Full text of Treasury Bulletin : September 1955

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

LfBRARY
ROOM
JUN
TftEASUffY

50.90

2 3 1972

DEPARTMENT

WEASUMY.
EUlLILETm

SEPTEMBER -1355

UNITED STATES TREflSURV DEPRRTMENT
DFFICE QF THE SECRETBRV

September

19'?'?

Table of Contents

Page
A-1

Treasury financing operations
Sxunmary of Federal fiscal operations

1

Budget receipts and expenditures

2

Trust account and other transactions

6

Treasury cash Income and outgo

10

Debt outstanding and Treasurer's account

15

Statutory debt limitation

19

Debt operations

20

United States savings bonds

26

Treasury savings notes

3^

Ownership of Federal securities

31

Treasury survey of ownership of Federal securities.

33

Treasury survey - commercial bank ownership of
Federal securities

37

•'

Market quotations on Treasury securities

^1

Average yields of long-term bonds

'^•^

Internal revenue collections

^o

Monetary statistics

50

Capital movements

^^

Cumulative table of cfbntents

^7

Note:

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

The Treasury Bulletin l3 for sale by the
Superintendent of DDcuments,
U. 3. Government Printing Office, Washington 25, D, C,
3ub8orlptlon per year $5,25 domestic, $5.25 foreign.
Single copy price varies.

A-l

September 1955

Treasury Financing Operations

Treasury Bills Again Increaeed
New leeuee of weekly bllle In August

total<J<3

refunding |6.Q billion of maturing 91-day bllle and

million of "new money."

This Increase followed a

%.k

billion,

supplying
llJte

%kO0

Increase In

July when the weekly amount issued was raised by $100 million.

Each

offering In August was for approximately |1.6 billion and each
maturity amounted to tl.5 billion.

All but one new issue carry a

91-day maturity; the Issue dated August 25 has a term of 92 days.
The average rates of discount on the new issues
for August

'+;

1

.

869 percent for August 11;

werii

I.850 percent

l.gZfJ

percent

for

August 18; and 1.875 percent for August 25.

Bote:

Ixstalle of Treaaury market financing operatlone are shown

f-Ai-.t-vin-rn

in

thle leeue of the "Treasury Bulletin," In the tables on "ortt,rltni,H" and

"Weposltlon," respectively,

of martetable laeuea of bonda, notee, and

certificates of Indebtedness, and In
Bills."

the

table "Offerings of Treaeur7

.

,

September 1955
SUKWARY OF FEDERAL FISCAL OPERATIONS
(In mllllona of dollare)

Budget receipts and expendlturee

Net
recelpta

apendIturee

u

Surplus,
or
deficit
(-)

2/

Net of
trust
accotmt
and other
transactions

Net
Increase
Clearing
account,
etc. kj

2/2/

Net

Levels, end of period

public
debt, or
decrease

Increase In
Treasurer's
cash balance, or
decrease

(-)

(-)

In

Debt outstanding

Treasurer's
cash
Public
balance
debt

Guaranteed
securities

Total
Federal
securities

Subject to
limitation

FlBCttl years!
19I1Z

311, 0U5

555
98T
635

79,W)7
95,059

W^*?
191^

''75

98,1*16

771

6o,UU8

19^1

786

19W

1.88

39,032
33,069
39,507
39,617
W.,058
65,to8

i9ki
19lt't

23,1*61

-51,1123
-53,9'*1

-1,613
-338
-2,222
791

307
57,679

358
6,515
10,662
It, 529

-20,676

-521*

10, 71*0

10,1*60

2,991
9,507
20,169
2U,698
II*, 238

7511

-1,103

555
-507
366

-11,136

10,930

3,308

-5,991*
1.78

1,621*
-1,1*62

'1,932
3,lt70

5,517
7,357
6,969

-21,1*90
-57,li20

61* ,271*

61*,

90

266,071
271,260

52
Si

-1,8U
-3,122
3,510

99
679

1.83

i.,587

2,01*7

-211*

-11,017

11*7

-1*01

-2,135
3,883

1,839
-388

-250
-303

6,966
5,189
3,115
626

-2,299
2,096
-551

6,766
6,216

-1,216

5,000

275,000

50,232
57,707

6,983
1,751

10,5'*3
12,29'*

108,170
165,877
230,630
278,115

'>95

1953 i/

711,271*

-9,1*1*9

'•35

67,772

-3,117

1955 p

825
655
303

6lt,l.9U

-l*,192

328
269

1956 (Est.)...

IflO

63,832

-1,732

585

081
227
2U6
678
568

57,5112

-I*l,ii6l

89,918
96,896
87,271

-55,691
-53,650

-1,788
-266
-l,l6l

6l*,753

9,91*2

-1*3,591*

-123

1*7,1*811

iii,oeo

-2,512

-1,386

362

-16,966

3,767
-22,502

22,236
26,003
3,502

389
864

37,955
35,623

2,1*3'*

-21*0

-2,2U9

-1*05

3,097

1,111

1*,208

-1*22

-350
-229
-5<H
311

-3,358

wsu

258,286
252,292
252,770
257,357
255,222
259,105

-291*

696

257
-695

'1,670

1133

U76

-1*95

1950
1951
1952

U,568
U,100
1,623

269,1*22

8,1*19

19'»9

568
391

72,1.22

136,696
201,003
258,682

73

27
20
29
1*6

76,991

7'*, 15"*

11*0,796

11*0,1*69

202,626
259,115
269,898

208,077
268,671
268,932

258,376
252,366
252,798
257,377
255,251
259,151

257,1*91
251,5'*2

266,123

265,522
270,790
273,915

271,3'*1
27'*, 1*18

271*, 371.

252,028
256,652
25'*, 567
258,507

Calendar yeara:
igh2
V)>il

I9W
i.9^'?

I9U6
19''T

191^
19^9
1950
1951

199

-1*,100

23I*

'*,331

1.71

8-

-1*23

-1*1*7

'1,679
11,232

256,900
252,800
257,130
256,708

815

-106

2,711

62

'.,295

-5,81*2

-1.1

6,06U

101
739

-1,1.88

'1,577

6U,85li

7,973
7,777
3,582

1,770

-9,157
-3,683

-319
-209

603

5,180

5,218

-185

-36

737
5,879

1*10

-320
-67

91*1*

193

9
-135
-160

-533

'',707

-11,51.6

-a,5li5

-te7
39U

593
-511

811
2,1.28

13

11*6

-169

-97
-222

51l»

lil,106

306
979
ShO
Bkl
171

37,728
56.337

Mentha: 6/
195 1( -January.,
February.
March

,033

M^

5,555

April
May
June .....

.751
,592
,6Uk

5,296
5,203
7,308

July
August . .
September

,827

'1,827

911

6,731
5,019

October.
November.
December.

,639
,201
,7"«

1952
1951
I95I4

6/

.

1955 -January.

Februaiy.
March. .
April
May
June p.
.

.

July

,951

,655
,te7

70,682
72,997

i*,857

5,2'H
-3,592

-1,611
3,336
-2,000
-2,820
-68

-31.

5'*

267,'*'*5

76

275,21*1*

31*

278,781*

266,821
27!., 671
278,256

i»,ow.
l*,988

271*, 81*9

27l*,92l*

27'*, 362

27'*, 859

271*, 300

1,366

6,355

270,235

75
77
77

270,312

269,757

'1,787
5,'.87

271,^7

6,766

271,260

80
80
81

271,127
273,555

-2,215

-1,567
700
1,280

271, 3 'tl

270,572
273,002
270,790

-276

-2,51.2

U,281*
5,li57

270,981*
2711,955
2711,810

21
27
29

271,005

270,1.66

3,971

271. ,982

2711,1.1.7

27l*,838

271*, 305

278,752
278,853
278,750

3'*

3'*

278,786
278,888

3'!

278,781*

278,255
278,357
278,256

278,1*39

21*

3,91.2

1,518

6,663

391
100

-209

101

61*1

7,301.

1*25

-103

-2,121*

5,180

-186

'1,728

35"*

-311
-257

-1*51

36

-l.,13l.

682
-260

-287
596
3,816

332
-11
-7

5,1'.5

5,228
5,356
6,677

-1,1.96

-16U

309

-919
3,361

-1*3

-38I*

821*

038

-31

lOl*

-3,098

1,250
-522
336

,765

5,382

-2,617

-23'*

237

3,210

595

6,811

,732
k38

"1,831
5,8911

Source; Actual fiffuree are frcu the old dally TreasuiT etAteoient through
the flecal year 1952 and the calendar year 1953: actual figures on the
nev reporting basis (see footnote 6) are frcm the nev dally Treasury
statenent and the "Monthly Stateaent of Pecelpts and Sxpendltures of
the United States Govemnent"; estimates are based on the'*PeTlev of
the 1956 Budget "released August 25, 1955. More detailed uifor»atlan
with respect to the figures on this page is given in euoceedlng tables.
1/ Grose receipts less appropriationa of receipts to the Federal Old-Age
and SurrlTors Insurance Trust Fund and the Ballroad Betireaent Account,
and refunds of receipts.
2/ Transactions of the Foreign Econcmlo Cooperation Truat Fund, established
under Section 111* (f) of the Economic Cooperation Act of 191*8 (62 Stat.
150), are consolidated vith budget expendlturee.
Beginning with the
fiscal year 1951, net investment by vholly owned Government enterprises
in public debt securities is excluded fron budget expenditures, and is
Included vith other such investanent under "Trust account and other
transactions."
Consists of traneacticQB of trust and deposit funds, investsosnt by
Government agencies in public debt securities, and redemption or sale
of obligations of Govemnent agencies in the market; excess of receipts,
or expenditures (-).
For checks outstanding, telegraphic rsports from Federal Reserve Banks,
J*/
public debt intereet accrued and unpaid beginning July 1955 (previously

^

258,79'*

267,391
275,168
278,750

101*

It,9lt2

256,127
252,057

252,85'*

259,1.61

-3U

-2,51*6

258,55'*

256,981

1*2

-11.5

3,81i2

259,1*87

259,1*19

21

6,288

278,682

232,11*1*

256, 1*13

-121

-2,218
358

567
339
81
55
30

110,833
171,202
239,099
288,559

U2,'*71
170,108

257,160
256,731

1,233
-313

301.

301

1*,230
1,511*

21*

5,'iU
5,151
6,W)1
5,880
6,216

,7''l

259,1'*9

I*,

2,601

2711,782

273, '*75

256,020

278,1*63

277,91*9

278,182

27

278,209

2711,01.8

33

27l*,08o

276,61.9

37

277, '.72

'.3

276,686
277,515

2711,37'*

1*1*

27l*,l*l8

277,697
273,571
276,179
277,010
273,915

277,581*

1*2

277,626

277,11*3

incloled froB BoTsaber 191*9 as interest checks and coupons outstai^ing)
and beginning with the fiscal year I95I*, aleo deposits in transit aul
cash held outside the Treasury, net increass or decrease (-}.
2/ For current month detail, see section on "Statutory Debt Limitation" in
each issue of ths Bulletin. The limitations in effect during the period
covered by thie table and the date when each became effective are as
follows! March 26, 191*2, $125 billion; April 11, 191*3, $210 billion;
June 9, 19'>'>, *260 biUlon; AprU 3, 19't5,$300 billion! June 26, 191*6,
$275 billion; and Ai^ust 26, 195'*, $281 billion (temporary Increase eMing on Juno 3O, 1956). Guaranteed securities are included under the
limitation beginning April 3, 191*5. Savings bonis are incloled at current redemption value beginning June 26, 19I16; prior to that time they
were included at maturity value. In the debt outstanding, savings bonds
are carried at current redemptlcsi value.
6/ Hew reporting basis as announced February I7, 195I1 (see April I95I1
"Treasury Bulletin," page A-2), beginning with the fiscal year 1953 bM
the calendar year I95I1. The new dally Treasury statement shows cash
deposits and withdrawals in the account of the Treasurer of the United
States. The new mcmthly statement Includes agency transactions not
cleared through the Treasurer's account, and shows receipts when tJiey
are received by collecting officers and expenditures when checks are
issued or paymenta are made by disbursing officers.
n.a. Not available.
p Preliminary.

"

.
.

-

-

Treasury Bulletin
-BUIXJET RECEIPTS AND EXPENDITURES

Table 1.- Receipts by Principal Sources
(In nllllons of dollara)

Internal reTenue l/

^plojnent tazea

Income and profits taxee
Fiscal year
or month

IndlTldual

Corporation

Hot

WlthheU

2/

vltbheU

3/

2/2/

19W

19,735
19,641
18,189
alt, 218
32,as6

IW

1950
1951
1952

Hey reporting basl

1955 P

21,523
18 a65

1956 (Est.),

19,800

195''

1955-Januai7

6/
557

51,31*7

363

21,351
21,635

51*,

l.,086

620

53,906

It,

537

603

10,1(07

21,2l»2

1*9,911*

5,3'*0

601

32,800
,239

881

T,812

71*5

88U
2,916
1,721

550
578
735

259

967
2,991

161
786
628

61*9

62
67
151

5,631
10,902

I*

31*1

717
8U3
907

77

'',771

879
757
216

91.
61*

5,788
10,892

796

79

2,801

Refunds of receipts 13/

Net
budget
receipts

61*

31
167

1*6

20

15

2

881*

1,708

10,825

975

198

277

51,106
65,635

9,31*0

53

51*7

1*0,307
39,'tU9

7,185

15
2

1,531*

W,853

8,3^
8,303
9,te3
9,786

936

20
80

3,635
3,970
9,163

8,301

2,883
3,931
It, 562

10,011*
9,191*

316
785
703

,190

Total
Internal
revenue
1/

6,220

9,279

,,itS8

Taxes not
othervlee
classified
2/

2,1*77

i*,983

277
285
279

17

2/

Estate
ani gift
taxee 2/

2,381

2311

113
555
562

3,1*77
1*,071

377
6,201

602

208
223
226

561*

Excise
taxee

Total
ei^loynent jj

5,1*25

52,000

1*78

July

5/

1,616
1,690
2,106
3,120
3,569

10, TUT

355

. .

a/i/

28,263
37,753

27lt

April
Ma;
June p.

For unemploynent
Inaurance

29,1*82

.

March

31,171

For railroad retirement

9,81*2

Februai-y .

.

ll,it36

Kor
old-age
Insurance

10,073
13,535
18,521

8/
33,012

1953

Total
Incoae
and
profits

91*5

709
81*1

9 2/
7

69,500
It,

351*

Deductions from budget receipts

Miscellaneous
receipts

Fiscal year
or month

1/10/

191*8

Total
budget
receipts

1,865
2,311 2/

72,61*9

It,

086

17

lt,537

2,1*91

69,368

5,01*0

620
603
600

3,095

73,173

3,31*5
3,1*00

20
22

2,360

72,500

6,275

625

n.a.

1950
1951

1*23

1,''39

1*1,311

621*

1,639

1952

551

1,811*

1955 P

613
562
606

1956 (Est.)

61*0

1955-January
Pebruaiy
March

Total
refunds

53,369
67,999

1*2

1953

Internal
revenue

723

1*6,099

2,082

1951*

Approprl
atlons of
receipts to
Pallroad
Retirement
Account 12/

1,616
1,690
2,106
3,120
3,569

1*22
38I*

3,821*

191*9

New reporting baslsl

Appropriations to
POASI
Trust Fund

771*

550
550
575
738

2,250
2,817
2,135
a 082
2,275

19
17
16
15
IB

Ul,i*88

9
9

2,272
2,838
2,160
2,107
2,302

6
11

3,118
3,377

6l»,825

It

3,1*26

60,303

3,500

62,100

a
3

8

37,696
36,1*95
1*7,568

61,391

8/
61*

,655

1.8

1*30

't,833

U3

17

1*6

1*8

lt7

276
127

5,951*

255
562

61.

't,655
5,i>a7

1*6

206
738

208

U,089

7111

9,71*1

3,732

60

April
May
June p

51

July

51*

56
57

119
276

lt,9Ul

316
785
703

19

872

87I1

6,119
11,193

80

811*

8IY

l*,l*38

2I13

53

396

399

10,038

23lt

3,089

198

15

109

321*

2,765

Source: Actual flgura* throogh 1952 are froai the old dally Treasury statement; actiial flgurse en the now reporting basis are from the "Monthly
Statement of Becelpta and Sxpendlturee of the United States Goremnent**; estimates vro based on the ''Rerlev of the 1956 Budget," released
August 25, 1955.
1/ For further detail, see tables inder 'Internal ReTenue Collections.
2/ ft^eakdcnm was not made in the dall^ Tjreasury stateaant for years prior
to 195lt.
3/ BeglnnlnB January 1951, the dlstrlbutlcn of receipts between InilTldual iscfMei taxee and old-age Ineurance taxee is made In accox^ance
vlth prorlBlona of Seo. 109 (a) (2) of the Social Security Act Amend-

menta of I95O, for appropriation to the Federal Old-Age and Surrlvors
Insurance Trust Fund (see footnote 11).
Taxee on employers and employees xinder the Federal Insurance Contributions Act, as aaeaied (26 U.S.C. lltOO-ll*32) and, beginning with the
talable year 1951, tax on self-employed Individuals under the SelfQiployment Contributions Act (26 U.S.C. 1*80-1*82).
5/ Taxes on carriers and their employees under the Railroad Retirement
Tax Act (26 U.S.C. 1500-1538).
6/ ftx on employers of 8 or more under the Federal Unemployment Tax
Act, as aaended (26 U.S.C. 160O-1611).
Pootnotee 7 tfaroogh 10 on page 3,
on page 1*, and renalnder on page 5.
1*/

U

.

September i955
.BUDGET RECEIPTS AND EXPENDITURES

Table 2.- Expenditures by Major Functional Classifications
(In mllllcns of dollars)

Fiscal jear
or month

Total

19I18

1950
1951
1952

11/

5,2U

6,1169

5,339
5,750
5,613
5,859

6,878
6,517
5,333
4,952

5,463
8,476
9,581
7,652
8,891

6,501.

