Full text of Treasury Bulletin : July 1948
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LIBRARY
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TREASURY DEPARTMENT
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JULV-I94B
ROOM 5030
UNITED STRTES TREflSURV DEPRRTMENT
OFFICE DF THE SECRETflRV
July
1948
Table of Contents
Page
Treasury financing operations
A-1
Summary of fiscal operations
1
Budget receipts and expenditures
2
Trust accounts, etc
8
Treasury cash Income and outgo
11
General Fund of the Treasury
l^*-
Debt outstanding
15
Statutory debt limitation
18
Debt operations
19
United States savings bonds
25
Treasury savings notes
28
Ownership of Federal securities
2$
Treasury survey of ownership
,
31
Market quotations
35
Yields of Treasury and corporate bonds
3^
Internal revenue collections
'•0
Monetary statistics
W-
Capital movements
'8
Note:
In those tables where figures have been rounded to a
specified unit, all calculations (Including percentConseages) have been made from unrounded figures.
quently the details may not add to the totals shown.
.
Juhf
1948
A-l
Treasury Financing Operations
June and July Certificate and Bond
Maturities
On
May
the
19'W,
13,
Secretary
the maturing certificates and about 66 percent of
Treasury announced that there would be offered a
series of one-year 1-1/8 percent certificates of
Indebtedness to refund the ti+,g39 million of securities
fflattirlng
In June.
Subscription books
the
new
l-3/'t-
were
percent Treasury
opened Hay I9
1-1/g percent certificates.
to the maturing certificates,
for
In respect
exchanges were made
par for par, juid in respect to the maturing bonds,
exchanges were made at par with an adjustment of
interest as of June 13.
Cash subscriptions were
The
not received.
June
1,
194^,
new
of commercial banks.
At the same tine, the
Secretary stated that a 1-1/8 percent certificate
would be offered also to holders of the three seThe series of certificates maturing on July 1.
curities maturing In June consisted of a series
of 7/8 percent certificates of Indebtedness maturing June 1,
and the
bonds maturing June 13.
$3,062 million of the maturing bonds were
owned by Federal Reserve Banks and reporting commercial banks. The ownership figures for April 30
are the latest which are available for holdings
the
the
of
certificates
are
dated
Subscription books were closed at the close
on May 21, except for the subscriptions from holders of $25,000 or less of the maof business
turing bonds.
scription books
For the latter category, the sub-
were closed at the close of busi-
ness on May 25. For the two Issues combined, exleaving $538
changes totaled $4,301 million,
Certificates of inmillion to be paid in cash.
debtedness exchanged amounted to $l,6l8 million,
leaving $159 million to be paid in cash. Ex-
changes of
the
$2,683 million,
I-3/4 percent bonds amounted to
leaving $379 million to be paid
in cash.
Treasury Bills Refunded In May
May was the first month since October during
bill maturities were refunded in full.
and bear interest from that date at
the rate of 1-1/g percent per annum, payable with
The
the principal at maturity on June 1, 19'^9.
which all
certificates were issued in bearer form only in
denominations of tl.OOO, $5,000, tlO.OOO, $100,000,
billion.
and $1,000,000.
each,
Four Issues matured during the month, totaling $4.0
The first maturity was $900 million,
the second and third maturities were $1.0 billion
age
and the fourth was $1.1 billion.
rates
of
discount
The aver-
for the new issues were
0.998 percent for those dated Hay 6 and May I3,
and 0.997 percent for those dated Hay 20 and
Reports to the Treasury on the ownership of
Oovernment securities indicate that on April 30,
1948, about 4o percent of the $1,777 million of
Hay 27.
Dote: Hiatorloal details of Treasury market f Inanclne operationa are shovn In the tables on "Offerings" and
"Disposition", rospoctlTelj, of marketatile Issues of
bonds, notes, and certificates of lodebtedness , and the
table "Offerings of TraeBtxrj Bills" , In this issue of the
"Treasury Bulletin"
'
Juhf
1948
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In
Bad^et receipts and expeadlturea
Hst
reeelpts
Bxpendltures
i/
5,02^
5,855
5,165
5,387
7,607
12,799
22,288
l|lt,llt9
7,806
7,031
9,027
9,305
13,766
289
79,702
95,572
31*,
U6,U57
U3,038
"3,259
100,397
1*5,210
37,728
39,669
g,8U9
16,U03
20,610
57,863
90,2iA
95,071
3't,55«
*,lt21
U6,oU6
in, 601
'•3,977
U,llg
3,819
3,678
5,71*7
2,51*
2,36'»
i*,107
3,820
'*,378
5,701
2,556
2,865
5,1*73
2,397
2,536
l»,872
2,390
2,71*3
U,2U6
>*,275
i*,336
6,33"*
2,806
8,707
63,711*
1*2,505
89,0*0
l»U,ii3
Ui,5i»3
mmiono
of dollars)
Trust
accoiinta,
eto. - net
receipts,
or expenditures (-)
y
Clearing
account
In
public
debt, or
decrease
let
Increase
In Oenaral
frxni balance, or
decrease
(-)
Lerels, end of period
Debt ontstandlng
Oeneral
Kind
balance
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table
Summary by Major Classifications
1.-
(In millions of dollare]
BecelptB
Xxpeadltures 1/
ApproprlatlonB
to federal
Old-A^ and
Sunrlvore
Insnranee
Traat Tund
Leae:
I^OSB
receipts
igifo
19U1
19U2
5,937
8,^95
13,695
IS"*?
23,1*12
19IA
U5,Wii
1(7,766
iiUi:::;::;:::::
19^7
IA,276
Wt,7ig
IShS (Istlmated)
I9U9 (Bstimated)
19l*7-July
October.
KoTember.
December
.
.
.
.
.
the
pablle
delit
557
563
556
602
730
79
267
1,915
l*l*,ll*9
1,260
1,808
2,609
U6,l*57
90,501
3,617
2,060
1,715
253
7,259
3,03'*
2,505
2,108
3,050
5,5^*5
63,711*
1*2,505
2,0»*5
7,325
37,723
7.1*83
g,gU8
39,669
l*,80g
1,067
glU
3,669
3,060
2,932
-1,272
61*1
1*57
2,1*1*5
1,1U
1*3,038
'*3,259
1*8,870
727
1,'»59
17,279
i*,Ui5
U6,g37
1,627
1*5,210
11,71*2
i*,9l6
5,200
6,1*99
''6,1*99
2,022
l*l*,U77
11,21*0
6,531*
5,256
5,811
561*
103
668
^91*
'',872
981
910
1,008
691
619
68
2l*5
2,390
1,151*
lUl
3,05U
66
310
157
127
l*,26o
11*
U,2l*6
35
278
30
'*,275
2,1*56
i*,6lU
April
Hay
2,881
3,083
U.SlO
6,365
2,397
2,536
s,m
'*,336
6,33'»
936
996
150
218
1,069
850
850
223
266
596
972
Uoi
lUs
608
2,806
2,707
91
5,959
90
5, 31*9
i*,ii3
9U
It,
120
103
53
1*81
2,2l*€
-3,9W
9,305
13,766
289
79,702
95,572
-6,159
-21,490
31*,
-57,1*20
-51,U23
-53,?4l
-20,676
754
100,397
-521*
1,91*0
526
568
II
U15
2,191*
53
1*17
3,22U
52I*
78
182
U65
585
2,879
"33
"31
2,1*02
1,93"*
3,51*6
2,788
529
597
582
530
Actual flguree from Dally Treasury Statement; estimates based upon 191*9 Budget
document, Including effect of propoeed legislation as ehovn therein.
Source:
y
l,pUl
1,310
1,238
72
329
lU
Total
expenditures
taxes
and
datles
1,657
6,655
28,266
75,297
89,720
5,387
7,607
12,799
22,282
2,866
U.ggs
Budget
surplus
Veterans
idnlolstratlon
i>,722
i*,95g
igUS-January ....
February.
March
,
receipts
550
688
896
1,130
1,292
2,1*70
August
September
International
finance
and
aid
Bet
1,396
-302
103
577
Footnotes at end of Table 5.
Table 2.- Gross Receipts by Principal Sources
(In millions of dollars)
y
Income and profits taxes
Inploymeat taxes
other
employers
191*0
5,303
7,362
12,993
22,144
41,685
2,125
3,470
7,960
16,094
34,655
7lg
43,902
40,310
39,379
35,173
30,885
29,306
5,937
8,295
13,695
191*1
191*2
19U3
23,1*12
191*1*
1*5,1*1*1
191*5
1*7,766
1*4,276
191*6
191*7
1*1*,
5/
2,125
3,470
7,960
16,094
26,262
833
925
1,186
1,498
1,739
605
691
896
1,130
1,292
10,289
9,392
10,013
24,gg4
21,493
19,292
1,780
1,701
2,024
1,310
1,238
1,459
All
other
recelpte
6/
Withheld
Unenrploy-
B&llroad
retlre-
Insorance
oent
Miscellaneous
Internal
1/
121
137
170
209
267
2,345
2,967
3,847
4,553
5,291
349
392
38?
324
431
180
185
285
283
380
6,949
7,725
8,o49
J"
120
158
180
185
285
542
944
3,325
3,510
494
4[845
191*8
(Estimated)
1*6,837
42,056
31,499
11,327
20,172
2,395
1,627
211
557
394
4,387
191*9
(IstlDBted)
1*6,1*99
43,784
32,664
11,757
20,907
2,828
2,022
224
582
1,292
378
2,337
2,1*70
625
1,255
797
757
413
2,639
go
352
133
72
329
14
6
9
13
3
116
663
643
699
37
31
September.
1,382
1,668
3,435
2
2,866
4,885
2,126
2,662
4,267
307
172
585
October. ...
Hovember.
December.
2,456
3,054
4,260
2,197
2,690
3,678
1,345
1,666
2,769
644
1,315
880
702
350
1,889
70
329
142
66
310
14
igUg-January
February ...
Harch
4,310
4,6l4
6,365
3,944
4,211
6,080
3,237
3.159
5,165
624
1,563
998
2,613
1,597
4,168
51
423
176
35
278
30
2,881
3,083
2,603
2,859
19l*7-Ju]y
Au^st
.
.
April
May
13
13s
3
6
13
133
782
695
767
42
656
629
739
37
684
1,358
Actual figures from Dally Treasury Statement; estimates based upon 19I19 Budget
document. Including effect of proposed legislation as shown therein.
34
32
35
217
331
547
329
369
24J
243
193
Footnotes at end of Table
5.
...
July
1948
BUDOET RECEIPTS AND EXPENDITURES
,
Table 3.- Expenditures for National Defense and Related Activities
(ta allUons «f dollars)
FaTuentB
DBpartment
of the
Department
of the
Navy 2/
2/
I9U0
ISUl
ijte
19H3
19I14
'i«,870
ig"*?
(•tinatai)
I9U9 (Istlnatod)
19l»7-Jnly
Attest
Soptem^er
.
October.
lorembor..
Decembor
.
.
.
.
.
.
igUg-Januarx
7el>ruai7
Ihreh
April
Maj
Source:
Armed
forces
Leare
let
United
States
Maritime
Conml salon
U9,2Us
50,337
27,800
30,047
15,161
3,227
lll»
69>t
66U
1,501
17,279
7>25
'*,998
1,986
271
6.375
6,307
l»,123
278
5
un
981
910
1,008
U55
ito
-15
1)8
571
368
319
30U
17
38
1,151*
6U7
503
565
357
350
35U
1*9
U,155
'»33
1,069
850
850
679
330
'»38
337
368
398
909
933
disposal
a^enetes
ioy
99
51
929
2,776
3,812
ll,7't2
ll,2llO
936
996
Snrplna
proper^
891
2,313
8,580
20,888
26,538
W,070
It2,265
90,501
19|^
19U6
19>>8
667
?,678
1,65T
6,655
38,266
75,297
89,720
Tinder
1191
Reconstmetlo
Othar
finance
Corporation
IS/
11/
35*
2,255
3.189
259
2,1*32
6,180
2,6g?
7,1>U7
6,305
117
519
'»72
106
Wt2
I*,
328
138
229
55
336
3IH
5't2
Actual figures frcm Daily Treaeui? Statement; eetljnatee based upon I9U9 Budget
documant, Including effect of proposed leglelatlon as shovn therein.
Footnotes at end of Table 5*
Table 4.- Bxi>enditures for International Finance and Aid
(In mllllont of dollars)
Bratton
Woods
Agreamentt
lot
191*6
727
19*7
191*8
I9I19
1*,U15
(Bstlaatad)
(letimatad)
19l*7-July
ingast
September.
l*,9l6
6,5311
Irportlaport
Bank
568
938
736
500
United
Elngdoo
Oreaktarkish
aaeiatonce
Belief to
war
deraatated
countries
0<vTenuiant
and relief
in ooonpied
countries
1,700
275
119
99811/
1,250
89
3
150
218
6>*
36
39
56
19U8-Januar7....
223
266
Jtebruary .
.
Prograa
691
619
68
11*1
.
fieooTery
March
596
April
May
21*9
3
-5
111
Interim
aid
(ict of
19'»7)
Other
foreign
aid
2,050
October ....
KoTember
Daoamber.
—
Airopaan
100
100
100
1*7
55
232
332
Actual figures from Daily Treasury Statement; estimates based upon 19119 Budget
document, including effect of proposed legislation as sbovn therein.
Footnotes at end of Table ^.
375
165
60
Ul<o
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES,
Table 5.- "Other" Expenditures
(In mllllone of dollsrs)
Aid to
a^icnltore
Social
security
prograa
15/
13^0
19"«3
5,959
5,y*9
U,li3
1,915
iguu
2,2l»6
19^5
igus
2,505
2,108
IS"*!
igUz
IS"*?
19ltg
1,801
1,272
Pnklle
works
16/
Housing
and home
flnaiuse
.12/
ij/
12/
995
7H1
-17
1,573
3
1,37't
59^
696
510
586
656
732 r
798 r
673
535
970
299
425
-201
-35^
-360
969
-203
1,229
807 r
845
1,066
320
373
702
-297
-2U6
183
l,lt03
:
:
1,374
612
109
670
705
1,31(0
2,365
(Istlmated).
T,325
695
1,622
1949 (iBtlm&ted),
g,gUg
1,038
1,509
1,878
4,1(1(4
19lt7-July
1,067
glU
6U1
86
160
-27
612
96
97
109
277
488
515
58
113
174
135
165
100
ingast
September.
.
October
HoTember
December
^1
U15
127
86
lOU
83
.
.
.
.
.
.
UlT
. .
•33
13U
77
Ml
56
577
ll"?
19US"Jaziuar7
yebruarj .
Marcb
April
May
Source:
Actual figures from Calljr Treasury Statement; estliaateB baeed upon
I9U9 Budget document. Including effect of proposed legislation aa
shown therein.
Excludee aioounts for public debt retirement which are chargeable
to the sinking fund, etc., under special prorlslona of law. Includes transfers to trust accounts and net eipendlturos of wholly
owned GoTermnent corporations, under appropriate classifications.
Expenditure classifications in these tables are baeed on the Dally
Treasury Statement, and therefore differ somewhat from those in the
I9U9 Budget document.
Represents appropriations equal to "Social security -- employment
taxes" collected and deposited as proTided under Sec. 201 (a) of
the Social Security Act Amendments of 1939. See also Table 7,
following. Figures were rerlsed in the february 19^*8 issue of the
"Treasury Bulletin" to reflect the present classification of certain
expenditures reimbursed from the Federal Old-Age and Survivors
Insurance Trust Fund.
Includes public works undertaken by the Veterans Administration.
For further detail, see tables under "Internal Revenue CoUections"
Receipts of Victory taxes withheld pursuant to the Revenue Act of
19^*2 are classified as "Other" Income and profits taxes.
Excludes railroad unemployment Insurance contributions, which are
Included in "All other recelpte"
At present consists largely of proceed^ from the sale of surplus
property; also Includes deposits resulting from renegotiation of
war contracts (for detail see "Treasury Bulletin" for February 19^8,
page 5). and reccnreries of U. S. investment in capital funds (see
tables on "Cash Income and Outgo" In the current issue of the
"Treasury Bulletin").
Department of the Army expenditures, including expenditures for the
Department of the Air Force, which are being made from Army appropriations pending transfer of funds pursuant to the Act of July 26,
^9^7, but excluding expenditures for the following:
payments under
the Armed Forces Leave Act, UNRRA, and care and disposal of surplus
property, shown elsewhere in this table; International finance and
aid, shown in Table k; rivers and harbors and flood control. Included
under "Public Works" in Table 5; and Panama Canal, included under
"Miscellaneous" in Table 5.
Department of the Navy expenditures except those for payments under
the Armed Forces Leave Act and for UHSRA, shown elsewhere in this
table, and those for international finance and aid, shown in Table U.
Beginning March 19^*8, Includes reimbursement for expenditures by the
Departments of the Army and the Havy for care and handling of surplus
property overseas.
3,652
68
11/
12/
13/
14/
1^/
16/
1^/
1 8/
12/
•
r
65
69
-9
32
-16
287
190
213
312
209
National defense and related activities of R.F.C. and its
affiliates. After July 1, 19^*7, expenditures for these purposes
were not segregated froan the other expenditures of the Corporation and its affiliates, which are included under "Miscellaneous"
expenditures in Table ^.
For detail prior to July 1, 19**^7, see "Treasury Bulletin" for
February 19^, page 7- Beginning July 1, 191*7, consisted of
expenditures for Office of Seclectlve Service Records; beginning
March 19^, expenditures for the Office of the Secretary of
Defense are also Included.
Includes expenditures from prior year appropriations which are
not shown separately In the Dally Treasury Statement but are included under the Department of the Amiy.
Department of Agriculture expenditures except those for UHRRA,
surplus property disposal, other national defense and related
activities prior to July 19^7; international finance and aid; and
forest roads and trails. Included under "Public works" In this
table.
For more detail of these expenditures, see Tables 7, 8, and 9
following. Tax refunds shown there are excluded from eipendituree In this table and Included in Table 1 preceding under
"Refunds of taxes and duties". Expenditures for the U. S.
Qi5)loyment Service during the fiscal years 19'*3 through 19'*6
are likewise excluded from this table and included under "Other"
In Table 3 preceding, as national defense expenditures.
Federal Works Agency expenditures except those for surplus property
disposal, other national defense and related activities prior to
July 19^7, and assistance to Greece and Turkey. Includes also
rivers and harbors and flood control, forest roads and trails,
Bureau of Reclamation, and Tennessee Valley Authority.
