Full text of Treasury Bulletin : November 1947
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^-^nx^ 2-
LfBRARY
POniVI
JUN
9
5030
I
1972
TREASURY DEPARTMENT
mEAWMV-.
MmiLEFm
NOVEMBER -1947
UNITED STRTES TRERSURV DEPRRTMENT
DFFICE OF THE
SECRETBRV
Nowmber 1947
Table of Contents
Page
Treasury financing operations
•
*-!•
Summary of fiscal statistics
1
Receipts and expenditures
^
Treasury cash Income and outgo
^^
(Jeneral Fund position and debt outstanding
13
Ownership of Government securities
37
Prices and yields of Government securities
'^
Internal revenue statistics.
50
Monetary statistics
55
Capital movements between the United States and foreign
countries, and net position In foreign currencies
o2
Cumulative table of contents, twelve months
T"*-
Note:
rounded to a
In those tables where figures have been
specified unit, all calculations (including percent-
Conseages) have been made from unrounded figures.
quently the details may not add to the totals shown.
November 1947
A-l
Treasury Financing Operations
October Certificate Maturity
On October
19'+7.
1,
there macured a one-year
leaue of f/S percent oertlfloatea of indebtedness
outstanding In
September 22,
the amount of
$l,Wo million.
Secretary of
the
nounced the offering of
On
the Treasury an-
a new one-year 1 percent
certificate Issue In exchange, par for par, for
the maturing certificates.
Cash subscriptions
were not received.
The new certificates carry
the
Issue
date
terest from
that
of
October
date at
IS^J
the rate
1,
,
and bear Inof
1
.percent
per annum.
Interest will be paid In full with
the principal on the maturity date, October 1,
19'*^.
The certificates were Issued In bearer
form only, In denominations of $1,000,
$5,000,
$10,000, $100,000, and $1,000,000.
Government securities Indicate that on August 31,
igit-T,
about 52 percent of the $l,Wo million of
certificates maturing October
porting
commercial
Banks.
The
banks
ownership
1
and
were owned by reFederal Reserve
figures for August 31 are
the latest available.
Treasury Bills Refunded In September
There were four maturing Issues of Treasury
bills In September, totaling $5.0 billion.
The
first three maturities were for $1.3 billion each
and the fourth for $1.1 billion.
Each Issue was
refunded In full.
The average rate of discount
for the first of the four new Issues, which was
dated September 4-, was O.766 percent, and for the
remaining Issues, O.7S9 percent, 0.S02 percent,
and O.SOS percent, respectively.
Subscription books were opened on September 22
and were
issue
the close of business on
at
Exchange subscriptions for the new
closed
September 2^,
amounted
to
$1,
35''-
million,
leaving $S6
million to be paid In cash.
Reports to the Treasury on
the ownership of
fcte:
Hlitorlo«l datallt of freaauiy aarkat flaanoln^
aparatlon* lovDlrlnc bonds, aotea, and certlflcataa
of ladabtednaaa, beglnninx In loTambar 19UU, ara
pnbllkhed In tha tablaa on pa«aa 28 and S^.
Itotalla
of waaklj Traaanry bill iasnaa, beclanln« In ipril
19'*7> ara tliown on pa^* 30.
November 1947
SUMMARY
OF
FISCAL
STATISTICS
—
Treasury Bulletin
Bodget Receipt and Expenditures
(In millions of dollari)
Oomplete flacAl jearo,
igue to 1911^
first 3 otttho,
flacal 7«ar< 19>l£ to 19>tg
y
ietwl
Ohane*
19>l6
19"»7
I9U8
to
isite
Boeolpto:
iBtemal reTonue:
7,616
Ujg
2, 16«
Idcodo and profits taxes
kpleyiDent taxas
Mlscellaneoue Intemal rerenna £/.
9k
910
Oustoms
Other receipts X/-
11,226
Total receipts..
l«es:
Hot appropriations to federal Old-ige and SdxtI-
JU5_
Tors Insurance Trust fund
Hot budget receipts.
Ixpend!
.tlonal defense and related aetlTltles:
Var DepartDont
HaT7 Oopartnent
irmed forces Leare iet of 19ll6t
Bonds
Cash
Mlacellaneouo var and dafansa aetlTltlao.
11,079
6,070
Total.
19,091
1,9U2
Veterans' Adalnletrat Ion, Interest on pulillc debt,
refunds of taxes and duties:
Veterans' Adulnlstratlon U/ jy
Interest on the public debt
Refunds of taxes and dutlea
626
902
91I1
2,ltU2
Total.
International finance:
Bretton Voods Agreements ict:
International Bank
International Monetary fond.
%[port-Iaport Bank - capital stock.
Credit to Ttnlted Iin«doB
foreign aid and relief
Total.
81
322
95
Aid to agriculture U/.
Social Seeurltj pro^a U/i/.
Public works
Other general expenditures U/.
Beserve for oontlngeneles
,
"•91
OoTsmment corporations
(vfaollT ovned), etc. (net):
Beconstructlon finance Corporation:
Katlonal defense and rslated aetlrltles.
Other
.
Commodity Credit Corporation.
Other
Total
Total budget expenditures.
Budget surplus (*) or deficit (-).
191
5U
il»9
-llg
276
otlaato*
19>t7
I9U6
19>«
1917
1/
Chase*
19't7 to
ootlnated
19>)8
M
November 1947
Public Debt and Guaranteed Obligations Outstanding
(In alllloni of
dollva)
Treasury Bulletin
RECEIPTS
AND
EXPENDITURES
"
.
November 1947
Budget Receipts and Expenditures
Table I.- Sumary by Major Classifications
llUoni
(la
of dollart)
JipandltToi
B«o«lpto
L«aa nat
appro prlotlouf
to Todoral
lot
01d-i«« and
rooolpti
SoTTlTora
XaauraDco
Iraat fttad S/
Totftl roeolpta
Tlaeal jaitr
or Bonth
Total
rooolpto
193«
1939
19M0
I9UI
5.66«
5,925
8,269
13, £68
19'*2
Int«riLiLl
rerenuo
5.671
5,161
5,303
7.36a
12.993
22,1'llt
19**3
1»5[U08
19U4
1^:::::::::::
•A, 239
1*1,685
''3,902
to, 310
OaotoM
359
319
3*9
392
389
J*
*3l
355
*'?
2oe
188
y
515
286 t/
916
6/
,292
>»83|'
3,'»93
W
Oanaral
1,029
5,9«5
1,206
7.313
1,657
7.109
6,0795/ 6,301
26,011
6.005
225
187
232
331
381
72,109
87,039
90,029
"35
;^
79,702
95,573
100,397
5,635
1*3,038
1*3,259
63,71'*
1*2,505
l'*.559
2'»,323
l*«,5l*2
3,820
»,378
5.701
3.113
1,523
3.9W
2,1*73
3.59*
2,063
1,1*12
l,'»57
1,1*28
It,
001
3,851
1,72*
1,327
l.%3
18
970
979
908
i.oo£
51*9
65
151
,IM
to
6.W9
8,730
5,7a*
39
April
2,309
2,578
3,993
i»l
27't
68
37
35
589
339
2,556
2,865
Jojw
2,62l»
3,20i»
5,l|«0
l,'»52
7
5,'»73
5.5'io
2,206
2,706
3,059
Julj
2,l»69
tmgut...
2,865
2,126
2,662
37
31
306
171
71
32*
2,397
2,536
Septea^er.
l>,88U
•1,267
3'»
5*
13
1*,872
3.669
3.060
2.932
2,075
1,729
1,737
Sonreal
26l»
2*
S^ly freaaiiTy It&teaantIxclnde* aacnuits for pablle dabt retlrament vhloh are ehargeabla
to the linking fond, eto. under special pr«Tlsione of law.
Tor explanation see tables which follftv entitled 'Social Security
Prograa
Set receipts less total expenditures,
Inclndee racoTerles of V. 8. InTestaents In capital fonda. Such
reeoTerlea totaled $51* mlUlon In the fiscal year Ijl*©! $319 alllloa In the fiscal jear 19*1; )18 llllon In the fiscal year 19*2*
and )10 alllien in the fiscal )rear 191*3.
5/
6/
.
^
-208
320
22,282
1*1*, 149
W,it57
3i'.290
Bodcot
onrvlaa
or
daflelt
otc.
(not)
7,051
9,027
9,297
13,765
March
*V
•to.
OOTOrBBOSt
oorporatlona
(wholly
ovaadj,
5,855
5,165
5.387
7.607
12,799
5,U46
».*?
Tra&afera
to truat
•0 count a,
Itiaa
398
333
239
3,860
|
^
3«7
503
53*
661
869
.283
,201
»,829 t/
39,379
19*7
Othor
rooolptt
Total
ozpondlturea
latlonal
dafonao
aod
rolatad
aetlT-
»6
1,05*
1,893
-21,1*91
1,523
1,829
-57,'*a)
-51,1*2*
l,6U6
1,918
1,355
17,11*2
-1,177
-3,862
-3,910
-6,158
-53,9*1
-20,676
75*
706
108
-32
106
2,102
I16
20
-1,**5
t32
-61I*
-9«7
-67
71
16
1
273
9
180
1*6)1
-1,272
-52*
1,9*0
fiacelpte froa reductions in capital stock and paid-in eurplns
aTailable to be reissued under existing lav are Included aa ne^tlTe
items under expenditures. Such reductions totaled $315 allliom.
Includes deposits reaultlng fron the renegotiation of var contracts.
Xnforaatlon on the aaoont of such deposits is not aTailable on the
baels of IWII7 treasury Statenents. On the baala of eorerinc warrants such deposits were aa folloval fiscal year 19*3, $558 aillion; fiscal year igUh, $2,235 million: fiscal year 19*5, $2.0l*l
million) fiscal year 19U6, $1,063 million; and fiscal year 19*7,
$279 Billion. These figures Include so-called Toluntary retuma.
,
Table 2.- Analysis of Receipts from Internal Revenue-^
(In allllona of dollars)
fcploynent taxes
iBcoaa and profits taxes
flaeal yar
or aontk
Sodal aeonrlty taxaa
total
total
5.67*
5,161
5,303
7,362
12,933
193«
1939
19I1O
19*1
19*2
22,1**
*1,685
*3,902
*o,3io
39,379
19*3
19**
19*5
191*6
19*7
19*7-JaBu»ry..,
^27*
Karsh
5,1*1*6
iprll
2,309
2,578
3,993
•tar
Job*
July
Ao^st.
.
.
Septeaber
Sourcel
y
2/
y
2,6*0
2,189
2,125
3,*70
7,960
16,09*
3*, 655
35,173
30,885
29,306
,661*
^bruazy.
2,126
2,662
*,a67
Vlthhald tgr
eaployera 2/
,222
,650
1,382
1,668
3.*35
8,393
10,289
9,392
10,013
Othar
a/
total
fodaral Xosurance
ContribtitlonB Act
(Old-age Inettrance)
Caxao on earrlara and thalr
^
federal TTnemployBent
Tax Act (Unemployment insurance)
98
120
2,279 i/
2,232
2,3*5
2,967
3,8*7
1,130
1,292
1,310
1,238
1,*59
15*
180
185
180
185
209
267
285
283
380
*,553
5.291
6,9*9
7,725
8,0*9
*2
1*
116
12
1
266
25
5
693
666
77
682
3
638
595
602
755
7*0
833
925
1,186
51*
530
6c*
691
896
90
101
108
16,09*
26,262
1,*98
1,739
1,780
1,701
2,02*
21,*93
19,292
retirement)
150
109
121
137
170
2,5*0
2,189
2,125
3.*70
7.960
2*,85l*
5*6
1.376
785
2,117
1,8*5
3,865
58l»
1,218
778
1,012
*00
2,*92
3^^
121
3*0
?
k
12
12
(
1
U2
625
1,255
797
757
*13
2,639
80
35?
133
72
329
2
6
9
13
lie
Dally Treasury Statement.
lor further details, see chapter entitled "Internal HeTonue Statistics."
Hecslpts of Tlctory taxes withheld pursuant to the Sevenue let of
19U2 hare been classified aa 'Other* Income and i^rofits taxes.
for the period prior "o September 1939, the data in the columns
entitled "federal Insurance Contributions Act" andfedenil nneo-
58
387
111*
3
U/
y
Mlscellaneoua
Internal
rereima
663
6*3
690
ployment Tax" represent collections under Titles Till and IX,
reepeetlTely, of the Social Security Act.
leTled under the Ballroad Eetlrenent Tax Act coamenclnc January 1,
19U7: prior thereto under the Carrlore Taxlnc Act of 1937Includes less than $500,000 in receipts, froa "Acrlcultsral Adjnatoent taxes-*
.
Treasury Bulletin
Budget Receipts and Expend Ituree
-
{Continued)
Table 3.- Analysis of General Expenditures^
(In llliona of dollars)
TetAruxs* Adainlitration,
lBt«r«8X OB public d*bt, and
rvfUndt of taxaa and duties
TlBoal 7*«r
or aoBth
fotal
g*B«raL
ItxirM
Total
Taterans*
AdBinlatratloB
2/i/
Intsraat
on tha
public
dabt
Other gaaaral azpandlturva
Be fundi
of
taxsa
Aid to
and
agricultore
dutlaa
i/5/
h/
1938
1939
5.985
7.313
7.109
6,079
igw
1941
19te
6,005
5.6«
19't?
I9l4i
6,llt9
19'*5
8.730
19U6
H.559
I9't7
2'«.323
1,567
1.56U
1.687
1.751
1.906
582
557
557
553
555
2.U56
3.500
6,258
10,620
lU.UUl
93U
2,871
6,Wt2
572
629
926
59
9'*1
66
89
87
91
l.oUl
1,111
1,260
1,808
2,609
3,617
>».722
2b2
1.707
3.027
958
3.0IU.
It,
Tabruax/.
March
2. '•73
960
830
1.552
5U9
5U5
565
12U
68
181
2.063
626
361
iprll
2,206
2.706
3.059
1.329
i.auu
2,389
59't
I'll
593
581
583
92
1.396
Uio
2,075
1,729
1,737
901*
539
21*5
120
701
1,205
1*95
103
668
103
52
19'>7-J>iiuaT7...
HV
Job*
Jaly
Aa«»t....
Sapt«fflb0r.
1.523
U85
571
u,ia(
Social
S«curlt7
proxraa
i/i/
Public
world
1/
Xnternatlonal
finance
ClTlllan
Conaerration
Corpa
Dlract
and
work
Oth*r
raiuf
1/
5/
2/
2/
.
.
.
Ncnvmber l^HT
Budget Receipts and Expenditures
-
(Continued)
Table 4.- Analysis of Expenditures for National Defense and Related ActlTltles
lUlons
(In
Irmi
Var
I.T7
Dvpaxt- Dopart-
flacal ymml
or Month
•nt
MDt
U*T*
Act
of l^Ub
tura
Dop*rt-
1/
ent
BouiB
19I1I
1.029
1.206
1.657
>6.;oi
I9l«
26,
I9"t3
72.109
•7.039
193«
1939
19140
191A
Wits
U}2
>t90
667
,67s
ou d: 070
>«9.2l)2
50.337
S.029
19>i6
27.(00
19U7-Januar7.
fobruarxMarch
.
April
1.U12
6Wt
l.'»57
l.>t2S
57"
611
«>'
1.72S
1.327
735
707
J\jaa
l.'t93
iUk
Jnlr
979
908
^i
la«iiat....
Saptambor-
1.006
561
ea:
•
1/
^
3/
'•15
362
3(3
368
319
30U
innoy
SorTieo
«ar
Shlp-
BtaUi
U17
(dalnlo DoparttratlTo) Boot
Marttlaa pll<
Coaali- Adala
lOD
Md
to
China
latlona
laltaf
and
Bahahllttatloa
Othar NaSurpliu tional dapropnrt7 fanoo and
dliponal ralatad
a^acloi actlTltlai
axpandlturaa j/
1
UU
99
3
696
20.(((
26.53(
30.0*7
15.161
353
351
359
i««nc]r
• ral
rl tj
OhlUd
Osltad
SoUctlTO Troao-
Ouh
596
673
(92
2.313
(.5(0
lt,99(
I9't7
6« cu-
dollan)
Vorko
Acrlcul-
forcot
of
HouolDf
and
Bob*
Tlnaneo
2,011
62
111
••5
1(
2U
51
297
33
519
929
132
52
59
63
52
3t
1.201
2,776
3.(12
3.227
69U
271
1,105
1.922
1)0
2,0>I2
iito
1.367
120
2
5
20
12
"«7
7
5/
52
!2
12
15
-9
-3
31
30
50
5/
1(9
101
132
51
20
16
12
215
22(
1(5
6o(
539
91
(0
HO
99'
l.(U7
139
-17t
153
133
122
60
16
-9(
1
2
in
20
23
23
-lU
1
2
'I
3
2
I
2
k
2
13
1
u
U
-3«
-27
1
5
3
3
3
2
2
3
6/
3
2.II13
1.19(
1,01)1
303
267
91
35
21
6
36
lA
U
"•9
6
It
70
6/
1^
Oall7 Trea8ul7 StatoBent.
Laaa than $500,000.
AdalnlstratlTe expanees in eoLrryin^ out prorlalona of Act are
included under War, Havy, and Treasury (Coast Ouard) Departaente.
Fbrmerly National Housing Agency; includee war public housing
functiona.
Includaa var expendlturaa of Oomaerce, Jnatioa, Interior, lebor, and
State Departoenta; ClTil Serrlce CoHslssion; BxecutiTe Office of the
President (including Office for faergency Management); Panama Canal;
Includes Daand capital stock, of Snaller War Plants Corporation.
fenee Aid Special Aind through the fiscal year 19^3; thereafter
y
5/
S/
l,>t62
695
I2U
7U
795
991
1.022
Uk
106
1.501
Itl42
•
-1
102
103
-15
5/
n
>t9
17
1
38
5/
5/
53
13
26
6j
V
6U
307
25
1
U
1;
I. '132
10«
312
llO
auch expenditurea are reflected vlthln the reapactlTe departsenta.
Claaeificatlon changed to reflect expenditurea under "Vatlonal
Defense and Belated actiritiea.*
year expenditurea are
induced under "General.'
IffectlTe September 1, I9H6, expenditures of the War Shipping Adainiatratlon are included vith the expenditurea of the U. S. Marltiflie Comlsalon to vhlch all fonctiona vere tranaferred for the
parpoee of liquidation t/ Secember 3I, ^3^^. porauant to Sec. 202,
public lav 492, approTed July g, 19116.
Hot claaslfled separately froB other expenditurea of theae ageneiea
after Jnne igHj
^or
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(IB Bllllona of dollara)
71 seal year
or Bonth
total
Totorana*
AdBlnlatratloi
Boeial
Sacarltj
procraa
1/2/
i/i/
225
187
232
193*
1939
19I10
19IH
10
19112
331
381
191*3
19ltU
"35
556
19''5
19I46
l,6ii6
30
101
.126
.381
(17
l,9i(
1.355
19lt7
19l«7-J>Buary.
Tabruaiy.
March
April
May
fmtm
>-l7
Mtu%...
SaptaBber.
e*:
•
1/
2/
1
1
I16
1
U32
18
273
9
S.
Aid to
•Iprlealtitr*
i/V
shar*)
1U6
107
121
132
ll*
73
75
(7
93
103
221
107
71
27't
177
197
2H7
223
-3
falaral
contrlbatloD
to Diatrict
of Coliabla
i(
91
126
•
-18
Hit
II
1
18
5U9
r*tlr*B*Dt
fund*
(V.
318
302
308
71
16
1132
OoT»mB«Bt
•ploy***'
521
25
16
2
2H;
9
&KII7 Tr*uuj7 ltai*Mat.
L*«* th«n $300,000.
AddltloB*! traciftctloQB ar* ihown In Tabl* 3CoaprlM* Adju>t«d Bvrrlo* C*rtiflc*t« fund aad th* latloDftl Svrrlo*
Llf* XB*\ir«no* Tand. *dBlBltt*r«d "tij th* T*t*ran*' 4dalalitr*tlo*.
^
}^
Xaelad** r*llro*d r«tlr*B*Dt and rallnad iLn*Bplo7»*Bt actlrltl**. Tor
farth*r *xpl*natloD *** t*bl*« idileh follow 00 Sootal •eurlt/ Frogrma.
tapr«**nt* traniaocioa* In eoaaodlty food itaapi tgr T)>parta*nt of i^rleultur*- Thl* actlrltj foraari/ eaa* undar th* Offlc* of Dlitrlbutloa and prior th*r*to uadar th* A^lcultural Mark*tln< Adalalatratloa-
.
Treasury Bulletin
Budget Receipts and Expenditures - (Continued)
Table 6.- Analysis of Expenditures of Governnient Corporatione (Wholly Omed), Btc. (Net)
(In tflllio&a of dollari)
BaoOBttmetloB Plnanoa
fiscal jTAar
or aoBth
Total
-208
320
193«
1939
19'iO
1,056
1.893
igiti
igUz
19U3
OoBBOdltj
Orodit
OorporatlOB
19^5
191*6
W"*?
19lt7-Jana«r7. .
Fatoruarj.
March
iprll
Itajr
Jnna
July
io^ut
Septamber.
Source:
n.a.
108
-32
106
20
-61U
970
Talaral
Honain^
Fktlie
Eonflin^
UidttlatrstloB
jLilalnla-
tratloB
-18U
-106
613
28
-5905/
55
17
-5
.8
-5
A2
101
-39
-21
78
70
103
73
83
116
81
65
8
151
180
-9
1»
-80
-6
-2
-5
-20
-I
-3
15
12
I
1
-1
-2
1
-3
-9
3
-I
-6
25
Dftlly TreasTiry Statement,
lot aTallabl*.
y
than $500,000.
lame changed from Tedaral Public Housing lathorlty (originally
TT.
S. Bousing inthorlty) pursuant to Asorganlzatlon Plan lo. 3
of 19U7.
Includes transactions on account of ETC Mortgage Ooopasy, Pederal
Hatlonal Mortgage Association, Office of Metals Beeerre, Office of
Httbber Beserre, Office of Defense Plants, Office of Defense 9iq>plles, IT. 9. Commercial CcDspany, Var Damage Corporation, and Babtter
DeTelopment Corporation.
Includes federal Crop Insurance Corporation, Tarn Security Administration, Pederal Tarn Mortgage Corporation, Tederal Savings and
loan Infurance Corporation, Pederal Intermediate Credit Banks Production Credit Corporations, and Tennessee Talley Authority.
Payments of $957 million were made during the fiscal year 19U6 by
Corporation 2/
Eoaa Ovnari'
Loan CorBatlonal dafauio
poration
and ralatad
^
6/
Rural llaetrlfl cat Ion
Adalnlatratlon
Othar
0/
aetintlaa
-U3
-60
3U
•
U2
-ito
-239
-256
35"
2.255
-363
-396
-323
-275
-202
3,189
2,682
U78
-19
-16
-16
-102
-73
-15
-13
-18
-87
-59
676
-12
-16
-17
Ubb
1/
y
1
136
210
3U7
1.523
1.829
-7
-1.305
-316
19W
Xxport-laport
Bask of
VaablDston
328
138
3
371
-1
-1
-JI9
1
-727
-2U7
-288
-23
215
-1
-3
-7
-30
1
-3'»2
-159
27
Ul
8
17
50
11
-3
-35
-18
-8
119
-33
83
I
-5
-59
75
-3
-71
19
2U6
7
n.a.
a. a.
55
-23
37
-2
-6
u
the Agriculture Department (charged as war and defense aetlrltles)
to the Commodity Credit Corporation In reimbursement for agricultural Commodities procured In connection with the lend-lease prograjD and reflected In prerloue expenditures of the Commodity
Credit Corporation.
Similar payments during the fiscal year 19^5
amounted to $1,182 million.
Ihe act of May ?6, 19^7, authorised the Secretary of the Treasury
to cancel notes of the Commodity Credit Corporation In the amount
of $6U? million for the restoration of Its capital Impairment.
This amount Is treated as a general e:^endlture with a corresponding credit under Oovernment corporations (wholly owned), etc.
A similar payment of $921 million was made In July 19^,
(net).
pursuant to the act of July 20^ 13^.
lot classified Mparately from other expenditures of the corporation after Jiue 19U7.
Nwember 1947
Budget Receipts and Expenditures
-
(Continued)
Table 7.- Total Budget Receipts and Expenditures by Months, Beginning with 1038
(In HlUlona of doUara)
CalandAT year
Apr.
Haj
3v»
July
Aug.
Sept.
Total
K«t budget racalpti 1/
1938.
X939.
29I1
19U1.
3'tO
19't2.
578
19^3-
788
19lil».
2,7'i7
19l'5.
3,556
3,819
3,820
19l>6.
19't7.
308
367
271
315
5^1
758
955
2,503
3,767
3,678
I., 378
916
687
799
1,566
3,5^7
262
213
304
565
695
ItOO
5,206
6,573
6,89a
1,51U
3,087
2,929
2,677
2,556
l,U8o
2,950
3,085
2,733
2,865
5,7l'7
5,701
373
77't
3.'»7
557
6U9
1,876
a,U9a
391.
563
873
865
1.1.9
331
UI.7
1.13
397
587
7't7
2,007
2,163
2,695
2,539
8,397
'•,569
6,2li7
5,91'>
'•,'•79
5,'»73
372
678
676
2,721
2,568
2,997
5,1.1.7
2,1.31.
U,i.78
l»,g78
8,536
300
711
1,135
2,527
350
879
36I.
333
362
1.1.5
561.
607
601
8,030
8,001
8,530
8,5W.
8,099
8,2W)
678
581
7U0
1,818
2,701
5,650
•,918
5,831.
8,81.9
16,1.03
5,736
3'., 55'.
5,1.16
l.,ll8
'.'.,1.21
'.6,01.6
'.,107
Ul,601
817
1,858
6,363
830
832
1,172
2,542
6,50c
8,097
8,885
9,657
19,053
56,020
7,839
7,828
4,656
2,557
7,452
8,416
5,445
3,618
88,084
97,158
90,558
45,804
8,135
5,695
8,965
7,946
4,581
2,589
8,420
5,013
3,662
89,640
44,113
-40
-65
-48
-739
-3,404
-437
-442
-536
-1,637
-5,331
-296
-284
-455
-1,294
-5,761
-157
-311
-432
-1,329
-3,799
-2,447
-3,967
-3,883
-10,804
-39,618
-8,087
-2,004
-1,422
+1,627
-5,426
-6,023
-3,420
-479
-5,740
-5,587
-2,282
-193
-1,716
-8,999
-1,327
+490
-53,530
-58,737
-44,505
-4,204
-5,706
-2,208
-165
-3,004
-895
+445
-43,594
-2,512
5,926
5,189
8,371.
8,361.
Budget expenditures 2/
Excluding net expenditures of CoTemment corporatlona (wholly owned), etc.
A.
1938.
1939.
1.92
1.71.
656
712
612
668
1,075
8,629
19U1.
1,1U
191.2.
2,628
191.3.
6,119
7,862
191.5.
6,378
7,570
8,202
191.6.
'',891
191.7.
3,005
3,510
3,9'w
7,'.6o
B,
705
820
822
1,399
631
730
566
1,11.1
930
895
887
1,588
3,953
l.,530
7,1.66
7,1.35
7,859
7,968
8,327
8,625
3,1.81
783
1,315
3,753
7,35'.
8,525
eg".
61.7
9,1.33
i.,602
'•,851
8,292
9,275
3,677
3,1*98
3,981
l.,U66
8,239
19*6.
l.,86o
191.7.
3,U3
6I.5
76I.
771.
71.1
818
706
1,529
5,215
759
1,871.
7,617
8,119
7,354
2,796
2,909
7,535
7,930
6,611
8,851
8,758
,598
,160
7,U2
8,110
8,557
9,61.1
5,513
•,570
'.,511.
3,60l»
718
5,931
Including not expenditures of Government corporations (wholly owned), etc.
191.1..
191.5.
