Full text of Treasury Bulletin : October 1956
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
S) m 11.;.:... LIBRARY ROOM 50?5 JAN 3 01958 TREASURY DEPARTMENT LIBRARY ROOM 5030 J UN 2 3 1972 TREASURY DEPARTMENT TREASURY DEPARTMENT FISCAL SERVICE. BUREAU OF ACCOUNTS OFFICE OF THE COMMISSIONER WASHINGTON 25. DC. OFFICIAL BUSINESS BUY AND HOLD UNITED S TAT E S SAVINGS BONDS WEASUMY. EUILILIETrnM QCTDBER-iaSE iT?r UNITED STATES TRERSURV DEPRRTMENT OFFICE DP THE SECRETPRV The Treasury Bulletin la for sale by the Superintendent of Documents, U. S. aovernment Printing Office, Washington 25, D. C. Subscription per year $5.00 domestic, $6.25 foreign. Single copy price varies. October 1956 Table of Contents Treasury financing operations A-1 Summary of Federal fiscal operations 1 Budget receipts and expenditures 2 Trust account and other transactions 6 Cash Income and outgo Debt outstanding and Treasurer' 10 s account l6 Statutory debt limitation 20 Debt operations 21 United States savings bonds 29 Ovmershlp of Federal securities 33 Treasury survey of ownership of Federal securities 35 Market quotations on Treasury securities 39 Average yields of long-term bonds 4-2 Internal revenue collections Ij.I| Monetary statistics lj.7 Capital movements c]_ Cumulative table of contents 62 Note: Where calculations have been made from unrounded figures, the details may not check to the totals shown. Treasury Bulletin II Reporting Bases Data on receipts , The dally statercent on the new basis expendlturee, and debt which appear In the "Treasury Sulletln" are baeed largely on two Treasury financial repcrte, the "Dally State- was first Issued for February 17, ISb^- In the deyoslte and withdrawals as shown, no distinction is made as to the ment of the United States Treasury" and the "Monthly type of accounts (tudget, Statement of Rccelpte and Expenditures of the United are on the basis of certificates of deposit cleared States Government." through the account of the Treasurer of the United Certain moneteiry statistics are based at least In part on the "Circulation Statement States. of United States Money." paldorcash dlsburscrents Where these statements are trust, etc.). The deposits Total withdrsKale are on the basis of checks rt:ade out of the Treasurer's given as sources for Individual tables, they ere cited account. Some of the withdrawal classifications stown by name only. Their respective reporting bases are described below. For other data In the Bulletin, Information on sources or reporting bases Is given are reported on the basis of mailed reports of checks In connection with the tables themselves. minor amounts, noncash Interfundand other Intregovemmantal transactions are excluded. The public debt The monthly statement of receipts and expenditures was first published for February 195'*, and figures In the dally statement also are on a "clear- issued and are adjusted by means of clearing accounts to the total of checRs paid. Except for relatively of Information on budget results and other receipt ance" basis, with the exception of those issuance and retirement transactions reported on the bEtsls of telegrams from Federal Reserve Banks, but they and expenditure data classified by type of account. Include noncash debt transactions. replaced the dally statement as the primary source At the same time, the dally statement was changed The dally ptatcaent before February I7, to a statement of cash deposits and withdrawals af- fecting the account of the Treasurer of the United States. Both publications have provided comparative I95I*, covered not only transactions cleared through the Treasurer's account but also certain Government figures on their respective bases from the beginning agency transactlcns which were handled through of the fiscal year 1953The announcement of February 17, 195^. with respect to these reporting coBmercial bank accounts, and included noncash Inter- changes may be found In the April 195^ issue of the provided Information similar to that in the present dally statement with respect to the statue of the Bulletin. The monthly statement shows all receipts and expenditures of the Oovernment, Includlna' those made from cash accounts held outside the United States Treasury. The Information is compiled from reports by the Treasurer of the United States and by all other collecting and dlsburelng agencies, including those agencies which maintain checking accounts In commercial banks. fund and other Intragovernmental transactions. It Treasurer's account, and similar to that in the present end-of-month dally statement with respect to debt Issuance, retirement, and amount outstanding. Receipts and expenditures, however, were classified by type of account, and the budget results shown In the dally state:iient were used as the basis for reflecting the results under the President's budget program as enacted by the Congress. These reports cover transactions Receipts were on the basis of deposits as recorded in the accounts of the agencies during the reporting period. The net of the transactions as compiled from these reports Is reconciled In the monthly statement to changes In the balances In the Treasurer's account and in cash held outelde the Treasurer's account anc changes In the public debt outstanding. they cleared the Treasurer's account. Expenditures cleared through the Treasurer's account were reported on two successive bases. Throue-h 19^*6 they were on the basis of checks paid by the Treasurer of the United States. Beginning with 191*7, expenditures made through the facilities of the Treasury Disbursement were on the 6 Division of basis of checks issued, while certain others, prinDepart-nent' Receipts of taxes and customs duties are reOther receipts are ported on a collections baals. cipally those of the Department of Defense and Its predecessor organlzat lone, wore on the basis of checks reported partially on a collections basis and partially on a deposits basis. Expendltjree, except paid. 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 Intragovemmental nature are Included on the same debt and gusiranteed securities, were as reported by the agencies. Interest on the public debt was included on a due and payable basis beginning with November I9U9 and on a checks-paid basis prior to basis even though the actual Issuance of checks may that time. not be Involved. Transactions handled through commercial bank accounts, consisting of market transactions In public Interest on the public debt le Included on an accrual basis beginning with figures for June 1955 ^^d the fiscal year 1955. Prior to that. It was Included on a due and payable basia. The same reporting basis as that in the monthly statement provides the fiscal year figuree for the The circulation statement reflects transactions through the Treasurer's account which affect monetary stocks of gold and sliver and the soounts of ooin and currency in the money supply of the country. It Is issued later than the daily statement, however, ani tures and Balances of the United States Government" the figures are based on transactions consummated during the reporting period even though some may not and for aotual receipts and expenditures In the "Budget of the United States Government." have cleared through the Treaeiu'er's account during that period. Treasury's "Combined Statement of Receipts, Expendi- October 19% A-l Treasury Financing Operations Additional lasue of Treasury Bills In accordance with Its announcement on October k, 195^, the Treasury Department on October g Invited tenders on October 10 for $1.6 billion, or thereabouts, of 91-day Treasury bills. dated October 17, 195^. The bills are The offering was for "new money" with payment completed on October 17, provided, however, that any qualified depositary could make payrrient by credit In Its Treasury tax and loan account for Treasury bills allotted to It for Itself and Its customers up to the amount for vtilch It was qualified In excess of Its existing deposits. Tenders were accepted In the amount of $1,603 million. The average rate of discount was 2.627 percent. Refunding of Maturing Treasury Bills Treasury 91-day bills maturing In September were refunded by new 91-day bills In the equivalent total of $6.1+ billion. and each maturity amounted to $1.6 billion. on the new Issues were 2.736 percent for Each new Issue Average rates of discount September 6; 2.770 percent for September I3; 2.90g percent for September 20; and 2.926 percent for September 27. Note: Details of Treeisury market financing opeirations are shown elsewhere in this Issue of the "Treaaury Bulletin," in the tables on "Offerings," "Allotments," and "Dleposltlon," respectively, of marketable leauee of bonds, notes, and certificates of Indebtedness, and in the table "Offerings of Treasvir7 Bills." ,, OcTobcr mt) SUMMARY OF FEDERAL FISCAL OPERATIONS (In Budget receipts and expenditures Net receipts i/ ErpendIturee 2/ Surplufl, or deficit (-) 2/ mlUloos of dollars) of tniBt account Clearing and other account, transetc. actions 2/ a/ Pfet y Net Increase In public debt, or decrease Net Increase in Treasurer's account balance , or decrease (-) Levels, end of period Debt outstanding Treasurer'saccount Public balance debt Guaranteed securities (-) Total Federal securities Subject to llioltatlon Flcal years: l^ltS W.,1.75 98,1*16 -53,91.1 57,679 l.,529 19li6 19l»7 39,771 39,786 60,1*1*8 -20,676 -521. 10,71.0 -10,1.60 751* -1,103 -11,136 -10,930 24,698 14,238 3,308 19lt8 1.1,U88 -5,991* 191*9... 37,696 39,032 33,069 39,507 1.78 1,621. -1,1.62 791 8,1.19 -291. -1,811 -1.95 555 -507 366 433 476 90 4,932 3,470 258,682 269,422 258,286 252,292 252,770 73 27 36,1195 lt7,568 39,617 -3,122 3,510 99 679 1.83 l*,587 2,01.7 liJt,058 -211. 65,1*08 -l*,017 II.7 -1.01 7l*,27l* -9,W.9 -3,117 1.35 -250 328 -303 -2,135 3,883 6,966 5,189 1,839 -388 -2,299 2,096 5,517 7,357 6,969 4,670 6,766 257,357 255,222 259,105 266,071 271,260 20 29 61,391 6U,825 64,655 1955 1956 p 60,390 61*, 570 66,386 -1*,180 1,751* 231 -ei8 281. 68,11*1 1.18 3,115 -1,623 -551 331 6,216 6,546 274,374 272,751 44 74 1957 (Est.)... 69,800 69,093 707 279 -180 -1,351 -51.6 6,000 271,400 n.a. 19lt5 '•3,678 87,271 -1*3,591* 38,568 1*1,080 -2,512 362 -18,966 3,767 -22,502 '*0,389 UO,861* 37,51't 37,955 35,6S3 2,1*31* -123 -1,386 -350 -229 -502 U7,1.81. I9W 19l»7 -21«) -2,21*9 -1.05 1,111 26,003 3,502 3,097 4,208 4,679 278,115 259,149 256,900 252,800 257,130 567 339 81 55 30 4,232 4,295 6,064 4,577 5,180 4,545 256,708 259,419 267,391 275,168 278,750 280,769 24 1950 1951 1952 1953 195l» 67,772 46 52 81 259,U5 269,898 258,376 252,366 252,798 268,671 268,932 257,491 251,542 252,028 257,377 255,251 259,151 266,123 271,341 256,652 254,567 258,507 265,522 270,790 274,418 272,^5 273,915 272,361 278,682 6/ 259,487 256,981 252,854 257,160 288,559 258,554 256,127 252,057 256,413 256,731 259,461 267,445 275,244 278,784 280,822 256,026 258,794 266,821 274,671 278,256 280,348 278,463 278,209 274,080 277,949 277,697 273,571 276,686 277,515 274,418 276,179 277,010 273,915 277,626 278,352 277,524 277,143 277,872 277,045 279,866 280,189 280,822 279,388 279,713 280,348 Calendar years: I9US 19't9 1950 1551 1952 1953 195^ 1955 37,306 52,979 61t,81tO 63,81.1 1*1,106 37,728 56,337 70,682 72,997 61,171 63,358 61*,85U 66,129 Months! 1955-Januai7 . . February., March...., U,655 l*,9lt2 5,1*27 9,71*1 1*,831 5,891. April...., 3,732 May June 1*,1.38 July August. , , 10,125 2,765 , .. l*,73l* 5,2Ul -3,592 -1.22 -3,358 -5,81.2 -9,157 -3,683 -2,771 62 1,770 -31. 7,973 7,777 3,582 376 2,019 603 -635 -3U -1.51 -257 682 -260 4,728 5,411 5,151 278,439 278,182 274,048 24 27 -l.,13l. 5,228 5,356 6,753 -1,1.96 -161. 309 2,601 -1*3 -381. 821. -69 131 -3,098 1,250 -522 336 6,401 5,880 6,216 276,649 277,472 274,374 37 -919 3,372 5,382 6,225 -2,617 -23I. 237 -1,1.91 -217 337 -71* 3,210 725 -833 595 -1,058 -378 6,811 5,753 5,376 277,584 278,309 277,476 42 43 -1*0 -62 -195 5,314 5,119 4,545 279,818 280,136 280,769 48 3,252 4,756 7,072 280,049 280,108 276,345 53 58 59 280,102 280,167 276,404 279,630 279,696 275,935 1956-Januai7.., February . March...., 1*,681* 6,195 11,313 April...., 11,082 5,271* 1*,950 -213 33 -1 1*73 2,31.1 -36 -761 -1*W* 319 632 -590 -162 179 -720 -1,293 1,21.5 127 73 60 1,501. -510 -571. 5,399 5,911. -33 198 -3,76U 2,316 5,387 -1,305 265 -1,360 5,1.67 -1.17 -120 236 2k -U08 -556 « -172 26 6,783 1*,793 3,1*85 5,51.2 •^,057 l»,95l< 5,902 -91*8 -31. 22 Actual figures throi;eh the fiscal year 1952 and the calendar year 1953 are fran the dally Treasury statement, and thereafter In each case they are fran the mcnthly statement of receipts and expenditures of the Government (for explanation of reporting bases, see page n); estimates are fraa the midyear review of the 1957 Budget, released August 28, I956, Includli^ expenditures fran 1957 appropriations anticipated for later transmission to the Cangrees. Grose receipts lees transfers of tax receipts to the Federal Old-Age and Surnvore Insurance Trust Fund, the Railroed Eetlrement Account, and the Highway Trust Fund; and refunds of receipts. Transactions of the Foreign Econanlc Cooperation Trust Fwid, established under Section 114 (f) of the Econanlc Cooperation Act of 1948 Begin(62 Stat. 150), are consolidated with budget expendlturee. ning with the fiscal year 1951, net investzoent by wholly owned Government enterprises in public debt eecurltlee Is excluded fran budget expenditures, and is Included with other such Investment under "Trust accoimt and other transactions." CoiBlsts of transactions of tnugt and deposit funds. Investment by Coveranent agencies in public debt securities, and redemption or sale of obligations of Government agencies In the market; excess of recelpts, or expenditures (-). For detail of content, see page 6. Source: -1,1.88 42 54 76 34 53 36 158 i/ 2, Til 351. ^,663 2/ -106 -319 -209 -186 5,355 5,172 5,651 i/ -1.1.7 -7 5,31*0 .. -1*23 -U 5,1*98 July August. 1*71 87 332 2,692 5,050 11,576 l.,331 -287 596 October. . November.. December. May June p..., -It, 100 3,81.6 September, 1*,662 l*,889 311 815 -Ul 101 739 -259 199 231. 33 43 44 48 53 53 91.1 51.8 -3,978 287 5,712 6,259 6,546 275,789 276,729 272,751 56 62 74 275,845 276,791 272,825 275,378 276,326 272,361 -105 2,919 -2,369 2,019 4,178 6,197 272,645 275,565 74 272,719 275,644 272,257 275,183 4/ ^ 6/ • p n.a. 79 For checks outstanding, telegraphic reports from Federal Reserve Banks, public debt Interest accrued and unpaid beginning with June and the fiscal year 1955 (previously Included fran November 1949 as interest checks and coupons outstanding), and deposits in transit and cash held outside the Treasury beginning with the fiscal year 1954; net Increaee, or decrease (-). For current month detail, see section on "Statutory Debt Limitation" In each leexu of the Bulletin. The limitations In effect during the period covered by this table and the date when each became effective are as follows: June 9, 1944, $260 bllllcn; April 3, 1945, $300 billion; June 26, 1946, $275 billion; August 28, 1954, $28l billion; and July 1, 1956, $278 biniai (temporary lu;rease ending on June 30, 1957). Guaranteed securities are Included under the limitation beginnii^ April 3, 1945. Savings bonds are Included at current redemption value beginning June 26, 1946; prior to that time they were Included at maturity value. In the debt outstanding, savings bonds are carried at current redemption value. Immediate postwar debt peak of $279,764 million was on February 28, 1946. Lees than $500,000. Preliminary. Not available. Treasury Bulletin .BUDGBT RECEIPTS AND EXPENDITURES. Table 1.- Receipts by Principal Sources (In mllllone of dollars) . .. . Octobt'f V>5l) .BUDGET BECKIPTS AND EXPEHDITUEES Table 2.- Expenditures by Agencies (In mlllloDa of dollars) Fiscal year or mcQ^ Legislative Judlciai7 Executive Office of the 'branob President 1953 igsk 1955 1956 P 7't,27't 61 67,772 59 61t,570 65 87 66,386 1957 (Est.)... 1956 -January. Fehruary, March.,.. 69,093 1/ hj 161 3,217 2,915 385 2/ 1,107 806 -6152/ 129 2/ 37 '.,636 52 It 973 5,191 61tl. 133 6,151 .3 1*3 It 21*0 33 5 1.6 It 29 -101 20 367 199 5,399 532 595 615 5,387 9 5,1.67 7 8 886 616 676 632 32 57 59 lt99 11 9 lJ.,Wt3 MiUtaiy fUQCtlODS Civil functions 1953 1.3,611 813 195'* ^,336 605 Saucation, and UW.i8trlbuted Welfare forolgn Depaiianent transactions Interior Department 15s 218 568 1^3 786 250 87 53 -80 735 1,611 92 587 535 515 526 391. 659 312 356 216 1.12 1.57 271 156 136 138 300 355 51.8 35,51.8 573 1957 (Est.)... 36,000 65lt 2,331. 6I16 2llt tel. U95 178 1956 -January.. Februaiy. March..., 2,855 2,918 2,786 1.3 -Wt 200 1.5 2lt I6I. 35 13 12 20 151 1*3 72 19 19 12 39 37 17 16 16 1.8 -lt9 33 1.7 192 173 168 16 18 23 36 16 6/ 7lt 798 6,382 6,370 6,792 83 873 62 3681/ 5lt 877 2S 22 983 31 7,1561/ 625 61 553 559 1« 66 60 1 -1 608 76 151 62 21 36 16 627 63 52 567 90 83 83 53 1,194 153 July August... 2,368 3,211 1.7 112 185 1.3 8 201. 61 17 16 31 66 5,580 113 120 389 104 33 51. 12 13 6,501. 