Full text of Treasury Bulletin : March 1950
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^
LIBRARY
ROOM 5030
J UN 9.11972
TREASURY DEPARTMENT
WEASIUMY,
BUMIETIIN
MRRCH-I35D
UNITED STRTES TREASURY DEPARTMENT
OFFICE DF THE SECRETBRV
March 1950
Table of Contents
Page
A_1
Treasury financing operations
Summary of Federal fiscal operations
*
Budget receipts and expenditures
2
Trust accounts, etc
&
"
Treasury oash Income and outgo
General Fund of the Treasury
*5
Debt outstanding
1"
Statutory debt limitation
20
Debt operations
"
United States savings bonds
2o
Treasury savings notes
3°
Ownership of Federal securities
31
Treasury survey of ownership of Federal securities
33
Treasury survey - commercial
Federal securities
bank,
ownership of
37
Market quotations
**
Yields of Treasury and corporate bonds
""
Internal revenue collections
™
Monetary statistics
5°
Capital movements
5*
Cumulative table of contents
"9
Note:
In those tables where figures have been rounded to a
specified unit, all calculations (Including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
•
.
March
W50
A-l
Treasury Financing Operations
March and April Certificate, Note,
and Bond Maturities
On February 14, 1950, the Secretary of the
Treasury announced that new Issues of Treasury notes
would be offered In exchange for the four marketable
securities, other than Treasury bills, maturing In
March and April.
The announcement stated that 1-1/4
percent Treasury notes to mature on July
1, 1951
would be offered to refund the Issues of 1-1/4 percent certificates of Indebtedness maturing on March 1,
for the 1-1/4 percent certificates maturing March
1,
and for the new 1-1/2 percent Treasury notes,
Series A-1955, In exchange for the 2 percent Treasury
The
bonds of 1950-52 (dated October 19, 1942).
subscription books were closed at the close of
Exchanges were made par for
and cash subscriptions were not received.
Both securities were Issued In bearer form only,
and In denominations of $1,000, $5,000, $10,000,
Neither Issue Is subject
$100, OOO.and $1,000,000.
business February 21.
par,
and April 1, 1950; and that an Issue of 1-1/2 percent
Treasury notes to mature on March 15, 1955. would be
offered to refund the 2 percent Treasury bonds of
to call for redemption before maturity.
1950-52 (dated October 19, 1942) which had been
called for redemption March 15, 195°, and the 1-3/3
percent Treasury notes maturing on April 1, 1950.
1950,
of 1-1/4 percent per annum, payable on a semiannual
basis on January 1 and July 1, I95I. They will
The four maturing securities aggregate $9, 443 million.
mature July
1,
1951
The notes of Series A-1955 are dated March 15,
Pursuant to the announcement, on February 17
the following offerings were made:
The notes of Series B-1951 are dated March 1,
and bear Interest from that date at the rate
rate
and bear Interest from that date at the
of 1-1/2 percent per annum, payable semiannually on
September 15, 1950, and thereafter on March 15 and
1950,
An issue of 1-1/4 percent notes
dated March 1,195°, to mature July 1,1951,
was offered In exchange for the issue of
September 15 In each year until the principal amount
They will mature March 15, 1955-
becomes payable.
one-year 1-1/4 percent certificates maturing
March
1,
Series C-I95O,
In the amountof
An issue of 1-1/2 percent notes to be
dated March 15, 1950, to mature March 15,
1955, was offered In exchange for the 2
percent Treasury bonds of 195°-52 (dated
October 19, 1942) which had been called for
redemption on March 15, 195°. ani will De
reopened in exchange for the 18-1/2 month
1-3/S percent Treasury notes, Series A-I95O,
and about 73 percent of the called bonds were owned
by reporting commercial banks and Federal Reserve
Banks.
The ownership figures for December 31 are the
latest available for the holdings of commercial banks.
Subscriptions to the new 1-1/4 percent Treasury
Series B-1951, amounted to $2,741 million,
notes,
leaving $130 million to be paid In oash.
Subscrip-
amounted to $1,963 million and the maturing
tions to the new 1-1/2 percent Treasury notes,
3eries A-1955, amounted to $1,360 million, leaving
notes amount to $3, 596 million.
$103 million to be paid in cash.
maturing April
1,
1950. The maturing bonds
An Issue of 1-1/4 percent notes to be dated
April 1, 1950, to mature July 1, 1951, will °e
offered In exchange for the issue of one-year 1-1/4
percent certificates maturing April 1, 1950.
subscription
for the new 1-1/4
Pursuant to the announcement,
Treasury Bills Refunded
Treasury bills maturing in February were reEach
funded In the full amount of $4.0 billion.
maturity and eaoh offering was for $1,000 million.
The average rates of discount on the four new Issues
were for February 2 and 9, 1.119 percent, for
in exchange
February 16, I.I3I percent, and for February 23,
I.I32 percent.
Details of Treasury market financing operations are
shown In the tables on "Offerings" and "Disposition",
respectively, of marketable Issues of bonds, notes,
and certificates of indebtedness , and In the table "Offerings of Treasury Bills", In this issue of the "Treasury
Bulletin"
books were opened on February 17,
percent Treasury notes, Series B-I95I,
Note:
Reports to the Treasury on the ownership of
Government securities Indicate that on Deoember 31,
1949, about 58 percent of the maturing certificates
$2,922 million.
...
.
March
,
.
,
W50
SUMMARY OF FEDERAL FISCAL OPERATIONS
{In millions of dollars)
Budget receipts and expenditures l/ Trust
accounts
etc - net
Surplus ,
receipts,
Net
Expendor
or expendreceipts
itures
deficit
itures (-)
2/
1/
.
Net
increase
Clearing
account
5/
(-)a/
Fiscal years
decrease
Net
increase
in General
Fund balance, or
decrease
(-)
(-)
in
public
debt, or
Levels , end of period
Debt outstanding
General
Fund
balance
Public
debt
Guaranteed
securities
36,k25
37,165
k,665
k,853
5,k51
5,529
6,370
Total
Federal
securities
:
1937
1938
1939
i9ko
i9ki
I
»,979
5,808
5,W3
5,265
7,227
19k2
19k3
19kk
12,696
22,202
U3,892
191*5
kl»,762
19k6
1*0,027
19">7
UO.OVj
19k8
19"»9
1*2,211
38,21*6
1950 (Estimated)
1951 (Estimated)
37,763
37,306
Calendar years
7,756
6,979
8,966
9,183
13,387
-2,777
-1,177
-3,862
-3,918
-6,159
3
2,61*6
99
1,210
W.3
7l*0
3,275
2,528
908
5,99"*
3"*,l87
-21,1.90
-57,1*20
-51,1*23
-53,91*1
-1,613
-338
-2,222
791
-20,676
-521.
75"*
79,622
95,315
98,703
60,703
23,1*61
6li,27l*
8,1*19
-1,103
-29«
1*0,057
-1,811
-1.95
555
-507
366
1*3,297
-5,533
-5,133
-35"*
200
-218
-Ul,k6l
-55,691
-53,650
-»3,59k
-2,512
-1,788
-266
-1,161
-123
-1,386
362
-350
-229
-502
-21*0
1.2,1.39
2,553
2,216
2,838
1,891
2,633
358
6,515
10,662
2,991
9,507
20,169
U0.1.U0
1.2,968
k8,96l
72,1*22
kl,089
1*2,018
k5,890
k8,k97
55,332
k,568
k,100
1,623
202,626
76,991
,698
136,696
201,003
258,682
k33
259, 115
10,71*0
-10,k6o
Ik, 238
269,1.22
1.76
269,898
-11,136
-10,930
258,286
252,292
252,770
90
258,376
252,366
252,798
258,
307
57,679
61*,
39,289
33,791
-128
-338
622
-9»7
7U2
1..529
21.
-5,991*
1,621.
1*78
-I,k6t
3,308
k,932
3,k70
5,630
5,1*00
-58
k8
3,kl3
3,k6i
50,232
57,707
6,983
1,751
61>,753
9,91*2
1*7,1*81.
-18,966
3,767
-22,502
10,5k3
12,29V
22,236
26,003
3,502
199
-2,21*9
-1*,100
1,111
23>>
k,331
"*71
-326
-1,969
-1,615
WO
73
27
11.0,796
39
258, U39
263, 8W.
108,170
165,877
230,630
278,115
259,lk9
301
230
51k
567
339
112, kTl
232,11.1.
3,097
U.208
k,679
256,900
252,800
257,130
81
55
30
256,981
252,85k
257,160
I., 61.8
256,57k
25k, 605
252,990
77
256,651
25k ,683
253,068
252,2UO
252,236
252,292
75
75
55
51
50
253, k29
5,583
253,37k
253,0k9
252,687
252,513
252,563
263,800
:
19l»S
16,290
57,751
19>>3
311, 1.83
90,171*
19"*k
"*3,531
1*3,928
97,181
87,522
38,810
1.1,322
1*1,010
2,1.31.
1*1, l»50
38,576
36,209
38,122
1*1,711*
-3,592
*,196
2,800
1,396
259
1*,158
5,871*
2,221.
1,931*
-19ll
3,086
2,788
-86
222
-101
-53
April
May
June
2,239
2,51.1
2,222
k,0l8
86
378
-685
226
-1U.
-226
-750
2,321*
l*,859
-302
103
1,551
-330
1,035
-7*1
-3
33"*
I*,9k6
56
-Ik
k,932
July
August. .
September
2,096
2,505
3,71*1
-1,61.5
it
2,335
3,066
202
1,1*77
-371*
700
-289
9
1,082
-32U
-362
lkl
-2kl
751
5,07k
169
October.
November
December
2,101
2,911
.3,163
k,102
-810
-623
-88
82
317
-219
17".
-227
U6
-781
-»17
-177
l.,802
252, k6o
52
-158
-I63
k,385
k,208
252,506
252,800
57
55
37"*
»09
1,783
-8k
172
-315
-179
101
-1,080
»51
631
5,1*35
3,205
2,972
3,651
".76
k,659
5,291
5,767
252,620
252,721
251, 6k2
36
26
2k
252,656
252, 7k7
251,666
1,31*0
3,151
213
291
-511
-32 1*
-173
-111
359
881
-1,771
-833
308
3,995
3,163
3,k70
251,530
251,889
252,770
23
3,101*
"•,656
-1,811
-1,159
111
-6a
l,9k5
23
27
251,553
251,912
252,798
3,»3»
3,585
3,995
-1,1.88
30
218
31*5
-1*01.
-133
20
1,107
1,975
828
-133
1,081
1,281
3,337
-1,106
837
253,877
255,852
256,680
26
27
29
253,902
255,879
256,709
98
k,737
28
29
k,679
256,778
256,982
257,130
30
256,805
257,011
257,160
5,01.9
256,865
27
256,892
19k5
19k6
19k7
19k8
19k9
Months
I9U8- January
February.
March....
5,21*1
-1*05
170,108
278,682
259, k87
:
.
l*,5l*3
2,51*0
l*,0ll*
19k9-January..
February.
March....
April ....
May
June ......
3,579
3,381
11,767
July
l,9t6
August. .
September
2,1*79
"*,832
October.
Hovember
December
1,881
.
-1,230
-783
"*,191
3,111
3,127
3,722
3,366
3,323
Itk
2,3*41.
.
1950 -January..,
81.1
•469
10
299
-272
3I1O
-51
87
291.
-88
11.8
-962
-315
257
589
-265
370
160
-36
Source:
Actual figures from Dally Treasury Statement; estimates based on
the 1951 Budget document, including effect of proposed legislation.
1/ Both receipts and expenditures exclude (1} refunds of receipts and
(2) payments to the Treasury, principally by wholly owned Government
corporations, for retirement of capital stock and for disposition of
earnings
2/ Gross receipts less appropriations to Federal Old-Age and Survivors
Insurance Trust Fund and refunds of receipts (see "Budget Receipts
and Expenditures", Table 1).
i/ To make the figures for the fiscal years 19I18 and 19k9 comparable with
those for other years shown In this table, all transactions relating
201.
k/
5_/
k,3l8
5,353
k,6l2
11,832
k,ltl8
5,699
I*,
1*22
79
78
73
252,315
252,311
252,366
253,101
252,738
252,851*
to the Foreign Economic Cooperation Trust Fund (established under
Section 111* (b) of the Economic Cooperation Act of 19k8) have
been consolidated with Budget expenditures, beginning with the
March 1950 lesus of the "Treasury Bulletin".
Consists of: trust accounts; sales and redemptions of securities
of Government corporations, etc., In the market (net); Increment
on gold; seigniorage on silver; and miscellaneous funds and
accounts. Figures exclude retirement of national bank notes chargeabls against Increment on gold (fiscal yaare 1937-39).
For outstanding chocks and telegraphic reports from Federal Reserve
Banks; excess of receipts, or expenditures (-).
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 1.- Receipts by Principal Sources
(In millions of dollars)
Fiscal year
or month
.
.
March
W50
BUDOET RECEIPTS AND EXPENDITURES
Table 3.- Expenditures for National Defense and Related Activities
(In millions of dollars)
Department
of the
Air Force
11/
Fiscal year
or month
Department
of the
Army
1U/
Department
of the
Navy
157
19"*6
28,266
75,297
89,720
90,501
U8,870
1<*7
16, 812 r
19>*8
11,500 r
12,158 r
1,690
5Ml
U.U12
13, l*3fc r
3,7t>5
U.307
U,39't
13,837 r
M15
lt,175
It,
l.OUo r
1,173 r
1,032 r
155
205
279
U63
515
332
1,006 r
1,063 r
1,100 r
329
29U
351
l,05li
305
19A2
19"*3
19"»U
19>*5
19">9
1950 (Estimated)
1951 (Estimated)
19l>9-July
August
September
October. .
November
December
.
.
.
.
.
.
1950- January
Fiscal year 1950
to date
7, >68
l
50,337
27,800
8,580
20,888
26,538
30.0U7
15,161
6,911
6.0U6
"•,998
l»,171
lit, 070
1*2,265
ll9,2U2
1,918
Payments
under Armed
Forces
Leave Act
United
States
Maritime
Commission
16/
Surplus
property
disposal
12/18/
66U
271
277
136
1,501
268
25
160
162
222
Other
20/
i2/
2,lt32
6,180
,UU7
It72
305
106
328
,117
UU2
325
98
138
lilt
11
3
98
299
55k r
U5 r
71 r
580
650
232
211
11
52
38
6
35U
Ult
15
230
329
318
378
"•5
376
367
37
30
20
20
29
335
357
3U
15
2,521
356
ItOO
2,588
I17
Source:
(Same as Table 2).
Footnotes at end of Table 5.
Table 4.- Expenditures for International Finance and Aid
(In millions of dollars)
Fiscal year
or month
Strategic
and
critical
materials
2,255
3,189
2,682
929
2,776
3,812
3,227
69U
1,986
270
10
Peconstructlon
Finance
Corporation
279
5
110
:
:
:
:
:
:
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table 5.-
M
Other n Expenditures
(In millions of dollars)
Aid to
agriculture
2U/
Fiscal 7©ar
or month
Social
security
program
Public
works
18/ 26/
a/
Bousing
home
finance
wnrt
21/
-201
-35k
-360
-307
-2k6
Direct
and vorfc
relief
28/
Atomic
Energy
Commission
Mlacellaneous
29/
622
118
679
7k2
1,378
19k2
19U3
19k *
19k5
19U6
k,105
1,91k
2,256
2,525
2,133
1,385
585
696
969
-203
656
81.5
313
359
19U7
19k8
6,1*67
5,332 r
r
9,670 r
1,226
782
2,661
1,066
1,619
1,696
,126
,520
129
-68
-56
159
k56
6k7
2,062 r
2,553 t
3,201 r
1950 (Estimated)
1951 (Estimated)
11,969 r
12,723 r
2,838
1,971
2,250
1,813
2,013
-k 9
116
673
817
k,72k r
5,127 r
19l»9-JuU
August
September..
