Full text of Treasury Bulletin : November 1944
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TREASURY DEPARTMENT.
BULLETIN
OF THE
TREASURY DEPARTMENT
NOVEMBER
1944
Analysis of Receipts and Expenditures
Composition of the Public Debt
Prices and Yields of Government Securities
Other Treasury Statistics
UNITED STATES
TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
Treasury Bulletin
Cumulative Table of Contents
Issue and page number
19W*
Sept.
JulyAug.
June
19U3
Hay
Apr
Special articles
Var Loans:
Sixth War Loan. November- December, 19HH:
Outline of plans
Comparison of features of securities offered.
*-7
A-SA-9
Fifth War Loan, June-July 19l*l»:
Sales of securities, classified by Issues, by types of Investor, and
by States
A-lA-15
Outline of plans
Comparison of features of securities offered
A-5
fourth Var Loan, January- February 19UU:
Sales of securities, classified by Issues, by types of Investor, and
by States
A-lA-ll
Preliminary report on sales
Outline of plans
Comparison of features of securities offered
7
8-9
Security purchases outside war loans by commercial banks and by U. S. Government agencies and trust funds:
Fifth Var Loan
Fourth Var Loan
Var finance policies (Three speeches by the Secretary of the Treasury)
A-16
A-lA-6
Assets and liabilities of all active banks In the United States. Decfsber 31,
1939 through June 30, 19UU
A-10A-13
United States savings bondB - new provisions for redemption through banks....
A-l-
financial operations of the United States Government during fiscal year 19UU.
A-8
Bank deposits, geographic distribution on December 31,
19**1,
19**2,
and 19
l
A-l-
+3*
A-ll
Corporate net Income. Income taxes, and dividends. 1936-19^
A-2A-3
Treasury market financing
A-lU
A-16
A-123
Financing the war and the poet-war readjustment (Speech by the Under Secretary of the Treasury)
1-6
Summary of flacal statistics
Budgetary receipts and expenditures
Public debt and guaranteed obligations outstanding.
Means of financing cash requirements
Receipts and expenditures and appropriations
Budgetary receipts and expenditures:
Summary by major classifications
Analysis of receipts from internal revenue
Analysis of general expenditures
Analysis of expenditures for war activities
Analysis of expenditures for (l) revolving funds and (2) transfers to
5
5
7
i
7
7
8
7
I
7
8
7
8
7
7
9
9
9
•
trust accounts, etc
Total budgetary receipts and expenditures, by months, for recent years...
15
16
17
17
7
9
9
9
9
9
9
9
8-9 10-11 10-11 10-11 10-11 10-11 10-11 10-11 18-19
7
7
S-9
8-9
Trust accounts, etc. receipts and expenditures
10
10
10
12
12
12
12
12
12
12
20
Means of financing cash requirements
11
11
11
13
13
13
13
13
13
13
21
Social Security program:
Budgetary receipts and expenditures:
Social Security Act
Railroad Retirement Act
Railroad Unemployment Insurance Act
12
13
13
12
11*
1"*
11*
11*
11*
15
15
15
15
15
15
15
15
1U
15
13
12
13
13
22
23
23
11*
11*
11*
It
11*
11*
11*
1U
16
16
16
16
16
16
16
in
16
16
16
15-16 15-16 15-16
5-6
5-6
17
17
17
Statement of trust accounts:
Federal Old- Age and Survivors Insurance Trust Fund
Railroad Ret irement Account
Unemployment TruBt Fund
Appropriations and net contract authorisations for the war activitiee program
Cash Income and outgo of the Treasury:
Analysis by major classifications
Total cash income and outgo by months beginning with:
January 1938
January 1939
.
17
General Fund of the Treasury
Assets, liabilities, and balance in General Fund.
Analysis of changes in balance of General Fund...
(Continued on following page)
17
15
15
15
16
16
16
16
16
16
16
5-6
5-6
5-6
17
17
17
16
...
17
17
21*
2U
2l*
5-6 13-11*
17
25
17
25
November 1944
Cumulative Table of Contents - (Continued)
Issue and page number
1944
Hot.
Sept.
July-
19>*3
May
lug.
Apr.
Public debt and guaranteed obligations of United States government
Public debt and guaranteed obligations:
Summary .-••••••..•....•......•.•*.»•••••••••..........••.....••!
Detailed statement
Mscal years. 1935-19U1*
Monthly data
Chart
22
2J-24 23-24 23-24 23-24
24-25 24-25 24-25 25-26 23-24 23-21; 23-2U
26
26
26
27
25
25
25
Public debti
Issuance and retirement (receipts and expenditures)
Interest-bearing debt composition of. ••••••«
22
22
22
26
22
24
22
24
Guaranteed obligations held by Treasury
27
29
26
26
,
Debt position of United States Government under limitations imposed by
Section 21 of the Second Liberty Bond Act, as amended!
December 31, 1943
March 31, iq44
June 30, 19UU
,
September 30, 1944
28
Computed Interest charge and computed interest rate
27
Maturity schedule of Interest-bearing publlo marketable securities issued
or guaranteed by the united States...
27
27
29
26
27
30
33
23
26
33
26
31
33
33
32
32
3>*
26
26
27
34
27
28-30 27-29 27-29 28-30 35-37 28-30
29-31 28-30 28-30 30-32 27-29
31
30
38
31
3U-35 33-3 * 33-3 1* 35-36 31-32
32-33 31-32 31-32 32-33 39-1*0
32
36-37 35-36 35-36 37-38 33-3
38
37
37
35
39
34-35 33-3 * 33-34 34-35
36 35-36
1*1-1*2
33-34
39-40 '*-$>
31
30
1
1*
40-U1 Uo-Ju
30
31
1
1*2
36-37
38
37-38 37-38 36-37 37-38 44-45 36-37
1*6
38
38
39
39
39
1*2-1*3
38-39
U0-U1 40-1*1 39-UO 40-1*1 47-48 39-1*0
1*0-1*1
1*1
1*1-1*2
United States savings stamps:
Summary of sales and redemptions
Sales, classified by:
Denomination
2U
25
2fi
32
Treasury notes - tax and savings series:
Summary of sales and redemptions, by series.
Salee, classified by:
Denomination
•
Type of purchaser
......••..
31
32
2c
Disposition of matured marketable issues of Treasury bonds, notes, and
certifi c&tee of indebtedness
United States savings bondsi
Summary of sales and redemptions, by series
•
Sales by series, classified by denominations
Salee to investors other than commercial banks by series, classified
by States
Payroll savings plans
•
24
23
28
Offerings of marketable issues of Treasury bonds, notes, and certificates
of Indebtedness
Offerings and maturities of Treasury bills
22
30
43
43
1*2
1*2
1*1*
Uo
U2
42
1*1
1*2
I
U2
U2
1*1*
1*0
1*2
1*2
Ul
1*2
49
49
41
41
44
*3
1*3
Ul
>*3
43
1*2
43
50
1*2
44
"3
1*3
Ul
43
5
42
43
44
50
51
42
43
46
45
46
53
45
45
45
46
53
45
>*5
Statee
Ownership of United States Government securities
Summary distribution, by holders
1*5
Estimated ownership by various classes of bank and non-bank investors...
Market transactions in Government securities for Treasury Investment
accounts, monthly beginning January 1937
Treasury Survey of Ownership:
Ownership by banks and Insurance companies:
September 30, 19U3
October 31, 191*3
November 30, 1943
December 31, I9U3
January 31, 1941*
February 29, 1944
March 31, 1944
April 30, 1944
May 31. 1944
June 30, 1944
July 31, 1944
August 31, 1944
>B
46-51
54-59
52-57
52-57
52-57
U6-51
,
46-51
1*5-48
49-52
1*7-50
47-50
48-51
Eevtalon of classification of insurance company data, quarterly
March 31, 1941 through March 31, 1943. and April 30 and May 31,
1943
Reclassification of data on banks, monthly November 30.
through February 29, 1944
Ownership by
commercial
December
June 30,
52-63
191*3
52-57
various olaaees of federal Reserve member and nonmamber
banks:
31. I9U3
1944
1*7-52
1*6-51
47-52
58-63
51-54
{Continued on following page)
treasury bulletin
Cumulative Table of Contents
-
(Continued)
—
November 1944
A-l
War Finance Policies
During
October l^^,
Secretary
Morgenthau addressed conferences of War
Finance workers at Atlantic City, New
Orleans, and Los Angeles.
In these addresses
the
Secretary discussed the
principal problems and policy considerations which have been Involved In the
Treasury's operations In financing the
Beoause of the widespread Interest
these matters, the three addresses
are reprinted In full below.
The figures
on
expenditures quoted In the
speeohee Include net expenditures of
Government corporations as well as budgetary expenditures.
war.
In
The Philosophy Behind Savings Bonds
(Address at Atlantic City, New Jersey, Ootober 7, 19M4)
You may not be aware of It but this meeting
today Is a kind of birthday celebration
a very
Important birthday In my oalendar.
Just about
ten years ago the first United States savings
bonds they used to be called baby bonds In those
days were sold to the American public. And In
Just a few months next March to be precise the
oldest of these bonds will reaoh Its maturity and
be presented to the Treasury of the United States
for redemption.
—
—
—
—
—
A birthday Is a family affair.
And I am
especially happy to be able to celebrate this
birthday with members of the Immediate family
that made savings bonds the moat popular and most
widely held form of Investment ever conceived In
the United States.
I think you can be very proud
of your adopted child.
When the history of this
war comes to be written I believe, Indeed, that
the savings bond program will have a highly honored place In It and that the Job which you have
done so generously and so effectively will be recorded as one of the major contributions to our
victory.
Savings bonds designed to
democratize public finance
I should like to go back with you for a few
minutes to those early days, a decade ago, when
war bonds were baby bonds. They were conceived
then with a very definite purpose In view.
That
purpose was, In a phrase, to democratize publlo
finance In the United States.
We In the Treasury wanted to give every
American a direct personal stake In the maintenance of sound Federal finances.
Every man and
woman who owned a Government bond, we believed,
would serve as a bulwark against the oonstant
threats to Uncle Sam's pocketbook from pressure
blocs and special Interest groups.
In short, we
wanted the ownership of America to be In the
hands of the Amerloan people.
We had made only a start In this direction,
you will remember, when war broke out In Europe
and threatened the security of the United States.
But the foundation had been laid for real popular
participation In an Amerloan preparedness program.
Savings bonds became known as defense
bonds.
And, as you all know, they played an Important part In making the Nation ready for the
great crisis which came upon us at the end of
19^1.
They served not only as a vital faotor in
financing the rearmament of our fighting forces
but, what seems to me even more important, they
gave to the average citizen a sense of the war's
meaning and of the urgent nature of the national
danger.
When the enemy struck, the machinery was
ready and In operation for the people's flnanolng
Defense bonds became war bonds and
of the war.
through your efforts they have been put Into the
hands of S5 million individual Americans.
I congratulate you on the accomplishment. Think of ltj
Out of every thirteen men, women, children and
babies In the United States, more than eight have
purchased bonds of their Government. Today there
are approximately $2} billions of Series E bonds
the people's bond outstanding all held by Individual Investors.
—
This Series E bond was tailored specifically
Amerloan citizen
able to set aside modest savings
for
investment purposes.
As all of you know, It is nonnegotiable and through arrangements which have
recently been inaugurated, It is payable on demand 60 days after Issue date, at any bank.
Its
Investment yield if held to maturity, 2.9$, is
the highest obtainable on any United States Government security.
to meet the need of the average
Savings bonds protected
from market risk
We designed this security in order to protect the small Investor against any possibility
of lose as a result of fluctuations in market
value.
Nonnegotlable securities with guaranteed
redemption values are not subjeot to panicky liquidation which, experience shows, develops among
small holders of marketable securities
in
the
event of a decline In market value. In short, they
are more likely to be retained as Investments.
'
It is worth while to reoall the experience
following World War I when Liberty bonds plunged
down Into the eighties, and frightened buyers,
inexperienced as Investors, unloaded.
They felt
that their trust in their Government had been betrayed.
Later they awoke t'o find that their loss
had been the gain of the speculators and the
wealthy who then owned their bonds at prloes that
brought them truly handsome yields on the safest
securities in the world.
Savings bonds a strong bulwark
against post-war deflation
The Series E war bonds will have an Immense
value,
I
believe, not only for the individual
2
Treasury Bulletin
A-
holders, but for the eoonomy of the country as a
They will constiwhole when the war is ended.
tute an Invaluable backlog of purchasing power In
Only a part, and I believe
the poet-war deoade.
the smaller part of this purchasing power will
The most
oome from oashlng the bonds themselves.
Important part will oome from the greater spending of ourrent lnoomes growing out of the sense
of seourlty afforded to individuals by their war
They will provide, therefore, a
bond holdings.
strong bulwark against the sort of deflation
whloh struck this Nation so disastrously In 1920
and 1921.
A voluntary financing program
There Is one aspeot of the war bond program
In whloh I take particular pride and upon which I
want to offer my warm congratulations to you.
Throughout, the program has been conduoted on a
From the
genuinely voluntary, demooratlo basis.
beginning, we were resolved to avoid certain
high-pressure sales tactlos whloh, unavoidably,
It waa
attended the fund-raising of World War I.
determined that there should be no compulsion, no
hysteria, no slaoker lists and no invidious comparisons between those who bought bonds and those
There was to be room In this prowho did not.
gram for the Individual with speolal burdens and
responsibilities who oould contribute only in
very small amounts and even for the individual
I think you know,
who oould not share at all.
and the whole Nation knows, how sorupulously this
polloy has been observed.
—
the
In
There was a good, reason for it.
early days of 19^1, when I first asked Congress
for authorization to borrow from the general publlo through a defense savings bond oampalgn, I
said this:
"There exists In the oountry today an overwhelming desire on the part of nearly every
man, women and ohlld to make some dlreot and
tangible contribution to the national deWe ought to give them a sense of perfense.
sonal participation beyond that whloh oomes
from doing their dally Job faithfully and
Every day, letters oome to me from
well.
Our
people who ask, 'What oan I do to help?
plan to offer securities attractive to all
olasses of Investors is an attempt to answer
I oan think of no other sinthis question.
gle way in whloh so many people oan beoome
partners of their Government In faolng this
It is the purpose of the Treasury
emergenoy.
to raise money for national defense by methods which strengthen the national morale."
'
the
The desire of the people "to help",
sense of participation in the national oause,
oould never have been realized except through a
You will recall, of oourse,
voluntary program.
the olamor that arose for foroed or compulsory
There were many who declared that only
savings.
in this way oould the stupendous sums needed for
vlotory be raised. There were times, Indeed, when
those of us who had faith In voluntary methods
seemed lonely voices orylng in the wilderness.
But there was one voloe that never failed to sup-
—
port us the voice of the President of the United
States. He believed always that the people would
He
respond to any call that was made upon them.
knew that the enlistment of their support oould
be best attained through a voluntary program
adapted to the demooratlo pattern of Amerloan
life.
But a voluntary program could euoceed, of
course, only through the efforts of volunteer
We In the Treasury oould fulfill only
workers.
The real batthe functions of a general staff.
tle had to be fought and won in the field fought
and won by sustained, unstinting, tireless servYou have
You have given that servioe.
loe.
given it with a resourcefulness and enthusiasm
and good oheer that have overridden every diffiYou have given it at real saorifloe of
culty.
I think that
time and oomfort and self-interest.
the Job that you have done is beyond my praise.
I
know that the richest reward you oan reoelve
for it is the knowledge that it has been done
supremely well, that it has played an IndispensaStill,
ble part In our forward maroh to victory.
I should like, on behalf of the Treasury DepartI
ment to say one simple word to you Thanks.
shall venture nothing more than this. But I know
that this one word is eohoed, and will be reeohoed, by every one of your fellow-Amerloana.
—
—
When you enlisted in this program, you enThe term of your servlisted for the duration.
The truth is
ioe has not yet reaohed its end.
that the toughest part of your Job still lies
ahead.
Sixth War Loan not the last loan
Let us look at the future realistically.
The war news of late has been extremely good.
How soon he
The enemy in Europe is on the run.
But even
will oollapse, none of us oan tell.
when that great day oomes, there will still be a
Our
hard and oostly vlotory to be won in Asia.
military and naval authorities made the grim
assertion Just reoently that It will take us at
least a year and a half to defeat Japan after
Germany Is beaten. And we shall be able to do it
in that time only if we put every bit of our
The enemy has short,
strength into the effort.
interior lines of communication, while we must
move men and materials aoross the vast dlstanoes
of the Paolflo before we oan bring our power to
The ooete of this kind of warfare will
bear.
oertalnly be very high, higher even than they
were in Europe.
The Sixth
You cannot rest on your laurels.
Its
War Loan oampalgn lies immediately ahead.
challenge must be confronted Just as resolutely
And I tell you frankly that even
as in the past.
on the most optimlstlo assumption there will have
Your Job is to make the
to be a Seventh Loan.
people of America understand that there oan be no
let-down on the Home Front now, that the time has
not yet come to relax or celebrate.
Amerloa can oount upon you to
through to its end.
I
see
know that
your Job
3
November 1944
A-
War Finance and Economic Stabilization
(Address at Mew Orleans, Louisiana, Ootober 12. 1944)
The economic problem of war finance
Wars, now as always, are won on battlefields.
But In modern war, whioh Is total war, the Home
Front Is Intimately Involved.
Eoonomlo stability
at home Is one of the absolute requisites to vloFor without eoonomlo stability It Is latory.
posalble to maintain the vast and complex flow of
supplies neoessary for the men on the fighting
lines.
It has been the task of the Treasury Department to flnanoe the oostllest war In history.
I
should like this afternoon to review with you In
some detail the manner In whioh this task has
been executed.
Our problem has been something
much more dlffloult than the mere raising of vast
sums of money.
The nub of the problem has
been to raise these sums in suoh a way as to
strengthen,
rather than weaken,' the national
eoonomy.
Half of the total resouroes of the United
States are now being devoted to waging war. Sinoe
Pearl Harbor, war expenditures have amounted to
about $208 billions.
During this same period,
non-war expenditures have been kept down to $16
billions, making a total Government outlay for
the course of the war to date of $224 billions.
Where has this tremendous sum come from?
Well, $87 billions, or 39# of the total bill, has
come from revenue.
During the flsoal year Just ended, expenditures were slightly more than $95 billions, and
net reoelpts ollmbed to a little over $44 MilThis means that there has been an
lions, or 46%.
upward trend in our ooverage of war costs through
taxation.
It is a trend which may be surprising
to some and whioh certainly should be encouraging
to all.
I want to put some emphasis on this trend
sinoe there nave been charges of late that the
Treasury has confused the public by persistent
In the year ended
increases in the tax burden.
June 30, 1940, the last flsoal year before the
beginning of the defense program, net Treasury
receipts were slightly less than $5,500 millions.
The $44 billions total which, as I have Just told
you the Government took in during the past year,
was an eightfold lnorease a larger increase than
has taken plaoe In the revenue collection of any
This Is an
other major belligerent of this war.
Important thing to remember In International comparisons beoause the burden of taxation must be
measured not only by its absolute magnitude but
also by its rate of lnorease.
—
Now, I do not think there has been anything
oonfuslng about this.
The American people, reoognlzlng the need for greatly inoreased Government revenues, have submitted to the highest
taxes In the nation's history with remarkably
good graoe and good oheer. A sharp rise In taxes
was absolutely neoessary for the maintenance of
eoonomlo stability.
But
even
after
these
record
oolleotions
there remained the giant sum of $137 billions,
expended during the last three years, that had to
be raised through some other means than taxation.
Savings bonds chief means
of mass borrowing
This money had to be raised by borrowing.
It would have been relatively easy, of course, to
raise It by borrowing from the banks. But In order to avoid inflation, It was essential that a
major part of the Increased debt be borrowed outside of the banking system that Is from the gen-
—
eral public
In selecting the Series E bonds as our primary vehicle for mass borrowing, we had In mind
first of all the protection of the Interests of
the small Investor.
The Treasury Department has
considered Itself a trustee for the men and women
who purchased Government securities primarily to
help their country In time of stress.
Such investors plaoe their faith In their Government.
We wanted, therefore, to protect them, through a
nonnegotlable bond, against the kind of liquidation which,
experience shows, develops among
small holders of securities in the event of a decline in market value.
After World War I, Liberty bonds dropped In
value down Into the elghtlee, and many persons
who had bought them during the war became frightened and sold them.
They discovered later that
their loss had been the gain of the speculators
and the wealthy who then owned their bonds and
gleaned from them truly handsome dividends on the
safest seourlty In the world. It is not unnatural
that they should have felt that their trust In
their Government had been betrayed.
The Series E bonds have another virtue which
will be of benefit not only to those who have
purchased them but to the entire national economy.
When the war is over they will provide an
Invaluable baoklog of purchasing power.
I don't think that these bonds are going to
be redeemed in a sudden deluge immediately after
V-Day.
On the oontrary, I feel confident that
most of those who bought them will make every
effort to hold them to maturity.
But possession
of the bonds will give to these people a sense of
seourlty about the future which will permit them
to spend their ourrent Incomes more freely than
would otherwise be possible.
We shall find this
purchasing power Immensely helpful during the reconversion period.
It will prove, I am oertaln,
a vital asset In warding off the sort of deflation which struck this Nation so disastrously In
1920 and 1921 when we turned from war to peaoe
production.
Success of stabilization program
Our fis'oal polloy of siphoning off excess
buying power by taxing and borrowing from the
general public has been one of two buttresses
supporting the structure of eoonomlo stabilization.
The other buttress, of oourse, has con-
Treasury Bulletin
A-U
slsted of direct controls Including
price ceilings, allocations, etc
rationing,
During this war the oountry has devoted
twice as large a proportion of Its resources to
In consequence,
war purposes as In World War I.
very
much
have
been
Inflationary pressures
The fact Is, however, that prices have
greater.
Based on
been held under much closer control.
actual studies of price changes In World War I as
compared with World War II, the savings to the
Government, as a result of more effective control
of Inflationary pressures, has already amounted,
by June 30 of this year, to $70 billions.
But the greatest and most Important saving
In
has been that among the people themselves.
the course of this war there has been comparatively little of the reckless kind of silk shirt
buying that took place as a result of Inflated
There has been
pay envelopes during World War I.
Instead,
very little recourse to blaok markets.
people have used their Incomes, In considerable
Since the bemeasure, to pay off their debts.
ginning of 19^2, for example, farm mortgages have
It Is fair to say, I think,
been reduced 15$.
that the war bond program, by Its encouragement
of thrift, has contributed significantly to this
sensible restraint In the expenditure of surplus
Income.
Of course, there have been other benefits of
economic stabilization, too. The success of this
policy has aided In preventing the piling up of
excessive profits by fortunate business concerns,
has helped to reduoe Industrial disputes to a
minimum and here I refer you to the factual reoord rather than the headlines has prevented the
Impoverishment of recipients of fixed Incomes
Including soldiers' dependents; and probably most
Important of all, It has averted what otherwise
would have been almost a certainty, the likelihood of a post-war depression.
—
—
I have discussed the problems of war finance
and economic stabilization In suoh detail because
I feel that you have been and must oontlnue to be
The record so
vital partners In their solution.
It has
far Is one of which we can all be proud.
been good In Its accomplishments, perhaps even
better In the fine cooperation which made these
accomplishments possible. If this same tireless,
unselfish cooperation Is applied to the problems
of the post-war world, we need have no fear of
the future.
But the kind of post-war world which we desire must still be haoked from the enemy on the
The time has not yet come for
fields of battle.
I
us to indulge in daydreaming or celebration.
am not going to offer any predictions about the
I should like to reend of the war in Europe.
mind you, however, that much more competent military authorities than I have declared that even
after the European war is won it will take us at
least a year and a half to subdue our enemy In
The war that faces us there is
the Far East.
bound to be a long and tough and costly one in
certain respects more costly than the war against
Germany.
—
Let me remind you, too, that war expenditures do not stop abruptly with enemy capitulaDuring the first six months following the
tion.
expenditures
Armistice in World War I,
were
slightly greater than during the six months preCompleted and partially
ceding the Armistice.
completed products must be paid for. Enemy counSome relief for Allied
tries must be oocupled.
Nations will certainly be neoessary.
The armed
forces must be brought home and demobilized and,
in the meantime, they must be paid and clothed
and fed.
I am sure that no American will want to
They are costs
fall in these responsibilities.
that must be met if we are to make our victory
complete and real. And like the costs of the war
itself they must be met in such a way as to preserve and promote the stability of our economy.
The Sixth War Loan campaign, Immediately
ahead of us, Is one essential step In the perYour Job is to overcome
formance of this Job.
any disposition among the American people to relax before final victory has been achieved.
I know that you will do this Job as you have
done the Job in the past.
The success of the war
bond program up to the present time has been your
handiwork.
It has been brought about because you
tackled it with fervor and resourcefulness and
I know that you have done
devotion.
your Job
only at real sacrifice of time and comfort and
self-interest. And I know also that the only reward that you have sought for your services has
been the knowledge that you have played an Indispensable part in the Nation's progress to vloI convey to you the very warm thanks of
tory.
the Treasury Department, and I know that the work
which you have done commands the gratitude of all
of your fellow Americans.
Interest Rates and Postwar Debt Management
(Address at Los Angeles, California, October 1^. 19^)
For the last week I have been addressing a
number of meetings such as this in various parts
of the country. During the course of these talks,
I have endeavored to outline briefly some of the
philosophy behind American war rlnanoe as we at
the Treasury Department view It.
The democratic manner in whloh the financing
a
November 1944
—
"
a- 5
of the war has bnen handled, I deeorlbed last
Saturday at Atlantic City.
About 85 million Individual Amerloans have bought bonds of their
Government.
They have bought them not as a result of oompulslon but for purely patriotic reasons and beoause they are the best Investment In
the worldi
Thursday, addressing a gathering similar to
at New Orleans, I emphasized the part whloh
war finance has played In eoonomlo stabilization.
The heavy tax burdens whloh the Amerloan people,
generally speaking, have aooepted with extraordinarily good graoe and the large proportion of
the Increase In the public debt whloh has been
absorbed by the men and women of this oountry,
have played a very Important part In holding Inflation In oheok. The OPA has estimated that if
prloes during this war had risen as sharply as In
World War I, there would have been approximately
a $70 billions lnorease In Government costs
$70 billions additional burden fastened onto the
oountry.
this
—
Today I would like to oonolude this resume
qulok examination of Interest rates and a
glance at the post-war publlo debt problem as I
with a
see It.
Interest rates stable
The great expansion in the Federal debt has
been aohleved with virtually stable Interest
Suoh
rates thanks largely to your efforts.
change as hae oocurred has been to slightly lower
This contrasts with World War I when
levels.
almost each new series of bonds oarrled a higher
Interest rate, so that the cost trend was almost
constantly upward.
As a result, the average
Interest oost has been only 1-3/1$ on the wartime
lnorease in the publlo debt. This contrasts with
K-l/iVf, for World War I.
—
resulting Interest saving approximates
$14- billions
a year quite a tidy sum to have
saved for the taxpayers of this Nation. Realization of your part In this saving, I believe,
should give you, as it has us at the Treasury, a
feeling of real aooompllshment.
The
—
the private enterprise system.
President Roosevelt, In his 19^5 Budget Message summarized the situation as follows
"The primary achievement of our debt polloy
hae been the maintenance of low and stable
Average Interest rates
rates of Interest.
payable on the public debt now are less than
Interest received from all new
2 peroent.
As a result, the
issues is fully taxable.
net cost per dollar borrowed sinoe Pearl Harbor has been about a third the oost of borrowing In the first World War.
Stable Interest rates expected
to continue
Personally, I do not anticipate a rise in
interest rates in the foreseeable future.
Savings are abundant and promise to be adequate to
meet all likely demands.
We believe, therefore,
that we shall be able to refund our obligations,
as they come due, at rates oomparable to those
now prevailing.
Thus, the saving to the Treasury
will continue over a long period of years.
At
the same time the people to whom you have sold
the war bonds will
oontlnue to be satisfied
rather than disgruntled customers.
Moreover, quite apart from Its value to the
Treasury
and, hence to the taxpayers
the continuance of low interest rates, will provide a
stimulus to the national eoonomy In the post-war
period.
High Interest rates limit enterprise and
dlsoourage employment.
Low Interest rates stimulate business and make for expanding employment.
—
—
Just as I see no reason for substantially
higher Interest rates in the post-war period, I do
not see any need for a wholesale post-war funding
of the public debt Into long-term bonds.
In the first plaoe, It would cost the taxpayers more In Interest.
Next, It would shift
whatever risk there is. Inherent in fluctuating
Interest rates from the Government, which is able
to bear It, to individuals, institutions and corporations.
Certainly the day la past when the
United States Government need ask its citizens or
Its business enterprises
to
insure It against
changes in the rate of interest.
Interest on all war borrowing taxable
Moreover, and this is a point deserving of
particular emphasis, the Interest on all securities sold during the war has been fully taxable
while the Issues marketed during World War I were
This
all either wholly or partially tax-exempt.
has resulted In a further net saving to the
Treasury amounting to several hundred million
Furthermore through removal of
dollars a year.
tax exemption, all purchasers of Government securities are taxed their share of the war oost In
This is a
proportion to their ability to pay.
point which may not have ooourred to you but
which should be of help In the sale of E bonds.
Incidentally, the Government In eliminating
tax exemption relinquished any "unfair" advantage
it might have had over private borrowers In securing credit.
It thereby served to strengthen
Securities adapted to Investors
1
needs
Finally, we have endeavored to tailor the
debt etruoture to the needs of those who lend us
the money and of the national eoonomy.
The small Investor who purchases the Series
E savings bonds plaoes his faith in his Government.
Could we do lees than see to it that the
securities offered him were suited to his needs?
The savings bonds, while not a war development, having been first offered ten years ago,
have proved an admirable war flnanoe medium whloh
we expect to carry over into the post-war period.
We hope that many millions of people will continue to hold a flnanolal stake in their Government.
6
A-
Industrial corporations, as you know, have
principally purchased oertlfloatee of IndebtedThese constisavings notes.
ness and Series
tute a substantial part of their reserves for reIt
Is
post-war development.
and
conversion
dearly advantageous not only to the corporations
but to the whole economy that these reserves be
liquid. The corporations thus know that the money
will be available and without loss whenever they
When the proper time oomes they oan
need It.
prooeed full speed not only with their conversion
but with any expansion plans they may have.
