Treas. HJ 10 .A2 c.2
COPY No.2
Name (last, first)
TREASURY DEPAR LIBRARY ROOM 453
LIBRARY ROOM 5030
JUN 9.1 1972
TREASURY DEPARTMENT
COPY No.1
Treasury BULLETIN OF THE TREASURY DEPARTMENT JANUARY 1943
Analysis of Receipts and Expenditures Composition of the Public Debt Prices and Yields of Government Securities Other Treasury Statistics
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
Bulletin of the Treasury Department, January 1943
Cumulative Table of Contents
<table><tr><th></th><th colspan="12">Issue and page number</th></tr><tr><th></th><th colspan="2">1943</th><th colspan="10">1942</th></tr><tr><th></th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th></tr><tr><td><b>I. Special articles</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of United States Government securities in December 1942, classified by type of investor......</td><td>2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dividends received by corporations, individuals, and fiduciaries, 1936......</td><td>3-6</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Estate tax rates and tax liability in the United States, United Kingdom, and Canada......</td><td>7-8</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual income tax rates and tax liability in the United States, United Kingdom, and Canada......</td><td></td><td>74-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual income tax rates in the United States, selected taxable years, 1918-1942......</td><td></td><td>75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Comparison of various features of Treasury securities currently offered to the public......</td><td></td><td></td><td></td><td>22-23</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Preliminary analysis of taxable excess profits tax returns for 1941 filed through July 31, 1942......</td><td></td><td></td><td></td><td>71-73</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States Government interest-bearing public debt outstanding during World War I......</td><td></td><td></td><td></td><td></td><td></td><td></td><td>21-22</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Taxable corporation income tax returns for 1940 filed through December 31, 1941......</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>68-71</td><td></td><td></td><td></td><td></td></tr><tr><td>Estimated ownership of all interest-bearing Governmental securities outstanding, classified by issuer and by tax status, as of June 30, 1937-1941 and December 31, 1941......</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>30</td></tr><tr><td><b>II. Summary of fiscal statistics</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budget receipts and expenditures......</td><td>10</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Debt outstanding: Public debt......</td><td></td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Public debt and guaranteed obligations......</td><td>11</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements......</td><td>11</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td><b>III. Receipts and expenditures and appropriations</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Appropriations and net contract authorizations for the war activities program as of month-end preceding month of publication......</td><td>13-14</td><td>5-6</td><td>5-6</td><td>5-6</td><td>5-6</td><td>5-6</td><td>5-6</td><td>5</td><td></td><td></td><td></td><td></td></tr><tr><td>Budget receipts and expenditures: Summary by major classifications......</td><td>15</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>6</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of receipts from internal revenue......</td><td>15</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>6</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of general expenditures......</td><td>16</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>7</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Analysis of expenditures for war activities......</td><td>16</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>7</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc......</td><td>17</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>9</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Total budget receipts and expenditures, by months, for recent years......</td><td>17-18</td><td>9-10</td><td>9-10</td><td>9-10</td><td>9-10</td><td>9-10</td><td>9-10</td><td>8-9</td><td>7-8</td><td>7-8</td><td>7-8</td><td>7-8</td></tr><tr><td>Receipts and expenditures for trust accounts, increment on gold, etc......</td><td>19</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>10</td><td>9</td><td>9</td><td>9</td><td>9</td></tr><tr><td>Means of financing cash requirements beginning 1933......</td><td>20</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>11</td><td>10</td><td>10</td><td>10</td><td>10</td></tr><tr><td><b>Social Security program:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budget receipts and expenditures: Social Security Act......</td><td>21</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>12</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Railroad Retirement Act......</td><td>22</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>13</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Railroad Unemployment Insurance Act......</td><td>22</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>13</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Statement of trust accounts: Federal Old-Age and Survivors Insurance Trust Fund......</td><td>23</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>14</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Railroad Retirement Account......</td><td>23</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>14</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Unemployment Trust Fund......</td><td>23</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>15</td><td>14</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Cash income and outgo of the Treasury: Analysis by major classifications......</td><td>24</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>16</td><td>15</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Total cash income and outgo, by months beginning January 1936......</td><td>24-25</td><td>16-17</td><td>16-17</td><td>16-17</td><td>16-17</td><td>16-17</td><td>16-17</td><td>15-16</td><td>14-15</td><td>14-15</td><td>14-15</td><td>14-15</td></tr><tr><td><b>IV. General Fund of the Treasury</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets, liabilities, and balance in General Fund......</td><td>27</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>18</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Analysis of changes in balance of General Fund......</td><td>28</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>19</td><td>18</td><td>18</td><td>18</td><td>18</td></tr><tr><td><b>V. Government securities outstanding</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Debt outstanding, classified by type of issues: Public debt......</td><td></td><td></td><td></td><td></td><td>22</td><td>23</td><td>20</td><td>20</td><td>20</td><td>20</td><td></td><td></td></tr><tr><td>Public debt and guaranteed obligations......</td><td>30</td><td>22</td><td>22</td><td>22</td><td>24</td><td>22</td><td>22</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Composition of the public debt......</td><td>31</td><td>23</td><td>23</td><td>23</td><td>25</td><td>23</td><td>22-23</td><td>23-24</td><td>20-21</td><td>20-21</td><td>20-21</td><td>20-21</td></tr><tr><td>Receipts and expenditures on account of public debt......</td><td>31</td><td>23</td><td>23</td><td>23</td><td>25</td><td>23</td><td>41</td><td>42</td><td>39</td><td>40</td><td>28</td><td>28</td></tr><tr><td>Composition of public debt and guaranteed obligations......</td><td>32</td><td>24</td><td>24</td><td>24</td><td>26</td><td>24</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
Bulletin of the Treasury Department, January 1943
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="13">Issue and page number</th></tr><tr><th>1943</th><th colspan="12">1942</th></tr><tr><th></th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th></tr><tr><td colspan="14">V. Government securities outstanding (continued)</td></tr><tr><td>Debt position of the United States under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>22</td><td></td><td></td></tr><tr><td>March 31, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td>24</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1942</td><td></td><td></td><td></td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1942</td><td>33</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Computed rate of interest on the debts</td><td></td><td></td><td></td><td></td><td></td><td></td><td>41</td><td>42</td><td>39</td><td>40</td><td>28</td><td>28</td></tr><tr><td>Public debt</td><td>34</td><td>25</td><td>25</td><td>26</td><td>27</td><td>25</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt and guaranteed obligations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States, as of month-end preceding month of publication</td><td>35-36</td><td>26-27</td><td>26-27</td><td>27-28</td><td>28-29</td><td>26-27</td><td>25-26</td><td>25-26</td><td>22-23</td><td>23-24</td><td>22-23</td><td>22-23</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness beginning with:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>24</td><td>25</td><td>24</td><td>24</td></tr><tr><td>January 1, 1938</td><td>37</td><td>28</td><td>28</td><td>29</td><td>30</td><td>28</td><td>27</td><td>27</td><td></td><td></td><td></td><td></td></tr><tr><td>January 1, 1939</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</td></tr><tr><td>Offerings of Treasury bills beginning with:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 1, 1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>25</td><td>25</td><td></td></tr><tr><td>February 1, 1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 1, 1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>26</td><td></td><td></td></tr><tr><td>April 1, 1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td>28</td><td>25</td><td></td><td></td><td></td></tr><tr><td>May 1, 1941</td><td></td><td></td><td></td><td></td><td></td><td>29</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 1, 1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td></tr><tr><td>July 1, 1941</td><td></td><td></td><td></td><td></td><td>31</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 1, 1941</td><td></td><td></td><td></td><td>30</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 1, 1941</td><td></td><td>29</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 1, 1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 1, 1941</td><td>38</td><td>29</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 1, 1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary, by series</td><td>39-40</td><td>30-31</td><td>30-31</td><td>31-32</td><td>32-33</td><td>30-31</td><td>29-30</td><td>29-30</td><td>26-27</td><td>27-28</td><td></td><td></td></tr><tr><td>Sales reported by series, classified by denomination</td><td>41</td><td>32</td><td>32</td><td>33</td><td>34</td><td>32</td><td>31</td><td>31</td><td>28</td><td>29</td><td>26</td><td>26</td></tr><tr><td>Sales reported by series, classified by type of purchaser</td><td>42-43</td><td>33-34</td><td>33-34</td><td>35-36</td><td>36-37</td><td>34-35</td><td>33-34</td><td>33-35</td><td>30-32</td><td>31-33</td><td></td><td></td></tr><tr><td>Sales reported by series, classified by States</td><td>44</td><td>35</td><td>35</td><td>37</td><td>38</td><td>36</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Participation in payroll savings plans for war savings bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales of United States savings stamps:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary</td><td>45</td><td>36</td><td>36</td><td>38</td><td>39</td><td>37</td><td>35</td><td>36</td><td>33</td><td>34</td><td></td><td></td></tr><tr><td>Gross sales, classified by denomination</td><td>45</td><td>36</td><td>36</td><td>38</td><td>39</td><td>37</td><td>35</td><td>36</td><td>33</td><td>34</td><td></td><td></td></tr><tr><td>Redemptions, classified by means of payment</td><td>45</td><td>36</td><td>36</td><td>38</td><td>39</td><td>37</td><td>35</td><td>36</td><td>33</td><td>34</td><td></td><td></td></tr><tr><td>Gross sales, classified by States</td><td>46</td><td>37</td><td>37</td><td>39</td><td>40</td><td>38</td><td>36</td><td>37</td><td>34</td><td>35</td><td></td><td></td></tr><tr><td>Sales of tax series Treasury notes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary, by series</td><td>47</td><td>38</td><td>38</td><td>40</td><td>41</td><td>39</td><td>37</td><td>38</td><td>35</td><td>36</td><td></td><td></td></tr><tr><td>Sales reported by series, classified by denomination</td><td>48</td><td>39</td><td>39</td><td>41</td><td>42</td><td>40</td><td>38</td><td>39</td><td>36</td><td>37</td><td>27</td><td>27</td></tr><tr><td>Sales reported by series, classified by type of purchaser</td><td>49</td><td>40</td><td>40</td><td>42</td><td>43</td><td>41</td><td>39</td><td>40</td><td>37</td><td>38</td><td></td><td></td></tr><tr><td>Redemptions by series, classified by means of payment</td><td>50</td><td>41</td><td>41</td><td>43</td><td>44</td><td>42</td><td>40</td><td>41</td><td>38</td><td>39</td><td></td><td></td></tr><tr><td colspan="14">VI. Ownership of Government securities</td></tr><tr><td>Summary distribution, by holders, of securities issued or guaranteed by the United States</td><td>52</td><td>43</td><td>43</td><td>45</td><td>46</td><td>44</td><td>43</td><td>44</td><td>41</td><td>42</td><td>30</td><td>31</td></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937</td><td>52</td><td>43</td><td>43</td><td>45</td><td>46</td><td>44</td><td>43</td><td>44</td><td>41</td><td>42</td><td>30</td><td>31</td></tr><tr><td>Summary data from Treasury survey of the ownership of Government securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>32-37</td></tr><tr><td>January 31, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>31-36</td><td></td><td></td></tr><tr><td>February 28, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>43-48</td><td></td><td></td></tr><tr><td>March 31, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>42-47</td><td></td><td></td><td></td></tr><tr><td>April 30, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td>44-49</td><td>45-50</td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1942</td><td></td><td></td><td></td><td></td><td></td><td>44-49</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1942</td><td></td><td></td><td></td><td></td><td></td><td>45-50</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1942</td><td></td><td></td><td></td><td></td><td>47-52</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1942</td><td></td><td></td><td>44-49</td><td>46-51</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1942</td><td>53-58</td><td>44-49</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">VII. Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the U. S. Government and by Federal agencies, as of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>The 15th of the month of publication</td><td>51-53</td><td>53-55</td><td>54-56</td><td>52-54</td><td>51-53</td><td>52-54</td><td>49-51</td><td>50-52</td><td>38-40</td><td>39-41</td><td></td><td></td></tr><tr><td>The month-end preceding month of publication</td><td>60-62</td><td>51-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart showing yields of individual issues of Treasury bonds and notes</td><td>63</td><td>54</td><td>54</td><td>56</td><td>57</td><td>55</td><td>54</td><td>55</td><td>52</td><td>53</td><td>41</td><td>42</td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Beginning with January 1934</td><td>64-65</td><td>55-56</td><td>55-56</td><td>57-58</td><td>58-59</td><td>56-57</td><td>55-56</td><td>56-57</td><td>53-54</td><td>54-55</td><td>42-43</td><td>43-44</td></tr></table>
(Continued on following page)
Bulletin of the Treasury Department, January 1943
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="13">Issue and page number</th></tr><tr><th></th><th>1943</th><th colspan="12">1942</th></tr><tr><th></th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th></tr><tr><td colspan="14">VII. Government corporations and credit agencies of the United States</td></tr><tr><td>Assets and liabilities and proprietary interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>56-57</td><td>45-46</td><td>46-47</td></tr><tr><td>December 31, 1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-58</td><td></td><td></td></tr><tr><td>February 28, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>59-60</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1942</td><td></td><td></td><td></td><td></td><td></td><td>59-60</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1942</td><td></td><td></td><td></td><td></td><td>61-62</td><td>59-60</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1942</td><td></td><td></td><td>58-59</td><td>60-61</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1942</td><td>67-68</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1942</td><td></td><td>60-61</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1942</td><td>58-59</td><td>62-63</td><td>64-65</td><td>65-66</td><td>63-64</td><td>62-63</td><td>63-64</td><td>60-61</td><td>59-60</td><td>47-48</td><td>48-49</td><td>50-51</td></tr><tr><td>October 31, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-50</td><td></td><td></td></tr><tr><td>November 30, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>51</td><td>52</td></tr><tr><td>Sources and uses of funds:</td><td>69-70</td><td>60-61</td><td>60-61</td><td>62-63</td><td>63-64</td><td>61-62</td><td>60-61</td><td>61-62</td><td>58-59</td><td>59-60</td><td></td><td></td></tr><tr><td>Fiscal year to date</td><td>71-72</td><td>62-63</td><td>62-63</td><td>64-65</td><td>65-66</td><td>63-64</td><td>62-63</td><td>63-64</td><td>60-61</td><td>61-62</td><td></td><td></td></tr><tr><td>From inception of organization</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>50-51</td><td></td></tr><tr><td>Amount of obligations outstanding guaranteed by the United States, by agencies</td><td>30</td><td>22</td><td>22</td><td>22</td><td>24</td><td>22</td><td>64</td><td>65</td><td>62</td><td>63</td><td>51</td><td>52</td></tr><tr><td>Financing operations in securities guaranteed by the United States, beginning with 1934</td><td></td><td></td><td></td><td></td><td></td><td>64</td><td>65</td><td>62</td><td>63</td><td>51</td><td>52</td><td></td></tr><tr><td>Maturity schedule of securities guaranteed by the United States, as of month-end preceding month of publication</td><td>35-36</td><td>26-27</td><td>26-27</td><td>27-28</td><td>28-29</td><td>26-27</td><td>25-26</td><td>25-26</td><td>22-23</td><td>23-24</td><td>22-23</td><td>53</td></tr><tr><td colspan="14">IX. Internal revenue statistics</td></tr><tr><td>Collections of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary data</td><td>74-75</td><td>65-66</td><td>65-66</td><td>67-68</td><td>68-69</td><td>66-67</td><td>67-68</td><td>64-65</td><td>65-66</td><td>53-54</td><td>55-56</td><td></td></tr><tr><td>Comparative detail for current periods</td><td>76</td><td>67</td><td>67</td><td>69</td><td>70</td><td>68</td><td>68</td><td>69</td><td>66</td><td>67</td><td>55</td><td>57</td></tr><tr><td colspan="14">X. Gold and silver statistics</td></tr><tr><td>Gold assets and liabilities of the Treasury</td><td>78</td><td>69</td><td>69</td><td>71</td><td>75</td><td>70</td><td>70</td><td>.71</td><td>68</td><td>73</td><td>77</td><td>77</td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>68</td><td></td><td></td><td></td></tr><tr><td>December 31, 1941</td><td></td><td></td><td></td><td></td><td></td><td>70</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1942</td><td></td><td></td><td>69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1942</td><td>78</td><td></td><td></td><td></td><td></td><td>70</td><td></td><td></td><td>68</td><td></td><td></td><td>77</td></tr><tr><td>December 31, 1942</td><td></td><td></td><td>69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td>78</td><td>69-70</td><td>69-70</td><td>71-72</td><td>75-76</td><td>70-71</td><td>70-71</td><td>71-72</td><td>68-69</td><td>73-74</td><td>77-78</td><td>77-78</td></tr><tr><td>Monetary stocks of gold and silver</td><td>79</td><td>71</td><td>71</td><td>73</td><td>77</td><td>72</td><td>72</td><td>73</td><td>70</td><td>75</td><td>79</td><td>79</td></tr><tr><td>Components of silver monetary stock</td><td>79</td><td>71</td><td>71</td><td>73</td><td>77</td><td>72</td><td>72</td><td>73</td><td>70</td><td>75</td><td>79</td><td>79</td></tr><tr><td>Silver of specified classifications acquired by mints and assay offices</td><td>80</td><td>72</td><td>72</td><td>74</td><td>78</td><td>73</td><td>73</td><td>74</td><td>71</td><td>76</td><td>80</td><td>80</td></tr><tr><td>Seigniorage on silver, by types</td><td>80</td><td>72</td><td>72</td><td>74</td><td>78</td><td>73</td><td>73</td><td>74</td><td>71</td><td>76</td><td>80</td><td>80</td></tr><tr><td>Silver production, by countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">XI. Other Treasury statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>78-79</td><td></td><td></td></tr><tr><td>December 31, 1941</td><td></td><td></td><td></td><td></td><td></td><td>75-76</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1942</td><td></td><td></td><td></td><td>76-77</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1942</td><td>82-83</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1942</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital movements between the United States and foreign countries:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61-62</td><td></td></tr><tr><td>Summary tables for the calendar year 1941</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cumulative summary for period beginning 1935:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net capital movement between the United States and foreign countries</td><td>84</td><td>76</td><td>74</td><td>78</td><td>80</td><td>75</td><td>77</td><td>76</td><td>73</td><td>80</td><td>63-64</td><td>63-64</td></tr><tr><td>Details by weeks</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>65-75</td><td>65-75</td></tr><tr><td>Commodities imported under quota provisions</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-59</td><td>59-61</td></tr><tr><td>Treasury Department criminal cases in the United States District Courts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>82</td></tr></table>
Note: In tables in which it is indicated that the figures are rounded to a given unit, the details will not necessarily add to the total shown.
SPECIAL ARTICLES
—1—
2
Sales of United States Government Securities in December 1942
Classified by Type of Investor
The following table presents an analysis of the sales of United States Government securities in December 1942 by type of investor. Statistics for the breakdown of total sales of the various securities issued are available in part from tabulations of subscriptions and allotment data and are estimated in part on the basis of the information which is available. A complete breakdown, by type of investor, is available only for the 7/8 percent certificates, the 1-3/4 percent bonds, and the 2-1/2 percent bonds. Series E savings bonds are sold only to natural persons. A breakdown for Series A and C tax notes is available between individuals and all corporations, and a breakdown into the same two classes has been estimated for Series F and G savings bonds. The whole amount of sales of these securities to corporations has been classified as "other corporations". Small amounts of them were purchased by the types of corporate investors specifically listed in the table, but not enough to affect the results materially. The total amount shown for Treasury bills is the net increase in the whole supply of bills during the month of December, rather than total sales during that month as is the case for all other securities. The entire increase in bills has been assumed to have been absorbed by banking sources.
<table><tr><th></th><th>Total</th><th>Net increase in Treasury bills outstanding</th><th>7/8% Certificates of indebtedness, 12/1/43</th><th>1-3/4% Treasury bonds, 1948</th><th>2-1/2% Treasury bonds, 1963-68</th><th colspan="2">Tax notes</th><th colspan="2">Savings bonds</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Series A</th><th>Series C</th><th>Series E</th><th>Series F and O</th></tr><tr><td colspan="10">Amounts in millions of dollars</td></tr><tr><td>Banking sources</td><td>5,072</td><td>897</td><td>2,117</td><td>2,058</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other sources:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance companies</td><td>1,677</td><td>-</td><td>73</td><td>237</td><td>1,367</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Savings banks</td><td>609</td><td>-</td><td>48</td><td>82</td><td>479</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other corporations</td><td>2,213</td><td>-</td><td>668</td><td>182</td><td>150</td><td>21</td><td>1,126</td><td>-</td><td>66</td></tr><tr><td>Individuals, partnerships, and personal trust accounts</td><td>1,589</td><td>-</td><td>118</td><td>82</td><td>253</td><td>66</td><td>122</td><td>726</td><td>222</td></tr><tr><td>Dealers and brokers</td><td>881</td><td>-</td><td>147</td><td>319</td><td>115</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Eleemosynary institutions</td><td>53</td><td>-</td><td>12</td><td>10</td><td>31</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States Government agencies and trust funds</td><td>263</td><td>-</td><td>1</td><td>2</td><td>260</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>State and local governments, their agencies, and sinking and trust funds</td><td>194</td><td>-</td><td>83</td><td>28</td><td>83</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other (including unclassified)</td><td>386</td><td>-</td><td>232</td><td>62</td><td>92</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total from other sources</td><td>7,865</td><td>-</td><td>1,682</td><td>1,004</td><td>2,830</td><td>87</td><td>1,248</td><td>726</td><td>288</td></tr><tr><td>Total from all sources</td><td>12,937</td><td>897</td><td>3,799</td><td>3,062</td><td>2,830</td><td>87</td><td>1,248</td><td>726</td><td>288</td></tr><tr><td colspan="10">Percentage distribution</td></tr><tr><td>Banking sources</td><td>39.2</td><td>100.0</td><td>55.7</td><td>67.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other sources:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Insurance companies</td><td>13.0</td><td>-</td><td>1.9</td><td>7.7</td><td>48.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Savings banks</td><td>4.7</td><td>-</td><td>1.3</td><td>2.7</td><td>16.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other corporations</td><td>17.1</td><td>-</td><td>17.6</td><td>5.9</td><td>5.3</td><td>24.1</td><td>90.2</td><td>-</td><td>22.9</td></tr><tr><td>Individuals, partnerships, and personal trust accounts</td><td>12.3</td><td>-</td><td>3.1</td><td>2.7</td><td>8.9</td><td>75.9</td><td>9.8</td><td>100.0</td><td>77.1</td></tr><tr><td>Dealers and brokers</td><td>6.8</td><td>-</td><td>11.8</td><td>10.4</td><td>4.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Eleemosynary institutions</td><td>.4</td><td>-</td><td>.3</td><td>.3</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States Government agencies and trust funds</td><td>2.0</td><td>-</td><td>.1</td><td>.1</td><td>9.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>State and local governments, their agencies, and sinking and trust funds</td><td>1.5</td><td>-</td><td>2.2</td><td>.9</td><td>2.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other (including unclassified)</td><td>3.0</td><td>-</td><td>6.1</td><td>2.0</td><td>3.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total from other sources</td><td>60.8</td><td>-</td><td>44.3</td><td>32.8</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Total from all sources</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Less than 0.05 percent
3
Sources of Dividend Receipts, 1936
The accompanying tables are derived from special tabulations of the 1936 income tax returns of individuals, corporations, and fiduciaries, undertaken as a part of the Income Tax Study for 1936 which was sponsored and directed by the Division of Tax Research of the Treasury Department in cooperation with the Works Projects Administration. They contain information hitherto not available and are presented in advance of detailed analysis.
In 1936, corporations paid out a total of $7.4 billions in cash dividends—the largest amount since 1930—which compares with an average amount of $6.0 billions for the preceding 10-year period (1926 through 1935). The volume of cash dividends in 1936 undoubtedly was influenced by the operation of the undistributed profits tax which encouraged a more substantial distribution than would otherwise have taken place. It may also be noted that 1936 was the last year for which a tabulation of this nature could be made. Individual and fiduciary income tax returns of subsequent years do not contain detailed dividend schedules.
The amounts and distributions of dividends received do not necessarily reflect corporate ownership. Equal amounts of dividends do not always represent identical amounts of corporate net worth. Moreover, no distinction could be made in the tabulation of these data between dividends on preferred stock and dividends on common stock. Finally, the data throw no light upon the ownership of corporations which did not pay dividends in 1936.
Table I shows the dividends received by corporations, individuals, and fiduciaries, classified (a) by size of total assets of dividend paying corporations and (b) by size of total assets of dividend receiving corporations and by size of net income of dividend receiving individuals. Table II provides the same information for each class of dividend recipients on the basis of percentage distribution of dividends received and Table III provides it on the basis of percentage distribution of dividends paid.
Individuals filing income tax returns received 56 percent, corporations 74 percent, and fiduciaries 70 percent of their dividend income from corporations with total assets of $10 millions and over. Of the three main groups of recipients, fiduciaries showed the highest percentage of dividends received from the largest corporations (total assets of $100 millions and over). Inter corporate dividends are highly concentrated in the group of corporations with total assets of $10 millions and over. More than 84 percent of the intercorporate dividends paid by this group went to other corporations with total assets of $10 millions and over.
The relative importance of individuals as recipients of dividends distributed by small corporations is indicated further by a comparison of the percentages shown in Table II
with a percentage distribution of total cash dividends paid in 1936 by corporations in the various asset size classes. (See below for dividend distribution from "Statistics of Income for 1936", part II, table 5.)
Table II indicates that the financial interest in small corporations of individuals with large amounts of net income is proportionately much smaller than that of individuals with small amounts of net income. For example, while dividend payments of corporations with total assets of less than $50,000 amounted to 1.26 percent of the dividends paid by all corporations, the proportion of dividends received by individuals with net income of $50,000 or more from this group of small corporations ranged only between .01 percent (for the class with net income of $1 million and over) and .94 percent (for individuals with net income between $60,000 and $70,000). The ratio increased steadily as net income of the recipients declined, and individuals with net income of less than $5,000 received on the average 3.11 percent of their dividend income from the group of the smallest corporations.
Table III emphasizes further the disproportionately small financial interest of the high income groups of individuals in small corporations. Of the dividends paid by all corporations to all individuals filing income tax returns, only 18.28 percent was paid to individuals with net income of less than $5,000. However, the share of this group in the dividend payments of corporations with total assets of less than $50,000 was 28.61 percent, and in those corporations with total assets between $50,000 and $100,000, 20.27 percent. Similarly, only 12.79 percent of total dividend payments to individuals filing income tax returns was paid to individuals with net income between $5,000 and $10,000, but this group was paid more than 24 percent of the dividends paid to individuals by corporations of the two lowest asset size classes. On the other hand, individuals with net income of $50,000 and more, whose proportionate share was 31.34 percent, were paid less than 7 percent of the dividends paid to all individuals filing income tax returns by corporations with total assets of less than $100,000.
Dividend Distribution by Total Assets Classes of Dividend Paying Corporations, "Statistics of Income for 1936" (Percent)
<table><tr><th colspan="10">Assets classes (In thousands of dollars)</th></tr><tr><th>Total</th><th>Under 50</th><th>50-100</th><th>100-250</th><th>250-500</th><th>500-1,000</th><th>1,000-5,000</th><th>5,000-10,000</th><th>10,000-50,000</th><th>50,000-100,000</th><th>100,000 and over</th></tr><tr><td>100.00</td><td>1.26</td><td>1.43</td><td>3.60</td><td>3.92</td><td>4.64</td><td>13.52</td><td>6.95</td><td>19.13</td><td>10.17</td><td>35.38</td></tr></table>
METHODS USED IN DIVIDEND STUDY
Procedure: The original tabulation plans called for a 100 percent transcription of the duplicate returns of corporate dividend recipients, of fiduciary returns, and of those individual income tax returns on which a total dividend income of $10,000 or more was reported. With respect to others, a 25 percent sample was selected in two stages, as follows: First, every tenth block of 100 returns on files with the Income Tax Study was drawn. After transcription, these blocks were returned to their original position in the file. The second drawing (of approximately 15 percent) was made by taking every seventh block of 100 returns. In those cases where the seventh block was one which had been drawn previously as a tenth block, a substitute block was provided.
Coverage: Compared with the tabulations of dividend income shown in Statistics of Income for 19364, Parts 1 and 2, the actual over-all coverage of corporate dividend receipts was 58.6 percent; of fiduciary returns, 61.3 percent (estimated); and of individual returns with dividend incomes of $10,000 or more, 71.7 percent. The tabulation of the 25 percent sample of individual returns with dividend incomes of less than $10,000 yielded an actual over-all coverage of 18.0 percent. The coverage was incomplete due mainly to inadequate information in the returns selected.
Inflation of the samples: The inflation of the samples to the amounts of dividend income reported in "Statistics of Income for 1930" was made separately for each asset size class of corporate dividend recipients and for each net income class of individual dividend recipients. Coverages of the different sub-groups varied to some extent. In isolated cases where there was only a relatively small number of dividend recipients, the sample coverage exceeded 100 percent of the corresponding totals shown in "Statistics of Income".
The "blowing up" of the data relating to individual dividend recipients was made in two steps. First, the "small" dividend income sample was inflated to the same coverage represented by the respective classes of the "large" dividend income tabulation, and the sum of the two amounts was then inflated further to the 100 percent levels derived from "Statistics of Income".
Because no statistics of fiduciary returns of income were available for 1936, a uniform multiplication factor derived from an estimate of the 1936 dividend income of this group was applied, and no breakdowns by size of income are presented.
Inclusion of taxable fiduciary returns in tabulation of individual returns: The total dividend income of $3,228 millions reported for individuals is overstated by $117,629,000, or 3.6 percent. This amount represents the dividend income of taxable estates and trusts. (See "Statistics of Income Supplement Compiled from Federal Income Tax Returns for 1936", Section I, Table 2-J.) In 1936, taxable estates and trusts (i.e., those which failed to distribute more than $1,000 to their beneficiaries) had to file income tax returns on individual income tax forms (Form 1040) since the Fiduciary Return of Income (Form 1041) of that year was merely an information return and did not provide any space for tax computations.
Although not required to do so, many taxable fiduciaries also filed Form 1041 in 1936, in addition to the income tax return on Form 1040. In order to avoid duplication from the double filing of returns, all fiduciary returns of income (Form 1041) which showed undistributed income of more than $1,000 were eliminated from the tabulation of fiduciary returns with dividend income.
14
Table I.- Dividends Received by Corporations, Individuals, and Fiduciaries, 1936
Classified by Size of Total Assets of Dividend Paying and Receiving Corporations, and by Size of Net Income of Dividend Receiving Individuals.
(Amounts in thousands of dollars)
<table><tr><th rowspan="2">Dividend recipients</th><th colspan="10">Total assets classes of dividend paying corporations (in thousands of dollars)</th></tr><tr><th>Total</th><th>Under 50</th><th>50-100</th><th>100-250</th><th>250-500</th><th>500-1,000</th><th>1,000-5,000</th><th>5,000-10,000</th><th>10,000-50,000</th><th>50,000-100,000</th><th>100,000 and over</th></tr><tr><td colspan="12">Summary</td></tr><tr><td>Corporations</td><td>2,676,598</td><td>16,102</td><td>15,522</td><td>41,852</td><td>54,855</td><td>81,862</td><td>316,022</td><td>167,816</td><td>607,025</td><td>380,157</td><td>995,385</td></tr><tr><td>Individuals 2/</td><td>3,228,000</td><td>63,608</td><td>72,641</td><td>177,988</td><td>182,498</td><td>200,527</td><td>500,593</td><td>213,834</td><td>526,126</td><td>249,283</td><td>1,040,902</td></tr><tr><td>Piduciaries 3/</td><td>718,200</td><td>4,858</td><td>4,045</td><td>12,147</td><td>19,080</td><td>28,846</td><td>100,968</td><td>48,380</td><td>145,722</td><td>57,308</td><td>296,846</td></tr><tr><td>Unclassified 4/</td><td>756,535</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td></tr><tr><td>Total</td><td>7,379,333</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td></tr><tr><td colspan="12">Corporations</td></tr><tr><td>Total assets classes of dividend receiving corporations (in thousands of dollars):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Under 50</td><td>6,107</td><td>477</td><td>390</td><td>387</td><td>461</td><td>523</td><td>1,554</td><td>392</td><td>608</td><td>200</td><td>1,115</td></tr><tr><td>50 - 100</td><td>6,623</td><td>439</td><td>436</td><td>519</td><td>302</td><td>713</td><td>969</td><td>923</td><td>879</td><td>423</td><td>1,020</td></tr><tr><td>100 - 250</td><td>35,816</td><td>1,914</td><td>1,147</td><td>2,334</td><td>1,389</td><td>1,881</td><td>2,847</td><td>873</td><td>19,465</td><td>1,051</td><td>2,915</td></tr><tr><td>250 - 500</td><td>35,739</td><td>2,082</td><td>1,246</td><td>3,168</td><td>4,702</td><td>4,312</td><td>6,586</td><td>3,704</td><td>2,988</td><td>1,331</td><td>5,620</td></tr><tr><td>500 - 1,000</td><td>55,260</td><td>1,957</td><td>2,009</td><td>5,029</td><td>5,568</td><td>5,510</td><td>11,365</td><td>3,084</td><td>7,637</td><td>2,941</td><td>10,160</td></tr><tr><td>1,000 - 5,000</td><td>241,886</td><td>3,016</td><td>3,799</td><td>11,441</td><td>15,039</td><td>20,325</td><td>61,034</td><td>25,537</td><td>41,666</td><td>13,279</td><td>46,750</td></tr><tr><td>5,000 - 10,000</td><td>151,335</td><td>1,164</td><td>1,677</td><td>4,786</td><td>5,966</td><td>9,298</td><td>37,392</td><td>24,550</td><td>27,574</td><td>9,988</td><td>28,940</td></tr><tr><td>10,000 - 50,000</td><td>450,562</td><td>2,136</td><td>2,244</td><td>6,224</td><td>10,255</td><td>16,087</td><td>88,601</td><td>46,705</td><td>148,055</td><td>41,240</td><td>89,015</td></tr><tr><td>50,000 - 100,000</td><td>311,536</td><td>450</td><td>653</td><td>2,615</td><td>2,578</td><td>4,421</td><td>18,317</td><td>16,381</td><td>55,379</td><td>51,198</td><td>159,544</td></tr><tr><td>100,000 and over</td><td>1,277,854</td><td>2,329</td><td>1,326</td><td>4,820</td><td>7,703</td><td>14,810</td><td>80,232</td><td>40,799</td><td>270,210</td><td>226,194</td><td>629,431</td></tr><tr><td>Unknown</td><td>103,880</td><td>138</td><td>595</td><td>529</td><td>892</td><td>3,982</td><td>7,125</td><td>4,868</td><td>32,564</td><td>32,312</td><td>20,875</td></tr><tr><td>Total</td><td>2,676,598</td><td>16,102</td><td>15,522</td><td>41,852</td><td>54,855</td><td>81,862</td><td>316,022</td><td>167,816</td><td>607,025</td><td>380,157</td><td>995,385</td></tr><tr><td colspan="12">Individuals 2/</td></tr><tr><td>Net income classes of dividend receiving individuals (in thousands of dollars):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deficit</td><td>54,156</td><td>1,180</td><td>1,322</td><td>2,472</td><td>2,569</td><td>2,636</td><td>9,965</td><td>4,560</td><td>9,314</td><td>3,365</td><td>16,773</td></tr><tr><td>Under 1</td><td>35,963</td><td>659</td><td>684</td><td>1,603</td><td>1,342</td><td>1,256</td><td>3,824</td><td>1,996</td><td>5,702</td><td>3,061</td><td>15,836</td></tr><tr><td>1 - 2</td><td>106,301</td><td>2,240</td><td>1,638</td><td>3,763</td><td>3,442</td><td>3,961</td><td>10,111</td><td>4,955</td><td>16,971</td><td>9,071</td><td>50,149</td></tr><tr><td>2 - 3</td><td>142,805</td><td>4,045</td><td>3,090</td><td>6,264</td><td>5,770</td><td>5,697</td><td>14,604</td><td>6,934</td><td>22,353</td><td>11,277</td><td>63,771</td></tr><tr><td>3 - 4</td><td>152,674</td><td>5,858</td><td>4,593</td><td>8,009</td><td>6,423</td><td>6,801</td><td>15,638</td><td>7,624</td><td>23,188</td><td>11,883</td><td>62,657</td></tr><tr><td>4 - 5</td><td>152,213</td><td>5,524</td><td>4,718</td><td>9,260</td><td>7,516</td><td>8,388</td><td>18,538</td><td>7,977</td><td>22,786</td><td>10,660</td><td>56,846</td></tr><tr><td>Total, under 5</td><td>589,956</td><td>18,326</td><td>14,723</td><td>28,899</td><td>24,493</td><td>26,103</td><td>62,715</td><td>29,486</td><td>90,000</td><td>45,952</td><td>249,259</td></tr><tr><td>5 - 10</td><td>412,797</td><td>15,427</td><td>17,757</td><td>31,647</td><td>25,364</td><td>22,880</td><td>51,520</td><td>21,029</td><td>60,131</td><td>29,578</td><td>137,404</td></tr><tr><td>10 - 15</td><td>277,677</td><td>8,950</td><td>11,148</td><td>26,919</td><td>22,167</td><td>19,776</td><td>37,920</td><td>14,154</td><td>37,548</td><td>18,372</td><td>80,723</td></tr><tr><td>15 - 20</td><td>212,252</td><td>5,439</td><td>8,421</td><td>20,198</td><td>18,790</td><td>17,176</td><td>31,260</td><td>12,336</td><td>28,396</td><td>13,215</td><td>57,021</td></tr><tr><td>20 - 25</td><td>167,317</td><td>3,479</td><td>5,652</td><td>14,181</td><td>15,753</td><td>14,421</td><td>26,699</td><td>9,271</td><td>23,642</td><td>9,702</td><td>44,517</td></tr><tr><td>25 - 30</td><td>134,662</td><td>2,373</td><td>3,558</td><td>11,077</td><td>12,552</td><td>14,055</td><td>22,970</td><td>7,340</td><td>18,349</td><td>8,053</td><td>34,335</td></tr><tr><td>30 - 40</td><td>212,011</td><td>2,567</td><td>3,698</td><td>13,893</td><td>18,228</td><td>20,633</td><td>42,145</td><td>12,630</td><td>31,384</td><td>13,369</td><td>53,464</td></tr><tr><td>40 - 50</td><td>155,401</td><td>1,578</td><td>1,525</td><td>8,223</td><td>12,459</td><td>15,058</td><td>35,444</td><td>11,511</td><td>22,450</td><td>9,393</td><td>37,760</td></tr><tr><td>50 - 60</td><td>122,537</td><td>1,083</td><td>1,219</td><td>5,372</td><td>8,637</td><td>12,373</td><td>27,687</td><td>8,994</td><td>19,993</td><td>7,295</td><td>29,884</td></tr><tr><td>60 - 70</td><td>99,987</td><td>940</td><td>1,040</td><td>3,357</td><td>5,369</td><td>7,361</td><td>24,705</td><td>8,304</td><td>15,929</td><td>6,581</td><td>26,401</td></tr><tr><td>70 - 80</td><td>75,266</td><td>275</td><td>391</td><td>1,836</td><td>2,491</td><td>5,533</td><td>16,510</td><td>6,413</td><td>15,487</td><td>6,110</td><td>20,220</td></tr><tr><td>80 - 90</td><td>60,616</td><td>197</td><td>271</td><td>1,533</td><td>2,250</td><td>4,793</td><td>13,000</td><td>7,424</td><td>10,143</td><td>3,747</td><td>17,258</td></tr><tr><td>90 - 100</td><td>54,487</td><td>256</td><td>291</td><td>993</td><td>2,006</td><td>4,042</td><td>11,418</td><td>5,412</td><td>9,592</td><td>3,246</td><td>17,231</td></tr><tr><td>100 - 150</td><td>164,235</td><td>892</td><td>817</td><td>2,536</td><td>5,511</td><td>6,125</td><td>33,910</td><td>20,784</td><td>33,917</td><td>14,970</td><td>44,773</td></tr><tr><td>150 - 200</td><td>91,491</td><td>262</td><td>176</td><td>964</td><td>1,289</td><td>2,604</td><td>20,177</td><td>10,598</td><td>21,197</td><td>8,228</td><td>25,396</td></tr><tr><td>200 - 250</td><td>55,759</td><td>79</td><td>36</td><td>1,002</td><td>901</td><td>2,138</td><td>7,509</td><td>7,113</td><td>13,397</td><td>5,149</td><td>18,435</td></tr><tr><td>250 - 300</td><td>34,842</td><td>11</td><td>315</td><td>287</td><td>217</td><td>655</td><td>2,439</td><td>3,898</td><td>8,465</td><td>3,903</td><td>14,652</td></tr><tr><td>300 - 400</td><td>47,566</td><td>16</td><td>114</td><td>1,098</td><td>613</td><td>1,003</td><td>6,247</td><td>3,716</td><td>10,230</td><td>6,869</td><td>17,660</td></tr><tr><td>400 - 500</td><td>36,312</td><td>214</td><td>86</td><td>687</td><td>453</td><td>267</td><td>4,579</td><td>1,860</td><td>9,606</td><td>2,572</td><td>15,988</td></tr><tr><td>500 - 750</td><td>54,200</td><td>43</td><td>18</td><td>437</td><td>299</td><td>596</td><td>5,974</td><td>5,633</td><td>10,734</td><td>8,056</td><td>22,360</td></tr><tr><td>750 - 1,000</td><td>32,756</td><td>15</td><td>24</td><td>322</td><td>75</td><td>95</td><td>1,521</td><td>243</td><td>11,563</td><td>3,807</td><td>15,091</td></tr><tr><td>1,000 and over</td><td>81,717</td><td>6</td><td>39</td><td>5</td><td>12</td><td>204</td><td>3,679</td><td>1,125</td><td>14,599</td><td>17,751</td><td>44,297</td></tr><tr><td>Total</td><td>3,228,000</td><td>63,608</td><td>72,641</td><td>177,988</td><td>182,498</td><td>200,527</td><td>500,593</td><td>213,834</td><td>526,126</td><td>249,283</td><td>1,040,902</td></tr></table>
1/ Estimated on the basis of corporate, individual, and fiduciary tax returns for 1936. 2/ Consists of individuals filing income tax returns. Includes approximately $118 millions of dividend income received by taxable estates and trusts filing individual income tax returns.
3/ Excludes approximately $118 millions of dividend income received by taxable estates and trusts filing individual income tax returns.
4/ Consists of individuals not filing income tax returns, partnerships, and corporations exempt from income taxation, etc.
5/ Not available.
5
Table II.- Percentage Distribution of Dividends Received
by Corporations, Individuals, and Fiduciaries, 1936
Classified by Size of Total Assets of Dividend Paying and Receiving Corporations, and by Size of Net Income of Dividend Receiving Individuals.
(Percent)
<table><tr><th rowspan="2">Dividend recipients</th><th colspan="10">Total assets classes of dividend paying corporations (in thousands of dollars)</th></tr><tr><th>Total</th><th>Under 50</th><th>50-100</th><th>100-250</th><th>250-500</th><th>500-1,000</th><th>1,000-5,000</th><th>5,000-10,000</th><th>10,000-50,000</th><th>50,000-100,000</th><th>100,000 and over</th></tr></table>
Corporations
<table><tr><th>Total assets classes of dividend receiving corporations (in thousands of dollars):</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Under 50</td><td>100.00</td><td>7.81</td><td>6.39</td><td>6.34</td><td>7.55</td><td>8.56</td><td>25.45</td><td>6.42</td><td>9.96</td><td>3.27</td><td>18.25</td></tr><tr><td>50 - 100</td><td>100.00</td><td>6.63</td><td>6.58</td><td>7.84</td><td>4.56</td><td>10.77</td><td>14.62</td><td>13.94</td><td>13.27</td><td>6.39</td><td>15.40</td></tr><tr><td>100 - 250</td><td>100.00</td><td>5.34</td><td>3.20</td><td>6.52</td><td>3.88</td><td>5.25</td><td>7.95</td><td>2.44</td><td>54.35</td><td>2.93</td><td>8.14</td></tr><tr><td>250 - 500</td><td>100.00</td><td>5.83</td><td>3.49</td><td>8.86</td><td>13.16</td><td>12.07</td><td>18.42</td><td>10.36</td><td>8.36</td><td>3.72</td><td>15.73</td></tr><tr><td>500 - 1,000</td><td>100.00</td><td>3.54</td><td>3.64</td><td>9.11</td><td>10.08</td><td>9.97</td><td>20.56</td><td>5.58</td><td>13.82</td><td>5.32</td><td>18.38</td></tr><tr><td>1,000 - 5,000</td><td>100.00</td><td>1.25</td><td>1.57</td><td>4.73</td><td>6.22</td><td>8.40</td><td>25.22</td><td>10.56</td><td>17.23</td><td>5.49</td><td>19.33</td></tr><tr><td>5,000 - 10,000</td><td>100.00</td><td>.77</td><td>1.11</td><td>3.16</td><td>3.94</td><td>6.14</td><td>24.72</td><td>16.22</td><td>18.22</td><td>6.60</td><td>19.12</td></tr><tr><td>10,000 - 50,000</td><td>100.00</td><td>.47</td><td>.50</td><td>1.38</td><td>2.28</td><td>3.57</td><td>19.66</td><td>10.37</td><td>32.86</td><td>9.15</td><td>19.76</td></tr><tr><td>50,000 - 100,000</td><td>100.00</td><td>.14</td><td>.22</td><td>.84</td><td>.83</td><td>1.42</td><td>5.88</td><td>5.26</td><td>17.78</td><td>16.43</td><td>51.21</td></tr><tr><td>100,000 and over</td><td>100.00</td><td>.18</td><td>.10</td><td>.38</td><td>.60</td><td>1.16</td><td>6.28</td><td>3.19</td><td>21.15</td><td>17.70</td><td>49.26</td></tr><tr><td>Unknown</td><td>100.00</td><td>.13</td><td>.57</td><td>.51</td><td>.86</td><td>3.83</td><td>6.86</td><td>4.69</td><td>31.35</td><td>31.11</td><td>20.09</td></tr><tr><td>Total</td><td>100.00</td><td>.60</td><td>.59</td><td>1.56</td><td>2.05</td><td>3.06</td><td>11.82</td><td>6.27</td><td>22.67</td><td>14.20</td><td>37.18</td></tr></table>
Individuale 2/
<table><tr><th>Net income classes of dividend receiving individuals (in thousands of dollars):</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Deficit</td><td>100.00</td><td>2.18</td><td>2.44</td><td>4.57</td><td>4.74</td><td>4.87</td><td>18.40</td><td>8.42</td><td>17.20</td><td>6.21</td><td>30.97</td></tr><tr><td>Under 1</td><td>100.00</td><td>1.83</td><td>1.90</td><td>4.47</td><td>3.73</td><td>3.49</td><td>10.63</td><td>5.55</td><td>15.85</td><td>8.51</td><td>44.04</td></tr><tr><td>1 - 2</td><td>100.00</td><td>2.11</td><td>1.54</td><td>3.54</td><td>3.24</td><td>3.73</td><td>9.51</td><td>4.66</td><td>15.96</td><td>8.53</td><td>47.18</td></tr><tr><td>2 - 3</td><td>100.00</td><td>2.83</td><td>2.16</td><td>4.39</td><td>4.04</td><td>3.99</td><td>10.23</td><td>4.86</td><td>14.95</td><td>7.90</td><td>44.65</td></tr><tr><td>3 - 4</td><td>100.00</td><td>3.84</td><td>3.01</td><td>5.25</td><td>4.21</td><td>4.45</td><td>10.24</td><td>4.99</td><td>15.19</td><td>7.78</td><td>41.04</td></tr><tr><td>4 - 5</td><td>100.00</td><td>3.63</td><td>3.10</td><td>6.08</td><td>4.94</td><td>5.51</td><td>12.18</td><td>5.24</td><td>14.97</td><td>7.00</td><td>37.35</td></tr><tr><td>Total, under 5</td><td>100.00</td><td>3.11</td><td>2.50</td><td>4.90</td><td>4.15</td><td>4.42</td><td>10.63</td><td>5.00</td><td>15.25</td><td>7.79</td><td>42.25</td></tr><tr><td>5 - 10</td><td>100.00</td><td>3.74</td><td>4.30</td><td>7.67</td><td>6.14</td><td>5.54</td><td>12.48</td><td>5.09</td><td>14.58</td><td>7.17</td><td>33.29</td></tr><tr><td>10 - 15</td><td>100.00</td><td>3.22</td><td>4.01</td><td>9.69</td><td>7.98</td><td>7.12</td><td>13.66</td><td>5.10</td><td>13.53</td><td>6.62</td><td>29.07</td></tr><tr><td>15 - 20</td><td>100.00</td><td>2.56</td><td>3.97</td><td>9.52</td><td>8.85</td><td>8.09</td><td>14.73</td><td>5.81</td><td>13.38</td><td>6.23</td><td>26.86</td></tr><tr><td>20 - 25</td><td>100.00</td><td>2.08</td><td>3.38</td><td>8.48</td><td>9.42</td><td>8.62</td><td>15.96</td><td>5.54</td><td>14.12</td><td>5.80</td><td>26.60</td></tr><tr><td>25 - 30</td><td>100.00</td><td>1.76</td><td>2.04</td><td>8.23</td><td>9.32</td><td>10.44</td><td>17.06</td><td>5.45</td><td>13.62</td><td>5.98</td><td>25.50</td></tr><tr><td>30 - 40</td><td>100.00</td><td>1.21</td><td>1.74</td><td>6.55</td><td>8.60</td><td>9.73</td><td>19.88</td><td>5.96</td><td>14.80</td><td>6.31</td><td>25.22</td></tr><tr><td>40 - 50</td><td>100.00</td><td>1.02</td><td>.98</td><td>5.29</td><td>8.02</td><td>9.69</td><td>22.80</td><td>7.41</td><td>14.45</td><td>6.04</td><td>24.30</td></tr><tr><td>50 - 60</td><td>100.00</td><td>.88</td><td>.99</td><td>4.38</td><td>7.05</td><td>10.10</td><td>22.59</td><td>7.34</td><td>16.32</td><td>5.96</td><td>24.39</td></tr><tr><td>60 - 70</td><td>100.00</td><td>.94</td><td>1.04</td><td>3.36</td><td>5.37</td><td>7.36</td><td>24.71</td><td>8.31</td><td>15.93</td><td>6.58</td><td>26.40</td></tr><tr><td>70 - 80</td><td>100.00</td><td>.37</td><td>.52</td><td>2.44</td><td>3.31</td><td>7.35</td><td>21.94</td><td>8.52</td><td>20.57</td><td>8.12</td><td>26.86</td></tr><tr><td>80 - 90</td><td>100.00</td><td>.32</td><td>.45</td><td>2.53</td><td>3.71</td><td>7.91</td><td>21.45</td><td>12.25</td><td>16.73</td><td>6.18</td><td>28.47</td></tr><tr><td>90 - 100</td><td>100.00</td><td>.47</td><td>.53</td><td>1.82</td><td>3.68</td><td>7.42</td><td>20.96</td><td>9.93</td><td>17.61</td><td>5.96</td><td>31.62</td></tr><tr><td>100 - 150</td><td>100.00</td><td>.54</td><td>.50</td><td>1.54</td><td>3.36</td><td>3.73</td><td>20.65</td><td>12.66</td><td>20.65</td><td>9.11</td><td>27.26</td></tr><tr><td>150 - 200</td><td>100.00</td><td>.29</td><td>.19</td><td>1.05</td><td>1.41</td><td>2.85</td><td>22.71</td><td>11.58</td><td>23.17</td><td>8.99</td><td>27.76</td></tr><tr><td>200 - 250</td><td>100.00</td><td>.14</td><td>.06</td><td>1.80</td><td>1.62</td><td>3.83</td><td>13.47</td><td>12.76</td><td>24.03</td><td>9.23</td><td>33.06</td></tr><tr><td>250 - 300</td><td>100.00</td><td>.03</td><td>.90</td><td>.82</td><td>.62</td><td>1.88</td><td>7.01</td><td>11.19</td><td>24.30</td><td>11.20</td><td>42.05</td></tr><tr><td>300 - 400</td><td>100.00</td><td>.03</td><td>.24</td><td>2.31</td><td>1.29</td><td>2.11</td><td>13.13</td><td>7.81</td><td>21.51</td><td>14.44</td><td>37.13</td></tr><tr><td>400 - 500</td><td>100.00</td><td>.59</td><td>.24</td><td>1.89</td><td>1.25</td><td>.74</td><td>12.61</td><td>5.12</td><td>26.45</td><td>7.08</td><td>44.03</td></tr><tr><td>500 - 750</td><td>100.00</td><td>.08</td><td>.03</td><td>.90</td><td>.55</td><td>1.10</td><td>11.03</td><td>10.39</td><td>19.81</td><td>14.86</td><td>41.25</td></tr><tr><td>750 - 1,000</td><td>100.00</td><td>.05</td><td>.07</td><td>.98</td><td>.23</td><td>.29</td><td>4.64</td><td>.74</td><td>35.31</td><td>11.62</td><td>46.07</td></tr><tr><td>1,000 and over</td><td>100.00</td><td>.01</td><td>.05</td><td>.01</td><td>.01</td><td>.25</td><td>4.50</td><td>1.38</td><td>17.86</td><td>21.72</td><td>54.21</td></tr><tr><td>Total</td><td>100.00</td><td>1.97</td><td>2.25</td><td>5.51</td><td>5.65</td><td>6.21</td><td>15.51</td><td>6.63</td><td>16.30</td><td>7.72</td><td>32.25</td></tr></table>
Fiduciaries 3/
<table><tr><td>Total</td><td>100.00</td><td>.68</td><td>.56</td><td>1.69</td><td>2.66</td><td>4.02</td><td>14.06</td><td>6.74</td><td>20.29</td><td>7.98</td><td>41.32</td></tr></table>
1/ Estimated on the basis of corporate, individual, and fiduciary tax returns for 1936.
2/ Based upon dividend receipts of individuals and taxable estates
Based upon dividend receipts of individuals and taxable estates and trusts filing individual income tax returns.
3/ Basic data excludes dividend receipts of taxable estates and trusts filing individual income tax returns.
6
Table III.- Percentage Distribution of Dividends Paid to Corporations and Individuals, 1936
Classified by Size of Total Assets of Dividend Paying and Receiving Corporations, and by Size of Net Income of Dividend Receiving Individuals.
(Percent)
<table><tr><th rowspan="2">Dividend recipients</th><th colspan="10">Total assets classes of dividend paying corporations (in thousands of dollars)</th></tr><tr><th>Total</th><th>Under 50</th><th>50-100</th><th>100-250</th><th>250-500</th><th>500-1,000</th><th>1,000-5,000</th><th>5,000-10,000</th><th>10,000-50,000</th><th>50,000-100,000 and over</th></tr></table>
Corporations
<table><tr><th>Total assets classes of dividend receiving corporations (in thousands of dollars):</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Under 50</td><td>.37</td><td>2.96</td><td>2.51</td><td>.92</td><td>.84</td><td>.64</td><td>.49</td><td>.23</td><td>.10</td><td>.05</td><td>.11</td></tr><tr><td>50 - 100</td><td>.40</td><td>2.73</td><td>2.81</td><td>1.24</td><td>.55</td><td>.87</td><td>.31</td><td>.55</td><td>.14</td><td>.11</td><td>.10</td></tr><tr><td>100 - 250</td><td>2.00</td><td>11.89</td><td>7.39</td><td>5.58</td><td>2.53</td><td>2.30</td><td>.90</td><td>.52</td><td>3.21</td><td>.28</td><td>.29</td></tr><tr><td>250 - 500</td><td>1.73</td><td>12.93</td><td>8.03</td><td>7.57</td><td>8.57</td><td>5.27</td><td>2.08</td><td>2.21</td><td>.49</td><td>.35</td><td>.56</td></tr><tr><td>500 - 1,000</td><td>2.66</td><td>12.15</td><td>12.94</td><td>12.02</td><td>10.15</td><td>6.73</td><td>3.60</td><td>1.84</td><td>1.26</td><td>.77</td><td>1.02</td></tr><tr><td>1,000 - 5,000</td><td>12.56</td><td>18.73</td><td>24.48</td><td>27.33</td><td>27.42</td><td>24.83</td><td>19.31</td><td>15.22</td><td>6.86</td><td>3.49</td><td>4.70</td></tr><tr><td>5,000 - 10,000</td><td>7.05</td><td>7.23</td><td>10.80</td><td>11.44</td><td>10.88</td><td>11.36</td><td>11.83</td><td>14.63</td><td>4.54</td><td>2.63</td><td>2.91</td></tr><tr><td>10,000 - 50,000</td><td>21.06</td><td>13.27</td><td>14.46</td><td>14.87</td><td>18.69</td><td>19.65</td><td>28.05</td><td>27.83</td><td>24.40</td><td>10.85</td><td>8.94</td></tr><tr><td>50,000 - 100,000</td><td>15.07</td><td>2.79</td><td>4.21</td><td>6.25</td><td>4.70</td><td>5.40</td><td>5.80</td><td>9.76</td><td>9.12</td><td>13.47</td><td>16.04</td></tr><tr><td>100,000 and over</td><td>33.43</td><td>14.46</td><td>8.54</td><td>11.52</td><td>14.04</td><td>18.09</td><td>25.38</td><td>24.31</td><td>44.52</td><td>59.50</td><td>63.23</td></tr><tr><td>Unknown</td><td>3.67</td><td>.86</td><td>3.83</td><td>1.26</td><td>1.63</td><td>4.86</td><td>2.25</td><td>2.90</td><td>5.36</td><td>8.50</td><td>2.10</td></tr><tr><td>Total</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td></tr></table>
Individuals 2/
<table><tr><th>Net income classes of dividend receiving individuals (in thousands of dollars):</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Deficit</td><td>1.68</td><td>1.86</td><td>1.82</td><td>1.39</td><td>1.41</td><td>1.31</td><td>1.99</td><td>2.13</td><td>1.77</td><td>1.35</td><td>1.61</td></tr><tr><td>Under 1</td><td>1.12</td><td>1.04</td><td>.94</td><td>.90</td><td>.73</td><td>.63</td><td>.76</td><td>.93</td><td>1.08</td><td>1.23</td><td>1.52</td></tr><tr><td>1 - 2</td><td>3.29</td><td>3.52</td><td>2.26</td><td>2.12</td><td>1.89</td><td>1.98</td><td>2.02</td><td>2.32</td><td>3.23</td><td>3.64</td><td>4.82</td></tr><tr><td>2 - 3</td><td>4.42</td><td>6.36</td><td>4.25</td><td>3.52</td><td>3.16</td><td>2.84</td><td>2.92</td><td>3.24</td><td>4.06</td><td>4.52</td><td>6.13</td></tr><tr><td>3 - 4</td><td>4.73</td><td>9.21</td><td>6.32</td><td>4.50</td><td>3.52</td><td>3.39</td><td>3.12</td><td>3.57</td><td>4.41</td><td>4.77</td><td>6.02</td></tr><tr><td>4 - 5</td><td>4.72</td><td>8.68</td><td>6.50</td><td>5.20</td><td>4.12</td><td>4.18</td><td>3.70</td><td>3.73</td><td>4.33</td><td>4.27</td><td>5.46</td></tr><tr><td>Total, under 5</td><td>18.28</td><td>28.81</td><td>20.27</td><td>16.24</td><td>13.42</td><td>13.02</td><td>12.52</td><td>13.79</td><td>17.11</td><td>18.43</td><td>23.95</td></tr><tr><td>5 - 10</td><td>12.79</td><td>24.25</td><td>24.45</td><td>17.78</td><td>13.90</td><td>11.41</td><td>10.29</td><td>9.83</td><td>11.44</td><td>11.86</td><td>13.20</td></tr><tr><td>10 - 15</td><td>8.60</td><td>14.07</td><td>15.35</td><td>15.12</td><td>12.15</td><td>9.86</td><td>7.58</td><td>6.62</td><td>7.14</td><td>7.37</td><td>7.75</td></tr><tr><td>15 - 20</td><td>6.58</td><td>8.55</td><td>11.59</td><td>11.35</td><td>10.30</td><td>8.57</td><td>6.24</td><td>5.77</td><td>5.40</td><td>5.30</td><td>5.48</td></tr><tr><td>20 - 25</td><td>5.18</td><td>5.47</td><td>7.78</td><td>7.97</td><td>8.63</td><td>7.19</td><td>5.33</td><td>4.34</td><td>4.49</td><td>3.89</td><td>4.28</td></tr><tr><td>25 - 30</td><td>4.17</td><td>3.73</td><td>4.90</td><td>6.22</td><td>6.88</td><td>7.01</td><td>4.99</td><td>3.43</td><td>3.49</td><td>3.23</td><td>3.30</td></tr><tr><td>30 - 40</td><td>6.57</td><td>4.04</td><td>5.09</td><td>7.81</td><td>9.99</td><td>10.29</td><td>8.42</td><td>5.91</td><td>5.96</td><td>5.36</td><td>5.14</td></tr><tr><td>40 - 50</td><td>4.81</td><td>2.48</td><td>2.10</td><td>4.62</td><td>6.83</td><td>7.51</td><td>7.08</td><td>5.38</td><td>4.27</td><td>3.77</td><td>3.63</td></tr><tr><td>50 - 60</td><td>3.80</td><td>1.70</td><td>1.68</td><td>3.02</td><td>4.73</td><td>6.17</td><td>5.53</td><td>4.21</td><td>3.80</td><td>2.93</td><td>2.87</td></tr><tr><td>60 - 70</td><td>3.10</td><td>1.48</td><td>1.43</td><td>1.89</td><td>2.94</td><td>3.67</td><td>4.94</td><td>3.88</td><td>3.03</td><td>2.64</td><td>2.54</td></tr><tr><td>70 - 80</td><td>2.33</td><td>.43</td><td>.54</td><td>1.03</td><td>1.36</td><td>2.76</td><td>3.30</td><td>3.00</td><td>2.94</td><td>2.45</td><td>1.94</td></tr><tr><td>80 - 90</td><td>1.88</td><td>.31</td><td>.37</td><td>.86</td><td>1.23</td><td>2.39</td><td>2.60</td><td>3.47</td><td>1.93</td><td>1.50</td><td>1.66</td></tr><tr><td>90 - 100</td><td>1.69</td><td>.40</td><td>.40</td><td>.56</td><td>1.10</td><td>2.01</td><td>2.28</td><td>2.53</td><td>1.82</td><td>1.30</td><td>1.65</td></tr><tr><td>100 - 150</td><td>5.09</td><td>1.40</td><td>1.12</td><td>1.42</td><td>3.02</td><td>3.05</td><td>6.77</td><td>9.72</td><td>6.45</td><td>6.01</td><td>4.30</td></tr><tr><td>150 - 200</td><td>2.83</td><td>.41</td><td>.24</td><td>.54</td><td>.71</td><td>1.30</td><td>4.15</td><td>4.96</td><td>4.03</td><td>3.30</td><td>2.44</td></tr><tr><td>200 - 250</td><td>1.73</td><td>.12</td><td>.05</td><td>.56</td><td>.49</td><td>1.07</td><td>1.50</td><td>3.33</td><td>2.55</td><td>2.07</td><td>1.77</td></tr><tr><td>250 - 300</td><td>1.08</td><td>.02</td><td>.43</td><td>.16</td><td>.12</td><td>.33</td><td>.49</td><td>1.82</td><td>1.61</td><td>1.57</td><td>1.41</td></tr><tr><td>300 - 400</td><td>1.47</td><td>.03</td><td>.16</td><td>.62</td><td>.33</td><td>.50</td><td>1.25</td><td>1.74</td><td>1.94</td><td>2.76</td><td>1.70</td></tr><tr><td>400 - 500</td><td>1.12</td><td>.34</td><td>.12</td><td>.39</td><td>.25</td><td>.13</td><td>.92</td><td>.87</td><td>1.82</td><td>1.03</td><td>1.53</td></tr><tr><td>500 - 750</td><td>1.68</td><td>.07</td><td>.03</td><td>.27</td><td>.16</td><td>.30</td><td>1.19</td><td>2.63</td><td>2.04</td><td>3.23</td><td>2.15</td></tr><tr><td>750 - 1,000</td><td>1.01</td><td>.02</td><td>.03</td><td>.18</td><td>.04</td><td>.05</td><td>.30</td><td>.11</td><td>2.20</td><td>1.53</td><td>1.45</td></tr><tr><td>1,000 and over</td><td>2.53</td><td>.01</td><td>.05</td><td>*</td><td>.01</td><td>.10</td><td>.74</td><td>.53</td><td>2.77</td><td>7.12</td><td>4.25</td></tr><tr><td>Total</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td><td>100.00</td></tr></table>
Less than .005 percent. Estimated on the basis of corporate, individual, and fiduciary tax returns for 1936.
2/ Based upon dividend payments to individuals and taxable estates and trusts filing individual tax returns.
7
Estate Tax in the United States, United Kingdom, and Canada
Effective Rates, January 1, 1943
The following table and chart show the taxes due on estates of selected sizes in the United States, the United Kingdom, and Canada. The New York State tax has been added to the net Federal tax, and the Ontario Provincial tax has been added to the Canadian Dominion tax; in the United Kingdom only the central government imposes death taxes. These calculations are based on the assumption that the estate is divided equally between a widow and one adult child.
In the United States the Federal Government grants each estate a specific exemption of $60,000; in Canada under the Dominion law the exemption varies according to the number of heirs and their relationship to the decedent, from $20,000 for a widow to a minimum of $1,000 per heir with no tax levied if the estate is less than $5,000. There is no specific exemption in the United Kingdom, but estates of less than $400 are not subject to tax. 2/
The three countries employ somewhat different types of rate schedules. The United States imposes bracket rates, each rate applying only to the amount of property in a single bracket. The United Kingdom employs totality rates; a single rate, determined by the size of the total estate, is applied to the total amount of property subject to tax. Notch provisions prevent a small difference in the size of an estate from making a greater difference in the amount of tax. The Canadian tax also imposes totality rates. These rates however rise very gradually and notch provisions are not needed. With certain exceptions in the lower brackets, two sets of totality rates apply to each inheritance; one rate is determined by the amount of the total estate, the other by the size of the inheritance and the relationship.
In the United States transfer of property at death are taxed also by all of the States, except Nevada. The Federal Government allows the estate to credit against the Federal liability payments of state death taxes in amounts not exceeding 80 percent of the tax due under the Federal Act of 1926, which imposes rates ranging from 1 to 20 percent. In Canada all Provinces impose death taxes, but the Dominion allows no credit for Provincial death taxes. In the United Kingdom the smaller jurisdictions have no death taxes. However, the central government imposes in addition to the estate duty, which is the major death tax, a legacy and succession duty which varies with relationship. In recent years this latter tax has averaged about 1.9 percent of total estates.
International comparisons of the taxes imposed by different jurisdictions on the transfer of property from one
generation or one person to another are subject to several limitations. The significance of some factors cannot be readily appraised, and it is difficult to summarize and generalize about others.
Variations in the treatment of gifts made before death are especially significant. The United States and Canada, but not the United Kingdom, impose gift taxes. In the United States the gift tax rates are nominally three-quarters of the estate tax rates. The United States gift tax is cumulative; all gifts (except philanthropic gifts and amounts exempted and excluded from the base) made since June 6, 1932, are added to determine the bracket or brackets in which the current year's gifts are taxable. The Canadian gift tax is not cumulative; its rates are higher than the death tax rates. In the United States there is a presumption that outright gifts made within two years of death are to be included in the estate (credit being given for gift tax paid), but the presumption is not conclusive, and many such gifts as well as a large part of those made more than two years before death are in fact not subjected to the estate tax. In the United Kingdom non-charitable gifts made within three years (and charitable gifts made within one year) of death are included in the estate; in Canada gifts made within three years of death are included in the estate (credit being given for gift tax paid). In all three countries gifts on which there are certain legal restrictions are included in the estate when outright gifts are excluded.
The tax bases are generally similar, but there are important differences other than the exemptions and treatment of gifts already noted. The United States law, for example, permits unlimited deduction of bequests to a wide variety of religious, charitable, educational, and other non-profit organizations, whereas the law of the United Kingdom grants virtually no deduction, and the Canadian law limits the deduction to one-half of the estate. The United States also allows more generous credit than the United Kingdom for "property previously taxed", that is, taxed recently in the estate of another decedent. Canada grants no such credit. Property subject to certain legal restrictions, such as powers of appointment and family settlements, is covered more thoroughly by the United Kingdom than by the United States law. The Canadian law also appears to provide stricter treatment, although the full meaning of the statute awaits further interpretation. The United States allows the executors to choose between valuation of the assets of the estate as of the date of death or a date one year later (or if distributed in the meantime at the date of distribution); neither the British nor the Canadian law provide such option.
<table><tr><th>Net estate before specific exemption (in thousands of dollars)</th><th colspan="3">Amount of tax 1/</th><th colspan="3">Effective rates 1/ (Percent)</th></tr><tr><th></th><th>United States, including New York State estate tax</th><th>United Kingdom 2/ 3/</th><th>Canada, including Ontario Provincial succession tax</th><th>United States, including New York State estate tax</th><th>United Kingdom 3/</th><th>Canada, including Ontario Provincial succession tax</th></tr><tr><td>10</td><td>-</td><td>$ 400</td><td>$ 64</td><td>-</td><td>4.0</td><td>0.6</td></tr><tr><td>20</td><td>$</td><td>800</td><td>207</td><td>-</td><td>4.0</td><td>1.0</td></tr><tr><td>40</td><td>150</td><td>2,000</td><td>973</td><td>0.4</td><td>5.0</td><td>2.4</td></tr><tr><td>60</td><td>350</td><td>4,920</td><td>3,006</td><td>0.6</td><td>8.2</td><td>5.0</td></tr><tr><td>80</td><td>2,150</td><td>8,480</td><td>5,272</td><td>2.7</td><td>10.6</td><td>6.6</td></tr><tr><td>100</td><td>5,550</td><td>11,800</td><td>8,071</td><td>5.6</td><td>11.8</td><td>8.1</td></tr><tr><td>200</td><td>33,750</td><td>35,600</td><td>34,271</td><td>16.9</td><td>17.8</td><td>17.1</td></tr><tr><td>400</td><td>96,950</td><td>102,800</td><td>93,147</td><td>24.2</td><td>25.7</td><td>23.3</td></tr><tr><td>600</td><td>163,950</td><td>177,600</td><td>156,861</td><td>27.3</td><td>29.6</td><td>26.1</td></tr><tr><td>800</td><td>236,150</td><td>257,600</td><td>234,551</td><td>29.5</td><td>32.2</td><td>29.3</td></tr><tr><td>1,000</td><td>312,550</td><td>348,000</td><td>318,991</td><td>31.3</td><td>34.8</td><td>31.9</td></tr><tr><td>2,000</td><td>751,850</td><td>852,000</td><td>837,281</td><td>37.6</td><td>42.6</td><td>41.9</td></tr><tr><td>4,000</td><td>1,873,650</td><td>2,016,000</td><td>1,977,861</td><td>46.8</td><td>50.4</td><td>49.4</td></tr><tr><td>6,000</td><td>3,226,450</td><td>3,336,000</td><td>3,443,661</td><td>53.8</td><td>55.6</td><td>57.4</td></tr><tr><td>10,000</td><td>6,310,250</td><td>6,600,000</td><td>6,026,450</td><td>63.1</td><td>66.0</td><td>60.3</td></tr><tr><td>20,000</td><td>14,409,450</td><td>13,200,000</td><td>12,066,430</td><td>72.0</td><td>66.0</td><td>60.3</td></tr><tr><td>40,000</td><td>30,609,450</td><td>26,400,000</td><td>24,136,430</td><td>76.5</td><td>66.0</td><td>60.3</td></tr><tr><td>60,000</td><td>46,809,450</td><td>39,600,000</td><td>36,206,430</td><td>78.0</td><td>66.0</td><td>60.3</td></tr><tr><td>100,000</td><td>79,209,450</td><td>66,000,000</td><td>60,346,430</td><td>79.2</td><td>66.0</td><td>60.3</td></tr></table>
Assuming equal division of estate between widow and one adult child The Canadian tax is technically a succession, not an estate, tax.
