Full text of Treasury Bulletin : October 1951
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9 Library ..' LIBRARY ROOM 5030 JUN TREASURY ? 11972 DEPARTMENT mEASUMY. Mm/LEFUN DCTDBER-iaSI UNITED STATES TREflSURV DEPRRTMENT OFFICE DF THE BECRETRRV October 1951 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 8 Treasury cash Income and outgo 12 G-eneral Fund of the Treasury 15 Debt outstanding l6 Statutory debt limitation 21 Debt operations 22 United States savings bonds 27 Treasury savings notes Jl Ownership of Federal securities 32 Treasury survey of ownership of Federal securities,.. 34- Market quotations 38 Yields of Treasury and corporate bonds k-2 Internal revenue collections ^k Monetary statistics kS Capital movements 52 Cumulative table of contents 65 Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentConseages) have been made from unrounded figures. quently the details may not add to the totals shown. October 1951 A-l Treasury Financing Operations October I5 and November 1 Certlfloate Offering On September 25, 1951, the Secretary of the Treasury announced the offering on October 1 of an Series C-1952, which were opened on September were closed at the close of business on September 4-, 7. and the books for certificates of Series D-1952, which Issue of ll-J-month 1-7/S percent certificates of were opened on September 18, were closed at the olose Indebtedness in exchange for two Treasury note of business on September 21. notes, Exchanges were made 1-lA percent par for par and cash subsorlptlons were not received. Series F-I951, maturing October 15 In the t5.9'*-l million, and the 1-1/4 percent notes. The certificates were issued in bearer form only in maturities. The two maturities are the amount of Series G-I95I. maturing November $5,253 million. 1 In the amount of denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000. The new certificates will be dated October I5, I95I, and will mature October In the case of the November 1 I952. Reports to the Treasury on the ownership of notes exchanged, In- Qovernment securities Indicate that on July 31, 195I, 1, terest will be adjusted to October 15. about 62 percent of the called Treasury bonds and about kl percent of the maturing Treasury notes were Results of September 15 and October 1 Refundlngs Subscriptions to the 11-month 1-7/S percent Reserve Banks. certificates of Indebtedness, Series C-1952, dated the latest published for commercial banks. September I5, 1951, amounted to $5^3 million, leaving Subscriptions to $172 million to be paid In cash. Treasury Bills Increased the 11 -month 1-7/8 percent certificates, Series D-I952, dated October 1, 1951, amounted to $1,832 million, leaving $86 million to be paid in cash. Series C-I952 oertifioatae were exchanged for the 3 percent Treasury bonds of 1951-55 called for redemption on September I5, 1951i and Series D-1952 certificates were exchanged for the maturing October l-l/lJ- percent Treasury notes 1. The subscription books for certificates of Note: Details of Treasury market financing operations are shewn elsewhere In this Issue of the "Treasury Bulletin", In the tables on "Offerings" and. "Dis- owned by reporting commercial banks and Federal The ownership figures for July 31 are New Offerings of Treasury bills In September $1^.7 billion and bills matured In the amount totaled Both the maturity and the new offering on September 6 amounted to $1.1 billion. The maturities in the three succeeding weeks each of $k.l billion. amounted to $1.0 billion and each of the new offerings to $1.2 billion. The average rates of discount on the four new offerings were 1.64^6 percent for September 6 and I3, 1.644 percent for September 20, and 1.647 percent for September 27. position", respectively, of marketable Issues of bonds, notes, and certificates of Indebtedness, and In the table "Offerings of Treasury Bills". October 1951 SUMMARY OF FEDERAL FISCAL OPERATIONS (In mlUioofi of dollarB Net Budget recelpta and expenditures Net receipts 1/ ExpendIturoa 2/ Surplus, or deficit (-) 2/ Trust account and other tronaac tiona i/i/ Clearing account y increase In public debt, or Net Increase In General decrease Fund balance, or decrease (-) (-) LavolB , eod of period Debt outetandliie General Fuai balance Public debt Guaranteed aecurltlea 72,1.22 136,696 201,003 258,682 269, U22 1*,568 '*,100 Total Federal securltlee Flacal years: igua WUB 12,696 22,202 19W» 19^^ "•3,892 Uli,762 19l>6 U0,027 W"*? I*0,0lt3 19I18 li2,211 W"*? 1950 1951 38,2U6 1952 (Bet. J. -21,U90 187 79,622 95,315 98,703 60,703 31., 39,289 33,791 37,01.5 1.0,057 1.0,167 U8,lU3 1*1*, 55,138 2/ 71,591* 633 5/ -57,1*20 -51,1.23 -53,91*1 -1,613 -338 -2,222 791 -20,676 -521* 751* -1,103 8,1*19 -291* -1,811 -3,122 3,510 -1*95 555 -507 366 99 679 1.83 -211. 1*61* -8 16,000 -16,1*56 5/ 307 57,679 358 6,515 10,662 U,529 10,71.0 -10,1*60 2,991 9,507 20,169 21*, 698 11*, 238 -11,136 -10,930 3,308 -5,991. 1,621* -1,1.62 l*,932 l.,587 2,01*7 -2,135 1,839 5,517 7,357 23,1.61 61., 271. 61., 1.78 3,1*70 258,286 252,292 252,770 257,357 255,222 1,623 1(33 1(76 90 73 27 20 29 76,991 11.0,796 202,626 259,115 269,898 258,376 252,366 252,798 257,377 255,251 Calendar years; 19U2 16,290 57,751 -1*1,1*61 19l>3 3l<,l»83 90,171* 19W» '»3,531 97,181 87,522 -55,691 -53,650 19l<5 19'»6 -1*3,591* 38,810 1*1,322 -2,512 111, 010 38,576 36,209 2,1*31* -3,592 -U22 Ul.ltSO -1,788 -266 -1,161 -123 -1,386 753 U7,1.81. 3,767 -22,502 362 -18,966 -2,21.9 -l*,100 l',331 -1*05 3,097 1,111 l.,208 l.,679 -1.23 -Ul*7 I*, 371* -81. 3I.0 I., 172 -315 -51 87 -179 101 1*51 1*09 -62 213 5,21*1 38,122 1*1,711* 37,8311 38,255 3,579 3,381 5,lt35 3,205 2,972 3,651 April May June l,3l»0 3,151 1,9115 11,767 3,101* l*,656 July AuguDt. September 1,91*6 3,1*31* 2,1(79 U,832 3,585 3,995 October. November, December. 1,881 2,31* •.igi 3,111 3,127 3,722 -1,230 -783 299 1.69 -272 1950- January.. February. March. ... 3,366 2,972 It, 820 3,323 1*1. 2 2,1*96 1*76 3,269 1,551 170 -93 . 10,51*3 12,291. 22,236 26,003 3,502 -2U0 199 1950. . 6,983 1,751 9,91*2 -350 -229 -502 311 19'»9. I9U9- January,. February. March .... 50,232 57,707 61., 1,783 -1,811 -1,159 111 -1,U88 -1,106 837 23 1. 87 291 -321. -5U -173 30 218 31*5 -133 20 -1*01. 10 1*71 631 1*76 160 -36 -88 589 -11 122 112, U7I 1,511* 232, IW. 567 339 278,682 81 55 30 256,981 252,620 252,721 36 26 251,61.2 21* 251,666 251,530 251,889 252,770 23 23 27 251,553 251,912 252,798 253,877 255,852 256,680 26 27 29 253,902 255,879 256,709 3,995 3,163 1,107 1,975 828 -133 l,03l 3,337 3,1*70 1*,1*18 1,281 5,699 l',737 20I. -962 -315 11.8 257 1*,679 -265 5,01*9 -6U5 370 137 935 1*,1»22 5,186 6,121 30 27 27 256,892 256,395 255,721. 21. 255,71.7 255,718 256,350 257,357 22 20 255,71*0 -1,358 -79 25 -6 -1,1*19 l.,702 -61*2 11.7 -376 -238 It, 1.61. . 11,1.01. 1*,296 108 -53 632 1,007 1,053 5,517 July August. . September 1,881 2,860 U,605 3,013 2,515 3,520 -1,132 -99 31 31*1* 11*7 -11.0 183 333 18 -27 -80 -658 U,500 5,185 5,505 257,51*1 257,871. 1,081* -1,017 665 319 257,216 20 October. November. December. 2,056 2,851 3,170 3,102 6/ -1,111* l*,ll*5 l.,211 3,71*2 1951- January . February. March .... U,l.l.8 3,808 3,211 61*0 1*,257 1,01*7 8,112 l.,058 l*,05l* 2,626 .,007 3,11*6 l«,517 7,089 5,969 -1,381 -1,370 1,119 2,571 1*,739 -2,168 3,59l» 5,087 -1,1*93 Auguet. . 252,71*7 256,865 256,368 2,962 July 252,656 256,805 257,011 257,160 2,81*7 April. May... June. 257,160 256,731 28 29 1,1.88 -17 169 6/ 252,851. 256,778 256,982 257,130 2,320 1.70 259,1.87 659 5,291 5,767 April. May... June -2526/ 170,108 21* 232 -1,771 -833 308 -1*97 259,11.9 l*,301 l*,230 256,900 252,800 257,130 256,708 -111 359 881 98 108,170 165,877 230,630 278,115 20 16 256,370 257,377 257,557 257,891 257,236 1*9 -279 11*0 -1,359 -6 1*,139 -369 93 .,232 256,937 257,077 256,708 22 -63 -52 -83 21*7 -583 256,125 5,382 8,569 255,91*1 251*, 997 18 18 21 256,11*3 -181* -31* -l6l 111 221 929 3,187 U,1.5l. 227 -69 136 106 -270 -l,6ll» -301. 1*3 366 129 -1,173 281. 1,571* 6,955 5,782 7,357 251*, 727 255,093 255,222 21 29 29 251*, 7U8 255,122 255,251 U -11. 1*35 5,620 5,095 28 -103 -1,737 -525 255,657 83 256,61.4 32 255,685 256,677 1.5 Source: Actual figures from Daily Treaeury Statement; eetljnates baaed on 1952 Budget document. Including effect of proposed legislation (see ftiRO footnote 5), More detailed Infoniiation vith respect to the figures in this table ie given elsewhere in the "Treasury Bulletin". 1/ Gross receipts lees appropriationfl to the Federal Old-Age and Survivors Insurance Trust Fund and refunds of receipts. 2/ Transactions of the Foreign Economic Cooperation Trust Fund, established under Section 111* (f) of the Economic Cooperation Act of I9C8 (62 Stat. 150), are consolidated vlth budget expenditures. Excess of receipts, or expenditures (-). For outstanding checks and Interest coupons, and telegraphic reports -91*1* 5/ 256,959 257,100 256,731 255,958 255,018 frcna Federal Reaerre Banks; excess of receipts, or expenditures (-), In teatljaony before the Senate Finance Cosmnlttee on June 28, 1951, Secretary Snyder, estimated 1952 net recelpta under present lav at $58.5 billion and expenditures at $68. billion, vlth a resulting deficit of $9.9 billion. Beginning November 1950, Inrostinente of vholly ovned Government corporations In public debt securities are excluded frcm budget expendlturea and Included vlth other such Investsnents imder "Trust account and other tranaactlona". MJ\:bs^nants for July-October Investanents vere made in the novamber and Jemuary figures. i* 6/ 21. 2ll treasury oulletin BUDGET RECEIPTS AND EXPENDITURES Table 1.- Receipts by Principal Sources (In millions of doll&re] Fiscal year or nionth October 1951 BUDGET RECEIPTS AND EXPENDITURES Table 3«- Bxpenditures for National Defense and Related Actinties (In millions of dollars) Department of the Air Force Flacal year Department of the Deparlsaent of the Amy Nary i6/ iS/ WliS 39,720 90,501 i?i«; 1*8,370 191*7 191*5 16,S12 50,337 27,800 6,911 U,500 6,01*6 19't'i 1950 1951 12,158 12,378 19,958 1952 (Estlaatod] ''1,''31 igiis 1,690 3,506 6,237 Fajmenta under Arnad Forcea Leave Act Reconatructlon Finance Corporation 12/ 1*9,21*2 26,538 2,682 30,01*7 1*72 15,161 328 138 5,1*17 l*,090 6,875 1*0,007 l*,998 l*,171 1,986 270 li,ltl2 10 1*,110 1 2 5,756 United States Maritime Gurpliifl property disposal 12/ 20/ CccmnlBeion 18/ 3,812 3,227 Hi* 691* 661. 106 271 277 1,501 268 1*1.2 136 25 98 Strategic and critical materials 21/ Other S/ 7,1*1.7 21/ 325 7 1 6,305 l',U7 11 99 551* 1*4 299 U39 656 225 ,300 124 71 1*31 1951-JQnuai7... February March 1,651 1,695 2,057 U83 April May June 2, 160 622 733 521* 72 81*2 1,01*1 TLB 620 63 71*6 July August... 