Full text of Treasury Bulletin : November 1959

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TREASURY DEPARTMENT
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1959

TREASURY DEPARTMENT

NOVEMBER -1353

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.

November 1959

Table of Contents
Page

Treasury financing operations

A-1

Summary of Federal fiscal operations

1

Budget receipts and expenditures

2

Trust account and other transactions

2

Cash Income and outgo
Account of the Treasurer of the United States.

17
.

23

Debt outstanding

25

Statutory debt limitation

29

Public debt operations

30

United States savings bonds

l^-7

Ownership of Federal securities

52

Treasury survey of ownership of Federal
securities

54

Market quotations on Treasxiry securities

52

Average yields of long-term bonds

61

Internal revenue collections

63

Monetary statistics

65

Exchange Stabilization Fund

69

Capital movements

7I

Cumulative table of contents

21

Note: Where calculations have been made from unrounded figures,
the details may not check to the totals shown.

Treasury Bulletin

Reporting Bases
Data on receipts, expendltxiree, and debt which appear In the
"Treasury Bulletin" are based largely on two Treasury financial
reports, the "Dally Statement of the United States Treasury" and

the "Monthly Statement of Receipts and Expenditures of the
Certain monetary statistics are based
at least In part on the "Circulation Statement of United States
United States Oovernment."

Money."

Where these etatesents are given

dividual tables, they are cited by name only.

reporting bases are described below.
Bulletin,

as

sources for inTheir respective

Tor other data in the

Information on sourcee or reporting bases Is given in

The dally statement on the new basis was first Issued for
Febiniary I7, 195^^.

In the deposits eind withdrawals as shown,

cleared through the account of the Treasurer of the United States.

Total withdrawals are on the basis of checks paid or cash dis-

bursements made out of the Treasurer's account.
Some of the
withdrawal classifications shown are reported on the basis of

mailed reports of checks Issued and are adjusted by means of
clearing accounts to the total of checks paid. Except for
relatively minor amounts, noncash Interfund and other Intra-

connection with the tables themselves.

governmental transactions are excluded.
The monthly statement of receipts and expenditures wae first

The public debt figures

in the dally statement also are on a "clearance" basis, with the

exception of those issuance and retirement transactions reported

published for February 1^3^* and replaced the dally statement as
the primary source of Information on budget results and other

on the basis of telegrams from Federal Reserve Banks.

receipt

debt transactions are Included,

and expenditure data classified by type of account.

At the same time,

no

distinction Is made as to the type of accounts (budget, trust,
etc. ).
The deposits are on the basis of certificates of deposit

Noncash

however.

the dally statesient was changed to a statement

of cash deposits and withdrawals affecting the account of the

The dally statement before February 17,

195**.

covered not

coioparatlve figures on their respective bases from the beginning

only transactions cleared through the Treasurer's account but
also certain Government agency transactions which were handled

of the fiscal year 1953-

195'*i

through commercial bank accounts, and included noncash Interfund

with respect to these reporting changes may be found In the
April 155U Issue of the Bulletin.

and other Intragovemmental transactions. It provided information
similar to that In the present dally statement with respect to the

Treasurer of the United States,

Both publications have provided

'^e announcement of February 17,

statue of the Treasurer's account,
The monthly statenent shows all receipts and expenditures
of the Government,

Including those made from cash accounts held
outside the United States Treasury. The Information le complied

present

and similar to that In the

end-of-month

dally statement with respect to debt
Issuance, retirement, and amount outstanding.
.Hecelpts and
expenditures, however, were classified by type of account, and

from reports by the Treasurer of the United States and by all

the budget results shown In the dally statement were used as the

other collecting and disbursing agencies, including those agencies

basis for reflecting the results under the Preeldent'E budget

which maintain checking accounts in commercial banks. These
reports cover transactions recorded in the accounts of the
agencies during the reporting period. The net of the trans-

program as enacted by the Congress.

actions ae compiled from these reports la reconciled In the
monthly statement to changes In the balance In the Treasurer's
account and In cash held outside the Treasurer's account and
changes In the public debt outstanding.

Treasurer's account. Expenditures cleared through the Treasurer's

Receipts of taxes and customs duties are reported on a
Other receipts are reported partially on a

were on the basis of checks Issued, while certain others, prin-

collections basis and partially on a deposits basis. Expenditures,

organizations, were on the basis of checks paid. Transactions
handled through commercial bank accounts, consisting of marked
transactions In public debt and guaranteed securities, were as

collections basis.

except interest on the public debt, are reported on the basis of
checks Issued or cash payments made by disbursing officers.
Transactions of an Interfund or intragovernmental nature are
Included on the same basis even though the actual Issuance of

oheck6 may not be Involved.

Interest on the public debt Is Included on an accrual basis beginning with figures for June 1955

and the fiscal year 1955- Prior to that. It was Included on a
due and payable basis.
The same reporting basis as that In the
monthly statement provides the fiscal year figures for the
Treasury's "Combined Statement of Receipts. Expenditures and
Balances of the United States Government" and for actual receipts

and expenditures In the "Budget of the United States Government."

Receipts were on the basis of deposits as they cleared the
account were reported on two successive bases.

Through

19'*-6

they

were on the basis of checks paid by the Treasurer of the United
States.
Beginning with 19M-7, expenditures made through the
facilities of the Treasury Department's Division of Disbursement

cipally those of the Department of Defense and Its predecessor

reported by the agencies.
Interest on the public debt was Included on a due and payable basis beginning with November \3k$
and on a checks-paid basis prior to that time.
The circulation statement reflects transactions through the

Treasurer's account which affect monetary stocks of gold and
silver and the amounts of coin and currency In the money supply
It is issued later than the dally statement,
however, and the figures are based on transactions consumfflated
of the country.

during the reporting period even though some may not have
cleared the Treasurer's account during that period.

November IW)

iUl

Treasury Financing Operations
November Refinancing
An optional exchange offering of

Ji.ooo,
'+-3/'+

percent

one-year certificates of Indebtedneee and '*-7/8 percent four-year notes was announced by the Treasury

Department on October 29. The offering was open to
holders of the 3-3/S percent certlflcatea of indebtedneee and the 3-1/2 percent notes maturing November
15i

The It-T/g percent notes were offered also

1959.

to holders of the 4 percent notes maturing August 15,
1962,

and redeemable at the option of the holders on

February 15, i960, on advance notice given not later
than November 16, 1959. Cash subscriptions were not
The subscription books were open November

received.
2 through

November K.

only.

810,000, $100,000,
and 8500,000,000.

}5,ooo,

8100,000,000,

$1,000,000,

The certificates were Issued In bearer form
The '*-7/8 percent notes, C-I963, were made

available In bearer form with Interest coupons
attached and also registered as to principal and
Interest.

The Treasury also announced that In view

of the widespread Interest of Individuals evidenced
by their purchase* of the '+-3/'+ percent Treasury
notes dated July 20, 1959, maturing May I5, 196'^,
and the 5 percent Treasury notes dated October I5,
1959, maturing August I5, 196"*, It Is arranging to
malie available notes In registered form to the

holders of these Issues.

Subscriptions accepted for the two Issues which

matured November 15 totaled 88, 361^ million, leaving
$530 million to be paid In cash. Exchanges of the
1*
percent note, Series B-I962, for the new 1^-7/8

percent notes amounted to 81,583 million, leaving
Results of the offering
8317 million outstanding.

13-Weeli and 26-Weelc Bills
October Issues of regular weekly Treasury bills
totaled 87.5 billion, the equivalent of the maturing
13-week and 26-week bills. The five new Issues of
91-day bills amounted to 85.5 billion and the five

182-day issues to 82.0 billion.

Of the new 91-day

are shown In the accompanying table.

bills, the Issue for October 1 was for 81.1 billion,

Both new Issues are dated November 15, 1959.
the certificates to mature November I5, i960, and
Exchanges
the notes to mature November 15, I963.

the Issues for October 6 and I5 were for 81.2
billion, and those for October 22 and 29, for 81.
billion.
Each 162-day Issue was for %0.h billion.

Results of exchange offering
Securities issued
in exchange
SeouritieB eligible for
exchange

4-3/4*
certificates
of
indebtedness ,
C-1960

Maturing securities:
3-3/^ certificates, Series
E-1959, maturing November 15,
1959

3-1/2* notes, Series B-1959,
maturing November 15, 1959....

notes, Series B-1962,
naturing August 15, 1962 Z/

AJf

Total.

7,406

4-7/8*
notes
C-1963

Payable
in
cash

Total
outstanding
Oct. 30

1959

Securities eligible
for exchange held by

Federal Reserve
Banks and
Government
investment
accounts

November I9y9
SUMMAKf OF FEDERAL FISCAL OPERATIONS
(In millions of dollars)

.

.

,

Treasury Bulletin
-BUDOET RECEIPTS

MD

EXPEMDITURES

Table 1.- Receipts by Principal Sources
(In millions of dollars)

Internal revenue 1/
Employinent taxes

Income taxes

Fiscal year
or month

Corporation

2/

Not
withheld

Total
income
taxes

Withheld

1/

2/2/

For old-age
and disability insurance

For rail- For unroad retirement

527

1,378
1,411
1,353

10,638 2/
10,814
10,763

630

344

11,190

1,400

11,746

92,994

21,531
20,533
18,092

12,302
11,528
11,733

26,728

6,634

616

7,733

575

28,996

60,560
59,102
58,821

8,004

1960 (Est.).

23 ,309

13, UO

32,212

68,652

10,216

April..
May....
June p.

ATT
410

3,033 10/
617
1,689 12/

4,786

July

Au^st....
September.

1960 to date.

2,213

725

5,563
8,397

4,478

2,171
4,714
7,411

311
1,235
652

U,296

2,198

364

368
3,311

123

1,837

1,239
4,223
2,264

4,247

2,324

7,725

603

600
634

540 10/
1,417

969 10/
4,196
2,547 10/

568

620

267 iO/
949
799

3,368

5,223
9,022

649 IQ/

80,172
79,978
79,798

7,581
8,644
8,855

1957
1958
1959 p

948 10/
4,356

75 ,109

330
336
324

3,569
4,086
4,537
5,340
6,337

1,996 10/
846

5

15
7

5,425
6,220
7,296

51,347
54,363
53,906
49,915
56,633

OU

7

65,635
70,171
70,300 8/
66,289

9,726
10,825
10,014
9,211
10,004

18,521
21,351
21,635
21,254
24,012

424
362
5,459

2/

945
936
1,171

735

32,826
33,012
10,747
21,523
10,396
18,265
11,322
21,299

1959-Januaiy..
February.
March

insurance
6/

Total
internal
revenue
7/

2/i/

1952
1953
195A
1955
1956

27,

eraployinent

Taxes not
otherwise
classified
2/

Excise
taxes

Estate
and gift
taxes 2/

Total
employment
taxes 7/

259
277
285
280
325

4,562
4,983

9 8/

5

U

39

3a

113

71
43

261
15

1,281
857

107
132

847
906
927

4,649
7,858
10,315

16
70
47

1
1

558
1,488

1

697

179
130
104

852
1,020
846

6,068
7,864
10,670

20
85
52

1
1

332
1,321
704

131

971
1,027
1,007

3,606
7,160
9,229

2,357

336

3,005

19,994

1

Deductions from budget receipts

Miscellaneous
receipts

Fiscal year
or month

Total
budget
receipts

7/

1,8U

Refunds of receipts 15/

Transfers of tax receipts to
FQASI
Trust
Fund

Railroad
Federal Disability Insurance Retire DBnt
Account
Trust Fund

21/

12/

Highway
Trust
Fund

M/

n/
738
620

2,275
3,095
3,345
3,400
3,653

18
17

23

3,894
4,413
4,907

20
18
23
25

3,006

69,454
78,820

3,569
4,086
4,537
5,040 16/
6,337

754
800
948

2,749
3,196
3,047

83,675
83,974
83,794

6,301
6,87D
7,158

333
863
847

616
527

1,479
2,116
2,171

1,050

3,658

97,702

9,276

940

630

2,556

5,272

76
70
89

231

224
318

4,956
8,152
10,722

U

February.,
March. . . .

172
182
152

373

1,299

April....,

85

223

May
Jtme p. .

89
94

202
372

148
214
191

1,410
1,028
205

July

94
87

192
237

165
179
160

631

504

551
613

1952
1953
1954
1955

562
606
705

1956

1957
1958
1959 p
1960 (Est.)...,

1959- January.

Au^st

.

. . .

September,

1960 to date.

1,865
2,311 8/
2,559

67,999
72,649
73, I'D

242 IQ/
851
718

6,375
8,155
11,137

481
1,274

W/

583

12/

37

3,936

7,U8

99

172
224

9,552

279
1,112
588

281

632

20,907

1,980

603

599
634

25
98
81

575

IQ/

59 IQ/
143

66 IQ/

Total
refunds

Internal
Revenue

Net
budget
receipts

71
43
16
70

47

32

20

123
63

85
52

157

-27 12/

8

2,302
3,118
3,377
3,426
3,684

61,391
64,825
64,655
60,390
68,165

3
2
3

3,917
4,433
4,934

71,029
69,117
68,158

5,300

79,000

20

9
6
11

22

4

-26
374
1,301

509

November 19^9
.BinXJET RECEIPTS AMD EXPENDITURES-

Footnotes to Table
2/

8/

^

JJ./

1^/

Through 1953 contributions to the Railroad Unemployment Insurance
Administration Fund were carried in the dailj- Treasury statement as
miscellaneous receipts, while the I960 Budget document, Special
Analysis L, includes them in eitploytnent taxes through 1952. Beginning 195A the contributions are credited direct to the trust account.
For amounts of the contributions included in budget receipts, see
"Treasury Bulletin" for February 195^., page 7.
In the I960 Budget document, Special Analysis L, taxes not otherwise
classified are included in miscellaneous receipts.
Beginning 1957, includes collections under increased rates in the
Highway Revenue Act of 1956 (see footnote Li.}.
Figxu^s shown include adjustments (see footnote 11) as follows: In
January, decreases in income tax of $32 million withheld and $7
million not withheld, and increases in transfers of $83 million to
Federal Old-Age and Survivors Insurance Trust Fund and $5 million
tc Federal Disability Insurance Trust Fund; in April, increase in
income tax withheld of $129 million and decreases in income tax not
withheld of $2 million and in transfers of $11/. million to Federal
Old-Age and Survivors Insurance Trust Fund and $13 million to Federal
Disability Insurance Trust Fund; in June, increase in Income tax
withheld of $138 million and decreases in income tax not withheld
of $14 million, and in transfers of $111 million to Federal Old-Age
and Survivors Insurance Trust fund and $13 million to Federal
Disability Insurance Trust Fund.
Amounts appropriated to the Federal Old-Age and Survivors Insurance
Trust Fund are equivalent to the amounts of taxes collected and
deposited for old-age insurance {L2 U.S.G. ^01 (a)). Beginning
January 1951, the amounts transferred cuirrently for appropriation
to the trust fund are based on estimates of old-age insurance
tax receipts made by the Secretary of the Treasury pursuant to the
provisions of Sec. 201 (a) of the Social Security Act, as amended
(i.2 U.S.C. AOl (a)), and are adjusted in later transfers on the
basis of wage and self -employment income records maintained in the
Social Security Administration, The amount of old-age insurance
tax refunds is reimbursed to the general fund by the trust fund.
The Federal Disability Insiirance Trust Fund was established by the
Social Security Act Amendments of 1956, approved August 1, 1956
,

1

The act appropriated to the trust fund amounts
(42 U.S.C. 401 (b)).
equivalent to specified percentages of the wages and self -employment
income, respectively, which are taxed for old-age insurance, and
provided that the amounts appropriated shoiild b" transfw^rcd from
time to time to the trust fund on the same basis as transfers to
the Federal Old-Age and Survivors Insurance Trust Fund. Rates of
tax were increased by the percentages appropriated to the Federal
Disability Insurance Trust Fund, the increase being applicable to
wages paid and taxable years beginning after December 31, 1956.
13/ Excludes the Government's contribution for creditable military
service (45 U.S.C, 228c-l (n)). Beginning 1952, amounts are appropriated to the Railroad Retirement Account equal to the amount of tastes
under the Railroad Retirement Tax Act deposited in the Treasury,
less refunds, during each fiscal year (65 Stat. 222 and 66 Stat. 371),
and transfers are made currently.
2Jj The Highway Revenue Act of 1956, approved June 29, 1956 (23 U.S.C.
173) established a Highway Trust Fund from which are to be made, as
provided by appropriation acts. Federal-aid highway expenditures after
June 30, 1956, and before July 1, 1972. The act appropriated to this
fund amounts equivalent to specified percentages of receipts from
certain excise taxes on motor fuels, motor vehicles, tires and tubes,
and use of certain vehicles, and provided that the amounts appropriated should be transferred currently to the trust fund on the basis
of estimates by the Secretary of the Treasury with proper adjustments
to be made in subsequent transfers. The use tax was imposed by the
act and rates were increased for the other taxes. Previous to the
fiscal year 1957 corresponding excise tax receipts were included in
net budget ireneipts, and Federal-aid highway expenditures were included in budget expenditures.
15/ Interest on refunds is included in expenditures in Table 2.
16/ Transfers reduced by $300 million to correct those made earlier on
basis of estimates (see footnote 11).
17/ Net of reimbursement of $83 million from the Federal Old-Age and
Survivors Insurance Trust Fund for tax refunds (see footnote ll).
*
Ibss than $500,000.
Preliminary.
p

Footnotes to Table 2
Footnotes 1 through 3 follow Table 2 on page i*.
Includes unclassified e:q)endlture transfers until these have been
IjJ
distributed in final fiscal year figures.
Differs from monthly statement of receipts and expenditures because
expenditures for the Civil Aeronautics Administration and Civil
Aeronautics Board prior to December 1958 are shown under "Commerce
Department" (see Note).
6/ Total incltides allowance for contingencies of $75 million.

(Continued)

-

2/

^

10/

-

(Continued)

Beginning 1955, consists of net eaqpenditures of the Postal Fund,
reflecting the change in classification of Post Office transactions
to a public enterprise revolving fund basis.
Reported on an accrual basis effective June 30, 1955.
Consists of Federal payment and loans and advances.
Includes $1,375 million additional subscription to the International
Monetary Fund pursuant to Public law 86-4.8, approved June 17, 1959.
Preliminary.
Less than $500,000.
p

.

...

Treasury Bulletin
.BUTCET EECEIPrS AND EXPENDITUEES

Table 2.- Expenditures by Agencies
(In millions of dollars)

Fiscal year
or month

Total

LBglslatlve
branch

Judiciaiy

Executive
Office
of the

President
1953
1954
1955
1956

74,274
67,772
64,570
66,540

61
59
65
85

1957
1958
1959 p

69,433 2/ 1/
71,936
80,699 A/

97
99

1960 (Est.)....

78,905 6/

Funds
appropriated
to the
President

Independent
offices

6,905
6,473 1/
6,791
6,982

1,107
806

30
37

10

5,782
5,282
4,381
4,473

39
44
47

10
11
56

4,115
4,081
4,089

7,707 2/
8,305
9,143 5/

570
425
360

47

60

3,611

9,572

3

5

8
10

3

4

4
4

332
274
366

736
784
760
811
807
817

118

27
28

9
9
9

1959-January, .
February..
March

6,776
6,331
6,461

April
May

6,427
6,164
8,632

7
10

4

4

328

4

3

293

13

4

3

Ul

6,557
6,305
6,357

10
7

4

4

4
4

4

246
225

5

283

690
758
732

13

754

2,179

June p. .

.

July
Aizguat.

.

.

September.

1960 to date.

U

19,220 4/

General
Services
Administration

31

Military
functions

Civil
functions

1953.
1954.
1955.
1956.

43,611
40,336
35,532
35,791

813
605
548
573

1957...
1958...
1959 p.

38,439
39,062
41,217

639

1960 (Est.)

40,945

899

1959-January...
February.

3,316
3,212

tferch

3,U0

April
May
June p....

July
August ....
September.

