Treas. HJ 10 A2 c.2
Copy 2
LIBRARY
ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
FOR VICTORY BUY UNITED STATES WAR BONDS AND STAMPS
COPY No 31
BULLETIN
OF THE
TREASURY DEPARTMENT
DECEMBER
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
718-477-4784
Bulletin of the Treasury Department, December 1943
Cumulative Table of Contents
<table><tr><th></th><th colspan="12">Issues and page number 1943</th></tr><tr><th></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><th>Jan.</th></tr><tr><td colspan="13">I. Special articles</td></tr><tr><td>Financing the war and the post-war readjustment.</td><td>1-6</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>Fourth War Loan, January-February 1944: Outline of plans. Comparison of features of securities offered.</td><td>7 8-9</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>Treasury market financing.</td><td>7</td><td>8</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Third War Loan, September 1943: Sales of securities, classified by issues, by types of investor, and by States. Comparison of features of securities offered. Redemption values and investment yields of United States savings bonds and Treasury savings notes.</td><td></td><td>1-7</td><td>2-3</td><td>4</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial operations of the United States Government during the fiscal year 1943.</td><td></td><td></td><td>2-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Second War Loan, April 1943: Sales of Series E savings bonds by States. Sales of securities, classified by issues, by types of investor, and by Federal Reserve districts. Comparison of features of securities offered.</td><td></td><td>7</td><td>2-6</td><td>2-3</td><td>2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities budgetary expenditures, monthly July 1940 through April 1943.</td><td></td><td></td><td></td><td>7</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank deposits: Maps showing deposits by counties, as of December 31, 1942 and increases during 1942. Amounts by Federal Reserve Districts and by States, December 31, 1941 and 1942.</td><td></td><td></td><td>4-5</td><td>2-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First War Loan, December 1942, sales of securities classified by type of investor.</td><td></td><td>7</td><td>6</td><td>2</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></td><td></td><td></td><td>3-6</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></td><td></td><td></td><td>7-8</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">II. Summary of fiscal statistics</td></tr><tr><td>Budgetary receipts and expenditures.</td><td>10</td><td>2</td><td>10</td><td>2</td><td>6</td><td>8</td><td>4</td><td>9</td><td>7</td><td>5</td><td>2</td><td>10</td></tr><tr><td>Public debt and guaranteed obligations outstanding.</td><td>11</td><td>3</td><td>11</td><td>3</td><td>7</td><td>9</td><td>5</td><td>10</td><td>8</td><td>6</td><td>3</td><td>11</td></tr><tr><td>Means of financing cash requirements.</td><td>11</td><td>3</td><td>11</td><td>3</td><td>7</td><td>9</td><td>5</td><td>10</td><td>8</td><td>6</td><td>3</td><td>11</td></tr><tr><td colspan="13">III. Receipts and expenditures and appropriations</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>13-14</td><td>5-6</td><td>9-10</td><td>11-12</td><td>7-8</td><td>12-13</td><td>10-11</td><td>8-9</td><td>5-6</td><td>13-14</td></tr><tr><td>Budgetary receipts and expenditures: Summary by major classifications. Analysis of receipts from internal revenue. Analysis of general expenditures. Analysis of expenditures for war activities. Analysis of expenditures for war activities, monthly July 1940 through April 1943. Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc. Total budgetary receipts and expenditures, by months, for recent years.</td><td>15 15 16 17 17 18-19</td><td>7 7 8 9 10-11</td><td>15 15 16 17 18-19</td><td>7 7 8 9 10-11</td><td>11 11 12 12 13-14</td><td>13 13 14 14 15-16</td><td>9 9 10 10 11</td><td>14 14 15 15 16-17</td><td>12 12 13 13 14-15</td><td>10 10 11 11 12-13</td><td>7 7 8 8 9-10</td><td>15 15 16 16 17</td></tr><tr><td>Trust account, etc. receipts and expenditures.</td><td>20</td><td>12</td><td>20</td><td>12</td><td>15</td><td>17</td><td>13</td><td>18</td><td>16</td><td>14</td><td>11</td><td>19</td></tr><tr><td>Means of financing cash requirements beginning 1933.</td><td>21</td><td>13</td><td>21</td><td>13</td><td>16</td><td>18</td><td>14</td><td>19</td><td>17</td><td>15</td><td>12</td><td>20</td></tr><tr><td colspan="13">Social Security program: Budgetary receipts and expenditures: Social Security Act. Railroad Retirement Act. Railroad Unemployment Insurance Act.</td></tr><tr><td></td><td>22 23 23</td><td>14 15 15</td><td>22 23 23</td><td>14 15 15</td><td>17 18 18</td><td>19 20 20</td><td>15 16 16</td><td>20 21 21</td><td>18 19 19</td><td>16 17 17</td><td>13 14 14</td><td>21 22 22</td></tr><tr><td>Statement of trust accounts: Federal Old-Age and Survivors Insurance Trust Fund. Railroad Retirement Account. Unemployment Trust Fund.</td><td>24 24 24</td><td>16 16 16</td><td>24 24 24</td><td>16 16 16</td><td>19 19 19</td><td>21 21 21</td><td>17 17 17</td><td>22 22 22</td><td>20 20 20</td><td>18 18 18</td><td>15 15 15</td><td>23 23 23</td></tr><tr><td>Cash income and outgo of the Treasury: Analysis by major classifications. Total cash income and outgo by months beginning with: January 1936. January 1938.</td><td>25 25</td><td>17 17-18</td><td>25 25-26</td><td>17 17-18</td><td>20 20-21</td><td>22 22-23</td><td>18 18-19</td><td>23 23-24</td><td>21 21-22</td><td>19 19-20</td><td>16 16-17</td><td>24 24-25</td></tr></table>
(Continued on following page)
Bulletin of the Treasury Department, December 1943
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="12">Issue and page number 1943</th></tr><tr><th></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><th>Jan.</th></tr><tr><td>IV. General Fund of the Treasury</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>Assets, liabilities, and balances in General Fund.</td><td>27</td><td>20</td><td>28</td><td>20</td><td>23</td><td>25</td><td>21</td><td>26</td><td>24</td><td>22</td><td>19</td><td>27</td></tr><tr><td>Analysis of changes in balance of General Fund.</td><td>28</td><td>21</td><td>29</td><td>21</td><td>24</td><td>26</td><td>22</td><td>27</td><td>25</td><td>23</td><td>20</td><td>28</td></tr><tr><td>V. Public debt and guaranteed obligations of United States Government</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 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><td></td></tr><tr><td>Summary.</td><td>30</td><td>23</td><td>31</td><td></td><td>26</td><td>28</td><td>24</td><td>29</td><td>27</td><td>25</td><td>22</td><td>30</td></tr><tr><td>Detailed statement.</td><td>31</td><td>24</td><td>32</td><td>23</td><td>26</td><td>28</td><td>24</td><td>29</td><td>27</td><td>25</td><td>22</td><td>30</td></tr><tr><td>Chart.</td><td>32</td><td>25</td><td>33</td><td>25</td><td>28</td><td>30</td><td>26</td><td>31</td><td>29</td><td>27</td><td>24</td><td>32</td></tr><tr><td>Public 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>Issuance and retirement (receipts and expenditures).</td><td>30</td><td>23</td><td>31</td><td>24</td><td>27</td><td>29</td><td>25</td><td>30</td><td>28</td><td>26</td><td>23</td><td>31</td></tr><tr><td>Interest-bearing debt, composition of.</td><td>33</td><td>26</td><td>34</td><td>24</td><td>27</td><td>29</td><td>25</td><td>30</td><td>28</td><td>26</td><td>23</td><td>31</td></tr><tr><td>Guaranteed obligations held by Treasury.</td><td>33</td><td>26</td><td>34</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 position of United States Government 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></td><td></td><td></td><td>33</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><td></td></tr><tr><td>March 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td>31</td><td></td><td>30</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1943.</td><td></td><td></td><td>35</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, 1943.</td><td></td><td></td><td></td><td>29</td><td>32</td><td>27</td><td>32</td><td>31</td><td>28</td><td>25</td><td>34</td><td></td><td></td></tr><tr><td>Computed interest charge and computed interest rate.</td><td>34</td><td>27</td><td>36</td><td>26</td><td>29</td><td>32</td><td>27</td><td>32</td><td>31</td><td>28</td><td>25</td><td>34</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>35-37</td><td>28-30</td><td>37-39</td><td>27-28</td><td>30-31</td><td>33-34</td><td>28-29</td><td>33-34</td><td>32-33</td><td>29-30</td><td>26-27</td><td>35-36</td></tr><tr><td>Offerings of marketable 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><td></td></tr><tr><td>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>34</td><td>31</td><td>28</td><td>37</td></tr><tr><td>January 1, 1939.</td><td>38</td><td>31</td><td>40</td><td>29</td><td>32</td><td>35</td><td>30</td><td>35</td><td></td><td></td><td></td><td></td></tr><tr><td>January 1, 1940.</td><td>39-40</td><td>32</td><td>41</td><td>30</td><td>33</td><td>36</td><td>31</td><td>36</td><td>35</td><td>32</td><td>29</td><td>38</td></tr><tr><td>Treasury bills.</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 bonds:</td><td>41-42</td><td>33-34</td><td>42-43</td><td>31-32</td><td>34-35</td><td>37-38</td><td>32-33</td><td>37-38</td><td>36-37</td><td>33-34</td><td>30-31</td><td>39-40</td></tr><tr><td>Summary of sales and redemptions, by series.</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>Sales reported by series, classified by:</td><td>43</td><td>35</td><td>44</td><td>33</td><td>36</td><td>39</td><td>34</td><td>39</td><td>38</td><td>35</td><td>32</td><td>41</td></tr><tr><td>Denomination.</td><td>44-45</td><td>36-37</td><td>45-46</td><td>34-35</td><td>37-38</td><td>40-41</td><td>35-36</td><td>40-41</td><td>39-40</td><td>36-37</td><td>33-34</td><td>42-43</td></tr><tr><td>States.</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>Redemption values and investment yields.</td><td>46</td><td>38</td><td>47</td><td>36</td><td>39</td><td>42</td><td>37</td><td>42</td><td>41</td><td>38</td><td>35</td><td>44</td></tr><tr><td>Payroll saving plans.</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 notes - tax and savings series:</td><td>47-48</td><td>39-40</td><td>48-49</td><td>37-38</td><td>40-41</td><td>45,48</td><td>40,43</td><td>45,48</td><td>44,47</td><td>41,44</td><td>38,41</td><td>47,50</td></tr><tr><td>Summary of sales and redemptions, by series.</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>Sales, classified by:</td><td>49</td><td>41</td><td>50</td><td>39</td><td>42</td><td>46</td><td>41</td><td>46</td><td>45</td><td>42</td><td>39</td><td>48</td></tr><tr><td>Denomination.</td><td>49</td><td>41</td><td>50</td><td>39</td><td>42</td><td>47</td><td>42</td><td>47</td><td>46</td><td>43</td><td>40</td><td>49</td></tr><tr><td>Type of purchaser.</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>Redemption values and investment yields.</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:</td><td>50</td><td>42</td><td>51</td><td>40</td><td>43</td><td>43</td><td>38</td><td>43</td><td>42</td><td>39</td><td>36</td><td>45</td></tr><tr><td>Summary of sales and redemptions.</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>Sales, classified by:</td><td>50</td><td>42</td><td>51</td><td>40</td><td>43</td><td>43</td><td>38</td><td>43</td><td>42</td><td>39</td><td>36</td><td>45</td></tr><tr><td>Denomination.</td><td>51</td><td>43</td><td>52</td><td>41</td><td>44</td><td>44</td><td>39</td><td>44</td><td>43</td><td>40</td><td>37</td><td>46</td></tr><tr><td>States.</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>VI. 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><td></td></tr><tr><td>Summary distribution, by holders, of securities issued or guaranteed by the United States.</td><td>53</td><td>45</td><td>54</td><td>43</td><td>46</td><td>50</td><td>45</td><td>50</td><td>49</td><td>46</td><td>43</td><td>52</td></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>53</td><td>45</td><td>54</td><td>43</td><td>46</td><td>50</td><td>45</td><td>50</td><td>49</td><td>46</td><td>43</td><td>52</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><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>44-49</td><td>53-58</td></tr><tr><td>December 31, 1942.</td><td>52-63</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, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>47-52</td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>50-55</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1943.</td><td>52-63</td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-56</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1943.</td><td>52-63</td><td></td><td></td><td></td><td></td><td>46-51</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1943.</td><td>52-63</td><td></td><td></td><td></td><td>51-56</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1943.</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><td></td></tr><tr><td>July 31, 1943.</td><td></td><td></td><td></td><td>44-49</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1943.</td><td></td><td>46-51</td><td>55-60</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, 1943.</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>October 31, 1943.</td><td>54-59</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>Revision of classification of insurance company data, quarterly March 31, 1941 through March 31, 1943, and April 30 and May 31, 1943.</td><td>52-63</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></table>
(Continued on following page)
Bulletin of the Treasury Department, D
December 1943
Cumulative Table of Contents - (Continued
<table><tr><th></th><th colspan="12">Issue and page number</th></tr><tr><th></th><th colspan="12">1943</th></tr><tr><th></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><th>Jan.</th></tr><tr><td colspan="13">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 month-end preceding month of publication</td><td>61-63</td><td>65-67</td><td>62-64</td><td>51-53</td><td>54-56</td><td>58-60</td><td>53-55</td><td>58-60</td><td>57-59</td><td>54-56</td><td>51-53</td><td>60-62</td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes</td><td>64</td><td>68</td><td>65</td><td>54</td><td>57</td><td>61</td><td>56</td><td>61</td><td>60</td><td>57</td><td>54</td><td>63</td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds: Discussion of composition of high-grade corporate bond average. Yield beginning with: January 1934. January 1935.</td><td>65-66</td><td>69-70</td><td>66-67</td><td>55-56</td><td>58-59</td><td>62-63</td><td>57-58</td><td>62-63</td><td>62-63</td><td>58-59</td><td>55-56</td><td>64-65</td></tr><tr><td colspan="13">VIII. Government corporations and credit agencies of the United States</td></tr><tr><td>Assets and liabilities and proprietary interest: November 30, 1942. December 31, 1942. January 31, 1943. February 28, 1943. March 31, 1943. April 30, 1943. May 31, 1943. June 30, 1943. July 31, 1943. August 31, 1943. September 30, 1943. October 31, 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61-62</td><td>65-66</td><td>58-59</td><td>67-68</td></tr><tr><td>Sources and uses of funds: Fiscal year to date. From inception of organization.</td><td>70-71</td><td>74-75</td><td>71-72</td><td>60-61</td><td>63-64</td><td>67-68</td><td>62-63</td><td>67-68</td><td>63-64</td><td>60-61</td><td>69-70</td><td>71-72</td></tr><tr><td colspan="13">IX. Internal revenue statistics</td></tr><tr><td>Collections of internal revenue: Summary data. Comparative details for current periods.</td><td>75-76</td><td>79-80</td><td>76-77</td><td>65-66</td><td>68-69</td><td>72-73</td><td>67-68</td><td>72-73</td><td>72-73</td><td>68-69</td><td>65-66</td><td>74-75</td></tr><tr><td></td><td>77</td><td>81</td><td>78</td><td>67</td><td>70</td><td>74</td><td>69</td><td>74</td><td>74</td><td>70</td><td>67</td><td>76</td></tr><tr><td colspan="13">X. Gold and silver statistics</td></tr><tr><td>Gold assets and liabilities of the Treasury.</td><td>79</td><td>83</td><td>80</td><td>69</td><td>72</td><td>76</td><td>71</td><td>76</td><td>76</td><td>72</td><td>69</td><td>78</td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to: December 31, 1942. March 31, 1943. June 30, 1943. September 30, 1943.</td><td></td><td></td><td>80</td><td></td><td>76</td><td></td><td></td><td>76</td><td></td><td></td><td>78</td><td></td></tr><tr><td>Treasury gold receipts, for recent quarterly periods.</td><td>83</td><td></td><td>72</td><td></td><td>76</td><td></td><td>76</td><td></td><td>69</td><td></td><td></td><td></td></tr><tr><td>Monetary stocks of gold and silver.</td><td>79</td><td>83</td><td>80</td><td>69</td><td>72</td><td>76</td><td>71</td><td>76</td><td>76</td><td>72</td><td>69</td><td>78</td></tr><tr><td>Components of silver monetary stock.</td><td>80</td><td>84</td><td>81</td><td>70</td><td>73</td><td>77</td><td>72</td><td>77</td><td>77</td><td>73</td><td>70</td><td>79</td></tr><tr><td>Silver of specified classifications acquired by mints and assay offices.</td><td>80</td><td>84</td><td>81</td><td>70</td><td>73</td><td>77</td><td>72</td><td>77</td><td>77</td><td>73</td><td>70</td><td>79</td></tr><tr><td>Silver production: In United States. In foreign countries.</td><td>80</td><td>84</td><td>81</td><td>70</td><td>74</td><td>78</td><td>73</td><td>78</td><td>78</td><td>74</td><td>71</td><td>80</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>74</td><td>78</td><td>73</td><td>78</td><td>78</td><td>74</td><td>71</td><td>80</td></tr><tr><td>Seigniorage on silver, by types.</td><td>81</td><td>85</td><td>82</td><td>71</td><td>74</td><td>78</td><td>73</td><td>78</td><td>78</td><td>74</td><td>71</td><td>80</td></tr><tr><td colspan="13">XI. Other Treasury statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund: September 30, 1942. December 31, 1942. March 31, 1943. June 30, 1943.</td><td></td><td></td><td>80-81</td><td></td><td>80-81</td><td></td><td></td><td>82-83</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>81-85</td><td></td><td>80-81</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital movement between the United States and foreign countries.</td><td>83</td><td>87</td><td>86</td><td>73</td><td>76</td><td>82</td><td>75</td><td>80</td><td>82</td><td>76</td><td>73</td><td>84</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
Financing the War and the Post-War Readjustment
An address delivered by Daniel W. Bell, Under Secretary of the Treasury, before the Worcester Economic Club, Worcester, Massachusetts, December 16, 1943.
I welcome the opportunity to discuss with you this evening the problems of financing the war and the post-war readjustment. It is because we feel that these two problems are so closely tied together that I have chosen to discuss some aspects of each in the same address.
War Finance
It has come to be generally recognized that the real cost of a war must be paid for while it is being fought. This real cost consists in the labor put forth and the sacrifices endured in order to produce and to use the goods of war. Guns cannot be fired until they and their shells have been made, nor can they be fired with time borrowed from tomorrow. The labor and sacrifice involved in these things must be made today and cannot be postponed.
There are, of course, some exceptions to this rule. A war may be fought, in small part, by the use of stocks of goods accumulated before it begins; and, to a much larger extent, by postponing the replacement of capital goods wearing out during its course. With these exceptions, the whole physical cost of a war must be paid for while it is being fought.
What then, it may be asked, is the role of war borrowing. The answer must be that war borrowing is a method of postponing, not the cost itself, but the final allocation of the total burden of the war to some future date, when the costs now paid for through the sale of bonds are finally assessed in the form of taxes —at which time it is inevitable that a much larger portion of them will be paid by the persons now in the armed forces than if they were assessed today.
Taxation vs. Borrowing
When this fact is seen in its stark reality, it is clear that the money cost of the war should be met as far as possible by taxes, and so be paid for once and for all by today's civilians at the same time that the men in the services are paying their much higher price in human cost on the fighting fronts. Exceptions from this rule should be permitted only when clearly justified by special circumstances.