2/ The pound has been converted at the rate of $4.00
3/ Includes legacy and succession duty.
8
UNITED STATES, UNITED KINGDOM AND CANADA ESTATE TAX Effective Rates, January 1, 1943
Assuming equal division of estate between widow and one adult child
SUMMARY OF FISCAL STATISTICS
—9—
10
Budget Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">First 6 months, fiscal years 1941 to 1943</th><th colspan="6">Complete fiscal years, 1940 to 1944</th></tr><tr><th>1941</th><th>1942</th><th>1943</th><th>Change 1942 to 1943</th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>Change Actual 1942 to estimated 1943 1/</th><th>Estimated 1943 to estimated 1944</th></tr><tr><td>Receipts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes 2/</td><td>1,041</td><td>1,824</td><td>4,931</td><td>+3,107</td><td>2,125</td><td>3,470</td><td>7,960</td><td>17,571</td><td>27,645</td><td>+9,611</td><td>+10,074</td></tr><tr><td>Employment taxes</td><td>414</td><td>525</td><td>669</td><td>+144</td><td>833</td><td>925</td><td>1,186</td><td>1,462</td><td>1,971</td><td>+276</td><td>+509</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>1,516</td><td>1,901</td><td>2,404</td><td>+503</td><td>2,345</td><td>2,967</td><td>3,847</td><td>4,516</td><td>4,936</td><td>+669</td><td>+420</td></tr><tr><td>Customs</td><td>159</td><td>204</td><td>139</td><td>-65</td><td>349</td><td>392</td><td>389</td><td>253</td><td>204</td><td>-136</td><td>-49</td></tr><tr><td>Other receipts</td><td>106</td><td>125</td><td>156</td><td>+31</td><td>273</td><td>515</td><td>286</td><td>751</td><td>651</td><td>+465</td><td>-100</td></tr><tr><td>Total receipts</td><td>3,236</td><td>4,579</td><td>8,298</td><td>+3,719</td><td>5,925</td><td>8,269</td><td>13,668</td><td>24,552</td><td>35,407</td><td>+10,884</td><td>+10,855</td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 4/</td><td>311</td><td>413</td><td>529</td><td>+116</td><td>538</td><td>661</td><td>869</td><td>1,076</td><td>1,525</td><td>+207</td><td>+449</td></tr><tr><td>Post-war credits for excess-profit tax, victory tax, etc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>500</td><td>800</td><td>+500</td><td>+300</td></tr><tr><td>Net receipts</td><td>2,925</td><td>4,166</td><td>7,769</td><td>+3,603</td><td>5,387</td><td>7,607</td><td>12,799</td><td>22,976</td><td>33,081</td><td>+10,177</td><td>+10,105</td></tr><tr><td>Expenditures: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>885</td><td>4,550</td><td>19,980</td><td>+15,430</td><td>667</td><td>3,678</td><td>14,070</td><td>44,000</td><td>62,000</td><td>+29,930</td><td>+18,000</td></tr><tr><td>Navy Department</td><td>864</td><td>2,762</td><td>8,227</td><td>+5,465</td><td>891</td><td>2,313</td><td>8,580</td><td>17,500</td><td>22,000</td><td>+8,920</td><td>+4,500</td></tr><tr><td>Miscellaneous war activities</td><td>112</td><td>953</td><td>3,908</td><td>+2,955</td><td>99</td><td>310</td><td>3,362</td><td>12,500</td><td>13,000</td><td>+9,138</td><td>+500</td></tr><tr><td>Total war activities</td><td>1,861</td><td>8,265</td><td>32,114</td><td>+23,849</td><td>1,657</td><td>6,301</td><td>26,011</td><td>74,000</td><td>97,000</td><td>+47,989</td><td>+23,000</td></tr><tr><td>Veterans' Administration 6/</td><td>277</td><td>278</td><td>304</td><td>+26</td><td>557</td><td>563</td><td>556</td><td>617</td><td>885</td><td>+61</td><td>+268</td></tr><tr><td>Public Works 7/</td><td>442</td><td>371</td><td>312</td><td>-59</td><td>950</td><td>738</td><td>680</td><td>666</td><td>403</td><td>-14</td><td>-263</td></tr><tr><td>Aid to agriculture 8/</td><td>471</td><td>587</td><td>523</td><td>-64</td><td>1,559</td><td>937 9/</td><td>1,225</td><td>1,142</td><td>1,015</td><td>-83</td><td>-127</td></tr><tr><td>Social Security program 10/</td><td>308</td><td>353</td><td>434</td><td>+81</td><td>513</td><td>588</td><td>659</td><td>755</td><td>786</td><td>+96</td><td>+31</td></tr><tr><td>Direct and work relief:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Work Projects Administration and National Youth Administration 11/</td><td>677</td><td>534</td><td>218</td><td>-316</td><td>1,572</td><td>1,374</td><td>970</td><td>300</td><td>-</td><td>-670</td><td>-300</td></tr><tr><td>Federal Emergency Relief Administration and Civil Works Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Civilian Conservation Corps</td><td>137</td><td>104</td><td>-5</td><td>-109</td><td>283</td><td>257</td><td>163</td><td>16</td><td>-</td><td>-147</td><td>-16</td></tr><tr><td>Interest on the public debt</td><td>491</td><td>525</td><td>717</td><td>+192</td><td>1,041</td><td>1,111</td><td>1,260</td><td>1,850</td><td>3,000</td><td>+590</td><td>+1,150</td></tr><tr><td>Other 12/</td><td>478</td><td>467</td><td>489</td><td>+22</td><td>866</td><td>841</td><td>873</td><td>1,086</td><td>1,035</td><td>+213</td><td>-51</td></tr><tr><td>Total expenditures 5/</td><td>5,141</td><td>11,483</td><td>35,107</td><td>+23,624</td><td>8,998</td><td>12,711</td><td>32,397</td><td>80,432</td><td>104,124</td><td>+48,035</td><td>+23,692</td></tr><tr><td>Net budget deficit 5/</td><td>2,216</td><td>7,317</td><td>27,337</td><td>+20,020</td><td>3,611</td><td>5,103</td><td>19,598</td><td>57,456</td><td>71,043</td><td>+37,858</td><td>+13,587</td></tr></table>
Source: Daily Treasury Statements, except as noted.
1/ Estimates as shown in the 1944 Budget. Does not include proposal for $16,000,000,000 additional funds from new legislation for the fiscal year 1944.
2/ Includes unjust enrichment tax.
3/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
4/ For explanations, see tables in next chapter on Social Security program.
5/ Excludes expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
6/ Includes expenditures classified as transfers to trust accounts, etc., for the Adjusted Service Certificate Fund and the National Service Life Insurance Fund.
7/ Includes Public Works transactions classified as Revolving Funds (net).
8/ Includes Aid to agriculture transactions classified as Revolving Fund (est), expenditures of the Department of Agriculture classified as Departmental in the Daily Treasury Statement, and Agricultural Marketing Administration transactions classified as transfer to trust accounts, etc.
9/ Represents gross expenditures of $1,252 millions less repayments of U. S. investments in capital funds aggregating $315 millions.
10/ Includes expenditures classified as transfers to trust accounts, etc. for the Railroad Retirement Account and the Railroad Unemployment Insurance Administration Fund.
11/ Beginning July 1942 expenditures for National Youth Administration are shown under war activities.
12/ Includes departmental expenditures not otherwise classified and expenditures classified as transfers to trust accounts, etc., for Government employee retirement and insurance funds.
11
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">End of first 6 months fiscal years 1941 to 1943</th><th colspan="6">End of fiscal years, 1940 to 1944</th></tr><tr><th>Dec. 31, 1940</th><th>Dec. 31, 1941</th><th>Dec. 31, 1942</th><th>Change Dec. 31, 1941 to Dec. 31, 1942</th><th>Actual June 30, 1940</th><th>Actual June 30, 1941</th><th>Actual June 30, 1942</th><th>Estimated 1/ June 30, 1943</th><th>Actual June 30, 1942 to estimated June 30, 1943</th><th>Estimated June 30, 1943</th></tr><tr><td>Securities issued by the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>35,645</td><td>41,562</td><td>76,488</td><td>+34,926</td><td>34,436</td><td>37,713</td><td>50,573</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable</td><td>3,444</td><td>8,907</td><td>21,788</td><td>+12,881</td><td>3,166</td><td>4,555</td><td>13,510</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total public issues</td><td>39,089</td><td>50,469</td><td>98,276</td><td>+47,807</td><td>37,602</td><td>42,267</td><td>64,083</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Special issues</td><td>5,370</td><td>6,982</td><td>9,032</td><td>+2,050</td><td>4,775</td><td>6,120</td><td>7,885</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>44,458</td><td>57,451</td><td>107,308</td><td>+49,857</td><td>42,376</td><td>48,387</td><td>71,968</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>566</td><td>487</td><td>862</td><td>+375</td><td>591</td><td>574</td><td>454</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total public debt outstanding</td><td>45,025</td><td>57,938</td><td>108,170</td><td>+50,232</td><td>42,968</td><td>48,961</td><td>72,422</td><td>134,830</td><td>210,549</td><td>+62,408</td><td>+75,719</td></tr><tr><td>Securities guaranteed by the United States 3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>5,901</td><td>6,317</td><td>4,196</td><td>-2,121</td><td>5,498</td><td>6,360</td><td>4,549</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable</td><td>-</td><td>-</td><td>87</td><td>+87</td><td>-</td><td>-</td><td>-</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>5,901</td><td>6,317</td><td>4,283</td><td>-2,034</td><td>5,498</td><td>6,360</td><td>4,549</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt</td><td>15</td><td>7</td><td>18</td><td>+11</td><td>31</td><td>11</td><td>20</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total guaranteed securities outstanding</td><td>5,917</td><td>6,324</td><td>4,301</td><td>-2,023</td><td>5,529</td><td>6,370</td><td>4,568</td><td>3,910</td><td>1,195</td><td>-658</td><td>-2,715</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>50,941</td><td>64,262</td><td>112,471</td><td>+48,209</td><td>48,496</td><td>55,332</td><td>76,991</td><td>138,740</td><td>211,745</td><td>+61,749</td><td>+73,005</td></tr></table>
Source: Daily Treasury Statement, except as noted. 1/ Based upon Budget estimates revised as of October 1, 1942. 2/ Details not available.
3/ Excludes guaranteed securities which were sold directly to the Treasury.
Means of Financing Cash Requirements
(in millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="3">First 6 months fiscal years 1941 to 1943</th><th colspan="5">Complets fiscal years, 1940 to 1944</th></tr><tr><th>1941</th><th>1942</th><th>1943</th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th></tr><tr><td>Amount required to be financed:</td><td></td><td></td><td></td><td>Actual</td><td colspan="3">Estimated 1/</td><td></td></tr><tr><td>Net budget deficit 2/</td><td>2,216</td><td>7,317</td><td>27,337</td><td>3,611</td><td>5,103</td><td>19,598</td><td>57,456</td><td>71,043</td></tr><tr><td>Net increase in General Fund balance</td><td>38</td><td>927</td><td>7,552</td><td>-</td><td>742</td><td>358</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, increment on gold, etc. 3/</td><td>-</td><td>733</td><td>858</td><td>-</td><td>148</td><td>3,506</td><td>5,053</td><td>4,739</td></tr><tr><td>Total amount required to be financed</td><td>2,254</td><td>8,977</td><td>35,747</td><td>3,611</td><td>5,994</td><td>23,461</td><td>62,510</td><td>75,782</td></tr><tr><td>Means of financing:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in public debt</td><td>2,057</td><td>8,977</td><td>35,747</td><td>2,528</td><td>5,994</td><td>23,461</td><td>62,408</td><td>75,719</td></tr><tr><td>Net decrease in General Fund balance</td><td>-</td><td>-</td><td>-</td><td>947</td><td>-</td><td>-</td><td>102</td><td>63</td></tr><tr><td>Net receipts in trust accounts, increment on gold, etc. 3/</td><td>197</td><td>-</td><td>-</td><td>136</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>2,254</td><td>8,977</td><td>35,747</td><td>3,611</td><td>5,994</td><td>23,461</td><td>62,510</td><td>75,782</td></tr></table>
Source: Daily Treasury Statements. 1/ Based upon estimates as shown in the 1944 Budget. 2/ Excludes amounts for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
3/ Comprises trust accounts, checking accounts of Government agencies etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
-12-
13
Appropriations and Net Contract Authorizations for the War Activities Program
As of December 31, 1942
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">76th Congress, Third Session</td></tr><tr><td>Mar. 25, 1940</td><td>442</td><td>Treasury Department Appropriation Act, 1941.</td><td>$ 53,965,035</td><td>-</td></tr><tr><td>Apr. 18, 1940</td><td>459</td><td>Independent Offices Appropriation Act, 1941.</td><td>149,500,000</td><td>-</td></tr><tr><td>May 11, 1940</td><td>508</td><td>Department of Justice Appropriation Act, 1941 (Title III).</td><td>2,488,000</td><td>-</td></tr><tr><td>June 11, 1940</td><td>588</td><td>Navv Department Appropriation Act, 1941.</td><td>1,308,171,138</td><td>-</td></tr><tr><td>June 13, 1940</td><td>611</td><td>Military Appropriation Act, 1941.</td><td>1,499,323,322</td><td>-</td></tr><tr><td>June 18, 1940</td><td>640</td><td>Interior Department Appropriation Act, 1941.</td><td>495,000</td><td>-</td></tr><tr><td>June 24, 1940</td><td>653</td><td>War Department Civil Appropriation Act, 1941.</td><td>15,000,000</td><td>-</td></tr><tr><td>June 26, 1940</td><td>667</td><td>Civil Activities National Defense Appropriation Act, 1942.</td><td>1,474,901,057</td><td>-</td></tr><tr><td>June 26, 1940</td><td>88 3/</td><td>Emergency Relief Appropriation Act, 1941 (Refugee Relief).</td><td>50,000,000</td><td>-</td></tr><tr><td>June 27, 1940</td><td>668</td><td>Second Deficiency Appropriation Act, 1940.</td><td>17,656,900</td><td>-</td></tr><tr><td>July 18, 1940</td><td>94 3/</td><td>Public Resolution (War Risk Insurance Fund).</td><td>40,000,000</td><td>-</td></tr><tr><td>July 19, 1940</td><td>757</td><td>Public Law (Naval expansion program).</td><td>-</td><td>$ 3,287,726,699 r 1/</td></tr><tr><td>Sept. 9, 1940</td><td>761</td><td>Second Supplemental National Defense Appropriation Act, 1941.</td><td>2,497,016,392</td><td>47,000,000 1/</td></tr><tr><td>Sept. 24, 1940</td><td>99 3/</td><td>Public Resolution (War Department - Military Posts and Acquisition of Land).</td><td>338,263,902</td><td>-</td></tr><tr><td>Oct. 8, 1940</td><td>800</td><td>Third Supplemental National Defense Appropriation Act, 1941.</td><td>1,323,414,082</td><td>-</td></tr><tr><td>Oct. 9, 1940</td><td>812</td><td>First Supplemental Civil Functions Appropriation Act, 1941.</td><td>148,821,000</td><td>-</td></tr><tr><td>Oct. 14, 1940</td><td>106 3/</td><td>Public Resolution (National Defense Housing).</td><td>75,000,000</td><td>-</td></tr><tr><td></td><td>Total, 76th Congress, Third Session.</td><td></td><td>$ 8,994,015,828</td><td>$ 3,334,726,699 r</td></tr><tr><td colspan="5">77th Congress, First Session</td></tr><tr><td>Jan. 31, 1941</td><td>4</td><td>Public Law (Naval expansion program).</td><td>-</td><td>$ 400,000,000 1/</td></tr><tr><td>Feb. 6, 1941</td><td>5</td><td>Joint Resolution (Emergency Ship Construction).</td><td>$ 313,500,000</td><td>-</td></tr><tr><td>Feb. 13, 1941</td><td>6</td><td>Joint Resolution (Clothing and Equipage - War Department).</td><td>175,000,000</td><td>-</td></tr><tr><td>Mar. 1, 1941</td><td>9</td><td>Urgent Deficiency Appropriation Act, 1941.</td><td>6,047,775</td><td>-</td></tr><tr><td>Mar. 17, 1941</td><td>13</td><td>Fourth Supplemental National Defense Appropriation Act, 1941.</td><td>1,376,464,602</td><td>58,000,000 1/</td></tr><tr><td>Mar. 27, 1941</td><td>23</td><td>Defense Aid Supplemental Appropriation Act, 1941.</td><td>7,000,000,000</td><td>-</td></tr><tr><td>Apr. 1, 1941</td><td>25</td><td>First Deficiency Appropriation Act, 1941.</td><td>114,458,468</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>28</td><td>Independent Offices Appropriation Act, 1942.</td><td>399,360,000</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>29</td><td>Fifth Supplemental National Defense Appropriation Act, 1941.</td><td>2,293,227,920</td><td>-</td></tr><tr><td>May 6, 1941</td><td>48</td><td>Navv Department Appropriation Act, 1942.</td><td>3,415,521,750</td><td>-</td></tr><tr><td>May 23, 1941</td><td>71</td><td>War Department Civil Appropriation Act, 1942.</td><td>37,920,370</td><td>45,596,528</td></tr><tr><td>May 24, 1941</td><td>73</td><td>Additional Urgent Deficiency Appropriation Act, 1941.</td><td>168,556,000</td><td>-</td></tr><tr><td>May 31, 1941</td><td>88</td><td>Treasury Department Appropriation Act, 1942.</td><td>62,193,150</td><td>-</td></tr><tr><td>June 28, 1941</td><td>135</td><td>Department of Justice, State and Commerce Appropriation Act, 1942.</td><td>129,227,750</td><td>-</td></tr><tr><td>June 28, 1941</td><td>136</td><td>Interior Department Appropriation Act, 1942.</td><td>2,035,000</td><td>-</td></tr><tr><td>June 30, 1941</td><td>139</td><td>Military Appropriation Act, 1942.</td><td>10,384,821,624</td><td>-</td></tr><tr><td>July 1, 1941</td><td>146</td><td>Labor - Federal Security Appropriation Act, 1942.</td><td>173,168,500</td><td>-</td></tr><tr><td>July 3, 1941</td><td>150</td><td>Second Deficiency Appropriation Act, 1941.</td><td>998,894,561</td><td>-</td></tr><tr><td>Aug. 25, 1941</td><td>247</td><td>First Supplemental National Defense Appropriation Act, 1942.</td><td>6,580,012,448</td><td>-</td></tr><tr><td>Oct. 28, 1941</td><td>282</td><td>Second Supplemental National Defense Appropriation Act, 1942: (Title I). (Title II).</td><td>5,985,000,000 159,005,585</td><td>-</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Third Supplemental National Defense Appropriation Act, 1942.</td><td>9,112,021,947</td><td>244,000,000</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War, Philippine Relief, and Defense Housing).</td><td>510,000,000</td><td>-</td></tr><tr><td></td><td>Total, 77th Congress, First Session.</td><td></td><td>$49,396,437,450</td><td>$ 747,536,528</td></tr></table>
(Continued on following page)
14
Appropriations and Net Contract Authorizations for the War Activities Program
As of December 31, 1942 1/ - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, Second Session</td></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942</td><td>$ 12,525,872,474</td><td>-</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943 5/</td><td>23,738,865,474</td><td>$ 4,670,000,000 1/</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (Financial Aid to China)</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942</td><td>135,203,321 r</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942</td><td>30,412,737,900</td><td>2,298,925,617</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943</td><td>57,836,985</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>528</td><td>Sixth Supplemental National Defense Appropriation Act, 1942</td><td>18,932,124,093</td><td>150,400,000 1/</td></tr><tr><td>June 5, 1942</td><td>572</td><td>Joint Resolution (War Risk Insurance Fund)</td><td>210,000,000</td><td>-</td></tr><tr><td>June 19, 1942</td><td>616</td><td>Joint Resolution (Education and Training)</td><td>9,500,000</td><td>-</td></tr><tr><td>June 23, 1942</td><td>626</td><td>Seventh Supplemental National Defense Appropriation Act, 1942 6/</td><td>655,074,740</td><td>3,112,500,000 1/</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1943</td><td>1,052,812,004</td><td>90,000,000</td></tr><tr><td>July 2, 1942</td><td>644</td><td>Departments of Justice, State and Commerce Appropriation Act, 1943</td><td>261,908,180 r</td><td>-</td></tr><tr><td>July 2, 1942</td><td>645</td><td>Department of the Interior Appropriation Act, 1943</td><td>8,977,370</td><td>-</td></tr><tr><td>July 2, 1942</td><td>646</td><td>Public Law (Federal Works Agency - Public Roads)</td><td>-</td><td>110,000,000</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Labor-Federal Security Appropriation Act, 1943</td><td>227,726,864</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943</td><td>42,820,003,067</td><td>-</td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Housing and Public Works Appropriation Act, 1942</td><td>32,500,000</td><td>-</td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defense Appropriation Act, 1943</td><td>1,845,234,990</td><td>-</td></tr><tr><td>Aug. 6, 1942</td><td>700</td><td>Public Law (Public works-Navy)</td><td>-</td><td>974,634,000</td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943 1/</td><td>6,299,361,448</td><td>9,510,000,000 1/</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session</td><td>$139,736,203,988 r</td><td>$20,916,459,617</td></tr><tr><td colspan="5">Summary</td></tr><tr><td></td><td colspan="2">Total, 76th Congress, Third Session</td><td>$ 8,994,015,828</td><td>$ 3,334,726,699 r</td></tr><tr><td></td><td colspan="2">Total, 77th Congress, First Session</td><td>49,396,437,450</td><td>747,596,528</td></tr><tr><td></td><td colspan="2">Total, 77th Congress, Second Session</td><td>139,736,203,988 r</td><td>20,916,459,617</td></tr><tr><td></td><td colspan="2">Permanent appropriatione 8/</td><td>39,965,264 r</td><td>-</td></tr><tr><td></td><td colspan="2">Net transfers from other than war activities appropriations 9/</td><td>38,760,192 r</td><td>-</td></tr><tr><td></td><td colspan="2">Total</td><td>$158,205,382,722 r</td><td>$24,998,782,844 r</td></tr><tr><td></td><td colspan="2">Liquidatione of 1940 and prior contract authorizations</td><td>467,872,846</td><td>-</td></tr><tr><td></td><td colspan="2">Total approved</td><td>$197,737,509,876 r</td><td>$24,998,782,844 r</td></tr></table>
1/ Consists of appropriations and net contract authorizations available on and after July 1, 1940. Does not include authorizations of the Recon-struction Finance Corporation and its subsidiaries for war purposes. Contract authorizations have been reduced by later appropriations which were earmarked in authorizing acts for this purpose. Public resolution number. Unappropriated contract authorizations for the naval expansion program are as follows: Public No. 781. $ 47,000,000 4. 400,000,000 757. (Estimated) 3,287,726,699 r 13. 58,000,000 441. 4,170,000,000 528. 100,000,000 626. (Estimated) 2,962,500,000 763. (Estimated) 9,510,000,000
$20,535,226.699
5/ Includes $9,693,525,500 appropriated and $4,170,000,000 contract authorizations for the fiscal year 1942.
6/ Includes $650,000 for the fiscal year 1941 and $209,440,000 for the fiscal year 1943, of which $440,000 was made immediately available.
7/ Includes $7,851,460 for the fiscal year 1942.
8/ Consists of actual appropriations for the fiscal years 1941 and 1942 and budget estimates for the fiscal years 1943 and 1944. This item represents appropriations of receipts, the exact amount of which is not known until the end of each fiscal year.
9/ Includes actual transfer of balances of the Bureau of Marine Inspection and Navigation from the Department of Commerce to Coast Guard, Navy, in the amount of $1,153,801.79 in accordance with Executive Order 9083, dated February 28, 1942. Also includes $2,315,321.89 received as war contributions under authority of the Second War Powers Act, deposits of advance payments made by foreign governments to the Defense Aid Special Fund for the procurement of defense articles amounting to $30,523,342.37, and deposits of $3,863,500.00 to compensate owners of foreign merchant vessels for vessels acquired by the United States Government in accordance with section 902 of the Merchant Marine Act of 1936.
15
Budget Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="6">Expenditures 1/</th><th rowspan="2">Public debt retire- ments 9/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs 3/</th><th>Other receipts</th><th>Less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 4/</th><th>Net receipts</th><th>Total expenditures</th><th>General 5/</th><th>War ac-tivities 6/</th><th>Revolving funds (net) 7/</th><th>Transfers to trust accounts, etc. 1/</th><th>Net budget deficit 8/</th></tr><tr><td>1933</td><td>2,080</td><td>1,604</td><td>251</td><td>225</td><td>-</td><td>2,080</td><td>3,864</td><td>2,981</td><td>680</td><td>74</td><td>129</td><td>1,784</td><td>462</td></tr><tr><td>1934</td><td>3,116</td><td>2,641</td><td>313</td><td>162</td><td>-</td><td>3,116</td><td>6,011</td><td>4,908</td><td>531</td><td>496</td><td>77</td><td>2,896</td><td>360</td></tr><tr><td>1935</td><td>3,800</td><td>3,278</td><td>343</td><td>179</td><td>-</td><td>3,800</td><td>7,010</td><td>5,900</td><td>689</td><td>345</td><td>76</td><td>3,209</td><td>574</td></tr><tr><td>1936</td><td>4,116</td><td>3,513</td><td>387</td><td>216</td><td>-</td><td>4,116</td><td>8,665</td><td>5,935</td><td>900</td><td>11</td><td>1,820</td><td>4,550</td><td>403</td></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>8,177</td><td>6,437</td><td>929</td><td>204</td><td>608</td><td>3,149</td><td>104</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,239</td><td>5,864</td><td>1,029</td><td>121</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>8,707</td><td>7,221</td><td>1,206</td><td>92</td><td>187</td><td>3,542</td><td>58</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 10/</td><td>538</td><td>5,387</td><td>8,998</td><td>7,055</td><td>1,657</td><td>54</td><td>232</td><td>3,611</td><td>129</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 11/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,215 12/</td><td>6,301</td><td>-136 12/</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 13/</td><td>869</td><td>12,799</td><td>32,397</td><td>5,986</td><td>26,011</td><td>18</td><td>381</td><td>19,598</td><td>95</td></tr><tr><td>1941-December</td><td>1,214</td><td>1,159</td><td>33</td><td>22</td><td>2</td><td>1,212</td><td>2,542</td><td>682</td><td>1,850</td><td>*</td><td>9</td><td>1,329</td><td>16</td></tr><tr><td>1942-January</td><td>614</td><td>555</td><td>35</td><td>24</td><td>36</td><td>578</td><td>2,628</td><td>484</td><td>2,104</td><td>-2</td><td>42</td><td>2,050</td><td>3</td></tr><tr><td>February</td><td>937</td><td>879</td><td>27</td><td>31</td><td>179</td><td>758</td><td>2,629</td><td>412</td><td>2,208</td><td>*</td><td>9</td><td>1,871</td><td>1</td></tr><tr><td>March</td><td>3,548</td><td>3,493</td><td>33</td><td>22</td><td>1</td><td>3,547</td><td>3,421</td><td>591</td><td>2,809</td><td>-1</td><td>22</td><td>-126</td><td>15</td></tr><tr><td>April</td><td>732</td><td>684</td><td>32</td><td>16</td><td>37</td><td>695</td><td>3,753</td><td>467</td><td>3,238</td><td>-1</td><td>48</td><td>3,058</td><td>2</td></tr><tr><td>May</td><td>764</td><td>708</td><td>30</td><td>26</td><td>201</td><td>563</td><td>3,953</td><td>393</td><td>3,560</td><td>1</td><td>*</td><td>3,391</td><td>2</td></tr><tr><td>June</td><td>2,494</td><td>2,424</td><td>28</td><td>42</td><td>1</td><td>2,492</td><td>4,530</td><td>700</td><td>3,829</td><td>*</td><td>1</td><td>2,037</td><td>1</td></tr><tr><td>July</td><td>794</td><td>742</td><td>24</td><td>28</td><td>47</td><td>747</td><td>5,160</td><td>413</td><td>4,498</td><td>*</td><td>249</td><td>4,413</td><td>2</td></tr><tr><td>August</td><td>797</td><td>748</td><td>22</td><td>26</td><td>209</td><td>587</td><td>5,215</td><td>312</td><td>4,884</td><td>*</td><td>19</td><td>4,628</td><td>*</td></tr><tr><td>September</td><td>2,528</td><td>2,476</td><td>20</td><td>31 13/</td><td>1</td><td>2,527</td><td>5,931</td><td>544</td><td>5,384</td><td>-3</td><td>5</td><td>3,404</td><td>*</td></tr><tr><td>October</td><td>648</td><td>603</td><td>24</td><td>20</td><td>41</td><td>607</td><td>5,937</td><td>401</td><td>5,481</td><td>*</td><td>56</td><td>5,331</td><td>*</td></tr><tr><td>November</td><td>830</td><td>784</td><td>23</td><td>22</td><td>229</td><td>601</td><td>6,363</td><td>320</td><td>6,042</td><td>-2</td><td>3</td><td>5,761</td><td>*</td></tr><tr><td>December</td><td>2,702</td><td>2,649</td><td>24</td><td>28</td><td>1</td><td>2,701</td><td>6,500</td><td>654</td><td>5,825</td><td>-4</td><td>25</td><td>3,799</td><td>1</td></tr></table>
Source: 1/ 2/ 3/ 5/ 6/ 7/ 8/ 9/ 10/
Daily Treasury Statements. Less than $500,000. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law. For further details, see Table 2. For further details, see chapter on Customs Statistics in December 1941 "Treasury Bulletin". For explanation see tables which follow on the Social Security program. For further details, see Table 3. For further details, see Table 4. For further details, see Table 5. Also see footnotes 4/ and 5/. Total expenditures less net receipts. Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law. Includes partial return of amounts paid to the Commodity Credit Corporation for the restoration of capital impairment - $144 millions; and the retirement of Treasury investment in Federal savings and loan association shares - $10 millions.
11/ Includes recoveries of U. S. investments in capital funds as follows: Reconstruction Finance Corporation stock retired - $175 millions; Federal Home Loan Bank stock (resold to Reconstruction Finance Corporation) - $125 millions; retirement of Treasury investment in Federal savings and loan association shares - $10 millions; sale to Reconstruction Finance Corporation of bonds held by Public Works Administration - $9 millions. 
12/ Receipts from capital stock and paid-in surplus reductions that are available to be reissued under existing law are not re- flected under receipts, but rather are included as negative items under expenditures. During the fiscal year 1941, reduc- tions in capital in this manner were as follows: Under general expenditures: Banks for cooperatives - $60 millions, and Federal land banks - $100 millions; under revolving funds: Federal Farm Mortgage Corporation - $100 millions, Federal in- termediate credit banks - $40 millions, and production credit corporations - $15 millions; a total of $315 millions. 
13/ Includes $18 millions in the fiscal year 1942 and $10 millions in the month of September, 1942 representing partial return of amounts paid to the Commodity Credit Corporation for restoration of capital impairment.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Income and profits $/</th><th>Total</th><th colspan="2">Employment taxes</th><th>Carriers' Taxing Act of 1937 (Railroad retirements)</th><th>Miscellaneous internal revenue $/</th><th>Agricultural adjustment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th></th><th></th><th></th></tr><tr><td>1933</td><td>1,604</td><td>746</td><td>-</td><td>-</td><td>-</td><td>-</td><td>858</td><td>-</td></tr><tr><td>1934</td><td>2,641</td><td>818</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,470</td><td>353</td></tr><tr><td>1935</td><td>3,278</td><td>1,099</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,657</td><td>521</td></tr><tr><td>1936</td><td>3,513</td><td>1,427</td><td>*</td><td>-</td><td>-</td><td>*</td><td>2,010</td><td>77</td></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,181</td><td>*</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>155</td><td>514</td><td>90</td><td>150</td><td>2,279</td><td>*</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,232</td><td>-</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td><td>-</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td><td>-</td></tr><tr><td>1942</td><td>12,993</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,807</td><td>-</td></tr><tr><td>1941-December</td><td>1,159</td><td>767</td><td>39</td><td>4</td><td>1</td><td>34</td><td>353</td><td>-</td></tr><tr><td>1942-January</td><td>555</td><td>133</td><td>53</td><td>39</td><td>13</td><td>1</td><td>369</td><td>-</td></tr><tr><td>February</td><td>879</td><td>283</td><td>257</td><td>181</td><td>71</td><td>4</td><td>340</td><td>-</td></tr><tr><td>March</td><td>3,493</td><td>3,083</td><td>46</td><td>3</td><td>2</td><td>42</td><td>364</td><td>-</td></tr><tr><td>April</td><td>684</td><td>335</td><td>43</td><td>39</td><td>3</td><td>1</td><td>305</td><td>-</td></tr><tr><td>May</td><td>708</td><td>216</td><td>232</td><td>204</td><td>9</td><td>9</td><td>270</td><td>-</td></tr><tr><td>June</td><td>2,424</td><td>2,086</td><td>40</td><td>4</td><td>1</td><td>35</td><td>298</td><td>-</td></tr><tr><td>July</td><td>742</td><td>273</td><td>53</td><td>49</td><td>3</td><td>1</td><td>416</td><td>-</td></tr><tr><td>August</td><td>748</td><td>155</td><td>232</td><td>212</td><td>8</td><td>11</td><td>362</td><td>-</td></tr><tr><td>September</td><td>2,476</td><td>2,126</td><td>41</td><td>3</td><td>1</td><td>36</td><td>309</td><td>-</td></tr><tr><td>October</td><td>603</td><td>206</td><td>48</td><td>44</td><td>3</td><td>1</td><td>350</td><td>-</td></tr><tr><td>November</td><td>784</td><td>199</td><td>248</td><td>231</td><td>9</td><td>8</td><td>337</td><td>-</td></tr><tr><td>December</td><td>2,649</td><td>1,972</td><td>47</td><td>4</td><td>1</td><td>43</td><td>630</td><td>-</td></tr></table>
Sourost
Daily Treasury Statements. Less than $500,000. For further details, see chapter on Internal Revenue Statistics. Includes unjust enrichment tax.
3/ For the period prior to September 1939, the data in the columns entitled Federal Insurance Contributions Act and Federal Unemployment Tax Act represent collections under Titles VIII and IX, respectively, of the Social Security Act.
4/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes and estate tax.
16
Budget Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/</th><th>Public Works 2/</th><th>Aid to agriculture 3/</th><th>Social Security program 4/</th><th>Direct and work relief</th><th>Civilian Conservation Corps</th><th>Interest on the public debt</th><th>Other departmental 7/</th><th>Other general expenditures 8/</th></tr><tr><td>Work Projects Administration and National Youth Administration 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td>Federal Emergency Relief Administration and Civil Works Administration 6/</td><td></td><td></td><td></td></tr><tr><td>1933</td><td>2,981</td><td>763</td><td>442</td><td>102</td><td>-</td><td>-</td><td>336</td><td>14</td><td>689</td><td>357</td><td>278</td></tr><tr><td>1934</td><td>4,908</td><td>507</td><td>549</td><td>429</td><td>-</td><td>-</td><td>1,513</td><td>332</td><td>757</td><td>313</td><td>509</td></tr><tr><td>1935</td><td>5,900</td><td>557</td><td>679</td><td>930</td><td>-</td><td>-</td><td>1,831</td><td>436</td><td>821</td><td>384</td><td>283</td></tr><tr><td>1936</td><td>5,935</td><td>578</td><td>685</td><td>966</td><td>29</td><td>1,264</td><td>495</td><td>486</td><td>749</td><td>424</td><td>258</td></tr><tr><td>1937</td><td>6,437</td><td>581</td><td>803</td><td>988</td><td>184</td><td>1,896</td><td>-1</td><td>386</td><td>866</td><td>510</td><td>223</td></tr><tr><td>1938</td><td>5,864</td><td>582</td><td>670</td><td>866</td><td>335</td><td>1,472</td><td>4</td><td>326</td><td>926</td><td>481</td><td>200</td></tr><tr><td>1939</td><td>7,221</td><td>557</td><td>900</td><td>1,237</td><td>347</td><td>2,240</td><td>2</td><td>290</td><td>941</td><td>517</td><td>191</td></tr><tr><td>1940</td><td>7,055</td><td>557</td><td>890</td><td>1,546</td><td>392</td><td>1,572</td><td>1</td><td>283</td><td>1,041</td><td>546</td><td>227</td></tr><tr><td>1941</td><td>6,215</td><td>553</td><td>715</td><td>1,006 2/</td><td>457</td><td>1,374</td><td>-</td><td>257</td><td>1,111</td><td>525</td><td>216</td></tr><tr><td>1942</td><td>5,986</td><td>555</td><td>669</td><td>1,091</td><td>515</td><td>970</td><td>-</td><td>163</td><td>1,260</td><td>544</td><td>220</td></tr><tr><td>1941-December</td><td>682</td><td>46</td><td>58</td><td>137</td><td>34</td><td>94</td><td>-</td><td>15</td><td>232</td><td>51</td><td>14</td></tr><tr><td>1942-January</td><td>484</td><td>46</td><td>55</td><td>133</td><td>56</td><td>77</td><td>-</td><td>12</td><td>32</td><td>46</td><td>27</td></tr><tr><td>February</td><td>412</td><td>45</td><td>44</td><td>122</td><td>38</td><td>76</td><td>-</td><td>12</td><td>12</td><td>45</td><td>18</td></tr><tr><td>March</td><td>591</td><td>46</td><td>47</td><td>104</td><td>33</td><td>79</td><td>-</td><td>11</td><td>205</td><td>51</td><td>17</td></tr><tr><td>April</td><td>467</td><td>46</td><td>54</td><td>86</td><td>50</td><td>76</td><td>-</td><td>10</td><td>77</td><td>44</td><td>24</td></tr><tr><td>May</td><td>393</td><td>47</td><td>51</td><td>86</td><td>54</td><td>68</td><td>-</td><td>8</td><td>19</td><td>47</td><td>14</td></tr><tr><td>June</td><td>700</td><td>47</td><td>57</td><td>51</td><td>12</td><td>61</td><td>-</td><td>7</td><td>390</td><td>46</td><td>29</td></tr><tr><td>July</td><td>413</td><td>47</td><td>54</td><td>74</td><td>80</td><td>54</td><td>-</td><td>7</td><td>35</td><td>43</td><td>19</td></tr><tr><td>August</td><td>312</td><td>47</td><td>58</td><td>47</td><td>43</td><td>43</td><td>-</td><td>5</td><td>7</td><td>46</td><td>16</td></tr><tr><td>September</td><td>544</td><td>46</td><td>54</td><td>97</td><td>22</td><td>35</td><td>-</td><td>1</td><td>224</td><td>52</td><td>12</td></tr><tr><td>October</td><td>401</td><td>49</td><td>59</td><td>67</td><td>64</td><td>31</td><td>-</td><td>*</td><td>70</td><td>45</td><td>16</td></tr><tr><td>November</td><td>320</td><td>47</td><td>39</td><td>83</td><td>40</td><td>28</td><td>-</td><td>*</td><td>28</td><td>45</td><td>11</td></tr><tr><td>December</td><td>654</td><td>47</td><td>52</td><td>89</td><td>34</td><td>28</td><td>-</td><td>-18</td><td>353</td><td>49</td><td>22</td></tr></table>
Source: Daily Treasury Statements. Lose t! in $500,000.
1/ Includes public works undertaken by the Veterans' Administration. Additional expenditures included in Table 5, for the Adjusted Service Certificate Fund and the National Service Life Insurance Fund
2/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), Reclamation projects and the Public Works Administration. Exclude certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941. Additional transactions are included under revolving funds, Table 5.
3/ Comprises Agricultural Conservation and Adjustment Administration, Agricultural Marketing Administration, Commodity Credit Corporation, Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Farm Security Administration, Farm Tenant Act, Rural Electrification Administration, and Department of Agriculture departmental expenditures. Additional transactions are included under Revolving funds, Table 5.
4/ Includes railroad retirement and railroad unemployment activities.
5/ Work Projects Administration was formerly Works Progress Administration. Beginning with July 1942, expenditures for the National Youth Administration are shown in Table I.
6/ Includes expenditures of the Reconstruction Finance Corporation for relief through loans and grants to States, municipalities, etc.
7/ Excludes expenditure for the U. S. Maritime Commission, departmental expenditures under the Social Security program and the Department of Agriculture departmental expenditures.
8/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; refunds of taxes and duties by the Treasury Department; Post Office Department postal deficiencies; the Panama Canal; Federal Housing Administration; and Treasury Department investments in Federal savings and loan associations. Also includes expenditures for capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, and Disaster Loan Corporation. The Federal contributions to the District of Columbia (United States share) have been transferred to the classification "Transfers to trust accounts, etc.".
9/ Gross expenditures have been reduced $160 millions representing the repayments of capital funds by certain government agencies.
Table 4.- Analysis of Expenditures for War Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department 1/</th><th>Navy Department</th><th>Total miscellaneous war activities</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency 2/</th><th>Selective Service (edible- trative)</th><th>Treasury Department</th><th>United States Maritime Commission 3/</th><th>War Shipping Adminis- tration</th><th>Aid to China</th><th>Other war activities expenditures 4/</th></tr><tr><td>1933</td><td>680</td><td>302</td><td>350</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>531</td><td>243</td><td>297</td><td>-10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-10</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1935</td><td>689</td><td>273</td><td>436</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-21</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>900</td><td>383</td><td>529</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>929</td><td>378</td><td>551</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>490</td><td>673</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>891</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>310</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>103</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>382</td></tr><tr><td>1941-December</td><td>1,850</td><td>1,072</td><td>545</td><td>233</td><td>43</td><td>7</td><td>4</td><td>29</td><td>2</td><td>52</td><td>69</td><td>-</td><td>-</td><td>28</td></tr><tr><td>1942-January</td><td>2,104</td><td>1,282</td><td>575</td><td>247</td><td>63</td><td>7</td><td>4</td><td>27</td><td>2</td><td>35</td><td>86</td><td>-</td><td>-</td><td>24</td></tr><tr><td>February</td><td>2,208</td><td>1,369</td><td>581</td><td>258</td><td>53</td><td>9</td><td>10</td><td>19</td><td>3</td><td>42</td><td>95</td><td>2</td><td>-</td><td>26</td></tr><tr><td>March</td><td>2,809</td><td>1,432</td><td>946</td><td>430</td><td>105</td><td>8</td><td>10</td><td>18</td><td>3</td><td>63</td><td>121</td><td>16</td><td>-</td><td>86</td></tr><tr><td>April</td><td>3,238</td><td>1,594</td><td>1,101</td><td>543</td><td>65</td><td>7</td><td>14</td><td>22</td><td>3</td><td>63</td><td>98</td><td>42</td><td>200</td><td>29</td></tr><tr><td>May</td><td>3,560</td><td>1,850</td><td>1,307</td><td>402</td><td>80</td><td>8</td><td>10</td><td>17</td><td>4</td><td>83</td><td>130</td><td>33</td><td>-</td><td>37</td></tr><tr><td>June</td><td>3,829</td><td>2,007</td><td>1,309</td><td>513</td><td>119</td><td>8</td><td>8</td><td>21</td><td>4</td><td>99</td><td>150</td><td>39</td><td>-</td><td>66</td></tr><tr><td>July</td><td>4,498</td><td>2,861</td><td>1,103</td><td>534</td><td>90</td><td>28</td><td>12</td><td>26</td><td>4</td><td>95</td><td>184</td><td>54</td><td>-</td><td>42</td></tr><tr><td>August</td><td>4,884</td><td>2,875</td><td>1,376</td><td>633</td><td>61</td><td>13</td><td>17</td><td>42</td><td>4</td><td>110</td><td>211</td><td>99</td><td>-</td><td>76</td></tr><tr><td>September</td><td>5,384</td><td>3,519</td><td>1,294</td><td>572</td><td>94</td><td>4</td><td>13</td><td>45</td><td>5</td><td>102</td><td>141</td><td>113</td><td>-</td><td>56</td></tr><tr><td>October</td><td>5,481</td><td>3,417</td><td>1,596</td><td>467</td><td>51</td><td>21</td><td>17</td><td>48</td><td>3</td><td>110</td><td>16</td><td>111</td><td>-</td><td>60</td></tr><tr><td>November</td><td>6,042</td><td>3,538</td><td>1,478</td><td>1,025</td><td>433</td><td>16</td><td>15</td><td>50</td><td>2</td><td>81</td><td>274</td><td>85</td><td>-</td><td>68</td></tr><tr><td>December</td><td>5,825</td><td>3,770</td><td>1,380</td><td>676</td><td>21</td><td>6</td><td>19</td><td>50</td><td>5</td><td>83</td><td>275</td><td>127</td><td>-</td><td>88</td></tr></table>
Sources: Daily Treasury Statements.
1/ Excludes Selective Service administrative expenses.
2/ Includes war public housing functions.
3/ Includes emergency ship construction, beginning March 1941.
Similar items for periods prior to fiscal year 1941 are classified under Other departmental and Other general expenditures in Table 3. Includes the Civil Aeronautics Administration and the Panama Canal.
17
Budget Receipts and Expenditures - (Continued)
Table 5.- Analysis of Expenditures for (1) Revolving Funds and (2) Transfers to Trust Accounts, Etc.
(In million of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Revolving funde (net) 1/</th><th colspan="5">Transfers to trust accounts, etc.</th></tr><tr><th>Total</th><th>Aid to agriculture 2/</th><th>Public works 3/</th><th>Total</th><th>Veterans' Adminis- tration 4/</th><th>Social Security program 5/</th><th>Government employee' retirement funds (U. S. share)</th><th>Agricultural Marketing Administration (surplus commodity stampe)</th><th>Federal contribution to District of Columbia (U. S. share)</th></tr><tr><td>1933</td><td>74</td><td>74</td><td>-</td><td>129</td><td>100</td><td>-</td><td>21</td><td>-</td><td>8</td></tr><tr><td>1934</td><td>496</td><td>346</td><td>149</td><td>77</td><td>50</td><td>-</td><td>21</td><td>-</td><td>6</td></tr><tr><td>1935</td><td>345</td><td>141</td><td>204</td><td>76</td><td>50</td><td>-</td><td>21</td><td>-</td><td>6</td></tr><tr><td>1936</td><td>11</td><td>-33</td><td>44</td><td>1,820</td><td>1,773</td><td>-</td><td>41</td><td>-</td><td>6</td></tr><tr><td>1937</td><td>204</td><td>-18</td><td>221</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>121</td><td>-13</td><td>134</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>92</td><td>-8</td><td>101</td><td>187</td><td>-</td><td>107</td><td>75</td><td>*</td><td>5</td></tr><tr><td>1940</td><td>54</td><td>-6</td><td>59</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>-136</td><td>-159 6/</td><td>23</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>18</td><td>7</td><td>11</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1941-December</td><td>*</td><td>-2</td><td>2</td><td>9</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td></tr><tr><td>1942-January</td><td>-2</td><td>-2</td><td>*</td><td>42</td><td>-</td><td>32</td><td>-</td><td>10</td><td>-</td></tr><tr><td>February</td><td>*</td><td>-1</td><td>*</td><td>9</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td></tr><tr><td>March</td><td>-1</td><td>-1</td><td>*</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>April</td><td>-1</td><td>*</td><td>*</td><td>48</td><td>-</td><td>32</td><td>-</td><td>17</td><td>-</td></tr><tr><td>May</td><td>1</td><td>*</td><td>1</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td></tr><tr><td>June</td><td>*</td><td>*</td><td>*</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>*</td><td>*</td><td>*</td><td>249</td><td>5</td><td>113</td><td>107</td><td>19</td><td>6</td></tr><tr><td>August</td><td>*</td><td>*</td><td>*</td><td>19</td><td>6</td><td>6</td><td>-</td><td>7</td><td>1</td></tr><tr><td>September</td><td>-3</td><td>*</td><td>-2</td><td>5</td><td>4</td><td>-</td><td>-</td><td>2</td><td>-</td></tr><tr><td>October</td><td>*</td><td>*</td><td>*</td><td>56</td><td>2</td><td>34</td><td>-</td><td>20</td><td>-</td></tr><tr><td>November</td><td>-2</td><td>-2</td><td>*</td><td>3</td><td>2</td><td>-</td><td>-</td><td>*</td><td>-</td></tr><tr><td>December</td><td>-4</td><td>-2</td><td>-2</td><td>25</td><td>2</td><td>-</td><td>-</td><td>23</td><td>-</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ Additional transactions on Aid to agriculture and Public works are shown in Table 3. 2/ Farm Credit Administration. 3/ Public Works Administration. 4/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
5/ Includes railroad retirement and railroad unemployment activities. For further explanations see tables which follow on Social Security program.
6/ Reflects reduction of expenditures through recoveries of investments in capital funds of Governmental agencies aggregating $155 millions.
Table 6.- Totals by Months, Beginning with 1933
(In millions of dollars)
<table><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Net budget receipts 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1933.</td><td>116</td><td>112</td><td>272</td><td>114</td><td>157</td><td>286</td><td>163</td><td>188</td><td>321</td><td>256</td><td>209</td><td>332</td><td>2,526</td></tr><tr><td>1934.</td><td>211</td><td>206</td><td>420</td><td>182</td><td>237</td><td>391</td><td>218</td><td>286</td><td>449</td><td>260</td><td>247</td><td>385</td><td>3,492</td></tr><tr><td>1935.</td><td>203</td><td>214</td><td>601</td><td>228</td><td>246</td><td>404</td><td>279</td><td>299</td><td>421</td><td>235</td><td>234</td><td>434</td><td>3,857</td></tr><tr><td>1936.</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937.</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938.</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939.</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>304</td><td>521</td><td>4,918</td></tr><tr><td>1940.</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941.</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>504</td><td>1,212</td><td>8,849</td></tr><tr><td>1942.</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>Budget expenditures 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1933.</td><td>272</td><td>246</td><td>341</td><td>415</td><td>323</td><td>450</td><td>301</td><td>292</td><td>342</td><td>537</td><td>361</td><td>507</td><td>4,389</td></tr><tr><td>1934.</td><td>695</td><td>634</td><td>573</td><td>643</td><td>484</td><td>643</td><td>611</td><td>561</td><td>544</td><td>701</td><td>559</td><td>636</td><td>7,284</td></tr><tr><td>1935.</td><td>482</td><td>528</td><td>570</td><td>599</td><td>527</td><td>693</td><td>561</td><td>424</td><td>570</td><td>632</td><td>489</td><td>607</td><td>6,682</td></tr><tr><td>1936.</td><td>521</td><td>480</td><td>636</td><td>631</td><td>586</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>564</td><td>716</td><td>9,244</td></tr><tr><td>1937.</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938.</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939.</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940.</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941.</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942.</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>Net budget deficit 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1933.</td><td>156</td><td>134</td><td>69</td><td>301</td><td>166</td><td>164</td><td>138</td><td>104</td><td>21</td><td>281</td><td>152</td><td>175</td><td>1,863</td></tr><tr><td>1934.</td><td>484</td><td>428</td><td>153</td><td>461</td><td>247</td><td>252</td><td>393</td><td>275</td><td>95</td><td>441</td><td>312</td><td>251</td><td>3,792</td></tr><tr><td>1935.</td><td>279</td><td>314</td><td>-31</td><td>371</td><td>281</td><td>230</td><td>282</td><td>125</td><td>149</td><td>397</td><td>255</td><td>173</td><td>2,825</td></tr><tr><td>1936.</td><td>293</td><td>262</td><td>-116</td><td>400</td><td>430</td><td>1,898</td><td>362</td><td>231</td><td>177</td><td>405</td><td>331</td><td>199</td><td>4,872</td></tr><tr><td>1937.</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,956</td></tr><tr><td>1938.</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939.</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</td></tr><tr><td>1940.</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941.</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942.</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</td></tr></table>
Source: Daily Treasury Statements. 1/ Total receipts less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements. 3/ Total expenditures less net receipts.
18
BUDGET RECEIPTS AND EXPENDITURES
19
Receipts and Expenditures for Trust Accounts, Increment on Gold, Etc.
Table 1. - Trust Funds
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, net receipts (+) or net expenditures (-)</th><th colspan="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th><th colspan="3">Other trust accounts 1/</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1933</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-5</td><td>280</td><td>285</td></tr><tr><td>1934</td><td>+24</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+24</td><td>233</td><td>210</td></tr><tr><td>1935</td><td>+64</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td><td>+64</td><td>301</td><td>237</td></tr><tr><td>1936</td><td>+34</td><td>-</td><td>267</td><td>267</td><td>-</td><td>294</td><td>294</td><td>-</td><td>-</td><td>-</td><td>+34</td><td>2,053</td><td>2,020</td></tr><tr><td>1937</td><td>+19</td><td>-</td><td>402</td><td>401</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td><td>+20</td><td>858</td><td>838</td></tr><tr><td>1938</td><td>+11</td><td>+1</td><td>530</td><td>529</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td><td>+24</td><td>323</td><td>327</td></tr><tr><td>1939</td><td>+29</td><td>+1</td><td>580</td><td>577</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td><td>+35</td><td>366</td><td>331</td></tr><tr><td>1940</td><td>+37</td><td>+3</td><td>717</td><td>707</td><td>+4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td><td>+20</td><td>409</td><td>389</td></tr><tr><td>1941</td><td>+37</td><td>+10</td><td>940</td><td>931</td><td>-</td><td>1,244</td><td>1,243</td><td>-</td><td>144</td><td>144</td><td>+57</td><td>512</td><td>455</td></tr><tr><td>1942</td><td>+66</td><td>+9</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941-December</td><td>-189</td><td>-207</td><td>2</td><td>209</td><td>+6</td><td>60</td><td>55</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>27</td><td>15</td></tr><tr><td>1942-January</td><td>+30</td><td>+37</td><td>37</td><td>-1</td><td>+8</td><td>75</td><td>83</td><td>-</td><td>32</td><td>31</td><td>+1</td><td>28</td><td>28</td></tr><tr><td>February</td><td>+147</td><td>+135</td><td>179</td><td>141</td><td>+12</td><td>203</td><td>191</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>22</td><td>23</td></tr><tr><td>March</td><td>-172</td><td>-171</td><td>1</td><td>173</td><td>-4</td><td>29</td><td>33</td><td>-</td><td>-</td><td>-</td><td>+3</td><td>42</td><td>39</td></tr><tr><td>April</td><td>+47</td><td>+37</td><td>37</td><td>-</td><td>+1</td><td>43</td><td>42</td><td>-</td><td>32</td><td>32</td><td>+9</td><td>38</td><td>29</td></tr><tr><td>May</td><td>+181</td><td>+177</td><td>202</td><td>25</td><td>+5</td><td>220</td><td>225</td><td>-</td><td>-</td><td>-</td><td>+9</td><td>36</td><td>27</td></tr><tr><td>June</td><td>-205</td><td>-215</td><td>70</td><td>285</td><td>+2</td><td>64</td><td>62</td><td>+1</td><td>2</td><td>1</td><td>+7</td><td>96</td><td>89</td></tr><tr><td>July</td><td>+55</td><td>+46</td><td>47</td><td>1</td><td>-2</td><td>52</td><td>54</td><td>-2</td><td>113</td><td>114</td><td>+13</td><td>166</td><td>147</td></tr><tr><td>August</td><td>+197</td><td>+193</td><td>210</td><td>16</td><td>+3</td><td>223</td><td>220</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>41</td><td>41</td></tr><tr><td>September</td><td>-227</td><td>-229</td><td>1</td><td>230</td><td>-1</td><td>29</td><td>30</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>68</td><td>66</td></tr><tr><td>October</td><td>+60</td><td>+42</td><td>42</td><td>-</td><td>-4</td><td>50</td><td>54</td><td>-</td><td>34</td><td>34</td><td>+22</td><td>64</td><td>42</td></tr><tr><td>November</td><td>+274</td><td>+227</td><td>229</td><td>2</td><td>+40</td><td>243</td><td>203</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>54</td><td>48</td></tr><tr><td>December</td><td>-290</td><td>-273</td><td>2</td><td>274</td><td>-36</td><td>73</td><td>109</td><td>-</td><td>-</td><td>-</td><td>+19</td><td>66</td><td>48</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ Includes Government insurance and retirement funds, etc.
Table 2.- Other Funds
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Transactions in checking accounts of Government agencies, etc.</th><th colspan="3">Increment on gold</th><th colspan="3">Seigniorage on silver</th><th colspan="3">Miscellaneous funds and accounts 2/</th></tr><tr><th></th><th>Total all transactions</th><th>Issuance of obligations 1/</th><th>Other transactions</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1933</td><td>-818</td><td>3/</td><td>3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>-734</td><td>3/</td><td>3/</td><td>+811</td><td>2,811</td><td>2,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1935</td><td>+637</td><td>3/</td><td>3/</td><td>-111</td><td>2</td><td>113</td><td>+140</td><td>140</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>+108</td><td>3/</td><td>3/</td><td>-403</td><td>1</td><td>404</td><td>+176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>+314</td><td>3/</td><td>3/</td><td>-99</td><td>2</td><td>101</td><td>+40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+204</td><td>3/</td><td>3/</td><td>-51</td><td>1</td><td>52</td><td>+90</td><td>90</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>+768</td><td>+1,106</td><td>-337</td><td>-5</td><td>*</td><td>5</td><td>+90</td><td>90</td><td>-</td><td>+2</td><td>*</td><td>-2</td></tr><tr><td>1940</td><td>+34</td><td>+288</td><td>-254</td><td>*</td><td>*</td><td>*</td><td>+19</td><td>49</td><td>-</td><td>+16</td><td>43</td><td>27</td></tr><tr><td>1941</td><td>-217</td><td>+852</td><td>-1,069</td><td>*</td><td>*</td><td>*</td><td>+20</td><td>20</td><td>-</td><td>+11</td><td>244</td><td>233</td></tr><tr><td>1942</td><td>-3,625</td><td>-1,809</td><td>-1,815</td><td>*</td><td>*</td><td>*</td><td>+14</td><td>14</td><td>-</td><td>+39</td><td>331</td><td>292</td></tr><tr><td>1941-December</td><td>-140</td><td>+9</td><td>-149</td><td>*</td><td>*</td><td>-</td><td>+1</td><td>1</td><td>-</td><td>*</td><td>27</td><td>27</td></tr><tr><td>1942-January</td><td>-681</td><td>-625</td><td>-56</td><td>*</td><td>*</td><td>-</td><td>+1</td><td>1</td><td>-</td><td>+16</td><td>28</td><td>12</td></tr><tr><td>February</td><td>-35</td><td>-23</td><td>-12</td><td>*</td><td>*</td><td>-</td><td>+1</td><td>1</td><td>-</td><td>+1</td><td>27</td><td>26</td></tr><tr><td>March</td><td>-75</td><td>+17</td><td>-92</td><td>*</td><td>*</td><td>-</td><td>+1</td><td>1</td><td>-</td><td>+12</td><td>41</td><td>29</td></tr><tr><td>April</td><td>-189</td><td>-12</td><td>-176</td><td>*</td><td>*</td><td>-</td><td>+1</td><td>1</td><td>-</td><td>+15</td><td>34</td><td>19</td></tr><tr><td>May</td><td>-430</td><td>-2</td><td>-428</td><td>*</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-9</td><td>17</td><td>26</td></tr><tr><td>June</td><td>-1,417</td><td>-1,120</td><td>-296</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-14</td><td>14</td><td>28</td></tr><tr><td>July</td><td>-78</td><td>+12</td><td>-91</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+20</td><td>33</td><td>13</td></tr><tr><td>August</td><td>-262</td><td>+9</td><td>-271</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+10</td><td>20</td><td>10</td></tr><tr><td>September</td><td>-25</td><td>-23</td><td>-2</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>14</td><td>8</td></tr><tr><td>October</td><td>-583</td><td>-311</td><td>-272</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+27</td><td>32</td><td>5</td></tr><tr><td>November</td><td>+449</td><td>+851</td><td>-2</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+13</td><td>10</td><td>-2</td></tr><tr><td>December</td><td>-548</td><td>-5</td><td>-543</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+44</td><td>33</td><td>-11</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
2/ Comprises PWA revolving fund, and special deposits (net). Also includes Agricultural Marketing Administration commodity food stamp transactions.
3/ Details not available.
20
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budget deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, increment on gold, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, increment on gold, sto. 2/</th></tr><tr><td>1933</td><td>3,052</td><td>1,784</td><td>445</td><td>823</td><td>3,052</td><td>3,052</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>4,616</td><td>2,896</td><td>1,720</td><td>-</td><td>4,616</td><td>4,514</td><td>-</td><td>101</td></tr><tr><td>1935</td><td>3,209</td><td>3,209</td><td>-</td><td>-</td><td>3,209</td><td>1,048</td><td>741</td><td>821</td></tr><tr><td>1936</td><td>5,390</td><td>4,550</td><td>840</td><td>-</td><td>5,390</td><td>5,078</td><td>-</td><td>312</td></tr><tr><td>1937</td><td>3,149</td><td>3,149</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>-</td><td>1,384</td><td>740</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,542</td><td>622</td><td>-</td><td>4,164</td><td>3,275</td><td>-</td><td>890</td></tr><tr><td>1940</td><td>3,611</td><td>3,611</td><td>-</td><td>-</td><td>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,994</td><td>5,103</td><td>742</td><td>148</td><td>5,994</td><td>5,994</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>23,461</td><td>19,598</td><td>358</td><td>3,506</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1941-December</td><td>2,898</td><td>1,329</td><td>1,241</td><td>328</td><td>2,898</td><td>2,898</td><td>-</td><td>-</td></tr><tr><td>1942-January</td><td>2,683</td><td>2,050</td><td>-</td><td>633</td><td>2,683</td><td>2,073</td><td>610</td><td>-</td></tr><tr><td>February</td><td>2,482</td><td>1,871</td><td>612</td><td>-</td><td>2,482</td><td>2,369</td><td>-</td><td>114</td></tr><tr><td>March</td><td>108</td><td>-1263/</td><td>-</td><td>234</td><td>108</td><td>39</td><td>69</td><td>-</td></tr><tr><td>April</td><td>3,184</td><td>3,058</td><td>-</td><td>126</td><td>3,184</td><td>2,542</td><td>642</td><td>-</td></tr><tr><td>May</td><td>3,648</td><td>3,391</td><td>-</td><td>257</td><td>3,648</td><td>3,609</td><td>39</td><td>-</td></tr><tr><td>June</td><td>3,852</td><td>2,037</td><td>179</td><td>1,635</td><td>3,852</td><td>3,852</td><td>-</td><td>-</td></tr><tr><td>July</td><td>4,714</td><td>4,413</td><td>296</td><td>4</td><td>4,714</td><td>4,714</td><td>-</td><td>-</td></tr><tr><td>August</td><td>4,683</td><td>4,628</td><td>-</td><td>54</td><td>4,683</td><td>4,549</td><td>134</td><td>-</td></tr><tr><td>September</td><td>4,798</td><td>3,404</td><td>1,148</td><td>245</td><td>4,798</td><td>4,798</td><td>-</td><td>-</td></tr><tr><td>October</td><td>6,420</td><td>5,331</td><td>594</td><td>496</td><td>6,420</td><td>6,420</td><td>-</td><td>-</td></tr><tr><td>November</td><td>5,761</td><td>5,761</td><td>-</td><td>-</td><td>5,761</td><td>3,212</td><td>1,814</td><td>736</td></tr><tr><td>December</td><td>12,054</td><td>3,799</td><td>7,461</td><td>794</td><td>12,054</td><td>12,054</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements. 1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
3/ Net budget surplus.
21
Social Security Program
Section I.- Budget Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th rowspan="2">Lass amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th colspan="2">Gross receipts</th><th></th></tr><tr><th></th><th></th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th><th></th><th></th><th></th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>252.2</td><td>194.3</td><td>57.8</td><td>-</td><td>265.0</td><td>-12.3</td></tr><tr><td>1938</td><td>604.4</td><td>511.1</td><td>90.1</td><td>-</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.1</td><td>100.9</td><td>-</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>-</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>-</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>-</td><td>868.9</td><td>146.7</td></tr><tr><td>1941-December</td><td>5.6</td><td>4.3</td><td>1.3</td><td>-</td><td>2.1</td><td>3.5</td></tr><tr><td>1942-January</td><td>51.3</td><td>38.6</td><td>12.7</td><td>-</td><td>36.4</td><td>14.9</td></tr><tr><td>February</td><td>252.7</td><td>181.4</td><td>71.3</td><td>-</td><td>179.3</td><td>73.4</td></tr><tr><td>March</td><td>4.8</td><td>2.8</td><td>2.0</td><td>-</td><td>.6</td><td>4.1</td></tr><tr><td>April</td><td>42.0</td><td>39.2</td><td>2.9</td><td>-</td><td>36.8</td><td>5.2</td></tr><tr><td>May</td><td>213.0</td><td>203.7</td><td>9.3</td><td>-</td><td>201.1</td><td>11.7</td></tr><tr><td>June</td><td>4.7</td><td>3.7</td><td>1.0</td><td>-</td><td>1.4</td><td>3.3</td></tr><tr><td>July</td><td>52.2</td><td>49.4</td><td>2.8</td><td>-</td><td>47.1</td><td>5.1</td></tr><tr><td>August</td><td>220.1</td><td>211.7</td><td>8.5</td><td>-</td><td>209.4</td><td>10.7</td></tr><tr><td>September</td><td>4.3</td><td>3.4</td><td>.9</td><td>-</td><td>1.2</td><td>3.1</td></tr><tr><td>October</td><td>46.6</td><td>43.9</td><td>2.6</td><td>-</td><td>41.4</td><td>5.1</td></tr><tr><td>November</td><td>239.8</td><td>231.1</td><td>8.7</td><td>-</td><td>228.5</td><td>11.2</td></tr><tr><td>December</td><td>4.5</td><td>3.5</td><td>1.0</td><td>-</td><td>1.0</td><td>3.5</td></tr></table>
Expenditures
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses</th><th colspan="5">Grants to States</th><th rowspan="2">Department of Labor</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>Old-Age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public Health Service</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare services</th></tr><tr><td>1936</td><td>28.4</td><td>.6</td><td>27.8</td><td>19.7</td><td>2.0</td><td>1.0</td><td>.9</td><td>2.4</td><td>1.0</td><td>.6</td><td>.2</td><td>-</td><td>28.4</td></tr><tr><td>1937</td><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>11.7</td><td>4.6</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>-</td><td>195.5</td></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>41.0 6/</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>1.8</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>3.4</td><td>357.7</td></tr><tr><td>1941-December</td><td>33.4</td><td>2.6</td><td>30.6</td><td>24.8</td><td>3.4</td><td>.4</td><td>1.3</td><td>.1</td><td>.4</td><td>.1</td><td>.1</td><td>.2</td><td>29.9</td></tr><tr><td>1942-January</td><td>55.8</td><td>2.8</td><td>52.8</td><td>28.9</td><td>7.9</td><td>.8</td><td>10.7</td><td>2.7</td><td>.9</td><td>.6</td><td>.3</td><td>.2</td><td>40.9</td></tr><tr><td>February</td><td>37.1</td><td>2.6</td><td>34.1</td><td>23.0</td><td>5.6</td><td>.6</td><td>4.1</td><td>.1</td><td>.4</td><td>.4</td><td>*</td><td>.3</td><td>-36.4</td></tr><tr><td>March</td><td>31.7</td><td>2.8</td><td>28.6</td><td>19.9</td><td>4.2</td><td>.6</td><td>3.6</td><td>.1</td><td>.1</td><td>.1</td><td>*</td><td>.3</td><td>27.6</td></tr><tr><td>April</td><td>49.5</td><td>2.5</td><td>46.6</td><td>28.8</td><td>7.7</td><td>.9</td><td>4.4</td><td>2.9</td><td>.8</td><td>.8</td><td>.4</td><td>.4</td><td>44.2</td></tr><tr><td>May</td><td>53.2</td><td>2.6</td><td>50.2</td><td>32.6</td><td>6.7</td><td>.7</td><td>9.5</td><td>*</td><td>.8</td><td>.2</td><td>*</td><td>.4</td><td>41.5</td></tr><tr><td>June</td><td>11.5</td><td>2.5</td><td>8.7</td><td>4.3</td><td>.9</td><td>.1</td><td>3.2</td><td>*</td><td>*</td><td>.1</td><td>*</td><td>.3</td><td>8.2</td></tr><tr><td>July</td><td>78.8</td><td>2.7</td><td>75.9</td><td>47.2</td><td>11.5</td><td>1.3</td><td>13.1</td><td>2.6</td><td>*</td><td>*</td><td>.1</td><td>.3</td><td>73.7</td></tr><tr><td>August</td><td>41.7</td><td>2.7</td><td>38.7</td><td>26.0</td><td>6.8</td><td>.8</td><td>3.3</td><td>.6</td><td>.4</td><td>.5</td><td>.3</td><td>.3</td><td>31.0</td></tr><tr><td>September</td><td>21.2</td><td>2.5</td><td>18.5</td><td>11.0</td><td>2.9</td><td>.4</td><td>3.5</td><td>*</td><td>.5</td><td>.3</td><td>*</td><td>.3</td><td>18.1</td></tr><tr><td>October</td><td>63.2</td><td>2.8</td><td>60.1</td><td>35.2</td><td>8.2</td><td>1.0</td><td>12.4</td><td>2.4</td><td>.5</td><td>.3</td><td>.3</td><td>.3</td><td>58.0</td></tr><tr><td>November</td><td>38.9</td><td>2.3</td><td>36.4</td><td>24.8</td><td>6.4</td><td>.7</td><td>3.0</td><td>*</td><td>.8</td><td>.5</td><td>.1</td><td>.2</td><td>27.7</td></tr><tr><td>December</td><td>33.6</td><td>2.7</td><td>30.7</td><td>24.9</td><td>2.7</td><td>.4</td><td>2.0</td><td>-</td><td>.5</td><td>.2</td><td>*</td><td>.2</td><td>30.1</td></tr></table>
Source: Daily Treasury Statements.
Less than $50,000.
1/2 Formerly Title VIII of the Social Security Act. Formerly Title IX of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I.
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in Section II, Table I.
Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
5/ Covered by appropriations by Congress.
Second Deficiency Appropriation Act, fiscal year 1938, approved June 25, 1938, carried an appropriation of $40,561,886.43 for making refund to certain States of portions of Federal employers' tax for 1936 collected under the Social Security Act.
22
Social Security Program - (Continued)
Section I.- Budget Receipts and Expenditures - (Continued)
Table 2.- Railroad Retirement Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Carriers' Taxing Act of 1937</th><th>Total</th><th>Expenditures Administrative expenses 1/</th><th>Expenditures Transfere to Railroad Retirement Account (trust account)</th><th>Expenditures Refunds of taxes</th><th>Excess of expenditures 2/</th></tr><tr><td>1936</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>1937</td><td>.3</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>1938</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1941-December</td><td>33.9</td><td>.8</td><td>.8</td><td>-</td><td>*</td><td>-33.1</td></tr><tr><td>1942-January</td><td>1.3</td><td>32.0</td><td>.5</td><td>31.5</td><td>*</td><td>30.7</td></tr><tr><td>February</td><td>4.2</td><td>.7</td><td>.7</td><td>-</td><td>*</td><td>-3.5</td></tr><tr><td>March</td><td>41.6</td><td>.7</td><td>.7</td><td>-</td><td>*</td><td>-40.9</td></tr><tr><td>April</td><td>1.2</td><td>32.1</td><td>.6</td><td>31.5</td><td>*</td><td>30.9</td></tr><tr><td>May</td><td>9.0</td><td>.6</td><td>.6</td><td>-</td><td>*</td><td>-8.5</td></tr><tr><td>June</td><td>35.0</td><td>.5</td><td>.5</td><td>-</td><td>*</td><td>-34.5</td></tr><tr><td>July</td><td>1.0</td><td>113.2</td><td>.6</td><td>112.6</td><td>*</td><td>112.2</td></tr><tr><td>August</td><td>11.5</td><td>.7</td><td>.7</td><td>-</td><td>*</td><td>-10.8</td></tr><tr><td>September</td><td>36.5</td><td>.5</td><td>.5</td><td>-</td><td>*</td><td>-35.0</td></tr><tr><td>October</td><td>1.1</td><td>34.0</td><td>.5</td><td>33.5</td><td>*</td><td>32.8</td></tr><tr><td>November</td><td>8.2</td><td>.5</td><td>.5</td><td>-</td><td>*</td><td>-7.7</td></tr><tr><td>December</td><td>42.8</td><td>.4</td><td>.4</td><td>-</td><td>*</td><td>-42.4</td></tr></table>
Source: Daily Treasury Statements. 