733

807

Agriculture
Department

385
-615
129

973
523

39
-23

3,217
2,915

4,636
5,177

Commerce
Department

1,063
1,000

1,077
1,293

1,U9

5,006
4,875
7,112

562 2/
645
564 i/

410

344

6,606

507

15
26

150
124
167

821
637
423

24
45
21

31

77

374

25

153

283

34

131

450

36
37
30

17
30
42

195
122

531
376
435

43
51

1,343

125

199

35

317

30

Treasury Department

Defense Department
Fiscal year
or month

Housing
and Home
Finance
Agency

Health,
Education,
and
Welfare
Department

Interior
Department

Justice
Department

Labor
Department

Post
Office
Departnent 7/

District
State
Department

Interest

of

Columbia
On

public
debt 8/

On
refunds
of taxes

2/

November 1959
.BUDGET RECEIPTS AND EXPENDlTimES-

H"

Table 3.- Summary of Appropriations and Authorizations, Expenditures, and Balances, by Agencies,
as of September 30, 1959
(In millions of dollars; negative figures are deductions in the columns in

which they appear)

Additions, fiscal year I960 to date

Agency

Unexpended
balances
brought
forward
July 1, 1959

Increases

Appropriations
1'

1/2/

AMthorizations
to expend from
debt receipts

u

other
authorizations
5/

Legislative Branch
The Judiciary
Executive Office of the President
Funds appropriated to the President
Independent offices
General Services Adrainistration
Housing and Horae Finance Agency
Agriculture Department
Commerce Department
Defense Department:
Military functions
Civil functions
Undistributed foreign transactions
Health, Education, and Welfare Department
Interior Department
Justice Department
labor Department
Post Office Department
State Department
Treasury Department
District of Columbia - Federal contribution and loans
Unclassified expenditure transfers

U6

3,235
9,597
276
2i0
i,420
902

31,637
3i5

40,595
922

40,595
932

1,097
372

3,021
679

3,020
680

21
188
292
72

265

265

6,090
48

524
641
229
9,158
62

524
641
229
9,158
62

Total

71,661

75,005

lil
3

-19

129
i7

47

5,3i7

i89
8,977
3,605

63

Expenditures
(net)

Rescissions
cancellations,
and other

Agriculture Department
Commerce Department
Defense Department:
Military functions
Civil functions
Undistributed foreign transactions
Health, Education, and Welfare Department
Interior Department.,
Justice Department
labor Department
Post Office Department
State Department
Treasury Department
District of Columbia - Federal contribution and loans
Unclassified expenditure transfers
Adjustment to monthly statement of receipts and
expenditures of the Government
Total

187
39

13

95

51

89
317

52
39

,343

125
,104
221

10

118
835
205
60
127
169

18 2/

19,220

Source: Biireau of Act.ounts. Details for the current fiscal year to date
are shown in Bureau of Accounts report "Budgetary Appropriations and
Other Authorizations, Expenditures and Unexpended Balances".
Includes same categories as shovm at end of current period.
Although not expended, a substantial portion of these amounts is
obligated for outstanding purchase orders and contracts for
equipnent and supplies, for payrolls, and for fllDiilar items.
Includes reapproprlations.
ConslBts of authorizations by law for Govemaent-owned enteiprlaes
to borrow (1) froa the Treasury (to expend from public debt receipts),
or (2) from the public (to expend from debt receipts).
Consists of new contnct autboriutlons, establisted by law for the
trjrrent fiscal year, not of current appropriations to liquidate either
current or prior contract authorizations.

160

6/

%
V
u

L

jj

^
^
•

26n
2
4

3,235
10,412
276
505
4,916
906

76.578

262

Investments
held
8/

Total 2/

95

369
9,714

375
2,066
1,154

6,652
5,072

62,128
1,036
-118
3,281
768
226

Unfunded
contract
authorizations

229
39

7,468
10,378
624

585
765
206
6,884
82

96
,397
27
-1

5

495

Unused authorUndisbursed
iiiations to
appropriaexpend from
tions
debt receipts

20
12
745
,179

16

Unexpended balances September 30, 1959

adjustments 7/
legislative Branch
The Judiciary
Executive Office of the President
Funds appropriated to the President
Independent offices
General Services Administration
Housing and Home Finance Agency

799

1,309

Deductions, fiscal
year 1960 to date

Agency

lie

63

12,U5

Transfers,
borrowings
investments
6/

Total

144

391

1,406

693

41

67

7,837
21,627
624
9,126
7,179
1,222

62,128
1,046
-118
3,281
849
226

10
1

81

585
765
206

12,849
82

5,96i

1

1

-18

-18

98,211

27,781

1,782

1,085

l.?8,858

Consists of transfers between appropriations; net borrowings from,
or repayments to (-), the Treasury and the public under authority
to expend from debt receipts; and net investment in, or sale of (-),
p'jl'lic debt securities and certain guaranteed securities issued
by Government enterprises.
Consists of transfers to, or restorations from (-), the surplus
fund: rescissions, cancellations, or adjustments of borrowing
authority and contract authority; capital transfers to lalacellane0U8 receipts; and other adjustments.
Public debt securities and certain guaranteed securities leaued by
Governaent enterprises.
Reppeeents difference between monthly statement figures (based on
pTOliainery report*) and final accounts of disbursing officers.
laas than $500,000.

Treasury Bulletin
.BUDGET RECEIPTS

MD

EXPENDITURES.

Table 4.- Expenditures and Balances by Functions
(Fiscal years; in millions of dollars)

Function
code
number

Function

Major national security:
Military defense
Development and control of atomic energy
Stockpiling and defense production expansion.
Military assistance

061

066
067
068

International affairs and finance:
Conduct of foreign affairs
Economic and technical development 2/
Foreign information and exchange activities.

151
152
153

Veterans' services and benefits:
Veterans' education and training
Other veterans' readjustment benefits /^
Veterans compensation and pensions
Veterans' insurance and servicemen's indemnities.
Veterans' hospitals and medical care
Other veterans' services and aministration

^

'

101
102
103
104
105
106

664
150
2,681
57
727
178
4,457

Total veterans' services and benefits

Labor and welfare:
Labor and manpower
Public assistance
•••
Promotion of public health
••
Promotion of education
museums
and
6/
libraries,
research,
Promotion of science,
Correctional and penal institutions
Other welfare services and administration 2/

211

^

Total labor and welfare.

Agriculture and agricultural resources:
Stabilization of farm prices and farm income 7/.
Financing farm ownership and operation 8/
Financing rural electrification and telephones..
Conservation and development 2/
Research, and other agricultural services 2/....
Total agriculture and agricultural resources....

development of land and water....
development of forest resources..
development of mineral resources.
development of fish and wildlife.
of natural resources
surveys and administration

401
402
403
404
405
409

Total natural resources.

Commerce and housing
Promotion of water transportation
Provision of highways
Promotion of aviation and space flight....
Postal service
Community development and facilities
Public housing programs
Other aids to housing 11/
Other aids to business 12/
Regulation of commerce and finance
Civil and defense mobilisation
Disaster insurance, loans, and relief 12/.

121

1,960
100
2,181

Total international affairs and finance

:

,

511
512
513

514
515
516
517
518
519
520
521

Total commerce and housing.

General government:
Legislative functions
Judicial functions
Executive direction and management
Federal financial management
General property and records management
Central personnel management and employment coats....
Civil Ian weather services
Protective services and alien control
Territories and possessions, and District of Columbia
Other general government
Total general government

9U
2,292

40,626

Total major national security

Natural resources:
Conservation and
Conservation and
Conservation and
Conservation and
Recreational use
General resource

35,532
1,857

601
602
603

604
605
606
607
608
609
610

November

l^^l^)

.BUDGET EECEIPTS AND JOFENDITURES

Table 4.- Expenditures and Balancee by Functions
(Fiscal years; in millions of dollars)

(Continued)

..,

.

Treasurii Bulletin

TRUST ACCOUNT AND OTHER TRANSACTIONS.

Table 1.- Summary of Truet Account and Other Transactions
(In millions of dollars)

Trust and deposit fund accounts

Net receipts, or

Fiscal year
or month

expenditures (-),

from trust account
and other transactions

Net receipts, or
expenditures (-)

Receipts

3,855
3,760
2,386
991 1/
2,250

8,807
8,929
9,155
9,536
11,685

1952

U7

1953

195i
1955
1956

A35
328
231
-194

1957
1958
1959 p

195
633
-266

1,409
262
-1,468

1960 (Est.)...

-205

1959-January..
February.
March. . .

U,369

Expenditures

Net sale, or investment
(-), by Government
agencies in public debt
securities

Net sale, or redemption
(-), of securities of
Government agencies in the
market

-3,636

4,952
5,169
6,769
8,545 1/
9,435

-72
-25
-4
602 1/

-3 ,301

-2,054
-1,362 1/
-2,617

2/

173

-2 ,300

16,329
17,067

12,959
16,068
18,535

157

20,435

20,278

-1,062

-81
279
-194

-1,124
175
-130

759

1,637
1,322

1,883
1,462
1,451

1,047
47
-70

-4
57
6

April
>by
June p...

-34
74
-48

-603
1,053

447

1,302
2,479
1,933

1,905
1,426
1,486

491
-980
-548

78
1
54

July
August...
September

-290
301
-27

-960
916
-499

1,214
2,444
1,236

2,174
1,528
1,735

671
-666
317

-1

Source: Actual figures for 1952 are from the daily Treasury statement and thereafter from the monthly statement of receipts and expenditures of the Government (for explanation of reporting bases,
see page II); estimates are from Midyear Review of the I960
Budget^ released September 24, 1959, including effects of proposed
legislation.
1/ Under a revised classification in the monthly statement, effective
July 1, 1955, the security transactions of Government-sponsored

1,085
567
71

-197
1,131

51
155

enterprises are included in deposit fund account expenditures
(net) and excluded from net investment by Government agencies
in public debt securities (see Table 4) and frem net redemption
or sale of obligations of Government agencies in the market
(see Table 5).
Figures previously published for the fiscal year
1955 have been revised to the new classification basis.
Includes guaranteed securities beginning 1955 (see Table 4).
Preliminary.

2/
P

Table 2.- Trust Account Receipts
(in millions of dollars)

Federal Old-Age
and Survivors
Insurance Trust
Fund

Fiscal year
or month

1952
1953
1954
1955
1956

Federal
Disability
Insurance
Trust Fund 1/

Railroad
Retirement
Account

Unemployment
Trust
Fund

National
Service
Life Insurance Fund

Government

850
742
737
700
739

1,643
1,594
1,492
1,425
1,728

786

87
79
78
78

339

723

943

695
760

1,912
1,855
1,997

Life
Insurance
Fund

8,807
8,929
9,155
9,536
11,685 4/

3,932
4,516
5,080
5,586
7,003

U,369
16,329
17,067

7,159
7,900
8,182

938

1960 (Est.)....

20,435

10,461

1,079

1959- January...
February.

307

26

891
745

109

73

39
187

>ferch

759
1,637
1,322

83

45

33

April
hby
June p....

1,302
2,479
1,933

649
1,289
787

59
160
82

19
72
140

168
527
107

39
37

2

206

40

July
August. ..
September.

1,214
2,444
1,236

301
1,267
609

54

302
87
69

144
509
66

40
38
38

3

,

,

1957
1958
1959 p

,

,

,

138
59

Source
See Table 1
1/ See "Budget Receipts and Expenditures," Table 1, footnote 12.
See "Budget Receipts and Expenditures," Table 1, footnote 14.
Includes District of Columbia receipts from taxes and from
Federal contributions, loans, and grants; Indian tribal funds;
increment resulting from reduction in the weight of the gold
dollar; and the Railroad Unemployment Insurance Administlation
:

2/
2/

16

637
619
590
649

73

Federal
employees
retirement
funds

Highway
Trust
Fund

2/

912
961

691
708
1,025

608
640

69
67

633

63

1,397
1,458
1,740

1,482
2,134
2,185

629

58

1,705

2,557

47
38
42

3

122
116

2
2
2

2

2

133

November 1959
TRUST ACCOUNT AND OTHEB TRANSACTIONS.

Table 3.- Trust and Deposit Fund Account Expenditures
(In mllllona of dollars; negative figures are excesa of credits)

Treasunj Bulletin

10
.TRUST ACCOUNT

AST)

OTHKR TRAHSACTIOBS-

Table 4.- Net Investment by Government Agencies In Public Debt Securities
(In millions of dollars; negative figures are excess of sales)

...

)

'

Novembet- 1^59

11
-TRUST ACCOUNT AND OTHER TRANSACTIONS.

Table 5.- Net Redemption or Sale of ObllgatlonB of Government Agencies In the Market
(In mllllona of dollara; negative figures are excess of sales)

Securities guaranteed by the Dnlted States

Securities not guaranteed by the United States

Public enterprise funds
Fiscal year
or month

1952

Total

Total
Comnodlty
guaranteed Credit
Corporation

-173

-16
-7
-29
37
-30

-1,085
-567
-71

6
-10

72
25

1953
195A
1955
1956

U

-602^

1957
1958
1959 p

Federal
Farm
Mortgage
Corporation

Federal
Housing
Administration

Total not
guaranteed

Corporation

37
-30

-639 2/

-33
6

-1,052
-573
-61

-10

3

3

-57
-6

-7
-6

-7
-6

-50

April....
May
June p...

-78
-1
-54

12
-1
-L

12
-1
-4

-90

Federal
National
Mortgage
Association Z/

-98
65
U.
-69

«

-639

-U4

1959-January..
February
March. . .

September

Federal
intenoedlate
credit
banks 1/

-98
65

33

-700

July

end trust

32

1960 (Est.)...

Aug\jst. ...

p\ibllc

entei^
prise
funds

Loan

-16
-7
-30

-33

Public enterprise funds

Total

Home
Owners

Home
Owners'
Loan

Corporation

-570

-U
-1,052
-573

136
-233
6

-6,1

n.a.

-50

«

-90

*

-50

1

1

*

-51
-155

-1
-5

-50
-150

-50
-50
-150

Securities pot guaranteed by the United States - (Continued
Trust enterprise funds

Fiscal year
or month

Federal
interEediate
credit
banks 1/

Federal
National
Mortgage
Association &/

1952

Government-sponsored enterprises

Total
Governmentsponsored
enterprises

Banks
for
cooperatives

186

1953
1954

1955
1956
1957
1958
1959 p

,

-238
-225
58

1960 (Eat.)....
1959-January...
February.
March

April
May
June p.

July
August....
September.

Federal
land
banks

285
12

-99
-45

-11

136

-U6

-269
-872
-86
167
-1,222

n.a.

-905

-50

10
-23

-226
-588
191

-53

-554

-340

-261
-230
-95
-242

-30

-450

-275

-150

-206
-47

-6

80
-106
34

-6
-50
-76

-94
-297
-237

6

26

-50

-33

-199
-124

-40
-88
-80

-50
-150

-364
-178
-79

>5/

-46
-20

74
«

-90
. .

Federal
intermediate
credit
banks X/

-33

-100
-950
-115
-125

,

Federal
home
loan
banks

Source: See Table 1.
1/ Classified as a public enterprise fund prior to January 1, 1957j
as a trust enterprise fund January 1, 1957, to January
1, 1959;
and as a Government-sponsored enterprise thereafter (see
Table 3.
footnote 3).
2/ Management and liquidating functions.

-35

2/

282

-310
-25
-85

-54
-20

-50
1
-86
-10

-98

6

Beginning 1955 excludes net transactions of Government-sponsored
enterprises (see Table 3).
Secondary market operations.
Adjustment for December titinsactione.
Less than $500,000.
Proliminaiy.
n.a.
Not available.

6

.

. .
.

Treasury Bulletin

12
-TRUST ACCOUHT AM) OTHKR TRAHSACTIOHS

Table 6,- Federal Old-Age and Survivors Insurance Trust Fund
miUlona of dollars)

(In

Expenditures other than investments

Receipts
Fiscal year
or month
,

Total 2/

Appropriationa
2/

20,068.6
3,931.5
i,5l6.3
5,080.3
5,585.8

1937-51
1952
1953

195A
1955

7,003.4
7,158.8
7,899.9
8,182.5

1956
1957
1958
1959 p

Net earnings
on Investments

Deposits by
States

^

25.7
43.3
92.4
98.6

6,336.8
6,301.2
6,870.4
7,157.7

171.6
296.8
472.1
481.2

.9

62.3
24.7
9.5

2.0
15.9
17.2

6i9.2
1,289.1
786.6

481.4
1,274.0
583.4

U5.3
4.3
3.1

300.6
1,266.8
609.1

279.1
1,112.3
588.2

71,604.3

64,128.8

1937 to date 7/ p.

4,873.6
1,982.4
2,627.5
3,275.6
4,333.1

5,551.3

5,360.8
6,514.6
7,874.9
9,049.1

841.8
808.1
819.0

751.5
790.7
812.4

22.4
10.8
200.1

834.

816.9
826.6
823.9

19.6
139.2
7.0

1.8
15.3
13.9

1,121,

1,849.1

5,574.0

8U.
843.

50.8

Construction 2/

Reimbursement
to general
fund 22/

1937-51
1952
1953
1954
1955

266.3
24.8
24.4
26.0
27.1

1956
1957
1958
1959 p

30.7
30.9
34.5
39.0

51.

66.
58.
75.

73.7

73.7

48,384.6

50,723.4

397.8

Assets, end of period

Administrative expenses
Payments
to Railroad
Retirement
Account 8/

33.0
40.

821.
833,
833,

851.
864.

Expenditures, etc. - (Continued)
Fiscal year
or month

Refunds of
taxes 6/

10,588.0

242.3
850.6
717.9

September,

5,333.0
2,067.1
2,750.0
3,404.8
4,487.5

6,723.0
8,116.2
9,453.5

n.a.

306.6
891.2
7i5.1

.

Benefit
payments

7.4
5.2
1.6

1959-January..
February.
March...

July
August..

Total

^

11.6
9.6

487,
555.
555,
543,

10,461.0

June p.

Other

1,804.7
333.5
386.6
438.9
438.0

18,251.4
3,568.6
4,086.3
4,537.3
5,039.6

1960 (Est.)...

April
>by

^

Bureau of
QASI 11/

Net Increase,
or decrease

ReimbursementC-)
from Fed. Dla.
Insurance
Trust Fund 12/

(_)

16,273.1
17,817.6
19,339.9
20,580.5

22,593.1
23,028.9
22,812.6
21,541.6

22,043.0
22,263.3
21,764.2
20,474.4

550.1
765.6
1,048.4
1,067.2

-535.3
83.1
-73.9

21,329.1

20,395.9
20,280.4
20,411.6

933.2
1,131.8
926.8

21,153.0
21,598.1

a, 541.

20,116.3
20,539.8
20,474.4

1,036.7
1,058.4
1,067.2

93.

1,452.1
435.8
-216.7
-1,271.0

1,864.5
1,766.3
1,675.5
1,098.4

1960 (Est.)

412.8
327.0
548.8
702.8

U,322.8

16,600.0
18,366.4
20,042.6 7/
21,141.0

U,735.6

-9.1
-17.5

Unexpended
balance

U,735.6

193.0
59.9
65.1
62.7
76.0
119.
138,
173.

Investments

i^i

560.5

-127.0

1959-Janualy...
February.
>fcrch

2.8
2.8
2.8

April

3.0

*y

3.3

June p....

3.0

-185.3
445.1
-56.5

-820.6
415.2
-255.3

20,721.0
21,136.2
20,880.9

19,793.8
20,096.4
19,924.7

927.2
1,039.8
956.2

20,880.9

20,880.9

19,924.7

956.2

July
August. .
September.

282.0

1.8
1.1
1.7

3.1
5.1
3.1

406.5

18.4

5U.9

.

1937 to date 7/ p.

-18.0

.4

-26.7

1,027.8

Source: See Table 1.
X/ Includes transactions under the predeceesor Old-Age Reserve Account.
2/ Beginning November 1951, total Includes small amounts In the nature
of recoveries from expenditures Incidental to the operations; and
beginning 1958, also interest payments from Federal Dlaablllty Insurance
Trust Fund.
2/ For basis, see "Budget Receipts and Expenditures," Table 1, footnote 11.
i/ To cover employees of States and their political subdivislona, under
the Social Security Act Amendments of 1950 (42 U. S.C. 418).
i/ Through 1952, consists of transfers from general fund for administrative
and other costs of benefits payable to survivors of certain World War
II veterans (60 Stat. 979 and 64 Stat. 512) beginning with 1954,
consists of payments from the Railroad Retirement Account (see Table 8).
6/ Reimbursement to the general fund pursuant to the Social Security Act
Amendments of 1950 and 1956 (42 H.S.C. 401 (g) (2)).
2/ Includes adjustments to monthly statement basis.

21,a2.2
21,338.3

See Table 8.

2/
io/

il/

i

12/

Construction and equipment of office buildings for the Bureau (Public
law 170, approved July 31, 1953 - 67 Stat. 254).
Dndor the Social Security Act, as amended (42 U.S.C. 401 (g) (l)), for
administration of Titles II and VIII of that act and related parts
of the Internal Revenue Code (26 n.S.C. 480-482, U00-U32). (See
also footnote U).
Salaries and expenses of tt» Bureau of Old-Age and Survivors Insurance
are paid directly from the trust f>ind beginning 1947, under provisions
of annual appropriation acts until passage of the Social Security Act
Amendments of 1956 (42 D.S.C. 401 (g) (1))) previously these expenasa
were Included in reiiitoureements to the general fund.
See Table 7.
This reiiii>ur8ement Is treated as a reduction in administrative expenses paid from the Federal Old-Age and Survivors Insurance
»
Preliminary.
Trust Fund.
less than $50,000.
p
Not Available.

i

.

