Full text of Treasury Bulletin : January 1956
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LIBRARY ROOM 5030 JUN 2 3 1972 TREASURY DEPARTMENT w-ets HI WEAWRY. EUILILEmN JRNURRV-iaSB ARY ^^0^0^50*13 - 1^956 N\^H ROOM 5030 JUN 2 3 1972 TREASURY DEPARTMENT UNITED STHTES TREHSUR V DEPRRTMENI OFFICE DF THE SECRETRRV January /956 Table of Ck)ntent6 Page Treasury flnanclncj operations A-1 Summary of Federal fiscal operations 1 Budget receipts and expenditures 2 Trust account and other transactions 6 Treasury cash Income and outgo 10 Debt outstanding and Treasurer's account 15 Statutory debt limitation 19 Debt operations 20 United States savings bonds 26 Treasury savings notes 30 Ownership of Federal securities Jl Treasury survey of ownership of Federal securities. 33 Market quotations on Treasury securities 37 Average yields of long-term bonds ^0 Internal revenue collections '+2 MonetEiry statistics ^+5 Capital movements ^9 Corporations and certain other business-type activities - balance sheets 60 Cumulative table of contents 79 Note: Where calculations have been maae frorn unrounded figures, the details may not check to the totals shown. The Treasury Bulletin la for sale by the Superintendent of Documents, U. 3. Government Printing Office, Washington 25, D. C. Subscription per year ^4.25 domestic, $5.25 foreign. Single copy price varies. I January A-l 1*^56 Treasury Financing Operations 91-Day Bills Refunded Five new Issues of 91-day Treasury bills refunded the weekly December maturities In the full amount of $&.0 billion. Each new Issue amounted to $1.6 billion, the equivalent of the Issue maturing. The average rates of discount on the December Issues were percent for December 1; 2.4-71 percent for December g; 2.1J-50 2.59I percent for December I5; 2.6l2 percent for December 22; and 2.6^7 percent for December 29. Note: Details of Treaaiary market financing operations are shovn elsewhere in this issue of the "Treastcty Bulletin," in the tahles on "Offerings" and "Disposition," respectively, of marketable issues of bonds, notes, and certificates of iMebtedness, and in the table "Offerings of Treasury Bills." January 19% SUMMARY OF FEDERAL FISCAL OPERATIONS (In millions of dollars) Budget receipts and expenditures Ret receipts 1/ Period Expend Iturea 2/ SurpluB, or deficit 2/ (-) Net of truet account and other transactions Clearing account, etc. y 2/i/ Net increase Net increase in in public debt, or Treaaxu-er's decrease cash balance, or decrease (-) (-) LeTels, end of period Debt oatstandlng Treasurer's cash Public balance debt Guaranteed securities Total Federal securities Subject to I imitation 5/ Fiscal years! Wte . 358 6,515 10,662 4,529 -10,460 2,991 9,507 20,169 24,698 14,238 72,422 136,696 201,003 258,682 269,422 -5,991* -10,930 1,624 1*78 -1,462 1.83 i*,587 -211* -2,135 3,883 2,047 1,839 -388 3,308 4,932 3,470 5,517 7,357 6,969 258,286 252,292 252,770 257,357 255,222 259,105 -2,299 2,096 -551 4,670 6,766 6,216 266,071 271,260 274,374 -71* -216 6,000 6,000 27'*,300 6,983 1,751 9,942 3,767 -22,502 10,543 12,294 22,236 26,003 3,502 108,170 165,877 230,630 278,115 259,149 3,097 4,208 4,679 4,232 4,295 256,900 252,800 257,130 256,708 259,419 -1,613 -338 -2,222 791 23,1*61 98,1*16 -21,1*90 -57,1.20 -51,1*23 -53,91*1 60,1*1*8 -20,676 -521* 10,71*0 751* -1,103 8,1*19 -291* -1,811 -3,122 3,510 -495 99 679 12,555 21,987 31*, 01*5 ISl'S igitJ* '•3,635 95,059 19lt5 I»lt,lt75 igitfi 39,771 19'*7 39,786 79,1*07 61*, 271. 61*, 307 57,679 -11,136 I9W 1*1,1*88 19't9 37,696 1950 1951 1952 36,1*95 1*7,568 39,032 33,069 39,507 39,617 1*1* ,058 61,391 65,1*08 -!*,017 11*7 -1*01 1953 6/ 61*. 825 71* ,271* 1*35 -250 195"* 6U,655 60,390 67,772 61*, 570 -9,W*9 -3,117 -303 -li,l8o 328 231 281* 6,966 5,189 3,1J5 61*, 500 61* ,270 230 -338 66,300 65,865 -35 23 -500 1955 1956 (Est.)... 1957 (Est.)... 555 -507 366 1*1 273,800 4,568 4,100 1,623 76,991 140,796 202,626 259,115 269,898 74,154 140,469 208,077 268,671 268,932 257,1*91 251,51*2 1.6 258,376 252,366 252,798 257,377 255,251 259,151 52 266,123 81 44 271,31*1 274,418 265,522 270,790 273,915 77 84 274,377 273,884 n.a. n.a. 1*33 476 90 73 27 20 29 252,028 256,652 254,567 258,507 Calendar yeare: W^ta im 16,081 57,51.2 -1.1,1.61 31* ,227 -55,691 -53,650 19''5 1*3,678 89,918 96,896 87,271 19"^ 38,568 1*1,080 -2,512 19^1 191^ 1*0,389 37,955 35,623 Ul,106 37,728 56,337 2,1.31. 1*0,861* 19i*U 1*3,21*6 19'i9 37,511* 1950 1951 37,306 52,979 1952 1953 61*, 81.0 63,81*1 70,682 72,997 19511 61,171 61*, 851* Months 6/ -1.3,591. 5,21.1 -3,592 -1,788 -266 -1,161 50,232 57,707 6i*,753 -123 -1,386 1*7,1*81. 112,471 170,108 232,144 278,6821/ 259,487 110,833 171,202 239,099 288,559 258,554 42 256,981 252,854 257,160 256,731 259,461 256,127 252,057 256,413 256,026 258,794 54 76 34 267,445 275,244 278,784 266,821 274,671 278,256 4,301 4,230 1,511* 567 339 81 55 30 24 362 -18,966 -350 -229 -5<H -21*0 -2,21.9 199 -4,100 231* l.,331 87 -106 2,711 -405 1,111 471 -447 62 7,973 7,777 3,582 1,770 -1,488 603 6,064 5,180 267,391 275,168 278,750 -320 -«7 -533 944 1,366 4,044 4,988 6,355 274,849 274,782 270,235 75 77 77 274,924 274,859 270,312 274,362 274,300 269,757 -1,567 700 1,280 4,787 271,047 5,1*87 273,1*75 271,260 80 80 81 271,127 273,555 6,766 271,31*1 270,572 273,002 270,790 -2,542 1,233 -313 4,224 5,1*57 5,11*5 270,984 274,955 274,810 21 27 29 271,005 274,982 274,838 270,466 274,447 £74,305 1,518 641 -2,124 6,663 7,304 5,180 278,752 278,853 278,750 34 278,786 278,888 278,784 278,255 278,357 278,256 4,728 5,411 5,151 6,401 5,880 6,216 278,439 278,182 274,048 276,649 277,472 274,374 24 27 278,463 278,209 274,080 276,686 277,515 274,418 277,91*9 277,584 278,309 1*3 277,626 278,352 277,1*76 48 277,521* 277,872 277,045 279,818 280,136 48 279,866 280,189 279,388 279,713 -1.22 3U -3,358 815 -5,81*3 -1*1 -9,157 -3,683 101 739 -185 737 5,879 1*10 -319 -209 -31. -1.23 l.,577 6/ 195'* -January. February. March April. May... June. 5,218 l*,707 11,1.31. 5,555 2,751 5,296 5,203 7,308 -2,51*5 -te7 -1,611 3,336 l*,827 -2,000 -2,820 ^8 -121 21 3,971 -145 -2,218 358 -311 391 100 101* 3,91*2 -209 101 -103 3,592 10,61*1* July August .... September. 2,827 3,911 l*,951 6,731 5,019 Oc tober 2,639 l.,857 November . December. 1*,201 3,81.2 3,71.2 6,288 -2,51.6 1955-January . February. March. . . April Msy June . • . • l.,655 5,1*7 l.,9te i*,831 -287 596 9,71*1 5,891. 3,81.6 3,732 5,228 5,356 6,753 -1,1.96 -919 3,372 l*,73l. 5,382 6,225 5,1*98 5,31*0 2,692 It, 662 5,355 5,172 158 -2,663 -510 . . '»,1'38 10,125 July August .... September. October. . ^Jovember, -36 5,033 5,1*1.1* 2,765 9 -135 -160 -4,51.6 391. 593 -511 2,1*28 13 11*6 -169 -97 -222 193 301. 1.25 811 -2,215 -276 351* -311 -257 36 -4,131. -451 682 -260 309 2,601 824 -3,098 1,250 -522 336 337 -1*0 -833 595 -1,058 -378 6,8u -71* 3,210 725 -213 1*73 5,311* -36 2,341 319 -62 33 -195 5,119 332 -11 -7 -16 -186 -1.3 -38I. -69 131 -2,617 -231* 237 -1,1*91 -217 1. 5,753 5,376 31. 31* 33 37 43 44 42 53 277,697 273,571 276,179 277,010 273,915 277,11*3 _L Source: Actual figures are from the old dally Treasury statement through the fiscal year 1952 and the calendar year 1953; actual figures on the new reporting basis (see footnote 6) are from the nev dally Treasury statement and the "Monthly Statement of Beceipte and Expenditures of the thlted States Govemiaent" ; estimates are based on the 1957 Budget doCTjnent, released JanxMay 16, I956, Including effects of proposed legislation. More detailed Infonnatlon vlth respect to the figures on this page is given in succeedli^ tables. 1/ Gross receipts less transfers of tax receipts to the Federal Old-Age and SuTTlvors Insxirance Trust Fund and the Eedlroad Retirement Accoait, and refunds of receipts, 2/ Transactions of the Foreign Economic Cooperation Trust Fund, established under Section 114 (f) of the Economic Cooperation Act of 1948 {62 Stat. 150), are consolidated with budget expenditures. Beginning with the fiscal year 1951, net investment by wholly owned Government enterprises in public debt securities is excluded frcn budget expenditures, and Is included vlth other such Investment under "Trust account and other transactions." Consists of transactions of trust and deposit funds, investment by i/ Government agencies Ui public debt securities, and redemption or sale of obligations of CovemiMnt agencies in the market; excess of receipts, or expenditures (-). For detail of content, see page 6. 4/ For checks outstanding, telegraphic reports from Federal Reserve Banks, public debt interest accrued and unpaid beginning with June and the fls- cal year 1955 (previously included from Hove^ber 1949 as Interest checks and coupons outstanding), and deposits in transit and cash held outside the Treasury beginnli^ with the fiscal year 1951*: net increase, or decrease (-) For current month detail, see section on "Statutory Debt Limitation" in each issue of the Biilletin. The limitations in effect during the period covered by this table and the date when each became effective are as follows: Maroh 28, 1942, $125 blUlon; April 11, I943, $210 billion; June 9, Wl*!*, $260 billion; April 3, 1945, $300 billion; June 26, 1946, $275 billion; and August 28, I954, $281 billion (temporary increase eMIng on June 30, 1956). Guaranteed securities are included under the limitation beginning April 3, 1945. Savings bonds are Included at current redemption value beginning June 26, 1946; prior to that tia» they were Included at maturity value. In the debt outstanding, savings bonds are carried at current redemption value. 6/ Hew reporting basis as announced February 17, 1954 (see April 1954 "Treasury Bulletin," page A-e), beginning with the fiscal year 1953 and the calendar year 1954. The new daily Treasury statement shows cash deposits and withdrawals in the account of the Treasurer of the IMlted States. The monthly statement includes agency transactions not cleared through the Treasurer's account, and shows receipts when they received by collecting officers and expenditures when ohecks are are lesueu or payments are made by disbursing officers. l/ Immediate postwar debt peajc of $279,764 million was on February 28, 1946. n.a. not available. ^ Treasury Bulletitt\ -BinXlET RECEIPTS AND EXPENDITURES. Table 1.- Receipts by Principal Sources (in mllllona of dollars) Internal revenue l/ Income and profits taxes Flacal year or mDnth Individual Corporation 2/ Hot withhold 2/ a/ Withhold 2/ &]q)l071lient Total iQcone and profit* For old-age Insurance 31,171 For railroad retirement 5/ taxes For un- Excise taxes 2/ Estate aai gift taxes 2/ insurance 6/ Total employ ment j/ 557 564 550 578 735 208 223 226 234 259 2,381 2,477 2,883 3,931 4,562 4,983 5,425 6,220 10,014 9,211 10,825 945 936 en^loyinent Taxes not otherwise classified 2/ Total Internal revenue 1/ 19l*S 19,735 I949 1950 1951 1952 19,61*1 11,1*36 9,81*2 29,1*82 18,189 21*, 218 32,826 10,073 13,535 18,521 28,263 37,753 51,347 1,616 1,690 2,106 3,120 3,569 21,351 21,635 54,363 53,906 49,915 4,086 620 '',537 5,3'tO 603 600 277 285 280 7 70,171 70,300 2/ 66,289 53,855 55,418 6,475 6,635 625 660 320 290 7,420 7,585 9,894 9,887 1,025 1,120 5 5 72,199 74,015 3,477 4,071 9,279 113 17 64 46 31 167 161 786 628 649 709 841 62 5 -2 151 4,354 5,631 10,902 3,635 3,970 9,154 316 785 703 20 80 4 3 717 843 924 77 94 64 « 52 1,708 3,447 4,389 198 912 519 15 85 60 2 16 341 879 757 216 1,012 579 796 867 881 79 77 66 2 290 791 8ei 921 68 14 1 -1 37 2,888 4,286 378 8,301 8,348 '•1,853 ^ 40,307 39,449 51,106 65,635 8,303 9,423 9,726 < = , Hev reporting baale : 1955 8/ 33,012 21,523 10,71*7 18,265 10,396 1956 (EBt.)... 1957 (Sot.)... 20,300 20,300 11,055 11,718 1955-January . February. March . . 355 2,239 881 1953 1951* 21,251* 22,500 23,1*00 9 2/ , ' 6,812 71*5 2,916 1,721 1*78 2,190 602 967 2,991 l,!tl7 l,5'i5 277 115 1.685 3,001* 1,601* 271* . April. Ha;... Juno. 377 6,201 July August. . . September. . 881* 51.7 328 1,100 881* 555 562 October, . November, 392 293 178 9t 1,584 3,425 268 692 18 3,037 1956 to date.. 2,659 2,349 9,51*3 llt,552 2,588 263 1,011* 20 15 1 4 67 3 1 1 1 4,771 5,788 10,910 2,801 5,404 5,916 2,763 5,223 22,107 January 1956 -BU13GET RECEIPTS AND EXPENDITURES Table 2.- Expenditures by Major Functional Claeelf Icatlons (in Fiscal year or month Total Iji/ Natlaoal security minions of dollars} International affairs and finance Treasury Bulletin . BUDGET RECEIPTS AND EXFE3\rDITUEES - Table 4.- Expenditures for International Affairs and Finance (In mUllons of dollars) Placal year or nonUi Total WW 11/ 6,026 11/ 't,'t79 19^9 1950 1951 1952 1>,817 3,798 2,839 New reporting basis lufomatlGQ and exchange 2j/ Total 229 265 299 277 2iM ,251 r 5,762 r '»,5l8 r 3,521 r 2,621* r 871 156 1,913 1,396 136 l,l't3 Mutual security 28/ Export -Ijnport Bank 22/ 131* it65 It '»,0't3 il/ 12/ Other 32/ 3,651 1,779 60 3,523 3,006 2,191 91*9 I128 "•5 88 25 lt08 8/ 1955 2,l8U 1,553 1,279 32/ 1956 (Est.) 1957 (Est.) 1,903 1,981 1953 195'» 1955-Januai7 FebruazT March.... 130 lUO llt8 109 i2/ l8li 9 9 201 6 October November 1956 to date li7 99 -101 l,72lt -85 -100 1,792 207 132 107 12/ 135 9U 68 19 16 10 9 7 7 28 153 156 11 12 9 10 133 520 69 U2 72 ks 1 3 -13 1 55 -lit U09 1*58 1 38 -21 -43 135 127 29 22 20 -H 70 71 Uk 93 83 -3 71 137 216 175 195 95 60 56 1,703 1,215 1,215 12/ 162 Ui» 78 July August September 1,661 1,712 112 129 8 11 171 April May June Source: Econcmlc and technical developsent Foreign CoDduct of foreign affairs 21/ » -57 Footnotes on page 5. See Table 2. Table 5.- "Other" Expenditures (In Social security, velfare, and health 31/ Fiscal year or month nilUons of dollars) Housing and crrnimml ty deTelojuent Agriculture am agricultural resources ^^/ Ml WW 5,W3 l,0lf5 68 782 19't9 8,1.76 1,165 1,526 -56 -270 2,658 2,8te l,6l40 I16O 1,672 1,801 1,8«E 1,821 -556 170 9,581 7,632 8,891 1950 1951 1952 Hew reporting basis I 10,977 9,065 n,319 1955-Januai7 Februaz7 March April May , < , • , , Jme July August. September. October November 1956 to date 3Jt/ TraiiBportatlaa and coBBSunl cation Finance, 2S/ Industry 36/ ccmerce. Other ii/ 1,121 1,393 287 399 1,M6 711. 1,881. 1.89 822 1,221 1,399 1,376 1,1.99 2,000 665 1,063 1,1.51 1,839 188 138 1.35 2,961 2,653 1,338 1,697 2,061. 8/ 1953 W?"* 1955 1956 (Est.) 1957 (Est.) Natural resources 11,WI5 11,613 99"* 375 1,163 ..., , 1,1.53 lOl. 1,531 -192 63 -6 3,1.85 3,1.69 1,1U. 1,167 2,001. 128 85 2,1.96 1,783 38 uo 3I.9 39 50 201 260 97 137 -13 681. 91 96 80 2,227 89- 11. 55 597 333 31 152 -6 11.3 -1 303 156 929 69 i.teo 28 762 87 37 -28 381. 121. 339 83 106 109 175 68 1,508 179 175 I6U 30 238 231 -11. 336 919 295 73 93 777 111. 166 * 21 1,135 933 216 169 31. 362 323 95 109 6,107 901. 66 2,236 1.81. 11. Source: See Table 2. Footnotes 12 and remainder en page 5. 11/ Amounts appropriated to the Federal Old-Age and SurrlToro Insurance Trust Fund are equivalent to the anomts of taxes collected and deposited for old-age insurance (te U.S.C. tol (a)). The Social Security Act Amendments of 1950, approved Ai^ust 28, 1950 (61. Stat. 1*77), changed in certain respects the basis of transferring the appropriated fvBids to the trust fund, Beglmlng January 1951, the anonnts transferred currently for appropriation to the 155 173 11.5 170 iWi 2 2,889 -273 -16 -52 1,029 1,002 531 1,75"* , 2,333 2,lU0 2,192 1,81.1 1,389 1,295 2,161. 178 135 137 52 1,551. i*,5oe 195 -26 trust fui^ are baaed on estimates of ol^-age Ineui-ance tax receipts made by the Secretaiy of the TreasuiT pursuant to the provisions of Sec. 109 (a) (2) of the Amendjuanta of 1950, and are adjusted in later transfers on the basis of wage and self-employment incane records maintained in the Social Security Adjniniatration. Transfers for the fiscal year 1955 were reduied in February by $300 million as an adjustment for excess transfers to the trust fund of $90 million in 1952 and $210 million in 1953 . The amount of old-age insurance tax ref xmds is paid from the trust fund as a reimbureeioent to the general fund. January l^5i) -BUDGET EECEIPTS AND EXPENDITURES Footnotes to Tables 12/ 23/ Ih/ 15/ 16/ 17/ 18/ 19/ 20/ 21/ 22/ 23_/ iit/ 25/ 26/ 2.7/ 1 through 5 KicltAeo til© CoTeranont'e cantrlbutloo for creditable mUltwy eerrlce under the act of April 8, 1Sk2^ (56 Stat. 20U). Beginning Betlreaent Account 1952, amcnmte are appropriated to the Ballroad Act equal to the awnnt of taxee \a»d©r the Ballroad Eetirement Tax deposited In the Treaauiy, lees refimda, during each fiscal year currently. mode are tranafera and 66 Stat. and 371), (65 Stat. 222 PreTlouflly, ftTw^yi a pproprlatlona were based. In effect, on estlated tax collections, vlth any necessaiy adJuBtmonts made In succeeding appropriations, Interest on refunds Is iDcliKied In Table 5 under "Other." Reimbursement by the Federal Old-Age and Survivors Insurance Trust Fund for refunds of tales for the fiscal year (see footnote 11) Is netted against Internal revenue refunds for the month In which the reimbursement is made. Erpendltxiree are "net," after allowance for reimbursements to appropriatlcos, receipts of revolving fund appropriations, and receipts credited to dis'binrslng accounts of corporations and agencies having authority to use coUectlcns without formal corering into the Treasury, The figures Include transfers to trust accounts. They exclude net Inveetaoent by wholly owned Government corporations and agencies In public debt securities beginning 1951 (when such investaaent was groiqwd with that of trust funds wnrj and accounts), and public debt retirements chargeable to the einlcing fund, etc., under special provisions of law. Payments to the Treas\iry, principally by wholly owned Government corporations, for retirement of capital stock and disposition of earnings are excluded frcm both receipts and expenditures. Further Information on these capital transfers may be found In the 195^ Annual Report of the Secretary of the Treasury, page U18, Effective June 30, 1955, Interest cm the public debt is reported on an accrual basis; previously, beginning with November 19'*9, it wq^ reported on a due and payable basis; for earlier periods It was reported as an expenditure