Housing and Hcane Finance Agency expenditures except those for
surplus property disposal, and for other national defense and
related activities prior to July 19^7.
Not classified separately for fiscal years after 19^5- Eor additional information for earlier years, see "Treasury Bulletin" for
August 1945> page 6.
Includes expenditures for executive departments not included elsewhere and legislative and Judicial functions; Government contributions to Federal employees' retirement; atomic energy; aids to
education, labor, finance, commerce and Industry; Civil Aeronautics; Panama Canal; Poet Office deficiency; stock-piling; and
for 19^ and I9U9 estimates, a reserve for contingencies.
Less than $^00,000.
Revised.
July
1948
BUDGET RECEIPTS AND EXPENDITURES
.
Table 6.- Summary by Months and Calendar Years
(In llllOBi of dollari)
^r.
S«pt.
H*t lmil«at raoelpts l/
I9U0.
315
19>«1.
I9IW.
I9U3.
19U5.
19»tS.
19U7.
igUg.
578
788
3,556
3,819
3,820
t,275
Sin
758
955
2,503
1,566
3,767
3,678
',378
^,336
6,892
3,5't7
5,206
6,573
5,7'<7
5,701
6,33't
30H
565
695
l.SlH
3,0«7
2,929
2,677
2,556
2.8O6
Hoc
391*
649
1,276
2, 492
l*,569
l.'WO
2,950
6,2U7
3,08!i
5,91'»
2,733
2,865
2,707
U,U79
5, '•73
5^
J51
413
747
2,007
2,163
447
397
587
2,721
2,568
711
l,lJ5
2,5«7
5,447
5,926
S07
2,030
2,001
2,695
2,539
2,397
2,997
2,434
2,536
5,189
4,47s
4,872
2,530
2,544
2,390
io^
2,099
2,240
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Budget Receipts and Expenditures
Social Security Act
Table 7.
(In mllllo
Sxcess of
D«t reeelpti^
or oipendltures (-)
I9U0
-222.0
-31*9 -3
-381*. 5
191*2
191*1*
-363.8
-3W*.3
19^5
19U6
19^7
-306.7
-363.5
-573-3
igits
191*7 -July
Less:
federal UnemplOTment
Tax Act
(Unenployment Insurance)
60U.7
690.6
895.6
1,130.5
1,292.1
107.5
97-7
119-9
158 .1*
179-9
181*.
1,1*18.1
1,309-9
1,233.2
1,6^-3
l,'*59-5
712.2
788.2
1,015.6
1,288.9
1,1*72.0
1,1*91*.
-88.5
-70.1
of doUars)
Federal Insurance
Contritutlona Act
(01d-a£e Insurance)
1/
191*1
I
179-9
igit.g
l,'»59-5
181*. 8
2.1
9-t
2.8
329.3
13-9
9.U
2.8
65.6
310.5
lU.i
9.8
1-5
71*. 1*
72.1*
338.7
16.7
329-3
13-9
October.
HoTember .
December.
-70.0
-76.1
-56.0
66.2
320.3
15.6
65-6
310.5
ll*-l
9.8
1-5
1*8.
.
.
igltS-Jnnuary.
-62.6
72.1*
.6
12.9
February.
March
61.5
1*16.1
35.5
277.7
138.1*
-U2.5
"3.3
30.1*
12.9
April
May
-83.2
-Sk.l
389.1*
77.2
158.1*
179-9
18U.5
179-9
-1*9.
.
162.2
100.1
119-9
895.6
1,130.5
1,292.1
1,309-9
1,238-2
August
September.
.
i^proprlatloni
to federal Old-A^
and SurrlTors Insiirance Trust Kuid ?/
12.9
55.5
277-7
JO.H
2.9
71*.
376.0
.6
138.lt
12.9
2.9
71*.
13.1*
376.0
13.1*
Orants to State
Children's
Bureau 5^
Social Security Admlniatratio
Administrative
expenses
191*0
381*. 2
191*1
1*1*9.
191*2
50i*.it
527-2
19'*3
191*1*
521*. 2
191*5
191*6
1*91.3
5'»3-5
19'*7
758.12/
191*7 -July
25-3
31-5
31.5
33.3
32.1
31.9
38.8
2U.9
Old-aee
Aid to
depend-
227-6
260-1
299-1
316.9
360.6
1*5.
52.8
59-3
721*. 1
333-6
361.2
515-7
356.5
1*15.2
1*69.6
U91.1
1*88.0
1*51.9
1*98.1*
Unemployment compensation
administration
63.2
69.1*
67-3
57.0
113.
Public
Health
Sorrleo
6.2
7-1
8.0
8.5
10.3
58-3
63.0
70-3
55-1
36.3
11.1*
10-0
10.3
IU.9
3l*-2
Maternal
and child
health
serrleee
0.
Child
welfare
serrice
10.7
10-9
U.g
5-5
5-9
6.5
6.2
3-3
u.o
u.o
.3-8
3.8
1-6
1.6
l.U
10.7
5-1*
3-g
U.2
7.5
l.U
1.3
2.0
9-1.
10.
55.6
59-8
6.3
10.7
S.
Bmployment
Service
6/
1-5
20.7
1-3
2.5
2.6
3.5
2.g
U.2
7.U
6.2
8.8
90.6
2-5
August
Septembei
79.61/
1.6
87.5
76.7
59.1
53-6
9.6
6.0
.6
1.5
1*9.9
37-1*
16.7
12.6
9.9
1.7
1-5
52-3
1.1
.1*
1.0
October..
Hovember.
December
70.6
85-9
57.5
1.6
1.5
1.7
67-7
'•5.7
12.7
83-9
55-2
56.6
12.1*
1*2.1
9.5
1.6
1-5
l.U
19l*8-January
February.
75-5
77-0
l.U
73-6
51.2
l.U
751
1*9.
55.
1.7
53-2
I10.7
13.1
12.5
8.9
.
March
April...
May
ce:
1_/
2J
\J
1.5
1-5
.6
1.2
5.7
10.0
1.1*
.3
.5
.5
.5
.5
.2
83.9
65.5
16.0
l.T
Z^lly Traaeury StatensBkBxcesB of expendlturot le coTered by approprlatloBB by Con^e«8
Bapre^oDta appropriations equal to "Social security - eoploynent
taxes" collected and daposl^d as proTlded under Sec. ?01 (a) of
'inures vers rerlsed
the Social Security Act Aoendments of 1939'
in the yebruary 19^8 issue of the "Treasury Bulletin* to reflect
the present claeelflcation of certain expenditures reimbursed
from the Federal Old-Age and SurrlTora Insurance Trust fMnA.
Includes only expenditures from appropriations made specifically
for administrative expenses relating to the Social Security Act;
namely Social Security Administration, Department of Goomerce and
Department of Labor; and admin Istrat Its expenses reimbursed to the
General Fond of the Treasury under Section 201 (f) of the Social
Security Act, as amended. Beginning July 1, 19^0, includes also
administratlTe expenees under the Va^er-Peyser Act. Excludes
admlnlstratlTe expenses payable from other appropriations, princi,
U/
^
6/
U
*
:i
5.9
10.2
.7
.1*
.5
pally for the f^lovlBC aceaalast Boreatt of Internal Sevanue of
the Treasury Department, and Public Health Sarrloe and Off loo of
IdaeatloB of the Federal Security A^noy.
Beglnnlnc July 1, 19^5, payvents prerlonsly made under the Social
Security Act were discontinued, and thereafter vere.j«de under
proTlsione of the Public Health Serrice Act of 19W».
Includes expenditures under Social Security Act by the Department
of Labor through July 31, 19U6.
Classified as 'fcecutlve Office, Office for fciergenoy Management,
War Manpower Commission" through July 3I, 19'»6Total includes amounts transferred to the Federal Old-Age and SurFlocal year 19'*7, $375,000;
TlTore Insurance Trust Fund as follows:
August 19U7, $700,000.
Less than $50,000.
..
.
July
U
-
..
..
,
1948
BUDGET RECEIPTS AND EXPENDITURES,
Table 8.- Railroad Retirement Act
-
Budget Receipts and Expenditures
(In mlllionB of dollars)
Beceipta
fiscal year
or month
IxceBs of
receipts, or
expenditures (-) 1/
I9U0
Taxes on
carriers
and their
employees
-2-3
8.7
21.6
Ailfflinla-
tratlve
penses
T
I9U3
I9IA
-11.1*
l.E
121.0
136.9
170.0
208.8
267.1
19'»5
-26.3
-12.8
77.3
285.0
282.6
380.1
311.3
3-3
295.'»
2.U
t.3
-506.2
12.7
116.0
6.0
13.0
116.3
512.2
-52.8
8.2
125.7
U.2
8.6
126.2
57-0
-55-9
6.1
132.2
6.^
132.6
191*1
191*2
19U6
13^1
igltT-fuljr
August
September.
October.
November
Becember
igl+g-January
.
February
March
.
..
.
Tr&nefers to
Sallroad Betlrcment iccount
(trust account)
123.3
138.3
lUS.S
220.2
265.3
2.6
3.8
7.6
3-5
262.7
308.8
291.9
298.5
21I4.8
302.8
•
3
•
3
120.7
12U.U
1U0.9
511.6
56.0
.3
•
5
58.
2-5
58.0
April
May
Source:
1/
2/
Dally Treasury Statement.
Excess of expenditures Is covered by appropriate one
Congress.
Includes only expenditures from appropriations made specifically
V
s
Table 9.- Railroad Unemployment Insurance Act^
-
administrative expeneee relating
than $50,000.
the Sallroad Batirement Act.
Budget Receipts and Expenditures
(In Billions of dollars)
Receipts
Sxcesa of
receipts,
expendl
tures (-)
2/
191*0
i*.9
191*1
l9Wt
6.8
8.5
10.3
12.1
191*5
191*6
13.2
12.9
I9't7
ll*.2
191*2
191*3
19l*7-July
August ...
September
October.
November
Expendl turefl
Administrative expenses (Ballroad
Unemployment
Insurance Administration Rind) U/
Ballroad
unemployment
Insurance
contributione
-10.1
-•3
2-5
5.0
10.9
6.U
8.2
1U.9
12.6
13.1
13-7
Transfers to
Ballroad
Unemployment Insurance Account
Unemployment
Trust l\ind 5/
5.0
3."*
3-5
2.3
3.3
7-5
3-9
6.0
11-7
8.9
9.6
9.2
10.1
.5
.5
.
Ifecember.
19l*8-January...
February .
Nueh
-.3
-.1
3.1
3.6
April....,
May
Source:
1/
2/
^
Dally Treasury Statement.
Operated as Ballroad Unemployment Insurance Administration Fund.
Excess of expenditures is covered by appropriations by Congress.
fiepresents 10^ of contributions iinder the Ballroad Unemployment
Insurance Act; the remaining 909^ is deposited in the Ballroad Unemployment Insurance Account, Unemployroent Trust ]^lnd (See
Table 7 under "Trust Accounts, Etc.")
Includes only expenditures from wppropriatlone made specifically for
administrative expenses relating to the Ballroad Unemployment Insurance Act.
Bepresents excess funds of the Ballroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 191*0).
Less than $50,000.
Treasury Bulletin
TRUST ACCOUNTS, ETC.,
Table 1.- Sununary of Receipts and
Expenditures of All Trust Accounts, Etc.
Table 2.- Receipts, by Principal Accounts
(In mllllona of dollara)
(In millions of dollars)
Federal
Old-Age
Hstlonal
and Sur- Ballroad DhaaService
TlTors
Petlre- plojnent Life
Insurnent
Trust
Inssrazioe
Account Fund
Trust
rund
Tund
Expenditures
Ret
reeelpte
or expend.
Ituree
InreatBsnts
(-)
ig**©
Wltl
19l»2
19^3
igkk
W5
19'i6
WltT
1948 (EstlnKted)
19lt9 (Eatlaatsd)
Wt3
908
-1,613
-338
-a, 222
2,132
2,665
3,218
1,112
1,338
1,925
3,95't
3,001*
5,085
It,
791
-5SU
-1,103
7,086
7,712
1,689
1,757
191*0...
2,905
1,287
3,178
1»,830
l»,292
191*2...
7,307
191*1*...
5,085
1,091*
l*,568
6,291*
8,236
191*5...
19I16...
7,086
7,712
6,2U
5,200
3,668
3,362
3,985
7,31*7
19*7...
6,21*1*
-ii£9
6,lt93
3,21*3
3,023
(Estlsated)
191*9 (Estimated)
6,1*93
6,169
6,961
6,328
191*8
-1»
3,719
3,305
786
97k
W,3
326
"•31
161*
21)6
296
261*
769
595
560
37
225
128
557
262
218
518
307
776
363
19l»7-JulT
August
Septo^er.
379
-3IU
October ...
129
HoTflKber.
.
69
265
292
Dec«abar.
.
-J|£8
U3
.
-1911
567
582
-86
277
I9'l8-January
Tetrvarj
March
259
.
89
258
577
ltl9
281*
April
2,132
2,665
3,218
191*1...
WkS...
3,951*
19l*7-July
1*20
700
6,169
971*
2li6
October
Hot saber
Decoabsr
331
685
233
Tebrairy
Marah...
123
127
Ikk
221
273
1,1*3*
321'
1,3s
1,623
312
323
1,820
2,097
798
630
592
71*1*
567
58B
ant
Life
Insurance
Fund
rati re-
sent
IP
959
151*
175
222
1,21*1*
1,399
1,567
316
905
1,508
1,260
1,289
2,127
2,351
103
1,501*
131*
1,1*01*
707
571*
1,1»37
61*7
580
1*9
66
21*5
5*
329
23
Miscellaneous
1/
1,111*
786
August ...
Sept«Bber
19li8.januaiT-
967
1,218
1,395
Gorem. Federal
90
371*
9I1
501
97
557
6lU
578
1*3
96
278
277
21*9
378
M»jr
300
fra D&II7 Trsasui7 Stattaent;
estlBStes based upoo 191*9 Budget docuBent, Inaludlog effect of proposed legislation as ehovn
therein.
AottULl figures
376
Source:
1/
2/
•
CSane as Table 1)
Consists of Alaska Railroad, Canal Zona, ClTll Serrlca, and Foreign Serrloe
Retirement Funds.
Includes Adjusted Serrlce Certificate Fund, District of Columbia subsequent to
fiscal year 191*0, Indian tribal funds. Insular possessions, Increcisnt resulting
frcn reduction In the velght of the gold dollar, and seigniorage on allrer.
Lees than $500,000.
Table 3.- Investments, by Principal Accounts
(In millions of dollaret
Federal Old-Age
and SxiTTlTors
Insurance Trust
Fund
191*0.-...
1,112
1,338
1,925
191*1
191*2
negative figures are excess of redemptions)
Rational
Service
Life
Insurance
Fund
Railroad
Retirement
Account
561
-5
821
1,035
1,172
18
86
11*0
563
866
1,228
1,503
280
399
309
282
333
330
3,001*
It,
191*5
191*6
5,200
3,668
3,362
1,137
1,002
132
156
1,1*37
1,191*
11*8
1*1*3
1,97*
2,053
1,23*
3,21*3
1,311
572
3,023 2/
1,21*8
398
59*
531
*05
326
191*8
191*9
(Estlaated)
(Estimated)
19l*7-Julj
October. .
Roveaber.
Deoeaber.
1.31
296
.
37
292
.
11*3
.
19l*8-Januai7 ....
February . .
March
April
Maj
Source: (Same as Table 1)
1/ See footnote 1, Table 2.
393
-55
167
1*1*3
August
September .
102
Adjusted
Service
Certificate
Fund
3
191*3
191*7
Federal
eaployeea *
retirement
funds 1/
35
31*
862
I9W*
129
Life
Inaurance
Fund
86
1*1*3
61*2
GorarraBent
89
258
79
13*
13*
38
-19
-15
159
38
-20
-19
-26
-50
U6
125
2/
Total Includes $150 million for Health Ineurenoe Tniet Fund under
proposed legislation.
Less than $^00,000.
,.
July
-
.
.
1948
TRUST ACCOUNTS, ETC<
Table 4.- Expenditures Other Than Investments, by Principal Accounts
(In millions of doUeu^;
Federal Old-Age
and Survivors
Insurance Trust
Fund
negative figures are exceoa of credits)
National
Service
Life
Insurance
Railroad
Retirement
Account
Fund
BO.lt
Federal
Government
Life
Insurance
Fund
flsployees *
retirement
funds
Special
deposit
accounts
MlscallaneouB
2/
(net)
1/
T-i.
of
ntie
of Government
corporations,
etc
In the
market
.
(net)
igltO
577
igltl
1H9
2,905
1,287
3,178
i9te
19l>3
igkh
19lt5
514
555
1,094
,
191(6
1»,568
19>H
3,985
191*8 (Estimated).
19I19 (Estlmatod).
3,719
3,305
19l<7-July
267
358
466
-288
130
134
6
31
115
337
461
260
233
152
173
128
280
282
428
1,574
1,073
-1,669
647
1,186
427
525
228
232
267
323
8l4
906
241
250
694
2,874
561
326
August
September
October
November.
December
.
161.
.
.
264
.
.
.
.
225
128
557
.
.
19l*8-January
February.
March
218
518
401 i;
-23
37
322 iy
103 ii
-61
April
May
•ce:
1/
2/
^
(Same as Table 1).
See Footnote 1, Table 2.
Includes Adjusted Service Certificate Fund, District of Columbia subsequent to fiscal year 1940, Indian tribal funds, and eipendltures
chargeable against increment on gold.
*
Table 5.
Includes $360 million in December, $150 million in February,
$70 million In March, and $50 million In April representing proceeds of ship sales finally allocable to budget receipts from su:
plus property. These proceeds were carried in trust account
receipts pending final determination.
Less than $500,000.
Federal Old-Age and Survivors Insurance Trust Fund-^
(In millions of dollars)
Expenditures other than investments
Transfers
from
General
Fund
Appro
prlatlo
Benefit
payments
Assets, end of period
Net
Reimburse- Salaries, Ino roast
Bureau of or dement for
administrative
expenses
2/
Unexpended balance
Old-Ag.
and
Survivors
Insuranc
credit
of fund
account
2/
1937-1939
1940
1941
1942
1943
,
1944
1945
1946
1947
,
1948 (Estimated)
1949 (Estimated)
1947-July
August
September
October
November
December
1948-January
February
March
,
. . .