2,930 3,0l*0 916 897 1,182 1,210 759 792 108 3^ 39 30 5,970 1,813 2,392 1,550 11*3 09 . Fiscal year 1952 to dat« 2,396 2,U95 1.83 656 518 567 718 a2 560 535 585 Source: (Sane as Table 2). Footnotes at end of Table 5. Table 4.- Expenditures for International Finance and Aid (In millions of dollars) Ftacal year or mcnth 55 34 25 26 1*7 100 40 42 Ireasury jjulletin BUDGET RECEIPTS AND EXPENDITURES Table 5.- "Other" Bxpendi tures (In mlllione of dollars) Fiscal year OP month ^ October 1951 BUDOET RECEIPTS AND EXPENDITURES Table 6.- Summary by Months and Years (In millions of dollars) Year Ireasury nulletin BUDGET RECEIPTS AND EXPENDITURES Table 7.- Social Security Act - Budget Receipts and Expenditures (In minions of dollara) Fiscal year or nan'Ui October 1951 BUDGET RECEIPTS AND EXPENDITURES Table 8«- Railroad Retirement Act - Budget Receipts and Expenditures (In millions of dollars) Eecolpte Fiscal year or month Ezceea of net receipta^ or eipendituree ( 1/ Taxes on carriers and their an^loyees - Expenditures Deduction: Hefunda of tales on carriers and their employees Administrative expel penses Net receipts Trans fora to Railroad Retirement Account (trust account) 2/ igiA 19^5 1.8 267.0 265.2 2a.8 3U.1 281.7 380.0 557.0 29'*.5 191*8 -26.3 -12.8 77.3 -206.5 267.1 285.0 282.6 380.1 557.1 19^9 1950 1951 -15.5 -3U.1 -30.5 563.8 550.2 577.5 563 .U 578.9 583.7 608.0 -60.8 6.5 139.5 1.6 6.5 139.5 1.6 6.5 139.5 62.3 62.3 -79.0 3.0 U.8 139.2 3. U. as.o 82.0 60.3 27.3 60.3 27.3 igitfi 19l»7 1951 -January, FstruflJ7, March... April.... May k.8 June 139.2 July August.. -59.7 38.7 549.6 577.5 302.8 763.5 2.5 2.3 2.6 4.3 5.0 262.7 308.8 291.9 298.5 758.5 U.lt 574.5 582.8 608.0 .9 139. .6 .6 66.0 66.0 I > Source: Dally Treaeury Statoiient. 1/ Excese of expenditures Is covered by appropriatlonfl by Congress. 2/ Interest on refunds is included under "Adjninlstratlve expenses", i/ Consists of expenditures from appropriatlans made specifically for administrative expenses relating to the Eailroad on refunds of tares (see footnote 2). Less than $50,000. fietlreoufEit Act, and Interaet Table 0.- Railroad Unemployment Insurance Act^- Budget Receipts and Expenditures (in millions of dollars) Receipts Fiscal year or month Excess of receipts, or expenditures (-) 2/ Railroad unemployment insurance contrlbutlonfl 1944 1945 1946 1947 1948 -2.7 1949 1950 1951 April.... July August . . Insurance Administration Fund) 4/ ^l/ tremfert to Sallroad Unamplo/ment Insioranoe Account, Uoenmloyaent Trust Tund ^ 3.2 3.7 3.5 4.5 5.5 11.7 8.9 9.6 -.6 14.9 12.6 13.1 13.7 15.1 -5.1 -3.2 4.0 9.7 9.1 9.8 14.8 12.3 5.8 5.9 6.9 5.8 9.0 5.4 -.5 -.4 .1 2.0 2.3 .5 .5 .4 .5 .5 .4 -.3 -.5 .1 .1 .3 .6 .3 .6 2.1 2.4 .3 .3 .5 May June Uneoiployment 12.1 13.2 12.9 14.2 14.5 .6 -.2 1951-JanuQry . February. March. . . Expenditures AdmlnlBtrative expenses (Railroad -4.9 -.2 Source: Dally Treasury Statonent. 1/ Operated as Railroad Unemployment Insurance Administration Fxind. 2/ Excess of expenditures Is covered by appropriations by Congress. 3/ Through 1948 represented 10^ of contributions under the Railroad Unemployment Insurance Act of 1938; the remaining 90^ was deposited in the Railroad Unemployment Ins\irance Account in the Uneoqjlojment Ti-uat Fund. Beginning 1949, represents contributions equal to O.256 of the taxable pay roll; the rftnalnlng contributions are deposited 4.9 9.2 9.7 4.4 .4 4/ 5/ * in the Rai lroad Unemployment Insxa-ance Account (45 U.S.C. 358 (f)). (See "Trust Account and Other Transactions", Table 7.) Consists of expenditures from appropriations made speciflcaULy for administrative expenses relating to the Railroad Unemployment Insurance Act. Repreeents excess funds of the Railroad Ubeoployment Insurance Admlnls tratlon Fund, under act of Oct. 10, 1940 (54 Stat. 1099). Less than $50,000. Treasury Bulletin TRUST ACCOUHT AHD OTHKE TRAHSACTIOHS Table 1.- Sumnary of Trust Account and Other Transactions (In mllllona of dollars) Trust accounts, etc. Nst of Fiscal year or month account and other transections 1/ Het investanante of t]rust Het receipts, or expenditures (-) Expenditures (other than Receipts Oovemment agencies In public debt securities 2/ Guaranteed inrestaaents I9W 19'*7 -2,222 791 -52U -1,103 I9W -29it 19't9 -1.95 1950 *951 IS"*? 191*6 780 7,5Wt 5,085 7,086 7,712 It, 3,238 2,619 2,658 99 679 6,669 7,796 1952 (Estimated), l»64 3,'»75 X9iX-3tBXIBTJ February..., -83 April Ma; June July August , 3,625 3,857 3,82U, 6,950 5,71'* Not guaranteed 5,200 3,668 3,362 3,060 2,683 1,276 160 387 16 -123 2,311 1|6 28 -1*02 8 11* -10 -371* -170 3,9"'5 3,557 hJ 8,620 5,ll>5 3,17U 7 572 1*87 6 1*30 222 258 339 209 127 -3 190 277 -66 -28 -31. 350 Wt9 91 -69 136 63 1*67 I403 W7 25 638 1,055 1,003 1*17 lOlt lt87 66l» -1*8 lt09 292 U97 106 k6o 227 March 305 -458 6,2W 1,890 -281 3,852 lt,]29 1»,U7U 6,515 2/ Ret redeonptlons , or sales (•), of securities of Coreinment agencies In the market 2/ 281* 708 899 118 583 U 83 1,079 Souroo: Actual figures from Daily Treasury Statss&ont; eotlmAtea based on 19^2 Budget document, Including effect of proposed logielatlon. i/ Excess of receipts, or expenditures {-), 2/ Consists of transactions ^loh clear through accounts of the Treasurer 3/ y * * 13 * 21* 1 * -1» 1*3 of the Iftilted States. Excludes Foreign Eoonomlc Cooperation Trust Fund (see page 1). See Table U. Less than $500,000. Table 2.- Trust Account Receipts (In wi 1 Federal Old-Age and Sur7 Ivors Insurance Trust Fund Fiscal year or month 5,085 7,086 7,712 H nna Railroad Retirement Account of dollArS Unomp 1 oyman t Trust Fund National Serrlce Life Insurance Fund C^oremment Life Insurance Fund Ckrvemmont employees retirement funds l/ Other trust funds and accounts 2/ 273 324 312 323 797 1,567 1,508 1,280 1,289 1,313 905 2,127 2,351 1,504 740 103 134 90 501 557 6l4 578 594 351 1,038 1,666 191*7 191*8 6,81.4 6,515 i/ 1,395 1,434 1,386 1,623 1,807 191*9 1950 1951 5,714 6,669 7,796 1,924 2,367 3,411 625 645 678 1,173 1,281 1,542 690 1,076 684 92 87 86 680 809 850 529 403 545 1952 (Estimated) 8,620 4/ 191*1* 191*5 191*6 , 94 97 792 1,174 i/ 4,l4o 721 1,480 697 89 811 407 572 708 430 246 374 250 63 1 105 5 35 58 208 29 3 30 42 1 60 49 60 4 33 53 158 534 407 83 1 32 52 4 394 June 467 1,055 1,003 66 97 205 48 36 44 179 112 29 1 July August 409 1,079 175 516 60 27 58 44 34 4 4 30 30 40 92 1951 -January . . . . February... March AprU May Source: (Same as Table 1). 1/ Consists of ClTll Service and Foreign Service retirement funds. 2/ Includes Ad,}usted Sarrico Certificate Fund, District of Columbia, Indian tribal funds, island possessions, Increojent resulting frcsa reduction in the weight of the gold dollar, and through June 1950 seigniorage on silver under the Silver Purchase Act of 1934, There- 376 ^ 4/ 2 after such seigniorage is included vith other seigniorage under budget receipts. Excludes Foreign Economic Cooperation Trust Fund (see page 1). Total Included $275 million for Medical Care Insurance T^'uat Fund under proposed legislation. October 1951 I TRUST ACCOUNT AMD OTHKR TRANSACTIONS. Table 3.- Trust Account Expenditures Other Than Investments lU ireai>iuy TEUST ACCOUNT AHD OTHER TRANSACTIONS Table 5.- Federal Old-Age and Survivors Insurance Trust Fund"^ (In millionB of dollars) Fiscal year or month uuiwiui October 1951 11 , TKUST ACCOUNT AHD OTHER TRANSACTIONS Table ?•- Unemploynent Trust Fund (In miUloos of dollars) Bacelpts State accounte Deposits by States Trans Contrl fare but ions fran Statea 2/ 3/ 1936-191*1* 191*9.. 8,180.9 1,507.8 1,279.8 1,289.1* 1,312.9 1,173.2 1,281.0 7, 281*. Transfers from Administration Fund UncBiploy' Inroetmente 11*3.6 11*6.9 1,11*5.9 .1 9.0 9.7 5.1* 180.1 167.1 116. .1* 127.6 130.6 .1* 981*.0 165.3 7,1*1*9.1 7,1*09.0 7,852.0 U.8 817.1* .5 1*19.9 60.8 798.1 1*51* 86.76/ 5.9 2.9 U.l* 13l*.0 l*.8 -1*2.3 66.5 75.2 70.1 63.0 72.1 3.5 3.1 2.7 318.1* 68.T 76.7 66.5 9,632.7 9,059.9 39.2 .1 2.7 393.1* .3 17.9 3.6 57.7 375.5 53.3 375.2 75.8 l».l* 1,1*68.6 Source: (Same as Table 1), 1/ Excludea Interim advance of $15 million from the Treasury and subsequent repayment, both tajclng place in the fiscal year 191*0. 2/ Represanta contributions under the Railroad Itoeniploymant Ineurance Act of 1938, as amended (1*5 U.S.O. 360 (a)), in axcess of the amount epoclfied for administratlTe expenses. (See "Budget Receipts and Expendlturea" Table 9.) 3/ Represents amounts transferred from States to Railroad TJnainploymont Insurance Account equivalent to amounts of taxes collected vlth respect to period from January I936 to June 1939, Inclusive, from employers vho ccme 67.1* 107.2 1*65.6 -71*1*. -21* .1* 27.2 -U.O 2.2 3.9 72. 1*/ 1/ 298.9 6/ 8,367.1 7,869.0 8,323.0 .3 .3 8,298.1* 18.1 6.5 8,182.1* 7,1*37.9 8,138.3 7,l'll*.3 Ul.U 22.1 2.7 1.5 8,079.2 8,061».2 lU.l* .6 7,666.3 7,800.3 7,758.0 7,639.2 7,778.2 7,738.2 25.5 20.7 19.0 1.6 7,733.6 8,052.0 8,079.2 7,698.2 8,023.2 31* 8,061* .2 8,068.2 8,367.1 8,029.2 8,335.2 8,367.1 8,335.2 1.1* .6 .7 27.9 lU.l. .9 .6 37.3 30.8 1.7 1.1 30.8 1.1 within the purviev of the Railroad Unemploynant Insurance Act. Eepreeenta excess funds of the Railroad liiaii5)loyinent Insurance Administration Fund, under act of Oct, 10, 19iK) {^k Stat, IO99), For railroad unemployment benefits and refunds. Includes transfers to the Railroad Un€8i5)loyment Administration Fund as follows: $9.7 million in I9U9 and $2.6 million In 1950, representing adjustanont for over -collect lone due to retroactiTe change In tax rate under the Railroad TAieisployment Insurance Act, as amended (U5 U.S.C. 358 (a)). Lesa than $50,000. Table 8*- National Service Life Insurance Fund (In mllllone of dollars) Fiscal year or month .0 -11*0.6 59.1* 1*2.1 85.3 133.9 66.8 393.7 97.3 107.2 17.2 51.7 96.1* .1 901.9 .1* 8.5 7.8 31.7 102.3 73.9 71.5 Apr. May. June 15,1*36.8 5,870.0 7,307.2 70.7 l*.l 17,999.8 5,878.8 7,315.3 761* .3 3.5 Inception to date. 1,1*36.5 65.1* 207.8 21.7 Aug. 5,878.8 .8 650.0 105.2 207.9 29.2 5.3 1*3.8 .U 715.1* 1951-Jan. Fob. Mar. 8.1. 105.9 70.1 1,128.3 182.6 15.0 burelng In offltruat accoult oer*e account 2,152.1* 61.1.3 1,279.0 In dlo- Inveatnanta aeaeta 52.0 1,1*79.7 July Benefit payments 11*6.5 1952 (Eat .5 mant Insurance C-), Account l/ In 81*8.3 161*. 3.1 or decrease 1,227.1 1,879.0 11* .9 869.5 858.9 Unexpended bolence increase, 1,313.8 2,025.5 900.3 1,098.8 1,362.6 31* road Uhanployment Insurance Account ^ 2,302.1 71.3 .1* to drennils by States 377.9 123.6 105.9 BaU- With- y 1,51*1.6 1950.. 1951.. Total 29.1 8.9 9.6 9.2 9.7 383.7 118.8 1,256.0 1,009.9 1,005.3 1,007.3 Aaaeta, end of period Ret Kallroad State accounts Transfers Flecal year or mfiin^ 191*5.. 191*6.. 191*7.. 191*8.. Expenditures other than inrestanants Ballroad Unemployment Ineurance Acccrunt 1/ Treasury Bulletin 12 .TREASURE CASH INCOME AHD OUKJO. Table 1.- Summary of Cash Transactions October 1951 13 .TREASURY CASH IIICC*E AND OUIGO. Table 3.