1^,989 12/

2,184
1,553
1,175 12/

6,382
6,389

4,334
4,249
4,405

10,977
9,065
11,536

63,832

38,750

2,121

6,765 20/

4,839

11,355

3,176

171

'•,831
5,891*

3,Olt8

11(8

222
396

109 12/

1(78

379
365
386

994
875
1,163

ltJ.,056

l»,lt79

1*,817

3,798
2,839

1)2,867 18/

Hew reporting basis;

Veterans •
services and
benefits 16/

Interest on
the public
dett 15/

6, 026 11/

11,W)6
12,787
12,952
21,663

33,069 11/
39,507 11/
39,617

19^*9

International
affairs and
finance

National
security

lit/

8/
Jh,2^k
67,772

1953
195''

50,276
1(6,522

1955 P

1956 (Est.)

1955-January
February
March

3,759

W

April
May
June p

5,228
5,356
6,677

3,382

78

355

383

3,3l<6

18I1

1*43

3,939

97

l,l>95

381
398

1,029
1,002
748

July

5,382

2,863

56

592

364

1,508

See Table 1. ExpendltuTv classifications are based on the detail
available from the monthly Treasuiy reports and are described In the

footnotes; they differ eonevhat frcm the classifications used In the
1956 Budget document.
Footeotes on pe^ 5*

Source:

Table 3.- Expenditures for National Security
(In millions of dollars)

Fiscal year
or month

Total

Central
defense
activities 21/

Air Force
nilltaiT
functions 22/

Anqy
military
functions 23/

1,690
3,506
6,238
12,350 18/

5,965
5,346
4,034
6,811
15,364 18/

U,446

1948
1949
1950
1951

12,787
12,952
21,663
42,867 18/

1952

Key reporting basis:
1953
1954
1955 P

1956 (Est.)

April
May
June p

July

343
402

4,171
4,412
4,110
5,757
9,961

Mutual security - llltaiy
aasistanoe 24/

Atomic
energy
25/

strategic and
critical
materials

161
279
171
948
2,292

456
647
524
908
1,648

99
299
439
656
847

3,956
3,629
1,895 12/

1,791
1,895
1,856

919
651
802

28/

1,900

700

158
151

39
29

Other 26/

594
108
8
3
3

8/
,

,

,

1955-*Tanuary

February
March

5

151

Bavy
military
fuootions

,

,.,,
,

50,276
46,522

409
464

'10,989

490

12/

iz, 910

11,875
11,293

8,879

9,71'»

34,000 21/

38,750
3,176
3,048
3,759 12/

16,242

15,085
15,668
16,647

38
36
44

1,558
1,230
1,436

775
712
915

721
728
865

l,3l»6

747
803
1,036

635

3,382
3,346
3.939

102
-4
46

1,444
2,023

824
774
241

2,863

46

1,162

703

Source! See Table 2.
Footnote 11 en page 4 end reooalnder on page 5>
2/ Through 1953, contributions to the Railroad X&iamployment Insurance Administration Fund were carried In the dstlly Treasuiy statement as
miscellaneous receipts, irtille the I956 Bulget document Includes them
In employment taxes for those years. This difference In classification accounts for the difference in figures from the two sources. Beginning 1954 the contrlbutlone are credited direct to the trust account.
For amoxmts of the contrlbutlone Included In budget receipts, see
"Treasury Bulletin" for February 1954, page 7.

8/

2/
10/

-113
163
63 12/

12

706 12/

28/

239 12/

153

43

13lt

58

48

'•7

57

271

126
147

108

68

92

138

11

76

122
99

As annoonced Februaiy 17, 1954 (see April 1954 "Treasury Bulletin,"
page(A-2); see also page 1, footnote 6.
In the 1956 Budget, Internal revenue taxes not otherwise classified
are Included In mlscellaneoiffi recelpte.
Includes proceeds frciB sale of surplus property and from Governmentowned securities; seigniorage; deposits resulting from renegotiation
of war contracts (see "Treasury Bulletin" for Februaiy 1948, page 5);
and railroad unenployment Insurance contributions for administrative
expenses through 1953 , after which they are carried as trust account
receipts under the Railroad Retirement Board.

Treasury Bulletin

.

BUHJET RECEIPTS AND EXPENDITURES

Table 4.- Expenditures for International Affairs and Finance
(In

mlUons

of dollars)

.

.

September {955
.BUDGET RECEIPTS AND EXPENDITURES.

Footnotes to Tables

1

through 5

Esoltdes the GoTexnaeiit's cantril>utlon for eredltalile nlUt«i7
eea-Tlce under Uie act of V^irll 8, ISUZ (56 Stat. 20U).
Boglnmns
19^ J amoxnte are appropriated to the RallrocKl ttetireBeait Aooomt
equal to the asomt of taxes mder the Sallroad Betlreneot Tax Act
deposited In the Treaouxj, less reftoda, during each fiscal year
(6^ Stat. 222 and 66 3t*t. 371) « end transfera are nade currently.
PreTiouBly, axmiiAl appropriations vere hased, in effect, on estl&ted tax coUectlona, vlth tiay necesaAir adjustments made in
succeeding appropriations
Interest en refmds is included in Tahle 5 aider "Other."
Expenditures are "net," after allowance for relaburseiDents to appropriatlcna, receipts of revolTlng fuad approprlationa, and receipts credited to disbursing accounts of corporations sod
agencies hsTlng authority to use coUecticsxs vlthout fomal corerine into the Treasury. The figures inclt^e transfers to trust
accounts. They exclude net Inveetanent by vfanlly owned Goremaent
corporations and agencies In public debt securities beginning 1951
(\irtien such inveetment was grouped with that of trust funis and
and accounts), and public debt retirements chargeable to the
sinking fund, etc., under special proTlaions of law, Payii»nte to
the Treasury, principally by ^oUy owned Government corporations,
for retirement of capital stock and disposition of earnings are
excluded frcm both receipts and expenditures. Further information
on these capital transfers may be found in the 195^^ Annual Report
of the Secretary of the Treas\a7, pag« ^l8.
12/ Beginning with June and the fiscal year 19^!), interest on the public
debt Is reported on an accrual basis; preTlously, beginning with
Horember 19^49, it was reported on a due and payable basis; for
enrller periods it was reported as an expendlttire ^en paid by the
Treasurer of the tlQlted States,
Prior to July 1955 consists of Veterana* Administration expenditures. Including the direct loan program. Thereafter includes
expenditxures of the American Battle Momaents Caomlsaion and certain
expenditures of the Departsoent of lAbor.
nJ Includes transactions relating to the Foreign Eooncnio Cooperation
Trust Fwkl (see page l).
18/ Ret transactions by the I>epartaa*nts of the Air Tbrce azid the Anty
relating to "Iteposlt fund accounts" are included uoier "Trust Account
and Other Transactions" instead of "Btidget Receipts and Expenditures,"
beginning 1952.
A more detailed breakdown became effeotlTe In the monthly statement
for March 19^^ %4iioh resulted In a abift between "Ecoaossic and
technical assistance" on the one hand a«i "Mutual military program" and
"Other" national security (direct forces support) on the other.
Figures for the reclassified items are not available by months for
the whole year but are Included In the total for the fiscal year.
20/ Includes estimate of Interest on uninvested trust fixids and Interest
on refunds of taxes. Actual expenditures for these two Items are
Included in Table 5 under "Other."
21/ Consists of expenditures by the Office of the Secretary of I>efense;
retired pay for the military services beginning September 19^*91
prior to irtiich they are included in expenditures of the Departaente
of ths Anqy, Havy, and Air Force; other lnt«rserrlca aotlritleB
beginning July 19^; and payments under the Aived Forces Leave Act
beginning July 1955.
22/ Excludes certain expenditures made oa behalf of the Department of
the Air Force out of 19^ and prior year appropriations to the Department of the Ar^y.
23/ Includes certain expeodltio-es on behalf of the Departeent of the Air
Force (see footnote 22).
gu/ Consists of expenditures frca finds appropriated to the President
under the Mutual Security Act, approved October 10, 195I
(22 U.S.C. 1651), and the preceding Econcnlo Cooperation Act; and
Greek-Turkish assistance thro^^ 1953
Consists of expenditures of the Atoado Snergy CooKlssion.
Prior to 1953 consists of payments under the Armed Forces Leave
Act, and expenditures for suitjIus property disposal; beginning 195^f
consists of direct forces support under the Mutual Security Act.
covers all military functions of the Departaaent of Defense.
Estimate
27/
is/ Combined estimate for the mutual eecixrlty programs of military
assistance and direct forces support is $2,150 million.
22/ Figures centered between coltmns are total expenditures of the
Departanent of State. Through the fiscal year 1955, no breakdown of
these expenditures was available in the monthly statement. Beginning
July 1955, the classification "Conduct of foreign affairs" includes
the bxilk of the expenditures of the State Department, and the
expendltio^s of the Tariff Coomilssion and the eommiseion on Foreign
Econoanlc Policy.
"Foreign information and exchange" inoludee expenditures of the Ihilted States Information Agency, the educational
exchax^e activities of the State Department, and the Emergency Fund
for International Affairs,
30/ Consists of expenditures frcm funds appropriated to the President
under the Mutual Security Act, and the preceding Economic Cooperation Act.

12/

^W
32/

^

W

-r^J

jAU

tr/

35/

-

(Continued)

Excli;des Bank expenditures under the Mutual Security Act and the

preceding Economic Cooperation Act of 19^, as amended.
Incluies eipendltxnws for government and relief In occtqpled areas
through 1952, after which expenditures for this purpose made by the
Department of State (the greater part currently) are Included under
"Conduct of foreign affairs," and those made by other agencies
(principally the Department of the Anny) are not Included In this
table. Also Inclixies credit to the United Kingdom, I9U8; civilian
relief In Korea; expendlt\ireB of the thlted Nations Relief and
Rehabilitation Administration through 1950; loan for construction
and fiunlshing of United Rations headquarters; and various other
foreign relief and aid programs.
Through the fiscal year 1955, consists of expenditures of the Department of Health, EdxicatlOTJ, and Welfare except the Office of
Education, mvi of the corresponding component organizations before
the establishment of this Department on April 11, 1953; the Government's contribution under the Railroad Retirement Act for creditable
military service, and certain other Fallroad Retirement Board expenditures through 1953; and beginning 1950, the school lunch program under
the Department of Agriculture. Beginning July 1955, with the more
detailed information available tn the monthly statement, certain
expenditures of the Department of Health, Education, and Welfare
have been reclassified under other headings, and expenditures of
the Bureau of Indian Affairs, the Bureau of Employees Compensation,
and Justice Department pertaining to the Federal prison system are
included under this heading.
Consists of expenditures of the Housing and Home Flnarxc Agency;
Federal Civil Defense AdJulnlstratlon; disaster relief; and, beginning July 1955, National Capital Housing Authority,
Consists of expenditures of the Department of Agriculture except
the Forest Service and the school lunch program; and of the Farm
Credit Administration.
Through the fiscal year 1955, conaiets of expenditures of the Department of the Interior; the Tennessee Valley Authority; the Corps of
Engineers in the Department of the Army (river and harbor works
and flood control); and the Forest Service in the Department of
Beginning July 1955, excludes the Bureau of Indian
AgrlcultTure
Affairs and the Office of Territories from the Department of the
Interior, and includes appropriate expenditures of the Department
of State, Federal Power Commission, and other agencies.
Through the fiscal year 1955, consists of expenditures of the
Civil Aeronautics Administration, Civil Aeronautics Board, Bureau
of Public Roads, and marltljne acltlvltles, all now In the Department of Commerce; the Coast Guard In the Treasury Department; and
the Post Office Department. Figures prior to 195** include not
expenditures of certain working funds of the Post Office Department In addition to the Postal Service Fund (advances to cover
the postal deficit). Effective with 195^, net expenditures of
that Departn»nt, including the Postal Service Fund, are on the basis
of cash receipts and expendltxiree recorded in the accounts of the
Department. Beginning July 1955, inclxides also expenditures of the
Interstate Commerce Commlasion, Federal Conmunl cations Ccamnlseion,
Coast and Geodetic Survey, National Advisory Committee for Aeronautics,
and other agencies.
Throxiigh the fiscal year 1955, consists of expendltiires of the Department of Cdmnerce except those Included under "Transportation and
Ccnnainicatlon"; the Reconstruction Finance Corporation (as in
liquidation by the Treasury Deparlanent beginning July 195**); Federal
Facilities Corporation beginning July 195**; the Snail Business Administration; the Economic Stabllitatlon Agency; and funds appropriated to the President for the expansion of defense production. Beginning July 1955, with the more detailed Infomiation available In
the monthly statement, expenditures of the Securities and Exchange
Coimnlsslon, Federal Trade Commlseion, and other agencies are also
lEcluded in this category; and certain Departanent of Commerce expenditures such as the Boreau of the Census and the National Bureau of
Standards have been reclassified under other headings.
IiKludes expenditures for executive departments and other agencies
not Included elseirtiere and for legislative and Judicial functions.
Includes estimate for education and general research. Actxial expenditures for this function are included In this table under "Other."
The ccanbined estimate for CGsmnerce and manpower is $2,760 million.
This includes estimates for hotLsing and community development; transporaticn ai^ conmrunicatlon; finance, commerce, and industry; and
labor and manpower. Actual e^qtenditures for labor snd manpower are
Included in this table under "Other."
Estimate for general Government expenditures is $1,667 million, and
the reserve for contingencies is $100 milllan. Estimates for
education and general research; and for labor and manpower; and for
other e:q?enditures included under this heading are not available
(See footnotes
separately, and are grouped with other estimates.
20, kO, and Ul),
Less than $500,000.
PreliAlnazy.
Hot available.
n.a.
.

37/

36/

30/
Up/
Ij/

Ijg/

«
n

.

Treasury Bulletin
-TRUST ACCOUHT AKD OTHER TRAMSACTIOBS

Table 1.- Summary of Trust Account and Other Transactions
(In mlUlons of dollora)

.

September

19'?5

-TRUST ACCOUHT AHD OTHSR TRAMSACTIOHS

Table 3.- Trust and Deposit Fund Account Expenditures
(In mllllona of dollars; negative flgurea are exoeae of oredlta)

a

)

.

Treasury Bulletin
-TRUST ACCOUHT AND OTHER TRANSACTIONS.

Table 4.- Net Investment by Government Agencies In Public Debt Securities
(In

mlUlGae of dollars; negatlTe figures are excess of redenptlons
Trust accounts

Fiscal year
or Donth

Total
trust
accounts

19W
19'»9

1950
1951
1952

3,557
3,636

Rev reporting basis:

3,301
2,05U

1956 (Est.)

2,057

l,36'i r

1955 -January
February

l.WU

-wc 3/

l.UU

1,29''

Hatlonal
Serrlce Life
Insurance
Fund

April

r
663 r

-3'i8

•tajr

1,03't

July

254

retiraaant
funds 1/

32
32
-26

650

94

8

583

-245

1

59
23
73

-65

-180
-26
-173

s
-10
-10

-4
-3
-4

-101
185

-16
-6

-5
-4

-2

144

37

29

-6

kk6
-160

1*49

-72lt

1,678
1,950

3,068
1,688
1,236

l,5't5

280

590

1,522

202

-a 1.8

2/

1,2M

11(1

-545

r

-113
-123
212

-336
-127
la

-358
656
1,032

-206

259

265

-37
36
Ik
-36

ltl2

39
99

536

Other trust
funds and
accounts 2/

eiqiloyees *

573
62k

9
-6

1951
1952

-2

588
252

9

3l»*

11*

1

Federal
Bousing
Adnlnlstratloo

-2

-1
3

*

6
18
230

12
-12

15

Got emnent -sponsored enterprises

Public enterprlae funds

1953
1954

Coremaent

Life
Insurance
runl

U6I
353
-1,946

569
3U6
338
357

3,369
3,355

Total
public
enterprise
funds

Fiscal year
or aontta 6/

Bev reporting basis:

Goremaent

n.a.

-335 r
-119 r
56 r

March

p

3,0603/
2,3113/

Bailroad
Betireasnt
Account

Unea^loyasnt
Trust
Fund

y

1953
195^
1955 P

Jme

Federal OM-Age
aad SurvlTors
Insurance Trust
Funl

Total
GcrenuBBntBpaneored
onterprleee

Federal Sarlngs
and Loan
InBurance
Corporation

Banks
for
cooperetlvee

Federal
Deposit
Xnsurance
Corpora tl

Federal
hone
loan
banks

104
101

52

U

41

21

7

73

84
179

62
84

21
95

79
-77

59
-86

9
11

12
-2

153
443

87
102

61
314

Federal
land
banlcs

4/
,

,

18

Meaorandun 2/
1955 P
1956 (Est.)

1955 -January
February
March

April
May
June p

July

127

98

n.a.

1

13

16

171

82

n.a.

n.a.

321

200

2

201

1

40

67
«

3

41

2

1

-65

4

2

-82

8

7

14

10

10
7

8
6

3

-2

4

59
-136

-10

Source: See Table 1.
Consists of CiTil Serrlce and Foreign Gerrlce retlre^mt funds.
2^ Consists of Adjusted Service Certificate Fund prior to 1951; beginning
vlth that year, includes also Inrestasnts of other accounts vhich for
prior years are included in Table 3 under "Other trust funds and
accounts" and "Deposit fund aoootnte (net)."
Set Investnent by smaller trust accounts and by deposit fund accounts
prior to 1951 are included in expenditures in Table 3
As announced February 17, 1954; see page 1, footnote 6.
Kiclndes net inreetaunt by Goremnent -sponsored enterprises beginning
with the fiscal year 1955, and figures preTlously published for that
year have been revised accordingly (see Table 3).

-a
12

135
38
42

-1
2
-e

-80
47
-136

Prior to 1951, net investisent by public enterprise funis vas included in budget expenditures, except that by Federal inteinediate
credit banks, which was included in deposit fund expenlltureB; and
net inTeetnent by GoTemment-aponsored enterprises wae Incltvied In
deposit fund expenditures (see Table 3). For the totals so included, see "Treasury Cash Income and Outgo," Table 3.
2/ Bet InTestanent by Govemment-eponeored enterprises is Included
In expend! turee shown in Table 3.
•
Lees than $500,000,
Preliminary.
p
r
ReTised, see footnote 5.

