Sept.

2,716

Total
.

2- 1/256 Treasury bond

- 12/15/63-68.

1972-Sept.

2- 1/256 Treaeury bond

9/15/67-72.

1966-Dec.

2,118

2,716
2,118

2,716

2,118

2,827

2.827

2.716

2,716

1969

1970
1971

Source:
l/

2/

Daily Treaeury Statement, and reports to the Treasury.
Ixcludee postal savings bonds and federal Housing
Administration debentures.
It ehould be noted that callable issues appsar twice in
this column, once in the year of first call and again
Callable issues with
In the year of final maturity.

respect to which a definite notice of call has been made,
however, are listed as fixed maturltiee.
The abbreviations
refer to the following corporations!
Home Owners' Loan
Corporation, Reconstruction Finance Corporation, Commodity
Credit Corporation, Federal Farm Mortgage Corporation, and
Federal Public Housing Authority,

37

Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
Since January 1, 1939
(In millions of dollars)

Date of,
an-

nouncement

XI

38

Offerings and Maturities of Treasury Bills, Beginning December

Bate of
nev Issue
or of
maturity of
old lssus

1,

1941

..
.....

39

Sales of United States Savings Bonds
Table !•- Summary, by Series
(In millions of dollars)
.Analysis of net change

fiscal year
or nonth

Amount
outstanding
end of
fiscal year
or uonth l/

Hat
change
daring
fiscal year
or south

Gros

Total
funds
received

Adjust!) en t
of sales

reported
to fund*
receiyed 2/

All series 4/

62.0
316.1
799.6
1.237.7
1,868.1

1935
1936
1937
1938
1939
19U0
19U1

2,90i*. 7
l*,3li*.o

19lt2

10,188.2

194l-Dece»ber.
1942-January.

.

February.

March
April

Hay
June

July
August.

.

.

.

September
October.

.

NoTember.
December.

1935
1936
1937
'938

^39
i94o
1:

1

V
19^1-recember..
1942-January.

.

February.

March
April

May
June
July
August ....
September.
October,

.

BoTeober.

December.

Accrual
Sales
reported

2/

of

redumption
Tallies

...

5

..
.
..
. .
...

1

5
8

U

**0

Sales of United States Savings Bonds
Table 1.- Summary, by Series

-

(Continued)

-

(Continued)

(In millions of dollarB)

Analysis of net change
Amount
outstanding
Fiscal year
or month

end of

fiscal year
or month 1/

Net

Gross sales

change
during
fiscal year
or month

Redemptions
Accrual

Adjustment
Total
funds
received

of sales
reported
to funds
received 2/

of

reported
2/

Original
purchase
price 2./

redemption
values

Interest
accrued

if

Series E

203.1
3,670.8

19U1.
1912.

3.167.7

203.1
3.526.3

+203.1

203.1
-15.3 r

3.5 l»l.6

1911-December.

1.133.6

+338.0

3U1.1

-6l.5

102.6

19U2 -January.
February.
March.

1.798.1
2.191.5
2,519.9

661.
393.1

667. 1

•

398.0
337.6

31.9

667.U
366.1
327.5

.

.

April.
May.
June.

2,836.6
3,218.9
3,670.8

.

.

328.1*

1*21.9

326.7
U21.8
133.2

316.7

I12.3

r

10.1
-6.8

+5.1 r
+11.2 r

7.7
13.5

3.1

2.9

2.9

".5
9.2

1.5
9.2

9.9

9.9

.8

10. I*

10.

.7.

12.0

11.9

500.5

1.0

r

1*1*0.5

.7
.7

lU.g
19.0
22.5

11.8
19.0
22.5

r

583.6

28.1
32.0

28.1

51*0.3
71*2.2

.8
1.5

-16.it p

3.8

1*3.8

1,165.1
1.600.8
5,088.8

1*9"*. 3

508.1

135.7

1*51*.

1*88.0

509.9

-31.6

October.
November.
December.

5.726.3
6,237.1
6,923.2

637.5
511.1

661*.

8

81.3

+685.8

5U1.6
725-8

19U1.

66.6

19^2.

1*98.9

+66.6
+132.3

66.7
I3I.9

-8.3
-2.0

75.0
"J7.0

igUl-December.

207.3

33.1

33.3

-I6.8

50.0

19^2-January.
February.
March.

28U. 6

77.3

336.0
376.7

+51.1*

-6.0
+12.0

10.7

77.6
51.8
Ul.l

U.l*

83-5
39.8
36.6

1*16.3

+ 39.6

1*0.0

1*58.1*

U2.1

12.

198.9

+10.5

ll.O

1.8
+ .8
-.8

1*1.

572.2
623.8
6g1.0

+73.3
+51.6
60.2

73.7
52.3
60.8

-8.1*

69.

7 1*1*.2

60.3

60.6

11.1
+2.9

"9. 5

.

60.0

3.1

»19.1

.

.

60.0

333.1
U16.5
:

August.
September.

July

1.5

+1.2

5/

5/

Series F

.

.

April.
May.
June.
.

July
AugU9 1

.

.

.

.

September.

October.
November.
December.

788.6
853-9

+1*1*.

+65.3

66.0

191*1.

39"*.0

19!t2.

S.'*l 1*.3

391.0
2,020.3

391.6
2,032.1

1911-December.

1,182.8

19l*2-January.

1.197.2

I*

153.5
311.1

1*1*.

-1.6
3.9

-.6p

-56.8
+1.3

Hi.

75.
he.

1*1

9

66

6p

151.

2,027.8

151.2

-17.2

201.1

-62.6
+73.6

378.2
179.8
156.1

February.
March.

1,71*9.3

252.2

1.926.9

177.6

Aorll.
May.
June.

2,089.2
2,256.9
2,1l1.3

+162.2
+167.8
+157.1

I63.8
170.1
159.7

1.5
-7.5

162.1
160.3
167.2

August.
September.

2,730.8
2,918.5
3.099.7

316.5
187.6

319.1
191.0
181.0

-9.1
+10.0
-29.0

328.1
181.1
213.0

October.
November.
December.

3.306.1
3.150.3
3.669.5

206.1

209.6
118.2
222.1

+10. 1 r

.

.

.

July
.

.

.

.

.

.

181.3

+111.2
+219.2

23.1
+9.8

2.9

38.2

315.6
253.1
179.2

.

2.9

169.2 r

6.7

111. 5

-3-5 p

225.9 p

.5

1/

5/

5/

5/

a

....
.

in

Sales of United States Savings Bonds

-

(Continued)

Table 2.- Sales Reported by Series, Classified by Denomination
Sales In Billions of dollars at Issue prlos

fiscal year
or month

denomlnations

Percentage distribution of sales

Dsnomlnatlon

Total
all

$25

$50

«100

$500

$1,000

$5,000

$10,000

Total
all
denominations

$25

7.1

6.5

20.1*

17.2

9.6

23.1

Denomination
$50

$100

$500

$1,000

Series I

19X1 1/
19U2 r

203.1
3.5X1.6

1U.U
607.7

13.3
3x1.

X02.6

U9.9

39.«

667."»

72.1

February r.
March

366.1
327.5

52.6
66.2

55.1
33.0
33.8

April
Kay r
June x

333-X
X16.5
419.1

76.O
105.1*

127.3

35.5
47.2
50.5

July
August r
September.

500.5
440.5
5X1.X

152.6
162.3
192.9

October r.
November. .
December p.

583-6
5X0.3
742.2

a7.X

19Xl-December.

.

19<*2-January

.

.

1941 1/
1942
1941 -December.

75.0
>»37-0
.

1942-January Zj
February.
March
.

April
May
June
July
August
September.

October r.
Hovember.
December p.
.

210.2
265.2

ui.u
817.7

643.4

93.U
1,131.0

100.0
100.0

96.3

81.0

135.6

100.0

12.1*

9.9

135.2
86.U
79.2

138.9
68.8
56.5

266.1
125.2
91.8

100.0
100.0
100.0

10.8
14.4
20.2

8.2

9.0
10.3

80.6
101.8
100.7

ft
57.X

87.0
97.X
83.I

100.0
100.0
100.0

22.8
25.3
30.4

59.0
57.7
69.1

114.6
98.9
120.3

69.U
51.3
67.I

104.8
70.3
91.9

100.0
100.0
100.0

75.8
73-1
100.1

126.8
117.3
163.3

69.9
61.5
92-5

93.5
78.2
121.1

100.0
100.0

1*0.7

100.

37.3
38.9
35-7

20.0
18.2

46.0
31.9

23.9

20.1

33.7

20.3
23.6

20.8
18.8
17.3

39.9
34.2
28.0

21*.

2

10.6
11.3
12.1

21*.

2

24.5
24.0

16.3
15.5
13.7

26.1
23.4
19.8

11.8
13.1
12.8

22.9
22.4
22.2

13.9
11.6
12.4

20.9
16.0
17.0

13.0
13-5
13.5

21.7

12.0
11.4
12.5

16.0

21.7
22.0

IX. 5

16.3

$5,000

$10,000

..
.
.
.

.

te

Sales of United States Savings Bonds

(Continued)

-

Table 3.- Sales Reported by Series, Classified by States
PART A - SERIES E
(In thousands of dollars at issue prices)

Fiscal year
ljjltl

191*2

191*1

19U2

Apr.

Jan.

July

May

Aug.

Sept.

i/

Alabama
Arizona
Arkansas

1.381
711
91*0

21,1*04

California
Colorado
Connecticut

9.920
1.793
3.943

260,522

1*69

28.996
10,313

2l*,8l*5

77.543

3.234
1.154
2.393

5.32k
1,840
3.715

2.702
958
2,246

2,1*60

2.713
1.040
2,118

3.924
1.418
2.992

k,513

970
2,107

30.210
3.213
8,685

51,634

24,688
2,189
7.232

21.739
2.584
7.296

28.900
2.795
9.199

31.13?
2,844

13,613

31,921
2.105
8,691
863
3,608

>*.373

1,11*9

2.573

10,1*30

2,522

6.238
1,655
3.202

5.75k
1.759
3.653

5.912
1,660
3.643

33.435
3,ki2
9.948

40,909
3.933
10,306

1*4,722

k.67k
16,227

36,422
3.675
11,683

1,124
k,760

l,7lk

1*31*

U, 728

481

14,5.63

5.749

2,613
5.359
5.248

2.039
5.596
5.425

1*21

6,169
1,820
38.701

5.896
2.218

6.671
1,626
2,924

37.157
3.306
11,180
103

5.262
1,1*22

Diet, of Columbl

2,592
2,1*87

7.629
34.847
39.555

892
4,113

Florida

4,1*20

1.217
5.531
7,048

k,l*07

753
3.330
4,206

756
3.k70
4,443

909
3.767
k.979

1.037
4,423
k.26§

Georgia
Idaho
Illinois

1,61*2

35.61*2

9.8UO
282.019

3.822
1.335
29,828

6,5*0
1.531
52.726

3.450
949
27.933

2.995
908
26,688

2.958
1.047
25.55k

l*,721

1*85

1.39?
35.79k

4,282
1,132
32,854

38,891

5.007
i.k37
33,598

1*4,615

6,764
2.279
39.776

8,302
6,077
3,608

12,860

7.710
5,880
4,628

7.866
9.9k7
3.847

7.560
9.283
2.999

9.961
9.8U6
3.912

10.79k
10,752
k.158

11.801
11,056
4,680

11,112
9,729
5.269

14,440
10,908
6.41U

15,121
10,719
6,838

15.291
10,67?
7.814

3.8U1
4,343
1.855

6,1*91*

3.622
3.776
1.930

3.k67
3.728
1.558

3.051
3.190
1.688

1*.0S6

k.399
k.757
2.131

5.6k3
5.886

4,971*

6.876
3.145

4,923
2,22k

5.139
5.663
2,209

6,'90U

2,1*07

5.053
5.993
2,411

11*.

9.735
27.196
25.79k

5.512
l6,f3U
l6.15k

k,095
12,525
15.781

k.103
12.956
16,202

5,052
15,863
20.965

23,656

6.55k
18,126
25,690

6,246
18,212
19.790

9,1*1*4

10,1*43

2,1*51*

8,952
2.519
10.236
81b

Delaware

14.737

Indiana
Iowa
Kansas

-

2.743
1.879

Kentucky
Louisiana
Maine

Maryland
Massachusetts
Michigan

3,61*1*

.

Minnesota
Mississippi
MiSBOUTl

1,821*

1,083

17,71*6
1*8,91*1*

160,150

6.747
596
16,376

3. 62"*

71,181
22.973
94,800

6.603
2.453
12.387

I2.5k7
4,606
15.687

7.122
2,678
8,856

6.893
2, 28U
8.244

7.659
2.130
8.235

8.898
2.632
11.287

10,961

3.09k
11.067

17.710
26,045
4,340

2.616
2.387
605

2.950
4,161
821

1.787
2.738
k75

1,823
3,058

1.633
3.213

1*19

379

1,827
3,266
513

1,706
3.037
501

2.232
3.656
656

2,300
31,895

1,128
14,076
609

1.015
13.816
826

1,1*03

16,066
802

1.509
17.298
763

18. 505

771
ll*9

595

11,742

1,046

9,901*

160, 538

21,1*1*7

2.907
4,699
828

2.470
3.970
939

1.600
16,688
880

1.825
22,961
881

2.298
23.368
1,130

1.749
19.738
989

72.759
8,915
1,614

77.242
8,532
1,748

70.133
9.35k
2.566

31,969
5.530
6.978

30.987
k.673
6,289

61,589
k.332
1.298

46,954
3,824
1.130

52.935
3.669
1.113

57.239
6,163
1.476

57.763
5.090

1.3H

1.575

5k,990
5,944
1.306

10,886
2,302

190,262

17.680
3.197
k,383

17.556
3.025
3. 318

17.537
2,892
3.079

23.850
4,210
k.165

22,799
3.789
k.571

27.876

3k, 072

k.Un

k.671*

37. 39 1*

37,244
6,783
6.71k

31.152

3.15>»

21,311
4,863
3.713

6.337

5.67k

5,020
6.956

283.679
24.268
18.757

35.451

5k. 1*09

27.01*2

36, 801

3.30k
1.738

2.741
2.523

3.005
2,668

3.305
3.091

35.058
3,57k
3,002

1*2,235

4.156
2,741

28,823
2.366
2.209

32.11*9

1.919

25.856
2.467
1.897

3L763

2,1*61

14,152

46,351
5.477
3.740

42,511
3.380
3.911

11.783
36.734
126.054

1.293
3,888
14,690

1,851
6.990
21,952

1,212
3.640
12.362

1.270
3.502
12,161

1.392
3.138
11.089

1.6U7
4,841
15,266

1,1*58

1.685
6,591
16,791

l,35k
5.593
15.202

1,605

1.600

k.676
13.775

7,1*1*4

19 807

6,755
20,384

2.076
6.771
19,667

1,042
636
7.627

1,905
1,533
10,260

1.017
1.059
5.544

917
613
k.865

953
688
5.381

1.339
788

2.319

9.919
7.550
56.199

1,114
766
7.095

l.k63
967
8, 160

1.507
844
8,291

1.655
872
9.903

2.169
1,300
10,291

1.95k
942
10.390

3.778
1,187
4, 607
339

57.921
27,642
77,668
7.066

5.124
3.913
9,005
1.007

9.070
518
14.029
1.275

6,883
2,882
7.575
701

5.579
2.522

2,1*70

7.569
3.211
10.527

9.025
3.846
11,1*02

9.177
3.338
10.358

779

869

831

9.273
4,085
11,213
1.098

11.783
4.834
12.524
1.345

10,904
4,581
11,437
1,006

128

356i

306

5911

577r
100

592*1

6471

648

1,1*61*

626
166

155
4,824

117
5.285
387

548
80

210
309
2

li*. 1*1*3

1,1*78
87I*

1*1*9

1.707
8,717
1*71*

1*86

34,1*82

2,960r
315
16,609
l,72o
91
14

Alaska
Canal Zone
Hawaii
Puerto Eico
Virgin Islands.
Other possessions
.

Unallocated
Total

2,264
4,569
865

1,21*6

.

.

61*3

1*19

130,656
7.k6l
1.9k6

.

Washington
West Virginia.
Wisconsin
Wyoming

11,120
3.899
13,111

32.477

902

.

Utah
Vermont
Virginia

10.758
3.57?
11.97k

68,179
4.962
1,361

k75

.

11.203
2.776
12.586

6.978

.

.

3k.U5

587.179
42.297
11,394

Ohio
Oklahoma

South Dakota.
Tennessee
Texas

7.163
16. 479

582

1,1*92

Pennsylvania.
Rhode Island.
South Carolina.

7.396
20,651*
3k. 366

6.775
17.850

21*3

1*1*,

Oregon

5.596
16,1*02

3.136

1,410
16,092
672

.

New York
North Carolina.
North Dakota.
.

k.627
2.179

11*1,196

1,381*

.

5,868

2.7>»5

901

New Hampshire.
New Jersey
New Mexico

9,1*60

9.110
8.108

7.1*83

Montana
Nebraska
Nevada

35.310
34.293
36.799

1.835

.

76.661
69.558

2S5

1,1*72

203.098

3.541.55 * 402.585
1

5.

333
23

11

7.5U
684
l*33r

106
1.167
211
15

5.192
7,12k
712
353*

4,236
163
14

7.136
8.208
3.089
9,280
737
1*8 5r

165
k.605
1S

l

l*V

1.791
909

7k,931
6,1*1*3

2.653

,

2a

130
3.838
164

2

5

350
17

813

1,1*23

1.500

2,566
160
10

6.163

621

13

17

1,714

2,226

500.456r 44o,467r 54l,l*08r 583,552

540,350

1*

35

263

553

667.407r 366,055r 327.49 5r 333,k44r 4l6,450r 419.072J

(Continued on following page)

..
.

*3

Sales of Unitad States Savings Bonds

-

(Continued)

Table 3.- Sales Reported by Series, Classified by States - (Continued)
PART B

-

SERIES F AND

C-

COMBINED

(In thousands of dollars at Issue priceB)

Fiscal year
l°Ul

I9U1

19 us

19lt2

Apr.

July

May

Aug.

Sept.

Dec.