There are a number of these special circumstances, and it is because of them that the Treasury Department has never recommended to Congress that the whole cost of the war should be paid for out of current taxation. But it is these exceptions, and not the general rules, which need special justification; and I should like to explain to you tonight, not why the Treasury has recommended to Congress additional taxes, which if enacted would only provide sufficient revenue to cover about one-half of total Federal expenditures, but rather why it has not asked for taxes to cover the full cost.
The use of borrowing, to the extent that it is justified by special circumstances, makes for a smoother working of our war economy than would the exclusive use of taxation. What are these circumstances under which borrowing is thus the superior instrument of war finance?
In the first place, the burden of a tax--or of any other compulsory levy, even if it is subsequently reim-bursable--must be levied according to fixed rules. These rules can take but little account of individual circumstances. It requires considerable time for many individuals to adjust their living standards and com-mitsments to the new and lower levels which would be dictated by all-out wartime taxation.
While some individuals are revising their living standards downward, other individuals, whose incomes have been increased by the war to levels considerably above those required to meet their former standards of living, are ready and willing to lend a substantial proportion of their increased incomes to the Government in order to insure their future security.
Ultimately, if the war should last long enough, these adjustments might be continued under a steadily increasing burden of taxation until each person's standard of living and financial commitments had become adjusted to his place in the war economy. This is unlikely to occur, except in a very long war; and, in the meantime, a considerable proportion of the total war cost must be borrowed in order to avoid unnecessary disruption in the economy.
In the next place, the magnitude of our war effort is fixed by our full gross product, rather than by our net national incomes. This means that during wartime replacements and repairs on plant and equipment must be postponed, as far as possible, so that the manpower and materials which they would otherwise have absorbed can be thrown into the war effort. Producers, as well as consumers, are asked by their Government to "Use it up, Wear it out, Make it do, or Do without."
This means that during the war period, the capital assets of most business firms are wearing out more rapidly than they are being replaced, and the depreciation reserves set aside to offset this wear and tear are piling up in cash. At the same time, the accounts receivable of these firms are running down, which results also in piling up cash. These funds are all available to be lent to the Government; but they are not available to be taxed since they represent capital, rather than income, of the firms possessing them, and represent very different proportions of the total capital of different firms, depending upon the type of business. A policy of borrowing these funds, rather than taxing them away, is, therefore, clearly indicated.
In the third place, the great wartime expansion in the economy requires--even at a constant price level--a great increase in the available supply of currency and bank deposits; and this increase, under our existing institutions and under wartime conditions, can be supplied only by an increase in Government borrowing.
Finally, it is necessary that some financial incentive be supplied to individuals to work long hours, and to corporations to operate with the utmost efficiency. If the whole of the extra incomes resulting from the overtime pay of individuals and the efficient
2
management of business enterprises were taxed away, there would be no economic incentive to call forth these exertions.
The borrowing which is justified entirely by the special considerations which I have just enumerated would have to take place for our wartime economy to operate smoothly, no matter how willing Congress might be to levy additional taxes or the people to bear them. This borrowing alone would amount to a great deal of money by peacetime standards; but it would certainly be much less than the nearly fifty billion dollars a year which we should have to borrow even if the Treasury tax proposals were granted in full.
An additional amount of borrowing--over and above the minimum required on economic grounds--can also be accomplished without danger of inflation to the extent that individuals can be induced, for patriotic reasons, to increase their savings. This the Treasury is endeavoring to do by means of the payroll savings plan and the War Loan campaigns.
The volume of total savings required is dictated by the size of the deficit and may differ materially from the sum total of savings which would occur from economic and patriotic motives. At the present time the Federal Government is purchasing about one-half of the total volume of goods and services being produced, while the remaining 50 percent is being purchased for private use. Federal taxes, however, are bringing in only about 20 percent of the gross income generated by production, leaving about 80 percent in private hands. There is, thus, a discrepancy equivalent to about 30 percent of the value of total output which makes up the Federal deficit on the one hand and the corresponding necessary private savings on the other hand.
To the extent that total borrowing exceeds the aggregate amount of savings consciously and intentionally undertaken, we are placing liquid assets in the hands of persons who may use them to put added pressure on price ceilings. It is to aid in immobilizing such unstable accumulations, as well as for fiscal and equitable reasons, that the Treasury considers the need for additional taxes so urgent.
Types of Wartime Taxes
I do not desire to go into the matter of particular types of wartime taxes at any length this evening, but I should like to make some general observations.
First, there can be no doubt of the ability of the people of the United States to pay taxes much higher than those now levied. Of course, it would be hard because war itself is hard. But the very fact that we are threatened with inflation is evidence of our ability to pay higher taxes, for it means that we have more dollars to spend than things to buy with them.
Second, the view is sometimes voiced that, while we have exhausted our ability to pay some kinds of taxes, such as income taxes, we have not exhausted our ability to pay other kinds of taxes, such as sales taxes. I can see no merit in this view. Ability to pay resides in persona, rather than in kinds of taxes—both income and sales taxes must be met from the same pay envelopes; and if we have the ability to pay one, we have the ability to pay the other.
The income tax can be adjusted, and is adjusted to the personal circumstances of those upon whom it is
levied. Exemptions are granted commensurate with family status, so that the tax does not fall with merciless brutality upon those with small incomes and large families. No such adjustment mechanism is customary or practicable for the sales tax. The view that we have exhausted our ability to pay additional income taxes, but still have the ability to pay a sales tax, logically reduces itself to the view that the principal additional ability to pay in the economy resides in that portion of incomes falling within the exemptions from the individual income tax--that is, five hundred dollars for a single person, twelve hundred dollars for a married couple, and three hundred fifty dollars for each dependent. I cannot accept this view; and I do not believe that the advocates of the sales tax would, if they realized the full implications of the proposal
Third, it is often proposed that we should place a special tax on increases in individual incomes; that is, tax a man with an income of, say, three thousand dollars more heavily if he has recently come up from one thousand dollars than if he had been receiving three thousand dollars for some time. This proposal seems to me to be wrong on a number of counts.
It is unfair. It seems to me that, consciously or unconsciously, it is based in part on the feudal concept that every man should stay in his place, and it strikes at the root of the principle that every man may rise according to his worth--a principle which has given so much life and hope to the American scene for generations past.
It is uneconomic. It would undermine the incentive of workers to transfer to war industries located in inconvenient places and to work long hours at hard jobs. Particularly, it would strike at the incentive for wives to enter war plants in order to earn incomes supplementary to those of their husbands. It would, therefore, aggravate the labor shortage.
It would be very difficult to administer. This would be true, not only for the Treasury, but also for the taxpayers, as it would require the use of forms and questionnaires far more complex than any involved in the administration of the individual income tax.
It seems to me that the basic problem of the taxation of individuals in wartime is really not very complex. Aggregate individual income is higher, and the Government must tax a portion of it away. There may be a great deal of dispute as to which income brackets should be drawn upon the most heavily, but any reasonable pattern of withdrawal can be effected by means of the individual income tax.
I think it is a good rule when any other tax is proposed, that you first express the distribution of its burden in terms of the individual income tax, and then ask yourself whether you would consider it reasonable that the burden of the individual income tax itself should be so altered. If the answer is "No," then the other tax should be placed on the defensive and its proponents made to justify it by reasons of strong public policy. Sometimes this can be done—for example, I believe that the luxury excises proposed by the Treasury this year and the spendings tax proposed last year are cases in point. The test should be rigid, however, and the considerations of public policy should be important before a tax is placed on the statute books, the burden of which is distributed in a manner other than that in which we would be willing to distribute
3
the burden of an increase in the individual income tax.
Principles of War Borrowing
I turn now to our policies with respect to wartime borrowing. These have been dominated by the following considerations.
First, we have tried to borrow as much as possible from investors other than commercial banks. This principle must be stated subject to some qualification. It would neither be possible nor desirable to do all of our borrowing outside of the banking system. I have already explained that one of the reasons for borrowing at all, rather than relying exclusively upon taxation, is that an expanding wartime economy needs--even at a constant price level--a greatly increased amount of currency and bank deposits. These can be obtained, under existing institutions and in wartime, only by a corresponding increase in the Government security holdings of commercial and Federal Reserve Banks; and a sufficient amount of securities have to be sold to the banks to provide this necessary circulating medium, even if adequate markets exist for them elsewhere.
The amount of Government securities which would thus have to be sold to the banks in any event is substantial; but, in practice, I must admit that this has proved little of a problem, since it has taken care of itself by the rapid expansion of the borrowing needs of the Federal Government and the slower development of nonbanking sources for Federal borrowing.
For this reason, we have directed our main effort to the sale of securities to nonbanking investors. During the past year, we have sold to such investors, net after all switches and redemptions, about forty billion dollars of Government securities, as compared with about thirty billione absorbed by the banks.
Second, we have tried to make the securities sold to the small investor as riskless as possible. The Treasury has considered itself the trustee of the inexperienced investor. It is with this in view that the Department's appeal to small investors has been confined to Series E bonds which are non-negotiable, payable on demand and hence are guaranteed against fluctuations in market values.
The Treasury is less concerned with the large volume of demand obligations which is being built up by the sale of savings bonds to small investors than it would be with the only practicable alternative to this course. This alternative would be the sale to small investors of marketable securities payable by the Treasury only after the expiration of a fixed term of years.
The fixing of a definite term on securities sold to small investors by no means ensures that they will be held by these investors for the full term. By and large, the holders of marketable securities would sell them on the same occasions when holders of redeemable securities would redeem theirs. Indeed, there is one important occasion upon which marketable securities would be sold, but redeemable securities would not be redeemed--that is, the fear of a decline in price, from which the non-negotiable securities are immune.
Now it may appear, at first glance, that while the Treasury should be properly concerned with redemptions, it should not be concerned with market sales, since it must meet the redemptions out of its own pocket; while
the market sales will be taken up by somebody else. This type of reasoning would suffice for a private borrower, but it is entirely inadequate for the Treasury since it overlooks the real problem which the holdings of Government securities--whether radeemable or market- able--by small investors will present in the post-war period.
This problem is that the holders of these securities may dispose of them and spend the proceeds on consumable goods at a time when the supply of such goods will be scarce; and the spending can result only in price rises. This problem would exist, however, whether the securities were payable on demand or were negotiable and payable at the close of a fixed term, and will be somewhat less troublesome for demand securities, because, as I have already pointed out, the liquidation of this type of security will never be precipitated by the fear of a fall in the price of the security itself.
The other problems which will be caused by holding of Government debt by small investors in the post-war period are minor, relative to the major problem which I have just mentioned; and will be less serious with demand obligations than with negotiable obligations of fixed term.
When savings bonds are presented for redemption to the Treasury and it is necessary to refund them, the Treasury offers the type and maturity of new securities best suited to the market at the time, and offers these securities for distribution through the regular channels of the Government security market.
Marketable securities, by contrast, would be offered in small blocks, oftentimes through irregular channels where the original holders may not receive full value, and might dribble into the market in such a way as to keep it continually disturbed. They might not be fitted by coupon rate, maturity, or other characteristics for the predominant demand then existing in the market, but they would have been cast in whatever mold they were, once and for all, and the market would have to make the best of it.
To the extent that the refunding of demand obligations would have been accomplished by the sale of securities to banks, so also would the marketable securities find their ultimate lodgment in banks, but only after a roundabout journey, probably involving both loss to their original purchasers and a higher interest cost to the Treasury.
It seems clear, therefore, that the Treasury is in a much better position to refund the non-negotiable securities than the individual would be to refund negotiable securities through the market.
The third of the principles governing our borrowing policy has been the maintenance of the liquidity of the banking system. We have laid down the policy that no securities will be offered to commercial banks for the investment of their demand deposits with a maturity at time of issuance of over ten years. The great majority of the securities sold to commercial banks have had maturities far shorter than this. Indeed, more than half of the total increase in the portfolios of commercial banks since Pearl Harbor has been in the form of three-month Treasury bills and one-year certificates of indebtedness. This concentration of sales to commercial banks in short securities insures that our banking system will be in a strong and liquid posi-
tion to meet the problems of the post-war period.
Finally, we have financed this war at an average rate of slightly less than 1-3/4 percent. This compares with an average rate of about 4-1/4 percent on the securities issued to finance the last World War.
Interest rates have remained stable during the wartime period and confidence in the continuation of this stability has been and is widespread and well justified, and has caused investors to subscribe to new issues of Government securities in successive war loans without any sign of holding back in anticipation of higher rates.
I think it can be fairly said of the United States, as the late Chancellor of the Exchequer, Sir Kingley Wood, recently said of Great Britain, that "We have revolutionized public opinion as to what are fair rates for Government war borrowing." I believe that this revolution in opinion has a sound basis in underlying economic realties, and is applicable to the coming times of peace also. I hope that the policies of the Government will be directed to this end.
Financing the Post-War Readjustment
I come now to the second major division of our topic, that is, the problems of the post-war readjustment period.
I approach this subject with some trepidation. No post-war plan will be of any value unless we win the war and are in a position to put it into effect. The war is not yet in the bag. Hitler's post-war plan is slavery, and there will not be room for both his plan and our own.
You all remember the recipe for rabbit stew which begins "First catch the rabbit." So it is with post-war planning. We must first win the war; and we must not let anything, even post-war planning, distract our minds from this for an instant.
Immediately following the close of the war, we will be confronted with the problem of reconversion. The period of reconversion will be a time fraught with exceptional hazard to our economic structure.
During normal times, most of our people are engaged in producing goods which they and their fellow workers can buy with their wages. During wartime, they are largely engaged in producing war goods which they cannot purchase with their incomes, but the excess purchasing power which is thereby created is held in check by direct controls, by personal taxation and by Government borrowing from individuals. The people are willing to accept and cooperate with these measures because of patriotism and the all-pervading spirit of sacrifice which exists during wartime. During the reconversion period, however, while the tools of production for peace goods are being made ready, purchasing power may outrun the goods available for purchase, while wartime measures of control may be relaxed if the people do not recognize the need for continued restraint.
A price inflation is, consequently, one of the hazards of the reconversion period. Stalking hand-in-hand with it goes the hazard of unemployment. Normally, these two are never seen together, since unemployment usually rises from a lack of demand for goods and inflation from a shortage of goods. The unemployment of
the reconversion period will be caused, however, not by a lack of demand for the finished products, but because the plants are not yet ready for mass reemployment, and so may go hand-in-hand with inflation.
Once the period of reconversion is over and the tremendous potentialities of the American economy which have been demonstrated during the war period are directed to the production of the goods of peace, the main hazard of inflation will be over.
The task of statesmanship in the period immediately following the war will be to hasten the reconversion process while mitigating its hardships and reducing its human costs. This task will, of course, be easier if a termination of the war on one front before the other should make it possible to complete part of the reconversion process under a wartime environment. But we must press for victory against Japan as well as Germany without regard for the economics of reconversion.
This evening I shall discuss only three aspects of fiscal planning for the reconversion period, and these briefly. They are, first, the cancellation of war contracts; second, the adequacy of corporate financial resources to carry on the work of reconversion; and, third, the control of individual spending during the reconversion period.
Cancellation of War Contracts
If the war should end today on all fronts, there would be outstanding more than 75 billion dollars of war contracts on which deliveries had not yet been made. Much of the material covered by these contracts would be of no use to the Government if it were delivered after the immediate emergency of this war had passed. This is because there are no goods with respect to which obsolescence runs faster than it does for the goods of war; so the best preparation for future wars consists in maintaining the skills and plant capacity necessary for the development, production, and use of new war goods rather than in hoarding vast quantities of old ones.
Part of the undelivered contracts would still exist merely in blue-prints in the hands of the contractors, while part would be represented by goods in process, some of which in turn could be converted into peacetime goods.
In my opinion, all war contracts should be canceled immediately upon the passing of the military need for the goods contracted for. This is desirable for two important reasons. First, it avoids the tremendous waste of human and material resources involved in making goods which we will never use; and, second, it gives the maximum stimulation to the men and management released from making such goods to seek employment in the production of goods for which there is a human need, and so hastens the process of reconversion.
The abrupt cancellation of war contracts will give rise to two problems. These are: First, provision for the labor thrown out of employment; and second, compensation for the contractors.
The first of these problems should be settled with liberality; the second, with the utmost of speed.
A generous treatment of the labor displaced by contract cancellation is required, not merely by con-
5
siderations of common humanity and fair dealing, but also by considerations of economy; for without it, we are unlikely to secure abrupt cancellation at all, and there is no form of relief more expensive than the production of unneeded tools of war. We should be sure, however, that the treatment accorded labor displaced from war production is of such a character that it encourages, rather than allows down, its quest for peace-time employment.
Payments to contractors should be just in accordance with a fixed standard of equity; that is, they should be enough to make the contractors and their sub-contractors whole for the losses they have sustained as the result of the contract cancellations.
It is important also, that payments to contractors should be prompt. This is not primarily for the benefit of the contractors themselves--although I have no doubt that they will appreciate it--but for the benefit of the country as a whole. A dollar paid out in the settlement of war contracts during the early reconversion period may--in terms of national well-being--be worth several dollars paid out a year or so later. It is far more important, therefore, that the settlements be prompt than that they be accurate to the last dollar according to some accounting concept, which may itself be open to question.
The settlement of war contracts along the lines which I have just outlined will involve a heavy outflow of funds from the Treasury in the few months immediately following the end of the war. We are prepared for this outflow, and we feel that there will be few occasions when a disbursement of funds may be made with so little real cost to the Government and so much benefit to the economy.
Corporate Financial Resources
for Reconversion
My second point with respect to the reconversion period relates to the adequacy of corporate financial resources to carry on the work of reconversion. The adequacy of these resources is important, not merely or even principally from the point of view of the corporations involved, but from the point of view of the whole economic system.
We in the Treasury have given careful consideration to this matter, and believe that funds for the re-conversion of war industry will be ample, provided that a prompt settlement is made of canceled war contracts. Our reasons for believing this are as follows:
First, the wartime period has been a profitable one for American corporations as a whole. Net corporate profits, after taxes, have averaged about twice as much per year during the wartime period as they did in the years 1935 through 1939 (the base period for the FRB index of industrial production); and, by and large, the greatest increases have gone to those firms whose problems of reconversion will be greatest. Corporate dividend policy, furthermore, has been so conservative that most of the increase in corporate earnings has been added to surplus.
Second, in addition to their savings from undistributed earnings, American corporations have piled up a large volume of liquid assets as a result of repayment of receivables, and in some cases reduction in inventories, and the general inability to expend depreciation and depletion reserves which has been brought about by wartime conditions.
mates of the Federal Reserve Board, the demand deposits of nonfinancial businesses, including unincorporated enterprises, amounted to over 30 billion dollars at the end of last July; and, according to Treasury estimates, the holdings of Government securities-- payable for the most part on demand or at very short term--by nonfinancial corporations alone, amount at the present time to about 20 billion dollars. Each of these figures is far above any peacetime precedent; but, to make the picture brighter, American business, during the same time it has been acquiring them, has reduced the amount of both its bank loans and its bonded debt.
Third, generous carry-back and carry-forward provisions included in the corporation tax laws insure that corporations suffering losses during the reconversion period, or even earning incomes of less than their excess profits credit, will receive substantial refunds of the taxes paid in their prosperous years. These refunds-- for the expediting of which the Treasury has made recommendations to the Congressional committees-- will be available to carry on the work of reconversion. In addition, there is provided in the present law a post-war refund, irrespective of future tax status, of ten percent of the excess profits tax paid in the war period.