Finally, there are the Government securities
constitute a large proportion of the
Many of you are
assets of the commercial banks.
You know It has been our polloy to
bankers.
encourage the banks to purohase Issues of short
maturity. As a oonsequenoe, about half the securities acquired by the commercial banking system
slnoe the beginning of the war have been bills
and certificates maturing within one year and
praotloally all have had a maturity of ten years
or under.
which now
The result Is that the banking system of the
country Is In a position of unparalleled liquidThis, we believe, affords assuranoe against
ity.
a recurrence of suoh unsettling deflation as oame
Further, It
In the aftermath of World War I.
plaoes the banking system In a strong position to
meet the shifts In deposits that many of you
anticipate with reconversion and the new business
demands for funds that should aooompany the development of a healthy, expanding economy.
In a word, the banks' part In war flnanoe,
as It has been, Instead of hamstringing
them, has left them In a position to service enthusiastically a virile private enterprise system.
great
I might point out that the banks have not
only been able to maintain a strongly liquid position as a result of the manner In whloh the Nation's war flnanoe has been handled, but also
they have found an opportunity for publlo servThis has enhanoed the esteem with whloh
loe.
they are held In their respective communities.
Moreover, while they have been making this con-
Treasury Bulletin
tribution to the war effort they have enjoyed an
Increase In earnings.
Net profits of all member
banks of the Federal Reserve System last year
were baok at almost exactly the all-time high
level of 1929.
I
want to thank you who have been the
leaders In the war flnanoe work In these great
western states thank you upon the part of the
Treasury, whose Job It has been to direct the
program, and, more Important, thank you on behalf
of the United States of Amerloa, whloh, of oouree,
Is the real beneficiary.
—
I am no prophet as
to the duration of the
war, but today we are hopeful that unconditional
surrender by Germany may not be far away.
At
suoh time all eyes will turn to the West.
The
eleven states represented at this meeting will
take on new Importance In the war.
The Paolflo
ooaet will beoome the springboard for the all-out
offensive against Japan.
This should prompt you who have the Job of
raising the neoessary money to redouble your efforts.
Our Immediate task Is to put over the Sixth
War Loan, to do so Just as decisively ae our
fighting men are establishing their positions In
Europe and In the Islands of the Paolflo.
I know you understand the Importance of this
absolutely essential link In the war effort. But
you must do more than understand It, you must
make the people understand It, the men and the
women In stores and offices, In faotorles, on the
farms and In their homes.
These people must understand, as you do,
that the time has not yet oome to relax or celebrate, that we must speed weapons and supplies
far aoroes the Paclflo to our armed forces who
know full well that a hard fight still lies ahead
before they can bring us vlotory over the Japanese and these weapons and supplies must be paid
for.
That Is our task I know Amerloa oan oount
—
upon
you.'
—
November 1944
A-7
Plans for the Sixth War Loan
Geographical allocations
Goals
War Loan campaign will open on
November 20, 1944, and will continue through December 16. The goal for this drive will be |l4
billions, of which $5 billions Is assigned to Individuals.
In the Fifth War Loan, the goal for
Individuals was $6 billions out of a total goal
These goals are being divided
of $16 billions.
Into State quotas for the State War Finance Committees, which In turn further classify them by
oounty and other local units.
The
Sixth
Major emphasis on Individuals
In announcing the drive, Seoretary Morgenthau
stated that the major emphasis throughout the
Loan will be placed on the quota of $5 billions
for Individuals. Although subscriptions will be
received from all nonbank Investors during the
entire period, only sales to Individuals will be
reported by the Treasury during the period from
November 20 to December 1. Commencing on December 1, the campaign to sell securities to Individuals will be supplemented by an Intensive campaign for subscriptions from all other investors
except commercial bariks.
Subscriptions for savings bonds as well as
savings notes processed by the Federal Reserve
Banks and by the Treasury Department during the
months of November and December will be credited
to the drive.
This will enable millions of persons employed In industry and trade to participate in the drive through the purchase of bonds
by weekly or semi-monthly deductions from their
pay during this period.
Securities offered
Eight seourltles will be offered in the
Sixth War Loan,
four non-marketable and four
marketable Issues.
The four non-marketable securities are unohanged from offerings in the
Fifth War Loan, and consist of Series E, F, and &
savings bonds and Series C savings notes.
The
four marketable seourltles are new Issues but are
similar to the marketable Issues offered during
the Fifth War Loan.
They consist of one-year
7/8% certificates; 1-1/4% notes due September 15,
19*+7; 2% bonds due December 15, 1954, callable on
or after December 15, 1952; and 2-1/2$ bonds due
Maroh 15, 1971i oallable on or after March 15,
1966.
The three Issues of savings bonds and the
Series C savings notes will be dated the first of
the month in whloh purchased.
The marketable
Issues will be dated December 1, but the Treasury
Is requesting that there be no trading in these
seourltles, and no purchases of such securities
other than on dlreot subscription, until after
the drive.
The 2-1/2% Treasury bonds of 1966-71
cannot be held by commercial banks prior to December 1, 195^» except when acquired for the limited investment of time deposits as discussed below.
The table which follows presents the chief
characteristics of the seourltles to be offered
during the Sixth War Loan.
In order to avoid unnecessary transfers of
funds from one locality to another during the
Sixth War Loan, the Treasury has again requested
that all subscriptions by corporations and firms
be entered and paid for through the banking Institutions where the funds are looated.
This request Is made to prevent disturbance to the money
market and the banking situation.
The Treasury
will undertake to see that statistical credit for
subscriptions is given to any localities whloh
the purchaser may request, except that subscriptions from Insurance companies will be credited
to the State of the home office as In the past.
Deferred payments
Life Insurance oompanles, savings InstituStates, municipalities, political subdivisions and similar public corporations, and agenoles thereof, will be permitted to defer payment
in whole or In part on their subscriptions to
the 2-1/2% bonds of 1966-71 and the 2% bonds of
1952-5M-.
Securities purchased on the deferred
payment plan may be paid for at par and accrued
Interest at any time or times but full payment
must be completed on or before February 28, 194-5.
tions,
Speculative purchases discouraged
In order to help in achieving Its objeotlve
of selling as many securities as possible outside
of the banking system, the Treasury has asked the
cooperation of all banks in declining to make
speculative loans for the purchase of Government
securities in the Sixth War Loan.
This policy,
however, is not Intended to imply any disapproval
of loans to enable Investors to purchase securities in anticipation of Income, provided that the
loans are on a short-term or amortization basis
and are fully repaid within six months.
This Is
consistent with the requirements set forth in the
Joint statement by National and State bank supervisory authorities on November 23, 1942, (reprinted in the "Treasury Bulletin" for Maroh 1944,
page A-3).
The Treasury has also requested that
commercial banks not make loans for the purpose
of acquiring the drive securities later for their
own account.
Concurrent Investment of time deposits
Concurrently with the Sixth War Loan, 00mmerolal banks, which are defined for this purpose
as banks accepting demand deposits, will be permitted to subscribe In limited amounts to the 2%
and 2-1/2% bonds, and to Series F and Series
savings bonds.
The limit on such purchases will
be 10% of the combined amount of time certificates of deposit of Individuals and nonprofit
corporations or associations and of savings deposits, but not more than $500,000, for any one
bank.
Purchases of the Series F and a savings
bonds are further restricted by the regular annual limit of $100,000 Issue price per subscriber
for both Issues combined.
Subscriptions by commercial banks for the limited investment of time
deposits will not be considered as part of the
Sixth War Loan and will not be credited to drive
quotas.
A-g
Comparison of Various Features of Securities Offered
In the Sixth War Loan, November - December 1044
Feature
Treasury Bulletin
November 1944
A-9
Comparison of Various Features of Securities Offered
In the Sixth War Loan, November - December 1944 -
Feature
(Continued)
Treasury Bulletin
A-10
Assets and Liabilities of All Active Banke in the United States
December 31, 1030 Through June 30, 1044
Early In October, the Comptroller of the
Currency released the semiannual report of assets
and liabilities of all aotlve banks In the United
States and possessions as of June 3°i 19**4. These
data were compiled from call reports of national
banks and from Information provided by State bank
supervisors.
Comparable figures from previous
reports have been used In the preparation of the
accompanying tables and oharts ooverlng the period December 31, 1539 through June 30, 19*14.
Assets
Assets of all aotlve banks lnoreased from
#77.6 billions on December 31, 1939 to $139.6
billions on June 30, 1944 (Table 1 and the accompanying ohart). This was an Increase of $62.0
billions or SOfo. National banks accounted for
57$ of the $62.0 billions Increase while banks
other than National, comprising State commercial
banks, mutual savings banks, and private banks,
Total assets
accounted for 43% of the Increase.
194-U-,
however, were divided almost
June
In
equally between National banks and banks other
than National (Table 2).
United States Government securities (Including guaranteed securities) accounted for $56.7
billions of the total Increase In assets of $62.0
billions during the four and one-half year peHoldings of such securities In December
riod.
1939 amounted to $19. 4 billions or 2J]° of total
assets, but by the end of June 19-44 had Increased
to $76.1 billions or 55% of total assets.
Total loans and discounts rose from $22.4
billions to $25.5 billions fram December 1939
through June 1944, an lnoreaae of $3.1 billions.
In relation to total assets, however, loans and
discounts declined from 29% to 18% during the
period. Bank holdings of State and local, corporate, and other securities showed a steady decline from $9.4 billions In December 1939 to $7.6
billions In June 1944.
Liabilities and Capital Accounts
On the liability
side
of
the
balance sheet
(Table 1 and the accompanying chart) the Increase
of $62.0 billions from December 1939 through June
1944 was concentrated In the growth of deposits.
Demand deposits of individuals, partnerships,
and corporations increased from $28.2 billions at
the end of 1939 to $59.4 billions by December 31,
1943 and then declined to $5S.4 billions by June
The decrease during the first half of
30, 1944.
1944 reflected primarily the timing of war loans
rather than a levelllng-off of demand deposits.
At the end of Deoember 1943, it had been two and
one-half months since the close of the Third War
Loan and deposits accordingly had risen, whereas
on June 30 of this year, the Fifth War Loan was
in progress and deposits of individuals, partnerships, and corporations had already been drawn
down slgnlfloantly.
Fluctuation of demand deposits in connection with war loans Is due primarily to changes in oorporate rather than individual balances.
Tlmb deposits of Individuals, partnerships,
and corporations Increased 31$ from $25.4 billions in December 1939 to $33.4 billions in June
These time deposits consist almost en1944.
tirely of savings accounts of individuals, and
are not affected significantly by the timing of
war loans.
United States G-overnraent deposits (Including
postal savings deposits) increased from $0.9 billions In December 1939 to $10.5 billions In December 1943 and to $19.7 billions In June 1944.
Here again the timing of the war loans was significant.
United States Government deposits were
unusually high on June 30, 1944 as the result of
security sales during the Fifth War Loan.
Capital accounts of all banks lnoreased from
$S.3 billions to $9.4 billions from December 1939
through June 1944.
Capital notes and debentures
and preferred stook deoreased $0.2 billions during the period whereas common stook increased
Surplus, undivided profits, and
$0.1 billions.
reserves lnoreased $1.2 billions.
November 1944
A-ll
ASSETS AND
OF ALL ACTIVE BANKS
THE UNITED STATES'
LIABILITIES
1
IN
December
U.S.
31.
1
939 -June
30. 1944
Government
direct and guaranteed
obligations
Loans and discounts
June 30.
1944
DOLLARS
Billions
Liabilities
and Capital Accounts
140
120
100
80
60
-
Capital accounts
Interbank 11and other
deposits and
misc. liabilities
US. Government and
postal savings deposits
40
Deposits of individuals.
partnerships,
20
and corporations
Dec. 31.
Treasury Bulletin
A-l?
Table
1,
Assets and Liabilities of All Active Banks in the United States
December 31, 1939 through June 30, 1944
/,
(In millions of dollara)
Deo. 31,
1939
Number of banks.
Deo.
Deo.
31,
1940
Deo.
1942
June 30,
1943
14,885
14,722
14,661
14,621
14,596
8,941
l"*,733
6,798
16,706
23,675
25,504
31,
19"U
31,
Deo.
11,
1943
June 30
1944
•
15,096
14,956
Loans and discounts:
Loans on real estate
Other loans Including overdrafts
Total loans and discounts
9,102
13.273
22,375
i4^
53i
9,71s
17,120-
37
i2: 626
23,967
26,838
24,001
9,155
13,169
22,324
Securities:
U. S. Oovernment obligations:
Direct obligations
Guaranteed obligations
Total
15,446
002
19,447
16,789
4,24o
21,029
21,070
4,464
55,176
2,767
57,963
63,690
75,144
2 .56?
25,55^
43.185
2,674
46,059
66,259
986
76,130
4,008
4,618
4,34q
4,4l6
4,165
3.926
3,755
3,775
3,555
3,56*
3.352
3,639
3,4oi
Assets
,
Obligations of States and polltloal subdivisions..
Other bonds notes and debentures
Corporate stocks, Including stocks of Federal Reserve Banks
Total securities
,
,
7
*
721
744
631
5^,371
551
30.529
674
34,589
592
28,796
65,885
73.726
83,717
Total loans, discounts, and securities
51.170
54,496
61,428
78,373
86,209
97,401
109,221
Currency and coin
Balances with other banks, Including reserve balances 2/
Bank premises owned, furniture and fixtures
7
Real estate owned other than bank premises
Investments and other assets Indirectly representing
bank premises or other real estate
Customers liability on acceptances outstanding
Interest, commissions, rent, and other Income earned or
accrued out not colleoted
Other assets
1.197
22,196
1,252
1,056
1.407
26,846
1,224
930
1.5^-5
1,607
25,210
1,162
1,612
27,000
1,128
706
1,464
27,372
1,190
530
1,623
26,705
1,102
252
160
131
144
104
'11
122
46
111
61
102
49
95
420
163
242
173
£73_
448
220
278
503
Total assets
77,575
85,572
91,454
109,5^3
117,253
128,122
139,560
28,212
25,4o6
33,636
26,072
59,706
37.805
26,063
63,869
I'.tl
74,673
54,287
28,417
82,704
59,365
30,725
90,110
58,421
53,616
91,862
910
3.S12
9,902
805
3,939
10,973
1,948
^,?03
11,015
6,507
^,523
11,324
8,164
4,655
10,004
10,532
4,972
11,032
11,240
624
982
76,408
1.098
1.157
82,233
1,240
300,266
107,784
1.690
116,336
1,571
129.367
1
150
261
j
25,942
1,209
{
332
]•
{
5
1
58
Liabilities
Dsposlts of:
Individuals, partnerehlpe, and oorporatlons:
Demand
Time
Total
U. S. Oovernment and postal savings
States and political subdivisions
Banks 2/
Other cfepoelts, lnoludlng oertlfled and cashiers'
ohecks
Total deposits 2/
Bills payable, rediscounts, and other liabilities for
borrowed money
Acceptances executed by or for account of reporting
banks
Interest, discount, rent, and other lnoome oolleoted
but not earned
Interest, taxes, and other expenses accrued and unpaid
Other liabilities
Total liabilities
68,566
33,^1
26
25
23
19
32
52
87
150
121
101
52
69
60
65
60?
98
124
380
58
138
405
577
*5
208
375
665
100,938
106,462
119,076
130,204
95
270
2,615
3,872
l,4o6
90
2s4
2,668
4,105
1,370
73
88
376
}
{
69,280
77.162
62,959
142
381
123
34a
108
312
2,603
2,614
3,794
1,146
2,600
3.561
1.187
1,248
99
281
606
3,770
1.323
571
591
506
527
533
559
6,295
8,410
8,495
8,605
8.791
9,046
77,575
85.572
91,^
109.543
U7.252
128,122
Capital Accounts
Capital notes and debentures
Preferred stock
Common stock
Surplus
Undivided profits
Reserves and retirement account for preferred stock and
capital notes and debentures
Total oapltal accounts.
Total liabilities and capital accounts.
3,^1
2,
2
4
1
November 1944
Table 2.
A- 13
Assets and Liabilities of All Active Banks In the United Stateeii,
Classified by Kind of Bank, June 30, 1044
(In millions of dollars)
Treasury Bulletin
A-l4
Treasury Market Financing
September Certificate Refunding
Books were open September 25-27, 1944, for
reoelpt of subscriptions from holders of the 7/8%
oertlfloates of Indebtedness whloh matured Ootober 1, 1944 who wished to exohange their oertlfloates for a new Issue dated Ootober 1, 1944 and
Subscriptions conmaturing Ootober 1, 1945.
tinued to be accepted through September 30 from
holders of $100,000 or less of the maturing Issue.
Of the $3,519 millions outstanding of certificates due Ootober 1, 1944, $3,492 millions,
or 99%, were exchanged.
November Refunding Operations
Simultaneously with the announcement of the
of the securities to be sold during the
Sixth War Loan, exchange offers to the holders of
the 7/8% oertlfloates of Indebtedness due December 1, 1944, and of the 4% Treasury bonds oalled
for redemption Deoember 15, 19^4. were announoed.
Holders of the maturing oertlfloates, outstanding
in the amount of $3,540 millions, will be given
the opportunity, on or about November 20, to exterms
ohange their holdings for 0.90% Treasury notes
dated December 1, 1944, and maturing January 1,
At the same time, the holders, other than
19^6.
commercial banks, of the 4% bonds, outstanding In
the amount of $1,037 millions, whloh were originally Issued In 1924, will have an opportunity to
exohange their holdings for the 1-1/4% Treasury
notes or for the 2% or 2-1/2% Treasury bond Issues
to be offered In the Sixth War Loan.
Theee securities are described In the table on page A-8
Exchangee by commercial banks holding 4% bonds
will be limited to the 1-1/4% Treasury notes and
the 2% Treasury bonds.
The exohanges for the 4%
bonds will be made as of Deoember 15, 1944, In
available denominations, and accrued Interest
will be charged from Deoember 1 to Deoember 15 on
the new securities.
.
Securities Issued In refunding maturing certificates and bonds will not be lnoluded In ,the
sales figures for the Sixth War Loan,
although
those to be Issued In exohange for 4% bonds will
be Identical with securities to be offered In
the drive.
November 1944
SUMMARY
OF
FISCAL
STATISTICS
.
Treasury Bulletin
Budgetary Receipts and Expenditures
(In Billions of dollars)
First 3 months,
fiscal years 1*3 to 19U5
Conmlete fiscal years, llUl to
IQI15
Estimated
I9U3
19UU
1/
Change
19Wt
19»*5
to
19U5
laUl
191*2
19UU
19U3
191*5
Actual
19U3 to
actual
19UU
Actual
19UU to
estimated
I1U5 1/
Becelpts:
Internal revenue:
Income and profits taxes 2/
2.55"*
7.58U
7.972
+339
3.!*70
7.960
16.091*
3>t.655
31*. 61*6
+18,561
-9
326
1*08
>*37
+29
925
1,186
1.U98
1.739
2.069
+330
1,087
1.585
2,027
+1*1*2
2.967
3.81*7
"*.553
5.291
6.511*
2Ul
738
Employment taxes
Miscellaneous Internal revenue ^j
.
Customs
Other receipts kj
.
It,
Total receipts....
1.223
67
103
76
-27
392
389
32U
t3l
362
107
-69
85
822
U86
-335
515
286
916
3.292
3.655
+2.376
363
118
10,500
10,998
1*98
8.269
13,668
23.385
1*5.1*08
1*7.21*6
22.02U
1,838
258
325
31*2
+17
661
869
1.103
1*81
7,607
12.799
22,282
Less:
Amounts transferred to Federal Old-Age
and Survivors Insurance Trust Fund 5_/
Net receipts.
Expenditures:
3.861
10,176
10,657
1,260
1.583
157
323
ll*9
U5.663
+21.367
1.51U
1*1*.
6/
War ectlvlties:
War Department
9,254
12,061*
11,919
-ll*U
3.678
lit, 070
U2.265
1*9,21*2
1*7.900
6.977
-1.31*2
Navy Department
3.773
5,81*1*
7.389
+l.5>*5
2.313
8.580
20,888
26.538
28.500
5.61*9
1.962
Miscellaneous war activities-
1.739
2,709
2.1*62
-2U7
310
3.362
8.955
n.259
12,500
2.303
l,2l*l
lU.766
20, 6l6
21.770
+1.153
6,301
26,011
72.109
87.039
88,900
155
151
316
+165
563
556
602
730
Total war activities.
Veterans' Administration Jj
Public Works 8/
Aid to agriculture
+127
555
1*22
-110
-11
137
93
-Wt
738
680
5"3
2i+6
20l*
121
-83
937
1.225
1.163
909
6U9
-251*
-260
+23
659
735
8O3
808
+68
5
97011/
299
17
-282
-17
18
•
-18
Soc ial Security program 10/
263
318
Work Projects Administration
132
6
2
-5
•
•
193
+193
1*07
580
+173
25
7*
+319
1,111
1,260
1,808
13
Excess profits tax refund bonds 12/.
Interest on the public debt
1.285
161*
3ti
Other lj/
+1.861
l»33
9_/
Civilian Conservation Corps
930
+11*.
302
266
It
588
1,371*11/
257
8Ul
I63
873
901
566
1?U
700
+13I*
1.070
1.890
l6S
820
2.609
3.750
+801
l.lUl
Total expenditures 6/.
16,307
22.26U
2U.159
+1.895
12.711
32.397
78.179
93. 7W*
98.U0U
15.565
+U.660
Net budgetary deficit 6/
12, 1*46
12.089
13,502
+I.U13
5.103
19.598
?5.397
U9.595
52.71*1
-6.303
>,1U6
Source:
1'
Dolly Treasury Statements, except aa noted.
Less than $500,000.
Based upon Budget estimates revised aa of August 1, 19^.
Includes unjust enrichment tax and victory tax. Beginning July 19^3.
includes collections of taxes withheld by employers under the Current
Tax Payment Act of I9U3. Por details Bee following chapter on Receipts and Expenditures and Appropriations, Tahle 2.
Includea chiefly alcoholic beverage taxea, tobacco taxea, manufacturere' and retailers' excise taxes, and estate taxes.
Includes deposits resulting from the renegotiation of war contracts.
Information on the amount of such depositB la not available on the
basis of Dally Treasury Statements. On the baaie of covering warfiscal year 19^3. $558 milrants, auch depoaita were aa follows:
liona; fiscal year I9M1, $2,235 millions, of which $113 millions represented a voluntary return of excesa profits. Budget estimates of
such deposits for the fiscal year I9U5 are $1,212 millions.
For explanation, see tableB in next chapter on Social Security pro-
8/
(net).
2/
2/
Excludes expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
Includes expenditures classified aa transfers to trust accounts, etc.
Includes Aid to agriculture transactions classified as Revolving
Funda (net); expenditures of the Department of Agriculture classified aa Departmental in the Daily Treasury Statement; and Office of
Distribution transactions classified as transfers to trust accounts,
etc.
10/
11/
12/
13/
6/
for the Adjusted Service Certificate Fund and the National Service
Life Insurance Fund.
Includes public Works transactions classified as Revolving Funds
Includes expenditures classified as tranafers to trust account, etc.
for the Railroad Retirement Account and the Railroad Unemployment
Insurance Administration Fund. Excludes expenditures made by Office
for Emergency Management, War Manpower Commission (U- S. Employment
Service) under authority of the Social Security Act.
Includes National Youth Administration.
Represents transfers to public debt accounts for excess profits tax
refund bonds.
Includes departmental expenditures not otherwiae classified and expenditures claasified as transfers to trust accounts, etc., for Government employee retirement and insurance funds.
)
November 1944
Public Debt and Guaranteed Obligations Outstanding
(In mill loot of dollar!
Source:
1/
Dally Treasury Statements, except as noted.
Based upon Budget estimates revised as of August
2/
1,
19^.
J/
Details not available.
Includes guaranteed securities held by the Treasury.
Treasury Bulletin
AND EXPENDITURES
AND
APPRO PRI AT IONS
RECEIPTS
..
.
November 1944
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollars)
Expenditures l/
Receipts
Grose receipts
Fiscal year
or month
Total
receipts
3.800
4,116
1935
1936
1937
1916
1939
i960
5.29>»
6.2U2
5,668
5.925
8,269
13,668
23.385
19>*1
1962
19M
19U6
1963-September.
October.
November.
December.
.
19l*-January.
February..
March
.
April.
Hay...
June.
July
Augue t . .
September.
.
i*5,Ij08
Internal
revenue
Other
receipts
n
3.278
'.513
",597
5.676
5,161
5.303
7,162
12.993
22,11*
Ul.685
5,1*8
5,160
2,069
2.370
5.737
1,813
2.115
2.77?
2.756
6.576
2,188
2.U6U
6.353
3.119
3.256
6.2U9
2.935
3.02U
5.736
2.212
2.859
5.927
1.985
2.702
5.7U9
5.1*86
Less net amounts
transferred to
Federal 01d-A*e
Ret
and Survivors
receipts
Insurance Trust
Fund
V
3"3
Transfers
Total
expenditures
General
y
War ac- Revolving to trust
funds
tivities
accounts,
(net)
etc.
5/
6/
if
Npt
bud£*tary
deficit
It
Public
debt
retirements
1/
.,
Treasury Bulletin
Budgetary Receipts and Expenditures
-
(Continued)
Table 3.- Analysis of General Expenditures
(In Billions of dollars)
Direct and work relief
Veterans'
Administration
fiscal year
or month
1/
1/
Publlo
Works
i/
1/
Aid to
agriculture
2/ 4/
Social
Securl ty
program
2/
57
Work Project!
Administration
and National Tonth
Administration
y
1*36
1*95
1*86
-1
335
1.1*72
it
31*7
2.2UO
2
386
326
290
1.5W
392
572
1.006 10/
1.091
1.052
950
"*57
37"*
515
511*
970
299
529
17
557
578
581
582
557
679
685
803
670
900
930
966
988
866
1.237
1940
19U1
1942
7.055
6.215
5.986
5.595
6,188
557
553
555
572
629
890
715
669
1*31*
19^3-Sept ember.
5«3
52
>0
71
October. ..
November
De osmber
26
67
55
1944
1*38
1*9
.
301*
.
71*0
50
51
19Wt- January. .
7e ornery.
March
April
Hay
June
July
August
.
...
September,
y
5/
1+00
31*2
52
52
795
55
1*79
387
1,018
55
59
60
1*58
»*3
37
18**
33
25
2/
283
257
163
18
510
481
517
283
258
223
200
191
1.0U1
1.111
1.260
1.808
2.609
546
525
544
590
692
227
216
220
197
328
311
55
16
12
U97
56
55
61
58
59
62
14
70
53
50
60
45
65
91
33
96
154
131
56
36
32
25
100
102
a
21
59
33
63
3>*
86
69
62
30
30
5>*
29
31
36
581
117
1*24
>*3
77
Bailor Treasury Statements.
Less than $500,000.
Includes public works undertaken "by the Veterans* Administration.
Does not Include expenditures for (1) revolving funds or (2) transThese are shown in Table 5<
fers to trust accounts, etc.
Includes public buildings, public highways (including forest roads
and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S.
Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning
July 19U1.
Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration,
War Food Administration, and Department of Agriculture departmental
(War Food Administration comprises Agricultural Adexpenditures.
justment Agency, Farm security Administration, Office of Distribuand Extension Service, and Other).
Conservation
tion, Soil
Includes railroad retirement and railroad unemployment activities
and excludes expenditures made by Office for Emergency Management,
War Manpower Commission (TJ. S. Employment Service) under authority
of Social Security Act. For further details, see tables which fol-
5/
6/
jj
8/
2/
15
10
low on the Social Security program.
Work projects Administration was formerly Works progress Administration. Beginning with July 19^2, expenditures for the National Youth
Administration are classified as "wax activities expenditures".
Includes expenditures of the Reconstruction Finance Corporation for
relief through loans and grants to States, municipalities, etc.
Excludes expenditures for the TJ. S. Maritime Commission, departmental
expenditures under the Social Security program and the Department of
Agriculture departmental expenditures.
Includes expenditures for the following: Office of Education, and
Public Health Service of the Federal Security Agency; refunds of
taxes and duties by the Treasury Department; POBt Office Department
postal deficiencies; Federal Housing Administration; Treasury Department investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Hone Owners Loan Corporation,
Federal home loan banks, and Disaster Loan Corporation.
Gross expenditures have been reduced $lfcO millions representing the
repayment of capital funds by certain United States Government agenFor further details see "Treasury Bulletin" for June 19*+3.
cies.
page 9» footnote 12.
1
10/
Othsr
general
expenditures
364
86
92
Other
departmental
821
74q
866
926
9U1
99
1*92
911
51*5
29
Interest
on the
public
debt
2/
1,831
5.900
5.935
6.437
5.864
7,221
...
ClTillat
Conservation
Corps
1.264
1,896
1935
1936
1937
1938
1939
19"»3
Federal Bnergency Relief
Administration
and ClTll Works
Administration
.
.
.
November 1944
Budgetary Receipts and Expenditures
-
(Continued)
Table 4.- Analysis of Expenditures for War Activities
(In millions of dollars)
Miscellaneous war activities
War
Flecal year
or month
Department
Navy
Department
Total
AgriculNational Selectlvr
Treasury
miscelFederal Federal
ture
Housing Service
Security Works
Departlaneous
(adminisDepartAgency
ment
war acAgency
Agency
trative)
ment
1/
tivities
273
383
378
U32
U90
1*36
900
929
1,029
1,206
1940.
1941.
1942.
1943.
1944.
1.657
6,301
26,011
72.109
87.039
667
3.678
14,070
42,265
49,242
892
2.313
8,580
20.888
26,538
99
310
3.362
8.955
11,259
696
2.011
2.143
62
111
153
133
62
215
228
45
297
60S
539
19U3-September.
War
ShipMaritime
ping
CommisAdmin
sion
-21
-12
-6
-21
-12
-6
19351936.
19371936.
1939.
529
557
596
673
1
1
44
44
99
51
929
2.776
3,812
'32
1.105
1,922
50
114
366
130
69
100
111
108
294
402
356
148
216
164
66
91
82
125
127
308
386
153
182
I65
87
97
6,952
^.036
1,909
1,007
239
11
24
6,989
7.541
6,718
4,142
4.173
1.955
2.135
2,050
892
1.235
827
176
24
14
25
19
6
21
39
1944- January..
