Full text of Treasury Bulletin : March 1952

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

i

FMEAmMY:

BmiLETm
MnRCH-iaSE

UNITED STRTES TREflSURV DEPRRTMENT
OFFICE DF THE

SECRETBRV

Table of Contents
Page

Treasury financing operations

A-1

Svimmary of Federal fiscal operations

1

Budget receipts and expenditures

2

Trust account and other transactions.

8

Treasury cash Income and outgo

12

General Fund of the Treasury

15

Debt outstanding

1°

Statutory debt limitation

21

Debt operations

22

United States savings bonds

27

Treasury savings notes

31

Ownership of Federal securities

32

Treasury survey of ovmershlp of Federal securities..

3^

Treasury survey - commercial bank ownership of
Federal securities

3°

Market quotations

^2

yields of Treasury and corporate bonds

^S

Internal revenue collections

'^^

Monetary statistics

52

Capital movements

5"

Cumulative table of contents

69

Note: In those tables In which figures have been rounded
to a specified unit, all calculations (including
percentages) have been made from unrounded figures.
Consequently the details may not check to the
totals shown.

March

m2
Treasury Financing Operations

New Refunding Bonde and Certificates
On February I3, 1952, the Secretary of the
Treasury announced that on February IS the Treasury
would offer an Issue of 2-3/g percent Treasury bonds
callable on and after March I5, 1957i and maturing
I959, to refund the 2-1/2 percent

on March I5,

Treasury bonds of 1952-54- called for redemption on
In the same statement the Secretary

March I5, 1952.

announced also that holders of the 1-7/8 percent cer-

tificates of Indebtedness of Series A-I952 maturing
April

1,

1952, would be offered at the same time an

Subeorlptlons to the 2-3/8 percent Treasury
bonds of 1957-59 amounted to t922 million, leaving
Subscriptions to
$101 million to be paid In cash.
the new 1-7/8 percent certificates, Series A-I953,
amounted to $8,S6g million, leaving I656 million to
Reports to the Treasury on the
be paid In cash.
ownership of Government securities Indicate that on
December 3I, 1951, about 57 peroent of the called

2-1/2 percent Treasury bonds of 1952-5'*^. and about
61 percent Of the maturing certificates. Series A-1958.
were owned by reporting commercial banks and the

The ownership figures for

Issue of 11-1/2 month I-7/S percent certificates of

Federal Reserve Banks.

Indebtedness to mature February 15, 1953Interest
on the bonds was to be adjusted ae of March I5, and

that date are the latest published for holdings of

commercial

bainlcs.

on the certificates ae of March 1. Cash subscriptions

were not to be received.

Details of the offerings were announced on
February 18, the date the subscription books were

opened.

The books were closed at the close of

business on February 21.

Announcement Regarding Treasury Bonds Callable
June 15, 1952
The announcement of February I3, 1952, stated
also that the option to call for redemption the
three Issues of Treasury bonds which were eligible

The new bonds bear Interest from March
at the rate of 2-3/8 percent per annum,

1,

1952,

payable on

to be called on June I5,

1952,

would

not

be

exercised.

a semiannual basis on September 15, 1952, and there-

after on March I5 and September I5 In each year
until the principal becomes payable. Bearer bonds
with Interest coupons attached and bonds registered

Maturing Treasury Bills Refunded

as to principal and Interest were Issued,

The amounts on
In equivalent weekly amounts.
February 7 and February 14 were for $1.} billion
each and on February 21 and February 28, for

In de-

nominations of $500,

$1,000, $5,000, $10,000,
$100,000, and $1,000,000. The certificates bear
Interest from March

1,

1952,

at the rate of 1-7/8 per-

Weekly maturities of 91-day Treasury bUle
In February totaled $U.8 billion and were refunded

$1.1 billion each.

The average rates of discount on

on February I5,

the new offerings were 1.584 percent for February 7.
1.614-3 percent for February l'^, 1.507 percent for

form only.

February 21, and I.563 percent for February 28.

cent per annum, payable with the principal at maturity

$10,000,

Note

I

They were Issued In bearer
1953.
In denominations of $1,000, $5,000,
$100,000, and $1,000,000.

Details of Treasury narket flsanolug operations are
"Treaavo?
Bhown elaevtiere in this issue of the
Bulletin", in the tables on "Offerings" and "Dle-

poaltlon", respeotlvely, of marketable issues of bonds,
notes, and oertifloatee of indebtedness, and in the table
"Offerings of Treoaury Bllla".

March 1952

SUMMARY OF FEDERAL FISCAL OPERATIONS
(Xa millions of dollare)

treasury Bullet

BUDGET RECEIPTS AND EXPENDITURES
Table 1.- Receipts by Principal Sources
(In mllllonB of doHars)

m

.

-

,

.

March 1952
BUDGET RECEIPTS AND EXPENDITURES
Table 3.- Expenditures for National Defense and Related Activities
(In millions of dollars)
EoconfltmicDepartanent
of the

Departznent
of the

Departanent
of the

16/

Nary
11/

Air Force

19^

1*9,21*2

1*8,870

191*7
191*8

16,812
11,500

191*9

12,158

1*72

15,161

328
138

3,01*0

2,628

Strategic
and
critical
materials
21/

3,812
3,227

6,305
1*1*2

98

U,U7

106

271
277

1*12

Other
22/

7,1*1*7

691*

551*

325

1*1*

299

058

1*,110

5,757

656

12,500
18,900
916
897
778

15,078
16,838
1,182
1,210
1,036

10,000
12,300

1,100

768
750
771

3,506
6,238

12,31*6
19,961*

39,918 2i/
51,228 23/
2,930

I*,

Surplus
property
disposal
20/

136

1*,998
1*,171

5,1*17

1952 (Est.)...,
1953 (Est.)...,
1951 -J Ul7
August. ..
September,

United
States
Maritime
Commission
12/

2,682

30,01*7

6,01*6

1950
1951

October. .,
November.,

26,538

50,337
27.800
6^911

89,720
90,501

191*5
191*6

Pajm&nts
tlon
under Armed Finance
Forces
Corporation
Leave AQt
18/

It,

3,166
3,015
3,070

1,091*

Beceoiber.,

91*1

1,195
1,197
1,299

1952 -January,..

3,1*11*

1,018

1*39

31*

759
792
671

108

1,1*21

Fiscal year
1952 to date.

996

21,262

6,639

8,51*0

385

5,1*09

286

Source: (Same as Table 2).
Footnotes at end of Table 5*

Table 4.- Expenditures for International Finance and Aid
(In millions of dollars)

Bretton Woods

Agr

United
Kingdom 2^/

Act
21*/

191*6

727

159

191*7
191*8

11,928

1,1*26

Goremment

Export
Import

568
938

2,050
1,700

and relief
in occupied
areas

GreekTurkish
Asalst-

Mutual Security Act 26/
Economic and
technical
assistance SjJ

Other
22/

Military
asslstance 28/

511*

H/

881
1,333
779

161
279
126

l*,M*5

351*

65

1952 (Est.)...
1953 (Est.)...
1951 -July
August. .
September

6,820
10,513
318
367
301

120

October.
November.
December.

377
367

11*5

ll*2

97

1*1*2

ail*

207
199

291

155

187

It, 11*3

;a/
6,016 13/

•191*9

l*,689

1950
1951

1952 -January .

Fiscal year
1952 to date.

1*65

-60
1*5

2,1*63

Source:
(Same as Table 2).
Footnotes 1 through 5 on page 2 and 9 through 39 on page 1*.
6/ For basis of appropriations, see Table 7. Amounts appropriated are
equivalent to the amounts of taxes collected and deposited for old-age
Insurance. The Social Security Act Amendments of 1950 (Public Lav 73l*),
approved August 28, 1950, chsnged in certain respects the basis of
transferring the appropriated funds to the trust fund. Effective
January 1, 1951, the old-age insurance taxes on employers and employees
and the withheld income tax are paid into the Treasury in combined
amounts without separation as to type of tax. The old-age insurance tax
on self -employment Income, Imposed by Public Law 731*, is levied and
collected as part of the individual Income tax, beginning with the taxable year 1951. Beginning January 1951, the amounts transferred currently as appropriations to the trust fund ere based on estimates of
old-age Insurance tax receipts made by the Secretary of the Treasury,

131*
i*,oi*3

ii/

3,523
3,006

13

1*,0D0

2,375 21/
230
191
155

101

2,1*17

8,000 31/
109
139

1,186

30/
22/

121*

1,108

11

138

and are adjusted in later transfers on the basis of records
maintained by the Federal Security Administrator. For purposes of this
table, the amount credited each month to the trust fund la Included
under "Baployment taxes" as estimated receipts for old-age Insurance.
Throughout the calendar year 1951, the balance of the combined amounts
paid in by enployers was shown as income tax withheld. Beginning
January 1952, the tax on self -employment Income Is allowed for in the
amounts credited to the trust fund, so that these amounts can no longer
be used to derive an estimate of the income tax withheld by employers.
Interest on refunds Is Included In Table 5 under "Miscellaneous"
Current appropriations were temporarily suspended to complete adjustments (see footnote 6) as follows: October 10 through November 5, 1951,
for adjustment of $150 million ($113 million In October and $37 million
in November); January 2 through 1+, 1952, for adjustment of $25 million.