April
May
Total, Inception through
May 31, 1948
ce;
1/
2/
^
,
disbursing
officer'
account
1,199.6
592.5
744.1
966.6
1,217.9
895.6
1,130.5
44.6
42.5
56.0
71.0
87.4
19.3
28.1
91.2
137.0
176.8
19.3
15.8
64.3
110.3
149.3
26.8
26.8
27.5
1,180.3
564.4
652.9
829.6
1,041.1
1,180.3
1,744.7
2,397.6
3,227.2
4,268.3
1,177.2
1,738.1
2,380.6
3,201.6
4,236.8
7.0
20.4
24.5
1,395.3
1,433.8
1,386.0
1,623.3
1,292.1
1,309.9
1,238.2
1,459.5
103.2
123.9
147.8
163.5
217.2
266.8
357.9
466.4
184.6
239.8
320.5
425.6
32.6
26.9
37.4
15.6
1,178.1
1,167.0
1,028.0
1,157.0
5,446.4
6,613.4
7,641.4
8,798.4
5,408.9
6,546.3
7,548.7
8,742.3
16.1
32.0
43.5
7.3
21.4
35.1
49.2
48.8
1,820.2
2,097.1
1,627.0
1,872.0
556.0
823.7
34.9
37.4
1,264.2
1,273.3
10,062.6
11,335.9
72.5
329.3
23.1
72.4
329.3
13.9
43.2
42.6
43.4
39.3
39.2
39.9
2.8
2.4
2-5
29.3
286.7
-20.3
8,827.7
9,115.1
9,094.7
8,700.3
8,700.3
9,000.3
72.4
358.8
27-7
54.9
55.9
66.7
65.6
310.5
26.7
65.6
310.5
14.1
46.1
44.4
46.2
41.7
40.9
41.9
19.5
266.1
9,114.2
9,380.3
9,360.1
9,000.3
9,134.4
9,268.5
48.7
82.6
17.9
65.1
163.3
73.8
96.3
277.7
40.4
35.5
277.7
30.4
41.5
51.2
37.8
47.4
45.5
54.8
226.5
49.9
-9.4
9,415.0
9,641.5
9,632.0
9,268.5
9,425.1
9,529.9
68.2
52.9
11.0
78.3
163.4
91.2
74.9
376.0
74.3
376.0
50.0
50.0 2/
46.1
45.6
24.9
326.0
9,656.9
9,982.9
9,506.0
9,506.0
71.8
398.3
11,318.6
2,269.1 2/
9,982.9
9,982.9
(Same as Table 1).
Includes transactions under the predecessor Old-Age Reserve Account.
Under Section 201 (f) of the Social Security Act Amendments of 1939.
Under provisions of the Labor-Federal Security Appropriation Act,
4/
2/
12.3
-19.4
^
5/
34.4 t/
1947, these salaries are payable directly from the Federal Old-Age
and Survivors Insurance Trust Fund.
Distribution of unexpended balance not available.
Total includes expenditures of $365,000 on account of penalty mall
costs
Treasury Bulletin
TRUST ACCOUNTS, ETC.,
Table 6.- Railroad Retirement Account
(In MlUlcou of Aollan)
ABseta^ and of period
Scp«adltur*a
other than
Total
1/
InTos^enta
Approprlatlona b7
CongreaB
art
lxMr«aa*i
UoeipenAed balance
-
or«u*
banafit
paja«nte
To credit
of appropriation
(-),
la a«B»t«
dlsburalng
officer's
account
1936-1939
268.1.
264.8
3.6
185.6
igiio
19ltl
igiis
120.2
113.6
IWi.O
220.6
21l>.8
2.3
2.5
3.1
5.8
U3.1
U6.1
121.2
126.2
130.5
te.7
9.3
-j.o
17.7
90.1
87.0
104.8
194.9
67.2
79.4
74.0
91.5
178.0
262.7
308.8
292.1
298.2
9,.8
15.2
19.9
24.2
134.4
1*1.4
ije.o
173.3
1)6.1
i8e.6
160.1
149.1
333.0
515.6
675.7
824.9
318.5
500.5
657.0
805.5
758.5
40.0
57". .6
55.0
228.5
231.5
570.0
398.1
1,394.8
1,792.9
1,377.0
1,774.5
August
September
X7.0
17.5
17.6
668.1
-l7Jt
-17.5
1,493.0
1,475.5
1,458.0
1,300.0
1,283.0
1,265.0
175.2
173-6
173.8
17.8
18.9
19.3
October
RoTember
December
18.4
18.6
19.1
-18.2
l,lt39.8
18.4
-18.8
1,421.4
1,402.6
1,303.5
1,284.5
1,265.0
117.3
117.3
117.4
19.0
19.6
20.2
18.7
18.8
18.7
•18.4
-18.4
1,384.1
1,365.7
1,3''7.4
1,303.0
1,283.5
1,264.5
59.'»
-18.
21.7
22.7
23-3
1,328.7
1,309.8
1,304.5
1,285.5
1,309.8
1,285.5
Wis
i$kk
19*5
272.6
32U.I
312.0
19W
19*7
igltS
19Jt9
322. ll
;
(Botlmited)
( Eetlnated)
798.5
629.6
U0.8
19li7-July
I9't8-J«nuary
February
March
April
M«T
Total, inception through May 31, I9J*
Souroe:
1/
1,309.8
2,790.6
(Saae as Table 1)
Figurea differ froa thoee ehovn In Table 2, "Beceipte, by Principal
Accounts" , for the reason that Table 6 raf lecta
82.7
92.1
2.3
1.8
10.5
11.7
12.8
13.2
10.8
2.5
13.4
14.7
17.8
18.2
17.82/
2/
2/
18.4 2/
59.5
59.5
•vproprlatleiia vfais t)M7 are aada vhile Table 2 ahova the aaounta
•a tr«aaf«rr«4 to the trust account.
DlatrlbvtlQD of nna^aoded balance not aTailable.
Lm* tlaa $50,000.
^
•
Table 7.- Unemployinent Truat Fund
(In Billions of dollars)
KrpeoiltnrM othr than Inr— ^anta
State
uneoqiloy-
nsnt in-
Stat* uDa^loyInaorsaoa
aetlTltlaa
R&llroad lftMiq>lo7sant
Insurance Account
1/
aot
Otaaa^loT-
Tnnafara
Depoaits
hy
States
TranaContrl- fere
butiODS froai
Statea
2/
1,914.3
943.6
1944
19*5
1946
1947
1,566.9
1,507.8
1,279.8
1,289.4
l,3't9.3
1,256.0
1,009.9
1,005.3
109.4
118.8
116.2
127.6
1948 (Estimated)..,
1949 (Eatlaatedj...
1,404.1
1,436.6
1,098.0
1,107.0
130.5
135.0
48.8
244.8
42.8
39.1
243.1
12.8
1.6
26.2
October
Horember
DecoHber
41.4
213.4
53.0
37.9
212.3
16.4
1.2
31.3
1948-Januai7
February
March
99.5
155.1
50.8
27.7
154.0
14.0
1,243.6
1,398.5
1947-July
August
Sept^iber
April
May
1,869.5
859.9
892.0
1,096.0
1,217.7
44.2
61.3
76.3
92.4
7.5
3.9
6.0
n.7
8.9
9.6
9.2
44.8
37.7
49.0
67.4
82.4
96.5
123.6
143.6
146.9
71.8
4.0
38.7
199.*
1.2
845.0
.3
107.2
66.5
877.6
Source: l^aae aa Table 1).
1/ Bzcludae Interim adrance of $1^ Billllon frcn the Treaatiry and cubeeiiuent repajnant, both taking plo^e In the fiscal year 19tiO.
2/ BepreaentB 90^ of contributions under the Hallroad thiaBploymont Insurance Act; the ronalnlne 10^ la usod for admlniatratlTe eccpensea.
(See Table 9 under "Budget Receipts and Szpenditurea" .
Represents amounts transferred from Statea to Railroad Oneaplojaant
Inaurance Account equlT&lent to .amounts of taxes collected vlth re-
^
633.8
499.3
555.1
377.1
176.2
633.8
483.0
*33.2
368.1
174.3
1.8
104.1
60.6
60.0
70.1
71.3
1,145.9 1,128.3
817.4
869.5
let
Increase
or de-
In dlabursinc
offl
Aooouot
(-),
i/
Baneflt
pa^aants
14.6
17.8
9.1
1.8
.8
17.2
51.7
814.0
906.0
9.7
Total, inception
through May 31, 1948 13,447.2 11,550.9
,
to RailVltbdrowala road UoaKplo7»«nt
Statea IxMiomaoa
Aooount
^
1936-1939
1940
1941
1942
19*3
1,U3.9
TrauBfera
frcK
Administration
Fund
Assets, end of period
Bailroad
1,280.5
444.3
558.8
866.4
1,222.4
1,280.5
1,724.9
2,283.7
3,150.1
1,267.0
1,710.0
2,273-0
3,139-0
"•,372.5 4,367-0
13.5
13.4
8.0
7.8
4.0
1,506.3
1,436.5
133.9
419.9
5,870.0
5,8:
7,315-3 7,307-2
7,449.1 7,409.0
7,869.0 7,852-0
8.5
7-8
31-7
64.0
56.0
8,459.1 8,446-4
8,989-7 8,977-0
2.7
3-3
1-5
U-8
1;
h
:?f
94.4
74.9
64.4
91.9
71.2
59.6
2.5
3.7
4.8
-45.5
169.9
-21.6
7,823.5 7,797.0
7,993.4 7,964.0
7,971-9 7,954.0
23.8
59.*
53.7
41.0
5.7
"•5.3
"•.3
50.8
'•5.2
5.6
-18.0
168.1
2.2
7,953-9 7,939.0
8,122.0 8,098.3
8,124.2 8,102.5
6.7
17.4
15.0
8.1
6.3
6.7
65.6
64.3
83.0
».7
5.9
5.4
6.6
33.9
90.8
-32.2
8,158.1 8,132.5
8,248.9 8,225.5
8,216.7 8,190.4
17.8
16.0
17-9
7.8
58.9
76.4
31.4
6.1
18.7
7.8
5.6
11.0
7>
8,174.5 8,140.4
8,303.0 8,265.4
81.2
72.2
5,144.2 4,867.4
kj
5/
0/
^
107.2
169.6
8,303.0
8,303.0 8,265.4
apact to period frc« January 1936 to Jane 1939, IncluslTe, frot
«mf\<3j99m and M^l^ara vho cctae vlthln the purrlsv of the R&llroad UkwivloTmant Inaurance Act.
Repreaanta axoaaa funds of the Railroad Onamploymant Ina\irance
Admlnlatratloo Fund (under Act of Oct. 10, 19^).
For rallrottd unanploy^nt beneflta and refunds.
DlatrlbntloD of unazpanded balance not arallable.
Laaa than $50^000.
...
July
,
1948
TREASURY CASH INCOUE AND OUTGO,
The present series of data on Treasury oash Idoob*
and outgo was first published In the September l^Kj Isof
The nature
the
sue of the 'Treasury Bulletin".
changes from the preoedlng series was explained in an
aoooopanylag note. Actual figures In these tables are
Estimates are
based on the Dally Treasury Statement.
based on the 19'^9 Budget document, Including effect of
proposed legislation as shown therein.
Table 1.- Summary of Cash Transactions
(In mllllon» of dollars)
Oaah oparatlnc Ineoaw
fiscal year
or month
Oash
hadget
receipts
Oash tmst
ISM
7,z6o
2,111
igUa
19^3
191A
32,208
Oaah operating ontgo
Cash
budget
expend-
aaco'ont
receipts
It^ires
Cash trust Sxchan^e
Stabiliaccount
expendzation
iture a
Increase, or
decrease (-)
Treasnrx cash
Vet cash
borrowing,
Oash operations other than borrowing
Vet cash
operating
Clearing
account for
outstanding
General
fond
balance
butgo C-)
checks, etc
9,371
15,291
12,gl*«
-l*,6g9
5,>»32
7U2
33,517
1,212
l,06g
iH.oSo
2,51*2
3't,585
25,2115
1*7,984
78,1*91*
llS5
>|l»,Ollg
3,037
3,936
93,968
111
78,979
91*, 079
-19,294
-53,735
-US, 095
19,652
60,250
56,757
358
6,515
10,662
U6,321
U,721
51,01*1
96,75'»
1*7,781*
-10,1*60
>*6.637
1,026
-555
-17,899
6,659
7,1*39
3,707
61,367
36,237
95,986
65,683
39,978
1*9,1*71*
'»,937
-768
U,3l6
3,270
-W»,9't5
U2,gll«
l»2,930
-19,389
-10,930
(lstlBated>
"A, 539
3,712
1*8,251
36,251
3,09^
771*
1*00
1*0,519
7,732
-8,505
-772
I9U9 (Isttmated)
iat,322
l»,00g
1*8,330
37,725
3,539
1*1,29*
7,066
-7,117
-51
19U7-July
August
September
2,3U9
2,515
H.SOT
215
678
20U
2,561*
2,95'*
30
2,753
3,U65
1U6
173
121
3,390
3,152
3,959
-827
3.193
261
205
279
753
587
291
-201
-239
332
552
October
HoTeaber
Oe oanber .
2,380
2,703
U,219
2,1*29
2l*8
2,225
3,196
96
lUS
86
-2ll*
IS
2,630
3,3'W
I*, 030
27
2,612
2,533
3,520
18
8I6
510
136
-987
218
127
80
-1,31*8
155
-172
-838
189
338
213
-222
101
53
2,55«
2,895
3,871
163
-226
2.956
2,868
1*62
19U5
19US
19^7
19>«g
.
.
.
-1«9
l*,711
U,3l6
6,317
jUs
U02
156
5,51*2
l*,7lg
2,1*28
March
6,U72
3,511
April
May
2,767
Z,b7k
19U
656
2,960
3,330
19Ug -January....
robruary
,
1/
.
'»,195
2,578
21
9U
1,986
-'•35
1,821*
-2,153
2,601
-1 ,567
1,551
-330
1,035
-71*0
It
explanation of the transaction,
September 19^7, pa«e IT-
The U. 8. sabseidptlon to the eapltal of the International Monetary
Aud weM paid in part frm the Xxchange Stabilization ^ind. 7or
Table 2.
Ul
Exchange
Stablll-
Treasnry Bnllettn" for
Comparison of Total Net Budget Receipts with Cash Budget Receipts
(in Billions of dollars)
Least
Total
receipts
7,607
12,799
22,282
1^
ltlt,ll*9
U6,U57
iiii::::::::::::;::::::;;:;
19U7
191*8
(letlnated)
191*9
(Istloated)
19l*7-July
admlnlstratlTe
expenses - federal
Old-Age and SarTlvors Ineoranca
Trust J\ind
Equals
Cash
I
budffet
receipts
7,260
3U7
50
7U
101
12,71*9
22,
»8
l*l*,0l*8
1*6,321
1*3,038
1*3,259
136
190
329
136
72
U2,930
1*5,210
672
291*
239
>'1*,539
ltl*,l*77
,
Belnbursenient for
Capital stock
and paid-in
surplus
(net)
I9UI
I9U2
Vonoaah bad^et receipts
Payments to Treasury by Oovomment corporations
had^t
1*2,81*8
38
1*1*,3?2
11*7
'',507
?,3U9
2,515
2,397
2,536
August
September
1*,872
October
loTember
Oscsnber
2,390
2,7U3
U,2U6
ll,219
'»,275
'•,195
",336
U,3i6
6,317
19l*8-Januai7
February
6,331*
April
May
*
Less than $500,000
2,8o6
2,707
361*
2,380
2,703
Treasury Bulletin
12
TREASURY CASH INCOME AND OUTGO.
Table 3.- Comparison of Total Budget Expenditures with Cash Budget Expenditures
(la mlllloas of dollare)
Honeaah budget expeiidl tares
Payroll
Intereat pe^eats by TreacaxT'
dednetion
for
Transfers to floTemOn
To OoTment emtrust
earing
erament
accoontf ployees'
corporaretireand
tlona
ment
Treasury (partially
billa
ovned)
Total
budget
erpendItaree
1/
I9hl
1942
13,766
sit.ssg
19'I3
79,702
95,572
I9ltit
19U5
919
772
1,208
i,6oU
I^d^t expendltnres
Armed
forces
leaTe
bonds
s/
167
207
130
213
25H
325
U29
559
227
?69
1,659
1,927
1,361
290
281
259
19I16
2,31*7
3U2
U35
19U7
1(2,505
6,269
1*67
(Estimated)
37,728
1,'»77
505
1949 (Estimated)
39,669
l,9lt5
5itO
3,669
3,060
2,932
716
3O8
-532
U6
51
-8l«)
2,ltl(S
3,22U
16
-30
28
61
-116
-71
-72
2,«79
2,U02
301
-26
62
36
3,5116
35
96
37
19U7-July
August.
September
.
October.
November
December
igUg-Janoary
February
March
April
May
.
.
.
.
.
.
.
2,1911
3,109
2,60l»
66
28
756
8U1
EarnInga
jnsted Intereerrlee
national
Bank and
Ibnd k/
-12
-7
-5
3,61*
19ltg
Ixeess
profit!
Repayment of
capital
stock
end
pald-la
anrplns
Sqoalat
Cash
bud^t
eipendItnree
Federal
seenrltles
333
100,397
63.71U
567
6ue
Oovemment oorporatlen
psyments to Treasory
iBTOlTlD^ IssaaBoe of
federal seeorltlaa 3/
6
1,366
13U
37
67
89^
-970
-39
108
118
105
115
136
25
18
31
1,175
222
•1,165
-lAS
127
239
38
15
907
202
-195
-500
35
70
5
19
5U9
273
-100
-1*7
-3*
-38
-t
-26
•
.
.
Juhf
1948
13
TREASURY CASH INCOME AND OUTGO.
Table 5.- Comparison of Changes In Federal Securities Outstanding
with Cash Borrowing or Repayment of Borrowing
(In ollllons of dollare)
Voncaah debt transactlo
ZnGr«aae,or decrease (-},
In Tsderal Becorltfaa
out • t audi nc
flBcal /ear
or month
Public
dA^t
Ouaranteed
eecurltlee
Het InTeBtmente
In Federal
eeourltles
laeuance of Federal secnrltlee
resulting fron budget expenditures 1/
Total
Ttoderal
Ajrmed
seourltlee
forces
leave
Adjusted
serrlee
bonds
"bonds
I9UI
igUs
5,?9t
23,U61
19>»3
6U,27l»
19W
6U,307
IS}*?