- Derivation of Cash Budget BxpendltureB (In mllllana of dollazQ) Fiscal year or month . : . Treasury Balleiin lU TRRASURY CASE INCOME AND OUTGO. Table 5.- Derivation of Cash Borrowing or Repayment of Borrowing (In mllllonfl of dollore) Increase, or decrease In Federal securities outstanding Guaran- igWi WiiS igue teed securities Issuance of Federal securities resulting from budget expenditures, etc., or refunds of receipte Excess Aniad Notes for profits forces Adjusted Intertax leave service national refund bonds bonds 1/ Bank and bands Fund 1/ 2/ 1/ Net investzienta In Federal securltleB Fiscal year or month Public debt Noncash debt transactions Less: (- Total Federal By truBt By Govfunds and ernment accounts agencies securities ^ Interest on savings bonds and Treasury bills it/ Net transactions In guaranteed securities not reflected in Treasurer's accounts Plus: ash issuance of non- guaranteed securities of Federal agencies Equals: Net cash borrowing, or repajment of borroving (-) s/ -190 -277 66 56,757 1*67 28 559 580 323 -19,389 -7,280 57'* -11* 6U,307 57,679 -2,U77 -1,190 61,830 ".,883 1»,129 206 -5 la"* 213 207 56,1189 6,738 -108 8911 31*2 •3 3,lM)9 -86 -8 -h -970 -39 -10 86 203 l,39lt 159 178 -69 1*35 -387 -16 10,783 -11,523 -6,010 5,200 3,668 3,362 3,060 321* 10,7'tO -16I1 638 374 -2,513 U,23l -5,795 -65 325 170 12,730 19''7 •U,136 19't8 '5,99lt 7,892 1,793 -1,229 2,ll«) -913 -2 -2 -k -1 -323 166 13 igitg 478 2,916 2,311 '',587 -k6 -8 lt32 1950 1951 '',579 33"* -lrt)5 -2,135 10 -2,126 1»,0U5 3,369 319 97 187 1952 (Est.) 16,000 -7 15,993 3, ''33 3,061 113 1951 -Jan. Feb.. Mar.. -583 -6 -589 138 -33 61. -19 -12 39 Apr. May.. June. -19 -13 -9 -95 -160 -1 -1 -18I. -18I. Wt9 230 281 207 -91*4 -9l>l 1''3 U5 2 13 -270 -270 366 129 375 129 135 518 7'»7 99 80 638 8 8 25 181 509 81 U63 25 86 -2 1.7 U3U 992 July. Aug.. I* -1,037 -13 « ]*/ ^ • -1.27 -1,083 -25 -2U 3"* W» 92 Source: (Same as Table 1). 1/ The issuance of these securities is treated as a noncash budget expenditure at the time of Issuance and as a cash budget expenditure at the tljne of cash redemption; net issuance or not redemption ( - ) 2/ See Table 1, footnote 1. 3/ The issuance of tJiese securities is treated as a noncash deduction from 7,'t39 -28 28 13 1.9,1.71. -1.30 1.8 -167 -570 • J*3 252 U.0 budget receipts at the time of Issuance and as a cash deduction at the time of cash rodemptionj net Issuance, or net redanption (-). Accrued diecoxmt on savings bonds and bills leas Intsrest paid on savings bonds and bills redeemed. Includes borroving through Postal Savings Syston, Less than $500,000. Table 6.- Cash Operating Income and Outgo by Months (In millions of dollars) Annual total Calendar year Jan. Apr. May July A\.g. Sept. 2,170 2,327 3,372 3,238 3,371 2,803 5,562 6,015 5,276 3,112 3,162 3,150 l.,666 2,268 2,03l 2,U0 3,521. I., 2,851. U,6oo Calendar year Fiscal year 1/ Cash operating income: 1,1.76 5,293 1,61.8 2,069 l.,663 19W. 2,915 3,101* 3,319 3,61.2 191*5 3,721* 3,161. 3,032 5,61.9 2,366 3,850 2,965 6,332 6,016 19U6 1*,275 l.,068 6,675 7,001 191*7 I9I.8 3,821 U,91.7 l.,ua2 I., 5,585 6,019 5,555 2,228 2,U02 5,162 8,U89 1,633 2,960 6,396 8,009 7,118 3,700 7,620 7,1*32 8,561. 7,677 7,765 3,600 191*3 191*9 3,683 1950 1951 3,1*85 11,696 51.8 3,893 3,595 l.,877 1,1*30 2,71.6 2,969 2,595 2,939 U,ll.8 2,761. l',l83 2,332 l.,886 l.,S77 2,1.1.6 U,798 U,687 7,367 ".,585 I., 667 l.,915 25,171. 1*7,861 50,21.0 1*3,839 2,213 2,212 2,909 2,683 2,705 2,877 3,030 2,813 5,852 5,538 37,919 l.,328 1.9,608 1.1,635 2,589 2,280 3,305 3,190 2,965 3,987 U,106 I*, 263 1.1*, 319 1*3,591 l.l.,971 1.5,1.00 1.1,371. Ul,628 3,1*87 U,l.88 1.2,1.51 1.0,970 53,1*39 88,967 810 76,909 93,956 1*,156 1.8,191. 865 2,01.6 2.1.26 7,693 7,686 6,326 7,625 7,886 5,913 7,766 7,373 7,823 8,178 91., l',75l* 5,221* 86,11.2 95,181. 2,9U1. 2,8U1. 2,269 3,578 1*1,399 61,738 3,073 2,950 3,715 3,009 5,565 3,91.3 2,1*90 3,1*76 1*,235 1»,070 U,OOI. 38,616 36,897 36,931 3,199 2,570 2,779 3,266 3,335 -U,368 -U,908 -U.lUl -2,331 -1,671 -1,050 -5,1*12 -5,671. -3,101. -5,061 -U,U96 -1,971 -51,068 -53,735 -2,61.0 -1.6,616 -1,721* -36,531. -1.6,095 -u.,91.5 1*3 1,6H -161 5W. -896 578 236 -17,899 723 18 510 1,1.69 -1.99 816 -283 1,068 1,666 -1,220 -909 6,659 8,903 1,051 -2,135 7,635 Cash operating outgo: 191*3 6,1*97 19U1. 191*5 191.6 7,537 7,729 U,668 191.7 2,715 3,1*87 2,961 191.8 2,1*97 2,726 3,259 3,537 3,522 3,1.18 2,855 3,177 191*9 1950 1951 3,1*38 Net cash operating incoiae or outgo ( - ) 3,850 U,0l.6 ".,219 3,063 2,397 3,130 7,988 8,U78 8,829 7,017 7,71*0 7,21.9 8,1.36 3,853 1*,562 2,71*5 8,1U6 7,512 2,760 2,781 2,507 3,709 3,700 l*,73U l.,129 l*,550 3,272 2,588 2,966 3,11*3 7,390 8,027 7,750 i.iui. 5,151* U,o6l 5,223 -5,781. -5,321 -3,325 -l.,81.7 -U,358 -1'.385 -'',536 -2,11.6 -•.,922 -2,813 -379 -U,986 -U13 -827 -320 -885 -1,032 -1,989 1*,81.3 3,197 3,81.7 3,1*71* 3,1*26 3,1*15 1.2,61.2 36,1.96 1.0,576 1.1,969 , 19'*3 191*1* 191*5 191*6 191*7 191*8 191*9 1950 1951 Source: 8,736 3,876 (Same as Table 1) -5,601 -U,622 -U,005 -1,636 -l.,920 368 -2,327 -1,889 -1,785 1,773 1,106 1,986 829 308 1,259 1,1.60 2,621. -835 -35 102 1,32U 635 58 1,356 2,601 1. 1.62 7U8 -1,699 -1,661 -l,lllt 21.8 1,116 l.,270 -1,181. -762 -1,006 2,11.1. -'.,905 -2,81.3 1,701. -l.,6oi -1,231* 626 1/ Ul 212 -566 511* -1.61 193 5,703 8,076 -1,267 72 1.85 1.82 -965 FlBoal year ending Jane 30 of year indicated. -128 October 1951 15 GENERAL FUND OF THE TREASURY, Table 1«- Status of the General Fund (In millions of doUaro) Assets Eai of fiscal year or month Gold Other 20,775 25,119 lU,7oe 3,730 5,370 15U 150 160 1,023 1,073 21'3 1950 1951 3,862 5,927 7,3-1 1,022 1,052 1950 -Dec ember '•,721' 1951- January. 14,865 February March ... 5,806 8,991 19'*'' W"*? 19'*6 19lt7 19't8 19't9 April May Deposits in Federal Beserre Banks Bullion, coin, and currency , June .... July..... August.., 7,360 6,376 7,871 Available fundjs 666 558 In process of collection Deposits in special depos rsltarles Othar depos Ite 1/ _ collections 1,'*42 1,500 1,006 1,202 1,928 232 191 123 LlabUltles B&lence in the Oeneral Fund and 607 20,169 1*21 21',698 ''70 lit, 238 1*22 3,306 '»38 '',932 309 323 380 392 UlO 3, ''70 511* 5,517 7,357 18,007 22,622 12,993 962 1,773 507 289 305 310 283 1,771 3,268 5,680 219 191 176 Its 8 950 103 338 250 1,052 181 690 129 2,iVt 327 1192 4,232 1,036 1,038 201* 807 298 2,117 1*03 '*12 't,l'5lt 191* 1*65 11*8 3,61'* 3'»7 '*23 l,0l»3 191 1,120 31*8 5,900 390 1*22 5,382 8,569 1,043 1,052 185 181 176 611 666 338 5,030 029 5,680 369 337 380 1K)5 110 250 511* 6,955 5,782 7,357 179 176 I159 3,694 3,2W» 369 392 U12 336 5,620 5,095 1,0''6 1,01*6 6,032 1,060 5,''31 l,0't7 lltS 123 It, 58I. 111 591* Source: Dally Treasury Statement. 1/ On account of withheld taxes and sales of Government securities. Table 2.- General Fund Balance By Months (End of month, in millions of dollars) Feb. Mar. 647 July Sept. Apr. May 384 364 2,022 1,957 2,358 417 862 2,582 1,841 2,682 145 834 2,472 1,789 2,230 339 1,200 2,137 1,475 1,904 862 1,146 2,193 1,799 2,188 755 909 1,812 1,473 1,764 590 1,107 1,597 1,434 1,406 555 1,026 2,564 2,209 1,906 Aug. 340 327 1,537 2,319 2,004 376 221 4,902 2,081 1,767 4,818 2,446 2,866 292 241 2,294 1,935 2,442 1,726 2,950 2,933 2,282 2,025 1,539 2,975 3,343 2,350 1,701 1,826 3,140 3,389 2,514 2,715 1,702 2,689 3,044 2,210 2,425 1,754 2,567 2,924 2,030 1,904 2,553 2,216 2,838 1,891 2,633 2,639 2,116 2,447 2,258 2,599 2,902 2,260 2,231 2,454 2,873 2,860 2,978 2,178 2,415 2,266 2,676 2,569 1,913 1,920 2,641 2,608 2,447 2,165 1,817 2,319 2,973 3,083 2,476 1,928 3,560 3,562 5,392 19,155 17,313 25,961 3,493 4,179 16,606 15,277 24,367 2,851 12.617 12,279 1945. 1946. 2,950 7,724 12,239 19,606 25,427 20,935 2,812 12,687 8,522 9,625 18,536 2,991 9,507 20,169 24,698 14,238 3,288 8,595 21,924 22,082 12,029 3,154 6,364 17,672 18,631 11,040 4,302 18,158 15,117 16,134 10,171 4,896 19,297 9,990 12,813 8,070 3,082 14,958 9,803 14,445 6,665 10,543 12,294 22,236 26,003 3,502 1947. 1948, 1949. 1950, 1951. 4,711 4,648 4,659 5,049 4,454 7,134 4,318 5,291 6,909 5,353 5,767 6,121 8,569 4,312 4,612 3,995 4,702 6,955 4,066 4,946 3,163 4,464 5,782 3,303 4,932 3,470 5,517 7,357 3,069 5,074 3,337 4,500 5,620 3,400 4,832 4,418 5,185 5,095 3,952 5,583 5,699 5,505 4,107 4,802 4,737 4,145 3,935 3,097 4,208 4,679 4,232 1932 1933 193'' 1935 1936 1937, 1938, 1939. 19'tO, 19'»1. 19''2. 19''3. 19'''', Source: Dally Treasury Statenent. 5,186 5,382 493 U,366 '',385 4,422 4,139 , Treasury Bulletin 16 .KEHT OOTSTAKDHC. Table 1.- Summary of Federal Securities (In millions of dollars) Tot&l outstanding End of fiscal year or month Public Debt Interest-bearing debt Guaranteed Bocurl- Public debt 202,626 201,003 258,682 1,623 269,1*22 476 258,286 252,292 90 73 252,798 257,377 255,251 252,770 257,357 255,222 27 20 29 250,785 255,226 252,879 1950, 1951, 250,762 255,209 252,852 24 17 27 2,012 2,150 2,372 2,009 2,148 2,370 245 265 512 539 1,516 409 467 259,U5 191*9. 201 269 69 1,460 2,326 1,311 3,173 2,229 199,543 256,357 268,111 255,113 250,063 269,898 258,376 252,366 1*33 1,567 2,350 1,321 3,179 2,234 201,059 256,766 268,578 255,197 250,132 191*6, 191*8, International Back 1/ 19'»5. 191*7, Public debt ties tlea M 19W», Matured debt and debt bearing no Interest Guaranteed securi- 83 376 231 2S0 Monetary Fund Other 2/ (natured) 4l6 66 1,724 1,161 1,259 2,057 935 802 722 41 1,063 1,270 1,283 660 613 575 Deit peak Fob. 1946... 279,76U 279,211* 551 278,451 277,912 1950-Decanl)er, 256,731 256,708 24 254,304 254,283 1951-Januflry,. 256,11*3 256,125 February. March. . ., 255,958 255,018 255,91*1 254,997 18 18 21 253,720 253,397 252,572 253,704 253,382 252,553 April..., 254,71*8 Majr 255,122 255,251 254,727 255,093 255,222 21 29 29 252,299 252,756 252,879 255,685 256,677 mfn 28 253,351 254,351 June Jul7 August. . 32 1,313 1,301 238 2,427 2,425 562 1,270 593 16 15 19 2,423 2,561 2,446 2,421 2,559 2,444 561 702 590 1,270 1,270 1,270 590 587 584 252,280 252,729 252,852 19 27 27 2,449 2,366 2,372 2,447 2,364 2,370 583 503 512 1,283 1,283 1,283 581 578 575 253,325 254,321 26 31 2,334 2,325 2,332 2,323 1,283 1,293 572 569 Source: Daily Treasury Statement. Footnotes at end of Table 2. Table 2.- Net Change in Federal Securities Guaranteed eocurltloe 1/ 1,063 107 24 10 3 6 5 2 2 October 1951 17 -DEBT OOTSTAKDHC. Table 3.- Interest-Bearing Public Debt Treasury Bulletin 18 .VEBU OtniSTAICDIIC Table 5.- Special Issues to United States Goyenuaent Investment Accounts (In mlXlloDB of dollare) End of flscea year or nonth October 1951 19 .DEBT OOTSTAHDHG. Table 7.- Treasury Holdings of Securities Issued by Goveminent Corporations and Other Agencies^ 20 Treasury Bulletin DEBT OUTSTANDING. Table 8.- Public Debt and Guaranteed Securities Outstanding by Months (End of monUi, In nllllona of doXI^irs) Year Mar. Apr. Ma; July Aug. 19,612 22,610 27,189 29,123 20,611 23,051 £7,190 20,813 23,050 27,188 27,299 £5,'.21 29,1.6:? 