Treasury Bulletin

BUDGET RECEIPTS AND EXPENDITURES
Table 5.- "Other" Expenditures
(In Bullions of dollars)

Fiscal year
or month

Siaivh

m2
BUDGET RECEIPTS AND EXPENDITURES,
Table 6.- Summary of Budget Results by Months and Years
(In millions of dollars)

CaleDdsx
year

Flacal
year l/

Treasury Bulletin

BUDGET RECEIPTS AND EXPENDITURES,
Table 7.- Social Security Act

-

Budget Receipts and Expenditures

(In mllliona of dollara)

starch

m?
BUDGET RECEIPTS AND EXPENDITURES
Table 8.- Railroad Retirement Act

-

,

Budget Receipts and Expenditures

{in mllllonB of dollaro)

Treasury Bulletin

.

THJST ACCOUNT AND OTHEE TRANSACTIONS.

Table 1.- Summary of Trust Account and Other Transactions
(In mlllionB of dollars)

.

Sicirch

m2
.

THUST ACCOUUT AMD OTHKK TRAMSACTIONS

Table 3.- Trust Account Expenditures Other Than Investments
(in millions of dollare; negative figures are excess of credite)

Fiscal year
or month

.

Treasury Bulletin
THUST ACCOUHT AMD OTHER TRAHSACTIOKS

Table 5.- Federal Old-Age and Survivors Insurance Trust Fund
(IQ nlUlons of dollars)

Ji/

.

March

m?

11

THJST ACCOUHT AND OTHER TRAMSACTIONS

Table 7.- Unemployment Trust Fund
(In millions of dollars)

Treasury Bulletin

12

.TREASURY CASH INCOME AND OUTGO.

Table 1.- Summary of Cash Transactions
(In mllHana of dollars)

13

March 1952
.

TREASDRJf CASH INCOME AHD OOTGO.

Table 3.- Derivation of Casli Budget Expenditures
(In mllllonfl of dollars)

Treasury Bulletin
ll+

.TEEASDBy CASH INCOME PSD OUTQO.

Table 5.- Derivation of Cash Borrowing or Repayment of Borrowing
(In millions of dollars}

15

March 1952
GENERAL FUND OF THE TREASURY,
Table 1.- Status of the General Fund
(In millions of dollare)

Bullion, coin, and
currency

of fiscal
year or month
SukL

DepoeltB In
special
depoa
Dalteirlea
1/

666
558

15^

20,775
25,119
lit, 708
3,730
5,370

150
160
1,023
1,073

232
191

1950
1951

3,862
5,927
7,871

1,022
1,052
1,0U6

219
191
176

1950-Dec ember,.

lt,72l|

1951-July
August,...
Septonber.

6,032

1,060

5,1*31

1,01*7
1,01*3

179
176
175

October. ,.
Not ember,,
December,,

5,311

19^*
V}^^5

igW
19't7

igus
19'»9

1952 -January.,,

5, 1117

U,8l6
It,

20,169
2U,698

1*70

ll*,238

lt22

1*38

3,308
It, 932

309
323
380

392

3,1*70

1*10

5,517
7,357

369
392

1*12

3,2l*J*

11*3

250

51*7

1*17

1*39

5,620
5,095
6,916

1(28

1*37

lt,87lt

1*37

523

It,

W.9

521

lt,295

li27

3,879

11*5

It,

3,691*

1*59
91*7

111
226

It,

198

1*93
1*81

151
109

173

306

511*

2,31*1*

581t

321

llt6

iBlt

1,035
1,022
1,033

607
1*21

1,771
3,268
5,680

1*38

690

7,356

Balance In
the General
Fund

3,021
2,901
2,693

1,500
1,006
1,202
1,928

950
338

Lisbllltles

507
289
305
310
283

18,007
22,622
12,993

1,1*1*2

2l*3

other
depoa its
and
collectlona

316

219

336

2,01*8

232

62 It

Source: Daily Treaaury Statement.
1/ On account of withheld taxes and sales of Gcvemment securities.

Table 2.- General Fund Balance by Months
(End of month, in millions of dollars)

Jan.
3ltO

1932.
1933.

327
1,537
2,319

193lt.

1935.
1936.

Feb.
376
221
902
2,081
1,767
It,

July

May

Mar.

292

6lt7

11*5

l,75lt

2,553
2,216
2,838
1,891
2,633

2,639
2,116

2,902
2,260
2,231

2,860
2,978
2,178

2,258
2,599

2,1*51*

2,873

2,991
9,507
20,169

3,288
8,595

3,151*
6,361*

21,92lt

2lt,698
ll*,238

22,082
12,029

17,672
18,631
U,0lt0

2,682

2,567
2,92lt

2,350
1,701

2,511*

2,210

2,030

19ltl.

2,715

2,1*25

1,9*

19lt2.

2,950

3,562
5,392
19,155
17,313
25,961

3,1*93

2,851
12,617
12,279
11,366
20,935
It,

2,812
12,687
8,522
9,625
18,536
It, 066
lt,9lt6

3,308
932

3,069

It,

It,

5,07lt

3,163

3,lt70

3,337
It, 500
5,620

1*,7U
It, 648
It, 659

19lt9.

5,0lt9

1950.
1951.

lt,lt5lt

1952.

Source:

3,879

Dailjr Treasiiry Statement.

7,13lt

318
5,291
5,186
5,382

It,

896
19,297
9,990
12,813
8,070

1,1*75
1,901*

3,01*1*

191*7.
19lt8.

302
18,158
15,117

1,789
2,230

3,389

25,lt27

2,61tl

1,81*1

3,11*0

191*6.

2,266

1,935

2,193
1,799
2,188

3,3't3

7,72lt

2,6o3

2, It 15

2,676
2,569
1,913
1,920

339
1,200
2,137

831*

1,702
2,689

12,239
19,606

1,1*31*

2, It 72

381t

2,U1*2

191*5.

590
1,107
1,597

1,1*73
1,761*

2,582

2,ltli6

2,022
1,957
2,358

1,826

191*1*.

755
909
1,812

36lt

2, 2911

2,866

191*3.

862

aiti

818

4,539
2,975

19ltO.

Sept.

lt93
It,

1,726
2,950
2,933
2,282
2,025

2,00ll

1937.
1938.
1939.

Aug.

5,179
16,606
15,277
alt, 367
6,909
5,353
5,767
6,121
8,569

312
612
3,995
It,

702

6,955

lt,lt61i

5,782

5,517
7,357

2,ltlt7

3,1*00
11,832
It 18
5,185
5,095

It,

l,llt6

It,

l6,13lt

10,171
3,952
5,583
5,699
5,505
6,916

It,

11,107

l,lto6

2,ltlt7

555
1,026
2,56U
2,209
1,906

2,973
3,083

2,165
1,817
2,319

2,1*76

3,082

10,51*3
12,29!t

l't,958

9,803
ll*,ltlt5

6,665

1,928
3,560

22,236
26,003
3,502
3,097

80a

3,935
It, 385

It,

1*,737

lt,lt22

11,679

l*,llt5

It,

It,

It,

lt,87lt

139
U,62U

It,

208
232
295

:

.

.

Treasury Bulletin
i6

DEBT OUTSTANDING
Table 1.- Sumary of Federal Securities
(Xq n^n^l^na of dollars)
Kftturod de1)t and dabt boarlsg

Int«reat-tiearliie d.ebt

Total outfltaadlng

no lnt«reet

Susnn-

tMd

tMd

860 orltloe

seonrltles
1/

1/
igkk

20S,6a6

19^t5

259,U5

19k6

19U8

269,898
258,376
252,366

19^9
1950
1951

252,798
257,377
255,251

1952 (Bat.)....
1953 (lat,)....

260,289

258,286
252,292

256,357
268,111
255,113
250,063

252,770
257,357
255,222

250,785
255,226
252,879

250,762
255,209
252,852

1,567
2,350
1,321
3,179
2,234

1,460
2,326
3,173
2,229

201
269
376
231
280

2,012
2,150
2,372

1,516
409
467

2,009
2,148
2,370

245
265
512

Othar

3/
1,259
2,057
935
802

260,222

2711,982

27lt,922

19'>7

201,059
256,766
268,578
255,197
250,132

InterMonotaiy
natlODAl Fund
2/
Bank 2/

201,003
258,682

1,623
V33

269,l»22

1*76

199,51*3

83

69

1,3U

416
66

1,724
1,161
1,063
1,270
1,283

722

660
613
575

Dabt poak
feb. 19lt6....

279,7»v

279,211(

278,1*51

277,912

1,313

1,301

238

1950-I>eoai]>e>r..

256,731

256,708

254,301*

254,283

2,427

2,425

562

1,270

593

1951 -July

255,685
256,677
257,386

255,657

253,351

256,61t4

25l*,351

257,353

25lt,990

253,325
254,321
254,958

2,334
2,325
2,397

2,332
2,323
2,395

477
462
536

1,283
1,293
1,293

572
569
566

Ootobar...
VoT«ibar.
Doo«dbar..

258,336
259,6*7

258,298

255,975

259,6ol(

257,291*

259,1*61

259,1*19

257,111

255,940
257,253
257,070

2,360
2,353
2,350

2,359
2,351
2,348

502
469
492

1,293
1,301
1,296

564
562
560

1952-Januar7...