1,100
lko r
153 r
168 r
-12
-11
-k
50
36
kl
311 r
681 r
3k5 r
lkk r
168 r
130 r
-28
-13
-26
Mt
318 r
3kk r
23k r
1
19">9
2,1»00
673
535
732
798
807
1*25
690
6k
327
U95
5k7
157
359
779
2k2
212
311
228
111
1950- January ....
1,00U
31k
186
125
-37
Fiscal year 1950 to date.
7,139
1,965
1,37k
1,029
-132
October. .
November .
December.
..
.
.
1,106
9>»9
62
Source:
(Same as Table 2).
For further detail, Bee tables under "Internal Revenue Collections".
Receipto
of Victory taxeB withheld pursuant to the Revenue Act of I9U2
Hj
are classified as "Other" Income and profitB taxes.
Consists of receipts for old-age insurance, unemployment insurance,
railroad retirement, and health Insurance in the 1951 estimate; for
details see Tables 7 and 8 in this section. Excludes railroad unemployment Insurance contributions, which are Included In "Other receipts".
Includes proceeds from sale of surplus property and from Governmentowned securities; also deposits resulting from renegotiation of war
contracts (see "Treasury Bulletin" for February 19 *8, page 5).
Both budget receipts and budget expenditures exclude payments to the
Treasury, principally by wholly owned Government corporations, for
retirement of capital stock and for disposition of earnings (eee "Treasury
Bulletin" for February 19V?, page A-2),
See Table 7 in this Bection.
Excludes interest on refunds
Allows for deduction of appropriation of $250 million for Health Insurance
Trust Fund, under proposed legislation.
2/ In addition to the exclusion of certain payments to the Treasury as
indicated In footnote 5, total expenditures shown here exclude refunds
of recelpte (see Table 1 in this section). Interest on refunds is shown
under "Other" expenditures. Budget expenditures also exclude amounts for
public debt retirement which are chargeable to the sinking fund, etc.,
under special provisions of law, and Include transfers to trust accounts
and net expenditures of wholly owned Government Corporations, etc., except payments to the Treasury mentioned above.
10/ To make the figures for the fiscal years 19 +8 and I9U9 comparable with
those for other years shown in this table, all transactions relating to
the Foreign Economic Cooperation Trust Fund (established under Section
llU (b) of the Economic Cooperation Act of 19^8) have been consolidated
with Budget expenditures, beginning with the March 1950 issue of the
"Treasury Bulletin"
Beginning November 1, 19^9, Interest on the public debt ie reported as an
expenditure when such interest becomes due and payable, as distinguished
from the previous practice of showing It as an expenditure at the time
Interest was paid by the Treasurer of the United States. In order to take
care of the transition in the basis of reporting, the expenditures for
interest in the fiscal year 1950 represent not only the Interest which
becomes due and payabls during that year but also the Interest for prior
years which had not been presented as of June 30, I9U9, for payment by the
Treasurer of the United States, amounting to $225 million.
Includes public works undertaken by the Veterans' Administration.
&/. See footnote lU/.
Ik/ Includes expenditures on behalf of the Department of the Air Force which
are made out of appropriations to the Department of the Army, but excludes
expenditures as follows: those shown separately in Table 3> international
finance and aid, shown in Table U; river and harbor work and flood control,
included in Table 5 under "Public works"; and Panama Canal. War expenditures of the Panama Canal, all prior to July 1, 19 »7, are included in
Table 3 under "Other"; other expenditures of the Panama Canal are included
in Table 5 under "Miscellaneous".
157 Excludes expenditures ehown separately in Table 3. and those for International finance and aid, shown In Table h.
Excludes expenditures ehown separately In Table 3.
12/ Beginning March 19^8, includes reimbursement for expenditures by the Departments of the Army and the Navy for care and handling of surplus
property overseas
18/
y
1
19/
20/
21 /
22/
23/
1
2k/
25/
a/
26/
a/
27/
28/
29/
1
970
299
17
38
1*6
376
2,609
295
Effective January 1, 1950, certain administrative functions of
the General Services Administration were consolidated pursuant to
Section 106 of Public Law 152, approved June 30, 19^9, and appropriated funds relating to such functions were transferred to and
combined in one operating account. Accordingly, expenditures by
this agency for surplus property disposal and for public buildings
other than construction are not reported separately after that
date, and are not Included in the totals for these purposes shown
in Tables 3 and 5. Figures for the preceding months of the fiscal
year 1950 have been revised to a comparable basis.
After July 1, 19^7, expenditures for national defense and related
activities were not segregated from the other expenditures of the
Corporation and its affiliates, which are Included in Table 5
under "Miscellaneous"
For content before July 19^8 eee "Treasury Bulletin" for
September 1948, page U, and February 19^8, page 7, except that
beginning with the fiscal year 19**7 figures have been revised to
Include expenditures of the National Advisory Committee for
Aeronautics. Beginning July 19^8, consists of expenditures of
that Committee, the Selective Service System, and the Office of
the Secretary of Defense. The latter includes retired pay for the
military services beginning September 19^9
Excludes expenditures made through the Bank under Economic
Cooperation Act of I9U8.
Beginning June I9U9, includes Department of Agriculture expenditures
for agricultural commodities and raw materials for occupied areas.
Consists principally of expenditures by the Department of State
for the International Children's Emergency Fund and for the loan
for construction and furnishing of United Nations headquarters.
Department of Agriculture expenditures except those included In
Tables 3 wnrj k and those for foreet roads and trails, included In
Table 5 in this section under "Public works".
For more detail of these expenditures, see Tables 7, 8, and 9 In
this section.
Consists of expenditures for the following: public roads, except
those for assistance to Greece and Turkey; public buildlnge,
consisting of construction only, beginning with July 19**9 (see
footnote 18); and Bureau of Community Facilities (these three
categories of expend lturea having been under the Federal Works Agency
until It was abolished by Public Law 162, approved June 30, 19^9);
Bureau of Reclamation; Tennessee Valley Authority; river and harbor
work and flood control under the Department of the Army; and foreBt
roads and trails under the Department of Agriculture. Prior to July
I9U9, Included all other Federal Worke Agency expenditures except
those Included in Table 3 •
Excludes expendlturee Included in Table 3Not classified separately for fiscal years after 19^5. For additional
information, see "Treasury Bulletin" for August 19^5, page 6.
Includes expenditures for executive departments not included elsewhere
(including interest on refunds of recelpte) and for legislative and
Judicial functions; Government contributions to Government employees'
retirement; aids to education, labor, finance, commerce, and industry;
civil aeronautics; Panama Canal, except war expend 1 turea Poet Office
deficiency; and for 1950 and 1951 estimates, reserves for contingencies.
Lees than $500,000.
Revised.
;
W.
*
r
)
March
N50
BUDGET RECEIPTS AND EXPENDITURES
Table 6.- Summary by Months and Calendar Years
(
Calendar year
Apr.
In millions of dollars
July
May
Aug.
Sept.
Uli
Dec.
Net budget recelptB l/
1938
1939
I9I1O
I9U1
19U8
19 1'3
19 t 1>
267
309
363
331*
Ull
751
1.39
571
9U9
2,U9U
3,613
682
791
1,557
3,538
208
296
383
686
3U0
393
386
556
1,508
3,01*7
558
599
267
260
385
1,270
1*07
365
672
671
1*U0
703
1,128
8,511
I.
31*5
668
513
"•37
357
356
558
599
59"*
2,02U
1,900
8,093
8,105
8,383
8,888
8,698
5,730
5,3SU
U,067
U.050
l*,197
38,810
Ul.010
295
272
3S7
8,1*69
739
390
581
1,1*72
>*,567
8,711*
8,1.38
2,1*35
8,656
8.8U6
8,U38
2,1*53
2,182
2,281
"t.875
"t,386
2,297
6,182
5,702
3,963
U,929
2,001
2,078
5,1*1*1
2,895
2,900
U,6l2
3,339
"*,851
73>*
5,713
1,205
3,695
16,290
8,1*67
3U.U83
3,581*
19>*7
3,770
3,785
5,202
6,532
6,661
5,501
1>,196
5,3>t2
2,786
8,159
1,968
19U8
11,196
1*,
8,839
8,381*
1*,859
8,096
2,505
"*,5"<3
5,1*35
1,31*0
1,91*5
I*,
767
1,91*6
2,1*79
•1,83s
2,101
1,881
2,51*0
3,579
3,366
158
3,381
5,871*
19U9.
2,31*1*
U.OlU
U,191
Ul,U50
38,128
703
751
692
738
1,9&9
5,931
777
752
891
8,338
6,l8U
967
631
888
1,890
6,012
835
835
1,187
2.68U
6,926
9,151
9.6U5
20,229
57,751
7,619
7,91*7
8,031*
7,811
7,7V*
8,337
5,619
2,860
2,391*
1*,530
2,1*53
3,11*3
l*,96s
8,968
7,667
7,779
6,373
3,663
3,673
3,605
3,176
97,181
87,522
Ul,322
38,576
8,335
3,585
3,066
3,995
3,911
3,111
3,163
3,187
U,102
3,788
1*1,711*
-U83
-622
-273
-532
-1,333
-166
-331
1
19"<5
191*6
1950
783
2,71*0
3A59
2,21*3
5,803
2,1*1*0
1*3,531
1*3,928
Budget expenditures 2/
1938,
1939.
653
677
1,133
8,680
585
62U
1,076
2,652
785
798
1.U88
3,515
19>>5.
8,11*8
6,358
8,012
7,127
7,7"*6
19W.
6,728
7,737
19U6.
U,8ll
3,019
3,31*0
3,731
3,598
3,S39
8,800
3,805
3,383
2,82U
8,978
3,086
3,651
191*0
19M,
19>*S
19>*3.
19>*7,
19U8.
191*9.
1950.
10.U18
9,031*
665
710
l.UOU
3,939
69U
605
1,358
U.UOO
88U
881.
1,591
U,8l0
8,s6o
8,631
666
956
8U3
1,631
5,857
7,300
7,337
7,758
3,750
6,379
8,987
3,"*07
3,88U
U,836
U,996
8.01U
8,561
3,887
3,553
S.5U1
3,151
8,828
U,0l8
3,71*1
3,10"*
l*,656
3A3I*
7,1*75
3,371*
9,51*0
7,1*99
Budget surplus, or deficit (-)
1938.
1939,
19>*8.
-385
-368
-799
•8,109
-222
-18U
-665
-1,901
-103
-7
75
23
191*3.
•5,91*6
-5,1*09
-2,51*3
19**!*.
1*, 997
-5,518
19U5.
•U.683
-3,511*
191*6.
1,0U2
2U3
191*7.
706
1*61*
-3,880
-2,373
1,902
2,102
191*8.
1,396
1,931*
371*
U09
19"*0,
19UI,
19*9
1950,
2,788
1,783
-U57
-35"*
-1*11*
-213
-966
-3,8UU
-1,022
-3,253
-5,792
-U,291
-1*,97S
-1,591
-1,1*1*5
-302
-1,811
-6,002
-3.98U
-6,028
-1,131
-987
103
-1,159
5,1*56
7,831
8,208
6,91*9
8,71*5
90, 17"*
36,209
3_/
-399
-696
-519
-33S
-885
-381
-1,881*
-2,31*1
-U.518
-3,693
-5,1*98
-2,1*1*9
-873
-67
-5,937
-6,126
-1,105
-1,272
8U1
111
-1,61*5
-1,1*88
-3,838
1,020
801
1,668
-259
-655
-361
-1,878
-It, 875
-3,1*10
-5,117
-5,776
-8,887
-1,976
-5,595
-6,131*
-11,293
-1,1*97
-1*99
1,723
-52U
1,91*0
169
-1,106
1,1*77
-21
-1*80
-3"*
-561*
-861
-1,891
-5,585
837
-U,300
-1*52
-3,931*
-11,762
-5,1*17
-1,1*79
-*, 231
-5,851*
-2,01U
-3,001*
-55,691
-53,650
-3,165
-U80
-55
-5,706
-2,208
-165
5U9
-895
-''3,59'*
1*1*5
-2,512
1,022
2,1*31*
-810
-1,230
-623
-783
-88
U69
-3,598
-1*1,1*61
5,21*1
kk
Source: Dally Treasury Statement.
l/ Grose recelpte less deductions for appropriations to Federal Old-Age and
Survivors Insurance Trust Fund and for refunds of recelpte.
8/ Excludes refundB of recelpte, which are shown as a deduction from receipts
(see footnote 1), certain payments to the Treasury, principally by wholly
owned Government corporations, and amounts for public debt retirement
which are chargeable to the sinking fund, etc., under special provisions
of law; Includes transfers to trust accounts, and net expenditures of
37
wholly owned Government corporations, etc., except payments to
In order to make the figures for
the Treasury mentioned above.
the fiscal years 19U8 and 19^9 comparable with those for other
years shown in this table, aU transactions relating to the
Foreign Econcmftc Cooperation Trust Fund (established under
Section Ilk (b) of the Economic Cooperation Act of 19^8) have
been consolidated with Budget expenditures, beginning with the
March 1950 issue of the "Treasury Bulletin",
Net receipts less expenditures.
Treasury Bulletin
BUDGET RECEIPTS AND EXPENDITURES
Table
7.
Social Security Act
-
Budget Receipts and Expenditures
(In millions of dollars)
Plecal year
or month
..,
.
March
2
.
)
mO
BUDGET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement Act
-
Budget Receipts and Expenditures
(In millions of dollars)
Expenditures
Receipts
Fiscal year
or month
Rxoese of net
receipts, or
expenditures (-)
1/
Taxes on
carriers
and their
employees
Deduction:
Refunds of taxes
on carriers and
their employees
Administrative
expenses
Nat
receipts
Transfers to
Railroad Retirement Account
( trust
account)
1/
21.6
-ll.U
1.8
-26.3
-12.8
170.0
208.8
267.I
285.0
282.6
170.0
208.8
267.0
28U.S
281.7
77.3
-206.5
-15.5
380.1
557.1
563.8
380.0
557.0
19"t9
19U9-July
August. ..
September
-383.9
-13.5
136.0
2.7
9.7
136.0
X9h2
,
19>»3
1°M
Wt5
19U6
19"<7
19W
7.6
5.".
302.8
763.5
578.9
k.3
5.0
k.U
298.5
758.5
2.6
9.7
136.0
386.5
23.1
.5
386.0
23.0
563
.<•
2.5
2.3
2.6
-76.3
.7
.7
77.0
5.0
132.8
5.1
132.8
5.0
132.8
.1
*
.1
»
1950- January...
-36.5
.9
.9
37.1*
.1
3y
*
Table 9.- Railroad Unemployment Insurance Act
57"<.5
.1
October..,
November .
December.
Source: Dally Treasury Statement.
l/ Excess of expenditures Is covered by appropriations by Congress.