25 50 -6 -13 Source: Actual figures are frcm the monthly statement of receipts and elpendlturee of the Government (for explanation of reporting bases, see page II); estimates are frcm the midyear revlev of the 1957 Budget, released August 28, 1956, Including eipendltures fran 1957 appropriations anticipated for later transmission to the CcogreBS. Note: Figures In this table are for agencies as constituted at the time the expenlltures were made, and therefore do not necessarily represent functions irtilch are can^tarable over a period of time. For expenditures by functions on a ocxislstent basis, see Table 3* l/ I^cpendltures for Peconstructlon Finance Corporation are Included under "Independent offices" throi«h 1954, and under "Treasury Departanent, Other" thereafter. Colmbla 565 561 63 lt6 11. On refunds of taxes 11 May Jime p... y District of Interest On 8 2,909 2,925 3,Wt5 39 69 61 106 Treasury Departanent State Department 35,532 138 g 1*36 39 1,920 1,981 1,993 2,071 183 182 83 82 1.73 public debt 5/ 171 79 lt05 252 583 Poet Office Department 650 i/ 5 1,028 Justice labor Depart- Department iBent 1,063 1,000 1,077 1,281 -1. 1|29 Health, Departxnent 11. 305 1955 1956 P 1957 to date. Departanent 7,779 Defense Departaaent . . Agriculture 2gk 5,5te kj 5,902 April. Housing and Hcne Finance Agency U,2li8 July August. Flec&l year or nositih li.ltlO 6,905 1/ 6,1.73 i/ 6,791 6,987 2/ 5,782 5,282 U,38l 9 9 9 10 General Serrlces Administration 7 6,783 1957 to date. Independent offices 5,27't lt,950 April.... May June p... . 27 28 30 37 Funds appropriated to the President 23 23 Expenditures for Federal Hone Loan Bank Boaid are Included under "Housing and Heme Finance Agency" thrwjeh 1955, and under "Independent offices" thereafter. Total includes reserve for contingencies amounting to $200 mllllcci. Beginning vlth the fiscal year 1957, expenditures for Federal -aid highways are excluded from budget expenditures and Included In trust account expenditures, see Table 1, footnote 13. Effective June 30, 1955, Interest on the public debt Is reported on an accrual basis. Consists of Federal payment and loans and advances. Includes estimate of interest on \»ilnveeted funds. Preliminary, ; . : . . . Tr roasury -BUDGFT RECEIPTS AND EXPENDITURES. Table 3.- Expenditures by Functions, Fiscal Years 1053 to Date (In nlUloDB of doUara) 1953 195k 1955 1956 p MaJco' natlooal aacurlty; Direction and ooordiOAtlon of djofenae Air Force defense •.•••.. •... kraj defenfle • ,.,, Naval defenae ,,, Other central defense actlrltlee Develoiaent and control of atcmlc enerB7 Stoclcpllliig and defense prod\x:tlcn expansion. Military assistance Direct forces evqjport , Total najor natlooal security. 051 052 053 05lt 055 056 057 058 059 . . International affairs and finance Ccnduct of foreign affaire Ssanonlc and technical developnent Foreign Infonuatlco and exchaz^e activities. 151 152 153 ^ Total International affairs and finance. Veterans' eerrtces and benefits: Teterans* education and training 2/ Otlisr veterans* reodjustssent benefits \J Veterans' ctmpensatlcn and pensions Veterans' Insurance and servicemen's Indeonlltles Veterans' hospitals and medical care Other veterans' services and administration 101 102 103 lOU 105 106 Total veterans' services and benefits. 15 12 13 U 15,085 16, '•07 16,872 8,899 9,133 U81 1,857 9,358 9,593 3,951* 15,668 12,910 U.,293 U52 1,895 1,0U5 3,629 19 1,652 587 1,799 86 50,363 li6,90lt 1*0,626 1*0,1*95 150 1,960 106 130 1,511 91 121 1,960 100 1,588 111 2,216 1,732 2,181 1,819 821 68 2,798 105 788 Ij6,2ll2 11,875 39U 1,791 1,008 2,272 659 138 5I46 661* 158 2,1|20 2,ME loe 757 223 188 150 2,681 57 727 178 298 lt,256 l.,U57 I., Labor and velfare Labor azid aanpower Public assistance FrcDotlon of public health Prcnotl(xi of education General-purpoee research, libraries, and musetjas. Correctional and penal Instltutlcus Other velfare services and sdmlnletratlcD 9ltli 100 782 120 176 '*,755 211 281 277 328 U75 212 213 SlU 215 2i6 1,332 1,'>39 l,li28 1,1*57 318 288 36 27 290 271 35 26 275 321 56 217 iWt l'»7 115 351 275 60 31 126 2,1|26 2,U85 2,552 2,775 2,125 1,689 256 217 3,508 236 3,951 20lt 2U 150 286 177 217 300 201 2,936 2,557 i*,ina l*,9l*3 1,122 107 38 815 118 37 l»0U 3"t 960 117 37 38 691 138 U03 13 "*5 1*05 30 i}_ Total labor and wslf are 28 Agriculture and agricultural resourcea: Stabllltatlon of fam prices sod fam Inccoe U/. Financing fam ovnerehlp and operation Xl ^.... Financing rural electrification and telephcnes. CcDservatlcD end developoent Xf Besearchjand other agricultural services i/ Total agriculture and agricultural resources. Natural resources: Coneervatlon and Conservation and Conservation and Ccuservatlon and Becreatlcnal use General resource 351 352 353 35k 355 .. developnent of land and vater 6/ X/* developnent of forest resources dovelopaant of mineral resources.... developaent of fish and vlldllfe.... of natural resources • surveys and admlnietratlon... ..... ,. ItOl We 109 239 317 _JA5_ Total natural resources 39 33 35 35 3>t Ui 35 1,36U 1,220 1,081 99a 567 1>66 Ii69 572 586 61(7 239 659 275 253 356 251 U09 Cdanprce and housing PrcnoticD of vater transportation 3/ 2/ Provision of hlgfavaya Proaotlon of aviation....... ...... •••........ Postal service Cfwirmgil ty development and facilities 10/ ^/. Public bousing programs J2/ Other aids to housing loTl^ / Other aids to business i^i^ Regulation of coBwrce and finance Civil defense Disaster Insurance, loans, and relief l6/. . . 271* : 511 512 513 51'' 515 516 517 518 519 520 521 Total coaasrce and housing. General goverment: Legislative functions Judicial functions Executive direction and mansgeanent Federal flnanc lal management General property and records manageonent Central pereconel management and employment costs Civilian veather servloea Protective services and alien control Territoriee and possessions, az^ District of Colmbla. Other general govertnent Total general 601 6oe 603 601. 605 606 607 608 609 610 govement. (Continued 312 527 78U 1*57 "•5 37 56 29 uia -111 135 51 -UOl -U5 -lll2 270 30 30 17 -330 JtOlt -75 '•5 38 Ul 60 l42 56 12 1 12 II* 2, 612 909 1,622 2,131 1.9 "»9 60 29 11 Ul2 185 387 28 29 31 77 38 12 12 '•31 "*75 IM U5 33"* 1".7 11 Ut9 155 93 26 160 55 lUo 1,1*7^ on follcvlng page) l&t 213 25 157 67 139 21*1 1,239 1.201 1,633 53 3"* 188 69 RuUeti . . OcTober . Mh .BUKJET RECEPTS AHD EXPENDITUEES Table 3.- Expenditures by Functions, Fiscal Years 10S3 to Date (Continued) (In mlllloDs of dollars) 1953 iDtereet: Int«re8t on the public debt...., Zatereat on refunds of receipts Jnterest on wUnTested fundB.... 651 652 653 1951* 1955 1957 Jul7 1956 P 6,5* 6,362 6,370 75 5 83 5 62 5 6 6.583 6,1*70 6,1*38 6,851 631 Tkfifk 67,772 64,570 66,386 5,51*2 Total interest 6,792 627 It Ibdlstrlbuted Total net budget expendlturee .... Source: Figures for 1953-55 are frcm the 1957 Budget of the United Statoa Gorermient, Special AnalTsle L; flsxcree for 1956 Kre "b^sed. on reports BTjianitted by Government dleburalng officers and are classified by IndlExpenditures are net of receipts of public Tldiial apptroprlatlon Items. enterprise funds, llils table supersedes the one published prior to the July 1956 issue of the "Treasury Bulletin," uhlch showed expenditures by major functions only, vlth I956 figures based on monthly etatement detail. See footnote U. yj Expenditures for 195^ include those made frcm "ReadJusUoent Benefits, Veterans' Admlnl strati on," applicable to functional classification 102, "Other veterAns* readjiistziient beneflte," the separate amounts of vhlch cannot be readily determined. See footnote 2. 57 Erpendltures for 195^ Include those for eooergency assistance to lAeat, and to frlendljr peoples, applicable to functional Pakistan classification 152, "Bconcmlc and technical develonaent" ; for emergency feed program -- cost of canmodltles, applicable to functional classification 352, "Financing farm ownership and operation"; for loan to Secretary of Agriculture for conserration program, applicable to finctlonal classification 35^, "Conservation and developnent of agrlcultxn^ land and water resources"; and for transfers and other costs for eradication of foot-and-mouth disease and brucellosis In cattle, applicable to functional classification 355, "Research, and other agrlcxiltural services." These expendlt\iree were made frcm "Ccomodlty Credit Corporation Capital Fund" and the separate amounts cannot be readily determined. 5/ Expend! turea for 195^ Include those for farm housing made from "Loans, Fajmers's Ecae Mwdn 1 etrat ion , Agriculture," applicable to functional classlficatlcn 517, "Other aids to housing," the separate amounts of ^rtilch cannot be readily detennlned. 6/ SipeDdlturoa far 1956 Include those for navigation projects made from "Construction, General, Corps of Engineers, Civil," applicable to iO/ 22/ — Footnotes to Table Footnotes 1 through 6 follow Table 1. X/ Through 1953 > ccntrlbutlons to the Railroad tbemployment Insurance Admlnl etraticn Fund were carried in the dally Treasury stateoaent as mlscellaneouB receipts, while the 1957 Budget docunent Includes them in employment taxes through 1952. This difference In classification accounts for the difference in figures from the two sources. Beginning 195^ the coDtributloais are credited direct to the trust accoixit. For amotnts of the ccntrlbutloas included In budget receipts, see "Treasury Bulletin" for Februaiy 195'*, page 7. 8/ In the 1957 Budget, internal revenue taxes not otherwise classiflad are Included in raiscellaneoue receipts. %j For change in treataent of certain excise tax receipts beginning vlth the fiscal year 1957, see footnote 13. 10/ Individual inccse taxes withheld hove been increased by $21*9 million representing adJustBents to correct estlaates for the quarter ended June 30, 1955, and prior quarters by $11*9 iHUicn and for the qxiarter ended Septomber 30, 1955, $100 alllloa. Individual InccBia taxes not withheld have been reduced by $'^ million rapreeentli^ adjustment to correct estljoates for 1953 and prior calendar years. The old-age Insurance taxes and the transfers to the trust fund have been reduced by the net of these adjustments or $2li6 million. The adjustzaents were made pursuant to Sec. 109 (a)(2) of the Social Security Act Aaendjaenta of 1950. 1^ Amointe appropriated to the Federal Old-Age and Survivors Inaurance Trust Fuad are equivalent to the aootnte of taxee ooUected and deposited for old-age inauranoe (1*2 U.S.C. UOl (a)). The Social Security Act AaeDdBants of 1950, approved August 26, 195O (61* Stat. 1*77), changed in certain respects the basis of transferring the appropriated ftnds to the trust find. Beginning January 1951, the amomta transferred currently for appropriatloa to the trust ftnd are based en estimates of old-age Insurance tax receipts made by the Secretary of the Treasury pursuant to the provisions of Sec. 109 (a)(2) of the Amei^bBents of 1950, aal are adjusted in later transfers on the basis of wage and self -employment inccme recorde ^ IS/ 16/ 1 - 2£/ functional classification 5II, "Prcootlon of water transportation," the separate amounts of which cannot be readily detexntined. See footnote 8, Expenditures for 195^ Include those for flood control and multiple purpose projects, including powei^ made troni "Operation and Maintenance, Goneral, Corpe of Ikiglneers, Civil," applicable to functional classification VOl, "Conservation and development of land and water resources," the separate amounts of which cannot be readily determined. See footnote 6, See footnote 12. See footnote 15. Erpendltures for 195^ Include those for defense ccBmnunity facilities and services and for advance planning of non-Federal public works, applicable to functional classification 515, "Conmrunity develojnent and facilities"; and for Alaska housing and loans for prefabricated housing, applicable to functional clasgificatlon 517, "Other aids to housing." "Dieee expenditures were made from "Revolvir^ Fund, Liquidating Programs, Office of the Administrator, Housing and Home Finance Agency" and the separate amounts cannot be readily determined. See footnote 5» Erpendltures for 195^ include those for disaster loans and relief made from "Operations, Small Business Administration" and for disaster loans made from "Revolving Fund, .qmwn Business Administration," applicable to fxmctional classification 521, "Disaster Insurance, loans and relief," the separate amounts of which cannot be readily detennlned. Erpenditin^s for 1956 Include those for lending program - public agencies, made frcm "Reconstruction Finance Corporaticn Liquidation, Treasury and applicable to functional claselflcatlon 515, "CammBilty developnent and facilities," the separate amounts of which cannot be readily detennlned. See footnote lli. l£.8a than $500,000, p ft:*ellmlnary (Continued) maintained in the Social Security Mainistration. The anotnt of old-age insurance tax refunds is paid from the trust fimd as a relfflbin*seaent to the general fmd. Kicludes the Government's contribution for creditable military service under the act of April 6, 19l*2 (56 Stat. 201*). Beginning 1952, amounts are appropriated to the Railroad Retirement Accoimt equal to the amount of taxee under the Railroad Retirement Tax Act deposited in the Treasury, less refunds, during each fiscal year (65 Stat. 222 and Stat, 371), and transfers are made currently. Previously, annual appropriations were baaed. In effect, on estimated tax collections, with any necessary adjustments made in succeeding appropriations. The Highway Revenue Act of 1956 (Title II of Public Law 627, 8l*th Congress, approved June 29, 1956) eetabllahed a Highway Trust Fund fran which wlU be made, as provided by appropriation acts, Federalaid highway expenditures after June 30, I956 and before Julj 1, 1972. The act appropriated to this fund amounts equivalent to specified percentages of receipts fran certain excise taxes on motor fuels, motor vehicles, tires and tubes, and use of certain vehicles, and provided (Sec. 209(c)(3)) that the amounts appropriated should be transferred currently to the trust find on the basis of estimates by the Secretary of the Treasury with proper adjustanents to be made in subsequent tranttxers. Previous to the fiscal year 1957 corresponding excise tax receipts were Included in budget receipts, and Federal-add highway expendltin?es were Included in budget expenditures. Interest on refunds is Included in expenditures in Table 2. Relmbm-sement by Federal Old-Age and Survivors Insurance Trust Fund for refunds of taxes for the flaoal year (see footnote 11) is netted against internal revenue refunds for the month in which the reimbursement IS made. Transfers for the fiscal year 1955 were reduced by $300 million as an adjuslaent for excess transfers to the trust fund of $90 mllllco in 1952 and $210 mllllan In 1953, pursuant to Sec. IO9 (a)(2) of the Social Security Act Amendments of 1950. n.a. Not available. Lses than $500,000. p ft^llmlnary, ^ ii/ ^ ll*/ 15/ * - . , Treasury Bulletin TRUST ACCOUMT AMD OTHER TRANSACTIONS. Table 1.- Summary of Trust Account and Other Transactions (In Kllllonfi of dollars) Fiscal year or month Set receipts, or Trust and deposit fund accounts expenditures {-), frcn trust account Bet receipts, or Expsndltures and other trans Receipts expenditures (-) actions -^ IS"* 1950 1S51 1952 1953 99 6T9 IU7 tSS 195l> 1,890 -281 3,852 3,855 3,760 Het sale, or Inrestaent (-), hj GoTerassnt sgencles In public debt securities Xl Vet sale, or redeaaptlon (-), of securities of OoTercMent agencies In the arket 5,71"t 3,8BU2/ 6,669 7,796 8,807 8,929 6,950 •ez 3,9't5 3» 9,155 9,536 6,769 -e,3n -711 -3,557 -3,636 -3,301 952 5,169 It, -72 -a? 328 231 2,386 -Zi& 2,296 U,685 9,389 1957 (Est.)... 279 2,500 lit, 200 11,700 -e,i«63 1956.sranuar7.. -162 127 -533 139 90J1 373 -33 -It 371 1,009 757 265 « -120 -135 936 833 871 1,605 l,6l6 1,006 669 353 783 -i.oci 51 -172 26 83 617 1,112 1,029 801 -277 -703 22 1955 1956 P , Pebrufliy. March April Ma; June p . , July Auguat... 9913/ 8,5l'5 -1,368 a/ i/ -2,687 2/ ^ U/ * p 602 i/ 173 128 to 870 761 l,'tl9 Source: Actual figures through 1952 are frcD the dally Treasmy statement and thereafter frcrn the mcDthly stateaent of receipts and expenditures of the Goremnent (for explanation of reporting bases, see page II); estlnates are frcn the midyear rerlev of the 1957 Budget, released Ai«ust 28, I956. Prior to 1951 net investment in public debt securities by certain trust sccounts and by deposit fund accounts Is Included In trust and deposit fund account expendltiires and excluded frooi net Inrestoent by Gorenraent-agenclee (See Tables 3 and U). 2/ l^luies Foreign Eccoanlc Cooperation Trust Fund (see page 1); recelpts were excluded in 19lt8. -C.OJlt a/ k7 lU Uider a rerleed classification In the mccthly stateaent, effective July 1, 1955, the security transactions of Coverzment-eponsored enterprises are Included in deposit fund account expenditures (net) axtd excluded fraa net Investaient by Goverrment sgencles In public debt securities (see Table U) and froo net redemption or sale of obligations of Goverment agencies In the market (see Table 5). Figures previously published for the fiscal year 1955 have been revised to the nev classlcatlon basis. Guaranteed securities Included beginning 1955 (see Table k) I«ss than $500,000. Preliminary. Table 2.- Trust Account Receipts (In fflllllans of dollars) Fiscal year or month Federal Old-Age and Survivors Insurance Trust Fund Ballroad Petirement Account Ubeaployment Trust Fund Rational Service Life Insurance Fmid Inaxirence Govenmkent employees * retirement Fund funds Government Life Blgbvay Trust Fund 1/ t . , Mh OcTobfi- TRUST ACCOUHT AND 0THE3? TRANSACTIONS. Table 3.