Full text of Treasury Bulletin : July 1947
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
i.':!r-r
11
^wMmv^490m
60}?
t-^G^
»•
-—'"'/»//.
^.
LIBRARY
Ubrary "^
/^OOIW
JL/IV
5030
2 1 1972
IL.
mm^iMV:
pi
MmiEFM
JULV-1947
LIBRARY
f^OOM 5030
JUH
rmsUHY
2 1
mz
DEPARTMENT
UNITED STHTES T RERSURV DEPRRTMENT
OFFICE DF THE
SECRETRRV
July
1947
Table of Contents
Page
Cumulative table of contents
11
Article section:
Statement by Secretary Snyder before the Ways and Ueane
Committee of the House of Representatives
Assets and liabilities of commercial banks and mutual
savings banks, December 3I, 1939-194-6
Individual Income tax returns for
I9H
Treasury market financing
Statistical section:
Summary of fiscal statistics
Receipts and expenditures
Note:
A-1
A-8
A-I7
K-2k
1
k
General fund of the Treasury
I6
Public debt and guaranteed obligations of the United
States O-overnnent
19
Ownership of United States aovernment seourltles
^b
Prices and yields of Government seourltles (including
securities issued by Federal agencies)
^^
Coi^oratlons and certain other agencies of the United
States Government
62
Internal revenue statistics
73
Monetary statistics
JS
Capital movements between the United States and foreign
countries and net position In foreign currencies
83
In those tables where figures have been rounded to a
specified unit, all calculations (including preoentConseages) have been made from unrounded figures.
quently the details may not add to the totals shown.
11
Cumulative Table of Contents
-
Treasury Bulletin
July
1947
111
Cumulative Table of Contents
-
(Continued)
Issue and page number
19^16
19't7
July
May
June
Apr.
Mar.
Feb.
Jan
l}ec.
Nov.
Oct. Sept.
Aug
Suaaary of flsoal atatlatlce
Budgetary receipts and expendlturea
Public debt and guaranteed obllgatlone outstanding.
Means of financing caah requirements
Reoalpte and expenditures
Budgetary receipts and expenditures:
Changes in classification of expenditures In Treasury reports effective July 1, igW
Sunmary by major claaslf Icatlons
Analysis of receipts from Internal reronue
Analysis of general expenditures
Analysis of expenditures for war and defenae actlTltlee
Analysis of expenditures for transfers to trust accounts, etc
Analysis of expenditures of Government corporations (wholly owned),
etc. (net)
Total budgetary receipts and expendlturea by oontha and calendar years
beginning with:
January 1938
January 1937
Trust accounts
,
etc
.
,
receipts and expenditures
Means of financing cash requirements
8-9
8-9
8-9
8-9
9-10
8-9
10
10
10
10
11
10
11
11
11
u
12
11
Social security program:
Budgetary receipts and expenditures:
Social Security Act
Railroad Retirement Account
Railroad Unemployment Insurance Act
Statements of trust accounts;
Federal Old-Age and Survivors Insurance Trust Fund
Railroad Retirement Account
Unemployment Trust Fund
12
13
13
11.
Ik
111
Appropriations and net contract authorisations for the war activities
program
15-16
Cash Income and outgo of the Treasury:
Analysis by major claaslf Icat lone
Total cash Income and outgo by months and calendar years beginning with:
January
15
15
15
15
15
15
15
15
W^S
Jantiary 19^1
16
15
Qeneral fund of the Treaaury
Assets of the general fund
19
Balance In the general fund
19
20
Analysis of change In balance of general fund
Publlo debt and guaranteed obllgatlona of gnited States OoTernaent
Public debt and guaranteed obligations:
Detailed statament:
Fiscal years 1937-19'*6
Monthly data
Chart
Special issues
Guaranteed obligations held by the Treasury
Computed interest charge and computed Interest rate
Statutory limitation - statement, aa of:
June 30, 19I16
July 31, Wltfi
August 31, 19'"6
22-23 23-2lt
23-2I1 2l>-25
25
26
27
27
23
25
25
September 30, 19^
October 3I, 19't6
November 30, 19'»6
December 31 , Wltfi
January 31, 19'»7
February 28, l.gh7
March 31, 19'*7
April 30, 19''7
May 31 , 19'>7
25
25
25
25
25
25
25
25
Issuance and retirement of the public debt.
26
26
Composition of the Intereat-bearlng public debt
S6
26
Maturity schedule of Interest-bearing public marketable ooourltles issued
by the United States
26
27-29 27-29 27-29 27-29 27-29 27-29 27-29 27-29 26-28 26-28I28-30 29-31
(Continued on following page)
.
Treasury Bulletin
iv
Cumulative Table of Contents
-
(Continued)
Issue and psge number
191*6
191*7
Oct. Sept.
tMg
July
June
OfforingB of marketable Issues of Treasury bonda, notes, and certificates
of ndebtedness
30
30
30
30
30
30
30
30
29
29
31
32
Disposition of matured marketable issues of Treasury bonds, notes, and
certificates of indebtedness, end guaranteed securities
31
31
31
31
31
31
31
31
30
30
32
33
May
Apr
.
Mar
.
Feb
.
Jan
Dec.
Nov.
Publlo aebt and guaranteed obligations of United States Qovammgnt
continued )
(
.
Offerings and maturities of Treasury bills.
32-33 32-33 32-33 32-33 32-33 32-33 32-33 32-33 31-32 31-32 33-31* 3i*-35
Sales and redemptions of United States saTings bonds:
Summary of sales and redemptions, by series
History of sales and redemptions
Sales by series, classified by denominations
Number of pieces sold, classified by denominations.
Sales by series , classified by States
Redemptions of series A-E, classified by States....
35-37 35-37 35-37 35-37 35-37 35-37 35-37 35-37 3U-36 3U-36 36-38 37-39
UO
37
39
38
38
38
38
37
38
38
38
38
1*1
UO
38
38
39
39
39
39
39
39
39
39
31*
31*
31*
31*
1*0-1*1 1*0-1*1 1*0-1*1 1*0-1*1
1*2
U2
1*2
1*2
31*
1*0-1*1
U2
31*
31*
31*
33
33
35
36
40-1*1 1*0-1*1 1*0-1*1 39-1*0 39-1*0 Ul-i*2 1*2-1*3
1*U
1*2
1*1
1*1
1*3
1*2
U2
Sales and redemptions of Treasury savings notes;
SuDftiary of sales and redemptions, by series
Sales and redemptions of series C Treasury savings notes:
Sales and redemptions
Sales by denomination
Sales by type of purchaser
1*5
1*5
1*6
1.6
1*3
Sales and redemptions of United States savings stamps:
Sumnary of sales and redemptions
Sales by denominations
1*7
1*7
Ownership of United 3tatea OoYernment aeourltlee
Summary distribution by classes of holders.
1*7
1*9
Estimated ownership by classes of banka and non-bank investors
1*8
50
Net market transactions in Government securities for Treasury Investment
accounts, monthly beginning:
January 1939
January 1938
Treasury survey of ownership of securities Issued by the United States
Government and by Federal agencies:
Ownership by banks and insurance companies:
May 31, 19'i6
June 30, 19't6
July 31, 191*6
August 31, 19U6
September 30, 19lt6
October 31, 19k6
November 30, I9U6
December 3I, I9U6
January 31, 19147
February 28, 191*7
March 31 19''7
April 30, 191*7
Ownership by commercial banks classified by membership in Federal
Reserve Syetem;
June 30, 191*6
September 30, I9U6
December 31 , 191*6
March 31, 191*7
1.8
(
1*8
1*8
U8
1*7
1*7
1*9
50
51-55
50-51*
1.8-52
1*8-52
1*9-53
1*9-53
1*9-53
1*9-53
1*9-53
1*9-53
1*9-53
1*9-53
55-59
51.-58
5U-58
5i*-58
Inoluding securities
Over-the-counter closing quotations and price history for public marketable securities issued by the United States Government and by Federal
agencies:
June 28, 191*6
July 31, 191*6
August 30, 191*6
September 30, 191*6
October 31, 191*6
November 30, 191*6
December 3I, 191*6
January 3I, I9U7
February 28, I9U7
March 31 , 19*7
April 30, 191*7
May 31, 191*7
Chart showing yields of
1*8
1*8
.
Prices and yields of ttoverniHent seourltles
issued by Federal agenclea j
1*8
Treasury securities
57-59
61-63
5i*-56
5I.-56
60-62
55-57
55-57
60-62
55-57
55-57
60-62
55-57
58
Average yields of long-term Treasury bonda and high-grade corporate bonds:
Revision in high-grade corporate bond average
Yields beginning with 1939
Yields beginning with 1938
Chart
61
63
58
58
63
61*
59
59
61*
65
60
60
65
(Continued on following page)
58
58
63
57
57
61*
60
01
62
Juiy
1947
Cumulative Table of Contents
-
(Continued)
July
1947
A-l
Statement by Secretary Snyder before the Ways and Means Committee
of the House of Representatives, May 19, 1947
am glad to have this opportunity to appear
I
before the Ways and Means Committee In connection
with Its proposed examination of the whole tax
This approach to
system.
tax
the
problem Is In
recommendation for a comprehensive study which I made In my recent appearance
accord with
the
before this Committee and again before the Senate
Finance Committee. Only by looking at the tax
system as a whole
It possible
la
to
lay a sound
foundation for future legislative action.
The
task confronting us Is one of the greatest Importance,
because a soundly conceived and wellbalanced tax system can make a significant con-
broad terms and the final dethe budgetary and economic
situation grows clearer. When the time comes to
draft legislation,
measures already agreed upon
outlined first
In
tails worked out
as
can be taken up
order of their priority.
the fiscal and economic situation will warrant enactment of all the
It
Is
In
the
highly unlikely that
ultimately desirable revisions at the same time.
But advance planning and study will make it possible to proceed In an orderly fashion without
prejudicing any necessary part of the program and
without the danger of reducing the revenues too
rapidly.
tribution to the maintenance of prosperity.
With your
such a tax system Is
The first requisite of
that
should produce adequate revenue
It
bal-
to
ance the budget and to provide a substantial payment on the public debt,
confidence
order to sustain the
In
public
the
of
strength.
Secretary
As
the Integrity of
In
the Government's obligations
of
and
am keenly aware
I
'
s
assets
securities
banks,
of
that
are
an
Its
the
Treasury,
I
Important part of the
Insurance companies,
financial Institutions
that
other
public as
Moreover, tens
the repositories of Its savings.
of millions
and
the
serve
persons are direct owners of Fed-
of
on any specific tax question.
am
Federal Govern-
the
the
financial
and
responsible for the management of the public debt
ment
permission,
I should like to reprinciples that I believe should guide
our studies and to call attention to a number of
tax problems that need careful consideration.
It
Is not my Intention today to make recommendations
state
I
believe
that
sound
a
system
tax
tem
produce adequate revenue.
should
equitable
be
In
treatment
Its
It should Interfere
groups.
as
of
It should
different
little as possi-
and
ble with Incentives to work
should
The tax sys-
meet the following essential tests.
to
Invest.
It
should help maintain the broad consumer markets
that are essential for high-level production and
Taxes should be as simple to admin-
eral securities.
employment.
to
easy to comply with as possible.
While the tax system should be flexible and
It
change with changing economic conditions.
should be possible to achieve *hlB flexibility
without frequent revisions of the basic tax
A stable tax structure, with necesstructure.
We have a great responsibility
build a tax system which will preserve the
fundamental soundness of our flnancTal system.
step
towards
system,
facts
As a first
a postwar
tax
development of
the
and
evidence should
consideration of both the
executive and legislative branches of the Government.
This Information will come from the hearbe assembled
for
the
ings that are being Initiated today and also from
the continuing technical research work of the tax
staffs of the Treasury Department and the Joint
Later,
Committee on Internal Revenue Taxation.
hand
a
at
when this necessary Information Is
ister and
sary flexibility confined largely to changes In
tax rates and exemptions, will make It easier for
business and Government to plan for the future.
Before going
I
repeat
eral
By beginning early, as the Committee has, we
shall have time to make a thoroughgoing study of
the present
large number
tax
of
system,
consider carefully a
possible revisions, and to work
out a well-balanced program.
A
program
need
believe
on
to
special
firm conviction
my
have a unique opportunity
sound tax program can be "developed.
to
as
can
be
tax
levels
system.
of
high levels
mention the areas that
study,
that
to
I
at
should like to
this time we
modernize the Fed-
We are nearlng lower peacetime
Government expenditures and continuing
of
national Income
and
production.
A period of tax reduction Is approaching.
But In
order to take full advantage of our opportunity
to modernize the tax system we must make careful
2
Treasury Bulletin
A-
available margins of surplus. The
divided Judiciously between debt
retirement and tax reduction. The tax reduotlona
should be allocated carefully among rate reducuee
the
of
surplus must
be
tions and a large number of structural revisions.
The development of a modern tax system that will
serve America best will require the ooop«ratlon
of the legislative and executive branches of the
Oovernment and of the taxpayers and the public
generally. We need also to enlist, and I am sure
we shall get, the wholehearted cooperation of the
States and localities.
appearances before your Committee and
Finance Committee, I Indicated that
the
staff of the Treasury Department
technical
the
my
In
Senate
has under way
that
ters
studies
will
on
attention
require
prehensive revision
some twenty major mat-
tax
the
of
In
any com-
system.
These
include studies on business taxes, Individual Income taxes, excise taxes, estate and gift taxes,
and
social
security
If
taxes.
the
Committee
will submit these studies to
I again offer your
they are
It
as
entire tax Staff
the
of
cooperation
the
Committee
with the
connection
In
Department
Treasury
of the
should
so
desire,
I
completed.
developing a sound tax system
contribution to the future
a
major
make
will
that
progress of this country.
Important
task of
I wish now to comment briefly on each of the
major tax Items under study in the Treasury De-
partment
.
graduation imposes a high rate of
the
oallad notch rate should be eliminated and a system of bracket graduation similar to that used
for the individual income tax substituted.
Under present
Taxation of dividends.
2.
law a corporation pays an income tax on its entire net income and stockholders are taxed on
their dividend Income at the regular Income tax
This system
rates.
It
tax policy relates
ters being studied are the following:
extent
the
to
of
so-called
distributed corporate profits
and the question of the desirability of reducing
or eliminating any existing double taxation.
assumption that the corporation Inin part on stockholders,
a number of plans have been advanced for the reduction or elimination of double taxation. These
On
the
come tax rests at least
One approach
three basic types.
eliminate the corporate income tax
and to tax stockholders, like partners, on their
A second
full portion of both corporate profits.
approach would be to continue the corporate in-
plans
are
would
bo
of
to
to
vestment.
Involving double
double taxation of
for
a high level of In-
as
is
or deduction
to
taxing corporate profits
contended that this is both inequitable and damaging to Investment incentives.
This is a question about which there Is no genAn Important Issue in postwar
eral agreement.
taxation.
come tax but
important business tax mat-
of
widely criticised
has been
Revision In the business tax field should be
designed to achieve the greatest feasible uniformity of treatment of different forms of business,
to promote a sound competitive system, and
Among the
income
so-called notch area
Business Taxes
to eliminate any barriers
on
33/^
between $25,000 and
150,000, to bring the effective rate on the whole
One question that
income up to "}&% at $50,000.
merits consideration is whether this method of
graduation should be continued or whether the soin
grant corporations a tax credit
dividends
paid.
A third ap-
proach would be to continue the corporate income
tax on both distributed and undistributed profits
but to grant stockholders an allowance or credit
with respect to dividends received. The Treasury
Department has completed and released a technical
study of a number of such plane for the taxation
of corporate profits.
1
.
Corporate rates
.
Both the level of cor-
poration tax rates and the method and extent of
graduation need to be carefully examined. Under
present law the corporate Income tax begins at a
rate of 21!^ on net Incomes of less than $5,000
and Is graduated to a rate of '}&% on the entire
Income If In excess of |50,000.
The level of corporate tax rates must be
considered In the light of over-all revenue re-
quirements and action taken on other major taxes,
with due regard to any revisions In the structure
of
the
corporation tax.
The present method of
The taxation of corporate income raises Imand exceedingly complex problems.
The
portant
existing arrangements
and
alternative approaches
need to be carefully analyzed to
determine their
disadvantages with respect to tax
equity, economic effects, and administrative considerations.
advantages and
3.
group of
The vital Importance to
Small business .
the economic system
of
a
vigorous
and
healthy
small business enterprises makes it es-
sential to consider carefully the impact of pres-
7
July 1941
A-
ent taxes
on
small business.
small business bellere that
Some spokesmen for
present tax sys-
the
tem discriminates against smaller enterprises and
Imposes unnecessary Impediments to tbelr estab-
lishment
and growth.
Others take the position
attempt should be made to liberalize the
tax system In order to provide special advantages
that
an
for new and small enterprises.
Among the proposals advanced for the tax relief of small business
are suggestions for tax rate reTlsiens, tax exemption
.
for
deduction for
new
investment
it
Important
is
preferable to
both inoorporated
of
a
system
whleh
7.
Depreolation
assets have
of
an
.
Consequently,
it
is necessary to
give attention to present depreolation praotioee
and to various proposals for their modif ioation.
Some taxpayers complain that
problems which merit extensive Investigation.
of depreciation allowances
Tax-exempt
organitations
Because
.
of
the continued growth of the scope and volume of
aotlTlties of tax-exempt organizations, there is
need for reexamination of the tax status of these
organizations.
It has been charged that in some
Instances the present treatment discriminates un-
solely on
The speed and certainty
capital invested in depreciable
important bearing on the risks of
and unincorporated business firms raise difficult
•(.
relies
earryf orwarde
Investment.
als for the special benefit
to
loss offset period is long enough.
Another important problem is to determine whether the present system of oarrybaoks and carryforwards is
operating losses and
These and other propos-
in
year of
tax revisions,
oonsider whether the present
In eonneetion with postwar
of reoovery
for
depreciation allowances.
years immediately following the
loae.
tax exemption or
small business, and
enterprises,
more liberal treatment
the two
the
present system
tee rigid and urge
is
that they should be given more leeway In estimating the useful lives of their depreciable assett
and more freedom of choice in selecting the
method of taking depreciation. They contend that
the individual taxpayer is in a better position
than the tax administrator to estimate the life
span of a particular asset.
fairly against taxable enterprises.
Some advocate a change in the law that would
Elimination of
5.
discrimination among va-
rious forms of doing business .
itive economy businees
of forms.
Sole
Is
to
conducted in a variety
proprietorships,
and corporations can all
tribution
In a free compet-
partnerships,
make a significant conIt is important
economic progress.
that taxes create no unnecessary obstacles to the
carrying on of businees in the forms best adapted
to different situations.
the
At
present time,
there are significant differences in taxes on incorporated and unincorporated businesses, depending on the size of the business income, the other
income of the business owners, and the portion of
the profits retained in the business.
write-off period so that
depreciable assets will
be recovered over a period which is less than
their probable useful life.
They assert that acthe capital invested
the
in
celerated depreciation would reduce the risks of
large capital expenditures in fixed assets. To
the extent, however, that
it
understates inoome
during periods when a taxpayer is increasing his
capital investment,
it
would result in postpone-
ment of tax.
8.
American business abroad
American corIndividuals doing business in for.
porations and
eign countries are normally
subject
only to
not
of
tax treatment of proprietor-
American taxes but also
partnerships,
and corporations is impractax system needs careful
Such individuals and enterprises,
may become subject to excessive tax
burdens unless some allowance is made in the
American tax law for taxes paid abroad. In the
past,
American corporations have been allowed to
plete uniformity
ships,
While com-
arbitrarily shorten
ticable,
the
present
examination to determine whether existing differences In treatment are Justified.
Opportunities
Business lose offsets.
offsetting business losses against taxable
income are a significant factor in determining
the attractiveness of risky Investment and in ar6.
for
riving at an equitable basis of
ing incomes.
Under present
losses sustained in
any
back and applied against
one
the
net operating
year may be carried
income
of
the two
preceding years and any balance not absorbed may
be carried forward as a deduction from inoome of
the foreign
countries.
therefore,
credit against their American
inoome derived
from
tax
liabilities on
abroad the taxes
business
which they have paid to foreign countries.
In addition, a number of special relief pro-
taxing fluctuat-
law,
those of
to
visions have been enacted from
signed
to
meet
particular
various foreign countries
ple,
and
time
time de-
to
problems arising in
areas.
For exam-
domestic corporations qualifying as
Hemisphere
Corporations
have
since
Western
l^KZ
been
Treasury Bulletin
A-k
Also, taxpayers
exempt from corporation surtax.
doing business In the possessions of the United
States have been exempted from Federal Income
taxes and a special type of exemption Is provided
Trade
for China
Individuals
Corporations.
Act
resident abroad are allowed a complete exemption
wages and salaries earned abroad and a
partial exemption where their Income Is derived
on their
from operating a business.
American corporations and Individuals doing
business abroad should not be placed at a disadvantage In their competition with foreign firms.
At the same time, so long as they are American
citizens
fair
and
share
businesses,
they
domestic
tax
of
effect
It Is,
analyze the
we
United States
of
income tax rates
levels.
and
foreign
The entire
Personal exemptions.
11.
war
finance
each
the desirability of the pres-
single persons
a singl*
exemption of $500; in 1939 ^i-'
A married couple without
$1,000.
creased from
tax
the
ting of
gains
advantages accruing from the offset-
of one corporation against the
another and the avoidance of the tax on
losses
of
Intercorporate dividends which would otherwise
have been paid on dividends received by one member of an affiliated group from another. The tax
on Intercorporate dividends was Intended to prevent the evasion of the graduated corporate
income tax by setting up a series of small corpo-
rations
order
In
plicable
to
to
obtain
the
small corporations.
to determine whether
the purposes
they
were
whether they should be
tions.
The level
to
in
achieved
the revenue system
needs to be given
Consideration
whole.
the question whether an ad-
justment should be made to take account of higher
It Is also necessary to reexamine
of
exemptions
as
between single
persons, married couples, and dependents.
12.
Family income
are inequalities
out
of
the
fact
in
Under present law there
taxation of families arising
.
that couples in community prop-
erty States are permitted
The individual income tax is, and should rethe mainstay of the Federal revenue system.
It
a
as
to
serve and
Individual Income Taxes
Hence,
Important way the role of the tax in
fects in an
the postwar
tax structure.
main,
personal exemptions determines
of
the coverage of the individual income tax and af-
the alignment
intended
retained
$500.
is necessary
have
married couples have been refor dependents has been In-
living have further sharply reduced the real purchasing power represented by the personal exemp-
living costs.
taxes
these
and
$1,000 as oca-
While exemptions for
1939.
$4-00 in 1939 to the present level of
War and postwar increases in the cost of
lower rates apIt
Thus,
exemption of
an
the allowance
S5-percent credit for Intercorporate dividends received. The special tax
on consolidated returns was Intended as an offset
his wife, and
for
an
pared with $2,500 in
duced,
to
As a part of the
dependents.
his
person now has
ent 2-percent additional tax on consolidated cor-
porate returns and the
himself,
$500 for
of
exemption was
to
very high
program,
children now has
9.
to
personal exemptions under
the individual income tax were sharply reduced.
At the present time a taxpayer is allowed an exfor
should be given
schedule should be re-
comes and with changes in other taxes.
emption of
Attention
rate
individual income tax rates should bo coordinated
with other changes in the income tax such as personal exemptions and the treatment of family in-
discrimination and Inequities and to ascertaining
whether such taxpayers are bearing their fair
Intercorporate problems .
raise individual
to
brackets
examined to determine their effects on incentives
to work and Invest and their effects on living
standards and purchasing power. Revision of the
taxes with a view both to minimizing any existing
share of taxes.
us
all
in
constructed with a view to achieving an equitable
distribution of taxes and maximum production under peacetime conditions.
The rates must be re-
should bear their
burdens.
therefore, highly Important that
combined
mands of the war forced
Is most Important to achieve a fair and
to divide their commuInvestment income for Federal
income tax purposes, thereby reducing their taxes
under the progressive rate schedule. There are
nity
earned
and
equitable distribution of the taxes while maintaining broad consumer markets and Incentives to
work and Invest. Among the major tax problems in
also inequalities arising out of the fact that in
all States recipients of investment income have
this field now under study
members
In
the
Treasury De-
partment are the following:
opportunities for splitting that income among
of the family, whereas in non-oommunlty
property
earner.
10.
Individual
rates.
The
financial de-
States
earned
Income
la
taxed to the
The tax value of income splitting varies
with size of
income.
Couples with not more than
5
Juh)
1947
A-
$2,000 of net Income after exemptions can realize
tax benefit from Income splitting, whereas
no
graduated rates couples with larg.e Inrealize substantial benefits.
These
under the
may
comes
capital contribution.
The taxation of pensions
and annuities Is closely related to proposals for
special treatment
aged persons under the in-
for
dividual Income tax.
tax savings have created difficult administrative
and
other types of property assignments.
14.
Averaging
Under graduated tax rates,
taxpayers with widely fluctuating incomes are required to pay substantially larger amounts of tax
Over a period of years the Congress and the
Treasury have both considered means of eliminat-
than those with stable Incomes totalling the same
amount over a period of years.
Moreover, many
taxpayers lose the full benefit of their Individ-
problems
endless litigation
the field of
In
family trusts, family partnerships,
reducing the
ing or
and
resulting tax
Inequalities
among similarly situated fajullles,
quate
various
but
ade-
no
problem has been adopted.
been considered in
the past would be to eliminate the tax advantages
solution
of
the
One limited approaoh that has
of the community property system by taxing earned
income to the earner and other community property
Income to the spouse who exercises management and
A more comprehensive approaoh
control.
problem, which
attention
In
tax returns by husbands and wives.
which
approaoh,
only
widespread attention,
would
differences resulting
from
tween husbands
the
be
option to
given
eliminate tax
to
income splitting be-
ual Income
they
do
tax
not
exemptions.
heavily over
exemptions because in some years
have Income equal to the allowable
Such taxpayers
are also taxed more
period of years than those with
stable Incomes.
These inequalities in taxation
raise the question whether it is desirable to
adopt some method of averaging Income over a
period of years for purposes of the individual
income tax.
Averaging may have a significant
a
bearing both on tax equity and on the effects of
taxation on incentives to Invest In risky business ventures.
The adoption of averaging would
result in a substantial loss
of
effects
revenue must be com-
such a loss
of
in
their
divide
pared with the effects of other tax revisions.
combined
Credit for earned Income
15.
come during
The existing inequalities In taxes on family
again
years
the
In
years
the
sideration
of
small
nized
the various
that
solutions that have been
In
amount, and
credit
fects on the revenue yield of
oompllcationa
Important efthe income tax and
was
was
comparatively
the Revenue Act of 194-3
In
mainly on the grounds that the
enough to Justify the
It was eliminated,
suggested would have different but
earned in-
inclusive and
193'^19'^3 inclusive.
The
Incomes are significant and call for careful conIt must be recog-
for
192't-1931
earned Income credit, however,
problem.
The Federal
.
provided a credit
Income tax has
incomes for tax purposes.
this
revenue, and the
granting couples In
wives by
and
Still another
recently been
has
all States
the
to
received Congressional
the past, would be to require Joint
also
has
.
large
not
distribution of taxes among different
Income groups and between married and single
persons.
It Is, therefore, desirable to consider
the family Income problem In connection with any
introduced into the tax
been a number of
proposals for relnstltuting a credit for earned
Income under the individual income tax.
Some
proponents of an earned Income credit view it
comprehensive revision of the individual tax.
primarily as a means
on
the
system.
that
it
There have,
however,
reducing taxes
of
on
wage
earners, whereas other advocates of an earned in13.
Pensions and annuities
There are now
.
several million persons who receive various forms
come credit
duction in personal exemptions and the recent inof pensions
ingly
and
the tax treatment
Under existing law,
railroad retirement benefits
problem.
social security and
and certain
living,
annuities has become an Increas-
Important
other
kinds of
pensions and annui-
ties are excluded from taxable income.
clusions raise Important problems
With respect
be
a
to
of
taxable annuities,
reexamination
of
concerned primarily with Its ef-
With the wartime re-
of pensions and annuities.
creases in the cost of
are
fects on the incentives of business executives.
the
Income tax for
a limited amount
tax equity.
granted
method of
life insurance premiums
There have been proposals to
sider
a
of
securities.
it
under
the
individual
life insurance premiums.
als have also been made
Federal
allowing the tax-free recovery of the annuitant's
Allowances for
allow a limited deduction
These ex-
there should
present
16.
and other savings.
earned
If
Propos-
allow a deduction for
to
Income
such
would probably be
Invested in
allowances
necessary
to
were
con-
corresponding general allowance for other
forms of savings, in order to prevent unfair dis-
crimination
between
individuals investing their
6
Treasury Bulletin
A-
savings
In
different ways.
These proposals for
saving raise basis equity
special allowances for
questions and economic Issues as to their effect
on savings, Investment, and consumption.
origin and referred
nue Taxation,
Under presCapital gains and losses.
on capital assets held by Individ-
17.
problem
treatment
State Department,
the
Commission, and
this
for study to a group con-
It
the Joint Committee on Internal Reve-
sisting of
Treasury.
the
involved an
has
the Tariff
Consideration of
analysis of
and numerous products
ent law gains
bricating oil,
uals and corporations over six months are taxed
at rates which do not exceed a maximum of 25^.
Losses on such assets are allowed only to the ex-
alcohol including medicinal preparations,
tent of capital gains, except In the oase of Individuals such losses may be offset against ordinary Income to the extent of |1,000 each year.
A 5-year carryover of unabsorbed capital losses
Is allowed.
The
tax
treatment
of
capital
gains
and
the
such imported products as beer, lu-
of
containing
toilet
preparations, flavoring extracts, fruits and food
Determining what constitutes discrimcomplicated by the nature of the
is
schedules
which in some oases provide
tariff
may have been Intended to
rates
that
specific
colorings.
ination
compensate for the absence of excise taxes on imThe inter-relatlonship between
ported products.
and
tariffs
thus tends to raise questions
excises
involving this country's policies with respect to
international trade agreements.
It has been contended, has a considerable
effect on the securities market and the supply of
A great many problems have arisen as
capital.
Estate and Gift Taxes
the result of taxpayers' efforts to convert ordinary Income Into capital gains entitled to the
and gift tax field there has long been a need for
losses,
lower
tax
The basis
rates.
for
taxing capital
at lower rates them other Income and the
limitation on the deductibility of capital losses
should be reexamined.
gains
20.
Revision of
mutual relationship
to
the
years
tax
Government now imposes excise taxes on more than
50 commodities or services, most of which were
substantially Increased or newly Imposed to help
lems
in
In the financing of the war.
The revision of the
excise taxes raises the Important policy Issue of
how large a portion
raised
from
tax
the total revenue should
of
excise taxes.
closely related to
such matters
This question Is
as
the level of
It Is now appropriate to
exemptions.
reexamine these excises with a view to fitting
them together Into a coherent system adaptable to
our peacetime requirements. Each of the excises
Imposed
should
view to
reducing or
carefully
be
the income tax.
For the
Treasury Department
,
with
eliminating those which are
extremely regressive, which enter into business
are unduly burdensome on profits of
particular Industries,
or which are unusually
difficult to administer.
taxes will have
to
be
any changes made will
Revisions of particular
studied In detail so that
be
the competitive conditions
appropriate in light of
In the various indus-
tries.
attorneys, has been exploring the probfield, with a view to preparing a
this
comprehensive
report
the
tion and the report is in the final stages of
preparation. It will contain a detailed analysis
of the problems involved and recommendations for
estate and gift taxes, the
a revision
of the
adoption of which, it is believed, would greatly
Increase the uniformity, simplicity, and equity
of these taxes.
Social Security Taxes
21.
Extension of
coverage.
The flnanoing
of social security and its coverage raise certain
important problems which will
need oonsideratioD
in connection with the development of the postwar
tax system.
19116,
As a result of a request of July 27,
then Chairman
from Mr. Doughton,
of
this
Treasury Department has been carrying on £ study of the problems that would be
Committee,
the
associated
with
old-age and
extension of
the
nical
and
developing feasible
employed
workers.
to
administrative
persons
methods
and
the
coverage for
Attention has
survivors' Insurance.
been directed primarily
Discrimination between domestic and Im ported goods. Last year your Committee gave oonsideration to the problem of making certain imported merchandise subject to the same internal
revenue taxes as similar merchandise of domestic
consideration by
for
This Important task is nearlng comple-
Congress.
considered with a
costs, which
19.
two taxes and their
the
the assistance of an Advisory Committee of promi-
nent
Income
estate
the
legislative revision of
and
the relationship between
The Federal
excise taxes .
Revision of
18.
be
In
the basic structure, particularly with respect to
past three
Excises
study
an Intensive
structure .
difficult tech-
involved in
covering self-
problems
for
agricultural
and
domestic
1947
July
A-7
The problems raised In connection with the
coverage of both of these groups differ substantially from those Involved In the coverage of
workers In Industry and commerce. At present social security taxes are Imposed on wages, the employer withholding the employee tax and remitting
In the case
It together with the employer tax.
self-employed,
this
system Is not apof the
plicable because there Is no employer-employee
relationship giving rise to wages, and It Is necessary
establish the base on
to
employed should be
be reported
to
which the self-
taxed and
the
how the tax should
Bureau of Internal Revenue.
these problems raise numerous questions,
Both of
volves primarily the difficulty of drawing satisfactory lines between the non-deductible personal
expenses
of
business
outlays;
Individuals
and their deductible
research and development
expenses.
Involving the question of permitting
greater flexibility
In
the determination of
whether such costs should be capitalized or deducted as current expenses; (g) capital gains and
losses,
in
use
of
to
(f
)
which the problem relates primarily
the present provisions, such as sec-
tion 117(J), In certain instances for tax avoidance purposes; and (h) a number of administrative
provisions which
require aaendment in order to
administrative operations of the
Internal Revenue and assist taxpayers,
facilitate the
particularly with respect to the self-employed
low Incomes who are not subject to
Bureau of
employer-employee relationship generally exists In the case of agricul-
tain return forms, correction of
having very
Income tax.
tural
the
Vfhlle
domestic workers,
and
the
majority of the
employers either are not accustomed to filing tax
returns or
are
engaged
not
In
business.
More-
employment generally Is highly Irregular,
prevailing wages are much lower than In Industry
over,
may be paid partly In kind. As a result,
provision may need to be made for different techand
niques
In
such as elimination
oath requirements on cer-
of
of limitation provisions,
unnecessary reports
some and
certain statute
elimination of burdensmall refunds,
of
elimination of
irrevocability of the election of
the taxpayer with respect to the standard deduction, Improvement of the enforcement of reporting
and paying by
employers of tax collected from
their employees under the withholding system, and
similar matters.
achieve adequate coverage of
order to
Substantial progress has been made
towards recommendations for the solution of these
These above items are illustrative of a numpressing technical and administrative
of
these groups.
ber
problems which the Treasury and the taxpayers
have encountered in the operation of the Code.
problems.
Technical Matters
In addition to the tax matters
of
broad and
Importance to which I have briefly rethere are a substantial number of needed
technical adjustments of considerable signifi-
general
ferred,
cance that have accumulated during the war years.
191+2 was the last piece of ma-
In conclusion I believe that we should approach the important task of postwar tax revision
with an open mind. We need to study and analyze
all the major matters
many more
We
tion.
jor legislation
present sources
to
Many
Into
go
of
in
such
these
which the
Congress undertook
problems to any great extent.
matters pose polled questions of
magnitude and their proper solution will
frequently Involve technical problems of considAmong the more
erable difficulty and complexity.
some
Important
treatment
of
of
these Items are such matters as the
(a) war losses, which Involves pri-
marily the treatment of recoveries of properties
(b) cancellation of Indebtlost during the war;
edness,
which Is a matter requiring general reconsideration and overhauling; (c) certain types
reorganizations,
amd
recapitalizations
which there appears to be Increasing resort as a
method of attempting to avoid tax on corporate
distributions In situations where there are accumulated corporate earnings; (d) provisions of the
of
to
tax law the operation of which la affected by
the termination of hostilities and of the war;
a problem which In(e) occupational
expenses,
they are
plore
have
I
scrutinize
should
The Revenue Act of
that
revenue
of
may
ascertain whether
We should also ex-
possible sources
all
upon investigation
carefully all the
to
proper balance.
in
mentioned and
arise upon further explora-
will
that
new taxes which
of
prove
meritorious,
and
which may relieve pressure in other areas.
The development of a sound postwar
tem constitutes
one
of
the
tax
sys-
most Important steps
towards the assurance of continuing prosperity in
If production
this country.
to improve
the
tax
without
le
in
the future
system
Impeding
must
business
ening consumer markets.
my pleasure
the
in
work is
I
continue to
living is
of
it has in the past,
as
yield the
needed revenue
work incentives,
and
without restricting Investment
as
to
if the American standard
Increase,
and without weak-
wish again to express
appearing before
this
Committee
being Initiated on a fundamental
revision of the American tax system.
Treasury Bulletin
A-g
Assets and Liabilities of Ckwrnercla! Banks and Mutual Savings Banks
December 3i , 1939-1946
On Hay 8, 19^1, the Coi^trolLer of the Corrency released the regular aeiilannual report on aeeats and liabilities of all banks, connerclal and mutual
The
aarlnca. In the United States and possessions as of Dscenber 31, 19>t6.
data, which oover lU.lOO connerclal banks and 533 antoal savings banks,
were compiled fron call reports of national banks and from Inforaatlon provided by State bank sopsrvlsory authorities on banks under their saperrlslon.
Historical data froa previous semi-annual reports of the Comptroller
of the Currency have been used In the preparation of this article.
The moat recent report on bank assets and
liabilities as of December Jl, 19't-6 makes available data covering the first complete postwar
During the calendar year 19^6, significant
year.
changes occurred In the asset and liability
structure
banks. In
commercial
particularly
banks,
the Treasury Department began a
19'<-6,
of
debt pay-off program as contrasted with the borrowing programs of the war period. This resulted
in marked declines of commercial bank holdings of
United States Oovemmont securities on the asset
side of the balance sheet which were in part offset by substantial increases in commercial bank
Among commercial bank liabilities the
loans.
debt retirement program was reflected in a sharp
drop
in
United States Ckivernment deposits, but
in other deposit
there were continued increases
items to partially offset this.
The cash balance made available by this imDay.
proved situation was used as the source of funds
in the debt reduction program In IS**^.
From December 31 19'*5 through December 31,
total assets of commercial banks declined
from Jlfil.'t- billion to #150.7 billion, a decrease
This decline In total
of $10.6 billion or 7^.
«
19'<-6,
assets reflected almost completely decreases in
commercial bank holdings of Government securities
offset in part by increases in loans.
Treasury's debt
phasis by the Treasury
public
This article
ever, in other items such as loans.
presents a detailed discussion of the developments in bank assets and liabilities during the
calendar year 19'^6 and the period from December 31, 1939 through 1914-6.
19'*-5.
Federal securities held by commercial banks
declined to 175.3 billion on December 31, 19'^6, a
decline of $15.9 billion or 17^. 1/
The
reduction
ties showed significant declines in oommerclsJ.
bank assets during 13^6 after six years of sharp
The
single most important factor
increases.
leading to these declines was the Federal Government's debt pay-off program started on March 1,
Oversubscriptions to the Victory Loan had
the Treasury's cash balance, while the
budgetary outlook of the Government reached a
19'*^6.
up
more favorable status
in
not
United
only
States
security
direct pay-offs to
commercial banks on maturing debt held by them,
but also sales by commercial banks of securities
in the market
Decline in commercial bank assets during
calendar year 19*^6 first since 1939. The data as
of December 3I, 19''-6 on bank assets and liabili-
built
The emdebt pay-off pro-
debt of $19.2 billion was concentrated
largely in reductions in commercial bank holdings
of United States Government
securities.
From
peak holdings of $91.2 billion on December 31,
holdings reflected
Assets
in its
gram has been on reducing bank-held debt Just as
during the war years borrowing from nonbank investors was stressed.
For the calendar year
13^, therefore, a net decline in the outstanding
on the other hand,
Mutual savings banks,
showed almost negligible effects of the debt payoff program, since they held only small amounts
Changes did occur, howof retired securities.
Commercial Banks
reduction program reflected
in decline in Federal security holdings.
than
was
ejcpected at V-J
to meet the withdrawals of United
States Government deposits and the strain on bank
reserves.
Other asset items also changed materially
during the first complete postwar year. The following table presents a distribution of the various asset items for commercial banks as of December 31, 19'^5 and l9i<-6.
1/
Tigaree in this article on oommercial bank
United States Sovernment securities are at
and therefore differ from the figures shown
ership section of the "Treasury Bulletin"
which are given at par.
holdings of
book value
in the ownon page kS,
.
July
1947
A-9
December 31
Commercial
bank assets
I3k5
Change
1946
Amount Percent
(In billions
of dollars)
8. Oovernment direct
and guaranteed obligations
Loans and discounts....
Other securities
Cash and Interbank and
reserve balances
Other assets
U.
Total assets
91.2
26.2
35.0
1.6
161.4
75.3
31.3
S.l
-15.9
*5.1
-17
+20
+ .8
+11
34.4
-.6
-2
cllne, the Increases whloh had occurred since
December 31, I939, were atlll not substantially
affected on the full seven-year basis. Pron December 31, 1939 throu^ December 31, 1946 total
assets of commercial banks Inoreased by 85.0
billion on 12956 from $65.7 billion at the beginning to $150.7 billion at the end of the
period ( Chart 1 )
The table below shows
1,6
150.7
of commercial banks
-10.6
as
major asset Items
December 31, 1939 and
the
of
December 31, 1946.
Leae than $30 ullllon or 0.5^.
December
Commercial bank loans inoreased sharply durIng 1946. As the table shows, the year 1946 was
marked by substantial changes In loans and disFrom December 3I1 1945 through Decemcounts.
ber 31, 1946 loans and discounts Inoreased by
Increases In commercial and
t5.1 billion or 20^.
Industrlsd loans, real estate loans, and consumer
loans to Individuals of $4.6 billion, $2.5 billion, and $1.7 billion, respectively, were pardecline of $3.7 billion In
loans to purchase or carry securities and loans
to dealers and brokers In securities.
tially
offset
by
a
Commercial
bank assets
Change
"}!
1939
Percent
Amount
1946
(In billions
of dollars)
8. Government direct
and guaranteed obligations
Loans and discounts....
Other securities
Cash and Interbank and
reserve balances
Other assets
16.1
17.4
7.2
75.3
31.3
g.l
*59.o
+13.9
+1.0
••361
22.6
2.2
34.4
+11.8
-.6
+52
-29
Total assets
65.7
150.7
U.
1.6
III
+85.0 ^129
The inoi<easeB outlined above reflected the
return to more normal activity In the private
sector of the economy as reconversion took place
Inereases for seven years primarily in government aecurities.
The major Increases during
the war period occurred In oommerolal bank hold-
housing and other
ings of United States Oovernment securities. For
the
seven years from December 31, 1939 throu^
and
the
deferred demand
for
consumer goods began to be met.
security loans accompanied the
end of wartime Oovernment financing when bank loans in large
amounts were made in order to
purchase United States Oovernment
securities
The decline in
Chartl-COMMERCIAL BANK^ ASSETS
December 31.1939
-
December 31.1946
Detail of
$ Billions
Assets
during the war
loans.
• 1.6— (?//)«/ >fl55fl/5
,„^ Cas/>
Other securities comprising
State and loosJ., corporate, and
miscellaneous securities, whloh
inoreased
the
#0.8
calendar
w"^^ Other
Interbank
Securities
^Loans and Discounts
billion during
year 1946,
con-
tinued on an upward
o/><f
and Reserve Balances^
trend whioh
started in 1944-.
Govy Direct and
Guaranteed Obllgattorts
...^U.S.
Commercial bank assets rose
1291^ in seven years slnoe Decem-
ber 31, 1939.
Despite
the
very
sharp change in trend during the
calendar year 1946 when oommeroial
bank
assets
began to de-
^Compnsas nohonQl bonks. sKt» commt/ciol dants. tvtf prtvot9 bants as
incMes banks m ttrf fonts ana possessions
o.
*^Sa€ occotnponytng Tobta footno^ 3
I.
ciassiftta by
ftte
Comp/rv^Mr of /tie CuffffK/
»
Treasury Bulletin
A- 10
Deoember 31,
^9'^6,
Federal
seourltles Increased
the
most
part
The
gram.
the
most
Treasury's
debt pay-off pro-
from $16.3 billion to 175.3 billion (Chart 1).
Aa a proportion of the Increase of tS^.O billion
United States
In totail oommerolal bank assets,
Oovernment seourltles accounted for more than
change occurred In
United States Government deposits In commercial
banks,
which from Deoember 31, 19l»-5 through December 31, 19U^6 declined from |2l)-.g billion to
assets United
f3.2 billion. These deposits were withdrawn from
commercial banks by the Federal Government to
In relation
two-thirds.
to
total
States Oovernjnent seourltles rose from 2^'fi on
Deoember 31, 1939 to 50^ on December 3I, 194^.
Although still the moat Importsmt single asset
Item at the end of the seven-year period, Federal securities declined as
assets In the last year from
a
cover
the
of
paying off maturing secu-
rities.
The
percent of total
liability
571^ to 50f>'
costs
important
following table presents the various
Items as of Deoember 31, 19^5 and
191^6.
followed
Items
Other asset
varied trends during the
seven-
period from December 31
1939 through Deoember 31, 19''-6.
Loans and discounts Increased
year
by $13.9 billion or YSi "Ith
more than two-thirds of the Increase occurring during
Loans
19''-6.
19''-5
counted for 27% of
total assets
on December 31, 1939 and
Deoember 31,
a^id
discounts ac-
and
21^ on
19'^6.
State and local, corporate,
miscellaneous securities In
and
banks
commercial
billion
<7«2
on
amounted
Deoember
to
31.
1939 and ti.\ billion on Deoember 31> 19't-6
an
increase
of almost ll.O billion.
They
started on a slight upward trend
in
after
19'*'+
some
having declined
early defense and
the
in
war years.
The
in oash
rise
for
of
flected primarily
the
during
reserves
bank
$11.8 billion
the seven years re-
growth in
the
war
years.
Liabilities and capital
accounts
Debt pay-off program during
19'<-6
cline
reflected primarily in deof United States Govern-
ment deposits.
bilities of
developments
dar
year
Among the liaoommerolal
during the
19'<-6
banks,
calen-
reflected
for
Chart 2
-DEPOSITS OF INDIVIDUALS. PARTNERSHIPS.
AND CORPORATIONS
IN
COMMERCIAL BANKS^
1947
July
A-ll
December 3I
Commerolal bank
liabilities and
capital aooounta
I9>t^
Amount
19'<-6
ity
Change
|
Un
Percent
Items as of December 31, 1939
the change for the seven years.
billions
of dollars)
Liabilities:
Deposlte of Individ
uals, partnershlpa
and oorporatlone:
Demand
Time
U. S. Oovernment and
postal savings deposits
Deposits of States
and political subdivisions
Deposits of banks..
Other deposits and
miscellaneous 11a
bllltles
Total liabilities.
81. 3
+7.'v
33.5
+3.5
+10
+12
2Kb
3.2
-21.6
-87
5.8
l4.1
3.S
+1.1
6.9
12.7
-lA
Capital accounts
9.0
Total liabilities and
capital accounts....
161.
If-
+19
-10
-7
3.5
152.3 llH.l
December 31
Commerolal bank
liabilities and
capital accounts
73.9
30.0
-11.3
-7
9.7
+.6
7
150.7
-10.5
and oorporatlons In oommerolal banks.
of deollne In one - the debt pay-off
program - was responsible for some part of the
nerships,
The cause
Increase In the other, since withdrawals of Federal deposits were distributed to other Investors
In the form of pay-offs and redeposlted with oonw
merclal
banks.
The primary reason
crease, however, was
loans was
deposits.
the
for
the In-
accompanied by a oomparsble
growth
In
Change
Amount
Percent
Liabilities:
Deposits of Individuals, partnerships
and corporations:
Demand
Time
U. S. Government and
postal savings deposits
Deposits of States
and political subdivisions
Deposits of banks...
Other deposits and
mlsoellaneous liabilities
Total liabilities and
capital accounts
28.2
114-.9
8I.3
33.5
*53.l H88
+18.6 125
3.2
+2.3
251
3.5
9.9
6.9
12.7
*3A
+2.8
+97
+28
1.3
3.!
+2.2
167
58.7 Itl.l
7.0
9.7
65.7 150.7
+82.3 +140
+2.7
38
+85.0 +129
The change
In United States Oovernment defor the seven-year period as a whole naturally obscures the variation of trend during the
period.
Chart 3 shows the way United States Oov-
posits
ernment deposits grew during the war period when
the Treasury's cash balance was built up during
the war loan drives and the decline during the
last year resulting from the debt reduction program.
The growth In deposits of States and politisince December 31, 1939 is also
presented In Chart 3. The high revenues of State
cal subdivisions
Major portion of total liability Increase
December 3I1 1939 concentrated In deposits
Individuals, partnerships, and corporations.
For the
and
fact that the growth of
since
of
19l^6
(In billions
of dollars)
Capital accounts
shows, the deollne In United States Oovernment
deposits was to a large extent offset by the rise
In demand and time deposits of Individuals, part-
1946
1939
Total liabilities...
Deposlta of Individuals, partnerships, and
oorporatlone continued to Inoreaae. As the table
and
seven-year period from December 31» 1939
the major portion of
31, 19^6,
and local govemraents during the war built up
their surplus funds,
since public building programs. In the same way as private, were almost
completely stopped during the war years.
throu^ December
the $85,0 billion Increase on the liability side
of the commerolal bank balance sheet was concen-
Individ-
Capital accounts followed slow upward trend.