2/ Tax refunds deducted from receipts exclude Interest on refunds, which Is
Included under "Administrative expenses"
IU0.9
21U.8
262.7
308.8
291.9
lU8.lt
220.2
265.2
311.1
29k .5
77.0
37.3
Consists of expenditures from appropriations made specifically for
administrative expenses relating to the Railroad Retirement Act,
and Interest on refunds of taxes (see footnote 2).
LesB than $50,000.
2/-
Budget Receipts and Expenditures
(In ml 11 lous of dollar-)
Receipts
Fiscal year
or month
Excess of
receipts, or
expend 1 tures
8/
19U2
19^3
(
-
Railroad
unemployment
insurance
contributions $J
2.1
2.1
-2.7
19W»
19U5
.6
-.2
19>t6
19"t7
.5
19U8
-.6
-5.1
19>»9
19U9-July
August. ...
September.
October. ..
November..
December.
1950- January .
Expenditures
Administrates expenses (Railroad
Unemployment
Insurance Administration Fund)
U/
8.5
lit
.
Source: Dally Treasury Statement.
l/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Excess of expenditures is covered by appropriations by CongresB.
\f Represents 10^ of contributions under the Railroad Unemployment
Insurance Act; the remaining 90)» is deposited in the Railroad
Unemployment Insurance Account, Unemployment Trust Fund. (See
"Trust Accounts, etc.", Table 7).
lt.5
5.5
5.9
9.2
9.7
9.0
.2
.2
3.9
.8
.5
.8
.9
12.6
13.1
It .2
Ik .5
13.7
15.1
1U.8
9.7
It
2.I4
-.1*
-.8
1.3
3.9
6.0
11.7
8.9
9.6
8.2
12.1
13.2
12.9
-It.
-.7
1.9
2.5
2.2
3.2
3.7
3.5
6.1.
10.3
.It
.8
.8
.6
.6
.It
.It
5_/
*
.5
.It
1.9
k/
Transfers to Railroad
Unemployment Insurance
Account, Unemployment
Trust Fund 5_/
Consists of expenditures from appropriations made specifically for
administrative expenses relating to the Railroad Unemployment
Insurance Act.
Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 19U0).
Less than $50,000.
Treasury Bulletin
TRUST ACCOUNTS, ETC..
Table 1.- Summary of Receipts and Expenditures of All Trust Accounts, Etc*
(In millions of dollare)
Fiscal year
or month
19k2
Net receipts,
or expenditures
Receipts
(-)
1/
-1,613
-338
-2,222
791
-52k
Expenditures 1/
Investments
3,218
Other
Total
U,830
U.292
7,307
5,085
7,086
7,712
1,925
3,00k
U,129
5,200
3,668
2,905
1,287
3,178
1,09k
k,568
-U95
6,2V.
6,515
5,71k
3,362
3,060
2,311
3,985
3,750
3,898
7,3*7
6,810
6,209
1950 (Estimated)
1951 (Estimated)
-351
-218
6,709
8,199
287
2,311
6,776
6,106
7,063
8.U17
19U9-JUU
August
September.
30
3U5
-kok
588
1,032
550
223
311
576
335
376
378
559
687
95k
October....
November ...
December.
10
299
285
659
116
-86
22
361
-272
53
338
336
275
360
389
2
kl2
-U53
863
klO
19"»3
19kk
19k5
19k6
19k7
19k8
19k9
3,95">
-1,103
-29".
.
1950- January
Source: Actual flgureB from Dally Treasury Statement; estimates based on
1951 Budget document, including effect of proposed legislation.
1/ To make the flguree for the fiscal years 191*8 and I9U9 comparable with
those for other years shown In this table, they exolude transactions
6,2914
8,236
of the Foreign Economic Cooperation Trust ?und (established under
Section Ilk (b) of the Economic Cooperation Act of I9U8). These
transact lone have been consolidated vlth Budget expenditures, beginning with the March 1950 Issue of the "Treasury Bulletin"
Table 2.- Receipts by Principal Accounts
(In millions of dollars)
Fiscal year
or month
19k2
Total
1/
Federal Old -Age
and Survivors
Insurance Trust
Fund
Bailroad
Retirement
Account
Unemployment
Trust Fund
l,2kk
1,399
1,567
1,508
1,280
19k3
19kk
19k5
19k6
3,218
3,95k
5,085
7,086
7,712
967
1,218
1,395
lkk
221
273
1,1.31.
321.
1,386
312
19k7
19«3
19k9
6,2kk
6,515
5,71k
1,623
1,807
323
1950 (Estimated)
1951 (Estimated)
6,709
8,199
2,506
It, 018
191,9-july
588
1,032
550
61
381
18
23
»
231.
285
659
116
63
77
337
22
32
225
26
1»12
lkk
August
September
October.
November
December.
1950- January
.
.
.
.
.
.
1,92!»
y
797
625
663
658
38
Source
( Same
as Table 1 )
1/ Excludes receipts of Foreign Economic Cooperation Trust Fund (all In
19k8); see Table 1, footnote 1.
2/ ConslBte of Civil Service and Foreign Service retirement funds. The
Civil Service fund includes the former Alaska Railroad and Canal Zone
retirement funds, beginning September 19k9, these two funds having
been abolished and their assets transferred in accordance with
National Service
Life Insurance
Fund
316
905
2,127
2,351
1,289
1,313
1,173
1,501.
1,179
1,359
1,103
1.2
32
35
kk6
18
no
:
3V
k/
7k0
690
617
Government
Life
Insurance
Fund
Government
employees *
retirement
funds 2/
Miscellaneous
1/3/
92
90
9k
97
103
222
37k
501
557
6lk
50k
337
351
1,038
1,666
13k
90
92
578
680
792
1,17k
529
92
91
821
85k
3k5
352
28
332
29
35
2k
35
59k
35
33
1.2
3k
29
5
30
30
30
55
31
30
provisions of the Act of July 21, 19k9.
Includes Adjusted Service Certificate Fund, District of Columbia,
Indian tribal funds, Insular possessions, increment resulting
from reduction In the weight of the gold dollar, and seigniorage on
silver.
Total includes $250 million for Health Insurance Trust Fund under
proposed legislation.
Less than $500,000.
.
March
'
N50
TRUST ACCOUNTS, ETC.
Table 3.- Investments by Principal Accounts
(In millions of dollars; negative figures are excess of redemptions)
Federal Old-Age
and Survivors
Insurance Trust
Fund
Fiscal year
or month
1,23k
U6l
353
60
32
32
282
363
UU7
1,729
1,715
3k9
312
-833
-216
-1,518
-311
-19
20
579
577
-57
361
-1
-2k
-105
52
-2k
-25
287
2,311 2/
1,19>>
315
.
-86
22
53
269
1950-January...
-U53
UO
October..
November .
December.
..
.
(Same as Table 1).
Source:
1/ See Table 2, footnote 2.
1U0
280
393
399
309
W13
kk6
-160
1950 (Estimated)
1951 (Estimated)
223
311
576
Government
employees
retirement
funds 1/
1U8
569
3U6
1,29k
19"t9
19U9-July
August
September.
Life
Insurance
Fund
1,503
1,437
102
IkO
182
156
1,19k
19MS
mt
Govi
k7
61
60
3,362
3,060
2,311
19k6
19><7
Rational
Service
Life
Insurance
Fund
35
31k
862
1,97k
2,053
866
1,228
821
1,035
1,172
1,137
1,002
19">5
Unemployment
Trust Fund
86
1,925
3,oou
U.129
5,200
3,668
19U2
19*3
19kk
Railroad
Retirement
Account
-30
18
2/
•
73
k7
k7
3
-1.2
19
30U
-mo
U18
-2
9
-Ilk
37
-167
11
-23
-2
-2
-2
-80
-U32
5
Adjusted
Service
Certificate
Fund
-1
-2
-2
3
Total Includes $215 million by Health Insurance Trust Fund under
proposed legislation.
Less than $500,000.
Table 4.- Expenditures Other Than Investments by Principal Accounts
Treasury Bulletin
10
TRUST ACCOUNTS, ETC..
Table 5.- Federal Old-Age and Survivors Insurance Trust Fund i/
(In millions of dollars)
Expenditures other than Investments
Feceipte
Administrative
expenses
Fiscal year
or month
Total
Appropriations
by
Congress
Interest
and
profits
on
investments
Transfers
from
Ge neral
Fund
Benefit
payments
Beimbureement
to
General
Fund
2/
Salaries,
etc
Bureau of
Old -Age
and
.
Survivors
Insurance
Assets, end of period
Unexpended balance
Bet
increase,
or
decrease
Investments
In
To
credit
In
disbursing
officer's
account
of fund
account
assets
3/
1937- 19k 1
19U2
2,393.1
19UU
19U5
2,536.2
966.6
1,217.9
1,395.3
l,k33.8
1,130.5
1,292.1
1,309.9
I9U6
19U7
1,386.0
1,623.3
19lt8
1, 807.it
19"»9
1,923.8
1,616.2
1,690.3
1950 (Estimated)
1951 (Estimated)
2,506.0
19">3
19Uo-July
Augus t
September
October.
November
December
It,
.
.
.
.
.
32.6
26.9
1,238.2
II17.8
357.9
320.5
37.lt
1,1*59.5
163.5
190.6
230.2
.it
U66.lt
It25.6
25.2
.7
559.1
660.5
511.7
607.0
3lt.U
l,2"t8.3
3.3
15.6
13.0
13.8
1,028.0
1,157.0
39.7
1,263.3
299.6
3.6
3.6
782.8
2,300.0
725.0
2,239.6
1,723.2
1,718.2
.1
3.6
60.9
62.0
55.9
57.0
57.9
2,2U5.0
3,715.0
257.lt
39.1
U0.3
26.8
27.5
181* .6
57.5
380.6
7.2
62.6
336.9
21.6
62. It
.2
336.9
5.5
62.6
63.0
16.1
6I1.3
58.1
58.6
59.9
1U3.7
I16.8
96.9
66.6
60.7
15,315.1
13.922.lt
1.38U.8
195O- January ....
Inception to date
239.8
87.lt
99.5
61.2
380.6
18.2
.
.
Ht9.3
103.2
123.9
138.6
137.0
176.8
217.2
266.8
Bo; .6
018.
1U3.1
71.0
11.0
62.
8.0
3,lt22.1
y
"•3.7
U5.8
1.2
1.2
3.9
k.3
3.3
1.1
1.1
1.1
3.3
3.3
.7
•
2U0.2
3
318.6
-111..
3. •
125.lt
It,
268.
5,1*1*6.
6 ,613.
6.2
5.2
7.0
16.1
32.0
2,380.6
3,201.6
U, 236.
5.U08.9
10.8
20. I*
2U.5
21.1*
it
6,51*6.3
7,61il.li
7,51*8.7
8,7112.3
li3.5
35.0
7li.9
11,309.9
9,936.8
11,230.7
12. It
66.9
13,033.1
12,959.8
73.3
Ik, 751.3
lU,67l».5
76.
11,310.3
11,628.9
11.58U.
11,173.7
11,173.7
11,1*88.7
60.0
383.0
16.6
ll,58li.7
ll,ii58.7
11,1158.7
1*9.5
325.lt
76.5
11,728.0
U.6
83.3
8,798.1i
10,0li6.7
35.1
1*9.2
7.3
1*8.
y
ey
B
76.6
72.2
79. it
-It2.7
11,858.6
11,815.9
77.2
11,893.1
11,768.0
U5.5
79.6
11,893.1
11,893.1
11,768.0
1*5.5
79.6
273.9
k.
3, 056.
Source:
(Same as Table 1).
l/ Includes transactions under the precedessor Old-Age Reserve Account.
2/ Under Section 201 (f) of the Social Security Act Amendments of 1939.
Under provisions of the Labor-Federal Security Appropriation Act,
.2
1U.6
111
2,397-6
3,227.2
2,397.6
829.6
1.0U1.1
1,178.1
1,167.0
71*.
these salaries are payable directly from the Federal Old-Age and
Survivors Insurance Trust Fund.
Distribution of unexpended balance not available.
Less than $50,000.
19lt7,
y
•
Table 6.- Railroad Retirement Account
(In millions of dollars)
Receipts
Fiscal year
or month
Total
1/
I936-19I1I
Appropri atlons by
Congress
506.9
1UU.0
220.6
272.6
19U2
19lt3
19UU
19U5
lUO.8
811*. 8
262.7
308.8
32li.l
292.1
298.2
758.5
626.5
312.0
322. >t
191*6
19U7
I9I1B
797.lt
19lt9
677.1.
1950 (Estimated)
1951 (Eetimatsd)
663.0
658.O
602.3
59k .0
687.O
687.0
19li9-July
August
September.
October. .
November
December.
.
.1
investments
8.1.
1*19.9
1*19.9
3.1
5.8
9.8
15.2
126.2
130.5
126.2
130.5
13lt.lt
13tt.ll
lUl.lt
19.9
152.0
173.3
222.3
278.2
21..
38.9
50.9
60.7
61*
.0
.1
.2
.2
Expenditures other than Investments Met
lncresse,
Adminisor deBenefit
trative
crease (-),
payments
expenses 2_/ In aeeete
2.5
1.6
U.l
1.1
Hi.
.5
1U.7
152.0
173.3
222.3
278.2
160.1
IU9.I
575.1
399.2
675.7
82U.9
1,399.9
1,799.1
657.0
805.5
1.37U.5
1,720.0
.9
17.8
18.2
23.9
25.8
313.
309.0
U.3
3>*5.9
31*0.5
5.1*
23.9
2U.8
2U.7
23.9
2U.2
2U.3
2U.8
2U.6
25.0
.3
.
.1*
25.2
2U.7
25 .U
.1*
25.3
2U.7
177.9
1,952.2
1,9U9.7
265.
It,
088.0
In disbursing
officer's
account
7U.0
91.5
178.0
318.5
500.5
.2
I*,
To credit
of approprlatlon
87.0
10U.8
19U.9
333.0
515.6
.
Inception to date.
Unexpended balance
Investments
87.0
17.7
90.1
138.1
182.6
.
1950- January
Assets, end of period
Source:
(Same as Table 1).
1/ Figures differ from those shown in Table 2 in this section for the
reason that Table 6 reflects appropriations when they are made while
Table 2 shows the amounts when transferred to the trust account.
3U9.2
312.1
.5
.3
.5
.1
.U
2.5
2/
\}
*
2,11*8.3
2,U6o.U
2,069.0
2,381.5
10.5
11.7
12.8
13.lt
1.2
1.5
53.3
79.3
78.9
y
y
11
663.1
-2U.6
-2U.5
2,1*62.2
2,081.2
2,080.2
2,056.2
351*.
2,U37.6
2.U13.1
330.9
330.7
26.6
26.5
26.2
-25.0
-2U.U
-25.0
2,388.1
2,363.7
2,338.6
2,108.0
2,08U.O
2,059.0
25U.6
25U.U
25U.1
25.5
25.2
25.5
-2U.9
2,313.8
2,070.0
217.5
26.3
2,313.8
2,313.8
2,070.0
217.5
26.3
Paid from the trust fund under Title IT, Act of June 2h, 19^9.
Distribution of unexpended balance not available.
Lees than $50,000.
..
.
5
.
1
3
3
7
U8
k
5
k
7
7u
k
W50
March
11
TRUST ACCOUNTS, ETC..