259,813

259,775

257,518

257,482

2,295

2,294

Angoflt....

Sa7t«Bbar.

Souroet AotoAl flgnrea fraa Dally TreoExxrj Stat«iait; aatlBates baaed aa
1953 Badget docxooent, InclndJng effect of jiroposed leglslatioa.

Table 2.- Net

Chan^

Footeotee at

eoid

of Table 2.

in Federal Securities

1,063

1,291

17

March 1952
.MHT OITTSTMDIIC
Table

3.-

Interest-Bearing Public Debt
(In

mlUlaas of dollais)

Treasury Bulletin
.DEBT OOTSTANDHC.

Table 5.- Special Issues to United States Government Investment Accounts
(In millions of dollars)

End of fiscal
year or month

)

m?

March

19

.DEBT OOTSTAKDHG.

Table 7.- Treasury Holdings of Securities Issued by Government

Corporations and Other Agencies
{

End of
fiscal
year or
month

In milllanfl of dollare

-^

Treasury Bulletin

JEHT

OlTTSrAHDIBtx-

Table 8.- Public Debt and Guaranteed becurlties Outstanding by Months
(End of month,

Iji

mllZlona of dollaxe)

Piibllo debt

1932

:

,

:

)

:

March 1952
STATUTORY DEBT LIMITATION
The Second Liberty Bond Act, as amended,

(

aggregate 0275 billion outstanding at any
Obligations Issued on a discount basis, and
redemption prior to maturity at the option of
ar« Included In the statutory debt limitation

3I U.3.C.

757 b), provides that the face amount of obligations Issued

and the face amount of
under authority of that act,
obligations guaranteed as to principal and Interest by

one

time.

subject to
the owner,
at current

redemption values.

the United States (except guaranteed obligations held by
the Secretary of the Treasury), shall not exceed In the

Table 1.- Status under Limitation, January 31, 1052
(

In mlUions of dollars

of eecurltlea vhloh joey be outstandljie at any one tljne, under lljnitatlona
of June 26, igW (3I U.S.O. 757 t)

Maxlnnffl ermount

Ijiipoeed

by the act
275,000

Amount of aeourltlee outatandlng subject to such statutory debt lljaltatlons

GoTemment securities Issued under the Second Liberty Bond Act,

U, S.

GuAjTanteed securities

(

259,120

aa amended,.,,

excluding those held by the Treaaury)

,,,,,,.,.,.

3B

,

Total saiDunt of securities outstanding subject to statutory debt limitation

259,158
15, w2

Balanoe Issuable under limitation

Source:

Bureau of the Public Debt,

Table 2.- Application of Limitation to Public Debt and Guaranteed Securities
Outstanding January 31, 1052
(

In mlUlons of dollars

Subject to
statutory debt
limitation

Class of security

Hot subject to
statutory debt
limitation

Public debt:

Interest-bearing securities:
Mai^etable
..,
Treasury bills
Certificates of Indebtedness
,,...,,
Treasury notes
- bank eligible
Treasury bonds
Treasury bonds - bank restricted l/, ,
Postal saTlngs and Panama Canal bonds.

l8,10lt

l8,l»21

to, 897
36,

OW

1*0,897
36,01*6

lUa,5lt8

11*2,690

57,66U
7,539
358
12,998

57,661*

78,559

78,559

11*2

ITonmarketable
U. S, savings bonds (current redemption value).
Treasury savings notes
Depoe Itary bonds
Treasury bonds. Investment series

Total nonmarketable

7,539
358
12,998

36,233

Total Interest-bearing securities

36,233

257,339

Special issues to Government agencies and trust funds.

257,1*82

1*39

Matured securities on vhlch Interest has ceased
Debt bearing no interest:
lilted States savings stamps
£xcees profits tax refund bonds
Special notes of the United States:
International Monetary Fund Series
United States notes (less gold reserve)
Depoeite for retiranant of national bank and Federal Sseerve Bank notes.
Other debt bearing no Interest
:

29,079

18,I)-21

Total marketable.

Total debt bearing

18,1*

29,079

lv8

2

1,291
191
312
6
1,31*1

interest.

Total public debt.

Guaranteed securities:

TotcLl

2/

38

guaranteed securities

259,158

Total public debt and guaranteed securities.
Source: Bureau of the Public Debt.
1/ Issues which commercial bsnks msy not acq.ulre prior to specified dates

2/

656

259,813

(yith minor exceptions). See "Debt Outstanding", Table 3, footnote 1.
Eicli^es guaranteed securities held by the Treasury.

Treasury Bulletin

DEBT OPERATIONS.
Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Government
and Outstanding January 31. 1952 -^
(In mllllona of dol_Lars)

March

m2

23

DEBT OPERATIONS.
Table

1.-

Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Government
and Outstanding January 31, 1052
(Continued)

^

Treasury Bulletin

2h

DEBT OPERATIONS.
Table 2.- Offerings of Treasury Bills
(Dollar aaounta In mllllcaiB)

25

March 1952
DEBT OPERATIONS.
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness
Sate

Treasury Bulletin

26

DEBT OPERATIONS.
Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States Govemnent
Ctllad or Baturln^ aeouzitx

^

Olvposltlon off«re

Beanltt of ejehaa^ offers

fnmed In for

cAata

imnat
*ot-

•todlBc

OMcrlptlon of aav
hfihHng*

•euity
offered

Ikdarml
Beeerro
Budca £/

(In BlllleB* of dolUrs}
l-l/85t Certificate

other
lareetoro

eeenrttj offered

March

m2

27

.UNITED STAEES SAVHIGS

United States savings bonds were first offered In
March I935 and began to mature In March V)^'i). Series A-D
have
were on sale through April igUl and Series E, F, and
been on sale since that time.

Beginning May

1,

of maturing Series E bonds have three options:

1951i holders
to redeem the

bonds In cash, to retain them with an extended maturity of
10 years at specified rates of Interest accrual, or to exchange them for Series

bonds.

Further Information on these

B01II36.

Series A-F sales are shown at Issue price and total
redemptions and amounts outstanding at current redemption
Is shown at face value throughout.
Series
values.

Matured bonds which have been redeemed are Included In
redemptions.

Matured bonds outstanding of Series A-D were

Included In the Interest-bearing debt until all bonds of
the annual series had matured, when they were transferred
to matured debt on which Interest has ceased.

Data by

options will be /ound In the "Treasury Bulletin" for

denominations and the amounts of sales by States are

April 1951, and on the terms and conditions of each series
In annual reports of the Secretary o'f the Treasury.

published on a monthly basis but not In each Issue of the
"Treasury Bulletin".

Table 1.- Sales and Redemptions by Series, Cumulative througti January 31, 105B
(Dollar •Dunta Is mllllaoa)

Treasury Bulletin

.WTSED STATES SA7IRQS BOKDS.
Table 3.- Sales and Redemptions by Periods for Series B, F, and G

29

March 1952
UNITED STATES 3AVIK0S BONDS.
Table 3.- Sales and Redemptions by Periods for Series E, F, and G

-

(Continued)

Treasury Bulletin

30
.UMi'lKD SnXSES SAVINGS BOHDS.

Table 4.- Redemptions of Matured and Unmatured Savings Bonds
(In mllllonB of dollora)

31

March 1952
TREASURY 3AVING3 NOTES.
Treasury tax and Bavlnge notes have been issued In
Tax Series A from August 1, IS"*!, through
June 22, 13^"}; Tax Series B from August 1, ig"*-!, through
September 12, 19'*^2; Savings Series C (originally designated
fl.o series:

<ix

Series C) from September

14^,

\3k2, through August 3I

,

ISkS;

Savings Series D from September 1,191*6, through May 14, I95I;

Issue. For details concerning terms and conditions.

Series A and

Invest-

and tax payment or redemption values of

ment yields,

see 'Annual Report of the Secretary of the

B,

pages 207 ^^^ ^^0, and for sales and
redemptions by fiscal years and months, see "Treasury
Bulletin" for February 191*6, pages 1+2 and 1*3.

Treasury" for

191*2,

and Savings Series A beginning on May I3, 13^1.
Details ooncemlng terms and conditions for purchase

and redemption and Investment yields of Savings Series A
appear

In the June 195I Issue of the "Treasury Bulletin",

page A-1.

Similar information with respect to Savings Series C

In the following tables sales and redemptions of
Treasury savings notes are shown at par value. Matured
notes redeemed (either for cash or for tax payment ) are
included in the figures on redemptions. Matured notes

outstanding

Eu:>e

reflected In the interest-bearing debt

and September 19U9 issues,

until all notes of the series have matured, when they are

and with respect to Savings Series C In the October 191*5

transferred to matured debt upon which Interest has ceased.

will be found In the October

1914-S

Table 1.- Sales and Redemptions by Series, Cumulative through January 31, 1952
(In mllllana of dollars]

Treasury Bulletin

32

OWNERSHIP OF FEDERAL SECURITIES,
Table

1,

Distribution of Federal Securities by Classes of Investors and Types of Issues
(In mllllnnB of dollars}

.

U

. . . ..
, .
.

U

3
3

.

8

5
.

U

3

March 1952

33

OWNERSHIP OF FEDERAL SECURITIES,
Table 3.- Estimated Ownership of Federal Securities
(Pax values 1/

bankB

1/

18.6
19.5

December

1(7.3

52.2
59.9

59.lt

170.1

71.5

December.