November 1959

13
TEUST ACCOUNT AMD OTHES TRANSACTIONS

Table 7.- Federal Disability Insurance Trust Fund
(In railliona of dollars)

Treasury Bulletin

ll^

.TRUST ACCOUHT AHD OTHKR TRAKSACTIOMS.

Table 9.- Unemployment Trust Fund

.

3

.

November i9J9

15

TRUST ACCOUNT AMD OTHER TRANSACTIONS

Table 10.- National Service Life Insurance Fund
(In millions of dollars)

Expenditures other
than investments

Receipts
Fiscal year
or month

1%1-51

Premiums and
other receipts

Transfers from
general fund

10,i42.9
786.0
636.6
619.3
590.5

5,084.7
426.4
397.7
390.8
405.5

4,203.4

1956
1957
1958
1959 p

649.3
607.5
639.8
633.3

410.2
424.8
459.1
452.4

78.4

1960 (Est.)

629.0

1952
1953

195i
1955

203.5
84.0
72.1
27.8

Benefits
and refunds

Interest on
investments
,154.9
156.2

4,977.1
996.3
588.0

154.9
156.4
157.2

622.6
537.8

12.2

160.7
163.4
166.2
168.8

512.0
515.0
543.6
562.1

n.a.

n.a.

582.0

.1

48.4
47.2
51.0

19.3

U.4

2,121.9
455.5
434.2
444.7
382.9

Net increase
or decrease

fecial

(-), in

dividends

assets

2,855.2
540.8
153.8
177.8
154.9
512.0
515.0
543.6
562.1

Assets, end of period

Total

Investinents

Unexpended
balance

5,435.6
5,190.6
5,249.5
5,272.5
5,345.6

30.2
65.0
54.8

-3.3
52.6

5,465.8
5,255.6
5,304.3
5,301.0
5,353.7

137.3
92.5
96.2
71.3

5,491.0
5,583.5
5,679.7
5,751.0

5,481.1
5,570.3
5,665.3
5,741.5

9.9
13.2

5,633.8
5,624.7
5,615.9

5, 6a.

5,616.3
5,605.3

12.5
8.4
10.6

5,465.8
-210.2
48.7

28.5
8.0

U.4
9.4

47.0
48.4
47.2
51.0

-1.7
-9.0
-8.8

46.7
38.2
42.2

45.8
36.9
40.9

1.2
1.1

.1
.2

39.0
37.4

.9

.2

51.3

51.3

1.1
1.0

.3

206.2

37.9
36.1
37.6

46.1
50.2

46.1
50.2

-12.
-8.
156.

5,603.7
5,595.0
5,751.0

5,597.3
5,586.3
5,741.5

6.4
8.7
9.4

39.7

38.6
37.3

September.

38.3
37.8

51.4
46.2
49.7

51.4
46.2
49.7

-11.7
-7.8
-11.8

5,739.3
5,731.5
5,719.6

5,731.5
5,721.5
5,714.5

7.8
9.9
5.1

1941 to date p.

15,721.2

8,564.4

10,001.6

10,001.6

5,719.6

5,719.6

5,714.5

5.1

1959-January...
February..
March

April
May
June p .

. .

July

Au^st..

.

167.6

1.1
1.0

37.0

4,718.2

2,438.7

See Table 1.
Source
Note ; This fund was established by the National Service Life Insurance
Act of 1940 (38 U.S.C. 805).
:

less than $50,000,
Not available.
Prelimlnaiy,

:

.

;

Treasury Bulletin

16
TKXST ACCOUNT AKD OTHEE TEANSACTIONS

Table 11.- Investments of Specified Trust Accounts In Public Debt Securities,
by Issues, as of September 30, 1959
(In millions of dollars)

Federal Old-Age
and Survivors
Insiirance Trust
F\uid

Public Issues ;
Troaaxiry notaet

3-1/2*

-

i

-

3-5/8

-

i.

3-3/A
2-5/8
4

-

Series
Series
Series
Series
Series
Series
Series

A-1960
A-1961
A-1962

B-1%2
C-1962
A-1963
B-1963

47.5
119.1
176.0
15.0
20.0
30.0
25.0

Treasury bonds:
2-1/4*
2-1/4
2-3/4

2-1/2
2-1/2
2-1/2

-

-

1959-62 (dated 6/l/i5 )
1959-62 (dated ll/l5/45)...
1961

.9

3.3
2.0

-

1961
1962-67

-

1963

2-1/2
2-1/2
2-1/2

-

1963-68
1964-69 (dated 4/15/43)
1964-69 (dated 9/15/43)

116.5
26.3
77.8

2-5/8
2-1/2

2-1/2

-

1965
1965-70
1966
1966-71

225.4
456.7
25.0
308.1

2-1/2
2-1/2
2-1/2

-

1967-72 (dated 6/1/45)
1967-72 (dated IO/2O/4I)...
1967-72 (dated ll/l5/45)...

2.6
152.2
9.8

4

-

1969
1974
1978-83
1980

3

3-7/8
3-1/4
4

-

3-1/4
3-1/2

-

3

-

2-3/4

1985
1990
1995
Investment Series B-1975-80

Total public Issues

10.4
58.6
4.5

36.5
25.0
45.1
18.0
63.8
85.2
1,064.9

3,251.2

Special issues
Certificates:

2-5/8*
2-3/4
2-7/8

-

-

Series 1960
Series 1960
Series 1960

-

Series 1960 to 1964
Series 1961 to 1963
Series 1961 to 1%4

2,395.0
672.0

-

Series 1963-1968
Series 1965-1974

4,825.0
7,970.0

-

815.6

Notes:

3*
2-1/2
2-5/8
Bonds

2-1/2*
2-5/8

Total special issues
Net unamortized premium and discourit

Accrued interest purchased

Total investments
Source:

Bureau of Accounts.

Federal Disability
Insurance
Trust Fund

Rflllroed

Retirement
Account

Unemployment
Trust Fund

November 1959

17
.CASH INCOME AND OOTOO.

The cash Inoome and outgo data appearing In the
"Treasury Bulletin," beginning ulth the Fabruary I956
Issue, are on a basis consistent with receipts froo and
payments to the public as derived In the 1957 and subsequent Budgets of the United States, Spsolsil Analjrsli A.

Reoonclllatlon to cash deposits and withdrawals In
account

of.

this

the Treasurer of the United States la shown on

the same basis as in the Budget documents.

There la also

shown the amount of net cash borrowing from, or repayment of

borrowing

to,

the public.

By theee arrangements,

data In

representing cash received from the public. Federal cash
borrowing from the public Includes net borrowing by the

Treasury through public debt transactions and also net
borrowing by Oovemment agencies and Government-sponsored
enterprises through sales of their own securities.
It excludes changes In the public debt which do not represent direct cash borrowing from the public. The net
effect of all these transactions with the public is
reflected in changes In the balance in the Treasurer's

account and in cash held outside the Treasury.

accordance with the Budget classifications are made avail-

Figures for back years have been
able month by month.
revised where necessary In order to make them as nearly

comparable with the Budget classifications as available
data will penult. For this reason certain of the figures
differ somewhat from those published In earlier Budget
documents as well as In the Bulletin.

Cash transactions through the Treasurer's account are
similar in general concept to those included in the Budget
series, but are limited in coverage to transactions whlah

affect the balance in that account.

On the other hand,
they Include receipts from the exercise of monetary
authority, lAloh are excluded from receipts from the public

in

the Budget series.

The Budget series of cash transactions is designed
to provide information on the flow of money between the

public and the Federal Government as a whole, and therefore

includes transactions not cleared through the Treasurer's
account.

Receipts and payments Include transactions both

Beginning with figures for the fiscal year 1953, the
series of transactions with the public is based on the

"Monthly Statement of Receipts and Expenditures of the
" which is compiled from reports

United States Government,

Operations of Oovemment-sponaored enterprises are Included

by all collecting and disbursing officers and includes
those transactions not cleared through the Treasurer's

In budget accounts and In trust and deposit fund accounts.

Inpayments on a net basis as reflected In Treasury reports.

account.

Major Intragovemmental transactions which are reported as

account, beginning with the figures for the same year, are

both expenditures and receipts are eliminated from both.
Noncash Items which represent accrued obligations of the

reported r— dally Treasury statements. For those years
prior to 195? both cash transactions series are based on a

Oovemment

single source, namely, the earlier basis of dally Treasury

to make payments In the future are also eliminated
from expenditures but are added later when actual payments

are made.

Receipts from the exercise of aonetary authority

(mostly seigniorage on silver)

are

excluded

as

not

Cash deposits and withdrawals in the Treasurer's

statements which reported separate classifications for
budget results, trust account transactions, etc.

.

)

Treasuru Bulletin

IS
.CASH INCOME AND OUEGO.

Table 1.- Summary of Federal Government Cash Transactions with the Public
(In millions of dollars)

Net cash transactions with the public
other than borrowing
Fiscal year
or month

Federal receipts from
the public

Federal payments to the
public

Excess of
receipts, or
payments (-

Plus : Net cash
borrowing from
the public, or
repayment (-)

Plus : Receipts from
exercise of
monetary
authority

1952.
1953.
19541955.
1956.

68,013
71,499
71,627
67,836
77,088

67,964
76,773
71,860
70,538
72,617

49
-5,274
-232
-2,702
4,471

-505
2,919
2,512
1,809
-4,366

68
56

1957...
1958...
1959 p.

82,107
81,893
81,534

80,008
83,413
94,542

2,099
-1,520
-13,007

-3,100
5,760
8,576

49

1960 (Est.).

95 ,209

95,037

172

-225

5,049
7,998
9,581

7,585
8,025
7,124

-2,536
-28
2,457

-3 ,253

June p....

5,384
7,708
10,923

8,005
7,879
8,383

-2,621
-171
2,539

July
August...
September.

3,973
7,903
9,488

8,171
8,498
7,709

-4,198
-594
1,779

21,364

24,377

-3,013

4,488

1959-January...
February..
Nfarch

April
Ifey

I960 to date.

73

29
23

Equals

;

Change in cash balances

Treasurer's account
balance, increase,
or decrease (-)

Cash held outside
Treasury, increase,
or decrease (-)

-388
-2,299
2,096
-551
331

257
-312
-202

-956
4,159
-4,399

UO

957
-644
-836

54
-7
45

-2,904

1,531
-81
-538

-60
-67
178

4,606
1,339
-1,457

486
781
399

-77

1,666

-183

59

U

3,546
-627
4,086
15

Source: Actual figures for 1952 are based on the daily Treasury
statement and thereafter they are based in part also on the
monthly statement of receipts and expenditures of the Government
p

8

5

12

-33
-73

(for e^qplanation of reporting bases, see page II); estimates are
from the Midyear Review of the 1960 Budget, released September 24,
1959, including effects of proposed legislation,
Preliminary.

Table 2.- Summary of Cash Transactions through the Account of the Treasurer
of the United States

November 1959

19
.CASH INCOME AMD OUTGO.

Table 3.- Derivation of Federal Government Receipts from the Public, and Reconciliation to
Cash Deposits In the Account of the Treasurer of the United States
(In millions of dollaro)

Treasury Bulletin

20

CASH mCOHE AND OUTGO

.

Table 5.- Intragovernmental Transact lone Excluded from Both Receipts and Payments

..

.

November 1959

21

CASH INCOME AMD OUTGO

.

Table 7.- Derivation of Federal Government Net Cash Debt Transactions with the Public,
and Reconciliation to Net Cash Debt Transactions through the Account of the
Treasurer of the United States
(Net borrowing, or repayment of borroulng

(-);

in milllona of dollars)

Change In public debt and agency obligations held by the publlr^

Fiscal year
or month

Plus: Net sale of obligations
of Government enterprises in
the market

Public debt
increase, or
decrease (-)

3,883
6,966
5,189
3,115
-1,623

1952
1953
1954
1955
1956

1957
1958
1959 p

lU

-186

-59

33
11

-U
602

-2,22i
5,816
8,363

,

Governmentsponsored
enterprises

Public and
trust ente:^
prlae funds

1960 (Eot.)...

Idss: Net investment in Federal
securities by Government agencies

Trust funds

-3 ,743

41
461
51

-3,392
5,560
10,736

905

954

108

243

294

-1,062

15

-63

16
7

201
175
22

-3 ,108

-174
168
7

4,156
99
-1,862

165
-92
-82

4,844
1,370
-1,466

700

47

64

April....
May
June p. .

3,319
950
-1,597

78
1
54

94
297
237

-487

July
August

3,976
1,714
-2,100

-1

155

364
178
79

-686
bUa
-329

-4
17

963

u

534

16
19
12

3,647
-563

Deductions for noncash and other transactions
less:

Fiscal year
or month

Net
accrued
interest
on
savings
bonds and

Treasuiy
bllla

y

1952
1953

1954
1955
1956

,

1957
1958
1959 p

,

,

,

-674

623

399

1,579
-4,765

-292
-200
2,160

-3,100
5,760
8,576

549
506
545

-3,648
5,253
8,032

518

-225

101

-6
-4
-2

-674
-450
1,361

229
49
-9

Treasurer's
account, or
repayment (-)

2,763
2,255

388
254
801

July
August.
September,

the

in
the

Treasuror'B
account 2/

155
256
230

175

74

Equals:
Net cash
borrowing
through

170

-8
-7

77

Transactions
not
reflected

-505
2,919
2,512
1,809
-4,366

-U

-1

28

Net cash
borrowing
from the
public, or
repaymant
(-)

497
456

-U

See Table 1.

^

680
722
618
644

April....
hhy
June p. ..

Source:

^

Notes to
Intematlonfll
Monetary
FUnd

-9

110
50
-16

.

Armed
forces
leave
bonds

Total
deductions

109
156

1959-January..,
February.,

.

Adjusted
service
bonds

Excess
profits
tax
refund
bonds 6/

Eqtiftls:

-68
-24

530

Iferoh. ...,

Issuance of public debt securities representing expenditures, or refunds of receipts jj

758
718
524

1960 (Est.)...

175
3,640
3,130
2,454

36
91
102

86
-167
1,222

-74
206

Less:

153

2,262
105
-1,233

1,085
567
71

51

179
446 i/
171
549

269
872

-4
57
6

.

101

79
-77
126
101

173

2,879
-697
-3,069

.

Govemraentsponsored
enterprises

3,355
3,068
1,686 i/
1,236
2,516 2/

1959-January..
February.
Miroh

September.

Public
enterprise
funds

Equals:
Increase in
securities
held by the
public, or
decrease (-)

-225

161

U5

3,546
-627
-3,253

18
69
80

3,527
-695
-3,333

-4
7
1,053

69

4,086
15

-2,904

86
-1
77

4,000

84
1,042

239
31
-9

4,606
1,339
-1,457

-9

U

10
-18

Footnotes on following page.

64

69
78
23

16
-2,962

4,537
1,261
-1,480

22

Treasury Bulletin
CASH

AND OUTGO

INC(»ffi

Footnotes to Table 4
1/

Net operating expendlturea, or receipts {-), aa meaBizred by funds
provided by or applied to net eecurlty traneactlona reflected in
Treasury reports (see Table 7). To a large extent, these Govemmentaponeored enterprises secure funds for their operations by direct
borrowing frcm the public or by cashing Federal securities which
they hold, and they apply the net Income received from operations
to repayment of borrowing from the public or to Investment In Federal
securities. On that basis, net expenditures for operations are
shown in thla table in terms of the combined net of disinvestment in
Federal atcurltles and sale of agency obligations In the market.

^

and net receipts from operations are shown in terms of the combined
net of investment in Federal securities and redemption of agency
obllgatlona In the market.
Not reported prior to 195^.
See Table 7, footnote 1.
Does not include revolving fund receipts representing acquired
securities amounting to $1,6^3,070 (par value).

Preliminary.

Footnotee to Table 5
1/

2/

^
Uy

Federal Intermediate credit bank franchise tax through December 195^
and, beginning 1953, also reimbursement by Panama Canal Compaiiy for
expenses and services.
Includes reimbursement by Federal Old-Age and Survivors Inaurance
Trust Fund and Federal Disability Insurance Trust Fund for Administrative expenses, and also for refunds of taxes (treated as an
offset to refunds rather than being credited to receipts) beginning
with 1953 for the former and 1959 for the latter; reimbursement by
Highway Trust Fund for refunds of taxes; reimbursement by the District
of Columbia; payment of dividends, Interest, etc., by Federal National
Mortgage Asaoclatlon'a secondary market operations; and Federal
Intermediate credit bank franchise tax and repayment of capital
stock to the Treasury after December 1956 and before January 1959Consists of payment of earnings and repayment of capital stock to
the Treasuiy for 1952; and payment of franchise tax by banks
for cooperatives beginning 1955, and by Federal intermediate credit
banks beginning January 1959Incl'odes relatively small amounts of deductions from salaries paid
Beginning with
by trust funds and Govemment-aponsored enterprises.
fiscal year 1958 excludes deductions from salaries of District of

^

6/

•

p

Columbia employees (see footnote 6), and beginning with fiscal year
1959 excludes voluntary contributions.
Consists of payments to enqiloyees* retirement funds representing
United States and Government corporation ahaxee of contributions;
payments to the Railroad Retlrentnt Account (for creditable military
service), the Unemployment Trust Fund, veterans' life insurance funds,
Judicial Survivors Annuity Fund, trust fund for technical services
and other assistance under the agricultural conservation program, and
District of Columbia; and awards of Indian Claims Commission.
Includes payment by District of Columbia to the Civil Service retirement fund for its share of contributions, and beginning with 195©
also deductions from its payroll; payments between Railroad Retirement Account and Federal Old-Age and Survivors Insurance Trust Fund;
transfers from Civil Service retirement fund to Foreign Service
retirement fiuid from 1955 through 1957; and transfers from Railroad Unemployment Insurance Administration Fund to Unemployment
Trust Fund through 1955.
Less than $500,000.
Preliminary.

Footnotes to Table 6
1/
2/

j/

/j/

Accrued discount on savings bonds and bills less interest paid on
savings bonds and bills redeemed.
Public debt interest due and accrued beginning June 30, 1955, effective
date of the change in accounting and reporting from a due and payable
basis to an accrual basis; for 195^, consists only of public debt
interest checks and coupons outstanding; net increase, or decrease
(-).
Not reported as a separate clearing account prior to 1954..
Treated as noncash expenditures at the time of issuance of the
securities and as cash expenditures at the time of their reden^ition;
net issuance, or redemption (-).
Issued in 1936 in exchange for adjusted service certificates held by
vet-rans of World War I. The bonds matured in 19A5.

5/
6/

2/
8/

Issued in 194.7 in payment for accumulated leave. The last of these
bonds matured in 1951.
Part of the United States subscription to the capital of the International Monetary Fund was paid in the form of noninterest-bearing
nonnegotiable notes payable on demand (see 1947 Annual Report of
the Secretary of the Treasury, pages 4.8» 350, and 385).
Checks outstanding less deposits in transit, and changes in other
accounts; net increase, or decrease (-). Prior to 1954 includes
also public debt interest due and unpaid (see footnote 2).
Includes $1,031 million notes issued as part of the additional United
States subscription authorized by Public lav 86-48, approved June 17,
»
1959.
Ifiss than $500,000.
Preliminary.
p

Footnotes to Table 7
2J

^
^

In this table, beginning 195i» in accordance with treatment in Budget
documents, net investment in United States securities by Government-

sponsored enterprises includes a small amount by other enterprises
regarded as representing net transactions with the public.
In Table 4
under "Tr-..
'.ccount and Other Transactions," these amounts are ineluded in trjst and deposit fund account investment,
Does not include investments representing acquired securities amounting
to $1,643,070 (par value) and donation of secxirities amounting to
$45,800 (par value).
Accrued discount on savings bonds and bills, which is included in the
principal of the public debt, less interest paid on savings bonds and
bills redeemed.

4/

^
6/

2/
»

p

Treated as noncash transactions at the time of issioance and as cash
transactions at the time of redemption; net issuance, or redemption (-).
Excluded from borrowing because the transactions are treated aa expenditures in Table 6,
Excluded from borrowing because the transactions are treated as deductions from receipts in Table 3.
Harket transactions in public debt securities and agency obligations.
Less than $500,000,
Preliminary,

'

November i959

23
.

ACCOUHT OF THE TREASUFEU OF THE UNITED STATES.

Source and Availability of the Balance In the Treasurer's Account
The account of the Treasurer of the United States
reflects not only budget reoelpts and expenditures but
also trust, deposit fund, and public debt transactlone.
The working cash of the Treasury Is held mainly In
Treasurer's accounts with Federal Reserve Banks and

account to the tax and loan account In the sa-ie bank. On
occasions, to the extent authorized by the Treasury
banks are permitted to deposit In these accounts proceeds
from subscriptions to public debt securities entered for
their own account as well as for the account of their
customers.

branches.