29,631. 30,557 33,833 33,833 33,79'. 3U,1.07 36,716 37,191 20,067 23,099 27,080 29,033 33,380 37,0U5 37,593 36,875 38,393 36,956 37, 09'^ 37,279 38,603 39,1.27 1.0,661 1.0,891 l.'.,137 '•1,305 Ul.,273 lil,9l^2 1.3,905 lwD,858 IJ.,073 50,921 51,3'.6 53,581. 55,0to 57,938 81,685 92,901. 96,116 166,158 215,005 265,31.2 108,170 165,877 230,630 278,115 262,277 259,11.9 258,212 252,506 256,982 257,077 256,900 252,800 257,130 256,708 Sept. Not. Public d«bt 1932. 1933. 17,6l5 20,802 25,068 28,U76 30,516 18,126 20,935 26,052 1937. 1938. 1939. 3'',502 37,'i53 WW. 39,631 Ii2,110 1935. 1936. 19'il. Wiia. 28,:>26 18,507 21,362 26,158 28,017 26,118 28,668 30,520 31,'t59 3"*, 601 37,633 39,859 3U,728 37,556 39,985 ''2,365 1*2, U6,090 '•7,173 U2,658 •7,231 62,ltl9 61., 961 5U0 19't'*. 60,012 111,069 170,659 191*5. 232,lt08 62,381 11U,02U 183,107 233,707 19U6. 278,887 279,211> 233,950 276,012 259,776 26l,ltl8 259,12l> 19''8. 256,57't 19''9. 252,620 256,865 256,125 25^,605 252,721 256,368 252,990 251,6U2 1950. 1951. 255,9'tl 18,597 31,1'25 19,037 21,853 26,155 28,638 31,636 22,539 27,053 26,701 33,779 3'i,9'»l 35,213 36, '•25 37,510 37, '•22 37,165 '10,063 '•0,282 l42,8o3 1.2,968 '•7,721 U8,96l '•3,771 '•9,513 68,571 135,913 186,366 238,832 272,583 72,1.22 77,136 136,696 201,003 258,682 ll.l,52l» llj.,059 86,1.83 158,3'.9 208,571. 262,01.5 209,802 263,001 209, k96 262,020 269,1.22 268,270 267,51.6 265,369 165, 0U7 210, 2W. 261,817 263,532 258,286 252,292 252,770 257,357 255,222 259, U.8 260,097 259,1'.5 259,071 253,371. 253,01.9 255,852 252,687 256,680 257,216 252,1.60 253,877 256,778 256,937 21,l|l»l 115,507 129,8l»9 18'',715 18U,967 235,069 273,898 255,72'» 25l>,997 257,701 252, 2l«) 251,530 255,718 258,3'^3 252,236 251,889 256,350 255,093 19,'^87 33, 'J.'* 38,'.23 1.1,036 20,806 20, 806 23,531. 23,811. 28,1.79 1.5,025 257,5'.l 257,87'. 255,657 256,61A 681 123 l,o6i^ 1,615 1,875 2,596 18 2,823 180 3,063 '•,205 l.,1.21 l.,1.60 4,1.91. U,667 U,662 I., l.,6l.U "•,61.5 '•,993 ".,992 5,708 5,919 5,701. 6,32l^ 6,321. It, Guaranteed eecurltlee 1/ 1932. 1933. 1931.. 2 310 3,300 3,1.30 295 3,589 325 3,660 3,728 I., '•,562 •,630 l.,65l. l.,676 l*,703 1.,718 U,72U '•,2U8 l.,669 "•,369 '.,667 1937. 1938. 1939. l.,662 '•,662 l.,662 '•,633 U,6U6 U,61.6 1*,665 1*,853 '',633 61.6 U,66o U,852 '•,703 I., U,66o U,6U7 5,06U 5,015 5,009 "•,987 5,l»10 5,1*10 5,1*10 5, '.09 5, '.89 5,1*56 5,673 19'^1. 5,699 5,915 5,91'^ 5,663 5,916 5,657 6,560 5,535 6,371 5,U50 5,529 6,370 5,'»80 19'^0. 5,526 6,939 5,813 6,937 5,808 6,937 U,63U 5,001 5,'Ae 5,810 6,938 19'^2. 5,703 5,696 5,690 5,688 l.,568 '•,581 U,265 It, 261. '•,291 '.,275 '•,287 l.,36o '*,37a 1.,1D0 U,]ySo 1,530 558 1,1W. 551 2,278 1,1UU 2,27U 1,155 553 5UI. 552 U76 379 3,971 1,568 5U5 uoo l.,119 '•,233 3,791 1,565 505 333 '*,592 3,9'.l "•,571. 19'.3. 5,687 .,091 1,669 1,171 1,563 558 386 1,533 553 370 270 77 188 182 78 178 177 75 23 20 29 83 89 57 27 20 29 1935. 1936. igi^i*. 19'.5. 19V6. 19'^7. 19l^8. 180 79 26 21. 75 23 22 21 21 19'^9., 36 1950., 1951.. 27 18 II 17,816 20,802 25,378 31,776 35,078 18,126 20,935 26,232 32,006 35,150 18,507 21,362 36,U3 32,328 36,101 1937. 1933. 1939. 39,161. '•2,099 39,263 •2,279 39,390 39,601 lt2,202 1.2,157 l.l.,6l8 '•5,269 1.8,038 52,001. 't5,395 1.8,203 1*5,1*73 '*8,315 53,089 53,791 68,077 118,311 187,339 68,109 119,867 186,993 23't,851 279,761. 261,606 25U,683 21* 1.23 1,623 '•33 90 73 . 1,566 53'* 80 55 26 16 79 51 76 50 27 18 29 20 28 28 32 20,067 23,099 28,695 33,280 20,611 23,051 20,813 23,052 29, 06 It 29,78lt 33,790 38,500 1.1,678 1.2,608 lt6,38o "19,718 52 662 5,917 301 U,230 1,511. 567 339 81 55 29 2U 30 20,806 23,552 30,122 20,806 33,382 38,500 3"., 091. 35,052 39,069 ltl,508 "t3,U02 "•1,590 •1,738 1.1,92'. ".3,1.21. It6,311t 1.6, U81. "•3,596 "*7,013 lt7.6"'6 U9,88l 58,283 60,522 50,192 61, 361* 61., 262 22 21. Total Federal eecurltlea 1932. 1933. 1931*. 1935. 1936. 19ltO. "•7,809 I9IH. 51,792 191*2. 65,715 115,360 19'^3. ^'•'•. 17it,933 ms. 233,938 19lt6. 279, '•'•5 19''7. 19lt8. 260, OW 256,651 252,656 256,892 19'«9. 1950. 1951. 256,1'^3 252,71*7 256,395 255,958 26, '•53 32, '•06 18,597 21,liJ.l 26,1^.3 19,037 21,853 26,578 32,367 36,339 19,U87 22,539 19,612 22,610 27,73'' 32,a2it 38,lt97 28,2511 39,873 ltl,089 It2,017 ltl,l»19 l.2,27lt '•5,691 U5,890 1.6,llil ''8,3'*3 Ii8,lt97 5'*, 092 55,332 1*9,297 56,1.52 33,328 38,168 1(2,255 38,01.9 57,858 70,6U9 7U,258 76,991 81,717 86,277 ll^O.OCA llto,796 11.5,316 11*8,000 188,035 235,091. 13'*,221 187,21.1 236,221. 2ll0,003 27lt,ltlt3 273,135 202,626 259,115 269,898 210,138 262,550 268,603 211,369 263,535 276,565 259,306 253,068 251,666 257,880 252,315 251,553 255,7l«J 255,018 2511,71.8 258,376 252,366 252,798 257,377 255,251 259,528 255,71.7 258,521 252,311 251,912 256,370 255,122 260,176 253,101 255,879 257,891 256,677 Source: Dally Treasury Statement; Office of the Treasurer of the United States; for guaranteed securities prior to July I9I.2, Stateient of Contingent Liabilities. 1/ Obligations, Issued by certain Gorenment corporations anl other agencies, vblch are giuo-anteed by the United States as to both principal and Interest. 253, '•29 253,902 257,557 255,685 267,92't 1.9,91.7 38,"^56 23,99"^ 31,5'^3 ".1.,U19 50,9'« 91,057 162,321 211, 06U 262,565 265,768 2u,ao7 100,380 170,318 216,537 262,376 263,918 265,89"* 262,61*6 278,682 259,221 252,738 256,709 257,236 259,155 252,513 256,805 256,959 258,301 252,563 256,981 252,854 257,160 256,731 97,169 169,166 257, OU 257,100 112,1.71 170,108 232, IW. 259,1*87 Such obligations were 'Irst authorized In 1932. Prior to September 1939, the figures represent principal shovn as a contingent liability of the United States; beginning September 1939, they represent principal outstanding, both matured and unmatured. Guaranteed securities held by the Treasury are excluded. October 1951 21 STATUTORY DEBT LIMITATION The Second Liberty Bond Act, as amended, ( Jl U.3.C. 757 b), provldee that the face amount of obligations Issued and the face amount of under authority of that act, obligations guaranteed as to principal and Interest by the United States (except guaranteed obligations held by the Secretary of the Treasury), shall not exceed in the aggregate $275 billion outstanding at any Obligations Issued on a discount basis, and redemption prior to maturity at the option of are Included In the statutory debt limitation one time. subject to the owner, at current redemption values. Table I.- Status under Limitation, August 31, 1051 (In Billllane of dollars) M&zljmm anount of aecurltlos vlilch may ba outetasdlne at aay ooa tlna, uoder llnltatlona Ijapoead by tha act of Jma 26, 19lt6 Gl U.S.C. 757 b) 275,000 Amount of eecurltlae outatandlng eubjaot to euch etatutor? debt llnitatloivi U. S. Goremmant eacurltlae leeuod undar 255,969 tha Sacond Llbarty Bond Act, aa aaandad 32 Guarantaad eacurltlae (axcludlng thoee hald by tha 'iTaaaurr) Tot&l amount of eacurltlae outetandlng eubjact to etatutory debt llAitatlon • 18,999 Balance leeuabla under limitation Source: 256,001 Bureau of tha Publlo Debt, Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding August 31, 1051 ( Clasa of eecurltj In mlUlona of dollars 2? Treasurij Bulletin DEBT OPERATIONS. Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding August 31, 1951 ^ October 1951 23 DEBT OPERATIONS. Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding August 31, 1051^(Contlnuedl 24 Treasury Bulletin DEBT OPERATIONS. Table 2.- Offerings of Treasury Bills October 1951 25 DEBT 0PERATI0K3. Table 3.- Offerings of Marketable leeuee of Treasury Bonds, Notes, and Certificates of Indebtedness Date Treasury Bulletin 26 DEBT 0PERATI0M3. Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States Government Date of refundlil* or retire- ment Octobcv 1951 27 .IMITED STATES SAVIBGS BONDS. United States aavlnge bonds were first offered for sale in March 1935 and began to mature in March igl^SSeries A-D were sold from March 1935 to April igl+l and Series A-F sales are shown at Issue price and total redemptions and amounts outstanding at current have been on sale since May 1, 19'4-1. Beginning in May 1951, holders of maturing Series E bonds to redeem them In cash, to retain have three options: throughout. Serlee E, F, and them with an extended maturity of 10 years at specified rates of Interest accrual, or to exchange them for Serlee Further Information on these options will be found bonds. Series Is shown at face value Matured bonds which have been redeeiued are Included In redemptions. Matured bonds outstanding of redemption values. Series A-D were Included in the Interest-bearing debt until all bonds of the series matured, when they were transferred to matured debt upon which interest has In the "Treasury Bulletin' leaue for April 195I, page A-1, and Inforaiatlon on the terme and conditions of the various Savings bonds data by denominations and the amounts of sales by States are published on a monthly basis but do not appear In each Issue of the "Treasury series of savings bonds appears In the annual reports of Bulletin". ceased. the Secretary of the Treasury. Table 1.- Summary of Sales and Redemptions by Series, Cumulative through August 31, 1051 (Dollar amoujlta In ml 1 llopfl) Sorleb .. , Treasury Bulletin 28 .UHXEED STATES SAVIUGS BOHDS. Table 3.- Sales and (tedemptlons of Series A-D, E, F, and G by Periods (In mlllionfl of dollarB) Sales k/ Accrued discount Redemptions 2/ Sales plus accrued discount Sales price ^ AiDOunt outstanding Accrxied discount Matured debt (Series A-D) Interestbearing debt Fiscal years: 1935-191*3.... 19W* 3,91*9 191*5 191*6 338 96 1*,287 103 106 103 191*7 19'*8 107 191*9 101 68 25 uo 1950 1951 96 106 107 110 101 68 25 679 79 25 8 25 67 651* 72 11*3 117 309 21*2 1*82 370 393 530 812 601 516 703 l,03l 800 113 123 172 269 200 18 1*0 59 73 92 3,608 3,625 3,585 3,365 2,968 2,51*3 1,927 895 212 Calendar years: 1935-1*3 1*,335 191*9 386 100 105 107 109 108 86 1950 1*5 1*5 3,91*9 19W* 100 105 107 109 108 718 78 226 390 29 690 70 179 302 367 3,616 3,638 8 1*7 1*1 87 111* 87 122 3,1*77 3,11*8 2,71*2 139 207 255 11*6 2,250 631 768 203 229 1,1*1*0 30 21 29 171* 36I* 375 U5 90 6U 86 257 97 51 38 17 17 Hoy June .... 69 51 23 286 235 212 July 17 13 10 191*5 191*6 191*7 191*8 1*81 576 838 1,023 1*36 1*37 Months: 1951-January. February March. . AprU... August . 13 . 