725
7,281
3,435
3,914
9,266
3,845
3,598
7,901
4,268
4,001
9,112
3,864
3,851
8,100
8,881
3,644
3,669
9,752
5,358
5,540
8,344
7,891
2,932
3,060
7,908
6,687
8,755
8,938
737
781
869
8,083
5,937
7,1.56
8,02U
5,950
3,023
61.6
61.8
^
Budget surplus (+) or deficit (-) k/
A.
Excluding net expenditures of Government corporations (wholly owned), etc.
1938.
1939.
1940.
1941.
1942.
-198
-385
-398
-771
-2,050
-166
-245
-224
-534
-1,871
1943.
1944.
1945.
1946.
1947.
-5,584
-4,823
-4,645
-1,073
+814
-5,164
-5,359
-3,693
4-168
+432
B.
1944.
1945.
1946.
1947.
-4,683
-1,042
+706
Source:
X/
2/
+212
+126
-369
-517
-479
-750
-3,058
-193
-348
-247
-747
-3,391
-2,147
-1,958
-8,540
+1,146
+2,209
-5,958
-4,772
-5,040
-1,573
-1,424
-5,955
-5,348
-6,190
-944
-1,601
-132
-22
167
-402
-258
-1,133
-8,037
-451
-499
-487
-1,185
-4,413
-3,758
-2,378
-3,787
-1,034
+903
-5,105
-5,947
-5,662
-1,975
-1,207
-4,896
-5,551
-4,357
-363
-373
-156
-339
-237
-252
-195
-4,628
2,119
Including not expenditures of Government corporations (wholly owned), etc.
-3,514
+243
+464
-2,373
+1,902
+2,108
-4,97s
-1,591
-1,445
-6,028
-1,131
-987
Dally Treasury Statement.
Total receipts leas amounts transferred to Federal Old-Age and
Survivors Insurance Trust Fund.
Excludes public debt retirements.
-5,937
-6,126
-1,105
-1.272
-3,838
-^73
-67
^
t*J
-5,776
-4,293
-499
-58'»
-1,976
-1,497
*1,783
1,9(10
^
•6,134
-3, 165
-420
Monthly figures for the period January I938 through June' 1944 are
not presently available.
Net receipts leae total axpa&dlturea.
10
TruBt Accounts, Etc., Receipts and Expenditures
Un
Fiscal year
or month
mllllonB of dollars)
Treasury Bulletin
.
H (
..
H 5
a
11
Nmrmher 1947
Social Security Program: Section
I
Budget Receipts and Expenditures
-
Table 1.- Social Security Act
(In BlllloB^ of dollsri)
lUoalptt
Orose r«oalpti
Fleo&l 7««r
Soolal laaTirltj \9X9*
or BODth
Total
1938
1939
19I10
19IH
,
6olt.l>
51H.I1
631.2
712.?
530. H
in.2
690.6
895.6
1,130.5
1,292.1
1,309-9
1,238.2
X,H59.5
i9i»a
1,015.6
19^3
191W
1,ZM.9
19W
1,U72.0
1,H9U.5
l.Ulg.l
19'»7
l,Sltl*.3
19'*5
?ed*ral InsurajM)*
ContrlbutloB» lot
(Old-f InBuranoe) 1/
Fadaral UnaBployBant
Tu Act
(UaaaplOTsaat ln«uru&oa)2/
Laaa aavonta oradltad
to fkdaral Old-i«a
and SnrrlTorB iDauranca tmat Aind
90.1
100.9
107
6*.7
at
raealpta
^
217.1»
181t.8
387.0
503-0
537.7
661.3
868.9
1,103-0
1.259-5
1,283-0
1,200.8
1,1*3.9
97
119
158
^^?
18H.
179-9
128.2
17"»-5
126.9
llt6.7
W5.9
212.5
211.^
217 -»
200.
1U.I»
I40.H
115-8
12.0
26lt.ll
23-6
16.2
117.7
13.9
Mar«)i
37.
H2.3
266.2
25i>
^11
72.6
352.3
9.3
69.0
3W0.U
7.9
3.5
11.9
1.3
67.8
339.2
6.8
H-7
13.1
2-5
7W.'»
72.H
329-3
S.l
9.*
2.8
71.1»
328.3
12.9
3-1
10-k
3-8
19117 -January.,
56.7
robruary
382.0
»V
Jnna
July
33«-7
16.7
Jtai^it
Sept amb or
13-9
fapandituraa
flranta ta Stataa
PlBcal far
or month
Total
1938
1939
19UO
332-5
3H3-3
19111
llU9.ll
19l«
504.11
38ll.2
527-2
I9l«
5211.2
191*5
1191-3
19W
5H3-5
757.7
19H7
19117 -January..
68.ll
?abruaiTMarah....
80.7
April
15.5
2H.fi
Kay
Juna
July
ittl^uat
.
..
Saptaabar
Sotu-oet
•
1/
S/
^
k/
90.6
78-9
52-3
idmlnlatratlTa
ezpa
•anaaa
Pnbllc
Health
Sarrica
Social Security AdBiniatration
Tatal
20-0
21-3
25-3
31.5
31-5
33.3
32-1
31-9
38.8
1188.0
llSl.q
I198.*
2ll.9
271.5
320.3
356-5
U15.2
Aid to
Aid ta
01d-a«e
dapandtha
aaaiatant
anae
kUnd
ehlldran
182.2
25-5
208.
Vna^lsy-
ant
coB-
pamsatlan
admlulatratioB
5-2
111-9
u
58-9
58-3
63.0
70.3
55-1
67-3
57-0
52-8
59.3
7.1
8.0
8.5
10.3
10.0
10.3
7aii.i
227.6
260.1
299.1
316-9
360.6
333-6
361.2
515-7
113-11
II1.9
2.2
2.3
2.3
65.2
77.6
21.6
U6.7
52.5
13.2
9.8
12.2
2.3
1.5
1.5
2.1
1.9
2.1
12.8
153.3
H1.3
111.6
30-9
26.2
7-1
3-3
.7
.5
2.5
1.6
87-5
76.7
1.5
I19-9
59.1
53.6
37-U
16-7
12-6
9-9
1.7
1-5
1.0
9-6
6.0
.U
I169-6
I191.I
63-2
69->i
.5
.1
Dally fraaaury StateaantI«ss than $30,000.
formerly title Till of the Social Security Act.
formerly Title IX of the Social Security Act- Ineludaa anounta aqial
to appropriatlona to Xallroad Unaaployvent Inauraaca Adsiniatration
fond eqnlTal^nt to aaountt of taxea collected vith raapaot to tha
period froa January 1936 to June 1939. inclusiTa fron a^>loy«ra aubJect to the HailToad Unattploynaat Inauranoa Act (See Table 3 of S«ction I).
Prior to January 1, I9HO, fifures rapreaeut aaounts transferred to
Proa January 1 to July 1, 19I1O "Tranathe Old-A^ Baserrs Account.
fera" vara aada to the Fadaral Old-A^ and krrlTors lasuranos Trust
Subaeqaantly receipts haTe bssn deposited in tha Oaoaral Pttnd
fund.
of the Treasury and 'appropriated* directly ta the Psderal Old-A^
and SurrlTors Insurance Trust ^ini. Aacmsts shawm aa transfers refleet deductl-tns lAda for reiaburseaent to the Oauaral Kind account
to coTpr adaidstratlTe expoQses, tdiieh are shown :.8 ax,jaDiituras in
Section II, Table I.
I&cludee only expenditures froa appropriations made specifically for
adaimistratlTa aipenses relatlnc to tha Social Security Act: naaaly,
Public
health
work
5/
DspartBant
Children'
Boraaoi 6/
Maternal
and child
health
aerrlcaa
8-9
8.0
9.1
10.8
Serrieaa
for
crippled
shlldraa
3.8
2-7
u
3-0
5-5
labor
Chili
welfare
aarriee
D.
Ixoass
of
of
taxes
turaa
azpandl-
8.
5/
fcployaant
Serrlee
u
Hl.O 2/
1.8
l.H
1.5
1-5
u
1.6
1-6
l.H
l.U
1.3
2.0
ll-O
ll.ll
Bafonda
of
20.7
1-3
2.6
3-5
2-8
U.2
7.H
6.2
8.8
115.1
215.1
209.7
322.5
357.8
3H1.3
311-7
279-8
326.1
557-3
3-8
3-8
59-8
6-5
6.2
?•*
6.3
10.7
5.5
9.0
3.8
.8
.6
1.7
1.0
-7
-8
1-9
1-2
1-5
1.6
-5
10.8
.8
.6
-5
lll2-6
-6
Hi.
1.1
-6
.6
87.6
68-H
.2
1.0
^^'
3H.2
55.6
10-7
10-9
10-7
.2
--7
10.3
1-5
1:1
7-5
.1
1.0
.8
-1
I
.7
52-2
-36.9
10.7
US.
Social Security Adainiatratioa, DapartaaBt of Coaaerea, and Ikpartaeat of Labor; and adnioiatratlTe axpaBaas reiabursed to the Oenaral
Taai of the Treasury under Sectien 201 (f) of the Social Security
BagiBnln^ July 1, 19HO, includes also adaiBlstraAct, aa aaended.
fecludes admlnt strati re
tlTe expanses under the Vainer-Peyser Act.
expenses payable from other appropriations, principally for tha
following a^DClesi Bureaa of Internal Barenne of the Treasury
Ospartaent, and Public Baalth Sarrica and Offloa of IdneatlOB ef
the Tedaral Security A^uoy.
Be^nnln^ July 1, 19H5, pvaents prariously aade under the Social
Security Act were dlaoontinued, and thereafter ware aada under
proTialons of the Public Health Sarrica Act of ISHU.
Includes expenditures under Social Security Act by tha Uapartaent of
Labor thrau«h July 31, 19'»6.
Classified aa •liecmtlTe Office, Office for harganoy Manageasnt,
War Manpower Oo^laslon* thran«b July 31, I9H6.
- a.'propriatlens
Congress.
CoTer'.d
Second Daflolenoy ApprojJlatlon Act, fiscal year 1938. appropriated
IHl million for refunding to certain States portions of Tederal fcployers' tax for 1936 eollaatad undar tha Social Security Act.
'
V
u
g
1
...
..
Treasury Bulletin
12
Social Security Program:
Section
-
I
Budget Receipts and Expenditures
Table 2.- Railroad Retirement Act
(In lllloni of dollar*)
B«c«lpU
Tlieal 7*ar
or Bontk
I^)endlt\ir««
laxas on
oarrlars
and their
Adalal*tratlT*
expenavs
Total
•Btploysee^
19'*5
I9it6
150.1
109.3
121.0
136.9
170.0
208.8
267.1
285.0
282.6
I9'*l
380.
193«
1939
19I40
19U1
19l|£
Tranafari to
Railroad Betlraant Account
(tniat account)
123.3
128.2
11(8.5
121).
"•.3
1-5
U.9
76.8
UU.U
.It
Ul».0
April
May
Juno
2.6
12.2
112.0
U5.5
July
Au^oat .
Saptamber
6.0
13.0
116.3
19^7-January.
Tebruaiy.
March
.
.
.
Soarca:
•
1/
.1.1
.7
2-3
-8.7
-21.6
lltO.9
302.8
220.2
265-3
311.3
taxaa
4
21U.8
262.7
3O8.8
291.9
298.5
19'*3
igM*
turaa
1M6.U
107.1
120.7
2.6
2.9
2.6
3.8
7.6
5.t
2-5
110.
Izceee of
eipe&dlBafunda
of
295.il
11.
-1.8
26.3
-12.
-77.3
U2.9
-U.g
-76.6
.2
45.2
.2
.2
1.5
1-5
512.2
.6
3
112.9
-12.0
-110.5
511.6
506.2
-12.7
-116.0
3
•3
•3
Traasujy Statenent.
Leaa than $50,000.
Levied under the Ballroad Hetlreioent Tax Act ooBmenelo^ January 1,
1347; prior thereto, under the Oarrlers Taxing Act of 1937-
Z/
fially
^
Xnoludaa only expendlturat from appropriations made apeolfloally
for admlnlatratlve ezpenaea relating to the Ballroad Batlremant
Act.
Covered hy approprlatlona from the Oeoar&l Aind of the Treaauiy.
Table 3.- Railroad Unemployment Insurance Act 1/
(In allllena of dollars)
Standi turaa
Recelpta
Tlaeal year
or oonth
Ballroad
unemplojaeDt
insurance
contrlbutlona
AdffllnlBtratiTe expenses (Ballroad
tJneoployaent
Insurance idmlalatratloo Fund)
Total
^
2/
1938
1939
igito
'».9
19U1
6.8
8.5
10.3
12.1
13.2
12.9
1U.2
19142
19U3
19W1
I9it5
191*
19it7
19lt7-JBnuary.
.5
.5
5.0
10.9
6.U
8.2
IU.9
12.6
13.1
13-7
5.0
.1
3-'»
April
May
•
•
.
Source:
•
2/
2j
.
.
3.2
3-7
V,
•
5
•
5
expetidlturea
1/
.5
.1
7.5
^'
6.0
11.7
8.9
9.6
9.2
.2
.5
.3
5
5
Xzceaa of
U.l
-2.1
-2.1
2.7
-.6
.2
-5
.2
.u
-2.6
-5
-5
10.1
.5
.2
.5
.5
.3
2.9
.5
•
5
2.5
June
July
Aagast
Septemher.
2-5
2.2
.2
.5
.8
.
yehruary.
March
3.'*
Transfers to
Ballroad
UnemploTaent Insurance Account,
Unemployment
Trust Tund k/
Dally Treasury Statement,
Less than $50,000.
Operated as fiidlroad Uneoployiaent Inaoranca A4Blniatratlon TaaA.
Bepreeenta 10^ of contributions under the Ballroad Unemployment
Insurance Act; the remaining 90^ la deposited In the Ballroad Unemployment Ineuranoe Account, Unemployment Truat Dind (See Section
II, Tahia 3).
Excludes amounts appropriated to Ballroad Thiemployment Insurance Administration ?'and equlTalent to amounts of taxaa
collected for the period January 1936 throu^ Jona 1939 from employers subject to the Ballroad Unemployinent Insurance Act. These
5/
-3.8
9.7
10.1
aaounta a^e^agated $I7*7 nllllon and wore dlatrllmted \ij calendar
years, as followa:
1936, $2.7 mlllloni 1937, $5-3 lUloni 1938,
?6.8 BLillioa; and for the flrat six aonths of the calendar year
Theaa afflounts aira Included In Table I under
1939, $2.9 BlllloB.
Tederal Thunployiiant Tax Act (unenrpleyment Insurance).
Includea only expendlturea from appropriations made epaalfloally
for admlnlatratlTa azpanaae relating to the Ballroad Onaaploymeat
Insuranoe lot.
Bepressnta axoess fimda of the Bailroad Qneaploynent Inauranoe Admlnletration ftmd (under Act of Oot. 10, I9U0).
CoTerad by appropriations by Oongress.
7
.
.
H
7
75
Section
Social Security Progrram:
II
-
Statements of Trust Accounts
Table 1.- Federa! Old-A^ and Surylvors Insurance Trust Fund
(OiHul>tlT<
fna
ercaalistlaa - I>
fed of flso*l
7«ir or Bonth
Total
r«o«lpto
Apjaroprlft-
tloas
19U1.
2,5362
19lt2.
19W.
3,502.8
U,720.7
6, 116.0
19't5-
7,5'»9-8
•
I9i*6-
19^7-
765.0
1,155.0
1,705.0
2,393.1
3,288.8
10,iai.H
10,135.2
1/
2/
lalaaoo
l^xpaadad balaaea
SaXarloa,
BoraflD of
Old-a^ uid
SoTTlTor*
Insoraao*
Sata^nrMBoat
01d-«c*
%«naflt
pivvaoti
for adalnla-
tratlT*
•xpaatoa ZJ
Total
la
ants
Oaaaral
^lad
6fi2.3
U3.0
1,177.2
1,738.1
2,380.6
3,201.6
fc, 236.6
.1
777
19.3
19.3
87.1
lUJ.l
1*7. 1»
351
138.6
275.6
i»52."»
99-5
209.8
359.1
669.6
5't3.7
936.1.
1,291*. i»
783.5
l,10l».0
1,760.7
1,529.6
12.3
39-1
65.9
93.5
126.0
152.9
190.
206.0
1,803.9
1,568.9
1,608.1
1,61«.0
207.0
208.0
209.0
2ll».l
301.5
MOU.T
528.5
676.3
839-7
9,791.>t
larcst-
^
uit.e
839.8
839.8
g»9.o
l,8li6.5
1,889.9
1,180.
y
Dallj Traasurj Stataaant.
Xncludai tranaactioDa affactad uadar tha pradacaaaor 01d-A«a laaarra
Account.
OniSar Sactlon 201 (f) of tba toolkl Saearlty Act AMDdaanta of 1939.
8oure«:
of tellart)
17 -I
'»,Ul9.3
10,631.2
10,961.2
10,98U.3
.
Tat«l
•xp«adltnr«a
iQTOtt-
8,935.8
10,558.8
lu^utt
SeptoDbar.
Zntoroot
•nta
SJii.ii
7,021.3
8,259.5
9,719.0
19147-July
.
^
OoD^va*
782.7
1,199.6
1,792.1
193«1939-
llUon*
^
Ixpcndlturos
B*o«tpto
.
a
13
November 1947
19113
U
}
1,71A
2,397.
3,227
it,268
5,l4lt6
7,61»1.1»
25.2
8,798.0
21.0
8,827.3
30.
9, 11''.
Il
32 9
9,0911.11
8,700.3
8,700.3
9,000.3
1-9
3-0
d
52
6.1
10.8
7.0
*•?
20.
16.1
32.0
21.
"13.5
S9.2
7.3
iM.lt
72.11
5I1.6
358.8
27-7
55.6
5,1108.9
6,5116.3
7.5'i8.7
8,7»i2.3
6,6l3.l»
la dlaborclac
offlcar**
aeooaat
66.
Vadar praTlaloaa of tba Labar-Ndaral Sacurltj Act, 19U7, aalarlaa for tha loraaa of Old-ica *ad Sui-rlTora Inaaranea ara pa^abla dlr«otl7 fraa tha Tadaral Old-A^a and SarrlTori ZnavaBoa
trmat ttrnt.
Table 2.- Railroad Retirement Account
(OooalatlTa frtn orgaaliatioa - Za Blllloaa of dollara)
Baoalpta
Total
racalpti
ipproprlatloaa
h7 OoBcreaa
lataroat oa
lareataaata
l.U
3.6
1938
1939
II17.?
19>iO
390.8
506.9
650.9
871.5
3811.9
l.lUll.l
1, 1168.1
1,780.1
2,102.6
1,116.9
1,125.71,717.8
1,711
2.1
2,016.1
1:1
11.6
17.3
27.2
U2.U
62.3
<6.5
2,787.7
2,787-7
2,787.8
2,701.1
2,701.1
2,701.1
86.5
86.6
86.7
II16.5
26I1.8
268.!t
iiHl:::::::::::::::::::::::::::::
19113
I9l«
19115
igW
19117
19ll7-Jaly
Aacuat
Saptaa^ar
8our«ai
Balaaoa
Izpaadltaraa
Uaazpaadad balaaea
fed of fiscal
jaar or aoath
498.5
639.S
85I1.2
Saaafit
piTaaata
Total
ZaraetBaato
Xa Oaaaral
fead
68.1
82.7
92.1
79.8
l«5.6
298.7
1-9
87.
.1
.6
lOU.S
811.0
l,10ll.»
333.0
515.6
675-7
1,277.
66.2
76.0
91.5
178.0
1,312.2
1,329.8
318.
"J"
W.7
82I1.9
500.5
657.0
805-5
l.Z
17.8
18.2
1,1193.0
l,'i75.5
1,1158.0
1,300.0
1,283.0
1,265.0
175.2
173.6
173.8
17-e
I8.9
19-3
*?•?
1.2911.7
1.6
2.3
1.8
10.5
11.7
12.8
.2
13.2
10.8
*•!
1.6
U.l
1.1
79.ll
19I1.9
Za dlaborala^
of f icar' a accouat
•5
.9
Aall/ Traaaury Itataaaat
Table 3.- Unemployment Trust Fund
(OumlatlTa fron orgaaisatioa - Za Blllloaa of dollara)
Baoalpta
uraaoa
fed of fiscal
yaar or aoath
aetlTltlaa
Tota
raoalpta
Sapoaitl
IT
Stataa
1938
1939
1,076.2
19110
2,857-9
3,971.9
l,9ii».3
19I1I
19112
1913
191*
8,180
9,688
1
\^
10,968.11
19117
12,257.8
12,106.7
19117-July
iacaat-
.
-
•aptaaliar
12,551.11
12,59i'.3
Inaaranoa Aocoaat
Ballroad
.
anaBpl07-|
""*
y
Intareat
Trftnifert
.
Traaa,.jy,
froB
laaoraaea
Stataa
ooatrlba.
tioaa 2/
froB fi*llUae»ploTmant
Insuranoe
Adalnl It raroftd
tion fani.
f;62i.i.
5,935.0
27I1.3
7.28I1.3
383.
10,59U.6
10,837.7
10,850.5
502.5
618.
7I16.3
7U6.I1
7lt8.0
77I1.2
107.2
107.2
107.2
Total
Wlthazpend- dravala
Itxiraa
Stataa
il;5
82.6
131.5
198.9
192.0
633.8
1,133.1
1,688.2
2,065.U
192.0
633.8
1,116.7
1,550.0
1,918.0
17-11
281.il
2, 2111.5
29.1
38.0
377.9
2,302.1
2,092.11
2,152.ll
18.0
11,717 -3
9,550.3
10,555.5
•Bta
ltlt.8
105.6
181.9
8,5>I0.3
Inraat-
Tranafera
to Sailroad Unaaplojment
Inauranoa
Aoooimt if
y
1,098..2
1,869.•5
l.S
105-9
105-9
105.9
105.9
106.3
106.7
107-2
Bftlaace
Ii9«ndltxLr«a
St&ta tma«sio7aont Inaojranoa
aotlTltlaa
fiailroad UnamplOTnaat
Stata
unaaplojBant la-
k
66.5
66.5
66.5
2,373.'i
792-0
•1,388.8
2,222.5
3.350.8
It, 168.1
792.0
792-0
795.9
•1,1183.2
It,
U, 558.0
U, 622. It
11,331.2
•1,390.8
J. 519.3
260.0
Railroad
Uneaploy-
thxaxpendad
balanca
aant tnsuranca
Aocount
Total
Bonaflt
pajaanta
88l|.2
107.2
107.2
107-2
llt.6
i,72ii.9
2,283.7
ll.l
U3.2
,150.1
872.0
1,267.0
1,710.0
2,273.0
3,139.0
•1,367
•iu!6
.372.5
5,878.8
7,315.3
61.8
7,11119.1
7,1109.0
U3.5
7,869.0
7,652.0
u6.o
7,823.5
7,993.»
7.971.9
7.797.0
7,96U.O
119.6
12U.H
Zn
In dlaOanaral buralnc
offiTanA.
(Special cer'
SMpoalt account
Account
V
1,280.5
1.8
105.9
105.9
105.9
105.9
106.3
106.7
107.2
Xaraat-
anta
5,870.0
7.307.2
7,9511.0
13.5.
Treasury Bulletin
Ill-
CASH
TREASURY
The tables whloh follow present revised
figures on Treasury oash operating Inoome and
are
oase
oash operating Ineome or outgo,
net
where revisions
about
come
the
figures average
annual
Both the oash operating In|60 million.
and oash operating outgo totals are lower
new
the
in
in
minor,
deduotions
tirement
series,
for
are
prinoipally beoauee payroll
Federal Government employees' re-
nenoash transao-
now considered as
tions whereas In the old series they were treated
as
oash budget expenditures
flnanolal
governments,
and oash trust fund
reoeipts.
funds coming
The new
series
tables has been designed
of
currently a rather detailed analysis
are taxes,
public
of
ing,
Armed forces
analysis
operating inoome and outgo to
statement on oash borrowing pnd repay-
of
cash
include
a
ment
borrowing, thus permitting a reoonollia-
tion
of
of
the
oash
operating
inoome
and outgo
figures with changes in the Treasury General
F^lnd
this definition
leave bonds
turned
where
It
such bonds
in
are
veterans
for
'
Insuranoe
).
noted
should be
a -given net cas^
mean that the Treasury
debt by the same amount.
that
operating Income does not
can reduce
Some
part
the
of
publio
the
net
oash operating income may
Itself Involve inoreases
funds but not
of
balance.
of
provide an extreated as a noncash expenditure at the time of issnanoe and as a
oash expenditure at the time of redemption (except
the
falls outside
obligations are Issued as part of budget expendi-
premltims
in
less involuntary nature
minor exceptions). Borrow-
or
are
such special cases as when publio debt
in
Dally Treasury
Statement to a cash operating basis. Another
feature of the revised tables la to extend the
tranaaetlons
fund
treated as
are
retirement and pension
and other reoeipts from the
mora
a
of course,
exeept
publio
fees,
duties,
(although there
of the adjustments needed to translate budget and
trust
from the
in
payroll deduotions,
tures.
provide
and looal
State
the oash operating income series if they
parl^ of
ample of this:
to
institutions.
eto.
As a general principle it may be stated that
partioularly in the
in the old serlss
the
other
OUTGO
AND
The revisions
outgo for reoent years and nonths.
of
INCOME
the
by
debt held by
in
social security investment
cluded as
part of
trust
Thus, net reoeipts
the publio.
funds
are In-
the net oash operating Income
The purpose of developing Treasury cash
operating Income and outgo figures is to bring
even though they increase
together an analysis of the flow of funds to and
from the Federal Oovernment. Tigures relating to
such a flow of funds of necessity must eliminate
Treasury to the funds. A oorrssponding amount of
debt held by the public oould, of course, be paid
In this way it
Intra-governmental transactions.
is possible to derive a single figure for the net
available
cash
operating
Inoome
or outgo
of
the
Federal
Oovernment and its combined transactions with the
publio. The public, of course, Ineludes individuals, corporations, banks, insurance companies.
that
off.
publio
Hence,
to
public only
increase
debt
the
debt to the extent
the
obligations are issued by the
oash
net
reduce
debt
(rather than
operating Income la
the hands of the
In
the
total
General Fund balanoe.
debt) or to
Similarly,
would require inoreases
in the volume of debt held by the publio (unless
a decrease occurred in the General Fund balanoe).
the
net oash operating outgo
.
.
November 1947
15
Treasury Cash Income and Outgo
Table 1.- Su«iiary of Cash Transactions!/
(Is
llllOBt Of dollari)
at
Oaah opcrationt oth«r than borrovlii^
Fl |C«1 jrvar
or aoDtta
Oaah oparatlB^ Incea*
Oaah
kad«*t
ra««lptt
igltl
19U2
19^3
ISIA
19>»5
fatal
M.esi
1,210
1,065
IWO
108
k6,}ks
U,69h
96.767
61,376
36,2W»
36,225
-781
U,3l6
3,270
3,001
;
datlMtad)
ltO,952
IJltT-Jannarr
Nbraarj.
.
Maroh
iprll
••aj
J^aA»
Jnly
An^uat
Saptasber.