As the balances In these accounts become dethey are restored by calling In (transferring)
funds from the tax and loan accounts with thousands
of
commercial banks throughout the country.

pleted,

The tax and loan account system permits the Treasury
to leave funds In banks and In the coimunltles In which
they arise until such time as the Treasury needs the funds

for Its operations.

Deposits to tax and loan accounts occur In the
normal course of business under a uniform procedure
applicable to all banks whereby customers of
with them tax payments and funds for the
Government securities.
In most cases the
Involves merely the transfer of money from

In this way the Treasury Is able

to neutralize the effect of Its

fluctuating operations

on bank reserves and the economy.

banks deposit

purchase of
transaction
a customer's

A detailed description of the Treasury's depositary
system may be found In the Annual Report of the Secretary
of the Treasury for I955,

pages 275-2S1+.

Table 1.- Status of the Account of the Treasurer of the United States
(In millions of dollars)

Assets
End of
fiscal
year or
month

1952
1953

Treasury operating balance
Available
funds in
Federal
Reserve
Banks
333
132
875
380
522

1954
1955
1956

Tax and loan
accounts in
special
depositaries

Gold in
Treasury

Total
operating
balance

5,106
3,071
4,836
4,365
4,633

1,009
984
497

6,448
4,187
6,207
5,239

489
401

1957

498

1958

UO

1959

535

4,082
8,218
3,744

1958-Dec..

358

1959-Jar...

U7

Feb..

March

April
iSy..
June.
July.
Aug..
Sept.

493
501

5,656

Silver,
coin, and

Unclassified
collections,

currency

etc.

194
161
191

187
159

75
50
93

355
210
274
343

37

421

37
49

302
287

63

In other

depositaries

450

Total
assets

463
520
500
438

7,481
5,096
7,243
6,362
6,712

273

440
365
429

6,037
9,990
5,451

liabilltieE

i/

Balance In
account of
Treasurer
of D. S.

512

166

6,969
4,670
6,766
6,216 2/
6,546

447
240
100

5,590
9,749
5,350

426
476

U6

2/

101

5,069
9,030
4,380

259
306

3,468

396

4,222

292

46

UO

399

5,099

138

4,961

4,054
3,454
2,787

396
398
394

4,897

67

4,3U
3,579

319
329
319

68

292
269
168

456
446
399

6,031
5,437
4,533

113
163
95

5,918
5,274
4,438

539
567
535

3,844
4,117

4,785
5,080
4,380

310
303
306

63

U8

45

166
273

6,081
6,002
5,451

5,969
5,88S

63

476
407
429

112

3,7U

402
396
101

100

5^50

522
537
7Q4

4,364
5,227
5,353

106
110
102

4,992
5,875
6,159

297
289
279

60
42
41

175
111
201

406

5,930
6,709
7,103

93

5,837
6,617
7,017

492
398

190

Source: Daily Treasury statement.
ConaiBts of Treasurer's checks outstanding, reserve and other deposits
of Board of Trustees of the Postal Savings System, uncollected
Items,
exchanges, etc., beginning December 1954; prior to that tiiB
Included
also Post Office Department and Postmasters' dlsburaing accounts
(see
->=
>
footnote 2).
2/ Beginning December 1954, Post Office Departmnt and Poatmsters

i/

34

In Federal
Reserve
Banks in
process of
collection

50

392

424

lU

92
87

X
disbursing accounts are no longer treated as liability accounts
of the Treasurer of the United States, but are classified and
treated in the sane manner as other disbursing accounts, in
accordance with the change in method of reporting Post Office
transactions (see "Budget Receipts and Expenditures," Table 2).
An adjustment of - t207 million in the balance In the Treasurer's
account (and in the "clearing account") reflects this change.

..

Treasury Bulletin

2k
.ACCOUKT OF THE TREASUPER OF THE UHITED STATES.

Table 2.- Analysis of Changes In Tax and Loan Account Balances
(in millions of dollars)

"

Balance
Fiscal year
or tnoDth

Proceeds from sales of securities

Savings
bonds

1952

,

1953
195i
1955

,

,

,

1956

,

1957
1958
1959

,

,

,

2,226
2,667
3,457

rtu-ch.

207
186
180

.

.

202
176
172

End of
period

Mgh

Average

arrangement) 2/

6,861
5,977
6,035

36,493
41,267
41,644
42,074
39,140

37,066
43,303
39,879
42,545
38,871

5,106
3,071
4,836
4,365
4,633

5,409
8,776
7,493
7,299
5,486

1,425
950
1,649
1,910
1,103

3,255
4,212
3,870
3,991
3,373

5,043
2,922
7,581

6,568
13,513
13,164

26,709
27,881
29,190

4,152

45,448
55,044
58,520

46,000
50,908
62,994

4,082
8,218

3,7U

6,078
8,869
8,055

813

7,903
5,919

1,078
912

2,987
3,246
3,638

2,746

1,133

4,113

5,523

3,468

4,355

1,728

3,133
2,685
3,365
2,884

2,976
2,824
2,668

April
May
June

Withdrawals

13,270
10,227
4,791
2,967
4,611

2,333

290
237
231

and
excise 2/

Total
credits

13,579
15,859
19,898
20,538
23,897

4,i24
3,810

234

Withheld

Income (by
special

287
5,041
4,304
8,167
786

2,451

1959-January..,
February

,

Tax
anticipation
securities

4,679
2,231

1958-December.

July
Augus t
September,

Savings
notes

During period

_i/

5,243

3,387
1,099

2,915
974

33
27

1,060
3,458
3,077

18

1,694
17

4,136
1,928

1,174
3,487
3,278

1,629

1,900

1,3U

89

ource: Office of Flscej Assistant Secretary; figures are on basis of
telegraphic reports.
1/ 'Special depositaries are permitted to make payment in the form of
a deposit credit for the purchase price of United States Govemment
obligations purchased by them for their own account, or for the
account of their customers who enter subscriptions through them,
when this method of payment Is permitted under the terms of the
circulars inviting subscriptions to the issues,
2/ Taxes eligible for credit consist of those deposited by taxpayers
In the depositary banks, as follows: Withheld Income tax beginning

3,665

3,057

1,285

4,755
4,827
5,030

4,169
5,427
5,697

4,054
3,454
2,787

4,144
3,951
4,989

912
2,465
1,754

5,534
5,601
5,087

4,477
5,328
5,460

3,8U
4,117
3,744

6,457
5,669
4,028

3,261
3,720
1,838

4,254
4,347

6,421
4,816
4,514

5,801

4,364

5,765

2,467

4,486

3,952
4,388

5,227
5,353

5,382
5,454

2,916
2,885

4,179
4,276

3,U2

March 1948; taxes on employers and employees under the Federal
Insurance Contributions Act beginning Jantiary 1950, and under
the Railroad Retirement Tax Act beginning July 1951; and a
number of excise taxes beginning July 1953.
Under a special procedure begun In ^fa^ch 1951, authorization
may be given for income tax payments, or a portion of them,
made by checks of $10,000 or more drawn on a special depositary
bank to be credited to the tax and loan account In that bank.
This procedure is followed during some of the quarterly periods
of heavy tax paymenta.

..

)

.

November 1959

25
.DEBT OUTSTAJJDIKG.

Table 1.- Summary of Federal Securities
(in

Total outstanding
End of
fiscal
jear or
month

1952

Guaranteed
secuxltles 2/

Public
debt

Total 1/

milHona

debt

74

256,863
263,946
268,910
271,741
269,883

107
101
111

268,592
274,798
281,944

268,486
274,698
281,833

109

280,947

280,839

259,151
266.123
271,3^1
27A,A18
272,825

259,105
266,071
271,260
274,374
272,751

46
52
81
44

1957
1958
1959

270,634
276 ,UA
284,817

270,527
276,343
284,706

1958-December.

283,031

282,922

285,907
285,216
282,153

285,801
285,104
282,034

106
112
119

283,913
283,354
280,207

283 ,808
283,243

April

285 ,460

286,410
284,817

107
108
111

283,603
284,580
281,944

283 ,497

*y

285,353
286,303
284,706

288,792
290,506
288,412

288,682
290,396
288,296

110
111
116

285,948
287,709
285,602

285,840
287,599
285,486

June

July
Augiiat.

,

September,

Matured debt and debt bearing no interest
Public debt

Guaranteed
securities
2/

PubUc

256,907
263,997
268,990
271,785
269,956

1953
195i
1955
1956

1959-January.
February.
March. . .

of dollars)

Interest-bearing debt

^
U

5/

(matured

73

2,242
2,125
2,350
2,633
2,868

419
298
437
589
666

1,274
1,302
1,411
1,567
1,742

550
525
502
477
460

106
101
110

2,042
1,646
2,873

2,042
1,646
2,873

529
597
476

1,068
618
1,979

444
430
417

108

2,084

2,084

903

757

423

748
762
923

422
422
419

105
111
118

1,994
1,861
1,946

1,993
1,861
1,945

822
677
603

106
107
110

1,856
1,830
2,873

1,856
1,830
2,873

518
487
476

919
926
1,979

419
416
417

109

2,844
2,798
2,810

2,842
2,797
2,810

437
412
426

1,989
1,971
1,971

416

280,089
284,473
281,833

110
115

^

2,2U

Guaranteed
aecurltlas 3/

Other

2,126
2,351
2,634
2,869

51
80
43

Source: Dally Treasury statement.
1/ Includes certain obligations not subject to statutory limitation. For
amounts subject to limitation, see page 1.
2/ Excludes guaranteed securities held by the Treasury.
2/ Consists of Federal Housing Administration debentures beginning 1953.
Special notes of the United States Issued to the International Monetary

Monetary
Pimd i/

i/

4U
413

Fund in payment of part of the United States subscription .pursuant to
provisions of the Bretton Woods Agreements Act. The increase of $1,375
million in the United States subscription authorized by Public Ibw
86-48, approved June 17, 1959, was paid In June 1959, k3U^ million in
gold and the remainder in special notes.
For current month detail, see "Statutory Debt Limitation," Table 2.

Table 2«- Computed Interest Charge and Computed Interest Rate on Federal Securities
(Dollar amounts in mil3J.ons)
Con^juted annual interest rate

Total Interest-bearing securities
Amount
outstanding

End of
fiscal year
or month

PubUc debt
and guaranteed securi-

interest charge

PubUc debt
Public
debt

ties!/^

Public debt

Counted annual

and guaranteed securlties 2/

Public
debt

Total
interestbearing
securities

Marketable issues
Total
public
debt

Total

Bills

Z/

1/

1.560
1.754
1.838
1.846
2.075

2.317
2.342
2.440
2.480
2.485

2.659
2.720
2.751
2.789
2.824

2.675
2.746
2.671
2.585
2.705

2.578
2.575
2.547
2.590
2.606

1.033
3.316

3.345
3.330
2.842

2.504
2.806
3.304

2.482
2.576
2.619

2.853
2.892
2.925

2.635
2.630
2.694

2.611
2.622
2.628

2.624

2.930

2.212

2.954

2.592

2.909

2.646

2.6a

2.649
2.769
2.799

2.960
2.995
3.020

2.212
2.599
2.713

2.995
3.276
3.266

2.607
2.608
2.608

2.912
2.915
2.918

2.648
2.650
2.653

2.620
2.618
2.612

5,982
6,432
6,300
6,388
6,952

5,981
6,431
6,298
6,387
6,950

2.329
2.438
2.342
2.351
2.576

2.329
2.438
2.342
2.351
2.576

2.051
2.207
2.043
2.079
2.427

1.711
2.254

1957
1958
1959

268,592
274,798
281,944

268,486
274,698
281,833

7,328
7,248
8,069

7,325
7,245
8,066

2.730
2.638
2.867

2.730
2.638
2.867

2.707
2.546
2.891

3.197

1958-December.

280,947

280,839

7,546

7,543

2.689

2.689

,

1959-January..
February.
^fe^ch....

April....

ty
June

July
August.
September.
.

,

i/

1.875
2.319
1.928
1.173
2.625

256,863
263,946
268,910
271,741
269,883

,

Special
issues

Ouai^
an teed
securities

A/

256,907
263,997
268,990
271,785
269,956

1952
1953
1954
1955
1956

Treasury
bonds

Certificates

Nonmarketable
issues

.843

1.539
2.654

283,913
283,354
280,207

283,808
283,243
280,089

7,670
7,871
7,839

7,667
7,868
7,836

2,704
2.781
2.801

2.704
2.781
2.801

283,603
284,580
281,944

283 ,497
284,473
281,833

7,995
8,105
8,069

7,993
8,102
8,066

2.824

2.832
2.877
2.891

3.101
3.209
3.316

2.713
2.842
2.842

3.311
3.307
3.304

2.619
2.619
2.619

2.921
2.923
2.925

2.656
2.660
2.694

2.622

2.867

2.824
2.853
2.867

285,948
287,709
285,602

285,840
287,599
285,486

8,299
8,815
8,939

8,296
8,812
8,935

2.909
3.072
3.137

2.909
3.072
3.138

2.954
3.207
3.238

3.577
3.670
3.847

2.842
3.650
3.650

3.302
3.782
3.776

2.619
2.619
2.619

2.928
2.931
3.159

2.699
2.699
2.699

2.624
2.634
2.632

2.853

Source: Dally Treasury statement.
Note: The coi^juted annual interest charge represents the amount of interest
that would be paid If each interest-bearing Issue outstanding at the end
of each inonth or year should remain outstanding for a year at the applicable annual rate of Interest.
The charge is coii;)Uted for each Issue by
applying the appropriate annual Interest rate to the amount outstanding
on that date. The aggregate charge for all interest-bearing issues
constitutes the total confiuted annual interest charge. The average
annual interest rate is co^iuted by dividing the confuted annual interest
charge for the total, or for any group of issues, by the corresponding

X/

^
2/

^

2.623
2.628

principal amount. Beginning with data for Deceni»r 31, 1958, coi^mtation of the average annual interest charge and rate is based on the rate
Prior to
of effective yield for issues sold at premium or discount.
that date it was baaed on the coupon rate for all Issues.
the
Treasury.
Excludes guaranteed securitiea held by
Total includes "Other bonds"; see Table 3.
Included In debt outstanding at face amount, but discount value is used
in confuting annual interest charge and annual Interest rate.
On United States savings bonds the rate to maturity is applied against
the amount outstanding.

Treasury Bulletin

26

DEBT OOTSTAMDHC.

Table 3.- Interest-Bearing Public Debt
(In milllonB of dollars)

..

November 1959
27
-DEBT

t

ourarAHDnc

Table 5.- Special Issues to United States Government Investment
Accoimts
(In

Federal
Depoait
Insurance
Corporation

End of flsoal
year or month

1952
1953
195i
1955

1956
1957
1958
1959

37,739
iO,538
A2,229
43,250
i5,lli

888
846
892
835
673

i6,827
A6,246

718
673
629

U,756

Federal
Federal
Disability
hone
Insurance
loan
Trust
banks
Fund

325
996
1,533

Federal
Old-Age
and
Survivors
Insurance
Trust Fund

50
50
232
200
52

14,047
15,532
17,054
18,239
19,467

50
165
165

millions of dollars)
Federal
Savings
Federal
Government
Highway
and Laan enq^loyees' Ufe
Insurance retirement Insurance Trust
Fund
Corporafunds
Fund
tion

79
61
84
94
103

5,0Ll
5,602
5,854
6,168
6,667

1,300
1,299
1,234
1,233
1,217

18,610
17,227

103
112
116

7,394
7,738
8,608

1,U4

19,463

1,200

National
Service

Postal Hallroad
Savings RetireSystem ment
Insurance
Account
1/
Fund

Ufe

5,191
5,249
5,272
5,346
5,481

552
452

5

1,127

404
822
429

5,570
5,665
5,742

213
91
6

2,863

3,128
3,345
3,486
3,600
3,475
3,531

Unemploy-

ment
Trust
Fund

7,745
8,287
8,024
7,479
7,737

Other

2/

9

32
24

79
112

7,996
6,671
5,636

123

3,a7

120
126

1958-Deceniber.

W,8iO

631

1,257

165

17,753

104

8,124

1,120

386

5,625

3,503

6,055

117

1959-JanuHi7.
February,
March

A3, 907
A3 ,870
43,940

698
710
712

1,253

17,182
17,067
17,199

108
110
112

8,163
8,225
8,279

1,115
1,110
1,105

282

1,363

165
165
165

356
410

5,621
5,616
5,605

43,278

668

5,759
5,652
5,426

119
128

April....
May
June

3,441
3,435
3,431

U,203
U,756

623

165
165
165

16,869
17,293
17,227

108
112
116

8,297

629

1,382
1,469
1,533

8,363
8,608

1,102
1,098
1,127

365
326
429

July

5,597
5,586
5,742

U,061
U,723
U,400

3,346
3,355
3,417

5,254
5,687
5,636

621
628
628

124
126
126

1,556
1,625
1,668

165
165
165

16,547
16,849
16,678

122

8,663
8,723
8,771

1,124
1,119
1,116

251
91

5,732
5,722
5,715

3,6U
3,602
3,571

5,540
5,947
5,833

127
129
131

August.
September.
,

.

1,296

120
124

Source: Dally Treasury statement.
1/ Consists of Canal Zone Postal Savings System beginning April 1958.
2/ Consists of: Farm Tenant Mortgage Insurance Fund (through Iferch
1956),

133

Adjusted Service Certificate Fund (through December 1956), varloua
housing Insurance funds, and Veterans' Special Term Inaurance Fund,
less than $500,000.

Treasury Bulletin

28
.DEBT OUTSTANDDG-

Table 6.- Treasury Holdings of Securities Issued by Government
Corporations and Other Agencies
(in lollllons of dollars)

:

:

:

:

November 1959

29

.STATUTORY DEBT LIMITATION.
The Second Liberty Bond Act
3I U.3.C. 757 b), as
amended by an act approved June 30, 1959, provides that
the face amount of obligations Issued under authority of

authorized as follows: $6 billion beginning on August 28,
1954, and ending on June 30, I956 (acts approved August 2&,
195"*, and June 30, 1955); S3 billion beginning on July 1,
1956, and ending on June 30, 1957 (act approved July 9,

(

that act,

and the face amount of obligations guaranteed

as to principal and Interest by the United States (except

1956); $5 billion beginning on February 26, 1958, and
ending on June 30, I959 (act approved February 26, I958);
and SlO billion beginning on July 1, I959, and ending on
June 30, 1960 (act approved June 30, 1959). Obligations
Issued on a discount basis, and subject to redemption prior

guaranteed obligations held by the Secretary of the Treasury), shall not exceed In the aggregate t2S5 billion out-

standing at any one time.

The corresponding limitation

In effect under the act of June 26,

igl+S, was $275 billion
and that under the act of September 2, 155S, was J2S3
billion.
In addition, temporary Increases have been

to maturity at the option of the owner,

are Included In the
statutory debt limitation at current redemption vaXues.

Table 1.- Status under Limitation, September 30, 1959
(In millions of dollars)

Maximum amount of securities which may be outstanding at any one time under limitation
Imposed by the act
of June 30, 1959 Dl U.S.C. 757 b)

295,000

Imount of securities outstanding subject to such statutory debt limitation:
S. Government securities issued under the Second liberty Bond Act, as amended.
Guaranteed securities (excluding those held by the Treasury)

n.

287,881
116

Total amount of securities outstanding subject to statutory debt limitation,

287,997

alance issuable under limitation
7,003

Source:

Daily Treasury statement.

Table 2.- Application of Limitation to Public Debt and Guaranteed Securltiee
Outstanding September 30, 1959
(In millions of dollars)

Subject to
statutory debt
limitation

Class of security

Public debt:
Interest-bearing securities
Marketable
Treasury bills
Certificates of indebtedness.
Treasury notes
Treasury bonds
Panama Canal bonds

Not subject to
statutory debt
limitation

37,128
20,343

37,128
20,343
40,758
84,778

40,758
84,778

Total marketable.

183 ,008

Nonmarke table
U. S. savings bonds (current ^edeII^)tion value).
Depositary bonds
Treasury bonds, investment series

50

50

50

183,057

49,721
176
8,132

Total nonmarketable

Total
outstanding

49,721
176
8,132

58,029

58,029

Special issues to Government agencies and trust funds.

44,400

44,400

Total interest-bearing securities

285,437

Matured securities on which interest has ceased

423

Debt bearing no interest
United States savings staj^s
,
Excess profits tax refund bonds
!.!!!!!]!
Special notes of the United States, International Monetary Fund Series..
United States notes (less gold reserve)
Deposits for retirement of national bank and Federal Reserve Bank notes.
Other debt bearing no interest

50
1

191

166
6

Total debt bearing no interest

Guaranteed securitiea: 1/
Interest-bearing
Matured

Total guaranteed securities
Total public debt and guaranteed securities.
Dally Treasury statement.

426

50
1
1,971

Total public debt

Source:

285,486

2,022

362

2,384

287,881

415

288,296

115

115

1

1

116

116

287,997
1/

1,971
191
166
6

415

Excludes gual'anteed securities held by the Treasury.