Table 7„- Unemployment Trust Fund
(In millions of dollars)
Expenditures other than Investments
Pocoipte
State
accounts
Fiscal year
or month
TransContri- fere
Deposits butions from
by
States
2/
States
1936-19k\
19k2...
3,971.9
1.2U3.6
1,398.5
1,566.9
1,507.8
3,621.1.
105.6
76.3
92. k
1,096.0
1,217.7
l,3k9.3
1,256.0
118.3
19k8...
19k9...
1,279.8
1,289.1
1,312.9
1,173.2
1,009.9
1,005.3
1,007.3
116.2
127.6
130.6
98I1.0
.1
1950 (Estimated)
1951 (Estimated)
1,179.2
1,358.8
l,00k.0
1,175.0
10-. 8
August. . ,
September.
kl.5
233.7
18.3
37.5
233.6
13.5
October. ..
November .
December.
31.8
225.2
26.2
31.1
225.0
15.7
109.6
36.8
Inception to date 15,k30.3
13,lk0.1
19k3 . .
19kk...
19k5...
19k6...
19>»7...
19>>9-July
1950- January
.
.
Transfers
from
Administration
Fund Uj
105.9
7.5
3.9
6.0
11.7
8.9
109.lt
lit
.9
i.l
investments
96.5
123.6
1,688.2 1,550.0
368.1
377.1
17k.
176.2
60.6
60.0
70.1
71.3
IU3.6
1,11*5.9 1,128.3
1I16.9
131.5
67. It
82. It
869.5
858.9
798.1
1,313.3 1,227.1
2.9
3.5
161.5
165.5
2,033.9 1,900.0
1.570.U 1,500.0
3.9
.1
157.8
150.3
.1
175.lt
k.5
178.2
16I1.O
16I1.3
79. It
105.9
2,283.7
32.3
866.lt
9.1
1.8
1,222.
1,506.3
.6
l,lt36.5
3l7.lt
17.2
51.7
60.8
86.7 6/
133.9
U19.9
k5k.o
-lko.6
133.9 6/
-85>t.7
7,ltlt9.1
7,869.0
8,323.0
8,182. It
7,kO9.0
7,852.0
8,298.k
8,138.3
31.7
11.8
8.k
5.3
18.1
kl.k
6.5
2.7
3.3
1.5
.3
.3
-116.3
58.3
-160.0
8,066.1
8,12k.
7, 96k.
8,033.3 28.8
8,080.3 39.5
7,9k0.3 19.
k.O
k.6
k.8
-112.5
57.U
-161.0
7,852.0
7,909.
7,7k8.k
7,826.3 21.7
7,863.3 37.1
7,696.3 k6.3
9.0
5.9
7,65k.
7,6l6.3 31.8
6.5
7,65k.
7,616.3 31.8
6.5
6/
7.7
203.lt
187.7
15.7 6/
y
2.7
7.5
11. U
72.8
Source:
(Same as Table l).
l/ Excludes interim advance of $15 million from the Treasury and subsequent
repayment, both taking place in the fiscal year I9U0,
2/ Represents 90# of contributions under the Railroad Unemployment Insurance
Act; the remaining 10$ is used for administrative expenses.
(See "Budget
Receipts and Expenditures", Table 9).
Represents amounts transferred from StateB to Railroad Unemployment Insurance Account equivalent to amounts of taxes collected with respect to
period from January 193*$ to June 1939, inclusive, from employees and
employers who come within the purview of the Railroad Unemployment
Insurance Act.
8.0
7.8
k.O
8.5
7.8
7,305.k 22. k 7/
7,089.k 26.8 1/
llt.O
15.lt
360. 3 6/
107.2
2,273.0
3,139.0
k, 367.0
5,870.0
7,307.2
7,327.8
7,116.2
167.9
187.2
7,775.7 7,307.7
5/
2,283.7
3,150.1
k.372.5
5,878.8
7,315.3
-211.6
15.9
20.1
1,223.5
In disIn
bursing
trust
offiaccount cer's
account
70. It
128. U
lk7.7
171.8
lit It.
.7
.2
107.2
Investments
y
165.3
180.1
.1
Unexpended
balance
State accounts
9.6
9.2
9.7
9.0
2.8
Aseete, end of period
Net
Railroad
increase,
Unemployor
Transfers ment Indecrease
Withto Railsurance
drawals road Unem- Account l/
in
ployment
by
aeeete
States Insurance
Benefit
Account
paymente
Railroad Unemployment
Insurance Account l/
-93.8
7,65k.
1/
k.O
Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 19U0).
For railroad unemployment benefits and refunds.
Includes transfers to the Railroad Unemployment Administration fund
as follows:
$9.7 million in fiscal year 19^9, $2.3 million In
September 19*»9, $.^ million In January 1950,and $2.5 million
estimated in fiscal year 1950, representing adjustment for overcollections due to retroactive change in tax rate (under Act of
June 23, 19^8).
Distribution of unexpended balance not available.
Lssb than $50,000.
y
1/
Table 8.- National Service Life Insurance Fund
(In millions of dollars)
Expenditures other
than Investments
Receipts
Fiscal year
or month
Premiums
and other
receipts
19kl
19k2
19k3
19kk
19k5
3.5
k6.k
316.1
90k.
2,127.k
19k6
19k7
19k8
19k9
1950 (Estimated)
1951 (Estimated)
19k9-Julv
August
September .
October.
November.
December.
,
7.k
18.9
kk.k
279.3
279.3
301.9
3k8.1
279.8
279.3
301.9
3k8.1
2,071.2
1,22k.
k37.7
3kl.9
5,302.8
6,527.6
6,965.3
7,307.2
5,239,
6,k73.
6,93k,
7,287.
63.1
53.9
30.6
19.6
2,619.7
923.0
369.7
378.0
-1,517.1
-311.2
5,790.2
5,k79.0
5,769.7
5,k58.7
20.5
20.3
28.7
29.9
28.9
28.7
29.9
28.9
3.7
k.9
kl6.9
7,310.9
7,315.8
7,732.8
7,292.7
7,295.7
7,713.7
18.2
20.2
19.1
29.k
29.
29.3
29.3
5.8
k.8
-2k.
7,738.6
7,7k3.k
7,719.k
7,718.7
7,718.7
7,695.7
19.9
29.3
29.3
k79.6
30.1
kk9.6
-k2k.3
7,295.1
7,263.2
31.9
Ut9.6
7,295.1
7,295.1
7,263.2
31.9
30.5
101.2
1,116.5
5.0
95k.
22.2
56.7
6.0
31 .k
128.2
2,351.0
l,50k.l
739.7
690.1
8kk.7
516.6
387.5
392.8
l,38l.k
816.7
153.0
87.0
12k. 9
170.9
199.2
210.3
1,102.6
616.7
k05.7
k26.2
k8k
31
212.0
159.3
32 .k
3k.S
kk5.9
27.7
30.9
27.6
k 7
3 9
kl8 3
35.3
3k.O
5.3
27.7
27.2
31.5
7.6
6.8
26.5
.3
55.k
ko.3
7.5
7.6
k.klS.S
k,109.5
797.5
Unexpended
balance
128.2
280.7
781.1
9,325.8
Investments
2.8
37.6
351.7
l,213.k
3,187.1
.9
(Same as Table 1).
Less than $50,000.
Special
(-), in
dividends assets
3.5
k9.0
359.1
1,232.3
3,231.6
.9
kit
Assets, end of period
3.5
k5.5
310.1
873.2
1,999.3
.k
. .,
Net increase,
or decrease
3.5
1.0
.
Inception to date.
Interest on
Investments
.9
1950- January ....
Source:
Transfers from
General Fund
Benefits
and
re fund b
2,030.7
6.0
31 .k
l,58ia
2,250.0
550.0
.7
11.
2k.
23.7
Treasury Bulletin
12
TREASURY CASH INCOME AND OUTGO
Table 1.- Summary of Cash Transactions
(In millions of dollars)
Fiscal year
or month
.
March
W50
13
TREASURY CASH INCOME AND OUTGO
Table 3.- Derivation of Cash Budget Expenditures
Treasury Bulletin
14
TREASURY CASH INCOME AND OUTGO,
Table 5.- Derivation of Cash Borrowing or Repayment of Borrowing
(In millions of dollars
.,
March
WO
15
GENERAL FUND OF THE TREASURY,
Table 1.- Status of the General Fund
(In millions of dollars)
Bullion, coin, and
currency
End of fiscal
year or month
Deposits In Federal
Reserve Banks
Available
funds
19k2
,
19"*3
,
19W.
19"»5
19>»6
,
19k7
191.8
19^9
19119-july
August...,
September,
October. .,
November.
December.
1950 -January..
3,W»3
10,11*9
155
150
In process
of collection
603
1,038
7"*2
761
666
558
20,775
25,119
lit, 708
15"*
3,730
5,370
3,862
1,023
1,073
1,022
232
191
219
1,202
1,988
3,699
U.767
6,080
1,037
1,01*7
1,05"*
198
199
193
589
610
1,176
119
5,080
1,065
1*,7&9
1,01*9
595
517
9U
80
5,033
1,053
180
205
200
81*1
5,1*81
1,029
677
150
160
1,1*1.2
1,500
1,006
2l*3
1*38
183
103
10U
86
Deposits In
special
dsposltarles
dspOB
Other
deposits
and
collections
1,679
7,667
18,007
22,622
12,993
865
333
507
289
305
968
1,773
1,771
310
283
309
607
8,991
9,507
80,169
1*21
811,698
1*70
1"»,
1*52
6I.3
838
1*38
3,308
I*, 932
398
3,"*70
368
3U9
381
1*,1*18
1*88
1,1*85
31*6
311*
315
308
288
3>*3
"*,737
367
35*
l*,l»22
9"*
8,831
2,632
2,557
816
2,898
381
378
5,01*9
312
Table 2.- Analysis of Change in Balance in the General Fund
Fiscal year
or month
Balance in
the General
Fund
8,513
3,886
Source: Dally Treasury Statement.
l/ On account of vlthheld taxes and sales of Government securities.
(in millions of dollars)
Liabilities
3,337
5,699
>»,679
Treasury Bulletin
16
DEBT OUTSTANDING,
Table 1.- Summary of Federal Securities
(In millions
Total outstanding
End of
fiscal
year or
month
Public
debt
Guaranteed
securi-
Public
debt
1/
72,b22
136,696
201,003
258,682
269, U22
U.568
It, 100
258,376
252,366
252,798
258,286
252,292
252,770
90
258,U39
39
263, 8bb
258,b00
263,800
279,76b
279,21b
551
253,902
255,879
256,709
253,877
255,852
256,680
.
256,805
257,011
257,160
256,778
256,982
257,130
.
256,892
256,865
19bb
19b5
19b6
19b7
19b8
19<*9
1950 (Estimated)
1951 (Estimated)
Matured debt and debt bearing no interest
International
Bank
b7b
1,32b
1,567
2,350
1,321
201,059
256,766
268,578
71,968
135,380
199,5b3
256,357
268,111
255,197
250,132
250,785
255,113
250,063
250,762
83
3,179
«9
2,23>t
2b
2,012
n.a.
n.a.
n.a.
n.a.
278.U51
277,912
539
26
27
29
251,903
253, 9b5
25^,783
251,880
253,921
28
25k, 901
29
30
255,150
255,Ob6
2511,876
255,12''
1,623
1*33
l»76
73
27
76,517
139, '•72
1,092
1,516
Guaran-
Public debt
teed
securities
1/
76,991
lb0,796
202,626
259,115
269,898
19"*3
dollars)
Guaran-
ties
19b2
of'
Interest-bearing debt
b5b
1,316
Monetary
Fund
98
lltl
2,326
1,311
201
269
376
3,173
2,229
2,009
231
280
2U5
bl6
l,72"i
66
1,161
1,063
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,313
1,301
238
22
2b
26
2,000
1.93 !
1,926
1,996
1,931
1,923
237
218
221
l,90li
255,019
25
26
27
1,861
2,11b
1,901
1,858
2,111
2511,869
2b
1,999
1,997
lt09
lt67
1,1*60
lil
Other
2/
teed
eecurltlee 1/
(matured)
356
1,175
1,259
2,057
935
802
722
660
20
8
107
2b
10
n.a.
n.a.
n.a.
n.a.
6
5
3
Debt peak.
Feb. I9U6
19b9-July
August
September.
October. .
November .
December.
1950- January.
.
.
.
25b, &93
25>>,756
1
1,063
1,063
1,063
1,057
655
650
6U5
229
211
U67
1,030
1,008
1,008
6b2
639
636
356
1,008
632
Ill
Footnotes at end of Table 2.
Source: Actual figures from Daily Treasury Statement; estimates based on
1951 Budget document, Including effect of proposed legislation.
Table 2.- Net Change in Federal Securities
(Increase, or decrease (-), In millions of dollars)
Total outstanding
Fiscal year
or month
Public
debt
21,659
63,805
61,830
56,U89
10,783
19!i2.
19"i3.
19bb.
19b5.
19b6.
19bB.
-11,523
-6,010
19"i9.
I132
19"! 7.
23,b6l
6b, 27b
6b, 307
57,679
Interest-bearing debt
Guaranteed
securi-
Matured debt and debt bearing no interest
Guaran-
ties
teed
securities
1/
i/
-1,802
-b68
-2,"i77
-1,190
10,7'tO
b3
-11,136
-5,99b
U78
-337
-16
-I16
Public
debt
Inter-
national
Bank
-111
850
Other
2/
teed
securities 1/
(matured)
-107
b2
60
-13
820
8b
99
68
798
-1,122
-83
-lb
-221
1,862
-9bb
-220
-lb 5
b9
-35
bl6
-350
-25
1,72b
-563
-98
-133
-80
-62
-3
-2
-1
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.
-12
-65
-8
-12
-65
-8
-7
-20
-bl
3
-6
-5
-5
-5
-22
9
-18
256
-27
-22
-uo
23,581
11,751*
58
782
-1,029
-13,381
-5,065
653
-12,997
-5,050
698
-383
1,858
-111
-9I16
-1*5
63, W2
-1*57
6U,l63
56,813
-2,576
-1,107
21*3
1950 (Estimated)
1951 (Estimated)
5,61i2
5,"i05
5,630
12
5, 'too
5
n.a.
n.a.
I9I19- July
August..
September
1,105
1,977
830
1,107
1,975
-2
2
2
1,117
2,0b2
838
2,01*0
836
-2
2
2
October.
November
December.
96
206
1U9
20b
lbS
-2
2
»
118
2U9
-10b
120
2U7
-10b
-2
2
1
253
-22
-b3
253
1950- January..
-268
-265
-3
-153
-151
-3
-lib
-lib
1/
2/
Monetary
Fund
-120
862
lbb
866
-1,01b
-1,811
21,770
62,955
61,587
55,707
11,812
1,119
Guaran-
Public debt
Excludes guaranteed securities held by the Treasury.
Includes savings stamps, excess profits tax refund bonde, and currency
items. For current-menth detailB, see "Statutory Debt Limitation", Table 2.
-1*3
*
n.a.
108
Leee than $500,000.
Not available.
-3
-3
-3
9
-11
Starch
W50
17
DEBT OUTSTANDING
Table 3.- Interest-Bearing Public Debt
Treasury Bulletin
IS
DEBT OUTSTANDING.
