Full text of Treasury Bulletin : October 1960

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I^IBRARY
ROOM 5025
MAR
-

.-'JP.Y

6

1961

DEPARTf^SNT

LIBRARY
ROOIVI

JUN

?,

5030
3 1972

TREASURY DEPARTMENT

TREASURY DEPARTMENT
FISCAL SERVICE. BUREAU OF ACCOUNTS
OFFICE OF THE COMMISSIONER
W ASHINGTON 2S. DC.

OFFICIAL BUSINESS

BUY
AND
HOLD
UNITED
S TAT E S
SAVINGS

BONDS

WEAWMY.

mmiLEFm
Hi.

DCTDBER-iaBD

UNITED STRTES TREflSURV DEPRRTMENT
OFFICE QF THE

SECRETBRV

The Treasury Bulletin Is for sale by the
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U. S. Government Printing Office, Washington 25, D. C.
Subscription per year $6.00 domestic, $7.50 foreign.
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October I960

Table of Contents
Page
Treasury financing operations

A-1

Summary of Federal fiscal operations

1

Budget receipts and expenditures

2

Trust account and other transactions

9

Cash income and outgo

13

Account of the Treasurer of the United States..

19

Debt outstanding

21

Statutory debt limitation

26

Public debt operations

27

United States savings bonds

^-5

Ownership of Federal securities

49

Treasury survey of ownership of Federal
securities

^1

Market quotations on Treasury securities

55

Average yields of long-term bonds

5^

Internal revenue collections

60

Monetary statistics

62

Capital movements

66

Cumulative table of contents

77

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

Treasury Bulletin

II

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

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

Where these statements are given as sources for inTheir respective
they are cited by name only.
For other data in the
reporting bases are described below.

Money."

dividual tables,

In the Treasury Bulletin were revised to the new reporting

In the Seotenfcer i960 Iseue.

baele

The Interfund transactions deduct-

ed under this procedure do not include payments to the Treasury
by wholly owned Governnent corporations for retirement of their

capital stock and for disposition of earnings. These capital
transfers have been excluded currently from budret receipts and
budget expenditures beginning July 1, 19^, and figures for nrior
flec&l years back through I932 were revised sccoreinirly at that
time.

Bulletin, information on sources or reporting bases Is given In

connection with the tables themselves.

The dally statement on the new basis was first issued for
195'*-.
In the deposits and withdrawals as shown, no

February I7,

The ironthly statement of receipts and expenditures was first
published for February 195^, and replaced the dally statement as
the primary source of Information on budget results and other

receipt

and expenditure data classified by type of account.

At the same time, the dally statement was changed to a statement

of cash deposits and withdrawals affecting the account of the
Treasurer of the United States. Both publications have provided
ooo^aratlve figures on their respective hases from the beginning

of the fiscal year 1953.

Tb^ announcement of February 17, 195'*i

with respect to these reporting changee may be found in the
April 193U iseue of the Bulletin.

distinction is made as to the type of accounts (budget, trust,
etc. ).
The deposits are on the basis of certificates of deposit
cleared through the account of the Treasurer of the United States.
Total withdrawals are on the basis of checks paid or cash dis-

Some of the
bursements made out of the Treasurer's account.
withdrawal classifications shown are reported on the basla of
mailed reports of checks Issued and are adjusted by means of
Except for
clearing accounts to the total of checks paid.
relatively minor amounts, noncash Interfund and other intra-

govemmental transactions are excluded.

The public debt figures

in the daily statement also are on a "clearance" basis,

with the

exception of those Issuance and retirement transactions reported
The monthly statement shows all receipts and expenditures
of the Qovemjsent,

Including those made from cash accounts held
The Information is compiled

on the basis of telegrams from Federal Reserve Banks.

Noncash

debt transactions are included, however.

outside the United States Treasury.

from reports by the Treasurer of the United States and by all
other collecting and disbursing agencies, Including those agencies

which maintain oheoklng accounts In commercial banks. These
reports cover- transactions 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 balance In the Treasurer's
account and In cash held outside the Treasurer's account and
changes In the public debt outstanding.

Receipts of taxes and oustoms dutlee are reported on a
collections basis.

Other receipts are reported partially on a

oollectlons basis and partially on a deposits basis. Expenditures,

The dally statement before February 17, 195**^, covered not
only transactions cleared through the Treasurer's account but
also certain CJovemment agency transactions which were handled
through commercial bank accounts, and Included noncash Interfund
and other Intragovermiental transactions. It provided Information
similar to that In the present dally statement with respect to the
status of the Treasurer's account,

and similar to that In the

dally statement with respect to debt
Receipts and
Issuance, retirement, and amount outstanding.

present

end-of-month

expenditures, however, were classified by type of account, and
the budget results shown In the dally stateoent were used as the

basis for reflecting the results under the President's budget
program aa enacted by the Congress.

except interest 00 the public debt, are reported on the basis of

cheoke Issued or cash paymente made by disbursing offloers.
Transactions of an Interfund or Intragoveromental nature are
Included on the same basis even though the actual Issuance of
oheckfi may not be Involved.

Interest on the public debt is In-

cluded on an accrual basla beginning with figures for June 1953
and the fiscal year 1933. Prior to that, It was included on a
due and payable basis.

The same reporting basis as that in the

monthly statement provldee the fiscal year figures for the
Treasury's "Combined Statement of Receipts. Expenditures and
Balances of the United States Oovemment" and for actual receipts
and expenditures In the "Budget of the United States Government."

Receipts were on the basis of deposits as they cleared the
Treasurer's account. Expenditures cleared through the Treasurer's
account were reported on two successive bases. Through 19'*6 they
were on the basis of checks paid by the Treasurer of the United
Beginning with 19^7, expenditures made through the
States.

facilities of the Treasury Department's Division of Disbursement
were on the basis of checks Issued, while certain others, prin-

cipally those of the Department of Defense and Its predecessor
organizations, were on the basis of checks paid. Transactions
handled through commercial bank accounts, consisting of market
transactions In public debt and guaranteed securities, were &b
Interest on the public debt was included on a due and payable basis beginning with November 19^
and on a checks-paid basis prior to that time.

reported by the agencies.

Beginning with the final statement for the fiscal year
i960, the monthly statement ceportB totals for net budget receipts and budget expenditures after deduction of certain inter-

fund transactions which are Included in the detail of both budget
receipts and budget expenditures. The transactions deducted
consist of Interest payments and minor anounte of certain other

payments made by Oovernment agencies to the Treasury. This re-

porting change was made in accordance with the plan stated In
It does not
the President's Budget Message of January IS, I96O,
affect the surplus or deficit.
Figures for earlier periods shown

The circulation statement reflects transactions through the

Treasurer's account which affect monetary stocks of gold and
silver and the amounts of coin and currency In the money supply
of the country.
It Is Issued later than the dally stateoent,
however, and the figures are based on transactions consummated
during the reporting period even though some may not have

cleared the Treasurer's account during that period.

October I960

A-l

Treasury Financing Operations

September Advance Refunding
In responee to the Treasury offering on September 12 through 20, i960, holdera of four Issues'
of outstanding 2-1/2 percent Treaaury bonds maturing from June I5, 1967, through December I5, I969,

exchanged substantial amounts for three Issues of
3-1/2 percent bonds maturing In I9SO, I99O (additional Issue), and 1998. The bonds eligible for
exchange had been Issued during the war loans In
19M-2 ana 19'4-3.
Subscriptions received and alloted totaled 83,979 million, consisting of 13,395
million from the public and $584 million from gov-

minimum change In ovmershlp, avoids the absorption
of new long-term funds In cash offerings and con-

sequently does not interfere with the flow of new
savings Into the private sector of the economy;
lessens the adverse market Impact of debt extension;

Improves the functioning of the Government securities market; and reduces potential Inflationary
pressures.
By using advance refunding as a debt manage-

ment technique, the Treasury achieves substantial

ernment Investment accounts.

Advance refunding, the offering announcement
had stated. Is an Important technique In the marketing of Government securities.

The economy beneflte because advance refunding,

by facilitating significant debt extension with a

Involving significant

advantages to long-term Investors,

to the economy,

and to the Treasury.—

Improvement In the present unbalanced maturity
structure of the marketable public debt; reduces
Its dependence on Inflationary bank borrowing;
retains Its customers for long-term securities;
and holds down its long-run cost of managing the
public debt.

By participating In an advance refunding, the

Investor gains an Immediate Increase In Interest
return. In consideration of his acceptance of a

Treasury bonds eligible for exchange

The extension of maturity provided by the offering Is shown In the accompanying table.

Treasury Bulletin

A-2

Treasury Financing Operations (Continued)

upon the obliga-

to reinvest at that time at a somewhat higher rate

tions surrendered In exchange will be taken Into

than the present market rate for a comparable maturity to do as well as he would have by accepting the

cent bonds,

jaln or lose,

If any,

account upon the disposition or redemotlon of the

exchange offer.

new bonds.

The Comptroller of the Currency, Board of
Governors of the Federal Reserve System, and the
Federal Deposit Insurance Corporation have Indicated
to the Treasury their Intent to notify banks under
their supervision that they may place the new 3-1/2

percent bonds received In exchange on their books at
an amount not greater than the amount at which the

2-1/2 percent bonds surrendered by them are carried
on their books.

If the 2-1/2 percent

If the
the entire 3S years will be 3-1/2 percent.
exchange was not made and the 2-1/2 percent bonds
were held until maturity In December 1969i the
holder would have to reinvest the proceeds at that
time at a rate of at least U.Ik percent for the

remaining 29 years, at compound Interest, In order
to obtain an average return of 3-1/2 percent for

This minimum reinvestment
rate for the extension period Is shown In the
tabulation following and Is the Investment return

the entire 3S years.

A holder of the outstanding 2-1/2 percent bonds
had the option of accepting the Treasury's exchange
offer or of holr.lng the 2-1/2 percent bonds to matu-

Consequently, he could compare his return
resulting from exohanE;ln; then v.lth the return that

rity.

for the extension period If the exchange was made.
The minimum reinvestment rates for the other Issues
Included In the exchange are also shown.

2-1/2$ bonds eligible for exchange

3-l/'2St

For example,

bonds of December 15, 1964-69, were exchanged for
the new 3-1/2 percent 3S-year bonds, the rate for

bonds offered in exchange

June 15,
1962-67

Dec.

Nov. 15,

Feb. 15,

1980

1990

15,

1963-68

^

Dec. 15,

June 15,
1964-69

1964-69 ^

Nov. 15, 1998
•

.

N

Approximate investment return on the 3-1/25K
bonds offered In exchange to holders
of the eligible 2-l/2ie bonds:

From issue date (Oct.
to maturity

3,

1960)

V

For the extension of maturity:
Nontaxable holder (or before tax)
Taxable holder; equivalent rate 2/ if cost (book value)
of 2-l/2J{ bond (per t face value) is:
$102 i/
100
98
96
94
92

90
88
86
84
82
1/

2/

2/

3.92*

3.96!8

3.97!^

3.99!^

4.23

4.17

4.09

4.14

4.08
4.11
4.13
4.15
4.17
4.19
4.21
4.23
4.25
4.27
4.29

3.99
4.02
4.04
4.06
4.08
4.10
4.12

4.U

3.90
3.93
3.95
3.97
3.99
4.01
4.03
4.05

4.16
4.13
4.20

4.07
4.09
4.11

3.93
3.96
3.98
4.00
4.02
4.04
4.06
4.08
4.10
4.12
4.14

Yield to a nontaxable holder, or before tax. Based on mean of bid and ask prices of eligible
2-1/2$ bond at noon on September 8, 1960.
Rate of return during extension which, combined with 2-1/2$ until maturity of eligible 2-1/2$
bond, would provide the same return as the appropriate 3-1/2$ bond for its full term after tax
(on basis of 52 percent tax on ordinary income ana 25 percent tax on long-term capital gain at
maturity of 3-1/2$ bond). To obtain approximate equivalent rates between those for book values
shown, interpolation may be applied.
Holders with book cost above par are assumed to be amortizing any premium to par at maturity or
call date.

he might obtain by reinvesting the proceeds of the

2-l/2s at maturity.

Exchanges were made on the basis of par for
^^^ with adjustments of

par In multiples of 850^.

accrued Interest to October
The return for making the extension In the
advance refunding Is the coupon rate on the new

3.

1963,

the date

Interest ceased on the 2-1/2 percent bonds surren-

If a nontaxable holder of the 2-1/2 percent

dered and Interest started on all of the new bonds.
Accrued Interest (per }100 face amount) payable to

bonds did not make the exchange, he will receive
only 2-1/2 percent to their maturity and will have

the Investor on exchanges Into the bonds of I9SO
and 199s was $0,751, and Into the bonds of I99O,

Issue.

October 1960

A- 3

Treasury Financing Operations (Continued)
$0,235 (net after deauotlng $0.4^6 payable by the
Investor to the Treasury for accrued interest from
August 15, i960, to October 3, I96O, on the 3-1/2
percent bonds of 1990). Interest Is payable on the

talltles thereof, public pension and retirement and

bonds of I9SO and 199S on May I5 and November 15,
and on the bonds of I990, on February I5 and August
All of the new bonds were Issued as bearer
15.

Banks,

Securities eligible

other public funds, international organizations in
which the United States holds membership, foreign
central banks and foreign states, Federal Reserve

and Government investment accounts were

received without deposit.

3ubBcriptlone from all

others were required to be accompanied by deposit

)

A-k

Treasury Bulletin

Treasury Financing Operations (Continued)

One-Year Bills and Tax Anticipation BillB
To obtain caeh to refund the bills maturing
October 17, i960, and to provide the funde for the
anticipated cash requirements of the Treasury during
the remainder of the calendar year,

an offering of

two Issues of Treasury bills was announced on October
6.

The offerings consisted of:

respect to the purchase or sale or other disposition
of,

the bills for which tenders were submitted undei

these offerings until after the closing hour for
tenders, which was 2:00 p.m.. Eastern Daylight

Saving time on each of the auction days.
The new bills of both series were Issued In
bearer form only, and In denominations of $1,000,
85,000, $10,000, $100,000, $500,030,

$1-1/2 billion of one-year ( 36'+-day
Treasury bills, dated October 17, i960,
to mature October 16, 1961, for cash or
In exchange for the $2 billion of 32a-day
bills maturing October 17, i960.

and $1,000,000

(maturity value).

Tenders for the new one-year bills totaled

/3-1/2 billion, or thereabouts, for cash
of 241t-day Treasury bills, tax anticipation series, dated October 21, i960, to
mature June 22, I961. The amount Included $500 million to cover the reduction In
the October I7, i960, bills.
These bills
will be acceptable at par In payment of
Income and profits taxes due June I5, I961.

$3,300 million of which $1,500 million were accepted.

This amount Included $189 million of noncompetitive
tenders for $400,000 or less from any one bidder
accepted at the average price of accepted competitive
bids. The average rate of discount was 3-131 percent.

Tenders for the tax anticipation bills totaled

Both Issues were sold on an auction basis, the

$5,440 million of which $3,501 million were accepted.

one-year bills on October 11 and the 244-day bills

This amount Included $613 million of noncompetitive
tenders for $500,000 or less from any one bidder

on October IS.

Payment for accepted tenders for the one-year
bills was required to be completed on October 17,
1^60, In cash or other Immediately available funds
01'

In a like face amount of Treasury bills maturing

on that date.

Cash adjustments were made for dif-

ferences between the par value of maturing bills
accepted In exchange and the Issue price of the new
For the 2'Ht-day bills, any commercial bank
bills.
qualified as a depositary was permitted to make pay-

ment for the bills allotted to Iteelt and Its customers by credit In Its Treasury tax and loan account

up to the amount for which It was qualified In excess
Other subscribers to this
of existing deposits.

Issue were required to complete payment for accepted tenders at the prices offered In cash or

accepted In full at the average price of accepted
competitive bids.

The average rate of discount was

2.7Sg percent.
13->feek and 26-Week Bills

September Issues of regular weekly Treasury
bills totaled $7.S billion, refunding an equivalent

amount of maturing bills.

The five new issues of

13-week bills amounted to $5.3 billion, the first
and last for $1.0 billion each and the other three

for $1.1 billion each. The new Issues of 26-week
bills amounted to $2.5 billion which consisted of
five $0.5 billion Issues.
All new Issues mature
in 91 days and 182 days, respectively.

other Immediately available funds on October 21,1960.

Tenders for both Issues were received without
deposit from Incorporated banks and trust companies

and from responsible and recognized dealers In InTenders from others were re-

vestment securities.

quired to be accompanied by payment of 2 percent of
the face amount of Treasury bills applied for, or

an express guaranty of payment by an Incorporated

bank

o'r

trust company.

Subsorlbera were required to agree not

to

purchase or to b«11, or to make any agreements with

Average

rates of discount on the new bills were as follows:

13-week
(Additional amount of bills of
original maturity of 26 weeks)

October 1960

Treasury Bulletin
.BUDGET RECEIPTS AND JSPfWDITURES.

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

October I960

-

)

Treasury Bulletin
.BUI3GET

RECEIPTS AND EXPENDITURES,

Table 3.- Interfund Transactions Excluded from Both Net Budget Receipts and Budget Expenditures
(2n millions of dollars)

Interest payments to the Treasury 1/

Fiscal
year or
month

Total
interest

Cottnnod-

ity
Credit
Corp.

Export
Import
Bank of
Washington 2/

1953
1954
1955
1956
1957

154
235
181
315
467

173

46
91
60

297
456

340

23
28
26
25
24

1958
1959
1960 p

567
355
690

557
342
680

421
181
465

31
41
46

1961 (Est.

686

672

1960-Jan
Feb

Mar
Apr
May
June p
July..
August

1%1

to date.

42

147

228

175

48

Housing
and
Hcane

Finance
Agency
3/

Panama
Canal
Company

Small
Business
Admin.

Tennessee
Valley
Authority

Veteran's
Administration

Under
Defense
Production
Act 5/

Other
6/

Reimbursement by
Panama
Canal
Company
7/

Federal
inter-

banJiS'

Charges
by GAO
for
audits
of

franchise
tax 8/

Gov't,
corporations

mediate
credit

October I960
.

BUICET RECEIPTS AND EXPENDITUEES

.

Table 4.- Expenditures by Agencies

Treasury Bulletin
-BUDGET EECEIPTS AND EXPENDITURES.

Table 5.- Sumnary of Appropriations and Authorizations, Expenditures, and Balances, by Agencies,
as of August 31, 1960
(In millions of dollars; negative figures are deductions in the columns in which they appear)

Unexpended
balances
brought
forward
July 1, 1%0
(Preliminary)
1/ 2/

Agency

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

Total

73,246

,

,

Additions, fiscal year 1961 to date
Increase

Appropr iat ions

126

Total budget expenditures

2/

-16

134

118
50
71

71

2,939
1^,038
298
8,939
3,849
471

278
8,047
486
343
4,582
647

31,016
2,270
368

40,991
150
172

40,991
150

1,260
429

27

640
486
280

195
408
54
6,421
81

89
609
254
10,504
73

640
488
280
89
609
254

Expenditures

Deduct interest and other payments by Government agencies to
Treasury included above which are also Included in budget
receipts

Transfers
borrowings.
Investments

Other
authorizations
6/

50

Agency

Total

^

52

264
24

35

153
856
97
1,719

251

U7
15

575
138
45
85

U9
74

,725

30
-1
7 13/

13,048

787
577

150
5

37

172

10,504
73

70,482

179

Unexpended balances August 31, 1960 (Preliminary)

Rescissions
cancellations
and other
adjustments 8/

9
8
13
,655

278
8,099
486
1,280
5,164
684

50

1,415

Deductions, fiscal
year 1961 to date

Legislative Branch
The Judiciary
Executive Office of the President
Funds appropriated to the President
Independent of f ices
General Services Administration
Housing and Home Finance Agency
Agriculture Department
CcmDerce Department
Defense Department:
Military functions
Military assistance
Civil functions
Undistributed foreign transactions
Health, Education, and Welfare Department
Interior Department
Justice Department
Labor Department
Post Office Department
State Department
Treasxiry Department
District of Columbia - Federal contribution and loans
Unclassified expenditure transfers
Adjustment to monthly statement of receipts and
expenditures of the Government

Authorizations
to expend from
debt receipts

795
1

Undisbursed
appropriations

204
46
110
2,634
9,936
749
544
2,422
955

Unused authorizations to
expend from
debt receipts

Unfunded
contract
authori-

Investments
held

zations

2/

31

319
9,919

Ul

463

6,420
5,689

1,538
46

770

104

65,288
2,169
383
-15
1,324
693
262

200
868
235
9,235
124

235
46
110
2,954
20,458
749
9,271
8,156
1,058
65,288
2,169
393
-15
1,325
779
262
200
868
235
15,200
124

10
1
1

Total 2/

85

5,964

1

1

-7
98,360

28,322

1,946

1,232

129,859

73

12,975

Source:
Bureau of Accounts. Details for the current fiscal year to date
are shown in Bureau of Accounts report "Budgetary Appropriationa and
Other Authorizations, Expenditures and Unexpended Balances".
1/ These preliminary balances shewn as of July 1, 1960, are the latest
available at this tijne. They are based on prelimlnflry reports from
the agencies and are subject to later adjustments as additional Information is received, preparatory to the closing of the central accounts
in the Treasxiry for fiscal year 1960. Among the areas subject to later
adjustment are the following; certain overseas transactions not yet
included; the write-offs or withdrawals of unobligated balances no
longer available, since agency reports covering these tranaactions are
not required by law to be submitted until September 30 (the write-offs
in the fiscal year 1959 amounted to $412 million); certain indefinite
appropriations Included on the basis of Budget estijnateB Instead of
final figures; other transactions, including those relating to (a)
authorizations to expend from debt receipts, (b) contract authoriza-

tions, (c) investment in public debt securities, and (d) restorations
and reapproprlations, whloh may require adjustment on the basis of f in a l
reports from the agencies. Includes same categories as shown at end of
current period.
2/ Although not expended, a substantial portion of these amounts is obligated for outstanding purchase orders and contracts for equipment and
supplies, for payrolls, and for similar items.
3/ The data in this report with respect to new appropriations, and other
authorizations for the fiscal year 1961, cover only those acts approved
through August 31, 1%0.
/ Includes reapproprlations,
Consists of authorizations by law for Govemment-CTmed enterprises to
]/
borrow (1) from the Treasury (to expend from public debt receipts), or
(2) fran the public (to expend from debt receipts).
Remaining footnotes on page 8.