1/

P

1.921
778
1.2U6

1>57

52U
8UU

2.552
UlU
I.2U3

1.250

2.629
U55
1,658

2,897
10.391

13.1U5
1,898
5.38U

iu.uou
2.723
5.020

15,026
1.82U
U.725

ll.gUl
1.378
3.736

lU.OOl
2.316
5.585

I.UU9
1,533
1,752

1.272
3.321
3.716

907
1,817
1.766

969

802
1.735
I.9U6

1.091
1.95?
2.70U

1.137

1.996
3.796

2.118
179
19.U0U

3.965
770
33.306

i,°us
535
20,568

3.U39
3U0

23.390

2,066
U69
15.72U

9,?lU

3.399
UU5
20.757

1,163

5.289
3.96U
1.127

8.063
6,115
2.675

5.U55
3.751
1,869

7.082
6.075
3.12U

5.3U2
3.U01
2,306

3.5U5
2.9U8
2.077

5.892
5.61U
2.7U1

2.170
1.U60
1.2U1

1.893
1.75U
1,826

1.519
1.U26
1.197

U.601
2.831
2,310

3.591
2.297
1,261

2,809
5.956
1.235

2.67U
2.683
1.253

2.U97
2,071
1,009

3.177
5,005
1.6U6

3.550
10,389
3.583

3.U72
12.757
5.012

2,923
11.U85
U.596

3.507
11,809
7.120

6.68U
27.111
9.U73

2.892
12,873
7.778

U.321
9.U51
S.80U

U.152
10.9U0
7.201

2.996
9.UUU
U.88U

U.278
13.119
9,088

U.229
1.279
5.U32

3.U92
I.1U8
U.8U1

u.ouo
1.290
5.575

3.527
956
6.850

2,902
8U7
6.1U2

7.791
I.U31
9.073

U.U58
1,265
U.922

U.970
1.233
6.093

U.076
1.206
5.728

3.57U
1.330
U.680

U.951
2,887
6,sUg

1.057
3.662
380

619
1.528

369
982
139

371
1.107

U90
1,282

159

70

882
2.U83
UU3

558
1.275
228

677
1.931
357

762
1.U70

529

895
1.517
U96

815
1.227
30U

2.696
17U

850
10,871
371

2.717
1U.U9U
3,226

900
8.10U
3.206

1,738
11,166
933

1,080
8.U69
2U8

S6U
6,502
333

5U8
8.70U
15U

1.630
1U.206

856
6.2U5

107.721
8.572
1.131

U9.5>»3

36,U3

26.07U
7.515

56,658
1,908
32U

3.296
1.50U

1.77U
2.239

U6.779
1,683
U90

U6.275
1.855
uio

U6.U56
1,65s
U19

22.U66
2.325
2.522

119,098
16,537
22,095

13.6UO
2.151
1,811

22.U61
3.131
3.873

9.59U
1.753
1.2U9

7,680
1,006
U.735

ICU72
1.U7S
1.315

ll.UlU
1.777
1,272

U9.5U7
5.92U
1,621

2U3.285
28.06U
9.U59

2U.227
3.55U
95U

Ul.707
U.622
1.576

21,582
3.19U
9U2

lU,607
2, 861
1.298

20.9U9
1.755
992

19U
3.128
10,323

3.077
18.U81
5U.196

302
1.550
7.UU5

U95
u.oio
10.611

258
.233
.378

U87
2.399
3.157

350

U.988

Utah
Vernont
Virginia

1,000
1,011
U.532

5.019
5.8U2
2S.01U

1UU
U29

8U2
U98

U.8S3

8U6
1.502
5.U67

772
5U0
1.927

UU5
1,890

Washington
West Virginia
Wisconsin
Wyoming

6,268
1.U92
8.U91

25,898
11,780
U2.205
3.690

2,621
1.86U
5.107
358

5.123
1,980
8.U2U
1.007

1.81U
837
3.U25

736
50U
5.882
U72
26
507

53
31

92

267
38

8U6
67

•

2

50

1.U86

617

2,207
706
5.36U

lU0,602
18,302
59.S9U

15.550
1.377
5.636

2.52U
5,166
3.379

11.910
23.2U7
22.219

2,878
291
59.605

17.982
7.339
202. 0U1

Kansas

6.285
U.U98
2.U59

U5.123
30,676
1U.US6

Kentucky
Louisiana
Maine

U.356
2.U77
3.97U

Maryland
Massachusetts ....
Michigan

Minnesota
Mississippi
Missouri

Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Diet, of Columbia
Florida

Georgia
Idaho
Illinois

Indiana
Iowa

Montana
Nebraska
Nevada
New Hampshire.
New Jersey
New Mexico

.

New York
North Carolina.
North Dakota

.

.

Ohio
Oklahoma
Oregon

Pennsylvania
Rhode Island
South Carolina.

.

South Dakota
Tennessee
Texas

663
999

1.270
280
2.7U1

1,281
U20
675

1.U02
3UU
812

1.276
39U
653

5.399
550
1,019

28.663
U.95U
9.909

lU.132
1.U52
U.291

8.U16
1.392
3.693

10.276
1.631
5.36U

11,198
1,388
6, SOU

10,751
1.U53
5.399

993
3.552
2.U79

2.037
U.023
U.198

1.U88
2.112
2.U52

9U9
2.511
1.916

717
1.673
1.955

656
I.U76
1,800

1,896

1.551

13.2UU

1.9U0
1.838
15.939

1.357
U51
13.U9U

1.759
UU3

21.377

2.903
2,171
U0.682

U.OSU
3.131
1.378

8.312
U.725
2,198

3.2U1
2.535
2,065

U.U8U
2.?56
1.U99

U,lU2
3,791
1^062

U.226
3,260

2U,Rl6
2I.65I
16,570

1.938
1.798
1.U77

3.979
3.523
2.73U

3.67U
6,922
1.270

1.779
1.569
1.920

6,800
35.087
13.928

U0.093
lUU.199
65.0UO

U.050
12.US0
8,381

7.503
25,680
11,060

U.259
9.U3U
5.938

9.770
973
23.952

U9.069
10,061
68,651

U.396
7U1
7.399

9.655
1.975
9.986

612
3.523
35U

6.322
lU.132
2.3U9

582
1,078
207

1,896
20.U00
Ul 5

11,090
93.399
9.03U

1U1.8U2
2.338
962

580. U33

2.393
950
1.02U

13.099
U.232
13.738

1.232
U78

20.UO2
3. 90S
1U.937

501

Alaska

20

Canal Zone
Hawaii
Puerto Rico
Virgin Islands
Other possessions

95

.

Unallocated
Total
Source:

p
r
•

1/

U7
3

.

3U

553

.132

279

2.0U0
1.699
2.637
63U

I.9U0
855
3.552

160
73
667

3U
128
9U2

2UU

19

139

271
86
677
6
6
86

369

77

U6l

U.768

1UU

1.531

526,361

2.U6U.772

251. U69

U6L697

Reports of gross sales,
Preliminary.
Revised.
Less than $500.
Sales of Series E, F, and G bonds commenced May

279

7

5

6U

13

277

2.077

58U

219.578

192. 7U5

1,

19Ul.

200,523

15. 881

21 283
,

2.393
508

269

•<91

3.28U
2,538

960

996
9.838

509

8.771
359

507

868
8.167
686

92.319
3.586
1,076

UU.915
2,021
685

62,776
5.136
715

35.201
3.120
732

TO.032
2.7U5
757

5U.236
3.836
suo

9.887
1.273
l.UsU

23.133
2.973
3.6U1

12.26U
1,617
2,020

15,066
2.103
2.527

12,025
1.3U7
2.7U1

9.699
1.UU8
2,131

20.72U
2,0lU
U.389

20.685
1.U97
605

20,058
2,225
902

3U.117
3.695
1.761

19.817
2.262
1.U13

25.071
1,661
1.783

21.793
1.557
1,2«9

20.8U1
1.815
1.387

25.937
1.852
1,683

300
1.679
6,268

276
1.U20
5.679

682
3.997
11.003

506
2.U13
6,581

520

581

3.089
8.698

2,888
7.289

859
IS?
6U1

97s
3.293
9.777

638
565
2.2U7

519

380
2.667

680
792
U.U87

38U
U9U
2.6U6

500
U39

U.02U

U73
538
3.971

U65
357
3.27U

579
5.932

2.510
757
2.873
186

2,170
1.329
U.909
232

U.628
1.839
S.1U6

2.733
)
062
5.530
303

3.38U
1.27S
6.93U
U38

3.053
1.30U
5.097
2S6

3,008
1.291
3.709
502

3.607
2,063
6,839
570

11

uo

98

75

373

6U2

2.5U9

127
178
1.500
180

92
U9
985
170

119
1.2U3

13

15

v

218,692

183,388

292,501

201.955

209. 08U

5U6

65r

1.577
125

1.791

2.UU0

U03.735

229. U691

1.176

282,261

576

1.095
11.879
675

U7l

57

555

kk

Participation in Payroll Savings Plans For War Savings Bonds-^/

9

..
. .
.
..
.

*5

Sales of United States Savings Stamps
Table !•- Summary
(In thousands of dollars)

Analysis of net change

Aaount outstanding
end of fiscal
year or aonth l/

fiscal year or month

Het change
during fiscal
year or aonth \J

Gross sales

Total
funds
received

Adjustment of
sales reported to
funds recelTed

Redemptions l/

Sales
reported

1/
19Ul 2/
19*2

5.29>»

5. 1*3

166,31*1

+161. 048

39.U3U

19.006

1942-January...
February.
March

68.595
93.932
115.857

29.161
25. 337
21,925

April

17.762

May
June

133.620
152.217
166,341

+18.597

14,124

July
August. .
September.

180,972
187,618
19U.010

lU.631

October.
November.
December.

206.044
215.805

194l-December.

.

.

6,087
308.621

25.657

6.651

169
38.6U9

1*0,599

12.007
13.313
18,676

>*0.173

22,1*10

47.990

29. 393

1*8,960

34,836

6,6117

5

39.185
37.900

6,392

1*7,682

1*1.290

12,031*

53.1"*1
1*6,678

p

5M51

P

Ul.107
29.955
38. 384

1*1.

9.121 J/
5.536

221,3110

Commencing November 1, 191*2, Dally Treasury Statements, except
Poet Office Department reports of gross sales; prior thereto.
Poet Office Department.
Preliminary.
Figures for November and following months are not strictly comparable with earlier months because of the shift to a Daily Treasury
Statement basis. Stamps sold prior to October 1, 191*2 were known

Source:

91*3

l>»7.574

-7.602
-10,931

39.077
1*3,920

2/

3_/

aa postal savings stamps and were obligations of the Postal
Savings System but subsequently became public debt obligations.
The amount
Sales and redeaptlons commence with Kay 1, 19U1
of the old series of postal savings stamps outstanding on
April 30, 19U1 was $150 thousands.
Het change in amount outstanding as shown on Dally Treasury
Statement.
See footnote l/.
.

Table 2.- Gross Sales, Classified by Denomination
Sales in thousands of dollars

Total
all
denominations

Pi seal year

or month

1941
19U2

Percentage distribution of sales

Denomination
lO*

25c-

50)!

Total
all
denominations

Denomination

*l.co

*5.oo

854
13.250

100.0
100.0

a.

44.2
5U.3

6,087

1*00

308,6a

67.466

2.691
167.709

1,012
28.614

1.130
31.583

25*'

10*

6.6

$1.00

$5.00

16.6
9.3

18.6
10.2

14.0
U.3

50/

19Ul-December.

25.657

5.353

13.255

2.491

2.636

1.922

100.0

20.8

51.7

9.7

10.3

7.5

1942-January.

Ul.169

11.01*1*

21.1*98

3.653

10.020
10.181

20,724
a. 693

1.395
1.314
1.456

100.0
100.0
100.0

26.8
25.9
25.1

52.2
53-6

8.7
8.5
8.4

8.9
8.6
9.5

3."»

38.61*9
1*0.599

3.579
3.258
3.424

1*0.173
"*7.990

3.>t58

1*8. 960

26.772
27.319

4.330
4,715

3.827
4.941
5.706

1.548
1.910
2.097

100.0
100.0
100.0

24.4
20.9
18.6

53-6
55."

June.

9.812
10.037
9.12 1*

a. 529

Kay

8.6
9.0
9.6

9.5
10.3
11.7

3.9
4.0
U.3

10.106
7.326
8.366

29.693
2U.S08
26. 189

5.203
4.348

2.487
2.114
2.128

100.0
100.0
100.0

18.8
16.4
17.5

55-2
55-7
5^.9

9.7

"t.935

6.326
5.950
6.064

9.8
10.4

11.7
13-t
12.7

4.6
U.7
U-5

10,6(0
9.5?6
11.5*3

28.563
24,788
21,704

5.150
4,294
U.527

6.498
5,900
6.99*

2.250
2,101
3.083

100.0
100.0
100.0

20.1
20.6
21.0

53-8
53-1
52-3

9-7
9-2
8.3

12.2
12.6
12.8

4.2
u

.

Pebmary.
March
April

July

53.815

August.
September.

44.51*6
1*7.682

October
Hovember p.
December p

53.1*1
46.678

5M51

53."»

55-

3.6

-i
5.6

Post Office Department. Division of Postal Savings,
Preliminary.

Source:

p

Table 3.- Redeaptlons, Classified by Means of Payment
Redemptions in thousands of dollars

or month

1941.

1942

fJnly 1941.
ling. 1941

June 1942.

Percentage distribution of redeaptlons

Mamas of payment

Pi seal year

Total

943
1.158
146,415

Means of payment

Exchanged for
Exchanged for
United States postal savings
savings bonds 1/ certificates

127.948

2/
123

Cash

Total

1/

18 .344

100.0
100.0
100.0

Xxchanged for
Ixchanged for
United States postal strings
savings bonds 1/ certificates

%

Cash
i/

2/

2/

87 .4

12.5

1941 -December.

6.651

5.225

1.417

100.0

78.6

a.3

1942-January.
February.

12,007
13.313
18. 674

9.683
11.253
16.543

8
12
9

2.316
2.04s
2.122

100.0
100.0
100.0

80.6
84.5
88.6

19.3

11.4

22.410
29.393

19.959
26.616
31.678

19
16

3M36

8

2.432
2.761
3.150

100.0
100.0
100.0

89.1
90.6
90.9

10.8
9.U
9.1

August. ..
September.

39.185
37.900
41.290

35.253
34.101
36.561

26
15
14

3.906
3.784
4.715

100.0
100.0
100.0

90.0
90.0
88.6

10.0
10.0
11.4

October. ..
lovember.
December.

41,107
29.955
38.384

36,188
26,220
32.988

4,919
3.736
5.396

100.0
100.0
100.0

88.0
87-5
85-9

12.0
12.5
14.1

March
April.
Kay...
June..

July
.

Commencing Hovember 1, 1942, Dally Treasury Statements;
prior thereto. Post Office Department, Division of Postal
Savings.
Less than .05)1.

1/
2/

15."*

Commencing Hovember 1, 1942, estimated on the basis of Post
Office Department reports.
Details not available for May, June, and July 1941.

.....
.

..

.

. ...

u

.

3
7

9
3
7

8

9

*6

Sales of United States Savings Stamps

-

(Continued)

Table 4„- Gross Sales by States
(In thousands of dollars)

Fiscal year

1941

1942

Sac.

1941

1942
Jaa.

fall.

Max.

Apr.

Hay

June

July

Aug

Hot.

Sept.

Dec.

P

P

345.6
183.4
269.2

372.8
129.4
253.4

3*9.3
148.4
264.7

312.0
138.1
247.4

315.1
1.223.*

3.232-9
337-5
1.350.2

3.602.5
340.4
1.437.0

3.046.3
332.8
1,229.0

*.037-5
399-6
1.353.6

113.6
639-7
531-0

94.4
502.3
415-9

100.6
489.9
462.5

123-3
447.0
533-1

124.3
392-9
460.7

127.*
519.5
582.2

442.8
177.5
302.5

3.766.8
359-9
1,472.0

684.2
498.7

38-7
16.0
2U.8

2.343.7
834.8
1,674.7

197-8
70.4
115.6

323-3
114.3
201.4

260.4
100.3
190.9

305.5
114.7
221.2

294.7
108.7
198.0

351.7
139-*
3*8.6

447.8
125.O
290.1

1*28.0

20,132.6
2,020.3
7.707.4

1,878-3
204.9
599-1

2,784.6
269.3
1,006.4

2,366.8
241.2
902.0

2,450.2
237-2
951.1

2,478.9
266.3
953-5

3.077.2
326.2
i,li*.6

3,442.2
300.5
l,39*-6

75-0

714.2
6.100.1
3.705-9

63-3
580.4
298.1

93-3
771.3
^97.7

86.4
694.5
483.7

93-9
656.7
507.9

*97-6

112.6
69*-5
583-0

60.3
8.1
355-1

3,175-5
841.0
23.612.9

275.1
79.2
2.075-9

476.2
110.7
3.391.5

372-2
96.5
2.999-2

407.8
102.4
2.950-5

3*0.6
109-3
2.766.3

506.7
1*1.*
3.924.2

512.0
125-5
3.834.7

53*-6
1*8.3
3,8*7-1

463.6
98-9
3.170.6

460.7
115.5
3.373-9

500.4
122.8
3.717.4

447.6
114.3
3.360.9

133.3
4,002.7

Indiana
Iowa
Kansas

69.7

7.516.9
4.575.8
2.532-9

586.9

315-5

a2-7

1.027.8
540.4
3*9-7

1,016.5
546.3
360.2

1.078.6
712.9
330.9

1.033-9
707-6
314.1

1,267.8
782.9
407-1

1.093.0
750.7
386.4

1,232.2
1,008.5
483.0

1,108.9
771-7
362.2

1.164.2
763.5
424.7

1,400.6
752-2
476.6

1.173-8
679-0
429.6

1,311.4
873-0
*93-5

Kentucky
Louisiana
Maine

1*8.8

63.0
37-2

3.036.2
3,428.0
1.725.5

283-3
254.2
120.4

444.9
421.8
216.7

417.3
438.7
201.9

425-9
438.3
232.1

460.4
217.6

425.4
582.0
284.8

433-3
606.0
288.0

527.4
649.6
318.1

445.4
450.2
279.8

439.0
*55-2
288.4

510.8
521.4
339-8

422.1
481.5
282.9

5*8.4
3*3-5

Maryland
Massachusetts.
Michigan

91.6
312.2
366.8

5.785.2
14.413.6
13.721.6

472-9
1,119.6
1,114.3

1,110.8
1.864.4
1.733-9

782.4
1,710.0
1,636.5

728.7
1.885.3
1.766.9

686.5
1,883.8
1,704.0

7*8-7
2,300.6
2.125-5

821.0
2,276.9
2,256.2

2,424.2
2,681.1

695-5
2,062.2
1.973-6

761.9
2,312.8
2,152.4

823-6
2.605.I
2,440.5

2.U5-3
2,018.6

876.4
2,455.0
2,388.?

Minnesota.
Mississippi.
Missouri.