* Less than $50,000. 
1/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Retirement Act. 
2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions 2/</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th><th>Excess of expenditures 5/</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1941-December</td><td>1.9</td><td>.2</td><td>.2</td><td>-</td><td>-1.7</td></tr><tr><td>1942-January</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>February</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>March</td><td>2.2</td><td>.2</td><td>.2</td><td>-</td><td>-2.0</td></tr><tr><td>April</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>May</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.1</td></tr><tr><td>June</td><td>2.2</td><td>.3</td><td>.3</td><td>-</td><td>-1.9</td></tr><tr><td>July</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>August</td><td>.2</td><td>6.2</td><td>.2</td><td>6.0</td><td>6.0</td></tr><tr><td>September</td><td>2.2</td><td>.2</td><td>.2</td><td>-</td><td>-2.1</td></tr><tr><td>October</td><td>.1</td><td>.1</td><td>.1</td><td>-</td><td>.1</td></tr><tr><td>November</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.1</td></tr><tr><td>December</td><td>2.5</td><td>.2</td><td>.2</td><td>-</td><td>-2.3</td></tr></table>
Daily Treasury Statements. Less than $50,000. 1/ Operated as Railroad Unemployment Insurance Administra-tion Fund. 2/ Represents 10% of contributions under the Railroad Unem-ployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unem-ployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes col-lected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the
Railroad Unemployment Insurance Act, as follows (in millions): Calendar year 1936 - $2.7, 1937 - $5.3, 1938 - $6.8, and for the first six months of the calendar year 1939 - $2.9, aggregating $17.7. These amounts are included in Table 1 under Federal Unemployment Tax Act (unem. loyment insurance). 3/ Includes only expenditures from appropriations made specifically for administrative expense relating to the Railroad Unemployment Insurance Act. 4/ Represents excess fund of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 5/ Covered by appropriations by Congress.
23
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbureling officer's account</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>267.2</td><td>267.1</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>267.3</td><td>265.0</td><td>2.3</td><td>*</td><td>*</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>1,744.7</td><td>1,738.1</td><td>.5</td><td>6.1</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1942-July</td><td>3,552.2</td><td>3,338.1</td><td>214.1</td><td>288.9</td><td>220.7</td><td>68.2</td><td>3,263.3</td><td>3,191.6</td><td>52.3</td><td>19.4</td></tr><tr><td>August</td><td>3,764.0</td><td>3,549.8</td><td>214.2</td><td>302.2</td><td>231.8</td><td>70.4</td><td>3,461.8</td><td>3,196.8</td><td>236.7</td><td>28.4</td></tr><tr><td>September</td><td>3,768.1</td><td>3,553.3</td><td>214.9</td><td>316.2</td><td>213.5</td><td>72.7</td><td>3,451.9</td><td>3,415.1</td><td>5.4</td><td>31.5</td></tr><tr><td>October</td><td>3,812.2</td><td>3,597.2</td><td>215.0</td><td>330.7</td><td>255.4</td><td>75.2</td><td>3,481.5</td><td>3,403.1</td><td>46.9</td><td>31.5</td></tr><tr><td>November</td><td>4,043.4</td><td>3,828.3</td><td>215.1</td><td>345.1</td><td>267.3</td><td>77.7</td><td>3,698.3</td><td>3,393.1</td><td>275.7</td><td>29.5</td></tr><tr><td>December</td><td>4,047.7</td><td>3,831.8</td><td>215.9</td><td>359.6</td><td>279.3</td><td>80.3</td><td>3,688.1</td><td>3,655.4</td><td>5.3</td><td>27.4</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000. 1/ Includes transactions effected under the predecessor Old-Age Reserve Account.
2 Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Act
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><td></td><td colspan="3"></td><td>Benefit payments</td><td></td><td>In General Fund</td><td>In disbursing officer's account</td></tr><tr><td>1936</td><td>46.6</td><td>46.6</td><td>-</td><td>-</td><td>46.6</td><td>-</td><td>46.6</td><td>*</td></tr><tr><td>1937</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.6</td><td>-</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1942-July</td><td>865.7</td><td>854.2</td><td>11.6</td><td>557.0</td><td>308.8</td><td>195.0</td><td>102.2</td><td>11.5</td></tr><tr><td>August</td><td>865.8</td><td>854.2</td><td>11.6</td><td>567.7</td><td>298.1</td><td>184.0</td><td>113.3</td><td>.8</td></tr><tr><td>September</td><td>865.9</td><td>854.2</td><td>11.7</td><td>578.4</td><td>287.5</td><td>173.0</td><td>102.3</td><td>12.1</td></tr><tr><td>October</td><td>865.9</td><td>854.2</td><td>11.8</td><td>589.2</td><td>276.7</td><td>196.0</td><td>68.9</td><td>11.9</td></tr><tr><td>November</td><td>866.1</td><td>854.2</td><td>11.9</td><td>599.9</td><td>266.2</td><td>185.0</td><td>68.8</td><td>12.3</td></tr><tr><td>December</td><td>866.2</td><td>854.2</td><td>12.1</td><td>610.7</td><td>255.6</td><td>174.0</td><td>68.9</td><td>12.7</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 2/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total investments</th><th>Unexpended balance</th></tr><tr><td>1936</td><td>18.9</td><td>18.9</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>18.9</td><td>18.9</td><td>*</td></tr><tr><td>1937</td><td>313.4</td><td>310.6</td><td>-</td><td>-</td><td>2.8</td><td>1.0</td><td>1.0</td><td>-</td><td>312.4</td><td>312.3</td><td>.1</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>1,280.5</td><td>1,257.0</td><td>13.5</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td></tr><tr><td>1942-July</td><td>5,267.4</td><td>4,769.2</td><td>181.9</td><td>105.9</td><td>198.9</td><td>2,096.5</td><td>1,949.1</td><td>105.9</td><td>3,170.8</td><td>3,162.0</td><td>5.7</td></tr><tr><td>August</td><td>5,490.7</td><td>4,985.1</td><td>183.4</td><td>105.9</td><td>198.9</td><td>2,126.6</td><td>1,978.9</td><td>105.9</td><td>3,364.2</td><td>3,352.2</td><td>9.0</td></tr><tr><td>September</td><td>5,519.7</td><td>4,993.9</td><td>203.6</td><td>105.9</td><td>199.0</td><td>2,149.3</td><td>2,001.4</td><td>105.9</td><td>3,370.4</td><td>3,359.2</td><td>8.5</td></tr><tr><td>October</td><td>5,569.6</td><td>5,043.7</td><td>203.7</td><td>105.9</td><td>199.0</td><td>2,165.0</td><td>2,016.9</td><td>105.9</td><td>3,404.7</td><td>3,397.2</td><td>5.0</td></tr><tr><td>November</td><td>5,812.2</td><td>5,285.4</td><td>204.5</td><td>105.9</td><td>199.0</td><td>2,176.7</td><td>2,028.4</td><td>105.9</td><td>3,635.5</td><td>3,588.2</td><td>44.9</td></tr><tr><td>December</td><td>5,885.1</td><td>5,298.3</td><td>226.6</td><td>105.9</td><td>236.9</td><td>2,187.1</td><td>2,038.7</td><td>105.9</td><td>3,698.0</td><td>3,687.0</td><td>8.7</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Excludes advance of $15 millions from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939 inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
24
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th>1941</th><th colspan="12">1942</th></tr><tr><th></th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td><b>CASE INCOME</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budget:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>767</td><td>133</td><td>283</td><td>3,083</td><td>335</td><td>216</td><td>2,066</td><td>273</td><td>155</td><td>2,126</td><td>206</td><td>199</td><td>1,972</td></tr><tr><td>Employment taxes</td><td>39</td><td>53</td><td>257</td><td>46</td><td>43</td><td>222</td><td>40</td><td>53</td><td>232</td><td>41</td><td>48</td><td>248</td><td>47</td></tr><tr><td>Miscellaneous internal revenues</td><td>353</td><td>369</td><td>340</td><td>354</td><td>305</td><td>270</td><td>298</td><td>416</td><td>362</td><td>309</td><td>350</td><td>337</td><td>630</td></tr><tr><td>Customs</td><td>33</td><td>35</td><td>27</td><td>33</td><td>32</td><td>30</td><td>28</td><td>24</td><td>22</td><td>20</td><td>24</td><td>23</td><td>24</td></tr><tr><td>Other</td><td>22</td><td>24</td><td>31</td><td>22</td><td>16</td><td>26</td><td>24</td><td>28</td><td>26</td><td>22</td><td>20</td><td>22</td><td>28</td></tr><tr><td>Subtotal</td><td>1,214</td><td>614</td><td>937</td><td>3,548</td><td>732</td><td>764</td><td>2,476</td><td>794</td><td>797</td><td>2,518</td><td>648</td><td>830</td><td>2,702</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment trust fund (deposits by States and Railroad Retirement Board)</td><td>29</td><td>75</td><td>203</td><td>23</td><td>43</td><td>220</td><td>28</td><td>52</td><td>217</td><td>29</td><td>50</td><td>243</td><td>35</td></tr><tr><td>Trust accounts 2/</td><td>45</td><td>45</td><td>40</td><td>58</td><td>54</td><td>52</td><td>55</td><td>56</td><td>49</td><td>74</td><td>72</td><td>62</td><td>72</td></tr><tr><td>Subtotal</td><td>74</td><td>120</td><td>243</td><td>87</td><td>97</td><td>272</td><td>83</td><td>108</td><td>266</td><td>103</td><td>122</td><td>305</td><td>108</td></tr><tr><td>Total cash income</td><td>1,288</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>902</td><td>1,063</td><td>2,621</td><td>770</td><td>1,135</td><td>2,809</td></tr><tr><td><b>CASH OUTGO</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budget:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities</td><td>1,850</td><td>2,104</td><td>2,208</td><td>2,509</td><td>3,238</td><td>3,560</td><td>3,829</td><td>4,498</td><td>4,884</td><td>5,364</td><td>5,481</td><td>6,042</td><td>5,825</td></tr><tr><td>Veterans' Administration</td><td>46</td><td>46</td><td>45</td><td>46</td><td>46</td><td>47</td><td>47</td><td>47</td><td>47</td><td>46</td><td>49</td><td>47</td><td>47</td></tr><tr><td>Public Works 3/</td><td>60</td><td>55</td><td>44</td><td>47</td><td>54</td><td>52</td><td>58</td><td>54</td><td>59</td><td>52</td><td>58</td><td>39</td><td>50</td></tr><tr><td>Aid to agriculture 4/</td><td>135</td><td>132</td><td>122</td><td>103</td><td>86</td><td>85</td><td>52</td><td>75</td><td>87</td><td>96</td><td>67</td><td>81</td><td>87</td></tr><tr><td>Social Security program 5/</td><td>34</td><td>56</td><td>38</td><td>33</td><td>50</td><td>54</td><td>12</td><td>80</td><td>43</td><td>22</td><td>64</td><td>40</td><td>34</td></tr><tr><td>Works Projects Administration and National Youth Administration 6/</td><td>94</td><td>77</td><td>76</td><td>79</td><td>76</td><td>68</td><td>61</td><td>54</td><td>43</td><td>35</td><td>31</td><td>28</td><td>28</td></tr><tr><td>Civilian Conservation Corps</td><td>15</td><td>12</td><td>12</td><td>11</td><td>10</td><td>8</td><td>7</td><td>7</td><td>5</td><td>1</td><td></td><td></td><td>-18</td></tr><tr><td>Interest on the public debt 7/</td><td>195</td><td>18</td><td>5</td><td>196</td><td>70</td><td>13</td><td>220</td><td>20</td><td>-2</td><td>212</td><td>62</td><td>21</td><td>299</td></tr><tr><td>Other</td><td>67</td><td>72</td><td>62</td><td>65</td><td>68</td><td>62</td><td>74</td><td>63</td><td>62</td><td>64</td><td>60</td><td>56</td><td>71</td></tr><tr><td>Subtotal</td><td>2,496</td><td>2,572</td><td>2,612</td><td>3,389</td><td>3,698</td><td>3,948</td><td>4,358</td><td>4,896</td><td>5,188</td><td>5,914</td><td>5,873</td><td>6,353</td><td>6,422</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>58</td><td>289</td><td>345</td></tr><tr><td>Other</td><td>142</td><td>39</td><td>139</td><td>253</td><td>208</td><td>249</td><td>284</td><td>118</td><td>235</td><td>42</td><td>166</td><td>-260</td><td>-18</td></tr><tr><td>Commodity Credit Corporation</td><td>28</td><td>2</td><td>-34</td><td>-99</td><td>7</td><td>253</td><td>30</td><td>23</td><td>90</td><td>38</td><td>114</td><td>-304</td><td>183</td></tr><tr><td>Unemployment Trust Fund</td><td>29</td><td>44</td><td>39</td><td>46</td><td>38</td><td>33</td><td>29</td><td>31</td><td>30</td><td>23</td><td>16</td><td>12</td><td>10</td></tr><tr><td>Federal Old-Age and Survivors Insurance</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Trust Fund</td><td>9</td><td>9</td><td>10</td><td>10</td><td>10</td><td>11</td><td>11</td><td>11</td><td>11</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Railroad Retirement Account</td><td>11</td><td>10</td><td>11</td><td>11</td><td>11</td><td>10</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Other</td><td>62</td><td>22</td><td>-48</td><td>-3</td><td></td><td>-34</td><td>14</td><td>-11</td><td>-26</td><td>-51</td><td>-46</td><td>-163</td><td>32</td></tr><tr><td>Subtotal</td><td>281</td><td>126</td><td>116</td><td>218</td><td>275</td><td>522</td><td>379</td><td>179</td><td>351</td><td>75</td><td>330</td><td>-403</td><td>575</td></tr><tr><td>Redemption of adjusted service bonds</td><td>1</td><td>1</td><td>1</td><td>1</td><td></td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Total cash outgo</td><td>2,778</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,076</td><td>5,539</td><td>5,989</td><td>6,204</td><td>5,950</td><td>6,997</td></tr><tr><td>EXCESS OF CASE OUTGO</td><td>1,490</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,188</td></tr></table>
1) Comprises Agricultural Conservation and Adjustment Administration, Agricultural Marketing Administration, Commodity Credit Corporation, Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Farm Security Administration, Farm Tenant Act, Rural Electrification Administration, and Department of Agriculture departmental expenditures. Excludes Agricultural Marketing Administration, reflected on Daily Treasury Statement as transfer to trust accounts.
2) Excludes transactions under transfers to trust accounts, etc.
3) Beginning July 1942 National Youth Administration is included in war activities expenditures.
1) Excludes accrued interest on United States savings bonds outstanding.
2) Expenditures for war activities by the Reconstruction Finance Corporation prior to October 17, 1942, were included under 'Other' Reconstruction Finance Corporation expenditures.
Less than $500,000.
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939.
2/ Includes sale of commodity food stamps, Agricultural Marketing Administration.
3/ Comprises Public Buildings Administration, Public Roads Administra-tion, Public Works Administration, Federal Public Housing Authority, River and Harbor Work and Flood Control, Tennessee Valley Authority, Forest Roads and Treille, and Reclamation projects.
Total Cash Income and Outgo, by Months
(In millions of dollars)
<table><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1936</td><td>249</td><td>240</td><td>771</td><td>255</td><td>249</td><td>542</td><td>311</td><td>362</td><td>522</td><td>899</td><td>259</td><td>547</td><td>4,606</td></tr><tr><td>1937</td><td>303</td><td>326</td><td>1,115</td><td>421</td><td>390</td><td>925</td><td>438</td><td>541</td><td>852</td><td>389</td><td>433</td><td>930</td><td>7,063</td></tr><tr><td>1938</td><td>395</td><td>460</td><td>1,038</td><td>319</td><td>519</td><td>824</td><td>365</td><td>632</td><td>767</td><td>395</td><td>521</td><td>757</td><td>6,992</td></tr><tr><td>1939</td><td>364</td><td>581</td><td>796</td><td>323</td><td>552</td><td>644</td><td>369</td><td>589</td><td>752</td><td>399</td><td>567</td><td>615</td><td>6,551</td></tr><tr><td>1940</td><td>398</td><td>614</td><td>989</td><td>385</td><td>561</td><td>781</td><td>449</td><td>724</td><td>756</td><td>458</td><td>656</td><td>798</td><td>7,569</td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,040</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>902</td><td>1,063</td><td>2,621</td><td>770</td><td>1,135</td><td>2,809</td><td>19,272</td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1936</td><td>431</td><td>489</td><td>621</td><td>650</td><td>549</td><td>1,600</td><td>919</td><td>707</td><td>736</td><td>762</td><td>602</td><td>676</td><td>8,742</td></tr><tr><td>1937</td><td>476</td><td>550</td><td>791</td><td>720</td><td>542</td><td>758</td><td>558</td><td>566</td><td>649</td><td>582</td><td>523</td><td>679</td><td>7,394</td></tr><tr><td>1938</td><td>537</td><td>481</td><td>745</td><td>774</td><td>665</td><td>835</td><td>589</td><td>783</td><td>852</td><td>829</td><td>702</td><td>895</td><td>8,687</td></tr><tr><td>1939</td><td>728</td><td>669</td><td>834</td><td>730</td><td>790</td><td>844</td><td>652</td><td>989</td><td>892</td><td>781</td><td>667</td><td>947</td><td>9,483</td></tr><tr><td>1940</td><td>727</td><td>679</td><td>851</td><td>793</td><td>691</td><td>886</td><td>806</td><td>870</td><td>832</td><td>976</td><td>962</td><td>1,244</td><td>10,317</td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,438</td><td>1,948</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,841</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,076</td><td>5,539</td><td>5,989</td><td>6,204</td><td>5,950</td><td>6,997</td><td>57,972</td></tr><tr><td>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1936</td><td>182</td><td>249</td><td>-150</td><td>395</td><td>300</td><td>1,058</td><td>608</td><td>345</td><td>214</td><td>463</td><td>343</td><td>129</td><td>4,136</td></tr><tr><td>1937</td><td>173</td><td>224</td><td>-324</td><td>299</td><td>152</td><td>-167</td><td>120</td><td>25</td><td>-203</td><td>193</td><td>90</td><td>-251</td><td>331</td></tr><tr><td>1938</td><td>142</td><td>21</td><td>-293</td><td>455</td><td>146</td><td>11</td><td>224</td><td>151</td><td>85</td><td>434</td><td>181</td><td>138</td><td>1,695</td></tr><tr><td>1939</td><td>364</td><td>88</td><td>38</td><td>407</td><td>198</td><td>200</td><td>283</td><td>400</td><td>140</td><td>382</td><td>100</td><td>332</td><td>2,932</td></tr><tr><td>1940</td><td>329</td><td>65</td><td>-138</td><td>408</td><td>130</td><td>105</td><td>357</td><td>146</td><td>76</td><td>518</td><td>306</td><td>446</td><td>2,748</td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>641</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,982</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,188</td><td>38,699</td></tr></table>
25
CASH INCOME AND OUTGO OF THE TREASURY
GENERAL FUND OF THE TREASURY
— 26 —
27
Assets of the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities</th><th>Other deposits and collections</th></tr><tr><td>1933</td><td>1,103</td><td>184</td><td>51</td><td>837</td><td>31</td></tr><tr><td>1934</td><td>3,033</td><td>1,045</td><td>97</td><td>1,854</td><td>37</td></tr><tr><td>1935</td><td>2,016</td><td>1,044</td><td>118</td><td>799</td><td>55</td></tr><tr><td>1936</td><td>2,936</td><td>865</td><td>862</td><td>1,150</td><td>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1941-December</td><td>3,816</td><td>919</td><td>966</td><td>1,756</td><td>175</td></tr><tr><td>1942-January</td><td>3,232</td><td>902</td><td>391</td><td>1,750</td><td>188</td></tr><tr><td>February</td><td>3,867</td><td>879</td><td>748</td><td>2,054</td><td>185</td></tr><tr><td>March</td><td>3,857</td><td>890</td><td>525</td><td>2,231</td><td>211</td></tr><tr><td>April</td><td>3,216</td><td>889</td><td>522</td><td>1,579</td><td>226</td></tr><tr><td>May</td><td>3,198</td><td>900</td><td>382</td><td>1,666</td><td>250</td></tr><tr><td>June</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>July</td><td>3,782</td><td>926</td><td>553</td><td>2,014</td><td>289</td></tr><tr><td>August</td><td>3,695</td><td>907</td><td>569</td><td>1,880</td><td>338</td></tr><tr><td>September</td><td>4,688</td><td>909</td><td>1,021</td><td>2,411</td><td>347</td></tr><tr><td>October</td><td>5,313</td><td>931</td><td>619</td><td>3,373</td><td>390</td></tr><tr><td>November</td><td>3,557</td><td>915</td><td>512</td><td>1,695</td><td>435</td></tr><tr><td>December</td><td>11,032</td><td>863</td><td>1,516</td><td>8,166</td><td>487</td></tr></table>
Source: Daily Treasury Statements
Balance in the General Fund of the Treasury
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total assets</th><th>Total liabilities</th><th>Balance in the General Fund</th><th colspan="3">Analysis of balance in the General Fund 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>Working balance</th><th>Seigniorage on silver</th><th>Increment on gold</th></tr><tr><td>1933</td><td>1,103</td><td>240</td><td>862</td><td>862</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>3,033</td><td>451</td><td>2,582</td><td>1,771</td><td>-</td><td>811</td></tr><tr><td>1935</td><td>2,016</td><td>175</td><td>1,841</td><td>1,001</td><td>140</td><td>700</td></tr><tr><td>1936</td><td>2,936</td><td>254</td><td>2,682</td><td>2,069</td><td>316</td><td>297</td></tr><tr><td>1937</td><td>2,709</td><td>156</td><td>2,553</td><td>2,000</td><td>356</td><td>198</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td><td>1,622</td><td>446</td><td>147</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td><td>2,160</td><td>536</td><td>142</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td><td>1,163</td><td>585</td><td>143</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td><td>1,885</td><td>605</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td><td>2,229</td><td>619</td><td>143</td></tr><tr><td>1941-December</td><td>3,816</td><td>256</td><td>3,560</td><td>2,802</td><td>615</td><td>143</td></tr><tr><td>1942-January</td><td>3,232</td><td>282</td><td>2,950</td><td>2,191</td><td>616</td><td>143</td></tr><tr><td>February</td><td>3,867</td><td>305</td><td>3,562</td><td>2,802</td><td>617</td><td>143</td></tr><tr><td>March</td><td>3,857</td><td>365</td><td>3,493</td><td>2,732</td><td>618</td><td>143</td></tr><tr><td>April</td><td>3,216</td><td>365</td><td>2,851</td><td>2,089</td><td>618</td><td>143</td></tr><tr><td>May</td><td>3,198</td><td>386</td><td>2,812</td><td>2,050</td><td>619</td><td>143</td></tr><tr><td>June</td><td>3,443</td><td>452</td><td>2,991</td><td>2,229</td><td>619</td><td>143</td></tr><tr><td>July</td><td>3,782</td><td>494</td><td>3,288</td><td>2,525</td><td>619</td><td>143</td></tr><tr><td>August</td><td>3,695</td><td>541</td><td>3,154</td><td>2,392</td><td>619</td><td>144</td></tr><tr><td>September</td><td>4,688</td><td>386</td><td>4,302</td><td>3,540</td><td>619</td><td>144</td></tr><tr><td>October</td><td>5,313</td><td>416</td><td>4,896</td><td>4,134</td><td>619</td><td>144</td></tr><tr><td>November</td><td>3,557</td><td>475</td><td>3,082</td><td>2,320</td><td>619</td><td>144</td></tr><tr><td>December</td><td>11,032</td><td>489</td><td>10,543</td><td>9,780</td><td>619</td><td>144</td></tr></table>
Source: Daily Treasury Statements.
1/ In the fiscal years 1935 and 1936, $91 millions and $554 millions, respectively, were transferred from increment on gold to the working balance for retirement of national bank notes. In this statement, however, charges
for retirement of national bank notes are reflected directly against increment on gold in the years during which the retirements were actually made. Inactive gold in the amount of $1,087 millions for the fiscal year 1937 is considered as a part of the working balance.
28
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Change during fiscal year or month</th><th>Total change in General Fund balance</th><th colspan="6">Working balance</th><th>Seigniorage on silver</th><th>Increment on gold 5/</th></tr><tr><th></th><th></th><th>Total working balance</th><th>General and special accounts 1/</th><th>Public debt accounts 2/</th><th>Trust accounts 3/</th><th>Miscellaneous funds and accounts 4/</th><th>Checking accounts of Government agencies, etc.</th><th></th><th></th></tr><tr><td>1933</td><td>445</td><td>1445</td><td>-1,784</td><td>3,052</td><td>-5</td><td>-</td><td>-818</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>1,720</td><td>908</td><td>-2,896</td><td>4,514</td><td>24</td><td>-</td><td>-734</td><td>-</td><td>811</td></tr><tr><td>1935</td><td>-741</td><td>769 6/</td><td>-3,209</td><td>1,739 1/</td><td>64</td><td>-</td><td>637</td><td>140</td><td>-111 6/</td></tr><tr><td>1936</td><td>840</td><td>1,067 6/</td><td>-4,550</td><td>5,475 1/</td><td>34</td><td>-</td><td>108</td><td>176</td><td>-403 6/</td></tr><tr><td>1937</td><td>-128</td><td>-70</td><td>-3,149</td><td>2,746 1/</td><td>19</td><td>-</td><td>314</td><td>40</td><td>-99</td></tr><tr><td>1938</td><td>-338</td><td>-377</td><td>-1,384</td><td>792 1/</td><td>11</td><td>-</td><td>204</td><td>90</td><td>-51</td></tr><tr><td>1939</td><td>622</td><td>537</td><td>-3,542</td><td>3,280 1/</td><td>29</td><td>2</td><td>768</td><td>90</td><td>-5</td></tr><tr><td>1940</td><td>-947</td><td>-997</td><td>-3,611</td><td>2,528</td><td>37</td><td>16</td><td>34</td><td>49</td><td>-</td></tr><tr><td>1941</td><td>742</td><td>722</td><td>-5,103</td><td>5,994</td><td>37</td><td>11</td><td>-217</td><td>20</td><td>-</td></tr><tr><td>1942</td><td>358</td><td>344</td><td>-19,598</td><td>23,461</td><td>66</td><td>39</td><td>-3,625</td><td>14</td><td>-</td></tr><tr><td>1941-December</td><td>1,241</td><td>1,240</td><td>-1,329</td><td>2,898</td><td>-189</td><td>-</td><td>-140</td><td>1</td><td>-</td></tr><tr><td>1942-January</td><td>-610</td><td>-611</td><td>-2,050</td><td>2,073</td><td>30</td><td>16</td><td>-681</td><td>1</td><td>-</td></tr><tr><td>February</td><td>612</td><td>611</td><td>-1,871</td><td>2,369</td><td>147</td><td>1</td><td>-35</td><td>1</td><td>-</td></tr><tr><td>March</td><td>-69</td><td>-70</td><td>126</td><td>39</td><td>-172</td><td>12</td><td>-75</td><td>1</td><td>-</td></tr><tr><td>April</td><td>-642</td><td>-643</td><td>-3,058</td><td>2,542</td><td>47</td><td>15</td><td>-189</td><td>1</td><td>-</td></tr><tr><td>May</td><td>-39</td><td>-39</td><td>-3,391</td><td>3,609</td><td>181</td><td>-9</td><td>-430</td><td>-</td><td>-</td></tr><tr><td>June</td><td>179</td><td>179</td><td>-2,037</td><td>3,852</td><td>-205</td><td>-14</td><td>-1,417</td><td>-</td><td>-</td></tr><tr><td>July</td><td>296</td><td>296</td><td>-4,413</td><td>4,714</td><td>55</td><td>20</td><td>-78</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-134</td><td>-134</td><td>-4,628</td><td>4,549</td><td>197</td><td>10</td><td>-262</td><td>-</td><td>-</td></tr><tr><td>September</td><td>1,148</td><td>1,148</td><td>-3,404</td><td>4,798</td><td>-227</td><td>6</td><td>-25</td><td>-</td><td>-</td></tr><tr><td>October</td><td>594</td><td>594</td><td>-5,331</td><td>6,420</td><td>60</td><td>27</td><td>-583</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-1,814</td><td>-1,814</td><td>-5,761</td><td>3,212</td><td>274</td><td>13</td><td>449</td><td>-</td><td>-</td></tr><tr><td>December</td><td>7,461</td><td>7,461</td><td>-3,799</td><td>12,054</td><td>-290</td><td>44</td><td>-548</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ This is the net budget deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ This represents the increase in the gross public debt, except as noted. (See footnote 1/.)
3/ Include Federal Old-Age and Survivors Insurance Trust Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust funds.
4/ Comprises Public Works Administration revolving fund and special deposits (net). Also includes Agricultural Marketing Administration commodity food stamp transactions.
5/ Includes expenditures for retirement of national bank notes.
6/ In the fiscal years 1935 and 1936, $91 millions and $554 millions were transferred from increment on gold to the working balance for retirement of national bank notes. In this statement, however, charges for retirement of national bank notes are reflected directly against increment on gold, in the years during which the retirements were actually made. Inactive gold in the amount of $1,087 millions for the fiscal year 1937 is considered as a part of the working balance general and special accounts for the purpose of this table.
1/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1935 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1935 - $91 millions, 1936 - $397 millions, 1937 - $99 millions, 1938 - $51 millions, and 1939 - $5 millions, total - $645 millions. The increases in the public debt shown in the table Means of Financing Cash Requirements for the above fiscal years will not agree for the reason stated above.
GOVERNMENT SECURITIES OUTSTANDING
29
30
Statement of the Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="10">End of fiscal year</th><th colspan="3">End of month</th></tr><tr><th></th><th>1933</th><th>1934</th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>1940</th><th>1941</th><th>1942</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>Securities issued by the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1942</td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>954</td><td>1,404</td><td>2,053</td><td>2,354</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,508</td><td>5,126</td><td>5,721</td><td>6,627</td></tr><tr><td>Certificates of indebtedness</td><td>2,108</td><td>1,517</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>6,211</td><td>7,161</td><td>10,534</td></tr><tr><td>Treasury notes</td><td>4,548</td><td>6,653</td><td>10,023</td><td>11,381</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>10,095</td><td>10,095</td><td>9,863</td></tr><tr><td>Treasury bonds</td><td>5,216</td><td>9,333</td><td>12,684</td><td>17,168</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>38,085</td><td>43,381</td><td>43,381</td><td>49,268</td></tr><tr><td>Other bonds</td><td>9,007</td><td>7,177</td><td>2,190</td><td>200</td><td>198</td><td>197</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues</td><td>21,834</td><td>26,084</td><td>26,950</td><td>31,102</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>65,008</td><td>66,554</td><td>76,488</td></tr><tr><td>Non-marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds</td><td>-</td><td>-</td><td>62</td><td>316</td><td>800</td><td>1,238</td><td>1,868</td><td>2,905</td><td>4,314</td><td>10,188</td><td>13,381</td><td>14,079</td><td>15,050</td></tr><tr><td>Treasury notes - tax series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>945</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>4,964</td><td>5,703</td><td>6,384</td></tr><tr><td>Adjusted service bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>229</td><td>225</td><td>225</td><td>224</td></tr><tr><td>Depository bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>102</td><td>111</td><td>130</td></tr><tr><td>Total non-marketable issues</td><td>-</td><td>-</td><td>62</td><td>1,261</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>18,672</td><td>20,117</td><td>21,788</td></tr><tr><td>Total public issues</td><td>21,834</td><td>26,084</td><td>27,012</td><td>32,363</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,602</td><td>42,267</td><td>64,083</td><td>83,680</td><td>86,671</td><td>98,276</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>92</td><td>118</td><td>156</td><td>127</td><td>38</td><td>26</td><td>20</td><td>11</td><td>19</td><td>18</td><td>18</td><td>18</td><td>18</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>-</td><td>100</td><td>100</td><td>95</td><td>85</td><td>101</td><td>56</td><td>90</td><td>95</td><td>95</td><td>95</td><td>95</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>267</td><td>662</td><td>1,177</td><td>1,738</td><td>2,381</td><td>3,133</td><td>3,310</td><td>3,300</td><td>3,462</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Government Life Insurance Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>500</td><td>523</td><td>537</td><td>524</td><td>531</td><td>537</td><td>525</td><td>526</td><td>526</td></tr><tr><td>Government Retirement Funds</td><td>231</td><td>243</td><td>253</td><td>280</td><td>316</td><td>396</td><td>473</td><td>559</td><td>656</td><td>796</td><td>930</td><td>941</td><td>950</td></tr><tr><td>National Service Life Insurance Fund</td><td>-</td><td>35</td><td>125</td><td>100</td><td>30</td><td>45</td><td>128</td><td>97</td><td>88</td><td>39</td><td>101</td><td>121</td><td>146</td></tr><tr><td>Postal Savings System</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>65</td><td>67</td><td>79</td><td>74</td><td>56</td><td>57</td><td>57</td><td>57</td></tr><tr><td>Railroad Retirement Account</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>312</td><td>872</td><td>1,267</td><td>1,710</td><td>2,273</td><td>3,114</td><td>3,347</td><td>3,538</td></tr><tr><td>Unemployment Trust Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>92</td><td>136</td><td>185</td><td>174</td></tr><tr><td>Total special issues</td><td>323</td><td>395</td><td>633</td><td>626</td><td>1,558</td><td>2,676</td><td>3,770</td><td>4,775</td><td>6,120</td><td>7,885</td><td>8,585</td><td>8,787</td><td>9,032</td></tr><tr><td>Total interest-bearing debt</td><td>22,158</td><td>26,480</td><td>27,645</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>92,265</td><td>95,458</td><td>107,308</td></tr><tr><td>Matured debt on which interest has ceased</td><td>66</td><td>54</td><td>231</td><td>169</td><td>119</td><td>141</td><td>142</td><td>205</td><td>205</td><td>98</td><td>86</td><td>90</td><td>75</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>200</td><td>216</td><td>221</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>119</td><td>322</td><td>629</td><td>424</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>156</td><td>155</td><td>369</td></tr><tr><td>Other debt bearing no interest</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>315</td><td>518</td><td>825</td><td>620</td><td>506</td><td>447</td><td>411</td><td>386</td><td>369</td><td>356</td><td>553</td><td>568</td><td>787</td></tr><tr><td>Total public debt outstanding</td><td>22,539</td><td>27,053</td><td>28,701</td><td>33,779</td><td>36,425</td><td>37,155</td><td>40,440</td><td>42,968</td><td>48,961</td><td>72,422</td><td>92,904</td><td>96,116</td><td>108,170</td></tr><tr><td>Securities guaranteed by the United States 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>701</td><td>701</td><td>701</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>312</td><td>1,226</td><td>1,422</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>930</td><td>930</td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>21</td><td>21</td><td>22</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>114</td><td>114</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-</td><td>134</td><td>2,047</td><td>3,044</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,563</td><td>1,533</td><td>1,533</td><td>1,533</td></tr><tr><td>Reconstruction Finance Corporation</td><td>-</td><td>235</td><td>250</td><td>252</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td><td>896</td><td>896</td></tr><tr><td>Total marketable issues</td><td>-</td><td>681</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,195</td><td>4,195</td><td>4,196</td></tr><tr><td>Non-marketable issues</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>48</td><td>48</td><td>87</td></tr><tr><td>Total interest-bearing debt</td><td>-</td><td>681</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,243</td><td>4,244</td><td>4,283</td></tr><tr><td>Matured debt on which interest has ceased</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>31</td><td>11</td><td>20</td><td>22</td><td>20</td><td>18</td></tr><tr><td>Total securities outstanding guaranteed by the United States</td><td>-</td><td>681</td><td>4,123</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,265</td><td>4,264</td><td>4,301</td></tr><tr><td>Total public debt and guaranteed obligations 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt</td><td>22,158</td><td>27,161</td><td>31,768</td><td>37,707</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>96,509</td><td>99,702</td><td>111,591</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>381</td><td>573</td><td>1,056</td><td>790</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>660</td><td>677</td><td>880</td></tr><tr><td>Total outstanding</td><td>22,539</td><td>27,734</td><td>32,824</td><td>38,497</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>97,169</td><td>100,379</td><td>112,471</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ United States savings stamps sold prior to October 1, 1942 were sold as obligations of the Postal Savings System; stamps sold commencing October 1, 1942 have been public debt obligations. The outstanding savings stamps which were formerly obligations of the Postal Savings System were incorporated into the public
debt statement in three installments, the first of which occurred on September 30, 1942, the second on October 31, 1942, and the third on November 30, 1942. 2/ Excludes guaranteed securities which were sold directly to the Treasury. Consists only of securities guaranteed by the United States as to both principal and interest. 3/ Demand obligations.
31
Composition of the Interest-Bearing Public Debt
<table><tr><th>End of fiscal year or month</th><th colspan="5">Interest-bearing public debt outstanding 1/ (In millions of dollars)</th><th colspan="5">Percent of interest-bearing public debt</th></tr><tr><th></th><th>Total</th><th>Bonds</th><th>Notes</th><th>Bills and certificates of indebtedness</th><th>Special issues</th><th>Total</th><th>Bonds</th><th>Notes</th><th>Bills and certificates of indebtedness</th><th>Special issues</th></tr><tr><td>1933</td><td>22,158</td><td>14,223</td><td>4,548</td><td>3,063</td><td>323</td><td>100.0</td><td>64.2</td><td>20.5</td><td>13.8</td><td>1.5</td></tr><tr><td>1934</td><td>26,480</td><td>16,510</td><td>6,653</td><td>2,921</td><td>396</td><td>100.0</td><td>62.4</td><td>25.1</td><td>11.0</td><td>1.5</td></tr><tr><td>1935</td><td>27,645</td><td>14,936</td><td>10,023</td><td>2,053</td><td>633</td><td>100.0</td><td>54.0</td><td>36.3</td><td>7.4</td><td>2.3</td></tr><tr><td>1936</td><td>32,989</td><td>18,628</td><td>11,381</td><td>2,354</td><td>626</td><td>100.0</td><td>56.5</td><td>34.5</td><td>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>21,322</td><td>10,617</td><td>2,303</td><td>1,558</td><td>100.0</td><td>59.6</td><td>29.7</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>23,599</td><td>9,147</td><td>1,154</td><td>2,676</td><td>100.0</td><td>64.5</td><td>25.0</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>27,566</td><td>7,243</td><td>1,308</td><td>3,770</td><td>100.0</td><td>69.1</td><td>18.2</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>29,917</td><td>6,383</td><td>1,302</td><td>4,775</td><td>100.0</td><td>70.6</td><td>15.1</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>34,966</td><td>5,698</td><td>1,603</td><td>6,120</td><td>100.0</td><td>72.3</td><td>11.8</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>48,776</td><td>9,703</td><td>5,604</td><td>7,885</td><td>100.0</td><td>67.8</td><td>13.4</td><td>7.8</td><td>11.0</td></tr><tr><td>1941-December</td><td>57,451</td><td>40,000</td><td>8,468</td><td>2,002</td><td>6,982</td><td>100.0</td><td>69.6</td><td>14.7</td><td>3.5</td><td>12.2</td></tr><tr><td>1942-January</td><td>59,531</td><td>42,078</td><td>8,288</td><td>2,101</td><td>7,063</td><td>100.0</td><td>70.7</td><td>13.9</td><td>3.5</td><td>11.9</td></tr><tr><td>February</td><td>61,895</td><td>44,305</td><td>8,398</td><td>2,002</td><td>7,190</td><td>100.0</td><td>71.6</td><td>13.6</td><td>3.2</td><td>11.6</td></tr><tr><td>March</td><td>61,940</td><td>44,847</td><td>8,107</td><td>1,652</td><td>7,333</td><td>100.0</td><td>72.4</td><td>13.1</td><td>2.7</td><td>11.8</td></tr><tr><td>April</td><td>64,496</td><td>45,363</td><td>8,315</td><td>3,460</td><td>7,358</td><td>100.0</td><td>70.3</td><td>12.9</td><td>5.4</td><td>11.4</td></tr><tr><td>May</td><td>68,108</td><td>48,157</td><td>8,670</td><td>3,764</td><td>7,518</td><td>100.0</td><td>70.8</td><td>12.7</td><td>5.5</td><td>11.0</td></tr><tr><td>June</td><td>71,968</td><td>48,776</td><td>9,703</td><td>5,604</td><td>7,885</td><td>100.0</td><td>67.8</td><td>13.4</td><td>7.8</td><td>11.0</td></tr><tr><td>July</td><td>76,694</td><td>51,765</td><td>10,046</td><td>6,759</td><td>8,125</td><td>100.0</td><td>67.5</td><td>13.1</td><td>8.8</td><td>10.6</td></tr><tr><td>August</td><td>81,244</td><td>53,680</td><td>10,428</td><td>8,873</td><td>8,262</td><td>100.0</td><td>66.1</td><td>12.8</td><td>10.9</td><td>10.2</td></tr><tr><td>September</td><td>85,847</td><td>54,413</td><td>12,095</td><td>10,829</td><td>8,509</td><td>100.0</td><td>63.4</td><td>14.1</td><td>12.6</td><td>9.9</td></tr><tr><td>October</td><td>92,265</td><td>57,285</td><td>15,059</td><td>11,336</td><td>8,585</td><td>100</td><td>62.1</td><td>16.3</td><td>12.3</td><td>9.3</td></tr><tr><td>November</td><td>95,458</td><td>57,931</td><td>15,798</td><td>12,882</td><td>8,787</td><td>100.0</td><td>60.8</td><td>16.5</td><td>13.5</td><td>9.2</td></tr><tr><td>December</td><td>107,308</td><td>64,868</td><td>16,247</td><td>17,161</td><td>9,032</td><td>100.0</td><td>60.5</td><td>15.1</td><td>16.0</td><td>8.4</td></tr></table>
Source: Daily Treasury Statements. 1/ Does not include securities issued by Federal agencies and guaranteed by the United States.
Public Debt Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th colspan="4">Expenditures</th><th rowspan="2">Excess of receipts</th></tr><tr><th>Total</th><th>Cash</th><th>Adjusted service bonds</th><th>Exchanges</th><th>Special issues</th><th>Total</th><th>Cash</th><th>Exchanges</th><th>Special issues</th></tr><tr><td>1933</td><td>9,697.1</td><td>9,392.0</td><td>-</td><td>-</td><td>305.0</td><td>6,045.4</td><td>6,354.6</td><td>-</td><td>290.8</td><td>3,051.7</td></tr><tr><td>1934</td><td>13,583.0</td><td>9,160.9</td><td>-</td><td>4,158.5</td><td>253.7</td><td>9,068.5</td><td>4,719.5</td><td>4,158.5</td><td>190.6</td><td>4,514.5</td></tr><tr><td>1935</td><td>13,125.5</td><td>5,715.9</td><td>-</td><td>6,963.7</td><td>414.9</td><td>11,477.7</td><td>4,305.1</td><td>6,963.7</td><td>208.8</td><td>1,647.8</td></tr><tr><td>1936</td><td>14,120.8</td><td>8,958.0</td><td>1,668.8</td><td>2,978.2</td><td>515.9</td><td>9,043.2</td><td>5,542.0</td><td>2,978.2</td><td>523.0</td><td>5,077.7</td></tr><tr><td>1937</td><td>9,589.4</td><td>6,198.6</td><td>140.6</td><td>1,751.4</td><td>1,498.9</td><td>6,943.3</td><td>4,625.0</td><td>1,751.4</td><td>567.0</td><td>2,646.1</td></tr><tr><td>1938</td><td>9,620.8</td><td>4,775.8</td><td>12.8</td><td>2,673.8</td><td>2,158.5</td><td>8,880.7</td><td>5,166.0</td><td>2,673.8</td><td>1,040.8</td><td>740.1</td></tr><tr><td>1939</td><td>13,083.6</td><td>7,475.1</td><td>6.6</td><td>3,034.9</td><td>2,567.1</td><td>9,808.8</td><td>5,301.0</td><td>3,034.9</td><td>1,472.9</td><td>3,274.8</td></tr><tr><td>1940</td><td>13,165.6</td><td>7,194.4</td><td>8.4</td><td>2,812.0</td><td>3,150.8</td><td>10,637.6</td><td>5,679.8</td><td>2,812.0</td><td>2,145.8</td><td>2,528.0</td></tr><tr><td>1941</td><td>17,846.7</td><td>10,462.1</td><td>2.2</td><td>3,141.6</td><td>4,240.8</td><td>11,852.8</td><td>5,815.6</td><td>3,141.6</td><td>2,895.6</td><td>5,993.9</td></tr><tr><td>1942</td><td>37,164.3</td><td>30,690.9</td><td>1.3</td><td>596.0</td><td>5,876.2</td><td>13,703.3</td><td>8,996.1</td><td>596.0</td><td>4,111.3</td><td>23,461.0</td></tr><tr><td>1941-December</td><td>3,547.1</td><td>3,282.5</td><td>.1</td><td>-</td><td>264.5</td><td>648.8</td><td>559.5</td><td>-</td><td>89.3</td><td>2,898.3</td></tr><tr><td>1942-January</td><td>3,074.7</td><td>2,527.1</td><td>.1</td><td>406.2</td><td>141.3</td><td>1,001.3</td><td>535.4</td><td>406.2</td><td>59.7</td><td>2,073.5</td></tr><tr><td>February</td><td>3,160.6</td><td>2,999.8</td><td>.1</td><td>.2</td><td>160.5</td><td>791.7</td><td>757.8</td><td>.2</td><td>33.7</td><td>2,368.9</td></tr><tr><td>March</td><td>1,593.4</td><td>1,403.0</td><td>.1</td><td>-</td><td>190.4</td><td>1,554.7</td><td>1,507.6</td><td>-</td><td>47.0</td><td>38.8</td></tr><tr><td>April</td><td>3,116.4</td><td>3,051.3</td><td>.1</td><td>-</td><td>64.9</td><td>574.4</td><td>533.7</td><td>-</td><td>40.6</td><td>2,542.0</td></tr><tr><td>May</td><td>4,300.0</td><td>4,119.1</td><td>.1</td><td>-</td><td>180.7</td><td>690.7</td><td>670.0</td><td>-</td><td>20.7</td><td>3,209.3</td></tr><tr><td>June</td><td>9,210.9</td><td>5,214.4</td><td>.1</td><td>-</td><td>3,996.4</td><td>5,359.0</td><td>1,729.8</td><td>-</td><td>3,629.2</td><td>3,851.8</td></tr><tr><td>July</td><td>5,277.0</td><td>5,008.4</td><td>.1</td><td>-</td><td>268.5</td><td>563.2</td><td>534.6</td><td>-</td><td>28.7</td><td>4,713.7</td></tr><tr><td>August</td><td>5,578.3</td><td>5,384.6</td><td>.1</td><td>-</td><td>193.7</td><td>1,029.3</td><td>973.2</td><td>-</td><td>56.1</td><td>4,549.0</td></tr><tr><td>September</td><td>8,168.4</td><td>7,829.7</td><td>.1</td><td>48.6</td><td>290.0</td><td>3,370.0</td><td>3,278.6</td><td>48.6</td><td>42.8</td><td>4,798.4</td></tr><tr><td>October</td><td>7,929.4</td><td>7,806.9</td><td>.1</td><td>19.7</td><td>102.7</td><td>1,509.0</td><td>1,462.2</td><td>19.7</td><td>27.2</td><td>6,420.3</td></tr><tr><td>November</td><td>6,729.9</td><td>6,506.5</td><td>.1</td><td>-</td><td>223.3</td><td>3,517.9</td><td>3,496.8</td><td>-</td><td>21.2</td><td>3,211.9</td></tr><tr><td>December</td><td>15,643.1</td><td>15,369.8</td><td>-</td><td>-</td><td>273.2</td><td>3,589.0</td><td>3,560.3</td><td>-</td><td>28.7</td><td>12,054.1</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000.
COMPOSITION OF UNITED STATES GOVERNMENT INTEREST-BEARING PUBLIC DEBT
AND GUARTEED OBLIGATIONS
32
33
Statement of the Debt Position of the United States Government under Limitations Imposed by Section 21 of the Second Liberty Bond Act, as amended As of December 31, 1942
<table><tr><td>Total face amount which may be outstanding at any one time</td><td>$125,000,000,000</td></tr><tr><td>Face amount outstanding as of December 31, 1942:</td><td></td></tr><tr><td>Interest-bearing securities</td><td></td></tr><tr><td>Bonds</td><td></td></tr><tr><td>Treasury</td><td>$49,268,120,650</td></tr><tr><td>Savings (maturity value) 1/</td><td>18,485,093,400</td></tr><tr><td>Depositary</td><td>129,603,000</td></tr><tr><td>Adjusted Service</td><td>724,592,657</td></tr><tr><td>Total bonds</td><td>$68,607,409,707</td></tr><tr><td>Treasury notes</td><td>21,163,747,300</td></tr><tr><td>Certificates of indebtedness</td><td>14,148,967,500</td></tr><tr><td>Treasury bills (maturity value)</td><td>6,626,982,000</td></tr><tr><td>Total interest-bearing securities</td><td>$110,547,106,507</td></tr><tr><td>Matured obligations on which interest has ceased</td><td>64,918,100</td></tr><tr><td>Debt bearing no interest (United States savings stamps)</td><td>221,340,388</td></tr><tr><td>Total face amount of securities outstanding</td><td>110,833,364,995</td></tr><tr><td>Total amount of authorization unused as of December 31, 1942</td><td>$ 14,166,635,005</td></tr></table>
1/ Approximate maturity value. The current redemption value of United States savings bonds amounted to $15,049,803,916 on December 31, 1942.
Reconciliation of the Debt Position under Section 21 of the Second Liberty Bond Act, as amended, With the Gross Public Debt of the United States as Shown in the Daily Treasury Statement As of December 31, 1942
<table><tr><td>Gross public debt outstanding</td><td></td><td>$108,169,898,433</td></tr><tr><td>Total face amount of securities outstanding limited by Section 21 of the Second Liberty Bond Act, as amended</td><td>$110,833,364,995</td><td></td></tr><tr><td>Less: Unearned discount on savings bonds (difference between maturity value and current redemption value)</td><td>3,435,289,484</td><td>$107,398,075,511</td></tr><tr><td>Add: Securities outstanding not subject to limitation under Section 21:</td><td></td><td></td></tr><tr><td>Interest-bearing securities</td><td>$195,969,620</td><td></td></tr><tr><td>Matured obligations on which interest has ceased</td><td>10,324,200</td><td></td></tr><tr><td>Debt bearing no interest</td><td>565,523,102</td><td>771,822,922</td></tr><tr><td>Gross public debt outstanding</td><td></td><td>$108,169,898,433</td></tr></table>
Computed Annual Interest Charge and Computed Rate of Interest on the Interest-Bearing Public Debt and Guaranteed Obligations
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Total issued and guaranteed by the United States</th><th colspan="3">Total issued by the United States 1/</th><th colspan="3">Total guaranteed by the United States 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed rate of interest (Percent)</th></tr><tr><td>1933</td><td>22,158</td><td>742</td><td>3.350</td><td>22,158</td><td>742</td><td>3.350</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>27,161</td><td>861</td><td>3.169</td><td>26,480</td><td>842</td><td>3.181</td><td>681</td><td>18</td><td>2.710</td></tr><tr><td>1935</td><td>31,768</td><td>863</td><td>2.716</td><td>27,645</td><td>751</td><td>2.715</td><td>4,123</td><td>112</td><td>2.720</td></tr><tr><td>1936</td><td>37,707</td><td>970</td><td>2.573</td><td>32,939</td><td>845</td><td>2.562</td><td>4,718</td><td>125</td><td>2.650</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1941-December</td><td>63,768</td><td>1,503</td><td>2.357</td><td>57,451</td><td>1,384</td><td>2.409</td><td>6,317</td><td>119</td><td>1.885</td></tr><tr><td>1942-January</td><td>65,204</td><td>1,537</td><td>2.358</td><td>59,531</td><td>1,431</td><td>2.404</td><td>5,673</td><td>107</td><td>1.879</td></tr><tr><td>February</td><td>67,568</td><td>1,594</td><td>2.360</td><td>61,895</td><td>1,488</td><td>2.404</td><td>5,673</td><td>107</td><td>1.879</td></tr><tr><td>March</td><td>67,606</td><td>1,609</td><td>2.380</td><td>61,940</td><td>1,503</td><td>2.426</td><td>5,666</td><td>106</td><td>1.878</td></tr><tr><td>April</td><td>70,163</td><td>1,634</td><td>2.329</td><td>64,496</td><td>1,527</td><td>2.368</td><td>5,666</td><td>106</td><td>1.878</td></tr><tr><td>May</td><td>73,775</td><td>1,706</td><td>2.312</td><td>68,108</td><td>1,600</td><td>2.349</td><td>5,667</td><td>106</td><td>1.878</td></tr><tr><td>June</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>July</td><td>81,245</td><td>1,809</td><td>2.227</td><td>76,694</td><td>1,725</td><td>2.249</td><td>4,551</td><td>84</td><td>1.848</td></tr><tr><td>August</td><td>85,811</td><td>1,880</td><td>2.191</td><td>81,244</td><td>1,796</td><td>2.210</td><td>4,567</td><td>84</td><td>1.843</td></tr><tr><td>September</td><td>90,399</td><td>1,938</td><td>2.143</td><td>85,847</td><td>1,853</td><td>2.159</td><td>4,552</td><td>84</td><td>1.848</td></tr><tr><td>October</td><td>96,509</td><td>2,045</td><td>2.119</td><td>92,265</td><td>1,964</td><td>2.129</td><td>4,243</td><td>81</td><td>1.918</td></tr><tr><td>November</td><td>99,702</td><td>2,092</td><td>2.098</td><td>95,458</td><td>2,010</td><td>2.106</td><td>4,244</td><td>81</td><td>1.918</td></tr><tr><td>December</td><td>111,591</td><td>2,291</td><td>2.053</td><td>107,308</td><td>2,210</td><td>2.059</td><td>4,283</td><td>82</td><td>1.905</td></tr></table>
Source: Daily Treasury Statements. 1/ Treasury bills are included in interest-bearing debt figures at face amount, but for the purpose of calculating the computed annual interest charge and the computed rate of interest the discount value is used. For the purposes of computing the annual interest charge and rate of interest on United States
2/ savings bonds, Series A-E are considered to yield 2.90 percent per annum and Series F is considered to yield 2.53 percent. Exclude securities guaranteed by the United States which were sold directly to the Treasury. Consists only of securities guaranteed by the United States as to both principal and interest.
35
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of December 31, 1942
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1943</td><td>Feb. 5/8% Treasury bills</td><td>6,627</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>3/4% Certificates of indebtedness A - 2/1/43</td><td>1,588</td><td></td><td></td><td></td><td></td></tr><tr><td>May.</td><td>3/4% Treasury note D - 3/15/43</td><td>66</td><td></td><td></td><td></td><td></td></tr><tr><td>May.</td><td>.65% Certificates of indebtedness F - 5/1/43</td><td>289</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/8% Treasury note A - 6/15/43</td><td>1,506</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3-3/8% Treasury bond - 6/15/43-47</td><td>629</td><td>454</td><td></td><td></td><td></td></tr><tr><td>July.</td><td>1-1/8% RFC note V - 7/15/43</td><td>324</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>7/8% Certificates of indebtedness B - 8/1/43</td><td>1,609</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1% Treasury note O - 9/15/43</td><td>279</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>3-1/4% Treasury bond - 10/15/43-45</td><td></td><td>1,401</td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>7/8% Certificates of indebtedness D - 11/1/43</td><td>2,035</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>7/8% Certificates of indebtedness E - 12/1/43</td><td>3,795</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/8% Treasury note B - 12/15/43</td><td>421</td><td></td><td></td><td></td><td></td></tr><tr><td>Total.</td><td></td><td>19,170</td><td>1,855</td><td>-</td><td>21,025</td><td>19,170</td></tr><tr><td>1944</td><td>Feb. 1-3/8% PIRA note B - 2/1/44</td><td>114</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1% Treasury note B - 3/15/44</td><td>515</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>3-1/4% FPMC bond - 3/15/44-64</td><td></td><td>95</td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>1% RFC note W - 4/15/44</td><td>571</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>3-1/4% Treasury bond - 4/15/44-46</td><td></td><td>1,519</td><td></td><td></td><td></td></tr><tr><td>May.</td><td>3/8% HOLC bond A - 5/1/44-52</td><td></td><td>779</td><td></td><td></td><td></td></tr><tr><td>May.</td><td>3% FPMC bond - 5/15/44-49</td><td></td><td>835</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3/4% Treasury note A - 6/15/44</td><td>416</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1% Treasury note C - 9/15/44</td><td>283</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>3/4% Treasury note D (Nat. Defense Series) - 9/15/44</td><td>635</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1% Treasury bond - 12/15/44-54</td><td></td><td>1,037</td><td></td><td></td><td></td></tr><tr><td>Total.</td><td></td><td>2,534</td><td>4,264</td><td>-</td><td>6,798</td><td>2,534</td></tr><tr><td>1945</td><td>Feb. 1-1/8% CCO note Q - 2/15/45</td><td>412</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>3/4% Treasury note A - 3/15/45</td><td>718</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1-1/4% Treasury note C - 3/15/45</td><td>1,606</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/2% HOLC bond N - 6/1/45-47</td><td></td><td>755</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/45-47</td><td></td><td>1,214</td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>3-1/4% Treasury bond - 10/15/43-45</td><td></td><td></td><td>1,401</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond - 12/15/45</td><td>541</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3/4% Treasury note B (Nat. Defense Series) - 12/15/45</td><td>531</td><td></td><td></td><td></td><td></td></tr><tr><td>Total.</td><td></td><td>3,808</td><td>1,969</td><td>1,401</td><td>5,777</td><td>5,209</td></tr><tr><td>1946</td><td>Jan. 3/8% Conversion bond - 1/1/46</td><td>16</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1% Treasury note A - 3/15/46</td><td>503</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>3-3/4% Treasury bond - 3/15/46-56</td><td></td><td>489</td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>3-1/4% Treasury bond - 4/15/44-46</td><td></td><td></td><td>1,519</td><td></td><td></td></tr><tr><td>June.</td><td>3% Treasury bond - 6/15/46-48</td><td></td><td>1,036</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3-1/8% Treasury bond - 6/15/46-49</td><td></td><td>819</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2% Treasury note B - 12/15/46</td><td>3,261</td><td></td><td></td><td></td><td></td></tr><tr><td>Total.</td><td></td><td>3,780</td><td>2,344</td><td>1,519</td><td>6,124</td><td>5,299</td></tr><tr><td>1947</td><td>Jan. 3/8% Conversion bond - 1/1/47</td><td>13</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/2% HOLC bond H - 6/1/47-47</td><td></td><td></td><td>755</td><td></td><td></td></tr><tr><td>June.</td><td>3-3/8% Treasury bond - 6/15/47-47</td><td></td><td></td><td>454</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/47-47</td><td></td><td></td><td>1,214</td><td></td><td></td></tr><tr><td>Oct.</td><td>1-1/4% Treasury bond - 10/15/47-52</td><td></td><td>759</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/47</td><td>701</td><td></td><td></td><td></td><td></td></tr><tr><td>Total.</td><td></td><td>714</td><td>759</td><td>2,423</td><td>1,473</td><td>3,137</td></tr><tr><td>1948</td><td>Mar. 2% Treasury bond - 3/15/48-50</td><td></td><td>1,115</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2-3/4% Treasury bond - 3/15/48-51</td><td></td><td>1,223</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3/8% Treasury bond - 6/15/48-48</td><td></td><td></td><td>1,136</td><td></td><td></td></tr><tr><td>June.</td><td>1-3/4% Treasury bond - 6/15/48</td><td>3,061</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48</td><td>451</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td></td><td>571</td><td></td><td></td><td></td></tr><tr><td>Total.</td><td></td><td>3,512</td><td>2,910</td><td>1,036</td><td>6,422</td><td>4,548</td></tr><tr><td>1949</td><td>May. 3% FPMC bond - 5/15/49-49</td><td></td><td></td><td>835</td><td></td><td></td></tr><tr><td>June.</td><td>3-1/3% Treasury bond - 6/15/49-49</td><td></td><td></td><td>819</td><td></td><td></td></tr><tr><td>June.</td><td>2% Treasury bond - 6/15/49-51</td><td></td><td>1,014</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td></td><td>1,292</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/8% Treasury bond - 12/15/49-52</td><td></td><td>491</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond - 12/15/49-53</td><td></td><td>1,786</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51</td><td></td><td>2,098</td><td></td><td></td><td></td></tr><tr><td>Total.</td><td></td><td>-</td><td>6,682</td><td>1,654</td><td>6,682</td><td>1,654</td></tr><tr><td>1950</td><td>Mar. 2% Treasury bond - 3/15/48-50</td><td></td><td></td><td>1,115</td><td></td><td></td></tr><tr><td>Mar.</td><td>2% Treasury bond - 3/15/50-52</td><td></td><td>1,963</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td></td><td>1,186</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td></td><td>571</td><td></td><td></td><td></td></tr><tr><td>Total.</td><td></td><td>-</td><td>3,149</td><td>1,687</td><td>3,149</td><td>1,687</td></tr></table>
(Continued on following page)
36
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued or Guaranteed by the United States
As of December 31, 1942 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1951-Mar.</td><td>2-3/4% Treasury bond</td><td>3/15/48-51</td><td></td><td>1,223</td><td>1,014</td><td></td></tr><tr><td>June.</td><td>2% Treasury bond</td><td>6/15/49-51</td><td>1,627</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2-3/4% Treasury bond</td><td>6/15/51-54</td><td></td><td>1,292</td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond</td><td>9/15/49-51</td><td>755</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>3% Treasury bond</td><td>9/15/51-55</td><td>1,118</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Treasury bond</td><td>12/15/51-53</td><td>510</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond</td><td>12/15/51-55</td><td></td><td>2,098</td><td>4,011</td><td>5,628</td></tr><tr><td>Dec.</td><td>2% Treasury bond</td><td>12/15/49/51</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>-</td><td>4,011</td><td>5,628</td><td>4,011</td><td>5,628</td></tr><tr><td>1952-Mar.</td><td>2-1/2% Treasury bond</td><td>3/15/52-54</td><td>1,024</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2% Treasury bond</td><td>3/15/50-52</td><td></td><td>1,963</td><td></td><td></td></tr><tr><td>May.</td><td>3% HOLC bond A</td><td>5/1/44-52</td><td>1,501</td><td>779</td><td></td><td></td></tr><tr><td>June.</td><td>2-1/4% Treasury bond</td><td>6/15/52-55</td><td></td><td>1,186</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond</td><td>9/15/50-52</td><td></td><td>759</td><td></td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond</td><td>10/15/47-52</td><td></td><td>491</td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/8% Treasury bond</td><td>12/15/49-52</td><td></td><td></td><td>2,524</td><td>5,178</td></tr><tr><td>Total</td><td></td><td>-</td><td>2,524</td><td>5,178</td><td>2,524</td><td>5,178</td></tr><tr><td>1953-June.</td><td>2% Treasury bond</td><td>6/15/53-55</td><td>725</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond</td><td>12/15/49-53</td><td></td><td>1,786</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Treasury bond</td><td>12/15/51-53</td><td></td><td>1,118</td><td></td><td></td></tr><tr><td>Total</td><td></td><td>-</td><td>725</td><td>2,904</td><td>725</td><td>2,904</td></tr><tr><td>1954-Mar.</td><td>2-1/2% Treasury bond</td><td>3/15/52-54</td><td></td><td>1,024</td><td></td><td></td></tr><tr><td>June.</td><td>2-3/4% Treasury bond</td><td>6/15/51-54</td><td>681</td><td>1,627</td><td></td><td></td></tr><tr><td>June.</td><td>2-1/4% Treasury bond</td><td>6/15/54-56</td><td></td><td>1,037</td><td></td><td></td></tr><tr><td>Dec.</td><td>4% Treasury bond</td><td>12/15/44-54</td><td></td><td></td><td>681</td><td>3,687</td></tr><tr><td>Total</td><td></td><td>-</td><td>681</td><td>3,687</td><td>681</td><td>3,687</td></tr><tr><td>1955-Mar.</td><td>2-7/8% Treasury bond</td><td>3/15/55-60</td><td>2,611</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2-1/4% Treasury bond</td><td>6/15/52-55</td><td></td><td>1,501</td><td></td><td></td></tr><tr><td>June.</td><td>2% Treasury bond</td><td>6/15/53-55</td><td></td><td>725</td><td></td><td></td></tr><tr><td>Sept.</td><td>3% Treasury bond</td><td>9/15/51-55</td><td></td><td>755</td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond</td><td>12/15/51-55</td><td></td><td>510</td><td></td><td></td></tr><tr><td>Total</td><td></td><td>-</td><td>2,611</td><td>3,491</td><td>2,611</td><td>3,491</td></tr><tr><td>1956-Mar.</td><td>3-3/4% Treasury bond</td><td>3/15/46-56</td><td>1,449</td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2-1/2% Treasury bond</td><td>3/15/56-58</td><td></td><td>489</td><td></td><td></td></tr><tr><td>June.</td><td>2-1/4% Treasury bond</td><td>6/15/54-56</td><td></td><td>681</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond</td><td>9/15/56-59</td><td>982</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td>-</td><td>2,431</td><td>1,170</td><td>2,431</td><td>1,170</td></tr><tr><td>1957</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1958-Mar.</td><td>2-1/2% Treasury bond</td><td>3/15/56-58</td><td>919</td><td>1,449</td><td></td><td></td></tr><tr><td>June.</td><td>2-3/4% Treasury bond</td><td>6/15/58-63</td><td></td><td>919</td><td></td><td></td></tr><tr><td>Total</td><td></td><td>-</td><td>919</td><td>1,449</td><td>919</td><td>1,449</td></tr><tr><td>1959-Sept.</td><td>2-3/4% Treasury bond</td><td>9/15/56-59</td><td></td><td>982</td><td></td><td></td></tr><tr><td>1960-Mar.</td><td>2-7/8% Treasury bond</td><td>3/15/55-60</td><td>1,485</td><td>2,611</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-3/4% Treasury bond</td><td>12/15/60-65</td><td></td><td></td><td>1,485</td><td>2,611</td></tr><tr><td>Total</td><td></td><td>-</td><td>1,485</td><td>2,611</td><td>1,485</td><td>2,611</td></tr><tr><td>1961-June.</td><td>3% Panama Canal bond</td><td>6/1/61</td><td>50</td><td></td><td>50</td><td>50</td></tr><tr><td>1962-June.</td><td>2-1/2% Treasury bond</td><td>6/15/62-67</td><td>2,118</td><td></td><td>2,118</td><td></td></tr><tr><td>1963-June.</td><td>2-3/4% Treasury bond</td><td>6/15/58-63</td><td></td><td>919</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond</td><td>12/15/63-68</td><td>2,827</td><td></td><td>2,827</td><td>919</td></tr><tr><td>Total</td><td></td><td>-</td><td>2,827</td><td>919</td><td>2,827</td><td>919</td></tr><tr><td>1964-Mar.</td><td>3-1/4% PFMC bond</td><td>3/15/44-64</td><td></td><td>95</td><td></td><td>95</td></tr><tr><td>1965-Dec.</td><td>2-3/4% Treasury bond</td><td>12/15/60-65</td><td></td><td>1,485</td><td></td><td>1,485</td></tr><tr><td>1966</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1967-June.</td><td>2-1/2% Treasury bond</td><td>6/15/62-67</td><td></td><td>2,118</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond</td><td>9/15/67-72</td><td>2,716</td><td></td><td>2,716</td><td>2,118</td></tr><tr><td>Total</td><td></td><td>-</td><td>2,716</td><td>2,118</td><td>2,716</td><td>2,827</td></tr><tr><td>1968-Dec.</td><td>2-1/2% Treasury bond</td><td>12/15/63-68</td><td></td><td>2,827</td><td></td><td></td></tr><tr><td>1969</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1970</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1971</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1972-Sept.</td><td>2-1/2% Treasury bond</td><td>9/15/67-72</td><td></td><td>2,716</td><td></td><td>2,716</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury. 1/ Excludes postal savings bonds and Federal Housing Administration debentures. 2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with
respect to which a definite notice of call has been made, however, are listed as fixed maturities. The abbreviations refer to the following corporations: Home Owners' Loan Corporation, Reconstruction Finance Corporation, Commodity Credit Corporation, Federal Farm Mortgage Corporation, and Federal Public Housing Authority.