Capital accounts of commerolal banks have followed a slow upward trend from December 31, 1939
uals,
partnerships, and corporations (Chart 2).
Demand deposits of Individuals, partnerships, and
through December 31, 19^6.
They Increased from
$7.0 billion at the beginning of the period to
rose from $28.2 billion to $81.3
an Inoreaae of $53.1 billion, while time
deposits Increased from $!'). 9 billion to $33.5
billion or by $18.6 billion.
$9.7 billion at the end, a rise of 385^. Most of
the Increase occurred in sxutjIus, undivided profits, and reserves.
trated In
demand and
time deposits
of
oorporatlons
billion,
Accordingly, the growth
The following table shows the major
liabil-
was substantially less
In
than the
capital accounts
growth In total
g
"
Treasury Bulletin
A- 12
reflected In a decline In the
total deposits to
deposits.
This
ratio
capital accounts
of
Is
end of 1939 to 7^ as
On
k, lower curve).
(Chart
of December 31, 19W
very
course,
a
of
was,
there
the other hand,
sharp Increase In the coverage of deposits In the
form of cash and FedereJ. securities as noted
above. If the ratio Is revised so as to Include
dropping
12^ at
from
Change
December 3^
Mutual savings
bank assets
the
13^5
19'^6
Amount Percent
;in billions
of dollars)
S. Government direct
and guaranteed obligations
Loans and discounts....
Other securities
Cash and Interbank and
reserve balances
Other assets
U.
only .deposits not covered by cash and Government
securities most of the declining trend Is elimicapital accounts as a
nated. That Is to say,
10.7
+ .2
+6
.2
+13
.8
.2
+ .2
+3IV
18.7
+1.7
.6
.2_
17.0
+10
+1.1
1.2
Total assets
percentage of total deposits not covered by cash
and Federal securities was 36^ at the end of 1939
and 32^ at the end of 19't-6. Chart k (upper curve)
shows this ratio by semi-annual dates over the
11.
-13
+10
Lese than $30 Billion.
•
Oovernment securities accounted for most of
The major portion of the rise in
mutual savings bank assets was accounted for in
their holdings of United States Oovemment secuthe Increase.
seven-year period.
The fluctuations over the period reflect the
relative inqportanoe of the various causes of the
which increased
rities,
by
$1.1 billion during
The Treasury's debt pay-off program had
almost no effect upon these holdings, since mu-
growth of deposits. A faster relative growth for
Federal securities than for other assets produces
A slower relaan upward tendency In the cuirve,
19'<-6.
tual
savings banks
owned very
the securities which
small
amounts of
tive growth for holdings
moves the curve downward.
ourve shows the effect of the paiy-off program In
reducing Oovernment securities while bank loans
paid off in cash. On
the other band, they continued to buy Oovemment
securities from other Investors in the mairket,
were Increasing.
the year.
Table 1, at the end of the article, presents
detailed data on commercial bank assets and liabilities for each yeaj since December 31, 1939.
tributed
of Federaa securities
The last part of the
Mutual Savings Banks
thereby showing an increase in their holdings for
The remaining $0.6 billion Increase was dis-
other
DEPOSITS
bank assets
continued to inorease during the
calendar year 19**^. During the
calendar year 19''-6, total assets
of mutual savings banks contin-
December
MutueJ. savings
savings bank assets increased by #1.7 billion as compared with |2.2 billion for the
sents
the
following
muttial savings
cember 31,
table
major asset
19'*-5
and
discounts,
The rise of |0.2
cash.
31.
1939- December 31.1946
'
Percent
Percent
40
As o Percent of Deposits.
Not Covered by Cosh and
US
30
Gov! Securities
20
20
As a Percent of
Total Deposits -
10
pre-
Items of
banks as of De-
1940
1942
1941
1943
-'Comprises national banks, state commercial banks,
Includes banks in territories and possessions
and December 31.
TrMtui). Oiiiitwn
19'^6.
loans
ACCOUNTS AS A PERCENT OF
COMMERCIAL BANKS^
10
previous year.
The
and
IN
ued to increase at a rate eilmost
as high as that of the war peThus, for the year 19^-6,
riod.
mutual
between
evenly
securities,
Chart 4-CAPITAL
Assets
were
o<
RiMorch and
Stotlilici
1944
1945
1946
1947
and private banks as classified by the Comptroller of the Currency
e
1947
Jiihf
A- 13
billion In loans and discounts, which In the case
of mutual savings banks means real estate loans
deposits
Indication of a
change In trend In this Item. The Increase In
loans during the calendar year 19'*6 was the first
sign of a rise slnoe 19U0.
mutual
Total
since
period
Important
Is
primarily.
an
as
bank assets
savings
^or
December 31» 1939.
from December 31 »
1939
ings
37^
the
seven-year
through Deoem-
banks
that
of
Change
Peroent
Total assets.
•
+279
-.8
«
11.9
18.7
-.6
-79
6.8
*57
As the table shows,
the
to
This was a percentage
6).
seven
the rise In total assets.
as con^jared with the
time deposits In commer-
banks
article
'Geographic
the
May
194^5
cash,
of
the
for
S
Billions
I
I
1
\
I
I
In
assets.
Assets
Other Securities
U.S. Gory Direct
and Guaranteed
Obligations
DeDe-
19'4-6.
savings
Bank
"Treas-
^^Cos/J and Interbank and
Reserve Balances ^
Government securi-
Liabilities and
capital accounts
Mutual
of
the
Government
ties accounted for 26^ on
cember 31, 1939 and 63^ on
cember 31,
of
A de-
securities held by oiutual savIn relation to toings bajiks.
tal
issue
Detoil of
I
and other assets
about one-fifth
Increase
Distribution
Chart 5- MUTUAL SAVINGS BANK ASSETS
December 31. 1939 -December 31. 1946
cline of fl.S billion In loans
other
securiand discounts,
ties,
Increase of
years,
the In-
December 31f 1939
savings bank hold-
Ings of United States Government securities was greater tnan
accounted
I1.5 billion or
rate
seven years from December 31, 1939
deposits Increased from $10. 5 bil$16.8 billion,
or
by $6.3 billion
Deposits" in
since
mutual
of
a
States, although they expanded considerably, were
nevertheless substantially less affected by wartime financial and Industrial growth than other
areas of the country.
The data presented in
-8
36
Less than $50 Billion or 0.^%.
crease
In
f:5
at
125^ for
over the same period. The lag In
deposit holdings of mutual savings banks reflects the geographical location of these banks
In the northeastern part of the country.
These
U.
•'-.I
was
191^6,
60^ for the
Increase of
cial
11.
Increase
For the
through
(In billions
of dollars)
1:1
2.2
that
similar to
commercial banks, which for the period
from the end of 1939 throu^ l$k^ had been
increasing at a sharply higher rate.
(Chart
8. Government direct
and guaranteed obligations
Loans and discounts...
Other securities
Cash and interbank and
reserve balances....
Other assets
an
This Increase
lion
Amount
are
tl6.S billion,
The table below shows the major asset Items
December 31 » 1939 and December 3I1 19''-6,
as
the
change over the seven-year period.
and
ig'*^
to
Liabilities of mutual -savalmost completely concentrated
10^.
of
1939
of increase similar
other groups own only negligible amounts of
these deposits.
During the calendar year 19'V6,
these deposits Increased from #15.3 billion to
rose
December Jl
rate
In time deposits of Individuals, partnerships,
and corporations,
slnoe mutual
savings banks
are permitted to hold time deposits only and
ber 31» 19*^6, toteO. assets of mutual savings
banks rose from $11.9 billion to $18.7 billion,
an Increase of $6.g billion or 57^ (Chart 5).
Mutual savings
bank assets
show
of commercial banks.
-J
bank
time
See accompanying
Table 2. footnote
3
A-lU-
Chart 6 -TIME
DEPOSITS OF INDIVIDUALS, PARTNERSHIPS.
IN MUTUAL SAVINGS BANKS
AND CORPORATIONS
Treasury Bulletin
July 1941
A-15
Table 1.- AseetB and Liabilities of All Conmerclal Banksi/in the United States
December 31, 1939
Dec.
31,
1939
Number of banka.
I'^.S'^
-
2/
December 31, 1946
Dec.
31,
Deo. 31,
igin
19tO
31,
19U2
liJiL
14. 405
Assets
Deo.
14.
w
Deo. 31,
191*3
Dec.
c. 31,
19
l\.Oih
llt.QlUt
14.064
14.100
521
3.395
856
4.772
702
5,146
1.387
7,234
w
Dec.
31,
I9U5
Dec.
31,
1946
(In millions of dollars)
Loans and dleoounte:
Real estate loans;
Secured by farm land
Secured by residential properties
Secured by other properties
Total real estate loans
Commercial and industrial loans (Including open
market paper)
Loans to farmers directly guaranteed by Commodity
Credit Corporation
Other loane to farmers
Loans to brokers and dealers in securities
Other loane for the purpose of purchasing or carrying stocks, bonds, and other securities
Consumer loans to individuals
Loane to banks
All other loans (including overdrafts)
Total loane and discounts
Securities:
U. 8. Oovernment securities:
Direct obligations
Ouaranteed obligations..
Total
Obligations of States and polltioal subdivisions.
Other bonde, notes, and debentures
Corporate stocks, including stocks of Federal
Reserve Banks
Total aeourltlei.
Total loans, discounts, and securities
Currency and coin
Balances with other banke, including reserve balances ^/
Bank premisee owned, furniture and fixtures
Real estate owned, other than bank premises
Investments and other assets indirectly representing
bank premiees or other real eetate
Customers' liability on acceptances outstanding
Interest, commissions, rent, and other Income earned or
toorusd but not oolleoted
Other assets
Total assets
566
3.292
i,o48
4,906
491
3.332
924
4,746
4,521
463
3.218
749
4.430
9.476
7,875
7,876
8.033
9,600
14,237
611
941
1,428
820
958
2,282
308
1,514
637
777
931
951
105
1,306
1,524
814
680
615
946
2.301
58
?.835
17,450
41
4,681
59
2,817
19,200
2,856
1,168
1.074
21,739
26,195
31. 308
91,220
22
75.320
91,242
3.990
3.006
75.336
4,4l4
3.381
569
2,571
1.026
",266
4,578
4.578
6,497
l,ll»4
837
14,431
<
463
3 ,256
802
5?
19,009
21.934
3.374
19.307
12,834
3.511
16,345
13,967
3,838
'l:--233
38,742
21766
57.640
2,531
17,805
21,854
41,508
60,171
77,095
998
78,094
3,389
3.183
3.732
3,155
3,758
3.002
3. 613
2.750
3,364
2,423
,529
3.52?
,450
1.053
3.17s
3.649
2,418
49
1.639
4.107
82
15_
586
547
502
468
23,502
25.240
29.116
48,339
66,351
84,467
98,610
83.479
40,952
44,249
1,337
25,948
1,102
376
51,050
1,457
25,235
1,092
282
67,646
1.383
26,792
1.075
85.551
1,527
26,289
1,021
135
106,207
1,715
28,680
964
72
124,805
1,930
33.077
925
114,787
2,113
32.289
925
38
26
49
V.
76
134
257
185.
2J4
2i;44
1,126
454
151
131
_521
27L
116
104
73.591
348
66
84
110
218
65.723
213
221.
121
208
241
182
25g
220
184
79,646
97,636
115,098
138,186
161,364
150, 741
8,442
4,086
10,306
840
1.239
72,878
10,404
4,489
9,832
924
1.690
86,718
65,309
20,813
4,648
11,172
984
1 .37?
104, 305
73,924
24,674
5.225
12,692
1,295
2.615
120,425
81,318
3.070
6,114
11,017
1,424
2.398
105,341
16,070
19,017
23,890
29,951
117
10
481
272
4
103
8
547
97
11
33.471
114
16
436
172
18
168
Liabilities
Demand deposits:
Individuals, partnerships, and corporations.
U. B, Oovernment
States and political eubdlvlaions
Banka in the United States ^/
Banks in foreign countries
Certified and cashiers' checks, etc
Total demand deposits j/
Time deposits:
Individuals, partnerships, and oorporatloni.
U, S. Oovernment
Postal savings
States and political subdivisions
Banks in the United States
Banks in foreign countries
Total time deposits
Total depoeits 2/
Bills payable, rediscounts, and other liabilities for
borrowed money
Acceptances executed by or for account of reporting
banks and outstanding
Interest, discount, rent, and other income oolleoted but
not earned
Interest, taxee, and other expenses accrued and unpaid..
Other liabilities
Total ilabilltlea
28,209
840
2,962
8,770
S54
624
42.259
785
981
49.429 4/ 55,317
14,8S7
15,416
17
,
53 5/
549
268
10
1^
9.903 5/
F
35
5
-
37,802
1,886
3.780
9.997
755
1,09a
15.537
4,
^
I
277 5'
2b
52}
256
y
5_
6
796
220
12_
15,783
16.321 4/ 16,383
16,747
19.901
24,655
30,750
34,626
58,043
65.750
71.700
89.625
106,619
128,960
151.176
139.966
26
25
22
19
52
126
220
4«
150
121
101
52
60
78
87
151
73
80
367
45
201
349
107,326
427
66,479
130
384
90,268
373
58,738
97
115
359
72,395
58
584
129,868
152,342
103
389
430
141,087
133
381
2,603
2.585
825
116
348
101
312
2,614
2,834
935
93
281
606
2,911
1,011
254
2,668
3,2p4
1.045
77
207
2,600
2,704
875
2,764
3. 518
1,215
f7
163
2,952
3,907
1,343
63
115
3.116
4.190
1.549
459
6,986
469
7,112
7,251
467
7.36s
517
7.772
537
8,31s
589
9,022
9.655
6?, 72?
7?,5?1
J ?, 6*^
97.636
115.098
138,186
161.364
150.741
V
284
Capital Accounts
Capital notes and debenturee
Preferred stock
Common stock
Surplus
Undivided profits
Reserves and retirement account for preferred stock and
capital notes and debentures
Total capital accounts
Total liabilities and capital accounts.
Note:
See following page for footnotes.
454
2,
621
A-16
Treasury Bulletin
Table 2.- Aesets and Liabilities of All Mutual Savings Banks In the United States
December 31, 1939 - December 31, 1946
Juhf 194'(
A- 17
Individual Income Tax Returns for 1044
Seoratary
of
the
Treasury Bnjrder reoaatly
made public data tabulated froH ladlvldual Inoaae
The oo»tax returns for the Inooae jrear 19'**.
kinds
that
gross Income substantially on a par, so
liabilities may be determined directly
of
tax
The data suanarlzed In this
from a taix table without determining net Income.
About four-fifths of the taxpayers no longer
deteralne their net Incoae for tax purposes
and, oonsequently,
the Inoome distributions will
artlole oover all returns filed In 19'^ and supersede the pi^ellBlnary tabulations froa returns
henceforth be by adjusted gross Income classes as
oo^tared wltb the net Inooae classes used In the
with adjusted gross Inooae of less than $23,000
published In the Maroh and April 19't'6 Issues of
the 'Treasury Bulletin.* 1/ Tabulations from Individual returns for 19'*'3 were published In the
June 194^7 Issue of the 'Trwaawy BoUettn.*
past.
plete tabulations will appear In "Statlstlos of
Inooae for 19'v4, Part 1,« whloh will be published
at some future date.
Changes In the Internal Revenae Code
The 19**^ tabulations reflect,
for
the first
changes made for purposes of slnpllunder the Individual Inoome Tax Act
This Act Introduced the oonoept of
of 19'^>
adjusted gross Incoae and per eaplta exemptions.
time,
the
The per eaplta surtax exemption.
Surtax
eiei^tlonsof I500 for the taxpayer, $500 for his
spouse and $^00 for each dependent were allowed
as a credit against net Income for the purpose of
surtax.
These
the construction
per
of
capita
a
new
exemptions permitted
simplified tax table.
(See below.)
fl cation
Increased the
standard deduction,
soope of the Supplement T
tax
broadened the
table, and simpli-
fied the tax return foras. 2/ A desorlptlon of
these Important new features Is given below.
Adjusted gross Inooae. The breakdown by Income classes In the attached tables Is made on
the basis of a new concept called 'adjusted gross
Income.'
business
deductions, expenses of
travel and lodging away froa home, reimbursed expenses connected with employDent, and deductions
to rents and royalties, etc.
(See
Itea 5 of facsimile of Form lOUo attached.) Por
the adjusted gross Income of a wage
exaaple,
earner generally Is his total receipts from wages
attributable
subject to withholding, while that of a businessle
his
total
sales minus cost of goods sold
and other business deduotlone. Adjusted gross
Income provides a method of placing different
1/
gj
standard
deduction.
To
relieve
aore
having to Itemise personal deductions such as contributions, aedloal expenses,
taxes. Interest, and casualty losses, the standard deduction Incorporated In the tax table was
Increased froa about 6^ to 10^ and was made applicable to adjusted gross Incomes of less than
For taxpayers with adjusted gross Inoome
$5,000.
of
of $5,000 or aore, a flat $500 standard deduction
In lieu of Itemized deductions was added.
This concept la defined as gross Income
alnus allowable
man
The
taxpayers
fbr wor* detailed tabulations,
la* the Sseretary't
prati ralsaie,
Traaiury Dapartaaot
Presi
Serrlaa
No. S-36C, dated Jona 25, l$k7.
Other ohaa^as la the ladlvidoal lacoae Tax lot of 19>>4
and the BavsBua let of 19>«3 affect the eo^arabillty af
19't3 an* l?''^ data.
TOr ezanple, the deflaltlon of a
dependent and the treatnant of a dependent 'a Inooae
were •Impllfled.
A dependent vai redefined at a eloaa
relative with Ineene of leas than $^00 vho received
more than one-half of hit import froa the taxpayer,
laeh person, Inclndln* alnort, who had $500 or aore
Srota Income wat required to file a return. A norwal
tax exeq>tloa of $500 vat allowed at a credit agalaat
The new Supplement T tax table. The soope
of the Supplement T tax table, whloh provides a
simple aethod of deteralnlng final tax liability,
was broadened (a) by raising the upper Halt of
the table from $3,000 to $5,000, (b) by extending
use to taxpayers with all types of Income,
Its
and
by Incorporating a standard deduction of
In addition, the use of the table was
simplified as a consequence of the per oaplta ex-
about
(c)
lOlt.
ea^tlone.
net iaeoaa for the purpete of the norwal tax; however,
in the eate of a Joint retora of hnaband and wife, the
neraal tax exaoptlen wat |1,000 except that, if the
adjottad groat Incoae of one apeuae wae lett than (500,
the aoraal tax exaaptlea vat $500 pint the adjuited
grett inoome of tueh tponte.
The Tlotory tax and tha
earned income credit were repealed. The asraal tax
rate vat reduaed from 6$ to 3^ and the tnrtax ratet
were iaoraated te Xffi en inrtax net incoae of lata than
$3,000, rising te 91)( ea tartaz net laeome of $300,000
and ever. A aore complete deaeriptioa of the chaagat
in the Internal Revenae Code it given la the S«or»taiy't pratt releate noted above.
:
Treasury Bulletin
A- IS
The old Form 1040A
simplified tax forms.
was discarded and a new Form lo4o was designed,
which Included a "short" form for persons using
form for peraona
the
tax table and a "long"
making their own tax ooaputatlone. In addition,
wage earners with adjusted gross income of less
than $5,000, derived entirely froa wages subject
to withholding, and not more than #100 of income
from wages not subject to withholding. Interest,
and dividends, were permitted to elect to have
their taxes computed by the oolleotors of internal revenue and to use their withholding receipt,
Form W-2, as a final tax return.
(See facsimile
of Form W-2 attached.)
On the basis
of
these changes,
of taxpagrers meiy be
three broad categories:
returns
Description
Form
Form W-2
the
divided into the following
form was filed by wage earners
with adjusted gross Incomes of less
than 85,000 (derived entirely from
This
wages, interest, and dividends, including not more than $100 from such
sources not subject to withholding)
and whose deductions were less than
about 10% of adjusted gross income.
These taxpayers had their final tax
liabilities determined for them by
collectors of internal revenue
the
on the basis of the Supplement T tax
table.
Form 1040
(short)
This form was filed by taxpayers with
adjusted gross incomes of less than
$5,000 from any source, who desired
to determine their tax from the new
Supplement T tax table incorporating
the 10% standard deduction.
Form 1040
(long)
This form was filed by two types of
taxpayers who continued to make detailed tax computations
ly
2/
(a)
Those with adjusted
gross
incomes of $5,000 or aore.
These taxpayers were given
the option of claiming either
the
S500 standard deduction
or of continuing to itemize
their actual deductions.
(b)
Those with adjusted gross incomes of leas than $5iOOO ^^o
Itemized their actual deductions.
The Individual Income tax returns Included In the l<)Uk
tabulations were for (l) the calendar year 19'*4, (?) a
fiscal year ending within the period July 194U through
June 1945, and (3) a part year with the greater part of
the accounting period In 1941|,
The returne Included
Forms V-2 and lOMO filed by cltltens
and
resident
aliens and Terms lOUOB filed by nonresident aliens
having a business within the United States.
Tentative
returns vere not Included and amended returns were used
only if the original returns were excluded.
Statistics
were taken from the returns as filed, prior to revisions that may have been made as a result of audit.
Income for I9U3 Is total Income as tabulated In "Star-
Number of returns, adjusted gross
Income and taxes
For 1944, about 4? million Individual Income
tax returns were filed. 1/ This was an increase
of "^.^ million, or 8% over the number of returns
filed for 1943.
A distribution of the total num-
ber of returns filed
for 1944 by
type of return
1b presented in the following table:
Type of return
Juiy 194'(
A- 19
TAXABLE INDIVIDUAL INCOME TAX RETURNS
Those under $5,000 were
for
77%
NUMBER OF RETURNS
ADJUSTED GROSS INCOME
Under
i.
„^
$115
BiL:
39.9
$5,000
TOTAL TAX LIABILITY
w.
42.4
MIL
1944
94% of number of returns, and accounted
of income and 54% of tax
$5,000
^'^ and over
Totol-'^-^
IN
Mil.
;$89r
\;
Not* Classification
0"iM
lion
of Ita 5«Gr«torf Of
tri«
comes.
and
Victory tax liability on 19'^3 In-
The table
on
a summary oomparlson
the preceding page presents
of
number of returns,
the
Inoome, and tax liability for 19'*3 and 191)4.
Income figures
for
19''-3
them comparable with the
"ere
new
The
adjusted to make
1944 adjusted gross
DcBcrlptlon of the sample
basic
More detailed
data
are
shown
In
the
three
Table 1 pretables accompanying this article.
sents the number of returns, souroeB of Income,
exemptions, and tax liaadjusted gross Income,
bility for all returns by adjusted gross Income
Table 2 presents the number of returns,
classes.
adjusted gross Income, deductions, and tax liability for returns with Itemized deductions by
adjusted gross Income classes. Table 3 presents
consisting of 1^ of Forms W-2, lf> of Forms
with adjusted gross Income of less than
$7,000, XOi> of returns with adjusted gross Income
from $7,000 to $10,000, 20i6 of returns with adturns,
1040
justed gross Inoome
number of returns, adjusted gross Inoome,
surtax exemptions, and tax liability for returns
adjusted
from $10,000 to $25,000, and
attached tables are estimated from a sample, they
differ from actual frequencies which would be obtained If the entire universe were tabulated.
For example,
frequencies of the magnitude of
gross
Income
under
$5,000
by marital status and sex.
and
million
or
more
In
classes under $7,000
are
1
adjusted
gross
income
subject to variation of
less
than '}'f>. At the other extreme, frequencies
of 1,000 to 10,000 In this area are subject to a
maximum variation between 100^ and 30^. 1/
the
l^fCiOO &n<^ over,
The data In this article were derived from a
sample of the Individual Income tax re-
100^ of returns with adjusted gross Inoome of
Since the frequencies In the
$25,000 and over.
Income concept.
with
gross /ncome
TrMMir). Omtict at fttMsrcn and Ststiit'Ci
The total tax liability for ISkk of 116 bilwas an Increase of almost $2 billion over
the inoome
is i>y od/i/sftd
Bil.:
1/
Fsr a aere dstail«d deaerlptlon of the eai^la and reliability of the data, see the Secretary's preie releaee
referred to atore.
Treasury Bulletin
A-20
3
|N
f
111
M
1^
il^ll If)
1
nbU
^1
1 1::
iff 5^1]
Mil
mm
E
i-S-aliii'=3
»2
t
^
o
¥
o
r"
li
lis
£
ID
u
eg
i!
J!
'^
?!
111
'iSi t
1^,,
•ll
i
III
H
in
Is 1(^1
c
£
=
°.
3 -5
U^!
ftI
1
Juhj
1947
A-21
Individual Income Tax Returns for 1944
Table 1.- Number of Returns, Sources of Income, Adjusted Gross Income and Taxes, by Adjusted
Gross Income Classes
Bouroes of Insoae
Number
of
returns
Adjusted gross inoooe 1/ olasses
(In thousands of dollars)
Taxable returns:
Under 1
unde r 2
2 under 3
1
3 under
4 under 5
5 under 10
10 under 15
15 under 20
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1 000
1,000 and oTer
(
In thousands)
*, 996.1
13,853.6
11,301.5
6,918.7
2,817.0
l,83l*.l*
298.5
129.5
67.5
100.5
29.0
7.1
.8
.2
.1
,
Total taxable returns
Nontaxable returns: 16 /
With no adjusted gross
'«,35'».5
income 17 /
With adju'sted gross income.
Total nontaxable returne...
Total all returns
Returne with ad sted gross
income under i5 000
Returns with adjusted gross
income of l5,000 and over.
Salaries
and
wages 2/
191.9
'*,565.i
i»,
K-7,
757.0
111.5
1*4,64-3.9
2,467.6
3,172.3
17,804.8
25,027.9
21,521.1
10,730.3
Rents and
royalties 5/
Dividends Annuities
and
and Interest j/ pensions Net
profit
Net
loss
-
continued below
Business
or profession 6/
Net
profit
Net
loss
Partnership ]/
Net
profit
Net
lose
Sales or exchangee of capital aseetfl 8/
Net
gain
Net
loss
Treasury Bulletin
A-22
Individual Income Tax Returns for 1944 - (Continued)
Table 2.- Number of Returns, Adjusted Gross Income, Deductions and Tax Liability, for Returns
with Itemized Deduct ions 52/ by Adjusted Gross Income Classes
Adjusted gross Income 1/ classes
(In thousands of dollars)
Taxable returns:
Under 1
1 under 2
2 under 3
3 under 4
4 under 5
5 under 10
10 under 15
15 under 20
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1.000
1,000 and over
Total taxable returns
Nontaxable returns: 16/
With no adjusted gross Inoome 17/.
With adjusted gross Inoome
Total nontaxable returns
Total all returns
Returns with adjusted gross Inoome
under $5,000
Returns with adjusted gross Inoome
of $5 000 and over
,
Hoto:
See page A-23 for footnotes.
Number of
returns
(In thousands)
'*35.1
1,916.3
2,037.9
1,^9**. 5
695.3
706.7
180.1*
92.6
53.3
86.7
26.9
6.9
.8
.1
Adjusted
Id gr
Inoome 12/
Amount of surtax
exemption 13 /
(In millions of dollars)
Deductions
Tax liability 14/
.
1947
Juhf
A-?3
Individual Income Tax Returns for 1044
-
(Continued)
Footnotes
•
Leae than $50,000.
Adjusted groaa Incon© claeeoe are baaed on the amount of adjusted
groee Income (see note 12), regardleee of the amount of net Income
or net deficit when computed; returns with adjusted groaa deficit
ai-e designated no adjusted grosa Income and the alio of the deficit
le disregarded.
2/ Salaries and va^a include annuities, pensions, and retirement pay
not reported in the schedule for annuities and pensions, but exclude
wages of lesa than $100 per return frcan which no tax was withheld,
reported on Form W-2. Such wages ore tabulated with mlacellaneoua
income.
(See note 11.)
Dividends, domestic and foreign, and Interest before amortization
of bond premium. This item Includes both taxable and partially
tax-exempt Interest on GoTemment obligations and dlTldende on
share accounts in Federal aaTlnga and loan associations, but excludes dividends and Interest not exceeding $100 per return reported on Form W-2. Such dividends and interest are tabulated with
mlecellBneous income. (See note 11.)
Income from annuities and pensions Is onlj the taxable portion of
amoimts received during the year. Amounts received to the extent
of 3 percent of the total cost of the annuity are reported as incooe
for each taxable year, until the aggregate of amounts received and
excluded from gross incoane in this and prior years equals the total
coat. Thereafter, entire amounts received are taxable and must be
included In adjusted gross Income. Annuities, pensions, and retirement pay upon which tax is withheld may be reported In salaries and
wages.
Het profit from rents and royalties le the excess of gross rents
received over deductions for depreciation, repairs. Interest, taxes,
and other expenses attributable to rent income; and the excess of
gross royalties over depletion and other royalty expenses. Conversely, net loss from these sources is the excess of the respective
expenses over gross income received.
6/ Het profit from business le the excess of gross receipts over deductions for buslnees expenses and net operating loss deduction due
to a net operating loss from business, partnership, and coaiKJn trust
funds for the preceding year or years.
Conversely, net loss from
business la the exceas of business expenses and net operating lose
deductions over the gross recelpte from business.
2/ Partnership net profit or loss excludes partially t€Lx-exempt interest on Government obligations, dividends on share accounts in
Federal savings and loan aseociations Issued prior to March ?8,
191*2, and net gain or loss from sales of capital assets.
In coanputlng partnership profit or loss, charitable contributions are not
deductible nor la the net operating lose deduction allowed.
8/ Bet gain from sales or exchanges of capital assets Is the amount
taken into account in computing adjusted groaa Income whether or
not the alternative tax le imposed
Net loss from such sales is
the amount reported as a deduction in computing adjusted gross income. Each Is the result of combining net short- and long-term
capital gain and lose and the net capital loss carried over from
I9U2 and/or 19'*3. Deduction for the loss, however. Is limited to
the amount of such loss, or to tie net Income (adjusted gross income if taxed under supplement T) ccmputed without regard to gains
and lessee from sales of capital assets, or to $1,000, whichever is
smallest. Sales of capital assets Include worthless stocks, worthless bonds If they are capital assets, nonbusiness bad debts, certain distributions from employees' trust plans, and each partlcipant*a share of net short- and long-term capital gain and loss to
be taken Into account from partnerships and canmon trxist funds.
2/ Net gain or loss frcm sales or exchanges of property other than
capital assets is that from the sales of (l) property used in trade
or bueineee of a character which Is subject to the allowance for
depreciation, (2) obligations of the United States or any of ita
poaeeaelons, a State or Territory or any political subdivision
thereof, or the District of Columbia, Issued on or after March 1,
19'*!, on a discount basis and payable without Interest at a fixed
maturity date not exceeding one year from date of issue, and (3)
real property used In trade or business.
10/ Income from estates and trusts excludes partially tax-exes^t interest on Government obligations, dividends on share accounts in
1/
^
^
^
.
Federal savings and loan associations Issued prior to March 28,
19)^, find net gain or loss from sales or exchanges of capital asseta received from connon trust funds. The net operating loss deduction Is allowed to estates and trusts generally and Is deducted
in computing the income to be distributed.
However, in the case
of a conson trust fund the net operating loss deduction le not al*
lowable, but each participant's share of prior year Income and
losses of the fund la taken Into account in determining hie own net
operating loss deduction.
xi/ Miscellaneous inccone includes alimony received, prizes, rewards,
aweepatake winnings, gambling profits, recoveries of bad debts for
vhlch a deduction was taken In a prior year, and health and accident insurance received as reimbursement for medical expenses for
which deduction was taken in a prior year. Also tabulated In miscellaneouB incoaoe Is $^5,873,383 of wages not subject to withholding, divldeode, and interest, not exceeding in total $100 per
return, reported as other Income on Form W-2.
ig/ Adjusted gross Income means gross Income minus allowable trade and
business deductions, expenses of travel and lodging in connection
with employment, reimbursed expenses in connection with ea^loyment,
deductions attributable to rente and royalties, certain deductions
of life tenante end income beneficiaries of property held In trust,
and allowable losses from sales or exchanges of property. Should
these allowable deductions exceed the gross Income, there is an adJusted gross deficit.
13/ Surtax exemption Is $500 for the taxpayer, $500 for the taxpayer's
spouse if not dependent upon another person, and $500 for each dependent with respect to whom a surtax exen^tion may be claimed.
Such dependents must have received from the taxpayer more than half
their support for the year and must have had less than $500 gross
Income during the year. Dependente Include only close relatives
which are specified by law.
ik/ Tax liability after deducting tax credits relating to Income tax
paid at source on tax-free covenant bonds and to Income tax paid to
a foreign country or thilted States possession, allowed only on returns with itemized deductions.
15/ Payments on ISkk declaration of estimated tax include (l) the total
amount of estimated tax reported on Form lOUO-ES and (2) the credit
for prior year overpayment If no Form lOUO-ES was filed.
(If Fonn
lOUO-ES was filed, prior year overpayment was credited against the
total estimated tax.)
16/ Nontaxable returns are those with no edjuated groaa Income and returns with adjusted gross income which when reduced by deductions,
standard or Itemized, and exemptions result in no tax liability.
17/ The no adjusted gross income classification la for returns showing
other loss on line k, page 1, facsimile of Form lOUO attached, equal
to or in excess of ealarles, wages, dividends, and interest.
18/ Adjusted gross deficit.
19/ Adjusted gross Income less deficit.
20/ Petums with itemized deductions are long-form returns, Form lOUO,
on irtiich deductions are itemized; long-form returns. Form 10l*0,
with no deductions filed by spouses of taxpayers who Itemized deductions; and returns. Form lOUO, with no adjusted gross income
irtiether or not deductions are Itemized.
21/ Joint returns of husbands and wives Include all combined returns of
husbands and wives. Form W-2, whether cosBBunlty or nonconmunlty Income Is reported, even though the tax Is determined on the basis of
separate Incomes
22/ Separate returns of husbands and wives exclude combined returns of
husbands and wives, Form W-2, even though the tax Is determined on
the basis of separate Incomes The unequal number of returns for
men and women Is the result of (1) use of a sample as the basis of
estimating data, (2) insufficient data to identify such returns,
and (3) deferment of filing returns by men In service.
23/ Separate comnmlty property returns of husbands and wives exclude
combined returns of husbands and wives. Form W.2, shoving community
property divided in accordance with State laws and tax determined
on the basis of divided community income. The unequal number of
returns for men and women is the resxilt of (l) use of a sample as
the basis of estimating data, (2) insufficient data to identify
such returns, and (3) deferment of filing returns by men in
service.
.
Treasury Bulletin
A-2l^
Treasury Market Financing
Hlstorleal iatalla of Traaaory aarkat financing opcratlont InrolTlng 'bonds,
notes, and eertlfleatas of laaabtadnass, baclnnln«; with the Tlfth Var Loan,
are pnbllshad In the tablea on pages 30 a^^ 31" Installs of weekly traaavir
bill offerings are ahom on pages 33 and 33.
June certificate maturity
On June
Isaue
of
1,
Bills maturing
there wag a maturity of an
ig'+T,
Indebtedness out-
7/S% oertlfloates of
Secrestanding In the amount of $2,775 million.
May
announced
on
21,
Snyder
tary of the Treasury
certifione-year
new,
J/i%
191*7 an offering of a
par for par, for about
certificates, with
maturing
|l.g billion of the
Subscriptions
cash.
paid
In
to
be
the remainder
subject
to allotreceived
were
Issue
the
new
for
cate Issue
exchange,
In
ment to all holders on an equal percentage basis,
except that subscriptions In amounts of |25,000
or lees were allotted
In
Cash eubsorlp-
full.
tlons were not received.
The new certificates were dated June 1, l?!*?
and will mature June
1,
igUg.
They will bear In-
of 7/i% per annum which will
be subject to all Federal Income taxes. Interest
will be payable In full with the principal at
terest
at
maturity.
form
the rate
The certificates were Issued In bearer
only
In
denominations
of
|1,000, |5,000,
$10,000, 1100,000, and $1,000,000.
Subscription books were closed at the end of
business on May 23, I9I+7. On May 26, 19U7 Secretary Snyder announced that subscriptions for
Subthe new issue aggregated $2,503 million.
scriptions In amounts of $25,000 or less were
,
allotted In full In the amount of $59 million.
Subscriptions In amounts of over $25,000 were allotted J0% on a straight percentage basis but not
less than $25,000 to any one subscriber, and with
adjustment to the next highest thousand where
Total allotments amounted to $1,777
necessary.
million, leaving $998 million to be paid In cash.
Reports
to
the debt Indicate
the Treasury on the ownership of
that about $1.1 billion of the
maturing certificates was owned by reporting commercial banks and the Federal Reserve Banks as
The ownership data as of
of April 30, I9U7.
April 30, are the latest available.
Treasury bill retirement In May
The retirement of maturing Treasury bills
which was started by the Treasury In the middle
of April was continued at a reduced pace In May.
each week
In
In the amount of $1-3 billion In
May were reduced by a total of $0.6
billion, as follows:
Bills maturing
July
1947
A-25
of the
eourees of funde
period March 1-Deoember 31, 19U6 as compared with January 1-June 2, 13^7.
On June
sentB the dletrlbutVon
for the
I9U6
when
lSk7
Jan. 1-
Total
22.5
0.6
23.1
-1.7
0.6
-1.1
-.5
0.7
0.2
1.1
3.7
-l.S
i.k
1.6
2.7
2,6
5.3
0.9
Savings bonds.
Special Issues
Other
Total
the
table shows,
23.2
7.7
30.9
amount
the
of
$257.6 billion.
$22.2 billion
from
|279.g billion on February 2g, 1946,
debt retirement program was started.
of
the
The difference between the net decline In the
debt and the total cash pay-offs of 130.9 billion
accounted for by the
Is
Increases In other public debt Items outlined
A more detailed discussion of the debt
above.
reduction program since it was started was published In the May I947
Bulletin.'
Issue
the
of
"Treasury
the
primary source for
the cash
1914^
was
In
debt retirement
built up by oversubscriptions to the Victory Loan
In 191*7, on the other hand,
In December I9U5.
other sources such as
net surpluses In budgetary
and trust fund activities, and a continued growth
debt
Items
funds for debt pay-offs.
Secretary of the Treasury
On June I3, 19^7,
Snyder announced that the k-l/k% Treasury bonds
of I9U7-52 were called for redemption on Octo-
ber 15, 1947 and would be paid In
bonds were dated October I6, 1922.
balance
In other public
19^7 the total public debt 1/ was
Call of 4-1/4^ Treasury bonds
debt:
As
In
on marketable securities
June 2
(In billions of dollars)
Reduction In cash
balance
Net budgetary
surplus
Net trust fund
receipts
Increase In other
2,
This was a net reduction of
the peak
Sources of Funds for Debt Retirement
March 1, 19l^6-June 2, igl*?
1Mar.
Deo. 31
outstanding
provided most of the
date
maturity
option
to
call
was
October
for
redemption by
on four months' notice,
date
from
There
are
bonds.
1/
on
I5,
any
October I5, 19^7
outstanding
$759
to
cash.
These
Their final
1952 with the
the Treasury,
Interest payment
final maturity.
million
of
these
The Issue Is partially tax-exempt.
iBcladti guarant««d obllgationi
pabllc.
In
the
hande
of
tht
July
1947
SUMMARY
OF
FISCAL
STATISTICS
Treasury Bulletin
Budget Receipts and Expenditures
(In BIIII0Q8 of dollars)
Juhf
1947
Public Debt and Guaranteed Obligations Outstanding
(In mllllooB of dollare)
Treasury Bulletin
RECEIPTS
AND
EXPENDITURES
.
.
Juiy
.
..
,
1947
Budget Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In mjlllona of dollars)
Receipts
Expenditures 1/
Less net
appropriations
to Federal
Net
Old-Age and
receipts
SurrlTors
Insurance
Trust Fund 2/
Total receipts
Fiscal year
or month
Total
receipts
1937
1938
1939
Internal
reTonue
Other
receipts
5,29'»
6,2lt2
li,597
I186
5,6711
5,668
5,925
8,269
5,161
5,303
7,362
359
319
12,993
19'>3
13,668
23,385
19^
'•5,l«)8
191*0
19111
19^2
19*5
kTJko
I9l<6
itli,239
igltfi-May
2,998
June
lt,li82
July
22, IW
210
208
188
273 i/
515 1/
3I19
392
265
32I1
7,806
7,031
9,027
9,297
13,765
869
1,103
1,260
1,283
1,201
12,799
22,282
34,290
79,702
95,573
100,397
63,714
661
286 Ji/
916 5/6/
3,292
389
tr
111,685
"13,902
lt0,310
I131
355
3,1183
1/
Ii35
3,1193
6/
2,308
It, 080
I12
6lt9
265
2,733
35
367
3
ii,U79
lili,lli9
"16,1157
113,038
CoTemment
Transfers
to trust
accounts,
etc.
6,641
5,985
7,313
7,109
,
6,079 1/
6,005
5,635
6,149
8,730
corporations
(whollj
owned)
etc.
(net)
ities
5,029
5,855
5,165
5,387
7,607
367
503
538
National
defense
and
related
activ-
Total
expenditures
Net
budget
surplus
(i-) or
deficit
(-)i/
929
1,029
1,206
1,657
6,301
608
225
299
1,054
-2,777
-1,177
-3,862
-3,910
-6,158
381
435
556
1,646
1,893
1,523
1,829
-21,491
-57,420
-51,424
-7
-53,9111
559
26,011
72,109
87,039
90,029
48,542
1,918
-1,305
-20,676
3,864
5,352
1,400
3,066
2,182
2,442
95
187
-161
-1,131
-873
-1,105
-499
1,723
445
lit,
187
232
331
5
-371
-208
320
2,600
2,717
lio
305
1B3
61
283
2,li3li
l.,U8l
"1,291
ll2
lii7
3
li,li78
3,644
2,932
2,755
2,694
1,274
1,718
1,190
1,509
1,100
631
2,li9Jt
Saptaznber.
32
-870
136
-96
October.
Norember
December.
2,617
2,639
2,230
It5
31.1
73
2,li03
"15
192
'•,113
3,693
lis
377
275
6
2,5Wi
2,364
4,107
2,965
2,529
3,662
1,494
1,094
2,017
1,481
1,436
1,580
48
27
21
-59
-28
45
.
3, Bio
2li
3,820
4,378
5,701
3,113
3,914
3,598
1,523
2,473
2,063
1,412
1,457
1,428
1706
36
39
71
16
5,7211
5,lili6
398
333
239
108
11,61.3
3,1115
U,27li
U7
,
-32
106
*2,102
2,62U
2,309
2,578
111
2711
37
589
68
339
2,556
2,865
4,001
3,851
2,206
2,706
1,728
1,327
Aug\ist
.
.
.
.
.
19''7-Januar7
.
Februarj
March
April
Maj
Source;
3,201l
2,251
40
26ii
^
Dallj Treasury Statement.
Excludes amounts for public debt retirement which are chargeable
to the Blnilng fund, etc. under special prorlslons of law.
For explanation see tables which follow entitled "Social Security
Program."
Net receipts less total expend! turea
Includes recoveries of U. S. InvestmeDts In capital funds. Such
recoveries totaled $5li million In the fiscal year I9I1O; $319 million In the fiscal year I9I1I; $l8 million In the fiscal year 19li2;
and $10 million In the fiscal year I9I13.
2/
^
2,539
6/
13
1
46
20
432
-614
-420
-165
•1464
-1,445
-987
Receipts trcm reductlona In capital stock and paid-in surplus
available to be reissued under existing law are Included as negative
items under expenditures. Such reductions totaled $315 million.
Includes deposits resulting from the renegotiation of war contracte.
Inforaatlon on the amount of such deposits is not available on the
basis of Dally Treasury Statements. On the basis of covering warrants, such deposits were as follows:
fiscal year 1943, $558 million; fiscal year 1944, $2,235 miUlon; fiscal year 1945, $2,04l
million, and fiscal year 1946, $1,063 million. These figures
include so-called voluntary returns.
Table 2.- Analysis of Receipts from Internal Revenue
J/
(In millions of dollars)
Income and profits taxes
1937.
1938.
1939.
1940.
1941.
Baployment taxes
Social security taxes k/
Fiscal year
or month
withheld by
employers 2j
4,597,
5,674
Other
Federal Insurance
Contributions Act
(Old-age Insurance)
i/
Federal Unosployment
Tax Act (Unengjloyment insurance)
Carriers' Taxing
Act of 1937
(Ballroad
retirement)
Miscellaneous
internal
revenue
,163
640
,189
125
,470
2,163
2,640
2,189
2,125
3,470
253
755
740
833
925
194
514
530
604
691
58
90
101
108
98
12,993
22,144
41,685
43,902
40,310
960
,094
,655
173
8,393
10,289
9,392
7,960
16,094
26,262
24,884
21,493
1,186
1,498
1,739
1,780
1.701
896
1,130
1,292
1,310
1,238
158
180
185
180
2,308
4,080
1,407
3,392
966
650
442
2,742
285
269
U
5
73
7
1
65
July
August ....
September.
2,251
2,494
4,291
1,489
1,513
3,550
514
1,070
705
974
443
2,845
67
62
284
8
2
10
1
76
695
679
656
October.
November
December.
2,230
2,403
3,693
1,404
1,444
2,886
332
70
276
9
2
5
669
766
2,120
74
290
86
2
1,U1
7
1
78
722
3,415
4,274
5,446
2,664
3,222
4,650
546
1,376
785
2,117
1,845
3,865
58
387
114
42
14
1
266
25
U6
5
12
77
693
666
682
2,309
2,578
1,597
1,619
584
1,012
400
75
364
69
340
4
3
638
1,218
12
12
595
5,161
5,303
7,362
1942.
1943.
1944.
1945.
1946.
1946 -May..
June.
1947-January.
February
March
April.
May...
•ce;
•
1/
2/
557
847
Dailj Treasury Statement.
Less than $500,000.
For further details, see chapter entitled "Internal Revenue Statistics."
Excludes receipt of victory taxes withheld pursuant to the Revenue
Act of 1942. SUch receipts have been classified as 'Other" income
and profits taxes.
302
85
^
120
150
109
121
137
170
209
267
285
283
2
8
2,181 2/
2,279 1/
2,232
2,3-5
2,967
3,847
"1,553
5,291
6,949
7,725
615
615
752
Includes unjust enrichment tax.
For the period prior to September 1939, the data In the columna
entitled "Federal Insurance Contributions Act" and "Federal Unemplojment Tax" represent coJllectlons under Titles Till and IX,
respectively, of the Social Security Act.
Includes less than $500,000 in receipts frcm "Agricultural Adjustment taxes."
..
.
'
Treasury Btdletin
Budget Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures^
(In millions of dollare)
Vetora{i8* Administration,
Interest on public debt, and
refunds of taxes and duties
Fiscal year
or month
Total
general
expenditures
Veterans
Administration
2/ J/
191*1.
6,641
5,985
7,313
7,109
6,079
19112.
19l»3.
6,005
5,635
19itit.
6,lli9
1937.
1938.
1939.
I9W.
. . .
September.
October.
56
59
91*1
66
89
87
1,01*1
1,111
931*
,871
1*,722
1,1*00
1,015
1*15
106
1.9.1.
3,066
2,1*07
1*96
1,395
5&
2,691*
1,271*
1,071*
1*63
21*9
823
1,227
512
122
1*61*
61*8
160
105
952
8,730
Au^st
866
926
3,500
6,258
10,620
l'',559
July
1,687
1,751
1,718
1,906
2,1*56
555
572
629
Aid to
a«rlculture
1,228
3''7,
1,000
5,1*21
1,51.1
39a'
91*9
81*7
1.57
515
2,61t9
2,1*72
3,938
1*2
1*0
23
56
1,021*
58
29
1*6
108
55
709
1*8
71
1*1.6
1.56
37
39
61*
1.9
69
81
26
1*88
560
1,523
960
850
1,55s
51*9
31*3
68
563
65
51*5
121*
1,623
71*
565
626
181
361
1,329
591*
11*1
1,2U1*
581
92
2,206
2,706
1*07
1.92
518
April
May
323
550
1*51
785
2,063
1*97
1,620
61*9
2,1.73
18
1*33
361
189
95
1,561
.
163
51*3
529
23
77
1,091*
February
March
680
511*
385
660
2,017
191*7 -January...
593
571
970
299
5,751
1,098
1,093
912
763 1/
998 11/
1/
512
877
1,1*63
97
71*81/
2/
738
801*
099
3,178
2/
2,21*2
1,021*
335
It,
Direct
and
work
relief
290
283
257
181*
851.
327 loy
Finance
8/
Civilian
Conservation
Corps
1,895
971
It,
InternatlonaJl
386
326
5,136
1»,I.16
December.
1,1*91*
Public
vorka
1/
NoToniber.
.
Social
Security
program
V
91
76
262
1,707
3,027
19'' 5.
June
1,561*
581
582
557
557
553
Refunds
of
taxes
and
duties
1,260
1,808
2,609
3,617
19^16.
19U6-Maor
1,503
1,567
Interest
on the
public
debt
Other general expenditures
98
1.6
1*8
16
156
1,1*76
1,573
1,371*
17
833
Other
i/
.
Juhf
"
..
.
,
.