irtien paid by the Treasurer of the United States. Prior to July 1955 consists of Veterans* Administration expenditures. Including the direct loan program. Thereafter Includes expendltiures of the American Battle MoouBsnts Ccsmiisslon and certain expeoiditures of the Department of Labor. Includes transactions relating to the Foreign Economic Cooperation Trust Fund (see page l). Ret transactions by the Separtsnents of the Air Force and the Amy relating to "Deposit fund accounta" are Included under "Trust Account and Other Transactions'* Instead of "Budget Receipts and Expenditures," beginning 1952, A more detailed breakdown became effective in the monthly statement for March 1955 which resulted in a shift between "Econanic and technical aealstance" on the one hand and "Mutual military prog -am" and "other" national security (direct forces support) on the other. Figures for the reclaeelfled iteoas are not available by months for the ^ole year but are included In the total for the fiscal year, Conelsts of expenditures by the Office of the Secretary of Defense; retired pay for the military services beginning September I9U9, prior to which it is incliided in expenditures of the Departaients of the Army, Navy, and Air Force; other interservlce activities beginning July 195^; and payments under the Aimed Forces Leave Aot beginning July 1955 (they were Included in "Other" expenditures in Table 5 for fiscal years I953 through 1955). Excludes certain expenditures made on behalf of the Department of the Air Force out of 19^ and prior year appropriations to the Department of the Amy. Includes certain expenditures on behalf of the Departeient of the Air Force (see footnote 21). Consists of expenditures frca funds appropriated to the President under the Mutual Security Act, approved October 10, 195I (22 U.S.C. 1651), and the preceding Econcaalc Cooperation Act; and Greek-Turkish assistance through 1953Consists of eipeaiditures of the Atcedc Energy Canmlselon. Prior to 1953 consists of payments under the Armed Forces Leave Act and expenditures for surplus property disposal; beginning 195^, consists of direct forces support under the Mutual Security Act as reported In the monthly statement. Total Includes estimate of $200 million ui^er proposed legislation for the Departzaent of Defense, Figures centered between colunoe are total expenditures of the Department of State. Through the fiscal year 1955; no breakdown of these expei^ltures was available in the monthly statement. Beginning July 1955, the classification "Conduct of foreign affairs" includes the bulk of the expenditures of the State Department, and the expendltiovs of the Tariff Comnlssion and the ecrmaission on Foreign - (Continued) and exchange" includes ex"Foreign ruiw.itt« information - . the educational Ag^y, of the united stated Infoi™>tlon and the Bnergenoy SMnd SchBDge activities of the State Department, for International Affairs , 22/ OonolstB of expenditures from funds appropriated to the President under the Mutual Security Act, and the preceding Economic Cooperation Act. 29/ Excludes Bank eipeMitures under the Mutual Security Act end the preceding Economic Cooperation Act . ^0/ Inclines eipeniltureB for eoTemment and relief In occupied areas through 1952, after vhlch expenditures for this purpose made hy the Department of State (the greater part currently) are Incloded under "Coniuct of foreign affairs," and those made by other agencies (principally the Department of the Am^) are not ijioluded in this clTlllan tahle. Also UicliAee credit to the United Kingdom, relief in Korea; expetdltures of the Uilted Nations Relief and Sehabilitatlon Administration through 1950; loan for construction and furolshlng of United Katlone headquarters; and various other Economic Policy. ;;Mlt««B . - '^!*"^"?^ WW; 31/ foreign relief and aid programs. Through the fiscal year 1955, conaists of expenditures of the Department of Health, Education, and Welfare except the Office of Education, and of the corresponding component organizations before the establishment of this Department on April 11, 1953; the Govemment's contribution under the Railroad Retirement Act for creditable military service, ani certain other Ballroad Retirement Board expenditures through 1953; and beginning 1950, the school lunch program under Begiiming July 1955, with the more the Department of Agriculture. detailed' information available in the monthly statement, certain expenditures of the Department of Health, Education, and Welfare have been reclassified under other headings, and expenditures of the Bureau of Indian Affairs, the Bureau of Employees Compensation, and Justice Department pertaining to the Federal prison system are included under this heading, Conelsts of expenditures of the Housing and Home Flnarxe Agency; Federal Civil Defense Administration; dlaester relief; and, beginning July 1955, National Capital Housing Authority. of Agrlcvature except 2^ Consists of expenditures of the Department the Forest Service and the school Itmch program; and of the Farm Credit Administration, year 1955, conaists of expenditures of the Departi!t/ Through the fiscal ment of the Interior; the Tennessee Valley Authority; the Corps of Engineers in the Department of the Army (river and harbor vorke and flood control); anl the Forest Service In the Department of Agriculture. Beginning July 1955, excludes, the Bureau of Indian Affairs and the Office of Territories from the Department of the Interior, and Inoludee appropriate expenditures of the Department of State, Federal Power Commission, and other agencies. expenditures of the 35/ Through the fiscal year 1955, consists of Civil Aeronautics Administration, Civil Aeronautics Board, Bureau of Public Roads, end maritime activities, all now In the Department of Conm^rce; the Coast Guard In the Treasury Department; and the Post Office Department. Figures prior to 195't Include net expenditures of certain working funds of the Post Office Department in addition to tha Postal Service Fund (advances to cover the postal deficit). Effective with igSl*, net expenditures of that Department, Inolullng the Postal Service Fund, are on the basis of cash receipts and expeaiitures recoried In the accounts of the Department. Beginning July 1955, Includes also expenditures of the Interstate Commerce Commission, Federal Communications Commission, Coast and Geodetic Survey, Rational Advisory Committee for Aeronautics, and other sgencles, the Depart^6/ Through the fiscal year 1955, consists of expenditures of ment of Commerce except those included under "Transportation and in (as Corporation Finance Reconstruction Communication"; the liquidation by the Treasury Department beginning July 195''); Federal AdBusiness Facilities Corporation beginning July 195'*; the aaall ministration; the Economic Stabilization Agency; and funds appropriBeated to the President for the expansion of defense production. In ginning July 1955, with the more detailed infomatlon available Exchange Securities and of the expenditures the monthly statement, also Commission, Federal Trade Commission, and other agencies are expendiincluded in this category; and certain Department of Commerce of Bureau National and the Census of the tures such as the Bureau Standards have been reclassified under other headings. agencies other vtJ Inclines expenditures for executive departments and functions. not included elsewhere and for legislative and Judicial Lees than $500,000. Revised, r >gl Treasury Bulletin -TRUST ACCOUHT AND OTHER TRAlfSACTIOHS Table 1.- Summary of Trust Account and Other Transactions lUlona (In Met receipts, or ezpeDdlturee (-), from trust account and other transactions Fiscal year or BODtb Set receipts, or expenditures (-) 19*8 igJ*? -1»95 1950 1951 1952 99 679 Beeelpts Expenditures 1/ 2,658 1,890 6,515 2/ Net sale, or inveetaoeat (-), by GovemBent agencies lii public debt aecurltlee 1/ 3,857 2/ Vet Bale, or redaction (-), of eeoorltiea of GoTemBent agenolee In the aarket 1/ -3,060 -2,311 107 -7* 5,711* 3,821* 6,669 7,796 8,807 6,950 3,9*5 •,952 8,929 9,155 9,536 5,169 6,769 8,5*5 U,620 11,890 9,561 10,200 -2,607 -1,891 268 600 778 8*2 757 781 335 119 -56 571 87 51 3*8 89 36 -1,032 38 •85* -99* 87 1 339 236 -378 -16 -55 -6* ^81 3,852 3,855 lli7 Hev reporting baela: of dollars) Trust and deposit fund acoounts iioe -3,557 -3,636 38* -78 -3,301 -2,05* -1,362 -25 3/ 1953 3,760 2,386 992 2,059 1.691 328 231 1951* 1955 1956 (Eat.) X957 (Bat.) -338 1*1 1955-Januai7 February March 332 -11 -7 -57U -158 April May June ................ -164 •^1 July August. September -3 -J*3 5811 -69 925 528 1,320 1,675 1,070 736 750 -231* -7 71*5 752 775 33 1,502 721 727 688 900 668 -217 •••.•• 337 October November !»/ -213 33 -39li 505 1*7'* i,iiia Source: Actual figures through 1952 are ft^cn the old daily Treaaury atatement; actual figures on the nev reporting basis are frcn the "Monthly Stat«otfnt of Beceipta and ^cpendituree of the Uhit«d States Gorenoent"; estimates are based 00 the 1957 Budget docuDent, released. Janiiaiy 16, 1956, Including effects of proposed legislation. Prior to 1951 net Invealaiient in public debt secttrities by certain trust accounts aiKl by deposit fund accounta la Included in trust and depoait fund account expenditures and excluded froa net InTeetanent by Goremmentagencies (See Tables 3 and *); for trealanent of security transactions of Govenansnt-sponeored enterprlaes beginning 1955, see footnote U. 2/ deludes Foreign Econcmic Cooperation Trust Fund (see page 1). i/ As amourced February 17, 195* J aee page 1, footnote 6, */ ^ , it/ -* y 6oe */ 211 2*2 -663 Ubder a rerised clasaiflcatloa in the monthly Treasury statement, effective July 1, 1955, the security traneactions of Govemmentaponsored enterprises are iiv;luded in deposit fund account expenditures (net) and excluded from net inveslSDent by Gorenment agenolea in public debt securities (see Table *) and f^xn net redemption or sale of obligations of Gorenraent agenclea in the market (aee Table 5) . Figures previously published for the fiscal year 1955 have been revised to the nev classification basis. The 1957 Budget docuDent includes with net investment in public debt securities by Government-sponsored enterprises "w^ti amounts of net investzaenta by other deposit fund accounts ^ich are classified as quasl-govemmental. Table 2.- Trust Account Receipts (In millions of dollars) Faieral Old -Age and Survivors Insurance Trust Fund Fiscal year or Bonth 19*8 19*9 1950 1951 1952 6,515 2/ 5,71* 6,669 7,796 8,807 Nev reporting basis ; */ 8,929 9,155 9,536 1953 195* 1955 1956 (Est.) 1957 (Sst.) 1955-January Fabmary Haich April May June July August. ............ September October Hovember 1,807 1,92* 2,367 3,*11 3,932 Kailroad Retirement Account Unes^loyment Trust Fund National Service Life Inauranoe Fund Government Life Inauranoe Fuul GovemBent amployeea retirement funds 1/ Other trust fuMe and accounta 2/ January 19% -TPUST ACCOtHIT AHD OTHER TRAHSACTIOHS Table 3.- Trust and Depoeit Fund Account Expenditures (In millions of dollars; negative figures are exoese of credits) Treasury Bulletin -TRUST ACCOUNT AND OTHKP TRANSACTIONS Table 4.- Net Investment by Government Agencies In Public Debt Securities (la mlUlona of dollare; negative flg-uree are exceae of sales) Tmst Placal year or month igttS Total trust accounts 3,0603/ 2,3113/ , 19^9 1950 1951 1952 , 3,557 3,636 Hev reporting basis: Federal Old -Age and Survivors Insurance Trust Fund 1,19"» Ballroad Retirement Account 569 346 3,355 1,29U 1,U1U 1,678 1,950 336 357 449 -402 3/ 3,369 Ubeniploy- nent Trust Tund 446 accoimts National Service Life Insurance Fund Government Life Insurance Fund 461 353 -1,946 -26 650 91* 8 583 -245 1 -160 -724 32 32 2,05'* 1,362 5/ 3,068 1,688 1,236 1,545 1,522 1,241 280 202 141 590 -248 -545 59 23 73 -65 -1 1956 (Est.) 1957 (Est.) 2,607 1,891 2,516 1,777 1,592 1,039 111 122 177 126 96 -10 -14 3,301 April May June , , , October November -335 -119 56 -336 -127 -113 -123 Its 212 -3W -358 656 1,032 259 976 -334 -251 377 -228 179 663 1,032 July August September 254 991. -319 -236 , employees retlrenent funds 1/ 363 447 543 573 624 Other trust accounts 2/ 9 -6 y 1953 195^ 1955 1955-^anu'U7 February March Govemaent 373 5 -37 36 14 -180 -26 -173 -206 412 536 -36 39 -101 185 99 265 438 -269 -2 2 588 252 Silt 9 1 14 503 513 17 17 -e -2 -10 -10 -3 -4 -5 -4 6 18 -2 -16 -6 144 37 230 -44 45 29 218 50 -66 -9 -7 -5 -2 15 235 14 -6 -2 -29 -42 161 -7 -6 -4 35 40 19 18 -8 -6 -3 -1 3 * 12 -12 7 « January Treasury Bulletin 10 .TRKASURY CASH INCOME AND OUTCO. The cash Income and outgo of the Federal Government as possible to that of the new dally by excluding those are presented frcm two polnta of view In the tables which agency transactions In public debt securities and In In line with the differences In reporting bases agency obligations In the market vAilch were not cleared through the Treasurer's account. follow, between the new dally Treasury statement, first Issued on February 17, 195"*. and the "Monthly Statement of Receipts and Expenditures of the United States Government," Initiated Table 1 summarizes cash flows through the Treasurer's the same time (see April IS^k "Treasury Bulletin," page A-2). The bases differ both in coverage and In timing account as reported In the dally statement. of the reports. cash outgo, or withdrawals; and cash borrowing or repayment at grouped In three categories of borrowing. In coverage the new dally statement reports only transactions which clear through the Treasurer's account. The monthly statement Includes transactions of all Govern- ment agencies, regardless of whether the transactions clear through the Treasurer's account. In addition, the monthly statement classifies the transactions to show separately budget results and trust accoiuit transactions. The net results are then reconciled to changes In the — They are cash Income, or deposits; The three taken together account for the change In the Treasurer's cash balance. Tables 2, 3> ^^^ '*' show tne derivation of these same three categories of cash flows on a monthly statement basis, covering transactions of all Government agencies. These three categories taken together account for the Treasurer's cash balance and In the public debt outstand- change In cash balance on the monthly statement basis, which Includes not only the balance In the Treasurer's account but also the cash held outside the Treasury and ing as reported In the dally statement. the Items In transit represented by the clearing accounts. Since there are now reported figures for the cash flows In For the transactions Included In both statements, there are differences In the timing of the reports. Re- ceipts In the monthly statement are principally on a collection basis, while those In the dally statement are on a clearance basis; expenditures In the monthly statement the Treasurer's account, each category — It Is possible to calculate for Income, outgo, and borrowing the — difference due to differences In reporting bases. The sum of these differences, or reoonclllatlon adjustments. In the three categories, with signs appropriate for their that month In one statement and not until the following effect on the cash balance, equals the difference in balances between the monthly statement and dally stateThis difference Is the combined total of the ment. monthly statement clearing accounts plus cash held out- month In the other. side the Treasury. are on a checks-Issued basis, while those In the dally statement are on a checks-paid basis. Thus an Individual transaction near the end of a month may be reported during These timing differences tend to cor- rect themselves over a period, but for a given date they must be taken Into accoxmt In reconciling data from the two The calculated reconciliation adjustment figures In the tables Include both coverage and timing differences. reports. It Is no longer possible from the Information as reported to the Cash transaction figures prior to 1953 ^^e derived from a single source, the old dally Treasury statement, which resembled the present monthly statement In coverage Treasury to segregate the two kinds of differences even for and In classification of transactions, but for timing was based on Information In hand at the end of the reporting long as the overall coverage Is secured for transactions not cleared through the Treasurer's account, and the figures period. In the tables which follow, figures from the old securities transactions. But such segregation Is not regarded as significant for purposes of this analysis, are on a consistent reporting basis. dally statement have been adjusted tn a coverage as close Wote l The omgh inocme and oxztgo data in th«ee tables are being revised to a ba^ia consistent with Federal Goremnent receipts fraa and paTmente to the public as derived In the 19^7 Budget dooment. The revised series will appear in an earl^ iasuo of the "Treasury Bulletin, so January 19% 11 .TREASUHY CASH ITICOME AND OUTGO. Table 1.- Summary of Cash Transact ions through the Treasurer's Account (In BllHoQe of dollars) Net caeh transactions other than borrowing Flacal year or iBOsith Cash deposits Cub vlttadravals 12 Treasury Balletin .TREASURY CASH INCOME AND OITTOO. Table 2.