Oaah trnat Szohan^
StaMlladoount
•zpaadaatlon
Itorai
Kud g/
12,550
33.520
7«,»99
93,971
'',909
19U«
^
oaah
•paratlnc
InooBO
3,697
3,731
Claarlil«
acoount far
oatatandla^
ahaoka,at«-
Total
of
{-)
(-)
lation
*9,*7*
7,*39
-19,388
-6,20*
*,529
-10,*60
-10,930
2»
-**,9*5
-17, 899
6,658
5,*57
56
-102
-39
2,783
3,667
3,322
1,10<
1,*60
2,6>*
1(*
-.12
1,210
2,IW2
-22*
-758
li:r2
-555
39,985
39,
3.7>t5
lldt
»,373
5,701
75*
2*5
2;*6U
3,222
198
337
139
2,5*5
3,S6l
5,335
27*
3,619
3,112
H,9lU
102
2*3
257
33
25
-67
-37
-3
3,65*
3,351
5,193
-835
-35
102
-1,761
-SOJ
-»!9
2,350
2,516
U,5og
215
677
203
2,955
2,753
3,*65
261
205
279
30
21
9*
1*6
173
121
3,392
3,152
-827
*1
3,959
753
»f7
!»1
•aoi
2/
It abt Il-
?,*32
19,652
60,250
56,757
9*, 079
968
Bzehaafa
Aenaral
lyud
halanna
-*,689
-19,29*
-53.735
-66,095
1*,060
78,979
1,026
raparwat
terrovlu
or
ntfi
3*. 585
Aotoal flforaa ara baaad on tba Ikllj Traaauy Stataaaati aatlaataa
for tha flaoal ^oar 19*8 ara froa tha larlav of tha 19*8 Bad«at ralaaiad iii«nat 20, 19*7- For dotalla laa tablaa vhloh folia*.
Tha prataat tarlaa of data on Traasury cash Ineoaa and outgo vaa
flrat pnbllibad In tba Saptanber 19*7 Ittna of tha 'Traaanrjr
Soaroal
at
Caah aparatlD^ aatfo
Oaah
Vadtat
axpandIturai
2,o<3
515
010
903
7,287
191*
19^7
Oaah truit
aooonat
raoalpta
laoraaaa or
daaraaaa (-) la
Traaaiuy oaah
oaah
horrovlac
or
7*2
358
10^662
-1,800
-7*7
-239
332
552
A^llatla*. fha aatnro of tha ohan«aa froa tha preoadlnc
aorlaa vaa axplalnad In an aocaapanjlac nota.
Soa faotnota 2 to lablo 5 osdar *Tt«wV7 Oaah Incaaa and
*i»«o'.
Table 2.- Comparison of Total Budget Receipts with Cash Budget Receipts
(In
BlUtana of dollara)
Laaai
flaoal 7aar
ar aontk
Total
badgat
raoelpti
latareat
Total
(nat)
I9IH
19*2
19*3
19**
19*5
19*6
19*719118
•
(litlaatod)
19U7-Januai7
Tabnarr ...
Maroh
April
^ona
July
An^at
Saptoabar.
Souroal
•
.
•
ill othor
C^iltal atook
and paid-in
aurplua
laj^BfO
7,607
12,799
22,282
**,1*9
320
23
*7
68
1
2*
*6,*57
*3,038
*3,259
*1,667
109
153
313
715
83
90
91
95
3,820
*,378
5,701
75
30
5
5
2,556
2,865
5,*73
»<«7
Vonoaah bnd^t raoolpta
PoTaoata to Traaanz7 b7 Ooromaant corporatlona
2,397
2,536
*,872
5*
5
13
13
1(
13«
258
11
17
72
en
3
136
363
Aotnnl flfurea are baaad on tha Qall7 Traasnry S.atamont; ostlaatao
for tha flsoal 7<ar l^kt aro froa tha Darlov of tho 19U« Bndfot
roleaaad iacnat 2C, 191)7.
laae than t500,OM.
1*7
lU
*6,3*<
*2,885
*2,9**
*0,952
3,7*5
*,373
5,701
2,5*5
2, 861
5,335
20
2,350
2,516
216
*,508
*7
a
raoalpts
22,235
**.oei
11
U
bud^t
12.
2.776
26
?7
13
25
Kqualal
Caah
7,287
319
18
10
•
138
(ranafar
froa
taaraaant
to «>1(
.
Treasury Bulletin
16
Treasury Cash Income and Outgo
Table 3.- Comparison of Total Budget Expenditures with Cash Budget Expenditures
(In mlllionB of dollare)
loncaah bud^t expendituraB
I«B8i
Bud^t expenditures InToIrln^
Int«rest pojiaentB ty TreaeiuT-
Total
bad^t
flical 76ar
or mon^
Total
«xpendItures
To OoT-
On
•avlnsB
emfflent
corporations
and
Treasiuy (partially
ovned)
MllB
bozLds
deduction
TrajiBfert to for
OoTopntrust
To trust aocouBts ment •ployaos'
accounts
retlp«nent
3/
1/
19l»l
-20
-12
-7
-5
l,6U6
1,918
1,355
I.IMO
290
281
259
207
-108
-S6
-8
-5
•
II
36
lU
1
22
21
21
303
-a
-2
31
1
H£
32
1
H97
l»32
2H
20
23
267
91
35
-1
-1
-1
58
81
130
19I41
79,702
95,572
769
1,203
l,6oi
19^5
100,397
3'»2
igufi
19^*7
63, 71'*
112,505
19>tg
(Istlmated) 37,000
3,631
2,338
6,261
775
58H
1,*50
376
U2
32
98
383
739
626
19^3
3.U3
3,9W
19l»7-Janu«ry...
Tebruary..
Marsh
3.59«
Iprll
lt,002
Kv
3,851
•••
Jul*
Juijr
.
Aa^st ....
September.
3,669
3,060
2,932
71t
307
-533
25»1
a3
325
U29
567
U
22
'•35
W7
6l»6
500
731
59
18
66
16
20
19
51*8
l>6
51
273
9
13
Actual figures are based on the VaXlj Treasury Statement; estimates
for the fiscal year I9U8 are from the Bsrleir of the 1948 Budget released August 20, 19U7.
Less than »500,000.
Accrued discount on Barings bonds and bills less Interest paid on
saTlngs bonds and bills redeemed.
Interest payments to wholly owned OoTemjsent corporations ere not
deducted because they are treated as nogatlTe expenditures when
Source!
•
^
2/
Notes
Issued
Xxcess
to
profits
forces ^sted InterIntertax
leuT*
aerrtce
nAtloual refund est
^nde bonds BanX and bonds
fund 5/
M-
Avved
56
88
227
269
917
OoTemaent corporation
parents to Treasury
Issuance of U. S. securities U/
331
381
»35
556
167
207
13,766
19l»2
PaoTTOll
l,8>t6
4,309
Zaruln£s
Hepaynent of
capital
stock
and
paid-in
surplus
1
1,366
-9x6
I]
s^
108
lis
-970
-39
-12
159
-150
25
18
31
32
96,767
61,376
36,2W»
36,225
11
3
l»
1
1
136
20
-2
2l6
3,222
1
3,619
3,112
-3
U,9ll»
2
2.955
2.753
-1
-8
expenditures
12,850
33,520
78,499
93,971
2
J$
bud^t
115
39
30
5
-gl(0
Zqoals:
Cash
securities
18
136
38
17
72
221
H5
-3
1,109
D. S.
319
18
10
6
13^
Invest-
ments
In
6
^
recolTad by corporatiou; hanoe payment and receipt offset each
other In the expendltora series.
Tor detail, eee Table 3 under '^id^et Baoelpts and Kxpendltorea*.
Bad^t sxpendltores InrolTing the Isauaace of U. S. Becurlties
ara treated as noncash at the time of orl^nal paynient and as
oaah expenditures at the tine of redefflptlon. The figures shovn
are net issuanoes, or net redemptions (-).
See footnote 2 to Table 3 under treasury Cash Income and Oatgo*.
Table 4.- Comparison of Total Trust Account Transactions with Cash Trust Account Transactions
(In
BlUloBS ef dollars)
Tmat
TroBt account receipts
L«ssi
Tlsoal year
or Bontli
letal
raeeipts
Total
ooncaah
receipts
Interest
on
InTeatmenti
m
U.
S.
saourltlee
I9UI
2,638
3,191
3,926
5,053
19142
1943
19IS4
19^
I9irf
I9't7.,
.^
I9U8 (Estimated)
19U7 -January
.
.
Tebrriary..
March
April
Jane
July
Total
Boncash
expenditure a
Other
partially
By trust owned
accounts OoTernnent oorporatlons
Iquals:
Cash
expenditures
325
2,083
2,515
3,010
3,903
1,730
4,804
4,264
7,275
520
3,75?
3,784
7,167
1,338
1,925
3,004
4,128
5
88
167
-852
1,808
692
2,872
1,210
1,065
480
108
4,694
53
4,909
3,697
3,731
6,267
8,198
7,331
6,137
7,048
3,882
4,060
3,136
5,200
3,66s
3,362
3,048
299
l4l
147
-120
1,549
73
552
208
-781
4,316
3,270
3,001
7
144
410
213
251
225
88
127
218
49
10
362
75
113
5
198
337
139
151
855
1,360
49
612
1,103
5
7
6?5
781
-7
20
4
302
102
2*3
257
768
594
559
507
388
280
443
431
296
Jl
1,918
1,355
l,llK)
290
281
259
207
3U2
801
290
198
U7
98
••5
lU
71
16
1
22
21
21
24
20
23
9
9
IS
5U8
273
16
20
5
9
19
»
80
1
I16
>l62
1
497
1*32
570
295
U2
HonO':uh -expandltures
Inrestments la
U. S. seooritles
56
88
227
269
25l»
1,61*6
2I15
aecaint ei^endltores
331
381
435
556
167
207
567
646
731
785
973
•
for
empleyess'
Insurance
retirement
prealuju
'»29
763
Iquals:
Cash
receipts
Total
•xpendlitoree
OoTemnsnt
2,766
2,532
2,078
Aa^et ....
Sourcel
Armed
Payroll
forces
deductions
leare bonds
for
Other
redeemed
2,3g
September
.
Transfers
shown as
budget
expenditures
Less:
7,059
7,675
6,228
5,809
354
917
722
Mv
676
916
1,150
Woneaah reoelpte
13
5E7
10
9
274
7
2
203
1/
Actual figures are based on the Bally Treasury Statement; estimates
for the fiscal year 1948 are from the B^rlew of the 1948 Budget' released August 20, I9U7.
Less than $500,000.
^
2/
^
34
12
-89
2
72
261
205
279
Xxeludes olearlrg account for outstanding checks and telegraphic
reports from federal fieserre Banks.
I^lncipally net redemption or ismianee (-) ef obligations of
Ooremment corporations in the market.
Information not available after August 1947.
.
17
November 1947
Treasury Cash Income and Outgo
Table 5.- Comparison of Chan^ In U« 8. Securities Outstanding
with Cash Borrowing or Repayment of Borrowing
(In alllion* of dollars)
Inoreas* or dMreas* (-]
In U.
8.
X^iti
•ourltiet
Hat InTottnaati li
outatandlng
U. I.
Vlioal ymr
•r aonth
Publlo
dabt
Obllffr-
eca-
tlOBt
rltlaa
5.?9>t
21,
6l»,27H
gUl
-1,802
ft, 307
-2, '•77
19l»l
Wl
ISte
19^3.
19lt«
-li6«
57,679
1^::::::::::::
19'17
19l(g
(litUaUl)
10,7'10
-11,136
-5,0«6
-3«7
IP
-«9
19ll7-J«imKT
£S
D.
5.
6,835
21,659
63,806
61,830
56,U«9
10,783
-11,522
-5,058
•evltlai
By OoT-
Total
Oaarank«ad
Total
By tniat •mmaat
adoounts oorporatlOBS
proflta
tax
rafond
bonda
y
11,883
134
6,738
3,"W9
7.892
1,218
5,200
3,668
3,362
3,OU8
32lt
-108
-86
-8
-5
894
-970
-39
-12
342
S35
467
500
1)48
88
127
218
51
11
-3
42
159
178
-88
April
-l,'*23
-i»
-1,1*26
6U2
-57
-1
-88
J7
6iti
615
781
-I
l,l6l
6U9
1*3
U31
-953
53
-39
-88
-1U5
709
-10
-1
''^
-3
-956
562
356
-678
296
1,793
-1,309
2,1>I0
-916
271
17
125
-175
-8l«
-30
-121
-9U
AetuAl ficurat are ba«ad on the ftUlj Treasury Statement; estlmatea
for the fiscal year 194g are from the larlev of the 1948 Budget released iu«ast 20, 1947.
Uss than $500,000.
Issuances of U. 8. securities resulting from budget expenditures
are treated as noncash at the tine of issuance and as cash bud^t
expendlturee at the time of redemption. The flfuree shown are net
Issuances, or net redemptions (-).
Ixpendltures for U. S. nbssrlptlons to the capital of the International MonetoJT tnoA and the XntemFit lonal Sank for Heconstruetlon and CwTslopment require special explanation. United States
psTments to the ^ind In fiscal 1947 for example consisted of $1,800
mllllen paid from the Ixchan^ Stabilization ^ind (Table l) and
$950 million paid as kudfet expenditures (Table 3). Of this total,
$1,724 million (net) was Inrested in nonlnterest-beario^ V. S.
notes thmreby maklac this snount noncash expenditures during the
fiscal rear. Of the $1,026 million cash portion of the expenditures, $968 mllllen came from the initial Xxohan^^e Stabilization
-I
-1
-1
-1
-2
-2
Iqnalai
Caah
?lui
Oaah
laauanee
goarantaad
of nonobllsatlona
puj-anteed
borrovlnc
or
rapagnnent
of
ebllffatlona borrovlnc
of federal (-)
Treasurer 'a
not refleeted In
a^nolea
I
19
•
7
-95
-190
131
207
86
203
5,432
19,652
So, 250
56,757
49,474
7,439
28
72
-7
-31
-2
-2
-2
1,941
29»
256
«3
28
lat traaaaotlona In
aeoounta
58
81
130
213
1,560
-2,300
Saptemtoer.
^
Ireetta
-20
-12
-7
-5
-»2
-5
inlj
te«nit
forcoi
leara
bonda
lotai for
Adjuatad Interaarrloa aat tonal
Bank and
boada
Kind S/
39
5
203
206
-2,29"*
Jwu
Araad
Znteraat
on
aarlnc*
bonda and
Traaenry
bllla
1,33«
1,925
j,ooU
»,128
1,U22
2, 006
3.U61
lUroh
»V
lonoaah d«bt traatmctlom
Xtntanca of U. 8. •curttla* r«nltln^ froB toud^t axpendltiu-si
31
-3
J2
59
-2
-9
66
46
-2
-2
51
77
104
-2,84«
-1,761
-209
-859
5»7
291
-aoi
Aud
paTmant and the remaining $58 million represented redamptl oa
later in the fiscal year of notes assumed to hare been acquired
the Stabilisation Kind pajmant.
Accordingly, the noncash
payments to the ^ind are made up of $774 mlllloa from the Sxchange
Stabilisation Kind payment and $950 million from the budget payIn the case of the International Bank, a total of $476 milmeat.
lion was paid during fiscal 1947 - all in the form of budget expendlturee. On net balance, $4l6 million occurred as a nonoaah
axpandltnre because of the issuance of aonlnterest-bearlog U. S.
notes. Table 5 thus shows a total of $2,l40 million (netT of such
notes iesued to the two Inetltutions in the fiscal year 1947.
Budget estimates show that $916 million of these notes will be redeemed in the fiscal year 191*8, thereby increasing cash expendi-
throng
tures.
Accrued discount on sarlngs bonds and bills less Interest paid on
savings bonds and bills redeemed.
Includes borrowing through Postal Sarlngs System.
Table 6.- Cash Operating Income and Outgo by Months-'
(In millions of dollars)
AF>A«fi
Calendar year
Jan.
Cash operating Inooma
19«l
1942
902
2,922
19'»3
1944
1^'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.
1947
3,889
Cash eperating antgc
1941
1942
19^*3
1944
^'•S
1946
191*7
let oaah eparatlng IncOM
or outgo (-)
1941
1942
1943
1944
1945
1946
1947
V
S/
,
"kt* oot filled In
fiscal year ending
rat.
Nar.
Ajar.
*V
Jon*
tvXr
*>«.
S«;t.
Oet.
loT.
See.
Calendar
year
total
nacal
year 2/
18
GENERAL FUND POSITION
AND DEBT OUTSTANDING
Treasury Bulletin
November 1947
19
General Fund of the Treasury
(In aillloaa of dollvi)
iDd of flBCftl
7ttar or aoath
..
Treasury Bulletin
20
Means of Financing' Cash Requirements
(In
HllUone of loUan)
Moano of fiaaaeia^
laoont required to bo flajneed
fiscal 7«ar
or aontk
total
aaoimt
roqaired
to to
flaanood
1,177
193f
1939
ISW
BodcGt
dofldt
1/
let
decrease
la public
debt
3,910
6,900
19*3
19IA
S»,a7'»
6^,307
51,>»2>t
ig"*?
5«,>t70
19W
21,206
53,9>n
20,676
ig"*?
ll,SS>t
11,136
2,327
2,29>»
Ja&o
Jnly
la<aat
Septeabor
.
Soore*!
27
2/
.
1,613
23,
S.515
10,662
33«
2,222
6*, 27*
2,867
987
75«
i.HHs
987
1,'»23
67
57
1,>M)1
1,£72
52*
855
lacreaao la
pablle debt
953
I^llj Tr«*Biir7 9tatan«nt.
Ixclndea aaoonti for pil)llo debt retirement vMoh are chargeable te
the ainklng fmd, etc., under ipeolal proTlelene of law, and Inolodee
OoTemmdat oorpor»tietti (vholly ovned), 9to., (net).
Ooaprleee trust accormti, ealee and redeaptlone of obligations of
Wl
e»,27*
ft,307
57,679
10,7*0
75*
33
2i*22
2,327
706
*«*
2,102
63*
2,867
9«7
75«
125
125
332
552
7*0
3,275
2,528
5,99*
23,*<l
6*,?07
58,*70
21,200
11,68*
52*
5*«
i.zie
2,>»S
1,9110
^
5,910
6,900
7*2
35*
"•,529
19U7-Jaanar7.
IWbraarx.
Hajr
Bodcet
oarplao
*,ll8*
622
23,1*61
AfTll
total
aaoaat
financed
i,in
1,177
3,862
5,910
6,1$8
2i,k9l
19>H
. .
lot
OXpOBdltarOB
iB trofit
aceomitB,
lot doeroaeo
In Oeaeral
lyind balaaoo
otc. S/
19l»2
Marali.
Vot loereaoo
In Oenoral
Kind balance
'•35
i,*ei
855
1,9*0
lot
reoolpto
la tmot
accotmtB
etc. i/
98
33*
1,210
9*7
5^
791
io,*6o
10,930
628
1,6*2
317
22*
Ok
1,161
6*9
2,598
2*5
75«
2<9
99
239
206
1,9*0
OoTemaent corporation*, etc.. In the loarket, Inerament on gold,
elgntorace on tllrer, Biecellaneoae fUnde and aeeotrate, and
currently a clearing account for outstanding etaecke.and telagraphlc report* froa Tederal Beeerre Bank*.
.
Nowmhcr 194T
21
Statutory Limitation on the Public Debt and Guaranteed Obligations
Section ?1 of the Seoond Liberty Bond Aot,
as
amended, provides that the face amount of obligations
issued under authority of that Aot, and the face amount
of obligations guaranteed as to principal and Interest
by the
held by
United States (except guaranteed obligations
the Secretary of the Treasury)
shall not ex-
ceed In the aggregate 1275 billion outstanding at any
one time.
Obligations Issued on a discount basis, and
subject to redemption prior to maturity at the option
of the owner,
are included in the statutory debt lirai-
tatlon at current redemption values.
,
Table I.- Status Under Limitation, September 30, 1047
(Zn mlllloat of dollari)
M«xli]um aaovint of cecurltl<>ft which may be outstandlnc at any one time, under limitations impoted by Section 21
of the Second Liberty Bond Act as amended
275,000
,
iaount of securities outstanding subject to such statutory debt limitation;
U.
5.
OoTerofflent
secarlties Issued under the Second Idberty Bond Act, as amended.
258,275
76
Ouaranteed securities 1/
Total aso'ont of securities outstanding subject to statutory debt limitation
258.351
I6.6U9
Balance IsBuable \mder 9ucb authority.
So^iTcai
1/
Publlo Dabt 8«rrlc«.
fxelodei foarantaad •eovirltlst held by the Treasury.
Table 2.- Application of Statutory Debt Limitation to Public Debt and Guaranteed
Obligations Outstandlnff, September 30, 1947
(In millions of dollare]
Public debt and guarantead obligation* outatandlnc
Subject to
statutory debt
llmttatloa
^bllc debt and guaranteed
Depositary bonds
AjToed forces leave bonds
7,8>*0
7,8llO
U9.636
69.6e6
U9,636
69,£8£
165
167.781
Non-«arkfitable Issues:
tr.
S. saving bonds (current redelffptlon value).
Treasury savings notes
v
.
.
165^
167,
^S
51,759
5,531
326
1.025
.
58,6l«
58,61iO
Oovemment agencies and trust funds-
29,520
255.9^
Total interent-bearln* securities
Matured securlttee on which interest has ceased.
Obligations bearing no Interest:
Ihlted States savings stampsXxcess profits tax refund bonds
Special notes of the thilted States:
Intematl onal Konetary Kind Series
International Bank for Baconstructlon and Itovelopawnt serlea
tblted States notes (less gold reserve)
Dsposits for retlrsTient of national bank and Tederal Baserre Bank notes.
Other obligations bearing no Interest
29,520
165
g3
^
n
''I
1.579
316
191
503
lis
2,085
700
2,785
258.275
870
191
112 2/
Total public debt.
Guaranteed securities }/'•
Interest-bearing securltleiMatured debt
70
Total guaranteed securltlos
76
258.351
2/
2/
259.
i"*;
70
6
6_
Total public debt and guaranteed securities outi^tandlnc*
256,107
2U8
1,57?
316
Total obligations bearing no Interest.
Public Debt Serrlcs.
tseues vhlch commercial banks -nay not acquire prior to a specified
date (with minor exceptions).
See footnotes to tables on "Public Debt
and Ouaranteed Obligations of the United Statue OoTemnent Outstanding.
165
51.759
5,531
Total non-marketable issues
Special issues to
2u'89b
2U'89H
^.
Total marketable Issues
XJ
Total
limitation
obllgatloDfi out>itandlD^:
Public debt:
Interest-bearing: secoritles:
Karlcetable laBues:
Treasury bills
Certificates of indebtedness
Treasury notes
Treasury bonrts - bank restricted
Treasury bonds - bank eligible
Postal saTlnge and other bonds
Source:
Hot covered by
tatut(uV debt
76
870
^59.221
Consists of prepayments on Treasury bonds. Investment series,
dated October 1, 19'i7Isludes guaranteed securities held by the Treasury.
22
Treasury Bulletin
Public Debt and Guaranteed Obligations of the United States Govenaent Outstanding
Table 1.- SuHUU'y
. .
23
November 1947
Public Debt and Guaranteed Obligations of the United States Government Outstanding
Table 3.- Interest-Bearing Guaranteed Obligations (All Public lesuesll/
(In llllooo of dollaro)
Markatabla
lad of flioal
/•AT or Boath
w»
Total
Total
5,^0
206
206
5, "^8
"107
6,360
U,5l)9
696
701
3.908
1,190
»12
Ul2
>t,»53
1939
5,*50
19IIO
I9l»l
6,560
19U2
'•,092
ISl'S
191*
Coaaodltj
Crallt
Corporation
Fodoral
Para
Nort(a(*
Corporation
rodaral
Hoaaln^
Idalnlotration
1,'tlO
1
1,379
1,269
1,269
930
17
21
rnklla
Ratulnx
Boao
Ownori'
idMnlitratlam^/
Loan
Finaaoa
Corporation Corporation
930
2,937
2,928
2,603
U"»
llU
226
3
8
Rooona traction
Total
Coaaodity BaoonatrucCradlt
tlon fiaanoa
Corpora- Corporation
y
tion 1/
299
820
2, "109
u
l.?63
,«19
1,533
896
755
32«
68
150
119
176
19*5
19W
I)
19'»7....-
«3
3«
38
15
ISUT-Jmaanr..
262
U6
I16
PobniAry,
Narch
181
179
I16
k6
k6
M6
217
135
130
217
135
130
April
171
171
126
129
126
ItO
l40
•Uy
J«n«
July
ia^Tist
.
.
Septaa^er.
^
U6
3«
«3
3«
7U
3'*
3'*
73
3"*
3*
70
31*
'I
36
12?
"^
39
Soureoi
Z3^ly Troaoury Stataaoat.
Footnotoo appaar at tho and of Tabla U.
Table 4.- Special Issues to United States Govemnent Agencies and Trust Funds
(la ailllona of dollara)
Ind of flBOal
yaar or aonth
1938
Total
19'»2
2,676
3.770
»,775
6,120
7,885
19*3
10,871
19^
l'»,287
19*5
18,812
22,332
27,366
19W
I9S0
I9IH
19W
19'»7
I9't7-Jaanary.
Tadaral
Oopoait
Inaaranoa
Corporation
m
101
56
90
95
105
98
97
120
km
ladaral
01d-i<a
and
SuTTlTora
Inaaraaoa
Troat Toad
662
1,177
1,73«
2,381
3.133
>>,0>A
>t,766
9,308
5,910
7,104
6,ltlio
OoTBm-
Tadoral
9aTlB^
OoT«m-
and Loan
Inauranoo
Corpo ration
Mnt
tltm nnployeei/
Insorana* ratirafund
•nt
funds
796
39
56
106
27
37
938
502
1,076
1,469
1,868
2,177
2,460
352
1,213
3.187
5,240
6,474
199
268
464
782
1,628
1,236
1,236
1,236
2.379
2,376
2,369
9,725
9.765
5,789
2,377
2.373
2,460
2,460
2,706
2,707
'^
Tabmary.
2U,938
25.183
2(<
6,lrto
2)18
6,680
29,280
26,186
27,366
277
6,680
6,680
7,10U
59
60
62
1,236
1,231
7,062
7,062
7,362
(M
64
i,25H
65
1.253
Jaly
facoat
9«ptaBl}ar.
Source:
*
1/
SJ
^
U/
28,916
29,220
29,520
Jo".
5l'»
602
609
1.25**
1,251*
Trearor/ Stateaeat.
$500,000.
Bxcludae ffUAraDteed i«curttiet h«ld bj the Treasury and ••curltiei
j;uarant«ed ai to Intereit oalj.
Include! t)nlted 9tatet eaTln^e etaaipa, ezcese proftte tax refund
boDdt, and eurraDC7 Iteai.
Tor current-aoDtfa details, see Table 2
under "Statutory Lladtatlon on the Public Debt'.
Includes $113 allllon of prepajmentt on Treasury bonds, InTestnent
series, dated Oct. I, 19U7.
Bask restricted Issues are those vhlch coatnerclal banks (banks accepting demand deposits) are not pemltted to acquire prior to a
specified date with three exceptions:
(l) concurrently with the
Uth, 5(b, and 6th Var loans and the Victory loan, connerclal banks
were pensltted to subscribe for Halted InTastBent of their saT-
§1
45
128
97
88
66
nnoaployaoat
Truat
fund
Adjuatad
Sarrlce
Cartlfleata
fund
872
1.267
1,710
2,273
3,114
26
20
178
319
501
657
806
••.257
18
17
14
12
990
l,0l4
l,04o
819
802
787
6,869
6,96?
6,944
5.«13
6,278
6,474
1,066
1,294
1,628
817
801
806
6.91?
7,094
7,1»2
12
12
6,520
6,560
6,585
2,226
5,406
2,4o6
1.300
1,283
1,265
7,087
7,254
7,244
12
3
67
5,610
6,747
6.699
7,1»2
Mutual
Mortga«a
laauranca
and Var
Houainf
laauranca
Toada
11
19
18
12
18
12
12
18
18
18
12
12
6
6
22
22
18
18
22
22
in^
Da,ll7
Uf
a/
Ball road
Ratiraaaat
Account
?2
92
5
5
97
98
59
iprll
Llfo
laanraaca
fond
Poatal
BaTla^a
Syataa
396
»73
2'»,777
Hay
Jaaa
lational
-Sarrloo
523
937
924
931
937
.