- Trust and Deposit Fund Account Expenditures (In mlllioos of dollars; negative figures are exceea of credits] TniBt accoimte Plecal year or month Total J/ 19't9 1950 1951 195a , 6,950 3,9't5 l',95S Total truet accotmte 2/ Federal Old -Age and SuTT Ivors Insiirance Truet Fund 3,'tlO 6,85li 661 '*,139 1,569 Uttemploy- Railroad Petlremeat Account ment Truet Fund 278 30k 321 78it 6,769 8,5^5 9,389 7,327 8,469 9,199 3, '•05 502 1,7'»5 '','•87 5,551 585 611 1,965 1,393 6,550 692 1,603 50 50 51 153 152 163 142 52 52 52 52 52 11,700 1956-Januai7.. February. March.... 90l» 793 870 761 886 832 •55 1,006 669 783 812 806 766 1481 1,029 801 809 l»95 91'> 1*97 April May June p . . July Ai^uet... 1.68 lt91 1*90 ^7 kll Bit 1*30 88 507 U95 399 538 623 538 512 195^ 1955 1956 P 391 l,0lt9 1^65 1,010 2/y W»l 77 82 82 2,067 2,750 Other trust accounts 363 61 111* 61U 996 588 5,298 5,698 fimde Highway Trust Fund i/ 526 2/ 370 387 3''8 ,988 5,169 Gove rnme n employees * retirement 222 268 271 300 l,31lt 2,026 900 1953 1957 (Est.)... Govenssent Life Insurance Fund National Service Life Insurance Fund 590 561 1*13 6/ 1,150 '•3 50 '•5 i<3 133 kg 46 1*8 II16 '•5 1*5 126 117 '•3 1.7 Ua 116 33 37 7 121 119 "•3 U7 Ul hk 1.7 137 Deposit fund accounts (net) Fiscal year or month Toted deposit fund accounts 2/ 1H4 96 -I9U 19''9 1950 1951 1952 -3l'6 il/ 1953 -558 56 J£/ 190 1956 -January, Febroaiy, March..., April... May June p.. July.... August.. 6/ m -16 -71 -137 18 Investment In public debt securities -395 -120 2/ -1*37 2/ aJ 6/ 6/ -k 13 2 285 70 63 -3 -U I* 1*9 Other expeolltures % 5/ 310 2/ -395 -120 -1*37 170 51*8 -8T2 6/ 99 331 6/ Other deposit fund accounts 11*0 10/ 10/ -505 , 1*22 -1*10 -121 56 183 §/ -289 U5 -50 -lO -7 -51 -30 -73 36 -88 197 3 -11*1 1 -17 -38 56 17 220 3 10 -te 218 -1J3 3 35 -58 1(6 13 -116 Source: See Table 1. 1/ For security transactions included In expenditures prior to 1951 and beginning 1955, see footnotes 2, 8, 10, and 12. 2/ Prior to 1951, Includes net investment in public debt securities by certain accounts (see Table U). 3/ See "Budget Receipts and Expenditures," Table 1, footnote 13. 5/ Includes District of Columbia operating expenditures, Indian tribal funds, expenditures chargeable against Increment on gold, and trust enterprise funds (itft). The Railroad lAiamployment Insurance AdmlnietratlCD Paid is Included beginning with the fiscal year I95I* (see Table 2, footnote 2), and the Federal Employees' Insurance Fund (net) from its eetabUshment in August 1951*. £icludes Foreign Econmilc Cooperation Trust F\ald (see page 1); receipts were excluded in 191*8. 6/ The ccmbined estimate for "Other" trust accomta and all depoelt fund accounts is $553 dIUIchi. ^ Bedeoiptlon of Government agency obligations In the market 310 195'* 1957 (Est.).., Total 1/ '4 -529 1955 1956 P GoTemnent-sponsored enterprises 1/ 8/ 2/ 12/ ^/ 3^ * p n.a. Prior to 1951, Includes net Inveetment in public debt securities 17 certain agencies (see footnotes 8 and 10); beginning with 1955, includes net security transactions of Govemmsnt-sponsored enterprises ( see footnote 12 ) Included In total of deposit fund account expenditures of Govemmentsponsored enterprises. Excluded from deposit fund accomit expenditures and inoluled with similar security transactions of other agencies, shown in Tables 1* aid 5. Includes net investment in public debt securities. IiKlules transactions by the Air Force and the Anoy beginning 1952. For revised classification of security transactioos of Govemnentsponaored enterprises, see Table 1, footnote 3. Less than $500,000. Preliminary, Hot available. - .., , Treasury Bulletir THUST ACCOUNT AMD OTHER TRAHSACTIOKS Table 4*- Net Investment by Government Agencies In Public Debt Securities (In mllllcxiB of doliATs; oogative flguree are excess of sales] Trust accounts ?lecal year or month Federal Old -Age and Survivors Insurance Trust Total trust accounts FlBMl 2,3112/ Pallroad Betlrement Account Hatlcoal Serrlce Idfe Insurance aent Trust Fund FlSMl 19"^ 1950 1951 1952 1953 3,557 3,636 3,301 3,369 3,355 3,068 1,678 1,950 1,5^5 280 590 59 195'' 2,05U 1,522 202 -21*8 23 1955 1956 P 1,362 i/ 2,687 1,688 i/ 1,236 2,586 11*1 -51*5 73 121 258 135 1957 (let.).., 2,1463 2/ 1956-J«miftr7, FtobruBTy. tttrcb..., April.... mj Juae p . . July August.. -Jioe -373 IW) 69 -353 983 1,004 277 703 2/ Total public enterprlae finds employee B* Insurance Fuid retireiaeat Other trust Bccouata 1/ tvmde W7 3I16 -160 353 1,1*11* 338 357 -721. -1,91*6 32 -26 650 91* 8 573 1*1.9 583 -2U5 1 -e 621* 9 -6 588 9 -65 -1 -16 252 1 311* 11. 51*8 78 1,21*1 1,1.63 5/ 51.3 tt.a. n.a. -379 128 66 -21*7 -37 -UB -I* -3 -3 33 70 176 1*0 7 25 -139 J* J* -6 7 -5 -12 21* -355 975 -179 -39 -85 -9 61.8 39 267 6 -6 -6 15 -1 980 1*71* 98 16 153 276 698 -222 -33 II* -8 33 -6 381 la 275 -1* -5 Federal Housing Adjnlnls- tratlcn Total Govemnentsponsored enterprises 32 11 1*1 101 21 7 1951* 79 -77 59 -86 U 73 12 -2 1955 1956 p 126 101 9 -35 26 8 207 -1 10 J. 521 13 Goreranent-apcnsored enterpo-leee Federal Savlnge and Loan Insurance Corporation 101* 1951 1952 1953 Ufo l,29"t Public enterprise funds Flec&l year or Bcnth 6/ Cover 8U 179 153 1*1.3 Banks for cooperativee Federal Deposit Insurance Corporation Federal heme loan banlcs banlca 21 95 61 62 81* i/ Federal 87 102 311* 18 Memorandtin jj 958/ 13 69 15 1957 (Bet.)... -1 18 8/ 17 170 98 82 51.8 101* 1.25 n.a. 155 105 50 285 70 68 217 1* 56 -5 63 1 61 1* -15 -30 1956 -January., Fabruary. March.... 7 12 2 11 6 k 1 2 Asanl Hay JuDe p... 2 -3 2 3 -U 8 1* 3 1 1.9 21* 13 3 8 -17 13 1 10 3 -12 2 35 -58 1 5 July August.. Source: See Table 1. 1/ Prior to 1951, consists of Adjusted Service Certificate Fuid. Prior to 1951, net Inrestaent by smaller trust eccounta and by deposit f ixid accounts Is Included In expenditures In Table 3 • i/ For explanation of difference frctt Budget figures, beglmlng 1951*, see "Cash Incone and Outgo," Table 7, footnote 1. k/ Excludes net Investzoent by Government -sponsored enterprises beginni ng VI th the fiscal year 1955 (see Table 1, footnote 3). Inclines net sale of $300 mllllcn for adjistaent of excess transfers of tax receipts In 1952 and 1953 (see "Budget Receipts and Expenditures," Table 1, footnote 15). ^ ^ 19 10 1 1*7 31* -58 Prior to 1951, net Investaent by public enterprise funds vas Included In budget expenditures, and net investment by Goverment-sponsored enterin-lses vas ioclivled in deposit fmd expenditures (see Table 3). 2/ Het Inveetaient by Governaent-eponeored enterprises beginning 1955 Is iiKluded in deposit f«id expenditures in Table 3 8/ Beginning 1955, figures include net transactions in guaranteed securities by Federal Housing ;ulmim strati en and Federal Rational Mortgage Association. • Less than $500,000. Preliminary. p n.a. Rot available. 6/ • October I9i() THUST ACCOUNT AND OTHER TRANSACTIONS- Table 5«- Net Redemption or Sale of Obligations of Government Agencies in the Market (In millions of dollars; negative flgnree Indicate net ealee) Securitlee giuuranteed tgr the Ublted States Public enterprise funds PlBcal year or month Total guaranteed CcuBodlt; Credit Corporation Federal Farm Mortgage Corporation Federal Houalog Adjmnlstratloo 10 rcasury Tr Bullet u. .CASH INCOME AND OUTGO. The caeh Income and outgo data appearing In the "Treasury Bulletin" have been revised, beginning with the representing cash received from the public. Federal cash borrowing from the public includes net borrowing by the February 195^ Issue, to a basis consistent with receipts from and payments to the public as derived In tue 1957 Budget of the United States, Special Analysis A. Recon- Treasury through public debt transactions and also net borrowing by Government agencies and Government-sponsored enterprises through sales of their own securities. ciliation to cash deposits and withdrawals In the account It excludes changes In the public debt which do not rep- of the Treasurer of the United States is shown on the the amount of net cash borrowing from, or repayment of The net effect of all these transactions with the public is reflected in changes in the balance in the Treasurer's borrowing account and in cash held outside the Treasury. same basis as in the Budget document. to, the public. There Is also shown By these arrangements, data in resent direct cash borrowing from the public. aceordanos with the Budget classifications are made avail- able month by month. Figures for back years have been maJie them as nearly revised where necessary in order to comparable with the 1957 Budget classifications as available data will permit. 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 whiah affect the balance In that account. On the other hand, they Include receipts from the exercise of monetary authority, which 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 Beginning with figures for the fiscal year 1953, the series of transactions with the public is based on the includes transactions not cleared through the Treasurer's "Monthly Statement of Receipts and Expenditures of the Receipts and payments include transfactlons both United States Government," which Is compiled from reports in budget accounts and in trust and deposit fund accounts. Operations of Qovemment-sponsored enterprises are included by all collecting and disbursing officers and includes those transactions not cleared through the Treasurer's inpayments on a net basis as reflected In Treasury reports. account. Major Intragovemmental transactions which are reported as both expenditures and receipts are eliminated from both. account, beginning with the figures for the same year, account. Noncash Items which represent accrued obligations of the Government 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 monetary authority (mostly seigniorage on silver} are excluded as not Cash deposits and withdrawals in the Treasurer's reported In dally Treasury statements. are For those years prior to 1953 both cash transactions series are based on a single source, namely, the earlier basis of daily Treasury statements which reported separate classifications for trust account transactions, etc. budget results, .. . October ) 11 V^ll) CASH INCOME AHD OUTGO Table 1.- Sunmary of Federal Goveminent Cash Transactions with the Public (Id millions of doUare) Ret cash transactions with the public other than borrowing Fiscal year or month 19''9 Federal receipts frcm the public Federal payments to the public 1950 1951 1952 "tl.STfi It0,9l40 '*3,1'»7 53,390 68,013 ''5,797 67,96'. 1953 71,''99 195'' 1955 1956 P 71,627 67,836 77,067 1957 (Est.).. 1956-Jajjuar7 February March... April... '«3,570 Excess of receipts, or payments (-) 1,006 -2,207 7,593 Plus: Becelpte from eierclee of monetary authority 1.9 -2,513 4,229 -5,796 -505 76,773 -5,27'. 2,919 56 71,860 70,538 72,593 -232 -2,702 2,512 1,809 29 '.,'.75 -4,1.36 23 80,835 77,151 3,681. -4,089 lt,96U 5,570 5,679 -606 -717 27 1/ 1 7,1''0 1,1.62 25 2 11,981 5,861. 6,116 -3,832 3 -197 -106 4 3 -4,931. 2 -439 2,372 3 "•,851. 6,008 -1,15'. 6,00'. June p.. 6,581 12,150 577 5,107 July August.. 3,961. 5,895 6,686 -1,931 6,286 1957 to date. 10,250 12,582 -2,331 Mar Plus: Ret cash borrowing frao the public, or repayment (-) 7,0U -1«X) Source: Actual figures through 1952 are based on the dally Treasury statement and thereafter they are baaed In part also on the monthly statement of receipts and expenditures of the Govenmient (for eiplanatlGQ of reportii^ bases, see page II); estimates are based on the midyear review of the 1957 Budget, released August 28, I956, Bluals: Treasurer's account balance, increase, or decrease (-) 46 -1,462 25 2,047 1,639 -388 -2,299 43 68 73 2 Cash held outside Treasury, Increase, or decrease (-) 2,096 -551 331 -312 -269 -546 168 -1,293 1,504 2,316 -29 -16 -28 -1,360 548 287 -112 257 13 -73 -2,369 2,019 1,934 1/ p Change in cash balances -349 -43 including expenditures frcE 1957 appropriations anticipated for later transmission to the Coogress. Includes excees profits tax refund bond redemptions (see Table 3). Prellmlnai7. Table 2.- Summary of Cash Transactions through the Account of the Treasurer of the United States (In millions of dollars) Fiscal year or month Net cash transactions other than borrowli^ Cash deposits Cash withdrawals 1949. 1950. 1951. 1952. 1953. 41,622 40,965 53,433 68,081 71,345 40,462 43,079 45,718 67,794 76,407 1954. 1955. 1956. 71,815 67,758 77,079 1957 (Est.)... 1956 -January Februaiy. March.... . April. May... June. July August .... September. 1957 to date. Access of deposits, or withdrawals (-) 1,161 -2,114 7,715 Plus: net cash borrowing, or repayment of borrowing ( - Equals: Treasurer's account balance, increase, or decrease (-) -5,062 -2,622 4,161 -5,875 -674 2,763 -1,462 2,047 1,839 -388 -2,299 71,974 69,888 71,984 -159 -2,130 5,096 2,255 1,579 -4,765 2,096 -551 331 80,862 77,319 3,543 -4,089 -546 4,729 7,069 12,351 5,323 5,600 -699 15 -3,887 -1,293 1,504 6,149 -594 1,489 6,203 6,879 12,192 5,428 6,200 6,898 -1,061 680 5,293 -299 -132 -5,006 -1,360 548 3,701 6,579 6,877 5,603 6,855 5,649 -1,902 -276 -467 2,295 1,228 -979 -2,369 2,019 249 17,157 18,107 -950 849 -101 Source: Actual flgiuree are based on the dally Treasury statement; estimates are based on the midyear review of the 1957 Budget, released August 28, 1956, including expenditures frcm 1957 appropriations anticipated for later tranamlsslco to the Congress. 287 2,316 287 Figures in the first four colimins of this table may differ scmsirtiat frcm those originally published In the dally Treasury statement because of subsequent reclassification of certain transactions. .,, 12 Treasury Bulletin CASH INCOME AND 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 mllllonB of doIlATs) Becelptfl Lobb: Deductlona fixn r»celpte Reconciliation to caah traneactions iJQ T3reaaurer'a account BiucLls: Plscsl year or month 19lt9 Bulget (net) Trust accotnt i/ 2/ 37,696 36,U95 1950 1951 1952 aeDtal transactions SrcesB profits tax refund bond ro- (sM desiptlona IntragoremTotal Talile 5) Receipts froB exsrclsa of monetary authority Federal recelpta frca the public Total deductions Plus; Receipts frco exercise of monetary authority £/ U3,lilO 1,781. U6 U3,l6U 2,197 1,930 25 1,831. 2,221* 1.1,576 Uo,9l«3 55,361* 1*3 1,971. 1*0,965 53,1*33 2,U6 68 68 68,081 73,751* 2,185 2,255 53,390 68,013 1.3 70,198 71,1.99 56 -210 71,31*5 T3 29 llU -107 23 -U 71,815 67,758 77,079 1953 611,825 2,199 56 6U,655 60,390 68,lUl 9,155 9,536 11,685 T3,8U 2,U0 73 69,926 79,825 2,061 2,735 29 2,183 2,090 23 2,758 71,627 67,836 77,067 1957 (Est.).. 69,800 llt,200 8I*,000 3,138 3,165 80,835 1956-Januai7., February, March,.,, U,68li 371 1,009 757 5,055 90 92 I. 7,201* 61. 7,ll«) 2 12,070 62 86 April May June p. , 25 27 2/ 1 ,961. 80,862 -236 -53 .,729 7,089 12,351 89 11,981 3 368 871 1,605 1,616 '*,953 6,651* 96 70 100 U -1.90 l*,368 3 13,192 l,0ll0 1,01*2 U,85U 6,581 12,150 295 to 6,879 12,192 3,1-85 1,112 '!,597 631 l.,95l. 1,1*19 6,372 83 633 86 3,96U 6,286 -265 290 3,701 6,579 14,082 July August,. Source: 6,195 U,313 27 1.1,622 1.6 195^ 1955 1956 p 61,391 Equals; Cash depoelts In the Treasurer's account 5,71l» 6,669 7,796 8,807 8,929 '*7,568 MJustznent for net difference due to reporting method (See also Table U) 5,050 11,576 73 See Table 1. 2 2 3 Footnotes follon Table 7, Table 4.- Derivation of Federal Government Payments to the Public, and Reconciliation to Cash Withdrawals from the Account of the Treasurer of the United States (In mllllcos of dollars) less: Deductions fran expenditures Srpeodltures Fiscal year or month Budget i/ Trust and deposit fuoi accoi33t Intra- govom- GoremrBBntsponaored enterprise (net) i/ mental transactions 2/ (See Accrued interest and otbei noiKash expenditures (See Table 6) Payments to the public not reflected in the Treasurer's account Cash vlthdravals frcn Prcm caah held outside the Treasury Treasurer's account Less: Table 5) 191.9 1950 1951 1952 1953 39,507 39,617 w.,058 3,852 -3U1 1*3,018 1,781. 661. 1.0,570 6,961. 3,651. -83 1*6,1*97 1.3,11.7 1.8,002 65,1.08 5,317 5,288 -366 70,359 79,W.3 2,197 1,930 2,116 2,199 1,153 291 275 279 1.5,797 67,961. 1.72 76,773 -1*356/ 98 32U 7'.,5l.2 2,U0 572 73,211. 76,100 2,061 2,735 615 772 71,860 70,538 72,593 -257 312 269 71. ,271. 7,201. -U9 6/ AdJUSt2MDt for net difference Frcitt proceeds of salee due to In the market of agency report li^ obligaticns and public method debt securities (See (See also Table 7) S/ Table 3) 108 68 79 170 155 1955 1956 p 67,772 61., 570 66,386 9,389 1957 (Bst,),,, 69,093 11,700 -131. 80,659 3,138 370 77,151 -168 1956 -January.. February. March.... 5,271. 901. 5,570 5,679 -Ifl 16 -53 6,107 233 60 156 29 870 761 5,893 5,800 90 ".,950 -285 -eo 5,861. 28 10 55 April,... May June p, , 5,387 1,006 669 783 -25 -1 55 6,368 1,029 801 -1*5 1951* July August Source: See Table 1, 5,399 5,1.67 6,783 5,51.2 5,902 8,51*6 10 62 86 Eiluals: Beconcillatlon to cash transactions in the Treaaur«r'a account Equals: Federal payments to the public 256 230 329 the 1.0,1.62 1.3,079 ''5,718 67,791. 76,1*07 111. 71,971. -107 -11 69,888 71,981. 77,319 -236 -53 5,323 5,600 368 6,11.9 96 70 265 61 6,008 6,004 -13 103 -1.90 5,1.28 6,13". 73 26 7,622 1,01.0 -1.63 7,01.1. 112 73 295 uo 6,200 6,898 6,526 6,713 631 -1 28 -56 5,895 6,686 1.1. 77 -265 290 5,603 6,855 83 Footnote follcw Table 7* . . ' ,. October M() 13 CASH INCOME AND 0UIX3O.- Table 5.