-

October I960
.BlIDGET

RECEPTS AND KXPENDITURES

Table 6.- Expenditures and Balances by Functions
(Fiscal years; in millions of dollars)
1961 through August

Function

Function
code
number

I960 p

Expenditures

Unexpended
balances end
of period
1/

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

41,233
2,541
312
2,340

41,200
2,624
180

U

2,352

39,062
2,268
625
2,187

1,507

251

65,273
1,475
206
2,169

40,641

43,270

44,142

46,426

45,611

7,447

69,123

120
1,613
111

157
1,683
133

173

1,910
149

237
3,403
139

219
1,380
137

68
209
23

165
13,196
213

1,843

1,973

2,231

3,780

1,736

767
123
2,798

774
126
2,870

47

574
177
3,275
35

514

105

788
176

801
175

699
168
3,104
43
855
156

4,756

4,793

5,026

5,174

475
1,457
351
281
56
31
169

400
1,558
469
292
71
32
201

458
1,797
546
319

2,821

351
352
353

3,900
231
217

354
355

305
215

061
066
067
068

Total major national security
International affairs and finance
Conduct of foreign affairs
Economic and technical development 2/
Foreign information and exchange activities

35,791
1,651
588
2,611

38,439
1,990

490

6,734
449

:

151
152
153

Total international affairs and finance
Veterans'

13,575

services and benefits:

Veterans education and training 3/
Other veterans' readjustment benefits 4/
Veterans' ccmpensation and pensions
Veterans' insurance and servicemen's indenmities
Veterans' hospitals and medical care
Other veterans services and administration
'

'

101
102
103
104
105
106

371

»

•

3,368

588

3,249

34

5

135

951
179
5,056

186

1,011

411
2,061
818

34
221

844
1,969
704
468
119
39
279

69
350
156
60
46
9
26

3,022

3,447

4,421

4,338

3,430
227 9/
267

3,151
239
297

5,125
250
315

3,452
289
330

536
28
48

4,931
794
1,183

448
255

547
291

702
292

125
52

701
356

4,525 9/

4,389

6,529

5,056

789

7,%?

1,138
174
59
60
69
43

1,183
201

1,234
220

217

1,438

52

71
68
86
60

65
68
74
52

4
10

35

925
163
62
51
59
38

17
10

194
59
105
164
50

1,105

1,297

1,544

1,659

1,713

322

2,009

510

420

5U

783
180
71

365
40
219
76
518

392
31
315
89
674
78
51
228
115
49
56
21

436
30
494

508
38
558
402
515
130
134
234

108
7
103
87

928
273
1,184
1,201
868
2,657
1,638
7,275
3,435
57
349
25

Total veterans' services and benefits
Labor and welfare
Labor and manpower
Public assistance
Prcmotion of public health
Promotion of education 5/
Prcmotion of science, reseeirch, libraries, and muBeums 6/.
Correctional and penal Institutions
Other welfare services and administration 2/

51

921
193

35

155

4,922

:

213

2U
215
216
217

Total labor and welfare

72

512
268
45
221

233
7
1,026
340

411
59
159

2,235

Agriculture and agricultural resources:

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

4,867

374
227

Natxiral resources :

Conservation and
Conservation and
Conservation and
Conservation and
Recreational use
General resource

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

401
402
403
404
405
409

Total natural resources

803
139
38
45

44

Conmerce and housing:

Promotion of water transportation
Provision of highways
Promotion of aviation
Space exploration and flight technology
Postal service
Comnunity development and facilities
Public housing programs
Other aids to housing 11/
Other aids to business 12/
Regulation of commerce and finance
Civil and defense mobilization
Disaster iiisurance, loans, and relief 13/
Total commerce and housing
General government:
Legislative functions
Judicial functions
Executive direction and management
Federal financial management
General property and recoi*ds management
Central personnel management and employment costs lA/
Civilian weather services
Protection services and alien control
Territories and possessions, and District of Columbia
Other general government
Total general government

i

Footnotes at end of table.

512
513
514
515
516
517
518
519
520
521

463
4
31
19
-83

41
58
43

2,030

601
602
603
604
605
606
607
608
609
610

1^-'

49
60
-60
59
45
65

21
1,455 10/

145

774
108
97
1,085
139
53
45

89
58

U9
42
33
127

^5

45

13
11

8

2

1

2,109

3,421

2,822

19,900

77
38

90

88

102

101

40

44

47

49

9

9

12

12

2

U

475
164
334
34

476

10
502

556
291
205
46
216
89
30

558
368
216

104

536
688
28

1,606

188
72
238

194

627
38
187
77
51

239
140
39
199

1,790

(Continued on following page)

75

20

54

205
45

33

78
8

58

217

37

208

91
27

40
5

192
31

1,692

324

2,005

Treasury Bulletin
.BUDGET RECEIPTS AND EXPEND ITDRES.

Table 6.- Expenditures and Balances by Functions
(Fiscal yeara; in mllllona of dollars)

(Continued)

October 1960
TRUST ACCODNT AND OTHER TRANSACTIONS.

Table 1.- Summary of Trust Account and Other Transactions

.

..

'

,
.

Treasury Bulletin

10
THUST ACCOUNT AMD OTHER TRANSACTIONS.

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

Trust accounts, and trust enterprise funds (net)

Fiscal year
or month

Federal Old-Jige
and Survivors
Insurance Trust
Fund

Total
trust
accounts,
etc.

5,169
6,769
8,545 1/
9,435 i/

1957

1.2,959

5,698
7,327
8,489
9,197
12,743

1958
1959
1960 p

16,068
18,595
22,075

16,159
18,605
22,267

195J
1954
1955
1956

1961 (Est

.

Railroad
Retirement
Account

Unemployment
Trust
Fund

Gove 'Tunent

Ufe
Insurance
Fund

465
502
585
611
682

1,010
1,745
1,965
1,393
1,644

625
538
512
515

82
147
84
87
86

181
371
571

730
778
1,136

3,148
3,054
2,737

544
562
583

120
80
84

739

1,098

3,024 2/

54

Federal
employees
retirement
funds

Highway
Trust
Fund

363

411
430
507
591

966

699

792
896

1,602
2,709
3,408

602

997

3,159

72
74
78

144
214
219

1,672
1,792
1,862

938
873
905

98
93
81

255
284
312

46

43
48

1,862
1,876
2,287

903
905
1,237

48
46
46

93
89
86

258
228
228

52
50
51

76

.

2,067
1,780
2,205

77
79

224
282
250

,

1,790
1,775

1,692
1,839

910
924

47
48

89
98

191
233

47
48

76
81

249
274

Ivlarch.

.

April.

.

.

May

50
55

Deposit fund accounts (net)

Trust accoxmts, etc. - (Cont.)

Ckjvernraent-sponsored enterprises

Trust enterprise funds (net)

Fiscal year
or month

1953
1954
1955
1956
1957

Federal
intermediate credit
banks 4/

Federal National

I-tortgage Assoc.

Financing by
Treasury

Other
operations

-93
-94

1958
1959
1960 p

127

41

223
55

-42

42

1960-January
February
March.
April.
.

June p
July.

August

^

Other trust
accounts and
trust enterprise funds 6/

Total
deposit

Investment in
public debt
securities

fund
accounts

206
929

441
495
483
425 2/
438

-529
-558
5b 1/
238
216

102
176
950

692
617
709

-9

7
-16

-192

-6

9

3

8/

800

1961 (Est.)

K!ay.

National
Service Life
Insurance
Fund

1,974
1,613
1,868

1960-January.
February

July
August

8,116
9,454
11,152

23,038

) .

June p

2,750
3,405
4,487
5,551
6,723

Federal
Disability
Insurance
Trust Fund

-91

-120
-437

3/

-269
-872
-86

-120
-437
99
334
39

460
-70
239

167
-1,222
-723

1,277
479

240

97

61
290

7/
7/

71
99
124

58
54
54

302
-179
6

3
9

292
-128
121

139

12

-3

97

150
44

49
44
161

204
-96
-82

-1
7
-13

-202
123
-20

-166
-172

-36
19

72
59

37

99
-64

10

100

-63

47

1

47

-22

-71
1

-24

5

Other
expenditures

170
548
39

1/
7/
i/

Redemption of
agency
obligations
in the market

-21
155

-620

350

Other
deposit
fund
accounts

-410
-121
56

229
224

October i960

11

.

TEUST ACCOUNT AMD OTHER THAHSACTIONS

.

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

Treasury Bulletin

12
.TRUST ACCOUNT AND OTHHl 'HIANSACTIONS.

Table 5.- Net Redemption or Sale of Obligation of Government Agencies In the Market
(In millions of dollars; negative figures are excess of sales)

Securities guaranteed by the United States
Public enterprise funds
Federal
Home
Federal
Total
Farm
Owners'
Housing
Loan
guaranteed Mortgage
AdminisCorpoCorpotration
ration
ration

Fiscal year
or month

1953
195A
1955
1956
1957

-602
-173
-1,085

1958
1959
1960 p

-567
-71
- 1 023

25

,

1961 (Est.)

-366

I960- Jan...
Feb...
Uarch.

-105
-10^

J^ril.
May...
June p
July..
August

-3

-7i/

V

-29
37
-30
-33
6
-10
-29

Securities not guaranteed by the United States

Trust
enterprise
fund
D.

C.

stadium
fund

Total not
guaranteed

Total
public
and trust
enterprise
fxinds

Public enterprise funds
Federal
Home
national
Owners'
Ifcrtgage
Loan
AssoCorpociation g/
ration

Federal
intermediate
credit
banis 1/

October I960

13

CASH INCCME AND OITTGO

The caBh income and outgo data
Treasury Bulletin,
beginning with
issue, are on a basis consistent with
paymentB to the public as derived in

appearing In the

Major Intragovemmental transactions which are reported as

the February 1956
receipts from and

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

the 1937 &nd sub-

Oovemment

sequent Budgets of the United States, Special Analysis A.

Reconciliation to cash deposits and withdrawals in the
account of the Treasurer of the United States is shown on
the eajne basis as in the Budget documents.

There is also

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

borrowing to, the public.

By these arrangements, data in

accordance with the Budget classifications are made avail-

able month by month.

Figures for back years have been

to make payments in the future are also eliminated
from expenditures but are added later when actual payment*

are made. Receipts from the exercise of nonetary authority
(mostly seigniorage on silver j are excluded as not
representing cash received from the public. Federal cash
borrowing from the public includes net borrowing by the
Treasury through public debt transactions and also net
borrowing by Government agencies and Qovernment-sponsored

enterprises

through

sales of their own securities.

revised where necessary in order to make them as nearly

It excludes changes in the public debt which do not rep-

comparable with current Budget classifications as avail-

resent direct cash borrowing from the public. The net
effect of all these transactions with the public is
reflected in changes in the balance in the Treasurer's
account and in cash held outside the Treasury.

For this reason certain of the
figures differ somewhat from those published in earlier
able data will permit.

Budget documents as well as in the Bulletin,
The Budget series of cash transactions is designed
to provide information on the flow of money between the

Cash transactions through the Treasurer's account are
similar In general concept to those Included in the Budget

Receipts and payments Include transactions both

series, but are limited In coverage to transactions whi«h
affect the balance in that account. On the other hand,
they include receipts from the exercise of monetary

in budget accounts and in trust and deposit fund accounts.

authority, which are excluded from receipts from the public

Operations of Oovemment-eponaored enterprises are included

in the Budget series.

public and the Federal Government as a whole, and therefore

includes transactions not cleared through the Treasurer's
account.

inpayments on a net basis as reflected in Treasury reports.

..,

..

)

)

)

Treasury Bulletin

l»^

.

CASH INCOME AND OUTGO

.

Table 1.- Summary of Federal Government Cash Transactions with the Public
C

In millions of dollars)

Net cash transactions with the public

other than borrowing
Fiscal year
or month

Federal receipts from
the public 1/

Federal payments to the
public 1/'

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

ajuals

Plus: Re-

:

Change in cash balances

:

Excess of
receipts, or
payments { -

ceipts from
exercise of
monetary
authority

1953
1954
1955
1956
1957

71,495
71,626
67,836
77,087
82,105

76,769
71,858
70,537
72,616
80,006

-5,274
-232
-2,702
4,471
2,099

2,919
2,512
1,809
-4,366
-3,100

29

1958
1959
1960 p

81,892
81,660
94,984

83,412
94,804
94,283

-1,520
-13,144
701

100,598

98,085

5,462
9,230
11,084

June p
July
August

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

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

2"'
-312
-202

49

-2,299
2,096
-551
331
-956

5,760
8,678
1,822

59
44
53

4,159
-4,399
2,654

140
-23
-78

2,513

-4,071

53

-1,505

6,768
3,074
7,100

-1,306
1,156
3,984

554
-744
-4,039

4

6,369
9,685
12,371

7,819
8,014
8,214

-1,450
1,671
4,157

2,435
-375
-3,622

7,476
8,926

-3,506

. .

3,970
9,236

2,525
-1,433

-1,006
-1,104

-12

1961 to date.

13,205

1,093

-2,110

15

1961 (Est.

) . .

1960-January.
February.
March.
. .

April
May

3U

-3,196

Source: Actual figures are based on the monthly statement of receipts
and expenditures of the Government (for explanation of reporting
bases, see page II); estimates are from the Midyear Review of the
1961 Budget, released October 4, 1%0, Including effects of proposed
legislation.

1/

p

23

5

-26
-33
75

-722

5

450

6

-122

5

1,105
1,217
494

4
3

-115
83

44
27

Figures in this column differ from those published prior to the September
1960 Treasury' Bulletin because of the exclusion of a few additional items
of budget receipts which are also budget expenditures (see tables 3 and 4)
Preliminary.

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

oL'

dollars)

Net cash transactions other than borrowing

Fiscal year
or month

Plus
Net cash borrowing, or repayment of
borrowing (-)
:

Excess of deposits,
or withdrawals ( -

Equals Tre as ure r s
account balance, increase, or decrease (-)
:

'

Cash
deposits

Cash
withdrawals

1953
1954
1955
1956
1957

71,345
71,815
67,758
77,079
81,875

76,407
71,974
69,888
71,984
79,183

-159
-2,130
5,096
2,692

2,763
2,255
1,579
-4,765
-3,648

-2,299
2,096
-551
331
-956

1958
1959
1960

82,094
81,612
94,862

83,188
94,042
93,508

-1,094
-12,430
1,353

5,253
8,032
1,301

4,159
-4,399
2,654

1961 (Est.)...

100,651

98,085

2,566

-4,071

-1,505

1960-January.
February.
March

5,397
8,909
11,921

6,757
7,559
7,975

-1,360
1,351
3,946

638
-901
-4,068

-722

5,818
9,681
12,592

7,081
8,013
8,400

-1,264
1,668
4,192

2,369
-451
-3,698

1,105
1,217
494

3,752
9,332

7,228
8,967

-3,476
365

2,470
-1,469

-1,006
-1,104

13,084

16,195

-3,111

1,000

-2,110

.

.

.

April

May
June

July
August .

.

1961 to date.

Actual figures are based on tlie daily Treasury statement;
estimates are based on the Midyear Review of the 1961 Budget,
released October 4, 1960, including effects of proposed legisla-

Source:

450
-122

Figures in the first four columns of this table may differ somewhat
from those originally published in the daily Treasury statement because of
subsequent reclassification of certain transactions.
tion.

.

,

October 1960

15
.CASH INCOME AMD OUTGO

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

16

October I960

17

CASH INCOME AND OUTGO

Table 7.- Derivation of Federal Government Net Cash Debt Transactions with the Public,
and Reconciliation to Net Cash Debt Transactions through the Account of the
Treasurer of the United States
(Net borrowing, or repa^Tnent of borrowing (-); in millions of dollars)

.

.

.

.

Treasury Bulletin

16
CASH INCOME AND OUTGO

Footnotes to Table 3
All previously published figures were revised In the Septemter 1960 Bulletin
to take account of the deduction of certain interfund transactions from hoth
net budget receipts and budget expenditures, to accord with the new reporting procedure outlined in the President's Budget message of January 18, 1960,
(see pages 2 and 5). Formerly such transactions were included in the intragovemmental transactions which were deducted in deriving receipts from and
payments to the public.
Treated as noncash refund deductions from receipts when issued and as cash
refund deductions when redeemed.
Consists of seigniorage and the increment resulting from reduction in the

^
»
p

18

weight of the gold dollar; excluded from receipts from the public but included in cash deposits in the Treasurer's account.
Figures in this column differ from those published prior to
the September 1960 Treasury Bulletin because a few additional
items of budget receipts which are also budget expenditures
are included in the interfund transactions deducted from
budget receipts and budget expenditures (see footnote 1).
Less than |500,000.
Preliminary.

Footnotes to Table 4
1/
2/

See footnote 1 to Table 3.
Net operating expenditures, or receipts (-), as measured by funds provided
by or applied to net security transactions reflected in Treasury reports
(see Table 7). To a large extent, these Government-sponsored enterprises
secure funds for their operations by direct borrowing from the public or by
cashing Federal securities which they hold, and they apply the net income
received from operations to repayment of borrowing from the public or to
investment in Federal securities. On that basis, net expenditures for operations are shown in this table in terms of the combined net of disinvestment
in Federal securities and sale of agency obligations in the market, and net

3/
4/
5/
6/
p

receipts from operations are shown in terms of the combined net
of investment in Federal securities and redemption of agency
obligations in the market.
See footnote A to Table 3.
Not reported prior to 1954.
See footnote 1 to Table 7
Does not include revolving fund receipts representing acquired
securities amounting to $1,643,070 (par value),
Preliminary.

Footnotes to Table 5
1/

2/
3/

Includes reimbursement by Federal Old-Age and Survivors Insurance Trust Fund
and Federal Disability Insurance Trust Fund for administrative expenses,
and beginning with 1959 for refunds of taxes (treated as an offset to refunds rather than being credited to receipts); reimbursement by Highway
Trust Fund for refunds of taxes; reimbursement by the District of Columbia;
payment of dividends, interest, etc., by Federal National Martgage Associatlon's secondary market operations; and Federal intermediate credit bank
franchise tax and repayment of capital stock to the Treasury after December
1956 and before January 1959.
Consists of payment of franchise tax by banks for cooperatives beginning
1955, and also by Federal intermediate credit banks beginning January 1959.
Includes relatively small amounts of deductions from salaries paid by trust
funds and Government-sponsored enterprises. Beginning with fiscal year 1958
excludes deductions from salaries of District of Columbia employees (see
footnote 5), and beginning with fiscal year 1959 excludes voluntary con-

5/

6/

tributloiis.

4/

Consists of payments to employees' retirement funds representing United
States and Government corporation shares of contributions; payments to the
Railroad Retirement Account (for creditable military service), the

*
p

Unemployment Trust Fund, veterans' life Insurance funds. Judicial Survivors Annuity Fund, trust fund for technical services
and other assistance under the agricultural conservation program, and District of Columbia; and awards of Indian Claims
Commission.
Includes payment by District of Columbia to the Civil Service
retirement fund for its share of contributions, and beginning
with 1958 also deductions from its payroll; financial adjustments
among Railroad Retirement Account, Federal Old-Age and Survivors
Insurance Trust Fund, Federal Disability Insurance Trust Fund,
and Unemployment Trust Fund; transfers from Civil Service retirement fund to Foreign Service retirement fund from 1955 through
1957; and transfers from Railroad Unemployment Insurance Administration Fund to Unemployment Trust Fund through 1955.
Figures in this column differ from those previously published
because budget receipts which are also budget expenditures are no
longer included; see tables 3 and -i.
Less than $500,000.
Preliminary.

Footnotes to Table 6
1/
2/

3/

A/
5/

Accrued discount on savings bonds and bills less interest paid on savings
bonds and bills redeemed.
Public debt interest due and accrued beginning June 30, 1955, effective date
of the change in accounting and reporting from a due and payable basis to an
accrual basis; for 195'4, consists only of public debt interest checks and
coupons outstanding; net increase, or decrease (-). Not reported as a separate clearing account prior to 195A.
Treated as noncash expenditures at the time of Issuance of the securities
and as cash expenditures at the time of their redemption; net issuance, or
redemption (-)
Issued in 1936 in exchange for adjusted service certificates held by veterans
of World War I. The bonds matured in 1945.
Issued in 1947 in payment for accunnilated leave. The last of these bonds
matured in 1951.

2/

Part of the United States subscription to the capital of the
International Monetary Fund was paid in the form of noninterestbearing nonnegotiable notes payable on demand (see 1947 Annual
Report of the Secretary of the Treasury, pages 48, 350, and 385).
In June 1959 $1,031 million of notes were Issued as part of the
additional United States subscription to the Fund authorized by
an act approved June 17. 1959 (see "Budget Receipts and Expenditures," Table 4, footnote 10),
Checks outstanding less deposits in transit, and changes, in
other accounts; net increase, or decrease (-). For 1953 includes
also public debt interest due and unpaid (see footnote 2).
Less than $500,000.
Preliminary.

Footnotes to Table 7
1/

2/

3/

In this table, beginning 1954, in accordance with treatment in Budget documents, net investment in United States securities by Government- sponsored
enterprises includes a small amount by other enterprises regarded as representing net transactions with the public. In Table 4 under "Trust Account and
Other Transactions," these amounts are included in trust and deposit fund
account investment.
Does not Include investments representing acquired securities amounting to
$1,643,070 (par value) and donation of securities amoxinting to $45,800
(par value)
Accrued discount on savings bonds and bills, which Is included in the principal of the public debt, less interest paid on savings bonds and bills
redeemed.

4/

5/

6/

7/

Treated as noncash transactirais at the time of issuance and as
cash transactions at the time of reden^ition; net issuance, or
redemption (-)
Excluded from borrowing because the transactions are treated as
expenditures in Table 6.
Excluded from borrowing because the transactions are treated as
deductions from receipts in Table 3.
Market transactions In public debt securities and agency obligations.

*

p

Less than $500,000.
Preliminary.