March
ent
thu
^
6/
dapoalta; (2) coamarclal banka any taaporarlly acquire iiuh
iaiuoa through forfoltura of collateral; (3; conTorclal banka My
hold a Halted amount of auch leauea for trading purpoaaa.
(See
Treaaury Bulletin" July 19I46, pagea A-9 and A-IO).
Conalati of adjuited aerrlce bonda (until they aatured on June I5,
194^) and depoaltary bonda.
laae changed froa Toderal Public Boualng Authority (originally
U. 8. Boualng Authority) purauant to Raorganliattcn ?lan 16. 3 of
1947.
X/
4/
3/
Conalata of deaand obllgntlona atated ao of the cloee of the praTloua aoDth, In accordance vlth the Iklly Treaaury Stataaaot.
Conalata of Beconatruetlon Tloanee Corporation notea, Serlea I-A,
X-6, and X-C, which were held by Dnlted Statea OoTarnaont corporatlona and credit agaoclea.
Includaa Canal Zona Poatal Sarlnga Syataa.
.
Treasury Bulletin
21^
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed
Obligations of the United States Goyemment
Pabllo debt and goarantesd obligations
Xnd of fiscal
-year or month
Coaputed
Interest-bearing
debt outstanding
Interest
charge
(In millions of dollars)
Computed
riTmni rate
of Interest
(Percent)
Ul.ltsg
1,068
2.57?
''5,336
47,87'*
1,11*9
igito
2,53'*
2.5ll»
19IH
5"*, 71*7
1938
1939
i9te
76,517
19'»3
139A72
19U4
19"^
201,059
256,766
26«,578
255,197
191*6
I9hl
19l»7-Januai7...
February.
258,61*0
258,291*
Harah
255,976
i^prll
25'*,
Htf
255,11*6
June
255,197
July
iugost
September.
598
256,395
257,183
256,177
1,203
1,335
1,729
2.1*38
PitbUe debt ]/
Compnted
Zntereat-bearl Bg
debt outstanding
(la
llllons of dollars)
36,576
39,886
1*2,376
1*8,387
2.260
71,968
135,380
5,357
5,376
1.978
1.925
1.935
1.995
2.107
5,327
5,336
5,319
2.059
2.066
2,078
5,318
5,3W.
5,376
2. 089
5,i*2l»
2.115
2.125
2.127
2,759
3,869
'•,969
5,'»6>«
5,l*U9
2.091*
2.107
Interest
charge
Guaranteed obligations Z/
CoBputed
annual rate
of Interest
Znterest-bearlng
debt outstanding
Computed
annual
Interest
charge
Computed
annual rats
of Interest
..
..
25
November 1947
Analysis of Iseuance and Retirement of Public Debt
(Id BlllloDi of dollari)
lot
ohanco
Public
dobt
oukFlioal 7««r
or aonth
Pobllo d«bt recolpta
(latuaLDC* of publlo dobt)
Public ItlOtft
1&
•sd of
fito&i
7«*r or
onth
Cart If 1.
cataa of
public
dabt
during
flao&l
fmr
OMh
Total
or
inl*t>t-
•dneti,
•pcelal
Mrlei
•ontta
Publlo dabt arpaodlturaa
(Batlraaant of putlle datt)
Ribllc laraaa
Spadal BOtaa
Intama-
ixned
t local Bank
Jnatod forco*
for Eeeon•errloo laaTo
atructlon
bonda
bond*
and Da-
Intern actional
Monotary
fund
aarlaa
ralopfflant
1/
Sxcaaa
proflta
tax
ra fund
bonda
Special
lianaa
Iz-
total
Caah
1/
Cart If 1cataa of
IndabtIzadaaaa,
chaii^aa
apaolal
aarlaa
Spwslal
laaoaa
aarlaa
19'H
19'»2
19w!
tUo
3.275
2.528
37.165
Uo.UUo
U2,96(
Ug,q6l
1938
1939
-19'W
'.'.'.'.'.
19^5
igw
19''7
136.696
201.003
258.682
269.U22
258.286
Wl
6U.27U
6U.)07
57.679
10.7'W
-11.136
628
ISUT-Jan.
Ttb..
Mar..
259.776
261. Uig
1.61»2
259,1*
-2,291*
Apr..
257.701
258. 3U3
258.286
-l.'t23
259, IdW
1,161
260,097
259. 1U5
eii9
Majr..
Jona.
July.
Aug.
S«pt.
Sourca:
•
1/
13.166
17.8U7
37.16U
5.99'»
23.
U.776
7.U75
9.621
i3,ogit
303
122,632 9l>.96l
153.785 123.958
179.159 129.663
150.988 103.116
127.761 71.'>12
17.911
-953
596
l,ltU2
1(91
It
I.8U7
566
1,782
7.817
6.201
6.196
278
269
303
159
1,782
2l*,0't6
5.627
3.102
3,222
267
91
35
lO.gUU
7,381
12,605
2,291
1,526
1,8*7
7.573
7.819
8.881
9. 809
10.638
11.853
13.703
2,159
2.567
3.ll»2
30.388
ii.uge
12.536
8,936
6U2
-57
2,67U
3,035
2.812
13
7.19'*
10,1)62
131*
18.790
89U
88
3't.l83
-2
31,036
31.758
5.876
8.318 58.358 33.671*
lO.illl
89.1178 63,202
lU.Uio 121,1*80 77,1*08
16,263 ll*0,2l*g 95.985
20.398 138.897 91.776
257
178
295
3.13>*
3.9«7
2,lU2
1,321
3.533
705
159
It.
7,238
5,080
10,273
U9
Sally Traaaury Statanant.
Laaa than 8500,000.
Ixelu&aa oartlflcatae of Inda^tadnaao, apeelal ariae.
2/
5.166
5,301
5,680
5.816
8.693
10.85?
10.891*
11.231
157
17.911
8.795
7.177
3.616
U.l*9lt
1.279
731
9,683
6,732
2,316
1.36
13,557
1.1*73
2,ll*6
3.11*2
2.896
U.iii
596
l.Ult2
5.332
1*91
18,790
6.991*
U
3>t.l83
U8U
31.036
31.758
9.885
12.7**
7.l»ll»
2l*,103
i.oUi
3.035
2.812
303
7.659
6.930
9.038
93U
16,08U
2.671*
i;62i*
3,ll»8
I5.36»i
3.13U
65
3.W
18
2,ll*2
50
1.321
3.533
».705
60
28
ii*.903
7,238
5,060
10,273
129
27
136
Co&alata of apecial aarlaa of eartlflcataa of Indalitadoaaa laauad
directly and aolaly to fadaral Saaarra Banka,
Composition of the Interest -Bearing Public Debt
iDtaraat-baarln^ public dabt outatandloc
(In llllone of dollara)
Pareant of Intaraat-baarln^ publle dabt
Public laauaa
of flacal
yaar or aonth
Hotaa
Bonda
bd
To tail
Markatable
22.0U3
25. *1*
26.751
Markatabla
1.556
2.151
3.166
*.555
10,*96
9.1*7
7,2*3
6.383
5.698
6.669
3.015
9,168
17.*05
23.*97
18.261
8.1*2
1938
1939
36.576
39.886
19W
19'»1
1*2.376
1*8.387
191*2
71.968
38,281
19*3
135,380
199.5*3
256.357
268,111
255.113
57,716
79.**0
106,6**
119. *89
21.70*
35.298
*6.09O
*9,*62
53.*85
258.376
258.113
255.800
119. *89
119. *S9
119 .*89
51.567
52.195
52,713
25U.*27
25*.975
255.113
119. *89
119. *89
119. *89
256,321
257,110
Saptaabar... 256,107
119, *88
119, *88
119, *88
19'W*
19*5
19W
19*7
l?U7_jaBuar7.
Pabrunry.
Maroh
.
Ipni
H<W
Juna
July
Au^st
Bourea:
.
30.1*11
U9.502
Sally Traaaunr Btataaant.
Nonnarkatabla
HonBarkatabla
Publlo laauaa
Cartlf.
Icataa
of
Indabtadnaao
Bonda
Bllla
Spaelal
laaoaa
Total
2.676
3.770
*.775
6.120
7,885
100.0
iOO.O
3,096
1.15*
I.3O8
1.302
1,603
2.508
7.*95
9,557
10.136
6.711
5.560
16.561
28,822
3*. 136
3*. 80*
25.296
11.86*
1*.73*
17.0*1
17.039
15.775
10,090
10.090
8.1*2
5.590
5,570
5.l**3
29.791
28.78*
27,792
53.135
53,338
53.*85
8.1*2
8,1*2
8.1*2
5.*77
5.525
5.560
53,70*
53.857
53.109
8,1*2
8,1*2
7.8*0
5,592
5,W2
5,531
lotaa
MarkaU Boncarkatabla
abla
100.0
100.0
60.3
63.7
63.1
62.8
53.2
1*.6
10,871
1*,287
18,812
22.332
27,366
100.0
100.0
100.0
100.0
100.0
*2.6
39.8
*1.6
**.6
*6.8
16.0
17.7
18.0
18.*
21.0
17.07*
17.0*8
17,038
2*, 777
2*. 938
25,183
100.0
100.0
100.0
*6.3
*6.3
*6.7
19.9
20.2
20.6
26.29*
26.29*
25.296
16.610
16,002
15.775
25.280
26.186
27.366
100.0
100.0
100.0
*7.0
*6.8
*«.8
20.9
20.9
21.0
25,122
25,025
2*, 89*
15,756
15,735
15.725
28,516
29,220
29,520
100.0
100.0
100.0
*€.6
*6.5
*6.7
21.0
1.00.0
20.9
20.7
KonMarkatmaikatabla
abla
25.0
18.2
15.1
11.8
9.3
3.9
3.9
3.2
3.2
3.2
3-1
Oartlfleataa
of
Indabtadnaaa
•paelal
laauaa
3.2
7.3
9.5
11.3
12.6
11.0
*.2
*.3
3.3
3.1
3.3
3.5
u
*.0
2.5
2.2
12.2
1*.*
13.3
13.0
9.9
8.8
7.*
6.6
6.*
6.2
7.3
8.3
10.7
2.2
2.2
2.1
11.5
11.1
10.9
6.6
6.6
6.7
9.6
9.7
9.8
2.2
2.2
2.2
10.3
10.3
9.9
6.5
6.3
6.2
9.9
10.3
10.7
2.2
2.2
2.2
9.8
9.7
9-7
6.1
6.1
6.1
11.1
11.*
11.5
8.0
7.2
.
.
••
Treasury Bulletin
26
Maturity Schedule of IntercBt-Bearlng Public Marketable Securities
Issued by the United Statesi/
As of September 30, 1947
(la alllloae of dollari)
Aaoont of aaturltlet
Aaount of aaturltlea
Year
and
Daaerlption of •eenrltj 2/
ODth
Date
bank reCallatle Istuea stricted
claailflad by
laeuai
Tlxed
year of:
baeoaa
Matubank
rity
Plaal
laauaa rirat
atu- eligible
eaU
rtty
Tear
and
Description of lesurlty 2/
oath
Date
bank reCallable liauei stricted
claaelfled by
issues
Fixed
becoae
atu- year of:
bank
rlty
Haal eligible
iiauea yirat
atuoall
2J
rlty
1951
1917
Oct...
Sllll
Cortlfieataa - 10/1/1*7
U-l/ki iond - IO/15/U7-52
7/8)1
lOT.
.
T/H
Dm...
T/Bt
2Jl
1111a
Certificate
Mar... 2-3/1* Bond - 3/I5/U8-5I.
5,908
1,1*0
759
June.. 2*
Bllli
Certificate - 12/1/1*7.
Bond - 12/15/1*7
Bond
Bond
Bond
Sept..
1,775
5,010
3,281
701
I, Oil*
- 6/l5/'»9-51.
2-3/1** Bond - 6/I5/5I-5U.
1*,807
- llJlPil-.
Bond
1,223
- 9/15/1*9-51.
- 9/15/51-53- 9/15/51-55.
Bond - 12/15/1*9-51.
2*
2-1/M* Bond - 12/15/51-53.
Bond - 12/15/51-55.
Zf
1,627
1,292
7,986
755
2,098
1,118
510
83,681
Total
11,99s
Total.
5,628
19U
1952
Ju..
7/S)l
Certificate - 1/1/Ug...
3,131*
r*b..
7/g*
Certificate - 2/1/1*8...
3,91*7
Mar..
7/8*
Certificate - 3/1/1*8...
Bond - 3/15/U8-50
2-3/1** Bond - 3/15/1*8-51
2.ii*a
7/8*
Certificate - U/1/U8...
1,321
2*
7/8*
Certificate - 6/1/1*8...
1,777
3,062
3-1/8* Bond
Bond
2*
Jona.
»
1-3/1** Bond - 6/15/1*8
July.
Rapt.
Oct..
Sec.
7/8*
7/8*
7/8*
Certificate - 7/l/l*8-T.
Certificate - T/l/hg-H.
Certificate - 7/1/U8-H.
Bond
.
6/15/52-5''..
.
6/15/52-55..
Sept.. 2-1/2* Bond
.
Bond
'
1,963
1,021*
5,825
1,501
1,186
9/15/50-529/15/50-52..
12/15/1*9-52.
12/15/52-51*.
1*,939
1*91
8,662
"51
Bote - 10/1/1*8
U,092
Bond - 12/15/1*8-50....
8,579
1953
571
29,751
17,012
Total.
1,127
2,209
3,71*8
Total
.
2,71*2
1-1/2* Hote - 9/15/'«
2*
3/15/50-52..
3/15/52-5U..
.
2-l/l(* Bond
June.. 2*
1,115
1,223
2-1/^ Bond - S/l^/he
1*
Bond
Mar... 2*
2-1/2* Bond
June..
2*
Bond
-
6/15/53-55..
Sept..
2*
Bond
-
9/15/51-53.
Dec,
2-1/2* Bond - 12/15/1*9-53.
2-1/1* Bond - 12/15/51-53.
2,910
725
7,986
1,786
1,118
725
10,890
I9U9
June.
2*
Bond - 6/I5/U9-5I
1,011*
Sept.
2*
Bond - 9/15 /''9-51
1,292
Mar..
2-1/2* Bond - 3/15/52-5'*..
I.02I*
Dec.
Bond
2*
3-1/8* Bond
2-1/2* Bond - 12/15/U9-53----
2,098
June.
2-3/1** Bond - 6/I5/5I-5U..
1,627
5,825
- 12/15/1*9-51....
- 12/15/1*9-52
195'«
Bond
2-I/I1* Bond
6/15/52-51*..
- 6/15/5'*-56..
Bond
- 12/15/52-51*.
2*
1*91
1,786
-
681
8.662
6,682
Total
681
17,158
1955
1950
1,115
Bond - 3/15/U8-50...
Bond - 3/15/50-52...
Mar...
Mar... 2-7/8* Bond - 3/I5/55-6O..
1,963
2-1/11* Bond
2*
Bond
-
6/15/52-55..
6/15/53-55..
1,501
725
Sept.. 3*
Bond
-
9/15/51-55..
755
Dee... 2*
Bond
-
12/15/51-55.
510
June.
1,186
Sept.. 2-1/2* Bond - 9/15/50-52
Bond - 9/15/50-52
2*
2.611
-
'',939
571
Bond - 12/15/'»8-50
2*
1-1/2* Bond - 12/15/50
i,635
Total.
2,635
8,088
1,687
Total.
(Continued on following page]
2.611
3, '•91
y
.
November 1947
27
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States V
As of September 30, 1047
(U
AaouDt of Baturltloo
Daacrlptlon of ••ourlty 2/
riiod
ktnrlt7
JasQBt af aatarltlx
ro-
Callablo laiuoo trlctod
clasiiridl t>7
loouai
7«ar of
boooao
baak
riBsi
Tint
•llClblo
Tur
Doocrlptloa of •ciuitj 2/
1
Gall
at»rlty
27
Oat*
baalc
•nd
Bonth
(Continued)
-
llltoDi of lollari)
aoBtta
rizad
ata-
Data
bank r«-
CallaM* Ittoat •trlctad
oiaailflad by
i„u».
ymr
afi
ri «7
Vint
ltwa09
V
•11
riaal
atn-
bacoa*
bank
allclbla
i/
196lt
1956
Mar..
2-l/2)t Bond - 3/15/56-9*-.
Jona.
i-im
Sapt.
2-3/1* Bond - 9/15/56-59..
2-l/M# Bond - 9/19/56-59..
Bond
-
l.>*9
6/l?/5U-56..
681
Dae..
982
681
2-l/2)(
Bond
3/15/56-58.
Jaaa.
2-3/l|f Bond
6/15/5«-63.
6/15/6U-69..
3,761
V15/53
-
12/15/6)^69.
3,838
9/19/93
7,S00
1965
199*
Nar..
-
2-1/2* Bond
Tatal.
3,K3
6,293
2-1/2* Bond
Nar.
2-1/2* Band
-
3/15/65-70..
Dae.
2-3/¥ Band
-
12/15/60-65.
2/1/9*
5.197
l,l»85
l.'t*9
9,197
l,'«5
919
919
1,'*9
1966
Nar..
2-1/a*
-
3/15/66.71.
3,'Wl
12/1/91
1959
JvBa.
2-l/l# Bond - 6/15/59-62..
Sapt.
2-3/1* Bond - 9/15/56-59..
2-1/1* Bond - 9/15/56-59..
Bac.
5,2«U
6/19/52
1967
Jnaa.
9C
3,«23
2-1/1* Jnnd - 12/15/59-62.
12/15/58
Total.
8,75'«
2-1/2* Bead - 6/15/62-67..
2-1/2* Bond - 6/15/67-72..
2,118
7.9*7
Sapt.
2-1/2* Bond - 9/15/67-72..
2,716
Dae..
2-1/2* Bond - 12/15/67-7*.
11,619
Tatal.
12,371
't,80l»
i960
9/9/92
6/19/62
12/15/62
2,118
1961
Nar..
2-7/* Bond
-
3/l?/55.«o..
2,611
2-1/2* Band - 12/15/63-68.
2,831
Jana.
2-1/2* Bond - 6/15/fl»-69..
3,761
'•/19/93
Sao..
2-1/S* Bond - 12/15/6Mt.
3,838
9/15/53
Tatal.
7,600
Dae..
Dae..
2-3/1* Bond - 12/15/60-65.
l,l»85
Total.
l,lW5
1969
2, 611
1961
Jma.
Panaaa Canal ¥and
6/1/61
12/1/52
50
1970
1962
Jaaa.
Sac.
2-1/1* Bond - 6/15/59-6S
2-1/2)1 Band - 6/15/62-67
5,28l»
2,118
2-1/1* Bend - 12/15/59-62
Total.
6/15/52
5/5/52
12/15/52
2,U8
Nar... 2-1/2*
- 3/15/69-70.
9,197
2/1/5''
2-1/2* Bend - 3/15/66.71.
3,'Wl
12/1/9'*
Jvaa.. 2-1/2* Bond - 6/15/67-72..
7,967
6/15/62
Sapt.. 2-1/2* Bond - 9/15/67-72.
2,716
1971
8,75»
19T2
1963
Jaaa.
l-il>4 Bond - 6/15/58-63..
9ae..
2-1/2* Bend - 12/15/63-68.
2,831
Tatal
2,831
Sonreal
^
^
Z^lj Troasnry
919
12/1/52
919
Statenant, iad roporta to tha Traa«\U7.
Ixcladat (1} postal larlnc* boodt and (?) Federal Honslac Idalnlntratlen dabentorat (tha only Interett-bearlnc public aarket&ble
foarantoed •aeorltiea outetandlac)
It thoxild be noted that eallabla lienea appear tvlca In thli eolnan,
ensa In the year of flret call and a^nln In the year of final aatnnty. Callable ieauei vlth reepeet to vhlch a definite notlee of
eall hoa been Bade, howOTer, are lilted as fixed matnrltlea.
fbr
Dae... 2-1/2* Band - 12/15/67-72.
U,689 12/15/62
Total
22,372
date of lesue ef each fleoarltx, aaa phcpter on "Prleea and Tleldo of
OoTemaent 8aeurltlee''t far tax etatna, aa* ahapter on "Ovnerehlp
of Oorernaent Seonrltlea*.
Bank reetrloted Issuea ai^ aot be acquired
aoaaaralal banke (irlth
minor eiceptlona) prior to a ipaelfled date
feotnotea to tablea
on l^ibllc I*bt and Ooaraataed Obllfatloa* of tha kited Statea
QoTemaant Oat«tandla4*.
I
V
I
28
Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness
Treasury Bulletin
Nowmhor 1947
29
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States
Ikte of
refunding
30
Treasury Bulletin
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
Offerings and Maturities of Treasury Bills
(Aaounte in dlllioQB of dAllare)
Date of
leaua
November 1947
31
Sales and Redemptions of United States Savings Bonds
United Statee laTlngs bonda were first offered for
sale
Harob
In
Bonds
1933-
between Marob I933
and
series A-D were sold
of
Series
April 1941.
bonds have been on sale slnoe May
E,
F,
and
19'(^1.
1,
certain
are
lO-jear discount
bonds sold
at J^% of maturity value, and yield 2.90)( per annum If
held to maturity.
Series F bonds are 12-year discount
bonds
sold
at
7^% of maturity value,
per annum If held to maturity.
year current Inoome bonds,
and yield 2.53)*
bonds are 12-
Series
sold
at
par, bearing Inter-
and redeemable at par at matu-
est at 2-1/2^ per annum,
rity or at stated prices less than par before maturity.
Purchases
of
series
$7,5^0 l98ue price In
bonds were available
any
to
A-D
bonds
one
all
were
limited to
calendar year.
subscribers
These
prior to
and
with
certain restrictions.
For
restrictions see
•Treasury Bulletin* for December 19^4, page 36, footnote 9, and 'Treasury Bulletin" for February 1946, page
37.
Series A-C bonds
periods
details concerning
footnote
9,
these
periods
and page A-22.
and
For details concerning
features. Investment yields, and
redemption
values see
"Treasury Bulletin" for October I945, pages A-4 andA-3.
Series A bonds matured In 1943, and series B bonds
In
Series
19't6.
C
Matured bonds
19'^7-
bonds began
turned
In
to
mature
In
January
for redemption are In-
cluded In the figures on redemptions.
Matured bonda
outstanding are reflected In the Intereet-bearlng debt
until all bonds of the series have matured, when they
are transferred to matured debt upon which Interest has
ceased,
In
aooordance with
the practice
of
the Dally
Treasury Statement.
April
1, 19^0, and to Individuals only after that date.
Purchases of series E bonds are limited to t3,73<^ Issue
price In any one calendar year, and may be made only by
Individuals (defined as natural persona only). The
Halt
price
series F
for
In
any
year 19^1).
one
and
combined
calendar year
Series F and
$100,000 issue
($30>00(}
bonds are
subscribers except commercial banks.
however, were permitted to
Is
l^n
In
the
following tables
at current redemption values.
figures are quoted
Amounts of series
out-
standing are quoted at par.
calendar
available to all
Commsrolal bfuiks,
purohase these bonds during
After June "JO, 19'^7i data on sales and redemptions
classified by States will be published only at the end
of each calendar year and each fiscal year.
Table 1.- Sumnary of Sales and Redemptions, by Series
As of September 30,1047
Ualtad States
sales
at Issue price, and redemptions and amounts outstanding
Treasury Bulletin
32
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 2.- History of Sales and Redemptions
Bidaaptlona 2/
SalM
Sal»
1/
Accrued
dltcOUBt
plna
accru»d
dlteouat
Total
AccnMd
Matoivd
prlo*
dlaeount
dslit
(In alllKai of dollan)
7i«c«l yo&ra;
1935-19'tO
3.120
I9I1I
.
96
1.1192
5.99't
65
19'»3
11.789
128
19ltU
i5,>»9e
19"^
iK 891
I9"i6
9.612
7,208
19142
,
19'»7
88
Calandar year*:
1935-19'tO
19U1
3,iiit9
191*3
3,036
9,157
13.729
19'*
l6,0li4
IS^
12.937
igita
19116
Months:
19U7-Jaiiuary
7ebniar7
Karch
i^rll
952
712
616
«hm«
572
IM8
1M2
July
August
Soptamtor
U66
Itoy
Total, Incoptlon to Sept. 30, 1947.
71,088
2,ltl»Z
Aaoimt otttttandlag
alai
ZntereBtbvarlac
d«bt
P«ro»Bt of
onthlj
r«dBmptlon*
to anouat
OQtttandlBC
November 1947
33
Sales and Redemptions of United States Savings Bonds
Table 2.- History of Sales and Redetaptlons
-
-
(Continued)
(Continued)
•daaptlons 2/
Sal«
8&i»
y
Accrued
discount
plus
accrued
discount
Salos
prle*
Total
Aeerusd
discount
(In allllons of dollars)
Sariss I, r, and
71 seal /aars;
66U
igUl
19U2
5.993
11.789
19't3
I9IA
I9"t5
15,1198
lU, 891
19U6
9,612
i?"*;
7.208
2
36
127
28U
167
583
6blt
1
1
5.995
11. (2U
15.625
15.175
10.078
75
760
75
760
292
156
2.286
>I08
6.337
7.791
'1.13'»
063
Calendar jaarsi
igui
2.537
9.157
I9l<a
19^
12
71
19W(
191^
12. 937
19><6
7.127
195
379
533
952
712
616
Us
Months:
19U7-^attuar7
,
Tabnary
Ifaxch
iprll
Itay
Juaa
572
usg
U«2
July
AU£U8 t
Saptentisr
Total, Inoaptlon to Sept. 30, I9UT.
67,139
7.961
1.009
lU
2li6
I.50U
3.263
5.332
6.038
Uli
616
Ik
2U5
1.502
3.251
5.293
5. 961
1105
386
3U1
396
U16
I106
395
3't9
1|6
379
67
603
ksQ
11. a.
372
51
622
505
517
n.a.
&.a.
1.657
6g,T96
19,9Ug
•5
I166
2.537
9.169
13.8OU
16.239
13.315
I103
_
Aaount
outstandlDg
( Interostbsarlog
dobt)
Porcsnt of
Bonthl/
r* daaptlons
to aaount
outstanding
Treasury Bulletin
3^^
Sales and Redemptions of United States Savings Bonds
Table 2.- History of Sales and Redemptions
-
-
(Continued)
(Continued)
Badeaptlone 2/
Balaa 1/
Accrued
discount
Sales
plus
accrued
discount
(In
Accrued
dlacount
Balaa
price
llUone
Aaount
outatandlnc
(intereatbearlnc
leht)
of dollare)
fiscal yaart:
I9UI
67
67
19112
1*35
1*35
2
19^}
I9UU
I9U5
75«
802
679
19lt6
1(07
9
19
33
IJ"*?
360
1*7
760
811
698
mo
67
up
3
3
17
5«
89
17
57
88
11*9
11*7
1,21(2
1.996
2.6OU
2.895
3.099
203
C&laDdar /aara:
208
652
7U5
19'tl
19te
191*3
191*
773
19''5
595
325
I9"i6
207
208
2
4
13
25
1(0
651.
7
85I*
7
750
786
621
365
35
77
106
189
35
77
lOU
185
1.569
2.278
2.793
2,969
59
lU
22
lU
21
20
3.011
Nontlia:
19U7-Januai7
f el}ruai7
March
53
Ul
Uk
39
35
21
iprll
M«7
Juna
33
36
25
29
30
lU
16
18
11*
Jul^
August
September
27
21
21
33
17
21*
U
25
16
18
n.a.
n.a.
n.a.
3,576
12>*
3.700
571
lotal, incaptlon to Sept. 30, 19't7
21*
3
3.031*
3.052
3. 071*
15
3.088
3,099
n.a.
n.a.
n.a.