51.6
36.7
173.5

*. 037-7

1,508.8
7,326.4

300.4
130.6
664.7

5*5.6
213.3
906.2

537.9
201.1
863.7

5*5.3
205.7
936.4

511.8
182.0

609.9
192-3

1.155.5

7*3-8
323-1
1,280.3

581.4
276.7
1,062.6

609.2
278.5

928.8

677.6
230.4
1,161.2

656.5
313.?
1,248.4

603.1
274.0
1,4*9.9

767.7
279.6
1,316.0

1.030.7
2.371.8
381.4

89.4
210.7
33.1

156.2
292.9
56.1

137.6
283.5
46.8

148.2
315.0
45.5

137.5
339.4
*7-7

1*9-7
*23.8
63.3

128.2

181.

3

29.0
286.0
9.9

1.150.8
13.313.7
720.3

90.8
1,069.0
68.3

166.7
1.837-9
95.8

142.3
1.807.7
82.8

144.9
1,781.3
88.5

l4o-3
1.7*4.6
94.4

159.3
1,916.2
129.9

1,350-5

53,060.7
3.089-7
801.2

*. 355-0

6.493.5
382.8
109.3

6.585.4
375-3

7. 25*.

7.129.5
3*2,7
99-5

18,269.5
2,489.1
2.739-3

1.269.2
247.5
197-1

2.495.9

2. 59*.

300.9
358-8

'26*!*

368.6

2.415-3
277-8
399-8

27.075-3
3,087.6
1.488.2

2.244.2
329.8
264.7

3.675-2
*33-9
170.0

3,480.8
405.2
l60.1

3,482.5
407-3
166.3

3.922.1
368.0

58.8
276.5

832.2
2.952.8
11,520.8

52.4
290.5
1.053-3

117.7
369.6
1,592-7

119.3
336.0
1.551-0

11.6
i*.7
71.6

963.4
705-8
4,051.8

£5
312-9

126.2
97-8
558-9

75-0
32.4
104.7
9-7

3.909.2
2.449.7
5.728.3
493.6

305.5
198.7
423-7
48.5

479-6
360.8

1.2
6.9
10.2

66.1
1.238.7
166.8

•9

.6

•7

086. 9

308,621.3

Alabama.
Ari zona

.

Arkansas
California
Colorado
Connecticut.

30.3
.

11*0.6

.

Delaware
Diet, of Columbia
Florida

lj*.5

Georgia
Idaho
Illinois

8

.

.

.

Montana.
Nebraska
Nevada.

.0
2

31

.

New Hampshire.
New Jersey
New Mexico

.

New York
North Carolina.
North Dakota.

50.8
10.

.

Ohio
Oklahoma.
Oregon.

8:J
59.1

.

419.5

Pennsylvania.
Rhode Island.
South Carolina.

58.8
30.3

.

10. k

South Dakota.
Tennessee.
Texas
.

.

Utah
Verr-mt.
Virginia.

Washington
West Virginia
Wisconsin.
Wyoming

Alaska
Hawaii
Puerto Rico.
Other possessions
.

6.

Source:
p

250.0
53-9

57-5
9-3

11*.

75?.

377-5
110.7
227-*
2. 96*.

l,a3-7

790.2

521.1

503.8

148.2

*59-7

135-2
375-2
60.3

398.9
60.6

159-3
396.3
56.7

140.4
3*3-8
55-6

193 .*
535-8
76.*

183.2
2,020.7
9*.T

224.6
1.975-9
130.2

201.2
1.763.*
88-7

213.7
1,948.2
103.5

219.9
2.205.3
116.2

176.7
1,924.8
91-7

209.4
2,019.2
87.6

7,883.8
567.8
152.*

9,012.0
57*. 2
13*.9

9,674.2
605.5
176.1

8,650.7
523-7
111.9

9.316.3
565.I
119.8

10,758.8
639.5
117.3

2.850.9
438.8
381.2

2,863.9
*29.l
*25.1

3.290.8
*37.9
*85.7

2,564-3
325-5
405-3

2.567.*
3*5-1
432.1

2,842.3
383-0
429-7

2,564.0
322.4
366.O

3.219-3
389-6
502.2

4,431.2
423.5
216.1

3,920.2
484.7
211.0

4,322.0

3,650.8
463.4

18*. 9

210.2

186.

4,087.5
460.9
181.4

4.597-8
527-2
156.1

4,100.6
434.5
175-2

4,683-7
473.8
209-7

116.2
351.0
1,646.0

127.6
3*1.0
1,467.2

136.9
494.8
1,695.8

124.9
518.3
1.535-2

162.0

112.8
474.6
1.592-9

113.5
467.6
1.643.5

127.8
525.1
1,807-2

133-9
457.1
1.617.5

141.3
521.4
1. 959-*

124.8
93-6
526.7

125.3
89.3
555-2

137-5
96-3
566.*

171.9
112.3
602.0

151.2
104.8

177.8
136.4
659.O

144,
102.
521,

142.9
115.4

592-9

169.3
124.2
640.3

210.3
113.4
598-0

366.6
104.6
649.2

424.1
365.1
813.0
63.I

.8
435.1
'•9
3*2-!

820.1
64.0

702.4
375.5
931.7
76.7

748.8
337-5
880.0
63.9

759-0
365-3
1,05*.6
101.5

592.6
305-4
876.0
70.4

624.6
314.2

71.9

402.1
336.7
772.7
69.2

684.2
391-5
1,129.0
7*.9

602.9
327-9
99*-3
84.9

776.1
396.7
1,197-8
93-8

6.1
84.4
15.0

8.7
78.9
17.7

H-9

9-7
220.4
23.2

13.6
263.8
22.4

11.7
193.8
21.9

12.8
220.8
19.*

11.9

11.9

181.6
18.4

130.2
19.1

18.8
1**.6
22.6

9.0
136.3
25.6

11.2
161.5
24.5

318.

819

104.9

375-7
108.4

158.1
22.4

350.6

8:i

55*.

73*.

1,8*8.0

585-1

'S:J

9.07*-3 10,447.1
5*8.0
626.3
142.0
122.7

.4

25,657.1 4l, 168. 8 38,649.2 40,599.0 40,172.8 47,990.3 48,960.5 53,815.4 44,546.4

Poet Office Department, Division of Postal SaTinga.
Preliminary.

47,6*2.1

53,1*0.6 *6,678.3 54,850.9

4
5

8

........

6

5

8

*7

Sales of Tax Series Treasury Notes
Table 1.- Summary, by Series
(In allllona of dollars)

Analysis of net change

Fiscal year
or month

Amount
outstanding
end of
fiscal year
or month
(par value)

Net
change

Analysis of gross sales

during
fiscal year
or month

Total
funds
received

Adjustment
of Bales
reported to
funds received

Exchanged
Sales
reported

(par value)

Redemptions
(par value)

All eerleB 1/

19U2 2/

3.01U.5

+3,014.5

u.138.9

19U1 -December.

2,471.0

+334.6

19^2-January.
Feb roaxy .
March

2.697.2
2.807.1
2.536.3

+226.2
+109.9
-270.8

April
May
June

2.744.4
3.099.7
3,014.5

+208.1

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

.

.

-17.2

U. 156.2

3"*1.9

-3.7

3K5.6

7-3

237.8
126.1
234.8

+10.0
-1.9
-2.5

11.5
16.2
505.6

-85.2

254.7
399.3
U06.9

-6.3
+4.0
-13.3

227.7
128.0
237.3
261.0
395-2
1120.2

"t92.l

3.356.6
3.739.3
U, 137.1

+3U2.1
+382.7
+397.8

388.2
417-9
977.9

+5-9
+18.8
+37.1

382.2
399.1
940.8

U8.6

46.1
35-3
531.5

U.963.5
5.702.5
6,384.1

+826.

941.1

923-

19.7

+739.0
+681.

781.

1.312.3

+17.7
+4.0
-22.6

355-

1

*

1

*

U6.6
43.9

94.9

1.33"*-9

42.6
630.8

72.1

17.4

777.6

1942 2/

54.8

+54.8

72.2

194l-December.

44.0

+7.3

7.3

+1.6

5.6

1942-January.
February.
March

48.4
50.6
U5.1

+4.4
+2.2
-5.5

4.7
3.2
5.3

-1.4

6.1

48.5
53.*
54.8

+3.t
+4.8
+1.4

4.6
5.2
5.1

July
August.
September.

60.3
65.I
112.7

+5.5
+4.8
+47.6

6.0
5.1
52.6

October.
November.
December.

167.0
200.1
276.0

+54.3
+33-1
+75-9

1942 2/

2.959.7

1941-December.

2,427.0

1942-January.
February.
March

.

1, 12lt.lt

•

3

3.3
5.U

1.0
10.8

4.6
5.2
5.1

1.2

6.0
t.9
52.9

•5

+.2
-•3

5.0

33-5
86.0

+.6
+•3
-.7

5".l
33-2
86.7

10.1

+2.959.7

4.066.7

-17.3

4,084.1

1.107.0

+327.3

334.5

-5.3

339.8

7.2

2.648.8
2.756.5
2,491.2

+221.8
+107.7
-265.3

233.1
122.9
229.5

+11.5
-1.8
-2.4

221.6
124
231

11.2
15.2

April
May
June

2. 695.

3.046.3
2.959.7

+204.6
+350.5
-86.6

250.1
394.1
401.8

-6.4
+4.0
-13.3

256
390
615.

July
August ....
September.

3.296.3
3.674.2
3.181.2

+336.6
+377.8
-493.O

382.2
412.8
82.1

+5.9
+18.6
+.3

376.2
394.2
81.8

October.
November.
December.

3.067.4
3.026.0
2,432.7

-113.7
-41.5
-593-2

April
May
June

.

.

.

.

.

1942- September.

October.
November.
December.
.

Source:

843.2

+843.2

1.729.1
2,476.5
3.675-3

+885.9
+747.4
+1,198.8

fievleed.

•

Less than $50,000.
Series A notes have been on sale since August 1, 1941, and
yield approximately 1-92 percent per annum. The maximum
amount which may be used In payment of each class of tax
(Income, estate, or gift) by each taxpayer during each
taxable year Is limited to $5,000 par value.
If not presented in payment of taxes, the notes will be redeemed at
the purchase price only.
Series B notes were sold from
August 1, 1941 through September 12, 1942. The yield on
these notes Is approximately .43 percent per annum, and

•

843.2
886.4
74g.l
1,226.3

2/

+37.1
+17.1
+3-7
-22.0

3

3

.4
.4

494.

45.4
43.6
488.4

48.6
19.7

Dally Treasury Statement and reports of gross sales.

r

1/

5"».7

•

3-7

45.6
35.0
526.5
94.1
Xl.5
593-2

806.1

869.2

7*1,248.2

.4
.8

27.4

the amount which may be turned in on taxes is unlimited.
If not presented in payment of tares, the notes will be
redeemed at the purchase price only. Series C notes were
first offered for sale on September lU, I9U2.
Interest on
these notes accrues each month on a graduated scale, and is
equivalent to a yield of approximately 1.07 percent per annum
if held to maturity.
The amounts which may be turned in on
taxes 1b unlimited.
If not presented in payment of taxes,
the notes will be redeemable at par and accrued interest,
either at maturity or, on 30 days' notice, during and after
the sixth month after the month of issue.
Sale of Tax Series Treasury notes began in August 19^1.

k6

Sales of Tax Series Treasury Notes

-

(Continued!

Table 2.- Sales Reported by Series, Classified by Denomination

Fiscal year
or month

..
.

..-

c

...
.

U

8

*9

Sales of Tax Series Treasury Notes

-

(Continued)

Table 3.- Sales Reported by Series, Classified by Type of Purchaser

Sales In millions of dollars at par

Percentage distribution of sales

Type of purchaser

Fiscal year
or month

Individuals,
partnerships,
and fiduciaries

Type of purchaser
Total

Corporations

Individuals,
partnerships,
and fiduciaries

Corporations

All series
U, 156.2

1*02.5

3.753.7

19l*l-December.

31*5.6

U2.1

303-5

19U2- January
February.
March

221.1
128.0
237.3

66.1
26.7
28.8

161.6
101.3
208.5

April.
Hay.
June

261.0
395.2

37.2
29.3
35-5

223.8
365.9
38U.7

July
August ....
September.

382.2
399.1

3"3.'<

9>*0.8

38-9
28.8
86.5

October,
November,
December.

923.^
777.1

122. k
86. k

1.33M

19>*2 1/

.

.

1*20.2

.

.

19^2 1/

9.7

90.3

100.0

12.2

87.8

100.0
100.0
100.0

29.0
20.8
12.1

71.0
79.2
87.9

100.0
100.0
10O.0

i>*.3

7.1
8.5

85.7
92.6
91.5

370.3
85U.3

100.0
100.0
100.0

10.2
7.2
9.2

89.8
92.8
90.8

100.0
100.0
100.0

13.3
11.1
1U.1

86.7

187.6

801.0
690.7
1.1U7.3

88.9
85-9

72.1

63.0

9.1

87.>l

12.6

19^1-December.

5.8

5."

.1*

93.*

6.2

191*2- January.

6.1
3-3
5."

5-t

.7

2.8
U.9

.1*

100.0
100.
100.0

88.9
87.2
90.6

11.1
12.8
9.t

April.
May,.
June.

U. 6

U.2
t.7
H.6

.U

100.0
100.0
100.0

92.1
91.7
90.3

7.9
8.3
9.7

July
August ....
September.

6.0

.6
.6

52.9

35.6

100.0
100.0
100.0

90.1
87.7

17.2

67.

9.9
12.3
32.6

October.
November.
December.

5"*a
33.0
86.7

U2.7
26.0
65.8

ll>

100.0
100.0
100.0

78.9
78.7
75.9

21.1
21.3
2U.1

.

February.
March.
.

.

5.2
5.1

.

.

M

•5

.1*
•

5

7.0
20.9

lt.08U.l

339.5

3,7^.6

8.3

91.7

19ltl-Dec ember.

339.8

36.7

303.1

100.0

10.8

89.2

19l*2-January.

February.
March

221.6
12U.7
231.9

60.7
23.8
23-9

160.9
100.9
20S.0

100.0
100.0
100.0

19.1
10.3

April.
May...
June.

256 h
390 1
U15 1

33.0
2U.6
30.9

223.lt

12.9
6.3

38 "t. 2

100.0
100.0
100.0

7.U

92.6

July
August ....
September.

376 2
39U 2
81.8

33.5

3U2.8
369.7
76.2

100.0
100.0
100.0

8.9
6.2
6.8

91.1
93.8
93.2

19112 1/

2>t.5

5-6

365.5

27.lt

Series C
19112-September.

October.
November.
December.
.

Source:
1/

.

806.1

"5-3

760.8

100.0

5.6

9U.ll

869.2
7UU.0

79.7
60.U
121.6

789.6
683.6

100.0
100.0
100.0

9.2

90.

8.1

91.9
90.2

1.21*8.2

Beports of gross sales.
Sales of Tax Series Treasury notes began in August 191*1.

1,126.1*

9.8

..

5u

.. .......

u

u
U

U

50

Sales of Tax Series Treasury Notes

(Continued)

-

Table 4.- Redemptions by Series, Classified by Means of Payment

Percentage distributions of redemptions

Redemptions in millions of dollar* at par
Fiscal year
or month

Means of payment
Total

Received
for tazea

1. 12U.lt

19U2 1/

Means of payment

Received
for tazea

Cash

redemptions

Cash
redemptions

20.7

1.103.7

19Ul-December.

7.3

7.3

100.0

19U2-January..
February.
March

11.5
16.2
505.6

10.5
15.8
50U.7

1.0

91.

8.6

•

3
•9

100.0
100.0
100.0

97.9
99.8

2.1
.2

April
May
June

U6.6
U3.9
U92.1

U5.U
1*85.2

1.3
1.8
6.9

100.0
100.0
100.0

97.3
95.9
98.6

2.7
U.l
l.U

July
August. . .
September.

U6.1
35-3
53a.

UU.8
29.U
527-3

1.8 r
5-8
U.l

100.0
100.0
100.0

97.3

2.7
16.6

99.2

.8

October.
Hovember
December .

9U.9
U2.6
630.8

56.3
37.8
626.2

38.6
U.9
U.6

100.0
100.0
100.0

59.3
88.6

UO.7

99-3

.7

.8

100.0

95.6

u.u

.

.

I12.I

100.0

83.

11 .u

Series A

19U2 1/

17.U

16.6

100.0

19U1- Dec ember.
19U2- January..
February.
March.
April.
Kay...
June.
July
August ....
September.
October.
November.
December.
.

•

3

1.0
10.8

1.2

1.1

•3

.2

3-7

3.6

.5
•3

•3
.2

5.0

U.9

.U
.U

.2

10.1

9-8

.2

100.0

100.0
100.0
100.0

85.2
91.0
97.3

iu.s
9.0
2.7

100.0
100.0
100.0

93."

6.6
23.9
2.8

100.0
100.0
100.0

72.6
60.8
97.U

27.

100.0
100.0
100.0

U7.U
U8.7
96.9

52.6
51.3
3-1

76.1

97.2

39.2
2.6

Series B

19U2 1/

1.107.0

19Ul-December.

7.2

19U2-January.
February.
March..

11.2
15.2
U9U.8

April.
May...
June.

1.087.1

98.2

19.9
7.2

100.0

10.3
1U.9
U9U.2

.9
.2
.6

100.0
100.0
100.0

91.6
99.9

.1

U5.U
U3.6
U88.U

UU.3
U1.9
U81.6

1.2
1.7
6.9

100.0
100.0
100.0

97. 1*

2.6
U.O
l.U

July
August ....
September.

U5.6
35-0
526.5

UU.5
29.3
522-5

1.1
5.7
u.o

100.0
100.0
100.0

97.5
83.6
99.2

2.5
16.U

October.
November.
December.

9U.1
U1.5
593-2

56.1
36.8
589.O

37.9
U.6
U.2

100.0
100.0
100.0

59.7
88.8

U0.3

99-3

100.0
100.0
100.0

97.2
99-9

.

.

100.0
98.

96.0
98.6

8.U
1.6

.8

U.2
•

7

Serlee C 2/

I9U2- September.
October.
November.
December.
.

Source:
r
•

1/

.U
.8

27.

Dally Treasury Statements.
Revised.
Less than $50,000.
Sale of Tax Series Treasury notes began In August 19U1.

.u

.7
27.
2/

3_/

v

100.0
2.8
.1

Series C notes were first offered for sale on September lU, 19U2,
and may not be redeemed for cash until the sixth month after the
date of issue.
Special redemption.