6 lOlt m : Series E, F, and G Fiscal years; 191*1 anl 191*2 191*3 6,658 11,789 I9W* 15,1*98 191*5 191*6 lit, 191*7 191*8 891 9,612 7,208 6,235 191*9 7,11*1 1950 1951 5,673 5,11*3 2 36 127 281* 1*67 583 69U 826 977 1,125 6,659 11,821* 15,625 15,175 10,078 7,791 6,929 7,967 6,650 6,268 75 760 75 760 2,292 4,156 6,408 5,063 4,597 4,365 4,342 5,337 2,286 4,134 6,337 4,954 4,453 4,191 4,133 5,009 259 1,504 3,263 5,332 6,038 4,645 4,568 4,263 4,817 259 1,502 3,251 5,293 5,941 4,522 4,404 4,077 4,555 505 420 413 1 6 21 71 109 144 174 209 328 6,584 17,648 30,981 42,000 45,670 48,398 50,730 54,333 56,641 57,572 Calendar years: 191*1 and 191*2 11,691* 12 11,706 191*3 13,729 71* 13,801* 191*4 16,01*1* 191*5 191*6 12,937 195 379 7,1*27 6,691* 533 633 16,239 13,315 7,961 7,327 8,059 6,729 7,133 191*7 191*8 191*9 7,295 5,833 1950 6,071* 896 1,058 1951-January. February March,. 1*75 117 592 386 80 1*67 533 443 . 51/9 87 1*46 445 April... May June .... 310 296 290 79 86 128 382 Ul8 427 453 July August. 311 120 Be 1.31 465 311* 396 1*21. 761* 2 12 39 97 123 164 186 262 11,447 23,746 36,723 44,706 46,628 49,311 52,801 55,267 57,553 Months: Footnotes at eni of table. 403 (Continued on folloving page) 37U 394 28 23 32 30 57,642 57.665 57,667 1*22 33 31 57,652 57,607 57,572 431 P 388 p 34 p 36 p 57,538 57,509 October 1951 29 .UNITED STATES SAVINGS BONDS. Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods - (Continued) (Dollar BQOunte in mllllona) Sales 1/ Accrued diecount Salea plus accrued discount Redemptions 2/ 3/ Sales price Accrued diecount AoDunt outs tending ( in teres tbearlne debt) Percent of monthly redesnptlona to amount outstanding Fiscal yearo: I9IH and 191*2 1 33 3,731 118 265 11,938 11,818 7,173 W^S I9W 3,729 8,271 11,820 11,553 6,739 191*7 191*8 1*,287 l*,026 19'*9 1*,278 1950 1951 3,993 3,272 1,035 19't3 19W4 1*31* 536 633 753 895 8,301* 60 689 2,100 3,81*6 60 5,912 5,81*3 821* l*,391 l*,659 3,825 3,530 3,521 U,288 3,689 3,368 3,326 3,987 I*, 5,032 l*,887 l*,307 l*,295 3,671 688 2,095 3,825 U,287 1 5 20 69 103 136 162 195 21,125 29,097 30,358 30,791 31,625 33,127 307 3l*,506 31*, 1*91* Calendar years: 191*1 and 191*2 7,131* 10 7,ll*l* 191*3 10,31*1* 12,380 9,822 70 182 353 10,1*11* 191*1* 1*,U6(3 191*5 101*6 191*7 191*8 U,o85 191*9 U,208 3,668 l*,22l* 1950 Months 1951 -January. February, March. . . April May June 31*3 272 280 25I1 , July August. . , 12,562 10,175 220 1,380 3,005 U,963 220 1,378 2,993 1*93 li,959 5,1*23 579 696 818 971 l*,66l* 1*,920 3,930 3,728 5,330 3,813 3,575 5,025 3,1*1*8 3,271* I7I* 6,923 15,957 25,515 30,727 30,263 30,997 32,188 33,766 1*,639 3,912 3,667 2U5 3l*,l'93 105 75 81 1*1*8 1*1*8 1*22 26 31*,1'93 3U8 361 362 31*0 31*3 311* 22 29 3U,1*78 34,1*96 1.30 1.05 1.00 73 80 296 308 312 26 3l',l'99 .91* 31 29 3l*,l*86 34,506 .98 .99 34, 531* 553 .91* 117 327 327 361 321* 2l*i* 258 267 108 366 338 77 31*1* 321* 2 502 760 811 58 21*7 339 5/ 31*1 2 11 38 93 116 l.,925 151* 307 P 291, P 31 : 31*] 31*, .98 Fiscal years: 191*1 and 191*2 191*3 191*1* 19'>5 191*6 191*7 191*8 191*9 1950 1951 502 758 802 679 407 360 301 473 231 347 9 19 33 47 61 73 83 90 698 440 407 362 545 314 437 3 3 17 17 57 88 147 197 198 204 185 227 89 149 203 206 216 199 248 1 3 6 9 12 14 21 499 1,242 1,996 2,604 2,895 3,099 3,255 3,584 3,699 3,889 Calendar years: 191*1 and 191*2 191*3 191*4 1945 1946 1947 1948 1949 1950 Months: 1951-January.. February. March..., April..., May June July August. . Footnotes at end of table. 860 745 773 595 325 342 498 233 417 18 17 12 2 4 13 25 861 750 786 621 365 396 566 854 503 7 35 77 106 189 203 222 202 223 12 5 6 30 22 18 20 26 24 3,906 3,909 3,901 .50 .50 .67 6 6 11 15 14 19 18 20 22 16 19 20 3,898 3,692 3,889 .45 .52 .55 12 20 5 14 37 25 34 23 40 54 67 78 87 3U 19 7 35 77 104 1 1 4 185 196 211 189 206 7 11 12 17 18 18 1,569 2,278 2,793 2,969 3,162 3,505 3,615 3,895 .96 ] 1 (Continued on foULoving page) I'M .64 ) , Treasury Bulletin 30 .UNITED ST;ffiES SAVINGS BONDS. Table 3.- Sales and Redemptions of Series A-D, E, F, and G by Periods (Continued) (Dollar aaoiurta In ml 1 1 lona Period Accrued discount Sales 1/ Sales plus accrued dlBCOunt Redeanptlons 2/ Sales price Accrued discount Amount outstandlDg ( interestbearing debt) Percent of monthly redemptions to amount outstanding Fiscal years: 1941 and 19lf2. 19l'3 19Wi 19'*5 , igltfi igitT 19't8 igitg , 1950 1951 - 2,1(27 2,1*27 2,759 2,876 2,658 2,U65 2,561 1,907 2,390 2,759 2,876 2,658 1,1*1*9 1,523 12 55 12 55 131* 131* 220 220 3U8 2,1*65 31*8 2,561 1,907 2,390 1,1*1*9 U69 566 619 621 1,523 791* 31 89 181 26U U26 512 2,1*11* 5,119 7,861 10,299 12,1*16 508 15,850 17,621 1*69 11*, 566 619 621 794 19,177 18,1*1*8 Calendar years: 19l»l im and 19U2, , 19Wt , 19't5 191*6 , W"*? 191*8 191*9 1950 , 3,701 3,701 2,61*0 2,61*0 2,891 2,520 2,637 2,267 2,573 1,392 1,990 2,891 2,520 2,637 2,267 2,573 1,392 1,990 115 97 67 31 89 181 3,669 6,221 8,931 261* U,l86 1*26 13,397 15,152 17,108 17,887 613 682 512 618 613 682 115 97 67 66 62 75 66 62 75 19,21*3 .3"* 19,278 19,270 .32 .39 1*7 61 67 90 61 67 90 19,256 19,229 19,177 .32 .35 89 75 89 75 19,132 19,095 ."7 .39 618 19,191* Months: 1951 -January, February, March.... April May June. . 1*7 . . July August.., , 1*15/ 38 Ul 38 1*5 1*5 38 38 Source: Dally Treaaury Statement; Office of the Treasurer of the U. S. 1/ Beginning with June 19l*7, Series E sales include unclaasifled sales consisting of Series E, F, and G, The emounts are substantially less than the sales reported as unclassified in the Daily Treasury Statement. The greater part of that item conslata of sales for which Infonaatlon is arallable as to the series but not 'the year of Issue. On the basis of that information such sales are included in this table according to eeries. Prior to June 19l*7, it was possible to distribute by aeries all sales reported as unclassified In the Daily Treasury Statement. 2/ I .1*7 Series E redonptions Include unclassified Series A-D redemptions beginning with October 191*1*, and also unclassified F and G redeDptions, beginning with June 191*7. Includes both matured and unmatured bonds; see Table 1*. Sales of Series A-D after April 30, I9U1, represent adjustaaents. Beginning May 1951, includes exchanges of matured Series E bonds for Series G bonds as shown in Table 1*. Less than $500,000. Table 4.- Redemptions of Matured and Unmatured Savings Bonds (In millions of dollars) Unmatured bonds 3/ Matured bonds 2/ Period 1/ 1950 Calendar year. 1951 Fiscal year ... 1951- January February March April May June July August Total matured 5,81.0 987 Series A-D For cash In exchange for Series G 987 Total unmatured Sales price 1*,853 l*,583 270 321* 29 23 32 30 29 25 6,137 817 779 5,320 l*,996 653 528 560 111* 111* 539 510 87 115 87 1*1*1 1*19 115 1*1*5 1*13 1*72 68 65 1*03 371* U78 1*76 1.8 51 23 uas 1*9 17 1*37 53 13 38 37 68 Source: Dally Treasury Statement. 1/ Brealcdown of redemptions between matured and unmatured bonds not available prior to January 1950, 2/ Of the total amount of redeonptions, 75^ reproeenta issue price and Accrued discount ll» 11* 1*13 381* 25 21* U2e 1*03 31 39 1*33 1*07 381* 356 26 26 25^ accrued discount. Includes redemptions not yet classified; see Table 3, footnote 2. Less than $500,000. October 1951 31 TREASURY aAVINOS NOTES, Treasury tax and savings notes have been Issued In Tax Series A from August 1, 194l, through June 22, igl^J; Tax Series B from August 1, 19'H, through September 12, 19'+2; Savings Series C (originally designated five series: through August 31, 19'*8; 3avlr«s Series D from September 1,19US, through May 1^, 1951; Tax Series C) from September ll)-, 191(2, and Savings Series A beginning on May 15, Detail* ooncemlng terms and conditions for purchase page A-1. Similar information with respect to Savings SerlesD igW and Series A and September 19^9 Issues, and with respect to Savings Series C In the October 191+5 B, Treasury" for see 'Annual Report of the Secretary of the 191(^2, pages 207 ^^^ ^^0> ^^ foi* sales and redemptions by fiscal years and months, see "Treasury Bulletin" for February 19l(6, pages 42 and 1+3. In the following tables sales and redemptions of Treasury savings notes are shown at par value. Matured notes redeemed (either for cash or for tax payment ) are Included In the figures on redemptions. Matured notes outstanding are reflected In the Interest-bearing debt until all notes of the series have matured, when they are transferred to matured debt upon trtiloh Interest has ceased. Table 1.- Summary of Sales and Redemptions by Series, Cumulative through August 31, 1051 (In millions of dollcrs) Series Invest- and tax payment or redemption values of 1951- and redemption and Inveetment yields of Savings Series A appear In the June 1951 Issue of the "Treasury Bulletin", will be found In the October lesue. Tor details concerning terms and conditions, ment yields, Treasury Bulletin 32 OWNERSHIP OF FEDERAL SECURITIES, Table 1.- Distribution of Federal Securities by Classes of Investors and Types of Issues (In mlllloDS of dollaro) October 1951 33 OWNERSHIP OF FEDERAL SECURITIES Table 3.- Estimated Ownership of Federal Securities (Par values 1/ Total Federal securities End of month - in billions of dollars) Held by banks Cammorclal outstaiidIng 2/ banlcB Held by private nonbank investors U, S, Federal Reserve Banks Gov eminent Individuals 5/ accounts kj Savings bonds 1939-December. 1*7.6 18,1. 15.9 2.5 6.5 22.7 19Uo-Juno December. l*e.5 18.6 19.5 16.1 17.3 2.5 2.2 7.1 7.6 22,8 23,9 21.8 23.7 19.7 21.1* 2.2 2.3 8.5 9.5 77,0 112,5 28.7 26.0 1*7.3 1.1.1 2.6 6.2 11*0,8 59.1* 71.5 52.2 59.9 7.2 170,1 n.5 202.6 232.1 83.3 68.1* 11* 96.5 77.7 259.1 278.7 106,0 81* U5,0 90.8 279.8 269.9 259.5 116,7 108,2 97.9 93.8 258.1* 50.9 191*1- June 55.3 December. 61*. 191*2 -June December. 19l*3-June December. 191*1* -June December. 19l*5-June December. 19l*6-February (Peaic) June December. . . 19l*7-June December. 257.0 igltS-Mareh 253.1 June September. December. 19119-Maroh 252,1* 252,7 252,9 Inaurance conpanlee Investznent Mutual savings banks Corporations 6/ State and Miscellocal laneous govemInvestors mentfl 2/ uys/ 1.9 8.2 6.3 3.1 10.1 10.6 2.6 2.8 7.5 7.9 6.5 6.9 3.1 3.2 2.1 2.0 .5 25.0 31.0 11.2 13.6 3.6 7.6 8.2 7.1 8.2 3.1. 2.0 .6 3.7 1*.0 .7 10,6 12,2 37.7 53.0 17.8 23.7 9.1 8.7 1*.9 .9 10.3 9.2 11.3 3.9 13.1. 1*.5 10.1 1.0 11*, 67.0 81.7 30.9 37.6 19.2 13.1 15.1 12.9 6.1 16.1* 1.5 2.1 3.'. 21.. 11.7 12.9 5.3 16,9 100.2 U1..0 U6.0 52.9 17.3 3.2 6,1* 16.7 19.6 7.3 8.3 20.0 18.8 19,1 21.7 ll*.8 21.1. 1..3 7,1. 21.8 21*. 27.0 128.2 136.6 58.9 63.9 9.6 10.7 22.9 22.0 5.3 21*. 6.5 8.9 9.5 8U,U 74,5 22.9 23,8 23,3 28.0 29.1 30.9 135.1 132.6 130.7 63.9 63,2 11.1 11,5 11,8 19.9 17.7 15.3 6.7 6.5 9.1 6.8 6.3 8.3 91.9 91.3 70.0 68,7 21.9 22.6 32.8 66,2 65.5 13.9 3'..'. 133.7 131.3 7.1 7.3 9.8 8,6 86.0 85.9 85.S 85.8 65,1 20.9 61. .6 21.1* 62,!* 23.1* 62,5 23.3 35.0 35,8 36,3 37,3 132.1 130.7 130.1 129.7 7.8 7.3 7.8 7.9 8.9 9.1 3.9 9.3 60.5 63.0 66,5 66.8 21.7 37.7 38.3 7.9 8.0 8.0 8.0 9.6 10,0 9.9 17.8 17.7 17.6 38,1. 8.0 8.0 9.5 10.0 10.5 .2 .9 5.1* 31.2 36.2 .7 ,7 ,7 ,9 1.1 2.3 1*,1* 18.3 22.7 21.0 21* .0 20.6 19.8 19.9 21* .1. 