37
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness 1/ Since January 1, 1939
(In millions of dollars)
<table><tr><th rowspan="2">Date of announcement</th><th rowspan="2">Date of financing</th><th colspan="6">Description of new Treasury security 2/</th><th colspan="3">Amount issued</th><th rowspan="2">Public cash subscription tendered</th><th colspan="4">Description of security refunded</th></tr><tr><th>Date of issue</th><th colspan="2">Coupon rate (percent)</th><th>Call and maturity date</th><th colspan="2">Term</th><th>Total</th><th>For cash</th><th>For exchange</th><th>Class of security</th><th>Coupon rate (percent)</th><th>Call and maturity date</th><th>Date of original issue</th></tr><tr><th></th><th></th><th></th><th>Notee</th><th>Bonds</th><th></th><th>Yrs.</th><th>Mos.</th><th>Yrs.</th><th>Mos.</th><th></th><th>Public account 3/</th><th></th><th></th><th></th><th></th></tr><tr><td colspan="17">Offerings in 1939</td></tr><tr><td>3/6</td><td>3/15</td><td>12/15/38 4/9/15/38 5/12/15/38 6/</td><td>1-1/8</td><td>-</td><td>12/15/43</td><td>-</td><td>5</td><td>-</td><td>53</td><td>-</td><td>53</td><td>-</td><td>Treas.note</td><td>2-1/8</td><td>6/15/39</td><td>6/15/34</td></tr><tr><td>6/5</td><td>6/15</td><td>6/15/39</td><td>3/4</td><td>-</td><td>9/15/50-52</td><td>12</td><td>14</td><td>-</td><td>319</td><td>-</td><td>319</td><td>-</td><td>Treas.note</td><td>2-1/8</td><td>6/15/39</td><td>6/15/34</td></tr><tr><td>10/23</td><td>11/1</td><td>11/1/39</td><td>1</td><td>-</td><td>12/15/60-65</td><td>22</td><td>27</td><td>-</td><td>894</td><td>-</td><td>894</td><td>-</td><td>Treas.note</td><td>2-1/8</td><td>6/15/39</td><td>6/15/34</td></tr><tr><td>11/27</td><td>12/8</td><td>12/8/39</td><td>-</td><td>2</td><td>6/15/44</td><td>-</td><td>5</td><td>-</td><td>416</td><td>-</td><td>416</td><td>-</td><td>Treas.note</td><td>1-3/8</td><td>9/15/39</td><td>6/15/37</td></tr><tr><td>12/12</td><td>12/22</td><td>12/22/39</td><td>1</td><td>-</td><td>3/15/44</td><td>-</td><td>4</td><td>4-1/2</td><td>515</td><td>-</td><td>515</td><td>-</td><td>Treas.note</td><td>1-3/8</td><td>12/15/39</td><td>7/15/35</td></tr><tr><td></td><td></td><td>12/22/39</td><td>-</td><td>2-1/4</td><td>12/15/48-50</td><td>9</td><td>1/4</td><td>11</td><td>1/4</td><td>571</td><td>521</td><td>50</td><td>6,264</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td></td><td>12/22/39</td><td>-</td><td>2-1/4</td><td>9/15/44</td><td>-</td><td>-</td><td>9</td><td>-</td><td>283</td><td>-</td><td>-</td><td>-</td><td>Treas.note</td><td>1-5/8</td><td>3/15/40</td><td>3/15/35</td></tr><tr><td></td><td></td><td>12/22/39</td><td>-</td><td>2-1/4</td><td>12/15/51-53</td><td>11</td><td>11-3/4</td><td>13</td><td>11-3/4</td><td>1,118</td><td>-</td><td>100</td><td>1,018</td><td>-</td><td>Treas.note</td><td>1-5/8</td><td>3/15/40</td><td>3/15/35</td></tr><tr><td colspan="17">Offerings in 1940</td></tr><tr><td>3/7</td><td>3/15</td><td>3/15/40</td><td>3/4</td><td>-</td><td>3/15/45</td><td>-</td><td>5</td><td>-</td><td>718</td><td>-</td><td>718</td><td>-</td><td>Treas.note</td><td>1-1/2</td><td>6/15/40</td><td>6/15/35</td></tr><tr><td>6/10</td><td>6/15</td><td>6/15/40</td><td>1</td><td>-</td><td>9/15/43</td><td>-</td><td>3</td><td>3</td><td>279</td><td>-</td><td>279</td><td>-</td><td>Treas.bond</td><td>3-3/8</td><td>6/15/40-43</td><td>7/16/28</td></tr><tr><td>7/11</td><td>7/22</td><td>7/22/40</td><td>-</td><td>2-1/4</td><td>6/15/54-56</td><td>13</td><td>10-3/4</td><td>15</td><td>10-3/4</td><td>681</td><td>631</td><td>50</td><td>6,605</td><td>-</td><td>-</td><td>-</td></tr><tr><td>9/25</td><td>10/7</td><td>10/7/40</td><td>-</td><td>2</td><td>6/15/53-55</td><td>12</td><td>8-1/4</td><td>14</td><td>8-1/4</td><td>725</td><td>-</td><td>725</td><td>-</td><td>Treas.note</td><td>1-1/2</td><td>12/15/40</td><td>12/16/35</td></tr><tr><td>12/11</td><td>12/18</td><td>12/18/40</td><td>3/4 T</td><td>-</td><td>12/15/45</td><td>-</td><td>5</td><td>-</td><td>531</td><td>531</td><td>-</td><td>4,071</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="17">Offerings in 1941</td></tr><tr><td>1/23</td><td>1/31</td><td>1/31/41</td><td>3/4 T</td><td>-</td><td>9/15/44</td><td>-</td><td>3</td><td>7-1/2</td><td>635</td><td>635</td><td>-</td><td>2,756</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2/25</td><td>3/15</td><td>3/15/41</td><td>3/4 T</td><td>-</td><td>3/15/43</td><td>-</td><td>2</td><td>-</td><td>32</td><td>-</td><td>5</td><td>-</td><td>Treas.bond</td><td>3-3/8</td><td>3/15/41-43</td><td>3/16/31</td></tr><tr><td></td><td></td><td>3/15/41</td><td>-</td><td>2</td><td>3/15/48-50</td><td>7</td><td>9</td><td>-</td><td>1,116</td><td>-</td><td>28</td><td>-</td><td>Treas.note</td><td>1-1/2</td><td>3/15/41</td><td>3/16/36</td></tr><tr><td>3/19</td><td>3/31</td><td>3/31/41</td><td>3/4 T</td><td>-</td><td>3/15/43</td><td>-</td><td>2</td><td>-</td><td>33</td><td>-</td><td>482</td><td>-</td><td>Treas.bond</td><td>3-3/8</td><td>3/15/41-43</td><td>3/16/31</td></tr><tr><td>5/22</td><td>6/2</td><td>6/2/41</td><td>3/4 T</td><td>-</td><td>3/15/52-54</td><td>10</td><td>11-1/2</td><td>12</td><td>11-1/2</td><td>1,024</td><td>526</td><td>50</td><td>447</td><td>6,145</td><td>Treas.note</td><td>1-3/8</td><td>6/15/41</td><td>6/15/36</td></tr><tr><td>10/9</td><td>10/20</td><td>10/20/41</td><td>-</td><td>2-1/2 T</td><td>3/15/56-58</td><td>14</td><td>9-1/2</td><td>16</td><td>9-1/2</td><td>1,449</td><td>662</td><td>-</td><td>787</td><td>8,268</td><td>Treas.bond</td><td>3-1/4</td><td>8/1/41</td><td>8/15/33</td></tr><tr><td>10/23</td><td>11/1</td><td>11/1/41</td><td>1</td><td>T</td><td>9/15/67-72</td><td>25</td><td>10-3/4</td><td>30</td><td>10-3/4</td><td>1,596</td><td>1,307</td><td>100</td><td>189</td><td>10,446</td><td>Treas.note</td><td>1-1/4</td><td>12/15/41</td><td>12/15/36</td></tr><tr><td>12/4</td><td>12/15</td><td>12/15/41</td><td>-</td><td>2</td><td>3/15/46</td><td>-</td><td>4</td><td>4-1/2</td><td>503</td><td>-</td><td>299 8/100</td><td>-</td><td>RFC note</td><td>7/8</td><td>11/1/41</td><td>11/1/38</td></tr><tr><td></td><td></td><td>12/15/41</td><td>-</td><td>2-1/2 T</td><td>12/15/51-55</td><td>10</td><td>14</td><td>-</td><td>533</td><td>533</td><td>-</td><td>4,728</td><td>CCO note</td><td>1</td><td>11/15/41</td><td>11/2/39</td></tr><tr><td></td><td></td><td>10/20/41</td><td>-</td><td>2-1/2 T</td><td>9/15/67-72</td><td>25</td><td>10-3/4</td><td>30</td><td>10-3/4</td><td>1,120</td><td>1,070</td><td>50</td><td>6,979</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="17">Offerings in 1942</td></tr><tr><td>1/11</td><td>1/15</td><td>1/15/42</td><td>-</td><td>2</td><td>6/15/49-51</td><td>7</td><td>5</td><td>9</td><td>5</td><td>1,014</td><td>-</td><td>406</td><td>-</td><td>Treas.note</td><td>1-3/4</td><td>3/15/42</td><td>6/15/37</td></tr><tr><td></td><td></td><td></td><td></td><td>T</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>308 8/100</td><td>-</td><td>RFC note</td><td>7/8</td><td>1/15/42</td><td>2/15/39</td></tr><tr><td>2/13</td><td>2/25</td><td>2/25/42</td><td>-</td><td>2-1/4 T</td><td>6/15/52-55</td><td>10</td><td>3-2/3</td><td>13</td><td>3-2/3</td><td>1,511</td><td>1,511</td><td>-</td><td>96 8/100</td><td>TFMC bond</td><td>3</td><td>1/15/42-47</td><td>1/15/35</td></tr><tr><td>5/4</td><td>5/15</td><td>5/15/42</td><td>-</td><td>2-1/2 T</td><td>6/15/62-67</td><td>20</td><td>1-1/3</td><td>25</td><td>1-1/3</td><td>1,507</td><td>1,507</td><td>-</td><td>4,697</td><td>TFMC bond</td><td>2-3/4</td><td>3/1/42-47</td><td>3/1/35</td></tr><tr><td>5/25</td><td>6/5</td><td>6/5/42</td><td>1-1/2 T</td><td>-</td><td>9/15/49-51</td><td>7</td><td>4</td><td>9</td><td>4</td><td>1,292</td><td>1,292</td><td>-</td><td>882</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>6/18</td><td>6/25</td><td>6/25/42</td><td>5/8 T2/</td><td>-</td><td>12/15/46</td><td>-</td><td>4</td><td>6-1/3</td><td>1,118</td><td>-</td><td>846</td><td>-</td><td>3,283</td><td>HOLC bond</td><td>2-1/4</td><td>7/1/42-44</td><td>7/1/35</td></tr><tr><td>8/18</td><td>8/15</td><td>8/15/42</td><td>7/8 T2/</td><td>-</td><td>2/1/43</td><td>-</td><td>7</td><td>7</td><td>1,588</td><td>1,588</td><td>-</td><td>272</td><td>-</td><td>RFC note</td><td>1</td><td>7/1/42</td><td>11/10/39</td></tr><tr><td>8/23</td><td>9/10</td><td>9/10/42</td><td>7/8 T2/</td><td>-</td><td>6/15/62-67</td><td>20</td><td>1-1/3</td><td>25</td><td>1-1/3</td><td>1,236</td><td>1,236</td><td>-</td><td>3,114</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>9/10</td><td>9/21</td><td>9/21/42</td><td>65 T2/</td><td>-</td><td>8/1/43</td><td>-</td><td>11-1/2</td><td>1,609</td><td>1,609</td><td>-</td><td>3,849</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>9/10</td><td>9/25</td><td>9/25/42</td><td>1-1/4 T</td><td>-</td><td>5/1/43</td><td>-</td><td>7-1/3</td><td>1,506</td><td>1,506</td><td>-</td><td>1,236</td><td>-</td><td>1,992</td><td>-</td><td>-</td><td>-</td></tr><tr><td>10/8</td><td>10/15</td><td>10/15/42</td><td>1-1/2 T</td><td>-</td><td>3/15/45</td><td>-</td><td>2</td><td>5-2/3</td><td>1,606</td><td>1,606</td><td>-</td><td>3,273</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>10/8</td><td>10/19</td><td>10/19/42</td><td>2</td><td>T</td><td>12/15/46</td><td>-</td><td>4</td><td>6-1/3</td><td>2,142</td><td>2,142</td><td>-</td><td>1,637</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>10/26</td><td>11/2</td><td>11/2/42</td><td>7/8 T2/</td><td>-</td><td>3/15/50-52</td><td>7</td><td>5</td><td>9</td><td>5</td><td>1,963</td><td>1,963</td><td>-</td><td>2,142</td><td>Ctf. of indebtedees</td><td>1/2</td><td>11/1/42</td><td>4/15/42</td></tr><tr><td>11/30</td><td>12/1</td><td>12/1/42</td><td>-</td><td>2-1/2 T</td><td>12/15/63-68</td><td>21</td><td>1/2</td><td>26</td><td>1/2</td><td>2,831</td><td>2,831</td><td>-</td><td>1,963</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>11/30</td><td>12/1</td><td>12/1/42</td><td>-</td><td>1-3/4 T</td><td>6/15/48</td><td>-</td><td>5</td><td>6-1/2</td><td>3,062</td><td>3,062</td><td>-</td><td>3,105</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>11/30</td><td>12/1</td><td>12/1/42</td><td>7/8 T2/</td><td>-</td><td>12/1/43</td><td>-</td><td>1</td><td>-</td><td>3,799</td><td>3,799</td><td>-</td><td>5,184</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Figures: For period between July 1, 1932 and December 31, 1938 see Annual Report of the Secretary of the Treasury for 1940, pp. 53-54. Taxable issue.
1/ A complete record of market financing operations conducted by the Treasury for agencies issuing securities guaranteed by the United States may be found in the July 1942 issue of the "Treasury Bulletin", page 64.
2/ Unless otherwise indicated, each offering was at par.
3/ The amounts shown in this column were sold to Government investment accounts direct from amounts set aside for this purpose.
4/ Additional offering at 101 of security already outstanding.
5/ Additional offering at 102-1/2 of security already outstanding.
6/ Additional offering at 102-3/8 of security already outstanding.
7/ Additional offering at par of security already outstanding.
8/ Proceeds of payment of refunded security applied to payment for new issue - in effect an exchange and so treated in this statement.
9/ Certificates of indebtedness.
10/ Issued primarily for refunding maturing security.
38
Offerings and Maturities of Treasury Bills, Beginning December 1, 1941
<table><tr><th rowspan="2">Date of new issue or of maturity of old issue</th><th colspan="4">Data on new issues</th><th colspan="3">Bids accepted</th><th rowspan="2">Amount of maturing issue (In millions of dollars)</th><th rowspan="2">Total bills outstanding (as of date shown in first column) (In millions of dollars)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of cash subscriptions tendered (In millions of dollars)</th><th>Amount (In millions of dollars)</th><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th></tr><tr><td>1941-Dec. 3</td><td>1942-Mar. 4</td><td>91</td><td>468.2</td><td>200.2</td><td>99.939</td><td>0.242</td><td>100.4</td><td>1,803.1</td></tr><tr><td>Dec. 10</td><td>Mar. 11</td><td>91</td><td>403.1</td><td>150.0</td><td>99.926</td><td>0.293</td><td>101.0</td><td>1,852.1</td></tr><tr><td>Dec. 17</td><td>Mar. 18</td><td>91</td><td>382.7</td><td>150.0</td><td>99.925</td><td>0.295</td><td>100.0</td><td>1,902.1</td></tr><tr><td>Dec. 24</td><td>Mar. 16</td><td>82</td><td>352.9</td><td>150.2</td><td>99.933</td><td>0.295</td><td>100.7</td><td>1,951.5</td></tr><tr><td>Dec. 31</td><td>Mar. 17</td><td>76</td><td>317.1</td><td>150.0</td><td>99.935</td><td>0.310</td><td>100.0</td><td>2,001.5</td></tr><tr><td>1942-Jan. 7</td><td>Mar. 19</td><td>71</td><td>351.6</td><td>150.2</td><td>99.940</td><td>0.304</td><td>100.4</td><td>2,051.3</td></tr><tr><td>Jan. 14</td><td>Apr. 15</td><td>91</td><td>384.7</td><td>150.0</td><td>99.970</td><td>0.119</td><td>100.2</td><td>2,101.1</td></tr><tr><td>Jan. 21</td><td>Apr. 22</td><td>91</td><td>351.6</td><td>150.3</td><td>99.950</td><td>0.196</td><td>150.2</td><td>2,101.3</td></tr><tr><td>Jan. 28</td><td>Apr. 29</td><td>91</td><td>371.5</td><td>150.2</td><td>99.942</td><td>0.231</td><td>150.0</td><td>2,101.5</td></tr><tr><td>Feb. 4</td><td>May 6</td><td>91</td><td>410.1</td><td>150.1</td><td>99.944</td><td>0.220</td><td>150.1</td><td>2,101.4</td></tr><tr><td>Feb. 11</td><td>May 13</td><td>91</td><td>400.0</td><td>150.0</td><td>99.937</td><td>0.250</td><td>150.0</td><td>2,101.5</td></tr><tr><td>Feb. 18</td><td>May 20</td><td>91</td><td>342.1</td><td>150.0</td><td>99.933</td><td>0.263</td><td>200.2</td><td>2,051.3</td></tr><tr><td>Feb. 25</td><td>May 27</td><td>91</td><td>385.8</td><td>150.4</td><td>99.933</td><td>0.266</td><td>200.0</td><td>2,001.7</td></tr><tr><td>Mar. 4</td><td>June 3</td><td>91</td><td>510.2</td><td>150.5</td><td>99.944</td><td>0.222</td><td>200.2</td><td>1,952.1</td></tr><tr><td>Mar. 11</td><td>June 10</td><td>91</td><td>471.3</td><td>150.2</td><td>99.942</td><td>0.229</td><td>150.0</td><td>1,952.3</td></tr><tr><td>Mar. 16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>150.2</td><td>1,802.1</td></tr><tr><td>Mar. 17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>150.0</td><td>1,652.1</td></tr><tr><td>Mar. 18</td><td>June 17</td><td>91</td><td>535.5</td><td>150.3</td><td>99.951</td><td>0.195</td><td>150.0</td><td>1,652.3</td></tr><tr><td>Mar. 19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>150.2</td><td>1,502.1</td></tr><tr><td>Mar. 25</td><td>June 16</td><td>83</td><td>512.8</td><td>150.3</td><td>99.953</td><td>0.203</td><td>-</td><td>1,652.4</td></tr><tr><td>Apr. 1</td><td>June 18</td><td>78</td><td>356.7</td><td>150.4</td><td>99.952</td><td>0.221</td><td>-</td><td>1,802.8</td></tr><tr><td>Apr. 8</td><td>June 19</td><td>72</td><td>334.1</td><td>150.9</td><td>99.947</td><td>0.264</td><td>-</td><td>1,953.7</td></tr><tr><td>Apr. 15</td><td>July 15</td><td>91</td><td>311.2</td><td>150.1</td><td>99.929</td><td>0.281</td><td>150.0</td><td>1,953.7</td></tr><tr><td>Apr. 22</td><td>July 22</td><td>91</td><td>332.7</td><td>150.1</td><td>99.920</td><td>0.317</td><td>150.3</td><td>1,953.4</td></tr><tr><td>Apr. 29</td><td>July 29</td><td>91</td><td>375.4</td><td>150.1</td><td>99.915</td><td>0.335</td><td>150.2</td><td>1,953.4</td></tr><tr><td>May 6</td><td>Aug. 5</td><td>91</td><td>354.6</td><td>150.4</td><td>99.910</td><td>0.358</td><td>150.1</td><td>1,953.7</td></tr><tr><td>May 13</td><td>Aug. 12</td><td>91</td><td>546.4</td><td>250.7</td><td>99.907</td><td>0.368</td><td>150.0</td><td>2,094.3</td></tr><tr><td>May 20</td><td>Aug. 19</td><td>91</td><td>567.2</td><td>251.7</td><td>99.908</td><td>0.365</td><td>150.0</td><td>2,156.0</td></tr><tr><td>May 27</td><td>Aug. 26</td><td>91</td><td>461.3</td><td>251.0</td><td>99.908</td><td>0.365</td><td>150.4</td><td>2,256.6</td></tr><tr><td>June 3</td><td>Sept. 2</td><td>91</td><td>496.6</td><td>251.3</td><td>99.908</td><td>0.365</td><td>150.5</td><td>2,357.4</td></tr><tr><td>June 10</td><td>Sept. 9</td><td>91</td><td>690.3</td><td>300.8</td><td>99.907</td><td>0.366</td><td>150.2</td><td>2,508.0</td></tr><tr><td>June 16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>150.3</td><td>2,357.7</td></tr><tr><td>June 17</td><td>Sept.16</td><td>91</td><td>801.3</td><td>301.0</td><td>99.908</td><td>0.365</td><td>150.3</td><td>2,508.5</td></tr><tr><td>June 18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>150.4</td><td>2,358.1</td></tr><tr><td>June 19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>150.9</td><td>2,207.2</td></tr><tr><td>June 24</td><td>Sept.17</td><td>85</td><td>712.6</td><td>301.1</td><td>99.914</td><td>0.362</td><td>-</td><td>2,508.3</td></tr><tr><td>July 1</td><td>Sept.30</td><td>91</td><td>671.5</td><td>301.9</td><td>99.909</td><td>0.360</td><td>-</td><td>2,810.2</td></tr><tr><td>July 8</td><td>Oct. 7</td><td>91</td><td>646.1</td><td>300.1</td><td>99.908</td><td>0.365</td><td>-</td><td>3,110.2</td></tr><tr><td>July 15</td><td>Oct. 14</td><td>91</td><td>650.7</td><td>301.2</td><td>99.908</td><td>0.365</td><td>150.1</td><td>3,261.4</td></tr><tr><td>July 22</td><td>Oct. 21</td><td>91</td><td>679.3</td><td>351.9</td><td>99.907</td><td>0.368</td><td>150.1</td><td>3,463.2</td></tr><tr><td>July 29</td><td>Oct. 28</td><td>91</td><td>645.2</td><td>350.3</td><td>99.907</td><td>0.370</td><td>150.1</td><td>3,663.3</td></tr><tr><td>Aug. 5</td><td>Nov. 4</td><td>91</td><td>583.0</td><td>352.6</td><td>99.906</td><td>0.372</td><td>150.4</td><td>3,865.5</td></tr><tr><td>Aug. 12</td><td>Nov. 12</td><td>92</td><td>594.0</td><td>350.7</td><td>99.905</td><td>0.372</td><td>250.7</td><td>3,965.5</td></tr><tr><td>Aug. 19</td><td>Nov. 18</td><td>91</td><td>711.5</td><td>352.4</td><td>99.906</td><td>0.372</td><td>251.7</td><td>4,066.2</td></tr><tr><td>Aug. 26</td><td>Nov. 25</td><td>91</td><td>891.6</td><td>353.0</td><td>99.907</td><td>0.369</td><td>251.0</td><td>4,168.2</td></tr><tr><td>Sept. 2</td><td>Dec. 2</td><td>91</td><td>872.9</td><td>350.9</td><td>99.907</td><td>0.367</td><td>251.3</td><td>4,267.7</td></tr><tr><td>Sept. 9</td><td>Dec. 9</td><td>91</td><td>709.8</td><td>351.2</td><td>99.907</td><td>0.368</td><td>300.8</td><td>4,318.2</td></tr><tr><td>Sept. 16</td><td>Dec. 16</td><td>91</td><td>882.3</td><td>402.1</td><td>99.907</td><td>0.369</td><td>301.0</td><td>4,419.2</td></tr><tr><td>Sept.17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>301.1</td><td>4,118.1</td></tr><tr><td>Sept.23</td><td>Dec. 23</td><td>91</td><td>797.1</td><td>401.5</td><td>99.906</td><td>0.370</td><td>-</td><td>4,519.7</td></tr><tr><td>Sept.30</td><td>Dec. 30</td><td>91</td><td>725.6</td><td>401.1</td><td>99.906</td><td>0.373</td><td>301.9</td><td>4,618.9</td></tr><tr><td>Oct. 7</td><td>1943-Jan. 6</td><td>91</td><td>773.2</td><td>400.2</td><td>99.907</td><td>0.369</td><td>300.1</td><td>4,719.0</td></tr><tr><td>Oct. 14</td><td>Jan. 13</td><td>91</td><td>713.1</td><td>400.4</td><td>99.906</td><td>0.373</td><td>301.2</td><td>4,818.2</td></tr><tr><td>Oct. 21</td><td>Jan. 20</td><td>91</td><td>984.8</td><td>505.1</td><td>99.906</td><td>0.373</td><td>351.9</td><td>4,971.5</td></tr><tr><td>Oct. 28</td><td>Jan. 27</td><td>91</td><td>893.2</td><td>504.6</td><td>99.906</td><td>0.373</td><td>350.3</td><td>5,125.7</td></tr><tr><td>Nov. 4</td><td>Feb. 3</td><td>91</td><td>905.7</td><td>500.1</td><td>99.906</td><td>0.373</td><td>352.6</td><td>5,273.3</td></tr><tr><td>Nov. 12</td><td>Feb. 10</td><td>90</td><td>1,013.2</td><td>501.4 r</td><td>99.907</td><td>0.373</td><td>350.7</td><td>5,424.0</td></tr><tr><td>Nov. 18</td><td>Feb. 17</td><td>91</td><td>1,157.4</td><td>501.5</td><td>99.906</td><td>0.371</td><td>352.4</td><td>5,573.2</td></tr><tr><td>Nov. 25</td><td>Feb. 24</td><td>91</td><td>1,149.2</td><td>501.2</td><td>99.907</td><td>0.370</td><td>353.0</td><td>5,721.4</td></tr><tr><td>Dec. 2</td><td>Mar. 3</td><td>91</td><td>1,220.3</td><td>503.2</td><td>99.907</td><td>0.368</td><td>350.9</td><td>5,873.5</td></tr><tr><td>Dec. 9</td><td>Mar. 10</td><td>91</td><td>1,222.9</td><td>504.8</td><td>99.907</td><td>0.367</td><td>351.2</td><td>6,027.3</td></tr><tr><td>Dec. 16</td><td>Mar. 17</td><td>91</td><td>1,293.8</td><td>600.8</td><td>99.908</td><td>0.364</td><td>402.1</td><td>6,226.1</td></tr><tr><td>Dec. 23</td><td>Mar. 24</td><td>91</td><td>1,220.8</td><td>601.1</td><td>99.908</td><td>0.363</td><td>401.5</td><td>6,425.6</td></tr><tr><td>Dec. 30</td><td>Mar. 31</td><td>91</td><td>930.3</td><td>603.0</td><td>99.908</td><td>0.365</td><td>401.1</td><td>6,627.5</td></tr></table>
Source: Accounts of Public Debt Service. Back Figures: Annual Reports of the Secretary of the Treasury. r Revised. l/ Bank discount basis.
39
Sales of United States Savings Bonds
Table 1.- Summary, by Series
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 1/</th><th rowspan="2">Net change during fiscal year or month</th><th colspan="3">Gross sales</th><th rowspan="2">Accrual of redemption values</th><th colspan="3">Redemption</th></tr><tr><th>Total funds received</th><th>Adjustment of sales reported to funds received 2/</th><th>Sales reported 2/</th><th>Total</th><th>Original purchase price 3/</th><th>Interest accrued 3/</th></tr><tr><td colspan="10">All series 4/</td></tr><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>-</td><td>62.6</td><td>-</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>-</td><td>264.0</td><td>1.2</td><td>11.2</td><td>11.1</td><td>.</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>-</td><td>512.6</td><td>7.2</td><td>36.2</td><td>35.9</td><td>.3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>-</td><td>487.5</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>-</td><td>684.5</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>-</td><td>1,108.7</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.4</td></tr><tr><td>1941</td><td>4,314.0</td><td>+1,409.3</td><td>1,492.4</td><td>-.65.1</td><td>1,557.5</td><td>65.0</td><td>148.1</td><td>142.8</td><td>5.3</td></tr><tr><td>1942</td><td>10,188.2</td><td>+5,874.2</td><td>5,994.1</td><td>-13.0 r</td><td>6,007.1 r</td><td>87.5</td><td>207.4</td><td>200.9</td><td>6.5</td></tr><tr><td>1941-December</td><td>6,139.7</td><td>+520.0</td><td>528.9</td><td>-125.5</td><td>654.3</td><td>7.4</td><td>16.3</td><td>15.7</td><td>.6</td></tr><tr><td>1942-January</td><td>7,198.3</td><td>+1,058.6</td><td>1,060.7</td><td>-68.6 r</td><td>1,129.2</td><td>13.4</td><td>15.4</td><td>14.8</td><td>.6</td></tr><tr><td>February</td><td>7,893.4</td><td>+695.1</td><td>703.3</td><td>+117.6 r</td><td>585.7 r</td><td>7.6</td><td>15.8</td><td>15.3</td><td>.5</td></tr><tr><td>March</td><td>8,435.9</td><td>+542.5</td><td>557.9</td><td>+37.7 r</td><td>520.3</td><td>6.6</td><td>22.0</td><td>21.4</td><td>.6</td></tr><tr><td>April</td><td>8,951.0</td><td>+515.1</td><td>530.5</td><td>-3.5</td><td>534.0</td><td>5.9</td><td>21.3</td><td>20.7</td><td>.5</td></tr><tr><td>May</td><td>9,569.0</td><td>+618.0</td><td>634.4</td><td>+16.0 r</td><td>618.4 r</td><td>5.8</td><td>22.1</td><td>21.6</td><td>.5</td></tr><tr><td>June</td><td>10,188.2</td><td>+619.2</td><td>633.9</td><td>+5.8 r</td><td>628.2 r</td><td>8.0</td><td>22.8</td><td>22.3</td><td>.5</td></tr><tr><td>July</td><td>11,077.8</td><td>+889.7</td><td>900.9</td><td>-3.3</td><td>904.2</td><td>14.3</td><td>25.5</td><td>25.0</td><td>.5</td></tr><tr><td>August</td><td>11,751.2</td><td>+673.3</td><td>697.3</td><td>+27.3 r</td><td>669.9 r</td><td>8.2</td><td>32.2</td><td>31.6</td><td>.6</td></tr><tr><td>September</td><td>12,478.8</td><td>+727.6</td><td>754.7</td><td>-69.0</td><td>823.7</td><td>7.2</td><td>34.3</td><td>33.7</td><td>.6</td></tr><tr><td>October</td><td>13,380.8</td><td>+902.0</td><td>935.0</td><td>+132.8 r</td><td>802.2 r</td><td>7.2</td><td>40.1</td><td>39.6</td><td>.5</td></tr><tr><td>November</td><td>14,078.9</td><td>+698.0</td><td>734.6</td><td>+10.8</td><td>723.7</td><td>6.7</td><td>43.2</td><td>5/</td><td>5/</td></tr><tr><td>December</td><td>15,049.8</td><td>+970.9</td><td>1,014.2</td><td>-20.5 p</td><td>1,034.7 p</td><td>11.4</td><td>54.7</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series A-D</td></tr><tr><td>1935</td><td>62.0</td><td>+62.0</td><td>62.6</td><td>-</td><td>62.6</td><td>-</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>-</td><td>264.0</td><td>1.2</td><td>11.2</td><td>11.1</td><td>.</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>-</td><td>512.6</td><td>7.2</td><td>36.2</td><td>35.9</td><td>.3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>-</td><td>487.5</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>-</td><td>684.5</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>-</td><td>1,108.7</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.4</td></tr><tr><td>1941</td><td>3,650.2</td><td>+745.5</td><td>828.0</td><td>-</td><td>828.0</td><td>65.0</td><td>147.5</td><td>142.2</td><td>5.3</td></tr><tr><td>1942</td><td>3,604.2</td><td>-46.1</td><td>.8</td><td>-</td><td>.8</td><td>85.9</td><td>132.7</td><td>126.2</td><td>6.5</td></tr><tr><td>1941-December</td><td>3,616.1</td><td>-4.6</td><td>.3</td><td>-</td><td>.3</td><td>7.4</td><td>12.3</td><td>11.7</td><td>.6</td></tr><tr><td>1942-January</td><td>3,618.5</td><td>+2.4</td><td>.1</td><td>-</td><td>.1</td><td>13.4</td><td>11.1</td><td>10.5</td><td>.6</td></tr><tr><td>February</td><td>3,616.5</td><td>-2.0</td><td>.1</td><td>-</td><td>.1</td><td>7.6</td><td>9.6</td><td>9.1</td><td>.5</td></tr><tr><td>March</td><td>3,612.4</td><td>-4.1</td><td>.</td><td>-</td><td>.</td><td>6.6</td><td>10.7</td><td>10.1</td><td>.6</td></tr><tr><td>April</td><td>3,608.9</td><td>-3.5</td><td>.</td><td>-</td><td>.</td><td>5.9</td><td>9.4</td><td>8.9</td><td>.5</td></tr><tr><td>May</td><td>3,604.8</td><td>-4.1</td><td>.</td><td>-</td><td>.</td><td>4.8</td><td>8.9</td><td>8.4</td><td>.5</td></tr><tr><td>June</td><td>3,604.2</td><td>-1.7</td><td>.</td><td>-</td><td>.</td><td>7.3</td><td>7.9</td><td>7.4</td><td>.5</td></tr><tr><td>July</td><td>3,609.7</td><td>+5.6</td><td>.</td><td>-</td><td>.</td><td>13.2</td><td>7.6</td><td>7.2</td><td>.5</td></tr><tr><td>August</td><td>3,608.2</td><td>-1.6</td><td>.</td><td>-</td><td>.</td><td>7.5</td><td>9.0</td><td>8.4</td><td>.6</td></tr><tr><td>September</td><td>3,606.3</td><td>-1.9</td><td>.</td><td>-</td><td>.</td><td>6.5</td><td>8.4</td><td>7.8</td><td>.6</td></tr><tr><td>October</td><td>3,604.2</td><td>-2.2</td><td>.</td><td>-</td><td>.</td><td>5.8</td><td>7.9</td><td>7.4</td><td>.5</td></tr><tr><td>November</td><td>3,602.6</td><td>-1.6</td><td>.</td><td>-</td><td>.</td><td>4.7</td><td>6.3</td><td>5/</td><td>5/</td></tr><tr><td>December</td><td>3,603.2</td><td>+1.6</td><td>.</td><td>-</td><td>.</td><td>7.3</td><td>6.7</td><td>5/</td><td>5/</td></tr></table>
(Continued on following page)
40
Sales of United States Savings Bonds - (Continued)
Table 1.- Summary, by Series - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 1/</th><th rowspan="2">Net change during fiscal year or month</th><th colspan="3">Gross sales</th><th rowspan="2">Accrual of redemption values</th><th colspan="3">Redemptions</th></tr><tr><th>Total funds received</th><th>Adjustment of sales reported to funds received 2/</th><th>Sales reported 2/</th><th>Total</th><th>Original purchase price 3/</th><th>Interest accrued 3/</th></tr></table>
Seriae E
<table><tr><td>1941....................</td><td>203.1</td><td>+203.1</td><td>203.1</td><td>-</td><td>203.1</td><td>-</td><td>*</td><td>*</td><td>-</td></tr><tr><td>1942....................</td><td>3,670.8</td><td>+3,467.7</td><td>3,526.3</td><td>-15.3 r</td><td>3,541.6 r</td><td>1.5</td><td>60.0</td><td>60.0</td><td>*</td></tr><tr><td>1941-December.........</td><td>1,133.6</td><td>+338.0</td><td>341.1</td><td>-61.5</td><td>402.6</td><td>-</td><td>3.1</td><td>3.1</td><td>-</td></tr><tr><td>1942-January.........</td><td>1,798.1</td><td>+664.5</td><td>667.4</td><td>*</td><td>667.4</td><td>-</td><td>2.9</td><td>2.9</td><td>-</td></tr><tr><td>February................</td><td>2,191.5</td><td>+393.4</td><td>398.0</td><td>+31.9 r</td><td>366.1 r</td><td>-</td><td>4.5</td><td>4.5</td><td>-</td></tr><tr><td>March....................</td><td>2,519.9</td><td>+328.4</td><td>337.6</td><td>+10.1</td><td>327.5</td><td>-</td><td>9.2</td><td>9.2</td><td>-</td></tr><tr><td>April....................</td><td>2,836.6</td><td>+316.7</td><td>326.7</td><td>-6.8</td><td>333.4</td><td>-</td><td>9.9</td><td>9.9</td><td>-</td></tr><tr><td>May.......................</td><td>3,248.9</td><td>+412.3</td><td>421.8</td><td>+5.4 r</td><td>416.5 r</td><td>.8</td><td>10.4</td><td>10.4</td><td>-</td></tr><tr><td>June.......................</td><td>3,670.8</td><td>+421.9</td><td>433.2</td><td>+14.2 r</td><td>419.1 r</td><td>.7</td><td>12.0</td><td>11.9</td><td>*</td></tr><tr><td>July.......................</td><td>4,165.1</td><td>+494.3</td><td>508.1</td><td>+7.7</td><td>500.5</td><td>1.0</td><td>14.8</td><td>14.8</td><td>*</td></tr><tr><td>August....................</td><td>4,600.8</td><td>+435.7</td><td>454.0</td><td>+13.5 r</td><td>440.5 r</td><td>.7</td><td>19.0</td><td>19.0</td><td>*</td></tr><tr><td>September..............</td><td>5,088.8</td><td>+488.0</td><td>509.9</td><td>-31.6</td><td>541.4</td><td>.7</td><td>22.5</td><td>22.5</td><td>*</td></tr><tr><td>October...................</td><td>5,726.3</td><td>+637.5</td><td>664.8</td><td>+81.3 r</td><td>583.6 r</td><td>.8</td><td>28.1</td><td>28.1</td><td>*</td></tr><tr><td>November.................</td><td>6,237.4</td><td>+511.1</td><td>541.6</td><td>+1.2</td><td>540.3</td><td>1.5</td><td>32.0</td><td>5/</td><td>5/</td></tr><tr><td>December..................</td><td>6,923.2</td><td>+685.8</td><td>725.8</td><td>-16.4 p</td><td>742.2 p</td><td>3.8</td><td>43.8</td><td>5/</td><td>5/</td></tr></table>
Series F
<table><tr><td>1941</td><td>66.6</td><td>+66.6</td><td>66.7</td><td>-8.3</td><td>75.0</td><td>-</td><td>*</td><td>*</td><td>-</td></tr><tr><td>1942</td><td>498.9</td><td>+432.3</td><td>434.9</td><td>-2.0</td><td>437.0</td><td>.2</td><td>2.9</td><td>2.9</td><td>*</td></tr><tr><td>1941-December</td><td>207.3</td><td>+33.1</td><td>33.3</td><td>-16.8</td><td>50.0</td><td>-</td><td>.2</td><td>.2</td><td>-</td></tr><tr><td>1942-January</td><td>284.6</td><td>+77.3</td><td>77.6</td><td>-6.0</td><td>83.5</td><td>-</td><td>.3</td><td>.3</td><td>-</td></tr><tr><td>February</td><td>336.0</td><td>+51.4</td><td>51.8</td><td>+12.0</td><td>39.8</td><td>-</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>March</td><td>376.7</td><td>+40.7</td><td>41.1</td><td>+4.4</td><td>36.6</td><td>-</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>April</td><td>416.3</td><td>+39.6</td><td>40.0</td><td>+1.8</td><td>38.2</td><td>-</td><td>.4</td><td>.4</td><td>-</td></tr><tr><td>May</td><td>458.4</td><td>+42.1</td><td>42.5</td><td>+4.8</td><td>41.7</td><td>.1</td><td>.5</td><td>.5</td><td>*</td></tr><tr><td>June</td><td>498.9</td><td>+40.5</td><td>41.0</td><td>-8</td><td>41.9</td><td>.1</td><td>.6</td><td>.6</td><td>*</td></tr><tr><td>July</td><td>572.2</td><td>+73.3</td><td>73.7</td><td>-1.6</td><td>75.3</td><td>.1</td><td>.5</td><td>.5</td><td>*</td></tr><tr><td>August</td><td>623.8</td><td>+51.6</td><td>52.3</td><td>+3.9</td><td>48.4</td><td>*</td><td>.8</td><td>.8</td><td>*</td></tr><tr><td>September</td><td>684.0</td><td>+60.2</td><td>60.8</td><td>-8.4</td><td>69.2</td><td>.1</td><td>.6</td><td>.6</td><td>*</td></tr><tr><td>October</td><td>744.2</td><td>+60.3</td><td>60.6</td><td>+11.1</td><td>49.5</td><td>.6</td><td>.9</td><td>.9</td><td>*</td></tr><tr><td>November</td><td>788.6</td><td>+44.4</td><td>44.8</td><td>+2.9</td><td>41.9</td><td>.4</td><td>.7</td><td>5/5/</td><td>5/5/</td></tr><tr><td>December</td><td>853.9</td><td>+65.3</td><td>66.0</td><td>-6 p</td><td>66.6 p</td><td>.2</td><td>.9</td><td>5/5/</td><td>5/5/</td></tr></table>
Series G
<table><tr><td>1941.</td><td>394.0</td><td>+394.0</td><td>394.6</td><td>-56.8</td><td>451.4</td><td>-</td><td>.5</td><td>.5</td><td>-</td></tr><tr><td>1942.</td><td>2,414.3</td><td>+2,020.3</td><td>2,032.1</td><td>+4.3</td><td>2,027.8</td><td>-</td><td>11.8</td><td>11.8</td><td>-</td></tr><tr><td>1941-December.</td><td>1,182.8</td><td>+153.5</td><td>154.2</td><td>-47.2</td><td>201.4</td><td>-</td><td>.7</td><td>.7</td><td>-</td></tr><tr><td>1942-January.</td><td>1,497.2</td><td>+314.4</td><td>315.6</td><td>-62.6</td><td>378.2</td><td>-</td><td>1.2</td><td>1.2</td><td>-</td></tr><tr><td>February.</td><td>1,749.3</td><td>+252.2</td><td>253.4</td><td>+73.6</td><td>179.8</td><td>-</td><td>1.2</td><td>1.2</td><td>-</td></tr><tr><td>March.</td><td>1,926.9</td><td>+177.6</td><td>179.2</td><td>+23.1</td><td>156.1</td><td>-</td><td>1.7</td><td>1.7</td><td>-</td></tr><tr><td>April.</td><td>2,089.2</td><td>+162.2</td><td>163.8</td><td>+1.5</td><td>162.4</td><td>-</td><td>1.6</td><td>1.6</td><td>-</td></tr><tr><td>May.</td><td>2,256.9</td><td>+167.8</td><td>170.1</td><td>+9.8</td><td>160.3</td><td>-</td><td>2.3</td><td>2.3</td><td>-</td></tr><tr><td>June.</td><td>2,414.3</td><td>+157.4</td><td>159.7</td><td>-7.5</td><td>167.2</td><td>-</td><td>2.3</td><td>2.3</td><td>-</td></tr><tr><td>July.</td><td>2,730.8</td><td>+316.5</td><td>319.1</td><td>-9.4</td><td>328.4</td><td>-</td><td>2.5</td><td>2.5</td><td>-</td></tr><tr><td>August.</td><td>2,918.5</td><td>+187.6</td><td>191.0</td><td>+10.0</td><td>181.1</td><td>-</td><td>3.4</td><td>3.4</td><td>-</td></tr><tr><td>September.</td><td>3,099.7</td><td>+181.3</td><td>184.0</td><td>-29.0</td><td>213.0</td><td>-</td><td>2.8</td><td>2.8</td><td>-</td></tr><tr><td>October.</td><td>3,306.1</td><td>+206.4</td><td>209.6</td><td>+40.4 r</td><td>169.2 r</td><td>-</td><td>3.2</td><td>3.2</td><td>-</td></tr><tr><td>November.</td><td>3,450.3</td><td>+144.2</td><td>148.2</td><td>+6.7</td><td>141.5</td><td>-</td><td>4.1</td><td>4.1</td><td>-</td></tr><tr><td>December.</td><td>3,669.5</td><td>+219.2</td><td>222.4</td><td>-3.5 p</td><td>225.9 p</td><td>-</td><td>3.2</td><td>3.2</td><td>-</td></tr></table>
Source: Daily Treasury Statements and reports of grosse sales.
p Preliminary.
r Revised.
* Less than $50,000.
1/ At current redemption values except Series G, which is stated at par. Unclassified sales shown in the Daily Treasury Statement have been classified by series.
2/ Series A-D data are shown only on a funds received basis. Series E data are not available on a sales reported basis prior to July 1941; consequently data for the fiscal year 1941 are on a funds received basis.
3/ Estimated, except for Series G.
4/ Series A-D, the sale of which commenced in March 1935 and continued through April 1941, are 10 year discount bonds which were sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchasers were limited to $7,500 lease price in any
one calendar year and from April 1, 1940, could be made only by individuals. Series E, F, and O have been on sale since May 1, 1941. Series E is a 10 year discount bond sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases are limited to $3,750 issue price in any one calendar year and may be made only by individuals. Series F is a 12 year discount bond sold at 74% of maturity value, yielding 2.53% per annum if held to maturity. Series O is a 12 year current income bond, sold at par, bearing interest at the rate of 2-1/2% per annum, redeemable at par on maturity, or at stated prices less than par before maturity. Purchase of Series F and O in any one calendar year are limited to $100,000 issue price for the two series combined ($50,000 in the calendar year 1941) and may be made by any investor other than commercial banks. 5/ Not yet available.
41
Sales of United States Savings Bonds - (Continued)
Table 2.- Sales Reported by Series, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="7">Sales in millions of dollars at issue price</th><th colspan="7">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="17">Series E</td></tr><tr><td>1941 1/</td><td>203.1</td><td>14.4</td><td>13.3</td><td>41.4</td><td>40.7</td><td>93.4</td><td></td><td></td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>20.0</td><td>46.0</td><td></td><td></td></tr><tr><td>1942 F.</td><td>3,541.6</td><td>607.7</td><td>341.8</td><td>817.7</td><td>643.4</td><td>1,131.0</td><td></td><td></td><td>100.0</td><td>17.2</td><td>9.6</td><td>23.1</td><td>18.2</td><td>31.9</td><td></td><td></td></tr><tr><td>1941-December</td><td>402.6</td><td>49.9</td><td>39.8</td><td>96.3</td><td>81.0</td><td>135.6</td><td></td><td></td><td>100.0</td><td>12.4</td><td>9.9</td><td>23.9</td><td>20.1</td><td>33.7</td><td></td><td></td></tr><tr><td>1942-January</td><td>667.4</td><td>72.1</td><td>55.1</td><td>135.2</td><td>138.9</td><td>266.1</td><td></td><td></td><td>100.0</td><td>10.8</td><td>8.2</td><td>20.3</td><td>20.8</td><td>39.9</td><td></td><td></td></tr><tr><td>February F.</td><td>366.1</td><td>52.6</td><td>33.0</td><td>86.4</td><td>68.8</td><td>125.2</td><td></td><td></td><td>100.0</td><td>14.4</td><td>9.0</td><td>23.6</td><td>18.8</td><td>34.2</td><td></td><td></td></tr><tr><td>March</td><td>327.5</td><td>66.2</td><td>33.8</td><td>79.2</td><td>56.5</td><td>91.8</td><td></td><td></td><td>100.0</td><td>20.2</td><td>10.3</td><td>24.2</td><td>17.3</td><td>28.0</td><td></td><td></td></tr><tr><td>April</td><td>333.4</td><td>76.0</td><td>35.5</td><td>80.6</td><td>54.4</td><td>87.0</td><td></td><td></td><td>100.0</td><td>22.8</td><td>10.6</td><td>24.2</td><td>16.3</td><td>26.1</td><td></td><td></td></tr><tr><td>May r</td><td>416.5</td><td>105.4</td><td>47.2</td><td>101.8</td><td>64.7</td><td>97.4</td><td></td><td></td><td>100.0</td><td>25.3</td><td>11.3</td><td>24.5</td><td>15.5</td><td>23.4</td><td></td><td></td></tr><tr><td>June r</td><td>419.1</td><td>127.3</td><td>50.5</td><td>100.7</td><td>57.4</td><td>83.1</td><td></td><td></td><td>100.0</td><td>30.4</td><td>12.1</td><td>24.0</td><td>13.7</td><td>19.8</td><td></td><td></td></tr><tr><td>July</td><td>500.5</td><td>192.6</td><td>59.0</td><td>114.6</td><td>69.4</td><td>104.8</td><td></td><td></td><td>100.0</td><td>30.5</td><td>11.8</td><td>22.9</td><td>13.9</td><td>20.9</td><td></td><td></td></tr><tr><td>August r</td><td>440.5</td><td>162.3</td><td>57.7</td><td>98.9</td><td>51.3</td><td>70.3</td><td></td><td></td><td>100.0</td><td>36.9</td><td>13.1</td><td>22.4</td><td>11.6</td><td>16.0</td><td></td><td></td></tr><tr><td>September</td><td>541.4</td><td>192.9</td><td>69.1</td><td>120.3</td><td>67.1</td><td>91.9</td><td></td><td></td><td>100.0</td><td>35.6</td><td>12.8</td><td>22.2</td><td>12.4</td><td>17.0</td><td></td><td></td></tr><tr><td>October r</td><td>583.6</td><td>217.4</td><td>75.8</td><td>126.8</td><td>69.9</td><td>93.5</td><td></td><td></td><td>100.0</td><td>37.3</td><td>13.0</td><td>21.7</td><td>12.0</td><td>16.0</td><td></td><td></td></tr><tr><td>November</td><td>540.3</td><td>210.2</td><td>73.1</td><td>117.3</td><td>61.5</td><td>78.2</td><td></td><td></td><td>100.0</td><td>38.9</td><td>13.5</td><td>21.7</td><td>11.4</td><td>14.5</td><td></td><td></td></tr><tr><td>December p</td><td>742.2</td><td>265.2</td><td>100.1</td><td>163.3</td><td>92.5</td><td>121.1</td><td></td><td></td><td>100.0</td><td>35.7</td><td>13.5</td><td>22.0</td><td>12.5</td><td>16.3</td><td></td><td></td></tr><tr><td colspan="17">Series F</td></tr><tr><td>1941 1/</td><td>75.0</td><td></td><td>.9</td><td>2.1</td><td>14.2</td><td>13.6</td><td>44.2</td><td></td><td>100.0</td><td></td><td>1.2</td><td>2.8</td><td>18.9</td><td>18.2</td><td>58.9</td><td></td></tr><tr><td>1942</td><td>437.0</td><td>1.3</td><td>19.3</td><td>27.4</td><td>123.7</td><td>92.0</td><td>173.4</td><td></td><td>100.0</td><td>.3</td><td>4.4</td><td>6.3</td><td>28.3</td><td>21.0</td><td>39.7</td><td></td></tr><tr><td>1941-December</td><td>50.0</td><td></td><td>1.9</td><td>2.8</td><td>13.8</td><td>10.6</td><td>20.9</td><td></td><td>100.0</td><td></td><td>3.9</td><td>5.6</td><td>27.6</td><td>21.1</td><td>41.8</td><td></td></tr><tr><td>1942-January 2/</td><td>83.5</td><td>.2</td><td>3.7</td><td>5.2</td><td>20.3</td><td>15.3</td><td>38.9</td><td></td><td>100.0</td><td>.2</td><td>4.4</td><td>6.2</td><td>24.3</td><td>18.3</td><td>46.6</td><td></td></tr><tr><td>February</td><td>39.8</td><td>.2</td><td>2.7</td><td>3.0</td><td>11.5</td><td>8.2</td><td>14.3</td><td></td><td>100.0</td><td>.5</td><td>6.8</td><td>7.4</td><td>28.8</td><td>20.7</td><td>35.8</td><td></td></tr><tr><td>March</td><td>36.6</td><td>.2</td><td>2.2</td><td>2.8</td><td>10.8</td><td>7.5</td><td>13.1</td><td></td><td>100.0</td><td>.6</td><td>6.1</td><td>7.5</td><td>29.5</td><td>20.6</td><td>35.7</td><td></td></tr><tr><td>April</td><td>38.2</td><td>.2</td><td>1.9</td><td>2.5</td><td>11.2</td><td>8.5</td><td>14.0</td><td></td><td>100.0</td><td>.5</td><td>4.9</td><td>6.5</td><td>29.3</td><td>22.2</td><td>36.6</td><td></td></tr><tr><td>May</td><td>41.7</td><td>.2</td><td>1.9</td><td>2.7</td><td>12.6</td><td>9.4</td><td>14.9</td><td></td><td>100.0</td><td>.6</td><td>4.5</td><td>6.4</td><td>30.2</td><td>22.5</td><td>35.8</td><td></td></tr><tr><td>June</td><td>41.9</td><td>.2</td><td>1.8</td><td>2.7</td><td>13.1</td><td>9.4</td><td>14.7</td><td></td><td>100.0</td><td>.6</td><td>4.3</td><td>6.4</td><td>31.4</td><td>22.3</td><td>35.0</td><td></td></tr><tr><td>July</td><td>75.3</td><td>.2</td><td>2.0</td><td>3.3</td><td>17.5</td><td>14.9</td><td>37.4</td><td></td><td>100.0</td><td>.3</td><td>2.6</td><td>4.4</td><td>23.2</td><td>19.8</td><td>49.7</td><td></td></tr><tr><td>August</td><td>48.4</td><td>.2</td><td>1.5</td><td>2.6</td><td>13.3</td><td>10.2</td><td>20.7</td><td></td><td>100.0</td><td>.3</td><td>3.2</td><td>5.3</td><td>27.5</td><td>21.0</td><td>42.7</td><td></td></tr><tr><td>September</td><td>69.2</td><td>.2</td><td>1.8</td><td>3.4</td><td>19.2</td><td>14.6</td><td>30.0</td><td></td><td>100.0</td><td>.3</td><td>2.6</td><td>4.9</td><td>27.7</td><td>21.1</td><td>43.4</td><td></td></tr><tr><td>October r</td><td>49.5</td><td>.2</td><td>1.9</td><td>3.1</td><td>15.5</td><td>12.2</td><td>16.6</td><td></td><td>100.0</td><td>.4</td><td>3.8</td><td>6.3</td><td>31.3</td><td>24.6</td><td>33.6</td><td></td></tr><tr><td>November</td><td>41.9</td><td>.2</td><td>1.6</td><td>2.6</td><td>13.5</td><td>10.0</td><td>13.9</td><td></td><td>100.0</td><td>.6</td><td>3.9</td><td>6.1</td><td>32.2</td><td>24.0</td><td>33.2</td><td></td></tr><tr><td>December p</td><td>66.6</td><td>.5</td><td>2.7</td><td>4.1</td><td>20.1</td><td>15.5</td><td>23.6</td><td></td><td>100.0</td><td>.8</td><td>4.1</td><td>6.1</td><td>30.2</td><td>23.3</td><td>35.5</td><td></td></tr><tr><td colspan="17">Series O</td></tr><tr><td>1941 1/</td><td>451.4</td><td></td><td>5.2</td><td>12.2</td><td>90.7</td><td>80.9</td><td>262.4</td><td></td><td>100.0</td><td></td><td>1.2</td><td>2.7</td><td>20.1</td><td>17.9</td><td>58.1</td><td></td></tr><tr><td>1942</td><td>2,027.8</td><td></td><td>50.6</td><td>112.7</td><td>576.0</td><td>403.5</td><td>884.9</td><td></td><td>100.0</td><td></td><td>2.5</td><td>5.6</td><td>28.4</td><td>19.9</td><td>43.6</td><td></td></tr><tr><td>1941-December</td><td>201.4</td><td></td><td>5.9</td><td>12.6</td><td>61.2</td><td>41.0</td><td>80.8</td><td></td><td>100.0</td><td></td><td>2.9</td><td>6.3</td><td>30.4</td><td>20.3</td><td>40.1</td><td></td></tr><tr><td>1942-January</td><td>378.2</td><td></td><td>8.1</td><td>20.6</td><td>95.8</td><td>62.4</td><td>191.2</td><td></td><td>100.0</td><td></td><td>2.1</td><td>5.5</td><td>25.3</td><td>16.5</td><td>50.6</td><td></td></tr><tr><td>February</td><td>179.8</td><td></td><td>4.8</td><td>10.3</td><td>49.7</td><td>35.2</td><td>79.8</td><td></td><td>100.0</td><td></td><td>2.7</td><td>5.7</td><td>27.6</td><td>19.6</td><td>44.4</td><td></td></tr><tr><td>March</td><td>156.1</td><td></td><td>4.7</td><td>10.3</td><td>47.0</td><td>31.2</td><td>62.9</td><td></td><td>100.0</td><td></td><td>3.0</td><td>6.6</td><td>30.1</td><td>20.0</td><td>40.3</td><td></td></tr><tr><td>April</td><td>162.4</td><td></td><td>5.0</td><td>10.7</td><td>50.1</td><td>34.1</td><td>62.4</td><td></td><td>100.0</td><td></td><td>3.1</td><td>6.6</td><td>30.9</td><td>21.0</td><td>38.4</td><td></td></tr><tr><td>May</td><td>160.3</td><td></td><td>5.7</td><td>11.4</td><td>52.5</td><td>34.1</td><td>56.6</td><td></td><td>100.0</td><td></td><td>3.5</td><td>7.1</td><td>32.8</td><td>21.3</td><td>35.3</td><td></td></tr><tr><td>June</td><td>167.2</td><td></td><td>5.5</td><td>11.0</td><td>51.6</td><td>35.8</td><td>63.3</td><td></td><td>100.0</td><td></td><td>3.3</td><td>6.5</td><td>30.9</td><td>21.4</td><td>37.9</td><td></td></tr><tr><td>July</td><td>328.4</td><td></td><td>7.1</td><td>15.7</td><td>73.2</td><td>52.0</td><td>180.4</td><td></td><td>100.0</td><td></td><td>2.2</td><td>4.8</td><td>22.3</td><td>15.8</td><td>54.9</td><td></td></tr><tr><td>August</td><td>181.1</td><td></td><td>4.9</td><td>10.6</td><td>50.0</td><td>35.6</td><td>79.8</td><td></td><td>100.0</td><td></td><td>2.7</td><td>5.9</td><td>27.6</td><td>19.7</td><td>44.1</td><td></td></tr><tr><td>September</td><td>213.0</td><td></td><td>5.7</td><td>13.0</td><td>60.9</td><td>45.8</td><td>87.7</td><td></td><td>100.0</td><td></td><td>2.7</td><td>6.1</td><td>28.6</td><td>21.5</td><td>41.1</td><td></td></tr><tr><td>October r</td><td>169.2</td><td></td><td>5.4</td><td>12.0</td><td>53.9</td><td>36.4</td><td>61.5</td><td></td><td>100.0</td><td></td><td>3.2</td><td>7.1</td><td>31.8</td><td>21.5</td><td>36.4</td><td></td></tr><tr><td>November</td><td>141.5</td><td></td><td>5.0</td><td>10.5</td><td>47.3</td><td>30.3</td><td>48.5</td><td></td><td>100.0</td><td></td><td>3.5</td><td>7.4</td><td>33.4</td><td>21.4</td><td>34.3</td><td></td></tr><tr><td>December p</td><td>225.9</td><td></td><td>7.4</td><td>16.3</td><td>69.2</td><td>47.6</td><td>85.4</td><td></td><td>100.0</td><td></td><td>3.3</td><td>7.2</td><td>30.6</td><td>21.1</td><td>37.8</td><td></td></tr></table>
Source: Reports of gross sales. p Preliminary. r Revised.
1/ Sales of Series E, F, and G bonds commenced May 1, 1941. 2/ Sale of $25 denomination Series F bonds began in January 1942.