OWNERSHIP

OF

GOVERNMENT

-51-

SECURITIES

.

52

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

Securities guaranteed by United Statee 1/

Securities issued by United States Government
Distribution by classes of holders

Distribution by classes of holdere
U. 8. Government

Snd of fiscal
year or month

Total
amount
outstanding

Private
agencies and
Total
investors
trust funds and
amount
unmatured federal Be serve
5/
Banks 2/
outs tending
Public noBPublic
Public
Public Public nonPublic
Total
Public nonTotal public Public
Special marketable public marketable marketable
marketable aarketabla
marketable
and special marketable marketable
issues
Issues
issues
Issues
Issues
issues
Issues
issues
Issues
issues
issues
U.

1933193 *.
1935.
1936.
1937.

22.15S

32.989
35.800

1.9"*5

193»1939.
19MO.
19U1.

36.576
39.886
M2.376

U,i*52

1*8.387

8,21>*

1.776
1.830
2.017
2.093

i9"»e.

71.968

10.330

2.1*1*2

19>*l-Dec.

57."*51

9.2*»9

19«2-Jan.
Feb.
Mar.

59.531
61,895

9,332
9.537
9.687
9,721
9. 9*3
10,330

2,360

26,1*80

s

27.61*5

61,91*0
6U,l*96

690
1,288
1.629

3.2a
5.600
6.792

Apr.
Kay..
June.

68,108
71,968

July.
Aug..

76.69"
81.2UU

10.582

Sept.

85,81*7

11.106

Oct.
Not.
Dec.

92,265

11,198

95. "58
107. 308

11,1*00

Source:

p
•

l/

2/

10,851*

ll,886p

federal
Reserve
Banks 2/

Government agencies
and trust funds 2/

3.

367
892
996
1.319
I.663

1.998
2.U32

323
396

2>33
2,1*30

1.558

2.526

2.676
3.770
5.775
6,120
7.885

2.56"*

2,266
2,26a

7.358
7. 518
7.885

2,3>*6
2,1*82

2,1*1*2

2,*53
2,588
2.592

8,125
8,?62
8.509

3,ll»8

2.609
2,608
2.850p

8.585
8.787
9,032

2.3>»5

2,351

2.1*22

5P

Private investors U/

19.U69
22.760
23.583
28.61"
30.053

19.**69

62
1.261
1,188

681
".123
",718
U.665

III

3.761
".3"3
".302

1.556
2.151
3.166
".55"
13.507

".853
5. "50
5. "98
6.360
U.5U9

286
287
273
286

".528
5.16U
5.211
6,087
".263

22.760

23,5a
27.353
28.865
28,001*

2.61*1

29.560
31.735
33.126
37.993
58.997

6,982

2,250

"5,952

37.0U6

8,906

6.317

285

6,032

7.063
7.190
7.333

2.239
2,261

1*7,960

37.765

io, 191*

50,097
50.012

39.091*

11,002

38.737

u.275

5.673
5.673
5,666

283
289
288

5.390
5.38U
5.378

52. "29

l*q,l*3l

55,683
58.998

"2,711
"5. "91

11,999
12,973
13,507

5,666
5.667
l*,5l*9

295
291
286

5.371
5.376
".263

62.96U
66,969
71,189

".551
U.567
".552

289
297
319

1*,225

51.167

326
332
3"7p

3.870
3.863
3.8"9p

2.551
2. 658
2.180

2,2>*1

2.6UO

3,1*21

3.552
6U9
5.377
6.152
it,

(1) Total amounts outstanding!
Dally Treasury Statements:
(2) Securities held by U. S. Government agencies and trust
funds:
reports of the agencies and accounts with the
Treasury; (3) Securities held by Federal Reserve Banks:

federal Reserve System.
Preliminary.
Lese than $500,000.
Excludes matured securities and obligations sold directly
to the Treasury.
Excludes Exchange Stabilization Fund. U. S. Government trust fund
figures shown for June 30 of each year are as of the end of the month;

76.1*17

78,682
89.270p

3_/

U/

29.581*

29.961
f*5!l*90

5", 257

1",739
15.801
16,932

57.750
58.569
67,"87p

18. 667

U,2l*3

20,113
21.783P

",2""
It, 283

1+8.225

U.217
U..196

37
53
37

U8
1*8

87

other figures through April 30, 19l*2 are as of the Wednesday nearest
the end of the month.
Figures shown for June 30 of each year are as of the end of the month.
Other figures are In part as of the Wednesday nearest the end of the
month through May 19"2; thereafter as of end of the month.
The total amount of securities held by private Investors Is calculated
by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and .Federal Reserve Banks.

Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts.!/
(in Billions of dollars;

53

Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, November 30, 1042

The following

November 30,

19^2, of

United States.

covered

In

tables

the

The

the

large

survey

present summary

ownership

of

commercial

account for

data

from

the

Treasury survey, as

securities Issued

and

savings banks

or

and

approximately 95 percent

of

guaranteed by the
Insurance companies

of

the holdings

of

United States Government and Government-guaranteed securities held by all banks and
Insurance companies In the United States.

Table I.- Analysis of Ownership by Type of Security, by Call Classes,
and by Tax-Exemption Provisions
FART A - PAR VALUES IN MILLIONS Of DOLLARS
Public marketable Interest-bearing securities 1/

Bald by banks and insurance ooapaxilas
corarad In Traaaury surray

Eald 07
0. 8.

6.2H8

Total

Mount

Classification

outstanding

Government

agendas
Total

7.00J
iastl-

Total

tatleni

I.

757 lararaaoa companies

5.758

1*90

clal

mutual
saringe

558
flra,
199
casualty,
Ufa
inmrane* and marina
oospaxde. Insurance
companies

aad trust
fusda, aad
Tadaral
Reserve
Bank, 2/

Bald by
all
other
investors

By typo of security

Securities Issued by United State,

Treasury bills

5.721

U.323

U.230

Certificates of Indebtedness

7.l6l

U.602

14.

10,095

6.313

U3.38I

Treasury notes
Treasury bonds

.

Other bonds
Guaranteed Issues j/

Total

II.

By call elaaaaa
Due or first becoming callable
Within 1 year

u,a6

Ik

93

77

17

388

1,010

389

99

11U

32

82

1,203

1.356

6.02U

5,828

196

290

159

130

1.U28

2.35U

29.55«

21,01(3

17.377

3.666

8,515

7.056

."•59

"t.932

8,891

Uag

"t.

196

12

11

11

e

1

•

1

33

150

U.195

3.H3

2.776

2.660

ll6

338

281

57

332

750

70.750

U7.922

38.571

3U.US0

U.091

9.351

7.605

1.7U6

8.317

1U.510

16,675

10,915

10, Use

10.175

253

U87

289

198

2.07U

3,685

1 to 5 years

19,891

12.996

11.197

10.517

681

1.799

1.353

UU6

2.U72

U.U23

5 to 10 years

20,1127

15.102

12,502

10,522

1.979

2,600

2.110

U90

2.190

3.136

6.UU7

3.97U

2.56U

2.00U

560

l.UlO

1,158

252

829

1.6UU

10 to 15 years
15 to SO years

U.572

3.262

853

581

273

2.U09

2.11U

29U

U12

899

Over 20 years

2.716

I.65U

1.019

67U

3>»5

63U

569

65

338

72U

21

20

12

12

70,750

•7,922

38.571

3U.U8O

U.091

9,351

7.605

1.7U6

8.317

1U.510

3.690

i.Uoo

1,291

1.259

31

110

53

57

589

1.700

Federal Bousing Administration debenture

Total

III. By tax-exemption provisions

Wholly ezesjpt from federal income taxes hf
Partially exempt from Tadaral Income
taxes £/

Subject to Federal Income tares

Total

~

29.U69

19,581

1U.16U

12. 798

1.366

5."tl7

U,2Ul

1,176

3.521

6.367

37.591

26.9 1*!

23.117

20.U23

2.69U

3.82U

3.311

513

U.207

6.UU3

70,750

••7.922

38.571

3U.U80

U.091

9.351

7.605

1.7U6

8.317

1U.510

(Continued on following page)

U

7

1

)

U

9

5*

Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, November 30, 1042

-

(Continued)

Table I.- Analysis of Ownership by Type of Security, by Call Classes,
and by Tax-Exemption Provisions
PART B

(Continued)

-

PERCENTAGE DISTRIBUTION BY CLASSES OF SECURITIES

-

Public marketable interest-bearing securities \f
Held by

Held by banks and insurance companies
covered in Treasury survey
Total
amount
outitandlng

Classification

By type of security
Securities issued by United States
Treasury bills
Certificates of indebtedness
Treasury notes
Treasury bonds
Other bonds
Guaranteed issues j/

8.1

10.1

lM
61.3

5

5.75«
commercial
banks

23.6
28.1
28.9
9-1
6.5
3.8

years

5 to 10 years
10 to 15 years
15 to 20 years

Over 20 years
Federal Housing Administration debentures.

Total

U90
mutual
savings
banks

12.2
12-7
16.9
50.U

558 fire.
199
casualty,
life
Total
and marine
insurance insurance
companies companies

1.0
1.2

11.0
11.6
15.6
*

•

•

•

6.5

7-2
100.0

7.7

2.8

3.6

27-0
29.0

29-5
30.5
30.5

5U.6

22.8
27-1
31-5
8.3
6.8
3-5

32.

6.6
2.2
2.6

.It

2.U
U.g
89.6

6.2
16.6
ltg.lt

13-7
6.7

5.8

1-7
2.0

IT.

757 insurance companies

9.0
9.6
13-2
61.7

100.0

Total

to

Total
7,005
institutions

•3

5-9

By call classes
Due or first becoming callable
Wl thin 1 year
1

6.2US banks

8.

It

100.0

100.0

100.0

100.0

100.0

5-2
tl.7
53-1

2.9
U0.9
56.2

3-3
36.7
59.9

1-7
37.1
59.2

.8
33. t

100.0

100.0

100.0

100.0

17-2

9-3
16.2
61.3
1.0
5-2
100.0

59-3

•

3-7
100.0

3.!

25.8
6.8

17.8
27-7
15-2
27.8
7-5

a

.2

100.0

100.0

15.1

7-0

It. 5

.9

91.1

5-2
19-2
27-8

U.7

7

7-5
83.6

It.

3.1

S.

Government
Held by
agencies
all
and trust
other
funds, and
investors
Federal
Reserve
Banks 2J

.U

U.o

10c?

100.0

11.3
25-5
28.1
lU.U

25.lt

3-7

2U.9
29-7
26.3
10.0
t.9
U.i

100.0

100.0

100.0

7.1

11.7

U2.3
50.6

1*3.9

16.9

30.5
21.6
11.3
6.2
5.0

III. By tax-exemption provisions

Wholly exempt from Federal Income taxes U/.
Partially exempt from Federal Income taxes ^j
Subject to Federal Income taxes
Total.

PART

C

-

1.2

.7

65.9

57-9
U0.9

55.S
U3.5

100.0

100.0

100.0

29-

uu.t

100.0

PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS
Public marketable interest-bearing securities l/

Held by banks and insurance companies
covered in Treasury Surrey
Total
amount
outstanding

Classification

By type of security
Securities Issued by United States
Treasury bills
Certificates of indebtedness
:iury notes
Treasury bonds.
Other bonds
Guaranteed Issues J_/

Total
7.005
institutions

Total

U.

757 insurance companies

U90
5.758
commer- mutual
cial
savings
banks
banks

55S fire,
199
casualty,
life
marine
and
Total Insurance
insurance
companies companies

100.0
100.0
100.0
100.0
100.0
100.0

75.6
6U.3
62.5
68.1

73.9
68.7
59-7

73-7
61.3
57.7

us. 5

U0.1

6.3

7t.e

5.8
66.2

100.0

67.7

?t.5

Within 1 year
1 to 5 years
5 to 10 years
10 to 15 years
15 to 20 years
Over 20 years
Federal Bousing Administration debentures.

100.0
100.0
100.0
100.0
100.0
100.0
100.0

65.5
65.3
73-9
61.6
71-3
60.9
93-3

Total

100.0

67.7

5t-5

1*6.7

100.0
100.0
100.0

38.0

3t.l

.8

3.0

1.1)

1*3.1*

lU.U

5t.3

U.6
7-2

16. U

71.7

35.0
Ug.l
61.5

10.2

8.6

100.0

67-7

_5M

_U«j.

_5i!

Total
II.

6.2U8 banks

Held by
S.

Government
Held by
agencies
all
and trust
other
funds, and
investors
Federal
Heserve
Banks 2/

1.1

6.8
16.8
lU.l

\:l

11.

1.9
8.5

1.6
1.6
2.9
19.6

1.6
16.3

5.8

.1

.it

.1

63-lt

2.8

8.0

6.7

i.t.

1*8.

5.8

13-2

10.7

2-5

11.6

20-5

6l.O
52-9
51.5

1.5
3-t
9-7
8.7
6.0

2.9
9.0
12.7
21.9
52-7

22.1
22.2

23. U

1.2
2.2
2.U
3-9
6.U
2. U

12.lt

12-7,

1.7
6.8
10.3
16.0
U6.2
21.0

3.0

56.7

d

•3

17.0

17.7
18.

23.3
20.5
76.8
17.9

By call classes
Due or first becoming callable

III.

By tax-exemption provision.
Wholly exempt from Federal income taxes U/.
Partially exempt from Federal income taxes
Subject to Federal income taxes
Total

ts:

•

1/

5./

66. U

Figures are rounded to the nearest million or the nearest
one-tenth of one percent and will not necessarily add to
totals.
less than $500,000 or less than .05J».
Public marketable Interest-bearing securities Include all
interest-bearing securities outstanding except (1) special
issues to Government agencies and trust funds, (2) adjusted
service bonds, (3) depositary bonds, (U) United S
savings bonds, and (5) tax series notee and (6) Conmodlty
Credit Corporation demand obligations. Such obligations
were held by institutions reporting, as follows:
(1) depositary bonds:
commercial banks, $93 millions; (2) United
States savings bonds:
commercial banks, $180 millions;
mutual savings banks, $66 millions; insurance companies,

31.1
12-7
2U.S
33-5

!

3iL iii.

56. U

10-7

io-7

.It

12.

10.7
12.9
9.0
12.5

15.lt

25.

«;

19.7
26.6

5-9

-9

_li5_

11.8

20.5

1-5
U.O
l.U

16.0
11.9
11.2

U6.1

_2^_

11.6

20.5

21.6
17.1

$93 millions; all institutions, $338 millions; (*) tax series
notes:
commercial banks. $5** millions; mutual savings banks,
$U millions; insurance companies, $29 millions; all institutions,
$87 millions; (U) Commodity Credit Corporation demand obligations:
holdings of these obligations are not reported.
Ixcludss Exchange Stabilization Fund.
Excludes obligations sold directly to the Treasury.
Securities the income from vhleh is exempt from the norral rates
and the surtax rates of the Pederal Income tax.
Securities the Income from vhich is exempt from the normal rates
of the Pederal income tax.
(in the case of partially tax-exempt
Treasury bonds, interest derived from $5,000 of principal amount
owned by any single holder Is also exempt from the surtax rates
of the Federal income tax.

55

Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, November 30, 1942

-

(Continued)

Table II.- Distribution of Ownership for Each Issue Outstanding
PART A

PAR VALUES IN MILLIONS OF DOLLARS

-

Public marketable Interest-bearing securities 1/

Held by banks and Insurance companies
covered In Treaaury survey
Total
amount
outstanding

Issue, classified by

tax-exemption provision

I

.

Wholly exempt from Federal income taxes
Treasury notes
1-3/1$ December 191*2
igU3
1-l/Sjt June
September I9U3
156

108
197
131

1943
1944
1944

1*21

111*

515

3/4£
1)6

September 19>*4
March
19^5

3/4)6

March
June

Total Treasury notes
Bonds
Postal savings
Panama Canal
Conversion

cial
banks

1(90

.

mutual
savings
banks

»

91

3

7

31

172
123

3
3

12

116

316

125

3

33

115

81*

?i

5

51

25"*

2U6

2l*3

2

6

1*16

208

201

199

2

107
72

256
153
135

283
718

36

36

3>*

339

301*

301

3.1*91*

1,388

1.279

1.2U8

99
181

5

19

17

59
86

188
293

53

56

556

1.550

1

51

109

117

Total bonds
Total wholly exempt from Federal
income taxes

II.

5.758
commer-

U. S.

Government
Held by
agencies
all
558
and
trust
fire,
other
199
casualty, funds and investors
life
Federal
insurance and marine
Reserve
companies i nsurance
Banks 2/
companies

3_/

232
629
280

l-t/856 December
lit

Total
7.005
Institutions

Held by

757 insurance companies

6,248 banks

50
29

73
49
29

196

150

3.690

1.U00

1,291

1.259

196
58U
656

150

1*6

521
592

6U
6U

*33
502
306

61
58

22

77

1*1*

28

105
18U

92
153
116

55

134

77
U6

H

73
2Ul
78
56

589

1.700

57

168
182

138
480
446

33

110
161
42

283
288
93

13
30
25

65
207
85

106
192
247

57
27
38

85
13

153

264
96
131

13
22
38

27
53
41

60

57
50

272
151
203

261

325
131
63

51

^7

14
50

231*

49
117
180

151
206

16U

S

Partially exempt from Federal income
taxes U/
Treasury bonds
3-3/856 June
3-l/4<6 October
3-l/Uit April

19>*3-47

1*51*

1943-45
1944-46

1.1*01

259
752

1.519

890

December 1944-54
2-3/4)6 September I9U5-U7
2-1/ 2)6 December 19U5

1.037

644
766
U05

1*93

1*89

318
638

213

1*86

3"5

185
395
292

1$

l.aU
5U1

559
328

June

1946-56
1946-48

3-1/656 June

191*0-1*9

1.036
819

4-l/4)6 October

191*7-52

759

1*10

19U7

701

276
520
699

221
506
631

3-3/4)6 March
3)6

December
March

1*51*

59
53

63
168

ll*2

1

5

*

191*8-51

1.221*

593
940

2-1/29! September 191*8
25t
December 191*8-50

1*51

368

290

279

571

1*67

1*11

1*05

11
6

3-1/8$! December

19>*9-52

1*91

391

255

208

1*7

137

2-1/2$! December 19^9-53
2-l/2$! September 1950-52

1,786
1.186
1.627

1.253
912
1.200

1,016
724
77U

932
652
656

81*

119

237
187
U26

181

1951-54

September 1951-55
1951-53
1953-55

755
1,118
725

'20
826
62h

230
760

175
730

67

24
22

110

66
26

1*U

587

55
30
11

91

598

5

21

38

195U-56

681
2,611

389
470

12
120

34

51

1*67

982

315

1*5

136
577
262

102

September 1956-59

537
1,167
622

1*01

1955-faO

198

110
64

437
184

2)6

2-3/1456

2-3/1*56

3)6

June

2-l/4<6 December
256

June

2-1/1** June
2-7/856 March
2-3/1456

2-3/U56 June
2-3/4)8 December

1958-63
I96O-65

Total Treasury bonds

590
360

73

203
61*

35

137
362

6U

161

56
51

123
223

93
1.008
176

919

689

270
391

*3
38

U19
663

341
538

91

1,051*

227
353

79

1.1*85

125

140

139
291

26.581

17.531

12.393

11.111

1.283

5,138

3.993

1.144

3.287

5.763

(Continued on following page)

56

Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, November 30, 1C42
Table II.- Distribution of Ownership for Each Issue Outstanding
PART A - PAR VALUES IN MILLIONS OF DOLLARS-( Continued)

Issue, classified by
tax-exemption provision

-

-

(Coniinredi

(Continued)

U
8

8

.