1947
Budget Receipts and Expenditures * (Continued)
Table 4.- Analysis of Expenditures for National Defense and Related Activities
(In BlUloDfl of dolleri)
Arved
forcea
Var
Hat/
Leava Act
Dopart- Dep artof iske
••Qt
Bant
Fiscal year
or Botftb
A^rlcttlttir*
D«p«rt-
y
•ral
3« cu-
nt/
FadVorki
ttner
Dnltad
latlonal S«lcctlT« TraaiStataa
HoutlDf Same*
ttry
Nu-ltlaa
A«aiicjr
(adslDla- DapartCoaalatrttlTa) aot
alon
plnt
Onltad
Rations
tallef
and
AdBln.
BahabU-
(ar
Shlp-
Itatlon
Bond* C«lh
1937.
1938.
1939.
19iO.
I9U1.
929
1.029
1.206
1.657
6.301
378
"32
U90
667
3.678
19'tZ.
1U.070
191*5.
26.011
72.109
87.039
90.029
19U6.
I9't3.
igw.
l9U6.Hay.
June.
July
Aufust. ...
Septaabar.
October.
NoTaabar.
Daceaber.
.
19U7.January. .
rabruary.
Mar oh
April.
May...
ea:
•
1/
2/
^/
1
Ult
892
2.313
62
6.580
20.888
26,538
62
297
a5
608
539
Ug.JltZ
15. 161
2,182
1,21*2
6>iO
3
It
5
590
131
2
It
519
551
U86
12
2
•1»
u
30.0lt7
1,190
1.509
1,100
300
675
1,U«1
"85
«U
2llO
5
1.580
616
669
665
Uig
293
-39
l.UlZ
6Ult
353
351
359
278
269
303
"•15
267
35«
91
1,1*36
381*
1.''57
57t
1Mb
611
1,72<
1.327
735
707
70
111
153
133
228
185
91
122
60
3
2
J
1
2U
"5
zUa
50,337
27.800
1*9.
^
-6
557
596
673
696
2,011
2.IU3
1,19>
l.oUi
''2.265
Othar la
Surplus tlonal daproperty fenas and
disposal related
a^nelas actlTltlas
azpandituraa
33
52
59
63
52
70
80
7
5
3
-5
-3
u
k
U
U
99
51
l,'t32
l.lt62
929
2,776
3,812
3.227
200
no
2,01*2
695
69**
1.367
lUO
120
26
2U
50
"7
37
519
1,201
3
3
U
18
22
38
21
-3
2
U
28
1
-1.
5
17
10
U
-91
-Ik
1
2
1
2
1
2
'I
U
20
12
"•7
2
13
-38
1
1
u
U
-9
31
-3
30
}*/
16E
96
91
36
53
33
uo
169
169
108
27
23
29
53
198
26
2U
2U
ItO
U2
87
91
5
5
66U
382
795
991
1.022
611
uu
It
29
35
6
U
U
Dally Treasury Stataaant.
Less than 1500,000.
AdalnlstratlTe expenses In carrying out provisions of Act are
Included under War, Navy, and Traaaury (Coast Quard) Departasnts.
Includes war public housing functions.
Includes war expenditures of Coaaerce, Justice, Interior, Labor, and
State Departaents; Civil Barvlce Coaalsslon; Xxecutlve Office of the
Presldsnt (lneludln( Offlcs for taergoaey Mana<eaent); Panaaa Canal;
and capital stock of Saallar War Plants Corporation.
Includes Defanss Aid Special fund through the fiscal year 19l*3i thereafter
108
132
1.105
1.922
7
7
102
103
52
25
12
15
189
101
20
16
such expenditures are reflected within the respective departasnts.
Classification changed to reflect expenditures for the< fiscal year
191*6 under *Var activities."
Prior year expenditures are Included
under "Oeneral
Effective Septeaber 1, 19lt6, expenditures of ths War Shipping Adalnlstratlon ars Included with the expenditures of the U. 8. Karltlae
Coaalaslon to which all functions ware transfsrrad for the purposs of
liquidation by Deceaber 31, 191*6, pursuant to Sec. 202. public law
1*92, approved July 8, 19116.
.
2/
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(In Billions of dollars)
fiscal year
or aonth
608
225
187
232
331
1937193«.
1939.
19i<0.
19itl.
Teterans'
Adalnlstratloa
Social
security
prcgraa
y
i/i/
ii
lit6
107
121
10
132
181
1
l'*5
•35
221
l.d
19H6.
1,918
30
101
1,126
1,381
95
95
19U6-May..
June.
July
August...
Saptaabar.
5
5
631
13
226
13
32
32
October..
1*8
It
llcv saber,
27
21
27
21
Fabruary..
Mareh
II
II
April.
May...
1*6
Daceaber..
271*
318
302
17"*
19'*7-January...
Seuroai
•
y
^
•ployaaa'
ratlraaant
fundi
(D. 8. ahara)
Aid to
acrloaltura
17
it/
radaral
contribution
to District
of Coluabla
1*7
557
lS>w'.
19'»5.
OoTarasant
73
75
87
93
18
91
103
107
177
197
126
21*7
-18
71
-3
•
223
1*1*
1
ts
1
lt)<
Dally Traaiury Stataaant.
Laft than f^OO.OOO.
Additional tranaaotlona ara ihovn in Tabla },
OoBprlaaa Adjuatad Sarvloa Oartlfioata rund and tha Vatlonal Sarrlea
liifa Inauranoa fund, adalniatarad by tha Vataraai' Adainiitratioa.
'37
U/
"
Inoludaa railroad retlraatBt and railroad unaBployaant aetlTltiat. Tor
furthar axplanation let tabXaa whioh follow on toolal taourlty profraa.
Rtpraiantt tranaaotlona In oowiodlty food itaapa by Dapartaoat of A<rioultura. Thla activity foraarly oaaa undar tha Offica of Dlitrlbutlon and prior tharato ondar tha A<rioaltural Markatin< Adslnlatratloa.
.
.
Treasury Bulletin
Budget Receipts and Expenditures - (Continued)
Table 6.- Analysis of Expenditures of Government Corporations CWholly Owned), Etc. (Net)
(In mlllloDB of dollars)
Commodity
Credit
Corpora-
n seal
year
or month
tion
19371938.
193919I40.
igiii-
19U2.
19't3-
19"*19U5.
19U6.
19U&-Hajr.
-112
-18U
136
210
1,893
1,523
1,829
-7
2U2
-193
225
'•71
U/
1,305
-I,0l4l4
5/
187
1U6
-151
-161
June.
July
Auifust
-371
-208
3S0
299
1,05U
.
.
.
September.
-870
136
-96
1/
2/
^
1^
1
55
17
233
31'7
-106
-20
1
y
1,936
2,U62
1/
U72
,
328
-288
-23
1U8
-1
-11
-2
13
-3"
-Ifi
-110
7
-18
-16
-15
3
-18
-19U
8
21
53
107
108
101
78
70
103
-19
-16
-102
-73
106
-39
-21
-16
73
«3
-15
-13
20
-61U
28
-5906/
Ebily Treasury Statement.
less than $500,000.
Includes transactions on account of R7C Mortgage Company, Federal
National Mortgage Association, Office of Metals Reserve, Office of
Rubber Reserve, Office of Defense Plants, Office of Defense Supplies, n. S. Commercial Company, War Ibmage Corporation, and Rubber
Development Corporation.
Includes Federal Crop Insurance Corporation, Fftrm Security Administration, Federal Farm Mortgage Corporation, Federal Savings and
I«an Insuraace Corporation, Federal Intermediate Credit Banks Produfltion Credit Corporations, and Tennessee Valley Authority.
Division between e^endltures for National defense and related
activities and other not available.
Payments of $957 million have been made during the fiscal year I9US
by the Agriculture Department (charged as war and defense activities)
75
-3
2, '•35
-18
-22
11
-3
-1
1/
y
u
-1
-256
-363
-396
-323
-275
1/
1/
1/
2
Other
725
1/
y
Eural Ilectrlfl cat I on
Administration
-329
-9
2U7
U2
UO
-U3
-60
-UO
-239
-22
-25
20
5>'
1U5
U6
-3
15
12
.66
6U
-15
-30
-959
-5
-6
-2
-5
Reconstruction Finance
Corporation 1^/
Home Owners
Loan CorNational defense
poration
and related
activities
-5"
19U7- January.February.
March
•
Federal
Public
Housing
Authority
13
-59
-28
Source:
Federal
Housing
Administration
-52
128
October..
November.
December.
J^rll.
May...
Sxport-lmport
Bank of
Washington
26
3I'
•
30
-5
-59
-71
-37U
-kU6
-3U2
-159
-lU
-U
-2
-12
-17
-10
3
Ul
17
50
-3
-87
-59
-35
-18
-23
8
11
55
to the Commodity Credit Corporation in reimbursement for agricultural
commodities procured In connection with the lend-lease program and
reflected In previous expenditures of the Commodity Credit Corporation.
Similar payments during the fiscal year 13^5 amounted to
y
6/
$1,182 million.
The act of July 20, 19U6, authorised the Secretary of the Treasury
to cancel notes of the Commodity Credit Corporation In the amount
of $921 million for the restoration of its capital Impairment.
This amount is treated as a general ezpeodlture with a corresponding credit Tondsr Government corporations (wholly owned), etc. (net).
The act of May ?6, 19lt7, authorliod the Secretary of the Treasury
to cancol notes of the Commodity Credit Corporation In the amount
of $6U? million for the restoration of Its capital Impairment.
This amount Is treated as a general expenditure with a corresponding
credit under Government corporations (wholly owned), etc. (net).
July
1947
Budget Receipts and Expenditures
-
(Continued)
Table 7.- Total Budget Receipts and Expenditures by Months, Beginning with 1938
(In Dllaions of dollare)
Calendar year
Apr.
May
July
Aug.
Sept.
Net budget reealptB 1/
19'tO.
271
315
308
367
1.W
igiti.
3ltO
51.1
i9te.
578
758
955
2,503
3,767
3,678
1938.
1939-
291*
191*3.
788
igw.
2,7't7
19^5.
3,556
3,819
3,820
19116.
19'>7.
l<,378
916
687
799
1,566
3,5^7
262
213
5,206
6,573
6,892
5,7U7
5,701
l,51lt
373
3^7
uoo
394
563
30k
565
695
3,087
2,929
2,677
2,556
l,U8o
2,950
3,085
2,733
2,865
77i»
557
6U9
1,276
273
265
331
hhg
372
678
676
300
279
350
joU
iiii7
711
333
1.13
397
587
1,135
2,527
607
362
564
601
2,721
2,568
2,997
5,U47
5,926
5,189
2, It 31.
l.,i»78
2,1*92
7l»7
i',569
6,2ii7
2,007
2,163
2,695
2,539
5,91''
l>,it79
672
521
740
1,212
2,701
5,650
4,918
5,834
8,849
16,403
31*,
2,030
2,001
2,530
2,5Wt
2,364
5,736
5,416
4,118
4,107
759
1,874
5,931
737
721
869
2,083
5,937
646
648
817
1,858
6,363
830
832
1,172
2,542
6,500
8,097
8,885
9,657
19,053
56,020
7,535
7,930
6,611
2,851
7,1.56
8,024
5,950
3,023
7,839
7,828
4,656
2,557
7,452
8,416
3,618
88,084
97,158
90,552
45,804
8,135
5,695
2,965
7,91*6
l*,58l
2,529
8,420
5,013
3,662
89,640
44,113
-1*37
-296
-284
-455
-1,294
-5,761
-157
-311
-432
-1,329
-3,799
-2,447
-3,967
-3,823
-10,204
-39,618
-5,740
-5,587
-2,282
-193
-1,716
-2,999
-1,327
+490
-53,530
-52,737
-44,505
-4,204
-5,706
-2,208
-165
-3,004
-895
-1*3,591*
+445
-2,512
2,099
2,240
2,37'>
554
44,421
46,046
41,601
Budget expenditures 2/
Etcludlng net expenditures of Government corporations (wholly owned), etc.
A.
1938.
1939.
1940.
1941.
1942.
492
656
712
1,111
2,628
474
612
668
1,075
2,629
705
820
822
1,399
3,421
1943.
1944.
19^5.
6,372
7,570
8,202
4,891
3,005
6,119
7,862
7,460
3,510
7,35^
8,525
3,91*6
3,1*92
19116.
19^7.
B.
1944.
1945.
1946.
8,239
4,860
3,113
19''7.
9,1*33
4,602
631
730
566
694
647
1,141
3,953
930
895
887
1,528
4,530
725
764
818
1,598
5,160
7,1*66
7,1*35
7,859
7,968
4,251
3,981
8,292
9,275
3,677
4.466
8,327
8,625
9,641
5,513
7,112
8,110
8,557
4,514
783
1,315
3,753
645
718
774
706
1,529
5,215
7H
7,617
8,119
7,351*
2,796
5,U5
Including net expenditures of GoTemment corporations (wholly owned), etc. 2/
7,281
3,1*35
3,911*
9,266
3,845
3,598
7,901
4,268
4,001
9,112
3,864
3,851
8,100
8,821
3,644
9,752
5,352
8,344
7,291
2,932
7,902
6,687
2,755
Net budget surplus (+) or deficit (-) 4/
Excluding net expenditures of CoTemment corporations (wholly owned), etc.
-198
-385
-398
-771
-2,050
1938.
1939.
^91*0.
1941.
1942.
1946.
-5,584
-4,823
-4,645
-1,073
19''7.
<.8l4
191*3.
1944.
191*5.
-166
-245
-224
+212
-132
-22
-531*
+167
-1,871
•fl26
-5,164
-5,359
-3,693
*168
+432
-2,147
-1,952
B.
-2,51*0
*1,146
*2,209
-369
-517
-479
-750
-3,058
-193
-348
-247
.747
-3,391
-156
-339
-237
-252
-2,037
-5,952
-4,772
-5,040
-1,573
-1,424
-5,955
-6,190
-944
-1,601
-3,758
-2,378
-3,727
-1,034
-5,3'*2
-4,683
-1,042
706
1946.
191*7.
Source:
1/
2/
-195
-402
-258
-1,133
-4,628
-40
-65
-48
-739
-3,404
-2,087
-2,004
-1,422
+1,627
-5,105
-1*,896
-5,91*7
-5,551
-5,862
-1,975
-J*,357
-363
Including net expenditures of Coveminant corporations (wholly owned), etc.
1944.
191*5.
-451
-499
-487
-1,185
-4,413
-3,511*
+243
*464
-2,373
+1,902
+2,102
-4,972
-1,591
-1,445
-6,028
-1,131
-987
Dally Treasury Statement.
Total receipts less amounts transferred to Federal Old-Age and
Survivors Insurance Trust Fund.
Excludes public debt retirements.
-5,937
-6,126
-1,105
-3,838
-873
^
4/
-5,776
-4,293
-1*99
-1,976
-1,497
+1,723
-442
-536
-1,637
-5,331
-5,1*26
-6,023
-3,1*20
-1*79
_2/
-6,134
-3,165
-420
Monthly figures for the period January I938 through Jxme 1944 are
not presently available.
Net receipts less total expenditures.
..
.
.
,
Treasury Bulletin
10
Trust Accounts, Etc., Receipts and Eixpendltures
(In minions of dollars)
Fiscal year
or month
Total trust
funds, etc.
[net receipts ( + )
or net
expendltures (-)]
Federal Old-Age and
Survivors Inexirance
Trust Fund
Receipts
267
.96
1937
1938
1939
+1,204
+435
•906
19'»0
igiti
-1,613
-338
-2,222
19'>2
19i»3
1944
I945
1946
791
-524
+48
-265
19116-Maj
June
July
Au^st
.
.
.
,
+43
+234
National "Service Life
Insurance Fund
Expenditures
Receipts
Expenditures
+9
+6
+6
+30
+26
940
1,190
1,363
1,407
1,349
931
1,185
1,357
1,377
1,323
+11
+234
265
-251
109
31
361
+28
61
283
529
577
707
33
37
325
+1
49
209
44
39
165
167
218
-7
42
155
53
41
155
60
+9
+5
101
175
50
91
171
55
44
-6
-8
43
251
51
46
245
190
163
+147
277
53
74
130
214
70
+11
-161
+4
-1
44
58
63
45
70
+1
52
36
-12
+11
.
-125
70
72
264
36
38
-2
+317
+38
+227
74
.
+6
-33
-246
33
279
-2
65
47
60
48
269
+99
+26
+298
68
339
41
41
+5
-15
53
473
48
488
April
May
17
+11
135
174
26
1947-Jan'mry.
February
March
18
-55
286
+3
-1
+2
-16
-10
-15
•
+6
Trust Accounts, Etc., Receipts and Expenditures
146
107
125
116
197
121
+32
17
148
109
123
127
200
105
893
2,102
2,332
73
275
+11
-2
144
217
275
905
2,157
2,351
-269
+2
+2
144
221
273
324
312
-6
+46
+239
.
294
751
837
957
1,243
1,404
1,564
1,508
1,248
-4
+156
+ 15
-480
.
294
763
838
959
Expenditures
1,U8
+11
+26
+19
October.
November.
December
Receipts
1,U4
36
320
-414
Expenditures
1,244
1,399
1,567
1,508
1,280
-4
3
46
316
September.
13
Receipts
+12
+1
+1
402
530
580
717
+246
-313
Trust Fund
267
401
+1
+1
+3
+10
Railroad Retirement Account
UnsQ^loyinent
-
323
308
1
1
59
43
1
(Continued)
(In nllllonfi of dollars)
XncreoBsnt
Other trust accounts 1/
Fiscal year
or month
Receipts
on gold
Seigniorage
on silver
Special deposit
accounts and miscellaneous funds 2/
Szpendltures
Sales and redeoqitions of
obligations
of Government
corporations,
etc
.
,
in the
market (not)
1937
1938
1939
1940
1941
+20
858
-4
323
349
366
406
1942
1943
+46
+92
+129
+620
+24
+35
+20
I9U
1945
1946
-110
1946 Jtay
June
July
August
September
.
.
.
October.
November.
December.
472
658
949
1,693
2,135
838
327
-99
-51
325
331
386
-5
426
567
820
1,072
2,245
255
292
255
-5
-164
309
55
141
474
60
306
-165
171
-190
-37
+57
-174
-U4
+94
+102
+42
+19
-93
+318
+27
-48
+34
-146
-75
-113
+ 102
160
59
42
144
-146
59
40
+101
-7
-39
-3
+5
+237
+118
53
48
296
March
April
May
+85
-185
1/
-1,809
-694
-2,874
-1,553
-95
+36
78
2/
+116
+264
+503
+1,669
-647
-22
-6
114
136
62
•
+1,106
+288
+852
+22
69
•ce:
+248
-16
+61
+55
111
1947 -January. ..
February.
+14
^
-57
-119
-227
-3
-68
-16
.
+40
+90
+90
+49
+20
Clearing
account
Dally Treasury Statement.
Lees than $500,000.
Includes Covemnent Retirement funds, etc. (See footnote 2.)
Comprises Public Works Administration revolving fund, special
deposits (net), and, during the fiscal years 1940 through I945,
+71
-4
-56
+39
+67
+37
transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions ore classified
as "other trust accounts."
Net receipts In this column constitute net sales, and net expenditures constitute net redemptions of obligations.
...
)
,
1947
Jtihj
IX
Means of Financing Cash Requl resents
(Id millions of dollaLTs)
Amount required to >e financed
flBcal year
or aonth
Total
emonnt
required
to be
financed
let
budget
snrpluB ( +
or
deficit (-)
Neana of flnmaelne
let
let
decrease
In public
debt
Bet Increase
In Oeneral
fund balance
U
let
expenditures
in trust
accounts
etc. 2/
Total
amount
financed
Increase In
public debt
Vet deo-eaae
In Oenerel
Kind balance
receipts
In trust
accounts,
etc. Z/
2,777
1,177
2,6>>6
US
7I1O
33«
-3,862
-3,910
-6,158
622
»,llSl»
98
,210
3,910
6,900
9*7
1*35
7'W
3,275
2,528
5,99*
g
6i»,307
-21,1191
-57,>t20
-5l,l«l»
358
6,515
10,662
58,»70
ZL.SOC
-53,9'H
-20,676
^529
2,W*7
><.29B
-1.131
-873
1.316
3.161
2.257
1,223
868
-1.105
-U99
1.152
1.723
3.163
-U20
-165
UI.5
.
628
*706
Febroary.
March
.958
22U
+2.102
2,2911
2.867
987
-l.lAS
-987
l.'»23
2,777
1,177
1937
19M
1939
igw
3,910
6,900
19IH
l)£l
19'iS
,27't
19»J
19^
19^
19W
19U6-May
Jane
JuljT
Ancuat. ..
September.
October..
NoTember.
December.
19>>7-JaBaar7.
April
•tay
Source:
1/
1/
2.257
l,>t20
-2,777
-i,in
1,613
33«
2,222
906
Wl
S,>l6l
23,
6*. 2711
6U,27U
6U,307
6U,%7
3
52*
5«,»70
a, 200
2.1*7
>.298
2.398
265
Itllt
2.257
1,223
868
2.209
989
868
23I*
2.177
1.837
1.255
3.128
2.257
2,101
156
1.1*20
1,1*05
15
U80
3.163
3.163
125
628
.958
22U
72".
1.210
»ii6it
2.1*22
Daily Treaaory Stat«aeat.
Excludes aaotints for public debt ratirsBeot which va ehargaabla to
(ha tlaJclng fund, ate, under apecial provlelona of lav. and Includaa
OoTarnaant corporatloai (whollj owned), ate., (net).
Coaprlaaa truat aecouota. sales and redsBptlona of obllgatlone of
33
791
J7,679
10,7l»0
2.867
987
OoTenmant corporations, etc..
io,ii6o
U8
1*.29S
U8
628
1,61*2
317
221*
6U2
2.598
269
21*5
99
In the aarkat, locreaant on gold,
seigniorage on sllTer, Blscallaneoua funds and accounts, and baginning with July 19U6. • clearing account for outstanding Checks.
Increnant on gold excludes expenditures for national bank note
ratlraaents.
S
3
k
k
Treasury Bulletin
12
Social Security Program: Section
Budgetary Receipts and Expenditures
-
I
Table 1.- Social Security Act
(In Billions of dollars)
Secelpta
Gpoee receipts
Fiscal /«ar
or Boath
Less amounts credited
to Federal Old -Age
and SurrlTora Insurance Trust Fund Jl/
Socl&l Security taxeg
Federal Insurance
Cor.trl but lone Act
(Old-age Insurance)
federal Unsmploj*
aisQt Tax Act
(
60li.lt
511.
631.2
718 .S
788.2
1,015.6
1,288.9
gS:::::;:::::
l,l<72.0
IJkJ
1,''9''.5
I9W
1,1.18.1
280.1
8.1
2«8.9
6.6
i9k6.m7
Jww
U.2
1.1.
2.2
10.0
l.l
291..
9.5
8.3
Ootob«r...
72.2
285.5
8.0
70.0
276.2
7.2
loT«tfb*r..
179.9
62.3
Aucuat....
0»ptiHb«r.
217.
128.2
387.0
503.0
537.7
661.3
866.9
1,103.0
1,259.5
1,283.0
1,200.6
181>.5
28I..3
61t.6
J<ll3
90.1
100.9
107.5
97.7
119.9
158.1
179.9
.1.
530.1.
60U.7
690.6
895.6
1,130.5
1,292.1
1,309.9
1,238.2
I9U
19^
Utieiicplo;nent
Insurance) 2/
1/
1938
i939
19^0
Ret
receipts
17lt.5
126.9
II16.7
185.9
212.5
2U.5
217.'.
265.1
2.8
15.0
3.3
61.3
283 .(
3.5
U.O
3.2
6.0
..kU/
2.2
72.6
9.3
«7''.9
ID .6
.8
5.»
2.0
56.7
38e.o
W.3
Ik.l.
to.k
266.2
U5.8
261.. I.
Mupoh
37.1.
25.1.
12.0
23.6
16.2
117.7
13.9
April
72.6
352.3
69.0
3.5
31.0. It
U.9
S7.6
339 .«
13.1
19^7-JuBur7...
MV
"1.7
ItepandltuTM
Oruita to Btatot
rukllo
tzptnaaa
OldHtgO
ualtt•noo
ao.o
»1.3
»5.3
31.5
31.5
33.3
39.1
1938.
1939.
19W.
Ukl.
1»U.
»>i3.
X9U.
Hi
uw.
271.5
380.3
35«.5
iil5.2
lt«9.6
1.91.1
itBS.O
1.51.?
II
tUlf
AOIWt....
•ytwkar.
e«taWr...
19kT-J«BUi7..
3.0
t.e
X.7
tk.o
I.S
1.9
1.5
1.9
66.9
61.1
'.3.I
l.lt.3
Aid to
dopond'
mt
ohlldr«n
9.7
u
3.0
velfftT*
••rrlot
l.k
1.5
1.5
1.5
1.6
1.6
l.k
l.k
1.3
U. 8
2/
Serriee
y
kl.O 10/
1.8
9.5
9.6
115.1
815.1
8O9.7
389.5
357.8
3kl.3
1.3
.3
.k
6.3
.1
.5
63.1
33.7
SS.T
19.S
6.3
6,7
1.8
16.0
1.0
1.0
1.1
.5
.1
,«
.1
U.9
11,0
10.3
7.t
l.k
1.3
11.0
1.1
8.0
.«
.5
5.5
9.0
3.8
.8
1.0
1.7
.8
.7
59.9
•)6.9
10.7
.5
.5
10.8
lk».6
kT.J
S3.k
W6.7
5§.5
13 .e
it.ti
7.T
1.7
153.3
1U.6
V
V
3.8
Ohlld
.8
e.i
1.9
9.8
5.3
6.9
li
8.5
10.3
10,0
10.3
1.5
1.5
.5
8.0
9.k
10.8
10.7
5.5
5.9
6.5
6.8
5.k
.8
6.3
U.k
U).7
U.9
.8
.1
.t
u
k.O
'•2
3.8
J:f
.6
-.1
i.e
.1
• .7
1.9
1.6
3.3
U.3
X.I
.8
l96.00d>
1.3
.1
1:1
k.2
7.k
6.9
879.8
386.1
96.1
U.8
9k.l
Sk.l
39.8
1.5
70.7
.6
.7
2:?
HDi
or Uui ITossurr undar Sootioti col (r) of tiM 8001^ Booarltr
.tfundod.
EoglmlnK .tiajr 1, 19kO. Uuludoi sliio adlilBlitn.
otIWMaB undsr ihi >lyfii»T't9ffr A«i. lulvlloa adialiilatrstm
otpannae ca^abla tr^ otbsr >pil'^>^o*'lou , prlBolpkllr for (ko
follnvlti^ ngeeolaal
^uroau 9f loUrtwl tiaronuo of th« TraMUfV
tWfarfjwit, mi PubHc Beslth B^rtlo" and Offloa of Muootleii of
tha rsdersl SacttHliJr Ag^bij/i
h«nifB\ltvi J^4j 1, lQlt5, pBjttanta prrrlouelr aada undar tha Boolkl
Saourltt At^t Mr« dlamntlnuM , and thoroikftor aodo uador pntrialona of tW l^ibllo loolth Sarrloo Aol of 19kk.
tnoludaa aipasdHurea undar Boal&I Boourltr Aot br th« Doforteaot of
Lftbor through ,7\iX/ H, 19k6,
"KMoutlra Offloa, Offloa for toargooer ManagiMiit,
Cluairiad
Vu- Nasoanr CoMHaaloo' through ivij 31, 19k6.
Coror^ bjr apprc.orlatloaa by Con^raaa.
EaooQd DaflolaQor Ajrproprlatlon Aot, flaoal ra&r 1936, approprifttod
|l.l Billion for refunding to cart«ln Btatoa portlooa of Padoral taployara* tax for 1936 oollaotod undar tho Social B«ota*lt7 Aot.
ruitf
M
Act,
ttvo
I).
frior to iVBiUSf X, i.9^, flfui^s rvirreseni oaoufltit trwuf«rfBd to
tk« dU>A«« fMn^rve Auooutit. frm JuiuArr 1 to ttulj 1. I9M:) '*'M*aii«>
foN' von Md* to to* fMoral Old'A^ and BurvlVDiv Imturanos ffMt
fWUii Bubi0i|uoBtX/ reestptfl baw toofi Aepoeltod In ths a*n«ral F\utd
of too fnwurr and "appt^nrlsted" direotl; to the FoOsrAl 0ld«A|ee
•ad 9iirrlvi»« lnsuraiu» Tnwt Fund. Aaounte sbovn aa transfen re*
fUot dsduotloos aads for rsiaburssMsnt to the Osaeral Puad adaottat
to cover adKlalstratlre ex|ienBeB, vfaloh are ebova as expoadlturOB la
Beotlan II, Table I.
lAcludee an adjustofnit of l3,6TQ»000 on account of orarstoteao&t
of reljiburseaeDtB t« Oneral Fiaid la Beptoober.
Xaoliilee onl/ aKpenditures froa approprlatloaa aade §peaUl()alljr for
90.7
•dmliiUtMtlT* ntftatn nlotlii« to tko eegl»l »MWl«r A<t| B«Ml7,
efni&i namiMtgr AdMlnlstntloa, BmytrHmul of Ooaamo, oiii Poptf^of Ubori ud adBlDl>tr*tlr» oxpuiMa roukurood to tko Sourol
Tnuurr StetMMt.
rtrmrl9 TitU nil of th« Soat&l Bmuhv Aot.
Htmr)jt Tltl* n of tht Soei&l dcourltj Aoi. InoluAos laeunt* hu^
ftffp«^a%loiui to Kallroad OimploTWBt ttuur«Ao« Adalnlatntloft
fmA Hui*fti>AB*> M Mounts «t (awb eoU«ot«4 irith raapodt to ttis
ported frw JaftuArv 1936 to ^Uft» 1939* ineluslve. fnm tiapWeri i\il»j«a( to tko AAllTMd thiMVloyaottt ifisiU'atisd A«t (B«e tabU ^ of See*
Us
Bsrriosi
and ohlld for
crippled
twalth
••rrloei ehlldrvn
.9
ApHl.
Mv...
Lmi (kn
KaUrul
IXflWS
of
•xpoadltur«i
5.3
1.5
57.0
59.8
59.3
lf.«
1.3
i^
kl.9
58.9
58.3
63.0
70.3
55.1
36.3
3k .8
55.6
Publlo
ho Kith
mrli
of
taxes
f8.6
9.9
69.
67.3
65.
SftiXr
blind
KMlt oo»>
pantatloo
Ad&lnla*
tr»tloo
Pefwds
85.5
31.0
k5.k
63,8
f,P
e.3
t.i
rr.6
21.6
Uno^loy*
Aid to
Ubor
189.8
8o8.e
»«7.6
260.1
999.1
31«.9
360.6
333.6
361.8
r»krv*iT.
Naroh,,.,
tottnti
Burtftu 2/
Sorrloi
tntm
DepftT^ant
of
Children >
BMlth
Boolal Soourltx Mmlnlttrfttloo
«4alBla-
FltOAl J9T
or eeth
y
2/
6/
^
2/
u
M
...
.
'
,
July 1941
13
Social Security Program
Section
I
-
-
(Continued)
Budget Receipts and Expenditures
(Continued)
-
Table 2.- Railroad Retirement Account
(In olllloDs of dollars)
Eeoalpti
Tlical year
or aoQth
bpoDdlturea
Carriers
Taxing
Adjolali-
Act of
tratlTa
ezpoDsea
1937
y
1938
Total
150.1
109.3
121.0
136.9
170.0
308.8
267.1
285.0
282.6
1939
19M0
igui
igu?
I9't3
19Uit
l?"*?
19U6
1946- May
June
July
September
October.
BoTember.
Deceober-
i/
-1.1
2.11
.2
.2
.2
-5.1
.2
-65.0
U.U
-1.8
26.3
12.8
163
-7
-75
.3
.2
UU.O
U2
-U
-77.3
wi.o
U2.9
-U.g
-76.6
2.1
UU.3
77.8
.2
.5
.5
1-5
uu.u
.k
U5.5
ll«.9
21U.5
262.7
3O8.8
291.9
165.2
'•.7
2.6
12.2
.7
2.3
-8.7
-21.6
.2
.2
.3
.2
.U
April
Hay
IU6.U
107.1
120.7
12U.ll
75.5
.2
IJ
taxes
295.''
76.8
*
of
Sxcess of
expenditures
2.6
2.9
2.6
19U7-January. ..
February,
March
Source:
Refunds
IU9.O
110.0
123.3
128.2
IU8.5
220.2
265.3
311.3
165.5
n
lu^et ...
Transfers to
Railroad Retiremeat Account
(trust account)
'•.9
U5.2
112.9
-12.0
•2
Iklly Treasury Statement.
Less than $50,000.
Includes only expenditures from approprlatlona made paelflcally for
2/
adminlstratlTe axpenies relating to the Ballroad Retirement ict.
Covered by appropriations from the General fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act-^
(In mllliona of dollars)
Expenditures
Bacelpts
Fiscal year
or month
Adnlnlstratlve expenses (Ballroad
UneaploTveot
Insurance Administration Fund)
Railroad
unemployment
insurance
contributions
y
2/
1938
1939
.5
191<0
''.9
19I1I
6.S
8.5
10.3
12.1
13.2
12.9
I9't2
19^3
l9iA
19U5
19116
igUfe-May
19U7-Jaiiuary .
Feb ruary
•3
•
3-5
•
6.0
U.7
8-9
9.6
.5
• 5
.2
.5
.2
.1
3
.5
3.5
.U
.3
.5
.U
•
•
U.l
-2.1
-2.1
2.7
-.6
.2
.2
3
.3
3
5/
.1
7.5
3-9
•
9.7
.
October.
NoTember.
December.
2-5
2.2
3.2
3.7
3-5
Xxcess of
expenditures
•5
5
3.''
13.1
3-1
July
August.
September
UnesploTiaent
Trust Fund h/
5.0
8.2
IU.9
12.6
.1
June
•
5.0
10.9
6.U
Transfers to
Railroad
Uneaployvent Insurance Account,
-2.7
9.2
9.7
•
5
-3-3
.3
.U
-3.1
.2
.2
March
5
.8
• 5
.8
i^ril
May
.5
•5
•5
.5
.5
.ii
ce:
•
ly
2/
.1
Iklly Treasury Statement.
Less than $50,000.
Operated as Ballroad ^employment Insurance Administration Fund.
Represents 10^ of contributions under the Railroad Unemployment
Insurance Act; the remaining 90$ is deposited in the Railroad Unemployment loeurance Account, Onemployment Trust Fund (See Section
II, Table 3)Szcludes amounts appiropriated to Ballroad Unemployment Insurance AdmlDlstration Fund equivalent to amounte of taxes
collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act.
Theae
amounts aggregated $17*7 million and were distributed by calendar
•
i/
ij
M
.2
.k
-2.6
yeare, as follows:
1936, $2-7 million; 1937, $5-? million; 1938,
$6.8 million; and for the first six months of the calendar year
These amounts are included in Table I under
million.
$2.9
1939,
Federal Unemployment Tax Act (unemployment loeiirsnce).
Includes only expenditures from appropriations made specifically
for administrative expenses relating to the Railroad Unemployment
Insurance Act.
Bepreeente excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 19'^).
Covered by appropriations by Congress.
u
3
.
U
19
7
H
U
6
»
2
5
Treasury Bulletin
iMr
Social Security Prosrain
Section II
-
(Continued)
Statements of Trust Accounts
-
Table 1.- Federal Old-Age and Survivors Insurance Trust Fundi/
(Cumulative from organization
Expenditures
Bacelpta
Ind of fiscal
year or month
Approprla
Total
tlotts b7
receipts
Congrese
7S2.7
1,199-6
1,792.1
2,536.2
3,502.8
U,720.7
6,116.0
1935.
1939.
19U0.
19U1.
19U2.
I9't3.
19W4.
19U5.
19U6.
io,oUi.i»
10, 110.
April.
Ha7...
Source:
1/
2/
lO.Uso.g
Total
expenditures
01d-a«e
keneflt
peynents
5."
19.3
17.7
Wt.6
87.1
lUi.i
21U.1
301.5
Helmlmrsement
for administrative
expenses 2/
528.5
676.3
936. >»
l,29U.U
l.lOlt.O
190.
9,301.7
9,370.7
9,711.1
739.7
739.7
739.7
1,633.6
1,676.2
1,718.2
1,1*13.1
1,1*51.9
202.5
203.6
20U.8
138.6
275.6
U52.U
669.6
1,U90.6
Dally Treasury Statement.
Includes transactions effected under the predecessor Old-Age Beserve
Account
Under Section 201 (f) of the Social Security Act aaandaents of 1939.
Unexpended balance
Investments
Old-a^ and
SurrlTors
Insurance 3/
777.2
1,180.3
7,021.3
8,259.5
l»7.It
'iO't.7
Salaries,
Bureau of
5."*
19-3
35.1
99.5
209.8
359.1
5S3.7
783.5
»,in9.,
5,711 :l
8,935.8
19lt7-March.
Inreatmeats
765.0
1,155.0
1,705.0
2,393.1
3,288.8
7,51*9.8
In Bllllona of dollarB)
-
2/
12.3
39.1
65.9
1,7'*'*.7
93.it
1*,268.3
126.0
152.9
5,UU6.S
6,6i3.U
7,6ln.i»
2,397.6
3,227.2
18.0
20.6
22.7
8,1*07.8
8,1*311.2
8,732.6
In
General
PUnd
662.3
1,177.2
1,738.1
2,380.6
3,201.6
113.0
.1
d
In disbursing
officer's
account
1.9
3.0
6.1
10.8
11,236.8
5,1*08.9
6,51*6.3
7,51*8.7
5.2
7.0
16.1
32.0
2U.S
21.4
35.1
i*3.5
1*9.
8,318.7
8,318.7
8,318.7
1*0.8
68.6
360.6
1*8.3
l>6.9
20.1*
53.3
Under prorlslone of the Labor-ftderal Security Act, 19l*7, sal*'
rles for the Bureau of Old-Age and Survivors Insurance are payable directly from the Federal Old-Age and Survivors Insurance
Trust Fund.
Table 2.- Railroad Retirement Act
(Ounulatlve from organization - In llllona of dollars)
Secelpts
Znd of fiscal
year or month
1938
1939
I't7.9
191*0
19U1
191*2
Kzpendlturea
Appropriations
by Congress
Total
receipts
Interest on
investments
11*6.5
1.1*
268.
26U.8
390.8
506.9
650.9
871.5
38"*.9
3.6
5.9
g.U
11.6
17.3
27.2
*98.5
es?.!*
191*1*
1,11*1*.
85U.2
1,116.9
191*5
1,1(68.1
1,1*25.7
1*2.
191*6
1,780.1
1,717.8
62.3
2,079.8
2,080.2
2,080.6
2,016.1
2,016.1
2,016.1
64.5
191*3
19l*7-March
April
Haj
Source:
Balance
Unexpended balance
Benefit
payments
Ict^
79.8
185.
298.7
1*19.9
5U6.1
676.6
811.0
952.5
l,10l«.l*
1,229.8
1,21*5.1*
1,261.2
XnTsstments
68.1
82.7
92.1
87.0
66.2
67.2
UA.8
I9U.9
333.0
515.6
675.7
91.5
178.0
318.
500.5
657.0
850.0
83U.8
BI9.U
787.0
817.0
801.0
In General
Tund
In disbursing
officer's account
1.6
2.3
1.8
10.5
11.7
12.8
.2
79.1*
71*.
13.2
10.8
2.5
1.6
U.l
1.1
n.u
.5
.9
1U.7
17.8
1*5.5
17.5
17.2
17.9
.5
.6
Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Oumulative from organization - In millions of dollars)
Beceipts
Ind of fiscal
year or month
Total
receipts
State
unemploy
ment Insurance
activities
Deposits
States
1,076.2
1938.
1939.
1,911*.
191*0.
Insurance Account 1^
Sallroad
unemployment
insurance
contributions 2/
fers
from
States
y
Transfers
from RailInTestroad Unsmnants
ploynent
Insurancs
Administration rund k/
.621.
1*,717.3
191*3.
6,6lli.O
5,935.0
27'*.3
I9l(l«.
8,180.9
9,688.6
7,28lt.3
19U5.
191*6.
10,968.1*
9,550.3
383.7
502.5
618.
19117-Mareh...
11,81*6.7
April...
May
12,11*0.5
10,2U6.0
10,288.6
10,537.8
8,5110.3
181.
7i5.lt
715.7
717.0
Withdrawals
by
States
2,2U1.5
2,302.1
2,092.11
2,152.11
2,373.'t
3,519.3
2,222.5
3.350.8
721.
721.7
4,163.3
3,95^.8
'•,239.7
'•,025.9
721.7
4,309. It
4,091.6
1.8
105.9
105.9
105.9
105.9
106.3
106.7
17.1*
281. 1>
29.1
38.0
S7.6
377.9
501.5
61t5.i
107.1
107.1
107.2
56.9
56.9
56.9
82.6
131.5
198.9
Railroad
Uneaployment Insurance
Account
Transfers
to Railroad Qnemplo/nent
Insurance Benefit
Account
payments
Unexpended
balance
Total
Inrestnents
y
2,065.1*
ltll.8
Wt.2
105.6
Total
expenditures
192.0
633.8
1,116.7
1,550.0
1,918.0
18.0
2,857.9
3,971.9
5,215.5
11,889.9
Trans-
1,058.2
1,869.5
191*2.
191*1.
Expenditures
State nnemployent insurance
actlTlties
fiallroad Unemployment
192.0
633.8
1,133.1
1,688.2
1.8
105.9
105.9
105.9
105.9
106.3
106.7
44!6
61.8
884.2
1,280.5
1,724.9
2,283-7
3,150.1
4,372.5
5,878.8
7,315.3
7,449.1
107.1
107.1
107.2
101.4
106.8
110.6
7,683.5
7,650.1
7,831.2
l4.6
32.3
41.4
43.2
872.0
In
In disOeneral bursing
f^d
offi(Special cer's
Deposit account
Account) 5/
,
.
Juhf 1941
15
Cash Income and Outgo of the Treasury, by Major Classifications 1/
(In Ddllions of dollars)
1916
Jnly
Magr
CASH IKCOME
Budget:
Internal reremie:
Income and profits taxes
Ebployisent taxes
Miscellaneous Internal revenoe.
OastoBS
Other
1,>407
285
615
.392
73
615
1,1)89
67
U2
6IM
362
256
g,998
U,U78
2,351
funds, etc.:
UnemployiBent Tmst Pond (deposits b/
States and Railroad Retirement Board)....
Other tmst funds and accounts
200
29U
37
221
112
Suhtotal
U9U
_251
.151
TTifg
JjK
g 703
2,182
U15
2,UU2
U96
1(0
56
82
23
913
1,190
U6J
67
Sxiitotal
35
Tmst
Total oaah Income
CASH ODTOO
Budget:
Hational defense and related actlTltlea Z/
Teterans' Adalnistration
Puhlic »orlcs
Aid to agriculture k/
Soci al eecurl ty program
Interest on the public debt
y
^
QOTernment corporations (wholly owned)
etc. (net):
Reconstruction Finance Corporation:
Var and defense actirities
Other
Commodity Credit Corporation
Other
75
U2
75
1U8
-11
1U6
101
,
103
98
178
-1
-2
-I5U
85
-32
-38
28
Other 6/
577
921
791
Subtotal
3,790
"'69
2,892
Trust funds, etc.:
Unemployment True t fund
I>ederal Old-Age and SurriTors Insurance
Trust ?Und
Railroad Retirement Account
Other
Subtotal
Redemption of adjusted eerrlee bonds
Redemption of excess profits tax ref\ind bonds..
Redemption of Armed forces leave bonds
Payments to International Monetary Pund
Total cash outgo
HCESS OF CASH OOTOO
89
31
33
lU
15
-115
1120
577
toe-
ig"*?
Sept.
Apr.
Ma;
Treasury Bulletin
i6
GENERAL
FUND
OF
THE
TREASURY
,
.
.
1947
July
17
Assets of the General Fund of the Treasury
(In millions of dollara)
End of fiscal
year or month
Bullion, coin,
and currency
1937
1938
1939
19io
2,709
2,liI9
1,863
827
3,087
1,1911
19I1I
2,038
2,812
19112
3,Wi3
DepoBltB in
7edor&l
Roeerre
Special deposits
account of sales
of GoTemaent
securities
llil
649
929
1,022
6u
87I1
2511
98I1
l,02ll
805
661
19i»5
897
911
830
708
603
1,038
20,775
25.119
19116
lli,708
llOU
18,859
li07
111,708
llOlt
12,lilili
ItOll
U,lt31
September
10,52li
Cctober, .
November.
December.
8,393
6,965
3,920
5,102
7,1178
1,277
7,233
li,707
10,lli9
191*3
19UI1
19Wi-ttay
June
July
Au^st
.
igliT-January...
February
March
.
April
May
li,ll02
776
Other deposits
and collections
55
52
95
105
l't3
1,500
1,006
1,679
7,667
18,007
22,622
12,993
265
533
507
289
305
1,230
1,006
16,949
12,993
273
305
702
872
10,961
1116
ll29
l,lili5
8,377
377
301
273
li22
773
6,936
I1I6
8eii
5,1187
I1O8
682
2,570
262
239
260
393
l,27li
1,620
2,561
2,369
2.736
3,363
3,292
353
276
297
1,263
1,312
81l2
989
2,317
1,807
286
295
l,llJl2
9,81t2
Dally Treasury Statement.
Source:
Balance In the General Fond of the Treasury
(In millions of dollars)
End of fiscal
year or month
1937
1938
1939
Total
assets
2.553
2.216
2,838
1,891
2,633
45e
643
607
421
470
2,991
9.507
20.169
24,698
14,238
323
470
18,536
14,238
11. 431
10.524
415
391
353
12,029
11,040
10,171
8,393
6,965
3,920
323
300
418
8,070
6,665
3.502
.
5,102
.
7,1178
7,233
391
344
323
4.711
7,134
6,909
4,707
4.402
395
336
4,312
4,066
2,lll9
3,087
2,038
2,812
19I1O
I9I1I
3,Wi3
19112
19113
10,lli9
igiiii
20,775
25,119
111, 708
1945
19116
19116-May
18,859
June
111,708
July
12,llllll
.
.
.
September.
October. .
NoTember
December.
.
19li7-Januar7
.
February
March
April
Hey
Source:
Balance In the
General Fund
156
203
246
147
179
2,709
Au^Bt.
Total
llabllltle
Dally Treasury
Statefflient.
....
,
Treasury Bulletin
18
Analysis of Change in Balance of General Fund of the Treasury
[_
71ical y«ar
or month
In BllllonB of dollKrt - I«t Increase or net dacroai* (~)J
Total
change io
Oeneral
ISind
lialaoce
Oeneral and
special
accounts and
OoTemment
oorporationi,
(wholly
owned)
otc.(Qet) 1/
-128
-338
622
-9U7
7U2
-2,778
-1,176
-3,862
-3,910
-6,158
, '58
-21,U91
-57,1*20
19''5
6,515
10,662
U,529
19U6
1937
1938
1939
191*0
19'tl
iguz
19U3
iquu
191*6-
Mw
Jutt«
July
Au^Bt.
.
.
September.
October.
NoTember.
December.
.
19U7-Januar7. .
February..
March
April
»t«J
Source:
lote:
1/
2/
i/
y
y
Truet accoxute, etc.
Public
debt
ac CO Tint*
2,71*6 8/
792 8/
3,280 8/
2,528
5,991*
-96
611,307
-53,91*1
57,679
791
-10,1* 60
-20,676
10,7110
-52I*
-2,398
-It, 298
-1,131
-873
-1,316
-3,161
-265
-2,209
-989
-868
-1,105
-1,152
-1*99
-721*
1,723
-2,177
-2,101
-1*20
-1,1*05
-165
-3,163
1*1*5
-1,837
-1,255
-3,128
-1*80
1,210
706
-2,598
-2U5
628
l,6U2
on gold
ll|8
-1,613
-338
-2,222
2,1*22
-221*
BCCoimte
1/
19
11
29
37
37
-51,ll2lt
23,1*61
6l4,27U
ant
1,20U
H35
906
1*6
Special
deposit
Incre-
Tmet
66
92
y
-99
-51
-5
Seigniorage
on lilvar
OoTemnent
Clearing
account
agenclea,
i/
fund* U/
•tc.
y
1*0
-57
90
90
-16
1*9
61
,106
288
20
-ll
852
lU
116
-1,809
-ll
26>>
-691*
-2,871*
1,669
-6U7
-1,553
-95
lei
-135
-190
-37
57
-93
18
70
-17U
-lilt
231*
9I1
U2
27
-ItlU
-U87
102
19
-1*8
22
-22
-6
-1*
1*8
1*8
675
-30
21*8
156
1*1*
55
15
160
-281
-119
-227
2,102
-2,291*
-125
317
-33
-1,1*1*5
-l,V3
269
108
101
-987
61*2
99
105
-39
I^llX TreaBury Stateaant.
Baglnnlog with fiscal year 19^*^ certain revlsloDs have bean nade
Sea "Traasury BnlletlD,'* September I'^hS, page 5.
In this table.
UsB than $^00,000.
This is the net budgetary deficit (-) or Borploe.
Excladeo amounts
for public debt ratlreaant which are chargeable to the slaking fund,
etc., under special proTlslooB of law and beginning with fiscal year
19^5 Includes OoTsmaent corporations (wholly owned) etc. (net).