For the reasons given, I do not believe that the adequacy of business funds for reconversion purposes will present a major problem. But I cannot speak with equal assurance with respect to the prospects for the control of individual spending during the reconversion period-- the third post-war problem to be discussed.
Control of Post-War Spending
Immediately following the end of the actual fighting, we can probably expect a let-down in the willingness of people to submit from patriotic motives to a continued reduction in their consumption. There is likely to be a demand for an immediate end of the direct controls; and this demand may, to some extent, succeed. For some time, however, while industry is being reconverted and the war effort demobilized, there will be only a very gradual increase in the supply of consumers' goods. When it is considered that there will be available to be spent currently, in addition to the incomes being received for the production of consumers' goods, not merely the incomes from work in demobilizing the war effort and reconverting private industry, but also the large liquid resources piled up during wartime, it is easy to conjure up the specter of a post-war inflation.
Against this must be set the powerful force of human foresight and sobriety. The reconversion period is bound to be attended by considerable unemployment, and each individual will naturally ask himself how he is going to come out in the swirl of readjustments he sees around him. His natural tendency will be to "play it close to the chest" and handle his reserve funds as carefully as possible. This human tendency alone may maintain a high rate of saving during the reconversion period, and so forestall the possibility of a post-war inflation.
We hope that this will be so; but counting on it would be as improvident as counting on an internal smash-up in Germany to win the war. We must consequently lay our plans to prevent a post-war inflation from occurring, but stand ready to adjust any such plans on short notice to conditions as they actually develop during the reconversion period.
6
What should these plans be? It seems to me that the direct controls, such as price ceilings, priori- tices, and rationing, should be kept in effect as long as necessary; and high income taxes, as long as possi- ble.
Let me explain the difference between "necessary" and "possible" in the statement which I have just made.
While I believe that we should keep the direct controls as long after the war as necessary, I do not believe that this will be very long. I feel certain that the last of them can be done away with as soon as the reconverted plants commence to pour their flood of consumers' goods on the market.
I have said, however, that the high rates of taxation should be kept as long as possible. I think that the case here is very different. High personal taxes serve the anti-inflationary purpose of absorbing surplus purchasing power; and this may be very useful and necessary in the reconversion period. But they also serve the purpose of helping to pay off the national debt; and this purpose is also useful and necessary.
It seems to me, therefore, that, while the criterion with respect to the removal of the controls should be "How soon can we remove them without risking inflation?"; the criterion with respect to wartime rates of taxation should be "How long can we keep them without risking unemployment?" Perhaps for a long time to come, if the post-war period lives up to our hopes and expectations.
But this would take me into new vistas beyond the scope of tonight's address for I have no intention of discussing the broader phases of fiscal policy beyond the reconversion period.
I would like to make, however, a few general observations. The war has opened the eyes of the American people to the tremendous productivity of industrial and agricultural America. The shortages of peace-time goods and services that exist now have not blinded us to the enormous potentialities for abundance inherent in our productive mechanism. It is precisely this un-exampled capacity to produce upon which the future prosperity and welfare of our people ultimately depend.
To help society achieve more fully the promise of abundance implicit in our capacity to produce; to help maintain output and employment at a level more nearly corresponding to our true productive potential; and to secure this at a price that a peaceful democracy can pay; -- that will constitute the greatest task of economic statesmanship in the post-war world.
I do not believe that the glory of America belongs only to the past. I believe that the real promise of America belongs to the future. Between the goal of securing maximum utilization of our resources and the goal of achieving a more equitable distribution of wealth, there need be no conflict. Our history has been testimony to that fact, and our future will be the record of its fulfillment.
7
Treasury Market Financing
On November 22, 1943, an exchange offering of one-year certificates of indebtedness was made to holders of $3,800 millions of 7/8% certificates of indebtedness due December 1, 1943, the certificates which were originally sold during the First War Loan in December 1942. The books were open three days, November 22 through 24. The new certificates were offered in exchange for the old issue, par for par, and no cash offering was made. The new issue is dated December 1, 1943 and will mature December 1, 1944. Of the $3,800 millions of the maturing issue, $3,540 millions were exchanged for the new
issue and $260 millions were turned in for cash.
On December 15, 1943 there was a maturity of $421 millions of 1-1/8% Treasury notes originally issued on December 15, 1938. These notes were paid off in cash.
Announcement was made on December 13, 1943 that the 3-1/4% Treasury bonds due April 15, 1946, and callable two years earlier, were called for redemption on April 15, 1944. Approximately $1,519 millions of these bonds are now outstanding.
Plans for the Fourth War Loan
The Fourth War Loan campaign will open on January 18, 1944, and will continue through February 15. The goal of this drive will be $14 billions, of which $5.5 billions are to be raised directly from individuals. In the Third War Loan, the goal for individuals was $5.0 billions out of a total goal of $15.0 billions.
The major emphasis throughout the Fourth War Loan will be on sales to individuals and the general out-lines of the drive have been formulated accordingly. Only sales to individuals will be reported up to February 1, although subscriptions will be accepted from other nonbank investors during the whole period. It is hoped by the delayed reporting of these other subscrip-tions to concentrate attention on sales to individuals. The success of war financing depends very largely upon the response of individuals, if Treasury borrowing is to be effective not only in raising the necessary funds but also in helping to check the pressure on prices of excess funds in the hands of individuals. All sub-scriptions for savings bonds and savings notes cleared through the Federal Reserve Banks during January and February will be counted toward the goal of the drive.
The table which follows presents the chief characteristics of the securities to be offered during the Fourth War Loan. The list of securities is similar to that offered in previous war loans, except that the marketable intermediate-term bond has been changed in maturity and coupon rate, and the issue has been made unavailable to commercial banks (except for the limited investment of savings deposits), until September 15, 1946, at which time the period to first call by the Treasury will have been reduced to 10 years. The seven securities to be offered are as follows:
Savings bonds, Series E, F, and G
Savings notes, Series C
7½% certificates of indebtedness, due
February 1, 1945
2-1/4% Treasury bonds due September 15, 1953, callable September 15, 1956
2-1/2% Treasury bonds due March 15, 1971, callable March 15, 1965
As in the Third War Loan, commercial banks are excluded from direct participation in the drive, except
that they will be given concurrent opportunity for the limited investment of savings deposits outside the drive as discussed below. In order to minimize the amount of indirect participation by commercial banks in the Fourth War Loan, the Treasury has asked the cooperation of all banks in declining to make speculative loans for the purchase of Government securities. This policy, however, is not intended to imply any disapproval of loans which fit the requirements set forth in the joint statement by national and State bank supervisory authorities on November 23, 1942, namely that the loans be made to enable investors to purchase bonds in anticipation of income, and that they be made on a short-term or amortization basis and be fully repaid within six months.
In order to avoid unnecessary transfers of funds from one locality to another during the Fourth War Loan, the Treasury has requested that all subscriptions by corporations and firms be entered and paid for through the banking institutions where the funds are located. The Treasury will undertake to see that statistical credit for such subscriptions is given to any locality that the subscribing corporations and firms may designate, except that subscriptions from insurance companies will be credited to the State of the home office as in the past.
Concurrently with the Fourth War Loan, commercial banks holding savings deposits will be permitted to subscribe to the 2-1/4 percent and the 2-1/2 percent bonds. Such banks will also be permitted to subscribe to Series F and Series G savings bonds on and after January 1, 1944. The formula for commercial bank participation in these securities is that any such bank holding savings deposits as defined in Regulation Q of the Board of Governors of the Federal Reserve System may subscribe to any or all of the four bonds in an amount not to exceed, in the aggregate, 10 percent of its savings deposits as shown on the bank's books as of the date of the most recent call statement required by the supervising authorities prior to the date of subscribing for such bonds, or $200,000, whichever is less. Under no circumstances, however, will a bank be allowed to hold more than $100,000 (issue price) of Series F and Series G savings bonds (Series 1944), combined.
8
Comparison of Various Features of Securities Offered During the Fourth War Loan, January-February 1944
<table><tr><th>Feature</th><th>2-1/2% bonds</th><th>2-1/4% bonds</th><th>7/8% certificates</th></tr><tr><td>Issue price</td><td>Par 1/</td><td>Par 1/</td><td>Par 1/</td></tr><tr><td>Issue date</td><td>February 1, 1944</td><td>February 1, 1944</td><td>February 1, 1944</td></tr><tr><td>Maturity date</td><td>March 15, 1970</td><td>September 15, 1959</td><td>February 1, 1945</td></tr><tr><td>Interest rate</td><td>2-1/2% per annum payable on a semi-annual basis</td><td>2-1/4% per annum payable on a semi-annual basis</td><td>7/8% per annum payable semi-annually</td></tr><tr><td>Redemption prior to maturity:</td><td></td><td></td><td></td></tr><tr><td>At option of Treasury</td><td>On and after March 15, 1965, on any interest date on 4 months' notice</td><td>On and after September 15, 1956, on any interest date on 4 months' notice</td><td>None</td></tr><tr><td>At option of holder:</td><td></td><td></td><td></td></tr><tr><td>For cash</td><td>None</td><td>None</td><td>None</td></tr><tr><td>For payment of Federal income, estate, and gift taxes</td><td>Bonds owned by decedent at time of death are redeemable at par and accrued interest for the sole purpose of paying Federal estate taxes</td><td>Bonds owned by decedent at time of death are redeemable at par and accrued interest for the sole purpose of paying Federal estate taxes</td><td>None</td></tr><tr><td>Negotiability</td><td>Transferable, but commercial banks may not purchase in the market before February 1, 1954 2/</td><td>Transferable, but commercial banks may not purchase in the market before September 15, 1946 2/</td><td>Fully negotiable</td></tr><tr><td>Eligibility as collateral for loans</td><td>Complete 1/</td><td>Complete 1/</td><td>Complete</td></tr><tr><td>Eligible subscribers</td><td>All, except that commercial banks are subject to the limits stated below 2/</td><td>All, except that commercial banks are subject to the limits stated below 2/</td><td>All except commercial banks 2/</td></tr><tr><td>Limits on subscriptions by eligible subscribers</td><td>None for investors other than commercial banks. Commercial banks may subscribe in amounts not over 10% of savings deposits for these bonds, the 2-1/4% bonds, and Series Y and O savings bonds, but not over $200,000 in the aggregate, of which not over $100,000 may be Y and O savings bonds of 1944 series 4/</td><td>None for investors other than commercial banks. Commercial banks may subscribe in amounts not over 10% of savings deposits for these bonds, the 2-1/4% bonds, and Series Y and O savings bonds, but not over $200,000 in the aggregate, of which not over $100,000 may be Y and O savings bonds of 1944 series 4/</td><td>None</td></tr><tr><td>Denominations</td><td>$500-$1,000,000</td><td>$500-$1,000,000</td><td>$1,000-$1,000,000</td></tr><tr><td>Bearer or registered</td><td>Bearer form, coupons attached; or registered form</td><td>Bearer form, coupons attached; or registered form</td><td>Bearer form only, coupons attached</td></tr></table>
(Continued on following page)
9
Comparison of Various Features of Securities Offered During the Fourth War Loan, January-February 1944 - (Continued)
<table><tr><th>Feature</th><th colspan="4">Non-marketable securities offered on continuous sale</th></tr><tr><th></th><th colspan="3">United States savings bonds</th><th>Treasury savings notes</th></tr><tr><th></th><th>Series E</th><th>Series F</th><th>Series G</th><th>Series C</th></tr><tr><td>Issue price</td><td>75% of maturity (par) value</td><td>7¼% of maturity (par) value</td><td>Par</td><td>Par</td></tr><tr><td>Issue date</td><td>First of month in which purchased</td><td>First of month in which purchased</td><td>First of month in which purchased</td><td>First of month in which purchased</td></tr><tr><td>Maturity date</td><td>10 years from issue date</td><td>12 years from issue date</td><td>12 years from issue date</td><td>3 years from issue date</td></tr><tr><td>Interest rate</td><td>Accrues to par to provide approximately 2.5% compounded semi-annually if held to maturity; lesser yields if redeemed at earlier dates 5/</td><td>Accrues to par to provide approximately 2.5¾% compounded semi-annually if held to maturity; lesser yields if redeemed at earlier dates 5/</td><td>2-1/2% per annum, paid semi-annually. Redemption values cut back below par to provide lesser yields if redeemed before maturity; but redeemable at par in event of death 5/</td><td>Accrues to provide approximately 1.07% compounded semi-annually if held to maturity; lesser yields if redeemed for cash or tendered in payment of taxes at earlier dates 5/ 6/</td></tr><tr><td>Redemption prior to maturity:</td><td colspan="4"></td></tr><tr><td>At option of Treasury</td><td>None</td><td>None</td><td>None</td><td>None</td></tr><tr><td>At option of holder:</td><td colspan="4"></td></tr><tr><td>For cash</td><td>At any time after 60 days from issue date without notice, at stated redemption values 5/</td><td>On first of any month after 6 months from issue date on 1 month's notice, at stated redemption values 5/</td><td>On first of any month after 5 months from issue date on 1 month's notice, at stated redemption values. Redeemable at par in event of death. 5/</td><td>At any time 6 months after issue date without notice, at stated redemption values 5/ 6/</td></tr><tr><td>For payment of Federal income, estate, and gift taxes</td><td>None</td><td>None</td><td>None</td><td>At any time 2 months after issue date without notice, at stated redemption values 5/</td></tr><tr><td>Negotiability</td><td>None</td><td>None</td><td>None</td><td>None 1/</td></tr><tr><td>Eligibility as collateral for loans</td><td>None</td><td>None</td><td>None</td><td>May be pledged as collateral for loans from banking institutions</td></tr><tr><td>Eligible subscribers</td><td>Natural persons only</td><td>All, except that commercial banks are subject to the limits stated below 2/</td><td>All, except that commercial banks are subject to the limits stated below 2/</td><td>All</td></tr><tr><td>Limits on subscriptions by eligible subscribers</td><td>Annual limit of $5,000 maturity value ($3,750 issue price)</td><td>Annual limit of $100,000 issue price jointly with Series G for all subscribers; and for commercial banks, the additional limit of 10% of savings deposits in these two bonds and the 2-1/4% and 2-1/2% bonds offered in the Fourth War Loan 2/ 4/</td><td>Annual limit of $100,000 issue price jointly with Series F for all subscribers; and for commercial banks, the additional limit of 10% of savings deposits in these two bonds and the 2-1/4% and 2-1/2% bonds offered in the Fourth War Loan 2/ 4/</td><td>None</td></tr><tr><td>Denominations</td><td>$25-$1,000 maturity value</td><td>$25-$10,000 maturity value</td><td>$100-$10,000</td><td>$100-$1,000,000</td></tr><tr><td>Bearer or registered</td><td>Registered form only</td><td>Registered form only</td><td>Registered form only</td><td>Not registered, but name and address of owner are inscribed thereon</td></tr><tr><td colspan="5"><ol><li>On securities purchased after the date of issue, accrued interest will be charged except on individual subscriptions of $1,000 or less for the 2-1/4% and 2-1/2 percent bonds.</li><li>A commercial bank is defined for this purpose as one which accepts demand deposits.</li><li>Although a commercial bank may make loans on this issue prior to the time that it is eligible to purchase the bonds in the market, it must dispose of any bonds acquired during that period by failure of a loan to be paid at maturity.</li><li>The definition of savings deposits given in Regulation Q of the Board of Governors of the Federal Reserve System controls this limit.</li><li>For redemption values and investment yields of savings bonds and savings notes, see "Treasury Bulletin" for August 1943, page 4.</li><li>If inscribed in the name of a bank accepting demand deposits, cash payment at or before maturity will be made only at issue price (par), and without accrual of interest. However, if a note is acquired by any such bank through forfeiture of a loan, cash payment will be made at par plus accrued interest to the month to which so acquired.</li><li>The notes may be transferred by a corporation to its subsidiary providing that it owns at least 50 percent of the stock with voting power of such subsidiary.</li></ol></td></tr></table>
SUMMARY OF FISCAL STATISTICS
10
Budgetary Receipts and Expenditures
First 5 months
fiscal years 1942 to 1944
1940 to 1944
<table><tr><th>December 31, 2015</th><th>December 31, 2014</th><th>December 31, 2013</th><th>December 31, 2012</th><th>December 31, 2011</th><th>December 31, 2010</th><th>December 31, 2009</th><th>December 31, 2008</th><th>December 31, 2007</th></tr><tr><td colspan="8">(In millions of dollars)</td><td>(In billions of dollars)</td></tr><tr><td>1,057</td><td>2,959</td><td>10,347</td><td>+7,388</td><td>2,125</td><td>3,470</td><td>7,960</td><td>16,094</td><td>2/</td></tr><tr><td>485</td><td>621</td><td>746</td><td>+125</td><td>833</td><td>925</td><td>1,186</td><td>1,498</td><td>1/</td></tr><tr><td>1,548</td><td>1,774</td><td>2,411</td><td>+638</td><td>2,345</td><td>2,967</td><td>3,847</td><td>4,553</td><td>1/</td></tr><tr><td>171</td><td>114</td><td>175</td><td>+61</td><td>349</td><td>392</td><td>389</td><td>324</td><td>1/</td></tr><tr><td>103</td><td>128</td><td>1,261</td><td>+1,133</td><td>273</td><td>515</td><td>286</td><td>916</td><td>5/</td></tr><tr><td>3,364</td><td>5,596</td><td>14,940</td><td>+9,344</td><td>5,925</td><td>8,269</td><td>13,668</td><td>23,385</td><td>2/</td></tr><tr><td>411</td><td>528</td><td>635</td><td>+107</td><td>538</td><td>661</td><td>869</td><td>1,103</td><td>3/</td></tr><tr><td>2,954</td><td>5,069</td><td>14,305</td><td>+9,237</td><td>5,387</td><td>7,607</td><td>12,799</td><td>22,282</td><td>41.0</td></tr><tr><td>3,462</td><td>16,210</td><td>20,378</td><td>+4,168</td><td>667</td><td>3,678</td><td>4,070</td><td>42,265</td><td>1/</td></tr><tr><td>2,217</td><td>6,847</td><td>9,933</td><td>+3,086</td><td>891</td><td>4,313</td><td>1,580</td><td>20,888</td><td>1/</td></tr><tr><td>734</td><td>3,232</td><td>4,835</td><td>+1,603</td><td>99</td><td>310</td><td>3,362</td><td>8,955</td><td>1/</td></tr><tr><td>6,415</td><td>26,289</td><td>35,147</td><td>+8,858</td><td>1,657</td><td>6,301</td><td>26,611</td><td>72,109</td><td>89.0</td></tr><tr><td>232</td><td>255</td><td>258</td><td>+3</td><td>557</td><td>563</td><td>556</td><td>602</td><td></td></tr><tr><td>310</td><td>262</td><td>206</td><td>-56</td><td>950</td><td>738</td><td>680</td><td>543</td><td></td></tr><tr><td>443</td><td>414</td><td>341</td><td>-73</td><td>1,559</td><td>937</td><td>11/</td><td>1,225</td><td>1,163</td></tr><tr><td>318</td><td>399</td><td>450</td><td>+51</td><td>513</td><td>588</td><td>659</td><td>735</td><td></td></tr><tr><td colspan="8"></td><td>4.3</td></tr><tr><td>440</td><td>191</td><td>9</td><td>-182</td><td>1,572</td><td>1,374</td><td>970</td><td>299</td><td></td></tr><tr><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>88</td><td>13</td><td>*</td><td>-13</td><td>283</td><td>257</td><td>163</td><td>18</td><td></td></tr><tr><td>402</td><td>418</td><td>545</td><td>+127</td><td>866</td><td>841</td><td>873</td><td>901</td><td></td></tr><tr><td>293</td><td>365</td><td>603</td><td>+238</td><td>1,041</td><td>1,111</td><td>1,260</td><td>1,808</td><td>2.7</td></tr><tr><td>8,941</td><td>28,607</td><td>37,560</td><td>+8,953</td><td>8,998</td><td>12,711</td><td>32,397</td><td>78,179</td><td>96.0</td></tr><tr><td>5,988</td><td>23,538</td><td>23,254</td><td>-284</td><td>3,611</td><td>5,103</td><td>19,598</td><td>55,897</td><td>55.0</td></tr><tr><td>2,953</td><td>4,069</td><td>14,301</td><td>+9,237</td><td>5,387</td><td>7,607</td><td>12,799</td><td>22,282</td><td>41.0</td></tr><tr><td>1,110</td><td>3,322</td><td>1,261</td><td>+1,133</td><td>273</td><td>515</td><td>286</td><td>916</td><td>5/</td></tr></table>
<table><tr><td>Receipts:</td></tr><tr><td>Internal revenue:</td></tr><tr><td>Income and profits taxes 2/</td></tr><tr><td>Employment taxes</td></tr><tr><td>Miscellaneous internal revenue 4/</td></tr><tr><td>Customs</td></tr><tr><td>Other receipts</td></tr><tr><td>Total receipts</td></tr><tr><td>Loss:</td></tr><tr><td>Amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 5/</td></tr><tr><td>Net receipts</td></tr><tr><td>Expenditures: 1/</td></tr><tr><td>War activities:</td></tr><tr><td>War Department</td></tr><tr><td>Navy Department</td></tr><tr><td>Miscellaneous war activities</td></tr><tr><td>Total war activities</td></tr><tr><td>Veterans' Administration 8/</td></tr><tr><td>Public Works 9/</td></tr><tr><td>Aid to agriculture 10/</td></tr><tr><td>Social Security program 12/</td></tr><tr><td>Direct and work relief:</td></tr><tr><td>Work Projects Administration and National Youth Administration 13/</td></tr><tr><td>Federal Emergency Relief Administration and Civil Works Administration</td></tr><tr><td>Civilian Conservation Corps</td></tr><tr><td>Other 14/</td></tr><tr><td>Interest on the public debt</td></tr><tr><td>Total expenditures 1/</td></tr><tr><td>Net budgetary deficit 1/</td></tr></table>
Source: Daily Treasury Statements, except as noted.