57,679
56,1*39
19U6
IS^I
10,71(0
10,783
-11,523
19ll«
-11,136
gUl
-1,802
-his
-2, 1*77
-387
6,835
21,659
63,S06
61,830
i.uaa
2, 006
4,883
1,338
1,925
3,004
4,128
203
206
6,738
3,409
7,892
5,200
3,668
3,362
324
159
178
-7,l»0g
1,224
3,1*61
127
-8,505
-195
-500
-6
540
375
-7,117
-840
-30
-121
-94
66
46
51
587
291
-201
-l48
-136
-77
61
136
-987
-1,348
-7'*
-859
-1,312
-66
-853
-1,320
-207
127
59
37
292
1U3
-116
-71
-72
-^t
-1,969
-1,615
-331
-1,967
-1,615
170
17U
-49
89
258
79
-47
-34
-38
-750
-753
-65
121
-26
116
-34
-26
19>tg-Jaiiuai7
Tebruary
March
April
May
49,474
505
-956
.
19,65a
60,250
56,757
-12
443
431
296
.
-95
-190
-1,216
3,023
.
7
131
207
-1,172
562
356
-678
.
130
213
3,243
2,785
.
13"*
467
1,152
QeceiDber .
borrowing
aoeonnte
894
-970
-39
-4,706
October
HoTember
y
of nongaaranteed
secorltlee
of Federal
agencies
XqnalBt
let caih
borrow! n<(;,
2,l40
1,161
gU9
-953
.
flfloorltlea
Itnanoe
1,793
-l»,700
.
^firantfled
bonds and
not reTreasury
flected In
bills
Hotel for
Internatloned
Bank and
Fund 2/
Pine I
Csjh
5,1*32
19U9 (Sstlmsted)
iugast
Septanber
setloM In
5
-7,386
19l»7-July
earing
Vet traas-
39
(Xatlmated)
-2l'
Interest
leananeea of Federal aecorltlea resulting from bodget expenditures
are treated aa noncash at the time of Issuance and as cash budget
expenditures at the time of redemption. The figures shown are net
iBsa&nces, or net redemptions (-).
See footnote 1 to Table 1, preceding.
7,1*39
-19,389
-435
-2,153
-1,567
62
36
37
28
^
4/
•
Accrued discount on savings bonds and bills les
saTlDgs bonds and bills redeemed.
Includes borrowing throu^ Postal Savings Syste
Less than $500,000.
Table 6.- Summary of Cash Operating Income and Outgo by Months"
(In millions of dollars)
AwwtiaI
Calendar year
Calendar
year
19417
878
1942.
1943.
1944.
1945.
1946.
1947.
1948.
Cash operatlDg outgo
191*1
6,472
1,654
3,335
3,198
2,912
2,819
2,960
2,076
3,663
3,883
3,470
3,315
3,330
6,402
8,017
7,218
3,887
3,667
2,895
7,624
8,568
8,929
4,156
3,322
3,871
7,438
7,693
7,799
4,146
3,654
2,956
7,397
g,o48
8,469
4,358
3,350
-4,920
-4,905
-2,843
368
1,460
1,824
-2,327
-1,889
-1,785
1,773
2,624
2,601
-5,784
-4,358
-4,601
-1,234
-835
902
2,922
3,776
3,969
3,889
4,542
1,482
3,112
4,375
4,255
5,127
4,718
5,297
6,67?
7,144
5,929
6,503
7,51*
7,781
5,605
2,783
2,556
-5,601
-4,622
-4,005
-1,636
1,106
1,986
5,9'*6
4,665
6,360
6,132
4,707
5,295
2,176
2,368
2,987
2,697
2,564
7,990
7,02?
8,-506
7,290
7,973
3,110
3,390
:
..
5,052
1942
19'*3
1944
19^
1946
19'»7
194«
8,945
5,086
5,193
2,868
Het caah operating Income .
or outgo (-):
1941
1942.
1944.
1945.
1946.
1947.
1948.
-5,321
-4,385
-4,586
-888
-35
462
-3,325
-2,146
-2,813
-379
102
-4,174
-4,847
-4,922
-4,986
4l3
-827
1,036
total
Fiscal
year
^
Treasury Bulletin
Ih
GENERAL FUND OF THE TREASURY.
Table
1.
Status of the General Fund
(Ib allllons of dollars)
Jnd of flBcal
year or month
July
1948
15
DEBT OUTSTANDING.
Table 1.- Summary of Federal Securities Outstanding
(In mllllotti of aollara)
«nd of
flaoal
year or
moath
Treasury Bulletin
16
DEBT OIITSTANDINO.
Table 3.- Interest-Bearing Securities Guaranteed by the United States Government"
(In millions of dollars)
Honmarketable
CoBiaodity
Ind of fiscal
year or month
19'tO
igltl
I9U2
19't3
19¥t
l^^5
19U6
I9t7
Credit
Corpora-
5,U9B
6,360
U,5U9
U,092
1,516
S.Ugg
6,360
U,5U9
3,908
1,190
it09
3t
lie?
t3
38
83
U07
696
701
uis
1(12
Federal
Farm
Mortgage
Corporatic
1,269
1,269
930
930
Federal
Housing
AdjElnis-
tratlon
Corporation
2,603
2.U09
1,563
1,533
755
Public
Housing
Administration
llU
226
llU
llU
Commodity
tlon Fina
Finance
Corporatlo
tlon 1/
1,096
1,7'tl
1,219
183
326
19U7-July
August ...
September
October.
Sovember
.
December,
1 gits-January..
February
March
.
April
•toy
Sourcel
Daily Treasury Statement.
•Footnotes at. end of Table h.
Table 4.- Special Issues to United States Government Agencies and Trust Funds
(In millions of dollars)
68
150
tlon 8/
..
.
July
.
..
.
1948
17
DEBT OUTSTANDING.
Table 5.- Computed Interest Charge and Computed Interest Rate on Federal Securities
Public
Ind of flioal
year or aonth
dflbt
and gaaranteed seourltlst
Interest-bearing
debt outstanding
Computed
annual
Interest
charge
Comput ed
ww^gl rats
of Interest
Pnblle debt 1/
Computed
annual
interest
charge
Interest-bearing
debt outstanding
(Millions
Guaranteed eeeurlties 2/
Computed
annual rate
of interest
Computed
Interest-bearing
debt outstanding
interest
charge
Computed
anmial rate
of interest
(Millions of dollars)
(Millions of dollars)
109
117
1.978
6,360
U,5l*9
85
1.861
1,095
1,218
1,6UU
2,679
2.583
2.518
2.285
1-979
5, '•98
199,5^3
256,357
268,111
255,113
3,81*9
U,96l*
1.929
1.936
1.996
2.107
1,516
U09
83
1.335
1.321
l.UlO
1.758
256,321
257,110
256,107
5,1*22
2.116
2.125
2.128
7U
73
1.767
1.776
5,1*1*9
2.115
2.125
2.127
256,31*8
255, 67U
5,1*56
5,1*62
2.129
2.136
5,1*51*
281
5,1*51
2.11*1*
256,270
255,591
254,205
igUg -January...
February.
2511,030
252,171*
5,1*72
5,1*71
2.151*
March
250,707
5,1*35
igito
''7,87't
19U1
5'*,7't7
191*2
76,517
13^3
19W»
2.511*
139, '*72
1,203
1,335
1,729
2,759
201,059
256,766
268,578
255,197
ig^T-July
August.
September
October
NoTember
December,
1*5
19U6
13^1
.
.
.
2.1*38
1*2,376
1*8,387
2.260
1.978
71,968
135,380
3,869
It, 969
5,357
5,376
1.925
1.935
1.995
2.107
256,395
257,183
256,177
5,1*21*
251*,
—
5,1*61*
5,351
5,371*
5,1*63
5,1*1*8
253,958
252,100
2.170
2.168
;.ii*it
1.851*
'71
5,|>69
2.155
2.170
2.168
1.853
1.871
5,
21*9,990
5,1*33
2.173
21*9,920
5,1*31
2.171*
250,028
5,1*35
2.171*
21*9,958
S.kS"*
2.171*
Table 6.
I.76I*
5,1*1*9
250,631*
Statement.
are Included in interest-bearing debt figures at face
purposes of calculating the oomputed annual Interest
computed rate of Interest, the diacoont Talue la used.
I.81I*
2.129
2.137
April
Cally Treasury
Treasury bills
amount, but for
charge and the
1*67
5,1*60
May
Source:
1/
1.831*
1*,092
1.76?
1.81*1*
1.896
1.910
For the purposes of computing the annual interest charge and rate of
interest on United States savli^s bonds, Series ^Z are considered
to yleld2.90!Sper annum and Series ? Is considered to yield 2.53*.
Bxcludes guaranteed securities held ly the Treasury.
2/
Treasury Holdings of Securities Issued by Corporations and Certain Other
Business-Type Activities of the United States Government-^
of dolla
Commodity
Credit
Corporation
Ind of flecal
year or month
IQl*
19UC.
I9U1.
I9U3.
191*5.
191*6.
19U7.
11,91*6
19l*7-July
11,91*8
537
August
September
11,917
11,823 S/
1*87
October...
November
December.
11^761 2/
11,871* 2/
.
19l*8-January.
February
March
April.
May...
Source:
1/
.
-
-
11,81*0
J/
11,791 3/
11,78U 2/
11,887
^
13,01*1*
Mortgage
Corporotio
Public
Sousing
Administration
263
27S
283
366
398
383
360
1,950
900
1,591
1,301
510
.
Federal
idminlot rat ion
llOO
10,717
12,169
11,673
191*1*.
Farmers'
Corporation
Kiral
Electrification
Administration
Valley
Authority
25
IMO
302
U,079
7,535
191*2.
ExportImport
Bank of
Vaahlngto
61*1
1*80
516
512
1*35
397
2/
13,1052/
355
1,010
737
529
516
31*7
511*
31*7
U99
U86
3''7
631
693
728
'•71
31*7
1*58
31*7
1*1*1*
31*7
730
727
839
'•33
31*7
U20
372
372
873
926
397
386
516
516
5U0
Daily Treasury Statement.
The securities shown In this table were issued to the Treasury
to finance OoTernment corporations and certain other businesstype activities of the Government, with the Treasury itself
raising the necessary funds through public debt operations.
1*06
2/
317
372
372
2,53"*
5,033
8,1*16
9,020
9,205
9,966
9,958
9,277
9,296
511
5U6
9,169
9,158
9,161
5U6
590
590
9,186
9,188
9,179
603
10,309
10,316
668
693
623
61*8
To avoid duplication, these securities are not Included In the
guaranteed debt outstanding as shown In preceding tables.
Total includes notes issued by the Tlrgln Islands Company in the
amount of $250,000.
Treasury Bulletin
IS
STATUTORY DEBT LIMITATION
Section 21 of the Second 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
held by
United States (except guaranteed obligations
shall not exthe Secretary of the Treasury),
ceed
aggregate |275 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.- Status under Limitation, May 31, 1948
(ta
lllloni of dollU'i)
M&xlnua aaonnt of ocorltlaa whloh aay b« outataadloc «t any oaa tlna, unAar llaitatLona lapoaad
of th« Second Llbartj Bond ict, aa aaaadad
V
Sactloa 31
Aoount of aaourltlaa ontetandlac aabjaot to aaeh atatntarj dabt llaltatloBt
n,
S,
OoTarnfflant aaeurltlaa laB-*ad
nadar tha Second Llbartj Bead lot, aa aaandad.
251, "toa
Ouarantead lecnrlttaa (aiclndlnc thoae bald b7 tha Treaaurjr)
75
251, Ws
Total aoount of aaeurltlaa ontitandlnc lubjaot to atatutory dabt llaltation
Balance liiuable onder limitation.
Source;
Public Debt Service.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities
Outstanding May 31,1948
(In alllloBa of dollara)
Sabjeet to
atatutoTy dabt
llaltatloB
Claas of aecorltj
Public debt
Intereot-bearlnc aaeurltlaa;
Marketable;
Treaaur; bllle
Certiricatea of Indebtedneas
Treasury notes
Treasury bonds - bank eligible
Treasury bonds - bank restricted 1/...
Postal savings and Panaffla Canal bonda.
lot aubjaet to
atatatoTT dabt
llaltatloB
Total
outotandloc
:
13,761
20,065
11,375
65,888
13,761
119,636
20,065
11,375
65,888
49,536
l6o,72l»
160,888
53,1'»3
53, IM
16I.
Total marketable
Nonnarketable:
n. S. sarlogs bonds (currant redemption Talae).
Treasury sarlngs notes
Depositary bonds
Armed forces leaTe bonds
Treasury bonds, InTestoent series
it,7''l
315
Total nonmarkstable
^7'»7
59,7''7
Special IsBuea to OoTemment agencies and truat funds
29,323
Total Interest-bearing securities
2U9.79't
2119,958
Matured securities on vhleh Interest has ceased
266
Debt bearing no Interest:
United States savings stamps
Xxcess profits tax refund bonds
Special notes of the United States:
Intemat local Monetary Toad Series
tatsmatlonal Bank for Beconstructlon and DeTalopment series
United States notes (leas gold reserve)
Deposits for retirement of national bank and Taderal Besorre Bank notes.
Other debt bearing no Interest
1,169
Total debt bearing
1.353
It63
6_
:
Total public debt.
Puaranteed aecurltlee
Interest-bearing
Matured
:
1,169
191
659
251, 1*08
2/
Total guaranteed securities
Total public debt and guaranteed secu
Public Debt Service.
legues which commercial bajlke may not acqulr
2/
date (with minor exceptions). See footnotes t Table
"Debt Outstanding".
Excludes guaranteed aecurltles held by the Tree eury.
252,236
..
.
.
a
.
1948
Juhf
19
DEBT OPERATIONS.
Table 1.- Maturity Schedule of Interest -Bearing Public Marketable Securities
Issued by the United States Government
and Outstanding May 31, 1948^
(la llllana of doUari)
Aaount of aaturltle
'
Callatilo lsra«
Dsacrlptlon of •aeorltjr 2/
Fixed
atv-
elaaalflod bj
7«ar of:
rtt7
rinal
nattt-
rtty
•trlctad
laBuet
baeoaa
bank
altglbla
Toar
and
Oeaerlptlon of aasnrltr 2/
Pizad
atu-
Callabla laaaa
claaalflad b7
7«ar of:
rlty
Mnal
ata-
laattaa
1/
ri ty
1951
BlUo
7/8*
l-3/li*
I*,
Csrtifloata - 6/1A8-E..
Bond - 6/15A8
BlUa
7/851
7/856
l/eif,
j/l/kS-Y..
T/l/kS-G..
l/l/kS-i..
-
-
BlUa
Au«...
Sept
Cortlflcnte
Certificate
Certificate
.
2-1/2*
1-1/2*
Bond
Note
1*
1*
2-3/l|*
2*
2*
5,1*20
2,71*2
Jt
1,127
2,209
2*
1*,023
2*
9/15/1*8
g/l^/kS-k
3,7''8
i*,092
156
Note - IO/1A8-B
Certificate - IO/1A8-J..
Certificate - 10/l/lt8-K..
2*
Bond
1,627
Bond - 9/15/'i9-51..
Bond - 9/15/51-53..
Bond - 9/15/51-55-.
7,9«6
755
Bond - 12/15/119-51.
2-1/lt* Bond - 12/15/51-53.
Bond
-
12/15/51-55.
l.OlU
1,292
2,098
1,118
510
11,996
1,35^
1952
1,1*67
Mar... 2*
Bond - 3/15/50-52.
2-1/2* Bond - 3/15/52-5I1.
12/l5/'t8-50
Total
- 6/15/1(9-51..
- 6/15/51-5U.
Bond
Bond
Ujl
-
-
-
June.. 2*
319
1,777
3,062
June.
35,789
Bond - 6/I5/52-5I1.
2-l/l»* Bond - 6/15/52-55.
2*
1,963
5,825
1,501
Sept.. 2-1/2* Bond - 9/15/50-52.
Bond - 9/15/50-52.
2*
Dee...
Vl/8* Bond
2*
1,186
••,939
- 12/15/lt9-52.
Bond - 12/15/52-5U.
17,012
1949
Jan..
l/l/ll9-A
1-1/8* Note 1/I/I19-A..
1-1/8* Certificate -
3,535
2,592
Feb..
1-1/8* Certificate
-
2/1/1*9-3..
2,189
Har..
Certificate
-
3/1/U9-C..
3,553
1953
1-1/8* Certificate
J^r.
-
It/l/Ug-D.
2*
Bond -
6/15/I19-5I
1,011*
Sept.
2*
Bond
-
9/15/'>9-51
1,292
Dec.
2*
Bond
Bond
Bond
-
12/15/1*9-51.
12/l5/'*9-52.
2,098
- 12/l5/'*9-53.
1,786
-
Bond - 6/15/53-55.
Sept..
Bond
9/15/51-53.
7,986
12/l5/lt9-53.
12/15/51-53.
1,786
1,118
Mar... 2-1/2* Bond - 3/15/52-5't..
1,02U
2-3/U* Bond - 6/I5/5I-5U..
Bond - 6/15/52-5"*..
2*
2-1/11* Bond - 6/I5/5U-56..
1,627
5,825
-
1,055
June.
2-1/2*
June.
Dec... 2-1/2* Bond
2-l/l<* Bond
1*91
195'*
June.
2*
Bond - 12/15/52-5'*.
1955
1950
Mar.
Mar... 2-7/g* Bond - 3/15/55-60.
Bond - 3/15/50-52...
.
1,963
2-1/11*
Sept.
Dec.
Bond - 12/15/'tg-50
1-1/2* Bond - 12/15/50
2*
1,186
2-1/2* Bond - 9/15/50-52.
Bond - 9/15/50-52.
2*
Bond - 6/15/52-55.
Bond - 6/15/5>55.
'',939
2*
2,635
Sept..
Bond - 9/15/51-55..
755
Dec...
Bond
510
-
12/15/51-55.
3, '•91
2,635
(Continued on following page)
Date
bank reatrlotad
laaaa
becoae
bank
allglble
1/
m
Ireasury Ballet.
DEBT OPERATIONS.
Table 1.- Maturity Schedule of Intereest-Bearlns Public Marketable Securities
Issued by the United States Government
and Outstanding May 31, 1948^ - (Continued)
(Za llllons of doUari)
Aaooat of aatarltlea
and
aoath
Deacrlptlon of •eurlty 2/
Data
bank re^
Callabl* Isauas atrlctad
elasalflad l>r
liiuaa
rixod
year of!
boooaa
atn^
baak
rttj
rinal
laaooi
ata^ altclbla
iBonnt of natorltle
Callablo laoae
elaaslflad b7
Taar
Description of oacurlty 2/
oath
jraar ofl
i/
rtty
1961*
1956
Mar..