6/

September /955
.TRUST ACCOUHT AND OTHSR TRAHSACTIOHS-

Table 5.- Net Redemption or Sale of Obligations of
Government Agencies In the Market
(In millions of dollars; nagatlTs figures Indicate net sales)

Seourltles guaranteed by the united States
Public enterprise funds

Fiscal year or month

Total
guaranteed

-107
74
22
-38U
72

19it8

1949
1950
1951
1952

Bew reporting basis:

3

31

lit

8

9
1
-1

-12
-16

-10
-16

11
-3

1/

25

-7

It

-29

July

Federal
Housing
Administration

16

W"*

1955-January
February
March
April
May
June p

Federal
Farm
Mortgage
Corporation

It6

1953

1955 P
1956 (Bat.)

ComBudlty
Credit
Corporation

-602 2/

37

-7
-30
37

10

10

-3
-6

-3
-6

-5
-5
-1

-5
-5
-1

-827

-571
-27
-51
-29
-36

-38
-27

Borne

Owners*
Loan
Corporation

Treasury Bulletin
.TREASUEY CASH INCOME AND OUTGO.

The oaeh Income and outgo of the Federal Oovernment
are preeented from two polnte of view In the tables which
follow. In line with the differences in reporting bases
between the new dally Treasury statement, first Issued on
February 17,

igs"*,

adjusted to a coverage as close as possible to that of the
new dally by excluding those agency transactions in public
debt securities and in agency obligations in the market
which were not cleared through the Treasurer's account.

and the "Monthly Statement of Receipts

the same time (see April IS^'i "Treasury Bulletin,"
page A-2). The bases differ both In coverage and In timing

Table 1 sumniarlzee cash flows through the Treasurer's
account as reported in the daily statement. They are
cash Income, or deposits;
grouped in three categories

of the reports.

cash outgo, or withdrawals; and cash borrowing or repayment

and Expenditures of the United States Oovernment," Initiated
at

—

of borrowing.

The three taken together account for the

In coverage the new dally statement reports only
transactions which clear through the Treasurer's account.

change In the Treasurer's cash balance.

The monthly statement includes transactions of all Government agencies, regardless of whether the transactions

Tables 2, 3, and ^ show tne derivation of these same
three categories of cash flows on a monthly statement
basis, covering transactions of all Government agencies.

cleared through the Treasurer'

s

In addition, the

aocount.

monthly statement classifies the transactions to show
separately budget reeults and trust account transactions.
The net results are then reconciled to changes In the

These three categories taken together account for the
change in cash balance on the monthly statement basis,

Treasurer's cash balance and In the public debt outstand-

which includes not only the balance in the Treasurer's
account but also the cash held outside the Treasury and

ing as reported In the dally statement.

the items in transit represented by the clearing accounts.

Since there are now reported figuree for the cash flows in

For the transactions included In both statements,
there are differences In the timing of the reports. Re-

the Treasurer's account,

ceipts In the monthly statement are principally on a

difference due to differences in reporting bases. The
sum of these differences, or reconolliatlon adjustments,
in the three categories, with signs appropriate for their

collections basis, while those In the dally statement are
on a clearance basis; e:qpendlturee In the monthly statement
are on a checks-Issued basis, while those In the dally

statement are on a checks-paid basis.

Thus an individual

transaction near the end of a month may be reported during

that month In one statement and not until the following

month In the other.

each category

—

It is possible to calculate for
income, outgo, and borrowing
the

—

effect on the cash balance,

equals the difference in

balances between the monthly statement and daily statement,

the combined total of the monthly statement
clearing accounts plus cash held outside the Treasury.

that is,

These timing differences tend to cor-

rect themselves over a period, but for a given date they

The calculated reconciliation adjustment figures in the

must be taken Into account in reconciling data from the two

tables Include both coverage and timing differences.

reports.

no longer possible from the information as reported to the

It is

Treasury to segregate the two kinds of differences even for
Figures prior to 1953 *^^ derived from a single source,

the old dally Treasury statement, which resembled the
present monthly statement in coverage and In classification
of transactions, but for timing was based on information in

hand at the end of the reporting period.

In the tables

which follow, figure! from the old dally etatement have been

securities transactions.

But such segregation is not

regarded as significant for purposes of this analysis,

so
long as the overall coverage Is secured for transactions
not cleared through the Treasurer's aocount, and the figures

are on a consistent reporting basis.

11

September [955
.TREASUEfY CASH INCOME AND OUTGO.

Table 1.- Summary of Cash Transactions through the Treasurer's Account
(In mlUloos of dollars)

Fiscal year
or Bcnth

Treasury Bulletin

12

TREASURY CASH INCOME AMD OinCO.

Table 2.- Derivation of Cash Income
(In Billions of dollars)

.

13

September 1955
.

TEEASUKf CASH INCOME AHD OUTGO.

Table 3.- Derivation of Cash Outgo
(m millions of dollars)
Erpendltures

Fiscal year
or IBGOtil

Bal«et 1/

I9W
19't9

1950
1951
1952
Hev reporting basis!

Trust and
deposit fund
accounts 2/

Honcaah expenditures Involving Issuance
of public debt securities }J

Interfund
transactions
(Table 2)

Armed
forces
leave
bonds

y

Adjusted
service
bonds 5/

33,069
39,507
39,617
Wt,058

3,857

36,926

2,59't

-1,229

-1*

3,82lt

'13,331
1*6,567

3,9'»5

W,002

1,778
2,192
1,923

-161*

6,950

65,1*08

It,

952

70,359

2,101>

-95
-160
-68

-2
-2
-1
-1

7't,27'»

79,W*3

2,191*

-21*

7't,5'»2

-11*

Botes Issued to

International
Bank 6/

International
MDaetar7 Fund 6/

-350
-25

-563
-98

-1*1

207
13
-9

jj

1953
V)tM
1955 P

61t,lt9lt

5,169
6,769
8,507

73,001

2,097
2,009

1956 (Est.)

63,832

9,593

73,'i25

2,607

-5

-1
-1
-1

67,772

1955"Januar7
Februar7
March

April
Ma7
June p

,

,

July

191*8

1950
1951
1952

75

5,781.

1*2

757
781

5,588
6,675

61*

5,228
5,356
6,677

1,070
736
711

6,297
6,092
7,388

871*

-11

5,382

752

e.isv

391*

1.6

Noncash Interest
on savings bonds
and Treasury
blUs 8/

191*9

109
156

8I«2

53

8
36

-1

78
59

6

Deductions from expenditures - (Continued)
Security transactions of

Fiscal year
or month

28

-1
-1
-1

-8

5,89i>

Less:

Gcvemnent enterprises
Included in expenditures 2/
Public
enterprise
funds

Govemaent-

Total
deductions

559
580

30
6

-99
313

571*

28

69

B^uals: Cash
outgo, monthly
Treasuiy statement reporting
basis

sponsored
enterprises

638
779

Hew reporting basis:

Daductlons from expenditures

Lass:

938
2,388
2,932

^

Adjustment to
nev dally
Treasury statement reporting
basis n/

Equals: Cash
outgo (withdrawals ) from
Treasurer's
account

35,988

1*55

36,1^3

1*0,91*3

-1*75

1*0,1*68

1*3,635
1*5,589

-51*8

2,1*13
2,80l*

67,555

r
137 r
232

1*3,087
1*5,726

67,786

jJ
76, 5^7

-119

1951*

521*

11*8

1955 P
1956 (Sst.)

-99

2,917
2,716
2,555

71,826

1*97

70,1*1*6

-51*8

300

-109

2,868

70,557

1955-Jonuary
February
March

51
-17

261

351*

-1*21

5,009

101*

11*8

5,1*1*0

1*1

5,1*81

5

20

121*

6,551

381

6,932

April
May
June p

31
39
51

-65
-82
-131

50
16

6,21.8

-893

6,076

202

78I*

6,601*

73

July

69

136

61*1*

5,1*90

-138

719

1953

Source: See Table 2.
For further detail, see "Budget Becelpts and Expenditures, " Table 2.
For further detail, see "Trust Account and Other Transactions,"
Table 1.
Treated as noncash expenditures at the time of lasuance and as cash
exT>end 1 tures at the time of redemption; net issuance, or redemption (-).
Issued In 191*7 in psyment for accumulated leave. The laet of these
!*/
bonds matured In 1951.
lesued In I936 in exchange for Adjusted Service certificates held by
veterane of World War I
The bonds matxired in 191*5
6/ Part of the United States subscription to the capital of the International Bank for Beconstruction snd Developient and to the International Monetary Fund was paid in the form of nonlnterest-bearing,
nonnegotiable notes payable on demand (see 191*7 Annual Report of
the Secretary of the Treasury, pages 1*8, 350, and 385).
The lest of

1/
2/

^
^

.

5,1*30

76,1*07
71,971*
:

:

69,899

5,355
6,278
6,677
5,352

the notes issued to the Bank was redeemed in 1950.
For axplaoatlQa, see haadnote.
Accrued discount on savings bonds and bills less interest paid on savings bonds and bills redeemed.
2/ Through 1950, consists of net investment in public debt securities, or
net sale (-), included partly in budget expenditures and partly in
truat and deposit fund account expenditures (see "Trust Account snd
Other Transactions," Table 1*). Beginning 1955, consists of deposit fund
expenditures of Government-sponsored enterprises for net Investment in
public debt securities and net redemption of agency obligations in the
et (see "Trust Accotmt and Other Transactlone," Table 3).
Peflecta
transactions of all Gcreraent agencies regsrdless of whether
10/
the transactions cleared through the account of the Treasurer of the
Ualted States.
Footnote 11 on following page.

Treasury Bulletin

IK
.TREASURY CASH IWCOME MXD OUTGO.

Table 4,- Derivation of Cash Borrowing or Repayn!ent of Borrowing
(In mllllona of dollare; negative figures Indicate net repayment of borrowing)
Leee: Deductions from public debt borrowing

Fiscal year
or month

Noncash net
Inrestment In
public debt
secxirJtles, or
sale K-) 2/

Noncash
Interest
on
savings
bonds

Public
debt Increase,
or decrease
and
(-)
Treasury
bills
1/

Amed

^

trust
accouate

Qy GoT-

forces
emment leave
agencies bcmde

Adjusted
service
bonds

y
19l»8

-5,99''

19't9

U78

1950
1951
1952

Hev reporting baelB;
1953
195'i

1955 P
1956 (Eet.)

1955 -January
February
March

April

July

3,060
2,311

-1,229

-'*

319
97
186
281

-161*

-2
-2

".,587

571*

-1*05

638
779

3,369
3,355

719

3,068
232
1,688
366
298
1,236
2,378

2/
6,966
5,169
3,115
626

52'*

-3U

1*97

300

Notes to
International
Bank and
Fund

iZ

-69

-2,135
3,883

-95
-160
-68

Total
deductions

i-)

6/

Equals:
Net cash
borrowing,
or
repayment,
(-),

monthly
Treasury
statement
reporting
baels 1/

Adjustment
to new dally
Treasury
statement
reporting
basis 8/

Equal:
Net cash
borrowing,
or
repayment

through
the
Treasurer* a
account

sZ
-913
-123
166
13
-9

-1
-1

£zoese
profits
tax
refund
bcDds

Net sale
of
obligations
of
Gcreminent
agencies
In the
market, or
redemption

-10

1,391*

107

-k
-1
-1
-1

2,916
33'*

-7U
-22

l*,0^-l*

38'*

'*,336

-72

-7,280
-2,513
I*, 231
-5,795
-525

-108
-68
-79
-170

-155
-256
-238

-52

-7,333
-2,621
'•,163
-5,87'.

-695

28

l*,023

-25

109
156

2,673
2,178

881

2,918
2,512
1,817

75

2,7'*8

1,257

-861*

-83

5U

281*

-21*

-88
137

-37

-205
-4,198

63

-11*3

-72

-U,270

2,763
2,255
1,579
-861*

51
-17

-336
-127

202

-257

'•9

8

-li,13lt

5

'12

55

36

2,601

31
39
51

-358
656
1,032

-55

6

-376

620

36

3,006
239

-52
-30

-3,098

62

-U

1,131*

238

-3,99'*

-38

2,955
209
-4,031

3,210

69

259

-11*0

1.6

233

27

3,004

-50

2,953

•toy

Jtme p

559
580

Plus:

Issuance of public debt
securities representing
expenditures, or refunds
of receipts ±/

-7'*

Source:
See Table 2.
1/ Accrued discount on savings bonds end bills vhlcfa Is Inclined In the
principal of the public debt, leee Interest paid on savings bonds and
bills redeemed.
2/ See "Trust Account and Other Transactions," Table h. Figures include
Investment by Govemment-sponeored enterprises, which appears in the
table as a memDrandum beginning 1955.
i/ Treated as noncash at the time of lasuence and as cash at the tine of
redemption; net Issuance, or redemption (-).
k/ Excluded from borrowing because the transactions are treated as expenditures in Table 3.
£rcluded from borrowing because the transactions are treated aa deductions from receipts in Table 2.
6/ See "Trust Account and Other Transactions," Table 5. Figures ]ncli*ie
transactions of Government-sponsored enterprises, which appear in the
table as a memorandum beginning 19552/ Beflecte transactions of wll Government agencies regardless of whether
the transactions cleared through the account of the Treasurer of the
United States.

8/

^

2/
•

p
n.a.

Footnotes to Table 3
Footnotes 1 through 10 on preceding page.
11/ For explanation of differences in reporting bases beginning 1953,
see headnote.
The net of these differences for all transactions
for a given period la reflected in the combined net of the change
In clearing account items which reconcile to the Treasurer's
cash plus the change in cash held outside the Treasury, as reported in the monthly Treasury statement. Cnsh outside the
Treasury includes cash in the hands of disbursing officers, end
commercial bank balances of Govnmment agencies. Reporting dif-

-

73

29

259

For explanation of differences in reporting bases beginning 1953,
see headnote. The net of these differences for all transactions
for a given period is reflected in the combined net of the change
in clearing account items which reconcile to the Treasurer's cash
plus the change In cash held outside the Treasury, as reported in
the monthly Treaexiry statement. Cash outside the Treasury includes
cash In the hands of disbursing officers, and coDBieroial bank
balances of Govemoent agencies. Keporting differences relating to
borrowing transactions are shown in this table; excess of borrowing
on the monthly statement basis is deducted. Prior to 1953 the
adjustment items consist of Government agency security transactions
^loh did not clear through the account of the Treasurer of the
United States.
For explanatloQ, see heednote.
leas than $500,000.
Preliminary,
Not available.

(Continued)

ferences relating to expenditure transactions are shown In this table;
excess of expenditures on the monthly statement basis Is deducted.
Prior to 1953 the adjustment items conalet of the net change in clearing account items exclusive of the amounts representing security transactions not cleared through the Treasurer's account, which are adjusted
In Table k.
Less than $500,000.
Preliminary.
Revised.
Not available.

September

15

195')

DEBT OUTSTANDIBG

MD

TREASURE!? 'S ACCOUNT

Table I,- Summary of Federal Securities
(In mllllona of dollars)

Total outBtaodlag
of
fiscal
year or
Booth
fill

19lt«

Total 1/

Public
debt

Interest-bearing debt

Guaranteed
securities 2/

1950
1951
1952

252,366
252,798
257,377
255,251
259,151

252,292
252,770
257,357
255,222
259,105

27
20
29
46

1953

266,123

1951*

271,3''l

266,071
271,260

81

1955

271*, 1*18

274,371*

191*9

73

52

Matured debt and debt bearing no Interest

GuaranPublic
debt

250,132
250,785
255,226
252,879
256,907

250,063
250,762
255,209
252,852
256,863

263,997
268,990
271,785

263,946
268,910
271,741

teed
securltlea g/ 2/

Public debt

Total

2,234
2,012
2,150
2,372
2,244

2,229
2,009
2,148
2,370
2,242

280
245
265

2,126
2,351
2,634

2,125
2.350
2,633

298
437

43

69
24
17

27
44

51
80

y

Other
5/

1,161
1,063
1,270
1,283
1,274

788
701
613
575
550

1,302
1,411
1,567

525
502
477

Monetary
fund

512
419

589

Guaranteed
securities 2/
(oatured)

Debt peak:
Feb. 191*6...

279,761*

279,211*

551

278,451

277,912

539

1,313

1,301

238

1951* -Dec ember.

278,781*

278,750

34

275,764

275,731

33

3,020

3,019

1,003

1,528

488

1

1955 -January..
FebruaiT.
March., ..

278,1*63

278,1*39

275,718
275,590
271,232

275,696
275,565
271,200

22
25
32

2,745
2,619
2,848

2,743
2,617
2,847

729
596
792

1,528
1,536
1,572

487
486
483

2
2
1

37

273,961
274,846
271,785

273,924
274,804
271,741

37
42

2,726
2,669
2,634

2,725
2,668
2,633

665
611
589

1,578
1,578
1,567

482
480
477

1

43

274,955

41

2,630

2,629

51*2

1,613

474

1

278,209

278,182

271* ,080

274,01*8

24
27
33

;*rll
May
June

276,686
277,515

276,649
277,472
274,374

44

July

277,626

277,584

42

271*, 1*18

274,995

Source: Dally Treasurj stateaant.
1/ Includes certain obllgatloae not subject to statutory llnltatlon.
For ajaouats subject to limitation, see page 1.
2/ deludes guaranteed securities held by the Treasury.
3/ Consists of SBA debentures beginning Maroh 19534/ Special notes of the Italted States Issued to the Interoatlooal
Nonatary Fund In paynent of part of the United States eubsorlptloa.

Table 2.-

1,063

12

1
1

pursuant to prorlslone of the Bretton Woods Agreenents Act. The notes
bear no Interest, are nonnegotlable, and are payable on demand. Similar notes issued to the International Bank and outstanding 1947-I949
are Included under "Other."
Includes saTlngs stai^^s, excess profits tax refund bonds, currency
Items, and notes Issued to the International Bank (see footnote 4).
For ourreat month detail, see "Statutory Debt Limitation," Table 2.

Intereet-Bearlng Public Debt
(In mllllcns of dollars)

Treasury Bulletin

16

DEBT OUTSTASDIWl AND OBEASUEEF'S ACCOUNT

Table 3.- Special lesuee to United States Government Investment Accounts
(In mlllloaa of dollare)

End of flBoul
year or month

-

..