- Derivation of Cash Income (In mlUlona of dollars) Bscelpts Fiscal year or Bontb Budget Less: Plus: BoDcasli Itaaa dediicted fron bud^t Interfund transactions Payroll deductions Transfers, budget for eoployees* to trust accounts rstlreaent Be lAbur seBsnt to budget froB trust accounts 2/ (net) i/ Truat account WW 1*1, uae 6,515 19''9 37,696 5,71'» 1950 1951 36,'>95 '17,568 61,391 6,669 7,796 8,807 1953 195^ 1955 64,825 64,655 60,390 8,929 9,155 9,536 73,75^ 1956 (Est.) 1957 (Eat.) 64,500 66,300 11,620 U,890 76,120 78,190 '•,655 5,l«27 't,923 7 24 3 6,027 10,519 3 3lt 9,741 268 600 778 1 40 2 2 3,732 4,438 10,125 528 1,320 1,675 4,260 5,758 11,800 5 3 38 46 46 3 2 2 July August September 2,765 3,510 6,235 6,220 40 5,498 745 1,502 721 2 13 3 October Norember 2,692 4,662 505 1,142 3,197 5,804 1952 Rev reporting basis: Total rscelpte - excess profitE tax refund bonds 2/ -10 -4 -1 -1 48,003 43,410 43,164 55,364 70,198 April May June ',73'* Less: -1 73, 8U 69,926 Fiscal }ear or nontli Interfund transactions - (Continued) To Treasury by aoTemnsnt agencies Other 5/ 746 841 880 892 987 112 33 73 87 100 1,030 188 30 148 1,094 1,188 1,173 144 7 221 1955 1956 (Est.) 1957 (Est.) 1,204 1,288 1948 19'*9 1950 1951 1952 462 164 171 420 430 439 66 76 87 1*55 555 465 55'* 108 115 14 By Treasury to trust accounts Total Interfund transactions 61 5'' 3 '•3 4 48 69 3 '•9 5 Equals: Cash incoms, Bonthly Treasury state Bont reporting basis 6/ Adjustaent to new dally Treasury stateuent reporting basis 1/ Equals : Cash iocome (deposits) in Treasurer's account 2,59'* '»5,399 1*5,399 1,778 2,192 1,923 2,104 41,628 40,970 53,439 68,093 41,628 40,970 18 17 2,194 2,097 2, 061 71,560 71,714 67,866 16 12 2,621 2,810 73, '•99 73,'*99 75,380 75,380 13 53,1*39 68,093 4/ 1953 195't 1955-January February March 3 5 17 April May June 173 283 376 42 4,881 53 64 5,97'* -582 332 4,299 6,306 10,454 488 10,9'*3 78 59 926 4,182 5,699 10,874 -532 -152 3,651 171 11,045 394 156 77 3,115 6,079 6,143 -121 -155 2,994 6,333 5,988 151 62 3,046 5,742 -177 2,869 192 5,93't 7 •••...... October 29 Noresiber 6 71,3'*5 71,815 67,769 5 4 32 779 * 2 17 -215 101 -96 9 79 5 • 10 26 11 1 Source: Actual figures through 1952 are based on the old dally Treasury statement; actual figures on the nev reporting basis are based on the "Monthly Statement of Feoelpts and Expenditures of the United States Government" and the new dally Treasury statement; estimates are baaed on the 1957 Budget docimient, released January 16, I956, includlre effects of proposed legislation. The monthly statement figures for a given mcoth appear In the Bulletin Issue following that which carries corresponding dally statement figures In Table 1. For further detail, see "Budget Receipts and Expenditures," Table 1. 1^ Deduction from budget receipts of the tax refunds represented by these bonds is treated as a noncash deduction at the time of issuance of the bonds and as a cash deduction at the time of redemption of the bonds (see Table 4); net Issuance, or redemption (-), By Federal Old-Age and Survivors Insurance Trust Fund through 1/ October 1948. Thereafter includes also reimbursements from the District of Columbia and Panama Canal Company. For explanation, see headnote. Includes proceeds of ship sales carried in trust accounts pending allocation to budget receipts from sale of surplus property, transfers between trust accounts, and payment of earnings or repayment of ^ 24 17 21 26 15 Sin Interest payments July August September 236 327 358 378 411 ''55 U/ 1955-January February March Hew reporting basis: 366 834 397 567 6/ jj * 254 5,5'*7 capital etoclc to the Treasury by corporatlona not vfaoUj ovned. Figures for 19W Include $8 Billion of amed foroee leare bonds redeemed for instnrance parealums; after August 3I, 19^*^7, these bonds were redeeaable for cash. Beflecte tranaactlooa of all Gorernment agencies regardless of vhether the transactions cleared through the account of the Treasurer of the Ublted States. For explanation of differences in reporting bases beginning 1953, oee headnote. The net of these differences for all transactions in a given period la reflected In the conblned net of the change In clearing account ItoBS vhlch reconcile to the Treasurer's cash plus the change In cash held outside the Treasury, ae reported In the monthly Treasury atatanent. Cash outside the Treasury Includes cash in the hands of disbursing officers, and comierclal bank balances of Goremnent agencies. Beportlng differences relating to receipt transactions are shown In this table; ezcese of recelpta on onthly stateaent basis Is deducted. Less than $^00,000. January 19% 13 . TREASURY CASH INCOME AHD OUTGO. Table 3.- Derivation of Cash Outgo (In millions of dollara) Ecpeudlturee PI seal year Budget 1/ or nooth 19118 33,069 39,507 39,617 44,058 19*9 1950 1951 1952 65, Hev reporting baale: we Trust and deposit fund accounts 2/ 3,857 3,824 6,950 3,945 4,952 Dedxictlons from expendlturee Leas: Boncaah expenditures InvolTlng Issuance of public debt securities i/ Interfund tranaactlons (Table 2) 36,926 43,331 46,567 48,002 70,359 Armed forces leave bonds 4/ Adjusted service bonds 5/ Botes issued to International Bank 6/ - International Monetary Fund 6/ -1,229 -164 -95 -160 -68 -4 1,778 2,192 1,923 2,104 -1 -9 -1 -1 -1 109 156 2,59'' -2 -2 -1 -350 -25 -41 -563 -98 207 13 l/ 1955 74,274 67.772 64,570 5,169 6,769 8,545 79,443 74,542 73,015 2,194 2,097 2,061 -24 -14 -8 1956 (Est.) 1957 (Eat.) 64,270 65,865 9,561 10,200 73,831 76,065 2,621 2,810 -8 -8 55 50 ,942 5,784 5,588 6,675 48 ,694 842 757 781 64 -1 -1 -1 36 ,228 ,356 ,753 1,070 736 750 6,297 6,092 7,502 78 -1 926 -11 ,382 ,225 752 394 156 77 46 151 62 1953 195't 1955-January February March '?! y^ii May June , July August. ....,,.•.•.• September 5,340 727 688 6,134 6,952 6,028 October Norember. ........... 5,355 5,172 900 668 6,255 5,840 Lees: Noncaab Intereet on savings bonds and Treasury blUs 8/ Flecal year or moith 1948 1949 1950 1951 1952 559 580 574 53 30 6 Govemnent- -99 313 69 779 Toted deductions 719 524 497 , 938 2,388 2,932 2,413 2,804 35,988 40,943 43,635 45,589 67,555 375 315 -109 -24a -45 2,917 2,716 2,596 2,801 3,122 76,527 71,826 70,519 354 5 261 104 20 April May June 31 39 51 -65 -141 50 16 825 July August September 69 1955-Jauuary February March October November Biuals: Cash outgo, monthly Treasury statement reporting basis iO/ 1/ 1953 1954 1955 1956 (Est.) 1957 (Est.) 6 (Continued) sponsored enterprises 638 New reporting basis: - Security transactions of Govemment enterprises Included In expenditures 2/ 28 8 59 Deductions from expendlturee Public enterprise funds 51 -17 ....i 28 -82 148 124 31 -136 -168 41 -U5 373 18 1 26 40 -208 -43 -8 93 Adjustment to new dally Treasury statement reporting basis U/ 455 -475 -548 137 232 Equals Cash outgo (withdrawals) from Treasurer's account : Treasury Bulletin 11^ .TREASURY CASH IBCOME AND OUTGO- Table 4,- Derivation of Cash Borrowing or Repayment of Borrowing (In mllllona of doilare; negative flgTJree indicate net repajment of barrovlne) Leae: Deductions from public debt borrotlng Noncash net investment in public debt securities, or sale (-) 2/ None ash interest Fiscal year or month Public debt in- on creaae, savings or debonis crease azid (-) Treasxury ^ trust accounts bills 1/ Armed 3y GoT- forces erament leave agenciee bonds y 19'*. 559 580 3,060 2,311 -2,135 3,883 638 779 3,369 3,355 195'* 2/ 6,966 5,189 719 52 It 1955 3,U5 1(97 3,068 1,688 1,236 -7lt 375 315 2,516 1,777 -5,99't 19lt9. 1950. 1951. 1952. -IM)5 't,587 Hew reporting basis: 1953 1956 (Ket.). 1557 (Est.). -500 1955 -January, Februaiy, March .... -3U Adjusted service bonds y y -69 -1,229 -1* 319 97 186 281 -161. -2 -2 232 366 296 •31 318 -eit -95 -160 -68 -lU -8 Notes to International Bank and Fund -913 -123 -1 l66 -1 13 -9 -1 -1 -1 109 156 -8 -S 2ae kg 55 28 1,39't 2,916 33lt -22 k,Okk 384 '.,336 -72 •,023 2,673 2,177 881 -25 -4 2,918 2,512 1,819 -2,649 -2,461 -155 -856 -240 2,763 2,255 1,579 -2,649 -2,461 284 -205 -4,198 -24 63 259 -143 -4,270 280 171 2,717 -154 -55 -7k 60 -U July August.... Septenber. 3,210 725 69 l4£ -833 259 976 -33U -lllO 31 kl October, 2,31*1 26 319 i»o -31 -26 -83 5n -88 137 -37 Ha -95 227 61i4 8/ ^ 2/ * 73 29 36 27 through the Treaeurer account -7,333 -2,621 4,163 -5,874 -695 3,004 -130 -454 -358 656 1,032 793 492 Equal: Net cash borroving, or repayment -52 -108 -68 -79 -170 120 59 31 2,1*53 Adjustment to new dally Treasury statement reporting basis 8/ -7,280 -2,513 4,231 -5,795 -525 233 975 -320 2,601 82 1» -3,098 Source: See Table 2. 1/ Accrued discount on savings bonds and bills which Is Included In the principal of the public debt, lees Interest paid on savings bonds and bills redeemed. 2/ See "Trust Account aui Other Transactions," Table 4. Figures Include Investment by Government-sponsored enterprlsee, vblch appears in the table as a memorandum beginning 1955. Treated as noncash at the time of Issuance and as cash at the tine of redemption; net Issuance, or redemption (-). 4/ Excluded from borrowing because the transactions are treated as expenditures In Table 35/ Excl\^ed from borrowing because the transactions are treated as deductions from receipts in Table 2. 6/ See "Trust Account and Other Transactions," Table 5. Figures Incluie transactions of Govemment-eponsored enterprises, wh'.ch appear In the table as a memorandum beginning 1955. 1/ Beflects transactions of all Government agencies regardless of whether the transactions cleared through the account of the Treasurer of the 107 -74 238 1<2 -251 377 (-) 6/ (-), monthly Treasury statement reporting basis 1/ -376 620 1,132 -336 -127 5 , redeanptlon ^ -10 -4 -1 -1 -1 agencies in the market, or 8 36 51 -17 TXorember, tions Govemmant 3,369 -257 39 51 Total deduc- EzoesB profits tax refund bends 55 50 -1',13't April. Ha;... June. FLos: Equals: Net sale Net cash of borroving, obligations or of repeTBent Issuance of public debt Becurltles representing expenditures, or refunds of receipts i/ 3,006 239 -3,992 -72 -52 -30 -40 2,955 209 -4,031 -50 2,953 -5 -9 -135 -462 11 2,728 -178 eu For explanation of differences in reporting bases beginning 1953, see headnote. The net of these differences for all transactions for a given period is reflected In the combined net of the change In clearing account items which reconcile to the Treasurer's cash plus the change In cash held outside the Treasury, as reported in the fiy^nt.hTy Treasury statement. Cash outelde the Treasury Includes cash in the hands of disbursing officers, and co^aarclal bank balances of Govenu^nt agencies, Beportlng differences relating to borrowing transactions are shown in this table; excess of borroving on the mcnthly statement basis Is deducted. Prior to 1953 the adjustment Items ccsislst of Government agency securl^ transactions which did not clear through the account of the Treasurer of the United States. For explanation, see headnote, 7,ess than $500,000. United States. Footnotes to Table 3 Footnotes 1 through 10 on preceding page. 11/ For explanation of differences In reporting bases beginning 1953 see headnote. The net of these differences for all transactions for a given period la reflected In the combined net of the change In clearing account Items which reconcile to the Treasurer's cash plus the change in cash held outside the Treasiiry, as reported In the monthly TreeRury statpment. Cash outside the Treasury Includes cash in the hands of disbursing officers, and commercial bank balances of Government agencies. Reporting dif- - (Contlnuedl ferences relating to expenditure transactions are shown In this table: excess of expenditures on the monthly statement basis la deducted. Prior to 1953 the adjustment items consist of the net change in clearing account items exclusive of the amounts representing security transactlons not cleared through the Treasurer's account, triilch are adjusted In Table 4. Lees than $500,000. January 1956 15 DEBT OUTSTANDIKJ AHD IREASUREP'S ACCOUNT Table 1.- Summary of Federal Securities (In Blllloiu of doULarB) 16 Treasury Bulletin DEBT OUTSTAHDUt; AMD TREASUEJI^'S ACCOUHT Table 3.- Special iBsues to United States Government Investment Accounts (In millions of dollars) End of fiscal year or month January 17 19% DKOT OOTSTAHDIHG AHD TRKASDRER'S ACCOUHT Table 5.- TreaBury Holdings of Securities Issued by Govenunent Corporations and Other Agencleai/ (In HlLUoiia of dollars) End of flMKl Total year or Bontb 19>i8 19^9 1950 1951 1938 1953 195* 1955 195U-Deo . . CaiB0dlt7 Cradlt Corporatlcn Defense Frodnatlcn Aot of 1950 2/ rederal Vatlonal Mortgage Aaeoolation y Intematlanal Eonalng FnUlo Beccsi- Cooperation and Hcoae rinanoe Adnlnia- Eonelng •tractlon Tlnanoe Corporation 1/ MnlQlstratlon 2/ 158 395 l,01iO 12,196 3,612 Itl6 1,227 12 ,91*9 lk,l80 l,3't7 16,275 7,608 773 i,ooe l'.,633 5,532 991 5,738 5,881 99't !S 90 2,176 257 14 448 95 107 79 2,221 2,221 2,221 292 226 14 14 14 448 448 476 124 124 130 79 86 61 2,271 2,240 2,240 226 229 229 14 14 14 477 477 507 134 134 144 64 86 61 58 61 2,300 2,267 2,267 2,312 2,312 187 187 187 14 508 509 555 159 154 61 1,208 U4 1,209 1,208 1,209 120 120 124 1,209 1,209 1,209 1,209 1,210 1,210 1,210 1,210 1,35* 2,449 6,ii26 999 1,002 1,305 1,304 1,293 1,922 1,943 1,945 7,067 7,356 7,608 1,003 1,00V 1,002 1,293 1,331 1,310 1,968 1,975 1,966 1,285 1,285 1,272 1,983 1,979 1,967 1,270 1,271 1,987 1,997 June. 16,275 Julj. Aug.. Sept. 16,377 17,188 17,Wt9 7,6iiO 8,730 1,052 1,053 1,056 Oct.. 17,9te 18,292 9,085 9,389 1,105 1,109 8,1*78 Dallj Treaenry atatcoeat. The seourltloe ehown In thle taWe vere laeued to the TroaamT to finance OovernMnt corporations and other agencies vlth the TroasniT Itself raising the necesaaiy fnnds through pohllo deht operations. To STOld duplicatlcn, those Becuritles are not Inoloded In the guaranteed debt outstanding as ahovn In preceding tahlee. Serrlcee Mmlnlstra2/ ConslBtB of notes of the Admluletrator, Oeneral Protlon heglnniDg January 1951 (Admlnleti-ator, Defense Materials for defense July through 1953) January 1952 curement Agency, materials proourement; Beconstructlon Finance Corporation January under this 1951 through September 1953 (after vhloh Ito activities set were transferred to the Secretary of the Treasury), and the Secretary of the Treasury heglnnlDg Octoher 1953; the Secretary of beginthe Interior (Defense Materials Exploration Administration) ning June 195I; the Export-Import Bank of Washington beginning April 1952; and the Secretary of Agriculture beginning June 1954. Eicli^eB securities Issuod under Defense Production Aot. the r/ From SeptsBber 1950 through July 1954, consists of notes of for the Housing snd Home Finance Administrator Issued to borrow taken llabUitles of Association. Beginning August 1954, consists Association from the Administrator In aooordanoe vlth 6/ 1/ ^ orer by the the Public law 560, approved August 2, 1954, and notes Issued by September Association under authority of that aot; and beginning Klnance Beconstructlon the from transferred 1954 also securities AssoCorporation (see footnote 7). Prior to Septaabor 1950, the ciation me financed from funds of the Beconstmotlon Finance stock. capital the Corporation, which owned lo. 10610, Established In the DepertMnt of State by KreoutlTe Order as dated May 9, 1955, and effective at the close of June 30, 1955, Data for earlier Administration. Operations oucoeesor to the Foreign 2/ 8/ 9/ ID/ 244 226 2,240 655 215 1,310 l6,0li« Other 2/ 34 29 14 67 103 130 1,189 1,203 1,209 Itay.. tratlon Tenneeaee Telle; A)ithant7 171 226 229 1,456 274 197 2,Wi6 2,233 1.966 15,732 Mmlnla- taX7 of Agrleultore 8/ 54 52 49 44 39 1 30 44 1,088 Svpal lleotrlfloatlon 65 114 131 1,549 2,038 961t Manila ^^tlon 36a 337 349 4S9 655 782 964 1,097 1,150 91't Sooroe: 5/ tMtor 6/ 971 Apr.., or, VasMnston 3/ 1,669 3,193 2,555 1,970 MKT.., r»y>... Ii^ort Bank of 2,789 6,851 8,l«3 9,097 9,636 14,358 1U,W»7 15,016 1955-jBn. ficpeort" 144 174 718 1,015 1,231 1,540 1,751 1,950 2,n7 201 212 212 100 207 178 507 555 556 periods are for predecessor agencies. Consists of lutes Issued to borrow for the urban renewal program (formerly elxxn clearance program), the prefabricated housing loans prograa from Septaaber 1950, when it was transferred from the Beoonstncticn Finance Corporation, through Hovember 1954; and housing loans for edncatlcnal mstitutlcms begiiMiln^ July 1951. lotes issnsd to borrow for the Federal lational Mortgage Association are shown under the Association. KlolndoB aecurltlee issned under Defense Production Act of 1950; includes securities issued under Federal Civil Defense Act of 1950 through Hov«aber 1953, after which they ware taken over by the Secretary of the Treasury, purausnt to the act approved July 30, 1953 (67 Stat. 230), aM are Inclixled under "Other." Daring September securi1954, unier Eeoiganiiatlon Plan Bo. 2 of 1954, the remaining ties issued by the Corporation to the Treasury were transferred as follows! $42 million to Sxport-Ii^ort Bank of Waahlngton, $92 milllco to Federal Hatlonal Mortgage Association, and $14 million to ftonll Business Administration. For Farmers' Some Administration program. ComslBta of notes issued hT Federal Farm Mortgsge Corporation and Home Owners' Loan Corporation prior to 1950, Tligln Islands Compsny, igkS-kg, Secretary of the Arny (natural Fibers Eevolvlng Fund) footnote 7), 191,9.51 Secretsry of the Treasury beginning 1953 (see advances and a.. 11 Business Administration beginning September 1954; program under agreements with Veterans' Administration for direct loan SeaLawrence Saint beginning August 195O; and revenue bonds issued by Movember 1954. beginning Corporatioi, way Development interest, Botes outstsndlng in the amount of *9,365 million, including were canceled on June 30, 1948 (62 Stat. II87). 1« Treasury Bulletin DEBT our3rAin)iii& mh rosAsuRBi's itccourr Table 6.- Statue of the Account of the Treasurer of the United States (Is Billloii* of doU*n) Asset* BnlllaQ, ooln, and cvrreDoy ISd of riMKl 7*Ar or MontJi Dspoalts In 7«der*l Bsaerr* Banka AralUkla fnds 19W 5,370 3,862 5,927 7,871 19'>9 1950 1951 1952 7,Wl 1,073 1,022 1,052 1,0*6 1,009 191 219 191 176 1,928 *38 950 338 19>> 333 In procoae of collaotlon 123 103 1*3 Other depoalta aid collaotlooa Dapoalta In speolal dasoaltarlsa depoal UaMUtlaa Balance In acoomit of Treasurer of V. 3. 1,773 1,771 3,268 5,680 5,106 283 309 323 380 *8* *38 392 *10 51* 512 *,932 3,*70 5,517 7,357 6,969 3*3 3,071 *,836 *,365 538 570 593 *26 *76 1*6 *,6to 6,766 6,216 250 355 210 27* 5,096 7,2*3 6,362 98* *97 161 191 '•93 lfl7 875 380 19911-Dee 5,3Wi '89 166 563 3,*6l 55* 16* 2/ 5,180 1977'^<uii]ai7. '1,883 "•85 208 5,55* 5,30* "•93 501 191 176 320 196 1*9 2,907 3,561 3,203 603 5*9 550 15* 1** 153 *,728 Marota.... 