CoBprlses federal Old-Age and Surrlrors Insurance Trust fund,
National Sorrlca Life Insurance Fund, Uneaployment Trust Fund, Ballroad Batireaent Acco\int, OoTamaent Insurance and retirement funds
and other trust accounts.
(See footnote U.)
Charges for retirement of national bank notes are reflected In this
statement directly against Incranent on gold. In the years during
which the retlreaents were actually made.
(See footnote 8.)
Comprises Public Works Adatnlstratlon revolving fund, special de-
Checlcing
accottnts of
and bIsoellaneoua
accoxunt
y
6/
]J
8/
51
-Ul*
1*73
-1U6
-136
71
318
36
31*
-75
-113
-8
-56
102
-1
If
39
posits (not), and, during the fiscal years 19ltO through 19U5,
transactions in coiaodlty food staaps by the Dapartaent of AgriculConmenciog July 1, 19^5. euch transactions are classified In
ture.
the eoluan "Trust accounts".
Beginning with fiscal year 19'^9 represents sales and redemptions of
obllgatloasof Government corporations, ato., in the market (net).
Baprasents outstanding ohecks, see Hote.
Includes Inactive gold In the amount of $1,0S7 million.
bpendltures for the retirement of national bank notee from Increent on gold for the fiscal years 1937 to 1939 (> shown below) are
not reflaotad herein, but are reflected under increment 00 gold as
follows:
1937, $99 Billion; 1933, t^l million; and 19^9, Py allThe Increases in the public debt shewn in the table "Means
lion.
of Financing Cash Bequlremants" for the above fiscal years will not
agree for the reason stated above>
July
1947
19
PUBLIC
OF
DEBT AND GUARANTEED OBLIGATIONS
THE UNITED STATES GOVERNMENT
ao
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government
PART A
-
FISOAL YEARS, 1937-19lt6
Treasury Bulletin
July
1947
21
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
FAAT B
(In
-
HONTUU DATA
lllioni of dollara)
22
Treasury Bulletin
INTEREST- BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS
OF THE UNITED STATES GOVERNMENT
DOUARS
Billions
1937
^
'38
'39
'40
'll
'42
-43
END OF FISCAL YEAR
'44
-45
Moy
"46
'
31,
"*^
Office of the Secrefory of the Treosury, Division of Research and Statistics
1937
-38
'39
'40
'4
1
'42
'45
'44
-END OF FISCAL YEAR-
'45
'46
Mo»
31.
1947
B-462-C
..
.
1941
Jithf
23
Special Issues to United States Government Agencies and Trust Funds i/
(la
radoral
fed oral
01d-l«o
Oopotlt
and
I&aoraoco SorrlTore
Corpora'
iDsaraaco
tloo
Truot road
OutitftAdlD^ St *ad of
fioc&I /fl«r or Month
1937
1938
1939
1.558
2.676
3.770
95
85
6,lso
101
56
90
19't6
7.885
10.871
lU.zg?
IS, 812
22.332
95
103
98
97
120
19U6-M»j
Jnoa
21,US1
22.332
..120
igito
,
igui
,
19'tZ
19*3
19IA
19*5
"1.775
85
lllloDi
267
662
1.177
1.738
2.381
500
523
537
52*
531
3.133
5
l>,0ltl|
766
10«
27
5. 308
5.910
^
5.581
5.910
*9
6<ii
I*,
37
53T
538
502
IS
612
23.OU5
U*
23. '•'•3
Septsaber,
23. «5*
17*
17*
5.910
5.910
6,200
50
50
52
889
939
1,012
October. ..
HoToBber.
Doceaber.
2't.015
2't.25»
2't.585
179
179
189
6,190
6,190
53
6,l|l<o
1,135
1,207
1.236
19'*7-J«iiuM-y...
febroary..
March
2t.777
2*. 938
25.183
2U<
6,
2ltg
6,6(0
57
58
59
1.236
1.236
1,236
April
K«/
25.280
26,186
277
339
6,6W
59
60
1.236
1.231
Jnly
Au^lt.
Source:
1/
.
.
6.i>lio
Mo
6.6ao
of dollari)
?«d«ral
SaTln^a
CoTornand Loan a«nt Llfo
Intoranca loouranca
CorporaFond
tion
Daily treaiury Stataaent.
Tbeia eeouritiea are included in the detailed itateaent of the
0«Tem-
..
.
Treasury Bulletin
ZK
Oomputed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed
Obligations of the United States Government
Public debt and guaranteed obligatlona
End of fiscal
year or month
Interest -bearing
debt outstanding
Computed
annual
Interest
charge
{In mlllionB of dollars)
40,465
41,428
45,336
47,874
54,747
1937.
1938.
1939.
19110.
19'il.
igte.
76,517
139,472
201,059
256,766
268,578
19l»3.
19W.
I9U5.
1946.
IS'tb-May..
271,983
268,578
Jime.
July
August. .
September.
.
267,363
266,729
264, 608
October.
Not ember.
December.
262,792
261,286
257,980
1947-January.
February
March. .
.
April.
May...
258,640
258,294
255,976
254,598
255,146
1,047
1,068
1,149
1,203
1,335
Public debt 1/
Cosqiuted
annual rate
of interest
(Percent)
Conqjuted
Interest-bearing
debt outstanding
annual
interest
charge
(In millions of dollars)
Guaranteed obligations 2j
Computed
annual rate
of interest
Interest-bearing
debt outstanding
Computed
annual
interest
charge
Computed
annual rate
of interest
July
1947
25
Statutory Limitation on the Public Debt
Section 21 of the Seoond Liberty Bond Act, as
amended, provides that the face amount of obligations
Issued under authority of that Act, and the face amount
of obligations guaranteed as to principal and Interest
by the United States (except guaranteed obligations
shall not exheld by the Secretary of the Treasury),
ceed
aggregate Ja75 billion outstanding at any
Obligations Issued on a discount basis, and
subject to redemption prior to maturity at the option
of the owner,
are Included In the statutory debt limitation at current redemption values.
In
the
one time.
Table 1.- Condition as of May 31, 1947
(In mllllona of dollars)
MaxlauiD ooount of eecurltles vhlch may be outetandlng at azif one tine, under limitations lsQ>OBed by Section 21
of tl)e Second Libert; Bond Act, as amended
,
275,000
Amount of securities outstanding subject to sucb statutory debt limitation l/:
U. S.
GoTemment securities issued under the Second Liberty Bond Act, as amended
257A51
Guaranteed securities 2/
177
257,628
Total amount of securities outstanding subject to statutory debt limitation
17,372
Balance Issuable under such authority
Source:
1/
Public Debt Service.
For ccai5>arlBon with the total public debt and guaranteed securities
2/
outstanding, see follovlng table 2.
Excludes guaranteed securities held by the Treasury.
Table 2,- Analysis of U.S. Government Securities Outstanding Subject to Statutory Debt Limitation
and Comparison with the Public Debt Outstanding, May 31, 1M7
(In alHlone pf do liars)
Public debt
Subject to
statutory debt
limitation
Public debt and guaranteed obligations outstanding:
Public debt:
Interest -bearing securities:
Marketable issues:
Treasury bills
Certificates of indebtedness
Treasury notes
Treasury bonds - bank restricted l/.
Treasury bonds - bank eligible
Postal savings and other bonds
Total marketable Issues
Non -marketable iseues:
U. S. savings bonds (current redemption value).
Treasury savings notes
Depositary bonds
Armed forces leave bonds
Total non -marketable Issues
Special issues to Government agencies and trust funds.
Total Interest-bearing securities
Matured securities on which interest has ceased.
Obligations bearing no Interest:
United States savings stands
Ecoess profits tax refund bonds
Special notes of the United States:
International Monetary Fund Series
International Bank for Reconstruction and Development series.
Currency Items , etc .2/
Total obligat ions bearing no Interest
Total public debt.
Guaranteed securities j/:
Interest -bearing securities.
Matured debt
Total guaranteed securities
Total public debt and guaranteed securities outstanding.
«"r^
guaranteed obligations outstanding
Wot covered by
statutory debt
limitation
16,002
16,002
26,291*
26,291*
8,11*2
1*9,636
8,1U2
1*9,636
166
69,686
166
166
169,926
69,686
169,761
51,2**0
51,21*0
5,525
333
1,765
5,525
333
1,765
58.86^
58.863
26,166
25i^,Q09
166
236
71
20
1,71*9
566
727
2,1*06
727
257,1*51
892
171
7_
177
257,628
892
26
Analysis of Issuance and Retirement of Public Debt
Treasury Bulletin
.. .
.
,
.
1947
Juhf
27
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States^
As of May 31, 1947
(In mlUlona of dollars}
AjDOont of
Tear
And
BOQtb
Deicrlption of leourltj 2/
19l»7-Jnne.
Treaaury bllle
Certificate
7/g*
Jnly.
Treaaury bllle
Certificate
7/811
-
Treaanry bills
Certificate
7/851
-
Aug..
-
U-lA* Treasury
7/8*
bond
Certificate
-
BOT..
7/8*
Certificate
leo..
7/85S
Certificate
Treasnry bond
Oot.
.
2%
-
Data
of
Final
call
atari tj
Various
6AA7
2,775
6/1A6
Tarlons
7/1A7....
5,926
2, 916
'•,829
Various
1,223
S/1A6
9/IA6
7/12AJ
12/l/m
»/lA7
9/lA7
9/I5A7
7/1/W
2,3W
2.707
1,687
9/15 A7
10/15A7-52.
10/16/22
IO/1/U6
759
I0AA7
l,Wto
-
II/IA7
1,775
II/1A6
-
ia/lA7
ia^l5A7
3,281
1Z/1/U6
12/15/38
-
701
Total
36,8H7
Tax
etatoB
len
Wret
5.2"«7
-
Certificate
7/gH
1-l/al Treoaur/ note
Troaanrj
note
1-1/UJ
Sept
flxedmatnrl ij
IsBuaa
Batnritlet
Callable liinei
olasBlfled ^7 /ear of;
taxable
taxable
taxable
taxable
taxable
taxable
taxable
taxable
taxable
partially
taxable
taxable
partial I7
759
7/«#
Cartlfloale
-
I/1/U8
3,iy»
1/1A7
taxable
rkb..
7/gjt
Certificate
-
Z/l/Ug
3,9^7
2/1A7
taxable
Kar..
7/8*
-
3/1/H8
2,l>t2
3/1A7
-
3/15A8-50.
2-3A*
Certificate
Troasury bond
Treasury bond
-
3/15/I18-5I.
taxable
taxable
partially
7/8)(
Certificate
-
k/l/kS
1,321
lt/lA7
19l|8-Jaa.
2)1
Apr
.
.
3A5A1
1,115
1,223
3/16/36
taxable
June.
l-3Alt Treesnry bond
-
6/15/U8
3,062
12/1/U2
taxable
Sept
2-1/2)1 Treasury bond
1-1/2)1 Treasury note
-
9/15/U8
9/15/U8
".51
3/15/38
3/l5Alt
partially
taxable
12/8/39
partially
.
Dae...
2)1
Treaanry bond
-
3,7US
- 12/l5/Ug-50.
Total
571
17, SOU
2,910
19119-Jiine.
2)1
Treasury bond
-
6/I5/U9-5I.
l,Oll»
l/lS/iw
taxable
Sept.
2)1
Treasury boa!
-
9/15A9-51.
1,292
5/15A2
taxable
See..
Treasury bond
3-1/8* Treasury bond
2-l/2)t Treasury bond
-
12/15A9-51.
12/15A9-52.
12/15A9-53.
2,098
7/1 5A2
1*91
12/15/3'»
1,786
12/15/36
taxable
partially
partially
2)1
-
-
Total
1950-llar..
Treasury bond
Treasury bond
-
3/l5/'W-50.
3/15/50-52.
2-l/2)t Treasury bond
-
Treasury bond
-
9/15/50-529/15/50-52.
-
ia/l5/l»«-50.
2)t
2*
Sept.
gf,
Deo..
6,682
Treasury bond
1-1/2* Treasury bo«d
2)t
-12/15/50
1931-Nar..
Jane.
Sept.
10/19/U2
taxable
taxable
1,186
9/15/38
'•/15A3
partially
taxable
12/8/J9
6/1/^5
partially
taxable
1,115
571
2,635
Tota
3/15A1
1,963
1,687
«,635
2-3/l|# Treasury bond
-
3/l5/'»«-51.
1,223
3/16/36
partially
Treasury bond
2-3 A)l Treasury bond
-
6/15A9-51.
l,Ol)t
1/15A2
-
6/15/51-54.
taxable
partially
2)t
2)t
2*
3)t
Treasury bond
Treasury bond
Treasury bond
Treasury bond
2-lAl' Treasury bond
Treasury bond
2)1
2)t
Total
-
9/15A9-51
-
9/15/51-53.
9/15/^1-55.
-
12/15A9-51.
-
12/15/51-53.
12/15/^1-55.
6/15/36
1,627
1,292
•
7,9«6
755
9/15/31
2,098
11,996
7/15A2
ia/2a/39
1,118
510
(Continued on following page)
5/15A2
9/15A3
ia/i5Ai
5,628
taxable
taxable
partially
taxable
partially
taxable
larlleet date
on vhleh ooanerelal banks
ay ovn bank
reBtrlcted
lianee U/
2g
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States y
As of May 31, 1947 - (Ck>ntlnued)
(In Billions of dollars)
Treasury Bulletin
July
1947
29
Maturity Schedule of Interest-Bearing Public Marketable securities
Issued by the United States iJ
As of May 31, 1947 - (Continued!
(In mllllonB of dollare)
Treasury Balletin
30
Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebteness
Data
terse of
offering
were
announced
Date
Bubeerlptlon
booka
were
opened
Period to aaturltir
Daicrlptlon of aecurlty
(Period to flret call
abovB In parenthaaaa) 1/
(Data of lieue la ehovn In paranthaiee)
Aaount of
aubacrlptlone
tendered
Xxctuufo
(In
i/
(Z/l/lll*)
2^1/2* Iraaa. bond- 3/15/65-70 U/ J/.
(6/26/lA)
Troaa. bond- 6/15/52-51*
(6/26/Ull)
1-1/Ull Treaa. note- 3/15/U7
(6/26/UU)
7/8jt
Certificate- 6/I/U5
. .
Vl"*/"*
2)t
S/12/UU
7/20/lA
8/2U/WI
S/SU/Wt
7/20/1*1*
9/20/lllt
7/8)6
8/2U/WI
7/8*
8/2U/Ult
lit
9/25/W
7/8)(
Cartlfloate Cortifleata Treae. note
Cartirlcata
'
6th War Loan eeourltlee:
10/23/ltU
U/20/W*
U/lT/ltU
11/20/1*
l/22/lt5
1/22/1*5
2/19/1*5
2/19/1*5
1/22/1*5
lt/19/U5
Treat, aota 90)1
2-1/2)1 Traae. bond -
7/8)1
CartlfloateCertificateCertificateCertificate-
U/ll/1.5
5/21/1*5
7/23/'*5
8/20/1*5
5/lU/l*'
(IS/l/W*)
.90)t
7/8)6
Troaa. note Certificate -
7/8)(
Cartlfloate-
2.1/lljl
^-^l-r
7/8*
i/aA6
9/2'*A5
11/1 9A5
12/17/1*5
Cl/l/^S)
5/1/1*6
(5/1/1*5)
V
3.l»l6
3.1*16
760
7to
in
5.0S
5.0S
1 yr
1 yr
1 yr
11.1U7
5,11*7
1*,811
)
J/
811
1.579
It.
1.579
100
100
100
100
100
100
100
100
^/
.(6/1/1*5)
.(6/1/1*5)
(6/1/^)
(6/1/1*5)
7/1/1*6
8/1/1(6
9/1/1*6
27 yr
17 yr
5 yi-.6
1
(22 yr)
(lU yr)
yr
. .
.
5.|8Uy
2.635
2.635 2/
'*.799
i*.799
3/
(6/I/U5)
1 yr.l
l*,910
U.910
(8/1/1*5)
(9/1/1*5)
1
yr
yr
2.1*70
i*.3}6
2,l»70
l*.336
1
J/
Traae
.»«i-. bon4-12/15/ 59-62 5/
Certificate- 12/1/U6
100
100
100
100
7.967 3/
7.967
5.2eit
(U/15/l*5)
(U/I5/U5)
(12/3/1*5)
(22 yr.l a)
(U yr.l a)
27 yr.l
17 yr.l a
1
U,689
100
100
100
11.6B9 2/
3.1*702/
3.768 2/
yr
100
100
100
(12/l/l*5)
1 yr
11 a
(I/I/U6)
1 yr
3,1*0
3,778
3,330
3,Wto
3,778
3,330
100
100
100
Certificate
-
2/1/1*7
(2/1/1*6)
(3/1/1*6)
1
yr
U.951*
U,95lt
1
1
yr
yr
106
(V1/U6)
(6/1A6)
(7/1A6)
lt,7lt2
1 yr
1
U,i68
I*, 673
2,307
100
76
59
66
(8/1A6
3,133
2,820
2.775
2,916
1,223
l*,lU5
2,31*1
3,203
3,281
l.WtO
1,775
3,281
3.13''
3,131*
yr
yr
u.eoi
2.951
2.669
1,321
2.510
1.777
8/19/1*6
9/18/1*6
10/21/1*6
11/18/1*6
12/18/1*6
7/^
1/ 20/1*1
1/20/U7
j/
i/
7.922 1/
1.550
i*.395
2/
l*.395
1 TT.l a
26 7r.3
(21 yr,3
10 JT
(
8 yr) 2/
2 yr.9»2/
100
100
100
100
3.1*1*8
7.922
1.550
(IO/I/U5)
8/19/1*6
9/18/1*6
10/21/1*6
11/18/1*6
12/18/1*6
2/
3.1*U8
l/lA7
7'fl6
ly
3.1*92
11/1/1*6
7/17A6
p
3.1*92
100
100
100
100
IO/1A6
5/20/U6
6/1U/U6
n.A.
)
788
-
7/17A6
Source:
(21 yT,3
8 tt)
(
3.691*
788
Certificate
5/20 A6
6/1U/U6
iMN
26 7T.3
10 JT
2 rr.9
1 yr
2,511
3.S91*
Certificate-
7/8*
7/8*
7/8*
7/8*
7/8*
5/21/''7
6/23/1*7
'
2,511
Certificate -
1/21/1*6
2/18/1*6
3/20/1*6
s/ig/"*?
V
7/g*
7/8*
7/8*
2/18A6
3/20AS
2/l7/'»7
(12/l/l*lt)
Vl/l"*
2-1/2)1 Treaa1. bond-12/15/67-72 U/.
11/19A5
12/17A5
(12/1/Wt)
bond- ^7i575'7-72 u/.
7/23/1*5
8/20/1*5
10/29/1*5
ll/. .(12/1/1*1*)
(2/1/1*5)
(3/1/1*5)
Victory
>rY Loan aecurltles:
9/12/1*5
(12/1/1*1*)
2-l/l» Treae bond- 6/15/59-62 5/1-1/2* Treaa. bond-12/15/50
7/a)t
Cortifleata- 6/l/it6
5/21/U5
TT
2/1/1*6
3/1/1*6
7th War Loan seeurltlea:
2-1/2)1 Treaa
TT.imJJ
1
ratio
100
100
100
100
2.909 3/
5.825
l,9li«3/
i*.770i'
2.909
5.825
jr
yr
1
(12/1/lA)
1/1/W
3/15/66-71 8/
Treaa. bond - 12/15/52-511 ^f
l-l/lt)l Treae. note 9/15/&7 8/
7/8J(
7/«)t
1
1
(lO/l/lA)
Ul/l/^)
6/
11
(U/l/Ul)
(12/l/llU)
)
eaefa
ent
illlona of dollara)
1.91*8
l*.770
Jj/
21(
7/8it
J^ii^ii
(9/1/1*1*)
2-1/gl Treai. hand- 3/I5/66-7I k]
Troaa. t)ond-12/15/52-5>*
2*
l-l/lt)( Treao. note- 9/15/H7
Cartiflcata- 12/1/1*5
7/8*
11/20/1*1*
11/17/'*
(8/1/UU)
8/1/1*5
9/1/1*5
3/15/K6 5/
IO/I/U5
(ao yr.9
8 tt)
(
25 jrT.9
10 /T
2 7r.9 •
UlotIn ax-
change for
other
eecurltlee
Por
Caah 2/
Sth War Loan e«ourltl»a:
Aaount laiued
Certificate-
3/1A7
Cortl f icate -
lt/lA7
7/8*
7/8*
CertificateCertificateCertificateCertificateCertificateCertificateCertificateCertificate-
6/lA7
7/lA7
8/lA7
9/lA7
10/lA7
II/1A7
12/lA7
l/l/l*»
(1/1A7)
7/8*
7/8*
7/8*
7/8*
7/8*
Certificate Certificate Certificate Certificate Certificate -
2/1/1*8
3/1/1*8
(2/1/1*7^
(3/1/1*7)
1 yr
U/1/U8
6/1/U8
{k/l/kj)
(6/I/U7)
1
1
yr
7/1/1*8
(7/1/1*7)
1
yr
7/8*
7/ffl6
(9/l/l*b)
(IO/I/U6)
(11/1/1*6)
(12/1/1*6)
1
It,
yr
yr
1 yr
1 yr
1 yr
1 yr
1 yr
1
Bureau of the Public Debt.
Not BVallable.
Preliminary,
prevloaaly offered aflCiirlty, the
Iq the case of the reopealnc of
period to first call and to Baturlty are calculated from the date
latereet comnencea od the reopealng.
Cooslete of all public cash lubecriptlons and of eubscrlptlone by
U. S. QoTernneot a^enclea and truet funds,
flguree-^n adount of War Loan securltlee Issued consist both of
aaounts Issued In connection with the Drive, and of anounte Issued
concurrently with DrlTe to coanerclal bantcs and Treasury invest-
3,1*32
3.91*7
2.11*2
62
52
51
100
100
82
72
U8
70
100
i*/
nent accounts.
Bank restricted Issue. See preceding table (naturlty schedule of
Interest-bearing public Barketable securities) for earliest date on
which commercial banks aay acquire this Issue.
Reopening of previously offered security.
Interest coBoenced on June 26. 19^U.
Interest commenced on September 15e 19^>
This is the sane security that was offered In the Sixth War Loan.
Xxchanged as of December 1^, l^UM and accrued Interest charged from
December 1 to December 1^.
1
1947
July
31
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States
Date of re-
funding for
exchange
tran&actlOQ,
or of retireDent for cash
transaction
Description of called or
BaturlD£ security IJ
iaount
Disposition
offers by
Treasury
Beeult s of
exchange offers
Description of nev
security offered
out-
(Date of issue is shown in parenthesae)
standing Cash
retire
Dent
£j(Chan£e
Turned
security
offered
in for
cbanged
changed
cash
(In alllioni of dollara)
9/1/ui.
7/g*
7/8*
CertificateCertificate-
l/l/Wl
9/1/1*
Vl<*
ii
Trees, note Treae. note -
9/15/l'l'
9/15/'>i.j
8/1
/Ul»
10/1 /uu
12/1 /Wt
IJ/l?/"*
2/1 /U5
I
(«/2/U3)
2,5'*5
2, 51*5
(9/15/l»3)
U,122
U,122
(l/Jl/Ul)
(12/22/39)
635
283
635
283
Totals for exchange transaction of 9/15/1*-
918
g/lS/UU
7/8*
7/8*
Certificate-
10/1/Uli
Certificate
12/1/UU
hi
Treas.
-
bond-
Certificate 7/8*
1-1/8* CCC note
12/15/lA-5lt
2/I/U5
2/15/U5
99
90
602
33
185
98
95
66
918
788
130
g6
99
(IO/15/U3)
(12/1/U3)
3,519
3,519
3.U92
3, 51*0
3,51*0
3,1*16
27
12U
(12/15/2l<)
1.037
1,037
911
126
(2/1/UU)
(7/21/Ul)
5,OU8
U12
5,0U8
Ul?
U,6U9
UOO
395
5.OU3
17
92
96
U16
92
18
99
69
Totals for exchange transaction of 2/I/U5..
5,1*60
5,1*60
2,127
718
1,606
2,109
U93
1,51*6
225
60
755
U,lg7
723
5g3
3S
Totals for exchange transaction of 6/l/l)5«'
5,525
5,525
U.910
"SIT
(8/1/UU)
2,511
2,511
2.U70
(S/l/ljU)
3,69U
1,21U
3,1*29
(9/l6/35)
3,69U
1.21U
Totals for exchange transaction of 9/I/U5..
U,908
l»,90g
3,1*92
3,1*92
I*,
Certificate-
7/8*
Certificate-
7/8*
2-3 /Ut Treas. bond-
Certificate-
6/l/lt5-U7
8/I/U5
9/l/lt5
9/15/'<5-l»7
IO/1/U5
7/8*
IO/I/I45
(lO/l/Wt)
12/1/U5
Certificate- I2/I/I15
7/8*
3/U*
Treas. note - 12/15/U5
2^1/2* Treas. bond - 12/15/U5
7/8*
Certificate - 10/1/U6
67
82
7/8*
Certificate - 11/1/U6
7/8*
7/g*
7/8*
Certificate
Certificate
Certificate
1,1*63
Totals for exchange transaction of I2/I/I45.
5,1*67
5,1*67
3,778
1,689
3,1*16
5.OU3
3,133
3,330
U,95U
3,133
g5
g9
7/g*
Certiflcata
.
2,775
2,775
1/
7/8*
Certificate
.
2,916
1,223
2,3Ul
l.UUO
1,775
3,768
2,916
1,223
2,3U1
l,UU0
1,775
3,2gl
y
y
V
V
1*87
87
7/8*
7/8*
7/8*
7/g*
7/g*
7/g*
Certificate
Certificate
Certificate
Certificate
Certificate
Certificate
196
9U
7/8*
7/g*
7/g*
Certificate
Certificate
Certificate
7/8*
7/8*
7/8*
Certificate
Certificate
Certificate
7/B*
-
note-
CertificateTreas. bondTreas. note -
Certificate
-
Certificate-
Certificate7/8*
Treas. bond 3*
3-1/8* Treat, bond.90*
7/8*
7/8*
7/8*
7/8*
7/8*
1-1/2*
3*
1/1/1.7
Zj
99
2,932
U38
UO8
7/8*
7/8*
3-3/U*
1*
7/8*
!_/
52
|7/B*
395
531
5U1
Certificate -
_^/
'XW
88
51*1
Treas.
p
93
75
572
531
ConTersion
bond
Source:
n.s.
907
'',395
.90*
S/l/U?
7/I/U7
Cortifloata
265
307
(l2/l/l4lt)
3*
VWr
7/g*
Treas.
(12/15/37)
1/1/U6
3/l/''7
3/15/'»7
9/1/U6
96
(l2/18/llO)
I/I/I46
2/l/'»7
Certificate -
j .90*
U,770
755
12/1 /U6
12/15/ii£
8/1/U6
88
96
U,770
[
-
7/g*
(6/1/39)
6/1/U6
9/l/h6
10/1/U6
11/1/U6
7/1/U6
99
9g
(6/26/ljl|)
6/15/it6
note-
93
66
35
6/I/U5
U/1/U6
U/1/U6
5/1/U6
30U
U,81l
1,579
Certificate7/8*
1-1/2* HOW bond
5/1 /US
6/1 /U6
Certifioata Certiflcata -
U,lU7
6/1 /U5
3/i5/U6{
7/8*
U,U51
U.g77
1,615
(5/1/Ul')
2/1 /U6
3/1 /U6
3/1/U6
U,U5i
5/1A5
{
Certificate -
Totals for exchange transaction of 3/1/U5.*
7/^
9/1 /l*?
7/8*
2,127
718
1,606
5/1 A?
Certificate - 10/1/U5
1/1/U6
Treas. note -
2/1/U6
(2/l/ltU)
U,g77
1,615
Treas. note - 3/15/1*6
Certificate-
(3/15/1*0)
(9/25/1*2)
(U/l/UU)
7/8*
7/8*
7/8*
1-l/U*
7/8*
7/8*
7/8*
1/1/U6
1/1/U6...
2/1/U6
3/1/U6
3/15/U6-56
3/15/U6
U/1/U6
5/1/U6
6/1/U6
6/15/U6-U8
6/I5/I46-U9
7/1/U6
g/l/U6
9/1/U6
10/1/U6
Certlflaate - 11/1/U6
Certificate- 12/1/U6
Treas. note - 12/15/U6
Treas. note -
Certificate
-
CertificateCertificate-
Conversion
bond
Certificate
Certificate
Certificate
(1/1/16)
(12/1/UU)
(2/I/U5)
16
3,1*16
5,01*3
16
(3/1/115)
U,lU7
U89
1,291
U,811
1,579
U,799
1,036
819
U,9io
2,U70
U,336
1,01U
ue9
1,291
1,991
1,579
2,025
1,036
819
(3/I5/26)
(ll/l/Ul)
(U/I/U5)
(5/1/U5)
(6/I/U5)
(6/15/-(U)
(6/15/il)
(6/I/U5)
(S/I/U5)
(9/1/U5)
(IO/I/U5)
(12/1/U5)
(12/3/U5)
(6/5/U2)
-
I/I/U7
I/I/U7
2/1/U7
-
3/l/''7
note-
3/15/U7
U/1/U7
6/I/U7
(1/1/17)
(I/I/U6)
(2/1/U6)
i.}/ll^)
(6/26/UU)
(U/1/U6)
(6/1/U6)
Certificate-
7/1/1*7
(7/1/1*6)
Treas.
Certificate
Certificate
-
-
3,1*1*0
3,778
3,76s
3,261
1,991*
1,2U6
1.995
2,000
2,003
93
133
75
98
98
3/
•
1/1/1*7
2/I/U7
3/1/1*7
U/1/U7
6/1 /U7
7/1/1*7
8/1 /U7
9/1/U7
10/I/U7
11/1/U7
12/1/U7
3,261
13
13
3.330
U.95U
3.133
1.9U8
2.820
2.775
2.916
1.007
991
1.9U«
1.U99
998
Bureau of the Public Debt,
Not available,
Preliminary.
Original call and aaturlty dates are used.
Bank reetricted Istue.
Prior to the refunding operation of March 1, 19^6> naturlng Iflsues
g/l/U5
9/1/U5
}7/8*
3/1/115
U/1/145
Certificata Certificate -
1-l/U* Treas. nolo - 9/15/U7
Treas. bond -12/15/52-5U
2*
2-1/2* Treas. bond - 3/15/66-71 2/
3/15/U5
CertificateCertificate-
g/l/U5
7/8*
.90*
3/15/''5
l-l/U* Treas.
7/8*
>1*
note-
3/1)*
1./1/U5
96
7/g*
7/8*
Treas. noteTreas. note -
.90*
3/1 /"sj
3t
U28
2,511
3.69U
3.330
3a3U
3.91*7
.91*7
2.1U2
2iiU2
1.321
1.777
2.916
1.321
1.777
1/
-
1/1/U8
2/1/U8
3/1/U8
U/1/U8
6/1/U8
7/1/U8
were either paid off In full or the holdere were «lTen the priviBeginning with that
lege to exchange Into another security In full.
operation, some maturltiea have been 8[.)lt by the Treasury Into a
stated portion for caeh retlreaent with the remainder covered by an
offering of an exchange security.
rcastini
Tr
Bullr in
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
Offerings and Maturities of Treasury Bills
(Amounts in aillloae of dollari)
DaacriptloD of n«w iesat
Date of
Issue
IjUfe-Ma/
Ma/
Ma/
Ma/
Ha/
June
June
June
June
Jul/
Jul/
Jul/
Jul/
AU<.
AU«.
Au<.
Au«.
Au«.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.
Not.
Hot.
Not.
Not.
Dec.
Dec.
Dec.
Dec.
IJltT-Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Ma/
Ma/
Ma/
Ma/
Ma/
Amount of
mataring
iseae
(as of date
ABOont of bidi accepted
Maturity
date
Huaber of
da/t to
Baturity
Aaount of
tids
tendered
total
aaount
ABount on
coBpetltlTe
baelt
Aaount on
fixed-price
baeie 1/
In
exchange
Total bills
oatstaodloc
(as of date
shovQ Id
hovn in
coIuild)
first coloan) first
Juhf
1947
33
Offerings and Haturltl«a of Treasury Bills
-
(Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
Total bldB acoeptad
Data at
liaoa
Arera^
prl««
par huadrad
Treasury Bulletin
i^
Sales and Redemptions of United States Savings Bonds
United States savings bonds were first offered for
Bonds of series A-D were sold
In Maroh 1935.
between Maroh I935 and April 19'H. Series E, F, and G
sale
bonds have been on sale since Hay
1,
subscribers except ooooercial banks.
however, were permitted to
certain periods and with
details concerning these
19'H.
"Treasury Bulletin"
Series A-E bonds
10-year discount bonds
are
sold
and yield 2.30% per annum if
held to maturity. Series F bonds are 12-year discount
bonds sold at Jh% of maturity value, and yield 2.53^
at
75!8
of maturity value,
37,
year current income bonds, sold at par, bearing Interest at 2-1/2% per annum, and redeemable at par at maturity or at stated prices less than par before maturity.
of
series A-D
any
$7,500 issue price in
bonds were available
to
were
bonds
one
all
limited to
calendar year.
subscribers
These
prior
to
1, 191*0, and to Individuals only after that date.
Purchases of series K bonds are limited to (3<750 issue
price in any one calendar year, and may be made only by
April
individuals (defined
limit
price
year
for
in
iglt-l ).
as
series F and
any
one
persons
natural
combined
is
only).
The
1100,000 issue
calendar year (<J50>000 1" calendar
Series F and
bonds
are
and
19'*'*,
19'*6, page
and page A-22.
For details concerning
Investment yields, and redemption values see
features,
9,
"Treasury Bulletin" for October
pages
19'*5,
A-l*
andA-5.
Series A bonds matured in
191*5, and series B bonds
Series C bonds began to mature in January
Matured bonds turned in for redemption are in-
in 19'*6.
19'*7.
available to all
the
in
outstanding are
until
all
bonds
figures on redemptions.
Matured bonds
reflected In the interest-bearing debt
of
the series have matured,
when they
are transferred to matured debt upon which Interest has
ceased, in accordance with the
Treasury Statement.
In
the
following tables
practice of
sales
the Dally
figures are quoted
and redemptions and amounts outstanding
at current redemption values.
Amounts of series
outat issue price,
standing are quoted at par.
Table 1.- Sunmary of Sales and Redemptions, by Series, as of May 31, 1047
Unitad Statse
B&TlDgB bondB
restrictions see
page 36, foot-
and "Treasury Bulletin" for February
9,
footnote
cluded
Purchases
periods
December
bonds are 12-
Series
per annum if held to maturity.
note
for
Commercial banks,
purchase these bonds during
certain restrictions.
For
:
Jtih/
-
..
1947
35
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 2.- History of Sales and Redemptions
Accrued
dlBCount
Period
Bedamptlons 1/
Sales
plus
accrued
discount
Amount outstanding
Percent of
Sales
price
Accrued
discount
Matured
debt
Interest
bearing
debt
(In millions of dollars)
Total, inception to May 31, I9U7.
69,121
2,17't
71,295
20,013
96
65
88
3,215
1,557
6,082
11.8
11.3
7
5
207
201
6
128
223
387
U,916
81.8
81.1
15,721
15,278
2,371
2,358
7
13
l»,298
11,252
1*7
573
10,181.
6,717
6,579
138
9
6
6
51,21.0
Fiscal years:
1935-I9W
19'tl
3,120
1,U92
19*2
5,99'«
WliS
U,V89
19Ult
15,i»98
191*^
19lt6
1U,891
9,612
311
30U
Calendar years:
1935.191.0
3,l>lt9
121t
3,573
191>1
3,036
9,157
77
102
3,U3
379
168
369
162
19''2
9,259
31*9
3'<3
191*3
13,729
169
16,0101
295
13,898
16,339
1,585
I9I1U
19l»5
3,3''l
1,576
3,321
12,937
liSlt
13,1.21
19U6
7,1*27
6l>0
8,067
5,558
6,U27
5,1*72
6,21.3
185
59l»
•5
571
61.
639
635
552
519
538
505
11.
9
20
86
Months
19't6jtey
June
July
August .
September.
11*
753
590
67
820
635
537
520
"•5
1.78
1.61*
17
15
l>9l>
5I'
51.8
1.82
1.67
II.
October. .
November,
December.
519
1.8
1.89
1*72
1.9
567
502
1.18
UOl*
16
lU
576
68
61.5
501.
1.83
21
igltT^January..
952
712
616
7l»
1,026
I483
February.
March
52
56
761.
398
W.9
378
20
April
May
572
U88
50
52
622
5V)
.
.
671
'•55
U21
30
n.a.
n.a.
-
i2onthly
redemptions
to amount
outstanding
..
.
,
Treasury Bulletin
36
Sales and Redemptions of United States Savings Bonds
Table 2.- History of Sales and Redemptions
-
-
(Continued)
(Continued)
Redemptions 1/
Accrued
discount
Soles
plus
accrued
discount
Sales
price
Accrued
discount
Amount
outstanding
( Interestbearing
debt)
Percent of
monthly
redemptions
to amount
outstanding
(In millions of dollars)
Series E, T, and C
Total. Inception to May 31, 19^7
65,172
1,1*31
66,601*
661.
1
1
2
36
5,995
U,a2'i
15,625
15,175
10,078
75
760
2,292
75
760
2,286
18,351
1*8,253
Fiscal years:
I9UI
661.
19142
5,993
11,789
mi
m^
19'i't
15, '•98
127
1U,891
9,612
281*
191*6
1*67
l*,156
l*,13l*
6,1*08
6,337
661*
1
6
21
71
6,581*
17,61*8
30,981
1*2,000
1*5,670
Calendar years:
19'il
ighz
19*3
I9W1
W"*?
2,537
9,157
13,729
l6,0Wt
12,937
19116
7, ''27
2,521*
12
2,537
9,169
21*6
21.5
7l»
13,801.
1,501*
195
379
533
16,239
13,315
7,961
3,263
5,332
6,038
1,502
3,251
5,293
39
55
63I.
52U
516
l*5,53't
627
1*91
1*83
1*5,670
1.15
1,08
801*
500
1*92
9
1*5,97''
1,09
626
541
1*1*9
1*1.1
8
1.U7
9
''6,152
1.6,237
.97
1*55
11*
11*
5,9'*1
11,1.1.7
2
12
23,7''6
39
97
1*1*,
36,723
706
1.6,628
Months:
59I4
19116-May
June
571
July
August . . .
SapteoAer.
753
590
51
36
U9lt
1*7
October,
.
519
1*1
1*1*7
9
1.6,31.2
.98
Hc/vaiuber.
'•53
1*4
1*96
392
38I*
8
1.6,1*1*6
.81*
December.
576
59
636
1*53
1*1.1.
9
1.6,628
.97
58
1,009
755
66U
395
349
386
.8U
1*7,61*9
1*05
9
8
n.a.
'*7,2'*'3
February.,
March
938
712
616
.73
.85
April
May
616
1.16
U88
'.6
53'*
n.a,
n,a.
1*8,107
1*6.253
46,099
1,327
47,426
187
30,767
1
U,287
5
21,125
29,097
30,358
19l*7-Januar7..,
Total, Inception to May 3I, I9U7.,.
'»3
U8
572
560
1*56
Sl-l
16,659
16,472
60
689
846
60
688
2,095
3,825
,912
5,843
1*7,908
'.87
.81
Fiscal years;
203
3,526
8,271
11,820
11,553
6,739
191*1
191*2
19''3
191*1.
19''5
191*6
1
33
118
265
434
203
3,528
8,304
11,938
11,818
7,173
,100
203
3,671
20
69
Calendar years:
191*1
U
493
1,145
5,999
10,414
12,562
10,175
4,959
209
1,380
3,005
4,963
5,423
11
209
1,378
2,993
4,925
5,330
345
321
37
52
381
373
469
439
462
432
30,425
30,358
1.54
1.45
July
August . . .
September.
386
347
309
46
34
43
433
381
352
442
397
406
434
390
398
30,349
30,333
30,279
1.46
1.31
1.34
October,..
Not ember..
December.
327
294
370
38
40
55
365
334
424
410
336
394
401
328
385
30,234
30,233
30,263
1.35
1,11
1.30
1947-January,,.
February,
March
535
394
372
52
587
433
416
342
290
342
334
282
333
30,507
30,651
30,725
1.12
40
45
April
May
349
305
389
347
365
329
355
320
30,749
30,767
1.19
1.07
191*2
1943
1944
1945
1946
Months:
1946 -May
June
1,145
5,989
10,344
12,380
9,822
4,466
10
70
182
353
40
42
(Continued on following page)
2
11
38
93
10
9
1,134
6,923
15,957
25,515
30,727
30,263
.95
1.11
.
.
;:
Juhf
1947
37
Sales and Redemptions of United States Savings Bonds
Table 2.- History of Sales and Redemptions
-
-
(Contlnuedl
(Continued)
Bedemptlons
Accrued
diecount
Sales
plus
accrued
diecount
Sales
price
Accrued
diecount
Amount
outstandlne
( Intereetbearing
debt)
Percent of
monthly
redemptions
to amount
outstanding
(In millions ot dollars]
Total, Inception to May 31, 19''7.
3,1.811
105
3,088
3,589
Fiscal years;
19''1
67
WltS
'•35
WkS
758
802
Wklt
19''5
19lt6
67
2
67
1*35
3
3
1.99
760
17
58
89
17
57
1,21.2
88
2,601.
11.9
11.7
2,895
621
365
7
35
77
106
189
7
35
77
lOU
185
1,569
2,278
2,793
2,969
27
28
17
16
15
8U
679
9
19
lt07
33
698
WtO
1,996
Calendar years:
ig^s
208
65a
2
651.
19''3
7'>5
u
19itl*
773
595
325
750
786
25
19111
19''5
19U6
208
13
207
851.
Months
I9't6-May
21t
June
21.
July
31
36
25
September.
20
28
23
18
17
16
October..
November.
December.
21.
27
U
SO
29
23
Sk
17
17
53
Au^st
. .
.
19J+7-January
II.
February.
March
1.1
59
hk
35
39
April
May
33
25
29
lU
16
15,589
15,589
1,191
191.1
395
395
I9I.2
2,032
2,759
2,876
2,658
Total, inception to May 31, 191.7...
36
Fiscal years:
191*3
191.1.
191*5
I9I.6
2,1.65
Calendar years;
191.2
1,185
2,516
191.3
2,61.0
191.1.
2,891
2,520
2,637
191.1
191*5
191.6
Months
191.6 -May
June
July
September
335
217
165
October
NoTonber
December
169
139
178
Au^st
191.7 -January
Source:
n.a.
*
225
226
36I.
February
March
278
209
April
May
191
158
Dally Treasury Stateaont.
Not available,
Less than $500,000.
22
21
2,883
2,895
.60
.55
17
17
15
2,911'
2,925
2,932
.60
.58
.53
13
16
17
2,91.5
.1.6
2,952
2,969
.57
.58
17
lU
21
n.a.
n.a.
1
n.a.
n.a.
n.a.
3,013
.1.8
3,031.
3,052
.72
.68
3,071.
.1.6
3,088
.51
U
7
.
U
2
8
Treasury Bulletin
38
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 3.- Sales by Series, Classified by Denominations
Sal«a In mlllloDa of dollars at 1sbu« price
Total
all
denomi-
Percentage dietril)ution of sales
Denomination
$10
nations
$200
$100
$50
J25
2/
$500
$1,000
$5,000
$10,000
i/
Total
all
denominations
Denominations
$10 1/
$50
and
$25 2/
$100
and
$^oo
y
$500
$5,000
and
and
$1,000 $10,000
Series K
Inception
Total
through
,
•toy
19'»7--
31,
116,099
1U8
111,598
6,092
9,201
3O8
5.755
9,997
Ul
637
1,007
1,397
1,326
3U.2
31-9
13.2
100.0
100.0
100.0
100.0
100.0
100.0
7.1
17.5
36.1
35-1
3U.6
32.1
6.5
9.7
13.1
13-9
1U.9
13.5
20.
66.0
23.0
20.7
21.9
20.8
19.3
U9.8
30.1
29.1
29-7
35.1
10.0
29.5
36.0
8.1
11.9
13."
1U.5
22.6
59.3
36.2
29.6
29.2
31.8
U3.9
Fiscal years:
igiti
203
lit
13
1*1
19U2
19U3
191*
3,526
8,271
616
2,988
3lt2
"?
1,081
1,71*
ll,82C'
U,iii9
l,61t2
2,58lt
3,928
2,101
1,725
910
2,U06
1,102
llU
1,769
3.719
93
712
1,390
1,797
l,Ui6
516
258
1,338
2,169
2,706
1,8U2
637
11,553
6,739
19"i5
19U6
69
6i«
197
77't
93
1.119
1,U81
2,0U8
2,100
1,591
U50
1,313
1,815
2,163
2,002
1,U02
100.0
100.0
100.0
100.0
115
138
229
856
1,253
l,Mi6
1,119
56U
Calendar years:
1,1U5
5,989
lO.jUU
12,380
9,822
U,U66
igui
19U2
igii?
19W
I9'i5
19U6
Months;
ig^S-May
June
July
to«
Sept
Oct
Hot
Dec
27
85
3,2''3
31
1,177
il,2l«l
lU.i»
21.0
21.9
19.9
100.0
33-9
27.1
11.6
17.
100.0
100.0
29.7
28.0
12.3
11.3
16.8
16.9
111.
100.0
100.0
100.0
23.8
25-3
2U.9
9.8
11.0
10.8
16.5
16.5
17.3
"•9.9
10.7
10.7
9.6
17.5
17.1
U7.8
I7.U
53.0
63.5
60.5
56.5
53.1
100.
311.U
3U5
321
100
87
Ul
kl
101
386
89
138
3it7
309
86
75
55
U7
"3
327
29U
370
77
'•5
bl
112
102
55
lUl
100.0
100.0
100.0
2U.0
67
73
83
59
100.0
100.0
100.0
It.
7.1
5">
257
179
156
16.3
18.
S.l
9.1
IU.7
15.1
16.0
50
t3
lUl
119
100.0
100.0
9.5
10.0
16.3
16.9
I9't7-Jan
77
Feb
Mar
372
P
68
Apr
3U9
305
67
60
Hay
22. U
100
117
103
23. ll
20.0
19.
20.0
U3.8
U7.2
U7.0
51*.
Series T and
Total, Inception
through
19't7.May 31.
Fiscal years;
igui
19.073
U61
19
526
1,258
5,730
6
13
lUl
229
291
255
179
96
702
1,016
1,156
1,012
901
57
196
267
293
215
166
355
906
1,116
1,119
933
928
19'I2
2, "167
71
19''3
3,517
3,678
3.337
2,873
106
13U
109
1,393
3,168
3,385
3.66U
3,115
2,962
26
98
123
131
19Uii
19t5
19U6
Calendar years;
19U1
MU2
19'*3
I9W1
19'>5
19li6r
61
8l«
U7
3,671
7,868
Hi
"198
263
1,055
696
1,1(66
683
1,U09
1,362
1,172
595
556
279
63I4
687
676
1,331
1,187
36.6
100.0
100.0
100.0
lOO.O
100.0
100.0
1.2
2.9
3.0
3.6
3.3
2.1
23.7
100.0
100.0
100.0
100.0
100.0
100.0
1.8
3.1
29.6
3.6
3-6
2.7
1.6
110.9
35-9
35-3
3«.l
35.U
39.3
37.9
37.6
670
1,U1»5
611
1,3U2
1,208
53
55
lOll
100.0
100.0
1-5
l.U
138
86
60
100.0
100.0
100.0
1.1*
38.3
II
U2
1.6
1.8
1*2.9
60
100.0
100.0
100.0
1.9
2.0
1-9
101.3
70
100.0
100.0
100.0
1.0
1.1
1-3
28.2
27.5
35-9
100.0
100.0
1-3
1.5
33-8
38.3
38.5
36.8
36.9
Months:
19116-May..
June
250
250
13
13
77
75
July.
Aug..
Sept.
367
2U3
185
20
15
12
120
Oct..
Hot..
193
159
207
lU
12
lU
72
59
73
"3
36
"tl7
18
13
13
100
75
66
75
51
50
229
176
103
11
10
65
60
t3
U2
102
68
Dec.
19''7-Jan.
Nti..
Mar..
319
2Vt
Apr..
May..
22lt
Source:
r
•
1/
183
Daily Treasury Statement and reports from Federal Beaerre fianlES.
Rerised.
Less than $500,000 or less than .05 percent.
Sale of $10 denoftination Series I bonds van aathorised be^nnin^
8lt
67
2/
i./
103
1*9
ltO.6
liU.li
ll2.0
June 19I1I1 for sale to the armed forces only.
Sale of $25 denomination Series F bonds was authorized in Deceaber I9I1I.
Sale of $200 deaominatlon Series I bonds began in October 19115.
::
Juhf
:
.
-
...