- Intragovernmental Transactions Excluded from Both Receipts and Payments (In Fiscal year or moDth Budget receipts which are also Interest paid to Treaflui7 toy puhllc Govemment- enterporlse Other 1/ ceipts which are also tXTiet fund expenditures 2/ funds 19'»9 32 73 1950 1951 1952 1953 170 18 20 25 59 87 102 IW 6 W?!* 1955 1956 p 228 6 173 297 1957 (Eat.).. 1956 -January. March.... April. public deht securities 1<0 81tl 29 1U7 10 880 892 987 Interest on uninvested trust funds Payroll deductions for Other enqiloyeee 5/ retirement k/ 1,09't 327 358 378 ku. teo 366 1.63 7 18 16 8311 2 2 398 2 573 3 Total 1,784 2,197 1,930 2,116 2,199 7 16 STk 167 166 519 1^1 10 105 1,292 590 661 3,138 26 15 « 2 2 3 3 90 3 6 17 53 32 5 k 62 86 3 2 2 1*39 60 11. 2,110 2,061 2,735 33 U9 8 795 5"* 1» '•5 85 l.OltO 33 1 631 It 36 61 553 9 3 83 It Source: InTestsient In 1*30 1 110 Ai^ust,., Interest on eponsored enterprise expenditures 2/ Trust fund receipts which are also trust fund expenditures 6/ 1,188 1,173 1,207 . July Trust fund receipts rtilch are also "budget expenditures 68 81 100 May June p. .. mlUlone of doUare) B^id^et receipts which are Budget realso bxil^et expenditures 3 See Table 1. 96 70 5 Footnotea follow Table 7. Table 6.- Accrued Intereet and Other Noncash Expenditures Excluded from Payments (In mllllcna of dollars) Fiscal year or Bionth Ret accrued Interest on eavlnga bonds and Treasury blllB 1/ Clearing account for public debt Interest 2/ Noncash expenditures Involvli^ Issuance of public debt securities 2/ Special notes of U. S. 6/ Adjusted Aimed forces service leave bouds 5/ Intemat 1 onal International bonds hj Monetaiy Fuzvi Bank aeries aerlea 19l>9 561 -2 -161. 1950 1951 1952 571. -H 638 758 718 -95 -160 -68 1953 -1 -1 -1 1951* 521. 68 1955 1956 p 1.97 26 -15 1957 (Est.)... 3to 1956-Janufli7.. 51. 359 February March..., -7 1 AfTll Hay Jme p . 22 1.56 3". . July 1.8 August. Source: 58 See Table 1. 21 -25 -Ul Ret Inveatsnent in public debt securities Included in expenditures Clearing account for checks outstanding, etc. 8/ -98 6 366 661. 207 28 1.83 1,153 -214 -UOl -250 275 279 -U5 572 615 772 13 -9 -21. 28 -11. -8 -7 109 156 175 -8 50 -12 370 30 11 38 -1 -1 * -209 52 132 233 60 156 193 172 -953 -1 -1 • 298 177 -1 -1 5 -1 -1 -11. -55 161. 1.72 -6 56 76 -221 265 61 1.33 -1.63 -11. -55 Footnotes follou Table 7. -332 -199 ..,.. lU. Treasury hulkCASH INCOME AND OUTGO. Table 7.- Derivation of Federal Government Net Cash Debt Traneactlone with the Publ ic. and Reconciliation to Net Cash Debt Transactions through the Account of the Treasurer of the United States (Het Ixaroirtng, or repajnent of boiroirtne (-); In mllUons of doUare) Change In public debt and agency obllgatlona held by the public Fiscal year or month Plus: Ret sale of obllgatlcsis of Oovemment enterprises In the market Public debt Incraaae, or decrease (-) Public and trust enterprise funds CorenaDentspoDsored enterprises U78 -I46 -2,135 3,883 6,966 -8 10 U.k -59 5,189 3,115 -1,623 -lU 6ae 173 1957 (Est.)... -1,351 21,2 1956-January February. March, .. -720 -e 60 128 -3,764 llO 50 10 U7 -36 19'<9 1950 1951 1952 1953 , 195^ 1955 1956 P . . April Hay Jme -556 p. . July August . . Fiscal year or mcnth -e8 -11. -iioe 6 28 313 69 10l» 81. 33 3,369 3,355 3,068 101 79 179 153 11 269 872 1,686 1,236 2,586 -77 126 101 171 5U8 3,130 2,454 -3,813 155 -3,706 7 12 2 285 70 63 -634 -3,846 -11 49 -17 -4,876 35 -58 2.337 2,301 -186 66 >*! -355 975 2 Ii8 51 38 980 2I| -105 2,919 22 -10 lU 276 698 Deductions for aoncash and other transactions Special notes of U. S. 4/ International Bank series International Monetary Fund series 581 574 638 758 718 -164 -95 -160 -68 -24 -25 -41 -98 207 1954 1955 1956 p 524 497 456 -14 -8 -7 1957 (Est.)... 340 1956-January. February. March 54 -7 1 22 34 it/ -181 4 -406 Less: Excess profits tax refund bonds 2/ Total deductions -4 -1 -1 287 642 -1 Bluals: Net cash borrowing frcD the public, or repaynent Transactions not reflected In the 680 28 722 2,919 109 156 175 618 644 623 2,512 1,809 -4,436 256 230 329 -8 50 382 -4,089 -1 -1 30 11 83 -717 • 3 25 -14 -14 -3,832 -1 -6 15 UO -197 -106 -4,934 -1 « 76 58 July August . . 48 21 -1 -1 -14 -55 489 57 33 -35 Footnotes on following page. -439 2,372 Equals: Net cash borrowing Uurough the Treasurer's account 6/ 108 68 79 170 155 . See Table 1. 28 -2,513 4,229 -5,796 -505 13 -9 April May Juie p . Source: 8 Issuance of public debt securities representing expenditures, or ref\nds of receipts i/ Anud -2,226 4,870 -5,308 175 3,640 U6 2,1^3 -3T9 128 9'»1 Adjusted serrlce bonds Goreramentsponsorsd entsrprlses 37't forces leave bonds Uj 1949 1950 1951 1952 1953 Public enterprise funds Trust funds -3,978 Less: Net accrued Interest on savings bonds and Treasury bills 2/ Equals: Increase In securities held by the public, or decrease (-) Net Inreetoent In Federal securities by Gorenment agencies Less: Treasurer's account, or repayment (-) -2,622 4,161 -5,875 -674 2,763 2,255 1,579 -4,765 -4,089 -18 10 55 103 26 73 -699 15 -3,887 -299 -132 -5,006 28 -467 77 2,295 . October . Mh 15 . CASH INCOME OUTGO ATTD Footnotes to Table 3 For further detail, see "Budget Receipts and £zpesdltureB," Table 1. For fia-ther detail, see "Trust Account and Other Transact! ana," Table 2. Treated aa nosocaab refund deductions tzxMn receipts yhen Issued and as cash refund deduotions ^en redeemed. Conalste of selsniorege on silrer and Increment resulting ftxni reduction In the weight of the gold dollar; excluded frco receipts frcm the public but Included in cash deposits in the Treasurer's account. Includes excess profits tax refund bond redecqitlons, for which a separate estimate is not aTallable, Less than $500,000. 5/ Prelliniiiary. p Footnotes to Table 4 i/ 2/ 2/ Far further detail, see "Budget Keoelpte and Expenditures, " Table 2. For further detail, see "Trust Aocouat and Other Trensactions , " Tables 3, Inclulea net change in balanoee in Goremnsnt-eponflored kf and 5. enterpa:*iee deposit fund accoimts with the Treasurer of the Utilted States. Net operetlne e:q)eiidltureB, or receipts (-), aa moasured by funds provided by or applied to net security transactions reflected in Treasury reports (see Table 7) • To a large extent, these Goto rament -sponsored enterprises secure funds for their operations by direct borrowing from the public or by cashing Poderal eecan:ltles which they hold, and they apply the net inccme received fran operations to repayment of borrowing from the public or to inveelanent In Federal securities. On that basis, not ex- penditures for operations are shown tn this table In tenas of the coDblnfid net of dlslnvestaient in Federal securities and sale of agency obligations In the market, and net receipts frcra operations are shown in tenns of the combined net of InTestanent in Foderal securities and redemption of agency obllgatlcne In the marlcet, Mot reported prior to 195^. CccLslets of only those marlcet transactions not cleared through the Treasurer's account. See Table 7, footnote 1. Less than $500,000. Preliminary. h/ ^ 6/ * p Footnotes to Table 5 i/ 2/ ^ k/ Federal inteimedlate credit bank franchise tax and, beginning 1953, also reimbureeiaGnt by Panama Canal CooQ>any for expenses and serrloes. Includes reimhurseaDent by Federal Old-Age and SurrlvorB Insurance Trust Fund for administrative expenses and, beginning fiscal year 1953, also for refunds of taxes (treated as an offset to refunds rather than being credited to reoeipte); reimbursement bj the District of Colimibla; and In 191*9, proceeds of ship sales irtiich had been carried in trust accounts pending allocation to budget receipts from sale of surplus property Canslste of payment of earnings and repayment of capital stock to the Treasury throijeb 1952, and beginning 1955, payment of franchise tax by banks for cooperatives. Includes relatively small amoinits of deductions tram salaries paid by trust funds and Government -sponsored enterprlaee. ^ 6/ * p CanslBts of Tkilted States and Quv g iuue n t corporation shares of contribxrtlons to employees* retirement funds, and payimnte to the Railroad Retirement Account (for creditable military eervloe), the tiemployn»nt Tmet Fund, veterans' life insurance funds, trust fund for technical services and other assistance under the agricultural coneervatlon prcgram, awaanis of Indian Claims Cosnmlseion, and District of Columbia. Includes District of Columbia share of contributions to the Civil Service retirement fxmd, payments by Fallroad Retirement Board to Federal Old-Age and Sxu-vivore Insurance Trust Fund, transfers from Civil Service retirement fund to Foreign Service retirement fund except in I956 and 1957, and transfers frcm Railroad Uaemployment Insurance Administration Fund to Utiemployment Trust Fund. Less than $500,000. Preliminary, Footnotes to Table 6 X/ 2/ i/ h/ 5/ Accrued discount on savings bonds and bills less interest paid on savIngs bonds and bills redeemed. Public debt interest accrued and unpaid beginning June 30, 1955» effective date of the change in accoxmtlng and reporting frcm a due and payable basis to an accrual basis; for 195'*, consists only of public debt interest checks and coupoiffl outstanding; net increase* or decrease (-), Not reported as a separate clearing accoun-- prior to 195'*; interest reported \rtien paid by Treasurer prior to November I9U9, Treated as nancash expenditures at the time of issuance of the securities end as cash expenditures at the time of their redemption; net issuance, or redemption (-), Issiied in I936 in exchange for adjusted service certificates held by veterans of World War I. The bonds matured in 19^5, Issued In I9U7 in payment for accumulated leave. The last of these bonds matured in 1951. • Port of the United States subscription to the capital of the International Bank for Reconstruction and Develojment and to the Internftt 1 onfti Monetary Fund was paid In the form of nonlntereBt-bearlng, nonnegotlable notes payable on demand (see 19^*7 Annual Report of the Secretai7 of the Treasury, pages U8, 35O, and 385). The last of the notes leeiied to the Bank was redeemed in 1950. By wholly owned Government enterprises; beginning 1951, such net Inveetraente are imported separately and are not Included in expenditures (eee "Trust Account and Other Transactions," Table U), Checks outstanding less deposits in transit, and telegraj^ic reports from Federal Reserve Banks; increase, or decrease (-). For public debt interest included prior to 195^*, see footnote 2, Less than $500,000. p ftrellminary. 6/ 1/ 6/ Footnotes to Table 7 1/ 2/ 3/ In this table, beginning 195^+, in accordance with treatment in Budget documents, net investment in United States seciorltlee by Govemmentspcnsored enterprises includes a small amount by other enterprises regained as representing net transactlone with the public. In Table U un4er "Trust Account and Other Transactions," these amounts are inclxiied in trust and deposit fund account investment. Accrued discount on savings bonds and bills, which is incluled in the principal of the public debt, less interest paid on savings bonds and bills i-edeemed. Treated aa noncash transactions at the time of Issuance and as cash transactions at the time of redenqytlon; net issuance, or redamptlon k/ 5/ 6/ • P C-). Erclialed from borrowing becaxise the transactions are treated as expenditures in Table 6. Excluled from borrowing because the transactions are treated as de- ductions frcm receipts in Table 3. Market transactions in public debt securities and agency obligatlcne. Less than $500,000. Preliminary. , . 16 Treasury Bulletiti DEBT OUTOTANDIHG AND TREASURE2?'S ACCOUHT Table 1. Summary of Federal Securities (In mlUlons of doUare) Bid of fiscal year or Bcnth 19'»9 1950 1951 1952 Total outfltaniliig Interest-bearing debt Matured debt and debt bearing no interest Guaran- Gt Total i/ Pukllo debt tead aecurltlea 2/ Total 252,798 257,377 255,251 259,151 252,770 257,357 255,222 259,105 27 20 29 250,785 255,226 232,879 256,907 250,762 255,209 232,852 256,863 266,123 52 263,91*6 271,3''l 266,071 271,260 81 27lt,l*l8 27l*,37't 1*1* k6 Public debt Public debt Total 2l> 27 2,012 2,150 2,372 2,370 1*1* 2,21*1* 51 80 2,126 2,351 17 Guaranteed aec un- teed eecurltlea 2/ i/ MooetaiT Pui^ y Other 5/ 2,009 21*5 2,11*8 265 512 1,063 1,270 1,283 2,21*2 1*19 1,27'> 701 613 575 550 298 U37 i,3oe 1,1»U 1,567 1*77 1,7'"2 1*60 857 1,61*5 I167 272,825 272,751 71* a63,997 268,990 271,785 269,956 269,883 73 2,869 2,125 2,350 2,633 2,868 1955-Decaiiber 280,822 280,769 53 277,851 277,799 52 2,970 2,970 1956-Januai7., February. 280, loe 280,01*9 53 58 277,170 277,295 660 725 1,675 1,686 1,672 1.69 I167 59 2,881 2,8l6 2,865 2,811. 276,31*5 April..., 275,8U5 276,791 272,825 275,789 276,729 272,751 56 62 273,133 27l,038 1*65 61 5l*8 1,71*2 1*63 73 2,711 2,752 2,868 1,666 269,956 2,712 2,753 2,869 580 71* 273,078 273,977 269,883 51 56 57 56 735 280,108 276,1*01* 277,221 277,351 273,539 2,879 280,167 MBTota.... 666 1,7'<2 1*60 272,719 272,6'»5 71* 270,01*1* 79 273,037 2,675 2,607 1*88 275,565 73 79 2,671* 275,61*1* 269,972 272,959 2,606 1*78 1,728 1,673 1*55 1953 195k 1955 1956 May Jmie July August . . 268,910 271,7111 273,1*81 Source: Dally Treasury etatewmt. Includes certain obligations not subject to statutory lljBltatloa. For amounts subject to limitation, see page 1. Excludes guaranteed securities held by the Treasury. Conslsta of PHA debentures beginning March 1953 Special notes of the lAilted States Issued to the International Monetary Fund In payment of part of tile Ublted States subscription. .1/ I Table 2. 2,631* 2,863 589 666 ties 2/ (uatursd) 525 502 1*66 1*57 pursuant to prorlBlona of the Br«ttoa Woods Agreeaents Act. The notes bear no Interest, are ncmnegotlable, and are pflkjable on deaand. SlAlXar notes Issued to the International Bank and outstanding 19'*7-19'*9 are Included under "Other." Includes saTloge etamps, excess profits tax refxmd bonds, currencj items, and notes Issued to the International Bank (see footnote >*). For current nonth detail, see "Statutoi? Debt Llsltatlon," Table 2. Interest-Bearing Public Debt (In mllllans of dollars) October MO 17 DEBT OITTSTAHDINC AND TE^EASURER'S ACCOUNT Table 3.- Special Issues to United States Government Investment Acounts (In mllllone of dollars) Etd of fiscal year or month 18 Treasury Bulletin DEBT OUTSTANDING AND TREASURER'S ACCOUNT Table 5.- Treasury Holdlnge of Securities Issued by Government Corporations and Other Agencies i/ (In mllliaos of dollars) Erport- Bid of fiscal year or BKmtb 19^ tlon 6,651 8,423 9,067 1950 1951 1952 Federal Housing CCBBOdltO^ InqKjrt National and HcBse Credit Bank of Mortgage Finance Corpora Wash lug ton Aasocla- AdmlnlB- 9,561. a/ tlon i/ 1,669 3,193 2,555 1,970 3,612 914 964 1,040 1,088 1,227 1,549 2,038 2,446 4,lB0 7,608 1,347 1,310 1,239 2,233 1,966 1,954 International Cooperation Administratrator 4/ tion 2/ Public Housing Adninlstratlon 782 964 1,097 1,150 1,189 655 655 130 165 1,203 1,209 1,213 215 61 38 1 30 44 67 337 349 489 Veterans* direct loan 1/ 65 58 78 52 49 44 39 Ulder Defense Production Other 2/ Act of 1950 8/ 107 176 270 158 395 416 226 100 100 34 29 14 151 367 491 564 773 1,002 1,144 50 2,276 141 537 1,112 19 74 53 2,321 2,321 2,321 176 2U 1,116 1,116 208 537 537 584 1,U9 20 20 20 2,361 2,361 2,343 221 226 151 584 584 564 l,Ufl 1,143 1,144 21 21 27 2,403 2,403 176 226 584 584 1,194 1,197 27 28 12,869 16,175 20,049 1955-Doc. 18,645 9,875 1,268 2,002 154 1,2U 1956 -Jan. Feb. Mar. 18,938 18,921 19,239 10,076 10,130 10,383 1,225 1,229 1,223 2,026 1,939 1,935 154 155 165 1,212 1,212 1,212 Apr. Ma;. Jise 19,627 19,783 20,049 10,709 10,830 11,190 1,224 1,232 1,239 1,938 1,939 1,954 165 165 165 1,213 1,213 1,213 49 38 July 19,140 19,591 10,071 10,536 1,221 1,224 2,001 1,921 175 196 1,213 1,213 61 Source: Dallj Treasury atatement. i/ The eecurltles ahown in thle table were Issued to the Treaflui7 to finance Government corporationB and other agenclea with the Treasury Iteelf raising the neceeeary funds through public debt operations. To avoid duplication, these securities are not included in the guaranteed debt outstanding as shown in preceding tables. 2/ Excludes securities Issued under Defense Production Act. i/ Prcm September I95O through July 195^, consists of notes of the Bousing and Home Finance Administrator, issued to borrow for the Association. Beginning August 19^, consists of liabilities taken over by the Association froa the Administrator in accordance with Public Law 560, approved August 2, 195**, and notes issued by the Asaociation under authority of that act; and beginoing Septeaober 195'*, also eecurltles transferred frcn the Recanetructlon Finance Corporation (see footnote 6). Prior to September 1950, the Aasociatlon was financed from funds of the Becons true tlon Finance Corporation, which owned the capital stock. ConslBte of notes issued to borrow for the urban renewal program }*J (formerly slvon clearance program ;) the prefabricated houeing loans program fron September 1950, when it was transferred from the Eeconatructlon Finance Corporation, through November 195^; college housing loans beginning July 1951; oai. public facility loans beginning January 195^. Notes Issued to borrow for the Federal National Mortgage Association frcn September I95O thro\^ July 195^ are shown under the Association. 