I

..

October 1960

19
.ACCODNT OF THE mEASDRHl OF THE DNITHD STATES.

Source and Availability of the Balance In the Treasurer's Account
account to the tax and loan account In the same bank. On
occasions, to the extent authorized by the Treasury,

The account of the Treasurer of the United States
reflects not only budget receipts and expenditures but
also trust,

banks are permitted to deposit In these accounts proceeds
from subscriptions to public debt' securities entered for
their own account as well as for the account of their

deposit fund, and public debt transactlona.

The working cash of the Treasury Is held mainly in
Treasurer's accounts with Federal Reserve Banks and
branches.
As the balances In these accounts become depleted, they are restored by calling In (transferring)
funds from the tax and loan accounts with thousands of
commercial banks throughout the country.

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

In this way the Treasury la able
for Its operations.
to neutralize the effect of Its fluctuating operations
on bank reserves and the economy.

Deposits to tax and loan accounts occur In the
normal course of business under a uniform procedure
applicable to all banks whereby customers of banks deposit

with them tax payments and funds for the

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

purchase of

Oovernment securities.
In most cases the transaction
Involves merely the transfer of money from a customer's

of the Treasury for 1955,

pages 275-284.

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

Assets

Treasury operating balance
End of
fiscal
year or
month

Available
funds in
Federal
Reserve
Banks

Tax and loan
accounts in
special
depositaries

132
875
380
522
498

3,071
4,836
4,365

1958
1959
1960

410

8,218

535
504

3,7U

1959-De comber.

1960-Januafy.
February.
March

April

1953
1954
1955
1956

Gold in Total
Treasury operating
fund
balance

984
497
493
501

4,187
6,207
5,239

489

5,656
5,069

6,458

401
101
106

9,030
4,380
7,068

504

4,216

106

4,825

567
453
549

3,246
3,843
3,738

102
100
109

June

619
462
504

4,490
6,180
6,458

107
107
106

6,749
7,068

July

477

5,676
4,628

119
110

6,273
5,220

1957

Hay

August.

,

481

4,633
4,082

Silver,
coin, and
currency

Unclassified
collections,
etc.

In Federal
Be serve
Banks in

process of
collection

161
191
187
159
190

75
50
93
37
37

259
306

49

tlabilities
In other

depositaries

Total
assets

i/

Balance in
accoiint of
Treasurer
of D. S.

426
476
146
166

«7

4,670
6,766
6,216
6,546
5,590

240
100
87

9,749
5,350
8,005

343

463
520
500

421
302

438
440

5,096
7,243
6,362
6,712
6,037

287
273
337

365
429
375

9,990
5,451
8,092

4,969
5,406
5,297

108
95
108

4,862

6,412
7,598
8,092

118
87
87

6,294
7,511
8,005

210
274

253

63
58

3,915
4,397
4,395

298
299
271

74
56
79

251
243
192

431

5,215

268
272

42
50

U7

4a

58

150
337

377

253

248

49

198

325

7,094

96

6,998

235

39

156

324

5,975

81

5,894

165

Source: Daily Treasury statement.
1/ Consista of Treasurer's checks outstanding, reserve and other deposits
of Board of Trustees of the Postal Savings System, uncollected items,
exchMiges, etc., beginning December 195A; prior to that tine included
also Post Office Department and Postmasters' disbursing accounts (see
footnote 2).
2/ Beginning December 1954, Post Office Department and Postmasters'

5,696

Ul
360

375

5,583

disbursing accounts are no longer treated as liability accounts
of the Treasurer of the United States, but are classified and
treated in the same manner as other disbursing accounts. In
accordance with the change In method of reporting Post Office
transactions (see "Budget Receipts and Expenditures," Table 4).
An adjustment of - $207 million in the balance in the Ireasuxer'i
account (and in the "clearing account") reflects this change.

5,311-

5,189

2/

..

Treasury Bulletin

20
ACCOUNT OF THE TM^SURHl OF THE TOITH) STATES.

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

Proceeds from sales of securities 1/

Fiscal year
or month

1953
195A
1955
1956
1957

,

1958
1959
1960

Savings
bonds

Savings
notes

2,667
3,457

2,231
2,333

41,267
41,644
42,074
39,140
45,448

43, 303

3,810
2,976

10,227
4,791
2,967
4,611
4,152

2,82A
2,668
2,679

2,922
7,581
7,784

13,513
13,164
7,920

27,881
29,190
33,059

7,903
5,919
6,053

55,044
58, 520

1,921

3,067
1,059
3,932
3,559

1,737

319
303
244

June

222
209
208

July
August.

222
224

.

Withdrawals

15,859
19,898
20,538
23,897
26,709

1960-Jaiiuary.

April

Withheld
and
excise 2/

pation
securities

Total
credits

5,041
4,304
8,167
786
6,568

225

May

During period
Income (by
special
arrangement) 3/

5,243
6,861
5,977
6,035
5,043

1959-December.

February.
March. . .

Tax
antici-

1,940
15
9

3,438

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

38,871
46,000

950
1,649
1,910
1,103
813

4,212
3,870
3,991
3,373
2,987

57,496

50,908
62,994
54,782

8,218
3,744
6,458

8,869
8,055
6,458

1,078
912
1,390

3,246
3,638
4,103

1,109

6,322

5,665

4,216

5,212

3,058

4,170

36

3,384
4,235
5,539

4,354
3,638
5,644

3,246
3,843
3,738

4,559
3,843
4,642

2,891
1,716
2,248

3,464
3,126
3,425

3,413
4,357
5,441

2,662
2,666
5,163

4,490
6,180
6,458

4,490
6,308
6,458

1,390
4,255
4,328

3,075
5,467
5,384

5,087
4,370

5,868

5,676
4,628

7,653
5,737

4,370
4,078

6,045
5,149

165

3/

Average

8,776
7,493
7,299
5,486
6,078

1,701

1,261
4,146

High

3,071
4,836
4,365
4,633
4,082

34

1,217
4,132
3,522

End of
period

39,879
42, 545

5,a8

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

|

..
.

,

October I960

21
.IJEBT

OOTSTANDDG.

Table 1.- Summary of Federal Securities
(

Total outstanding
End of
fiscal
year or
month

Total 1/

PubUc
debt 2/

Guaranteed
securi-

266,123
271,341
274,418
272,825
270,634

266,071
271,260
274,374
272,751
270,527

1958
1959
1960

276,444
284,817
286,471

276,343
284,706
286,331

101

1959-Deoeuber

290,925

290,798

1960-J8iiuary«

291, a5

February
March...

290,719
286,965

291,085
290,583
286,826

;^rll...

June....

288,919
289,500
286,471

288,787
289,367
286,331

July
Aug

288,472
288,829

288,338
288,672

May

mllHoDs of doLlars)

Public
debt

ties 2/

1954
1955
1956
1957

1953

Id

Matured debt and debt bearing no Interest

Interest-bearing debt

263,997
268,990
271,785
269,956
268,592

263,946
268,910
271,741
269,883
268,486

274,798
281,944
283 ,380

274,698
281,833
283,241

127

287,830

287,704

130

288, a5
287,723
283 ,910

132
133
140

285,904
286,441

134
157

52
81

U
74
107

Ul
UO

U5
138

Public debt

Guaranteed
securities 2/

Monetary
Fund 5/

Total

y
2,126
2,351
2,634
2,869
2,042

51

80
43
73

106

2,125
2,350
2,633
2,868
2,042

Other

y

298
437
589
666
529

1,302
1,411
1,567
1,742
1,068

430
417
407

525
502

4U

1,646
2,873

1,646

UO

2,873

597
476

139

3,090

3,090

U5

3,095

3,094

618

2,065

411

288,086
287,588
283,772

130
135
138

3,000
2,996
3,055

2,999
2,995
3,054

494
459
463

2,095
2,127
2,181

410
410
411

285,773
286,308
283,241

131
133
139

3,015
3,059
3,090

3,0U

413

3,059
3,090

412

283 ,380

U5

2,191
2,238
2,238

411
409
407

285,418
285,790

285,285
285,634

133
156

3,055
3,039

3,053
3,038

381
376

2,268
2,260

404
4oe

Source: Daily Treasury statement.
For
1/ Includes certain obligations not subject to statutory limitation.
amounts subject to limitation, see page 1.
Includes debt Incurred to finance Government agencies (see Table 6).
Excludes guaranteed securities held by the Treasury.
Consists of Federal Housing Administration debentures beginning 1953
and also D. C. Armory Board stadium bonds beginning July 1959.

_5/

6/

y

(matiired)

477
460

618
1,979
2,238

101

Guaranteed
Be curlties

Special notes of the United Statea issued to the International Monetary
In 1959, $1,031
Fund in payiwnt of part of the D. S. subscription.
million of notes were issued for part of the additional subacrlptlon
Receipts and
June
(see
"Budget
authorized by an act approved
17, 1959
Expenditures," Table 4, footnote 10).
For current month detail, see "Statutory Debt Limitation," Table 2.

Table 2.- Computed Interest Charge and Computed Interest Rate on Federal Securities
(Dollar amounts in millions)

Computed annual interest rate

Total interest-bearing securities

End of
fiscal year
or month

1953
1954
1955
1956

1957
1958
1959
1960

Amount
outstanding

Computed annual
interest charge

Public debt

Total
interest-

Public debt
and guaranteed securities 1/

Public
debt

263,997
268,990
271,785
269,956
268,592

263 ,946

274,798
281,944

274,698
281,833

283 ,380

283,2a

268,910
271,741
269,883
268,486

Public debt
and guaranteed securities i/

Public
debt

bearing
securities

Marketable issues
Total
public
debt

Total

Bills

2J

6,431
6,298
6,387
6,950
7,325

2.438
2.342
2,351
2.576
2.730

2.438
2.342
2.351
2.576
2.730

2.207
2.043
2.079
2.427
2.707

7,248
8,069
9,320

7,245
8,066
9,316

2.638
2.867
3.297

2.638
2.867
3.297

2.546
2.891

3.U9

3.316
3.815

3.300

3.300

3.473

4.500

3.518
3.584
3.523

4-677
4.666
4.475

2.254
.843

1.539
2.654
3.197
1.033

1959-December.

287,830

287,704

1960-Januaiy.
February.
March. .

288, as
287,723

283,910

288,086
287,588
283,772

9,576
9,686
9,443

9,573
9,683
9,440

3.334
3.378
3.336

3.334
3.378
3.336

April....

285,904
286,441
283,380

285,773
286,308
283,241

9,477
9,503
9,320

9,474
9,499
9,316

3.325
3.327
3.297

3-325
3.327
3.297

3.500
3.505

3.U9

4-323
4.210
3.815

285,418
285,790

285,285
285,634

9,281
9,064

9,278
9,060

3.260
3.179

3.260

3.385
3.262

3.455
3.228

.

May
June
July.'.

Aug

. .

9,466

Source: Dally Treasury statement.
Note : The computed atimial interest charge represents the amount of interest
that would be paid if each interest-bearing issue outstanding at the end
of each month or year should remain outstanding for a year at the appliThe charge is computed for each Issue by
cable annual rate of interest.
applying the appropriate annual interest rate to the amount outstanding
on that date
(the amount actually borrowed in the case of securities
sold at a premium or discount, beginning with May I960). The aggregate
charge for all interest-bearing issues constitutes the total computed
annual interest charge. The average annual interest rate is computed by
dividing the computed tinnual interest charge for the total, or for any

Treasury
bonds

Certificates

able
issues

Special
issues

4/

6,432
6,300
6,388
6,952
7,328

9,469

Nonmarket-

3.179

1/
2j

^

ij

Guaranteed
securities
1/

2-485
2-482

2.720
2.751
2.789
2.824
2.853

2.746
2.671
2.585
2.705
2.635

2.575
2.547
2.590
2.606
2.611

2.576
2.619
2.639

2.892
2.925

3.a9

2.630
2.694
2.772

2.622
2.628
2.681

3.918

2.619

3.189

2.701

2.652

3.917
4.010
4.006

2.619
2.619
2.619

3.193
3.199
3.206

2.702
2.707
2.707

2.657
2.659
2.660

4-749
4.721
4-721

4-001
4-085
4.058

2.627
2.627
2.639

3-211

3.a5
3.a9

2.707
2.712
2.772

2.678
2.682
2.681

4-721
4.231

4.055
3-894

2.639
2.655

3.226
3.230

2.774
'.777

2.685
2.887

2.319
1.928
1.173
2.625
3.345

1.254
1.838
1.846
2.075
2.504

2.342

3.330
2.842

4.7a

2.806
3.304
4.058

4.130
4.130
4.749
4-749

2.U0
2. 480

group of Issues, by the corresponding principal amount. Beginning
with data for December 31, 1958, the computation is based on the
rate of effective yield for issues sold at premium or discount.
Prior to that date it was based on the coupon rate for all issues.
Excludes guaranteed securities held by the Treasury.
Total includes "Other bonds"; see Table 3.
Included in debt outstanding at face amount, but discount value is
used in computing annual interest charge and annual interest rate.
On United States savings bonds the rate to maturity Is applied
against the amount outstanding.

.

..

.

Treasury Bulletin

22
.DEHT OtTTSTANDHC

Table 3.- Interest -Bearing Public Debt
(In ndlllons of dollars]

Public issues
Total
interestbearing
public
debt

End of
fiscal
year or
month

Nonmarketable
Special

Treasury bonds

Total
public
Issues

Total

Certifl9«tes

Notes

Bank
eligible

Other
Bank re- bonds
stricted 2/
1/

n.

Total

^rLiigs
bonds

»,073

57,886
58,061
58,365
57,497
54,622

1953
195i
1955
1956
1957

263 ,946

223 ,408

U7,335

268,910

268,486

226,681
228,491
224,769
221,658

150,354
155,206
154,953
155,705

19,707
19,515
19,514
20,808
23,420

15,854
18,405
13,836
16,303
20,473

30,425
31,960
40,729
35,952
30,973

63,980
71,706
81,057
81,840
80,789

1958
1959
I960

274,698
281,833
283,241

228,452
237,078
238,342

166,675
178,027
183,845

22,406
32,017
33,415

32,920
33,843
17,650

20,416

90,883
84,803
81,247

50
50

51,483

50

61,777
59,050
54,497

1959-Dec...

287,704

244,197

188,269

39,643

19,669

44,152

84,754

50

1960-Jan
Feb
Mar

288,086
287,588
283,772

245,456

41,156
41,160
37,153

19,669
15,245
15,238

U,235

240,515

189,856
189,384
185,437

84,746
84,731
84,713

50
50
50

285,773
286,308
283,241

242,930
242,408
238,342

188,147
187,735

37,144
37,332

50,571
47,557

85,137

183 ,845

33,a5

15,245
17,650
17,650

51,483

285,285
285,634

241,088
240,413

186,915
186,294

36,427
36,436

17,650
25,479

51,550
42,032

271, 7jU.
269,883

Apr.

.

May...
June.

.

July..,

August

2U,753

27,3U

48,198
48,284

124
96
71
50
50

S.

Treasuiy
savings
notes

Treasuiy
bonds ,
investment
series

Depositary
bonds

13,288
12,775
12,589
12,009
11,135

447
417
310
196

40,538
42,229
43,250
45
46,827

171
183

U,756

47,544

9,621
8,365
6,783

170

44,899

55,928

48,154

7,590

184

43,506

55,600
55,370
55,078

47,877
47,825
47,754

7,539
7,370
7,152

183

174
171

42,630
42,835
43,257

81,247

50
50
50

54,783
54,673
54,497

47,642
47,593
47,544

6,970
6,910
6,783

171
171
170

U,899

81,239
82,297

50
50

54, 173

47,351

6,682
6,638

140
140

17,245
8,672

85, U5

Source:
Daily Treasury statement.
1/ Issues which commercial banks (banks accepting demand deposits) were
(l)
not permitted to acquire prior to specified dates, except that:
concurrently with the 4th, 5th, and 6th War Loans and the Victory
Loan, they were permitted to subscribe for limited investment of

2/

^

76,326
73,285
69,817
65,953

4,453
5,079
1,913

51,984
50,503

V

54,118" 47,337

Ul

,m

46,246

42,843
43,900

U,198
45,222

their BOvis^B deposits; (2) they al^t tamperarll^ acquire
such issues through forfeiture of collateral; (3) they might
hold a limited amount of such issues for trading purposes.
Consists of Panama Canal bonds, and also postal savings bonds
until the last of these bonds matured on July 1, 1955.
Beginning July 1960 total includes small amounts of Treasury
bonds, R. E. A. Series.

Table 4.- Average Length and Maturity Distribution of Marketable Interest-Bearing Public Debt

1/

(In millions of dollars)

Maturity classes
End of
fiscal year
or month

Amount
outstanding

1953
1954
1955
1956

U7,335
150 354

1957

155,705

1958
1959
1960

Within

1-5

f—l

years

1

65,270
62,734
49,703

5

- 10

years

10-20
r»«ra

Average length

20 years
and over

71,952

36,161
29,866
39,107
34,401
40,669

15,651
27,515
34,253
28,908
12,328

28,662
28,634
28,613
28,578
26,407

1,592
1,606
3,530
4,351
4,349

5 yrs.
5 yrs.
4 yra.

4 mos.
6 mos.
10 mos.
4 BOS.
9 BOS.

166,675
178,027
183,845

67,782
72,958
70,467

42,557
58,304
72,844

21,476
17,052
20,246

27,652
21,625
12,630

7,208
8,088
7,658

5 yrs.

3 mos.

4 yrs.
4 yrs.

4 mos.

1959-December.

188,269

79,941

61,609

22,13V

16,494

8,085

4 yrs.

1960-January.
February.
March. . .

189,856
189,384
185,437

81,455
76,735
72,721

61 ,691
72,849
72,934

22,138
15,240
19,931

16,4*9
17,365
12,659

8,084
7,194
7,193

4 yrs.
4 yrs.
4 yrs.

2 DOS.
3 mos.
4 mos.

April
May
June

188,147
187,735
183,845

72,807
74,335
70,467

75,133
73,184
72,844

19,930
19,928
20,246

12,649
12,641
12,630

7,629
7,648
7,658

4 yrs.
4 yrs.
4 yrs.

3 mos.
3 mos.

July
August

186,915
186,294

73,479
73,892

72,911
70,819

20,245

12,625
12,617

7,655
7,653

4 yrs.

3 moB.

4 yrs.

3 mos.

155,206
154,

.

,

»»

58,

7U

Source: Debt Analysis Staff in the Office of the Secretary.
All issues classified to final maturity except partially

2/

21,3U

5

yrs.

5 yrs.

tax-exempt bonds, which are classified to earliest call date.

7 DOS.

4 BOS.

.

October I960

23
_DEBT OOTSTANBDG.

Table 5*- Special Public Debt Issues to United States Government Investment Accounts
(In mllliona of dollars)

Federal
Deposit
Insurance
Corporation

End of fiscal
year or month

1955
1956
1957

Federal
home
loan

banks

50
232
200

Federal
Savings
and
and Loan
Survivors Insurance
Insurance CorporaTrust Fund tion

45,1U

846
892
835
673

46,827

718

325

52
50

15,532
17,054
18,239
19,467
19,463

165
165
59

18,610
17,227
16,413

40,538
42,229
43,250

1953
1954

Federal
Disability
Insurance
Trust
Fund

Federal
Old-Age

National
Federal
Government Highway Senrice
employees' Ufe
Trust
Life
retirement Insurance Fund
Insurance
funds
Fund
Fund

61
84
94
103
103

5,602
5,854
6,168
6,667
7,394

1,299
1,234
1,233
1,217
1,200

112
116
104

7,738
8,608
9,397

1,144
1,127
1,107

8,893

1,100

1958
1959
1960

46,246
44,756
44,899

673

629
694

996
1,533
2,017

1959-December.

43,506

629

1,715

165

15,864

1960-January.
February.
March. .

42,630
42,835
43,257

703

720
721

1,668
1,709
1,793

165
165
165

15,223
15,247
15,667

122
122
122

8,922
8,986
9,050

1,097
1,115
1,109

42,843
43,900

680
687
694

1,823
1,906
2,017

165
165
59

15,576
16,030
16,413

111
100
104

9,067
9,123
9,397

1,104
1,097
1,107

646

2,007
2.082

50
50

15,906
16,403

93

91

9,492
9,541

1,102
1,096

.

April
Hay
June

U,899

July
Aug

44,198
45,222

645

Source: Dally Treasury otatemeDt.
1/ Con3i3t9 of Canal Zone Postal Savings System beginning April 1958.
Consists of: Farm Tenant Mortgage Insurance Fund (tbroiigb Marcb 1956),

Z/

404
822
429
1

18
121

106
58
1

Postal
Savings
System
1/

Railroad
Retirement
Account

Unemployment
Trust
Fund

Other
2/

452

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

8,287
8,024
7,479
7,737
7,996

24
79
112

5,665
5,742
5,803

3,531
3,417
3,586

6,671
5,636
5,580

120
126
138

5,249
5,272
5,346
5,481
5,570

213
91

6
5

32

123

5,692

3,401

5,794

134

5,686
5,778
5,764

3,299
3,292
3,289

5,594
5,565
5,318

135

5,755
5,742
5,803

3,188
3,188
3,586

5,128
5,663
5,580

140
141
138

5,795
5,790

3,513
3,500

5,452
5,883

Ul

D7
139

140

Adjusted Service Certificate Fund (through December 1956), various
housing insurance funds, and Veterans' Special Term Ineuraace Fund.
Less than $500,000.

:

.