Table 5.- Interest-Bearing Securities Guaranteed by the United States Government
i/
(In millions of dollars)
Nonmarketable
Commodity
Credit
Corporation
End of fiscal
year or month
19>>2
Federal
Farm
Mortgage
Corporation
Federal
Housing
Administration
21
23
84
4,549
3,908
1,190
1946
549
•,092
1,516
409
U67
".3
34
43
1947
83
19>>8
6?
38
27
38
87
1949
2U
13
13
1949-July
August. . .
September
22
2U
26
13
13
October. .
November.
December.
it,
19*3
19W
19>t5
1950- January .
.
701
1.12
930
930
Home
Owners 1
Loan
Corporation
1,963
1,533
755
Public
Housing
Administration
lilt
114
Commodity
Credit
Corporstlon 2/
Reconstruction
Finance
Corporation
1,219
896
68
183
386
375
150
375
It8lt
lt8lt
45
11
45
»8
11
lit
13
13
14
9
11
12
18
25
26
27
15
15
15
15
15
15
10
11
18
10
11
18
21.
lit
1U
10
1.12
31.
Source: Dally Treasury Statement.
l/ Excludes guaranteed securities held by the Treasury.
2/ Consists of demand obligations stated as of the close of the previous
month.
l>8
Reoonstruc
tlon Finance
Corporation
i/
115
176
9
11
Consists of Reconstruction Finance Corporation notes Series X-A, X-B.
and X-C, which vsre held by United States Government corporations and
credit agencies.
Table 6.- Special Issues to United States Government Investment Accounts
.
.
.
March
mo
19
DEBT OUTSTANDING.
Table 7.- Computed Interest Charge and Computed Interest Rate on Federal Securities
(Dollar amounte In millions)
Computed annual lr.tereet rate
Total interest-boaring securitiee
End of fiscal
year or month
Amount
outstanding
Public debt
and guaranteed Becuritlee 1/
Public
deb*
Public debt
and guaranteed aecuritlee 1/
Public
debt
1.361
5,351
5,37b
5,k55
5,606
2.107
2.182
2.236
2.107
2.182
2.236
1.871
1.9k2
2.001
.382
.975
1.01k
1.176
1.0k2
1.225
l.kkS
1.20k
1.375
2.307
2.309
2.313
2.593
2.623
2.629
2.510
2.588
2.596
.758
,92k
.210
5,632
5,662
5,667
5,631
5,662
5,666
2.236
2.230
2.92k
2.236
2.230
2.22k
2.002
1.995
1.985
1.119
1.078
l.Okl
1.250
1.250
l.*3
1.375
1.375
1.375
2.313
2.313
2.316
2.613
2.59k
2.592
2.603
2.6lk
2.616
2.280
2.232
2.200
5,661,
255,019
5,670
5,630
5,663
5,669
5,629
2.222
2.222
2.208
2.222
2.222
2.208
1.983
1.98k
1.959
1.060
1.073
1.090
1.219
1.219
1.219
1.375
1.375
1.375
2.316
2.316
2.316
2.585
2.532
2.581
2.619
2.619
2.617
2.270
2.22k
2.208
36o
5,620
5,619
2.205
2.205
1.957
1.10k
1.195
1.375
2.316
2.576
2.612
2.227
251,903
253, 9U5
251,880
253,921
25k, 7S3
25k, 756
October.
November
December.
25k, 901
255,150
25 1»,376
255,12k
255, Oko
25k , 893
?5li
,
l,6lili
3,81*9
Sourco: De.ll}' Treasury Statement.
Excludes guaranteed securities held by the Treasury.
1_/
2/ Total Include? "Other bonds"; see Table 3 preceding.
Treasury blllB are Included In debt outstanding at race amount, but
3./
In computing the annual Interest charge and the annual Interest rate
y
r
(In millions of dollars)
.963
.335
.321
,klo
the discount value Is used.
In computing the annual interest charge and the annual Interest rate
on United Statee savings bonds, Series A-E are considered to yield
2.90^ per annum and Series F is considered to yield 2, 53$.
Revised.
Table 8.- Treasury Holdings of Securities Issued by Corporations and Certain Other
Business-Type Activities of the United States Government 3/
End of fiscal
year or month
u
y
2.681
2.k08
2.k05
2.k36
2.kk8
19k9-July
August.
Septenber
1950- January.
securities
2.277
2.330
2.kl7
2.k73
2.567
5,376
5,k57
5,6o6
.
Issues
2.680r
2.k9kr
2.379r
2.31kr
2.307
5,357
19 »9.
Treasury
bonds
1.092r
I.165
1.281
1.20k
I.289
255,113
250,063
250,762
1
Certificates
.56k
.875
.375
.875
.375
255,197
250,132
250,785
19k6.
19k7.
19k8.
Bills
Guaranteed
Special
.360
.380
.381
.381
.381
lt,961;
19«i5.
Total
Nonmarketable
Issues
2.225
1.322
1.725
1.713
1.773
"1,969
139, "iTS
Marketable Isbucs
2.2d5
1.979
1.929
1.936
1.996
1,720
2,759
3,869
76,517
19k 3.
19W|
Total
InterestTotal
bear tng
public
securidebt
ties
2.260
1.978
1.925
1.935
1.995
71,968
135,380
199.5U3
256,357
268,111
2,679
201,050
256,766
268,578
191.2.
Public debt
Computed annual
Interest charge
Treasury Bulletin
20
STATUTORY DEBT LIMITATION
aa
Section 21 of the Second Liberty Bond Act,
amended, provides that the face amount of obligations
Issued under authority of that Act, and the face amount
of obligations guaranteed as to principal and Interest
by the
held by
United States (except guaranteed obligations
shall not exthe Secretary of the Treasury),
ceed
the
aggregate |275 billion outstanding at any
Obligations Issued on a discount basis, and
subject to redemption prior to maturity at the option
of the owner,
are Included In the statutory debt limitation at current redemption values.
in
one time.
Table 1.- Statue under Limitation, January 31,1950
(In millions of dollars)
Maxiumum amount of Becurltlea which may be outstanding at any one time, under limitations Imposed by Section 21
of the Second Liberty Bond Act, as amended
275,000
Amount of securities outstanding subject to such statutory debt limitation:
U. S. Government securities Issued under the Second Liberty Bond Act, as amended
256, 12U
Guaranteed securities (excluding those held by the Treasury)
27
Total amount of securities outstanding subject to statutory debt limitation
256,151
Balance iBeuable under limitation.
Source:
18,8U9
Bureau of the Public Debt.
Table 2.- Application of Limitation to Public Debt and Guaranteed Securities
Outstanding January 31, 1950
(In millions of dollars)
Class of security
Subject to
statutory debt
limitation
Public debt:
Interest-bearing securities:
Marketable:
Treasury bills
Certificates of Indebtedness
Treasury notes
Treasury bonds - bank eligible
Treasury bonds - bank restricted l/...
Postal savings and Panama Canal bonds.
Total marketable
Nonmarke table
U. S, Bavlngs bonds
Treasury Bavlngs noteB
Depositary bonds
Armed forces leave bonds
Treasury bonds, investment series.
Total nonmarketable
Special lasues to Government agencies and trust funds
Total Interest-bearing securities
Matured securities on which Interest has ceased
Debt bearing no interest:
United States savings a temps
Excess profits tax refund bonds
Special notes of the United States:
International Monetary Fund series
International Bank for Reconstruction and Development eerlee
United States noteB ( less gold reserve
Deposits for retirement of national bank and Federal Reserve Bank notes.
Other debt bearing no Interest
Total debt bearing no interest.
Total public debt
Guaranteed securities:
2/
In teres t- bearing
Matured
Total guaranteed securities.
Total public debt and guaranteed securities.
12,331
29, llh
3,271
55,122
1*9,636
Not subject to
statutory debt
limitation
Total
oute tending
March 1950
21
DEBT OPERATIONS.
Table
1.
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Goverment
and Outstanding January 31, 1950
^
Treasury Bulletin
22
DEBT OPERATIONS.
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Government
and Outstanding January 31, 1950 -V (Continued)
(In millions of dollars)
Amount of maturities
Amount of maturities
Yem-
Description of security 2/
eni!
month
Filed
maturity
Issues
Date
bank reCallable Issues
stricted
classified by
Issues
year of:
become
bank
Final
First
eligible
matucall
1/
rity
Description of security 2/
Fixed
maturity
issues
First
call
Final
maturity
become
bank
eligible
2/
1964
1956
Mar.
Year
and
month
Date
bank reCell able issues
stricted
classified by
issues
year of:
.
June
.
Sept
.
2-1/2* Bond
-
3/15/56-58
2-1/4* Bond
-
6/15/54-56
2-3/4* Bond
2-1/4* Bond
-
9/15/56-59
9/15/56-59
-
1,449
681
June.
2-1/2* Bond
-
6/15/64-69.
3,761
4/15/53
Dec.
2-1/2* Bond
-
12/15/64-69.
3,838
9/15/53
982
3,823
Total
6,253
7,599
681
1965
1958
Mar..
2-1/2* Bond
3/15/56-58..
June
2-3/4* Bond
6/15/58-63..
Mar..
2-1/2* Bond
-
3/15/65-70.
Dec.
2-3/4* Bond
-
12/15/60-65.
2/1/54
5,197
1,485
1,449
5,197
1,485
919
919
1966
1,449
2-1/2* Bond
-
3/15/66-71.
3,481
2-1/2* Bond
2-1/2* Bond
-
6/15/62-67.
6/15/67-72.
7,967
Sept.
2-1/2* Bond
-
9/15/67-72.
2,716
Dec.
2-1/2* Bond
-
12/15/67-72.
11,689
Max..
12/1/54
1959
June.
2-1 A* Bond
Sept.
Dec.
.
-
6/15/59-62
2-3 A* Bond
-
2-1/4* Bond
-
9/15/56-59..
9/15/56-59..
2-1 A* Bond
-
12/15/59-62..
6/15/52
5,281*
.
June
982
3,823
12/15/52
3, ''70
Total.
8,75"»
1967
-
5/5/52
6/15/62
12/15/62
4,804
Total.
i960
22,372
2,118
1968
Mar..
2-7/8* Bond
3/15/55-60
Dec.
2-3/4* Bond
12/15/60-65
2,611
Dec.
.
June.
.
3*
Panama Canal bond
-
-
12/15/63-68.
2,831
12/1/52
1969
2,611
1961
.
2-1/2* Bond
1,485
1,485
June
2,118
6/l/6l
June.
2-1/2* Bond
-
6/15/64-69.
3,761
4/15/53
Dec.
2-1/2* Bond
-
12/15/64-69.
3,838
9/15/53
50
7,599
1970
1962
2-1/4* Bond
2-1/2* Bond
6/15/59-62.
6/15/62-67.
2-1/4* Bond
12/15/59-62.
5,284
6/15/52
5/5/52
3,470
12/15/52
2,118
2-1/2* Bond
-
3/15/65-70
5,197
?/l/5»
2-1/2* Bond
-
3/15/66-71
3,481
12/1/54
June
2-1/2* Bond
-
6/15/67-72
7,967
6/15/62
Sept.
2-1/2* Bond
-
9/15/67-72
2,716
2-1/2* Bond
-
12/15/67-72
11,689
Mar..
1971
Mar..
Total
2,118
8,754
1972
1963
June
Dec.
2-3 A* Bond
-
6/15/58-63.
2-1/2* Bond
-
12/15/63-68.
Total.
Source:
1/
2/
919
2,831
2,831
12/1/52
Dec.
Total
919
Dally Treasury Statement and Bureau of the Public Debt.
Excludes postal savings bonds.
It should be noted that callable Issues appear twice in this column,
once In the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of
call has been made, however, are listed as fixed maturities. For
_!_/
12/15/62
22,372
date of issue of each security, see "Market Quotations"; for tax
status, see "Treasury Sur/ey of Ownership".
Bank restricted issues may not be acquired by commercial banks
(with minor exceptions) prior to specified dates; see "Debt Outstanding", Table 3, footnote X-
March 1950
23
DEBT OPERATIONS.
Table 2.- Offerings of Treasury Bills
Treasury Bulletin
2^
DEBT OPERATIONS.
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness
Starch
W50
25
DEBT OPERATIONS.
Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States Government
Results of exchange offers
Called or maturing security l/
Disposition offerB
Turned in for cash
by Treasury
Bate of
refunding
or retirement
Date Of
la sue
Description
Amovnt
outstanding
Cash
retirement
Exchange
security
offered
Exchanged
Reserve
Banks 2/
(In Billions of dollars)
7/8*
7/8*
7/8*
7/1A8
Certificate
Certificate
Certificate
-
7AA8-F
7AA8-G
7AA8-H
7AA7
2,7"l2
-
8/1/1*7
1,127
2,209
-
9/1A7
Total
2-1/2* Bona
1-1/2)6 Note
9/15A8
1*
1*
10/1 /us
lit
Note
Certificate
Certificate
-
9/15A8..
-
9/15/U8-A
-
-
IO/1A8-B
IO/1A8-J
IO/1A8-K
12/15/U8..
-
Total
1AA9
Bond
-
1-1/8)6 Note
-
1/1/I19-A
1-1/8* Certificate
-
1/1/U9-A
2*
12/15A8
j
Total
2/1/1*9
1-1/8)6 Certificate
-
2/1A9-B
3/1A9
1-1/8)6 Certificate
-
3AA9-C
U/1/U9
1-1/8)6 Certificate
-
U/1/U9-D
6/1/U9
1-1/8)6 Certificate
-
Bond
-
6/l/l*9-E
6/15/1*9
2)6
Total
7AA9
1-1/8)6 Certificate
-
7/l/"*9-F
Bond
-
9/l5/"*9..
IO/1/U9
1-lA* Certificate
-
IO/1/U9-C
-
12/15/U9-H
12/15A9
1-1 A* Certificate
Bond
2)6
3-1/8)6 Bond
2-1/2)6 Bond
-
12/15/1*9
12/15/1*9
12/15/1*9
9/15A9
2)6
-
Total
1/1/50
2/1/50
3/1/50
3/15/50
"*A/50
1-1/1*)6
Certificate
-
l/l/50-A
1-1/1*56
Certificate
-
2/1/50-B
l-l/l*)6
Certificate
-
Bond
1-3/8* Note
2*
-
3A/50-C
3/15/50
-
l*/l/50-A
-
U/1/50-D
Total
"•A/50
1-lA* Certificate
"*AA9
2,71*2
1,127
2.209
By
Federal
2,601
1,079
2,103
By
other
Investor!
Description of no
security offered
Treasury Bulletin
26
UNITED STATES SAVINGS BONDS.
united States savings bonds were first offered for
sale In March 1935 and began to mature In Maroh 19^5Series A-D were sold from March 1935 to April 194l.
Series
E,
F,
and
bonds have been on sale since May
1,
19^1.
nominations Include both sales and redemptions in thousands
of pieces, Instead of sales figures alone, previously given
in dollar volume at issue price. Redemptions by States were
discontinued with the figures through June
30,
19^9.
For information on the terms and conditions of these bonds,
see "Treasury Bulletin" issues for December 19^7,
and Ootober 19^5, pages A-
1
*
page IX,
and A-5.
For dollar figures, sales are shown at issue price, and
redemptions and amounts outstanding at current redemption
values,
except that Series
Is shown at par. Matured bonds
In addition to the Information on savings bonds
whleh have been redeemed are included in redemptions.
operations whloh appears each month, data by denominations
Matured bonds outstanding are lnoluded in the interest-bear-
and dollar sales by States are published as of June 30
ing debt until all bonds of the series have matured, when
an ^
December 31, covering the Intervening months. Beginning
with the figures through December 31, 19**9, data by de-
they are transferred to matured debt upon which interest
has ceased.