2-l/2)t Sond - 3/15/56-5*
Jvaa.
S-l/kH Send - 6/15/5lt-56
Sapt.
2-3/1* Sond - 9/15/56-59
2-1/1* lend - 9/15/56-59
I,ltl49
2-1/2)1 Bond - 6/15/61*-69.
3,761
V15/53
Dec.
2-l/2)t Bond - 12/15/611-69.
3.838
9/15/53
982
7,600
6,253
2-1/2)1
Juno.
3,«3
1965
195*
IfT.
Data
bank r«•trletad
lasoai
bocoaa
bank
allglbla
Bond - 3/15/56-58
Mar..
2-1/2^ Bond - 3/15/65-70.
Dec.
2-3/1* Bond
-
5,197
2/1/51*
l,l*«5
12/15/60-65.
l,l»lt9
5,197
1,1*85
2-}/>4 Bend - 6/i;/;8-63
1,1*9
1966
Mar..
2-1/2^ Bond - 3/15/66-71.
3,1*81
12/1/5'*
5/5/52
6/15/62
1959
Jvna.
2-1/1* Bond - 6/15/59-62..
Sapt.
2-3/1* Bond - 9/15/56-59..
2-1/1* Bond - 9/15/56-59..
Dec.
2-1/1* Bond - 12/15/59-62.
5,28U
6/15/52
982
3,823
12/15/52
3,'>T0
1967
Joae.
2-1/2* Bond - 6/15/62-67.
2-1/2)1 Bond - 6/15/67-72.
7,967
Sapt.
2-1/2* Bond
9/15/67-72..
2,716
Dec.
2-1/2* Bond
12/15/67-72.
11,689
22,372
i960
1968
Mar..
2-7/4( Bond - 3/15/55-6)..
Sac.
2-3/1* Bond - ie/15/60-65.
z,6ll
2-l/2)( Band -
1Z/15/6V68.
2,831
Jvna.. 2-1/2* Bond - 6/15/S*-69..
3,761
'•/I5/53
2-1/2* Bond - 12/15/6U-69.
3,838
9/15/53
1969
1961
Panaaa Canal bond - 6/I/6I
Juaa.
12/1/52
1,1*85
2,611
7,600
1970
1962
Jnne.
12/15/62
2,118
2-1/1* Bond - 6/15/59-62
^-l|^^ Bond - 6/15/62-67
5,281*
2,118
2-1/1* Bond - 12/15/59-62
3.'»70
6/15/52
5/5/52
12/15/52
Mar..
Mar..
2,U8
2-1/2* Bond - 3/15/65-70.
5,197
2/1/51*
2-1/2* Bond - 3/15/66-71.
3,1*81
12/1/51*
6/15/62
1971
8,751*
1972
1963
June.
2-3/1* Bond - 6/I5/5S-63
Sac.
2-1/2^ Bond - 12/15/63-68
2,831
Total
2,831
12/1/52
Juno.
2-1/2* Bond - 6/15/67-72..
7,967
Sapt.
2-1/2* Bond - 9/15/67-72..
2,7l6
Dae.
2-1/2* Bond - 12/15/67-72.
U,609 12/15/62
Total
22,372
919
Dally Treasury Statement and Publlo Debt Serrlee.
Bxcludes postal eaTlngs bonds.
It should be noted that oallable Issuea appear tvloo In this column,
onoe In the year of first call and a^ain In the year of final matuCallable Issues vlth reepeot to which a definite notice of
rity.
2/
eall hae been made, hoverer, are listed as fixed maturities,
'or
date of issue of each security, eee chapter on "Market Quotations*:
for tax status, see chapter on "Traaeury Surrey of Ownership".
Bank restricted issues may not be acquired by commercial hanks (vlth
minor exceptions) prior to a specified date.
July
1948
DEBT OPERATIONS.
Table 2.- Offerings of Treasury Bills
(AKOunta In alllloas of dollara)
date
Treasury Bulletin
DEBT OPERATIONS.
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness
July
1948
23
DEBT OPERATIONS.
Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States Government
Dat* of
refunding
or retire-
ment
Treasury Bulletin
2k
DEBT OPERATIONS.
Table 5.-
Issuance and Retirement of the Public Debt
(In nllllone of dollari)
neeal
7ear
or
month
July
194S
25
UNITED STATES SAVINGS BONDS.
United State* sayings bonfls were first offered for
Series A-D were sold from March
bonds have been
Series E, F, and
I935 to April 19'H.
on sale since May 1, 19'H. Tor Information on the terms
and conditions of these bonds, see "Treasury Bulletin"
sale in March 1975.
Issues for December 19'*7, page 31, and October 1935.
Sales and redemptions data by States
pages A-liandA-5.
are published at the end of each calendar and each fiscal year
after June
'JO,
19*17.
Sales by denominations
are also published semi-annually after December 31
,
In the following tables sales figures are quoted at Issue price,
and
redemptions
current redemption Taluea.
standing are
been redeemed
tions.
quoted at par.
are
Included
until
Series
Series d
Matured bonds which
In
the
all
outhave
figures on redemp-
bonds
of
the
In the
series
hare matured, when they are transferred to matured debt
upon which Interest has ceased.
Table 1.- Sununary of Sales and Redemptions, by Series
tlirougli
amounts outstanding at
Amounts of
Matured bonds outstanding are reflected
Interest-bearing debt
19''^7.
Cumulative
and
May 31, 1048
Treasury Bulletin
26
UNITED STATES SAVINOS BONDS.
Table 3.- History of Sales and Redemptions of Series E, F, and G
iaoont
outBtaodls^
(interest-
Bedemptlo
Sales
plus
accrued
Sales 1/
Sales
^arln^
lO'lce
dleccnuit
datt)
(Is Bllllone ef dollars)
Series I, r, and
Tlecal jears:
I9UI
69i
5,993
11,789
191*2
'.'.'..
IS^A
19'»5
19U6
15, '•98
111,391
9,6l2
7,208
19»t7
Calendar years:
1941
W7
583
2,537
9,157
igita
19't3
igitU
iSioS
IS"*?
12.937
7,&27
e,69U
19U6
19'*7
Kont&Bi
19U7-July
in^st
Septsn^er
^66
October
HoTamber
Dseenber
Uss
"112
1*87
iglW-Jaauaiy
770
^bmalj
607
588
March
April
May
Total, Inception to
36
127
284
1.68
1132
Maor 31,
19U8.
7H
195
379
633
69\
5,995
11,82»
15,625
15,175
10,078
7,791
.
75
760
2,292
760
2,286
1*,156
6,1*08
4,131*
5,063
i*,95i*
lU
6,337
ll*
2,537
9,16?
2>t£
13, soft
1,501*
16,239
13,315
7,961
7,327
3,263
5,332
6,038
1,502
3,251
5,293
5,9*1
It,
1>,522
61*5
622
505
517
1*20
1*08
U03
362
391
53U
U62
561
371
331
391
360
321
379
837
655
372
305
61*1
1*08
516
1*09
''97
390
T3,l'99
22,926
Percent of
Bonthl7
redenptlone
to BBcmnt
outetandlii^
Juhf
1948
27
UNITED STATES SAVINGS BONDS.
Table 3.- History of Sales and Redemptions of Series B, F, and G - (Continued)
Sedeaptiona
Sal9i
Sales 1/
^
imoojit
outatandlo^
(interestbearing
plUfl
Salea
price
accrued
diiooont
lelit)
(In millions of dollars)
Fiscal yearsi
I9UI
19^2
igit}
67
758
803
679
U07
360
igWt
ig"*?
19U6
19^1
Calendar yearsi
19UI
191*2
ig"*?
19M
19^5
ISki
19UT
208
652
7U5
773
595
325
3U2
67
t35
760
811
698
1W7
208
65^
750
78S
S21
365
396
Months:
ISUyWuly
io^st
September
Oatsber
HoTefflber
December
igUS-January
February
March
April
May
Total, inception to May 31, igU8
3,951*
_
3
3
17
58
89
1U9
203
17
57
88
11*7
197
35
7
35
77
iS
10"*
189
203
185
196
7
Percent of
onthly
redeaptlona
to aaoont
outstanding
Treasury Bulletin
28
TREASURY SAVINGS NOTES,
Treasury savings notes have been Issued In three
Series A from August 1, ig**^!, through June 22,
series:
through September
19^"^;
Series B from August
19''^2;
and Series C on continuous sale since September
l')^?.
1,
igl*!,
11^
vestment yields, and tax payment or redemption values of
Series C notes,
see "Treasury Bulletin" for October
A-5.
14-2
and
see
"Treasury Bulletin" for February
IS'^G,
1^3.
12,
For details concerning terms and condltlona, In-
pages A-U and
and months,
pages
19^,
Por similar Information regarding
In the following tables sales and redemptions of
Treasury savings notes are shown at par value. Matured
notes redeemed (either for cash or for tax payment) are
Included In the figures on redemptions. Matured notes
outstanding are reflected In the Interest-bearing debt
all notes of the series have matured, when they
Series A and B notes, see "Annual Report of the Secretary
until
of the Treasury" for 19112, pages 207 and 220.
are transferred to matured debt upon which Interest has
For sales
and redemptions of Series A and B notes by fiscal years
ceased.
In
accordance with
the
practice
of the Dally
Treasury Statement.
Table
1.-
Sumoiary of Sales and Redemptions by Series, Cunulatlve through May 31,
(In millions of lollars)
Series
104S
July
1948
29
OWNERSHIP OF FEDERAL SECURITIES.
Table 1.- Distribution of Federal Securities by Classes of Investors and Types of Issues
(In
Xnd of
fiscal .
year
or month
BlUlone of dollars)
Treasury Bulletin
30
OWNERSHIP OF FEDERAL SECURITIES,
Table 3.- Estimated Ownership of Federal Securities by Bank
and Nonbank Investors
(Par Tslnes ]/ - In UllloaB of dollars)
Bald t7 taaka
Hald
Total
Tadaral
aonrltlaa
Comnarelal
tanka 2/
oatatand1«« 2/
Tedaral
Beaarra
Baska
IndlTldnala U/
Inatiraaca
eonpanlaa
^
nontoaok Inraato
Matnal
aavln^
^anka
Othar
corporations and
aasoclationa 5/
^
1939-Deceinber
1*7.
igMO-Juae
Deceaber
IW.5
50.9
18.6
19-5
igUl-June
SeooDber
m
21.8
23-7
n.o
28.7
•7 -3
26.0
Ul.l
19W2-jTuie
December
112.5
16.1
17.3
2.2
2-3
50.1
W,2
lllO.g
59 .U
52.2
162.3
170.1
67.2
58.
n.5
59.9
187.0
202.6
211.1
232.1
76.2
83-3
87.1
96.5
19U5-Harch
June
September ....
December
235-1
259.1
262.6
278.7
106.0
107.3
115.0
19U&-Fbbruiiry ( peak)
279-8
276.6
269.9
265.8
259-5
116.7
260.0
261.6
259-3
97-9
96.8
19U3-Harch
Jone
September.
December
119.9
.
.
19UU-Mapeli
June
September.
December
.
March
June
September.
December
. .
igUy January
Tebniary
March
.
.
.
April
May
June
U2.8
108.2
IOU.3
97-9
91*.
93.5
92.8
91-9
July
Aa^st
September
.
October ....
BoTember
December
.
.
.
.
19U8-Janaar7
February .
March
April p.
97.
.
.
259-5
260.2
259-2
91.9
91.91
92.21
259-2
258.3
257-0
92.1
91-T>
91-31
256.7
90.9.
88.51
86.2
25>i-7
253.1
..
2.6
6.2
a^nclet and
trait ftmde
^
July
1948
31
TREASURY SURVEY OF OWNERSHIP, APRIL 30, 19^g.
The Treasury Survey of Ownership oovare securities
the United States Government and by Federal
Issued by
The banks
and
In the Survey account
for
agencies.
Insurance companies Included
approximately 95 percent of
all banks and Insurance com-
such securities held by
panies In the United States.
Data were first published
Information on
types
of
each month.
banks
and
the distribution
of
Insurance companies
I
-
lished for June 30 and December 3I.
Table 1.- Summary of All Securities
Classification
-
by
published
Additional Information showing the holdings
Securities Issued or Guaranteed by the United States Government
(Par Taluea
Is
commercial banks distributed according to Federal
Reserve member-bank classes and nonmeraber banks Is pubof
for Maroh 3I, 19IH.
Section
ownership
In millions of dollars)
Treasury Bulletin
32
TREASURY SURVEY OF OWNERSHIP, APRIL 30,
Section
-
I
19'4-S.
Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities, by Issues
(Far Talu9e - In mllllona of dollara)
Held bj Ijrraetora oorerad In Treasury Surras
(Tax status 2J ^^ shown In p&ranthosea)
Total
amount
outetand-
7,297
coBBarclal
2/
Treasury bille
June
July
July
19l>8-E
I9U8-C
(taxable)
(taxable)
(taxable)
7/8)t
July
October
October
19I»8-H
19li8-J
19l>6-E
(taxable)
(taxable)
(taxable)
2,209
1*
1*
1-1/8*
1-1/8*
1-1/8*
January
February
March
19'»9-A
19''9-B
19l»9-C
(taxable)
(taxable)
(taxable)
1-1/8*
April
I9't9-I>
(
WW-r
308
life
GoTem-
Eeld by
all other
Inrestors
8,001
2, '.63
1,777
I138
2,7't2
717
316
276
1,169
513
1,022
775
277
1,35"*
l,'t67
515
529
526
795
160
277
823
611
610
2,592
2,189
3,553
1,238
8k9
1.663
206
586
1,127
taxable)
Total certlficataa of Indebtedness
980
1,036
l,ll«)
"•13
16
20,065
7,2011
3^
3,7"^
092
3,535
1,968
7'>2
901
l,'t57
1,189
1,05*
167
1,1.51
2,081.
't,6l5
l,96t
'.,1.36
9U
178
153
196
178
k07
:
September
October
January
I9't6-A
19'tS-B
(
(
I9U9-A
(
taxable)
taxable)
taxable)
It,
Total Treasury notaa
Treasury bonds
mutual
saTlngs
0. S.
mant agencies
and trust
funds, and
Federal Reserve
:
7/8f
7/8*
7/8J
1-1/3*
1*
1-1/8*
atock
saTlngs
636 fire,
casualty,
and narlne
(taxable)
Certificates of Indebtednese
Treasury notes
Insurance conpanlea
Banks l/
:
Bank eligible:
Juno
September
December
I9W
2-1/2*
2*
2*
2*
2*
Juno
September
December
19''9-51
19''9-51
19't9-51
3-1/8*
December
December
March
19't9-52-
2-1/2*
2*
2-1/2*
2*
1-1/2*
September
September
December
1950-52.
1950-52
1950
2-3/U*
2*
3*
June
September
September
1951-5'«...( partially)
2-I/I1*
December
December
March
1951-531951-55
June
June
December
1952-5't
1-3/lt*
2*
2-1/2*
2*
2.1/lt*
2*
2-7/8*
June
June
March
2-1/2*
March
2-3/'t*
2-l/lt*
Septemiber
2-3/'t*
2-3/'t*
2*
2-l/'t*
2-1/2*
19li8
I9A8-50.
.
(taxable)
(partially)
.(partially)
3,062
571
l>3li
(taxable)
(taxable)
( taxable)
1,01't
2,098
627
819
1,377
(taxable)
191
1,786
1,963
365
1,38*
1,375
.(partially)
(taxable)
( taxable)
1,186
2,635
997
2,981
1,556
-(partially)
Wkg-SS- .(partially)
.
1950-52
.
6
lt3
"tSl
llt6
ll20
3
32
-(partially)
(taxable)
(taxable)
1,118
9'i7
510
375
513
(taxable)
( taxable)
( taxable)
5,825
1,501
8,66a
(partially)
1952-55
1952-5't
1953-55
't,939
189
21.7
1,268
5,126
•
•
1,292
1,907
355
1,627
7,986
755
( taxable)
1951-53
1951-55. .(partially)
1952-5't
't51
l,OSli
3,921
889
2lt'l
158
5,651.
89
50
3''3
1,013
1,009
1,398
227
339
156
98
28
892
168
I186
I6lt
1,511.
27
53
731
28
.
.(partially)
725
681
2,611
653
586
1955-60.
1,5'>3
lU
1956-58
1956-59.
1956-59
-
(taxable)
-(partially)
(taxable)
l,Wt9
982
3,823
7I19
13
65
September
l,7't5
I138
1.59
June
December
Sept«mber
1958-63 -..(partially)
I96O-65. .(partially)
1967-72
(taxable)
2,716
687
1,077
1,692
65,888
"•2,766
-
-
-
195'i-56.. .(partially)
Total bank eligible
Footnotes at end of Section II.
.
919
l,'t85
7lt6
(Continued on follovii^ page)
100
112
2,582
".,513
170
89
820
July
1948
33
TREASURY SURVEY OF OWNERaHIP, APRIL 30, ISkS.
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 3.- Interest -Bearing Public Marketable Securities, by Issues
-
(Continued!
Treasury Bulletin
i^
TREASURY SURVEY OF OWNERSHIP, APRIL 30,
Section II
19»»-g.
Interest-Bearing Securities Issued by Federal Agencies but
not Guaranteed by the United States Government
(Par raluee
«
Iseua
(Tax Btatufl 2/ Is ahown In paronthaaeo)
-
In mllllona of dollars)
.
July
1948
35
MARKET QUOTATIONS, MAY 2g
Market quotations
here are over-the-counter
shown
closing quotations In the New York market for the last
trading day of the month, aa reported to the Treasury by
the Federal Reserve Bank of
Hated
In Section I
New York.
The securities
Include all public marketable secu-
rities Issued or guaranteed by the United States Government
except
those
not
laaues
excluded are
postal savings bonds and Fed-
eral Housing Administration debentures.
the
securities outstanding.
marketable
but
not
The latter are
public marketable Interest-bearing guaranteed
only
securities
guaranteed by
Section
Issued by
the
the
II
lists
the
Federal
United
States
public
agencies
Government
regularly quoted In the markst.
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 1.- Treasury Bills (Taxable)
Aooimt
The
igl^g.
,
Table 2.- Certificates and Notes (Taxable)
Treasury Bulletin
36
MARKET QUOTATIONS, MAY 28,
Section
I
ig^t-S.