U7S35

U
u

8
s

8

57

Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, November 30, 1042
Table Il»- Distribution of Ownership for Each Issue Outstanding
PART B

-

-

-

(Continued)

(Continued)

PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS
Public marketable interest-bearing securities 1/

Held by banks and Insurance companies
covered in Treasury survey

Held by
0.

Issue, classified by

tax-exemption provision

Wholly exempt from Federal Income taxes ]J
Treasury notes
l-3/U£ December 19*2
19U3
1-1/6% June
September 19U3
\$
1-1/8^6 December

19U3
19UU

Total
amount
outstanding

S7.it

3-2
l.U

uu.o

.8

27.1
U9.U
50.1

20.8
U7-7
U8.3

20.0
1*7.1

.8
.6

1*7.

•

12.8
U7.2

12.6

•

1*2.3

12.1
Ul.9

39-7

36.6

35-7

100.0
100.0
100.0

9-7
1-3

9.2

1.0

9-1
1.0

.8

.6

.6

100.0

6-3

5.8

5.8

.1*

38.0

35.0

3".l

3.0

l.U

13-9

1*1.7

37-

U3.2

39.0

1%

September 19UU
19U5
March

100.0
100.0

Total Treasury notes

Total wholly exempt from federal
income taxes

k*
2-3, U«{
2!8

19U3-U7.
19U3-U5.
19UU-U6.

100.0
100.0
100.0

57.0
53-7
58.6

December 19UU-5U.
September 19>»5-U7.
December 19U5

100.0
100.0
100.0

62.1
63.1
7U.9

I..9

2.6

20.9
12.0

66.3
U0.8

3-1

1-5

1.6

15.9

UU.U

38.

61.8
98.7
9?. 3

17.0

76.8

1-5

16.0

U6.1

29.

33.6

3*
Ujt

1*1.3

60.7

56.6

10.7
g.U
11.8

3.6
3.6

13.6
13.0
13.0

39. U

5-9
U.g
U.i

1U.5
17.0
1U.2

10.9
13-5
8.1

3.7
3.5
6.1

10.6
13-3
7.8

S7.3
33-7
17.3

21.

18.8
1U.8
lU.2

2-7
2-9
3-1

13-3
19-9

10.2
6.6
16.6

7.6
3.8

U.2

3-1

1.8
13.5

2.9
3.8
7.8

6.0
9-3
8.2

36.3
7U.1
57-1

S9-1
72.2
51.6

7-2

17.7

1.9
5-5

10.

76.8

100.0
100.0
100.0

81.6
81.8
79-6

6U.U
71-9
51.8

61.9

2-5
1.1
9.6

17-2
9-9
27-8

lU-3
6.1
20.0

December 19U9-53.
September 1950-52.
1951-5U.
June

100.0
100.0
100.0

70.2
76.9

56.9
61.1

l*.

1*7.6

6.1
7-3

13-3
15.8
26.2

10.1
11.6
22.3

11

73.

52.2
55-0
U0.3

September 1951-55December 1951-53.
June
1953-55-

100.0
100.0
100.0

23-1
65.3
81.0

7-3
2-7
1-5

12.0
5-9

3-9

3-2
2.0
2.9

1U.6
lU.U

57-S
18.0
32.1

1-7
U.6
U.6

20.0
22.1
26.7

1U.9
17-9
20.2

5.0
U.2

7-5
16.7

6.5

18.

2U.7
23-7

U.6
2.6

U5.6
UU.6

37-1
36.2

8.6
8.U

Ui.g

U.8

19.3

15-0

U.3

September 19U8
December 19U8-50.
2*
3-1 Si December 19U9-52.

25S

>»1.7

U6.1

12.0
15-U

6.1*

December
March

19lt7...

•

19U8-51

258

2-3, U5t

1*7-6

10.1
U.6
U.3

35.7

5U.0

2jf

33-0

US.l

100.0
100.0
100.0

Ujt

t3.1

17.7
17.3

19U7-52-

195U-56.
1955-60.
2-7, 856 March
2-3 hi September 1956-59.

100.0
100.0
100.0

2-3 ki June

100.0
100.0

2-1 k$ June

2-3,

.1*

.2
2-3

U.8

5.6
5-7

U-l U£ October

2-1

.2

12.1
20.8
17.3

60.8

.6

1-3
1.2
1.2

.1*

18.

38. s

65.0
61.6
59.U

2*

5

13-3

37-9

100.0
100.0
100.0

2-1
2-1

5.0

5

6.3
1.6
1.8

UO.O
50.3
Ul.3

2-9
2.0
1.0

.1*

1.1

U3-5

19U6.56.
19U6-U8.
19U6-U9.

2-1

1.2

U3.

June
3-1 8# June

kt March

2*
2-3

U.i
2.U
2.S

Held by
all
other
investors

e

Treasury bonds
3-3. S$ June
3-1 1*56 October
3-1 Ujt April

2-1

,

39.3

19^

ally

cial
banks

1*9G

mutual
sarings
banks

U2.5
28.8
UU.8

100.0
100.0
100.0

Total bonds

5.75«
commer-

U6.7
31.3
U7.0

March
June

Bonds
Postal savings
Panama Canal
Conversion

Total
7.005
institutions

S.

Government
agencies
and trust
558
fire,
199
funds and
life
casualty,
federal
Insurance and marine
Be serve
companies insurancs
Banks 2/
companies

757 insurance companies

100.0
100.0
100.0

1%
3/U*

3/U*

6.2US banks

k% December

1958-63196O-65.

Total Treasury bonds.

8U. 5

kl

1*

73-9
86.1

30.

67.9
82.5

78.8
141.7

63.U

".O
71.0

66.0

U6.6

70. S
1*2.3

(Continued on following page)

7

19-7

3.6

•

7

10. U

15-

3-9

12.8
13.5

5-2

1:2
12.

30. U

3U.3

a.
18.5
30.3
3U.8
13-7
10.7

13.U
8.9
13.1

1U.6
10.3
13,7
U3.0
11.7
8.7
13.6
38.6
17-9
15.1
19.6
31.7

58

Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, November 30, 1042 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding
PART B

Issue, classified by
tax-exemption provision

-

-

PERCENTAGE DISTRIBUTION BY 0-R0UP3 OF INVE3T0R3-( Continued)

(Continued)

PRICES

AND

YIELDS

OF

GOVERNMENT

SECURITIES

(Including securities issued by Federal agencies)

-59-

6o

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

December 31, 1942
Table I.- Securities Issued by the United States Government
PART A

-

BONDS 1/

Price data
(Decimals are thirty-seconds)

Anount
outstanding
(Millions)

Change
Description

Change

In

mean
from

in

Yield yield
from
2/

Hot. 30

Hot. 30,

19U2

1942

Matu
rity
yield

Date
of
issue

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

High
Price

High

Low

Date

Price

1942 price range 2/
(Decimals are thirty-seconds)

Date

Price

Date

Price

Date

Treasury bonds
454

3-3/8*- 6/15/43-47

01.09 101.10

101.10

-.06

.42*

l.hOl

3-1/4 -10/15/43-45

.02.00 102.01

102.00

-.10

•

67

.09

2.50

1.519

3.1/U - 4/15/44-46

03.06 103.07

103 .06

-.08

•

74

.01

1.037
1,214

4

-12/15/44-54
2-3/4 - 9/15/45-47

06. 04 106.06

106.05

104.25

-.05
-.04

.80

04.24 104.26

95

541

2-1/2 -12/15/45

04.13 104.15

104.14

-.02

489

3-3/4 - 3/15/46-56

08. 16 108.18

108.17

- 6/15/46-48

06.20 106.22

106.21

219

3-1/8 - 6/15/46-49

07.00 107.02

759

4-1/4

•10/15/47-52

701

2

12/15/47

1.115

2

3/15/48-50

.01.06 101.08

2-3/4 - 3/15/48-51

07.05 107.07

107.06

1-3/4 - 6/15/48
2-1/2 - 9/15/48

00.06 100.08

100.07

06.13 106.15

106.14

.06

1.32

$

1,036

3

1.223
3.061

T

451

6/15/27

111.14

6/5/39

87.20

1/11/32

104.01

1/22

111.07

6/5/39

97-29

1/10/34

104.20

1/22

102.00

2.24

10/15/33
4/16/34

111.26

6/7/39

99.30

9/17/34

105.20

1/22

103.06

.07

3-37

12/15/24

116.19

1/11/32

108. 29

1/14

106.05

1.69

9/16/35

6/22/39
110.12 12/12/40

94.06

.01

99.27

9/17/35

106.13

i/a

104.25

97

.02

•97

12/15/37

109.24 12/14/40 101.31 12/15/37

105.30

3/25

104.14

-.03

1.03

.04

2.96

3/15/26

116.14 12/14/40

89.16

1/12/32

110.16

1/14

108.17

.00

1.03

.05

1.71

6/15/34

112.28 12/16/40

97-28

9/17/34

108.04

1/28

106.21

107.01

.00

1.04

.05

1.96

6/15/31

113.19 12/14/40

83.05

1/11/32

108.17

1/14

107.01

13.26 113.30

113.29

-.11

1.24

.01

2.63

10/16/22

122.22 12/14/40

98.18

10/8/23

116.01

1/5

113.29

03.29 103.31

103.30

+.03

1.18

.03

1.18

12/15/38

107.20 12/12/40

3/23

103.27

.00

1.75

.01

1.82

3/15/41

104.05

9/25/39
2/25/41

105-01

101.07

99-14
8/2/41 100.22

102.01

3/23

100.31

1.31

1.80

3/16/36

111.18 12/12/40

3/23

106.16

1.71

12/1/42

100.07

12/31

100.01

.01

1.32

3/15/38

99-10
4/1/37
100.07 12/31/42 100.01 12/23/42
111.01 12/12/40 100.30
4/2/38

108. 06

1.71

107.17

3/23

105.31

•

.04* 3.06*1

101.10

2

-12/15/48-50

03.19 103.21

103.20

.06

1.36

.{-2

1.51

12/8/39

107.00 12/12/40 101.10

5/24/40

105.01

3/24

103. 18

1,014

T

2

- 6/15/49-51

00.19 100.21

100.20

.07

1.90

.03

1.92

1/15/42

101.11

4/15/42 100.06

8/5/42

101.11

4/15

100.06

1,292

T

2

-

9A5/49-5I

OO.I5 100.17

100.16

.oft

1.92

.03

1.94

5/15/42

100.24

6/20/42 100.04

10/6/42

100.24

6/20

100.04

2,096

T

2

-I2/I5/49-5I

00.13 100.15

100.14

.07

1.93

.04

1-95

7/15/42

100.14

12/31

100.03

3-1/8 -12/15/49-52
2-1/2 -12/15/49-53

10.10 110.12

110.11

.00

1.55

.02

1-97

12/15/34

110.31

3/24

05.29 105.31

105.30

.00

1.59

.01

1.90

12/15/36

100.14 12/31/42 100.03
8/5/42
115.04 12/12/40 101.07 12/15/34
108.28 12/10/40 96.19
4/8/37

106.25

3/24

109.06
104.28

571

491
1.786

2

-

3/15/50-52

.06

1.95

.03

1.96

10/19/42

100.10 12/31/42 100.01

11/2/42

100.10

12/31

100.01

-

9/15/50-52

00.09 100.11
06.09 106.11

100.10

2-1/2

106.10

.'DO

1.62

.01

1-79

9/15/38

108. 30 12/10/40

9/25/39

107.03

6/15

1,627

2-3/4 - 6/15/51-54

07.29 107.31

107.30

.00

1.74

.01

1-97

6/15/36

110.26 11/12/41

99.15
98.16

4/1/37

109.00

5/25

105-02
106.28

755
1,118

3

- 9/15/51-55
2-1/4 -12/15/51-53

10.00 110.02
04.18 104.20

110.01

.00

1-75

.01

2.10

9/15/31

111.01

5/25

106.28

.02

1.69

.02

1-79

12/22/39

113.24 12/30/40 82.08
107-01 11/22/41 101.08

1/11/32

104.19

5/24/40

105-18

5/25

103.10

1.963
1,186

T

510

T

2

-12/15/51-55

00.06 100.08

100.07

.06

1.97

03

1.98

12/15/41

101.16

12/5/41 100.01

12/5/42

100.28

1/28

100.01

1,024

T

2.07

.02

2.13

3/31/41

106.16

8/2/41 101.04

3/20/41

104.12

4/6

01.07 101.09

103.20
101.08

07

T

2-1/2 - 3/15/52-54
2-1/4 - 6/15/52-55

03.19 103.21

1,501

.04

2.10

.02

2.14

2/25/42

101.25

4/4/42 100.16

2/18/42

101.25

4/4

102.28
100.16

.03.04 103.06

103.05

.02

1.67

.01

1.72

10/7/40

105.14 11/22/41 101.19

2/15/41

104.04

5/29

102.00

04.22 104.24

104.23

.01

1-79

.00

1.85

7/22/40

105.20

6/17

103-10

109.02

00

2.03

.01

2.24

6/17

103.05

.13

2.22

.04

2.25

3/15/35
6/2/41

110.19

2-1/2 - 3/15/56-585/

09.01 109.03
03.04 103.06

107-08 11/12/41 102.02 7/24/40
112.16 11/1/41 98.30 9/20/35
105. 08 11/5/41 101.30 12/26/41

982

2-3/4 - 9/15/56-594/

08.09 108.11

108.10

.01

2.05

.01

2.15

9/15/36

919

08.11 108. 13

108.12

.00

2.11

.00

2.24

6/15/38

1.485

2-3/4 - 6/15/58-634/
2-3/4 -12/15/60-654/

08. 30 109.00

108. 31

.00

2.15

.00

2.25

12/15/38

2,118

T

2-1/2 - 6/15/62-676/

00.05 100.08

100.06

03

2.49

2.49

5/5A2

2.827

T

2-1/2 -12/15/63-686/

00.14 100.16

100.15

2.47

2.48

12/1/42

2,716

T

2-1/2 - 9/15/67-7257

00.23 100.25

100.24

.09

2.46

2.46

10/20/41

-

725

2

681

2-1/4 - 6/15/54-56
2-7/8 - 3/15/55-604/

2,611
1.449

I

6/15/53-55

.

103.16

4/4

108.00
102.00

IH.31 10/29/41
112.04 n/l/41

98.10

4/1/37

109.30

6/9

107.12

99-15

9/25/39

110.05

6/3

107-15

112.24

99.14

9/25/39

110.19

6/17

108.04

8/17/42
100.15 12/31/42 100.01 12/24/42
103-15 11/5/41 100.01
1/2/42

100.22

10/22

100.00

100.15

12/31

100.01

101.15

4/6

100.01

11/1/41

100.22 10/22/42 100.00

Other honds

3* Converslon-l/l/46
ConrerBlon-l/l/47
3
3

T
1/

2/

Panama

-6/l/6l

07.00 107.16

107-08

-.08

.56

+ .01

.56

1/1/16

.08.24 109. 08

109.00

-.08

•

71

+ .01

.71

27.00 126.28

127.30

.00

1.29

-.01

1.29

1/1/17
6/1/11

Taxable Issues.
Excludes postal savings bonds.
Prices represent the mean of closing bid and ask quotations in the
over-the-counter market, except that Treasury bond prices for the
period prior to October 1, 1939 represent closing prices on the
Hew York Stock Exchange.
"When issued" prices are included beginning
October 1, 1939- Dates of hlgis and lows, in case of recurrence, are
the latest dates.

3_/

4/

5/
6/

II5.OO
128.16

1935

75-00

1920

4/28/42

75-00

6/18/21

108. 30

2/11

107-08

110.14

2/11

128.16

4/28

109-00
124.08

Computed on mean price to call date when prices are above par; to
maturity date when prices are below par.
Included in long-term average of partially tax-exempt Treasury bonds
shown later In this chapter.
Included in long-term average of taxable Treasury bonds shown later
in this chapter.
Security is not transferable to commercial banks before designated
dates in 1952.

6l

Over-the-Counter Closing Quotations on Public Marketable
Securities Issued by the
United States Government and by Federal Agencies
December 31, 1042 - (Continued)
Table I.- Securities Issued by the United States Government
PART B
Amount
outstanding
(Millions)

-

TREASURE NOTES

-

(Continued)

62

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

December 31. 1942 - (Continued)
Table III. - Securities Issued by Federal Agencies but not Guaranteed by the United States
PART A

Amount
outstanding
(Mlllione)

-

ISSUES QUOTED ON A PRICE BASIS

63

YIELDS

OF TREASURY SECURITIES DEC.

Based on

Mean

31,1942

of Closing Bid and Asked Quotations

..
..

.

.