1/ Based upon Budget estimates revised as of November 28, 1943. Budget estimates of post-war credits for excess profits tax, victory tax, etc., are excluded in order to make the estimates comparable with Daily Treasury Statement figures.
2/ Includes unjust enrichment tax and victory tax. Beginning July, 1943, includes collections of taxes withheld by employers under the Current Tax Payment Act of 1943. For details see following chapter on Receipts and Expenditures and Appropriations. Table 2.
3/ Details not available.
4/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
5/ Includes deposits by the War and Navy Department and the U. S. Maritime Commission on account of renegotiation of war contracts, such amounts on the basis of covering warrants totaling $558 millions. Also includes $10 millions representing repayment of amounts paid to Commodity Credit Corporation for capital impairment.
6/ For explanation, see tables in next chapter on Social Security program.
7/ Excludes expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
8/ Includes expenditures classified as transfers to trust accounts, etc., for the Adjusted Service Certificate Fund and the National
2/ Service Life Insurance Fund. Includes Public Works transactions classified as Revolving Funds (net). 
10/ Includes Aid to agriculture transactions classified as Re-volving Funds (net); expenditures of the Department of Agri-culture classified as Departmental in the Daily Treasury Statement; and Agricultural Marketing Administration trans-actions classified as transfers to trust accounts, etc. 
11/ Represents gross expenditures of $1,252 millions less repay-ments of D. S. investments in capital funds aggregating $315 millions. 
12/ Includes expenditures classified as transfers to trust ac-counts, etc. for the Railroad Retirement Account and the Railroad Unemployment Insurance Administration Fund. Ex-cludes expenditures made by Offices for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of the Social Security Act. 
13/ Beginning July 1942 expenditures for National Youth Admi-nistration are shown under War activities. 
14/ 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
<table><tr><th></th><th colspan="4">End of first 5 months, fiscal years 1942 to 1944</th><th colspan="5">End of fiscal years, 1940 to 1944</th></tr><tr><th></th><th>Nov. 30, 1941</th><th>Nov. 30, 1942</th><th>Nov. 30, 1943</th><th>Change Nov. 30, 1942 to Nov. 30, 1943</th><th colspan="4">Actual</th><th>Estimated 1/</th></tr><tr><th></th><th></th><th></th><th></th><th>(In millions of dollars)</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>(In billions of dollars)</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></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></tr><tr><td>Public issues:</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>39,677</td><td>66,554</td><td>115,909</td><td>+49,355</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>2/</td></tr><tr><td>Non-marketable</td><td>8,052</td><td>20,117</td><td>36,595</td><td>+16,478</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>2/</td></tr><tr><td>Total public issues</td><td>47,729</td><td>86,671</td><td>152,504</td><td>+65,832</td><td>37,602</td><td>42,267</td><td>64,083</td><td>124,509</td><td>2/</td></tr><tr><td>Special issues</td><td>6,806</td><td>8,787</td><td>12,278</td><td>+3,491</td><td>4,775</td><td>6,120</td><td>7,885</td><td>10,871</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>54,536</td><td>95,458</td><td>164,781</td><td>+69,323</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>2/</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>504</td><td>657</td><td>1,377</td><td>+720</td><td>591</td><td>574</td><td>454</td><td>1,316</td><td>2/</td></tr><tr><td>Total public debt outstanding</td><td>55,040</td><td>96,116</td><td>166,158</td><td>+70,043</td><td>42,968</td><td>48,961</td><td>72,422</td><td>136,696</td><td>197</td></tr><tr><td>Securities guaranteed by the United States</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></tr><tr><td>Public issues:</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>6,316</td><td>4,195</td><td>3,959</td><td>-237</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,023</td><td>2/</td></tr><tr><td>Non-marketable</td><td>-</td><td>48</td><td>195</td><td>+147</td><td>-</td><td>-</td><td>-</td><td>68</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>6,316</td><td>4,244</td><td>4,154</td><td>-90</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>2/</td></tr><tr><td>Matured debt</td><td>8</td><td>20</td><td>6</td><td>-14</td><td>31</td><td>11</td><td>20</td><td>8</td><td>2/</td></tr><tr><td>Total guaranteed securities outstanding</td><td>6,324</td><td>4,264</td><td>4,160</td><td>-104</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>61,364</td><td>100,379</td><td>170,318</td><td>+69,939</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>198</td></tr></table>
Source: Daily Treasury Statement, except as noted. 1/ Based upon Budget estimates revised as of November 28, 1943.
2/ Details not available.
3/ Excludes guaranteed securities which were sold directly to the Treasury.
Means of Financing Cash Requirements
<table><tr><th></th><th colspan="3">First 5 months, fiscal years 1942 to 1944</th><th colspan="5">Complete fiscal years, 1940 to 1944</th></tr><tr><th></th><th>1942</th><th>1943</th><th>1944</th><th colspan="4">Actual</th><th>Estimated 1/</th></tr><tr><th></th><th colspan="3">(In millions of dollars)</th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th></tr><tr><th colspan="9">Amount required to be financed:</th></tr><tr><td>Net budgetary deficit $/.</td><td>5,988</td><td>23,538</td><td>23,254</td><td>3,611</td><td>5,103</td><td>19,598</td><td>55,897</td><td>55</td></tr><tr><td>Net increase in General Fund balance.</td><td>-</td><td>91</td><td>5,452</td><td>-</td><td>742</td><td>358</td><td>6,515</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, increment on gold, etc. $/.</td><td>404</td><td>64</td><td>756</td><td>-</td><td>148</td><td>3,506</td><td>1,861</td><td>5</td></tr><tr><td>Total amount required to be financed.</td><td>6,392</td><td>23,693</td><td>29,462</td><td>3,611</td><td>5,994</td><td>23,461</td><td>64,274</td><td>60</td></tr><tr><th colspan="9">Means of financing:</th></tr><tr><td>Increase in public debt.</td><td>6,078</td><td>23,693</td><td>29,462</td><td>2,528</td><td>5,994</td><td>23,461</td><td>64,274</td><td>60</td></tr><tr><td>Net decrease in General Fund balance.</td><td>314</td><td>-</td><td>-</td><td>947</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net receipts in trust accounts, increment on gold, etc. $/.</td><td>-</td><td>-</td><td>-</td><td>136</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total amount financed.</td><td>6,392</td><td>23,693</td><td>29,462</td><td>3,611</td><td>5,994</td><td>23,461</td><td>64,274</td><td>60</td></tr></table>
Source: Daily Treasury Statements, except as noted.
1/ Based upon Budget estimates revised as of November 28, 1943. Budget estimates of post-war credits for excess profits tax, victory tax, etc. are excluded in order to make the estimates comparable with Daily Treasury Statement figures.
2/ Excludes amounts for public debt retirements which are charge
3/ able to the sinking fund, etc. under special provisions of law. Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
12
13
Appropriations and Net Contract Authorizations for the War Activities Program
As of November 30, 1943
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">76th Congress, Third Session</td></tr><tr><td>Mar. 25, 1940</td><td>442</td><td>Treasury Department Appropriation Act, 1941.</td><td>$ 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 14, 1940</td><td>508</td><td>Justice Department Appropriation Act, 1941 (Title III).</td><td>2,488,000</td><td>-</td></tr><tr><td>June 11, 1940</td><td>588</td><td>Navvy 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 1/</td><td>Civil Activities National Defense Appropriation Act, 1941.</td><td>1,474,901,057</td><td>-</td></tr><tr><td>June 26, 1940</td><td>86 1/</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 1/</td><td>Public Resolution (War Risk Insurance Fund).</td><td>40,000,000</td><td>-</td></tr><tr><td>Sep. 9, 1940</td><td>781</td><td>Second Supplemental National Defense Appropriation Act, 1941.</td><td>2,497,016,392</td><td>-</td></tr><tr><td>Sep. 24, 1940</td><td>99 1/</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, 1942.</td><td>148,821,000</td><td>-</td></tr><tr><td>Oct. 14, 1940</td><td>106 1/</td><td>Public Resolution (national defense housing).</td><td>75,000,000</td><td>-</td></tr><tr><td colspan="3">Total, 76th Congress, Third Session.</td><td>$ 8,994,015,828</td><td>-</td></tr><tr><td colspan="5">77th Congress, First Session</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>-</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>Navvy 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>-</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>Justice, State and Commerce Departments 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>145</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).</td><td>5,985,000,000</td><td>$ 600,000,000 4/</td></tr><tr><td></td><td></td><td>(Title II).</td><td>159,005,585</td><td>47,000,000</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>Defense Highway Act of 1941.</td><td>9,112,021,947</td><td>60,000,000</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Third Supplemental National Defense Appropriation Act, 1942.</td><td>510,000,000</td><td>-</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War, Philippine relief, and defense housing).</td><td></td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session.</td><td>$ 49,396,437,450</td><td>$ 707,000,000</td></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>23,738,855,474</td><td>$2,400,000,000 6/</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</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>-</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943.</td><td>57,886,985</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>40,400,000</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 1/.</td><td>655,074,740</td><td>150,000,000</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>-</td></tr><tr><td>July 2, 1942</td><td>644</td><td>Justice, State and Commerce Departments Appropriation Act, 1943.</td><td>261,908,180</td><td>-</td></tr><tr><td>July 2, 1942</td><td>645</td><td>Interior Department 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>35,000,000</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>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943 8/.</td><td>6,299,361,448</td><td>7,861,648,696 r 5/</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>$139,736,203,988</td><td>$10,487,048,696 r</td></tr></table>
(Continued on following page)
14
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of November 30, 1943 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System).</td><td>$ 21,160,000</td><td>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943.</td><td>4,063,948,984</td><td>$ 2,075,994,622 r</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943.</td><td>3,836,176,119</td><td>50,000,000</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program).</td><td>26,100,000</td><td>-</td></tr><tr><td>May 7, 1943</td><td>50</td><td>Joint Resolution (Commerce Department - war training program).</td><td>3,500,000</td><td>-</td></tr><tr><td>June 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944.</td><td>1,457,898</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943.</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944.</td><td>1,335,013,569</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944.</td><td>27,637,226,198 9/</td><td>5,389,000,000 6/</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Departments of State, Justice, and Commerce Appropriation Act, 1944.</td><td>67,635,000</td><td>-</td></tr><tr><td>July 1, 1943</td><td>108</td><td>Military Appropriation Act, 1944.</td><td>59,034,839,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944.</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943.</td><td>31,979,600</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944.</td><td>14,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Labor - Federal Security Appropriation Act, 1944.</td><td>307,953,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>139</td><td>National War Agencies Appropriation Act, 1944.</td><td>2,911,697,224</td><td>18,000,000</td></tr><tr><td>July 12, 1943</td><td>140</td><td>Second Deficiency Appropriation Act, 1943.</td><td>151,340,088</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>156</td><td>Joint Resolution (Labor Department).</td><td>18,620,000</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>$105,835,208,853</td><td>$ 7,532,994,622 r</td></tr><tr><td colspan="5">Pending 10/</td></tr><tr><td colspan="3">First Supplemental National Defense Appropriation Bill, 1944.</td><td>$ 184,840,370</td><td>-</td></tr><tr><th colspan="5">Summary</th></tr><tr><td colspan="3">Total, 76th Congress, Third Session.</td><td>$ 8,994,015,828</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session.</td><td>43,396,437,450</td><td>$ 707,000,000</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>139,736,203,938</td><td>10,487,048,696 r</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>105,835,208,853</td><td>7,532,994,622 r</td></tr><tr><td colspan="3">Permanent appropriations and net transfers from other than war activities appropriations 11/.</td><td>108,548,215</td><td>-</td></tr><tr><td colspan="3">Total approved.</td><td>$304,070,414,334</td><td>$18,727,043,318 r</td></tr><tr><td colspan="3">Total pending, 78th Congress, First Session.</td><td>184,840,370</td><td>-</td></tr><tr><td colspan="3">Liquidations of 1940 and prior contract authorizations.</td><td>-467,872,846</td><td>-</td></tr><tr><td colspan="3">Total appropriations and net contract authorizations 1/.</td><td>$303,797,331,859</td><td>$18,727,043,318 r</td></tr></table><table><tr><td>1/ Consists of appropriations and net contract authorizations available on and after July 1, 1940. Excludes: (1) authorizations of the Reconstruction Finance Corporation and its affiliates for war purposes, and (2) unexpended balances of appropriations on June 30, 1940 (except immediately available funds from fiscal year 1941 appropriations) available for expenditure in the fiscal year 1941.</td><td>8/ Includes $7,851,460 appropriated for the fiscal year 1942.</td></tr><tr><td>2/ Contract authorizations have been reduced by later appropriations which were earmarked in authorizing acts for this purpose.</td><td>9/ Includes $30,000,000 for the fiscal year 1942 and $172,439,000 for the fiscal year 1943.</td></tr><tr><td>3/ Public resolution number.</td><td>10/ Pending appropriations, as used herein, represent appropriation bills reported from the Committee on Appropriations to the House, or in subsequent stages of Congressional action before Presidential approval. Estimates of appropriations for war purposes for the fiscal year 1944 reported by the President to Congress and submitted to the Committee on Appropriations, amounting to $35,000,000, are not included. In addition, the Committee on Naval Affairs has reported favorably (Report No. 922, dated December 2, 1943) on further authorizations for the naval expansion program amounting to 3,500,000 tons of landing craft and fleet auxiliary vessels.</td></tr><tr><td>4/ Represents the net amount of contractual authority that the President may authorize the head of any department or agency of the Government to enter into for the procurement of defense articles, information or services for the government of any country whose defense the President deems vital to the defense of the United States. Includes $9,693,525,500 appropriated for the fiscal year 1942.</td><td>11/ 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 $1,153,802 in accordance with Executive Order 9083, dated February 28, 1942. Also includes $3,993,766 received as war contributions under authority of the Second War Powers Act and deposits of advance payments made by foreign governments to the Defense Aid Special Fund for the procurement of defense articles amounting to $40,511,161.</td></tr><tr><td>5/ Unappropriated contract authorizations for the naval expansion program are as follows:</td><td></td></tr><tr><th>Date approved</th><th>Public Law No.</th><th>Amount</th><td></td></tr><tr><td>Feb. 1, 1942</td><td>441</td><td>$ 2,400,000,000</td><td></td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>(Estimated by Navy Department) 7,851,048,696 r</td><td></td></tr><tr><td>June 26, 1943</td><td>92</td><td>(Estimated by Navy Department) 3,389,000,000</td><td></td></tr><tr><td>Total</td><td></td><td>$13,650,048,696 r</td><td></td></tr></table>
1 Includes $650,000 for the fiscal year 1941 and $209,440,000 for the
15
Budgetary 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="5">Expenditures 1/</th><th rowspan="2">Net budgetary deficit 1/</th><th rowspan="2">Public debt retirement 8/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War activities 5/</th><th>Revolving funds (net) 6/</th><th>Transfers to trust accounts, etc. 6/</th></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>8,666</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>5,804</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>1,205</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 2/</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 2/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,215 10/</td><td>6,301</td><td>-135 10/</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,933</td><td>389</td><td>286 2/</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>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 9/11</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,995</td><td>72,109</td><td>40</td><td>435</td><td>55,897</td><td>3</td></tr><tr><td>1942-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><tr><td>1943-January</td><td>824</td><td>724</td><td>25</td><td>75</td><td>35</td><td>788</td><td>6,372</td><td>391</td><td>5,947</td><td>•</td><td>35</td><td>5,584</td><td>•</td></tr><tr><td>February</td><td>1,190</td><td>1,075</td><td>26</td><td>89</td><td>235</td><td>955</td><td>6,119</td><td>346</td><td>5,770</td><td>1</td><td>2</td><td>5,164</td><td>•</td></tr><tr><td>March</td><td>5,207</td><td>5,154</td><td>32</td><td>21</td><td>1</td><td>5,206</td><td>7,354</td><td>601</td><td>6,744</td><td>7</td><td>1</td><td>2,147</td><td>•</td></tr><tr><td>April</td><td>1,555</td><td>1,396</td><td>32</td><td>127</td><td>41</td><td>1,514</td><td>7,466</td><td>439</td><td>6,974</td><td>16</td><td>38</td><td>5,952</td><td>•</td></tr><tr><td>May</td><td>1,742</td><td>1,581</td><td>37</td><td>124</td><td>262</td><td>1,480</td><td>7,435</td><td>328</td><td>7,092</td><td>14</td><td>1</td><td>5,955</td><td>•</td></tr><tr><td>June</td><td>4,569</td><td>4,211</td><td>34</td><td>324</td><td>•</td><td>4,569</td><td>8,327</td><td>846</td><td>7,469</td><td>10</td><td>1</td><td>3,758</td><td>•</td></tr><tr><td>July</td><td>2,048</td><td>1,815</td><td>33</td><td>201</td><td>41</td><td>2,007</td><td>7,112</td><td>337</td><td>6,432</td><td>-1</td><td>344</td><td>5,105</td><td>-</td></tr><tr><td>August</td><td>3,005</td><td>2,602</td><td>39</td><td>364</td><td>284</td><td>2,721</td><td>7,617</td><td>365</td><td>7,232</td><td>5</td><td>15</td><td>4,896</td><td>-</td></tr><tr><td>September</td><td>5,448</td><td>5,160</td><td>31</td><td>257</td><td>•</td><td>5,147</td><td>7,535</td><td>583</td><td>6,952</td><td>-2</td><td>2</td><td>2,087</td><td>-</td></tr><tr><td>October</td><td>2,069</td><td>1,813</td><td>38</td><td>218</td><td>39</td><td>2,030</td><td>7,456</td><td>438</td><td>6,989</td><td>-7</td><td>36</td><td>5,426</td><td>•</td></tr><tr><td>November</td><td>2,370</td><td>2,115</td><td>34</td><td>221</td><td>271</td><td>2,099</td><td>7,839</td><td>304</td><td>7,541</td><td>-8</td><td>2</td><td>5,740</td><td>•</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow on the Social Security program.