Treasury Bulletin

21^

JEHT

OOTSTAKDINCr,

Table 6,- Treasury Holdings of Securities Issued by Government
Corporations and Other Agencies
(Id millions of dollars)

Housing aind Home
Finance Agency

AgriexiltuTB Departinent

End of
fiscal
year or

Total

Qiontb

Conmodity
Credit
Corporation

Export
Secretary! Import
Bank of
Rural
Fanners'
WashElectri Home
fication Admin.
ington
programs
Admio.
2/
1/

256
323

369

1,528
1,937
1,636

3,034

338

12,330
12,506
12,645

3,124
3,124
3,124

25,572
25,636

12,150
12,292
12,704

23,357
24,479

10,156
10,442

416
1,002
1,144
1,294

97
112
118

780
930
1,180

1,723
1,950
1,970

1,639

911

2,698

24

1,151

117

1,089

1,945

374
424
453

1,636
1,641
1,619

936
936
946

2,807
2,748
2,682

24
32

1,150
1,150

30

117
117
117

1,139
1,159
1,159

1,975
1,975
1,975

20
21
21

3,208
3,208
3,155

452
462
369

1,617
1,628
1,636

967
972
977

2,542
2,541
2,338

28

1,U9
1,U9

29
29

1,149
1,138

118
118
118

1,180
1,180
1,180

1,973
1,972
1,970

21
21
21

3,230
3,230

399
430

1,603
1,616

1,046
1,050

2,397
3,185

38
39

1,138
1,137

118
118

1,230
1,230

1,981
1,980

22
22

1960-Jan.

25,633
25,833
25,921

Apr.
May.
June

25 ,404

July,
Aug.,

2,091
2,207
2,343
2,519

Daily Treasury statement.
Source:
The securities shown in this table were Issued to the Treasury
Note;
to finance Government corporations and other agencies with the
Treasury Itself raising the necessary funds through public debt
operations. To avoid duplication, these securities are not
Included In the guaranteed debt outstanding as shown in preceding
The Issuance of these securities is provided for by law,
tables.
as "authority to expend from public debt receipts." Further
detail may be found in the 1959 Annual Report of the Secretary
of the Treasury, page 666, and the 1959 Combined Statement of
Receipts, Expenditures and Balances of the United States Government,

i/

34

1,188
1,164
1,138

12,074

i/

159
154

35
27
29

25,041

2/

2,U6

270
367
491
584
733

1,502
2,351
2,338

1959-Dec.

1/

Other
8/

Act
of 1950

476
730
977

2,728
2,923
3,155

Feb.,

Under
Defense
Production

1,966
1,954
1,741

11,528
12,874
12,704

Mar.

Tstarans'
Admin.
Valley
Direct
Author-^!
loan
Ity
program
Tenn.

1,189

25,343
25,636

,

Saint
Lawrence
Seaway
Development
Corp.

655
215
61
38
41

a, 859

,

Reconstruction
Finance
Corporation
6/

2/
67
102
130
165
282

1,933

1958
1959
I960

Federal
National
Mortgage
Assoc. /^

1,227
1,347
1,310
1,239
1,205

3,612
4,180
7,608
11,190
13,383

1957

u

117
172
162
151
265

12,125
12,869
16,175
20,049
25,731

1953
195i
1955
1956

Adminia
trator

International
CoopPublic
eration
Housing
Admin.
Admin,

page 514.
Farm housing and other loan programs, and Farm Tenant Mortgage
Insurance Fund.
Excludes securities Issued under Defense Production Act.
Consists of: Notes issued to borrow for the urban renewal program
(formerly slum clearance program); college housing loans; the
prefabricated housing loans program through November 1954; and
Notes Issued to borrow
public facility loans beginning January 1956.
for the Federal National Mortgage Association through July 1954 are
shown under the Association.
Through July 1954, consists of notes of the Housing and Home Finance
Administrator, Issued to borrow for the Association. Beginning
August 1954, consists of liabilities taken over by the Association
from the Administrator in accordance with the act approved
August 2, 1954, and notes issued by the Association under authority
of that act (12 U.S.C. 1720, 1723 (d))and beginning September 1954,
also securities transferred from the Reconstruction Finance
Corporation (see footnote 6).
And predecessor agencies. Beginning September 1956, figures exclude
notes previously issued by the Administrator in connection with in-

2,233

1,203
1,209
1,213
1,198

29

3
16
48

U

773

2

u
11
21

18
22

a

formatlonal media guaranties. The obligation of these notes was
assumed by the Director of the United States Information Agency, pursuant to the act approved July 18, 1956 (22 U.S.C. LW2), and the
notes together with others issued for the same purpose are included
in "Other,"
6/ Excludes securities Issued under Defense Production Act of 1950;
includes securities Issued unaer Federal Civil Defense Act of 1950
through November 1953, after wnlch they were taken over by the
Secretary of the Treasury, Dursuant to the act auDroved July 30, 1953
(15 U,S.C.609), and ore included under "Other." See also footnote 4.
During September 195^, xinder Reorganization Plan No. 2 of 195^, the
remaining securities issued by the Corporation to the Treasury were
transferred as follows: $42 million to Export -IJi?)ort Bank of
Waahington, $92 million to Federal National Mortgage Association, and
$1*; million to Soiall Business Administration.
Services Adminis2/ Consists of: Notes of the Administrator, General
tration, (Administrator, Defense Materials Procurement Agency,
through July 1953) for defense materials procurement; Reconstruct ion
Finance Corporation, through September 1953 (after which Its
activities under tbis act were transferred to the Secretary of the
Treaauiy), and the Secretary of the Treasury beginning October 1953;
the Secretary of the Interior (Defense Minerals Exploration Administration); the Export-Import Bank of Washington ; and the Secretary of
Agriculture beginning June 195^Treasury beginning
3/ Consists of: Notes issued by Secretary of the
December 1^53 (see footnote 6); '^flU Business Administration,
September 1954 through ^^ril 1958; for informational media guaranties
by the United States Information Agency beginning September 1956 (see
footnote 5); Secretary of Commerce (Maritime Administration) for
Federal Ship Itortgage Insurance Fund beginning February 1959; and
Virgin Islands Corporation beginning September 1959.

..

October 1960

25
.DEBT OUTSTANDING,

Table 7.- Intereet-Bearlng Securities Issued by Federal Agencies But Not
Guaranteed by the United States Government
(In

Basks for
cooporativea

End of fiscal
year or month

mllliona of dollars)

Federal
home loan
banks

Federal
intermediate
credit banks

^

251
115
341

781
725
793

5,013

110
120
110
133
179

929
738

1953

2,003

195^
1955
1956
1957

1,967
2,876
3,889

1958
1959
1960

5,423

199

6,708
8,i07

284

330

Federal National
Mortgage Association
Federal land
banks
2/

^

Management
and liquidating issues

All other
issues

834
924

861
1,007
1,061
1,322
1,552

570
570
570

100
1,050

456
992
1,259

1,159
1,456
1,600

1,646
1,888
2,137

797
797
797

1,165
1,290
2,284

1959 December

7,917

364

1,774

1,356

1,986

797

1,640

1960 January.
February
March. .

7,852
7,660
7,783

364
360
360

1,691
1,325

1,335
1,374
1,416

2,025
2,044
2,044

797
797
797

1,640
1,740
1,840

April...
June ....

7,775
7,942
8,407

340
340
330

,077
,188
,259

1,480
1,536
1,600

2,090
2,090
2,137

797
797
797

1,990
1,990
2,284

July
August

8,502
7,803

330

1,275
1,272

1,646
1,670

2,137
2,137

May

Source:
Note:
1/

.

330

1,3U

Debt Analysis Staff and agency reports.
The securities shown in the table are public offerings.
The proprietary interest of the United States in these banks ended
in July 1951.

2/

X/

2,317
2,393

The proprietary interest of the United States in these banks ended
June 1947.
Figures do not include securities which are Issued for use as collateral for comnercial bank borrowing and not as a part of public offei^
inga.

:

:

Treasury Bulletin

26
.STATDTCRY DEBT LMITATION.

The Second Liberty Bond Aot (5I) U.3.C. 757 (l>)f as
amended by an act approved June 30, 1959i provides that
the face amount of obligations Issued under authority of

and ending on June 30, I956 (acts approved August 2S, 195'+,

that act, and the face amount of obligations guaranteed

and June 30, 1955); 53 billion beginning on July 1, 1956,
and ending on June 30, 1957 (act approved July 9i 1956);
§3 billion beginning on February 26, 1958, and ending on

as to principal and Interest by the United States (except

June 30,

guaranteed obligations held by the Secretary of the Treasshall not exceed In the aggregate $285 billion out-

ury),

standlng at

any one time.

The corresponding limitation

In effect under the act of June 26,

19'*6,

and that under the aot of September

2,

was $275 billion

1958. "as 3283 bll-

In addition, temporary Increases have been author-

lion.

lied as follows: $6 billion beginning on August 28,

195'*,

1959 (act approved February 26, 1958); }10
billion beginning on July 1, 1959, and ending on June 30,
i960 (act approved June 30, 1959); and $6 billion beglnnlng on July 1, i960, and ending on June 30, I96I (act

approved June 30, I96O). Obligations Issued on a dlscount basis, and subject to redemption prior to maturity
at the option of the owner, are Included In the statutory debt limitation at current redemption values.

Table 1.- StatuB under Limitation, August 31, 1960
(In millions of dollars)

Maximmn amount of securities which may be outstanding at any one time imder limitation imposed by the act
of June 30, 1959 (31 U.S.C. 757 b), as increased temporarily by the act of June 30, 1960

293,000

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

288,268
157
288, 425

Total amount of securities outstanding subject to statutory debt limitation
Balance Issuable under limitation

Source:

4, 575

Daily Treasury statement.

Table 2.- Appllcation of Limitation to Public Debt and Guaranteed Securities
Outstanding August 31, 1960
{In millions of dollars)

Class of security

Subject to
statutory debt
limitation

Public debt:
Interest-bearing secxirities:

Marketable
Treasury biUs
Certificates of indebtedness
Treasury notes
Treasury bonds
Panama Canal bonds
Total marketable
Nonmarke table
U. S. savings bonds (current redemption value)
Depositary bonds
Treasury bonds, investment series
Treasury bonds, R.E.A, eezlea
Total nonmarketable

Special Issues to (joveminenl agencies and trust funds
Total interest-bearing securities
Ijiatured

securities on which interest has ceased

Debt bearing no interest:
United States savings stamps
Excess profits tax refund bonds
Special notes of the United States, International Monetary Fund series..
Uni ted States notes ( less gold reserve)
Deposits for retirement of national bank and Federal Reserve Bank notes.
Other debt bearing no interest

Total debt bearing no interest

Total public debt
Guaranteed securities: 1/
Interest-bearing
Matured
Total guaranteed securities
Total public debt and guaranteed securities

36,436
25,479
42,032
82,297

Not subject to
statutory debt
lijaitation

Total
outstanding

i

October 1960

28

y

4

.

October i960

29

PDBLK DEBT OPERATIONS
Table 2.- Offerings of Treasury Bills
(Amounts In millions of dollars)

Description of new Issue

Number of
days to
maturity 1/

Maturity
date

/mount of
bids
tendered

Amount of bids accepted

Total
amount

On conpetitlve basis

On noncoinjetltlTe basis 2/

In

exchange

Amount
turlng on
Issue date
of new
offering

Total of
unmatured
Issues outstanding after
new Issues

Regular weekly bills
1,100.6
500.3

924.7
460.7

175.8
39.6

93.5
49.6

1,100.7
400.5

U,597.9

9%.

1,200.0
500.1

1,003.7
454.1

1%.3
46.0

78.2
35.5

1,200.1
500.2

U, 597.8

182

1,821.3
1,080.9

91
182

2,088.9
795.1

1,200.3
500.0

984.4
458.6

215.9
41.4

15.9
2.8

1,200.3
500.0

U, 597.9

91
182

2,051.6
805.9

1,200.8
500.2

936.8
450.6

264.0
49.6

134.8
32.2

1,200.2
500.0

14,598.6
11,303.7

29
29

91
182

1,758.0
845.2

1,100.2
500.3

920.0
464.2

180.2
36.1

69.8
1.8

1,100.0
500.0

14,598.7
11,304.1

/1%0-Oot.
1%1-Jan.

6
5

91
182

1,681.2
878.3

1,000.4
500.1

835.6
466.5

164.8
33.6

118.4
52.4

1,100.5
399.8

14,498.7
11,404.3

U

/1%0-Oct.
1 1%1-Jan.

13
12

91

1,699.7
977.2

1,001.3
500.2

784.7
450.3

216.6
49.9

15.2
52.1

1,100.0
400.2

U, 400.0

182

July

21

/l960-0ct.
\ 1961- Jan.

20

1,734.0
869.4

1,000.2
400.1

770.1
347.6

230.1
52.5

51.5
31.9

1,000.2
400.2

U,399.9

19

91
182

July

28

27
26

91
182

1,791.0
788.4

1,000.2
400.5

809.4
360.9

190.8
39.3

121.8
35.7

1,000.7
400.5

U,399.4

\

1%0-Oot.
1%1-Jan.

f

1960- Nov.

3

91

2

182

1,000.1
400.0

813.0
359.8

187.1
40.2

122.8
41.2

1,000.5
400.0

U, 399.0

ll%l-Feb.

1,808.9
890.1

(1960-Nov.

10
9

91

1,100.3
500.0

912.1
462.7

188.1
37.3

135.6
51.6

1,195.1

U,3a4.2

182

1,826.6
757.0

3%.0

11,607.9

91
182

1,851.1
919.7

1,100.1
500.3

869.4
452.9

230.7
47.4

110.1
52.8

1,200.2
400.0

U, 204.1

\l961-Feb.

17
16

fl%0-Nov.
tl%l-Feb.

25
23

92
182

826.2
321.9

1,100.0
500.9

905.4
459.5

194.7
41.3

51.3
5.8

1,199.6
400.6

14,104.6
11,808.5

(1%0-Dec.
\1%1-Mar.

1

91
182

805.9
066.1

1,000.4
505.7

803.6
462.8

1%.8
42.9

83.8
51.7

1,100.6
400.1

U,004.4

2

91
182

2,002.9
1,403.5

1,108.7
500.6

928.9
460.8

179.9
39.8

9.3
1.4

1,200.0
400.2

13,913.1
12,014.5

1960-June

2

June
June

1%0-Sept

91

Dec.

182

9

Sept.
Dec.

16

Sept.
Dec
.

June

23

Sept.
Dec.

June

30

Sept .
Dec.

July

7

\

July

Aug

.

4

Aug.

11

f

ll%l-Feb.
fl%0-Nov.

18

Aug.

25

Aug.

Sept

.

Sept

.

8p

Sept

.

15p

Sept

.

22p

Sept.

29p

Ip

(1%0-Dec.
1,1%1-llar.

91
15
15

1,820,2

11,303.7
11,303.6
11,303.6

11,504.3
11,504.2

11,503.9
11,503.9

11,708.2

11,914.2

1%0-Dec.

91

\1%1-Jfar.

182

1,911.1
1,080.6

1,099.8
500.1

852.1
447.0

247.6
53.1

14.6
2.5

1,200.3
399.9

13,812.5
12,114.7

f

1%0-Dec.
U961-Uar.

91
182

2,040.2
1,018.2

1,101.5
500.3

837.2
438.0

264.3
62.2

15.7
3.7

1,200.8
400.0

13,713.2
12,215.0

f 1%0-Dec.
ll%l-Mar.

91
182

1,968.1
848.7

1,001.5
500.0

809.2
457.6

192.2
42.4

106.7
51.7

1,100.2
400.1

13,6U.5
12,3U.9

f

Taj aptlcipatlon bills!

1960-June

245

3,781.0

2,002.2

1,717.3

285.0

June

166

4,084.6

2,016.0

1,647.5

368.5

13

1961-Mar.

252

4,ia».8

3,511.7

3,060.1

451.6

15
2
15
15
15

1960-July

366
320
366
365
365

3,173.4
3,971.2
2,303.1
2,856.8
3,035.6

2,000.9
2,006.6
1,503.7
2,000.8
1,500.5

1,813.7
1,606.9
1,152.4
1,888.8
1,321.0

187.2
399.7
351.4
112.0
179.5

1959-Oct.

21

1960-Jan.

8

1,499.8

1/

4.004.1 5/
4.018.2 6/

July

7,506.2
6,006.4
8,022.3
4,018.2

3,511.7

Other bills:
1959. July
Dec.
1960-Jan.
Apr.
July

Oct.

1961-Jan.
Apr.

July

6,010.4
8,016.9
51.0
127.5
120.5

2,006.2
2,003.3
2,000.9

7,5U.5
7,512.0
7,011.6

(Continued on following page)
Source; Bureau of the Public Debt. Preliminary figures are from subscription and allotment reports; final figures are on "clearance" basis in
daily Treasury statement.
1/ The 13-week bills represent additional Issues of bills with an original
maturity of 26 weeks.
2/ For 13-week Issues, tenders for $200,000 or less, and for 26-week issues,
beginning June 11, 1959, tenders for $100,000 or leas, from any one
bidder are accepted in full at average price on accepted competitive

^
^/
5/
6/

bids; for other issues, the corresponding amount Is stipulated in each
offering announcement.
Reopening of previous issue.
December 22, 1959, maturity.
March 22, 1960, maturity.
June 22, 1960, maturity.

Treasury Bulletin

30
PUBLIC DEBT OPERATIOIB

Table 2.- Offerings of Treasury Bills

-

(Ck>nf

Inuedl

October I960

31

PUBLIC DEBT OPERATIONS

Table 3.- New Money Financing through Regular Weekly Treasury Bills
(Dollar amounta in

Deecrlptlon of iasue

alUlone

)

32

October I960

3'^

Treasury Bulletin

i

October I960

35
PUBLIC DEBT OPEHATIONS

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

Treasury Bulletin

36
PUBLIC DEBT 0PE31ATI0NS

Footnotes to Table 4
X 7/

18/

19/

go/

21/

^2/

22/
_24/

2^/

26/

27/

28/

29/

jO/

3 1/
.

}2/

22/

}lf/

2^/

Subscriptions from savings-type investors totaled $7^9 million and
were allotted 65 percent, ^ibscriptions from all other investors
totaled 1970 million and were allotted 30 percent. Subscriptions
for $25,000 or less were allotted in full. Subscriptions for more
then $25,000 were allotted not less than $25,000. In addition to the
amount allotted to the public, $25 million of the bonds were allotted
to Government investment accounts. Savings-type investors were given
the privilege of deferring payment for the bonds , provided that not
less than 25 percent of the bonds allotted were paid for by July 20,
1955, not leas than 60 percent by September 1, 1955, and full payment
by October 3, 1955.
Subscriptions for $100,000 or less were allotted in full. Subscriptions for more than $100,000 were allotted 32 percent but in no case
less than $100,000.
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.
Issued as a roll-over of bills maturing January 16, 1957, and
February 15, 1957, respectively.
Subscriptions in excess of $100,000 were allotted 31 percent for the
certificates and 12 percent for the notes. Subscriptions for $100,000
or less for both Issues were allotted in full end subscriptions for
more than $100,000 were allotted not less than $100,000. In addition
to the amount allotted to the public, $100 million of the notes were
allotted to Government investment accounts,
Redeemable at the option of the holder on August 1, 1959, on three
months' advance notice,
Iri addition to the amoxmts issued in excbar^e, the Treasury allotted
$100 million of each issue to Government investment accoimts,
Redeemable at the option of the holder on February 15, I960, on three
months' advance notice.
Subscriptions in excess of $100,000 were allotted 22 percent for the
Subscriptions for $100,000
certificates and 28 percent for the notes.
or less for both issues were allotted in full, and subscriptions for
more than $100,000 were allotted not less than $100,000. In addition
to the amounts allotted to the public, $100 million of each issue were
allotted to Government investment accovmts,
Subscriptions for $50,000 or less were allotted in full. Subscriptions for more than $50,000 were allotted 10 percent but in no case
In addition to the amount allptted to the public,
less than $50,000.
$100 million of the boreis were allotted to Government investment
accounts.
Payment for not more than 50 percent of the bonds allotted
could be deferred until not later than October 21, 1957.
Subscriptions for $10,000 or less were allotted in full. Subscriptions for more than $10,000 were allotted 25 percent to sarings-type
investors and 12 percent to all other subscribers but in no caise
less than $10,000. In addition to the amount allotted to the public,
$100 million of the notes were allotted to Government investment
accounts.
Subscriptions for $10,000 or less were allotted in full. Subscriptions for more than $10,000 were allotted 26 percent to savings-type
investors and 10 percent to all other subscribers but in no case
less than $10,000, In addition to the amount allotted to the public,
$100 million of the boais were allotted to Government investment
accounts,
Subscriptions for $10,000 or less were allotted in full. Subscriptions for more than $10,000 were allotted 20 percent but in no case
less than $10,000. In addition to the amount allotted to the public,
$100 million of the bonds were allotted to Government investment
accounts,
Subscriptions for $25,000 or less were allotted in full. Subscriptions for more than $25,000 were allotted 24 percent but in no case
less than $25,000. In addition to the amount allotted to the public,
$100 million of the notes were allotted to Government investment
accounts.
Subscriptions for $5,000 or less were allotted in full. Subscriptions
for more than $5,000 were allotted 60 percent to savings-type investors, 40 percent to conmerclal banks for their own account, and
25 percent to all other subscribers, but in no case less then $5,000,
In addition to the amount allotted to the public, $100 million of the
bonds were allotted to Government investment accounts.
Subscriptions for $100,000 or less were allotted In full. Subscriptions for more than $100,000 were allotted 59 percent but in no case
less than $100,000.
Subscriptions for $100,000 or less for the bills ai^ $50,000 or less
for the notes were allotted In full. Subscriptions for more than the
iginiiniim for each issue were allotted 44 percent on bills and 35 percent on notes but in no case leas than the minimum. In addition to
the amount allotted to the public, $100 million of the notes were
allotted to Government investment accounts.
Subscriptions for $100,000 or less were allotted in full.
Subscriptions for more than $100,000 were allotted 47 percent but in no case
less than $100,000.
Subscriptions from savings-type investors totaled $720 miilion and
were allotted 70 percent. Subscriptions from coimnercial banks for
their own account totaled $470 million and were allotted 35 percent.
Subscriptions from all other investors totaled $6l0 million and were
allotted 15 percent. Subscriptions for $25,000 or less were allotted
In full when accoopanled by 100 percent payment at the time of estering the subscriptions.
All other subscriptions for $5,000 were
allotted in full. Subscriptions for more than $5,000 were allotted
not less than $5,000. In aidition to the amount allotted to the

-

36/

22/

38/

12/

Ai/

^
i2/

W

i^/
^6/
^7/

48/

49/

n.a.