September 1955

17

DEBT OOTSTANDIHG AHD TREASIJEER'S ACCOUHT

Table 5.- Treasury Holdings of Securities Issued by Government
Corporations and Other A^nclesl/
(in mlUlons of dollars)

Conmodlty
Credit
Corporation

End of
fisoal
7«ar or

V)^
191*9

1950
1951
1952

Defense
Productlcn
Act of 1950

2/

Export
In^wrt
Bank of
Waabington
3/

Federal
Rational
Mortgage
Aasoclation

y

2,789
6,851
8,te3
9,097
9,636

W40
1,669
3,193
2,555
1,970

158
395

1,01(0

1,51*9

1,088

2,038

12,19f

3,612

I1I6

1,227

2,I*J*6

655

197

1,751

131

39

655
215

159

1,950
2,117

171
226
229

29

1,052

1,285

1,983

1,209

13"*

1,301*

1,91*3

1,293

1,003

7,6M

1(4

67

1,002

999
1,002

16,377

111*

121*

ll*,UJ»7

Jiilr.

1,51*0

1,209
1,209
1,209

1,305

16,275

271*

1,968
1,975
1,966

1,351*

99't

16,01(6

1(89

1,293
1,331
1,310

991

5,738
5,881
6,te6

June.

65

1,91*5

5,532

Itay..

718
1,015
1,281

1,208

l't,633

l,00ll

Source: Dall; Treaaury statement.
1/ The Becurltlee ehown in tble table were laeued to the Treaauj? to
finance Govemnent corporations and other agencies vlth the Treasury
Itself raising the necessary ftmds through puhllo debt operations.
To avoid duplicatlco, these securities are not included in the
guaranteed debt outstanding as shown in preceding tables.
2/ Consists of notes of the Secretary of the Interior (Defense Minerals
SrploratlaQ Administration), Export-lB^xjrt Bank of Washington, the
Adainistrator of the General Services Aduinlstratlon (defense
materials proourenent), the Secretary of the Treasury (Reconstruction Finance Corporation obligations prior to October 1953 ) , and
the Secretary of Agriculture beginning June 1954.
EEcludes securities issued under Defense Production Act.
From September 1950 through July 1954, consists of notes of the
Housing and Home Finance Administrator issued to borrov for the
Association. Begiming August 1954, consists of liabilities taken
over by the Association from the Administrator in aooordanoe vlth
Public Law 560, approved August 2, 1954, end notes issued by the
Association under authority of that act; and beginning September
1954, also securities transferred from the Beconstructlon Finance
Corporation (see footnote 7). Prior to September 1950, the Association was financed from funds of the Beconstructicsi Finance
Corporation, which owned the capital stock.
Established In the DepartiKnt of State by Executive Order Ho. IO61O,
dated May 9, 1955, and effective at the close of June 30, 1955, as
successor to the Foreign Operations Administration. Data for predecessor agencies to that admlAistratlcn also are shown.

tration

TenneBsee
Valley
Authority

1,1*56

1,209
1,208
1,209

1954-Deo..

Molnls-

Secretary of
Agrlcolture
8/

1,8^

1,922

2,233
1.966

Rural
ElectrlfloatloD

31*9

2,ltJ*9

1,310

Adminla*
tratlon

Pecon8 true tlon
FlJunoe
Corporation 1/

36a
337

103
130

773
1,002

1,31(7

7,608

7,067
7,356
7,608

1,097
1,150

Public
Hotielng

1
30

1,189
1,203
1,209

1»,180

15,732

Floacoe
Adalnlstrator 6/

782
96I*

12,91*9

A{r.

ancL HoiD£

9614

16,275

15,016

Houalog

Cooperation
AdnlnlBtra*
tlon 5/

971

1953
195^
1955

1955-Jan.
Fet..
Mar..

Intematlonal

151*

Other

2/

51*

21*1*

52

226
100
207
178

1*9

31*

270
369
507

61

2,21(0

111*

90

2,176

257

11*

1(1(8

120
120

95
107
79

2,221
2,221
2,221

292
201
226

11*

1(48

11*

1(48

11*

476

2,271

130

61

2,21(0
2,21(0

226
229
229

11*

121*

79
86

11*

477
477
507

61*

2,300

187

ll(

508

121*

11*

11*

to borrow for the urban reneval prograa
of notes
IT Conslsta
(fomerely alum clearance program), the prefabricated housing loans
Iserued

1/

2/

12/

program from September 19^0, vfaen it vas transferred from the Beoonstructlon Finance Corporation, through Rorember 19^U; and housing
loans for educational Institutions beglmlng July 19^1* Rotes Issued
to borrov for the Federal Rational Mortgage Asaocatlon are shown under
the Aasoclation.
Excludea aecxirltles Issued under Defense Production Act of 1950; Includes securities Issued under Federal Civil Defense Act of 1950
through Rorember 1953, after lAlch they were taken orer by the
Secretary of the Treasury, pursuant to the act approved July 30, 1953
(67 Stat. 230), and are Included under "Other." During September
195^, under Beorganltatlon Plan No. 2 of 195^, the remaining securities Issued by the Corporation to the Treasury vere transferred as
follows: $U2 million to Export-Import Bank of Washington, $92 mlUlon
to Federal National Mortgage Asaocatlon, and ^\k million to Small
Business Mmlnlstratlon.
For Farmers* Home Administration program.
Consists of notes Issued by Federal Farm Mortgage Corporation and
Home Owners* Loan Corporation prior to 1950, Virgin lalanda Company,
I9U8-49, Secretary of the Amy (Natural Fibers Kevolvlng Fund)
191*9-51, Secretary of the Treaaiur beginning 1953 (e»e footnote 7),
and Small Business Administration beginning September 195^; advances
under agreements with Veterans* Administration for direct loan program
beginning August I95O; and revenue bonds Issued by Saint Lawrence Seaway Developnent Corporaticn, beginning November 195^»
Notes outstanding in the amount of $9,3^5 mlUion, Including interest,
were canceled on June 30, 191^8 (62 Stat. II87).

Treasury Bulletia

Ig

DEBT OUTSTAHDIHG AND TREASURER'S ACCOUNT

19

September /955
STATUTORY DEBT LIMITATION
U.3.C.
( 3I
The Second Liberty Bond Act, as amended
issued
obligations
face
amount
of
that
the
provides
757 b),
under authority of that act, and the face amount of
obligations guaranteed as to principal and interest by
the United States (except guaranteed obligations held by
the Secretary of the Treasury ), shall not exceed in the

aggregate $275 billion outstanding at any one time,

except that this amount was increased by $6 billion beginning on August 28, 1954, and ending on June 30, I956
by acts, approved August 2S, 1954^, and June 30, I955.

Obligations issued on a dlBoount basis, and subject to
redemption prior to maturity at the option of the ovmer,
are included in the statutory debt limitation at current
redemption values.

Table 1.- Status under Limitation, July 31, 1955
(In Billions of dollars)

Maximum ajBount of securities vblch uay be outstsiidlnfi at any one tins, under limitation Inposed by the aot
of June 26, 19lt6 (31 U.S.C. 757 1>), as Increased temporarllj by the acts of August 28, 1954, and June 30, 1955

281 000

AnouDt of securities outstanding subject to such statutory debt llnltatlon:
U. S.

Covemnent eecurltlee Issued under the Second Liberty Bond Act, as amended

Guaranteed eecurltlee (excluding those held by the Treasury)

1*2

Total amount of securities outstanding subject to statutoi7 debt limitation
Balance issuable under limitation

Source:

277 101

^

2TJ IU3
3

Bureau of the Public Debt.

Table 2.- Application of Limitation to Public Debt and Guaranteed Securities
Outstanding July 31, 1055
(In Bl.lllcos of dollars)

Clase of security

55Y

20

21

September 1955
.DEBT OPEEIATIORS.

Table 1.- Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States Government
and Outstanding July 31, 1955 - (Continued)

Treasury Bulletin

22

DEBT OPERATIONS.
Table 2.- Offerings of Treasury Bills
(DollBr amouate In mlU-lona)

.

September

23

19'?5

DEBT OPERATIONS
Table 3.- Offerings of Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness
Dato
Bubeorlptlon

Treasury Bulletin

24.

DKBT OPERATIONS.

Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness
CallBd or maturmg security 1/
Date of
refund Ijig
or retlre-

Amount
out-

Issue
date

Description

Pesults of exchange offers

Disposition offers
by Treasury

stjindlng

Cash
retirement

Description of new
security offered

Turned

Exchange
security
offered

Eic hanged

in

for
cash 2/

(In millions of dollars)

7/1/52

1-7/856 Certificate

7/1/52-B

8/15/58

1-7/8)6 Certificate
1-7/856 Certificate

8/15/52 -C
9/1/52-D

8/1/51
9/15/51
10/1/51

Total

5,216

4,963

583

583

431*

253
150

1,832

1,832

1,575

258

2,1*16

2,416

2,008

407

5,216

1-7/856 Certificate

6/1/53-B

Certificate

8/15/53-C

256

1-7/856 Certificate

10/1/52 -E

10/15/51

10,861

10,861

10,542

319

2-1/856 Bote

1-7/856 Certificate

12/1/52-F

12/15/51

1,063

1,063

873

190

256

1-7/856 Certificate

2/15/53-A

3/1/52

8,868

8,868

8,734

134
.

1-7/856 Certificate
256

6/1/53 -B
6/15/53-55

Bond

7/1/52
10/7/1*0

4,963
725

4,963
725

4,410
448

277

5,688

5,688

4,858

829

553

•

12/1/53-A

Certificate
2-1/456 Certificate
2-1/256 Bond

8/15/53-C i/
2/15/54-"
12/15/58 4/

2-5/856 Certificate

6/1/54-B

8/15/54-D
9/15/54-E
3/15/57-A

256

Certificate

8/15/53-C

8/15/52

2,882

2,882

2,788

93

2-5/856 Certificate

2*

Bond

9/15/51-53

9/15/1*3

7,986

7,986

7,721

266

2-5/856 Certificate
2-7/856 Bote

2-1/856 Bote

12/1/53 -A

10/1/52

10,01.2

10,042

9,923

118

1-7/856 Note
2-1/256 Bond

2/15/5't-A

2/15/53

8,111*

8,114

5,647
2,360

108

1-5/856 Certificate
2-1/2^ Bond

2/15/55-A
11/15/61

3/l5/5lt-A

12/15/1*9

4,675

4,675

1,360
3,237

78

1-5/856 Certificate
2-1/256 Bond

2/15/55-A
11/15/61

2-1/1(56

Certificate

1-3/816 Bote

5/

.

Bond

6/15/52-5't

6/26/W.

2-1/156 Bond

6/15/52-55

2/25/li2

Bond

6/l5/5'.-56

7/22/1*0

256

2-l/lti6

Total.
2)6

2-1/1(56

2-1/1*56

Bonl
Bond
Bond

6/15/52-51*

6/15/52-55
6/l5/5i*-56
6/l/5l*-B

2-5/856 Certificate

6/26/1*4
2/25/1*2
7/22/1*0

6/1/53

Total

5,825
1,501
681

4,083
1,128

1,743 6/
373 6/

369

3116/

20,796

20,796

I8,l84

2,612 6/

1,743
373
311

1,743

1,505
322
273

238
51
38

1-1/856 Certificate -

5/17/55-B

175

1-1/856 Certificate
1-7/856 Note

5/17/55-B
2/15/59-A

4,858

3U
4,858

1,786
2,897

2-1/256 Bond

7,285

6,783

502

55

f

f
I

S/l5/5l*-D

8/15/53

2,788

2,788

1,005
1,728

2-5/8;4 Certificate -

Q/l5/5'»-i:

9/15/53

4,724

4,7^4

2,553
2,078

7,512

7,512

7,364

8,175

8,175

4,498
3,289
346

l-7/85« Note

12/l5/5'*-B

lS/l/53

Bond

- 12/15/52-51*

Si,

Bond

-

12/1/1.

I*

8,662

8,662

1,963

Total.

8/15/55-P
11/15/60

-

r^,558 total of I-I/85S Certificate 1/
13,306 total of 2-1/8:^ Bond

Bon^

P'15/55-D
12/15/55-E
8/I5/S3

1-1/856 Certlflceto l-l/4;J Certificate 2-1/256 Bond

8/15/55 -D
12/l5/;5-E
P/15/63

1-1/8^ Ccrtlflcatp 1-1/456 Certificate 2-1/256 Bond

8/15/55-D
12/15/55-E
8/15/63

510

510

88
380

29

17,347

17,31*7

17,033

315

(Continued on following page)

1-1/856 Certificate
[2-1/8^ Bond

21*3

14
12/15/1*1

e/15/55-D
11/15/60

1-1/85! Certificate- 1-1/4?, Certificate -

6,028
12/15/51-55

1-1/856 Certificate [2-1/856 Bond
(

2-1/25',

1*07
25!

-

3,886 total of 1-1/856 Certificate
2,897 total of 1-7/856 Bote

f

IW

11/15/61

7,007 total of 1-5/856 Certificate
11,177 total of 2-1/256 Bond

[

7,285

2-5/85* Certificate -

To tal

12/15/54-B
12/15/58 4/

5,825
1,501
681

373

y

4,919 total of 1-1/856 Certificate jj
5,359 total of 1-1/456 Certificate
6,755 total of 2-1/256 Bond

September 19^5

25
.I»3T OPERATIONS.

Table 4.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes,
and Certificates of Indebtedness - (Continued)

.

.

Treasury Bulletin

26

.UNITED STATES SAVUKJS BOMDS.
United Statee savlnge bonds were first offered In
March I935 and began to mature In March 19'*5- Series A-D
were sold between March 1935 and the end of April 19'H,
were first offered In May ig^^l.
and Series E, F, and
When Series E began to mature on May 1, I95I, owners of
To redeem
the matured bonds were offered three options:
the bonds In cash In accordance with the original terms;
to retain them with an extended maturity of 10 years at
specified rates of Interest accrual; or to exchange them
for Series G bonds. A number of changes became effective

May

1,

The principal ones were:

1952.

The rate of

Interest accrual on Series E was Increased, especially for
the near term, with corresponding changes In extended

Series E; and Series F and Q were replaced by two new
Issues, Series J and K, also at higher Interest rates.
A new current- Income bond, Series H, similar In Interest
return to Series

E,

was offered beginning June 1.

details of these changes see "Treasury Bulletin" for
began to mature on
May 1952, page A-1. Series F and
May 1, 1953. For the exchange offering made to holders
of these bonds maturing through December 3I, 1953, see
The Treasury Invited
the May 1953 Issue, page A-1.
holders of Series F and G which began Co mature In January
195'4-

to reinvest the proceeds In other series of savings

In the tables which follow. Series A-F and J sales

bonds.

are Included at Issue price and total redemptions and
Series 0,
amounts outstanding at current redemption values.
H,

and K are Included at face value throughout.

Matured

bonds whloh have been redeemed are Included In redemptions.

Matured F and G bonds outstanding are Included In the
Interest-bearing debt until all bonds of the annual series

have matured, when they are transferred to matured debt
upon which Interest has ceased.

For

Table 1.- Sales and Redemptions by Series, Cumulative through July 31, 1955
(Dollar aBomta in mllllans)

Aaoont outatanllng
Accrued
dleootmt

Sales pins
accrued
dleoount

Bedeiqptlons

Xntereet-

Matured debt

beariJig de1>t

Series A-D 1/
Series E and H
Series F, G, J, and K.

Total A-K.
Source:

3,9*9

1,05't

79,61*2

9,29*
851

5,003
88,936
32,003

11,199

125,9*2

31,152 2/
U.'t,7l»3

Daily TreaeuiT etateamt; Bureau of the Public Debt.

Table 2.

•,9*5
U9,50* 2/
12,821

39,*32
18,975

207

67,270

58,li07

265

Bedei^tlons of Interestbearing serlfca as
percent of sales plus
accrued discount

58

55.66
27. *1

Footnotes at end of Table *.

Sales and Redemptions by Periods, All Series Combined
(In mllllona of dollars)

Sales

Fiscal jeare:
1935-19*8.
19*9
1950
1951
1952

fiedeiqptlaiu

Sales
price

Aaount outstanding

i/

y 2/

Accrued

dlecomt 5/

Interestbearing debt

Matured debt

75,838
7,1*1
5,673
5,1*3
3,925
*,562
5,*9*
6,*73

3,05*
927
1,0*5
1,1*9
1,207
1,229
1,23*
1,231

78,891
8,068
6,718
6,292
5,132
5,791
6,727
7,70*

25,559
5,067
5,*22
6,137
5,109
5,621
6,515
7,251

2*, 8*6

713

*,721
*,9*5
5,609
*,6*0
5,072
5,875
6,*83

3*6
*77
528
*69
5*8
639
768

53,27*
56,260
57,536
57,572
57,685
57,886
58,061
58,365

277

79,770
5,833
6,07*
3,961
*,161
*,800
6,173

3,505
981
1,10*
1,181
1,220
1,237
1,236

83,27*
6,815
7,178
5,1*2
5,381
6,037
7,*09

28,077
5,101
5,8*0
5,651
5,07*
6,1*9
6,985

27,216
*,708
5,323
5,150
*,565
5,552
6,3*8

862
39*
517
501
509
597
637

55,051
56,707
58,019
57,587
57,9*0
57,710
57,672

1*6
203
229
152
106
225
666

7*2
6<£
61*

128
90
87

870
692
701

772
5*3

605

691
*33
520

81
110
85

57,967
58,225
58,366

U90
380
335

April.
May...
June,.

535
*88
*96

85
96
125

620
583
621

682
581
619

623
520
5**

59

61
75

58,326
58,3*6
58,365

295
277

July..

*9*

12*

618

589

532

57

58,*07

265

1953.
195* 6/.
1955 y.

Cnlendar years:
1935-19*8.
19*9
1950
1951
1952
1953
195*
Months:
1955-Jsnuai7
February.
March
.

Sourcs:

Aocraed
discount

Sales plus
accrued
discount

Sally Treasury stateaeot; Bureau of the Public Debt.

Fcotaotes at end of Table *.

59
73
92
212
122
91
128

313

September

27

195')

.UNITED STATES SAVUKS BONDS.

Table 3.- Sales and Redemptions by Periods, Series E through K
(In llllonB of dollATB)

Treasury Bulletin

28

.UNITED STATES SAVINGS BONDS.