42
Sales of United States Savings Bonds - (Continued)
Table 3.- Sales Reported by Series, Classified by States
PART A - SERIES E
(In thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="12">1941</th><th colspan="12">1942</th></tr><tr><th></th><th>1941 1/</th><th>1942</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>Alabama</td><td>1,381</td><td>28,996</td><td>3,234</td><td>5,324</td><td>2,702</td><td>2,460</td><td>2,713</td><td>3,924</td><td>4,513</td><td>6,671</td><td>5,262</td><td>6,238</td><td>5,754</td><td>5,912</td><td>6,797</td></tr><tr><td>Arizona</td><td>711</td><td>10,313</td><td>1,154</td><td>1,840</td><td>958</td><td>970</td><td>1,040</td><td>1,418</td><td>1,149</td><td>1,626</td><td>1,422</td><td>1,655</td><td>1,759</td><td>1,660</td><td>2,336</td></tr><tr><td>Arkansas</td><td>940</td><td>21,404</td><td>2,393</td><td>3,715</td><td>2,246</td><td>2,107</td><td>2,118</td><td>2,992</td><td>2,573</td><td>2,924</td><td>2,522</td><td>3,202</td><td>3,653</td><td>3,643</td><td>5,139</td></tr><tr><td>California</td><td>9,920</td><td>260,522</td><td>30,210</td><td>51,634</td><td>31,921</td><td>24,688</td><td>21,739</td><td>28,900</td><td>31,139</td><td>37,157</td><td>33,435</td><td>40,909</td><td>44,782</td><td>36,422</td><td>55,932</td></tr><tr><td>Colorado</td><td>1,793</td><td>24,845</td><td>3,213</td><td>4,373</td><td>2,105</td><td>2,189</td><td>2,584</td><td>2,795</td><td>2,844</td><td>3,306</td><td>3,412</td><td>3,933</td><td>4,674</td><td>3,675</td><td>5,839</td></tr><tr><td>Connecticut</td><td>3,943</td><td>77,543</td><td>8,685</td><td>13,613</td><td>8,691</td><td>7,232</td><td>7,296</td><td>9,199</td><td>10,430</td><td>11,180</td><td>9,948</td><td>10,306</td><td>16,227</td><td>11,683</td><td>17,808</td></tr><tr><td>Delaware</td><td>469</td><td>7,629</td><td>892</td><td>1,217</td><td>863</td><td>753</td><td>756</td><td>909</td><td>1,037</td><td>1,103</td><td>1,124</td><td>1,714</td><td>2,613</td><td>2,039</td><td>1,998</td></tr><tr><td>Diet. of Columbia</td><td>2,592</td><td>34,847</td><td>4,113</td><td>5,531</td><td>3,608</td><td>3,330</td><td>3,470</td><td>3,767</td><td>4,423</td><td>4,434</td><td>4,760</td><td>4,728</td><td>5,359</td><td>5,596</td><td>1,771</td></tr><tr><td>Florida</td><td>2,487</td><td>39,555</td><td>4,420</td><td>7,048</td><td>4,407</td><td>4,206</td><td>4,443</td><td>4,979</td><td>4,269</td><td>5,481</td><td>4,563</td><td>5,749</td><td>5,248</td><td>5,425</td><td>6,935</td></tr><tr><td>Georgia</td><td>1,642</td><td>35,642</td><td>3,822</td><td>6,540</td><td>3,450</td><td>2,995</td><td>2,958</td><td>4,721</td><td>4,282</td><td>5,421</td><td>5,007</td><td>6,169</td><td>5,896</td><td>6,764</td><td>8,371</td></tr><tr><td>Idaho</td><td>485</td><td>9,840</td><td>1,335</td><td>1,531</td><td>949</td><td>908</td><td>1,047</td><td>1,399</td><td>1,132</td><td>1,285</td><td>1,437</td><td>1,820</td><td>2,218</td><td>2,279</td><td>2,255</td></tr><tr><td>Illinois</td><td>14,737</td><td>282,019</td><td>29,828</td><td>52,726</td><td>27,933</td><td>26,688</td><td>25,554</td><td>35,794</td><td>32,854</td><td>38,891</td><td>33,598</td><td>38,701</td><td>44,615</td><td>39,776</td><td>51,589</td></tr><tr><td>Indiana</td><td>3,644</td><td>76,661</td><td>8,302</td><td>12,860</td><td>7,710</td><td>7,866</td><td>7,560</td><td>9,961</td><td>10,794</td><td>11,801</td><td>11,112</td><td>14,440</td><td>15,121</td><td>15,291</td><td>19,723</td></tr><tr><td>Iowa</td><td>2,743</td><td>69,558</td><td>6,077</td><td>9,460</td><td>5,880</td><td>9,947</td><td>9,283</td><td>9,846</td><td>10,752</td><td>11,056</td><td>9,729</td><td>10,908</td><td>10,719</td><td>10,679</td><td>20,102</td></tr><tr><td>Kansas</td><td>1,879</td><td>35,310</td><td>3,608</td><td>5,858</td><td>4,628</td><td>3,847</td><td>2,999</td><td>3,912</td><td>4,158</td><td>4,680</td><td>5,269</td><td>6,414</td><td>6,838</td><td>7,814</td><td>9,041</td></tr><tr><td>Kentucky</td><td>1,835</td><td>34,293</td><td>3,841</td><td>6,494</td><td>3,622</td><td>3,467</td><td>3,051</td><td>4,086</td><td>4,399</td><td>5,643</td><td>4,974</td><td>5,139</td><td>5,423</td><td>5,053</td><td>6,565</td></tr><tr><td>Louisiana</td><td>1,824</td><td>36,799</td><td>4,343</td><td>6,876</td><td>3,776</td><td>3,728</td><td>3,190</td><td>4,627</td><td>4,757</td><td>5,886</td><td>4,923</td><td>5,663</td><td>6,904</td><td>5,993</td><td>7,815</td></tr><tr><td>Maine</td><td>1,083</td><td>17,746</td><td>1,855</td><td>3,145</td><td>1,930</td><td>1,558</td><td>1,688</td><td>2,179</td><td>2,131</td><td>2,407</td><td>2,224</td><td>2,209</td><td>3,136</td><td>2,411</td><td>3,163</td></tr><tr><td>Maryland</td><td>2,745</td><td>48,944</td><td>6,747</td><td>9,735</td><td>5,512</td><td>4,095</td><td>4,103</td><td>5,052</td><td>5,596</td><td>6,554</td><td>6,246</td><td>6,775</td><td>7,396</td><td>7,163</td><td>9,220</td></tr><tr><td>Massachusetts</td><td>9,110</td><td>141,196</td><td>14,596</td><td>27,196</td><td>16,534</td><td>12,525</td><td>12,956</td><td>15,853</td><td>16,402</td><td>18,126</td><td>18,212</td><td>17,850</td><td>20,654</td><td>18,479</td><td>27,460</td></tr><tr><td>Michigan</td><td>8,108</td><td>160,150</td><td>16,376</td><td>25,794</td><td>16,154</td><td>15,781</td><td>16,202</td><td>20,965</td><td>23,656</td><td>25,690</td><td>19,790</td><td>34,115</td><td>34,366</td><td>32,471</td><td>39,099</td></tr><tr><td>Minnesota</td><td>3,624</td><td>71,181</td><td>6,603</td><td>12,547</td><td>7,122</td><td>6,893</td><td>7,659</td><td>8,898</td><td>9,444</td><td>10,443</td><td>8,952</td><td>11,203</td><td>10,758</td><td>11,120</td><td>16,674</td></tr><tr><td>Mississippi</td><td>901</td><td>22,973</td><td>2,453</td><td>4,606</td><td>2,678</td><td>2,284</td><td>2,130</td><td>2,632</td><td>2,454</td><td>3,094</td><td>2,519</td><td>2,776</td><td>3,579</td><td>3,899</td><td>5,193</td></tr><tr><td>Missouri</td><td>7,483</td><td>94,800</td><td>12,387</td><td>15,687</td><td>8,856</td><td>8,244</td><td>8,235</td><td>11,287</td><td>10,961</td><td>11,067</td><td>10,236</td><td>12,586</td><td>11,974</td><td>13,111</td><td>16,923</td></tr><tr><td>Montana</td><td>771</td><td>17,710</td><td>2,616</td><td>2,950</td><td>1,787</td><td>1,823</td><td>1,633</td><td>1,827</td><td>1,706</td><td>2,232</td><td>1,816</td><td>2,264</td><td>2,907</td><td>2,470</td><td>3,916</td></tr><tr><td>Nebraska</td><td>1,384</td><td>26,045</td><td>2,387</td><td>4,161</td><td>2,738</td><td>3,058</td><td>3,213</td><td>3,266</td><td>3,037</td><td>3,656</td><td>3,419</td><td>4,589</td><td>4,699</td><td>3,970</td><td>5,821</td></tr><tr><td>Nevada</td><td>149</td><td>4,340</td><td>605</td><td>821</td><td>475</td><td>419</td><td>379</td><td>513</td><td>501</td><td>656</td><td>643</td><td>865</td><td>828</td><td>939</td><td>922</td></tr><tr><td>New Hampshire</td><td>595</td><td>11,742</td><td>1,046</td><td>2,300</td><td>1,410</td><td>1,128</td><td>1,015</td><td>1,403</td><td>1,509</td><td>1,791</td><td>1,600</td><td>1,825</td><td>2,298</td><td>1,749</td><td>2,313</td></tr><tr><td>New Jersey</td><td>9,904</td><td>160,538</td><td>21,447</td><td>31,895</td><td>16,092</td><td>14,076</td><td>13,816</td><td>16,066</td><td>17,298</td><td>18,505</td><td>16,688</td><td>22,961</td><td>23,368</td><td>19,738</td><td>27,320</td></tr><tr><td>New Mexico</td><td>243</td><td>6,978</td><td>902</td><td>1,246</td><td>672</td><td>609</td><td>826</td><td>802</td><td>763</td><td>909</td><td>880</td><td>881</td><td>1,130</td><td>989</td><td>1,749</td></tr><tr><td>New York</td><td>44,582</td><td>587,179</td><td>68,179</td><td>130,656</td><td>61,589</td><td>46,954</td><td>52,935</td><td>57,239</td><td>57,763</td><td>74,931</td><td>54,990</td><td>72,759</td><td>77,242</td><td>70,133</td><td>89,174</td></tr><tr><td>North Carolina</td><td>1,492</td><td>42,297</td><td>4,962</td><td>7,461</td><td>4,332</td><td>3,824</td><td>3,669</td><td>6,163</td><td>5,090</td><td>6,443</td><td>5,944</td><td>8,915</td><td>8,532</td><td>9,354</td><td>11,636</td></tr><tr><td>North Dakota</td><td>475</td><td>11,394</td><td>1,361</td><td>1,946</td><td>1,298</td><td>1,130</td><td>1,113</td><td>1,476</td><td>1,311</td><td>1,575</td><td>1,306</td><td>1,614</td><td>1,748</td><td>2,566</td><td>4,304</td></tr><tr><td>Ohio</td><td>10,586</td><td>190,262</td><td>21,311</td><td>37,244</td><td>17,680</td><td>17,556</td><td>17,537</td><td>23,850</td><td>22,799</td><td>31,152</td><td>27,876</td><td>34,072</td><td>31,969</td><td>30,987</td><td>47,774</td></tr><tr><td>Oklahoma</td><td>2,302</td><td>34,482</td><td>4,863</td><td>6,783</td><td>3,197</td><td>3,025</td><td>2,892</td><td>4,210</td><td>3,789</td><td>4,471</td><td>4,674</td><td>5,020</td><td>5,530</td><td>4,673</td><td>7,513</td></tr><tr><td>Oregon</td><td>3,154</td><td>37,394</td><td>3,713</td><td>6,714</td><td>4,383</td><td>3,318</td><td>3,079</td><td>4,165</td><td>4,571</td><td>6,337</td><td>5,674</td><td>6,956</td><td>6,978</td><td>6,289</td><td>9,146</td></tr><tr><td>Pennsylvania</td><td>14,443</td><td>283,679</td><td>35,451</td><td>54,409</td><td>27,042</td><td>25,856</td><td>28,823</td><td>31,763</td><td>32,149</td><td>36,801</td><td>35,058</td><td>42,235</td><td>46,351</td><td>42,511</td><td>59,162</td></tr><tr><td>Rhode Island</td><td>1,478</td><td>24,268</td><td>2,461</td><td>4,158</td><td>3,304</td><td>2,467</td><td>2,366</td><td>2,741</td><td>3,005</td><td>3,305</td><td>3,574</td><td>2,653</td><td>5,477</td><td>3,380</td><td>5,878</td></tr><tr><td>South Carolina</td><td>874</td><td>18,757</td><td>1,919</td><td>2,741</td><td>1,738</td><td>1,897</td><td>2,209</td><td>2,523</td><td>2,668</td><td>3,091</td><td>3,002</td><td>4,152</td><td>3,740</td><td>3,911</td><td>5,054</td></tr><tr><td>South Dakota</td><td>449</td><td>11,783</td><td>1,293</td><td>1,851</td><td>1,212</td><td>1,270</td><td>1,392</td><td>1,647</td><td>1,458</td><td>1,685</td><td>1,354</td><td>1,605</td><td>1,600</td><td>2,076</td><td>3,219</td></tr><tr><td>Tennessee</td><td>1,707</td><td>36,734</td><td>3,888</td><td>6,990</td><td>3,640</td><td>3,502</td><td>3,138</td><td>4,841</td><td>4,676</td><td>6,591</td><td>5,593</td><td>7,444</td><td>6,755</td><td>6,771</td><td>8,791</td></tr><tr><td>Texas</td><td>8,717</td><td>126,054</td><td>14,690</td><td>21,952</td><td>12,362</td><td>12,161</td><td>11,089</td><td>15,266</td><td>13,775</td><td>16,791</td><td>15,202</td><td>19,807</td><td>20,384</td><td>19,567</td><td>26,902</td></tr><tr><td>Utah</td><td>474</td><td>9,919</td><td>1,042</td><td>1,905</td><td>1,017</td><td>917</td><td>953</td><td>1,339</td><td>1,114</td><td>1,463</td><td>1,507</td><td>1,655</td><td>2,169</td><td>1,954</td><td>2,644</td></tr><tr><td>Vermont</td><td>486</td><td>7,550</td><td>636</td><td>1,533</td><td>1,059</td><td>613</td><td>688</td><td>788</td><td>766</td><td>967</td><td>844</td><td>872</td><td>1,300</td><td>942</td><td>1,142</td></tr><tr><td>Virginia</td><td>2,319</td><td>56,199</td><td>7,627</td><td>10,260</td><td>5,544</td><td>4,865</td><td>5,381</td><td>7,136</td><td>7,095</td><td>8,160</td><td>8,291</td><td>9,903</td><td>10,291</td><td>10,390</td><td>13,812</td></tr><tr><td>Washington</td><td>3,778</td><td>57,921</td><td>5,124</td><td>9,070</td><td>6,883</td><td>5,579</td><td>5,192</td><td>8,208</td><td>7,569</td><td>9,025</td><td>9,177</td><td>9,273</td><td>11,783</td><td>10,904</td><td>15,679</td></tr><tr><td>West Virginia</td><td>1,187</td><td>27,642</td><td>3,913</td><td>5,518</td><td>2,882</td><td>2,522</td><td>2,470</td><td>3,089</td><td>3,211</td><td>3,846</td><td>3,338</td><td>4,085</td><td>4,834</td><td>4,581</td><td>5,646</td></tr><tr><td>Wisconsin</td><td>4,607</td><td>77,668</td><td>9,005</td><td>14,029</td><td>7,575</td><td>7,511</td><td>7,124</td><td>9,280</td><td>10,527</td><td>11,402</td><td>10,358</td><td>11,213</td><td>12,524</td><td>11,437</td><td>14,771</td></tr><tr><td>Wyoming</td><td>339</td><td>7,066</td><td>1,007</td><td>1,275</td><td>701</td><td>684</td><td>712</td><td>737</td><td>779</td><td>869</td><td>831</td><td>1,098</td><td>1,345</td><td>1,008</td><td>1,641</td></tr><tr><td>Alaska</td><td>5</td><td>2,960r</td><td>128</td><td>356r</td><td>306r</td><td>433r</td><td>353r</td><
(Continued on following page)
43
Sales of United States Savings Bonds - (Continued)
Table 3.- Sales Reported by Series, Classified by States - (Continued)
PART B - SERIES F AND G COMBINED
(In thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="12">1941</th><th colspan="12">1942</th></tr><tr><th></th><th>1941 1/</th><th>1942</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>Alabama</td><td>2,393</td><td>13,099</td><td>1,232</td><td>2,207</td><td>1,486</td><td>1,270</td><td>1,281</td><td>1,402</td><td>1,276</td><td>5,399</td><td>1,688</td><td>2,552</td><td>1,921</td><td>1,457</td><td>2,629</td></tr><tr><td>Arizona</td><td>950</td><td>4,232</td><td>478</td><td>706</td><td>653</td><td>280</td><td>420</td><td>344</td><td>394</td><td>550</td><td>524</td><td>414</td><td>778</td><td>191</td><td>455</td></tr><tr><td>Arkansas</td><td>1,024</td><td>13,738</td><td>617</td><td>5,364</td><td>999</td><td>2,741</td><td>675</td><td>812</td><td>653</td><td>1,019</td><td>844</td><td>1,243</td><td>1,246</td><td>1,250</td><td>1,658</td></tr><tr><td>California</td><td>20,402</td><td>140,602</td><td>15,550</td><td>28,663</td><td>14,132</td><td>8,416</td><td>10,276</td><td>11,198</td><td>10,751</td><td>21,283</td><td>13,145</td><td>14,404</td><td>15,026</td><td>11,841</td><td>14,001</td></tr><tr><td>Colorado</td><td>3,908</td><td>18,302</td><td>1,377</td><td>4,954</td><td>1,452</td><td>1,392</td><td>1,631</td><td>1,388</td><td>1,453</td><td>2,897</td><td>1,898</td><td>2,723</td><td>1,824</td><td>1,378</td><td>2,316</td></tr><tr><td>Connecticut</td><td>14,937</td><td>59,894</td><td>5,636</td><td>9,909</td><td>4,291</td><td>3,693</td><td>5,364</td><td>6,804</td><td>5,399</td><td>10,391</td><td>5,384</td><td>5,020</td><td>4,725</td><td>3,736</td><td>5,555</td></tr><tr><td>Delaware</td><td>2,524</td><td>11,910</td><td>993</td><td>2,037</td><td>1,488</td><td>949</td><td>717</td><td>656</td><td>1,449</td><td>1,272</td><td>907</td><td>969</td><td>802</td><td>1,093</td><td>1,137</td></tr><tr><td>District of Columbia</td><td>5,166</td><td>23,247</td><td>3,552</td><td>4,023</td><td>2,112</td><td>2,511</td><td>1,673</td><td>1,476</td><td>1,533</td><td>3,321</td><td>1,817</td><td>1,996</td><td>1,735</td><td>1,953</td><td>3,284</td></tr><tr><td>Florida</td><td>3,379</td><td>22,219</td><td>2,479</td><td>4,198</td><td>2,452</td><td>1,916</td><td>1,955</td><td>1,800</td><td>1,752</td><td>3,716</td><td>1,766</td><td>3,796</td><td>1,946</td><td>2,704</td><td>2,538</td></tr><tr><td>Georgia</td><td>2,878</td><td>17,982</td><td>1,896</td><td>2,903</td><td>1,551</td><td>1,940</td><td>1,357</td><td>1,759</td><td>2,118</td><td>3,965</td><td>1,948</td><td>2,393</td><td>2,066</td><td>3,439</td><td>3,399</td></tr><tr><td>Idaho</td><td>291</td><td>7,339</td><td>553</td><td>2,171</td><td>653</td><td>1,838</td><td>451</td><td>443</td><td>179</td><td>770</td><td>535</td><td>508</td><td>469</td><td>340</td><td>345</td></tr><tr><td>Illinois</td><td>59,605</td><td>202,041</td><td>21,377</td><td>40,682</td><td>13,244</td><td>15,939</td><td>13,494</td><td>15,881</td><td>19,404</td><td>33,306</td><td>20,568</td><td>23,390</td><td>15,724</td><td>9,714</td><td>20,757</td></tr><tr><td>Indiana</td><td>6,285</td><td>45,123</td><td>4,084</td><td>8,312</td><td>3,241</td><td>4,484</td><td>4,142</td><td>4,226</td><td>5,289</td><td>8,063</td><td>5,455</td><td>7,082</td><td>5,342</td><td>3,545</td><td>5,892</td></tr><tr><td>Iowa</td><td>4,498</td><td>30,676</td><td>3,131</td><td>4,725</td><td>2,535</td><td>2,956</td><td>3,791</td><td>3,260</td><td>3,964</td><td>6,115</td><td>3,751</td><td>6,075</td><td>3,401</td><td>2,948</td><td>5,614</td></tr><tr><td>Kansas</td><td>2,459</td><td>14,486</td><td>1,378</td><td>2,198</td><td>2,065</td><td>1,499</td><td>1,062</td><td>1,163</td><td>1,127</td><td>2,675</td><td>1,869</td><td>3,124</td><td>2,306</td><td>2,077</td><td>2,741</td></tr><tr><td>Kentucky</td><td>4,356</td><td>24,516</td><td>1,938</td><td>3,979</td><td>3,674</td><td>1,779</td><td>2,170</td><td>1,893</td><td>1,519</td><td>4,601</td><td>3,591</td><td>2,809</td><td>2,674</td><td>2,497</td><td>3,177</td></tr><tr><td>Louisiana</td><td>2,477</td><td>21,651</td><td>1,798</td><td>3,523</td><td>6,922</td><td>1,569</td><td>1,460</td><td>1,794</td><td>1,426</td><td>2,831</td><td>2,297</td><td>5,956</td><td>2,683</td><td>2,071</td><td>5,005</td></tr><tr><td>Maine</td><td>3,974</td><td>16,570</td><td>1,477</td><td>2,734</td><td>1,270</td><td>1,920</td><td>1,241</td><td>1,826</td><td>1,197</td><td>2,310</td><td>1,261</td><td>1,235</td><td>1,253</td><td>1,009</td><td>1,646</td></tr><tr><td>Maryland</td><td>6,800</td><td>40,093</td><td>4,050</td><td>7,503</td><td>4,259</td><td>3,550</td><td>3,472</td><td>2,923</td><td>3,507</td><td>6,684</td><td>2,892</td><td>4,321</td><td>4,152</td><td>2,996</td><td>4,278</td></tr><tr><td>Massachusetts</td><td>35,087</td><td>144,199</td><td>12,480</td><td>25,580</td><td>9,434</td><td>10,389</td><td>12,757</td><td>11,485</td><td>11,809</td><td>27,111</td><td>12,873</td><td>9,451</td><td>10,940</td><td>9,444</td><td>13,119</td></tr><tr><td>Michigan</td><td>13,928</td><td>65,040</td><td>8,381</td><td>11,060</td><td>5,938</td><td>3,583</td><td>5,012</td><td>4,596</td><td>7,120</td><td>9,473</td><td>7,778</td><td>8,804</td><td>7,201</td><td>4,884</td><td>9,088</td></tr><tr><td>Minnesota</td><td>9,770</td><td>49,069</td><td>4,396</td><td>9,655</td><td>4,289</td><td>3,492</td><td>4,040</td><td>3,527</td><td>2,902</td><td>7,791</td><td>4,458</td><td>4,970</td><td>4,076</td><td>3,574</td><td>4,951</td></tr><tr><td>Mississippi</td><td>973</td><td>10,061</td><td>741</td><td>1,975</td><td>1,279</td><td>1,148</td><td>1,290</td><td>956</td><td>847</td><td>1,431</td><td>1,265</td><td>1,233</td><td>1,206</td><td>1,330</td><td>2,887</td></tr><tr><td>Missouri</td><td>23,952</td><td>68,651</td><td>7,399</td><td>9,986</td><td>5,432</td><td>4,841</td><td>5,575</td><td>6,850</td><td>6,142</td><td>9,073</td><td>4,922</td><td>6,093</td><td>5,728</td><td>4,680</td><td>6,848</td></tr><tr><td>Montana</td><td>612</td><td>6,322</td><td>582</td><td>1,057</td><td>619</td><td>895</td><td>369</td><td>371</td><td>490</td><td>882</td><td>558</td><td>677</td><td>762</td><td>815</td><td>888</td></tr><tr><td>Nebraska</td><td>3,523</td><td>14,132</td><td>1,078</td><td>3,662</td><td>1,528</td><td>1,517</td><td>982</td><td>1,107</td><td>1,282</td><td>2,483</td><td>1,275</td><td>1,931</td><td>1,470</td><td>1,227</td><td>2,696</td></tr><tr><td>Nevada</td><td>354</td><td>2,349</td><td>207</td><td>380</td><td>529</td><td>496</td><td>139</td><td>159</td><td>70</td><td>443</td><td>228</td><td>357</td><td>269</td><td>304</td><td>174</td></tr><tr><td>New Hampshire</td><td>1,896</td><td>11,090</td><td>850</td><td>2,717</td><td>900</td><td>1,738</td><td>1,080</td><td>864</td><td>548</td><td>1,630</td><td>966</td><td>996</td><td>868</td><td>856</td><td>1,095</td></tr><tr><td>New Jersey</td><td>20,400</td><td>93,399</td><td>10,871</td><td>14,494</td><td>8,104</td><td>11,166</td><td>8,469</td><td>6,502</td><td>8,704</td><td>14,206</td><td>8,771</td><td>9,838</td><td>8,167</td><td>6,245</td><td>11,879</td></tr><tr><td>New Mexico</td><td>415</td><td>9,034</td><td>371</td><td>3,226</td><td>3,206</td><td>933</td><td>248</td><td>333</td><td>154</td><td>509</td><td>359</td><td>507</td><td>686</td><td>576</td><td>675</td></tr><tr><td>New York</td><td>141,842</td><td>580,433</td><td>56,658</td><td>107,721</td><td>49,543</td><td>36,113</td><td>46,779</td><td>46,275</td><td>46,456</td><td>92,319</td><td>44,915</td><td>62,776</td><td>35,201</td><td>70,032</td><td>54,236</td></tr><tr><td>North Carolina</td><td>2,338</td><td>26,074</td><td>1,908</td><td>8,572</td><td>3,296</td><td>1,774</td><td>1,683</td><td>1,855</td><td>1,658</td><td>3,586</td><td>2,021</td><td>5,136</td><td>3,120</td><td>2,745</td><td>3,836</td></tr><tr><td>North Dakota</td><td>962</td><td>7,515</td><td>324</td><td>1,131</td><td>1,504</td><td>2,239</td><td>490</td><td>410</td><td>419</td><td>1,076</td><td>685</td><td>715</td><td>732</td><td>757</td><td>840</td></tr><tr><td>Ohio</td><td>22,466</td><td>119,098</td><td>13,640</td><td>22,461</td><td>9,594</td><td>7,680</td><td>10,472</td><td>11,414</td><td>9,887</td><td>23,133</td><td>12,264</td><td>15,066</td><td>12,025</td><td>9,699</td><td>20,724</td></tr><tr><td>Oklahoma</td><td>2,325</td><td>16,587</td><td>2,151</td><td>3,131</td><td>1,753</td><td>1,006</td><td>1,478</td><td>1,777</td><td>1,273</td><td>2,973</td><td>1,617</td><td>2,103</td><td>1,347</td><td>1,448</td><td>2,034</td></tr><tr><td>Oregon</td><td>2,522</td><td>22,095</td><td>1,811</td><td>3,873</td><td>1,249</td><td>4,735</td><td>1,315</td><td>1,272</td><td>1,484</td><td>3,641</td><td>2,020</td><td>2,527</td><td>2,741</td><td>2,131</td><td>4,389</td></tr><tr><td>Pennsylvania</td><td>49,547</td><td>243,285</td><td>24,227</td><td>41,707</td><td>21,582</td><td>14,607</td><td>20,943</td><td>20,685</td><td>20,058</td><td>34,117</td><td>19,817</td><td>25,071</td><td>21,793</td><td>20,841</td><td>25,937</td></tr><tr><td>Rhode Island</td><td>5,924</td><td>28,064</td><td>3,554</td><td>4,622</td><td>3,194</td><td>2,861</td><td>1,755</td><td>1,497</td><td>2,225</td><td>3,695</td><td>2,262</td><td>1,661</td><td>1,557</td><td>1,815</td><td>1,852</td></tr><tr><td>South Carolina</td><td>1,621</td><td>9,459</td><td>954</td><td>1,576</td><td>942</td><td>1,298</td><td>992</td><td>605</td><td>902</td><td>1,761</td><td>1,413</td><td>1,783</td><td>1,249</td><td>1,387</td><td>1,683</td></tr><tr><td>South Dakota</td><td>194</td><td>3,077</td><td>302</td><td>495</td><td>258</td><td>487</td><td>350</td><td>300</td><td>276</td><td>682</td><td>506</td><td>520</td><td>581</td><td>859</td><td>978</td></tr><tr><td>Tennessee</td><td>3,128</td><td>18,431</td><td>1,550</td><td>4,010</td><td>1,233</td><td>2,399</td><td>1,714</td><td>1,679</td><td>1,420</td><td>3,997</td><td>2,413</td><td>3,089</td><td>2,888</td><td>2,122</td><td>3,293</td></tr><tr><td>Texas</td><td>10,323</td><td>54,196</td><td>7,445</td><td>10,611</td><td>4,378</td><td>3,157</td><td>4,988</td><td>6,268</td><td>5,679</td><td>11,003</td><td>6,581</td><td>8,698</td><td>7,289</td><td>5,641</td><td>9,777</td></tr><tr><td>Utah</td><td>1,000</td><td>5,013</td><td>144</td><td>846</td><td>842</td><td>772</td><td>279</td><td>638</td><td>519</td><td>680</td><td>384</td><td>500</td><td>473</td><td>485</td><td>471</td></tr><tr><td>Vermont</td><td>1,011</td><td>5,842</td><td>229</td><td>1,502</td><td>498</td><td>540</td><td>445</td><td>565</td><td>380</td><td>792</td><td>494</td><td>439</td><td>538</td><td>357</td><td>579</td></tr><tr><td>Virginia</td><td>4,532</td><td>28,014</td><td>4,883</td><td>5,467</td><td>2,132</td><td>1,927</td><td>1,890</td><td>2,247</td><td>2,667</td><td>4,487</td><td>2,646</td><td>4,024</td><td>3,971</td><td>3,274</td><td>5,932</td></tr><tr><td>Washington</td><td>6,268</td><td>25,898</td><td>2,621</td><td>5,123</td><td>1,814</td><td>2,040</td><td>1,940</td><td>2,510</td><td>2,170</td><td>4,628</td><td>2,733</td><td>3,384</td><td>3,053</td><td>3,008</td><td>3,607</td></tr><tr><td>West Virginia</td><td>1,492</td><td>11,780</td><td>1,864</td><td>1,980</td><td>837</td><td>1,699</td><td>855</td><td>757</td><td>1,329</td><td>1,839</td><td>1,062</td><td>1,278</td><td>1,304</td><td>1,291</td><td>2,063</td></tr><tr><td>Wisconsin</td><td>8,491</td><td>42,205</td><td>5,107</td><td>8,424</td><td>3,425</td><td>2,637</td><td>3,552</td><td>2,873</td><td>4,909</td><td>8,146</td><td>5,530</td><td>6,934</td><td>5,097</td><td>3,709</td><td>6,838</td></tr><tr><td>Wyoming</td><td>501</td><td>3,690</td><td>358</td><td>1,007</td><td>369</td><td>634</td><td>279</td><td>186</td><td>232</td><td>546</td><td>303</td><td>438</td><td>286</td><td>502</td><td>572</td></tr><tr><td>Alaska</td><td>20</td><td>736</td><td>53</td><td>92</td><td>271</td><td>160</td><td>34</td><td>11</td><td>40</td><td>98</td><td>65r</td><td>75</td><td>127</td><td>92</td><td>57</td></tr><tr><td>Canal Zone</td><td>95</td><td>504</td><td>31</td><td>77</td><td>86</td><td>78</td><td>128</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>178</td><td>49</td><td>119</td></tr><tr><td>Hawaii</td><td>47</td><td>5,882</td><td>267</td><td>846</td><td>677</td><td>667</td><td>942</td><td>373</td><td>642</td><td>2,549</td><td>1,577</td><td>1,176</td><td>1,500</td><td>
Source: Reports of gross sales.
p Preliminary.
r Revised.
* Less than $500.
1/ Sales of Series E, F, and G bonds commenced May 1, 1941.
44
Participation in Payroll Savings Plans For War Savings Bonds
<table><tr><th></th><th colspan="2">1941</th><th colspan="10">1942</th></tr><tr><th></th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th></tr><tr><td colspan="13">Number of firms having payroll savings plans</td></tr><tr><td>Firms with:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5,000 or more workers</td><td>100</td><td>355</td><td>448</td><td>467</td><td>470</td><td>475</td><td>477</td><td>481</td><td>484</td><td>487</td><td>488</td><td>469</td></tr><tr><td>500-4,999 workers</td><td>430</td><td>1,622</td><td>2,780</td><td>3,674</td><td>4,573</td><td>4,768</td><td>4,956</td><td>5,099</td><td>5,266</td><td>5,378</td><td>5,534</td><td>5,607</td></tr><tr><td>100-499 workers</td><td>3,495</td><td>7,059</td><td>11,172</td><td>13,770</td><td>16,216</td><td>18,169</td><td>19,718</td><td>21,038</td><td>22,375</td><td>23,275</td><td>24,321</td><td>24,873</td></tr><tr><td>Under 100 workers</td><td>5,914</td><td>8,477</td><td>20,080</td><td>32,209</td><td>50,427</td><td>67,006</td><td>82,948</td><td>95,275</td><td>108,767</td><td>115,421</td><td>122,762</td><td>127,660</td></tr><tr><td>Total number of firms</td><td>9,939</td><td>17,513</td><td>34,480</td><td>50,120</td><td>71,686</td><td>90,418</td><td>108,099</td><td>121,893</td><td>136,892</td><td>144,561</td><td>153,105</td><td>158,609</td></tr><tr><td colspan="13">Number of workers employed in firms and governmental agencies having payroll savings plans (In millions)</td></tr><tr><td>In firms</td><td>3.2</td><td>9.9</td><td>14.2</td><td>16.7</td><td>19.2</td><td>20.5</td><td>21.3</td><td>22.0</td><td>22.8</td><td>23.2</td><td>24.5</td><td>25.3r</td></tr><tr><td>In Federal, State, and local governments and their agencies</td><td>-</td><td>.6</td><td>.9</td><td>1.4</td><td>1.5</td><td>1.5</td><td>1.5</td><td>2.5</td><td>2.8</td><td>3.4</td><td>3.6</td><td>3.6</td></tr><tr><td>Total</td><td>3.2</td><td>10.5</td><td>15.1</td><td>18.0</td><td>20.7</td><td>22.0</td><td>22.8</td><td>24.6</td><td>25.6</td><td>26.6</td><td>28.1</td><td>28.8r</td></tr><tr><td colspan="13">Number of persons actually participating in payroll savings plans (In millions)</td></tr><tr><td>Workers participating:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>In firms</td><td>0.7</td><td>3.7</td><td>7.2</td><td>9.0</td><td>10.9</td><td>13.2</td><td>15.0</td><td>16.5</td><td>16.7</td><td>17.6</td><td>18.6</td><td>19.1r</td></tr><tr><td>In Federal, State, and local governments and their agencies</td><td>-</td><td>.1</td><td>.4</td><td>.6</td><td>.7</td><td>.7</td><td>1.0</td><td>1.5</td><td>1.8</td><td>2.1</td><td>2.4</td><td>2.6</td></tr><tr><td>Total workers participating</td><td>0.7</td><td>3.8</td><td>7.6</td><td>9.6</td><td>11.6</td><td>13.9</td><td>16.0</td><td>18.0</td><td>18.5</td><td>19.7</td><td>21.0</td><td>21.7r</td></tr><tr><td>Persons in the armed forces participating</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>1.0</td><td>1.7</td><td>2.0</td><td>2.5r</td></tr><tr><td>Total persons participating</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td><td>19.5</td><td>21.4</td><td>23.0</td><td>24.2r</td></tr><tr><td colspan="13">Deductions under payroll savings plans</td></tr><tr><td>Total amount deducted (in millions of dollars)</td><td>5.0</td><td>28.0</td><td>58.0</td><td>78.0</td><td>96.0</td><td>126.0</td><td>153.0</td><td>205.0</td><td>230.0</td><td>265.0</td><td>307.0</td><td>335.0</td></tr><tr><td>Percent of pay deducted</td><td>4.1%</td><td>4.5%</td><td>4.8%</td><td>4.9%</td><td>4.9%</td><td>5.3%</td><td>5.8%</td><td>6.5%</td><td>7.1%</td><td>7.5%</td><td>7.8%</td><td>8.3%</td></tr></table><p>1. Revised.</p><p>2. Estimated.</p>
1/2 Reviewed. Estimated. Not available.
45
Sales of United States Savings Stamps
Table 1.- Summary
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 1/</th><th>Net change during fiscal year or month 1/</th><th colspan="3">Analysis of net change</th><th>Redemptions 1/</th></tr><tr><th></th><th></th><th></th><th>Total funds received 1/</th><th>Croese sales Adjustment of sales reported to funde received</th><th>Salee reported</th><th></th></tr><tr><td>1941 2/</td><td>5,294</td><td>+5,143</td><td></td><td>6,087</td><td></td><td>943</td></tr><tr><td>1942.</td><td>166,341</td><td>+161,048</td><td></td><td>308,621</td><td></td><td>147,574</td></tr><tr><td>1941-December.</td><td>39,434</td><td>+19,006</td><td></td><td>25,657</td><td></td><td>6,651</td></tr><tr><td>1942-January.</td><td>68,595</td><td>+29,161</td><td></td><td>41,169</td><td></td><td>12,007</td></tr><tr><td>February.</td><td>93,932</td><td>+25,337</td><td></td><td>38,649</td><td></td><td>13,313</td></tr><tr><td>March.</td><td>115,857</td><td>+21,925</td><td></td><td>40,599</td><td></td><td>18,674</td></tr><tr><td>April.</td><td>133,620</td><td>+17,762</td><td></td><td>40,173</td><td></td><td>22,410</td></tr><tr><td>May.</td><td>152,217</td><td>+18,597</td><td></td><td>47,990</td><td></td><td>29,393</td></tr><tr><td>June.</td><td>166,341</td><td>+14,124</td><td></td><td>48,960</td><td></td><td>34,836</td></tr><tr><td>July.</td><td>180,972</td><td>+14,631</td><td></td><td>53,815</td><td></td><td>39,185</td></tr><tr><td>August.</td><td>187,618</td><td>+6,647</td><td></td><td>44,546</td><td></td><td>37,900</td></tr><tr><td>September.</td><td>194,010</td><td>+6,392</td><td></td><td>47,682</td><td></td><td>41,290</td></tr><tr><td>October.</td><td>206,044</td><td>+12,034</td><td>39,077</td><td>53,141</td><td></td><td>41,107</td></tr><tr><td>November.</td><td>215,805</td><td>+9,121 2/</td><td>43,920</td><td>-7,602</td><td>46,678 p</td><td>29,955</td></tr><tr><td>December.</td><td>221,340</td><td>+5,536</td><td></td><td>-10,931</td><td>54,851 p</td><td>38,384</td></tr></table>
Source:
Commencing November 1, 1942, Daily Treasury Statements, except Post Office Department reports of gross sales; prior thereto, Post Office Department.
p1
Figures for November and following months are not strictly comparable with earlier months because of the shift to a Daily Treasury Statement basis. Stamps sold prior to October 1, 1942 were known
as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations.
2
series and reedscription commence with May 1, 1941. The amount of the old series of postal savings stamps outstanding on April 30, 1941 was $150 thousands. Net change in amount outstanding as shown on Daily Treasury Statement. See footnote 1/
Table 2.- Gross Sales, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1941</td><td>6,087</td><td>400</td><td>2,691</td><td>1,012</td><td>1,130</td><td>854</td><td>100.0</td><td>6.6</td><td>44.2</td><td>16.6</td><td>18.6</td><td>14.0</td></tr><tr><td>1942</td><td>308,621</td><td>67,466</td><td>167,709</td><td>28,614</td><td>31,583</td><td>13,250</td><td>100.0</td><td>21.9</td><td>54.3</td><td>9.3</td><td>10.2</td><td>4.3</td></tr><tr><td>1941-December</td><td>25,657</td><td>5,353</td><td>13,255</td><td>2,491</td><td>2,636</td><td>1,922</td><td>100.0</td><td>20.8</td><td>51.7</td><td>9.7</td><td>10.3</td><td>7.5</td></tr><tr><td>1942-January</td><td>41,169</td><td>11,044</td><td>21,498</td><td>3,579</td><td>3,653</td><td>1,395</td><td>100.0</td><td>26.8</td><td>52.2</td><td>8.7</td><td>8.9</td><td>3.4</td></tr><tr><td>February</td><td>38,649</td><td>10,020</td><td>20,724</td><td>3,258</td><td>3,333</td><td>1,314</td><td>100.0</td><td>25.9</td><td>53.6</td><td>8.5</td><td>8.6</td><td>3.4</td></tr><tr><td>March</td><td>10,599</td><td>10,181</td><td>21,693</td><td>3,424</td><td>3,845</td><td>1,456</td><td>100.0</td><td>25.1</td><td>53.4</td><td>8.4</td><td>9.5</td><td>3.6</td></tr><tr><td>April</td><td>40,173</td><td>9,812</td><td>21,529</td><td>3,458</td><td>3,827</td><td>1,548</td><td>100.0</td><td>24.4</td><td>53.6</td><td>8.6</td><td>9.5</td><td>3.9</td></tr><tr><td>May</td><td>47,990</td><td>10,037</td><td>26,772</td><td>4,330</td><td>4,941</td><td>1,910</td><td>100.0</td><td>20.9</td><td>55.9</td><td>9.0</td><td>10.3</td><td>4.0</td></tr><tr><td>June</td><td>48,960</td><td>9,124</td><td>27,319</td><td>4,715</td><td>5,706</td><td>2,097</td><td>100.0</td><td>18.6</td><td>55.1</td><td>9.6</td><td>11.7</td><td>4.3</td></tr><tr><td>July</td><td>53,815</td><td>10,106</td><td>29,693</td><td>5,203</td><td>6,326</td><td>2,487</td><td>100.0</td><td>18.8</td><td>55.2</td><td>9.7</td><td>11.7</td><td>4.6</td></tr><tr><td>August</td><td>44,546</td><td>7,326</td><td>24,808</td><td>4,348</td><td>5,950</td><td>2,114</td><td>100.0</td><td>16.4</td><td>55.7</td><td>9.8</td><td>13.4</td><td>4.7</td></tr><tr><td>September</td><td>47,682</td><td>8,366</td><td>26,189</td><td>4,935</td><td>6,064</td><td>2,128</td><td>100.0</td><td>17.5</td><td>54.9</td><td>10.4</td><td>12.7</td><td>4.5</td></tr><tr><td>October</td><td>53,141</td><td>10,680</td><td>28,563</td><td>5,150</td><td>6,498</td><td>2,250</td><td>100.0</td><td>20.1</td><td>53.8</td><td>9.7</td><td>12.2</td><td>4.2</td></tr><tr><td>November p.</td><td>46,678</td><td>9,596</td><td>24,788</td><td>4,294</td><td>5,900</td><td>2,101</td><td>100.0</td><td>20.6</td><td>53.1</td><td>9.2</td><td>12.6</td><td>4.5</td></tr><tr><td>December p.</td><td>54,851</td><td>11,543</td><td>28,704</td><td>4,527</td><td>6,994</td><td>3,083</td><td>100.0</td><td>21.0</td><td>52.3</td><td>8.3</td><td>12.8</td><td>5.6</td></tr></table>
Source:
Post Office Department, Division of Postal Savings
p Preliminary.
Table 3.- Redemptions, Classified by Means of Payment
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Redemptions in thousands of dollars</th><th colspan="4">Percentage distribution of redemptions</th></tr><tr><th>Total</th><th>Exchanged for United States savings bonds 1/</th><th>Exchanged for postal savings certificates</th><th>Cash 1/</th><th>Total</th><th>Exchanged for United States savings bonds 1/</th><th>Exchanged for postal savings certificates</th><th>Cash 1/</th></tr><tr><td>1941</td><td>943</td><td>2/</td><td>2/</td><td>2/</td><td>100.0</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>1942 [July 1941......</td><td>1,158</td><td>2/</td><td>2/</td><td>2/</td><td>100.0</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Aug. 1941 - June 1942..</td><td>146,415</td><td>127,948</td><td>123</td><td>18,344</td><td>100.0</td><td>87.4</td><td>.1</td><td>12.5</td></tr><tr><td>1941-December</td><td>6,651</td><td>5,225</td><td>8</td><td>1,417</td><td>100.0</td><td>78.6</td><td>.1</td><td>21.3</td></tr><tr><td>1942-January</td><td>12,007</td><td>9,683</td><td>8</td><td>2,316</td><td>100.0</td><td>80.6</td><td>.1</td><td>19.3</td></tr><tr><td>February</td><td>13,313</td><td>11,253</td><td>12</td><td>2,048</td><td>100.0</td><td>84.5</td><td>.1</td><td>15.4</td></tr><tr><td>March</td><td>18,674</td><td>16,543</td><td>9</td><td>2,122</td><td>100.0</td><td>88.6</td><td>*</td><td>11.4</td></tr><tr><td>April</td><td>22,410</td><td>19,959</td><td>19</td><td>2,432</td><td>100.0</td><td>89.1</td><td>.1</td><td>10.8</td></tr><tr><td>May</td><td>29,393</td><td>26,616</td><td>16</td><td>2,761</td><td>100.0</td><td>90.6</td><td>*</td><td>9.4</td></tr><tr><td>June</td><td>34,836</td><td>31,678</td><td>8</td><td>3,150</td><td>100.0</td><td>90.9</td><td>*</td><td>9.1</td></tr><tr><td>July</td><td>39,185</td><td>35,253</td><td>26</td><td>3,906</td><td>100.0</td><td>90.0</td><td>*</td><td>10.0</td></tr><tr><td>August</td><td>37,900</td><td>34,101</td><td>15</td><td>3,784</td><td>100.0</td><td>90.0</td><td>*</td><td>10.0</td></tr><tr><td>September</td><td>41,290</td><td>36,561</td><td>14</td><td>4,715</td><td>100.0</td><td>88.6</td><td>*</td><td>11.4</td></tr><tr><td>October</td><td>41,107</td><td>36,188</td><td></td><td>4,919</td><td>100.0</td><td>88.0</td><td></td><td>12.0</td></tr><tr><td>November</td><td>29,955</td><td>26,220</td><td></td><td>3,735</td><td>100.0</td><td>87.5</td><td></td><td>12.5</td></tr><tr><td>December</td><td>38,384</td><td>32,988</td><td></td><td>5,396</td><td>100.0</td><td>85.9</td><td></td><td>14.1</td></tr></table>
Source:
Commencing November 1, 1942, Daily Treasury Statements; prior thereto, Post Office Department, Division of Postal Savings. Less than .05%.
1/ Commencing November 1, 1942, estimated on the basis of Post Office Department reports.
2/ Details not available for May, June, and July 1941.
46
Sales of United States Savings Stamps - (Continued
Table 4.- Gross Sales by States
(In thousands of dollars)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="12">1941</th><th colspan="12">1942</th></tr><tr><th></th><th>1941</th><th>1942</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>Alabama</td><td>38.7</td><td>2,343.7</td><td>197.8</td><td>323.3</td><td>260.4</td><td>305.5</td><td>294.7</td><td>351.7</td><td>447.8</td><td>442.8</td><td>377.5</td><td>372.8</td><td>349.3</td><td>312.0</td><td>345.6</td></tr><tr><td>Arizona</td><td>16.0</td><td>834.8</td><td>70.4</td><td>114.3</td><td>100.3</td><td>114.7</td><td>108.7</td><td>139.4</td><td>125.0</td><td>177.5</td><td>110.7</td><td>129.4</td><td>148.4</td><td>138.1</td><td>183.4</td></tr><tr><td>Arkansas</td><td>24.8</td><td>1,674.7</td><td>115.6</td><td>201.4</td><td>190.9</td><td>221.2</td><td>198.0</td><td>348.6</td><td>290.1</td><td>302.5</td><td>227.4</td><td>253.4</td><td>264.7</td><td>247.4</td><td>269.2</td></tr><tr><td>California</td><td>428.0</td><td>20,132.6</td><td>1,878.3</td><td>2,784.6</td><td>2,366.8</td><td>2,450.2</td><td>2,478.9</td><td>3,077.2</td><td>3,442.2</td><td>3,766.8</td><td>2,904.9</td><td>3,232.9</td><td>3,602.5</td><td>3,046.3</td><td>4,037.5</td></tr><tr><td>Colorado</td><td>30.3</td><td>2,020.3</td><td>204.9</td><td>269.3</td><td>241.2</td><td>237.2</td><td>266.3</td><td>326.2</td><td>300.5</td><td>359.9</td><td>315.1</td><td>337.5</td><td>340.4</td><td>332.8</td><td>399.6</td></tr><tr><td>Connecticut</td><td>140.6</td><td>7,707.4</td><td>599.1</td><td>1,006.4</td><td>902.0</td><td>951.1</td><td>953.5</td><td>1,114.6</td><td>1,394.6</td><td>1,472.0</td><td>1,223.4</td><td>1,350.2</td><td>1,437.0</td><td>1,229.0</td><td>1,353.6</td></tr><tr><td>Delaware</td><td>14.5</td><td>714.2</td><td>63.3</td><td>93.3</td><td>86.4</td><td>93.9</td><td>91.5</td><td>112.6</td><td>114.8</td><td>113.6</td><td>94.4</td><td>100.6</td><td>123.3</td><td>124.3</td><td>127.4</td></tr><tr><td>Dist. of Columbia</td><td>174.1</td><td>6,100.1</td><td>580.4</td><td>771.3</td><td>694.5</td><td>656.7</td><td>650.4</td><td>694.5</td><td>684.2</td><td>639.7</td><td>502.3</td><td>489.9</td><td>447.0</td><td>392.9</td><td>519.5</td></tr><tr><td>Florida</td><td>75.0</td><td>3,705.9</td><td>298.1</td><td>497.7</td><td>483.7</td><td>507.9</td><td>497.6</td><td>583.0</td><td>498.7</td><td>531.0</td><td>415.9</td><td>462.5</td><td>533.1</td><td>460.7</td><td>582.2</td></tr><tr><td>Georgia</td><td>60.3</td><td>3,175.5</td><td>275.1</td><td>476.2</td><td>372.2</td><td>407.8</td><td>340.6</td><td>506.7</td><td>512.0</td><td>534.6</td><td>463.6</td><td>460.7</td><td>500.4</td><td>447.6</td><td>521.1</td></tr><tr><td>Idaho</td><td>8.1</td><td>841.0</td><td>79.2</td><td>110.7</td><td>96.5</td><td>102.4</td><td>109.3</td><td>141.4</td><td>125.5</td><td>148.3</td><td>98.9</td><td>115.5</td><td>122.8</td><td>114.3</td><td>133.3</td></tr><tr><td>Illinois</td><td>355.1</td><td>23,612.9</td><td>2,075.9</td><td>3,391.5</td><td>2,999.2</td><td>2,950.5</td><td>2,766.3</td><td>3,924.2</td><td>3,834.7</td><td>3,847.1</td><td>3,170.6</td><td>3,373.9</td><td>3,717.4</td><td>3,360.9</td><td>4,002.7</td></tr><tr><td>Indiana</td><td>69.7</td><td>7,516.9</td><td>586.9</td><td>1,027.8</td><td>1,016.5</td><td>1,078.6</td><td>1,033.9</td><td>1,257.8</td><td>1,093.0</td><td>1,232.2</td><td>1,108.9</td><td>1,164.2</td><td>1,400.6</td><td>1,173.8</td><td>1,311.4</td></tr><tr><td>Iowa</td><td>50.0</td><td>4,575.8</td><td>315.5</td><td>540.4</td><td>546.3</td><td>712.9</td><td>707.6</td><td>782.9</td><td>750.7</td><td>1,008.5</td><td>771.7</td><td>763.5</td><td>752.2</td><td>679.0</td><td>873.0</td></tr><tr><td>Kansas</td><td>40.2</td><td>2,532.9</td><td>212.7</td><td>349.7</td><td>360.2</td><td>330.9</td><td>314.1</td><td>407.1</td><td>386.4</td><td>483.0</td><td>362.2</td><td>424.7</td><td>476.6</td><td>429.6</td><td>493.5</td></tr><tr><td>Kentucky</td><td>42.8</td><td>3,036.2</td><td>283.3</td><td>444.9</td><td>417.3</td><td>425.9</td><td>393.7</td><td>425.4</td><td>433.3</td><td>527.4</td><td>445.4</td><td>439.0</td><td>520.8</td><td>422.1</td><td>503.8</td></tr><tr><td>Louisiana</td><td>62.0</td><td>3,428.0</td><td>254.2</td><td>421.8</td><td>438.7</td><td>438.3</td><td>460.4</td><td>582.0</td><td>606.0</td><td>649.6</td><td>450.2</td><td>455.2</td><td>521.4</td><td>481.5</td><td>548.4</td></tr><tr><td>Maine</td><td>37.2</td><td>1,725.5</td><td>120.4</td><td>216.7</td><td>201.9</td><td>232.1</td><td>217.6</td><td>284.8</td><td>288.0</td><td>318.1</td><td>279.8</td><td>288.4</td><td>339.8</td><td>282.9</td><td>343.5</td></tr><tr><td>Maryland</td><td>91.6</td><td>5,785.2</td><td>472.9</td><td>1,110.8</td><td>782.4</td><td>728.7</td><td>686.5</td><td>748.7</td><td>821.0</td><td>759.9</td><td>695.5</td><td>761.9</td><td>823.6</td><td>790.2</td><td>876.4</td></tr><tr><td>Massachusetts</td><td>312.2</td><td>14,413.6</td><td>1,119.6</td><td>1,864.4</td><td>1,710.0</td><td>1,885.3</td><td>1,883.8</td><td>2,300.6</td><td>2,276.9</td><td>2,424.2</td><td>2,062.2</td><td>2,312.8</td><td>2,605.1</td><td>2,115.3</td><td>2,455.0</td></tr><tr><td>Michigan</td><td>366.8</td><td>13,721.6</td><td>1,114.3</td><td>1,733.9</td><td>1,636.5</td><td>1,766.9</td><td>1,704.0</td><td>2,125.5</td><td>2,256.2</td><td>2,681.1</td><td>1,973.6</td><td>2,152.4</td><td>2,440.5</td><td>2,018.6</td><td>2,388.2</td></tr><tr><td>Minnesota</td><td>51.6</td><td>4,037.7</td><td>300.4</td><td>545.6</td><td>537.9</td><td>545.3</td><td>511.8</td><td>609.9</td><td>677.6</td><td>743.8</td><td>581.4</td><td>609.2</td><td>656.5</td><td>603.1</td><td>757.7</td></tr><tr><td>Mississippi</td><td>36.7</td><td>1,508.8</td><td>130.6</td><td>213.3</td><td>201.1</td><td>205.7</td><td>182.0</td><td>192.3</td><td>230.4</td><td>323.1</td><td>276.7</td><td>278.5</td><td>313.9</td><td>274.0</td><td>279.6</td></tr><tr><td>Missouri</td><td>173.5</td><td>7,326.4</td><td>604.7</td><td>906.2</td><td>863.7</td><td>936.4</td><td>928.8</td><td>1,155.5</td><td>1,161.2</td><td>1,280.3</td><td>1,062.6</td><td>1,213.7</td><td>1,248.4</td><td>1,449.9</td><td>1,316.0</td></tr><tr><td>Montana</td><td>17.2</td><td>1,030.7</td><td>89.4</td><td>156.2</td><td>137.6</td><td>148.2</td><td>137.5</td><td>149.7</td><td>128.2</td><td>181.3</td><td>135.2</td><td>148.2</td><td>159.3</td><td>140.4</td><td>193.4</td></tr><tr><td>Nebraska</td><td>36.2</td><td>2,371.8</td><td>210.7</td><td>292.9</td><td>283.5</td><td>315.0</td><td>339.4</td><td>423.8</td><td>379.1</td><td>493.7</td><td>375.2</td><td>398.9</td><td>396.3</td><td>343.8</td><td>535.8</td></tr><tr><td>Nevada</td><td>6.5</td><td>381.4</td><td>33.1</td><td>56.1</td><td>46.8</td><td>45.5</td><td>47.7</td><td>63.3</td><td>64.1</td><td>69.3</td><td>60.3</td><td>60.6</td><td>56.7</td><td>55.6</td><td>76.4</td></tr><tr><td>New Hampshire</td><td>29.0</td><td>1,150.8</td><td>90.8</td><td>166.7</td><td>142.3</td><td>144.9</td><td>140.3</td><td>199.3</td><td>183.2</td><td>224.6</td><td>201.2</td><td>213.7</td><td>219.9</td><td>176.7</td><td>209.4</td></tr><tr><td>New Jersey</td><td>286.0</td><td>13,313.7</td><td>1,069.0</td><td>1,837.9</td><td>1,807.7</td><td>1,781.3</td><td>1,744.6</td><td>1,916.2</td><td>2,020.7</td><td>1,975.9</td><td>1,763.4</td><td>1,948.2</td><td>2,205.3</td><td>1,924.8</td><td>2,019.2</td></tr><tr><td>New Mexico</td><td>9.9</td><td>720.3</td><td>68.3</td><td>95.8</td><td>82.8</td><td>88.5</td><td>94.4</td><td>129.9</td><td>94.7</td><td>130.2</td><td>88.7</td><td>103.5</td><td>116.2</td><td>91.7</td><td>87.6</td></tr><tr><td>New York</td><td>1,350.5</td><td>53,060.7</td><td>4,355.0</td><td>6,493.5</td><td>6,585.4</td><td>7,254.3</td><td>7,129.5</td><td>7,883.8</td><td>9,012.0</td><td>9,674.2</td><td>8,650.7</td><td>9,316.3</td><td>10,758.8</td><td>9,074.3</td><td>10,447.1</td></tr><tr><td>North Carolina</td><td>50.8</td><td>3,089.7</td><td>250.0</td><td>382.8</td><td>375.3</td><td>375.7</td><td>342.7</td><td>567.8</td><td>574.2</td><td>605.5</td><td>523.7</td><td>565.1</td><td>639.5</td><td>548.0</td><td>626.3</td></tr><tr><td>North Dakota</td><td>10.4</td><td>801.2</td><td>53.9</td><td>109.3</td><td>104.9</td><td>108.4</td><td>99.5</td><td>152.4</td><td>134.9</td><td>176.1</td><td>111.9</td><td>119.8</td><td>117.3</td><td>122.7</td><td>142.0</td></tr><tr><td>Ohio</td><td>293.7</td><td>18,269.5</td><td>1,269.2</td><td>2,495.9</td><td>2,415.3</td><td>2,594.7</td><td>2,571.1</td><td>2,850.9</td><td>2,853.9</td><td>3,290.8</td><td>2,564.3</td><td>2,567.4</td><td>2,642.3</td><td>2,564.0</td><td>3,219.3</td></tr><tr><td>Oklahoma</td><td>44.9</td><td>2,489.1</td><td>247.5</td><td>318.0</td><td>277.8</td><td>300.9</td><td>268.4</td><td>438.8</td><td>429.1</td><td>437.9</td><td>325.5</td><td>345.1</td><td>383.0</td><td>322.4</td><td>389.6</td></tr><tr><td>Oregon</td><td>59.1</td><td>2,739.3</td><td>197.1</td><td>368.6</td><td>399.8</td><td>358.8</td><td>350.6</td><td>381.2</td><td>425.1</td><td>485.7</td><td>405.3</td><td>432.1</td><td>429.7</td><td>366.0</td><td>502.2</td></tr><tr><td>Pennsylvania</td><td>419.5</td><td>27,075.3</td><td>2,244.2</td><td>3,675.2</td><td>3,480.8</td><td>3,482.5</td><td>3,922.1</td><td>4,431.2</td><td>3,920.2</td><td>4,322.0</td><td>3,650.8</td><td>4,087.5</td><td>4,597.8</td><td>4,100.6</td><td>4,683.7</td></tr><tr><td>Rhode Island</td><td>58.8</td><td>3,087.6</td><td>329.8</td><td>433.9</td><td>405.2</td><td>407.3</td><td>368.0</td><td>423.5</td><td>484.7</td><td>554.7</td><td>463.4</td><td>460.9</td><td>527.2</td><td>434.5</td><td>473.8</td></tr><tr><td>South Carolina</td><td>30.3</td><td>1,488.2</td><td>204.7</td><td>170.0</td><td>160.1</td><td>166.3</td><td>184.9</td><td>216.1</td><td>211.0</td><td>210.2</td><td>186.9</td><td>181.4</td><td>156.1</td><td>175.2</td><td>209.7</td></tr><tr><td>South Dakota</td><td>10.4</td><td>832.2</td><td>52.4</td><td>117.7</td><td>119.3</td><td>116.2</td><td>127.6</td><td>136.9</td><td>124.9</td><td>162.0</td><td>112.8</td><td>113.5</td><td>127.8</td><td>133.9</td><td>141.3</td></tr><tr><td>Tennessee</td><td>58.8</td><td>2,952.8</td><td>290.5</td><td>369.6</td><td>336.0</td><td>351.0</td><td>341.0</td><td>494.8</td><td>518.3</td><td>734.0</td><td>474.6</td><td>467.6</td><td>525.1</td><td>457.1</td><td>521.4</td></tr><tr><td>Texas</td><td>276.5</td><td>11,520.8</td><td>1,053.3</td><td>1,592.7</td><td>1,551.0</td><td>1,646.0</td><td>1,467.2</td><td>1,695.8</td><td>1,535.2</td><td>1,848.0</td><td>1,592.9</td><td>1,643.5</td><td>1,807.2</td><td>1,617.5</td><td>1,993.4</td></tr><tr><td>Utah</td><td>11.6</td><td>963.4</td><td>63.2</td><td>126.2</td><td>124.8</td><td>125.3</td><td>137.5</td><td>171.9</td><td>151.2</td><td>177.8</td><td>144.2</td><td>142.9</td><td>169.3</td><td>210.3</td><td>366.6</td></tr><tr><td>Vermont</td><td>14.7</td><td>705.8</td><td>54.5</td><td>97.8</td><td>93.6</td><td>89.3</td><td>96.3</td><td>112.3</td><td>104.8</td><td>136.4</td><td>102.4</td><td>115.4</td><td>124.2</td><td>113.4</td><td>104.6</td></tr><tr><td>Virginia</td><td>71.6</td><td>4,051.8</td><td>312.9</td><td>558.9</td><td>526.7</td><td>555.2</td><td>566.4</td><td>602.0</td><td>592.9</td><td>659.0</td><td>521.7</td><td>585.1</td><td>640.3</td><td>598.0</td><td>649.2</td></tr><tr><td>Washington</td><td>75.0</td><td>3,909.2</td><td>305.5</td><td>479.6</td><td>402.1</td><td>424.1</td><td>435.8</td><td>702.4</td><td>748.8</td><td>759.0</td><td>592.6</td><td>624.6</td><td>684.2</td><td>602.9</td><td>776.1</td></tr><tr><td>West Virginia</td><td>32.4</td><td>2,449.7</td><td>198.7</td><td>360.8</td><td>336.7</td><td>365.1</td><td>342.9</td><td>375.5</td><td>337.5</td><td>365.3</td><td>305.4</td><td>314.2</td><td>391.5</td><td>327.9</td><td>396.7</td></tr><tr><td>Wisconsin</td><td>104.7</td><td>5,728.3</td><td>423.7</td><td>819.5</td><td>772.7</td><td>813.0</td><td>820.1</td><td>931.7</td><td>880.0</td><td>1,054.6</td><td>876.0</td><td>953.1</td><td>1,123.0</td><td>994.3</td><td>1,197.8</td></tr><tr><td>Wyoming</td><td>9.7</td><td
Source: Post Office Department, Division of Postal Savings. p Preliminary.
47
Sales of Tax Series Treasury Notes
Table 1.- Summary, by Series
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month (par value)</th><th rowspan="2">Net change during fiscal year or month</th><th colspan="3">Analysis of gross sales</th><th rowspan="2">Exchanged (par value)</th><th rowspan="2">Redemptions (par value)</th></tr><tr><th>Total funds received</th><th>Adjustment of sales reported to funds received</th><th>Sales reported</th></tr><tr><td colspan="8">All series 1/</td></tr><tr><td>1942 2/</td><td>3,014.5</td><td>+3,014.5</td><td>4,138.9</td><td>-17.2</td><td>4,156.2</td><td></td><td>1,124.4</td></tr><tr><td>1941-December</td><td>2,471.0</td><td>+334.6</td><td>341.9</td><td>-3.7</td><td>345.6</td><td></td><td>7.3</td></tr><tr><td>1942-January</td><td>2,697.2</td><td>+226.2</td><td>237.8</td><td>+10.0</td><td>227.7</td><td></td><td>11.5</td></tr><tr><td>February</td><td>2,807.1</td><td>+109.9</td><td>126.1</td><td>-1.9</td><td>128.0</td><td></td><td>16.2</td></tr><tr><td>March</td><td>2,536.3</td><td>-270.8</td><td>234.8</td><td>-2.5</td><td>237.3</td><td></td><td>505.6</td></tr><tr><td>April</td><td>2,714.4</td><td>+208.1</td><td>254.7</td><td>-6.3</td><td>261.0</td><td></td><td>46.6</td></tr><tr><td>May</td><td>3,099.7</td><td>+355.4</td><td>399.3</td><td>+4.0</td><td>395.2</td><td></td><td>43.9</td></tr><tr><td>June</td><td>3,014.5</td><td>-85.2</td><td>406.9</td><td>-13.3</td><td>420.2</td><td></td><td>492.1</td></tr><tr><td>July</td><td>3,356.6</td><td>+342.1</td><td>388.2</td><td>+5.9</td><td>382.2</td><td></td><td>46.1</td></tr><tr><td>August</td><td>3,739.3</td><td>+382.7</td><td>417.9</td><td>+18.8</td><td>399.1</td><td></td><td>35.3</td></tr><tr><td>September</td><td>4,137.1</td><td>+397.8</td><td>977.9</td><td>+37.1</td><td>940.8</td><td>48.6</td><td>531.5</td></tr><tr><td>October</td><td>4,963.5</td><td>+826.4</td><td>941.1</td><td>+17.7</td><td>923.4</td><td>19.7</td><td>94.9</td></tr><tr><td>November</td><td>5,702.5</td><td>+739.0</td><td>781.6</td><td>+4.0 r</td><td>777.6</td><td></td><td>42.6</td></tr><tr><td>December</td><td>6,384.1</td><td>+681.5</td><td>1,312.3</td><td>-22.6</td><td>1,334.9</td><td></td><td>630.8</td></tr><tr><td colspan="8">Series A</td></tr><tr><td>1942 2/</td><td>54.8</td><td>+54.8</td><td>72.2</td><td>+1.1</td><td>72.1</td><td></td><td>17.4</td></tr><tr><td>1941-December</td><td>44.0</td><td>+7.3</td><td>7.3</td><td>+1.6</td><td>5.8</td><td></td><td>*</td></tr><tr><td>1942-January</td><td>48.4</td><td>+4.4</td><td>4.7</td><td>-1.4</td><td>6.1</td><td></td><td>3</td></tr><tr><td>February</td><td>50.6</td><td>+2.2</td><td>3.2</td><td>*</td><td>3.3</td><td></td><td>1.0</td></tr><tr><td>March</td><td>45.1</td><td>-5.5</td><td>5.3</td><td>-1.1</td><td>5.4</td><td></td><td>10.8</td></tr><tr><td>April</td><td>48.5</td><td>+3.4</td><td>4.6</td><td>*</td><td>4.6</td><td></td><td>1.2</td></tr><tr><td>May</td><td>53.4</td><td>+4.8</td><td>5.2</td><td>*</td><td>5.2</td><td></td><td>3</td></tr><tr><td>June</td><td>54.8</td><td>+1.4</td><td>5.1</td><td>*</td><td>5.1</td><td></td><td>3.7</td></tr><tr><td>July</td><td>60.3</td><td>+5.5</td><td>6.0</td><td>*</td><td>6.0</td><td></td><td>5</td></tr><tr><td>August</td><td>65.1</td><td>+4.8</td><td>5.1</td><td>+2</td><td>4.9</td><td></td><td>3</td></tr><tr><td>September</td><td>112.7</td><td>+47.6</td><td>52.6</td><td>-3</td><td>52.9</td><td>*</td><td>5.0</td></tr><tr><td>October</td><td>167.0</td><td>+54.3</td><td>54.7</td><td>+6</td><td>54.1</td><td>1</td><td>4</td></tr><tr><td>November</td><td>200.1</td><td>+33.1</td><td>33.5</td><td>+3 r</td><td>33.2</td><td>*</td><td>4</td></tr><tr><td>December</td><td>276.0</td><td>+75.9</td><td>86.0</td><td>-7</td><td>86.7</td><td></td><td>10.1</td></tr><tr><td colspan="8">Series B</td></tr><tr><td>1942 2/</td><td>2,959.7</td><td>+2,959.7</td><td>4,066.7</td><td>-17.3</td><td>4,084.1</td><td></td><td>1,107.0</td></tr><tr><td>1941-December</td><td>2,427.0</td><td>+327.3</td><td>334.5</td><td>-5.3</td><td>339.8</td><td></td><td>7.2</td></tr><tr><td>1942-January</td><td>2,648.8</td><td>+221.8</td><td>233.1</td><td>+11.5</td><td>221.6</td><td></td><td>11.2</td></tr><tr><td>February</td><td>2,756.5</td><td>+107.7</td><td>122.9</td><td>-1.8</td><td>124.7</td><td></td><td>15.2</td></tr><tr><td>March</td><td>2,491.2</td><td>-265.3</td><td>229.5</td><td>-2.4</td><td>231.9</td><td></td><td>494.8</td></tr><tr><td>April</td><td>2,695.3</td><td>+204.6</td><td>250.1</td><td>-6.4</td><td>256.4</td><td></td><td>45.4</td></tr><tr><td>May</td><td>3,046.3</td><td>+350.5</td><td>394.1</td><td>+4.0</td><td>390.1</td><td></td><td>43.6</td></tr><tr><td>June</td><td>2,959.7</td><td>-86.6</td><td>401.8</td><td>-13.3</td><td>415.1</td><td></td><td>488.4</td></tr><tr><td>July</td><td>3,296.3</td><td>+336.6</td><td>382.2</td><td>+5.9</td><td>376.2</td><td></td><td>45.6</td></tr><tr><td>August</td><td>3,674.2</td><td>+377.8</td><td>412.8</td><td>+18.6</td><td>394.2</td><td></td><td>35.0</td></tr><tr><td>September</td><td>3,181.2</td><td>-493.0</td><td>82.1</td><td>+3</td><td>81.8</td><td>48.6</td><td>526.5</td></tr><tr><td>October</td><td>3,067.4</td><td>-113.7</td><td></td><td></td><td></td><td>19.7</td><td>94.1</td></tr><tr><td>November</td><td>3,026.0</td><td>-41.5</td><td></td><td></td><td></td><td></td><td>41.5</td></tr><tr><td>December</td><td>2,432.7</td><td>-593.2</td><td></td><td></td><td></td><td></td><td>593.2</td></tr><tr><td colspan="8">Series C</td></tr><tr><td>1942-September</td><td>843.2</td><td>+843.2</td><td>843.2</td><td>+37.1</td><td>806.1</td><td></td><td>-</td></tr><tr><td>October</td><td>1,729.1</td><td>+885.9</td><td>886.4</td><td>+17.1</td><td>869.2</td><td></td><td>4</td></tr><tr><td>November</td><td>2,476.5</td><td>+747.4</td><td>748.1</td><td>+3.7 r</td><td>744.5 r</td><td></td><td>8</td></tr><tr><td>December</td><td>3,675.3</td><td>+1,198.8</td><td>1,226.3</td><td>-22.0</td><td>1,248.2</td><td></td><td>27.4</td></tr></table>
Source: Daily Treasury Statement and reports of gross sales.
r Revised.
* Less than $50,000.
1/ Series A notes have been on sale since August 1, 1941, and yield approximately 1.92 percent per annum. The maximum amount which may be used in payment of each class of tax (income, estate, or gift) by each taxpayer during each taxable year is limited to $5,000 par value. If not presented in payment of taxes, the notes will be redeemed at the purchase price only. Series B notes were sold from August 1, 1941 through September 12, 1942. The yield on these notes is approximately .43 percent per annum, and
the amount which may be turned in on taxes is unlimited. If not presented in payment of taxes, the notes will be redeemed at the purchase price only. Series C notes were first offered for sale on September 14, 1942. Interest on these notes accrues each month on a graduated scale, and is equivalent to a yield of approximately 1.07 percent per annum if held to maturity. The amounts which may be turned in on taxes is unlimited. If not presented in payment of taxes, the notes will be redeemable at par and accrued interest, either at maturity or, on 30 days' notice, during and after the sixth month after the month of issue. Sale of Tax Series Treasury notes began in August 1941.
48
Sales of Tax Series Treasury Notes - (Continued)
Table 2.- Sales Reported by Series, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="9">Sales in millions of dollars et par</th><th colspan="9">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th colspan="5">Thousands of dollars</th><th>Total all denominations</th><th>$25</th><th>$50</th><th>$100</th><th>$500</th><th colspan="5">Thousands of dollars</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th><th></th><th></th><th></th><th></th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th></tr><tr><td colspan="15">Series A</td></tr><tr><td>1942 1/</td><td>72.1</td><td>2.9</td><td>4.2</td><td>56.2</td><td>3.1</td><td>5.7</td><td></td><td></td><td></td><td></td><td>100.0</td><td>4.0</td><td>5.8</td><td>78.0</td><td>4.3</td><td>7.9</td><td></td><td></td><td></td><td></td></tr><tr><td>1941-Dec....</td><td>5.8</td><td>.3</td><td>.5</td><td>4.9</td><td></td><td></td><td></td><td></td><td></td><td></td><td>100.0</td><td>5.3</td><td>9.1</td><td>85.2</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942-Jan. 2/.</td><td>6.1</td><td>.2</td><td>.3</td><td>4.1</td><td>.5</td><td>.9</td><td></td><td></td><td></td><td></td><td>100.0</td><td>3.7</td><td>5.5</td><td>67.2</td><td>8.5</td><td>15.1</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb....</td><td>3.3</td><td>.1</td><td>.2</td><td>2.0</td><td>.3</td><td>.6</td><td></td><td></td><td></td><td></td><td>100.0</td><td>4.1</td><td>6.1</td><td>62.0</td><td>9.4</td><td>18.4</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar....</td><td>5.1</td><td>.2</td><td>.3</td><td>3.3</td><td>.6</td><td>1.0</td><td></td><td></td><td></td><td></td><td>100.0</td><td>3.2</td><td>5.1</td><td>62.1</td><td>10.5</td><td>19.1</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr....</td><td>4.6</td><td>.2</td><td>.3</td><td>2.8</td><td>.5</td><td>.9</td><td></td><td></td><td></td><td></td><td>100.0</td><td>3.6</td><td>5.8</td><td>60.1</td><td>10.6</td><td>19.9</td><td></td><td></td><td></td><td></td></tr><tr><td>May....</td><td>5.2</td><td>.2</td><td>.3</td><td>2.9</td><td>.6</td><td>1.2</td><td></td><td></td><td></td><td></td><td>100.0</td><td>3.4</td><td>5.7</td><td>57.1</td><td>11.4</td><td>22.5</td><td></td><td></td><td></td><td></td></tr><tr><td>June....</td><td>5.1</td><td>.2</td><td>.3</td><td>2.9</td><td>.6</td><td>1.1</td><td></td><td></td><td></td><td></td><td>100.0</td><td>3.5</td><td>5.7</td><td>57.0</td><td>12.4</td><td>21.3</td><td></td><td></td><td></td><td></td></tr><tr><td>July....</td><td>6.0</td><td>.2</td><td>.4</td><td>3.3</td><td>.8</td><td>1.4</td><td></td><td></td><td></td><td></td><td>100.0</td><td>3.4</td><td>5.8</td><td>54.2</td><td>13.1</td><td>23.6</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug....</td><td>4.9</td><td>.2</td><td>.3</td><td>2.7</td><td>.6</td><td>1.1</td><td></td><td></td><td></td><td></td><td>100.0</td><td>3.7</td><td>6.4</td><td>54.2</td><td>12.8</td><td>22.9</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept. 3/</td><td>52.9</td><td>.3</td><td>.7</td><td>5.8</td><td>8.0</td><td>25.7</td><td>12.3</td><td></td><td></td><td></td><td>100.0</td><td>.6</td><td>1.2</td><td>11.1</td><td>15.2</td><td>48.6</td><td>23.3</td><td></td><td></td><td></td></tr><tr><td>Oct....</td><td>54.1</td><td>.5</td><td>.9</td><td>7.2</td><td>9.8</td><td>25.7</td><td>10.1</td><td></td><td></td><td></td><td>100.0</td><td>.8</td><td>1.7</td><td>13.2</td><td>18.1</td><td>47.4</td><td>18.7</td><td></td><td></td><td></td></tr><tr><td>Nov....</td><td>33.0</td><td>.1</td><td>.8</td><td>5.3</td><td>6.7</td><td>14.8</td><td>5.0</td><td></td><td></td><td></td><td>100.0</td><td>1.2</td><td>2.3</td><td>16.1</td><td>20.1</td><td>44.9</td><td>15.1</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>86.7</td><td>1.1</td><td>2.0</td><td>13.7</td><td>17.7</td><td>39.3</td><td>12.9</td><td></td><td></td><td></td><td>100.0</td><td>1.3</td><td>2.3</td><td>15.8</td><td>20.4</td><td>45.3</td><td>14.9</td><td></td><td></td><td></td></tr><tr><td colspan="15">Series B</td></tr><tr><td>1942 1/</td><td>4,084.1</td><td></td><td>6.9</td><td>14.7</td><td>148.5</td><td>566.7</td><td>1,391.8</td><td>366.5</td><td>1,589.0</td><td></td><td>100.0</td><td></td><td>.2</td><td>.4</td><td>3.6</td><td>13.8</td><td>34.1</td><td>9.0</td><td>38.9</td><td></td></tr><tr><td>1941-Dec....</td><td>339.8</td><td></td><td>.9</td><td>2.1</td><td>19.2</td><td>58.8</td><td>120.9</td><td>22.0</td><td>116.0</td><td></td><td>100.0</td><td></td><td>.3</td><td>.6</td><td>5.6</td><td>17.3</td><td>35.6</td><td>6.5</td><td>34.1</td><td></td></tr><tr><td>1942-Jan....</td><td>221.6</td><td></td><td>.6</td><td>1.2</td><td>12.1</td><td>39.8</td><td>71.8</td><td>19.0</td><td>77.0</td><td></td><td>100.0</td><td></td><td>.3</td><td>.6</td><td>5.5</td><td>18.0</td><td>32.4</td><td>8.6</td><td>34.7</td><td></td></tr><tr><td>Feb....</td><td>124.7</td><td></td><td>.3</td><td>.6</td><td>6.4</td><td>23.2</td><td>48.7</td><td>11.5</td><td>34.0</td><td></td><td>100.0</td><td></td><td>.3</td><td>.5</td><td>5.1</td><td>18.6</td><td>39.0</td><td>9.2</td><td>27.3</td><td></td></tr><tr><td>Mar....</td><td>231.9</td><td></td><td>.5</td><td>1.1</td><td>10.9</td><td>33.4</td><td>74.5</td><td>31.5</td><td>80.0</td><td></td><td>100.0</td><td></td><td>.2</td><td>.5</td><td>4.7</td><td>14.4</td><td>32.1</td><td>13.6</td><td>34.5</td><td></td></tr><tr><td>Apr....</td><td>256.4</td><td></td><td>.5</td><td>.9</td><td>10.6</td><td>39.8</td><td>108.2</td><td>34.5</td><td>62.0</td><td></td><td>100.0</td><td></td><td>.2</td><td>.3</td><td>4.1</td><td>15.5</td><td>42.2</td><td>13.5</td><td>24.2</td><td></td></tr><tr><td>May....</td><td>390.1</td><td></td><td>.6</td><td>1.1</td><td>12.0</td><td>52.9</td><td>122.4</td><td>43.0</td><td>158.0</td><td></td><td>100.0</td><td></td><td>.2</td><td>.3</td><td>3.1</td><td>13.6</td><td>31.4</td><td>11.0</td><td>40.5</td><td></td></tr><tr><td>June....</td><td>415.1</td><td></td><td>.6</td><td>1.1</td><td>13.8</td><td>65.5</td><td>148.6</td><td>55.5</td><td>130.0</td><td></td><td>100.0</td><td></td><td>.1</td><td>.3</td><td>3.3</td><td>15.8</td><td>35.8</td><td>13.4</td><td>31.3</td><td></td></tr><tr><td>July....</td><td>376.2</td><td></td><td>.7</td><td>1.5</td><td>15.9</td><td>71.4</td><td>150.8</td><td>81.0</td><td>55.0</td><td></td><td>100.0</td><td></td><td>.2</td><td>.4</td><td>4.2</td><td>19.0</td><td>40.1</td><td>21.5</td><td>14.6</td><td></td></tr><tr><td>Aug....</td><td>394.2</td><td></td><td>.7</td><td>1.4</td><td>16.0</td><td>74.1</td><td>172.5</td><td>37.5</td><td>92.0</td><td></td><td>100.0</td><td></td><td>.2</td><td>.4</td><td>4.1</td><td>18.8</td><td>43.8</td><td>9.5</td><td>23.3</td><td></td></tr><tr><td>Sept....</td><td>81.8</td><td></td><td>.3</td><td>.5</td><td>3.9</td><td>13.1</td><td>15.5</td><td>21.5</td><td>27.0</td><td></td><td>100.0</td><td></td><td>.3</td><td>.6</td><td>4.8</td><td>16.0</td><td>19.0</td><td>26.3</td><td>33.0</td><td></td></tr><tr><td colspan="15">Series C</td></tr><tr><td>1942-Sept....</td><td>806.1</td><td></td><td></td><td>16.4</td><td>24.8</td><td>131.2</td><td>267.3</td><td>98.5</td><td>268.0</td><td></td><td>100.0</td><td></td><td></td><td>2.0</td><td>3.1</td><td>16.3</td><td>33.2</td><td>12.2</td><td>33.2</td><td></td></tr><tr><td>Oct....</td><td>869.2</td><td></td><td></td><td>19.8</td><td>31.6</td><td>150.1</td><td>297.2</td><td>146.5</td><td>224.0</td><td></td><td>100.0</td><td></td><td></td><td>2.3</td><td>3.6</td><td>17.3</td><td>34.2</td><td>16.9</td><td>25.8</td><td></td></tr><tr><td>Nov....</td><td>744.0</td><td></td><td></td><td>16.9</td><td>26.2</td><td>126.5</td><td>229.9</td><td>71.5</td><td>273.0</td><td></td><td>100.0</td><td></td><td></td><td>2.3</td><td>3.5</td><td>17.0</td><td>30.9</td><td>9.6</td><td>36.7</td><td></td></tr><tr><td>Dec....</td><td>1,248.2</td><td></td><td></td><td>41.1</td><td>67.8</td><td>254.8</td><td>395.5</td><td>208.0</td><td>281.0</td><td></td><td>100.0</td><td></td><td></td><td>3.3</td><td>5.4</td><td>20.4</td><td>31.7</td><td>16.7</td><td>22.5</td><td></td></tr></table>
Source: Reports of gross sales. 1/ Sales of Tax Series Treasury notes began in August 1941.
2/ Sale of $500 and $1,000 denominations Tax Series A Treasury notes began in January 1942. 3/ Sals of $5,000 denomination Series A notes began in September 1942.
49
Sales of Tax Series Treasury Notes - (Continued)
Table 3.- Sales Reported by Series, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars at par</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th></tr><tr><td colspan="7">All series</td></tr><tr><td>1942 1/</td><td>4,156.2</td><td>402.5</td><td>3,753.7</td><td>100.0</td><td>9.7</td><td>90.3</td></tr><tr><td>1941-December</td><td>345.6</td><td>42.1</td><td>303.5</td><td>100.0</td><td>12.2</td><td>87.8</td></tr><tr><td>1942-January</td><td>227.7</td><td>66.1</td><td>161.6</td><td>100.0</td><td>29.0</td><td>71.0</td></tr><tr><td>February</td><td>128.0</td><td>26.7</td><td>101.3</td><td>100.0</td><td>20.8</td><td>79.2</td></tr><tr><td>March</td><td>237.3</td><td>28.8</td><td>208.5</td><td>100.0</td><td>12.1</td><td>87.9</td></tr><tr><td>April</td><td>261.0</td><td>37.2</td><td>223.8</td><td>100.0</td><td>14.3</td><td>85.7</td></tr><tr><td>May</td><td>395.2</td><td>29.3</td><td>365.9</td><td>100.0</td><td>7.4</td><td>92.6</td></tr><tr><td>June</td><td>420.2</td><td>35.5</td><td>384.7</td><td>100.0</td><td>8.5</td><td>91.5</td></tr><tr><td>July</td><td>382.2</td><td>38.9</td><td>343.4</td><td>100.0</td><td>10.2</td><td>89.8</td></tr><tr><td>August</td><td>399.1</td><td>28.8</td><td>370.3</td><td>100.0</td><td>7.2</td><td>92.8</td></tr><tr><td>September</td><td>940.8</td><td>86.5</td><td>854.3</td><td>100.0</td><td>9.2</td><td>90.8</td></tr><tr><td>October</td><td>923.4</td><td>122.4</td><td>801.0</td><td>100.0</td><td>13.3</td><td>86.7</td></tr><tr><td>November</td><td>777.1</td><td>86.4</td><td>690.7</td><td>100.0</td><td>11.1</td><td>88.9</td></tr><tr><td>December</td><td>1,334.9</td><td>187.6</td><td>1,147.3</td><td>100.0</td><td>14.1</td><td>85.9</td></tr><tr><td colspan="7">Series A</td></tr><tr><td>1942 1/</td><td>72.1</td><td>63.0</td><td>9.1</td><td>100.0</td><td>87.4</td><td>12.6</td></tr><tr><td>1941-December</td><td>5.8</td><td>5.4</td><td>.4</td><td>100.0</td><td>93.8</td><td>6.2</td></tr><tr><td>1942-January</td><td>6.1</td><td>5.4</td><td>.7</td><td>100.0</td><td>88.9</td><td>11.1</td></tr><tr><td>February</td><td>3.3</td><td>2.8</td><td>.4</td><td>100.0</td><td>87.2</td><td>12.8</td></tr><tr><td>March</td><td>5.4</td><td>4.9</td><td>.5</td><td>100.0</td><td>90.6</td><td>9.4</td></tr><tr><td>April</td><td>4.6</td><td>4.2</td><td>.4</td><td>100.0</td><td>92.1</td><td>7.9</td></tr><tr><td>May</td><td>5.2</td><td>4.7</td><td>.4</td><td>100.0</td><td>91.7</td><td>8.3</td></tr><tr><td>June</td><td>5.1</td><td>4.6</td><td>.5</td><td>100.0</td><td>90.3</td><td>9.7</td></tr><tr><td>July</td><td>6.0</td><td>5.4</td><td>.6</td><td>100.0</td><td>90.1</td><td>9.9</td></tr><tr><td>August</td><td>4.9</td><td>4.3</td><td>.6</td><td>100.0</td><td>87.7</td><td>12.3</td></tr><tr><td>September</td><td>52.9</td><td>35.6</td><td>17.2</td><td>100.0</td><td>67.4</td><td>32.6</td></tr><tr><td>October</td><td>54.1</td><td>42.7</td><td>11.4</td><td>100.0</td><td>78.9</td><td>21.1</td></tr><tr><td>November</td><td>33.0</td><td>26.0</td><td>7.0</td><td>100.0</td><td>78.7</td><td>21.3</td></tr><tr><td>December</td><td>86.7</td><td>65.8</td><td>20.9</td><td>100.0</td><td>75.9</td><td>24.1</td></tr><tr><td colspan="7">Series B</td></tr><tr><td>1942 1/</td><td>4,084.1</td><td>339.5</td><td>3,744.6</td><td>100.0</td><td>8.3</td><td>91.7</td></tr><tr><td>1941-December</td><td>339.8</td><td>36.7</td><td>303.1</td><td>100.0</td><td>10.8</td><td>89.2</td></tr><tr><td>1942-January</td><td>221.6</td><td>60.7</td><td>160.9</td><td>100.0</td><td>27.4</td><td>72.6</td></tr><tr><td>February</td><td>124.7</td><td>23.8</td><td>100.9</td><td>100.0</td><td>19.1</td><td>80.9</td></tr><tr><td>March</td><td>231.9</td><td>23.9</td><td>208.0</td><td>100.0</td><td>10.3</td><td>89.7</td></tr><tr><td>April</td><td>256.4</td><td>33.0</td><td>223.4</td><td>100.0</td><td>12.9</td><td>87.1</td></tr><tr><td>May</td><td>390.1</td><td>24.6</td><td>365.5</td><td>100.0</td><td>6.3</td><td>93.7</td></tr><tr><td>June</td><td>415.1</td><td>30.9</td><td>384.2</td><td>100.0</td><td>7.4</td><td>92.6</td></tr><tr><td>July</td><td>376.2</td><td>33.5</td><td>342.8</td><td>100.0</td><td>8.9</td><td>91.1</td></tr><tr><td>August</td><td>394.2</td><td>24.5</td><td>369.7</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>September</td><td>81.8</td><td>5.6</td><td>76.2</td><td>100.0</td><td>6.8</td><td>93.2</td></tr><tr><td colspan="7">Series C</td></tr><tr><td>1942-September</td><td>806.1</td><td>45.3</td><td>760.8</td><td>100.0</td><td>5.6</td><td>94.4</td></tr><tr><td>October</td><td>869.2</td><td>79.7</td><td>789.6</td><td>100.0</td><td>9.2</td><td>90.8</td></tr><tr><td>November</td><td>744.0</td><td>60.4</td><td>683.6</td><td>100.0</td><td>8.1</td><td>91.9</td></tr><tr><td>December</td><td>1,248.2</td><td>121.8</td><td>1,126.4</td><td>100.0</td><td>9.8</td><td>90.2</td></tr></table>
Source: Reports of gross sales. 1/ Sale of Tax Series Treasury notes began in August 1941.