202.6
232.1

96.5

19U5-june
December.

259.1
278.7

106.0
115.0

19U6-February (Peak)
June
December. .

279.8
269.9
259.5

U6.7

93.8

108.2
97.9

a.

25a.l1

91.9
91.3

19l(8-March

257.0

7.2
11.5

^.3

253.1

2.6
2.8

7.5
7.8

3.6

7.6
8.2

5.I1

10.6
12.2

17.8
23.7

i3.lt

lit.

30.9
37.6

19.1
21.7

lt6.0

lit.

52.9

16.7
18.3

lt2,9

21.0

1(3.3
lt3.5

Zk.k

U.l

2l(.9

6I1.I

ltlt.2

20,6
19.8
19.9

11.5
11.8

133.7
131.3

66,2
65.5

Its.

20.7

2l(.6

lt6.2

19.3

23.9

35.0
35.8
36.8
37.3

132.1
130.7
130.1
129.7

65.lt

lt6.9
lt7.1

l8.lt

18.2

lt7.3

17.6

23.4
22.8
22.0
21.2

12.1
12.0
11.7
11.5

ll(,6

lt7.6

37.7
38.3

131.8
132,2
132.8
132.1

66.5
66.9
67.1

1(8.5

1(9.3

21.1
20,5
20,2
20,1

11,6

66. li

18.0
18.1
18.0
17.1

132.7
133.9
135.6

66.5
66.8
66.7

lt9.lt

17.1
17.1
16,9

20,2
20,2
20,2

8.2
8.3

17.0
17.2

68.7

62.5

23.3

21.7

85.7

60.5
63.0
66.5
66.8

256.9

85.3

67.

81t.2

255.7

82.5

66.U
64,9

17.8
17.7
17.6

39.0

256.lt

April.
May...
June..

255.7

83.0
83.2
83.9

65.2
65.8
65.6

17.8

37.3

i35.lt

37.1*

18.3

37.8

135.9
135.6

66.8
67.0
67.2

lt9.8

i7.lt

July
August. . ,
September.

257.6
257.9
257.2

82.6

6lt.6

62.2

38.0
38.1
38.9

137.0
137.3
136.6

67.2
67.2
66.8

17.I1

6lt.l

81.8

18.0
18,U
19.6

I19.9

82.lt

lt9.8
lt9.7

October. .
November.
December.

257.0
257.1
256.7

81.

62.2
61.5
61.8

19.3

39.0
39.2
39.2

136.5
136.8

66.6
66.5
66,0

lt9.6

19.7
20.8

1951 -January..
February
March....

256.1
256.0
255.0

59.9
58.9
57.8

21.5
21.9
22.9

39.6
39.7
39.8

135.2
135.5

April.
May...
June.

25U.7
255.1
255.3

58.lt

22.7
22.5
23.0

39.9

133.7

to.

13lt.5

1(1,0

132.9

July
August.. .
September

255.7
256.7

23.1
23.1
23.7

1(1.0

October,. ,
Novanber. .
December p.

258.3
259.6
259.5

23.6
23.2
23.8

1(2.0
1(2.2

1/

2/
,

i/

it/

^

256.l(

257. 1(

257.'(

81.2
82.6

9.6
10.7

ltO.7

63.9
63.2

82.2
82 .U

December.

It.

58.9
63.9

251.7
252.8
256.7
257.2

1950 -January..
February.
March....

3.2

17.3
19.6

128.2
136.6

23.'(

81t.5

3.7

135.1
132.6
130.7

21 .U

Septeciber.

3.lt

28.0
29.1
30.9

20.9

June

6.5
6.9

32.8

It

7lt.5

57.8
58.lt

81.8
81.9
83.1

58.7
58.8

8l(.l
8lt.lt

60.6
61.2

85.2

61. It

59.lt

19.3
18.0
18.9

I

menta jj

27.0

2lt.9

22,9
23.8
23.3

65.1

19lt9-Maroh

State and
local

govem-

19.2

62 .1(

252.7
252.9

Corporations 6/

8.7
10.3

61t.6

252. U

Mutual
savings
banks

2lt,7

16.9

9.1

85.9
85.S

June
September.
December.

Insurance
companies

6.3

22.8
23.9

2.6
6.2

11(0.8

December.

^

Investanent

8.5
9.5

28.7

December.

19lt7-June

Individuals

accounts U/

16.1
17.3

21.8
23.7
191(2 -June

I9'(l(-June

Government

6.5

191(0 -June

December.

In blllloiiB of dollars)

Held by private nonbank investors

Federal
Reserve
Banks

1939-Dec ember.

19l(3-June

-

Held by banks

Total
Federal
securltiea
outetandmg 2/

39.11
39.11

38.1(

37.6

1(1.5
1(2.0

1(2.3

65.5
65.8
65.6

U8,8
1(9.1

l8.lt

211.9

19.9
17,7
15,3

6.7
6.5
6.3
7.1
7.3

13.5
13,9

7.8
7.8
7.8

lit

.3

7.9

U.U

15.1
15.1
16.0
16.3

7.9
8.0
8.0
8.1

U,5

16,8

U,6
11,6

11.5

17.2

U.6

18.1

20.1
20.0
19.8

11.6
11,6
11.6

17.7
18,1
18,3

i7.lt

19.8
19.6

11.5
n.lt

i7.r

l9.lt

U.2

18,8
19.5
19.5

8.9
9.0
9.0

U9.6

17.0
16.9

lt9.6

l6.l(

19.1
18,9
18,6

11.1
10,9
10,9

19.9
20,2
19.9

9.0
9.1
8.8

65.7
65.6
65,1

lt9.5

16.3
16.2
15.8

18,5
18.3
17.9

10.8
10.7
10,5

20,3

20,8

8.9
9.0
9.1

65.2
65 .It
65.2

lt9.2

16.0
16,3
16.2

l7.lt

10,

17.3
17.0

10,3
10,2

21,0
21,3
20.2

9.2
9.J

lt9.0

132.9
133.3
132.3

65.1

lt9.0
lt9.0
lt8.9

16.1
16, Or
15. 6r

16.9
16.7
16.7

10,2
10.1
10.1

20.3
21. It
20. 3r

9.lt

132.2
133.0
132.0

61t.6r

lt8.9
1(9.0

10,0
9.9

61(.6

lt9.0

16.6
16.5
16.3

21.2r

6U.6

15.6r
15.6
15.6

9.5
9.5
9.5

13lt.9

13lt.5

United States savings bonds. Series A-F, are included at current
redemption values.
Securities issued or g\;aranteed by the U. S. Government, excluding
guaranteed securities held by the Treasury.
Consists of commercial banks, trust cOTipanies, and stock savings banks
in the Itoited States and in Territories and island possessions.
Figures exclude securities held in trust departzuents
Holdings by Federal land banks are included under "Miscellaneous
Investors" instead of "U. S. Government investment accounts" beginning
with June 30, 19lt7, since the proprietary interest of the United States
in these banks ended June 26, 19lt7.
Includes partnerships end personal trust accounts. Nonprofit institutions and porporate pension trust funds are included under "Miscelianeous
investors"

6/
2/
8/

p

r

lt9.6

1(9.7

1(9.8
1(9.9

lt9.lt

lt9.3

lt9.1

17.'t

9.8

21.3

21.lt

20.8

9. It

9.3
9.1(

ExcluslTe of banks wt'H mstiraiicd cdspiuiXdB.
ConalBte of trust, sinking, and investment funds of State and local
governments and their agencies, and TeXTltoriee and Island possessions.
Includes savings w"fi loan associations, nonprofit Institutions,
corporate pension trust funds, dealers and brokers, and investments
of foreign balances and international accounts in this country. Beginning with December 19lt6, includes investments by the International
Bank for Reconstruction and Develojment and the International MonetaiT
Fund in special nonintereet-bearlng notes issued by the U. S. Government.
Preliminary
Revised.

-

Treasury Bulletin

3^^

.TKEASOEY SDKVEY OF OWNERSHIP, DECBfflKF 31, 1951.
The TreaBury Survey of Ownership covers seourltles
Issued by the United States Government and by Federal
agenolea. The banks and Insurance oompanles Inoluded
In the Survey account for approximately 95 peroent of

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 according to Federal Reserve member
tuid nonmember banks Is published for June 30

such securities held by all banks and Insurance oompanles

bank classes

Data were first published for
In the United States.
March 31, I9IH, in the May ig"*! "Treasury Bulletin'.

and December 3I.

Section

I

Securities Issued or Guaranteed by the United States Government

Table 1.- Sumnary of All Securities

March

m2

35

.TRKASUPY SOKVEY OF OWIIBSSHIP, DECKMBEP 31, 1951.

Section I - Securities Issued or Guaranteed by the United States Government
Table 3. - Interest-Bearing Public Marketable Securities by Issues
(Far T&Iuea

-

In mllllonB of dollars]

36

Treasury Bulletin
.TREASUPY SURVEY OF OWHERSHIP, DECSMHEP 31, 1951,

Section

I

-

Securities Issued or Guaranteed by the United States Govemnient

Table 3.- Interest-Bearing Public Marketable Securities by Issues
(Par Tallies

-

In mllllonfl of dollars)

-

(Continued)

March 1952

37

.TREASUPy SOHVEY OF OWNERSHIP, DECEMBER 31, 1951.