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

(Continued)

(In milllCBiB of dollars)

Accrued
dlBcount

Bedeaptlons 2/ j/

Sales plus
accrued
discount

Sales
price */ 5/

Accrued
discount

^

Amount outstanding (interestbearing debt)

Flecal yeara:

5,218

20,822
3,530
3,521
*,295
*,008
*,032
*,319
*,*90

20,*88
3,368
3,326
3,987
3,583
3,532
3,765
3,85*

33*
162
195
307
*25
500
55*
636

31,625
33,127
3*,*9*
3*,506
3* ,875
35,66*
36,*58
37,186

2,38*
818
971
1,080
1,120
1,128
1,126

5*,838
5,025
*,639
*,270
*,513
5,03*
5,1*9

22,6*9
3,**8
3,912
*,036
*,098
*,1*1
*,*06

22,235
3,27*
3,667
3,688
3,622
3,609
3,871

*1*
17*

2*5
3*8
*76
531
535

32,188
33,766
3*,*93
3*, 727
35,1*3
36,036
36,778

*18
357
39*

113
8*

399
339
*00

332

68

251
328

ee

81

531
**1
*7*

72

36,909
37,011
37,086

77
90
113

*13
*22
*53

370
385
*32

323

June....

335
332
3*0

336
366

*7
50
65

37,128
37,16*
37,186

July

335

*lt5

395

3*5

50

37,236

6
55

6
26
55

30
385
1,02*
2,099

16
38

16
38

181
627
1,*55

19'tl-19'^....

19*9
1950
1951
1952
1953
195*
1955

50,*26
*,278
3,993
3,272
3,266
3,700
3,988
*,095

2,021

52, *5*

753
895
1,035
1,111
1,120
1,126
1,123

52,**7
5,032
*,887
*,307
*,377
*,821

5,U*

CalenAar jeare:
19'tl-19't6

*,208
3,668
3,190
3,393
3,906
*,023

19*9
1950
1951
1952
1953
195*
Montha:

1955^a™iai7.
February
March...
April...
>«aj

Series H j/
Fiscal years:

30
360
665
1,130

30
360
665
1,130

182
U62

866

182
*62
866

1955 -January,
February
March

155
108
125

155
108
125

1,606
1,710
l,8e8

April...
May
June ....

112
87

112

87
88

1,935
2,016
2,099

July

103

103

2,195

1952
1953
195*
1955

26

Calendar years:
1952
1953
195*

Months:

Source:

Dally Treaauiy stateaent; Bureau of the Public Debt.

Footnotes at end of Table *.

:

.

-

.

29

September 1955
.UNITED STATES 3AVIN(JS BONDS

Table 4.- Redemptions of Matured and Unmatured Savings Bonds
(In mllUoos of doHoTB)

Unmatured bonde

Matured bonde
Period 8/

Total
matured 5/

Series
A-D

In exchange
for Serlee G
and K

For
cash

Total

Serlee
F and G

Total
unmatured

Sales
price

Accrued
discount

Ji/

Fiscal years:
1951
195S
1953
195*
1955

6,137
5,109
5,621
6,515
T,251

817
792
1,761
2,71*7

38

779
90
31
18

l,lv87

1,1*86

1,21*1

111

1,826

1,825

2,101

37

702
1,128

6oe 2/

1,126

2/

5,320

1*,996

321*

'*,317

I*,

01.6

3,860
3,768
3,310

3,622
3,577

271
238
191
168

'*,853
l*,879
l*,059

l*,583

3,11*2

Calendar years:
5,8U0
5,651

1950
1951
1952
1953
195^

6,1119

6,985

987
772
1,015
2,318
3,171

987
518
hi
Zk
lU

25lt

r

3,811*

188
397
215

387
-112

-131*

178

161

133

201*

3UI*

11*2

170

195

11*6

268
277

332
255
263

150

IQl*

331*

321*

968
1,328
1,500

1,326

195
257
211

195
256
211

962
1,1*99

967 2/
1,657

3,831

270
308
253
217
159

I*,

571
3,806
3,613
3,655

21*9

:

Months
19 55 -January.
February.

March

5''3

385
656

772

605

1(27

April
May
June

682
581
619

338
313
3U2

133
lUa
195

July

589

254

150

.

.

.

368

19
22
17
12
13
11*

J_
Source: Dally Treasury etatement.
1/ Details by eerlea on e cumulative basis and by periods for Series A-D
coniblned will be found In the February 1952 and previous issues of the
"Treasury Bulletin."
2/ Includes exchanges of natured Serlee E bonds for Series G bonds beginning May 1951 and for Serlea K bonds beginning May 1952.
Includes both matured and unmatured bonds; see Table 1*.
Includes total value of redemptions not yet classified between matuled
J*/
and unmatured bonds
5/ A change In procedure, beginning in June 1951*, for processing redeemed
savings bonds has resulted In a high level of redemptioas not yet
classified between matured and unmatured bonds. This increase temporarily obscures the relatloxiahlp between the redemption columns showing sales price and accrued discount in Tables 2 through 1* and also
the relationship between the natured and unmatured sections of
Table 1*.
(See also footnote 1*.) The subsequent distribution of this

^

6/

high level of unclaaelfled redemptione maj be large enough In any
month to shov redemptlona of matured bonds for a series In Table ^
which are greater than the total redemptions of that series as shown
In Table 3, and to ahow a negative In the unmatured section of Table U.
Peductlons were made In leeuee and redenqitlooe of Series E, H, F, G,
J, and K In July 195'+ to congwnaate for the erroneous Inclusion of
reissue transactions In June 195^ QQ reported In the dally Treasury
statement. The amounts Involved were as follows: $l8 million for
ieauee of Series E and H and $17 million for issues of Series F, G^ J,
and £; and $35 million for unclassified retirements.
Sales began June 1, 1952.
Comparable data are not available prior to January 1950.
Includes exchanges of Series IQUl F and G savlnge bonds for Treaeury
3-lAlt bonds of 1978-83.
Less than $500,000.
Beviaed.

Treasurif Bulletin

30

.TREASURY 3AVIJK3 BOTES.
Similar Information with respect to the offering of the
earlier series was published currently In the "Treasury

Treasury tax and savlngB notes have been Issued as
follows:
Tax Series A from August 1, l?"^!. through
June 22, igU^J; Tax Series B from August 1, 19'H, through

Bulletin,"

September 12, ISkZ; Savings Series C (originally designated

Secretary of the Treasury" for appropriate years.

Tax Series C) from September l4, I9I+2, through August 31,
191*8; Savings Series D from September 1, 19'*S, through
May Ik, I95I; Savings Series A from May I5, 1951. through
May !*, I953; Savings Series B from May I5, 1953. through
September 25, 1953; «'"<' » "ew Savings Series C from

October

1,

through October 23, 1953, "hen sale of these
Details concerning terms and

notes was suspended.

conditions for purchase and redemption and Information on

Investment yields of Savings Series

C

appear In the

October I953 Issue of the "Treasury Bulletin,"

and appears also In the "Annual Report of the

In the following tables sales and redemptions of
Treasury savings notes are shown at par value. Matured
notes redeemed either for cash or for tax payment ) are
(

Included In the figures on redemptions. Matured notes
outstanding are reflected In the Interest-bearing debt
until all notes of the annual series have matured, when
they are transferred to matured debt upon which Interest
has ceased.

page A-1.

Table 1.- Sales and Redemptions by Series, Cumulative through July 31, 1955

)

^September

31

195'j
.OWIffiBSHIP OF

FEDERAL SECUPITIES.

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

Treasury Bulletin
32

.OWNERSHIP OF FEDERAL SECURITIES.

Table 3.- Estimated Ownership of Federal Securities
(Par TBlueo 1/ - In billions of dollars)

September i955

35

.TREASUKf SURVEY OF OWRKRSHIP, JUNE 30, 1955.
The Treasury Survey of Ownership covers securities
Issued by the United States Government and by Federal
agencies. The banks and Insurance companies Included in

cial banks distributed according to Federal Reserve member-

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

bank classes and nonmember banks are published for June JO
and December 3I. Holdings by corporate penslbn trust funds

Data were first published for
the United States.
March 3I, igl+l, In the May igl+l "Treasury Bulletin".

Bulletin for quarters beginning December 31, igM^.

Section

I

-

Distribution of ownership by types of banks and insurance companies Is published each month. Holdings by commer-

are published quarterly and fli'st appeared in the March

Securities Issued or Guaranteed by the United States Government
Table 1.- Summary of All Securities
(Par valuoB

-

In

bHIIoqb of dollare)

195't'

:

Treasury Bulletin

3^^

.TREASURY SURVEY OF OWNER^IP, JUNE 30, 1955.

Section

I

-

Securities Issued or Guaranteed by the United States Government

Table 3.- Interest-Bearing Public Marketable Securities by Issues
(Par valuee - in mlXlloms of dollera)

E«l&
leeue
(Tax statue 2/ ^^ ehavn in parentheBes)

TroaBury bllle

Total
enount
outatandine

inTaetoora corared in Treaaui? Snrrey

tij

IneiiraDoa ooaipaalafi

525

6,827

Butttal

OGoaiBercl&l

aavinge
banks 2/

banks 2/ }J

313
life

596 fire,
casualty,
and nai'lne

S. Goreznaent
Inrestaent
accounts and
Federal Beserre
Banks
tr,

Held \fj
all other
Investors

93

926

15,153

13

39
31

5,758
2,524

2,056
1,917

l.lJSS

53

70

8,281

3,973

49
43

3,237
4,031
1,000

1,957
2,966
2

24

1,702
500

(taxable)

19,514

2,721

84

(talablo)
(taiable)

8,477
5,359

584
871

40

13,836

537

CertlflcateB of Indebtedneas
1-1/8^ Auguot
Deoenbor

1-lA

1955-D
1955-E

Total oertlf leatee of Ijidebtedneee
Treaapry notaa

:

1-5/8
1-1/2

Maroh
April

1956-A
1956-EA

(taxable)
(taxable)
(taxable)

6,854
8,472
1,007

1,592
1,409
4

16
11

2
1-1/2

2-7/8

August
October
Maroh

1956-B
1956-BO
1957-A

(taxable)
(taxable)
(taxable)

5,706
550
2,997

1,354
24
1,801

S4
»
69

1-1/2
1-5/8
2

April
May
Auguet

1957-KA
1957-B
1957-C

(taxable)
(taxable)
(taxable)

531
4,155
3,792

23
2, 608
2,296

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

Ootober
April
October

1957-BO
1958-EA
I958-K)

(taxable)
(taxable)
(taxable)

824
383
121

252
77

1-7/8
1-1/2
1-1/2

February
April
October

1959-A
1959-KA
1959-H)

(taxable)
(taxable)
(taxable)

5,102
119
99

1-1/2

April

1960-KA

(taxable)

17

l-SA* Decembor 1955-B

2

11

U5

24

2,598
24
986

1

500
16
4

1,3'>9

2

118
114

37
29

73

15

6
27

46

W,T29

15,385

269

71

718

(taxable)
(taxable)
(partially)

1,449
3,822
982

886
2,785
749

27

9
46
1

125

1

29

261

3,758
65

32

88
40

4

84
10
5

Total Treaaai7 notes

714

8
1,367

203
2
10

36
1

1,003
35
39

11,765

12,502

28
42
1

•55
790
188

340
39
1

125
922
38

281

25
604
760

576
1,733
1,199

105
41

18
1

U8

52

814
114
356

273

8

3

Treasury bonds:

2-1/2^ March
1956-58
2-1/1 SeptoBber 1956-59
2-3/t September 1956-59

34

1'2

March
Juno
Juno

1957-59
1958
1958-63

(taxable)
(taxable)
(partially)

927
4,245
919

430
2,846
843

12
150

DeceaAer
June
Decoaber

I958
1959-62
1959-62

(taxable)
(taxable)
(taxable)

2,368
5,276
3,465

1,638
1,928
943

47
408
157

10
163
124

(taxable)
(partially)
(taxable)

3,806

2-3A

XoTember I96O
December 1960-65
Sept<«ber 1961

2,239

2,839
1,328
1,512

29
1
165

37

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

Horembor
June
August

1961
1962-67
1963

(taxable)
(taxable)
(taxable)

11,177
2,116
6,755

8,221
520
4,816

419
307
225

439
134
220

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

Deoember
June
December

I963-68
1964-69

(taxable)
(taxable)
(taxable)

2,826
3,753
3,830

407
478
453

594
1,100
743

2U

1961».69

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

Haroh
March
June

1965-70
1966-71
1967-72

(taxable)
(taxable)
(taxable)

'»,718

2,961
1,882

247
78

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

September 1967-72
Deoaaber 1967-72
June
1978-83

(taxable)
(taxable)
(taxable)

2,716
3,812
1,606

3

fobruary

(taxable)

2-3/8
2-3/8
2-3/It

2-1/2
2-l/li
2-1/it

2-l/e
2-3/'>

I995

Total n^asuiy bonds
Footsotee at end of Seoticn

H.

1,«5

19
36

63

1,542
122
40

72
''39

60
24

2,003
541
1,442

161

425
434
510

786
1,062
1,186

741
338
216

175
117
54

1,225
694
148

1,321
886
1,318

181

68
122

104

28

205
225
144

707
3,014
1,175

227

1,924

216

278

69

77

1,122

81,057

35,930

6,422

3,605

6,35V

23,874

-J
L_r
(Continued on foUowlsg page)
I

September 1955

35

.TREASORy SUEVEY OF OWNERSHIP, JUNE 30, 1955.

Section

I

-

Securities Issued or Guaranteed by the United States Government

Table 3.- Interest-Bearing Public Marketable Securities by Issues
(Far Talnee - In Mnilons of dollars)

-

(Continued!

Treasury Bulletin

36
.a3tEASURY SURVEY OF OWNERfflIP, JUNE 30, 1955.

Section 11 - Interest-Bearing Securities Issued
not Guaranteed by the United States
(Par values - In mlllloaB of dollara

September 1955

37

,

TKEASUEY SUEVKy

-

COMMERCIAL BARK OWHERSHIP, JUNE 30, 1955.

The tables which follow provide an analysis of the
security holdings of oomraerolal banks reporting In the
Treasury survey of ownership of securities Issued by the

United States Government and by Federal agencies. The
figures show the total holdings distributed according to
Federal Reserve member-banlc classes and nonmember banks.

Section

I

-

This aneUysla of commerolal bank ownership was first
publliied in the May 19^4 issue of the "Treasury Bulletin,"
I* ^*
based on the survey data for December 31. 19'*-?appeared at semiannual or quarterly intervals since that
time, and is now being published for the June 30 and

December 31 survey data.

Interest-Bearing Securities Issued or Guaranteed oy the United States Government
Table 1.- Summary of All Securities
(Far

ralBH

- In

lU.iona of dollara)

Treasury Bulletin

38

,

Section

I

-

TREASUKY SURVEY

-

COMMERCIAL BANK OWNERSHIP, JtJNE 30, 1955.

Interest-Bearing Securities Issued or Guaranteed by the United States Government
Table 3.- Public Marketable Securities by Issues
(Par values - In mllllone of dollara)

September [955

Treasury Bulletin

ko
.TREASUBY SURVET

Section II

-

-

COMMERCIAL BANK OWNERSHIP, JUNE 30, 1955

•

Interest-Bearing Securities Issued by Federal Agencies but
Not Guaranteed by the United States Government
(Par valuaa

-

In millions of dollars)

September 1955

1+1

MAEKET QtroTATIONS OH TKEASUPY SECURITIES, JUtJT 29, 1955,

Current market quotations shown here are over-the-

public marketable securities issued by the United States

counter oloBlng bid quotations in the New York market
for the last trading day of the month, as reported to

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

the Treasury by the Federal Reserve Bank of New York.
The aecurities listed include all regularly quoted

Government are excluded because they are not regularly

quoted In the market.

Table 1.- Treasury Bills (Taxable!
ABDunt
outstanding

(nlUlonB)

Treasury Bulletin

1+2

MABKET QUOTATIONS ON TPEASUEY SECURITIES, JUL3f 29, 1955,

Table 4.- Taxable Treasury Bonds
(Price declJialB are 32iida)

Amount

^i

September \955
MARKET QroiATIONS OH TKEASUPY SECUEITIES,

bJ

O

8

JUU

29, 1955,

. ..
.

1^1^

Treasury Bulletin
.AVERAJE YIELDS OF LONG-TEI« BONDS.

Table 1.- Average Yields of Treasury Bonds and Moody's Aaa Corporate Bonds by
Periods
(

Period

Taxable
Treaeury
bends

Noodjr*8 Aaa

i/g/

a/

corporate
bonds

Period

Amual aerlee
2.116

2.47
19Wt.

2.li8

19't5.

2.37
2.19
2.25

I9U6.
19^7.

19l»9-Jan.

Feb..
Mar..
Apr..
Majr..

June.
July.
Aug..
Sept.
Oct..
Hot.,

Dec.
1950-Jaii.

Feb..
Mar..
Apr..
Mar..
June.

July.
Aug..
Sept.
Oct..
Hot..
Dec..
1951-Jan.
Feb.
Mar..

Period

1955-Feb.

It.

U.
18.
25.

Mar.

1955-July

1
1.

5....
6....
7....
8....

2.k2
2.39
2.38
2.38
2.38
2.38
2.27
2.2lt

2.22
2.22
2.20
2.19

2.20

2.83
2.73
2.72
2.62
2.53
2.61

2.71
2.71
2.70
2.70
2.71
2.71
2.67
2.62
2.60
2.61
2.60
2.58

19't8.
19119.

1950.
1951.
1952..

-

Percent per sodkii)
Taxable
Treasury
bcods

Moody's Aaa
corporate

i/g/

1/

Taxable Treaeury bonds,
due or callable - 1/

bonds

Prom 10 to
go yeara kj

calendar year aTeragea of aopthlj serlea

2M
2.31
2.32
2.57
2.68

2.82
2.66
2.62
2.86
2.96

1953.
1954.

20 yeara
and after

Moody's Aaa
corporate
bonda

September

19'?')

^5

AVERAJE YIELDS OF LONG-TEm BONDS.

o

2-

s

B
e

.

.