288,412

))

Treasury Bulletin
PUBLIC DEBT OPERATIOJE

Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Outstanding September 30, 1959
Other Than Regular Weekly Treasury Bills
(In millions of dollars)

Amount of maturities

Amount of maturities

«ther

and
month
of final
maturity

luveetoxB

1/

D. S. Govt

Description of security

investment
accounts
and Fed.
Res. Banke

All

1959
Oct.

1-1/2$ Note

-

3-3/8* Certificate 3-l/2« Note

3.565* Bill

lO/l/59-EO

99

99

ll/15/59-E
11/15/59-B

7,711
1,184

12/22/59

1,500

5,076
25

2,635
1,159

5,101

5,392

D. S. Govt,

Description of security

investment
accounts
and Fed.
Res. Banks

All
other
investors

1961
Apr..

1-1/2* Note

4/1/61-EA

>fay..

3-5/8* Note

5/15/61-B

4,078

June,

3* Bond 2/
(Panama Canal loan)

6/1/61

50

Aug..

4* Note

8/1/61-A

2,136

259

1,876

Sept.

2-3/4* Bond

9/15/61

2,239

U

2,19S

Oct..

1-1/2* Note

lO/l/61-EO

332

Nov..

2-1/2* Bond

11/15/61

11,177

164

11,013

20,156

3,392

16,764

323
9

324
1,426

4,746
1,923

1,500

(tax ant.

10,493

Held by -

Tear

Held by -

Total.

144
2,925

1,153
50

332

I960
Jan..

3.386$ Bill

1/15/60

2,006

226

1,780

2/15/60-A

11,363

5,659

5,704

3/22/60

4,004

40

3,964

4/15/60

2,003

79

1,924

1-1/2* Note

4/1/60-EA

198

Certificate A*
3-1/2* Note
3-1/a* Note

5/15/60-B
5/15/60-A
5/15/60-B

1,269
2,406
2,738

7/15/60

2,001

(special)
Feb..

3-3/4< Certificate -

hbr..

4.075* Bill
(tax ant .

Apr.,

3.835*

BiU

May..

July.

4.728* Bill

1962
Feb..

3-5/8* Note
Note
4*

2/15/62-A
2/15/62-D

647
1,435

1,141
2,151
2,726

Apr..

1-1/2* Note

U/l/(>2-SA

551

June.

2-1/4* Bond

1,999

Aug..

4*

Oct.,

1-1/2* Note

Nov.,

Dec

(special)

198

128
254
12

6/15/59-62

5,266

8/15/62-B

2,000

78

10/1/62-B0

590

3-3/4* Note

11/15/62-C

1,1A3

95

1,048

2-1/4* Bond

12/15/59-62

3,454

740

2,7U

15,087

1,764

13,322

Note

(special)

Aug..

4-3/4* Note

8/15/60-C

9,561

Oct..

1-1/2* Note

lo/l/60-EO

278

Nov..

2-1/8* BoMi

Dec.

2-3/4* Bond Z/

Total.

Footnotes at end of table.

11/15/60

3,806

12/15/60-65

1,485

43,118

5,625

551
520

V

590

3,935
278

34

3,773
1,485

12,059

31,059

(Continued on following page)

Total.

November 1959

31
PUBLIC DEBT 0PE3UTI0NS

Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Outstanding September 30, 1959
Other Than Regular Weekly Treasury Bills - (Continued)

Source: Daily Treasury statement and Debt Analysis Staff in the
Office of the Secretary.
1/ Except partially tax-exempt bonds, which are shown at first
call date. For date of issue of each security, see "Market
Quotations."

Treasury Bulletin

32
PUBLIC DEBT OEERATIONS

Table 2.- Offer IngB of Treasury Bills

November

195'/

33
PUBLIC DEBT OPERATIONS

Table 2.- Offerings of Treasury Bills - (Continued)

.
•

Treasury Bulletin

3^^

PUBLIC DEBT OPHIATIOIB

Table 3.- New Money Financing through Regular Weekly Treasury Bill
(Dollar amounts in millions)

Description of issue
Issue
date

1953-Apr.

Maturity
date

23.

1953- July

23

7.

Aug.
Aug.
Aug.

6
20
27

May
May
May

21.
28.

June
June
June
June

11.
18.
25

Sept.
Sept.
Sept.
Sept.

2A

July
July
July

2.
9.
16.

Oct.
Oct.
Oct.

8
15

Dec.

10

20
27

^

Sept. 10.

1955-July
July
July
July

21.
28.

1955- Oct.
Oct.
Oct.
Oct.

Aug.
Aug.
Aug.
Aug.

U.
11.
18.
25.

Not.
Nov.
Nov.
Nov.

Sept. 1.
Sept. 8.
Sept. 15.
Sept. 22.
Sept. 29.

Dec.

7.

U.

1957-Jan.

31.

Fab.
Feb.
Feb.
Feb.

21.
28.

Mar.
Mar.

14.

Dec.
Dec.

19.
26.

1958-Jan.
Jan.
Jan.
Jan.

16.
23.

Mar.

13.

7.

U.

7.

2.
9.

Sept. 11.
Sept. 18.
Sept. 25.
Oct.
Oct.
Oct.
Oct.
Oct.

16.
23.
30.

Nov.
Nov.

6.
13.

Dec.

11.

Dec.

13.

Dec.

26.

1959-Jan.

2.

Jan.

8.

Jan.

15.

2.
9.

3

10
17

1

6
13

3

10
17
25

)

)

November 1959

35
PUBLIC DEBT OPERATIONS

Table 3.- New Money FlnanclnK through Regular Weekly Treasury Bllle

-

(Continued)

(Dollar amounts in millions)

Description of issue
Amount
Issue

Maturity

date

date

Number of
days to
maturity

of bids

tendered

Amount
of bids
accepted

Average rate
on bids
accepted 1/

New money
increase or
,

decrease

(Percent

1959-Mar.

5...

1959-[june

4

91

3

182

» 2,090
72i

% 1,500

\Sept.

11

400

2.816
3.111

$101

3.062
3.375

101

100

Mar.

12 2/,

fjune
jSept.

91
182

2,254
967

1,301

10

Mar.

19

fjune
[Sept.

18
17

91
182

2,019
727

1,301

2.763

400

3.058

(June
Sept.

25
2i

91

2,122
671

1,300

400

2.766
3.093

100

182

12
11

91
182

1,866
875

1,200
400

3.150
3.690

199

19
18

91
182

1,853
790

1,200
400

3,417
3,782

199

27

92
182

1,964
693

1,200

3,824
4,152

204

Mar.

26

Aug.

U...,

fl959- Nov.

tl960- Feb.

Aug.

20...

fl959- Nov.
\l960- Feb.

Aug.

27...

fl959- Nov.
11960- Feb.

25

Source: See Table 2.
Information in Table 3 covers bill offerings
January 2, 1953, through October 31, 1959.
Equivalent
average
rate
on bank discount basis.
1/

2/

400

Beginning March 12, 1959, the 13-week bills represent additional issues
of bills with an original maturity of 26 weeks.

(-

Treasury Bulletin

36
PUBLIC DEBT OPERATIONS

Table 4.- Offerings of Public Marketable Securities Other Than
Regular Weekly Treasury Bills
Dat.e

oubBcrip-

November I9y9

37

PUBLK DEBT OPERATIONS
Table 4.- Offerings of Public Marketable Securities Other ntan

Regular Weekly Treasury Bills - (Contlnuedl
Date aubscrip1 1

nn Vmnbn

Treasury Bulletin

38
PUBLIC DEBT OPERATIONS

Table 4.- Offerings of Public Marketable Securities Other Than
Regular Weekly Treasury Bills - (Continued)
Date Bubscrlp-

\o\vmber rh9
PUBLIC DEBT OPERATIONS

Footnotes to Table 4
_J^.'

f

f

f

39

22/

10/

'

}l/

22/

22/

lit/

35/

Subscriptions for $10,000 or less were allotted in full. Subscriptions for more than $10,000 were allotted 26 percent to savings-type
investors end 10 percent to all other subscribers but in no case
less than $10,000,
In addition to the amount allotted to the public,
$100 rnillion of the bonds were allotted to Government lnT«Bt.-a»ot
accounts.
Subscriptions for $10,000 or less were allotted in full. Subscriptions for more than $10,000 were allotted 20 percent but in no case
less than $10,000.
In addition to the aTnount allotted to the public,
$100 million of the bonds were allotted to Government investment
accounts.
Subscriptions for $25,000 or less were allotted in full. Subscriptions for iiore than $25,000 were allotted 2A percent but in no case
less than $25,000.
In addition to the amount allotted to the public,
$100 million of the notes were allotted to Govern-nent investment
accounts.
Subscriptions for $5,000 or less were allotted in full. Subscriptions
for more than $5,000 were allotted 60 percent to savings- type investors, -^,0 percent to commercial banks for their own account, and
25 percent to all other subscribers, but in no case lees than $5,000.
In addition to the amount allotted to the public, $100 million of the
bonds were allotted to Government investment accounts.
Subscriptions for $100,000 or less were allotted in full. Subscriptions for more than $100,000 were allotted 59 percent but in no case
less than $100,000.
Subscriptions for $100,000 or less for the bills and $50,000 or leaa
for the notes were allotted in full. Subscriptions for more than the
minimum for each issue were allotted ^4 percent on bills and 35 percent on notes but in no case less than the minimura.
In addition to
the amount allotted to the public, $100 million of the notes were
allotted to Government investment accounts.
Subscriptions for $100,000 or less were allotted in full. Subscriptions for Tool's than $100,000 were allotted U7 percent but in no case
less than $100,000.
Sxib scriptions from savings-type investors totaled $72b million and
were allotted 70 percent. Sv^scriptions from comncrcial banks for
their own account totaled $^70 million and were allotted 35 percent.

-

(Continued)

Subscriptions from all other investors totaled $610 million and were
allotted 15 percent. Subscriptions for $25,000 or less were allotted
in full when acconqjanled by 100 percent payroent at the time of entei^
Ing the subscriptions. All other subscriptions for $50,000 were
allotted in full. Subscriptions for more than $5,000 were allotted
not less than $5,000.
In addition to the amount allotted to the
public, $50 million of the bonds were allotted to Government investment accounts. Savings-type investors were given the privilege of
paying for the bonds allotted to them in installments up to April 23,
1959 (not less than 25 percent by January 23, 1?59, the issue date;
50 percent by February 21, 1959; 75 percent by Mai-ch 23, 1959; and
full paynent by April 23, 1959).
36/ Subscriptions for $100,000 or less were allotted In full. Subscriptions for more than $100,000 ware allotted 50 percent but in no case
less than $100,000,
In addition, $100 milKon of the notes were
allotted to Government investment accounts.
22/ Subscriptions from savings-type investors totaled $2i0 million and
were allotted 65 percent. Subscriptions from commercial banks for
their own account totaled $9^1 million and were allotted 35 percent.
Subscriptions from all other investors totaled $322 million and were
allotted 20 percent. Subscriptions for $25,000 or less from savingstype investors and commercial banks, and for $10,000 or less from all
others, were allotted in full. Subscriptions for more than these
mlnimums were allotted not less than tte minimuias.
In addition,
$50 million of the bonds were allotted to Government investment
accounts.
2Q/ Full-paid subscriptions of $25,000 or less, totaling $9-il million,
were allotted in full. Subscriptions from savings-type investors
totaled $1,361 million and were allotted 45 percent.
Subscriptions
from commercial banks for their own account totaled $6,390 million
and were allotted 8 percent, but not less than $1,000 on any one
subscription. Subscriptions from all other investors totaled $2,433
million and were allotted 5 percent, but not less than $1,000 on
any one subscription. In addition to the amounts allotted to the
public, $100 million of the notes were allotted to Government
investment accounts,
Preliminary.
p

Treasury Bulletin

i;o

PUBLIC DEBT OPERATIONS

Table 5.- Allotments by Investor Classes on Subscriptions for Public Marketable Securities
Otlier Than Regular Weekly Treasury Bills ^
(In milliona of dollars)

Issue
1

}

November

M9

ki
PUBLIC DEBT OPBIATIOIB

Table 5.- Allotments by Investor Classes on Subscriptions for Public Marketable Securities
Other Than Regular Weekly Treasury Bills
(In millions of dollars

Issue

1

V

-

(Continued)

1^2

Treasury Bulletin
PUBLIC DEBT OPERATIONS

Footnotes to Table 5
For detail of offerSource: Based on Bubscriptlon and allotment reports.
ings 666 Table i.
i/ Excludes the laauance of l-l/2$ Treasury notes available in exchange
to holders of nonmarke table 2-3/U% Treasiiry bonds. Investment Series
2/
2/

^
^

B-1975-80.
Includes trust con^ianles and stock savings banks.
Includes partnerships and personal trust accounts.
Exclusive of banks and insurance coo^ianles.
Consists of trust, sinking, and investment funds of State and local
govenunents and their agencies.

6/

10/
21/

Includes savings and loan associations, nonprofit institutions, and
investments of foreign balances and international acccunta in this
country. Also includes corporations and private pension and retirement funds prior to July 15, 1953, financing.
Included in "All other."
Tax anticipation security.
Reopening of earlier issue.
Issued as a roll-over of special bills maturing January l6, 1957, anc
February 15, 1957, respectively.
Issued in special allotment to Government Investment accounts.
n.a.
Not available.
Preliminary.
Ibss than $500,000.
p

November 1959

^3

Treasury Bulletin

hk
PUBLIC DEBT OPERATIONS

Table 6.- Disposition of Matured Public Marketable Securities
Other Than Regular Weekly Treasury Bills - (Continued)
Date of

November /9J9

'^5

PUBLIC DEBT OPERATIONS

Table 6.- Disposition of Matured Public Marketable Securities
Other Than Regular Weekly Treasury Bills - (Continued)

Treasury Bulletin

1+6

PUBLIC DEBT OPERATIONS

Table 6.- Disposition of Matured Public Marketable Securities
Other Than Regular Weekly Treasury Bills - (Continued)

Date of

November 1959

»^7

.UNITED STATES SAVINGS BONDS.
Series E and H are the only savlnge bonda now being
sold.

Series E has been on sale slnoe May

Series H has been on sale since June

1932.

19'Vl,

and

Series A-D

1935. through April JO, V)^l.
were sold fron May 1, 1941, throu^ April

were sold from March
Series F and

1,

1,

1,

Series J and K vera sold from May 1, 1932,
Details of the principal changes
in Issues, interest yields, maturities, and other savings
bonds terms appear in the Treasury Bulletins of May 1931,
30,

1932.

through April 30, 1937-

May 1952, May 1957, and October 1959.

Table 1.- Sales and Redemptions by Series, Cumulative through September 1959
(Dollflr amounts In

ndlHons)

:

;

.

Treasury Bulletin

kS
.UNITED STATES SAVINGS BONDS.

Table 3.- Sales and Redemptions by Periods, Series B through K
(In mllllona of dollars)

Accrued
dlacoxint

3ale0 pluG
accrued
discount

Total

Series E and H combined
Fiscal years

1941-1952
1953
195i 6/
1955 6/
1956
1957
1958
1959

65,266
4,061
4,653
5,225
5,260
4,613
4,670
4,506

5,815
1,120
1,126
1,123

67,095
4,368
4,889
5,368
5,043
4,507
4,689

6,372
1,128
1,126

486

119
94

1,1U
1,133
1,161
1,174

Calendar years

19U-1952
1953

1954
1955
1956
1957
1958

Months

1,113
1,124

1,U3
1,178

I

195 "^January .

February.
March....

383

4U

95

April
May

350
338
323

80
82

June

July
August....
September.
,

350
309
300

lU
119
86
90

71,080

Amount outstanding

RadaoptlonB 2/
Sales
price i/ i/

Accrued
discount

^

Interest-bearing
debt

:
:

:
:

. ,.
.

i

,

\ovetnber

i^^l'/

k9

.UHITED STATES SAVHIGS BONDS.

Table 3.- Sales and Redemptions by Periods, Series B throuKh K

(Continued)

(In milliona of dollars)

Sales

Accrued
discount

Bedemptlons 2/ 2/

Sales plus
accrued
discount

Sales
price i/ 5/

Accrued
discount ^/

Amount outstanding (interestbearing debt)

Series E

Fiscal years

19U-1952..,

65,236
3,700
3,988
A,095
4,219
3,919
3,889
3,688

5,815
1,120
1,126
1,123

66,913
3,906
4,023

4,192

71,050
4,821
5,114
5,218
5,333
5,052
5,049
4,862

36,175
4,032
4,319
4,490
4,622
4,981
4,951
4,889

34,752
3.532
3,765
3,854
3,964
4,265
4,236
4,118

1,423
500
554
636

6,372
1,128
1,126

73,285
5,034

38,143

1,113
1,124
1,143
1,178

5,304
5,266
5,018
4,979

4,406
4,572
4,689
5,220
4,658

36,486
3,609
3,871
3,870
4,021

1,657
531

5,U9

375
311
336

U9

494
405
431

509
392
437

473

36

309
319

118

38,191
38,204
33,198

April..,.,
May
June

289
290
279

80
82

433
413

lU

369
372
393

U6

357
342
362

76
71
84

38,134
38,093
38,040

July

297
269
264

119
86
90

416
355
354

479
428
437

391
360
351

88
68
86

37,977
37,904
37,821

6
26
55

6
26

108
196
236
217

108
196
236
217

462

16

866
1,177
901
631
887

38

1953
195i
1955
1956
1957
1958
1959

Calendar years
19U-1952...
1953

195A
1955
1956
1957
1958

4,U2
3,875
3,802

l,UA
1,133
1,161
1,174

4,U1

4,U9
4,017

658
716
715
771

535
702

668
772
641

34,875
35,664
36,458
37,186
37,898
37,969
38,067
38,040

35, U3

36,036
36,778
37,510
38,087
37,885
38,206

Months
1959-January.
February.
March....

Au^st.

. .

Septeniber.

94
95

83

Series H

Fiscal years
1952
1953
1954
1955
1956
1957
1958
1959

30
360
665
1,130

i,oa
694
782
818

Calendar years
1952

182
462
866
1,177
901
631
887

1953

1954
1955
1956
1957
1958

30
360
665
1,130
1,041
694
782
818

55

30
385
1,024
2,099
3,031
3,529
4,075
4,676

79

16
38
79

143

143

248
198

248
198

181
627
1,455
2,553
3,310
3,693
4,383

17
17
23

17
17
23

4,477
4,531
4,587

19

21

4,628
4,655
4,676

182

Months
111
72
78

HI

April
May
June

60

U

60
48

U

19
21
24

July
August...
September.

54

54

28

40
36

40
36

26
32

1959-January.
February.
March

.

48

Source: Daily Treasuiy statement; Debt Analysis Staff In the office of
the Secretary.

72
78

24

28
26

32

Footnotes at end of Table 4.

4,702
4,715
4,719

Treasury Bulletin

50
.UNITED STATES SAVINGS BONDS.

Table 4.- Redemptions of Matured and Unmatured Savings Bonds
(In millions of dollars)

:

::

.

,

November i9J9

51
.UNITED STATES SAVINCfS BONDS.

Table 5.- Sales and Redemptions by Denominations, Series E and H

i/

Combined

(In thousands of pieces)

Total all
denominations

Period

tlO 2/

$25

t50

»100

$200 2/

Sales
Fiscal years:

l%l-52

988,828
54,380
56,903
55,164
56,719
56,327
54,908
52,895

2a ,336

163 ,453

U,372

8,ai

15,686
16,374
18,784
20,256

8,810
9,315
10,090
9,969
9,824
9,477

1,014,663
56,743
55,850
55,618
56,635
56,361
53,200

228,135

19,825
a, 166
20,152

167,312
8,606
9,006
9,748
10,177
9,846
9,690

8,095
6,743
7,846

4,957
4,111
4,839

1,836
1,561
1,854

909
764
842

April
May
June

6,882
7,138
7,043

4,296
4,445
4,404

1,585
1,700
1,675

741
759
748

July
August
September p

7,100
6,450
6,648

4,411
3,998
4,157

1,670
1,529
1,586

698
704

1,388,690

352, 7U

31,315

1953

1954 6/
1955 6/
1956
1957
1958
1959

1.445,363
80,485
85,419
85,342
90,053
90,160
89,431
85,882

21,076

1,483,394
84,390
84,972
87,316
90,786
90,856
86,676

21,076

a, 043
20,108

6,265

Calendar years
19il-52
1953
195i
1955
1956

1957
1958
Months I
1959-Januaiy
February.
March

.

Inception to date p.