5/ Eetabllshed In the Department of State by Erecutlve Order No. IO6IO, dated May 9, 1955, and effective at the close of buslnees June 30, 1955, as successor to the Foreign Operations Administration. Data for earlier periods are for predecessor agencies. 1,015 1,281 1,527 1,731 1,933 Tennessee Valley Authority U7 195^ 1955 1956 Aug., 1,856 1,456 274 197 Secretary of Agriculture 172 162 12,125 U,190 Burel Electrification Adalnistration 2,091 2,207 2,343 1953 102 Reconstruction Finance Corporation 6/ 66 53 74 6/ ^ 2/ 159 154 2 16 27 Bccludes securities issued under Def«ise Production Act of 195O; includes securities issued under Federal Civil Defense Act of 1950 through November 1953, after which they were taken over by the Secretary of the Treasxiry, pursuant to the act approved July 30, 1953 (67 Stat, 230), and are included under "Other." During September 195^, under Beorganliatlon Plan Ho. 2 of 195^, the remaining securities Issued by the Corporation to the Treasury were transferred as follows: $Ua million to Export-Import Bank of Waehlngtan, $92 nlUioo to Federal National Mortgage Association, and $1U million to ft^n Business Adminlstratioin. For Farmers* Home Administration program. Consists of notes of the Administrator, General Services Administration beginning January I95I (Administrator, Defense Materials Procurement Agency, January 1952 through July 1953) for defense materials procurement; Reccnetructlon Finance Corporation, January 1951 through September 1953 (after which its activities under this act were transferred to the Secretary of the Treasury), and the Secretary of the Treasury beginning October 1953; the Secretary of the Interior (Defense Minerals Ezploretlcn Administration) beginning June I95I; the Export-Import Bank of Washington beginning April 1952; and the Secretary of Agriculture beginning June 195^. Consists of notes issued by Federal Farm Mortgage Corporation and Home Owners' Loan Corporation prior to 1950, Virgin Islands Ccnpany, 191*8-49, Secretary of the Axvff (Natural Fibers Fevolving Fund), I9U9-51, Secretary of the Treosurr beginnii^ 1953 (se« footnote 6), and 3iuill Business Administration beginning September 195**; and revenxte bonds issued by Saint I^wrence Seaway Developaent Corporatlco, beginning November 195^* October /VJ6 J-9 DEBT OUTSTANDING AND TREASURER'S ACCOUNT Table 6.- Statue of the Account of the Treasurer of the United States (in millions of dollara) . Treasury 20 BuUetu STATUTORY DEBT LIMITATIOH The Second Liberty Bond Act, 757 as amended ( ginning on August 28, 3I U.3.C. 195"*, by acts approved August 28, provides that the face amount of obligations Issued t>), and ending on June 30, 1556, IS^'i, and June 30, 1955; BnA under authority of that act, and the face amount of by $3 hllllon beginning on July 1, I956, obligations guaranteed ae to principal and interest by the United States (except guaranteed obligations held by June 30, 1957, by an act approved July 9, I956. Ohllgatione issued on a discount basis, and subject to redemption prior the Secretary of the Treasury), to maturity at the option of the owner, are included in the shall not exceed in the aggregate $275 billion outstanding at any one time, and ending on statutory debt limitation at current redemption values, except that this amount was increased by $6 billion be- Table 1.- Status under Limitation, August 31, 1956 (In Bl111nn(i of doUAn) Mb Till aaouat of aecurltles which maj be outattttdlug at aoj on« time, under limitation Isposed by the act of Jxme 26, I9U6 (31 n.S.C. 757 b), aa inoreaaod t<»por»rllj bj the act of July 9, 1956 278,000 teotmt of securltlea outatandlng subject to auoh atatutory debt llAltatlcn: U. S. CoTemaent securltlea laaued under the Second Liberty Bond Act, aa Mwndad 275,10J» Guaranteed aecurltles (excluding thoae held by the Treasury) 79 Total aaoist of aecurltles outstanding subject to statutory debt llAltatlcn 275,183 Balance Issuable under llaltatlcn Source: 2,8l7 Dally Treasury etateawnt. Table 2.- Application of Limitation to Public Debt and Guaranteed Securities Outstanding August 31, 1956 (In ralUlona of dollars) Subject to statutory debt limitation Class of security Public debt; Interest-bearing securltlea l Marketable: Treasxoy bills Certificates of indebtedness. Treasury notes Treasury bonds Panama Canal bends. .••.•••. • 20,809 19,523 35,122 81,828 Total marlce table. 157,282 Total outstanding 50 20,809 19,523 35,122 81,828 50 50 157,332 totable: U. S. saTings boids (current redemption Talus). Depositary bonds Treasury bonds, inreslaent series 57,338 303 U,931 303 11,931 Total nrfmarto table 69,572 69,572 • Special issues to Goreraant ageDoles and trust fmds. 272,909 Matured aecuritlea on vhich interest has ceased Debt bearlz^ no Interest: Dm ted States sarlngs et«Bps Xxcess profits tax refiad boods Special mtes of the Ift^ted States: Ibtematicnal Monetary ?md Series .•.....••....• Tkilted States notes (less gold reserre) Deposits for retlTHwnt of mational bank and FSdsral Reserre Bank notes. Other debt bearii^ no Interest 1|6,05U 50 l>78 1.7 1*7 1 1 1,673 191 211 6 Total debt bearlx^ no intersst. 272,959 1*71. 1,673 Tot&l public debt GuaiwQteed aeourltlest 57,338 116,0511 Total Intarvst-bearlng securities 191 211 6 1,721 1*07 2,128 275,10'> I461 275,565 X/ latere st-bearlng Hatursd 79 1 Total guaranteed securities Dally Treasury statensnt. 79 1 79 79 TotAl public debt and guaranteed securities. Source: Not subject to statutory debt linltation 275,183 i/ I161 Excludes guaranteed securities hsld by the Treasuty, 275,6Wi . Octobff m() 21 .DEBT OPERATIONS. Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding August 31, 1956 (In millions of dollars) Amount of maturities Description of security 1/ BlUs 2-3A* Fixed maturity Issues Callable Issues classified by year of: First call - 9/15/56-59 Bills Year and month Description of security i/ Final maturity 6,1.0'. Bond ?/ Amount of maturities 1959 Feb... 1-7/8* Note 2/15/59-A Mar... 2-3/8* Bond 3/15/57-59 Apr. 1-1/2* Note './1/59-SA - 10/1/56 -ED Bills 2-5/8)6 Certificate - 12/1/56-I) Total 2-5/8)6 Certificate 2-1/2)6 Bond 2-3/8* (tax 22 .. 8,003 June. 2-l/lt* Bond 6/15/59-62 9,083 Sept.. 2-1/1.* Bom 9/15/56-59 30,896 Oct... 1-1/2* Note 10/1/59-BO Dec... 2-1/'.* Bond 12/15/59-62 2/15/57-A 2/ Bond iJ Bond Note Certificate 3/22/57-B anticipation series) 3,820 927 531 5/15/57-B '.,155 Note - 1 - 8/15/57-0 8/1/57-D 3,792 12,056 10/1/57-BO 821. Total.. 3'.,795 3/15/56-58 1-1/2* Note lt/l/58-EA 383 2-3/8* Bond 2-3/'.* Bond 2-7/8* Note 6/15/58 6/15/58-63 6/15/58-A l.,2l.5 1-1/2* Note 10/1/58-EO 2-l/a* Bond 12/15/58 Footnotes at end of table. 5,271. 3,820 99 3,1.62 5,320 Apr.. 1-1/2* Note I./1/60-EA 198 Oct.. 1-1/2* Note IO/I/60-BD 278 Not.. 2-1/8* Bend U/15/60 3,806 Dec. 2-3/1** Bom 12/15/60-65 Total 8,736 1,1.85 i.,28e 6,196 1,U9 2-1/2* Boi^ Total 119 i960 2,997 3,221 V1/57-EA 1-1/2* 927 1,1.1.9 1-5/8* Note 2-3/1.* Note Final maturity 5,102 7,219 3/15/56-58 9/15/56-59 3/15/57-59 1-1/2* Note 2* First call 982 Total 2-7/8)6 2-3/'.* Callable Issues classified by year of: 6,l«)2 1-1/2)6 Note 2-l/l.)6 Fixed maturity issues 1961 Apr.. 1-1/2* Bote '.,392 June. 3* Panama Canal bond 6/I/61 50 121 Sept. 2-3/1.* Bond - 9/15/61 2,239 2,368 Not.. 2-1/2* Bond - II/15/61 11,177 lt/l/61-KA - 53 919 11,509 919 1,W.9 Total (Continued on follovlng page) - 13,520 1,1.85 '.,7l>7 Treasury Bulletin 22 .DEBT OPERATIONS, Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States Government and Outstanding August 31, 11)66 - (Continued) (Id Bllllani of dAUjn) October 23 V>Jf> DEBT OPERATIONS. Table 2.- Offerings of Treasury Bills (DoUbt amoun'te In ihIXIIodb} Treasury Bulletin 2k DEBT OPERATIONS. Table 3.- Offerings of Marketable Issues of Treasury Bonds, ^k)tes, and Certificates of Indebtedness ubaorlptlon . OcTober l'>5(> 25 .DEBT OPERATIONS, Footnotes to Table 3 Source: Bureau of the Public Debt. Prellminaiy flguree are froan aubscrlptlon and allotment reports; final figures are on "clearance" basis In daily Treasury statement. i/ Oonslets of aU public cash subscriptions and subscrlptlona bj anted States Coremment InTsslaent accounts. 2/ Bonbank subscriptions vero allotted in full. OoniMrolal banks' subscriptions for anoonts up to and Including $100,000 for their own account also were allotted in full. Oonoerolal banks' subscriptions for amounts over $100,000 for their ovn account wore allotted $100,000 on each subscriptloo. The Zi oertiflcates dated August 15, 1952, vere reopened an certificates of the series identical in all respects, »lth as an exchange offering for the 1-7/8* certificates vhloh Mitured '"'''**'• Mcclanses in the tuo ^'^' offerings aaoonted ?''?°''SL^' to $2,ocE milllan. Eiohmge offering available to ouners of nonmrketable 2-3A)t Treasmy Bonds, Inreslanent Series B-I975-80, dated April 1 I951. For further information on the original offering see "Treasuir Bulletin" for April I951, page A-1. Amounts shoro are as of September 30, I956. Amount Bhoun includes exchangee by Federal Resorre a^stem Open 5/ Hailcet Account aaounting to $71li 6/ tte 2-1/2* bonds dated February 15, 1953, «re reopened vlth all the bonds of the series identical In all respects, as an eichaiKe offering for the 2-1/8* notes vhlch natured December 1 I953 Total exchanges In the t«D offerings amounted to $a,36S alljion Holders of the 1-7/8* oertiflcates which matured Pebruaiy I5, 1953 ' were offered a choice of exchanging the secnrltte« for either the one-year certificates or the five-year, ten-month bonda. 8/ The bond offering was made available for eichai^e of Series F anl O savings bonds maturing from May 1 through December 31, I953 2/ Total allotmante on cash subscrlptlona were United to appranmately $1,000 million. Nonbank subscriptions in amounts up to and including $5,000 were allotted In full. AU. other subscrlptlona were allotted 20 percent. Camnerclal banks' subscriptions were restricted to an amount not exceeding 5 percent of their time deposits as of December 31, 1952. The Treasury also reserved the right to allot Halted amounts of these bonds to Government Inveslaent accounts ' which subscribed to a total amount of $ll8 million. i2/ Also doalgnated tax anticipation certificates, acceptable at par plus accrued Interest to maturity in payment of Income and profits taxes due March 15, 195lt. 11/ Subscriptions for amounts up to and including $100,000 were allotted in full. Subscriptions for anounts over $100,000 were allotted 67 percent but in no case less than $100,000. Holders of the 2* bonds which matured September 15, 1953, wore offered 12/ a choice of exchanging the securities for either the one-year certificates or the three-and -one-half -year notes, ii/ Subscriptions for amounts up to and inolodii« $10,000 were allotted in full. Subscrlptlona from mutual savings banks, insurance ccanpezUee, pension and retirement funds, and State aid local govenments were allotted 211 percent. All others, including coniBroial banks, wore allotted 16 percent but not less than $10,000 on any one subscription. ii/ Holders of the 2-1/8* notes maturing December 1, 1953, wore offered a choice of exchanging the seourltiee for either the twelve-aad-coehalf-month notes or the five-year, ten-iKjnth bonds. i5/ Holders of tte 2-l/lt* certificates which matured Febrmiy 15 1954 and the I-3/8* notes maturing March 15, 195't, wore offered a'choloo of exchanging the socurities on February I5, I95U, for either the one-year certificates or the seven-year, nlne^nonth bonds. In addition, holders of the 2* bonds maturing June 15, 1954, and two Issues of 2-1/1.* bonds callod for rodoisition on Juno I5, 195!. were given an opportinlty to exchange their holdings on Fobruaiy 15 1054 '-^' ' for the 2-1/2* bonds. gl/ Holdors of tho 2-5/8* certificates, maturing Aaguat 15, 22/ gi/ 24/ y 25/ mion. W 11/ mj SubscriptionB farsnounts up to and including $10,000 worw allotted full. All other subsorlpticns were aUitted 22 percent but In uu no «- i" oaae less than $10,000. HoMera of the 2-5/8* certificates maturing Juno 1, 1954, were offered a choice of exchanging the soourltles on May 17, 1954, for either the <«io-ysar oertiflcates or tho four-yoar, nlno-aunth notes Also doslenatod tax anticipation certificates, acceptabli at par plus *° ™*"°'^*'^ WraeaX of income and profits taxes m dS'to^ris""* 12/ 21/ 26/ 29/ 30/ 31/ 32/ 3^ 34/ 32/ 26/ XU ^ Suisorlptlons for amomta up to and Including $50,000 were allotted in full. Subscriptions for amomts over $50,000 wore allotted percent but In no case lass than $50 000 The 1-1/8* certlficatee dated August 15) 1954, were rsopenod with all the certificates of the series identical in all respects, as an offering for the I-7/8* notes which matured Deooaber 15, TSl^f 1954, the 2* bonds whloh natured December 15, 1954, and tho 2* which were called for redemption on December 15 I954 Total exchanges in the two offerings amounted to $8,477'BlUiOT. W 20/ 26/ 38/ Y>l b^ p 1954/- and the 2-5/8* oartifleates, maturing Septcaiber 15, I954, were offered a oholce of exchanging tha seourltles on Ai«ust 15, 1954, for either the one-year certifioates or the six -year, throe-month bonds. Subscriptions for amounts iqi to and inclodlng $50,000 were allotted In fxill. Subecriptions for amounts over $50,000 were allotted 50 percent but in no case lees than $50,000. Holders of the 1-7/8* notes maturing December 15, 1954, the 2* boide maturing December 15, 1954, and the 2* bonds called for redemption on December 15, 1954, were offered a choice of exchanging the aecuritles for either the I-I/8* oertiflcates, tho 1-1/4* certificates or tho 2-1/2* boms. The 3* bonds dated February 15, 1955, wore reopened with all the bonds of the series Identical in all respects, as an additional oaah offering on July 11. I955. Tho total amount issued in tho two operations was $2,745 million. Holders of the 1-5/8* oertiflcates maturing Februaiy 15, 1955, aM the 1-1/2* notes maturing March 15, 1955, wore offered a oholce of exchanging the socurities on February 15, I955, for either the oneyear, one-^nonth notes or the two-year, slxioonth notes. At the earns time holders of the 2-7/8* bonds of I955-60, callod for rwdamptlon on March 15, 1955, wore offered a choice of exchanging the securities 00 February 15, 1955, for either the one-year, anamonth notes or the forty-yeer bonds. Also designated tax entioipation eortifioatas, acceptable at par plua aoorued interest to maturity in payment of loooae and proflte taxes due Juno 15, 1955. Tho 2* notes dated Nay 17, I955, were reopened with all the notes of the series Identical in all respects, as an exchange offering for the 1-1/8* oertiflcates maturing Anguet 15, 1955. Total exchanges In the two offerings enotmted to $10,015 million. Cash subscriptions for $100,000 or less were allotted in full. Subscriptions for more than $100,000 wore allotted 62 peroent bat in no case less than $100,000. Also desigmatod tax antleipaticn oartifleates, acceptable at par plus aoomed interest to maturity in paymwit of inccne aid profits taxes duo Maroh 15, 1956. Subscriptions for $100,000 or less wore allotted In full. Subscriptions for more than $100,000 were allotted 19 percent but In no case less than $100,000, Subsorlptiona froa savings-type inrostors totaled $749 mllllcn and were allotted 65 peroent. Subeeriptlcna froa all otUor isvostors totaled $970 Billion and were allotted 30 percent. Subscriptions for $25,000 or less were allotted In full. Subeorlptioae for more than $25,000 wore allotted not less than $25,000. In addition to the amount allotted to the public, $25 million of the bonds were allotted to Oovemment investment accomts. Savings-type investors were given the privilege of deferring payment for tho b<nids, provided that not lees than 25 peroent of the bonds allotted were paid for by July 20, 1955, not leae than 60 percent by September 1, 1955, and full payivnt by October 3, 1955. Also designated tax anticipation certificates, acceptable at par plus aocrusd Interest to maturity In payment of Irrr^tf and profits taxea duo June 15, 1956. Holdara of tho I-I/8* certifioates whloh matured August I5, 1955, wore offered a choice of exohai^lng the eoourltleB en A\«ust 1, 1955, for eithor the ton-and -one-half .«cnth certificates or the one-year, threemonth notes. Subscrlptlona for $100,000 or Isss wore allotted In full. Subscriptions for more than $100,000 were allotted 32 percent but in no case less tjian $100,000. The 2-7/8* notes dated December 1, 1955, wore reopoMd with all tho notes of tho series identical in all respects, as a partial exchange offering for tho 1-5/8* notes Bfaturtng Maroh 15, 1956. Total exchanges in the two offerli«B amounted to $4,392 million. Holders of tho 1-1/4* certifioates and 1-3A* notes, both maturing Dsoembor 15, 1955, wore offered a oholce of exohai^;lng tha seourltles on Dsoeober 1, 1955, for either the one-year oertiflcatas or tho twc^ anjiUone-half-year notes. Holders of tho 1-5/8* notes maturing March 15, 1956, wore offered a choice of exchanging the securities on March 5, 195°, for either tho eleven-and-half -month oertiflcates or the two-and -one-half -year notes. Holders of tho 1-1/2* notes maturii^ April 1, I956, wore penoittod to exchange their socurities only for the certificates. Also designated tax anticipation certlficatee, acceptable at par plus accrued interest to maturity in payment of Income at^ profits taxes due March 15, 1957. Subscriptions for $100,000 or less were allotted In full. .Subscriptions for more than $100,000 were allotted 29 percent but in no case less than $100,000. ftollmlnary. 