Treasury Bulletin

i^6

.DiTEKIAL REVKNUE COLI£CTI0NS-

Table 1.- Summary by Principal Sources
(In thoiiaaula of dollare)

Fiscal year
or Bontb

Budget
receipts
from
Internal
revenue

Adjuataent of
colleotlons
to budget
receipts 1/

Total
colleotlons
reported by
Internal
BeTenue
Service

IndlTidual IncQDe tax and enq)loyiBent taxes

Corporation
incooie and
profits
taxes

39,108,386
41,864,542
40,463,125
38,957,132
50,445,686

9,676,459
10,174,410
11,553,669
10,854,351

65,009,586
69,686,535
69,919,991
66,271,290

191*8

1*1,853,1*85

1949
1950
1951

40,307,285

+271,023
-11,057
-155,840

39,1*48,607

+491,1*75

51,106,095

+660,409

1952
1953

65,63l*,89l*

+625,308

195'*

70,299,652
66,271,198

+379,661
-883
+615
-64

2,850,314 5/

August ...
Soptember,

2,849,431
1,633,990
5,115,671

October...

2,699,71*9

NoTBmlwr

4,629,478
4,004,978

-335
+788

39,379,1*09

191*7

70,170,971*

1955 P
195ii-July

„

Deceail)*:'-

1955">Januar^ .

.

11,354,123

February.
March.....

10, )01,79O

April. ...
May
Jutu p...

5,787,520
10,892,436

5,631,332
1*,770,699

y

iDdlTldual
Inccane tax
not withheld g/

ll*,387,569

21,367,662
23,379,123
20,527,935
19,797,883
26,624,788

9,501,015
9,464,204
7,996,320
7,264,332
9,907,539

21,466,910
21,594,515
21,546,322
18,264,720

33,738,370
37,254,619
37,921,314
37,869,770

11,345,060
11,403,942
10,736,578
10,724,120

532,281

5,115,735

299,91*5
1,103,91*0

1,528,001
3,505,4«1
3,173,096

252,145
93,008
1,429,465

-85

2,700,084
4,628,690
4,005,063

360,516
288,972
l,lBl,273

1,489,029
3,500,684
2,023,753

+35
-l4l
+66

l*,35l*,088

10,901,704

354,629
274,500
6,802,452

+59
+244
-412

4,770,640
5,787,276
10,892,848

478,091
376,719
6,201,403

+481*, 1*39

-92

1*,633,375

5,631,1*73

IndlTldml

Old-age

iDcoiae tax
withheld 2/

taxes 3/

Ballroad
retirement

Unemployment
Insursnce

9,842,282
11,533,577
10,055,502
9,888,976
13,089,770

1,458,934
1,612,721
1,687,151
1,873,401
2,810,749

379,555
560,113
562,734
548,038
579,778

185,876
208,508
226,228
223,135
236,952

17,929,047
3,584,025
3,816,252
21,132,275
4,219,304
22,076,329
26,265,558

620,622
628,969
605,221
6CO,106

259,616
273,182
283,882
279,986

Insuj'ance

19,5885/

1,252,385 2/
3,320,589
1,696,174

76,043
46,871

3,884
15,841
586

199,101
77,617
271,658

1,265,005
3,313,289
1,687,218

21,010
94,486
64,403

3,912
15,292
474

3,283,303
4,583,312
3,093,755

2,239,04«
880,678
769,768

996,937
3,471,5<K
2,257,864

16,414
63,924
46,327

30,903
167,208
19,795

3,497,459
4,471,941
3,719,955

2,374,701
672,642
1,464,288

1,098,542
3,705,232
2,200,818

19,717
79,170
52,153

4,498
14,898
2,695

September 1955

^7

-IHTERHAL REVENUE COLLECTIONS.

INTERNAL REVENUE COLLECTIONS BY PRINCIPAL SOURCES

DOLLA
Billior

38

la

Treasury Bulletin
.INTERNAL EEVENUE COLLECTIONS.

Table 2.- Detall of Collections by Type of Tax
(in thoueacds of dollars)

Typo of tax

—
September

i95'5

itg

.INTERNAL REVENUE COLLECTIONS.

Table 2.- Detail of Collections by Type of Tax

-

(Continued)

(In thousaiids of doXlars)

Twelfth nooth of
fiscal year

Flecal year
l^p© of tax
1953

MlecellaneouB Internal rerenue

-

195*

1955

1955
(June 1955)

(June 1954)

(Continued)

Excise taxes - (Continued)
Betallers* excise taxes;
Purs
JeveljT
Luggage
Toilet preparatlana

^,923
95,750
115,677

Total ratallera* excise taxes

Total mlscellsneous taxes
Total excise taxes:
Pecelved with returns and from sale of etampe.
UndlBtrlbuted depositary receipts k/
Total miscellaneous internal revenue

Total collections reported by Internal Revenue Service
Adjustaaent to budget receipts 7/

Budget receipts from internal revenue

^

U0,1U9

27,053
lte,366
50,896
71,829

-1,662

787
2,655
770
1,555

"•38,332

292,l't5

-1,991*

5,967

78,512
230,251
290,198

70,1*32

39,036
209,256
79,891

23'»,659

Miscellaneous taxes:
Sugar Act of 1937
Telephone, telegraph, radio, and cable facilities
Local tele^one service
Transportation of oil by pipe line
Transportation of persons , etc
Transportation of property
Leases of safe-deposit boxes
Adjaleslons to theaters, concerts, etc
Admissions to cabarets, roof gardens, etc
Club dues and Initiation fees
Bowling alleys, pool tables, etc
Coin operated deTlcee
Adulterated and process or renovated butter, and
filled cheese
Narcotics, Including marihuana and special taxes.
Coconut and other vegetable oils processed
Rational Flreams Act
Diesel oil 6/
Wagering taxes
All other, including repealed taxes not shown
separately

1196,009

78,130

7'', 1*77

'il7,9'*0

1*12,508
359,1*73

357,933
28,378
287, to8

29,730 r
r
395,551* r
9,01*9 r
271,952
38,312
31,978
3,227
11*, 616

10,368
312,831
116,691

36,829
3,

r

21*7,1*15

1(19 ,60U

to

16,505
6
929
17,983
7
15,091

12

918
16,266
8
17,969 r
9,558

10,li75

6U7

3,505

235
-15
-553

596 r

75,008
-1*9

1*3,286

197,201
398,023
5,568
106,086
39,271

i*,071

39,203
r

2, 81 1* r
-1*,077 r

-229 r
-1*5

59,801.
2,31*1

7,220
101
105
2,718

11*,

l,li6l

1*71

910

11*7

1*1,963
3,361*

391*

r

61*3

ll*,99l*

1,010 r

2,966

23
993
18,950
11
21*, 767
7,807

7,355

3

1

259

272
2,255

1.

1

-958 r

2

771*

-8,753
753

3,365

-732

2, 061, 161*

1,936,527 r

1,508,621*

11*9,920 r

129,31*0

9,91*6,116

9,517,233

9,085,81*5
lll*,687

561,267

679,160
228,359

10,837,1*01

10,1*52,351*

10,136,799

3U

971,1*90

69,686,535

69,919,991

66,271,290

9,119,51*1*

10,892,81*8

*Jt8J*,U39

+379,661

-92

+1,838,361*

-1*12

70,170,971*

70,299,652

Source: Internal Revenue Tirvlce reports for detail of collections by type
of tax; Daily Treasury etatement for budget receipts from Internal
revenue through the fiscal year 1952, and the new "Monthly Statement of
Receipts aai Expenditures of the United States Government" for receipts
thereafter. Certain detail by type of tax Is available only on the
basis of retuma filed with the Internal Revenue Service. The figures
rhown include collectloos for credit to special accounts for certain
Island possessions, as reported by the Internal Revenue Service.
1/ Includes excess profits taxes on Army and Navy contracts imposed by the
Vinson Act as emended (3I* U.S.C. 1*96), and Income tax on business income
of elenqit organizations Imposed by the Revenue Act of 1951, approved
October 20, 1951.
2/ Includes old-age Insurance tax on self -employment Incoiae, imposed by the
Social Security Act Amendments of 1950 (Public Law 73I*), approved
August 28, 1950. The tax is levied and collected as part of the Individnwi income tax beginning with the taxable year 1951.
For estimated
flecal year brealoiown, see Table 1.
Beginning Januai^y 1951, withheld Incnnff tax and social eecurlty employment taxes on employers and employees are paid Into the Treasury in
ccmblned amounts, pursuant to the Social Security Act Amendments of
For estimated fiscal year bresMown, see Table 1.
1950.

^

WS"*

k/

^
6/
7/
&/
•
p

66,271,198 p

631*,

10,957,908 r

10,892,1*36 p

Under revised accounting procedures effective July 1, 1951*, tax
payments made to banks under the depositary receipts system are
Included in Internal Revenue Service reports of collections in the
month in which the depositary receipts are Issued instead of the
month in which tax returns supported by the depositary receipts
are received in internal revenue offices, as was the previous
practice. The "Undistributed depositary receipts" Included in the
collections represent the amount of depositary receipts Issued during
the period less the amount received with returns. In the case of
excise taxes, it Is not possible to classify the depositary receipts
Accordingly, the
by type of tax until the returns are received.
aoKnint of such undistributed depositary receipts is Included only In
the total of excise taxes. Unclassified advance payments also included beginning with the fiscal year 1955.
Iiuludes $16,116,000 advance payments of estate and gift taxes not
further classified.
Applies to diesel oil used in highway vehicles.
See Table 1, footnote 1.
New reporting basis; for explanation, see page 1, footnote 6.
Less than $500.
Preliminary.
ReTlaed.

.

. .

Treasury Bulletin

50

.MOKETAEY STATISTICS.

Table 1.- Money In Circulation
(In mllllone of dollare except ae noted)

Paper money

End of fiscal
year or month

Total
money In
circulation 1/

Total
paper
money

Gold
certificates

2/

26,l»82

Its

26,0311

1*3

25,661
26,231

111

27,3't8

38

SllTer
certificates

Treasury
notes of
1890
i/

United
States
notes

Federal
Reserve
notes

Federal
Eeserre
Bank
notes

National
bank
notes

y

2,061
2,061
2,177
2,092
2,088

321
319
321
318
318

23,600
23,209
22,760

271*

23,1*56

21*3

21*, 605

221

99
93
86
81
77

318
320
319

25,609
25,385
25,618

200
180
163

70
67

353
309

1952

27,903
27,^93
27,156
27,809
29,026

1953
195^
1955

30,125
29,922
30,229

28,359
28,127
28,372

31.

2,122
2,135
2,170

195** -December.

30,509

28,675

35

2,11*3

311

25,91*5

171

68

1955-Janxiar7..

29,789
29,817
29,800

27,981
28,007
27,978

35
35
35

2,055
2,083
2,125

303
312
313

25,350
25,339
25,269

169
169
167

68
68
68

29,769
30,009
30,229
30,2Wt

27,938
28,166
28,372

35

2,131*

165

25,1*19

I6I*

67
67

i>>

2,160
2,170

316
320
319

25,220

35

25,618

163

67

28,379

3^

2,155

317

25,61*4

161

67

1948
19^9
1950
1951

February,
March

April....
May
June . . .
.

July

End of fiscal
year or aonth

Total
coin

39

37
35

Standard
silver
dollars

Subsidiary
silver

Minor
coin

191*8

1,1*21

156

919

31*6

191*9

1,1*59
1,1*96

16I*

9I1O

1,578
1,678

170
180
191

965
1,020
1,093

1,766
1,795
1,858

202
212
223

1,150
1,165
1,202

355
361
378
393
lua
1H9
k33

1950
1951
1952
1953
1951*

1955

73

Honey In
circulation
per capita
(IB dollars) 5/

190.31
1»*.33
179.03
180.17
181*. 90
188.72
181* .21*

182.93

1951* -December

1,831*

218

1,186

1*29

186.11

1955-Januajy.
February
March. .

1,808
1,810
1,822

218
219
219

1,165
1,168
1,177

"125
l|2lt

181.1*7
181.1*1

ks6

181.05

April...

1,831

180. 61*

1,81*3

1>30

1,858

1,183
1,192
1,202

ksB

May
June ....

221
221
223

"33

181.85
l8e.93

July ....

1,865

221*

1,206

1*35

182.73

Circulation Statement of IJtolted States Money.
Source:
1/ Secludes money held by the Treasury, money held by or for the account
of the Federal Peaerve Banks and agents, and coin estimated to ba
held outside the continental limits of the United States. Includes
paper currency held outside the continental limits of the Uiilted
States

2/
3/
hj
S/

Gold certificates were withdrawn from circulation In 1933.
Treasury notes of the I89O In circulation are being canceled and retired upon receipt by the Treasury.
Federal Reserve Bank notes and national bank notsc are covered by
deposits of lawful money and are In process of retirement.
Based on latest population estimates by the Bureau of the Census.

4

..

September 1955

51

.MONETAEY STATISTICS.

Table 2.- Monetary Stocks of Gold and Silver
(Dollar sshsunta In millions)

Cold
{$35 per
fine ounce)

End of fiscal year or month

1948

23,532.5

igitg

2lf,1.66.3

1950
1951
1952

211,230.7

21,755.9

Silver
($1.29+ per
fine ounce)

Smtlo of silver
to gold and
silver In
monetary stocks
(In percent)
13.2
12.9
13.2

23,3''6.5

3,571.0
3,618.3
3,671.5
3,718.5
3,768.5

1953

22,1162.6

3,8llt.3

195''

1955

21,927.0
21,677.6

3, 922.lt

14.5
15.0
15.3

195't-Deceniber.

21,712.5

3,886.6

15.2

19 55 -January.

21,7lU.5
21,716.3
21,719.2

3,891.14
3,89lt.O

15.2
15.2
15.2

April
May
June

21,671.3
21,671*.

3,901.6
3,906.0

21,677.6

3,922.1*

15.3
15.3
15.3

July

21,682.0

3,923.9

15.3

February.
March

Clrcxilatlon Statement of United States Honey.
silver monetary stock see Table 4.

Source:

3,863.1

3,897.9

U.6
13.9

For detail of

Table 3.- Gold Aesete and Liabilities of the Treasury
(In BllllcKis of dollars)

End of ceU.endar year or month

1948
1949
1950
1951

Gold assets

Liabilities:
Gold certificates,
etc. 1/

Balance of gold In
Treasurer's account

1952

24,243.9
24,427.1
22,706.1
22,695.5
23,187.1

23,166.0
23,373.9
21,653.5
21,66e.5
22,178.8

1,077.9
1,053.2
1,052.6
1,032.9
1,008.2

1953
1954

22,029.5
21,712.5

21,545.7
21,223.5

483.7
489.0

1955"January.
February.
March

21,714.5
21,716.3
21,719.2

21,228.8
21,222.7
21,217.7

485.7
493.7
501.5

April
May
June

21,671.3
21,674.4
21,677.6

21,175.8
21,178.4
21,184.2

495.4
495.9
493.4

July

21,682.0

21,184.6

497.3

Source: Circulation Statement of tttilted States Money.
1/ Conprises (1) gold certlflcatae held by the public and In Federal
Seaerve Baska; (2) gold certificate credits In (a) the gold certifi-

cate fund - Board of Governors, Federal Beserve Astern, and (b) the
redeo^tlcn ftod - Federal Reserve notes; and (o) reserve of $156,0
mUllcn against Iftilted States notes and Treasury notes of 189O.

.

.

8

7

Treasury Bulletin

52
.MONETAEY STATISTICS.

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

Silver held In Treasur;

mi

of calendar
year or month

Securing silver certificates i/

Silver outside
Treasury

In Treasurer's account

Silver
hulllon 2/

Silver
dollars

1950
1951
1952

1,971.5
2,003.2
2,0U0.7
2,073.5
2,109.7

328.1
321.9
312.8
301.0
289.3

5.9
U.l*
3.6
1.7
3.9

1953

2,11*0.8

30.7

2,171.1

278.3
267.6

6.3

195't

1*8.0

U.O

267.2
266.8
266.5

50.2
53.6
53.1

U.l

2,177.5
2,179.3

April
May
June

2,182.0

261*.

1*8.7

2,18'*.

265.3
263.3

1*5.0

2,187.1*

July

2,189.5

261.3

191*8
19'*9

1955-January .
February.
March. .
.

Source:

1/
2/

2,17lt.l

Suhsldlary
coin i/

Bullion for
recolnage k/

Bullion
at cost

Silver
dollars 1/

Subsidiary
coin 3/

Total
silver
at $1.29+
per fine
ounce

165.0
171.0
179.8
191.3
202.5

971.5
982.2
1,022.2
1,083.1
1,158.1

213.2
223.1

1,213.1

223.5
223.8
223.9

1,21*2.3
1,21*2.3
1,21*3.9

3,891.1*
3,89l*.0

9.1*

225.5
225.0
227.0

1,21*8.2

1,252.2

3,901.6
3,906.0

35.7

10.1
10.8
18.8

1,260.1*

3,922.1*

28.8

18.7

228.8

1,267.3

3,923.9

Circulation Statement of United States Money; Office of the
Treasurer of the tMlted States
Valued at $1.29+ per fine ounce.
Includes silver held by certain agencies of the Federal Ooveroment.

89.3 2/

2/
95.1 2/
82.0 2/
91*. 1*

1*5.3

8.5

^
1*/

1,21*2.7

3,596.7
3,61*3.1

3,697.1
3,71*1.3
3,79l*.l

3,837.0
3,886.6

3,897.9

Valued at $1.3&+ per fine ounce.
Valued at $1.3&+ per fine ounce or at $1.29+ per fine ounce according
to whether the bullion is held for recolnage of subsidiary sliver coins
or for recolnage of standard silver dollars.

September

19'?')

53

.MOHETAEY STATISTICS

.

Table 5.- Seigniorage on Silver
(CumulatlTo from January 1, 1935

-

in mllllona of dollars)

"

5^

Treasury Bulletin
.CAPITAL MOVEMENTS.

Data relating to capital movements between the
United States and foreign countries have been collected
since 1975, pursuant to Executive Order 6560 of January 15,
Executive Order IOO33 of February g, 1949, and

pages M-5-47. As a result of changes in presentation
introduced in that issue, not all breakdowns previously
published will be exactly comparable to those now presented.

19?4,

Treasury regulations promulgated thereunder. Information
covering the principal types of data and the principal
countries Is reported monthly, and Is published regularly
in the "Treasury Bulletin."