3,115
3,123
3,130
3,130
Serlea
Tlscal /aara:
I9UI
395
1
1
391*
2,032
2.759
2.876
2.658
12
55
12
55
136
220
2.U1U
5.119
igits
395
2,032
2.759
2,876
2.65«
19116
2,1*65
2.I165
191*7
2,561
2,561
te9
1(69
1.185
2,516
1.185
2,516
2.6U0
2,891
2,520
2.637
2
29
89
19142
19lt3
I9W1
131*
220
31(8
7.861
10.299
12,1*16
ll»,508
Calandar yaara:
19111
191*2
2.61(0
191*3
191*4
2,891
2.520
2.637
191*5
19116
Mentha:
19U7- Jaiiual7
fahruai7
March
278
209
36U
278
209
Ipril
May
June
191
158
157
191
158
157
361*
Au^st
Septamher
Jotal, Inception to Sept. 30, 19U7
Dally Traaaury Stateaent.
Sot aTallable.
181
261*
261*
1(26
1*26
38
3«
••7
1*7
l'*,508
1(8
lU,756
ll*,85l*
13.723
13.964
11*. 130
ll*,28U
lU.398
lUU
lUa
11*2
1(1*
US
U2
uu
16,226
16,226
1.572
1,372
July
1.183
3.669
6.221
8.931
11.186
13.397
2
29
89
181
U2
laea than $500,000.
See footnotes to table 1.
ll*,653
ll*,85lt
Percent of
oothly
rede options
to aaount
outstanding
H
November 1947
35
Sales and Redemptions of United States Savings Bonds
-
(Continued)
Table 3.- Sales by Series, Classified by Denominations
8«l«a la slllloaa of dollart
prlM
l««u«
ftt
^•rooataco llatrllntloa of aaloa
Donoaloatloa
DaooBlaatloa
Total
>li
tettoai-
10
aatlona
i/
»25
2/
*100
«50
1200
•500
11,000
5.000
110,000
Total
all
dtaoalaatloaa
10
1/
50
aad
25
aad
200 J/
2/
aarlaa I
riaoal ]p«ani
201
3.52b
>.271
Ijltl
19112
l?"*?
ISWt
19"^
191*
1917
11,
UO
11.553
6,739
16
lit
13
111
Ul
616
2,9((
U,lU9
3,92(
2,101
(60
31*2
(13
1,0(1
1.6112
l,71ii
2,5(lt
1.725
2,!to6
637
1.007
1.397
1,326
77U
617
1,102
197
5C
UO
liHi
100.0
100.0
100.0
100.0
100.0
100.0
100.0
U50
1.313
1,(15
2,163
2,002
100.0
100.0
100.0
100.0
100.0
l,ll02
100.
93
1,119
l.U(l
2,0U«
2,100
71
17.5
36.1
32.1
20.5
Calaodar jmmrtt
19*1
llU
1,769
3.719
l.llts
19112
5.9«?
I9't3
io,3Uit
191*
12,3(0
9. (22
27
(5
(.1466
31
19"*}
191(6
229
(56
25(
93
712
169
2,706
2!
(,2>>t
1,390
1.797
3. 21*3
i,itl6
l,8lt2
1,177
516
637
115
13(
1,119
56U
17
«3
Hootho:
19't7-JaB
fab
Mar
^r
ttay
Joae
Jalj
Au^Bt
.
.
.
.
Sapt
372
6s
3U9
305
301
67
60
339
29U
61
10
10
9
(
9
M
55
59
30lt
257
17?
156
100.0
100.0
100.0
lUl
100.
19.
"*3
119
116
100.0
100.0
20.0
19.6
"9
lA
IK
9
10
llU
112
100.0
100.0
100.0
18.1
18.8
t5
9,3(5
3"^5
5,938
10,1176
100.0
31.6
10
19. It
Total, iDcaptlon
throng
Sapt. 30, 19'»7-
"•7,337
150
111,(31
6,213
iw
6.5
9-7
131
500
5.000
and
11,000
aad
110,000
Treasury Bulletin
36
Sales and Redemptions of Treasury Savings Notes
Treasury savings
notes
were
Issued
three
In
se-
June 22,
series B from August 1, ISl^-l through September
1914.3,
12, 19'<-2, and series C which have been on continuous
All of aeries A and B
sale since September 1^, 19'4-2.
ries,
aeries A
from August 1,
19'*1
through
and some of series C notes have matured.
Series
value
each
C
notes
are
sold
at
par,
and
month, yielding 1.07'^ per annum
accrue
If
In
held to
These notes
maturity (3 years from date of Issue).
may be used In payment of taxes any time after 2 months
after Issue, or may be redeemed for cash any time after
For details concerning features.
6 months after Issue.
Investment yields, and tax payment or redemption values,
see "Treasury Bulletin" for October 19't'5. pages A-l* and
A-5.
For details concerning the features
of
and B notes, see "Annual Report of the Secretary of the
Treasury" for iglt-S, pages 207 and 220.
In the following tables sales and redemptions of
Treasury savings notes are shown at par value. Matured
notes turned In for redemption (either for cash or for
tax payment)
are Included In the figures on redemptions.
Matured notes outstanding are reflected In the
Interest-bearing debt until all notes of the series
have matured, when they are transferred to matured debt
upon which Interest has ceased, in accordance with the
practice of the Dally Treasury Statement.
For sales
and redemptions of series A and B notes by fiscal years
and months, see
pages kS and ^^.
"Treasury Bulletin" for February
series A
Table 1.- Smamary of Sales and Redemptions, by Series, as of September 30, 1047
(In Blllloiia of dollare)
TreasniT aaTio^e notes
19l^6,
November 1947
OWNERSHIP
37
OF
GOVERNMENT
SECURITIES
.
Treasury Bulletin
3«
Smnnary Distribution by Classes of Holders of Interest-Bearing Securities Issued
and Guaranteed by the United States Government
(la ailllons of dollart)
Saeurltias Ittusd by TTnittd Stat«a OoT«nuMiit
Distribution
bgr
Securities guaranteed by United States 1/
clasaaB of holdart
Distribution by classes of holders
8. OovemaeDt
a^Dcies and
0.
iDd of fiscal
7«ar or aonth
Total
aaount
outtandlng
trust funds 2/
Total
public
and
special
issues
36.576
39,886
U2,376
Its. 387
71.968
1938
1939
19'iO
19U1
19U2
U.1I66
5.605
6,803
8,225
lo,3Uo
135. 380
199. sits
lit,
256.357
2U, 93lt
19"<6
268, lU
19't7
255.113
29,121
32.809
laV
191*
19"^
1947-jan.
ipr..
Ha,..
Juna.
July.
Aog..
Sept.
Source:
lisues
6,120
7.885
't.775
2,U^
29. SI'S
31. 730
33.115
37.982
58.988
•
1/
2/
Public Public
arkat- nonable
narka table
Issues
Issues
Issues iSBUSB
27.989
29.579
29.950
1.556
2,151
3.166
't.853
33,1*28
't.55U
6,360
1*5,1*81
13.507
l».5'*9
325
286
286
275
287
5.1*50
5.lt98
SU,9lt8
29.193
092
170
120,880
ltU,8l*5
153,lt21
ii09
159. 06 1*
56.209
56,lU3
1U1,U23
59,010
83
6
9
2
203,280
202,695
Ilt6.l60
lltU,966
201,6!i6
1113.526
57.120
57.729
58.119
262
181
175
58,575
58,826
59,010
171
171
83
lllt,lUl
165.725
209,630
215,206
200, U32
37
37
37
2't.777
2lt,938
23,91*1
211,117
25.183
22.593
37
25,280
26,186
27.366
21.857
22,088
a, 872
200,985
Ilt2,ltl0
200, 7UI1
200,1*32
iiti,9iq
1^
36
36
36 p
28,516
29,220
29,520
a, 5119
201,lt32
201 .SO*
llt2,172
lUl./ltO
59,260
59,U6lt
73
1
199,886 p
11*1,281 p
58,605p
70
1
31.585
32,lU2
32,809
6,268
5.919
256,3a
33,J»0
"t.Tgs
257,110
256,107
33,715
33,891 P
't,335 p
7
(l) Ifclly Treasury Statement for total anounta outstanding;
(2) raporte of agenclea and trust funds for eectiritlea held
S. Oovermnent agencies and trust funda; and (3) Federal
lit,
22,192
22,329
litl,i*23
by
U.
p
Public
nonmarketable
artet-
899
25^.975
255.113
l»,lt55
Issues
able
Public
7.1119
6.3''3
6.3112
2,61l0
Total
public
trust funds and
federal Beserre
unMatured
Banks gj
outstandi ne
y
21.792
23.783
21,872
31.157
31,302
31.561
6.328
2.56U
2.551
2,U5«
2,180
if
Total
aaount
10,871
1U,287
18,812
22,332
27.366
36
25l(.ltf7
able
2.10lt
5. "to?
258, U3
255. 800
arket-
IsBxias
2,676
3.770
10
17
091
18,920
Public
Special
1.791
1.835
2,028
3.213
it, 623
6,105
6,759
258.378
I»ti..
Mar..
Public Public
aarket- nonaarke table
able
Issues Issues kj
Private
Inrestors
Tederal
Beserre
Banks
S. OoTenuMot
a^ncla* and
U.
Beeerve System for securities held by Tederal Beserve Banks.
Preliminary.
Less than $500,000.
Excludaa obligations held by the Treasury and matured securltlee.
Boldings by Tedaral land banks are Incliided under "Private
Investors" Instead of "U. S. Government agencies and trust funds"
beginning with June 30, 19^7, since the proprietary Interest of
the Ifelted States in these banks was ended June 26, I9U7, with
2/
if
y
Pablle Puillc
market^ Donable
Issues
arketaMe
tSBUSS
^
>t.528
5.I6U
5.212
6,085
1|,262
115
176
I*
lt67
Private
Investors
3.73s
1,186
28
68
150
5^
37
1*5
36
217
135
130
36
126
125
37
1*5
33
ItO
9
10
2
1
39
P
36
the repayment of the last of its investment.
On May 3I, 19^7, the
Federal land banks held $13^ million of securities issued or guaranteed by the United States.
The total amount of securities held by private inveatora la calculated by deducting from the total amount of eecurltlea outstanding,
the securities held by U. S. (Jovernment agencies and truat funds
and by Federal Beserve Banks.
Includes United States savings bonds, Series ^F at maturity value.
Conelsts of Coramodlty Credit Corporation demand obligations stated
as of the close of the previous month, in accordance with the
Ifeily Treasury Statement.
6
November 1947
39
Bfltlaated Oimershlp of Interest-Bearing Securities Issued or Guaranteed
by the United States Government
(Pu'
Bald
^
Ooa
ratal
buka
fotal
Ind of
aount
onth
ontatand-
total
2/
1939-nwaWr
H7.I
18.H
19lto-Jiiiw
U7.q
50.S
18.6
19.5
QMoatar
19>tl-Jaiu
«!«
Ikeaabar
19li9-Jiuw
76.5
IWoabw
lU.S
19U3-l««roh
118.6
139.5
i£i.o
JwM
Saptoabsr
Ikonkor
lfi<.7
Job*
Stptaatwr
is;.
201.1
809.3
Ifeoambar
830.»
76.2
83.3
87.1
96.5
233.1
256.8
260.2
276.2
106.0
107.3
115.0
'19>tlt-Narch
19>>;-ilar<ih
3\iMm
S(i>t«B)Mr
HkoaalMr
19l|^htrtuu7 (poak)
97.'*
278.5
lUroh
Jim*
SaptaalMr
116.7
112.8
108.2
2A.6
10l».3
IWooaWr
258.0
97-9
258.6
258-3
256.0
97-9
96.8
9H.1
^rll
25>».6
•tajr
255.1
255-2
93.5
92.8
91.9
19'»7-'«imar7
TobmaTT
Maroh
^ono
ivlf
tecaat p
•
2^6. i»
257.2
91.9
91.9
15.9
TalM«
^
- IB blllloiM Of dellari)
Treasury Bulletin
ko
Treasury Survey of Ownership of Securities Issued by the United States
and by Federal Agencies, August 31, 1947
The tables In Section I present summary data as of
August
31»
19'''7»
from the Treasury Survey of Ownership
Of Securities Issued or Guaranteed hy the United States.
The banks and insurance companies covered in the survey
account
for
approximately 95 percent
Section
I
-
of
the amount of
such securities
by
all
banks and Insurance com-
Section II
presents
summary data on the ownership
of Federal Land Bank bonds. Federal Intermediate Credit
Bank debentures, and Federal Home Loan Banks bonds.
Interest-Bearing Securities Issued or Guaranteed by the United States
Table 1.- Summary of All Securities
(In Billlont of dollar*)
Classification
owned
panies In the United States.
November 1947
hi
Treasury Survey of Ownership, August 31, 1947: Section
by the United States
I
-
Securities Issued or Guaranteed
Table 3.- Public Marketable Securities, by Issues
(Par valoea - la
Ian*
(Tax etatue £/ le •bown la pareatbeeee)
Ullone
of dollare)
Treasury Bulletin
l^2
Treasury Survey of Ownership, August 31, 1947: Section
by the United States
I
Securities Issued or Guaranteed
Table 3.- Public Marketable Securities, by Issues
^3
November 1947
Treasury Survey of Ownership, August 31, 1947: Section
by the United States
Securities Issued or Guaranteed
I
Table 4.- Public Nonmarketable Securities, by Issues
(Par
nlui
y
- la
llllont «f dollars)
Held by iBTeatore coTarad la Traaemy Borray
Total
aaount
oatBtandlns
Itme
(Tax •tatnt £/ It thovn In parantheaea)
Uik
Bariai 0-D
Sarlsi X
Sari et T
Sarlai t>
Insttrance co»panlas
657 fire,
7,313
33
5U0
oomarolal
stock
saTlDcs
banks
oratual
309
life
saTlacs
banks
Insurance
ooapanias
banks
TlaltaA Stataa aaTlnca bondii
y
oastialty,
and narlne
Inen ranee
ooapanlee
ui
n.
*.
OoTervaeat
a^aneles and
tnist funds,
and federal
Baeerve
lanke
V
(£/)
(tazakla)
taxabla)
(tazakla)
>t76
272
20
117
850
290
IIIO
13
;i,66U
(taxmbla)
(taxable)
(taxable)
Tr«a«ur7 aaTloca notaa
fiapoaltary bonds
Araad forca* leaTo bonda
5,6iis
3M
Investors
V
2,767
2,930
30,85U
(
Total Unltad Statas aaTloga bondi
Bald bj
all other
31
199
237
1
30,85''
1
2,832
13,673
12
50,125
21
73
295
5,5*0
1,865
l,«65
(hiaranteod lacurltlea: J/
Coaaodlty Credit Corparmtlon demand obllga(taxable)
tlone 1/
fatal poblio nonnarketabla eecnrltiea 8/
1/
39
W,53g
a/
i.gig
Lsss than 1500,000.
United States saTlngs bonds, Series C-D, I, and t are shovn at enrThey vere reported at maturity Talue by the
rent reden^tlon Talaee.
banks and insurance ooapanlee coTored In the Treasury fttrTey but faaTe
been adjusted to current redemption Taluee for use In this statement.
See footnotes to Table 2, precedingSecurities held In trust departmente are excluded.
Includes trust cospaniee.
This coluan Includes securltiee held by those banks and insurance
Section II
-
12
Issue
IM)
2I10
57.56*
Sae head-
6/
2J
SI
eompanlee which are not corered in the Traeenry Airrey.
note to this section.
Serlee C-B saTings bonds sold prior to March 1, I9U1 are partially
tax-exempt: thoee sold on and after that date are taxable.
Ouaranteed securities held by ths Treasury are not included.
C.C.C. demand obliiiatlone in the amount of $39 million, all held
by commercial banke, are shovn only in total amount outstaodia^;
data for reporting banks are not arallable.
Interest-Bearing Securities Issued by Federal Agencies
But not Guaranteed by the United States
(Par valuea - In millions of dollars)
(Tax status XJ is shovn in parenthesee)
290
,
Treasury Bulletin
kk
PRICES
AND
YIELDS
OF
GOVERNMENT
SECURITIES
November 1947
U5
Over-the-Counter Closing Quotations on Government Securities, September 30, 1047
Section
I
-
Securities Issued or Guaranteed by the United States^
Table 1.- Treasury Bills (Taxable)
Amount
out-
Table 2.- Certificates and Notes (Taxable)
U6
Treasury Bulletin
Over-the-Counter ClosinK Quotations, September 30, 1947
I - Securities Issued or Guaranteed by the United States
Section
Table 4.- Tax-Exempt Bonds
3/
1/
t?
November 1947
YIELDS OF TREASURY SECURITIES SEPT 30. 1947
Based on Mean
of Closing Bid
and Asked Quotations
.
a
.,
,
Treasury Bulletin
ks
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annuja)
Partlall/
Taxable
tax-exempt
Treasury
Treaeury
bonds 1/
bonds 1/
Blghgrade
corporate
bonds 2/
Partlall/
tax-exempt Taxable
Treasury
Treasury
bonds 1^/
bonds 1/
Monthly series
1939-Jan..
2.5lt
Feb..
Mar.,
-
Highgrade
corporate
bonds 2/
Partially
tax-exempt
Treasury
bonds 1/
averages of dally figures
2.U8
19U2^an.,
2.51
2.U3
2.96
2.90
2.57
Apr..
May.,
June.
2.38
2.27
2.22
2.92
2.36
2.78
Apr.
May.,
June.
2.07
2.06
2.1*1*
2.01*
July.
Aug..
Sept,
2.23
2.27
2.67
2.76
2.79
3.29
July.
Aug.,
Sept.
Oct.,
Hov..
2.60
2.U6
2.35
3.1'*
Oct.,
Nov..
Dec,
igUO-Jan..
feb..
Mar..
2.30
2.32
2.26
2.81
2.79
2.77
19''3-Jan..
Apr..
Nay..
June.
2.26
2.39
2.7't
2.140
July.
Aug..
Sept.
Oct..
Nov..
2.76
2.80
2.80
19lt5-Jan.
Feb.,
2.1*3
2.01*
2.06
2.08
2.09
2.10
2.13
2.1*5
2.11
2.11
2.12
2.1*6
Feb.,
Mar..
Apr..
May.,
June.
2.05
1.96
1.91
2.1*8
2.87
2.93
2.30
2.31
2.25
2.85
2.80
2.71
July.
Aug..
Sept.
1.91
2.1*5
1.92
2.1*6
1.90
2.1*8
2.21
2.09
2.01
2.70
2.65
2.59
Oct..
Nov..
1.
90
2.1*8
1, 91.
2.1*8
Dec.
1,
95
2.1*9
2.57
2.71
2.73
I9't'*-Jan..
1,
2.1*9
Feb..
Mar..
1,
95
93
Mar..
2.12
2.22
2.12
1,
91
Apr..
May..
June.
2.07
2.0U
2.01
2.76
2.75
2.70
Apr..
May..
June.
July.
Aug.
Sept,
1.98
2.01
2.02
2.66 i/
2.65
July.
Aug..
Sept.
1.89
1.90
1.93
2.1*9
2.1*8
Oct..
Nov..
1.98
1.95
2.06
2.61
2.57
2.68
Oct..
Nov..
1-93
1.90
1.87
2.1*8
Dec.
igltl-Jan..
Feb..
Dec.
2.93
2.86
2.61t
Feb..
Mar.,
Dec,
Dec.
2.10
2.17
2.10
Mar.,
1.81
1.75
1.70
2.1*0
2.77
2.76
2.75
Apr.,
May.,
June,
1.68
1.68
1.63
2.39
2.39
2.35
2.U6
2.71*
2.1*7
2.73
2.73
July,
Aug.,
Sept.
1.63
1.68
1.68
2.36
2.37
2.72
2.71
2.72
Oct.,
Nov.,
1.62
1.56
2.70
2.68
2.70
19l*6-Jan.
Feb..
Mar..
2.12
2.09
2.68
2.65
2.63
Apr..
May..
June.
2.08
2.19
2.16
2.58
2.57
2.59
July,
Aug.,
Sept.
2.18
2.23
2.28
2.60
2.61
2.63
Oct..
Nov.,
2.26
2.25
Dec.
2.2l*
191*7 -J«o..
2.1*9
2.65
2.65
2.1*3
2.61*
Feb..
Mar..
2.21
2.21
2.19
1.91*
2,U8
1.9U
1.91
2.1*9
2.I49
2.61
2.58
2.58
Apr..
May..
June.
2.19
2.19
2.22
2.59
2.57
2.55
Jul^.
Aug..
Sept.
2,25
2.2U
2.2U
2.1*8
2.1*6
2.1*5
2.1*6
2.1*7
2.1*9
2.U6
2.1*8
2.1*6
2.1*5
2.1*7
2.1*8
2.1*8
2.55
2.6l
2.59
Dae,
1*/
Weefclj series - averagas of dally figures
[lav aerlea, beginning In June 19^*7 Bolletin; old vaekl/ eerlea vaa Saturday figures]
19U7-iipr.
5
12
2I::;:::
M>y
3
10
17
21*
31
Taxable
Treasury
bonds 1/
2.U1*
2.38
2. 31*
2.35
2.33
2.33
2.
November 1947
ks
Treasury Bulletin
50
INTERNAL
REVENUE
STATISTICS
.
.
51
November 1947
Summary of Internal Revenue Collections
^
(Zn thouaandt of dollars)
riBcal year
or month
Income and profits taxae
Total receipts from
Internal
reTenae
Adjustnent
to Sally
(Ikllor
Statement
Total
Internal
revenue
oollectlona
Total
1 noome
and
proflte
taxes
ZndiTidual g/
5,61*3,81*8
2,629,030
1,286,312
1,299,932
5,162,361*
2,185,111*
1,028,831*
1,122,5'tl
5,322,771
2,129,609
982,017
7,351,531*
3,1*71, i2l»
1,'»17,655
1,120,582
2,016,297
13,029,915
8,006,881*
3,262,800
U, 687, 1*62
16,298,888
33,027,802
35,061,526
31,258,138
6,629,932
18.261,005
l*, 629,
19,0311,313
-361,589
22,368,721*
1*0,119,510
1*3,800,358
110,671,922
271,136
39,108,273
59,020,051*
Treasxiry
Treasury
Statement)
318
5,161,231
1938
1939
5, 671*,
191*0
5,303,131*
7,361,675
12,993,118
191*1
19U2
'
191*4
191*5
191*6
191*7
22,11*3,969
987
1*3,902,002
1*0,310,333
39,379,1*09
1*1, 681*,
30,1*70
-1,133
-19,617
+10,1U1
-36,797
-22'*,
755
1,565.1*77
101
,
661*
19ll7-Jiuiu»ry.
Vl*is,2l6
-773,2'*8
1,1*98,705 1,131,51*6
15,883,235
18,701*, 536
12,1*62,1*37
91,165
1,738,372 1,290,025
1,779,177 1,307,931
1,700,828 1,237,825
178,71*5
28lt,758
2gl».258
19,31*3,297
9,621,271*
55,1*83
2,02l*.365 1.1*58,936
185,876
379,555
3,375,31*8
2,853,323
516,127
30U.0U5
1,791,996
5,898
2,898
108,956
76,950
367,1*38
21*0,972
3,1*82
82,208
13,136
30,157
101,302
12,727
25,158
56,3!^
039
232,127
2,368
'*,076
3,25l*
2,U36
123,856
287,800
6,959
10,1*1*0
1.1*1*7,131
131,186
331,960
97 622
788
33.720
89,875
1*18.256
318,91*2
2,282
1.309
11*8,287
319,15'*
138,716
269,195
'^^
9,63i
6,679
'«,325
3,359,367
3,052,U2l*
875,813
1*,
570,311
3,8l*l*,10lt
2,048,626
April...
2,309,306
-1*20,588
2,729,891*
»V
2,578,it61«
-27'*,
3,992,776
729,620
2,853,221
3,263,156
1,958.399
1,920,555
2,550,605
1,661,992
1,685.223
1,101,038
2,125,762
2,662,365
-557,1*85
2,683,21*7
2,81*8,295
1,850,976
1,877,563
1,1*30, 1*37
.
Tlscal year
or month
-185,930
ment
1/
8l*,2l*l
-131,083
.
Badlroad
retire-
Unempl oyment insurance 6/
137,1*52
11*3,978
5,1*1*6,121*
Juna..
Old-a«e
insurance
833,521
925,856
1,185,362
U,27U,i*6l
July
iacaat
Social Security
taxes
71*0,1*29
Mjraary
757
Total
employment
tajes
27,010
37,172
56,621
March...
.
y
Mlecellaneous
profits
taxes U/
1*2,786
33,71*0
188, 1*63
l(,Uo5,5lA
1*,
Corporation
Income and
excess
proflte
bplo/meot tax* a
1,557,312
?,58U.715
31*1*
29"*,
3,201*
71*2,660
,
502,918
529,836
605,350
687,328
895,336
90.267
11*9.1*76
101 167
109.1*27
122.01*8
,
106,123
100,658
119,617
156,008
183 337
186, U89
137,871
170.1*09
211.151
265.011
1,81*9
Treasury Bulletin
52
COLLECTIONS OF INTERNAL REVENUE
1933
-34
36
'35
'37
'38
40
39
41
DOLLARS
DOLLARS"
Billions
Billions
Individual
Income Taxes
22
20
20
10
1
1933
'35
-37
'39
'41
Estate and Gift Toxes
Alcohol and Tobacco Taxes
'43
'45
'47
42
43
44
45
46
47
'48
,
.
November 1947
53
Detailed Analysis of Internal Revenue Collections
V
(Ib thoiuABdt •/ dollars)
Tint
ri loal ysart
Au^lt
Typ« of tax
I9U7
19>»6
Incoae and profits taxail
ladlTldual:
Withhold toy flDployaral
Current Tax Paynent Act of I9U3 2/.
BaTonua Afft of 19U2
Other:
Current
Back
Corporation;
Incone taxes:
Current
Sack
^
,
? aoDtha
riacal
yaar
19Ug
9, 857, "66
9,81)2,028
1,338,765
1,'*95,1'«3
2,196,287
123
25U
2
28
3
32
8,950,272
1*2,1407
21. ,01.3
280,752
^
Total Individual Income taxea,
riical
year
I9U6
2,62g,l.32
Jtl6jj5n
550,71*3
3'*.197
38,100
383,589
67.635
18,70l»,536
19,3'^3,297
1, '•15, 371
1,5';7,312
2,6'*7,5ll*
78 .53 ?
2,987.71.9
3,901,917
738,032
5,'Al,776
613,320
109,926
32,186
216,872
59,002
269,077
6U,5U2
536,090
109,375
Kxceas profits taxes (Second Revenue Act of 19^,
as afflended)
Total corporation taxes.
Hlscellaneous profits taxes:
Declared value
Vinson Act
Unjust enrichment
Total Blscellaneous profits taxes.
Total IncoBe and profits taxes.
employment taxes:
Social Security taxes:
Old-a^e Insurance
Unemployment Insurance 6/. .
Total Social Security taxes.
^
Railroad retirement JJ
Total eiDploynent taxes*
Miscellaneous internal revenue:
Capital stock tax
Olft tax.
Alcoholic bevera^ taxes:
Distilled spirits (Imported, excise)
Distilled spirits (domestic, excise)
Distilled spirits rectification tax
Vines, cordials, etc. (Imported, excise)
Vines, cordials, etc, (domestic, axolse)
Dealers In distilled spirits: rectifiers:
facturers of stills (special taxes)
Stamps for. distilled spirits intended for
Case stamps for distilled spirits bottled
Container stamps
••
Tloor taxes
^i»BKi mA-»*lt liquors
Srevers; demlsrs In malt liquors (special
export..
In bond.
203,969
U3,o6g
533.576
91,733
31*6, Og2
318,91*2
867.196
737,199
91,130
55,185
lt,192
1,309
8,286
3,592
35
298
3
91,165
55,'«3
l*.196
31,258,138
29,020,051*
1,765,^)9
1,877,563
1,237,825
178.71^
l,tl6,570
1,''58,93'»
239,705
269,195
185 .876
l,6Uit,810
.8.''75
21*8,180
278,829
36l|U09
28U,25g
379,555
32.67'*
1*0.325
35.1'*1
1,700,828
2,02U,365
280,853
319,151*
396,550
m"
k.