(Continued)
public, $-50 million of the bonds were allotted to Government investment accounts. Savings-type investors were given the privilege of
paying for the bonds allotted to them in installments up to April 23
1959 (not less than 25 percent by January 23, 1959, the issue date;
50 percent by February 24, 1959; 75 percent by March 23, 1959; and
full payment by April 23, 1959).
Subscriptions for $100,000 or less were allotted in full. Subscriptions for more than $100,000 \-ei-e allotted 50 percent but in no case
less than $100,000. In addition, $100 million of the notes were
allotted to Government investment accounts.
Subscriptions from savings-type Investors totaled $240 million and
were allotted 65 percent. Subscriptions from commercial banks for
their own account totaled $941 million and were allotted 35 percent.
Subscriptions from all other investors totaled $322 million and were
allotted 20 percent. Subscriptions for $25,000 or less from savingstype investors and commercial banks, and for $10,000 or less from al'
others, were allotted in full. Subscriptions for more than these
m inlmims were allotted not less than the minimums. In addition,
$50 million of the botds were allotted to Government investment
accounts.
Pull-paid subscriptions of $25,000 or less, totaling $941 nullion,
were allotted in full. Subscriptions from savings-type investors
Subscriptions
totaled $1,361 million aoi were allotted 45 percent.
from commercial banks for their own account totaled $6,390 million
than
$1,000 on any one
aid were allotted 8 percent, but not less
subscription. Subscriptions from all other Investors totaled $2,43;
million ami were allotted 5 percent, but not less than $1,000 on
any one subscription. In addition to the amounts allotted to the
public, $100 million of the notes were allotted to Government
Investment accounts.
Holders of approximately $1,600 million of Series F and G savings
bonds issued in 1948, which mature In I960, were offered in exchangi
the 4-3/4J notes, with certain adjustmer ts as of Decenfcer 15, 1959,
at a price of 99-3/4$.
Smaller denominations of savings bonds
could be exchanged for the next higher multiple of $1,000 of the
notes upon payment of any cash difference. Cash payments amounted
to $3 million.
Issued as a rollover of maturing one-year bills.
Savings-type investors were given the privilege of paying for the
bonds In installments up to June 15, I960 (not less than 40 percent
by April 14, the delivery date; 70 percent by May 15; and full
payment by June 15).
In addition to the amounts allotted to the
public, $100 million of the bonds were allotted to Government investment accounts.
SubscripSubscriptions for $100,000 or less were allotted in full.
tions for more than $100,000 were allotted 30 percent but In no cast
less than $100,000.
In addition to the amounts allotted to the
public, $27.4 million of the notes were allotted to Government
investment accounts.
Subscriptions for $25,000 or less were allotted in full. Subscriptions for more than $25,000 were allotted 85 percent but in no case
less than $25,000. In addition to the amounts allotted to the
public $71 million of the notes were allotted to Government investment accounts.
Subscriptions were permitted to be made with payment offered in cast
or in 4-3 /45C Treasury notes maturing August 15, I960 (see Table 6,
footnote 21).
In addition in order that holders of 3-5/85t Federal
National Mortgage Association notes maturing August 23, I960, might
have an opportunity to reinvest the proceeds, the Secretary of the
Treasury, in behalf of the Association, offered to purchase such
notes on August 15, I960, at par and accrued interest to the extent
that such subscriptions were allotted and the proceeds from the par
amount of the notes were applied to payment, in whole or in part,
for the new securities.
Combined total Includes $80 million allotted on subscriptions from
holders of the Federal National Mortgage Association notes
maturing August 23, I960 (see footnote 44).
Consists of allotments on subscriptions from holders of Treasury
notes matiiring August 15, I960.
Sxib script ions from States, political subdivisions, or instrumentalities thereof, public pension and retirement and other public
funds, international organizations in which the Doited States holds
membership, foreign central banks and foreign States, Government
investment accounts, and the Federal Reserve Banks as provided in the
offering circular, totaled $6,285 million and were allotted in full.
Subscriptions stibject to allotnent totaled $11,104 million and were
allotted in full for amounts up to and including $25,000; all
others were allotted 13 percent but in no case less than $25,000.
Subscriptions totaled $1,181 million from savings-type investors
and $100 million from Government investment accounts; both were
Subscriptions from commercial banks for
allotted 25 percent.
their own accounts totaled $2,708 million and were allotted
Subscriptions from all others totaled $1,190 million
20 percent.
Subscriptions for $5,000 or less
and were allotted 15 percent.
were allotted in full; subscriptions for more than $5,000 were
allotted not less than $5,000.
In addition to the amounts allotted to the public, there were
allotted to government investment accounts $131.3 million of the
3-1/2* bonds of 1980, $215.9 million of the 3-1/2* bonds of 1990,
and fc36.5 million of the 3-1/2* bonds of 1998.
Preliminary.
Not available.
p

October i960

37

PUBLIC DEBT OPERATIOIB

Table 5.- Allotments by Investor Classes on Subscriptions for Public Marketable Securities

Other Than Regular Weekly Treasury Bills
(In millions of dollars)

Issue

1

^

Treasury Bulletin

3«
PUBLIC DEBT OFTOATIONS

Table 5.- Allotments by Investor Classes on Subscriptions for Public Marketable Securiti es

Other Than Regular Weekly Treasury Bills

1/ -

(Continued)

October I960

39

PUBLIC DEBT OPERATIONS

Table 5.- Allotments by Investor Classes on Subscriptions for Public Marketable Securitic
Other Than Regular Weekly Treasury Bills 1/ - (Continued)
(In millions of dollars)

Issue

Treasury Bulletin

i;o

PUBLIC DEBT OffiRATIONS

October i960

in
PUBLIC DEBT OPEHATIONS

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

-

(Continued)

Treasury Bulletin

U2
PUBLIC DEBT OPEEATIONS

Table 6.- Disposition of Matured Public Marketable Securities
Other Than Regular Weekly Treasury Bills
Disposition offers
by Treasiiry

Called or maturing security 1/

Data of
refunding
or retirement

Description

3-3/8* Certificate - 2/U/58-A

2/U/58

Issue
date

Amount
outstanding

2/15/57

10,851

2-1/2* Bond

- 3/15/56-58

6/2/41

1.449

1-1/2* Note

-

4/1/58-EA

4/1/53

383

3-1/4* Bill

-

4/15/58

8/21/57

1,751

3-1/2* Certificate -

4/15/58-B

5/1/57

2,351

3.485* Bill

3/24/58

7/3/57

2-7/3* Note

6/15/5e-A

12/1/55

2-3/4* Bond

6/15/58-63

6/15/38

2-3/8* Bond

6/15/58

7/1/52

Total

3/24/58

6/15/58

Total.
'58

2-5/8* Bond

2/15/65

6/15/58

July '58

2-5/8* Bond

2/15/65

6/15/58

June

'4*

8/1/58

Certificate
2-1/4* Bond

8/1/58-C
9/15/56-59 i5/

8/1/57
.
2/1/44

2-3/8* Bond

3/15/57-59 15/

3/1/52

,

,

Total
10/1/58-EO

10/1/53

12/1/58-D

12/1/57

12/15/58

2/15/53

2-1/2* Certificate -

2/14/59-A

2/U/58

-

2/15/59-A

5/17/54

1-1/2* Certificate -

3/24/59-D

8/6/58

-

4/1/59-EA

4/1/54

5/15/59

1-1/4* Certificate -

5/15/59-B

6/15/58

5/15/59

3-1/4* Bill

-

5/15/59

10/8/58

6/22/59

2.999* Bill

-

6/22/59

U/20/58

1-5/8* Certificate -

8/1/59-C

8/1/58

8/1/61-A

8/1/57

10/1/58

1-1/2* Note

3-3/4* Certificate
2-1/2* Bond
12/1/58

Total

2/15/59

1-7/8* Note

Total
3/24/59

4/1/59

8/1/59

1-1/2* Note

4*

Note

Total

9/a/59

3.293* Bill

9/21/59

2/16/59

10/1/59

1-1/2* Note

IO/I/59-EO

10/1/54

Casta

Exctaango

retirement

security
offered

-

(Continued)

Results of exchange offers
Exchanged

Turned
in for
casta 2/

Description of new
security offered
(See also Table l)

October I960

s

Treasury Bulletin

U-J*.

PUBLIC DEBT OPERATIONS

Footnotes to Table 6

^
8/

XL/
12/
12/

W
16/
12/

18/
12/
20/

2V

22/

Reopening of February 2, 1953, offering (see Table i).
It had been announced that holders of these bonds would be given an
opportunity to exchange them for another Treasury Issue after February
This offer was included in the refundinas of May 17, 195A.
15, 195i.
Reopening of August 3, 195i, offering (see Table 4).
Also designated tax anticipation certificates, acceptable at par plus
accrued interest to maturity in payment of income and profits taxes
due June 15, 1956.
Reopening of May 3, 1955, offering (see Table i).
Reopening of November 28, 1955, offering (see Table ^).
During June 1956, $159 million of these notes were purchased by the
Treasury for account of the Sinking Fund and retired.
Also designated tax anticipation certificates.
Two issues of bills, maturing January 16, 1957, and February 15, 1957,
respectively, were rolled over into two issues of tax anticipation
bills, both maturing June 2A. 1957.
During June and July 1958, $491 million of the 2-5/S3C Treasury bonds
of 1965 were purchased by the Treasury for retirement under Section
19 of the Second Liberty Bond Act, as amended 61 U.S.C, 75ia).
Called on May 14, 1958, for redemption on September 15, 1958.
Represents amount irtiich owners exercised the option to redeem on
August 1, 1959 (see Table 4, footnote 22).
Holders of the iS notes, \rtio had the option to redeem at par on
February 15, I960, by giving notice not later than November I6, 1959,
were permitted to exchange their holdings on November 15, 1959, for
the 4-7/8$ notes.
Rolled over into a one-year bill; see Table 4.
Amount which owners exercised the option to redeem on February 15,
I960 (aee Table 4, footnote 24).
Advance refunding offering. E^lrsuant to the provisions of section
1037 (a) of the Internal Revenue Code of 1954 as added by Public Law
86-346, approved September 22, 1959, the Secretary of the Treasiiry
has declared that no gain or loss shall be recognized for Federal
Income tax purposes upon the exchange of the eligible outstanding
securities solely for the new securities. For tax purposes, therefore, the investor will carry the new securities on his books at the
same amount as he had been carrying the eligible securities exchanged.
Gain or loss, if any, upon the obligations surrendered In exchange
will be taken into account upon the disposition or redemption of the
new obligations.
Holders of Z-\/2% Treasury bonds maturing November 15, 1%1, were
offered the option to exchange the bonds during the period from June 8,
1960,to June 13, 1%0, inclusive, subject to allotment if subscriptions exceeded by 10 percent the offering limits of $3.5 billion for
the notes and $1.5 billion for the bonds.
Holders of the maturing notes were not offered preemptive rights to
exchange their holdings, but were permitted to present them in payment or exchange, In whole or in part, for the 3-l/8< certificates or
the 3-7/8jt bonds, which were offered in an aggregate of around $8-3/4
billion. For detail of offering, see Table 4.

23/

24/

25/

p

(Continued)

-

Excess of maturing 4-3/43t Treasury notes over allotments of new
securities on subscriptions from holders of those notes (see Table 4
footnotes 44 and 46).
Reopening of an earlier issue.
Holders of 2-l/23f Treasury bonds maturing June 15, 1967, December 15,
1968, June 15, 1969, and December 15, 1%9, were offered the option
to exchange the bonds during the period from September 12, 1960, to
September 20, 1%0, inclusive, the first for 3-l/2Jf bonds of 1980,
the second for 3-I/25K bonds of 1990, and the other two for 3-1/2$ bondsj
of 1998, subject to allotment if the combined total of subscriptions fc
the bonds of 1990 and 1998 exceeded an outside limit of Xu.'i billion,
Preliminary.

Note:

Information on retirement of tax anticipation issues referred to In
footnote 3, in mlllionB of dollars

Date of

^

October I960
.UNITED STATES SAVINGS BONDS.
Series E and H are the only saTloga bonds now being

Series E has been on sale slnoe May 1, 19'U, and
Series k-T>
Series H has been on seae slnoe June 1, 195^.
sold.

were sold from March 1, 1935, through April 30, 1941.
Series F and a were sold fron May 1, 19'<'1. through i^rll

Series J and E were sold froa Nay 1. 1952,
Details of the prlnolpal changes
30, 1957 •
In Issues, Interest ylelde, maturities, and other savings
bonds terme appear In the Treasury Bulletins of May 1951>
30,

1952.

throu^ April

May 1952, May 1957. and October 1959.

Table 1.- Sales and Redemptions by Series, Cumulative through August 31, 1060
(Dollar amounts in millions)

...

Treasury Bulletin

46

\

.UNITED STATES SAYINGS BONDS.

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

Period

Sales 1/

Accrued
dlacoait

Sales plus
accrued
discount

Amount outstanding

Pedemptions 2/ 2/
Total

Sales
price

^ 5/

Accrued
discount

_5/

Interest-bearing
debt

Series E and R combined

Fiscal years:

19a-1953---1954 6/
1955 6/
1956
1957
1958
1959
1960

69,326
4,653
5,225
5,260
4,613
4,670
4,506
4,307

6,935
1,126
1,123

71,463

7,500
1,126
1,113
1,124

i,m
1,133
1,161
1,174
1,194

76,261
5,779
6,348
6,374
5,746
5,831
5,680
5,501

40,213
4,345

78,963
6,015
6,481

42,300
4,444
4,652
4,832
5,469
4,856
5,519

4,5U
4,730
5,176
5,187
5,107
5,502

38,290
3,791
3,909
4,072
4,460
4,472
4,336
4,585

1,923
554
636
658
716
715
771
917

36,048
37,482
39,285
40,929
41,498

40,112
3,909
3,949
4,164
4,697

2,188

36,663
38,233
40,063
41,398
a, 578
42,589
42,559

42,U2
42,716
42,715

Calendar years;

19U-1953

...

4,889

195A
1955
1956
1957
1958
1959

5,368
5,043

4,507
4,689
4,320

1,178
1,169

6,167
5,649
5,867
5,489

4,a5
4,565

535

702
668
772
641
955

Months t
1960-January
February
March
.

April
May
June

.

.

...

.

.

.

July
August

.

.

421
438

la

562

513

393

93
93

486

457
437

368
362

340
349
340

89
92
119

429
442
459

427
412
438

356
347
357

354

121
94

475
450

411
401

7,791
2,152
2,692
3,105
3,774
3,350
2,137
3,049

7,664
2,071
2,564
2,946
3,612
3,226
2,064
2,917

127
81
128
159
162
124

8,672
2,526
2,636
3,422
4,153
2,395
3,216

8,515
2,428
2,496
3,255
3,994
2,308

156
98
138
167
160
86
98

21,047
19,439
17,861

321
154
139

39

5,338
5,212
5,091

136
96
89

129
90

7
6

84

5

271
75

268

4

55

19

355

542
531

49
89
75

42,539
42,613
42,662

71
65
80

42,664
42,694
42,715

348

63

327

74

42,779
42,827

Series F, G, J, and K combined 7/
Fiscal years:
1941-1953 ...
1954 6/
1955 6/
1956
1957
1958
1959
1960

29,006
841
1,249
586
268

622
108
108
100
83

65
54

46

,

29,628
949
1,357
686
352
65
54
46

73

132

a, 837
20,579
19,080
16,568
13,124
9,842
7,787
4,829

Calendar years
1941-1953
1954
1955
1956
1957
1958
1959

...

,

29,188
1,284
907
475
98

674
110

74

29,862
1,394
1,010
567
172

58
52

58
52

103
92

3,U8

U,895
10,896
8,603
5,594

Months:

1960-Janualy
February.
March ...
.

April
Hay
June .

...

.

.

July ....
August
.

.

Footnotes at end of Table 4.

361 8/
170 8/

U7

(Continued on following page)

16

4,978
4,899
4,829
4,572
4,510

October 196V

'^7

.UNITED STATES SAVINGS BONDS.

Table 3.- Sales and Redemptions by Periods, Series E through K

-

(Continued)

(In mlllionB of dollara)

Sales 2/

Fiscal years

Sales plus
accrued
discount

:

1941-1953
1954
1955
1956
1957
1958
1959
1960

68,936
3,988
4,095
4,219
3,919
3,889
3,688
3,503

6,935
1,126
1,123
1,114
1,133
1,161
1,174
1,194

70,819
4,023
4,192
4,142
3,875
3,802
3,598

7,500

347
340
325

121
93
93

June

284
300
291

89
92
119

July
August...

291
299

121

Calendar years

,

;

1941-1953
1954
1955
1956
1957
1958
1959

Months

Accrued
discount

:

1960-January..
February.
March..'..

April
May

94

75,871
5,114
5,218
5,333
5,052
5,049
4,862
4,797

Redemptions 1/ 3/
Sales
price

^

5/

Accrued
discount 5/

Exchanges of
E bonds for
H bonds

Amount
outstanding
(interestbearing debt)

Treasury Bulletin

Its

\

.UNITED STATES SAVINGS BONDS.

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

1/

.

October I960

ks

.CWNHISHIP OF FH)E31AL SECURITIES,

Table 1«- Distribution of Federal Securities by Classes of Investors and Types of Issues
(In

mllliona of dollars)

Interest-bearing securities issued
by the 0. S. Government
End of
fiscal
year or
month

Total
Federal
securities outstanding

1/

Held by U. S. Government
investment accounts _3/

Total
outstanding

Public
issues

Special
issues

^
Matured
debt

Held by private
investors 2/
Held by
Federal
Reserve
Banks public
issues

Public
marketable
issues

Held by

Public
nonmarketable
issues

Total
outstanding

n. S.

Held by
private
investors

Government
investment
accounts

2/i/

51

51

80

80
41
48
56

2,126
2,351
2,634
2,869
2,042

46
47
60

1,646
2,873
3,090

56

3,095

59
63
66

3,000
2,996
3,055

50
55

3,015
3,059
3,090

72,511
72,762
69,723
66,351
62,770

106

193,418
201,235
201,459

134,593

LU,983
U9,546

58,825
56,252
51,913

101
110
139

26,648

207,451

154,226

53,225

127

10,496
10,322
10,330

42,630
42,835
43,257

25,464
25,209
25,264

209,497
209,223
204,920

156,701
156,599
152,477

52,795
52,624
52,443

130
135
138

71
71
71

54,286
55,259

10,283
10,385
10,360

42,843
43,900

25,558
26,035
26,523

207,089
205,987
201,459

154,936
153 ,961

U9,546

52,153
52,026
51,913

131
133
139

81
78
79

60

54,757
55,863

10,559
10,641

26,885
26,762

203,644
203,010

152,046
151,466

51,598
51,544

133
156

80
80

76

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

U,756
U,899

25,438
26,044
26,523

10,098

43,506

40,538
42,229
43,250

55,501

274,698
281,833
283,241

55,842
54,554
55,259

9,596
9,799
10,360

46,246

290,925

287,704

53 ,604

291,215
290,719
286,965

288,086
287,588
283,772

53 ,125

288,919
289,500
286,471

285,773
286,308
283,241

53 ,127

May..
June.
July.
Aug..

288,472
288,829

285,285
285,634

266,123
271 ,3U
274 ,U8
272,825
270,634

263,946
268,910
271,741
269,883
268,486

47,560
49,340
50,536

1958
1959
I960

276,444
284,817
286,471

1959^Dec..
1960-Jan..
Feb..
Mar..

53 ,470

53,157
53,588

45,1U
46,827

U,899
U,198
45,222

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

189,949

2/

^
^
•

and
debt
bearing
no
intere at

2/y

119,129
121,771
127,875
126,304
127,179

24,746
25,037
23,607
23,758
23,035

7,021
7,111
7,286
8,356
8,674

1953
1954
1955
1956
1957

Apr.

Interest-bearing securltiea guaranteed by the n. S. Government

43
73

3

25
50
54
63

79

53

3,055
3,039

The total amount of interest-bearing securities held by private investors
is calculated by deducting from the total amount outstanding the amount
held by U. S. Government investment accounts and Federal Reserve Banks.
Excludes guaranteed securities held by the Treasury.
All public marketable issues.
Less than $500,000.

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

Apr.

Feb.

July

>fay

Sept.

Aug.

Dec.

1940.,
1941.,
1942..

-9.5
-2.8
-.5

-20.9
12.0
30.0

-5.7

-1.6
-.7

.9

5.8

.3

.3

-2.3

-8.4

-4.5

1943..
1944..
1945..

-U.5

-90.3
-105.1
-48.1

-72.9

.4

-11.5

-16.5
-55.6

-35.2
-10.0
-34.4

-U5.8

-9.9
-67.5

20.5
-56.4

-67.8
-18.5
-17.0

-15.8
-19.0
-.2

-2.7
-28.1
-12.5

1946.,
1947..
1948.,

-8.1

-.7

-157.8
-609.1
5.4

-41.2
-308.1
4.4

-74.1
-123.1
7.2

-123.0

-.2

-69.8
-359.2
1.1

1949.,
1950.,

-.1
8.2

1951.

8.8
-6.6
36.8

4.6
5.0
2.8

1952.
1953.
1954.

1.9

1955.
1956.
1957.
1958.,

1959.
1960.

-5.9

3.3

.4

-6.1.3

177.4

-4.7
106.8

-338.6
-30.4

-1.8
13.5
261.2

5.1
6.3
482.7

1.5

22.1
24.6
7.0

6.7
8.8
-4.0

.5

23.0
-1.3

.1

U.3
-123.4

U.l
17.5

-12.1

-.3
ft

.4

-5.0
-5.9

4.8
-12.0

.1

-57.6
221.0
-.8

-20.3
696.4
-.2

-1.7
5.8
8.4

11.5
10.7
-3.6

-.1
7.0
29.0

3.5
38.4
-10.0

16.5
17.0
21.1

11.7
-1.1

8.2

U.2

41.0

7.9
83.9
-67.3

234.8

17.3

55.1
71.6

43.7
113.1

-U.l

U.4

-88.4
5.1
3.5

.2

3.8
-2.0
4.7

12.9
-22.4

19.9
36.2
-2.9

2.9
35.9
2.8

1.5
20.1
-45.5

;.4
7.9
-21.7

-17.2

77.2
-9.8
72.6

18.9
10.7
13.4

29.9
46.7
35.4

56.2
5.7
313.4

22.5

398.8
15.8

74.8
49.2
182.4

20.3
9.4
26.4

11.8
8.4
10.3

-30.7
56.2
26.6

-155.9
23.0
16.5

10.6
62.2

-2.1
44.0
16.4

-86.3
53.1
21.8

U5.5

19.1
18.3
44.4

10.6
28.3

U.l

43.1

1.1
8.4

Consists of purchases or sales made by the Treas-jry of securities
issiifid or guaranteed by the U. S. Government for (l) trust funds which
by law are under the control of the Secretary of the Treasury or of the
Treasurer of the United States, and (2) accounts under the control of
certain 0. S. Government agencies whose investments ape handled thrtjugh
the facilities of the Treasury Department.
It will be noted that these

-54.7
-1.9

177.2
9.9

-U.5

32.2
35.5

.4

-1.1
60.0

-4.4
-.2
1.0

.6

a.3
33.3

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

50

October I960

51

TREASURY SUW/EX OF OWNERSHIP,

JUH

31, I960.