26 Treasury Balk ?;/ .DEBT OPERATIONS, Table 4.- Allotments by Investor Classes on Subscriptions for Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness i/ (In mlllloas of dollars) Isaue 27 October l'>% DEBT OPERATIONS. Table 5.- DlspoBltlon of Matured Marketable Issues of Treasury Bcmds, Notes, and Certificates of Indebtedness Called or aattartne securil? 1/ Date of refunding or retire- Issue date DaeoriptlOB snt Results of exchange offers Blffposltloo offers bj Treasury Aaoimt DeacilptlcD of nev security offered Tamed ottt- Casta etandlag retireBent offered fic- in cbanged for oaata S/ (In BdUlocia of dollars) 7/1/52 1-7/8^ Certificate 7/1/52-B 8/15/52 1-7/816 Certificate 1-7/816 Certificate 8/15/52 -C 9/1/52-1) 8/1/51 9/15/51 10/1/51 Total. 5,216 583 1,832 5,216 2,4]fi 2,416 2,008 1,832 10/15/51 10,861 10,861 10,542 12A5/5I 1,063 1,063 873 8,868 8,734 10/1/52 1-7/856 Certificate 10/1/52 -E 12/1/52 1-7/8^ Certificate 12/1/52-F 2/15/53 1-7/8)6 Certificate 2/15/53 -A 3/1/52 8,868 6/1/53 6/15/53 1-7/8* Certificate Bend 2)6 6/1/53 -B 6/15/53-55 7/1/52 lo/7/ltO 4,963 725 4,963 725 4,410 448 5,688 5,688 4,858 2,882 2,682 2,788 7,986 7,721 10,04a 9,923 8/15/53 2* Certificate - 8/15/53-0 8/15/52 9/15/53 256 Buud 9/15/51-53 9/15/1*3 7,986 12/1/53 2-1/8)6 Bote 12/1/53 -A 10/1/52 10,542 2/l5/5lt-A 2/15/53 8,114 •2-l/l»l6 Certificate 500 5/| 8,u4 I 2/15/51* 1-3/8* Bote 2)6 2-l/lt)6 a-l/l»)6 Bond Bond Bond 3/l5/5'*-A 6/15/52 -5I1 6/15/52-55 6/l5/5't-56 12/15/1*9 6/26/1*4 2/25/1)2 7/22/1*0 4,675 I 1,360 I 3,237 5,825 1,501 681 5,825 1,501 681 4,083 1,128 369 20,796 20,796 18,184 1,743 373 1,505 322 273 4,675 2* Certificate 8/15/53 -C i/ 12/1/53-A 2-1/8* Bote Certificate 2* 2-1/4* Certificate 2-1/2* Bond 8/15/53-C i/ 2/15/54-A 12/15/58 4/ 2-5/B* Certificate 6/1/54-B 829 2-5/8* Certificate 2-5/8)6 eertlflcate 2-7/8)6 Bote - 8/15/54^ - 9/15/54-* 3/15/57-A 12/15/54-B 12/15/58 4/ 1-7/9* Bote 2-lA*Bs«d 5,647 2,360 I 6/1/53-B 1-7/8)6 Certificate 4,963 434 1,575 583 1,743 6/ 373 6/ 1-5/8* Certificate 2-1/i* Bond - 2/15/55^ 1-5/8* Certificate 2-1/2* Bond - 2/15/55-A 11/15/61 U/15/61 U/15/61 2-1/2* Bond 7,007 of 1-5/8* Certificate [11,177 of 2-1/2* Bond [ Total 3/22/^ 5/17/5't 2-1/2)6 Certificate Bend 2* 2-lA)6 Bond 2-1 A* Bond 2-5/8)6 Certificate 3/22/5lt-C 7/15/53 5,902 6/15/52-5'* 6/26/1*4 6/15/52-55 2/25/Ue 1,743 373 6/15/5i'-56 7/22/1*0 6/1/5U-B 6/1/53 5,902 1/ 3U 4,858 311 786 4,858 I 238 51 38 - 5/17/55-B 1-1/8* Certificate - 5/17/55-B 2/15/59-A 1-1/8* Certificate 175 1-7/8* note 2.',897 3,886 of 1-1/8* Certificate ,2,897 of 1-7/8* Bote ' (.Total 8/15/51* 2-5/8)6 Certificate 8/l5/5l»-D 2-5/8)6 Certificate 9/l5/5'*-E 8/15/53 7,285 7,285 2,788 2,788 6,7^ 55 1 9/15/53 4,724 1.728 4,724 93 1 Total. 7,512 7,512 8,175 8,175 502 2,078 7,364 n2/l5/5'*-B 12/1/53 [ 2)6 BoDd - 12/15/52-5"* 12/1/1*4 8,662 8,662 3,289 346 407 1,983 43 243 6,028 12/15/5't 14 2* Bond - 12/15/51-55 12/15A1 510 510 88 380 29 17,347 17,347 17,033 315 (Omtlnned on folloifljig paao) 1-1/8* Certificate I 2-1/8)6 Bond J 1 148 1*,498 1-7/8* Bote f 8/15/55-1) n/15/60 8/15/55-D /15;11/15/60 1-1/8* Certificate 2-1/8* Bond 3,558 of 1-1/8* Certificate 8/ 3,806 of 2-1/8)6 Bond 1-1/8* Certificate 1-lA* Certificate 2-1/2* Bond 8/l5/5'-D 2/15/55-E 8/15/63 - 8/15/55-B 2/15/55-E 1-1/8* Certificate 1-lA* Certificate 2-1/2* Bond 8/15/55-D 2/15/55-E 8/15/63 1-1/8* Certificate 1-lA* Certificate 2-1/2* Bend 8/15/63 4,919 of 1-1/8* CertlflcatB 8/ 5,359 of 1-lA* Certificate 6,755 of 2-1/2* Bond - Treasury Bulletin 28 .EfEBT OPERATIONS. Table 5.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness Called or naturlns eecurlty ]J laeue date DaecriptlcD Besulte of exchange offers Dlspoeitlon offers by Treasu>7 Bate of or retireBent (Contlnuedl - fisaoymt outstanding Cash retirement Exchangs security offered changed Description of oev security offered l\tmed In for cash 2/ (In mllllcns of dollars) 2/15/55-A l-5/8)( Certificate 2/15/55 3/15/55-A l-l/25t Note 2-7/8* Bond 3/15/55-60 2/15/5^ 3/15/50 3/15/35 7,007 7,007 1 5,735 1,166 1 2/,6a6 I I.II. 5,365 5,365 2,611 2,611 f 323 i 1,!,92". 106 1-5/8* Note note 2* 3/15/56-A 8/15/57-C 326 1-5/8* Bote Bote 2* 3/15/56-A 8/15/57-C 36I. 1-5/8* Hots Bond 3* 3/15/56-A 2/15/95 lk,983 1U,188 795 of 1-5/8* Bote Note 3,792 of 2* Bond l.geU of 3* 3,886 3,171. 712 2* Bote 8/15/56-B 10/ 11.9 2* 2* Certificate Bote 6/22/56-B 12/ 8/15/56-B Ifi/ 387 2-5/8* Certificate 2-7/8* Bote 12/1/56-D 6/15/58-A 1.60 2-5/8* Certificate 2-7/8* Note 12/1/56-D , 6/15/58-A ii/ 81.7 9,063 of 2-5/8* Certificate 2,283 of 2-7/8* Bote 11.8 2-5/6* Certificate 2-7/8* Note 8,1.72 Total. l'»,983 3/22/55 Ijt Certificate 3/22/55-C 8/2/5lt 3,73't 5/17/55 l-l/8jt Certificate 5/17/55-B 5/17/5'' 3,886 6/22/55 1-3/8* Certificate 6/22/55-P ''/1/55 3,210 8/1/55 1-1/8* Certificate e/15/55-I> 8/15/5U 8,U77 12/1/55 3/5/56 1-lA* Certificate 12/15/55-K 1-3A* Hot* 12/15/55-B 12/15/50 3,210 Ji/ 8,U77 5,359 5,359 6,85U 6,854 1,1.86 6,ai I 12,213 12,213 I SlU J ''.925 l,'.69 1 U,366 3/15/56-A 2/15/55 8,1.72 8,U7E I./1/56-EA ''/1/51 1,007 1,007 6,215 2,109 1,005 9,''79 9,'.79 9,328 1-7/8* Certificate - 2* 2-lA* Certificate Certificate Note 2* 1-1/2* Bote 3/22/56-A 7/1B/55 - 6/22/56-B 6/22/56-C 8/1/55 10/11/55 - 8/15/56-B - lO/l/56-a) 5/17/55 10/1/51 - 9/15/56-59 9/15/36 - 2-3A* Bond } ''.158 I 1-5/8* Bote Ttotal I I 2 151 2,20e 1,U86 2,202 JAy 2,970 2,970 15/ 12,5U7 550 159 16/ 12,388 550 11,528 p 526 p 860 p 22 P 13,097 159 12,938 12,056 p 882 982 982 2-5/8* Certificate - 2/15/57-A 6/15/58-A Ji/ 2/15/57-A 7,219 of 2-5/8* Certificate 2,109 of 2-7/8* Bote 1^ 1,1.86 Preliminary figures are from euhSource: Bureau of the Puhllc Debt, "clearance" ecrlptlcn and allotment rcporto; flnal figures are on basis in dally Treasury atatenent. matxirlty dates ape leed. 1/ Original call and 2/ All by inrestors other than Federal Reserve Banks. vere reopened for the 3/ TbM 2* certificates oaturli« August 15, 1953, December 1, 1952, refunding (see Table 3), , the for .>. reopened The 2-1/2* bonds maturing December 15, 1958, were December 1, 1953, refunding (see Table 3). , ^ o Keserre Federal fron the purchased Treasury 5/ On NoT«Bber 9, 1953, the Treasury notes^meturlng STSt«i: and retired t500 nllllon of the 2-1/8* for December 1, 1953. For further detail see "Treasury Bulletin Boramber 1953, page A-1. ,j v , bonds vould bo glyen an 6/ It had been announced the holders of these opportunity to exchange them for another Treasury Issue after was Included In the re offering exchange February 15, 1951.. This fundings of Hay 17, 1951.. ^, , . . ^ due for taxes 7/ rax antlclpatlcE eerJea; $2,669 million redeemed Mareh 15, igS"., anl »3,233 million redeemed for cash. were reopened for 8/ The 1-1/8* certificates maturing August 15, 1955, the December 15, WS*., refolding (see Table 3). taxes due for redeemed million »2,2l6 2/ Tax anticipation series; y I I 1-1/2* Bote 3/22/56 9/15/56 2/ 1 6/22/56 6/22/5S 7/16/56 12/l5/5k 3,73't 10/ 11/ Jg/ ii/ ili/ 12/ 14/ p 2-3A* Bote 8/1/57-D March 15, 1955, and $l,5l8 million redeemed for caah. The 2* notes maturing Ai«ust 15, 1956, were reopened for the August 1, 1955, refundli« (see Table 3). Tax anticipation series; $1,917 million redeemed for taxes due Jme 15, 1955, and $1,293 million redeaned for caah. Also designated tax anticipation certificates, acceptable at par plus accrued Interest to maturity In paymsnt of Income and profits taxes due June 15, 1956. The 2-T/8* notes niaturli« Jvxie 15, 1958, were reopened for the March 5, 1956, refunding (see Tble 3). Tax anticipation series; $1,671. million redeemed for taxes due March 15, 1956, and $528 ml 111 en redeemed for cash. Tax anticipation series; of the 2* certificates $1,013 million wars redeenked for taxes and $1.73 million for caah; and of the 2-lA* certificates $1,891 mllllcn were redeeosd for taxes and $1,079 milllan for caah. During June 1956, $159,000,000 of 2* Treasury notes, maturing August 15, 1956, were purchased by the Treasury for accomt of the Sinking Fuid and retired, Preliminary. Octobtr V)l(> 29 .UNITED STATES SAVINCrS BOKDS. United States savings bonds were first offered In March 1935 and began to mature In March 19'*5- Series A-D were sold between March 1935 ^^^ the end of April 19'H, and Series E, F, and were first offered In May 19'H. When Series E began to mature on May 1, 1951i owners of the matured bonds were offered three options: To redeem the bonds In cash In accordance with the original terms; to retain them with an extended maturity of 10 years at specified rates of Interest accrual; or to exchange them for Series May 1, bonds. 1952. A number of changes became effective The principal ones were: The rate of details of these changes see "Treasury Bulletin" for May 1952, page A-1. Series F and began to mature on May For the exchange offering made to holders 1, 1957of these bonds maturing through December 3I, 1953, 8ee the May 1953 issue, page A-1. holders of Series F and 195'^ to bonds. The Treasury invited which began to mature In January reinvest the proceeds in other series of savings In the tables which follow. Series A-F and J sales are Included at issue price and total redemptions and amounts outstanding at current redemption values. Series 0, and K are included at face value throughout. Matured H, interest accrual on Series E was increased, especially for bonds which have been redeemed are Included in redemptions. the near term, with corresponding changes In extended Series E; and Series F and U were replaced by two new Issues, Series J and K, also at higher Interest rates. A new current-income bond. Series H, similar in Interest Matured F and return to Series E, was offered beginning June 1. bonds outstanding are Included in the interest-bearing debt until all bonds of the annual series have matured, when they are transferred to matured debt upon which interest has ceased. For Table 1.- Sales and Redemptions by Serl es. Cumulative through Augrust 31, 1956 (Dollar amounts in millions) . , 30 Treasury Bulletin .UNITED STATES SAVIMGS BOKDS. Table 3.- SaleB and Redemptions by Periods, Series B through K (In mllllone of dollars) Accrued dlBCount Panod Sales plus accrued discount SedeaptioDs Total Sales price ^ y^ ABOuit outstanding Accrued discount 5/ Intereat-bearli^ debt Series B and H ccpblned Fiscal years: 19'tl-19lt9.... 1950 1951 1952 1953 6/.,.... 1955 5/ 1956 195'> Cal^nrtar years: 19'tl-19lt9.... 1950 1951 1956 1953 2,T7't 2't,351 887 3,921 l.,307 l.,295 895 1,035 It, 1,1U I.,l407 U,008 l>,06l 1,120 1,326 1,123 l,Ult ".,653 5,225 5,260 56,662 3,668 3,190 3,575 l.,368 195'' "•,889 1955 5,368 Monthai 1956-Jsnv«ry. 57,'>79 3,993 3,272 3,296 3,201 971 1,080 1,120 1,128 1,126 1.113 l.,038 23,856 3,326 3,987 3,583 3,538 3,791 3,909 5,181 5,rF9 1.,3'.5 6,31.8 l.,5l.l. 6,37k l.,730 l.,012 59,863 26,097 3,912 25,510 3,667 3,688 3,622 3,625 3,909 li,639 l.,270 '.,691' '.,036 '.,098 5,1.96 .,157 6,015 lt,UW. l.,652 6,1.81 U0,929 55 57 1.1,053 1.1,126 81 86 nil 1.91. 1.02 31.5 505 512 1.12 355 351 July August . IA3 U2 1*03 85 31.3 376 357 Series ?, G, J, and E Coablnsd , 81.1 1,21.9 586 Calenilwr years: I9I.I-19I.9 1950 1951 1952 21., 993 2,li06 770 586 1953 1.32 1951. 1,281. 1955 907 Months 1956 -January. February. March April.... 72 68 53 J\Kie 39 33 39 July la August.., 31. M»T 21.1. 35,321. 51. Ulk Ul8 398 1,680 1,871 629 501 1.76 1.0,729 1.0,822 AprU..., May Jtne 2l>,325 3l.,727 57 57 368 IKX , 31., 1.93 31.8 40,1.88 51.9 1950 1951 1952 1953 1951.6/ 1955 5/ 1956 33,766 21.5 55 65 57 1.50 560 8lt I9I.I-I9I.9.... 1.0,929 395 303 681. 8l> Fiscal years: 586 37,1.* 39,285 lM3,063 111 Ul. 500 55l» 636 658 3l.,l.9l. 3'.,905 36,01.8 36,663 38,233 I165 , 1.25 702 572 Ut6 555 1*7 3lt,506 531 535 February, 1.31 33,327 195 307 3,91.9 March 1.05 1.96 1*,296 1^,637 Matured debt ., October . Mh 31 .UNITKD STATES SAVIHGS BOKDS. Table 3.- Sales and Redemptions by Periods, Series B through K -(Continued) {in millions of dollAra) Accrued discount Sales Bedamptlons 2/ 3/ Sales plus accrued discount Sales price k/ 5/ Fiscal years: 19lil-19''9 1950 1951 1952 1953 igjit 1955 1956 5U,70l» 2,77'' 3,993 3,272 3,266 3,700 3,988 895 1,035 l*,095 1,123 U,219 1,11't 56,662 59,863 i,m 1,120 :.,i26 57,'t79 l»,887 It, 307 't,377 it.aai 5,lllt 5,218 5,333 211,351 3,521 lt,295 It, 008 1»,032 It, 319 It, 1(90 U,622 Calendar years: 195't 11,063 1955 '(,192 3,201 971 1,080 1,120 1,128 1,126 1,113 I9UI-19U9 1950 1951 1952 1953 3,668 3,190 3,393 3,906 Months: 1956 -January. February. March..., April. . . May June 11,098 5,0311 5,1119 5,30lt U,1U1 liJtl U,1.06 11,572 1*37 111 81t 5lte I160 8U lt57 31*2 81 86 llU ll22 U39 392 U02 392 112 1(64 uie 85 liai 351 336 . lt,513 It 376 372 351 325 July.... August . ,270 26,097 3,912 1,036 "1,639 lt37 360 386 Series H j/ Fiscal years: 30 360 665 1,130 30 360 665 1,130 l.Oltl 1,01*1 1952 1953 WJl* 182 U62 866 1955 1,177 182 U62 866 1,177 135 100 92 135 100 92 1952 1953 195't 1955 1956 6 Calendar years: Mentha: 1956 -January,. February, March..., 16 38 79 9 8 12 10 10 April.... 72 72 May 68 68 June 73 73 12 91 66 91 66 13 12 July August . . Accrued discount 5/ Anount outstanding (interestbearing debt) 32 Treasury Bulletin .UNITED STATES SAVINGS BONDS. Table 4.- Redemptions of Matured and Unmatured Savings Bonds (In KlUlona of dollora] Matured bonde fsriod 8/ Total Total atorsd 6,137 5.109 5,&1 6,515 7,251 7,8>;6 ^ Serlss A-D 1 . October Mh 33 .OWNERSHIP OF FEDERAL SECURITIES. Table 1.- Distribution of Federal Securities by ClaeeeB of Investors and Types of Issues (In millions of dollars) Interest-twarine securities Issued \j the U. S. GoTerzaent End of fiscal year or aonth 191*9 1950 1951 1952 1953 1951* 1955 1956 Total Federal securities outatandlng 1/ field by U. S. Oovem^nt Held by private Investors InTeetBont accounts 2/ Total outstanding 252,798 257,377 255,251 259,151 266,023 250,762 255,209 252,852 256,863 Public Issues 38,288 37,830 5,512 5,1*71* Special Issues 32,776 32,356 Interest-bearlJQfi securities guaranteed by the U. 3. Government k/ Hell by Federal Beeerve Basks public Issues Total 19,31*3 193,131 199,01*8 37,739 18,331 22,982 22,906 Public narketable issues Government InvestaaeDt Total outaccounts standing and Federal Beserve Banks 2/ 5/ 1*4 43 2,21*4 51 80 51 2,126 80 41 48 2,351 2,634 2,869 44 2,970 38 41 2,881 2,816 2,865 3 73 25 8 2l*,7l*6 191,61*0 271,3ltl 27l*,ln8 268,910 1*9,31*0 271,71*1 50,536 1*2,229 1*3,250 269,883 53,1*70 25,037 23,607 23,758 194,533 197,598 192,655 121,771 127,875 272,825 7,111 7,286 8,356 126,301* 13 16 1955-Dec.. 280,822 277,799 51,723 7,798 1*3,926 21*,785 201,291 134,230 67,061 52 1956-JoD. Feb.. Mar.. 280,102 280,167 277,170 277,295 51,651* 51,791* 1*3,585 273,1*81 51,888 1*3,736 23,636 202,050 202,018 197,957 135,365 135,321 131,261 66,684 66,697 66,697 51 56 57 13 U3,688 23,1*66 23,1*82 276,1*01* 8,069 8,106 8,153 Apr.. Hay.. June. 275,81*5 273,078 273,977 269,883 269,972 272,959 51,51*1* 8,155 8,181 8,356 1*3,389 23,3U5 53,768 131,573 131,399 126,304 126,550 128,571 66,616 66,584 66,351 66,216 66,155 56 61 5l*,379 198,169 197,983 192,655 192,766 194,726 16 17 25 26 27 July. Aug.. 276,791 272,825 272,719 275,61*1* 52,520 53,1*70 1*1*,339 23,1*71* 1*5,111* 23,758 8,1*11* 1*5,353 23,1*38 8,325 1*6,051* 23,854 Source: Dally Tr©as\ai7 statement for total amoxHits outatandli^; reports fron agencies and trust funds for securities held by U. S. Govenmient Inves'tmsnt accounts; and reports fron Federal Reserve System for socurltlea held by Federal Eeserve Banks. 1/ Includes certain obligations not subject to statxitory limitation. For amoints subject to limitation, see page 1. 2/ Includes accoxnts mdor the control of certain U. S. Goveraaont agencies vtaoee investments are handled outside the Treasui7; excludes Federal land banks after June 26, I947, irtien the proprietai7 Interest of the IMlted States in these banks eoled. 17" 73 73 79 15 14 43 39 44 48 47 52 1 2,712 2,753 2,869 2,675 2,607 The total emount of Interest -bearing eecurltles held, by private InTttstors Is calculated by deducting frca the total emount outsteuxLing the amount held by U. S. GoTemnent Investment accounta end Federal I Peeerva Banks. £nslude8 guaranteed securities held by the Treaauzy. All public marketable Issues. CGQSlsta of Comaodlty Credit Corporation demand obligations stated as of the cloee of the previous month, Lese than $^00,000. Table 2.- Net Market Purchases or Sales of Federal Securities for Investment Accounts Handled by the Treasury i/ (In "111 nrw of dollars; negative figures are net sales) Year U 2,012 2,150 2,372 43 1*0,538 77,249 74,437 72,511 Public Public nonmarketmarketable able issues issues 6/ Matured debt and debt bearing no interest 27 72,762 69,723 66,351 263,91*6 6,305 6,596 7,021 Held by private Investors i/ 24 17 27 62,711* 67,1*19 1*0,958 1*^,335 1*7,560 188,911 189,623 Public nonmarketable issues n. s. 130,417 131,629 111,663 115,185 119,129 3l*,653 1*5,111* Held by ^ 7 9 5. ... ,. . , 67 1 U7 9 U 8 9 8 6 5 Treasury Bullet i: 3'* .OWNERSHIP OF FEDERAL SECURrriES. Table 3.- Estimated Ownership of Federal Securities (Par valius 1/ - In Mlllooa of doULara) Aid of Donth Held Hold b; banks Total Foderal aocuritlea outetandtag 2/ COBDST clal banka Pwieral B« servo Banlca 3/ U. S. Gc7ernneiit Sorlngs 18.U 15.9 2.5 6.5 22.7 19U0-June December. "i8.5 .. 