50
Sales of Tax Series Treasury Notes - (Continued)
Table 4.- Redemptions by Series, Classified by Means of Payment
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Redemptione in millions of dollars at par</th><th colspan="3">Percentage distributione of redemptione</th></tr><tr><th>Total</th><th>Meane of payment Received for taxes</th><th>Cash redemptione</th><th>Total</th><th>Meane of payment Received for taxes</th><th>Cash redemptione</th></tr><tr><td colspan="7">All series</td></tr><tr><td>1942 1/</td><td>1.124.4</td><td>1.103.7</td><td>20.7</td><td>100.0</td><td>98.2</td><td>1.8</td></tr><tr><td>1941-December</td><td>7.3</td><td>-</td><td>7.3</td><td>100.0</td><td>-</td><td>100.0</td></tr><tr><td>1942-January</td><td>11.5</td><td>10.5</td><td>1.0</td><td>100.0</td><td>91.4</td><td>8.6</td></tr><tr><td>February</td><td>16.2</td><td>15.8</td><td>.3</td><td>100.0</td><td>97.9</td><td>2.1</td></tr><tr><td>March</td><td>505.6</td><td>504.7</td><td>.9</td><td>100.0</td><td>99.8</td><td>.2</td></tr><tr><td>April</td><td>46.6</td><td>45.4</td><td>1.3</td><td>100.0</td><td>97.3</td><td>2.7</td></tr><tr><td>May</td><td>43.9</td><td>42.1</td><td>1.8</td><td>100.0</td><td>95.9</td><td>4.1</td></tr><tr><td>June</td><td>492.1</td><td>485.2</td><td>6.9</td><td>100.0</td><td>98.6</td><td>1.4</td></tr><tr><td>July</td><td>46.1</td><td>44.8</td><td>1.2 r</td><td>100.0</td><td>97.3</td><td>2.7</td></tr><tr><td>August</td><td>35.3</td><td>29.4</td><td>5.8</td><td>100.0</td><td>83.4</td><td>16.6</td></tr><tr><td>September</td><td>531.5</td><td>527.3</td><td>4.1</td><td>100.0</td><td>99.2</td><td>.8</td></tr><tr><td>October</td><td>94.9</td><td>56.3</td><td>38.6</td><td>100.0</td><td>59.3</td><td>40.7</td></tr><tr><td>November</td><td>42.6</td><td>37.8</td><td>4.9</td><td>100.0</td><td>88.6</td><td>11.4</td></tr><tr><td>December</td><td>630.8</td><td>626.2</td><td>4.6</td><td>100.0</td><td>99.3</td><td>.7</td></tr><tr><td colspan="7">Serie A</td></tr><tr><td>1942 1/</td><td>17.4</td><td>16.6</td><td>.8</td><td>100.0</td><td>95.6</td><td>4.4</td></tr><tr><td>1941-December</td><td>*</td><td>-</td><td>*</td><td>100.0</td><td>-</td><td>100.0</td></tr><tr><td>1942-January</td><td>.3</td><td>.3</td><td>*</td><td>100.0</td><td>85.2</td><td>14.8</td></tr><tr><td>February</td><td>1.0</td><td>.9</td><td>.1</td><td>100.0</td><td>91.0</td><td>9.0</td></tr><tr><td>March</td><td>10.8</td><td>10.5</td><td>.3</td><td>100.0</td><td>97.3</td><td>2.7</td></tr><tr><td>April</td><td>1.2</td><td>1.1</td><td>.1</td><td>100.0</td><td>93.4</td><td>6.6</td></tr><tr><td>May</td><td>.3</td><td>.2</td><td>.1</td><td>100.0</td><td>76.1</td><td>23.9</td></tr><tr><td>June</td><td>3.7</td><td>3.6</td><td>.1</td><td>100.0</td><td>97.2</td><td>2.8</td></tr><tr><td>July</td><td>.5</td><td>.3</td><td>.1</td><td>100.0</td><td>72.6</td><td>27.4</td></tr><tr><td>August</td><td>.3</td><td>.2</td><td>.1</td><td>100.0</td><td>60.8</td><td>39.2</td></tr><tr><td>September</td><td>5.0</td><td>4.9</td><td>.1</td><td>100.0</td><td>97.4</td><td>2.6</td></tr><tr><td>October</td><td>.4</td><td>.2</td><td>.2</td><td>100.0</td><td>47.4</td><td>52.6</td></tr><tr><td>November</td><td>.4</td><td>.2</td><td>.2</td><td>100.0</td><td>48.7</td><td>51.3</td></tr><tr><td>December</td><td>10.1</td><td>9.8</td><td>.3</td><td>100.0</td><td>96.9</td><td>3.1</td></tr><tr><td colspan="7">Serie B</td></tr><tr><td>1942 1/</td><td>1.107.0</td><td>1.087.1</td><td>19.9</td><td>100.0</td><td>98.2</td><td>1.8</td></tr><tr><td>1941-December</td><td>7.2</td><td>-</td><td>7.2</td><td>100.0</td><td>-</td><td>100.0</td></tr><tr><td>1942-January</td><td>11.2</td><td>10.3</td><td>.9</td><td>100.0</td><td>91.6</td><td>8.4</td></tr><tr><td>February</td><td>15.2</td><td>14.9</td><td>.2</td><td>100.0</td><td>98.4</td><td>1.6</td></tr><tr><td>March</td><td>494.8</td><td>494.2</td><td>.6</td><td>100.0</td><td>99.9</td><td>.1</td></tr><tr><td>April</td><td>45.4</td><td>44.3</td><td>1.2</td><td>100.0</td><td>97.4</td><td>2.6</td></tr><tr><td>May</td><td>43.6</td><td>41.9</td><td>1.7</td><td>100.0</td><td>96.0</td><td>4.0</td></tr><tr><td>June</td><td>488.4</td><td>481.6</td><td>6.9</td><td>100.0</td><td>98.6</td><td>1.4</td></tr><tr><td>July</td><td>45.6</td><td>44.5</td><td>1.1</td><td>100.0</td><td>97.5</td><td>2.5</td></tr><tr><td>August</td><td>35.0</td><td>29.3</td><td>5.7</td><td>100.0</td><td>83.6</td><td>16.4</td></tr><tr><td>September</td><td>526.5</td><td>522.5</td><td>4.0</td><td>100.0</td><td>99.2</td><td>.8</td></tr><tr><td>October</td><td>94.1</td><td>56.1</td><td>37.9</td><td>100.0</td><td>59.7</td><td>40.3</td></tr><tr><td>November</td><td>41.5</td><td>36.8</td><td>4.6</td><td>100.0</td><td>88.8</td><td>11.2</td></tr><tr><td>December</td><td>593.2</td><td>589.0</td><td>4.2</td><td>100.0</td><td>99.3</td><td>.7</td></tr><tr><td colspan="7">Serie C 2/</td></tr><tr><td>1942-September</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>.4</td><td>-</td><td>.4 3/</td><td>100.0</td><td>-</td><td>100.0</td></tr><tr><td>November</td><td>.8</td><td>.7</td><td>.1 3/</td><td>100.0</td><td>97.2</td><td>2.8</td></tr><tr><td>December</td><td>27.4</td><td>27.4</td><td>-</td><td>100.0</td><td>99.9</td><td>.1</td></tr></table>
Source: Daily Treasury Statement.
r Revised.
* Less than $50,000.
1/ Sale of Tax Series Treasury notes began in August 1941.
2/ Series C notes were first offered for sale on September 14, 1942, and may not be redeemed for cash until the sixth month after the date of issue.
3/ Special redemption.
OWNERSHIP OF GOVERNMENT SECURITIES
51
52
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Distribution by classes of holders</th><th colspan="6">Distribution by classes of holders</th></tr><tr><th colspan="3">U. S. Government agencies and trust funds 2/</th><th>Federal Reserve Banks 3/</th><th colspan="3">Private investors 4/</th><th>Total amount unmatured outstanding</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banks 2/</th><th colspan="3">Private investors 4/</th></tr><tr><th></th><th></th><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th></tr><tr><td>1933......</td><td>22,158</td><td>690</td><td>367</td><td>-</td><td>323</td><td>1,998</td><td>19,469</td><td>19,469</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1934......</td><td>26,480</td><td>1,288</td><td>892</td><td>-</td><td>396</td><td>2,432</td><td>22,760</td><td>22,760</td><td>-</td><td>651</td><td>150</td><td>531</td><td>-</td></tr><tr><td>1935......</td><td>27,645</td><td>1,629</td><td>996</td><td>-</td><td>633</td><td>2,433</td><td>23,583</td><td>23,521</td><td>62</td><td>4,123</td><td>362</td><td>3,761</td><td>-</td></tr><tr><td>1936......</td><td>32,989</td><td>1,945</td><td>1,319</td><td>-</td><td>626</td><td>2,430</td><td>28,614</td><td>27,353</td><td>1,261</td><td>4,718</td><td>375</td><td>4,343</td><td>-</td></tr><tr><td>1937......</td><td>35,800</td><td>3,221</td><td>1,663</td><td>-</td><td>1,558</td><td>2,526</td><td>30,053</td><td>28,865</td><td>1,188</td><td>4,665</td><td>363</td><td>4,302</td><td>-</td></tr><tr><td>1938......</td><td>36,576</td><td>4,452</td><td>1,776</td><td>-</td><td>2,676</td><td>2,564</td><td>29,560</td><td>28,004</td><td>1,556</td><td>4,853</td><td>325</td><td>4,528</td><td>-</td></tr><tr><td>1939......</td><td>39,886</td><td>5,600</td><td>1,830</td><td>-</td><td>3,770</td><td>2,551</td><td>31,735</td><td>29,584</td><td>2,151</td><td>5,450</td><td>286</td><td>5,164</td><td>-</td></tr><tr><td>1940......</td><td>42,376</td><td>6,792</td><td>2,017</td><td>-</td><td>4,775</td><td>2,458</td><td>33,126</td><td>29,961</td><td>3,166</td><td>5,498</td><td>287</td><td>5,211</td><td>-</td></tr><tr><td>1941......</td><td>48,387</td><td>8,214</td><td>2,093</td><td>1</td><td>6,120</td><td>2,180</td><td>37,993</td><td>33,439</td><td>4,554</td><td>6,360</td><td>273</td><td>6,087</td><td>-</td></tr><tr><td>1942......</td><td>71,968</td><td>10,330</td><td>2,442</td><td>3</td><td>7,885</td><td>2,641</td><td>58,997</td><td>45,490</td><td>13,507</td><td>4,549</td><td>286</td><td>4,263</td><td>-</td></tr><tr><td>1941-Dec.....</td><td>57,451</td><td>9,249</td><td>2,866</td><td>1</td><td>6,982</td><td>2,250</td><td>45,952</td><td>37,046</td><td>8,906</td><td>6,317</td><td>285</td><td>6,032</td><td>-</td></tr><tr><td>1942-Jan.....</td><td>59,531</td><td>9,332</td><td>2,268</td><td>1</td><td>7,063</td><td>2,239</td><td>47,960</td><td>37,765</td><td>10,194</td><td>5,673</td><td>283</td><td>5,390</td><td>-</td></tr><tr><td>Feb. .......</td><td>61,895</td><td>9,537</td><td>2,345</td><td>2</td><td>7,190</td><td>2,261</td><td>50,097</td><td>39,094</td><td>11,002</td><td>5,673</td><td>289</td><td>5,384</td><td>-</td></tr><tr><td>Mar. .......</td><td>61,940</td><td>9,687</td><td>2,351</td><td>3</td><td>7,333</td><td>2,241</td><td>50,012</td><td>38,737</td><td>11,275</td><td>5,666</td><td>288</td><td>5,378</td><td>-</td></tr><tr><td>Apr. .......</td><td>64,496</td><td>9,721</td><td>2,360</td><td>3</td><td>7,358</td><td>2,346</td><td>52,429</td><td>40,431</td><td>11,999</td><td>5,666</td><td>295</td><td>5,371</td><td>-</td></tr><tr><td>May. .......</td><td>68,108</td><td>9,943</td><td>2,422</td><td>3</td><td>7,518</td><td>2,482</td><td>55,683</td><td>42,711</td><td>12,973</td><td>5,667</td><td>291</td><td>5,376</td><td>-</td></tr><tr><td>June. ......</td><td>71,968</td><td>10,330</td><td>2,442</td><td>3</td><td>7,885</td><td>2,640</td><td>58,998</td><td>45,491</td><td>13,507</td><td>4,549</td><td>286</td><td>4,263</td><td>-</td></tr><tr><td>July. .......</td><td>76,694</td><td>10,582</td><td>2,453</td><td>4</td><td>8,125</td><td>3,148</td><td>62,964</td><td>48,225</td><td>14,739</td><td>4,551</td><td>289</td><td>4,225</td><td>37</td></tr><tr><td>Aug. .......</td><td>81,244</td><td>10,854</td><td>2,588</td><td>4</td><td>8,262</td><td>3,421</td><td>66,969</td><td>51,167</td><td>15,801</td><td>4,567</td><td>297</td><td>4,217</td><td>53</td></tr><tr><td>Sept. ......</td><td>85,847</td><td>11,106</td><td>2,592</td><td>4</td><td>8,509</td><td>3,552</td><td>71,189</td><td>54,257</td><td>16,932</td><td>4,552</td><td>319</td><td>4,196</td><td>37</td></tr><tr><td>Oct. .......</td><td>92,265</td><td>11,198</td><td>2,609</td><td>4</td><td>8,585</td><td>4,649</td><td>76,417</td><td>57,750</td><td>18,667</td><td>4,243</td><td>326</td><td>3,870</td><td>48</td></tr><tr><td>Nov. .......</td><td>95,458</td><td>11,400</td><td>2,608</td><td>4</td><td>8,787</td><td>5,377</td><td>78,682</td><td>58,569</td><td>20,113</td><td>4,244</td><td>332</td><td>3,863</td><td>48</td></tr><tr><td>Dec. .......</td><td>107,308</td><td>11,886p</td><td>2,850p</td><td>5p</td><td>9,032</td><td>6,152</td><td>89,270p</td><td>67,487p</td><td>21,783p</td><td>4,283</td><td>347p</td><td>3,849p</td><td>87</td></tr></table>
Source: (1) Total amounts outstanding; Daily Treasury Statements; (2) Securities held by U. S. Government agencies and trust funds; reports of the agencies and accounts with the Treasury; (3) Securities held by Federal Reserve Banks: Federal Reserve System. p Preliminary. 1/ Less than $500,000. Excludes matured securities and obligations sold directly to the Treasury. 2/ Excludes Exchange Stabilization Fund. U. S. Government trust fund figures shown for June 30 of each year are as of the end of the month;
other figures through April 30, 1942 are as of the Wednesday nearest the end of the month.
3/ Figures shown for June 30 of each year are as of the end of the month. Other figures are in part as of the Wednesday nearest the end of the month through May 1942; thereafter as of end of the month.
4/ The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and : Federal Reserve Banks.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(In millions of dollars)
<table><tr><th></th><th colspan="12">Net market purchases or sales (-)</th></tr><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1937</td><td>14.4</td><td>5.7</td><td>119.6</td><td>11.9</td><td>3.9</td><td>24.4</td><td>4.8</td><td>12.5</td><td>8.9</td><td>3.7</td><td>2.0</td><td>-15.4</td></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-3</td><td>-4.4</td><td>-.3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-7</td><td>-.2</td><td>.4</td><td>0</td><td>-</td><td>*</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr></table>
a Less than $50,000.
1/ Consists of purchases or sales made by the Treasury. Treasury investeant accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilisation Fund.
53
Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, November 30, 1942
The following tables present summary data from the Treasury survey, as of November 30, 1942, of the ownership of securities issued or guaranteed by the United States. The large commercial and savings banks and insurance companies covered in the survey account for approximately 95 percent of the holdings of United States Government and Government-guaranteed securities held by all banks and insurance companies in the United States.
Table I.- Analysis of Ownership by Type of Security, by Call Classes, and by Tax-Exemption Provisions
PART A - PAR VALUES IN MILLIONS OF DOLLARS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by banks and insurance companies covered in Treasury survey</th><th rowspan="2">Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 2/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>Total 7,000 institutions</th><th>Total</th><th>6,248 commercial banks</th><th>490 mutual savings banks</th><th>757 insurance companies</th><th>199 life insurance companies</th><th>558 fire, casualty, and marine insurance companies</th></tr><tr><td>I. By type of security</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>5,721</td><td>4,323</td><td>4,230</td><td>4,216</td><td>14</td><td>93</td><td>77</td><td>17</td><td>388</td><td>1,010</td></tr><tr><td>Certificates of indebtedness</td><td>7,161</td><td>4,602</td><td>4,488</td><td>4,389</td><td>99</td><td>114</td><td>32</td><td>82</td><td>1,203</td><td>1,356</td></tr><tr><td>Treasury notes</td><td>10,095</td><td>6,313</td><td>6,024</td><td>5,828</td><td>196</td><td>290</td><td>159</td><td>130</td><td>1,428</td><td>2,354</td></tr><tr><td>Treasury bonds</td><td>43,381</td><td>29,558</td><td>21,043</td><td>17,377</td><td>3,666</td><td>8,515</td><td>7,056</td><td>1,459</td><td>4,932</td><td>8,891</td></tr><tr><td>Other bonds</td><td>196</td><td>12</td><td>11</td><td>11</td><td>*</td><td>1</td><td>*</td><td>1</td><td>33</td><td>150</td></tr><tr><td>Guaranteed issues 3/</td><td>4,195</td><td>3,113</td><td>2,776</td><td>2,660</td><td>116</td><td>338</td><td>281</td><td>57</td><td>332</td><td>750</td></tr><tr><td>Total</td><td>70,750</td><td>47,922</td><td>38,571</td><td>34,480</td><td>4,091</td><td>9,351</td><td>7,605</td><td>1,746</td><td>8,317</td><td>14,510</td></tr><tr><td>II. By call classes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>16,675</td><td>10,915</td><td>10,425</td><td>10,175</td><td>253</td><td>487</td><td>289</td><td>198</td><td>2,074</td><td>3,685</td></tr><tr><td>1 to 5 years</td><td>19,891</td><td>12,996</td><td>11,197</td><td>10,517</td><td>681</td><td>1,799</td><td>1,353</td><td>446</td><td>2,472</td><td>4,423</td></tr><tr><td>5 to 10 years</td><td>20,427</td><td>15,102</td><td>12,502</td><td>10,522</td><td>1,979</td><td>2,600</td><td>2,110</td><td>490</td><td>2,190</td><td>3,136</td></tr><tr><td>10 to 15 years</td><td>6,447</td><td>3,974</td><td>2,564</td><td>2,004</td><td>560</td><td>1,410</td><td>1,158</td><td>252</td><td>829</td><td>1,644</td></tr><tr><td>15 to 20 years</td><td>4,572</td><td>3,262</td><td>853</td><td>581</td><td>273</td><td>2,409</td><td>2,114</td><td>294</td><td>412</td><td>899</td></tr><tr><td>Over 20 years</td><td>2,716</td><td>1,654</td><td>1,019</td><td>674</td><td>345</td><td>634</td><td>569</td><td>65</td><td>338</td><td>724</td></tr><tr><td>Federal Housing Administration debentures</td><td>21</td><td>20</td><td>8</td><td>7</td><td>1</td><td>12</td><td>12</td><td>*</td><td>1</td><td>*</td></tr><tr><td>Total</td><td>70,750</td><td>47,922</td><td>38,571</td><td>34,480</td><td>4,091</td><td>9,351</td><td>7,605</td><td>1,746</td><td>8,317</td><td>14,510</td></tr><tr><td>III. By tax-exemption provisions</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes 4/</td><td>3,690</td><td>1,400</td><td>1,291</td><td>1,259</td><td>31</td><td>110</td><td>53</td><td>57</td><td>589</td><td>1,700</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>29,469</td><td>19,581</td><td>14,164</td><td>12,798</td><td>1,366</td><td>5,417</td><td>4,241</td><td>1,176</td><td>3,521</td><td>6,367</td></tr><tr><td>Subject to Federal income taxes</td><td>37,591</td><td>26,941</td><td>23,117</td><td>20,423</td><td>2,694</td><td>3,824</td><td>3,312</td><td>513</td><td>4,207</td><td>6,443</td></tr><tr><td>Total</td><td>70,750</td><td>47,922</td><td>38,571</td><td>34,480</td><td>4,091</td><td>9,351</td><td>7,605</td><td>1,746</td><td>8,317</td><td>14,510</td></tr></table>
(Continued on following page)
54
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, November 30, 1942 - (Continued)
Table I.- Analysis of Ownership by Type of Security, by Call Classes, and by Tax-Exemption Provisions - (Continued)
PART B - PERCENTAGE DISTRIBUTION BY CLASSES OF SECURITIES
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="7">Public marketable interest-bearing securities 1/ Held by banks and insurance companies covered in Treasury survey</th><th rowspan="2">Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 2/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>Total 7,005 institutions</th><th colspan="2">6,248 banks</th><th colspan="3">757 insurance companies</th></tr><tr><th></th><th></th><th>Total</th><th>5,758 commercial banks</th><th>490 mutual savings banks</th><th>Total</th><th>199 life insurance companies</th><th>558 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>I. By type of security</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>8.1</td><td>9.0</td><td>11.0</td><td>12.2</td><td>.4</td><td>1.0</td><td>1.0</td><td>.9</td><td>4.7</td><td>7.0</td></tr><tr><td>Certificates of indebtedness</td><td>10.1</td><td>9.6</td><td>11.6</td><td>12.7</td><td>2.4</td><td>1.2</td><td>.4</td><td>4.7</td><td>14.5</td><td>9.3</td></tr><tr><td>Treasury notes</td><td>14.3</td><td>13.2</td><td>15.6</td><td>16.9</td><td>4.8</td><td>1.1</td><td>2.1</td><td>7.5</td><td>17.2</td><td>16.2</td></tr><tr><td>Treasury bonds</td><td>61.3</td><td>61.7</td><td>54.6</td><td>50.4</td><td>89.6</td><td>91.1</td><td>92.6</td><td>87.6</td><td>59.3</td><td>61.3</td></tr><tr><td>Other bonds</td><td>.3</td><td></td><td>.6</td><td></td><td>.4</td><td></td><td>.7</td><td>.3</td><td>.4</td><td>1.0</td></tr><tr><td>Guaranteed issues 3/</td><td>5.9</td><td>6.5</td><td>7.2</td><td>7.7</td><td>2.8</td><td>3.5</td><td>3.7</td><td>4.3</td><td>4.0</td><td>5.2</td></tr><tr><td>Total</td><td>100.9</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>II. By call classes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>23.6</td><td>22.8</td><td>27.0</td><td>29.5</td><td>6.2</td><td>5.2</td><td>3.8</td><td>11.3</td><td>24.9</td><td>25.4</td></tr><tr><td>1 to 5 years</td><td>28.1</td><td>27.1</td><td>29.0</td><td>30.5</td><td>16.5</td><td>19.2</td><td>17.8</td><td>25.5</td><td>29.7</td><td>30.5</td></tr><tr><td>5 to 10 years</td><td>28.9</td><td>31.5</td><td>32.4</td><td>30.5</td><td>48.4</td><td>27.8</td><td>27.7</td><td>28.1</td><td>26.3</td><td>21.6</td></tr><tr><td>10 to 15 years</td><td>9.1</td><td>8.3</td><td>6.5</td><td>5.8</td><td>13.7</td><td>15.1</td><td>15.2</td><td>14.4</td><td>10.0</td><td>11.3</td></tr><tr><td>15 to 20 years</td><td>6.5</td><td>6.8</td><td>2.2</td><td>1.7</td><td>6.7</td><td>25.8</td><td>27.5</td><td>16.9</td><td>4.9</td><td>6.2</td></tr><tr><td>Over 20 years</td><td>3.8</td><td>3.5</td><td>2.6</td><td>2.0</td><td>8.4</td><td>6.8</td><td>7.5</td><td>3.7</td><td>4.1</td><td>5.0</td></tr><tr><td>Federal Housing Administration debentures</td><td></td><td></td><td></td><td></td><td></td><td>.1</td><td>.2</td><td></td><td></td><td></td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>III. By tax-exemption provisions</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes 4/</td><td>5.2</td><td>2.9</td><td>3.3</td><td>3.7</td><td>.8</td><td>1.2</td><td>.7</td><td>3.3</td><td>7.1</td><td>11.7</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>41.7</td><td>40.9</td><td>36.7</td><td>37.1</td><td>73.1</td><td>57.9</td><td>55.8</td><td>67.3</td><td>42.3</td><td>43.9</td></tr><tr><td>Subject to Federal income taxes</td><td>53.1</td><td>56.2</td><td>59.9</td><td>59.2</td><td>65.9</td><td>40.9</td><td>43.5</td><td>29.4</td><td>50.6</td><td>44.4</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
PART C - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS
<table><tr><th>Classification</th><th>Total amount outstanding</th><th>Total 7,005 institutions</th><th colspan="2">6,218 banks</th><th colspan="3">757 insurance companies</th><th>Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 2/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>5,758 commercial banks</th><th>490 mutual savings banks</th><th>Total</th><th>199 life insurance companies</th><th>555 fire, casualty, and marine insurance companies</th><th></th></tr><tr><td>I. By type of security</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>75.6</td><td>73.9</td><td>73.7</td><td>.3</td><td>1.6</td><td>1.3</td><td>.3</td><td>6.8</td><td>17.7</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>64.7</td><td>62.7</td><td>61.3</td><td>1.4</td><td>1.6</td><td>.4</td><td>1.1</td><td>16.8</td><td>18.9</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>62.5</td><td>59.7</td><td>57.7</td><td>1.9</td><td>2.9</td><td>1.6</td><td>1.3</td><td>14.1</td><td>23.3</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>68.1</td><td>48.5</td><td>40.1</td><td>8.5</td><td>19.6</td><td>16.3</td><td>.4</td><td>11.4</td><td>20.5</td></tr><tr><td>Other bonds</td><td>100.0</td><td>6.3</td><td>5.8</td><td>5.8</td><td>.1</td><td>.4</td><td>.1</td><td>.1</td><td>17.0</td><td>76.8</td></tr><tr><td>Guaranteed issues 3/</td><td>100.0</td><td>74.2</td><td>66.2</td><td>63.4</td><td>2.8</td><td>8.0</td><td>6.7</td><td>1.4</td><td>7.9</td><td>17.9</td></tr><tr><td>Total</td><td>100.0</td><td>67.7</td><td>54.5</td><td>48.7</td><td>5.8</td><td>13.2</td><td>10.7</td><td>2.5</td><td>11.8</td><td>20.5</td></tr><tr><td>II. By call classes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>65.5</td><td>62.5</td><td>61.0</td><td>1.5</td><td>2.9</td><td>1.7</td><td>1.2</td><td>12.4</td><td>22.1</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>65.3</td><td>56.3</td><td>52.9</td><td>3.4</td><td>9.0</td><td>6.8</td><td>2.2</td><td>12.4</td><td>22.2</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>73.9</td><td>61.2</td><td>51.5</td><td>9.7</td><td>12.7</td><td>10.3</td><td>2.4</td><td>10.7</td><td>15.4</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>61.6</td><td>39.8</td><td>31.1</td><td>8.7</td><td>21.9</td><td>18.0</td><td>3.9</td><td>12.9</td><td>25.5</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>71.3</td><td>18.7</td><td>12.7</td><td>6.0</td><td>52.7</td><td>46.2</td><td>6.4</td><td>9.0</td><td>19.7</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>60.9</td><td>37.5</td><td>24.8</td><td>12.7</td><td>23.4</td><td>21.0</td><td>2.4</td><td>12.5</td><td>26.6</td></tr><tr><td>Federal Housing Administration debentures</td><td>100.0</td><td>93.3</td><td>36.5</td><td>33.5</td><td>3.0</td><td>56.7</td><td>56.4</td><td>.4</td><td>5.9</td><td>.9</td></tr><tr><td>Total</td><td>100.0</td><td>67.7</td><td>54.5</td><td>48.7</td><td>5.8</td><td>13.2</td><td>10.7</td><td>2.5</td><td>11.8</td><td>20.5</td></tr><tr><td>III. By tax-exemption provisions</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes 4/</td><td>100.0</td><td>38.0</td><td>35.0</td><td>34.1</td><td>.8</td><td>3.0</td><td>1.4</td><td>1.5</td><td>15.0</td><td>46.1</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>100.0</td><td>66.4</td><td>43.1</td><td>43.4</td><td>4.6</td><td>18.4</td><td>14.4</td><td>4.0</td><td>11.9</td><td>21.6</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>71.7</td><td>61.5</td><td>54.3</td><td>7.2</td><td>10.2</td><td>8.8</td><td>1.4</td><td>11.2</td><td>17.1</td></tr><tr><td>Total</td><td>100.0</td><td>67.7</td><td>54.5</td><td>48.7</td><td>5.8</td><td>13.2</td><td>10.7</td><td>2.5</td><td>11.8</td><td>20.5</td></tr></table>
Note: Figures are rounded to the nearest million or the nearest one-tenth of one percent and will not necessarily add to totals.
Less than $500,00 or less than .05%.
Public marketable interest-bearing securities include all interest-bearing securities outstanding except (1) special issues to Government agencies and trust funds, (2) adjusted service bonds, (3) depositary bonds, (4) United savings bonds, and (5) tax series notes and (6) Community Credit Corporation demand obligations. Such obligations were held by institutions reporting, as follows: (1) literary bonds; commercial banks, $93 millions; (2) United States savings bonds; commercial banks, $180 millions; mutual savings banks, $56 millions; insurance companies,
$93 millions; all institutions, $738 millions; (1) tax series notes; commercial banks, $54 millions; mutual savings banks, $11 millions; insurance companies, $29 millions; all institutions, $87 millions; (4) Community Credit Corporation demand or national holdings of these obligations are not reported. Excludes Exchange Stabilization Fund. Excludes obligations sold directly to the Treasury. Securities are income from which is exempt from the normal rates and the special rates of the Federal income tax. Securities are income from which is exempt from the normal rates of the Federal income tax. (In the case of partial year exemption Treasury bonds, interest derived from $5,000 of principal amount owned by any single holder is also exempt from the normal rates of the Federal income tax.)
55
Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, November 30, 1942 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding
PART A - PAR VALUES IN MILLIONS OF DOLLARS
<table><tr><th rowspan="2">Issue, classified by tax-exemption provision</th><th rowspan="2">Total amount outstanding</th><th colspan="7">Held by banks and insurance companies covered in Treasury survey</th><th rowspan="2">Hold by U. S. Government agencies and trust funds, and Federal Reserve Banks 2/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>Total 7,005 institutions</th><th>Total</th><th>6,248 commercial banks</th><th>490 mutual savings banks</th><th>Total 757 insurance companies</th><th>199 life insurance companies</th><th>558 fire, casualty, and marine insurance companies</th></tr><tr><td>I. Wholly exempt from Federal income taxes 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/4% December 1942</td><td>232</td><td>108</td><td>99</td><td>91</td><td>7</td><td>10</td><td>3</td><td>7</td><td>31</td><td>93</td></tr><tr><td>1-1/8% June 1943</td><td>629</td><td>197</td><td>181</td><td>172</td><td>9</td><td>15</td><td>3</td><td>12</td><td>116</td><td>316</td></tr><tr><td>1% September 1943</td><td>280</td><td>131</td><td>125</td><td>123</td><td>2</td><td>6</td><td>3</td><td>3</td><td>33</td><td>115</td></tr><tr><td>1-1/8% December 1943</td><td>421</td><td>114</td><td>88</td><td>84</td><td>3</td><td>26</td><td>21</td><td>5</td><td>51</td><td>256</td></tr><tr><td>1% March 1944</td><td>515</td><td>254</td><td>246</td><td>243</td><td>3</td><td>8</td><td>2</td><td>6</td><td>107</td><td>153</td></tr><tr><td>3/4% June 1944</td><td>416</td><td>208</td><td>201</td><td>199</td><td>2</td><td>7</td><td>2</td><td>5</td><td>72</td><td>135</td></tr><tr><td>1% September 1944</td><td>283</td><td>36</td><td>36</td><td>34</td><td>1</td><td>1</td><td>-</td><td>1</td><td>59</td><td>188</td></tr><tr><td>3/4% March 1945</td><td>718</td><td>339</td><td>304</td><td>301</td><td>3</td><td>35</td><td>19</td><td>17</td><td>86</td><td>293</td></tr><tr><td>Total Treasury notes</td><td>3,494</td><td>1,388</td><td>1,279</td><td>1,248</td><td>31</td><td>109</td><td>53</td><td>56</td><td>556</td><td>1,550</td></tr><tr><td>Bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings</td><td>117</td><td>11</td><td>11</td><td>11</td><td>*</td><td>1</td><td>*</td><td>1</td><td>33</td><td>73</td></tr><tr><td>Panama Canal</td><td>50</td><td>1</td><td>1</td><td>1</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td><td>49</td></tr><tr><td>Conversion</td><td>29</td><td>*</td><td>*</td><td>*</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>29</td></tr><tr><td>Total bonds</td><td>196</td><td>12</td><td>11</td><td>11</td><td>*</td><td>1</td><td>*</td><td>1</td><td>33</td><td>150</td></tr><tr><td>Total wholly exempt from Federal income taxes</td><td>3,690</td><td>1,400</td><td>1,291</td><td>1,259</td><td>31</td><td>110</td><td>53</td><td>57</td><td>589</td><td>1,700</td></tr><tr><td>II. Partially exempt from Federal income taxes 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3-3/8% June 1943-47</td><td>454</td><td>259</td><td>196</td><td>150</td><td>46</td><td>63</td><td>49</td><td>14</td><td>57</td><td>138</td></tr><tr><td>3-1/4% October 1943-45</td><td>1,401</td><td>752</td><td>584</td><td>521</td><td>64</td><td>168</td><td>117</td><td>50</td><td>168</td><td>480</td></tr><tr><td>3-1/4% April 1944-46</td><td>1,519</td><td>890</td><td>656</td><td>592</td><td>64</td><td>234</td><td>180</td><td>54</td><td>182</td><td>446</td></tr><tr><td>1% December 1944-54</td><td>1,037</td><td>644</td><td>493</td><td>433</td><td>61</td><td>151</td><td>113</td><td>38</td><td>110</td><td>283</td></tr><tr><td>2-3/4% September 1945-47</td><td>1,214</td><td>766</td><td>559</td><td>502</td><td>58</td><td>206</td><td>164</td><td>42</td><td>161</td><td>288</td></tr><tr><td>2-1/2% December 1945</td><td>541</td><td>405</td><td>328</td><td>306</td><td>22</td><td>77</td><td>44</td><td>33</td><td>42</td><td>93</td></tr><tr><td>3-3/4% March 1946-56</td><td>489</td><td>318</td><td>213</td><td>185</td><td>28</td><td>105</td><td>92</td><td>13</td><td>65</td><td>106</td></tr><tr><td>3% June 1946-48</td><td>1,036</td><td>638</td><td>454</td><td>395</td><td>59</td><td>184</td><td>153</td><td>30</td><td>207</td><td>192</td></tr><tr><td>3-1/8% June 1946-49</td><td>819</td><td>486</td><td>345</td><td>292</td><td>53</td><td>142</td><td>116</td><td>25</td><td>85</td><td>247</td></tr><tr><td>4-1/4% October 1947-52</td><td>759</td><td>410</td><td>276</td><td>221</td><td>55</td><td>134</td><td>77</td><td>57</td><td>85</td><td>264</td></tr><tr><td>2% December 1947</td><td>701</td><td>593</td><td>520</td><td>506</td><td>13</td><td>73</td><td>46</td><td>27</td><td>13</td><td>96</td></tr><tr><td>2-3/4% March 1948-51</td><td>1,224</td><td>940</td><td>699</td><td>631</td><td>67</td><td>241</td><td>203</td><td>38</td><td>153</td><td>131</td></tr><tr><td>2-1/2% September 1948</td><td>451</td><td>368</td><td>290</td><td>279</td><td>11</td><td>78</td><td>64</td><td>13</td><td>27</td><td>56</td></tr><tr><td>2% December 1948-50</td><td>571</td><td>467</td><td>411</td><td>405</td><td>6</td><td>56</td><td>35</td><td>22</td><td>53</td><td>51</td></tr><tr><td>3-1/8% December 1949-52</td><td>491</td><td>391</td><td>255</td><td>208</td><td>47</td><td>137</td><td>98</td><td>38</td><td>41</td><td>60</td></tr><tr><td>2-1/2% December 1949-53</td><td>1,786</td><td>1,253</td><td>1,016</td><td>932</td><td>84</td><td>237</td><td>181</td><td>57</td><td>272</td><td>261</td></tr><tr><td>2-1/2% September 1950-52</td><td>1,186</td><td>912</td><td>724</td><td>652</td><td>73</td><td>187</td><td>137</td><td>50</td><td>151</td><td>123</td></tr><tr><td>2-3/4% June 1951-54</td><td>1,627</td><td>1,200</td><td>774</td><td>656</td><td>119</td><td>426</td><td>362</td><td>64</td><td>203</td><td>223</td></tr><tr><td>3% September 1951-55</td><td>755</td><td>320</td><td>230</td><td>175</td><td>55</td><td>91</td><td>67</td><td>24</td><td>110</td><td>325</td></tr><tr><td>2-1/4% December 1951-53</td><td>1,118</td><td>826</td><td>760</td><td>730</td><td>30</td><td>66</td><td>44</td><td>22</td><td>161</td><td>131</td></tr><tr><td>2% June 1953-55</td><td>725</td><td>624</td><td>598</td><td>587</td><td>11</td><td>26</td><td>5</td><td>21</td><td>38</td><td>61</td></tr><tr><td>2-1/4% June 1954-56</td><td>681</td><td>537</td><td>401</td><td>389</td><td>12</td><td>136</td><td>102</td><td>34</td><td>51</td><td>93</td></tr><tr><td>2-7/8% March 1955-60</td><td>2,611</td><td>1,167</td><td>590</td><td>470</td><td>120</td><td>577</td><td>467</td><td>110</td><td>437</td><td>1,008</td></tr><tr><td>2-3/4% September 1956-59</td><td>982</td><td>622</td><td>360</td><td>315</td><td>45</td><td>262</td><td>198</td><td>64</td><td>184</td><td>176</td></tr><tr><td>2-3/4% June 1958-63</td><td>919</td><td>689</td><td>270</td><td>227</td><td>43</td><td>419</td><td>341</td><td>79</td><td>91</td><td>139</td></tr><tr><td>2-3/4% December 1960-65</td><td>1,485</td><td>1,054</td><td>391</td><td>353</td><td>38</td><td>663</td><td>538</td><td>125</td><td>140</td><td>291</td></tr><tr><td>Total Treasury bonds</td><td>26,581</td><td>17,531</td><td>12,393</td><td>11,111</td><td>1,283</td><td>5,138</td><td>3,993</td><td>1,144</td><td>3,287</td><td>5,763</td></tr></table>
(Continued on following page)
56
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, November 30, 1942 - (Continued
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART A
PAR VALUES IN MILLIONS OF DOLLARS-(Continued)
<table><tr><th rowspan="2">Issue, classified by tax-exemption provision</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by banks and insurance companies covered in Treasury survey</th><th rowspan="2">Held by T. S. Government agencies and trust funds, and Federal Reserve Banks 2/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>Total 7,005 institutions</th><th>Total</th><th>6,218 banks</th><th>5,758 commercial banks</th><th>490 mutual savings banks</th><th>757 insurance companies</th><th>199 life insurance companies</th><th>558 fire, casualty, and marine insurance companies</th></tr><tr><td>11. Partially exempt from Federal income taxes 4/ (continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed issues 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 7/4% May 1947</td><td>290</td><td>247</td><td>277</td><td>236</td><td>2</td><td>5</td><td>2</td><td>1</td><td>-</td><td>47</td></tr><tr><td>Federal Farm Mortgage Corporation 7-1/4% March 1944-64, 7% May 1944-45</td><td>95 835</td><td>64 540</td><td>76 427</td><td>22 405</td><td>14 22</td><td>28 113</td><td>27 102</td><td>1 11</td><td>2 89</td><td>28 206</td></tr><tr><td>Federal Housing Administration debentures</td><td>21</td><td>20</td><td>8</td><td>7</td><td>1</td><td>12</td><td>12</td><td>*</td><td>1</td><td>*</td></tr><tr><td>Home Owners' Loan Corporation 7% May 1944-52, 1-1/2% June 1945-47</td><td>779 755</td><td>394 690</td><td>321 645</td><td>285 637</td><td>76 8</td><td>73 45</td><td>66 38</td><td>7 7</td><td>139 2</td><td>245 63</td></tr><tr><td>United States Housing Authority 1-3/8% February 1944</td><td>114</td><td>99</td><td>97</td><td>96</td><td>1</td><td>2</td><td>*</td><td>2</td><td>*</td><td>15</td></tr><tr><td>Total guaranteed issuer</td><td>2,888</td><td>2,050</td><td>1,770</td><td>1,687</td><td>83</td><td>279</td><td>248</td><td>21</td><td>231</td><td>604</td></tr><tr><td>Total partially exempt from Federal income taxes</td><td>29,469</td><td>19,581</td><td>14,164</td><td>12,798</td><td>1,366</td><td>5,417</td><td>4,241</td><td>1,176</td><td>7,521</td><td>6,367</td></tr><tr><td>111. Subject to Federal income taxes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>5,721</td><td>4,323</td><td>4,270</td><td>4,216</td><td>14</td><td>93</td><td>77</td><td>17</td><td>388</td><td>1,010</td></tr><tr><td>Certificates of indebtedness 1/1/8% December 1942</td><td>422</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>422</td><td>-</td></tr><tr><td>5/8% February 1943</td><td>1,589</td><td>957</td><td>914</td><td>898</td><td>16</td><td>40</td><td>17</td><td>23</td><td>317</td><td>318</td></tr><tr><td>6.5% May 1943</td><td>1,506</td><td>1,054</td><td>1,041</td><td>1,019</td><td>14</td><td>20</td><td>3</td><td>17</td><td>125</td><td>327</td></tr><tr><td>7/8% August 1943</td><td>1,609</td><td>1,145</td><td>1,124</td><td>1,099</td><td>25</td><td>22</td><td>1</td><td>18</td><td>149</td><td>314</td></tr><tr><td>7/8% November 1943</td><td>2,035</td><td>1,450</td><td>1,417</td><td>1,372</td><td>44</td><td>33</td><td>8</td><td>25</td><td>189</td><td>196</td></tr><tr><td>Total certificates of indebtedness</td><td>7,161</td><td>4,602</td><td>4,488</td><td>4,389</td><td>99</td><td>111</td><td>32</td><td>82</td><td>1,203</td><td>1,756</td></tr><tr><td>Treasury notes 7/4% March 1943</td><td>66</td><td>15</td><td>14</td><td>13</td><td>2</td><td>*</td><td>*</td><td>*</td><td>39</td><td>12</td></tr><tr><td>7/4% September 1944</td><td>675</td><td>519</td><td>488</td><td>470</td><td>18</td><td>31</td><td>21</td><td>10</td><td>15</td><td>100</td></tr><tr><td>1-1/4% March 1945</td><td>1,606</td><td>1,130</td><td>1,097</td><td>1,063</td><td>34</td><td>33</td><td>20</td><td>13</td><td>245</td><td>321</td></tr><tr><td>7/4% December 1945</td><td>531</td><td>448</td><td>418</td><td>400</td><td>18</td><td>30</td><td>20</td><td>10</td><td>18</td><td>66</td></tr><tr><td>1% March 1946</td><td>503</td><td>406</td><td>371</td><td>356</td><td>15</td><td>35</td><td>24</td><td>11</td><td>24</td><td>73</td></tr><tr><td>1-1/2% December 1946</td><td>3,261</td><td>2,408</td><td>2,356</td><td>2,278</td><td>78</td><td>51</td><td>21</td><td>30</td><td>532</td><td>321</td></tr><tr><td>Total Treasury notes</td><td>6,602</td><td>4,925</td><td>4,745</td><td>4,580</td><td>165</td><td>181</td><td>107</td><td>74</td><td>873</td><td>804</td></tr><tr><td>Treasury bonds 2% March 1948-50</td><td>1,115</td><td>831</td><td>667</td><td>505</td><td>162</td><td>164</td><td>151</td><td>13</td><td>139</td><td>145</td></tr><tr><td>2% June 1949-51</td><td>1,011</td><td>801</td><td>699</td><td>588</td><td>111</td><td>102</td><td>84</td><td>17</td><td>138</td><td>76</td></tr><tr><td>2% September 1949-51</td><td>1,392</td><td>1,071</td><td>997</td><td>832</td><td>161</td><td>78</td><td>58</td><td>20</td><td>64</td><td>157</td></tr><tr><td>2% December 1949-51</td><td>2,098</td><td>1,547</td><td>1,392</td><td>1,227</td><td>165</td><td>155</td><td>131</td><td>25</td><td>118</td><td>402</td></tr><tr><td>2% March 1950-52</td><td>1,361</td><td>1,473</td><td>1,291</td><td>1,113</td><td>148</td><td>142</td><td>126</td><td>16</td><td>176</td><td>353</td></tr><tr><td>2% December 1951-53</td><td>510</td><td>338</td><td>316</td><td>278</td><td>39</td><td>22</td><td>13</td><td>9</td><td>82</td><td>91</td></tr><tr><td>2-1/2% March 1952-54</td><td>1,024</td><td>667</td><td>532</td><td>222</td><td>316</td><td>129</td><td>119</td><td>10</td><td>170</td><td>227</td></tr><tr><td>2-1/4% June 1952-55</td><td>1,501</td><td>1,113</td><td>927</td><td>555</td><td>172</td><td>216</td><td>190</td><td>26</td><td>129</td><td>229</td></tr><tr><td>2-1/2% March 1956-58</td><td>1,149</td><td>1,024</td><td>615</td><td>242</td><td>177</td><td>109</td><td>786</td><td>27</td><td>120</td><td>305</td></tr><tr><td>2-1/2% June 1962-67</td><td>2,118</td><td>1,518</td><td>192</td><td>-</td><td>192</td><td>1,326</td><td>1,236</td><td>90</td><td>181</td><td>420</td></tr><tr><td>2-1/2% September 1967-72</td><td>2,716</td><td>1,654</td><td>1,020</td><td>675</td><td>345</td><td>614</td><td>569</td><td>65</td><td>338</td><td>724</td></tr><tr><td>Total Treasury bonds</td><td>16,800</td><td>12,027</td><td>8,649</td><td>6,266</td><td>2,383</td><td>3,378</td><td>3,063</td><td>715</td><td>1,645</td><td>3,128</td></tr><tr><td>Guaranteed issues 5/ Commodity Credit Corporation 1-1/8% February 1945</td><td>412</td><td>336</td><td>304</td><td>290</td><td>14</td><td>32</td><td>24</td><td>8</td><td>31</td><td>45</td></tr><tr><td>Reconstruction Finance Corporation 1-1/6% July 1943</td><td>324</td><td>274</td><td>262</td><td>254</td><td>8</td><td>12</td><td>1</td><td>2</td><td>5</td><td>45</td></tr><tr><td>1% April 1944</td><td>571</td><td>154</td><td>149</td><td>428</td><td>11</td><td>14</td><td>5</td><td>9</td><td>62</td><td>56</td></tr><tr><td>Total guaranteed issues</td><td>1,307</td><td>1,064</td><td>1,006</td><td>973</td><td>37</td><td>58</td><td>33</td><td>26</td><td>98</td><td>146</td></tr><tr><td>Total subject to Federal income taxes</td><td>37,591</td><td>26,941</td><td>23,117</td><td>20,423</td><td>2,694</td><td>3,824</td><td>3,311</td><td>513</td><td>4,207</td><td>6,443</td></tr><tr><td>11. Total</td><td>70,750</td><td>47,922</td><td>35,571</td><td>34,480</td><td>4,091</td><td>9,351</td><td>7,605</td><td>1,746</td><td>5,317</td><td>14,510</td></tr></table>
(Continued or following page)
57
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, November 30, 1942 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART B - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS
<table><tr><th rowspan="2">Issue, classified by tax-exemption provision</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by banks and insurance companies covered in Treasury survey</th><th rowspan="2">Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 2/</th><th rowspan="2">Held by all other investors</th></tr><tr><th>Total 7,005 institutions</th><th colspan="2">6.248 banks</th><th colspan="3">757 insurance companies</th></tr><tr><th></th><th></th><th>Total</th><th>5,758 commercial banks</th><th>490 mutual savings banks</th><th>Total</th><th>199 life insurance companies</th><th>558 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td colspan="10">I. Wholly exempt from Federal income taxes 3/</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/4% December 1942</td><td>100.0</td><td>46.7</td><td>42.5</td><td>39.3</td><td>3.2</td><td>4.1</td><td>1.2</td><td>2.9</td><td>13.3</td><td>40.0</td></tr><tr><td>1-1/8% June 1943</td><td>100.0</td><td>31.3</td><td>28.8</td><td>27.4</td><td>1.4</td><td>2.4</td><td>.4</td><td>2.0</td><td>18.5</td><td>50.3</td></tr><tr><td>1% September 1943</td><td>100.0</td><td>47.0</td><td>44.8</td><td>44.0</td><td>.8</td><td>2.2</td><td>1.1</td><td>1.0</td><td>11.8</td><td>41.3</td></tr><tr><td>1-1/8% December 1943</td><td>100.0</td><td>27.1</td><td>20.8</td><td>20.0</td><td>.8</td><td>6.2</td><td>5.0</td><td>1.3</td><td>12.1</td><td>60.8</td></tr><tr><td>1% March 1944</td><td>100.0</td><td>49.4</td><td>47.7</td><td>47.1</td><td>.6</td><td>1.6</td><td>.4</td><td>1.2</td><td>20.8</td><td>29.8</td></tr><tr><td>3/4% June 1944</td><td>100.0</td><td>50.1</td><td>48.3</td><td>47.8</td><td>.5</td><td>1.8</td><td>.6</td><td>1.2</td><td>17.3</td><td>32.6</td></tr><tr><td>1% September 1944</td><td>100.0</td><td>12.8</td><td>12.6</td><td>12.1</td><td>.5</td><td>.2</td><td>-.6</td><td>.2</td><td>20.9</td><td>66.3</td></tr><tr><td>3/4% March 1945</td><td>100.0</td><td>47.2</td><td>42.3</td><td>41.9</td><td>.4</td><td>4.9</td><td>2.6</td><td>2.3</td><td>12.0</td><td>40.8</td></tr><tr><td>Total Treasury notes</td><td>100.0</td><td>39.7</td><td>36.6</td><td>35.7</td><td>.9</td><td>3.1</td><td>1.5</td><td>1.6</td><td>15.9</td><td>44.4</td></tr><tr><td>Bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings</td><td>100.0</td><td>9.7</td><td>9.2</td><td>9.1</td><td>.1</td><td>.5</td><td>.1</td><td>.5</td><td>28.3</td><td>61.8</td></tr><tr><td>Panama Canal</td><td>100.0</td><td>1.3</td><td>1.0</td><td>1.0</td><td>-</td><td>.3</td><td>.2</td><td>.1</td><td>-</td><td>98.7</td></tr><tr><td>Conversion</td><td>100.0</td><td>.8</td><td>.6</td><td>.6</td><td>-</td><td>.1</td><td>-</td><td>.1</td><td>-</td><td>99.2</td></tr><tr><td>Total bonds</td><td>100.0</td><td>6.3</td><td>5.8</td><td>5.8</td><td>.1</td><td>.4</td><td>.1</td><td>.3</td><td>17.0</td><td>76.8</td></tr><tr><td>Total wholly exempt from Federal income taxes</td><td>100.0</td><td>38.0</td><td>35.0</td><td>34.1</td><td>.8</td><td>3.0</td><td>1.4</td><td>1.5</td><td>16.0</td><td>46.1</td></tr><tr><td colspan="10">II. Partially exempt from Federal income taxes 4/</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3-3/8% June 1943-47</td><td>100.0</td><td>57.0</td><td>43.1</td><td>33.0</td><td>10.1</td><td>13.9</td><td>10.7</td><td>3.2</td><td>12.6</td><td>30.4</td></tr><tr><td>3-1/4% October 1943-45</td><td>100.0</td><td>53.7</td><td>41.7</td><td>37.2</td><td>4.6</td><td>12.0</td><td>8.4</td><td>3.6</td><td>12.0</td><td>34.3</td></tr><tr><td>3-1/4% April 1944-46</td><td>100.0</td><td>58.6</td><td>43.2</td><td>39.0</td><td>4.2</td><td>15.4</td><td>11.8</td><td>3.6</td><td>12.0</td><td>29.4</td></tr><tr><td>4% December 1944-54</td><td>100.0</td><td>62.1</td><td>47.6</td><td>41.7</td><td>5.9</td><td>14.5</td><td>10.9</td><td>3.7</td><td>10.6</td><td>27.3</td></tr><tr><td>2-3/4% September 1945-47</td><td>100.0</td><td>63.1</td><td>46.1</td><td>41.3</td><td>4.8</td><td>17.0</td><td>13.5</td><td>3.5</td><td>13.3</td><td>23.7</td></tr><tr><td>2-1/2% December 1945</td><td>100.0</td><td>74.9</td><td>60.7</td><td>56.6</td><td>4.1</td><td>14.2</td><td>8.1</td><td>6.1</td><td>7.8</td><td>17.3</td></tr><tr><td>3-3/4% March 1946-56</td><td>100.0</td><td>65.0</td><td>43.5</td><td>37.9</td><td>5.6</td><td>21.4</td><td>18.8</td><td>2.7</td><td>13.3</td><td>21.8</td></tr><tr><td>3% June 1946-48</td><td>100.0</td><td>61.6</td><td>43.8</td><td>38.2</td><td>5.7</td><td>17.7</td><td>14.8</td><td>2.9</td><td>19.9</td><td>18.5</td></tr><tr><td>3-1/8% June 1946-49</td><td>100.0</td><td>59.4</td><td>42.1</td><td>35.7</td><td>6.4</td><td>17.3</td><td>14.2</td><td>3.1</td><td>10.4</td><td>30.2</td></tr><tr><td>4-1/4% October 1947-52</td><td>100.0</td><td>54.0</td><td>36.3</td><td>29.1</td><td>7.2</td><td>17.7</td><td>10.2</td><td>7.6</td><td>11.2</td><td>34.8</td></tr><tr><td>2% December 1947</td><td>100.0</td><td>84.5</td><td>74.1</td><td>72.2</td><td>1.9</td><td>10.4</td><td>6.6</td><td>3.8</td><td>1.8</td><td>13.7</td></tr><tr><td>2-3/4% March 1948-51</td><td>100.0</td><td>76.8</td><td>57.1</td><td>51.6</td><td>5.5</td><td>19.7</td><td>16.6</td><td>3.1</td><td>12.5</td><td>10.7</td></tr><tr><td>2-1/2% September 1948</td><td>100.0</td><td>81.6</td><td>64.4</td><td>61.9</td><td>2.5</td><td>17.2</td><td>14.3</td><td>2.9</td><td>6.0</td><td>12.4</td></tr><tr><td>2% December 1948-50</td><td>100.0</td><td>81.8</td><td>71.9</td><td>70.3</td><td>1.1</td><td>9.9</td><td>6.1</td><td>3.8</td><td>9.3</td><td>8.9</td></tr><tr><td>3-1/8% December 1949-52</td><td>100.0</td><td>79.6</td><td>51.8</td><td>42.3</td><td>9.6</td><td>27.8</td><td>20.0</td><td>7.8</td><td>8.2</td><td>12.1</td></tr><tr><td>2-1/2% December 1949-53</td><td>100.0</td><td>70.2</td><td>56.9</td><td>52.2</td><td>4.7</td><td>13.3</td><td>10.1</td><td>3.2</td><td>15.2</td><td>14.6</td></tr><tr><td>2-1/2% September 1950-52</td><td>100.0</td><td>76.9</td><td>61.1</td><td>55.0</td><td>6.1</td><td>15.8</td><td>11.6</td><td>4.2</td><td>12.8</td><td>10.3</td></tr><tr><td>2-3/4% June 1951-54</td><td>100.0</td><td>73.8</td><td>47.6</td><td>40.3</td><td>7.3</td><td>26.2</td><td>22.3</td><td>3.9</td><td>12.5</td><td>13.7</td></tr><tr><td>3% September 1951-55</td><td>100.0</td><td>42.4</td><td>30.4</td><td>23.1</td><td>7.3</td><td>12.0</td><td>8.8</td><td>3.2</td><td>11.6</td><td>43.0</td></tr><tr><td>2-1/4% December 1951-53</td><td>100.0</td><td>73.9</td><td>67.9</td><td>65.3</td><td>2.7</td><td>5.9</td><td>3.9</td><td>2.0</td><td>14.4</td><td>11.7</td></tr><tr><td>2% June 1953-55</td><td>100.0</td><td>86.1</td><td>82.5</td><td>81.0</td><td>1.5</td><td>3.6</td><td>.7</td><td>2.9</td><td>5.2</td><td>8.7</td></tr><tr><td>2-1/4% June 1954-56</td><td>100.0</td><td>78.8</td><td>58.9</td><td>57.2</td><td>1.7</td><td>20.0</td><td>14.9</td><td>5.0</td><td>7.5</td><td>13.6</td></tr><tr><td>2-7/8% March 1955-60</td><td>100.0</td><td>41.7</td><td>22.6</td><td>18.0</td><td>4.6</td><td>22.1</td><td>17.9</td><td>4.2</td><td>16.7</td><td>38.6</td></tr><tr><td>2-3/4% September 1956-59</td><td>100.0</td><td>63.4</td><td>36.7</td><td>32.1</td><td>4.6</td><td>26.7</td><td>20.2</td><td>6.5</td><td>18.7</td><td>17.9</td></tr><tr><td>2-3/4% June 1958-63</td><td>100.0</td><td>75.0</td><td>29.4</td><td>24.7</td><td>4.6</td><td>45.6</td><td>37.1</td><td>8.6</td><td>9.9</td><td>15.1</td></tr><tr><td>2-3/4% December 1960-65</td><td>100.0</td><td>71.0</td><td>26.3</td><td>23.7</td><td>2.6</td><td>44.6</td><td>36.2</td><td>8.4</td><td>9.4</td><td>19.6</td></tr><tr><td>Total Treasury bonds</td><td>100.0</td><td>66.0</td><td>46.6</td><td>41.8</td><td>4.8</td><td>19.3</td><td>15.0</td><td>4.3</td><td>12.4</td><td>21.7</td></tr></table>
(Continued on following page)
58
Summary Data from Treasury Survey of Ownership of Securities
Issued or Guaranteed by the United States, November 30, 1942 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART B - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS-(Continued)
<table><tr><th>Issue, classified by tax-exemption provision</th><th>Total amount outstanding</th><th>Total 7,005 institutions</th><th colspan="3">6,248 banks</th><th colspan="3">757 insurance companies</th><th>Held by U. S. Government agencies and trust funds, and Federal Reserve Banks 2/</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>5,758 commercial banks</th><th>490 mutual savings banks</th><th>Total</th><th>199 life insurance companies</th><th>558 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td colspan="11">II. Partially exempt from Federal income taxes 1/ (continued)</td></tr><tr><td>Guaranteed issues 5/ Commodity Credit Corporation 3/4% May 1943</td><td>100.0</td><td>83.9</td><td>82.0</td><td>81.4</td><td>.6</td><td>1.9</td><td>.8</td><td>1.1</td><td>-</td><td>16.1</td></tr><tr><td>Federal Farm Mortgage Corporation 3-1/4% March 1944-64 3% May 1944-9</td><td>100.0</td><td>67.6</td><td>37.7</td><td>23.3</td><td>14.4</td><td>30.0</td><td>28.5</td><td>1.5</td><td>2.3</td><td>30.1</td></tr><tr><td>Federal Housing Administration debentures</td><td>100.0</td><td>64.7</td><td>51.1</td><td>48.1</td><td>2.7</td><td>13.5</td><td>12.2</td><td>1.3</td><td>10.7</td><td>24.7</td></tr><tr><td>Home Owners' Loan Corporation 3% May 1944-52 1-1/2% June 1945-47</td><td>100.0</td><td>93.3</td><td>36.5</td><td>33.5</td><td>3.0</td><td>56.7</td><td>56.4</td><td>.4</td><td>5.9</td><td>.9</td></tr><tr><td>United States Housing Authority 1-3/8% February 1944</td><td>100.0</td><td>50.7</td><td>41.2</td><td>36.6</td><td>4.6</td><td>9.4</td><td>8.5</td><td>.9</td><td>17.9</td><td>31.5</td></tr><tr><td>1-1/2% June 1945-47</td><td>100.0</td><td>91.4</td><td>85.4</td><td>84.4</td><td>1.1</td><td>5.9</td><td>5.0</td><td>.9</td><td>.3</td><td>8.3</td></tr><tr><td>Total guaranteed issues</td><td>100.0</td><td>86.5</td><td>84.6</td><td>84.0</td><td>.6</td><td>2.0</td><td>.4</td><td>1.5</td><td>.4</td><td>13.1</td></tr><tr><td>Total partially exempt from Federal income taxes</td><td>100.0</td><td>71.0</td><td>61.3</td><td>58.4</td><td>2.9</td><td>9.7</td><td>8.6</td><td>1.1</td><td>8.1</td><td>20.9</td></tr><tr><td>100.0</td><td>66.4</td><td>48.1</td><td>43.4</td><td>4.6</td><td>18.1</td><td>14.4</td><td>4.0</td><td>11.9</td><td>21.6</td></tr><tr><td colspan="11">III. Subject to Federal income taxes</td></tr><tr><td>Treasury bills</td><td>100.0</td><td>75.6</td><td>73.9</td><td>73.7</td><td>.3</td><td>1.6</td><td>1.3</td><td>.3</td><td>6.8</td><td>17.7</td></tr><tr><td>Certificate of indebtedness 1/4% December 1942 5/8% February 1943 .65% May 1943 7/8% August 1943 7/8% November 1943</td><td>100.0</td><td>60.0</td><td>57.5</td><td>56.5</td><td>1.0</td><td>2.5</td><td>1.1</td><td>1.4</td><td>100.0</td><td>20.0</td></tr><tr><td>100.0</td><td>70.0</td><td>68.7</td><td>67.7</td><td>1.0</td><td>1.3</td><td>.2</td><td>1.1</td><td>20.0</td><td>21.7</td></tr><tr><td>100.0</td><td>71.2</td><td>69.8</td><td>68.3</td><td>1.5</td><td>1.4</td><td>.3</td><td>1.1</td><td>8.3</td><td>19.5</td></tr><tr><td>100.0</td><td>71.2</td><td>69.6</td><td>67.4</td><td>2.2</td><td>1.6</td><td>.4</td><td>1.2</td><td>9.3</td><td>19.5</td></tr><tr><td>Total certificates of indebtedness</td><td>100.0</td><td>64.3</td><td>62.7</td><td>61.3</td><td>1.4</td><td>1.6</td><td>.4</td><td>1.1</td><td>16.8</td><td>18.9</td></tr><tr><td>Treasury notes 3/4% March 1943 3/4% September 1944 1-1/4% March 1945 3/4% December 1945 1% March 1946 1-1/2% December 1946</td><td>100.0</td><td>22.1</td><td>21.6</td><td>19.1</td><td>2.5</td><td>.5</td><td>.2</td><td>.3</td><td>59.5</td><td>18.4</td></tr><tr><td>100.0</td><td>81.8</td><td>76.9</td><td>74.0</td><td>2.9</td><td>4.9</td><td>3.3</td><td>1.5</td><td>2.4</td><td>15.8</td></tr><tr><td>100.0</td><td>70.4</td><td>68.3</td><td>66.2</td><td>2.1</td><td>2.1</td><td>1.2</td><td>.8</td><td>15.2</td><td>14.4</td></tr><tr><td>100.0</td><td>84.3</td><td>78.7</td><td>75.3</td><td>3.4</td><td>5.6</td><td>3.8</td><td>1.8</td><td>3.3</td><td>12.4</td></tr><tr><td>100.0</td><td>80.8</td><td>73.8</td><td>70.8</td><td>2.9</td><td>7.0</td><td>4.8</td><td>2.2</td><td>4.8</td><td>14.5</td></tr><tr><td>100.0</td><td>73.8</td><td>72.3</td><td>69.9</td><td>2.4</td><td>1.6</td><td>.7</td><td>.9</td><td>16.3</td><td>9.9</td></tr><tr><td>Total Treasury notes</td><td>100.0</td><td>74.6</td><td>71.9</td><td>69.4</td><td>2.5</td><td>2.7</td><td>1.6</td><td>1.1</td><td>13.2</td><td>12.2</td></tr><tr><td>Treasury bonds 2% March 1948-50 2% June 1949-51 2% September 1949-51 2% December 1949-51 2% March 1950-52 2% December 1951-55 2-1/2% March 1952-54 2-1/4% June 1952-55 2-1/2% March 1956-58 2-1/2% June 1962-67 2-1/2% September 1967-72</td><td>100.0</td><td>74.5</td><td>59.8</td><td>45.2</td><td>14.6</td><td>14.7</td><td>13.5</td><td>1.2</td><td>12.5</td><td>13.0</td></tr><tr><td>100.0</td><td>79.0</td><td>69.0</td><td>58.0</td><td>10.9</td><td>10.0</td><td>8.3</td><td>1.7</td><td>13.6</td><td>7.5</td></tr><tr><td>100.0</td><td>82.9</td><td>76.8</td><td>64.3</td><td>12.5</td><td>6.0</td><td>4.5</td><td>1.5</td><td>5.0</td><td>12.2</td></tr><tr><td>100.0</td><td>73.8</td><td>66.3</td><td>58.5</td><td>7.9</td><td>7.4</td><td>6.2</td><td>1.2</td><td>7.1</td><td>19.2</td></tr><tr><td>100.0</td><td>73.0</td><td>65.8</td><td>58.3</td><td>7.5</td><td>7.2</td><td>6.4</td><td>.8</td><td>9.0</td><td>18.0</td></tr><tr><td>100.0</td><td>66.2</td><td>61.9</td><td>54.4</td><td>7.6</td><td>4.3</td><td>2.5</td><td>1.7</td><td>16.0</td><td>17.8</td></tr><tr><td>100.0</td><td>65.2</td><td>52.5</td><td>21.7</td><td>30.8</td><td>12.6</td><td>11.6</td><td>1.0</td><td>12.7</td><td>22.2</td></tr><tr><td>100.0</td><td>76.2</td><td>61.8</td><td>37.0</td><td>24.8</td><td>14.4</td><td>12.7</td><td>1.7</td><td>8.6</td><td>15.2</td></tr><tr><td>100.0</td><td>70.7</td><td>42.4</td><td>16.7</td><td>25.7</td><td>28.2</td><td>26.6</td><td>1.6</td><td>8.3</td><td>21.0</td></tr><tr><td>100.0</td><td>71.6</td><td>9.1</td><td>9.1</td><td>62.6</td><td>58.3</td><td>4.3</td><td>8.5</td><td>19.8</td></tr><tr><td>100.0</td><td>60.9</td><td>37.5</td><td>24.8</td><td>12.7</td><td>23.4</td><td>21.0</td><td>2.4</td><td>12.5</td><td>26.6</td></tr><tr><td>Total Treasury bonds</td><td>100.0</td><td>71.6</td><td>51.5</td><td>37.3</td><td>14.2</td><td>20.1</td><td>18.2</td><td>1.9</td><td>9.8</td><td>18.6</td></tr><tr><td colspan="11">Guaranteed issues 5/ Commodity Credit Corporation 1-1/8% February 1945 Reconstructio Finance Corporation 1-1/8% July 1943 1% April 1944</td></tr><tr><td>100.0</td><td>81.7</td><td>73.9</td><td>70.5</td><td>3.1</td><td>7.8</td><td>5.8</td><td>2.0</td><td>7.5</td><td>10.8</td></tr><tr><td>100.0</td><td>84.5</td><td>80.8</td><td>78.4</td><td>2.3</td><td>3.7</td><td>1.1</td><td>2.6</td><td>1.6</td><td>14.0</td></tr><tr><td>100.0</td><td>79.4</td><td>76.9</td><td>74.9</td><td>2.0</td><td>2.5</td><td>.9</td><td>1.6</td><td>10.9</td><td>9.8</td></tr><tr><td>Total guaranteed issues</td><td>100.0</td><td>81.4</td><td>76.9</td><td>74.4</td><td>2.5</td><td>4.5</td><td>2.5</td><td>2.0</td><td>7.5</td><td>11.1</td></tr><tr><td>Total subject to Federal income taxes</td><td>100.0</td><td>71.7</td><td>61.5</td><td>54.3</td><td>7.2</td><td>10.2</td><td>8.8</td><td>1.4</td><td>11.2</td><td>17.1</td></tr><tr><td>IV. Grand total</td><td>100.0</td><td>67.7</td><td>54.5</td><td>48.7</td><td>5.8</td><td>13.2</td><td>10.7</td><td>2.5</td><td>11.8</td><td>20.5</td></tr></table>
(3) tax series notes: commercial banks, $54 millions; mutual savings banks, $14 millions; insurance companies, $29 millions; all institutions, $87 millions; (4) Commodity Credit Corporation demand obligations; holdings of these obligations are not reported. Excludes Exchange Stabilization Fund. Securites the income from which is exempt from the normal rates and the surtax rates of the Federal income tax. Securities the income from which is exempt from the normal rates of the Federal income tax. (In the case of partially tax-exempt Treasury bonds, interest derived from $5,000 of principal amount owned by any single holder is also exempt from the surtax rates of the Federal income tax.) Excludes obligations sold directly to the Treasury.
Note: Figures are rounded to the nearest millic or the nearest one-tenth of one percent and will not necessarily add to totals.
* Less than $500,000 or less than .05%.