360 56* 72* Ajrll 6, 5** "•95 itar 6,070 6,362 *96 *93 175 188 187 81* 6*9 380 362 153 3*3 *,023 *,05* *,365 67* 530 593 1*3 190 1*6 6,*01 5,880 6,216 Jvlj August... Septenber 6,957 5,888 "•97 It98 6e* 393 55* 179 1*3 191 t:'iS 3,638 51* 501 506 6,811 li99 171 163 11^ 1*6 135 5,533 October. NoTenber. 5,lt55 i>88 1119 *6* 5,280 1>96 1*5 k77 177 1*1 3,672 3,538 *85 *S3 1953 195k 1955 rebruary. June 132 Sooroet Dally Treasul7 atatiaiwit. On account of withheld taxes and aalas of OorenHent eeonrltlaa. Beginning December 195*, ?oat Office Departaant ami Poattastara' dlaboralng accomts ars no lonffar trsatad as llabUl^ aooomta of th* X/ 3/ m 157 1*2 161 5,*U 5,151 5,753 5,376 5,31* 5,119 ^rmmMnxwr of Xh» XJ, 8. , b«t classlf Isd and treatsA la the ssaa aanar as other dlabnralns aoeomta, in aecoz^asoe «lth the ohanga In Method of reporting Poet Office Depar^saat tranaaoticoa (aee page 5, footnote 35). January 19% 19 ftTA'HFT'^WY PFPT TJMTT^ 20 Treasury Bulletin .DEBT OPERATIONS. Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding November 30, 1955 (In millions of dollars) January 19% 22 Treasury Bulletin DEBT OPERATIONS, Table 2.- Offerings of Treasury Bills (Dollar anounte in mllllcmjs) January 19% 23 DEBT OPERATIONS. Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness Data Period to Dat« au1)scrlptlon boolcs opened Aaouut of eubecrlptlons tendered - Description of aeourlty of leeue voro PlTBt Mftturll^ caU Caah 1/ Amount Issued For Exchange cash 1/ In exchange for otiier securities Allotasnt ratio (In MllllonB of dollars) 6/16/52 8/U/52 9/15/5S y 11/17/52 2/2/53 y 7/1/52 7/1/52 8/15/52 10/1/52 10/1/52 8/15/52 2-3/95i Bond 1-7/8)6 Certificate 2/15/53 2/15/53 2-l/U)t 2-1/2)6 1-1/2)6 3-1/''* 5/8)6 1/2)6 Certificate 2* 2-1/8* Note l-l/25(. 256 Note Certificate Certificate Boirl n/9/53 3/''* 11/18/53 12/1/53 2/15/53 1-7/8* 2-1/2* Note Bond Certificate Certificate Certificate Certificate Note Note Bond Note Bond 2/1/5'* 2/15/5'' 2/15/5'' 1-5/8* 2-1/2* 1-1/2* 1-7/8* Certificate Bcml Note Note ''/1/53 5/1/53 6/1/53 7/15/53 8/15/53 9/15/53 9/15/53 10/1/53 V13/53 5/20/53 7/6/53 8/5/53 9/2/53 i/ 10/28/53 ''/1/5'' ii/ 5/l»/5'» 5/17/5'' 5/5/5'' 5/17/5'' 8/2/5'' 8/15/5'' 8/15/5'' 7/21/5'' 8/3/5I' IO/I1/5'' 9/23/5'' 11/22/5'' . 2/1/55 3/22/55 it/ 5/3/55 7/8/55 7/11/55 7/20/55 10/3/55 !t/ 11/28/55 2/ 2/ U/ ^ 6/ 2/ 5/8)6 7/8* 1/2* 1-1/8* 1* 1-1/8* 2-1/8* 1-5/8* 1-1/2* 1-1/8* Certificate Certificate Certificate Bond Note Note Certificate l-l/li* Certificate 2-1/2* Bond 1 yr 5 yr 6/15/78-83 5 yr 30 yr 6/l/5l'-B lyr 3/15/57-A IO/I/58-BO 9/15/61 12/l5/5''-B 12/15/58 6/ 2/15/55-A 5/17/55 7/18/55 2/15/55 8/1/55 5/17/55 10/1/55 1-1/2* Note 12/1/55 32/1/55 2-5/8* Certificate 2-7/8)6 Bote 5 7 1 5 l*/l/59-EA 7 5 2/15/59-A li 5/17/55-B 3/22/55-C 18/ 8/l5/55-I> 20/ U/15/60 l'/l/60-EA 8/15/56-B 3/22/56-A 2/15/95 6/22/56-B 8/15/56-B 12/1/56-D 6/15/58-A 8,111* 1 383 in 5,250 8/ 1»18 '*,858 5,902 2,788 2,788 ll,72l' '*,72l* 2,997 121 2,997 121 7,007 11,177 119 9 lyr m 8 100 22/ 100 25/ 1,921* 2lt/ 198 2,532 2,201 821 IhJ 22/ 8,778 3,171* 22/ 1,1*86 6,81'1 22/ 9,083p 2,283p 13/ 100 28/ 20/ 31/ 2,970 106 6 20/ 3,210 1,''86 6,81*1 3 yr 1 yr 2 yr i*,919 5,359 6,755 gi/ 198 3,17't 21/ 3,989 10,620 1,720 gi/ lOj 22/ 100 8,U72 3,792 7,938 yr 12/ 99 3,792 yr 1 yr 5 100 23/ 100 16/ '',155 l,92l( yr 1 yr 3,558.20/ 3,806 8,1'72 1 6 2^ 1*0 100 12/ 99 It, 919 20/ 5,359 6,755 1 yr 8 yr ''O 2,897 3,886 20,' 8,190 ii/ 100 li/ 100 15/ 3,73'' 3,558 3,806 100 2/ 100 11/ 100 7,007 11,177 119 2,897 3,886 7i 6/ 2,205 9,750 9 lyr 1 yr 1,71*8 6/ 1,71'8 100 2/ 100 8,175 8,175 2/ 100 100 100 100 100 100 12/ 2,239 12,5''3 9,250 2 yr 1,188 '',858 yr yr 2 yr 5 yr 620 6/ 383 1.18 6/ 620 6/ 25 yr li 5/ 873 2/ 8,111* 10 yr 6 yr yr 10 yr i yr 10 yr yr yr 821. 5/ 873 1/ 5 21/ §9/ IS/ 22/ 22/ 10,51*2 821. 6 5/15/57-B 10/1/59-BO 8/15/55-D 20/ 12/15/55-E 8/15/63 '',963 2,008 1/ 10,5lf2 1 yr U/15/61 '',2''5 '',963 2,008 X/ 8,687 3 6/22/56-c 22/ 10/1/60-EO ''/1/55 m 1 yr 1 yr lo/u/55 2-l/U* Certificate Vl/55 2 01 i/2S/^k-C 10/ 8/l5/5l»-D 9/l5/5l'-E 3/15/56-A 8/15/57-c 2/15/95 2^/ 6/22/55-F 26/ 1-5/8* 2* 3* 1-3/8* 1-1/2* 2* 1-7/8* 3* 2* 2* U 11,693 in lyr 2/l5/5l'-A lt/l/58-EA U^ 1 yr 1 yr 5 yr 12/15/58 6/ Note Note Bond Certificate Note Note Certificate Bond Certificate Note 2/15/55 2/15/55 2/15/55 5 yr Bureau of the Public Debt. Conslete of all public cash subscriptions and Bubacriptlons by United States GoTemnent Investment accounts. Nonbank subscriptions were allotted in full. Oonnnerclal banis' eubscrlptlons for amounts up to and Including $100,000 for their own acco'jnt also were allotted In full, Connaerclal banks' eubscrlptlons for amo'onts over $100,000 for their own account were allotted $100,000 on each subscription, The 2)6 certificates dated August 15, 1952, were reopened, with all certificates of the eerles Identical in all respects, as an exchange offering for the 1-7/8* certificates »*lch matured Total eichanges in the two offerings anounted DeceiBber 1, 1952, to $2,88e mlUlon. Exchange offering available to owners of nomnarke table 2-3/1** Treasury BomIs, Inveslaiient Series B-1975-80, dated April 1, 1951. For further Information on the original offering see "Treasury Amounts shown are as of BiillBtln" for April 1951, page A-1. December 31, 1955. Reserve System Open by Federal exchangee Ano'jnt shown Includes Market Account amounting to $711* million. The 2-1/2)6 bonds dated February 15, 1953, were reopened with all the bor^e of the series Identical In all respects, as an exchange offering for the 2-1/8* notes which matured December 1, 1953. Total exchai^es In the two offerings amounted to $2,368 million. Holders of the 1-7/8* certificates Alch matured February 15, 1953, were offered a choice of exchanging the securities for either the one-year certificate or the five-year, ten-month bonds. So'jrce: 1/ 10/1/5'' 8/15/5'' 12/15/5'' 12/15/5'' 5/8* 6/15/58 6/1/53 -B 8/15/53 -C i/ 12/1/53-A 10/1/57-BO 8/15/53 -C i/ 106 9,083p 2,283p 100 22/ Hi/ 100 100 25/ The booi offering was made available for exchai^e of Series F and G savings bonds maturing from May 1 through December 31, 1953. 2/ Total allotments on cash subscriptions were limited to approximately $1,000 million. Nonbank subscriptions In amounts up to and including $5,000 were allotted In full. All other subscriptions were allotted 20 percent, CcBnnierclal banks* subscriptions were restricted to an anuunt not exceeding 5 percent of their time deposits as of December 31, 1952. The Treasury also reserved the right to allot limited ajKnmte of these bonds to Government investment accounts, irtilch subecrlbed to a total amount of $ll8 mlllloa. 10/ Also designated tax anticipation certificates, acceptable at par plus accrued interest to maturity In payment of income and profits taxes due March 15, 195''. 11/ Subscriptions for amsunts up to and including $100,000 were allotted in full. Subscriptions for amounts over $100,000 were allotted 67 percent but in no case less than $100,000. 12/ Holders of the 2* bonds lAlch matured September 15, 1953, were offered a choice of exchanging the securities for either the one-year certificates or the three-and-one-half-year notes, to and including $10,000 were allotted in i2/ Subscriptions for amounts up full. Subscriptions from mutual savings banks, ins\irance companies, pension aM retirement funds, and State and local governments were allotted 21* percent. All others. Including comnerolal banks, were allotted 16 percent but not less than $10,000 on any one subscription. Footnotes li through 35 on page 25. 8/ Treasury Bulletin 2k .DEBT OPERATIOKS. Table 4.- Dleposltion of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness Januanj i9% 25 .DEBT OPERATIONS. Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness - (Continued! CaUed or maturing security 1/ Disposition offers ty Treasury Date of refunding or retlroment Description 1-5/856 Certificate 2/15/55 l-l/2i Note 2-7/856 Bond 2/15/55-A 3/15/55-A Issue date 2/15/5^ 3/15/50 Amount outstanding Cash retirement 7,007 5,365 £)cchange Total Exchanged security offered (in millions of dollars / 5,735 7,007 I 1,166 / 2, lull 5,365 2,626 I 2,6u 3/15/55-60 Results of exchange offers 2,611 / 1U,983 lU.gSs Description of new security offered Turned In for cash a/ 1 . , 256 1-1/856 Certificate 5/17/55-B 3,886 3,886 8/1/55 1-1/856 Certificate 8/15/55-D 8,1.77 8,1*77 1 '8,1*72 total of 1-5/856 Note Note total of 256 Bond total of 356 8/15/56-B 8/ Note 3,792 1-lfhi Certificate 12/15/55-E 12/15/5't 5,359 5,359 I 1,"^ I l-3/l>56 Rote :i2/l5/55-B 12/15/50 6,85lt 6,851* 12,213 12,213 Source: Bureau of the Public Debt. 1/ Original call and maturity dates are used. 2/ All by investors other than Federal Keserre Banks. 2/ The a^ certificates maturing August 15, 1953, vers reopened for the December 1, 1952, refunding (see Table 3). kj The 2-1/356 bonds maturiiv; December 15, 1958, were reopened for the December 1, 1953, refunding (see Table 3). 5/ On November 9, 1953, the Treaaiiry purchased froa the Federal Reserve System and retired $500 million of the a-l/856 Treasuiy notes maturing December 1, 1953. For further detail see "Treasury Bulletin" for November 1953, P«ge A-1, 6/ 2/ 8/ 2/ p 2^ [256 Certificate Note I2-5/856 Certificate 2 -7/856 Note - L256 ( I 712 |ll*9 6,81*1 U,158 p 811* p ',925 P 12/1/55 3/15/56-A a/15/95 Bend 795 3,171* 3/15/56-A 8/15/57-C Note .3* ,1,921* 5/17/55 Note 1-5/856 Note }36l* lli,l88 256 1-5/856 Note }326 323 3/15/56-A 8/15/57-C I-5/85S Note 106 }387 p 6/2a/56-B 9,/ 8/15/56-B tl 12/1/56-D 1 I116O p [2-5/856 Certificate [2-7/856 Note 81*7 p [9,083 P total of 2-5/856 Certificate [2,283 P total of 2-7/856 Note P 11,366 p - 12/1/56-D 6/15/58-A It had been announced the holders of these bondB vouliL be given an opportunity to exchange them for another Treasurr iasufi after February 15, I95I*. This exchar^e offering was Included in the refuodli^s of May 17, 1951*. The 1-1/8^ certificates maturing. August 15, 1955, were reopened for the December 15, 195"*, refunding (see Table 3). The 256 notes maturing Aaffuot 15, 1956, vere reopened for the August 1, 1955, refunding (see Table 3). Also designated tai anticipation certificates, acceptable at par plus accrued interest to maturity In payment of inoane and profits taxes due June 15, 1956. PrellminaiT. Footnotes to Table 3 - (Continued) Footnotes 1 through 13 on page 23 11*/ Holders of the 2-1/856 notes maturing December 1, 1953, were offered a choice of exchanging the securities for either the twelve-and-onehali-month notes or the five-year, ten-month bonds. Holders of the 2-1/1*56 certificates which matured February 15, 1951*, 15/ and the I-3/856 notes maturing March 15, 1951*, were offered a choice of exchanging the securities on February 15, 1951*, for either the one-year certificates or the seven-year, nine-month bonds. In addition, holders of the 2;6 bonds maturing June 15, 19?!*, and two issues of 2-1/1*56 bonds called for redemption on June 15, 1951*, were given an opportunity to exchange their holdings on Fobruary 15, 1951*, for the 2-1/256 bonds. 16/ Subscriptions for amounts up to and including $10,000 were allotted in full'. All other eiibscriptions were allotted 22 percent but in no caae lees than $10,000. 12/ Holders of the 2-5/856 certlflcatea maturing June 1, 1951*, were offered a choice of exchanging the securities on May 17, 1951*, for either the ono-year certificates or the four-year, nine-month notes. 18/ Also designated tax anticipation certificates, acceptable at par plus accrued interest to maturity in paymsnt of Income and profits tales due March 15, 1955. 19/ Subscriptions for amounts up to and includljig $50,000 were allotted in full. Subscriptions for amounts over $50,000 were allotted 1*0 percent but in no case less than $50,000. 20/ The 1-1/856 certlficatee dated August 15, 1951*, were reopened with all the certificates of the series identical in all respects, as an exchange offering for the I-7/856 notes which matured December 15, 1951*, the 256 bonds -,Aloh matured December 15, 1951*, and the 2^ bonds which were called for redemption on December 15, 1951*. Total exchanges in the two offerings amounted to $8,1*77 million. and 2i/ Holders of the 2-5/856 certificates, maturing August 15, 1951*, the 2-5/856 certificates, maturing September 15, I95I*, were offered a choice of exchanging the securities on August 15, 1951*, for either the one-year certificates or the six-year, three-month bonds. 22/ Subacriptlons for amounts up to and Including $50,000 were allotted Subscriptions for amounts over $50,000 were allotted 50 In full. percent but in no case less than $50,000. Holders of the I-7/856 notes maturing December 15, 195^, the 2^ bonds 237 maturing December 15, 1951*, and the 256 bonds called for redemption on December 15, 1951*, were offered a choice of exchanging the securities for either the I-I/856 certificates, the I-I/U56 certificates, or the 2-1/256 boHis. 21*/ The 3^ bonds dated February 15, 1955, were reopened with all the bonlB of the series identical in all respects, as an additional cash offering. The total amount issued in the two operations was $2,71*5 12/ millloQ. Holders of the 2-7/856 Treasury bonds of 1955-60, called for redemption on March 15, 1955, were offered a choice of exchanging the securities on February 15, 1955, for either the forty-year bonds or the one-year, one-nonth notes At the aame time holders of the 1-5/356 certificates maturing February 15, 1955, and the I-I/256 notes maturing March 15, 1955, were offered a choice of exchanging the securities on Februaiy 15, 1955, for either the one-year, one-month notes or the two-year, silnontha notes Also designated tax anticipation certificates, acceptable at par plus accrued interest to maturity In psymant of Income and profits taxes due June 15, 1955. The 256 notes dated May 17, 1955, were reopened with all the notes of the series Identical in all respects, as an exchange offering for the Total exohanges In the 1-1/856 certlficatee maturing August 15, 1955. two offerings amounted to $10,015 million. Cash subscriptions for $100,000 or less were allotted in full. Subscriptions for more than $100,000 were allotted 62 percent but In no case lees than $100,000. Also designated tax anticipation certificates, acceptable at par plus accrued interest to maturity In payment of income and profits taxes duo Maroh 15, 1956. Cash subscrlptlona for $100,000 or less were allotted in full. Subacriptione for more than $100,000 were allotted 19 percent but In no case less than $100,000. Subscriptions from eavinge-type Investors totaled $71*9 million and were allotted 65 percent. Subscriptions from all other Investora totaled $970 nllllon and were allotted 30 percent. Subscriptions for $25,000 or less were allotted in full. Subscriptions for norethan $25,000 were allotted not lass than $25,000. In addition to the amount allotted to the public, $25 nllllon of the bonds were allotted Savings -type investors were given to Government Investment accoiBite, the privilege of deferring peyiaent for the bonds, provided that not less than 25 percent of the bonis allotted were paid for by July 20, 1955, not less than 60 percent by September 1, 1955, and full payment by October 3, 1955. Also designated tax anticipation certificates, acceptable at par plus accrued Interest to maturity in payment of income and profits taxes due June 15, 1956. Holders of the I-I/856 certificates which matured August 15, 1955, were offered a choice of exchanging the securities on Atgust 1, 1955, for either the ten-and -one-half inonth certificates or the one-year, threemonth notes. Cash subscriptlonB for $100,000 or less were allotted In full. SubBcrlptions for more than $100,000 were allotted 32 percent but In no caae lees than $100 000. Holders of the l-lA/6 certificates and 1-3/1*56 notes, both maturing December 15, 1955, were offered a choice of exchanging the securities on December 1, 1955, for either the one-year certificates or the tw<^ and» one -half year notes, Fre11m1naiy. . 26/ 27/ 28/ 29/ ^0/ •^1/ 32/ 33/ 3!*/ ^5/ p Treasury Bulletin 26 .UNITED STATES SAVINGS BONDS. United States eavlnge bonds were first offered In March 1935 and began to mature In March 13^3. Series A-D were sold between March I935 and the end of April igll-l, were first offered In May l?"*!. and Series E, F, and details of these changes see "Treasury Bulletin" for May 1952, page A-1. Series F and G began to mature on for the exchange offering made to holders 1, 1953. of these bonds maturing through December Jl, 1953, see the May 1953 issue, page A-1. The Treasury Invited May When Series E began to mature on May 1, 1951. owners of To redeem the matured bonds were offered three options: the bonds in cash in accordance with the original terms; holders of Series F and G which began to mature in January to retain them with an extended maturity of 10 years at bonds. specified rates of Interest accrual; or to exchange them for Series May 1, bonds. 1952. A number of changes became effective The principal ones were: The rate of 195** to reinvest the proceeds in other series of savings In the tables which follow, Series A-F and J sales are included at issue price and total redemptions and amounts outstanding at current redemption values. Series G, £md K are included at face value throughout. Matured H, interest accrual on Series E was increased, especially for bonds whioh have been redeemed are included in redemptions. the near term, with corresponding changes in extended Series E; and Series F and G were replaced by two new issues, Series J and K, also at higher interest rates. A new current-income bond, Series H, similar in interest Matured F and G bonds outstanding are Included in the return to Series E, was offered beginning June 1. Interest-bearing debt until all bovids of the annual series have matured, when they are transferred to matured debt upon which interest has ceased. For Table 1.- Sales and Redemptions by Series, Cumulative through November 30, 1955 (Dollar amounta in mllUons) Series I January 1956 27 .UNn'KD STATES SAVIHGS BONDS. Table 3.