Full text of Treasury Bulletin : June 1948
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Lit R A
r
V
u^
7
LIBRARY
ROOM 5030
JUN
9,
1 1972
TREASURY DEPARTMENT
miEASUMY.
MUILMFm
JUNE- 1948
UNITED STHTES TREflSURV DEPORTMENT
DFFICE OF THE SECRETRRV
Jime 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
10
General Fund of the Treasury
13
Debt outstanding
l**^
Statutory debt limitation
1?
Debt operations
18
United States savings bonds
2k
Treasury savings notes
27
Ownership of Federal securities
28
Treasury survey of ownership
30
Market quotations
3^
Yields of Treasury and corporate bonds
37
Internal revenue collections
39
Monetary statistics
^3
Capital movements
"^^7
Corporations and certain other business-type activities Income and expense, and source and application of funds
58
Cumulative table of contents
65
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 no^ add to the totals shown.
June 1948
A-l
Treasury Financing Operations
Treasury Bills Retired and Refunded
A
reauotlon
in Treasury
bills
outstanding
The flTe Issues maturwas made again In April.
ing during the month totaled $5.6 billion and the
The flrlt two
amount refunded was $3-'^ billion.
maturities were $1.3 billion each
three $1.0 billion eaoh.
Each of
and the
last
the first two
Note: Historical dLetalla of Traasory Barket f Inane Ine oper-
ations are shown In tb» taiblca on "Offarlnes* and
"Disposition", respectively, of narketable Issues of
offerings was (100 Billion less than the maturing
Issue; the last three liauaa were refunded In
full.
The ayerage rates ef dlaoount for the first
beginning with that dated
three April offerings,
April
1,
were O.996 percent,
0.998 percent, and for the
rate was 0.997 percent.
and
O.997 paroent,
fourth and fifth the
tends, notas, and eartirioates of Indebtedness, and
tahla "Offerings of Trsasuxr Bills", In this Issue of
"TreaBuiT Bulletin"
the
the
June 1948
SUMMARY OF FEDERAL FISCAL OPERATIONS
(In millioas of dollars)
Budget receipts and expenditures
Vet
receipts
Expendlturee
Surplus
or
deficit
191(0
19U1
19U2
I9't3
Clearing
account
,
5,029
5,855
5,165
5,387
7,8o6
7,031
9,027
9,305
-2,777
-1,177
-3,862
-3,91s
7,607
12,799
22,282
13,766
-6,159
3l*,2S9
-21,1*90
-57,1*20
(-)
71*0
3,275
2,528
l*U3
908
-1,613
-338
-2,222
5,99'*
23,'*6l
19UU
liU,iU9
19^5
19U6
U6,l*57
100,397
-53,9'^1
791
1*3,038
igit?
3,259
63, 71'^
1*2,505
-20,676
75U
-1,103
555
37,728
39,669
7,'^83
-1*69
-1*00
',808
-159
1*5,210
,
Calendar years:
igUl
l(l*,l*77
-51,H23
20,610
57,863
-11,762
1*80
-Ul,l*6l
90,21*1*
-1,788
-266
-1,161
191*3
8,81*9
16,1*03
3l*,5?»
191*1*
ltl*,'*21
98,071
-55,691
-53,650
191*5
1*6,01*6
89,61*0
-'3,59'^
191*6
1*1,601
1*1*,
'3,977
113
Ui,5U3
-2,512
191*7
3,819
3,678
U[86o
-l,0l*2
3,1*35
21*3
5,71*7
3,8U5
April
Hay
2,677
2,733
l*,26g
jTine
l*,l*79
191*2
Montbs
19l+5-D&cember
19l+6-Januar7
.
.
.
.
.
.
July
Au^st
z',k-ik
l*,l*7g
September.
October.
November
December
19l*7-January
Febriiary
.
.
.
.
.
.
.
.
.
.
-123
-1,386
-350
6U,307
PnbHc
debt
-128
-338
622
-91*7
7'^2
358
6,515
10,662
2,553
2,216
2,838
1,891
Ouaranteed
securities
Total
Federal
securities
37,165
U,665
t,853
1*0,1*1*0
5,'*5l
1*1,089
1*2,018
1*5,890
1*2,968
5,529
1*8,1*97
1*8,961
72,1*22
6,370
36,1*25
2,633
2,991
9,507
20,169
136,696
201,003
55,332
76,991
1*,568
'*,100
11*0,796
1,623
202,626
57,679
'*,529
698
258,682
1*33
10,71*0
-10,1*60
ll*,23g
269,1*22
1*76
-10,930
3,308
258,286
90
259,115
269,898
258,376
-7,386
-U.TOO
-772
-51
2,536
250,900
2U6,200
68
250,968
62
21*6.262
12,913
50,232
57,707
6U,753
1,632
6,983
1,751
10,51*3
12,291*
9,91*2
22,236
26,003
3,502
3,097
21*,
2,1*81*
3,560
57,938
108,170
165,877
230,630
6,32U
61*,
262
i*,30l
112, U71
230
170,108
1,511*
232,11*1*
I*,
278,115
567
278 682
259,11*9
339
81
256,981
362
-18,966
-2l*0
-2,21*9
-1*05
12,773
772
327
-3,201
11,558
-577
26,003
53'*
25,961
21*, 367
279,211*
1,902
-319
-307
-36
-295
272
Us
-265
-2,111*
-3, '33
3,86U
5,352
-1,591
-1,131
-873
-1,316
-3,161
-2,398
20,935
18,536
-1*,298
ll»,23S
273,898
272,583
269,622
3,6l*U
-1,105
-1,152
268,270
11,01*0
267,51*6
333
379
268,603
-721*
-1*8
-2,177
-2,209
-989
-868
12,029
27
1,723
-270
206
-366
318
2,932
2,755
10,171
265,369
1*00
265,768
120
36
-1,837
-1,255
-3,128
-2,101
8,070
6,665
3,502
263,532
262,277
386
370
339
263,918
262, 6U6
-3,163
628
1,210
l*,7ll
259,776
260,01*6
1,61*2
-2,291*
2,1*22
-22l*
7,131*
261,1*18
6,909
259,121*
270
188
182
2,1*31*
-895
-1*99
1*,107
2.965
2,529
3,662
1*1*5
-5^2
3'*
.
3,820
3,113
706
.
2,36l»
Debt outstanding
General
Rind
balance
-11,136
l*7,l»gl»
-1*20
2,51*1*
Levels, end of period
3,767
-22,502
i*,iig
.
.
February
March
6it,27l*
-52I*
Het
Increase
In General
Rind balance, or
decrease
(-)
2,61*6
1,210
79,702
95,572
191*8 (Istimated)
I9U9 (Estimated)
Ket
Increase
In
public
debt or
decrease
y
(-)
Fiscal years:
1937
193S
1939
Trust
accounts,
etc. - net
receipts,
or expenditures (-)
-165
-1*
-1,593
-1,1*05
25,1*27
256,900
278,115
278,887
276,012
259,11*9
,
259,1*87
567
558
551
553
278,682
51*1*
271*, 1*1*3
279,l*'*5
279,76'*
276,565
273,135
269,898
267,921*
259,1*87
'*,378
3,91'*
1*61*
-69
215
March
5,701
3,598
2,102
-72
-56
102
39
April
Hay
June
2,556
2,865
1*,001
-1,1*1*5
312
257,701
-987
-67
67
37
3
-2,598
3,851
5,5'W
202
62
-637
-1,1*23
61*2
-21*5
l*,066
258,31*3
5,1*73
-57
-758
3,308
258,286
178
177
90
257,880
258,521
258,376
July
2,397
2,536
',872
3,669
3,060
2,932
-1,272
17
-1U6
-173
-121
1,161
6U9
-953
-239
332
552
3,069
259,1*1*8
80
37?
-31U
3,1*00
260,097
3,952
259,1'*5
76
259,528
260,176
259,221
69
265
-U68
211*
-71*
-859
-1,312
155
-172
-838
1*,107
-127
-80
3,935
3,097
259,071
258,212
256,900
83
89
81
259,155
258,301
256,98!
256,57'*
.
Au^st
September
October
HoTember.
December
.
igUg-Jaimary
February.
March
April.
Source:
1/
2/
.
-52l*
i.g'^o
I*,
261,606
259,306
2,390
2,1*1*5
-55
.
2,71*3
U,2!*6
2,191*
3,22l*
1,022
",275
t,336
2,879
1,396
259
.
2,1*02
1,931*
-I9I*
3,5''6
2,788
-86
222
-101
-53
-326
-1,969
-1,615
1,551
-330
1,035
U,6U8
',318
5,353
252,990
77
79
78
2511.683
6,331*
2,806
3,109
-302
86
226
-750
-7U1
U,6l2
252,21*0
75
252,315
.
51*9
Actual figures from Daily Treaaury Statement; estimatee baaed upon
191*9 Budget document, including effect of propoaed legislation as
shovn therein.
Groaa receipts lesa amounts appropriated to Federal Old-Age and
SuTTiTors Insurance Trust Fund.
Excludes amounts for public debt retirement which are chargeable to
ti.e sinking fund, etc., under special provisions of law; includes
net expendituree of Government corporationa wholly owned, etc.
^/
k/
25'*,
605
256,651
253 ,068
Comprises trust accounts; sales and redemptions of securities of
Government corporations, etc., in the market (net); increment on
gold; seigniorage on eilver; and miscellaneous funda and accounts
Figures exclude retirement of national bank notes chargeable
against Increment on gold (fiscal years 1937-1939).
Clearing account for outstanding checks and telegraphic reporta
from Federal Reserve Banks; Increaae, or decrease ( -)
Treasury Bulletin
BUDOET RECEIPTS AND EXPENDITURES
Table 1«- Sunvnary by Major Classifications
llUou
(In
of dollars)
Bteelpti
^
lip«idliar«i
Approprlatloaa
to fadaral
Old-A^ and
SarrlTor*
Intnraaev
Tmat fond
Laai:
AicbJ. year
or aonth
Qrosa
r*e«lp%t
Xnt«m»-
•t
tlonal
finance
latlosal
dafans*
Xntaraat
OB
nd
pstillo
nld
debt
lafondn
of
tnzot
T«t«raaa
IdBlnlttraklon
Badcat
aurplna,
or
daflclt (-)
Total
azpaadltnraa
Ottaar
dBtlaa
s/
IJHO
19*2
5,937
8.295
13.«95
iliS::::::::::::
Uj.lUi
IS"*!
SS^IZ
>»7.Tfi6
J|!S::;::::::;::
I'^i
Vk,zj6
I,*!
1,1U
l>U,lU9
1,657
6,655
28,266
75,297
89,720
1,260
1,808
2,609
730
267
U6,U57
90,501
J. 617
2, 060
1(3,038
"•3,259
ll8,870
727
U.UIS
•.722
17,279
'»,95«
",253
7,259
1,715
3,03"
3,090
550
688
896
1,130
1,292
5.3«7
7,607
12.799
22,282
1.310
1,238
l»U,71g
91
557
563
-3. 918
2,2ll6
9,305
13,766
5". 289
79,702
95.572
-21, "90
-57. "20
-51, "23
2,505
2,108
5,5"5
100,397
63,71"
"2,505
-53,9"1
-20,676
75"
5,959
5,3»9
90
9"
",U3
1,915
-6.159
I9IM (Istlaated)
"^,837
1,627
'»5,210
11,71*2
l».9l6
5,200
6,U99
2,CU6
7,325
37.728
7. "83
I9U9 (latlutad)
W,ta99
2,022
l|Jt,U77
11,2U0
6.53"
5,250
5,8U
1,986
8,^
39,669
",808
72
2,397
2,s66
Saptaabar.
V,M5
'g
2,536
U,872
981
910
1,008
691
619
68
2<^
103
668
56"
Aidisat
120
103
53
1,067
81"
Stl
3,669
3.060
2.932
-1,272
-52U
1,9"0
October.
loTembar
Oaoaabar
2,l»56
1,15"
936
996
lUl
150
218
157
127
51
972
"81
526
568
"57
"15
"17
2,
2, 7*3
U,2l»6
2,19"
3,22"
5"9
1,022
2,879
3,5"6
1,396
1,93"
2,788
3,109
-302
19U7-JuIj
19Ug-Jamiarr
Tebruaiy
Narcb
.
.
.
.
.
.
3.05U
it, 260
.
.
l>,6lU
66
310
ujio
April
2,390
lU
?"
"9U
53
35
278
30
••,275
1,069
'»,336
,850
6,33"
*50
223
266
596
1U2
608
52"
529
597
78
182
6,365
"«5
585
"33
"31
2,881
7'>
2,806
909
332
15"
5&
555
577
itoi
Actual flgurea frOD Ifelljr Treaaux7 Statanont; estljoatea based upofa 19"9 Budget
document, Including effect of propoaed leglelatlon an ahovn therein.
rootDOtea at end of Table
WW
2, "02
5.
Table 2.- Gross Receipts by Principal Sources
(In
allUona of dollara)
Internal rerenaa
Tlacal 7ear
or sonth
Total
groaa
receipta
Income and proflta tazea
total
Internal
reremie
Total
other
fotal
eeiplojera
5,937
8,295
13,695
23, "12
5,303
7.362
2,125
3. "70
7,960
22|l"l*
i»5,ltl»l
"1,685
16,091*
5", 655
8,393
26,262
19"5
19"6
19"7
"7,766
"",276
"",718
"3,902
"0,310
39,379
35,173
30,885
29,306
10,289
9,392
10,013
2", 88"
21,1*93
19"8 (latlntad)
"6,837
"2,056
31, "99
I9U9 (latlaated)
"6,"99
"3,78"
32,66"
"70
2,866
",885
2,126
2,662
",267
2,1156
2,
October
VoTeabar.
Seoeabar ...
19U« January
3,05"
",260
",310
Source:
1/
285
5"2
185
180
185
285
283
380
6,9"9
7,725
8,o"9
355
1,627
211
557
8,162
39"
",387
2,022
221*
582
8.292
378
2,337
72
2
9
6
13
3
116
663
6"3
699
37
31
3"
307
172
585
782
695
767
"2
32
217
331
5"7
6
133
656
629
739
37
3"
111
329
369
2"3
6
66a
35
8"3
20,172
!,395
11,757
20,907
!,828
1.382
1,668
3, "35
625
1,255
797
757
"13
2,639
80
352
133
2,197
2,690
3,678
l,3"5
1,666
2,769
eui*
1,315
880
702
350
1,889
70
329
11*2
66
310
1"
3.237
3.159
5,165
62U
1.563
998
2,613
1,597
It, 168
51
"23
176
35
278
30
1,858
681>
1,17"
83
7"
Actual flsuree frca D&II7 Treaaury Statement; estlaatea baaed upon 19"9 Budget
docuBent, Including affect of propoaed legislation as sbovn therein.
121
137
170
All
other
receipta
267
11,327
2,603
ant
CuatOBt
3"9
392
389
J2"
"31
1,310
1,238
l."59
16,091*
Railroad
ratlra-
Mlacalla^
Deooa
Internal
reranoa
2,3"5
2,967
3,«"7
",553
5,291
1,780
1,701
2.02"
6,365
i»,6l"
108
98
19,292
2,881
.
mant
Inonranca
120
158
180
April
.
Dnantploy-*
691
896
1,130
1,292
March
.
2.125
3, "70
7,960
Old-aga
Inauranoe
833
925
1,186
1,"98
1.739
3,9""
U,211
6,080
Tebmary
6/
Vlthheld
19"0
19"1
19U2
19"3
19""
19"7-July
l"«nat
Sapteaber.
k/
SaipIofaMat t&xaa
&5
'S
1
It
10
9
1
126
13
138
13
3
Footnotes at and of Table
^.
91*"
3,325
3,510
U|8"5
35
June 1948
BUDGET RECEIPTS AND EXPENDITURES
Table 3.- Expenditures for National Defense and Related Activities
(In mllllonB of dollars)
Department
of the
Army
fiscal /ear
or month
Department
of the
Havy 2/
s/
191*0
191*1
is^s
19W*
1.657
6,655
28,266
75,297
89,720
19'»5
90,501
191*6
1*8,870
191*2
19'*7
19W
(Butlmated)
I9U9 (IgtlmaCed)
191*7 -July
August
September
October.
HoTember.
December
.
•
.
.
.
.
igUS-January ....
?ebruary ...
March
April
667
3,678
Payment
under
Armed
?oreeB
Leave
Act
United
States
Maritime
CommiBBlon
99
51
929
2,776
3,812
50,337
27,800
30,01*7
3,227
15,161
691*
17,279
7,1*25
i*,998
1,986
11,71*2
11,21*0
6,375
6,307
1*,123
l*,155
981
910
1,008
U55
'•33
1*9,21*2
ReconatractloB
nnanee
other
Corporation
IS/
11/
10/
891
2,313
8,580
20,888
26,538
111,070
1*2,265
SorplvB
property
disposal
a^enelei
35U
2,255
189
,682
259
2,1*32
180
;i*u7
271
llU
66U
1,501
1*1*2
278
1*17
200
31*0
5
229
1
lllO
9
1«U
368
319
llO
-15
81
1*9
3
1*8
17
53
1*0
1
571
301*
55
38
13
26
1
1,151*
61*7
357
936
996
503
565
350
351*
U9
28
18
38
18
20
Ul
8
19
22
28
20
1,069
850
850
679
U38
330
11*
337
368
7
19
27
U
23
36
30
5
398
9
1)0
909
1*91
336
3
29
29
20
Actual figures from Daily Treaaury Statement; eetljnatee based upon 19U9 Budget
document, Including effect of proposed legislation as shovn therein.
"72
328
138
106
3
Footnotes at end of Table
,305
,117
519
5.
Table 4.- Eici)endlturee for International Finance and Aid
(In millions of dollars)
Fisoal year
or month
Total
Bretton
Voods
A^eements
Act
191*6
727
159
19'*7
l*,l*15
1,1*26
I9U8 (Estimated)
I9U9 (Istlmated)
I*,9l6
ExportImport
Bank
568
938
Credit
to
Bnitcd
Kingdom
Oreakrnrfclah
assistance
Belief to
war
devaatated
countries
272
60
1,700
-9
700
600
September.
691
619
68
25
10
32
October.
HoTember .
December.
.
lUl
150
218
89
6U
36
100
12
2
-5
38
ts
32
.
223
266
596
3
-5
111
100
100
100
11
16
27
59
21
16
332
37
19l*7-Juiy
Au^st
.
.
.
191*8 -January
February
March
April
.
ll*
loropaan
Eecovery
Program
Interim
aid
(Act of
191*7)
Other
foreign
aid
2,050
736
500
6,53K
OoTeniBent
and relief
in ocenpled
conntries
Actual figures from Daily Treasury Statement; estijnates based upon 19l*9 Budget
document, including effect of proposed legislation as shown therein.
275
119
99811/
1,250
500
U.OOO
375
165
5
30
3
39
56
>t7
3
55
232
78
111
92
132
.FootDotee at end of Table
5,
60
UllO
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 5.- "Other" Expenditures
(la >llIlon> of dollart)
Aid to
acrleultaro
fiscal j«ar
or BODth
Social
••eurlty
procraa
Pnlille
vorka
Btmalnc
«Bd hoae
floaace
16/
5,959
i,ni
l?"*!
5,3^
19U2
•,113
1,915
2. JUS
1,272
1.U02
59U
rollaf
Mlscellaoeoas 12,'
iS/
15/
IjUO
Direct
and work
510
5«6
656
753
995
-17
7'»l
3
-201
-35*
-360
1,573
1,37«
970
299
1,087
l,37'i
612
88
668
MO
673
535
»25
2,505
2,108
5,5*5
969
-203
1,229
S0(
SU5
1.066
320
373
702
-297
-2U6
183
(Ittlaatad).
7,325
695
\,(az
,38U
-28
3,652
I9U9 (latlaatad).
8,Sltg
1,038
1,509
,878
-a
l|,llWt
19>>7-Jnl7
1,067
sik
6ki
86
160
-27
612
80
52
96
97
109
-12
-8
52
loU
«3
58
^^
U3
-2
100
65
69
-9
32
-16
19^3
19itU
19^5
19h6
19^7
19>»«
Aa^at
Saptaaber.
Oetobar
loTaabar.
Saceabar
.
,U57
-
.
.
.
.
.
U15
"•17
13*
rt
19>l«-Jaiiuar7
Pabniary
March
April
£/
I
6/
1/
8/
2/
.
"•ji
56
lu?
110
577
Actual flguree frca Dallj TrwMurr Stateaant; ostlaBtas baaed upon
19^9 Budget doeuBant, including affaot of proposad leglelatlon aa
sbovn thareln.
EKcludaa BBDunte for public dabt ratlraaant vhlch ara chargaabla
to the elnkiDg fund, ate., undar apacl&l prorlelona of lav.
Includas tranafara to truat accounta and oat expandlturae of vhoUj
ownad Coramaaot con>oratlona| uxidar appropriate clasalf Icatlona.
Szpandltura claaalf Icatlona In tbeae tablea ara baaad on tba D&II7
Tr«aaur7 Stat«aant, and tharoforo dlTfar aoaovhat from tboaa In
tha 19^9 Budget docunent.
Bapreaente appropriations equal to "Social aacurltj -- eiiploTBant
taxaa* collected and dapoeltad aa proTlded under Sac. 201 (a) of
tha Social Socurltj Act AnendiMDte of 1939. See also Table 1,
foUovlng. Flgurea vara rerlaed. In the Tebru&rj 19^ Issue of the
Traaaury Bulletin" to reflect tha present c lass If 1 cat Ion of certain
axpandlturea relaburead froai tba Fedaral Old-Age and SurrlTors
Insurance Trust F\md.
Includee public vorka undertaken by the Taterana Adainlstratlon.
for further detail, sea tables under "Internal Peranua Collactlona"
Racalpte of Victory taxes withheld puraiumt to the Rerenue Act of
19^^ ara claaaifled as "Other" Incoaa and profits taxes.
Sicludaa railroad unaiqiloTiBent insurance contributions, vhlch are
Included in "All other receipts"
At present conalsts largely of proceeds froa the sale of suz^lua
property; also includes deposita reeulting from renegotiation of
war contracta (for detail see "Treasury Bulletin" lor February 19^»
page 5), and recoreriee of U. S. InraatBant in capltAl funds (eea
tablea on "Cash IncoBM and Outgo" in tha currant Issue of the
"Treaaury Bulletin").
Departaeat of the ArBQr axpandlturea, including expendltoree for tha
Departaent of the Air Force, vhlch are being aade froa Ai«y appropriations pending tranafer of funds pursuant to the Act of July 26,
19^*7, but excluding axpandlturea for tha following:
paymanta under
tha Amad Forcea Laara Act, URRRA, and care and diepoaal of surplus
property, shovn alaevhera in this table; International finance and
aid, ahovn In Table b; rlTera and harbors azMl flood control, included
under "Public Works" in Table ^; eu)d Panana Canal, Incliided under
"Hlscellanaoua" in Table ^.
Dapar^iant of the navy expendituraa except those for payaants under
tha Arvad Forcea Laare Act and for QHRRA, ahovn elaevhere in thla
table, and those for International finance and aid, shovn in Table U.
Baginniog March 19^. includes rainbureeoent for axpandlturea by the
11/
12/
13/
lU/
15/
16/
jj/
18/
1^/
*
-J.
17
705
1,3110
2.365
?"
1)88
515
135
165
287
190
213
312
Departmanta of tha Azvy and tha Bary for care and handling of
surplus property orersaas.