4/ For further details, see Table 3.
5/ For further details, see Table 4.
6/ For further details, see Table 5. Also see footnotes 3/ and 4/.
7/ Total expenditures less net receipts.
8/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
9/ Include recoveries of U. S. investments in capital funds. Such recoveries totaled $54 millions in the fiscal year 1940; $319 millions in the fiscal year 1941; $18 millions in the fiscal year 1942, and $10 millions in the fiscal year 1943.
10/ Receipts from reductions in capital stock and paid-in surplus available to be released under existing law are included as negative items under expenditures. Such reductions totaled $160 millions for general expenditures and $155 millions for revolving funds during the fiscal year 1941.
11/ Include deposits by the War and Navy Departments and the U. S. Maritime Commission as a result of renegotiation of war contracts. On the basis of warrants issued, such amounts totaled $558 millions.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="3">Income and profit taxes</th><th colspan="3">Employment taxes</th><th rowspan="2">Carriers' Taxing Act of 1937 (Railroad retirement)</th><th rowspan="2">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><th>Total</th><th>Withheld by employers (Current Tax Payment Act of 1943)</th><th>Other 2/</th><th>Total</th><th>Social security taxes 3/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th></tr><tr><td>1934</td><td>2,641</td><td>818</td><td>-</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>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>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>-</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>-</td><td>2,640</td><td>755</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>-</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>-</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>-</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>-</td><td>7,960</td><td>1,185</td><td>896</td><td>120</td><td>170</td><td>3,847</td><td>-</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td><td>-</td></tr><tr><td>1942-November</td><td>784</td><td>199</td><td>-</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>-</td><td>1,972</td><td>47</td><td>4</td><td>1</td><td>43</td><td>630</td><td>-</td></tr><tr><td>1943-January</td><td>724</td><td>306</td><td>-</td><td>306</td><td>52</td><td>37</td><td>14</td><td>1</td><td>365</td><td>-</td></tr><tr><td>February</td><td>1,075</td><td>380</td><td>-</td><td>380</td><td>343</td><td>237</td><td>99</td><td>7</td><td>352</td><td>-</td></tr><tr><td>March</td><td>5,154</td><td>4,732</td><td>-</td><td>4,732</td><td>48</td><td>3</td><td>3</td><td>42</td><td>374</td><td>-</td></tr><tr><td>April</td><td>1,396</td><td>1,000</td><td>-</td><td>1,000</td><td>50</td><td>43</td><td>3</td><td>3</td><td>346</td><td>-</td></tr><tr><td>May</td><td>1,581</td><td>940</td><td>-</td><td>940</td><td>282</td><td>265</td><td>12</td><td>6</td><td>359</td><td>-</td></tr><tr><td>June</td><td>4,211</td><td>3,803</td><td>-</td><td>3,803</td><td>55</td><td>3</td><td>3</td><td>49</td><td>353</td><td>-</td></tr><tr><td>July</td><td>1,815</td><td>1,255</td><td>19</td><td>1,236</td><td>48</td><td>44</td><td>3</td><td>1</td><td>512</td><td>-</td></tr><tr><td>August</td><td>2,602</td><td>1,564</td><td>548</td><td>1,016</td><td>310</td><td>287</td><td>8</td><td>15</td><td>729</td><td>-</td></tr><tr><td>September</td><td>5,160</td><td>4,765</td><td>674</td><td>4,091</td><td>50</td><td>3</td><td>1</td><td>46</td><td>344</td><td>-</td></tr><tr><td>October</td><td>1,813</td><td>1,303</td><td>557</td><td>746</td><td>46</td><td>42</td><td>3</td><td>1</td><td>490</td><td>-</td></tr><tr><td>November</td><td>2,115</td><td>1,459</td><td>1,010</td><td>449</td><td>292</td><td>274</td><td>10</td><td>8</td><td>363</td><td>-</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ For further details, see chapter on Internal Revenue Statistics. 2/ Includes unjust enrichment tax and victory tax collections pursuant to Revenue Act of 1942.
For the period prior to September 1939, the date in the column entitled Federal Insurance Contributions Act and Federal Unemployment Tax Act represent collections under Titles VIII and IX, respectively, of the Social Security Act.
16
Budgetary 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/ 2/</th><th>Public Works 2/ 3/</th><th>Aid to agriculture 2/ 4/</th><th>Social Security program 2/ 5/</th><th colspan="2">Direct and work relief</th><th>Civilian Conservation Corps</th><th>Interest on the public debt</th><th>Other departmental 5/</th><th>Other general expenditures 9/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>Works Projects Administration and National Youth Administration 6/</th><th>Federal Emergency Relief Administration and Civil Works Administration 1/</th><th></th><th></th><th></th><th></th></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>364</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>446</td><td>749</td><td>624</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>5,804</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 10/</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>1943</td><td>5,595</td><td>572</td><td>545</td><td>1,052</td><td>514</td><td>299</td><td>-</td><td>18</td><td>1,808</td><td>590</td><td>197</td></tr><tr><td>1942-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><tr><td>1943-January</td><td>391</td><td>47</td><td>36</td><td>111</td><td>56</td><td>24</td><td>-</td><td>2</td><td>54</td><td>43</td><td>17</td></tr><tr><td>February</td><td>346</td><td>48</td><td>45</td><td>111</td><td>26</td><td>19</td><td>-</td><td>-</td><td>35</td><td>45</td><td>18</td></tr><tr><td>March</td><td>601</td><td>49</td><td>49</td><td>127</td><td>38</td><td>16</td><td>-</td><td>-</td><td>262</td><td>50</td><td>10</td></tr><tr><td>April</td><td>439</td><td>48</td><td>35</td><td>101</td><td>60</td><td>11</td><td>-</td><td>21</td><td>89</td><td>59</td><td>16</td></tr><tr><td>May</td><td>328</td><td>48</td><td>22</td><td>85</td><td>37</td><td>8</td><td>-</td><td>-</td><td>42</td><td>70</td><td>14</td></tr><tr><td>June</td><td>846</td><td>48</td><td>41</td><td>58</td><td>15</td><td>3</td><td>-</td><td>-</td><td>609</td><td>44</td><td>27</td></tr><tr><td>July</td><td>337</td><td>44</td><td>38</td><td>66</td><td>59</td><td>4</td><td>-</td><td>-</td><td>68</td><td>42</td><td>15</td></tr><tr><td>August</td><td>365</td><td>49</td><td>56</td><td>65</td><td>53</td><td>1</td><td>-</td><td>-</td><td>46</td><td>77</td><td>19</td></tr><tr><td>September</td><td>583</td><td>52</td><td>43</td><td>71</td><td>33</td><td>1</td><td>-</td><td>-</td><td>311</td><td>55</td><td>16</td></tr><tr><td>October</td><td>438</td><td>49</td><td>43</td><td>87</td><td>57</td><td>2</td><td>-</td><td>-</td><td>131</td><td>56</td><td>12</td></tr><tr><td>November</td><td>304</td><td>50</td><td>26</td><td>110</td><td>41</td><td>1</td><td>-</td><td>-</td><td>47</td><td>12</td><td>15</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Includes public works undertaken by the Veterans' Administration.
2/ Does not include expenditures for (1) revolving funds or (2) transfers to trust accounts, etc. These are shown in Table 5.
3/ 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. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
4/ Comprises Agricultural Conservation and Adjustment Administration (classified in the Daily Treasury Statement as "Other War Food Administration expenditures" commencing October 1943), 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.
5/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority
of Social Security Act. For further details, see tables which follow on the Social Security program. 6/ Work Projects Administration was formerly Works Progress Administration. Beginning with July 1942, expenditures for the National Youth Administration are shown in Table 4. 1/ Includes expenditures of the Reconstruction Finance Corporation for relief through loans and grants to States, municipalities, etc. 8/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social Security program and the Department of Agriculture departmental expenditures. 9/ 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; Federal Housing Administration; Treasury Department investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, and Disaster Loan Corporation. 10/ Gross expenditures have been reduced $160 millions representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12/.
17
Budgetary Receipts and Expenditures - (Continued)
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</th><th>Navv 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 1/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission 2/</th><th>War Shipping Administration</th><th>Aid to China</th><th>Other war activities expenditures 3/</th></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>416</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>557</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>892</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>108</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>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>8,955</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>795</td></tr><tr><td>1942-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><tr><td>1943-January</td><td>5,947</td><td>4,053</td><td>1,274</td><td>620</td><td>18</td><td>17</td><td>17</td><td>44</td><td>3</td><td>95</td><td>331</td><td>77</td><td>-</td><td>18</td></tr><tr><td>February</td><td>5,770</td><td>3,239</td><td>2,002</td><td>528</td><td>12</td><td>12</td><td>12</td><td>39</td><td>5</td><td>79</td><td>223</td><td>68</td><td>20</td><td>59</td></tr><tr><td>March</td><td>6,744</td><td>3,985</td><td>2,053</td><td>705</td><td>17</td><td>*</td><td>17</td><td>55</td><td>5</td><td>103</td><td>285</td><td>103</td><td>20</td><td>98</td></tr><tr><td>April</td><td>6,974</td><td>3,727</td><td>2,102</td><td>1,145</td><td>514</td><td>21</td><td>15</td><td>61</td><td>6</td><td>120</td><td>248</td><td>69</td><td>-</td><td>92</td></tr><tr><td>May</td><td>7,092</td><td>3,857</td><td>2,251</td><td>984</td><td>382</td><td>11</td><td>26</td><td>77</td><td>5</td><td>106</td><td>243</td><td>85</td><td>-</td><td>51</td></tr><tr><td>June</td><td>7,469</td><td>3,424</td><td>2,980</td><td>1,065</td><td>318</td><td>4</td><td>33</td><td>70</td><td>5</td><td>117</td><td>315</td><td>116</td><td>-</td><td>86</td></tr><tr><td>July</td><td>6,432</td><td>3,808</td><td>1,898</td><td>726</td><td>12</td><td>8</td><td>24</td><td>72</td><td>5</td><td>95</td><td>319</td><td>105</td><td>-</td><td>85</td></tr><tr><td>August</td><td>7,232</td><td>4,219</td><td>2,037</td><td>976</td><td>180</td><td>16</td><td>27</td><td>68</td><td>5</td><td>118</td><td>361</td><td>119</td><td>-</td><td>81</td></tr><tr><td>September</td><td>6,952</td><td>4,036</td><td>1,909</td><td>1,007</td><td>239</td><td>11</td><td>24</td><td>50</td><td>5</td><td>114</td><td>366</td><td>130</td><td>-</td><td>69</td></tr><tr><td>October</td><td>6,989</td><td>4,142</td><td>1,955</td><td>892</td><td>176</td><td>24</td><td>25</td><td>54</td><td>5</td><td>100</td><td>294</td><td>148</td><td>-</td><td>66</td></tr><tr><td>November</td><td>7,541</td><td>4,173</td><td>2,134</td><td>1,235</td><td>332</td><td>14</td><td>19</td><td>44</td><td>5</td><td>111</td><td>402</td><td>216</td><td>-</td><td>91</td></tr></table>
Similar items for periodic prior to fiscal year 1941 are classified under Other departmental and Other general expenditures in Table J. Includes war expenditures of Commerce, Justice, Interior, and State Departments; Civil Service Commission; Executive Offices of the President (including Office for Emergency Management); Panama Canal; capital stock of Smaller War Plant's Corporation; and Defense Aid Special Fund.
Source: Daily Treasury Statements.
Back Figures: For monthly figures commencing July 1940, see "Treasury Bulletin" for May 1943, page 7.
* Less than $500,000.
1/ Includes war public housing functions.
2/ Includes emergency ship construction, beginning March 1941.
Table 5.- Analysis of Expenditures for (1) Revolving Funds and (2) Transfers to Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Revolving funds (net) 1/</th><th colspan="6">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' Administration 4/</th><th>Social Security program 5/</th><th>Government employees' retirement funds (U. S. share)</th><th>Aid to agriculture 6/</th><th>Federal contribution to District of Columbia (U. S. share)</th></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>5</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 1/</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>1943</td><td>40</td><td>41</td><td>-1</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1942-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><tr><td>1943-January</td><td>*</td><td>-1</td><td>1</td><td>35</td><td>1</td><td>34</td><td>-</td><td>*</td><td>-</td></tr><tr><td>February</td><td>1</td><td>-1</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>7</td><td>8</td><td>*</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>16</td><td>16</td><td>*</td><td>38</td><td>3</td><td>35</td><td>-</td><td>1</td><td>-</td></tr><tr><td>May</td><td>14</td><td>14</td><td>*</td><td>1</td><td>2</td><td>-</td><td>-</td><td>*</td><td>-</td></tr><tr><td>June</td><td>10</td><td>10</td><td>*</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-1</td><td>4</td><td>-5</td><td>344</td><td>1</td><td>161</td><td>177</td><td>-1</td><td>6</td></tr><tr><td>August</td><td>5</td><td>*</td><td>5</td><td>15</td><td>4</td><td>12</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-2</td><td>-2</td><td>*</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>-7</td><td>-7</td><td>*</td><td>36</td><td>3</td><td>34</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-8</td><td>-8</td><td>*</td><td>2</td><td>4</td><td>-</td><td>-</td><td>-2</td><td>-</td></tr></table>
5/ Includes railroad retirement and railroad unemployment activities. For further explanations see tables which follow on Social Security program.
6/ Agricultural Marketing Administration (surplus commodity stamps).
7/ Gross expenditures have been reduced $155 millions representing the repayment of capital funds by certain United States Government agencies. For details see footnotes to Table 1.
Sources: 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.
18
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1934
(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 colspan="14">Net budgetary receipts 1/</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>365</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>464</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>364</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>564</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>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td></td><td></td></tr><tr><td colspan="14">Budgetary expenditures 2/</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>686</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>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td></td><td></td></tr><tr><td colspan="14">Net budgetary deficit 3/</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>2,147</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>3,957</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><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td></td><td></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.
19
BUDGETARY RECEIPTS AND EXPENDITURES
20
Trust Account, Etc. Receipts and Expenditures
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="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">Railroad Retirement Account</th><th colspan="2">Other trust accounts 1/</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Net</th><th>Receipts</th><th>Net</th><th>Receipts</th><th>Net</th><th>Receipts</th></tr><tr><td>1934</td><td>+24</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+24</td><td>233</td></tr><tr><td>1935</td><td>+64</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+64</td><td>301</td></tr><tr><td>1936</td><td>+34</td><td>-</td><td>-</td><td>-</td><td>19</td><td>-</td><td>-</td><td>+34</td><td>2,053</td></tr><tr><td>1937</td><td>+19</td><td>-</td><td>267</td><td>267</td><td>294</td><td>294</td><td>-</td><td>+20</td><td>858</td></tr><tr><td>1938</td><td>+11</td><td>+1</td><td>402</td><td>402</td><td>+12</td><td>751</td><td>+2</td><td>148</td><td>146</td><td>323</td></tr><tr><td>1939</td><td>+29</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>349</td></tr><tr><td>1940</td><td>+37</td><td>+3</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></tr><tr><td>1941</td><td>+37</td><td>+10</td><td>717</td><td>707</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td><td>+20</td><td>409</td></tr><tr><td>1942</td><td>+66</td><td>+9</td><td>940</td><td>931</td><td>1,244</td><td>1,243</td><td>144</td><td>144</td><td>+57</td><td>512</td></tr><tr><td>1943</td><td>+92</td><td>+6</td><td>1,190</td><td>1,185</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td><td>+88</td><td>975</td></tr><tr><td>1942-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>109</td><td>+6</td><td>54</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>+19</td><td>66</td></tr><tr><td>1943-January</td><td>+24</td><td>+33</td><td>35</td><td>2</td><td>-2</td><td>40</td><td>42</td><td>-</td><td>34</td><td>34</td><td>-8</td><td>66</td></tr><tr><td>February</td><td>+222</td><td>+236</td><td>235</td><td>2</td><td>-2</td><td>262</td><td>264</td><td>-1</td><td>-</td><td>1</td><td>-11</td><td>47</td></tr><tr><td>March</td><td>-260</td><td>-272</td><td>2</td><td>274</td><td>+1</td><td>34</td><td>33</td><td>-</td><td>34</td><td>35</td><td>+11</td><td>82</td></tr><tr><td>April</td><td>+49</td><td>+41</td><td>41</td><td>1</td><td>+3</td><td>35</td><td>32</td><td>-</td><td>35</td><td>35</td><td>+6</td><td>91</td></tr><tr><td>May</td><td>+266</td><td>+248</td><td>262</td><td>14</td><td>+2</td><td>277</td><td>275</td><td>4</td><td>4</td><td>-</td><td>+15</td><td>82</td></tr><tr><td>June</td><td>-279</td><td>-287</td><td>84</td><td>371</td><td>-8</td><td>81</td><td>88</td><td>-</td><td>-</td><td>1</td><td>+11</td><td>152</td></tr><tr><td>July</td><td>+92</td><td>+40</td><td>41</td><td>1</td><td>+1</td><td>44</td><td>42</td><td>161</td><td>165</td><td>+55</td><td>316</td></tr><tr><td>August</td><td>+275</td><td>+270</td><td>284</td><td>14</td><td>+4</td><td>313</td><td>308</td><td>-</td><td>-</td><td>+1</td><td>101</td></tr><tr><td>September</td><td>-265</td><td>-289</td><td>1</td><td>259</td><td>-5</td><td>31</td><td>36</td><td>-</td><td>34</td><td>33</td><td>+28</td><td>116</td></tr><tr><td>October</td><td>+52</td><td>+24</td><td>39</td><td>15</td><td>+5</td><td>37</td><td>31</td><td>-</td><td>34</td><td>33</td><td>+22</td><td>139</td></tr><tr><td>November</td><td>+210</td><td>+256</td><td>271</td><td>15</td><td>-1</td><td>291</td><td>291</td><td>-</td><td>34</td><td>33</td><td>-46</td><td>77</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>Insurance of obligations 2/</th><th>Other transactions</th><th>Set</th><th>Receipts</th><th>Expenses</th><th>Set</th><th>Receipts</th><th>Expenses</th><th>Set</th><th>Receipts</th><th>Expenses</th></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>+49</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>-1,609</td><td>-1,515</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>1943</td><td>-2,194</td><td>-658</td><td>-1,535</td><td>*</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>+241</td><td>155</td><td>-86</td></tr><tr><td>1942-November</td><td>+449</td><td>-2</td><td>+451</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><tr><td>1943-January</td><td>-186</td><td>-8</td><td>-178</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+27</td><td>8</td><td>-19</td></tr><tr><td>February</td><td>-370</td><td>-25</td><td>-345</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+26</td><td>5</td><td>-21</td></tr><tr><td>March</td><td>-300</td><td>-11</td><td>-289</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+11</td><td>*</td><td>-11</td></tr><tr><td>April</td><td>-17</td><td>-4</td><td>-13</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+16</td><td>1</td><td>-15</td></tr><tr><td>May</td><td>-356</td><td>-290</td><td>-66</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+51</td><td>*</td><td>-52</td></tr><tr><td>June</td><td>+82</td><td>-2</td><td>+83</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-9</td><td>*</td><td>9</td></tr><tr><td>July</td><td>-726</td><td>-381</td><td>-345</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-1</td><td>*</td></tr><tr><td>August</td><td>-148</td><td>-3</td><td>-145</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+4</td><td>-</td><td>-4</td></tr><tr><td>September</td><td>-146</td><td>+22</td><td>-168</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>-</td><td>-2</td></tr><tr><td>October</td><td>-199</td><td>+2</td><td>-201</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+14</td><td>-</td><td>-14</td></tr><tr><td>November</td><td>+64</td><td>-2</td><td>+66</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+16</td><td>-2</td><td>-18</td></tr></table>
Source: Daily Treasury Statements. 