50.9 18.6 19.5 16.1 17.3 2.5 2.2 7.1 7.6 22.8 23.9 19)il-Jaie ]>ec€mber. 55.3 6U.3 21.8 23.7 19.7 . 21.1. 2.2 2.3 igka-Jine Decanber.. 77.0 112.5 28.7 26.0 2.6 't7.3 1.1.1 6.2 8.5 9.5 10.6 12.2 igliS-June luo.e 170.1 59.'* 52.2 59,9 7.2 11..3 . 11.5 83,3 96.5 68.1. 1I..9 . 202.6 232.1 . 259.1 278.7 106,0 115.0 279,8 269.9 259.5 19Uli-^iKie December. 19lt5-Jime December. 19k6-Febru!U7 2/ June December. . I9U7-J111M , December,. . WW-June December . , . , I9't9-June December,.., X950-Jiine December. .. ccDtpanlea Other Investore Mutual sarliigs banka State asd Corpora- local tions 6/ govemnents j/ Mlecellaneous Inre store ye/ 1.9 8.2 6.3 3.1 10.1 10.6 2.6 2.8 7.5 7.8 6.5 6.9 3.1 3.2 2.1 2.0 .k 25.0 31.0 11.2 13.6 3.6 7.6 8.2 7.1 8.2 3.1* 2.0 U.O .6 .7 3.7 .7 .9 37.7 53.0 17.8 23.7 9.1 8.7 9.2 .9 1.1 10.3 11.3 3.9 U.5 1*.9 13.1* 10.1 1.0 2.3 67.0 81.7 30.9 37.6 19.2 21.. 11.7 13.9 13.1 15.1 6.1 12.9 16.U 1.5 2.1 3.1* 16.9 100.2 llU.O 17.3 19.6 7.3 8.3 20.2 3.2 6.1 53.3 31.2 36.2 11.. 77,7 19.1 21.7 1*6.1 18.8 21.1. 1..3 5.3 8.3 6.5 9.1 6.7 6.5 8.9 8.6 8.1 .2 21.8 2I..9 90.8 21..3 27.0 128.2 136.6 116.7 108,2 97.9 93.8 7'.. 22.9 23,8 23.3 28.0 29.1 30.9 258.U 257.0 91.9 91.3 70.0 68.7 21.9 22.6 252 .• 252.9 85.9 85.8 6U.6 62.5 21.1. 252.8 257.2 8e.U 85.7 63.0 66.8 257.1' 83.9 82,6 65.6 61.8 256.7 noat>eu3}£ Ineurance U7.6 71.5 prlTate IndlTlduale 5/ Inreetaent acco^Elt8 U/ 1939-DsceBbar... December. "tij 81. 8I..U 1951-June December..,. 255.3 259.5 8l,lt 58.1. 85.'i 1952 -June December. 259.2 267.'* . December.. 5.1* 17.1 5.3 .7 .7 .7 .5 k.k 7.0 59.1 1.0.7 te.9 18.5 21.2 22.7 61.. 21.. 9.6 10.7 23.3 22.2 135.1 132.6 130.7 61.. 1*3.3 20.8 21.. 1. U.l 63.3 19.9 21. .2 1*3.5 UI1.2 20.1 21.. 11.5 11.8 19.9 17.8 15.3 32.8 133.7 1*5.5 1.6.2 21.. 19.1* 23.9 12.1 12.0 13.7 lU.l 7.1 131.3 66.6 65.7 21.1 31..1. 7.3 9.6 8.U 35.8 37.3 130.7 129.7 65.8 65.5 1*7.1 1*7.? 18.6 17.6 22.8 12.0 13.6 21.2 U.5 11.. 7.8 7.9 8.7 8.9 19.3 18.9 38,3 132.2 132.1 66.6 66.3 1.8.8 17.8 17.0 20.5 20.1 11.6 U.l. 15.8 16.8 8.0 8.1 9.6 1*9.3 18.3 37.8 39.2 13 -i .6 67.1. Ul.O 65.1. U9.I 1 10.2 61.. 1*9.1 16.3 15.5 5 9.8 19.7 20.1 20.7 8.7 8.8 9.7 7 11.6 10.9 18. 66.3 17.6 16.7 19.8 131. .9 1*9.9 1.9.6 23.3 20.8 39.1. 61. .9 6.3 9.1* 10.5 61.6 23.0 23.8 1.2.3 132.9 131.8 81»,0 61.1 22.9 1.1. 6l..e 1*9.0 21.. .1* 65.1 l'-).2 15.7 16.0 7 1 9.6 9.5 18.8 19.9 10.1. 63.1. .3 1.5.9 130.8 88.1 u.l U.6 U.7 266.1 275.2 83.6 89.6 58.8 63.7 21.. 1.7.6 1.9.3 U9.I. 17.1 16.0 16.0 15.8 9.5 9.2 18.U 1*8.3 135.0 137.3 66.3 25.9 21.0 12.0 12.7 32.8 13.2 271.3 278.8 88.7 63.6 69.2 25.0 1*9.3 1.9.6 133.3 135.1 65.0 63.5 1*9.5 15.5 13.6 15.3 9.1 8.8 I6.U 19.3 13.9 15.0 13.7 13.9 1955-January. ... Februai7 ... March 278.5 278.2 27U.1 92.6 90.6 87.8 68.7 66.9 .2 23.9 23.6 23.6 50.0 50.1 50.2 15.2 15.2 15.0 8.8 8.8 8.8 20.0 21.2 19.0 April May Jime 276.7 277.5 89.1* 65.8 6U.8 63.5 23.6 23.7 23.6 15.0 8.8 8.8 8.7 20.1 21.2 18.8 IU.6 lU.l. 11..7 lU.l* lU.l. 2lt.l 8.8 8.8 8.7 19.8 II* 20.8 20.6 11. 15.0 15.0 15.1 8.6 8.5 8.5 22.3 23.2 15.0 15.0 15.1 15.1* 23.1* 8.5 8.5 8.5 23.7 23.8 20.5 15.5 15.7 15.9 16.0 15.9 16.0 15.9 16.5 16.6 16.2 16.0 16.2 1953-Juno December. . . igjli-June 9k .1 61. 21.. 133 65.1* 136.5 6U.1 1*9.2 138.1. 61.. 136.9 65.3 1.8.9 138.3 139.6 136.7 65.1. 65.6 65.3 50.2 50.2 50.2 139.1 lUo.u lUo.u 65.7 65.9 66.1 50.2 50.3 50.2 15.5 15.6 15.9 11.. 11.2.1 66.0 65.7 65.5 50.2 50.2 50.2 15.8 15.5 11..9 11*2.7 11*2.3 15.3 ll*.3 l^.S 66.1. 50.3 11. 11*5.3 11.2.6 67.0 67.5 50. 16.1 16.6 17.1 13.6 13.5 13.3 8.5 8.1. 20.7 21.1 17.8 13.3 8.1. 18.1 II. .6 15.2 15.2 15.1* II..9 15.1 111 88.5 87,1 277.6 87.9 278.lt 86.1. 277.5 85.9 63.8 62.7 62.1 279.9 280.2 280,8 86.8 85,9 86.8 62.7 61.6 62.0 21. 21..8 51.0 51.6 51.7 280.1 280.2 276. 1> 81. .0 60.5 59.5 23.5 23,5 23.6 51.7 51.8 51.9 April Hay June 275.8 276.8 272.8 81.8 81.2 80.7 58.1. 23.3 23.5 11*2.5 67.1. 50.1. 11*3.1 67.1. 50.1. 23.8 51.6 52.5 53.5 138.7 67.2 50.3 17.0 17.0 16.6 July p 272.7 T9.7 56.3 23.1. 53.8 139.2 67.2 50.3 16.9 . October...., NoTwnber.. December. . 1956 -January February March 83.0 81.9 58.3 57.7 56.9 23.8 23.8 .0 2I..3 1.9.5 50.5 50.6 51.6 51.2 Source: Office of the Secretary, Analysis Staffs Debt Division. United States sarlDgs bonds, Series A-P and J, are Included at current redemption value. 2/ Securities Issued or guaranteed by the U. S. Goveniment, excluding guaranteed securities heLl by the Treasizry. For amounts subject to statutory debt limltatlcn, see page 1. Ccnslats of ccnmerclal banks, trust coapanlee, and stock savings banka in the united States and In Territories and Island poesesslons. Figures exclude securities held In trust deparisnente U/ Holdings by Federal land banks are Included under "HiaceUeneous Investors" instead of "U. S. Government investment accounts" after June 26, I9I.7, vhen the proprietary Interest of the U^ted States in theee banks ended. Includes parteerships and personal trust accounts. Nonprofit Institu- i/ ^ 11..1 27l».l» Julj August September. ^ 50.0 U9.U 1*9.1* 1/ 8/ 2/ P 50.1. .8 15.0 15.0 II.. .2 13.9 13.6 8.1. 9.1* 9.6 lU.l. 11*. 11* .6 11* .6 11..7 .9 .9 II..9 10.7 10.6 13.9 13.9 11* .2 15.3 15.6 16.1. 16.5 tloDB and corporate pension trust fimds are Incluled under "Miscellaneous inre store." ErcliislTe of banks and Insurance canpanles. ConsistB of trust, sinking, and investment funds of State and local gOTemnents and their agencies, and Territories and island posseeslona. Includes savings and loan associatiaoa, nonprofit Institutions, corporate pension trust funds, dealers and brokers, and investinente of foreign balances and international accounts in this country. Beginning December 19'*^, Includee Inveatmonte by the International Bank for Becoaatruction and Develoiinent and the International Monetary Fund In special noninte re at -bearing notes Issued by the U. S, GoTemnsnt, Immediate poatvar debt peak. Preliminary. , October l')^l> 35 .TREASORy SURVEY OF OWNERSHIP, JULY 31, I956 , The Treasury Survey of Ownership covers securities Issued by the United States Oovernment and by Federal agencies. The banks and Insurance companies Included In Distribution of ownership by types of banks and Insurance companies Is published each month. Holdings by commercial 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 30 and December 3I. Holdings by corporate pension trust funds the United States. Data were first published for March 31, 1941, In the May 1941 "Treasury Bulletin." Bulletin for quarters beginning December 3I, Section I - are published quarterly and first appeared In the March I95U 191+9. Securities Issued or Guaranteed by the United States Government Table 1.- Summary of All Securities (Par values - In milllona of dollars) Held by investors corered In Treasury Survey Total Classification BTnn ifn t'. out standins i/ 6,695 commercial banks 2/ i/ 525 mutiua savings banks 2/ Insurance companlee 312 life 579 fire, casualty, and marine U. S. Government Investanent accounts and Federal Reserve Banks Held by all other Inreetors y Interest-bearlns securities: Public marketable Public nosmarketable Special ieeuee ...» ^ . 155,026 69,665 1.8,936 6,581. '.,711 l.,232 1,681 1,758 3,030 739 1*5,353 Total Interest-bearlDg secuntles Matured debt and debt bearlr^ no Interest 6/. Total eecxUTltlee leeiied or guaranteed by the U. S. QoTenment jj 3,1.1.8 62,133 59,009 1.5,353 270, ow. 50,618 8,31.3 7,71.1 l.,971 2,675 272,719 Footnotes at end of Section II. Table 2.- Summary of Interest-Bearing Public Marketable Securities (Par values 28,1.29 - in millions of dollars) 77,230 121,ll|2 Tr reasury 36 TR October /956 TRRAR Treasury Bulletin 38 .TREASURY SURVET OF OWWISSHIP, JULT 31, 1956, Section II - Interest-Bearing Securities Issued by Federal Agencies but Not Guaranteed by the United States Government (Par Tallies - In mllllona of dollars) October 1956 1^0 Treasury Bulletin . MAEKET QUOTATIOHS OH TREASURY SECUFTTIZS, AHKJST 31, 1956. Table 4.- Taxable Treasury Bonds (Price declaals are 32ixie) ABO\Zlt October /956 in .MARKET QUOTAHOHS OH TKKASURY SECURITIES, ADGUaT 31, 1956. C0 If) to d < to O CO § Treasury Bulletin kz .AVER/CE YIELDS OF LOMG-TEIW BONDS. Table 1.- Average Yields of Treasury Bonds and Moody's Aaa Corporate Bonds by Periods (Percent per MocKjy'e Aea Taxable Treaavxy boDdo 1/ Period corporate bonds Annual series igiiz. 2.1(6 19^3. 2.U7 2. US 2.37 19't5. 19li2 Taxable Treasury bonds 1/ Moody's Aaa corporate bonds 14ocdy's /.aa corporate bonda throi«h 1952 - calendar year aTeraees of monthly series 19'»9. 2.32 2.57 2.68 2.62 2.86 2.96 1952 -July. Aug.. Sept. Oct.. Mot.. Deo.. 2.61 2.70 2.71 9h 2.71 2.75 .98 1953 -Jan.. Feb.. 2.80 2.83 2.89 3.02 3.07 3.12 1950. 1951. 1952. 2.53 2.19 2.25 2.Wt 2.31 isue. 19^7. 19^8. 2.83 2.73 8.72 2.62 aimxiii) Taxable Treasury bonds 1/ 2.61 2.82 2.56 Monthly series January 1951 through March 1953 - averages of dally series 1951-Jao. Feb.. Mar.. tcpt,. M«J.. Jiaie. July. Aug.. Sept. 2.39 2.U0 2.U7 2.56 2.63 2.65 2.66 2.66 2.78 1951-Oot.. Hot.. Dec.. 2.61 2.66 2.70 2.89 2.96 3.01 2.7'» 2.98 71 70 2.63 2.9U 2.88 2.8U 1952 -Jan.. Feb.. Mar.. Apr.. May.. June. 57 2.93 2.96 2.93 2.93 61 2.9U 2.57 2.56 Taxable Treasury bonda, due or oallable Fr(»i 10 to 20 years 20 years and after 61. Taxable Treaauiy bonds, due or callable Moody's Aaa corporate bcDde Fran 10 to 20 years Annual series beglmllg 1953 2.92 i/ 1953 3.16 y 3.20 2/ 1951*. - 20 years and after 95 95 01 2. Tit Mar.. 97 Taxable Treasury bonds, due or callable Moody's Aaa corporate bonds Frcn 10 to 20 years Moody's 20 years ajid after calendar year aTerages of monthly seriee 2.52 2.90 2.71 2.80 2.91* 3.06 1955-oct.. Hot.. Dec.. 2.82 2.85 2.96 2.96 2.97 3.10 3.10 3.15 1956-Jon. Feb.. Mar.. Apr,. May.. June. July. Aug.. 2.86 2.8? 2.9I1 2.90 3.05 2.98 3.10 3.11 3.03 3.10 1955. Mcnthly aeries begliinljig April 1953 - aTerages of dally series 1953 -Apr. May. 2.96 3.09 Juae July Aug. Sept Oct. Hot. Deo. 3.U 195k -Jan. Feb. Mar. Apr. May. June 2.99 2.99 2.95 2.81 2.83 2.77 .67 .58 .50 ."•5 .52 .53 3.2I1 3.23 3.26 3.29 3.25 3.22 3.19 3.06 3.04 2.96 3.3lt 2.90 2.85 2.73 2.70 2.72 2.70 3.06 2.95 2.86 2.85 2.88 2.90 3.ltO 3.28 3.2't 3.29 3.16 3.11 3.13 195U-July. Aug.. Sept. Oct.. Hot.. Deo.. 2.1*5 2.I16 .62 .89 .60 2.50 2.52 2.55 2.57 .61* .87 .89 .87 .89 .90 1955-Jan. Fbb.. Mar.. Apr., May.. June. July. Aug.. Sept. 2.66 2.72 2.72 2.77 2.76 2.77 2.88 2.91 2.38 .77 .65 .68 .68 S/ .93 .92 .92 .99 .92 .01 .ou .05 .06 .11 .91 .91 .96 .02 .00 .ce .13 2.88 2.93 2.911 3.03 2.89 2.97 3.15 2.98 3.05 3.19 3.2't 3.28 3.26 3.28 . October /956 +3 . AVER/GE YIELDS OF LONG-TEm BOttDS Q O CQ «c § UJ O 0. c £E O O < >01 < <5 UJ iS ^ fn ^ c 2§ O •V. - - <0 Si U- o en o -J I UJ >UJ < UJ I w Treasury Bulletin, .INTERMAL REVENUE COLLECTIONS. Table 1.- Summary by Principal Sources (In thousands of dollars) Budget receipts Total collections reported by Internal BeTcnue Serrlce Individual Inccne tax and emplojment taxes internal roTenue Adjuatnent of collectlona to bullet receipts i/ Wit? 39,379,l»09 12 71, 023 39,108,386 191*8 19''9 111,853,1*85 -U,057 111,86 ii,5liS 9,676,1159 10, 1711,1110 1*0,307,285 -155,8liO 110,1163,125 U,553,669 1950 1951 39,111*8,607 +Ii91,ii75 38,957,132 10,854,351 21,367,662 23,379,123 20,527,935 19,797,883 51,106,095 1^0,1109 50,lili5,686 111,387,569 26,6211,788 1952 1953 195^ 1955 1956 65,63'i,89'i 4625,308 21,1166,910 21,5911,515 21,5116,322 33,738,370 11,345,060 37,2511,619 37,921,3111 10,736,578 18,26U,720 21,298,522 37,869,770 10,396,1180 75,112,6119 112,633,1126 11,830,260 ii,580,lli6 11,580,1116 lt2U,087 3,303,026 2,152,316 6,903,381 12,307,0Wi 6,903,381 12,307,0Wi 1159,930 5,li99,210 8,109,WiO 3,2311,615 798, U7 816, 8U3 509,1102 Fiscal 7oar or Bonth frcBi 70,170,9711 *li8li,li39 65,009,586 69,686,535 70,299,652 66,288,692 +3611,672 69,9311,980 75,109,1183 p 66,288,692 U/ -3,166 Corporation Inccne and profits taxes Individual iDccae tax not withheld |/ 9,501,015 9,li6li,20li 7,996,320 7,264,332 9,907,539 U,li03,9li2 Individual Inccme tax withheld 3/ Old-age Insurance taxes i/ 9,842,282 11,533,577 10,055,502 9,888,976 13,089,770 1,458,934 1,612,721 1,687,151 1,873,401 2,810,749 BailroadretlreBient Uoenploynsnt Inauronce 379,555 560,113 562,734 548,038 579,778 185,876 208,508 226,228 223,135 236,952 620,622 17,929,047 3,584,025 21,132,275 3,616,252 628,969 4,218,520 605,221 22,077,113 21,253,625 4/ 5,339,573 4/ 600,106 4/ 29,844,187 634,323 259,616 273,182 283,882 279,986 324,656 I 1956 -January February Hsrcb... i*ni... Hay June .... July 5,355,168 «, 793, 1135 12,222,9311 P 3,571,li8o 5,355,168 -3,166 1,101,560 4,374,889 2,358,022 17,300 85,058 53,870 31,850 241,146 5,880 15,268 91,356 53,751 4,045 2,499 1,294 23,376 1,719 6,793,1135 U92,032 3,951,569 5,287,5i« 2,885,373 989,755 12,226,099 7,19'i,927 11,063,931 1,1186,663 1,046,882 4,203,932 2,522,223 3,571,1180 836,891 1,7611,231 456,775 1,282,360 Excise taxes Fiscal year or month 1947 1948 1949 1950 1951 Capital stock tax S/ 1,597 1,723 6,«8 266 1952 1953 1954 1955 1956 Estate and gift taxes excise 779,291 899,345 796,538 706,227 729,730 833,147 891,284 935,122 936,267 1,171,237 1956 -January.. ?bbruai7. Harch.... Other excise Total 7,283,376 7,409,941 7,578,846 7,598,405 8,703,599 8,971,158 9,946,116 9,532,222 9,210,582 4/ 10,004,195 Docmients, etc. 6/ Miscellaneous 6/ 2,474,762 2,255,327 2,210,607 2,219,202 2,546,808 1,237,766 1,300,260 1,321,875 1,328,464 1,380,396 3,570,846 3,854,334 4,046,364 4,050,738 4,776,395 79,978 79,466 72,828 84,648 93,107 1,939,486 2,119,157 2,220,744 2,245,182 2,840,690 1,551,381 1,655,711 1,752,792 1,720,908 1,842,598 2,549,120 2,780,925 2,797,716 2,742,840 2,920,574 1,565,162 1,654,911 1,580,512 1,571,213 1,613,497 4,856,876 5,510,280 5,153,992 4,781,843 5,501,333 84,995 90,319 90,000 112,049 114,927 2,824,409 3,358,797 3,127,465 3,177,160 3,777,909 1,947,472 2,061,164 1,936,527 1,492,633 1,608,497 29,734 1,004,917 387,758 29, 8l4 883,367 397,980 78,007 97,472 136,435 775,259 846,214 826,492 179,361 212,306 246,300 139,337 128,023 136,554 65,744 1,193,917 162,749 May Juie 143,967 136,590 111,637 750,018 876,556 854,641 239,031 255,638 263,619 125,957 149,229 142,572 44,455 1,013,317 253,388 July 119,148 826,983 235,540 127,287 90,467 /*ni Manuf ac turers * and retailers* 6/ Source: Internal Revenue Sejvlce reports for detail of collections by type of tax; dally Treasury statement for budget receipts fron Internal revemM thro\^ the fiscal year 1952, and the monthly statement of receipts and expenditures of the Govenment for receipts thereafter (for explanation of reporting bases in these publications, see page II). Certain detail by type of tax Is available only froa returns filed with the Internal Kevenuo Service. The figures shown Include collections for credit to special accounts for certain island possessions, as reported by the Internal Revenue Service. Beginning with the fiscal year 1955, they include the amomts of tax collected In Puerto Rico upon articles of merchandise of Puerto Rlcan manufacture ccning Into the United Statee. Figures for 1954 have been revised to the same basis. Figures for previous years include only amounts collected at ports of entry into the Italted States. 1/ Differences between the smoints of internal revenue reported by the Internal Revenue Service as collectiona for given periods and the amomta reported in Treasury stateonents as budget receipts for the ssae periods arose because of differences in the time when payments were included In the respective reporte. Tax payments are included In budget receipts when they are reported as credits to the accouit of the Treasurer of the united States. Prior to July 1954, they were Included in Internal Revenue Service collection reports after the returns to which they applied had been received in internal revenue offices. Tjkider procedure begun in 1950 with withheld incdoe tax and old-age insurance taxes and later extended to railroad retironent taxes and many excises, these taxes are paid currently into Treaaury depositaries and the depositary receipts, as evidence of such payments, are attached to quarterly returns to the Internal Revenue Service. 'Jhder this procod'ire, the payoente are Included In budget j recelpta In the month In which the depositary receipts are Issued to the taxpayers. Revised accounting procedures effective July 1, 195^, extended the same practice to Internal Pevenw Service collection reports. 2/ Monthly and fiscal year I956 figures inclule old-age insurance tax on self -employment IncoEe, which Is levied and collected as part of the individual income tax beginning with the taxable year 1951. Previous fiscal year figurea exclude this tax, on the baais of estimates beginning 1952 (see footnote 3), and It la Inclined vt^er "Old-age Insurance taxea." Withheld Incooe tax and old-age insurance taxes on employers and employees are paid into the Treaaury in ccmbined amounts beginning Januax7 1951. In Internal Revenue Service imports, current collections have not been separated as to type of tax but the breakdown shown for fiscal years beglnnli^ 1951 is biwed on estimates made in acconlance with provisions of Sec. 109 (a)(2) of the Social Security Act Amendments of 1950, for transfer of tax recelpta to the Federal Old -Age and Survivors Insurance Trust Fund. 4/ Beginning with the fiscal year 1955, collections shown include undistributed depositary receipts and unclasBlfled advance payments. For excise taxes these receipts are included in the total only. Total collections Include "Taxes not otherwise classified/' irtilch were Included with miscellaneous excise taxes prior to the August 1956 issue of the Bulletin. (See Table 2). Repealed for years ending after June 30, I9U5. Beginning 1951, included under "Miscellaneous excise taxes." Detail is reported by quarters beginning with the fiscal year 1956. Frellalnary. October 195() >^5 -INTERNAL REVENUE COLLECTIONS. INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES DOLLARS DOLLARS Billions Billions 42 42 40 and Employment Taxes* Individual Income Tax 38 36 34 32 30 28 26 24 22 20 18 16 14 12 10 8 6 4 2 K Treasury Bulletin 46 .INTEFIMAL REVENUE COLLECTIONS. Table 2.