Rational defenae and related actirltiaa of P.F.C. and ite afflllatee. After July 1, I9U7, axpandltures for theae purpoaes vera
not segregated froa the other axpendlturea of tha Corporation and
Its affillatee, which are included under "Klecallaneous" axpandlturea in Table ^.
For detail prior to July 1, 19*»7» ••• "Treasury BulXatln" for
Fabniary 19^, page 7. BeglnxLlng July 1, 19^*7, conalated of
expendituraa for Office of Selectlra Sarrica Records; beginning
March I9U8, expenditurae for the Office of the Secretary of
Defense ara also included.
Includee expendituree from prior year appropriations vhlch ara not
shown separately in the Dally Treasury Statanent but ara Included
under the Department of the Amy.
Department of Agriculture expenditures except those for UHRRA, eurplufl property dlspoaal, other national defense and related activities prior to July 19li7; international finance and aid; and forest
roads and trallo, included under "Public works" In thle table.
For more detail of these expenditures, see Tabloe 7, 8, and 9
following. Tax refunds shown there are excluded froa expenditures
In this table and Included In Table 1 preceding under "Refunds of
taxes and duties"
Federal Works Agency expenditures except those for surplus property
disposal, other national defense and related actlTltl«s prior
Includes also
to July 191*7, and aseietance to Greece and Turkey.
rlTera and harbors and flood control, forest roads and trails,
Bureau of Reclamation, and TennesBee Valley Authority.
Housing and Borne Finance Agency expenditures except those for surplus property disposal, and for other national defense and related
actlTltlee prior to July 19^7.
Hot claselfled separately for fiacal yaara after 19'*5. For additional information for earlier years, see "Treaauiy Bulletin" for
August 19'*5, P«g» 6.
Includee expendituraa for eiecutlTe departments not Included elsewhere and leglalatlTe and Judicial functions; Corarment contributions to Federal eonployees* retirement; atomic energy; aids to
education, labor, finance, ccoDarce and Industry; ClTll Aeronautics;
Panam Canal; Post Office deficiency; atock-pillng; aad, for 19^
and 19U9 eatimatea, a reaanre for contlnganclee.
Less than $^00,000.
June 1948
BUDGET RECEIPTS AND EXPENDITURES
,
Table 6.- Sununary by Months and Calendar Years
(In mlllloBi of dollarB)
Calendar year
Jan.
Tek.
Mar.
ipr.
Magr
Vet
19UO.
igUi.
19U2.
l9^3.
19W.
19U5.
191*6.
19U7.
19>»8.
315
Jon*
July
bud^t reoelpte 1/
lug.
Sapt.
Oot.
Hot.
Dee.
Total
Treasurii Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 7.- Social Security Act
-
Budget Receipts and Expenditures
(In llllona sf dollu-i)
Boeolpti
Ixcail of
or aonth
Oroii reeolpta
Tot&l
-222.0
-3U9.3
-384.5
lS>>0
X91»l
19U2
IS*?
19W»
,130.5
,292.1
-306.7
-363.5
-573-3
1,U9U.5
l.Ulg.l
1,6W..3
.
-88.5
-70.1
-U9.5
7U.l1
358.
16.7
-70.0
-76.1
-56.0
.
Saptaabar.
October..
oToabar
I^aabar
.
.
19bg-Jaimai7.
^bruary
lat
reoalpta
and SurTlTora laaur•Bca Truat fund ?/
Fadar&l Uaasployaant
Tu
let
(Uaaaploxiaent Inauranoa)
60I4.7
-3UU.3
I9i»7-J<iir
M^it
foderal laauraoea
CoQtrtbutloni Act
(01d-«c« laauraaeo)
712.2
788.2
1,015.6
1,288.9
1,U72.0
107-5
97.7
119 9
162.2
100.1
119-9
179-9
550.0
688-1
895.6
1.130.5
1,292.1
1,309-9
1,238.2
1.U59-5
I8U.5
179-9
1.309-9
1,238.2
179.9
18lt.8
i.'»59.5
im.i
72.H
329-3
13-9
2-1
9.t
2.8
66.2
320.3
15.6
65.6
310.5
.6
lU.l
9-8
1.5
-62.S
U8.U
61.5
Itl6.1
35.5
277.7
-368.
19^5
19U6
19^7
Lata:
approprlAt'.oaa
to Tadaral Old-lea
Social Mcurltj tazat
or oxpoodlturai (-)
1/
690.6
895-6
Mareh
-U2.5
"3-3
30.
April
-83.2
77.2
7'..3
158.
158
.fc
179-9
UU.J
72.
2.1
329.
9.1.
13-9
2.8
65.6
310.5
lU.i
9.8
1.5
13g.lt
^5.5
277-7
138. k
12.9
p."
12.9
12.9
.6
1?.9
2.9
2.9
zpanditorea
Oraat* to States
Chlldran'a
Social Samirlty Adalalatratlon
Plaeal 7aar
or aonth
total
IdalnlatratlTa
azpanaai
Total
2/
I9UO
38U.2
19I1I
l|lt9.U
I9U2
IW
50U.U
5?7.2
19'tU
191*5
19U6
19^7
227.6
260.1
299-1
316.9
360.6
i-5
356.!
52lt.2
25-3
31-5
31.5
33.3
32.1
U91.3
5^3-5
31.9
38.8
'•51.?
758.12/
2l».9
72l».l
333-6
361.2
515-7
87.5
76.7
59-1
53.6
90.6
19>>7-^lj
Old-ac*
aailftanea
1115.
H5.2
i
U69.6
i»9l.l
U88.0
U9e.u
Aid to
depond•nt
chlldrea
Ald to
tha
blind
i«5.U
58-3
63.0
70.3
55-1
36.3
10.0
10.3
lh.9
3U.2
55.6
59-8
16.7
12.6
9-9
1.7
1-5
9.6
6.0
1.1
.U
12.7
1.6
1-5
5.7
10.0
69.
67-3
57.0
52.8
59.3
li3.lt
Saptaaber.
52.3
149.9
37-'*
October.,
70.6
85-9
57.5
1.6
1.5
1.7
67.7
«3.9
55.2
"5-7
56.6
lt2.1
9.5
75.5
77.0
l.U
LU
51.2
U9-5
March
55-"«
1.7
73.6
75.1
53-2
ho.
13.1
12.5
8.9
1-5
1-5
1.1
April
86.2
1.5
83.9
51.3
13.1
1.5
79.61/
.
oveaber.
Saeeaber.
19>tg-Jan<iai7
.
.
Pabniary.
1/
2/
1/
.
I
6.2
7.1
g.O
8-5
10.3
63.2
1.6
1.5
ihidjuat..
'
ftireaa
Unamployment cobpeaaatloa
admlnlttratloa
12.l»
,
,
Sarrlcaa
ha^th
erlpplad
dilldron
orrlcae
9.1
10.
11.
10.7
10.9
U.(
5.5
5.9
6.5
6.2
10.7
S.lt
.2
6.3
10.7
for
1:1
u.o
D.
5,/
Maternal
and child
Child
vol fare
aerrlea
1.5
^•?
1.6
1.6
l.U
l.U
1.3
2.0
S.
faployaent
Serrlca
6/
20.7
1.3
.1
fi«f\inda
of
ta^a
2-5
2.6
3.5
2.8
U.2
7.U
6.2
8.8
1.1
.U
.6
.6
.U
.2
.5
1.0
.8
.8
1.2
1.9
1.0
l.U
.u
.1
.5
.5
:i
5.9
10.2
1.0
.5
.2
.5
.1
.2
1.0
.6
.8
16.0
1.0
l.U.
Iklly fraaaiuT Stataaant.
Kioaai of «rpaodltarflt ti oovarsd bjr appropriations bj Oon|^«ti.
BaproiODtt approprlatloot oqual to "Social lacurltj - aaplojiBant
tazto* eollacted and dapoaltad a* prorldad ondor 8«e. 201 (a) of
'igurao vara rarltad
tha Social S«oarltj Act AMudaentt of 1939.
Is th* Tobmarr 19^8 Itiuo of the *Troafl\ir7 Bullatia* to raflaet
Icntlon
cartalo
expandlturaa
ralaburaad
of
tho pratont claaslf
froB tha Tadaral Old-A^a and SurrlTora Iniuranca Truat ^ind.
lacludai only axpaodlturai froa approprtatlooa nada apaclflcally
for adalnlitratlTa azpanaai ralitlox to tba Social Sacurlty A«t;
naaal7 Sootal S«eurlt/ AdBlnlatrntlon, Sapartaent of Coamarce and
Ovpartaant of Labor; and adalnlatratlTa aspanaaa ralaburaod to tha
Oanaral Pond of tha Traaaury nndar Section 201 (f) of the Social
Saeorltj Act, aa aaaodad. B«glnnlD« July 1, 19^, inclodea alao
adalol itratlTe axpaoaea undar tha Vacoar-Pejaar Act.
Xxeludea
adalnlatratlTa azpantaa pajrablo froa other approprlntiona prlncl-
Public
Health
Serrioa
.3
•
5
.5
•5
.3
.7
•
pallj for tha follovlii< a^aneleet Bnrean of latomal laTanuo of
the Treaaurr Sapartaant, and Public Health Sarrlea and Offloe of
U/
5/
Idacatloa of the Tadaral Saourltj kgmnoj
B«f Inning July 1, 19'^3. paTaanta prevloaaly aade under the Social
Seourt t7 Act were diacontinned, and thereafter were aade uader
proTlalona of the Public Health SarTlee Act of 19^.
iQclodes expendlturea tinder Social Seenrltj Act by tha Dvpartaent
19U6.
of Labor throa«h July }\
Claaalflad aa 'IxecutlTe Office, Office for kerxeocjr MMa^eaant,
19^6War Manpower Coaalaalon' through Jnly 3I
Total includaa aaounta tranafarrad to the federal Old-A^e and Sar'teoal year 19*^7. ^7^.000:
vlTora Xoaurance Truat fund aa followa:
Auffuat I9li7, $700,000.
Uea than $^0,000.
,
2/
,
2/
*
U
....
..
,
.
e
.
.
.
June 1948
BUDOET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement Act
-
Budget Receipts and Expenditures
(In mllllOD6 of dollars)
Becelpta
FlBcal year
or month
igUo
igUi
ijUa
19^5
igWt
IxCOBB of
recelptB or
oxpendltTires (-) 1/
Expenditures
Taxee on
carriers
and their
employee
,
-2-3
8.7
21.6
Administrative
expenses
Total
2/
-11.
l.g
121.0
136.9
170.0
208.8
267.1
-26.3
-12. g
77-3
285.0
282.6
380.1
311.3
6.0
13.0
116.3
.6
.
-506.2
12.7
116.0
512.2
August
September.
.3
3
October.
November
December.
-52.8
8.2
125.7
U.2
8.6
126.2
57
-55.9
2.5
6.5
132.6
58.lt
.U
6.1
132.2
.U
.U
.1*
53.7
5.7
59.3
ig"*?
19U6
ig"*?
19l»7-July
.
iglte January
.
.
?ebruary
March
..
.
April
Source:
1/
2/
123.3
128.2
llt8.5
220.2
265.3
295-'»
302.8
.3
•
•
Dally Treasury Statement.
Excess of expenditures is covered by appropriations
Congress.
Includes only expenditures from appropriations made specifically
Transfers to
Railroad Eetlrement Account
(trust account)
2.6
3.8
7.6
5.t
2-5
120.7
2.3
2.U
U.3
308.8
291.9
298.5
511.6
fi«fujidB
of
taxes
12lt.U
lUo.g
21U.8
262.7
.2
1.1
•3
56.0
.5
.3
3
5
5
55.0
.u
59.0
.3
for administrative expenses relating to the Railroad Retirement Act.
Less than $50,000.
^
Table 9.- Railroad Unemployment Insurance Act^
-
Budget Receipts and Expenditures
(In mllllonB of dollars)
Expenditures
HecelptB
TlBoal year
or month
SxcesB of
receipts, or
expenditures (-)
2/
19lt0
-.1
igUl
igUa
-It.l
2.1
2.1
-2.7
igits
19UU
igits
.6
19U6
-.2
I9't7
•5
fiallroad
tinemploTment
ineurance
contributions
Total
V
2/
U.9
6.8
S.5
10.3
12.1
5.0
10.9
13.2
12.9
lk.2
12.6
13.1
13-7
6.1*
8.2
1U.9
-10.1
I9't7-Ju}y
10.1
Augast
September.
-3
.2
.5
2-5
2.9
.5
October.
Hovember.
December.
•
.k
.U
-.3
2.8
.1
M
3.5
.7
-•3
•
.
.
.
.
igUg-January
Tebruaty
March
.
April
Source:
1/
2/
^
..
.
-.1
3.1
Transfers to
Railroad
Unemployment Ineurance Account
Unemployment
Trust ygnd 5/
5.0
2.5
2.2
7.5
3-9
6.0
3.2
U-7
3-7
3-5
8.9
9.6
9.2
3.'>
9.7
.3
.1
.3
3.6
•5
.h
Bally Treasury Statement.
Operated ae Railroad Unemployment Insuxence Administration ISind.
Excess of expenditures Is covered by appropriations by Confess.
Eepresents 105& of contributions under the Ballroad Unemployment
Insurance Act; the remaining 90^ Is deposited in the fiallroad Unemployment Insurance Account, Unenvployraent Trust Fund (See
Table k under "Trust Accounts, Btc")
Administrative expenses (Railroad
Unemployment
Insurance Administration Rind)
.1*
h/
Includes only expenditures from appropriations made specifically for
administrative expenses relating to the fiallroad Unemployment Insur-
5/
Bepresents excess funds of the fiallroad Unemployment Ineurance Administration ^ind (under Act of Oct. 10, I9U0)
Less than $50,000.
ance Act
•
Trcasarij Bulletin
TRUST ACCOUNTS, ETC.
Table 1.- Receipts and Expenditures by Major Classifications
(I& BllIloDi Of dollari; nA^atlTs flsuxai ar« set exp«Ddlt\ir«a}
(atal
Fltoal JMmx
or OQth
trut
•seoaati
Ibtaral 01d-A<« ud
^rrlrori XaaaraDca
Tr«*t
laaelpta
lat
at
19*0
\<^i
**3
igW
-1,613
-33«
-2,222
1,2U
\9*1
791
-52*
-5*«
19*« (latlaatt«)
-«69
19*9 (IttlBUsd)
lS*7-J>il7
19*5
19*6
Ao^tt
B«ptftBb«r.
Ootobvr
loTeab«r
S«o«ab«r
.
.
.
at
Baoalpti
Sxpaadlturaa
1,*0*
1,508
1,280
1,289
1,508
1,2*8
1,312
32*
312
323
308
323
322
707
1,*0*
i,*oe
798
800
6*7
6*7
1,*37
1,*37
630
629
1
66
-12
39
2*2
5*
511
t
*9
2*5
*3
512
*3
3*3
71
65
*7
52
-3
57
37
58
-2
**
205
55
57
57
*l
213
53
*
100
96
58
57
39
31
59
59
1.395
-37
l,*3*
1,3<6
1,623
l,*0*
1,360
1.66c
26
19
-11
2,127
2,351
1,50*
2,102
2.332
1.516
•*6
1,820
1,867
707
-159
26
2,097
2,071
-129
206
J»35
71
287
-320
72
329
2«3
19
132
66
310
178
*5
13
-15*
27
ISO
*6
-6
3
-1
32
-23
9
3
9
*0
*l
208
159
-5
*8
39
50
53
9*
-2
-U*
April
312
*9
7?
26
1
Ui
111
8
.
.
?§
Oth«r tmit aoeoasta 2/
or BOBth
lot
19»*0
35
19^1
20
*6
B*oelpta
lxp«n.dl-
123
127
1*U
221
273
1.399
1,567
•
*e2
-295
-139
.
-2
IncreoDent
Sol^nlora^
on c^ld,
not
on tllTer,
not
U
1,5*
•
Special dopoBlt
aecoostB and hIoeellaneoni fonda,
noty
SalOB and redemptloBi of
soeurltleo
of OoTemaent
corporatlono
otc.
,
arkot
,
288
852
820
-2,87*
1,669
-b*7
-372
-1.553
-95
-359
92
129
620
-110
-302
1,693
2,135
1,505
1,072
2,2*5
1.607
19*8 (latlmtad),
-95
1,763
1,858
-*27
105
19*9 (latlaatad),
-29
1,359
1,388
-525
369
*
87
83
-12
Saptaakar..
61
91
3*5
1*0
28*
*9
-51
*3
-1*0
Ootobar ....
loTeabar
laoaabar ...
85
63
-326
123
118
96
38
55
-27
56
2
-1
*22
-8
19*8-JaaBai7 ....
203
-2*5
26*
61
-69
110
135
121
355
127
-9
86
ilSJ::::::::::::;
19^
19*6
19*7
19U7-Juljr
Ao«Tiat
.
.
Tabrva^. , ,
Ikrah
9
A*rU
35
%
1
55*
1
Actual fl^urvo fnx Dallj Tro«wui7 8tat«wnt; oatlaatee boaod
upon 19^9 Bud^t dr>ouaont, Inolodlng effect of propooed
lo^oLatlon aa ohovn thorein.
Kzoooo of not oaloo of aoourltleo froa Inrootaont account; o*«
Table 3, foUovli^.
Inoludoo CoTonHAnt rotlrwont funda, etc. Seo aloo footnote 3*
Coaprlooo Public Vorka AdKlnletratlon rvrolTlng fund, apoclal
dapoolta (not), and, during the flocal yeara 19^ through 19'*5»
2*8
V
CXearlBC
aecoont
in tbo
net \/
68
-2
116
26*
503
*9
20
1*
"J
lU*
217
275
3
toret
386
*26
1^
1
*06
*72
6*5
9*9
19»*2
Ixpandlturaa
957
Nvoh
rtbruATT
Sacalpta
lat
tur«t
1,U8
1.*?
3!
320
893
.
Kzpaiidl-
95?
*6
316
905
23
laoolpta
1,11*
1,2**
11
967
at
1
*
3
10
lallroad BatlraB«Dt AecooBt
Onaaplajaant
fraat Fond
-*
1
.
19*8-Jumu7
Bxpa&dlturaa
5«9
73*
95*
1.212
l.3«9
9M
19*3
19*6
atlonal Sarrloa Llfa
Innraaaa Kind
Nnd
-^
23
.61
555
-*00
-1*6
-173
-121
21*
-127
-80
?»
-101
21
-10
-1
53
-59
226
-53
tranoootlona in cmmotxtj food etoapa by the Dopartaant of Agrlculturo. Co^Bonclng JuX7 1^ ^9^5, ouch tranaactiona are claaalf lod ao 'Other truat aooounta"
Ret rooolpta In thlo coluan conatltute not aaloo, and not ezpendlturoo conatltu^ not rodaaptlona of aecurltlea.
Loae than $500,000.
RoTleed.
U 32
3
U
)
5
U8
5
1
June 1948
TRUST ACCOUNTS, ETC.
Table 2.- Federal Old-Age and Survivors Insurance Trust Fund'
(OannlatlTe from organization - In millloDB of dollars)
Sacelptfl
ftcpendltnres
frans'
Interest
Ind of flBcal
7ear or month
Appropriations ll7
InTest-
total
receipts
1938
1939
19«0
Confess
mentfl
I9't2
782.7
1,199.6
1,792.1
2,536.2
3,502.8
765.0
1,155.0
1,705.0
2,393-1
3,288.«
191*3
Total
fers
expendfrom
General Iturea
Fund
Old-age
benefit
5-t
19-3
5-t
19.3
17-7
W*.6
87.1
Belmtmreement
for adjDlnlBtratire
parents expenses
^/
U7.i*
35.1
138.6
275-6
Unexpended balance
Salaries,
Boresn of
Old-age and
Survivors
Insurance J/
Total
777-2
1,180.3
1,7W*.7
2,397.6
3,227-2
U. 268.3
InTestmentB
In
Oener&l
662.3
1,177-2
1,738-1
2,380.6
3,201.6
113.0
1*,720.7
1*,
1*19.
1U3.1
21U.1
301.5
1*52.1*
99-5
209.8
359.1
19W*
6,116.0
5,711.1*
l*0l*.7
669.6
51*3.7
19'*5
7,5'*9.8
8,935-8
10,559-1
528.5
676.3
839.7
936.1.
l,29U.ll
7«3-5
19W
7,021.3
8,259-5
9,719.0
12.3
39-1
65-9
93-4
126.0
152.9
l,10l*.C
190.1*
1,760.7
1.529-6
205.0
25-2
8,798.1*
1*,236,8
5,1*08.9
6,51*6.3
7,51*8.7
8,71*2.3
10,837.8
10,868.3
921.8
931.8
932.3
2,119.2
2,169.1
2,219.1
1,857.6
1,903.1
211*. 1*
1*7.2
9,61*1.5
9,1*25-1
1, 9119.1
215.5
216.7
50.5
53.3
9,632.0
9,656.9
9,529.9
9,506.0
191*1
/.
ig"*?
19U8-Felirunr7
11,760.7
11,801.1
11,876.0
March
April
Soiirce:
1,/
2/
10,91*2.6
1.1
1.1
1.1
Dally Treasury Statement.
Includes transactions under the predecessor Old-Age Eeserve Account.
Under Section 201 (f) of the Social Security Act Amendments of 1939.
3/
5,l*U6.l*
6,613-1*
7,61*1.1*
In dlslmrslDg
officer's
account
.1
1-9
3.0
d
10.8
6.1
5-2
7.0
16.1
32.0
20. ii
'»3-5
1*9.2
7-3
1*8.8
52-9
11.0
71.8
163.1*
2U.S
21.1*
35.1
91.2
79.2
Under provisions of the Labor-Federal Security i^jproprlatloB Act,
I9U7 theee salaries are payable directly from the Federal Old-Age
and Survivors Insurance Trust Fund.
,
Table 3.- Railroad Retirement Account
(OtumlatlT* froa organliatlon - In Bllllonc sf dollart)
B«oelpts
Iota!
receipts
11*6.5
268.
26U.g
390.8
506.9
650.9
871.5
l,lW*.l
18U.9
1,116.9
11.6
17-3
27.2
l,l»6g.l
1,1*25.7
kzM
191*0
i^;::::::;;:
'....'.
im
19W
191*7
19lie-rebruar7.
March....
April...,
Source:
Interest on
investments
Approjo-latlona
by Oon^esa
1U7.?
1938
1939
igiw
Balanoe
Izpaadltoree
Unexpended balance
Ind of fiscal
7aar or Bonth
l.U
3-6
n
H9I8.5
639 -U
8511.2
Benefit
payment
Inveetmenta
Total
In Oenoral
Aind
66.2
67-2
132
79.
10.8
79-8
185.6
298.7
U19.9
68-1
82-7
92.1
87.
71*.
51*6.1
lOU.g
676.6
811.0
952.5
19l».9
91.5
178.0
333-0
515-6
675-7
g2U-9
1,717.8
2,016.1
62.3
86.5
2,789.2
2,789.6
2,790.1
2,701.1
8,701.1
2,701.1
88.1
88.5
88.9
l,l>23.5
1,365.7
1,283.5
1,W*2.2
1,31*7.1*
1,261*.
1,328.7
l,30i*.5
i,2n-7
l,li6l.li
1.6
U.l
1.1
500.5
657.0
805.5
1,780.1
2,102.6
1.6
2-3
1.8
10.5
11.7
12.8
.2
318.
l,10l».l»
In dlsborain^
officer' s account
ivU
W.7
.5
17.8
18.2
-9
1.2
22.7
23.3
23.5
59.5
59.5
.6
Daily Treasury Statewnt.