Supplementary information is

published at less frequent Intervals.

Reports by banks,

bankers,

securities brokers and dealers, and Industrial
and commercial concerns in the United States are made

The first three sections which follow are published
They provide summaries, by periods and by

monthly.

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

initially to the Federal Reserve Banks, which forward
consolidated figures to the Treasury.

Beginning April

igjlt,

data reported by banks in the Territories and possessions
of the United States are Included in the published data.

Section IV provides supplementary data in five
tables which appear at less frequent intervals.

Table 1,
short-term foreign liabilities and claims reported by
nonfinanoial concerns, is published quarterly in the

January, April, July, and October issues of the Bulletin.

The term "foreigner"

aa used in these reports covers

all institutions and Individuals domiciled outside the

United States and its Territories and possessions,

the

official institutions of foreign countries, wherever
such institutions may be located, and international
organizations.

"Short-term" refers to original maturities

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^

2, long-term foreign liabilities and claims reported
by banks and bankers, and Table J, estimated gold and
short-terra dollar resources of foreign countries, are

Table

published quarterly in the March, June, September, and
Table K, foreign credit and debit
balances In brokerage accounts, appears semiannually in
Table 5, short-term
the March and September issues.
liabilities to foreigners in countries and areas not
regularly reported separately by banking institutions,
is presented annually in the April issue.

December Issues.

Section I - Summary by Periods
Table 1.- Net Capital Movement between the United States and Foreign Countries
(in millions of dollora; negative figures indicate a ne

.

1

. .
...
..

September

3

)

S2

.

19'}5

55

.CAPITAL MOVIMENTS.

Section I - Summary by Periods
2.Table
Short-Term Banking Liabilities to and Claims on Foreigners
(PoaltloQ at end oT period In alLlloafl or dollars

Short-term llabllltlea to foreigners
or month
Foreign
official

Other
foreign

19142

lt,S05.!i

2,2U..I.

1,91.7.1

iS'il

5,37''.9

19'»'»

5,596.8
6,883.1

3,320.3
3,335.2

2,036.7
2,239.9
2,678.2
2,922.0

191*5
19l<6

l.,179.3

6,1.80.3

3,01.3.9

igitT

7,116.1.

7,718.0
7,618.0
8,6W..8
9,302.2

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

2,972.7

191*8
19''9

1950
1951

.

1955-Jsnuftry

1*9.7
70.1.

3,1.51.7

2,262.0
1,86U.3
1,657.8
1,527.8

3,51.7.6

l.,0lll.2

1,61.1.1

l,58l*.9

12,922.5

'',335.'*

1,629 .U
1,769.9

1*3.7
1*3.2

12,1.27.5
12,1.37.6

6,1*38.6

l»,285.3
l*,353.5

1,656.5
1,751.0
1,801.9

1*7.0

1,773.9
1,792.8
1,769.9

*,305.1

12,5711.6

6,«)U.2
6,379.3

12,922.5

6,77'*.0

'*,335.i*

12,852.8

l*,305.9

6,71*9.5
6,51*0.3

12,736.6

6,508.1

April
May P

12,895.8
13,065.2
13,120.0

6,632.9
6,701.1
6,766.6

June p.

.

.

1*,361>.1

l*,360.8

'*,329.7
'•,361.1
'*,393.8
lt,l»1.3.l*

l*,l*55.1

11*3.7

30.9

86.1.
105.1*

137.2
169.7

31..'*

100.3
319.6

21*5.0

1*7.5

290.5

98.1

9I.8.9

292.9
361.2
222.7
151.1
177.2

1.90.6

165.1*
100.1*

1,01.6.7

904.5
l,38l*.2

1*5.9

1,109.6
1,108.6

1*7.3

1,187.1.

1*2.9

1,290.6
1,315.5

811.2
801.5
825.9

191*. 9

931.5
928.1
966.6

219.6
206.5

1,378.1
1,366.2

219.0
203.1

1*6.1

1,361*.8 r

195.1*

1,829.2
1,881.9
1,852.8

39.8
38.9

1,366.9

217.0
271.6
237.7

r

1,1*13.8
1,1.28.7

110.8
2ko.6
91.8

506.3
699.1.

178.3
178.7
187.1

1*5.2
5l».9

1.5.5

557.1

81*7.5
61.6.5

1,381* .2

511.6

U9I..3

122.9
156.5
206,5

1,752.2
1,793.5
1,821.3

Preliminary

p

72.0

257.9
329.7
392.8
708.3

968.1.

1*1.7
1*3.2

Payable in
foreign
currencies

Other

21*6.7

1,018.7
827.9
898.0

51.0
UI..9

l*,308.U

12,718.1.

.

3,001.0

l*,2lt5.6

February.,
March

.

2,91.7.0

5,666.9

12,526.1

.

1*0.6

i.,65l*.2

12,532.5

October
November.
December.

1*73.7

6,287.3
6,319.2

Loans to
foreign banks

13.9
17.9
21.6
25.5

6,77l..0

1951i-Ju2y

Payable In dollars

Payable In
foreign
currencies

11,61.8.1.

10,51.6.1

.

International

72.2
61. l»

1952
1953
WS^t

August. .
September

Short-term claims on foreigners

Payable In dollars

End of calendar year

78.1*

101.6
211.0

966.6

960.6
989.8
998.7

:

120.1
128.1*
171*. 1*
161*.

167.9
211.0

;

989.1
981. .6

1,016.8

198.6
173.2
170.7
160.8
157.5
17"*.

EeTlsed.

Table 3.- Purchases and Sales of Long-Term Domestic Securities by Foreigners
(In millions of dollars; negative figures indicate a net outflov of capital frcon the United States)
Corporate anl other

U. S. Ckrvenment

Calendar year
or ijiontb

and notes 1/

Purchases
1935-1*1.

loco ,

. , ,

Net
purchases

Salei

396.3 i/

1*92.1.

161. .2

138.5
170.6
268.2

2"*5.3

393.'*

-13.7

-269.7
61.5

191*3

21*1.3

lo'il.....

191.5....

513.6
377.7

191*6....
191.7....

'.1U.5

681..2

3W'.S

283.3
330.3
333.6

191.8

Boms 2/

191.9....

28E.'*
1.30.0

1950....

1,936.'*

1951. . .
1952....
1953....

673.6
533.7

1,356.6

61*6.0

1951*....

800.9

728.0
792.7

29"*.

23i.lt

i/

Sales

Net
purchases

-95.7 1/
25.7
70.7

2/

2/

2/

H

-i*7.9
96.1*

2/

Sales

U

Net
purchases

8,695.3

171.4
357.7

214.0
365.2
439.7
751.0

210.7
-113.1

367.6
226.1
369.7
354.1
666.9

432.1
376.7
514.1
375.3
664.0

-64.5
-150.6
-144.3
-21.2
2.9

782.1
570.9
652.2
784.1
2,011.1

1,U6.3

-33"* .2

659.9
844.4
708.9
1,066.6

-89.1
-192.2
75.2
944.4

739.8
650.2
589.1
1,115.1

619.5
649.2
533.9
980.2

120.3
1.0
55.2
135.0

1,533.3
1,384.0
1,447.9
2,205.7

2,117.6
1,069.0
1,459.4
2,056.4

-584.3
314.9
-11.5
149.3

124.9
142.5
125.8

41.8
55.0
16.6
52.0
-143.2

19'*.6

107.7

108.3

120.0
200.1
212.8
289.7

141.6
188.5
197.4
283.6

-21.6

9.1
53.0

36.2

17.2

24.5
20.1

18.9
22.3
17.9

2.1
2.2

97.0
86.1
83.7

81.6
86.2

15.4
«

68.7

6.1

Net purchaaes of
dOQSBtlC
securities

9,322.1
260.6
392.9
650.4
637.9

841.6 2/
75.5

91*2.1

15.3

Total
sales

-411.4 1/
20.9
-43.0
-34.6
-97.4

430.2
96.4
151.6
136.9
260.2

-683.0
302.3
-82.0
8.2

U.7

Total
purchases

626.7
46.6
27.

15.0

166.6
197.5
142.4

October.
November
December.

115.1
101.3

25.9
101.8
261.3

13.3
-160.0

23.9
27.9
35.5

20.3
28.9
38.4

3.6
-1.0
-2.8

93.2
141.0
161.9

91.1
101.3
142.2

2.1
39.7
19.7

165.1
284.0
298.7

137.3
232.0
441.8

1955-January
February.
March....

120.8
352.3
83.3

81.1
216.0
72.1

39.7
136.3
11.2

30.9
25.3
39.6

33.3
33.7
30.0

-e.4
-8.4
9.6

146.1
134.2
144.9

115.4
127.5
132.9

30.7
6.7
12.0

297.8
511.8
267.9

229.8
377.2
235.1

67.9
134.6
32.8

17.8
28.3
25.8

18.0
21.1
26.7

-.2
7.2
-1.0

117.6
119.0
150.4

112.1
111.5
130.8

5.5
7.5
19.6

183.8
393.5
190.2

174.9
284.0
181.1

S.9
109.5
9.1

1951* -July

Augxist.

.

.

September.
.

.

.

1/

2/
1/

33.1*

21*.

86.9
38.6

33.9
39.2

1.8.0

-.6

22.1

April..

1*8.1.

1.4.8

May p..

21*6.2

151.1*

3.6
94.8

June p.

11*.

23.6

-9.5

Through 1949, includes transactions in corporate bonds.
Through 1949, included vlth traneactions in U. S. Oovemment bonds and
notes.
January 4, 1940, through December 31, 1941; the breaUovn between stocks

and bonds is not available for earlier years
Lass than $50,000.
Preliminary.

27.8

Treasury Bulletin

56
.CAPITAL MOVIMEHTS.

Section I - Summary by Periods
Table 4.- Purchases and Sales of Long-Term Foreign Securities by Foreigners
(in millions of dollere; negative flgxiree indicate a net outflow of capital from the United States)

Calendar year
or month

.

. .

S

.

57

September 1955
.CAPITAL MOVEMENTS.

Section II - Sununary by Countries
Table 1.- Short-Term Banking Liabilities to Foreigners
(Position at ewl of period In mlLllons of dollars)

Calendar year
Country
1951
Europe:
Austria
Belgium
Czechoelorakla.

57.1
1.3

Dennftrk

1*5.3

Flnlam

27.0

Prance.
Germany
Greece

Federal Eepubllc of.

289.1*
1*05.6
1*5.

300.5

Italy
Hetberlande

11*8.8

Norway
Foland
Portugal
Punanla........*
Spain

99.7
s.s

Sweden
•
Switzerland. ...
Turkey
U. S. S. S
l>*<*ed Kingdom.

71.7
521.3

Yug~ slavla

7.1
12t.7

1*0.7

6.1
17.1

<

Other Europe . ,
Total Europe...

ll*.l

2.5
61*2.6

3,005.9
1,307.1

Latin Aaerlca t
Argentina.

. .

Bolina.
Brazil
Chile
Colombia

Cuba
Dominican Bepubllc .•.•.•*•••*•.•
,,....•••...•
Guatemala
Mexico
Netherlands W. Indies & Surinam.
FanasHij Bepubllc of ..••.•.•*•.•

Peru
El Salvador
,.,.....•...
Uruguay
•
Venezuela
America
Other latin

Total Latin America
Asia!

China Mainland.
Formosa
•
Hong Kong
India
Indonesia. . . . .
Iran
>
Israel
•.
Japan
of
Zj
Republic
Korea,
Hllllpplnes

Thailand
Other Asia

Total

ftsla

Other countries I
Australia
Belgian Congo
Egypt and An«lo-ECTptlan Sudan.
Union of South Africa
All other

Total other coimtrles.
International.

Grand total.

21*9.7

1952

i/

Treasury Bulletin

58
.CAPITAL MOVEMENTS.

Section II - Summary by Countries
Table 2.- Short-Term Banking Claims on Foreigners

..

.

.

59

September [955
.CAPITAL MOVEMEMTS.

Section II

-

Summary by Countries

Table 3.- Net Transactions In Long-Term Domestic Securities by Foreigners
United States)
(In thouaanda of dollars! negative figures Indicate net sales by foreigners or a net outflow of capital from the

Calendar yevr

1955

Country

1951

1952

Juoa p

May p

Aiini

February

January

1954

1953

Europe:

Austria
Belgium
Czechoslovakia
Denmark
Finland
Prance
Germany, Federal Republic of.
Greece
Italy
Netherlands

-11,876
5,655
-58

Norway
Poland
Portugal
Bumanla
Spain

-38,103
138

llOl

1>8

-30

-29

1,813
-581
2
1,800
963

5,969

5,1460

-41,668

-12

15lt

183

551
U90
-21,943

21

It

1,921
-22, IT"*

1(21

-W8
11

68

22,006

-47

11

13
5

29

153
-83

176

-109
-468

-7,101

176

111,467

62,323

138,928

53,166
76,304

-51
103
-613
-253

36
4

-379
-770

8,978

12

1

4,040
-14
-780

41,069

14,827

-3

673

-74
690

15,806

7,627

70,331

17,516

-5,220

-4,953

76,607

-8,556

62

25
273
188
22
181

140
-25
518
15
-95

109
56

873
18

1,074
-4
18
-276
57

132
-213
7

1,682

-955

5,999

-1,922

56

515
994
30

6

2,503
95

-595,'i95

191,647

•120,617

-187,195

-962

1,268
358
281

1,138

412
-836

1,U5
-1,519

-938
202
413
1,979
-474

83

175

276
236
225

170
409
6
2,592
436

19,385
-1,029
-1,170
-886
873

84,255
265
-1,267
624
-3,137

25,113

1,469
165
-316
396
96

1,959
104
16
530
-243

-6,532
96

-2,424
664
21
3,450
1,443
3,041

13,339
-119
-40
6,403
3,649
8,025

2,304

1,759
105
-61
1,347
-717
-270

2,960

59
-7
-47
-885
1,279

307

-61
457
-16
1,564
435
397

29,091

3,334

5,991

4,371

338
1,550
637
510
6,051
1,785
-te5

2,501
3,066
761.

U9
638

Venezuela
Other Latin America

2,309

65
2,680
1,594
1,687

13,890

4,686

24,859

113,179

-153

-98
-eo3

-153

-404
-420

l»,213

Aela:

Iran
Israel
Japan
Korea, Republic of.
Philippines

-1,995

6,816

-10,921
2,558

China Mainland.
Formosa
Hong Eong
India
Indonesia

9,706

77

Panama, Pepubllc of
Peru
El Salvador
Uruguay

Total Latin America

35
38
26

-1,798

9,2U5

Cuba
Dominican Sepubllc
Guatemala
Mexico
Netherlands W. Indies & Surinam.

-2,446
-1,470

-1,678

287

410

277
-2,686

22,009

-3

663
902
13
-6,506
-3,219

-5,025
16,603

17,863
-88

70,431

-313

-128

500
-3,600

69,766
-184

21,369

-II19

84

2,528
-1,168
1,877
544
-8,954
14,093

71,258
-14
-1,373

S
United Kingdom

1,516

2,087

122
15,107
80

-45
-8

-9

1,051

-3
-13

1,282
51
121

-12
25

U9

63

2

911

-62

706
56

2,445

-276
20,082
-37

84

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

226
-26

800
-287
73,402
l,4l6

-925
-521
57,086

1*5,897

Total Europe.

-2

-15

-89

570
50,729

.

-98

4

-68
-349
-56
-105
19,852
-49

56

Yugoslavia.
Other Europe.

1,464
-9

631
2

Sweden
Svltzerland
Turkey
U. S. S.

998

-4

201

28

-4,542
41

-89
419
1
491

16,992
-148
-101
-616
-34,339

393
1,582

-4
1,449
-29
-350
-27

-186

158
598

-22

-481
-21,319

5,978

4,060
4,869

7,0lU
61(8
252

1,313
42

69
101
543
491
1/

160
-2,283

-2,065

-U,422

25
-40
70

252

12
42

501
330

U
48

853
-1,432
141
-49

5,393
-404
-748

241
230
27

-57
.94
343

-41
-550
1,063

-26
-16
86

1/
-179

Si* i/,

-1,079

42

-68
-12
-381
-22

1

-130
144

-4
-25
162

781
1,981

32
-43
-76

960

-U

91
15,057

62
-5

-12

-5

1

-51
112

-689
11
7

2
-163

-40

70

3,451

257

185

-U

-9,535

14,632

Total Asia

'',753

82
lU
-95U

-359

99
14

U

27

139

228

1,021
1,770

168
-eo
210
541
2,326

-38
-178
10

Total other countries.
International

Grand total.

1/

-7"^

1,935

-S89

3,225

-204

-15,938

14,744

22,741

77,730

1,963

-584,289

314,944

Not reported separately prior to March 1954.

-11,513

149,318

76

1,189

-141
758

-ni.

-U

9

877

123
-903
-222

2
-9

-64
-396

-180

-499

~

-3

149
-38B

-9

670

290

1,737
599

2

-82
-3

-613
-2,382

61

Thailand
Other Asia

Belgian Congo
E^Eypt and Anglo-^yptlan Sudan.
Union of South Africa
AU other

24

26
16
-966

AxiBtralla

464

13

34
-11
-26
172

2
-339

Other countries:

249
514
101

-92

36
-9

13
-13

-4

-147
116

7
1,192

6
-115
443

709

1,294
1,614

322

67,919

134,599

32,825

p

Preliminary

19
-1
112
146
433

8,938

39

78
4
-53

97
12

136

-44,171

744

109,464

9,109

Treasury Bulletin

60
.CAPITAL MOVEMENTS.

Section II

-

Summary by Countries

Table 4.- Net Transactions in Long-Term Foreign Securities by Foreigners
(In thousanls of dollAre; negatlre flguree iDilcate net sales by forelsoers or a net outflov of capital froa the

Tftilted

States)

.