6k

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

Partially
taxexempt
Treasury
bends XJ

HighTaxable
grade
Treasury
corporate
bondt 2/
bond* 2/

Partially
taxexempt
Treasury
bonds 1/

Partially
HighTaxable
taxgrade
Treasury
exempt
corporate
Treasury bonds 2/ bonds
^J
bonds 1/

Bate

HighTaxable
grade
Treasury
corporate
bonds 2/
bonds 3_/

Monthly Series 4/
3-50
3-32
3.20
3.11
3.02
2.98

4.26
4.14
4.07
4.00

2.92

194o-Jan
Feb
Mar
Apr
May
June

2.81
2.79
2.77
2.74
2.87
2.93

Sept

2.30
2.32
2.25
2.25
2.38
2.39
2.28
2.25
2.18

Oct
Hot
Dec

2.10
1-97
1.89

2.70
2.65
2.59

1941- Jan
Peb
Mar

1.99
2.10
2.01

2-57
2.71
2-73

Apr
Hay
June

1.96
1.92
1.91

2.76
2-75
2.70

July

2.66
2.65
2.64

Oct
Hot
Dec

1.90
1.94
1.94
1.88
1.85
I.96

2.23
2.22
2.37

2.61

1942-Jan
Tab
Mar

2.01
2.09
2.00

2-37
2.39
2-35

2.76
2.80
2.80

1.98
1.97
1.97

2.34
2.35
2.33

2.77
2.76
2-75

2.00
2.02
2.03

2.34
2.34
2.34

2.74
2-73
2.73

2.05
2. 06
2.09

2.33
2.34
2.36

2.72
2.71
2.72

2.05
2.05
2.09

2.33
2.32
2.35
2.36

2.70
2.70
2.70
2.72

2.09
2.09
2.08
2.08

2.3b
2.36
2.36
2.36

2.72
2.73

2.08
2.08
2.08
2.08
6/

2.72
2.73
2.71
2.71
6/
2.72
2.72
2.72
2.72

Apr..
May..
June.

2.47
2.46
2.60
2.80
2.76
2.76

3.09
3.24
3.36
3.U3
3.36
3.31

3-83
3.87
3.89

July.
Aug..

2.72
2.72

Sept.

2.77

3.10
3.07
3.01
2.88
2.79
2.77

3.84
3-78
3.68

Oct..
Hot.

2.76

\%

3-27
3.25
3.26
3.26
3.22
3-17

Feb..
Mar..

2.65
2.64
2.64

3-17
3.15
3.16

3-»7
3.48

June.

2.7 *
2.72
2.72

Apr..
Kay..
June.

2.62
2.51
2.52

3.25
3-14
3.15

July.
Aug..
Sept.

3-"*7

July.
Aug..
Sept.

3.12
3.10
3.12

2.85
2.83
2.83

3.46
3.41
3-39

Oct..
Hot.

2.52
2-51
2.58
2.48
2.50

Aug

2.85

Dec.

2.49

3.06
3.04
3.02

3.32
3.26
3.24

1939-Jan..

Feb.
Mar..

2.80
2.77
2.71

rob..
Mar..

2.47
2.44
2.31*

2.96
2.90
2.87

Apr.
May..
June.

2.68
2.66
2.66

3.24
3.22
3.19

Apr.
May..
June.

2.30
2.17
2.13

2.92
2.86
2.78

Apr
May
June

July.
Aug.
Sept.

2.65
2.61
2.60

3. 18

July.
Aug.
Sept.

2.16
2.21
2.65

2.76
2.79
3.29

July.

Oct..
Hot.

2.62
2-53
2.51

3.1"*

Oct..
Hot..

2.60
2.46
2.35

3.14
2.93
2.86

Oct

1934- Jan.
Feb.

•

.

Mar..
Apr..
May.
June.
.

July.
Aug..
Sept.

3.9>»
3. 88

3 03

3.20

Oet..
Hot.
Dec.
.

193 5-Jan.
Feb..
Mar..

Apr..
May..

3.60

3^9

1

3.1*3

IK

Oct..
Hot.
.

Dec.
1936-Jan.
.

.

.

Dec.

3.18
3.15
3.11
3.07

1937-JSB..

lev.
Mar.

.

.

Dec.
1938- Jan.

.

Dec.

Weekly Series - Saturday Figures
1942-July

3.
11.

18.

25.

Aug.

1.

8.
15.

22.
B9.

2.01
2.00
2.00
2.00

2.34
2.34

2.75
2.73
2.74
2.75

1942-Sept. 5.
12.
19.
26.

2.00
2.01
2.02
2.02
2.02

2.34

2.74
2.73
2.73
2.73
2.73

2.09

2.36

2.73

1942-Dec. 10.

2.09

2.36

2.72

11.
12.

2.09

2.36

2.72

2.09

2.36

2.72

2.09

2.36

2.72

Oct.

3.

10.
17.
24.
31.

July

Aug

Sept

.

.

Sept

Hot
Dec.

2.85
2.80
2.71

2.68

5_/

2.02
2.02
2.04
2.04

2.34
2.34
2.34
2.34

2.73
2.72
2.73
2.73

2.05
2.05
2.05"
2.05
2.05

2.34
5.33
2-33
2.32
2.33

2.72
2.71
2.71
2.71
2.72

2.09
2.09
2.09

2.36
2.36
2.36

2.73
2.73
2.73

2.09
2.09
2.09
2.09
2.08
2.08

2.36
2.36
2.36
2.36
2.36
2.36

2.72
2.73
2-73

1942-Hot.

7.

14.
21.
28.

Dec.

5.

12.
19.
26.

2.06

2.71
2.72

Dally Series

1942-Dec

2.09

2.36

2.72

2.09
2.09

2.36
2.36

2.72
2.73

14.
15.
16.
17.
18.
19.

Basle of Computation:
(1) Treasury bond yields are computed on the basis
of the mean of bid and ask quotations In the over-the-counter
market, beginning September 2, 1941; previously, closing prlcss
on the New Tork Stock Exchange were used on days when sales took
place on the Exchange In a particular Issue and the mean of
closing bid and ask quotations on the New Tork Stock Exchange
on days when no sales took place.
(2) Corporate bond yields are
computed on the basis of closing prices on the New York Stock
Exchange and the New Tork Curb Exchange; on days when an Issue
does not sell, the price of the last preceding sale Is used.
Sack figures:
See "Treasury Bulletin" for July 1941, pages 21-26, and
subsequent Issues,
l/ Average of partially tax-exempt Treasury bonds neither due nor
callable for twelve years. Partially tax-exempt bonds are those
the Interest on which Is exempt from the normal rates of the
Federal Income tax.
(In addition, interest derived from $5,000
aggregate principal amount of partially tax-exempt Treasury bonds

2/

3_/

4/
5_/

6/

2.73
2.73
2.71

1942-Dec. 21.

26.

2.08"

2.36
2.36
2.36
2.36,
6/
2.35

28.
29.
30.
31.

2.08
2.08
2.08
2.08

2.36
2.35
2.34
2.34

22.
2324.

2

V

2.7?

and United States savings bonds issued before March 1, 1941 Is
exempt from the surtax rates of the Federal income tax.)
Average of taxable Treasury bonds neither due nor callable for
twelve years. The 2-l/2 percent bonds of 19&2-67 and the 2-l/2
percent bonds of 1963-68, are excluded because of restrictions
on their purchase and negotiability. Taxable bonds are those
the Interest on which Is subject to both the normal and surtax
rates of the Federal Income tax. This average commenced
October 20, 1941.
Average of 9 bonds, January 6, 1933 through December 6, 1935:
average of 15 bonds, December 7, 1935 through July 31, 1937; average of 20 bonds, August 1, 1937 through September 13, 1938;
average of 5 bondB, September l4, 1938 to date.
Monthly averages of dally figures. Prior to April 1, 1938,
corporate bonds are averages of Saturday figures.
On days when the exchanges are closed, the date and prices of
the previous day are used.

Holiday.

65

ttUJ

en

Q
z

O
CD
QJ

O
Q.
Qi

O

u

cr
tn

»

<

i»

u-i

en

a:

*-£
£ S
Ld

O
o

Q
_i
UJ

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UJ

O
<

LLl

<

GOVERNMENT
AGENCIES

CORPORATIONS AND CREDIT
OF THE UNITED STATES

66

)

u
2

.

3
7

9
8

3

5

8

67

Assets and Liabilities of Government Corporations and Credit Agencies

November 30, 1942
(In millions of dollars)

Investments

Preferred
capital
stock,
etc.

Banks for cooperatives
Commodity Credit Corporation
Disaster Loan Corporation

255-1
1.397-8
21. 4

Electric Home and Farm Authority (in
liquidation) 5_/
Export-import Bank of Washington
Farm Credit Administration
Farm Security AdmlnlstraMon
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation 6/

139-9

511*. 4

447-7

40.9
646.3

Federal intermediate credit hanks
Federal land hanks jj
Federal National Mortgage Association.

358. 4
2.158-3
219.1

301*.

.

Home Owners' Loan Corporation
Inland Waterways Corporation 6/
Interior Department (Indian loans)

15.2
546.3

8.0

Puerto filco Reconstruction Administration
Reconstruction Finance Corporation....,
Regional agricultural credit corporations

RFC Mortgage Company
Rural Electrification Administration....
Tennessee Valley Authority
Tennessee Valley Associated
Cooperatives. Inc
United States Maritime Commission
War corporations 10/

1.6

.1

65.4
13.9

7.6

1,108.84/
.1

.1*

76.4

.1

.4

4.2

1*1.2

6.7
22.9

524.9

29-3
13.5
32.4

517-9
121.9

13-7
73-5

105.2

20.11

1*7.2

238.1

IS.
1*6.1

,621*.

607-8

2-5

1*4.0

167.2

80.

212.7

13.3

.8

372-1

152.1*

3.8
33-1

7-2

2.6

28.6

99-6

•5

20.8
24.8

50.8
1.1

10.5

5.8

•

41.8

1-3

3-1
162.2

5-5

5-1

•

2-7
6.5

6.7
127.4

2.0

5.0
1.6

2.6
18.4

231.6

.6
.4

47.1

5-1

5

3.172.6

4.0
54-3

.1

12.2

46.6
•

5

6-7

66.0
•9

3-2

9."»

5.0
12.4

112.0

59.3

8-3

1-9

36.1

.1

•9
.1

90.1

1*.2
22.3
5.636.2 1,565.8
23.0
5.0

106.2
361.5
602.8

Other
assets

U
61.0

33-8

Capital
Due from stock in
GovernGovernment
ment
corpora- corporations and tions and
agencies agencies

.2

137.

68.2
126.7
90.1

Real esAccounts
and
and other tate
other
receivbusiness
ables 2/
property

8.1

240.5

2,144.4 1,586.7
.1*
2U.7
2-7
2-7

Panama Railroad Company 6/
Production credit corporations
Public Works 8/

Government
securities

Securities
guaranteed
by
United
States

2.1

114.6

Federal Prison Industries. Incorporated.
Federal Public Housing Authority
Federal Savings and Loan Insurance
Corporation

U. S.

7."*

118.

1,206.1*

i/

18.

211*.

8.2
195-8
253.2

Federal Farm Mortgage Corporation
Federal home loan hanks
Federal Housing Administration

Cash

Interagency assets

1.2
366.7

2.1*

3-897
17-7

2.2
32-92/

12.4
•

369.O

57."
•

.2

92.8
345.0

2.1
8.8
7-3

.4

4.2

6-7
7-7

585.5

1-5

38.5

7-9

.8

.1

-3

Kcm.o

War emergency corporations and agencies
in liquidation
Navy Department ( sale of surplus war
supplies
Secretary of the Treasury

H3.

23.6
110.3

464]

181.

3.295.8
3.289-7

:

Railroad Administration).
United States Housing Corporation...
United States Spruce Production
Corporation
(U.

S.

War Shipping Administration

Other Government agencies 11/
Gross total

.

3-2

3-2

.1

1.9

1-3

.4

•

245.7

4,810.2

3

2.9
26.1

17-5

30,11*3.8 8,158.1

539-0

151.1

562.8

1.038.5

184.0

845.8

1.069.2

Adjustment to eliminate interagency
1 ntere Bt s
8,158.1

539-0

32.9

58.

27.6

4.738-9

562.8

1,038.5

184.0

(Continued on following page)

845.8

1,069.2

1,000.8

8,075.0

469.0

-8.075.0

-469.0

8,201.7

8,201.7

4

.

9
4

2

6S

Assets and Liabilities of Government Corporations and Credit Agencies
November 30, 1942 - (Continued)
(In millions of dollars)

Proprietary interest

Liabilities and reserves

Cvned by United States 12/

Liabilities
Guaranteed by

United
States
(includes
accrued
interest)

BankB for cooperatives
Commodity Credit Corporation
Disaster Loan Corporation

56.3
1.301.5

6.7
•3

6.5

Farm Security Administration
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation 6/.

216.5
18.4
357.0

Federal Farm Mortgage Corporation
Federal home loan banks
Federal Housing Administration

1,106.

Federal intermediate credit banks
Federal land banks jj
Federal National Mortgage Association

270.6
1,667.1
194.7

Home Owners' Loan Corporation
Inland Waterways Corporation 6/
Interior Department ( Indian loans)

Panama Railroad Company 6/
Production credit corporations
Public Works 8/
Puerto Rico Reconstruction Administration
Reconstruction Finance Corporation
Regional agricultural credit corporations
RFC Mortgage Company
Rural Electrification Administration
Tennessee Valley Authority

Tennessee Valley Associated
Cooperatives, Inc
United States Maritime Commission
War corporat ions 10/
War emergency corporations and agencies
in liquidation
Navy Department ( Bale of Burplus war
supplies)
Secretary of the Treasury
(U. S. Railroad Administration)...
United States Housing Corporation
United States Spruce Production
Corporation

112.6
.2

219-3

Rose its

•

3

•

5

i

1-5
195-5
33-9

3^5-5

297-8
22.6
289.3

297.8
22.6
150.O

35-0
150.0

100.0

100.0

121*. 7

121*. 7

.1

100.0
191.9
86.1

270.0

.6

87.8

57.0

1*91.1

81.0

112. 4

1.7
104.1

,608.

90.6

.5

404.3

114.7

2,056.8

1.556.7

•

5

•

5

24.4
14.6

281.2

1.8

428.8

26. 4

45.0

•9

.6

.2

ll.O

9.2

1.3

.4

.1

.6

5
5.019.1

•

899-3

359.197

.6

3

so. a

3-5

234.9
82.2

21.0

3.591.9

H3.8

5

125.0
.3

76.6
234.9
i».

56.9

1,278.1

Nonstock

2.559-3

7->*

139.3

67.I

33-9

297.8
-12.1*

86.1

86.1

87.8
227.9

S:J
11*.

60.0
117.2
10.0

11*6.1
lU.it

10.5
1U0.9

6

27.8

1U1.9

11*1.9

1.0

135-6

135-6

100.0

35-6

87-5
23.8
2-7

87-5
23.8
2-7

200.0
12.0

-112.5
11.8

57-2
126.3
90.1

57-2
126.3
90.1

7-0
120.0

50.1
6.3

21.8
617.1
22.U

21.8
617.1
22.1*

5-0

26.0
126.6
520.5

26.0
126.6
520.5

25-0

.J

28.2

i.l>66.2

1,494.
3.844.8

1-5
20-5

1.5
195-5
33-9

7.0

1.6

175.0

218.9

197.6

78.3

22.1
-3-7
-2.9

190.6
96.3
21.1

.2

7.0

Surplus

21*.

168.5
100.0

198.9
96.3
21.1

1.6
137.1

*

11.5

21.4

Capital
stock

Other

301.1

18.
18. 4

938-5

112.4
28.5

Government
corporations and
agencies

Treasury

•3

Electric Home and Farm Authority (in
liquidation) 5/
Export-Import Bank of Washington
Farm Credit Administration

Federal Prison Industries, Incorporated..
Federal Public Housing Authority
Federal Savings and Loan Insurance
Corporation

Hot
guaranteed by
United
States

5U.3

750.7

Excess of
assets
Pri(Total
vately
proprietary
owned
interest)

Due to

•

it.l

2-7

90.1
21.8

325.0

292.12/
17.U
126.6
520.5

3

•

3

1.937.9
203-1

1.937-9
203.1

3.2

3.2

.1

.1

1.1

1.1

25.1*

-2U.3

.1

.2

186.6

2-3

1.937-9
14.2

:

99-7

Other Government agenclee 11/

62.1

GroBS total

18.951.2

Adjustment to eliminate Interagency
Interests

-8,075-0

Set total

10,876.2

Source:

s

5/

.1

.1

War Shipping Administration

79.5
62.1

4.281.3

5.511-7

4,738.2

3.336.8 1.083.2

-4,738.2 -3.336.8
4,281.3

1,083.2

5.511-7

Dally Treasury Statements.
Less than $50,000.
Excludes unexpended balances of appropriated funds.
Includes deposits with the Reconstruction Finance Corporation
and interest thereon.
InzludeB paid-in surplus.
Represents chiefly commodity loans and underlying security taken
over from lending agencies pursuant to guaranty purchase agreements. Also includes commodities acquired throu^t direct purchases from producers and others, as well as interagency transactions of "lend-lease" funds which figures are not available, and
which would otherwise be shown under "Due from Government corporations and agencies".
Under Executive Order 9256 dated October 13, 1942, effective
October 31, 1942, the assetB and liabilities were transferred
to the Reconstruction Finance Corporation for purposes of
liquidation and the capital stock cancelled.

»
5/

%

10/

ii/
12/

3-2
.1

.3

-3

146.1

11*6.1

4,748.1

U.7U8.1

17-5

11,192.6

442.5 10,750.1

2,089.1

645.2

-469.0

-469.0

-459.8

-9-2

10,723-6

442.5 10,281.1

1,629.3

636.1

146.1

4.730.5
8.015.8

8,015.8

Figures shown axe as of October 31, 1942, the lateBt available.
Includes the assets and liabilities of the Federal Land Banks ->f
Louisville and Houston which have retired stock and paid-in surplus previously held by the Federal Government.
Consists of loans made by Public Works Administration far
$89,755,678.59 and by War Public Works for $324,000.
Adjusted for interagency Items and items in transit.
Comprises Cargoes, Inc., Defense Homes Corporation, Defense Plant
Corporation, Defense Supplies Corporation, Institute of Inter-American
Affairs, Inter-American Navigation Corporation, Metals Reserve
Company, Rubber Reserve Company, Smaller War Plants Corporation,
United States Commercial Company and War Damage Corporation.
Comprises Treasury Department and other Government agencies not
listed in this statement.
Excludes the interest of the United States represented by obligations
held by the Treasury.

69

Sources of Funds of Certain Government Corporations and Credit Agencies
for the First Five Months, Fiscal Year 1943

Corporation or agency

70

Uses of Funds of Certain Government Corporations and Credit Agencies
for the First Five Months, Fiscal Year 1943

Corporation or agency

71

Sources of Funds of Certain Government Corporations and Credit Agencies
from Inception of Organization through November 30, 1042

Corporation or agency

Central Bank for Cooperatives

69,000,000

Commodity Credit Corporation

2U.193.03

$

1

2U, 000,000

Sale of
obligations
to Treasury

Sale of obligations In
the market
(net) 2/

(net)

$
$

300,000,000

*

U/
5,605,000

1,000,000

federal Deposit Insurance Corporation 6/

150,000,000

federal farm Mortgage Corporation

100,000,000 u/

17U.000.000
139.299.557

78,000,000

929.76U,200

federal home loan banks
federal National Mortgage Association

87,500,000

12U.7U1.000

85.2UO.OOO

11,000.000

99.920.U81

federal Public Housing Authority

1.215,000

7Us.ooU,O00

1,000,000

5./

Export-Import Bank of Washington

Sale of stock
to other
agencies

*

2U3.950.52U 1/

Disaster Loan Corporation
Electric Hone and Tarn authority

Allocation*, rediscount s, and loan a from
other government corporations and credit
agencies (net)

Appropriations
from General
fund of the
Treasury l/

51.SU9.U82

280,000,000

llU, 157,000

U27.000.000

3.UU.U53.550

3.579. 711, UU6

897,171.000

federal Savings and Loan Insurance Corporation

100,000,000

Home Owners' Loan Corporation

200,000,000 U/

Reconstruction finance Corporation.