- Salee and Redemptions by Periods, Series B through K (In illlana of dollBn) Aoomed Period dlflooimt aoomed dlBOOISlt neoal Seda^tlou i/ Sales plofl Salea prloe k/ 5/ Serlee 1 and H ooablnad Total Aaonnt ontataodijlg Acorued dlaoOTmt S/ Intoreat-tearljig Matured deM debt yeare: I9IH-I9W 50,ita6 U,278 3,993 3,2TS 3,296 4,061 19^9 1950 1951 1952 1953 195^6/ 3955 6/ 5,225 2, an 895 1,035 1,111 1,120 1,126 1,123 52,447 5,032 4,887 4,307 4,407 5,181 5,779 6,348 20,822 3,530 3,521 4,295 4,008 4,038 4,345 4,544 20,488 3,368 3,326 3,987 334 162 195 307 3,583 3,538 3,791 3,909 425 500 554 636 2,384 818 971 1,080 1,120 1,128 1,126 54,838 5,025 4,639 4,270 4,694 5,496 6,015 22,649 3,448 3,912 4,036 4,098 4,157 4.444 22,235 3,274 3,667 3,688 3,622 3,625 3,909 414 174 245 348 476 531 535 32,188 33,766 34,493 34,727 35,324 36,663 686 549 599 404 343 406 336 256 334 68 88 72 38,515 38,721 38,914 376 392 329 342 372 47 50 65 39,063 39,181 39,285 352 343 50 56 339 53 39,432 39,553 39,656 305 310 48 753 31,625 33,127 34,494 34,506 34,905 36,048 37,482 39,285 Calendar yeara: 19'*l-19'tfl. ... . 19^9 1950 1951 1952 1953 195* 11,208 3,668 3,190 3,575 4,368 "•,889 Wopthe: 1955-Januar7.., Fetamar?., I165 113 84 Marob 518 81 573 J^rll U8 mt IH9 77 90 June i»28 U3 525 509 542 Julj Au^uBt. ... Septemlwr. U39 hlk 110 81 82 548 520 496 October. . Hovember,. kOh 395 78 89 483 484 1*3? 437 402 399 393 358 358 53 38,233 39,780 39,906 Series F, G, J, and E ooablnad riBcal yeara: 1941-1948 1949 1950 1951 1952 1953 1954 6/ 1955 1/ Calendar yeare; 1941-1948.. 1949 1950 1951 1952 , , . . . , 1953 1954 21,463 2,863 1,680 1,871 629 501 841 1,249 172 73 83 90 96 108 23,367 1,626 2,406 770 586 432 1,284 207 78 87 169 137 95 15 6 87 69 8 108 108 93 100 109 no 21,634 2,935 1,763 1,961 726 610 Q49 1,357 2,529 835 821 1,042 1,012 1,552 2,152 2,692 23,574 1,704 2,493 863 686 542 1,394 2,961 815 905 2,5U 18 823 807 1,021 990 1,511 2,071 2,564 12 14 21 21 41 81 128 19,105 21,205 22,147 23,066 22,780 21,837 20,579 19,080 219 619 55 24 1,093 929 1,968 2,526 2,937 803 888 1,071 908 1,909 2,428 22 21 59 98 20,613 21,501 23,089 22,859 22,616 81,047 19,439 184 143 102 367 198 197 354 176 184 13 22 13 19,451 19,504 19,456 424 317 273 95 74 305 189 181 293 177 171 12 19,263 19,166 19,080 252 235 219 70 54 55 186 7 207 196 9 18,975 18,897 18,635 53 216 166 180 136 319 200 155 16 12 18,481 18,373 177 168 12 17 143 Ilontha! 1955-JajBaary. ,. Febl'uai7 • Marob April May June 68 July August . . September, 55 48 48 October NoTcmber. 47 . . Footnotea at end of Table 4. 43 7 6 U 15 6 7 6 6 79 49 143 328 (Continued en follovlng page) U 10 7 186 28 Treasury Bulletin .UNITED STAIES SAVINGS BONDS. Table 3.- Sales and RedemptlonB by Periods, Series E through K (Continued) (In mlllloQe of dollare) Accrued discount BedeBptlona 2/ j/ Salsa plua accrued dlacount Salaa price k/ S/ Accrued discount 5/ Amount outstanding (interestbearing debt) Series E Fiscal jeare: 19'tl-19W 19*9 1950 1951 1952 1953 1951* 1955 50,li26 2,oei '•,278 753 895 1,035 1,111 1,120 1,126 1,123 3,993 3,272 3,266 3,700 3,988 It ,095 52,W>7 5,032 20,822 3,530 3,521 It, 295 20,lt88 162 195 307 31,625 33,127 '•,821 5,llii 11,008 '•,032 '•,319 5,218 '•,'•90 3,368 3,326 3,987 3,583 3,532 3,765 3,85* 5'*,838 22,6'l9 22,235 5,025 i,kke 3,912 3,27lt 17* '•,639 21^5 it, ,270 513 '•,036 '•,098 5,03't 't,l'tl 3,667 3,688 3,622 3,609 3,871 531 535 34,727 35,143 36,036 36,778 332 68 36,909 '',887 '',307 i»,377 500 55't 636 3't,lt9lt 3lt,506 3lt,875 35,66t 36,458 37,186 Calendar jesret ig'ti-ig'tfl m9 52, "tS* l»,208 1950 1951 1952 1953 1954 3,668 3,190 3,393 3,906 14,023 2,39i 818 971 1,080 1,120 1,128 1,126 It 5,1V9 '•111 3W i»76 32,188 33,766 31* ,493 Months: 1955 -January. February. Harcb April 'tis 357 39U •far 335 332 June 3110 July August. .. September 335 353 October. lOTember. 113 8k 531 399 339 81 ityU '•00 "tU •22 370 385 '•53 "•32 kik 331 110 81 82 321 320 78 89 399 77 90 113 "•13 l«D9 37,0U 251 328 37,086 323 336 366 '•7 395 391 385 3115 50 335 331 56 350 350 296 3oe 37,357 37,415 30 385 1,024 2,099 50 65 53 37,128 37,164 37,186 37,236 37,279 37,307 Series H j/ riBcal years: 1952 1953 1954 1955 30 360 665 1,130 30 360 665 1,130 6 26 55 6 26 55 182 462 182 462 866 16 38 16 866 155 108 125 155 108 125 1,606 1,710 1,828 April M«y June 112 87 112 87 88 86 1,935 2,016 2,099 July August... September 103 103 87 87 83 83 2,195 2,274 2,349 October, November. 83 75 83 75 2,424 2,490 Calendar yearv: 1952 1953 1954 38 181 627 1,455 Months! 1955-January.. February. March Source: Dally 'freasuiy stateaant; Bureau of the Public Debt. Footnotes at and of Table 4 January 29 i'^3'6 .UNITED STATES SAVINGS BONDS. Table 4.- Redemptions of Matured and Unmatured Savings Bonds (In lUloOB of doUare) Maturod bonde Period 8/ Total natured ^ Series A-D For cash Unnatured bonds In exchange for Series G and E Series r and C Total lunatured Sales price It/ Accrued discount i/5/ Fiscal years: 6,137 5,109 5,621 6,515 7,251 817 792 1,761 2,7*7 3,9*1 779 90 31 18 5,»*0 5,651 987 772 1,015 6,lli9 2,318 3,171 1* 38 702 1,128 1,*87 1,826 69* 1,126 1,*86 1,825 987 518 *7 2* 1* 25* 968 1,328 1,500 2*9 962 1,326 1,*99 385 656 *27 195 257 195 256 211 188 397 215 387 -112 2U 178 682 581 619 338 133 1*2 195 133 1*2 195 20* 170 1*6 July August . . September. 589 5*3 722 25* 27* 307 150 166 153 150 165 153 October Norember,. 57U 526 15* 1*0 153 288 1*0 226 1*7 1951 1952 1953 195^ 1955 2,101 5,320 *,317 3,860 3,768 3,310 *,996 *,0*6 3,622 3,577 3,1*2 32* 271 238 191 168 967 2/ 1,657 *,853 *,879 *,059 3,831 3,81* *,583 *,571 3,806 3,613 3,655 270 308 253 217 159 368 -13* 161 19 22 17 3** 268 277 332 255 263 12 13 1* 10* 33* 268 *15 32* 256 *oe 11 108 19* 182 238 227 12 11 37 6oe a/ 1,2*1 ./ Calendar years: 1950 1951 1952 1953 195^ 6,985 Months 1955 -January. .. February March . April May J\ine . 772 5*3 605 313 3*2 380 Source: Dally Treasury etatenent. 1/ Details by series on a cumulative basis and by periods for Series A-D combined will be found In the February 1952 and previous Issues of the "Treasury Bulletin." 2/ Includes exchanges of matured Serlee X bonds for Series G bonds beginning May 1951 and for Series E bonds beginning May 1^52. Includee both matured and unmatured bonds; see Table ^. Includes total value of rede^tlons not yet classified between matured and unmatured bonds. 5/ A change In procedure, beginning In June 195*, for processing redeemed savings bonds has resulted In a high level of redemptions not yet classified between matured and unmatured bends. This Increese temporarily obscures the relationship between the rsdemptlon columns showing sales price and accrued discount In Tables 2 through * and also the relationship between the matured and unmatured sections of Table k. (See also footnote *.) The subsequent distribution of this 6/ 153 12 13 high level of unclaaalf led redea^tlons maj be large enough In anj Bonth to shov redemptions of aatured bonds for a series in Table U which are greater than the total redemptions of that series as ahovn in Table 3, and to abov a negative in the unmatured section of Table U. Beductlons vere oade in isauee and redeiiq)tloae of Series £, H^ F, G, J, and K in Julj 19^4 to coi^?onaat« for the erroneous inclusion of relBBue tranaactlonfl in June 19^ as reported in the dallj Treasury statement. Tbe aaounts involved vere as follova: $l8 lUlon for Issues of Series E and H and $17 million for iBSues of Serlee P, G, J, and E; and $3^ mlUicn for unclassified retirements. Sales began June 1, 1952. Conparable data are not available prior to January 1950. Includes exchangea of Series 19^1 7 and G savings bcoids for Treasury 3-lA^ bonds of 1978-83. Less than $500,000. Treasury Bulletin 30 .TREASURY SAVIIGS BOTES. Treasury tax and eavlngs notes have been Issued as follows: Tax Series A from August 1, IS**-!, through June 22, 19'V3; Tax Series B from August 1, ig"*!, through September 12, 1942; Savings Series C (originally designated Tax Series C) from September l4, 1942, through August Jl, 19^8; Savings Series D from September 1, 1948, through May l4, 1951; Savings Series A from May 15, 1951. through May 14, 1953; Savings Series B from May I5, I953, through September 25, 1953; *""* ^ "^^ Savings Series C from October 1, through October 23, 1953, notes was suspended. "l^ei sale of these Details concerning terms and conditions for purchase and redemption and Information on Investment yields of Savings Series C appear In the October 1953 Issue of the "Treasury Bulletin," Table 1.- Similar Information with respect to the offering of the earlier aeries was published currently In the "Treasury and appears also In the "Annual Report of the Secretary of the Treasury" for appropriate years. Bulletin," In the following tables sales and redemptions of Treasury savings notes are shown at par value. Matured notes redeemed (either for cash or for tax payment) are Included In the figures on redemptions. Matured notes outstanding are reflected In the Interest-bearing debt until all notes of the annual series have matured, when they are transferred to matured debt upon which Interest has ceased. page A-1. Salee and Redemptions by Series, Cumulative through November 30, 1955 (In mlUlona of dollars) Series January 19% 31 .OWNERSHIP OF FEDERAL SECURITIES. Table 1.- Distribution of Federal Securitiee by Classes of Investors and Types of Issues (In mllllooa of dollars) 32 Treasury Bulletin .OWNERSHIP OF FEDERAL SECURITIES. Table 3.- Estimated Ownership of Federal Securities (Par values 1/ - in bllllone of dollars) Held by banke Total Federal &id of month Held by private nonbank Inveetore U. S, CcBnaor~ securltlef outstanding 2/ cial banlce Federal Eeserre Banks Individuals Government ^ Investanent accounts U/ Savings bonds 1939-D9oeJiber... 47,6 I8,lt 15.9 2.5 6.5 22,7 19ltO-June I18.5 18,6 19.5 16,1 17.3 2.5 2.2 7.1 7.6 22,8 23.9 10.1 10.6 21,8 23.7 19.7 21.lt 2.2 2.3 8.5 9.5 25.0 31.0 11.2 13.6 10,6 12,2 37.7 53.0 17.8 23.7 19.2 11.7 2li,7 K.9 31,2 36,2 II1.9 December, . 50,9 19itl- June 55,3 1.9 6.3 3.1 7.5 7.8 6.5 6.9 3,1 3.2 3,6 7.6 8,2 7.1 8.2 9.1 8,7 13.li 10,3 9.2 11.3 61t,3 77.0 112.5 28,7 26,0 117.3 lil,l 2.6 6.2 Wis -June 11*0.8 59.11 111.3 170.1 71.5 52.2 59.9 7.2 . 11.5 16,9 67,0 81,7 30.9 37.« 83.3 96.5 68.U 77.7 111. 18.8 19.1 21,7 100,2 Hlt,0 I16.I . 202.6 232.1 106,0 115.0 81t.2 21.8 2lt,9 90,8 2lt,3 27,0 128,2 136,6 59.1 December,, 259.1 278,7 6I1.I lt0,7 lt2,9 279,8 269,9 259,5 116,7 108.2 97.9 93.8 28,0 29.1 30.9 135.1 132,6 130,7 61t.l 711,5 22,9 23,8 23.3 258,1* 70.0 68,7 21,9 22,6 32.8 257.0 91.9 91.3 133.7 131.3 252, It 252.9 85.9 85,8 6lt,6 21.lt 35.8 62.5 23,3 37.3 130.7 129.7 252,8 257,2 82, It 63.0 66,8 19.3 18,9 38.3 85.7 132.2 132.1 257.1' 18,3 37.8 20,8 39.2 13lt.9 66.3 Itl.O li2.3 132,9 131,8 65, It 19'»5-June 19li6-February 2/ June December. . 19l"7-June December,, 19lt8-June December,, 19l»9-June 81t,U 3ll.lt banks 2,6 2.8 December,, 19UU-june December, Mutual savings 8,2 19te-June December, , December, Insurance companies 5.I1 State and Corpora- local tions 6/ govemmente 2/ Miscellaneous Investors 8/ y .It .7 2.1 2.0 .It .7 .7 3.I1 2.0 .6 .7 3.7 ll.O .7 .9 3.9 1.9 10.1 .9 li.5 1.0 1.1 2.3 3.I1 .5 13.1 15.1 5.3 12.9 1.5 6,1 16, It 2.1 lt.lt 17.3 19.6 7.3 8.3 20,2 3.2 21. ll I1.3 6.1 7.0 18,5 21,2 22.7 9.6 10,7 23.3 22,2 5.3 8.3 6.5 9.1 I13.3 20,8 2lt,lt 63.3 I13.5 19.9 2lt.9 ltll,2 20,1 2lt,9 19,9 17.8 15.3 6.7 6.5 61t.2 11.1 11.5 11.8 6.3 8.9 8.6 8,1 66.6 65.7 li5,5 21,1 2l*,6 13.7 7.1 9,6 li6,2 19 .U 23.9 12.1 12.0 llt.l 7.3 8,lt 65.8 65.5 li7,l li7,8 18,6 17,6 22.8 21.2 12.0 13.6 7.8 U.5 lit. 7.9 8.7 8.9 66.6 66.3 It8,8 119,3 17.8 17.0 20.5 20.1 11.6 n.ii 15.8 16,8 8.0 8.1 9,li 67,11 119.9 lt9.6 17,6 16.7 19.8 18.7 11.6 10.9 18. It 16,3 15.5 17.1 16.5 10.2 9.3 19.7 20,1 20.7 15.7 16.1 9.6 9.5 18.8 19,9 10.lt U.l 11.6 11.7 18, It 21.0 12.0 12.7 12.8 13.2 13.0 13.0 13.3 13.6 13.9 13.8 13.5 13.7 13.9 13.7 13.8 13.7 13.8 13.9 13.8 13.7 13.6 13.7 13,9 13.8 13.8 lli.O 53.3 17.1 2lt,0 9.6 December, , 1950-June December, , 256.7 83,9 82,6 65,6 61,8 81, It 85, It 58.I1 . 255.3 259.5 61.6 23.0 23.8 61t,6 I19.I I19.I 259.2 61,1 22.9 lilt.3 130.8 61t,8 I19.O 267.1. 8U,0 88,1 63.1. 2li,7 Ii5.9 133.11 65.1 1.5.2 15,7 16.0 266,1 275,2 83,6 89.6 58.8 63.7 2lt,7 lt7.6 25.9 It8.3 135.0 137.3 66,3 65, It 119.3 U9,lt 17.1 16.0 16.0 15.8 9.5 9.2 STi.9 86.8 87.6 85.5 6lt.l 2lt,6 It8.3 It9.lt 21t,5 lte.3 I18.2 65.5 65.6 li9,li 16.0 16.1 16,1 15.7 15.7 15.6 9.2 9.2 9.2 21.0 21,6 24.6 137.9 139.0 136.6 65.3 63.1 60.9 135.8 136.8 133.3 65,1 65.5 65,0 I19.5 I19.5 15.7 16,0 15.5 15,6 15.5 15.3 9.2 9.2 9.1 18.7 19.1 132.6 15.1 15.1 15.1 9.0 9.0 8.9 l6.lt 15.1 15.0 15.0 8.9 8.8 8.8 18.7 15.2 15.2 15.0 8.8 8.8 20.0 21.2 19.0 llt.l II1.3 13.9 13.9 111.5 111. 111 8.8 8.7 20.1 .1.2 18.8 lit. llt.l; 19.9 21.0 20.9 15.0 15.1 15.1 15.0 22.2 15.3 15.2 1951-June December, 195? -June December , 1953 -June December. 19^U-januai7 February, March , . . . , , 270.3 271.1 273.6 271.3 87.1 62.5 2I1.6 I18.2 88.2 88,7 63. It 2lt.8 I18.5 63.6 25.0 It9.3 July August September, 271.0 275,0 89,1 91.1 6lt.8 21t,3 2ll.O i3l1.lt 6U.7 6U.7 I19.6 I19.7 15.1 15.0 27lt.8 91,11 67.1 67.1 211,3 13lt.O 61t.lt I19.7 lit. 2'f8,8 911,5 91* ,6 git.i 70,1 69.7 69.2 2ll,ll lt9.3 135.0 6lt.5 2li,9 ^.li 1311.9 lt9.8 I19.9 111, 2lt.9 It9.6 135.1 61t.2 6li,2 50.0 lit 92.6 90.6 87.8 68.7 66.9 23.9 23.6 23,6 U9.1t I19.2 136.5 6lt.lt 6lt.9 136.9 65.5 50.0 50.1 50.2 II1.5 i38.lt I19.I1 89.I1 65,8 88.5 87.1 61t.8 23.6 23.7 23.6 Ii8,9 I19.5 138.3 139.6 136.7 65.5 65,5 65,3 50.2 50.2 50.2 15.3 15.3 15.1 63.8 62.7 62.1 2lt.l 139.1 lltO.lt lll0.lt 65,5 65,6 65,8 50,2 23,8 23.8 50,6 51,6 51,2 62.7 Slt.O 51,0 1112.1 65,8 . . 278.9 278.8 , . 278.5 278.2 1955-Jajiuflry February . March 2/ 3/ It/ 5/ lt9,lt April May June October November, ,, December,, 1/ 27lt.9 39.li 2711.1 April May June 276,7 277,5 July August September . 277,6 278, It 87.9 . 277.5 85.9 October p., 279.9 2711, It 86, It 6lt.2 63.5 50.5 United Stetee savings bonds. Series A-F and J, are Included at cuirent redemption value. Securities Issued or guaranteed by the U. S, Government, excludli]g guaranteed securities held by the Treasury. For amounts subject to Btatutci7 debt limitation, see page 1. Consists of ccsamerclal banks, trust ccnpanles, and stock savings banks in the United States and In Territories and Island possessions. Figures exclude securities held in trust deparlaaents Holdings by Federal land banks are Included under "Miscellaneous investors" Instead of "U. S. Government investaient accounts" after June 26, 19117, when the proprietary interest of the Uiiited States In these banks ended, Includes partnerships and personal trust accounts. Nonprofit Institu- 8/ 2/ P 119.5 lit, .2 lit. 15.3 15.0 lli,9 lit, 50,3 50.2 15.3 15. 15.6 15,0 15,0 8.8 8.8 8.7 50,2 15.6 llt,9 8.6 1 lit .9 19,2 16. It 18.1 18.1 19,3 19.3 8.7 8.8 9.7 10.5 9.I1 10.7 10.6 9.6 .6 lit. 13.8 13.9 lU.lt llt.lt 111. 15.0 tlono and corporate pension trust funds are Included under "Miscellaneous Investors." Exclusive of banks and Insurance ccapanles. Consists of trust, sinking, and Investment funds of State and local goverrmente and their agencies, and Territories and island possessions. Includes savings and loan associations, nonprofit Institutions, corporate pension triist fimds, dealers and brokers, and tnveetanente of foreign balances and International accounts in this country. Beginning December 19^*6, includes inveslanents by the International Bank for Reconstruction and Develojinent and the International Monetary Fund in special, nonlnte rest-bearing notes issued by the U. S. Government, innediate postwar debt peak. Preliminary. Revised, January 1956 33 .TRKASURY SURVEY OF OWRERSHIP, OCTOBER 31, 1955. The Treasury Survey of Ovmershlp covers securities Issued by the United States Oovernment and by Federal agencies. The banks and Insurance companies Included In the Survey account for approximately 95 percent of such securities held by all banks and Insurance companies In Distribution of ownership by types of banks and Insurance companies Is published each month. Holdings by commercial banks distributed according to Federal Reserve memberbank classes and nonmember banks are published for June 30 and December Jl. Holdings by corporate pension trust funds are published quarterly and first appeared In the March I95U the United States. Data were first published for March 3I, igUl, in the May 194l "Treasury Bulletin." Section I - Bulletin for quarters beginning December 3I, 19^9. Securities Issued or Guaranteed by the United States Government Table 1.- Summary of All Securities (Par Taluee - In miniona of dollaxs) Held Ijy InTestore covered In Treaemy Surrey Total Classification 52U suoun't outstanding 1/ 6,780 canmerclal banka 2/ i/ mutual savings banks 2/ Ineurance ccDipanles 312 life 592 fire, casualty, and marine U. S, Goreranent Inrestanent accounts wnH Federal Eeserre Banks Held by a3J. other Investors y Interest -bearing securities: Pllblic marketable Public nonmarketable 2/ Special issues 162,591 71,076 Total interest-bearing eecurities 277,32l» 5lt,563 2,075 6,7110 1,81.8 5,706 l.,575 3, £06 817 '»3,657 56,637 8,588 8,912 5,392 Total securities Issued or guaranteed by the 279,866 Govemment j/ Footnotes at end of Section II. Table 2.- Summary of Interest-Bearing Public Marketable Securities (Par values - in millions of dollars) Olaasification 63,152 59,570 1.3,657 Matured debt and debt bearing no Interest 6/, U. S, 27,855 3,561 75,073 122,722 3"^ TRTTA i i January 19% •vu-w.t 36 Treasury BuUetia .TFEASURT SURVEY OF OWHERSHIP, OCTOBER 31, 1955. Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government (Par values - In mllliana of dollsra) January 19% 37 .MARKET QUOTATIONS ON TEEASUPY SECTRITrES, NOVQfflER 30, 1955. Current market quotations shown here are over-the- public marketable securities Issued by the United States counter closing bid quotations In the New York market as reported to Government except Panama Canal bonds. Outstanding Issues which are guaranteed by the United States the Treasury by the Federal Reserve Bank of New York. Government are excluded because they are not regularly The securltlee listed Include all regularly quoted quoted In the market. for the last trading day of the month, Table 1.