Table 1.- Summary of Sales and Redemptions by Series, Cumulative through January 31, 1950
:
March
.,.,
WO
27
UNITED STATES SAVINGS BONDS.
Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods
(Dollar amounts In nllllona)
Sales 1/
Fiscal years:
1935- 19M
19k2
19k3
19kk
19k5
19k6
19k7
19k8
19k9
3,9k8
1
Accrued
discount
161
86
92
96
103
106
,
107
110
101
,
,
-
It,
109
87
92
96
103
106
107
110
Ml
Amount outstanding
Redemptions 2/ 3/
Sales plus
accrued
discount
Sales
price
Accrued
discount
l"t3
kk6
126
82
72
117
309
2ll2
8
25
67
lt82
370
393
530
113
123
172
615
22
7k
70
7
U58
133
88
79
516
703
Matured
debt
12
6
6
18
liO
59
73
Interestbearing debt
Percent of monthly
redemptions to
amount outstanding
3,650
3,60k
3,608
3,625
3,585
3,365
2,968
2,5k3
1,927
Calendar years:
1935-k2. .......
19k3
19kk
3,9k9
,
,2k0
9".
9U
100
105
107
109
108
86
100
105
107
109
108
,
1-9*5
19k6
19*7
19k8
19">9
291
,
637
81
78
226
390
k8l
576
838
179
302
367
U36
639 P
8
U7
87
Ilk
139
200 p
203
3,603
3,616
3,638
3,k77
3,1*8
2,7k2
2,250
l,kk0
69
65
62
1,876
1,813
1,771
3.k9
3.95
2.78
111
87
122
II16
Months:
19ito.-july
8
13
8
5
5
It
It
13
August. . .,
September
October. .
November .
December.
1950-January...
7U
51
3
3
5
5
51
56
96
11
U
22k
51
56
17
13
38
13
38
13
Il2
lit
81 p
15 P
59
57
203
1,727
1,677
l.kko
2.83
3.22
5.85
168 p
57 P
150
1,280
15.70
Series E, F, and
Fiscal years:
19kl
19k2
19k3
19kk
19k5
19k6
19k7
19k8
19k9
,
66k
5,993
IJ.,789
2
36
15,k98
Ik, 891
9,612
7,208
6,235
7,lkl
127
28k
k67
583
69k
826
66k
66k
5,995
11,82k
15,625
15,175
10,078
7,791
6,929
7,967
1
75
760
2,292
k,156
6,ko8
5,063
k,597
k,365
2,537
9,169
13,80k
16,239
13,315
7,961
7,327
8,059
6,729
2k6
1,50k
3,263
5,332
6,038
k,6k5
k,568
k,263
602
512
k66
357
365
360
3k2
3k8
3kk
16
17
17
1
75
760
2,286
k,13k
1
k,k53
k,191
6
21
71
109
lkk
17k
Ik
2k5
1,502
3,251
5,293
5,9kl
k,522
k.kok
k,077 P
12
39
97
123
16k
186 p
6,337
k,95k
Calendar years
19kl
19k2
19k3
19kk
19k5
19k6
19k7
19k8
19k9
2,537
9,157
13,729
l6,0kk
12,937
7,k27
6,69k
7,295
5,833
12
7k
195
379
533
633
76k
Ik
2
Months:
19k9-July
August. . .,
September
511
kk9
398
October. ..
November .
December .
388
1950-January..,
91
63
68
7k
k95
102
k58
k58
597
3k5
360
370
329
3k3
35k p
16
383
707
98
805
39k
378 p
16 p
69
17
17 P
55,679
Treasury Bulletin
28
UNITED STATES SAVINGS BONDS.
Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods - (Continued)
(Dollar amounts In millions)
Period
March 1950
29
UNITED STATES SAVINGS BONDS.
Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods
(Dollar amounts In millions)
Period
(Continued)
Treasury Bulletin
30
_ TREASURY
Treasury savings notes (originally designated tax
savings notes
from August
)
1,
1,
1941,
of Series A and B,
see "Annual Report of the Secretary
Series A
of the Treasury" for 1942, pages 207 and 220, and for sales
through June 22, 1943; Series B from
and redemptions by fiscal years and months, see "Treasury
Bulletin" for February 1946, pages 42 and 43.
have been Issued In four series:
through September 12, 1942; Series C from
September 14, 1942, through August 31, 1948; and Series D
on continuous sale beginning September 1, 1948.
Details
August
3AVING3 NOTES
194-1,
tion, and Investment yields of Series D notes will be found
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
In the "Treasury Bulletin" for Ootober 194S,
lnoluded In the figures on redemptions.
oonoernlng terms and conditions for purchase
and redemp-
page A-L.
Matured notes out-
Similar Information conoemlng Series C notes will be found
standing are refleoted In the Interest-bearing debt until
in the "Treasury Bulletin" for Ootober 1945,
all notes of the series have matured, when they are trans-
and A-5.
pages A-4
For details concerning terms and conditions,
Investment yields,
and tax payment or redemption values
ferred to matured debt upon which Interest has oeased,
Table 1.- Summary of Sales and Redemptions by Series, Cumulative through January 31, 1950
(In ml 11 lone of * dollars
Series
In
aooordance with the praotloe of the Dally Treasury Statement.
)
March 1950
31
OWNERSHIP OF FEDERAL SECURITIES.
Table I.- Distribution of Federal Securities by Classes of Investors and Types of Issues
(In mllllone of dollars
End of
fiscal
yaar
or month
Treasury Bulletin
32
OWHERSHIP OF FEDERAL SECURITIES
Table 3.- Estimated Ownership of Federal Securities by Bank
and Nonbank Investors
(Par values 1/
-
In billions of dollars)
Held by banks
End of
month
Total
Federal
securities
outstand-
Commercial
banks 3/
ing!/
Held by nonbank Investors
Federal
Beserve
Banks
Individuals kf
Insurance
companies
Mutual
savings
banks
Other
corporations and
associations 5/ 6/
1939-December
U7.6
l8.lt
15.9
2.5
29.3
10.
6.3
19kO-June
December
1*8.5
50.9
18.6
19.5
16.1
17.3
2.5
2.2
29.9
31.5
10.3
10.9
6.5
6.9
19U1- June
55.3
6k. 3
21.8
23.7
19.7
21. It
2.2
2.3
33.5
ko.6
11.5
lk.l
2.6
6.2
k8.3
I8.k
65.2
2k.
27.7
31.7
36.0
December
19k2- June
December
191.3-March
June
September
December
WW-March
77.
28.7
112.5
li7.3
26.0
Ul.l
119.9
lko.8
162.3
170.1
50.1
It
52.2
58.3
59.9
5.9
7.2
8.9
11.5
69.8
59. It
12.1
Ik .9
16.7
18.8
110.8
59.8
60.7
67.2
71.5
It.
June
September
December
187.0
202.6
211.1
232.1
96.5
6k .0
68. It
70.5
77.7
19k5-Msrch
June
September
December
235.1
259.1
262.6
278.7
97.lt
77.7
106.0
107.3
115.0
19k6 -February (Peak)
279.8
276.6
269.9
265.8
259.5
97.9
19k7-March
June
September
December
259.3
258.
259.2
257.0
9lt.l
91.9
92.2
91.3
I9U8- January
February
March
256.7
90.9
25k.
253.1
88.lt
April
May
June
252.3
252.3
252. k
86.5
July
August
September
253. "•
October
November
December
76.2
83.3
87.1
81.
95.1
98.7
119.3
123.9
135.6
38.
k3.6
k6.5
k9.2
53-5
5k .9
8k .0
19.7
21.8
23.3
90.8
2k.
137.7
153-1
155.2
163.6
II6.7
112.8
108.2
93.8
90.2
IOI1.3
80.2
7k.
22.9
22.6
23.8
2k .0
23.3
I63.1
163.8
161.7
161.5
161.6
6k.
6k.
6k.
6k .0
6k .9
71.5
70.0
69.9
68.7
22.6
21.9
22.3
22.6
165.2
I66.5
167.0
165.7
66.5
67.I
66.7
66.6
69.0
67. it
65.I
21.9
21.0
20.9
165.7
166.2
167.0
66.6
66.7
66.8
20.3
20.7
21.
165.8
166.1
66.8
66.9
85.9
66.1
65.6
6k .6
166.
67.O
86.lt
65.1
253.1
252.7
86.1*
6k.
85.8
62.lt
21-3
21.6
23 .k
167.O
I66.7
I66.9
67.3
67.k
67.
252.5
252.6
252.9
86.0
85.6
85.8
63.0
62.5
23.0
23.2
23.3
166.5
166.9
167.I
67.5
67.5
67.6
252.7
252.7
251.7
8k.8
February
March
8k.
62.7
62.1
60.5
22.1
22.3
21.7
167.9
168.3
169.5
67.9
68.3
68.6
April
May
June
251.6
251.9
252.8
61.8
62.7
63.0
21.1
19.7
19.3
168.7
169.5
170. k
68.5
68.8
68.9
July
August
September
253.9
255-9
256.7
6k.
66.5
66.5
18.5
17.5
18.0
170.7
171.9
172.2
69.1
69.2
69.2
October ........
November
December p
256.8
257.0
257.2
67.
66.9
67.0
17.3
17.7
18.9
172.1
69.3
69.3
69.5
March
Juno
September
December
19^9- January
65.0
86.
82.2
82.9
82.lt
82. It
83.2
8k .0
6*.
8I1.7
8k .6
85.8
Sit.
8lt.lt
62. k
172. k
171.3
6k.
3.1
State and
local
governments j/
u. s.
Government
Investment
accounts 6/
.
March 1950
33
TREASURY SURVEY OF OWNERSHIP, DECEMBER 31, I9U9
The Treasury Survey of Ownership covers seourltles
Issued by the United States Government and by Federal
The banks and lneuranoe oompanles lnoluded
agenoles.
In the Survey aooount for approximately 95 peroent of
suoh securities held by all banks and insurance companies
Data were first published for
In the United States.
Maroh 31, 19<U, In the May 19 *! "Treasury Bulletin".
Information on the distribution of ownership by types
of banks and insurance companies Is published each month.
Additional information showing the holdings of commercial
banks distributed aooordlng to Federal Reserve member
and December 31.
1
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(Par values
Class If icat Ion
-
-
bank classes and nonmember banks is published for June 30
In millions of dollars)
Treasury Bulletin
3*
TREASURY SURVEY OF OWNERSHIP, DECEMBER 31, I9U9
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 3.
-
Interest-Bearing Public Marketable Securities by Issues
(Par values
Issue
(Tax status
9_/
is shown in parentheses)
-
in millions of dollars)
March
mo
35
TREASURY SURVEY OF OWNERSHIP, DECEMBER 31, I9U9
Section
I
-
.
Securities Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities by Issues
(Par values
Issue
(Tax status °/
*e
shown In parentheses)
-
In millions of dollars)
-
(Continued)
Treasury Bulletin
36
TREASURY SURVEY OF OWNERSHIP, DECEMBER 31, I9U9
Section II
•
Interest-Bearing Securities Issued by Federal Agencies but
not Guaranteed by the United States Government
(Par values
Issue
(Tax status 2/ l8 shovn In parentheses)
-
In millions of dollars)
.
March \950
37
.TREASURY SURVEY
-
COMMERCIAL BANK OWNERSHIP, DECEMBER 31, I9U9
The tables which follow provide an analysis of
seourlty holdings of oomraerolal banks reporting In
Treasury survey of ownership of securities Issued by
United States Government and by Federal agencies.
the
This analysis of oomraerolal bank ownership was first
the
published In the May 1944 Issue of the "Treasury Bulletin",
the
based on the survey data for December 31, 1943.
It has
appeared at semiannual or quarterly Intervale since that
The
figures show the total holdings distributed according to
Federal Reserve member-bank classes and nonmember banks.
Section
I
-
time,
and Is now being published for the June 30 and
December 31 survey data.
Interest-Bearing Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(Far values
Classification
-
in millions of dollars)
Treasury Bulletin
38
.TREASURY SURVEY
Section
I
-
-
COMMERCIAL BANK OWNERSHIP, DECEMBER 31, I9U9.
Interest-Bearing Securities Issued or Guaranteed by the United States Government
Table 3.- Public Marketable Securities by Issues
(Par values
Issue
(Tax status
5_/
le shown In parentheses)
-
In millions of dollars)
March
WO
39
.TREASURY SURVEY
Section
I
-
-
COMMERCIAL BANK OWNERSHIP, DECEMBER 31, I9U9.
Interest-Bearing Securities Issued or Guaranteed by the United 6tates Government
Table 3.- Public Marketable Securities by Issues - (Continued)
(Par values
Ieeue
(Tax status 5/ lB shorn In parentheses)
-
In millions of dollars)
Treasury Bulletin
ko
.TREASURY SURVEY
Section II
-
-
COMMERCIAL BANK OWNERSHIP, DECEMBER 31, I9U9.
Interest-Bearing Securities Issued by Federal Agencies but
not Guaranteed by the United States Government
.
March
N50
4i
.MARKET QUOTATIONS, JANUARY 31, 1950.
Market quotations shown here are over-the-counter
closing quotations In the New York market for the last
trading day of the month,
as reported to
the Federal Reserve Bank of Now York.
listed In Section
I
the only publlo marketable Interest-bearing guaranteed
the Treasury by
securities outstanding.
Section II lists the publlo
marketable securities Issued by Federal agencies but
The securities
not guaranteed by the United States Government.
include all publlo marketable secu-
quotations for the securities listed In Sections
I
Dally
and II
rities Issued or guaranteed by the United States Govern-
are published monthly In the Treasury Department state-
ment except those not regularly quoted in the market.
ment,
The Issues excluded are postal savlnge bonds and Federal Housing Administration debentures.
Section
I
-
The latter are
Securities Issued or Guaranteed by the United States Government
Table 1.- Treasury Bills (Taxable)
Amount
"Prices and Yields of Public Marketable Seourltles
Issued by the United States Government and by Federal
Agencies"
Table 2.- Certificates (Taxable)
Treasury Bulletin
14-2
.MAPKFT QUOTATIONS, JANUARY 31, I95O
Section
I
-
Securities Issued or Guaranteed by the United States Government
Table 4.- Tax-Exempt Bonds 2/
(Price decimals are 32nds)
Amount
outstanding
(Millions)
*3
March \950
.MAEKET QUOTATIONS, JANUARY 31, 1950.
YIELDS OF
TREASURY SECURITIES
Based on Mean
'52
PERCENT
•54
'56
58
of Closing Bid
'60
•62
JAN.