Table 4.- Unemployment Trust Fund
(OumulatiTe froa organization - In Billions of dollars)
Ind of fiscal
year or month
Total
receipts
State
unemployment ineuranoe
aetivitiea
Seposita
by
States
1,076.2
1938
1939
1,91'».3
1^
2.857.9
3,971.9
5,215.5
s.eiu.o
8,180.9
9,688.6
191*1
19lt2
igits
191*1*
191.5
19U6
10,968.1*
19^7
12,257.8
19l>6>Fehniary..
March
April
Sourcei
1/
^
^
13,156.7
13,207.5
13,21*6.6
1,058.2
1,869.5
2,729-3
J,621.l»
>*,717.3
5,935-0
7, 281*.
8,51*0.3
9,550.3
10,555-5
11,298.8
11,312.7
11,351.5
state uneBp^oyment insurance
aotivltiea
Railroad Unemployment
Inauranoe Account 1/
BalLroad
Transfer a
from
inaurance
Statea
contribu3/
tions 2/
nneoployment
1*1*.
105-6
181.9
27U.3
383-7
502.5
618.7
71*6-3
8U.0
81*3.8
8*3.9
1.8
105.9
105.9
105.9
105.9
105.3
106.7
107.2
107.2
107.2
107.2
Balance
Xzpendlturea
fiecelpts
Transfers
from Ballroad Unemployment
Inaurance
Adainiatrstion hnl
Interest
investBenta
Total
Wltheipend- drai#ale
by
States
Transfers
to Bailroad UneBploymant
Insurance
Account 3/
Unexpended
balance
Total
y
Invest-
aents
Benefit
peqrmenta
y
11. I*
Ballroad
Unemployment Insurance
Account
18.0
UU.8
82.6
131-5
198.9
281.
29-1
38.0
^7.6
56-9
377.9
501.5
66.5
66.5
66.5
192.0
633-8
1,133-1
1,688.2
2,065.1*
2,21*1.5
2,302.1
2,373.'»
192.0
633.8
1,116.7
1,550.0
1,918.0
2,092.1*
2,152.1*
2,222.5
3,350.8
6,168.1
61*5.1
3.519.3
792.0
l»,388.8
873.3
877.3
877.6
11,907.8
'•,990.8
lt,61.9.3
5,072.0
1*,
Dall^ Tre&turjr Statement.
Ixcludei adTanoe of I15 million from the Treasury and flubeequent
repayment, both taking place In the fiscal year I9U0.
Bepresento 909^ of contrlbutlone under the Ballroad Unemployment Inaurance Act: the remaining IC^ U ueed for adminlstratlTe expenses.
(See Table 9 under "Budget Eecelpts and IxpendltureB".
Bepresenti amounte transferred from States to Ballroad Unemployment
1*,
725.8
801.0
8gl*.2
1A.6
5,878.8
7,315-3
872.0
1,267.0
1,710.0
2,273-0
3,139-0
U, 367-0
5,870.0
7,307-2
61.
7,1*1*9.1
7,1*09-0
1U.6
1,280-5
l,72t-9
2,283-7
3,150-1
1.8
105-9
105-9
105.9
105.9
106.3
106.7
107.2
113-5
7,869.0
7,852-0
107.2
K)7.2
107.2
151.3
157.9
163.9
18,21*8.9
8,225-5
8,216.7
8, 171*. 5
1*3.2
1*3.8
'•,372-5
In
Oeneral
Aind
(Special
Qeposit
Account)
12.2
13-5
13 -U
g.O
7.8
u.o
8.5
7-8
31-7
11.8
In dis-
bursing
officer's
accoiint
5/
l.U
2.7
3-3
1-5
-3
d
5-3
7.1*
8,190.1*
16.0
17.9
8,11*0.1*
•7.2
6.9
8.1*
Insurance Accoxint e^iulvalent to amountB of taxee collected, with
respect to period from January I936 to Jane 1939, Inclueive, froa
employees and employere who come within the purview of the Railroad Unemployment Ineurance Act.
BepreeentB excess funds of the Ballroad Unemployment Insiirance AdmlnlBtratlon ^ind (under Act of Oct. 10, 19U0).
For railroad unemployment benefito and refunds.
Treasury Bulletin
10
Tf^EASURY CASH INCOUE AND OUTGO.
aoooapanylag note.
Th« praaant tarlai of data on Traaaurj oaah Inooaa
and outgo vaa flrat publlabad In tba Septaabar
aue of tba 'Traaaury Bulletin'.
ohangaa
froa
tba
preceding
nature
The
19'^7
of
Aatual flguraa
tbeaa tablea are
In
^•-
baaed on
the Dally Traaaury Btateaent.
tba
baaed
tbe 19^3 Budget doouaant,
on
tatlaataa are
Including affeot of
propoaed laglalatlon aa abown therein.
aerlea waa explained in aA
Table 1.- Summary of Caoh Transactions
(In >llllon« of dollart)
Cash op«rmtton* other than borrovln^
Tnoreaae, or
decreaae (-)
Vet caah
honvwi Bg,
Omah op«rmtlBf laeoaa
Fl«e«I
r*v
or Booth
Caoh
taUcot
roeolptt
Cnah tmot
aoooont
roeolpta
Total
I9IH
7,260
2,111
9,371
ig"*?
IS.TllS
2,5ll2
15,51
19^3
1914
22, sot
Wt.OlW
3,037
3.936
-lili
'1,316
1»6.637
3,270
1,026
-555
3,712
'»8,251
36,251
3,09"»
77>»
ItOO
'•4,322
U.ooe
Ug,330
37,725
3,539
2,3'^9
2,56>»
2,95'»
20l»
3,193
»,711
2,753
3,U65
30
21
••,507
261
205
279
1U6
2,515
215
678
2,630
3.3U8
U,o30
2,U29
2.225
3.196
2ti8
-189
3,707
19k8 (latlaatad)
W>,539
19lt9
.
.
19>t8-Jaimu7
f ebniax7
March
.
.
April
^
-h.egj
-19,29«
61,367
36,237
1*2,930
.
ll»,060
3^,585
78,979
-46,095
13^1
.
ohedn, eto
9'»,079
'».937
tb oeaher
1185
fotal
95,986
65,683
39,978
U2,gl|«
October
VoTeabar
1,212
1,068
78,"»9»«
accoont for
OQtstandlnc
Vet oath
operating
Inoone,
Or
outgo (-)
111
51,0>H
»7,78U
.
12,8lW
33,517
Clearlttf
-768
'',721
tegnat
Bepteaber
Oaah traet Ixohan^
aooount
StaMllexpendcatlon
Iturea
^«d 1/
93,968
W.SZl
(letlaated)
Caah
tad«ot
expandIturoi
96.75>»
19^
19W
19it7-Julr
Oaah oparatloc outgo
2,380
2,703
'',219
9U
lUg
86
96
218
27
^ud
balaaoe
5, •'32
A?
19,652
60,250
56.757
35«
6,515
10,662
I19
9l>;
Oeneral
I17I1
7,l'39
110,519
7,732
-8,505
-772
lll,2fl«
7,066
-7,117
-91
173
121
3,390
3,152
3,959
-827
kl
753
587
291
-201
-239
332
552
-2lU
177
80
2,6l2
2,533
3,520
n6
136
-987
510
-l,3li«
155
-172
-rsd
2,556
2,895
3,871
2,956
3U8
4,5>»2
I102
2,578
2,U2g
3,511
189
338
213
28
156
U,7lg
6,U72
91
-222
101
53
2,767
19k
2,960
3,013
163
6
-226
1,986
1,82U
->'35
-7">*
explanation of the tranaartlon
Septeaber 19U7, page 17.
ee
-1,800
1,551
-330
1,035
-2.153
-1,567
2,601
^nd 1/
Wo
-10,930
18
Vxchange
StaM Illation
'',529
-10,
-19,389
'',195
The 0. 8. ffobeenlptloD to the capital of the International Monetery
9ani vaj paid In part froa the Ixehange Stabilization ^ind.
Tor
borroviag
Tr«aRU7 eaah
-17,899
6,659
U,3i6
6,317
12
or
repi^vent
of
-7«>1
^reaonry ^illetln' for
Table 2.- ComparlBon of Total Net Budget Receipts with Cash Budget Receipts
(In allllone of dollare)
laaat
leoal Tear
or aonth
Total
budget
recelpti
(aet)
Pajnente to Treaffory b/ Ooremsient corporatlona
Intereit
Total
H. ». 0.
I9IH
igiw
7,607
12,799
22,282
3l«7
7>'
2lt
>)U,lU9
101
5*
U6,l»57
5S
1
"»3,038
'•3,259
136
190
329
83
19l»7
19b< (litlaated)
1»5,210
672
19l>9
'A,l«77
iHS:;::::::::;::;;::::::::
(letlaated)
19U7-Jol7
Aognit
Septeaber
!536
,872
October
Vonoaah badget recelpta
All other
5
13
13
Capital itosk
and paid-in
•nrplna
19>tg-Jainiar7
Vqnale:
Caih
budget
reoelpta
7,260
12,7li9
22.208
I|lt,0k8
l>6,321
l»2,8lW
I>2,q30
91
26
27
13
18
136
72
97
30
291.
239
'A,539
155
2
33
38
70
llll,322
U8
22
U3
k
117
20
216
tU9
515
507
30
10
9
9
7
380
703
719
••,195
't,3l6
90
36U
to
Deoeaber
27
27
27
33
319
18
10
11
oTeaber
lamlnga
BelBbureenent for
adnlnletratlre
expenees - ^deral
Old-Age and SorrlTori Ineorance
Tmot- ^md
.2U6
27
•.275
17
27
37
16
Tabroarj
IWrch
l*,336
80
20
13
10
15
6.33'»
18
10
7
6,317
April
2,ao6
WO
30
9
2,767
t
•
Uie
than »500,000,
'•6
9
..
.
,
June 1948
11
TREASURY CASH INCOME AND OUTOO
Table 3.- Comparison of Total Budget Expenditures with Cash Budget Expenditures
da Billions of dollara)
Loss:
Interest psTueats
Total
budget
yiflcal year
oxpenditnree
or so nth
I9IH
19U2
Total
919
772
1,208
1,60U
58
81
130
213
19'*5
100,397
3,61A
3U2
19US
63,711*
'•2,505
2,31*7
(Estimated)
I9U9 (Sstlmated)
.
333
38U
UUo
559
56
88
227
269
-20
-12
1,659
1,927
1,361
290
281
259
-108
-86
l,8U6
-8
25I1
1*29
1*35
U
22
6,269
U67
25
567
6U6
37,728
1,1*77
505
2U
756
1,175
222
1,165
39,669
1.91*5
5i«3
26
SUl
907
302
-195
3,669
3,060
2,932
716
308
-532
66
•
16
S6
U6
1
51
1
13
5U9
273
10
20
19
-gllO
.
2,ia*s
.
2,19U
16
-30
28
61
60
20
23
20
19
30
-lis
-71
-73
301
-26
63
36
133
37
6e
11
17
30
19
19
-31*
lit
28
3
71
19
.31.
.
.
3,22l»
.
2,879
.
2, 1402
April
3, 516
3,109
35
96
2
1
g
18
•
'
•
1/ Accrued discount on saTlnge bonds and bills less Interest paid on
savings bonds and bills redeemed.
2/ Interest pfl^ments to wholly owned Ooreminent corporations are not
deducted becauee they are treated as negative expenditures when
received by corporations; hence peyment and receipt offset each
other in the expenditure series.
2/ Budget expenditures involving the issuance of Federal securities
Fqaals:
Oasb
budget
expend-
-7
-5
131*
12,?llg
18
10
33,517
3T
67
115
78,>*9l>
39
93,068
96,751*
17
18
1,366
-970
-39
72
136
25
18
31
-U
-ltU3
-13
127
239
38
15
36,251
-1
-500
-6
35
70
5
19
37,725
-1
-2
-2
-50
-50
-1
-1
-1
-50
-50
-1
-1
-1
-1*7
V
319
6
108
118
105
g?!*
^
-38
1
-1
20
216
61,367
36,237
6
2,95U
2,753
1
3,1*65
5
2,U2q
2,225
3,196
2
1*7
9
9
9
7
51
15
3
2,578
9
7
-l6
28
2,1*38
1
U
9
3.511
3,013
are treated as noncash at the time of original payment end as cash
The figures ahovn are net
expendltTiree at the tlice of redemption.
iseaances, or net redemptions (-).
See footnote 1 to Tahle 1, preceding.
I^BB than ^500,000.
Table 4.- Comparison of Total Trust Account Transactions with Cash Trust Account Transactions
(In millions of dollars)
fiscal 7ear
or month
itures
Fond
325
igUy-July
August.
September
igUS-January
Februal7
March
Oovemaient corporation
InTolTing Issuance of
pflTBents to Treasury
Federal aecorltles 2/
HepsyBotes
InvestIxoess
nent of
Issued
Aimed
Adprofits
capital nents
to
Inter- Earnforces Justed
in
stock
tai
Interest
ings
Federal
leave
aerrice
and
national refund
bonds
bonds
paid-in seenBank and bonds
h/
surplus rltloe
2
19'»7
October.
Hovember
December
167
207
Bod^t expendituree
3
19't3
19UU.
.
Treamnry
Tranefero to OovemOn
To OoTnent entraat
saving
emaeat
accounts ploy eee'
honds
corporaTo tnut
retlreaad
tions
nent
Treaeur/ (partially aocoontB
Mils
owned)
1/
2/
13,766
3U,2«9
T9.702
95,572
19ltg
"bty
Noncash hodgot expondltnres
Pl^TOll
deduction
for
Treasury Bulletin
12
TREASURY CASH INCOUE AND OUTGO.
Table 5.- Comparison of Changes In Federal Securities Outstanding
with Cash Borrowing or Repayment of Borrowing
llllODi of
(In
!«•:
Xacr*a«e,or d«cr«ft«« {')
iB fedar&l ••coxltlo*
oatttaodlnc
flical j9mr
or aoatb
et
Inrettnentt
In 7«d«ral
tecurltl«i
dollftrt)
Boncaah d«%t traniactloB*
lasQADce of Fedaral teenrltlaa
retnltloc froo budx^t expoadl-
Vet tra&a-
Interest
on
aetlcBS In
rnfiranteed
saTlnirt
Public
Ooarutt«ad
doM
eenrltleft
191I1
8U1
isus
19*3
-1,S02
-U68
19*
IS^I
Vadaral
••curl tl«i
Total
Bjf
l,lt22
3,U6l
U,gg3
57,679
56, •89
6,738
10,7110
10,783
-11,523
3,'»09
-2,'»77
-11,136
-3«7
OoT-
By truBt orncsent
•eeouata corporatloBi
6.835
21,659
63,806
61,830
ft, 307
iHS:::::;.::::::
Totftl
2, 006
7,892
Aned
force*
lear*
bonds
Adjusted
ssrrlcs
bonds
Votes for
International
Bank and
Jund g/
Kxcess bonds and
profits Treasury
bills
tax
refund
bonds
y
-20
-12
it,12g
39
5
203
206
-7
-5
13U
5,200
3.668
3,362
32U
159
178
1.793
-108
-86
-8
2,lU0
89U
-970
-39
M
1.338
1,925
voou
securities
not reflected 1b
Tr*»«arer i
•eeonnts
'
58
8
81
130
213
131
207
7
Fins I
Cash
Issuance
of nonroi^anteed
securities
of Federal
axencl es
I<nialB:
let cash
borrovlnr,
or
r*T>a7»ent
of
borrovln*
(-)
u/
19
5,'!32
•
-95
-190
19,652
60.250
56.757
28
-19,389
86
203
1*9, 1171*
7, '•39
I9I18
(latlwtad)
-7,586
-21
-7.li0«
l,22l»
3.2"i3
-120
-1.172
-l,2l6
-12
505
127
-8,505
19lt9
(Xstlutad)
-U,700
-6
-J»,706
2.785
3.023
-76
-195
-500
-6
5U0
375
-7,U7
1,161
sue
-953
-10
-1
562
356
-678
W»3
U31
296
53
-39
-88
l\
-8U0
-30
-121
-9U
-1
-2
-2
66
U6
51
-2
-2
-3
1,152
6U8
-956
-T*
-859
-1,312
«
6
-8
-66
-853
-1,320
-207
127
59
37
-16
-116
292
1U3
1
-71
-72
-lUs
-136
-77
-1
-1
-1
-7
136
-987
It
61
31
-1.3W
-U
t2
-331
-1,967
-1,615
170
IT*
78
-8
18
-•7
-3U
-38
-12
-78
-iWi
62
-"•9
89
258
79
-1
-1
March
-326
-1,969
-1,615
37
66
-12
-1
-2.153
-1.567
April
-750
-753
-65
-26
-26
-3i>
28
57
-7U
I9U7-JUIJ
Au^utt
Saptaabar.
Octobar. ...
loTaabar
Dacaabar.
•
.
19Ug-Jaimu7
.
....
fabruarj.
.
.
-1
laaoaacaa of 7eder&l aecurltlea raaultla^ froa bad^t ezpaadlturea
ara trastad aa noocaah at tha tlae of lasuanca and aa cash bud^at
axpaadlturaa at the tlaa of redeaptloo. The flguraa ehown ara net
Itauancea. or oet radaaptlona (-).
Saa footnote 1 to Table 1, preceding.
^
U/
•
77
-5
36
-1
587
291
-201
-U35
Accrued discount on savings bonds and Mlla laas Interaat paid on
aavln^s booda and bills redeamad.
Includes borrowing througb Postal Sarrlnea Systaa.
Ucs than $500,000.
Table 6.- Summary of Cash Operating Income and Outgo by Months
(In allllona of dollars)
Annual total
Ipr.
Calendar year
July
Hot
*««.
Hot.
Sept.
Calendar
year
Mscal
year 2/
Cash operating IncoB
19111
1.665
6.360
6,132
1,707
5,295
878
2,176
2,368
2,987
2,697
2,561
1.036
3,379
3,289
3.688
2,996
3,193
2.602
5.56?
6,071
5,553
1.682
1,711
752
2,220
2,281
2,881
2.793
2,630
1,111
2,712
2,911
3,062
2.869
3.3I8
2,786
5,859
5,580
1.371
1.206
1,030
37,991
l8,60l
51,050
15,185
16.867
7,990
8.506
8,915
5.086
5,193
5,052
7.023
7,290
7,973
3.110
3.390
5.512
7,717
8,197
7,829
2,953
3,152
5,970
7,700
7.7I5
6.603
6,185
7,632
7,955
5,985
2.951
2.612
5.928
7.773
7.137
1.786
2,325
2.533
6,975
7,830
8,220
5,267
3.628
3.520
89.059
95.220
87.581
15.219
11,136
-3,325
-2,116
-2,813
-379
102
-1,171
-1,8l7
-1,922
-1.986
-113
-827
-1,176
-1,368
-I.9O8
-1,l1l
-3.368
-2,131
-1 671
-1,050
1,611
753
-5.133
-5.112
-5,671
-3.101
-161
1,811
061
:l 196
li72l
511
18
8 16
-1,189
-1,971
-?,61o
-896
578
510
19U2
W"*?
I9iiii
19^^5
19U6
19^»7
l9Ug
902
2,922
3,776
3,969
3,889
U.5U2
,ll82
6,503
7,5"*
7.781
5,605
2,783
2,556
6,>toa
,112
,375
,255
,127
718
5.297
6,67?
7,1'w
5,929
5,9*6
6,U72
1,6511
3,335
3,198
2,912
2,819
2,960
2.076
3,663
3,883
3,170
3,315
Cash oparatlnc outgo
19'*1.
191*2.
19U3.
19UI».
19U5.
19U6.
19U7.
19U8.
Vat cash operatlac
or outgo (-)
I9UI
19>tU.
I9U5.
I9US.
1917.
19>t8.
^
^
8,017
7,218
3,887
3,667
2.895
7,62U
8,568
8,929
U,156
3,322
3.871
7,138
7,693
7,799
U,iii6
3,651
2,956
7,397
e.oiig
8.169
1,358
3,350
Oil
3.959
3.
11,060
31,585
78,979
91,079
95,986
65,683
39,978
1
-5,601
-U,622
Ji.005
-1,636
1,106
1,986
-U,920
-U,905
-2.8U3
368
l,U6o
1.82U
-2.327
-1.889
-1,785
1,773
2,62U
2,601
-5,781
-1,358
-1,601
-1.231
-835
Data not filled In are In process of preparation.
fiscal /ear eodlnc June 30 of year Indicated.
k
-5,321
-1,385
-1.586
-888
-35
13
11
.
-51.068
-161616
-36.531
236
5,733
-1,68Q
-19,291
-53,735
-16,095
-I1U.9I5
-17,899
6,659
June 1948
13
GENERAL FUND OF THE TREASURY,
Table 1.- Status of the General Fund
(In mllllone of dollars)
Ind of fiscal
year or month
Treasury Bulletin
1»»
DEBT OUTSTANDING,
Table I.- Summary of Federal Securities Outstanding
(Ib BlllloBa «f
of
fliaal
yeBT or
lail
oath
dollvi)
..
June 1948
15
DEBT OUTSTANDING.
Table 3.- Interest-Bearing Securities Guaranteed by the United States Govemment(in Billions of dollars)
Marketable
Ind of fleeal
year or month
191*0
5,1*98
191*1
Total
Commodl ty
Credit
Corporation
5,1*98
1*07
696
701
Total
Federal
Fam
Mortgage
Corporation
1,269
1,269
930
930
Federal
Hoaslng
Administration
Nonaarketable
Home
Ovners'
Loan
Corporation
Public
Honsing
Idmlniatration
BeconstraetlOD
Finance
Corporation
8
17
2,603
111*
1,096
2,1*09
226
1,71*1
21
1,563
1,533
755
uk
1.219
896
ConuDodlty
Total
Credit
Corpora-
tion!/
6,360
6,360
191*2
i»,5l*9
i*,5U9
19^3
igiA
1*,092
1,516
3,908
1,190
1*09
l*«7
1*3
3^
"3
III
II
83
38
38
t5
71*
3"*
31*
1*0
1*0
73
31*
31*
70
31*
3^
'?
36
'I
36
78
33
33
1*5
33
33
33
33
U5
76
19l*8-Jaimary .
February.
Marohs
72
7t
28
1*1*
1*1*
S8
28
1*6
U6
73
28
2<
28
U5
'»5
April
70
28
28
1*3
1*3
,
igiis
19W
,
191*7
19l*7-July
ingaet
September.
.
.
.
.
October. ..
VoTember
December
.
.
.
JH
1*1S
U12
183
326
375
Table 4.- Special Issues to United States Government Agencies and Trust Funds
Ind of fiscal
year or month
l*2t
I]
Dally Treasury Statement.
Soureal
Footnotes at end of Table 1*.
(In millions of dollars)
68
150
Baconstruction Finance
Corporation 8/
115
176
Treasurif Bulletin
16
DEBT OUTSTANDING.
Table 5.-
Ck)aiputed
Interest Charge and Computed Interest Rate on Federal Securities
Public dabt and (aarantood •ourltloo
bd
of titetl
7««r or Bonth
Intoroft-bowlDf
dobt oatotandln^
CoBpatod
anaaal
iDtoravt
chare*
(NlllloBl of dollart)
139,1*72
2.51U
2.U3g
2.260
1.978
201,059
256,766
26«,578
255,197
3,869
U,969
5.357
5.376
1.925
1.935
1.995
2.107
256,395
257,183
256,177
5,U2U
2.115
2.125
2.127
256, 3U8
255,67>t
5.