2,072,333

21,076

15,35
15,912

17,33

763

12,448

Redemptions 7/
Fiscal years:
1941-52
1953
1954 6/
1955 6/
1956
1957
1958
1959

966,940
81,983
90,387
89,749
89,953
93,175
93,452
88,647

17,255
313

137,746
13,535
15,084
15,650
16,503
18,165
19,467
18,598

80,799
8,840
9,480
9,914
9,925
10,590
10,433
10,394

1,966
342
357
396
537
633

177

711,596
56,734
62,941
61,049
60,014
60,612
59,880
56,036

1,007,216
85,582
92,340
88,700
90,109
96,384
88,902

17,420

739, UO

282
277
424
371
280
197

59,519
63,850
59,640
59,520
61,695
57,080

144,390
14,191
15,643
15,887
17,036
19,777
18,296

85,166
9,038
9,858
9,842
9,986
10,961
10,075

2,134
347
373
454
581
666
627

9,106
6,563
6,888

19

5,605

79

4,U5
4,334

774
806

51

14

1,901
1,366
1,465

1,149

13

7,597
7,277

15
13

4,743

1,6a

61

7,63

13

4,550
4,741

1,551
1,624

915
873
932

263

349
429

3a
31

639
675

Calendar years
1941-52
1953

1954
1955
1956
1957
1958

Months
1959-Januaiy.
Februaiy.
March.
.

April.
May
June

. . .

,

July

Au^st.

,

. .

52
58

62

8,034
7,760

U
13

4,990
4,877

1,704
1,652

982
912

67
61

1,610,079

19,365

1,138,729

258,104

152,269

5,674

September.

Inception to date 8/.

1500

$1,000

$5,000

$10,000

V 1/

.

Treasury Bulletin

52
.OWNKRSHIP OF FEDERAL SECUPITIES,

Table 1.- Distribution of Federal Securities by Classes of Investors and Types of Issues
(In millions of dollars)

Intereat-bearing securities issued
by the D, S. Goveminent

Interest-bearing securities guaranteed by the IJ. S. Government /^
Matxired

Total
Federal
securities out^
standing
1/

End of
fiscal
year or
month

Held by U, S. Goveminent
investment accounts 2/
Total
outstanding

PubUc
Issues

Special
issues

Held by private
investors

Held by

^

Held by
Federal
Reserve
Banks public
issues

U. S.

Total
outstanding

Government
investment
accounts
and
Federal
Reserve
Banks 2/ ^/

Public
marketable
Issues

Public
nonmarketable
Issues

115,185
119,129
121,771
127,875
126,304

74,437
72,511
72,762
69,723
66,351

51
80
43

3

73

25

62,770
58,825
56,252

106
101
110

50

56

54
63

46
47

2,042
1,646
2,873

59

49

2,084

46

1,994
1,861
1,946

U,335

274,418
272,825

47,560
49,340
50,536
53,470

6,596
7,021
7,111
7,286
8,356

37,739
40,538
42,229
43,250
45, lU

23,758

1957
1958
1959

270,634
276,444
284,817

268,486
274,698
281,833

55,501
55,842
54,554

8,674
9,596
9,799

46,827
46,246
44,756

23,035
25,438
26,044

189,949
201,235

127,179
134,593
144,983

1958-Dec

283,031

280,839

54,338

9,498

44,840

26,347

200,154

142,620

57,534

1959-Jan
Feb
Mar

285,907
285,216
282,153

283,808
283,243
280,089

53,479
53,590
53,645

9,573
9,720
9,705

43,907
43,870
43,940

25,715
25,350
25,497

204,614
204,304
200,947

U7,394
147,087
143,930

57,220
57,217
57,017

105
111
118

58
60
62

285,460
286,410
284,817

283 ,497

53,020
54,127
54,554

9,742
9,924
9,799

43,278

U,203
U,756

25,703
25,905
26,044

204,774
204,442
201,235

148,086
147,974
144,983

56,688
56,468
56,252

106
107
110

62
62
63

288,792
290,506
288,412

285,840
287,599

54,037
54,584
54,184

9,976
9,862
9,784

44,061
44,723
44,400

26,543
26,690
26,563

205,259
206,325
204,739

U9,321

55,939
55,653
55,284

109
110
115

63

259,151
266,123

1953

1954
1955
1956

271,3U

Apr
May
June

,

July
August,
September.
,

284,473
281,833

285 ,486

22,906
24,746
25,037
23 ,607

Daily Treasury statement for total amounts outstanding; reports
from agencies and trust funds for securities held by U. S. Govemment
investment accounts; and reports from Federal Reserve System for
securities held by Federal Reserve Banks.
Includes certain obligations not subject to statutory limitation.
For amounts subject to limitation, see page 1.
Includes accounts under the control of certain U. S. Govemment
agencies whose investments are handled outside the Treasury.

Source:

1/
2/

189,623
191,640
194,533
197,598
192,655

193 ,418

1/

6/

150,672
149,455

2/6/

U

256,863
263,946
268,910
271,741
269,883

1952

Held by
private
investors

debt
and
debt
bearing
DO
Interest

44

2,2U

51
80

2,126
2,351
2,634
2,869

41
48

51
56

U
U

63
63

47

1,856
1,830
2,873

45
47
52

2,844
2,798
2,810

The total amount of interest-bearing securities held by private investors is calculated by deducting from the total amount outstanding
the amount held by U, S, Government investment accounts and Federal
Reserve Banks.
Excludes guaranteed securities held by the Treasury.
All public marketable issues.
All public marketable issues except for 1952, which Includes $1 million
of Commodity Credit Corporation demand obligations,
less than $500,000.

Table 2.- Net Market Purchases or Sales of Federal Securities for
Investment Accounts Handled by the Treasury i/
(In millions of dollars; negative figures are net sales)

Year

Apr.

Feb.

1940,
1941,
1942,

-9.5
-2.8
-.5

-20.9
12.0
30.0

-5.7

1943.

-U.5

19U.

-9.9
-67.5

-90.3
-105.1
-48.1

-72.9
-11.5
-5.9

1945.

-1.6

May

July

Sept.

Aug.

.3

-2.3

-8.4

-4.5

-4.4
-.2
1.0

-U5.8

-16.5
-55.6

-35.2
-10.0
-34.4

-56.4

-67.8
-18.5
-17.0

-15.8
-19.0
-.2

-2.7
-28.1
-12.5

.3

3.3
-61.3
-12.1

.4

-69.8
-359.2
1.1

-157.8
-609.1
5.4

-41.2
-308.1
4.4

-74.1
-123.1
7.2

-123.0

-338.6
-30.4

-88.4

-.1
8.2
.2

3.8
-2.0
4.7

4.6
5.0
2.8

1.5
20.1
-45.5

1.4
7.9
-21.7

1.9
-17.2

.4

-.2
.3

.4

-.3

.9
.4

20.5

-1.1
60.0

-5.0
-5.9

4.8
-12.0

-57.6
221.0
-.8

-20.3
696.4
-.2

-1.7

11.5

5.8
8.4

10.7
-3.6

-.1
7.0
29.0

3.5
38.4
-10.0

16.5
17.0
21.1

11.7
-1.1
14.2

41.0

1946.
1947.
1948,

-8.1
-.2

177.4

-4.7
106.8

1949,
1950,
1951,

8.8
-6.6
36.8

-1.8
13.5
261.2

482.7

1952.
1953.
1954.

22.1
24.6
7.0

6.7
8.8
-4.0

.5

19.9

2.9

12.9
-22.4

36.2
-2.9

35.9

1955

23.0

1956,

-1.3
14.3

77.2
-9.8
72.6

18.9
10.7
13.4

29.9
46.7
35.4

5.7
313.4

22.5
398.8
15.8

74.8
49.2
182.4

20.3
9.4

11.8
8.4

-30.7
56.2

1957

26.4

10.3

26.6

7.9
83.9
-67.3

234.8
21.3
33.3

1958,

-123.4

10.6
62.2

-2.1
44.0

-86.3
53.1

177.2
9.9

19.1
18.3

10.6

17.3

55.1

43.7

U.l

-155.9
23.0

U5.5

1959
1/

.1

5.1
6.3

1.5
1.1
8.4

Consists of purchases or sales made by the Treasury of securities
issued or guaranteed by the U. S. Government for (l) trust funds which
by law are under the control of the Secretary of the Treasury or of the
Treasurer of the United States, and (2) accounts under the control of
certain U. S. Government agencies whose investments are handled through
the facilities of the Treasury Department.
It will be noted that these

-54.7
-1.9
11.4

2.8
56.2

5.1
3.5

32.2

.4

-u.l
.1

8.2
.6

2S.3

transactions differ from those reflected in Table 1 because they
exclude those Government investment accounts for which investments
are not handled by the Treasury. Table 2 also includes purchases
under Section 19 of the Second Liberty Bond Act, as amended (31 O.S.C.
754a), and excludes the Exchange Stabilization Fund,
less than $50,000.

4

3

..

November 1959

53

.OWNHISHIP OF FEDERAL SBCmiTIES

.

Table 3.- Estimated Ownership of Federal Securities
(Par values 1/ in blllione of dollars)

Beld by banks
Total
Federal
securities
outstanding 2/

End of
month

Held by private nonbank InveatorB
U. S.

Total

Conneiv
clal
banks

Federal
Reserve
Banks

Individuals i/

Government
investment
accounts ij

Total

Savings
bonds

2/

companies

>^tual
savings
banks

Insumnee

Corporations 6/

State and
local
governments 7/

1939-Deoember...

47.6

18.4

15.9

2.5

6*5

22.7

10.1

1.9

8.2

6.3

3.1

2.2

1940-June
December*

16.1
17.3

2.5
2.2

7*1
7.6

2.1
2.0

.4

19.7
21.4

2.2
2.3

8.5
9.5

11.2
13.6

7.6
8.2

6.9
7.1
8.2

3.1
3.2

55.3
64.3

2.6
2.8
3.6
5.4

7.5
7.8

••

22.8
23*9
25*0
31*0

10.1
10.6

1941-June
December*

18.6
19.5
21.8
23.7

6.5

•

48.5
50.9

3.4
3.7

2.0
4.0

.6
.7

1942-June
December.**

77.0
112.5

28.7
47.3

26.0

2.6
6.2

10.6
12.2

37*7
53.0

17.8
23.7

9.1
13.4

8.7
10.3

9.2
11.3

3.9
4.5

4.9
10.1

1.0

1943 -June

59.4

U.3

67.0
81.7
100.2

30.9
37.6
46.1

13.1
15.1

U.9

17.3

18.8

lU.O

53.3

19.2
24.7
31.2
36.2

5.3

16.9
19.1
21.7

11.7
12.9

83.3
96.5

52.2
59.9
68.4
77.7

7.2
11.5

. *

140.8
170.1
202.6
232.1

17.1

19.6

7.3
8.3

12.9
16.4
20.2
21.4

.

259.1
278.7

106.0
115.0

84.2
90.8

21.8
24.3

24*9
27*0

128.2
136.6

59.1
64.1

40.7
42*9

18.5
21.2

22.7
24.0

9.6
10.7

22.2

1946-February 2/
June
December* *.

279.8
269.9
259.5

116.7
108.2
97.9

93.8
84.4
74.5

22.9
23.8

28*0
29*1

63.3

43*3
43*5

64.2

U.2

20.8
19.9
20.1

24.4
24.9
24.9

11.1
11.5
11.8

19.9
17*8

a.

135.1
132.6
130*7

64.1

30*9

1947-June
December*

258.4
257.0

91.9

70.0
68.7
64.6

21.9
22.6
21*4

32*8
34*4
35*8

66.6
65.7
65.8
65.5

45.5
46.2

21.1

24.6
23.9
22.8
21.2

12.1
12.0
12.0
11.5

13*7

19.4
18.6
17.6

20.5
20.1

11.6
11.4

December*

..

19U-June
December*
1945-June
December*

71.5

41.1

U.9

5.3
6*5

6.7
6.5
6.3

7.9

15.8
16.8

8.0
8.1

11.6
10.9

18.4
19.7

8.7
8.8

17.1
16.5

10.2
9.8

20.1
20.7

9.4
9.6

15.7
16.0

15.7
16.1

9.6
9.5

18.8
19.9

10.4
11.1

49.3

16.9
15.5

16.0
15.8

9.5
9.2

18.6

49.4

12.0
12.7

64.8
63.6

49.5
50.0

15.3

15.3

U.7

15.0

9.1
8.8

16.6
19.2

50.2
50.2

15.1
15.1

U.8

U2.3

65.3
65.3

8.7
8.5

18.8
23.5

66.9
66.1

50.3
50.1

16.6
16.0

13.3

54.0

138.3
138.2

12.8

8.4
8.0

17.7
19.1

15.7
16.1

23.0
24.2

55.6
55.2

135.9
136.1

66.7
65.7

49.1
48.2

17.7
17*5

12.3
12.0

7.9
7.6

16.1
17.2

16.9
17.0

23*6
25.4

55.4
55.9

133.8
129.9

65.8
64.7

48.1
48.0

17*7
16.7

11.8
11.7

7.6
7*4

16.0
13.9

17.3

24.5
25.3
25.0

55.6
56.0
55.6

130.2
130.5
130*4

64.4
63.9
63.7

47.9
47.9
47.9

16.4
16.0
15.9

11.8
11.9
11.9

7*4
7*5
7*4

U.5
15.0

17.0
17.0
17.0

67.0
68.0
67.5

25.4
26.2

55.1
54.8
54.4

132*8
134.2
134.8

63.7
63.5
63.5

47.8
47.8
47.7

15.9
15.7
15.8

12.1
12.1
12.1

7*4

26.3

7*3
7*3

16.8
18.0
18.2

17.2
17.2
17.3

94.0
91*7
88*7

68.2

25.7
25.3
25.5

53.5
53.6
53.7

U8.4

47.7
47.6
47.5

16. 7r
17.4
18.2

12.4
12.2
12.0

19.8

139.9
339.7

64.4
65.0
65.7

7*3

63.2

7*4
7*4

20.2
19.5

17.7
17.8
17.9

285.5
286.4
284.8

90.4
89.2
87.4

64.7
63.2
61.3

25.7
25.9
26.0

53.1
54.2
54.6

142.0
143.1
142.8

65.8
65.8
65.8

47.3
47.2

18.5
18.6
18.7

12.0
12.0
12.0

7*4
7.4

47.0

7.3

20.9
21.4
20.0

18.2
18.2
18.3

288.8
290.5

88.4
87.5

61.8
60.8

26.5
26*7

54.1
54.6

U6.3
US.

65.8
65.9

46.9
46.7

19.0
19.2

12.0
12.1

7.3
7.3

22.2
23.6

18.6
18.8

85.9
85.8

62.5

23*3

37*3

252.8
257.2

82.4
85.7

63.0
66.8

19.3

38.3
39.4

132.2
132.1

66.6

48.8

66.3

49.3

17.8
17.0

1950-June
December...

257*4
256*7

83*9
82*6

65.6
61.8

18.3

37.8
39.2

135.6
134.9

67.4

20.8

66.3

49.9
49.6

17.6
16.7

19.8
18.7

1951-June
December...

255.3
259.5

81*4
85*4

58.4
61.6

23.0
23.8

41.0
42.3

132.9
131.8

65.4
64.6

49.1
49.1

16.3
15.5

1952-June
December..

259.2
267.4

84*0
88.1

61.1
63.4

22.9
24.7

44.3

45.9

130.8
133.4

64.8
65.1

49.0
49.2

1953-June
December.

266.1
275.2

83.6
89.6

58.8
63.7

24.7
25.9

47.6

135.0

.

48.3

137.3

66.1
64.9

1954-June
December.

271.3

278.8

88.7
94.1

63.6
69.2

25.0
24.9

49.3

.

133.3
135.1

1955-June
December...

274.4
280.8

87.1
86.8

63.5
62.0

23.6
24.8

50.5
51.7

136.7

195fr-June

81.0
84.4

57.3
59.5

23.8
24.9

53.5

December...

272.8
276.7

1957-June
December...

270.6
275.0

79.2
83.7

56.2
59.5

1958-March

272.7
276.4

83.5
90.7

59.9

June

July
August
September.

275.6
278.6
276.8

89.8
92.1
90*8

65.3

66.8
65.8

*

280.3
283.2
283.0

92*4
94*2
93*9

1959-January
February...
March

285.9
285.2
282.2

April
fby
June.

July
August p. .

91.3

65.3

66.3

18.9

49.6

Source: Debt Analysis Staff in the Office of the Secretaiy.
United States savings bonds, Series A-F and J, are included at
current redenqjtlon value.
2/ Securities issued or guaranteed by the D. S. Government, excluding
guaxvnteed securities held by the Treasury. For amounts subject to
statutory debt limitation, see page 1.
2/ Consists of commercial banks, trust conqaanies, and stock savings
banks in the United States and in Territories and island possessions. Figures exclude securities held in trust departments.
ij Holdings by Federal land banks are incliu3ed under "WlecellAnec«s
investors" inataad of "U. S. Government investments accounts" after
June 26, 1947, when the proprietary interest of the United States
in these banks ended.
Includes pertnerships and personal trust accounts* Nonprofit

X/

^

3.2
4.3

U*8

252.4
252.9

*

15*3

1.5
2.1

13.6

December**.

1949-June
December***

October. . *
November* *
December**

23.3

.9

7.1
7.3
7.8

133*7
131.3
130.7
129.7

*

19/18-June

6.1

.5

11
8/

47.1
47.8

U.3

U*l

21.5

15.3

13.9

U.4
U.7
15.1

16.9

inetitutions and coiporate pension truBt funda are Included under
"Miscellaneous lnvestorB."
Exclusive of banks and insurance con^ianies.
Consists of trust, sinking, and investment funds of State and local
gcrveminents and their agencies, and Territories and island possessions.
Includes savings and loan associations, nonprofit institutions, corponte
pension trust funds, dealers and brokers, and investments of foreign
balances and international accounts in this country. Beginning
December 194.6, includes investments by the International Bank for Reconstruction and Development and the International Monetary Fund in
special noninterest-bearlng notes issued by the U. S. Government,
linaiediate postwar debt peak.
Preliminary.
Revised.

Treasury Bulletin

5^
.TREASURr SURVEY OF OWNERSHIP, AUGUST 31, 1959

.

The Treasury Survey of Ownership covers securities

Distribution of ownership by types of banks and Insur-

Issued by the United States Oovernment and by Federal

ance companies Is published each month. Holdings by commer-

The banks and Insurance companies Included In

cial banks distributed according to Federal Reserve member-

the Survey account for approximately 95 percent of such
securities held by all banks and Insurance companies In

bank classes and nonmember banks are published for June JO
and December Jl. Holdings by corporate pension trust funds

the United States.
Data were first published for
March 31, 1941, in the May igl+l "Treasury Bulletin".

Bulletin for quarters beginning December 3I,

agencies.

Section

I

-

are published quarterly and first appeared In the March 1S3^

Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(Par values - in millions of dollars)

iglvg.

\o\vmber

55

l^^50
.TEEASURY SURVEY OF OWNER^IP, AUJUST 31, 1959

.

Section I - Securities Issued or Guaranteed by the United States (Jovernment
Table 3.- Interest-Bearing Public Marketable Securities by Issues
(Par values - in millions of dollars)

Treasury Bulletin

56

.TEEASUPy SURVEY OF OWNERffilP, AU3UST 31, 1959.

Section I - Securltes Issued or Guaranteed by the United States Government
Table 3.- Interest-Bearing Public Marketable Securities by Issues - (Continued!
(Parvaluea - In millions of dollflra)

Sovembcr I9y9

57
.TREASUE?y SURVEY OF OWNERffilP, AUGUST 31, I959

Section II

-

,

Interest-Bearing Securities Issued by Federal Agencies But
Not Guaranteed by the United States Government
(Par values - in millions of dollars)

Treasury Bulletin

5S
.MAEKET QUOTATIONS ON TBEASUHY SECUEITIES, SEFTEMBEB 30, 1959.

Current market quotations shown here are over-the-

public marketable securities issued by the United States

counter oloBlng bid quotations In the New York market

Government except Panama Canal bonds. Outstanding
issues which are guaranteed by the United States

for the last trading day of the month, as reported to
the Treasury by the Federal Reserve Bank of New York.

The securities listed Include all regularly quoted

Government are excluded because they are not regularly
quoted In the market.

Table 1.- Treasury Bills (Taxable)
Amount ou

Footnotes at end of Table 5.

Table 2.- Certificates of Indebtedness (Taxable)

.

November /959

59
.MAEKET QUOTATIONS ON TRKASUBY SECURITIES, SEPTEKHER 30, 1959

Table 4.- Taxable Treasury Bonds

Treasury Bulletin

60
.MABKET QUOTATIONS ON TREASURY SECURITIES, SEPTEMBER 30, 1959.
in

o
If)

in

o

o
_i
UJ
>-

.

..

.,.

Sovember

. ....
.

.