- Treasury Bills (Taxable) AmOUDtB outstanding (miniaoB Bank die count Maturity date Issue date Bid 3« Treasury Bulletin . MAKCET QUOTATIONS ON TREASUPY SECURITrES, NOVEMBER 30, 1955. Table 4.- Taxable Treasury Bonds January I9jf) 39 .MAKOET QUOTATIONS ON TPEASUPY SECUEiriES, NOVEMBER 30, 1955. liJ o o ko Treasury Bulletin .AYERPCE YIELDS OF lONG-TEIW BONDS. Table 1.- Average Yields of Treasury Bonds and Moody's Aaa Corporate Bonds by Periods (Percent per azmim) Period Taxable Treasury bonds 1/ Moody's Aaa corporate bands Taxable Treasuiy boi^ 1/ Moody's Aaa corporate bonds Period Taxable Treasury bonds 1/ Moody's Aaa corporate bonds January 1956 ivi .AVER/GE yiEIDS OF LONG-TEIW BONDS. 'a- o UJ o q: a. CM O ro 00 to CVI cvi cvi O o Treasury Bulletin 1^2 .INTERNAL REVENUE COLLECTIONS Table !•- Summary by Principal Sources (la thoufiands of dollars) Total Adjufltanent of collections collect lone reported "by to budget Internal receipts 1/ Rerenue Service Bxiifiet Fiscal year or montii receipts frcm Internal revenue 191.7 39,379,'«;9 191.8 1.1,853,1185 191.9 1.0,307,285 1950 1951 39,U8,607 1952 1953 1954 1955 65,6311,891. 51,106,095 70,170,9711 70,299,652 66,288,692 1955-january . February. Mapch. . • April. . . May June July Auffuat 39,108,386 -155,81iO +491,1175 466o,l«D9 40,1.63,125 1625,308 +Ii81i,li39 +364,672 1.1,861., 51.2 38,957,132 50,445,686 65,009,586 69,686,535 69,934,980 66,288,6925/ Individual Inccme tax not withheld 2/ 3,584,025 3,816,252 4,2l8,520r 5,339,5735/ 620,622 628,969 605,221 600,106 5/ 259,616 273,182 283,882 279,986 10,736,578 10,396,480 3,283,303 4,583,312 3,093,755 3,497,459 4,471,941 3,719,955 2,239,048 880,678 769,768 2,374,701 672,642 1,464,288 996,937 3,471,502 2,257,864 1,098,542 3,705,232 2,200,818 U,403,942 2,801,416 5,403,908 5,915,149 51*7,085 1,377,399 327,903 1,099,882 3,868,030 277,418 114,674 1,684,684 2,763,245 391,600 1,481,638 179,957 2,763,21.5 17,929,047 21,132,275 22,077,113r 21,253,625 5/ 21,546,322 18,264,720 -186 -329 +515 October,, 185,876 208,508 226,228 223,135 236,952 11,345,060 354,629 274,500 6,812,452 478,091 376,719 6,201,403 5,915,661. 379,555 560,113 562,734 548,038 579,778 33,738,370 37,254,619 37,981,314 37,869,770 21,5911,515 4,355,573 5,632,987 10,903,361 4,771,822 5,789,296 10,894,350 5,li03,579 1,458,934 1,612,721 1,687,151 1,873,401 2,810,749 21,466,910 -1,1.50 September 9,842,282 11,533,577 10,055,502 9,888,976 13,089,770 ^ 9,501,015 9,464,204 7,996,320 7,264,332 9,907,539 -1,655 -1,571 -1,123 -1,776 +15.580 5,787,520 10,909,930 Old-age inaurance taxes 21,367,662 23,379,123 20,527,935 19,797,883 26,624,788 11,3511,123 11,770,699 Individual Inccme tax withheld i/ 9,676,459 10,174,410 11,553,669 10,854,351 14,387,569 5,631,332 10,901,790 2,801,230 . , y 4271,023 -11,057 IndlrlduELl Income tax and emploTnent taxes Corporation InccDDC end profits taxes 't,131,592 Railroad retirement I6,4l4 Tftiemploy- ment Insurance 19,717 79,170 52,153 30,903 167,208 19,795 4,498 14,898 2,695 1,082,063 3,916,372 2,122,696 15,484 84,834 59,8aa 15,711 768 1,279,762 13,060 3,859 63,9211 46,327 2,1133 (January 19% ^i .INTERNAL REVENUE COLLECTIONS. INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES 1941 43 45 47 49 51 53 55 1941 Beginning July 1954, includes undistributed depositary receipts. for excise taxes Is included under "other excise taxes ". Offics a( the S«cr«lary of the Treasury '43 Ttie 45 47 49 whole amount of such receipts '51 '53 '55 Treasury Bulletin U4 -INTERHAL REVENUE COLLECTIONS. Table 2.- Detail of Collections by Type of Tax (In thouaandB of dollars) First 1* monthe of fiscal year Flacal year Fourth month of fiscal year Type of tax 195k CorporatlGQ inccne and profits taxes.*.*...* * IndlTldual Incane tax and employment taxes! IncGoie tax not withheld j^....... ,....,. Tnrirmft tax withheld and old-a^ insurance: 2/ Received with returns ..•.*.....•.•...•.*.•.• Tlidletrlbxrted depositary receipts ±/ Railroad retirement: Received with returns l^KLlstrlbuted depositary receipts X^*. ...... •.*...•.... Unemployment Insurance ....*.. Total individual inccme tax and employment taxes... 1955 1955 1955 (Octolwr 1956 195't) 1956 (October I955) gl,5''6,322 l8,26lt,720 2,296,683 2,366,1.70 10,9116,578 10, 72 It, 120 1,973,719 2,256,733 199,101 179,957 26,085,633 25,673, '•90 592,068 7,871,911 -337,757 8,710,745 -309,851 1,559,231* -294,228 1,696,274 -416,512 605,221 11*7,683 283,882 597,262 2,8W* 279,986 2ll,222 154,450 23,810 22,772 2,483 18,527 3,912 2,767 15,292 3,859 37,921,31't 37,869,770 9,695,607 10,856,659 1,489,029 1,481,636 863, 3't'' 81.8,1192 273,059 286,958 63,701 66,751 71,778 87,775 3,884 3,049 1,108 1,065 230,566 1,657,351 25,370 2US,&l8 1,627,752 23,867 77,218 553,020 ,689 1,373 25,580 85,151 601,673 8,797 1,492 25,831 24,738 178,805 3,522 493 6,966 27,467 192,104 3,118 568 7,758 9,898 685 235 4 123 1,506 -4 Estate tax Gift tax . 15,829 k/ 360,516 391,600 Eiclse taxee: Alcohol taxes: Distilled splrlte (Imported, excise) * Distilled spirits (dcmestlc, excise) Distilled spirits, rectification tax Wines, cordials, etc. (imported, excise)..., Wines, cordials, etc. (domestic, excise)...... Dealers in distilled spirits: rectifiers; manufacturers of stills (special taxes) Stamps Tor distilled spirits Intended for export Case stamps for distilled spirits bottled in bond Container stamps • Floor taxes Fermented malt liquors Brewers; dealers in malt liquors (special taxes)....... Total alcohol taxes • Tobacco taxes: Cigars (large) Cigars ( small) Cigarettes (large) ..*...... *.* Cigarettes (small) .....•..*...........,.•.*.* Snuff Tobacco ( chewing and smoking) Cigarette papers and tubes Leaf dealer penalties , etc Cigarette and cigar floor taxes Total tobacco taxes *.... '•,152 It 8,81.3 7l»,527 77,135 l6,te7 31 1,088 13,013 306 16,977 8 519 6,212 11,1>1.6 55 737,233 15 285,094 3,139 4 57,364 105 1 57,591 8 353 '•,196 5,112 5,5W 25 275,732 3,525 2,797,718 2,7'*2,81t0 961,319 1,021,091 274,314 268,949 '•5,857 1.6,199 I16 16,087 17 5 6 2 1,513,735 3,925 16,250 695 1,50^,191 3,909 16,155 511,272 1,230 15,784 16 2 520,607 l*,35l* US 693 12 2 280 4,223 4 1 132,325 301 1,375 37 1 1 3 53lt,533 51*3,122 133,638 138,266 109,461 536,675 285,517 769,77"* 5,61.1. l,2l^9 5,217 244 5 1 127,367 312 1,1*83 115 1 1,580,512 1,571,213 Otlier excise taxes 5,153,992 lt,789,195 1,296,513 1,528,377 104,179 Total received with returns and from sale of stamps undistributed depoaltaiy receipts i/ 9,532,222 9,103 ,2lt7 2,792,365 1111,687 21.3,978 3,092,589 275,993 512,131 274,885 ..*...*.... Total excise taxes Total colleotlccs reported by Internal Revenue Service MJustanent to btdget receipts 9,532,222 9,217,93't 3,036,31*3 3,368,583 787,017 822,192 69,93 '*,980 66,288,692 15,305,575 16,883,718 2,701,370 2,763,245 ^ Budget receipts fron internal revenue 92 70,299,652 Source; Internal Revenue Service reports for detail of collections by type of tax; "Monthly Statement of Receipts and Expendlturee of the United States Government" for budget receipts fron Internal revenue. Certain detail by type of tax Is available only on the basis of returns filed with the Internal Revenue Service. The figures shown Include collections for credit to special accounts for certain Island possessions, as reported by the Internal Revenue Service, Beginning with the fiscal year 1955, they include the amounts of tax collected in Puerto Rico on merchandise of Puerto Rlcan manufacture ccinlng into the United States. Figures for 1954 have been revised to the sane basis. 1/ Includes old-age Ineijrance tax on self -employment Inccme, Imposed by the Social Security Act Amendments of I950 (Public law 734), approved August 28, 1950. The tax is levied and collected as part of the Individual income tax beginning with the taxable year 1951. For estimated fiscal year breaMown, see Table 1. 2/ Withheld Inccone tax and social security employment taxes on es^loyers end employees are paid Into the Treasury In combined amounts, pursuant to the Social Security Act Amendments of 1950. For estimated fiscal year breakdown, see Table 1. -1,621 -6,731' +3611,672 66,288,692 y 5/ 15,298,841 16,883,718 2,699,749 2,763,245 Itoder revised accounting piroceduree effective Julj 1, 195^» tai paymsnte made to baoke under the depositary receipts aystein are included In Internal Revenue Service reports of collections in the month in which the depositary receipts are Issued tnatead of the month In which tax returns euppo3-t«d by the depositary receipts are received In Internal revenue offices, as was the pjTevloufl practice. The "Itadlatrlbutod depositary receipts" Included In the collections represent the aaaoiait of depositary receipts issued duiijig the period less the amount received with the returns. In the case of excise taxes, it is not possible to claaelfy the depositary receipts by type of tax until the Accordingly, the amount of such undistributed r«t\OTis are received. depositary receipts is included oniy in the total of excise taxes. U&classifled advance payments also are Included beginning with the fiscal year 1955. Includes $16,116,000 advance payments of eatete and gift taxes not further classified. See Table 1, footnote 1, Less than $^00. Januarif I95b ^5 .MOKETAEY STATISTICS , Table 1.- Money In Circulation (In mlUloas of dollars except ae noted) Treasury Bulletin h6 .MOKETAEY STATISTICS. Table 2.- Monetary Stocks of Gold and Sliver (Dollar amounts In millions) Cold End of f local year or month ($35 per fine ounce) 191*8 19't9 23,532.5 1950 1951 195S 2it,230.7 21,755.9 Silver ($1.29+ per fine ounce) Batlo of sllTer to gold and silver In monetary stocks (In percent) 13.2 12.9 13.2 23,3't6.5 3,571.0 3,618.3 3,671.5 3,718.5 3,768.5 1953 S2,'t62.8 3,8llt.3 1'*.5 195'* 21,927.0 21,677.6 3,863.1 1955 15.0 15.3 195^-Dec ember. 21,712.5 3,886.6 15.2 1955-Janua27.. February, March 21, 714. 3,891.'! 3,89l>.0 15.2 15.2 15.2 2l»,lt66,3 April Maj June 21,716.3 21,719.2 21,671.3 3,922.'' 3,897.9 lit. 13.9 21,6-rh.k 3,901.6 3,906,0 21,677.6 3,922.1* 15.3 15.3 15.3 July Auguat... September 21,682.0 21,681.8 21,683.7 3,923.9 3,921,3 3,918.6 15.3 15.3 15.3 October, Norember. 21,685,8 2l,688.U 3,923.5 3,923.3 15.3 15.3 , Source: Circulation Statement of United States Money, silver monetary stock see Table h. For detail of Table 3.- Gold Assets and Liabilities of the Treasury (in millions of dollars) Uabllltles: End of calendar year or lacath loltS Gold assets GoLl certificates, etc. 1/ 23,166.0 23,373.9 21,653.5 21,662.5 22,178.8 Balance of gold In Treasurer's account 1,077.9 1,053.2 1,052.6 1,032.9 1,008.2 19'*9 211,21*3.9 211,1*27.1 1950 1951 1952 22,706.1 22,695.5 23,187.1 1953 WS"* 22,029.5 21,712.5 21,51*5.7 1*83. 21,223.5 1*89.0 19 5 5 -January... February.. 21, 711*. 21,716.3 21,719.2 21,228.8 21,222.7 21,217.7 1*93.7 April Maj June 21,671.3 21,175.8 1*95.'* 21,671*. I* 21,178.1* 21,l81*.2 1*95.9 July August. . . September 21,682.0 21,681.8 21,683.7 81,161*. 1*97.3 October... Bov«nber, 21,685.8 March Source: Circulation Statement of Dblted States Money. 1/ Camprlsee (1) gold certificates held by the public and In Federal Eeaerve Banks; (2) gold certificate credits In (a) the gold certifi- 21,677.6 21,688.1* 1*85.7 501.5 1*93.1* 21,183.2 1*98.6 21, 161* .2 1*99.5 21,196.8 21,192.1 1*88.9 1*96.2 cate fund - Board of Sovemors, Federal Keeerve Syatea, and (b) the redemption fund - Federal Peeerre notes; and (o) reserve of $156.0 million agalnat Ublted States notes and Treasury notes of 189O. \ Janaarij 1^56 1^7 4« Treasury Bulletin i January 1956 1^9 .CAPITAL MOVEMENTS. Data relating to capital moveoentB between the United States and foreign countries have been collected since 1935, pursuant to Executive Order 656O of January 15, Executive Order IOO33 of February g, 13^3, and pages '*5-'*7. As a result of changes In presentation introduced In that Issue, not all breakdowns previously published will be ejiactly comparable to those now presented. 1934, Treasury regulations promulgated thereunder. Information covering the principal types of data and the principal monthly. countries Is reported monthly, and Is published regularly countries, of data on short-term banking liabilities to In the "Treasury Bulletin." Supplementary Information is published at less frequent Intervals. Reports by banks, bankers, securities brokers and dealers, and Industrial and claims on foreigners and transactions In long-term securities by foreigners, and present detailed breakdowns The first three sections which follow are published They provide summaries, by periods and by of the latest available prelLnlnary data. and commercial concerns In the United States are made Initially to the Federal Reserve Banks, which forward consolidated figures to the Treasury. Section IV provides supplementary data In five Beginning April I95U, data reported by banks In the Territories and posseeslons of the United States are Included In the published data. tables which appear at less frequent Intervals. Table 1, short-term foreign liabilities and claims reported by nonflnanolal ooncerns, Is published quarterly In the January, uprll, July, and October Issues of the Bulletin. The term "foreigner" as used In these reports covers all Institutions and Individuals domiciled outside the the United States and Its Territories and possessions, official Institutions of foreign countries, wherever euch Institutions may be located, and International organizations. "Short-term" refers to original maturities of one year or less, and "long-term" refers to all other maturities. A detailed discussion of the reporting coverage, statistical presentation, and definitions appeared In the June igsit^ Issue of the "Treasury Bulletin^" Section I - 2, long-terra foreign liabilities and claims reported by banks and bankers, and Table 3, estimated gold and short-term dollar resources of foreign countries, are Table published quarterly In the March, June, September, December Issues. Table k, and foreign credit and debit balances in brokerage accounts, appears semiannually In Table 5. short-terra the March and September issues. liabilities to foreigners in countries and areas not regularly reported separately by banking institutions, is presented annually in the April issue. Sununary by Periods Table 1.- Net Capital Movement between the United States and Foreign Countries (In mllllone of doHare; nogatlye figures Indicate a net outflow of capital from the United States) 50 Treasury Bulletin .CAPITAL MOViMENTS. Section I - Summary by Periods Table 2.- Short-Term Banking Liabilities to and Claims on Foreigners (PoBltloo Qt end of period In nllllons of dollars) Short-teim liabilities to foreigners Payable in dollars End of calendar year or month Foreign official Other foreign igllS 1,205. 1( 2,2l4l4.l4 1,91*7.1 W^S 5,37't.9 igkU igu? 5,596.8 6,883.1 3,320.3 3,335.2 19116 6,1.«0.3 2,036.7 2,239.9 2,678.2 2,922.0 19't7 7,116.4 7,718.0 7,618.0 8,6Wt.8 9,30a.S 1,832.1 2,836.3 2,908.1 3,620.3 2,972.7 3,51*7.6 1952 1953 10,5146.1 195'< Payable in dollars Payable in International forei^ Total currencies Loans to foreign banks Payable in foreign currencies 246.7 257.9 329.7 392.8 708.3 72.0 86.4 105.4 100.3 319.6 245.0 290.5 30.9 34.4 54.6 47.5 98.1 948.9 1,018.7 827.9 898.0 968.4 292.9 361.2 222.7 151.1 177.2 490.6 557.1 494.3 506.3 699.4 165.4 100.4 110.8 240.6 91.8 13.9 17.9 21.6 25.5 143.7 137.2 169.7 1*73.7 1*0.6 ''9.7 3,1*51.7 2,262.0 1,86U.3 1,657.8 1,527.8 1*, 01*1.2 1,61*1.1 72.2 14,6514.2 It, 21*5. 1,581*. 61.1* 11,6148.1* 5,666.9 1*, 308.1* 1,629.1* 12,922.5 6,7714.0 14,335.1* 1,769.9 43.7 43.2 1,048.7 904.5 1,386.5 122.9 156.5 206.5 847.5 646.5 969.0 78.4 101.6 211.0 12,852.8 12,709.9 12,728.0 6,71*9.5 6,5140.3 '',305.9 l*,329.7 1,752.2 February March 6,508.1 1*, 361.1 1,812.8 45.2 54.9 46.1 1,380.2 1,367.8 1,365.7 219.0 203.1 195.4 198.6 173.2 170.7 April May June 12,887.2 13,052.8 13,117.5 6,632.9 6,711.3 6,775.7 14,393.8 1*27. I*,l4l4l.9 1,820.7 1,875.0 39.8 38.9 45.5 1,380.2 1,414.7 1,450.4 217.0 244.0 236.1 962.7 991.5 999.6 1,002.4 1,005.6 1,040.1 160.8 165.0 174.2 July August September p , 13,1141.7 13,0147.3 6,658.0 l*,578.0 6,552.14 231.9 262.3 6,803.0 1,81*1*. 44.8 40.0 43.7 1,416.4 1,428.9 13,351.5 14,596.3 14,660.6 1388.0 237.3 1,041.4 1,029.8 1,015.1 143.2 136.8 135.6 October p. 13,5611.7 6,888.5 14,8014.3 1,820.8 51.2 1,428.9 254.8 1,024.8 131.3 i3ke igitg 1950 1951 1955-J<uiuary p '•,179.3 3,Olt3.9 Short-tona claims on foreigners . . 2,9147.0 3,001.0 70. 1* 51.0 1*4.9 l,78l*.9 1*, l,85l*.lt 1,860.8 1,858.6 Preliminary. Table 3.- Purchases and Sales of Long-Term Domestic Securities by Foreigners (In millions of dollars; negative figures indicate a net outflow of capital from the United States) U. S. GorerDDent bonds Calendar year or month Purchases 396.8 i/ 164.2 241.3 513.6 377.7 1935-41 1942 1943 1944 1945 Corporate and other and notes 2j Net purchasee Sales 492.4 138.5 170.6 268.2 393.4 Total purchases Bonds 2/ : -95.7 i/ 25.7 70.7 245.3 -15.7 Ret purchases 2/ 2/ H 2/ H H Sales Set purchases Total sales Ret purchases of securities 841.6 1/ 75.5 194.6 171.4 357.7 -411.1. 