''7.87'>
IS'^i
I9I1U
5''.7't7
76,517
19I1I
19*7
19U7-Juljr
iuguit.
Saptaabar
.
Oetobar.
SoTesber.
teceabar.
19l««-Januar7.
.
(Pareant
1,203
1.335
1,729
2,759
19UO
19U1
I9IW
19^5
CoBput ed
annual rata
of intaroit
25"*,
281
5,"»6)»
5,1*9
"56
5,"»62
5.'*5l
25U,o30
5.
252,17'!
5,>*71
250,707
5, ''35
fabruajy.
March
April
2^9,990
'72
2.129
2.136
2.lWt
2.15U
2.170
2.168
a. 173
l^ibllc datt
Xntaraat-baarlnc
dabt outatandlnc
ohvga
(Ktlllont of dollara)
''2,376
Us, 387
71.968
135,380
199.543
256,357
26g.m
255.113
Quarantaad aaoarltlea Z/
1/
Coapatad
annaal
lataratt
Conpatad
aanoal rata
of Intaratt
Coapatad
Intaraat-baarln^
dabt ontitandlB^
Intaraat
cbarf*
Coapatad
anmml rata
of Intaratt
>
June 1948
17
STATUTORY DEBT LIMITATION
Section ?1 of the 3eoond Liberty Bond Act, as
amended, provides that the face amount of obligations
Issued under authority of that Aot, and the face amount
of obligations guaranteed as to principal and interest
United States (except guaranteed obligations
by the
held by
the Secretary of tha Treasury),
ceed In the aggregate $?75 billion outstanding at any
one time.
Obligations Issued on a discount basis, and
subject to redemption prior to maturity at the option
of the owner,
are included In the statutory debt limitation at current redemption values.
shall not ex-
Table 1.- Status under Limitation, April 30, 1948
(la
llXloaa of dollars)
Maxlmun aaoiut of tacurltles which say be ontttandloc at aoj one tlaa, ondar llodtattons Imposod hj SectloB 31
of the Second Llbertj Boad Act, as anandad
275,000
AaoTut of •eourttlei ontetandlac sabjaot to aueh etatutory dabk llaliatloai
U.
S.
251,1*08
OoTaraiDent eocurltles ttsaed ondar th« Second Liberty Bond let, ae aaeaded.
75
Ouaranteed eecvritlea (essludlac thoae held by the Treaamy)
Total aaount of aaouritioa outataadlns aubjact to atatatory
daM
251,'*83
llaltatlon
23,517
Balance laeuable nader llaltatlon.
Source!
Public Debt Service.
Table 2,- Application of Limitation to Public Debt and Guaranteed Securities
Outstanding April 30, 1948
(Za lllloaa of dollara)
Claas of security
Sabjeet to
atatatory debt
11ml tat loa
Pabllc debt:
Interest-bearing eeeurltles:
Marketable:
Treasury bills
Oertlflcates of Indebtednese
Treasury notes
Treasury bonds - bank eligible
Treasury bonds - bank restricted 1/...
Postal eavlngs and Panama Canal bondsTotal marketable
Nonnarketabl a:
U. S. aarlngs bonds (current redenptlon Taltte).
•>.>
Treasury sarlngs notes
Depositary bonds
Araed forces leave bonds
Treasury bonds, InTestnent series
Total nonmarketabls
Special losues to OoTemment a^ncles and trust fuada.
Total interest-bearing securities
Matured securities on vhlch Interest has ceased.
Debt bearing no Interest:
tJnlted States sarings stamps
Ixcess profits tax refund bonds
Special notes of the Tilted States:
International Monetary TSind Series
latematlonal Bank for Beconstructlon and DevelopBent series
United States notes (leas gplA reeerre)
Deposits for retirement of national bank and federal Beserre Bank notes.
Other debt bearing no Interest
Total debt bearing no interest.
Total public debt.
Ouaranteed securities:
Interest-benring.
Matured
2/
Total guaranteed securities
Total public debt and guaranteed securities.
13,
7W
20,065
U,375
65,888
1*9,636
Hot aubject to
statntory debt
llaltatlon
Total
outstanding
Treasury Bulletin
18
DEBT OPERATIONS,
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Government
and Outstanding April 30, 1948^
(Is Bllllou of loUara)
Aaount of aatarltloi
iaouBt of natiirltlet
T*ar
D«»orlptioB of ••curlt/ 2/
fta4
oath
rued
aturltr
leaueo
Date
baak
Callable lieuai ,,ricted
claillfled b7
i,,„,
jre.r of
becoae
I
Tint
eaU
riaal
atari «7
19M
Bill*
k.OlO
JUIM.
Bill*
Cortirieato - 6/1A8-B
Bond - 6/15A*
'',319
7/9*
1-3A*
JvXj..
7/8»
7/8*
7/8*
Oot..,
Bm...
OetcrlptloQ of Boevltj 2/
il
1951
mr..
Sept..
baak
ollclbla
Tear
and
Bonth
Data
baak reCallable Itiuei •trlcted
clastiried
bj
Ittoee
Filed
beeoae
atu- jear of:
bank
rlty
riaal
leeoai ririt
atu- ellclkla
oall
i/
rltj
1,777
3,06a
Bept.
l/l/Ub-r
2,7"»2
-
7/l/l>8-C
-
7/I/W-B
1,127
2,209
-
^-l/^ Bond
-
9/15/W
1-1/2*
Bote
-
9/l^/UB-A
1*
I*
ij
Bote - lo/l/W-B
Certificate - lO/l/W-J
Certificate - I0/I/U8-K
2^
Bond
Bead
2-5/U* Boad
2*
- 6/15/>l9-51.
- 6/I5/51-5U..
Bond
Boad
Bead
-
9/15/''9-51.-
-
9/15/51-51.9/15/51-55..
Bond
2-1/U* Bond
Bood
2*
-
12/15/1*9-51.
-
12/15/51-5).
12/15/51-55.
2*
9
3(1
5,kl9
Bllli
Certificate
Certificate
Certificate
-
JVM.
2*
-
1,01k
1.627
1.292
7,986
755
2.098
1,118
510
"•51
3.7l>8
11,996
U.UOU
l,35'i
1952
1,'>67
12/l5/'i8-50
Total
Total.
u,09e
Bond
2*
2-1/2* Boad
571
35,
rn
571
Sept.
-
5/15/50-52.
-
3/15/52-5'».
l,02ll
Bond - 6/15/52-5^.
2*
2-1/U* Bond - 6/15/52-55.
5.825
1,501
1-1/8* Bote 1/1 A9-A
l/l/ii9-A..
1-1/8* Certificate -
3,535
2,592
T»t..
1-1/8* Certificate
-
2/l/li9-B..
2,189
1-1/8* Certificate -
3/1A9-C..
3,553
•».9)9
12/15/U9-52.
12/15/52-5''.
1*91
8.662
17,012
Total.
Jan.
1,186
2-1/2* Bond - 9/15/50-52.
Bond - 9/15/50-52.
2*
3-1/8* Bond
Bond
2*
19*9
1.96)
8,579
1953
Apr..
1-1/8* Certificate
-
U/l/k9-D--
Jtue..
Bend - 6/15/53-55.
Sept..
Bond
-
9/15/51-5).
7,986
Dec... 2-1/2* Bond
2-I/I1* Bond
-
12/15/'<9-53.
-
12/15/51-5).
1,786
1.118
1,055
6/15/U9-5I
JtUM.
ai
Bond
-
S«pt.
2*
Bond
-
9/I5A9-5I
1,292
Dec.
2*
Bond
Bond
Bond
-
I2/15A9-5I
12/15A9-5e
12/15A9-53
2,098
491
1,011»
Total.
3-1/8*
2-1/2*
-
725
10,890
1.786
195'*
12,92'i
Total
725
6,682
Nar...
2-1/2* Bond - 3/15/52-5''.
June..
2-)/ll* Bond - 6/15/51-5'*.
Bond - 6/ 15/52-5'*
2*
2-1 /l|« Bond - 6/l5/5l*-56.
1,02U
1,627
5.825
681
8,662
Bond - 12/15/52-5"*...
681
Total.
17.13*
1955
1950
Nar... 2-7/8* Bond - 3/15/55-60.
Bead
Nar.
2*
5/15/5&-52
1.963
Sopt.
2-1/2* Bead - 9/X5/50-52
Bead - 9/15/50-52
2*
1,186
Bond
1-1/2* Bead
2*
Total.
-
- 12/15/'»«-50
- 12/15/50
2.611
1,501
725
June.. 2-1/11* Bond - 6/15/52-55.
Bond - 6/15/53-55.
2*
'».939
Sept.. 3*
Bead
-
9/15/51-55..
755
Dec... 2*
Bond
-
12/15/51-55.
510
571
2.635
2,635
l,0<8
571
Total.
(Coatinoed on followlnc pace)
2,611
S."^!
.
.
June 1948
19
DEBT OPERATIONS.
Table 1.- Maturity Schedule of Interest -Bearing Public Marketable Securities
Issued by the United States Government
and Outstanding April 30, 1948^ - (Continued)
(Is Mllllosi of dollara)
iaoimt of BAtorltleo
•nd
D*«crlptlon of aooorltj 2/
OBth
ruod elMolflod
at«- jnaT of
)>7
I
rltj
rirtt
li
eall
Ft sal
iaomt af
Sato
baak roOallaklo loonoi •trletod
loouoa
boooao
buk
atv^
•llclblo
rltjr
3/
1956
Toar
attd
MBtk
DoacrlptloB of aoenrlty 2/
iiAtnrltlea
Data
bank reCallabla laauaa atrletad
laauaa
nzad oloaalflad bj
ofl
becoaa
utsbank
rlty
nsjj
laauaa nrat
atu- altglbla
yw
Mil
rlty
U
196lt
Mar..
a-l/Sjt Bond - 3/I5/56-58-
Jvna.
e-l/kIL Bond - 6/15/5U-56..
Sapt.
2-3/H Sond
l,V>9
•
681
- 9/15/56-59..
S-l/M* load - 9/15/56-59..
3,e3
Total
6,253
Bond - 3/15/56-58.
2-1/2)1
Jua.
i-f/H Bond
2-l/2t( Bond - 6/15/61)-69..
3.761
V15/53
Dae..
2.1/2)( Bond - 12/15/61)-69.
3,«38
9/15/53
Total
7,600
Mar..
2-1/2H Band - 3/15/65-70.
5,197
Dae..
2-3/1* Bond - 12/15/60-65.
982
681
1965
195«
Mar..
Jnaa.
2/1/5U
1,1*85
l,Wt9
- 6/15/5C-i3.
Total.
5,197
2-l/2i( Bead - 3/15/66-71.
3,*8l
2-l/2# Bend - 6/15/62-67..
2-1/aJl Bend - 6/15/67-72..
7,967
1,1>85
919
fatal.
919
l.V>9
1966
Mar..
12/1/5*
1959
Jaaa.
2-l/l|^ Bond - 6/15/59-62..
Sapt.
2-3/1* Bond - 9/15/56-59..
2-l/>* Bond - 9/15/56.59..
Doc.
2-1/^ Bead
5,2*
S/15/52
1967
Jona.
982
3,«3
- 12/15/59-62.
12/15/52
},^V>
8,75'*
2,118
Sapt.
2-l/2jt
Bond - 9/15/67-72..
2,716
Dae..
2-1/2* Bend - 12/15/67-72.
11,689
Total.
22,372
5/5/52
6/15/62
12/15/68
>t,80l)
i960
2,118
1968
Mar.
2-7/8^ Bead
Sae.
2-3/>)|(
Bend
2,611
3/15/55-60
1,U«5
Panaaa Canal bond - 6/I/61
2,831
Jana.
2-1/2* Bond - 6/15/9k-69..
3,761
V15/53
Oae..
2-1/2* Bond - 12/15/611-69.
3,»3«
9/15/53
Tatal.
7,600
2-1/2* Bend - 3/15/65-70.
5,197
2/l/5lt
2-1/2* Bend - 3/15/66-71.
3,U81
12/I/5H
6/15/62
12/1/52
1969
2,611
1961
Jnna..
2-1/2* Band - 12/15/63-68.
Dae..
l.it^
12/15/60-65....
50
1970
1962
Jnna.
2-1/^ Bond
2-1/9 Bend
6/15/59-62.
6/15/62-67.
5,28U
6/15/52
3,'»70
12/15/52
Mar..
2,U8
Sac... 2-1/1* Bond - 12/15/59-62.
1971
Mar..
2,U8
Total
«,75*
1972
1963
Jaaa.
2-3/1* Bead
6/l5/5«-63..
Dae..
2-l/2)( lend
12/15/63-68.
919
2,831
Senroel
^
1/
12/1/52
2,831
919
Daily Treasury Statement and Publl'o Debt Serrloe.
Ixeludea postal aavlngs bends.
It should be noted that eallablo Issnee appear tirloe In this coluim,
enee In the year ef first eall and egaln In the year ef final rnatuCallable Ismea with respeot to whleh a definite notlee ef
rlty.
Jua.
2-1/2* Bend - 6/15/67-72..
7,967
Sapt.
2-1/2* Bond - 9/15/67-72..
2,716
Dee..
2-1/2* Bend - 12/15/67-72.
U,689 12/15/62
Total.
22,372
eall has been made, however, are listed ae fixed mafraritles. 'or
date of Issue of each security, see chapter on "Market Quotations":
for tax status, see chapter en "Treasury Surrey of Ownership".
Bank restricted Issues unaor not be acquired by commerclAl banks (with
minor exceptions) prior to a specified date.
20
Treasury Bulletin
DEBT OPERATIONS.
Table 2.- Offerings of Treasury Bills
(iBeaat> 1« allllou »t
OUart)
99.7*
99.750
99-7*7
99.7*7
Jane 194S
21
DEBT OPERATIONS.
Table 3.- Offerings of Marketable Issues of Treasury Bonds, ^totes,
and Certificates of Indebtedness
Cate
subflcrlptloa
books vera
op«Qad
Period to maturity
Date
of
iisua
Description of eocurltj
Amount of
subscriptions
tendered
(Period to first call
Bhovn In parentheses) 1/
Por
cash 2/
Cash II
Kx chance
(tm
1 TT
-
2/1/16-1
3/I/I6-B
-
1/1/16-C
1 jr
-
5/I/I6-B
1 yr
1/Z2/U5
2/1/15
7/8*
Certificate
-
2/l9/'i5
3/1/15
I/I/I5
7/1^
Certificate
3/22/"^
7/8^
Certificate
U/19/U>;
5/I/I5
7/8H
Certificate
7th War Loan eeurltlmg:
J/
- 6/15/67-72 1/
2-1/2)1 Bond
- 6/15/59-62 5/
2-1/1* Bond
1-1/2* Bond
-12/15/50
Certificate- 6/1/16-1
7/8*
27 yr
17 yr
5 TT.i m
1 yr
5/21/15
6/1/15
.90*
lote
-
7/1/16-B
1
yr.l m
7/23/15
8/1/15
7/8*
Certificate
-
g/l/16-T
1
yr
g/20/15
9/1/15
7/8*
Certificate
-
9/I/I6-O
1
yr
11/15/15
12/3/15.
V ictory Loan aecurlties:
J/
2-1/2* Bond
-12/15/67-72 1/
2-1/11* Bond
-12/15/59-62 5/
Certificate- 12/1/16-1
7/8*
(22 yr)
(1I yr)
27 yr,l m
17 yr,l m
1
yr
10/1/15
12/I/I5
7/a(
Certificate
yr
7/8*
Certificate
10/1/16 -H
11/1/16-J
1
11/19/15
12/17/15
1/1/16
7/1*
Certificate
1/1/17-A
1
yr
9/21/15
(22 yr.l m)
(1I yr.l m)
11 m
1/21/16
2/1/16
7/8*
Certificate
2/l/l7-»
1 yr
2/18/16
3/1/16
7/8*
Certificate
3/1/17-C
1 yr
3/20/16
1/1/16
7/8*
Certificate
1/1/17-B
1 yr
5/20/16
6/1/16
7/8*
Certificate
6/l/l7-«
1
6/11/16
7/1/16
7/8*
Certificate
7/1/17-P
1 yr
7/17/16
8/1/16
7/8*
Certificate
7/8*
Certificate
1
yr
9/18/16
9/1/16
10/1/16
8/1/17-0
9/I/I7-"
1 yr
8/19/16
7/8*
Certificate
10/1/17-*
1
yr
10/21/16
U/1/16
7/8*
Certificate
1
yr
ll/lS/16
12/1/16
7/8*
Certificate
1
yr
12/18/16
1/1/17
7/8*
Cartificmta
II/I/I7-*
12/1/lT-l
1/1/18-A
1
yr
1/20/17
2/1/17
7/8*
Certificate
2/1/18-B
1 yr
2/17/17
3/1/17
7/8*
Certificate
1
yr
3/19/17
1/1/17
7/8*
Certificate
3/1/18-5
1/1/18-D
1
yr
5/21/17
6/1/17
7/*
Certificate
6/1/18 -J
1 yr
6/23/17
7/1/17
7/fll
Certificate
7/1/18-'
1 yr
7/21/17
8/1/17
7/8*
Certificate
7/1/18-0
11 m
g/20/l7
9/1/17
7/*
Certificate
7/1/18-B
10 m
9/2/17
9/15/17
1*
lote
10/1/18-B
9'2a/U7
IO/1A7
1*
Certificate
10/lA«-J
Certificate
10/1/18-1
yr
12i m
1
yr
11 m
10/22/17
11/1/U7
1*
11/19/17
12/1/17
1-1/8* lote
1/1/19 -A
1
yr
12/19A7
lAA«
1-1/8* Certificate
I/1A9-A
1
yr
1-1/8* Certl float*
-
E/1A9-B
1
yr
1-1/8* Certificate
-
3/1A9-C
1
yr
3/22A«
3/iA«
I/1A8
1-1/8* Certificate
-
I/I/I9-D
1
yr
5/19/18
6A/18
1-1/8* Certif Icatm
-
6AA9-S
lyr
1/20As
2/lgA«
7/1/18 i/
mf tellarm)
-
1 3»
6/1/15
6/1/15
6/1/19
6/1/15
U/15/15
dllleM
5,013
5/lU/>^
10/29/15
Amount issued
1
m
7,967
5,281
2.635
1,799
J/
Jl
2/
2/
In exchange
for other
securities
Allotment
ratio
Treasury Bulletin
22
DEBT OPERATIONS.
Table 4.- Disposition of Matured Marketable Issues oT Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States Government
June 1948
23
DEBT OPERATIONS.
Table 5.- Issuance and Retirement of the Public Debt
Treasury Bulletin
24
UNITED STATES SAVINGS BONDS.
United States eaTlngs bonfle were first offered for
Series A-D were eold from March
bonds have been
Series E, f, ami
to April 191*1.
In the following tables sales figures are quoted at Is-
and
redemptions
sale In March ig''^.
sue price,
19''5
current redemption ralues.
on sale slnee May 1, 19111.
and conditions
Issues
for
of
these bonds,
December
pages A-'iandA-5.
Tor information on the terns
IPliy.
see 'Treasury Bulletin'
page Ti,
and
October 1935,
Sales and redemptions data by States
standing are
been
quoted at par.
redeemed
tions.
are
Included
and
amounts outstanding at
Amounts
of
Series
Matured bonds which
In
the
until
all
hare
figures on redemp-
Matured bonds outstanding are reflected
Interest-bearing debt
out-
bonds
of
the
In the
series
are published at the end of each calendar and each fis-
have matured, when they are transferred to matured debt
Sales by denominations
after June 10, 19'»7.
are also published semi-annually after December 31, IS^J,
upon which Interest has ceased.
cal year
Table 1.- Sunvnary of Sales and Redemptions, by Series
Cumulative through April 30, 1048
Smrlea
June 1948
25
UNITED STATES SAVINGS BONDS.
Table 3.- History of Sales and Redemptions of Series E, F, and G
Sales 1/
Period
Accrued
dlecount
Salee
plQB
accrued
dlaconnt
BedemptiODB 2/
Total
Salei
price
(In mlllioDB of dollars)
Series 1, I, and
Fiscal years:
.
igltl
igUs
5,993
11,789
19^3
iguu
15,'*98
19^
W,891
19U6
19U7
9,6l2
7,208
Calendar years:
igUl
19U2
19^3
I9IA
2,537
9,157
l6;oU5
12,937
7, '27
6,694
19'»5
19U6
19^7
Months:
19l*7-Julj
^l
August
September
i»6e
October
November
December
4gg
igUS-January
Pebruary
March
770
607
588
April
Total, Inception to April 30,
19W.
70,960
2,0l»2
Accrued
dlscoujit
Aaouut
outstanding
(interestbearlDg
debt)
Percent of
oonthlj
redemptions
to amount
outstanding
Treasury Bulletin
26
UNITED STATES SAVINGS BONDS.
Table 3.- History of Sales and Redemptions of Series E, F, and G - (Gont Inuedl
t«4lBpttou 2/
SalM
Salt! 1/
P»rlod
ioori*A
dlteeunt
plat
coru*d
total
dltoount
SUM
Aecnod
prlo*
dlaoounk
iaount
outatuidlnc
(interestba&rlnc
lat)t)
Paroant of
onthlj
radaaptloaa
to aaonnt
outatandlBC
(In alllloa* ef dsllan)
Sarlaa t
flaeal jaarai
I9IH
67
19>»2
'»35
19*3
19»^5
758
S02
679
19W
itOT
I9I1U
67
2
7«0
811
£98
9
19
iW7
360
^9>1
Calaadar yaari:
19l«
iSUa
19*3
19>A
19*5
191*
208
1^1
%
2
773
595
325
13
5'»2
5*
208
65*
750
786
Szi
365
396
67
89
3
17
57
88
li»9
l'»7
203
197
7
7
35
77
3
17
58
1,2*2
1,996
2,60ll
2,895
3,099
207
•?
iS
lOlt
189
203
185
196
1.569
2,278
2,793
2,969
3,162
17
3,115
3,123
3,130
35
Nonthai
19U7-Jttl7
Saptaabar
27
21
21
25
II
18
Ootabar
loTtabar
Baeaabar
22
17
SU
26
21
31
1*
16
17
DU
kO
l\
17
18
35
17
3,2*0
•
25
17
3,2*7
.53
3,933
686
3,2*7
fac^t
19>48-JanaaiT
FabniAX7
lUpch
30
April
Total, Ineaptlon to April 30, 19l»8.
3,773
160
IH
3,1'»2
3,1*7
3,162
n.a.
3.196
B.a..
3,222-
•
55
•52
58
a.*5
.50
.53
.52
-55
52
Sarlaa
nacal yaarai
19*1
19U2
19*3
19**
19*5
19U6
19*7
395
2,032
2,759
2,876
2,658
2,*65
2,561
395
2,032
2,759
2,876
2,658
1,185
2,516
2, 640
2,891
2,520
2,637
2,267
1,185
2,516
2,6UO
2,891
2,520
2,637
2,267
iofaat
Saptaabar
1*2
1*2
Oetobar
loTaabar
Btoaabar
162
131
137
162
131
137
zUa
201
175
2*8
201
175
128
17,*07
Calanlar yoarsl
19*1
191*2
19*3
igit*
19*5
19*6
19*7
2,1165
2,561
1
1
12
12
J5
J?