February.
March
4,170
3,792
4,46l
4,l6o
t.33"
2.082
2.757
2.281
886
969
983
lUO
184
188
9
18
17
16
42
8
April.
May...
June.
7.138
7.518
7.726
7.3X6
7.879
7.567
2,262
2.536
2.636
924
1.010
825
224
205
8
11
7
5
7
31
28
130
118
188
%
21
51
149
191
201
July
August ....
September.
7.201
7.571
6.998
2.591
2.502
2.295
682
982
798
15
22
17
14
124
152
102
130
372
335
194
134
102
3,841
1+.106
3.
928
U. 087
3.905
%
219
56
158
144
16
6
26
10
Source:
Dally Treasury Statements.
Back Figures:
For monthly figures commencing July 1940, see "Treasury Bulletin" for May 1943, page 7.
•
Less than $500,000.
Includes war public housing functions.
1/
Similar items for periods prior to fiscal year 1941 are classified
2/
under Other departmental and Other general expenditures in Table 3*
38
38
35
21
13
108
382
795
991
24
519
1.201
1,432
October.
November.
December.
.
United
Other war
Nations
activiRelief and
ties
Rehabili- expenditation
tures
Admin.
Unl ted
Statee
200
40
71
82
90
81
106
122
97
Table 5.- Analysis of Expenditures for (1) Revolving Funds and (2) Transfers to Trust Accounts, Etc.
(In millions of dollars)
Fiscal year
or month
71
Includes war expenditures of Commerce, Justice, Interior, Labor, and
State Departments: Civil Service Commission; Executive Office of the
President (including Office for Energency Management); Panama Canal;
Includes Deand capital stock of Smaller War Plants Corporation.
fense Aid Special Fund through the fiscal year 1943; thereafter such
expenditures are reflected within the respective departments.
Treasury Bulletin
Budgetary Receipts and Expenditures
-
(Continued)
Table 6.- Totals by Months, Beginning wltb 1935
November 1944
BUDGETARY RECEIPTS AND EXPENDITURES
1939
1940
1941
1942
1943
1944
DOLLARS
DOLLARS
Billion*
Billions
JMMJSNJMMJSNJMMJSNJMMJSNJMMJSNJMMJSN
7
6
5
4
3
2
I
7
6
5
4
3
2
I
-I
. .
,
..
. .
Treasury Bulletin
10
Trust Accounts, Etc. Receipts and Expenditures
Table 1.- Trust Funds
(In millions of dollars)
Fiscal year
or month
Total
trust funds,
net rscelpts ( + )
or nst expendlturas (.)
Federal Old-Age and
Surrlrors Insurance
Trust Fund
Receipts
Unemployment
Trust Fond
Expenditures
Receipts
Railroad
Retirement account
Ixpendltures
Receipts
Other
trust accounts 1/
Expenditures
61*
19351936.
19371938.
1939-
J*
19
11
29
191*0.
37
1
1
267
U02
530
267
Hoi
529
1U8
3
9
6
6
580
717
9U0
1,190
1.363
577
707
931
1,185
1.357
-265
-289
10
19U1.
66
92
191*2.
19U3.
lqU^-Septeraber.
12
+1
1
J*
•
-6
+3
29«
29<*
763
838
837
2
2
957
1,118
11
95?
l.llU
l,2l*
1.399
1.567
289
5
751
-2
1.2M
•
l.lKJM
1)
-2
1.56U
31
36
37
291
83
Jl
273
lUl
3*
33
28
22
*
-11
63
19
221
210
256
271
15
15
-262
-292
3
295
1*1
19Ul*-January..
50
28
32
U
-1*0
February.
March
150
13>*
-158
250
-3
-3
di
3
116
161
"3
%
i
April.
May...
June.
120
282
15
-313
UlU
w*
278
103
35
286
101
102
282
51
>*7
205
273
U9
291
9
-8
2
A
35
289
-355
32
306
102
-iu
-308
-293
5
295
37
309
3«
.
.
Source:
r
.
>*5
5
18
298
-2
Dally Treasury Statements.
Corresvondii*g monthly data are revised as follovs:
Receipts of "Other trust accounts" Id July, August, and
September 19^-2 are corrected to $153 millions, $32 millions,
and $66 millions, respectively; expenditures of "Other trust
Sensed.
•
l/
3 J
125
116
lW*
217
275
39
July
August.
Septenber.
-U
123
127
1UU
2U
16
17
2.053
858
1U6
107
52
-201
6U
3U
20
1U8
109
October.
November.
Deeember.
-1
Receipts
2U
35
20
57
88
301
-Ul
5*
95
•
1
8
J15
205
-5
53
18
1
-13
237
2.020
3>*9
838
327
325
U09
512
<*55
?
331
961 r
1.853
389
87<*i
1.713
116
87
139
ifi
117
123
125
16U
121
9U
135
202
179
231
108
178
275
U15
216
162
362
198
17*
-1*6
3"
Irpendlturee
101
102
accounts" in July, August, and September 19^2 are corrected to
$lU5 millioni, $32 millions, and $bU millions, respectively.
Lees than $500,000.
Includes Government inrurance and retirement funds, etc.
Table 2.- Other Funds
(In millions of dollars)
Transactions In checking accounts
of Government agencies, etc.
TiBCal year
or month
Total all
transactions
19351936.
19371938.
1939-
637
108
3lV
20U
768
19U0.
3
Issuance of
obligations
2/
Other
transactions
f
1,106
-337
288
852
Seigniorage on silver
Increment on gold
Receipts
Ixpenditures
-ill
-U03
-99
-51
uou
101
-5
5
52
Set
1U0
176
Receipts
Expenditure,
Miscellaneous funds
and account, 1/
Receipts
let
lUO
176
Uo
90
90
90
90
»*9
1*9
20
IU
20
lU
Uo
16
11
39
-217
-3.625
-2,194
-U.U03
-1,809
-658
-2.87U
-25U
-1,069
-1,815
-1.535
-1.529
191*3- September.
-1U6
22
-168
October. ..
November.
December.
-199
2
-201
-1*27
-2
-3
-165
-331
-2.002
-18
-115
-95
-1.907
-2
-87
-lUS
-577
1*90
160
51
191*1.
191*2.
19UU.
19l*l*- January
.
February.
March
April.
May...
June.
1*
6U
.
.
+35
2
-l*2l*
lU
16
22
-ll*6
101
66
-a6
1.500
8
-31
-170
-211
18
223
-a
-233
+79
-88
July
August.
September.
2U1
20U
U2
29
2hl
Expenditures
.
..
November 1944
11
Means of Financing Cash Requirements
(In nilliona of dollars)
Means of financing
Amount required to be financed
71 teal year
or month
Total
amount
required
to be
financed
Net
budgetary
deficit
1/
Set
expenditures
In trust
accounts,
let
increase
in General
Fund
balance
Net
Total
amount
financed
Increase In
public debt
etc.
decrease
In General
Fund
balance
3.209
5.390
3. 119
1.381
U.16U
1.6U8
5.078
2,616
7M0
3.275
3.611
61. 307
2.528
5.991
23,161
61,271
61,307
I10
11,291
11,291
132
667
6.697
5.710
2.383
6.697
1,112
-281
11
173
2,205
1.837
12,118
1.157
12. UUS
1,608
2.5I9
252
1.199
11,617
1.327
3.757
613
1.772
5.312
11.637
7.703
5.551
7.570
1.229
-307
19351936.
1937.
1938.
1939-
3.209
5.390
3.1U9
1.381
1.161
3.209
6.550
3.119
1.361
3.512
19lO.
19U1.
191219U3.
191*.
3.611
5.991
23.1161
3.611
5.103
19.598
55.897
19.595
712
358
6.515
10.662
lis
3.506
1.861
I.051
5.991
23.161
61,271
19l3-September.
11,291
087
11,791
5.126
5.710
1.716
1.139
October.
November.
December.
6.697
1911-January.
February.
March ....
1.817
12,11«
5. 7>*0
2.383
2.
810
622
1,821
5.
6.916
359
M57
1.952
April.
May...
June.
1.772
1.772
5.312
2.378
11,616
July
August
September.
7.703
5.551
2,2l8
5.917
1.756
Source:
1/
617
5.551
2,001
Dally Treasury Statements.
Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of
law.
2H»
2/
In trust
accounts,
etc.
2/
2/
61,271
6U.307
Set
receipts
2,216'
1.781
711
128
338
821
312
371
306
890
917
136
1.138
2.661
290
55
193
185
133
1.252
2.555
70
Comprises trust accounts, checking accounts of Government
agencies, etc.. Increment on gold, seigniorage on silver, and
miscellaneous funds and accounts.
Increment on gold excludes
expenditures for national bank note retirements.
.
U
....
9
95 9
Treasury Bulletin
12
Social Security Program
Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
Receipts
Gross receipts
Social Security taxes
Flpcsl year
or month
Federal Insurance
Contributions Aet
(Old-age insurance)
(
Federal Unemployment
Tax Act
Unemployment Insurance)
Less amounts credited to
Federal Old-Age and
Survivors Insurance
Trust Fund
Net
receipts
3/
1/
1936
1937
1938
1939
19M0
19U1
19^
19U3
191A
1943-Septeniber.
October.
November.
December.
.
57.8
90.1
100.9
107.5
97.7
119.9
265.O
387.0
503.0
537.7
661.3
158. It
,292.1
179.9
103.0
259.5
U.l
3.0
1.1
44.6
1.1.5
284.1
U.8
273.6
3-7
3.0
10.5
1.1
38.9
271.0
1.1
5-7
13.1
1*8.1
33.8
252.2
1U.2
116.5
3.6
31.8
16.2
1944-January...
February.
March
368.7
8.0
April
Kay
June
38.4
323.6
6.2
35-1
309.U
£3
5-1
1.1
51*.
51.8
293-3
3-8
11.7
July
August.
Septe mber.
.
__
4.4
7
305.0
.
-12.8
217-4
128.2
174.5
126.9
1U6.7
194.3
514.4
530.4
60U.7
690.6
895-6
,130.5
252.2
&04.4
631.2
712.2
786.2
1,015.6
1,288.9
1,U72.0
868.
185.
212.5
3-9
3.8
250.2
2.4
2.9
•7
118.
5.6
31.7
306.0
1.7
6.7
17-7
U.5
U9.3
290.8
1.4
1U.2
3-1
5->*
Expenditures
Grants to States
Administrative
expense*
Old-age
Aid to
assist' dependent
it/
ance
28.
1936.
1937.
1938.
193919S0.
1941.
1942.
182.7
332-5
343-3
384.2
.6
children
19.7
124.8
182.2
208.8
227.6
260.1
299.1
316.9
360.6
2.0
14.3
25-5
1.0
4.6
5-2
45)4
63.2
69.4
67.3
57.0
6.2
7-1
8.0
8.5
10.3
191*3
527.2
1944.
52>t.2
32.9
2.9
29.7
25-3
2.8
6.9
2-9
2.2
2.8
53-7
38.3
21.0
36.1
29.2
6.1
2.2
2.7
2.8
56a
Wi9.It
50 It. It
October.
November.
December.
1944-January.
February.
March
.
s
2U.1
58.8
33-J'
35.>»
April.
May...
June.
H.f
July
Augus t
September.
53-1
37-6
43.6
32-3
.
Source:
if
a
.
.
34.9
UnemployAid to ment comthe
pensation
blind administration
27-8
166.9
271.5
320.3
356.5
UI5.2
469.6
491.1
USS.O
15.8
20.0
21.3
25-3
31-5
31.5
33-3
32.1
19U3. September.
Public
Health
Service
Social Security Board
year
or month
PI Bcal
16.2
5-2
2.1
2.4
7.8
8.9
8.0
9.4
10.8
11.4
10.7
10.9
7.5
2.0
.6
.4
•
9
6.2
32-3
2-7
2.9
2.8
4(5.2
35.6
31.4
25.1
5-3
5-5
2-7
1.0
9
29.0
2.U
-1.8
6.1
50.3
38.8
28.3
30.6
31.8
22.9
5-6
5.0
3-5
1.0
9
1.1
.6
9-7
>t.7
3-0
•
7
1.6
•
•
Dally Treasury Statements.
Less than $50,000.
Formerly Title Till of the Social Security Act.
Formerly Title IX of the Social Security Act.
Includes amounts eoual
to appropriations to Railroad Unemployment Insurance Administration
Fund equivalent to amounts of taxes collected wl .h respect to the
period from January 1936 to June 1939. inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I).
Prior to January 1, 19^*0. figures represent amounts transferred to
the Old-Age Reserve Account.
From January 1 to July 1, I9U0 "transfers" were mAde to the Federal Old-Age and Survivors Insurance Trust
Fund.
Subsequently receipts have been deposited in the General Fund
of the Treasury and "appropriated" directly to the Federal Old-Age
and Survivors Insurance Trust Fund.
Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account
to cover administrative expenses, which are shown as expenditures In
1.0
3-1
3-8
u
5-5
5-9
6.5
6.2
Services
Child
for
welfare
crippled
services
children
.6
.2
2.1
2-7
3.0
1.0
1.4
1.5
1.5
i
-i
1.6
1.6
1.4
u
4.0
3.8
3-8
5
:£
57
S.
Employment
Service)
2.6
3.5
2.8
4.2
28.4
195-5
115.1
215-1
209.7
322.5
357.8
341.3
311.7
41.0 £/
1.8
20.7
1.3
•
3
29.0
•
3
5
•
3
•
3
51.3
27.7
20.4
•
•3
.2
42.6
-85.2
29.8
2.2
.4
46.9
7
.1
25.
47.8
23.4
31.6
5
.2
•
3
•
9.6
3-1
.2
.2
.1
.1
.2
.2
.2
5/
of
expenditures
•
.1
6/
(U.
Excess
Refunds
of
taxes
.2
.2
hj
War
Manpower
Commission
.2
2.2
7
7
Maternal
and child
health
services
.1
5
35-2
24.2
26.4
30. 4
9.1
41.9
56.9
56-3
63.0
70.3
55.1
36.3
1.0
1.2
•
Public
health
work
Office for
Emergency
Management
Department of Labor
27.8
Section II, Table 1.
Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Social Security Act; namely.
Social Security Board, Department of Commerce, and Department of
Labor; and administrative expenses reimbursed to the General Fund of
the Treasury under Section 201 (f) of the Social Security Act, as
amended.
Beginning July 1, 19**0. includes also administrative expenses under the Wagner-reyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
Covered by appropriations by Congress.
Second Deficiency Appropriation Act, fiscal year 1938. appropriated
$Ul millions for refunding to certain States portions of Federal employers' tax for I936 collected under the Social Security Act.
..
g
.
U
a
November 1944
4
13
Social Security Program
(Continued)
-
Section I.- Budgetary Receipts and Expenditures
-
(Continued)
Table 2«- Railroad Retirement Act
(In million* of dollars)
Expenditure
Receipts
Fiscal year
or month
1936.
1937.
1938.
1939.
1940.
1941.
19te.
1943.
1944.
•3
150.1
109.3
ia.o
136.9
170.0
208.
267.1
1943-Sept ember.
Administrative
expenses
Carrlere' Taxing
Act of 1937
.3
•3
1.5
1U9.0
110.0
123.3
128.2
148.5
220.2
265.3
2:1
2.9
2.6
3.8
7.6
5-t
2-5
33-8
1944-January.
February.
March
1.2
34.1
4.1
58.6
.1
.2
.4
3"».7
April.
Hay...
June.
August ....
September.
1/
2/
taxes
•
3
146.4
1.2
-1-1
107.1
120.7
124.
1U0.9
214.8
262.7
2-3
-8.7
-21.6
11.4
-1.8
•
7
33-5
32-7
-8.0
-52.5
3U.0
32-9
-3-9
.2
.4
-58.
3U.5
3U.3
-13.2
-6S.7
204.8
203.6
-14.1
56.7
.2
.2
July
Excess of
expenditures
J*5.9
1.1
8.2
52-9
•
Refunds
of
46.2
October.
November.
December.
ce:
Transfers to
Railroad Retirement
Account (trust account)
l.U
14.2
56.9
205.0
.1
.2
Bally Treasury Statements.
Less than $50,000.
Includes only expenditures from appropriations made specifically for administrative expenses relating to the Ballroad
2/
Retirement Act.
Covered by appropriations from the General Fund of the
Treasury.
Table 3.- Railroad Unemployment Insurance Act^/
(In millions of dollars)
Expenditures
Receipts
Fiscal year
or month
1936.
1937.
1938.
193919U0.
19U1.
1942.
1943.
1944.
Ballroad unemployment
insurance contributions 2/
U.9
6.8
8.5
10.3
12.1
19U3-September.
October..
November.
December.
1944- January..
February.
March.. ..
April.
May...
June.
July
August ....
September.
Administrative expenses
(Ballroad Unemployment
Insurance Administration rund)3_/
Transfers to Ballroad
Unemployment Insurance
Account, unemployment
Trust »und 4/
Excess of
expenditures
5/
7
3
Treasury Bulletin
Ik
Social Security Program
-
(Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust
Fund^
(Cumulative from organisation - In Billions of dollar*)
Ixpendltures
Receipts
Ind of f Ileal
year or Month
1936.
19371938.
193919S0.
19U1.
1942.
19U3.
1944.
Appropriations by
Congress
investments
267.3
782.7
199-6
1.792-1
2.536.2
3.502.8
4.720.7
6.116.0
265.O
765.O
1,155.0
1.705-0
2.393-1
3,288.8
4,419.3
5.711.4
2-3
17.7
44.6
87.1
l4j.l
214.1
301.5
404.7
6,167.8
6.461.1
6,468.6
5.763.1
6.056.4
6.060.2
404.7
4o4.7
408.4
Total
recelpte
1.
1944- July
August. ..
September.
.
Source:
•
1/
Old- ago
lotal
expend! - benefit
payments
tUTSS
for
admlnlstratir*
expenses 2/
Inveat-
Total
688.
709.3
730.1
ents
35-1
99-5
209.8
359-1
543.7
65.?
93.4
126.0
1,744.7
2.397-6
3.227-2
4.268.3
5.446.4
267-1
662-3
1.177-2
1,738.1
2.380.6
3.201.6
4.236.8
5.408.9
560.3
578.4
596.8
128.4
130.9
133.3
5.179-1
5,751
5.738.5
5.39f.9
5.676.8
777-2
1.180.
5-1
19.3
2/
12.3
39-1
In Oeneral
fund
267.2
5-t
19.3
47.4
138.6
275-6
452.4
669.6
Dally Treasury statements.
Lass than $50,000.
Includes transactions effected under the predecessor Old-Age
«
5,396.9
(Cumulative from organisation - In Billions of dollars)
In
distuning
officer's
account
.1
.1
113.0
1.9
.1
•5
6.2
5-2
7.0
16.1
10.8
20.4
24.5
21.4
57-5
329.3
34.8
24.7
25.6
26.9
Reserve Account.
Under Ssotion 201 (f) of the Soolal Security Act
of 1939.
Table 2.- Railroad Retirement Act
Ind of fiscal
year or month
Unexpended balanca
Reimbursement
November 1944
15
Appropriations and Net Contract Authorizations for the War Activities Prograai/
As of September 30, 1044
Date
approved
Public
Lav No.
Appropriation!
Title of act
77th Congrats, First Seaslon
Tat.
6, 19Ul
rah. 13, I9U1
Mar. 1, 19U1
Mar. 17, 19U1
Mar. 27, 19U1
191*1
Apr.
19U1
Apr.
19U1
Apr.
19U1
May
May
Mar
Majr
191*1
2U,'
191*1
31,
191*1
June 28. 191*1
June 28, 191*1
June 30, 19U1
July 1. 19U1
July 3. 19U1
?
9
13
23
25
28
29
1*8
71
73
88
135
136
139
11*6
Aug. 25, 191*1
Oct. 28, 191*1
150
2*7
282
NOT. 19, 19U1
Dec. 17, 191*1
Dee. 23, 191*1
295
353
371
Joint Resolution (emergency ship construction)
Joint Resolution (clothing and equipage - War Department)
Urgent Deficiency Appropriation Act, 191*1
fourth Supplemental National Defense Appropriation Act. 19U1
Defense Aid Supplemental Appropriation Act, I9U1
Tiret Deficiency Appropriation Act, 19U1
Independent Offices Appropriation Act, I9U2
Fifth Supplemental National Defense Appropriation Act. 191*1
NaTy Department Appropriation Act, 191*2
War Department Clrll Appropriation Act, I9U2
Additional Urgent Deficiency Appropriation Act, I9UI
Treasury Department Appropriation Act, 191*2
Justice, state and Commerce Departments Appropriation Act, 19U2.
Interior Department Appropriation Act, 19U2
Military Appropriation Act, 191*2
Labor - Federal Security Appropriation Act, I9U2
Second Deficiency Appropriation Act, 191*1
Tlrat Supplemental National Defense Appropriation Act, I9U2
Second Supplemental National Defense Appropriation Act, 191*2:
(Title I)
(Title II)
Defense Highway Act of I9UI
Third Supplemental National Defense Appropriation Act, 19U2
Joint Resolution (War, Philippine relief, and defense housing)..
Total, 77th Congress, First Session
*
313.500,000
Vet contract
authorisation* 2/
.
Treasury Bulletin
16
Appropriations and Net Contract Authorizations for the War Activities Program-^
As of September 30, 1044 - (Continued)
Data
Public
approved
Lav Ho.
let contract
Title of Act
Appropriation!
78th Concrete, Second Seealon
fob. 1U, 19 UU
Apr.
1, 19UU
U, 19UU
Apr.
May 12, 19UU
June 22, 19UU
Jane 26, 19UU
June 27, 19UU
Jane 28, 19UU
Jane 28, 19UU
June 28, 19UU
Jane 28, 19UU
June 28, 19UU
June 28, 19UU
Jane 28, 19UU
229
279
288
303
3"7
352
358
365
367
369
372
37
June 30, 19UU
June 30, 19UU
?
37U
375
382
382
Jane JO, 19UU
382
Joint Resolution (farm labor and Migration of workers)
Tint Deficiency Appropriation Act 19UU
Public Law (Federal Works Agency - public roada)
Joint Resolution (Labor Department - maternity and Infant care)
aval Appropriation Act I9U5
War Departaent Olvll Appropriation Act, 19U5
Independent Offlcee Appropriation Act, 19U5
Department! of State, Juetlce and Commerce Appropriation Act, 19U5.
Department of Agrloulture Appropriation Act. 19U5
Interior Department Appropriation Act , I9U5
latlonal War Agency Appropriation Act, 19U5
Labor - federal Security Appropriation Act, 19U5
Military Appropriation Act, 19U5
Second Deficiency Appropriation Act, 19UU
Defenee Aid Appropriation Act, 19U5
United Hetlone Relief and Rehabilitation Administration Participation
Appropriation Act 19U5
foreign Economic Administration Appropriation Act, I9U5
,
,
.
,
Total
,
78th Congress
,
Second Seealon
.
»
31.359.200
authorisation 2/
November 1944
17
Cash Income and Outgo of the Treasury, by Major Classifications^
(In million* of dollars)
treasury Bulletin
is
GENERAL
FUND
OF
THE
TREASURY
.
..
. .
...
November 1944
19
Assets of the General Fund of the Treasury
(In millions of dollars)
End of fiscal
year or month
1935
1936
1937
1938
1939
2.016
2.936
2.709
19U0
19U1
191*2
19*3
19U*
1943-Sept ember.
118
862
799
1,150
11*1
61*9
929
1,022
611
776
1,01*1*
2.1*19
865
1,863
827
3.087
1,191*
2,038
2.812
3.**3
lO.iUg
20.775
87U
Special deposits
account of sales
of Government
securities
(War Loan accounts)
25H
1.02U
603
1,038
9Sl»
897
911
820
55
58
55
52
95
105
1*3
265
533
507
805
661
1,1*1*2
1.679
7.667
18,007
Other deposits
and collections
18,734
883
1.538
15,676
636
.
19,838
1.095
.
15,1*92
12,878
900
90S
926
17.280
12.770
9,9*2
563
569
601
12.873
19,726
17,270
10,31*
17,095
933
523
513
*91
October.
November
December.
19Uh- January.
February..
•
•
March
April
Hay
June
12,896
20,775
890
912
820
July
August....
September.
22,513
18,277
15.753
807
877
838
Source:
Deposits in
Federal
Reserve Banks
Bullion, coin,
and currency
9,1*1*
1,21*5
1,1*08
1.098
1,172
1.5*0
llt.306
1,269
1,215
1.31*
10,5*6
6,766
18,007
506
19,850
15.693
13.013
587
*92
588
52I*
507
Dally Treasury Statements.
Balance In the General Fund of the Treasury
(In millions of dollars)
2nd of fiscal
year or month
Total
assets
Total
liabilities
Balance
in the
General Fond
Analysis of balance in the General Fond l/
Working
balance
l.gUl
2,682
2.553
2,216
2,838
1,001
2,069
2,000
1,622
2, l60
1,163
1,885
2,229
6*3
607
1.891
2.633
2.991
9.507
20.169
18.73*
576
19.838
15,*92
12,878
5*1
53*
58*
12.873
19,726
17,270
63*
February.
March. ...
?£
661*
April.
May...
June.
12,896
9,1**
20.775
July
August ....
September.
22.513
18.277
15.753
19351936.
19371938.
1939.
2, 016
2,1*19
175
25*
156
203
3.087
21*8
19U0.
2,038
2,812
3,**3
1*7
179
10,11*9
20.775
1943-Septambar
October..
November
December
2.936
2,709
191*1.
19H2.
19*3.
19UU.
19l*l*_january
Source:
1/
.
Dally Treasury Statements.
In the fiscal years 1935 and 1936, $91 millions and $55* millions, respectively, were transferred from increment on gold
to the working balance for retirement of national bank notee.
In this statement, however, charges for retirement of national
Seigniorage
on silver
lUo
316
8|
536
Increment
on gold
700
297
198
1*7
1*2
1*3
1*3
19,1*06
585
605
619
619
619
18,158
17.395
619
ll*l*
19.297
1*,958
13,53*
1*.196
11.532
619
619
619
11*1*
12,239
19.155
16,606
11,1*76
619
619
619
ll*U
617
622
607
12,279
8.522
20,169
11.517
7,75?
1*1*
19,1*06
619
619
619
588
605
635
21,92*
17,672
21,162
16,909
1*,355
619
619
619
ll*l*
1*52
12,291*
15.U7
8,71*1*
18,392
15, su*
lUU
11*1*
1*1*
1*1*
lW*
lUl*
11*1*
lUU
lUl*
lUl*
bank notee are reflected directly against increment on gold
in the years during which the retirements were actually
made.
Inactive gold in the amount of $1,087 millions for
the fiscal year 1937 Is considered as a part of the working
balance.
a
..
20
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
[in
millions of dollars - Set increa.ee or net decrease
(-)]
Working balance
Change during fiscal
year or month
Total
change in
General
Fund
balance
Total
working
balance
General
Public debt
and special
accounts
1/
account!
2/
laneoue
funds and
accounts
Checking
accounts of
Government
agencies,
*/
etc.
Ml seel-
Truet
account
5/
.7*6 77
6*
3*
19
792 1/
280 ll
11
29
1C-39
-7*1
8*0
-128
-338
622
19*0
19*1
19*2
19*3
19**
-9*7
7*2
358
6.515
10.662
-997
722
3**
6.515
10.662
-3.611
-5.103
-19.598
-55.897
-*9.595
2.528
5.99*
23.*6l
6*. 27*
6*. 307
ll
92
1*8
i9*3-september
11.79*
11.79*
-2,087
1*,291
-265
October.
November.
December.
1.139
-*.33S
-2.66*
1.139
-*.33S
-2.66*
-5.*26
-5.7*0
-1,716
6.697
1.112
-281
52
210
-262
1*
16
22
19**- January.
lebruary.
March....
55
6,916
-2,5*9
-*.823
-5.359
-1.952
*,781
12,**8
1,608
50
150
-201
101
-2,5*9
-*,772
-5.3*2
-2.378
252
1.399
l*,637
120
282
-355
160
-5.9*7
-5.551
-2,00*
7.570
1.229
-307
102
282
-308
1935
1936
1937
1938
-70
-377
537
-3.209
-*.550
-3-1*9
-1.38*
-3.5*2
-769 6/
1
.067 5/
April
-*.327
Hay
June
u!6*6
-*.327
-3.757
11.6*6
1.756
-*.252
-2.555
1.756
-*,252
-2.555
July
August
September,
-
Source:
*
1/
2/
2/
y
i
Daily Treasury Statement!.
Less than $500,000.
TUb 1b the net budgetary deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund.
etc.. under special provisions of law.
This represents the increase in the gross public debt, except
as noted.
(See footnote 7.)
Includes Federal Old-Age and Survivors Insurance Trust Fund,
Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust funds.
Comprises Public Works Administration revolving fund and special deposits (net). Also includes Office of Distribution
(formerly Agricultural Marketing Administration) commodity
food stamp transactions.
Includes expenditures for retirement of Rational bank notes.
In the fiscal years 1935 onA. 1936, $51 millions and $554 millions were transferred from increment on gold to the working
739 1/
*75 2/
jj
37
16
11
2*1
205
Seigniorage
on silver
Increment
on gold
5/
637
108
31*
20*
768
1*0
176
*o
90
90
3*
-217
-3.625
-2.19*
-*,*03
*9
20
1*
-111
-*03 6y
-99
-51
-5
^
-1*6
8
-2
51
-170
223
*2
29
427
-165
-331
-2,002
f
1
-1*8
-88
3
35
balance for retirement of national bank notes. In this statement, however, charges for retirement of national bank notes
are reflected directly against increment on gold, in the years
during which the retirements were actually made.
Inactive gold
in the amount of $1,087 millions for the fiscal year 1937 1*
considered as a part of the working balance general and special
accounts for the purpose of this table.
Expenditures for the retirement of national bank notes from
Increment on gold for the fiscal years 1935 to 1939 (
shown
below) are not reflected herein, but are reflected under increment on gold as follows:
1935 - $91 millions, 1936 - $397
millions, 1937 - $99 millions, 1938 - $51 millions, and 1939 The increases In the pub$5 millions, total - $9*5 millions.
lic debt Bhown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason
stated above.