Securities Issued or Guaranteed by the United States Government
Table 4.- Tax-Exempt Bonds 1/
(Price decimals are 32nda)
AjBount
outstandlQg
(Millions)
July
1948
37
YIELDS OF TREASURY SECURITIES
Based on Mean
'50
PERCE
'52
'54
-66
'58
of Closing Bid
60
62
MAY 28,1948
and Ask Quotations
64
66
68
70
'72
Treasury Bulletin
3«
YIELDS OF TREASURY AND CORPORATE BONDS.
Table
1.-
Average Yields of Long-Term Bonds by Periods
(Percent ner
Sate
annuffl)
July
1948
39
Treasury Bulletin
ko
INTERNAL REVENUE COLLECTIONS.
Table
1.
Summary by Principal Sources-^
{
f local year
or month
In thoas&ndfl of
dollTl)
Juiy
»n
1948
INTERNAL REVENUE COLLECTIONS
1933
Individual
34
'35
'36
'37
38
39
Income Taxes
I
l-j
1933
^lull
ii
i-r
ii
m
40
'41
42
'43
44
45
46
47
48
Treasury Bulletin
1^2
INTERHAL REVENUE COLLECTIONS,
Table 2.- Detail of Collections by Type of Tax
(In thousands of dollars)
First 10 itonthB
Fiscal
year
Fiscal
year
igltS
Income and profits taxes:
Individual:
Withheld by employers:
Current TaJt Payment Act of
RoTenue Act of 19142
Other:
Current ^/
Back
19l*3
2/
9, 857, "166
1,011*, 398
1,165,1*93
251*
8,130,377
8,950,272
606,628
16, 571
550,71*3
1*0, 91*1*
It
Total individual Income taxes
l8,70it,536
Corporation:
Income taxes:
Current ^/
Back
Excess profits taxes (Second Bevenue Act of I9U0,
as emended)
•
Total corporation taxes
8,281,267
223
538,567
63,878
7,797,711*
1*77,832
7,669,059
1,767,939
16,557,036
17,896,052
3,988,751
6,866,297
510,71*5
81*0.917
3,901,917
738,032
5,l'l*l,776
613,320
172,032
56,320
7,82?,li88
3,566,178
65,686
12,531*
I?,li62,li37
9,621,271*
2911,039
388,675
7,91*2,016
55,185
2,368
708
1*9,51*1*
Miscellaneous profits taxes:
Declared Talue hj
Vinson Act
Unjust enrichment
517,1*91*
111,155
16
_2L
298
Total miscellaneous profits taxes
91,165
Total Inccone and profits taxes
55,1*83
31,258,138
Bcployment taxes:
Social security taxes:
Old-age Insurance
Unemployment Insurance
Total soc lal security taxes
Railroad retirement
Total employment taxee
Miscellaneous Internal revenue:
Capital stock tax 6/
708
2.3
298
1*9,61*2
171
l,l61i,175
1,237,825
1,1* 58,931*
123,856
11*1,810
178,7''5
185,876
l*,076
l*,37l*
l,lil6,57C
1,61*1*, 810
127,932
11*6,183
1,338,823
1,1*86,793
284,258
379,555
3,251*
5,1*50
255,960
1*22,1*01
1,700,828
2,02lt,365
131,186
151,633
111,21*1*
593,631*
689,1*11
9,326
6,51*0
69,200
7i*,l*76
9,175
90,736
2,163
159
5,088
102,299
91.761
1,155.771
629,601
Gift tax
IL
11*,
2lt, 51*8, 891*
1,958,399
171*,
6U8
306
352,121
Estate tax
Alcoholic beverage taxee:
Distilled spirits ( Imported, excise)
Distilled spirits (domestic, excise)
Distilled spirits rectification tax
Wines, cordials, etc. (Imported, excise)
Wines, cordials, etc. (domestic, excise)
Dealers in distilled spirits; rectifiers;
facturers of stills (special taxes)
Stamps for distilled spirits intended for
Case stamps for distilled spirits bottled
Container stamps
Floor taxes
Fermented malt liquors
Brewers; dealers in malt liquors (special
9,81*2,028
708,791*
1*7,238
ll»3,08o
1.603,1*97
121,562
1,563,800
6,501
100,855
880
1*3,1*85
2,661*
111,
2,59l»
2,906
58,250
51*, 291
8,061
25
9,1*1*3
9
119
1
81>0
71*6
3k
166
2,955
1,1*11,891
39,519
30.1*05
2,681i
2,230
1*8,135
1.9,658
6,311
6,81*0
manuexport..
In bond.
taxes)..
Total alcoholic beverage taxes jj
Tobacco taxee:
Cigars ( large)
C igars ( small
C igarettee ( large)
Cigarettes (small)
Snuff
Tobacco ( cheving and smoking)
Cigarette papers and tubes
Leaf dealer penalties , etc
Cigarette and cigar floor taxes
Total tobacco taxes
13,309
696
13,282
153
650, 82U
3,106
661,1*18
3,662
-227
56,757
56
2,526,162
2, 1*71*, 756
170,921*
1*1,381*
1*8,289
70
172
66
6
1,072,799
7,373
1,11*5,262
1*1,961
36,51*8
96,226
623
2,927
1,757
539
1*7
1,165,519
1,237,768
7,055
1,01*1*
6
16
770
12, GUI*
56,661*
539,1*1*9
671*
298
3,620
2,631
577,895
2,992
2,166,1*1*1
1,928,360
1*0,71*3
39,251
57
112,127
697
3,231
53
5
I*
955,685
997,501*
5,81*0
6,178
31,lUU
769
31,1*79
1*16
1,071*, 901*
Stamp taxes:
Bonds, issues of capital stocktdeeds of convey-
30,369
9,766
Total stomp taxes
87,676
1*2,51*1*
3,738
1*7,393
Tranefers of capital stock and similar interest
sales
Playing cards
Silver bullion sales or transfers
21,963
7,782
1,127
1,368
79,978
5,685
(Continued on following page)
i*73
1,395
615
108
6,501*
l8.79i
6,81*6
l,ol*0
15,686
6,857
1*00
Juiy
1948
•^3
INTERNAL REVENUE COLLECTIONS.
Table 2.- Detail of Ciollections by Type of Tax^
-
(Continued)
(In thouaande of dollara)
First 10 monthe
April
April
19U7
Fiscal
year
19lt8
19't7
Mls cellaneoua Internal revenue (continued):
Manufacturers* excise taxes:
Lubricating oils
Gasoline
TirsB and tubes
i
Automobile trucks and buses
Other automobiles and motorcycles
Parts and accessories for automobiles
Electrical energy
Electric^ gas, and oil appliances
Electric light bulbs and tubes
Radio sets, phonographs, components, etc
Phonograph records
Musical Instruments
Mechanical refrigerators, alr-condltlonere , etc..
Matches
Business and store machines
Photographic apparatus
Sport ing goods
Firearms shells and cartridges
Pistols and revolTere
Repealed taxes
,
Total manufacturers' excise taxes
Retailers' excise taxes:
Furs
Jewelry
Luggage
,
Toilet preparations
711,602
''05,695
118,092
82,015
'133,676
1711,927
5,917
33,958
13,960
5,662
19,197
10,053
IW
62,099
25,893
68,871
59,112
20'i,68o
63,011(
6,Olt5
25, '•92
65,608
23,180
63,856
2,0lili
37,
17,781
13,385
3,902
2,839
9,229
99,932
8,li92
10,151
37,352
10,21(7
8,lil3
15,792
25,183
36,163
21,l8l4
7,liOli
5,382
822
917
3,523
952
2,lt69
9,031
3,028
1,511
1,281
38I1
211
7,878
5,232
61
17,0511
2141
18I1
922,671
.*
Total retailers ' excise taxes
Miscellaneous taxes:
Sugar Act of 1937
Telephone, telegraph, radio, leased wires, etc.,
Local telephone service
Transportation of oil by pipe line
Transportation of persons, seats, berths
Transportat Ion of property
Leases of safe-deposit boxes
Admissions to theaters, concerts, etc
Admissions to cabarets, roof gardens, etc
Club dues and initiation fees
Bowling alleys pool tables , etc
«
Coin operated devices
Adulterated and processed or renovated butter,
and filled cheese
Oleomargarine, including special taxes
Narcotics, including marihuana and special taxes.
Coconut and other vegetable oils processed
National Firearms Act
All other, including repealed taxes
,
,
5,084
29,411
10,552
9,842
23,172
10,200
5,974
8,968
1,791
5,714
957
899
4,622
2,020
3,578
3,722
1,762
1,253
83
67,014
360,316
147,653
48,222
160,875
81,283
51,970
53,251
19,132
51,242
6,783
8,139
29,070
7,617
20,371
29,809
13,623
7,371
304
155
62 398
389,560
133,841
70,067
224,091
99,410
56,704
72,414
20,638
57:920
6,369
8,918
45,644
9,824
26.936
35,846
14,678
9,042
724
80
129,611
1,164,202
1,345,104
,
91,706
97,li8l
6,61i9
223,3'l2
81, '123
95,57'i
236,615
811,588
95,5112
15,577
5,226
6,822
5,216
14,650
5,672
6,442
90,361
205,530
71,322
82,232
73,725
187,781
67,365
77,953
Ii92,0li6
5111,227
311,2711
31,980
449,446
406,824
4,055
20,350
11,355
1,671
17,421
27,949
996
31,255
4,643
2,156
48,103
211,400
136,540
13,527
209,709
229,580
7,020
333,500
54,160
18,428
3,347
18,202
60,456
225,810
157,232
14,925
210,202
260,314
7,583
324,828
45,370
19,777
56,732
59,152
11,789
2311,393
1115,689
252,7116
25,2llll
l6li,9lili
lll,2li8
111,82 '1
16,988
226,750
220,121
7,857
2lili,003
1,372
19,903
211,156
72,077
18,899
275,701
8,560
392,873
63,350
23,299
li.Oll
11,1158
I17
41
17,092
20,ll32
266
258
813
3'i3,191
782
33,731
li,888
2,176
Uli
30
11,932
5,8711
273
69U
6,272
792
31
17,208
1,979
27
4,703
499
12,839
133,895
1,302,422
3,542
17,139
17
7,962
598
21,228
8
,
Total miscellaneous taxes
Total miscellaneous internal revenue
Total internal revenue collections
Adjustment to Dally Treasury Statement
Total receipts from internal revenue (Daily Treasury
Statement )
Source
117
1,1189,929
1,377,107
7,712,956
8,o63,85U
640,309
695,892
6,848,219
6,961,979
110,671,922
39,108,273
2,729,8911
3,004,847
32,991,896
34,760,626
-361,589
1-271,136
-420,588
-402,201
-183,727
-302,638
2,309,306
2,602,646
32,808,169
34,457,988
110,310,333
Dally Treasury Statement for total receipts from Internal revenue;
reports by collectors of Internal revenue for collections by type
^/
of tax.
Excludes collections for credit to certain trust accounts for Territories and Insular posseeslons, etc.
Collectlone under the Current Tax Payment Act of 1943 as shown in
this table consist of those for which returns have been filed with
the Collector of Internal Revenue; receipts under this Act as shown
in Dally Treasury Statements consist of withholding taxes deposited
in Government depositaries in addition to payments accompanying returns filed with the Collector of Internal Revenue.
_4/
5/
6/
1/
•
Current collections consist in general of taxes paid within twelve
months after the close of the taxable year for which the return was
filed.
Repealed for years ending after June 30, 1946.
Beginning July 1947 collections from the tax on unjust enrichment
are Included with repealed taxes under "Miscellaneous taxes
Repealed for years ending after June 30, 1945.
Includes collections frcm the repealed tax on brandy used for fortifying sweet wines.
Leas than $500.
Treasury Bulletin
l^»^
MONETARY STATISTICS.
Table
Money In Circulation
1.-
(In mllllo)
s
of dollars except &9 noted)
Paper money
Total
money In
circulation 1/
Total
paper
money
Oold
certlf-
SllTer
certlfIcatea
Treasury
notes
of 1890
y
United
States
notes
7,21*8
1,582
21*8
9^612
12,383
8,932
11,600
17,1*21
22,501*
16,1*92
21,1*38
1,711*
1,75"*
1,61*9
1,588
300
317
322
322
I9U6
26,71*6
28,21*5
191*7
28,297
25,51*1
26,91*5
26,91*2
1,651
2,025
2,061
323
317
320
191*0
I9U1
191*2
191*3
191*1*
191*5
19l*7-July
5,163
6,68i*
9,310
19
13,71*7
581*
18,750
597
165
150
139
132
126
120
22,867
23,973
23,999
111*
106
UOO
397
391
106
106
105
26,792
27,072
27,192
2,033
2,051
2,0U3
317
320
317
23,887
28,552
28,766
28,868
27,167
27,369
2,029
2l»,582
387
383
378
lOl*
2,039
315
320
313
2l»,283
27,1*63
26,728
l.9''7
26,631*
26,387
1,951
1,973
303
307
308
23,953
23,857
23,592
375
370
365
102
February.
March. ..
28,111
28,019
27,781
April....
May p
27,716
27,807
26,317
26,399
2,009
2,058
310
315
23,1*89
361
357
Au^st
.
28,1*3'*
Ssptefflber
28,567
October.
HoTember
December
191*8 Janualj
.
.
Ind of fiscal
year or month
2,01*0
21*,
21*,
151
289
2l*,l*75
23,523
103
103
July
3U
8
5
S
9
6
3
..
.
.
..
.
1948
^3
MONETARY STATISTICS.
Table 2.- Monetary Stocks of Gold and Silver
(In mlllloas of dollarg)
Bold
Sad of flac&I
year or month
($35 per
fine oun
I9U0
191*1
19IB
igv
191A
19'*5
19W
13^1
igUy-Juiy
lUgHBt..
So pt ember
.
October.
Not ember
Beoember
igUg-January
Tebruaiy,
March •>•
.
19,963 1
22,624.2
22,736.7
22,387.5
21,173.1
3,939.6
3,91*7.9
16.5
15.5
l§-9
16.1
15-7
20,213.0
20,269.9
21,266.5
3,685.8
IS.U
3,508.1*
ll*-8
3,525.7
lU.S
21,537.0
21.765.9
21,955-3
3,530.6
3,533-1
3,535-7
lU.l
lU.O
13.9
22,291*.
22,6ll*.'*
3,51*0.1
22,753.9
3,51*7.9
13-7
13-5
13.5
22, 931*. 6
3,552-1
3,555.6
3,559.7
13 .t
3,563.6
3,568.1
13-3
13-3
U,lll«.7
i*,306.3
i*,29S.5
3,51*3-1*
23,036.1
23,136.5
23,168.7
April....
Hay p....
23, 301* .0
Daily Treasury Statement and Clrculatlo
Preliminary.
Statement of U. S. Money.
Batlo of sllTor
to gold and
ollTor In
monetaxT atooka
SllTor
($1.29+ per
13-1*
13-3
Tav detail of silTer monetary atook, aee Tahle
1*.
Table 3.- Gold Assets and Liabilities of the Treasury
(In millione of dollara)
Znd of calendar
year or month
Bold cortlficatea 1/
1939
17,6U3.1*
15,278.6
191*0
191*1
21,991*.
19, 825.
20,561*.
22,736.1
22,726.3
21,937-8
19U2
191*3
191*1*
19^5
191*6
191*7
20, big.
20,061*.
18,1*97.1*
20,529.0
22,753-9
18.1*30-5
.
.
igl*8-January .
Februaiy.
March
April....
May p....
Source:
1/
1,800-0
1,800.0
1,800.0
1,800-0
1,800.0
1*08.9
156.0
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
165 -U
194.8
213.2
ll»2.l»
1,053.9
1,037.3
1,028-3
1,029-3
21,091.1*
21,1*09.9
21, 51*1*.
156.0
156.0
156.0
1,01*6.9
1,01*8.5
22,753-9
22,931*.
21,71*7.6
23,036.1
23,136.5
23,168.7
21,822.3
21,923.8
21,955.2
22, 081.
156 -0
156
156.0
156.0
156.0
1,031.0
1,057-8
1,056.7
1,057.5
1,066.5
October
BoTember
December.
.
21,5l*I*.0
V
156.0
156.0
156.0
156.0
156.0
156.0
156.0
156.0
21,537-0
21,765-9
21,955-3
Au^et
17,9ll*.l
Szchange
Stabllia&tio
Rind
20,581-5
20,770.0
September
19l*7-July
20,611.9
19,821.0
Gold reaerve
aeainet U. S.
notea, etc. 2/
22, 291*.
22,6ll*.'*
23,30li.O
Dally Treaaury Statement and Circulation Statement of U. S. Money.
Comprlaea (l) gold certificatea held by the public and in federal
Reaerve Banka; and (2) gold certificate credits in (a) the gold
certificate fund - Board of Oovernors, Federal Eeserve System, and
20, 31*3-7
2/
^
p
1,053-9
(b) the redemption fund - federal Beaerve notes.
Beserre agalnat United States notea and Treaaury notea of 1890.
Excludes gold In active portion of Ixchange Stabilisation Fund,
Preliminary-
Treasury Bulletin
k6
MONETARY STATISTICS.
Table 4.- Components of Sliver ^4oneta^y Stock
(Is mllllonii of dollars)
Silver held in TreaBnry
llTer
.. 1/
Xnd of oaleodar
year or month
StlTer
hulllon 2/
1939
19M0
19U1
igitz
iS^i
19'»5
19"*6
ig"*?
IjUi-Jnlor
August
.
Septemher.
.
Ootoher
.
.
.
SoTeoiber..
Hecenbar..
igUa-January .
dollars
Bullion for
reeolnage U/
Suhaldlary
coin 2/
SllTer
dollars 1/
BnllloB
at ooet ?/
Total
silver
at $1.29
per fine
ounce
l»99.0
5-3
2-3
616.0
lt«.l
39'' -1
1,^98.1
I.StS.i
1,516.2
1,520J3
i*9U.6
657
3-5
662.3
628.2
551.8
52-5
63.0
78.8
96.8
422. h
iwH.l
12.5
10.2
lU.O
13-1
lt05.6
185.6
93.1
91.1
117-5
137-5
150.1
156.3
771.6
8U6.7
901.1
928.7
3,870.6
3,512.8
93.6
92.6
93.5
152.5
153.6
15U.6
901*.