2l*.9 1.5.5 1.6.2 20.7 21* 19.3 23.9 65.lt 1*6.9 18.1* 23.1* 65.; 65. 65.6 1*7.1 1*7.6 18.1* 22.3 12.1 12.0 18.2 17.6 22.0 21.2 U.7 13.5 13.9 11.5 11. 131.8 132.2 132.8 132.1 66.5 66.9 67,1 66,5 1*8.5 18.0 18.1 18.0 17.2 21.1 20.5 20.2 20.1 11.6 11.6 11.6 15.1 15.1 16.0 11.1* 16.3 66.7 67.0 66.9 U9.1* 1.9.7 17.3 17.3 17.2 20.2 20.2 20.2 11.5 11.5 11.6 16.8 37.6 132.7 133.9 135.6 20.1 20.0 19.8 11.6 11.6 11.6 17.7 18.1 18.3 8.1. 11.5 8.3 8.3 8.2 10.9 10.8 10.7 61.,1 U7.3 2U.9 .6 12,1 12,0 11..1 11..6 .3 251. 252. 256. 82.2 257.2 85.7 256.9 85.3 256.1* a. 67.1. 66.1. 255.7 82.5 61*,9 April. May... June.. 255.7 83.0 83.2 83.9 65.2 65.8 65.6 17.8 37.3 135.1* 17.1* 37.1. 1.9.8 1.9.8 17.3 17.5 18.3 37.3 135.9 135.6 67.1 67.3 257,1* 67.5 1.9.9 17.7 July August. .. September. 257.6 257.9 257.2 82.6 as.u 81.S 61.,6 18.0 6U,1 62,2 18.1* 38.0 3B.I 38.9 137.0 137.3 136.6 67.5 67.6 67.6 1*9.9 1.9.8 17.9 18.0 17.9 19.8 19.6 19.1* 11.2 18.8 19.5 19.5 October, November December. 257,0 257,1 256,7 81.1* 62,2 61.5 61.8 19.3 136.5 136.8 67.5 67.6 67.0 1.9.6 19.7 20.8 39.0 39.2 39.2 17.9 18.0 17.5 19.1 18.9 18.6 11,1 10.9 10,9 19.9 20.2 19.9 8.1 8.1 7.8 10.7 11.1 10.7 1951-January.. February, March.... 256.1 256.0 255.0 81.1* 21.5 21.9 22.9 39.6 39.7 39.8 135.2 66.7 66.6 66.2 1.9.5 U9.I. 17.3 17.2 16.9 18.5 18.3 17.9 10.8 10.7 10.5 20.3 20.8 7.8 7.9 11.0 80.3 80,8 59.9 58.9 57.9 21.3 7.9 10.8 AprU.. 251*. 53.5 57.9 58.5 22.7 22.5 23.0 21.2 131..3 1.1,0 132.8 1*9.1 1*9.0 16.8 16.8 16.8 10.1* 1«),3 66.0 65.9 65.8 17,1* 255.1 255.3 81.3 80.5 81.5 1*9.2 May,,., June • 17.3 17.0 10.3 10.2 21.8 20.9 7.9 8.0 8.0 10.6 11.0 10.9 July p. 255.7 Si, 5S.9 23.1 1.1.0 132.7 65.3 1*9.0 15.8 16,9 10.2 21.0 8.0 10.9 June September. December. 1950 -January.. February. I-larch. 1/ 2/ i/ 1*/ ^ . , 256,1* 82,1* 81t.5 81.2 82.6 19.3 18.0 18.9 19.6 39.1. 39.1. 39,0 39.9 131.. 135.1. 13l*.l. 133.6 United States savings bonds. Series A-F, are Included at current redemption values Securities Issued or guaranteed by the U. S. Government, excluding guaranteed securities held by the Treasury. Consists of commercial banks, trust companies, and stock savings banks In the United States and In Territories and Island possessions. Figures exclude securities held In trust departanants Holdings by Federal land banks are Included under "Miscellaneous investors" Inatead of "U. S, Government investanent accounts" beginning with June 30, 191*7, since the proprietary Interest of the United States In these banks ended June 26, 191*7, Includes partnershlpo and personal tarust accounts. Nonprofit Institutions and corporate pension trust funds are included under "Miscellaneous Investors" . U8.8 1*9.1 1.9.3 U9.6 1*9.7 1.9.6 U9.6 1*9.3 Illusive of banks 11.1* 17.2 15.1 3.1. 9.8 8.3 8.2 U.l wtvi insurance ccnpanles. Consists of trust, sinking, and Investanent funds of State and local governments aui their agencies, and Territories and Island possessions. Includes savings and loan associations, nonprofit institutions, corporate pension trust funds, dealers and brokers, and investaaents of foreign balances and International acco'jnts in this country. Beginning vlth December 191*6, includes Inveetaaonts by the International Bank for Reconstruction end Developaent and the International Monetary Fund in special nonlntereet-bearlng notee Issued by the U. S. Government. Prelljalnary. - Treasury Bulletin 3"+ .TREASURT SDHVET OF OWNERSHIP, JULY 31, 1951. The TreaBury Survey of Ovmerahlp covers securities Issued by the United States Oovernment and by Federal agencies. The banks and Insurance companies Included In the Survey account for approximately 95 percent of such securities held by all banks and Insurance companies Data were first published for In the United States. March 31, 191*1, In the May I9U1 Section I - Additional information showing the holdings of commercial banks distributed according to Federal Reserve member classes and nonmember banks is published for June 30 btuik and December '}!. "Treasury Bulletin". Securities Issued or Guaranteed by the United States Government Table 1.- Summary of All Securities (Par valxies ClaBSifioatlon Information on the distribution of ownership by types of banks and Insurance companies is published each month. - In mllllona of dollara) October 1951 35 .TREASURY SURVEY OF OWNERSHIP, JULY 31, 1951. Section I - SecurltiOB Issued or Guaranteed by the United States Government Table 3. - Interest-Bearing Public Marketable Securities by Issues (Par valuee Issue (Tai status 8/ la shown In parentheses) - in mlllione of dollars) Treasury Bulletin 36 .TREASURY SURVEY OF OWSERSHIP, JULY 31, 1951. Section I - Securities Issued or Guaranteed by the United States Government Table 3.- Interest-Bearing Public Marketable Securities by Issues (Par values Issue (Tax etatua 8/ la shown in parentheses) - In ml 11 ^rmn of dollars) - (Continued) October 1951 37 .TREASUKy SURVEY OF OWNERSHIP, JULY 31, 1951. Section II - Interest-Bearing Securities Issued by Federal Agencies but not Guaranteed by the United States Government (Par value Issue (Tax status 8/ Is shown in parentheses) - In millions of dollarB) Treasury Bulletin 38 .MAJKET QtX)TATIONS, AtCOST 31, 1951- Current market quotations ehovm here are over-the- counter closing quotations In the New York market for the last trading day of the month, as reported to the Treasury by the Federal Reserve Bank of New York. The securities listed In Section I Include all public marketable securities Issued or guaranteed by the United States Government except those not regularly The Issues excluded are postal savings bonds and Federal Housing Administration quoted In the market. Section I - debentures. The latter are the only public marketable Interest-bearing guaranteed securities outstanding. Section II lists the public marketable securities Issued by Federal agencies but not guaranteed by the United States Government. Dally quotations for the securities listed In Sections I and II are published monthly In the Treasury Department statement, "Prices and Yields of Public Marketable Securities Issued by the United States Government and by Federal agencies". Securities Issued or Guaranteed by the United States Government Table 1.- Treasury Bills (Taxable) Amount outstanding (MllllonB) October 1951 39 .MAKKET QTJOTATIONS, AUGUST 31, 1951- Section I - Securities Issued or Guaranteed by the United States Government Table 3.- Other Taxable Issues (Continued) Treasury Bulletin 1^0 .MAPKKT QTXITATIOHS, AUGIBT 31, 1951. Section II - Securities Issued by Federal Agencies but not Guaranteed by the United States Government Table 2.- Other Issues (Taxable) (Price decijnalB are 32ndQ) Amount outstanding (Millions) 41 October 1951 .MARKET QUOTATIOHS, AlCOST 31, 1951. YIELDS OF TREASURY SECURITIES, AUG. Based on Mean 53 55 57 59 of Closing Bid 61 31. 1951 and Ask Quotations '63 65 •67 •69 PERCENT 2.60 2.40 — — PERCENT ^2.60 Taxable Issues — 2.40 2.20 — 2.20 2.00 2.00 1.80 1.80 1.60 1.60 1.40- 1.40 1.20 1.20 1.00 1.00 BANK ELIGIBLE .80 * Fixed maturity issues • Cottoble bonds .80 BANK RESTRICTED X Callable bands .60 .60 .40 .40 .20 .20 1.60 Partially Tax-Exempt Bonds 1.40 1.60 1.40 1.20 1.00 Explanation: TIte points represent yields to coll when prices ore above par. and to maturity dote when prices are at par or below. The smooth curves tor the various classes of points ore fitted by eye. Issues for which on exchange offer has been mode or which are due or callable in less than 3 months ore excluded Office of the Secretory of lh« Treosury, office of tf^ Technicol Stoff Treasury Bulletin k2 YIELDS OF TREASURY AND CORPORATE BONDS. Table 1.- Average Yields of Long-Term Bonds by Periods ^3 October 1951 .YIELDS OF TREASUPY AND CORPORATE BONDS. ^ O) o o ffi UJ q: o £L QC o o o z < >(£ ^ UJ tr en c o UJ H I o (/) o -J UJ >UJ o < q: UJ 111 Treasury Bulletin M^ INTERNAL REVENUE COLLECTIONS. Table 1. - Sunmary by Principal Sources (In thouaanda of dollara) Fiscal year or month -1/ October 1951 >*5 INTERNAL REVENUE COLLECTIONS , INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES Manufacturers' ond Retailers' Excise Taxes ) Treasury Bulletin 1+6 INTERNAL REVENUE COLLECTIONS. Table 2.- Detail of Collections by Type of Tax i/ ^In thousands of dollars) Fiscal year First month of fiscal year Type of tax 19^9 Corporation income and excess profits taxes 2/ TnrilTldual iDccme tax and anploynent taxes 1950 1951 (July 1950) 1951 1952 (July 1951) 1*13, 2Ul 596,232 9,907,539 228,208 321,130 51*6,036 15,900,519 579,778 854,911 1,331 1,158,427 1,094 ia,305,387 12,310,1*15 16,1*80,297 856,21*2 1,159,521 226,228 223,135 236,952 3,078 2,716 20,527,935 19,797,683 26, 621*, 768 1,087,528 1,483,367 6,138 266 735,761 657,1*1*1 638,523 l'l*,035 55,037 60,757 1*6,765 91,207 1,099 997 121,773 1,276,175 33,793 126,31(4 1,295,51*9 172,362 15,1*21 1,571*, 1*72 38,053 3,738 63,516 134,697 2,827 186 4,298 13,071 81,393 30,069 2, 600 70,001 9,860 9,161 3,917 9 4 69,213 11,553,669 10,851*, 351 ll*,3S7,569 7,996,320 7,261*,332 11,71*2,653 562,73't 11,762,377 : Inccoue tax not withheld •.•.•...•.• Withheld taxes: Income and old-age Insurance 3/* ••••>•<>><•>•<••>•.>. Railroad retirement • • Total withheld taxes Unamploymant insurance. .................................... Total Individual income tax and employment taxes MlacellaneouB Internal revenue: Capitol stock tax k/ Estate tax Gift tax Liquor taxes: Distilled spirits (imported, excise) Distilled splrlte (domestic, excise) Distilled spirits, rectification tax Wines, copdlolB, etc. (imported, excise) Wines, cordials, etc. (domestic, excise) Dealers in distilled spirits; rectifiers; of stills ( special taxes ) Stamps for distilled splrlte intended for Case stamps for distilled spirits bottled Container stamps Floor taxes Fermented malt liquors Brewers; dealers in malt liquors (special 2,1*48 63,33'» 1,9U 203 3,862 manufacturers 9,973 6 375 export in bond Total liquor taxes Tobacco taxes: Cigars (large) Cigars (small) Cigarettes (large) Cigarettes ( a^«Ti ) Snuff Tobacco ( chewing and smoking Cigarette papers and tubes Leaf dealer penalties, etc C igarette and c Igar floor taxes 4,294 2 780 20 686,368 k.kjo 667,1*11 781* 1*,1(62 1,849 70,532 1,965 2,210,601 2,219,196 2,51*6,807 234,042 178,068 1*5,530 1*2,102 3,163 58 4 3 1,232,728 7,272 1,21*2,81*5 35,1*35 7,389 35,070 220 56 7 1,293,966 7,235 33,870 3,000 59 7 8*1 98I. 1,01*1 U,907 taxes) * 107 1,523 12 1,090 11*, 921 12 665,009 738 11,825 5 I*, 6 1*1*, 53 1 « 1 97,751 436 2,481 57 105,887 726 2,119 102 1 1_ Total tobacco taxes 1,321,875 1,328,1*61* 1,380,396 103,728 112,001 1*6,667 17,910 50,156 23,823 7,561* 10,51*6 4,139 2,277 435 687 123 56,105 28,679 8,222 100 4,876 1,660 3U3 22 93,107 6,852 Stamp taxes: Issues of capital stock, deeds of conveyance etc Transfers of capital stock and similar interest sales.. Playing cards Silver bullion sales or transfers Bonds, , Total stamp taxes Footnotes at and of table. , , 72,826 (Continued on following page) 2_ 6,901 October 1951 ^7 INTERNAL REVENUE COLLECTIONS. Table 2.