M
November 1944
PUBLIC
OF
21
DEBT AND GUARANTEED OBLIGATIONS
THE UNITED STATES GOVERNMENT
. .
8
.. .
.
Treasury Bulletin
22
Analysis of Issuance and Retirement of Public Debt
(In million* of dollar*)
Public debt receipt!
(Issuance of public debt)
Het Changs
Public
debt out- In public
debt
standing
end of
during
f iical
fiscal
year or
year or
month
month
Fiscal year
or month
Public liiuei
Caih
u
1935193619371938.
1939-
28,701
33.779
36.425
7.165
1*0
1.6U8
5.078
2.6U6
7U0
3.275
191*0.
1*2,968
1941.
1942.
19431944.
Us, 961
2.528
5.99U
72.422
136.696
201.003
23,1*61
1943-Sept ember.
158, 3*9
ll*,291
21.71*8
20,931
165,01*7
6.697
1.112
-281
14,281
5,682
10.378
11,056
5.228
6.398
U.781
9,1*1*9
8
October.
Hot ember.
December.
.
166,158
165.877
13.126
9.589
9.621
5.716
8.958
6.199
4.776
13. 081*
7.1*75
11*.
121
170.659
183,107
184,715
12,1*1*8
1,608
19,226
10,355
April.
May...
Jane.
184,967
186,366
201,003
252
1.399
14.637
10,322
7.700
27,837
July
August ....
Sept ember
208, 57U
7.570
1,229
-307
12,162
10,151
10,991
209,1*96
erles
2/
Special
Issues
ex-
2.978
1.751
8
2,812
3.142
303
17.911
U91
2.671*
3.035
1
13U
1
1,442
18.790
UU6
516
11.1*78
9.01*3
1.1*99
6.943
8,881
5,166
5.301
3.151
U.241
5.876
8,318
10.411
10.638
11.853
13.703
58.358
89.478
5. 680
5.816
8.693
33.676
63.202
326
7.1*58
6,1*51
162
7.581*
1*21
u .570
10.660
U.511
*,525
7.105
1*37
3.5 lilt
:
24
5.192
5.613
3*
37
21,1*06
Dally Treasury Statements.
Less than $500,000.
Excludes certificates of Indebtedness, special series.
2/
303
17.911
1*91
6,96U
2.978
1.751
2.67U
3.035
209
523
567
1.0U1
2.812
3.1U2
596
2.1U6
2,896
1.
1*1*2
5.332
18.790
6.991*
1.1*73
i».lll
516
1*91
3.062
31*
3.5*
11
11
11
1*0
1*07
2,127
112
350
8.7W
1,91*6
11
4,903
I.618
203
10,070
6,301
13.199
4,903
1,618
1*36
6.391*
696
2,511
4.481
5.920
change*
2/
2.127
1.9U6
Ult
11,1*22
7.0U1*
Special
Issues
ex-
U.668
6,778
209
1
erWi
*.305
9. 809
2.159
2.567
3,062
38
Cash
1/
1*91
9.239
16.691
8.019
Certificate*
of Indebtedness, special
•
.669
lUl
13
7
2
1
Total
changes
6.96U
13,166
17.8U7
37.16U 30.388
122.632 94. 961
153.785 123.958
6U.27U
6U.307
Public issues
Excess
profits
tax refund
bonds
Certificate!
Adjusted
of indebtedservice
ness, ipeclal
bonds
7.19"*
10,1*62
1944-January...
February..
March
209,802
Public debt expenditures
(Retirement of public debt)
526
U.592
8,922
11,298
12
11
6,228
6.971
6!l*oo
2.511
4,481
6,805
22
11
11
Consists of special series of certificates of indebtedness Issued
directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
Interest-bearing public debt outstanding
(In .ill ions of dollars)
Percent of interest-bearing public debt
Public Issues
Public issues
Bonds
End of fiscal
year or month
Total
Markstabls
Marketable
62
1,261
1,188
1.556
2,151
10.023
11.381
10.617
9.1»7
7.2»3
3.166
4.555
3.015
7.495
9.557
63.1
3.096
16.561
28,822
53-2
42.6
39.8
16.0
177
?•'
6.8
8-7
i-x
8.851
21. 136
13.054
11.717
100.0
41.8
16.0
7-6
11,596
11,596
11.175
9.109
9.278
8.586
23.199
23.103
22,843
13.064
13.074
13.072
11,868
12,278
12,703
100.0
100.0
100.0
1*1.6
1*1.4
16.3
16.6
17.0
7-1
1*1. 1*
29.527
32,150
32.646
11.175
13.302
22.81*3
16,241*
9.384
10,220
9,116
25,680
25,680
13.101
13.112
13.147
12.873
13.168
13.507
100.0
100.0
100.0
40.8
40.8
39-8
33.183
33.67U
35.298
16.263
16.265
17.U05
9.092
9.050
9.557
25,306
25,266
28,822
13.150
13.766
W. 731*
13.697
14.122
14,287
100.0
100.0
100.0
37.237
37.58"*
18. 067
18. O67
38.028
17.936
10,000
10,030
9.124
30,035
30,001
29.573
15.52*
15.715
15.747
14,961
15.461
15.976
100.0
100.0
100.0
26.751
1*8.387
30,1*11
1963.
19MU.
71.968
135.380
199.563
38.281
57.716
79.1*1*0
21.704
35.298
6.383
5.698
6.689
9.168
17.405
1943-Sept embsx...
157.053
65. 6U0
25.060
11.596
.
163.589
161*, 781
.
l61*,508
68,085
68,136
68,140
26.667
27,316
27.988
181,709
183. 3U8
68,140
74.078
73.009
183,1*13
72.722
167,01*3
April.
May...
June.
184, 871*
199.563
79.'440
July
August....
September.
207.117
208,289
207.850
8I.293
81,431
81,666
Source:
Dally Treasury Statements.
Marketable
Bonmarketable
100.0
100.0
100.0
100.0
100.0
62.376
..
lonmarketabls
4.775
6,120
7.885
10.871
14.287
i960.
191*1
.
Marketable
Botes
1,302
1.603
2. 508
11.864
14. 73*
17.368
20.134
22.063
25,616
1944-January
February.
March
Total
3.770
ll».87l*
32.989
35.800
36.576
39.886
.
Special
issues
53.8
52.6
56.2
60.3
63.7
27.61*5
October.
November
December
Cartifloatss
of
indebtedness
100.0
100.0
100.0
100.0
100.0
19351936.
1937.
1938.
1939-
19"*2.
Sonmarketable
Ionmarketable
Bonds
10.1*96
2.053
2.354
2.303
IS
I.I5I*
2.-6?6
1.308
Certificates
ef
indebtedness
Special
issues
36.3
34.5
29.7
25.0
18.2
7.4
15.1
11.8
4.3
12.2
14.4
3-1
3-3
3.5
8.8
7.»
11.3
12.6
11.0
8.0
7-2
5.6
13-5
8.3
7.5
u
5.6
5.6
5.2
l6.2
14.0
13-9
8.0
7-9
7.9
7-3
7-5
7.7
17.7
17.7
17.8
6.7
7.3
8.9
5.6
5.6
5.0
13.7
14.1
14.0
7-8
7-2
7.2
7-7
7-2
7.4
39.6
39.3
39.8
18.1
18.2
17.7
8.9
8.8
8.7
5.0
4.9
4.8
13.8
13.7
16.6
7.2
7.4
7.4
7-6
7.2
39-2
39-1
18.0
18.0
14.5
14.4
l6.2
7.5
18.3
8.7
8.7
8.6
U.8
U.8
39-2
.2
3-8
8
62.
7.1
6.4
3-2
3-3
4.2
l».l*
7.6
7.2
7.U
7-7
November 1944
23
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government
PAST A
-
riSCAL YEARS, 1935-19W-
(In millions of dollars)
2^
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
PART A
-
FISCAL YEARS, 1935-I9U.IM Continued)
(In millions of dollars)
Treasury Bulletin
November 1944
25
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
PART B
-
MONTHLY DATA- (Continued)
(In million! of dollara)
26
Treasury Bulletin
INTEREST - BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS
OF THE UNITED STATES GOVERNMENT
DOLLARS
DOLLARS
Buiions
Public Debt and Guaranteed Obligations
270
260
250
240
Guaranteed obligations
Special issues
230
Public debt
220
210
200
190
180
170
160
150
140
130
120
110
100
90
80
70
60
50
40
30
20
10
Non- marketable issues
Marketable issues
Billions
...
November 1944
27
Guaranteed Obligations Held by the Treasury^
(
In millions of dollars)
Commodity
Ind of f isoel
year or month
Credit
total
Corporation
Federal
Public Housing
Authority
Federal
Farm Mortgage
Co rpora t ion
1935
1936
1937
1933
1939
3.655
U.030
3.630
883
273
10
19U0
19U1
19U2
10U
302
U.079
1*00
263
27lt
19>*3
7,535
10,717
1,950
900
366
398
19W1
19U3-September
Home Owners
Loan
Corporation
1
Reconstruction
Finance
Corporation
3.655
U,030
3.605
86U
25
15
20
2>»3
20
85
25
lUo
Tennessee
Valley
Authority
8.U16
52
57
57
57
57
7
20
2.53 *
5.033
551
212
580
283
1
7,310
700
283
79
6,192
57
October
November
December
7.1*77
283
283
283
36
7.560
7.853
700
800
800
6,1*01
6,1*11
6,713
57
57
57
loWt-January
Te bruary
March
8,oU5
8,392
10,325
900
900
900
676
283
398
398
597
6,806
6.937
7.697
57
57
57
April
May
June
10.U03
10,626
10,717
900
900
900
697
371
366
398
398
398
603
7.7 '9
57
607
580
8,291*
S,l*i6
57
July
August
September
10.993
11,312
11,181
900
1,000
863
359
398
398
398
51*9
8.730
518
U93
8,99**
57
57
57
Source:
•
3><5
286
Sally Treasury Statements
Lees then $500,000.
1_/
9
1
57
9.08U
Theee securities are not Included in preceding statements of
guaranteed obligations outstanding.
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations
of the United States Government
(Amounts in millions of dollars)
Public debt and guaranteed obligations
End of fiscal
year or month
Interest-bearing
debt outstanding
1935
1936
1937
1938
1939
31.768
37.707
UO.U65
U1.U28
^5.336
19UO
U7, 87U
Computed
annual
interest
charge
S63
970
1,0>*7
1,068
1,1>»9
Computed
annual rate
of interest
(Percent)
1.037
2.51U
2.
U2.376
U8.387
71,968
135.380
1.095
1,218
1.6UU
2.679
199,5>»3
5\7 »7
19U2
19W
76,517
139, U72
201,059
I9U3- September.
161,018
3.1>»9
1.956
167,701
168,935
168,732
3.253
3.283
3.298
1.9U0
19UU-January. ..
February.
March
171.312
185. 936
185,606
3.35 *
3,625
3,600
April
May
June
185,670
.
Source:
1/
.
92l»
91*7
Computed
Computed
annual
Interest
charge
Computed
annual rate
of Interest
(Percent)
2.720
2.650
2.633
M53
112
125
123
121
5.U50
112
2.052
5,1*98
109
117
85
81
""""i rate
Intereet-bearlng
of interest
(Percent)
debt outstanding
2.715
2.562
2.582
2.589
2.600
U, 123
U.718
U.665
2.1*98
14,51*9
3.81*9
19
1.861
1.968
1.262
157,053
3.070
1.955
3,961*
79
1.987
163,589
16U.781
16U.508
3,173
3,203
3,217
1.91*0
U.H3
1.91*1*
i»,i5l*
80
80
1.956
U,225
81
1.938
1.928
1.912
1.958
1.950
1.939
167, 0U3
3,273
3.5 *
3.567
1.959
1.951
l*,269
U.227
2,258
81
SO
33
1.901*
1.903
1.U71
1.9U2
1.9U1
183. U13
1.921*
18U.87U
199. 5^3
2,258
1.529
1,516
33
19
19
1,1*119
201,059
3,6o6
3,617
3,868
208,585
U.008
76>»
u .0?3
U.oUi
1.922
1.923
1.932
207,117
208,289
207,850
1,1*68
l.>»75
209,331
18
18
18
1.228
1.225
1.223
186,1*03
July
Augue t .
September.
751
8U5
Guaranteed obligations 2/
2.583
2.518
2.285
1.979
1.929
1
.
Computed
annual
interest
charge
27.6U5
32,989
35,800
36,576
39,886
191*1
October.
November.
December.
Interest-bearing
debt outstanding
2.716
2.573
2.588
2.57?
2-53 1>
1,203
1.335
1,729
2.759
3,868
19>>3
Public debt 1/
209,
1
2.U38
2.
2.260
1.978
I.92U
l.9>*3
l.95>»
Dally Treasury Statements.
Treasury bills are Included in Interest-bearing debt figures
at face amount, but for purpOBee of calculating the computed
annual lntereet charge and the computed rate of interest, the
discount value le used. For the purposes of computing the
181,709
183,31*8
a
1
3.573
3.598
3.81*9
3.990
11,015
it.
026
1.91*5
1.91*8
I.9U6
1.929
1.927
1.928
1.937
6,360
U.092
1,516
1,1*80
1.978
1.831*
1.255
1.262
annual Interest charge and rate of Interest on United States savings
bonds. Series A-l are considered to yield 2,°/05t> per annum and Series 1
is considered to yield 2.53#.
Guaranteed securities held by the Treasury, and securities guaranteed
as to Interest only, are not included in this table.
Treasury Bulletin
28
Statement of the Debt Position of the United States Government under Limitations
Imposed by Section 21 of the Second Liberty Bond Act, as amended
As of September 30, 1044
Total face amount which may be outstanding at any on* tine
$260,000,000,000
Face amount outstanding as of September 30, 19UU:
Intereat-bearlng securities
Bonds:
Treasury
Saving* (maturity value) 1/
Dsposltary
Adjusted Service
Total bonds
$81,270,101,850
U6, 175, 557. 200
U88 809 250
715.988,307
,
,
$128, 65O, U56, 607
Treasury notes
35 SU9 OUl 000
Certificates of indebtedness
36,259,875,000
Treasury bills (maturity value)
l5.7U7.367.OOO
,
,
,
Total interest-bearing securities
$216, 506, 739 607
.
232.OU8.U75
Matured obligations on which interest has ceased
Debt bearing no interest:
Onlted States savings stamps
Excess profits tar refund bonds
$
168,253,280
326,933.661
U95.lg6.9ln
Total debt bearing no Interest
Total face amount of securities outstanding
217.233.975.023
Total amount of authorization unused as of September 30. 19UU
1/
$
U2.766.02U.977
Approximate maturity value. The current redemption value of
which is stated
United States savings bonds (except Series
at par) amounted to $37,323,276,360 on September 30, I9UU.
Reconciliation of the Debt Position under Section 21 of the Second Liberty Bond Act, as amended,
With the Gross Public Debt of the United States as shown in the Dally Treasury Statement
As of September 30, 1044
$209.U95.718, 5U7
Gross public debt outstanding
Total face amount of securities outstanding limited by Section 21
of the Second Liberty Bond Act. as amended
$217,233,975,023
Unearned discount on savlngB bonds (difference between
maturity value and current redemption value)
Less:
8,852,280.8Uo
$208. 381. 69U, 183
Add:
securities outstanding not subject to limitation under Section 21:
Interest-bearing securities
Matured obligations on which Interest hae eeaead
Debt bearing no interest
$
195. 917. 5UO
7,506,865
910,599,959
l,llU,02U,36U
Oross public debt outstanding
$209,U95.718,5U7
November 1944
29
Maturity Schedule of Interest -Bearing Public Marketable Securities
Issued or Guaranteed by the United States i/
As of September 30, 1044
(In millions of dollari)
Tear
and
month
—
.
Treasury Bulletin
30
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States ±1
As of September 30, 1044 - (Continued)
(In millions of dollars)
Detailed annual maturities
Tear
and
month
1951-War.,
June.
June.
Sept.
Sept.
Sept.
Dec.
Dec
Dec.
1952-Har
Description of security 2/
(Date of Issue is shown In parentheses)
Fixedmaturity
Issues
Callable Issues
classified by year of:
First
call
Final
maturity
Total annual maturities
Fixed-maturity
Fixed-maturity
issues plus
Issues plu«
callable Issues
callable Issues
classified by year classified by year
of final matirl ty
of first call
November 1944
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States^
As of September 30, 1044 - (Continued)
(in millions of dollars)
Tear
and
month
Treasury Bulletin
32
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates
1941
of Indebtedness Since December 1
,
Date
Date
subscrlpterms of
tlon
offering
books
were
were
announced
opened
Period to maturity
Description of security
(period to first call
shown In parentheses)
(Date of Issue is shown In parentheses)
1/
Earliest
date
on which
commercial
hanks
ay own
restricted
issues 2/
Amount Issued
Amount
of cash
subscriptions
tendered
to
Total
exchange
for other
securities
For
cash
2/
(In millions of dollars)
12/4/41
12/4/41
1/11/42
2/13/42
4/6/42
5/4/42
5/4/42
5/25/42
6/18/U2
7/8/U2
8/3/42
8/6/U2
12/4/41
12/U/Ul
1/12/1*2
2/13/1*2
4/6/42
5/4/42
5/4/42
5/25/ *2
6/18/U2
l
7/8/1*2
8/3/1*2
9/10/1*2
8/6/42
9/10/U2
9/10/U2
9/10/1*2
10/8/1*2
10/8/U2
10/8/U2
10/8/1*2
10/26/1*2
10/26/1*2
2-1/2* Treaa. bond Treaa. bond2*
Treaa. bond 2*
2-l/Ujt Treaa
bondCertificate 1/2*
2-1/2* Treaa. bondTreaa. bond 2*
1-1/2* Treaa. note Certificate5/8*
Treaa. bond 2*
2-1/2* Troae. bond Certificate7/8*
l-l/l** Treaa. noteCertificate .65*
Treaa. bond 2*
1-1/2* Treaa. note Certificate 7/8*
.
(25 yr.9 a
(10 yr)
9/15/67-72 !*/•. .(10/20/1*1) 30 jrr.9
12/15/51-55
(12/15/41) 11* yr
6/I5/U9-5I
(1/15/1*2) 9 yr.5 a
6/15/52-55
(2/25/1*2) 13 yr,4 a
11/1/1*2
(4/15/42) 7
6/15/62-67
(5/5/!*2) 25 yr.l m
(5/15/1*?) 9 yr,4 1
9/15A9-51
12/15/U6
(6/5/U2) 4 jrr,6 n
2/I/U3
(6/25/42) 7 a
(7
5/
S/l/l»J
3/15/1*5
5/l/l*3
5/5/52
2,831
3,062
3.800
2.831
3.06a
3.800
6,402
2,211
2,211 8/
3.762
12.757
12.895
3.762
4.939
5.251
3.762
4.939
5.251
19.544
5.484
1.655
2.707
2.545
2.707
989
3.779
5.257
4,122
3.779
5.257
4,122
3.779
5.257
4,122
5.391
3.519
59
1,580
'5.532
2.729
3.540
1.627
3,062
882
3.283
114
(7 yr,5 «)
,,
(19 yr.10 a) 6/
(5/5/1*2) 24 yr.10 a
(s/l5/42) 1 yr
(9/25/42) 2 yr 6 a
(9/21/1*2) 7 a
(IO/19A2) 9 yr.5
(6/5/U2) 4 yr,2
(11/2/1*2) 1 yr
3/15/50-52
12/15/66 4/
II/1/U3
2.831
3.364
5,184
1
(20 yr,l a)
(7 yr,4 m)
(7/15A2) 9 jr. 5 a
6/15/62-67 4/
236
273
637
.992
1.963
2,142
3.105
yr,5 a)
(10 yr,4
r
12/15/1*9-51
120
533
014
511
507
882
292
118
588
2,098
1.236
1,609
1,606
1.506
1.963
2,142
2.035
6.979
4,728
849
5/5/52
(7 yr.5 a)
,120
533
1.5H
1.507
882
1,292
1.588
2.098
1,236
1.609
1,606
1,506
1.963
2,142
2.035
.
Flrat War Loan aeourltles
11/30/1*2
11/30/U2.
1/21/U3
1/21A3
3/12A3
U/12/1*3-
3/12/1*3
4/19/43
6/28/43
7/22/U3
2-1/2* Treae. bond-12/15/63-68
1-3/1** Treaa. bond- 6/15/48
Certificate- 12/1/1*3
7/8*
7/8*
Certificate -
(12/1/1*2) 26 yr
(12/l/l*2) 5 yr,6 m
(12/1/1*2) 1 yr
2/l/l*l*
(2/1/1*3) 1 yr
Seoond War Loan aecurltlea
6/27A3
7/22/1*3
.
)
)
(21 yr,2
(7 yr.5
(4/15A3) 26 yr.2 m
(1+/15/1+3) 9 yr.5 »
(4/15/43) 1 JT
2-1/2* Treaa. bond- 6/l5/61*-69
Treaa. bond- 9/15/50-52
Certificate- U/l/W*
4/
7/8*
Certificate 7/8*
1-1/2* Treaa note Certificate7/8*
12/1/52
(21 yr)
(5/l/l*3) 1
5/l/44
9/15/1*7
(7A2A3)
8/1/1*1*
(8/2/1*3)
yr
4 yr,2 a
lyr
Third War Loan aeourltles
8/16/U3
9/9A3
10/6A3
10/6/U3
8/16/1*3
10/6/1*3
10/6/U310/ 10/6/1*3
11/22/U3
11/22/1*3
(9/15A3) 26 yr.3 a
2-1/2* Treaa. oond-12/15/61*-69
Treae. bond- 9A5/51-53
2*
Certlfloata- 9/1/44
7/8*
7/8*
2-1/2*
2*
7/8*
Certificate
Treaa. bond
Treaa bond
Certificate
.
(21 yr.3
(8 yr)
(9/15 A3) 10 yr
(9/15 A3) 1 yr
- 10/1/44
- 12/15/64-69 4/
- 9/15/51-53 5/
- 12/lA4
(IO/15/43) 1 yr
(9/15A3) 26 yr,2 a
1/18/1*4
l/2l*/l*U
1/24/44
3/2/UU
3/2/Ui.
3/2/i*U
3/2/1*1*
3/2/1*4
3/2/1*1*
3/22/1*1*
3/22/1*1*
U/2l»/l*l*
4/24/44
2-1/2* Treae. bond- 3/15/65-7O
2-1/4* Treae. bond- 9/15/56-59
Certificate- 2/lA5
7/8*
.90*
2-1/2*
2-I/4*
1-1/2*
7/8*
7/8*
Treaa. note
Treaa. bond
Treae. bond
Treaa. note
Certificate
Certificate
-
-
)
2/1/44) 26 yr.l a
(2/lA4) 15 yr.7 a
(2/lA4) 1 yr
(
3/1A5
(2/1A4)
3/15/65-70 4/
9/15/56-59
9/15/48
y
1
)
(21 yr.2 a) 9_/
(7 yr.ll «) 1/
(9/15A3) 9 yr.U a
(12/1A3) 1 yr
Fourth War Loan aecurltlea 11 /
11/22/1*3
4/15/53
9/15/53
9/15/53
(21 yr.l
(12 yr.7 a)
9/15/46
(21 yr) 12/
2/1/5"*
2/1/5"*
2,212
3.728
5.048
yr.l a
(2/1/1A) 26 yr
(2/1 A4) 15 yr,6 a
(3/15/44) 4 yr,6 a
-
4/1A5
(4/1A4)
1
-
5AA5
(5/1/44)
lyr
(12 yr ,6a) 12/
2,212 11/ 2,212 11/
3.728 11/ 3,728 11/
5,04« 11/ 5,048 U/
2,127
77
9/15/46
3.748
4.877
I.615
yr
Fifth War Loan securities 11/
U/14/44
6/12/UW
7/20/1*1*
7/20/1*1*
8/24/44
8/24/44
8/2l*/l*l*
8/24/1*1*
9/20/1*1*
9/25/1*1*
2-1/2*
2*
1-1/4*
7/8*
7/8*
7/8*
1*
7/8*
Treaa. bond- 3/15/65-70 4/
Treaa. bond- 6/15/52-54
Treaa note- 3/15/47
Certificate- 6/1/45
.
Certificate Certificate Treaa. note -
3/15A6
Certificate-
10/1/45
(2/1/44)
(6/26/44)
(6/26/44)
(6/26/44)
(20 yr,9 a) 137
(8 yr)
25 yr,9 m
10 yr
2 yr,9 m
11 m
2/1/5"*
2.909
5.825
1,948
4,770
(8/l/44) 1 yr
8/1A5
9/l/>*5
11/
11/
11/
11/
2,909 U/
5.825 11/
1,948 11/
4,770 11/
2,511
3.694
788
3.492
(9/lA *)
(U/lAl)
1 yr
1 yr,6 a 14/
(10/l/44) 1 yr
1
!*/
2,909
5,825
1,948
4,770
Sixth War Loan securltlea
10/23/1*1*
1/
2/
5/
51
11/20/1*4'
2-1/2*
2*
1-1/4*
7/8*
Treaa. bond- 3/15/66-71
Treas. bond-12/15/52-54
Treaa. note- 9/15/47
Certificat e- 12/1/45
(12/lA1*) 26 yr,3
(12/1A4) 10 yr
(12/1/44) 2 yr,9 m
(12/1/44) 1 T^
In the caee of the reopening of a previously offered security, the
period to firet call and to maturity are calculated from the date
interest commences on the reopening.
Restricted issues are those which commercial banks (defined for this
purpose as banks which accept demand deposits) are not permitted to
acquire prior to a specified date, with two exceptions:
(1) concurrently with the Fourth and Fifth War Loans, commercial banks were
permitted to subscribe to the restricted Ibsuo offered in the War
Loan for limited investment of their savings deposits; (2) commercial banks may temporarily acquire restricted Issues through foreclosure when such issueB have been used as collateral.
Consists of all public cash subscriptions and of subscriptions by
U. S. Government agencies and trust funds.
Reopening of previously offered security.
Interest commenced on December 15# 19**1.
(a
yr.3 m)
(8 yr)
1
10/
11/
12/
15/
12/1/54
15/
15/
15/
15/
15/
15/
15/
15/
15/
15/
15/
15/
Interest commenced on August 3. l^S.
Interest commenced on October 15 * 19^2«
Issued primarily to refund maturing security.
Interest commenced on October 15, 19^3Announcement of exchange offering was included in announcement of
Third War Loan, August l6, I9U3.
Figures on amount of War Loan securities issued consist both of
amounts issued in connection with the Drive, and of amounts issued
concurrently with Drive to U. S. Government agencies and trust funds
and to commercial banks.
Interest commenced on March 15. V^k*
Interest commenced on June 26, 19W.
Interest commenced on September 15, 19*&.
Security will be on sale November 20 through December l6, 19^*.
.
November 1944
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States Since December 1, 1041
Date of
refunding
Amount of
maturing
or called
security
outstanding
Deecrlption of called or maturing
••curlty 1/
for exchange
transaction ol
of retirement
(Bate of Issue is shown In parentheses)
for Caen
transaction
Amount
for cash
retirement
Amount
exchanged
Percent
exchanged
Deecrlption of nev
security offered
(In millions of dollars)
note
RIO note
ITMC oond
2-3/4* JTMC hond
1/15/42
1-3/1*2 Treae.
-
3/15/42
7/8*
-
l/15/>*2
95
99
33
7
203
96
86
1.076
62
1,014
9U
(7/1/35)
(11/10/39)
875
276
29
846
272
97
99
Totals for exchange transaction of 6/5/1*2...
1.151
33
342
342
2-1/1*56
1$
9/15/U2
-
HOLO oond
RFC note
-
7/1/1*2-1*1*
7/1/1*2
2*
Treae. note -
IO/15/U2
7/8*
ETC note
11/1/U2
1/2)1
(6/15/37)
(2/15/39)
(1/15/35)
(3/1/35)
.
4
9/15/!*2
(9/15/37)
-10/15/1*2
Certificate - 11/1/1*2
(4/17/41)
3»
320
(4/15/1*2)
1.507
1.507
- 12/15/1*2
(12/15/37)
232
232
1.588
1-3/4* Treae. note
12/15/1*2
20
4o6
309
1/15/1*2-1*7
3/1/1*2-1*7
Totals for exchange transaction of 1/1 5/^2
6/5/U2
426
310
236
103
2
3*
2/1/1*3
5/8*
Certificate
2/1/U3
(6/25/1*2)
1.588
3/1*2
Treae. note
3/15/U3
(3/15/11)
66
5/1/1*3
.652
3/4*
Certificate
CCC note
5/1/1*3
(9/21/1*2)
5/1/U3
(8/1/40)
1.506
289
132
8_
1.373
282
97 r
1.795
140
1.655
92
454
1.556
Total e for exc hangs transaction of 5/1/^3-
3-3/8* Treas. hond
6/15/U3-17
(6/15/27)
4*34
6/15/43
1-1/8* Treae. note
6/15/H3
(6/15/38)
629
629
7/15/1*3
1-1/8* RJC note
7/15/1*3
(4/17/41)
324
324
8/2/1*3
6/I5/49-51
\
1-1/2* Treas. note - 12/15/46
66
6/15/1*3
9/15/1*3
Treae. hond -
97
3/15/U3
{
2*
93
91
7/82
Certificate -
5/1/44
97
7/82
Certificate -
8/1/44
2-1/22 Treae. hond - 12/15/64-69
Treas. hond - 9/15/51-53
2*
7/8*
Certificate
8/I/U3
(8/15/1*2)
1.609
53
1*
Treae. note
9/15/1*3
(6/15/40)
279
279
(10/15/33)
1.401
239
1.161
«3
10/15/1*3
3-1/1** Treae. hond
10/15/1*3
7/8*
Certificate
11/1/1*3
(11/2/1*2)
2.035
96
1.939
95
7/8*
Certificate -
10/1/44
12/1/1*3
7/8*
Certificate
12/1/1*3
(12/1/1*2)
3,800
260
3.5>*0
93
7/8*
Certificate -
12/1/44
1-1/8* Treae. note
12/15/1*3
(12/15/38)
421
421
114
96
.90*
Treae. note -
3/1/45
12/15/1*3
2/1/1*1*
1-3/1** FPHA note
2/1/1*1*
7/8*
Certificate -
hond
JTMC hond
3*
RTC note
1*
HOLC hond
3*
3-1/1** Treas. hond Treae. note 1*
3/U*
Treae. note 3-1/1** tomc
3/15/Wt
10/15/U3-1»5
2/1/1*
(2/1/39)
114
2/1/4U
(2/1/43)
2,211
84
2.127
95
835
571
779
1.519
515
4l6
19
130
12
175
296
76
iS
1.223
483
270
4.729 r
810
3/15/44-64
5/15/44-49
4/15/44
(3/15/31*)
5A/l*l*-52
(5/1/31*)
4/15/44-46
(4/16/34)
3/15/1*1*
(n/1/39)
6/15/44
(6/15/39)
(5/15/3 1*)
(7/3/41)
Totale for exchange transaction of 3/15/44..