:
1947
39
Sales and Redemptions of United States Savings Bonds
-
(Continueai
Table 4.- Number of Pieces Sold, Classified by Denominations
(Thouaaadt of piece* lold)
DenOBlnatione
Total
all
denoBl
oat lone
no
100
$aoo
162,152
122,675
767
353
32,832
159,369
9.107
28,828
13,800
15.995
21,271
552
10,837
22,851
31,1*7
32,083
11,693
"•,191
198,333
226,213
172,918
62,769
2,185
18,999
37,060
17,915
37,773
13,757
7,730
6,8U«
299
299
5,355
1,666
7,2l6
313
276
239
»25
»50
$500
$1,000
2,053
15,317
13,330
1,311
108
1,698
2,686
3,725
3,535
2,065
125
1,193
1,975
2,730
2,800
2,121
3,116
17,8l2
28,915
36,077
21,551
8,192
769
9I8
612
2,282
3,310
3,«56
2,981
1,505
600
1,751
2,120
2,881
2,669
1,870
1,128
971
637
613
68
56
110
109
131
133
1,756
1,572
3,997
1,008
1.015
890
706
612
599
72
61
1I6
126
111
185
156
137
1,091
3,593
3,879
933
l}€
9I8
639
563
713
61
5,1*71
6,10l»
233
178
158
119
110
116
II9
136
188
5:S
153
119
1,015
852
903
818
655
666
221
ilU
1.129
3,371
3,602
111
69
5,703
65
1S1
313
239
207
5,570
5.030
112
9U
3,561
3.216
880
812
632
580
63
55
133
115
188
158
2,637
6,019
28
100
1/
V
$5,000
Serlea E
throu^
Total, Inceptloa
May 31, 19*7
l,ll>t,180
19,717
778,577
FiBcal yeara:
iglll
1,905
55,967
215,709
305,9«6
303,116
165.039
IShZ
ig"!?
igitU
19U5
19W
Calendar year*
19*1
19U2
13,219
135,227
270,068
320,527
253,078
93,502
19't3
I9IW
19*5
I9l»6
221 28ll
209, U80
,
9,223
8,505
112,071
6,on
91,35't
3,582
11,381
Months
iglife-Mair..
June.
Jnl7
An^at
.
.
.
6, BUT
Septeabor.
6,033
October.
Borember.
Deceaber.
6,227
.
19U7-JaDuar7 ..
February,
March
.
April.
57
53
72
Serlea T and d
Total, Inception thro\i^
May 31, 1917
Tlacal yaara
I9II
16,988
233
2,110
3,251
3,869
3,326
2,323
1912
I9I3
I9II
19*5
I9I6
Calendar yeara:
1911
1912
I9I3
I9I4
I9I5
I9I6
901
2,902
3,621
3,821
2,807
2,098
Nontbe
19l6-M«y..
June
171
167
I.0I6
5.630
72
2l6
303
126
60
771
1,119
1,125
1,156
6I9
156
270
325
221
56
277
1,077
1,317
1,391
«99
191
I19
565
613
117
39
37
26
26
79
78
^1
610
532
371
121
3I0
July
An^flt
September
251
181
117
55
12
35
11
30
25
123
86
69
October...
HoTember
December,
159
131
166
38
33
11
28
21
28
71
61
76
19U7_Jairaar7 r.
227
170
162
15
37
26
26
103
II
II5
131
31
29
22
21
67
62
•
.
.
.
February
March
April.
May...
,
77
77
781
$10,000
1
.
Treasury Bulletin
ko
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 5.- Sales of Series E Savings Bonds, Classified by States
(la thoaaands of dollari)
lotal,
inception
l9k^
1.9%
throu^
Ma7 31.
19^1
AlAbaaa
Arltooa
Hay
July
Aug.
3,536
1.268
1,973
3.35"
1,028
2,118
3.383
1.155
2.179
3.032
1.050
1.905
3.55"
1.156
2. "20
",680
1.776
3.561
3.5"6
1,256
2.562
26.586
3.59"
5.03"
"3.162
".211
5.850
797
Apr.
May
2.987
1.096
2.133
2.931
1.057
2,108
2.86"
1.036
1.782
29.125
3.699
".606
25,881
3,390
",281
22,237
3.326
",180
21.851
3.038
3.088
1.201
6.962
6.187
708
6,060
".791
713
5.682
".187
635
5,220
3.726
60"
5.39"
3.503
Sopt.
3.327
1,006
2,015
3.55«
1.323
2.197
3.'*5«
1.22'»
3.698,005
357.710
gl»2. 705
25.199
2.958
5.089
28.U9U
3.333
5.059
29.5't2
3.161
5.08t
26,581
3.207
".557
23,253
3,868
",89a
25.88"
3.066
",78"
23.218
3.00"
".398
109.391
566,283
566, 0U5
835
6,122
t.505
961
6.979
765
6.265
it.Vo
85"
6.206
3.607
66"
5,69"
3.882
803
6.356
",133
627
789
i>,B56
.515
5.919
"."37
''.077
3.9'*9
U.1195
".010
720
29.193
".070
828
Ullooie
385
lUg./Ua
3.357.370
25,8"ll
",1"5
952
28.0"6
".023
997
27,395
5.397
1.056
29.839
5.610
2.206
"7.387
",615
l,3"l
32.800
3.81"
1.0"6
33.60"
3.753
1,123
31.878
28, 061
Indiana
Iowa
Kanaae
1,217.322
1,067.071
656,661
8.986
10.39"
5.76"
8.5"6
8. "5"
",970
8,771
8,701
8.36"
5,392
10, "20
5,229
9.16"
13.215
6. "27
13.865
22.960
10.835
9.52"
13,956
13,1"2
10.255
17."5"
13.131
9.677
15.098
6.271
8,663
12.879
5.263
".059
3. "90
1.267
3,65"
3,32"
1.358
3.526
3.16"
1.208
3.2"6
3,302
1.216
3.677
3.136
1.32"
5.958
".979
1.67"
",913
",176
1,260
".392
1,000
".056
3,211
1,055
3.933
3.050
1.119
3.8"8
9.3"3
15.572
3.938
lO.OlU
13.987
3.999
10.189
3.583
9,299
13.030
3.880
10, "30
1".992
5.258
13.267
21,0"6
3,9"!
9.917
13.227
3.016
8.098
15.750
3,719
8,350
1'>.28S
13, "08
3.626
7.79"
13.891
8.658
1.907
9.326
7.087
2,100
9.008
7.5"8
1.892
9.127
1,730
8,8"0
8,818
2,0"2
11.097
13.857
3.530
15.391
9.761
2.536
10,8"9
10,018
2.099
10,219
8,185
1,977
9,986
7. "15
2,088
9.207
I. "83
1,815
5,227
312
1.965
5.079
320
1,997
5,125
375
2.270
5. 805
3.796
9.391
597
2,736
8,197
3"5
2.639
10,999
387
2,136
12.092
320
1,627
7.777
3"7
888
10,760
866
12.86I1
976
17.171
1,093
ll.l"3
1.007
676
11.069
908
608
10.016
812
9.976
786
707
10.31"
783
851
11. "25
760
"1.613
5.200
".209
39.031
5.305
3.1"5
3", 888
3". 355
3.381
3.756
1.98"
19.911
".3"8
3.282
17.863
3.859
2,917
17.699
16U.535
Arlc&aaas.
California
Colorado
Connecticut
Delaware
Diet, of Coluabla.
riorlda
Georgia
57''.
Idaho
tgs.a^o
519.925
205,092
KentttcJcy
LoaiBlana
Mala
Maryland
MaBBachuBstts
Michigan
605.064
1.533.030
2,U36.2g8
Mlnneiota
969,9'tO
M 1 B 8 1 B a ipp
MlBBOurl
317, 61*2
l.l''5.96o
Montana
KebraBka
leTada
. .
Ohio
Oklahoma
Oregon
PeonsylTanla
Bhode leland
South Carolina....
South DsJuta
Tenneeeee
TezaB
Utah
Veraont
Virginia
Vashlogton
Veet Virginia
WleconBln
Wyoalng
Alaska 1/
Canal Zone
Hawaii
Puerto Blco
Virgin lelande
Other poBBeBBlone.
921
9lt0
29,096
30.691
8.706
8.803
9.313
9,222
".845
9.705
10,089
''.518
".638
3.710
't.737
3.782
3,662
1.38'l
t.137
1.606
5.80lt
i.50it
U.267
U.lt82
11,1*78
12.957
12,095
lit, 581
7.125
2,090
9.855
7.3'»3
8.072
1.926
lO.OUl
2, 21*5
".338
10.578
1>»,217
10.808
7,
"51
1.588
UOU
2.058
5.319
388
130.999
1,680,722
107.725
913
11.771
1.078
12,983
9I.5
777
13.166
836
785
g!i6
11,122
926
5.578.016
610,350
"to.
"3.3/6
".652
1.90"
37.993
3.6"6
1.882
35,557
",926
l.7"l
39.06*
".768
2. "23
33,932
".51"
2.570
"6,972
5.515
2.80"
62. 811
19.828
",622
3.3"g
a, 832
18,383
3,965
3,107
18. 603
18. 789
".5"7
3.086
20.125
6.379
3.352
30.727
10.28"
5. "11
21, "12
",596
3.1"9
55.7'tl
New Tork
Horth Carolina.
North Dakota
868
29. '63
1.577
5.557
395
222,693
52U,6SA
Hew Baapahlre
lew Jersey
Hew Mexico
2,217
lt.608
5.782
3"6
3"5
856
928
3. "61
3.336
9"8
700
856
701
'1.369
•.338
l«.89U
228, 87'»
l,ll9U
1.785
2,772.108
539.558
580,572
21.706
23. 2211
"•,096
''.3''5
3.136
3.275
3.'»65.l67
27.Mi6
1.793
2.098
28.391
1.890
2,553
28."ll0
2". 776
1,617
2,379
26,203
1,526
2,2"7
l."62
1,928
27.207
1.719
2.086
37,720
1,881
3.156
28.178
1.882
2.078
25.538
1.527
2.1"9
2". 163
1.635
2.30"
26,970
1.355
1.7"1
2it.l"9
1,"2"
1.825
2","98
1,261
l,8l6
3.903
3.62"
10.315
3.60"
3.159
9.779
1.08"
322
".6C8
256,716
300.937
5.011
3,25"
8,571
",669
5.970
3.7"8
2,730
220,210
2.lt6U
56l*.500
1,822,391
3.898
12.379
2.53'*
3.9'*1
12, '176
2.25"
".31"
13.883
2,568
3,666
11.911
2,o"3
",086
11.705
2,315
3.768
10,660
2, ""5
3,313
11,069
3.670
".089
13.378
5,065
6,680
18,908
3.869
".895
13,693
"."08
3. "25
11,820
203.33''
1.28U
1.75''
536
'»91
1,"10
572
5.916
1.073
U69
5.513
l."39
538
5.682
1,250
609
8.105
1.932
729
10,921
1.511
501
6,260
'U07
6.561
1.193
528
5.376
it3i(
6,36lt
l."93
635
6.398
1,180
75. "67
800,288
5.803
".59"
5.727
3.075
7.636
6.089
3.5'A
5.520
3.751
7.97"
658
."97
.359
.207
703
6.0"9
".799
8,716
903
8,965
7.02"
13,065
l.l"6
5.802
5.335
3.1"3
8,913
".7"8
3.085
8,2"8
713
5.361
3.226
9.128
733
".979
3,513
8.178
69lt
5.716
U.0U3
8,531
735
7"3
736
"5
6
"5
239
268
759
128
2
"0
232
278
1.298
100
2
38
2"6
926, 0311
390.639
1,019.620
93.6U6
8.55l»
791
30,075
28,571
178
258
258, 830
1.383
305
278
233
1.075
212
l."6l
128
3
1
1
116
in
11
178
268
1.077
2"0
2
18
•6.335
35. ''36
25.358
+9.361
-8, "12
-1,769
-18.758
803
321.069
386. "76
3"7.278
3O8.8I16
326.79"
293.901
36.52t
i,so6
239
227
161
207
215
1,180
318
905
l"l
76
>t
3"2
9.266
1.005
223
2»3
1.1"9
1"3
3.8a
2.963
".905
2.998
7.958
636
221
285
,238
119
1"
3"
3
306
1.168
105
3
"9
5
"9
96"
109
2
56
-1.1"0
-l»,8"6
+10,866
+6,023
H9.652
-3.251
369.595
53". 989
393.620
371.675
3"8.527
305.062
881
a6
3
257
AdJuBtaent to
Dally TresBory
Stateoient
+180,769
''6.099.392
Source:
1/
3''''.
Dally Treasury Statea.nt and report, of Federal Beserve Bank..
Monthly aales for Alaska are not arallatile after March 19"7.
..
,
.
1947
July
hi
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 6.- Sales of Series F and G Savings Bonds Combined, Classified by States
1/
(In th(ra>aAdi of dollara)
total,
Inception
through
Hay 31,
Statt
Jatbua
lit?,
ArlBOna
ArksBBU
C&llfomla
Colorado
Connoetleut
Dslavar*
Hit. of
ColuMa
norld*
Ooorgla
Idaho
IlUaoli
19*6
May
June
Aug.
Juljr
159
1,835
2,191
1,909
1,1*78
1*17
H7I*
881*
860
1,355
1,019
571
1,107
1,236,617
156,769
369,36*
15,501
1,975
15,080
2,961
3,825
25,51*7
16,767
2,936
3.238
13,287
1,939
2,215
10,680
1,590
2,323
2,5U4
1,840
2,79l»
2,1*97
711
1,646
2,509
1,619
25,188
1,681
1,088
20,890
16.230
6,361
15,184
5,061
6,603
10.771
2.977
5,096
7.276
2.7U7
1*13
31*8
l,4o6
1,660
2,355
1,664
3,207
3.1*96
4.711*
440
3,398
2,760
180, 061
1*3,637
l.WS.'tfiS
1.970
752
18,789
2,559
629
2,1*89
2,1*39
27,U31
18,32*
2,059
603
15,091
1,302
505
13,702
2,162
211,266
2,003
395
14,066
775
16,037
3.205
1,151
44,288
1.941
925
21,362
8,839
7,135
3.673
8,971
8,601
6,190
6,201
2,131
5,305
5,l6S
3,054
5,559
6,387
2,595
'*,319
5,96U
8,838
3,109
12,023
15.722
6,311
7.043
7.880
5,281
2,791
1,527
5,536
2,912
3.715
1,662
1,629
2,578
1,727
861
2,
860
1,711
820
l,7l»l
2,962
1,615
1,146
l»,959
5. 391*
1,464
595
2.977
3, lis
1,653
1.194
3,580
1,827
1,318
3,221
2,022
1,172
3,119
1,900
887
3,591
12.175
7.339
2,463
6,527
4,998
2,504
6,289
5.830
2,916
5,1?8
5,148
2.617
7,004
7.046
6,498
26,663
11,438
3.855
13.029
8.213
3.307
9.483
5.512
2,818
10,115
5,555
3,288
8,850
l»32
5,173
5,'*75
19,858
8,770
Mlnneiota
Ml8«lBBlppl
MlBBourl
383,9'«
98,856.
515,588
5,200
1,360
7,^69
6,795
1,226
10.752
Montana
Hebraaka
Hevada
63,372
206,767
19,091
3,HllO
192
268
1,305
8,928
202
9,146
560
9U3
50,082
3,1*91
1*,131
958
853
78,195
597,
Wa
36,010
3,096,1106
219,013
75,039
2,0W
6,1*81
1(1*,
1,01(2,190
136,6911
1514,669
15,581*
1,531,963
35,803
1,727
1,1*3
4,ol»6
2,11>*
6,103
2,724
7,31*9
7lt5
1.321
1*20
5,50"*
8,675
1,978
10,372
5,587
1,092
8,05s
'».733
l*.707
1.052
6.795
5.92U
4,428
858
5,371
lt,7lt2
1,105
7.15»
11,287
2,313
13,517
6,485
1.144
7,890
5.392
1.173
7,067
5.580
1,131
6,248
1,719
952
5,178
706
986
3,81*8
918
3,180
762
3.106
290
155
876
2,751
80
814
3.639
262
1,698
6,379
472
l*,523
1*22
570
2.923
168
1,245
2,71*7
192
1,357
7,837
370
1.233
6,113
100
905
4,007
220
643
5,63it
550
5,215
871
751*
53>*
7,6lU
lUU
5.612
969
381
6.625
486
609
5,235
330
689
6.176
396
2,952
13.128
359
1.008
8,583
226
619
6,729
370
US,1U1*
36,236
3,276
22,008
2,154
1,283
27,582
2,912
1.031
82.893
5.168
2,321
33,6311
3.31*6
2,790
9li6
27.704
2,567
1.335
49,322
l:Ul
24,003
2,201
988
1,739
20,095
3,0U2
1,668
23,515
2,052
2,316
l'»,l*29
10,682
1,775
2,211
11,593
9,079
1,260
1,589
11,730
3,320
1,809
27.589
5,003
4.151
22,591*
2,2711
15.557
16,519
1,033
3I.970
1,160
15,832
824
1,236
ll*,757
1,182
l,23lt
1,383
10,085
1*10
1,817
1,831*
1.33't
1,624
206
199
1,1*39
31,808
2,321
1,043
23,979
3.138
816
13.780
1,658
2,031
11,839
1,665
1,569
12,226
1.760
1.903
9, 771
19.361
2.438
1,632
20,014
1.884
17,298
1.284
890
I4,l44
1,118
1,294
1.314
1,448
102,171*
1,737
27,321
2,727
1,722
33,133
5,550
2,183
65,51*6
189, fe5
1,511*
1,169
3,691
6,918
883
999
3,025
7,151
l,86it
2,11*5
1,271
l,6l8
5,209
1*,979
1,521
2,401
5,617
2.262
5,288
10,352
1,855
2,292
6,1*56
1,157
1,893
3.713
1.963
2,706
515,792
1,263
2,66U
5,306
6,91*5
5,81*5
1.758
2,331
1.978
1,901
1,988
4,699
39,722
42,710
255,539
510
786
2,828
507
1,001
U.lUg
lt03
611
3,137
486
379
3,381
247
271
3,303
443
270
3.055
731
167
4,241
1,344
1,099
5,737
51*7
I154
3,1*20
4,450
622
291
1,880
376
515
2.725
426
592
1,963
260,881
2,820
1,368
7,003
516
2,865
1,552
8,535
385
lt,89lt
2,671*
i.iia
7,583
399
2,451
1,121
2,424
1,111
5,468
3,653
2,237
6,970
3,291
3,619
935
5,1*87
3,039
1,465
5,709
5,911*
13,1*28
7,1*62
523
283
1*78
621
1,066
394
2,708
1,816
7,677
312
2,170
2,306
9,161
568
3.106
914
5,648
306
11
10
22
536
6
17
51
407
22
18
179
3
555
18
12
901
1
1*22
32
358
222
76
2
1
23
66
1,122
4
15
292
26
36
1,375
42
1
9
23,935
-19,310
•1*0,071
+3'*,963
19, 07?. 781
21*9. 51*0
250.157
366.510
2,11*8
98,ii6it
1*79, 36lt
31,570
5,31*9
6,1*76
Canal Zono
Ea«all
Puerto Eloo
Virgin iBlandB..
Other poBBeBBlonB
57,727
13,617
812
903
SaleB to eomerelal banks i/.-
895,1*80
1/
2/
16, 189
1.S60
2,625
11, '•25
9,iioo
•
21,306
2,670
3,998
9.9l»5
495
1,718
2,935
'*,370
Source:
31,059
3,501
1,967
1.137
2.563
2.850
20,107
Total
13,860
1,750
2,260
1,311*
889
2,893
879,693
931,760
5»7,635
AdJuBtDont to
Ifelly Treaaur7
Stateaent
1,401
518
996
U,l>65
Nai7land
Maaia«hu*atta...
Klohlfan
AlsBka 1/
1,040
1,180
1,569
VjroBlng
1,768
io6
3,2W
llH,095
WaBhlngton
Vest Virginia....
Vleconsln
1.755
2, 596
Malna
Temont
1,638
552
1,424
931
3,693
Virginia
2,770
961
1,670
1,906
3,762
235, S?*
187, 7«o
Utah
1,624
513
1,238
11,952
Eantuckgr
Lonl liana
Sooth Dakota
TenneBSee
Texaa
1,558
6O8
824
12,637
2,329
2.530
7,031
2,525
.
1.299
367
587
12,876
It. 052
2,699
5,71*1
FennBylTanla
Bhode iBlaad
Sonth Carolina.
Nay
70,803
16H,179
208,658
220,183
Ohio
Oldahona
Oregon
Apr.
1,448
342
702
88
020
U3U,708
Nev Toric
Vorth Carolina...
Vorth Dakota
Sot.
It,
li65,19lt
. .
Oot.
i',937
3,229
Indiana
lova
Canaaa
Hew BaapBhlre.
Kev Joraay
Hev Mexloo
Sept.
U3,9Ul
«6,3l3
lt,l»92
191*7
517
1*57
9
lilts
1,571*
6
6
465
19
2lt2,7'l't
1,068
l,04l
28
3,1*75
1,71*7
10
61
311
11
911
6.71*7
23
*2,183
+6,671
,536
985
-53,056
•43,271
1,779
8,518
3,510
185,265
192.577
158.845
206,696
U16.902
318.579
244,002
223,715
183,292
Dally Treaiury Statement and reports from Federal Beeerve Banks
Leee than $500.
Monthly Balee for Alaska are not arallable after March 19^7.
bonds to contmercial
State figures exclude sales of Series T and
banks.
Commercial banks were per<ted to pnrchase Merles T and
bonds nndor certain conditlonB during the calendaj* year 19**^
("Treasury Bolletln" for December 19^, pa^e 36, footnote 9): fTom
June 18 throu^ June 30, 191*5 ("TreaBury Bolletln' for ?ebniary 19U6
page 37, footnote 9); and from December 3 throu^ December 8, 19^
("Treaaxiry Bulletin* for Pebmary 19^6, page A-22)
Treasury Bulletin
hz
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 7.- Redemptions of Series A through E Savings Bonds, Classified by States
(In thou«and« of dollars at carrent redsoptlon raluas)
State
July
1947
^3
Sales and Hedemptlons of Treasury Savings Notes
Treasury savings
notes
from August
were
Issued
three
In
se-
through
June 22,
series B from August 1, 19'*1 through September
191*3,
12, 19'^2, and series C which have been on continuous
All of series A and B
sale since September 1^, 19'*-2.
ries,
series A
1,
19'H
and some of series C notes have matured.
Series C
notes
are
sold
at
par,
and
month, yielding 1.07^ per annum
accrue
In
held to
These notes
maturity (3 years from date of Issue).
may be used In payment of taxes any time after 2 months
after Issue, or may be redeemed for cash any time after
value
each
If
For details concerning features.
6 months after Issue.
Investment yields, and tax payment or redemption values,
see "Treasury Bulletin" for October 19't-5< pages A-^ and
A-5.
For details concerning the features of
and B notes, see "Annual Report of the Secretary of the
Treasury" for 19'^2, pages 20? and 220.
In the following tables sales and redemptions of
Treasury savings notes are shown at par value.
Matured
notes turned In for redemption
(either for cash or for
tax payment)
are Included In the figures on redemptions.
Matured notes outstanding are reflected In the
Interest-bearing debt until all notes of the series
have matured, when they are transferred to matured debt
upon w iloh interest has ceased.
In accordance with the
practice of the Dally Treasury Statement.
For sales
and redemptions of series A and B notes by fiscal years
and months, see "Treasury Bulletin" for February 19l;6,
pages lv2 and k'i.
series A
Table I.- Summary of Sales and Redemptions, by Series, as of May 31, 1047
(In mllllonB of dollars)
Troaflury aavlnge notes
U
...
Treasury Bulletin
kk
Sales and Redemptions of Treasury Savings ^k)te8
-
(Continued)
Table 3.- Sales of Series C, Classified by Denominations
(la allllon* of dollitf-s)
flieal /ear
or Bonth
191A
Total
all
danomlnatlons
8,953-7
7,015.8
3,525-5
19^
WW
198.1
IgU.O
19>*6-Majr
Jona
July
AuCUlt
Saptaabar..
2U8.2
Octobar.
HoTamber
Dac«abar.
I83.5
l66.i
359.5
•
.
19U7-i7aiiuar)r
.
.
.
—
febniary p.
Marcb p
.
April p
•U7 p
.
.
300.5
188.
218.1
209.2
275.3
173.8
166.3
De no Bl nation
noo
10.5
13.6
»500
n.2
32.8
13.8
$1,000
»5,ooo
$10,000
»100,000
1500,000
$1,000,000
.
1947
July
U
-
.
.
'^5
Sales of United States Savings Stamps
Table 1.- Sunnary of Sales and Redemptions!/
(Id tbouaaodt of dollari)
fv
n«oal
or aosth
Aaouat
oatstaadlnc
•nd of
fltoal 7«ar
9T Boath
Percental dlttrlbatlon
fiAdemptlona
tnrlac
flaoal fBT
or BO nth
of rsdasptlona
Ixahaii^d for
Uoltod St&tet
Total
C&ib
Ixohaacod for
Onltod State!
•aTlDca
boadt 2/
total
•aflQ^
bond! 2/
IW
19UU
19^5
19*6
ijMi.Nar
Jniia
July
iofoat
Septaabar
ai3,J5o
196,518
177.598
95.976
'•5,620
-16,852
y
9»
268, Ml
287,331
*7*,l68
352,652
231,595
-81,622
109,852
191.
150,1122
99,252
95,976
-5,2*5
6,362
3,598
U,607
9X.9M
-3.988
-18,
J/V
590,268
ll08,93O
-3,r5
6*7
S?; 762
6,87*
70,*80 5/
75,130
55,738
61,052
Cuh
100.0
100.0
100.0
100.0
87.1
82.8
80.6
68.1
12.95/
17.2
19.*
31.9
6,80*
*,00*
*,803
2,870
100.0
100.0
58.6
58.2
*l.*
*1.8
3.113
2,623
2,232
100.0
100.0
100.0
57.2
55.6
52.6
*2.8
5*.3
52.6
50.8
*5.7
*7.U
*9.2
MU
3,283
1,67*
2,2«0
7,271
5.912
-2|US5
'',705
*,158
3,289
2,*73
Octoter. ..
SoToabar
Dsoaabar.
82,988
81,701
79,521
-2.296
-1,287
-2,380
2,205
2,019
2,589
*,50l
3,306
U,969
2,*U*
1,73?
2,52*
2,057
1,567
2,**5
100.0
100.0
100.0
I9U 7 -January...
fabroaxy.
76,122
73,980
72,»92
,199
1.708
2,391
2,582
l»,907
Ml
*,533
*,069
2,709
2,*75
2,051
2,198
2,05«
2,018
100.0
100.0
100.0
55.2
56.6
50.*
**.8
U5.*
U9.6
71,111
,382
It
2,32't
3,706
l.3»9
1,931
702
1,T75
1.393
100.0
100.0
52.1
50.5
*7.9
U9.5
.
.
March
April
May
•7,750
85,
71.11'*
rally Traaaory Stataaaat.
Sae Traaaory Bulletla,' Jaly 19*6 for bask flguraa.
Staapa told prior to October 1, 19*2 ware known aa poatal aaTln^
ataapa and vera obllgatlona of tha Poatal SaTla^ Syataa bat aubaa(]asatl/ bacaaa pobllo dabt obllgatlona.
Xatlaatad on tha basli of aaaplaa aada by th* Peat Offle* lapartaant
Soorca:
Sota:
l/
§/
^
**.lt
*7.*
Sea footnote 1.
Bat of aalaa laaa radaaptlono.
Does not Inoluda aaoonta transferred froa Poatal Sarlncs Syataa to
the Treasury to eorer outstandlof etaaps.
Includes alnor aaouBta which vara azohan^ed for postal sarlo^ certificates. These aurafatad $55,000 for tha period July 1, 19*2
tkrsn«h October 51, 19*2.
Table 2.- Salea, Classified by Denominations
Salee In thouaanda of dollars
Plaeal year
or BOBth
Total
all
deaoalnatloaa
FsrceBta^e distribution of aalaa
Total
Denoal nation
10/<
Zii
»5.oo
50/
tl.OO
52,508
32,611
20,9*2
9,619
71,693
*6,972
32,585
15.755
26,0*8
17,691
10,862
5,683
all
denoml
aatlona
Daaom nation
iOti
25/
100.0
100.0
100.0
100.0
21.*
25.1
25.6
20.6
55.1
51.1
50.*
51.1
$1.00
$5-00
8.9
8.0
7.8
8.8
12.2
11.5
12.1
1*.3
*.*
*-3
9-7
9-9
13.6
16.8
5.7
7.2
50/
590,268
*oe,930
268, *11
109,852
126,327
102,53*
680
313,691
209,121
135,277
56,115
6,562
5,598
1,36*
552
3,157
1,828
617
357
86U
602
560
259
100.0
100.0
21.
15-5
1*9.6
3,2«3
1,67*
2,2*0
*23
183
516
1,658
8*3
1,103
372
182
26*
652
MOl
218
155
156
100.0
100.0
100.0
12.9
10.9
l*.l
*9.9
50.5
U9.3
U.5
Septeaibar.
U.8
19.5
19-7
17.9
6.6
8.0
6.9
October.
HoTeaber
Daceaber.
2,205
2,019
2,589
369
1,059
982
1,2*9
221
210
253
380
323
**2
1*0
275
100.0
100.0
100.0
17-9
18.0
1*.5
*8.1
*8.7
*8.2
10.0
10.*
9.8
17.2
16.0
17.1
6.8
*•!
10.6
19*7- January...
Pebroaiy
March
1,708
2,391
2,582
30*
**i
*68
827
1,153
1,222
175
259
265
285
5«2
*57
116
156
189
100.0
100.0
100.0
17.8
18.*
18.1
*8.5
*8.5
*7.*
10.2
10.8
10.3
16.7
16.0
16.9
6.8
6.5
7.3
iprll
May
2,52*
1.393
1|*0
1,066
657
2*3
1*9
*02
257
17*
113
100.0
100.0
I8.9
15.6
*5.9
Z17
10.*
10.7
17.3
18.*
7.5
8.1
19*3
19**
19*5
19*<
191(6- Kay
June
July
tagoBt.
.
.
.
.
.
68,
Ikdly Treasury Stateaent; (2) Distribution by
(1) Total sales:
Baaed upon Post Office Departaent data.
denoal nations:
50.8
*7.2
10.9
*.l
5-2
1+6
OWNERSHIP
OF
GOVERNMENT
Treasury Bulletin
SECURITIES
)
.
Juhf
1947
.
^1
Sunvnary Distribution by Classes of Holders of Interest-Bearing Securities Issued
by United States Government and Guaranteed by United States
(In mllliona of dollars
Securities issued by United States Government
Securities guaranteed by United States 1/
Distribution by classes of holders
Distribution by classes of holders
U. S.
U. S. Government
Ehd c^ fiscal
year or month
Total
public
and
special
Issues
1937.
1938.
1939.
35,800
36,576
39,886
19'tO.
'•2,376
19'»1.
^8,387
19't2.
71,968
135,380
199, 5U3
256,357
268,111
Federal
Reserve
Banks
agencies and
trust funds
Total
amount
outstanding
Public
marketable
Issues
Public
nonmarke table
issues
^
Private
investors
1/
Special
Issues
Public
marketable
Issues
Total
public
Issues
29,5l'5
3,251
U,U66
5,605
6,803
8,225
1,693
1,791
1,835
2,028
1,558
2,676
3,770
2,526
2,56U
2,551
'•,775
2,i>58
2,10ll
6,120
2, 180
l0,3Uo
2, It 52
Public
marketable
Issues
30,023
31,730
33,115
37,982
GoTemment
Private
Investors
agencies and
Total
trust funds and
anount
Federal Reserve
unmatured Banks
outstandlDg
Public
nonmarketable
issues
Public
market'
able
Issues
28,835
27,989
29.579
29,950
1,188
1,556
2,151
3,166
11,665
11,853
5,1150
5,1198
33,ii28
i',55li
6,360
ii5,ii8l
13,507
29,193
11,5119
Public
Public
marketnonmarketable able
Issues
Issues
11,302
363
325
286
286
275
287
170
Public
nonmarketable
Issues j*/
11,528
5,l6ii
5,212
6,085
262
3,738
1,186
7,885
10,871
58,988
3,213
3
7
2,61»0
l'»,09i
81i,9ii8
11,623
10
ll.,287
7,1''9
111,899
llii,lUl
18,920
1,092
1,516
17
30
18,812
22,332
21,792
23,783
56,209
I109
6
28
150
375
29,121
6,105
6,759
120,880
153, '•21
lili,8U5
2lt,93U
165,725
209,630
215,206
159,061i
56,1113
I167
9
3ii
li2ii
271, Wto
268,111
28,520
29,121
7,009
6,759
30
30
21,U8l
22,332
22,932
23,783
219,988
215,206
July.
Aug.
Sept.
267,039
266,359
29,703
6,627
6,575
6,it80
23,0^5
23,Wt3
23,85^
23,633
23,9^6
30,369
30
35
35
213,7011
30,05l»
26lt,217
Oct.
Nov.
Dec.
262,ltl5
30,li26
2li,015
36
36
2li,25't
257,6ii9
30,600
30,913
6,375
6,310
6,293
35
260,925
igUT^an.
258,378
258,113
255,800
31,157
31,302
31,561
6,3l'3
37
37
37
2li,777
25^*, '•27
31,585
32,182
37
37 p
\9hk.
19l>6-MBjr..
June.
Feb.
Mar.
Apr.
May.
25^1,975
6,328
6,3U2
E
6,268
5,959
I
It,
115
176
08
163,5*6
56,liii2
5I12
500
159,o61i
56,1113
I167
Il21i
157,336
155,829
153,809
56,368
56,530
55,990
32I1
212,359
209,799
281
326
23,518
23,9W'
23,350
208,ii71
152,li26
56,Olt6
378
3311
206,380
203,386
150,073
56,307
1116,970
56,lil6
362
331
317
286
211,938
23,9111
21»,117
203,280
202,695
25,183
22,593
201,61i6
1116,160
1141,966
11*3,526
57,120
57,729
58,119
262
181
175
217
135
130
25,280
26,186
21,857
22,088
200,985
200,705 p
Ill2,lil0
56,575
58,826 p
171
171
211,585
2i»,0l>9
(1) Daily Treasury Statement for total amounts outstanding;
(2) reports of agencies and trust funds for securities held by
U. S. Government agencies and trust funds; and (3) Federal
i^
ii
Reserve System for securities held by Federal Reserve Banks.
Preliminary.
Less than $500,000.
Excludes obligations held by the Treasury and matured securities.
The total amount of securities held by private investors is calcu-
^
11i1,879P
370
391
3I17
9
9 P
36
37P
126
125
lated by deducting from the total amount of securities outstanding,
the securities held by U. S. Government agencies and trust funds
and by Federal Roeorvo Banks
Includes United States savings bonds, Series A-F, at maturity value.
Consists of Commodity Credit Corporation demand obligations stated
as of the close of the prevlcue month, in accordance with the Dally
Treasury Statement.
U
.. ....
.
S9
u
8
U
3
.
Treasury Bulletin
^s
Estimated Ovmership of Interest-Bearing Securities Issued or Guaranteed
by the United States Government
(Far Taluaa ]/
Bald
Ind of
o&th
Total
aaoont
oatitand-
i"« i/
lianka
MlUoiu
of dollara)
baika
tgr
CoBaardal
Total
In
y
Bald V7 non-bank Inraatora
Tadaral
Baaarra
Banka
Total
IndlTidnala Jj/
Xnflur&nca
ooopaslea
Natnal
aarln^a
banJca
Other
corporatlona anA
aaaooiatlona 5/
Stata and
loeal
gorarn-
U. S.
Oovarnaant
acanclea and
truat ftinda
anto 6/
1939-IlaeaB)>er.
1*7.1
18 .U
15.9
2-5
28.7
9.8
6.3
31
2.6
6.5
19110-Jiuia
I17.9
18.6
19.5
16.1
17.3
2-5
2.2
29.3
30.9
9-7
10.3
6.5
6.9
31
50.
3.2
n
7.1
7.6
5t.7
63.8
21.8
23.7
19.7
2.2
2-3
32.9
10.9
13.6
7.1
8.2
3."*
2.U
Dacanbar.
3.7
U.l>
8.5
9-5
19U2-Juno
Bacember.
76.5
111.6
28.7
t7.3
26.0
17.9
23.7
11.3
1:1
5-J
U.6
1.0
10.6
12.2
l9U3-Karch
Ju^»
Saptaabar
Daeambar.
118.6
139.5
161.0
168.7
50.1
Ull.2
37.1
11.2
13.1
1».7
15.1
lt.6
59.lt
12.1
15.5
20.7
20.0
1.0
1.5
2.0
2.1
13.1
15.3
15.8
16.9
igUU-March
Juna
Septaaber.
Daeaabar.
18;. 6
76.2
83.3
87.1
96.5
6.8
7.3
7-7
8.3
23-3
201.1
209.3
230.4
2.6
3-2
3.5
1.3
18.1
19.1
20.6
21.7
igUS-March
Juna
Sapteabar
DBoenbar.
233.1
236.8
260.2
276.2
97 .U
106.0
107.3
115.0
19ll6-*larch.
275.3
U2.8
r
90.2 r
273.2
272.0
268.6
112.6 r
111.1 r
108.2 r
Decaabar.
igltl-Jnna
Iprll.
Hv...
Jnna.
Jnl7
21.l>
:
106.9 r
105.7 r
261t.6
lOlt.3 r
October.
HoTenber
Daeenber.
262.8
261.3
258.0
102.8 r
101.3 r
97.9 r
. .
igltY-Jamary.
fabmarj.
Maroh.
. .
April p.
p
r
X/
2/
y
52.2
58.3
59.9
5-9
7.2
8.9
11.5
68.6
80.0
93-8
97.3
6lt.o
12.1
109.
"12.2
l6.ii
68.>>
Ik.
16.7
18.8
117.7
122.2
133.8
U5.I
U7.8
52.2
17.3
70.5
77.7
77.T
8k. 2 r
19.7
21.8
135-7
150.8
152.8 r
161.2 r
53.6
58.5
59.«
63.5
22.6
162.5 r
89.9
88.1 r
8U.U r
22.7
83.2 r
81.8 r
80.2 r
23-6
23-9
79.3 r
77.3 r
1*7.8
9.2
26.5
30.3
3>t.7
5-3
6.1
18.
19.6
20.U
22.7
22.5
•9
isilt
27.6
25.8
29.8 r
28.8
29.1 r
>t.lt
22.9
5-3
5.5
6.5
2>».9
2l».it
8.7
9.6
10.0
10.7
63.6
25.0
11.2
27.9 r
6.7
28.2
160.7 r
160.9 r
160. "t r
63.2 r
63.1 r
62.9 r
25.0
25.2
25-3
11.3
11.3
11.5
26.3 r
26.1 r
25.2 r
6.7
6.6
6.5
28.3
28.;
29.1
16C.5 r
161.0 r
160.3 r
62.9
63.0 r
62.8 r
25.H
25."
25."
U.6
2I1.5
11.7
11.7
2IJ.5 r
S.k
6.k
6.3
29.7
30.1
2l».0
23.5
23-9
23.3
160.0 r
160.0 r
160.1 r
62.9 r
63.2 r
63.5 r
25.'«
11.7
11.7
11.8
23.3 r
23.0 r
7'».5 r
90.8 r
:
267. "»
266.7
.
6^.3
8lt.O
Saptambar.
in^Bt
2.6
6.2
Itl.l
67.2
71.5
llO.l
r
22.
23.8
25.3
25.3
r
23.7 r
22.
r
26.6
27.0
30. 1»
30.it
6.3
6.2
6.2
30.6
30.9
258.6
258.3
256.0
u .8
73-9 r
72.7 r
71.5
23.9
2H.1
22.6
160.8 r
161.5 r
161.9
6lt.2 r
25.'»
6U.7 r
65.2
25.H
25.1
11.9
12.0
12.0
22.0 r
21.9 r
gH.i
21.7
6.2
6.2
6.3
31.2
31.3
31.6
25lt.6
93.5
71.7
21.9
161.0
65. Il
25.1
12.0
20.;
6.3
31.6
•9
PreliBlnarj.
BeTlsed.
United States sarlncs bonds, Series A^S, X and T are incloded at
oorrant redeaptioa ralnes.
Quaranteed ssonrities held by the TreaatU7 are ezcladed.
Consists of conaeroial banks, trust ooapanlea, and stock sarla^
banke in the United States and in territoriaa and inaular possessions. Zzclndes aaourities held in tniat departments.
k/
y
6/
Includao partnerahlpa and peraonal tmat accoonta
Ineludaa taTlnge and loan aeaoeiatlona, daalara and brokers, and
inTeataentt of foreign balance! and international aaeonnta in
thia cottntr7.
Ceaprieae trust, alnkln^, and inreetnent fnnds of State and local
^TernnentB and their a^ncies, and territories and insular
poBSeesions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
^^
(In Billions of dollars)
Net market purchaseB or sales (-)
1939.
19'tO.
19I1I.
19'i219't3.
19UU.
19U6.
iqU7.
1.6
-9.5
-2.8
-20.9
12.0
-.5
-1U.5
-9.9
30.0
-90.3
-105.1
-67.5
-e.i
-Ug.l
-.7
.1
*
17
.1
May
Mar.
Apr.
-12.5
-5-7
-37.1
-1.6
-.7
-iio.u
5-0
.k
•9
.u
:l
-35.2
-10.0
June
-.2
July
3.0
-16.5
-5.9
-55.6
-3lt.lt
-lt.7
3.3
-61.3
-338.6
Less than $50,000.
CoDsiBts of purchaseB or boIbb made by the Treasury,
Treasury Inrestment accounts comprise (1) trust funds which by law are under
the control of the Secretary of the Treasury or of the TreaBurer of
the United States, and (2) accounts under the cnntrol of certain
3-3
Sept.
71-9
Oct.
-1.2
-U.li
20.5
-67.8
-I8.5
-8.U
-15.8
-19.0
-U.;
-2.7
-28.1
-56.U
-69.8
-17.0
-157.8
-.2
-12.5
.1
-ltl.2
-7lt.l
-123.6
-lit;.
Deo.
-2.8
-.3
-3-2
-5.C
-5.9
U.8
-12.0
-;7.6
-20.3
-.2
5.8
-7S.9
-11.5
Aug.
-1.1
60.0
-1.0
S. Government agencleB wnose IcTeBtmenta are handled through the
facilities of the Treaeury Department. This table also iDCludes
purchases under Section I9 of the Second Liberty Bond Act, as
afflended, and ezcludeE the Izchange Stabilization Fund.
U.
July
1947
t^S
Treasury Survey of Ovnership of Securities Issued by the United States
Government and by Federal Agencies, April 30, 1947
The tables In Section I present summary data as of
April 30, 19'*7 from the Treasury Survey of Ownership of
Securities Issued or Guaranteed by the United States.
The banks and Insurance companies covered In the survey
int for approximately 95 percent of the amount of
Section
I
-
such securities owned by all banks and Insurance companies In the United States.
Section II presents summary data on the ownership
of Federal Land Bank bonds. Federal Intermediate Credit
Bank debentures and Federal Home Loan Bank bonds.
Securities Issued or Guaranteed by the United States Government
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
Clasolfleatlon
Treasury Bulletin
50
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, April 30, 1947 - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Goveminent - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities
PART A
Classification
-
-
(Continued)
ANALYSIS OF OWNERSHIP Bi TYPES OF SECURITY, BY CALL CLASSES,
AND ay TAX STATUS- (Continued)
July
1947
51
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, April 30, 1947 - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 2.- Public Marketable Interest-Bearing Securities
PART B
-
Issue
-
In millions of dollars)
(Continued)
(Continued)
DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANBINO
(Par Taluea
(Tax status 6/ is shown In parentheses)
-
-
Treasury Bulletin
52
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, April 30, 1947 - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Government
-
(Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B
-
DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE 0UT3TANDIN0-( Continued)
(Par valueo
lesue
(Tax status 6/ is shovn In parentheses)
-
In mllllona of dollars)
53
1947
July
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, April 30, 1947 - (Continued)
Section
I
-
Securities Issued or Guaranteed by the United States Goveminent
-
(Continued)
Table 3.- Public Non-Markatable Interest-Bearing Securities
(Par Taluas
-
In mllllona of doll&re)
Held by Investors covered In Treaaury Survey
iBaua
(Tax status x/ 16 Bhovu In parentheses)
United States earlnga bonda
Serlee C-D
Serlea E
Serlee F
Serlea G
ing
Treaaury eavlnga notes
Depositary bends
Armed Forces Leave bonda
(6/)
3,910
(taxable)
( taxable)
(taxable)
30,7'>9
taxable)
(taxable)
( taxable)
(
Guaranteed securities jj
Commodity Credit Corporation demand obligations
(taxable)
Total public non-marlcetable aecurltles.
7,326
cammerolal
banlcB
^
Total United States eav:ngs bonds.
i
Total
amount
outstand-
Banks 3/
Insuranco con^anlea
33
%0
309
stock
saTlngs
banks
mutual
saTlngs
banks
life
Insurance
ccmpanles
51,U7
8i»9
2S8
5, '77
83
307
126
Held by
all other
Investors
y
2,8i»8
10
58,738
coiopanles
1
13
30,7*8
2,791
13,198
1
sail
i»78
335
1,683
and marine
Insurance
All U. S.
Government
agencies and
trust funds,
and Federal
Reserve
Banks
1U7
111,281.
3,07*
639 fire,
casualty,
116
28
199
138
23lt
19
15
'•9,5811
21
5,365
28
1,683
36
56,661
8/
288
1,238
LesB than $500,000;
See footnote 6, page 52.
Securities held In truat departmeota are excluded.
Includes trust ooiapanlea.
This column Includes securities held by those banks and Inauranoe
companies which are not covered In the Treaaur7 Survey. See headnote to thlB section.
United States savings bonds. Series C-D, E, and F are ahovn at cur-
6/
138
238
rent redemption values. They were reported at maturity value by the
banks and Insurance companlee covered in the Treasury Survey but have
been adjusted to current redsonptlon values for use in this statement.
Series C-D savings bonds sold prior to March 1, 19^1 are partially
tax -exempt; those sold on and after that date are taxable.
Guaranteed securities held by the Treasury are not Included.
C.C.C. demand obllgationB in the amount of $126 million held by all
coinmarclal banks are shovn only In total amount outstanding.
Section II - Interest -Bearing Securities Issued by Federal Agencies
But not Guaranteed by the United States
Treasury Bulletin
5i+
PRICES
AND
YIELDS
OF
GOVERNMENT
SECURITIES
(Including securities issued by Federal agencies)
JuJj/
1947
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
UAited States Government and by Federal Agrencies
As of May 20, 1047
Table I.- Securities Issued or Guaranteed by the United States Government i/
PABT A - TAXABLE BONDS, NOTES, AND CERTIFICATES
AlDOunt
out(Millions)
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
As of May 20, 1047 - (Continued)
Table
I
-
Securities Issued or Guaranteed by the Ukitted States Govemnentl/PAHT B
Anount
outstanding
(MlUlons)
-
TAXABLE TREASURi BILLS
(Continued)
July
1947
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
As of May 29, 1047 - (Continued)
Table II
Amount
out-
tandla^
(Mll-
llou)
-
Securities Issued by Federal Agencies but not Guaranteed by the United States
Treasury Bulletin
58
YIELDS OF TREASURY SECURITIES
MAY
29. 1947
Based on Mean of Closing Bid and Asked Quotations
•49
MTPERCENT
2.60
2.40
2.20
2.00
1.80
1.60
1.40
1.20
1.00
.80
.60
.40
.20
0'
2.20
2.00
1.80
1.60
1.40
1.20
1.00
.80
.60
.40
.20
•51
•53
•55
57
•59
'61
•63
•65
•67
•69
•71
July
1947
59
Revised Average of the Yields of High-Grade Corporate Bonds
The
Treasury Department average
of
the
yields of high-grade corporate bonds has been reby the addition
vised, beginning April 1, 19't-7,
of six new bonds to the average ana the removal
Prices and yields
of one bond from the average.
as of April 1, ig"*? (or last date traded prior to
April 1) for the bond Issues formerly Included In
the average and those now added to the average
are shown In the following table.
Oeicription
Price
Bond reaoTed:
CoDBolldated Oas Electric Light and Power
Co. of Baltimore, 2-3/U'. of I976
Bond retained:
Boston EdiBon Company, S-i/k' » of I97O...
Illlnola Bell Telephone Company,
2-3/U', of I977/198I
Philadelphia Electric Company,
S-J/U's of 1970/1971
Standard Oil Company of California,
2-3/'*'. of 1965/1966
Bonds added:
Cincinnati Gas and and Electric Company,
Z-i/^'» of I97't/1975
Consolidated Oas Electric Light and Power
Co. of Baltimore, 2-3/U'b of 1981
Socony-Vacuum Oil Company, Incorporated,
2-1/2's of 1970/1976
Southwestern Bell Telephone Company,
2-3/U 't of I98O/1985
Standard Oil Company (Hew Jersey),
2-3/8'b of 1966/1971
Union Pacific Railroad Company,
2-1/2' e of 1989/1991
Old high-grade corporate average
Revised high-grade corporate average
,
.
.
.
Treasury Bulletin
60
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annujD)
Partially
Taxable
tax- exempt
Treasury
Treasury
bonds 1/
bonds 1/
HighTaxable
grade
tax-exeinpt
Treasury
corporate
Treasury
bonds 1/ bonds
bonds 1/
2/
Partially
Monthly series
-
Highgrade
corporate
bonde 2/
Partially
tax-exempt
Treasury
bonds 1/
HlgbTaxable
graae
Treasury corporate
bonds 1/ bonds
2/
avsrages of dally figures
Us
kg
2.U6
2.76
2.80
2.80
19l*5-Jan..
Feb..
Mar..
2.38
2.UO
2.W)
2.77
2.76
2.75
Apr..
May..
June.
2.39
2.39
2.35
2.53
Z.ki
2.0U
2. 06
2.08
2.U6
2.7"*
2.117
2.73
2.73
July.