* Less than $500,000.
1/ Comprises FMA revolving fund, and special deposits (net). Also includes Agricultural Marketing Administration commodity
2/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations. 3/ Details not available.
21
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="3">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budgetary 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, etc. 2/</th></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>1,648</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>1943</td><td>64,274</td><td>55,897</td><td>6,515</td><td>1,861</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1942-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><tr><td>1943-January</td><td>5,719</td><td>5,584</td><td>-</td><td>135</td><td>5,719</td><td>2,899</td><td>2,819</td><td>-</td></tr><tr><td>February</td><td>5,286</td><td>5,164</td><td>-</td><td>122</td><td>5,286</td><td>2,954</td><td>2,331</td><td>-</td></tr><tr><td>March</td><td>2,696</td><td>2,147</td><td>-</td><td>549</td><td>2,696</td><td>1,483</td><td>1,213</td><td>-</td></tr><tr><td>April</td><td>14,390</td><td>5,952</td><td>8,438</td><td>-</td><td>14,390</td><td>14,342</td><td>-</td><td>48</td></tr><tr><td>May</td><td>6,064</td><td>5,955</td><td>70</td><td>39</td><td>6,064</td><td>6,064</td><td>-</td><td>-</td></tr><tr><td>June</td><td>3,964</td><td>3,758</td><td>-</td><td>206</td><td>3,964</td><td>784</td><td>3,180</td><td>-</td></tr><tr><td>July</td><td>5,740</td><td>5,105</td><td>-</td><td>635</td><td>5,740</td><td>4,828</td><td>912</td><td>-</td></tr><tr><td>August</td><td>4,896</td><td>4,896</td><td>-</td><td>-</td><td>4,896</td><td>2,534</td><td>2,231</td><td>131</td></tr><tr><td>September</td><td>14,291</td><td>2,087</td><td>11,794</td><td>410</td><td>14,291</td><td>14,291</td><td>-</td><td>-</td></tr><tr><td>October</td><td>6,697</td><td>5,426</td><td>1,139</td><td>132</td><td>6,697</td><td>6,697</td><td>-</td><td>-</td></tr><tr><td>November</td><td>5,740</td><td>5,740</td><td>-</td><td>-</td><td>5,740</td><td>1,112</td><td>4,338</td><td>290</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.
22
Social Security Program
Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Loss 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>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1935</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>265.0</td><td>-12.8</td></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</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>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>785.2</td><td>690.6</td><td>97.7</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>868.9</td><td>186.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1942-November</td><td>239.8</td><td>231.1</td><td>8.7</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>1.0</td><td>3.5</td></tr><tr><td>1943-January</td><td>50.7</td><td>37.1</td><td>13.6</td><td>35.3</td><td>15.4</td></tr><tr><td>February</td><td>335.8</td><td>236.7</td><td>99.0</td><td>234.9</td><td>100.9</td></tr><tr><td>March</td><td>6.1</td><td>2.9</td><td>3.2</td><td>1.0</td><td>5.1</td></tr><tr><td>April</td><td>46.7</td><td>43.4</td><td>3.3</td><td>40.8</td><td>5.8</td></tr><tr><td>May</td><td>276.2</td><td>264.6</td><td>11.7</td><td>262.0</td><td>14.2</td></tr><tr><td>June</td><td>5.9</td><td>2.8</td><td>3.1</td><td>.2</td><td>5.7</td></tr><tr><td>July</td><td>46.8</td><td>43.6</td><td>3.2</td><td>40.8</td><td>6.0</td></tr><tr><td>August</td><td>294.7</td><td>286.6</td><td>8.1</td><td>283.8</td><td>10.9</td></tr><tr><td>September</td><td>4.1</td><td>3.0</td><td>1.1</td><td>.2</td><td>3.9</td></tr><tr><td>October</td><td>44.6</td><td>41.5</td><td>3.0</td><td>38.9</td><td>5.7</td></tr><tr><td>November</td><td>284.1</td><td>273.6</td><td>10.5</td><td>271.0</td><td>13.1</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses</th><th colspan="10">Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th colspan="4">Social Security Board</th><th>Public Health Service</th><th colspan="3">Department of Labor</th><th>Office for Emergency Management</th></tr><tr><th></th><th></th><th></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 work</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare services</th><th>War Manpower Commission (U. S. Employment Service)</th><th></th><th></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>14.3</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>41.06</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>3.5</td><td>357.4</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>341.3</td></tr><tr><td>1942-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>-</td><td>27.7</td></tr><tr><td>December</td><td>34.8</td><td>2.7</td><td>31.9</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>1.3</td><td>31.4</td></tr><tr><td>1943-January</td><td>58.9</td><td>2.6</td><td>56.1</td><td>30.9</td><td>6.9</td><td>.9</td><td>10.8</td><td>2.3</td><td>.6</td><td>.3</td><td>.3</td><td>3.1</td><td>43.5</td></tr><tr><td>February</td><td>29.3</td><td>2.8</td><td>26.3</td><td>16.4</td><td>4.4</td><td>.4</td><td>.2</td><td>•</td><td>.6</td><td>.5</td><td>.1</td><td>3.8</td><td>-71.6</td></tr><tr><td>March</td><td>43.4</td><td>3.3</td><td>39.9</td><td>27.2</td><td>3.2</td><td>.8</td><td>1.7</td><td>.1</td><td>.2</td><td>.1</td><td>•</td><td>6.5</td><td>38.3</td></tr><tr><td>April</td><td>61.6</td><td>3.0</td><td>58.3</td><td>38.6</td><td>8.2</td><td>1.0</td><td>4.7</td><td>2.1</td><td>.5</td><td>.5</td><td>.4</td><td>2.4</td><td>55.7</td></tr><tr><td>May</td><td>39.0</td><td>2.9</td><td>35.8</td><td>25.3</td><td>5.4</td><td>.8</td><td>.3</td><td>.3</td><td>1.1</td><td>.4</td><td>•</td><td>2.1</td><td>24.8</td></tr><tr><td>June</td><td>16.4</td><td>3.0</td><td>13.1</td><td>9.6</td><td>.6</td><td>.1</td><td>.2</td><td>•</td><td>.8</td><td>.3</td><td>•</td><td>1.5</td><td>10.7</td></tr><tr><td>July</td><td>59.9</td><td>2.8</td><td>56.8</td><td>41.1</td><td>7.1</td><td>1.2</td><td>3.6</td><td>2.2</td><td>.3</td><td>.1</td><td>•</td><td>1.0</td><td>53.4</td></tr><tr><td>August</td><td>52.6</td><td>2.5</td><td>49.8</td><td>32.8</td><td>6.5</td><td>.9</td><td>7.0</td><td>1.1</td><td>.7</td><td>.4</td><td>.3</td><td>.2</td><td>41.7</td></tr><tr><td>September</td><td>32.9</td><td>2.9</td><td>29.7</td><td>25.3</td><td>2.8</td><td>.5</td><td>•</td><td>•</td><td>.6</td><td>.4</td><td>•</td><td>.1</td><td>29.0</td></tr><tr><td>October</td><td>56.9</td><td>2.9</td><td>53.7</td><td>36.1</td><td>6.1</td><td>1.0</td><td>7.5</td><td>2.0</td><td>.5</td><td>.2</td><td>.2</td><td>•</td><td>51.3</td></tr><tr><td>November</td><td>40.8</td><td>2.2</td><td>38.6</td><td>29.2</td><td>5.2</td><td>1.2</td><td>.6</td><td>.4</td><td>.9</td><td>.5</td><td>.2</td><td>•</td><td>27.7</td></tr></table>
Daily Treasury Statements. Less than $50,000. 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). 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 1.
4/ 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.
Covered by appropriations by Congress.
5/ Second Deficiency Appropriation Act. fiscal year 1938, approved June 25, 1938, carried an appropriation of $40,561,886 for making refund to certain States of portions of Federal employees' tax for 1936 collected under the Social Security Act.
23
Social Security Program - (Continued)
Section I.- Budgetary Receipts and Expenditures - (Continued)
Table 2.- Railroad Retirement Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th>Carriers' Taxing Act of 1937</th><th>Total</th><th>Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</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>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>•</td><td>11.4</td></tr><tr><td>1942-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><tr><td>1943-January</td><td>1.1</td><td>34.5</td><td>.5</td><td>34.0</td><td>-</td><td>33.4</td></tr><tr><td>February</td><td>7.4</td><td>.5</td><td>.5</td><td>-</td><td>-</td><td>-6.9</td></tr><tr><td>March</td><td>41.8</td><td>.4</td><td>.4</td><td>-</td><td>•</td><td>-41.3</td></tr><tr><td>April</td><td>3.0</td><td>35.1</td><td>.4</td><td>34.7</td><td>•</td><td>32.1</td></tr><tr><td>May</td><td>5.9</td><td>.2</td><td>.2</td><td>-</td><td>•</td><td>-5.7</td></tr><tr><td>June</td><td>48.6</td><td>.3</td><td>.3</td><td>-</td><td>•</td><td>-48.3</td></tr><tr><td>July</td><td>1.1</td><td>161.0</td><td>.2</td><td>160.7</td><td>•</td><td>159.8</td></tr><tr><td>August</td><td>15.0</td><td>.2</td><td>.2</td><td>-</td><td>•</td><td>-14.8</td></tr><tr><td>September</td><td>46.2</td><td>.3</td><td>.3</td><td>-</td><td>•</td><td>-45.9</td></tr><tr><td>October</td><td>1.1</td><td>33.8</td><td>.2 r</td><td>33.5</td><td>•</td><td>32.7</td></tr><tr><td>November</td><td>8.2</td><td>.2</td><td>.2</td><td>-</td><td>•</td><td>8.0</td></tr></table>
Source: Daily Treasury Statements. r Revised. • Less than $50,000. l/ 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 rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</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>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1942-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><tr><td>1943-January</td><td>.1</td><td>.1</td><td>.1</td><td>-</td><td>.1</td></tr><tr><td>February</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.1</td></tr><tr><td>March</td><td>2.5</td><td>.2</td><td>.2</td><td>-</td><td>-2.3</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>.2</td></tr><tr><td>June</td><td>2.6</td><td>.3</td><td>.3</td><td>-</td><td>-2.3</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>.1</td><td>11.9</td><td>.2</td><td>11.7</td><td>11.8</td></tr><tr><td>September</td><td>2.5</td><td>.2</td><td>.2</td><td>-</td><td>-2.3</td></tr><tr><td>October</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.1</td></tr><tr><td>November</td><td>.2</td><td>.2</td><td>.2</td><td>-</td><td>.1</td></tr></table>
Source: Daily Treasury Statements.
1/ Less than $50,000.
1/ Operated as Railroed Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account. Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated 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 employees 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 (unemployment insurance). 3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 5/ Covered by appropriations by Congress.
24
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 investments</th><th>Unexpended balance in General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>267.2</td><td>267.1</td><td>1.1</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>777.2</td><td>662.3</td><td>113.0</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>1,180.3</td><td>1,177.2</td><td>1.9</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>1,744.7</td><td>1,738.1</td><td>3.0</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>2,397.6</td><td>2,380.6</td><td>16.0</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>25.6</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>4,268.3</td><td>4,236.8</td><td>24.5</td></tr><tr><td>1943-September</td><td>5,054.5</td><td>4,752.5</td><td>302.0</td><td>502.8</td><td>401.0</td><td>101.9</td><td>4,551.7</td><td>4,498.9</td><td>28.3</td></tr><tr><td>October</td><td>5,096.1</td><td>4,794.0</td><td>302.0</td><td>520.0</td><td>415.5</td><td>104.5</td><td>4,576.1</td><td>4,498.9</td><td>25.9</td></tr><tr><td>November</td><td>5,369.7</td><td>5,067.6</td><td>302.0</td><td>537.4</td><td>430.3</td><td>107.1</td><td>4,832.3</td><td>4,498.9</td><td>306.2</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000. 1/ Includes transactions effected under the predecessor Old-Age
2/ Reserve Account. 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><th></th><th></th><th></th><th></th><th>Benefit payments</th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></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>79.3</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>238.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.5</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>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1943-September</td><td>1,134.3</td><td>1,116.9</td><td>17.5</td><td>709.8</td><td>424.5</td><td>310.0</td><td>102.1</td><td>12.4</td></tr><tr><td>October</td><td>1,134.5</td><td>1,116.9</td><td>17.6</td><td>721.1</td><td>413.3</td><td>332.0</td><td>68.6</td><td>12.7</td></tr><tr><td>November</td><td>1,134.6</td><td>1,116.9</td><td>17.7</td><td>732.3</td><td>402.3</td><td>321.0</td><td>68.6</td><td>12.7</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000.
Table 3.- Unemployment Trust Fund
(Cumulative from organisation - 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 1/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposits by States</th><th>Railroad unemployment insurance contributions</th><th>Stateee 1/</th><th></th><th></th><th>With-drawals by States</th><th>Insurance Account</th><th>Benefit payments</th><th></th><th>In General Fund (Special Deposit Account)</th><th>In disbursing officer's account 5/</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>-</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>-</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>-</td><td>854.2</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>44.2</td><td>1.8</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</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>14.6</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>7.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</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>11.4</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>105.9</td><td>17.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td></tr><tr><td>1943-September</td><td>7,001.5</td><td>6,287.2</td><td>297.9</td><td>105.9</td><td>29.1</td><td>2,255.2</td><td>2,105.9</td><td>105.9</td><td>43.4</td><td>4,746.3</td><td>4,740.0</td><td>5.7</td></tr><tr><td>October</td><td>7,038.3</td><td>6,322.8</td><td>299.1</td><td>105.9</td><td>29.1</td><td>2,258.6</td><td>2,109.3</td><td>105.9</td><td>43.4</td><td>4,779.7</td><td>4,768.0</td><td>11.1</td></tr><tr><td>November</td><td>7,329.0</td><td>6,612.2</td><td>300.5</td><td>105.9</td><td>29.1</td><td>2,262.1</td><td>2,112.7</td><td>105.9</td><td>43.5</td><td>5,067.0</td><td>5,056.0</td><td>10.7</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 1, 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.
25
Cash Income and Outgo of the Treasury, by Major Classifications
(in millions of dollars)
<table><tr><th></th><th colspan="5">1942</th><th colspan="8">1943</th></tr><tr><th></th><th>Nov.</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>CASH INCOME Budgetary:</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 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><td></td></tr><tr><td>Income and profits taxes</td><td>199</td><td>1,972</td><td>306</td><td>380</td><td>4,732</td><td>1,000</td><td>940</td><td>3,803</td><td>1,255</td><td>1,564</td><td>4,765</td><td>1,303</td><td>1,452</td></tr><tr><td>Employment taxes</td><td>248</td><td>47</td><td>52</td><td>343</td><td>48</td><td>50</td><td>282</td><td>55</td><td>48</td><td>310</td><td>50</td><td>46</td><td>292</td></tr><tr><td>Miscellaneous internal revenue</td><td>337</td><td>630</td><td>365</td><td>352</td><td>374</td><td>346</td><td>359</td><td>353</td><td>512</td><td>729</td><td>344</td><td>404</td><td>363</td></tr><tr><td>Customs</td><td>23</td><td>24</td><td>25</td><td>26</td><td>32</td><td>32</td><td>37</td><td>34</td><td>33</td><td>39</td><td>31</td><td>38</td><td>34</td></tr><tr><td>Other</td><td>21</td><td>25</td><td>58</td><td>89</td><td>21</td><td>125</td><td>123</td><td>323</td><td>176</td><td>363</td><td>257</td><td>218</td><td>221</td></tr><tr><td>Subtotal</td><td>829</td><td>2,699</td><td>806</td><td>1,190</td><td>5,207</td><td>1,553</td><td>1,740</td><td>4,567</td><td>2,023</td><td>3,004</td><td>5,447</td><td>2,069</td><td>2,370</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>243</td><td>35</td><td>40</td><td>262</td><td>34</td><td>35</td><td>277</td><td>36</td><td>44</td><td>301</td><td>31</td><td>37</td><td>291</td></tr><tr><td>Trust accounts 2/</td><td>62</td><td>72</td><td>72</td><td>50</td><td>78</td><td>87</td><td>80</td><td>83</td><td>131</td><td>97</td><td>110</td><td>136</td><td>73</td></tr><tr><td>Subtotal</td><td>305</td><td>108</td><td>113</td><td>313</td><td>112</td><td>122</td><td>357</td><td>119</td><td>175</td><td>398</td><td>142</td><td>173</td><td>364</td></tr><tr><td>Total cash income</td><td>1,133</td><td>2,806</td><td>919</td><td>1,502</td><td>5,310</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td></tr><tr><td>CASH OUTGO Budgetary:</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>6,042</td><td>5,825</td><td>5,947</td><td>5,770</td><td>6,744</td><td>6,974</td><td>7,092</td><td>7,469</td><td>6,432</td><td>7,232</td><td>6,952</td><td>6,989</td><td>7,541</td></tr><tr><td>Veterans' Administration</td><td>47</td><td>47</td><td>47</td><td>48</td><td>49</td><td>48</td><td>48</td><td>48</td><td>44</td><td>49</td><td>52</td><td>49</td><td>50</td></tr><tr><td>Public Works 3/</td><td>39</td><td>50</td><td>37</td><td>47</td><td>49</td><td>35</td><td>22</td><td>41</td><td>33</td><td>61</td><td>43</td><td>43</td><td>26</td></tr><tr><td>Aid to agriculture 4/</td><td>81</td><td>87</td><td>110</td><td>110</td><td>135</td><td>117</td><td>99</td><td>68</td><td>71</td><td>65</td><td>69</td><td>81</td><td>102</td></tr><tr><td>Social Security program 5/</td><td>40</td><td>34</td><td>56</td><td>26</td><td>38</td><td>60</td><td>37</td><td>15</td><td>59</td><td>53</td><td>33</td><td>57</td><td>41</td></tr><tr><td>Work Projects Administration</td><td>28</td><td>28</td><td>24</td><td>19</td><td>16</td><td>11</td><td>8</td><td>3</td><td>4</td><td>1</td><td>1</td><td>2</td><td>1</td></tr><tr><td>Civilian Conservation Corps</td><td></td><td>-18</td><td>2</td><td></td><td></td><td>21</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on the public debt 6/</td><td>21</td><td>299</td><td>35</td><td>24</td><td>247</td><td>77</td><td>31</td><td>394</td><td>45</td><td>32</td><td>293</td><td>117</td><td>35</td></tr><tr><td>Other</td><td>56</td><td>71</td><td>60</td><td>63</td><td>60</td><td>75</td><td>84</td><td>71</td><td>57</td><td>96</td><td>71</td><td>68</td><td>27</td></tr><tr><td>Subtotal</td><td>6,353</td><td>6,422</td><td>6,318</td><td>6,106</td><td>7,337</td><td>7,417</td><td>7,423</td><td>7,110</td><td>6,746</td><td>7,588</td><td>7,515</td><td>7,407</td><td>7,824</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 1/</td><td>289</td><td>345</td><td>338</td><td>214</td><td>350</td><td>270</td><td>272</td><td>306</td><td>311</td><td>305</td><td>237</td><td>225</td><td>274</td></tr><tr><td>Other</td><td>-260</td><td>-18</td><td>-7</td><td>-12</td><td>-55</td><td>-26</td><td>-14</td><td>-137</td><td>-52</td><td>-39</td><td>-11</td><td>-30</td><td>-18</td></tr><tr><td>Commodity Credit Corporation</td><td>-305</td><td>181</td><td>115</td><td>124</td><td>124</td><td>-356</td><td>-180</td><td>-177</td><td>165</td><td>21</td><td>-32</td><td>37</td><td>-23</td></tr><tr><td>Unemployment Trust Fund</td><td>12</td><td>10</td><td>12</td><td>11</td><td>11</td><td>8</td><td>6</td><td>6</td><td>4</td><td>5</td><td>4</td><td>3</td><td>4</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>12</td><td>12</td><td>12</td><td>13</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>15</td><td>15</td></tr><tr><td>Railroad Retirement Account</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</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>-164</td><td>32</td><td>-278</td><td>-46</td><td>-146</td><td>124</td><td>-83</td><td>-122</td><td>-154</td><td>-137</td><td>-12</td><td>-15</td><td>-231</td></tr><tr><td>Subtotal</td><td>-405</td><td>574</td><td>203</td><td>315</td><td>309</td><td>43</td><td>26</td><td>-99</td><td>298</td><td>181</td><td>212</td><td>247</td><td>-29</td></tr><tr><td>Redemption of adjusted service bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1</td><td>1</td><td>1</td><td>1</td><td></td><td>1</td></tr><tr><td>Total cash outgo</td><td>5,949</td><td>6,996</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,769</td><td>7,727</td><td>7,654</td><td>7,795</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>4,815</td><td>4,190</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,367</td><td>2,138</td><td>5,412</td><td>5,061</td></tr></table>
Less than $500,000.