220
3*8
*69
*69
39*
2,*1*
5,119
7,861
10,299
12,*l6
1*,508
26*
*26
512
2
29
89
181
26*
*26
512
1,183
3,669
6,221
8,931
11,186
13,397
15.152
*8
*2
*8
ks
1*,653
l*,756
1*,85*
*1
2
29
89
181
220
MoBthai
19*7-J»lir
19*8-JanuaiT
Pabmarj
March
April
Total, Inception to April 30,
Sonrcal
B.a.
19118.
Ikllor Traaaurj Stataaant.
lot arailabla.
•
33
.28
.30
*7
*7
1*.975
15,062
15.152
.28
.29
.31
l»6
*6
*5
50
15.35*
15,510
15.63*
.30
*5
50
32
128
1^
l>6
15,717
.89
17,*07
1,691
1,691
i2
*
Laaa than $500,000.
Saa footnotes to Tabla 1,
15.717
•29
Jane 1948
27
TREASURY SAVINaS NOTES.
Treasury savings notes have been Issued In three
Series A from August 1, 19'*1 .through June S2,
series:
19'!'?;
19'''2;
19^2.
Series B from August 1, 19'4-1, through September
and Series C on continuous sale since September
and months,
pages
1*2
and
see
"Treasury Bulletin" for February 13^6,
l(-3.
\2,
lljj
For details concerning terms and conditions, In-
vestment yields, and tax payment or redemption values of
Series C notes, see "Treasury Bulletin" for October 19*^5,
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
pages A-4 and A-5.
For similar Information regarding
Series A and B notes, see "Annual Report of the Secretary
Included In the figures on redemptions. Matured notes
outstanding are reflected In the Interest-bearing debt
until all notes of the series have matured, when they
of the Treasury" for 19'*2, 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.- Sumnary of Sales and Redemptions by Series, Cumulative through April 30, 1948
(In fflllliona of dollars)
Series
Treasury Bulletin
28
OWNERSHIP OF FEDERAL SECURITIES
Table I.- Distribution of Federal Securities by Classes of Investors and Types of Issues
I
g
U
5
.
U
S
8
June 1948
29
OWNERSHIP OF FEDERAL SECURITIES.
Table 3,- Estimated Ownerehlp of Federal Securities by Bank
and Nonbank Investors
(Par Taluee
Held
Total
Tedaral
sacorltles
outstanding 2/
End of
month
^
- In MllloiiB of dollars)
Held
'baake
tgr
Commercial
^anks
^
Federal
Baaerre
Banks
Indl-rtd-
nale k/
Insnranee
coDpanioB
\3j
nonbank Inreetore
Hntaal
Baring
banks
Other
corporatlone and
asBoclations 3/ §/
State and
local
governments 2/
0. S.
QoTernment
agencies and
traet ftmds §/
U7.6
18
-It
15-9
2-5
29.3
10.lt
6.3
3.1
2.6
Us.
18.6
19-5
16.1
17.3
2.5
2.2
29.9
31.5
10.3
10.9
6.5
6.9
3.1
3.2
:l
.5
]:l
21.
19-7
21.k
2.2
2.3
^'i
11.5
2.1t
.6
llt.l
7-1
8.2
3.'*
23-7
3.7
u.u
-7
8-5
9-5
77.0
112.5
28.7
U7-3
26.0
2.6
6.2
1*8.3
ULl
lg.lt
2lt.5
11-3
l.l
11.6
1.0
10-6
12-2
119.9
lUO.g
162.3
170.1
50.1
59 .U
67.2
71.5
U14.2
5-9
7-2
8.9
11.5
69.8
52.2
58.3
59-9
11.2
13.1
k.6
5-3
5-9
6.1
12.1
15.5
20.7
20.0
1.0
1.5
2.0
2.1
13-1
lU-3
15-g
16.9
19UU-March
June
September ....
December
187.0
202.6
211.1
232.1
76.2
83-3
87.1
96-5
6U.0
68.U
70.5
77-7
12.1
lU.g
16.7
18.8
110.8
119-3
123-9
135-6
6.8
7.3
7.7
8.3
23.lt
25.9
2U.8
2.6
3.2
3.5
t.3
18.1
19.1
20.6
21-7
19l*5-March
235-1
259.1
262.6
278.7
97.
106.0
107-3
115.0
77-7
gU.2
SU.O
90.8
19-7
21.8
23.3
2U.3
8.7
9.6
10.0
10.7
26.5
30.9
29.9
30.2
U.U
5-3
5.5
6-5
22.9
2U.9
26.6
27.0
279-8
276.6
269.9
265.8
259-5
116.7
112.8
108.2
IOU.3
97-9
93-8
90.2
8U.U
80.2
7U.5
11.1
11.2
11-5
11.7
11.8
27-9
28.0
25-3
23.6
6.7
6.7
22.it
6.3
28.0
28.2
29.1
30. U
30.9
260.0
261.6
259.3
97-9
96.8
9U.I
21.9
23-7
23-3
6.U
6.U
6.7
31-2
31.3
31.6
M^
257-9
258-5
June
1939-Itecember
igUO-June
Secemher
'.
50.9
19Ul-Juno
December
1942-Jttne
December
1943-March
Jxine
September.
December
.
.
65.2
27-7
31-7
36.0
38 .U
81.lt
95-1
98-7
U3.6
U6.5
6.5
M
9.2
111.7
15-1
l6.it
.9
53-5
17.3
18.3
19-6
137-7
153-1
155-2
163.6
5lt.9
20.it
59-8
60.7
6lt.8
22-7
22.5
2U.U
22.9
22.6
23.8
2U.0
23.3
163.1
6U.6
2lt.8
163.
6lt.g
161.7
161.5
161.6
6it.i
25.0
25-3
6U.0
25.lt
6it.9
25-3
73-9
72-7
71-5
23-9
2U.1
22.6
162.2
65.5
66.0
66.5
25 .U
25-t
25-1
11-9
12.0
12.0
258.11
93-5
92.8
91-9
71-6
70.7
70.0
21.9
22.1
21.9
165.8
166.5
66.8
67.0
67.1
25-1
25-2
25.0
12.0
12.0
12.1
22.0
22.5
22.5
6.9
7.0
7-1
31.6
32.2
32.8
July
August
September ....
259-5
260-2
259-2
91.9
91-9
92.2
70.
21.5
22.2
22.3
167.6
168.3
167.0
67 -U
25.0
69-7
69.8
67-6
66.7
2k.
12.2
12.2
12.1
22.5
22.7
22.lt
7-1
7-2
7.2
33-3
33-7
33.9
October
Hovember
December
-'59.2
92.0
91.5
91.1
69.8
69-3
68.6
22.2
22.2
22.6
167.2
166.8
165.8
66.8
66.6
66.5
2ll.9
2lt.7
12.2
12.1
12.0
22.2
22.0
21.5
7.2
7.3
7.3
33.9
3U.2
3U.U
19US-January
February .....
March p
256.7
90.8
«g.3
86.0
68.9
67.3
65.1
21.9
21.0
20.9
165.9
166.3
167.0
66.5
66.6
66.7
Sk.l
23-9
12.0
12.0
12.1
21.lt
7.2
21.7
22.1
7.2
3U.6
3U.9
35.0
June
September ....
December
19U6-Ptebruary(peafc)
March
June
September
December
.
•
19U7 -January
February
March
April
1/
2/
258.3
257.0
25't-7
253.1
lt9.2
l61t.8
165.2
l6lt.lt
OdU.i1 State. aaTlngs bonds, Serl.a A-B, 1, and f, are Included at
current redemption TaluoeIncludes all securities issued or ^oaranteed by the V. S. OoremIn
ment but excludes guaranteed securities held by the Treasury.
the iprll 19Ug issue .f the •Treasury Bulletin" figures In this
bearing
debt
no
table were reTlsed to Include matured debt and
For all practical
Interest, as well as interest-bearing debt.
purposes the addition of these Items to the former series affects
"Other
corporations and
only the holdings by "Individuals" and by
associations", since other Investors hold negligible amounts.
Consists of commercial banks, trust companies, and stock savings
banks in the United States and In Territories and Insular posses'Igures exclude securities held in trust departments.
sions.
Includes partnerships and personal trust accounts.
5y
,
^
U/
6/
2J
p
^k.^
2lt.3
23.8
n
7.5
Includes savings and loan associations, dealers and brokers, and
Investments of foreign balances and International accounts in this
Beginning with December 19U6, figures include Investments
country.
by the Intemstional Bank for Reconstruction and Development and
International Monetary Fond in special noninterest-bearlng notes
issued by the U. S. Qovemment.
Eoldlngs by Federal land banks are included under "Private Investors" instead of "0. S. Oovemment agencies and trust funds"
bsginnlng with June 30, 19U7, since the proprietary Interest of
the Onlted States in these banks ended June 26, I9U7.
Comprises trust, sinking, and investment fimds of State and local
governments and their agencies, and Territories and Insular
possessions.
Preliminary.
\
Treasury Bulletin
30
TREASURY SURVEY OF OWNERSHIP, MARCH 3I, ISkg
The Treasury Survey of Ownership oovere securities
Issued by
and
the United States Government
by Federal
The banks
and
Insurance companies Included
In the Survey account
for
approxl^nately
such
by
agencies
,
securities
held
all
panies In the United States.
banks
95 percent of
and Insurance com-
Data were first published
Information on
types
of
each month.
banks
and
the
distribution
of
Insurance companies
I
Table 1.- Summary of All Securities
Clualfiostlon
-
by
published
Additional Information showing the holdings
commercial
Securities Issued or Guaranteed by the United States Government
(Par raluos
la
banks distributed according to Federal
Reserve member-bank classes and nonmember banks Is published for June 30 *hd December 3I
of
for March 3I, I9U1.
Section
ownership
in Billiooa of dollars)
)
June 1948
31
TREASURY SURVEY OF OWNERSHIP, UARCH 31, 19M-g
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities, by Issues
(Far Talues
-
in mllllonfi of dollars)
Hold by investors corerod In Treaauiy Survey
Issue
(Tax status ^J ^^ shown In parentheses)
Total
amount
outs t and'
Ine
7,297
33
533
ccomnerclal
stock
eavlDgs
mutual
savings
2/
Treasury bills
.
.
.
.
^.
Insurance cGmpanles
Banlcs 1/
(tarable)
13,91*5
1,978
(taxable)
(taxable)
(taxable)
1,321
1,777
2,71*2
551
1,127
2,209
1,351*
519
1,1*67
506
2,592
2,189
1,259
863
637 fire,
casualty,
and marine
308
life
U. S. Govern-
ment aeencies
and trust
funds and
Federal Reserve
Banks
,
Held by
all other
Investors
1/
78
205
68
8^91*0
2,670
520
3
12
1*13
31
19
5
9
10
15
23
110
276
1,383
667
1,037
756
285
3
3
1*07
9
23
3
15
38
3
28
53B
991
169
282
760
612
15
93
9
1*9
13
32
79
39
61*
1*07
1,165
356
69
31*1
'',517
7,920
Cortlflcates of Indebtedness:
7/8*
7/8*
7/8*
April
June
July
lyU8-D
7/8*
7/8*
1*
July
July
October
I9U8-G
I9U8-H
igW-J
(taxable)
(taxable)
(taxable)
1*
1-1/8*
1-1/8*
October
January
February
191>8-K
I9I49.A
191*9-8
(taxable)
(taxable)
( taxable)
1-1/8*
March
19U9-C
(taxable)
I9I18-E
I9't8-F
5
301
603
178
162
1,062
977
3,553
1,795
20,331
7,119
3,71*8
l»,092
1,925
57
1,1*62
''3
7
70
83
730
1,053
3,535
1,150
32
16
65
lOU
1,1*38
2,161.
U,375
'•,537
19
133
25
219
1,887
'',556
3,062
1,873
375
1*
108
18
881
1
It
571
l>35
3
57
7
12
119
1.51
I9U8-5O
(taxable)
(partially)
(partially)
19't9-51
I9I19-51
191*9-51
(taxable)
( taxable)
(taxable)
1,011*
685
1
1,292
2,098
9*1*
1
2*.
June
September
December
l,'t73
5
3-1/8*
2-1/2*
2*
December
December
March
19'i9-5e
191*9-53
(partially)
(partially)
(taxable)
1*91
370
1,786
1,963
1,388
3
5
3
1950-52
1,1*3'*
1*
66
2-1/a*
2*
1-1/2*
Septombir
1950-52
1950-52
1950
(partially)
( taxable
(taxable)
1,186
'»,939
985
3,065
1,578
2
11
2
6
175
2-3/U*
2*
June
September
igSl-S"*
11
6
1
22
''35
311
Septfflnber
1,627
7,986
755
1,259
5,091
3*
(partially)
( taxable
(partially)
1*21*
1
2
2-1/1**
December
December
March
1951-53
1951-55
(partially)
( taxable)
(taxable)
1,118
510
951*
1
372
515
2
10
1,021*
1
169
June
June
December
1952-51*
(taxable)
(taxable)
(taxable)
5,825
1,501
8,662
3,891
896
5,610
19
3
252
152
25
''58
653
583
6
1,5'>0
Total certificates of lodebtedness
Treasury notes:
1-1/2* September
October
1*
1-1/8* January
19W-A
I9W-B
19''9-A
(taxable)
(taxable)
(taxable)
Total Treasury notes
Treasury bonds
Bank eligible:
l-3/l»* June
2-1/2* September
December
2*
3
951*
:
2*
2*
2*
2-1/2*
2*
2-1/1**
2*
2*
2-1/1**
2-7/8*
2-1/2*
2-3/1**
2-1/1**
2-3/1**
2-3/1**
2-1/2*
SepteBiber
December
191*8
WW
1951-53
1951-55
1952-51*
1952-55
1952-51'
2,635
June
June
March
195l*-56
(partially)
(partially)
(partially)
725
681
2,611
March
September
September
(taxable)
1956-58
1956-59. ...(partially)
(taxable)
1956-59
1,1*1*9
7"*5
982
3,823
1,711*
June
December
September
1958-63
I96O-65
1967-72
1953-55
1955-60
Totea bank eligible
Footnotes at end of Section II.
(partially)
(partially)
(taxable)
919
1,1*85
2,716
65,888
736
693
1,072
1,679
''3,031
1
70
76
63
3
«
61*
19
102
15
22
33
22
27
51
205
188
13
36
39
168
183
11'3
28
2l*9
1
1*0
31*8
9U
89
2U7
63
999
981
1''3
137
555
169
1,^29
222
15
31*
63
11
39
3''
23
22
31*0
1*09
55
3''
72
30
87
1*6
15
11
90
82
212
98
28
312
100
91I*
U
155
511
159
1
1
1
211
1
28
33
3
2
106
9
15
lU
101
295
5
1
lU
50
112
65
''55
235
108
1*81
368.
16
6
190,
167
1,531
28
56
737
173
110
817
11
10
3
2
59
3
1
85
109
3
96
73
22
1*52
391
223
2,762
2,612
1,1*69
l*,0l*6
11,71*5
(Continued on follcwlng page)
71.
77
206
Treasury Bulletin
32
TREASURY SURVEY OF OWNERSHIP, MARCH 3I,
Section
I
-
igl+g
Securities Issued or Guaranteed by the United States (jovernment
Table 3.- Interest-Bearing Public Marketable Securities, by Issues
-
(Ck>ntlnuedl
mne 1948
33
TREASURY SURVEY OF OWNERSHIP, MARCH 3I,
Section II
-
igl^g
Interest-Bearing Securities Issued by Federal Agencies but
not Guaranteed by the United States Government
3'^
Treasury Bulletin
MARKET QUOTATIONS, APRIL 30, 194g.
Market quotations shown here
clonlnf; quotations
trading day
of
the
In
are over-the-counter
the New York market for the last
The
month.
securities
listed In
public marketable securities Issued or guaranteed by the United States Government exThe Iscept those not regularly quoted in the market.
Section
I
include all
Section
I
-
guaranteed by the United States Oovernment.
Securities Issued or Guaranteed by the United States Government
Table 1.- Treasury Bills (Taxable)
Aaotmt
sues excluded are postal savings bonds
and Federal
Housing Administration debentures.
The latter are the
only public marketable Interest-bearing guaranteed securities outstanding.
Section II lists the public marketable securities Issued by Federal agencies but not
Table 2.- Certificates and Notes (Taxable!
June 1948
35
MARKET QUOTATIONS, APRIL 30,
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 4.- Tax-Exempt Bonds
(Price declmalB are 32nds}
Amount
outBtandlng
(Millions)
lSk-6.
^
Tt
reasury Bullet
36
YIELDS OF TREASURY SECURITIES
Based on Mean
50
PERCENT
-^
52
54
56
58
of Closing Bid
•60
62
APR.
3Q 1948
ond Ask Quotations
64
66
Be
70
•72
m
June 1948
37
YIELDS OF TREASURY AND CORPORATE BONDS.
Table 1.- Average Yields of Long-Term Bonds by Periods
Treasury Bulletin
3«
o
z
o
CD
LxJ
o
Q.
a:
o
o
liJ
fe
q: en
c
o
UJ
H
O
I
O
(T)
O
_l
LJ
>-
UJ
O
<
cr
UJ
Jvuw 1948
59
INTERNAL REVENUE COLLECTIONS.
Table 1.- Summary by Principal Sources^
(In thoaeonds of dollar*)
Jleoal year
OP month
Ireasury Bullet
ko
INTERNAL REVENUE COLLECTIONS
DOLLARS
D0CL4RS
Bllliona
BHIIont
Total
50
"Fiscal ytor
40
\Comparison 9 months
fiscal ytors 1947 and 1948
30
20
I9J3
34
35
37
36
38
40
39
«!
42
44
43
45
46
47
'48
DOLLARS
DOLLARS
DOLLARS
B'Diont
Billlont
eiiiiwit
Individual IncofiM
Corporation
Taxat
and Excess
Income
Profits Toxes:!i_
18
20
20
18
I
16
If"
10
I
p..
10
II
1933
i
'35
37
I
I"
11
39
Employment Taxes
[
Ettott ond Gift Taxes
•35
'37
39
-41
Manufacturers' ond Retailers
Excise Taxes
Alcohol
and Tobacco Toxes
-— Ullllii
13
1953
57
59
«l
»3
45
47
'
Of fic«
erf
ma
Sccrttory of
tM
Tf»o»ury. OffiM of th« Ttchnieor Stoff
tnclit^B mitc*lla»0Otit protitt
ttnt
m
June 1948
hi
INTERNAL REVENUE COLLECTIONS.
Table 2.- Detail of Collections by Type of Tax ^
(In thouaandfi of dollars)
Fiacal j-eare
First 9 Bonthe
19U7
19'^6
Income and profits taxes:
Individual:
Withheld by employers:
Current Tax Payment Act of I9U3 2/
Revenue Act of I9U2
Other:
Current jj ..*
Back
Total individual income taxes
March
March
19U7
Type of tax
Fiscal
year
I9U7
19^
FlBcal
year
19^8
9,857,^66
123
9,8lt8,028
81,1*60
279,238
251*
12
1
7,266,869
202
8,51.3,930
76
8,U30,377
8,950,272
1,907,909
1,986,021
7,191,085
1*16,571
550,71*3
59,21*6
1*7,639
'.36,887
7,130,1.92
1.53,616
18,70U,536
19,3't3,297
2,01*8,626
2,312,899
895, 01.1.
16,128,111.
3,901,917
738,032
5,Ul,776
l,6ll,9'*6
2,138,11*1
3,816,719
6,587,296
613,320
99,587
138,023
1.51., 1*25
71.3,777
11.,
Corporation:
Income taxes:
Cxirrent
Back
^
*.
Excess profits taxee (Second Revenue Act of 19^,
as amended)
Total corporation taxes
Miscellaneous profits taxes:
Declared value kj
Vinson Act
Unjust enrichment
Total laoellanaouB profits tax«s
Total Income and prof 1 ts taxes
7,922,466
3,566,178
ao,'t63
20,277
3,376,833
259,1*81
12,U62,U37
9,621,27'*
1,791,996
2,296,1*1*1
7,61*7,977
7,590,551.
91,130
55,185
3,'*a2
1,11*1
1*7,177
13,1.1.7
35
298
1
91.165
55,'>83
3,1**
31,256,138
29,020,051*
3,81*1*, 101*
1,237,825
178,745
1,1*58,93'*
185,876
l,Ul6,570
k
16
297
1/
1*7,1*71.
13,1*63
610, 1*81
22,590,1.95
23,732,130
13,136
12,727
16,929
1,0'«5,319
1,11.9, ".1.5
8,501*
170,572
191,165
1,61*1*, 810
25,862
25,1*31*
1,210,891
1,31.0,610
284,258
379,555
56,31*6
113,61*9
252,706
1*16,951
1,700,828
2,02l*,365
82,208
139,083
1,1*63,596
1,757,562
1,11*1
I*,
E^nployment taxee:
Social seoorlty taxes:
Old-age insurance
Unemployment Insurance
Total social security taxes
Railroad retirement
Total employment taxes
Miscellaneous Internal revenue:
Capital stock tax 6/
Estate tax
Gift tax
Alcoholic beverage taxes:
Distilled spirits ( Imported, excise)
Distilled spirits (dcansstlc, 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 staII^)s for distilled spirits bottled
Container stamps
Floor taxes
Fermented malt liquors
Brewers; dealers In malt liquors (special
1,597
-11
12
8ll»
708,791*
55,890
71,971*
53l*,836
578,167
47,232
70,1*97
1*6,71*3
53,501
59,871*
67,936
143,080
1,603,497
41,880
121,562
1,563,800
1*3, U85
2,906
5'*, 291
7,315
117,053
8,797
92,056
2,1*22
67
3,090
201*
95,798
1,311,037
36,855
2,518
82,587
1,065,035
2,81*9
5,536
1*5,180
9,'*1*3
97
100
6,693
2,591*
.
58,250
28,21*3
2,070
I* I.,
570
manuexport..
In bond.
taxes),.
Total alcoholic beverage taxes 2J
Tobacco taxes:
Cigars ( large)
Cigars (small)
Cigarettes ( large)
Cigarettes (small)
Snuff
Tobacco ( chevlng and smoking)
C Igarette papers and tubes
Leaf dealer penalties, etc
Cigarette and cigar floor taxes
Total tobacco taxes
Stamp taxes:
Bonds, issues of capital, stock, deeds of conveyance , etc
Transfers of capital stock and similar Interest
sales
Playing cards
Silver bullion sales or transfers
Total ataiQ) taxes
352,121
629,601
8,061
25
840
13,309
696
650,824
3,106
6,731
«
«
1.6
13,282
153
60
1,118
161
871
2
11,000
525
9,603
661,1*18
1*8,591*
51., 051.
1*82,692
9
71*6
5
I.
61*0
373
39
3,662
1*7
58
2,575
521,232
2,933
2.526,162
2,'*7'*,756
180,I»52
l6'.,ll.7
1,995,517
1,763,'.19
41,384
1.3,289
3,816
6
35,631
66
6
262
1, Us,
7,055
3,538
6
37,322
70
172
*
«
92,196
555
2,819
102,01.1
51
5
859,1*58
885,377
1,072,799
7,373
41,961
1,757
#
3_
36,51*8
539
1
1.6
3
3,000
5,217
28,552
369
27,912
655
61.0
5
5,1*81
5
1,165,519
1,237,768
99,119
109,592
930,980
955,108
'•7,393
1*9,106
3,1*88
3,925
37,'*10
38,059
11*,
30,369
9,766
lUg
21,963
7,78s
1,127
1,705
613
38
1,31*6
17,1*21*
811
32
6,373
932
87,676
79,978
5,8W.