Aug..
Sept.
2.3U
2.36
2.37
2.53
2.56
2.56
2.09
2.10
2.13
2.1(5
2.72
2.71
2.72
Oct..
Hov..
2.35
2.33
2.33
2.51*
2.1*6
2.70
2.68
2.70
19l*6-Jan..
Feb..
Mar..
2.11
2.11
2.12
2.93
Apr..
May..
June.
2.05
1.96
1.91
2.30
2.31
2.25
2.85
2.80
2.71
July.
Aug..
Sept.
1.91
1.92
1.90
2.1*5
2.21
2.09
2.01
2.70
2.65
2.59
Oct..
Soy..
1.90
2.1*8
i.git
2.1*8
Dec.
1.95
2.1*9
2.12
2.22
2.12
2.57
2.71
2.73
19UU-Jan..
Feb..
Mar..
1,
Feb..
Mar..
1.
Apr.
May..
June.
2.07
2.0U
2.01
2.76
2.75
2.70
July.
Aug..
Sept.
1.98
2.01
2.02
Oct..
Nov..
1.98
1.95
2.06
1939-Jan..
feb..
Mar.,
2.51
2.U3
Apr..
May..
June.
2.96
2.90
2.10
2.17
2.10
19U2-Jan.
2.
2. 87
Feb.
Mar.
2.38
2.27
2.22
2.92
2.S6
2.78
Apr..
May..
June.
2.07
2. 06
2. "5
2.0ll
July.
Aug..
Sept.
2.23
2.27
2.67
2.76
2.79
3.29
July.
Aug..
Sept.
Oct..
Hov..
2.60
2-35
3.lt
2.93
2.86
Oct..
Hot..
Dec.
l^UO-Jan..
Feb..
Mar..
2.30
2.32
2.26
2.81
2.79
2.77
19'»3-Jan..
Feb..
Apr..
May..
June.
2.26
2.7U
2.
.^
2.87
July.
Aug..
Sept.
Oct..
Nov..
2.1.6
Dec.
ISUl-Jan..
Dec.
2.3'*
2.3't
If
2.'t7
Dec
.
2.
2.1*6
2.1*7
2.1*9
2.1*6
2.1*8
2.1*8
2.1*6
2. ''5
2.1*6
2.1*8
7.
11*.
21.
28.
19U7-jaa.
U.
11.
18.
25-
2.27
51*
2. 51*
2. 51*
Apr..
May..
June.
2.08
2.19
2.16
2.37
2.58
2.57
2-59
July.
Aug..
Sept.
2.18
2.23
2.28
2.1*1
2.60
2.61
2.63
Oct..
Hov..
2.26
2.25
Dec.
2.2l*
2.51
2.51
2.55
191*7-^80..
2.21
2.21
2.19
2.1*8
Feb..
Mar..
Apr..
May..
2.19
2.19
2.1*9
2.1*9
2.65
2.65
91
2.1*8
2.61*
Apr.
May..
1.
9t
2.1*8
1,.9'*
2.1*9
June.
1.91
2.1*9
2.61
2.58
2.58
2.66 i/
2.65
2.6U
July.
Aug.
Sept.
1.89
1.90
1.93
2.1*9
2.1*8
2.61
2.57
2.68
Oct..
So»..
1.93
1.90
1.87
2.1*8
2.59
2.57
2.55
2.55
2.61
2.59
y
Weekly series - averages of daily figures
[_V«v series beginning In June 191*7 Bulletin; old weekly series was Saturday figures J
lyU6-Dec.
1*9
2.68
2.65
2.63
2.1*9
2.1*8
2.
Mar..
95
2.1*8
2.
2.1*3
93
Dec.
2.58
2.56
2.51
2.21
2.12
2.09
1.
2.U7
Dec.
2.1*1*
2.36
2.35
2.1*1*
2.1*2
2.1*1*
2.50
2.1*8
2.1*9
2.1*9
5/
July
1947
61
(A)
O
O
m
UJ
<
o
Q.
a:
o
o
>4>
LJ
-5
S
-a
«>
S;
"^
llJ
I-
-
I
§.
(O
Q
_l
Ld
>UJ
O
<
a:
-
'
62
CORPORATIONS
OF
THE
Treasury Bulletin
CERTAIN OTHER AGENCIES
UNITED STATES GOVERNMENT
AND
5
:
Juhj
25
:
5
63
1947
Corporations and Certain Other Agencies of the United States GovemMent
Quarterly data relating
to
corporations
In
which
funds.
the United States has a proprietary Interest, direct or
Indirect, and certain other agencies are published In
The tables
month
data
on
sources and application of
Section
I
-
In
section
Treasury
I
are
oooplled from mid-
Statements."
The tables In
sections II and III are obtained frum reports of the
corporations and other agencies, adjusted by tti) Treasury Department.
Section I contains data on oomblned
three sections.
balance sheet; section II, data on Income and expense;
and section III,
"Dally
Conblned Balance Sheet as of March 31, 1047
Table 1.- Sunsary
(in ulUlona of dollare)
Assets
Cash 1/
Deposits vlth Gorernmant corporations
and agencies, excluding U. S, Treasury
Loans recelTahle from:
Goremmsnt corporations and agencies
Others less reserres
,
Corporations
Certain
othar
a^enclaa
1,588.0
723.0
865.0
255.1
255.1
11,810.6
7,293.9
825.8
10,98lt.8
S.ialt.l
2,169.8
Total
Capital
United States interest:
GoreroDant corporations and agencies
Othsr
Total lAilted States Interest
PrlTats Istsreats
Accounts and notes recelTable from:
Goremmsnt corporations and agencies
Others, less reserres
1,057.6
895.6
876.8
l80.e
'tll.8
'•83.8
Accrued assets;
Ooremaant corporations and aganoies
36.3
103.2
U.O
25.2
57.6
1.5.6
Cconodities, supplies, and materials,
less reserree
1,003.2
893.5
109.7
InToetmants
Puhlic dsht ohllgatloos of ths
Unltsd Statss
1,985.2
1,863.6
121.5
Others, Isss reserres
Securltlss of GoTemmsnt corporations and agencies
Other securities, leas reserres
'•53.9
275. !•
176.5
196.2
3,229.9
15,^5.9
3,666.3
U,819.6
Acquired sacurltr or collateral, lass
reserres
22.8
7.6
15.2
379.5
225.1
15'i.l»
It3.8
110.3
15,'^56.7
30,lt9li.O
Othsr assets, less reserres
Liabllltl9B
Accounts payahls to:
GoTenmient corporations and agencies
Others
Accrued llabilitios:
U. S. Treasury
Other Government corporations and
agencies
Others
Trust and deposit liabilities to:
Goremmsnt corporations and agencies
Others
'•5,950.8
Other liabilities ( Including operating
and liability ressryes)
Total llabllltlsB
Note;
See psge 72 for footnotes.
265.9
-1,350.0
178.5
28,501.8
27,596.2
-l,08lt.l
28,680.3
509.0
509.0
28,105.2
-575.1
28,660.3
'•5.950.6
1? .''?6.7
30,1.9't.O
W.1..I.
2.3
2W..6
21.0.5
'..2
'A, 313.0
5,155.6,
39,157.'.
Treasury loans to OoTsrmant corporations
10,981..
Total inrsslaisnt of United Statss ....
Earned surplus (or deficit
(United States share)
[ - ]
-10,981..
'•*,313.0
l6,H*.l
28,172.9
-16,716.9
-6,239.7
-10,1.77.2
)
Book ralue of United States Interest,
338.2
365.8
307.9
272.0
25.2
30.3
25.2
U.5
9.7
1.8
196.1.
.9
1,090.6
665.3
65l'.l'
1.36.8
377.7
28^.6
566.1*
10,98*.
308. 1>
132.5
1,2U9.5
It
12.0
Including Interegency Items
27,596.2
9,900.1.
17,695.7
Interagency items:
Amounts due to:
Gorernmant corporations
Government agencies reporting.
Goremmsnt sgencies not required to report
1,393.5
U0.3
863.2
30.9
530.3
9.3
867.3
1.11.5
'•55.8
Total interagency liabilities.
2,301.1
1,305.7
995.''
-hhU.k
-8gk.2
-539.6
-265.9
-863.2
-530.3
-178.5
-30.9
-9.3
-56I..6
-165.9
93.8
197.3
Bonds, debentures, and notes payable; Z/
U. S. Treasury
10,9811.5
Other Goremmsnt corporations and
agencies:
Guaranteed by United States
9.5
Not guaranteed by United States.
826.0
Others:
Guaranteed by United States
168.9
Not guarantsed by United States.
1,2'^9.5
Deferred and undistributed credits
Analysis of Inrestmant of United States
Paid-in capital
Certain
other
agencies
27,151.7
2.3
Other
3,l«6.l
Total assets
Total liabilities and capital
Contingent liabilities
Guaranteed loans
Land, structures, and equipment, leas
reserres
Deferred and undistributed charges
Total capital
Corporations
Amouixts due from
9.5
517.6
36.U
151.
(
-)
Interagency proprietary interests
Gorenment corporations
Government agencies reporting.
Goremaent agencies not required to report
Total interagency assets
-750.7
-2,628.9
-2, 21.1..
-38I..7
.!•
1,3'^6.9
l,101.1l
g't5.'t
17,8'*5.6
16,031.8
1.813.8
Book ralue of United States interest,
after exclusion of interagency iteons.
27,266.3
8,961.9
18,306.1.
Treasury Bulletin
6k
Corporations and Certain Other Agencies of the United States Government
Section
I
-
-
(Continued)
Combined Balance -Sheet as of March 31, 1047 - (Continued)
Table 2.- Coaparison of Gross Loans Outstanding, Excluding Interagency Loans,
by Type of Loan for Recent Quarterly Periods
(In ffllUlona of dollare)
Juhf
1947
65
Corporations and Certain Other Agencies of the United States Government
Sectlpn
-
I
Combined Balance Sheet as of March 31, 1947
-
-
(Continued)
(Continued)
Table 3*- Comparison of Gross Loans Outstanding, Excluding Interagency Loans,
by Agency and Type of Loan, March 31, 1046 and March 31, 1947
(Lq milllonB of dollaxB)
Loans to aid
apiculture
Loans to aid
home ownare
Loans to aid
Industry
Corporation or othar agoucy
Mar. 31,
19^*6
Corporatlona
Departasnt of Agriculture:
Comnodlty Credit Corporation
Farm Credit Administration:
Banks for cooperatlres
Federal intemediate credit banks
Federal land t>ankB
Regional Agricultural Credit Corporation of
Washington, D. C
Federal Farm Mortgage Corporation
Mar. 31,
19U7
150.0
200.6
183.3
278.7
1,070,1*
255.0
325.9
957.0
k.2
206.3
137.'*
2.3
Department of Ccaamorce:
Inland Watervays Corporation
Department of State:
Office of Inter-Amerioan Affairs:
Prenc Inradlo Inc
,
Ezport-Ifflport Bank of Washington
Federal Deposit Insurance Corporation
388.9
10.0
Federal Loan Agency:
ReconBtructlon Finance Corporation and certain
affiliates:
Reconstruction Finance Corporation
Federal National Mortgage Association
The RFC Mortgage Company
U. S. Ccmerolal Company
951.3
6.9
27.7
2. It
National Housing Agency:
Federal Hcoae Loan Bank Adalnlatratlon:
Federal home loan banks
Home Owners ' Loan Corporat Ion
Federal Public Housing Authority and affiliate:
Federal Public Housing Authority
Defense Hcoaes Corporation
Tennassae Talley Associated CooparatlTos, Inc
Tennasaae 7allay Authority
Total loans of GoTammant corporations
Certain other agencies
Department of Agriculture:
Farm Credit Administration:
Agricultural Marketing Act RaTolrlng Fund...
anergency Crop and Feed Loans
Farm Security Administration 5/
Farmers* Home Administration 6/
Rural Electrification Administration
^
Department of the Interior:
Puerto Rico Reconstruction Administration and
Indian Loans
Puerto Blcan Hurricsna Relief Loan Section X/-"
»*,515.3
2.8
136.7
1*71*
.6
U22.U
11.3
.5
Federal Works Agency 8/
80,0
National Housing Agency:
Federal Housing Administration
20.9
United States Maritime Consolsslon
Othar 2/
68!l
Total loans of certain other Gcremasnt agencies....
Corporations and certain othar agencies
Total loans
1,220.3
5,735.6
1,515.7
5.1*
Mar. 31,
Mar. 31,
Mar, 31,
Mar. 31,
Mar. 31,
Mar. 31,
191*6
191*7
191*6
191*7
191*6
191*7
,
.
6
.
Treasury Bulletin
66
Corporations and Certain Other Agencies of the United States Government
Section
I
-
-
(Continued)
Combined Balance Sheet as of March 31, 1947 - (Continued)
Table 3.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, by Agency
and Type of Loan, March 31, 1946 and March 31, 1947 - (Continued)
(In nlllloDjB of dollare)
Loans to aid
Statae, Terrltoriea , ato
Corporation or other agoncy
Mar. 31,
I9I16
Loans to aid
financial
Institutions
Mar. 31,
19U7
Foreign
Other
loans
loans
Mar. 31,
Mar. 31,
Mar. 31,
Mar. 31,
Mar. 31,
Mar. 31,
I9W
191*7
19I16
19'>7
191*6
19I17
Corporations
Department of Agriculture:
Commodity Credit Corporation
Fann Credit Administration:
Banks for cooperatlrea
Federal Intemedlate credit banks
Federal land banks
Regional Agricultural Credit Corporation of
Washington, D. C
Federal Farm Mortgage Corporation
Department of Coomierce:
Inland Waterwajrs Corporation
Department of State:
Office of Inter-American Affairs:
Prenclnradlo, Inc
.1
Export-Import Bank of Washington
Federal Deposit Insurance Corporation
388.5
1,515.5 10/
S.lt
Federal Loan Agency:
Reconstruction Finance Corporation and certain
affiliates:
Reconstruction Finance Corporation
Federal National Mortgage Association
The RFC Mortgage Company
U. S. Cnffimerclal Company
Ull.2
113.9
l>6.lt
13.7
26I1.2
2. It
National Bousing Agency:
Federal Borne Loan Bank Administration:
Federal home loan banks
Borne Owners • Loan Corporation
Federal Public Housing Authority and affiliate:
Federal Public Bousing Authority
Defense Eomea Corporation
153.2
283.6
276.7
398.'.
391.0
237.5
186.7
103.6
111.9
8.2
1.5
l.ll
203.5
U3.I'
7.3
7.5
5.2
3.3
12.5
10.8
216.0
12h.2
1.5
236.5
n/
Tennessee Valley Associated CooperatiTes, Inc
Tennessee Valley Authority
Total loans of GoTemment corporations
Certain other agencies
Department of Agriculture:
Farm Credit Administration:
Agricultural Marketing Act Revolving Fund.
Qaergency Crop and Feed Loans
Farm Security Administration 5/
Farmers * Borne Administration 6/
Rural Electrification Administration
^
Department of the Interior:
Puerto Rico Reconstruction Administration and
Indian Loans
Puerto Rlcan Burrlcane Relief Loan Section j/.
209.7
255.6
655.2
l.TJl^.S
.
.
Federal Works Agency 8/
80.0
7'*
.8
National Housing Agency:
Federal Bousing Administration
United States Maritime Commission
Other 2/
Total loans of certain other Government agencies....
Corporations and certain other aaencles
Total loans
Note:
See page 72 for footnotes.
1,100.0
80.0
1.78. It
71*.
l^S-T
209.7
g?5.6
6??.g
g.85''.5
:
Juiy
:
8
7
:
3
1947
67
Corporations and Certain Other Agencies of the United States Governnent
Section
I
-
Combined Balance
^eet
-
(Continued
as of March 31, 1947 - (Continued)
Table 4.- Corporations
(In mllllonB of dollars)
Department of Apiculture
(continued on follovlng page)
Off Ico of
the President
Office for aner
genc7 Managflnent
Sn&ller
War Planta
Corporation
Asaets
Caah 1/
Deposits with CoTeranent corporations and
agencies, excluding U, S. Treasury
Loans recelTable frcm:
GoTemaent corporations and agencies
Others less reserves
Accounts and notes receivable froa:
GovemBent corporations and agenciee
Others lees reserve*
Accrued aseets:
Government corporations and agenciee
Others less reserves
Cannodltlea, supplies, and materials, less
reservee
Investments
Public debt obligations of the United Statea
Securities of Government corporatlona and
agencies
Other securities, less reserves
Land, structures, and equipment, less reserves..
Acquired security or collateral, less reserves..
Deferred and undistributed charges
Other aseets, less reserves
723-0
,
876.8
ULl.8
Total assets
22.9
503.0
172.0
161.. 7
15/
y
251..
Federal
intemiedlate
credit Ixmks
16.3
Federal
land
banks 12/
27-9
56.5
325.9
Production
credit
corporatlonfl
1-5
889.5 li/ii/
3''3.9
.6
197.2
1.2
U.O
.2
57.6
2.1.
893.5
382.9
1,863.6
1.3-2
2-0
U.9
.1.
1*3.2
137.2
68.1.
275.''
196.2
3,666.3
7.6
225.1
'3.8
1.2.9
2.9
5.5
.2
161..7
15, ''56.
Total liabilities
Banks for
cooperatives
825.8
5,12''.l
Liabilities
Accounts payable to:
Government corporations and agencies
Others
Accrued liabilities:
U. S. Treasury
Other Government corporations and agencies..
Others
Trust and deposit liabilities to:
Government corporations and agencies
Others
Bonds, debentures, and notes payable; 2/
U. S. Treasury
Other Govemmeat corporations and agencies:
Not guaranteed by United States
Others
Guaranteed by United States
Not guaranteed by United States
Deferred and undistributed credits
Other liabilities ( including operating and
liability reserves)
Credit
Corporation
255.1
,
,
Farm Credit Administration
(continued on following page)
CcBmnodlty
2.1
.2
-7
.1
1I..1.
.1
2.1.
.1
U1.U.5
1,077.0
113.3
1,620.9
322.5
12.8
157.5
307.9
272.0
25.2
9.7
.5
196. It
17.5
65U.1'
377.7
125.6
183.6
10,98U.5
830.0
.5
1-3
.2
.1
3-9
22.1.
56.5
308.1.
125.5 16/
132.5
1,2''9.5
1.12.0
10.9
1,101.1.
856.5
16,031.8
2,320.3
38.8
3l»9-0
721-6
.2
.1
5.7
95.7
351-1
757-2
.1
178.5
60.0
39-8
36.9
97.1.
76-7
113-3
Capital
U. S. owned:
Capital stock
Paid-in surplus
£xt>ended appropriations
Earned surplus (or deficit
100.0
1,322.2 11/
2,72'..
|^
-
])
Total United States owned
Privately owned:
Capital stock
Earned surplus
Total privately owned
Total capital
Total liabilities and capital
1,563.2
867.6
-6,239.7
-35-3
-2,121.6
37.li
33-3
-1,084.1
16I..7
-699.''
215.9
93.3
60.1
182.9
9.0
1-9
300.8
208.2
aU3.i
10.9
509.0
15.9
-575.1
I6U.7
-699.1.
226.8
93-3
319.8
113-3
15.1.56.7
161.. 7
1.620.9
322.5
1.U.5
1.077-0
113-3
9,900.1.
161.. 7
130.6
215.9
93-3
76-7
113-3
-265.9
-161.. 7
2.7
56.6
-56.6
Contingent liabilities
Guarantead loans
Other
AnaXvsls of Investment of United States
Book value of United States interest. Including
interagency items Id/
Interagency items (net), aaounts due to (or
from [ - ] )
Government corporations
Other Government agencies excluding Treasury
loans to Govenment corporatlona
Book value of United States interest after exclusion of interagency items
Bote:
21.0.5
-672.6
8,961.9
-71..
5
See pege 72 for footnotes.
(Continued on following page)
-1
-.2
-207-7
272.5
36-7
76-7
113.3
:
:
Treasury Bulletin
6S
Corporations and Certain Other Agencies of the United States Government
Section
I
-
Combined Balance Sheet as of March 31, 1947
-
-
(Continued)
(Continued)
Table 4.- Corporations - (Gontimied)
(In mlllionB of dollars)
Department of Agriculture
(continued)
Farm Credit
Ada. (cont'd) Federal
Regional
Agricultural
Credit Corp.
of Waah., D.C
Crop
Insurance
Corporation
Federal
Faro
Mortgage
Corporation
Department
of CoEBaerce
TT\i.Anrt Vatervaye Corp.
and Bubal diary
Inland
WatorvajB
Coiyoratlon
12/
Warrior
River
Texmlnal
CcEB^any,
loo. 12/
AaaetB
Cash 1/
Depoalta vlth Goremment corporations and
agenc lee excluding U.S. Treasury
Loans receivable from:
Government corporations and agencies
Others less reserves
Accounts and notes receivable from:
Government corporations and agenclea
Others less reserves
Accrued assets:
Govemmsnt corporations and agencies
Others less reserves
Caomodltles, supplies, and materials, lees
reaervee
Investments:
Public debt obligations of the United States
Securities of Government corporations and
agenc lee
Other securities, less reserves
Land, structures, and equipment, less reserves.
Acquired security or collateral, less reserves.
Deferred and undistributed charges
Other assets lees reserves
13.7
2.5
6.9
,
107.9 la/ilty
,
,
.7
.5
5.3
.It
,
7.7
,
Total assets
15.0
Liabilities
Accounts payable to:
Government corporations and agencies
Others
Accrued liabilities:
U. S. Treasury
Other Government corporations and agencies.
Others
Trust and deposit liabilities to:
Government corporations and agencies
Others
Bonds, debentures, and notes pajrable: 2/
U. S. Treasury
Other Government corporations and agencies:
Not guaranteed by United States
Others
Guaranteed by United States
Wot guaranteed by United States
Deferred and undistributed credits
Other liabilities (including operating and
liability reserves)
16.8
13.9
1.3
2.0
2,6
.2
.3
7.7
Total liabilities
21.8
6.8
70.0
9.0
Capital
U, S. owned:
Capital stock
Paid-in surplus
Expended appropriations
Earned surplus (or deficit [- ])
Total United States owned
.1
22.0 2^/
11*
.6
119.5 i2/ 102.5
-5.0
U1.5
Privately owned:
Capital stock
Earned surplus
Total privately owned
Total capital
Total liabilities and capital
U.6
•5.0
m-5
15.0
16.8
118.3
1U.6
-5.0
111.5
-.7
-.1
.1
1.3
Continflent llabilltiee
Guaranteed loans
Other
Analysis of investment of Iftilted States
Book value of United States interest, including
Interagency Items l8/
Interagency items (net), amounts due to (or
from [ - ] )
Government corporations
Other Government agencies excluding Treasury
loans to Government corporations
Book value of United States interest after exclusion of Interagency Items
Rote:
See page 72 for footnotes.
IU.6
_^^^
112.6
1.6
War
Department
Department Departaent
of Interior of Justice
The
Virgin
lelanda
Company
20/
Federal
Prison
Industries,
Inc.
Department of
State
21/
United
States
Spruce
Production
Corporation 22/
(liquidated)
July
1947
69
Corporations and Certain Other Agencies of the United States Government
Section
I
- Conblned Balance Sheet as of March 31,
1M7
Table 4.- Corporations - (Continued)
(Is
^lUona
of ilollars)
-
-
(Continued)
(Continued)
Treasury Bulletin
70
Corporations and Certain Other Agencies of the United States Government
Section
I
-
Combined Balance Sheet as of March 31, 1947
Table 4.- Corporations
-
(In Bllllona of dollars)
(Continued)
-
-
(Continued)
(Continued)
July
1947
71
Corporations and Certain Other Agencies of the United States Government
Section
I
-
Combined Balance Sheet as of March 31, 1947
Table 5.- Certain Other Agencies
(In mlUlonB of dollare)
-
-
(Continued)
(Continued)
.
»
.
.
.
Treasury Bulletin
72
Corporations and Certain Other A^ncies of the United States Government - (Continued)
Footnotes to Section
r
*
1/
2/
5/
X/
2/
6/
^
ReYised.
Leae than $50 thousand.
Excludes unexpended balances of appropriated funds.
Includes notes for ehort-term bon-owlngs.
Includes CoMDOdlty Credit Corporation loans held by lending agenclee.
Includes $168.1 million guaranteed loans held tj lending agencies.
As of NoTember 1, 19'*6, the loans of Binergency Crop and Feed Loan
Section and Farm Security Administration were transferred to
Farmers* Home Administration.
Created pursuant to Public Law 731, approTed August lU, 19U6.
Puerto Rlcan Hurricane Relief Loan Section ceased to exist June "iO,
American Havlgtttlon Corporation upon liquidation as of February 25,
191*7.
2^/
26/
2?/
28/
19^*6.
8/
2/
Consists of Bureau of Community Facllltiss and Public Vorlcs Admin1st rat Ion.
Consists of Federal Public Housing Authority - Fam Security Administration program, Homes conversion program, and Public war housing
program; Federal Security Agency - loans to students; H&ry Department - guaranteed loans (World War II); Treasury Department miscellaneous loans; and War Department - guaranteed loans (World War II)
Includes participation by other agencies of $7»0 million in loans
of Kxport-Import Bank of Washington.
Loan commitments amount to $32^.6 lallllon against which advances of
$276.7 million have been made, leaving commitments to purchase
loans of $49.0 mlUlon.
Includes the Federal Land Banks of Springfield, Mass., Baltimore,
Md., Columbia, S. C, Louisville, Ky., New Orleans, La., St. Louis,
Mo., Omaha, Sebr., Wichita, Kans., Houston, Tex., Berkeley, Calif.,
and Spokane, Wash., which have retired the capital stock and paidin surplus previously held by the U. S. Government.
Includes real estate sales contracts,
The reserve for losses on loans receivable Includes other loss reserves which cannot be distributed to the assets to which they
apply
Represents excess of assets over liabilities transferred to B.F.C.
Represents guaranteed obligations arising from drafts and Invoices
paid by commercial banks.
Public Law 519, July 20, 1946, authorized the Secretary of the
Treasury to cancel notes In the amount of $921.5 million, pursuant
to Act of March 6, 1938, as amended. Cancellation of this amount
was effected on July 25, I9U6.
Consists of paid-in capital (U. S. owned). Treasury loans to Government corporations, and earned Aurplus or deficit (U. S. share).
Figures are as of February 28, I9U7, the latest available.
Figxiree are as of December 3I, 19^, the latest available, except
with respect to certain interagency adjustments as of March 31
19^7 made by the Treasury Department.
Consists of Institute of Inter-American Affairs, Institute of InterAmerican Transportation, Inter-Amsrlcan Educational Foundation, Inc.,
Inter -American Navigation Corporation, (liquidated) and Precinradlo,
.
10/
11/
12/
13/
Tt /
f
17/
18/
19/
20/
21/
2?/
^0/
31/
jg/
^3/
^k/
^/
23/
Corporation was dissolved by decrs* of the Superior Court of the
State of Washington on DecsBiber 12, 19^.
Represents advances from R.F.C. for the payment of operating expenses
Net of return of excess funds pursuant to Public Iaw 3OI, approved
February 18, 19U6, and Public Law 391, approved May 27, 191*6, and
net of return of $,1 million representing balance of funds of Inter.
2k/
Includes deficit resulting from administrative expenses in the
amount of $1*5.3 million.
Sales contract In anount of $.1 million transferred to War Department for liquidation and ultimate deposit of cash proceeds to Miscellaneous Receipts of the Treasury Department
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 Insured banks.
Includes unreserved surplus of R.F.C., $535-5 million, and deficit
of merged weo* affiliates, $5,560.5 million.
Figures represent activities imder U. S. Bousing Act, as amended.
War housing and other operations of the Authority are reflected in
the classification "Other" In Table 5The surplus is considered by the corporation as available for future
Insurance losses and related e3Q>enseB with respect to Insured institutions.
Consists of Indian Loans, and Puerto Flco Reconstruction Administration. Puerto Rlcan Hurricane Relief Loan Section ceased to
exist June 30, 19U6. Collections of the unliquidated loan balances
will be made by Puerto Rico Reconstruction Administration and dsposltod to Miscellaneous Receipts of the Treasury Department.
Figures are as of February 28, 1947, with exception of those of
lend-lease nn ^ UNRRA activities.
Consists of Federal Public Housing Authority - Homes conversion
program. Farm Security Administration program. Public war hoitslng
program, and Veterans' re-use housing program; Federal Security
Agency - loans to students; Navy Department - guaranteed loans
(World War II) and sale of surplus supplies (World War I); Treasury Department - miscellaneous loans and certain other assets;
War Department - guaranteed loans (World War II); and Veterans'
Canteen Serrlce created pursuant to Public Law 636, approved
August 7, 191*6.
ComRepresents obligations of Government corporations as follows:
modity Credit Corporation, $830.0 mi3J.ion; Export-Import Bank of
Authority,
Public
Housing
million;
Federal
$350.0
Washington, $271.9
million; Home Owners* Loan Corporation, $57U.O million; R.F.C.,
$8,902.1 million; and Tennessee Valley Authority, $56.5 million.
Excludes the value of voesele and other expenses transferred to
the War Shipping Administration for which no transfer of funds will
be required under the authority of E. 0. No, 905I*, dated February 7,
I9U2, and War Shipping Administrator's Order No. 7, dated April 21,
191*2.
^6/
^1/
Inc
22/
I
^8/
39/
Includes the value of vessels and other expenses transferred frcm
the n. S. Maritime Commission.
Represents excess of eipendltxures inciuTed pursuant to legislation
for such activities as: construction and operation of merchant
marine fleet in Interest of the war effort; relief to farmers; loans
*nd grants for rural rehabilitation and subsistence homesteads; relief and rehabilitation in Puerto Rico; loans, grants, and relief in
construction of housing, public works, and community facilities; and
others
Includes $85.3 million representing equity of mortgagors in eamlngs
of group accounts of the Mutual Mortgage Insurance Fund.
Consists of paid-in capital (0. S. owned), less Treasury loans to
Government corporations, plus excess of income (or expense).
Juhf
73
1947
INTERNAL
REVENUE
STATISTICS
.
..
.
Treasury Bulletin
7*^
Summary of Internal Revenue Collections
^
(In thousands of dollars)
Fiecal year
or fflontb
Total receipts from
Internal
revenue
(Daily
Treasury
Statement)
Treasury
Statement
-37,168
igw
19l»2
12,993,U8
WliS
19"*
22,1'>3,969
l»l,681»,987
-36,797
-sail, 755
+1,565, '177
19>tO
Wk?
igW
Total
Internal
revenue
Adjuetioent
to Dally
U,597,lto
5,67U,318
5,161,831
5,303, U*
7,361,675
1937
1938
1939
En^loyment taxes
Income and profits taxes
Individual 2/
11,6311,308
5,61i3,8li8
2,179,828
2,629,030
5,l62,36li
2, 185,1111
5,322,771
7,351,5311
collectlonis
+30,li70
-1,133
-19,637
+10,lUl
Social Security
Total
Income
and
profits
taxes
Corporation
Income and
excess
profits
Miscellaneous
profits
taxes h/
Total
employment
1,091, 7I1I
1,286,312
1,056,909
1,299,932
31,178
112,786
265,7115
7li2,660
1,028,8311
l,122,5lil
33,7110
7liO,li29
2,129,609
982,017
3,li71,12li
l,lil7,655
1,120,582
2,016,297
27,010
37,172
833,521
925,856
207,339
502,918
529,836
605,350
687,328
3,262,800
6,629,932
18,261,005
56,621
U9,617
81i,2lil
I.,l85,362
L, 1198,705
895,336
9,5811,715
1,131,5116
llt,629,3lili
156,008
183,337
15,883,235
137,1152
1113,978
12,li62,U37
91,165
,700,828
1181,232
5,295
3,332
15,618
98,277
269,869
511,673
^
13,029,915
8,006,8811
22,368,7211
liO,119,510
113,800,338
110,671,919
16,298,888
33,027,802
35,061,526
31,258,138
1,703,072
1,662,967
2,836,577
1,216,5116
1,1120,591
239, ou
1,083,189
1,737,770
11,687,1162
3,269
10,052
8,1175
1,621.
2,467
32,674
50,188
128,5311
2,961
9,053
1,005
3,140
25,473
55,411
-105,735
-266,165
+578,679
July
August .
September
2,250,898
-330,568
2,581,1165
1,757,352
-2lil,li31
1,765,6119
3li6,08e
11,095
11,196
l>,
291, 209
+680,211i
2,735,890
3,610,995
1,232,1113
l,lil5,371
521, Uli
2,l»9'»,lt59
2,907,267
1,227,325
1,669,891
October.
NoTomber
December.
2,230,1173
2,ll02,752
575,li06
1,323,237
2,908,117
1,875,687
1,572,063
2,133,657
1,296,1115
3,693,272
-536,355
-91,636
+785,155
2115,523
1,677,7911
11,188,1163
li,lt05,5Wi
3,375,31'8
2,853,323
3,359,367
3,052,li2li
11,570,311
3,81ili,10li
2,01)8,626
2,729,8911
1,958,399
1,661,992
2911,039
aW
3,W5,216
-773,
February.
March.
li,27'i,'i6l
5,Wi6,12li
-131,083
+875,813
April
2,309,306
-Ii20,588
igi+T-january .
. .
137,871
109,960
239,705
5,523
4,080,1192
lili6,liJi9
122,0li8
115,696
280,853
57,335
June
2,11911,389
109,427
1,477
21,277
49,690
2,310,098
2,307,793
2,1115,833
Haor
2,766,827
287
Ili9,lt76
3,268
10,530
1,213
-361,585
.
58, U9
90,267
101,167
106,123
100,658
93,532
238,062
3,770
+101,6611
2,573,957
3,501,813
1/
186,1189
178,7115
U3,902,002
19't6 -April....
Pallroad
retirement
170,409
211,151
265,011
284,758
284,258
'tO,310,333
19,0311,313
18,7011,536
taxes
taxes
Old-age
UnemployInsurance ment Insurance 6/
738, 372
L, 779, 177
L,
1,290,025
1,307,931
1,237,825
11,136
3,30lt
261,935
122,li33
227,ll09
9,lilli
6o,61i7
11,231
5,898
2,898
108,956
76,950
30li,Oli5
367.1132
2llO,972
1,791,996
s.iiae
82,208
13,136
30,157
101,302
12,727
1,849
25,158
56,346
2,368
131,186
123,856
4,076
3,254
516,127
Mlecellaneous Internal revenue
Flecol year
or month
Total
mlecellaneouB
Internal
revenue
Capital
etoclc
tax
Alcoholic
beverage
taxes
Estate and
gift taxes
Tobacco
taxes
Stamp
taxes
Manuf ac turers *
and
retailers*
excise
taxes
Mlscsllaceous
taxes
8/
1937.
1938.
1939.
1940.
1941.
2,138,735
2,272,158
2,236,821
2,359,641
2,954,553
137,499
139,349
127,203
132,739
166,653
305,548
416,874
360,715
360,071
407,058
593,831
567,669
587,605
624,064
819,869
551,923
567,777
579,784
608,073
697,712
69,919
46,233
41,083
38,681
39,057
1,119,854
80,161
416,754
396,891
447,088
617,373
U7,502
143,540
148,925
206,831
1942.
1943.
1944.
1945.
1946.
3,837,670
4,571,131
5,353,336
6,959,634
7,712,953
281,900
328,795
380,702
371,999
352,121
432,540
447,496
643,055
676,832
1,048,165
1,423,480
1,618,045
2,309,864
2,526,162
780,792
923,857
988,483
932,145
1,165,519
41,702
45,155
50,800
65,528
87,676
852,069
670,015
728,694
1,206,616
1,414,717
400,501
722,332
1,075,401
1,430,423
1,489,925
614,484
641,121
610,563
1,158
-742
182
65,599
63,980
62,867
214,055
214,151
198,494
96,468
112,601
99,624
7,371
8,486
8,219
111,281
123,387
130,962
118,553
119,260
110,215
July
August ....
September.
708,417
689,388
646,393
236
62
230
74,257
57,974
42,845
238,881
236,146
226,205
96,264
109,617
101,834
7,215
7,528
6,631
148,437
143,051
140,722
143,126
135,011
127,927
October.
Hovembor
December.
762,606
660,390
713,813
46
35
96
56,613
48,865
61,740
251,328
242,473
225,746
124,560
105,991
86,784
8,093
6,926
6,778
163,161
146,763
186,836
153,803
109,337
145,834
1947-January..
February.
March ....
704,160
678,745
643,999
101
65,550
84,232
102,633
215,419
178,867
180,452
107,639
99,172
99,119
7,181
5,943
5,844
187,763
194,629
143,862
120,505
115,883
112,100
68,125
170,924
103,251
5,685
158,423
133,895
1946-AprIl.
Hay...
June.
April.
"ce:
1/
2/
jl/
4/
640,309
19
(-11)
5U,210
(1) Total receipts from Internal revenue;
Dally Treasury Statement;
Reports of collections made
(2) Detailed coUectiona by typo of tax:
by collectors of Internal revenue.
Excludes collections for credit to certain trust accounts for territories and insular possessions, etc.
Includes collection of taxes withheld by employers pursuant to the
Revenue Act of 1942 and the Current Tax Payment Act of 1943.
Includes income tax collectlonfi on Alaskan Railroads. The excess
profits tax Included in this column is that Imposed under the
Second Revenue Act of 1940, as amended.
Consists of the declared value excess profits tax, the profit limit-
6/
^
Ing provisions of the Vinson Act, and the tax on unjust enrichment.
Represents collections under the Federal Insurance Contributions
Act commenclne September 1939; prior thereto, collections under
Title 71X1 of the Social Security Act.
Represents collections under the Federal UnaII:^>loyment Tax Act
cozmnenclng September 1939i prior thereto, collections under
Title IX of the Social Security Act.
Represents collections under the Carriers Taxing Act of 1937*
Includes tax collections luider the Sugar Act of 1937 and under
the dividends tax iji^iosed by the Act of June l6, 1933*
-
July
1947
75
COLLECTIONS OF INTERNAL REVENUE
1932
33
34
35
36
37
DOLLARS
'38
39
40
41
43
42
44
45
46
47
DOLLARS
Bitltons
"
Billions
Individual
DOLLARS
Billions
Income Taxes
Corporation
.
22
Income
and Excess Profits ToxesiL
20
IB
I
6
10
K
1932
34
llil
36
38
Employment Taxes
36
38
40
42
44
'42
44
46
Estate and Gift Toxes
Alcohol and Tobacco Toxes
1932
34
36
38
40
I
46
40
42
44
46
a
:
Treasury Bulletin
76
Detailed Analysis of Internal Revenue Collections!/
(In thonBapds of dollare)
Plteal yeara
First 10 Bontha
Mucaa
Type of tax
19116
19115
Ibcomo and profits taxei:
IndlTldual
Withheld by emplojerst
Oorrent Tax Paynent Act of 19^3
Berenue Act of 19^2
Other:
Current
^
10,263 >18
802
^
8.567,11*7
202.91*7
Back
Total IndlTldual IncoM taxes
9,857,1166
183
y
^
116,571
I9,03i*,3i3
18,7011,536
i»58,03»*
3,901,917
738,032
Corporation:
Incoas taxsit
Current
Back
8,1130,377
Xxoass profits taxes (Second HeTenne lot of 19*^,
as amended)
11,003,520
7,828,1>88
Total aorporatton taxss
15,883.235
12,l«62,l*37
Klsoollaneotis profits taxes:
Declared T&lne
Tlnsen Act
enrlchnMBt
11*3,
Total alBoellaneons profits taxes
1^3,978
798
180
Itejutt
Total Ineoae and profits taxee
35,061,526
iBplojrvent taxes:
Social Security taxee:
Old-a^e insurance 2/
UneBploysent Insurance 6/
Total Social Security taxes
l,307,?31
186/
"
l,H9i^lia6
Ballroad retireaent j/
Total enployment taxes
28»,75g
1,779,177
Nlscellaaeous internal rerenne:
Capital stock tax
371.999
596.137
Xstate tax
*^.?lg
Olft tax
Alcoholic ^eTcrage taxes:
Distilled spirits (imported, excise)
DlBtllled spirits (domestlo, excise)
Sistllled spirits reotlf^atlon tax
Vines, cordials, etc. (imported, excise)
Vines, cordials, etc. (domestic, excise)
Brandy used for fortifying sveet vines (repealed
I9M0)
as of July 1
Dealers in distilled spirits; rectifiers} masnfaotorers of stills (special taxes)
StampB for distilled spirits intended for export.
Case stamps for distilled spirits bottled in bond.
Container stamps
floor taxes
lamented m< llqaore
Brewers) dealers In malt liquors (special taxes)..
,
Total alcoholic berera^ taxee
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 olgar floor taxes
32.5**9
2,122
'»5.269
51
8,308
6
886
u,a3
«3,3'»3
638,682
3,130
2,309,8611
36,595
695
836,ou
T.Tltl
1,390
•••
Total tobaaeo taxes
Stamp taxes:
Bonds, issues of os^ltal stock, deode of eonToyance, ete
Transfers of capital stoek and similar Interest
sales
•
Playing cards
SllTor bullion sales or transfers
Total stamp taxes
199,691
1,284,613
1
8_
932, 1"!?
33.157
2>»,852
7,l»93
as
65.5»
year
riecal
year
April
April
191*7
.
July
1947
77
Detailed Analysis of Internal Revenue Collections!/- (Continued)
(la thouaandB of dollars)
nrat 10 Bonth*
Flical ye&re
Hscal
I9U5
IjUfi
riaeal
yaar
I9U7
jear
19tl6
Mltesllaneoua lattmAl reTsmw (oontlnuad):
MaimfMtiirert* and retall«r«* exolta taxaa:
Lubrlcatloc oil*
Oasollos
Tires and tabei
Hoor taxes on tires and txibas
AutoBoblle trades aiid Imaas
Other autoaobllas and aotorcyolea
Parts and accessories for autoaobllea
Xlactrlcal aner(7
Ilectrlc, saa, and oil appllancaa
Ileoti-lc llcbt bulba and tabes
lleotrlc sl^a (rapealad aa of U/lAZ)
&adlo aats, phonofrapha, eoaponaata, ato
Phonogra^ racorda
Musical Inatnuianta
Mechanical refrlgeratora, alr-condltionera, ete..
Matohea
floor tazaa on aatohea
Buslnasa and atore aachlnea
f\iTt - retallera' excise
Jevalry - retallera' axelae
La«Ca«« - retallars' exelae (affaetlra U/lAH)...
Lo^ga^ - aaaofaoturara' ezoiaa (auapandad aa of
Total mlacellaneouB taxea
Total Intern&l revenue collaotlons
Adjuatnent to Salljr Treaanxy Statenant
ca:
*
1/
2/
(llally
75.257
118,072
63,703
337.596
89,H27
18
•
20,B»*7
37.1'«
25,893
68,871
30,018
13,080
',352
48,222
160,875
81,283
51,970
53,251
19,132
5,359
6,591
5.071
2,523
1.907
51,242
6,783
8,139
29,070
7,615
334
726
1,026
51,0Qk
12,060
59,
Z5,'»92
1«
^ .159
U.O35
17,781
56
13,385
3,902
2,839
9,229
18,2*3
15,591
51
7,765
2,727
1,820
6,968
I0,2lt7
8,521*
10,120
79."H8
isM.zao
73,851
15,79?
91,706
12,709
83,801
189,339
81,^23
66,3<>8
6
15
18
21, 184
67,014
360,316
11*7,653
5,585
32,907
8,802
5,917
33,958
13,960
88
2
73
19,2SS
22S
^2
16
16,556
111
5,869
81.255
20,371
90,361
205,530
71,322
46
15
29,809
20
1,170
6,298
(-10)
1
2,010
3,028
(-267)
814
6,299
1,511
6,822
•
>t,2llg
7,8>8
86,615
95,57'*
1
3.132
5
5.232
61
25
3,281*
7,371
233
12
304
5
1,206,616
1,1*111,717
1,160,368
3lt
31
10
2
1
73,292
56,732
46,1*29
48,103
••,571
'*,789
393
6«9
197.1*71
211,400
136,51*0
226,750
220,121
120,809
12,513
190,435
184,791
13,527
209,709
229,580
25,244
l4,24g
1,372
19,903
24,156
U5,96o
U5,850
285
24,492
14,442
1,288
16,076
17,625
67
182
7,857
180
6,587
31*3.191
»2,959
72,077
18,899
59,955
35_
Mlacellaneona taxae:
BltoBlnoua Coal A^t of 1937 (axplred 8/23^3)
Sugar Act of 1937
Telephone, telegraph, radio, and eakla, laaaad
vlrea, eto
local telephone aerrlce
Transport at loD of oil by pipe line
Tranaportation of persona, aeata, bertha
Transportation of property (effoctlTo IZ/l/kZ)...
Uae of motor Tehlclea (rapaaled as of 6/30A6).-.
Uaa of boats (repealed aa of 6/30A6)
Leasee of safe-depoalt boxes
Admissions to theaters, concerts, ete<
Admissions to cabarets, roof gardens, ato
Club duea and Initiation feea
Bowling allaya, pool tables, etc
Coin operated deTlcee
Adulterated and proceeeed or renoTated butter,
mixed flour 8/ and fillad cheeae
Oleomargarine, Including apeolal taxaa
Harcotlcs, Including marihuana and special taxea.
Coconut and other vegetable olle procesead
Vatlonal FlrearmB Act
All other. Including repealed taxea not Hated
above
Total mlacellaneous Internal revenue.
7't,602
"105,695
55
H,753
2,015
927
1.637
9.3^^
Optical aqulpaant (repealed as of II/IA2)
Photographic appa.-atiui
Babber artlolaa (repealed as of llAAS)
Sporting goods
Toilet preparations - ratallere' exelae
Washing machines (repealed aa of II/1A2)
firearms, sheila and oartrldgaa
PlBtola and rerolTars
Rapealad taxes not listed above
Total Danufaetvrars' and retallera' axclsa ta
191*7
»*05,563
92,865
k/iM)
Total receipte fro* Internal reveime
Statement)
April
April
Type of tax
208,011
133,569
16,286
23'*, 182
221,088
128,701
33s
7,3U
300,589
56,877
lU,l6o
231*,
11*5.
11*, 821*
13,623
82,232
1
11*
17_
1,613,647
1,281
24
1
Ul,281
3
1
7,020
333,500
54,160
18,428
3,847
18,202
720
30,060
6,412
1,723
53
331
158,423
782
33,731
4,888
2,176
It,l60
1»,011
3;SI
19,100
17,092
14,782
58
5,503
756
6,208
16
1*1*
U,932
69U
6,268
42
3,960
4U2
5,418
3
180
171
1,1*30, Uae
1,1*89,925
1,260,450
1,302,422
U8,553
133,895
6.959,63't
7,712,953
6,461,268
6,848,219
614,484
640,309
H3, 800, 338
••0,671,919
34,596,148
32,991,896
2,115,833
2,729,894
101,664
-361,585
-674,100
-183,727
-105,735
-420,588
902, 002
'W,310,333
33,922,048
32,808,169
2,310,098
2,309,306
6
47
266
27
4,703
499
12,839
296
24
371
7
273
31
1.979
2
33
Treaanry
't3,
Qaily Treaexirjr State(1) Total receipts from Internal revenue:
fieporte of colments; (2) Detailed collections by type of tax:
lections made by collectors of internal revenue.
Lesa than $500Ixcludea collectlona for credit to certain trust accounts for
territories and Insular posaeselone, etc.
Collections under the Current Tax Payment Act of 19^3 aa ahown
In thla table cocelet of those for which returns have been filed
with the Collector of Internal Bevenue; receipts under this act
aa shown In Dally Treaaury StatemectB conslet of withholding
taxes deposited In Qovernment deposltarlea In addition to payments accompanying returns filed with the Collector of Internal
Harenue.
y
¥
8/
I
Current collections consist In general of taxea paid within twelve
months after the close of the taxable year for which the return
was filed.
Current Individual Income tax collections for the fiscal year 19^
Include payments on unforglven portion of 19^ tax, due March I5,
I9U5, of $303,605,000 for the period, January 1, I9U5 through
April 30, 19"*5Bepresents collections under the Federal Inaorance Contributions Act
fiapresents collections under the Inderal Unemployment Tax Act.
Eepresents collections under the Carriers' Taxing Act of 1937Tax imposed upon the manufacture and sELle of, and the occupational
tax on, mixed flour repealed as of Bovemher 1, 19^2.
78
MONETARY
STATISTICS
Treasury Bulletin
July
1
8
1
,.
.
.
.
1947
21
8
75
6
5
8
.
U5
79
Gold Assets and Liabilities of the Treasury
(In milllone of dollars)
Lla)>llltie8
Siid
of calendar
year or month
Gold asBete
Geld certificates 1/
1937
1938
1939
12,760.0
19itO
ai,99'».5
19l<l
22,736.1
19U2
22,726.3
21,937.8
20, 618.8
20,06U.9
20,529.0
20,6U.9
9,212.3
11,872.8
15,278.6
U,5ii.a
17,6l«3.l«
19'»3
19't'i
19^5
igiit
Gold reserve
a^alnat U. S
19,825.1*
20, 561* .8
19,821.0
18,U97.1»
17, 911*.
18,U30.5
notes, etc. 2/
Szcbaoge
Statlllzatlon
Fund i/ U/
m
Gold
General Fund
156.0
156.0
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
1,800.0
1,800.0
1,591.6
156.0
156.0
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
1,800.0
1,800.0
158.1.