84
98
7«
81
94
65
2-1/42 Treae. hond 2-1/22 Treae. hond 1-1/22 Treae. note -
9/15/56-59
3/I5/65-70
9/15/48
3.919 r
S3
l*/l/l*U
7/8*
Certificate -
4/1/44
(4/15/43)
5.251
37U
4.877
93
7/8*
Certificate
-
Vl/"5
5/1/44
7/8*
Certificate -
5/1/44
(5/1/1*3)
1.655
40
I.615
98
7/8*
Certificate -
5/1/45
8/1/1*1*
7/8*
Certificate -
8/1/44
(8/2/43)
2.51*5
31*
2.5H
99
7/8*
Certificate
-
8/1/U5
9/1/44
7/8*
Certificate -
9/1/1*4
(9/15/43)
4.122
428
3.694
90
7/8*
Certificate -
9/1/45
3/1*2
Treae. note Treae. note-
9/15/44
(1/31/4D
33
98
602
185
95
66 r
1*
Treas. note -
3/15/46
9/15/1*1*
{
1*
10/1/1*1*
7/8*
12/1/1*1*
7/8*
12/15/UU
r
1/
705
55?
U*
9/15/!*4
(12/22/39)
Totale for exchange transaction of 9/15/44..
CertificateCertificate-
635
283
918
130
788
86
27
3.492
99
10/1/44
(10/15/43)
3.519
12/1/44
(12/1/43)
3.5**0
Treas. hond - 12/15/44-54
Revised.
Original call and maturity dates are used.
(12/15/24)
2/
1.037
2/
^
2/
2/
7/8*
Certificate -
10/1/45
11
90*
Treae. note -
1/1/46
2/
1-1/4* Treae. note - 9/15/47
Treae. hond - 12/15/52-54
2*
2-1/2* Treae. hond - 3/15/66-713/
New security will be o ffered on or about November 20. 19^*Will not be available to commercial banks-
.
s
..
.
Treasury Bulletin
3*
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts In millions of dollars)
Description of new Issue
Date of
Issue
Maturity
date
1943-Sept.
2.
Sept. 9.
Sept. l6.
Sept. 23.
Sept. 30.
Oct.
Oct.
Oct
Oct.
7.
1U.
21
28.
194i-Dec.
2.
Dec.
Dec.
Dec.
Dec.
16.
2330.
1944 -Jan.
Jan.
Jan.
Jan.
26.
Peb.
Feb.
Peb.
Peb.
Dec.
Dec.
Dec.
Dec.
Dae.
2.
916.
2330.
Mar.
Mar.
Mar.
Mar.
Mar.
1944-Jan.
Jan.
Jan.
Jan.
6.
13.
20.
27.
Apr.
Apr.
Apr.
Apr.
Tab.
Feb.
Pso.
Peb.
3.
Now.
Hot.
Not.
Not.
It.
12.
18.
10.
17.
24.
Mar.
Mar.
Mar.
Mar.
Mar.
23.
30.
Apr.
Apr.
Apr.
Apr.
13.
20.
27.
2.
9.
lb.
6.
May
May
1.239.5
1.184.8
1.413.9
1,286.5
1,006.9
1,004.7
1,000.8
1.008.1
955-1
951-3
928-9
940.3
51-9
53.4
71.8
67.8
1.003.1
1,001.2
1,003.7
1.002.8
3.058.9
3.062.4
3.059-5
3,064.4
1.142.7
1,247.1
1.221.6
1.621.6
1,002.6
1.004.7
1.001.3
1,008.7
935-2
929.1
927-3
930.5
67.5
75-6
74.0
78.1
1.005.8
994.7
1.005.3
1,002.3
3.061.5
3.071.5
3.067.5
3.073.8
942-5
q47.6
934.4
944.8
969.0
63.9
63.8
65.8
60.7
41.9
1.001.8
1.004.9
1,008.6
1.017.7
1.003.0
3.078.3
3.084.8
3.076.3
3,064.2
3.072.2
3.080.1
3.075.6
3.092.0
3.100.9
6.
91
91
91
3-
91
10.
17.
24.
90
91
90
2.
91
91
91
91
91
1.544.0
1.694.3
1,815.0
1.791.7
1.771.
1,006.4
1,011.4
1.000.2
1,005.5
1.011.0
91
91
91
91
2.255.5
2.173.7
2.273-5
2.291-5
1,014.8
1,000.2
1,017.2
1.016.9
966.7
942.8
957.7
950.0
48.1
57.4
56.9
1,006.9
1,004.7
1.000.8
1.008.1
91
91
91
91
2,459.2
2,551.6
2.314.9
1.979.2-
1,002.3
1.005.7
1,012.7
1.007.7
930.7
927.8
941.3
932.5
71.6
77-8
71-4
75-2
1.002.6
1,004.7
1.001.3
1.008.7
3.100.5
3.101.5
3.113.0
3.112.0
2.151.5
2.450.7
2.095.1
2.116.7
1.976.7
1.007.4
1.035-5
1.016.1
1,001.1
1.009.7
936.3
969.5
951.1
937.1
954.5
71.1
66.0
65.1
63.9
55-2
1.006.4
1,011.4
1.000.2
1.005.5
1,011.0
3.113.0
3.137.1
3.153-1
3.148.6
3.147.3
91
1.997.8
1.927.7
2.028.4
2,131.1
1.007.7
1.014.5
1.013.4
1.015.9
960.7
959.0
959.5
961.3
47.0
55-5
54.0
54.6
1.014.8
1.000.2
1.017-2
1,016.9
3,140.1
3.154.4
3.150.7
3.149.7
91
91
91
91
2.149.7
2.172.7
2,170.2
1,958.4
1.017.1
1.206.9
1,206.3
1.214.1
966.6
1.148.0
1.147.0
1.157.1
50.5
59-0
59-3
57.0
1.002.3
1.005.7
1.012.7
1.007.7
3.164.5
3.365-8
3.559-3
3.765.8
91
91
91
91
1,887.1
1,990.1
2.193-9
2.173-8
2,308.9
1.215.3
1.202.6
1,201.0
1,211.6
1.207.8
1.164.6
1,150.0
1.148.7
1,156.5
1.154.9
50.7
52.6
52-3
55-1
52.9
1.007.4
1.035-5
1.016.1
1.001.1
1.009.7
3.973-7
4.i4o.8
4,325.7
4.536-2
4.734.1
2,215.1
2,042.3
2.074.3
2.177.4
1.216.3
1,203.8
1,206.6
1,214.4
I.167.
1.149,
1,146.
1.158,
48.8
54.4
59.7
56.2
1.007.7
1,014.5
1,013.4
1,015.9
4,943.0
5.132-3
2,010.4
2,001.1
2.033.4
1,851.6
1.831.6
1,214.1
1,210.9
1,205.8
1.209.9
1,210.2
1,156.6
1.150.3
1.143-7
1,148.1
1.153.2
57.5
60.6
62.0
61.9
57-0
1.017.1
i,2o6.q
1.206.3
1.214.1
1.215.3
5.720.9
5.724.9
5.724.3
5.720.1
5.715.0
1,762.1
2.005.4
2,088.3
2,244.5
1,206.9
1,214.8
1.215-5
1,218.2
1,161.9
1.151.3
1,152.5
1.161.5
45.0
63.5
63.1
56.7
1,202.6
1.201.0
1.211.6
1,207.8
5.719.2
5,733-1
5.737.0
5.747.4
9-
16.
23.
30.
6.
1320.
27.
4.
91
July
July
July
July
6.
13.
20.
27.
91
91
91
3-
10.
17.
24.
31.
Sept.
7.
Sept. 14.
Sept. 21.
Sept. 28.
13.
20.
27
Oct.
Oct.
Oct.
Oct.
Aug.
Aug.
Aug.
Aug.
Aug.
310.
17.
24.
31.
Not.
Not.
Not.
Nor.
Hot.
9.
16.
24.
30.
Sept.
7.
Sept. 14.
Sept. 21.
Sept. 28.
Dec.
Dec.
Dec.
Dec.
7.
14.
21.
28.
•
2.941.8
3.038.0
3.046.2
3.057.8
3.054.1
13.
20.
27.
July
July
July
July
6.
906.0
908.7
1.000.5
1,006.1
1,005.8
91
An*-.
of date
shown In
first column)
59-5
54-5
76.4
77-3
59-8
91
91
91
91
1.
8.
Amount on
fixed-price
baale 1/
942.3
950.4
932-2
940.5
943.2
1.
13
22.
29.
Amount on
competitive
basis
Total Mile
outstanding
(as of date
shown In
first column)
1.001.8
1.004.9
1.008.6
1,017.7
1,003.0
8.
1522.
29.
June
June
June
June
18.
Total
amount
(as
1.177.6
1.281.2
1.535-6
1.496.8
1,337.7
June
June
June
June
June
25-
11.
Amount of
bids
tendered
1 a si is
91
91
91
91
91
May
May
June
4.
9-
Number of
dqys to
maturity
11.
18.
25.
Aug.
Aug.
Aug.
Aug.
May
May
May
May
Amount of
maturing
Amount of bids accepted
91
5.
91
13.
19.
92
91
91
26.
2.
91
91
91
92
91
91
91
91
91
Source:
Data on new Issues come from Public Debt Service; amount of
maturing Issue and total bills outstanding are on Dally Treasury Statement basis.
Back Figures:
A"""" 1 Reports of the Seoretary of the Treasury.
1/
595
5.325- 1*
5.523-9
Tenders for bills In the amount of $100,000 or less from any one
bidder are accepted In full at a fl»d price of 99.905 per hundred. This practice commenced with the offering of Treasury
Mils dated May 12, 1943
..
)
• ..
.
.
November 1944
35
Offerings and Maturities of Treasury Bills
(Continued)
-
Table 2.- Prices and Rates of Treasury Bill Offerings
Competitive bids accepted
Total bide accepted
Date of
Issue
High
Average
price
per hundred
Equivalent
average
rate l/
Equivalent
rate
per
hundred
U
(Percent)
19^3-Sept.
0.375
99.905
99.905
99.905
99.905
99-905
0.376
0.376
0.376
0.376
0.376
0.375
0.375
0.375
0.375
99.926
99.926
99-926
99.915
0.293
0.293
0.293
0.336
99.905
99-905
99.905
99-905
0.376
0.376
0.376
0.376
99.905
99.906
99.905
99.906
0.375
0.376
0.375
0.376
99.915
99.915
99.925
99.910
0.336
0.297
0.360
99-905
99-906
99-905
99.906
0.376
0.376
0.376
0.376
99-905
99.905
99-905
99-905
99.905
0.375
0.375
0-375
0.375
0.375
99-925 2/
99-910
99-925
99.909
99-910
0.297
0.356
0.297
O.360
0.356
99.905
99.905
99.905
99.905
99.905
0.376
0.376
0.376
0.376
376
99.906
99.905
99.905
99.905
0.373
0.37t
0.37 *
99.915
99-925
99-925
99-925
0.336
0.297
0.297
0.297
99-905
99.905
99.905
99.905
0.376
0.376
0.376
0.376
99.906
99.905
99-905
99.905
0.37 *
0.37 *
0.375
0.375
99.920
99.910
99.910
99-910
O.316
O.356
0.356
0.356
99.905
99-905
99-905
99-905
0.376
0.376
0.376
0.376
99.905
99.905
99.905
99.905
99.905
0.375
0.37 *
0.375
0.375
0.375
99.910
99-910
99-910
99-910
99.910
0.356
0.356
0.356
0.356
O.356
99.905
99-905
99-905
99-905
99-905
0.376
0.376
0.376
0.376
0.376
99.905
99-905
99.905
99.905
0.375
0.375
0.375
0.375
99.910
99.910
99.910
99.910
0.356
0.356
0.356
0.356
99.905
99-905
99.905
99-905
0.376
0.376
0.376
0.376
?ept.
9.
Sept. 16.
Sept. 23.
Sept. 30.
Oct
Oct.
Oct.
Oct
Ik.
21.
28
99.905
99.905
99.905
99.905
k.
12.
18.
26.
Nov.
•Jot.
Hov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
l<JI*lWan.
6.
Jan.
Jan.
Jan.
13.
20.
Teb.
Teb.
Feb.
Feb.
3.
Max.
Mar.
Max.
Mar.
Max.
Apr.
Apr.
27.
10.
17.
2k.
2.
9-
16.
23.
30.
6.
(Percent)
Percent
0.297
O.360
0.352
0.301
0.293
0.375
0.375
0.37 *
7
Equivalent
rate
99-925
99.909
99-911
99.92U
99-926
99.905
99.905
99.905
99.906
99-905
2.
(
per
hundred
1
0.37"»
0.37>»
1
1
1
1
0.31*0
Apr.
Apr.
13.
20.
27-
May
May
May
May
11.
18.
25
99.905
99.905
99.905
99.905
0.37"
0.375
0.375
0.375
99.910
99-910
99.910
99.910
0.356
0.356
O.356
0.356
99.905
99.905
99.905
99.905
0.376
0.376
0.376
0.376
June
June
June
June
June
29.
99.905
99.905
99.905
99.905
99-905
0.375
0.375
0.375
0.375
0.375
99.910
99.908
99.909
99.909
99.910
O.356
O.36U
0.360
0.360
0.356
99.905
99.905
99-905
99-905
99.905
0.376
0.376
0.376
0.376
0.376
July
July
July
July
13.
20.
27.
99.905
99.90U
99.905
99.905
0.375
0.37H
0.375
0.375
99.910
99.910
99.910
99-910
0.356
0.352
0.356
0.356
99.905
99.90U
99-905
99-905
0.376
0.376
0.376
0.376
Aug
Aug
Aug
Aug
Aug
10.
17Ik.
31.
99.905
99.905
99.905
99.905
0.375
0.375
0.375
0.375
0.375
99.910
99.910
99-908
99.908
99.910
0.356
0.356
O.36H
O.360
0.356
99-905
99-905
99.905
99.90«
99-905
0.376
0.376
0.376
0.376
0.376
99.905
99.905
99.905
99.905
0.375
0.375
0.375
0.375
99.908
99.910
99.910
99.908
0.36I*
99.905
99.905
99.905
99.905
0.376
0.376
0.376
0.376
k.
6.
3-
Sept
7
Sept. lU.
Sept. 21.
Sept. 28.
99.9*
Source:
Public Debt Service.
Back Figures: Annual Reports of the Secretary of tne Treasury.
1/ Bank discount basis.
3_/
O.356
0.356
O.36U
accept $10,000 at 99.956.
Except $10,000 at 99.925.
7
2
.. ..,.
9
7
5
8
1
a
Treasury Bulletin
36
Sales of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(In millions of dolla-s)
Redemption
AfflOUHt
Fie eel year
or month
outstanding
and of
fiscal year
or month 1/
Hat change
during
fiscal year
or aonth
Sales to
lnTestors
other than
commercial
hanks
Sales to
commercial
hanks
Accrual
of
redemption
Original
purchase
price 2/
rallies
all series 1/
62.0
316.1
799-6
1.237-7
1,868.1
1935
193*
1937
62.0
62.6
25i».l
+M83.5
20*.
*>*3S.o
1*87.5
630.5
68h.5
2,901*.
l».31fc.O
+1.036.6
1,1*09.3
10.188.2
21.256.2
3U, 606.1
5.87U.2
19>»3
191*6
+11,068.0
1,108.7
l.»92-»
5.99U.1
11.788.7
13.350.0
15. >»97.
19U3-8eptsmber.
2U,ll78.lt
+i,78i*.
26,056.0
26,697.0
27,362.8
1.577.6
28,901.0
31.515.2
31.973-8
1938
1939
19"t0
19U1
19>»2
October.
Horember.
December
.
.
191*1*- January.
.
February.
March. . .'.
.
Kay
June
32.U96.8
32.987.0
3U, 606.1
July
August
September
36,537.8
36.883.5
37.323.3
April
1935
1936
1937
1938
1939
62.O
316.1
799.6
1.237-7
1,868.1
191*0
2.90U.7
3.650.2
512.6
i
l.l*92.»
5.99 ».l
11.788.7
15.139.5
i
y
1
358.1
.5
-5
1.2
7-2
17.1
28.0
11.2
36.2
66.6
82.0
11.1
1*2.1
11M..3
11*8.1
207.1*
110.8
1U2.8
200.9
8M.3
81*1.3
65.O
87.5
127.6
223.2
2.370.9
13.6
155-3
15U.U
,708.2
798.1
853.0
1,708.2
13.1
11*3.7
ll»2.9
665.8
798.1
853.0
13.U
19.6
170.5
206.9
169.6
205.9
+1.538.2
2.6ll*.2
1.698.1*
2. 781.
1.505.1*
27-7
17.5
17.6
187.8
268.1
186.7
183-7
266.8
1.5
2.2
76.8
21.6
18.5
237-1
278.9
235-8
277-2
2M-.5
21*7.6
57
36.1
33.5
21.9
30.7
226.9
278.7
283.0
57
61*1.0
+1*58.6
709.1
2.700.9
705.0
738.5
750.6
737.0
+1*90.2
1,619.2
1,81*2.2
1.765.1*
2,089.0
600.0
691.1
+523.0
.931-6
2,125-1
3*5-7
602.1*
+1*39.8
692.1
+62.0
62.6
26U.0
512-6
+25>». 1
+U83.5
1*38.0
W7.5
63O.5
68U.5
,036.6
71*8.1*
193.0
80.6
l*.l
2.1*
1.0
i
i
V
U2.
1,108.7
828.0
828.0
.8
.8
191*3
3,608.0
3. 62U. 8
+3.8
+16.8
.1
19IA
19U3- September.
3.615.6
+.3
7-0
October..,
HoTCmbar
December.
3,615.6
3.61U.7
3,6l6.3
.1
l.S
6.3
5-1
7.7
-.9
3.623.3
+6.9
February.
March....
3,621*. 2
3.62U.9
•9
•7
April
May
June
3.62U.C
3.622.9
-1-9
3. 62*1.8
1.9
3.632.7
3.63U.2
3.636.2
+7-9
+1.6
.
July
August
September
.
.
2.0
.1
18U.
.5
1.2
7.2
17.1
28.0
-1*6.1
191*l*-January
5/
1,926.6
TO. 3
.
65.6
80.0
1,926.6
3,601*.
19U1
19 u 2
M
65.O
85-9
92.0
96.0
13.8
7-8
7.2
6.5
5-3
8.2
ll*.7
8.1
7.5
..
U
6
7
9
8
.. .
..
.
November 1944
9
U96
37
Sales of United States Savings Bonds - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series
(Continued)
(In millions of dollar*)
Redemptions
Fiscal Tear
or month
19U1.
I9te.
Amount
outstanding
end of
fiscal year
or month 1/
203.1
3,670.8
11.286.6
21.12U.8
191*3.
19UU.
19U>Septemb«r.
October. .
November
December.
.
1 9 UU-January.
13,660.0
lU.881.6
15.U04.7
15.957.2
Net change
during
fiscal year
or month
+203.1
3.U67.7
7.615.8
9.838.2
1.269.5
1,221.5
523-1
+552.5
16,891.0
I8.8U1.7
19,185.8
933.8
1.950.S
April.
Kay...
June.
19,592.8
19.979.5
+U07.0
21,12>(.8
July
August ....
September.
22,632.3
22,898.9
23.256.9
February.
March
Accrual
Sales to
investors
other than
commercial
banks
Total
Original
purchase
pries 2/
redemption
values
118.U
60.0
688.6
2.099.9
i.too.2
1.1*00.2
6.1
136.8
136.5
.2
1.3U0.1
665.3
727.6
1,31*0.1
6.1*
125.1
.2
665.3
727.6
7.5
11.2
186.2
12U.8
1U9.U
185-9
12.7
9-1
9-7
I63.6
160.7
I63.2
I60.3
2U1.1*
21*0.8
ll*.2
212.9
2U9.7
219.7
212.2
196.3
195.6
2UU.7
253-6
386.7
605.7
62U.3
605.7
62U.3
+L1U5.3
L3U9.8
1.31*9.8
+1.507.5
1.5
33-1
1,081*.
12.1
15.2
1,686.5
1,686.5
266.6
1*99.**
U99. U
17.3
13.0
+357-9
590.8
590.8
a.
66.7
11*9.7
2"*5.7
25"*. 7
60.0
688.0
2, 091*.
21*8.8
218.
66.6
66.6
191*2.
1*98.9
+1*32.3
1*31*.
191*3.
1.21*2.3
7U3.!*
1.995-7
753-
*
66.7
U3U.9
757-9
691.2
2-5
8.8
2.9
17.0
57.7
2.9
17.0
191*1*.
757-9
802.2
19l*3-September.
I.U39.U
+136.7
139.0
139.0
.1*
2.7
2.7
1.529.6
+90.2
93-1
93-1
.1*
3.3
1.5W.7
19.1
23.1*
23.1*
1.568.7
+20.0
2>*.l
2U.1
-7
.8
3-3
5.0
U.S
.
9
1.691.9
123.2
126.8
68.
February.
March
1.81*3.7
+151-7
+17-0
157.1*
132.7
21.7
April.
Kay...
June.
1. 875-8
19.3
15-3
115.1
19.1
1,885.9
1.995-7
+15.2
+10.0
+109.
July
August ....
September.
2.091.2
2.102.3
2.113-3
+95-5
+11.0
+11.0
101.1
17.8
l6.0
19l*l*-January.
I.S60.6
22.9
.2
58.1
2U. 7
1-3
1.1
.6
.7
.2
-9
89.1
26.0
1.0
1.1
88.3
17.0
15-8
12.8
1.5
.8
.1
1.1*
11*. 6
5-1
l».S
U.S
6.3
6.6
.6
5-3
191*1.
October.
November.
December.
2/
203.1
3.526.3
8.271-3
11.819.7
2.102.3
575.8
1
Interest
accrued
203.1
3.526.3
8,271.3
11,819.7
1.08U.6
2.102.3
575.«
+3UU.1
of
Sales to
commercial
hanks
5/
.8
1.0
1.1
5/
1*.7
6.3
6.6
5.0
6.2
is
-9
5/
5/
%
%
5/1
-5L
SerieB Q
191*.
39U.O
2.U1U.3
5,119.2
7.860.8
191*3- September.
5.763-
+39U.O
39U.6
2,032.1
2.759-5
2,628.5
2,71*1.6
39U.6
2,032.1
2.759.5
2,875-6
*
+378.1*
387-U
387. U
9-0
9-0
6,029.2
6.128.9
6,220.5
+265.8
+99.7
+91.6
27U.9
109. U
101. U
27U.9
9.1
9.7
9.8
9-1
9.7
9.8
6.69U.9
7.205.6
lt7u.1t
February.
7.302.1*
US6.9
521-7
110.3
352-0
U65.9
107.6
13U.9
55-8
2.8
12.6
11.0
March
+510.7
+96.8
13.5
12.6
11.0
13.5
April.
May...
June.
7.U03-3
+100.8
July
Auguet ....
September.
191*1.
191*2.
October.
November.
December.
.
191+1*- January.
ce:
•
1/
2/
3_/
1
2,020.3
2,
70l*.
•
2U7.1
109101. U
5
•
5
11.8
5U-5
13U.0
11.8
5U.5
13U.0
7,1*98.7
95-U
7,860.8
+362.1
113.5
111.1
377.3
112.2
109.6
326.5
1-3
1-5
50.7
12.7
15.7
15.1
12.7
15.7
15.1
8,181.6
8.2U8.1
8.317.0
+320.8
+66.5
+68.9
337.5
85-3
85-3
31U.2
83-7
8U.5
23-3
1.6
16.7
18.8
16.U
16.7
18.8
Dally Treasury Statement!.
Lees than $50,000.
At current redemption values except Series 0, which Is stated at par.
Estimated, except for Series 0.
For details concerning redemption values and Investment yields, see
Series A-D, sold be"Treasury Bulletin" for Auguet I9U3, page U.
tween March 1935 snd April 19UI, are 10 year discount bonds sold at
75$ of maturity value, yielding 2.90$ per annum if held to maturity;
purchases were limited to $7,500 Issue price In any calendar year
and from April 1. 19U0. could be made only by Individuals. Series B,
have been on sale since Kay 1, 19Ul.
Series X Is a 10 year
F, and
discount bond sold at 75$ of maturity value, yielding 2.90$ per annum If held to maturity; purchases are limited to $3,75° issue pries
Series F
in any calendar year and may be made only by individuals.
Is a 12 -year discount bond sold at 7U$ of maturity value, yielding
is a 12 year current
2*53$ P #r annum if held to maturity. Series
income bond, sold at par, bearing Interest at the rate of 2-1/2$
per annum, redeemable at par on maturity or at etated prices less
.8
16.
than par before maturity. Purchases of Serlee F and G combined in
any calendar year are limited to 8100,000 issue price ($50,000 In
calendar year 19U1) and through December 31, I9U3 could be made by
any Investor except commercial banks.
Commencing January 1, 19UU,
commercial banks were permitted to purchase Series F and
bonds for
limited investment of savings deposits. Purchases are limited to
$100,000 issue price in any calendar year, providing that (commencing June 12, 19UU) total holdings of Serlee F and
bonds. 2Jt$ Treasury bonds of 1965-70, 2j$ Treasury bonds of 1956-59, and 2$ Treasury
bonds of 1952-5U, do not exceed 20$ of combined savings deposits and
time certificates of depoelt, or $1*00,000, whichever Is lees. Between January 1 and June 12, I9UU the limit was $100,000, providing
that total holdings of Series F and
bends, 2^$ Treasury bonds of
1965-70 and 2j$ Treasury bonde of 1956—59 did not exceed 10$ of savings deposits, or $200,000 whichever wae less.
Commercial bank purchases were permitted prior to April 1, 19U0,
and are estimated to have aggregated about $300 milllone.
Hot yet available.
.
...
..
.
1
7
3
.,
,
u3
97
38
2
U
8
2
8
Treasury Bulletin
3S
Sales of United States Savings Bonds
-
(Continued)
Table 2.- Total Sales by Series, Classified by Denominations
Percentage distribution of sales
Sales In millions of dollars at Issue price
Fiscal year
or month
Denomination
Total
all
denomi-
$10
nations
y
203.1
3.526.3
8,271-3
11.819.7
19U1 2/
19U2
19U3
191*4
1.U00.2
19l»3-September.
$50
$25
100.0
26.9
11.3
2U.3
15.8
21.7
190.3
5U.2
29. U
U5.6
8.1
1*5.2
25.0
19.1
19.3
18.1*
81.0
13.0
I6.3
16.1
14.2
60.lt
100.0
100.0
100.0
10.9
11.1
135.2
312.0
29.7
241.1
US5.3
100.0
100.0
100.0
31.6
26.1
U7.6
13.0
11.8
17.9
20.7
2U.
1*3.6
21.7
12.5
lU.S
5-2
59-9
56. U
277.5
100.0
100.0
100.0
1*8.1
1*9.0
32.6
17.6
17.8
12.9
17.7
17.8
21.6
13.0
309.2
51.7
59-5
100.0
100.0
100.0
1.2
11*. 8
.It
18.0
18.0
22.8
19.2
18.2
12.8
g
3
.5
.7
1.3
u.5
3.3
3-1
.1
19W*
19U3- September
139.0
19>*3
548.9
274.3
590.8
66.7
U3U.9
757-9
802.2
19U1 2/
1942 1/
October.
November.
December.
93.1
1944-Jinuary..
February.
March
126.8
23.1*
2l*.l
157.1*
22.9
April
May
June
19.3
15.3
115.1
July
August .
September
.
1941 2/.
19U2....
19U3....
1944
19l*3-September.
340.1
173.7
33M
108.
127-3
117.1*
140.
lUO.g
247.5
102.9
224.6
508.
125.3
106.7
110.8
174.2
107.6
111.2
309.0
526.5
221.8
277-1
2lt8.8
384.1
95-9
107.6
216. 4
.9
89.8
IO6.3
ito.U
2.0
27.5
i.6
5.6
2l*.8
1*0.6
2U.9
3-7
72.
1*0.9
13-2
123.6
210.1
213.3
12.3
91.7
170.2
162.7
7-5
1*6.2
36.2
33-0
37.1
35-2
21.0
21.0
21.0
1.6
3.0
5.0
2.6
U.5
1U.1
6.1*
28.8
13.9
18.0
19.6
U.6
5.3
2.5
6.2
6.8
31.5
30.6
19.6
1*.2
2l*.S
a.o
29.6
32.U
33-H
22.0
21.0
21.8
20.9
29.2
18.2
20.0
19.1
85.6
82.5
8.9
100.0
100.0
100.0
9
.8
1.2
1.0
4.9
6.1
4.7
28.5
3-9
?-°
24.2
6.9
5-5
5t.l
100.0
100.0
100.0
29.9
5.8
5-3
22.3
3-7
3-5
39-**
100.0
100.0
100.0
.3
.7
1.5
1.1*
1.6
.6
.8
1
100.0
100.0
100.0
100.0
1.2
2.5
3.0
3.8
2.8
5.6
6.8
8.7
32.
18.1
95.6
100.0
4-5
10.0
38.7
22.1
11.0
10.1
wis
19.6
19.1
U.7
9.9
39.5
19.1*
2-3
3.7
3.6
5-7
8.2
8.6
20.5
27.7
3U.7
12.9
36.5
19.2
19.7
18.7
36.5
82. 1*
71.8
526.3
520.7
1.157.3
21*9.6
578.1
805.7
9U2.3
387.1*
17-3
38.7
11*9-9
85.8
5-9
l+.S
22l*.3
883.
1,05U.
51*.