6,115
62,11.0
(Continued on folloving pa^e)
301
6,21*2
380
58,983
Treasury BiUletin
^2
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of
(In tbouBuida of dollar*)
Type of tax
Tax-'' -
(Continued)
.
.
.
,
Jane 1948
^i
MONETARY STATISTICS.
Table 1.- Money in Circulation
(In millions of dollars except as noted)
Paper money
Xnd of flBcel
year or month
Total
money in
circulation 1/
Total
paper
money
Gold
certificates
igUo
7,81*8
7,21*8
I9ltl
9.612
12,383
8,932
11,600
17,'*21
22,50i*
16,1*92
67
63
59
57
21,U38
51*
igits
26,7U6
19U6
28,21*5
25,51*1
26,91*5
26,91*2
19U2
19^3
19IA
28,297
19'*7
19U7-July
August.
28,11*9
28,1*3U
.
26,792
27,072
27,192
Silver
certificates
1,582
i,7lU
Treasury
notes
of 1890
Onlted
States
notes
Federal
Beserre
notes
Federal
Baserre
Bank
notes
y
22
20
19
Batio&al
bank
notes
y
21*8
5,163
6,68l*
I.6U9
1,588
300
317
322
322
1,651
2,025
2. 061
323
317
320
22,867
23,973
23,999
1*06
106
2,033
2,051
itoo
1*7
2,01*3
317
320
317
23,887
1*7
2l*,151
2l*,289
397
391
106
106
105
315
320
313
2l*,283
2l*,582
387
383
378
lou
103
103
52
^8°
1*8
1,751*
9,310
13,71*7
18,750
58U
597
165
150
139
132
126
120
111*
Ssptemlier
28,567
October.
HoTember
Dscember
28,552
28,766
28,868
27,167
27,369
K7
2,029
1*7
2,01*0
27,1*63
1*7
2,039
Ul
26,728
26,63U
26,387
1*6
1,91*7
28,019
27,781
1*6
1*6
1,951
1,973
303
307
308
23,953
23,857
23,592
375
370
365
102
101
101
27,716
26,316
1.6
2,009
310
23,1*88
361
100
,
igUg-Januaiy . .
February
March,,..
April p.
Ind of fiscal
year or oonth
28,
21*, 1*75
Treasury Bulletin
Mv
MONETARY STATISTICS.
Table 2.- Monetary Stocks of Gold and Silver
(In mlllloai af dollari)
Ooll
($35 P«r
flB« ouao«)
Sllnr
a«tle *t llT«r
to gold and
fins 9uno«)
llrar In
onetarj toeln
•
7*ar or HOBth
IStO
19,963 1
IS"*!
22,62lt.2
l^Ul
22.736.7
19>>3
»,3«7.5
11,306
l|,298
ISW
19^
19W
a,1731
3,9''7
SO, 213.9
3,6«5
20,269.9
21,266.5
3. 508
IS.*
16.8
3,525
lll.S
3.530
3,533
3,535
ll».l
S«pt«Hbar
21,537.0
21,765.9
21,955-3
Oetottr.
VoT«ab«r
Iboaalwr.
22,29U.3
22,6lU.t
22,753-9
3,5'M5
3,5^*3
3,5'*7
13.7
13.5
13-5
22,93'*. 6
March....
3,552
3,555
3,559
13-"
23,036.1
23,136.5
13-3
April p..
23,168.6
3,563
13.3
19^7
ig>rj-JMij
te^it
.
19lt<-;amiu7
.
Tebmnij.
Dully Trauury Stnt«a«st and Circulation Stataaent of 0. S.
Senrcal
Hon^.
16.5
15-5
15-9
16.1
15-7
3,939
H.l&g
l>t.O
13.9
far datall of allTar aonotaxy atook, aaa Tabl« U.
PreUadnaZT.
p
Table 3.- Gold Assets and Liabilities of the Treasury
(In Billiona of dollara)
Llabllltlaa
Ind of ealandar
7aar or aonth
Oold aaaata
1939
17,6U3.'«
I9n
21,995-5
22,736.1
22,726.3
21,937.8
19'»X
19'»2
19'«3
19Wi
19^5
Oold oartlfioatoa 1/
15,278.6
19,85.1*
20,5*.
20,611.9
19,821.0
Oold raaerra
agi^nst U. S.
1x0 han^
notaa, ato. 2/
Pund
StablUtatlon
V
Oold In
Qoaaral Pund
i;6.o
156.0
156.0
156.0
156.0
800.0
800.0
800.0
800.0
800.0
>I0«.9
156.0
156.0
156.0
156.0
800.0
800.0
800.0
165.1*
213.2
215.3
158.1*
160.7
19W
20,618.
20,0ft.
20,529,
19^*7
22.753-9
21,
21, 537.0
20,31*37
20, 581.5
20,770.0
156.0
156.0
156.0
1.037.3
1,028.3
21,091.1*
21,1*09.9
21, 51*1*.
156.0
156.0
156.0
l,oi<6.9
l,oH8.5
1,053.9
22,931*.
21,71*7.6
23,036.1
23,136.5
23,168.6
21,822.3
21,923.8
21,955.2
156.0
156.0
156.0
156.0
1,031.0
1,057.8
1,056.7
1,057.3
19lt7-Jnl7
io^at
.
.
Sopteabar
October.
Boreabor.
Qeoaabar.
19'*6-Janu«ry
Pabruary.
.
March....
«prll p..
Souroe:
^
21,765.9
21,955-3
22, 29'*.
22,6l>*.6
22,753.9
Sallj Treaaury Statenant and Circulation Statafflent of tJ. S. Money.
CoMprlsoe (l) gold certlflcatea held by the fubllc and In Pederal
Beaerra Banka: and (2) gold certificate eredlta in (a) the gold
cartiflcate fund - Board of OoTernora, Pedaral Heserre SyBten, and
18,1*97.1*
17,9ll*.l
18,1*30.5
2/
^
p
51*1*.
19*.
ll*2.U
1,053-9
1,0293
(b) the redemption fund - Pedaral Heaerve notes.
Beierre against United States cotes and Treasury notes of 1890.
Kxoludea gold in actire portion of Xxohan^e Stablliiation ^und.
Preliffll nary
2
H
...
u
3
.
June 1948
1^5
MONETARY STATISTICS,
Table 4.- Components of Silver Monetary Stock
(In mlllloDS of dollars)
Silver held In Treasury
Knd of aalendar
jear or month
1939
igUo
19U1
Sftcurln£ e llTer
eertlfloat
19UZ
iS^i
I9l(i»
1/
Total
8 1 Ivor
at (l.^?-*
SllTer
hulllon 8/
SllTer
dollare
1,29s.
't99-o
49i(.6
1,J98.1
1,576.1
1,516.2
1,520.0
Silver
ontalde
Treasury
In General Tund
Bnllion
Bullion for
reeoina^e U/
Subaldlary
coin 2/
5-3
2-3
3-5
Ush.l
SllTor
dollars 1/
at eoet 2/
lt6s.3
Snbsldlary
coin 2/
616.0
657. "
662.3
628.2
551-8
H«.l
52-5
63.0
78.8
96.8
39" -1
kzz.k
3,790.2
u, 060.0
'»93-5
lt,2MU.8
587-3
68U.7
'*,317.6
771-6
8U6.7
901.1
928.7
3,870.6
3,512.8
i«x).u
ll\
376.5
356.6
12.5
10.2
lU.o
13.1
I105.6
185-6
93-1
91.1
117-5
137-5
150.1
156-3
93.6
92.6
93-5
152-5
153-6
15U.6
90U.8
905. U
910.8
3,530.6
3,533-1
3,535.7
15l*.9
3,5'«l.l
19
I9't7
1,520.1
1,703.9
1,911.2
1,937.6
19U7-July
August
.
8«pteabar.
1,925.6
1,929.0
1,930.9
Sltl.O
339-9
338-9
19.3
17-9
15-2
October
loTcmh«r..
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
155.6
156.3
916.9
922.9
928.7
19U8-Jainury..,
i.gito.S
letroMy,,
Nuoh
1.9^.7
i.gW.s
336.8
336.7
336.5
13.3
lU.l
It.?
April p...
l,9't9.1
336.2
15.0
91-7
91.7
92.6
91.5
156.7
156.6
156.9
157.2
929-1
929-3
929-7
932-7
19^
191*6
.
.
.
.
DfeeeB^ar.
Source)
1^/
2/
per fine
ounce
3U3-"t
337.2
.7
.2
V
Daily Treasury Statement and Olroalatlon Statement of TT. 8. Money.
Valued at $1.29^ per fine onnoe.
Includes silver leased to Office of Defense Plants of the R.7.O.,
Does not include
eto. (see Daily Treasury Statement for amount).
silTor lend-leased to foreign governments (see 19^*6 Animal Seport
amounta).
the
Treasury
for
the
Secretary
of
of
y
p
•
U,
207-3
3,5l't.2
3,5't7-9
3,5^3.'»
3,5'*7.9
3,552.1
3,555.6
3,559.7
3,563.''
Valued at $1.38-^ per fine ounce.
Valued at (LSS-*- par fine ounce or at tl.29+ par fine ooncs
according to whether the hullion is held for reoolnage of
Buhsidiary silver coins or for recolnage of standard ellver
dollars,
Preliminary.
Less than $50,000.
Table 5.- Silver Production in the United States and Acquisitions by Mints and Assay Offices
(In Billions of ounces or dollars)
Calendar year
or month
1939
1940
19111
19U2
I9t3
19IA
19^5
19U6
Silver
production in
United States
19U7-July
August
September
.
.
.
October .
BoTember
December..
.
.
I9U8- January..
Pebruaiy
March
.
Vbreign silver 2/
Total
Ounces
Ounces
Dollars
Ounces
lb liars
Ounces
Dollars
63.9
68.3
71.1
55.9
60.7
68.3
70.5
llO.l
282.8
139-8
72.6
-3'»3.3
160.6
208.0
99.
11*3.1
77-2
1*7.9
31*
120.5
50.9
27.1
6.0
iio.o
>t0.8
5.5
3.9
62.1
5-5
35.7
29.3
•
«
•
21.
19'»7
Silver acquired by mints and assay offices
Hevly Kined domestic
silver 2/
1*8.5
50.1
.0
.9
.6
9
1..9
h.l*
i».9
V
36.1
30.3
3."*
2.6
2.2
3-«
1.9
2.9
'•?
3.6
2.1
2.5
3.7
3.1*
1-9
2.2
3-1
3-9
2.1
3-2
2-7
3.2
2-9
2.5
2.9
3.>>
11*.
Annaal figures from the Boreaa of the Ml&t. Monthly flgorea on
3. silver production fron releases of the -American Bureau of
Metal Statistics; these vlll not a^ee with the annual figures.
For information on silver production In other oountrles, see
Data from 1933
annual reports of the Director of the Mint.
throu^ I9U1 are summarized In the "TreasurT Bulletin" for
August I9U5, page 7U.
Act^red at 6U.64 cents per fine ounce until April 9. 1933; at
71-11 cents per fine ounce from that date until .i^rll 23, 1935:
27-1*
V
30.3
3-8
1-9
2.9
1.7
2.6
2.1
2.5
^
k/
•
.6
!*/
27.1*
y
1.7
2.6
1.9
2.2
3-1*
31
3.2
2.9
2.S
2.9
2.7
3.2
TT.
3-9
at 77-57 cents per fine ounce from April 23, 1935, to December 31,
1937i at 6U.6U cents per fine ounce from December 31, 1937, to
1, 1939; at 71'11 cents per fine ounce from July 1, 1939, to
2, I9U6; and at 90. 5 cents per fine ounce since July 2, 19^6'
-Acquired at various prices averaging approximately 5I cents per
July
July
fine ounce
Includes 0.2 ollllen ounces valued at 71*11 cents per fine ounce
totalling $0.2 million, and 30. 1 million ounces valued at 90.5
cents per fine ounce totalling $27-2 million.
Less than 50,000 ounces or $50,000.
Treasury Bulletin
46
MONETARY STATISTICS
Table 6.- Seigniorage on Silver
(OuBulatlT* froa Junnrr 1, 1935 - la
llllou
of dollare)
Sooroea of eel^ilorafe on illTer bullion reralued 1/
Seicnlorac*
on colne
(allrer and
fcd of calendar
year or aonth
Inor)
Hleo. BilTar
(laol. ellTer
bullion held
Jon* lU, 1931»)
Vevly alned
•llTer (Proc.
Bee. 21, 1933)
18.5
1*8.7
16.8
>l£.l
1*8.7
63.7
69-5
91-7
1*8.7
1*8.7
36.0
58.0
7U.9
87.3
122.2
182.1
1*8.7
lW-7
21*5.7
1*8.7
299-6
362.3
1*8.7
1*8.7
19't5
1*29.5
H8.7
19«
U91.9
520.5
1*8.7
^ifuat
Septeaber
509.5
510.0
510.7
1*8.7
1*8.7
1*8.7
October
loTeaber
Doceaber
513.1*
;i6.i*
1*8.7
520.5
1*8.7
5a
1*8.7
V
1935
1936
1937
1938
1939
19>I0
19U1
igus
i^}
191A
19'»7
19l»T-July
191*8 January
1*8
7
H8.7
1*8.7
193'*
226.2
302.7
366.7
1*57.
latlonallzed
•tlTer
(Proo. of
*i«.9, 193"*)
3l*-5
271*.
397-5
SOBil
616.0
705.6
51*1.6
758.8
950.6
25.7
562.7
87.
1*8.3
580.1*
87.6
87.6
87.6
63.6
65.3
65.*
581*.
3t-7
3U.7
3U-7
581*.
3l*-7
581*.
3U-7
87.6
87-6
87-6
65.5
66.5
701.6
832.1
832.1
3t-7
3U.7
7l*.5
87.6
87.6
70.9
71.9
72.5
832.1
832.1
832.1
87.6
87.6
87.6
73 3
73-8
832.1
832.1
832.1
31*.
71*.
832.1
832.1
832.1
3i*-7
1,078.5
76.3
77-1
3i».7
1,079-1*
31*7
1,OS0.2
ll*5.9
77.9
832.1
l,08l.0
lli2.6
87.
1*8.7
87.6
87.6
87.6
April
532.0
1*8.7
87.6
SUly Treamiry Statement.
These Items represent the difference between the cost Talus and
the Booetary ralue of silver bullion revalued and held to secure
75.1*
3l*.7
3'*.7
3l*.7
3''.7
31*.
759
799
818
820
820
,055-8
,089
,0U8.2
938.1
1,069.6
1,077.6
333-2
161.2
1U6.8
967.3
717-3
1,071*.
156.1
1,075-0
1,075-6
1511.1
l,076.k
1,076.9
1,077.6
W1.2
11*9.5
11*9.1*
11*6.8
lWt.9
lUU.2
silver certificates.
The figures in this column are not cumulative; as the amount of
bullion held changes, the potential selgnlorac* thereon changes.
Table 7.- Net Treasury Gold Receipts, by Source
Period
Oenaral Kind
87.6
Ug.7
llllons of dollars
llTer bullion
at coat In
rersklued
3l*-7
3'*.7
3i*-7
aelfnlora^ on
3l».7
529.1*
(l-n
Potential
Total
•el(Blora«*
on ellTar
530.7
52?.
Sourea:
1/
SllTer Pupohaae Act
of June 19,
I*.
Tebruary
March
.1*
Vevly Blned
•llTer (A«t
July 6, 1939,
and
July 31, igW)
at $35 par fine ounce; negative figures Indicate net sales)
^
1948
Jvuie
l^7
CAPITAL MOVEMENTS.
Information relating to
capital movementa between
of the latest month for which the data are available.
the United States and foreign countries la presented In
four sections.
Section I contains the principal types
data on capital movements by years from 1935> ^'^^
currently by months.
Each type of data la then broken
Section IV contains data for recent months on outstanding contracts of banks for forward purchases and
sales of foreign exchange.
of
down Into Its chief components In the same chronological
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, checked, and tabulated by the twelve Federal
Reserve Banks.
The totals are then forwarded to the
Treasury Department for conaolldatlon and publication.
cipal countries for recent months.
tal movement la given first and then the principal categories are shown separately.
this
In addition,
at
point,
the
total
Publication of detailed figures on capital movediscontinued between the March 1942 and the
outstanding claims on and liabilities
ments was
to foreign countries are each presented.
November
Section III presents details with respect to capital movements and short-term claims and liabilities as
Section
I
-
19'*^
Issues of
the
"Treasury Bulletin",
data omitted during that period were supplied
November 19'<-5 Issue and supplement.
Historical Summary
Table 1.- Net Capital Movement between the United States and Foreign Countries
(In thousands of dollars; nsgatlve figures Indicate a net outflow of capital from the United States)
Analysis of net capital moremsnt
Calendar year
or month
Net capital
morement
Short-term
hanking funds
Brokerage
balances
Transactions
in:
in
but
the
Treasury Bulletin
kS
CAPITAL MOVEMENTS
Section
I
Historical Sununary
-
Table 2.- Short-Terin Claims on and Liabilities to Foreigners
(Poeltlon at end of period In tbouaaodA of dDllATv)
Short -terB claim
Payahle
of c&leodar
/•ar or Booth
fild
In
forslgn
currencies
1935
193S
1937
1938
1939
19*0
(1>«.
(Deo.
(Dec.
(Dee.
(Jan.
(Dee.
31, 1935)
30, 1936)
29, 1937)
28, 1938)
3, 19*0),
31, 19*0),
19*1
I9W
,
19»3
I9W
19*5
19k6
19'>7
19'17-Julj
August
SepteBher
October
RoToaber
DecflBber
194d-JanuaT7
778,579
128,951
672,611.
65'',990
lliO,911
626, (A2
508,702
150,
66,71.5
383,978
'.7,'>77
367,786
21^,673
257,929
329,69*
392,766
708,253
960,921
1.7,068
152,^7
OU
Sbort-tera liabilities
Pajable In dolIarB
banlCB
161,263
96,726
116,917
165,521
173,238
115,118
W8,365
forel0l
currencies
1,156,1.96
1,1.56,885
••6,795
66,1.78
268,719
221,383
1,600,507
1,985,025
3,025,189
3,786,182
209,597
Ul.,791
135,311
121,001
202,085
3,678,518
l'.3,709
137,161.
'•,205,389
5,37l»,903
3,352,223
3,583,328
11,131., 1.12
5,596,775
6,883,068
•,356,501
k,gi6,6zk
306,618
668,168
1,222,580
1,218,633
1,910,898
385,636
310,1.77
3".,
30,916
387
5l.,603
105,1.21
169,670
••7,1.89
21.5,010
290,1.95
1*90,631
98,119
100,267
319,639
165,'. 39
3011,851
979,199
967,296
957,200
155,722
273,553
268,072
268,183
51.9,921.
963,361
923,887
960,921
156,622
158,293
533,223
165,1»39
273,516
271., 6IU
301., 851
1,029,007
153,61.8
386,121
51.9,312
51.5,821
Payable
Is
1,301,11*
1,623,317
1,893,087
2,203,185
3,221,328
3,938,232
l>3't,977
118,633
72,0k8
86,378
11.9,912
11*3,196
Fajable In dollars
Deposits
of
foreigners
Loons to
foreign
1st
short-terB
liabilities
97,851
99,95*
82,983
103,369
6o,a^8
31,0*9
522,563
950,703
1,238,097
1,577,1*3
2,712,626
3,310,732
3,958,716
5,116,97*
5,267,081
6,*90,302
5,772,009
6,150,*98
3, 55* ,25*
6,1.80,262
••,693,911
1,71.5,722
7,111,1.19
l.,809,2li5
2,252,510
19,677
13,893
17,911
21,6*1
25,5*«
*0,629
*9,66*
8,318,385
8,382,393
5,093,556
5,250,172
7,855,'t51
't,9*5,''59
3,189,109
3,093,85*
2,872,839
35,720
38,367
37,153
7,339,186
7,*15,097
6,898,251
2,608,907
.,896,586
1.90,980
1.90,631
7,5*9,098
7,392,887
••,903,761.
2,1.31,758
7,111,1.19
U,809,2l.5
2,252,510
*3,605
57,365
*9,66*
6,585,737
6,*69,000
6,150,*98
1.89,238
7,018,160
•.,687,939
2,277,867
52,35*
5,989,153
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital frcn the United States)
Short-tem liabilities
Short -terB clalAs
Payable
Calendar year
or aonth
m
foreign
currencies
1935
1936
1937
1938
1939
19*0
(Jan. 2, 1935-Jan.
1,
(Jan. 2, 1936-Dec. 30,
(Dec. 31, 1936-Dec. 29,
(Dec. 30, 1937-Dec. 28,
(Dec. 29, 1938-Jan.
3,
(Jan. *, 19*0-Dec. 3I,
587,33*
333,*07
1*3,622
37*,**0
1,0*0,16*
760,993
6,333
19,683
1*3,119
-9*, 806
20,520
-1*,310
37,802
*,933
-16,971
20,386
-*2,5*1
-29,779
992,829
*28,1*2
287,39*
328,968
1,135,*83
8*1,628
-3,515
20,671
-259,71*
*85,870
1,179,31*
220,359
1,279,375
-*18,*22
631,807
-*33,959
105,607
620,88*
220,576
583,205
-268,85*
115,38*
185,617
385,365
55*,*12
-3,9*7
692,265
-16*,651
-U,372
-19,0*3
5,15*
-219,372
1*,788
19,298
60,899
6,5*5
-32,506
-75,3*0
-*5,*85
-200,136
-2*3,522
583,373
1,168,058
1*8,59*
1,216,303
-733,909
378,539
200,388
-286,993
138,081
6,319,059
-*6,17*
11,903
10,096
3,782
5,810
6,716
-25,151
5,*8l
-111
-6,161
39,*7*
-37,03*
-13,*26
-1,671
-7,1*6
-68,086
11,791
*09
15,933
-3,*71
-20,216
7,11*
-50,630
-67,320
51,*76
August. . .
Sept saber.
October
RoToaber.
DeceBber
2, 1935-Jan. 31, 19*8)
19*7-Jttly
.
.
.
19*8-January
.
liabilities
foreign
currencies
269,770
300,020
1,018,1*3
716,90*
16,192
97,503
-11,256
-71,765
-63,072
-315,*87
-252,668
Total (Jan.
banlcB
short-tem
in
136,780
53,039
*9,3*l
75,159
*1,758
*7,336
228,132
-1*,788
-11,526
2,393
83,299
19,268
19*1
19*8
19*3
19**
19*5
19*6
19*7
Deposita
of
foreigners
Loans to
foreign
Ret
Payable
-3,552
31,868
-20,191
-*8,6o*
-7,717
58,120
361,360
70,119
17,62*
28,9*8
117,3*0
12*, 72*
I936)
1936)
1937)
1938)
19*0)
19*0)
Payable In dollars
Payable In dollars
-Ik, 330
631, *69
358,023
*,06l,k97
506,76
2,261,7*5
-5,102
*,018
3,730
3,905
15,083
9,035
-*,183
6,370,535
612
3,*91
278,131
6*,008
-526,9*2
101,102
156,616
-30*,713
172,*79
-95,255
-221,015
*,550
2,6*7
-1,21*
231,957
75,911
-516,8*6
-5,333
-1,098
-30,237
12,598
*2,2*3
3*9*
-306,353
-156,211
-2&.,*68
-*8,873
7,178
-9*, 519
-263,932
-177,1*9
-179,2*8
6,*5e
13,760
-7,701
-312,51*
-116,737
-318,502
-81,270
1,393
-93,259
-121,306
25,357
2,690
-161,3*5
-2*, 805
...