3,530.6
906.1*
3,5331
910.8
3,535-7
lt6g.3
I100.4
376.5
356.6
3^3. "t
337.2
••»
'»93.5
587«-3
6gU.7
3,790.2
», 060.0
U 2ltlt.g
t,317.6
U,207.3
3,51't.2
3,5it7-9
1,925.6
1,929.0
1,930.9
ya.o
339 9
338-9
19-3
17.9
15.2
1,933-5
1,935-3
1,937.6
338-5
337.9
337-2
lU.O
12.9
13.1
92.3
91.6
91.1
15U.9
155.6
156-3
916.9
922.9
928.7
3,5^7.9
13.3
lU.l
91.7
91.7
92.6
91.9
92.3
156.7
156.6
156.9
157.2
157.6
929-1
929-3
929.7
932.8
935.5
3,552.1
3,555-6
3,559.7
3,563.6
3,568.1
1,91)0.6
336.
fehrajLiy,
1,M.7
March. ...
1,9'*6.2
336.7
336.5
April
May p
1,951.7
,
Snb<ldlai7
coin ^/
1,2982
1,520.1
1,703.9
1,911.2
1,937.6
IjUl*
SllTer
outside
Treasury
In General Tund
l,9't9.i
It. 5
336.1
335.7
11..8
13. It
I^ly Trea3UJ7 Statement and Circulation Statement of
.3
U. S. Money.
3/
y
Valued at $1.29* per fine ounce.
Includes silver leased to Office of Defense Plants of the B.F.C,
Does not Include
eto. (see Daily Treasury Statement for amount).
silver lend-leased to foreign governments (see 191*6 Anmial Beport
of the Secretary of the Treasury for amounts).
p
•
Talued at $1-38+ per fine ounce
Talued at $1.38+ per fine ounce
according to whether the hullio
su'bsldlary silver coins or for
3,5'«.l
3,5'»3.lt
at $1.29+ per fine oun
held for recolnege of
olnage of standard sllv
s
dollars.
Preliminary.
Loss than $50,000.
Table 5.- Silver Production In the United States and Accfulsltlons by Mints and Assay Offices
(In millions of ounces or dollars)
Calendar year
or month
Silver
production in
Onlted States
Silver acquired hy mints and assay offle
Hewly mined domestic
silver 2/
foreign silver
^
Ounces
63.9
68.3
71.1
55.9
40.8
1939
191*0
I9UI
191*2
19''3
1*8.5
1*7.9
31*.
19^5
Ounces
120.5
50.9
27.1
6.0
31*3.3
160.6
99-"*
5-5
3-9
208.0
IU3.I
62.1
5.5
-9
.6
-9
35.7
29.3
191*1*
282.8
139-8
72.6
llO.l
60.7
68.3
70.5
50.1
1'*.3
77.2
1*0.0
3-9
.6
U.l*
i*.9
191*6
21.1*
191*7
36.1
U-9
30.3
1.9
2.6
2.2
3-8
1.9
2.9
3-1*
August
Septemher
October...
Hovemher.
December.
3.2
3-6
3-7
2.1
2-5
1-9
2.2
e-5
-I*
31
3-1*
3-9
2.1
2-9
2.5
3-2
2.7
a.i*
2.9
3.2
2.9
2.6
2.8
2.6
19l»7-July
.
191*8- January
.
.
February
March
.
.
.
3
l».l*
y
April
Mnnal flguree from the Borean of the Mint. Monthly figures on
V( S. silver production from releases of the American Bureau of
Hetal Statistics; these will not agree with the annual figures.
Por information on silver production in other countries, see
Data from 1933
annual reports of the Director of the Mint.
through 19U1 are sumnarized In the 'Treasury Bulletin" for
August 191*3, page 7U.
Acquired at 61*. 64 cents per fine ounce until April 9, 1935; »*
71.11 cents per fine ounce from that date until April 23, 1935;
27. U k/
1-7
2.6
2/
4/
•
30.3
V
27.1*!*/
3.8
1-9
2.9
3-1*
2.1
1-9
2.2
3.1
1.7
2.6
at 77.57 cents per fine ounce from April 23. 1935, to December 31,
1937; at 61*. 6U cents per fine ounce from December 31, 1937, to
July 1, 1939; at 71.11 cents per fine ounce from July 1, 1939, to
July 2, I9U6; and at 9O.5 cents per fine ounce since July 2, 191*6.
Acquired at various prices averaging approximately 5I cents per
fine ounce.
Includes 0.2 million ounces valued at 71*11 cents per fine ounce
totalling $0.2 million, and 30.I million ounces valued at 90.
cents per fine ounce totalling $27.2 million.
Lose than 50,000 ounces or $50,000.
7
..
.
July
77
86
9
9
1948
"^7
MONETARY STATISTICS.
Table 6.- Seigniorage on Sliver
(OuBolatlTe from Jtmuaiy 1, 1935 - '» mlllloin of dollari)
Soorcee of selgnlorace on silver bullion reralued 1/
Ind of ealandar
joar or nonth
(llTer and
alnor)
Mlao. sllTer
(Xncl. silver
bullion held
June lU, 1931*)
Newly mined
ellver (Proc.
Dec. 21, 1933)
1935
1936
1937
1938
1939
18.5
U«.7
16.
W.l
lt«.7
63-7
69.5
91-7
i*s.7
36.0
58.0
1*8.7
7't.9
1*8.7
87.3
igito
133.2
183.1
Us.
21*5.7
1*8.7
87.6
87.6
87.6
1*8.7
191A
299-6
362.3
i?"*?
19U6
19't7
19IH
i9Ua
191*3
igUT-Jttly
Attest .
Septeobor
•
.
October.
VoTomber
Dec ember
Total
silver
ssigoloraga
on ailvsr
(Ppoe. of
*o«.9, 1931*) revalued
226.2
302.7
366.7
U57-7
530.7
3U.7
3U.7
3U.7
3U.7
3lt.5
Potential
seigaloraee on
silver bullion
at cost in
Oeneral Bind 2/
326.2
U22.1
5O8.I
616.0
705.6
397.5
5UI.6
758.8
950.6
271*.
562.7
3U.7
759-'*
1,055.8
580.1*
31*.
581*. 3
3'».7
87.
581*. 3
3U.7
1*8.7
87.6
581*. 3
3't.7
799-7
818.
820.6
820.7
1,0890
63.6
U29.5
U8.7
1*8.7
520.5
1*8.7
87.6
87.6
87.6
65.5
66.5
7U.5
701.6
832.1
832.1
3U.7
1*91.9
938-1
1,069.6
1,077-6
333-2
161.2
1U6.8
509.5
510.0
510.7
1*8.7
87.6
87.6
87.6
70.9
71.9
72.5
832.1
832.1
832.1
3U.7
3U.7
3U.7
l,07l*.0
156.1
1,075.0
1,075-6
11*1.2
513.1*
U8.7
87.6
87.6
87.6
73-3
73.8
7U.5
832.1
832.1
832.1
3'*.7
1,076.1*
1U9.5
3U.7
3U.7
1,076.9
1,077.6
11*9.1*
87.6
87.6
87-6
75.t
76.3
77.1
832.1
832.1
832.1
3'»-7
1,078-5
ll*i*.9
3U.7
1,079-"*
ll*l*.2
3l'.7
1,080-2
111?.?
832.1
832.1
Si*.
1,081.0
1,081.8
11*3.1
1*8.7
1*8.7
516.U
520.5
1*8.7
1*8.7
1*8.7
527.6
1*8.7
Sa?."*
1*8.7
April
Ma;
532.0
533.5
1*8.7
Source:
1/
1931*
atlonalized
25.7
521.'*
.
Silver Purchase Act
of June 19,
1*8.3
1*8.7
igUg-January
TebraaZ7.
March....
.
Sevly mined
silver (iet
July 6. 1939,
and
July 31, 19U6)
1*8.7
Bally Treasury Statement.
These Items represent the difference betwee
the monetary value of silver bullion revalu
87.6
87.6
2/
3'»-7
3U.7
31*.
1,01*8.2
967-3
717-3
151*.!
1U6.8
1112.6
silver certificates.
The figures in thia column are not cumulative; as the amount of
bullion held changes, the potential seigniorage thereon changea.
Treasury Bulletin
ks
CAPITAL MOVEMENTS.
Information relating to
of the latest month for which the data are available.
capital movements between
the United States and foreign countries Is presented In
Section I contains the principal types
four sections.
Section IV contains data for recent months on outstanding contracts of banks for forward purchases and
sales of foreign exchange.
from I935, and
Each type of data Is then broken
currently by months.
down Into Its chief components In the same chronological
of
data
on
capital
moTements
by
years
The data In these four sections are based on reports filed each month by banks, bankers, and brokers
throughout the United States.
The reports are col-
detail.
Section II supplies a geographic breakdown by prinThe total net capi-
lected,
cipal countries for recent months.
tal movement Is given first and then the principal cat-
egories are shown separately.
In
addition,
at
the
twelve Federal
Publication of detailed figures on capital movediscontinued between the March 1$^2 and the
total
ments was
November igU^
I
-
Issues of
the
"Treasury Bulletin',
data omitted during that period were supplied
November 19'*5 Issue and supplement.
Section III presents details with respect to capital movements and short-term claims and liabilities ae
Section
and tabulated by the
this
outstanding claims on and liabilities
to foreign countries are each presented.
point,
ohecked,
Reserve Banks.
The totals are then forwarded to the
Treasury Department for consolidation and publication.
Historical Summary
Table 1.- Net Capital Movement between the United States and Foreign Countries
(In thouaandfl of dollare; negatlTo figures indicate a net outflow of capital from the United States)
Analysis of net capital aorenent In:
Net capital
moTament
In
but
the
July
kS
1948
CAPITAL MOVEMENTS.
Section
I
-
Historical Summary
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of period In thouaands of dollara)
Short-tam clalBS
Short-term llabllltlea
Loans to
foreign
foreigners
banllB
508,702
383,978
128,951
140,911
152,437
150,044
66,745
47,477
161,263
96,726
116,917
165,521
173,238
115,118
488,365
434,977
385,636
310,477
268,719
221,383
1,301,142
1,623,317
1,893,087
2,203,185
3,221,328
3,938,232
1,156,496
1,456,885
1,600,507
1,985,025
3,025,189
3,786,182
367,786
aU6,673
257,929
329,694
392,766
708,253
960,921
47,068
30,916
34,387
54,603
47,489
98,119
165,439
118,633
72,048
86,378
105,421
100,267
319,639
304,851
202,085
143,709
137,164
169,670
245,010
290,495
490,631
3,678,518
4,205,389
5,374,903
5,596,775
6,883,068
6,480,262
T,ll6,4l9r
3,352,223
3,523,328
4,134,412
4,356,501
4,946,624
4,693,911
4,809,245
979,199
967,296
957,200
155,722
149,912
143,196
273,553
268,072
268,183
549,924
549,312
545,821
8,318,385
8,382,393
7,865,4511
Decmber
963,361
923,887
960,921
156,622
158,293
165,439
273,516
274,614
304,851
533,223
490,980
490,631
1948~Januar7
February
1,029,007
1,046,791
153,648
149,869
386,121
405,788
489,238
491,134
(Dec.
(Deo.
(tec.
(Deo.
(Jan.
19I1O (Deo.
1935
1936
1937
1938
1939
778,579
31, 1935).
30, 1936)^
29, 1937).
28, 1938),
3, 19'W),
31, 1940),
6T2,611i
65lt,990
626,0lt2
19ltl
19lt2
19lt3
19UJt
19115
19lt6
19't7
19l»7-Jul7
,
Auglist
Septooher
October
HoTonher
Ret
short-tezv
llaillItles
Pajable In dollars
Payable In dollars
2nd of ceQandar
jsar or month
,
,
,
46,795
66,478
209,597
114,791
135,311
121,001
97,851
99,954
82,983
103,369
60,828
31,049
522,563
950,703
1,238,097
1,577,143
2,712,626
3,554,254
306,618
668,168
1,222,580
1,218,633
1,910,898
1,745,722
2,257, 510r
19,677
13,893
17,911
21,641
25,546
40,629
49,664
3,310,732
3,958,716
5,116,974
5,267,081
6,490,302
5,772,009
«,155,49ar
5,093,556
5,250,172
4,945,459
3,189,109
3,093,854
B,88e,839r
35,720
38,367
37,153
7,339,186
7,415,097
6,908,251r
7,559,5981
7,396,887i
7,116,4191
4,896,586
4,903,764
4,809,245
2,6l9,407r
2,435,758r
2,257,510r
43,605
57,365
49,664
6,596,237r
6,473,000r
6,155,498r
7,021,1601
4,687,939
4,827,999
2,280,867r
2,205,873
52,354
52,915
5,992, 153r
6,039,996
7,086,787
r Berlsed.
Table 3.- Net Movement of Siort-Term Banking Funds
(In tbousands of dollars; negatlTe figures Indicate a not outflow of caplted from the United States)
Short-term liabilities
Short-term claims
Net
short-term
liabil-
Payable In dollars
Payable in dollars
Loans to
foreign
ities
foreigners
(Jan. 2, 1935-Jan. 1,
(Jan. 2, 1936-Dec. 30,
(Deo. 31, 1936-Dec. 29,
(Deo. 30, 1937-Dec. 28,
(Dec. 29, 1938-Jan.
3,
(Jan.
4, 1940-Dec. 31,
1935
1936
1937
1938
1939
1940
I936)
1936)
1937)
1938)
1940)
1940)
1941.
1942
1943
1944
1945
1946
1947
587,334
333,407
143,622
374,440
1,040,164
760,993
6,333
19,683
143,119
-94,806
20,520
-14,310
37,802
4,933
-16,971
20,386
-42,541
-29,779
992,829
428,142
287,394
328,968
1,135,483
841,628
-433,959
105,607
620,884
220,576
583,205
.268,854
115,384
185,617
385,365
554,412
-3,947
692,265
-164,651
-11,372
-5,102
4,018
3,730
3,905
15,083
9,035
-243,522
583,373
1,168,058
148,594
1,216,303
-733,909
383,539r
-29,632
6,387,686
18,754
4,201,557
-51,637
2,189,751
3,251
-3,622
-115,502
6,421,378
361,360
70,119
17,624
28,948
117,340
124,724
228,132
-14,788
-11,526
2,393
83,299
19,268
-3,552
31,868
-20,191
-48,604
-7,717
58,120
136,780
53,039
49,341
75,159
41,758
47,336
631,469
358,023
269,770
300,020
1,018,143
716,904
16,192
97,503
-11,256
-71,765
-63,072
-315,487
-252,668
409
15,933
-3,471
-20,216
7,114
-50,630
-67,320
-3,515
20,671
-14,330
.19,043
5,154
-219,372
14,788
19,298
60,899
6,545
-32,506
-75,340
-45,485
-200,136
-259,714
485,870
1,179,314
220,359
1,279,375
-418,422
636,207r
ai,788r
1948 (Jan. l-»eb. 29)
Total (Jan. 2, 1935-reb. 29, 1948)
-85,870
33,692
15,570
204,167
-100,937
-306,660
-503
136,185
1947-Julj
-46,174
11,903
10,096
3,782
5,810
6,716
-25,151
5,481
-111
-24,805
612
3,491
278,131
64,008
-516,942
101,102
156,616
-304,713
172,479
-95,255
-211,015r
4,550
2,647
-1,214
231,957
75,911
-506,846r
-6,161
39,474
-37,034
-13,426
-1,671
-7,146
-5,333
-1,098
-30,237
12,598
42,243
-305,853:
December
-l62,711r
-a8o,468r
-48,873
7,178
-94,519
-263,432r
-l83,649r
-178,248r
6,452
13,760
-7,701
-312,014r
-123,237r
-317,502r
1948-Januar7
February
-^,086
11,791
3,779
-81,270
-19,667
1,393
-95,259r
65,627
-121,306
140, 060
23,357r
2,690
-17,784
-74,994
-l63,345r
47,843
Auglist
September
October
IIOTeBBber
r
BsTlaed.
349
561
Treasury Bulletin
50
CAPITAL MOVEMENTS
Section
-
I
Historical Summary
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In thouBanda of dollAra)
Domestic stoclEB
DoBAStlc bondB
Ret domsatlc
stocks and
bonda
Total
purctaaaes
(Jan. 2, 1935-Jan.
1,
(Jan. 2, 1936-D9C. 30,
(Dec. 31, 1936-Dec. 29,
(Dec. 30, 1937-Dec. 28,
(Dec. 29, 1938-Jan. 3,
19110 (Jan.
h, 19l»0-Dec. 3I,
1935
1936
1937
1938
1939
1936)
1936)
1937)
1938)
I9U0)
1,302,684
2,684,391
2,273,381
1,200,119
1,034,478
506,022
986,024
2,083,698
2,028,755
1,142,923
1,119,905
751,084
316,660
600,693
244,626
57,196
-85,427
-245,062
320,991
260,601
392,938
562,394
582,946
214,002
365,171
439,676
751,045
1,116,322
659,949
-261,955
46,599
27,767
210,735
-113,105
-334,203
-97,555
28l(,206
U73,052
-188,81(6
221,816
278,032
-56,216
Win
11(6,039
368,558
191(2
19lt3
96,383
151,639
136,853
260,223
75,1(88
19l(,6l6
171,1(32
-222,519
20,895
367,61(9
226,089
1(32,109
376,67l(
-150,585
174,952
164,218
241,299
513,558
377,717
414,470
336,305
214,388
138,514
170,555
268,244
393,390
684,213
283,275
-39,436
25,704
70,744
245,314
-15,673
-269,743
53,030
1(6,836
6k,^k^
-17.856
39,196
48,043
-8,847
86,082
12,694,551
112,785
12,354,285
-26,703
340,266
19,293
13,763
14,053
27,926
21,050
26,725
-8,633
-7,287
-12,672
20,555
10,753
16,550
19,348
26,762
27,701
1,207
-16,009
-11,151
39,848
24,516
30,603
47,274
47,812
54,426
-7,426
-23,296
-23,823
27,61(1(
61,752
22,539
28,890
38,826
-34,108
-11,989
-9,936
24,702
10,285
121,706
19,380
18,341
34,781
5,322
-8,056
86,925
52,346
32,824
150,596
81,132
52,869
73,607
-28,786
-20,045
76,989
2U,915
21,971
32,362
32,380
-7,447
-10,409
26,990
12,206
26,912
21,131
78
-8,925
51,905
34,177
59,274
53,511
-7,369
-19,334
I9I4O)
19Wt
191*5
191(6
W"*?
191(8
(Jan. 1-Feb 29)
Total (Jan. 2, 1935-Feb. 29,
.
-97,1(32
-64,1(60
19I18)
I9't7-Jul7
August
September
357,655
-1(2,977
-3l(,579
..,......'..