156.0
156.0
1,800.0
1,800.0
l''3.3
1,800.0
1,800.0
1,800.0
155.1
176.5
682.1*
1*08.9
213.2
215.3
160.7
165.1*
19'>.8
11*2.
20,2ltl.9
18,11*2.5
June
20,269.9
18,153.3
July
20,266.7
20,?80.0
20,305.3
18,155.6
.8
156.0
156.0
156.0
20,1.01.9
20,1*69.6
18,278.1
13,359.0
18,U30.5
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
167.8
156.0
156.0
156.0
1,800.0
116.5
1,012.0
1,036.6
156.0
156.0
191*6 -Maj
Au^et.
.
..
Septamber.
October,
November.
December.
.
19^*7 -January.
18,11*7.1*
18,
20,529.0
11*1.
.
80,71*8.3
February.
March
20,1*62.6
18,675.8
19,l6S.O
19,269.9
20, 771*.
19, 581*.
20,932.7
19,736.8
20,330.0
April
May p
.ce:
p
1/
Dally Treasury Statement and CirculAtlon Statement of United States
Money.
Preliminary.
Comprises (1) gold certificates held by the public and In Federal
Reserve Ban]cs; and (2) gold certificates credits in (a) the Gold
Certificate Fund - Board of Governors, Federal Reserve System,
2/
2/
Xj
160.6
201*.
151*.
11*2. U
1,033.3
1,039.8
and (b) the Redemption Fund - Federal Reserve notes.
Reserve against United States notes and Treasury notes of 1390.
Excludes gold in active portion of Exchange Stabllitatlon Fund.
On February 26, 191*7 the United States subscription to the International Monetary Fund was paid from the Exchange Stahllisatlon Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
End of fiscal
year or month
Gold
(*35 per
fine ounce)
12,318.3
12,963.0
1937
1938
1939
l6,U0.l'
Silver
($1.29* per
fin© ounce)
2,51*2.1
3,066.1*
191*0
19,963.1
3,605.2
3,939.6
i9i'l
22, 621*.
1*,
191*2
22,736.7
22,387.5
21,173.1
20,213.0
20,269.9
*, 306.3
19'»3
191*1*
191*5
191*6
19l*6-May
Ratio of silver
to gold and
silver in
monetary atoclcB
17.2
11*3.7
3,91*7.9
15.9
16.1
15.7
3,685.8
15.1*
3,508.1*
11*.
I*,
298.
20,21*1.9
3,508.7
11*.
June
20,269.9
3,508.1*
11*.
July
August ....
September.
20,266.7
20,280.0
20,305.3
3,508.7
3,508.7
3,508.7
11*.
Octoher.
November
December.
20,1*01.9
20,1*69.6
3,59''.'t
15.0
3,511.7
11*.
20,529.0
3, 511* .2
11*
19^7-Jsnuary .
February.
March
20,7'>8.3
11*.
II*.
20,1*62.6
3,517.2
3,519.6
3,522.5
20, 771*.
3,525.9
U.5
20,932.7
3, 521*.
11*. 1*
.
.
.
April
May p
Source:
p
Dally Treasury Statement and Circulation Statement of United States
Money,
Preliminary.
20,330.0
II*.
11*.
.6
11*.
5
..
.
,
.
2
3
Treasury Bulletin
80
Components of Silver Monetary Stock
(In millions of dollars)
Silver held In Treasury
End of calendar
year or month
Securing sllTer
certlflcatea l/
SllTer
hulllon
Silver
outside
Tress UI7
In General Fund
Silver
don are
Total
silver
at $1.29
per ounce
Bullion
at coat
Silver
dollars 1/
5.1*
1*28.6
1*3.1*
535.3
616.0
Itli.lt
366.9
372.8
2,806.5
3-5
l»8.1
391. .1
662.3
52.5
63.0
1.22.1.
3,790.2
u ,060.0
U,2W..8
628.2
551.8
78.8
96.8
1105.6
U7.5
587.3
68U.7
771.6
185.6
93.1
137.5
150.1
901.1
3,511. .2
857.5
865.6
3,508.7
871.3
875.5
881.8
3,508.7
3,508.7
3,508.7
3,591.-1.
Bullion for
recolnage
Subsidiary
coin 2/
^
Suheldlary
coin 2/
938.8
1,137.6
1,298.2
1,398.1
1,U76.1
503.7
502.7
U99.O
1,516.2
1,520.0
1,520.1
1,703.9
1,911.2
li68.3
9.2
itOO.U
11*. I.
376.5
356.1.
12.5
10.2
3''3.1'
11*
352.1
350.9
15.2
13.3
.6
10l».5
lUl.8
June
1,909.0
1,909.1
.6
102.3
11*2.7
July
August.
September
3U9.1.
3l>7.9
U.5
.6
13.1*
.6
3"t6.5
10.3
.7
101.1
99.1
97.9
11.14.1
.
1,909.1
1,909.1
1,909.1
11*5.7
11*7.0
October. .
November .
December.
1,909.1
1,909.1
1,911.2
3l»5.6
.2
96.1*
1I.8.O
3W1.6
10.9
7.5
.1
llt.O
96.7
93.1
11.8.9
31*3.1'
150.1
889.0
895.7
901.1
3, 511..
93.6
150.3
150.3
150.5
900.2
900.3
900.6
3,?17.2
3,519.6
3,522.5
150.6
150.8
903.0
900.8
3,525.9
1937
1938
1939
I9W
I9U
19112
ma
19W1
ig""?
19W
19li6-Haj
.
19li7-January.
February
March
..
.
April
May p
5.3
2.3
3.5
itSU.l
657.1*
19.1
.1
.0
1,913.1
1,915.5
1,917.0
3l>3.3
3113.8
31*3.0
18.8
1,918.9
1,921.3
31*2.9
31*2.7
19.6
21.8
15.8
15.9
3
.U
•
93.3
Dally Treasury Statement and Circulation Statement of United
States Honey.
Preliminary.
Less than $50,000.
Valued at $1.29 per ounce.
1/
93.1*
£7
^
1*93.5
81*6.7
3,31*6.8
1.,
317.6
l.,207.3
3,870.6
3,512.8
3,508.1.
3,511.7
3,52l..8
Valued at $1.38 per ounce.
Valued at $1.38 per ounce or at $1.29 per ounce according to
whether the bullion le held for recolnage of subsidiary silver
coins or for recolnsge of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
i/^
(In Eoilllons of ounces or dollars)
Calendar year
or month
Silver
production In
anted States
Silver acquired by mints and assay offices
Revly Blnai
silver 2/
dei
Fcoreljpk
silver
^
dollars
Ounces
191.1
71.3
61.7
63.9
68.3
71.1
70.6
61.6
60.7
68.3
70.5
191*2
55.9
1.7.9
191*3
1.0.8
5.5
191*1*
35.7
29.3
«
1937
1938
1939
191.0
191*5
191.6
21.1.
19l*6-Aprll
9
51*
2U1.5
.6
1*2.1*
355.1*
1.0.1
282.8
139.8
72.6
1*8.
50.1
31*
.0
11*.
3.9
•
,
.6
1..9U/
l*.l*
108.7
156.9
120.5
50.9
27.1
6.0
312.2
31*3.3
163.3
199.1
160.6
208.0
99.1.
11*3.1
77.2
68.1
5.5
1.0.0
1*17.1
•
V
.6
U.9 U/
1..1.
.3
May
June
1.1
July
August.
September.
1.1.
October
November
December
2/9
2.6
2.9
.8
.8
.e
1.6
2.0
1.1.
1.6
2.0
2.5
3.7
3.3
2.7
1.8
2.0
2.U
1.6
1.8
.
.
19l*7-January .
February
March
April
.
.
.
.
.
.
2.6
3-0.
2-7
1.8
2.U
3.9
,
.9
V
7
.
,
Juh)
7
3
1947
81
Seigniorage on Silver
{CianulatlTe from January 1, 193^ - In millions of dollars}
Sourcea of seigniorage on ellTer bullion revalued l/
End of calendar
year or nootb
Seigniorage
on coins
(silver and
minor)
Revly -mined
Mlec silver
silver (Act
(incl. silver Nevly- mined
silver (Proc. July 6, 1939
bullion held
June lU, 193U) Dec. 21, 1933)
.
Silver Purcbase Act
of June 19,
193't
Jul? 31,19''6)
U8.7
U8.7
226.2
302.7
366.7
3l).5
326.2
27l).9
3').7
1)22.1
397.5
3").
51)1.6
.9
1)57.7
3l).7
87.3
87.6
530.7
562.7
3").
508.1
616.0
705.6
31).
759.1)
580. 1)
58U.3
58U.3
31).
799.7
818.9
820.6
820.7
938.1
1,069.6
1)8.7
I18.7
WW
182.1
1)8
WkZ
2lt5.7
US.
19''3
299.6
362.3
1)8.7
''29.5
''91.9
1)8.7
1)8.7
87.6
87.6
87.6
87.6
87.6
87.6
UU6.U
''53.1
1)8.7
1)6.7
July
August ...
September
'•57.8
1.6U.6
I170.6
1)8.7
1)8.7
1)8.7
October.
November
December.
'»76.7
itSl.6
1)8.7
1)8.7
'•91.9
1)8.7
i»93.9
l<95.5
1)8.7
1)8.7
19'U3
Wkli
19''5
19U6
19U6-MB7
June
,
,
.
.
19''7-January .
February
March.
April
May
Source:
1/
.
.
,
1)8.7
U8.7
7
1)98.2
1)8.7
502.2
506.0
1)8.7
1)8.7
Dally Treasury Statement.
These Items represent the difference between the cost value and
the monetary value of silver bullion revalued and held to secure
Potential
seigniorage on
silver bullion
at cost in
General Fund S/
16.8
36.0
58.0
18.5
U6.1
63.7
69.5
91.7
122.2
1935
1936
1937
1938
1939
silver
(Proc. of
Aug. 9, 193't)
Total
seigniorage
on silver
revalued
Ifatlonallted
7")
1)8.3
63 6
65.3
65. 1)
581).
.7
3').7
3l).7
3")
65.5
66.5
701.6
832.1
87.6
87.6
65.8
65.9
832.1
832.1
87.6
87.6
87.6
65.9
65.9
65.9
832.1
832.1
832.1
3").
87.6
87.6
87.6
65.9
65.9
66.5
832.1
832.1
832.1
3').7
87.6
87.6
87.6
67.1
67.8
68.3
832.1
832.1
832.1
31).
87.6
87.6
68.8
69.5
832.1
832.1
2/
31)
7
3l).7
758.8
950.6
1,055.8
1,089.0
1,01)8.2
967.3
717.3
333.2
161.2
1,068.9
1,069.0
180.9
1,069.0
1,069.0
1,069.0
178.8
175.3
173.0
1,069.0
1,069.0
1,069.6
170.2
170.6
161.2
3l).7
1,070.2
1,070.9
3i).7
1,071.1)
161.7
160.9
159.1
3''.7
3l).7
1,071.9
1,072.6
157. 1)
31).
3l).7
3").
31).
181).9
159.8
silver certificates.
The figures In this column are not cumulative; as the amount of
bullion held changes, the potential seigniorage thereon changes.
.
,
.
Treasury Bulletin
S2
Money in Circulation
(Id
illloDB of dollars)
Paper aoDoy
Total
Knd of fiecal
year or aonth
uney
Id
circula-
Total
tion 1/
noney
Oold
certificates
surer
certificates
2/
b.Utl
hO'tl
7.8Ug
5.93'*
b,>l88
78
72
7.2'*8
igiii
"^.612
8.932
I9't2
i9'»)
12.383
ir.uzi
l9U't
22.5011
19't5
2b.7U6
2R.2U3
21.138
25,5«l
5.92'*
19U6-Na^
June
federal
Reserve
aotes
281
1.078
1.230
>t.l69
It.llU
262
266
67
63
1.582
2l*g
U.UgU
5.163
1,711*
300
6.6gl*
11,600
59
16,1192
57
1.75'*
1.61*9
26,829
26,91*5
S"*
52
50
federal
Beserre
Bank
notes
1.588
1.651
2.025
317
9.310
322
322
323
317
13.71*7
18.750
22.867
23.973
38
30
26
22
20
269
217
186
165
150
19
58U
597
527
139
132
126
120
I16U
uu
1*68
2.018
2.025
317
317
23,861
23.973
I16U
50
50
50
1.996
2.002
2.009
31t
317
315
2l*.010
1*58
192
2U.237
U5it
31"
319
316
2"*, 31*7
Wt
580
wto
2't,672
lt3U
31'*
50
50
national
bank
notes
1/
i/
l.'t5'*
26.9'»5
28,120
2g.2U5
UDited
States
notes
2/
1937
1938
1939
igMo
I9't6
Treasury
notee
of 1890
113
113
112
July
August. .
September.
2g,25U
ZS.kki
28.507
26,9143
October.
MoTenber.
DeceBber.
28,600
28,8£l
28.952
27,255
27.506
27,591
50
U9
"9
1.987
2, 006
2,009
I9U7 .January...
February.
March
28, 262
28, 30U
U9
U9
U8
1.916
1.95t
1.99*
308
2U,11>1
2l*,ll6
1*29
28,230
26,925
26.966
26.886
31'*
23,999
1*21
110
109
108
April
2B.11U
28,2lU
26,763
26,863
U8
Ug
2.022
2.067
318
320
23.853
23.910
UlU
UlO
108
107
.
.
•l»y P
bid of f Ileal
year or aonth
19371938.
1939.
27,129
27,175
Total
coin
191*0.
523
527
551
599
191*1.
680
191*2.
783
929
1.066
1.205
1.300
19'*319'1't.
191*5.
19H6.
igltfe-Hay..
Standard
•ll»er
dollare
Subeldiary
•liver
38
U6
53
81*
Minor
coin
31*1
iW*
1I16
381.
169
l9*
50U
610
700
66
21*.
3U2
361
S33
103
125
21*,
788
11*0
81*3
155
'*51
111
111
110
U2U
Money in
circulation
per capita
(In dollare)
150.05
•9.77
53.**
^M
72.16
213
236
263
292
317
91.95
127.63
162.98
191.56
315
317
199.3'* r
200.3'*
200.3"*
1.291
1.300
139
837
June.
lllO
8U3
July
AucuBt
September.
1.511
1.319
1.332
11*2
gl>9
853
862
320
323
325
200.23
1U3
lUU
October.
Noveaber.
Deceaber.
l.SiiS
11*5
1.355
1.361
ll>6
872
878
882
328
531
331
202.22
203-93
202.96
g6U
86U
869
327
327
328
197.80
197.76
196.92
873
873
331
195-79
196.16
19117-JBnuary.
.
February.
March....
April.
May p.
1/
lUl
1.337
1.33/
l'*7
1.3'*^
l"*?
1.351
1.351
lUg
1''7
11*7
(1) Circulation Stateaent of United Statee Money; and (2) Annual
Beport of the Secretary of the Treasury for I9U6, pages 623-627.
Preliainary.
BeTieed.
Excludee (1) aooey held by the Treasury, (2) Boney held by or for
the account of the Federal Reserve Banks and their agents, end
(3J coin e-tiDiated to be held outside the continental liaits of
2/
2J
330
201.1*2
201.69
the United States.
Includes paper currency held outside the
continental lialte of the United States.
Gold certificates and Treasury notes of lg90 in circulation are
being canceled and retired upon receipt by the Treasury.
Federal Reserve Bank notes and Hational bank notes are covered
by deposits of lawful aooey and are in process of retireaeot.
July
1947
CAPITAL
AND
83
MOVEMENTS BETWEEN THE UNITED STATES
FOREIGN COUNTRIES AND NET POSITION
IN FOREIGN CURRENCIES
Treasury Bulletin
si*.
Capital Movementa Between the United States and Foreign Countries
chapter
This
United
Foreign
Section
on
Capital
States and
Foreign
Currencies
Is
I
Uovements
between the
available.
Countrleg and Position In
divided
of Capital Movements,
Into
four
main groups.
The last group contains Information regarding the
position In foreign currencies of United States
banks and brokers,
their outstanding foreign exchange
contracts and purchases and sales of foreign exchange,
both spot and forward.
This section covers a twelvemonth period.
the Historical Summary,
net
contains data regarding capital movements, by the prinof data and by years, starting with 1935.
Each type of
The last thirteen months are also shown.
cipal types
data
Is
then broken down Into
Its
chief components In
the same chronological detail.
Figures
Section
II
supplies
a
geographic
breakdown by
The
principal countries for the last thirteen months.
capital movements are given first and then the
total
principal categories are shown separately. In addition,
at this point, the total outstanding claims on and liabilities to foreign countries are each presented.
I
-
previous periods may be obtained from
Supplement to the "Treasury Bulletin" on "Capital
Movements between the United States and Foreign
Countries,
January l^kS through April 19^5",
for
details during that period.
"Treasury Bulletin",
November 1914-5,
for capital
movements, and position In foreign currencies by
months, 19'^2-19'*5.
Details with respect to capital movements and
short-term claims and liabilities are presented In Section III as of the latest month for which the data are
Section
for
the following sources:
"Treasury Bulletins",
March 19'*2 and earlier, for
details covering years back to January 2, 1935.
Historical Siunmary
Table I.- Net Capital Movement
(In tbousandB of dollars; negative figures Inillcate a net outflow of capital from the United States)
Analysis of not capital movement In:
Calendar year
or month
Net capital
movement
Short-term
hanking funds
Brokerage
balances
Transactions
.
Jtdy
1947
«5
Capital Movements Between the United States and Foreign Countries
Section
-
I
Historical Summary
-
(Continued)
-
(Continued)
Table 2.- Short-Term Claims on and Llabllltlee to Foreigners as Reported
by Banks and Bankers In the United States
(Position at end of period In thousands of dollars)
Short-term claimfl
Payable
End of calendar
year or nonth
In
foreign
currencies
Payable In dollars
Loans to
foreign
1*7, 1*77
268,719
221,383
1,301,1U2
1,623,317
1,893,087
2,203,185
3,221,328
3,938,232
367,786
1*7,068
118,633
202,085
3,678,518
19l<2
21*6,673
72,01*8
257,929
11*3,709
137,161*
'1,205,389
19'»3
19W.
329,691*
30,916
31*, 387
51*, 603
19'«5
392,766
708,253
1*7,1*89
1*06,801
''3X,930
1*9,218
270
62,072
1*90,703
511,021*
561,1*16
581,1*50
778, 579
672,611*
6511,990
128,951
626,01*2
150,01*1*
3,
191tO).
19110),
508,702
383,978
66,71*5
31,
I9IH
I9I1O
31,
30,
191*6
,
191*6 -February
March
April
May
June
1*31*,
,
,
July
August
September
October
Hot ember
December
11*0,
61*2,600
708,253
,
191*7 -January
730,693
751*, 576
February
foreign
currencies
385,636
310,1*77
1,156,1*96
1,1*56,885
'•6,795
66,1*78
97,851
209,597
111*, 791
135,311
121,001
82,983
103,369
60,8e8
2,712,626
31,01*9
3,55'*,25^
3,352,223
3,523,328
19,677
13,893
17,911
3,310,732
3,958,716
1*,
356, 501
I*,
91*6,621*
306,618
668,168
1,222,580
1,218,633
1,910,898
6,1*80,262
'',693,911
6,931,1*1*8
'•,96'i,752
6,927,795
1*,
6,883,102
6,65^,628
6,612,010
5, 371*, 903
5,596,775
6,883,068
1*,13U,1*12
169,670
21*5,010
290, U95
102,268
112,076
255,315
266,521
270,667
57,961*
58,1.60
101,531
217,396
228,236
108,706
108,093
106,196
236,539
231,730
275,991
216,171
233, '•71
6,908,181
6,767,799
6,689,272
103,518
96,977
98,119
272,156
227,01*2
6,679,1*78
i*,9'*6,96l
291*, 691*
250,929
6,690,996
1*,
319,639
290,1*95
6,1*80,262
93,'»78
313,213
315,137
321*,
002
360,719
6,'*73,699
8,1*00,518
1*,
78,720
86,378
215,3''3
22U,328
21*1,627
Net
short-term
liabilities
1,600,507
1,985,025
3,025,189
3,786,182
100,267
319,639
53,333
602,716
In
of
105,1*21
98,119
615,658
,
9U
152,1*37
1*88,365
i*3U,977
Payable
Deposits
foreigners
ban]£fi
161,263
96,726
116,917
165,521
173,238
U5, 118
(Dec.
(Dec.
(Dec.
(Dec.
(Jan.
(Dec.
1935).
1936).
29, 1937).
28, 1938).
1935
1936
1937
1938
1939
-\
Short-term liabilities
Payable in dollars
99, 95'^
522,563
950,703
1,238,097
1,577,11*3
5,116,971*
5,267,081
6,1*90,302
1,7'^5,722
21,61*1
25,51^6
'•0,629
1,9'^3,27''
23,1*22
6, 521*, 61*7
959,697
1,9'^3,576
21*,
522
6,1*95,865
'•,927,985
l«,760,U88
28,521
30,912
6,1*1*8,832
U, 762, 835
1,926,596
1,863,228
1,820,061
29,111*
6,163,925
6,100,986
5,01*0,21*9
1,81*2,517
25,'*15
6,31*6,765
'*,9''9,7i^5
1,790,877
1,867,115
27,177
27,517
6,l86,3U9
29,736
31,252
6,076,762
81*3, 776
1,702,781
1,815,968
'•,693,911
1,7'*5,722
1*0,629
5,772,009
710, 992
'•,858,977
1,723,106
39,601
36,605
5,71*3,006
i*,79l*,6l*0
3,50l*,936
5,772,009
6,073,611*
6,01*8,396
7,61*5,91*2
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures Indicate a net outflow of capital from the United States)
Short-term liabilities
Short-term claims/
Calendar year
or month
Payable
In
foreign
currencies
1935
1936
1937
1938
1939
(Jan. 2, 1935^an.
1, 1936)..
(Jan.
2, 1936-Dec. 30, 1936)..
(Doc. 31, 1936-Dec. 29, 1937)..
(Dec. 30, 1937 -Dec. 28, I938)
(Dec. 29, 1938-Jan.
3, 191*0)..
361,360
70,119
17,62U
191*0
(Jan.
19l*0-Dec. 31, 191*0)..
.
1*,
191*2
191*3
191*1*
19''5
ities
992,829
428,142
287,394
328,968
1,135,483
37,802
4,933
-16,971
20,386
J»2,54l
760,993
-433,959
105,607
620,884
220,576
583,205
-268,854
841,628
-U,372
'•,502
165, U6
-14,310
185,617
385,365
554,412
-3,947
692,265
-164,651
1,759,214
-29,779
-32,506
-75,340
-45,485
-70,224
716,904
-259,714
485,870
1,179,314
220,359
1,279,375
-418,422
1,920,306
-5,102
4,018
3,730
3,905
15,083
-4,024
-243,522
583,373
1,168,058
148,594
1,216,303
-733,909
1,873,983
28,91*8
117,3'^0
-1*8,601*
75,159
-7,717
1*1,758
121*, 721*
19,268
'•7,336
-3, 1*71
58,120
-3,515
20,671
-11*, 330
-20,216
-19,01*3
7,111*
5,154
-219,372
1*09
foreign
currencle
Het
short-term
liabil-
6,333
19,683
143,119
-94,806
20,520
136,780
53,039
15,933
in
587,334
333,407
143,622
374,440
1,040,164
-3,552
31,868
-20,191
1*9,31*1
19,298
60,899
6,5'»5
631,1*69
358,023
269,770
300,020
1,018,143
-1*6,323
-50,630
19,399
2, 1935-FBb. 28, 191*7)..
325,907
275,316
-216,009
266,600
7,701,417
4,232,535
3,488,814
-19,932
8,027,324
-515
-25,129
906
6,128
-9,808
-7,549
-U,206
-61,761
-3,653
-62,284
-5,055
-1,598
-l*,115
302
2,121
1,100
-62,276
-28,782
-4,146
55,324
-8,985
-44,693
-228,474
-42,618
-31,712
-167,497
2,347
-16,980
-63,368
-43,167
3,999
2,391
-1,798
-47,033
-284,907
-62,939
3,157
-25,456
8,156
296,171
-140,382
-78,527
277,414
-90,504
-155,105
22,456
-51,640
76,238
-3,699
1,762
340
245,779
-160,416
-112,735
-5,472
U,518
-210,734
156,118
-103,185
-149,865
-163,809
113,187
-70,246
2,219
1,516
9,377
7,470
-28,366
-276,387
-6,513
1,926,819
17,131
147,985
-22,615
1,781,830
-1,028
-2,996
-28,953
1,902,936
-315, 1^87
(Jan.
Total (Jan.
Loans to
foreign
banks
Payable
1-F«i. 28, 19I17)
191*6
191*7
Deposits
of
foreigners
228,132
-11*, 788
-11,526
2,393
83,299
16,192
97,503
-11,256
-71,765
-63,072
191*1
Payable in dollars
Payable In dollars
191*6 -February
March
April
May
June
-2,31*0
-56,1*33
-8,739
10,5'*5
i*,ioe
-115,865
-20,321
-1*96
-10,81*0
July
August
September
-50,392
-50,21*6
-20,031*
-31*, 208
613
1,897
-l.U,26l
October
November
December
12,91*2
-39,881*
2,678
6,541
3,835
-22,538
-65,653
-1,11*2
-24, 91*5
6,429
-23,887
-39,566
-22,1*1*0
U,61*l
6,1*26
-1,921*
-33,507
-36,717
19'*7 -January
February
-23,883
11*,
758
-8,J03
l*,809
Treasury Bulletin
86
Capital Movements Between the United States and Foreign Countries
Section
I
-
Historical Summary
-
-
(Continued)
(Continued)
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners, as Reported
by Banks, Brokers, and Dealers in the United States
(In thouBaudfl of dollars)
Domeatlc etoclcs
Dameetlc lionde
Oalendar year
or month
1935
1936
1937
1938
1939
Pitrchases
(Jan.
1, 1936)
2, 1935-Jan.
(Jan.
2, 1936-Dec. 30, I936)
(Deo. 31, 1936-Doc. 29, 1937)
(Deo. 30, 1937-Dec. 28, 1938)
(Dec. 29, 1938-Jan.
3, I9UO)
U, 19U0-Dec. 31, 19i»0)
(Jan.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
281t,206
1*73,052
-188.81*6
19I1I
11(6,039
368,558
19112
96,383
151,639
136,853
260,223
19''0
191*3
19UU
19l'5
19116
19lt7
1-Feb. 28, 19lt7)
(Jan.
Total (Jan.
2,
75,l»a8
-222,519
20,895
194,616
-1*2,977
171,1*32
-31*,
221,816
n.a.
n.a.
n.a.
n.a.
n.a.
-56,216
57,196
506,022
751,081*
-85,1*27
-21*5,062
320,991
260,601
392,938
582,91*6
-261,955
211*, 002
1*6,599
365,171
1*39,676
751,01*5
27,767
210,735
-113,105
1,116,322
106,661
-331*, 203
8u
12,127,886
11,688,212
1*39,671*
50,385
-12,237
108,619
65,930
62,172
93,260
-27,330
73,899
67,350
65,782
88,225
78,359
70,501
11*8,829
1*9,398
170,555
70,71*1*
268,21*1*
21*5,311*
393,390
-15,673
650,1*11
637,91*0
681*,213
-269,71*3
782,119
131
-181
-97,1*32
-61*, 1*60
1*11*, 1*70
-21*, 669
1*3,950
1*1*,
38,81t2
1*2,780
23,9811
39,077
April
May
June
33,553
1*1*,
31,78it
27,392
July
August
September
81,
-3,938
-15,093
69,777
19,392
1*1,91*6
511,183
-10,571
-7,876
1*0,31*6
39,660
-7,151*
W*,101
38,699
35,955
-3,755
-3,133
3'*,5k6
23,535
25,871
32,076
31,959
25,167
-8,1*21*
16,1*36
9,51*0
U6,870
-100,1*31*
39,971
701*
231
-11*, 691
36,701*
.i*,628
16,989
26,221*
-9,235
35,1*11
1*9,065
October
November
December
22,263
20,959
39,832
26,21*0
-3,977
26,223
-5,261*
1*1*,
30,81*7
8,985
33,100
32,009
31,051
29,932
1,119
19U7-January
February
18,1* 16
29,1*65
-11,01*9
30,651*
U5
19,757
10,897
33,065
-13,620
13,296
21*, 37"*
-U,078
n.a.
19,
121*
35,566
38,390
21*,
2U1.,626
1,119,905
-39,1*36
25,701*
62,530
316,660
600,693
1,11*2,923
138,511*
1*32,109
March
986,021*
2,083,698
2,028,755
Net domeatlc
stocks
and
bonds
1,031*, 1*78
193?-Peb. 28, I9U7)
191*6 -February
1,302,681*
2,273,381
1,200,119
211*, 388
37,861
Total
sales
2, 681*, 391
952
171*,
367,61.9
357,655
n.a.
n.a.
n.a.
n.a.
n.a.
278,032
161*,218
21*1,299
513,558
377,717
579
Total
purchaaes
Sales
2,^*35
35,317
-2,217
1*26
.12,1*17
62,928
-21*,
850
1*6,1*1*7
-lit,
326
-U,009
-l',719
-108,858
-13,987
-13,863
55,363
52,968
70,883
61,557
-6,191*
70,61*9
-17,681
60,779
10,101*
1*9,070
32,71*1
1*9,222
-152
57,1*39
-21*, 698
Not available.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners, as Reported
by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
Foreign bonds
Foreign stocks
Calendar year
or month
1935
1936
1937
1938
1939
191*0
(Jan. 2, 1935-Jan.
1,
(Jan. 2, 1936-Dec. 30,
(Dec. 31, 1936-Dec. 29,
(Dec. 30, 1937-D«o. 28,
(Dec. 29, 1938-Jan.
3,
U, 191*0-Dec. 31,
(jan.
Sales
1936)
1936)
1937)
1938)
191*0)
19UO)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a,
n.a.
n.a.
n.a.
Total
purchases
Purchases
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
191*1
191*2
n.a.
191*3
23,278
26,601
37,328
n.a.
n.a.
n.a.
372,158
225,289
7l»,209
896,11*9
1,016,188
1*82,809
133,558
227,897
51,703
1*69,61*5
391,91*9
21*7,367
1*02,056
77,696
93,1*96
-1*6,617
556,056
163,973
265,127
-8,065
6,371,761
5,11*1,91*0
1,229,821
31,071
33,175
61,758
27,353
-30,687
5,822
-17,1*61
31*7,269
88,973
-29,156
1*90,1*1*6
265,1*90
15,989
318,113
755,936
139,919
155,697
-15,778
5,625
3,928
7,881
5,919
-2,256
-1,991
25,1*1*6
53,877
-28,1*31
29,21*7
21,1*31*
7,813
April
May
June
1*,527
l*,65l*
-127
9,252
6,232
-1,1*87
1*8,236
1*8,216
1*4,955
7,765
5,221
52,763
55,981
701*
l.Jt,08l
3,281
29,593
623
July
August
September
l.,81*5
l.,U6
5,056
729
108,919
88,173
20,71*6
113,761*
-321*
70,891*
5l*,025
16,869
26,035
62,1*76
October
November
December
U,625
156
32,807
3,920
68,588
(Jan.
Total (Jon.
l-Feb. 28, 191*7)
3114,262
2, 1935-Feb. 28, 191*7)
191*6 -February
March
19'*7-January
February
n.a.
-363
7,713
not available.
U,732
7,210
3,961*
5,997
5,718
10,271
-1,011
1*1*,
18,623
U,i*19
2,791
55,266
29,231
2,552
2,217
3,531
2,073
1,767
5l*,537
2,1*66
57,197
52,129
30,381
21*, 390
l*,036
1,682
91,157
U,21*0
6,031
1*8,762
1*8,209
22,569
133,128
21*,
-81*,366
125,158
191,076
267,008
26,758
115,689
78,156
185,261
220,533
1*1*6,367
65,21*7
71*9,180
1*56,051
1*1.5, 51*7
3,1*87
'*,523
191*5
191*6
536,098
705,073
Net foreign
stocks
and
bonds
561,236
205,289
19,791
22,078
51*, 789
65,610
8,276
191*1*
191*7
n.a.
661,256
Total
sales
31*0,863
355,W*1
821,183
155,908
127,133
-7,361*
1*9,609
3,151*
27,875
50,313
28,106
-388
92,289
59,081
33,650
21,1*75
16,51*5
59,162
61,161
58,126
32,933
26,607
26,229
51,71*0
6,386
96,875
59,033
26,605
137,368
70,270
-78,335
1*9,925
75,626
28,826
3l',57l*
July
87
1947
Capital Movements Between the United States and Foreign Countries
Section
II
-
(Continued)
Sumnary by Countries
Table 1.- Net Capital Movement
(Id tbottsaadi of dollftn; p«tatlTe flgttrqt Indlcata a net oatflew of capital froa th» Dplted St*tea)
I9H6
Tabmary
luropa
Unltad KlagdoB
Fraaca
BalgiHB
-2l,9'»2
-85.679
-16.533
-18.227
-2.'t96
1.369
U.OSO
-156
2.55''
-210
5.205
2.705
-53.553
•.
Denaark
rinland
Oaraany
69U
-171
"07
-9.572
-61.838
8.6(3
123.667
3.1t7
-578
20
2,2l«lt
526
22.797
-350
-619
6,683
•101. 83U
-'•Hy
10.872
1.350
U25
-123
araeoa
Italy
Luxaaboorg
26,22;
'19S
llt3
Ratberlaada
Norway
Portugal
-12.628
-".930
-2,292
10.765
-2,715
131
-8.371
-8.526
l»,199
835
-310
692
990
-6.388
19"
-1.273
-U.SOU
•
Boaaala
Spain
Swedan
-78
6
781
1.U61
-2,129
-7.615
2.52't
-2.262
-1.271
195
1.509
-3.5'»3
YogoslaTla
Otber Europe
801
1.555
19.965
852
12U
Total Zurope
-77.001
-99.922
-32.113
Swittorland
g. S. S. B
Canada
LatlD JLaerloa
Argentina
BollTia
Braiil
•.•••..
Cblle
Coloabla
Costa Bloa
Cuba
Trench Neat Indiea and
Oolana
Mexico
NeUerlands Vaat ladlai
aad Surlnaa
Panaaa
Peru
37
l't.396
13.
-7.130
165
5,081
-1.991
-1,00U
11,176
-681
-2,108
-332
-1,820
IU7
16,126
-5t
5.229
16, 898
1.958
-3,665
1,9'te
''T'*
-"•,896
687
-576
-2,338
3.233
-3.296
Tenataela
Otber Latin Aaerlca
5,505
-U02
-1.56I1
Total Latin America
5,6hi
'KI.733
Asia
China and Nancburia
French Indo-Chlna
Uong Kong
-20,916
6.336
1,616
-20,080
3,222
2,175
10,098
-10,868
India. Boraa. and Ceylon.
Brltlah Kalaya
Japan
-197
-l''7
-77
-"5
tfetberlandi laet Indies..
Philippine lelande
-9.329
-9.357
-32.77't
-1.256
Torlcey
li.g09
Other Asia
2.985
3.965
7.*29
Total Asia
-15.653
-'t8.309
-3.083
-221
-1.532
-160
159
-579
"•37
Other countries
Aastralia
Bee Zealand
£gypt and Anglo-lgyptian
Sudan
French Morocco
Union of South Africa
All other
7.»58
175
-153
-2, 836
Total other countries....
7.616
-5.085
16,208
5U.3i»6
International
Unidentified
Orand total
1/
iprll
See footnote 1, page 77>
1,067
h29
-»7.726
-'i'i,33U
-22.78't
67
-t.975
12.51*0
-kzs
1,923
-200.900
i.^7
Aocuflt
Septaabar
Janoary
Tabruary
Treasury Bulletin
sts
Capital Movements Between the United States and Foreign Countries
Section
II
- Suitmary
by Countries
-
-
(Continued)
(Continued)
Table 2.- Net Movement of aiort-Term Banking Funds
(In thousands of dollars; negatlTs figures Indicate a net ontflov of capital froa the United States)
19U6
Rirope
United Kingdom
France
Belgian
March
April
Hay
-U9,oa
-79,000
-16, 282
-2,28U
-3,387
-58,802
9,170
-119,998
2,668
679
-158
3,111
-556
21
-316
26,299
5,238
35
2,99J
518
22,799
-301
-17,529
-18,119
Denmark
Finland
Germany
Greece
Italy
Luxembourg
February
l,lt£6
U.OOS
-138
«
July
13,857
983
2,
206
1*17
-125
-638
6,587
18
1*5,51*9
76,507
-90,61*1
21*,
838
775
8,12lt
17,977
-23,359
8.516
-79,653
-17,053
-26,273
1,136
-3,136
-150
560
828
80
-2,053
2,622
395
2,017
9,1*57
-2,81*2
-8,676
26,653
-5,9Hl|
-3,371*
l'*,267
5.061
562
U
-2,11*1*
-i,oiw
-7,891*
692
913
-6,312
I9I*
Spain
Sweden
-78
708
Svitserland
U. S. S. S
Tugoslaria
Other Europe
2,031*
i*,295
-3,61*3
2,336
20,056
-2,6U7
-1.271
196
1,873
211*
91 1*
2,836
2,220
-616
3,800
10,785
2,077
173
5,011
Total Soropa
-70,882
-82,258
-18.620
•189,813
2,033
18,1*23
-17.351*
-81.312
-8,610
-2
-2,797
>»,502
10,700
-1.838
-1.011
-5,701
-1,120
-3'*7
-l,6l2
-5,108
652
-805
l'».797
.65
-932
-521*
38
12.073
-18,271
1,89s
-2,821
-2,321
3,619
1,121*
-2,535
881*
1,1*13
-3,i*l*3
-1,938
Venezuela
Other Latin America
6,133
-751
-1,908
10,158
8,1*80
Total Latin America
-3,912
33,212
Asia
China and Manchuria
French Indo-China
Hong Kong
-20,339
6,336
1,682
-18,983
3,221
2,316
Latin America
Argentina
BollTia
Braiil
Chile
Colombia
Costa Rica
-2,1*05
Cuba
French Ifest Indies and
Ouiana
Mexico
Setherlands Vest Indies
and Surl nam
Panama
Peru
India, Burma, and Ceylon
British Mali^a
Japan
8,31*1*
Netherlands last Indies.
Phllipplae Islands
Turkey
Other Asia
-9,270
-8,725
Total Asia
Other countries
Australia
New Zealand
Zgypt and Anglo-Egyptian
Sudan
French Morocco
Union of South Africa...
All other
Total other countries
International
Unidentified
Orand total
—
-197
-130
-1.071*
-10,931
-75
3li»
-9.153
1,51*7
It,
85"*
1.591
32
891
-23
-l*,i»90
-6,190
2,593
-1,073
U.381
-179
10,195
-86
3
1*32
201
-5,538
59,36U
816
February
•12,978
-29,896
-31.183
6,251*
-16,31*1*
6,708
-831
-1,832
-4,798
7.592
251
iS
-86U
-76.U38
22.565
52;
-139
lit
-li*,933
-22,229
-10,232
-6.500
2,502
-2.331
-1,755
-1,368
-15,091*
-it.786
-l.loU
-611
-llt,2U7
-l*,957
-135
-3,963
-6,851
866
-12,889
10,653
-2,353
-1,626
-5,996
208
357
-13,165
-16
-2.299
-21.805
296
-U,188
5,650
'*,027
211,262
-8,739
13,31*8
5,81*1
-9,301
-2,282
-10,1*52
3,562
2.U16
8.977
-llU
12,613
6,79?
-275
5,805
-11*1.730
21*1,321
-155.501
1*0,1*99
?7 .9y
-115. 62U
12, olio
31,85>*
-66,051*
-1*8,808
-73,587
-61,200
1U,835
lou
16,163
23,970
311
208
11,983
25,818
-18,066
-36,521*
U6,Ol*2
-1*93
-10,6llt
-21,1*52
69
-37,5K6
-1,933
12,11*1
801
2,6U7
-20,790
2,335
1,190
-663
-*,720
-It, 107
1,013
2,662
-5,198
-*53
3.392
10,782
-577
-11,320
-9.163
-7,939
-6.581
-3.366
8.326
-715
1*75
1*19
-35»
-3,102
-3.101
-4.969
-230
-9,1*55 -10,381*
'',690
27,1*39
6,283
229
1,035
18,682
-20,553
-9,35k
1*20
-9
-1,969
15,793
663
-1,880
5,731*
588
-5,72U
-1,1*22
-2.1*15
-2,1*65
-2,090
-2,118
31*1
623
-l,2ll0
-lt,lt69
-3.959
959
-'*,398
535
13.506
-3,916
38,1*1*7
36,505
-17,823
220
1,528
-18,623
1,371*
8,563
-Its
18,1*75
1*,81U
2,907
7,'*52
-It, 578
3,076
-1,388
-'»,573
12,51*0
1,021*
-1,1*71
-2,2911
It,
81*1*
2,303
-6!w9
-11,020
6,51*1*
-1,1*83
-67
11
-75
I191
3,192
-8,915
-5,31*3
6,207
2,373
7,230
1,993
-3,617
2,720
-82
1,328
6,31*1
13,1*06
-1,920
936
3.675
-32.651*
81. 056
-17K.160
-112,780
72,1*58
-31*, 009
58l*
l*,893
17,593
1,368
371
-31*,
1,1*89
-l,2»7
-679
1,1*07
-12,108
9,71*9
-15,908
-3,81*5
-1,525
-ItU
-1,01*3
7,002
-666
U,o6U
-333
-'*,5'*3
-'t,323
-9,056
-136
-3«0
1.510
950
-163
-722
-1*58
2,269
-7,332
-3,158
-771*
-2,675
662
-5,625
-1,720
-3,109
l*,963
8,650
-3.925
2.625
-3.207
18,Ul8
2.375
-3,160
2-303
U,6l8
2U,180
-11,31*2
52a
11.128
-2.211
17,1*57
37,271
-*3,l5t
275
-1*7,751*
-72.600
-6,617
-ll«,l*81
-39,672
It, 538
2,310
-lt0,250
-59,6llt
-1*2.597
-12,020
-39,8lU
-1,599
13,068
-37,617
3.787
-3,157
2,169
-31,962
-6,150
3,1*1*2
-35.165
-5,195
-5,539
.23,176
7,771
106
-'*,725
l,liU9
-2,236
-6,302
9,681
»,225
6,600
-1,079
-3,853
-858
185
t,336
7,712
7,717
311
556
103
2,1*38
-1,655
-8,848
596
-1,708
526
5,790
-16,128
-1,567
8.856
962
-1,937
1,212
-7,51*1
-9,759
-65I*
1,111*
-3,lt98
6,116
8,612
-25,162
-10,078
lt,3llO
6,109
-5,365
-15,1*58
-4. 1*23
118
U,683
1,858
-2,797
-191
-lt5,7ltt
-38,683
lt,itlt9
-72,331
lt8,152
-59,918
1,778
l6U
-6,31*1
16.586
381
10.022
2.033
-5,521*
'111
11*7
-itlt
-1,1*1*1
-1.018
-1,503
Itll2
1.0l*«
3l*.995
-52.8lt6
7.19^
2H.
8
-lUl
-t.936
-1,015
5,639
1,51*5
-37,1*11*
-J,ltlit
llt,25l
3,562
-359
ItlO
2,02lt
10,258
-807
-It, 512
-252
-663
lll*3
-7U.65I*
-2,803
-5.001*
5,090
5,7tt
-its.ooi*
10,153
-1*0,891*
-116,073
-3,2l6
-150
-1,285
-162
2,183
165
-3,11*9
1*22
91*8
2,71*5
173
-621
-1,033
-1.125
1»1»2
92U
-1,362
930
1,11*8
8.089
202
-139
-2,923
1,068
-12,1*66
-23,207
}',^
January
-13,153
30s
-875
•101,671
-8,693
-1,717
-33,159
3,920
2.1*1*6
December
-2'*,09ll
-333
Canada f
November
125.793
i*,32l*
fiumanla
October
-13,222
-7,863
13.101
-2,979
102
Portugal
September
280,681*
-12,092
-5,628
-2,228
Norwv
August
-'»,793
-97,186
-33,759
-7,61*3
HetherlandB
191*7
-ItSl
2,21*7
-I*, 781*
871
-60,822
3,329
-1,622
-1.369
892
1*6
1, 01*8
1,336
1,561
ltit9
1.206
-5.067
-1,267
825
-3.167
271
-2,288
22H
3,353
-1.873
1,813
U,lt01
-5,827
-117
It, 201
-378
1.193
22,207
-2,89lt
-itiA
-51*,
^7
-It.
l*,967
-6.092
-3.966
-5.855
-3,71*1
1,1*65
-3,003
89I1
-It.
565
7,78"
1*.92S
1.807
-6.039
1*50
183
6,350
ll*,972
7.209
ll*.995
998
23.793
-1*1,1*78
16,208
5l»,3»6
-22.076
-3,o6»
11*5, I109
9.166
80,329
250,861
15,366
176,957
12.316
-1*.809
2.256.662
1,071
1*27
2,973
-2,232
1*60
669
-1,989
281,361
-1,060
-189
6eu
-1,766
-62,276
-28,782
-1*7.033
-28U.907
-62,939
21*5,779
-160.1*16 -112,735
7,1*70
-28,366
-276,387
28,953
I*,
320
1.902,936
July
1947
Capital Movements Between the United States and Foreign Countries
Section
II
-
Summary by Countries
-
(Continued)
Table 3,- Net Movement In Brokerage Balances
(Continued)
.
Treasury Bulletin
90
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II
-
Summary by Countries
-
(Continued
1
Table 4.- Net Transactions by Foreigners In Long-Term Securities (Domestic and Foreign)
as Reported by Banks, Brokers, and Dealers In the United States
(In khoo«andi of dollar*; nogatlTo figures indicate net eaJLet by forelgnare)
I9U7
19li6
Tebmary
lurope
United Zln^doB
France
Belgiua
-3.9'»5
-U.ggo
-8
-115
Ul
-2
Denfflark
Tlnland
Aermany
Oreece
Italy
Lnxembourg
Hetherlanda
Horvay
rortogal
Bunanla
Spain
Sweden
-20
1
13
13
8
652
-186
-2
12
-210
52
25
-UI16
6
-506
388
-23
-a.uio
-327
-19
-3.81*7
18
56
70
Us
-2l»3
.UI16
-1.273
-359
29
l429
-7.753
-2
''I
8
-68
-U2
-2.080
-3
-20
-6U
91
-62
1.816
1.666
-100
-7.626
786
3t
6
52
16
-lt.716
3. Site
232
-298
2.6U3
-5.902
2lt7
1*75
2.095
798
138
12
-U.006
I*, 680
20U
8
-2.93"*
-7U
82
February
-21
39
-2U8
209
-51
JanuAj/
a9
10
11
-23
71
December
1,276
-39
35
-2.306
251
-21
loraaber
131
8
-3.573
IW
October
-6.3'to
-5.381
-3,210
-615
-522
Septaaber
-9.672
-22
71
-5.982
3IA
-195
2
^vgaat
July
Hay
i4>rll
-71
15
-1.U32
-itgU
121
20
-175
2l»3
30
6.307
-3.191
1.023
119
-1U7
-2.558
-I1O8
-380
-1>».938
3
5
-2
-12
-2,021
-7
5
311*
1.251*
1.850
-1.759
227
-919
-93
-13
33
-81
72
-117
-10.100
12
19
201*
-55
-31
299
-35
19
-197
1.076
-56
-*.i*99
-U.9lt9
-8.0l<2
-8.81*2
-6.150
-5
-5
52
-26
-1.881
28
l*.66lt
1*37
1.1*52
635
-1*28
52
-10
-1
1*5
-lU
U3
-25
-230
1.925
-332
-213
-3.987
-1.923
1,81*2
732
-125
36
20
58
5
2
6
26
Svltterland
S. S. B
Tofoslarla
Other Xurope
-»t83
-2,037
-732
-91
-62
-2,137
-2.133
-1,008
-53
1.176
-2
k
-25
-156
51*
-1.1*73
Total Xurope
-6,lt6l»
-17.751
-12,265
-U.291
-3.558
-5.995
-25.067
-1,681
-U.l*95
-20.263
2.285
-8.233
-lU.Qitg
39.68U
-1*,01U
67.567
U.518
2,866
5.691
16. 136
25.1*56
59.255
-75.827
1.923
3.115
i,i>ie
21.965
-3
138
1.505
au
-9"*
U3
1.132
3.568
25
767
1.702
255
1,023
20,012
-2
188
17
1
36,224
62
10,91*3
16
18
178
208
291
323
710
2
26
17
-28
-10
-'^
13
2.313
108
33
11*7
k
571
83
-50
U
66U
-12U
1.596
1.197
368
2,262
139
1.3119
-23
-652
-2
51*5
-19
77
1
1.1*38
1*31
-1
27
72
-319
733
275
-18
-322
-152
-29
,2,038
92
2.525
-2.791
3lt8
-1(05
89
261
1,1*1*0
235
1,500
V.
100
3
Canada,
latin America
Argentina
BollTla
Braill
Chile
Coloobla
Coeta Rica
12,U70
-5.957
-',959
1,288
"9
790
122
31
536
3.22J
761
Wig
338
U92
llU
1
1
213
-3
-19
1.895
362
-3
632
269
9
1.617
-79
-1H3
152
336
5.838
3.'t99
1*3
665
-3.283
-2.789
16
-996
156
-9
-2U3
20
3.737
95
-6
-11
.2.32U
106
-2U
29
-20
Tenesuala
Other I«tln imerlca
656
125
51
89"*
-1,120
-28
1.919
-U,21't
506
3.366
-798
-963
-6&8
96
529
Total latin America
11.103
3.278
10,219
-7."t06
U.2M6
-1,281
38.55'*
16.219
25.779
26,1*17
-501
-752
-3.1t9U
-3.689
-1,810
-1.669
-1,016
-71*1
-188
-27
-3
Cuba
Trench Vaat Indies and
Culana
Mexico
27
1
Ketherlands Vest Indlee
and SurlnaJB. ...........