Section II - Interest-Bearing Securities Issued by Federal Agencies but
not Guaranteed by the United States Government
(Par Taluee

-

In mllllonB of dollKra)

Treasury Bulletin

38

.TRKASUPY SURVmr

-

COMMERCIAL BARK OWNERSHIP, DECEMBER 31, 1951.

The tables which follow provide an analysis of
security holdings of commercial banks reporting in
Treasury survey of ownership of securities issued by
United States Oovemoent and by Federal agencies.

the

published In the May

the

based on the survey data for Deoember 31, 1943.
It has
appeared at semiannual or quarterly Intervals since that
time, and is now being published for the June 30 and

The

figures show the total holdings distributed according to
Fed«ral Reserve member-bank classes and nonmember banks

Section

I

This analysis of oommerolal bank ownership wag first

the

19'(4

Issue of the "Treasury Bulletin",

December 3I survey data.

Interest-Bearing Securities Issued or Guaranteed by the United States Government

Table 1.- Summary of All Securities
(Par valuee

-

In mllllonfl of dollars)

March

m2

39

,

Section

I

-

TEEASUEY SURVEY

-

COMMERCIAL BANK OWMERSHU', DEC. 31, 1951.

Interest-Bearing Securities Issued or Guaranteed by the United States Government
Table 3.- Public Marketable Securities by Issues
(Par values

-

In mllllona of

doUare)

Treasury Bulletin

1+0

.

Section

I

TEKASURY SI3EVEY

- COMKffiRCIAL

BANK OWNERSHIP, DEC. 31, 1951.

Interest -Bear Ins Securities Issued or Guaranteed by the United States Government
Table 3.- Public Marketable Securities by Issues - (Continued)
(Par Taluee

-

In

mlUlooa of dollars)

March 1952

41

.TREASURY SURVEY

Section II

-

-

COMNERCIAL BANK OWNERSHIP, DEC. 31, 1951.

Interest-Bearing Securities Issued by Federal Agencies but
not Guaranteed by the United States Government
(Par Talues

-

ta millions of dollare)

Treasury Bulletin

k2
.MAKui-i »,uOTATIOHS,

Current market quotations shown here are over-thecounter closing quotations In the New York market for
the last trading day of the month,

as reported to the

Treasury by the Federal Reserve Bank of New York.

The

securities listed In Section I include all public
marketable securities Issued or guaranteed by the
United States Government except those not regularly

JANUAEY 31, 1952
debentures.

The latter are the only public marketable

Interest-bearing guaranteed securities outstanding.

Section II lists the public marketable securities
Issued by Federal agencies but not guaranteed by the
United States Government.

Dally quotations for the

securities listed In Sections

I

and II are published

monthly In the Treasury Department statement,

"Prices

The Issues excluded are postal

and Yields of Public Marketable Securities Issued by

savings bonds and Federal Housing Administration

the United States Oovernment and by Federal agencies'.

quoted In the market.

Section

I

Securities Issued or Guaranteed by the United States Government

Table 1.- Treasury Bills (Taxable)
Amount

March 1952

k-i

.MAKKET QUOTATIONS, JAMUAEY 31, 1952

Section

I

-

Securities Issued or Guaranteed by the United States Government
Table 3.- Other Taxable Issues -(Continued)
(Price declTnftle are 32nd r)

.

:

.

Treasury Bulletin

kk

.MAHKET QUOTATIOHS, JANUARY 31, 1952

Section II

-

Securities Issued by Federal Agencies but not Guaranteed by the United States Government
Table 2.- Other Issues (Taxable)
(Price dedninln are 3^flp)

Amount

Price range g/
Change
In

lug
(mlllinns)

Since first tr^ed

Ctaangt

last
laot

Price

Date

Price

Date

Central Bank for CooparatlTes de^eaturee
,

2-1/2

-

2/lM

..

99.28

99.16
100.02

99.02
99.31

100.02
100.02
100.02
100 .Oit
100.03

100.01
100.01
100.01
100.03
100.02

2.52

.31*

2/1/50 100.06
10/1/51 100.02

1/12/50
9/17/51

100.03
100.03
100.02
100.05
9/ll(/51 100.03

2.2656

12/17/51
12/10/51
12/5/51

12/26/51
12/26/51
12/26/51
6/11/51
12/28/51

12/11/51
1/31/52

12/28/51
1/2/52

98.20

1/31/52 98.20
9/17/51 99.2't

99.2'(

Federal Heme Loan Bank notes:

2-1 A*
2.20
2.10
2-3/8
2.20

2/15/52-A
2/15/52-C
3/l!t/52-E
lt/15/52-B

5/15/52-D

6/15/52-F
8/15/52 -c

63

120
Fedetral

199
186
llU
72

215
1/
2/

3/
5/
5/

6/

100.00
100.00
100.00
100.02
100.01

1-lA^

Tf«»fi
.

1-1/2

•

A

•

2-1
2-1/2

1-3A

•

•

Bank bonds'

5/1/50-52
1/1/51-53 15/
2/1/53-55

U/1/5U
10/1/55-57

IM
iM

5/15/51
8/15/51
10/15/51
6/15/51

1.90
t.Oli 1.92
2.00

100.03
100.03

10/15/51
11/15/51

I2A/5I
I2A/5I

100.03 I2A/5I 99.31*
100.03 12A/51 99.3li
100.02 L2/17/51 99.3li
100.05 L2/10/51 99.31
100.03 12/5/51 99.31*

12/26/51
12/26/51
12/26/51

6/llM
12/28/51

12/11/51 99.31* 12/28/51
1/31/52 99.30*
1/2/52

2y
99.26
99.12
99.1"*

130.00
95.08

99.30
99.20
99.22
100.05
95.16

99.28
99.16
99.18
100. 02i
95.12

1.77
2.05 2/

5/1/W 100.02
I/2/U6 101.22

k/n/u6
3/11/w

2.1(0

2/1A5 105.31

3/12/1(6

11/1/51 100.02iIO/1A9 100.12

1/31/52
9/22 A9

5/

2.47

2.635/

Tax Anticipation Series.
Prices are the mean of closing bid and ask quotations In the OTor-thecoimter market, except that prices of Treasury bonds for the period
prior to October 1, 1939, ere closing prices on the New York Stock
Exchange. "When issToed" prices are included in history beginning
October 1, 1939. Dates of highs and lows. In case of recurrence, are
the latest dates.
Callable on U months' notice on September 15, 1952.
Callable on 1( months' notice on Juno 15, 1952.
Yield to matnrity. Market convention treats the yield to earliest
call date as more significant when an issue Is selling above par; the
yield to maturity as more significant when an issue is selling at or
below par.
Called on Hovember ll», I95I, for redaiptlon on March 15, 1952.

96.30
97.30
99.12
99.21
91.26

3/8A8 99.28
3/8/W 99.16
12/28/51 100.15
12/28/51 100. 02j
12/28/51
3.13

1/31/52
1/31/52
1/18/51
1/31/52
1/19/51

98.26
98.17
99.12
99.21
94.26

lt/20/51

7/10/51
12/28/51
12/28/51
12/28/51

Included in the average yield of long-term taxable Treasury bonds as
shown under "Yields of Treasury and Corporate Bonds"
For deflnltlco, see "Debt Outstanding", Table 3, footnote 1.
All partially tax-axonpt except Panama Canal bonds, which are wholly taxexeaapt

Hot quoted an January 31, 1952.
not quoted since date of issoe.
Amount issued on February 1, 1952, was $2 million.
Amount issued on Feburaxy 1, 1952, was $108 million.
Excludes Issxxes cco^letely held by Farm Credit Administration agencies.
The proprietary interest of the United States In the Federal land banks
ceased on June 26, 19^*7.
Callable on 15 days' notice on July 1, 1952.

March 1952

^5
.MAPKET QUOTATIONS, JAHUAKY 31, 1952

YIELDS OF TREASURY SECURITIES, JAN.
Based on Mean

of Closing Bid

31.

1952

and Ask Quotations

Explanation: The points represent yields to call when prices are above par, and to molarity date when prices ore at par or below.
The smooth curves for the various classes of points are fitted by eye- Issues for which an exchange offer has been
made ar which are due or callable in less than 3 months are excluded

Office of the Secretary of the Treasury, Office of the Technicol Staff

Treasury Bulletin
U6

YIELDS OF TREASURY AND CORPORATE BONDS.
Table 1.- Average Yields of Long-Term Bonds by Periods
(Foroant per oamim)

Treasury bondo
Partially
tajc-ezei&pt

ToxabXft

1/

1/

Troewory bonda

Elfih-

grade
corporate
bonds

PartlaUjr
tax-exoflq)t

Annual aerlea
3.12
2.79
2.69

193''

1935
1936
1937
1938
1939

-

IM

2.26
2.05
2.09
1.98
1.92
1.66 1/

19'ti.
19''2.

2.61

3.19
3.27
3.12

2. Ill

a. 92

191*5.

2.7l»

Treaaiuy bonds

Hlghgrade
corporate

Parti aUj
taz-exampt
1/

bonds

Taxable
1/

calendar year aTarages of monthly eeriea

19U0.