31,
1950
and Ask Quotations
64
66
•68
70
Treasury Bulletin
in*
YIELDS OF TREASURY AND CORPORATE BONDS,
Table 1.- Average Yields of Long-Term Bonds by Periods
(Percent per annum)
Date
March 1950
*5
YIELDS OF TREASURY AND CORPORATE BONDS
Treasury Bulletin
u-e
INTERNAL REVENUE COLLECTIONS
Table 1.- Summary by Principal Sources
i/
Starch 1950
*7
INTERNAL REVENUE COLLECTIONS
INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES
Liquor and Tobacco Taxes
1935
37
39
'41
Other Internal Revenue
1935
'37
'39
41
43
45
'47
'49
43
'45
'47
'49
Treasury Bulletin
18
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Tax
(In thousands of dollars)
Typo of tax
U9
March \950
INTERNAL REVENUE COLLECTIONS
Table 2.- Detail of Collections by Type of Taxtin thousands of dollars)
Type of tax
(Continued)
Treasury Bulletin
50
MONETARY STATISTICS
Table 1.- Money in Circulation
(In millions of dollars except as noted)
End of fiscal
year or month
51
March \950
MONETARY STATISTICS,
Table 2.- Monetary Stocks of Gold and Silver
(Dollar amounts In ml 11 lone)
End of fiscal
year or month
Cold
(*35 per
fine ounce)
Sllrer
(U.29> P»r
fine ounce)
Patio of silver
to gold and
ellrer In
monetary stocks
(In percent)
•, 306.3
!t,298.5
3,9"i7.9
15.9
16.1
15.7
3,685.8
19W
22,736.7
22,337.5
21,173.1
20,213.0
20,269.9
3,508.1i
15. >
Ik.
19"t7
I9I18
21,266.5
23,532.5
19!»9
2lt,U66.3
3,525.7
3,571.0
3,618.3
1U.2
13.2
12.9
3,622 .»
3,626.3
3,629.2
12.9
12.8
12.9
2li,li79.0
3,631.9
3,638.2
2U,li27.1
3,6li3.1
12.9
12.9
13.0
2U,39li.6
3,61i5.8
13.0
V}hi
19"t3
V?hk
19>i5
2U, 520.0
191*9- July
August. .
September.
2U,607.9
2U.601.8
October.
November
December
211,583.6
.
.
.
.
1950- January p.
Source: Circulation Statement of U. S. Money; Dally Treasury Statement for
preliminary figures. For detail of silver monetary Btock, see Table U.
p
Preliminary.
Table 3.- Gold Assets and Liabilities of the Treasury
Treasury Bulletin
MONETARY STATISTICS.
Table 4.- Components of Silver Monetary Stock
(In millions of dollars)
Sliver held In Treasury
End of calendar
year or month
Securing Bllver certificates l/
Silver
bullion 2/
19U2
Silver
dollars
Sliver outside
Treasury
Sliver
dollars \j
Subsidiary
coin 3/
Total
silver
at $1.29+
per fine
ounce
628.2
551.8
U05.6
185.6
93.1
78.8
96.8
117.5
137.5
150.I
587.3
68U.7
771.6
8U6.7
901.1
U.317.6
•,207.3
3,870.6
3,512.8
3,51k .2
In General Fund
Subsidiary
coin 3_/
Bullion for
recolnage U/
U68.3
9.2
li00.li
lU.lt
19.1
376.5
356.U
12.5
10.2
1U.0
.1
3"t3.U
Bullion
at cost 2/
19U6
1,516.2
1,520.0
1,520.1
1,703.9
1,911.2
19U7
19UB
19U9
1,937.6
1,971.5
2,003.2
337.2
328.1
321.9
13.1
5.9
ll.U
91.1
89.3
QU.U
156.3
I65.0
171.0
928.7
971.5
982.2
3.5U7.9
3,596.7
3.6U3.1
1,989.2
1U.9
11..
90.8
91.2
90.8
167.6
168.7
169.6
97U.6
975. U
976.6
3,622.U
3,626.3
3,629.2
19>>3
19UU
19>>5
19119-july
August. .
September
1,995.7
325.3
32U.I
323.2
October.
November.
December
1,997.2
2,001.1
2,003.2
322.9
322 .!>
321.9
12.lt
11.6
ll.U
91 .U
92.0
9U.U
170.0
170. U
171.0
978.0
980.7
982.2
3,631.9
3,638.2
3.6U3.1
1950- January p
2,006.5
321.8
12.9
93.6
171.0
982.1
3.6U5.8
1,992.'<
13.5
Source: Circulation Statement of U. S. Money; Daily Treasury Statement for
certain preliminary figures.
1/ Valued at $1.29+ per fine ounce.
2/ Includes sliver held by certain agencies of the Federal Government (see
Dally Treasury Statement for amount). Does not Include silver lendleased to foreign governments { these transactions all took place during
the fiscal years 19U2 through I9U6; see 1QU6 Annual Beport of the
Secretary of the Treasury for amounts ),
Valued at $1.38+ per fine ounce.
Valued at $1.38+ per fine ounce or at $1.29+ per fine ounce according to whether the bullion le held for recolnage of subsidiary
silver coins or for recolnage of standard silver dollars.
Preliminary.
Lees than $50,000.
Table 5.- Sliver Production In the United States and Acquisitions by Mints and Assay Offices^
(In millions of ounces or dollars)
Calendar year
or month
Silver
production In
United States
Silver acquired by mints and assay offices
Nevly mined domeBtic
sliver 2/
Foreign sliver
y
Ounces'
19M
72.6
Ik.
27.1
6.0
IU3.I
62.1
5.5
71.1
55-9
UO.8
35-7
29.3
70.5
U7.9
5.5
•
50.1
3U.0
3-9
.9
.6
21.
36.1
36.1
3U.6
U.9
30.3
36.8
33.0
February .
March
2.8
2.8
2.7
2.8
2.3
3.7
2.6
2.1
3.3
2.8
2.3
3-7
2.6
2.1
3.3
April
May
June
3.3
3.6
2.7
3.1
3.1
1.7
2.8
2.8
1.5
3-1
3-1
1.7
2.8
2.8
1.5
3.2
3.0
2.2
2.9
2.8
2.0
3.2
3.0
2.2
2-9
2.8
2.0
2.1
1.9
U.O
1.9
1.7
3.6
2.1
1.9
U.O
1.9
1.7
3.6
19U2
19^3
19UU
19U5
19U6
19"'7
19U8
19"t9
19U9- January..
July
August. .
September
.
October. .
November
December
Source;
l/
2/
2.3
,
2.9
2.2
2.9
3.1
3.2
77.2
uo.o
3.9
>
y
.9
U.U
27. U U/
33.3
29.9
Annual figures from the Bureau of the Mint. Monthly figures on U. S.
silver production from releases of the American Bureau of Metal
Statistics; these viU not agree with the annual figures.
For information on silver production in other countries, see annual
reports of the Director of the Mint. Data from 1933 through 19^1
are summarized in the "Treasury Bulletin" for August 19^3, page fh,
Acquired at 6U.6U cents per fine ounce until April 9, 1935; at 71.11
cents per fine ounce from that date until April 23, 1935; at 77.57 cents
per fine ounce from April 23, 1935, to December 31, 1937; at 6k.6k cents
U.9
30.3
36.8
33.0
jj
k/
*
y
u.u
27. u
33.3
y
29.9
per fine ounce from December 31, 1937, to July 1, 1939; at
71.11 cents per fine ounce from July 1, 1939, to July 2, 19k6;
and at 90.5 cents per fine ounce Bince July 2, 19W.
Acquired at various prices averaging approximately 51 cents per
fine ounce.
Includes 0.2 million ounces valued at 71.11 cents per fine
ounce totalling $0.2 million, and 30.1 million ounces valued
at 9O.5 cents per fine ounce totalling $27.2 million.
Lees than 50,000 ounces or $50,000.
March \950
53
_ MONETARY STATISTICS
Table 6.- Seigniorage on Silver
(Cumulative from January
End of calender
year or month
1,
1935
-
In millions of dollars)
5*
Treasury Bulletin
CAPITAL MOVEMENTS.
Monthly data relating to oapltal movements between
the United States and foreign countries as reported by
banks,
outstanding contracts of banks for forward purchases and
sales of foreign exchange.
bankers, and brokers throughout the United States
The supplementary Information In Section V is pretwo tables,
appearing at different times.
appear In the first four sections of "Capital Movements".
sented In
Supplementary data are presented at lees frequent Intervals In Section V.
All reports are made Initially to
I gives data by countries on short-term olalms on
and liabilities to foreigners as reported quarterly by
exporters, Importers, and Industrial and commercial
This Information was
concerns In the United States.
published for the first time In the October 19^9 Issue
Table
the
Federal Reserve Banks, which forward consolidated figures
to the Treasury.
Section I contains the historical summary of principal
of the "Treasury Bulletin" and begins with data for
September 30, 1946. Table 2 supplies Information by
countries on long-term claims on and liabilities to
types of monthly data on capital movements, beginning with
1935 when the Information was first compiled.
Section II
supplies a summary by countries for recent months of the
principal series.
foreigners
Section III presents data by countries
as
United States.
reported by banks and bankers In the
This table appeared for the first time In
for certain components of total short-term claims and
the December 1949 Issue.
liabilities and total long-term security transactions.
This Information Is given for the latest month for which
calendar year beginning with 1942.
final figures are available.
Data are for the end of the
Publication of detailed figures In the monthly series
Similar Information for the
latest month for which preliminary figures are available
on capital movements was discontinued between the March 19^2
"Short-term" as used In all
and the November 1945 Issues of the "Treasury Bulletin",
but data omitted during that period were supplied In the
November 19 ^5 Issue and supplement.
Is presented In Section III A.
tables on capital movements refers to original maturities
of one-year or less,
and "long-term" refers to all other
Section IV contains data for recent months on
maturities.
Section
Historical Sunnary
Table 1.- Net Capital Movement between the United States and Foreign Countries
I
-
(In thousands of dollars; negative figures judicata a net outflov of capital from the United States)
Analysis of net capital movement In:
Calendar year
or month
Net capital
movement
Short-term
banking funds
Brokerage
balances
Transactions
In domestic
securities
Transactions
In foreign
securities
1935-41
5,354,071
3,770,922
100,870
626,731
855,548
191*2
626,121
1,286,893
U61.35U
1,074,375
583,373
1,168,058
1U8.59U
1,216,303
3,513
13,372
8,529
17,794
46,599
27,767
210,735
-113,105
-7,364
77,696
93,496
-46,617
-793,32k
325,663
225,417
231,773
-733,909
395,524
531,777
130,147
9,661
-11,318
-19,313
1,120
-334,203
-97,555
-192,215
84,963
265,127
39,012
-94,832
15,543
91, "163
6o,Uol»
-7U.U61.
193,050
55,729
-66,955
-2,817
-2,216
4,528
-103,561
5,545
5,652
4,791
1,346
-17,689
April
May
June
-18,193
-121,056
90,228
-52,329
-132,680
81,036
-3,704
-3,808
1,180
2,222
11,080
-2,01t6
5,618
4,352
10,058
July
August ....
September
-109, 541
76,742
-lO,271
-142,725
-25,363
-13,241
3,189
1,696
5,806
20,982
96,426
47,217
9,013
3,983
-80,053
167,839
3,686
134,936
117,501
5,337
110,787
-187
-5,246
2,699
-2,387
-8,341
12,174
52,912
11,936
9,276
1943
19Wt
1945
1946
1947
1948
WUo.p
I9U9- January
.
.
February .
March
October.
.
.
November p
December p.
p
Prelljnlnaxy
Starch
mO
55
CAPITAL MOVEMENTS
Section
I
-
Historical Summary
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of period in thoueande of dollars)
Short-term claims on foreigners
End of calendar
year or month
Payable
in
fore lgn
currencies
19l>2
2lt6,673
19!*3
257,929
31*,
19UU
329,691*
51*
191*5
19l»6
392,766
708,253
98, 119
19>*7
91*8,936
165,1*39
.,013,700
807,278
100,371
112,223
996 11*0
997,107
983,008
105,865
19"t3
19>*9
p
I9U9- January
.
.
April
May
June
July
August.
September
.
.
October.
November p
December p
.
Payable
in
foreign
currencies
Net
short-term
liabilities
11*3,709
137,161*
11,205,389
3,523,328
86,378
5, 371*, 903
1*,
,603
105,1*21
169,670
100,267
319,639
21*5,010
290,1*95
5,596,775
6,883,068
"*,356,501
*7, 1*89
It,
91*6,621*
668,168
1,222,580
1,218,633
1,910,898
1*,
693, 911
1,71*5,722
21,61*1
25,51*6
1*0,629
6,1*90,302
6,1*30,262
292,866
361,197
1*90,631
7,116,1*19
I*,
809, 21*5
2,257,510
1*9,661.
6,167,1*83
557,132
7,717,960
222,1*70
1*72,585
7,628,231*
5,209,820
5,080,307
2,1.37,751
2,1*96,829
70,389
51,098
6,699,260
6,820,956
332,029
333,763
566,757
565,881
7,888,1*50
5,225,1*30
2,596,1*39
51*7, !*19
7, 861*, 092
5,226,812
5, 081., 79U
2,652,076
2, 711*, 566
66,581
66,258
61*, 732
6,892,310
7,91*5,11*6
W'.'
539,935
519,762
520,205
7,786,263
5,032,161
7,582,11*8
7,637,571*
i»,
821, 892
2,691,236
2,695,069
62,866
65,187
U, 873, 826
2,6911,531*
69,211.
6,828,755
6,696,075
6,777,111
518,350
1 95, 395
7,1*82,331*
.,720,381.
6,631*, 386
l»,
759, 289
2,693,578
2, 57"*, 278
68,1*22
7,1*06,1.75
72,908
1*78,199
7,1*13,266
U, 853, 288
2,505,3"»1
5><
,637
6,609,023
6,595,782
7,56l,7W*
5,00lt,933
7,51*2,769
7,628,231*
".,975,370
2, 50"*, 619
2,51"*,7i*6
5,080,307
2,1*96,829
52,192
52,653
51,098
6,713,283
6,710,169
6,820,956
97,35"*
97,1*63
72,01*8
1 '
957,508
886,073
82,615
33"*,958
83,11*6
283,165
860, 1*63
77,517
262, 7W
81*7,998
797,1*52
77,808
7U.662
251,81*0
817,1*81.
112,311*
227,395
226,971
81*3,1*61
131,667
122,615
112,223
823,1*10
222,1*70
832,600
307,278
Payable in dollars
Deposits
of
foreigners
Loans to
foreign
banks
30,916
387
l
,
.
February
March
Short-term liabilities to foreigners
Payable in dollars
223,326
1*92,968
1*86,575
•72,535
131*, 1*12
13,893
17,911
3,958,716
5,ll6,97li
5,267,081
5,772,009
6,91*8,039
6,881,081*
Preliminary
Table 3.- Net Movements of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
Short-term claims
Calendar year
or month
Payable
in
foreign
currencies
1935-1*1
Short-term liabilities
Payable in dollars
Payable in dollars
Payable
Loans to
foreign
banks
307,187
15,933
6,li09
1*22,711
20,671
60,899
-3,"*71
-11*, 330
6,51*5
-20,216
-19,01*3
-32,506
191*5
736,307
97,503
-11,256
-71,765
-63,072
7,111*
5,151*
-75,31*0
220,359
1,279,375
191*6
-315, "*87
-219,372
26,773
-68,331
-1*18,1*22
-2"*0,683
-69,761.
-200,136
-66,501
217,373
-50,630
-67,320
65,068
-11.852
-1*5,1.85
19"*7
lli9,727
79,1*98
22,560
-967
1U.099
3,017
-109
29,168
-3,1*02
19U2
19"*3
19"*"*
19U8
19U9 p
IQU9- January
.
February
March
.
.
.
.
April
May
June
25,500
July
August
September
12,1*65
50,51*6
^20,032
-37,652
-30,977
21,812
25.322
-19,353
9,052
i° ,392
71,1*35
25,610
.