20.9 -43.0 -34.6 -97.4 9,322.1 260.6 392.9 650.4 637.9 8,695.3 214.0 365.2 439.7 751.0 626.7 46.6 27.8 210.7 -113.1 367.6 226.1 369.7 354.1 666.9 432.1 376.7 514.1 375.3 664.0 -64.5 -150.6 -144.3 -21.2 2.9 782.1 570.9 652.2 784.1 2,011.1 1,116.3 659.9 844.4 708.9 1,066.6 -334.2 -89.1 -192.2 75.2 944.4 619.5 649.2 533.9 980.2 120.3 1.0 55.2 135.0 1,533.3 1,384.0 1,447.9 2,205.7 2,117.6 1,069.0 1,459.4 2,056.4 -584.3 314.9 430.2 96.4 151.6 136.9 260.2 , i/ 1946 1947 1948 1949 1950 414.5 344.8 282.4 430.0 1,236.4 684.2 283.3 330.3 333.6 294.3 -269.7 61.5 -47.9 96.4 942.1 107.7 108.3 1951 1952 673.6 533.7 646.0 800.9 1,356.6 231.4 728.0 792.7 -683.0 302.3 -82.0 8.2 120.0 200.1 212.8 289.7 141.6 188.5 197.4 283.6 -21.6 6.1 739.8 650.2 589.1 1,115.1 120.8 360.8 83.3 81.1 216.0 72.1 39.7 144.8 11.2 30.9 25.3 39.6 33.3 33.7 -2.4 -8.4 9.6 146.1 134.2 144.9 115.4 127.5 132.9 30.7 6.7 12.0 297.8 520.4 267.9 229.8 30.0 377.2 235.1 67.9 143.1 32.8 48.4 17.8 28.3 -.2 7.2 -1.0 117.6 119.2 150.4 112.1 111.5 130.8 5.5 7.7 19.6 183.8 396.5 190.2 174.9 275.1 174.6 8.9 121.5 15.6 117.8 98.3 128.4 31.3 17.5 22.2 214.7 315-4 218.3 163.0 140.0 187.3 51.7 175.4 31.0 120.2 -13.8 175.3 170.4 4.9 1953 1954 1955-Jaiiuary February March . . . H H 2/ -.r U.7 15.3 April May June 249.0 14.1 44.8 142.4 17.1 3.6 106.6 -3.0 25.8 18.0 21.2 26.7 July August September p 47.8 lBo.6 38.2 23.9 24.3 33.0 23.9 156.3 5.2 17.8 19.0 29.7 21.3 17.5 26.1 -3.5 1.6 3.7 149.1 115.8 150.4 21.4 29.7 -8.3 47.4 20.5 27.0 106.5 October p... 1/ 2/ Throi^ i/ January 4, 1940, through December 31, 1941; the breaMown between stocks 1949, includes transactions in corporate bonds. Through 1949, Included with transactions in U. S. Government bonds and notas. and bonds Is not available for earlier years. Preliminary -U.5 149.3 iJanaary l'^f% 52 Treasury Bulletin .CAPITAL MOVIMENTS. Section II - Summary by Countries Table 1.- Short-Term Banking Liabilities to Foreigners (Pooltlon at sM of period In lllloaa of doliaj™) CaXflodar jear 1955 Countr7 1951 Austria Bel«liB Ccechoslorakla. .»• Deiaark toTvaj Poland Forti«al RxiiBzila Sveden Swltzerlazid Turlcay U* 9* Oa •« ••••••••••*•••«••«*• T&llted Kli^don ••., , TngoelaTla Other Europe Total Kurope Uitln J>»enca t Argentina 273.4 99.5 282.7 104.1 279.9 104.4 .6 .6 .7 .7 .7 .7 .8 .6 .8 70.4 28.5 95.7 37.9 71.1 41.3 64.3 40.4 54.2 38.5 56.5 40.1 60.3 41.9 63.7 41.1 54.5 46.4 34a.6 551.1 47.3 308.9 203.1 428.5 898.8 100.9 465.7 242.9 715.4 1,372.5 112.5 578.6 249.3 766.1 1,407.6 131.0 637.7 194.6 785.1 1,397.0 126.6 645.7 202.3 834.7 1,418.3 124.7 675.7 202.1 915.3 1,420.1 126.2 701.7 190.0 980.4 1,421.8 134.0 769.0 199.3 1,017.1 1,425.0 140.6 813.4 182.5 IIB.5 2.2 72.4 5.8 36.0 103.4 2.1 91.3 7.8 71.3 67.8 71.2 3.4 57.4 6,1 19.2 1.9 94.1 8.1 100.6 3.5 94.4 8.0 108.9 67.6 2.2 100.6 8.0 112.9 65.8 1.8 106.4 7.9 67.7 2.0 111.6 8.2 120.1 72.2 2.7 119.8 8.3 117.2 91.0 641.8 8.4 1.7 817.9 116.7 674.2 14.2 2.0 708.9 141.0 672.4 8.2 1.8 639.5 113.9 672.4 130.4 702.2 9.0 1.1 623.2 140.7 679.2 9.6 147.9 68e.8 148.5 709.1 2.0 663.6 118.9 685.2 11.8 3.1 689.1 9.1 1.0 560.6 9.3 1.4 575.2 645.3 12't.7 12.0 218.8 6.9 383.5 8.6 356.8 8.6 363.3 10.8 359.4 8.4 323.7 9.5 299.3 9.2 263.6 258.1 3,005.9 3,755.5 4,733.6 5,620.5 5.723.9 5.789.7 5.814.8 5,844.2 5.993.2 6.166.9 1,307.1 1,420.7 1,295.5 1,535.7 1,274.7 1,269.3 1,302,3 1,179.6 1,184.4 1,143.0 2li9.7 138.8 24.5 72.5 130.0 19.1 101.7 78.8 150.2 160,4 29.2 156.6 27.6 165.3 69.6 222.2 167.4 28.3 129.3 94.8 90.8 94.2 101.5 25.7 117.7 88.8 103.0 173.7 25.0 125.6 75.4 105.5 164.8 25.6 147.0 87.1 98.2 152.7 25.4 161.9 77.0 105.7 236.7 60.4 34.5 328.9 48.7 254.0 67.3 51.1 371.7 45.2 244.6 70.7 50.5 341.3 42,1 241.3 70.6 51.1 326.8 44.3 230.7 71.0 46.7 321.2 42.9 235.7 69.6 249.1 42 .6 340.1 46.5 38.5 362.2 42.4 73.7 81.6 48.4 67.5 284.7 133.2 84.3 83.1 49.7 63.9 261.3 129.5 79.8 88.9 45.1 61.3 253.1 133.7 85.0 86.0 38.8 59.7 234.5 81.7 95.3 26.6 60.3 260.3 130.7 289. "i "105.6 "i5.8 300.5 IW.B 71.7 5S1.3 14.1 2.5 61|S.6 7.1 • Canada. ••.•.•.•..••.•.•.«•••.• , Bolina 27.8 Brazil Chile ColodMa ,.••• CnM Septcmberp October p 268.6 106.8 6.1 17.1 •*•••••••••• •••*•••••••• •••.••• Auguat 271.7 103.5 to. •.•••..•«• July 273.2 99.8 99.7 2.8 Spain May 190.9 130.3 27.0 Ftanoe Oexaany, Tederbl Bepnblle of.,., Oraeoe »••.. • Italy Hetherlande 195^ 1953 91.1 123.9 57.1 13 '1.7 1.3 moaid 195e */ 100.3 54.0 106.U U0.3 79.3 118.2 U9.6 10.3 U9.6 U9.3 .9 279.1 104.8 11.3 301.2 44.2 34.3 231.2 44.3 340.8 Urugnay ••• Teaezuela Other Latin Aaerloa 27.8 84.7 71.9 87.8 80.8 60.9 25.6 94.1 145.5 117.4 89.9 68.0 26.8 109.6 222.4 U9.2 73.8 83.4 30.4 90.3 193.6 124.1 132.3 64.6 68.7 32.5 61.4 258.8 131-9 Total latin Aaerlaa 1,455.2 1,612.9 1,768.4 1,905.9 1,989.0 1,920.5 1,896.5 1,654.1 1,915.3 1,937.9 43.2 44.2 36.4 37.2 68.0 99.0 39.3 35.7 34.3 60.8 86.9 100.3 36.4 34.0 61.0 93.4 99.9 36.3 34.3 60.3 97.0 115.4 36.4 36.0 61.7 77.5 107.9 36.3 Indoceala. •.•.•••••••.•.••• 38.3 38.2 70.9 64.6 6l.O 36.3 62.4 62.1 140.6 35.4 60.0 73.1 109.8 35.6 58.1 92.0 120.0 36.7 38.2 56.5 89.7 127.4 Iran •.....,.•...•.,...,.. larael Japan Xopaa, Bepobllo of £/ Rilllpplnss 25.5 26.6 596.0 26.2 329.7 19.2 18.8 808.0 54.4 315.1 43.6 18.0 827.9 91.5 295.5 31.4 41.0 724.9 95.6 257.4 51.6 43.1 720.1 105.8 249.3 51.6 41.2 757.4 107.9 252.0 47.7 43.1 773.8 106.2 258.5 42.4 54.9 808 .2 101.6 260.6 35.5 46.5 864.6 99.6 253.1 42.3 46.0 914.3 95.1 246.8 Thajlnnrt 96.7 142.2 181.0 167.1 167.9 171.2 123.1 234.1 128. Other Asia 261.1 129.9 299.1 121.2 297.7 122.0 290.1 122.9 321.3 125.0 343.7 AaU 1,595.5 1,836.5 1,895.5 1,825.4 1,884.7 1,982.6 1,967.7 1,994.4 2,085.5 2,161.7 38.5 54.5 59.2 89.6 T2.3 44.3 59.6 38.2 95.7 47.7 43.6 47.1 32.7 94.0 70.2 4a .9 48.3 7.0 86.8 47.2 llB.6 59.7 23.6 86.5 33.8 110-2 297.4 335.6 326.1 265.1 305.4 263.6 DoBlnlcan Bepobllo .............. Ooateaala. ........••.•.•.•••..•• Mexico Vetherlands W. Indiea & Surinam. Fanaaa, Bepobllc of Peru El- 47.2 Aaiai China Mainland TonKwa HoDg Kong. «.,.,,«,«•*, •,•,,.«••• India ., Other eoMitrleel Anetralia. ..•.....•••.,.,.,,•., Belgian Congo. ....•.•.•.•.•..... Bgypt and AnAlo-Iggrptian Sndan.. Oiion of Sooth Africa All other Total other oomtrlea 27.3 158.2 34.9 67.7 Salv^or Votal l»5.8 ••• U0.7 39.3 37.9 183.2 51.5 43.3 301.0 lorenberp 68.3 70.0 42.2 45.0 32.8 109.5 36.9 115.8 73-7 44.9 70.5 34.3 111.2 299.5 328.9 334.6 International 1,641.1 1,584.9 1,629.4 1,769.9 1,875.0 1,854.4 1,860.8 1,858.6 1,844.2 1,820.8 Orand tstal 9,302.2 10,546.1 U,648.4 12,922.5 13,052.8 13,117.5 13,141.7 13,047.3 13,351.5 13,564.7 119.5 \ January i95b 53 .CAPITAL MOVEMENTS Section II - Summary by Countries Table 2.- aiort-Term Banking Claims on Foreigners (Position at end of period In millions of dollars) Country 5*^ Treasury Bulletin .CAPITAL MOVEMENTS. Section II - Summary by Countries Table 3.- Net Transactions In Long-Term Domestic Securl ties by Foreigners (In thousands of dollars; negative fl^iiree indicate net sales by foreigners or a net outflow of capital from the United States) Country I hnuary /956 55 .CAPITAL MOVEMENTS. Section II - Summary by Countries Table 4.- Net Trtmsactlons In Long-Term Foreign Securities by Foreigners (In thousands of dollaTB; negative flgriree Indicate net sales by foreigners OT a net outflow of capital from the United States) Calendar year 1955 Country 1951 1952 1953 May 19^>* July August September p Europe: Austria Belgium Czechoslovakia. Detmark Finland France Germany, Federal Eepublic of. Oreece Italy Netherlands Norvay Poland Portugal Hunanla. Spain S. S. -'•,133 li,90!» 13 -506 26 1,167 2,773 1*0 50 1,170 -8,702 3,312 l,3't5 -e -36I* 9,209 -318 67 It, 706 961 -163 lit ,2 1*5 1*7 3,056 -23 1,1*89 7,211* 2,680 -11 -7 -23 2,027 628 2,135 276 2 2U6 92 21* 679 528 -502 792 -5 25,571* 21*7 1,179 5,395 -11,670 -76 -586 -162 1,669 1,188 3,11*3 1,260 1,351 3,991 537 -81*, 81*1 5 -337 335 -1 -93 -6,091 -3,511* 2,01*8 10,337 -319 -17 286 -1*1* -13 -4 207 -9 62 1 -108 282 -1.87 -662 8,73 >* 37,301* -18 33,620 -197 91*5 6 -2,01*7 -U,398 37,051 -19 -2 -1 -73 526 2 3 51 2,021* -5,081* 399 260 10 117 -752 -l*,l*39 -5,831 -221 2U -373 1*1*2 -23 -1*8 66 -31 -36 10 -11* -7 21* -12 -1*3 -9 571 11 1,1*1*8 -39 -375 -11 -75 127 J* 1* -1*1 -9,1*63 -3,701* -12,721 -7,133 -3,338 -6,789 -21*3 18 110 131^ 1*81 658 -21,151 -7,591* -1,31*3 26,l*l*8r -5,769 -72 -6 E Ublted Kingdom. Yugoslavia Other Europe . 1,995 12,001* ..*. Sweden Switzerland .... Turkey tj. 5,256 98 3,818 3,511 -28 5,309 58 51*9 -303 -25 806 752 1,131 lai 2,807 28,500 19,939 96,259 -9,119 -258,567 -11*1,019 -137,761 -133,171* -1*20 116 78 501 13 It -292 77 7,051* 6,981* 5,51*0 -92 6 162 . Total Europe... -li,lt6lr 20,513r 2,8a5r Latin America: Argentina Bolivia Brazil Chile Colombia Cuba Dominican Pepublic Guatemala Mexico Netherlands W. Indies & Surinam. 1*3 -11 32 767 263 70 201* 5,388 5,239 2,163 7,189 1,562 51 328 1,711* 1,21*5 -323 -1,1*03 -10 1,150 389 268 171* 1*17 179 1,281 236 5,239 5,3U -11*3 -351 509 -C7 33 1,177 99 168 122 1 k -92 -2 66 3,089 -1,007 127 3,961* l*,296 5,351* 6,031 1,351 1*,1*56 1*11 296 301 60 1*8 51. 211 5 1,202 582 16 86 611* 35 731* 1,115 515 1*35 31* -58 -55 1*3 Panama, Re3mblic of 5,298 1,801* 5,065 -313 296 31*0 750 2,210 309 1*1*1 -50 775 2,137 1,633 -1*30 -150 IjTllt llt5 68 -2,030 1*2 -983 -36 -16 -19 12 -166 281 -11*1 -318 -38 10 352 207 Psru El Salvador Uruguay Tenezuela Other Latin America 1,322 129 2,753 33,816 25,332 '',797 1,611* 2,683 1,792 -22 6 -9 Total I^tin America. China MaliOand. Formosa Hong Kong India Indonesia Iran Israel Japan Korea, Eepublic of. Phlllpplnea [ 6,299 117 12,179 599 32,760 820 353 -21* 31*, 8,681 1,1*92 2,358 102 2 109 11*0 -181. l*,869 136 27 12 -51,31*6 -1*6,757 25 -38,172 1 9,782 1/ -351 1/ 5 322 120 182 1*96 22 220 2,159 535 339 -9 i*,038 1/ 281 -19 -31 216 6 50 -76 5"* -97 20 101 -35 170 -2 801 -8 1,1*1*1 251* 11 23 20 31* -3,096 86 -2,398 20 -1,865 51 -1,1*31* 71 -133 23 36 -169 -638 -219 1 21 1*5 9 -172 -2,781* -2,862 139 1*19 19 -1* -11* -2,551* -39,992 6,232 96 1/ -1*5 11*, 321* Thailand Other Aaia 6,1*81* '*,320 1*31* IQl* 1,272 501 -2,387 -211 Total Aaia -36,003 -10,01*2 -29,905 -31*, 11*9 -2,290 -2,271 -2,673 -'*,'*23 -2,937 Australia Belgian Congo Egypt and Anglo-Egyptian Sudan. Union of South Africa All other 3,051* 2,519 25,959 11,01*2 11*5 1,983 -2 3 1* 2,762 -1 -1*03 -11 16 997 1 3,075 25 222 60 62ll -5,1*13 U,013 9,280 -5,107 U,956 -10 5,060 -103 -101 -181 Total other countries: 7,938 5,981 25,813 7,180 5,096 1,701 International -152,673 -118,067 -61,236 -163, 86£ -*,130 Grand total. -376,989 -217,876 -72,231 -300,388 -l*,307r 5 Other countries: 1/ Not reported separately prior to March 1951*. -5,61*7 1,722 99' 3,688r Rrelinlnary, Pevlsed. 2 2 1 182 101 -115 -310 1 1,21*8 3,065 2,1*53 -9,728 820 -12,1*1*0 1* 61* 9,315r -U,967 -ll*,976r 56 Treasury Bulletin .CAPITAL MOVEMENTS Section III - Preliminary Details by Countries Table 1.- Short-Term Banking Liabilities to Foreigners as of November 30, 1055 (Poaltloo In tbonani* of dollan) aiort-tem llabllltlea payable In dollar* CODOtlT Total ahort-tera llabllltlee To foreign banka and official Inatltntlona Depoalta Short-tei« llabllltlea payable In foreign ourrenolea To all other forelgnara u. s. D. 8. Treaaurj bllla and certlflcatea Other Depoalta TreaauJT bUla and oertlf loataa Surope: Autrla 269,652 Bal^lsB 98,1.05 Ct«oliOflloTakla 268,091. 1.9,329 231., 092 376 371. 28,875 808 63,637 W.,183 1,068,658 1.2,61.9 23,31.6 1,010,535 l,U21,311t l,l.llt,676 156,029 809,630 172,852 11.7,005 781.,051 159,931. 18U,979 3U,'.52 93,951 123,902 66,015 68,376 2,U25 125,213 8,lU8 111,896 1.5,671. 90,577 6,611 101,769 101,371. 1U9,206 7UO,330 l'.l,595 622,01*5 1.7,969 331,1.97 , 9,3li5 U.3.S.B Doltad Elnslca. 6Wi,919 6,100 568 383,571 235,1.59 Bvxaark ruOud rrsDca Otzmaaj, Tederal Republic of. Or»«ee ItUr etharluula lormiT FolaM Fortngal Bsaanla Siptiln 56,11.0 2,01.3 16,025 23,777 2,020 87,259 3,000 831 31,002 19,623 1,558 48,743 432 7,465 1,534 56,983 6,328 9,024 25,449 12,833 1,558 34,923 432 6,267 1,534 54,918 6,166 8,299 17,256 11,663 20,695 321 34,607 1,537 9,975 1,623 61 299 395 22,617 382 34,624 1,537 10,091 51 65 7,468 117,036 3,130 326 238,755 7,253 104,859 3,130 326 175,832 213 3,653 8,524 62,248 675 407 2 39,000 11,790 80,305 1,115 7,513 31,123 96,424 54 53,305 13,614 16,21*6 5,651 79'*, 1.33 1,004,800 53,000 6o6,81*l* 23 3,318 6,6U 5,190 8,630 290 908 1,213 852 162 575 150 8,015 1,158 178 12 17 2 139,236 17,956 125,489 561 17 8,876 182,563 7,388 U7,8o6 53,521 1,096 81,236 U,06l 407 10,285 364 412 5,52l.,389 1,982,261 3,01*3,735 498,393 617,783 512,243 84,229 21,311 1,125,268 865,661. 1*33,667 1.09,823 22,174 245,897 185,361 52,435 8,101 Argentina. BollTla... 152,U95 37,349 15,805 77,647 45,984 41,804 36,795 15,795 73,523 45,597 41,351 552 10 1U9,057 75,239 119,717 112,975 8,509 56,785 27,519 2 853 Chile Colcabla.. 115,127 8,512 71,268 29,255 77,912 2,152 aruU.... 2,871 387 Cuba Domlnloan Bepubllo Ouatenala Mexico letharlanda W. Indiea & Surinam. 25U,899 65,U»9 UO,556 379,073 183,071. 11*9,957 36,581. 30,500 259,281. '»1,977 36,916 13,615 252,813 26,51* 9,500 5,000 7,220 3,152 71,733 28,721 16,386 119,681 5,061 70,804 28,721 16,280 112,469 3,661 86,928 91,62U 21., 783 22,1*96 500 81 101 2,108 U7.262 8,8U7 20,819 169,391 70.399 l-9'.7 "'*50 59,723 51,372 13,611 37,510 89,285 43.246 1,9^5,338 1,171,1.11 57.002 1,070,611 62,145 56,697 13,649 41,949 91,689 46.026 54,667 46,133 772,326 740,143 31.2 259 49 12 2,240 111,060 2,145 1,969 608 6,724 6,092 30,248 2,347 1,805 6,724 6,092 29,469 2,347 1,805 315 359 35,406 15 8,514 7,679 3,246 21,546 1,520 20,6e6 7,679 3,245 21,533 1,520 20,401 495 13,233 3,852 22,688 3,761 22,291 Svltsarland... TxKrtay Tn^slaTla Other Korope... Total loropa . . Canada. 891* 8,891 193,656 6,u58,k67 8,1.81. 75,670 165,059 5,539 551 Latin Aasrlcai Faoaaa, Bepubllo of Peru SalTador Uruguay Tensiuela Other Latin teerlca Total lAtln Aaarloa n 2lt,317 62,860 261,389 36,728 21., 170 3l.,926 3 14,483 1,736 1,808 76,101. 2l.,702 3l*,a25 6,239 2,617 144 1,055 1,'.71 3,323 449 17,1*96 168,91.2 453 730 199 87 7,000 1,400 19 212 1,490 125 932 5,200 38 3,798 104 246 641 2,300 2.534 17,162 15,021 *alai China Malnlazd. Foraoea Hong Kong India iBdonaala 36,651. 38,81.9 29,930 32,757 29,329 32,696 56,773 88,819 lW.,600 26,U5l. 2l.,309 86,165 l'«,795 81,956 31,127 Iran laraal Japan Eor«a, Republic of. 29,1.3'. 29,119 1.9,301. 1.6,058 951,922 90,919 930,369 89,399 1.5,699 81.5,6U0 88,381. 22l.,899 37,113 49,323 1,000 176 225 nillpplnea 25l.,088 233,1.13 Thailand Othar Aala 129,061. 339,1'.'. 125,212 316,390 27!., 371 62,677 28,786 Total Aala 2,217,21.9 2,088,376 1,769,569 255,477 63,330 128,373 126,867 228 1,278 28,700 67 58 1 6 2,671 2,735 62,01.0 91 397 Othar oountrleat Anatralla Belgian Congo VSTpt and Anglo-KSTPtlan Sudan. Qalon of South Africa All other Total other oonntrlea Latamatlonal . Orat total... 70,168 30,596 1.3,788 1.3,280 25,181. U,010 67,879 35,178 65,222 27,592 92,909 25,328 6,533 80,851 39,600 20,900 3,072 10,872 7,086 294 159 8,986 3,912 507 2,657 6,737 26,117 3,912 449 2,589 6,732 23,440 7l.,78l. 119, 1.51 5 3Ul,080 299,171 168,1.92 103,282 27,397 39,930 37,122 73 1,822,671. 1,817,989 66.000 1,742,389 9,600 4,685 3,185 1,500 13,6eo,OT6 11,767,000 5,1.90,600 5,609.373 667,027 1,806,994 1,604,921 155,627 48.446 \ January 19% 57 .CAPITAL MOVIMENTS. Section III - Preliminary Details by Countries Table 2.- Short-Terra Banking Claims on Foreigners as of October 31, 1955 (Poaltlon In thousands of doUara) Short-teni olalns payable In foreign eurrencles Short-tem olalas pajahle In dollara Total short tezv Conntzy Collections outstanding for own account and doiwatic c us toners Loans to: Foreign K«wv« snd official Institutions 2>eposlts of Other reporting banks and doneetic costoaere with foreigners Total Eiiropa: Austria 515 1,913 2,418 10,830 66,692 3,288 29,61A 13,228 7,946 64,320 3,287 29,261 12,405 530 3,711 0IVS7 1>,103 R>ljod Portngal. • .•••••••••••>••••••••»•< SoMiila* ••.•••*•.•••••••••••••. 30 1,012 2 7,02U 4,003 30 976 2 4,822 12 402 2,538 93,219 4,924 23,417 92,195 147 4,360 89,800 65,237 21,302 6,643 205 5,706 203 5,507 85 632 357,908 299,539 123, '•63 58,425 5,82U 3,1*9 90,766 7,702 121,959 5,785 3,474 90,190 7,700 121,947 91,578 3,910 U,l88 151,135 1,520 Fanana, Republic of ..•.•........,•. «,6n Peru EL Salvador 20,li63 Tbniguay 48 5,405 519 511 530 258 371 4,156 20 1,149 396 6,600 1,721 93 1 88 3,263 851 755 6,547 94 3,148 8,718 2,509 3,993 8,841 1,005 51,040 23 9,462 2,417 2,884 2,372 1 383 823 755 2,327 1 331 764 666 1,093 30 532 2 2,156 100 100 30 36 36 281 173 1,830 2,20e 2,202 13 13,703 2,772 2,849 2,395 1,992 2,505 468 3,327 1,024 3,274 1,024 3,585 6,689 4,385 43,935 38,604 2 3.540 118 1,232 103 2 196 121,690 35,941 51,186 90,722 58,369 50,672 12,459 27.329 6.426 12,211 65,038 61,943 756 20,004 2,182 27,581 2,034 566 15,556 893 14,617 2,995 2,900 21,619 2,625 44,243 33,011 2,000 35,506 91,240 3,842 4,188 149,734 1,520 47,929 1,300 163 54,174 21,094 300 111 35,287 10,906 62 119 47,027 423 11,311 2,180 3,795 13,246 1,097 9,608 93,301 34,369 13,605 20,411 6,462 9,161 92,006 34,327 7 4,496 17 5,181 12,596 2,959 11,290 1,181 584 2,025 30,495 5,428 1,764 12,150 3,372 1,171 36,398 21,440 544 2,584 2,489 784 12,517 4,500 447 1,295 62 447 289 659,905 655,592 179,353 141,884 182,306 152,049 4,313 2,429 2,522 2,476 5,485 3,977 4,414 700 2,475 5,437 1,161 1,595 459 12 37 2,357 2,292 684 873 1,529 45,492 Tballand Other Asia 106,785 711 17,288 6,341 66,315 18,918 8,724 106,772 711 17,257 6,341 65,838 li,384 5,209 57,273 241 17,972 680 10,549 711 5,655 1,099 8,322 Total Asia 242,840 241,613 132,444 21,812 11,335 5,010 1,696 10,684 16.030 44,755 9,788 4,994 1,457 10,330 15.812 42,381 1,280 1,428,871 1,297.550 CieohosloTskla BsiBBrk •...*. Orseos Italy Vstharlands c , , Spam Smdan 5,392 26,7U1» airlUsrland TDXksT V. S. 3. tkilted 81 8,673 nnlsBd IMnes Oennay, Fsderal Bopublle of 61 301 42 9,259 1,053 88 1 456 B Klnq^fM Tngoslavla Othar Europe , Total Europe Canada , Latin Anerloa: Argeaglna BollTla Brazil , Chile Oolxmbla Ctiha . 1 1,452 935 12,926 81 8,580 2,417 935 13,Wi5 Bsl«m , Doalnleen Republic Ouatenala Hezioo letharlands Vest Indies & Surlnsm, < 6,W2 Tenetuela Other Latin Anerlca • Total Latin Anerloa e 199 39 15 576 2 39 188 12 9 338 68 296 1,401 1,099 6 52 29 33 Asia! Mainland Forooea Hone Kong India Indonsala C!hlna • Iran Israel Japan Korea, Bepubllo of ItalllpplneB 5,1*85 1»,089 '•,879 782 18,919 8,721. 1 16 73 1,307 19,682 46 46 112 465 82 110 459 11 515 1 5,208 31,049 13 12 31 26 209 4 2 477 477 50,359 36,998 1,227 1,130 1,547 16 239 354 218 15,715 4,455 305 185 156 798 5,899 497 15 239 2 1.069 1,072 4,052 4,668 981 4,736 5.258 19,695 2,374 97 890 461,661 228,038 309,972 297,879 131,321 U7,064 9 29 Other countries I Australia Belgian Cos^o IJSTpt & Anglo-Egyptian Sudan QiloB of South Africa All other Total other oomtrlas 21 291 5,436 8.687 42 Interoatloaial Orand total 14,257 )& Jan uanj iV56 59 .CAPITAL MOVEMENTS. Section IV - Supplementary Data by Countries Table 1.