3.93

Taxable
1/

19''3.
19'^'•.

Monthly eeriea

-

2.77
2.67
2.75

191*7.

2.19
2.25

2.U6

191*8.

2.1*1*

2. 1*7

2.61*

191*9.

2.31

2.1*8

2.60

a. 32

2.37

2.?1*

1950.
1951.

191*6.

2.57

greragea of dally aerlea

19l*9-Jan..

a.i*a

Feb..
Mar..

2.39
2.38

2.73
2.73
2.71

1951-Jan..
?eb..
Mar..

a. to
a. 1*7

2.50

Apr..
May..
June.

a. 38
2.38
2.38

2.70
2.71
2.72

Apr..
May..
June.

2.56
2.63
2.65

2.51
2.51
2.57

July.
Aug..
Sept.

2.27

2.21*
2.21*

2.22

2.66
2.60
2.59

July.
Aug..
Sept.

2.63
2.57
2.56

Oot.,
Hot.,
Deo..

2.27
2.36
2.39

2.68
2.75
2.86

Cat..
Hot..
Deo..

2.22
a.ao
a. 19

8.59
2.56
a.55 2/

Oct..
Hot..
Ceo..

a. 61

19U8-Jan.,
Feb..
Mar.,

2.1*5
2.1*5

a. 85
a. 81*

a.ao
a.ai*

a. 51*
a. 51*

2.1*1*

2.81

1950 -Jan..
reb..
Mar..

a. 27

2.55
2.57
2.57
2.59

19U7-Jan.
Feb.
Mar.

2.21
2.21
2.19

Apr.
Ha;.

2.19
2.19
2.22

2.1*9
2.1*9

July,
Aug..
Sept,

2.25

June

Apr,,
May..
June,

2.1.8
2.1*8
2.1*9

2/

2.21.

2.1*1*

2.77

Ainr..

2.30

2.1*2

2.71*

2.73

Hay..
June.

a. 31

2.1*1

July,
Aug.,
Sept,

2.1*1*

2.80
2.86
2.85

July.
Aug..
Sept.

2.31.

Oct.,
Nor.,
Dec..

2.1.5

2.85
2.86
2.81

Cot..
Hot..
Dec..

2.38
2.38
2.39

2.1.5
2.1.5

2.1*1.
2.1*1.

Weekly aerlea
1951 -Aug.

1*....

•

2,33
2.33
2.36

2.66
2.70
a. 71*

a. 61
a. 58

2.62

a.651*/
2.66
2.66

aTeragea of daily aerlea for veeka ending

2.39

-

March 1952

^1
.YIELDS OF TREASUKY AND CORPORATE BONTS-

>

o
z
o
m
UJ

I

o
q:

o
o
>-

3

^

UJ

^

UJ

^

I

u.

o
(O
Q
_l
UJ
>-

UJ

<
Ul

0.

n

Treasury Bullet.

hi

INTERNAL REVENUE COLLECTIONS.
Table

1.

-

Sunmary by Principal Sources
(In thousands of dollars)

-1/

,

March 1952

1+9

INTERNAL REVENUE COLLECTIONS

INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES
DOLLARS
Billions

^Fiscal year

Comparison first
6 months fiscal
years 1951 and 1952

DOLLARS"
Billions

Income Tax and
Employment Taxes

Corporation Income

Individuol

and Profits Taxes

Uljll

937

Dnu

n
43

45

47

'49

39

'41

43

:

:

:

)

Treasury Bulletin

50

INTERKAL REVENUE COLLECTIONS,
Table 2.- Detail of Collections by Type of Tax i/
(

In thousands of dollars

Sixth month of
fiscal year

First 6 months of
fiscal year

1951
(Decanher 1950)

1952

Corporation Income and excess profits taxes 2/

10,8511,351

11*,

387,569

1*, 971,1* 10

7,11*8,551*

Individual Inccnae tax and eflnploymsnt taxes
Incfgne tax not withheld
Withheld taxes:
Income and old-age Insurance ^J
Railroad retirfflaant

1,880,837

2,335,166

6,857,921

9,797,869
310,173

266,716

51*8,038

15,900,519
579,778

12,310,1*15

16,1*80,297

7,11*1,

10,108,01*1

360,818

236,952

33,675

709

2,190

19,797,883

26,62l*,788

9,056,1*92

12,1*77,917

620,057

638,523

296,538

361*,621

1*1,81*1

103, 8U

T,261t,332

U, 762, 377

Total withheld taxes
Uheaaploymant insurance

Total individual income tax and employment taxes

281*,059

31*,

91*,

102

HieceU-aneouB internal revenue:

Capital stock tax h/

266

Estate tax

657,1*1*1

01ft tax
Liquor taxes
Distilled spirits (Imported, excise)
Distilled spirits (domestic, excise)
Dlstlllod spirits, rectification tax
Wines, cordials, etc, (imported, excise)
Wines, cordials, etc. (dcanestic, excise)
Dealers In distilled spirits; rectifiers;
of stills (special taxes)
Stamps for distilled spirits Intended for
Case stamps for distilled spirits bottled
Container stamps
,
Floor taxes
Fermented malt liquors
Brewers ; dealers in malt liquors ( spec ial

31*, 691*

33,201*

18,677
132,107
3,653
529
5,271

9,161

6,319

10,61*6

117

12
1,090

7

17

591*

711*

102

ll*,921

8,177

1,221*

1*6,393

126,31*1*

172,362

1,295,51*9

1,571*, 1*72

30,069
2, 600
70,001

38,053
3,738
63,516

9,860
9
738
11,825

,

1,691

6,297

1*8,785

97,782
671*, 157
20,367

71*5,01*8

18,109
2,195

2,231*

manufacturers
export
in bond
,

taxes )

Total liquor taxes

5
667,1*11

6

6,619
18,633

31*3,562

361,1*78

l*,78l*

3,152

3,556

2,219,196

2,51*6,808

1,301*, 029

1*2,112

220
56
7
1,293,966
7,235
33,870

98I*

1,01*1

*

61^
208,137

22,728

7,389
35,070

Tobacco tajces:
Cigars ( large)
Cigars ( small)
Cigarettes ( large)
Cigarettes (small)
Snuff
Tobacco (chewing and smoking)
C Igarette papers and tubes
Leaf dealer penalties , etc
Cigarette and cigar floor taxes

3

58
6
1,21*2,81*5

1*1*,

21.
1.

638,71*0

70l*,61*3

3,596
17,103
560

2,759
13,899
511.

86,927
559
1,871
196

1
3,771*

Total tobacco taxes

1,328,1*61*

1,380,396

682,982

71*8,31*3

92,1*11*

Bonds, Issues of capital stock, deeds of conveyance, etc
Transfers of capital stock and similar interest sales...
Playing cards
Silver bullion aales or transfers

50,156
23,823

56,105
28,679

27,038
13,557

29,019
11,108

l*,8l8

1*,959

3,51*8

61*2

123

100

Total stamp taxes

81*, 61*8

93,107

1*5,580

1*3,729

97,238

52,668
296,818
111,306
53,633

1*1,531

6,790

335,526
85,536
58,683

1*8,81*5

360,731*
59,1*27
1*3,337

286,571*

57,706
12,255
28,701

1*1,801
12,01*2

58,002
10,510
6,656
10,507

3,1*21*

Stamp taxes

,....,

Manufacturers* excise taxes:
Lubricating oils
Gasoline
Tires and tubes
Automobile tmcks and buses
Other automobiles and motorcycles
Parts and acceeaorles for automobiles
Electrical energy 6/
Electric, gas, and oil appliances
Electric light bulbs and tubes
Radio sets, phonographs, components, etc, jj
Phonograph records
Musical Instruments
Mechanical refrigerators, alr-conditloners, etc, 8/
Matches
Business and store machines
Photographic apparatus
Sporting goods
Firearms , shells , and cartridges
Pistols and revolvers
Fountain and ball point pens, mechanical pencils,
cigarette, cigar and pipe lighters 2/
Total manufacturers* excise taxes

^

Footnotes at and of table.

10,51*6

77,610
526,732
151,795
123,630
1*52,066

88,733
85,701*
80,1*06

569,01*8

198,383
121,285
653,363
119,1*75
93,131*

121,996

20,726

30,281*

1*2,085

128,187
7,007
10,756
96,319
10,169

5,769
8,865
6lt,3l6

8,875
30,012
39,931
18,969
9,351

67,537
1*7,1*88

51,320

28,278

22,891
22,699
10,636
6,155
61*6

594
1,069
5,981
823
3,271
3,073
1,376
1,583
65

1,132,618

191.685

1,836,053

2,383,677

1,196,899

17,81*6

3,1*35
5,481*

5,048

762

17,862

7,1*04

1*5,079

1*81

1*91

1*6,020

16,216

l*,696
l*,553

l*,021

5,660
20,190
22,955
8,008
9,657
292

1*1*,

2,293

51*

(Continued on following page)

/

March

m2

51

INTERNAL REVENUE COLLECTIONS,
Table 2.