1/ Public marketable interest-bearing securities include all interest-bearing securities outstanding except (1) special issues to Government agencies and trust funds, (2) adjusted service bonds, (3) depositary bonds, (4) United States savings bonds, (5) tax series notes and (6) Commodity Credit Corporation demand obligations. Such obligations were held by institutions reporting, as follows: (1) depositary bonds; commercial banks, $93 millions; (2) United States savings bonds; commercial banks, $180 millions; mutual savings banks, $66 millions; insurance companies, $93 millions; all insti-
2/3 4/5
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
- 59 -
60
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
December 31, 1942
Table I.- Securities Issued by the United States Government
PART A - BONDS 1/
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price data (Decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Decimals are thirty-seconds)</th><th colspan="4">1942 price range 2/ (Decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov.30, 1942</th><th>Yield 3/</th><th>Change in yield from Nov.30, 1942</th><th>Maturity yield</th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td>$ 454</td><td>Treasury bonds</td><td>101.09</td><td>101.10</td><td>101.10</td><td>-.08</td><td>.42%</td><td>-.04%</td><td>3.06%</td><td>6/15/27</td><td>111.14</td><td>6/5/39</td><td>87.20</td><td>1/11/32</td><td>104.01</td><td>1/22</td><td>101.10</td><td>12/31</td></tr><tr><td>1,401</td><td>3-3/84- 6/15/43-47</td><td>102.00</td><td>102.01</td><td>102.00</td><td>-.10</td><td>.67</td><td>+-.09</td><td>2.50</td><td>10/15/33</td><td>111.07</td><td>6/5/39</td><td>97.29</td><td>1/10/34</td><td>104.20</td><td>1/22</td><td>102.00</td><td>12/31</td></tr><tr><td>1,519</td><td>3-1/4 - 4/15/44-46</td><td>103.06</td><td>103.07</td><td>103.06</td><td>-.08</td><td>.74</td><td>+-.01</td><td>2.24</td><td>4/16/34</td><td>111.26</td><td>6/7/39</td><td>99.30</td><td>9/17/34</td><td>105.20</td><td>1/22</td><td>103.06</td><td>12/31</td></tr><tr><td>1,037</td><td>4 -12/15/44-54</td><td>106.04</td><td>106.06</td><td>106.05</td><td>-.05</td><td>.80</td><td>-.07</td><td>3.37</td><td>12/15/24</td><td>116.19</td><td>6/22/39</td><td>94.06</td><td>1/11/32</td><td>108.29</td><td>1/14</td><td>106.05</td><td>12/31</td></tr><tr><td>1,214</td><td>2-3/4 - 9/15/45-47</td><td>104.24</td><td>104.26</td><td>104.25</td><td>-.04</td><td>.95</td><td>-.01</td><td>1.69</td><td>9/16/35</td><td>110.12</td><td>12/12/40</td><td>99.27</td><td>9/17/35</td><td>106.13</td><td>1/21</td><td>104.25</td><td>12/31</td></tr><tr><td>541</td><td>2-1/2 -12/15/45</td><td>104.13</td><td>104.15</td><td>104.14</td><td>-.02</td><td>.97</td><td>-.02</td><td>.97</td><td>12/15/37</td><td>109.24</td><td>12/14/40</td><td>101.31</td><td>12/15/37</td><td>105.30</td><td>3/25</td><td>104.14</td><td>12/31</td></tr><tr><td>489</td><td>3-3/4 - 3/15/46-56</td><td>108.16</td><td>108.18</td><td>108.17</td><td>-.03</td><td>1.03</td><td>-.04</td><td>2.96</td><td>3/15/26</td><td>116.14</td><td>12/14/40</td><td>89.18</td><td>1/12/32</td><td>110.16</td><td>1/14</td><td>108.17</td><td>12/31</td></tr><tr><td>1,036</td><td>3 - 6/15/46-48</td><td>106.20</td><td>106.22</td><td>106.21</td><td>.00</td><td>1.03</td><td>-.05</td><td>1.71</td><td>6/15/34</td><td>112.28</td><td>12/16/40</td><td>97.28</td><td>9/17/34</td><td>108.04</td><td>1/28</td><td>106.21</td><td>12/31</td></tr><tr><td>819</td><td>3-1/8 - 6/15/46-49</td><td>107.00</td><td>107.02</td><td>107.01</td><td>.00</td><td>1.04</td><td>-.05</td><td>1.96</td><td>6/15/31</td><td>113.19</td><td>12/14/40</td><td>83.05</td><td>1/11/32</td><td>108.17</td><td>1/14</td><td>107.01</td><td>12/31</td></tr><tr><td>759</td><td>4-1/4 -10/15/47-52</td><td>113.28</td><td>113.30</td><td>113.29</td><td>-.11</td><td>1.24</td><td>+-.01</td><td>2.63</td><td>10/16/22</td><td>122.22</td><td>12/14/40</td><td>98.18</td><td>10/8/23</td><td>116.01</td><td>1/5</td><td>113.29</td><td>12/31</td></tr><tr><td>701</td><td>2 -12/15/47</td><td>103.29</td><td>103.31</td><td>103.30</td><td>+.03</td><td>1.18</td><td>-.03</td><td>1.18</td><td>12/15/38</td><td>107.20</td><td>12/12/40</td><td>99.14</td><td>9/25/39</td><td>105.01</td><td>3/23</td><td>103.27</td><td>12/19</td></tr><tr><td>1,115</td><td>T 2 - 3/15/48-50</td><td>101.06</td><td>101.08</td><td>101.07</td><td>.00</td><td>1.75</td><td>-.01</td><td>1.82</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.01</td><td>3/23</td><td>100.31</td><td>5/4</td></tr><tr><td>1,223</td><td>2-3/4 - 3/15/48-51</td><td>107.05</td><td>107.07</td><td>107.06</td><td>-.01</td><td>1.31</td><td>-.02</td><td>1.80</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>108.06</td><td>3/23</td><td>106.16</td><td>2/13</td></tr><tr><td>3,061</td><td>T 1-3/4 - 6/15/48</td><td>100.06</td><td>100.08</td><td>100.07</td><td>-.06</td><td>1.71</td><td>-.01</td><td>1.71</td><td>12/1/42</td><td>100.07</td><td>12/31/42</td><td>100.01</td><td>12/23/42</td><td>100.07</td><td>12/31</td><td>100.01</td><td>12/23</td></tr><tr><td>451</td><td>2-1/2 - 9/15/48</td><td>106.13</td><td>106.15</td><td>106.14</td><td>-.06</td><td>1.32</td><td>+-.01</td><td>1.32</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>107.17</td><td>3/23</td><td>105.31</td><td>2/13</td></tr><tr><td>571</td><td>2 -12/15/48-50</td><td>103.19</td><td>103.21</td><td>103.20</td><td>-.06</td><td>1.36</td><td>+-.02</td><td>1.51</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>101.10</td><td>5/24/40</td><td>105.01</td><td>3/24</td><td>103.18</td><td>2/18</td></tr><tr><td>1,014</td><td>T 2 - 6/15/49-51</td><td>100.19</td><td>100.21</td><td>100.20</td><td>+.07</td><td>1.90</td><td>-.03</td><td>1.92</td><td>1/15/42</td><td>101.11</td><td>4/15/42</td><td>100.06</td><td>8/5/42</td><td>101.11</td><td>4/15</td><td>100.06</td><td>8/5</td></tr><tr><td>1,232</td><td>T 2 - 9/15/49-51</td><td>100.15</td><td>100.17</td><td>100.16</td><td>+.06</td><td>1.92</td><td>-.03</td><td>1.94</td><td>5/15/42</td><td>100.24</td><td>6/20/42</td><td>100.04</td><td>10/6/42</td><td>100.24</td><td>6/20</td><td>100.04</td><td>10/6</td></tr><tr><td>2,098</td><td>T 2 -12/15/49-51</td><td>100.13</td><td>100.15</td><td>100.14</td><td>+.07</td><td>1.93</td><td>-.04</td><td>1.95</td><td>7/15/42</td><td>100.14</td><td>12/31/42</td><td>100.03</td><td>8/5/42</td><td>100.14</td><td>12/31</td><td>100.03</td><td>8/5</td></tr><tr><td>491</td><td>3-1/8 -12/15/49-52</td><td>110.10</td><td>110.12</td><td>110.11</td><td>.00</td><td>1.55</td><td>-.02</td><td>1.97</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>110.31</td><td>3/24</td><td>109.06</td><td>2/18</td></tr><tr><td>1,786</td><td>2-1/2 -12/15/49-53</td><td>105.29</td><td>105.31</td><td>105.30</td><td>.00</td><td>1.59</td><td>-.01</td><td>1.90</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>4/8/37</td><td>106.25</td><td>3/24</td><td>104.28</td><td>2/18</td></tr><tr><td>1,963</td><td>T 2 - 3/15/50-52</td><td>100.09</td><td>100.11</td><td>100.10</td><td>+.06</td><td>1.95</td><td>-.03</td><td>1.96</td><td>10/19/42</td><td>100.10</td><td>12/31/42</td><td>100.01</td><td>11/2/42</td><td>100.10</td><td>12/31</td><td>100.01</td><td>11/2</td></tr><tr><td>1,186</td><td>2-1/2 - 9/15/50-52</td><td>106.09</td><td>106.11</td><td>106.10</td><td>.00</td><td>1.62</td><td>-.01</td><td>1.79</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.15</td><td>9/25/39</td><td>107.03</td><td>6/15</td><td>105.02</td><td>2/18</td></tr><tr><td>1,627</td><td>2-3/4 - 6/15/51-54</td><td>107.29</td><td>107.31</td><td>107.30</td><td>.00</td><td>1.74</td><td>-.01</td><td>1.97</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>109.00</td><td>5/25</td><td>106.28</td><td>2/18</td></tr><tr><td>755</td><td>3 - 9/15/51-55</td><td>110.00</td><td>110.02</td><td>110.01</td><td>.00</td><td>1.75</td><td>-.01</td><td>2.10</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>111.01</td><td>5/25</td><td>108.28</td><td>2/18</td></tr><tr><td>1,118</td><td>2-1/4 -12/15/51-53</td><td>104.18</td><td>104.20</td><td>104.19</td><td>+.02</td><td>1.69</td><td>-.02</td><td>1.79</td><td>12/22/39</td><td>107.01</td><td>11/22/41</td><td>101.08</td><td>5/24/40</td><td>105.18</td><td>5/25</td><td>103.10</td><td>2/18</td></tr><tr><td>510</td><td>T 2 -12/15/51-55</td><td>100.06</td><td>100.08</td><td>100.07</td><td>+.06</td><td>1.97</td><td>-.03</td><td>1.98</td><td>12/15/41</td><td>101.16</td><td>12/5/41</td><td>100.01</td><td>12/5/42</td><td>100.28</td><td>1/28</td><td>100.01</td><td>12/5</td></tr><tr><td>1,024</td><td>T 2-1/2 - 3/15/52-54</td><td>103.19</td><td>103.21</td><td>103.20</td><td>+.07</td><td>2.07</td><td>-.02</td><td>2.13</td><td>3/31/41</td><td>106.16</td><td>8/2/41</td><td>101.04</td><td>3/20/41</td><td>104.12</td><td>4/6</td><td>102.28</td><td>2/13</td></tr><tr><td>1,501</td><td>T 2-1/4 - 6/15/52-55</td><td>101.07</td><td>101.09</td><td>101.08</td><td>+.04</td><td>2.10</td><td>-.02</td><td>2.14</td><td>2/25/42</td><td>101.25</td><td>4/4/42</td><td>100.16</td><td>2/18/42</td><td>101.25</td><td>4/4</td><td>100.16</td><td>2/18</td></tr><tr><td>725</td><td>2 - 6/15/53-55</td><td>103.04</td><td>103.06</td><td>103.05</td><td>+.02</td><td>1.67</td><td>-.01</td><td>1.72</td><td>10/7/40</td><td>105.14</td><td>11/22/41</td><td>101.19</td><td>2/15/41</td><td>104.04</td><td>5/29</td><td>102.00</td><td>2/18</td></tr><tr><td>681</td><td>2-1/4 - 6/15/54-56</td><td>104.22</td><td>104.24</td><td>104.23</td><td>-.01</td><td>1.79</td><td>.00</td><td>1.85</td><td>7/22/40</td><td>107.08</td><td>11/12/41</td><td>102.02</td><td>7/24/40</td><td>105.20</td><td>6/17</td><td>103.10</td><td>2/18</td></tr><tr><td>2,611</td><td>2-7/8 - 3/15/55-60</td><td>109.01</td><td>109.03</td><td>109.02</td><td>.00</td><td>2.03</td><td>-.01</td><td>2.24</td><td>3/15/35</td><td>112.16</td><td>11/1/41</td><td>98.30</td><td>9/20/35</td><td>110.19</td><td>6/17</td><td>108.00</td><td>2/18</td></tr><tr><td>1,449</td><td>T 2-1/2 - 3/15/56-58</td><td>103.04</td><td>103.06</td><td>103.05</td><td>+.13</td><td>2.22</td><td>-.04</td><td>2.25</td><td>6/2/41</td><td>105.08</td><td>11/5/41</td><td>101.30</td><td>12/26/41</td><td>103.16</td><td>4/4</td><td>102.00</td><td>2/17</td></tr><tr><td>982</td><td>2-3/4 - 9/15/56-59</td><td>108.09</td><td>108.11</td><td>108.10</td><td>+.01</td><td>2.05</td><td>-.01</td><td>2.15</td><td>9/15/36</td><td>111.31</td><td>10/29/41</td><td>98.10</td><td>4/1/37</td><td>109.30</td><td>6/9</td><td>107.12</td><td>2/18</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-63</td><td>108.11</td><td>108.13</td><td>108.12</td><td>.00</td><td>2.11</td><td>.00</td><td>2.24</td><td>6/15/38</td><td>112.04</td><td>11/1/41</td><td>99.15</td><td>9/25/39</td><td>110.05</td><td>6/3</td><td>107.15</td><td>2/18</td></tr><tr><td>1,485</td><td>2-3/4 -12/15/60-65</td><td>108.30</td><td>109.00</td><td>108.31</td><td>.00</td><td>2.15</td><td>.00</td><td>2.25</td><td>12/15/38</td><td>112.24</td><td>11/1/41</td><td>99.14</td><td>9/25/39</td><td>110.19</td><td>6/17</td><td>108.04</td><td>2/18</td></tr><tr><td>2,118</td><td>T 2-1/2 - 6/15/62-67</td><td>100.05</td><td>100.08</td><td>100.06</td><td>+.03</td><td>2.49</td><td>.00</td><td>2.49</td><td>5/5/42</td><td>100.22</td><td>10/22/42</td><td>100.00</td><td>8/17/42</td><td>100.22</td><td>10/22</td><td>100.00</td><td>8/17</td></tr><tr><td>2,827</td><td>T 2-1/2 -12/15/63-68</td><td>100.14</td><td>100.16</td><td>100.15</td><td>-.09</td><td>2.47</td><td>-.01</td><td>2.48</td><td>12/1/42</td><td>100.15</td><td>12/31/42</td><td>100.01</td><td>12/24/42</td><td>100.15</td><td>12/31</td><td>100.01</td><td>12/24</td></tr><tr><td>2,716</td><td>T 2-1/2 - 9/15/67-72</td><td>100.23</td><td>100.25</td><td>100.24</td><td>+.09</td><td>2.46</td><td>-.01</td><td>2.46</td><td>10/20/41</td><td>103.15</td><td>11/5/41</td><td>100.01</td><td>1/2/42</td><td>101.15</td><td>4/6</td><td>100.01</td><td>1/2</td></tr><tr><td colspan="2">Other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>16</td><td>3% Conversion-1/1/46</td><td>107.00</td><td>107.16</td><td>107.08</td><td>-.08</td><td>.56</td><td>+-.01</td><td>.56</td><td>1/1/16</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>108.3
1/ Exclude postal savings bonds.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that Treasury bond prices for the period prior to October 1, 1939 represent closing prices on the New York Stock Exchange. "When issued" prices are included beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates.
3/ Computed on mean price to call date when prices are above par; to maturity date when prices are below par.
4/ Included in long-term average of partially tax-exempt Treasury bonds shown later in this chapter.
5/ Included in long-term average of taxable Treasury bonds shown later in this chapter.
6/ Security is not transferable to commercial banks before designated datee in 1952.
61
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies December 31, 1942 - (Continued)
Table I.- Securities Issued by the United States Government - (Continued)
PART B - TREASURY NOTES
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price data (Decimals are thirty-seconde)</th><th colspan="2">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Decimals are thirty-seconde)</th><th colspan="4">1942 price range 1/ (Decimals are thirty-seconde)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov.30, 1942</th><th>Yield</th><th>Change in yield from Nov.30, 1942</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td>$ 66</td><td>T 3/4% D - 3/15/43</td><td>100.01</td><td>100.03</td><td>100.02</td><td>-.01</td><td>.43%</td><td>+.01%</td><td>3/15/41</td><td>101.04</td><td>7/25/41</td><td>100.02</td><td>12/31/42</td><td>100.14</td><td>3/12</td><td>100.02</td><td>12/31</td></tr><tr><td>629</td><td>1-1/8 A - 6/15/43</td><td>100.10</td><td>100.12</td><td>100.11</td><td>-.02</td><td>.35</td><td>-.02</td><td>6/15/38</td><td>103.00</td><td>4/3/40</td><td>99.04</td><td>9/6/39</td><td>101.13</td><td>1/28</td><td>100.11</td><td>12/31</td></tr><tr><td>279</td><td>1 C - 9/15/43</td><td>100.14</td><td>100.16</td><td>100.15</td><td>-.02</td><td>.32</td><td>.00</td><td>6/15/40</td><td>102.15</td><td>11/8/40</td><td>100.14</td><td>12/22/42</td><td>101.12</td><td>1/28</td><td>100.14</td><td>12/22</td></tr><tr><td>421</td><td>1-1/8 B - 12/15/43</td><td>100.23</td><td>100.25</td><td>100.24</td><td>-.04</td><td>.33</td><td>+.05</td><td>12/15/38</td><td>103.08</td><td>4/2/40</td><td>98.30</td><td>9/6/39</td><td>101.23</td><td>1/28</td><td>100.23</td><td>12/29</td></tr><tr><td>515</td><td>1 B - 3/15/44</td><td>100.22</td><td>100.24</td><td>100.23</td><td>-.01</td><td>.40</td><td>-.02</td><td>11/1/39</td><td>102.15</td><td>11/9/40</td><td>100.13</td><td>6/10/40</td><td>101.18</td><td>1/28</td><td>100.23</td><td>12/31</td></tr><tr><td>416</td><td>3/4 A - 6/15/44</td><td>100.12</td><td>100.14</td><td>100.13</td><td>.00</td><td>.47</td><td>-.01</td><td>6/15/39</td><td>101.15</td><td>9/27/41</td><td>97.16</td><td>9/6/39</td><td>100.31</td><td>1/28</td><td>100.12</td><td>12/29</td></tr><tr><td>283</td><td>1 C - 9/15/44</td><td>100.27</td><td>100.29</td><td>100.28</td><td>-.02</td><td>.48</td><td>+.01</td><td>12/22/39</td><td>102.16</td><td>12/9/40</td><td>100.10</td><td>6/11/40</td><td>101.22</td><td>1/28</td><td>100.28</td><td>12/31</td></tr><tr><td>635</td><td>T 3/4 D - 9/15/44</td><td>99.20</td><td>99.22</td><td>99.21</td><td>.00</td><td>.96</td><td>+.02</td><td>1/31/41</td><td>100.21</td><td>9/10/41</td><td>99.11</td><td>12/10/41</td><td>100.01</td><td>3/4</td><td>99.15</td><td>8/24</td></tr><tr><td>718</td><td>3/4 A - 3/15/45</td><td>100.15</td><td>100.17</td><td>100.16</td><td>+.01</td><td>.52</td><td>-.02</td><td>3/15/40</td><td>101.16</td><td>8/6/41</td><td>98.26</td><td>6/10/40</td><td>101.00</td><td>3/27</td><td>100.12</td><td>11/18</td></tr><tr><td>1,606</td><td>T 1-1/4 C - 3/15/45</td><td>100.03</td><td>100.05</td><td>100.04</td><td>+.02</td><td>1.19</td><td>-.03</td><td>9/25/42</td><td>100.04</td><td>12/31/42</td><td>100.00</td><td>10/30/42</td><td>100.04</td><td>12/31</td><td>100.00</td><td>10/30</td></tr><tr><td>531</td><td>T 3/4 B - 12/15/45</td><td>98.30</td><td>99.00</td><td>98.31</td><td>-.02</td><td>1.11</td><td>+.03</td><td>12/18/40</td><td>100.18</td><td>9/9/41</td><td>98.28</td><td>10/6/42</td><td>99.28</td><td>1/28</td><td>98.28</td><td>10/6</td></tr><tr><td>503</td><td>1 A - 3/15/46</td><td>99.02</td><td>99.04</td><td>99.03</td><td>-.01</td><td>1.29</td><td>+.02</td><td>11/1/41</td><td>100.18</td><td>10/25/41</td><td>99.02</td><td>12/29/42</td><td>100.00</td><td>1/28</td><td>99.02</td><td>12/29</td></tr><tr><td>3,261</td><td>T 1-1/2 B - 12/15/46</td><td>100.00</td><td>100.02</td><td>100.01</td><td>.00</td><td>1.49</td><td>.00</td><td>6/5/42</td><td>100.15</td><td>5/29/42</td><td>100.01</td><td>12/31/42</td><td>100.15</td><td>5/29</td><td>100.01</td><td>12/31</td></tr></table>
PART C - CERTIFICATES OF INDEBTEDNESS AND TREASURY BILLS
<table><tr><th>Amount out-standing (Millions)</th><th>Description (Issue dates in parentheses)</th><th colspan="4">Yield or discount 2/</th><th>Amount out-standing (Millions)</th><th>Description (Issue dates in parentheses)</th><th colspan="4">Yield or discount 2/</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov. 30, 1942</th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov. 30, 1942</th></tr><tr><td colspan="6">Certificatee of indebtedness</td><td colspan="6">Treasury bille (continued)</td></tr><tr><td>$1,588</td><td>T 5/8 A - 2/1/43 (6/25/42)</td><td>.40%</td><td>.33%</td><td>.36%</td><td>-.02%</td><td>$500</td><td>T 2/3/43 (11/4/42)</td><td>.37%</td><td>.33%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,506</td><td>T .65 C - 5/1/43 (9/21/42)</td><td>.53</td><td>.50</td><td>.52</td><td>-.02</td><td>501</td><td>T 2/10/43 (11/12/42)</td><td>.37</td><td>.33</td><td>.35</td><td>-.01</td></tr><tr><td>1,609</td><td>T 7/8 B - 8/1/43 (8/15/42)</td><td>.69</td><td>.66</td><td>.68</td><td>.00</td><td>502</td><td>T 2/17/43 (11/18/42)</td><td>.37</td><td>.33</td><td>.35</td><td>-.01</td></tr><tr><td>2,035</td><td>T 7/8 D - 11/1/43 (11/2/42)</td><td>.80</td><td>.77</td><td>.78</td><td>-.01</td><td>501</td><td>T 2/24/43 (11/25/42)</td><td>.37</td><td>.33</td><td>.35</td><td>-.01</td></tr><tr><td>3,795</td><td>T 7/8 E - 12/1/43 (12/1/42)</td><td>.84</td><td>.82</td><td>.83</td><td>-</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">Treasury bille</td><td>503</td><td>T 3/3/43 (12/2/42)</td><td>.37</td><td>.33</td><td>.35</td><td>-</td></tr><tr><td>400</td><td>T 1/6/43 (10/7/42)</td><td>.37</td><td>.20</td><td>.28</td><td>-.04</td><td>505</td><td>T 3/10/43 (12/9/42)</td><td>.37</td><td>.33</td><td>.35</td><td>-</td></tr><tr><td>400</td><td>T 1/13/43 (10/14/42)</td><td>.37</td><td>.20</td><td>.28</td><td>-.04</td><td>601</td><td>T 3/17/43 (12/16/42)</td><td>.37</td><td>.33</td><td>.35</td><td>-</td></tr><tr><td>505</td><td>T 1/20/43 (10/21/42)</td><td>.37</td><td>.30</td><td>.34</td><td>+.02</td><td>601</td><td>T 3/24/43 (12/23/42)</td><td>.37</td><td>.33</td><td>.35</td><td>-</td></tr><tr><td>505</td><td>T 1/27/43 (10/28/42)</td><td>.37</td><td>.30</td><td>.34</td><td>+.02</td><td>603</td><td>T 3/31/43 (12/30/42)</td><td>.37</td><td>.35</td><td>.36</td><td>-</td></tr></table>
Table II.- Securities Issued by Federal Agencies and Guaranteed by the United States
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="4">Price date (Decimals are thirty-seconds)</th><th colspan="3">Yield date</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Decimals are thirty-econds)</th><th colspan="4">1942 price range 1/ (Decimals are thirty-econds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov.30, 1942</th><th>Yield 1/</th><th>Change in yield from Nov.30, 1942</th><th>Maturity yield</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td>$289 412</td><td>Commodity Credit Corp. 3/4% T 1-1/8 F- 5/1/43 G- 2/15/45</td><td>100.02</td><td>100.04</td><td>100.03</td><td>.00</td><td>.46%</td><td>-.06%</td><td>.46%</td><td>8/1/40</td><td>101.02</td><td>12/14/40</td><td>100.00</td><td>12/10/41</td><td>100.18</td><td>1/28</td><td>100.03</td><td>12/31</td></tr><tr><td></td><td></td><td>99.25</td><td>99.27</td><td>99.26</td><td>.00</td><td>1.22</td><td>+0.01</td><td>1.22</td><td>7/21/41</td><td>101.00</td><td>9/2/41</td><td>99.25</td><td>12/27/41</td><td>100.14</td><td>3/5</td><td>99.26</td><td>12/31</td></tr><tr><td>95 835</td><td>Federal Farm MTG. Corp. 3-1/4% 3 5/15/44-64 5/15/44-49</td><td>103.01</td><td>103.03</td><td>103.02</td><td>-.02</td><td>.67</td><td>-.13</td><td>3.05</td><td>3/15/34</td><td>110.07</td><td>6/8/39</td><td>98.02</td><td>9/18/34</td><td>104.30</td><td>1/28</td><td>103.02</td><td>12/31</td></tr><tr><td></td><td></td><td>103.03</td><td>103.05</td><td>103.04</td><td>-.01</td><td>.69</td><td>-.12</td><td>2.47</td><td>5/15/34</td><td>109.22</td><td>6/5/39</td><td>95.03</td><td>9/12/34</td><td>104.28</td><td>1/28</td><td>103.04</td><td>12/31</td></tr><tr><td>779 755</td><td>Home Owners' Loan Corp. 3% A- 5/1/44-52 M- 6/1/45-47</td><td>103.00</td><td>103.02</td><td>103.01</td><td>-.02</td><td>.69</td><td>-.11</td><td>2.63</td><td>5/1/34</td><td>109.18</td><td>6/6/39</td><td>95.03</td><td>9/12/34</td><td>104.26</td><td>1/28</td><td>103.01</td><td>12/31</td></tr><tr><td></td><td></td><td>101.06</td><td>101.08</td><td>101.07</td><td>+0.01</td><td>.99</td><td>-.03</td><td>1.22</td><td>6/1/39</td><td>103.26</td><td>12/13/40</td><td>96.24</td><td>9/25/39</td><td>102.01</td><td>1/28</td><td>101.06</td><td>12/14</td></tr><tr><td>324 571</td><td>Reconstruction Finance Corporation 1-1/8% T 7- 7/15/43 T 1 M- 4/15/44</td><td>100.07</td><td>100.09</td><td>100.08</td><td>+0.01</td><td>.65</td><td>-.12</td><td>.65</td><td>4/17/41</td><td>101.05</td><td>9/10/41</td><td>100.06</td><td>12/27/41</td><td>100.27</td><td>1/28</td><td>100.07</td><td>12/12</td></tr><tr><td></td><td></td><td>100.02</td><td>100.04</td><td>100.03</td><td>.00</td><td>.93</td><td>.00</td><td>.93</td><td>7/3/41</td><td>100.26</td><td>8/5/41</td><td>99.25</td><td>12/27/41</td><td>100.15</td><td>2/25</td><td>99.30</td><td>1/2</td></tr><tr><td>114</td><td>Federal Public Housing Authority 1-3/8% B- 2/1/44</td><td>100.21</td><td>100.23</td><td>100.22</td><td>-.01</td><td>.73</td><td>-.03</td><td>.73</td><td>2/1/39</td><td>103.02</td><td>12/14/40</td><td>99.07</td><td>9/25/39</td><td>101.11</td><td>2/7</td><td>100.22</td><td>12/31</td></tr></table>
Taxable issues.
Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Federal Farm Mortgage Corporation and Home Owners' Loan Corporation bonds for the period prior to October 1, 1939 represent closing prices on the New York Stock Exchange. "When issued" prices are included beginning
October 1, 1939. Datee of highs and lows, in case of recurrence, are the latest dates. 2/ Certificates are quoted on a yield basis; bills on a discount basis. 3/ Exclude Federal Housing Administration debentures. 4/ Computed on mean price to call date when prices are above par; to maturity date when prices are below par.
62
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies December 31, 1942 - (Continued)
Table III. - Securities Issued by Federal Agencies but not Guaranteed by the United States
PART A - ISSUES QUOTED ON A PRICE BASIS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Decimals are thirty-seconds)</th><th colspan="3">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Decimals are thirty-seconds)</th><th colspan="4">1942 price range 2/ (Decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Nov.30, 1942</th><th>Yield 3/</th><th>Change in yield from Nov.30, 1942</th><th>Maturity yield</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td>$ 24</td><td>Federal Home Loan Banks 2% D - 4/1/43</td><td>100.08</td><td>100.12</td><td>100.10</td><td>-.04</td><td>.69%</td><td>+ .02%</td><td>.69%</td><td>4/1/38</td><td>103.10</td><td>12/31/40</td><td>100.04</td><td>9/27/39</td><td>101.14</td><td>3/24</td><td>100.10</td><td>12/31</td></tr><tr><td>125</td><td>Federal Land Banks 4%</td><td>104.24</td><td>105.00</td><td>104.28</td><td>-.09</td><td>.70</td><td>-.01</td><td>2.53</td><td>7/1/34</td><td>114.04</td><td>6/5/39</td><td>94.12</td><td>9/18/34</td><td>108.04</td><td>3/9</td><td>104.27</td><td>12/29</td></tr><tr><td>114</td><td>4 - 7/1/44-46</td><td>104.24</td><td>105.00</td><td>104.28</td><td>-.10</td><td>.78</td><td>.01</td><td>3.67</td><td>7/15/34</td><td>112.02</td><td>12/10/40</td><td>104.28</td><td>12/31/42</td><td>108.02</td><td>1/26</td><td>104.28</td><td>12/31</td></tr><tr><td>157</td><td>3-1/4 - 5/1/45-55</td><td>105.18</td><td>105.26</td><td>105.22</td><td>-.06</td><td>.77</td><td>-.02</td><td>2.70</td><td>5/1/35</td><td>111.12</td><td>12/10/40</td><td>99.28</td><td>10/2/35</td><td>108.02</td><td>1/10</td><td>105.16</td><td>12/21</td></tr><tr><td>230</td><td>3 - 7/1/45-55</td><td>105.10</td><td>105.18</td><td>105.14</td><td>-.06</td><td>.79</td><td>.00</td><td>2.49</td><td>7/1/35</td><td>110.12</td><td>12/10/40</td><td>97.24</td><td>10/2/35</td><td>107.14</td><td>1/24</td><td>105.08</td><td>12/19</td></tr><tr><td>171</td><td>3 - 1/1/46-56</td><td>106.16</td><td>106.24</td><td>106.20</td><td>-.02</td><td>.75</td><td>-.05</td><td>2.40</td><td>1/1/36</td><td>111.12</td><td>12/10/40</td><td>98.08</td><td>2/13/36</td><td>108.14</td><td>1/22</td><td>106.12</td><td>12/4</td></tr><tr><td>170</td><td>3 - 5/1/46-56</td><td>107.08</td><td>107.16</td><td>107.12</td><td>-.08</td><td>.75</td><td>+ .02</td><td>2.35</td><td>5/1/36</td><td>111.22</td><td>12/10/40</td><td>98.30</td><td>4/8/37</td><td>109.02</td><td>1/10</td><td>107.08</td><td>12/5</td></tr><tr><td></td><td>Federal National MTO. Association</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>30</td><td>2% A - 5/16/39-43</td><td>100.16</td><td>100.20</td><td>100.18</td><td>-.03</td><td>.45</td><td>-.11</td><td>.45</td><td>5/16/38</td><td>102.04</td><td>6/7/39</td><td>99.16</td><td>9/23/39</td><td>101.04</td><td>4/27</td><td>100.18</td><td>12/31</td></tr><tr><td>55</td><td>1-5/8 B - 1/3/40-44 5/</td><td>100.18</td><td>100.22</td><td>100.20</td><td>.00</td><td>.99</td><td>+ .82</td><td>.99</td><td>1/3/39</td><td>102.04</td><td>1/4/41</td><td>97.28</td><td>9/26/39</td><td>101.06</td><td>3/26</td><td>100.19</td><td>12/8</td></tr></table>
PART B - ISSUES QUOTED ON A YIELD BASIS
<table><tr><th>Amount outstanding (Millione)</th><th>Description (Issue dates in parentheses)</th><th colspan="4">Yield</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from November 30, 1942</th></tr><tr><td>$24</td><td>Federal Home Loan Banks<br>T 7/8% K - 2/1/43 ( 4/15/42)<br>T 3/4% L - 3/1/43 ( 9/1/42)</td><td>.70%<br>.70</td><td>.55%<br>.55</td><td>.62%<br>.62</td><td>.00%<br>-.05</td></tr><tr><td>22</td><td>Federal Intermediate Credit Banks<br>T .70% - 1/2/43 ( 4/1/42)<br>.75 - 1/2/43 ( 6/1/42)<br>.50 - 1/2/43 ( 12/1/42)<br>.75 - 2/1/43 ( 5/1/42)<br>.50 - 2/1/43 ( 12/1/42)</td><td>.50<br>.50<br>.50<br>.60<br>.60</td><td>-<br>-<br>-<br>-<br>-</td><td>.50<br>.50<br>.50<br>.60<br>.60</td><td>.00<br>.00<br>-<br>+ .05<br>-</td></tr><tr><td>18</td><td>.90 - 3/1/43 ( 3/2/42)<br>.75 - 3/1/43 ( 8/1/42)<br>.50 - 3/1/43 ( 12/1/42)<br>.85 - 4/1/43 ( 6/1/42)<br>.70 - 4/1/43 ( 11/2/42)</td><td>.65<br>.65<br>.65<br>.70<br>.70</td><td>-<br>-<br>-<br>-<br>-</td><td>.65<br>.65<br>.65<br>.70<br>.70</td><td>+ .05<br>+ .05<br>-<br>+ .05<br>+ .05</td></tr><tr><td>16</td><td>.85 - 5/1/43 ( 7/1/42)<br>3/4 - 5/1/43 ( 10/1/42)<br>.85 - 6/1/43 ( 8/1/42)<br>.70 - 6/1/43 ( 12/1/42)<br>.90 - 7/1/43 ( 9/1/42)</td><td>.75<br>.75<br>.75<br>.75<br>.75</td><td>-<br>-<br>-<br>-<br>-</td><td>.75<br>.75<br>.75<br>.75<br>.75</td><td>+ .05<br>+ .05<br>+ .05<br>-<br>.00</td></tr><tr><td>15</td><td>.70 - 7/1/43 (12/30/42)<br>.85 - 8/2/43 ( 11/2/42)<br>.80 - 9/1/43 ( 12/1/42)</td><td>6/80<br>.80<br>.85</td><td>6/</td><td>-<br>.80<br>.85</td><td>-<br>.00<br>-</td></tr><tr><td>31</td><td></td><td></td><td></td><td></td><td></td></tr></table>
1/ When the price of a security is such as to result in a negative yield, the excess of price over zero yield is given in the yield columns in thirty-seconds.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
3/ Computed on mean price to call date when prices are above par; to maturity date when prices are below par.
4/ Excludes issues completely held by Farm Credit Administration agencies.
5/ Callable on 30 days' notice at 100-1/2 on July 3, 1943. "Yield" is computed to maturity or call, depending on which date gives the lower yield.
6/ Not quoted.
63
YIELDS OF TREASURY SECURITIES DEC. 31, 1942
Based on Mean of Closing Bid and Asked Quotations
Explanation: The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
Office of the Secretary of the Treasury
Division of Research and Statistics
F-235-A
64
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 2/</th><th>High-grade corporate bonds 3/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 2/</th><th>High-grade corporate bonds 3/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 2/</th><th>High-grade corporate bonds 3/</th></tr><tr><td colspan="11">Monthly Series 4/</td></tr><tr><td>1934-Jan.</td><td>3.50</td><td>-</td><td>4.26</td><td>1937-Jan.</td><td>2.47</td><td>-</td><td>3.09</td><td>1940-Jan.</td><td>2.30</td><td>-</td><td>2.81</td></tr><tr><td>Feb.</td><td>3.32</td><td>-</td><td>4.14</td><td>Feb.</td><td>2.46</td><td>-</td><td>3.24</td><td>Feb.</td><td>2.32</td><td>-</td><td>2.79</td></tr><tr><td>Mar.</td><td>3.20</td><td>-</td><td>4.07</td><td>Mar.</td><td>2.60</td><td>-</td><td>3.36</td><td>Mar.</td><td>2.25</td><td>-</td><td>2.77</td></tr><tr><td>Apr.</td><td>3.11</td><td>-</td><td>4.00</td><td>Apr.</td><td>2.80</td><td>-</td><td>3.43</td><td>Apr.</td><td>2.25</td><td>-</td><td>2.74</td></tr><tr><td>May</td><td>3.02</td><td>-</td><td>3.94</td><td>May</td><td>2.76</td><td>-</td><td>3.36</td><td>May</td><td>2.38</td><td>-</td><td>2.87</td></tr><tr><td>June</td><td>2.98</td><td>-</td><td>3.88</td><td>June</td><td>2.76</td><td>-</td><td>3.31</td><td>June</td><td>2.39</td><td>-</td><td>2.93</td></tr><tr><td>July</td><td>2.92</td><td>-</td><td>3.83</td><td>July</td><td>2.72</td><td>-</td><td>3.27</td><td>July</td><td>2.28</td><td>-</td><td>2.85</td></tr><tr><td>Aug.</td><td>3.03</td><td>-</td><td>3.87</td><td>Aug.</td><td>2.72</td><td>-</td><td>3.25</td><td>Aug.</td><td>2.25</td><td>-</td><td>2.80</td></tr><tr><td>Sept.</td><td>3.20</td><td>-</td><td>3.89</td><td>Sept.</td><td>2.77</td><td>-</td><td>3.26</td><td>Sept.</td><td>2.18</td><td>-</td><td>2.71</td></tr><tr><td>Oct.</td><td>3.10</td><td>-</td><td>3.84</td><td>Oct.</td><td>2.76</td><td>-</td><td>3.26</td><td>Oct.</td><td>2.10</td><td>-</td><td>2.70</td></tr><tr><td>Nov.</td><td>3.07</td><td>-</td><td>3.78</td><td>Nov.</td><td>2.71</td><td>-</td><td>3.22</td><td>Nov.</td><td>1.97</td><td>-</td><td>2.65</td></tr><tr><td>Dec.</td><td>3.01</td><td>-</td><td>3.68</td><td>Dec.</td><td>2.67</td><td>-</td><td>3.17</td><td>Dec.</td><td>1.89</td><td>-</td><td>2.59</td></tr><tr><td>1935-Jan.</td><td>2.88</td><td>-</td><td>3.60</td><td>1938-Jan.</td><td>2.65</td><td>-</td><td>3.17</td><td>1941-Jan.</td><td>1.99</td><td>-</td><td>2.57</td></tr><tr><td>Feb.</td><td>2.79</td><td>-</td><td>3.52</td><td>Feb.</td><td>2.64</td><td>-</td><td>3.15</td><td>Feb.</td><td>2.10</td><td>-</td><td>2.71</td></tr><tr><td>Mar.</td><td>2.77</td><td>-</td><td>3.49</td><td>Mar.</td><td>2.64</td><td>-</td><td>3.16</td><td>Mar.</td><td>2.01</td><td>-</td><td>2.73</td></tr><tr><td>Apr.</td><td>2.71</td><td>-</td><td>3.47</td><td>Apr.</td><td>2.62</td><td>-</td><td>3.25</td><td>Apr.</td><td>1.96</td><td>-</td><td>2.76</td></tr><tr><td>May</td><td>2.72</td><td>-</td><td>3.48</td><td>May</td><td>2.51</td><td>-</td><td>3.14</td><td>May</td><td>1.92</td><td>-</td><td>2.75</td></tr><tr><td>June</td><td>2.72</td><td>-</td><td>3.43</td><td>June</td><td>2.52</td><td>-</td><td>3.15</td><td>June</td><td>1.91</td><td>-</td><td>2.70</td></tr><tr><td>July</td><td>2.69</td><td>-</td><td>3.35</td><td>July</td><td>2.52</td><td>-</td><td>3.12</td><td>July</td><td>1.90</td><td>-</td><td>2.66</td></tr><tr><td>Aug.</td><td>2.76</td><td>-</td><td>3.44</td><td>Aug.</td><td>2.51</td><td>-</td><td>3.10</td><td>Aug.</td><td>1.94</td><td>-</td><td>2.65</td></tr><tr><td>Sept.</td><td>2.85</td><td>-</td><td>3.47</td><td>Sept.</td><td>2.58</td><td>-</td><td>3.12</td><td>Sept.</td><td>1.94</td><td>-</td><td>2.64</td></tr><tr><td>Oct.</td><td>2.85</td><td>-</td><td>3.46</td><td>Oct.</td><td>2.48</td><td>-</td><td>3.06</td><td>Oct.</td><td>1.88</td><td>2.33</td><td>2.61</td></tr><tr><td>Nov.</td><td>2.83</td><td>-</td><td>3.41</td><td>Nov.</td><td>2.50</td><td>-</td><td>3.04</td><td>Nov.</td><td>1.85</td><td>2.22</td><td>2.57</td></tr><tr><td>Dec.</td><td>2.83</td><td>-</td><td>3.39</td><td>Dec.</td><td>2.49</td><td>-</td><td>3.02</td><td>Dec.</td><td>1.96</td><td>2.37</td><td>2.68</td></tr><tr><td>1936-Jan.</td><td>2.80</td><td>-</td><td>3.32</td><td>1939-Jan.</td><td>2.47</td><td>-</td><td>2.96</td><td>1942-Jan.</td><td>2.01</td><td>2.37</td><td>2.76</td></tr><tr><td>Feb.</td><td>2.77</td><td>-</td><td>3.26</td><td>Feb.</td><td>2.44</td><td>-</td><td>2.90</td><td>Feb.</td><td>2.03</td><td>2.39</td><td>2.80</td></tr><tr><td>Mar.</td><td>2.71</td><td>-</td><td>3.24</td><td>Mar.</td><td>2.34</td><td>-</td><td>2.87</td><td>Mar.</td><td>2.00</td><td>2.35</td><td>2.80</td></tr><tr><td>Apr.</td><td>2.63</td><td>-</td><td>3.24</td><td>Apr.</td><td>2.30</td><td>-</td><td>2.92</td><td>Apr.</td><td>1.98</td><td>2.34</td><td>2.77</td></tr><tr><td>May</td><td>2.66</td><td>-</td><td>3.22</td><td>May</td><td>2.17</td><td>-</td><td>2.86</td><td>May</td><td>1.97</td><td>2.35</td><td>2.76</td></tr><tr><td>June</td><td>2.66</td><td>-</td><td>3.19</td><td>June</td><td>2.13</td><td>-</td><td>2.78</td><td>June</td><td>1.97</td><td>2.33</td><td>2.75</td></tr><tr><td>July</td><td>2.65</td><td>-</td><td>3.18</td><td>July</td><td>2.15</td><td>-</td><td>2.76</td><td>July</td><td>2.00</td><td>2.34</td><td>2.74</td></tr><tr><td>Aug.</td><td>2.61</td><td>-</td><td>3.18</td><td>Aug.</td><td>2.21</td><td>-</td><td>2.79</td><td>Aug.</td><td>2.02</td><td>2.34</td><td>2.73</td></tr><tr><td>Sept.</td><td>2.60</td><td>-</td><td>3.15</td><td>Sept.</td><td>2.65</td><td>-</td><td>3.29</td><td>Sept.</td><td>2.03</td><td>2.34</td><td>2.73</td></tr><tr><td>Oct.</td><td>2.62</td><td>-</td><td>3.14</td><td>Oct.</td><td>2.60</td><td>-</td><td>3.14</td><td>Oct.</td><td>2.05</td><td>2.33</td><td>2.72</td></tr><tr><td>Nov.</td><td>2.53</td><td>-</td><td>3.11</td><td>Nov.</td><td>2.46</td><td>-</td><td>2.93</td><td>Nov.</td><td>2.06</td><td>2.34</td><td>2.71</td></tr><tr><td>Dec.</td><td>2.51</td><td>-</td><td>3.07</td><td>Dec.</td><td>2.35</td><td>-</td><td>2.86</td><td>Dec.</td><td>2.09</td><td>2.36</td><td>2.72</td></tr><tr><td colspan="11">Weekly Series - Saturday Figures 5/</td></tr><tr><td>1942-July 3.</td><td>2.01</td><td>2.34</td><td>2.75</td><td>1942-Sept. 5.</td><td>2.02</td><td>2.34</td><td>2.73</td><td>1942-Nov. 7.</td><td>2.05</td><td>2.33</td><td>2.70</td></tr><tr><td>11.</td><td>2.00</td><td>2.34</td><td>2.73</td><td>12.</td><td>2.02</td><td>2.34</td><td>2.72</td><td>14.</td><td>2.05</td><td>2.32</td><td>2.70</td></tr><tr><td>18.</td><td>2.00</td><td>2.34</td><td>2.74</td><td>19.</td><td>2.04</td><td>2.34</td><td>2.73</td><td>21.</td><td>2.06</td><td>2.35</td><td>2.70</td></tr><tr><td>25.</td><td>2.00</td><td>2.34</td><td>2.75</td><td>26.</td><td>2.04</td><td>2.34</td><td>2.73</td><td>28.</td><td>2.09</td><td>2.36</td><td>2.72</td></tr><tr><td>Aug. 1.</td><td>2.00</td><td>2.34</td><td>2.74</td><td>Oct. 3.</td><td>2.05</td><td>2.34</td><td>2.72</td><td>Dec. 5.</td><td>2.09</td><td>2.36</td><td>2.72</td></tr><tr><td>8.</td><td>2.01</td><td>2.34</td><td>2.73</td><td>10.</td><td>2.05</td><td>2.33</td><td>2.71</td><td>12.</td><td>2.09</td><td>2.36</td><td>2.73</td></tr><tr><td>15.</td><td>2.02</td><td>2.35</td><td>2.73</td><td>17.</td><td>2.05</td><td>2.32</td><td>2.71</td><td>19.</td><td>2.08</td><td>2.36</td><td>2.71</td></tr><tr><td>22.</td><td>2.02</td><td>2.34</td><td>2.73</td><td>24.</td><td>2.05</td><td>2.33</td><td>2.72</td><td>26.</td><td>2.08</td><td>2.36</td><td>2.72</td></tr><tr><td>29.</td><td>2.02</td><td>2.34</td><td>2.73</td><td>31.</td><td>2.05</td><td>2.33</td><td>2.72</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Daily Series</td></tr><tr><td>1942-Dec. 1.</td><td>2.09</td><td>2.36</td><td>2.73</td><td>1942-Dec. 10.</td><td>2.09</td><td>2.36</td><td>2.73</td><td>1942-Dec. 21.</td><td>2.08</td><td>2.36</td><td>2.72</td></tr><tr><td>2.</td><td>2.09</td><td>2.36</td><td>2.72</td><td>11.</td><td>2.09</td><td>2.36</td><td>2.73</td><td>22.</td><td>2.08</td><td>2.36</td><td>2.71</td></tr><tr><td>3.</td><td>2.09</td><td>2.36</td><td>2.72</td><td>12.</td><td>2.09</td><td>2.36</td><td>2.73</td><td>23.</td><td>2.08</td><td>2.36</td><td>2.71</td></tr><tr><td>4.</td><td>2.09</td><td>2.36</td><td>2.72</td><td>14.</td><td>2.09</td><td>2.36</td><td>2.72</td><td>25.</td><td>2.08/</td><td>2.36/</td><td>2.72/</td></tr><tr><td>5.</td><td>2.09</td><td>2.36</td><td>2.72</td><td>15.</td><td>2.09</td><td>2.36</td><td>2.73</td><td>26.</td><td>2.08/</td><td>2.35/</td><td>2.72/</td></tr><tr><td>7.</td><td>2.09</td><td>2.36</td><td>2.72</td><td>16.</td><td>2.09</td><td>2.36</td><td>2.73</td><td>28.</td><td>2.08</td><td>2.36</td><td>2.72</td></tr><tr><td>8.</td><td>2.09</td><td>2.36</td><td>2.72</td><td>17.</td><td>2.09</td><td>2.36</td><td>2.73</td><td>29.</td><td>2.08</td><td>2.35</td><td>2.72</td></tr><tr><td>9.</td><td>2.09</td><td>2.36</td><td>2.73</td><td>18.</td><td>2.08</td><td>2.36</td><td>2.73</td><td>30.</td><td>2.08</td><td>2.34</td><td>2.72</td></tr><tr><td>19.</td><td>2.08</td><td>2.34</td><td>2.72</td><td>19.</td><td>2.08</td><td>2.36</td><td>2.71</td><td>31.</td><td>2.08</td><td>2.34</td><td>2.72</td></tr></table>
Basis of Computation: (1) Treasury bond yields are computed on the basis of the mean of bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. (2) Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used.
Back Figures: See "Treasury Bulletin" for July 1941, pages 21-26, and subsequent issues.
Average of partially tax-exempt Treasury bonds neither due nor callable for twelve years. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax. (In addition, interest derived from $5,000 aggregate principal amount of partially tax-exempt Treasury bonds
and United States savings bonds issued before March 1, 1941 is exempt from the surtax rates of the Federal income tax.) Average of taxable Treasury bonds neither due nor callable for twelve years. The 2-1/2 percent bonds of 1952-67 and the 2-1/2 percent bonds of 1963-68, are excluded because of restrictions on their purchase and negotiability. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax. This average commenced October 20, 1941.
3/ Average of 9 bonds, January 6, 1933 through December 6, 1935; average of 15 bonds, December 7, 1935 through July 31, 1937; average of 20 bonds, August 1, 1937 through September 13, 1938; average of 5 bonds, September 14, 1938 to date.
4/ Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures.
5/ On days when the exchanges are closed, the date and prices of the previous day are used.
6/ Holiday.
65
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES
66
67
Assets and Liabilities of Government Corporations and Credit Agencies
November 30, 1942
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="10">Assets</th></tr><tr><th>Total</th><th>Loans</th><th>Preferred capital stock, etc.</th><th>Cash 1/</th><th colspan="3">Investments</th><th>Accounts and other receivables 2/</th><th>Real estate and other business property</th><th>Due from Government corporations and agencies</th><th>Capital stock in Government corporations and agencies 3/</th><th>Other assets</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>U. S. Government securities</th><th>Securities guaranteed by United States</th><th>Other</th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Bankes for cooperatives</td><td>255.1</td><td>139.9</td><td>-</td><td>18.3</td><td>33.8</td><td>.2</td><td>61.0</td><td>1.6</td><td>.1</td><td>*</td><td>-</td><td>.1</td></tr><tr><td>Commodity Credit Corporation</td><td>1,397.8</td><td>214.0</td><td>-</td><td>2.1</td><td>-</td><td>-</td><td>-</td><td>65.4</td><td>7.6</td><td>-</td><td>-</td><td>1,108.84/</td></tr><tr><td>Disaster Loan Corporation</td><td>21.4</td><td>7.4</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>13.9</td><td>*</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Electric Home and Farm Authority (in liquidation) 5/</td><td>8.2</td><td>8.0</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Export-Import Bank of Washington</td><td>195.8</td><td>118.9</td><td>-</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>76.4</td><td>*</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Farm Credit Administration</td><td>253.2</td><td>240.5</td><td>-</td><td>8.1</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>4.2</td></tr><tr><td>Farm Security Administration</td><td>514.4</td><td>447.7</td><td>-</td><td>6.7</td><td>-</td><td>-</td><td>-</td><td>29.3</td><td>.8</td><td>36.1</td><td>-</td><td>.5</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>40.9</td><td>41.2</td><td>-</td><td>22.9</td><td>524.9</td><td>-</td><td>-</td><td>13.5</td><td>.1</td><td>-</td><td>-</td><td>20.8</td></tr><tr><td>Federal Deposit Insurance Corporation 6/</td><td>646.3</td><td>41.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32.4</td><td>-</td><td>-</td><td>-</td><td>24.8</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,206.4</td><td>517.9</td><td>-</td><td>13.7</td><td>-</td><td>607.8</td><td>-</td><td>50.8</td><td>-</td><td>5.8</td><td>-</td><td>10.5</td></tr><tr><td>Federal home loan banks</td><td>304.2</td><td>121.9</td><td>-</td><td>73.5</td><td>105.2</td><td>2.5</td><td>-</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Federal Housing Administration</td><td>114.6</td><td>-</td><td>-</td><td>20.4</td><td>47.2</td><td>-</td><td>*</td><td>41.8</td><td>1.3</td><td>-</td><td>-</td><td>4.0</td></tr><tr><td>Federal intermediate credit banks</td><td>358.4</td><td>238.1</td><td>-</td><td>18.7</td><td>44.0</td><td>-</td><td>-</td><td>3.1</td><td>-</td><td>54.3</td><td>-</td><td>.1</td></tr><tr><td>Federal land banks 1/</td><td>2,158.3</td><td>1,624.8</td><td>-</td><td>46.1</td><td>167.2</td><td>80.5</td><td>13.3</td><td>162.2</td><td>5.5</td><td>12.2</td><td>-</td><td>46.6</td></tr><tr><td>Federal National Mortgage Association</td><td>219.1</td><td>212.7</td><td>-</td><td>-</td><td>-</td><td>.8</td><td>-</td><td>5.1</td><td>*</td><td>-</td><td>-</td><td>.5</td></tr><tr><td>Federal Prison Industries, Incorporated</td><td>15.2</td><td>-</td><td>-</td><td>3.8</td><td>-</td><td>-</td><td>-</td><td>2.7</td><td>6.7</td><td>-</td><td>-</td><td>2.0</td></tr><tr><td>Federal Public Housing Authority</td><td>546.3</td><td>372.1</td><td>-</td><td>33.1</td><td>7.2</td><td>-</td><td>*</td><td>6.5</td><td>127.4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>137.4</td><td>-</td><td>-</td><td>2.6</td><td>28.6</td><td>99.6</td><td>-</td><td>6.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,144.4</td><td>1,586.7</td><td>152.4</td><td>66.0</td><td>-</td><td>-</td><td>-</td><td>5.0</td><td>2.6</td><td>-</td><td>100.0</td><td>231.6</td></tr><tr><td>Inland Waterway Corporation 6/</td><td>24.7</td><td>.4</td><td>-</td><td>.9</td><td>3.2</td><td>-</td><td>-</td><td>1.6</td><td>18.4</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Interior Department (Indian loans)</td><td>2.7</td><td>2.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama Railroad Company 6/</td><td>68.2</td><td>-</td><td>-</td><td>9.4</td><td>5.0</td><td>-</td><td>*</td><td>.6</td><td>47.1</td><td>5.1</td><td>-</td><td>.9</td></tr><tr><td>Production credit corporations</td><td>126.7</td><td>-</td><td>-</td><td>1.9</td><td>12.4</td><td>-</td><td>112.0</td><td>.4</td><td>*</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Public Works 8/</td><td>90.1</td><td>90.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Puerto Rico Reconstruction Administration</td><td>22.3</td><td>4.2</td><td>1.2</td><td>2.4</td><td>-</td><td>-</td><td>-</td><td>2.2</td><td>-</td><td>*</td><td>-</td><td>12.4</td></tr><tr><td>Reconstruction Finance Corporation</td><td>5,636.2</td><td>1,565.8</td><td>366.7</td><td>3.82/</td><td>59.3</td><td>-</td><td>8.3</td><td>32.99/</td><td>.5</td><td>3,172.6</td><td>369.0</td><td>57.4</td></tr><tr><td>Regional agricultural credit corporation</td><td>23.0</td><td>5.0</td><td>-</td><td>17.7</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>RFC Mortgage Company</td><td>106.2</td><td>92.8</td><td>-</td><td>*</td><td>-</td><td>.4</td><td>-</td><td>2.1</td><td>6.7</td><td>-</td><td>-</td><td>4.2</td></tr><tr><td>Rural Electrification Administration</td><td>361.5</td><td>345.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.8</td><td>-</td><td>7.7</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>602.8</td><td>-</td><td>-</td><td>8.1</td><td>.4</td><td>-</td><td>-</td><td>7.3</td><td>585.5</td><td>1.5</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>.3</td><td>.3</td><td>*</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States Maritime Commission</td><td>3,432.3</td><td>23.6</td><td>-</td><td>*</td><td>-</td><td>-</td><td>43.3</td><td>23.2</td><td>38.5</td><td>7.9</td><td>-</td><td>3,295.8</td></tr><tr><td>War corporations 10/</td><td>4,048.0</td><td>110.3</td><td>1.1</td><td>181.7</td><td>-</td><td>-</td><td>-</td><td>464.2</td><td>.8</td><td>.1</td><td>-</td><td>3,289.7</td></tr><tr><td>War emergency corporations and agencies in liquidation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Navy Department (sale of surplus war supplies)</td><td>3.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Secretary of the Treasury (U. S. Railroad Administration)</td><td>.1</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States Housing Corporation</td><td>1.9</td><td>-</td><td>-</td><td>.6</td><td>-</td><td>-</td><td>-</td><td>1.3</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>United States Spruce Production Corporation</td><td>.4</td><td>-</td><td>-</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>.3</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War Shipping Administration</td><td>245.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.9</td><td>151.1</td><td>32.9</td><td>-</td><td>58.8</td></tr><tr><td>Other Government agencies 11/</td><td>4,810.2</td><td>26.1</td><td>17.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,738.9</td><td>-</td><td>27.6</td></tr><tr><td>Gross total</td><td>30,143.8</td><td>8,158.1</td><td>539.0</td><td>562.8</td><td>1,038.5</td><td>184.0</td><td>845.8</td><td>1,069.2</td><td>1,000.8</td><td>8,075.0</td><td>469.0</td><td>8,201.7</td></tr><tr><td>Adjustment to eliminate interagency interest</td><td>-8,544.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-8,075.0</td><td>-469.0</td><td>-</td><td>-</td></tr><tr><td>Net total</td><td>21,599.8</td><td>8,158.1</td><td>539.0</td><td>562.8</td><td>1,038.5</td><td>184.0</td><td>845.8</td><td>1,069.2</td><td>1,000.8</td><td>0</td><td>0</td><td>8,201.7</td></tr></table>
(Continued on following page)
68
Assets and Liabilities of Government Corporations and Credit Agencies November 30, 1942 - (Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="5">Liabilities and reserves</th><th rowspan="2">Excess of assets (Total proprietary interest)</th><th colspan="4">Proprietary interest</th></tr><tr><th></th><th>Total</th><th>Guaranteed by United States (includes accrued interest)</th><th>Not guaranteed by United States</th><th>Due to Government corporations and agencies</th><th>Reserves</th><th>Privately owned</th><th>Total</th><th>Owned by United States 12/</th><th>Capital stock</th><th>Surplus</th><th>Non-stock</th></tr><tr><th></th><th></th><th></th><th></th><th>Treasury</th><th>Other</th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Banks for cooperatives</td><td>56.2</td><td>-</td><td>.3</td><td>54.3</td><td>1.6</td><td>198.9</td><td>8.2</td><td>190.6</td><td>168.5</td><td>22.1</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>1,301.5</td><td>750.7</td><td>112.6</td><td>301.1</td><td>137.1</td><td>96.3</td><td>-</td><td>96.3</td><td>100.0</td><td>-3.7</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>.3</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>21.1</td><td>-</td><td>21.1</td><td>24.0</td><td>-2.9</td><td>-</td></tr><tr><td>Electric Home and Farm Authority (in liquidation) 5/</td><td>6.7</td><td>-</td><td>6.5</td><td>-</td><td>.2</td><td>1.5</td><td>-</td><td>1.5</td><td>-</td><td>1.5</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>.3</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>195.5</td><td>-</td><td>195.5</td><td>175.0</td><td>20.5</td><td>-</td></tr><tr><td>Farm Credit Administration</td><td>219.3</td><td>-</td><td>.5</td><td>-</td><td>218.9</td><td>33.9</td><td>-</td><td>33.9</td><td>-</td><td>-</td><td>33.9</td></tr><tr><td>Farm Security Administration</td><td>216.5</td><td>-</td><td>18.9</td><td>197.6</td><td>-</td><td>297.8</td><td>-</td><td>297.8</td><td>35.0</td><td>-12.4</td><td>297.8</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>18.4</td><td>-</td><td>18.4</td><td>-</td><td>-</td><td>22.6</td><td>-</td><td>22.6</td><td>150.0</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation 6/</td><td>357.0</td><td>-</td><td>11.5</td><td>-</td><td>345.5</td><td>289.3</td><td>139.3</td><td>150.0</td><td>150.0</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,106.4</td><td>938.5</td><td>7.0</td><td>78.3</td><td>1.6</td><td>81.0</td><td>-</td><td>100.0</td><td>100.0</td><td>-</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>112.4</td><td>-</td><td>112.4</td><td>-</td><td>-</td><td>191.9</td><td>67.1</td><td>124.7</td><td>124.7</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>28.5</td><td>21.4</td><td>7.0</td><td>-</td><td>.1</td><td>86.1</td><td>-</td><td>86.1</td><td>-</td><td>-</td><td>86.1</td></tr><tr><td>Federal intermediate credit banks</td><td>270.6</td><td>-</td><td>270.0</td><td>-</td><td>.6</td><td>87.8</td><td>-</td><td>87.8</td><td>60.0</td><td>27.8</td><td>-</td></tr><tr><td>Federal land banks 7/</td><td>1,657.1</td><td>-</td><td>1,608.4</td><td>1.7</td><td>57.0</td><td>491.1</td><td>227.9</td><td>263.3</td><td>117.2</td><td>146.1</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>194.7</td><td>-</td><td>90.6</td><td>104.1</td><td>-</td><td>24.4</td><td>-</td><td>24.4</td><td>10.0</td><td>14.4</td><td>-</td></tr><tr><td>Federal Prison Industries, Incorporated</td><td>5</td><td>-</td><td>.5</td><td>-</td><td>-</td><td>14.6</td><td>-</td><td>14.6</td><td>-</td><td>10.5</td><td>4.1</td></tr><tr><td>Federal Public Housing Authority</td><td>404.3</td><td>114.7</td><td>.5</td><td>281.2</td><td>8.0</td><td>141.9</td><td>-</td><td>141.9</td><td>1.0</td><td>140.9</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>1.8</td><td>-</td><td>1.8</td><td>-</td><td>-</td><td>135.6</td><td>-</td><td>135.6</td><td>100.0</td><td>35.6</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,056.8</td><td>1,556.7</td><td>26.4</td><td>428.8</td><td>45.0</td><td>87.5</td><td>-</td><td>87.5</td><td>200.0</td><td>-112.5</td><td>-</td></tr><tr><td>Inland Waterways Corporation 6/</td><td>.9</td><td>-</td><td>.6</td><td>-</td><td>.2</td><td>23.8</td><td>-</td><td>23.8</td><td>12.0</td><td>11.8</td><td>-</td></tr><tr><td>Interior Department (Indian loans)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.7</td><td>-</td><td>2.7</td><td>-</td><td>-</td><td>2.7</td></tr><tr><td>Panama Railroad Company 6/</td><td>11.0</td><td>-</td><td>9.2</td><td>-</td><td>.5</td><td>1.3</td><td>57.2</td><td>57.2</td><td>7.0</td><td>50.1</td><td>-</td></tr><tr><td>Production credit corporations</td><td>.4</td><td>-</td><td>.1</td><td>-</td><td>.4</td><td>126.3</td><td>-</td><td>126.3</td><td>120.0</td><td>6.3</td><td>-</td></tr><tr><td>Public Works 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>90.1</td><td>-</td><td>90.1</td><td>-</td><td>-</td><td>90.1</td></tr><tr><td>Puerto Rico Reconstruction Administration</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>.5</td><td>21.8</td><td>-</td><td>21.8</td><td>-</td><td>-</td><td>21.8</td></tr><tr><td>Reconstruction Finance Corporation</td><td>5,019.1</td><td>899.3</td><td>359.19</td><td>3,591.9</td><td>43.8</td><td>125.0</td><td>617.1</td><td>617.1</td><td>325.0</td><td>292.12/</td><td>-</td></tr><tr><td>Regional agricultural credit corporations</td><td>.6</td><td>-</td><td>.3</td><td>-</td><td>.3</td><td>22.4</td><td>-</td><td>22.4</td><td>5.0</td><td>17.4</td><td>-</td></tr><tr><td>RFC Mortgage Company</td><td>80.2</td><td>-</td><td>3.5</td><td>76.6</td><td>-</td><td>26.0</td><td>-</td><td>26.0</td><td>25.0</td><td>1.0</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>234.9</td><td>-</td><td>-</td><td>234.9</td><td>-</td><td>126.6</td><td>-</td><td>126.6</td><td>-</td><td>-</td><td>126.6</td></tr><tr><td>Tennessee Valley Authority</td><td>82.2</td><td>-</td><td>21.0</td><td>56.9</td><td>4.2</td><td>520.5</td><td>-</td><td>520.5</td><td>-</td><td>-</td><td>520.5</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>.3</td><td>-</td><td>.3</td><td>-</td></tr><tr><td>United States Maritime Commission</td><td>1,424.4</td><td>-</td><td>1,466.2</td><td>-</td><td>28.2</td><td>1,937.9</td><td>-</td><td>1,937.9</td><td>186.6</td><td>2.3</td><td>1,937.9</td></tr><tr><td>War corporations 10/</td><td>3,844.8</td><td>-</td><td>1,278.1</td><td>-</td><td>2,559.3</td><td>7.4</td><td>203.1</td><td>203.1</td><td>186.6</td><td>2.3</td><td>14.2</td></tr><tr><td>War emergency corporations and agencies in liquidation :</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Navy Department (sale of surplus war supplies)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.2</td><td>-</td><td>3.2</td><td>-</td><td>-</td><td>3.2</td></tr><tr><td>Secretary of the Treasury (U. S. Railroad Administration)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>-</td><td>1.1</td><td>-</td><td>-</td><td>1.1</td></tr><tr><td>United States Housing Corporation</td><td>.8</td><td>-</td><td>.1</td><td>-</td><td>.6</td><td>1.1</td><td>-</td><td>1.1</td><td>25.4</td><td>-24.3</td><td>-</td></tr><tr><td>United States Spruce Production Corporation</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>.3</td><td>-</td><td>.3</td><td>.1</td><td>.2</td><td>-</td></tr><tr><td>War Shipping Administration</td><td>99.7</td><td>-</td><td>79.5</td><td>-</td><td>20.2</td><td>146.1</td><td>-</td><td>146.1</td><td>-</td><td>-</td><td>146.1</td></tr><tr><td>Other Government agencies 11/</td><td>62.1</td><td>-</td><td>-</td><td>62.1</td><td>-</td><td>4,748.1</td><td>-</td><td>4,748.1</td><td>17.5</td><td>-</td><td>4,730.5</td></tr><tr><td>Gross total</td><td>18,951.2</td><td>4,281.3</td><td>5,511.7</td><td>4,738.2</td><td>3,336.8</td><td>1,083.2</td><td>11,192.6</td><td>442.5</td><td>10,750.1</td><td>2,089.1</td><td>645.2</td><td>8,015.8</td></tr><tr><td>Adjustment to eliminate interagency interest</td><td>-8,075.0</td><td>-</td><td>-</td><td>-4,738.2</td><td>-3,336.8</td><td>-469.0</td><td>-</td><td>-469.0</td><td>-459.8</td><td>-9.2</td><td>-</td></tr><tr><td>Net total</td><td>10,876.2</td><td>4,281.3</td><td>5,511.7</td><td>0</td><td>0</td><td>1,083.2</td><td>10,723.6</td><td>442.5</td><td>10,281.1</td><td>1,629.3</td><td>636.1</td><td>8,015.8</td></tr></table>
Source: Daily Treasury Statements.
* Less than $50,000.
1/ Excludes unexpended balances of appropriated funds.
2/ Includes deposits with the Reconstruction Finance Corporation and interest thereon.
3/ Includes paid-in surplus.
4/ Represents chiefly commodity loans and underlying security taken over from lending agencies pursuant to guaranty purchase agree-ments. Also includes commodities acquired through direct pur-chases from producers and others, as well as interagency transac-tions of "lend-lease" funds which figures are not available, and which would otherwise be shown under "Due from Government corpo-rations and agencies".
5/ Under Executive Order 9256 dated October 13, 1942, effective October 31, 1942, the assets and liabilities were transferred to the Reconstruction Finance Corporation for purposes of liquidation and the capital stock cancelled.
Figures shown are as of October 31, 1942, the latest available. Includes the assets and liabilities of the Federal Land Banks of Louisville and Houston which have retired stock and paid-in surplus previously held by the Federal Government. Consists of loans made by Public Works Administration for $89,755,678.59 and by War Public Works for $324,000. Adjusted for interagency items and items in transit. Comprises Cargoes, Inc., Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Inter-American Navigation Corporation, Metals Reserve Company, Rubber Reserve Company, Smaller War Plants Corporation, United States Commercial Company and War Damage Corporation. Comprises Treasury Department and other Government agencies not listed in this statement. Excludes the interest of the United States represented by obligations held by the Treasury.