- Detail of Collections by Type of Tax^- (Continued) (In tbousandB of dollars) First month of fiscal yoor Fiscal year Typo of tax 1951 (July 1950) 1951 1950 1949 1952 (July 1951) Miacellajieous Internal revenue (continued): Manufacturers' excise taxes: Lubricating oils Gasoline Tires and tubes Automobile trucks and buses Other automobiles and motorcycles Parts and accessories for automobiles Electrical energy Electric, gas, and oil appliances Electric light bulbs and tubes Radio sets, phonographs, components, etc, Phonograph records Musical instruments Mechanical refrigerators, alr-conditlonere, etc, 6/ Matches Business and store machines Photographic apparatus Sporting goods Firearms, shells, and cartridges Pistols and revolvers ^ Total manufacturers * excise taxes , Retailers * excise taxes Furs Jewelry Luggage Toilet preparations Total retailers * exc ise taxes Miscellaneous taxes; Sugar Act of 1937 Telephone, telegraph, radio, and cable facilities Local telephone service Transportation of oil by pipe line Transportation of persons , etc Transportation of property •,* Leases of safe-deposit boxes •** Admissions to theaters, concerts, etc etc Admissions to cabarets, roof gardens, Club dues and initiation fees Bovling alleys, pool tables, etc Coin operated devices Adulterated and process or renovated butter, and filled cheese Oleomargarine, including special taxes 2/ Narcotics, inclxiding marihuana and special taxes Coconut and other vegetable oils processed National Firearms Act All other, including repealed taxes not shown separately Total miscellaneous taxes Total miscellaneous internal revenue Total internal revenue collections Ad Juflt3i»nt to Dally Treasury Statement Total receipts fl-coa internal revenue (Dally Treasury Statement), Bl,760 77,610 526,732 151,795 123,630 503,61*7 150,899 136,797 332,812 120,138 1*52,066 88,733 79,3't7 85,701* 80,1*06 97,238 6,097 5,83U 569,01*8 1*6,576 1*7,769 198,383 121,285 653,363 19,212 9,U68 17,861 10,281 52,669 10,776 8,355 9,061 119,1*75 93,181* 121,996 80,935 26,172 20,726 30,281* 119,160 1*2,085 6,1*83 5,769 8,865 61*, 316 8,875 30,012 39,931 18,969 9,351 128,187 7,007 10,756 96,319 10,169 9,293 77,833 8,738 33,3't^ 1*3,11*0 19,81*6 10,379 810 1,771,533 56,1*05 8,951* 7,21*5 7,273 131 3,962 897 588 8,1*76 2,391* 5,860 705 61*9 6,666 637 3,956 1*6,020 650 3,296 3,029 17,862 1,381* 17,61*6 1,11*9 i*8l 762 20 1,872 1,075 112 1,836,053 2,383,677 18I*,812 190^991* l*l»,l*91 l*,l*6l 61,91*6 1*5,781 57,601* 1,271 210,688 82,607 93,969 190,820 77,532 11*, 291 9l*,995 210,239 82,831 106,339 6,228 7,975 1,627 16,856 7,372 8,901 1*1*9,211 1*09,128 1*57,013 29,765 34,755 80,192 354,660 290,320 6,327 31,236 25,900 1,709 311,380 71,188 332,339 22l*,531 21*7,281 19,325 251,389 337,030 18,919 228,738 321,193 9,1*61 385,81*3 1*8,857 9,551* 9,569 71*0 371,21*1* 31*6,1*92 29,397 1*1,1*53 1*2,61*6 28,71*0 30,120 3,610 20,731 3,091* 2,1*13 76,171* 27,790 3,805 21,088 3,608 20,171* 2lt,9l*6 10,618 1*2,377 28,352 2,131* 237,617 18,51*5 22,51*7 381,31*2 29,116 35,134 1,069 28,756 3,698 2,867 1,277 6,136 1,259 6,505 21 12 17,51*1 17,1*60 29,297 867 15,857 11 273 7 11 35 866 19,088 9 1* 3 1*37 31*7 32 28 1,752,792 1,720,908 1,81*2,598 158,396 186,526 765,280 815 10 155 1,1*52 1 176 1,352 8,381,515 8,301*, 89a 9,1*33,328 762,730 1*0,1*63,119 38,957,126 50,1*1*5,686 2,263,1*99 2,844,879 -155,83U +1*91,1*82 +660,1*09 -29l*,337 -236,788 1*0,307,285 39,1*1*8,607 51,106,095 1,969,162 2,608,091 Source: Dally Treasury Statement for total receipts from internal revenue; reports by collectors of Internal revenue for collections by type of tax. Detail by type of tax is available only on a collection basis. Receipts on the Dally Treasury Statement basis are compiled from the latest dally reports from Government depositaries; they do not coincide with amounts reported by collectors because of the lag in deposits of collections and because certain taxes are paid directly into the depositaries. 1/ Excludes collections for credit to certain trust accounts for Island possessions; lncl\^oa corporation Income tax on Alaska Railroad. 2/ Includes excess profits taxes formerly shown separately as follows: declared value (repealed for years ending after June 30, 19l*6), Excess Profits Tax Act of 19UO (Title II of the Second Revenue Act of 191*0, which was repealed for years ending after Deceonier 31, 19l*5)< ^ 4/ ^ 6/ 2/ » and Vinson Act as amended (34 U,S,C, 496). Beginning January 1951, withheld inccoe taxes and social security employn^ant taxes on employees and oaployere are paid Into the Treasury in combined amounts without separation as to type of tax. The figures for prior periods have been combined accordingly In this table for purposes of ccoparlson, but are shown separately In the March 1951 and preceding Issues of the "Treasury BuUctln". Repealed for years oMing after June 30, 1945, Beginning with July 1950, Included under "Mlecellanoous taxes" Includes television sets as provided in the Revenue Act of 1950, approved September 23, 1950, Includes quick-freeze unite as provided in the Revenue Act of 1950. Repealed (except on imported olecanargarine ) , effective July 1,1950. Less than $500. . Treasury Bulletin kS MONETARY STATISTICS, Table 1.- Money In Circulation (In mllllona of dollars except as noted) Paper money End of fiscal year or month Total money in circulation 1/ Total paper money Gold certificates Silver certlfIcateB 2/ TreaBury notes of 1890 TMlted States notes Federal Reserve notes Federal Reserve Bank notes National bank notes 2/ 597 527 126 120 1*61* 111* 1*06 106 99 1,588 1,651 2,025 2,061 2,061 322 323 317 320 321 18,750 22,867 23,973 23,999 23,600 319 321 318 23,209 22,760 309 39 2,061 2,177 2,092 23,1*56 21*3 93 86 81 1*0 2,029 313 23,363 257 81* ItO 2,026 2,051 2,059 303 22,811 22,916 25I* 83 83 27,U9 25,518 25,653 25,576 25,727 25,951 26,231 39 39 39 2,077 3II1 2,091* June 27,278 27,519 27,809 316 318 July August p. 27,851 28,153 26,260 26,552 39 39 2,059 2,057 22,5011 26,7116 28,2ll5 21,1*38 25,5111 26,9lt5 51* 19116 19117 19I1B 28,297 27,903 26,91*2 26,1*82 1*8 19119 27,li93 26,031* 1*3 1950 1951 27,156 27,809 25,661 26,231 1*1 1950-Deoomber. 27,7lil 26,187 1951 -January. February. March. 27,01*8 19't'i Wits . . April.... May End of fiscal year or month 27,188 52 50 1*5 ItO 39 2,092 311 310 3II1 320 353 271* 22,831* 252 250 22,966 23,173 21*7 2li5 82 82 23,1*56 21*3 81 23,526 23,816 2ltl 81 239 82 October 1951 1+9 MONETARY STATISTICS. Table 2.- Monetary Stocks of Gold and Silver (Dollar amounts in miULlonfl) Gold End of fiscal year or month ($35 per fine ounce) igWt W"*? Ratio of BllTer to gold and 8 liver in monetary stocks ( in percent) SllTer ($1.29+ per fine ounce) 3,91*7.9 15.7 3,685.8 15.1* igUS 21,173.1 20,213,0 20,269,9 21,266,5 23,532.5 igitg 2li,li66.3 1950 1951 3,508.1* lit. 3,525.7 3,571.0 ll*.2 2U,230,7 21,755.9 3,618.3 3,671.5 3,718.5 12.9 13.2 1U.6 1950-Dec 22,706.1 3,697.1 lU.O 1951-January. February, March,.,, 22,391.7 22,085.9 21,805.6 3,701.9 3,705.0 3,708.9 1U.2 m.i* April,.,, May June 21,8oU.9 21,755,7 21,755.9 3,712.1 3,713.6 3,718.5 11*. July August p. 21,759.1 21,853.7 3,721* .0 14.6 3,731.1* 11*. igi^fi 19117 Source: Circulation Statement of U. S. Money; Daily Treasury Statement for preliminary figures. For detail of silver monetary stock, see Tahle k. p 13.2 llt.S 11*. 11*. Preliminary. Table 3.- Gold Assets and Liabilities of the Treasury (In millions of dollara) Liabilities End of calendar year or month Gold assets Gold certificates 1/ 191*1* 20,618.8 18,1*97.1* 191*5 191*6 ao,o6ii.9 20,529.0 22,753.9 17, 911*. 18,1*30.5 21, 51*1*. 191*7 191*8 Gold reserve against U. S. notes, etc. 2/ 156.0 156.0 156.0 156.0 156.0 Exchange Stabilization Fund i/ 1,800.0 1,800.0 1,800.0 Gold in General Fund 165.4 194.8 142.4 1,053.9 1,077.9 21*, 21*3.9 23,010.0 191*9 2lt, 1*27.1 23,217.9 1950 22,706.1 21,1*97.5 156.0 156.0 1,053.2 1,052.6 1951- January. February. March. . . 22,391.7 22,085.9 21,805.6 21,200.0 20,391.8 20,606.2 156.0 156.0 156.0 1,035.6 1,038.0 1,043.4 April May June 21,8ol*.9 21,755.7 21,755.9 20,6o6.2 20,547.0 20,553.3 156. 156. 156. 1,042.6 1,052.7 1,046.5 July August p. 21,759.1 21,853.7 20,543.0 20,650.3 156.0 156.0 Z,o6o.O 1,047.4 Source: Circulation Statement of U. S, Money; Dally Treasury Statement for preliminary figures. 1/ Coraprlees (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the gold certificate fund - 2/ 2/ p Board of Governors, Federal Reserve System, and (b) the redeinptloa fund - Federal Reserve notes. Reserve against United States notes and Treasury notes of I89O. Excludes gold in active portion of Exchange Stabilization Fund, Preliminary. Treasury Bulletin 50 MONETARY STATISTICS. Table 4.- Components of Sliver Monetary Stock (In mllllona of dollars) End of calendar year or month October 1951 51 MONETARY STATISTICS. Table 6.- Seigniorage on Silver (Cumxilatlve from Januaxy 1, 1935 - In mllllonfl of dollars) End of calendar year or month . Treasury Bulletin 52 CAPITAL MOVEMENTS. Data relating to olelme on forelgnere and llablll- tlee to foreigners, the data for January 1950. and capital raovemente between the United Statee and foreign countries, have been Attention Is called to the fact that although the grand total figures on the revised since 1935. pursuant to Executive Order 6560 of January I5, collected reporting basis are reasonably comparable with those for preceding months, data for Individual countries In some and Treasury regulations thereunder. Information covering the principal types of data and the principal coverage and geographical classification. Instances are not comparable because of certain changes In 193**. countries Is reported each month by banks and bankers and securities brokers and dealers In the United States. This The supplementary Information, contained In Section IV, Information Is published regularly In the "Treasury Is presented In three tables appearing at different times. Bulletin". Table 1 glvee data by countries on short-term claims on and Supplementary Information Is published at less frequent Intervals. liabilities to foreigners as reported quarterly by exporters, All reports are made Initially to the Federal Reserve Banks, vdilch forward ooneolldated figures importers, and Industrial and commercial concerns in the to the Treasury. United States. This Information was published for the first time In the October 19^9 issue of the "Treasury Bulletin" States and begins with data for September 30, 1946. Table 2 supplies Information by countries on long-term claims on citizens) domiciled outside the United States, as well as and liabllitiee to foreigners as reported by banks and International organizations, wherever domiciled, bankers in the United Statee. The term "foreigners" as used In these reports covers all Institutions and Individuals (Including United treaty or convention between sovereign states. created by "Short-term" flr-^t This table appeared for the time in the December 19'+9 leeue. Data are for the refers to original maturities of one year or less, and end of the calendar year beginning with 1942. "long-term" refers to all other maturities. gives information on short-term liabilities to countries discussion of the reporting coverage, A detailed Table 3 basis of reporting, not regularly reported separately by banks and bankers. and derivation of capital movements figures appeared In the April 1950 Issue of the "Treasury Bulletin", pages 50-52. This table appeared for the first time in the April 1950 issue. The data have been requested at Irregular intervals, Revised report forms and regulations became effective with the earliest date being October 1943- Section I - Historical Summary Table 1.