1,309
!t/
5
6.291
3.523,001
II
3,592 U/
3,728,539
'•07,911
9.631.
1.20J1.37
1.7
,001.
1.67, It"!
352,121
1,597
62
379
298
iwo
629,601
708,79'*
5T,3'i9
76,790
130.7'*5
11.1, 91**
«7,232
70,1*97
625
2,659
1,1*87
3,277
l't3,080
l,603,'t97
111, 880
121,562
1,563,800
9,661
153,39'*
6,322
87,227
23,'*63
ll»,U01
501,901
l6U,i6o
2,18l«
7,911*
l'.037
131
3,592
519
11,298
269
7,073
1,318
5.369
5,512
2,591*
2, 906
58,250
5'*,291
U,092
106
5,536
8,061
9,UU3
1.1.31.
9
•
1
•
gUo
13,309
696
69
36
805
3,106
7U6
13,282
153
661, UI8
3,662
1,U36
10
1U2,059
2,299
2,526,162
Ui,38U
650,821*
taxes)..
Tobacco taxes:
Cigars (large)
Cigars (small)
Cigarettes (large)
Cigarettes (small)
Snuff
Tobacco (chevlng and SBokln^]
Cigarette papers and tubes
Leaf dealer penalties, etc
Cigarette and clgav floor taxes
Total tobacco taxes
Stamp taxes:
Bonds, Issues of capital stock, deeds of conveyance etc
Transfers of capital stock and similar interest
sales
Playing cards
Silver bullion eales or transfers
Total stamp taxes.
3,566,178
9,621,27'»
'*3,>W5
manu-
Total alcoholic beverage taxes 8/
,
7,8a2,Ugg
12,'»62,i»37
70
172
,072,799
7,373
1
61
572
563
IW.
2,277
123
120,009
2,009
2,'*7l*,756
236,11.6
171,719
1.75,027
3''l,318
Ug,289
66
6
"•.173
6
•
3,801
7,6oU
11
7,1*78
5
e
1
1
,1115,262
190,378
1,092
6,771
22
205,133
1,079
6,696
122
1,166
73
60,0l*2
(-7)
69,51*7
101,335
101,710
7,055
597
'•1,961
36,5'tg
3, '•96
1,757
539
10
372
3,621
73
8
I
5
1
1,165,519
1,237, 76g
109,617
109,581
205,881
229,518
'•7,393
1*9,106
''.766
'•,106
9,'K)lt
8,633
30,369
9,766
21,963
7,7«2
1,127
1,752
882
127
1,727
563
3.296
938
17
3.63U
1.565
ll«
87,676
79,978
7,528
6.U12
l''.7'*3
12.906
(Continuad on folloving
pa^}
3«
5*^
Treasury Bulletin
Detailed Analysis of Internal Revenue Collectlonp^- (Continued)
(In thouBandfi of dollars)
First 2 month.
Fiscal years
August
Type of tai
Mlacellaneoaa Internal rerenua (continued):
MamifacturerB* and retailers' excise taxes:
Lubricating oils
Oasollne
Tirea and tubes
Floor taxes on tires and tubes
AutoBObllt trucks and buses
Other autoDobile and motorcycles
Parts and accessories for automobiles
•
Electrical energy
Hectrlc, gas, and oil appliances.
Electric light bulbs and tubes
Radio sets, phonographs, components, etc
Phonograph records
Musical instruments
Mechanical refrigerators, alr-conditloners, etc..
Matches
Floor taxes on matches
••..
Bualness and store machines
Furs - retailers' excise
Jewelry - retailers' excise
Luggage - retailers' excise
Photographic apparatus
•
Sporting goods
Toilet preparations - retailers' exolae
Flrsarms, shells and cartridges
Pistols and revolvers.....
Hepealed taxes
Total manufacturers* and retallere' excise taxes.
Miscellaneous taxes:
Sugar Act of 1937
Telephone, telegraph, radio, and cable, leased
wires, etc
•.
Local telephone service
Transportation of oil by pipe line
Transportation of persons, seats, berths.........
Transportation of property
Leases of saf e-deposl t boxes.
Adjnlasions to theaters, concerts, etc
Admissions to cabarets, roof gardens, etc
Club d^ies and Initiation fees
Bowling alleys, pool tables, etc
Coin operated devices
Adulterated and processed or renovated butter,
and filled cheese
Oleomargarine, including special taxes
Narcotics, including marihuana and special taxes.
Coconut and other vegetable oils processed
Hational Fireams Act
All other, including repealed taxes
Total miscellaneous taxes
Total miscellaneous Internal revenue
Total internal revenue collections
Adjustment to Dally Treasury Statement
Total receipts from internal revenue (Dally Treasury
Statement)
e:
*
1/
2j
I9U6
191*7
Mo?, 695
118,072
19
17li,927
37,
iW
25,«93
68,871
59,112
25,1*92
17,781
13,385
3,902
2,839
9,229
10,2U7
August
W«cal
82,015
"33,676
6,093
39,197
10,867
6,922
"5,551
3,''63
",739
16,953
8,787
5. "03
6,376
1,062
10,1*23
•
13,386
6,521
5,062
',379
2,519
',551
5,081*
8,1492
60"=
67U
2.573
1*59
"77
527
",697
975
15,792
91,706
223,jU2
25,183
97, "si
236,615
1,625
3,629
17.793
7.20S
2,692
1,500
7,i69
2,62"
2,162
1".35?
5,29"
2,978
1,"25
6,393
881
U8
81,1123
8l*,588
21,1SU
7,878
17,05lt
95,57't
95,5l«
5,232
9,031
384
18U
m
1,939,621
li»5,05l
l,'tl'»,717
56,732
231*,
393
36,163
226,750
220,121
7,857
3'*3.191
72,077
18,899
13
10,100
2U,562
13,826
10,106
8,627
U,268
7,351
1,219
1,166
5, "01
733
1*1,800
3.766
6,808
37,038
l",909
5.788
2,825
19. "18
11.267
13,907
"."1?
11.53"
1.065
1,322
10,826
1,280
5,189
",880
33.002
12,1*7"
15,531*
l,llO0
6,575
2,970
l",206
1.798
259
18
90
13
291, "88
331,172
u.usu
9,583
9,517
15,*"2
20,19U
16,805
1",7"1
1,151
20,899
21,961
777
"2,918
28,182
2,561
38,257
30,087
2,501
"6,671
11,1*51*
16,988
2Wt,003
275,701
«,560
392.873
63,350
23,299
1,169
21*, 31*3
22,160
721
33.7U8
5,790
2,329
lt,011
1»,U58
1,31*9
20,U32
5,798
m
30
2
"•,932
5,»7"»
1*85
eg"*
792
6,272
17,208
8
te2
Us
907
6
15",135
6,81*1
59,152
17,092
116, 3U7
12, 1*80
8", 133
26,1*23
252,71*6
l't5,689
l'*,82l*
15.16"
75.819
28 ,060
•
62,099
20U,680
99,932
63,OlU
65,608
23,180
63,856
10,151
37,352
8,Ui3
61
Fiscal
year
year
2
35
29,1*83
",029
2,217
899
5,519
607
U2
1,186
1*U,761*
l*lt,011
1,"03
67,865
11.921
",2"6
2,933
1.3.983
U
1,680
221*
1,686
1
-11*/
23J
1*8,831*
1,553
6l»,';6l
9,132
".563
2,1*61*
13,1*0"
1
2,067
217
3,8"5
5
2 kj
l,U89,929
1,550,81*2
7,712,956
8,063,8511
689,388
651,577
1,397,805
1,335,562
1(0,671,922
39,108,273
2,735.890
2,81*8,295
5,317,356
5,53l,5"2
-361,589
+271,136
-21*1,1*31
-185,930
-571,999
-7"3,"15
*, 310, 333
39,379,i»09
2,l»9l*,l*59
2,662,365
",7"5,357
",788,127
Dally Treasury State(1) Total receipts from Internal rerenua:
ments; (2) Detailed collections )3y type of tax: Beports of collections made by collectors of internal revenue.
less than $500.
Zxcludes collections for credit to certain trust accounts for
Territories and insular possessions, etc.
Collections under the Current Taa Payment Act of 19"3 as shovn
In this table consist of those for which returns have been filed
with the Collector of Jnternal Revenue; receipts under this Act
as shown In Dally Treasury Statements consist of withholding
taxes deposited In Government depositaries in addition to payments
accompanying returns filed with the Collector of Internal Revenue.
1/
it/
g
8/
135,011
129,901
278,137
28l*,056
Current collections consist in general of taxes paid within twelve
months after the cl ose of the taxable year for which the return
was filed.
Beginning July I9U7 collections from the tax on unjust enrichment
are included with All other" miscellaneous taxes.
Hepresents collectl ons under the Federal Insurance Contributors Act.
Bepresents collectl ons under the Federal Unemployment Tax Act.
Represents collectl ons under tHe Railroad Retirement Tax Act comencing January 1, 19^*7; prior thereto, collections under the Carriers' Taxing Act f 1937.
Includes collection s from the repealed tax on brandy used for fcrtlfylag swe«t wines.
Revised.
November 1947
55
MONETARY
STATISTICS
56
Treasury Bulletin
Balance Sheet of the Exchange Stabilization Fund as of June 30, 1046, and June 30, 1947
Jxme 30, igl^S
Cash:
Treasurar of the tJnlted States, gold
Treasurer of the United States, cheoklng account.
Tederal HaaerTe Bank of Hew Topk, epeolal account.
Dlshurelng officers* halancea and advance accounts
$1,800,000,000.00
1,687,057-5^
25,873.62
Total cash
Special accounts of Secretary of the freaaury In
Tederal fieserre Bank of Hev Tork:
Special accoont Ho. 1, gold (Schedule l)
Doe from foreign %ank> (foreign exchange):
Sviss francs
^
Trench francs
Belgafl
Sterling
All other
Total due f roa foreign banks
InTeetaents In United States OoTomiunt securities
(Schedule 2>
Accrued Interest recelTahle (Schedule 2)
Other accounts
(
deferred charge s )
CoBBodlt7 sales contracts (deferred charges)
Total asssts
Uabllitles and
csj>ltal;
Accounts pajahle:
Vouchers parable
Zmployees' paQr-roll allotment account, United
States saTlngs bonds..
Withholding taxes
Miscellaneous
Total accounts payable
Beaer7e for expenses and contingencies (net)
Capital account
Deduct - Sabscrlptloa to Xntematlonml Konetar^
TUnd
laming
and
lese adalnlatratlye expenses (Schedules 3
»»)
Total liabilities and Cfl^ltal
$29,238.06
Jtiii«
30,
19U7
November 1947
57
Schedules for Balance Sheet of the Exchange Stabilization Fund
Schedule 2
United Statei Oovernsent ecurltlea held by the Xzchoo^e Stebll 1 tatlon Tund
leeue
-
(Continued)
.
Treasury Bulletin
58
Gold Assets and Liabilities of the Treasury
(In mlllloiu of dollars)
Id abilities
Xnd of oalandBr
year or month
Oold assets
1937
1938
1939
12,7&).0
1U,511.Z
igito
21,99U.5
22,736.1
19,825.11
22,726.3
21,937-8
20,6lg.S
20,06U.9
20,529.0
20,6u.9
17, eu?."*
19U1
19U2
19^3
1^
ig"*?
19U6
IjUy-Jaimary
Tebmary
20,7it«.3
.
.
20,330.0
.
March
20,1)62.6
i^JTll
20,77'».l
•I«V
ao,933.l
ZL,s66.5
Jims
Jnly
21,537.0
21,765.9
21,955.1
io^&t
Beptember p.
Sooree:
Oold reserre
scalsst U. S.
Oold oortlfleates 1/
Bo'tes,
etc.
Sx^iaBfe
StablUiatlon
^
Gold Is
General ^ind
156.0
156.0
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
1,800.0
1,800.0
18,U30.5
156.0
156.0
156.0
156.0
156.0
1,800.0
1,800.0
1,800.0
1,800.0
1,800.0
18,675.8
19,162.0
19,269.9
156.0
156.0
156.0
1,800.0
19,584.8
19,736.8
20,086.9
156.0
156.0
156.0
1,033.3
1,060.3
1,023.6
20,3lt3.7
156.0
156.0
156.0
1,037.3
1,028.3
1,029.0
9,212.3
11,872.8
15,278.6
20,564.8
19,821.0
18,lt97-'t
17,911t.l
20,581.5
20,770.0
Bally Treasury StateBent and Clrealatlon Statement of United States
Money.
Prell Binary.
Oomprleee (l) gold eertlfloates held by the pabllo and In Tederal
fieserre laaks; and (2) gold certificate credits in (a) the Oold
Gertificate fimi. - Board of Goremore, Tedsral Bessrve Systsa,
I
and (b) the redesiptlon fan& - federal fieserre notes.
Beserre against United States notes and Treaeoxy notes of I89O.
Ixclndes gold In active portion of Ixchange Stabilization Kind.
On Tebruary 26, 1947, the United States snbscrlption to the International Monetary ^ind was paid froB the Xxctaange Stabilization Aind.
Monetary Stocks of Gold and Silver
(In millions of dollars)
Bud of fiscal
year or nontb
Oold
(»35 per
fine onnce)
1938
1939
1940
Silver
29+ per
fine ounce)
(»1.
Batlo of sllTer
to gold and
silTer in
moaetsjy stocks
12,963.0
16,110.1
19,963.1
22,624.2
22,736.7
3,066.4
3,605.2
22,387-5
21,173-1
20,213-0
20,269.9
21,266.5
4,298.5
20,7lt8.3
March
3,517.2
3,519.6
3.522-5
1'*.5
20,330.0
20,462.6
J^jril
30,77'»-l
3,525.9
14.S
May
June
20,9331
3,52lt.9
21,266.5
3,525.7
14 .4
l4.2
July
Aognst
September p.
21,537-0
21,765.9
21,955.1
3,530.6
3,533-1
3,538-0
14.1
14.0
13.9
191*1
19U2
19U3
191th
19't5
1946
19^7
1947 -January
February.
Source:
p
.
..
4,306.3
19-1
18.3
16.5
15-5
15-9
3,9't7.9
16-1
15-7
3,685.8
3,508.4
3,525-7
1&.8
14.2
14.8
1>*.7
lUly Treasury Statement end Oirculatlon Statement of United States Money,
Preliminary.
Increment Resulting fron the Reduction in the Weight of the Gold Dollar, September 30, 1047
Jmooatione of
increment
Charges against
increment
Szchange Stabilization Kind
Payments to federal fieserre Banlcs for industrial loans.
Philippine ourren^r reserre
Melting losses on gold coin
fietl Foment of national bank notes
UnasBlgned
$2,000,000,000.00
139,299,556.99
23,862,750.78
2,175,121.93
6^, 387, 965 •'t5
8,253,628.58
$2,000,000,000.00
27,5^6,310.97
Total increment
$2,818,979,023.73
$2,674,786,917.97
l,852,etl.55
9*5, 387, 965.1^
Unexpended balance of
allocated increment
$111,753,246.02
23,862,750.78
322,480.38
8,253,628.58
5144,192,105.76
«
6
November 1947
2
59
Components of Silver Monetary Stock
(In lllloDi or dollara)
81lT«r twld Id TT«aaur7
lod of caloodAT
7«ar or aonth
8«curlnc
tinr
cartlflcaUi
BllT*r
bolllos 2/
19)7
19)8
1939
938.
igw
)98.l
13/-6
298.2
In ^onoral fund
1/
SuboldlATj
coin
81lT*r
dollars
503-7
502.7
U99.0
U9U.6
UsU.l
5."
3.5
5.)
2-3
3-5
.2
lk.il
.U
,1*76.1
I9itt
1.516.2
1.520.0
1,520.1
1.703.9
1.911.2
M68.J
1.913-1
1.915-5
1.917-0
31*3-3
l9Wi
19'*5
191*... .
19^7-*7anuar7
Tobruary.
March
.
.
.
Iprll
Hay
Juna
I.9I8.9
1.921-3
1.923-9
July
lo^uat
Saptenbor p>
1,925-6
1,929.0
1,930.9
Bullloii for
rocoloa^ U/
y
19U1
I9't3
gilTor
ouiild*
TronAory
too.It
356. u
3U5.U
>«28.6
U3.U
Ut.u
ue.i
52-5
63.0
535-3
657-"*
662.3
628.2
551.8
UO5.6
19-1
78.8
96.8
117^
185.
.1
93-1
15.8
15.9
18.8
3U3.2
3U}.0
ailTor
dollar! 1/
616.0
12.5
10.2
lU.O
376.5
Bullion
nt eoit 2/
93-6
-.1
93.'*
93.3
Mln
J/
366.9
372.8
2,S06.5
U22.U
li,
''93
3. 31*6.8
3.790.2
060.0
-5
U,2l«U.8
587-3
''.317.6
681*. 7
U.207-J
3.870.6
3.512.8
137-5
150.1
771-6
8U6.7
901.1
150.3
150.3
150.5
900.2
900.3
900.6
3.517.2
3.519.6
3.522.5
903.0
901.1
3.525.9
902. B
3.525.7
90U.8
906 .U
910.3
3,530.6
3,533-1
3.538.0
3112.9
19.6
93-1*
3U2.6
3l«.0
21.6
19.8
92-7
91-9
150.6
151.0
151.5
SUl.o
19.3
17-9
93-6
92.6
152.5
153.6
15.7
93-'*
15U.1*
339.9
339
Sobaldlary
Total
•llTor
at 11.29
por oonco
3, 51'*.
3.52'*. 9
allver lend-leased to foreign gorernttenta (aee Annual Report of
the Secretary of the Treasxiry for aiKiunts].
Valued at 91.38 per ounce.
Talued at 91.38 per ounce or at $1.29 per ounce according to
whether the bullion la held for recolnage of aubaldlary allTer
colna or for recolnag* of atandard allrer dollara.
Dally Troaaury Statooent and Circulation Statoaent of United
Stata* Money.
PreliDlnary.
Laae than 150,000.
Talued at $1.29 per ounce.
Includes ellrer leaaed to Office of Defenae Planta of the B.T.C..
Do«a not Includa
etc. (aee Dally Treasury Stateiaent for anount).
Silver Production In the United States and Silver Acquisition by Mints and Assay Offices^
(lo Blllioaa of ounces or dollars]
Calendar year
or Bonth
Silver
production in
United Statea
Silrer acquired by mints and aseay offlcea
lewly Dined doaeatic
BilTOr 2/
foreign allrer 2/
6
21*1.5
U2.1*
355.1*
1*0.1
1*8.5
282.8
I39.S
50.1
72.6
31*.
1U.3
igw
71-3
61.7
63.9
68.3
191*1
71.1
70.6
61.6
60.7
68.3
70.5
55-9
1*7.9
1*0.8
5.5
35-7
•
•
.6
1937
1938
1939
\SU2
:---
191*3
19UU
Delia
Sollara
Ouncea
191*5
29.3
.9
191*6
21.1*
U.9
51*.
3-9
1*/
108.
156.
120.
312.2
U17.1
50.
27.
208.0
1U3.1
99.1*
62.1
5-5
1*0.0
-9
.6
6.0
3'«3-3
2.1*
2.U
2.0
April
May
June
2.7
3.9
2.7
2.7
2.7
1.9
2.U
2.U
l.(
2-7
2.7
1.9
July
1.9
2.6
3«
3-U
1.7
3-8
1.9
Source:
*
1/
^
*"m.«i figurea eoae froB the Bbreea of the Hint; oonthly flgoree
on U. 8. ailTer production cone froa releaaoa of the Aaerleaa
Surean of Metal Statistlea and vill not agree irlth the amraal
figorea.
L«sa than 50,000 ouncea or $50,000.
Tor Information on allTer production In other countrlea froe 1933
through 19l«l, see •treaeury Jolletln' for Aogaat 191*3. ?•«• 7'».
Aoijulred at 9i.9> eenta per fine ounce until April 9, 1935: at
71.11 conta per fine ounce fron that date until April 23, 1935: at
k.k U/
'*-9
2-7
1.8
2.0
2.5
3-7
3.3
1-9
3.9
U.U U/
Tebruaxy.
March
2-7
1.8
77.2
•
2-U
1.6
1.8
191* 7- January-.
163.3
199.1
160.6
!t/
1.6
1.8
2.l«
1.8
77.57 cents per fine ounce fro« April 23, 1935 to Beeeaber 31, 1937:
at 9*. 61* cents per fine ounce froa Sseeiiber 31, 1937 to tulj 1,
2,
1939: »t 71-11 «•"*• !>• fl" ounce froa July 1. I939 to
191*6; and at 90.$ oents per fine ounce since July 2, I9U6.
Acquired at rarlons prices aTera^ng approxlaately 51 cents per
ounce.
Includes 0.5 ailllon ounces rained at 71.11 cents per fine ounce
totalling to. 3 Billion, and U.l* ailllon ounces rained at 90. 5 cents
per fine ounce totalling tU.O ailllon.
Mf
^
k/
2
7
..
Treasury Bulletin
60
Seigniorage on Silver
(CuoulatlTe from January
1,
1935
-
In millions of AollaxB)
Source* of eelgnlorege on ellTer bullion reralued Ij
Seigniorage
£nd of calendar
7«ar or month
on colne
(•liver and
minor)
18.5
ue.i
63.7
69.5
91.7
122.2
1935
1936
1937
1938
1939
igito
Mlic. allTer
(Incl, ellTer
bullion bell
June lU, 193lt)
1*8.7
1*8.7
1*8.7
1*8.7
1*8.7
1*8.7
19'»1
182.1
1*8.7
igus
2'*5.7
U8.7
19'*3
1*8.7
igw
299.6
362.3
19'»5
'*29.5
19W
U91.9
1*8.7
1*8.7
igUy-January..
Tebruary.
March
^rll
May
June
July
Auguat
.
September
.
Source;
1/
.
.
1*8.7
1*93.9
1*95.5
1*98.2
1*8.7
1*8.7
502.2
506.0
508.8
1*8.7
509-5
510.0
510.7
1*8.7
1*8.7
H8.7
1*8.7
1*8.7
Hewly Dined
•liver (ict
Nevlj mined
•liver (Proc.
July 6, 1939
Dec. 21. 1933)
and
July 31,19'*6)
16.S
36.0
58.0
7U.9
87.3
87.6
l*.2
25.7
Silver Purchaae Act
of June 19,
193^
Batlonallsed
•liver
(Proc. of
Aug. 9.193'*)
at cost in
Oeneral fund 2/
3'*.5
326.2
27l*.9
31*. 7
3l*.7
1*22.1
397.5
51*1.6
1*57.7
31*.
530.7
562.7
311.7
3l*.7
508.1
616.0
705.6
7
1*8.3
580. li
31*. 7
63.6
65.3
58U.3
3l*.7
581*. 3
65.1*
5«l*.3
3'*.7
3l*.7
65.5
66.5
701.6
832.1
87.6
87.6
87.6
67.1
67.8
68.3
832.1
832.1
832.1
87.6
87.6
87.6
68.8
69.5
70.1*
832.1
832.1
832.1
87.6
87.6
87.6
70.9
71.9
72.5
832.1
832.1
832.1
2/
Potential
•elgnlore«e on
•liver bullion
226.2
302.7
366.7
87.6
87.6
87.6
87.6
87.6
87.6
Dally Treasury Statement.
These Items represent the difference between the cost value and
the monetary value of ellver bullion revalued and hell to secure
Total
••Igniorage
on ellver
revalued
759.1*
758.8
950.6
1.055.8
799.7
818.9
820.6
820.7
938.1
1.069.6
1,089.0
1,0U8.2
967.3
717.3
333.2
7
1.070.2
1.070.9
7
1.071.''
161.7
160.9
159.1
31*.
7
7
1.071.9
1.072.6
1.073.5
159.8
31*.
1,0711.0
w6.i
1,075.0
1,075.6
111.2
154.1
31*.
7
3U.7
31*.
31*.
31*.
3l*.7
3'*-7
3l*.7
3U.7
161.
157.1*
153.0
ellver certlflcatee.
The flguree In this column are not cumulative; ss the amount of
bullion held changes, the potential seigniorage thereon changes.
.
61
November 1947
Money In Circulation
(In
lliloni of dollars)
Fi^r
moamj
total
nd
Dn«/
of riacKl
/•ar or aoath
In
Cold
Total
papar
moamj
circulation 1/
cartlfIcataa
Trvaaury
notaa
Sllrar
cartlfIcataa
of 1890
y
2/
DntUd
ataUi
Botaa
1,230
262
266
U.llU
50
U.UgIt
2>I8
5.163
63
1.582
I.71U
59
1.75''
}00
317
6.68U
9.310
26
22
20
322
322
323
317
I3.7't7
7.0lt7
19U0
19112
7,8U«
9.612
12.383
5.93"
6.U88
7.2U8
8.932
11,600
19^3
191*
17.1t21
2Z.50lt
16.U92
21,>tU
I9't5
26.7"*
2g,2U$
28.297
25,5'ti
57
5"
52
26,9"5
26,9Us
50
U8
26.92;
26.966
26.886
U9
U9
U8
1.916
308
1.95't
March
28,262
28.30U
28,230
3IU
31"
iprll
Haj
JuiM
28,llU
28.261
28.297
26. 763
l«8
2,022
2.070
2,061
318
J«l7
Au^uit
Saptaabar p.
2g,lU9
26,792
27,078
27,189
2,033
2,051
2,OU3
317
19U1
19"*
19''7
I9't7-Jaiiuar7
fabruarjr.
.
.
28 $&»
iDd of fiscal
yaar or aoDth
19I1O
19"!
19"2
19"3
19UI1
19"5
19"6
19"7
NV
Juna
July
Saptaabar p.
goorfls:
p
^
'f
"T
320
320
317
Rnb«idiai7
•ilrar
18.75°
22.867
23.973
23.999
2U,ll"
2U,ll6
23.999
atlonal
kank
Botai
*/
217
186
165
150
139
19
58ll
126
597
527
120
11"
106
U6lt
U06
110
109
108
U2lt
1121
23.853
23.953
23.999
blU
"06
108
107
106
23,887
2", 151
"oo
397
391
106
106
105
2U,a6
Minor
coin
ItlO
Nonay in
circulation
par capita
(la dollari)
3"2
361
1"6
155
»"9-77
53 «"
50"
19U
213
72.16
91-95
236
263
292
1(2. 9<
788
876
317
331
191.56
200.00
196.46
i!3""
1"7
l"7
1"7
86"
86"
869
327
327
328
197-80
197-76
196.92
351
351
355
1"7
1U8
1"8
873
331
195-79
87"
527
558
599
680
783
it6
929
1.066
1,205
1.300
1.355
8U
103
125
1"0
lb8
610
700
1.337
59"6
53
66
l^
150
151
(1) OlroalatloB Stataaant of Oaitad ttataa Monay: "A (2)
Baport of tha Saeratary of tha traasury for 19"6, pa^a 623-6?7Pralladnary.
Kxoludaa (l) Bonay bald
tha traaauiy, (2} aonay bald
or for
tbo aecouBt of tba Tadaral fiaaarra Bank* and thair afants, and
of
oitiaatad
to
ha
bald
ontsida
tba
oootlnantal
llmita
ooin
(3)
Xnflludaa papar ourraaoy bald oataida tha
tba Uoltad Statoa.
^
321
Standard
•ilTOr
dollara
1.356
1.362
1,375
Ao^it
320
1.99"
Ug
.
iprll
1.588
1.651
2.025
2.061
us
total
coin
19J8
1939
19"7-'anuaTr
fabniazx..
March
26,910
26.9Ua
Tadaral
Baiarra
Baak
Dotao
78
19W
19J8
radaral
Saaanra
Botaa
^
127.63
330
196. "9
876
331
196.66
875
878
887
IS.
195-50
197 -36
198.1"
337
eeatluntal llaltt of th* Dalted »tatM.