69
Sources of Funds of Certain Government Corporations and Credit Agencies for the First Five Months, Fiscal Year 1943
<table><tr><th>Corporation or agency</th><th>Appropriations from General Fund of the Treasury 1/</th><th>Allocations, rediscounts, and loans from other government corporations and credit agencies (net)</th><th>Sale of obligations to Treasury (act)</th><th>Sale of obligations in the market (act)</th><th>Sale of stock to other agencies</th></tr><tr><td>Central Bank for Cooperatives............</td><td>$ 19,000,000</td><td>$ 13,256,925</td><td>-</td><td>-</td><td>$ -62,500</td></tr><tr><td>Commodity Credit Corporation............</td><td>-9,815,514 2/</td><td>-</td><td>$ -100,000,000</td><td>$ 46,950,000</td><td>-</td></tr><tr><td>Disaster Loan Corporation............</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Electric Home and Farm Authority 3/............</td><td>-</td><td>-</td><td>-</td><td>-3,127,500</td><td>-</td></tr><tr><td>Export-Import Bank of Washington............</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation 4/............</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation............</td><td>-</td><td>-</td><td>-185,000,000</td><td>-</td><td>-</td></tr><tr><td>Federal home loan banks............</td><td>-</td><td>-</td><td>-</td><td>-4,000,000</td><td>-</td></tr><tr><td>Federal National Mortgage Association............</td><td>-</td><td>-4,195,831</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority............</td><td>4,150,015</td><td>-</td><td>6,000,000</td><td>-</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation............</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation............</td><td>-</td><td>-</td><td>-124,000,000</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation............</td><td>-</td><td>8,151,000</td><td>1,045,793,000</td><td>-322,481,000</td><td>-</td></tr><tr><td>RFC Mortgage Company............</td><td>-</td><td>11,658,515</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration............</td><td>1,696,344</td><td>7,507,516</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War corporations 5/............</td><td>150,000,000</td><td>757,713,950</td><td>-</td><td>-</td><td>1,500,000</td></tr><tr><td>Total............</td><td>$165,030,045</td><td>$794,092,175</td><td>$ 642,793,000</td><td>$-282,658,500</td><td>$1,437,500</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Sale of other property acquired</th><th>Repayment of loans $</th><th>Interest, dividends, assessments, and property income</th><th>Other receipts</th><th>Total, sources of funds</th></tr><tr><td>Central Bank for Cooperatives.</td><td>-</td><td>$ 47,338,970</td><td>$ 491,799</td><td>$ 22,760</td><td>$ 80,047,954</td></tr><tr><td>Commodity Credit Corporation.</td><td>$ 841,501,485</td><td>$4,547,280</td><td>$ 4,421,926</td><td>$ 16,320,848</td><td>$ 843,926,025</td></tr><tr><td>Disaster Loan Corporation.</td><td>12,734</td><td>4,343,938</td><td>-997,774</td><td>171,438</td><td>3,530,336</td></tr><tr><td>Electric Home and Farm Authority 1/.</td><td>-</td><td>3,413,748</td><td>247,500</td><td>6,908</td><td>540,656</td></tr><tr><td>Export-Import Bank of Washington.</td><td>-</td><td>4,750,254</td><td>2,268,643</td><td>-</td><td>7,018,897</td></tr><tr><td>Federal Deposit Insurance Corporation 1/.</td><td>-</td><td>9,205,895</td><td>31,409,227</td><td>112,194</td><td>40,727,316</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>3,649,180</td><td>52,067,389</td><td>27,186,504</td><td>8,469,343</td><td>-93,627,584</td></tr><tr><td>Federal home loan banks.</td><td>-</td><td>96,812,914</td><td>1,942,167</td><td>-2,424,406</td><td>92,330,675</td></tr><tr><td>Federal National Mortgage Association.</td><td>450,306</td><td>7,925,432</td><td>4,173,069</td><td>162,074</td><td>8,515,051</td></tr><tr><td>Federal Public Housing Authority.</td><td>-</td><td>95,812,673</td><td>4,975,252</td><td>174,451</td><td>111,112,392</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>-</td><td>-</td><td>3,231,638</td><td>7,454</td><td>3,239,093</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>24,034,186</td><td>90,971,755</td><td>47,372,130</td><td>14,293,532</td><td>52,671,603</td></tr><tr><td>Reconstruction Finance Corporation.</td><td>3,508,568</td><td>114,178,984</td><td>34,916,695</td><td>3,900,682</td><td>888,267,929</td></tr><tr><td>RFC Mortgage Company.</td><td>117,862</td><td>7,883,367</td><td>1,491,651</td><td>1,004,458</td><td>22,155,954</td></tr><tr><td>Rural Electrification Administration.</td><td>-</td><td>4,550,492</td><td>3,101,293</td><td>27</td><td>16,855,673</td></tr><tr><td>War corporations 1/.</td><td>266,223,935</td><td>22,490,151</td><td>3,545,032</td><td>854,261,129</td><td>2,055,734,198</td></tr><tr><td>Total.</td><td>$1,139,798,256</td><td>$606,293,242</td><td>$169,776,752</td><td>$896,482,892</td><td>$4,133,046,168</td></tr></table>
Sources: Reports received from the corporations and agencies.
1/ Items in this column are the only ones in this statement which constitute a charge against the Federal Budget. They represent amounts of funds drawn against available appropriations.
2/ Represents balance of repayment of amounts paid to the Commodity Credit Corporation for capital impairment on basis of appraisal of the corporation as of March 31, 1942, pursuant to Public No. 442 - 75th Congress, approved March 8, 1938.
1/ Figures are as of October 31, 1942. Under Executive Order 9256 dated October 13, 1942, effective October 31, 1942.
the assets and liabilities were transferred to Reconstruction Finance Corporation for purposes of liquidation. Figures are as of October 31, 1942, the latest available. Comprises Cargoes, Incorporated, Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Inter-American Navigation Corporation, Metals Reserve Company, Rubber Reserve Company, Smaller War Plants Corporation, United States Commercial Company and War Damage Corporation. Receipts from the sale of property acquired in liquidation of loans are shown as "Sale of other property acquired".
70
Uses of Funds of Certain Government Corporations and Credit Agencies for the First Five Months, Fiscal Year 1943
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgages 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadmi-nistrative</th><th></th><th></th><th></th></tr><tr><td>Central Bank for Cooperatives.</td><td>$ 42,745</td><td>-</td><td>-</td><td>$ 59,665,869</td><td>-</td></tr><tr><td>Commodity Credit Corporation.</td><td>1,674,411</td><td>-</td><td>$ 830,314,826</td><td>59,351,166</td><td>-</td></tr><tr><td>Disaster Loan Corporation.</td><td>161,235</td><td>$ 6,675</td><td>-</td><td>663,998</td><td>-</td></tr><tr><td>Electric Home and Farm Authority 2/.</td><td>107,209</td><td>77,642</td><td>-</td><td>446,181</td><td>-</td></tr><tr><td>Export-Import Bank of Washington.</td><td>72,566</td><td>404</td><td>-</td><td>10,887,108</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation 3/.</td><td>1,152,853</td><td>-</td><td>-</td><td>5,560,066</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>3,479,744</td><td>404,409</td><td>1,100,225</td><td>6,748,960</td><td>-</td></tr><tr><td>Federal home loan banks.</td><td>545,003</td><td>-</td><td>-</td><td>26,053,557</td><td>-</td></tr><tr><td>Federal National Mortgage Association.</td><td>393,508</td><td>616,743</td><td>-</td><td>5,245,004</td><td>-</td></tr><tr><td>Federal Public Housing Authority.</td><td>1,201,850</td><td>470,760</td><td>1,318,757</td><td>74,814,605</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>116,241</td><td>16,125</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>4,606,818</td><td>8,126,427</td><td>8,506,658</td><td>2,567,185</td><td>$20,985,050</td></tr><tr><td>Reconstruction Finance Corporation.</td><td>4,210,832</td><td>2,001,457</td><td>-</td><td>200,309,967</td><td>-</td></tr><tr><td>RFC Mortgage Company.</td><td>281,794</td><td>114,444</td><td>1,918,143</td><td>18,837,601</td><td>-</td></tr><tr><td>Rural Electrification Administration.</td><td>1,203,644</td><td>-</td><td>-</td><td>7,669,555</td><td>-</td></tr><tr><td>War corporations 4/.</td><td>2,363,354</td><td>3,500,981</td><td>1,641,555,848</td><td>43,814,410</td><td>-</td></tr><tr><td>Total.</td><td>$21,613,857</td><td>$15,336,067</td><td>$2,484,714,457</td><td>$522,635,232</td><td>$20,985,050</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net)</th><th>Allocations, rediscounts, and loans to other government corporations and credit agencies (net)</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total, uses of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 35,934,202</td><td>-</td><td>$ 116,460</td><td>$ 21,716</td><td>$ 95,780,991</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>$-52,325,020</td><td>3,986,301</td><td>2,428,928</td><td>845,430,611</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>2,698,501</td><td>-</td><td>-72</td><td>3,530,336</td></tr><tr><td>Electric Home and Farm Authority 2/</td><td>-</td><td>-</td><td>11,628</td><td>257</td><td>642,916</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-2,700,000</td><td>-</td><td>-</td><td>8,260,078</td></tr><tr><td>Federal Deposit Insurance Corporation 3/</td><td>35,000,000</td><td>-</td><td>-</td><td>-621,138</td><td>41,091,781</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-125,979,920</td><td>-</td><td>14,505,871</td><td>1,277,986</td><td>-98,462,726</td></tr><tr><td>Federal home loan banks</td><td>38,366,009</td><td>-</td><td>1,125,411</td><td>82,812</td><td>66,172,792</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>2,254,688</td><td>5,106</td><td>8,515,051</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>793,544</td><td>2,509,591</td><td>81,109,108</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>5,445,156</td><td>-</td><td>-</td><td>-536,243 5/</td><td>5,041,280</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-14,641,600</td><td>-</td><td>12,096,990</td><td>63,495</td><td>42,311,024</td></tr><tr><td>Reconstruction Finance Corporation</td><td>9,251,000</td><td>674,808,611</td><td>15,252,331</td><td>6,830,937</td><td>912,665,085</td></tr><tr><td>RFC Mortgage Company</td><td>-</td><td>-</td><td>824,473</td><td>179,498</td><td>22,155,954</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>3,204,049</td><td>-</td><td>12,077,247</td></tr><tr><td>War corporations 4/</td><td>-</td><td>113,877,596</td><td>455,722</td><td>83,954,858</td><td>1,889,522,769</td></tr><tr><td>Total</td><td>$-16,625,153</td><td>$736,359,688</td><td>$54,627,368</td><td>$96,197,731</td><td>$3,935,844,297</td></tr></table>
Source: Reports received from the corporations and agencies. Data on basis of checks issued. 1/ Receipts from the repayment of mortgage loans appear under "Repayment of loans" in the statement of sources of funds. 2/ Figures are as of October 31, 1942. Under Executive Order 9256 dated October 13, 1942, effective October 31, 1942, the assets and liabilities were transferred to Reconstruction Finance Corporation for purposes of liquidation. 3/ Figures are as of October 31, 1942, the latest available.
4/ Comprises Gorgose, Incorporated, Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Inter-American Navigation Corporation, Metale Reserve Company, Rubber Reserve Company, Smaller War Plants Corporation, United States Commercial Company and War Damage Corporation.
5/ Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.
71
Sources of Funds of Certain Government Corporations and Credit Agencies from Inception of Organization through November 30, 1942
<table><tr><th>Corporation or agency</th><th>Appropriations from General Fund of the Treasury 1/</th><th>Allocations, rediscounts, and loans from other government corporations and credit agencies (net)</th><th>Sale of obligations to Treasury (net)</th><th>Sale of obligations in the market (net) 2/</th><th>Sale of stock to other agencies</th></tr><tr><td>Central Bank for Cooperatives.</td><td>$ 69,000,000</td><td>$ 24,193,034</td><td>-</td><td>-</td><td>$ 1,215,000</td></tr><tr><td>Commodity Credit Corporation.</td><td>243,950,524 3/</td><td>-</td><td>$ 300,000,000</td><td>$ 748,004,000</td><td>-</td></tr><tr><td>Disaster Loan Corporation.</td><td>24,000,000 4/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Electric Home and Farm Authority 5/.</td><td>1,000,000</td><td>-</td><td>-</td><td>5,605,000</td><td>-</td></tr><tr><td>Export-Import Bank of Washington.</td><td>1,000,000</td><td>-</td><td>-</td><td>-</td><td>174,000,000</td></tr><tr><td>Federal Deposit Insurance Corporation 6/.</td><td>150,000,000</td><td>-</td><td>-</td><td>-</td><td>139,299,557</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>100,000,000 4/</td><td>-</td><td>78,000,000</td><td>929,764,200</td><td>-</td></tr><tr><td>Federal home loan banks.</td><td>-</td><td>-</td><td>-</td><td>87,500,000</td><td>124,741,000 7/</td></tr><tr><td>Federal National Mortgage Association.</td><td>-</td><td>99,920,481</td><td>-</td><td>85,240,000</td><td>11,000,000</td></tr><tr><td>Federal Public Housing Authority.</td><td>51,849,482</td><td>-</td><td>280,000,000</td><td>114,157,000</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>100,000,000</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>200,000,000 4/</td><td>-</td><td>427,000,000</td><td>3,114,453,550</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation.</td><td>325,000,000</td><td>8,251,000</td><td>3,579,711,446</td><td>897,171,000</td><td>-</td></tr><tr><td>RFC Mortgage Company.</td><td>-</td><td>73,943,375</td><td>-</td><td>-</td><td>25,000,000</td></tr><tr><td>Rural Electrification Administration.</td><td>138,435,098</td><td>232,051,662</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War corporations 8/.</td><td>150,000,000</td><td>2,584,359,267</td><td>-</td><td>-</td><td>36,601,000</td></tr><tr><td>Total.</td><td>$1,454,235,104</td><td>$3,022,719,019</td><td>$4,664,711,446</td><td>$5,981,894,750</td><td>$611,856,557</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Sale of other property acquired</th><th>Repayment of loans 2/</th><th>Interest, dividends, assessments, and property income</th><th>Other receipts</th><th>Total, sources of funds</th></tr><tr><td>Central Bank for Cooperatives.</td><td>-</td><td>$ 358,353,610</td><td>$ 11,967,219</td><td>$ 4,682,267</td><td>$ 469,411,130</td></tr><tr><td>Commodity Credit Corporation.</td><td>$1,919,080,299</td><td>1,057,818,971</td><td>35,242,635</td><td>25,986,230</td><td>4,330,082,658</td></tr><tr><td>Disaster Loan Corporation.</td><td>153,334</td><td>22,210,961</td><td>850,169</td><td>205,572</td><td>47,420,037</td></tr><tr><td>Electric Home and Farm Authority 5/.</td><td>-</td><td>39,017,464</td><td>5,276,995</td><td>358,525</td><td>51,257,984</td></tr><tr><td>Export-Import Bank of Washington.</td><td>-</td><td>125,606,145</td><td>19,447,764</td><td>707,119</td><td>320,763,028</td></tr><tr><td>Federal Deposit Insurance Corporation 6/.</td><td>-</td><td>111,126,888</td><td>398,787,278</td><td>4,526,921</td><td>803,740,044</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>25,593,786</td><td>458,793,942</td><td>522,448,276</td><td>21,834,876</td><td>2,136,435,080</td></tr><tr><td>Federal home loan banks.</td><td>-</td><td>833,101,880</td><td>48,621,236</td><td>78,912,930 10/</td><td>1,172,877,046</td></tr><tr><td>Federal National Mortgage Association.</td><td>1,712,071</td><td>53,766,503</td><td>33,320,554</td><td>4,814,327</td><td>289,773,936</td></tr><tr><td>Federal Public Housing Authority.</td><td>951,401</td><td>770,451,409</td><td>45,036,450</td><td>1,494,584</td><td>1,263,940,326</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>-</td><td>-</td><td>46,317,172</td><td>226,425</td><td>146,543,597</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>208,491,454</td><td>1,245,117,155</td><td>1,030,612,425</td><td>42,718,659</td><td>6,268,393,243</td></tr><tr><td>Reconstruction Finance Corporation.</td><td>31,543,387</td><td>5,806,641,403</td><td>721,430,161</td><td>125,713,292</td><td>11,495,461,688</td></tr><tr><td>RFC Mortgage Company.</td><td>892,057</td><td>145,548,037</td><td>17,057,761</td><td>5,748,975</td><td>268,190,205</td></tr><tr><td>Rural Electrification Administration.</td><td>-</td><td>17,256,561</td><td>18,858,438</td><td>167</td><td>406,602,126</td></tr><tr><td>War corporations 5/.</td><td>627,280,125</td><td>23,795,371</td><td>6,310,748</td><td>1,045,893,588</td><td>4,474,240,099</td></tr><tr><td>Total.</td><td>$2,815,697,914</td><td>$11,068,608,300</td><td>$2,961,585,281</td><td>$1,363,824,457</td><td>$33,945,132,827</td></tr></table>
Source: 1/ Items in this column are the only ones in this statement which constitute a charge against the Federal Budget. They represent amounts of funds drawn against available appropriations. 2/ Except for the R.O.I.C., sales of obligations in the market, as shown in this column, are reduced by the amount of obligations which have been retired (including those which have in effect been refunded through the sale of obligations to the Treasury). In the case of the R.O.I.C., the original amount of obligations sold in the market is shown in 'this column and the retirement and refunding of these obligations are shown as "Retirement of obligations issued in exchange for mortgages" in the statement of uses of funds. 3/ Includes $3,000,000 N.I.R.A.: $97,000,000 R.F.C. included in notes canceled by the Treasury (See footnote 4/); and $143,950,523.60 restoration of Capital Impairment, which is net of repayments to the Treasury of $43,756,731.01 on the basis of March 31, 1940 appraisal, and $27,815,513.68 on the basis of March 31, 1942 appraisal of the corporation, pursuant to Public No. 442 - 75th Congress, approved March 8, 1938. 4/ These funds were furnished by the R.F.C. from the proceeds of its notes sold to the Treasury, such amounts being included in
the total of obligations of the corporation canceled by the Secretary of the Treasury pursuant to the Act of February 24, 1938. Figures are as of October 31, 1942. Under Executive Order 9256 dated October 13, 1942, effective October 31, 1942, the assets and liabilities were transferred to R.I.C. for purposes of liquidation. Figures are as of October 31, 1942, the latest available. The R.I.C. purchased the stock of the Federal home loan banks from the Treasury Department on February 20, 1941. The net effect of this transaction is the same as a sale of stock to other agencies, and is shown as such for purposes of this report. Complices Cargoes, Incorporated, Defense Romeo Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Inter-American Navigation Corporation, Metals Reserve Company, Rubber Reserve Company, Smaller War Plants Corporation, United States Commercial Company and War Damage Corporation. Receipts from the sale of property acquired in liquidation of loans are shown as "Sale of other property acquired". Includes $51,513,100 paid-in capital stock held by member institutions.
72
Uses of Funds of Certain Government Corporations and Credit Agencies from Inception of Organization through November 30, 1942
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgages 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 1,053,129</td><td>-</td><td>-</td><td>$ 406,089,402</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>12,658,845</td><td>-</td><td>$2,017,760,957</td><td>2,209,558,719</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>3,624,811</td><td>$ 136,434</td><td>-</td><td>29,918,938</td><td>-</td></tr><tr><td>Electric Home and Farm Authority 2/</td><td>2,522,569</td><td>1,394,041</td><td>-</td><td>46,435,709</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>764,117</td><td>12,303</td><td>-</td><td>244,518,913</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation 3/</td><td>28,464,610</td><td>-</td><td>-</td><td>192,965,140</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>82,506,000</td><td>6,187,331</td><td>17,838,795</td><td>1,069,077,881</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>11,385,710</td><td>-</td><td>-</td><td>954,987,459</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>4,257,133</td><td>4,641,279</td><td>-</td><td>269,244,710</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>20,772,395</td><td>7,185,542</td><td>27,622,739</td><td>1,130,343,679</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>1,739,274</td><td>77,160</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>237,742,630</td><td>146,517,154</td><td>153,976,908</td><td>3,271,831,369</td><td>$1,567,120,850</td></tr><tr><td>Reconstruction Finance Corporation</td><td>95,664,395</td><td>11,847,482</td><td>-</td><td>7,835,380,303</td><td>-</td></tr><tr><td>RFC Mortgage Company</td><td>5,455,167</td><td>4,767,581</td><td>9,905,312</td><td>239,464,012</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>16,142,634</td><td>-</td><td>-</td><td>362,285,564</td><td>-</td></tr><tr><td>War corporations 5/</td><td>3,604,527</td><td>4,212,721</td><td>3,867,831,381</td><td>116,842,242</td><td>-</td></tr><tr><td>Total</td><td>$528,357,946</td><td>$186,979,028</td><td>$6,094,936,092</td><td>$18,378,944,040</td><td>$1,567,120,850</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net) 6/</th><th>Allocations, radio-counts, and loans to other government corporations and credit agencies (net)</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total, uses of funds</th></tr><tr><td>Central Bank for Cooperatives.</td><td>$ 49,584,943</td><td>-</td><td>$ 777,597</td><td>$ 3,542,478</td><td>$ 461,047,549</td></tr><tr><td>Commodity Credit Corporation.</td><td>-</td><td>$ 32,007,164</td><td>35,290,334</td><td>20,784,535</td><td>4,328,060,555</td></tr><tr><td>Disaster Loan Corporation.</td><td>-</td><td>13,738,400</td><td>-</td><td>454</td><td>47,419,037</td></tr><tr><td>Electric Home and Farm Authority 2/.</td><td>-</td><td>-</td><td>516,175</td><td>196,303</td><td>51,064,796</td></tr><tr><td>Export-Import Bank of Washington.</td><td>-</td><td>72,150,000</td><td>2,362,329</td><td>593,801</td><td>320,401,463</td></tr><tr><td>Federal Deposit Insurance Corporation 3/.</td><td>526,948,154</td><td>-</td><td>-</td><td>32,778,520</td><td>781,156,424</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>607,833,920</td><td>-</td><td>322,632,889</td><td>21,868,707</td><td>2,127,945,522</td></tr><tr><td>Federal home loan banks.</td><td>107,733,924</td><td>-</td><td>24,895,839</td><td>396,116</td><td>1,099,399,048</td></tr><tr><td>Federal National Mortgage Association.</td><td>-</td><td>-</td><td>11,368,309</td><td>262,505</td><td>289,773,936</td></tr><tr><td>Federal Public Housing Authority.</td><td>7,070,000</td><td>-</td><td>7,116,823</td><td>17,287,633</td><td>1,217,398,811</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>128,290,994</td><td>-</td><td>3,035,326</td><td>10,833,713 1/</td><td>143,976,467</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>252,428,260</td><td>-</td><td>552,293,374</td><td>7,231,324</td><td>6,189,141,869</td></tr><tr><td>Reconstruction Finance Corporation.</td><td>377,292,000</td><td>2,871,257,839</td><td>280,507,673</td><td>22,615,861</td><td>11,494,565,554</td></tr><tr><td>RFC Mortgage Company.</td><td>-</td><td>-</td><td>8,000,432</td><td>596,573</td><td>268,189,078</td></tr><tr><td>Rural Electrification Administration.</td><td>-</td><td>-</td><td>15,419,538</td><td>371,526</td><td>394,219,262</td></tr><tr><td>War corporations 5/.</td><td>-</td><td>119,338,202</td><td>456,470</td><td>190,689,689</td><td>4,302,975,232</td></tr><tr><td>Total.</td><td>$2,057,182,195</td><td>$3,108,491,605</td><td>$1,264,673,108</td><td>$330,049,738</td><td>$33,516,734,603</td></tr></table>
Source: Reports received from the corporations and agencies. Data on basis of checks issued.
1/ Receipts received in payment of mortgages appear under "Repayment of loans" in the statement of sources of funds.
2/ Figures are as of October 31, 1942. Under Executive Order 9256 dated October 13, 1942, effective October 31, 1942, the assets and liabilities were transferred to Reconstruction Finance Corporation for purposes of liquidation.
3/ Figures are as of October 31, 1942, the latest available.
4/ Includes the retirement of those obligations which were in effect refunded through sale of securities to the Treasury.
5/ Comprises Cargoes, Incorporated, Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation.
Institute of Inter-American Affairs, Inter-American Navigation Corporation, Metals Reserve Company, Rubber Reserve Company, Smaller War Plants Corporation, United States Commercial Company and War Damage Corporation. Includes United States Government bonds in the amount of $538,103,996 as follows: Federal Deposit Insurance Corporation, $414,458,012; Federal Savings and Loan Insurance Corporation, $19,164,500; Federal Public Housing Authority, $7,070,000; Federal home loan banks, $91,861,484; Central Bank for Cooperatives, $5,550,000. Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.
INTERNAL REVENUE STATISTICS
-73-
74
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="3">Income and profits taxes</th><th colspan="3">Employment taxes</th></tr><tr><th>Total</th><th>Individual</th><th>Corporation, income and excisee profits 2/</th><th>Miscellaneous profits taxes 3/</th><th>Total</th><th>Social Security taxes 4/</th><th>Carrying Tax as of 1937</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th></th></tr><tr><td>1929</td><td>2,939,054</td><td>2,331,274</td><td>1,095,541</td><td>1,235,733</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1930</td><td>3,040,146</td><td>2,410,259</td><td>1,146,845</td><td>1,263,414</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1931</td><td>2,428,229</td><td>1,860,040</td><td>833,648</td><td>1,026,392</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1932</td><td>1,557,729</td><td>1,056,757</td><td>427,191</td><td>629,566</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1933</td><td>1,619,839</td><td>746,791</td><td>352,573</td><td>394,218</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1934</td><td>2,672,339</td><td>819,656</td><td>419,509</td><td>397,516</td><td>2,631</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1935</td><td>3,281,792</td><td>1,105,788</td><td>527,113</td><td>572,115</td><td>6,560</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>3,494,330</td><td>1,427,445</td><td>674,416</td><td>738,520</td><td>14,509</td><td>48</td><td>-</td><td>18</td></tr><tr><td>1937</td><td>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td></tr><tr><td>1938</td><td>5,643,834</td><td>2,629,016</td><td>1,286,312</td><td>1,299,918</td><td>42,786</td><td>742,660</td><td>502,917</td><td>90,267</td></tr><tr><td>1939</td><td>5,162,355</td><td>2,185,105</td><td>1,028,834</td><td>1,122,531</td><td>33,740</td><td>740,429</td><td>529,835</td><td>101,167</td></tr><tr><td>1940</td><td>5,322,768</td><td>2,129,606</td><td>982,017</td><td>1,120,579</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td></tr><tr><td>1941</td><td>7,351,531</td><td>3,471,122</td><td>1,471,655</td><td>2,016,295</td><td>37,172</td><td>925,856</td><td>687,327</td><td>100,658</td></tr><tr><td>1942</td><td>13,029,912</td><td>8,006,880</td><td>3,262,800</td><td>4,687,459</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td></tr><tr><td>1941-December</td><td>1,138,288</td><td>768,971</td><td>248,444</td><td>514,159</td><td>6,368</td><td>17,746</td><td>3,385</td><td>723</td></tr><tr><td>1942-January</td><td>642,271</td><td>142,618</td><td>56,724</td><td>83,365</td><td>2,529</td><td>129,504</td><td>97,010</td><td>30,852</td></tr><tr><td>February</td><td>859,750</td><td>337,101</td><td>229,353</td><td>105,648</td><td>2,100</td><td>198,900</td><td>124,331</td><td>53,554</td></tr><tr><td>March</td><td>3,455,803</td><td>3,073,000</td><td>1,468,071</td><td>1,593,507</td><td>11,422</td><td>27,980</td><td>1,513</td><td>1,692</td></tr><tr><td>April</td><td>696,855</td><td>295,111</td><td>171,318</td><td>121,047</td><td>2,746</td><td>108,218</td><td>102,359</td><td>4,970</td></tr><tr><td>May</td><td>649,124</td><td>204,578</td><td>19,523</td><td>178,337</td><td>6,718</td><td>167,739</td><td>139,170</td><td>7,286</td></tr><tr><td>June</td><td>2,444,186</td><td>2,131,452</td><td>727,125</td><td>1,393,448</td><td>10,879</td><td>28,383</td><td>3,358</td><td>1,145</td></tr><tr><td>July</td><td>807,454</td><td>221,585</td><td>62,873</td><td>156,218</td><td>2,494</td><td>127,019</td><td>120,882</td><td>5,536</td></tr><tr><td>August</td><td>681,368</td><td>164,032</td><td>40,523</td><td>120,313</td><td>3,196</td><td>177,282</td><td>140,967</td><td>5,993</td></tr><tr><td>September</td><td>2,459,874</td><td>2,122,989</td><td>670,306</td><td>1,436,081</td><td>16,602</td><td>22,096</td><td>4,562</td><td>808</td></tr><tr><td>October</td><td>702,425</td><td>220,386</td><td>26,468</td><td>186,668</td><td>7,250</td><td>133,919</td><td>127,882</td><td>5,408</td></tr><tr><td>November</td><td>845,855</td><td>184,549</td><td>27,058</td><td>155,031</td><td>2,460</td><td>183,195</td><td>148,478</td><td>5,753</td></tr><tr><td>December</td><td>2,521,448</td><td>1,999,688</td><td>562,515</td><td>1,425,942</td><td>11,231</td><td>25,263</td><td>2,576</td><td>951</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>13,638</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1,643</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>21,015</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>24,775</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>822</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>21,953</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>23,660</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>601</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>30,322</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>16,726</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>629</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>20,304</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>21,736</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes 5/</th><th>Agricultural adjustment taxes</th></tr><tr><td>1929</td><td>607,780</td><td>-</td><td>61,897</td><td>12,777</td><td>434,445</td><td>64,173</td><td>166</td><td>34,322</td><td>-</td></tr><tr><td>1930</td><td>629,887</td><td>-</td><td>64,770</td><td>11,695</td><td>450,339</td><td>77,729</td><td>344</td><td>25,010</td><td>-</td></tr><tr><td>1931</td><td>568,189</td><td>-</td><td>48,078</td><td>10,432</td><td>444,277</td><td>46,954</td><td>138</td><td>18,310</td><td>-</td></tr><tr><td>1932</td><td>500,972</td><td>-</td><td>47,422</td><td>8,704</td><td>398,579</td><td>32,241</td><td>-</td><td>14,026</td><td>-</td></tr><tr><td>1933</td><td>873,048</td><td>-</td><td>34,310</td><td>43,174</td><td>402,739</td><td>57,578</td><td>247,751</td><td>87,496</td><td>-</td></tr><tr><td>1934</td><td>1,481,160</td><td>80,168</td><td>113,138</td><td>258,911</td><td>425,169</td><td>66,580</td><td>390,038</td><td>147,156</td><td>372,423</td></tr><tr><td>1935</td><td>1,649,782</td><td>91,508</td><td>212,112</td><td>410,926</td><td>458,776</td><td>43,133</td><td>342,275</td><td>91,052</td><td>526,222</td></tr><tr><td>1936</td><td>2,004,514</td><td>94,943</td><td>378,840</td><td>505,243</td><td>500,786</td><td>68,990</td><td>379,540</td><td>76,172</td><td>62,323</td></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>533,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,670</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,501</td><td>-</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,072</td><td>38,681</td><td>447,088</td><td>148,926</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td><td>-</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,541</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td><td>-</td></tr><tr><td>1941-December</td><td>351,571</td><td>50,235</td><td>23,587</td><td>93,056</td><td>58,302</td><td>3,873</td><td>92,750</td><td>29,768</td><td>-</td></tr><tr><td>1942-January</td><td>370,149</td><td>2,723</td><td>36,957</td><td>100,623</td><td>69,581</td><td>5,328</td><td>102,518</td><td>52,419</td><td>-</td></tr><tr><td>February</td><td>323,749</td><td>616</td><td>35,684</td><td>77,653</td><td>59,606</td><td>3,222</td><td>80,900</td><td>66,068</td><td>-</td></tr><tr><td>March</td><td>354,823</td><td>352</td><td>105,317</td><td>84,657</td><td>61,601</td><td>2,796</td><td>63,652</td><td>36,448</td><td>-</td></tr><tr><td>April</td><td>293,526</td><td>291</td><td>43,090</td><td>81,427</td><td>62,866</td><td>3,159</td><td>70,008</td><td>32,685</td><td>-</td></tr><tr><td>May</td><td>276,807</td><td>485</td><td>25,087</td><td>84,074</td><td>65,798</td><td>2,954</td><td>63,025</td><td>35,384</td><td>-</td></tr><tr><td>June</td><td>284,351</td><td>264</td><td>25,321</td><td>86,004</td><td>71,446</td><td>2,735</td><td>56,369</td><td>42,212</td><td>-</td></tr><tr><td>July</td><td>458,850</td><td>228</td><td>45,582</td><td>113,986</td><td>74,077</td><td>2,817</td><td>61,935</td><td>160,225</td><td>-</td></tr><tr><td>August</td><td>340,054</td><td>233</td><td>29,681</td><td>122,896</td><td>73,933</td><td>2,653</td><td>59,756</td><td>50,902</td><td>-</td></tr><tr><td>September</td><td>314,789</td><td>589</td><td>27,919</td><td>111,280</td><td>77,148</td><td>2,681</td><td>55,996</td><td>39,176</td><td>-</td></tr><tr><td>October</td><td>348,120</td><td>266</td><td>35,147</td><td>118,949</td><td>82,532</td><td>3,167</td><td>66,042</td><td>42,017</td><td>-</td></tr><tr><td>November</td><td>478,111</td><td>185,445</td><td>26,954</td><td>104,431</td><td>78,607</td><td>3,399</td><td>47,137</td><td>32,138</td><td>-</td></tr><tr><td>December</td><td>496,497</td><td>143,020</td><td>30,223</td><td>128,973</td><td>81,359</td><td>3,458</td><td>63,832</td><td>45,632</td><td>-</td></tr></table>
Source: 1/ Reports of collections. Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. (except for the fiscal years 1929 through 1934, when they aggregated less than $1 million a year). 2/ Excess profit tax imposed under the Second Revenue Act of 1940, as amended.
3/ Canceled the declared value excess profits tax, the profit limiting provisions of the Vincenzo Act, and the tax on unjust enrichment.
4/ For the period prior to September 1939 the data in the columns entitled Federal Insurance Contributions Act and Federal Unemployment Tax Act represent collections under Titles VIII and IX, respectively, of the Social Security Act.
5/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
75
COLLECTIONS OF INTERNAL REVENUE
Fiscal Years 1929 to 1942 First 6 Months Fiscal Year 1943
* Includes miscellaneous profit taxes
76
Detailed Analysis of Current Internal Revenue Collections
(In thousands of dollars)
<table><tr><th rowspan="2">Sources of revenue</th><th rowspan="2">December 1942</th><th colspan="2">First 6 months</th><th rowspan="2">Sources of revenue</th><th rowspan="2">December 1942</th><th colspan="2">First 6 months</th></tr><tr><th>Fiscal year 1942</th><th>Fiscal year 1943</th><th>Fiscal year 1942</th><th>Fiscal year 1943</th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td></tr><tr><td>Individual</td><td></td><td></td><td></td><td>Stamp taxes:</td><td></td><td></td><td></td></tr><tr><td>Current</td><td>555,745</td><td>543,557</td><td>1,340,628</td><td>Bonds, issues of capital stocks, deeds of conveyance, etc.</td><td>1,690</td><td>11,784</td><td>9,671</td></tr><tr><td>Back</td><td>6,770</td><td>47,128</td><td>49,115</td><td>Transfers of capital stock and similar interest sales</td><td>1,038</td><td>6,570</td><td>4,857</td></tr><tr><td>Corporation</td><td>752,531</td><td>966,512</td><td>1,246,551</td><td>Playing cards</td><td>783</td><td>3,139</td><td>3,954</td></tr><tr><td>Current</td><td>29,681</td><td>82,898</td><td>116,102</td><td>Silver bullion sales or transfers</td><td>7</td><td>15</td><td>57</td></tr><tr><td>Back</td><td></td><td></td><td></td><td>Repealed taxes not listed above</td><td></td><td></td><td></td></tr><tr><td>Excess profit taxes (Second Revenue Act of 1940 as amended)</td><td>643,730</td><td>162,700</td><td>1,517,301</td><td>Total stamp taxes</td><td>3,458</td><td>21,508</td><td>18,175</td></tr><tr><td>Miscellaneous profit taxes</td><td></td><td></td><td></td><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td></tr><tr><td>Declared value</td><td>11,128</td><td>17,484</td><td>41,839</td><td>Lubricating oils</td><td>3,528</td><td>24,921</td><td>19,665</td></tr><tr><td>Vineon Act</td><td>-</td><td>30</td><td>191</td><td>Gasoline</td><td>28,453</td><td>202,009</td><td>163,106</td></tr><tr><td>Unjust enrichment</td><td>103</td><td>2,712</td><td>1,202</td><td>Tires and tubes</td><td>1,461</td><td>38,389</td><td>6,615</td></tr><tr><td>Total income and profits taxes</td><td>1,999,588</td><td>1,823,021</td><td>4,913,229</td><td>Floor taxes on tires and tubes</td><td>2</td><td>7,709</td><td>30</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td>Automobile trucks and buses</td><td>319</td><td>8,263</td><td>3,232</td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td>Other automobiles and motorcycles</td><td>79</td><td>51,487</td><td>1,249</td></tr><tr><td>Federal Insurance Contributions Act (Old-age insurance)</td><td>2,576</td><td>427,595</td><td>545,347</td><td>Parts and accessories for automobiles</td><td>1,737</td><td>11,767</td><td>9,800</td></tr><tr><td>Federal Unemployment Tax Act (Unemployment insurance)</td><td>951</td><td>20,118</td><td>24,149</td><td>Electrical energy</td><td>4,372</td><td>24,465</td><td>24,361</td></tr><tr><td>Total Social Security taxes</td><td>3,527</td><td>447,713</td><td>569,796</td><td>Electric, gas, and oil appliances</td><td>458</td><td>3,686</td><td>5,279</td></tr><tr><td>Carriers' Taxing Act of 1937</td><td>21,736</td><td>76,925</td><td>98,978</td><td>Electric light bulbs and tubes</td><td>617</td><td>738</td><td>1,765</td></tr><tr><td>Total employment taxes</td><td>25,263</td><td>524,633</td><td>668,774</td><td>Electric signs (repealed as of 11/1/42)</td><td>98</td><td>178</td><td>487</td></tr><tr><td></td><td></td><td></td><td></td><td>Radio sets, phonographs, components, etc.</td><td>664</td><td>6,092</td><td>4,028</td></tr><tr><td>Miscellaneous internal revenues:</td><td></td><td></td><td></td><td>Photograph records</td><td>234</td><td>124</td><td>960</td></tr><tr><td>Capital stock tax</td><td>143,020</td><td>277,170</td><td>329,781</td><td>Musical instruments</td><td>84</td><td>442</td><td>88</td></tr><tr><td>Estate tax</td><td>29,582</td><td>157,603</td><td>190,874</td><td>Mechanical refrigerators, air-conditioners, etc.</td><td>390</td><td>8,444</td><td>4,011</td></tr><tr><td>Gift tax</td><td>641</td><td>3,180</td><td>4,633</td><td>Hatches</td><td>679</td><td>1,661</td><td>3,814</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td>Floor taxes on hatches</td><td>*</td><td>1,661</td><td>4</td></tr><tr><td>Distilled spirits (imported, excise)</td><td>8,481</td><td>20,080</td><td>33,658</td><td>Business and store machines</td><td>780</td><td>686</td><td>4,708</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>62,979</td><td>272,541</td><td>364,469</td><td>Fur - retailers' excise</td><td>5,926</td><td>4,034</td><td>17,481</td></tr><tr><td>Distilled spirits rectification tax</td><td>1,388</td><td>8,761</td><td>10,727</td><td>Jewelry - retailers' excise</td><td>7,859</td><td>5,461</td><td>37,473</td></tr><tr><td>Vines, cordiale, etc. (imported, excise)</td><td>95</td><td>207</td><td>294</td><td>Jupegans</td><td>479</td><td>480</td><td>2,734</td></tr><tr><td>Vines, cordiale, etc. (domestic, excise)</td><td>3,949</td><td>11,233</td><td>17,783</td><td>Optical equipment (repealed as of 11/1/42)</td><td>20</td><td>59</td><td>278</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940)</td><td>*</td><td>1,188</td><td>*</td><td>Photographic apparatus</td><td>955</td><td>950</td><td>5,507</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stils (special taxes)</td><td>74</td><td>5,346</td><td>5,295</td><td>Rubber articles (repealed as of 11/1/42)</td><td>1,618</td><td>2,616</td><td>12,652</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>*</td><td>1</td><td>*</td><td>Sorting goods</td><td>175</td><td>507</td><td>2,827</td></tr><tr><td>Cases stamps for distilled spirits bottled in bond</td><td>109</td><td>606</td><td>760</td><td>Oillet preparations - retailers' excise</td><td>2,736</td><td>3,084</td><td>14,382</td></tr><tr><td>Container stamps</td><td>823</td><td>5,915</td><td>6,6</td><td>Washing machines (repealed as of 11/1/42)</td><td>1</td><td>24</td><td>35</td></tr><tr><td>Floor taxes</td><td>16,873</td><td>15,617</td><td>37,341</td><td>Firearms, shells and cartridges</td><td>58</td><td>2,976</td><td>1,038</td></tr><tr><td>Permented malt liquors</td><td>34,152</td><td>169,552</td><td>221,390</td><td>Pistols and revolvers</td><td>12</td><td>40</td><td>43</td></tr><tr><td>Browse; dealers in malt liquore (special taxes)</td><td>51</td><td>2,683</td><td>2,512</td><td>Repealed taxes not listed above</td><td>38</td><td>3,334</td><td>165</td></tr><tr><td>Total alcoholic beverage taxes</td><td>178,973</td><td>533,726</td><td>700,515</td><td>Total manufacturers' and retailers' excise taxes</td><td>63,832</td><td>415,598</td><td>354,698</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td>Miscellaneous taxes:</td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>2,313</td><td>7,487</td><td>10,106</td><td>Bituminous Coal Act of 1937</td><td>445</td><td>2,717</td><td>2,764</td></tr><tr><td>Cigars (small)</td><td>7</td><td>53</td><td>48</td><td>Sugar Act of 1937</td><td>3,975</td><td>38,709</td><td>28,614</td></tr><tr><td>Cigarettes (large)</td><td>3</td><td>8</td><td>13</td><td>Telephone, telegraph, radio, and cable, leased wires, etc.</td><td>7,802</td><td>17,353</td><td>36,392</td></tr><tr><td>Cigarettes (small)</td><td>69,007</td><td>350,728</td><td>422,317</td><td>Local telephone service</td><td>5,733</td><td>1,964</td><td>27,218</td></tr><tr><td>Snuff</td><td>717</td><td>3,565</td><td>3,575</td><td>Transportation of oil by pipe lines</td><td>1,338</td><td>6,771</td><td>7,217</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>3,618</td><td>27,014</td><td>25,372</td><td>Transportation of persons, seats, berths</td><td>7,171</td><td>2,554</td><td>30,108</td></tr><tr><td>Cigarette papers and tubes</td><td>87</td><td>1,031</td><td>621</td><td>Transportation of property (effective 12/1/42)</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>8</td><td>3</td><td>2</td><td>Use of motor vehicles (effective 2/1/42)</td><td>697</td><td>1</td><td>137,534</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>5,607</td><td>4</td><td>5,643</td><td>Use of boats (effective 2/1/42)</td><td>2</td><td>*</td><td>302</td></tr><tr><td>Total tobacco taxes</td><td>81,359</td><td>389,893</td><td>467,657</td><td>Leases of safe-deposit boxes</td><td>346</td><td>1,279</td><td>3,074</td></tr><tr><td></td><td></td><td></td><td></td><td>Admissions to theaters, concerts, cabarets, etc.</td><td>15,923</td><td>49,172</td><td>80,512</td></tr><tr><td></td><td></td><td></td><td></td><td>Club dues and initiation fees</td><td>502</td><td>3,231</td><td>3,309</td></tr><tr><td></td><td></td><td></td><td></td><td>Bowling alleys, pool tables, etc.</td><td>62</td><td>1,203</td><td>1,532</td></tr><tr><td></td><td></td><td></td><td></td><td>Coin operated devices</td><td>1,170</td><td>4,709</td><td>8,342</td></tr><tr><td></td><td></td><td></td><td></td><td>Adulterated and processed or renovated limes, mixed flour 2/ and filled cheese</td><td>1</td><td>16</td><td>21</td></tr><tr><td></td><td></td><td></td><td></td><td>Chococargars, including special taxes</td><td>171</td><td>1,474</td><td>1,550</td></tr><tr><td></td><td></td><td></td><td></td><td>Marcotics, including marihuana and special taxes</td><td>35</td><td>282</td><td>351</td></tr><tr><td></td><td></td><td></td><td></td><td>Coconut and other vegetable oils processed</td><td>253</td><td>3,502</td><td>1,218</td></tr><tr><td></td><td></td><td></td><td></td><td>National Firearms Act</td><td>*</td><td>10</td><td>12</td></tr><tr><td></td><td></td><td></td><td></td><td>All other, including repealed taxes not listed above</td><td>3</td><td>29</td><td>37</td></tr><tr><td></td><td></td><td></td><td></td><td>Total miscellaneous taxes</td><td>45,632</td><td>135,286</td><td>370,090</td></tr><tr><td>Total internal revenue</td><td>2,521,448</td><td>4,281,923</td><td>8,018,426</td><td>Total miscellaneous internal revenue</td><td>496,497</td><td>1,934,264</td><td>2,476,423</td></tr></table>
Source: Reports of collectioce. * Less than $500. 1/ Exclude collections for credit to certain trust accounts for
2/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
GOLD AND SILVER STATISTICS
- 77 -
78
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold Assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold Certificates 1/</th><th>Gold Reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1934</td><td>8,238.6</td><td>5,274.0</td><td>156.0</td><td>1,800.0</td><td>1,008.6</td></tr><tr><td>1935</td><td>10,122.9</td><td>7,679.5</td><td>156.0</td><td>1,800.0</td><td>487.4</td></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>311.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.2</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.3</td></tr><tr><td>1941-December</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942-January</td><td>22,746.9</td><td>20,594.0</td><td>156.0</td><td>1,800.0</td><td>196.9</td></tr><tr><td>February</td><td>22,704.5</td><td>20,575.5</td><td>156.0</td><td>1,800.0</td><td>173.0</td></tr><tr><td>March</td><td>22,687.4</td><td>20,555.0</td><td>156.0</td><td>1,800.0</td><td>176.4</td></tr><tr><td>April</td><td>22,690.2</td><td>20,569.3</td><td>156.0</td><td>1,800.0</td><td>165.0</td></tr><tr><td>May</td><td>22,714.4</td><td>20,581.3</td><td>156.0</td><td>1,800.0</td><td>177.1</td></tr><tr><td>June</td><td>22,736.5</td><td>20,625.3</td><td>156.0</td><td>1,800.0</td><td>155.2</td></tr><tr><td>July</td><td>22,743.7</td><td>20,605.0</td><td>155.0</td><td>1,800.0</td><td>182.7</td></tr><tr><td>August</td><td>22,755.7</td><td>20,634.3</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>September</td><td>22,754.1</td><td>20,634.8</td><td>156.0</td><td>1,800.0</td><td>163.3</td></tr><tr><td>October</td><td>22,739.7</td><td>20,627.8</td><td>156.0</td><td>1,800.0</td><td>155.9</td></tr><tr><td>November</td><td>22,743.4</td><td>20,631.1</td><td>156.0</td><td>1,800.0</td><td>156.2</td></tr><tr><td>December</td><td>22,726.2</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.3</td></tr></table>
Sources: Daily Treasury Statements.
1/ Comprised (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Certificate Fund - Board of Governors, Federal Reserve System, and (b) the Redemption Fund - Federal Reserve notes.
2/ Reserve against United States notes and Treasury notes of 1890.
3/ Excludes gold in active portion of Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Cold ($35 per fine ounce)</th><th>Silver ($1.294 per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1934</td><td>7,856.2</td><td>898.2</td><td>10.3</td></tr><tr><td>1935</td><td>9,115.6</td><td>1,463.1</td><td>13.8</td></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,903.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,363.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.0</td><td>15.9</td></tr><tr><td>1941-December</td><td>22,736.6</td><td>4,244.8</td><td>15.7</td></tr><tr><td>1942-January</td><td>22,747.2</td><td>4,257.1</td><td>15.8</td></tr><tr><td>February</td><td>22,704.8</td><td>4,267.5</td><td>15.8</td></tr><tr><td>March</td><td>22,687.4</td><td>4,277.8</td><td>15.9</td></tr><tr><td>April</td><td>22,690.8</td><td>4,289.2</td><td>15.9</td></tr><tr><td>May</td><td>22,714.4</td><td>4,301.3</td><td>15.9</td></tr><tr><td>June</td><td>22,736.7</td><td>4,306.0</td><td>15.9</td></tr><tr><td>July</td><td>22,744.3</td><td>4,311.9</td><td>15.9</td></tr><tr><td>August</td><td>22,755.7</td><td>4,311.6</td><td>15.9</td></tr><tr><td>September</td><td>22,754.1</td><td>4,314.3</td><td>15.9</td></tr><tr><td>October</td><td>22,749.7</td><td>4,308.7</td><td>15.9</td></tr><tr><td>November</td><td>22,743.4</td><td>4,302.0</td><td>15.9</td></tr><tr><td>December</td><td>22,726.2 p</td><td>4,297.1 p</td><td>15.9</td></tr></table>
Sources: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, December 31, 1942
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilisation Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippines currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,862,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,846,976.25</td><td>328,145.68</td></tr><tr><td>Retirement of National Bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>7,648,749.96</td><td>-</td><td>7,648,749.96</td></tr><tr><td>Total increment</td><td>$2,818,374,145.11</td><td>$2,674,781,252.67</td><td>$143,592,892.44</td></tr></table>
79
Components of Silver Monetary Stock
(in millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="3">Silver held in Treasury</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29 per ounce</th></tr><tr><th colspan="2">Securing silver certificates 1/</th><th colspan="2">in General Fund</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 2/</th><th>Bullion at cost</th><th></th><th></th></tr><tr><td>1934</td><td>211.6</td><td>508.4</td><td>4.2</td><td>8.8</td><td>89.3</td><td>35.2</td><td>305.3</td><td>1,279.7</td></tr><tr><td>1935</td><td>576.9</td><td>508.7</td><td>4.2</td><td>.2</td><td>262.7</td><td>38.4</td><td>323.5</td><td>1,970.1</td></tr><tr><td>1936</td><td>775.9</td><td>505.7</td><td>5.7</td><td>.3</td><td>347.7</td><td>41.3</td><td>350.4</td><td>2,402.3</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.3</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,338.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942 p.</td><td>1,516.2</td><td>468.3</td><td>8.8</td><td>.1</td><td>627.8</td><td>78.8</td><td>587.6</td><td>4,297.1</td></tr><tr><td>1941-December</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942-January</td><td>1,481.7</td><td>483.9</td><td>8.0</td><td>*</td><td>663.0</td><td>63.2</td><td>493.5</td><td>4,257.1</td></tr><tr><td>February</td><td>1,486.2</td><td>483.4</td><td>10.8</td><td>*</td><td>663.8</td><td>63.7</td><td>494.1</td><td>4,267.5</td></tr><tr><td>March</td><td>1,491.1</td><td>482.7</td><td>11.9</td><td>*</td><td>664.2</td><td>64.4</td><td>496.9</td><td>4,277.8</td></tr><tr><td>April</td><td>1,496.9</td><td>481.6</td><td>13.4</td><td>.4</td><td>663.9</td><td>65.4</td><td>501.4</td><td>4,289.2</td></tr><tr><td>May</td><td>1,502.7</td><td>480.2</td><td>14.0</td><td>*</td><td>662.5</td><td>66.9</td><td>509.7</td><td>4,301.3</td></tr><tr><td>June</td><td>1,505.8</td><td>478.7</td><td>13.0</td><td>*</td><td>660.3</td><td>68.3</td><td>516.8</td><td>4,306.0</td></tr><tr><td>July</td><td>1,509.5</td><td>477.0</td><td>15.1</td><td>*</td><td>657.2</td><td>70.1</td><td>524.3</td><td>4,311.9</td></tr><tr><td>August</td><td>1,511.7</td><td>475.5</td><td>19.5</td><td>*</td><td>652.1</td><td>71.6</td><td>531.7</td><td>4,311.6</td></tr><tr><td>September</td><td>1,513.6</td><td>473.3</td><td>14.2</td><td>*</td><td>647.2</td><td>73.7</td><td>548.1</td><td>4,314.3</td></tr><tr><td>October</td><td>1,515.0</td><td>471.8r</td><td>13.5</td><td>*</td><td>640.0</td><td>75.3</td><td>561.8</td><td>4,308.7 r</td></tr><tr><td>November</td><td>1,515.8</td><td>470.0</td><td>10.5</td><td>*</td><td>634.3</td><td>77.1</td><td>575.7</td><td>4,302.0</td></tr><tr><td>December p.</td><td>1,516.2</td><td>468.3</td><td>8.8</td><td>.1</td><td>627.8</td><td>78.8</td><td>587.6</td><td>4,297.1</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary. r Revised. Less than $50,000.
1/ Valued at $1.29+ per ounce.
2/ Valued at $1.78+ per ounce.
Silver of Specified Classifications Acquired by Mints and Assay Offices
(in millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th colspan="2">Newly mined domestic 1/</th><th colspan="2">Nationalized 2/</th><th colspan="2">Foreign 3/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounce</th><th>Dollars</th></tr><tr><td>1934</td><td>21.8</td><td>14.1</td><td>110.6</td><td>55.3</td><td>172.5</td><td>86.5</td><td>304.9</td><td>155.9</td></tr><tr><td>1935</td><td>38.0</td><td>27.3</td><td>2.0</td><td>1.0</td><td>494.4</td><td>318.2</td><td>534.3</td><td>346.5</td></tr><tr><td>1936</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.6</td><td>42.2</td><td>-</td><td>-</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>60.7</td><td>40.1</td><td>-</td><td>-</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>48.5</td><td>-</td><td>-</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>70.5</td><td>50.1</td><td>-</td><td>-</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>47.9</td><td>34.0</td><td>-</td><td>-</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1941-December</td><td>5.8</td><td>4.1</td><td>-</td><td>-</td><td>3.7</td><td>1.5</td><td>9.5</td><td>5.6</td></tr><tr><td>1942-January</td><td>6.0</td><td>4.3</td><td>-</td><td>-</td><td>3.3</td><td>1.4</td><td>9.3</td><td>5.7</td></tr><tr><td>February</td><td>4.7</td><td>3.4</td><td>-</td><td>-</td><td>3.4</td><td>1.4</td><td>8.1</td><td>4.8</td></tr><tr><td>March</td><td>5.1</td><td>3.6</td><td>-</td><td>-</td><td>2.8</td><td>1.2</td><td>7.9</td><td>4.8</td></tr><tr><td>April</td><td>6.4</td><td>4.5</td><td>-</td><td>-</td><td>3.2</td><td>1.4</td><td>9.6</td><td>5.9</td></tr><tr><td>May</td><td>7.0</td><td>5.0</td><td>-</td><td>-</td><td>1.7</td><td>.7</td><td>8.7</td><td>5.7</td></tr><tr><td>June</td><td>4.0</td><td>2.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.0</td><td>2.8</td></tr><tr><td>July</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>August</td><td>2.9</td><td>2.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.9</td><td>2.1</td></tr><tr><td>September</td><td>2.5</td><td>1.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.5</td><td>1.8</td></tr><tr><td>October</td><td>2.0</td><td>1.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.0</td><td>1.4</td></tr><tr><td>November</td><td>1.2</td><td>.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.2</td><td>.9</td></tr><tr><td>December</td><td>.5</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.5</td><td>.4</td></tr></table>
1/ Acquired at 64.64 cents per fine ounce until April 9, 1935; at 71.11 cents per fine ounce from that date until April 24, 1935; at 77.57 cents from April 23, 1935 to December 31, 1937; at 64.64 cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11 cents since July 1, 1939.
2/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938.
3/ Acquired at various prices averaging approximately 51 cents per ounce.
80
Seigniorage on Silver
(Cumulative from January 1, 1934 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on silver and minor coin</th><th colspan="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Mine. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th></tr><tr><td>1934</td><td>4.5</td><td>48.7</td><td>.4</td><td>-</td><td>51.1</td><td>28.5</td><td>128.7</td><td>132.6</td></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>-</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>-</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>61.7</td><td>48.7</td><td>58.0</td><td>-</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>-</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1942-January</td><td>188.5</td><td>48.7</td><td>87.6</td><td>50.2</td><td>581.3</td><td>34.7</td><td>802.5</td><td>1,094.2</td></tr><tr><td>February</td><td>192.4</td><td>48.7</td><td>87.6</td><td>51.6</td><td>582.1</td><td>34.7</td><td>804.7</td><td>1,096.3</td></tr><tr><td>March</td><td>195.3</td><td>48.7</td><td>87.6</td><td>53.3</td><td>582.9</td><td>34.7</td><td>807.2</td><td>1,097.8</td></tr><tr><td>April</td><td>198.0</td><td>48.7</td><td>87.6</td><td>55.3</td><td>583.8</td><td>34.7</td><td>810.1</td><td>1,096.5</td></tr><tr><td>May</td><td>204.0</td><td>48.7</td><td>87.6</td><td>57.5</td><td>584.3</td><td>34.7</td><td>812.8</td><td>1,097.5</td></tr><tr><td>June</td><td>209.2</td><td>48.7</td><td>87.6</td><td>58.9</td><td>584.3</td><td>34.7</td><td>814.2</td><td>1,095.5</td></tr><tr><td>July</td><td>213.0</td><td>48.7</td><td>87.6</td><td>60.6</td><td>584.3</td><td>34.7</td><td>815.9</td><td>1,090.0</td></tr><tr><td>August</td><td>218.5</td><td>48.7</td><td>87.6</td><td>61.6</td><td>584.3</td><td>34.7</td><td>816.9</td><td>1,085.5</td></tr><tr><td>September</td><td>225.8</td><td>48.7</td><td>87.6</td><td>62.4</td><td>584.3</td><td>34.7</td><td>817.7</td><td>1,082.5</td></tr><tr><td>October</td><td>233.4</td><td>48.7</td><td>87.6</td><td>63.1</td><td>584.3</td><td>34.7</td><td>818.4</td><td>1,068.5</td></tr><tr><td>November</td><td>239.5</td><td>48.7</td><td>87.6</td><td>63.4</td><td>584.3</td><td>34.7</td><td>818.7</td><td>1,060.0</td></tr><tr><td>December</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr></table>
Base: Daily Treasury Statements.
1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure silver certificates.
2 The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
Silver Production, by Leading Countries
(In thousands of fine ounces)
<table><tr><th>Calendar year or month</th><th>Total for world</th><th colspan="5">American countries</th><th colspan="6">All other countries 1/</th></tr><tr><th></th><th></th><th>United States</th><th>Canada 2/</th><th>Mexico</th><th>Peru</th><th>Other</th><th>Total</th><th>Europe</th><th>Oceania</th><th>Japan 3/</th><th>British India 4/</th><th>Other Asia</th><th>Africa</th></tr><tr><td>1933</td><td>169,199</td><td>22,821</td><td>16,395</td><td>68,101</td><td>6,761</td><td>10,819</td><td>44,261</td><td>14,769</td><td>11,553</td><td>6,680</td><td>6,080</td><td>1,103</td><td>4,076</td></tr><tr><td>1934</td><td>190,398</td><td>32,487</td><td>17,565</td><td>74,145</td><td>10,381</td><td>10,091</td><td>45,730</td><td>14,891</td><td>11,257</td><td>7,853</td><td>5,818</td><td>1,179</td><td>4,722</td></tr><tr><td>1935</td><td>220,704</td><td>45,613</td><td>17,743</td><td>75,589</td><td>17,433</td><td>12,788</td><td>51,538</td><td>17,199</td><td>12,434</td><td>9,706</td><td>5,850</td><td>1,219</td><td>5,130</td></tr><tr><td>1936</td><td>253,696</td><td>63,351</td><td>19,584</td><td>77,464</td><td>19,901</td><td>16,539</td><td>56,858</td><td>19,704</td><td>13,194</td><td>11,670</td><td>5,977</td><td>1,733</td><td>4,580</td></tr><tr><td>1937</td><td>274,538</td><td>71,299</td><td>24,131</td><td>84,681</td><td>16,994</td><td>15,708</td><td>61,725</td><td>21,053</td><td>14,903</td><td>12,451</td><td>6,205</td><td>1,913</td><td>5,200</td></tr><tr><td>1938</td><td>267,765</td><td>61,689</td><td>23,826</td><td>81,019</td><td>20,424</td><td>15,869</td><td>64,939</td><td>22,747</td><td>15,043</td><td>13,115</td><td>5,947</td><td>2,451</td><td>5,636</td></tr><tr><td>1939</td><td>265,262</td><td>63,872</td><td>24,538</td><td>75,871</td><td>18,802</td><td>17,497</td><td>64,683</td><td>21,224</td><td>15,417</td><td>14,015</td><td>5,943</td><td>2,670</td><td>5,414</td></tr><tr><td>1940</td><td>273,684</td><td>67,013</td><td>23,816</td><td>82,638</td><td>19,000</td><td>16,925</td><td>64,292</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>264,553 5/</td><td>69,128</td><td>20,340</td><td>78,362</td><td>17,000 5/</td><td>18,262 5/</td><td>61,461 5/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941-November</td><td>18,352</td><td>4,631</td><td>1,681</td><td>4,429</td><td>1,000</td><td>1,486</td><td>5,125</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December</td><td>21,196</td><td>5,661</td><td>1,722</td><td>5,548</td><td>1,500</td><td>1,640</td><td>5,125</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942-January</td><td>21,368</td><td>4,844</td><td>1,538</td><td>7,471</td><td>1,300</td><td>1,590</td><td>4,625</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February</td><td>20,361</td><td>4,470</td><td>1,478</td><td>7,213</td><td>1,000</td><td>1,580</td><td>4,620</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March</td><td>21,657</td><td>5,285</td><td>1,606</td><td>7,211</td><td>1,300</td><td>1,635</td><td>4,620</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April</td><td>6/</td><td>5,606</td><td>1,613</td><td>6/</td><td>1,200</td><td>6/</td><td>6/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May</td><td>6/</td><td>4,948</td><td>1,624</td><td>6/</td><td>1,300</td><td>6/</td><td>6/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June</td><td>6/</td><td>4,528</td><td>1,537</td><td>5/</td><td>1,500</td><td>6/</td><td>6/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July</td><td>6/</td><td>5,048</td><td>1,966</td><td>6/</td><td>1,400</td><td>6/</td><td>6/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August</td><td>6/</td><td>4,412</td><td>1,505</td><td>6/</td><td>1,350</td><td>6/</td><td>6/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September</td><td>6/</td><td>4,561</td><td>1,758</td><td>6/</td><td>1,450</td><td>6/</td><td>6/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October</td><td>6/</td><td>3,819</td><td>1,870</td><td>6/</td><td>1,450</td><td>6/</td><td>6/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November</td><td>6/</td><td>3,292</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td>6/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Annual Reporte of the Director of the Mint for annual figures through 1939; releases of American Bureau of Metal Statietice
for all later figures. 1/ Breakdown by countries not available after 1939.
2/ Includes Newfoundland.
3/ Includes Chosen and Taiwan.
4/ Includes Burma.
5/ Revised annual total not allocated monthly.
6/ Not yet reported.
OTHER TREASURY STATISTICS
81
82
Balance Sheet of the Exchange Stabilization Fund
As of June 30,1942 and September 30, 1942
<table><tr><th>Assets</th><th>June 30, 1942</th><th>September 30, 1942</th></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, gold.</td><td>$1,800,000,000.00</td><td>$1,800,000,000.00</td></tr><tr><td>Treasurer of the United States, checking account.</td><td>1,581,258.70</td><td>1,526,624.49</td></tr><tr><td>Federal Reserve Bank of New York, special account.</td><td>177,908,989.03</td><td>183,024,193.98</td></tr><tr><td>Diebureing officers' balances and advance accounts.</td><td>10,965.43</td><td>7,724.55</td></tr><tr><td>Total cash.</td><td>$1,979,501,213.21</td><td>$1,984,558,543.02</td></tr><tr><td>Cold purchased from Union of Soviet Socialist Republics (agreement October 10, 1941 and January 3, 1942) 1/.</td><td>14,358,449.00</td><td>4,953,792.53</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York:</td><td></td><td></td></tr><tr><td>Special account No. 1, gold (Schedule 1).</td><td>7,936,045.47</td><td>7,467,659.09</td></tr><tr><td>Due from Government of the Republic of Cuba.</td><td>-</td><td>5,012,680.10</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss francs.</td><td>$232,629.79</td><td>$232,629.79</td></tr><tr><td>French francs.</td><td>17.88</td><td>17.88</td></tr><tr><td>Belgac.</td><td>505.06</td><td>505.06</td></tr><tr><td>Sterling.</td><td>2,980.05</td><td>2,980.05</td></tr><tr><td>Central Bank of China (secured deposits) 2/.</td><td>19,121,925.34</td><td>19,123,496.23</td></tr><tr><td>Total due from foreign banks.</td><td>19,358,058.12</td><td>19,359,629.01</td></tr><tr><td>Investments in United States Government securities (Schedule 2).</td><td>10,448,723.13</td><td>10,448,723.13</td></tr><tr><td>Accrued interest receivable (Schedule 2).</td><td>9,730.73</td><td>69,412.60</td></tr><tr><td>Other accounts (defarred charges).</td><td>984.77</td><td>866.44</td></tr><tr><td>Commodity sales contracts (defarred charges).</td><td>2,636.00</td><td>2,636.00</td></tr><tr><td>Total assets.</td><td>$2,031,615,840.43</td><td>$2,031,873,941.92</td></tr><tr><th>Liabilities and Capital</th><th></th><th></th></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Employees' Pay-roll Allotment Account - United States savings bonds.</td><td>$376.89</td><td>$823.13</td></tr><tr><td>Vouchers payable.</td><td>218.91</td><td>169.15</td></tr><tr><td>Due to Union of Soviet Socialist Republics (agreement October 10, 1941 and January 3, 1942).</td><td>2,471,716.74</td><td>2,447,936.10</td></tr><tr><td>Miscellaneous.</td><td>1,500.00</td><td>3,119.96</td></tr><tr><td>Total accounts payable.</td><td>$2,473,812.54</td><td>$2,452,108.34</td></tr><tr><td>Capital account.</td><td>2,000,000,000.00</td><td>2,000,000,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)</td><td>29,142,027.89</td><td>29,421,833.58</td></tr><tr><td>Total liabilities and capital.</td><td>$2,031,615,840.43</td><td>$2,031,873,941.92</td></tr></table>
Back Figureo: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the Treasury for 1940". Quarterly balance sheets commencing December 31, 1938 may be found in previous issues of the "Treasury Bulletin".
1/ Coesisted of 941,053.554 ounces on June 30, 1942 and 141,536.930 ounces on September 30, 1942.
2/ Coesisted of 65,032,054.79 yuan as of June 30, 1942 and 65,037,397.26 yuan as of September 30, 1942. Gold held as collateral amounted to $19,379,015.65 as of both dates.
Schedules for Balance Sheet of the Exchange Stabilization Fund
Schedule 1
Location of gold held by and for account of the Exchange Stabilisation Fund 1/
<table><tr><th>Location</th><th colspan="2">June 30, 1942</th><th colspan="2">September 30, 1942</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York</td><td>3,939.543</td><td>$ 137,884.01</td><td>78,834.559</td><td>$2,759,209.56</td></tr><tr><td>U. S. Assay Office, New York</td><td>222,804.612</td><td>$7,798,161.46</td><td>134,527.126</td><td>$4,708,449.53</td></tr><tr><td>Total</td><td>226,744.155</td><td>$7,936,045.47</td><td>213,361.685</td><td>$7,467,659.09</td></tr></table>
1/ Excludes gold held by Treasurer of the United States and gold purchased from Union of Soviet Socialist Republics.
83
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued)
Schedule 2
United States Government securities held by the Exchange Stabilization Fund
<table><tr><th rowspan="2">Issue</th><th colspan="4">June 30, 1942</th><th colspan="4">September 30, 1942</th></tr><tr><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/4% Treasury bonds, 1951-53..</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$9,221.31</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$65,778.69</td></tr><tr><td>2-3/4% Treasury bonds, 1958-63..</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>56.35</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>401.98</td></tr><tr><td>2-3/4% Treasury bonds, 1960-65..</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>453.07</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>3,231.93</td></tr><tr><td>Total United States Government securities......</td><td>$10,452,000</td><td>$10,448,723.13</td><td></td><td>$9,730.73</td><td>$10,452,000</td><td>$10,448,723.13</td><td></td><td>$69,412.60</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilization Fund
<table><tr><th>Source</th><th>January 31, 1931 through June 30, 1942</th><th>January 31, 1934 through September 30, 1942</th></tr><tr><td>Profits on British sterling transactions.</td><td>$ 310,638.09</td><td>$ 310,638.09</td></tr><tr><td>Profits on French franc transactions.</td><td>351,537.99</td><td>351,537.99</td></tr><tr><td>Profits on gold bullion (including profits from handling charges on gold).</td><td>19,948,590.50</td><td>20,165,373.57</td></tr><tr><td>Profits on silver transactions.</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalized).</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profits on investments.</td><td>1,019,326.18</td><td>1,019,326.18</td></tr><tr><td>Interest on investments.</td><td>3,711,009.14</td><td>3,770,691.01</td></tr><tr><td>Miscellaneous profits.</td><td>473.74</td><td>473.74</td></tr><tr><td>Interest earned on foreign balances.</td><td>123,888.59</td><td>123,888.59</td></tr><tr><td>Interest earned on Chinese yuan.</td><td>1,841,337.32</td><td>1,913,691.58</td></tr><tr><td>Total earnings.</td><td>$30,885,535.11</td><td>$31,234,354.31</td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilization Fund
<table><tr><th>Classification</th><th>January 31, 1934 through June 30, 1942</th><th>January 31, 1934 through September 30, 1942</th></tr><tr><td>Salaries</td><td>$1,151,157.10</td><td>$1,210,042.62</td></tr><tr><td>Travel</td><td>61,553.90</td><td>62,803.63</td></tr><tr><td>Subsistence</td><td>45,910.27</td><td>48,020.79</td></tr><tr><td>Telephone and telegraph</td><td>335,665.52</td><td>341,222.57</td></tr><tr><td>Stationery, etc.</td><td>17,765.20</td><td>17,835.44</td></tr><tr><td>All other</td><td>131,455.23</td><td>132,595.68</td></tr><tr><td>Total administrative expenses</td><td>$1,743,507.22</td><td>$1,812,520.73</td></tr></table>
g4
Net Capital Movement to the United States, 1935 through September 1942
In thousands of dollars. Net capital outflow (-)
<table><tr><th>Period</th><th>Net capital movement</th><th>Movement in short-term banking funds</th><th>Movement in brokerage balances</th><th>Movement in transactions in domestic securities</th><th>Movement in transactions in foreign securities</th></tr><tr><td>Calendar year:</td><td></td><td colspan="4">Analysis of net capital movement</td></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,412,486</td><td>964,629</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,195,922</td><td>397,342</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>255,594</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>415,256</td><td>331,268</td><td>34</td><td>57,196</td><td>26,753</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>706,380</td><td>852,928</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941 (Jan. 1, 1941-Dec. 31, 1941)</td><td>-496,923</td><td>-286,622</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942 (Jan. 1, 1942-Sept.30, 1942)</td><td>424,252</td><td>423,314</td><td>6,607</td><td>19,390</td><td>-25,059</td></tr><tr><td>Total (Jan. 2, 1935-Sept.30, 1942)</td><td>5,654,923</td><td>4,070,836</td><td>107,477</td><td>646,121</td><td>830,489</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941-September (Sept. 4-Oct. 1)</td><td>31,980</td><td>25,939</td><td>-278</td><td>6,956</td><td>-627</td></tr><tr><td>October (Oct. 2-Oct. 29)</td><td>-7,036</td><td>-8,728</td><td>-262</td><td>-2,153</td><td>4,107</td></tr><tr><td>November (Oct. 30-Dec. 3)</td><td>-128,919</td><td>-134,220</td><td>387</td><td>-838</td><td>5,752</td></tr><tr><td>December (Dec. 4-Dec. 31)</td><td>-148,628</td><td>-159,300</td><td>-158</td><td>6,238</td><td>4,592</td></tr><tr><td>1942-January (Jan. 1-Jan. 28)</td><td>-66,927</td><td>-74,305</td><td>1,175</td><td>4,264</td><td>1,939</td></tr><tr><td>February (Jan. 29-Feb. 25)</td><td>-94,698</td><td>-88,565</td><td>-59</td><td>-4,782</td><td>-1,292</td></tr><tr><td>March (Feb. 26-Apr. 1)</td><td>13,345</td><td>19,020</td><td>2,297</td><td>-1,329</td><td>-6,643</td></tr><tr><td>April (Apr. 2-Apr. 29)</td><td>227,185</td><td>232,238</td><td>-370</td><td>1,687</td><td>-6,370</td></tr><tr><td>May (Apr. 30-June 3)</td><td>103,821</td><td>100,712</td><td>640</td><td>2,458</td><td>11</td></tr><tr><td>June (June 4-June 30)</td><td>81,881</td><td>81,602</td><td>1,692</td><td>2,961</td><td>-4,374</td></tr><tr><td>July</td><td>47,282 r</td><td>58,078 r</td><td>-2,593</td><td>1,303</td><td>-9,506</td></tr><tr><td>August</td><td>57,315 r</td><td>48,413 r</td><td>251</td><td>9,427</td><td>-746</td></tr><tr><td>September</td><td>55,018</td><td>46,121</td><td>3,574</td><td>3,401</td><td>1,922</td></tr></table>
Note: The weekly series of capital movement data through July 1, 1942 has been superseded by a revised monthly series commencing with July 1, 1942. For an explanation of the adjustment made to eliminate the duplication in the two series resulting from the
overlapping of one day, see the "Treasury Bulletin" for October 1942, page 78.
COPY No.2
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