- Net Capital Movement between the United States and Foreign Countries (In thousands of dollare; negative flgurea indicate a net outflow of capital from the United Statee) Analysis of net capital Calendar year or month Net capital noremant Short-term hanlclng funds Brokerage balances mijveiiiant Transactions in dcaasstic securities in: Transactions In foreign securities WSS-ltl 5,3511,071 3,770,922 100,870 626,731 855,548 19lt2 626,121 1,286,893 583,373 1,168,058 1*6,599 1.61,354 l,07lt,375 11*8,591* 3,513 13,372 8,529 -7,364 77,696 93,496 -46,617 igits 19Wi I9I15 27,767 210,735 -113,105 1,216,303 17,791* -793,321* 33'»,l63 225,1*17 -733,909 -331*, 203 wug 19l*,li58 1950 1,761,61*0 r 90,81*5 95l*,605 9,661 -11,318 -19,313 610 7,992 91*4,1*30 265,127 39,012 -94,832 27,800 -145,387 77,829 -6,668 -U,273 31,1*68 -46,228 -31,885 -43,953 -33,582 15,572 19U6... 191*7 19U8 395,521* 531,777 : •1/ -89,055 -192,215 75,203 1951 -January. February. March.... -50,81*7 r -58,1*53 r -1*9,772 r -127,159 r -1*3,223 r r -1,257 2,711 -2,269 AprU.... 28,527 r -100,626 2,769 -28,601* r -l*,835 -66,565 295,957 -1*,1*99 11,103 93,851 14,791 -270,719 -107,301 -116 -35,228 May June p , . July p... 1/ See Table 2, footnote 1. -32,71*3 -127,073 p r Preliminary, Rerieed. -260 October 1951 53 CAPITAL MOVEMENTS. Section I - Historical Sunnary Table 2.- Short-Term Claims on and Liabilities to Foreigners (Position at end of period in thoueandfl of dollara) End of calendar year or month Treasury Bulletin 5"^ CAPITAL MOVEMENTS. Section I - Historical Sumnary Table 4.- Purchases and Sales of Long-Tern Dooestlc Securities by Foreigners (In thouaanda of dollars; negative flgurea Indicate a net outflow of capital frcm the United States) or month October 1951 55 CAPITAL MOVEMENTS Section II Sunniary by Countries Table 2.- Net Movement in Brokerage Balances and Long-Term Security Transactions by Foreigners - (In thousanda of dollare; negative figures Indicate a net outflow of capital from the United States or net aalee by forelgnore) Oountr7 1/ Prior to April 1951, morameBit data for China Mainland and Fonaoaa are not available separately. ( Including Manchuria) p Preliminary. Treasury Bulletin 56 .CAPITAL MOVEMENTS. Section II - Summary by Countries Table !•- Net Movement of Capital and of Short-Term Banking Funds (In thouflands of dollars; negative figures Indicate a net outflow of capitad lYon the United States) Country i/ Beglimlne with March IShj, Includes transactions In accounts opened by occupation authorities for foreign trade purposes, Prior to April 1951, movement data for China Mainland (including . 2/ Manchuria) and Formosa are not available separately. Preliminary. Eevlsed. October 1951 57 CAPITAL MOVEMENTS. Section II - Sumutry by Countries Table 3.- Stiort-Teni Clalas on and Liabilities to Foreigners (PoaltlcQ at and of month In thousasda of dollars) Liabilities to foreigners Cloijna on foroi^nera CountXT 1951 BuroB«J Austria Bal^lilii C t echoa IcrraJda • 210 1*1 23A39 21,887 272 6,695 3,261 19,700 23 7,332 6,305 6,962 25,893 79 Denmark Finland 3,890 '(,021 France Gennanj Greece Italj Netherlands .... 1951 June May April It Julj p jp 33 18,767 179 6,182 6,197 7,1*06 3,583 6,259 25,928 91 35,155 It, 161 Norvay Poland Portugal Rumania, «•••••• Spain 2,109 1,810 Svedan Svitterland.. 9,1*59 8,597 8,17lt 7,1*13 8,988 10,81*2 11,019 10,535 1 110,213 1,702 It. 687 272,380 30,632 ^ 25,9'tl 105 3'*,3(A 531 7 1,319 25,350 82 93 55,121 3,896 52,868 3,503 2,327 2,260 1*1 ItO 1*3 669 1,31*0 1,321 9 It 2,009 6,98a 3 13,621* U. S. S. K... 81 52 United Cii^da yugoelarla, . Other Europe, 99,81i6 110,673 156 98,817 226 U,288 Total Europe, 252,907 2lt2,608 258.535 107,250 117,631* 116,713 17,816 9,869 6,697 85,282 9,971 51*, 962 1*0,31*8 1,877 2,813 61*, 828 191 1,839 2,692 58,517 1,107 1,356 1,585 1,373 13, 1*52 13,1*68 2,721* 12,607 2,520 13,202 13,772 2,793 3,387 7,782 65,390 12,988 1*02,^5 371*, 027 Clilna Malnlasid Fomoaa •.*•..... 2,1*87 2,1*57 5,91*0 2,lt37 5,9lt3 Hone Kong 2,253 5,962 219 18,387 212 368 2,387 5,915 3,127 17,1*63 15,7lt3 3 't,315 It, Latin America: Argentina. Bolivia.., Brazil.... Colcnbla. 36,1*29 10,898 6,289 80,U6l 9,579 51,593 Cuba Dcmlnioan Bepublic,,.. 1*6,721* 1*1*, 5,'t79 85,1*21* OMle 6,858 Guat4Biiala Maxloo Vetherlands West Indies sod SurlnoB. ,..•.... Peru Bepubllo of Panma. , . El SalTador Uruguay Tenezuela Other Latin Aoeirloa. .. Total tatln Aurlca. . 2,821 It, 608 7,588 91,1*89 2,071 2,797 56,Ul8 9,1*55 8,091 95,157 22,855 1*8,036 36,912 2,022 2,638 58,61tl 3,257 3,01*6 11,001* 56,901* lU.lltlt 10,399 67,059 13,900 371.501 381t,711 Aalai . Iixlia 16,71*5 Indcnaala Iran Isrul Ja(pan Phlllpplnaa. Thailand.... 131 7,1*71 19,782 8,386 8,981 2,927 It, It, 289 19lt 7,892 25,672 6,758 6,501 3,996 7,876 29,391 8,167 7,1*28 23,11*3 6,71*7 9,1*85 3,821 3,116 755 16,561 590 18,775 9,896 Turkay Other Asia. 9,691* 1,525 11,561 Total Asia. 86,220 95,11*2 103,818 99,799 917 5,018 1*1,515 1*1,835 36,393 5,190 5,808 7,01*8 277 6,113 r 6,599 301 8,565 6,236 378 12,599 6,609 59,691* r 62,71*5 63,027 ,105 r 913,312 Other countriee: Austi«lla 'Belgian Coi^o Sgypt and Ai^loXgyptian Sudan IbioD of South Afrioa. Other Total other countries. 1,1*23 1*1*, 271* l.,603r 6,768 61,580 Inteniatioaal . Grand total,.. 910,1*72 r April May June p July p ) Treasury Bulletin 58 CAPITAL MOVEMENTS Section II - Sunnary by Countries Table 4.- Foreign Debit and Credit Balances In Brokerage Accounts ( Country PosltloQ at end of month In thoiisaade of dollars October 1951 59 CAPITAL MOVEMENTS, Section III - Details for Month of May 1051 Table 1.- Short-Ternr Claims on Foreigners (Position at end of month In thousanda of dollars) Country Treasury Bulletin 60 CAPITAL MOVEMENTS Section III Details for Month of May 1051 Table 2.- Short-Tern Liabilities to Foreigners - October 19ol 61 CAPITAL MOVEMEKTS Section III - Details for Month of May 1951 Table 3.- Purchases and Sales of Long-Term Securities by Foreigners Treasury Bulletin 62 CAPITAL MOVEMENTS. Section III A - Preliminary Details for Month of July 1951 Table 1.- ^ort-Term Claims on Foreigners (Position at and of month In thouflanda of dollare) Coimtry 1/ Beglnnlne with Maxch 191*7, Includes balances in accounts opened by occupation authorities for foreign trade purposes. October 1951 63 CAPITAL MOVEMENTS Section III A Preliminary Details for Month of July 1051 Table 2.- Short-Term Liabilities to Foreigners Treasury Bulletin 61+ CAPITAL MOVEMENTS Section III A - Preliminary Details for Month of July 1951 Table 3.- Purchases and Sales of Long-Term Securities by Foreigners October 1951 65 CUMULATIVE TABLE OF CONTENTS. November 1950 . Treasury BaJletin 66 CUMULATIVE TABLE OF CONTENTS. November 1950 through October 1951 Issue and page nuniber 1951 1950 Jan. Feb. Mar. Apr, 26 26 27 29 27 27 28 27 27 28 30 30 United States savlnge bonds: Summary of cumulative saleQ and redemptlone by series Sales and redemptions, all series combined, by periods Sales aM redemptions of Series A-D, E, F, and G by periods Bedeanptions of matured and unmatured, all series combined Sales aai redemptions of Series E and F and G by denominationa Sales of Series £ and F and G by States 26 26 27 . . . 29 30 26 26 27 29 26 26 27 29 30 31 Treasury aavlngs notes: Summary of cumulative aalea and redemptions by earles Sales and redemptions, all series combined, by periods 31 31 30 30 30 30 33 33 31 31 31 31 32 31 31 31* 32 32 32 33 31 32 31 32 31* 35 32 33 32 33 Z>* 33 33 36 31* 31* Ownership of Federal securltlee: Distribution by claaaee of Investors and types of issues Net market purchases or sales for investaaent accounts handled by the Treasury Estimated ownership Treasury survey of ownership: Ovnerehlp by banks, insurance companies, and others Ovnershlp by commercial ban]£s classified by membership in Federal Reserve System (latest date June 30» 1951) • 38 Market quotations: Over-the-counter closing quotations on Federal aecurltles by issues Chart showing yields of Treaflury securities Yields of Treasury and corporate bonds 38 37 37 1*0 1*2 38 1*0 39 39 1*2 1*1* 1*0 1*1 1*0 1*0 1*3 1*5 Ul U2 1*1 1*1 1*1* 1*6 1*2 1*3 1*2 1*2 1*5 1*7 1*3 kk 1*3 1*3 1*6 US Ul. 1*5 1*1* 1*1* 1*7 1*9 U5 1*7 1*6 1*6 1*9 1(3 1*7 1*7 1*8 1*7 1*9 50 50 51 51 52 52 53 U7 U8 US U9 53 U9 50 : Average yields of long-tenn bonds by periods Chart showing average yields of long-term bonds Internal revenue collections: Simmsry by principal sources Chsrt showing internal revenue collections Detail of collections by type of tajc Monetary etatlstlcs: Money in circulation Monetary stocks of gold and silver Gold assets and liabilities of the Treasury Ccanpcnents of s liver monetary stock • Silver production in the United States and acquisitions by mints and assay offices Seigniorage on silver Increment from reduction In weight of gold dollar (latest date June 30, 1951) Net Treasury gold receipts (latest quarter ending June 30» 1951). 1*8 U7 U8 1*9 1*8 1*8 50 1*9 1*9 50 51 52 51* 52 1*9 51* Exchange Stabilization Fund: Balance Sheet (latest date March 31, 1951) Inccane and expense ( latest date l-larch 31» 1951) 51 52 53 51* Capital movements between the United States and foreign countries: Historical summary of capital movemants elnce 1935 Summary by countries end months Details for latest months by countries Supplementary data by countries 53 56 60 Corporatlone and certain other bueinese-type activities (latest date December 31, 19?0): Loans outstanding Balance sheets Inccane and expense Source and application of funds 66 50 53 57 63 50 53 55 57 62 58 55 58 62 Ma; July Aa«, Sipt. I 41 I 4 ex/ Treas. HJ U.S. Treasury Dept. 10 .kl 1951 C.2 Treasury Bulletin H