- Short-Term Liabilities to and Claims on Foreigners Reported by Nonflnanclal Concerns (Position at erxi of period la thousands of dollars) Liabilities to foreigners Country Cleljiis lSi5Jt 1955 1954 September September Europe; Austria Belgium 966 13,2lt5 CEOchoalovalrla 316 Denmarlc 31*3 Finland 655 Trance Cermany..... Greece Italy Netherlands. 13,786 3,704 I»,ii96 7,8te 10,202 emay R>land Portugal. 9,917 16 2,783 . . Bmanla 1.69 SiKiln '',559 685 13,873 316 414 548 669 12,254 320 322 815 724 14,384 332 278 806 1,334 13,281 212 11,109 5,211 3,749 10,414 10,452 11,046 5,434 3,461 8,216 12,226 13,945 4,865 4,205 r 8,214 r 12,733 13,011 5,106 3,545 7,425 12,810 7,717 16 2,650 390 4,421 7,222 5,681 6,607 14 3,140 396 4,998 12 13 4,171 424 6,384 4,361 425 6,297 4,U7 469 540 Svedsn Switzerland.... Turkey O.S.SJi anted Elngdom. 3,061 9,294 2,262 281 44,590 2,645 14,195 2,515 TugoelaTla Other Surope... 625 646 625 717 863 Total Europe... 134,060 134,362 140,836 38,109 34,991 39,054 24,775 83,205 4,964 1,885 15,652 4,946 7,856 8,510 1,051 1,196 6,015 4,681 1,666 14,223 4,685 4,858 6,125 417 537 4,941 4,400 1,703 14,337 4,187 5,872 9,712 497 657 4,008 5,028 r 1,676 13,887 5,047 5,245 14,114 r 439 3,134 4,645 1,842 10,490 5,290 4,039 13,540 340 705 3,615 lAtln Aasrlca; Argentina. BollTla. . Brazil.... Chile Coloobla. Cuba Doolnlcan Bepubllc Guatemala Mexico. letharlanda W. Indlea 4 Surinam. ............ Panaaa, Kepubllc of • . • . Pern SalTador Urusoay Tenelnela Other lAtln Aaenca.... 381 41,419 14,295 1,566 281 48,663 518 3,484 12,783 1,560 270 69,793 r 528 959 166,535 r 593 2,658 10,503 1,749 261 59,773 395 476 1,485 796 1,049 1,513 2,304 3,203 12,318 191 4,891 8,793 2,270 2,943 10,307 74,595 2,393 71,545 7,714 11,220 124 4,841 5,296 3,064 9,008 10,034 99 5,141 5,022 2,905 79,069 China Mainland Fbxnoaa. Hoog Eoi% India Indooeeia 3,316 679 1,549 4,123 1,485 3,313 1,269 1,116 4,254 2,106 3,308 845 1,519 3,746 2,394 Iran Israel. ........... Japan. . ............ Korea, Republic of. IMllpplnes. ....••• 630 983 7,602 342 3,888 1,055 1,231 12,021 3,945 912 1,360 10,852 128 3,439 Thailand Other Aala 8,180 6,807 7,541 6,359 7,786 7,201 Total Asia 39,584 44,383 43,490 43,594 r 6,850 200 7,554 188 9,740 249 4,430 134 8,787 281 627 861 3,706 808 579 3,23g 884 745 2,696 723 1,019 4,647 1,468 1,264 4,467 ia,244 12,351 14,314 10,953 16,267 17 22 Total lAtln Aaerlca.... 101 4,861 4,518 83,135 r 629 7,156 910 1,649 908 16,095 2,800 19,524 8,835 16,473 10,061 2,625 16,442 10,611 2,273 58 2,264 137 5,574 2,129 71 1,757 129 4,375 5,617 3,860 10,039 25 59,181 4,757 6,745 14,559 34 69,473 U,559 4,008 151,511 9,099 13,361 275 4,681 9,292 2,249 92,517 U 433 6,323 852 1,826 782 Aslal Other countries: Australia Belgian Congo Egypt and Anglo-Egyptian Sudan. ................ IKilcn of South Africa.. All other Total other countries.. Inteniatloaal , Grand total • 173 _3Z_ 316,514 300,774 309,256 3,346 377 1,301 1,850 2,208 1,405 1,239 13,121 r 365 2,762 7,934 7,686 329,014 r 3,324 301 1,163 2,551 1,393 1,703 1,269 8,202 218 2,994 7,726 7,850 38,694 37 308,783 507,716 on foreigners i/ 60 Treasury Bulletin . COEPORATIONS AND CKRTAIH OTHEE BUSDffiSS-TYFE ACTIVITIES. Financial statements of corporatlone In which the United States Government has a proprietary Interest, direct or Indirect, and of certain other business-type activities of the United States Government are sub- and application of funds, which are published In the "Treasury Bulletin." The balance sheet tables for September 30, 1955, They are published for each quarter. mitted quarterly to the Treasury Department, In accord- appear In this Issue. ance with Budget-Treasury Regulation No. Issued under The tables on Income and expense and source and application Executive Order No. 8512 of August I3, iglK), as amended of funds are published at six-month Intervals, and cover by Executive Order No. 90gl^ of March igUS. Data from 3, 3> the periods ending June 30 sni December 31- They appear these reports, adjusted for consistency where necessary, in each case in a Bulletin issue subsequent to that are compiled In a series of tables covering balance sheets, carrying the corresponding balance sheet data. statemente of Income and expense, and statements of source Table 1.- Summary of Balance Sheets of Corporations and Certain Other Business-Type Activities of the United States Government, September 30, 1055 (In mlllioafi of dollars) Account January /'VJ6 61 •COKPORATIONS AND CERTAIK OTHER BUSINESS-TYPE ACTIYITIES. Table 1.- Summary of Balance Sheets of CorpNsratlons and Certain Other Business-Type Activities of the United States Govemment, September 30, 1055 - (Continued) (In nlllions of dollars) Corporations UASnJTXKS Accounte payable: GoTenmant corporations and agenclas. Others 130,6 lUO.O 3.k 99.9 129 .U 3.2 299.7 56.5 2.9 72.8 179.9 119.9 156.5 767.1 23.7 727.5 132.8 39.6 17,W»0.0 9.9 5,385.0 2,128.1i 12,055.0 5.3 2,086.1 2l»0.0 163.7 76.3 127.2 'lO.l teemed liabilities I U. S. Treasury Other GoTemnent corporations and aeanclas. Otjiere Trust and deposit liabilities .3 : OoTera^nt corporations and agencies. 0th era Bonds, de teoturee, and notes payable I U. S. Treasury Other Goremnent corporations and agencies. Others Safezred sod undistributed credits. Other liabilities (includli^ operating and U.6 1*2.2 llsMUty reserrss) Total llabllltlae. 565.5 1*2.1 123.1* 22,010.3 15,81*5.9 6,161*. I* 151.0 CAPITAL TAlltad States Interest: 150.0 Interagency Other 36,29'>.7 1.0 3,278.3 33,016.1* Total UUted States Interest. 36,U1»5.7 3,279.3 33,l66.U 582.9 582.9 Total capital 37,oe8.6 3,862.2 33,1j66.U Total liabilities anl capital. 59,038.9 19,708,1 39,330.7 Pald-ln capital and expended appropriations Treasury loans to Government oorporatloDs and agencies l/. U0,l£6.6 17,1*0,0 l.,61»8.U 35,'*78.2 12,055.0 5,365.0 Subtotal Leae Total Treasury loaas as abore g/ 57,566.6 17,1*0,0 16,703 .!• 1*0,863.2 InreetBent of Unl ted States lamed surplus, or deficit (-), U. S. share l<0,126.6 16,703.I» -3,680.9 -1,369.1 -2,311.8 Book Talue of U. S. Interest, Including Interagency Items. 36, 1*5. 15,33't.2 21,111.1* FrlTate Interests AiAursis OF uvEflMsri' or mrm) states : Interagency Items Total Interagency liabilities. Amounts due froia (-): Interagency proprietary Intereets Gorerxnent corporations Gcremnent agencies reporting Govemment agencies not required to report. 27.7 26I(.U 56.5 7.6 256.8 te9.6 91.8 337.8 151.0 1.0 27,7 6.2 150.0 56.5 81.0 99.3 86.6 1*15.6 121.5 36,U59.7 15,30U.5 S. Interest, after ezoluslon of Inter- Liabilities of Individual corporations and activities (see and 3). 2 ' 6.2 33.9 131.3 811.2 Total Interagency assets. 1/ 23,1*23.2 I AMouQtQ diie to: GoTemioent corporations GoTemaeat sgencles reporting GorenSBent agencies not required to report Book value of U. agency Items 17,1*1*0.0 2/ * 71*. 12.7 291*. 21,155.1 An asset of the TreaauiT uider "Loans rooelTsble" (see Table 3). leea than $50,000. 62 Treasury Bulletin .CORPORATIONS AND CERTAIN OTHKE BUSINESS-TYPE ACTIVITrES. Table 2.- Balance Sheete of CorporatlonB of the United States Government, September 30, 1955 (In nllUans of dollars) January /9% 6% Treasury BuUetiti nnppnPAT- 1 .. ., . nn-RpnPATTnws Aim f 66 Treasury Bulletil .CORPORATIONS AND CERTAIN OTHKR BUSINESS-TYPE ACTIVITEES. Table 2.- Balance Sheets of Corporations of the lAiited States Government, September 30, 1055 - (Continued) (In millions of dollars) 1^ anuaru /956 nnppnPAT 6£ Treasury Balletic .CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES. Table 3.- Balance Sheets of Certain Bueiness-Type Activities of the United States Government, September 30, 1965 (in milllcnfl of doHare) Departzaent of Agriculture Accowt Caah: i/ On hand and In banke. Ulth U. S. Treasury.. Total Fanners* Heme Administration 19. l* ,1 852.6 59.6 DepoBlta vlth other Govt, corps, and agenclea. Loana receivable: Govermaent corporatlcnfl and agenclee...... Others: To aid agriculture: Agricultural credit corporations Cooperative asaoclatlcns ,, Crop, llTestock, and ccmmodlty loans... Fann mortgage loans ..,.,.,,., Other To aid bone ovnere: Mortgage loans, etc. To aid luiuBtry: Railroads •.....•.•.•,•,,,,,, Other To aid States, Territories, etc Foreign loans Other loans (not otherwise classified) .. Less : Eeserre for losses • Total loans receivable (net) Accounts and notes receivable: Oovemnent corporations and agencies. Others Leas: Beserve for losses Total accounts and notes receivable (tut) 17,UtO,0 .1 12 1). 631.7 2,315,9 532,0 llt.l. 631.0 2.1 555 ."t 123. "t 5,289.6 195.5 15l».9 27,051*, 81t.lt 561,0 12,7 1,061.2 15.1 1,058,8 Accrued assets; Interest on public debt obligations . Govermaent corporations and agencies. Others .,, I«9s: Reserve for losses 2,2 129. ij 20I1.7 60,3 32.1 Sl.lt Total accrued assets (net), .,,,,.,, 30li,l 29.0 Canmodltles, supplies, and naterlalB. 5lt6,6 Investanents: Public debt obllgatlcns of the United States.. Securities of Govt, corps, and agencies: Federal Housing Administration debentures.,. Capital stock and paid-in surplus of Government corporations ., ,,, Other securities: liitemational Bank for Eeconstructlan and Development - stock, ,,,,,,,,,,,,,, International Monetary Fund - subscriptions. Other Less: Reserve for losses , Total investsnents (net) 371.9 2,0 150,0 635.0 2,750,0 .5 3,909.3 Land, structures, and oquliioent; or sale, •.,.,,,,•,,,,, Reserve for depreoiation,,,,, 5,328,1* Total land, structures, and equl[ii»nt (net). 5,309.9 Acquired security or collateral,...,.,,,.,.... Lese: Reserve for losses ,.,. 276.5 Total acquired security or collateral (net). 153.5 Heiji for use Less: Deferred and undistributed oharges Other assets ..,.,.,••,,,,,,,,,,,,,,,,,, Less: Reserve for losses. Total other assets (net),. Total assets ,,, 1.2 18.5 123 .0 6,6 121,9 8,7 113,2 39.330,7 1.2 January 19^6 69 -COKPORATIONS AHD CERTAIN OTHES BUSIHESS-TXEE ACTIVmES. Table 3.- Balance Sheets of Certain Buelnese-Type Activities of the United States Government, September 30, 1955 - (Continued) (In mnUmB of dollara) Bapar^aaat of ths Dspeo-taaQt of ;<grloultun Dapartasnt of Conosrca Aocoict Famers* Heme Adjadnlatra- Disaster Loans, etc., EerolTtng Fund, FamarB* Adolnlatratlon floma tlon KLectrlflcatlon Guaztntaad AdjalnlB tra- (WorM War n) tlon LIABIUTIB Acoomts payable: GcTezmiBnt corporatloDs and agenolea. Ottasra Total aocotBits payable Acoinied liabilities •.... 127.2 U0,1 167.3 1 U. S. Treaauiy 72.8 Other GoTeirment corporaticDa and aeenoiea. Others 119.9 lotal accrued llabllltlss. 193.0 U..1 .3 .2 ]l I I |; Trust «pd deposit liabilities! Gorexnmsnt corporatiooB and agsDcles. Others Total trust md deposit liabilities. Bonds, debentures, and notes payabljsi U. S. Treasui? Otber Gcvenment corporations and agencies: Ouaranteed by tba Silted States ........... Others: Ouaranteed by the tftiited States.... Total bonds, debentures, and notes payable. 132.8 39.6 15.2 ITS.U 15.9 5,385.0 187.5 "t.6 5,^31.9 ISX Other liabilitiee (including reserves ). 123 .U 6,ia.U Total liabilities PBOPKIKrAint .8 Ii2.2 l>BfezTed and undistributed credits .5 11.6 187.5 2* .2 UlTHaBT Srpended appropcrlatloDS Excess of Inocoe, or expense (-), ousulative. 35,lt78.2 572.9 -2,312.8 -lalt.O Total proprietary interest 33,166.» UU8.9 Total liabilities and pcropristaiy interest. 39,330.7 653.2 - loans Federal Harltlas Board and MarltlBs Adalnlstivtloa Departeant of Sealth, Blucatloa, and Welfare Office of Blucatlonl Loans to students 70 January 19% 71 . COEPOSATIONS AND CEKTAIU OTHER BUSINESS-TYPE ACTIYITIES. Table 3.- Balance Sheets of Certain Business-Type Activities of the United States Government, September 30, 1955 - (Continuedl (In Billions of dollATs) 72 Treasury BuUetii] .CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES. Table 3.- Balance Sheets of Certain Business-Type Activities of the United States Government, September 30, 1955 - (Continued) (In ninim8 of dsllars) I I January I95b Ti . COEPORATIONS AND CERTAIN OTHKR BUSINESS-TYPE ACT IVITIES. Table 3.- Balance Sheets of Certain Buslneee-Type Activities of the United States Government, September 30, 1955 - (Oontlnuedl ?•* Treasury Ballet} .CORPORATIONS AND CERTAIN OTHER BUSINESS-TYTE ACTIVITIES. Table 3.- Balance Sheets of Certain Business-Type Activities of the United States Governinent, September 30, 1955 - (Continued) (In millions of dollars) 1 ^January 1956 76 COKPORATI , January 19% 7« Treasury Bullet i\ .CORPORATIONS AND CERTAIN OTHER BUSINESS-TTPE ACTTVITIES- Footnotes to Tables 2 and 3 Note: The reports as received are revised by the Treaexiry Department to adjust for certain Interagency Items and therefore may not agree exactly with statements Issued by the respective corporationa and other buBiness-type activities. 1/ 37 Executive Order No. IO539, dated June 22, I95U, the President txensferred the synthetic rubber and tin programa from the Reconstruction Finance Corporation to this Corporation, effective at the close of business June 30, 195^. 2/ Effective July 1, 195^, the Secretary of the Treasuiy became responsible for the liquidation of all lending functions and of World War II and production programs of the Reconstruction Finance Corporation, after giving effect to transfers to other agencies by Reorganl ration Plan No. 2 of I95U. 3/ Excludes unexpended balances of appropriated funds. V/ Includes dollar value of foreign currency on dopoelt for account of the Secretary of the Treasury. Includes guaranteed loans and certificates of Interest aggregating $3^^.** mlULlon which are held by lending agencies. 6/ Represents reserve for losses on loans receivable and reserve for losses on investments. The amount applicable to each reserve la not available at this tijne, Represents matured obligations for which cash has been deposited with 2/ the Treasurer of the United States. 8/ Includes $5-0 nllllon advanced from a revolving fund ^Ich has been established by appropriations, 2/ Represents equity of the United States Treasury in this Corporation. 10/ Includes deficit resulting from administrative expenses amounting to 21/ 22/ 21/ 2jt/ 25/ ^ $90.? mlUlon. 11/ Represents Reconstruction Finance Corporatlcm proprietary interest in a Government corporation, 12/ Since June 30, 195**, this Corporation, which was transferred for liquidation to the Reconstruction Finance Corporation on January 28, 19^, has been in liquidation under the direction of the Secretary of the Treasury. 13/ The capital stock of this Corporation is held by the Reconstruction Finance Corporation, 1^/ These foreign loans and other assets and liabilities were transfarred from the Reconstruction Finance Corporation, effective July 1, 195**. 15/ Includes $88,8 million guaranteed loans held by lending agencies. 16/ Represents notes acquired from the sale of certain assets to the Federal land banlcs. 17/ Represents equity of the l&Uted States Treasury in these programa. 10/ Represents net invectnent of the United States Government transferred from the Reconstruction Finance Corporation, Ig/ In accordance with the act approved Augxist 11, 1955 (69 Stat. 6U0), the Home Loan Bank Board ceased to be a constituent agency of the EouBing and Home Finance Agency and became an Independent agency known ae the Federal Home Loan Bank Board. 20/ Consists of the management and liquidating functions, and the special assistance functions of the Association; and the equity of the States Goveinmont in the Defense Homes Corporation, and other assets and liabilities, which were transferred from the Reconstruction Finance Corporation, effective July 1, 195^. Represents activities under the United States Houalng Act, as amended. The balance sheet Is subject to change pending establishment of « con^lete plant inventory and appraisal of net assets transferred from the Panama Canal to the Company, The final repayment of capital stock was covered Into miscellaneous receipts of the United States Treasury on August 31, 19^. The surplus is not available by law for dividend distribution and is considered by the Corporation as a reserve for future deposit insurance losses and related expenses with respect to Insin-ed banko. The surplus Is considered by the Corporation as available for future insurance losses and related expenses with respect to insured Institutions. Consists of net income from power operations of $315.6 million and net expense of $l6l.2 million. Figure is as of June 30, 1955, the latest available. Represents mortgages and notes acquired fran sale of voseela. Represents expended appropriations and excess of Inccoe or eiponao. Figures representing each of the two amounts are not available at this tlma. Represents total Treasury loans to Government corporations. Deducted In this analysis because credit has been taken in the Corporation analysis In Table 2, By Executive Order No, IO539, dated June 22, 195^, the President transferred this program fran the Reconstruction Finance Corporation, effective at the close of business June 30, 195**. Represents obligations of Government corporations and business-type activities aa shewn under "Bonds, debentures, and notes payable United States Treasury." Representa loan to the thitod Klngdcm. Partial repayments aggregating $182,7 million were made on December 31 of the ye«u?e 1951, 1952, 1953, and 195^, Includes $1,000 mlUlon due under the agreement with Genaany signed February 27, 1953. The Administration was eetabUahed in the Departanent of State by Executive Order No. IO61O, dated May 9, 1955, effective at the close of June 30, 1955, as successor to the Foreign Operations Administration. Effective at the close of business Juno 30, 195*+, these dleaster loans and other assets and liabilities vere transferred frcia the Reconatruction Finance Corporation to the Small Bufllnoes Admlnletration. Represents revolving fund, defense materials procurement activities. Represents cash with contractors operating Government -owned plants. Less than $50,000, Iftiited 26/ 27/ 25/ 22/ 20/ 21/ 22/ 22/ 2it/ 22/ 26/ "January 19% rniMnT.AT-nrE so miMrTT.ATlV^ ^*p. \ Treas. HJ 10 .A2 1956 C.2 U.S. Treasury Dept, Treasury Bulletin i