325,000,000

8,251,000

73.9U3.375

Rf C Mortgage Company
Rural Electrification Administration

13S,'t35,098

War corporations 8/

150,000,000

2. 5SU,

Repayment
of loans 2/

property
acquired

Central Bank for Cooperatives

$

Commodity Credit Corporation
Dl saster Loan Corporation

36,601,000

359.267

$3,022,719,019

Sale of other

Corporation or agency

25,000,000

232,051,862

$1,U5U,235.10U

lotal

358. 353. 610

$U,66U,7ii,UU6

Intereet, dividends, assessments, and
property Income
$

ll.967.2i9

5.981.89U.750

Other receipts

>

U, 682, 267

611.856. 557

Total, sources
of funds

U69, Uli.130

1,919.080,299

1,057.818.971

35.2U2.635

25.986,230

••.330,

082,658

153. 33U

22.210.96l

850,169

205.572

U7,

U20.037

39.017.U6U

5.276.995

358.525

51, 257. 98U

Electric Home and farm Authority s/.

Export-Import Bank of Washington

125.608.1U5

19.UU7.76U

707.119

320, 763,028

federal Deposit Insurance Corporation 6/.

111,126,888

398,787.278

U, 526, 921

803, 7U0.6UU

21.83U.876

2.136, U35.080

78,912,930 10/

1.172, 877, 0U6

federal farm Mortgage Corporation

U58,793,9U2

522.UU8.276

833.101,880

Us, 621, 236

1,712,071

53.766.503

33.320.55U

U.81U.327

289, 773,936

951, UOI

770.U51.U09

U5.036.U50

1.U9U.58U

1.263, 9U0.326

U6. 317, 172

226, U25

1U6, 5U3.597

2O8.U9i.U5U

1.2U5.117.155

1.030.612.U25

U2, 718, 659

6,268, 393. 2U3

31.5U3.387

5.806,6Ul,Uo3

721.U30.161

125.713.292

11.U95, U61.688

892.057

1U5.5U8.037

17,057.761

5.7U8.975

268, 190,205

17,256.561

18.858.U38

167

U06, 602,126

627.280.125

23.795.371

6.310.7U8

1.0U5.893.588

U.U7U, 2UO.099

$2,815, 697, 91U

$11,068,608,300

$2,961,585,281

$1,363,82U,U57

»33.9U5.132,S»7

25.593.786

federal home loan bank*
federal National Mortgage Association

federal Public Housing Authority
federal Savings and Loan Insurance Corporation.
Home Owners'

Loan Corporation

Reconstruction finance Corporation
Rf C Mortgage Company

Rural Electrification Administration

War corporations

8_/

Total
Source:

1/

2/

1/

Reports received from the corporations and agencies.
Item* In thle column are the only ones In this statement which
constitute a charge against the federal Budget. They repreBent &nount« of funds drawn against available appropriations.
Ixcept for the H.O.L.C, sales of obligations In the market,
as shown In this column, are reduced by the amount of obligatlone which hare been retired (including those which hare In
effect been refunded through the sale of obligations to the
Treasury).
In the case of the H.O.L.C, the original amount
of obligations sold In the market Is shown in 'this column and
the retirement and refunding of these obligations are shown as
"Retirement of obligations Issued In exchange for mortgages" In
the statement of uses of fundi.
Includes $3,000,000 N.I.R.A.; $97,000,000 R.F. C. Included in
notes canceled by the Treasury (See footnote J*/); and
$11+3,950,523.60 restoration of Capital Impairment, which Is
net of repayments to the Treasury of %h} 756, 731.01 on the
basis of March 31, I9U0 appraisal, and $27,815,513.68 on the
basis of March 31» 19**2 appraisal of the corporation, pursuant
to Public No, khz - 75th Congress, approved March 8, 1938.
These funds were furnished by the R.F.C. from the proceeds of
Its notes sold to the Treasury, such amounts being Included In
t

U/

7_/

fy

6/
]_/

8/

^/
10/

the total of obligations of the corporation canceled by the Secretary of the Treasury pursuant to the Act of February 2U,193B.
figures are as of October 31.19H2, Under Executive Order 9256
dated October 13, 19^, effective October 31,19*12, the assets and
liabilities were transferred to R.F.C. for purposes of liquidation.
Figures are as of October }l, 19^2, the latest available.
The R.F.C. purchased the stock of the Federal home loan banks from
the Treasury Department on February 20, 19^1.
The net effeet of
thle transaction Is the same as a sale of stock to other agencies,
and Is shown as such for purposes of this report.
Comprises Cargoes, Incorporated, Defense Homes Corporation, Defense
Plant Corporation, Defense Supplies Corporation, Institute of InterAmerican Affairs, Inter-American Navigation Corporation, Metals
Reserve Company, Rubber Reserve Company, Smaller War Plants Corporation, United States Commercial Company and -far Damage
Corporation.
Receipts from the sale of property acquired In liquidation of
loans are shown as "Sale of other property acquired".
Includes $51,513,100 paid-in capital stock held by member
Institutions.

72

Uses of Funds of Certain Government Corporations and Credit Agencies
from Inception of Organization through November 30, 1942

Expenses

Corporation or agency

Administrative

Central Bank for Cooperatives

$

Non administrative

6sU.SH

of obligations
Issued In
exchange for
mortgages l/

Loans

owned

1,053,189

Uo6,089,U02

$

12,65g,8U5

Commodity Credit Corporation

Retirement

Purchase and
improvement
of property

$2,017,760,957

2.209,558,719

136. U3U

Disaster Loan Corporation

3,

Electric Home and Farm Authority 2/

2.522.569

l,39U,oUl

U6.U35.709

76U.117

12.303

2UU, 518,913

Export-Import Bank of Washington
Federal Deposit Insurance Corporation

29,918,938

28.U6U.6lO

3_/

Federal Farm Mortgage Corporation

82,506,000

Federal home loan banks

11,385,710

Federal National Mortgage Association
Federal Public Housing Authority
Federal Savings and Loan Insurance Corporation.
Home Owners' Loan Corporation

Reconstruction Finance Corporation
RFC Mortgage Company

192,965,lUO

6.187.331

17.838,795

95U.987.U59

U.257,133

U.6U1.279

20,772.395

7.185.5U2

1.739.27U

77.160

237.7U2,630

1U6.517.15U

95.66U.395

11.8U7.U82

5.U55.167

U. 767, 581

3.60U.527

5_/

*52S.357.9U6

Total.

Investments
(net) 6/

Corporation or agency

Central Bank for Cooperatives

$

269,2UU,710
27.622,739

1.130.3U3.679

153.976,908

3.271.831,369

239.U6U.012

9,905,312

362,285,56U
U,

212,721

3,867,831,381

ll6,8U2,2U2

$186,979,028

$6,O9U,936,092

$18.378.9UU,oUo

Allocations, rediscounts, and loans to
other government corporations and credit
agencies (net)

Interest and
dividends paid

777.597
32,007, 16U

$

Disaster Loan Corporation

35.290.33U

13.73S.UOO

Electric Home and Farm Authority 2/

516,175

Export-Import Bank of Washington

72,150,000
3_/

$1,567, 120, 850 U/

7.835.380.303

U9.5gU.9U3

Commodity Credit Corporation

Federal Deposit Insurance Corporation

1,069,077,881

16.1U2.63U

Rural Electrification Administration
War corporations

$

2.362,329

526.9Ug.i5U

$1,567,120,850

Total, uses
of funds

Other expenditures

*

3.5U2,U7g

$

U6l 0U7.5U9

20.78U.535

U.328 060,555

U5U

U7 U19.037

196.303

51 06U.796

593.801

320 U01.U63

32.778.520

7gl 156, U2U

21,g&g,707

2,127 9U5.522
1.099 399, OUS

Federal Farm Mortgage Corporation

607.833,920

322. 632, 889

Federal home loan banks

107.733.92U

2U, 895, 639

396,116

11,368,309

262, 505

7,070,000

7,116,823

17.2g7.633

Federal Savings and Loan Insurance Corporation.

128.290.99U

3.035.326

10.833.713 1/

Home Owners' Loan Corporation

252.U28,260

552.293.37U

7.231.32U

6,189, lUi,g69

Reconstruction Finance Corporation

377.292.000

280,507,673

22,6l5,g6l

11.U9U, 565. 55U

8.000.U32

596.573

26g, lg9,07g

15,ul9,53g

371,526

39U,

119.338,202

U56.U70

190,689,689

U.302, 975.232

$3.108,U9i,605

$1,26U, 673.10S

$330.oU9.738

$33.5l6,73U,603

Federal National Mortgage Association
Federel Public Housing Authority

2.871,257.839

RFC Mortgage Company
Rural Electrification Administration

War corporations

Total.
Source:

1/

2/

3/
«/
5/

5_/

$2,057,182,195
Reports received from the corporations and agencies. Data on
basis of checks Issued,
Receipts received in payment of mortgages appear under
"Repayment of loans" In the statement of sources of funds.
Figures are as of October 31, I9U2. Under Executive Order
9256 dated October 13, 19U2, effective October 31, 19U2,
the assets and liabilities were transferred to Reconstruction Finance Corporation for purposes of liquidation.
Figures are as of October 31, 19U2, the latest available.
Includes the retirement of those obligations which were in
effect refunded through sale of securities to the Treasury.
Comprises Cargoes, Incorporated, Defense Homes Corporation,
Defense Plant Corporation, Defense Supplies Corporation,

6/

1/

289,

773.936

1.217, 398.811
1U3, 976. U67

219.262

Institute of Inter-American Affairs, Inter-American Navigation Corporation, Metals Reserve Company, Rubber Reserve
Company, Smaller War Plants Corporation, United States Commercial Company and War Damage Corporation.
Includes United States Government bonds In the amount of
$538, 103. 9^6 as follows:
Federal Deposit Insurance Corporation,
$UlU,U58,012: Federal Savings and Loan Insurance Corporation,
$19,l6U,500; Federal Public Housing Authority, $7,070,000;
Federal home loan banks, $91,86l,U8U; Central Bank for Cooperatives, $5,550,000.
Includes expenditures for contributions and subrogated shares
or claims In insured financial institutions.

INTERNAL

REVENUE

-73

STATISTICS

..
.
.

74

Summary of Internal Revenue Collections^
(In thousands of dollars)
Imployaen'i taro3

Income and profits taxes

Social Security taxes U/
Fiscal year
or Bonth

Total

1929
1930
1931
1932
1933

939.05U
040,146

Individual

Corporation,
Income and
excess
profits 2/

1.095,5^1

1*28,229

1,860,01*0

833.6U8

557.729
619.839

1.056,757

1*27,191

7W. 791

352. 573

193 *
1935
1936
1937
193?

672,239
281,792

819,656
1,105,788

1*19,509

33O
634, 308
643. 8 3U

1,1127,1*5

67U,l*i6

2,179.828
2,629,016

1,286,312

1939

162.355
322,768
351,531
029,912

2,185,105
2,129,606
3,471,122
8,006,880

1,028,831*

982,017
^ 7. 655
3,262,800

1,122,531
1.120,579
2,016.295
1*, 687, U59

1.138,288

768,971

2US, 1*1*1*

618

337.101
3,073,000

1

1*9U,

191*0

1941
191*2

1941-December.

1942-January..
February.
March

61*2,271

.

April
Hay
June

July
AugUBt
September.
October..
November.
December.

Tisoal year
or month

859.750
3. 1*55.803

U8
58,119
90.267

287

502.917

33.7>*0

71*0,1*29

833.521
925.856
1,185,362

529.835
605,350
687, 327
895.336

101,167
106 IS
100,658
119,617

109,1*27

27,010
37,172
56.621

51"*, 159

6,368

17.7U6

3.385

723

13.638

56.721*

83.365

129.501*

105,61*8

1,1*68,071

1.593,507

11,1*22

198,900
27,980

97,010
12U.331
1.513

30.851

229.353

2.529
2,100

1,692

24,775

121.01*7

2.71*6

108, a8

889

1.393.1*1*8

6,718
10,873

167,739
28.383

102.359
139.170
3.358

lt.970

178.337

2,1*91*

3,196
16,602

127.019
177.282
22.096

120,882

1,1*36,081

4,562

5.536
5.993
808

186,668
155,031

5,1*08

1,1*25.91*2

11.231

133,919
183.195
25.263

127.882

2,1*60

1

.

2,131.1*52

221,585
164.032
2.122.989

62.873
40,523
670,306

220,386
18U.5U9
1,999.688

26,1*68

2,521,1*1*8

2,631
6,560
207, 339

Wt, 186

702,1*25

397.516
572.115
738, 520
1,056,909
1,299,918

US

807,1*51*

8U5,855

629, 566
39!*, 218

265. 7>*5
71*2,660

171,318
19,523
727.125

6s 1.368

Carriers'

Taxing Act
of 1937

31.178

1,091,71*1

295.111
201*. 578

2,1*59,871*

Federal
Federal
Insurance
OasssplOyBant
Contributions
Tax Act
Act (Old-as [XSum ploy 1st
insurance)
Insurance)

ll*,509

61*9,12!*

696,855
2.

11*2,

527.113

Total

1.235,733
l,263,UlU
1,026,392

2,331,274
2,410,259

1,11*6,81*5

Miscellaneous
profits
tax9s 2/

27,058
562,515

156,218
120,^13

1*2,786

7.250

11*0,967

53.55"*

170,1*09

1,61*3
2:.

,015

7.236
1.1U5
601
30.322
16,726

629
28,961*

11*8,1*78

2.576

137,871

951

21,736

75

COLLECTIONS OF INTERNAL REVENUE
Fiscal Years

1929 to 1942

First 6

DOLLARS

Months Fiscal Year 1943
DOLLARS
Billions

Billions

14

DOLLARS
Billion.

individual

Income

3.6

* /ncfuoma mtace/toneoc/3

profit foxe9

1

76

Detailed Analysis of Current Internal Revenue Collections!/
(Id thousands of dollars)
7'.rst 6

Source* of revenue

Income and profit* taxeet
Individual
Current

Psceijber

igUa

Fiscal
year
1942

Fiscal
year
19^3

555.745
6.770

5"»3.557

l,3ll0,628

Back
Corporation
Current
Back

U7,12g

U9.115

752.531
29.681

966,512
82, 898

1,81*6,551
116, 402

Jxcess profit* taxes (Second Bevenue Act
of 1940 a* amended)

643,730

162,700

1.517.301

11,128

17, US It

103

30
2.712

U1.839
191
1,202

1,999,688 1,823,021

•*,913,229

Miscellaneous proflte taxee
Declared ralue
Tlnaon Act
Unjust enrichment
Total Income and profit* taxes.

Employment taxesl
Social Security taxesl
Federal Insurance Contribution* Act
(Old-age insurance)
Federal Unemployment Tax Act (Unemployment insurance )

2.576

427.595

951

20,118

3.527

447.713

Carriers' Taxing Act of 1937-

a, 736

76.925

Total employment taxes

25.263

52>*.635

Total Social Security taxes.

Uscsllaneoue internal revenue

1

Capital stock tax

Istate tax.
Hit t tax

Alcoholic beverage taxesl
Distilled spirits (imported, excise)....
Distilled spirits (domestic, excise)....
Distilled spirits rectification tax
Vines, cordials, etc (imported, excise)
Wines, cordials, etc (domestic, exolse)
Brandy used for fortifying sweet wines
(repealed as of July 1, 1940)
Dealer* in distilled spirits; rectifiers!
manufacturers of stills (special taxes)
Stamps for distilled spirits Intended
for export
Caee stamps for dletllled spirits
bottled In bond
Container stamps
Floor taxee
Fermented malt liquors
Brewers; dealsrs in malt liquors
(special taxee)
Total alcoholic beverage taxes.

Tobacco taxee
Cigars (large)
Cigars (small)
Cigarettee (large)
Cigarettes (email)
Snuff
Tobacco (chewing and smoking)...
Cigarette papere and tubee
Leaf dealer penal tlee, etc
Cigarette and cigar floor taxes.
Total tobacco taxee.

11*3,020

277.170

29.582

157.603

6Ui

3.U80

8,1*81

20,080

62.979
1.388

272,5!*1

3.949

8,76l
207
11.233

1,188
7»l

109
823
16.873

3M51

5.3W

606
5.915
15,613
189.552

51

2.683

128.973

533.726

2.313

5.607

81,359

First 6 month*

month*
Source* of revenue

December
1942

Fiscal
70 ST

Fiscal
year

1942

19>»3

GOLD

AND

SILVER

-77-

STATISTICS

U

., .
.
.

78

Gold Assets and Liabilities of the Treasury
(In millions of dollars?

Liabilities

End ef calendar
year or month

Oold
JUoete

Oold Certificates 1/

Oold Reserve
against U. S.
notes, etc. 2/

Exchange
Stabilisation
fund J/

Sold Id
General Fond

8.238.6
10,122.9
11,257.6
12,760
14,511
17.6U3
21,994
22.736
22,726

5,274.0
7.679.5
8,959-6
9,212.3
11,872.8
15,278.6
19,825.4
20,564.8
20,611.9

156.0
156.0
156.0
156.0
156.0
156.0
156.0
156.0
156.0

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

1,008.6
487.4
3U1.9
1.591.6
682.4
408.9
213.2
215.3
158-3

1941-December..

22,736.1

20,564.8

156.0

1,800.0

215.3

1942-January.
February.
March

22.746.9
22,701*. 5
22, 687.

20,594.0
20.575-5
20,555-0

156.0
156.0
156.0

1,800.0
1,800.0
1,800.0

196.9
173-0
176.4

22.690.2
22,714.4
22.736.5

20.569.3
20,581.3
20,625.3

156.0
156.0
156.0

1,800.0
1,800.0
1,800.0

165.0
177-1
155.2

22.743.7
22.755-7
22.754.1

20,605.0
20,634.3
20,634.8

155.0
156.0
156.0

1,800.0
1,800.0
1,800.0

182.
I65,
I63,

.