^
^
Oold o«rtlflea.t«f v»re vlthdran froa olronlatioa In 1933TroaauT aotat of 1690 in elrvnlatlon «« beiac oanealad •&«
tlrvd upon racalpt tj the fraanuy.
rv
Tadar&l Saiarre Baak notei and national bank notai ara ccrraraA
dapoaltt of lavfal mooaj and ara In proceai of ratlrrnant.
1>7
62
CAPITAL
AND
Treasury Bulletin
MOVEMENTS BETWEEN THE UNITED STATES
FOREIGN COUNTRIES AND NET POSITION
IN FOREIGN CURRENCIES
•
63
November 1947
Capital Movements Between the United States and Foreign Oountrlea,
and Net Position In Foreign Currencies
ohaptsr
This
United States
Foreign Currenoles
and
Section
data
cipal types
of
divided
Is
Into
Into
betwaen the
Its
position
net
banks
Position In
four main groups.
and
and
foreign currenoles
In
of
United States
outstanding foreign exchange
purchases and sales of foreign exchange,
their
brokers,
oontraots, and
both spot and forward.
the Hlstorloal Suuiary,
regarding capital moveaents by the prindata, and by years froa 1935. >"* cur-
rently by Bonths.
down
Moraasnts
Foreign Countries
of Capital MoTeaents,
1
contains
Capital
on
These data are
based on I'eports filed each month
brokers throughout the United
States.
The reports are collected, checked, and tabulated by the twelve Federal Reserve Banks. The totals
are then forwarded to the Treasury Department for oonsolldation and publication.
by banks,
Each typo of data Is then broken
chief components In the saae ohrono-
logloal detail.
Section II supplies a geographic breakdown by
countries on a monthly basis. The total
capital movements are given first and then the prin-
bankers,
and
principal
cipal
categories
shown
are
separately.
Figures
for
previous periods may be obtained froa
the following sources:
In addition,
the total outstanding claims on and
this point,
*
liabilities to foreign countries are each presented.
at
Supplement to the 'Treasury Bulletin' on 'Capital
Movements between the United States and Foreign
Countries, January 19^2 through April 19*1^5', for
details during that period.
Details with respect to capital movenents and
short-term claims and liabilities are presented In Section III as of the latest month for which the data are
Noveaber 19'V5, for capital
•Treasury Bulletin',
movements, and position in foreign currencies by
months, 19'^2-19'^5.
available.
"Treasury Bulletins', March 19'+2 and earlier, for
details covering years back to January 2, 1935.
The last group contains monthly data regarding the
Section
I
-
Historical Sumnary
Table 1.- Net Capital Moveioent
(In thousftnda of dollara; nasfttlra flguraa IndleaU a oat outflow of capital froa tha Unltad Stataa)
Anal/ala of aat capital aoraaaot In:
Calaadar yaar
or Bonth
lat capital
OTaaaot
Short-tara
banking funda
1,
(Jan.
2, 1935-Jan.
(Jan.
a. l936->c. 30,
(D»c- 31, 1936-Dac. 29.
(Dae. 30. 1937-Dac. 28.
(Dae. 29. 1938-J«n.
3.
19110 (Jan.
U, 19llO-Dac. 31,
1935
1936
1937
193«
1939
1936)-.
1936)1937)..
1938)..
19'W)-I9I1O)..
I.l4ii0,6e6
328,968
3'*
32.990
20.358
-2U5.062
6.039
6,811
3'».687
8>ll,628
1.335,270
7,091
-71,168
160,108
7,1*88,611
160,830
393,356
1,397,99'*
19"*
19"«
1.286,893
1*1. 35U
1.071*. 375
19»i6
-793.32''
1.216,303
-733.909
1,1*31,301
9,1*1*0,791
l-Joaa 30, I9U7)
2,
1935-Jtma 30, 19U7)
19l|6.Jal7
kxgaai
Baptaabar
Octokar
loraabar
Daoaabar
19U7 -January
Nbruary
*
125.158
191.076
267,008
26.758
115.689
78.156
9.661
IS"*?
(Jan.
-19
3.513
13.372
8.52?
-85.1*27
Tranaactlona
In foralCB
aacuritlaa
-261.955
'*.599
27.767
210.735
-113.105
-33^.203
-21*3.522
-1*53.823
626. 121
I9U7
Tranaactlona
IB doaeatle
aacuritlaa
1.135.W3
1*28,11*2
287.39"*
I9U1
I9te
total (Jan.
balancaa
316,660
600.693
2UU.626
57.196
992.829
1,226,722
«33.715
Ul2,9;6
1.198.735
695.080
Brokara^
5«3.373
1.168.058
lU8,59lt
17.791*
51.70J
-7.361*
77.696
93.1^6
-1*6,617
265^7
157.952
-152.022
779
.1*1*1*
-112. 735
5.836
3.658
-108,858
-13.987
-13.863
21.U75
-160.1*16
-9lt,lll*
30.168
-9.83?
-260. (9U
2.663
1,634
-6.19>)
26.224
-28.366
-276.387
-17,681
3'».57li
-997
lO.lOl*
6.386
-3.325
6.201
-2.068
-152
-2U,698
-25.362
70.270
-78.335
52.733
59,0»7
39,o««
67, 8llO
i,8(2,;7>>
March
-223,190
ipril
3"»,75«
•tar
-8«3,2«J
Juna
-67,1*58
21*5.
7.1*70
1
1,0U7 r
1,979,IW6
-21*8,1*93
-33,702
7.069
2,3*
9»
-J.IT"*
-8U.068
U,3Bl
-18,25*
-5,102
-278.
16.51.5
28.826
17,321'
Treasury Bulletin
6^
Capital Movements:
Section
I
Historical Sumnary
-
Table 2.- SStort-Term Clalss on and Liabilities to Foreigners
CPosltlon at end of period la thousajlde of dollare)
Short-term claims
Payable
And of calendar
year or month
1935
1936
1937
1938
1939
13^
(Dec.
(Doc.
(Doc.
(Dec.
(Jan.
(Doc.
Total
1935).
1936),
1937).
1938),
778,579
3,
I9I4O),
31,
I9I40).
508,702
383.978
367,786
21*6.673
31.
30,
29,
28.
I9IU
igua
19U3
igiA
in
foreign
currencies
128,951
li*o,9U
672.6ll|
65't.990
626,01*2
,
Loans to
foreign
banks
Total
Deposits
of
foreignere
1*88,365
1,301,11*2
1*31*.
U7,U77
96.726
116,917
165,521
173.23s
115,118
977
385.636
310. U77
263.719
221,383
1,623.317
1.893,087
2,203,185
3,221,328
3.938,232
1*7,068
118. 633
202,085
3,678,518
30,916
31*, 387
51*. 603
72,0l»8
11*3.709
137. 161*
It,
105,1*21
169,670
5.596.775
6,883,068
1*.
21*5,010
290.1*95
l*,9'»6,62U
668,16s
1,222,580
1,218,633
1.910,898
6,1*80,262
l*.693,9U
1,71*5,722
150,01*1*
66,71*5
257.929
Payable In dollars
161, 263
152.1*37
329.691*
Short-term liabilities
Poyable In dollars
86,378
205, 389
5.37l*.903
Pay ab le
in
foreign
currencies
Net
short-term
liabilities
1,156,1*96
1,1*56,885
1*6,795
66,1*78
97,851
1.600,507
1.985,025
3,025,189
3,786,182
209,597
82,983
103.369
60,828
2,712.626
31.01*9
3, 551*. 251*
3,352.223
3.523.328
306, 618
19,677
13.893
17.911
3,310,732
3.958.716
21,61*1
25,51*6
1*0,629
5,267,081
6.31*6,765
6,186,31*9
6,073,611*
l*,13lt,ltl2
356, 501
1114,791
135.311
121,001
99,951*
522.563
950,703
1,238,097
1,577,11*3
5.116,971*
191*5
igUfi
392.766
708,253
1*7,1*89
98,119
100,267
319.639
igUe-Juiy
August
September
561,1*16
581,1*50
108,706
108,093
106,196
236.539
231.730
275.991
216, 171
Ski, 627
233.1*71
6,908,181
6,767,799
6,689,272
5.0l*0,2U9
1,81*2,517
25.1*15
U,9U9,7H5
615,658
1,790,877
1,867,115
27.177
27.517
October
November
December
602,716
6U2,6oo
708,253
103,518
96,977
98,119
272,156
227.t)l*2
6,679,1*78
U, 91(6,961
250,929
6,690,996
l»,
81*3,
776
1,702,781
1,815,968
29.736
31.252
6.076,762
291*, 691*
319.639
290, 1*95
6,1*80,262
i»,
693. 911
1,71*5,722
1*0,629
5,772,009
I9U7 -January
February
March
730,693
751*. 576
93.1*78
32U,002
360,719
388.555
6,503,699r
l*,71tO,992r
1,723,106
78,720
72,102
313.213
315.137
337.775
«,506,9g8rl
l*,g88,977r
3,581,1*06
39,601
36,605
8,302, 351rj
lt,87lt,61gr
3,391,699
36,031*
5.773.006
T,T52,Hl2 r
7,503,919 r
116,91*3
21*0,850
itWt,oit3
«,?72,053r
36,1*36
271*,
650
1*76,581
525,119
3,270,826
3,016,630
29,391*
2>*S,>I02
8, 071, 50 2r
8,0l»0,25l*
S.OOJ.l'Wx
U, 771, 282
3,232,1*69
128, 97U
159,50"*
798,1*32
iprll
801,836
880,205
933,085
,
"ay
Jon*
l».79l*,61*0
l»,
992,1*51*
31,170
6,1*90,302
5.772,009
6,01*8,396
7,l<7a,217r
7,191,297r
7,107,229
Table 3.- Net Moveoient of Short-Term Banking Funds
(In thousands of dollare; negative figures indicate a net outflow of capital from the United States)
Short-term liabilities
Short-term claims
Total
Payable in dollars
Payable in dollars
Payab le
Calendar year
or month
in
foreign
currencies
leans to
foreign
banks
Total
Other
(Jan.
2,
(Jan.
2,
(Dec. 31,
(Dec, 30,
(Dee. 29,
1935-Jan.
1, 1936),
1936-Dec. 30, 1936),
1936-Dec. 29, 1937)
1037-000. 28, 1938)
1938-Jan.
3, 19I10),
361,360
70. U9
17,621*
28,91*8
117,31*0
228,132
-lH.788
-11,526
2.393
83.299
-3,552
31,868
-20,191
136,780
53,039
-1*8,601*
75,159
358.023
269,770
300,020
-7,717
1*1,758
191*0
(Jan.
19lto-Dec. 31,
12lt,72l*
19,268
1*09
15.933
58,120
-3,515
20,671
1*7,336
-3.1+71
191*5
16,192
97.503
-11,256
-71,765
-63.072
7,111*
19U6
-315.1*87
-50, 630
-22U,772
-61,385
71,237
-23l*,62lt
1,560,01*2
11*7,1*58
191*, 532
-11*9,271*
102,200
7,31*1,153
-50,392
-50,21*6
8,157
August
September
-20,031*
613
1.897
-8.303
U.809
-25,1*56
October
November
December
12,91*2
-39,881*
-65,653
U,
19I1O)
191*2
191*3
iguu
I9U7
(Jan.
Total (Jan.
1-June 30, 19U7
2,
1935-June 30,
19l*6-July
-31*,
191*7 -January
February
March
April
191*7-
208
-22,1*1*0
-23.883
,
-1*3,856
-3,1*01*
-78,369
-52,820
»<«J-
Juae
Bevlsed.
-20,216
37.802
992.829
1*.933
1*28.11*2
11*3, 119
-9l*,806
-16.971
20,386
287,391*
1*1*0
1,018,11*3
i.oiio,i6U
20,520
-1*2,51*1
1.135.1*83
716.901*
-259.711*
l*S5.S70
760,993
-ll*,310
19,29s
60, 899
-1*33.959
105.607
185,617
385.365
-29.779
-11,372
-5,102
-ll*,330
6,51*5
1.179. 311*
620,881*
551*. 1*12
1*,018
522
583.373
1,168.058
-19.01*3
-32, 506
-75.31*0
220.359
1.279.375
220,576
583.205
-3.91*7
5.151*
-219.372
-1*5,1*85
-1*18,1*22
-268,851*
692.265
651
3.730
3.905
15.083
1,216,303
-733.909
298,593
1,270,908
-9,1*59
1,335,270
366,012
3,000,508
-25,367
7,1*88,611
296,171
277,1*11*
-11*0,382
-90,501*
-155, 105
22,1*56
-51,6110
-3.699
1,762
21*5.779
-160,1*16
76.238
3I10
-112,735
-163,809
113.187
-70,21*6
2,219
1.516
9.377
-28,366
-276,387
-22, 616
1,858,300
-189.707
-1,028
-2.996
-571
-159,230
38,357
1*02
1*9,31*1
8,156
-78,527
6,1*29
.51*1
3.835
-22,538
11*2
-2l*,9i*5
-5.1*72
11, 518
-210,731*
U,6Ul
758
6,618
-1.921*
-22, 638
11*.
-1*1*
,
81*1
-12,031
-30,530
foreign
currencies
Bet
short-term
liabilities
6.333
19.683
631,1*69
-l4l*,26l
678
Other
foreigners
1935
1936
1937
1938
1939
I9U1
in
Deposits
of
Payable
6,U26
96,925
-33,800
26,2U8
-23,887
-39,566
-33.507
-36.717
-27.836
-55,1*88
23,l*87i
2,003,289
-201*, 637
-32,53*
-30,291
-200,551
-1*8,538
-31,21*8
587.331*
333.1*07
11*3,622
371*.
1*,
156,
US
-103,185
-11*9, 865
U7.13IT
11*7.985
-11*.
359
128,530
-231,866
221,172
-161*.
-251*
196
-7,0l*2
1,776
328,968
31*1,628
-2l*3,
11*8,591*
7,1*70
l,0l»7r
1,979,1*06
-21*8,1*93
-33,702
-278,920
-81*. 068
65
November 1947
Capital Movements:
Section
I
-
Historical Suamary
Table 4.- Purchases and Sales of Long-Tera Domestic Securities by Foreigners
(Xn thouiands of dollwe)
Doaaitle atocko
Calendar y«ar
or aoath
19?s
1936
1937
1938
1919
19MO
{Jan.
(Jan.
Salaa
1935-Jan.
1. 1936)
1936-Dao. 30. 1936)
(I>»c- 31. 1936-Dac. 29. 1937)
(Bac. 50, 1937-Dac. 28, 19«)
(Dae. 29, 1938-Jan.
3, I9U0)
k, 19iiO->e. 31. 19'iO)
(Jan.
Doaoatlc boDda
at
let
2.
n.a.
n,a.
2.
D.a.
28U,206
73.052
-188.8lt6
221.816
278.032
-56,216
I9UI
l't6.039
17l*.952
2ll(,
388
-39.1*36
20.895
161»,218
21*1,299
138.511*
25. 701*
70.7U1*
iSltS
96.383
151.639
136,653
260.223
368,558
75,1X8
19U,616
-222. 519
19143
19U6
367.6l»9
99,907
IS"*?
191*
19U7
l-June 30, 19U7
(Jan.
Total (Jon.
2,
1935-Jime 30,
-112.977
170,555
986.021*
2.083.698
2.028.755
231,661
302,829
-71,168
12,277,736
11,881*, 380
393,356
11*8.829
••9.398
-108.858
-13.987
-13.863
513.558
377.717
268,21*1*
393.390
-15.673
650. Ull
637.91*0
Ull»,l*70
681»,213
-269.71*3
782.119
165,867
-65,960
131,751*
136,962
-5,208
31.959
25,167
16.1*36
9.51*0
116,170
-100.1*31*
39.971
701*
2l*,231
-ll).691
35.1*11
36,70lt
-lt.628
16.989
26.221*
-9.235
22.263
20.959
39.83a
26,2ltO
-12.1*17
8.985
33.100
32,009
31.051
¥*.'U26
30,8lt7
29.932
IS, U16
29,1165
-11.01*9
30,651*
19.757
19.1*5
l'».367
33.065
21,183
-13,620
-6.816
l6.1*i|2
31*.
April
18,ltl»g
2U,013
"toy
15.»'»5
33,172
JuAa
13,386
2l»,969
-5,565
-17,327
-11,583
Oc lobar
loToabar
DacBBbar
19U7-JaBuai7
]%bru«z7
Kareh
26,223
-2.217
-85,1*27
751. 0U5
1,116.322
-3'*.
23.535
25.871
32.076
,
-2U5.062
27.767
210.735
-11 V 105
-33'*. 203
-8.
SapUabar
1.119.905
751,084
-261.955
-6lt.li60
1)2 It
1.11*2.923
316,660
600,693
21*1*. 626
57.196
365.171
-97.1*32
n.a.
lat doaaatle
•tocka and
bODdl
582, 9U6
2llt,002
320.991
260.601
392.938
1*32.109
21*5,311*
alaa
1.302.681*
2.273.381
1.200.119
1.03U.U78
506.022
357.655
579
Total
2.681*. 391
171.'»32
19'»7.
19U6-July
Au^uat
Total
purchaaaa
1*39.676
62.928
1*6.599
61.557
-6.191*
70.61*9
1.119
55.363
52.968
70.883
-17.681
10. lou
211.371*
10.897
-11.078
1*9,070
32.71*1
1*9.222
57.1*39
988
-18.51*6
30.809
56.171
-152
-2U.698
-25.362
19,71*5
11,796
7,91*9
17,303
3U,3lU
18,
35,809
51,3«6
52,802
-18,238
-5,102
au
-911
38,193
33,1'W
27,833
6,1*81
1*7,700
60.779
2,381*
lot aTal labia.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In thousanda of dollara)
Ibraloi atocka
Calendar year
or Month
1935
1936
1937
1938
1939
191*0
(Jan.
2, 1935-Jan.
(Jan.
2. 1936-Dec.
(Dec. 31. 1936-Dee.
(Doc. 30. 1937-»ec.
(Dec. 29. 1918-JaB.
I*.
19llO-Dac.
(Jan.
foreign bonda
Salea
1.
30.
29.
28.
3.
3I.
Salee
let
n.a.
1936)
1936)
1937)
n.a.
n.a.
n.a.
19J«)
661.256
896.149
B. a.
1.016. 188
n.a.
B.a.
19'iO)
I9I1O)
482.809
561.236
205.289
185.261
19"*1
n.a.
19112
19»*3
191*4
19't5
19I16
191*7
Total
purchase*
(Jan.
Total (Jan.
l-Jnsa 30, 19U7
2,
1935-June 30,
19.791
22,078
3.1*87
1*1*6.367
789
-n'Mi
65.21*7
65,610
-363
31U.262
318.I13
755.936
31*, 1*70
21,220
13,250
i*2l*,996
51*.
lt.ll6
lU^B t
l*,732
5.056
Sapteabar
7.210
4.1*19
October
loToabar
Dacaaber
1*.625
19l'7-Jaauar7
Tebruar/
March
April
B.a
3.981*
5.997
5.718
10.271
5.1<28
I*,
*>r
Joaa
lot aTallabla.
372.158
225.289
127.133
125.158
191,076
267.008
26.758
115.689
78.156
133.558
227.897
-7.36I.
536.098
705.073
749. 180
456,051
445, 547
51.70?
469.645
340.863
247.367
93. '•96
355.1*1*1
1*02,058
821.183
556,056
-46.617
265.127
1*90. Ult6
278,138
146,858
159,466
299,358
160,108
6,675,319
5,277,325
1,397,99>*
31*7.269
391.91*9
77.696
88,173
54.025
29.231
20.746
16.869
26.035
113.764
75.626
62.476
92.289
59.081
33.650
21.475
16.545
28.826
30.381
24,390
lw.209
24,156
32.BO7
3.920
59.162
61.161
58.126
52.933
26.607
26.229
51.71*0
6.386
1*8.762
22.569
133.128
76.052
25.1*57
68.5«8
-84.366
50.595
96.876
59.033
81,480
26.605
137.368
26,747
70.27P
-78.335
52.733
23,894
36,815
36,275
57,546
37.611
l6,gg4
85,494
79,350
57 23"*
26,447
59,0^7
110,281
39, o«?
39,910
17,32''
108,919
-324
2.791
70,891*
2.552
2,217
3,531
2,073
1.767
5'».537
U.036
U.2M0
3.290
1.682
6.031
2.138
91.157
2.1*66
lat foralgB
•tocke and
boBda
74,209
88.973
-29.156
265,490
19I17.
l*.8l*5
19116-July
220. 533
23.278
26.601
37.328
Total
aalae
55.266
57.197
52.129
051*
2,553
1,501
81,llll0
H,924
3,l*<6
1,1*51
7l»,*«6
1*,075
3,635
l*llO
53,159
iK
57"*
.
Treasury Bulletin
66
Capital Movements:
Section II
-
Summary by Countries
Table 1.- Net Movement of Capital and of Short-Term Banking Funds
(Zn thouBasde of dollars; negatlTO figures Indlcftto a not oatflov of capital froB tha Ualtad Statao)
Het capital aoToaaat
Country
Short-tor* banking fttndo
l?"*?
february
January
Bnropol
United Klngdoa
22,535
France
-27, '161
-15. "^3
Belgi™
IS"*?
March
April
-68,538
15.108
28,277
106,226
-1,627
-3,W.3
2,23»
-1,003
-6,352
12,»33
-5,096
-2,262
5,729
Oraoco
-5.79«
-ll.Ull
Italr-
55.2"
-"10.375
Ul
1W3
5,828
I662
-2,103
-22,966
-17,1170
135,085
-3.87»
-3>t,97'»
Boaanla
Spala
Sweden
6,128
-9,702
-l.>A9
Svlt lerland
S. S. 1
I9I
5.779
-686
-2,233
-23,07c
-13
-l.9>i5
-3,501
-11,352
-139
1I
-11,618
-128
-11,933
-11,020
-l,1«3
-33,131
-1,625
10,075
112,999
1,912
-2,006
3.192
-8,915
-75
1,328
-5,313
-787
l,ll2
5,836
-3.587
-528
-9.091
-5,112
2,720
-82
58*
13,106
6,3*1
-1,920
936
3,675
8,881
67
782
661
8,122
1,176
6I8
-12,725
*,068
-9.563
-2,762
-6,21*
-3.177
-123
-5,628
9,335
67
733
-5,»58
15.501
l,<76
658
-13.82*
3,027
-9,559
-2,669
-6,213
-5,319
13,291
7,296
-1,91*
936
3.«13
-691
-10,32*
5*
TucoslaTla
Other lorope
-861
-76,138
1,753
-6,119
6,511
-3,588
-221
-9.025
3.377
•81
-921
-6,311
12,503
-16,228
-9,719
-10,033
-830
1,137
6,028
-62
l.3«3
-1.669
-3,129
2,196
-12, «n
-1,018
-31,790
135
-5.3'^9
32
307
1,322
Hey
-36*
-5,356
-67
-570
-21,010
3.253
-9,093
0.
-38,931
-1.376
10,099
-5,775
6,708
-831
-1,832
-5,770
356
1,307
-23, '•73
-1,798
7.592
251
-29,896
7,602
236
-169
-i1o,6o6
-9,553
22,565
-12,978
6,251
6,770
-831
-1.853
-T.3p5
101,188
-22,078
-16,6*3
-11,8*2
70,U20
-8,620
SoBBark
TlBlaad
OeTBany
lethorlandi
Horway
Portugal
-66,111
11,636
28,835
-1*2,297
-12,1*9
-11,9*9
-1»,818
Luxaabourg
^rll
-16,528
-19,1(06
-16 10*
-979
-86,5'«
-93
March
February
June
7,267
I
January
Mar
160
u
-«3
-3,177
-J|C7
71,631
-190,007
-93.30t
190,288
-257,8*2
-*8,702
81,056
-171,160
-70,261
195.339
-220,717
-12.632
-33.759
-80,19*
-88,287
-1.7119
to, 358
-72,158
1a.16i
-110,505
-118,057
-50,321
U9,6l7
-1.910
5.501
2l,)i6U
-35,06U
-3.782
-1.199
-33,815
37,822
-2,96*
-56,979
27,*83
-1,936
-53.195
18,U52
7,917
-20,9*1
*«,0l2
-1,933
1,893
17,593
1,368
-31.371
-2,999
-1,257
-36,706
33,713
-2.971
-58.065
26,066
-1,918
-53,113
-3,206
U,6W>
l,U5i
5,1*2
-528
-872
86
1,169
J,*19
-8, 1137
8,305
-19,312
-2*9
-3,102
-10,381
-879
-3.101
1,690
1,107
5,117
-721
-816
-191
-1,277
-1,070
1,13*
-9,836
-U,*23
-l,o6«
-l'»,76l
-2,127
-333
-8,375
-l,pl»1
35
162
-2,IH«
-5,''50
9.663
-811
-13,811
-12.191
261
-883
1*2,112
-831
-5*5
-15,908
-333
-1,323
-3.8I5
-1,013
-9,056
-2,311
161
-1,918
8,566
-751
-1*,106
-12,288
267
17
-2.711
-2.033
-5,'W6
-1,700
-1.293
-3.765
-1.259
-1.372
267
-1,615
-5,00*
3,236
1,362
-292
2,761
-2,675
-2,0*6
-1.720
-3,109
-3,711
-1,233
-2,515
-76b
-156
-2,170
1,051
-1,607
-2,002
3,2l«
Tenesuala
Other Latin Aaerlca
-2lt,te5
ll,>*2»
-U,'t52
-2,053
-3.321
-1,175
10,019
-20,259
-21,180
11,128
-ll,3l2
-1,852
-6,6j6
18,155
-2,2U
-2,725
-2,276
6,881
-2,83t
-6,8*9
16,825
Total Latin iaorlca
-7,637
-35,lt3
-1»6,b67
-19.582
-16,109
I2a,*99
-6,617
-18.181
-51,010
-2J,0l«
-16,9*7
6,1*57:
-32.588
-6,150
-8,5*0
-6*2
587
-11,567
2,0*8
3,008
-11,939
-3,290
-863
6,82*r
2,169
-1,725
-31.962
-6,150
1,119
-20,9*2
3,102
-9*6
-9,921
-6*2
208
-13,910
2,0*8
2,971
-1,719
1,551
-838
-11,659
-1,982
-1,297
-1,«?5
-8,8*8
596
1,165
-1.708
526
-5,281
-297
1.030
-1,125
-1,753
1,55«
-S36
U56
19,632
-6,618
-3,392
-9,759
-3,198
6,109
-5,365
-651
-15.158
-1,123
-3,003
5. 816
19.352
-1,201
-5,531
-19,703
-10,103
-1,382
-7,826
-7,127
-8,563
-5,10*
-59,918
-1,901
-38,952
-68,8l2
16,586
-W.
-1,503
-19,262
1,125
1,177
-2,618
-771
-162
1,163
-*30
1,319
-2,565
-1,501
2,035
-13,129
Total Xuropo
Canada
l atin Aaerlca l
Argentina
BollTla
Braill
Chile
Coleakla
Coeta Hlca
-3.163
Ctfta
French Vest Xndlea and Oulaaa.
Nezteo
letherlands Weet Indies and
Surlnaa
Penaaa
Peru
1,192
7,76«
662
-5,625
Asia;
China and Manchuria
French Inde-Chlna
Hong Xong
,
,
India, Burma, and Ceylon
British Malaya
,
J^an
letherlands last Indies
Philippine Islands
Turkey
Other Asia
Total Aala
Other countries t
Australia
lev Zealand
Xgypt and Anglo-lfirptlaa Sudan.