Detail of Collections by Type of
(In thousands

Flsc

Miacelleneous Internal revenue (continued):
Retailers' excise taxes:
Furs
Jewelry
Luggage
Toilet preparations

Total retailers* excise taxes

Miscellaneous taxes:
Sugar Act of 1937
Telephone, telegraph, radio, and cable facilities
Local telephone service
Transportation of oil by pipe line
Transportation of persons, etc
Transportation of property
Leasee of sai"e-deposit boxes
Admlsslonc to theaters, concerts, etc
Admissions to cabarets, roof gardens, etc
Club dues and Initiation fees
Bowling alleys, pool tables, etc
Coin operated devices
Adulterated and procesG or renovated butter, and
filled cheese
Oleomargarino, including special taxes 10
Narcotics, Including marihuana and special taxes
Coconut and other vegetable oils processed
National Firearms Act
Diesel fuel ll/ •
VJagertng taxes

^

All other, including repealed taxes not shown separately

Total miscellaneous taxes
Total mlscellaneouB internal, revenue
Total internal revenue collections
AdJuB'taiLant

to Dally Treasury Statement

Total receipts from internal revenue (Daily Treasury Statement)

Tax^-

(Continued)

,

Treasury Bulletin

52

MONETARY STATISTICS.
Table 1.- Money in Circulation
(In mllllonB of doll are eicept as noted)

&ld of fiscal
year or month

Total
money In
circulation 1/

Ciold

Total
paper
money

19ltl»

22,50l4

191*5

26,7^6

19'*6

28,21*5

19'»Y
191*8

28,297
27,903

26,91*5
26,91*2
26,1*82

W^tg
1950
1951

27,1*93

26,031*

27,156
27,809

certificates

2/

Silver
certlficatee

Treaaury
notes
of 1890

i/

United
Stat ©a
no tee

Federal
Reserve
notes

Federal
Reserve
Bank
notes

U06
353

126
120
Hi*
106
99

309

93

1,588
1,651
2,025
2,061
2,061

322
323

25,661
26,231

2,061
2,177
2,092

319
321
318

23,209
22,760

271*

23,1*56

21*3

21,1*38
25,5l*l

317
320
321

18,750
22,867
23,973
23,999
23,600

597
527
1*61*

1950-Ileoaiilj6r.

27,71*1

26,187

2,129

313

23,363

257

1951 -July
Al^ust. .,,
September.

27,851
28,155
28,288

26,260
26,553
26,672

2,059
2,057
2,072

31"*

23,526
23,817

21*1

Ootober...

28,1*17

2, 068

Noreoibor..

Decoaber..

28,809
29,206

26,785
27,167
27,552

1952 -January p.

28,387

26,756

1,966

2,066
2,079

320
319

National
bank
notes

23,921*

239
237

320
320

21*, 01*3

23I*

21*, 1*28

316

21*,

807

233
232

21*,

135

53

March 1952
MONETARY STATISTICS.
Table 2.- Monetary Stocks of Gold and Silver
(Dollar amounts In Bdlllons)

Bid of fiscal
7«ar or month

Treasury Bulletin

5^

MONETARY STATISTICS.
Table 4.- Components of Silver Monetary Stock
(In millions of dollars)

March 1952

55

MONETARY STATISTICS,
Table 6.- Seigniorage on Silver
(CumulatlTo from January 1, 1935

-

In mllllonB of dollars)

Tr easuru Bullet)
r

56

.CAPITAL MOVEMENTS.
Data relating to elf Ima on foreigners and liabili-

the data for January 1950-

Attention Is called to the

and capital movements between the

fact that silthough the grand total figures on the revised

collected

since 1935, pursuant to Executive Order 6560 of January I5,

reporting basis are reasonably comparable with those for
preceding months, data for Individual countries In some

Information
ig?"*, and Treasury regulations thereunder.
covering the principal types of data and the principal

coverage and geographical classification.

ties to foreigners,

United States and foreign countries, have been

Instances are not comparable because of certain changes In

countries Is reported each month by banks and bankers and
securities brokers and dealers In the United States.
This

The supplementary informatlor, contained In Section IV,

Information Is published regularly In the "Treasury

Is presented in three tables appearing at different times.

Bulletin".

Table 1 gives data by countries on short-term claims on and

Supplementary Information Is published at lese

frequent Intervals.

All reports are made Initially to the

liabilities to foreigners as reported quarterly by exporters.

Federal Reserve Banks, which forward consolidated figures

Importers, and Industrial and commercial concerns In the

to the Treasury.

United States. This Information was published for the first
time In the October 19^9 issue of the "Treasury Bulletin"

The term "foreigners" as used In these reports covers

States

and begins with data for September JO, 1946.
Table 2
supplies Information by countries on long-teinn claims on

citizens) domiciled outside the United States, as well as

and liabilities to foreigners as reported by banks and

international organizations, *tierever domiciled, created by

bankers In the United States.

treaty or convention between sovereign states.

first time In the December I949 issue.

all Institutions and Individuals (Including United

"Short-term"

refers to original maturities of one year or lees, and
"long-term" refers to all other maturities. A detailed
discussion of the reporting coverage,

This table appeared for the

Data are for the
end of the calendar year beginning with 1942.
Table 3

gives Information on short-term liabilities to countries

basis of reporting,

not regularly reported separately by banks and bankers.

and derivation of capital movements figures appeared In

This table appeared for the first time In the April I95O

the April 1950 Issue of the "Treasury Bulletin", pages 50-52.
Revised report forms and regulations became effective with

the earliest date being October 19^3.

Section

I

Issue. The data have been requested at Irregular Intervals,

Historical Sumnary

-

Table 1.- Net Capital Movement between the United States and Foreign Ck)untrles
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
Analj'Ble of net capital mcnrement in:

Calendar year or month

Net capital

Transactions
In domestic
securities

Short-term
bankliig funds

was-u

3,770,922

19U2
19U3
igw*
191*5

1,07'»,375

19'tb

-793,32"
as", 163
225, '•17
19", "158
1,757,618
-363,651

1161,351;

19U8
19lt9

1950
1951 P

1951-Jonuary
February
Maroh

100,870

626,731

553,373
1,168,058
1U8,59U
1,216,303

626,121
1,286,893

19''7

3,513
13,372
8,529

1*6,599

-7,361*

17,7911

27,767
210,735
-113,105

93,1*96
-1*6,617

9,661

-33"*, 203

-U,318

-89,055
-192,215
75,203

-733,909
395,524
531,777
90,81*5

950,583 1/
555,293

28,812
-101,271
-35,988
-13't,712
28,1*79 r

1/

See Table 2, footnote 1.

51,899 r
-56,202
'*3,'t59

-25,765

-105,025
212,896 r
70,710 r

-2,121*

1*5,876

-561,239

77,829
-6,668

-260
-11,273

31,1*68

-1*6,228

93,851
11*, 791

-31,885

-285,21*2

-33,582

-1*5,11*8

15,575
926

r

-2,005
1,219

-183,338
-20,671

-7,1*91*

363,581

r

-9^,832
27,800
-11*5,387
-31*8,577

-l*,l*99

-28,319
-67,610
271,723

Jul7
August
September

265,127
39,012

11,113

-32,773

April
Maj
June

9Wt,l*30

77,696

-l.,835

-1*2,973

-li9,802

-19,313
610
7,99s
-9,128

855,51*8

-1,257
2,711
-2,869

-130,669
-58,203

October
NoTomber p
December p

Transactions
in foreign
securities

-2U3,888
9,535
-3,758

-197 r
-1,501

-1*3,953

61*1

-168,1*01
36,21*5

-66,382

1

March 1952

57

.CAPITAL MOVEMENTS.
Section I - Historical Summary
Table 2.- Short-Term Claims on and Liabilities to Foreigners
(Position at end of period In thouoanda of dollaro)

Treasury Bulletin

5S

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 outflow of capital from the United States)

March 1952

59

CAPITAL MOVEMENTS
Section II - Suanary by Countries

Table I.- Net Movenent of Capital and of Short-Term Banking Funds
(In tbousaoia of doUars; negative figures Isdloate a net outflov of capital traa the United Statee)

Treasury Bulletin

60

CAPITAL MOVEMENTS
Section II - SuMBary by Countries
Table 2.- Net Movement In Brokerage Balances and Long-Tern Security Tranoactlons by Foreigners
(In thousanlo of dollars; nagatlTs ti^ana Indicate a not outflo» of capital

fim

th» Itoltad

3tat« or not s&lo* by farolgnars)

March 1952

61

CAPITAL MOVEMENTS.
Geetlon II - Sunaary by Countries
Table 3.- Short-Tarn Clalaa on and Liabilities to Foreigners
(Foeltlon at and of ontta la tbousaxkis of dollars)

Treasury Bulletin

62

CAPITAL MOVEMENTS
Section II - Saawry by Oountrles
Table 4.- Foreign Debit and Credit Balance* In Brokerage Aceounta
(FoBltlon at and of acath In XJaoamtaaiB of dollare)

63

March 1952
CAPITAL MOVEMENTS.
- Details for Month of October 1951
Table 1.- Short-Term Claims on Foreigners

Section III

(FoBltion at ond of month in thousande of dollars)

.
,

.
.

.