Panama*
Peru
Asia
China and Manchuria
rrench Indo-Chlna
Bong Kong
179
British Malaya
Japan
Total Asia
Other countrlss
Australia
Nev Zealand
Sgypt and Anglo-lgyptlan
-131
-103
-9U
-183
-126
180
15
-2
2
30
-2
119
125
760
15
3
-109
-12
-1
-8
13
U59
-195
-368
-2.007
108
-U,5lM
l40
-12.07J
2U
-15
-58
-85U
-5
2
-76
Crand total
3
-195
-57
-^
3"t
-76
-53
-139
-1,812
12,U62
-6,392
•16,398
-1
-3.96U
-3.968
111
-258
129
-69
3
10
123
2
-22
u
-25
-60
1*5
-2U
1
7
-32
-1
-6
6lt
-87
-19
23
-7
-3
32
-217
-203
78
-6
15.760
195
33
13
-862
-7
Total other countries....
U9
110
-2
-1.375
Sudan.
. .
-8
2.561
-11.106
-130
-50
-8
Hsther lands last Indlsa..
Philippine Islands
Turksy
Other Asia
Unidentified
17
1
India, Burma, and 0<7lon.
Trsnch Morocco
Union of South Africa.
All other
U
-I46
1
-1
-961*
1,286
607
2
-3
-80
1*8
-518
1
28
-3
2.595
160
-8
382
-189
535
1.985
2.091
5.691*
-1.11*5
1.787
-1.073
-398
310
-8
1.532
-3
-21
1*5
17
6
1(66
-I19I
-2U
-57
11*7
-l*.il
-9
8
.1
u
-k
7.171
30
-50
-31T
-25
3.UI18
6.536
-1.238
10.273
-2
-16,1*78
18
-83
-75
-203.
-50
U
7
80
52
-13.133
-769
r'*.7lw
10.903
-3
806
-533
5
-3
-16.81J
19
UO
9
5«
35
-18
IW
-1.0l<9
-16.681*
IO.I469
-17.616
16, 1*90
70.118
•103.033
-29
-119
21
-25
13
31*9
-26
-96
-52
-78
-16,055
10.697
829
87.383
2.558
963
20,035
15
-61
lit
59
-163
:i5L
:5_
-6
75
19
-21,508
-11.172
-17.097
-5.107
11*.
I6.89i
.
Juhf
91
1947
Capital Movements Between the United States and Foreign Countries
Section
II
-
Summary by Countries
-
(Continued
-
(Continued)
I
Table 5.- Short-Term Claims on Foreigners as Reported by Banks and Bankers in the United States
(Poiltiop »t <nA of
oDth
In ihott»>nd« of
dollTi)
19>l6
TuhnoATj
lurch
April
*V
19^1
Jiar
Ancnot
SoptoBbor
Oetebor
loTMibor
Doceabor
Jonoarj
februAry
inropo
Doltal KlnfdoA
FroAcc
Bolf lOB
26.325
660
2.593
28.585
728
31,633
859
3.582
''.591
Domurk
1.039
1.391
33.855
1.059
1.219
33.856
770
>I01
798
t35
2.025
575
1.500
1.033
«5
72
72
36.091
".235
Ull
35.767
6.228
t33
"•3.360
30
1.360
1,102
30
1.512
1,280
115
l.UKl
Sif adsD
SwltierlAAd
S. S. B
TufoalATla
Otbar Europo
".931
18
17
•.878
5.573
6.U96
8
7.960
11
6.182
11
lU
1.875
9
7
5.001
TotAl Europe
120,192
126.057
riAlABd
QorsAny
&r«oc«.. ..•..•
ItAly
LuxoAbourg
Heth«rlAj)d>
Norva;
Portugal
HoAaAla
Spain
0.
32.571
879
1.952
30.156
910
7.707
75,781
3,108
8,830
65.831
3.O6I
9.073
65. 271
2.977
6.868
56.535
3.939
7.216
55.912
1,068
7,713
17.66c
5.690
7.520
50.533
9.896
7.075
39.356
12.988
7,373
53
2,021
33.852
108
1.129
33.851
161
1.296
33.853
313
6»7
33.8t2
3.973
33,852
195
3.511
33,855
361
1.326
33,855
178
5.888
33.857
155
6,183
30,361
580
6.II9
30,318
373
6,126
30.353
1.105
2.135
61
1,617
1.339
69
2.089
8.791
12, 368
,57
11,878
18
12.530
17.702
51
13.027
12.913
61
12,362
15.950
72
12.571
10.717
61
12,559
10,511
72
118.188
1.176
552
119.365
271
521
119.611
551
687
122.816
172
713
137.063
708
982
128,816
691
1.312
138.772
2.116
930
150.961
3.305
1.026
136.558
3.669
860
153.683
1,013
929
73
58
2.917
5.552
61
33
3.327
5.189
53
3.6I1
5. 170
36
7.239
1,058
38
1.208
7. 612
6,512
3.922
7.172
1,898
11
7,331
5.I60
38
6,178
5,630
6.663
15
1.687
12
5.I63
1.155
16
6
8
6
5.060
1.953
1.980
1,307
6
5.511
5
6
11.651
15
12.205
9
6.309
13
9,778
8
6.062
6.206
9,1l8
9,521
10.226
13't.796
215.312
221.231
276, 8I9
268.983
291.921
282,129
298, 773
312,868
307,290
319. 807
50.066
53.552
I2.2I6
13.563
50.320
19.706
52.881
52,192
18.750
13.021
25.578
3.210
II 287
21,108
2,617
37.177
22.191
2.2IO
10.372
23,979
1.987
13.879
11,767
2,283
19.793
19.062
2,616
51.351
15.179
2.573
63,109
11.192
23. 815
1.671
13.823
20.973
2.561
13.969
19.791
511
11.586
26.387
2,918
13.117
29.901
3.107
15.259
30.155
3.696
21.138
27.906
11,08<
25.705
35.163
37,910
26.973
^
116
28,751
1,080
195
398
2,1*19
2.091
2.958
Canada
71.330
62.883
61. 663
Latin AAerlea
Argan tloa
BollTla
Bra«ll
17.981
I. "^5
29.671
2''.
732
2.729
29.980
26,768
2.862
31.877
20,121
1.975
30,901
20.117
3.059
28.396
27.891
1.139
28.631
Chllo
ColoBblA
Coata Rica
6,197
18,067
1,U69
7.062
20.110
6,728
21,211
I,2l2
g.OSU
23.189
1.52I
7.I73
a.3oi
i.ua
7.017
19.953
1.359
2.125
10,553
22.587
9.816
Cuba
French West Indlee and
Oalana
Mexico
32.936
37.121
22.90't
27.582
29.336
25.689
15.596
Hetberlanda Vett Indlee
and SurlnaA
Panaaa
Peru
Venezaela
Other Latin ABerlcA
•
Total Latin America
Alia
China and Manchuria
French lodo-Chlna
Bong Kong
India, Buraa. and Ceylon
Brltleh Malaga
Japan
.
5
2.
51
19
1
57
65
72
51
lU.lll
13.528
18
15.151
10
i't.252
19
15.015
205
13.883
17. 186
22,031
152
17.603
109
20,587
162
25.519
375
2.78?
3. sot
500
2.875
3.803
157
1,115
3,815
111
1.780
3.188
158
1,628
3.378
1.317
3.598
357
928
2,968
399
855
2.695
155
8I5
2,713
775
1.297
3.713
1,60:
603
3)6^
136
809
1,680
6,531
6,g6i
25.935
7.699
26,089
7.392
26,580
7.719
21,189
7.909
22.121
8.136
21.029
8.071
25.832
6,981
27,011
1.781
21.922
6.570
21.691
8.697
23.130
10.386
27.128
15.638
27.902
161,190
178.Ultl
166,122
158,030
l61,72l
170.350
185,282
182,607
182,076
200.201
226.762
260,111
279.611
9.7''l
22,8>t'<
22,587
16
1,953
23,920
20
2,038
I9.OI9
58
2,162
2,935
31.668
19
3, all
31.587
19
6,191
10,772
28
3.962
53.869
176
I.I5I
25.610
19
i.sus
28,581
19
79U
6.956
333
305
6,812
7.215
190
302
6.618
7.366
336
303
300
9.366
1.680
300
10.782
129
300
11.713
152
300
10,068
198
183
1.37'>
16. 085
1,381
16,667
939
3.517
1.171
I8.5I3
895
3.919
1,258
19,201
91I
3,868
1,160
16,569
918
3.928
1,023
3.92't
1.390
16.696
856
3.625
235
305
88
19
13
922
13.758
36. 801
25
67
5,920
I.96I
25
5,061
9.105
I7I
238
12.009
212
2I5
12.665
518
217
12,908
537
2I5
1.332
1,036
902
11.705
9I8
1.155
959
20.182
1.398
1.372
1.051
25.281
1.109
I.I95
9I8
22.983
1.196
1,012
Hetherlanda Xaat Indlee.
Philippine lelanda
Turkej
Other Asia
1.39'»
1.39''
20,080
1,120
2.833
15.967
1.083
3.332
Total Asia
'3.575
53.599
57.133
51. 110
56.236
57.113
67.990
72.701
71.283
71.989
99.191
9I.I61
85.016
1.787
710
1.317
67t
1.''53
1.790
585
591
I.90I
579
2,871
1,102
2.887
l,2l0
3.297
1.192
2.707
990
3.067
867
3.110
1.077
1.295
1.160
6.203
1,30s
251
210
198
213
296
250
138
330
381
385
398
113
138
31
7.797
2.389
151
8. 153
3,810
112
8.035
2.350
36
36
32
19
13
13
8,060
2.661
7.731
2.182
8.113
1.913
9.063
2,259
11
10.091
2.2I1
10.160
3.131
1I.66I
1,165
ni
15.226
11.723
15.322
15.068
11. 199
15,660
17.231
19.775
27.091
55
105
310
11
23
93
511,021
561,116
581. I50
615.658
602.716
612,600
708.253
730,693
751.576
866
16, 016
O ther countrlee
Australia
Hew Zealand
Egypt and Anglo-Xgyptlan
Sudan
French Morocco
Onion of South Africa.
All other
.
Total other countries...
Cnldentlfled
Orand total
50
72
5.319
2.198
5.821
2.51I*
62
6.650
2.397
10.315
10,608
11.3t5
199
3't2
U06,801
131.930
131.270
12.
190. 703
.
Treasury Bulletin
92
Capital Movements Between the United States and Foreign Countries
-
(Continued)
Section II - Sunmary by Countries - (Continued)
Table 6.- Stort-Term Liabilities to Foreigners as Reported by Banks and Bankers In the United States
(PoaltloD At and of BODth IQ tboocand* of dollars)
19»i6
Tobruary
April
KW
Jul/
19*7
la^et
S«ptuib«r
October
loroabor
Daeoaber
January
fobrnary
Jttropa
Ubltad lingdoB.
Franca
553.759
361,153
166.263
553,120
305,782
176. 112
I3I. 360
380,667
167.558
Daoaark.
finlaad.
Oeraaay.
11.555
10.737
6,770
11.213
11.211
6.613
17.375
10,116
6,620
18. 551
Oraaca
Italy
Luxaabours*
69.666
71.932
100.507
22.312
76.677
123.116
22.011
130. I91
Bolgloja
630. 1199
,
97.'t«0
22.359
638,085
281.606
177.023
516,821
261,376
186,036
158.916
215,915
159. 510
I8I.35I
237.173
165.319
113,281
209,082
160.098
570.311
275.520
158,668
52.087
13.112
6,167
56.793
l).57l
6.117
51.909
17,008
6,812
57.010
18.573
7.276
66.U7it
73.307
21.610
5.275
68,302
28,909
5,531
60,095
311
22.756
61.387
178.86}
21,675
58.131
188.885
21.576
55.525
205,521
21,790
19.322
267.922
22.599
13.729
320. 99I
13,027
217,380
22,168
227,080
112.283
50.202
238,996
1I0, 76I
19,073
215,685
135,961
18,792
202,101
123.139
13.153
221.851
123.521
39.037
212.201
117,136
15,115
8,681
20,195
159,893
8.982
15.280
165.107
8.9)0
196.291
8,700
18,896
183,110
172.590
8.929
19.785
161,237
359.032
17.920
8.739
67,658
351.069
37.165
8.161
71.667
359,087
16. 138
8,350
87,831
)66.782
372.621
60.178
12,361
89,873
377,217
60,395
12.9I8
103,385
525,328
175. 7l8
661,071
275.207
169. 008
I9.7I5
11.179
6. 351
50.361
II.87I
6.136
22.059
72.277
136.951
22.613
6I.II3
165.511
22.932
319.659
177.786
11.907
6.505
75.511
335^059
285,961
250, 769
1 71.
22.205
7,120
Hatharlandi.
Norway
Portocal.*..
282,182
175.002
291.959
171.016
15.378
291.909
159.290
19,667
268,366
161,615
19. 188
256,090
161.051
18,582
231,137
1«8.865
"•5, 25''
Boaaoia.
Spaio...
Svadaft..
9,218
37,355
212.880
9.222
35,36)
205.161
10,029
36.205
199,991
10.151
35,167
195.957
10.001
32.330
191.700
10,870
20.732
201. II3
Swltterlaad
3. S. E
Tucoalavia
Otber luropa
316.218
28.179
6.555
U8.38I
321.155
21.829
6,766
51.217
32l,1l1
11.882
7.675
53.563
323.2)1
57.128
7.257
57.122
332,538
59.I99
7.I29
62,326
336. 7I6
2,257.136
2.551.375
2,
391.008
2.157.115 2.538.281
2.139.301 2,120,712
1,281.303
1.219,566
1,177,515 1.103.311
1,015.289
931.820
117.879
11.199
255.861
1II.510
13.523
230.961
1I7.931
11.3)6
223,512
131.350
13.590
205.597
112, 61I
D.
Total Suropa
Canada.
2.588.818 2.512.125 2.502,511
1.319,736 1,359,712 1,311,138
17.6114
8.189
18. 225
50,205
8.275
65.915
5). 215
10.)73
90.278
16, 1)1
57.829
7.7)6
16,180
50,962
7,316
15,191
55.903
9.012
159.090
15). 156
117.306
115,908
5.969
1I3.206
5.)56
152, 232
1,871
ll9,3))
3.9)1
112,058
13.609
81.576
13.803
13.529
84,108
10,663
16,118
77.228
10,889
13,590
78.196
)6.987
11,757
75.161
3I.3I1
68,666
167.625
67,295
166.697
71,010
168,665
51.5I9
1«).791
116,589
10. 700
218,816
121. 37I
Chile
Coloabla..
Coita Slca.
6U,630
8O.60I
5.693
63,883
77,539
6.297
60,313
72.113
6,005
55.30I
69,597
6,901
59.262
66.311
6.730
62,103
53.863
67.361
6.536
51.221
65.223
6.687
19.837
61.151
7.137
50,158
60,688
8.606
50.7a
6,751
120,188
139.173
152,692
163,653
169,636
167,021
175.613
160. 602
158,016
7,098
128.287
6.582
1I0.729
6.627
122.317
7,029
119,765
6,985
137.075
617
7.113
135,301
113,070
7.806
1I2.191
6.723
133.220
Hetherlanda Heat
lodlea and Sorlnaa..
Panaaa
Peru
22.816
87.176
15.019
20.650
91.181
11.875
21.720
90,325
39,780
19,196
88,913
10,320
16,738
87,083
10.586
11,692
8I.8I3
39.2)6
11.106
81,280
38.793
13. 730
Vaneauela
Otbar Latin Aaarloa...
I2.37I
115^988
11,301
156.300
19,177
152,393
50.339
16,060
168.637
12, 328
171,189
50,916
16 ?, 36 7
52.151
160. 508
1.108.072 1.151,271
1,171,351
1,226,557
Total Latin Aaarlca...
1,013, 189 1,093,952 1,077,717
107. 762
2,196.220 2.331.577
179.961
1),680
157,803
92,623
11.910
222.011
85.371
39.113
361.112
58.179
13.885
165,951
12.355
81.135
12.693
206.827
7.
8,151
19.957
159. 06I
183. I19
83.937
13.571
210.631
Cuba
franch Heat Indlea and
Oalana
Mexico
11,001
816,182
79.983
13.381
199.622
75.2II
211,393
106, 790
855.920
Latin Aaarlca
Argeatloa.
BollTla...
Braill
12.288
231,061
22.151
1I9, )0)
1,180.728 1,180,172
1).955
17), 965
1,150.816 1,101,801
15.15:
.15?
182 J5i
1.131.839 1.102.555
ela
China and Manchuria...
rranob Indo-Chlna
Hong Eoo(
India, Buraa and
Ceylon
Brltlah Malaya.
Japan
Betberlanda last Indlea
Philippine Islands....
Turkey
Other Asia
Total Aala
Other eountrlea
Australia
Hev Zealand
Egypt and Anflo£gyptlan Sudan.
737.967
31.550
31.828
732.087
37.928
31. 801
717,030
37,991
36,126
695,381
39,Ol2
35,360
657.
57.015
611.921
17.221
33.238
561. 8l2
156.157
51,956
)1,117
525.332
12.936
37.868
190. 086
13,551
37.755
37.711
35.576
16,115
151.937
39.935
11,916
39.235
359,7)1
55,951
10,781
36.729
1.614
3.853
25.651
I.I7I
3. 805
31,620
1.617
3.661
37.585
3.670
36.097
1.599
3.526
33.161
2,176
9.165
28,275
10.306
13,390
35.836
9.250
9.537
33,303
9.181
11,056
10.052
17.171
11.122
13,512
17.315
16.567
12,513
8,773
17,165
11,221
7.081
17,689
100.715
635.693
62.11I
78.385
99,028
598,121
66,067
86,336
102,081
617,011
66,918
81,921
103,615
100, 222
505.528
69.278
86.817
111,263
182, )66
61.171
89,166
120,110
166,899
62,926
128,898
165.226
60.993
80.573
133.111
580, 211
131.535
166. 331
61.312
89,221
127.051
116.619
51,711
93.778
117,387
118, 253
60,831
88.536
116,627
1)0, I91
56,198
85,080
1.655.668 1.511.121
1.187.157
1.137. 182
1.723.578 1,685,598 1.699.285
i.id
71.998
87.369
81. 631
166. 561
58.610
80. 190
1,396,119 1,359.3H
26,078
3,96)
21,323
3,765
26,612
3,8ll
23.830
1.795
21,366
7.528
28,665
6. 129
33,615
5,198
39.9I0
5.51I
I.36I.503 l,)l6,)7l
11.128
5.176
35.117
5,7)1
15,512
7.977
1,263,192 1,191,159
10,873
8,207
59.367
8.311
19,585
18,923
17,878
16,768
17,713
17.7I3
18,979
20,207
21,822
22,272
20,811
19,811
18. 363
French Morocco
Union of Sooth Africa.
All other
10,117
9,097
103,109
10.311
9,160
100^502
11,255
8.927
1°1.)15
12,375
11,280
96.2IO
11,228
12,761
91^521
11.157
10.055
9),1»i
11,605
91.919
13,118
21,505
85,913
13.297
29.I18
81. 996
11,177
52.2I5
82.118
Il,9l1
17,181
78,131
15.961
82.515
73.772
16.855
33,903
70,238
Total other oountrlaa.
171.919
207,037
D.I))
167. 31I
169.858
165,288
168,150
167,830
171.779
189,197
196.137
212.293
211, 865
211,199
International.
36. 116
90.192
68.116
65.352
210.761
219,927
300.256
269.012
281. 378
I61.IO5
173,7a
168,912 2,725.571
Onldentlflad .
17.732
18.302
a, 111
18.772
a6
19.935
18,151
18.626
17,518
17,359
17,936
651.628 6.612,010
6.908.181
6.767,799
Orand total..
6,931.118 6,927,795 6.883.102
6.
19.
6,689.272 6,679,178
6,690,996 6,180,262
16.117
20.131
6.173.699 8,100,518
.
..
Juiy
..
.
1947
93
Capital Movements Between the United States and Foreign Countries
Section
II
-
Summary by Countries
-
(Continued
-
(Continued)
I
Table 7.- Foreign Debit Balances (Balances Due From Foreigners) In Brokerage
Accounts as Reported by Brokers and Dealers In the United States
(PoBltioD at and of month Id thouiands of dollar*)
19^7
19U6
Fftbruary
Eorope
United Kingdom.
Trance
Belflao
DenmarkFinland.
Germany'
Greece
Italy
Luxembourg.
March
2,067
33"
130
1,800
107
109
8
8
3''7
127
1
3
2
12
11
I^etherlande.
lUO
128
Norway
Portugal ....
568
UO
502
8
Rumania.
Spain.
Sweden .
1
2
309
133
Switzerland.
S. S. B
Tu^oalarla.
Oth<?r Europe.
1,036
1,071
>I09
uou
Total Europe.
5,065
.
.
U.
.
.
Canada
7,912
Latin America
Argentina.
BsliTla...
Braill
l,6U9
Mo
1,56U
59U
297
Chile
Colombia.
Coeta Blca.
.
19
Cuba
French West Indiea and
Ouiana
Mexico
Netberlandfl Weet Indiea
and Surinam
Panama
Peru
5,331
l,9Ul
30
362
337
Venezuela
Other Latin Amerloa.
3,561
5,313
Total Latin America.
21,03*
Alia
Shina and Manchuria.
French Indo-China.
Hong fCong
6,090
.
India, Burma, and Ceylon.
Britieh Malaya
Japan
Netherlanda Xaat Indiea..
Philippine lalanda
Turkey
Other Aaia
Total Aaia
Other eountriea
Auatralia
Hew Zealand
Igypt and Anglo-Zgyptian
Sudan
108
117
1
85
U3
6,lrtU
au
29
French Morocco
Union of South Africa....
All other
2
17
Total other eountriea.
72
Unidentified
Grand total.
^,531
April
Hay
July
Au^at
September
October
Hovember
December
January
February
Treasury Bulletin
94
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II.- SuDimary by Countries
-
(Continued)
Table 8.- Foreign Credit Balances (Balances Due to Foreigners) In Brokerage
Accounts as Reported by Brokers and Dealers In the United States
July
1947
95
Capital Movements Between the United States and Foreign Countries
Section III
Table
1
-
(Continued)
Details for Month of February 1947
Short-Term Claims on Foreigners as Reported by Banks
and Bankers in the United States
(in tho'joands of dollars]
Treasury Bulleiin
9b
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III
-
Deiolls for Month of February 1947
-
(Continued)
Table 2.- aiort-Term Liabilities to Foreigners as Reported
by Banks and Bankers In the United States
(Poaltlon at end of month In thousands of doUnrs)
July
1947
97
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III
-
Details for Month of February 1947
-
(Continued)
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners as Reported
by Banks, Brokers, and Dealers in the United States
(In thouasnde of dollars)
98
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Table 1.- Net Position by Oountries
(In thousands of dollars; negative figures indicate short position)
-
July
1947
99
Position In Foreign Currenclee as Reported by Banks and Bankers In the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts
(In thoueandB of do Hats)
Currency of:
Contracts as of
end of month
Europe
(continued on following page)
Grand
total
Total
Europe
United
Kingdom
Belgium
Germany
Italy
Nether
land3
Portugal
Spain
Purchase contracts
Total:
19''6*arch
April
May
June
July
August
September
October
November
December
20,1*33
11*, 663
11*, 656
23,997
21,309
2U,178
51,390
17,1*66
16,51*9
18,755
1*1*, 868
17,379
16,532
18,650
1*7,162
1*0,258
1*0,01.1
1*5,503
1*6,21*2
37,378
31,711
32,270
30,885
33,305
February
From foreign customers:
19U5-March
April
May
52,359
1*0,103
37,211
31,673
32,199
30,698
33,026
39,727
1,072
1,302
June
July
August
September
October
November
December
191*7 -January
February
From domestic customore:
19'»6 -March
April
May
June
July
August
September
October
November
December
191*7 -January
February
1,1*88
1,61*3
313
191
86
388
313
112
86
367
61*6
61*6
2,116
820
1,91*2
61.0
3o8
605
1,159
2,119
1,016
19'*7-January
,
1*2,1*96
1.3,1*31*
i»l»,8i*0
51*8
2,183
1,159
1*,1*6I*
2,161*
1,01.2
1,1.20
1,01*9
3,767
3,896
2,75e
19,361
22,695
20,761
22,690
11.,
1*9, 71*7
350
17,275
l.i*,l.25
16,10.6
l*5,0Ji6
39,1*38
1*3,561
1*0,313
39,233
36,606
1*2,91*6
31,885
1*9,607
39,051*
78
21
10
1.1
22
20
17,267
1*3,779
29,81*3
23
37
1,007
18,367
222
38,970
21
336
188
80
28
8
70
11*, 31*3
1*1*,
1*1,073
1*1
22
20
5
116
100
1,1*00
16,1.63
36,738
30,552
30,106
78
10
10
20
20
32
68
68
10
10
20
20
68
68
18,283
28
8
70
30,511*
30,080
29,682
31,626
38,720
33°
178
80
5
116
100
23
37
Sales contracts
Total:
191*6 -March
April
May
June
July
August
September
October
November
December
191*7-January
February
To foreign custcanera:
191*6 -March
April
May
June
July
August
September
October
November
December
19i*7-January
February
To domestic customers:
I9I16 -March
April
May
June
July
August
September
October
November
December
19l*7-January
February
1*3,387
1*9,539
1*5,833
36,158
36,036
1.0,1*61.
1*0,221
38,535
38,31*8
52,636
105,310
1.0,900
1*0,1.1.7
92,280
96,1*91.
84,31.3
89,762
83,707
77,177
70,186
67,072
61,781
90,958
83,283
76,310
69,080
75,871.
75,662
80,063
77,261
926
1,031.
761*
1,281*
2,666
I*, 520
1,310
1,1*30
2,185
66,81.0
61., 71*9
773
1,002
728
1,280
2,666
It, 020
680
760
867
66,1*32
60,91*0
65,735
63,719
35,385
66,093
35,333
39,389
37,757
39,568
88,860
79,715
75,722
68,651
65,956
60,807
65,272
63,1*16
62,631*
102,61*1*
89,611*
91,971*
88,1*52
80,323
82,277
73,689
72,613
77,1*19
73.31*7
76,1*97
69,1.26
66,205
61,1*37
120
137
21*
1.01
116
107
118
6
l,03l
863
6UU
1*5
505
650
792
22
20
1,01*1*
50
120
137
UOl
565
50
50
1452
32
22
20
1,333
51,352
2
20
37
11*
133
1*63
1,085
39,1*62
2
25
1.1
3UI1
37,807
39,620
lU
12
16
2
U2
18
17
2
1
10
11
12
11
12
11
10
12
10
11
11
11
10
1*76
71.7
1*8,505
1*5,069
11.
25
22
53
52
2
1*29
3,01*9
1*2,1*61
2
19
10
703
832
591
879
2,098
3,568
588
2,6UU
3,911*
9
9
60
331
350
182
192
16
9
9
2
19
10
3
11
2
2
2
12
11
12
11
39
18
25
17
2
22
1
II*
10
2
2
II4
12
16
(Continued on follovlne page)
10
12
10
11
11
11
10
25
37
11.
21*
116
107
86
6
I.
516
1*11
581*
713
155
1*68
600
56U
Treasury Bulletin
100
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2*- Outstanding Forward Exchange Contracts - (Continued)
(In thousands of dollars)
Currency of:
Contracts aa of
end of month
EJurope
-
Switzerland
(continued)
Latin
America
Other
Europe
Total
Asia
Purchase contracts
Total:
19^-March
June
7
7
7
6
Juajr
19
April
Maor
August
Septemher
Octoher
NoTemher
December
I9U7 -January
February
From foreign customers:
7
31
11
61
106
221
19h6-4^arch
April
May
June
July
August
September
October
November
December
19'+7-January
February
From domestic customers:
19^+6 -March
-
April
May
June
J^ily
August
September
October
November
December
19U7-January
February
Total:
19iA6 -March
April
May
June
July
August
Septeiaber
October
November
December
19^7-January
February
To foreign custcaners:
191*6 -March
April
May
June
July
August
Septemher
October
November
December
191*7 -January
February
To domestic customers:
191*6 -March
April
May
June
July
August
September
October
November
,
Deceniber
1947-january
February
,
16
10
10
25
Ik
18
China and
Manchuria
Eong
Japan
Other
Asia
All
other
.......
,
July
1947
101
Position In Foreign Currencies as Reported by Banks and Bankers In the United States
-
(Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward)
(In thousands of dollars)
Currency of:
Transactions
during month
Europe
(continued on following page)
Grand
total
Total
Europe
Unlt«d
Kingdom
60,552
7I1I
777
8,9'i3
11
1,113
651*
25
163
1,732
329
8,li57
1
59,076
8,638
l,li92
898
2
779
68
1,201
68
1,669
17
626
1,021*
369
10
206
1,651*
1*9
I185
1,329
UIO
113
309
923
29U
761*
25
120
3,008
32
307
Belgium
Germany
Italy
Netherlands
Portugal
Spain
Total purchases:
19i>6-March
April
May
June
Spot....
Forward
Spot
Forward.
Spot
Forward.
Spot
Forward.
.
.
.
138,2111
13,002
73,868
8,960
69,819
8,536
.
.
.
129,1'96
73,OW
.
.
.
12,989
129,739
13,898
209,795
8,657
67,383
8,319
July
Spot ,
Forward
August
Spot.
Forward.
Spot
Forward.
Spot..,.
Forward
Spot
Forward
Spot....
Forward.
Spot....
September
October
November
December
19^7-January
February
.
.
. .
.
.
.
.
. .
llt0,71'i
157,975
93,252
.
.
.
.
.
.
.
.
.
.
.
.
.
Spot
Forward.
Spot . .
Forward.
.
Purchases from others:
I9'tf>-March
Spot
Forward.
Spot....
April
Forward
May
Spot....
Forward.
Spot.
June
Forward
Spot .
July
Forward.
August
Spot
Forward.
September Spot .
Forward
Spot....
October
Forward
Spot
November
Forward.
December
Spot
Forward.
.
.
.
.
.
. .
.
February
22,356
158,676
26,067
Spot ...
Forward,
.
191+7 -January
13l»,646
Forward
.
February
Uli,8l2
136,613
20,086
21,365
167,768
26,396
162,022
27,652
Purchases from banjcs;
Spot
I9't6-March
Forward.
Spot
April
Forward.
Spot
May
Forward
Spot
June
Forward.
Spot
July
Forward.
Spot....
August
Forward.
September Spot
Forward.
Spot....
October
Forward
November
Spot....
Forward.
December
Spot
Forward
1947-January
137,076
15,833
.
.
.
.
.
.
.
Spot
Forward.
Spot . .
Forward.
.
.
.
.
95,259
10,068
85,799
6,211.
73,167
7,257
81,782
10,889
151*, 151
30,633
82,573
13,566
82,326
15,099
103,736
l'''',571
57,369
511,232
7
1,388
8,230
123 ,091
2,282
37,888
75,813
15,233
77,268
62,113
15,216
2,001
6o,72li
1,858
17,5''5
17, ''89
3
100,792
17,362
81,388
15,398
86.923
1,938
17,2117
103
69,305
1,808
15,3''2
1
92,1196
73,866
17,597
17. ''35
98,1409
37, ''03
2
370
5
333
1,1*92
171*
157
807
251*
3,750
1,189
35
223
79,033
21,932
1,999
1,01*2
20
1*96
1,123
22
831
20
97,920
19,281
78,1*20
2,282
19,019
2
1,392
12s
55,383
5,072
Il3,l21
''5,379
3,1107
33,62li
5E7
11
1,012
1
1,230
22,383
'.l.,850
5,055
3,328
31,663
1*1
115
318
119
11*
265
878
63
7»2
20
198
U
163
8eo
6
1,706
351
519
12
621*
973
10
352
10
198
1,61*9
312
302
165
li.iue
7
"17,898
35,1105
1,276
779
2
676
6,601
117, ''86
25,713
97,96''
2,026
1,159
1*9
U85
1,191*
372
Ii9,620
37,liliO
1,582
1,1'85
U3
288
831
220
9,810
9,798
35,175
1,71*0
It,
Ii8,9ii8
15, ''85
11,751
6,580
25,713
2
66^
23
U7
2,966
32
280
93I'
53
31U
1,1*39
118
933
8
127
79I*
1,793
1,025
18
218
1,032
22
261
53,975
16,279
1,73'*
988
111
1*70
791*
110
117,702
1,773
1,31*9
Ik
166
20
869
1*1
13,690
2
10
7U
35
375
1
5
101
135
21
26
27
262
119
5
51
17
112
103
5
58
135
38
12,2l»li
3
59,867
1,756
12,751*
103
39,980
11,695
1,'»67
102,682
16,338
60,1311
115,306
10,771
10,633
106, U9
16,239
70,792
16,3U7
65,338
13,760
''1,817
18,1185
17,1*31
5,765
3,888
3,888
52,Uli2
2li,liltO
23,71*5
6,788
56,329
5,732
5,129
28,190
27,1*13
U,li92
ll,li92
''7,957
19,1185
3,009
1,718
27,085
12,175
26,193
18,827
1,650
25,127
5lj,OliO
10
10
50,3111
l'',179
356
6
53
81,816
55,61'''
821
l,OUl
15,33''
97,73''
573
1,0U
12,299
72,213
12,865
20,365
20
1
177
1*1
5,129
68
256
1*2
1*19
181*
21
92
71*
118
100
3
1*2
27
182
107
19
53
56
68
U,690
6,520
52,320
7,257
5, ''23
211,673
5,lil8
28,320
25,5119
5,21*6
5,2li5
5it,9to
28,579
27,056
10,733
58,898
5,880
65,086
ii,li97
ii,ii93
31,0711
29,325
31*1
78
2
30
13
77
3,6k7
32,362
6,826
28,560
6,802
1,957
161*
17
5
91
57
27,617
6,036
32,582
5,521
25,058
5,653
30,718
5,329
265
5"*
6
26
37
9
90
9
22
10 ,058
55,903
7,287
6o,2l'l
7,013
5
3,6li7
115
SOQ
''3
115
(Continued on following page)
..
..
.
Treasury Bulletin
102
Position In Foreign Currencies as Reported by Banks and Bankers In the United States
Table 3.~ Purchases and Sales of Fbrelgn Exchange (Spot and Forward)
-
-
(Continued)
(Continued)
(In thousandB of dollars)
Currency of:
Europe - (continued)
Trans actlone
during month
Svitierland
Other
Europe
2,1.81
6,931
616
2,209
73
3,052
5,590
635
5,242
1,244
2,867
21
5,371
5,502
375
9,600
753
2,877
10
4,95s
562
li,661f
5,470
328
21
2,295
6,197
346
2,5'»5
5,100
3,096
391
10
693
70
8,203
64
11,952
106
11,941
65
2,219
6,702
2,047
78
2,953
5,470
532
5,195
1,069
2,727
21
5,350
295
lt,19U
9,480
563
2,li53
4,858
350
Latin
America
Total
Asia
Japan
Other
Asia
Total purchasae:
19l>6-March
April
May
Juaa
July
August
September
Octoher
November
December
19U7-January
February
Spot
Forward,
Spot
.
Forvard.
Spot
Forward.
Spot ....
Forward.
Spot ....
Forward.
Spot
Forward.
Spot .
Forward.
Spot .
Forward.
Spot
Forward.
Spot .
Forward,
Spot
Forward.
Spot .
Forward.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
lil7
12
4
72
2,39'<
210
2,257
4
523
408
1.3,379
'.,331
4,452
44,906
3,581
33,708
3,306
38,895
3,306
37,396
3,468
34,647
3,168
34,699
3,054
32,596
3,783
31,296
2,384
40,131
4,310
35,551
2,641
32,111
2,755
537
4,940
248
4,895
114
6,414
370
6,528
856
6,748
500
5,768
3I.7
6,628
3,386
5,856
10,387
1,359
5,844
108
6,679
7,223
1,884
8,690
637
7,240
912
7,281
1,903
8,422
1,920
6,689
1,161
7,893
1,404
7,859
1,505
8,554
3,583
9,867
3,108
6,526
2,457
6,812
1,216
Purchases from banls:
19l*6-March
April
May
June
July
August
Septeouber
October
November
December
IpJiT-January
February
Spot
Forward.
Spot....
Forward.
Spot ....
Forward.
Spot ....
Forward.
Spot ....
Forward.
Spot ....
Forward.
Spot ....
Forward.
Spot.
Forward.
Spot
Forward.
Spot . .
Forward.
Spot . . .
Forward.
Spot ....
Forward.
.
. .
.
Purchases from others;
19li6-March
Spot
Forward.
April
Spot....
Forward.
Spot
May
Forward.
Spot ....
Juno
Forward.
Spot ....
July
Forward.
August
Spot ....
Forward.
September
Spot ....
Forward.
October
Spot....
Forward.
Rovomber
Spot ....
Forward.
December
Spot ....
Forward.
19li7-Jamxary
Spot
Forward.
February
Spot ....
Forward.
.
.
.
543
10
5,070
210
l,l»72
5,999
261
8
1,619
4,928
281
4
10
474
2,703
20
2,255
72
1,197
1,819
7,752
40
11,145
48
11,339
58
4
365
266
19,765
1,541
15,341
1,641
17,385
1,411
229
73
162
120
103
99
47
175
ll»0
152
80
1,177
120
190
1.24
94
212
1,961
400
118
198
85
1.17
1
U
926
172
no
841
451
24
807
58
602
7
219
1,197
210
438
70
1,666
24,263
2,811
23,423
2,0U
262
823
28,038
2,811
27,521
2,170
15,766
2,660
20,188
2,725
19,558
2,582
19,443
2,571
19,515
1,753
17,222
1,658
17,791
158
142
17,91.2
646
18,707
581
17,838
886
15,204
597
15,184
1,301
15,374
2,125
13,505
718
15,868
1,499
12,128
630
12,346
1,214
3,365
301
3,693
3,704
5,284
5,355
4,756
"..ISl
79
4,723
3,831
7,316
6,580
1,884
7,574
637
6,737
432
6,820
1,563
7,977
1,658
6,009
1,161
7,112
962
7,161
780
8,095
2,068
9,272
2,731.
3,774
108
.,581
966
236
1,247
248
1,191
114
1,130
370
1,173
856
1,992
500
1,637
268
1,905
3,386
2,025
3,071
1,359
2,070
2,098
5,690
1,836
6,317
938
643
1,116
503
480
461
340
445
262
680
781
442
698
725
459
1,515
595
374
836
621
495
278
7,223
All
other
..,
.,.
..,,
..
Juhf
)
1947
103
Position In Foreign Currencies as Reported by Banks and Bankers In the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward)
(
-
(Continued)
In thouflandfl cf dollare
Currency of:
Europe
(continued on following page)
Grand
total
Transactlone
durisg month
Total
Europe
Total salee:
191^-March
April
May
June
July
August
September
October
November
December
igltT-Jonuary
February
Sales to banJcs:
I9U6 -March
April
May
June
July
August
September
October
November
December
1947 -January
February
Sales to others:
1946 -March
April
May
June
July
August
September
October
November
December
19'»7-January
February
Spot
Forward
Spot
Forward.
Spot
Forward
Spot
Forward,
Spot
Forward,
Spot ,
Forward
Spot
Forward.
Spot....
Forward.
Spot
Forward.
Spot,
Forward.
Spot
Forward,
Spot ,
Forward,
.
.
.
.
.
.
.
.
.
,
.
127, 543
68,091*
55,372
23,695
130,055
19,599
11*, 958
11*, 937
66,797
12,lUl
51., 299
.
12li,190
75,31*0
.
16,965
123,222
10,223
68,9U3
12,120
.
.
.
.
.
.
.
.
Spot
Forward,
Spot
Forward.
Spot .
Forward.
Spot , .
Forward.
Spot ,
Forward.
Spot
Forward.
Spot
Forward
Spot
Forward,
Spot
Forward.
Spot.,..
Forward.
Spot,,,,
Foivard,
Spot
Forward.
.
,
.
United
Kingdom
,
.
.
23 ,010
159,020
75,915
128,836
2l.,87U
133,078
26,815
152,390
33,173
138,051
2li,00U
172,330
23,715
156,721
37,235
157,529
27,1*12
53,182
8,919
68,826
. ,
58,625
.
.
.
111,639
61',725
.
.
.
18,001
75,619
,
,
,
.
Spot
Forward.
Spot ....
Forward.
98,8i*6
81., 1*93
21*, 277
82,170
19,106
101*, 662
23,582
69,756
18,969
86,253
11*, 1*90
ll.,302
28,ll»9
17,7't''
68,06U
13,532
88,208
15,029
80,653
20,
U8
1,1*89
1,U9
16
1,398
677
12
2,202
17
2,006
1,073
1,878
6
1,793
105
1,925
52
111*
37
li
1,071
997
36
13
6
3,796
1,275
9
21
21
78,501
1,971.
981*
2,271.
2
23,123
6
1,U18
10
22,997
177
250
8,1*70
8,1.51
29,51*5
1.1.7
179
7,161
25,028
7,060
31,51*8
26,1.53
1.38
1*21.
7,212
30,367
6,275
7,080
26,585
6,011
1*6,329
1*0,773
25,203
37,270
12,231
all,
1*1,11*9
50,1*22
15,011*
1*1,697
26
31*
1,582
1
S89
^M
11*, 987
Italy
21
31,11*0
103,876
23,537
Germany
729
2
680
739
1,118
9
97,630
9,3'>9
.
Spot
Forward,
Spot ....
Forward
Spot ....
Forward.
Spot , .
Forward.
Spot,..,
Forward.
Spot....
Forward.
Spot ....
Forward,
Spot.,..
Forward.
Spot ....
Forward.
Spot ....
Forward.
61,926
18,991
65,960
27,158
.
61.,38l.
75,863
19,078
81,287
20,195
52,259
13,510
56,615
10,219
52,157
.
,
107,101*
65,771*
12,019
61,123
10,077
56,U71
11,856
87,398
Belgium
11*
21.6
165
601
7
871
300
33
1.62
97
33,361
11*, 955
1*53
305
13
1*5,381
1*53
290
5
721
31,1.91*
12,
2U
1
1U,676
2
37,031*
1.^2
269
2,171
10,269
10,333
56,020
1*7,1.89
1.29
1
10,951*
10,831
1*3,1*89
523
305
6
86,653
U,9l»7
53,328
17,207
59,997
13,080
17,082
50,625
12,738
623
515
10
75,289
10,185
1*6,936
6,1*88
32,375
562
U79
37,252
U,980
29,271
*,959
34,670
2,997
29,886
20, OW
9,380
72,033
7,616
70,OUo
1.3,792
3,0U
38,576
llt,091
5,81*5
90,19'*
1*7,766
60,775
70,211
10,235
68,353
38,593
1.0,571
6,81.7
1.0,138
8,811.
5,208
76,771
l.8,1.2U
15,1*29
9,263
69,987
1.0,1*73
10,1*72
8,773
81*, 122
1*8,61.2
6,1.86
5,81.5
1.6,625
39,663
30,U32
6,780
32,599
5,163
39,112
8,906
32,722
8,700
8,686
3,536
38,761.
3,1.71
76,068
17,191
l*l.,302
35,012
13.933
13,1*57
70,876
1.3,879
10.'*57
33,81*0
10.335
21
2
671
9
501
26
1,051
695
13
1,152
512
12
1,601
10
1,135
1,120
17
58U
u
781
2U
1,1.25
6
l,3l«3
773
19
31*
31
103
1,1.1.3
728
1,625
81.6
20
1,1.51
9
679
15
13
6
2
1,651
6
903
11.
Netherlands
261.
Portugal
Spain
,.,
...
Treasury Bulletin
X(A
Position In Foreign Currencies as Reported by Banks and Bankers In the United States
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward)
-
-
(Continued)
(Continued)
(In tbout«nd8 of dollars)
Currency of:
Europe - (continued)
TruiiKetlont
AuTlag Booth
Let Id
Svltierlend
Anerlce
Other
Zurope
Totel
Ael*
Jep&n
Other
AeU
Total salee:
Spot
Forward.
Spot....
Forward,
Ma;
Spot
Forward.
June
Spot....
forward
Jul/
Spot....
Forward.
Au^et
Spot....
Forward.
Septeaber Spot....
Forward
October
Spot....
Forward.
NoTeaber Spot , .
Forward.
Deceaber Spot....
Forward.
19U7-Januar]r
Spot....
Forward.
February Spo t
Forward.
19146-Marcb
2.319
April
2,lU5
.
.
.
.
Salee to banlca:
19U(>Jlarch
Spot
Forward.
April
Spot....
Forward
May
Spot
Forward,
June
Spot
.
Forward.
July
Spot..,.
Forward
August
Spot....
Forward.
September Spot..,.
Forward,
October
Spot..,,
Forward,
loreaber Spot.
Forward.
Deceaber Spot,,..
Forward.
19'*7-Jaaaar7
Spot.,,.
Forward.
February Spot..,.
Forward.
.
.
8.115
1.752
7,372
2.162
7,537
307
7.562
1.859
8.181
I.7I3
7.016
125
8.877
127
8.265
695
10,520
1.701
11,532
2,811
8.338
1.616
6.861
689
1.752
7.372
2.162
7.537
307
7.562
1.859
8,181
1.713
7.016
125
8.877
127
8.265
695
10.520
1.701
11.532
2,811
8,338
1,616
6,861
689
632
I.I00
530
651
1,100
530
651
927
991
991
6.759
670
"11,1152
5.70U
585
A. 875
1,387
128
1,827
5.270
26
19
6.557
101
3.129
132
2.309
26U
5.2'»5
1.22I1
29. "180
5.231
5.516
I116
6.139
35.016
5,900
"t.iiia
9.it96
8,>l68
3.U1
S^
530
5.659
1.180
6,390
6I5
6. 121
160
6.386
3.325
6.113
U6^
3.083
39,286
1.939
36,522
9,686
1,110
6.I12
11.378
3
50U
32.635
6.551
5
'.965
5U8
llU
560
31.188
5.350
33.219
5. ''70
303
31.523
1,161
U,3li2
23
3.316
35
2.890
590
2.593
6,189
U9
7
2. 606
8.526
70
11.618
70
5.33't
30,969
11,832
5.120
U69
30
520
31.
2.597
316
2.523
ll.5'»2
11
387
1.076
1,781
67
20. lilt
1,081
112
877
923
21.671
3,058
11,673
2,031
17,068
2,158
15.793
2.152
15.217
1.816
16,211
2,851
16,761
2,10l
16,190
1.682
20.970
2.362
I9.9I3
1,888
17.258
I,8l2
263
19
976
101
1,516
132
1.072
26U
1.968
»17
1.928
123.
58
522
11,510
1.U08
90
1.326
lUg
38
98
1.5"*
7
2.237
1.871
38
l.glt;
1.U79
9U
336
1.575
1.''73
113
16
7
1.213
3.769
89
70
31
1.500
6.672
960
6.596
282
119
6U
105
8. 115
103
I.27I
53
1,191
103
1,663
562
2.176
2.018
36
1,905
51
2,571
1.300
2,171
1.859
531
133
531
1,102
91
131
1,102
91
131
1.855
160
1.923
586
3,525
1,166
2,718
113
2.090
886
1.532
25
1.855
160
1.923
133
586
3.525
1,166
2,718
113
2.090
886
1.532
25
Salei to othare:
Spot
Forward.
Spot..,,
Forward,
May
Spot
Forward.
June
Spot
.
Forward
July
Spot,,,,
Forward.
Au^uat
Spot
,
Forward,
Septeaber Spot....
Forward.
October
Spot....
Forward,
loreaber Spot....
Forward.
Deceaber Spot....
Forward.
19U7-Janaary
Spot,,..
Forward.
February Spot....
Forward,
19lt6-Mareh
1.2'»3
"•.978
603
21.338
April
1.169
'».623
"73
1.613
'•.368
301
1.237
U.108
326
2,UltU
8.170
too
23.201
2.212
11. 807
1.105
17.918
6,010
15,395
2,898
18.002
2. 196
15,312
.
.
2.0117
7ltU
1,183
76
3.'«1
U62
3.599
265
16
1.079
2.>180
I.0U5
251
1,018
"•.710
2'I0
3.6U7
356
30
•31
9
33
1.393
••.757
1.097
316
1.563
11
4.9(6
1400
>t.9^
105
385
11.205
2.728
15.159
1,101
18. 316
2.577
16,579
3.865
128
1.195
26
1.307
20
1.626
177
1.168
1.077
1.727
83
3.918
160
1.368
3.289
1.208
7
7.112
110
1,2ll
2.I190
15.377
1.307
1.692
5
7. 015
1,222
6,718
2,162
6.5I6
307
7.028
1,726
7.079
I.6I9
6.585
I25
7.022
267
6.312
109
6,995
235
8,811
2.131
7.OI5
1.222
6. 718
2.162
6.5I6
307
7,028
1,726
7,079
1,619
6,585
I25
7,022
267
6,312
109
6,995
235
8,811
2.131
6.2<t8
6,2K
760
5.332
661
5.332
661
760
@FedFRASER