1,1»21
-21,775
3.092
-915
-1.192
-8,8*7
595
1,010
-1,700
530
-5,237
-30*
1,035
-1,076
-61)0
11,518
-19,702
3.'t67
-15,651
6,139
-5,'rtO
-3,022
20,315
-1,238
-5.581
-U,0l6
-i,lti*8
9,139
-1.126
-7,8«6
-7,355
-8,579
-5,053
-61,238
-6,097
-37,771
-69,390
-53,982
-18,15W
11,70*
106
12l»
-irt
-1,008
-l,l»36
-7,103
1,125
1,191
1,762
-770
-*35
1,915
-182
1,505
-2.593
502
2,332
-5,521
1I7
-1,018
2,M1
l,0l8
31,995
-9,«55
-52,816
-13,613
-661
-6,702
-2,153
-1,565
-133
8,167
-219
23,793
-1l,l78
-9,115
-5,557
-13,359
-1,809 2,256,662
1,333
-1.153
116,853
1,320
-I.O0I
-2,971
1,113
l,0*»l,979,1o6
-218,193
-33>70e
-278,920
2,169
-*,757
-ll.lJSr
711
161
French Morocco
Onion of South Africa
All other
l.Ofilt
810
-606
35.023
-5,724
-52,892
-U.806
8,'t93
-181
-*00
1,339
-3,916
Total other countries
3'».183
-58,262
2,919
-2,*20
-9, loo
-9,278
International
-1*,809 2,256,662
1,333
-1.153
116,853
-125,098
Onldentlfled
-l,76lt
l»,321
-980
-2,971
1,371
715
Orand total
67,8lta-l,««2,57*
-223,190
31.T98
-263,263
-67,158
L^
r
Barlsed.
-1,766
7II
165
9,U0
.
67
November J 947
Capital Movements:
Section
II -
Suamary by Countries
Table 2.- Net MovB«ent of Brokerage Balances, and Net Transactions by Foreigners
in Long-Term Securities (Doaestlc and Foreign)
(In thousands of doll&rs; nsfatlTo figures Indicate a net outflow of capital froD the Qblted States or net sales hj foreigners)
Brokers^ balances
OtmXrr
Transactions ly foreigners In long-tera securities
13^7
19"»7
January
loropa
tfol ted Kingdom
Vahmary
March
April
June
Magr
i
U9U
12
-395
585
-181
-2, 161
ft-anca
BslgluB
-2ltl
13
-151
898
166
108
Dsnaark
flnland
Oenaany
29
61
-2
-15
-52
5
-15
30
12
-72
19
-2
82
-95
-^
-169
1,257
32
-2
2
-1(0
-2
Oreece
Italy
Luxembourg
-2
Betherlands
Sorvay
Portugal
Sunwnla
Spain
Sweden
Swl t zsrland
0.
S.
S.
Ullt
55
-1U5
83
-Its
5
-48
U
-3
92
-211
26
-112
-216
-229
12
-2,390
-13U
-18
1,385
-116
11
1
11
-l»l
3
35
149
-32
-12
162
-i
-3>i
-75
31*8
i,6iU
61(0
-l,7«l
2,796
2,688
-3,210
5,023
32l(
-1
S
Yugoslavia
Other Ebrope
3
18
Total lurope
Canada
Latin inerlca
Argentina
BollTla
Braill
1(0
51*
-106
270
-1.192
-1,798
571
-393
-1.719
1,223
-1,608
77
7
2,169
1,355
-3
277
11(0
-1
-175
-2,366
lU
513
-21(3
-2
-321
65
-131
8U
-2
1U2
-3U5
-32
-192
fl
-IMO
-'*,079
369
-1
6,570
23
lU
:
CM la
Colombia
Costa Blca
Cuba
IVench Vest Indies and Oulana.
Kaxleo
Netherlands Vest Indies and
SurlnsD
Panama
Peru
Tenesuela
Other Latin tearlea
Total Latin America
,
-159
-63
277
1*2
--T7
-37
25«
-3^
261
-553
38>(
1
5
-163
1(92
—o
-887
108
-779
-184
-lU
1,055
-20
-71
30
23
ki
306
-15
8
"5
-28
u
79
-377
-799
515
825
-269
907
-3,111
7,6l|lt
-1,639
3,210
-i.oai*
I167
716
-228
-57>»
2,319
«95
-881
-29
-7
31
-K7
13
-109
-3
1
36
-1»3
56
9
-51
1
-10
-1
826
-2
85
8
162
-181
1,008
1
-23
Asia ;
i^na and Manchuria
Prench Indo-QilnA
Rong Song
India, Borza, and Ceylon
British Malaya
Japan
Hetherlands Sast Indies
Rllllpplne Islands
-2l(
-206
12U
-25
-li«
53
-7
-718
-3
-U2
-82
293
1,51(8
96»
-1,291
-U5
-21
-2
6
59
-Ufi
-IT
-19
1
-8
3
fcench Morocoo
Ihlon of South Africa
All other
-2
-1
-1
-3
-9
29
83
-U
1
808
-182
-1,533
-307
Total other ooontrlaa
-79
832
-38
-1.600
-261
-3,325
6,201
-2, 068
7,069
7
Turlcey
Other Asia
Total Aaia
Other countrlesl
testralla
lew Zealand
X^pt and Anglo-Z^ptlan Sudan
-15
-3
1
aadantlfled.
Orand total
n
s
-5U
12
3
23
78
57
Janoazy
fabraary
Harcb
iprll
•««r
Juaa
Treasury Bulletin
6g
Capital Movements:
Section II
-
Suainary by Countries
Table 3.- Short-Term ClaimB on and Liabilities to Foreigners
(Position at end of month In thousands of dollars)
LlabllltieB
Claims
I9U7
13^7
Country
January
rehniary
March
May
April
January
June
February
March
April
l*8l*,l*2l*
May
June
Europe 1
Ifclted Kingdom
1*81*. 35I*
Ul*3,281
237,173
209,082
373,581
226,369
165,31*9
11*9,303
178,781*
583
73,307
H,3«l
21,61*0
68,302
23,909
5,531
62,1*99
31,3'*5
50,533
9,896
7,075
39,356
12,988
7,373
35,770
15,639
8,019
1*2,1*25
39,596
39,31*0
Trance
Belgium
21,125
8,863
18, 8
20,090
lo.iaU
Denmark
Finland
Germany
580
6,U49
30,3^8
373
6,126
3»»5
321*
378
30,353
8,255
30,357
7,106
30,371
9,097
30,323
3M
5,275
Qreece
Italy
12,368
1U,878
us
12,530
17,702
51
13,213
20,599
53
12,822
12,980
23,832
65
12,889
2U,093
1*3,729
320,991*
22,1*51
'•3,027
21*7,380
218,1*87
22,1*168
22,905
39,792
225,708
22,218
136,558
3,669
660
153,683
155,768
k9,0ll2
212,201
221,613
5,913
1,212
6,322
117, '•36
1,511*
'•5, '•15
105,336
5U,192
111,211*
1,01*5
2lU,393
106,790
1*1*, 001
183,3*
1*,211*
929
51,038
5,180
1,010
39,25'»
l*,ol*3
38
l*,18l»
6,871*
12.210
6,178
5,630
3,833
5,951
7,110
12,205
11,376
10
Ittxembourg
Netherlands
Norway
Portugal
kl
Bomanla
Spain
Swe den
Switzerland
11,651
15
S
Tu^slaTla
U.
S.
S.
22,01*1
52
3,71*2
W
8,885
6,992
3,517
7,w
8,291
30,
6,923
7,U71
8,929
19.785
l6U,237
7,812
5
377,217
60,395
8
12,9*18
103,385
'•,327
13
7
I*
35,373
Other BHipope
9,5*
'I
10,226
22,933
26,296
Total Europe
307,290
319,807
331,792
251,327
2'tl*,130
267,951
48,750
1*3,021
39,033
36,1*33
36,829
36,3*3
1*9,062
1*5, '•79
1*9,929
57,821
616
2,573
63,109
2,963
69,583
>*,818
6o,7'*6
5,291*
115,360
150,208
15,259
30,155
3,696
15,979
26.835
U,039
18,578
30,398
3,375
20,297
36,390
3,587
1*5,165
Canada
Latin America !
Argentina
BoliTla
&*azll
2,
Chile...
13. l"*?
Colombia
Coata filca
29,90U
Cuba
Trench West Indies and Oalana..
Mexico
35, 1*63
7
13, IS"*
8
57,809
26,767
9,067
6,857
39,692
52,151
8,851
19,957
18,75't
11,313
18,135
159, 06U
165,221
157, ?89
112
392,161*
58,1*79
58,537
lU,670
397,201
60,016
15,288
111,35"*
381*,
31*0,989
197,91*3
328,510
270,300
150,930
11*2,518
56,939
52,01*1*
22,1*17
22,653
27,278
21,522
37,717
20l*,l*29
32,226
187,060
22,218
22,31*5
206,328
100,595
52,270
209,199
8,251*
17,503
152,207
8,158
11.758
133,227
1*02,1*72
395,129
50,l*¥*
50,601*
11,831*
91,15'*
1*2,1*90
108,1*08
12,527
105,557
103,978
2,1*96,220 2,331*, 577 2,276.301 2,391,175
2^63,261
2,11*2,1*65
13,885
107,762
855,920
892,652
778,159
627,502
577,577
586, 76U
57,622
3.561
165,951
12,355
223,01*7
11,71'*
252,038
10,272
96,718
265,021*
183,1*19
179,961
13,680
157,803
181,1*12
160,851*
17,385
25*
3,937
1*6,180
1*5,191
55.903
•5,325
57,817
7,31*6
9,01*2
51,028
51,862
8,539
50,681
50,962
1*5,981
11*7,306
li*5,908
251
32,869
l*,87l«
l'^9,333
3,93"*
11*2,058
i.oui*
1*0,
13
37,910
116
26,973
28,751*
11
30,668
53,829
9
33,662
60,091
83
3'*, 753
922
1,603
5, "36
809
1,680
6,531
819
2,208
6,989
1,082
2,201
7,8U3
2,091
7,552
97t
2,581
5,600
13,590
78,196
36,987
Veneraela
Other Latin America
10,386
27,128
15,638
27,902
19,563
15,1*19
33,891*
37,285
19,160
36,685
16,720
36,261
183,791
Total Latin America
26o,Ull*
279,611
308,61*5
381,680
1*37,981
l*2l*,850
China and Manohiirla
French Indo-Chlna
Hong Kong
'*3,75S
36,801
l*l,2l*2
1*6,989
22
5,061
U,li*5
1*,029
76,131
22
3,503
10)t,8l*2
25
U,96U
India, Burma, and Ceylon
12,665
518
2^7
12,908
537
638
973
1U,193
1,291
13,203
32,797
2,178
183
NetherlandQ West Indies and
Surinam
Panama
Peru
209,777
162,985
5l,5'*9
12,833
127,571
115,283
56'2U8
9,309
16,1*1*5
85, a3
1*2,371
8,1*53
8,601
162,023
3,575
128,780
289,563
2,912
126,693
10,253
69,939
39,725
150,819
3,990
139, 05U
168,01*9
11,757
10,53'»
10,61*1
75,161*
73,177
3U,031
71,000
35,939
8,996
68,888
38,89U
459
1*6,659
53,589
186,070
•9,399
186,625
1*6,291
182,35'*
202,850
181,1*1*9
1,130,920
1,21*2,1*58
3'*,3'^l
"•5,
3,23'*
127,6i»2
1,131,839 1,102,555 1,077,579 1,121,566
Aaiat
67
British Malaya
Japan
Netherlands laet Indies
Rilllppine Islands
Turkey
Other Asia
Total Asia
Other countrles i
Au^'r&lla
New Zealand
Egypt and Anglo-Egyptian Sudan
,
1,0511
25,281*
l,lt09
21*5
11*,
2l*2
77
3,531
91*8
1,1*01
i,qii
l,'*75
1*80
22,983
22,1*02
20,153
3,316
55,831
88,536
85,080
79,1*20
l*,0l*2
l*.5lU
88,883
98,051
127,271
173,331
U,295
1,160
6,303
1,308
6,510
1,517
7,1*55
9,031*
1*0,873
1*38
989
250
8,207
1*13
6,610
1,600
396
102
18,303
1*09
88
15,170
1,312
378
13
10,1*60
lU,66U
89
15,976
3,1*3^
i*,i*65
5.21*3
6,1*15
18,936
5,635
Total other countries
19,775
27,091
29,817
33,965
33,586
t,293,'^9ai,22'^, 1591 1,823,0951
19,81*1
9'*,
878
1*32,191*
1*1*8,81*9
57,031
71,808
51,011*
68,511
193, 31IX 1, 153 689r 1 ,1U7 , 368
,
9,61*5
19,581*
38,709
8,669
19,018
36,181
8,713
16,1*98
1*3,682
16, 081
1*7,328
l'*,8S7
1*9,996
13,909
39,522
70,797
69,i*0l*
55,195
52,1*92
200,618
199,209
185,1*71
181*, 936
73,772
30,070
21*1,199
207,037
82,51*5
1.
95, •'•1
8,769
16,715
1*0,1*12
••,539
15,961
103,703
U38,862
65,36U
75,636
1*1,217
9,606
59,367
8,311
18,363
16,855
33,903
70,238
20,1*99
8U3
8,593
22,577
1*7,
1*68,912 2.725,57'* 2,726,907 2,722,1*51* 2,839,307 >,7l'*,209
International
Unidentified.
Earl Bed.
122,896
1*1*7,131*
56,1*98
85,01*6
13
r
116,627
'*,'*95
5,77'*
17,689
1*30,1*91*
9U,U6l
18,01*9
7,223
18,716
253
,
36,100
8,282
18,886
1*0,670
60,831*
117,387
37,22'*
1*1,058
221
1*1*,
i*i»8
1*1,1*56
7,08l»
1*2,513
23,161
2,683
5,790
339,133
1*0,1*59
39,011
369,0561
35,95't
1*0,781
8,773
17,165
J5l«,2ggl
38,1*11
373,2301
39,056
38,919
389,73Ji
39,235
20,271
2,030
3,916
1,1*96
Trench Morocco
Union of South Africa
All other
Grand total
1*28. -,_
'Qt
l*2'l'*6
730,693
75'',
576
262
380
798,1*32
801 816
.
1*08
1*1*0
880,205 933,025
16,117
20,1*3'*
19,692
16,836
21,277
22,051*
6,503,699r«,506,98ac 8,302,351r 8^E72,053r 8,071,50218,01*0,251*
69
November 1947
Section
Capital Moveaents:
II
-
Sumnary by Countries
Table 4.- Foreign Debit and Credit Balances In Brokerage Accounts
(Potltloa at
Country
md
of aonth la thouaaadi of dollara)
Treasury Bulletin
70
Capital Movements:
Section III
-
Details for Month of June 1947
Table 1.- Short-Tera Claims on Foreigners
(In thouBaada of dolXara)
Oountrj
.
71
November 1947
Capital MovementB:
Section III
-
Details for Month of June 1947
Table 2.- Short-Term Liabilities to Foreigners
(PoaltlOD At end of moDtb In thoutandi of dollar*}
Total
ahorttera
llatllltlai
Country
Europe
United KlngdoB
Short-tern llabllltlee pa/able In dollars
Total
tepoetts
of
foreigners
Bllla held
for
account of
forelgnera
:
328,510
270,500
31", 732
295,670
fl'anca
270,026
21*8,802
BalgluB
l'»2,51B
11(2, I108
151,300
Denmark
Finland
Germany
52,0W*
22,653
27,278
52,027
22,6149
1*7,750
22,6ll*
27,262
26,868
32 ,226
187,o6o
32,199
186,896
22,5115
31,856
168,753
20,967
506
1,198
22,3145
Greece
Italy
Lozembourg
1,877
2,102
1,520
5,690
35
23
W
209,117
20l*,75l*
l«*7
qi,i5't
9i.iit9
72,586
171*
112,1*90
U2,U76
1*2,070
398
8,158
11,662
132,627
8.130
Spain
Svedan
8,158
11,758
133,227
11,51*0
28
69
122,106
"•,650
Svltserland
395,12?
393, 5l«
370,1*62
6,675
50,6olt
Hetherlande
Horway
Portugal
209,
Bttioanla
U.
S.
S.
B
TugoslaTla
Other lorope
ll,83U
103,978
50,601*
11,831*
103,951*
50,599
11,789
99,758
1U5
Total Ixirope
2,11*2,1*65
2,125,673
1,988,371*
25,085
290,1*57
5,870
265,021*
260,237
1,779
l6,W*5
85,213
i6,i*4o
5
85,178
78,012
6,939
Chile
50,681
50,678
1*9,292
Colosibia
1*2,371
1*2,368
U2,i95
1,386
173
859
Canada
586, 76U
Latin America:
Argentina
BollTla
Braiil
Coeta Btca
Onba
Trench West Indiea and
Oulana
Mexico
Netherlands Vest Indiea
and Surlnea
Panama
Pern
581,801
35
8,601
8,601
7,lt«0
289,563
2,912
289,563
2,912
283,350
2,912
6,209
126,693
125,906
12'*,937
9ltU
10,253
10,253
10,180
1
69,939
39,725
69,939
39,718
56,61*8
Ul
37, '•35
558
53,589
Tenevuala
Other Latin America
181, W*9
53,'^0
181,105
53,386
150,672
3,075
Total Latin Aawrlea
1,21*2,1*58
1,21*1,071
1,173,156
22.033
339,133
37,22U
338,110
37,22U
36,168
176,771
19,073
35,305
2,92U
1U6
8,762
16,701
36,696
6,1*51
3,386
289
16,231
1*1*8
61*
Aela:
China and Mancfanrla
Prench Indo-Chiaa
Hong Kong
India,
1*1,058
ftma, and Ceylon
British Malaya
Japan
8,769
16,715
Betherlenda laat IMles.
Philippine Islands
Turkey
Other Aela
Total Aela
Other eonntrlea!
Australia
Bev Zealand
Kfirpt and
1*1,217
Anglo-K^pt 1 an
91*,
878
1*0,
91*,
877
1*1*8, 8l<9
1*1*8,818
51,01"*
51,011*
1
528
8l*,lt99
181
3,701*
68^1}
68.508
67.531
U7U
"^3
1,11*7,368
l.lltO.328
937,269
12,228
897
170
275
50,51*0
1*7,81*3
'•7,61*1
'•5,979
8,593
22,577
8,587
22,1*96
8,Ui7
21,913
Sudan
Pk'ench Morocco
Union of South Africa.
All other
.
Total other countries...
lateraatlonal
Onldentlfled
Orand total
13,909
39,522
15,826
13,909
39,129
52,186
2i,tei*
lgU,936
183,9UB
162,1*20
2,7ll*,209
2, 711*, 209
1*18,721*
52, '•92
67
220
50,861
22 ,051*
22,051*
22,051*
8,01*0, 25U
8,009,0«li
l*,992,''5'»
1
OoTenuDeat
Treaaury Itllli
and oertlfleatee of Indehtednete
U.
Short-term llabllltlee payable in foreign egrranclei
S.
Other
Total
Borrowed
froB
forel^
banka
Uabllltlee on
acceptance! made
by foreigners for
a/c of reporting
banks and bankers
Treasury Bulletin
72
Capital Movements:
Section III
-
Details for Month of June 1947
Table 3.- Purchases and Sales of Long-Terin Securities by Foreieners
(Zn thousands of dollars)
CoaJitr7
November 1947
73
Position In Foreign Currencies, by Countries
Table 1.- Net Position, and Current Transactions
(Id tbou*«Adt of dollart; D«catlT* fl(ur«« Indlcat* thort potlttoa)
Currency of
-
.
Treasury Bulletin
7^^
CUMULATIVE
TABLE
CONTENTS
OF
Itne and
I9U6
Dm.
19U7
Jan.
Feb.
A.16
Treaaury financing operatlonB.
pa^e Bumber
Mar.
^r.
Mi^
1-8
A-1
Jwa
*-5
Upt.
July
A-8k
*-5
*-i
Oct.
^1
lOT.
A-l
Summary of fisoal etatlstloa:
buid^et reo«lpti and
oxpendltorae
Pabllo debt and gaarant««d obligations ontatandlns.
Haana af financing caah reqalraaenta
Reoelpts and expendlturea
.
:
Bod^at reeaipti and axpendlturaa:
Sami&ry by oajar elaealfloatloaa
Racalpta froa Internal reTanoa
Oanaral ezpendltnrea
Xq}endltares for national dafenaa and related
actlTltlea
Kxpendliurei far tranafera to tmat accounta,
etc
9
5
5
5
I
I
i
i
7
Izpendlturea of <^TamiBant oorporatlona (wholly
owned)
etc
Total budget reoelpta and axpendlturaa by aeaths
and calendar yaari
,
7
7
7
7
7
7
7
7
S
8
(
8
8-9
9
9
9
10
10
10
10
10
12-13
lU
12-13
Ik
12-13
Ik
13-13
lU
I8-I3
Ik
I8-13
lU
12-13
Ik
13-13
Ik
12-13
11-18
11-12
13
13
11-18
13
15
15
15
15
15
15
15
15
IVI7
15-17
15-17
(Janaral ^ond of the Treasury
17
1«
17
18
U
17
l«
11
17
Analysis of change in balance of General Vond
Msans of financing eaah requlreoanta
11
17
l«
11
17
18
11
17
18
11
17
18
11
19
19
11
19
19
20
19
19
20
Truit aocounta, etc., racalpta and axpandituraa
Social aeourlty prograai
Budget racalpta and a^endltorea
Stateffleata of trust aeeoonta
-
Treasury oaah Inoome and outgo.
General Fund position and debt outatandlng
:
U
17
18
11
20
25
85
85
85
85
85
25
25
25
21
a
21
Publia debt and guaranteed obligatlona outatandlng-..
80-23
20-23
80-83
80-23
20-23
80-23
20-83
80-23
20-83
28-23
88-83
88-83
Conputad Interaat eharga and aoiq>uted Intereat rata..
Obligations of 9oTamoent corporations and other
aganelas held by the Treasury
Issuance and retirement of the public debt
Composition of the interest-bearing public debt
2U
2l>
ik
2U
2U
8U
2k
8k
8k
2k
8k
8k
II
26
II
26
26
II
86
II
26
II
26
u
86
86
2k
25
85
Sk
85
25
2k
26
26
27-29
27-29
27-29
27-29
27-29
27-29
87-29
87-89
87-89
a6-27
86-87
26-87
30
30
30
30
30
30
30
30
30
28
88
88
31
31
32-33
31
31
32-33
31
38-33
3U-U8
U3-1A
31
32-33
31
38-33
3k-k8
U3-kk
k5
31
38-33
31
3*-33
3U-62
S3-kk
k5
29
30
31-35
36
29
30
31-35
36
89
Statutory llaltation on the publ ie debt
Maturity schedule of interest-bearing public
marketable semirltles Issued by the thited States..
Offsrln^s of marketable ieauea of Treaaory bonds,
notes, and certificates of Indebtedness
IHaposltlon of matured marketable Issues of Treasury
bonds, notes, and certificates of Indebtadnass,
and guaranteed securities
Offerings and matnrlties of Treasury bills
Sales and redaoptlona of 9. S. aarlnga bonds
Sales and redamptiona of Treasury savings notea
Sales and redamptiona of U. S. aarings staope
32-33
3U-1(2
32-33
3U-U8
3ll-l»8
ll3-llU
ii3-UU
U5
U5
(Continued oa follovlng pace)
u
•tS
it;-kk
k5
85
85
30
31-3?
36
75
November 194T
Cumulative Table of Contents
-
(Continued)
ud px*
Itmt
anabar
19U6
Dm.
Ownership of aovernmB nt ae ou rltleei
SvmtATj dlttrlbutlott \j olaitai of holden
,
19l»7
Ju.
r.t.
lUr.
*pr.
*»
Job*
AUj
Sq>».
"7
17
I17
38
38
U8
U«
lis'
I18
39
39
39
It8
l«8
>8
>I8
K
39
39
39
"•9-53
1*9-53
H9-53
119-53
"•9-53
UO-Wi
17
117
"•7
••7
U7
U«
US
US
III
M
MS
US
••9-53
••9-53
"«-53
U7
Batlaated ovnarshlp bj claaaaa of banki and aoa-baak
liiTaatora
fat aarkat pnretaasoa or ealoi of OoToruient aaeurlItlea for TraaBttr7 iBTaataant aocoimti
Obt.
38
Traaanry aurray of ovnarablp of OoTenment aaeurlItlaii
^Vnarshlp by banka and loaaranca cjorpanlaa
Ownerihtp by ooBDorclal banks olastlflad by
oaiborahlp Id Tadaral RaierTo Syotia (for
quarterly datai oorraapondlnc with aonthly
urTcy data)
5U-5g
•9-53
5I4-58
511-58
lio-^
15-119
FrlogB and y Val Aa of QovBr nment seourltleB:
~
Orar-tha-countar cloelnc quotatloaa
Chart ahovlDc ylalda af Traasnry aacurltlaa
fo-62
63
55-57
58
55-57
58
to-62
63
55-57
58
55-57
60-62
U6-l>8
li5-li«
63
55-57
58
55-57
58
58
119
17
Slug;
59-60
59-60
9u69
59-60
59-60
61^65
59-61
5»*>
50-51
XS-H9
i
53-511
Ararat ylalda of lon^tarv Traaauij bonda and
hlgb-ifrada eorporata bonda
55-56
Corpor atlonB and pertain other agenolBB of the
Oovernin e nt!
Coablnad balanco ahaat (aa of qnartarly dataa,
baglnnlng taptaabar ;0, 19U6)
X«ana oatitandlnii;, olaaslflod by typa of loan (ao
of quartarly datea, beclDDln^ Saptavbar 30, 19'*6)*
Ineeaa and aipanaa (ciunilativa, by flteal year
qnartari, ba^nnln^ vlth tha flrat quartar of
62,
66-71
66-71
67-72
6J-65
63-65
6I1-66
mut)
Senroea and application of fnnda (coaulatlTa, by
fiscal yaar quarters, beginning with the firat
qnartar of 19U7)
it.
62-67
62-67
58-6k
6«-7U
68-7U
65-72
Internal re venuB BtatlBtlca:
enactions of internal
Sunary data
raTaniiat
Chart
CoaparatlTe detalla for current perloda.
,
67
68
69-70
72
75-76
76
77
78-79
67
68
69-70
75-76
78
81-82
83
72
78
62
63
7I1
67
68
69-70
76-77
6it-6;
75
76-77
83
78
79
67-68
69
79
83
72
72
73
76
77
78-79
7li
51
52
55-56
Monatary Btatlatloe:
Balance ahaat of the Ixchange Stabilization Vond
191*6)...
(as of quarterly dates, beginning June 3C
0«ld assets and liabilities of tha treasury
Incraaent froa reduction In velght of gold dollar
(cugmlatlro, by fiscal year quarters, beginning
with the first quarter of 1<!U7)
Treasury gold receipts, (fer qnarterly periods
bagianlng »lth July-Sapta«ber, 19U6)
Monetary stocks of gold and silTor
Coapenents of silver aonetary ataok
SilTar production In the United Statea and allrar
acquisition by alnts and assay cffleee
SaigBlerage on sllrer
Maney In olreulatlon
,
81-82
56-57
58
69
72
72
73
78
79
8l>
79
80
75
86
81
75
5«
79
79
80
69
70
80
80
70
80
(1
82
71
81
72
5«
59
59
82
61
60
61
7U-76
8I1-86
77-8I1
g5-87
87-90
91-91
Cg-9>»
9fc
63-69
66-69
70-72
73
79
Capital noTementfl betwee n tha United Statea and
foreign count ri ea. and net poe itlon in foreign
currenciea:
Hlatorleal euaaair af net capital aoTSBeat alnea
1935
Snanary by oeuntrl as
Qstalls for ourrent lontb
Poaltioa in farelgn onrranclaa
77-79
W-S7
88-90
91-97
83-85
86-93
9U-96
97-103
88-90
91-98
77-79
80-87
gg-90
102-108 91-97
99-101'
gg-90
83-85
86-93
91-98
9U-96
99-101!
97-103 102-lOg
77-79
80-87
gg-90
91-97
gli_g6
g7-9li
'
95-97
i
98-lOlt
<
63-65
66.69
70-72
73
tyay
Treas
U S TREAbUHY LIbHAH
1
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^H'
0031957
@FedFRASER