Treasury Bulletin

61+

CAPITAL MOVEMENTS
Section III - Details for Month of October 1051
Table 2.- Short-Term Liabilities to Foreigners
(FoeitlGD at end of nonth in thouaemds of dollars)

Short-term liabilities pajrable In forel^ currencies

Short-t«nn llabllltlaB pa^ble In dolliuv
Total

To foreign banks and official Instltutlcos
teiB
llabllltl«8

To all other foreigners

To forel^
banks and
official
Institu-

U.S. trsBS'
ury bills
and certificates

U.S. Trsas
ur7 bills
and certificates

tions

Europe;

Austria
Bel£i\fla

Czechoslovakia.
Denmark
rinlani

61,072
i^a.sgs
1,532

59,1*21

lt7,206

77,688
1,01*9

26,030
53,728
960
18,516
22,068

2U,005
270,125

199,361

179,0l>3

1*88,300

Trance
Geraany l/.
Oreece
Italy

37,288
23,078
1*85,127
32,1*27

253,597
28,217
131,972
86,919

39,091
288,222
132,386

He tber lands

Homy

106,331
2,362

Poland
Portugal ....

36,ltJ(6

252,561
111,831*

85,833

1,900
29,098

30,618
1,898
28,302

2l*,291

89

1,651
65,099
481

18,300

1*72

9,81*0

1,010

927

1,651
55,977
481
9,185
927

7,671
187,000
10,000
65,055
22,112

12,61*7
1*4,530

70,350
3,170
6,662
35,649
20,419

65,699
2,839
6,546
23,462
l8,04l

lil,80U

13,411

20,448
462
7,318
1,325
8,556

20,138
U60
7,215
1,325
7,803

258

6,793
93,637
490
159,724
904
15,874

30
7,841

16,914

3,348

288
3,027

89,930

5
513

36,235

36,029

501,173

9,100
1,7S6

22,231*

210
15,534
2,803
2
796

5,9«0
I6,8l6

1*,625

83,6^59
1*93,306

'*,033
53,61't

76,372
371,566
2,010
256,783
3,128
36,121

2,007
217,593
3,123
27,617

2,Slt3,7l>9

2,155,522

1,257,810

Argentina.
Bolivia...
Braill....
Chile
Colombia..

61,001

1*0,736

39,722

Cuba

305,223
Wi,l6l
21,880
150, U22

21*4,069

11*1,169

79,580

29,823
7,558
76,690

29,736
7,235

23,320
87

200
855

123

71*, 922

30,161

25,106

16,388

8,700

Spain
Sweden
Switzerland....
U. S. S. B

Total Europe .

.

212

3,847

248
3,990
13

9,953
2,064

28,362

10,828

7,836

668

6,843
118,392
495
250,167
904
17,484

1,1*25,31*0

1*82,362

247,820

646,642

1,112,772

281*, 617

826,260

1,895

135,343

299,501
2U,073
132,753

263,1*72
13,11*8

259,111

4,355

91,503

72,389

52,'t93

23,1*1*5

23,1*03

35,988
10,902
41,133
29,04l
20,258

35,934
10,888
40,958
29,016
19,879

9U

61,154
14,338
14,322
73,243

60,839
14,338
14,154
69,738

3,443

18

5,055

5,020

35

30,083

170

123

681*

1*,198
17,13l»

39
4,483

20,931
31,298
8,923
53,274
38,717
27,938

2,50?

United Elngdcn.
TugoelaTla
Other Europe . .

8,252

1*,625
8,01*0

5,275

5lt3,l8?

33,01*5
253,1*22

29,500
33,896

13,827
84,248
3

3

1

1,589

9

9

121,954

41,585

40,775

9,695

6,743

489

163

Latin AiBBrica:

Dconinlcan Bepubllc.
Guatemala. .........

Mexico
Netherlands West Indies
and Sur Insm .......
Peru
Republic of Panama..
El Salvador
Uruguay
Venezuela
Other Latin America.

51,2lH

Total Latin America.

i,?oa,i8i

6lt,570

32,175
79,127
68,009
85,391

13,11*8

19,114
42
1,014

55,91*1'

1*6,025

2,382

20,982
39,763
8,936
57,413
44,550
29,446

99l',l*95

821,866

56,751

506,521*

481,845

29,1*31

13,252
5,073
33,683
3,678
871

13,000
5,072
33,344
3,677
871

30,253
807
23,237
21,617
23,087
21*,

21*,

23,080

7

5,991

2,474

5,8eo
1,467
7,324

1,162

Asia:

29,866
1*1,765

1*0,71*5

25,759

25,209

59,770
127,995

55,751*

127,122

51,1*31
51,1*18

21,005
13,509
538,676
355,61A
81*, 902

llt,190

13,21*3

9,765
529,605
337,215
83,098

9,727
527,751
329,135

7,51*8
11*1,676

1,535,028

Iran
Israel

Japan
Philippines
Thailand...

U8

1*6,838
60, 108

12,202
171,261

China Malnlaj^
Foznosa. . .
Bong Eong .
India
Indonesia.

1,1*03,363

1*3,

2,730
75,565

550
1,573

139

232

211

1,200
500
70,277

654
7,580
578

6,815
3,739
9,071
18,390
1,804

6,815
3,046
9,071
l8,284
1,804

7,506
109,632

27,21*8

42
4,796

4,652
29,116

4,6o4
29,045

19

1,207,1*71

178,560

130,144

128,633

666
338

1,262

12,21*3

947

38

693

85

469

Other countries:
Australia
Belgian Congo...,
Egypt and AngloEgyptian Sudan.
Union of South Africa.
Other.

2,343
437

3,660
3,111
9,950

165

1,245

1,247,233

i/

Beginning March 1947, includes balances In accounts opened by
occupation authorities for forei^D trade purpoa

160,243

55,208

50,686

65

March 1952
CAPITAL MOVEMENTS
Section III - Details for Month of October 1951
Table 3.> Purchases and Sales of Long-Term Securities by Foreigners
(In thoujanda of dollars)

Treasury Balleiin

66

CAPITAL MOVEMENTS.
Section III A - Preliminary Details for Month of December 1051
Table I.- Short-Tern Claims on Foreigners
(FosltioD at and of month In thousai^e of dollare)

67

March 1952
CAPITAL MOVEUENTS
Section III A

-

Preliminary Details for Month of December 1951

Table 2.- Short-Tera Liabilities to Foreigners
(Foeltlaa at end of month In thouaonds of doHarfl)

)

Treasury Bulletin

6g

CAPITAL UOVEliENTS
Section III A - Preliminary Details for Month of December 1951
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners
(In titouBanle of dollars

69

CUMULATIVE TABLE OF CONTENTS.
April 1961 throngfa March 1902

Treasury Bulletin

70

CUMULATIVE TABLE OF CONTENTS,
April 1951 throufi^ March 1052 - (Oontliraed)
lutt* aad pag* aaaA«r

J^m*

United States aavlnga bonds:
CrnnilAtlTo sales and radcnptloos

\iy ssrlss
•
Sales szid radcnptloos liy periods for all series ocablned
Sales and redec^tlaas of Series A-H, S, F, aod a bj periods
Sales azid redaoQitions by periods for Series E, F, and
BedaqptlcKLB of matured and umaatured boudfi .•.•••••••••••.•••.•••
Sales end redaaptloos of Series E and F and G by dencnlnatlona
Sales of Series E end F and O by States

Treasury savings notes:
CuBulatlre sales and redes^tloos by series
Sales and redeiq>tlcns by periods for all series oooiblned.

Ownership of Federal securities

:

Distribution by classes of Inrestors and types of Issues....
Ret maziEet purchases or sales for Ijarestaiecit accounts bandied by
the Treasury
Estimated ovnarshlp

rey of ownership:
Ovnarshlp by banks. Insurance oonqMnles, and others.
Ownership by ocnmerolal banks classified by msonbershlp In Federal
Iteser7e Systeu (latest date Decesiber 31, 19?l}

Market quotations:
Or«r-the-couatar closing quotations en Federal seourlties by Issues
Chart - Yields of Treasury seourlties
«

Yields of Treasury and corporate bonds:
Arerage yields of long-texn bonds by periods,
Chsrt - Average yields of laDg-tanii bonds....

Internal revenue collections:
Sutmury by principal sources
*,
Chart - Internal revenue ooUeotlcns by principal souroee.
Detail of collections by type of tax
,
,

Monetary statistics:
Money In clroulatlcoi
Monetary etooka of gold and silver

..,

.•.••

,

(k)ld aseets and liabilities of the

Treasury
....•
Ccniponents of ellver mcnetary stock
,
Silver prodnotlon In the Tftilted States and aoqulstlons by mints
and assay offices
Seigniorage an sliver
,
InorcBunt frco reduction in weight of gold dollar (latest date
Deoesaber 31, 1951)

Net Treasury gold receipts (latest quarter ending December 31, 19?l)

Exchange Stabilization Fund:
Balance Sheet (latest date September 30, 19^1)
Income and expanse (latest date September 30, 19?l).

Capital movements between the United States and foreign
countries:
Elatorloal svamary of capital moveotants since 1939.
SuBBsry by oomteles end numths
Detalla for latest months by countries
,,
Supplementary data by countries

Corporations and certain other business-type activities
(latest date June ?0, 1951):
Loans outstanding
,
Balance sheets
,
Inoaae and expense. ...... ,.
Source and application of funds

,

••..,•..

,

•......•..•.•

•••.•••.•.•

Jnljr

Anc.

8«irt,

BUY
AND
HOLD
UNITED
S

TAT E S

SAVINGS

BONDS