68.2
20.9
19.7
28.1*
1*0.0
26.9
100.0
100.0
100.0
99.8
iu*.6
38.3
62.8
82.7
20.9
285.U
232.U
37-6
100.0
100.0
100.0
41.5
100.0
100.0
100.0
53
3.8
9.1
9.0
9.0
100.0
100.0
100.0
U.3
U.2
3.8
10.2
10.1
9-5
11.0
19.5
28.0
i*.o
9-5
u.o
u.o
10.3
10.0
33.8
1*2.7
21.8
21.9
128.U
70.1*
36.O
32.5
130.2
u
8 '
8.1
123.1
3&.2
33-3
65.8
16.7
16.7
99-5
22.1
24.0
sales:
Dally Treasury Statements; (2) Figures by denominations are estimated on the basis of reports received by the
Treasury.
Less than .0556.
Sale of $10 denomination Series I bonds was authorized on June 7,
k
5.6
7.5
8.8
11.2
1*1*.
20..
£2
113.0
188.
107. U
21.1*
21.1
22.U
20.3
U.7
4.8
50.9
81.5
108.8
(l) Total
%
1.1*
h
1.1*
394.6
2.032.1
2.759.5
2,875.6
31*.
•
1.2
5-7
1.3
6
18.1*
5.1
19.8
28.4
27.7
26.6
5.3
5.2
17.7
28.3
4.5
3.6
3-2
3.1
1.3
17.8
lit.
10.1
26.0
1.1*
337.5
85-3
85-3
6.8
33.3
9
July
August
September.
18.3
10. 4
*
3-3
7.1
1-5
ll*.l*
7.1
6.8
7-8
7.5
.8
113.5
111.1
377.3
9.0
19.9
5-
2.0
U.7
1.1
1*2.5
9.9
6.1*
1*.2
3-0
521.7
110.3
6.7
.9
31.7
6.5
7.2
30.3
11.1
10.0
7.6
2.7
19.5
4.9
5.0
1».S
22.2
23.1
.1*
30.7
r.l
8.5
1*06.2
8.3
100.0
6.U
1.8
1.8
•
12.2
11.8
44.8
3.9
1-3
1-3
I:I
U6.9
23.0
20.7
21.9
354.S
308.
100.0
100.0
100.0
3
7.1
100.0
100.0
100.0
100.0
38.
171.1
101.1
17.8
16.0
April.
May...
June.
.
35.6
19.6
2.8
1*86.9
. .
March
39.9
186.
5
•
101.1*
191*1*- January
U0.3
291.3
305.9
402.2
27U.9
109. 1*
October.
November.
December.
February.
3
158.8
$5,000 $10,000
U6.0
31.7
17.9
17.3
30U.1
3>*2.9
1.5
".5
20.0
18.1
246.9
39>*.
U99.lt
$1,000
$500
220.5
376.5
l.Ogh.6
2,102.3
575.8
1,686.5
$50
20.1*
194l*-January.
February.
July
August
September.
$25
1/
6.5
9.7
13.1
13-9
303.0
328.7
605.7
62U.3
1,349.8
$10
$100
17.5
36.1
35-1
665.3
727.6
April
May
June
denominations
100.0
100.0
100.0
100.0
1.31*0.1
March
$1,000
$500
$5,000 $10,000
93-lt
14. l*
1*0.7
Ul.U
13.3
3UI.5
812.7
615.6
636.9 1.119-5
2,988.2 1,081.0 1.713-8 1,007.3 l.uei.o
U.1U9.1 1.61*2.5 2.583-5 1.396.9 2.0lt7.8
October. .
November.
December.
.
$100
Denomination
Total
all
2/
3_/
28.
38.
3U.0
ItO.l
39.0
15.
19.0
19.5
19.6
19.6
19l*l* and was made available only to members of the military and
naval forces of the United States.
bondB commenced May 1, 1941.
Sales of Series S, F, and
Sale of $25 denomination Series F bonds began In January 1942.
.
.
)
November 1944
39
Sales of United States Savings Bonds
-
(Continued
Table 3.- Sales, by Series, to Investors Other than Comtiercial Banks, Classified by States
PART A
-
SERIES E
(In thousands of dollars at Issue prices)
Fiscal year
I9U3
19 k 3
1°M
91.272
139. 180
19UI*
Sept.
Mar.
Apr.
May
30.599
8, 746
lk.017
5.699
2.075
2.879
7.111
2,098
3.037
8.107
2,096
3. 718
lU,3 k 3
k .353
8.9 k 7
25,560
7.763
10.699
k 5.970
3.86k
10,620
55.636
53.933
k.357
13.097
96.211
10,011
23.139
163.598
13,620
33.522
Ui,30l*
12,1*08
2,809
10,316
53.852
3.725
12,269
1.383
7,69 k
7.856
1.391
7.871
8.526
3.177
13.991
lk.392
3.610
23.267
2k, 986
1,382
1.556
I*,
8,61*8
5.81+9
7.877
lk,232
5.159
76.625
2k, 987
6,02k
6,k50
956
36,009
8.616
1.292
July
Sept.
A'l"-
P
Alabama
Arizona
Arkansas
BW
1*2,252
52.76U
7U.176
15,600
5,100
9,800
635.877
62,132
168.258
970,1*11*
88,1*00
90,226
220.926
11,300
21.500
27.609
135,069
10,1*00
ll*2,6S2
13,000
l k 5.933
18,81*9
1*0,230
lk.900
k,500
755.362
77.800
81*,
6,296
909
8,666
I.6H3
k 5. u 79
35,666
33.051
18.793
10,570
21.585
12,1*27
18.508
21.1*97
7.tlt7
7.015
lit, 1*57
58,283
63.579
36,095
16,501
5,85**
8,
7,269
3.595
26,656
25.213
11.530
5.O89
6,896
6.532
7.657
2,8ll*
10,321
12,687
H.761
6,885
17,1*38
060
7.351
2,51*5
2,1*18
3.029
25.933
7.289
15.692
33.961
g.631*
9.01*5
20,881
33.122
23.21*6
10.170
2,807
12.0*3
10.567
28.807
2.99 k
1,689
k,706
27.
California
Colorado
Connecticut
Delaware
21.821*
Wet. of Columbia
Florida
83.1U3
89.U96
Georgia
9lt,52k
3.500
17.171
5.23 k
8,817
2,092
3.675
123.72 k
12.U27
26.163
5.028
13.300
3.155
17.113
18,361
7.331
2,012
3.903
11,61*8
56,999
5.121
557
86,635
7.698
19.502
182.91*0
17,1*60
1,802
8,5l6
8,067
2.739
k,205
23,069
1.57 k
11,1*19
6,699
n.237
29,ki*6
8,127
9.051
1.979
50.733
11,850
3.979
52.791
29.9t7
8.957
6,952
1,12k
l.kn
150,1*61
1*0,050
1*3.782
21,881*
15.538
9.538
7.257
19.232
9.773
7.1*1*9
56,01*9
1.563
11,01*9
I s*.
3.822
8.1*05
+1.593
5. "+83
Illinois
27.8U5
575.056
Indiana
I owa
Kansas
213,813
176,508
106,190
3l3.59 k
3>t.900
263,1*1*5
35.900
20,800
87.607
91*. 910
37.361
127.956
lki,io6
51*, 991*
15,000
18,800
5.500
108,60k
280,091
U81,637
152,566
390,986
688,159
16,200
35.600
75.100
17. k 27
9.015
11 , 250
52,616
96.003
23."*67
21.771
1*0,1*69
1*0,91*0
13.575
35.929
52.215
76.51*8
131,1*00
179.108
52.870
195.868
21*9,962
39.600
Ik, 100
35.100
29. 6U5
12.095
3.153
15.536
12,01*1
28,795
k 3.513
3.571
16.519
9. 381
L
3 .336
18.751
52,ok8
39.1*32
55.230
128,079
11,1*66
13,1*68
9.200
13.300
1,800
7.090
22.315
1.&95
2.01*6
72.211
2.199
5.281
639
25.787
303.807
17.28k
32,722
2,800
5.018
2.012
M5.338
1*0,300
1*9,899
2k, 311*
1.76U
28.307
3 k .571
7.195
75.393
27.990
3.500
3.523
1.336
1.1*65
2.555
6,01*1*
1.290,035
11*9, kin
135,100
18,200
8,300
158.1*07
65.537
8,138
2,656
8l*.6lk
121,785
Ik, 925
8,635
2k2,271
30,39s
11.317
68,902
5.526
85,682
18,575
kl*,309
52,65k
7.672
9.286
116, 9U2
39.378
6,608
9.283
60,766
12,867
2U.S61*
11*. 1*81
28,783
29.055
6.806
102,520
8.16k
10.170
52.523
3.506
k.231
56.156
3.698
k,217
76,1*95
11*7,61*6
5. k 99
6.621
7.212
2,008
7.365
23.792
1.962
7.991
26,190
7.18U
13.782
Idaho
Kentucky
Louisiana
Maine
Maryland
Massachusetts.
Michigan
.
.
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire.
New Jersey
New Mexico
.
New York
North Carolina.
North Dakota
.
.
991,988
113.869
3>+.3 k 9
163.077
82,588
283,681
58,22!*
506,361*
7H+.177
82.11*3
135. 26k
107.671*
159.752
72,900
15,600
15,600
626,051
857.1*00
92,1*00
53.71*8
53.1*01
60,858
76.058
6,200
8,800
South Dakota
Tennessee
Texas
33.171
100.530
306,265
53.813
11*7,296
9,200
16,600
65,200
Utah
Vermont
Virginia
33.2k2
lk, 175
56,357
18,819
li*5. "59
189. 563
163. 92"*
257.729
92.197
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina.
.
Washington
West Virginia
Wisconsin
Wyoming
6l*,583
172.650
17.313
Alaska
.
Unallocated
Adjustment to
Daily Treasury
Statement
Total
18,751
9.325
21,11*9
59.78"*
5.050
693
3.19 k
8,968
2,170
2.81*1*
1,01*0
3.522
862
23.557
11,090
13. 53 1*
22,1*00
36,01*1
10.005
35.52 k
3.91U
15.333
5.23 k
17.085
6,308
13,086
1,181
13.71*8
23.769
9.100
28.500
2,100
500
787
9U2
522
3.916
669
67
28U
5kl
651
5.9U6
312
10
21*8,280
i*,33S
6,960
7.135
58. 310
5.1*22
8,931
958
203
9.158
5.500
2,000
17,600
61,066
7.397
Canal Zone
Hawaii
Puerto Rico
Virgin Islands.
Other possessions
k 9 k .995
8.325
'58
17
8.57
1
*
1*98
k,862
322
36
1.329
69
63,62k
58.1*95
90.737
+225.856
8,271. 275 11,819,71*2
•4-11*7,952
26,617
6,505
10,870
1,1*08
2.656
3- 911*
7,880
19.661
8,877
7.202
11*0,398
29.519
3 k .856
50,160
19.625
2U,kg5
12.297
lk,200
5.095
33.829
9.592
3,087
I2.33 k
567
1.025
21.U97
1.225
23,k26
1.300
5.053
1,1*12
2,351
1*26
6,731
1.829
3.100
1*5.181
15.930
5.855
6,580
18,837
8,227
20,168
20,530
9.791
k .302
5,7kk
1,91*0
5.657
6.99U
2.535
16,630
38.237
7 k .137
23.996
60,670
6,969
13,802
23,516
kit, kl*2
10,039
3.137
l k .751
32.193
S.9kl
35.1 k 5
37.573
2,121
5.3 k 5
563
1.912
l*.
7 k7
627
7.830
16,098
1.323
7.105
21.2U6
2,756
l.klio
1.623
23.752
1,092
3.017
6,529
67.59 k
k,650
1,071*
1,812
l*k,085
2l.0k6
1,09k
22.71+1*
127.955
lk,021
7.970
21 it, 362
25.031*
58,011
U.697
70,852
7,195
1.315
71.091
15.551
16.571
106, 3U3
5.937
37.327
5.906
7.379
126,273
10,286
I3. k 52
39,068
2,kl7
2.US7
k7,S88
3.723
k .937
l. k 95
6,61*6
8. Oil*
3.327
1*2.133
95,0"*S
ll*.815
3S.657
8,220
1,850
10,919
1.290
3.31*1
1*93
6.1*35
9,202
21.153
9. k 3l
2.296
12.696
1.856
k,ki8
576
1.075
67.927
7.157
I.U3U
67.337
7.281
39.912
5.395
7.6k 3
k3.338
U*,805
1*6,1*02
11.198
1*5,018
2,261*
3,1*60
lk,l*17
2.899
3.763
3.55 k
3.938
91,k38
5.790
7.912
1.589
8,91*1*
39."*87
10,099
26,536
105.358
20,696
1.625
7.533
22.255
l,6ok
7.982
20,791
7,386
13.852
63. k 55
8.22U
23.957
7 k .871
1,182
5.316
16,019
7.365
20.335
2.655
2,516
918
10,26k
6.207
1.9 k 7
9.080
is. 927
3 k .7S9
1,^90
687
6.385
7k6
10,856
13.799
5.977
10 768
1.0 k 9
27.579
9.589
28.70U
2.25 k
38,856
15.369
kk,i5S
U.072
I0,k63
k,oi6
9.915
639
15.99U
k.790
12.970
9 k9
869
657
5,050
903
15
822
1.1U9
7.200
U38
18
5.069
390
532
5.050
lk6
1.1*61
"*.835
11,01*2
1.60k
l,6ki
17.862
k.021
36,k7l
61*5
766
7.118
9.828
23.860
8,760
18,870
1.779
k 5.l93
16,958
51.125
5.8O5
11,280
13,891*
k,l*09
k,9S9
11,089
157
538
U.006
2. k 35
598
393
766
1.5*1
592
1*,800
6.1*62
1*65
1.71*6
79
7
39
135
187
61
26
-Uk,l*7k +23.585
22,998
78,51*6
1,1*00,159 1,31*0,11*8 665.293 727.558 l,08k, 637
10,129
878
91*1
1,1*68
5.987
6,91*0
,
317
528
?33
l*,9l*0
k .795
1*85
1*09
kl*5
k
29
6
10
2
"3
1*2
-95.133 +29, 09k
lk, 052
9.822
22,290
28,05s
3.161*
999
35,01*0
k .5>+7
2.1*76
2.1*69
321
11
129
15
3
11
12
23
77
20
•19,00k
122,879
-l6k, 120
31.932
-lk,87k
2,l02.3k5 575.771* 605,709 62k, 253 l.3 k 9.79 k 1,686,509 1*99.357
590,827
(Continued on following page)
5
. .
..
.
..
.
.
Treasury Bulletin
4o
Sales of United States Savings Bonds
(Continued)
-
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States
PART B
SERIES F AND
-
-
(Continued)
COMBINED
(In thousands of dollars at Issue orlcee)
I9U3
fiscal year
191*1*
Stat*
19ltl»
19UJ
Alabama.
Arizona.
Arkansas.
32,007
8,621
16.578
.
California
Colorado'.
Connactlcut
Delaware
of Columbia
florid*
01st.
Oeorgla.
Idaho
Illinois.
9,1*50
226,165
29.766
81.128
258,108
30,678
12.126
33.757
36.705
10, 106
29. 761
37.831
8,031
272,112
1*1,958
79. 526
Indiana.
30.156
17.831
Iowa.
61*. 1*37
1*0,
Uq6
2.738
7.288
6.332
7,026
17.687
16.080
5.759
15.669
12,126
,906
9.912
1,800
15,806
9.365
2,600
1.751
588
2,028
829
1.06U
6,557
6,210
3.706
1.697
1.268
61*7
785
8.378
2.335
5.198
1.781
1,828
2, >»70
099
897
8,117
6,129
6.369
8,900
l6,600
20,800
3,626
16.357
11,792
612
2.762
5.573
3.368
7.325
31.252
11.217
7.306
2,286
660
3.539
2,267
10,550
11,952
1,625
*'%
2.720
10U
2.663
180
2,71*6
12.896
13,11*1*
1*.970
5J2
5.068
6.O83
391
2,108
1*,179
2.112
8.177
69
299
928
80
518
750
559
1*26
3.111
12,607
18,952
20.591
10U.768
118,761
7.025
1,710
12,662
776
Hew York
Horth Carolina...
North Dakota
627.986
66,656
10,937
no
1*8,151*
1*2,263
75,000
9,000
16,978
2,1*00
1.575
1*72,
6,
167
357
198
3.093
it,
551*
300
1,058
16.735
1.693
6U5
1/
19.585
1.580
677
2. 75>»
1.556
2,850
1,83U
3.955
651
1,191
3.119
280
2.297
287
273
2.957
11,100
100
263
100
96,018
5.911
16,101*
8.393
8,026
51.399
1,316
1,825
10.522
1.982
1*73
1.350
6.765
13,201
7.300
26,500
1.297
1.863
17.367
3.010
52U
6,171
31U
1.693
1,860
Alaska
3.509
19,126
1.267
51U
2,1*00
11,000
1.300
16,000
800
"*5
3.337
3.298
13,222
19. 186
117.537
56.253
19.552
93.192
6,032
27lt
1.623
1*3,976
2,1*50
17.905
86,336
6,010
1*82
1.965
3.036
10.233
1,078
1.03U
23.1SU
2,300
6,200
1*9.753
356
31. 108
1.026
2,105
11,302
2.271
119
8.565
722
1.005
7.893
I.U76
930
9.696
6,769
7,866
1,121
696
57
3.891
311
327
3.693
151
1,768
13.295
919
1.796
11.669
1,121
613
3.158
17.629
1.739
11,960
I.601
51.251
5.885
2,890
59.856
6.591
2,167
12,685
1,087
669
22. 161
21,891
3,616
3.065
7.630
7.060
771
580
361
9.957
88l*
1.259
811
680
,012
8,200
80U
960
571
3,066
28.682
2,181
2.698
523
1.510
2.376
2,186
5,068
19.557
1,666
5.263
10.783
255
1.125
2.831
127
307
1.937
1,211
1.029
7.221
665
1.072
6.768
261
1.670
1,698
1.1U2
1,697
155
7.367
2.769
11,901
663
5.616
3.623
1,929
32.850
2.18
198
255
1,267
1.61*8
7,269
2,203
9. 526
9.321*
2.668
16,791
2.065
866
3.625
2,126
966
3.809
569
1.1*57
1*16
306
112
181
326
1.157
2,08*1
166
122
1*71*
1*1*7
99
Ull
70
10
100
27
18
13
10
V
70
255
18,300
-2.123
308
6.165
-12.526
17.256
1*20,728
598.570
129,230
131.339
126,177
615,665
1*02,677
3.1*92
291
11*5
$
72
55
301
lUl
1
21*6
666
1
1*18
28
21 It
5.181
657
300
20.381
26, 181
-12.267
20, 16U
-701
9.100
3.517.35!* 3.319.7!*7
526.396
368.001
132,853
125.U59
-11*.
156
1.1*66
116
8.816
611
1.032
I.6U5
7.588
716
277
1.133
537
1.277
1,368
7,200
2,110
1,05U
3.61U
560
732
56
2.696
1,831
985
393
6,961*
6,ol*8
23, 2U2
1*09
180
9.156
2.671
5,261
611
529
1.352
3,689
6.017
1,618
11.967
2.790
180
3,01*6
If**
2.153
190
10,2U0
656
72U
955
1*6.300
500
25. 356
20,21*9
26,711
3.771
251,120
20,628
1.900
1.532
68,129
6,050
1,926
8,370
28,010
3.195
6.173
297.1*30
a .988
17,921*
8,1*12
1,1*21
5,100
6,000
16,802
1.26U
2.723
8.935
26,062
29.326
100
1,
51*8
851
19U, 155
lit,
5l*6
5.099
158
201,827
25.095
32.892
Washington
West Virginia
Wisconsin
Wyoming
Total
,350
,286
5.561
1.818
900
16,800
1,200
Adjustment to
Daily Treasury
Statement
6.16Q
6.636
2.617
1,71*0
15,!*71
16.563
106,839
6.503
Unallocated.
7.888
5.739
2.353
8,766
10,030
5.286
lU.013
11,796
1.6U1
1,560
1,380
-M
lU,l*03
.
1.896
1.18U
62U
311
3,002
1,596
3
2t
Hew Hampshire.
Hew Jersey
Haw Mexico
.
2.U16
1,322
1.1*27
106
10,605
3.630
Canal Zone
Hawaii
Puerto Hlco
VI rgl n I si ands
Other poeeesslons
2.932
2.561
1.673
1.506
'196
13,5l»2
It, 1*1*1
53.701
10. 181
8.723
1.101
1*7,1*07
1,
7.501*
10,266
16,286
7.316
3.509
1,012
25.797
28.521*
3,100
6,100
900
7.676
6.112
1.615
1.572
1,916
282
5.232
390
1.011
39. 339
.
U.680
U.260
2.307
2.325
292
10.535
I*.
13.550
Vermont.
Virginia.
6.169
935
27,665
1,660
5.028
8.117
30.!tlU
110,993
5,566
1,181
27.872
1,266
178
10,752
1,615
U.681
3.580
10,
Utah
302
796
1,680
1.21*5
Montana.
Nebraska.
Nevada.
39,11*0
1,806
3.517
6.276
1*22
1,1*15
399
10,U16
1,205
6,276
5.159
581
1,021
1,701
9U1
.
1.O83
1.580
1,020
2,126
6,222
1,
.
1*5^
886
,068
1,1*00
6,
South Dakota.
Tennessee
Texas
1*1*1
108
8b8
2,1*62
5,900
10,626
21,712
1*01
7.036
13,1*00
.
7,932
632
1.576
5,606
12.1*00
.
16.860
6,650
fa, 266
1*3.51*8
3.709
ll.Ull
91.689
.
11.176
6,286
7.706
9.257
1.019
69, 816
22. 296
Pennsylvania.
Rhode Iiland.
South Carolina.
8,821
I.231
2,600
11.765
979
3.367
31,1*08
2.911*
69,692
21,812
86,266
.
,887
.276
.215
26,9&6
6,100
7,100
Minnesota.
Mississippi.
Missouri..
.
276
U59
1*0,200
152
631
52.1*93
11*7.625
Ohio
Oklahoma.
Oregon.
665
228
332
2,1*1*2
2,969
3,lUo
5lt,252
.
6,009
1,196
1.719
5.829
1,928
2,1*31*
7.900
9.600
2.100
1*7,1*1*2
.
1.851
1,697
2.960
1,399
755
385
11.700
11.800
7,100
63.755
66,661
20.2U5
.
282
U71
1.095
370
1*1*3
5.300
5.800
Aug.
81*6
666
2U9
1.398
ll.Uqlt
July
826
637
69U
3.607
772
1*00
I*.
June
887
U23
600
6,700
1,800
82,111
106,197
1*1*, 903
Kentucky
Louisiana
17U.999
106,363
May
7.610
236.291
36. 897
Maryland
Massachusetts.
Michigan
Apr.
Jan.
6.700
1,100
30,700
Kansas.
Maine
Dec.
Sept.
317
220
19
129
51*8
33
502
36
133
275
673
160
150
5
61
680
852
191
231
119
100,677
100,277
November 1944
h\
Participation in Payroll Savings Plans for United States Savings Bonds-1/
Treasury Bulletin
k2
Sales of Treasury Savings Notes 1^
-
(Continued)
Table 1.- Summary of Sales and Redemptions, by Series
(Far values - In Billions of dollars)
fiscal year
or month
-
(Contlnuedl
November 1944
^
Sales of Treasury Savings Notes
-
(Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination^
Fiscal year
or month
.. .
..,
.. .
2
.
kk
1
3
Treasury Bulletin
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In tnousands of dollars)
Percentage distribution
of redemptions
Redemptiono
Fiscal year
or month
19U1
Amount
outstanding
end of
fiscal year
or month 1/
Net change
during
fiscal yen?
or month 1/
Sales
Total
i/
1/
Exchanged for
United States
savings
bonds 2/
Exchanged for
United States
savings
bonds 2/
Cash
if
Cash
19U4.
213,350
196,518
-16,832
73.130
100.0
100.0
100.0
100.0
100.0
19 1*3-September.
201,1*53
-2.705
28,600
31.306
27,098
1*,207
100.0
86.6
13.1*
397,91*2
202,1*15
-3.511
4t.U73
+6U9
35,1*62
32,771
6,202
39.565
38.973
35.091
26,51*3
1*3.585
>*2.937
33.896
6,51*8
9,01*0
100.0
100.0
100.0
81*.
15-9
18.7
21.1
35.610
39.322
30,027
33.625
35.78U
5.582
5.698
9,000
100.0
100.0
100.0
8U.
July
IAug.
191*2
19>*1
lgUl-juce 191+2.
191*1.
October.
November.
December.
5,291*
+5.1>*3
6,087
91*3
166,31*1
+161, 0U8
308,621
1&7.571*
590.268 2/
UOS.930
5UU, 6U7
1*25.762
U27,9l*8
1*7!*, 168
352.632
203, 0t)4
+1*5,620 6/j_/
^
f
18,1*68 5/
70,1*80 57
12-P57
87.1
82.6
12.9 5/
17.2
81.
78.9
20U.906
200.577
195,621
+1,8U2
J*. 329
±.155
£
l*l»,78l*
April.
Kay
June.
196, Hoi*
196,1*07
35.717
35.131*
28.7U5
28,261
23.055
22,696
2l*,584
20,771*
6,673
5.690
3,811
100.0
100.0
100.0
80.1*
30,71*8
196,518
+582
+2,003
-1,889
July
August ....
September.
180,399
-16,119
-12,971*
168.253
+828
32,685
36,112
18,070
27.553
27.996
I *. 175
5.132
8, 116
3.896
100.0
100.0
100.0
81*.
l67,!*25
16,566
23,138
18,898
I9UI*- January.
February.
March.
.
.
.
.
37.H51
i^.993
.029
Dally Treasury Statements commencing November 1, 19**2; prior
thereto, Post Office Department.
?igures for periods prior to November 1, 19**2 are not strictly comparable with subsequent data because of the shift to a Daily Treasury Statement basis. Stamps sold prior to October 1, 19^2 were
known as postal savings stamps and were obligations of the Postal
Savings System but subsequently became public debt obligations.
Estimated on the basis of samples conducted by the Fost Office Department
Sales and redemptions commence with May 1, 19^1 when the special
defense series of Btamps went on sale. The amount of the old se-
1
5/
.
2
87.1*
15-7
1U.5
20.1
85.5
79.9
19.6
19.6
15.5
80.2
81*.
5
15.7
22.5
21.6
77-5
78.1*
ries of postal savings stamps outstanding on April 30. 19^1 was
$1^0 thousands.
Details not available for May, June, and July 19^1.
Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousands for the period August 1,
I9U1 through June 3°. l§*+2 and $55 thousands for the period July 1,
1942 through October 31, I9U2.
See footnote 1.
Net of sales less redemption.
Does not include amounts transferred from Postal Savings System to
the Treasury to cover outstanding stamps.
Table 2.- Sales, Classified by Denomination
Percentage distribution of sales
Sales in thousands of dollars
Fiscal year
or month
6,087
308,621
590,266
UO8.930
19U1.
19U2.
191*3
Total
all
denominations
•
191*4.
191+3-september
October.
November
December
191*1*- January..
Denomination
10i
102.53lt
2,691
167,709
313.691
209,121
28,600
6.561*
35. *62
9,106
39.565
10,1*1*3
20,330
22,129
1
1*00
67,1*66
126,327
1*3.585
11.235
37."*5l
993
11,150
10,511
February
March.
?i*.
1*0,029
11,171*
April.
May...
June.
35.717
9,1*58
22,696
h&6
July
August, ...
September.
16,566
23.138
18,898
3.731
3,6oo
3.909
.
.
?>i
30,71*8
7.588
504
$1.00
1,012
1,130
31.583
71.693
28,6ll*
$5-00
85l*
Total
all
denominations
100.0
100.0
100.0
100.0
Denomination
io<!
25.S
50^
$1.00
$5-00
18.6
10.2
12.2
11.5
lU.O
6.6
21.9
1*1*.
21.1*
53.1
51.1
16.6
9.3
8.9
6.0
8.U
11.8
4.2
7.6
7.3
10.2
11.2
11.5
4.6
52,508
32,611
1*6,972
13.250
26.0US
17,691
15.053
2,1*10
3.382
1,192
100.0
23.0
52.6
17. 1*9!*
2.556
2,987
3.187
100.0
100.0
100.0
25.7
1*9.3
51.1*
5.038
2,708
1.359
1.997
1.203
950
1.330
100.0
100.0
100.0
29.8
30.0
27.9
6.8
6.8
7-8
10.1*
3.2
2.7
3-3
7.8
7-9
10.7
11.5
12.1
13.3
1:1
6.8
9-9
8.8
13.9
15.8
13.6
m
25.1
26.1*
25.8
19,072
17.799
20,227
2,51*1
2.363
3.132
3.>*5
3.371
H.167
18,187
15.878
11,808
2,768
1*,120
2.>*37
2.1*38
3,72>*
3.027
1.183
1.122
987
100.0
100.0
100.0
26.5
24.7
19.6
8.370
1.1*61*
12,1*05
2.293
1.658
2.298
3.658
2.563
702
1,182
779
100.0
100.0
100.0
22.5
15.6
20.7
9.990
Dally Treasury Statements commencing November
(1) Total sales:
1942; prior thereto Post Office Department; (2) Distribution by
Based upon Post Office Department data.
denominations:
1,
5"*.3
50.8
50.5
53.6
52.8
9.6
It.i*
".3
7-6
3-3
t.3
5.1
it.i
^
November \944
OWNERSHIP
OF
GOVERNMENT
SECURITIES
•
Treasury Bulletin
i+6
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued
by United States Government and Guaranteed by United States
(Id million* of dollars)
Securities Issued by United States Government
Securities guaranteed by United States 1/
Distribution by classes of holders
Distribution by classes of holders
U.
S. Government
agencies and
trust funds 2]
federal
Reserve
Banks
U.
End of fiscal
year or month
Total
amount
outstanding
Total
Public
public and marketspecial
able
Issues
issues
19351936.
19371938.
1939-
19U0.
19U1.
1942.