The monthly Treasury Survey of Ownership covers
Beourltles Issued by the United States Government and
by Federal agencies. Of all such securities held by the
respective classes of Investors In the United States, the
banks and Insurance companies Included In the Survey
account for about 95 percent and the corporations and

assoolatlons were added to the Survey for June i960,

savings and loan associations Included In the Survey about

corporate pension trust funds are published for quarterly

Data for banks and Insurance companies were first
published for March 31, I9U1, in the May igl+l Treasury
Bulletin.
Data for corporations and savings and loan

dates beginning with December 3I,

half.

Section

I

-

appearing In the September i960 Bullet In, together with

corresponding data for a few prior months.

Holdings by commercial banks distributed according
to Federal Reserve member-bank classes and nonmember banks

are published for June 30 and December 3I.

19'^9.

In the March I95I* Bulletin.

Securities Issued or Guaranteed by the United States Government
Table 1.- Suimiary of all Securities
(Par valuea - In millions of dollars)

Holdings by

They appeared

Treasury Bulletin

52

JUU

TREASDBI SUKTEY OF OWNERSHIP,

31, I960.

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

Held by investors covered in Treasury Survey

Total
amount
outstanding

6,355
commercial
banks

2/2/

Insurance companies
513

mutual
savings
banks 2/

307
life

531 fire,
casualty,
and marine

U. S.

savings
and loan
associations

corporations

Govemnent

investment
accounts and
Federal Reserve
Banks

Treasury bills:
Regular weekly:
August
November

1960 - October 1%0.
1960 - January 1961.

19,797
6,107

1,048
309

104

21

53
30

61
11

70
25

2,506
865

2,016
671

684

32

133
90
379
144

167
101
170
295

Tax anticipation:

March

1961

3,512

2,071

October
January
April
July

1960
1961

2,007

158
69
453
446

49

47

13

1,504
2,001
1,501

17

10

15

6

23
17

9

5

13

36,427

4,554

218

156

163

7,037
6,938
3,674

350
517
937

77
40

17,650

1,804

1960-C
1961-B
1961-A

9,561
4,078
2,136

715
402
568

73

647
1,435
2,211

117
640
1,076

4

Other:

1961
1961

Total Treasury bills

3,453

Certificates of indebtedness:
i,-J/A%
-1-7/8

4-3/8

November
February
May

1960-C

1%1-A
1961-B

Total certificates of indebtedness

Treasury notes:
4-3/4* August
May
3-5/8
August
4
3-5/8
4
4

February
February
May

1962-A
1962-D

4
3-3/4

2-5/8

August
November
February

1962-B
1962-C
1963-A

4

May

4-7/8
3-3/4

Hay

1963-B
1963-C
1964-D

4-3/4

May

5

August
November

4-7/8

November

1%2-E

U

19
1

34

3

M9

1965-A
1960-EO
1961-EA

2,113
278

806
54
38

U7

332
551
590

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

October
April
October

1961-EO
1962-EA

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

April
October
April

1963-EA
1963-BO
1964-EA

1-1/2
1-1/2

October
April

1964-BO
1965-EA

1%2-EO

W4

,

533
506

457
490
126

375

300
312
233

281
78

32
82

61
55

70
93
7
8

35

46
66
26
26
41

60
1

1

11
36
10

U

12

28

7
13

5

6

21
35

1

23
7

24
7

1,058

5U

142

264

28

1

18
18
9

Hay

326

25
55

92
91
154

2
5

19

2
2

5,612
2,932
241

1

2

656
317
973

704
38
58

19
180

58
83

4,933
2,316
4,195

8,975

6

«

4
11
4

1,730

27
40

2

76
156
79

5,078
3,663
235

U

31

1,096
2,177

227
834
669

45
13

6
53
65

1,743
3,011
3,894
,

17

7

74

1964-A
1964-B
1964-C

17
20

1

511
2,765
732

48
26
39

51

158

,

16

27
29

40

3,971

,

22
60
36

50

1,U3

4-5/8
1-1/2
1-1/2

October
April

53

3

30
17

17
133

95
165

4
52
88

100

30

2,707

U2
90

54

102

54

2,036

29
92
27

225

63
98
70
57
31
53
33
11

1,997

14,815

519
739
44

51,550

15,704

1,197

196

5,263
3,451
3,806

2,3W

112
54
10

40

261

1,379
1,084

42

UO

98
41

306
115

5

94

11

1,2U

1,485

1,274
1,006
3,275

»
67
90

«

35

2,239
6,963

7

129
211

2
34

1962-67
1963
1963-68

2,109
6,755
2,815

803
4,513
694

184

98
398

116
20
271

Total Treasury notes

15

Treasury bonds:

2-1/4J
2-1/4
2-1/8

June
December
November

2-3/4
2-3/4
2-1/2

December 196CI-65 12/
September 1961
November 1961

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

June
August

December

1959-62
1959-62
1960

55

3

February

2-1/2
2-1/2

June
December

1964
1964-69
1964-69

3,854
3,738
3,811

2,523
793
817

62
768
577

357
491

2-5/8
2-1/2
2-1/2

February
March
March

1965
1965-70
1966-71

6,896
4,691
2,938

3,747
475

112

73

577
283

817
750

3

August
1966
June
1967-72
September 1967-72

1,484
1,805
2,716

827

62
139
148

80
22

2-1/2
2-1/2

Footnotes at end of Table 4.

179
105
1,191

3

3

(Continued on following page)

55

20

n

151
1,051

48
47

129

42
75

21
97

270

278
209

80

12

424

76
179
153

62
105

72

73

5

81

5

455
528

322
158
103

116
53
54

218

40
43
98

67
66
77

16

11
7

7
4

55

622
1,230
700
123
165

237

October i960

53

TEEASUKT

SDWEY OF OWNERSHIP,

Jtru 31,

1%0

.

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

Held by Investors covered in Treasury Survey

Total
amount
outstanding

connner-

olal
banks

2/y
Treasury bonds

-

4

1967-72
1968
1969

3-7/8
4-1/4
3-1/4

November
May
June

1974
1975-85
1978-83

4
3-1/4
3-1/2

February
May
February
February

1980
1985
1990
1995

3

513
mutual
savings
banks 2/

307
life

531 fire,
casualty,
and marine

491
savings
and loan
associations

,

Total Treasury bonds
Panama Canal bonds 12/

Guaranteed securities 8/ 13/
Total public marketable aeciiritles.

Footnotes at end of Table 4.

178

218

105
7
80

42

lU

25

470
1,600

51
55

47

5

58

87

884
1,135
1,727
2,724

30
188
106

106
191

27

31

29

237
232

55

60

39
64
128
176

110
108
62

81,239

27,949

4,560

3,629
320
1,276
654

50~

129
66

U

133

187,047

50,031

3

25

4

111
18
50

113
6
37

30
6
36

34
10
35

45

by
all other
investors

U. S. Government Held

499
corporations

(Continued):

December
May
October

2-1/2*
3-7/8

Insurance companies

6,355

20
11

investment
accounts and
Federal Reserve
Banks

.

.

5^

Treasury Bulletin
TREASUHI

Section

II

SUWET OF OWNERSHIP,

JTJU 31, I960,

Interest -Bearing Securities Issued by Federal Agencies But
Not Guaranteed by the United States Government

Footnotes 1 throxigh 10 on preceding pege
11/ Includes Federal Houalng Adnlnlstratlon debentures; see footnote 1^/
The Treasxiry bonds of 1960-65 are partially tax-«iewpt and the Pan^a
Canal bonds of 1961 are wholly taz-exempt (see footnote 10/ ).
These securities are classified as taxable, although a aoull Indetermloate amount of the Federal Housing Adaalnlfftratlon debentures
Is partially tax-eaceapt (see footnote lo).

October i960

55

.mRKET QUOTATIONS ON TREASURY SECURITIES, AUGUST 31, I960.
Current market quotations shown here art over-the-

public marketable securities issued by the United States

counter oloelng bid quotations In the New York market
as reported to

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

the Treasury by the Federjd. Reserve Bank of New York.

Government are excluded because they are not regularly

The securities listed Include all regularly quoted

quoted In the market.

for the last trading da; of the month,

Table 1.- Treasury Bills (Taxable)
Amount outstaadIng (millions)

Treasury Bulletin

56

MARKET QUOTATIONS ON TREASURY SECURITIES, AUGUST 31, I960

Table 4.- Taxable Treasury Bonds
(Price decimals are 32n(la)

October

l%0

57
.MARKET QUOTATIONS ON TREASURY SECURITIES, AUGUST 31, I960.

o
o
a:

..,.
•

.

,

,
.

..,

Treasury Bulletin

5«
^AVHIAGE TIEIDS OF LONG-TERM BONDS.

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

Treasury
bonds i/

Moody's Aaa
corporate
bonde

Treasury
bonds 1/

Period

Moody's Aaa
corporate
bonds

Period

Treasury
bonds 1/

Moody's Aaa
corporate
bonds

Annual series - calendar year averages of monthly series
2.i6
2.47
2.48
2.37
2.19
2.25

19A2

190

19U
1945
19^6
19i7

2.e}
2.73

2.72
2.62
2.53
2.61

1948
1949
1950
1951
1952

,

,

1953

2.U
2.31
2.32
2.57
2.68
2.94

2.82
2.66
2.62
2.86
2.96
3.20

2.55
2.84

1954
1955
1956
1957
1958
1959

3.08
3.47
3.43

4.08

Monthly serle 3 - averages of daily aeries

1953-AprU

2.97 2/
3.11
3.13

May
June

3.34
3.40

1955-October. . .
November..
December.
1956-January. .
February.
March

3.23

July
August. . .
September.

3.02
3.02
2.98

3.28
3.24
3.29

October. .
November.
December.

2.83
2.86

3.16
3.11

2.79 2/

3.13

195A- January.
February.
March

2.69
2.62

3.06

•

AprU

2.53

.
.
,

April
May
June

,

,

2.95
2.86

July
August
September.

May

2.48
2.54

June

2.55 2/

2.85
2.88
2.90

October. .
November.
December.

August. .
September.

2.47
2.48
2.52

2.89
2.87
2.89

1957-JaDuary
February.
March

October. .
November.
December.

2.54
2.57
2.59 2/

2.87
2.89
2.90

April
May
June

2.68 a/
2.78
2.78 2/

2.93

2.99
3.02

July
August. ...
September.

April
May
June

2.82
2.81
2.82

3.01
3.04
3.05

October. .
November.
December.

July
August. . .
September.

2.91
2.95
2.92

3.06
3.11

1958-JanuaJ7
February.
March

July
.

1955-January...
February.
March

3.13

2.87
2.89
2.91

,

1958-Aprll
May
June

July
August . . .
September.
October. .
November.
December.

1959^anuary...
February.
March
April
May
June

.
.
.

July
August .
September,
.

,

.

October. .
November.
December.

1960-January. .
February.
March
April

May
June

July
August

.

.

2.90
3.06
3.36
3.89
3.79
4.38

\

October I960

f.3

59

.

.

Treasury Bulletin

60

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

Fiscal
year
or month

Budget
receipts from
Internal
reTBWie

Adjustment of
collections
to budget
receipts 1/

Total collections reported
by Internal
Revenue Service

484,439

Individual income tax and employment taxes

Corporation
income and
profits
taxes

Individual
income tax not
withheld 2/

Old-age and
disability
Insurance 2/

Railroad
retirement

3,815,252
4,218,520
5,339,573
6,335,805
5,634,467

628,

69,686,535
59,934,980
66,288,692
75,112,649 i/
80,171,971

21,594,515
21,546,322
18,264,720
21,298,522
21,530,653

37,869,770
42,633,426
46,610.293

11,403,942
10,736,578
10,396,480
11,321,966
12,302,229

21,132,275
22,077,113
21,253,625
24,015,676 i/
26,727,543

79,978,476
79,797,973
91,774,801p

79,978,475
79,797,973
91,774,803

20,533,316
18,091,509
22,179,414

47,212,944
49,588,488
56,104,300

11,527,548
11,733,369
13,972,253

27,040,911
7,733,223
29,001,375
8,004,355
41,184,008

4,807,819
8,902,263
11,893,553

4,807,819
8,902,253
11,893,553

554,448
482,804
6,192,480

3,344,308
7,329,449
4,480,742

2,U7,554

1,154,140

883,894
851,635

6,077,9U

6,957,522
9,405,808

5,957,522
9,405,808
12,056,629

619,305
467,256
5,530,389

5,148,236
7,700,327
5,279,824

3,557,156

670,485

1,783,167

1953
195*
1955
1956
1957

70,170,974
70,299,652
66,288,692
75,109,083
80,171,971

1958
1959
1960

+364,672

-3,566

y

V

37,254,519

Individual
income tax
withheld 2/

37,921,3U

Unemployment
insurance

%9

505,221
600,106 i/
534,323
516,020

273,182
283,882
279,985
324,656
330,034

575,282
525,369
606,931

335,880
324,020
341,108

3,558,391

16,153
84,457
49,942

26,461
283,183
20,774

3,993,064
1,195,924
1,855,930

1,135,806
5,421,701
3,372,337

17,028
81,551
50,436

2,339
1,641
1,120

345,737

1,419,635

17,121

674

V

V

I

1960- Jan.
Feb.
Mar.

Apr.
May.
June

12, 056, 62 7p

July

3,567,166

Excise taxes

Fiscal
year
or month

Estate and
gift taxes

Other excise
Total
excise

1953
1954
1955
1956
1957

891,284
935,122
935,257
1,171,237
1,377,999

9,945,115
9,532,222
9,210,582
10,004,195
10,537,544

1958
1959
I960......

1,410,925
1,352,982
1,626,348

1950- Jan.
Feb..
Xlar.

Total

90,319
90,000
112,049

Manufacturers'
and retailers' 6/

2,780,525
2,797,718
2,742,840
2,920,574
2,973,195

1,554,911
1,580,512
1,571,213
1,613,497
1,674,050

5,510,280
5,153,992
4,781,843
5,501,333
5,924,062

107,545

10,814,268
10,759,549
11,864,741

2,946,461
3,002,095
3,193,714

1,734,021
1,806,816
1,931,504

6,166,535
5,884,286
6,639,879

109,452
133,817
139,231

4,3U,517

103,442
134,286
176,536

TO4,212
954,011
1,043,555

185,924
213,890
257,835

138,355
150,605
151,958

63,491
1,100,807
525,136

Apr.
May..

243,385
173,148
135,

3U

248,352
282,099
302,756

157,445
166,253
182,755

35,096
1,387,745

June.

945,103
1,061,384
1,118,169

July.

118,897

994,617

238,033

150,573

109,303

V

Internal Revenue Service reports for detail of collections by type
of receipts and expenditures of the Government
for budget receipts from Internal revenue (for explanation of reporting
bases in this publication, see page II). Certain detail by type of
tax Is available only from returns filed vith the Internal Revenue 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 amounts of tax
collected In Puerto Rico upon articles of merchandise of f^uerto Rican
manufacture coming into the United States. Figures for 1954 have been
revised to the same basis, but those for 1953 include only amounts
oollected at ports of Bntry into the United States.
Differences between the amounts of internal revenue reported by the
Internal Revenue Service as collections for given periods and the
amounts reported In Treasury statements as budget receipts for the
same periods arose because of differences in the tijne when payments
were Included In the respective reports. Tax payments are included
in budget receipts when they are reported as credits to the account
Prior to July 1954, they were
of the Treasurer of the United States.
included in Internal Revenue Service collection reports after the
returns to which they applied had been received in internal revenue
offices. Under procedure begun in 1950 with withheld Income tax and
old-age Insurance taxes and later extended to railroad retirement
taxes and many excises, these taxes are paid currently Into Treasury
depositaries and the depositary receipts, as evidence of such payments,
are attached to quarterly returns to the Internal Revenue Service.

322,

Source:

of tax; monthly statement

1/

Documents
etc. 6/

2/

2/

^
^

6/

Miscellaneous

3,358,797
3,127,465
3,177,160
3,777,909
4,098,006

2,061,164
1,936,527
1,492,633
1,608,497
1,718,509

4,315,755
5,113,818

1,741,327
1,435,953
1,386,829

35,716

1,319,969

333,749

33,811

1,385,919

325,525

1U,927

6/

5U

Under this procedure, the payments are included in budget receipts
in the month in which the depositary receipts are issued to the taxpayers.
Revised accounting procedures effective July 1, 1954,
extended the same practice to Internal Revenue Service collection
reports
Monthly and fiscal year 1950 figiires include social security tax on
self-employment Income, which is levied and collected as part of the
individual income tax.
Prior fiscal year figures exclude this tax,
on the basis of estimates (see footnote 3), and it is included under
'*01d-age and disability insurance."
In Internal Revenue Service reports current collections are not
separated as to type of tax; the breakdown shown for fiscal years
is based on estimates made in accordance with provisions of Sec. 201
of the Social Security Act, as amended (42 U.S.C. 401), for transfer
of tax receipts to the trust funds (see "Budget Receipts and Expenditures," Table 1).
Beginning with the fiscal year 1955, collections shown include undistributed depositary receipts and unapplied collections. For excise
taxes these receipts are included in the total only. Total collection
include "Taxes not otherwise classifieds"
Budget receipts for 1956 were reduced by $3,566 thousand representing tax collections transferred to the Government of Guam pursuant
to the act approved August 1, 1950 (48 U.S.C. 1421 h), but this
amount was included in collections reported by the Internal Revenue
Service.
Beginning with 1957, such collections are excluded also in
Internal Revenue Service reports.
Detail is reported by quarters beginning with the fiscal year 1956.

October 1960

61
.INTERNAL REVENUE COLLECTIONS.

INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES
DOLLARS

DOLLARS
100 1—

80

Billions

Total*

Billions

^m'^ Fiscal Year
I

Comparison

^-^

month fiscal
years I960 and 1961

first

DOLLARS
Billions

58

56

.Individual Income Tax and.
Employment Taxes *

54

46

44
42

40
38
36

34
32

30
28
^26
^24

22

1946

-48

'50

'52

Estate and Gift Toxes

62

Treasury Bulletin
.MDHETABY STATISTICS.

Table 1.- Money In Circulation
(In millions of dollars except per capita figures)

Paper money
End of fiscal
year or month

Total
money in
circulation 1/

Total
paper
money

Gold

..
,

October 1960

63

.MONETARY STATISTICS-

Table 2.- Monetary Stocks of Gold and Sliver
Dollar amoujite In millions)

Silver
($1.29+ per
fine ounce)

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

1955
1956
1957

22,462.8
21,927.0
21,677.5
21,799.1
22,622.9

3,814.3
3,863.1
3,922.4
3,994.5
4,116.6

14.5
15.0
15.3
15.5
15.4

1958
1959
1960

21,356.2
19,704.6 1/
19,322.2

4,306.0
4,414.1
4,394.5

16.8
18.3
18.5

1959-December.

19,455.9

4,382.7

18.4

1960-JanuaryFebruary.
March. .

19,443.6
19,420.5
19,407.8

4,379.4
4,376.4
4,375.6

18.4
18.4
18.4

19,359.6
19,352.1
19,322.2

4,390.2
4,390.3
4,394.5

18.5
18.5
18.5

19,143.8
19,005.2

4,393.7

18.7

4,391.1

18.8

Gold

End of fiscal
year or month

($35 per
fine ounce)

1953
195-1

.

.

j^rll
May
June
July
August

.

.

Circulation Statement of tfinited States Money. For detail of
silver monetary stock see Table 4.

Source:

1/ See Table 3, footnote 2.

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

In millions of dollars)

End of calendar year or month

Gold assets

Liabilities:
CJold certificates,
etc. 1/

Balance of gold in
Treasurer's account

1953
1954
1955
1956
1957

22,029.5
21,712.5
21,690.4
21,949.5
22,781.0

21,545.7
21,223.5
21,199.1
21,458.3
22,272.9

483.7
489.0
491.2
491.2
508.1

1958
1959

20,534.3
19,455.9 2/

20,138.2
19,350.5

396.1

1960-January.
February.
March.

19,443.6
19,420.5
19,407.8

19,341.2
19,320.6
19,299.2

102.4
99.9
108.6

19,359.6
19,352.1
19,322.2

19,253.0
19,245.2
19,215.5

106.6
107.0
106.8

19,143.8

19,024.9
18,895.1

118.9
110.1

.

.

.

J^ril
May
Jiine

July
August

.

.

Source; Circulation Statement of United States MDney.
1/ Comprises (1) gold certificates held by the public and in Federal
Reserve Banks; (2) gold certificate credits in (a) the gold certificate
fund - Board of Governors, Federal Reser/e System, and (b) the redemption fund - Federal Reserve notes; and (3) reserve of $156.0 million
against United States notes and Treasury notes of 1890.

19,005.2
2/

105.4

The United States payment of the $343.8 million increase in its gold
subscription to the International Monetary Fund, authorized by the act
approved June 17, 1959 (22 U.S.C.286e) was made on June 23, 1959 (see
"Budget Receipts and Expenditures," Table 4, footnote 10).

,

..

Treasury Bulletin

61^

.MOKETAEY STATISTICS.