October, , .
November p
December p.
p
Preliminary.
23,250
-531
5,629
-l,73"i
li,039
266,156
335,365
620, 8SU
220,576
55l*,Ul2
583,205
692,265
-268,851.
115,381*
-1611,651
636,207
601,51*1
"too, 575
180, 2U1
-87,226
-127,913
59,973
-3,91*7
511,788
-37,5"*2
-5,102
U,0lS
3,730
3,905
3,770,9iS
583,373
1,163,058
ll*8,59U
1,216,303
15,083
9,035
20,725
-19,291
-733,909
193 ,050
395,521*
531,777
130,11.7
-9,625
876
170,1*90
56,696
15,610
1,382
158,688
55,637
18,1*62
-81,051*
-I"i2,0l8
62,1*90
-3,8o8
-323
-1,526
-52,633
-210,269
-23,330
3,833
-535
-1,866
2,321
it, 027
-52,329
-132,680
81,036
-956
-119,300
-68,937
-792
U.U86
-18,271
-11*2,725
-722
11,027
-17,917
-2,1*1*5
1*61
117,501
5,337
110,787
7,1*31*
-77,829
51,793
20,173
-20 It, 115
It2ll
-1*113
55,1*26
51,93"*
-291
10,901
2li,lil*5
-155,190
-75,909
6,791
-153,1.1*2
3,1"*6
1,855
22,955
17,196
3,J.1*5
-111,769
ll*8,lt78
151,61*5
11,1*16
l,3"*Ii
-16, "i75
-27,963
9U0
13 ,990
85,1*65
lQlt, 937
,
foreign
2,806,001
105,607
3,0311,615
1185,870
1,179,31"*
-5,23"i
20
in
Deposits
of
foreigners
Net movement of
Bhort-term
banking
funds
38,905
93,999
-1,555
55,729
-66,955
-25,363
-13,21*1
Treasury Bulletin
56
CAPITAL MOVEMENTS
Section
I
-
Historical Summary
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In thousands of dollars; negative figures Indicate a net outflov of capital from the United States)
1*30,21*5
191*2
191*5
96,383
151,639
136,853
260,223
19l*6
367,61*9
191*7
19"*8
226,089
369,736
353,759
19U*
19**9 P
191*9- January
.
.
February.
March
1/
81*1,610 1/
75,!*88
650,1*11
637,91*0
1*39,676
751,01*5
27,767
210,735
-113,105
-269,71.3
782,119
1,116,322
-33li,203
53,030
562,39".
-97,555
-192,215
268,21*1*
21*5,31'.
-97,1.32
393,390
-15,673
-61*, 1.60
l*ll», 1*70
681*, 213
-150,585
-lU.,323
336,305
282,1*15
-22,021*
*.3!*,095
283,275
330,307
327,108
357,655
1*32,109
376,671.
5Ht, 059
375,783
579
-1.7,892
652,151
659,9*>9
8i*U,366
106,987
787,85**
702,891
ai.,963
-107,979
6,800
12,391
1.8,979
Uo.1.06
5">,921
152,51*0
3*1,861
1.9,269
-103,561
1.3, 71".
1.1,1.92
1.9,083
1*9,882
38,003
51,928
2,222
11,080
60,610
39,628
37,903
1*,1*18
21,271
129,250
21,671*
11*, 871*
26,01*1*
-1,255
-6,739
35,616
23,225
16,21*9
11,713
28,538
3,090
7,582
-2U6
19,192
9,060
20,888
99,798
51.31*6
23,290
19,987
21*,
375
29,788
21,590
25,21*3
-868
26,290
23,390
-1,800
19,339
19,295
28,292
July
August. .
September.
20,530
91.
uo, 080
27,855
20,1*36
28,81*3
31,981.
-3,372
-U.129
108,858
67,387
16, 01*1
38,616
1*5, U.I*
-6,828
-6,755
1,712
19,753
16,678
35,852
October. .
November p
December p
1*6,599
513,558
377,717
-3"»,
27,708
18,732
19,305
25,1*71
626,731
365,171
70,71*1*
171,1*32
51,1*1*7
58,202
1*8,31*2
W,630
'3A98
January 1*, 191*0, through December 31, 19U1; the breakdown between stocks
and bonds is not available for earlier years
p
13*>,329
95, 2>i2
1*8,025
5,5*>5
5,652
-2,01*6
20,982
96,1.26
1*7,217
15,312
1>, 1*1.1
-2,387
-1,586
58,369
68,125
60,756
18,261.
76,1*66
-8,31*1
25,390
10,1*62
8U,19lt
72,020
12,171*
Prsllmlnary.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In thousands of dollars; negative figures Indicate a net outflow of capital from the United States)
Calendar year
or month
Net purchases
of domestic
securities
211»,002
25,701*
170,555
1/
Total
sales
8,695,335
1*92,1*20
138,511*
20,895
-1*2,977
Total
purchases
9,322,066
260,601
392,938
-95,652 1/
396,768 1/
I6l*,2l8
21*1,299
-1.11,365 1/
19**, 616
April
May
June
.
l/
Net
purchases
Net
purchases
1935-1*1
19*>3
Domestic bonds
Domestic stocks
Calendar year
or month
statvh
mo
57
CAPITAL MOVEMENTS.
Section
-
II
Summary by Countries
Table 1.- Net Movement of Capital and of Short-Term Banking Funds
(In thonsaadi of dollars; negative figures Indicate a net outflow of capital from the United States)
Net capital movement
10.1*9
Country
August
September
Europe:
United Ilngdoa
fr anoe
Belgium
Qsnaaxk
Finland
Germany i/
Oreaoe
Italy
Luxembourg.
Netherlands
Norway
Portugal
Rumania.
Spain
Sweden
.
.
.
.
•
Switzerland.
u. s. s. s...
Yugoslavia.
Other Europe
5,1.11
1*6,331*
311
30,222
16,872
-1,787
-333
-19,162
-U85
-1,755
-3,015
-1,720
19,339
255
-1*06
-l*,886
•109,186
-230
61,856
15,717
-1,882
-205
-3,1.88
-2,602
-1,299
118
-537
15,565
3,155
2,558
-1H.997
-3, 165
-3,606
•.5,337
-1,21.3
2,562
-2,232
3,207
1,1.13
62
1,261.
1.93
6,51.9
12,813
1,771
1,039
11,520
770
2,561
23,781
612
6,361.
-1,701.
-1>,189
36,292
3,512
121,313
-5,1.36
-10,301.
35,133
-1,553
-3,658
1,588
W5
5,772
-558
17,5V9
6,612
1,060
-301
I*,
61*1
.
Total Europe.
Canada
Latin America:
Argentina.
Bollrla
Brazil
.
.
98
8,311.
15,
326
Chile
Colombia
Costa fit ca
-8,130
-2,968
1,260
1,197
3,592
-963
-99
Cuba
Trench Vest Indies and Guiana...
16,706
-911
10,835
-7,523
1,357
lit, 078
-607
-5W.
-3,873
"S 755
-91.8
1.6W.
3,301
U.998
1,702
890
2,856
1,813
Mejd co
Netherlands West Indies and
Surl nam
Panama
Peru
Venezuela
Other Latin America.
716
-61,131.
60,368
-8,1.27
-5,785
-10,791.
Total Latin America
25,61.0
-36,031.
79,711
China and Manchuria
Trench Indo-Chlna
Hong Song
-2,220
702
2,097
IV?
-3,821.
-536
953
-1,050
India
British Halaya
Japan
15,175
-6,221.
1*63
-863
20,912
27,552
2,586
-5,909
-7,368
-1,676
-12,605
-15,31*5
-3,1.56
2,173
-10,511.
-5,501
-1*0,558
15,525
-8,81.9
-1*7, 080
-1,165
-917
578
11,1.73
12,3"*0
1,999
8,660
-2,206
1,367
-31.8
Asia:
Netherlands Zast Indies.
Philippine Islands
Turkey
Other Asia a/.
Total A3la.
Other countries
Australia
v
New Zealand
Egypt and Anglo-Egyptian Sudan.
20,513
-66
-8,881
-320
-6,761
:
French Morocco
Union of South Africa
All other
237
67
-8,708
-1,310
-2,256
683
-1
-U.666
Total other countries.
-9,908
18,218
7,517
1>.,625
-6,817
76,71*2
-1*0,271
International §/
3
Unidentified
Orand total.
Treasury Bulletin
58
CAPITAL MOVEMENTS.
Section II
-
Summary by Countries
Table 2.- Net Movement In Brokerage Balances and Long-Term Security Transactions by Foreigners
(In thousands of dollars; negative figures Indicate a net outflow of capital from the United States or net sales by foreigners)
Country
March
mO
59
CAPITAL MOVEMENTS
Section
Table
3.-
II -
Summary by Countries
Short-Term Claims on and Liabilities to Foreigners
(Position at end of month In thousands of dollars)
Country
Treasury Bulletin
6o
CAPITAL MOVEMENTS
Section II
-
Summary by Countries
Table 4.- Foreign Debit and Credit Balances In Brokerage Accounts
1/
Beginning with January 1948, Includes data for Pakistan, Burma,
and Ceylon, previously included vlth India.
p
Preliminary.
March
W50
61
CAPITAL MOVEMENTS.
Section III
-
Details for Month of October 1940
Table 1.- Short-Tem Claims on Foreigners
Treasury Bulletin
62
CAPITAL MOVEMENTS
Section III
-
Details for Month of October 1040
Table 2.- Short-Term Liabilities to Foreigners
(Position at end of month In thousands of dollars)
Country
March
mO
63
CAPITAL MOVEMENTS
Section III - Details for Month of October 1949
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousand* of dollars)
Purchases by foreigners
Total
purchases
Country
Domestic securities
Total
Stocks
Sales by foreigners
foreign securities
Bonds
Total
Stocks
563
Domestic securities
Total
foreign securities
ales
Bonds
Total
Stocks
Bonds
10,522
1,836
5,063
1,359
999
,"*59
1,1*8*
73
67
12
12
Total
Stocks
Bonds
Kurope:
United Kingdom.
France
Belgium
52*
1,507
3,352
12,772
5*6
2,013
5,75*
365
1,026
7,018
181
987
1,752
961
1,339
132
115
63
52
17
7
888
11*
6
830
103
6
767
1,666
866
1*5
lit,
Denmark.
Finland.
Germany.
Greece
Italy
Luxembourg
Netherlands.
Norway
Portugal.
.
.
.
Rumania.
Spain..
Sweden.
6*7
1,189
160
692
16,55"!
12
92
707
7
680
2l»3
21*3
3,075
2,003
1
1
22
9
36
1.8
58
11
7
766
2
2lt8
1,059
207
125
995
132
111
607
659
20
370
237
655
16
It
897
252
110
1*1*
lWt
91
7*
2*
ait
50
It
1*6
19,285
17,*6l
5,391
2,720
2,671
21,2*5
21*, 676
Switzerland.
D. S. S. E.
801
It
53
l,S2lt
it,
7
1*77
U85
6,032
1,239
519
19
B7
59
5
212
189
107
3,651
1*7
l>7
1*6
1
U03
159
53
106
21*1.
18,651
17,281
1,370
2,59"*
It,
561
26
26
163
81
63
3
..
YugoBlarla.
Other Europe.
.
Total Europe
83
53
39
U
30
29
106
101
63
38
186
37,290
26,890
10,1.00
10,896
5,191
5,705
>t9,8l7
38,350
29,768
8,582
11,1*67
73, 99"t
9,051
5,612
3,*39
61t,9lt3
3,021
61,922
2lt,6llt
12,059
7,273
786
12,555
181
10
15
166
10
1*07
5*
1*1
1*
h
655
53
602
602
8
512
1*61
11
328
322
It
1>»3
29
10
lilt
722
581
577
1*8,
Latin America:
Argentina.
BollTia
Brazil
723
a*
5*2
1*
5I12
1,1*8
1.93
1*82
332
123
6
I89
110
185
110
6
6
1,398
l,0l»2
711
2
*89
2
2
389
30li
.
Chile
Colombia.
Costa fiiea.
.
Cuba
Trench Vest Indies and
Guiana
Mexico
lit
13
331
356
85
3
33
9
7
15
12
12
1,113
5*5
it,
6
*3
313
1,262
It
I*
1*
36
m.
683
617
51*1*
73
33
7U5
375
32
688
357
32
595
91
93
266
568
Netherlands Vest Indies
and Surinam
Panama
Peru
126
83
70
13
U3
30
1,108
125
511
1*11
76
597
12
538
113
100
37
Venezuela
Other Latin America.
7*7
2,959
*22
2,263
1,009
3
1,2511
325
696
131*
259
562
"t,3li7
691
3,088
2,925
273
163
Total Latin America
9,310
6,179
*,3*1
3,131
966
2,165
10,0UI*
7,985
"^W
1,502
2,890
*57
2,*33
1*29
1*21.
1.11.
10
869
812
57
27
997
27
997
636
361
5*9
30
51**
7
9
537
9
186
186
186
7
7
7
7
7
5
5
2
U8
18
39
39
9
in
10
8
9
1*19
12
66
703
1*18
Asia:
China and Manchuria.
French Indo-China.
Hong Kong
.
India
British Malaya.
Japan
Netherlands last Indie
Philippine Islands....
Turkey
Other Aalal/
Total Asia
>•,
27
7
8
21
9
35
100
92
60
516
U,U65
1.U01
166
lit
lit
36
225
36
221
36
221
*l*
33
33
171*
168
7
7
7
lit
lit
*57
217
167
12
209
786
529
518
3,06*
51
17
1,873
1,833
1,1*02
77
20
77
20
77
20
1*31
Other countries:
Australia
New Zealand
Egypt and Anglo-Egyptian
Sudan
French Morocco
Union of South Africa...
All other
Total other countries ....
International 2/
_2j*2_
129
_9j_
676
U07
372
~97T
~97T
152
_3J5_
_=3_
35
269-
137,659
58,369
_2£
185-
^377
Unidentified.
Grand total.
152
38,616
19,753
79,290
=
9,279
70,011
=====
=== === == ===
87,1311
60,756
1*5,1*1*1.
15,312
26,378
=====
7,918
1
18,1*60
u
6k
Treasury Bulletin
CAPITAL MOVEMENTS.
Section III A
-
Preliminary Details for Month of December 1940
Table 1.- Short-Tera Claims on Foreigners
(Position at end of month In thousands of dollars)
Country
March 1950
65
CAPITAL MOVEMENTS
Section III A
-
Preliminary Details for Month of December 1940
Table 2.- Short-Term Liabilities to Foreigners
(Position at end of month In thousands of dollars)
Country
Treasury Bulletin
66
CAPITAL MOVEMENTS.
Section III A
-
Preliminary Details for Month of December 1949
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In thousands of dollars)
Country
March
W50
67
CAPITAL MOVEMENTS.
Section IV - Outstanding Contracts for Forward Purchases and Sales of Foreign Exchange
(Bag of aonth
Curranc J Of
-
-
la thousand* of dollars)
6S
Treasury Bulletin
CUMULATIVE TABLE OF CONTENTS.
April 1049 through March 1950
March
mo
69
CUMULATIVE TABLE OF CONTENTS.
April 1049 through March 1950 - (Continued)
/C^
Treas.
HJ
U.S. Treasury Dept,
10
• A2
Treasury Bulletin
1950
c.2
@FedFRASER