27.815
32.989
35.800
36.576
39.886
1.629
1.945
3.221
4,452
5.600
996
1.319
I.663
1.776
1,830
1*2.376
2.017
2.093
2.442
3,202
4,602
Private
Investors
Total
amount
1/
unmatured
outstanding
Public
marketable
Issues
Total
public
issues
Public
marketable
Issues
633
626
1.558
2,676
3,770
2.433
2,430
2,526
2,564
2.551
23,583
28.614
30.053
29.560
31.735
23.521
27.353
28.865
28,004
29.584
62
1.261
1,188
1.556
2.151
4,123
4,718
4.665
4.853
4,775
6,120
7.885
10,871
14,287
2.458
2.180
2,640
7.149
14,899
33.126
37.993
58,998
114,152
165,746
29,?6l
33.439
45.491
84.959
120,901
Public
Special
nonmarketable Issues
Issues
Public
nonmarket abl
Issues
S. Government
agencies and
trust funds and
Federal Reserve
Private
Investors
y
Banks 2/
Publ ic
marketable
issues
Public
Public
nonmarketable
marketable
Issues
issues
Public
nonarketable
Issues
5,>*5o
362
375
363
325
286
3.761
t.343
4.302
4.528
5.164
3.166
S.55*
13.507
29.193
44,845
5.498
6,360
4,549
4.092
1.516
287
273
286
170
4
115
176
5,211
6,087
4,263
3.738
1.186
150
191*3.
Us.387
71.968
135.380
1944.
199.5"*3
6,792
8,214
10.330
14,080
18.899
1943-sept
157.053
15.>*71
3.7>*8
11,717
8,886
132,696
98,793
33.904
3.96U
46
305
3.536
77
Oct.
Hot.
Dec.
163.589
164,781
16U.50S
15,641
16,047
16,493
3.766
3.762
3.783
11.868
12,278
12.703
9.303
10,272
11,460
138,644
138,462
136.555
102,875
101,874
99,988
35.769
36,588
36,567
4,113
4.154
4.225
62
88
87
34o
376
437
3.520
3.495
3."*95
190
195
205
1944-Jan.
reb.
Mar.
167,01*3
181. 709
3.773
4,034
4.047
12,873
13,168
13.507
11.985
n.5^5
12, 111
138,405
152,954
153.674
99.501
110.593
111,921
38.903
42,361
41,752
4,269
4.227
2,258
91
91
183,348
16,653
17,210
17,563
495
570
539
3,492
3.378
1.537
191
188
175
Apr
Kay
June
183. 413
184,871*
199. 5*3
17,757
18,185
18,899
4.050
4,054
4,602
10
10
10
13.697
14,122
14,287
13,216
14,247
14,899
152,440
152,442
165,746
110,174
109,728
120,901
42,265
42,714
44,845
2,258
1.529
1,516
586
176
176
l.>*97
1,183
1,186
168
163
150
July.
tug..
Sept.
207.117
208,289
207,850
19.565
20,059
20,544p
4,594
4,588
U,558p
10
10
lOp
14,96l
15.461
15.976
14,912
15.803
16,651
172,640
172,427
170,656p
125.413
124,823
.24
123.514p
47,227
47.604
47,142p
l.>*75
1,187
1,187
1.187P
277
284
289
1
3
7
10
Dally Treasury Statements;
(1) Total amounts outstanding:
(2) Securities held by U. S. Government agencies and trust funds;
reports of the agencies and accounts with the Treasury; (3) Secu-
rities held by Federal Reserve Banks:
Preliminary.
Less than $500,000.
Federal Reserve System.
1,468
1,480
7
68
Excludes matured securities, and obligations held by the Treasury.
Excludes Exchange Stabilization Fund,
The total amount of securities held by private Investors is calculated by deducting from the total amount of securities outstanding,
the securities held by 17, S. Government agencies and trust funds
and by Federal Reserve Banks.
November \944
^7
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed
by the United States Government
(Par values 1/ - In billions of dollars)
End of
month
Treasury Bulletin
ks
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States,
August 31, 1044
The following tablee present summary
data as of August Jl, 13 *!* from the Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States.
The banks and lnsuranoe companies covered
1
Table 1.- Sumnary:
In the survey aooount for approximately 95
peroent of the amount of suoh securities
owned by all banks and Insurance companies
In the United States.
All Interest-Bearing Securities
(In millions of dollars)
November \944
1*9
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States,
August 31, 1044 - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities
PART A
Classification
-
(Continued!
ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES,
AND BY TAX-EXEMPTION PROVISIONS-; Continued)
))
.
Treasury Bulletin
50
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States,
August 31, 1044 - (Continued)
Table 2.- Public Marketable Interest -Bearing Securities
PART B
-
-
(Continued)
DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDINO
(Par values - In millions of dollars)
Held b7 bancs 1/ and Insurance companies covered In Treasury Survey
Held by
u\ S.
iBSue
Total
(Tax status Is shown In parentheses £/)
outstanding
$19 insurance companies
35
amount
Treasury bills
flcatee of indebtedness
September 19l*4.
October
191*4
/SJfc
191*4
December
/8$
7s£
4,122
3.519
2,21*7
3
33
36
2,1*59
2,1*12
2
5
3.51*0
1
8
9
18
5.0l*S
2.326
7
4.877
1.615
3,20"*
1.175
3
1
20
11
U.770
2,511
1*87
1*
1.677
30,001
15.987
/8JC
April
/8Jt
May
I9U5
19U5
/8$
June
August
19U5
I9U5
(taxable)
(taxable)
Total certificates of indebtedness
58
563-
190
252
3.!*50
1*1*5
1*
5
•
7
1
2
1*5
1
24
.530
3
13
1
12
*7
1
8
10
23
28
•
13
19
10
10
10
21
159
29
503
3,26l
1,9U8
378
2.529
l-l/i*
(taxable)
(taxable)
(taxable)
1*7....
.(taxable)
.(taxable)
2.707
3.7K8
2,152
1-1/2*
September
September
18,067
12.193
(partially)
(partially)
(partially)
1.037
l,2lU
541
1*56
(partially)
(partially)
(partially)
1*89
1.036
819
(partially)
(partially)
(taxable)
759
701
1.115
331
571
716
1,223
3.062
U5l
1
1944-54
IQU5-U7
191*5
357
9
23
9
1
18
150
P
283
61
52
60
26
JS
12
289
!*51
262
510
270
16
65
129
39
26
22
21
78
178
18
195
12
28
19
P
12
77
208
"75
23
1*
March
191*6-56
June
June
191*6-1*8
4-1/*
October
December
March
I9U7-52
1948-51
19U8
2-l/2J(
March
June
September
191*8
(partially)
(taxable)
(partially)
2*
C*
2*
December
June
September
191*8-50
191*9-51
191*9-51
(partially)
(taxable)
(taxable)
571
l.OlU
1.292
810
2,269
352
U39
708
952
2*
3-1/8*
2-1/2*
December
December
December
191*9-51
191*9-52
191*9-53
(taxable)
(partially)
(partially)
2.098
l.U*
3
1*91
30U
1.206
9
2*
2*
2-1/2*
March
September
September
1950-52
1950-52
1950-52
(taxable)
(taxable)
(partially)
1.963
*.939
1,186
2-3/1*
2*
3*
June
September
September
1951-5I*
(partially)
(taxable)
(partially)
1.627
7.986
755
l*,537
2*
2-l/U*
2-1/2*
December
December
March
(taxable)
(partially)
(taxable)
510
1,118
1,024
356
85U
330
2
2
2*
2-1/1*
2*
June
june
June
1952-5!*
1952-55
1953-55
(taxable)
(taxable)
(partially)
5.797
1,501
725
623
1
3
2-l/U*
2-7/8*
2-1/2*
Jon,
March
(partially)
(partially)
(taxable)
681
2.6ll
usu
2
31
March
I95U-56
I955-6O
1956-58
1,1*1*9
288
9
7
53
301
2-1/1*
2-3/1*
2-3/1*
September
September
June
1956-59
1956-59
1958-63
(taxable)
(partially)
(partially)
3.823
982
919
$
20
2-3/1*
2-1/2*
2-1/2*
December
June
December
19&O-65
1962-67
1963-68
(partially)
(taxable
(taxable)
1,1*85
735
2-1/2*
2-1/2*
2-1/2*
2-I/2*
June
December
March
September
I96U-69
I96U-69
1965-70
1967-72
(taxable)
(taxable)
(taxable)
(taxable)
3.761
3.838
5.190
2.716
81,235
2*
2*
2-3/1*
1-3/1*
191*7
19U8-50
1951-53
1951-55
1951-55
1951-53
1952-51*
Total Treasury bonds.
1,786
S
ll*2
26
326
1.139
25
18
77
33
107
37
28
23
81
•
22
97
2
101
168
33
39
160
27
37
14
2
21
16
19
88
126
23
109
18
18
195
71
23
192
622
87
72
52
10
y{
lb
256
781
122
138
35
•
291*
130
31
IS
1.733
20
900
120
.703
2
271*
782
211
25
81*
38
1*4
299
515
131*
21
363
58
1.182
18
24
880
199
280
97
72
73
101
127
69
107
1*51
271
1.215
1.382
109
201
271
886
10
18
520
337
109
306
1,622
1.601
2.383
578
32.372
258
7,012
16.323
20
2
97
90
1
2.678
944
I
3
lUl
381
35
970
9
21
sf
1.1*56
30i»
1*22
2,118
2.831
investors
1
106
91*2
Held by
all other
1*7
197
9
57
87
3-3/1*
3*
3-1/8*
191*6-1*9
1
1*1*2
1946
Treasury bonds
December
1*
2-3/1* September
2-1/ 2* December
1
1U7
March
December
Kerch
191*8....
18U
836
301
3
718
1.506
531
Total Treasury notes.
61
24
(wholly)
(taxable)
(taxable)
I9U7
1*22
69
13
107
12
19U5
1945
I9U5
191*6
6a
1*6
March
March
December
,
\
516
9
11
1*9
635
283
2.127
l<
2
130
31
6
157
(taxable)
(wholly)
(taxable)
L
575 "re.
casualty,
and marine
insurance
companies
59
10
1944
19UU
I9U5
1-1/1*
3/f*
30U
life
Insurance
companies
10,081
(taxable)
(taxable)
( taxable
(taxable)
(taxable)
(taxable)
3/M!
Total
banks'
4.554
19*+5
17*
5U2
mutual
savings
15.715
Itebruary
Treasury notes
September
September
1*
March
.90*
stock
earing!
(taxable)
/#
/Sjt
commercial
tanks 2/
Government
agencieB and
trust funds,
and federal
Reserve
Banks ^/
16
19
9
9
(Continued on following page)
56
44
16
11
10
40
*
231
21*
69
7
1
87
19
99
112
164
157
79
19
102
67
6
21*
23
1*1
3"*
37
33
419
519
847
323
1.839
5.686
37
"»5
lU,l*8l*
14
19.583
November 1944
51
Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States,
August 31, 1944 - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B
-
DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-! Continued)
(Far values - In millions of dollars)
Issue
(Tax status is shown In parentheses £/)
Treasury Bulletin
52
PRICES
AND
YIELDS
OF
GOVERNMENT
SECURITIES
(Including securities issued by Federal agencies)
November 1944
53
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
September 30, 1044
Table
I.
Securities Issued or Guaranteed by the United States Government
PART A
-
TAXABLE BONDS, NOTES, AND CERTIFICATES
Treasury Bulletin
5*
Over -the -Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
September 30, 1044
-
(Continued)
Table 1.- Securities Issued or Guaranteed by the United States Government - (Continued)
PARI C
Amount
outstanding
(Mllllona)
-
TAX-EXEMPT BONDS AND NOTES
November 1944
55
Over-the-Cotmter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
September 30, 1044 - (Continued)
Table II.
Amount
out-
-
Securities Issued by Federal Agencies but not Guaranteed by the United States
Treasury Bulletin
56
OF TREASURY SECURITIES
YIELDS
Based on
46
48
50
52
Mean
54
of Closing Bid
'56
58
SEPT 30,
and Asked Quotations
60
'62
64
66
1944
68
70
72
PERCENT
2.60
2.40
2.20
2.00
180
1.60
1.40
120
1.00
.80
60
40
20
2
Wholly Tax-Exempt Notes and Partially Tax-Exempt Bonds
40
240
220
200
1.80
1.60
140
120
I
00
80
60
40
20
44
46
Explanation
48
50
52
56
'58
The points represent yields to call dote when prices a re above por,
the various classes of points are fitted by eye. Issues for which an
months ore excluded.
'60
62
64
66
68
70
and to maturity dote when prices ore at par or below. The smooth curves
exchange offer hos been mode or which ore due or callable in less than 3
for
.
.
...
.
November 1944
...
.
57
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
HighPartially
Taxable
grade
tax-exempt
Treasury
Treasury
corporate
bonds \j bonds
bondB 1/
2/
HighPartially
Taxable
grade
tax-exempt
Treasury corporate
Treasury
bonds 1/ bonds
bonds \J
2/
Partially
HighTaxable
grade
tax-exempt
Treasury
Treasury
corporate
bonds Xj
bonds !_/
bonds 2/
Monthly aerlee 37
1939-Jan.
Teh..
Mar..
2.t>U
2.96
2.90
2.87
Mar..
2.10
2.17
2.10
2.U8
2.51
2.U3
19>t2-Jan..
Feb..
.2ft
2.U6
2.76
2.80
2.80
2.70
2.68
2.69
.2k
.22
19
Apr..
May..
June.
2.38
2.27
2.22
2.92
2.86
2.78
Apr..
May..
June.
2.07
2.06
2.0U
2.UU
2.U5
2.U3
2.77
2.76
2-75
July.
Aug.
Sept.
2.68
2.6U
2.65
.16
.15
July.
Aug.
Sept
2.23
2.27
2.67
2.76
2.79
3.29
July.
Aug..
Sept.
2.0U
2.06
2.08
2.U6
2.U7
2.U6
2.7U
2-73
2.73
Oct.
Nov..
2.68
2.60
2.59
.lU
.11
.07
Oct.
Not..
Dec.
2. 60
3.1ft
2.93
2.S6
Oct.
Not..
Dec.
2.09
2.10
2.13
2.1*5
2.U6
2-35
2.U7
2.U9
2.72
2.71
2.72
Teh..
Mar..
2.56
2.5U
2.66
.09
.2U
.36
19U0-Jan.
Teh..
Mar..
2.30
2.32
2.26
2.81
2.79
2.77
19>t3-Jan..
Teh..
Mar..
2.11
2.11
2.12
2.U6
2.U6
2.U8
2.70
2.68
2.70
Apr.
May..
June.
2.83
2.80
2.81
• "3
.36
Apr..
May..
June.
2.26
2-39
2.U0
2.7k
2.87
2.93
Apr..
May..
June.
2.05
1.96
1.91
2.US
2.U6
2.68
2.65
2.6 3
July.
Aug.
Sept.
2.78
2.78
2.82
July.
Aug.
Sept.
2.30
2.31
2.25
2.85
2.80
2.71
July.
Aug.
Sept.
1.91
1.92
1.90
2> 5
Oct..
Not.
2.82
2.78
2-73
.26
.22
.17
Oct..
Not..
2.70
2.65
2.59
Oct..
Not.
Dec.
1.90
1.9 *
1.95
2. US
Dec.
2.21
2.09
2.01
.16
19Ul-Jan.
Fob..
Mar..
2.12
2.22
2.12
2.57
2.71
2.73
19UU-Jan.
Teh..
Mar..
1.95
1-93
1.91
2.U°
2.U6
.
2.69
2.68
2.68
.17
Teh..
Mar.
2.65
2.65
2.6U
Apr..
May..
June.
2.66
2.56
2.58
.85
.1U
.15
Apr..
May..
June.
2.07
2.0U
2.01
2.76
2-75
2.70
Apr..
May..
l.oft
June
I.9U
1.91
2.1*8
2.1*9
2.1*9
2.61
2.58
2.58
July.
Aug.
Sept.
2.58
2.57
2.63
.12
.10
.18
July.
Aug..
Sept.
1.98
2.01
2.02
2.66
2.65
2.6U
July.
Aug..
Sept
1.89
1.90
1-93
2.U9
2. US
2.59
2-57
2.55
Oct..
Hot..
Dec.
2.55
2.56
2.56
.06
Oct..
Not..
1.98
1.95
2.06
Teb.
Mar..
2.81
2.78
2-73
Apr..
May..
June.
1936-Jan.
.
.
Dec.
1937-Jan..
.
.
.
Dec.
.
1938-Jaa..
.
.
•
32
.26
•
.18
•
31
•
27
.
.
.
.
.26
.0U
.02
Dec.
2.HU
2.3U
S
2.61
2.57
2.68
Weekly series - Saturday figures kj
igUft-Apr.
1.
8.
15.
22.
29-
us
1.9ft
2.
1.93
1.93
1.93
1.96
2. US
2. US
2. US
2. 1*9
2.61
2.62
2.62
2.60
2.60
19UU-JUM
3t
July
May
6.
13.
20.
27.
1.95
1.95
1.9ft
1.9ft
2.U9
2.U9
2.U9
2.1*9
2.59
2.59
2.57
2.57
3
10.
1.
8.
15.
22.
29.
1.91
1.92
1.91
1.89
1.90
1.S8
1.89
1.89
1.90
2.U9
.
.
.
1
2. US
2>5
2.U6
2.1*8
2.1*6
2>9
2>9
2.1*7
2.58
2-57
2.59
2.60
2.61
2.63
56
tn
o
z
o
00
Ld
o
Q.
or
o
o
>
Treasury Bulletin
November 1944
59
GOVERNMENTAL CORPORATIONS AND CREDIT
AGENCIES OF THE UNITED STATES
Treasury Bulletin
6o
Assets and Liabilities of Government Corporations and Credit Agencies
August 31, 1944
(In Billions of dollars)
Investments
Corporation or agency
Total
loans
Preferred
:apltal
stock,
etc.
Banks for cooperatives
Commodity Credit Corporation
Disaster Loan Corporation
Cxport-Istport Bank of Washington
Tarn Credit Administration
Vans Security Administration
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation..
Federal Farm Mortgage Corporation
Federal home loan banks
Federal Housing Administration
Federal intermediate credit hanks
Federal laud banks 6/
Federal national Mortgage Association..
Federal Prison Industries, Inc
Federal Public Housing Authority
Federal Savings and Loan Insurance
Corporation
Federal Security Agency (student war
loan*) J]
Federal Worke Agency:
Public Works Administration
War Public Works (community
facilities)
Home Owners' Loan Corporation
Inland Waterways Corporation Jj
Interior Department (Indian loans)
Panama Railroad Company ]J
Production credit corporations
Puerto Rico Reconstruction Administration
Reconstruction Finance Corporation 8/..
Regional Agricultural Credit Corporation
of Washington, D.
10/
C
RFC Mortgage Company The
Rural Electrification Administration...
Tennessee Valley Authority
,
Tennessee Valley Associated Cooperatives, Inc. 2/
United States Maritime Commission
War corporations and activities (World
War 1) £j
War corporations (World War II) 12/....
War Shipping Administration
Other Government agencies 1^/
Gross total
Adjustment to eliminate interagency
interest*
let total
233.5
2,806.6
20.6
U. S.
Caab
Government
securities
Securities
guaranteed by
United
States
Interagency assets
Capital
Heal es- Due from
stock and
Account s
tate and
Governpaid-in
and other
other
ment
surplus of
receivables
business corporaJovernment
property tions and
corporaagencies
tion*
U
Other
assets
31
.
U
. .
.
November 1944
7
61
Assets and Liabilities of Government Corporations and Credit Agencies
August 31, 1044 - (Continued)
(In millions of dollars)
Proprietary Interest
Liabilities and reserves
Owned by United States lU/
Liabilities
Corporation or agency
Guaranteed
Due to Government
by United
lot
corporations and
States
guaranteed
agencies
Includes
by United
accrued
States
Interest)
Treasury
Other
Total
Re-
serves
(
21.0
Banks for cooperatives
Commodity Credit Corporation.
Dleaeter Loan Corporation....
.176."
.3
702.9
.1
6U.7
20".0
125.2
Export-Import Bank of Washington.
Farm Credit Administration
r'arm Security administration
federal Crop Insurance Corporation. .
federal Deposit Insurance Corporation,
federal farm Mortgage Corporation
1.3
531.1
"5". 5
federal home loan banks
federal Rousing administration....
federal Intermediate credit banks.
66.9
36.3
290.0
.
federal land banks 6/
federal National Mortgage Association.
federal Prleon Industries, Inc
federal Public Housing Authority...
federal Savings and Loan Insurance
Corporation
federal Security Agency (student wa
.
Interior Department (Indian loane)
Panama Railroad Company jj
Production credit corporations
Puerto Rico Reconstruction Administration
Reconetructlon finance Corporation £/.
Regional Agricultural Credit Corporation
of Washington, D. C. 10/
RfC Mortgage Company, The
Rural Electrification Administration...
Tennessee Valley Authority
7.3
20".0
121.7
36.1
25.0
1.3
28.9
7.5
1.069.7
1.5
.8
81U.7
502.2
65.O
71.2
8.0
26.9
-"69.8
-3.6
197.8
210.U
335.5
197.8
210."
335.5
175.0
22". 8
2. It
2."
150.0
l"5.2
"0.0
150.0
100.0
12".
12". 7
289.3
1"5.2
139.3
20U.5
111.3
79.8
111.3
90.1
"72.9
lU.l
20.1
218.6
25".3
l".l
20.1
335-5
-37.6
"5.2
111.3
60.0
30.1
U9.9
13"."
10.0
".1
15.3
1"7.9
1.0
1"6.9
150.6
150.6
100.0
50.6
.1
3.2
3.2
398.7
3
28. U
70."
U."
71.3
23.2
"."
71.3
23.2
200.0
12.0
-128.7
11.2
3.2
55-2
123.3
3.2
55.2
123.3
7.0
115.0
U8.2
8.3
125.0
21.5
730.8
21.5
730.8
325.0
9
.3
13.0
7.5
5.3
.2
e
.2
.7
.9
.6
".3
1".3
1,502.2
1,1472.1
".8
3-3
70."
"."
3-2
21.5
9.008.6
2U.2
.U
62.1
62.1
"".5
17.6
28.7
135.8
6"9.2
3.7
U.1
28.7
135.8
6U9.2
25.0
56.8
86.8
227.0
1.0
.3
.3
6.7
23."
5.631.5
5.631.5
3.9
3.9
25.3
-23.9
2.6
9.307.2
1.0
1.6 -1.007.0
251.1
2.759.7
-1,007.0
2.739.7
186.8
•l,26l."
67.6
2.739.7
22 U. 9
12. 590. U
12.590."
3.5
11.329.1
10,082.0 1,285. Sj&, 196."
""".3 2J. 752.1
2.125.8
•U.329.1
10,082.0
-637.7
-636.7
"30.0 2/
91.1
227.0
76.2
-.1
70.
22.1
518.9
Sonstock
210."
1"7.9
•
9,588.0
Surplus
177.0
100.0
2".0
90.1
1.1
Capital
stock
2.1
•
2.1
1.3
66.9
11.1
289.9
.8
"07.0
3"".6
6.6
Total
205.9
-369.8
20."
212.5
-369.8
20."
19.7
9.3
.1
3-6
,1"2.0
"3.7
1.3S".2
1.3
1,001.6
57.5
loans) 2/
federal Works Agency:
Public Works Administration....
War Public Works (community
facilities)
Home Owners' Loan Corporation
..
Inland Waterways Corporation Jj
l,ll62.6 kj
.1
Sxcees
of
assets
Pri(Total vately
proprie- owned
tary Interest)
"05.8 2/
135.8
6"9.2
Tennessee Valley Associated Cooperatives, Inc. Jj
United States Maritime Commission
War corporations and activities (World
War I)
11/
War corporations (World War II)
War Shipping Administration
Ml ....
Other 3overnment agencies. 13/
Gross total.
Adjustment to eliminate Interagency
lntereets
Bet total.
t
.1
1.321.7
1U8.2
10,630.5
1(00.2
22".9
3C707.9
1.578.9
6, "32.1
-21, "11.1
9.296.8
1.578.9
6. "32.1
Sally Treasury Statement.
Lees than (30,000.
Exclude! unexpended balance* of appropriated funds.
Includes deposits with the Reconstruction finance Corporation and
interest thereon.
Includes real estate and other property held for i*l«.
Includes Interagency transactions of "leod-lease'funds.
Includes commodities acquired pursuant to guaranty purchas- agree-
1.285.8 23.558.6
10/
11/
12/
ment.
6/
U
s
a/
Includes the assets and liabilities of the federal Land Banks of
Louisville and Houston which hare retired stock and paid-in surplus
previously held by the federal Government.
Figures shown are as of July 31, 19^. the latest available,
includes the llectrlc Home and Tamo Authority which was transferred
for purposes of liquidation to the Reconstruction finance Corporation by faecutlfe order effective October 31, 19*12.
Adjusted for interagency Items and items la transit.
637.7
\jj
lV
Wt.3
5.631.5
23.ll". 3 L,"S9.0
12,586.9
-951.7
52,578.0
-952.7
?2. 578.0
Through liquidations and mergers, only one corporation of the original twelve corporations remains in operation.
Comprises Navy Department (sale of surplus supplies)
D. S. Housing
Corporation, U. S. Railroad Administration and U. S. Spruce Production Corporation.
Comprises Cargoes, Inc., Defense Homes Corporation, Defense Plant
Corporation, Defense Supplies Corporation, Institute of InterAmerican Affairs, Institute of Inter-American Transportation,
Inter-American educational foundation, Inc., Inter-American navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Prenclnradlo. Inc., Rubber Development Corporation, Rubber
Reserve Company, Smaller far Plants Corporation, U. S. Commercial
Company and War Damage Corporation.
Comprises Treasury Department and other Government agencies not
listed in this statement.
Xxcludes the Interest of the United States represented by obligations held by the Treasury.
,
~
62
Treasury Bulletin
Sources of Funds of Certain Government Corporations and Credit Agencies
for the First Two Months, Fiscal Tear 1040
Corporation or agency
November 1944
63
Uses of Funds of Certain Government Corporations and Credit Agencies
for the First Two Months, Fiscal Year 1045
Corporation or pwncy
,
Treasury Bulletin
6^
Sources of Funds of Certain Governwent Corporations and Credit Agencies
from Inception of Organization through August 31, 1044
Appropriations
from Oeneral
Fund of the
Treasury 1/
Corporation or agency
Allocations, rediscounts, and loans
from other Government
corporations and
credit agencies (net)
76,500,000
Central Bank for Cooperatives
Commodity Credit Corporation
2>*3. 950,
$
Sale of
obligations
to Treasury
Sale of
obligations
market
the
in
(net)
(net) 2/
Sale of stock
to other
agencies
$
i3.56l.6U9
$ 1,000,000,000
52^2/
$
2k, 000, 000 U/
Disaster Loan Corporation
1,000,000
7,000,000
Federal Deposit Insurance Corporation
150.000,000
199.707
Federal Farm Mortgage Corporation..
100,000,000 U/
Export-Import Bank of Washington
17l»,000,000
139.299.557
31*1*.
000, 000
1*1*,
Federal home loan hanks
Federal National Mortgage association
1211.71*1.000 5/
000, 000
11, 000, 000
1*0.208,357
Federal Public Housing authority
398,000,000
32,81*8,722
36,015,113
100,000,000
Federal Savings and Loan Insurance Corporation,
518,000,000
200,000,000 kj
Home Owners' Loan Corporation
Reconstruction Finance Corporation 6/
,
8U,
1*0 1*.
11*7,683,836
225,801*, 751*
war corporations Jj
15lt,000,000
7.771.656.11*2
$1, 1*58, 1U9, 1*73
$8,175,683,759
Corporation or agency
Sale of other
property
acquired
Repayment
of loans 8/
61*1,520,172
Central Bank for Cooperatives
Commodity Credit Corporation
Disaster Loan Corporation
221,991
Export-Import Bank of Wa s h i ngton
Federal Deposit Ineuranoe Corporation
Federal Farm Mortgage corporation
*3.i>*3.3o6
Federal National Mortgage Association
Federal public Boosing Authority
1
Loan Corporation
RFC Mortgage Company, The
Total.
Source:
1/
2/
3_/
hj
$
U.758,038
$
751 9>»i.977
11,286, 161,91*9
26,533.010
1, oitl,5Ui»
69,31*1
51. 865,886
35 1*78,708
9.573
355. 538.506
1*8,
160,808,171
578.
716.758
5.316.3^5
1.03U, 31*0.538
685,11*2,928
608
1*39,1*87
28.281*. 018
1,809, 009,739
88,768,6223/
1.U81, 1*1*2,091
57 272.235
2,1*58,1*82
212,861,898
>*7
931,826
1.528.76U
97U.105
867,795.873
65 592.768
1,630,010
59 7U7.392
3,507,1*16
315. 989,328
1,1*02,
856,590
163. 25!*, 808
351,118,825
1,61*9, 261*. 170
1.156 Uol*,32i*
33.598,153
7,022, 839,023
1*1.187,911
6,572,692,128
895 ioU,o67
lUO,208.9>*5
16,968, 292.175
1.39U.6U3
210,71*8,1*71*
353. 667,386
2i»
71*0,613
7,379.228
1*1.378,1*28
37 1*37,818
176
1*52, 305.012
3,921,186,297
l6U,92l*,6i6
33 ,Ull*,582
2.897.38U.U37
1U.979, 167.075
$12,622,587,207
$13,735,091,803
$3.661*, 023, 252
$3,31l*, 188, 356
$58,1*28,672,083
Rural Electrification Administration
War corporations j]
I*, 1*09,118
Total, sources
of funds
Other
receipts
138,050,225
Federal Savings and Loan Insurance Corporation.
Reconstruction Finance Corporation 6/
Interest,
dividends
assessments, and
property Income
$
$611,831*. 557
$3,593,166,550
$11.253.9>*7.121*
101,71*5,290
1,166,660,23!*
Federal home loan banks
36,601,000
292.012
1,196. 711. >*76
8,260,901,61*7
25,000,000
U28
Rural Electrification Administration
Total
152,000
8.993,91*7,121*
325,000,000
ETC Mortgage Company, The
Home Owners
1.193,000
lt3U.56l.OOO
Reports received from the corporations and agencies.
Items In this oolumn are the only ones in this statement vhloh
constitute a charge against the Federal Budget. They represent
amounts of funds drawn against available appropriations.