- Detail of Collections by Type of Tax ( TTpe of tor In ihousandfi of dollare ..,. October 1956 ^7 .MDKETAEY STATISTICS . Table 1.- Money In Circulation (in mllllcQa of dollars except aa noted) I^per money Sid of fiscal year or uonth Total money in circulation 1/ Total paper money Cold certificates 2/ Silver certificates Treasury notes of 1890 3/ Federal Beserve Bank notes i/ HatlGoal bank notes n<ed states notes Federal Peserre notes 2,061 2,177 2,092 2,088 2,122 319 321 318 318 318 23,209 22,760 25,609 221 200 2,135 2,170 25,385 25,618 26,055 180 163 IU7 67 19''9 2T,l»93 26,0311 1950 1951 1952 1953 27,156 27,809 29,0S6 30,125 25,661 26,231 1951* 1955 1956 29,922 30,229 30,715 28,127 28,372 28,767 3'' 33 2,11.8 320 319 318 1955-Dec ember. 31,158 29,231 ih 2,155 31"* 26,506 155 66 1956 -January February. 30,228 30,163 30,339 28,331 28,263 ih 15lt 3'. 306 311 315 25,720 25,628 28,li25 2,052 2,071 2,125 25,731. 151 65 65 65 30,210 30,513 30,715 30,60U 30,757 28,289 28,575 28,767 31. 2,123 2,157 2,148 315 318 318 25,102 25,853 26,055 11* 61. 11.7 61. 28,61.7 33 33 2,111* 313 313 25,975 U5 6U 26,U9 lUU 61. . March April May June July Auguet . . End of fiscal year or month 27, 3W 28,359 28,790 Total coin 1,1.59 1,1.96 19119 1950 1951 1952 1953 1,578 1,678 1,766 "IS Itl 39 38 37 35 3". 33 2,116 Standard BllTer dollars Subs Id lazy silver 23,1.56 211,605 Minor coin 91.0 170 180 191 202 965 1,020 1,093 1,150 361 378 1,165 1,202 1,259 <il9 393 413 1,91.8 1955-Deceaiiber. 1,927 231 1,21.6 1956-January. February. March 1,897 1,900 230 231 232 1,221 233 235 237 1,253 1,259 "tSl 239 1,262 1,267 456 1,795 1,858 1951. April May June 1,922 1,939 1,91.8 July Ai:^ust. 1,911. . 1,957 1,967 2I.I Source: Circulation Statensnt of tJhltod States Money. 1/ Bcclides money held by the Troasuiy, money held by or for the account of the Federal Reserve Banks and a^nts, and coin estimated to be held outside the continental limits of the ailted States. Includes paper currency held outside the continental lljnlte of the Tkiltad States. 2/ Gold certificates were withdraw! frciii circulation In 1933. X/ 4/ ^ r 93 86 81 77 21.3 73 70 61. 152 65 11.9 Money in circulation per capita {in dollars) 5/ IBI..33 161. 212 223 237 1955 1956 309 271. 1.33 1*53 179.03 180.17 184.90 188.72 184.24 182.91 182.73 U9 186.87 1,221. Wt5 IA5 1,235 iai£ 181.04 180.42 lSl.19 1,21.1 IM 453 1*58 180.20 lBl.78 182.73 181.78 r 182.39 Treasury notes of I890 In circulation are being canceled and retired upon receipt by the Treasujy. Federal Peeerve Bank notes and national bank notes are covered by deposits of lAvful money end are in process of retirement. Based on latest population estlmatas by the Bureau of the Census, Bevised. U8 Treasury Bullet ii .MOKETAFY STATISTICS. Table 2.- Monetary Stocks of Gold and Silver (Dollar OBOisita in BlUloos) Ratio of eilTor CoU Bid of flecal 7«ar or nontb (35 per floe ounce) Wltg 1950 1951 1952 1953 23,3't6.5 22,1>62.8 WJI* 1955 1956 21,927.0 21,677.6 21,799.1 2ii,li66.3 81»,230.7 21,755.9 SllTer ($1.29* per fine ounce) to gold and silver In monetary stockB (in percent) 3,618.3 3,671.5 3,718.5 3,768.5 12.9 13.2 3,8U.3 1''.5 3,863.1 3,922.1* 3,99'*.5 15.0 15.3 15.5 15.3 lit .6 13.9 1955-I>ec«Bber. 21,690. It 3,930.1 1956 -January. FebruAzy, March.... 21,692.9 21,695.2 21,715.7 3,938.7 3,9'«.l 3,9W.2 15.1' i5.lt 15. "t April 21,7113.1 3,955.6 15.1. ^taJ' June 21,771.6 21,799.1 3,973.'' 3,991'. 15.5 Julj August... 21,829.6 21,857.8 U, 009.6 Source: Circulation Statement of United States sliver monetary stock see Table U. Hmej. Table 3.- ^,023.6 15. 1' 15.5 15.5 For detail of Gold Assets and Liabilities of the Treasury (In mllllonB of dollars) Old of calenclar year or mcnth Gold assets Liabilities: Gold certificates, etc. 1/ Balance of gold In Treasurer's accoxmt , . October 19% k3 .MONETABY STATISTICS. Table 4.- Components of Silver NJonetary Stock (In milliona of dollars) Silver held In Treasury of calendar year or month Eiid Securing silver certificates 1/ Silver dollars Subsidiary coin 2,003.2 2,040.7 2,073.5 2,109.7 2,140.8 321.9 312.8 301.0 289.3 278.3 U.4 2,171.1 2, i9U.lt 267.6 253.5 2,194.9 2,196.6 2,198.5 253.4 252.6 251.4 April May June 2,199.1 2,200.4 2,202.3 July August... 2,203.5 2,206.4 Silver bullion 2/ 19'»9 1950 1951 1952 1953 195^ 1955 1956 -January. February. March 2/ . . ^ Bullion for recolnagc k/ Bullion at cost Silver dollars i/ Subsidiary coin i/ Total silver at $1.29+ per fine ounce 94.4 2/ 95.1 2/ 82.0 2/ 45.3 30.7 171.0 179.8 191.3 2ce.5 213.2 982.2 1,022.2 1,083.1 1,158.1 1,213.1 3,643.1 3,697.1 3,741.3 3,794.1 3,837.0 48.0 15.7 11.0 17.6 223.1 235.4 1,242.7 1,283.2 3,886.6 3,930.1 16.2 15.2 16.0 21.6 21.6 18.5 235.4 236.3 237.4 1,284.4 1,286.8 1,292.2 3,938.7 3,942.1 3,944.2 250.1 248.7 247.0 16.2 13.5 6.2 21.9 29.4 40.0 238.6 240.0 241.6 1,297.8 1,303.8 1,3U.2 3,955.6 3,973.3 3,994.5 245.1 241.4 6.5 5.2 47.3 51.5 243.5 247.2 1,312.6 1,316.9 4,009.6 4,023.6 3.6 1.7 3.9 6.3 Circulation Statement of Uftlted States Money: Office of the Treasurer of the Uiilted States. Valued at $1.29+ per fine ounce. Incluies silver held by certain sgencies of the Federal Government. Source: 1/ . Silver outside TreaouiT In Treaaurer's account ^ 4/ * Valued at $1.38+ per fine ounce. Valued at J1.38+ per fine ounce or at $1.29+ per fine ounce according to whether the bxilllon Is held for recolnage of subsidiary silver coins or for recolnage of standard silver dollars. Lees than $50,000, 50 Treasury Bulletin .MONETAEY STATISTICS. Table 5.- Seigniorage on Silver (CiaiulAtlTe frco January 1, I935 - In BdlHoDB of dollars) Sourcee of seigniorage on Oliver bullion revnl'iod L' Bid of calendar jear or month 1935 1936 1937 1938 1939 Seigniorage en colna (ellTar and minor) 18.5 I16.I Mlac. silver (incl. silver bunion held June lU, 1931*) US.J k8.7 Newly mined allver (Proc. Doc. 21, 1933) Total eel^Qlorage on e liver revalued Potential aelgnlorage on silver bullion at coat In Treaeia^r'e aceoiaxt 2/ 3'..5 3'..7 7'. '.57.7 3'.. 1..2 530.7 3'>.7 25.7 562.7 1.8.3 580.1. 63.6 65.3 65. 3'..7 3'..7 3'..7 581. .3 31.. 581. .3 3"..7 799.7 818.9 8eo.6 820.7 701.6 832.1 832.1 3'..7 3'..7 3't.7 3't.7 3't.7 938.1 1,069.6 1,077.6 1,087.8 1,098.1 333.2 161.2 3'..7 3't.7 111.7 81.9 57.2 3'.. 1,109.3 1,119.2 1,130.0 1,139.3 3'.. 1,11.8.1. 6.6 150. 833.7 833.7 833.7 833.7 833.7 833.7 3''. 1,155.1. 1I..3 87.6 87.6 87.6 151.0 151.5 152.1 833.7 833.7 833.7 3''.7 1,155.6 1,156.1 1,156.7 17.1 16.9 Ik.S 87.6 87.6 87.6 152.2 152.6 153.2 833.7 833.7 833.7 3'..7 1.8.7 1.8.7 3'*. 1,156.8 1,157.2 1,157.8 17.5 22.9 31.1 1.8.7 87.6 153.6 833.7 3'.. 1,158.1 37.0 U8.7 87.3 I9W WW 122.2 i8e.i U8.7 Wte 21.5.7 1.8.7 WliS igiA 299.6 362.3 1.8.7 1.8.7 87.6 87.6 87.6 87.6 87.6 19''5 te9.5 1.8.7 I9W l'91.9 1.8.7 19't7 520.5 559.2 578.7 1.8.7 1950 1951 1952 1953 WSJt 1955 596.6 6te.3 1.8.7 6911.2 1.8.7 7te.2 792.9 807.0 1.8.7 1956 -January. February March... 808.2 309.8 812.1 1.8.7 April... May June p. 815.7 81B.S 819.7 1.8.7 July 821.5 W.7 1.8.7 1.8.7 1.8.7 1.8.7 1.8.7 1.8.7 1.8.7 .9 87.6 87.6 87.6 87.6 87.6 65.5 66.5 71.. 8U.6 93.5 87.6 87.6 87.6 87.6 87.6 87.6 101.. 111.. 125.1. 13't.7 11.3.8 ± Source bureau of AocoizitB X/ Those Items represent the difference between the cost vali» and the mcoetary value of silver bulUcn revalued and held to secure silver certificates. : 193"' Natlonallted ollTor (Proc. of Ai«. 9, 19314) 226.2 3oe.7 366.7 1.8.7 I18.7 191'9 Silver Purchaee Act of Ji2ie 19, 16.8 36.0 58.0 63.7 59.5 91.7 19U8 Revlj mined silver (Acta July 6, 1939, and July 31, Wli^) 2/ 581.. ^.2 833.6 3'*. 3'..7 3'.. 3'..7 326.2 1«2.1 508.1 616.0 705.6 271. .9 759.". 1,055.8 1,069.0 397.5 5U.6 758.8 950.6 1,01.8.2 967.3 717.3 IW.S 129.9 127.2 3". .9 The figures In this colunn are not c\inulatlve; as the amount of biUJ^cn held changes, the potential seigniorage thereon changes. October 19% 51 .CAPITAL MOVEMENTS. Data relating to capital moveraente between the pages k^-kl United States and foreign countries have been collected As a result of changes In presentation Introduced In that Issue, not all breakdowns previously since 1935, pursuant to Executive Order 6560 of January I5, published will be exactly comparable to those now presented. 193M-, Executive Order IO033 of February Treasury regulations promulgated thereunder. g, 13^^, . and Information covering the principal types of data and the principal The first three sections which follow are published monthly. They provide summaries, by periods and by and Is published regularly oountrlee, of data on short-terra banking liabilities to In the "Treasury Bulletin." Supplementary Information Is published at less frequent Intervale. Reports by banks, bankers, securities brokers and dealers, and Industrial and claims on foreigners and transactions In long-term securities by foreigners, and present detailed breakdowns of the latest available preliminary data. countries Is reported monthly, and commercial concerns In the United States are made ISS**, Section IV provides supplementary data In five tables which appear at less frequent Intervals. Table 1, short- data reported by banks In the Territories and poasesslons term foreign liabilities and claims reported by non- Initially to the Federal Reserve Banks, which forward consolidated figures to the Treasury. Beginning April flnanolal concerns, Is published quarterly In the January, of the United States are Included In the published data. April, July, and October Issues of the Bulletin. 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 Table 2, long-term foreign liabilities and claims reported by banks and bankers, and Table 3. estimated gold reserves ana dollar holdings of foreign countries and International Institutions, are published quarterly In the March, June, September, and December Issues. Table U, foreign credit "Short-term" refers to original maturities and debit balances In brokerage accounts, appears semi- and "long-term" refers to all other maturities. A detailed discussion of the reporting coverage, statistical presentation, and definitions annually In the March and September Issues. Table 5, short-term liabilities to foreigners In countries and areas not regularly reported separately by banking In- appeared In the June 1951+ Issue of the "Treasury Bulletin," stitutions, organizations. of one year or less, Section I - Is presented annually In the April Summary by Periods Table I.- Net Capital Movement between the United States and Foreign Countries (In nllllonB of dollars; negative figures Indicate a net outflow of capital fnjn the thlted States) issue. Treasury Bulletin 52 .CAPITAL MOVIMENTS. Section I - Summary by Periods Table 2.- Short-Term Banking Liabilities to and Claims on Foreigners (Position at end of period In mllllona of doUare) 3iort-tern llabllltlea to forelgnera Payable In dollars Bid of calendar year or Bcnth ,205. 1» 19112 ms 371* .9 ,596.8 ,883.1 ,'*>.3 19'»'t 19^5 19W 19^7 19^8 19^9 1950 1951 1952 1953 195^ 1955 Foreign official Otlier 2,244.4 3,320.3 3,335.2 1,947.1 2,036.7 2,239.9 2,678.2 2,922.0 foreign '',179.3 3,043.9 International Short-term claiae oo foreignere Payable in dollars Payable In foreign Loans to Other currencies foreign banks Payable in foreign currencies 473.7 13.9 17.9 21.6 25.5 40.6 246.7 257.9 329.7 392.8 l'9.7 706.3 72.0 86.4 105.4 100.3 319.6 137.2 169.7 245.0 290.5 30.9 34.4 54.6 47.5 98.1 948.9 1,018.7 827.9 898.0 968.4 292.9 361.2 222.7 151.1 177.2 490.6 557.1 494.3 506.3 699.4 165.4 100.4 110.8 240.6 91.8 211.0 163.9 l'»3.7 718.0 618.0 644.8 1,832.1 2,836.3 2,908.1 3,620.3 2,972.7 2,947.0 3,001.0 ,302.2 3,5'»7.6 4,041.2 2,262.0 1,864.3 1,657.8 1,527.8 1,641.1 ,546.1 ,648.4 ,922.5 ,599.8 4,654.2 5,666.9 6,774.0 6,953.2 4,245.6 4,308.4 4,335.4 I*, 725.1 1,584.9 1,629.4 1,769.9 1,881.1 61.4 43.2 40.3 1,048.7 904.5 1,386.5 1,548.5 122.9 156.5 206.5 328.1 847.5 646.5 969.0 1,056.5 13,737.0 13,869.1 14,346.8 6,986.1 7,048.1 7,388.8 4,842.0 5,007.4 1,867.4 1,875.6 1,894.5 41.4 38.9 56.1 1,503.1 1,515.3 1,509.8 315.3 302.0 292.0 1,073.4 1,083.7 1,092.5 129.7 125.3 June p. 14,479.4 14,531.2 14,638.9 7,328.4 7,439.8 7,436.9 5,125.3 5,039.7 5,145.5 1,978.4 2,001.4 2,007.0 47.2 50.3 49.5 1,527.1 1,603.8 1,635.0 323.8 338.9 325.3 1,074.6 1,125.3 1,159-5 128.7 139.6 150.2 Jxily p.. 14,848.0 7,457.6 5,330.7 2,015.6 44.1 1,625.8 336.5 1,145.1 144.2 lis.!* 1956-J*Jouftr7. February March... kpni.... •toy 3,lt51.7 '»,906.5 70.4 51.0 44.9 72.2 1*3.7 78.4 101.6 U4.4 Preliminary. p Table 3.- Purchases and Sales of Long-Term Domestic Securities by Foreigners (In milllona of dollars; negative figures indicate a net outflow of capital from the U. S. CalsadAr year or Booth and notes i/ Ba^a 2/ purchasei 1935-'>1 396.83/ 1942 164.2 241.3 513.6 377.7 WkJ 1944 1945 1946 492.4 3/ 138.5 170.6 268.2 393.'' 414.5 344.8 282.4 430.0 1,236.4 684.2 283.3 330.3 333.6 -95.7 3/ 25.7 70.7 245.3 -15.7 States] Total purchaaea Ret Purchaaes parcbaaes Bet Parcbaaes Ittiited Co3-porate and other Goremuent bonds Het purcbaaea Het purchases of dene Stic aecuritiea 430.2 3/ 96.4 151.6 136.9 260.2 841.6 3/ 75.5 194.6 171.4 357.7 -411.4 3/ 20.9 -43.0 -34.6 -97.4 9,322.1 260.6 392.9 650.4 637.9 8,695.3 214.0 365.2 439.7 751.0 46.6 27.8 210.7 -113.1 K 367.6 226.1 369.7 -.r 666.9 432.1 376.7 514.1 375.3 664.0 -64.5 -150.6 -144.3 -21.2 2.9 782.1 570.9 652.2 784.1 2,011.1 1,116.3 659.9 844.4 708.9 1,066.6 -334.2 -89.1 -192.2 75.2 944.4 1,561.2 619.5 649.2 533.9 980.2 1,433.7 120.3 1.0 55.2 135.0 127.5 1,533.3 1,384.0 1,447.9 2,205.7 3,227.0 2,117.6 1,069.0 1,459.4 2,056.4 2,541.8 -584.3 314.9 -11.5 149.3 685.2 H H 2/ %j Total salea 626.7 29't.3 -269.7 61.5 -47.9 96.4 942.1 107.7 108.3 673.6 533.7 646.0 800.9 1,341.1 1,356.6 231.4 728.0 792.7 612.1 -663.0 302.3 -82.0 6.2 529.0 120.0 200.1 212.8 289.7 324.7 141.6 188.5 197.4 283.6 296.0 -21.6 11.7 15.3 6.1 28.7 1956-Januar7 February March... 33.9 30.5 208.3 34.5 20.7 26.8 23.5 19.5 14.4 26.2 -2.8 12.4 -6.7 167.5 109.7 156.4 111.4 108.7 176.6 56.1 1.0 -20.1 222.0 444.1 -.6 -13.9 -235.8 166.9 384.3 169.3 167.4 648.9 52.7 -.5 -264.6 April... May 34.2 18.4 12.0 16.4 22.2 40.1 22.8 26.1 17.0 15.7 -3.9 . 47.6 31.8 28.4 23.1 7.2 157.2 155.8 107.7 135.2 120.1 92.2 22.1 35.8 15.5 227.1 227.8 158.9 174.7 155.5 119.6 52.4 72.3 39.0 July p. 310.7 284.1 26.6 36.6 25.5 11.2 141.1 U4.1 27.0 488.5 423.7 64.8 19l»7 1948 19'^ 1950 1951 1958 1953 195J> 1955 Jme 1/ 2/ p U.4 2/ ^/ 35't.l Throueh 1949, includes tranaactiona in corporate bonds. Through 1949, Included vlth tnnaactlcas in U. S. Coremment bonds and notea. B9.8 650.2 569.1 1,U5.1 3/ Jasiiai7 4, 1940, throt^h Dac^ter 31, 1941; the breakdaim between stocks and bcnla la not arallable for earlier years. p PreliAinary. October 19% 53 .CAPITAL MOVEMENTS. Section I - Summary by Periods Table 4.- PurchaBee and Sales of Long-Term Foreign Securities by Foreigners (m mllUona of dollars; negatlre flguroe indicate a net outflow of capital froi the OUted States) Calei^ar year 5^ Treasurii Bulletin .CAPITAL MOVBffiSTS. Section II - Sunmary by Countries Table 1.- Short-Term Banking Liabilities to Foreigners (Position mt and of period Id -I'M"'" of Coimtiy dolUn) i^ October I95b 55 .CAPITAL MOVEMENTS. U - Summary by Countries Section Table 2.- Short-Term Banking Claims on Foreigners (Position at end of period In mllllona of dollars) Country Treasury Bulletin 56 .CAPITAL MOVEMENTS. (In Section II - Summary by Countries Table 3.- Net Transactions In Long-Term Domestic Securl ties by Foreigners thouaaMa of dollare; negatlTa fl«ur«s Indlcata oat aalaa b; forsleoara or a sat ontflov of capital trcm tha mi tad Co«tr7 Stataa) October 19% 57 .CAPITAL MOVUffiNTS. Section II - Summary by Countries Table 4.- Net Trtinsactlone In Long-Term Foreign Securlt lee by Foreigners (In thouaasdii of dollars; ssgatlTa fl^urea Indicate net aalea tiy foreigners cr a net outflov of capital froB the Oilted States) 58 Treasury Bulletin .CAPITAL MOVEMENTS. Section III - Preliminary Details by Clountrlee Table 1.- Short-Term Banking Liabilities to Foreigners as of August 31, 1956 (Poeltlon In thooaaodja of dollurv) \ October /956 59 .CAPITAL MOVBffiMTS. Section III - Preliminary Details by Countries Table 2.- Short-Term Banking Claims on Foreigners as of July 31, 1956 (Position In thousanla of dollan) 60 Treasury Bulletin .CAPITAL MOVEMENTS. Section III - Preliminary Details by Countrlee Table 3.- Purchases and Sales of Long-Term Securities by Foreigners during July, 1966 ( In thouBonds of dollttrs October Mh 62 Treasury Bulletin .CUMULATIVE TABLE OF CONTENTS. November 1955 October 19% CIIMrTT.ATlV^ ^<i^ Treas, HJ U.S. Treasury Dept, 10 .A2 Treasury Bulletin 1956 C.2 1 U S TREASURY LIBRARY 1 0031992