.
ks
June 1948^
CAPITAL MOVEMENTS
Section
I
-
Historical Summary
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In thousands of dollare)
Donastlc bonds
Donestlc stockB
C&landsj* year
or month
1935
1936
1937
1938
1939
19'W
PurcbBsee
(Jan. 2, 1935-Jan. 1,
(Jan. 2, 1936 -Dee. 30,
(Dec. 31, 1936-Dec. 29,
(Dec. 30, 1937-Dec. 28,
(Dec. 29, 1938-Jan.
3,
(Jan. li, 19110-Dec. 31,
I936)
I936)
1937)
1938)
191^))
19M1)
I9IH
19112
1943
1944
19l»5
1946
19'>7
I947-JUI7
.
.
.
September.
October.
.
ffoTembar .
December.
I9't8-Januar7...
n.a.
146,039
96,383
151,639
136,853
260,223
367,649
226,089
n.a.
n.a.
n.a.
n.a.
n.a.
473,052
n.a.
n.a.
n.a.
n.a.
n.a.
-188,846
221,816
368,558
75,488
194,616
171,432
357,655
432,109
376,674
-222,519
20,895
-42,977
-34,579
-97,432
-64,460
-150,585
174,952
164,218
241,299
513,558
377,717
414,470
336,305
n.a.
n.a.
n.a.
n.a.
n.a,
n.a.
n.a.
n.a.
n.a.
n.a.
278,032
•
214,388
138,514
170,555
268,244
393,390
684,213
283,275
n.a.
n.a.
n.a.
n.a.
n.a.
-56,216
-39,436
25,704
70,744
245,314
-15,673
-269,743
53,030
2, 1935-Jan. 3I, 1948)
Total (Jan.
Au^st
n.a.
n.a.
n.a.
n.a.
n.a.
284,206
Total
purchases
Total
Bales
Net domestic
stoclm and
bonds
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
650,411
637,940
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
12,660,374
12,300,774
359,600
782, U9
562,394
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
27,644
22,539
28,890
61,752
34,528
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
24,915
32,362
-7,447
26,990
26,912
78
51,905
59,274
-7,369
Not aTallable.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In thoitsands of dollars)
Calend&r year
or month
1935
1936
1937
1938
1939
1940
(Jan. 2, 1935-Jan. 1,
(Jan. 2, 1936-Dec. 30,
(Dec. 31, 1936-Dec. 29,
(Dec. 30, 1937-Dec. 28,
(Dec. 29, 1938-Jan. 3,
(Jan.
4, 1940-Deo. 31,
1936)
1936)
1937)
1938)
1940)
1940)
1941
1942
1943
1944
1945
1946
1947
n.a.
n.a.
n.a.
23,278
26,601
37,328
65,247
57,118
Foreign bonds
Sales
Sales
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
19,791
22,078
54,789
65,610
42,558
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
3,487
4,523
-17,461
-363
14,560
n.a.
446,367
314,262
318,113
755,936
656,741
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
74,209
88,973
-29,156
265,490
22,452
372,158
225,289
347,269
490,446
634,289
2, 1935-Jan. 31, 1948)
Total (Jan.
1947-July
August . .
September.
.
October. ,
Norember .
December.
1948-Januar7
n.a.
Foreign stoclcs
.
.
Hot available.
Net foreign
stocks and
bonds
Total
purchases
Total
sales
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
n3,859
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
6,961,842
5,676,143
1,285,699
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
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
6,126
6,763
-637
33,469
27,660
33,304
26,004
14,566
11,438
32,130
21,329
10,801
858
705
Treasury Bulletin
50
CAPITAL MOVEMENTS.
Section
II
-
Sunwnary
tiy
Countries
Table 1.- Net Movement of Capital and of Short-Term Banking Funds
(la thonaaadi of doll nra;
aa^tlTo flguro* lodleate * ami outflow of capital. fro» the United States)
Mot capital BOVoBoat
Count r7
Short-tern banldac fuada
I9U7
19U«
IS"!?
January
Soptoaber
I9U8
Septoabor
Janu&rjr
lttrop»:
16,1«8
-27,201
1U,I*08
-liO,800
-81', 1.23
l,li32
-3,1«55
-8,1.25
-81,31.7
2,361*
-158,534
-11,913
-54,246
-36,174
78,134
1,743
18,894
-29,042
-3,669
-5,791
6,1.37
1,61.7
9,575
11,628
5,920
1,097
3,921
10,1.33
1,356
308
5,513
-6,735
2,498
9,595
6,329
1,620
11,585
6,024
1,178
4,073
5,732
-12,972
-369
6,527
-2,778
51.6
-k57
3,321.
-8,327
9,722
-892
l*,l*6l
-5,281.
5,718
-13,008
-408
6,571
-5,108
-467
-2,825
683
3,336
-18,381
J. 79
375
-;C,732
-18,266
-2,981
2,100
-26,608
-15,306
-2,507
-21*, 671
-350
-11,158
-1,300
337
-45,202
-4,029
-329
-13,110
-3,323
2,205
136
-283
-*35
1,839
.12,610
1,397
259
2,653
-5,99'»
-787
-1,536
-22,539
51.8
Spain.
Svodan
-12,1.17
-21.8
136
-295
-5,798
-786
-1,602
-22,547
-436
1,713
-12,273
9,775
5,686
-370
1,182
9,937
5.326
1,217
-13,1.00
18,813
4,290
1,569
-5,972
-3,161
976
-1,516
Othor luropa.
-7,185
5,856
-2,729
1?.137
-2,01.6
-2,885
5,855
-2,730
15,077
12,986
5,686
-370
1,239
14,358
5,324
1,217
-13,505
Total loropa.
-g'>6.596
-31,632
-1*3,020
-11.7,81.1
-75,227
-229,794
9.279
-19.178
-'•9,727
-99,56*
3,81.9
3,721
39,191
-60,691
-101,972
3,364
-56,062
1,813
-1,902
22,218
1..657
'.,3''5
-*63
-5,600
-i;»9
-*0,891
-2,054
2,447
-72,168
1,832
-2,339
14,776
4,300
-3,518
-4,268
-463
-5,915
-5,627
-2,UU5
-50
-589
10,591
•.,139
-1,176
2,1.53
3,986
4,029
360
-5,681
-2,284
-131
10,448
-1.91
-4,636
438
2,081
-949
3,983
-71.8
-713
-552
-21,689
605
-27,718
-293
-12,657
-25,758
261
-9,061
-31,895
-18,209
-20,680
218
A, 614
-20,936
548
8,784
-29,503
-296
-17,776
-24,845
261
-7,904
2,01*7
-3,280
3,760
.2,920
-2,1*70
1*87
-3,512
-1,038
2,856
2,634
98
-2,418
.962
3,936
1,282
1,927
-3,942
-2,442
3,783
-1,802
684
Dnitad Ela^daa
franco
-161,78k
-16,351
Belclu
Qiimaric
rial and
Ooraaa/
Oroooo
Ital7
Iaz«Bboar(.
. .
Votberlaado.
Vorwi7
.
Portu^^
Svltxorland.
S. S. I...
0.
To^tlaTla.
.
Canada
Latin JMorlea:
Argentina.
BollTla
Brazil
.
CMlo
Coloobla.
Coita Slea..
.
.
Cuba
nreoeh Vest Indlea and (^ilaaA.
Moil CO
Hotherlanda West Indies and
Surlnaa.
Panana
Pant
5,'»20
-1,027
-761
1,201
-38,9W.
51,302
-1.,2I.9
-3,091
2,281.
-1»,819
3,790
-331.
9,976
1*1.2
-3,756
-1,198
Veaosuela
Other Latin America....
18,3'>9
-15,183
3,260
-12,91.8
78I1
-313
16,^91
10,685
11,740
1,103
18,617
-2,837
-15,349
-4,236
-12,830
-S73
Total Latin Anerlca....
-61,391
-23,568
-1.0,267
-22,725
-54,534
-72,339
-47,273
-45,809
-12,329
-29,977
1,767
18,922
25,097
571.
-1,521.
-18,777
ae
-2,692
-12,932
-65
1,078
-12,040
-29,978
1,658
18,763
450
-1,862
24,239
1*50
-1,930
689
-100
165
-892
-1,515
2,501.
I.,258
3,3l»7
1»,095
-5,667
1,800
7,925
1,047
2,684
788
7,71.5
-859
-1,495
7,753
2,487
4,258
3,349
Vetherlands last Indlea
Philippine Islands
Turkey
Other Asial/.
-12,303
2U,300
-2,098
3,533
-10,779
6,173
3,*05
3,1*08
3,01.1
11*, 01*5
-9,513
-276
-280
-6,1*07
5,005
-12,279
24,009
-2,087
3.612
-10,778
3,402
-9,514
1*97
-3,451
-23,039
-3,371
273
-352
6,177
3,839
-265
378
Total Aala.
-26,353
5,620
1*3,687
-5,111
.29,851
-26,203
5,508
43,425
3,773
-1,237
2,761
-3,917
-2,398
1,977
-5,71.8
-1,207
207
.1,659
-2,882
-321
12,561
104
-1,233
2,765
-5,554
-2,390
1,911
-7,207
-312
1,008
Preoch Morocco
Onion of South Africa
All other
-1,''55
-17,071*
-1,019
-187
3,361.
l*,7l.O
1,268
-708
6,078
-3,726
-3,200
3,856
-766
8,791
-1,001
-1,472
-16,998
1,138
-699
6,117
-3,634
-956
3,336
-1,016
Total other countries.
-"96'i
-2,691*
-5,936
5,750
16,382
-15,696
4,249
-5,147
-112,57'»
-174,513
-91*, 1*89
-64,887
-54,991
-l^-?74
-^T>.W
l»25
706
1,1^6
-729
-732
451
706
-325,61*5
-135,050
-231,762
-159,762
-516.846
-312.514
Asia;
China and Manchuria....
Preach I ado -China
Son^ Xon^
India
British Malsya
Japan
Other countries:
Australia
Vev Zeal and
Igrpt and An^lo-l^ptian Sudan..
Interaatloaal t/
Unidentified.
Orand total.
-506,180
-322
989
-53
167
574
-1,611
..
..
.
June 1948
51
.CAPITAL MOVEMENTS.
Section II
-
Summary by Countries
Table 2.- Net Movement In Brokerage Balances and Long-Term Security Transactions by Foreigners
(In thouflandg of dollara: negative figures Indicate a net oatflov of capital froa the United States or net aalee by forelgnera)
Transactions In long-term securities, domestic and foreign
Movement In brokerage balances
Country
19W
ig"*?
September
Jurope
United Kingdom.
France
Belglnm
RoTember
October
:
329
136
119
Denmark
Tlnland
6
-1
-1
Qermai^f
Oreeoe
Italy
Lnxembourg
106
Hetherlands.
Horway
Portugal
.
.
Bumanla
Spain
Sweden
-407
20
"•3
656
307
375
-98
153
-22
-167
-3'*2
1
"•3
-166
-2
5
-5
17
12
-28
355
-210
19
-315
1.7
6
9
-100
-1
-6
1
1
121
-102
Svltcerland.
S. S. E...
TogoslaTla.
Other Surope.
-1»53
-983
-2,1.00
-62
-185
-37
Total Snrope.
-265
-265
-2,685
681
-1,179
-539
salt
-63
2
321.
0.
1
.
Latin America:
Argentina.
Bolivia
Braill
Chile
Colombia.
Costa Elca.
.
Cuba
Trench Vest Indies and Qulana.
Mexico
Hetherlands Vest Indies and
Surinam
Panama
Peru
Venezuela
Other Latin America.
Total Latin America
Asia
China and Manchuria
Trench Indo-Chlna
Hong Kong
-10
83
1.8
215
25
-7
122
-1.0
-30
-51
61
-258
-11.2
-3'«3
1
-2
-1,229
1*8
-193
21
938
-2,290
-62
-23
-U,lllO
1,208
-26
-771
-60
71.
-1.2
-368
291
1,1*26
-310
296
-805
787
2,221
-3,559
lltS
-1.1.6
11.6
Itl
-51
8
-10
-51
-1
37
-15
-2
20
-It,
;
India
British Malaya
Japan
Hetherlands last Indies.
nil llpplne Islands
Turkey
Other Asia!/.
Total Asia
Other countries:
Australia
Nev Zealand
Sgrpt and Anglo-Egrptlan Sudan.
a
1
2I15
-37
-51.2
-191
19
II.9
179
-1.91.
-225
-6
2
-3
-50
3
17
-37
-1
3
-3
Trench Morocco
Union of South Africa
All other
-1
-li»
-19
2,01.1
22
67
-2,156
Total other countries.
-23
2,01.3
-8,157
International 2/
Unidentified
-26
Grand total.
-11,2111
2,326
December
January
I9U7
September
October
NoTsmber
l^kS
December
January
Treasury Bulletin
52
CAPITAL MOVEMENTS
Section
II -
Sumnary by Countries
Table 3.- Short-Term Claims on and Liabilities to Foreigners
(Poiltlon
ftt
and of aonth In thousftndf of dollars)
Clalu
ConntZ7
LlaMlltlM
I9U7
Ssptadwr
^iropa:
Dm ted Ungdoa
rraooa
Balglia
29.198
22,112
U,232
617
Bsaaark
yinlaad
Ovrmaar
17,1199
Oraaea
Italy
loiaaboors.
12,360
23,236
.
atharlaada.
..
ftiaaala
Spain
Svadaa
January
Saptoaibar
October
Roraaber
DacoBbar
January
33,059
17,569
13,173
31,832
1*,921
12,863
29,186
23,360
1*,97*
22,510
97,799
12,698
369,122
195,0*3
132,018
336,809
268,63*
135,702
35*,*76
236,9**
131,723
326,2*3
167,735
336,199
168,667
12*, 9*9
12*, 199
958
13,129
30,*78
1,096
2,205
8,002
30,520
1,531
8,325
30,596
*2,210
*1,970
63,218
*8,880
39,220
7*, 936
55,0*2
39.203
79,055
52,761
30,*51
89,503
52,888
31,075
95,118
12,819
23,600
*0
10,621
21,05*
10,105
21,213
52
31
*1,*77
150,01*
19,680
*8,517
1*6,610
19,213
*5,682
1*5,953
22,5*9
3*,696
153.112
21,68*
38,681
163,3*2
21,96*
*7,21*
8,061
1,087
*9,089
9,2*3
1,076
51,112
11,316
1,179
216,350
79,316
*7,973
172,883
76,197
*7,798
158,*1*
70,660
*9,78l
l'>3,309
12*, Ul
56,2*8
*7,071
5*,668
*5,9*9
OU
12,012
873
5,*39
12,01*
1,509
3,957
9,529
109, *00
8,7**
10,122
86,835
8,292
11,939
72,905
8,681
12,8**
58,573
8,927
16,17*
56,806
6,325
*05,8*1
6*, 111
9,371
130,811
*19.*a2
69,**9
10,588
122,888
**6,*35
73,7*9
12,1*8
116, *7*
**9,269
7*,8**
10,6*6
12,829
U,93*
30,52*
l»0
2*, 9*0
*0
1.6,838
".8,573
9,365
1,155
10,275
1,309
12,026
1,195
9,32k
12,027
1,25*
9,306
9,339
6,**3
38
5,726
8
8
.
Sorvay
Portugal
DaccBbar
19IM
19U7
19U8
12,
1,358
7,6*9
U,665
Other Xuropa
102
8
32,6*6
30,556
36,138
7,0*7
62
8
35,800
35,83*
395,751
58,*89
9,7*1
131,662
Total lorope
268,637
265,96*
258,933
260,623
328,189
2, 12*, 628
2,131,23*
2,105,025
1,976,666
1,987,886
29,118
29,796
26,509
27,*a2
25,15*
5e8,*33
*27,139
*27,216
*09,573
*3*,897
65,l»8U
67,359
*,231
162,263
66, *3*
2,921
161,99*
65,183
2,0*2
165,812
59,952
2,*3*
169,76*
229,020
17,256
106,312
2*5,671
22,377
103,631
2*0, *78
20,60*
97,**7
236,213
17,8*6
10*, 652
187,111
16,126
161, U26
Chlla
Coloabla.
Coita Rica.
21,68U
35,927
3,631
22,782
31,970
3,975
22,329
31,172
3,622
27,818
32,6*3
3, '•71
29,302
35,71*
3,319
38,159
32,628
8,30*
38,308
39,119
7,935
*1,8*1
*2,350
7,030
*6,265
*6,1*7
7,299
*3,098
k9,232
9,221
Cuba
Trench Vest Indlea and Oulana
Maztco
59,669
lA
30,180
73,8**
17
39,*87
91,*99
21
38,260
108,61*
113, **o
37
52,189
75
51,827
271,885
2,822
157,155
256,557
2,*99
1*8,686
2*9.367
2.76*
1*0. *55
23*, 707
2,**6
139,23*
217,298
2,695
132,666
latherlandf Vest Indlea and
Surlnaa
1,107
Paneoa.
li,9U3
1,156
*,995
6,109
1,099
*.710
*,287
.,838
*,133
12,6*0
76,629
*3,236
l*,652
12,637
*0,917
18,399
70,937
*1,039
1*,887
70,316
*1,782
17,198
71,6*6
39,218
73,*20
ftrlttarlaad.
S. S. B..
D.
To^tlsrla.
.
.
Canada.
Latin iaerica:
Argentina.
SollTla
Bratll
3,
.
MO
52
132
3
11*. 359
UO,389
6,5*8
1,192
*,893
6,671
Venezuela
Other Latin iaerlea.
15,322
38,299
1*,605
33,*3*
15,093
31,891
15,3**
31,0*9
1*,153
29,559
89,*86
180,556
171, *55
61,078
169,039
77,98*
176,786
89.057
175,075
Total I«tln tearloa.
l»li7,67*
*66,723
*77,*96
51*,298
519.313
1,266,088
1,237,86*
1,202,828
1,216,56*
1,160,030
103,7*2
3,233
2,138
78,57*
3,289
2,191
*1,307
3,308
1,927
*0,755
37,067
158
2,896
269,66*
8,179
*5,*50
263,259
8,685
*3,6*1
250,231
9,278
*1,766
229,9*8
6,52*
213,512
6,182
*1,1*6
India
British Malaya.
Japan
27,*87
8*3
275
28,936
957
28*
28,177
823
298
29,561
918
5*, 392
13,775
17,755
5*,982
12,39*
25,517
56,710
16,518
28,880
62,36*
10,953
31,32*
67,731
9lj2
27,020
737
*,012
Hatherlands last Indies.
Philippine Islands
Turkey
Other Aslaiy.
725
2*, 525
5,576
8,957
*32
27,662
13,13*
*3*
28,951
12,891
9,553
*86
27,*36
17,659
6,303
376
29,332
17,628
7,*09
70,758
*6*,3l6
*1,701
79,083
59,687
*70,855
39,7*5
78,900
65,866
*75,983
39,237
79,705
69,298
*a8,571
37,590
81,539
65,671
*66,800
177,501
16*, 585
127,669
127,02*
126,615
1,065,073
1,057,665
1,06*, 17*
1,057,908
1,026,6U
10,15*
1,*0*
73*
12,022
2,013
192
10,180
2,313
223
9,036
1,508
129
8,529
1.367
131
*7,*90
8,259
2*,***
*3,8o*
6,*78
25,813
3'', 755
6,*66
26,852
30,607
5,869
2*, 997
26,156
5,393
37,585
Prench Morocco
Union of South Africa
All other
616
1*,*77
6,187
366
1*,159
5,088
*6*
1*,379
5,552
3*7
10,2U
1*,3*3
*,377
11,83*
37,639
58,265
U,*17
1*,962
5,900
*3,271
5*,9l8
*6,289
52,803
10,081
*6,371
57,121
9,*29
55,12*
5*, 907
Total other countries.
33,*88
35.507
32.329
31,068
29,09*
.'
. . .
Peru
Aata!
Shlna and Manchuria.
Prench Indo-Chlna.
Hon^ KoQ^
.
Total Asia.
Other countries:
Australia
Saw Zealand
X^ypt and Aa£lD-S^7ptlan Sudan.
3*1
2,623
International 2/
DnHaotlfled
Onmd
1/
total.
39,797
3*, 156
82,517
187,931
185,701
177.376
175,0*6
188,59*
2,*90,817
2,396,328
2,256,976
2,201,985
18,157
786
951
*26
6*2
17,968
18,678
19,9*0
18,686
957,200
963,361
923,867
960,921
1,029,007
7,855,*51
7.5*9.098
7,392,887
7,111,*19
2/
37,076
2,665,330
782
Beelimlng vlth January 19*8, locludaa data for Pakistan, Buina,
Ceylon, prvTloualy Included with India.
U,820
Includaa dollar balances of international organltatione eucb
TOnBA, Intamatlonal Monetary Pund, and International Bank.
7,018,160
1
June 1948
53
CAPITAL MOVEMENTS
Section II
-
Summary by Countries
Table 4.- Foreign Debit and Credit Balances in Brokerage Accounts
(Position at end of month In thousajids of dollars)
Country
Treasury Bulletin
5"^
CAPITAL MOVEMENTS.
Section III
-
Details for Month of January 1948
Table 1.- Short-Tera Claims on Foreigners
.
.
. ...
.
June 1948
55
CAPITAL MOVEMENTS
Section III
Details for Month of January 1948
Table 2.- Short-Term Liabilities to Foreigners
-
(Position at end of rooath In thousajids of dollars)
Total
shortterm
liabilities
Country
Europe
United Elngdom.
France
Belglun
Short-term llatllltles payalile In dollars
Total
Ceposlte
of
foreigners
Bills held
for
account of
foreigners
U
.
S
.
Short-term liabilities pajratle in foreign enrrencl es
OoTemment
Treaeory tills
and certificates of indehtedness
other
Total
Borrowed
from
foreign
banks
Liabilities on
acceptances made
by foreigners for
a/c of reporting
bonks and bankers
:
336,199
168,667
Denmark.
Finland.
Oermany.
Oreece
Italy
Ltucembourg.
Netherlandf.
Sorvay
Portugal .
.
.
fiumanla
Spain..
Sweden
Switzerland.
U.
S.
S.
H.
l67,81tl
12li,008
284,009
150,612
115,733
2,257
2,407
12i*,199
299,003
52,886
31,075
95,118
52,866
31,075
95,102
49,205
31,065
94,685
3,620
38,681
163,3^2
38,65lt
166
163,332
618
21,961*
21,961*
38,487
152,966
20,615
12U,lll
5U,668
12li,0lt2
'.53
10,323
13,056
7,792
2,414
1,766
30
37,196
826
191
3,962
315
75
39
22
22
26,569
484
20
6,665
27
96
10
228
1
1*5,9^9
51^,599
'•5,782
120,118
47,479
45,645
188
261
137
8,927
16,17^
56,806
8,927
16,100
56,219
8,896
15,751
52,796
31
343
3,121
W*9,269
'•lt7,684
414, 8S3
8,380
7l*,81il»
14
9
115
16
173
16
14
1
27
10
25
69
69
167
69
69
167
6
302
74
587
72
531
11,679
1,585
410
1
2
9,555
1,348
193
3,332
6,792
404
67
12,802
10
2
21
35
1,175
Other Otirope.
nJ*,3^
11M31
74,830
10,634
108,848
5,320
48
28
23
Total Europe.