22,739.7

.

22,743.1*

20,627.8
20,631.1
20,611.9

156.0
156.0
156.0

1,800.0
1,800.0
1,800.0

155.
I56.

1934
1935
1936.
1937

....

1938
1939
1940
19U1
19U2

.

April
May
J une

July
August.
September.
.

.

.

October.
November
December.

Source!
1/

22,726.2

Dally Treasury Statements.
Comprises (1) gold certificates held by the public and In Federal Reserve Banks; and (2) gold certificate credits in (a) the
Gold Certificate Fund - Board of Governors, Federal Reserve
Systeai, and (b) the Redemption Fund - Federal Reserve notes.

£/

3/

158.3

Reserve against United States notes and Treasury notes
of 1S90.
Excludes gold in active portion of Exchange Stabilization
Fund.

Monetary Stocks of Gold and Silver
(In millions of dollare)

Cold

End of fiscal
year or month

Sliver

($35 per
fine ounce)

($1,294 per
fine ounce)

1936
1937
1938
1939
1940
1941
1942

7,856.2
9,115-6
10,608.4
12,318.3
12,903.0
16.110.1
19.963.1
22,624.2
22.736.7

898.2
1.463.1
2.249-5
2,542.1
3,066.4
3,605.2
3.939-6
4,148.7
4,306.0

1941-Deceaber.

22,736.6

1942-January.
February,
Maron.

22,747.2
22,704.8
22,687.4

April. ...

22,690.8
22,714.4
22,736.7

4,

July...,.
Aueus t
September

22.7H4.J
22.755.7
.-2,754.1

4,311.9
4,311,6
4,314.3

October.
November.
December.

^^,7?9.7
22,743.4
22,726.2 p

4,308.7
4,302.0
H. 297.1 p

193

1

*

1935

,

.

Hay
June

.

Souraai
p

.

4,244.8
It.

4,

4,

4,
4,

Ratio of
sliver to gold
and silver in
monetary stocks

15.7

257-1
267-5
277-8

289.2
301.3
306.0

Pally Treasury statement and Circulation Statement
of United atates Ujney.
Preliminary,

Increment Resulting from the Reduction in the Weight of the Gold Dollar, December 31, 1042

Exchange Stabilisation Fund
Payments

to

Federal Reserve Banks for industrial loans.

Allocations of
lncre»ent

Charges against
Increment

$2,000,000,000,00

$2,000,000,000.00

139.299,556.99

27,546,310.97

Philippine currency reserve

23,862,750.78

Ueltlng loseee on gold coin

2,175.121.93

1,846,976.25

645,387,965.U5

645, 387, 965. "»5

Retirement of National Bank notes
Unas signed
Total increment

$2,818,374,145.11

$lll,7'>3.2 1t6.o»

23.862,750-78
328,145.68

7,648,749-96

7,648,749.96
,

Unexpended balance of
allocated Increment

$2,674,781,252.67

$143,592,892.44

..

,
.

7

.

7

-

3
83

9

79

Components of Silver Monetary Stock
(In millions of dollars)

Silver held In Treasury

Securing sliver
certificates 1/

End of calendar
year or month

Silver bullion

19W.

211.6
576.9
775-9
938.8
1.137.6
1,298.2
1.398.1

191*1.

1.1*76.1

19112

193"*-

19351936.
193719381939-

Silver outside
Treasury

In General Fund

Subsidiary
coin 2/

Silver dollars

508.lt

Bullion for
recoinage 2/

505-7
503-7
502-7

at cost

8.8

1*.2
lt.2

508.

Bullion

.2

5-7
5-"

•3

Silver
dollars 1/

35-2

Total Bilver
at $1.29
per ounce

Subsidiary
coin 2/
305-3
323-5

1.279-7
1.970-1

350.1*

2. U02.

89-3
262.7
3t7-7

38.1*
1*1.3

1*28.6

1*3.3

366.9
372-8

2.806.5

1*1*. f*

1*8.1

39"*-l

52.5
63.0
78.8

U22.U

3.790.2
1*. 060.0

1*93-5

it^ult.g

587-6

"t.297.1

3-5

3.3"*6.8

1,516.2

1*99.0
1*9!*. 6
1*81*. 1
1*68.3

5-3
2-3
3-5
8.8

535-3
616.O
657."
662.3
627.8

I9IU-DS comber.

1,1*76.1

l*gl*.l

3-5

662.3

63.O

"*93.5

1*. 2>*1*.

19 1+2-January.

1.U81-7

1*83.9
1*83.1+

63-2
63.7

1*,

1,1+86.2
1,1*91.1

663.0
663.8

!*93-5

February.
March

8.0
10.8
11.9

i*9>*.l

l*,267.5

61*.

1*

1*96.9

"t.277-8

April.
May..
June

1,1*96.9

1*81.6
1*80.2

13- 1*

65.U
66.9
68.3

U.289.2

509-7
516.8

l*.301.3

13-0

663.9
662.5
660.3

501.1*

U78.7

657.2
652.1

70.1
71.6
73-7

521*. 3

311.9
311.6

51*8.1

311*.

75-3

561.8
575-7
587.6

l*,308.7r

.

1*82.7

1.502.7
1,505.8

.

ll*.0

July
August ....
September.

1.509-5
1.511-7
1.513.6

1*77-0

15.1

1*75-5
"*73-3

19-5
1U.2

October.
November
December p.

1,515.0
1,515.8
1,516.2

1*71.

.

.

.

.

661*.

8r

61*7.2

6U0.O
63U.3
627.8

13-5
10.5
8.8

1*70.0
1*68.1

Daily Treasury Statement and Circulation Statement of
United States Money.
Preliminary.
Revised.
Less than $50,000.

1/
2/

2

77.1

78.8

1*.

531-7

U,
1*.

257.1

306.0

302.0
297.1

Valued at $1.29+ per ounce.
Valued at $1.38+ per ounce.

Silver of Specified Classifications Acquired by Mints and Assay Offices
(In millions of ounces or dollars)

Calendar year
or month

Newly mined domestic 1/

110.6
2.0

55-3
1.0

"*7-3

.1*

.2

191*0
19l*l

191*2

1*7.9

50.1
3U.O

5.8

U.l

1935
1936
1937
1938
1939

19l*l-December.
19l*2-January.

.

1*0.1

1*8.5

>*-7

5-1

3.6

April
May

6.K
7-0

*-5

June

it.o

July
August
September

5-5
2.9

October.
November
December.

2.0
1.2

.

•

172-5

5-0

Dollars

Ounces

86.5
318.2
150.3

301*.

Dollars

3"*3-3

155.9
3U6.5
197.8
163.3
199.1
160.6

208.0

99.1*

3

50.9
27-1
6.0

3-7

H

1*91*.

1*

271.9
2UI.5
355-U
282.8
139 8
72-6
11*.

6.0

February.

.

1/

*.6
42.2

March

2-5

Foreign 3V

lU.l
27-3

21.8
38.0
61.1
70.6
61.6
60.7
68.3
70.5

1931*

Nationalized 2/

108.

156.9
120.5

53"*.3

333 1*
312.2
U17.1

11*3.1

77-2

62.1

1*0.0

1.5

9-5

5.6

l.U

9-3
8.1
7-9

U

l.l*

2.8

1.2

3-2
1-7

l.U
.7

9-6
8.7
lt.0

It.g

5-9

5-7
2.8

3-9
2.1
1.8

5-5
2.9
2.5

3 9

1.1*

2.0
1.2

1.1*

5

.1*

•

9

5

Acquired at 6U.6U+ cents per fine ounce until April 9, 1935; at
71.11+ cents per fine ounce from that date until April 2U, 1935:
at 77.57+ cents from April 23. 1935 to December 31, 1937; at
61+.6U+ cents per fine ounce from December 31, 1937 to July 1,
1939; and at 71-11+ cents since July 1, 1939-

•

2/
3_/

2.1
1.8

Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 193U, repealed April 28, 1938.
Acquired at various prices averaging approximately 51 cents
per ounce.

•

9

..
.

.

5

.

3
3

9

7

.

2

80

Seigniorage on Silver
(Cumulative from January

193

1,

1*

-

In millions of dollars)

Sources of seigniorage on silver bullion revalued 1/

Seigniorage
on silver
and minor
coins

End of calendar
year or month

193

1

Newly-mined
Newly-mined
silver (Act
silver (Proc.
bullion held
Dec. 21, 1933) July 6, 1939)
June 14, 193U)

18.5

1+8.7
1*8.7

1*6.1

48.7

63.7
69.5
91-7
122.2
182.1
245.7

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

188.
192. 4

1*8

*

1935
1936
1937
1938
1939

1940
1941
191*2

1942- January
February.
.

195-3

1*8,

April
May
June

198.0

1*8.

20l*.0

1*8.

209.2

I*.

July
August.
September

213.0

1*8.7

218.

U8.7

225.8

1*8.7

October.
November
December.

233. U
239-5

1*8.7

21*5.7

1*8.7

1*8.7

1

*)

Total
seigniorage
on silver
revalued

at cost In
General Fund
2/

51.1
226.2
302.7
366.7

28.5

1*57.7

3>*-7

*.7

508.1
616.O
705.6

3>*.

759-

1*8.3

530.7
562.7
580.U

3».7

799-7

132.6
274.9
397-5
5U1.6
758.8
950.6
1,055.8
1.089.0

1*.2

25-7

3|*.5
3"*-7
3»*.7

128.7
326.2
1*22.1

1

*

63.6

58>*.

3"*.7

818.

1.01*8.2

87.6
87.6
87.6

50.2
51.6
53.3

581.3
582.1
582.9

3>*-7

802. 5

1.09 1*.

3"*-7

80l*.7

3t-7

807.2

1.096.3
1.097.8

87.6
87.6
87.6

55.3
57.5
58.9

583.8

3M

531*. 3

3>».7

581*.

3U.7

810.1
812.8
S14.2

1,096.5
1.097-5
1.095.5

87.6
87.6
87.6

60.6
61.6
62.4

58i*.

3".7
3"*-7

3"»-7

815-9
816.9
817 -7

1,090.0

58"*.
58i*.

87.6
87.6
87.6

63-1
63.U
63.6

581*.

3"*.7

818.1*

581*. 3
58l*.

3"*-7

818.7

3M

818.

1.068.5
1,060.0
I.OUS.2

3

LO85.5
1,082.5

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

Daily Treasury Statements.
These Items represent the difference between the cost value and
the monetary value of silver bullion revalued and held to secure
silver certificates.

Basis:
1/

Nationalized
silver
(Proc. of
Aug. 9. 193

193>»

.1*

16.8
36.0
58.0
74.9
87-3
87.6
87.6
87.6

48.

March

.

Silver Purchase Act
of June 19

Misc. silver
(incl. silver

Potential
seigniorage on
silver bullion

Silver Production, by Leading Countries
(In thousands of fine ounces)

All other countries 1/

American countries
Calendar year
or month

Total
for
world

United
States

1933.
193 1*.
19351936.
1937.
1938.
1939-

169.159
190.398
220.704
253.696
27U.538
267.765
265,262

191*0.

273. 6sl*

191*1.

264.5535/

22.821
2,1*87

5.613
63.351
71.299
61,689
63,872
67.013
69,128

19Ul-November
December

18.352
21.196

i*,63l

19l*2-Jaauary

21,368
20,361
21,657

l»,8l*l*

February
March
April.
May. ..
June
.

July
August ....
September.
October.
November
ce:

1/

5,661

4,470
5.285
5,606
4,91*8

I

4,528
5,048

4,412

I
if

I*,

561

3.819
3.292

Canada

Mexico

Total

Peru

Bur ope

Oceania

14,769
14,891
17.19?
19.704
21.053
22.747
21,224

11.553
11J>57
12,434

2/

16,395
17.565
17.7U3
19.584
24,131
23,826
2U.538
23,816
20,340

68,101
74,145

1,681
1,722

4,429
5.5^8

1.538
1,47s
1,606

7."*71

1,613
1,624
1.537

1.966
1.505
1.758
1.870
6/

ftS
84,681
81,019
75.871
82.638
78.362

7.213
7.211

I
I

18,2625/

44,261
U5.730
51.538
56,858
61.725
64.939
64,683
64,292
61,4615/

1.000
1,500

1,486
1,640

5.125
5.125

1,300
1,000
1.300

1.590
1,580
1.635

4,625
4,620
4,620

6,761
10.381
17.433
19.901
16,994
20,424
18,802
19,000
17,0005/

10.819
10,091
12,788
16.539
15. 708
15.869
I7."t97

16.925

1,200
1,300
1,500

I

1

1,400
1,350
1.450

I

1

i

I!

13,191*

14,903
15.043

15.M7

Japan

u
6,680
7,863
9.706
11.670
12.451
13.115
14,015

Brltleh
India 4/

6,080
5.818
5.850
5.977
6,205
5.9>*7

5.9U3

Other
Asia

1,103
1.179
1,219
1.733
1.913
2,451
2,670

1,450
6/

Annual Reports of the Director of the Mint for annual figures
through 1939; releases of American Bureau of Metal Statistics
for all later figures.
Breakdown by countries not available after 1939-

I

Includes Newfoundland.
Includes Chosen and Taiwan.
Includes Burma.
Revised annual total not allocated monthly.
Not yet reported.

Africa

4,076
4,722
5.130
4,580
5.200
5.636
5."*lU

OTHER

TREASURY

-

si

-

STATISTICS

.

82

Balance Sheet of the Exchange Stabilization Fund
As of June 30,1042 and September 30, 1042

September 30, 1942

June 30, 19U2

Cash:
•
Treasurer of the United States gold
Treasurer of the United States, checking account
federal Reserve Bank of Hew York, special account....
Disbursing officers' balances and advance accounts...
,

$1,800,000,000.00
1.526,624.49
183,024,193.98
7.72U.55

$1,800,000,300.00
1,581,25*. 70
177.908,989.03
10,965.1*8

Total cash.

»1.979.501.213.21

$1,984,558,543.02

lU.358.V49.00

4.953.792.53

7.936.0U5.U7

7.467.659.09

Gold purchased from Union of Soviet Socialist Republics
(agreement October 10, 1941 and January 3, 1942) 1/..
Special accounts of Secretary of the Treasury in
Federal Reserve Bank of Hew York:
Special account Ho. 1. gold (Schedule 1)
Due from Government of the Republic of Cuba.

5.012,680.10

.

Due from foreign banks (foreign exchange):
Swiss francs
French francs
Belgas
Sterling
Central Bank of China (secured deposits) 2/.

$

232.629.79
17.88
505.06
2,980.05
19.123.496.23

232.629.79
17.88
505.06
2. 980.05
19. 121. 925-34

Total due from foreign banks.

19.358,058.12

19.359.629.01

10, wis, 723.13

10,448,723.13

9.730.73

69,412.60

984.77

866.44

2,636.00

2,636.00

$2. 031. 615, 840. U3

$2,031,873,941.92

Investments in United States Government sjcurltleB
( Schedule 2)

Accrued Interest receivable (Schedule 2)
Other accounts (deferred charges)

Commodity sales contracts (deferred charges).
Total assets.

Liabilities and Capital
Accounts payable:
Employees' Pay-roll Allotment Account - United
States savings bonds
Touchers payable
Due to Union of Soviet Socialist Republics (agreement October 10, 1941 and January 3, 19U2)
Ml scellaneous

376.89
218.91

$

2,471.716.74
1,500.00

Total accounts payable

2.447,936.10
3.179.96
$

Capital account

Total liabilities and capital.

2,473,812.54

29,142,027.89

29.421.833.58

$2,031,615,840.43

$2,031.873.941.92

Consisted of 941,053.554 ounces on Jure 30, 1942 and
lUl.536.93O ounces on September 30. 1942.
Coneieted of 65.O32.05U.79 yuan as of June 30, 1942 and
65.037.397.26 yuan as of September 30, 1942. Oold held as
collateral amounted to $19,379,015.65 as of both dates.

2/

Schedules for Balance Sheet of the Exchange Stabilization Fund
1

Location of gold held by and for account of the Exchange Stabilization Fund 1/

Location

2.452,102.34

2.000.000.000.00

1/

Schedule

$

2,000,000,000.00

Earnings less administrative expenses (Schedules 3 and 4)

Back Flgureu: Annual balance sheets for the years 1934 through 1940
may be found in the "Annual Report of the Secretary of the
Treasury for 1940". Ojuarterly balance sheets commencing
December 31. 1938 may be found In previous Issues of the
"Treasury Bulletin".

823-13
169.15

$

S3

Schedules for Balance Sheet of the Exchange Stabilization Fund
Schedule 2
United State* Government securities held by the Exchange Stabilization Fund

lam*)

-

(Continued)

.

8k

Net Capital Movement to the United States, 1935 through September 1942
In thousands of dollars.

Net capital outflow (-)

Analysis of net capital movement
Net capital
movement

Calendar year;

1935

(Jan.

2,

1935-Jan.

1936).

1,1*12,1*86

1936

(Jan.

a.

1936-Dec. 30. 1936).

1.195.922

1937

(Dec.

31. 1936-Dec. 29, 1937)-

801,915

193S

(Dec.

30, 1937-Dsc.

28,

1938).

1*15.256

1939

(Dee.

29,

1938-Jan.

3,

19U0).

1,195.635

19h0

(Jan.

U,

19ltO-Dec.

31,

19U0).

706,380
-1*96,923

1,

19Ul

(Jan.

1,

19Ul-Dec. 31, W^l)-

191*2

(Jan.

1,

19>*2-Sept.30, 19U2).

U2U.252

Total (Jan.

2,

1935-Sopt.30, 191*2).

5.65M23

Months:
l).

31.980

2-0ct. 29).

-7,036

19Ul-September (Sept. U-Oct.

October

(Oct.

November

(Oct.

December

(Dec.

U-Dec. 31)-

(Jan.

1-Jpn. 28).

19U2-January

30-Dec.

3).

February

(Jan. 29-Feb.

25).

March

(Feb. 26-Apr.

1).

April

(Apr.

May

(Apr. 30-June

June

(June

July.

.

August.

September.

2-Apr. 29).
3).

U-June 30).

Movement In
short-term
banking funds

Movement In
brokerage
balances

Movement In
transactions
In domestic
securities

Movement in
transactions
in foreign
securities

FQEyiCTORY

BUY
UNITED
STATES

WAR

BONDS
AND

STAMPS

COPY

Treas.

U.S. Treasury Dept,

HJ
10
.A2
1943
c.2

Treasury Bulletin

No. 2/