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.
Includes sale of commodity food stamps, Agricultural Marketing Administration.
Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects.
4/ Comprises Agricultural Conservation and Adjustment Adminis-tration (classified in the Daily Treasury Statement as "Other War Food Administration expenditures" commencing October 1943), Agricultural Marketing Administration (except transfers to trust accounts, etc.), 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.
5/ Excludes transactions under transfers to trust accounts, etc.
6/ Excludes accrued interest on United States savings bonds.
7/ Expenditures for war activities by the Reconstruction Finance Corporation prior to October 17, 1942, were included under "Other" Reconstruction Finance Corporation expenditures.
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><b>Cash 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><td></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>6,993</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>1,640</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>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td></td><td></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><td></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>750</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>10,337</td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,743</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>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,769</td><td>7,727</td><td>7,654</td><td>7,795</td><td></td><td></td></tr><tr><td><b>Excee of 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><td></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>841</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,582</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,194</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>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,367</td><td>2,138</td><td>5,412</td><td>5,061</td><td></td><td></td></tr></table>
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 (War Loan accounts)</th><th>Other deposits and collections</th></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>115</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>825</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>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1942-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><tr><td>1943-January</td><td>8,200</td><td>857</td><td>465</td><td>6,367</td><td>511</td></tr><tr><td>February</td><td>5,895</td><td>872</td><td>623</td><td>3,892</td><td>509</td></tr><tr><td>March</td><td>4,758</td><td>871</td><td>643</td><td>2,694</td><td>550</td></tr><tr><td>April</td><td>13,112</td><td>883</td><td>1,215</td><td>10,485</td><td>529</td></tr><tr><td>May</td><td>13,152</td><td>897</td><td>651</td><td>11,117</td><td>487</td></tr><tr><td>June</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>July</td><td>9,127</td><td>906</td><td>979</td><td>6,790</td><td>451</td></tr><tr><td>August</td><td>6,845</td><td>905</td><td>1,076</td><td>4,362</td><td>501</td></tr><tr><td>September</td><td>18,734</td><td>883</td><td>1,538</td><td>15,676</td><td>536</td></tr><tr><td>October</td><td>19,838</td><td>900</td><td>1,095</td><td>17,280</td><td>563</td></tr><tr><td>November</td><td>15,492</td><td>908</td><td>1,245</td><td>12,770</td><td>569</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>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>1943</td><td>10,149</td><td>643</td><td>9,507</td><td>8,744</td><td>619</td><td>144</td></tr><tr><td>1942-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><tr><td>1943-January</td><td>8,200</td><td>477</td><td>7,724</td><td>6,961</td><td>619</td><td>144</td></tr><tr><td>February</td><td>5,895</td><td>503</td><td>5,392</td><td>4,630</td><td>619</td><td>144</td></tr><tr><td>March</td><td>4,758</td><td>579</td><td>4,179</td><td>3,416</td><td>619</td><td>144</td></tr><tr><td>April</td><td>13,112</td><td>495</td><td>12,617</td><td>11,854</td><td>619</td><td>144</td></tr><tr><td>May</td><td>13,152</td><td>465</td><td>12,687</td><td>11,924</td><td>619</td><td>144</td></tr><tr><td>June</td><td>10,149</td><td>643</td><td>9,507</td><td>8,744</td><td>619</td><td>144</td></tr><tr><td>July</td><td>9,127</td><td>532</td><td>8,595</td><td>7,832</td><td>619</td><td>144</td></tr><tr><td>August</td><td>6,845</td><td>481</td><td>6,364</td><td>5,601</td><td>619</td><td>144</td></tr><tr><td>September</td><td>18,734</td><td>576</td><td>18,158</td><td>17,395</td><td>619</td><td>144</td></tr><tr><td>October</td><td>19,838</td><td>541</td><td>19,297</td><td>18,534</td><td>619</td><td>144</td></tr><tr><td>November</td><td>15,492</td><td>534</td><td>14,958</td><td>14,196</td><td>619</td><td>144</td></tr></table>
Source
Daily Treasury Statements. 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. sto.</th><th></th><th></th></tr><tr><td>1936</td><td>2,720</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>-169 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>-1,550</td><td>5,475 1/-</td><td>34</td><td>-</td><td>108</td><td>176</td><td>-403 5/-</td></tr><tr><td>1937</td><td>-128</td><td>-70</td><td>-3,149</td><td>2,745 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>122</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>1943</td><td>6,515</td><td>6,515</td><td>-55,897</td><td>64,274</td><td>92</td><td>241</td><td>-2,194</td><td>-</td><td>-</td></tr><tr><td>1942-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><tr><td>1943-January</td><td>-2,819</td><td>-2,819</td><td>-5,534</td><td>2,899</td><td>24</td><td>27</td><td>-186</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-2,331</td><td>-2,331</td><td>-5,104</td><td>2,954</td><td>222</td><td>26</td><td>-370</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-1,213</td><td>-1,213</td><td>-2,147</td><td>1,483</td><td>-260</td><td>11</td><td>-300</td><td>-</td><td>-</td></tr><tr><td>April</td><td>8,438</td><td>8,438</td><td>-5,952</td><td>14,342</td><td>49</td><td>16</td><td>-17</td><td>-</td><td>-</td></tr><tr><td>May</td><td>70</td><td>70</td><td>-5,955</td><td>6,064</td><td>266</td><td>51</td><td>-356</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-3,180</td><td>-3,180</td><td>-3,758</td><td>784</td><td>-279</td><td>-9</td><td>82</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-912</td><td>-912</td><td>-5,105</td><td>4,828</td><td>92</td><td>-1</td><td>-726</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-2,231</td><td>-2,231</td><td>-4,896</td><td>2,534</td><td>275</td><td>4</td><td>-148</td><td>-</td><td>-</td></tr><tr><td>September</td><td>11,794</td><td>11,794</td><td>-2,087</td><td>14,291</td><td>-265</td><td>2</td><td>-146</td><td>-</td><td>-</td></tr><tr><td>October</td><td>1,139</td><td>1,139</td><td>-5,426</td><td>6,697</td><td>52</td><td>14</td><td>-199</td><td>-</td><td>-</td></tr><tr><td>November</td><td>4,338</td><td>4,338</td><td>-5,740</td><td>1,112</td><td>210</td><td>16</td><td>64</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
Less than $500,000.
1/ This is the net budgetary 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/ Includes Federal Old-Age and Survivors Insurance Trust Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust funds.
4/ Corrpsen Public Works Administration revolving fund and special deposits (nat). 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. 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.
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
— 29 —
30
Summary of the Public Debt and Guaranteed Obligations of the United States Government
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th colspan="4">Public debt</th><th>Matured debt and debt bearing no interest</th><th colspan="3">Guaranteed debt</th></tr><tr><th></th><th></th><th>Total</th><th>Marketable issues</th><th>Non-marketable issues</th><th>Special issues</th><th></th><th>Total</th><th>Marketable issues</th><th>Non-marketable issues</th><th>Matured debt</th></tr><tr><td>1934</td><td>27,734</td><td>27,053</td><td>26,084</td><td>-</td><td>396</td><td>573</td><td>681</td><td>681</td><td>-</td><td>-</td></tr><tr><td>1935</td><td>32,824</td><td>28,701</td><td>26,950</td><td>62</td><td>633</td><td>1,056</td><td>4,123</td><td>4,123</td><td>-</td><td>-</td></tr><tr><td>1936</td><td>38,497</td><td>33,779</td><td>31,102</td><td>1,261</td><td>626</td><td>790</td><td>4,718</td><td>4,718</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>41,089</td><td>36,425</td><td>33,054</td><td>1,188</td><td>1,558</td><td>625</td><td>4,665</td><td>4,665</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>42,018</td><td>37,165</td><td>32,344</td><td>1,556</td><td>2,676</td><td>589</td><td>4,853</td><td>4,853</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>45,890</td><td>40,440</td><td>33,965</td><td>2,151</td><td>3,770</td><td>554</td><td>5,451</td><td>5,450</td><td>-</td><td>1</td></tr><tr><td>1940</td><td>48,496</td><td>42,968</td><td>34,436</td><td>3,166</td><td>4,775</td><td>591</td><td>5,529</td><td>5,498</td><td>-</td><td>31</td></tr><tr><td>1941</td><td>55,332</td><td>48,961</td><td>37,713</td><td>4,555</td><td>6,120</td><td>574</td><td>6,370</td><td>6,360</td><td>-</td><td>11</td></tr><tr><td>1942</td><td>76,991</td><td>72,422</td><td>50,573</td><td>13,510</td><td>7,885</td><td>454</td><td>4,568</td><td>4,549</td><td>-</td><td>20</td></tr><tr><td>1943</td><td>140,796</td><td>136,696</td><td>95,310</td><td>29,200</td><td>10,871</td><td>1,316</td><td>4,100</td><td>4,023</td><td>68</td><td>8</td></tr><tr><td>1942-November</td><td>100,379</td><td>96,115</td><td>66,554</td><td>20,117</td><td>8,787</td><td>657</td><td>4,264</td><td>4,195</td><td>48</td><td>20</td></tr><tr><td>December</td><td>112,471</td><td>108,170</td><td>76,488</td><td>21,788</td><td>9,032</td><td>852</td><td>4,301</td><td>4,196</td><td>87</td><td>18</td></tr><tr><td>1943-January</td><td>115,361</td><td>111,069</td><td>77,496</td><td>23,356</td><td>9,172</td><td>1,045</td><td>4,291</td><td>4,196</td><td>81</td><td>14</td></tr><tr><td>February</td><td>118,311</td><td>114,024</td><td>73,726</td><td>24,560</td><td>9,565</td><td>1,173</td><td>4,287</td><td>4,196</td><td>79</td><td>12</td></tr><tr><td>March</td><td>113,867</td><td>115,507</td><td>79,562</td><td>24,622</td><td>10,004</td><td>1,219</td><td>4,350</td><td>4,272</td><td>78</td><td>11</td></tr><tr><td>April</td><td>134,221</td><td>129,849</td><td>91,392</td><td>27,456</td><td>9,795</td><td>1,205</td><td>4,372</td><td>4,288</td><td>76</td><td>9</td></tr><tr><td>May</td><td>140,003</td><td>135,913</td><td>95,382</td><td>29,095</td><td>10,198</td><td>1,238</td><td>4,091</td><td>4,008</td><td>74</td><td>9</td></tr><tr><td>June</td><td>140,796</td><td>135,696</td><td>95,310</td><td>29,200</td><td>10,871</td><td>1,316</td><td>4,100</td><td>4,023</td><td>68</td><td>8</td></tr><tr><td>July</td><td>145,316</td><td>141,524</td><td>98,613</td><td>30,169</td><td>11,456</td><td>1,236</td><td>3,791</td><td>3,711</td><td>71</td><td>9</td></tr><tr><td>August</td><td>148,000</td><td>144,059</td><td>99,935</td><td>30,879</td><td>11,907</td><td>1,338</td><td>3,911</td><td>3,861</td><td>73</td><td>7</td></tr><tr><td>September</td><td>162,321</td><td>158,349</td><td>111,426</td><td>33,910</td><td>11,717</td><td>1,296</td><td>3,972</td><td>3,833</td><td>77</td><td>7</td></tr><tr><td>October</td><td>169,166</td><td>155,047</td><td>115,944</td><td>35,776</td><td>11,868</td><td>1,458</td><td>4,119</td><td>3,923</td><td>190</td><td>6</td></tr><tr><td>November</td><td>170,318</td><td>166,158</td><td>115,909</td><td>36,595</td><td>12,278</td><td>1,377</td><td>4,160</td><td>3,959</td><td>195</td><td>6</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ Guaranteed securities sold directly to the Treasury, and securities
guaranteed as to interest only, are not included in this table. For detailed statement of the public debt and guaranteed obligations, see following page.