19 J9

61
.AVER«JE YIELDS OF LONG-TEm BONDS

Table 1.- Average Yields of Taxable Treasury and Moody's Aaa Corporate Bonds by Periods
(Percent per annum)

Treasury
bonds 1/

Period

Moody's Aaa
corporate
bonds

Treasury
bonda 1/

Moody's Aaa
corporate
bonds

Treasury
bonds 1/

Period

Moody's Aaa
corporate
bonds

Annual series - calendar year averages of monthly series
2.46
2.47
2.48
2.37
2.19
2.25

2.83
2.73
2.72
2.62
2.53
2.61

1948.
1949.
1950.
1951.
1952.
1953.

June

2.97 2/
3.11
3.13

3.23
3.34
3.40

1955-October..
November.
December.

2.87
2.89
2.91

3.10
3.10
3.15

June

3.20 2/

3.60
3.57
3.57

July
Augus t .
September

3.02
3.02
2.98

3.28
3.24
3.29

1956-January.
February.
March. .

2.88
2.85
2.93 2/

3.11
3.08
3.10

July
August.
September

3.36
3.60
3.75

3.67
3.85
4.09

October.
November
December.

2.83
2.86
2.79 2/

3.16
3.11

April.
May. .

3.07
2.97

June.

2.93

3.24
3.28
3.27

October.
November.
December.

3.76
3.70
3.80

4.11

3.13

2.69
2.62

3.06
2.95
2.86

July
August. . .
September.

3.00
3.17
3.21

3.28
3.43
3.56

1959-January..
February.

2.53

June

2.48
2.54
2.55 2/

2.85
2.88
2.90

October..
November
December.

3.20
3.30
3.40

3.59
3.69
3.75

July
August.
September.

2.47
2.48
2.52

2.89
2.87
2.89

1957-January. .
February.

March

3.34
3.22
3.26

3.77
3.67
3.66

October.
November
December.

2.54
2.57
2.59 2/

2.87
2.89
2.90

April.
May. .
June.

3.32
3.40
3.58 2/

3.67
3.74
3.91

2.68 2/
2.78
2.78 2/

2.93

July
August.
September.

3.60

2.99
3.02

3.99
4.10
4.12

2.82
2.81
2.82

3.01
3.04
3.05

October.
November.
December.

3.73

2.91
2.95
2.92

3.06
3.11
3.13

19i2
19i3

19U
19i5
1946
1947

2.82
2.66
2.62
2.86
2.96
3.20

2.44
2.31
2.32
2.57
2.68
2.94

2.55

1954.
1955.
1956.
1957.
1958.

2.84
3.08
3.47
3.43

2.90
3.06
3.36
3.89
3.79

Monthly series - averages of daily series
1953-Aprll

May

.

1954-January.
February.
March
April. ...

May

.

.

.
.

1955-Janiiary.

.

February.

March
April

May
June

July
August. .
September.
.

.

.

.

.

.

1958-January...
February.

March

3.63
3.66

2/2/

3.57 2/
3.30 2/
3.24 2/
3.28
3.25

1958-Aprll

3.U

.

4.10
4.08
3.81

3.60
3.59
3.63

Weekly series - averages of daily series for weeks ending -April

3.12

May

March ...
April
May
June
July
August
September.

3.91 2/
3.92
3.92
4.01
4.08
4.09

4.U
4.10
4.26

4.46

4.47
4.43
4.52

Treasury Bulletin
-AVEE/CE YIELDS OF LOHG-TEEM BONDS.

i^ovember /959

63
-JNTHINAL REVENUE COLLECTIONS.

Table 1.- Summary by Principal Sources
(In thousands of dollars)

Treasury Bulletin

61^

.INTERNAL REVENUE COLLECTIONS.

INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES

DOLLARS

DOLLARS

Billions

Billions

48

48
_

46

Income Tax and
Employment Taxes*

Individual

44
42

40
36
36

34
32

30
28
26

24
22

20
IB

16

(4

12

10

8

6
4

t

2
0'

1945

'47

49

53

55

November 1959

65
.MONETARY STATISTICS,

Table 1.- Money In Circulation
(In millions of dollars except

per capita figures)
Paper money

End of fiscal
year or month

Total
money in
circulation 1/

Total

.

)

.
,

7
5

5

)

Treasury Bulletin

66

.MONETAEY STATISTICS.

Table 2.- Monetary Stocks of Gold and Silver
(Dollar amounts Id millions)

End of fiscal
year or month

Gold

Silver

($35 per

($1.29+ per
fine ounce

fine ounce)

Ratio of silver
to gold and
silver in
monetaiy stocks
(in percent)

3,768.5

13.9

3,8U.3

U.5

3,863.1
3,922.4
3,994.5

15.0
15.3
15.5

22,622.9
21,356.2
19,704.6 1/

4,116.6
4,306.0

4,4U.l

15.4
16.8
18.3

195S-December .

20,534.3

4,362.5

17.5

1959-Januflry...
February..

20,476.3
20,478.6
20,441.7

4,371.0
4,385.5
4,383.0

17.6
17.6
17.7

20,304.7
20,187.6
19,704.6 1/

4,406.9
4,405.1

June

4,4U.l

17.8
17.9
18.3

July

19,625.9

4,412.7
4,408.7
4,402.3

18.4
18.4
18.4

1953
195i
1955
1956

23,346.5
22,462.8
21,927.0
21,677.6
21,799.1

1957
1958
1959

1952

March
April
^fey

Au^st

.

19,53.8

. ,

September.

19,490.7

Source: CircxU.ation Statement of United States Money.
silver monetary stock see Table 4.

For detail of

i/

See Table 3, footnote 2.

Table 3.- Gold Assets and Liabilities of the Treasury
(In millions of dollars

Uabillties:
End of calendar year or month

Gold assets

1952

Gold certificates,
etc. 1/

Balance of gold in
Treasurer's account

23,187.1
22,029.5
21,712.5
a, 690.4
a, 949.

22,178.8

1954
1955
1956

a,458.3

1,008.2
483.7
489.0
491.2
491.2

1957
1958

22,781.0
20,534.3

22,272.9
20,138.2

508.1
396.1

1959-January..
February.
March.. ..

20,476.3
20,478.6
20,441.7

20,079.7
20,080.7
20,047.7

396.6
397.9
394.0

April....
May
June

20,304.7
20,187.6
19,704.6 2/

19,902.6
19,792.1
19,603.2

402.1
395.5
101.4

July
August .

19,625.9
19,523.8
19,490.7

19,520.0
19,413.8
19,389.9

105.8
109.9
100.8

1953

.

September.

Source : Circulation Statement of United States Money.
1/ Comprises (l) gold certificates held by the public
RasBTve Banks; (2) gold certificate credits in (a)
fund - Board of Governors, Federal Reserve System,
tion fund - Federal Reserve notesj and (3) reserve

and in Federal
the gold certificate
and (b) the redempof $156.0 million

2/

a, 545.
a, 223.
a, 199.1

against United States notes and Treasury notes of 1890,
The United States payment of the $343.8 million increase in its
gold subscription to the International Monetary Fund was made
on June 23, 1959 (Public law 86-48, approved June 17, 1959).

November IW)

67
.MONETARY STATISTICS.

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

Sliver held in Treasury
End of calendar
jrear or month

Securing silver certificates X/

Silver
bullion 2/

Silver
dollars

1956

2,109.7
2,140.8
2,171.1
2,194.4
2,208.9

289.3
278.3
267.6
253.5
236.3

1957
1958

2,212.9
2,245.0

219.0
202.7

1959-January. ,
February.
March

2,245.0
2,247.5
2,249.0

202.5
202.0
200.4

2,250.5
2,251.4
2,251.4

2,251.4
2,251.4
2,251.4

1952
1953
1954
1955

April
May
June
July
August .

. .

September.

Subsidiary
coin

^

Total
silver

Silver outside
Treaaxiry

In Treasurer's account

Bullion for
recoinage ^/

Bullion
at cost

3.9

45.3

6.3

30.7
11.0
17.6
62.9

48.0
15.7
2.3

Silver
dollars 1/

Subsidiary
coin

^

at $1,294per fine
ounce

202.5
213.2
223.1
235.4
252.2

1,158.1
1,213.1
1,242.7
1,283.2
1,338.2

3,837.0
3,886.6
3,930.1
4,064.1

3

,794.1

8.2

92.3

U.9

U8.3

269.3
285.4

1,402.6
1,446.2

4,185.4
4,362.5

15.5
16.9

285.6
286.1
287.7

1,U6.4

16.6

152.9
158.6
154.2

1,446.6
1,451.1

4,371.0
4,385.5
4,383.0

199.8
197.2
194.4

18.4
24.5
20.5

161.8
152.7
154.5

288.3
290.9
293.6

1,458.0
1,466.4
1,476.5

4,406.9
4,405.1
4,414.1

191.7
189.6
187.6

13.8
5.9
6.6

153.7
151.5
146.1

296.2
298.3

1,483.3
1,491.3
1,494.3

4,412.7
4,408.7
4,402.3

Source: Circulation Statement of United States Money; Office of the
Treasurer of the United States.
1/ Valued at $1.29+ per fine ounce.
2/ Includes silver held by certain agencies of the Federal Government.
2/ Valued at $1.38+ per fine ounce.

J^/

»

300.2

Valued at $1.38+ per fine ounce or at $1.29+ per fine ounce
acconiing to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars,
less than $50,000.

..

7

-

Ireasury Bulletin

66
,

MONETARY STATISTICS.

Table 5.- Seigniorage
(Cumulative from January 1, 1935 - In mllllonB of dollarB)

Sources of seigniorage on silver bullion revalued 1/

End of calendar
year or month

Seigniorage
on coins
(silver and
minor)

Newly mined silver
silver
(incl. silver
bullion held
June 14, 1934)

Silver Purchase Act
of June 19,
1934

Misc.

Nationalized
silver
(Proc. of

Proclamation
of Dec- 21,

Aug. 9, 1934)

1933

1935
1936
1937
1938
1939

18.5
46.1
63.7
69.5
91.7

48.7
48.7
48.7
48.7
48.7

226.2
302.7
366.7
457.7
530.7

34.5
34.7
34.7
34.7
34.7

19A0
1941
1942

48.7
48.7
48.7
48.7
48.7

562.7
580.4
584.3
584.3
584.3

34.7
34.7

1944

122.2
182.1
245.7
299.6
362.3

1945
1946
1947
1948
1949

429.5
491.9
520.5
559.2
578.7

48.7
48.7
48.7
48.7
48.7

1950
1951
1952
1953
1954
1955
1956
1957
1958

596.6
642.3
694.2
742.2
792.9
807.0
839.6
890.3
932.0

48.7
48.7
48.7
48.7
48.7

1959-January.
Februaiy.
March

1943

April
May
June p

.

.

July p .
August p.
.

Acts of
July 6, 1939,
and July 31, 1946

16.8

36.0
58.0
74.9

Total
seigniorage
on silver
revalued

Potential
seigniorage on
silver bullion
at cost in
Treasurer's
account 2/

326.2
422.1
508.1
616.0
705.6

274.9
397.5
541.6
758.8
950.6
1,055.8
1,089.0
1,048.2
967.3
717.3

87.3

4.2

34-7
34.7
34.7

87.6
87.6
87.6
87.6
87.6

25.7
48.3
63.6

65.4

759.4
799.7
818.9
820.6
820.7

701.6
832.1
832.1
832.2
833.6

34.7
34.7
34.7
34.7
34-7

87.6
87.6
87.6
87.6
87.6

65.5
66.5
74.5
84-6
93.5

938.1
1,069.6
1,077.6
1,087.8
1,098.1

333-2
161.2
146.8
129.9
127.2

34.7
34.7
34.7
34-7
34.7
34.7
34.7
34.7
34-7

87.6
87.6
87.6
87.6
87.6
87.6
87-6
87.6
87.6

104.7
114.6
125.4
134.7
143.8
150.8
155.2
156.4
166.0

1,109.3
1,119.2
1,130.0
1,139.3
1,148.4
1,155.4
1,159.8
1,161.0
1,170.6

111.7
81.9
57.2
34-9
6.6

48.7
48.7
48.7

833.7
833.7
833.7
833.7
833-7
833-7
833-7
833.7
833.7

933.5
935.7
939.9

48.
48.
48.

833.7
833.7
833.7

34.7
34.7
34.7

87.6
87.6
87.6

166.0
166-8
167.2

1,170.6
1,171.4
1,171.8

118.1
122.2
121.3

944.9
952-4
957.1

48.
48.
48.

833.7
833.7
833.7

34.7
34.7
34.7

87.6
87-6
87.6

167.7
167.9
167.9

1,172.3
1,172.5
1,172.5

125.9
119.9
119.9

958.5 2/
961.7

48.
48.

833-7
833.7

34-7
34.7

87.6
87.6

167.9 2/
167.9

1,172.5 2/
1,172.5

119-4
118.1

43.

Source: Bureau of Accounts
1/ These items represent the difference between the cost value and
the monetary value of silver bullion revalued and helxl to secure
silver certificates2/ The figures in this column are not cumulative; as the amount of

2/

p

65.3

U.3
50.0
72.9
114.0

bullion held changes, the potential seigniorage thereon changes.
Total of seigniorage on coins and on newly mined silver, beginning
with that for July 1959, is included under coins; the brealidown
is not available after June 1959.
Preliminary.

Table 6.- Increment Resulting from the Reduction In the Weight of the Gold Dollar,
as of September 30, 1959 p

November i959

69

.EXCHAHCE STABIUZATIOH FUHD.

Table 1.- Balance Sheets as of June 30, 1068, and June 30, 1050

: :

Treasurij Bulletin

70
.EXCEAHGE 3TABILIZAII0H FUHD.

Table 2.- Income and Expense

Claaslfloatlon

January 31, 1934, through
June 30, 1958

January 31, 1934, through
June 30, 1959

Ipcome

310,638.09

»310,638.09

351,527.60

351,527.60

Profita on gold bullion (Including proflta from handling chargaa
on gold )

64,703,918.68

68,565,652.69

Profita on other gold and exchange tranaactlona

50,817,839.88

51,161,866.40

Prof ita OB Brltlah aterllng tranaactlons
Rroflta OD French franc tranaactlona

Profits on silver transactions

Profita on aale of silver bullion to Treasury (nationalized)..,.

102,735.27

102,735.27

3,473,362.29

3,473,362.29

1,649,712.79

1,629,672.69

15,212,991.65

17,351,776.93

863 ,546.27

863,971.80

Xntereat earned on foreign balancea

2,849,683.19

2,849,683.19

Interest earned on Chinese yuan

1,975,317.07

1,975,317.07

142,311,272.78

148,636,204.02

16,508,393.33

18,048,714.36

Profita on Inveatments
Intereat on inveatnenta

Mlacellaneoua profita

Total income

Expense
Psraonal services

804,159.98

954,043 .U

Transportation of things

779,663.45

1,197,570.18

Ccxamuni cat ions

658,215.24

676,877.00

Supplies and materials

UO, 159.84

148,984.70

Travel

Other
Total expense
Net Income

1,979,538.49

2,254,631.70

20,870,130.33

23,280,821,38

121,U1,142.45

125,355,382.64

November IW)
.CAPITAL MDVBfflllTS.

Data relating to capital movemente between the

published will be exactly comparable to those now presented.

United States and foreign countries have been collected
since 1935, pursuant to Executive Order 656O of January 15.
igjl)-, Executive Order IOO33 of February S, 19'^9, anA

Treasury regulations promulgated thereunder.

Information
covering the principal types of data and the principal
oountrles is reported monthly, and is published regularlj
in the "Treasury Bulletin."

Supplementary information is

published at lees frequent intervale.
bankers,

The first three sections which follow are published
They provide summaries, by periods and by
countries, of data on short-term banking liabilities to
and claims on foreigners and transactions in long-term

monthly.

securities by foreigners, and present detailed breakdowns
of the latest available preliminary data.

Reports by banks,

eeouritles brokers and dealers, and Industrial

Section IV provides supplementary data in six tables

and commercial concerns in the United Statea are made
initially to the Federal Reserve Banks, which forward

which appear at less frequent intervale.

consolidated figures to the Treasury. Beginning April
195'4^, data reported by banks in the Territories and
possessions of the United States are included in the

flna.^olal concerns,

published data.

Table

1,

short-

term foreign liabilities and claims reported by nonis

published quarterly in the January,

and October Issues of the Bulletin.

Table 2,
long-terra foreign liabilities and claims reported by
banks and bankers, and Table 3, estimated gold reserves
April, July,

and dollar holdings of foreign countries and International

The term "foreigner" as used in these reports covers
all Institutions and individuals domiciled outside the
United States and its Territories and possessions, the

official institutions of foreign countries, wherever
such Institutions may be located, and International
"Short-term" refers to original maturiorganizations.
ties of one year or less,
other maturities.

and "long-term" refers to all

A detailed discussion of the reporting

coverage, statistical presentation, and definitions
appeared in the June

195''-

Issue of the "Treasury Bulletin,"

As a result of changes in presentation
pages ^^-^1
Introduced In that Issue, not all breakdowns previously
.

Institutions,

are published quarterly In the March, June,

September, and December Issues.

Table

4,

and debit balances in brokerage accounts,

foreign credit

appears semi-

annually in the March and September issues. Table 5,
short-term liabilities to foreigners in countries and
areas not regularly reported separately by banking Institutions, is presented annually, appearing in the April
issue through 195S and in the March issue thereafter.
Table 6, purchases and sales of long-term securities by
foreigners during the preceding calendar year, also
appears annually, beginning with the May 1959 issue.

Section I - Sumnary by Periods
Table 1.- Net Capital Movement between the United States and Foreign Countries

1

..

Treasury Bulletin

72
.CAPITAL MDVH4ENTS

.

Section I - Summary by Periods
Table 2.- Short-Term Banking Liabilities to and Claims on Foreigners
(Position at end of period in millions of dollars)

Short-term claims on foreigners

Short-term liabilities to foreigners
Payable in dollars

End of calendar year
or month

Foreign
offloial

1942

1945
1946

4,205.4
5,374.9
5,596.8
6,8S3.1
6,480.3

1947
1948
1949
1950
1951

7,718.0
7,618.0
8,644.8
9,302.2

1952

10,546.1

1953

U,648.4

1954
1955
1956

12,918.6
13,600.7
U, 939.1

1957
1958

19A3

19U

. .

3,320.3
3,335.2
4,179.3
3,043.9

1,947.1
2,036.7
2,239.9
2,678.2
2,922.0

1,832.1
2,836.3
2,908.1
3,620.3
3,547.6

25.5

72.0
86.4
105.4

Other

246.7
257.9
329.7
392.8
708.3

100.3
319.6

948.9
1,018.7
827.9
898.0
968.4

292.9
361.2
222.7
151.1
177.2

490.6
557.1
494.3

122.9
156.5

143.7
137.2
169.7
245.0

Payable in
foreign
currencies

30.9
34.4
54.6
47.5
98.1

2,262.0
1,864.3
1,657.8
1,527.8

49.7

1,6a.

72.2

4,654.2
5,666.9
6,770.1
6,952.8
8,045.4 1/

4,245.6
4,308.4
4,335.4
4,726.5
5,392.8 1/

1,584.9
1,629.4
1,769.9
1,881.1
1,452.1

61.4
43.7
43.2
40.3
48.8

1,048.7
904.5
1,386.5
1,548.5
1,945.7

405.4

847.5
646.5
969.0
1,056.5
1,390.8

15,158.3
16,159.1

7,916.6 %/
8,664.9

5,665.3 1/
5,890.8

1,517.3
1,544.0

59.0
59.4

2,199.4
2,542.0

385.5
439.4

1,666.5
1,904.9

16,228.4r
16,6l6.7r
16,655. 2r

8,532.1
8,756.7
8,623.1r

6,106.9r
6,257.3r
6,302.3r

1,537.5
1,541.0
1,675.5

51.9
61.6
54.2

2,432.2
2,378.6
2,418.8

4U.0
411.2
430.8

1,840.0
1,815.7
1,827.0

151.2
151.7
161.0

16,798.6r

6, 624. Or

1,667.6
1,718.8
2,755.8

68.7

2,399.0
2,427.3

2,U1.1

427.9
438.6
451.5

1,819.1
1,825.1
1,828.7

152.
163.
160.

6,7a.8

2,780.5
2,720.2
2,988.4

66.9
65.9
70.9

2,384,2
2,362.4
2,381.3

437.4
422.5
450.0

1,766.4
1,759.9
1,732.7

180.5
180.0
198.6

18,417.9

July
August p. . .
September p.

18,650.7
18,781. 9r
19,159.4

9,081.5
9,l6l.3r
9,220.3

17,U7.6r

6,565.5r
6,618.0
6,834.5
6,879.8

Beginning in August 1956 and again in April 1957, certain accounts
previously classified as "Other foreign" are included in "Foreign official.

l7

Loans to
foreign banks

2,972.7
2,947.0
3,001.0
3,451.7
4,041.2

June.*

*7

13.9
17.9
21.6

Payable in dollars

Total

40.6

8,438.3r
8,801.7r
8,967.0

Iprll

International

473.7

7,U6.4

1959-January
February.
March

2,2U.4

Other
foreign

Payable in
foreign
currencies

70.4
51.0

U.9

61.5
77.1

p
r

206.5
328.1

290.5

506.3

699.4

165.4
100.4
110.8
240.6
91.8
78.4
101.6
211.0
163.9

U9.6
U7.3
197.7

Prelindnary.
Revised.