1,987,886
1,9'^7,017
1,837,197
22,359
70,338
17,123
40,869
5,764
27,108
7,997
11311,897
•30, 81(5
280,557
2,949
147,247
92
4,052
7U
32
3,309
187,111
16,126
110,389
187,064
16,126
178,549
16,125
98,962
3,'*65
55
4,995
47
3'^
10,736
n
639
41
41
'•3,098
'•9,232
1.3,097
1
1
167
454
178
Tu^Blaria.
.
.
10,6U6
.
Canada
Latin America:
Argentina.
Bolivia
Brazil
.
Chile
Colombia.
Costa Rica.
10,64U
HO,3U8
1
13
9,221
49,232
9,221
41,246
49,000
8,360
1,851
232
438
423
217,298
217,298
214,704
2,488
106
2,695
132,666
2,695
132,212
2,695
131,007
988
17,198
71,646
39,218
17,198
71,61.3
39,209
17,197
57,989
38,208
204
976
13,450
25
Venezuela
Other Latin America.
89,057
175,075
89,057
174,760
88,442
150,336
615
3,440
20,130
854
_2i5.
_111_
Total Latin America.
1,160,030
1,159,160
1,092,820
25,435
33,721
7,184
870
574
296
213,512
6,182
179,759
5,030
36,830
1,593
'•l,ll^6
213,478
6,i8e
38,050
31,826
1,025
828
300
127
115
3,096
3,022
74
67,731
11,820
37,076
67,125
11,815
37,015
63,956
9,840
34,445
3,l't3
26
606
5
5
21
61
466
5
2
65,671
4
4
861
33
33
.
Cuba
French Vest Indies and
Gulaoa
Mexico
Netherlands West Indies
and Surinam
PaneuDa
Pern
50
276
1
Asia:
China and Manchuria.
French Indo-Chlna.
Hong Kong
.
India
British Malaya.
Japan
Betherlands last Indies.
Philippine Islands
Turkey
Other Asia
Total Aslal/.
277
640
2,527
1,330
22
346
1,979
6,907
2,328
9,443
27,249
79,786
32
82,517
65,667
466,767
34,156
82,294
141
39
223
205
1,026,611
1,022,549
956,700
19,740
44,615
1,494
4,062
3,739
26,156
5,393
25,752
5,298
24,090
5,193
897
105
609
156
404
95
111
57
37,585
37,411
37,086
150
175
174
9,1*29
55,12l*
9,429
53,601
54,602
9,419
40,879
53,659
9
86
1
239
1,486
'•66,800
55,878
'•63,927
108
32
49
10
157
166
18
Other countries:
Aiistralia
New Zealand
E^gypt and Anglo-Zgyptian
Sudan
French Morocco
Union of South Africa..
All other
,
Total other countries.
International
thidentlfled
Grand total
1/
Z/.
5't,907
l88,59lt
186,093
170,326
2,201,985
2,201,985
332,198
18,157
18,157
18,141
7,018,160
6,965,806
4,687,939
293
38
168
12,610
681
26
23
1,523
305
1,308
225
215
80
13,900
381
2,501
1,707
794
52,354
12,495
1,869,787
16
71,969
Beginning with January 1948, Includoe data for FaMstan, Buma, and
Ceylon, pravloualy included vith India.
2,179,608
2/
26,290
27,297
12,562
Includes transactione of international organltatlona auch ae UWRRA,
International Monetary Tund, and Interaat local Bank.
Treasury Bulletin
56
CAPITAL MOVEMENTS
Section III
-
Details for Month of January
IMS
Table 3.- Purchases and Sales of Long-Term Securities by ForelKners
(la thoaiandi of dollars)
^
Aurehaa««
porebaa*!
laropa:
Obi ted Ilncdoa.
^•aaes
fotal
Stoeka
8,8lO
1,820
1,75*
6,011.
Enaark.
705
89
fl aland.
7
Bel«liia
Batharlands.
.
8,898
9UU
562
125
k90
kk6
125
876
13*
Suaanja.
Spain
Svadaa..
7
7
31
116
112
7
2k
106
15,118
13,12k
8,538
.
Svltiarlaad..
S. H.
..
Tu^alarla.
Otbar kropa.
3b5
266
185
32,331
83,665
15,k63
32,783
17,276
2,691
3.5W1
61
1,157
k3k
890
76i.
215
CMla
189
Colaabla...
Costa (lea.
8I>1
102
212
80
9k
3,206
1,086
858
2
2
950
2
801
157
1,125
873
157
1,106
97
Total ^iropa
Canada.
Utln
laarlea!
Argaattaa.
BollTla...
Bratll
3''
81
Onba
Araneb Vast Xadias aad
OulsBa
Karlee
1,365
latberlasils Vast Indlaa
and Surlua
i6e
Paaaaa
Para
1,638
278
Tanariala
Otbar Latin iMrtca.
272
871
271
3,71l>
8,81.6
1,5U
Total Latin tearlea.
15,583
8,979
5,660
China and Maaoburla.
^anch Indo-China.
long lose
686
103
k89
103
•39
53
51
36
India
Brltlsb Mals^a.
Japan
158
35
8
73
35
59
35
1
1
57
52
5W.
13
52
Asia:
•
Batbarlsnds Bast Indlaa.
PbLllpplna Islands
Turkax
Otbar Asla^.
Total lata
Other countrlee:
Australia
Hev Zealand
E^pt and Anglo-Egyptian
Sudan
rrencb Morocco
Union of South Africa...
All other
Total otbar oountrlaa.
5''7
13
379
3
38
13
367
810
2,033
1,728
886
l,2k5
18
177
18
lk2
18
U
U
U
10
3
2k
21.
k5
17
2k
17
1,35k
257
815
51,905
8k, 915
11
International 2/
U
Unldantiriad.
Grand total.
81.
,035
1,662
532
k80
30
k7
30
8k
.
Bonda
kk
k7
129
123
Vorw^
D. S.
'•65
*9
130
138
Oraaea
Ital7
Uixaabonrf.
.
585
9*5
30
Oarsaoj-
^orto^Sal.
'•,358
1,U7
Saloa ^7 foralcnaro
Torala aaooiitlai
Obaeitlo aaeurltlaa
T'>tal
Count 17
for«l^i«ro
total
2,796
103
809
fltooka
Bonda
Total
aalaa
OOBaatle aaourltlaa
total
Stoeka
Bonds
Vbralfn aaeurltlas
Total
Btoaks
Bonds
^une 1948
57
CAPITAL MOVEMENTS.
Section IV
-
Outstanding Contracts for Forward Purchases and Sales of Foreign Exchange
Treasury Bulletin
58
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES.
Data relating to oorporatloriB
Tables
which the United
In
of the United States Oovernment
^^^
published
^i
In
this
Issue
of
the
are
oomplled from reports of the
agencies, adjusted by the Treasury Department. Tables 1
presented In a ea-
are
3
"Treasury Bulletin",
States Oovernment has a proprietary interest, direct or
Indirect, and to certain other buslneas-type aotlvltles
and
2,
data,
rles of four tables.
giving
the corresponding loan and balance sheet
were published In the April l')^ Issue.
Table 3.- Income and Expense for the Six Months Ended December 31, 1047
(In thoueoDda of dollars)
Cui'puiatlo
Oraad
total
Sale of cc^Bodltloe and supplies
Sale of aerrlcee
s
Bents and rojaltlea
Interest and dlrldenda:
Interest on loans
Intereet on public debt obligations
Interest other
DlTldands
Cuarantj and Insurance prfloilums
Other Income:
Cains on sale of fixed assets
Galea on eale of Inrestaanta
Gains on eale of acquired security or collateral
Other
,
Total Incone
Srpense
Cost of cc^nodltles and supplies sold
Direct operating costs
Interest expense:
On borrovlngs froa U. S. Treasury
Other
AdmlnlstratlTe expenses
Depreciation (not Included In cost of sales or
direct operating costs
Grants, subsidies and contributions:
Direct
Indirect
Guarantj and insurance loaaea
Other expenaes
Losses and charAe-offs:
Loans charged off
other assets charged off
Losses on sale of fixed assets
Losses on sale of Imrestments
Losses on eale of acquired security or collateral
Direct charges to operating reserres
Other
Total
ooxToratlon*
,315,079
32>59
1,307,838
31,729
6l,96J.
5,101.
lliJi,Ult9
69,338
17,651
2,053
1,918
100,910
19,176
S,li9*
l|,122
127, UI7
568
12,878
Banks for
cooperatlraa
2ll9
635
12,588
306
g6,0tg
2'»,570
l,7'>fl,895
l,57't,639
1,278,051
57,779
1,272, '•l*
33,199
Coaaodlty
Xzport-
CrwUt
Is^rt
Corporation
Bank of
VaaUngton
Federal
Depoalt
Inauranoe
Corporation
radaral
Tarn
Mortgage
Corporation
Tederal
bODO
loan
banks
1,108,31.1
51
3,058
U98
1,638
2k,Ti2
36
12,
1,737
3,085
OU
33
3,361
1,398
106
57,31.6
63I1
290
12,041.
253
59
18,365
68
130
81
145
15
3,905
1,130,767
24,780
81,599
3,416
5,oe6
2,900
55
4£
1,422
1,615
515
:
,
*.
,
,
,
,
,
,
Total expense.
let Inccoe, or loss (-), before adjustnent of
raluatlon and operating reserves
Adjustjaenta of valuation and operating reserres
Reserve for losses
Reserve for losses
collateral
Reserve for losses
Reserve for losses
Operating reserves
Other reserves
55,213
67,'»92
36,589
9,816
10,786
Ul
20,393
22,088
n,git6
i6e,2ae
20,851
310
227
3,200
3,1.52
364
U,3l«>
254
3
".,326
-1,320
Ul
20,393
21,837
8,213
4
96
21
28
5,2'tt
on fixed assets
on cconoditles and suppllss.
Bet adjustment of valuation and operating reaervei
1,182
132,'t97
242
1,266
33
33
1,51<1
608
3,379
584
3,243
25,000 1/
3,379
25,051
g't,998
1,769,096
1,617,557
1,171
1,149,024
3,567
3,516
1,524
8,372
-20,200
-4a, 918
2,734
-18,257
21,212
78,083
1,892
2,654
I»,8l8
5,915
-10
-6,621
99
12,344
15
928
35
1,026
12,379
79,109
14,871
8,654
105,437
8,326
14,871
2,654
-598
896
991.
U9,885
38,031
119,885
38,031
58,1.33
58,lt33
-23,469
58,336
64
105
103
221,567
223,361
10
28,310
201,367
l8o,Wt3
2,744
10,053
33,411
1,946,109
2,744
10,053
Changss In unreserved eamad surpl us or deficit
Ubressrved earned surplus, or
irdi
deficit (-J,
June 30, 1947
-22,l60,582r •ll,333,997r
Bet income, or loss (-), for the six months ended
December 3I, I947
201,367
180,443
Transfers to (-) surplus reserres
-106,741
-106,741
Transfers frcst surplus reaarves
•
Dlatrlbutlon of profits:
To General Fund revenues - deposit of earnings.
-261,790
509,865
Dlvldeods
-8,558
-4,399
Other
Prior year adjustments
'',438
4,759
Itareserved earned aurplua, or deficit (-),
Decaaber 31, I947
.-22,327,707 -U, 467, 960
Footnotes at end of Table 4.
455
713
:
on loans
on acquired security or
Bet Income, or lose (-)
60,126
5,''W
1,109,529
21,218
21,212
-21,212
79,109
-79,099
-1,858
-11
36,155 2/-l,936,055
(Ccntinusd on folloving page)
U9,708
8,525
June 1948
59
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIESTable 3«- Income and Expense for the Six Months Ended December 31 • 1947
-
(Continued)
(In thoufiands of dollars)
Corporations
Federal
intermediate
credit
banks
Federal
SaTlngo
and Loan
Xnsurance
Corporation
HoBie
ChmerB'
Loan
Corporat Ion
(in liquidation)
Production
credit
oorporatlons
-
(contliuwd)
Reconstruction rinance
Public
Corporation
Housing
SzcluslTo
Merg»d
Adminisof Derged
tration
war
afflllatsB
1/
TenDsseee
Valley
Authority
iBcoBe;
Sale of oommodltles and supplies
Sale of senrlces
Rents and royalties
Interest and dividends:
Interest on loans
Interest on public debt obligations
Interest , other
Dividends
Guaranty and Insurance premiums
Other injcome:
Gains on sale of fixed assets
Gains on sale of Inrestmsnts
Gains on sale of acquired security or
c ollateral
Other
Total Income
152,128
3,120
585
6
2,105
2,953
U,69li
62
838
3,677
97
90
6
175
69
12,051
913
96
ll.,28U
321.
9
1,821
90
U,209
S25
18
3,669
Expense:
Cost of commodities and supplies sold
Direct operating costs
Interest expense:
On borrovlnee from U. S. Treasury
Other
Administrative expenses
Depreciation (not Included in cost of sales or
direct operating costs)
Grants, subsidies and contributions:
Direct
Indirect
Guaranty and Insurance losses
Other expenses
Losses and charge-off s;
Loans charged off
,
Other assets charged off
Losses on sale of fixed assets
Losses on sale of Imrestments
Losses on sale of acquired security or
collateral
Direct charges to operatlijg reserree
6,787
22,11 54
29
6,32'.
6,727
561.
llli
1,1«12
16,903
152,656
30,753
122,636
5,922
6,61.9
15,1.75
290
2,1.23
2,268
606
3,036
1.5,906
917
18,1«)9
93
280
1,500
1
5
751
-11.
962
1,309
1,731.
Ull.
1,592
11.
283
15
137
591
8,105
.,176
970
3
132,1.92
33
20
2
Other
Total expense
Net Income, or loss (-), before adjustment of
valuation and operating reserves
2,888
285
3,937
781
6,038
8,113
Adjustments of valuation and operating reserves:
Reserve for losses on loans
Beserre for losses on acquired security or
collateral
Reserve for losses on fixed assets
Reserve for losses on caamodltles and supplies.
Operating reserves ,'.
Other reserves
921
7,576
65,969
269,581.
28,851.
-81.8
-1.9,066
-U6,928
1,899
23
119,885
61,500
90
35
adjustment of valuation and operating
reserres
ITet
Net Incooie, or loss
(
-)
Changes in unreserved earned surplus or deficit:
Unreserved earned surplus, or deficit (-),
June 30, 191*7
Het income, or loss (-), for the six months
ended December 31, 19'>7
Transfers to (-) sun>lus reserves
Transfers from surplus reserves
Distribution of profits:
To General Fund rvTflouaa - deposit of earnings
Dividends
Other
Prior year adjustments
Unreserved earned surplus, or deficit (-),
December 31, 191^7
Footnotes at end of Table k.
781
3
21
35
90
6,01.1
8,131.
27
-759
-i.9,066
-62,11.7
16,127
-51., 020
550,731
-759
-*9,066
23,953
781
6,01.1
8,13".
27
-1,500
181,385
l>,5kl
-9,86l,955r
64,1.57
1,899
70
1,899
-'•,332
ML
2'.,73'.
6l.,l.57
-51., 012
(Continued on following page)
16,151.
-5^,151
''.372
".97,332
-9,793,126
1,969
Treasury Bulletin
60
CORPORATIONS AND CERTAIN OTHER BU3INE33-TYPE ACTIVITIES.
Table 3.- Income and Expense for the Six Months
EMed December
31, 1047
(Continued)
(Id thoiuaodB of dollars)
Certain othar buainaaa*t7p« aotlTltlaa
Total
cortain
othar
tualneaaaetlTltlaa
Adalnlatratlon
1/
Ino«»e:
l,2kl
729
56,860
Sal* of coaBiodltlea and auppllas
Sals of aarrlcaa
Rasta and ro7&Itlea
Intaraat and dlTldaoda:
Intaraet on loflLna
Intaraat on public dabt oblleationa
Intaraat , other
XHTldenda
v
Guarant/ and inauranco pr«BluBB
Othar incoDe:
Galna on sale of flrad aaeeta
Gaina on aals of InTaataaata
Galna on sale of acquired securltj or
collateral
Othar
Total Inccaw
Kxpanaa:
Coat of CGiBodltlea and auppllsa aold
Direct operating coste
Intereat oxpenae:
On horrovlnge froa U. S. Tr«aauz7
Other
AdalnlatratlTs expenaea
Depreciation (not Included In coat of aalaa or
direct operat Ing coeta
Cruxta, snbaldlea and contrH^utlona:
I>lr«et
Izkdlrwt
Guarantj and inaurance loaaea
Other ezpenaes
Loaaea and charge-off a:
Loans charged off
Other aaaeta charged off
Loeaes on sale of fi^ed aaaeta
Losses on sale of inreataents
Losses on sale of acquired security or
collateral
Direct charges to operating reserrea
Other
75,111
1,525
Ul
2,204
26,507
•
,
'
-67
291
-7U
-58
-63
3,1*71
3
17^,257
7,57»»
2t;580
2k
»*,913
223
197
30,903
13,328
5>76
6,iv60
251
16,761.
35,785
19,585
Total expanse
Ret Incone, or loaa (-), before adjiiatment of
Taluat Ion and operating reserrea
Adjuatnenta of Taluatlon and operating reaenraa:
Reaerre for loaaea on loans
Reserre for loaaea on acquired security or
collateral
Reserre for loeses on fixed aaaeta
Raearre for loaaea on ccmiodltles and aupplies..
Operating reserres
Other reserves
Ret adJustKant of Taluatlon and operatlne
reserrea
Rat Inccma, or loaa (-)
Chai^ea in ujireeerred eiumed surplus or daf Icltj
Unraeerred earned eurplua, or deficit [-),
June 30» 191*7
Ret lipoma, or loaa {-), for the aix montha
ended Dec«a!ber 3I, 19^7
Transfers to (-) aurplua reaerres
Transf ere f roB surplus reaevraa
Dlatrlbution of proflta:
To General Fund rerenues - deposit of aamlnga
DlTldenda
Othar
Prior year adjuatnente
Onraaarred earned aujrplus, or deficit (-)»
Decfliaior 31, 19^7
Footnotes at end of Table U.
73
7,591
-1,79»»
20,92'*
Fade ral
Houelng
Adnlnlatratlon
FederaJ
Works
^"^
'
"""^l
Eleotrlf Icatlon
AtelnlatratlGO
U. S.
HarltljH
Comlaala
1/
Var
Shipping
AdBlnlstrutlon
1/
Other
8/
June 1948
61
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES.
Table 4.- Source and Application of Funds for the Six Months Eiided December 31, 1947
(In thousands of dollars)
62
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES.
Table 4.- Source and Application of Funds for the Six Months Ended December 31, 1947
(la thouBaxidj of dollars)
-
(Continued)
June 1948
63
CORPORATIONS AND CERTAIN OTHER BUSINESS-TYPE ACTIVITIES.
Table 4.- Source and Application of Funds for the Six Months Ended December 31, 1947 - (Continued)
(In thousands of dollars)
•
61+
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER BUSINE33-TYPE ACTIVITIES.
Footnotes to Tables 3 and 4
K
y
1/
1/
8/
ThlB r«pr«attnts a tranafor to Bureau of Ania&I loduatry for oradlcatlon of hoof and south dlaeaBs. It is anticipated bj CaBCK>dltjr Credit
Corporation that request for an appropriation to relaburae It for theae
funds vlU be node hj BM.
Excludes $6,72^ thousand reeerre for contingencies.
Figures represent actlrltles under the U. S. Housing Act, as aa^nded.
War housing and other operations of the Autborltj are reflected In the
classification "Other" under "Certain other buslnese-tjpe actlTltlee"
Consists of Defense Boass Corpomtion (in liquidation); Fedex«I Crop
Insurance Corporation; federal Hational Mortgage Association; Federal
Prison Industries, Inc.; TniAn<< Watervajs Corporation; Institute of
Into r-Aaer lean Affairs; Institute of Inter-Aaerlcon Transportation;
Panaoa Railroad Co«i>any; Prencinradlo, Inc.; Regional Agricultural
Credit Corporation of Washington, D. C; aaailer War Plants Corporation (in liquidation); Tennessee Talley Associated Cooperatlres, Inc.
(in liquidation); U. S. CoBserolol Coaq>an7; U. S. Spruce Production
Corporation (liquidated); Tlrgln Islands Cooponj; War Dsaage Corporation (in liquidation); and Warrior Rlrer Terminal Companj, Inc.
Figures for Tnlnnil Watervaje Corporation and Warrior Rlrer Terminal
CoBpany, Inc., are as of Roreober 30, 19J»7, and for the Virgin Islands
Coflpanr, a« of June 30, I9U7.
Created pursuant to PMbllc Iav 731, approred August Ik, l^hS.
Consists of Bureau of Coaounlty Facilities and Public Works Administration (in liquidation).
The U. S. HorltlAS CooLlsslon nov handles War Shipping Administration
functions, but these are here set forth separately from the other
functions of the Co^&lsslon. Latest data arallable are as of March 31,
19^*7, for a. S. Maritime CoamLisslon functions and lend-lease and URRRA
actlTltles of the War Shipping Administration functions, and as of
February 28, 19^7, for the balance of the War Shipping Administration
functions.
Consists of Agricultural Marketing Act RerolTlng Tund; Federal Security
Agency •- student vor loans; Deportaaent of the Interior
Indian loans
—
2/
12/
12/
11/
18/
and Puerto Rico Reconstruction Administration; Ifary Department -guaranteed loans (World War II) and sale of surplus supplies
(World War I); Public Housing Administration -- Far« Security
AdmlnlBtration program, homes conrerslon program, public var
housing program, and reterans* reuse housing program; Treasury
Department -- miscollaneouB loans and other assets; Veterans'
Canteen Serrlce; and War Department •- guaranteed loons
(World War II).
Represents excess of Income, or expense (•), cumulatlre, and Includes surplus reserree as veil as unreserred surplus or deficit.
Includes $316,310 thousaod deficit of Agricultural Marketing Act
RoTolTing Fund, $i»9>l69 thousand deficit of the Department of
the Interior -- Indian loans and Puerto Rico Reconstruction Administration, and excludes $7^,710 thousemd deficit of emergency
crop and feed loan actlrltles and Form Security Administration
vhlch vas not assumed by Farmers* Home Administration; also Includes rerlslons vhlch increase the June 30, 19^7, deficits of
public vor housing program, hones conrerslon program, and Farm
Security Administration by $20,6l6 thousand.
Includes 12^,000 thousazid transferred to Bureau of Animal
Industry. See footnote 1.
Includes $139»300 thousand for capital stock subscribed for by
Federal Reeerre Banks.
Includes $2^^ thousand In transit from Federal Intermediate
credit banks.
Includes renevals.
'
Includes changes in reserres for losses.
Includes changes In reserres for depreciation on fljced assets and
losses on property declared surplus.
Includes $17d,^06 thousand net decrease In vorklng capital due to
adjustment of reserree
Includes $1,UOO,000 thousand payments out of the credit to
United Kingdom.
Rerlsed.
Less than $500.
June 1948
65
CUMULATIVE TABLE OF CONTENTS.
Issues, July 1947 through June 1048
66
Treasurif Bulletin
CUMULATIVE TABLE OF CONTENTS.
Issues, July 1047 through June 1048
-
(Continued)
BUY
AND
m
HOLD
UNITED
S TAT E S
SAVINGS
BONDS
I
r.
/
Treas.
HJ
@FedFRASER