October
November
December
19'(8-January
February
3l»,528
650, 4U
637,940
782, U9
Hot available.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In thoueanda of dollars)
Foreign stocks
1935
1936
1937
1938
1939
1940
Foreign bonds
(Jan. 2, 1935-Jan.
1, I936)
(Jan. 2, 1936-Dec. 30, 1936)
(Dec. 31, 1936.Dec. 29, I937)
(Dec. 30, 1937-Dec. 28, 1938)
(Dec. 29, 1938-Jan.
3, 1940)
(Jan. 4, 194o-Dec. 31, 1940)
1941
1942
1943
1944
1945
1946
1947
Net foreign
stocks and
bonde
Total
purchaaee
661,256
896,149
1,016,188
482,809'
561,236
205,289
536,098
705,073
749,180
456,051
445,547
127,133
125,158
191,076
267,008
26,758
115,689
78,156
185,261
220,533
469,645
340,863
355,441
821,183
713,859
133,558
227,897
391,949
247,367
402,058
556,056
676,847
51,703
-7,364
77,696
93,496
-46,617
265,127
37,012
23,278
26,601
37,328
65,247
57,118
19,791
22,078
54,789
65,610
42,558
3,487
523
-17,461
-363
14,560
446,367
314,262
318,113
755,936
656,741
372,158
225,289
347,269
490,446
634,289
74,209
88 973
-29,156
265,490
22,452
11,215
10,969
246
41,239
26,023
15,216
52,454
6,982,166
36,992
5,691,806
15,462
1,290,360
3,733
3,565
3,142
4,368
2,574
3,420
-635
991
-278
45,646
30,058
61,608
265,701
14,784
24,600
-220,055
15,274
37,008
49,379
33,623
64,750
270,069
17,358
28,020
-220,690
16,265
36,730
3,812
4,298
4,098
4,143
3,440
3,393
-331
December
858
705
33,469
27,660
33,304
19,809
17,650
13,607
13,660
10,010
19,697
37,281
31,958
37,402
23,952
21,090
17,000
13,329
10,868
20,402
1948-January
February
6,126
5,089
4|206
III
26,004
15,235
21,329
15,663
10,801
4,661
1948 (Jan. 1-Fob. 29)
Total (Jan. 2, 1935-Feb. 29, 1948)
1947-July
AugUBt
September
October
Noreniber
Not available.
It,
U,438
3,778
July
1948
51
CAPITAL MOVEMENTS.
Section II
-
Summary by Countries
Table 1.- Net Movement of Capital and of Short-Term Banking Funds
(Id thonaaadi of dollara; n«gatlTe flgur«« Indloate a net outflon of capital from th» United Statei)
Hot capital moTeiaent
Short-term
I9U7
CountZ7
19Ug
l)aiUclQ^
fundi
I9U7
IjUg
ftirop*:
United Iln^doB
Transe
-27,201
51,30s
16,1(28
-1(0,800
BelglttB
1,1(32
-3,1(05
-84,1(23
-8,1(25
Senaark
rinlaad
Oermanj
1,61(7
11,628
5.920
1,097
3,921
10,1(33
6,527
-2,778
Oreeae
Italj
Laxembourg
Hetherlande
-5,281i
51(6
-8,327
9,722
-•57
3,32l(
-892
-18,266
-2,981
2,100
-26, 608
-350
-787
-1,536
-22,539
-1(35
51(8
1,839
-12,610
1,397
-52,732
HorveQT
Portiagal
-Ii,2lt9
fiiunaaia
Spain
Sweden
Switzerland
2,281(
-1(,819
-15,306
-2,507
-12,1(17
14,408
-81,347
2,364
72,492
8,789
3,347
-36,174
78,134
1,743
18,894
-29,042
-3,669
-25,587
-77,648
-8,885
16,632
-73,507
1,526
72,300
19,818
3,215
1,356
308
5,513
-3,049
-1,076
-601
6,329
1,620
11,585
6,024
1,178
4,073
-3,390
-4,820
10,452
801
301
5,539
-3,226
-1,087
-569
4,461
9,976
442
3,062
20,587
-1,742
6,571
-5,108
-467
-2,825
683
3,336
-8,788
9,705
-877
4,501
10,071
301
2,993
20,628
-1,718
-24,671
-3,756
-1,198
-459
-3,550
-794
-45,202
-4,029
-329
-13,110
-3,323
2,205
-16,980
-15,594
-2,699
-21,221
-3,653
-1,225
3,578
-3,552
259
2,653
-248
-1,203
-898
-4,179
-786
-1,602
-22,547
-436
1,713
-12,273
388
1,390
-12,122
244
2,694
-285
-1,188
-922
-4,162
12,986
5,686
14,358
5,324
1,217
-13,505
25,632
4,290
1,560
-6,076
3,556
1,025
-1,497
-2,149
11.415
•8,595
9,865
-13,612
-2
Tugoalarla
Other Europe
9,775
5,686
-370
l,l8e
-13,1(00
1,569
-5,972
-3,161
976
-1,516
-2,046
3,816
-8,595
9,859
-13,768
Total Kiirope
-31,632
-1(3,020
-11(7,81(1
-75,227
82,038
-19,178
-130,049
-56,346
105,179
-6,325
3,364
-18,616
27,652
-4,573
U. S. S.
8
Canada
18,813
1(,290
-99,5611
Latin America:
Argentina
BoliTla
Braill
22,218
Chile
Colombia
Costa Elea
Cuba
French West Indies and Oulana.
Mexico
Netherlands Vest Indies and
Surinam
Panama
Peru
Venezuela
Other Latin America
Total Latin America
jla:
China and Manchuria
French Indo-Ohlna
Hong Eon^
India
British Malaga
Japan
,
.J
Netherlands last Indies
Philippine Islands
Turkey
Other AslaO/
Total Asia
Other countries:
Australia
New Zealand
E^^t and Anglo-Sgyptlan Sudan
Preach Morocco
Union of South Africa
All other
Total other countries
International Z/
Unidentified
Orand total
1/
9,937
5,326
1,217
l(,657
-1,527
-1,869
3,790
-2,061r
2,4l3r
15,349
-1,532
7,443
14,776
4,300
-3,518
-4,268
-463
-5,915
-3,014
-1,879
3,387
-43,871
-2,119r
l,751r
13,157
-1,680
7,261
-1,176
2,453
360
-4,595r
438
2,081
317
-7,089
422
-949
10,448
-713
3,986
4,029
-552
-1,065
2,326
420
-4,6lOr
2,074
236
-7,081
361
17,612
-885
-2,035
-29,503
-296
-17,776
-24,845
261
-7,004
-31,775
-334
-15,150
-22,235
211
-6,206
15,206
-904
-1,882
1,927
-3,942
-2,442
3,783
-1,802
684
-3,455
-336
2,565
2,607
1,202
-2,410
850
1,836
987
-15,774
9,008
-15,349
-4,236
-12,830
-873
16,655
8,589
-54,534
23,446
-47,273
-12,932
-65
1,078
-26,093
-41
-4l6
18,763
450
-1,862
24,239
574
-1,611
-19,731
213
-2,665
7,925
1,047
2,684
-8,385
1,317
15,030
-859
-1,495
7,753
2,487
4,258
3,349
-3,451
-23,039
-3,371
273
-11,503
15,828
-514
504
-10,778
3,402
-9,514
-352
-29,851
-14,273
'(,3''5
-li63
-3,091
-5,600
-589
10,591
-IkS
1(,139
-27,718
-293
-12,657
-25,758
261
-9,061
-31,895
-18,209
-20,680
218
-4,6l4
2, 01*7
-3,280
3,760
-2,920
-2,1(70
I187
-3,512
-1,038
2,856
2,634
98
-2,418
-15,183
3,260
-12,91(8
16,691
10,685
11,740
1,103
-23,568
-1(0,267
18,922
U50
-1,930
25,097
-892
-1,515
2, SOU
7,71(5
3,31(7
3,983
-U91
-313
-33I1
57l(
-l,52l(
l(,258
-10,779
6,173
4,095
-5,667
1,800
3,405
l4,045
-6,407
5,005
3,1(08
3,01(1
-9,513
-276
-280
5,620
1(3,687
-3,917
-2,398
1,$77
-5,71(8
989
-1,207
207
-1,659
-708
6,078
-3,726
-1,019
3,364
-3,200
-187
4,740
3,856
-2,6911
-17li,013r
706
-325,11(51
1(97
-322
-5,936
-100,9891
1,126
-11(1,
5,750
-63,8271
-766
8,791
-1,001
16,38s
-56,991r
550r
Beginning vlth January 1948, includes data f9r Pakistan, Burma, and
Ceylon, preriouely Included with India.
-l6l,762r
2/
r
-16,472
6,370
-61,549
-12,748
-159
1,076
-25,652
4,270
-5,660
1,800
7,908
1,048
2,682
-8,406
1,316
15,027
6,177
3,839
-265
378
14,103
-6,415
5,084
-3,517
-23,647
-3,403
-128
-11,434
16,114
5,508
43,425
-5,621
-30,888
-13,656
4,800
1,097
5,076
-5,554
-2,390
1,911
-7,207
-312
1,008
-3,004
-1,761
-3,944
-335
12,586
4,442
1,096
5,150
-456
-9,286
1,091
-699
6,117
-3,634
-956
3,336
-1,016
-228
-138
3,854
-535
8,789
-1,039
-377
-9,264
995
2,322
-5,147
-60,460
1,048
-729
14
27,796
208
-1,069
-138,352r
706
-312,014r
-44
-568
-56,991r
-729
•163, 345 r
Includes transactions of International organizations
International Monetary Fund, and International Bank,
BeTleed.
47,843
Treasury Bulletin
52
CAPITAL MOVEMENTS.
Section II
-
Summary by Countries
Table 2.- Net Movement In Brokerage Balances and Long-Term Security Transactions by Foreigners
(In thousands of dollars; negatlTo figures indloate a net outflow of capital fros the United States or net sales bj foreigners)
Cminti7
.
July
£
..,..
r
1948
53
CAPITAL MOVEMENTS
Section II
Sunnnary by Countries
-
Table 3.- Short-Term Claims on and Liabilities to Foreigners
(Position at «nd of mouth In thousands of dollars)
191*7
191*8
191*7
191*8
larop«!
United tln«do)
29,186
23,360
336,809
351*, 1*76
236,91*1*
167,735
11*, 971*
113,691
11,262
268,631*
12,863
22,510
97,799
12,698
18,91*2
II*, 921
135,702
131,723
121*, 91*9
1,096
2,205
8,002
30,520
1,531
8,325
30,596
3,21*7
1*8,880
55,01*2
52,761
11, 931*
30,521*
7,588
30,506
39,220
71*, 936
39,203
79,055
89,503
12,819
23,600
10,621
21,051*
10,105
21,213
11*6, 610
1*0
52
31
1*5,682
11*5,953
22,51*9
153,112
Uo
10,199
20,921
25
1*8,517
2li,9l*0
^8,573
10,275
1,309
1*7,211*
1*9,089
9,21*3
51,112
11,316
1,179
172,883
76,197
158,1*11*
11*3,309
70,660
56,2U8
1*7,798
1*9,781
1*7,071
12,027
12,011
1,358
12,012
873
8,71*1'
1,251*
9,306
7,61*9
5,1*39
6,U1.3
5,726
7,01*7
6,325
38
8
30,556
52
8
36,138
62
8
35,800
3
35,831*
265,961*
258,933
260,623
328,189
31*6,31*1
2,131,231*
26,509
27,1*82
25,151*
66,1*31*
65,183
59,952
^ano«
Belglm
33,059
17,569
13,173
Denmark
rinland
Germany
958
13,129
Greece
Italy
Loxemhourg.
Netherlands
Norway
Portugal
30,1(78
12,829
.
.
Romania
Spain
Sweden
Swltcerlaad.
V. S. S. S...
TngoslaTla. .
Other Xuropa
Total Europe
31,832
8,061
1,087
1,076
12,011*
1,509
3,957
l»,231
2,921
2,01*2
2,l*l*lr
161,991*
I65,8i2
Chile
Colombia...
Costa Hlea.
22,782
31,970
3,975
22,329
31,172
3,622
73,8l4li
17
39,1*87
Netherlands Vest Indies and
Surinam
Panama
Peru
Venezuela
Other Latin America
Total Latin America...
1,192
52,888
31,075
95,118
51,378
29,251
94,459
38,681
163,342
21,964
41,768
183,678
20,240
124,111
54,668
45,949
128,925
50,466
46,004
8,927
16,174
56,806
7,737
17,246
52,360
116,1*71*
449,269
74,844
10,646
114,359
460,337
66,124
20,514
105,444
1,976,666
1,987,886
30,1*51
3l*,696
21,681*
10,122
86,835
8,292
11,939
72,905
58,573
5,978
1*05,81*1
1*19,1*82
1*1*6,1*35
111
9,371
130,811
69,1*1*9
1*0,531
61*,
162,263
404,931
204,377
125,978
12,012
3,503
3,673
132
Argentina.
Bolivia
Braill
67,359
19,213
336,199
168,667
124,199
326,21*3
10,588
8,681
12,81*1*
73,71*9
12,11*8
1*27,216
1*09,573
434,897
236,213
187,111
16,126
110,389
200,633
14,326
123,033
43,098
49,232
9,221
41,127
43.364
9,797
217,298
2,695
132,666
225,496
1,809
131,669
17,198
71,646
39,218
18,322
72,879
39,995
75,292
178,692
21*5,671
21*0,1*78
22,377
103,631
20,601*
17,81*6
l69,798r
60,317
2,321
175,181
97,l'l*7
101*, 652
27,818
29,26lr
27,051*
1*6,265
35,711*
36,927
1*2,350
1*6,11*7
3,319
3,531*
38,308
39,119
7,935
Ul,81*l
32,61*3
3,1*71
7,030
7,299
91,1*99
108,611*
113,1*1*0
106,1*32
256,557
21*9,367
21
38,260
37
52,189
75
51,827
93
52,712
2,1*99
11*8,686
11*0,1*55
1,156
1,077
2,761*
'•,995
1,099
I*, 710
l*,838
l*,235
72,637
18,399
70,937
11.,
1>,893
6,671
6,109
11,287
'',133
3,923
1*0,917
1*1,039
1*1,782
73,1*20
171,1*55
61,078
169,039
176,786
89,057
175,075
ll*,652
887
70,316
ll»,605
15,
SW
ll*,153
33,1'3't
31,01*9
29,559
16,860
26,806
1,216,561*
1,160,030
37,067
158
37,899
273
263,259
8,685
250,231
9,278
229,91*8
3,91*8
1*3,61*1
1*1,766
39,797
213,512
6,182
41,146
6,253
41,630
27,020
737
It, 012
25,1*70
54,982
62,361*
709
12,391*
5,71*7
25,517
56,710
16,518
28,880
67,731
11,820
37,076
57,775
13,108
53,838
3,099
30,982
18,618
59,687
65,866
69,298
1*70,855
39,71*5
1*75,983
1*88,571
37,590
81,539
65,671
466,800
34,156
82,517
56,960
484,584
34,596
83,323
1*66,723
1*77,1*96
511*, 298
China and Manchuria...
Prench Indo-Chlna
Hong Zong
78, 57"*
1*1,307
1*0,755
3,289
2,191
3,308
1,927
2,623
India
British Malaya
Japan
28,936
957
28,177
823
298
1,237,861*
1,202,
77,981*
Asia:
Netherlands East Indie
Philippine Islands
Turkey
Other Aslal/.
Total Asia.
Other count rle
Australia
New Zealand
Egypt and Anglo-Sgypttan Sudan.
Prench Morocco
Union of South Africa
All other
281*
31*1
29,561
918
91*2
1*32
1*3'*
1*86
376
27,662
28,951
12,891
9,553
27,1*36
29,312
17,628
9,126
161*, 585
127,669
12,022
2,013
10,180
2,313
223
13,131*
192
616
ll*,lt77
6,187
366
159
5,088
II*,
Total other countrle
17,659
6,303
Grand total.
7,671.
78,900
127,021*
126,615
131*, 1*19
1,057,665
1,061*, 17I*
1,057,908
1,026,611
9,036
1,508
129
8,529
1,367
6,1*21*
755
1,111*
6,1*78
6,1*66
131
117
25,813
26,852
30,607
5,869
24,997
26,156
5,393
37,585
28,493
6,236
42,721
1*61*
31*7
11,1*17
1*3,271
10,081
II*, 31*3
527
9,992
10,211
379
5,552
1*6,289
1*6,371
l*,377
l*,52l*
51*, 918
52,803
57,121
9,429
55,124
54,907
9,232
41,509
56,049
188,594
184,240
11*,
22,698
\/
1*3,801*
1*26
61*2
1*26
960,921
1,029,007
1,01*6,791
Beginning with January 1948, includes data for Pakistan, Burma, and
Ceylon, previously included with India.
2/
r
31*,
185,701
2,501,317r
923,887
31,321.
39,237
79,705
31,068
963,361
10,953
7,1*09
International 2/
Unidentified
6,521*
18,678
7,559,598r
175,01*6
2,l*00,323r
19,91*0
7,396,887r
2, 261, 976
2,204,9851 2,144,525
18,686
7,116,1*191
7,021, l6or
7,086,767
Includes dollar balances of international organltatlons such
UUBBA, International Monetary Fund, and International Bank,
Sevlaed.
Treasury Bulletin
5*^
CAPITAL MOVEMENTS
Section II
- Sxnmnary
by Countries
Table 4.- Foreign Debit and Credit Balances In Brokerage Accounts
(Position at end of month In thousajids of dollars)
Country
July
1948
55
CAPITAL MOVEMENTS.
Section III
-
Details for Month of February 1048
Table 1.- Short-Tera Claims on Forelgnere
Treasury Bulletin
56
CAPITAL MOVEMENTS
Section III
-
Details for Month of February 1948
Table 2.- Short-Term Liabilities to Foreigners
July
1948
57
CAPITAL MOVEMENTS
Section III
-
Details for Month of February 1948
Table 3.- Purchasee and Sales of Long-Term Securities by Foreigners
(In thoasandi of dollars)
Country
Treasury Bulletin
5«
CAPITAL MOVEMENTS.
Section IV
-
Outstanding Contracts for Forward Purchases and Sales of Foreign Exchange
(End of month
Currency of
-
-
In thousands of dollars)
BUY
AND
HOLD
UNITED
S TAT E S
SAVINGS
BONDS
^^.
Treas.
HJ
10
.A2
1948
C.2
U.S. Treasury Dept.
Treasury Bulletin
@FedFRASER