Table 4.- Componente of Silver Monetary Stock
(In milllona of dollars)

Silver held In Treasury
End of calendar
year or month

Securing silver certificates 2/

Silver
bullion 2/

Silver
dollars

Silver outside
Treasury

In Treasurer's account

Subsidiary
coin 3/

Bullion for
recoinage 4/

Bullion
at coat

Silver
dollars 1/

Subsidiary
coin 3/

Total
silver
at $1.29+
per fine
ounce

1953
1954
1955
1956
1957

2,140.8
2,171-1
2,194.4
2,208.9
2/212.9

278.3
267.6
253.5
236.3
219.0

6.3
43.0
15.7
2.3
8.2

30.7
11.0
17.6
62.9
92.3

213.2
223.1
235.4
252.2
269.3

1,213.1
1,242.7
1,283.2
1,338.2
1,402.6

3,837.0
3,836.6
3,930.1
4,064.1
4,185.4

1958
1959

2,245
2,251

202.7
182.3

14.9
3.2

148.3
127.4

285.4
305.5

1,446.2
1,513.4

4,362.5
4,382.7

1960-January.
February.
March. .

2,251.4
2,251.4
2,251.4

182.0
181.6
180.1

11.1
19.2
23.9

121.5
115.0
109.2

305.8
306.2
307.7

1,513.6
1,514.8
1,520.5

4,379.4
4,376.4
4,375.6

J^rll...,

2,251.4
2,251.4
2,252.1

176.2
175.2
174.3

14.8
12.4
6.9

116,
114.
114.

3U.6

May
June

312.6
313.5

1,532.0
1,537.8
1,545.2

4,390.2
4,390.3
4,394.5

July
August.

2,252.1
2,252.1

171.7
167.6

6.7
4.4

113.0
108.7

316.0
320.1

1,548.5
1,555.8

4,393.7
4,391.1

.

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

1/
2/
3/

4/

«

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

.

,.

October I960

65
,

MONETARY STATISTICS

Table 5.- Seigniorage
(Cujnulative from January 1, 1935 - In millions of dollars)

Sources of seigniorage on silver bullion revalued 1/
End of calendar
year or month

1935
1936
1937
1938
1939

Seigniorage
on cjina
(silver and
minor) 2/

Misc. silver
(incl, silver
bullion held
June 14, 1934

Silver Purchase Act
of June 19,
1934

Newly mined silver 2/

Nationalized
silver
(Proc. of
Aug. 9, 1934)

Proclamation
of Deo. 21,

1933

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

48.7
48.7
48.7
48.7
48.7

226.2
302.7
366.7
457.7
530.7

34.7
34.7
34.7
34.7

16.8
36.0
58.0
74.9
87.3

562.7
580.4
584.3
584.3
584.3

34.7
34.7
34.7
34.7
34.7

87.6
87.6
87.6
87.6
87.6

25.7
48.3

245.7
299.6
362.3

48.7
48.7
48.7
48.7
48.7

429.5
491.9
520.5
559.2
578.7

48.7
48.7
48.7
48.7
43.7

701.6
832.1
832.1
832.2
833.6

34.7
34.7
34.7
34.7
34.7

1952
1953
1954
1955

596.6
642.3
694.2
742.2
792,9
807,0

48.7
48.7
48.7
48.7
48.7
48.7

833.7
833.7
833.7
833.7
833.7
833.7

34.7
34,7
34.7
34.7

1956
1957
1958
1959

839.6
890.3
932.0
981.6

48,7
48,7
48,7
48.7

833.7
833.7
833.7
833.7

18.5

46.1
63.7
69.5
91,7

1940
1941
1942
1943

122.2
182.1

1944

,

1945
1946

,

,

1947
1948
1949

,

,

1950
1951

1960- January,
February,

March,,,,

986.0
991.0
997.5

833.7
833.7
833.7

Apr 1 . . ,
May
June p,,,

1,002.4
1,006,7
1,009.8

833.7
833.7
833.7

July p,..

1,011.5

-

Source:

48.7

833.7

34.5

274.9
397.5
541.6
758.8
950.6

63.6
65.3
65.4

759.4
799.7
818.9
820.6
820.7

1,055.8
1,089.0
1,048.2
967.3
717.3

87.6
87.6
87.6
87.6
87.6

65.5
66.5
74.5
84.6
93.5

938.1
1,069.6
1,077.5
1,087.8
1,098.1

333.2
161.2
146.8
129.9
127.2

87,6
87.6
87.6
87.6
87.6
87.6

104.7
125.4
134.7

1,109.3
1,119.2
1,130.0
1,139.3

U3.8

1,U8.4

111.7
81.9
57.2
34.9
6.6

150.8

1,155.4

M.3

34.7

87.6
87.6
87.6
87.6

155.2
156.4
166.0
167.9

1,159.8
1,161.0
1,170.6
1,172.5

34.7
34.7
34.7

87.5
87.6
87.6

167.9
167.9
167.9

1,172.5
1,172.5
1,172.5

94.0
88.7

87.6
87.6
87,6

167.9
167.9
167.9

1,172.5
1,172.5
1,172.5

88.1
87.4
87.5

87,6

167.9

1,172.5

87.3

34.7

2/

silver certificates.
2/ Total of seigniorage on coins and on newly mined silver, beginning

^

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

326.2
422.1
508.1
616.0
705.6

Bureau of Accounts.

1/ These items represent the difference between the cost value and
the monetary value of silver bullion revalued and held to secure

Total.
seigniorage
on silver
revalued

p

4.2

1M.6

50.0
72.9

lU.O
98.3

83.5

with that for July 1959, is Included under coins; the breakdown is not available after June 1959.
The figures in this column are not cumulative; as the amount of
bullion held changes, the potential seigniorage thereon changes.
Preliminary,

.

,.

Treasury Bulletin

66

.

CAPITAL MOT JMENTS

Data relating to capital movements between the

published will be exactly comparable to those now presented.

United States and foreign countries have been collected
since 1935, pursuant to Executive Order 656O of January I5,
193'*-, Executive Order IOO33 of February 8, 19^9, and

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

monthly.

Information
covering the principal types of data and the principal
countries Is reported monthly, and Is published regularly
In the "Treasury Bulletin."
Supplementary Information 18

Treasury regulations promulgated thereunder.

published at less frequent Intervals.

and claims on foreigners and transactions In long-term
securities by foreigners, and present detailed breakdowns
of the latest available preliminary data.

Reports by banks,
Section IV provides supplementary data in six tables

bankers, securities brokers and dealers, and Industrial
and commercial concerns In the United Statee are made
Initially to the Federal Reserve Banks, which forward
Beginning April
consolidated figures to the Treasury.
19511,

which appear at less frequent Intervals. Table 1, shortterm foreign liabilities and claims reported by nonflnanolal concerns.

data reported by banks In the Territories and

possessions of the United States are Included
published data.

April, July,

published quarterly In the January,

Is

and October Issues of the Bulletin.

Table

2,

long-term foreign liabilities and claims reported by
banks and bankers, and Table 3. estimated gold reserves

In the

and dollar holdings of foreign countries and International
Institutions, are published quarterly In the March, June,

The term "foreigner" as used In these reports covers

all Institutions and Individuals domiciled outside the
United States and Its Territories and possessions, the

September,

official Institutions of foreign countries, wherever
such institutions may be located, and International

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

"Short-term" refers to original maturiorganizations.
ties of one year or less, and "long-term" refers to all
other maturities. A detailed discussion of the reporting
coverage, statistical presentation, and definitions
appeared In the June 195^ Issue of the "Treasury Bulletin,"
As a result of changes In presentation
pages '*5-'t-7.
Introduced In that Issue, not all breakdowns previously

Section

I

-

and December Issues.

Table

foreign credit

U,

and debit balances In brokerage accounts,

appears semi-

Summary by Periods

Table 1.- Net Capital Movement Between the United States and Foreign Countries
(In millions of dollars; negative figures indicate a net outflow of capital from the United States)

Analysis of net capital movement

Calendar year
or month

Net
capital

movement

Changes in claijos on foreigners

Changes in liabilities to foreigners

Total

Short-term
banking funds

Total

Short-term
banking funds

626.7
46.6
27.8
210.7
-113.1
-334.2
-89.1
-192.2
75.2
944.4

1,591.9
90.1
66.4
21.7
-109.7
-50.4
-201.7
-164.6
218.6
-221.6

736.3
97.5
-11.3
-71.8
-63.1
-315.5
-240.7
-69.8
190.3
-76.2

-447.5
-298.2
72.0
-782.4
-192.4
-908.3
-975.8
-1,705.2
-831.0

Transactions in
domestic securities

1935-41
1942
1943
1944
1945
1946
1947
1948
1949
1950

5,253.2
622.6
1,273.5
452.8
1,056.6
-803.0
345.5
244.7
193.8
1,749.6

3,661.3
532.5
1,207.1
431.1
1,156.3
-752.6
547.2
409.3
-24.8
1,971.2

3,034.6
485.9
1,179.3
220.4
1,279.4
-418.4
636.2
601.5
-100.0
1,026.8

1951
1952
1953
1954
1955
1956
1957
1958
1959

-374.3
1,260.6
1,162.8
637.1
1,175.0
536.5

73.1
1,558.8
1,090.9
1,419.5
1,367.3
1,494.7
360.9
998.1

657.4
1,243.9
1,102.4
1,270.2
682.1
1,338.4
219.1
1,000.8
3,228.4r

-584.3
314.9
-11.5
149.3
685.2
156.4
141.8
-2.7
1,121.6

127.6
77.3
85.1

-67. 8r
.136. 8r

142.5
-52.9
81.2

-6M.9

1960-January.
February
March.
.

.

April
May
June

July p..
August p.

p Preliminary*.

-707. ir
3, 519. Or

4 350. Or

62. 6r
35. 2r
108 .4r

172.0

2,8r
94.7

274. 6r

189. 4r

289. Or
274. 3r
183.9

320. 6r
273. 8r

178. It
326. 7r

335.7

254.5

-39. 8r

290. 2r
371.2

302 .9r

277.7

130, 4r

499.1

-12.7
-127.8

Transactions in
foreign securities
855.5
-7.4
77.7
93.5
-46.6
265.1
39.0
-94.8
27.8
-145.4

-70.5
-80.3
144.2
-482.0
-162.0
-397.2
-253.7
-342.6
-81. 3r

-377.0
-217.9
-72.2
-300.4
-30.4
-511.1
-722.1
-1,362.5
-749.7

-166 .2r

-77. 2r
20. Or
-47. 2r

9.4
-156.3
-119.0

-31.6r

20.4r

.4r

16. 3r

-151.8

-73.9

-52.0
-16.4
-77.9

-329. 9r
-93.5

-287. 7r
-68.5

-42.2
-24.9

...

L

..

October 1960

67

.CAPITAL MOTE^4ENTS.

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

Short-term liabilities to foreigners
End of calendar

year or month

Foreign
official

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

7,116.4
7,718.0
7,618.0
8,644.8
9,302.2

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

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

10,546.1
11,648.4
12,918.6
13,600.7
14,939.1

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

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

15,158.3
16,159.1
19,387.5r

7,916.6 1/
8,664.9
9,145.1

19,390.3r
19,485. Or
19,674.4r

April
May
June

19,852.5r
20,179. 2r
20,433.7

July p...
AugQStP.

20,736.6r
21,235.7

,

,

,

1952
1953
1954
1955
1956

,

1957
1958
1959

1960-January.
February.
March.
.

.

Payable in dollars

Payable in
foreign
currencies

International

2,244.4
3,320.3
3,335.2
4,179.3
3,043.9

,

1947
1948
1949
1950
1951

1/

Other
foreign

4,205.4
5,374.9
5,596.8
6,883.1
6,480.3

19*2
1943
1944
1945
1946

Short-term claijns on foreigners

Payable in dollars

Loans to
foreign banks

Other

Payable in
foreign currencies
30.9
34.4

473.7

13.9
17.9
21.6
25.5
40.6

246.7
257.9
329.7
392.8
708.3

72.0
86.4
105.4
100.3
319.6

143.7
137.2
169.7
245.0
290.5

2,262.0
1,864.3
1,657.8
1,527.8
1,641.1

49.7
70.4
51.0
44.9
72.2

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

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

48.8

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

122.9
155.5
206.5
328.1
405.4

847.5
646.5
969.0
1,056.5
1,390.8

78.
101.
211.
163.
149.

5,665.3 1/
5,890.8
7,007. It

1,517.3
1,544.0
3,158.1

59.0
59.4
77.2

2,199.4
2,542.0
2,623.3r

385.5
439.4

1,666.5
1,904.9

497. 6r

1,908. 5r

147.3
197.7
217. 2r

8,896.3r
e,871.2r
8,999.4r

7,300.1r
7,272.3r
7,313.7r

3,137.7
3,285.3
3,299.6

56.3
56.3
61.6

2,700.5r
2,680.5r
2,727.7r

519. 7r
490. 4r
474. 8r

l,971.4r
l,996.5r
2,045.3

209. 3r
193. 6r

9,197.9r

3,233.4
3,357.5
3,314.9

64.9
67.5
75.8

2,707.3r
2,690.5r
2,764.5

484. 4r
486. 9r

2,005.2
l,979.2r
2,011.4

217. 7r
224. 5r

9,572.1

7,356.4r
7,507. 2r
7,470.9

9,723.1
10,137.8

7,606.3r
7,550.1

3,331.6
3,464.3

75.6
83.4

3,052.2r
3,120.8

486. 5r

9, 247. Or

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

473.2

2,172.3r
2,219.0

493.0

54.6
47.5
98.1

165.4
100.4
110.8
240.6
91.8

207.6r

279.9
393. 3r

408.8

Prelinrinary.

Revised.

Table 3.- Purchases and Sales of Long-Tenn Domestic Securities by Foreigners
(In millions of dollars; negative figures indicate a net outflow of capital from the United States)

Calendar
year or
month
1935-41
1942
1943
1944
1945

Sales
396.8 3/
154.2
241.3
513.6
377.7

492.4 3/
138.5
170.6
268.2
393.4

1946
1947
1948
1949
1950

414.5
344.8
282.4
430.0
1,236.4

684.2
283.3
330.3
333.6
294.3

1951
1952
1953
1954
1955
1956
1957
1958
1959

673.6
533.7
646.0
800.9
1,341.1
883.4
656.1
1,223.9
1,214.1

1,356.6
231.4
728.0
792.7

i960-Jan
Feb
March.

103.9
119.5
112.7

April.

May
June . .

July p.
Aug. p.

1/

17

Corporate and other

U. S. Government bonds
and notes 1/

Bonds 2/

Net
purchases
-95.7 3/
25.7

70.7
245.3
-15.7

Net
purchases

K

K
2/

2/

2/

^/
2/

K

K
K
2/

Sales

Net
purchases

Total
purchases

Total
sales

Net purchases of
domestic
securities

430.2 3/
96.4
151.6
136.9
260.2

841.6 3/
75.5
194.5
171.4
357.7

-411.4 3/
20.9
-43.0
-34.5
-97.4

9,322.1
260.5
392.9
650.4
637.9

8,695.3
214.0
365.2
439.7
751.0

625.7
46.5
27.8
210.7
-113.1

432.1
376.7
514.1
375.3
654.0

-64.5
-150.6
-144.3
-21.2
2.9

782.1
570.9
652.2
784.1
2,011.1

1,115.3
659.9
844.4
708.9
1,065.6

-334.2
-89.1
-192.2
75.2
944.4

2/
107.7

108.3

-.6

367.6
226.1
369.7
354.1
666.9

36.3
685.1

120.0
200.1
212.8
2»).7
324.7
287.1
310.2
361.4
368.8

141.5
188.5
197.4
283.6
296.0
251.8
258.9
344.0
296.2

-21.6
11.7
15.3
6.1
28.7
35.3
51.3
17.3
72.6

739.8
650.2
589.1
1,115.1
1,561.2
1,619.5
1,306.4
1,397.3
2,224.4

619.5
549.2
533.9
980.2
1,433.7
1,363.5
1,163.8
1,453.6
1,851.5

120.3
1.0
55.2
135.0
127.5
256.0
142.6
-55.3
352.9

1,533.3
1,384.0
1,447.9
2,205.7
3,227.0
2,790.0
2,282.8
2,982.5
3,807.3

2,117.5
1,069.0
1,459.4
2,055.4
2,541.8
2,633.5
2,141.0
2,985.2
2,585.7

-584.3
314.9
-11.5
149.3
685.2
155.4
141.8
-2.7
1,121.6

53.5
87.8
70.3

50.4
31.5
42.3

29.8
36.8
42.4

24.3
25.4
28.8

5.5
11.4
13.6

199.3
157.4
155.1

127.6
123.1
125.9

71.7
34.3
29.2

333.0
313.7
311.2

205.4
236.4
225.1

127.5
77.3
85.1

182.8
165.9
198.4

35.7
241.4
169.5

97.1
-75.5
28.8

34.7
40.5
41.1

23.0
24.0
34.9

11.7
16.5
6.2

155.9
164.8
231.3

122.1
158.7
185.2

33.8
6.1
45.1

373.4
371.2
470.7

230.8
424.1
389.5

142.5
-52.9
81.2

48.0
60.5

57.6
184.4

-9.5
-123.9

35.0
40.3

37.4
47.8

-2.3

153.1

153.9

-.8

-7.5

142.8

139.2

3.6

236.1
243.6

248.8
371.5

-12.7
-127.8

812.

1,018.3
718.3
1,187.6
528.0

-269.7
61.5
-47.9
96.4
942.1
-683
302
-82

8
529
-135
-52.1

Through 1949, includes transactions in corporate bonds.
Through 1949, included with transactions in U. S. Government
bonds and notes.

2/

2/
1/

2/

3/

January 4, 1940, through December 31, 1941; the breakdown between
stocks and bonds is not available for earlier years,

p

Preliminary.

,

.
.

Treasury Bulletin

6g

I

.

Section

CAPITAL MOTIMENTS
I

-

Sunmary by Periods

Table 4.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(Id millions of dollars; negative figures Indicate a net outflow of capital from the United States)

Foreign stocks

Foreign bonds
Calendar year
or month

1935-41
1942
1943
1944

Net

Net

purchases

purchases

Total
purchases

Total
sales

Net purchases
of foreign
securities

3,152.6
227.9
391.9
247.4
402.1

855.5
-7.4
77.7
93.5
-46.6

19.8

3.5

22.1
54.8

4.5
-17.5

4,008.2
220.5
469.6
340.9
355.4

65.6
42.6
96.7
70.8

821.2
715.9
293.3
410.1
753.0

556.1
676.8
388.2
382.3
908.4

265.1
39.0
-94.8
27.8
-1A5.4

n. a.

n. a.

n.a.

n. a.

1945

318.1

372.2
225.3
347.3

74.2
89.0
-29.2

1946
1947
1948
1949
1950

755.9
658.7
211.6
321.2
589.2

490.4
634.3
291.4
311.5
710.2

265.5
24.5
-79.8
9.8
-121.0

88.8
173.8

198.2

-.4
14.6
-15.0
18.0
-24.4

1951
1952
1953

500.4
495.3
542.5
792.4
693.3
606.5
699.0
889.0
945.6

801.0
677.4
521.5
841.3
509.4
991.5
1,392.0
1,915.1
1,457.6

-300.6
-182.1
-79.0
-48.8
183.9
-385.0
-693.1
-1,026.1
-512.0

272.3
293.9
310.1
393.3
663.6
749.2
592.8
467.2
566.1

348.7
329.6
303.4
644.9
877.9
875.2
621.9
803.7
803.8

-76.4
-35.8
6.8
-251.6
-214.3
-126.1
-29.1
-336.4
-237.7

772.7
789.1
852.7
1,185.8
1,356.9
1,355.7
1,291.8
1,356.2
1,511.7

1,149.7
1,007.0
924.9
1,486.1
1,387.3
1,865.8
2,014.0
2,718.8
2,261.5

-377.0
-217.9
-72.2
-300.4
-30.4
-511.1
-722.1
-1,362.5
-749.7

57.5
76.7
56.9

58.7
238.1
174.0

-1.2
-161.4
-117.1

55.5

41.1
42.4

45.0
36.4
44.2

10.6
4.6
-1.8

113.0
117.8
99.2

103.6
274.5
218.2

9.4
-156.8
-119.0

75.5
58.5

83.7

-33.2
-28.4
-58.5

40.5
57.7

June

106.7
86.9
142.1

59.3

May

50.2

45.7
69.6

-18.8
12.0
-19.4

116.1
116.2
133.8

168.0
132.6
211.7

-52.0
-15.. 4
-77.9

45.1
36.8

76.2
48.5

-31.1
-11.7

34.5
34.7

45.6
47.9

-11.1

79.6
71.5

121.8

-42.2

95.4

-24.9

446.4

3U.3

1954
1955
1956

1957
1958
1959
1960-January.
February.
March.
.

.

April

July p.
August p.
.

n.a.
p

Not available,
Preliminary.

23.3
26.6
37.3
65.2
57.1

81.7

-13.2

1

,

October I960

69

.CAPITAL MOVHUERTS.

Section II - Summary by Countries
Table 1.- Short-Term Banking Liabilities to Foreigners

V

(Position at end of period in millions of dollars)

Calendar year

Country
1958
Europe:
Austria

Belgium
Czechoslovakia
Denmark
,,.,,,,
Finland

France
Germany, Federal Republic of.,
Greece
...,,
Italy
Netherlands
,,,
Norway
Poland
Portuga
Rumania
Spain

296.4
116.9
.5

65.5
53.2
626.2
1,834.5
177.4
929.6
133.7

66.6
3.3
137.0

„

.9

43!2

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

217.2
835.8
20.4
.8

1,012.1

Yugoslavia
Other Europe

17.0
276.9

Total Europe

864.9

Canada
Latin America:
Argent ina
Bolivia
Brazil
Chile
Colombia

U5,7
28,6
224.7
90.6
152.9

,

Cuba

Dominican Republic
Guatemala
Mexico
,
Netherlands Antilles and
Surinam
,

211.5
68,2
63,7
433,0

68,6

Panama, Republic of
Peru
El Salvador
Uruguay
Venezuela
Other Latin America

109,3
83,6
25,5
73,3
455.5
111,2

Total Latin America

2,345.7

Asia:
China Ma inland
Kong Kong
India
Indonesia
Iran

Israel
Japan
Korea , Republic of .
Philippines
Taiwan

35.5
66.2
76.5
185.7
19.7

45.0
,

1,016.5
99,4
272,4
60,5

Thailand
Other Asia

148,3
389.3

Total Asia

2,415,1

Other countries:
Australia
,
Congo, Republic of the 2/
Egyptian Region - U.A.R. J/...
Union of South Africa
All other
,,,,
Total other countries,,.