September 1955

61

.CAPITAL MOVEMENTS

Section III"- Preliminary Details by Countries
Table 1.- Short-Term Banking Liabilities to Foreigners as of July 31, 1955
(^•Itloo In

tlurasaadA of dollaiv)

aiort-ter» llabllltlea payable is dollar*

To foreign banka and offlolal Inatltutiona

Total

ahort-tem

Ccninti7

llabllltlea

Total

Depoalta

Short'tera
llabllltlea
payable In
foreign

To all other forelgnera

V. a.

0. S.

Traaaury
bllla and
oertlfloatea

Other

Depoalta

Treaaury
bllla and
oertlfloatea

uui'iauolea

lurope:

Austria

273,l»15

271,991

Bel«liiM

99,'>56

115,959

667

351
1*,075
37,516
781,956

Ci»oho8lOTakla
DeoBArk
rinljud
franca
Oaraany, Tadaral Pepubllo of...
Graaca
Italj
HatherlaoAa

se.iiei

8311,689
l,ltl8,280

12^,696
675, 6fe
202,123
67,602
2,208
100,555
8,029
1:2,935

tomj
Poind
Portoeal
Bvaanla
Spain
Svadan
Svl tsar land
Turkey
U.S.S.B
Unltad Elnglaa

206,788
339,002
85,131

930,800
31,500

61.7,698

123,61.8

1.69,851*

183,163

75,685
26,380
1,785

101,590
15,006

".5,530

1,813
65,1.35
6,61.2

102,379

380,657

8,1.09

7,901.

323,701*

Canada

116,656

1,1.10,563

621,1)95

5,8«,ll»5

16,1.90
2l.,ll.8

123,106
580,672
5,192

Total lujopa

1,392

291.

31,000
7,290

130,377
702,185
9,022
1,098

TngoeLaTla
Other Xoropa

227,191*
28,181.

779

554,661.

6l.,Ul2

6,6l«
102,212

53,307
302,353
5,175
765
271,009

50,700
178,690

97,323

44,797
16,383
57
585
6,078
20,504
140,761
25
54,196
5,888
4,144
28
1,023
167

1,422
53,284
316
8,358
2,561
51,316
7,181
8,040
27,833
18,865
22,053
395
35,119
1,378
10,489

1,422
42,237
316
6,176
2,561
48,989
6,728
7,315
18,256
16,618
20,320
371
35,117
1,378
10,444

19,099
99,629
17
14
12,325

7,146
120,056
3,823
319
218,475

6,995
112,491
3,348
319
177,418

40,226

831

576

505
11,819

364

2,597

8,450

195

1,987

1,958
289
150
9,105
2,157
1,406
22

369
164
575
472
90
327
2

2
43

150
963

2
1

6,602
475

311,003

7,328
73,719

166,376

70,908

505
12,698

5,175,01.0

2,01.1,651

2,636,165

497,204

6U,632

531,143

59,625

515
20,864

1,296,1.77

1,055,882

M)2,872

626,595

26,415

225,474

174,640

'*9,5'*2

1,292

165,266

12 1., 51.1

117,686
88,793
103,OU8

1.7,51.6

1.5,291

te,961(

1.1,11*1

70,225

69,226

1,557
6
2,255
1,823
999

40,692
15,414
70,129
45,829
32,785

40,152
15,405
68,585
45,788
32,631

500

10,329

122,984
10,323

40

25,71.3

133

1,544
41
21

21.1,276

168,95't

139,971*
1*1, llU

32,795
211,658
35,321

111,916

17,700

205,902
26,303

6,775

72,202
28,803
18,197
112,672
8,870

16

1.1,1.22

51,099
326,838
W.,265

72,281
28,803
18,304

63

70,61.6

1,780
308
179
5,756
2,243

8l,lU9
88,889

27,71.7
36,961.

Latin Aaerlcai
Argantlna
BollTla
Brazil
Chllo
ColcBblm

,

,

,

,

Cuba
Doolnloan Bapabllo
Ouatamala
Mexloo
latharlanda W. Indlea d Surlnaii.

,

Fanaaa, Bapubllo of
Faru
SalTador

,

n

1.5,099

Vngaaj

61,281

Taoasuala
Othar Latin Aaerica
Total latin Aaarloa

27,813
23,386

253,121.
133,651.

15l.,073

1,897,856

1,1''3,636

36,32'.

29,672

35,970
61,712
77,961
107,905

29,881.

105,856

87,898

27,659
36,903
10,759

27,200

15,000

20,051*

153,660
66,909
1,033,118

88
61
2,054
3,332

7,610

8,944
52,202
51,923
17,286
37,892
98,855
*5.5gl

1*8,33'*

107
2,124

1,685
125

247
74
2,183
3,574
44
3,686
20
24

13,379
36,233

751,903

48,224
17,242
34,156
87,160
43,007
721,428

240
24
1,407
4,456
1,661

6,652
6,086
30,483
2,502
2,049

6,632
6,086
29,717
2,501
2,049

246
728
23,111

7,800
2,735
22.718

12,113

1,033
20,221

7,800
2,735
22,676
1,033
19,995

225

3,151
31,326

80

2
243

305

1,055

413
7l*,285

U5,043

9

50
11,675
2,490
18,492

U,983

Aalai

China Mainland
Fonaoea
Hong Kong
India
Indonaala

31,159

75,OU

Iran
laraal
•
Japan
Korea, Bapubllo of

1.7,667

39,867

U3,068
773,750

l«3,333

29,090
29,311
29,752
69,555
39,135

31*2

549

1,000
65,060

39,621
39,605

Alllpplnea

258,1.99

751,030
105,207
238,217

223,069

16,500
1,000
3,035

Thailand
Other Aala

121,203
297,737

118,050
265,703

105,176
233,537

12,811
20,683

n,483

3,153
31,649

Total Aala

1,968,036

1,829,989

1,653,1*77

120,980

55,53s

137.081

135,721

70,020

63,227
1.1,1.51.

20,300
13,095
18,400
20,900
3,360
76,055

13,674
5,302
219
33
10,924
30,152

6,047

1.2,176
1.5,020

3,069
4,426
20,839
35,103

6,047
486
3,068
4,420
17,619
31,640

106,2l«)

711,1*19
10li,207

63

766
1

42

Other oountriaat

Auatralla
Belgian Congo
QSTpt and taglo-^sTptlan Sudan..
union of South Afrloa
AU other
Total other ooontrles
International

Omd

total

•

.

• .

<

32,797
111,378
301,391

265,138

29,253
23,057
23,332
7,166
76,123
158,931

1,860,81.0

1,856,177

68,973

1,773,95"*

13,250

4,663

3,163

1,500

13,137,71.5

U,3a5,862

5,359,022

5,308,054

658,786

1,765,856

1,597,735

130,045

'H,9$l
28,099
90,lrt)7

722

236
1
6

581

2,639

IBT

-s^SET

38,076

Treasurij Bulletin

62
.CAPITAL MOVQffiHTS.

Table 2.

-

Section III - Preliminary Details by Countries
Short-Term Banking Claims on Foreigners as of June 30, 1955
(Position In thousanls of dollars)

Sbort-tem olalAS payable

Short-term c1&1B6 p^jable In dollars

Total
sborttexn
ClalBB

Country

Europe:
Austria
BelgluB
Ccechoslorakla

Foreign
banks and
official
inatitutlaos

Total

369

36a

15,2l>5

13,9'i9

Finland

6,790
2,897

France

in forel^i eurreocles

Collections
outataoiing
for owl
account and
dCDBBtiC
CUB toners

Depoelta of
reporting banks
aoi domeetlc
custoners with
fore idlers

87

100
1,008

581

175
U.Ull

6,705
2,895

19't

61Ut

908

'',959

16

3''1

1*38

9,9'>7

7,lial»

2,385

Gemany, Federal Republic of

63, 7113

Greece
Italy
Hetherlande

3,219
27,676
13,263

77,521
3,819

875
7,917

27,2'l2
ll,6ll2

7,'»90

'>,I>1'0

753

58

Rorway
Solai^
Portugal
Punanla
Spain

2,223
58

2,130
58

175

1

9>tJ>

8ei>

85

10

2
5,3'A

't,095

1,583

58

Sweden
Svitserland
Turkey

5,136

li,85l»

1.7

20,1195

I6,7li2

5,735

7
7,632

80,065
98
190,789

78,873
98
20,U56

77,05'»

3

98
5,351

2,816

2,627
'»,372

2,625
',017

2,568
725

2,198

1,078

16

375,302

285,793

111,77'^

22,976

''6,213

122,3113

''3,872

'•,707

23,''9J'

6,077

8,096
2,75^

8,059

1,282
2

153,358
1^,370
132,312

8U,138
1,399
26,796

1,520
512
16,059
918
111, 850

5,230
2,233
23,655
2,982

29,506
10,071

1*8,165

1*2,501

10

5

5U,106
3,922
3,720
107,755
2,505

32,328
1,300

11,208
2,089

3,11*6

1*15

373

825

528

5

5

Demark

,

U. 3. S. K
tinltpd Elngdon

Tugoslavla
Other Surope

,

,

,

Total Surope

,

Canada
Latin America:
Argenglna
BcljTji

,

BraiU

153.1^

Chile
Colcabla

15,370
132,322

Cuba
Dominican Pepubllc
Guatemala
Heilcc
Netherlands Vest Indies & Surinam,

5J>,521

3,922
3,720
108,580

2,510

1,0''9

753

2

Panama, Pepubllc of
Peru
El Salvador
TIruguay

17,908

Tene£uela
Other latin America

81i,l»71

31,671

6,921
83,119
31,601

Total Latin America

61i8,03'»

38
'»,553

7
1,296

7
1,283

85
2

85

2,100

2,11*8
6,87'*
2,li66

2,016
61,681

2,523
6,222

1,320
6,202

U,086
7,153

11,221*

1*31*

3,678

1,621

391
1,556

955
58
670
2

999

93

93

U9

60

51

2,3U

1,2U9

1,21*9

2,593
2,226

2,207

i.aii*

2

282
3,753
1,192

273
3,720
1,192

7,956

'',333

70,333

51,1*29

2

355

2
331

10l*,83O

89,509

69,186

9,59"*

78,1*71

7'*,'*32

27

37
6
108

108

371

11.5

15,175
1,270

12,913
1,235

15,043

511
2,905

2,3'i6

5,01''

6W»,698

213,35''

105,703

181,862

2,386

2,386

2,386

5,l»38

5,1138

5,''21

1

16

3, '•50

3,365

3

3,81i0

3,'»72

l,0l*8

578
21
1

2,388

l.,90lt

7,389

1,''36

2

37
6

162

33,Ul'

389
3,139
22,529

l»,90l»

1

3, ''83

2,236
9,137
3,001
1,197
32,711
20,387

l6,l»30

1,11*9

57

115
2,915
56
1,275
12,811

17,905
16,393

7,9''9

3

37

37

1,310
15,068
3,854

1*68

1.68

1,352
70

501
27

1*3,779

3,336

2,095

15

85
368

362

1,1*58

Asia:

China Mainland
Formosa
Hong Kong

IMla

,

Indonesia

2,781i

UlO

1*10

52

19,900
7,696
92, '•92
795
111, 806

19,887
7,682
92,l»90

865
2,201
36,978

795

2

l'>,767

8,li20

363

18,939
596
21,797
758
5,98k

19,609
68,260

19,609
68,052

18,531
58,390

221

1,078
8,955

239,082

238,353

13'',297

22,27'»

63,652

Australia
Belgian Coi^o
%ypt & Anglo-Egyptian Sudan
Ikilon of South Africa
All other

10,300
6,273
3,312
6,898
17,153

8.613
6,269

10
50
2,028
2,359

21

11,502

5,901*

l6,861t

9,''*8

Total other countries

'»3,936

'•1,763

13,895

1,M8,697

l,25'>,'i79

'•78,027

Iran
Israel
Japan
Korea, Bepubllc of
I%lllpplnee

Thailand
Other Asia

,

,

Total Asia
Other countries

,

,

83

85

357
13

3,710

II*

1

13,881*

2

2

39

31*

1*86

208

207

18,130

729

691

i*,08o

1,687

587

1*

1.

88

87

105
289

51*

1,721*

11,100
"t.gio

315
196
203
782

123

1,876

20,1*16

5,576

2,173

855

176,323

318,220

281,909

17l',2l8

1117,259

1,175
19,831

35

:

3,22l»

6,793

1,000
131

Intaraational

GrsDd total

September 1955

63

.CAPITAL MOVIMENTS.

Section III
Table 3.

-

Preliminary Details by Countries

Purchases and Sales of Long-Term Securities by Foreigners during June 1955
(In thoufiajoda of dollare)

Treasury Bulletin

Gk
.CAPITAL MOVEMENTS.

Table 2.

-

Section IV - Supplementary Data by Countrlee
Long-Termi/Ll abilities to and Claims on Foreigners Reported by Banks and Bankers
(Foaltloo at end of period In thoiuanda of dollars)

September 1955

65

.CAPITAL MOVIMEMTS.

Section IV

-

Supplementary Data by Countries

Table 3.- Estimated Gold and ^ort-Term Dollar Resources of Foreign Countries^
(Position at end of psrlod In allllona of dollars)
Area and cowitrj

.

..

.

.

)

Treasury Bulletin

66
.CAPITAL MOVUffiKTS.

Section IV - Supplementary Data by Countries
Table 4»- Foreign Credit and Debit Balances In Brokerage Accounts^/
(Poeltlon at end of period In thoueands of dollars)

Credit balancee (due to foreigners

Debit balances (due from foreigners)

Couatry

December
1951

December
1952

2
3,056

23
2,988

199
5

161
2

'»,059

3,211

91
26
1,503
6,376

666
^,797

531

681

187

2U0

EuTppe:

Austria
Belgium
Cz echosloTsJcla

Denmark
Finland
France
Germanj, Federal
Bepubllc of
Greece
Italy
Netherlands

Honray
Poland
Portugal
Puoanla
Spain
Sweden
Switzerland..
Turkey
U. S. S. B...
Utilted Klngda

13

13

231

258

170
2k,Vi9

TugoslaTla.
Other Europe.
.

Total Europe,
Canada
lAtln America:
Argentina, ,
Bolivia.
Brazil...
Chile
Colombia.
.

Cuba
Dominican Bepubllc
Guatemala .,,,>.>..
Mexico
Netherlands W. Indi
& Surinam
Panama, Bepubllc of.
Peru
El Salvador
tftiiguay

Venezuela
Other L&tln America,
Total Latin America.
Asia:
China Mainland.

Formosa
Bong Eong
India
Indonesia
Iran
Israel
Japan
Korea, Bepubllc of.
ftilllpplnee

Thailand ,
Other Aala.
.

Total Asia
Other coxmtrles:

Australia
Belgian Coe^o
I^ypt & Anglo -Egyptian
Sudan
Union of South Africa,,
All other
Total other countries..

International

Grand total.

62

25

8t>,080

December

December

1953

195»*

June
1955 P

December
1951

December

December

December

1952

1953

195»*

September 1955

67

.CUMULAirVE TABLE OF CONTENTS

October 1964 through September 1955

Treasury Bulletin

68

.CXMULATIVE TABLE OF CONTEMTS.

October 1954 through September 1955

(Continued)

-

lesue and page number

1955

195'»

Not .

Dec

Jan.

Fet.

26

32

Apr.

May

Juno

26

26

27

26

26
27

26
27

27

28

28

29

28

28

29

Mar.

July

Ownership of Federal securities:
Dlatrlbutlon by claaaes of Inveetors and types of Issues
Net market purchases or sales for Inrestment acco^mts handled by
the Treasuzy
Estimated ownership

26

27

26

27
28

,

28

Treasury survey of ownership of Federal securities:
Ovnershlp by banks, Insurance ccmpenlea, and others...
Ovnershlp by conmercial banks classified by membership in Feder&l
Reserve System (latest date June 30, 1955).

26

29

as

28

31*

28

30

38

Market quotations:
Eod-of -month cloalng (Quotations aa TreasuX7 securities by iBsuea,
Chart - Yields of Treasury securities

33

35

36
38

33

39

36
37

35

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

35
36

36
37

37
38

39

1*0

35
36

Internal revenue collections:
Stamnary by principal soxirces
Chart - Internal revenue coUectians by principal sources
Detail of collections by type of tax

39

38
l»0

37
38
39

1(2

37
38

1*3

39

in

1*5

Itl

1(6

1*2

1,1

Monetary statistics:
Money in circulation
Monetary stocks of gold and silver
......•...•.•,
Gold assets and liabilities of the Treasury
Ccmponents of silver monetary stock.....
Sei^iorage on silver
....•..,
Increnent from reduction in weight of gold dollar (latest date
June 30, 1955)

Exchange Stabilization Fund (latest date March

ijl
"•3

1*3

1*3

Ii2

W.

1*3

"•5

1*6

1.2

1*7

1*3

1.8

kk

''5

31, 1955)!

Balance sheet
•••.....•••
,
Income and expense ...•...•••.•••.•.••..•.«••.•...•.•.•••..

1.6

1*7

National bank reports:
1*5

Earnings, expenses, and dividends for calendar years 1953 and 195^*

Capital movements between the United States and foreign
countries:
Summary by periods since 1935
•
Summary by countries and periods
Short-term banking liabilities to foreigners, latest month
Short-term banking claims on foreigners, latest month
.,
Purchases and sales of long-term securities by foreigners,
latest month
Short-term liabilities and claims reported by nonfinancial concerns
Long-term liabilities and claims reported by banks and bankers
Estimated gold and short-term dollar resources of foreign countries
and international institutions
Foreign credit and debit balances In brokerage accounts
Short-term liabilities, countries and areae not regularly reported.

1.6

1.9

1(6

1.6

I48

1*8

1.8

52
53

51
55
56

52
53

52
53

51.

57

51*

51*

55

50
52
56

1*5

1.8

1.6

1.8

53

57

52
53

51
55
56

58

51*

57

55
'55

55

55
'56

59

60
61

56

1*9

51*

57
56

Corporations and certain other business-type activities:
Balance sheets and loans by type (lateet date March 31, 1955)
Income and expense (latest date December 31, 195^)
Source and application of funds (latest date December 31, 195^)....

56

56

58
66

58

57

58
66

Aug

r

U.S. Treasury Dept.

Treasury Bulletin

,

us TREASURY

iiii ilk iiiiliiiii
H

ii

1

it

liiis
liiiil

:4iiii|i|ip|

;''.;.,i;;J!r":|, ;:::!;,;:;

.'-'ii*

n';':''K';i'l!li!

1

i

;

i

;

'^

1

I

1

!

UWy'r

Mt

:;!>:'

.;.;<!{

ii

'iiii

LIBRARY

0031988