Except for the H.O.L.C, sales of obligations in the market, as
shown in this column, are reduced by the amount of obligations
which have been retired (including those which have in effect
been refunded through the sale of obligations to the Treasury).
In the case of the H.O.L.C, the original amount of obligations
sold in the market Is shown in this column and the retirement and
refunding of these obligations are shown as "Retirement of obligations issued in exchange for mortgages" in the statement of
uses of funds.
Includes $3,000,000 H.I.R.A.; $97,000,000 R.F.O. included in
notes canceled by the Treasury (See footnote U); and $11*3, 950, 52U
restoration of capital Impairment, which is net of repayments to
the Treasury of $1*3,756,731 on the basis of March 31, I9IJO appraisal, and $27,815,5lU on the basis of Meroh 31, 19U2 appraisal
of the corporation, pursuant to Public Law No. UU2 - 75th Congress, approved March 8, 1938.
These funds were furnished by the R.F.C. from the prooeeda of its
notes sold to the Treasury, such amounts being Included in the
5j
6/
jj
8/
2/
total of obligations of the corporation canceled by the Secretary
of the Treasury pursuant to the Act of February 2l», 1938.
The R.F.O. purchased the stock of the Federal home loan banks
from the Treasury Department on February 20, 19U1. The net effect of this transaction is the same as a sale of stock to other
agencies, and is shown as such for purposes of this report*
Includes the Electric Home and Farm Authority which was transferred for purposes of liquidation to the R.F.C. by Executive order effeotive October Jl, 19**2.
Comprises Cargoes, Incorporated, Defense Homes Corporation, Defense plant Corporation, Defense Supplies Corporation, Institute
of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., InterAmerican Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Prenclnradio, Inc., Rubber Development
Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation.
Reoelpts from the sale of property acquired in liquidation of
loans are shown as "Sale of other property acquired 1 .
Includes $61,699,750 paid-in capital stock held by member institutions.
November 1944
65
Uses of Funds of Certain Government Corporations and Credit Agencies
from Inception of Organization through August 31, 1044
Corporation or agency
Treasury Bulletin
66
INTERNAL
REVENUE
STATISTICS
...
.
November 1944
67
Sunmary of Internal Revenue Collections
U
(In thousands of dollars)
Employment taxes
Income and profit! taxes
Social Security taxes $/
Fiscal year
or month
Individual
Total
Si
Miscellaneous
profits
taxes 4/
Federal
Federal
Unemployment
Insurance
Tax Act
Contributions
Act (Old-age (Unemployment
Insurance)
Insurance)
Total
6.56O
527.113
674,416
1,091.741
1,286,312
1,028,834
572,115
738.520
1,056,909
1.299.932
1,122,540
8,006.883
16.298,888
33,027,802
982,017
1,417,655
3,262,800
6,629,932
18,261,006
1,120,582
2,016,297
4,687,462
9.584.715
14,629.343
27,010
37.172
56,621
84,241
137.453
,185, 162
687, "'27
895, 136
,498.705
.738.372
191, 778
2,044,715
2,132,387
14.676
1.61*3,578
850
590, 615
1,086.451
1.147. 55*
2.175.565
548,414
307.579
2,410,218
1935
1936
1937
1938
1939
3,281,792
3,494,330
4.634,108
5.643.848
5.162,364
1,105.788
19M0
19U1
1942
19U3
1944
5.322.771
7.351.533
13.029.915
22,168,724
2.129,609
140,119,510
Corporation
Income and
excess
profits 2/
1,1*27,1*1*5
2,179,828
2,629,030
2,185,111*
3,1*71,121*
Carriers'
Taxing Act
of 1"37
58,119
90,267
101.167
48
287
149,476
109,427
1,131,546
1,290,025
106,123
100,658
119.617
156,008
163.337
122,048
137.671
170.409
211.151
265.011
27.863
2,949
937
23.977
8.713
15.717
4,832
114,661
242,827
38,450
108,405
207,051
1,496
5,486
8.339
1,086
14, 500
31.178
42,786
33.740
48
265.745
742,660
740.429
833.521
925.856
207.
"9
502,917
529.635
605,150
1943-September
4,613,249
1*,
October
November.
December .
2.179.567
2,089,229
5.017.358
1*.
1944- January
February.
March
3.133.366
9,808,888
1.584,390
2,476,722
5,358,106
1.039.535
2.075,328
1,914,13s
538,653
396.189
3.415.956
6,202
5.205
28,012
122,183
317.390
49,590
64,530
199.848
3.484
36. 859
97.336
3.049
794
20,206
43.057
April
Hay
June
3.330.U35
3.076.173
5.111.657
2,809,003
2,289,328
4,568,413
2,243,793
1.859,230
1,288,899
552,960
420,345
3,260,544
12.250
9.753
18,970
97,605
303.859
44,395
25"*.
91,109
715
4.542
4,602
11,084
1,165
38, 060
July
August ....
2,620,149
September.
5.057.236
1,729,491
1,712,402
4,489,671
1,318,941
1.340.4l6
1,356,372
403,887
366.022
3,108.463
6,663
5.964
24,835
136,475
261,058
38.508
127,846
216,672
3.353
5.941
8,966
677
. .
.
.
2,086,1*86
2,750,31*8
1. 470,
770
21
Ml
35,868
1,894
38,689
2,688
34',
478
Miscellaneous internal revenue
ManufacFiscal year
or month
Capital
stock
tax
Estate
and
gift
taxes
turers' and
retailers'
excise
taxes
Miscellaneous
taxes
"•3.133
342,275
170,51*0
91.052
76.172
4l6,874
360.715
567.777
579.784
68,990
69. 919
46.233
41,083
449,854
416.754
396.891
117.501
143.540
360,071
407.058
432,540
447,496
511.211
624,064
819.869
,048,165
,423,461
,618,045
608,072
697.712
780,792
923.857
986,483
39,057
4l,702
45.155
50,800
212.112
378,840
139.3"*9
1940.
1941.
1942.
2.359.641
2.954.553
3.837.670
4.571.131
5.353.336
132. 739
305.51*8
55L923
38, 681
447,088
617.373
852,069
670,015
728,694
148,926
206. 8n
400,501
732.332
1.075,1*01
393.606
34,636
27,9121
117.315
66,354
3.841
52,851r
70.699
421,328
375.552
386.293
20.063
366
J*2
40,718
34.253
36.443
122.374
117.303
120,194
90,013
93.058
87,101
3.93?
3.934
3.999
58,568
56,156
64,394
85.653
70,482
76,204
1944- January.
February.
March
381.913
339.254
401,192
52,164
247
472
38,41*9
60,364
107,886
108,395
123,999
77.211
67,470
76,697
4.275
4,122
4,586
68,029
62,648
58,720
72.269
57,923
76,354
423,827
482,986
498,849
193
152
1.035
56,102
41,862
50,064
169.334
182,345
194,863
71.893
80,868
81,083
4,600
4,321
4,450
51.297
76.663
64,444
70,208
96.775
102,910
75M83
128.357
193. 918
47,686
62,670
35.310
209,940
201,914
182,761
77.314
86,022
77.507
5.233
776,888
529.057
71.586
87.679
84.763
214.067
139,094
115,098
April.
May...
June.
July
August ....
September.
ce:
r
1/
2/
3_/
29.170
Reports of collections.
Revised.
Excludes collections for credit to certain trust accounts for
territories and insular possessions, etc
Includes victory tax collections and collections under the
Current Tax Payment Act of 1943.
Includes income tax collections on Alaskan railroads. The
excess profits tax shown in this column is that imposed under
the Second Revenue Act of 194o, as amended.
4/
^/
6/
1%
526,222
62,323
80. 161
October.
November
Deoember.
1943-September.
Agricultural
adjustment
taxes
i/
500, 786
91,508
94.943
137.499
1944.
Stamp
taxes
458,776
1,649,782
2.004,514
2.188,735
2,272,158
2,236,821
166,653
281,900
328. 795
380,702
Tobacco
taxes
410,926
505.243
593.831
567.670
587.605
1935193619371936.
1939-
127,203
Alcoholic
beverage
taxes
Consists of the declared value excess profits tax, the profit
limiting provisions of the Vinson Act, and the tax on unjust
enrichment.
For the period prior to September 1939 the data in the columns
entitled Federal Insurance Contributions Act and Federal Unemployment Tax Act represent collections under Titles 7III and
IX, respectively, of the Social Security Act.
Includes tax collections under the Sugar Act of 1937 and under
the dividends tax imposed by the Act of June 16, 1933*
Treasury Bulletin
68
COLLECTIONS OF INTERNAL REVENUE
"DOLLARS
DOLLARS"
Billion!
Billions
Total
40
40
35
35
-Fiscal year
30
30
25
25
^Comparison first 3 months
fiscal years 1944 ana" 1945
20
20
15
15
10
10
5
1930
DOLLARS
-31
•32
'33
'34
35
36
37
'38
39
'40
'41
'42
'43
'44
'45
November 1944
69
Detailed Analysis of Current Internal Revenue Collections!/
(In thousands of dollars)
First 3 months
First 3 months
September
19UU
Sources of revenue
fiscal
year
I9UU
Fiscal
year
I9U5
Income and profits taxes:
Individual!
Withheld by employers (Current Tax Payment
Act of I9U3) 2/
Victory tax (Revenue Aot of
19>*2)
Other!
Current $J
17.507
l.SlU
2, 1*5!*, 1*85
60
776,61*0
599
827
107,229
1.529.359
31.285
1,328,967
9.838
Back
Total individual income taxes
2,514!*,
1.356.372 3,1*30,510
Corporation:
Income taxes:
Current ^J
I*,
015, 728
72.885
1,117,918
77.967
Excess profits taxes (Second Revenue Act
of 19^0 as amended)
2.133,055 1.575.582
2,682,1*88
Total corporation taxes
3,108,1*63
953. "*50 1,130,023
Back
Miscellaneous profits taxes:
Declared value
Vinson Act
Unjust enrichment
21,958
•
Total miscellaneous profits taxes
Total Income and profits taxes
Employment taxes:
Social Security taxes:
Federal Insurance Contributions Aot (Old..••••..
age insurance )
Federal unemployment Tax Aot (Unemployment
lnsuranoe )....
Total Social Security taxes
Carriers' Taring Act of 1937
Total employment taxes
,
Sources of revenue
September
191*
Fiscal
year
19UU
Fiscal
year
19"*5
70
MONETARY
STATISTICS
Treasury Bulletin
November 1944
71
Balance Sheet of the Exchange Stabllzatlon Fund
As of June 30, 1043 and June 30, 1044
June 30, 1944
June 30, 19>»3
Cash:
Treasurer of the United States gold
Treasurer of the United States, checking account...
Federal Reserve Bank of New York, special account..
Disbursing officers balances and advance accounts.
,
1
4, 320. 56
Total cash.
Special accounts of Secretary of the Treasury in
Federal Reserve Bank of Hew Torki
Special account No. 1, gold (Schedule 1)
Due from foreign hanks (foreign exchange):
Swiss francs
French francs
Belgas
Sterling
All other
Foreign depositories
Investments in United States Government securities
( Schedule 2)
Accrued interest receivable (Schedule 2)
deferred charges )
Commodity sales contracts (deferred charges).
Total assets.
Liabilities and Capital
Account b payable:
Vouchers payable
Taxes withheld from salaries of employees
Employees' pay-roll allotment account, United
States savings bonds
Mi scellaneous
Total accounts payable
$2,008,483,387.87
10,500,529.80
21.139.971.77
$107.59"*.92
17-88
505.06
2,980.05
2,406,548.84
686,390.41
Ul9.699.37
Dae from the Government of the Republic of Cuba.
(
$2,003,255,1*86.18
$991,372.25
17.88
505.06
2.980. 05
Total due from foreign hanks
Other accounts
$1,800,000,000.00
1.333.369.61
207,139,648.14
10,370.12
$1,800,000,000.00
1.580,734.54
201, 670,U31. 08
.U1U.57U.61
3, 204,037. 16
,012,670.73
5,012,700.54
',41*8,723.13
20,448,723.13
9.730.73
12,448.12
23.07
35.51
2,636.00
2,636.00
$2,030,644,374.30
$2,058,303,940.10
$2. 465. 73
$390.79
2.277.50
532.29
u.507.67
9,041.17
$9,783.19
Reserve for expenses and contingencies (net)
Capital account
Earnings less administrative expenses (Schedules 3 andU)
Total liabilities and capital.
2,000,000,000.00
30 .634. 591 -11
$2,030,644,374.30
Treasury Bulletin
72
Schedules for Balance Sheet of the Exchange Stabilization Fund
Schedule 2
United States Government securities held by the Exchange Stabilisation Jund
I
MM
-
(Continued)
.
.
.
U
7
3
.
November 1944
3 U
8
9
.
73
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
Liabilities
End of calendar
year or month
Oold
ABBetl
193>».
1935.
1936.
1937.
193S
•
1939.
19MO.
19U1.
191*2.
19U3.
19^3-Septenber.
October.
November
December.
.
.
19UU-January...
February.
March
8,238.6
10,122.9
11,257-6
12,760.0
5.27U.O
7,679-5
8.959-6
llt,511.2
11,872.8
17,6U3.U
21,994.5
22.736.1
22,726.3
21.937.8
15,278.6
1,008.6
US7.U
20,564.8
20,611.9
19,821.0
156.0
I56.O
156.0
156.O
156.0
1,800.0
1,800.0
1,800.0
1,800.0
1,800.0
U08.9
213.2
215.3
158.4
160.7
22,175.0
20,067.1
156.0
1,800.0
151.9
115.7
06U.7
937-8
20,002.6
19.953.1
19,821.0
I56.O
I56.O
156.0
1,800.0
1,800.0
1,800.0
157-1
155-6
160.7
918.2
19. 800.
19.591-0
19.U77.2
I56.O
I56.O
156.0
1.800.0
1,800.0
1,800.0
161. U
7U.6
19.319.2
19.150.9
19.063.5
156.0
156.0
I56.O
1,800.0
1.800.0
1.800.0
15U.0
156.8
153-5
18,876.9
156.0
156.0
I56.O
1.800.0
1.800.0
1.800.0
163.0
157-9
168.2
July
August
September p.
995-9
926.3
82U.9
p
1/
Oold In
General fond
1.800.0
1,800.0
1,800.0
1,800.0
1,800.0
April.
May...
June
ce:
Exchange
Stabilisation
Tuna J/
I56.O
156.0
I56.O
156.0
I56.O
599-9
U29.2
263.7
173.1
.
Oold Certificates 1/
Oold Reserve
against U. S
notes, etc. 2/
Daily Treasury Statements,
Preliminary.
Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the
9. 212.
19, 825.
IS, 812.
18. 700.
2/
i
3U1.
1,591-6
682.
16U.6
166.7
Oold Certificate Fund - Board of Governors, Federal Reserve
System, end (b) the Redemption Fund - Federal Reserve notes.
Reserve against United States notes and Treasury notes of 1890.
Excludes gold in active portion of Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
Ratio of
silver to gold
and silver in
monetary stocks
($35 per
fine ounce)
Silver
($1.29+ P»r
fine ounce)
1935
1936
1937
1938
1939
9.115-6
10.6O8.U
12,318.3
12,963.0
16,110.1
1.U63.1
2.2U9.5
2.5U2.1
3.066.U
3.605.2
13-8
17-5
17-2
19-1
19U0
19U1
1942
19U3
19UU
19.963-1
22.62U.2
22,736.7
22.387-5
21.173-1
3.939.6
U.148.7
U.306.3
U.298.5
3.9&7.9
16.5
15-5
15-9
16.1
15-7
End of fiscal
year or month
Oold
IS.
22.175.0
U.233-1
16.0
October
November
December
22.115.7
22.06U.7
21,937.8
U.223.7
U.213-7
4,208.6
16.0
16.0
16.1
1944-jBnuary
February
March
21,918.2
21,711.6
21,599.9
U.17U.9
U.1U7.1
U.1U2.6
16.0
16.0
16.1
April
May
June
21,429.2
21.263.7
21.173-1
U.088.3
4,083.6
3.9U7.9
16.0
16.1
15-7
July
August
September p
20,995-9
20,926.3
20.S2U.9
3.938.3
3,910.1
3.907.5
15.8
15-7
1943-September
Source:
p
15-
Daily Treasury Statement and Circulation Statement of United
States Money,
Preliminary
Increment Resulting from the Reduction In the Weight of the Gold Dollar, September 30, 1944
Allocations of
Increment
Exchange Stabilization Fund
Payments to Federal Reserve Banks for industrial loans
Charges against
Increment
$2,000,000,000.00
$2,000,000,000.00
139.299.556.99
27.5U6.3iO.97
Philippine currency reserve
23,862,750.78
Melting losses on gold coin
2,175.121-93
1,848,112.91
645.387. 965 -U5
6U5.3S7.965.U5
Retirement of National Bank notes
Unasslgned
Total increment
$111.753,2U6.02
23. 862, 750. 78
327.009.02
7. 973,
7.973. U92. 84
$2,813,698,887.99
Unexpended balance of
allocated increment
$2, 67U, 782, 389- 33
U92.SU
$1U3,916,U98.66
..
..
.
.
&
.
8
Treasury Bulletin
7^
Components of Silver Monetary Stock
(In Billion* of dollars)
Silver held In Treasury
Securing silver
certificate! 1/
Ind of calendar
year or month
Silver bullion
Silver outside
Treasury
In General Fund
Silver dollare
Subsidiary
coin 2/
1934.
19351936.
1937.
1938.
211.6
576.9
775-9
938-8
1.137.6
508.U
503.7
505.7
503.7
502.7
4.2
4.2
1939.
1940.
19U1.
1942.
1943.
1.298.2
1.398.1
I.U76.I
1.516.2
1.520.0
499-0
494.6
484.1
1943-September
1.519.7
October.
November
December.
1944-Jamiary..
February.
March.
Bullion for
recolnage J/
8.8
Bullion
at eo it
Sllrer
dollare 1/
Subildlary
coin 2/
Total illTer
•t $1.29
per ounce
1:1
3-5
89-3
262.7
347.7
428.6
535-3
35-2
38.4
41.3
43.4
44.4
305-3
323-5
350.4
366.9
372-8
1.879-7
1.970.1
2.402.3
2.806.5
3.346.8
19.1
616.0
657.4
662.3
628.2
551-8
48.1
52-5
63.O
78.8
400.
5-3
2-3
3-5
9-2
14.4
394.1
422.4
493-5
587-3
684.7
790.2
ObO.O
244.8
317.6
207.3
426.5
27.2
1.5
567.3
90.7
654.8
4.233.1
1.519.7
1,520.0
1,520.0
422.0
410.3
400.4
26.5
21.7
14.4
92.3
94.0
96.8
663.6
674.2
684.7
4,223.7
4,213.7
4,208.6
1,520.0
1,520.0
1,520.1
396.7
395-8
394.2
17.3
19.5
18.8
20.2
17.6
15.1
97-7
98.6
100.2
685.5
686.2
691.8
4,174.9
4.147.1
4,142.6
April.
May...
June.
1.520.1
1.533.1
1,520.1
392.6
390.8
389.2
18.0
21.1
20.4
12.5
9.7
7.8
101.7
103.5
105.2
697.O
706.0
714.1
4,088.3
4,083.6
July
August
September p.
1,520.1
1,520.1
1,520.1
387.6
385.8
384.1
20.4
21.2
16.2
2.8
1.1
1.1
106.
722.3
729-4
738.7
3.938-3
3.910-1
3.907-5
.
.
1*68.3
Dally Treasury Statements and Circulation Statements of United
States Money.
Preliminary.
Less than $50,000.
Valued at $1.29+ per ounce.
.2
•3
iu!e
19.1
2/
3_/
96.8
108.6
110.2
3.9"t7-9
Valued at $1.38+ per ounce.
Valued at $1.38+ per ounce or at $1.29 P« r ounce according to
whether the bullion Is held for recolnage of subsidiary silver
coins or for recolnage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices^
(In millions of ounces or dollare)
Silver
production
Silver acquired by mints and assay offices
in
Calendar year
or month
United
States
Ounces
1934.
19351°36.
19371938.
1943-August
September.
October.
November
December
1944-January
February.
March. ..
.
.
71-3
61.7
63-9
68.3
71.1
55-9
44.8
60.7
66.3
70.5
47.9
5-5
40.1
48.5
50.1
34.0
3-9
•
2/
Total
Dollars
Ounces
Dollare
110.6
2.0
55-3
1.0
.4
.2
172-5
494.4
271-9
241.5
355-4
86.5
318.2
150.3
108.7
156.9
304.9
534.3
333.4
312.2
417.1
155-9
346.5
197.8
I63.3
199-1
282.8
139.8
72.6
120.5
50.9
27-1
6.0
343.3
208.0
143.1
62.1
5-5
160.6
99.4
77.2
40.0
3-9
Ounces
14-3
OunceB
Dollars
•3
.2
4.0
.2
.1
2.8
3.8
4.0
3-5
3-1
1/
Foreign silver 4/
U
a
July...
August.
ce:
Rationalized
silver
4.0
2.8
3.1
3-5
2.9
.
Dollars
14.1
27-3
47-3
54.6
42.4
April.
May
June.
.
Ounces
21.8
38.0
61.1
70.6
61.6
45.6
63.4
19391940.
1941.
1942.
1943
Newly mined domestic
silver 2/
Silver production:
Annual Reports of the Director of the
Mint for annual figures through 19^2, releases of American
Bureau of Metal Statistics for all later figures.
Less than 50,000 ounces or $50,000.
For information on silver production in other countries from
1933 through l^Uo or igUl, see "Treasury Bulletin" for
August 19*0. page 7U.
Acquired at W.bU+ cents per fine ounce until April 9, 1S35;
^/
U/
71-11+ cents per fine ounce from that date until April 23.
at
1935; at 77-57+ cents from April 23, I935 to December 31, 1937:
at &U.&U- cents per fine ounce from December 31. 1937 to July 1,
1939: and at 71.11+ cents since July 1, 1939.
Acquired at 50+01 cents per fine ounce. Executive Proclamation
of August 9, 193U, repealed April 28, 1938.
Acquired at varioua prices averaging approximately 51 cents per
ounce.
u
3
U
5
6
7
7
...
.
November 1944
7
1
75
Seigniorage on Sliver
(Cuoulatlve from January 1, 193
Seigniorage
on Bllver
and minor
coins
End of calendar
year or month
IS.5
U6.1
63.7
69.5
1939.
19U0.
19UI.
19U2.
19^3
91.7
122.2
182.1
2U5.7
299.6
1
>*.5
-
In millions of dollars)
Sources of seigniorage on silver bullion revalued 1/
Misc. silver
(incl. silver
bullion held
June lU, 193*0
193 *19351936.
19371938.
*
1
Newly-mined
Newly-mined
silver (Proc.
silver (Act
Dec. 21. 1933) July 6. 1939)
Us.
28.5
3U.5
?U.7
63.6
65.3
530.7
562.7
580. U
58U.3
58U.3
87.6
65.2
87.
87.6
87.6
65.2
65.3
65.3
Us .7
Ug.7
Ug.7
S7.6
65.3
37.
87.
308.8
315.6
322.6
Us.
US.
Us.
87.6
87.6
87.6
326.2
332-7
336.7
U8.7
U8.7
87.
16.
kg. 7
Us. 7
Ug.7
36.O
58.0
7U.9
U8.7
Ug.7
U8.7
Ug.7
U8.7
87.3
87.6
87.6
87.6
g7.6
U.2
25.7
288.9
Ug.7
293-2
297.1
299.6
Ug.7
us.
Us.
February..
Mar oh
301.9
303.6
305.7
April.
Hay...
June.
July
August. ..
September.
19U3-September.
October.
November
December.
,
.
I9I+U- January...
.
Source]
1/
1
Nationalized
silver
(Proc. of
Aug. 9. 193*0
51.1
226.2
302.7
366.7
U57.7
U8.7
•
Silver Purchase Act
of June 19.
193 *
Dally Treasury Statements.
These items represent the difference between the cost value and
the monetary value of silver bullion revalued and held to secure
3>».7
508.
3U.7
616.0
3U.7
705.6
3>*.7
759. U
799.7
58U.3
3"*-7
820.5
989-7
58U.3
58U.3
58U.3
3>*.7
3".
820.5
820.6
820.6
978.5
96S.7
967.3
65.
5SU.3
5SU.3
65.
5S * .3
3U.7
3U.7
3U.7
820.6
820.7
820.7
9U3.9
926.8
922.7
65 .u
3U.7
3U.7
65.
58U.3
58U.3
58U.3
820.7
820.7
820.7
887.0
878.3
791.1
65.
65.
65.
5SU.3
58U.3
5SU.3
820.7
820.7
820.7
779.0
757.7
75^-0
1
3U.7
3"»-7
3>*.7
3^.7
3"-7
Bllver certificates.
The figures in this column are not cumulative; ae the amount of
bullion held changes, the potential seigniorage thereon changes.
Net capital outflow (-)]
Analysis of net capital movement
Period
Net capital
movement
132.6
27U.9
397.5
5U1.6
758 -S
818.9
g20.6
Net Capital Movement to the United States, 1935 through July 1944
[in thousands of dollarB.
2/
950.6
1,055.8
1,089.0
1.0U8.2
967.3
65.lt
2/
128.7
326.2
U22.1
Potential
seigniorage on
silver bullion
at coat In
General Fund
3H.7
3U.7
3U.7
Us.
87.6
87.6
Us.
Total
seigniorage
on sliver
revalued
Movement in
ehort-tertn
banking funds
Movement in
brokerage
balances
.
..
.
.
Treasury Bulletin
76
Money In Circulation
(In millions of dollars)
Paper noney
End of fltcal
year or month
Total
money In
Oold
certificates
circulation
Silver
certificate!
Treasury
notes
890
United
Statee
notet
federal
Reserve
notei
Federal
Raeerve
Bank
note*
Rational
bank
notet
i/
2/
1933
193«
1935
1936
1937
721
193«
1939
6,1*61
5.93
7.0U7
191*0
7.8l»g
6,1*88
7.2l*8
19U1
191*2
9.612
12.383
8.932
11,600
19>»3
17.1*21
19W
22.50U
16,1*92
21,1*38
18.8UU
17.869
19.250
19,918
18,263
18,912
20,1*1*9
20,529
567
.?Ul
.W*7
1 91*3-
September.
October
November.
December.
.
.
.
.
19l*l*-January
February.
March
.
.
265
150
117
101
88
5.002
U.9UU
5.11U
5.755
5.92 *
1
20.821*
21.115
701
955
1.078
3.06l
3.068
3.223
•t, 002
U.169
262
266
U.lll*
U,1*8U
21*8
300
317
5.163
6,6sU
9.310
*?
26
22
20
19
217
186
165
150
139
1.61*9
5>»
1.588
322
J22
18. 750
58U
597
126
13.7»*T
1.59U
320
15.1U6
622
130
1.579
1.571
1.566
321
19.1*30
56
55
55
32U
318
15.550
16,205
16,737
626
627
62U
130
129
129
19.516
19.806
20,086
55
55
55
1.522
1.507
315
320
318
16.87U
17.176
17.U29
621
1.5>»3
620
613
121
128
127
5"
17.852
18,395
18,75°
608
603
597
127
126
126
18.951
19.527
20,018
590
587
582
125
125
125
1.550
1,601
1.588
321
5U
5"
July
August
September p.
22.699
23.292
23.79 1*
21,622
22,200
22,689
5"
53
53
1.578
1.582
1.586
322
Oold coin
32U
322
32>*
323
Standard
silver dollars
19351936.
1937.
1*53
U85
523
28
30
32
35
38
1938.
1939-
527
558
21
191*0.
19UI.
S
191*2.
191*3.
718
U30
269
57
21 .U38
193"*-
70**
52
3«
1.751*
20.513
21.105
1933-
920
902
81
59
21.552
22.160
22.50U
Total
11*2
67
63
April
May
June
aid of fiscal
year or month
126
1.230
I.U5U
1.582
1.71U
78
2
I
1*
1*01
269
280
2»5
278
281
321
Subsidiary
silver
257
280
296
316
3U1
Minor coin
113
119
125
Money 1b
circulation
par capita
(la dollar •)
» "*5->»9
1*2.1*1*
1*3.
66
!S
1*8.60
1*9.88
1U6
1*9.62
1*6
3U2
361
38U
7«3
s
50U
213
72.16
91.88
929
1.066
8U
103
610
700
256
263
163.07
975
89
61*1
2U6
137.58
October.
November
December.
987
1,006
1.019
90
61*9
2>*8
11*0.1*0
92
95
662
671
251
1U5.11
1U8.82
19l*U-January..
1.013
1.018
1.029
96
97
98
665
668
676
252
253
255
1>*9. 21*
February
March
April.
May...
June.
1.039
1.055
1,066
100
102
103
682
693
700
257
260
263
156.U5
160.72
163.07
July
August
September p.
1.077
1,092
1.105
105
107
108
707
716
725
266
269
272
5.H9
168.U9
171.97
19"*U.
19>*3-September.
ce:
p
1/
2/
y
Circulation Statements of United Statee Money and Annual Report of
the Secretary of the Treasury for 19U3. P*e"e 713>
Preliminary.
Excludes (1) money held by the Treasury and (2) money held by or
for the account of the Federal Reserve Banks and their agents.
Includes paper currency held outside the continental limits of the
United States.
Gold certificates and Treasury notes of 1890 in circulation are
being canceled and retired upon receipt by the Treasury.
Federal Reserve Bank notes and National bank notes are covered by
U/
53-72
5M7
25*1
127. 61*
151.U3
153.1*2
U.31*
deposits of lawful money and are in process of retirement.
Under the order of the Secretary of the Treasury of December 28,
1933. aa amended and supplemented on January 11 and IJ, 193**. *11
gold coin domestically owned (vlth minor exoaptlons) was required
to be delivered for the account of the Treasurer of the United
States, and under the Oold Reserve Act of January 30, 193 1* v '*
withdrawn from circulation and formed into bars. Oold coin, which
Treasury records showed as being outstanding on the latter date in
the amount of $287 millions, was dropped from the Circulation Statement of United Statee Money as of January 31, 193U.
I
[copy~n572
Treas.
HJ
U.S. Treasury Dept,
10
A2
Treasury Bulletin
•
1944
c.2
1
@FedFRASER