International
Grand total.

84,2
44.2
50.3
52.9
114.2

1959

February

April

May

July p

August p

..

,
,

2

.

70

Treasury Bulletin
.CAPITAL MOVIMENTS.

Section II - Summary by Countries
Table 2.- Short-Term Banking Claims on Foreigners
(Position at end of period in millions of dollars)

Calendar year

Country
1957

1956
Europe:
Austria

6.7
28.1

Belgium
Czechoslovakia,
Denmark
Finland
France
Germany, Federal Republic of,
Greece
,
Italy
Netherlands

Norway
Poland
Portuga 1
Rumania
Spain

,,.,,..,

,.,,..,.,,..

.1

12,2
3.5

10.7
4.1

18.3
157.0
4.3

1U.4
U0,0

A3.

20,9
23.4
1,6

7,6

.

.

104.4

97.5

.3

.2

6.3

Tota 1 Europe

,

567.5

Canada

157.3

Latin America:
Argentina
Bolivia,,.
Brazil, ,
Chile
Colombia..

15.4
4.3
72.1
16,2
145.1

Cuba

Dominican Republic
Guatemala
Mexico
,
,,,..,.
Netherlands Antilles and
Surinam

23.4
3.6
2.0
»
8.1
10.2
34.5
76.2

.

.

6.3
56.3
29.4

28.9
87.6

13.1

Yugoslavia
Other Europe.
,

6.4
24,5

,2

,

Sweden
Switzerland.
Turkey
0,S.S.R
United Kingdom,

1959

89.8
6.8
7.3
212.9

653.6

28.3
3.2

99.5
32.6
103.2
113. Ir

U.7
7.8
231.0

4.9

2.3

12.2

18.5
30.8
8.4

Panama, Republic of.
Peru
El Salvador
Uruguay
Venezuela ,,,
Other Latin America.

34.7
10,9
14.9
143.9
49.2

41.7
169.9
51.0

Total Latin America,

840.4

955.8

2.5
3.8
5.7

2.5
6.9
5.6

Asia:
China Mainland.
Hang Kong
India

Indonesia
Iran
Israel
Japan
Korea, Republic of,
Philippines
Taiwan

Thailand
Other Asia

.3

.2

20.1

21.7

16.4
170.2

5.5

23.6
145.6
1.6
52.9
5.7

9.0
87.5

13.7
106.1

,7

15.6

386.1

Other countries:
Australia
Congo, Republic of the 1/', ,
Egyptian Region - U,A.R. 2/,
Union of South Africa
All other
Total other countries.

10,6
5.9

2.0
7.9
16,7

12.7
5.1
1.0
12.0
18,9

43.0

49,7

International,
Grand total.

1,945.7

February

April

Uay

July p

.

.

...

.

.

,

October i960

n
.

Table 3

-

CAPITAL MOTEMENTS

Section II - Sunmary by Countries
Net Transactions In Long-Term Domestic Securities by Foreigners

(In thouGands of dolla rs; negative figures Indicate net salea by foreigners or a net outflow of capital from the United Sti tea)

Calendar year

1960

Coiintry

1958

February

1959

Europe;

Auotrla
BelgluB
Czechoslovakia
Denmark
Finland
France
Germany, Federal Republic of.
Greece
Italy
Netherlands

If*

70
5,897

-37

678
-4,476

57,037
200

9,543
3,012
61
672
39,416

5,235
1,337
-5,715
1,871
-7,645

62,303
22,749
276
6,937
38,327

9,579
2,922
20
3,435
-5,542

1,603

19,046
37
4,494

18,303
-26
2,109

211

1,001

-651

-2,249

24,196
-9
2,415
-17
-517

-47
233,939

6,111
98,302
79

4,339
-32,303

92,384
265,643

-21,483
33,056

36

391

13

7,659

79,027

-12,228

U3,358

15,247

-120,635
6,596

-5U
422
-42, -W?

37,977

Norway
Poland
Portngal
Rumania

-6
9,886

-1,018
-4,795

25,355
118
-1,196
-59

6

-702

-U

Spa In

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

.

Yugoslavia
Other Europe.

.

120
10,340

-165
23,161

-26
-3,624

23,644

Total Europe.

.

161,019

291,273

-40,197

745,282

-123,507

-8,357

-202,213

80,696

281
-333
-623
-2,601
410

3,385
169

Latin America:
Argentina.
Bolivia
Brazil
Chile
Colanbla ....

3,066
492
1,832
2,260
1.694

.

Cuba

l,255r
-448
869
963
1,292

2,147
-497
1,094

-8,738
-20
408
2,028

-68,517
232
1,656
2,561

-2,276
379
292
1,321

3,903

3,810

25,546

19,538

524

El Salvador
Uruguay
Venezuela
Other Latin America.

-1,789
670
-57
3,724
3,769
-264

-726
-879
-181
-2,533
-1,210
917

2,912
1,449
-256
8,841
-1,227

Total Latin America.

33,859

-46,000

46,785

18,454
1,044
1,156

Panama
Peru

,

Republic of

257
124
4,185
1,483
125

9,5U

Asia:

China Mainland
Hong Kong
India
Indonesia.
Iran
Israel
Japan
Korea Republic of
Philippines
,

Taiwan

-2

153
5,524
49
-14,777
117

219
-2,335
-453
85

-403
4,231
-1,389
58

94

174

186

706
1,096

-181
-1,694

91
-572
-2
-1,993
-1,091

1,281
981
22

-1,357

15

2

207
-438

-756
-493

505

Thailand
Other Asia

154

545

6,048

9,577

58
3,542

-369
21,035

Tot«l Aala

-1,U6

4,610

2,704

42,936

191

-174
60
77
441

150
-48

-213
287

4,1W

3,U9

-786

-323
45
44
187
18,881

4,381

3,553

-450

18,834

81,745

-157,420

283,453

187,023

156,351

141,776

-2,703

1,121,556

Other comrtries:
Australia
Congo, Republic of the l/...
Egyptian Region - U.A.R. 2/.
Union of South Africa
All other
Total other countries.

International
Qrgnd total

.

, ,

2

105
129

-29

-2

9,087
778
-29
4,723

Dominican Republic
Guatemala
Mexico
Netherlands Antilles and
Surinam

-156
-1,007

1

-11

March

April

Uay

July p

I

Treasury Bulletin

72

|

.CAPITAL MOVEMENTS.

Section II - Summary by Countries
Table 4.- Net Transactions In Long-Term Foreign Securities by Foreigners
(In thousands of dollars; negative figures Indicate net sales by foreigners or a net outflow of capital from the United States)

Calendar year
Country

1957

1956
Europe:
Austria

Belgium
Czechoslovakia
Denmark
Finland

5,955
-13
3,';i6

2,2CE

France
Germany, Federal Republic of
Greece
Italy
Netherlands

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

Norway
Poland
Portugal
Rumania
Spain

-1,631

Sweden
Switzerland
Turkey
U.S.S.R
United Kingdom
Yugoslavia
Other Europe
Tota 1 Europe

Canada

Latin America:
Argent ina
Bolivia
Brazil
Chile
Colombia
Cuba
Dominican Republic
Oufttemala

Mexico
Netherlands Antilles and
Surinam

1958

2,402
602

-18,018
21,299

3,387
288

-3
3,256
5,102

17,602

203,837
885
4,585
-8,641

18,912
99,082
-912
7,345
-234,089

9,065
-4
358
-5
66

-16,325
-7
3,513

495
19,594

519
27,904
17

691
92,200
-16

-59,218

3.909

-27,801

-250
-648

35

24
-26,268

3

M7
390

-35,745

8,4U

231,066

-447,162

-552,227

-144
21
6,262
-62
1,961

-370
292
8,697
913
3,339

2,868

806
-350

-57

-543,274
-442

69
4,979
812

2,421
-152

-80
-60
17,060

42
-68
8,067

13,488

3,356

176

1,547

2,875
-974

106

-U

Panama , Republic of
Peru
El Salvador
Uruguay
Venezuela
Other Latin America

580
-2,055
-5,554

-72
-1,642
-8,045
95

-13,669
-443
-703
3,532
253
-10,266

Total Latin America

17,184

15,109

4,858

70
3,205
-331

-103

8

M,490

28,318
-50
42
1,015

Asia:
China Ub inland
Hong Kong
India
Indonesia
Iran

Israel
Japan
Korea Republic of
Philippines
Taiwan

9

W3
19

-2,310

72
-5

677

-46,677
598

245
450

10
659
-25

-693
-52

Thailand
Other Asia

1,308
8,071

-525
-9,874

-185
-27,167

Total Asia

-39,962

-45,188

-44,843

-23,709

6,051
283
-308
5,633
1,221

-44,434
-16,099

-53,088
-54

,

Other countries:
Australia
Congo, Republic of the 1/
Egyptian Region - U.A.R. 2/.
Union of South Africa
All other
Total other countrieo
International
Grand total

8
-1
469
6,805

-50,564

-16,428

12,880

-33,130

-383,783

-511,084

-722, U3

-66,917
-22,175

.

..

October 1960

73

.CAPITAL MOVIMEBTS.

Section III - Preliminary Details by Countries
Table 1.- Short-Term Banking Liabilities To Foreigners as of August 31, 1960
(Position in thousaiids of dollars)

Short-term liabilities payable in dollars
Total
shortterm
llatllltlea

Country

To foreign banks and official Institutions
U. S.

Deposits

Treasury
bills and
certificates

Short-term
liabilities
payable

To all other foreigners

Other

Deposits

U. S.

in

Treasury
bills and
certificates

foreign
currenc ies

Europe:

Austria

203,323
165,755
1,271
52,647
49,032

Belgium.
Czechoslovakia.

Denmark
Finland
France
Germany, Federal Republic of.

Greece
Italy
Netherlands
Norway
Poland
Portugal
Rumania
Spain
Sweden,

Switzerland
Turkey
U.S.S.R
United Kingdom.
TugoBlavla
Other Europe

.

.

.

Total Europe
Canada
l^tin America:
Argentina. .
Bolivia
Brazil
Chile

726, 337
2,868,004
74,905
1,126,506
355,435

201,881
97,336

176,523
75,174

891

891

44,042
47,523
666, 391

2,843,471
61,381
1,093,465
329,645
50, 375
5,636
46,774
805

6,190
5,901

19,168
16,261

26,606
10,614

16,300
29,000

259,857
190,865
20,679
136,466
106,383

1,136
7,909

1,437
68,120
380
8,565
1,509

1,434
40,489
380
7,951
1,509

374,698
2,313,000
40,500
811,110
172,238

31,836
339,606
202
145,889
51,024

57, 531

23,765
13,514
33,022
25,026

2,242

2,663
687
2,046

126,930
110,109

27,298

501

113

50,025
19,331
13,514
26,194
17,845

3,548
1,965

3,958
2,469

5,262
4,861

1,566
2,320

32,999
310
38,303
406
17,448

1,359
17

329

50

1,631

627

34,687
327
39,984
406
17,937

61

428

63,436
293,267
40
123
65,005

7,442
138,888
2,727
358
307,355

6,813
73,326
2,704
358
145,724

428
23,550
3

201
42,012
20

76,756

84,875

151

587

85,174
5,963
86,832
1,211
132,084

U4,052

45,470
4,949
44,728
805
113,425

249,793
819,865
14,091
2,253
1,791,681

242,341
674,903
11,364
1,895
1,428,621

51,975
271,527
11,324
1,772
974,087

10,340
359,626

9,753
345,920

9,602
54,734

145,626

145,560

587
13,591

7,883

1,043

4,665

9,182,128

8,318,465

2,588,456

4,543,373

1,186,636

797,158

505,533

119,737

171,888

2,707,155

2,438,859

1,862,715

549,785

26,359

259,054

196,284

40, 540

22,230

393,246
19,826

130,925
4,776
39,480
89,054
94,205

156,200

34,821
6
3,185
3,441

22,006

67,955
14,897
121,980
38,814
57,862

29
2,446
293

200

69,818
15,044
133,639
39,449
58,738

201

75

1,662
118
9,213
342
797

3,179
63

886
73
6,370
2,379
12,933

76,979
21,359
16,841
133,644
40,757

70,670
19,877
16,121
129,884
13,976

2,777
224
110
975
1,566

73,665
36,001
16,194
24,203
150,169
63,836

4,042

1,875
1,190
985

35,657
2,920
102
6,724
5,131
11,147

18, 584

105,984

389, 529

Colombia

131,955
175,149

321,946
4,782
42,740
92,495
116,411

Cuba
Dominican Republic
Guatemala
Mexico
Netherlands Antilles & Surinam.

111,329
35,715
36,783
399,094
89,856

34,244
14,356
19,942
265,146
49,099

30,179
14,220
13,072
262,717
27,283

Panama, Republic of

132,749
77,315

19,385
37,836
6,252
20,948
250,772
203, 594

16,608
37,612
6,142
19,973
249,206
83,077

109,993

10, 524

113,364
39,478
16,302
32,802
156,490
75,968

279,143

102,276

1,040,672

916,104

197
8,512
12,473
21,953
659

6,322
26,939
11,549
2,435
3,972

6,309
25,569
11,549
2,435
3,972

17,659
84,816

3,745
15,146
1,703
19,223
6,542

.

3

333

176, 459

500
50

8,883

79

255
296
50

147
6,133

Peru
El Salvador
Uruguay
Venezuela
Other Latin America

407,262
280,348

Total Lat in America

2,543,391

1,499,948

1,118,529

35,225
58,499
51,400
163,957
26,814

28,903
31,538
39,036
161,522
22,842

28,706
23,026
21,079
71,215
22,183

72,252
,627,166
143,697
219,372
88,686

67, 547

,610,805
141,994
199,828
81,729

29,226
867,344
109,494
152,202
79,076

20,662
658,645
32,500
40,058
10

7,568
2,643

3,746
15,599
1,703
19,516
6,957

Thailand
Other Asia

163,367
302,312

160,397
275,326

20,827
126,697

130,122
96,263

9,448
52,366

2,970
26,433

2,970
25,177

Total Asia

2,952,747

2,821,467

1,052,098

218,294

128,141

124,340

94,747
27,391
40,153
32,285
191,337

91,574
26,418
39,295
27,837
166,543

57,300

128,687

35,153

2,759
647
216
320
2,703

3,032
969
856
3,650
23,984

2,697
969
856
3,650
21,236

366

385,913

351,667

231,952

113,070

6,645

32,491

29,408

441

3,464,342

3,464,150

274,005

3,190,145

192

162

30

21,235,676

18,894,556

7,626,732

9,727,614

2,257,708

1,771,831

180,466

'.

22, 554

53,751

557
6

6,054
1,186
670
3,613
20,648

Asia:

China Mainland
Hong Kong
India
Indonesia
Iran

Israel
Japan
Korea, Republic of.
Philippines
Taiwan

Other Countries:
Australia
Congo, Republic of the i/..
Egyptian Region - U.A.R.2/.
Union of South Africa
All Other

Total other countries.
International
Grand total

31,515
25,771
18,462

5,484
68,354

20,617

27, 517

1,540,210

13

195

1,175

1

273

278
350
1,138
1,134

2,667

260

2

.

Treasury Bulletin

7*
.

CAPITAL MOTMENTS

Section III - Preliminary Details by C!ountrie8
Table 2.- Short-Term Banking Claims on Foreigners as of August 31, 1960
(Position in thousands of dollars)

2/

Formerly Belgian Congo,
Data on claims on the Syrian Region - U.A.R. are not available
aeparately, but are included In "Other Asia.*

October I960

1

.

,

76

Treasury Bulletin
.CAPITAL MOVEMENTS.

Section IV - Supplementary Data by Countries
Table 1.- Short-Term Liabilities to and Claims on Foreigners Reported by Nonflnanclal Concerns
(Position at end of period in thous.'inds of dollars)

Liabilities to foreigners 2/
Country

Europe:

Austria
Belgium
Czechoslovakia.
Denna rk
Finland

France

3,232
27,130
203
1,282
802

.,.,,..,....,.,

CSermany, Federal Republic of,

Greece
Italy
Netherlands

Norway
Poland
Portuga
Rumania .,,,
Spain

,

40,595
50,913
1,178
9,691
30,701
15,364
3

,
,

Sweden
Switzerland, ,,
Turkey
,,,
U.S,S,R
United Kingdom.
Yugoslavia
Other Europe,,

Total Europe,,,

,

581
181
7,640

16,979
17,853
1,788
270
75,753

260
1,042

303,441

27,063
Latin America:

Argentina.
Bolivia,,,
Brazil,,,,
Chile
Colombia,,

9,921
1,134
16,

U9

2,957
3,372

Cuba
Dominican Republic,.,
Guatemala
,,....,
Mexico, , ,,,,,.,,,,,,,
Netherlands Antilles
and Sxirinam,,,.,,,,,

7,924
868
376
3,998

Panama, Republic of,
Peru,,,,,,,,,,,,,,,,
El Salvador
Uruguay, , ,,,,,,,,,,,
Venezuela
Other Latin America.

7,606
2,221
79
4,565
11,635
5,134

Total Latin America,

81,702

Asia:
China Mainland,

Hong Kong
India
Indonesia
Iran
Israel,,,,,,, .,..,,
Japan. ,,,,,,,,,,,,,
Korea, Republic of,
Philippines,,,, ,,,,
Taiwan
,,,,,

3,763

1,077
3,832
6,914
2,257
3,560
1,549
13,623
366
6,196
917

Thailand
Other Asia

1,303
4,044

Total Asia

45,638

Other countries:
Australia,,,,,,
,
Congo, Republic of the 2/,
Egyptian Region . u, A. R.
Union of South Africa
All other, ,,,,,,,,,,,,,,,,
Total other countries.
International

Grand total.

14,818
465
935
4,540
4,738

25,496

i/

October i960

77

.ClMDLAnVE TABLE OF COHTEiniS.
November 1959 through October 1960
Issue and page number

1959

1960
Jan.

Reporting bases.

Articles:
Treasury financing operations.

Summary of Federal fiscal operations.

Feb.

Apr.

May

July

Aug.

Sept.

II

II

A-1

A-1

A-1

A-1

A-1

1

1

1

1

1

8
9
10

9
10

II

Budget receipts and expenditures:
Receipts by principal sources..
Detail of miscellaneous receipts by major categories
Interfund transactions excluded from both net budget receipts
and budget expenditures
Expenditures by agencies
Summary of appropriations and authorizations, expenditures,
and balances, by agencies
Expenditures and balances by functions

Trust account and other transactions:
Summary of trust account and other transactions
Trust account receipts
Trust and deposit fund account expenditures
Net Investment by Government agencies in public debt securities...
Net redemption or sale of obligations of Government agencies In
the market
Federal Old-Age and Survivors Insurance Trust Fund
Federal Disability Insurance Trust Fund
Railroad Retirement Account
Unemployment Trust Fund
National Service Life Insurance F\md
Investments of specified trust accounts in public debt securities,
by issues (latest date June 30, 1960)
Cash income and outgo:
Summary of Federal Government cash transactions with the public...
Summary of cash transactions through Treasurer's account
Derivation of Federal receipts from the public, and reconciliation
to cash deposits in Treasurer s account
Derivation of Federal payments to the public, and reconciliation
to cash withdrawals from Treasurer e account
Intragovemmental transactions
Accrued interest and other noncash expenditures
,
Derivation of Federal net cash debt transactions with the public,
and reconciliation to transactions through Treasurer's account....
'

'

Account of the Treasurer of the United States:
Status of the account of the Treasurer of the United States.
Analysis of changes in tax and loan account balances
Debt outstanding:
Summary of Federal securities
Computed interest charge and rate on Federal securities
Interest-bearing public debt
Average length and maturity distribution of marketable
interest-bearing public debt
Special public debt issues to U. S. Government investment accounts
Treasury holdings of securities Issued by Government agencies
Interest-bearing securities issued by Federal agencies but not
guaranteed by the U. S. Government

Statutory debt limitation

8
8

9
10

8
9

8
9

10

10

8

9
10

U

U

11
12
13
13

15

15

15

13
13

13
13

18
18

13
13

13
13

19

14

U

19

U

14

20
20

15
15

14
15
15

20
20

14
15
15

14
15
15

23
2A

18
19

18
19

23
24

18
19

25
25

20
20
21

20
20
21

25
25
26

27

21
22

28

23

21
22
23

24

26
26

8
8

9
10

12
13
13

18
18

19

8
8

9
10

U

11
12
13
13

29

Public debt operations:
Maturity schedule of interest-bearing public marketable securities
other than regular weekly Treasury bills
Offerings of Treasury bills
New money financing through regular weekly Treasury bills
Offerings of public marketable securities other than regular
weekly Treasury bills
Allotments by Investor classes on subscriptions for public
marketable securities other than regular weekly Treasury bills....
Disposition of matured public marketable securities other than
regular weekly Treasury bills

8
8
9
10

U

18
18

13
13

19

U
U

20
20

15
15

18
19

23
24

20
20
21

20
20
21

26
27
28

21
22
23

21
22
23

29

24

19

9
9
10
11

13
13

14
15

18
18

19

U
14

15

20
20

15
16
16

18
19

18
19

23
24

20

25
25
26

20
20
21

20
20
21

26

21
21
22

26

21

27
28

22
23

21
22
23

26
27
28

22
23
24

25
25

19

26

30
32
34

25

25

30

25

25

25

32

34

27
29

27
29

27
29

27
29

30
32
34

27

27
29

30
32
34

25

27
29

36

31

31

36

31

31

36

31

31

36

33

40

35

35

40

35

35

40

35

35

40

37

43

38

38

43

38

38

43

38

38

43

40

(Continued on following page)

29
31

Treasury Bulletin

78
.CUMOUCTIVE TABLE OF CONTEWTS.

November 1959 through October 1960

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(Continued)

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