Table 3.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(in

minions of dollars; negative figures indicate a net outflow of capital from the United States)
Corporate and other

Govemioent bonds
and notes X/
U. S,

Calendar year
or month

Purchases

396.8 2/
164.2

1935-41
1942
1943

Sales

492.4 2/
138.5
170.6
268.2
393.4

Net
purchases

19U
1945

377.7

1946
1947
1948
1949
1950

4U.5
3U.8
282.4
430.0
1,236.4

1951
1952
1953
1954
1955
1956
1957
1958

673.6
533.7
646.0
800.9
1,341.1
883.4
666.1
1,223.9

1,356.6
231.4
728.0
792.7
812.1
1,018.3
718.3
1,187.6

-683.0
302.3
-82.0
8.2
529.0
-135.0
-52.1

127.0

22.9
85.6
18.4

104.0
-7.3
18.7

1959-January
February .
March

. .

April

78.3

37.1

283.3
330.3

333.6
294.3

2/

245.3

-15.7
-269.7
61.5
-47.9
96.4
942.1

36.3

58.6
38.0

19.4

39.2

ifcy

24.1

23.3
23.4

W.7

June

63.1
256.9
105.8

39.7
25.0
39.5

July...
August p....
September p.

Sales

-95.7 2/
25.7
70.7

241.3
513.6

684.2

Total
purchases

Bonds 2/

.7

23.3

231.9
66.3

2/

2/
107.7
120.0
200.1
212.8
289.7
324.7
287.1
310.2
361.4
22.3
28. Ir
30.5

24.0
25.0
32.5

31.9
26.1
29.0

purchasee

Sales

Not
purchaaea

Total
sales

Net pux^
chases of
domestic
securities

November 1959

73
.CAPITAL MOVIMENTS.

Section I - Summary by Periods
Table 4.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(In

mimona

of dollaTS; negative figures Indicate a net outflow of
capital from the

Foreign bonds

Calendar year
or month
193 5-U

Net
purchases

Purchases

Sales

n.a.
n.a.

n.a.
n.a.

19^
19U

446.4

372.2

n.a.
n.a.
74.2

3U.3

1945

318.1

225.3
347.3

89.0
-29.2

n.a.
23.3
26.6
37.3

19A6
1947
1948
1949
1950

755.9
658.7
211.6
321.2
589.2

490.4
634.3
291.4
311.5
710.2

265.5
24.5
-79.8
9.8
-121.0

65.2
57.1
81.7
88.8
173.8

65.6
42.6
96.7
70.8
198.2

1951
1952
1953
1954
1955
1956
1957
1958

500.4
495.3
542.5
792.4
693.3
606.5
699.0
889.0

801.0
677.4
621.5

272.3
293.9

310.1
393.3
663.6
749.2
592.8
467.2

348.7
329.6
303.4

509.4
991.5
1,392.0
1,915.1

-300.6
-182.1
-79.0
-48.8
183.9
-385.0
-693.1
-1,026.1

133.6
99.2
62.5

186.1
184.7
88.6

-52.5
85.6
-26.1

*7

49.1
111.4

-24.9

June

U.9

73.9
168.7
44.5

60.5
27.1
156.0

162.6
27.3
194.0

-102.1
-.2
-37.9

19i2

1959-Januai7....
February, .
>taroh

April

July.

August p . .
September p

Not available.
Preliminary.

8a.

tMted States)

Foreign stocks

-57.3
.4

Net
purchases

n.a.
n.a.

n.a.
n.a.

19.8
22.1
54.8

3.5
4.5
-17.5
-.4

U.6

Total
purchases

3,152.6
227.9
391.9
247.4
402.1

855.5
-7.4
77.7
93.5
-46.6

821.2
715.9
293.3

556.1
676.8
388.2
382.3
908.4

265.1
39.0
-94.8
27.8

ao.i

877.9
875.2
621.9
803.7

-76.4
-35.8
6.8
-251.6
-214.3
-126.1
-29.1
-336.4

772.7
789.1
852.7
1,185.8
1,356.9
1,355.7
1,291.8
1,356.2

44.8
40.8
45.1

134.9
73.2
84.5

-90.1
-32.3
-39.4

107.6

51.0
46.6
49.3

75.6
82.6
55.8

-24.6
-36.1
-6.5

47.5

52.7
49.5
43.6

-5.2
-5.1

U.4
44.0

.4

Net purchases
of foreign
securities

4,008.2
220.5
469.6
340.9
355.4

-15.0
18.0
-24.4

6U.9

Total
sales

763.0

178.4

1,U9.7
1,007.0
924.9
1,486.1
1,387.3
1,866.8
2,0U..0
2,718.8

-U5.4
-377.0
-217.9
-72.2
-300.4
-30.4
-511.1
-722.1
-1,362.5

321.0
257.9
173.1

-142.6

100.1
157.9
94.3

U9.6
251.3
100.3

-49.5
-93.4
-6.0

108.0
71.5
200.1

215.3
76.8
237.6

-107.3
-5.3
-37.5

140.

-U7.9
-65.4

)

Treasury Bulletin

!>*

.CAPITAL MCI7SMENTS,

Section II - Sumnary by Countries
Table 1.- Short-Term Banking Liabilities to Foreigners
{Poaltion at end of period In mllllonB of dollare

Country

^

November 1959

75
.

CAPITAL MOTEMENTS

Section II - Summary by Countries
Table 2.- Short-Term Banking Claims on Foreigners
(Position at end of period In nLlllions of dollare

Country

Treasury Bulletin

76

.CAPITAL MOTEMENTS.

Section II - Summary by Countries
Table 3.- Net Traneactione In Long-Term Domestic Securities by Foreigners
(In thouBande of

Country

doUars; negative

figijreB indicate net sales

by foreigners or a net outflow of capital frOQ the United States)

November 1959

77
.

CAPITAL MOVEMENTS

Section II - Summary by Countries
Table 4.- Net Transactions In Long-Term Foreign Securities by Fore Igners
(In thouBandp of dollarei negative flguree Indicate net salna

by forclgnera or a net outflow of capital from the United States)

Calendar year

1959

Country
1955

1956

1957

1958

April

May

July

August p

Europe;

-587
-6,985

-584
5,955
-13

2,402
602

15,356
179

3,U6

3,387

2,202

288

France
Germany, Federal Republic of.
Greece
Italy
Netherlands

5,401
4,662
60
1,783
-24,275

16,725
19,000
2,458
1,065
-992

NoTvay
Poland
Portugal
Rumania
Spain

-20,090
-234
284
-7
-285

-1,631

-1,332
14,233

Austria,
Belglxm.
Czechoslovakia.
Denmark
Finland

-18,018
21,299

1,520

7
-19,057

3,256
5,102

137
52

18,912
99,082
-912
7,345

-5,831
-1,119

-34,089

-26,797

-40
-11,318

-29,693
47,144

472
-3,556

9,065
-4
358
-5
66

-16,325
-7
3,513

338

2,U0

-224

16

125

14

-24

28

27

67

64

-57

17

29

-72

-53

15

-3

495
19,594

519
27,904
17

691
92,200
-16

339
2,821
-7

174
5,782
296

78
10,263

-13

1

-2,388
10

71
3,135
-15

58
-217
11

-35,235

-59,218

3,909

-27,801

4,655

1,375

3,196

9,302

2,331

-1,043

lugoBlavla...
Other Europe.

-5
1,642

-250
-648

35
-35,745

24

-26,268

1,166

-89

-2,8U

4,980

208

-2,921

Total Europe,

-45,53

8,414

31,066

-72,072

-22,498

-27,890

17,509

5,261

-3 ,503

-3,700

74,154

-447,162

-552,227

-543 ,274

-3 ,798

-2,285

-60,972

-211

-100,006

-997

-1,558

-144

U8

812
2,421

37
10
159
315

-48
171

111
-2
428
-39
170

34

913

6
126
347
851

-73
18
735

3,621
1,058

6,262
-62
1,961

-442
69
4,979

-93

5,763

-370
292
8,697

-59

21

6,469

2,868

-8
4

61

7

1

13,488

-20
168

2

9,074

42
-68
8,067

-152
-80
-60
17,060

400

523
228

-11
397

4
-321

Sweden
Switzerland
Turkey
U.S.S.R
United Kingdom

Canada
latin America:
Argentina.. .
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic
Guatemala
Mexico
Netherlanda U. Indies and
Surinam

-3

3

447
390

-85

7

-3

-2

2,058

439

2,378

271

480
-79

146
-6

-25

-7

31

-4,104
-3,462

-9,616
-2,990

-3 ,107

-3 ,810

-731

158
12
-7,549

-3

17,602
203 ,837
885

4,585
-8,641

3,339
806
-350

-U

6
184

168
9

1

13

358
185

U2

-11
25
-1

32

198

-14
243

-63

-1,616
-235
-9
240

1,581

70
6
14

U5
8
77
26
313

237

3,356

176

1,547

-172

-46

38

362

-1,004

356

2,875
-974
9
580
-2,055
-5,554

106
-2,310
-72
-1,642
-8,045
95

-13,669
-443
-703
3,532

-832
-9

-3 ,680
20

191
10

-158

-U7

-9U

El Salvador
Uruguay
Venezuela
Other latin America..,.

-1,186
-394
487
1,798
-1,871
-861

630

-53

-3

13

7

265

103

-425

480

253

-358
-9,149

-164
-115

533

173

141
88

-10,266

309
538
660

1,171

342

120

Total latin America.,,,

3,506

17,184

15,109

4,858

-8,659

-2,614

2,802

2,660

894

56
5,125
436
184

70
3,205
-331

U,490

697

962

3,378

19

350
-2
-4
-1

1,«5

129

28,318
-50
42
1,015

Israel
Japan
Korea, Republic of.
Philippines
Taiwan

-U,736

-53,088
-54

-46,677

-4,074

598

28

-1,949
358

-693

450

-50,564
677
10
659
-25

-52

-10
-4

Thailand
Other Asia

-657
-11,272

1,308
8,071

-525
-9,874

-185
-27,167

-4
-4,309

-4,141

-15
-2,292

-3,926

-2,516

-955

Total Aaia

-48,725

-39,962

-45,188

-44,843

-8,030

-8,138

-4,357

-6,939

-3,638

-2,171

14,850

-3,709

-18

-61
-1

363

221

303
-8

I^nama, Republic of.,..
Peru

Aaia
China I4ainland.
Hong Kong......
India.
Indonesia
Iran

Other countries
Australia
Belgian Congo
Egypt 1/
Onion of South Africa.
All other

Total other countrlee.

601

143

245

-103

2

3

72
-5

43

-3

4

-4

8

1

-11

-5,476
6

-2,805
57

6

-3

-12

4

-4,293

-4,184

324

33

-1,533
2

18
-395

24
3

309

6

6,051

-W,434

1,870

6

8

283

-16,099

-19

-308
5,633
1,221

2
1

-21,796
-343

-1
469
6,805

-66,917
-22,175

886
57

-367
-358

1,962
-92

1,258
-22

509
-1,787

515

-7,302

-16,428

12,880

-U9,625

2,816

-743

1,808

1,599

-1,048

863

9
53

International

-26,534

-33,130

-383 ,783

-557,576

-5,276

-7,808

-50,185

-8,416

-45

-175

Grand total

-30,424

-511,084

-722, U3

-1,362,532

-65,445

-49,478

-93,395

-6,046

-107,346

-5,309

1/

Part of United Arab Republic (Egypt and Syria) since February 1958.
Data on ti^nsactions by Syria are not available separately, but are
included in "Other Asia."

Preliminary.

.

Treasury Bulletin

78
.

Table

1.-

CAPITAL MOTEMENTS

Sect Ion III - Preliminary Details by Countries
Short-Term Banking Liabilities to Foreigners as of September 30, 1959
of dolUrt)
(PoaltloB la thw—
nrtlt

Part of United Arab RojmbUc (Egypt and Syria) since February 1958.
Data on liabilities to Syria are reported annually and appear In
Section IV, table 5.

Nowmber

/95V

79

.CAPITAL M07B<ENTS.

Sectlon III - Preliminary Details by Countries
Table 2.- Short-Term Banking Claims on Foreigners as of September 30, 1059
(Position Is thouMnda of dollar*)

i/

Part of United Arab Republic (Egypt aMi Syria) olnoe February 1958.
Data on clflimB on Syria alB not available separately, but are Included
In "Other Asia."

Treasury Bulletin

So
.CAPITAL MOVIMENTS.

Section III - Preliminary Details by Countries
Table 3.- Purchases and Sales of Uong-Term Securities by Foreigners During September 1959
(In thousands of dollarfl)

i/
'

Part of United Arab Republic (Egypt and gyrla) since Februaiy 1958.
Data on purchases and sales by Syria are not available separately,
but are Included in "Other Asia."

November 19^9

81

.CUMULATIVE TABI.K OF CONTENTS.

December 1958 through November 1959
l3aue and page number

1958

1959
Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Reporting bases
Articles;

Treasuiy financing opeiHtions

Suomary of Federal fiscal operationg

A-1

A-1

A-1

A-1

A-1

A-1

A-1

A-1

A-1

1

1

1

1

1

1

1

1

1

8
8
9
10

8
8
9
10

8

10

9
10

10

8
9
10

9
10

Budget receipts and expenditures:
Receipts by principal sources
Expenditures by agencies
Sunuaary of appropriations and authorizations, expenditures,
and balances , by agencies
Expenditures and balances by functions

Trust account and other transactions:
Summary of trust account and other transactions
Trust account receipts
Trust and deposit fund account expenditures
Net investment by Government agencies in public debt securities....
Net redemption or sale of obligations of Government agencies in
the market
Federal Old-Age and Survivors Insurance Trust Fund
FedeiBl Disability Insurance Trust Fund
Railroad Retirement Account
Unemployment Trust Fund
National Service life Insurance Fund
Investments of specified trust accounts in public debt securities,
by Issues (latest date September 30, 1959)

8
8

8

9
10

10

9

8

9
10

8
9

11
12

11

U
13
U

U
13
U

9

8

11
12

12

13
13

14
15

16

15

Cash income and outgo;
Summaiy of Federal Government cash transactions with the public...
Summary of cash transactions through Treasurer's accoxmt
Derivation of Federal receipts from the public, and reconciliation
to cash deposits in Treasurer's account
;
Derivation of Federal payments to the public, and reconciliation
to cash withdrawals from Treasurer's account
Intragovemmental transactions
Accrued interest and other noncash expenditures
Derivation of Federal net cash debt transactions with the public
and reconciliation to transactions through Treasurer's account....

Account of the Treasurer of the United States:
Status of the account of the Treasurer of the United States
Analysis of changes in tax and loan account balances

17

13
13

13
13

U
U

U
U

15
15

15
15

18
19
19

16

16

20

18
19

IS
19

20
20

20
20

17
18

17
17

13
13

13

U
U

U
u

15
15

15
15

18
19
19

16

16

18
19

20
20

18
18

13
13

13
13

U
U

U
U

15
15

15
15

20

16

16

18
19

22

18
19

18
19

3

20
20

24
24
25

20
20

20
20

25
25
26

13

18

3

19
19
20
20

13
13

U
U
15
15
16

24

18
19

Debt outstanding
Summazy of Federal securities
Computed interest charge and rate on Federal' securities
Interest-bearing public debt
Average length and maturity distribution of marketable
interest-bearing public debt
Special issues to U. S. Government Investment accounts
Treasury holdings of securities issued by Government agencies

a

21
22
23

a
a
22

Statutory debt limitation

2A
24
25
25
26
27

28

Public Debt Operations:
Maturity schedule of interest-bearing public marketable securities.
Maturity schedule of interest-bearing public maricetable securities
other than regular weekly Treasury bills
Offerings of Treasury bills
New money financing through Treasury bills
New money financing through regular weekly Treasuiy bills
Offerings of marketable issues of Treasury bonds, notes, and
certificates of indebtedness
Offerings of public marketable securities other than regular
weekly Treasury bills
Allotments by investor classes on subscriptions for marketable
issues of Treasury bonds, notes, and certificates of indebtedness..
Allotments by investor classes on subscriptions for public
marketable securities other than regular weeklj' Treasury bills
Disposition of matured marketable Issues of Treasury bonds, notes,
and certificates of indebtedness
Disposition of matured public marketable securities other than
regular weekly Treasury bills

25

a
a

a
a

22

22

23

23

25
26
27

a
a

26

a
a

22

22

27

22

23

23

28

23

30
32

25

29

34

29

31

36

31

a
a

28

24

24

29

29

25

31
33

27
28

29

31

35

27
29

31

32

3i

38

34

3A

36

40

36

(Continued on following page)

20
20

27
29

31

31

27

25
27

27

33

35

38
34

35

35

36

37

37

36

:

Treasury Bulletin

82

.CUMULATIVE TABLE OF CONTENTS.

December 1958 through November 1959

-

(Continued)
Issue and page number

1958

1959
Jan.

United States savings bonds:
Cuinulative sales and redemptions by series
Sales and redemptions by periods, all series combined
Sales and redemptions by periods, Series E through K
Redemptions of matured and unmatured bonds
Sales and redemptions by denominations. Series E and H combined....
Sales by States , Series E and H combined

37
37
38
iO

39
39
40
42

Feb.

Mar.

43
43

39
39
40
42

44
46

Apr.

May

June

July

41
41

42

U

47
48

Aug.

45
46
47
49

Sept.

41
41

42
4'.

50
51

Ownership of Federal securities:

Distribution by classes of investors and types of issues
Net market purchases or sales for investioent accounts handled by
the Treasury'

Estimated ownership

Treasuiy survey of ownership of Federal securities:
Ownership by banks, insurance companies, and others
Ownership by commercial banks classified by membership in Federal
Reserve System (latest date June 30, 1959)

il

43

49

il

43

49

i3

44

50

A3

45

51

43

43

45

48

50

45

45

52

45

45
46

52
53

45
46

47

54

47
51

Market quotations:

End-of-month closing quotations on Treasuiy securities by issues...
Chart - Yields of Treasury securities

,

47
49

49

55

49

51

58

55

51

57

51

53

60

57

50
51

52

58
59

54
55

51
62

58
59

58

56

63

59
60

57

64

51
52

58

55

59
59
50
51

65
66
67

64
55
65
66
67

Average yields of long-term bonds:
Average yields of Treasury and corporate bonds by periods
Chart - Average yields of Treasury and corporate bonds

53

Internal revenue collections:

Summary by principal sources
Chart - Internal revenue collections by principal sources
Detail of excise tax collections

,

,

,

60
61

5.2

53

54

Monetary' statistics:

Money in circulation
Monetary stocks of gold and silver
Gold assets and liabilities of the Treasuiy
Con^jonents of silver monetaiy stock
Seigniorage
Increment from reduction in weight of gold dollar (latest date
September 30, 1959)

56
57
57
58
59

56
57
57
58
59

Exchange Stabilization Fund (latest date June 30, 1959):
Balance sheet
Income and expense

62

62

63
63

63
63

64

64

51

55

65

62

59
60
60

68

65

68

66

5='

67

70

National bank reports:
Earnings, expenses, and dividends for calendar years 195^-58

Capital movements between the United States and foreign countries
Summary by periods since 1935
Summaiy by countries and periods
Short-term banking liabilities to foreigners, latest month
Short-term banking claims on foreigners, latest month
Purchases and sales of long-term securities by foreigners,
latest month
Short-term liabilities and claims reported by nonfinancial concerns.
Long-term liabilities and claims reported by banks and bankers......
Estimated gold and short-term dollar resources of foreign countries
and international institutions
Foreign credit and debit balances in brokerage accounts
Short-term liabilities, countries and areas not regularly reported..
Purchases and sales of long-terra securities by foreigners during
calendar year 1958
Corporations and certai n other business-type activities:
Statements of financial condition (latest date March 31, 1959)
Income and expense (latest date December 31, 1958)
Source and application of funds (latest date December 31, 1958).,.,.

63

60

60

63

63

67
68

67
68

69

69
70

68
71
75
76

56
69

52
65
59
70

73

74

71
72

75

71
74
78
79

68
71
75

76

77

70

'76

'78

71

77
78
79

79
80

73

73

72
92

TREASURY DEPARTMENT
FISCAL SERVICE, BUREAU OF ACCOUNTS
OFFICE OF THE COMMISSIONER

WASHINGTON

25, O.C.

OFFICIAL BUSINESS

BUY
AND
HOLD
UNITED
S TAT E S
SAVINGS

BONDS

uyb^ Jc