Analysis of Issuance and Retirement of Public Debt
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Public debt outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th colspan="5">Public debt receipts (issuance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Cash 1/</th><th>Certificates of indebted-ness, special series 2/</th><th>Adjusted service bonds</th><th>Ex-changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebted-ness, special series 2/</th><th>Ex-changes</th><th>Special issues</th></tr><tr><td>1934</td><td>27,053</td><td>4,515</td><td>13,583</td><td>9,161</td><td>-</td><td>-</td><td>4,159</td><td>264</td><td>9,069</td><td>4,720</td><td>-</td><td>4,159</td><td>191</td></tr><tr><td>1935</td><td>28,701</td><td>1,648</td><td>13,126</td><td>5,716</td><td>-</td><td>6,964</td><td>6,964</td><td>446</td><td>11,478</td><td>4,305</td><td>-</td><td>6,964</td><td>209</td></tr><tr><td>1936</td><td>33,779</td><td>5,078</td><td>14,121</td><td>8,958</td><td>-</td><td>1,669</td><td>2,978</td><td>516</td><td>9,043</td><td>5,542</td><td>-</td><td>2,978</td><td>523</td></tr><tr><td>1937</td><td>36,425</td><td>2,646</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>19+2-November</td><td>96,116</td><td>3,212</td><td>6,730</td><td>5,617</td><td>890</td><td></td><td></td><td>283</td><td>3,518</td><td>3,029</td><td>468</td><td></td><td>21</td></tr><tr><td>December</td><td>108,170</td><td>12,054</td><td>15,643</td><td>15,111</td><td>259</td><td></td><td></td><td>273</td><td>3,589</td><td>2,879</td><td>681</td><td></td><td>29</td></tr><tr><td>19+3-January</td><td>111,069</td><td>2,899</td><td>5,078</td><td>4,581</td><td>317</td><td></td><td></td><td>180</td><td>2,179</td><td>2,025</td><td>115</td><td></td><td>39</td></tr><tr><td>February</td><td>114,024</td><td>2,954</td><td>6,983</td><td>6,567</td><td></td><td></td><td></td><td>416</td><td>4,028</td><td>3,803</td><td>202</td><td></td><td>23</td></tr><tr><td>March</td><td>115,507</td><td>1,433</td><td>20,502</td><td>5,322</td><td>14,712</td><td></td><td></td><td>468</td><td>19,019</td><td>4,277</td><td>14,712</td><td></td><td>30</td></tr><tr><td>April</td><td>129,849</td><td>14,342</td><td>17,620</td><td>17,527</td><td></td><td></td><td></td><td>94</td><td>3,278</td><td>2,976</td><td></td><td></td><td>302</td></tr><tr><td>May</td><td>135,913</td><td>6,064</td><td>10,643</td><td>8,355</td><td></td><td></td><td>1,374</td><td>415</td><td>4,530</td><td>3,195</td><td></td><td>1,374</td><td>12</td></tr><tr><td>June</td><td>136,696</td><td>784</td><td>12,480</td><td>6,281</td><td>805</td><td></td><td></td><td>5,395</td><td>11,697</td><td>6,170</td><td>805</td><td></td><td>4,722</td></tr><tr><td>July</td><td>141,524</td><td>4,828</td><td>8,702</td><td>8,093</td><td></td><td></td><td></td><td>604</td><td>3,874</td><td>3,855</td><td></td><td></td><td>19</td></tr><tr><td>August</td><td>144,059</td><td>2,534</td><td>8,104</td><td>6,086</td><td></td><td></td><td>1,556</td><td>462</td><td>5,570</td><td>4,003</td><td></td><td>1,556</td><td>11</td></tr><tr><td>September</td><td>158,349</td><td>14,291</td><td>21,748</td><td>20,931</td><td>491</td><td></td><td></td><td>326</td><td>7,458</td><td>6,451</td><td>491</td><td></td><td>516</td></tr><tr><td>October</td><td>165,047</td><td>6,597</td><td>14,281</td><td>11,056</td><td></td><td></td><td>3,062</td><td>162</td><td>7,584</td><td>4,511</td><td></td><td>3,062</td><td>11</td></tr><tr><td>November</td><td>166,158</td><td>1,112</td><td>5,682</td><td>5,228</td><td></td><td></td><td>34</td><td>421</td><td>4,570</td><td>4,525</td><td></td><td>34</td><td>11</td></tr></table>
Source: Daily Treasury Statements. less than $500,000. Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
31
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
(in millions of dollars)
<table><tr><th colspan="3">End of fiscal year</th><th colspan="10">End of month</th></tr><tr><th>1941</th><th>1942</th><th>1943</th><th colspan="2">1942</th><th colspan="8">1943</th></tr><tr><th></th><th></th><th></th><th>Sept.</th><th>Dec.</th><th>Mar.</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th></tr><tr><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></table>
Public debt and guaranteed obligations
<table><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></tr><tr><td>Public debt</td><td>48,387</td><td>71,968</td><td>135,380</td><td>85,847</td><td>107,308</td><td>114,287</td><td>135,380</td><td>140,238</td><td>142,721</td><td>157,053</td><td>163,589</td><td>164,781</td></tr><tr><td>Guaranteed obligations</td><td>6,360</td><td>4,549</td><td>4,092</td><td>4,552</td><td>4,283</td><td>4,350</td><td>4,092</td><td>3,782</td><td>3,934</td><td>3,964</td><td>4,113</td><td>4,160</td></tr><tr><td>Total</td><td>54,747</td><td>76,517</td><td>139,472</td><td>90,399</td><td>111,591</td><td>118,637</td><td>139,472</td><td>144,020</td><td>146,655</td><td>161,018</td><td>167,701</td><td>168,941</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>585</td><td>474</td><td>1,324</td><td>659</td><td>880</td><td>1,230</td><td>1,324</td><td>1,296</td><td>1,345</td><td>1,303</td><td>1,464</td><td>1,377</td></tr><tr><td>Total outstanding</td><td>55,332</td><td>76,991</td><td>140,796</td><td>91,058</td><td>112,471</td><td>119,867</td><td>140,796</td><td>145,316</td><td>148,000</td><td>162,321</td><td>169,166</td><td>170,318</td></tr></table>
Public debt
<table><tr><th>Interest-bearing debt:</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>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></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></tr><tr><td>Treasury bills.</td><td>1,603</td><td>2,508</td><td>11,864</td><td>4,619</td><td>6,527</td><td>9,234</td><td>11,864</td><td>12,460</td><td>12,846</td><td>13,054</td><td>13,064</td><td>13,074</td></tr><tr><td>Certificates of indebtedness.</td><td>-</td><td>3,096</td><td>16,561</td><td>6,211</td><td>10,534</td><td>11,161</td><td>16,561</td><td>16,561</td><td>17,497</td><td>21,136</td><td>23,199</td><td>23,103</td></tr><tr><td>Treasury notes.</td><td>5,698</td><td>6,689</td><td>9,168</td><td>7,958</td><td>9,863</td><td>9,797</td><td>9,168</td><td>11,875</td><td>11,875</td><td>11,596</td><td>11,596</td><td>11,596</td></tr><tr><td>Treasury bonds.</td><td>30,215</td><td>38,085</td><td>57,520</td><td>41,418</td><td>49,268</td><td>49,273</td><td>57,520</td><td>57,520</td><td>57,520</td><td>65,444</td><td>67,889</td><td>67,889</td></tr><tr><td>Other bonds.</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</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>37,713</td><td>50,573</td><td>95,310</td><td>60,402</td><td>76,488</td><td>79,662</td><td>95,310</td><td>98,613</td><td>99,935</td><td>111,426</td><td>115,944</td><td>115,909</td></tr><tr><td>Noo-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></tr><tr><td>U.S. savings bonds.</td><td>4,314</td><td>10,188</td><td>21,256</td><td>12,479</td><td>15,050</td><td>17,891</td><td>21,256</td><td>22,030</td><td>22,694</td><td>24,478</td><td>26,056</td><td>26,597</td></tr><tr><td>Treasury notes - tax and savings series.</td><td>241</td><td>3,015</td><td>7,495</td><td>4,137</td><td>6,384</td><td>6,346</td><td>7,495</td><td>-7,678</td><td>7,703</td><td>8,851</td><td>9,109</td><td>9,278</td></tr><tr><td>Adjusted service bonds.</td><td>-</td><td>229</td><td>222</td><td>226</td><td>224</td><td>223</td><td>222</td><td>221</td><td>221</td><td>220</td><td>220</td><td>220</td></tr><tr><td>Depository bonds.</td><td>-</td><td>79</td><td>226</td><td>94</td><td>130</td><td>162</td><td>226</td><td>240</td><td>262</td><td>361</td><td>392</td><td>400</td></tr><tr><td>Total non-marketable issues.</td><td>4,555</td><td>13,510</td><td>29,200</td><td>16,936</td><td>21,789</td><td>24,622</td><td>29,200</td><td>30,169</td><td>30,879</td><td>33,910</td><td>35,776</td><td>36,595</td></tr><tr><td>Total public leases.</td><td>42,267</td><td>64,083</td><td>124,509</td><td>77,338</td><td>98,276</td><td>104,284</td><td>124,509</td><td>128,782</td><td>130,814</td><td>145,336</td><td>151,720</td><td>152,504</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></tr><tr><td>Adjusted Service Certificate Fund.</td><td>19</td><td>28</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>90</td><td>95</td><td>103</td><td>95</td><td>95</td><td>178</td><td>103</td><td>162</td><td>177</td><td>77</td><td>77</td><td>77</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>2,381</td><td>3,133</td><td>4,041</td><td>3,322</td><td>3,462</td><td>3,700</td><td>4,044</td><td>4,031</td><td>4,031</td><td>4,256</td><td>4,256</td><td>4,56</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</td><td>5</td><td>5</td><td>106</td><td>6</td><td>6</td><td>7</td><td>106</td><td>107</td><td>107</td><td>8</td><td>8</td><td>9</td></tr><tr><td>Government Life Insurance Fund.</td><td>531</td><td>537</td><td>538</td><td>523</td><td>526</td><td>539</td><td>538</td><td>541</td><td>547</td><td>500</td><td>502</td><td>504</td></tr><tr><td>Government Retirement Funds.</td><td>656</td><td>796</td><td>1,076</td><td>920</td><td>950</td><td>991</td><td>1,076</td><td>1,271</td><td>1,287</td><td>1,302</td><td>1,314</td><td>1,328</td></tr><tr><td>National Service Life Insurance Fund.</td><td>3</td><td>39</td><td>352</td><td>87</td><td>146</td><td>233</td><td>352</td><td>405</td><td>461</td><td>514</td><td>586</td><td>667</td></tr><tr><td>Postal Savings System.</td><td>88</td><td>55</td><td>197</td><td>55</td><td>55</td><td>257</td><td>197</td><td>292</td><td>357</td><td>100</td><td>115</td><td>150</td></tr><tr><td>Canal Zone, Postal Savings System.</td><td>1</td><td>1</td><td>2</td><td>2</td><td>2</td><td>3</td><td>2</td><td>2</td><td>2</td><td>1</td><td>3</td><td>3</td></tr><tr><td>Railroad Retirement Account.</td><td>71</td><td>92</td><td>178</td><td>173</td><td>174</td><td>176</td><td>178</td><td>332</td><td>321</td><td>310</td><td>332</td><td>321</td></tr><tr><td>Unemployment Trust Fund.</td><td>2,273</td><td>3,114</td><td>4,257</td><td>3,309</td><td>3,597</td><td>3,902</td><td>4,257</td><td>4,295</td><td>4,598</td><td>4,630</td><td>4,658</td><td>4,946</td></tr><tr><td>Total special issues.</td><td>6,120</td><td>7,885</td><td>10,871</td><td>8,509</td><td>9,032</td><td>10,004</td><td>10,871</td><td>11,456</td><td>11,907</td><td>11,717</td><td>11,868</td><td>12,278</td></tr><tr><td>Total interest-bearing debt.</td><td>48,387</td><td>71,968</td><td>135,380</td><td>85,847</td><td>107,308</td><td>114,287</td><td>135,380</td><td>140,238</td><td>142,721</td><td>157,053</td><td>163,589</td><td>164,781</td></tr><tr><td>Matured debt on which interest has ceased.</td><td>205</td><td>98</td><td>141</td><td>102</td><td>75</td><td>89</td><td>141</td><td>113</td><td>164</td><td>124</td><td>291</td><td>209</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></tr><tr><td>United States savings stamps.</td><td>-</td><td>-</td><td>213</td><td>181</td><td>221</td><td>226</td><td>213</td><td>207</td><td>204</td><td>201</td><td>198</td><td>202</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></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</td><td>173</td><td>159</td><td>766</td><td>157</td><td>369</td><td>708</td><td>766</td><td>759</td><td>774</td><td>774</td><td>773</td><td>770</td></tr><tr><td>Other debt bearing no interest.</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</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>369</td><td>356</td><td>1,175</td><td>534</td><td>787</td><td>1,130</td><td>1,175</td><td>1,173</td><td>1,174</td><td>1,172</td><td>1,167</td><td>1,168</td></tr><tr><td>Total public debt outstanding.</td><td>48,961</td><td>72,422</td><td>136,696</td><td>86,483</td><td>108,110</td><td>115,507</td><td>136,696</td><td>141,524</td><td>144,059</td><td>158,249</td><td>165,047</td><td>166,158</td></tr></table>
Guaranteed obligations
<table><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></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></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></tr><tr><td>Commodity Credit Corporation</td><td>696</td><td>701</td><td>412</td><td>701</td><td>701</td><td>701</td><td>412</td><td>412</td><td>412</td><td>412</td><td>412</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,269</td><td>930</td><td>930</td><td>930</td><td>930</td><td>930</td><td>930</td><td>930</td><td>930</td><td>930</td><td>930</td></tr><tr><td>Federal Housing Administration</td><td>17</td><td>21</td><td>23</td><td>21</td><td>22</td><td>23</td><td>23</td><td>22</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Federal Public Housing Authority</td><td>226</td><td>114</td><td>114</td><td>114</td><td>114</td><td>114</td><td>114</td><td>114</td><td>114</td><td>114</td><td>114</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,409</td><td>1,563</td><td>1,533</td><td>1,533</td><td>1,533</td><td>1,533</td><td>1,533</td><td>1,533</td><td>1,533</td><td>1,533</td><td>1,533</td></tr><tr><td>Reconstruction Finance Corporation</td><td>1,741</td><td>1,219</td><td>1,011</td><td>1,216</td><td>896</td><td>971</td><td>1,011</td><td>700</td><td>850</td><td>876</td><td>911</td></tr><tr><td>Total marketable issues</td><td>6,360</td><td>4,549</td><td>4,023</td><td>4,515</td><td>4,196</td><td>4,272</td><td>4,023</td><td>3,711</td><td>3,861</td><td>3,888</td><td>3,923</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></tr><tr><td>Commodity Credit Corporation 2/</td><td>-</td><td>-</td><td>68</td><td>37</td><td>87</td><td>78</td><td>68</td><td>71</td><td>73</td><td>77</td><td>190</td></tr><tr><td>Total interest-bearing debt</td><td>6,360</td><td>4,549</td><td>4,092</td><td>4,552</td><td>4,283</td><td>4,350</td><td>4,092</td><td>3,782</td><td>3,934</td><td>3,964</td><td>4,113</td></tr><tr><td>Matured debt on which interest has ceased</td><td>11</td><td>20</td><td>8</td><td>22</td><td>18</td><td>11</td><td>8</td><td>9</td><td>7</td><td>7</td><td>6</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>6,370</td><td>4,568</td><td>4,100</td><td>4,574</td><td>4,301</td><td>4,360</td><td>4,100</td><td>3,791</td><td>3,941</td><td>3,971</td><td>4,119</td></tr></table>
Source: Daily Treasury Statements. 1/ Guaranteed securities sold directly to the Treasury and securities guaranteed as to interest only are not included in this table. 2/ Demand obligations.
INTEREST - BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
32
33
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Interest-bearing public debt outstanding (in millions of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bill</th><th colspan="7">Public issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th>Total</th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th>Certificates of indebtedness</th><th>Bill</th><th>Special issues</th></tr><tr><td>1934</td><td>26,480</td><td>16,510</td><td>-</td><td>6,653</td><td>-</td><td>1,517</td><td>1,404</td><td>396</td><td>100.0</td><td>62.4</td><td>-</td><td>25.1</td><td>-</td><td>5.7</td><td>5.3</td><td>1.5</td></tr><tr><td>1935</td><td>27,045</td><td>14,874</td><td>62</td><td>10,023</td><td>-</td><td>-</td><td>2,053</td><td>633</td><td>100.0</td><td>53.8</td><td>.2</td><td>36.3</td><td>-</td><td>-</td><td>7.4</td><td>2.3</td></tr><tr><td>1936</td><td>32,989</td><td>17,368</td><td>1,261</td><td>11,381</td><td>-</td><td>-</td><td>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>-</td><td>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,958</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,804</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>1942-November</td><td>95,458</td><td>43,577</td><td>14,415</td><td>10,095</td><td>5,703</td><td>7,161</td><td>5,721</td><td>8,787</td><td>100.0</td><td>45.7</td><td>15.1</td><td>10.6</td><td>6.0</td><td>7.5</td><td>6.0</td><td>9.2</td></tr><tr><td>December</td><td>107,308</td><td>49,404</td><td>15,404</td><td>9,863</td><td>6,384</td><td>10,534</td><td>6,627</td><td>9,032</td><td>100.0</td><td>46.1</td><td>14.4</td><td>9.2</td><td>5.9</td><td>9.8</td><td>6.2</td><td>8.4</td></tr><tr><td>1943-January</td><td>110,024</td><td>49,469</td><td>16,607</td><td>9,863</td><td>6,749</td><td>10,741</td><td>7,423</td><td>9,172</td><td>100.0</td><td>45.0</td><td>15.1</td><td>9.0</td><td>6.1</td><td>9.8</td><td>6.7</td><td>8.3</td></tr><tr><td>February</td><td>112,851</td><td>49,469</td><td>17,435</td><td>9,863</td><td>7,125</td><td>11,161</td><td>8,232</td><td>9,565</td><td>100.0</td><td>43.8</td><td>15.4</td><td>8.7</td><td>6.3</td><td>9.9</td><td>7.3</td><td>8.5</td></tr><tr><td>March</td><td>114,287</td><td>49,469</td><td>18,276</td><td>9,797</td><td>6,346</td><td>11,161</td><td>9,234</td><td>10,004</td><td>100.0</td><td>43.3</td><td>16.0</td><td>8.6</td><td>5.6</td><td>9.8</td><td>8.1</td><td>8.8</td></tr><tr><td>April</td><td>128,043</td><td>55,397</td><td>19,673</td><td>9,797</td><td>7,783</td><td>16,154</td><td>10,044</td><td>9,795</td><td>100.0</td><td>43.1</td><td>15.3</td><td>7.6</td><td>6.1</td><td>12.6</td><td>7.8</td><td>7.6</td></tr><tr><td>May</td><td>134,675</td><td>58,171</td><td>20,932</td><td>9,797</td><td>8,163</td><td>16,561</td><td>10,853</td><td>10,198</td><td>100.0</td><td>43.2</td><td>15.5</td><td>7.3</td><td>6.1</td><td>12.3</td><td>8.1</td><td>7.6</td></tr><tr><td>June</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>July</td><td>140,238</td><td>57,716</td><td>22,491</td><td>11,875</td><td>7,678</td><td>16,561</td><td>12,460</td><td>11,456</td><td>100.0</td><td>41.2</td><td>16.0</td><td>8.5</td><td>5.5</td><td>11.8</td><td>8.9</td><td>8.2</td></tr><tr><td>August</td><td>142,721</td><td>57,716</td><td>23,176</td><td>11,875</td><td>7,703</td><td>17,497</td><td>12,846</td><td>11,907</td><td>100.0</td><td>40.4</td><td>16.2</td><td>8.3</td><td>5.4</td><td>12.3</td><td>9.0</td><td>8.3</td></tr><tr><td>September</td><td>157,053</td><td>65,640</td><td>25,060</td><td>11,596</td><td>8,851</td><td>21,136</td><td>13,054</td><td>11,717</td><td>100.0</td><td>41.8</td><td>16.0</td><td>7.4</td><td>5.6</td><td>13.5</td><td>8.3</td><td>7.5</td></tr><tr><td>October</td><td>163,589</td><td>68,085</td><td>26,667</td><td>11,596</td><td>9,109</td><td>23,199</td><td>13,064</td><td>11,668</td><td>100.0</td><td>41.6</td><td>16.3</td><td>7.1</td><td>5.6</td><td>14.2</td><td>8.0</td><td>7.3</td></tr><tr><td>November</td><td>164,781</td><td>68,136</td><td>27,316</td><td>11,596</td><td>9,278</td><td>23,103</td><td>13,074</td><td>12,278</td><td>100.0</td><td>41.4</td><td>16.6</td><td>7.0</td><td>5.6</td><td>14.0</td><td>7.9</td><td>7.5</td></tr></table>
Source:
Daily Treasury Statements.
Guaranteed Obligations Held by the Treasury
1/
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><td>1934</td><td>3,255</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,255</td><td>-</td></tr><tr><td>1935</td><td>3,655</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,655</td><td>-</td></tr><tr><td>1936</td><td>4,030</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,030</td><td>-</td></tr><tr><td>1937</td><td>3,630</td><td>-</td><td>-</td><td>4</td><td>25</td><td>3,605</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>-</td><td>15</td><td>864</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>20</td><td>243</td><td>*</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>263</td><td>274</td><td>551</td><td>2,534</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>283</td><td>212</td><td>5,033</td><td>57</td></tr><tr><td>1942-November</td><td>4,729</td><td>300</td><td>80</td><td>280</td><td>433</td><td>3,580</td><td>57</td></tr><tr><td>December</td><td>5,201</td><td>450</td><td>49</td><td>280</td><td>411</td><td>3,955</td><td>57</td></tr><tr><td>1943-January</td><td>5,598</td><td>650</td><td>-</td><td>280</td><td>386</td><td>4,226</td><td>57</td></tr><tr><td>February</td><td>5,820</td><td>750</td><td>-</td><td>283</td><td>323</td><td>4,408</td><td>57</td></tr><tr><td>March</td><td>6,142</td><td>850</td><td>-</td><td>283</td><td>298</td><td>4,654</td><td>57</td></tr><tr><td>April</td><td>6,152</td><td>750</td><td>-</td><td>283</td><td>276</td><td>4,787</td><td>57</td></tr><tr><td>May</td><td>6,357</td><td>700</td><td>-</td><td>283</td><td>243</td><td>5,074</td><td>57</td></tr><tr><td>June</td><td>7,535</td><td>1,950</td><td>-</td><td>283</td><td>212</td><td>5,033</td><td>57</td></tr><tr><td>July</td><td>7,063</td><td>700</td><td>-</td><td>283</td><td>173</td><td>5,850</td><td>57</td></tr><tr><td>August</td><td>7,170</td><td>700</td><td>-</td><td>283</td><td>110</td><td>6,021</td><td>57</td></tr><tr><td>September</td><td>7,310</td><td>700</td><td>-</td><td>283</td><td>79</td><td>6,192</td><td>57</td></tr><tr><td>October</td><td>7,477</td><td>700</td><td>-</td><td>283</td><td>36</td><td>6,401</td><td>57</td></tr><tr><td>November</td><td>7,560</td><td>800</td><td>-</td><td>283</td><td>9</td><td>6,411</td><td>57</td></tr></table>
Source:
Daily Treasury Statements.
Less than $500,000.
1/ These securities are not included in preceding statements of guaranteed obligations outstanding.
472
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations
of the United States Government
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></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>32,989</td><td>845</td><td>2.562</td><td>4,728</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>1.851</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1942-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><tr><td>1945-January</td><td>114,301</td><td>2,336</td><td>2.044</td><td>110,024</td><td>2,254</td><td>2.049</td><td>4,277</td><td>82</td><td>1.907</td></tr><tr><td>February</td><td>117,126</td><td>2,383</td><td>2.035</td><td>112,851</td><td>2,302</td><td>2.040</td><td>4,275</td><td>82</td><td>1.908</td></tr><tr><td>March</td><td>118,637</td><td>2,416</td><td>2.037</td><td>114,287</td><td>2,334</td><td>2.042</td><td>4,350</td><td>82</td><td>1.893</td></tr><tr><td>April</td><td>133,006</td><td>2,651</td><td>1.993</td><td>128,643</td><td>2,569</td><td>1.997</td><td>4,363</td><td>82</td><td>1.890</td></tr><tr><td>May</td><td>138,757</td><td>2,763</td><td>1.992</td><td>134,675</td><td>2,683</td><td>1.992</td><td>4,082</td><td>80</td><td>1.970</td></tr><tr><td>June</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>July</td><td>144,020</td><td>2,840</td><td>1.972</td><td>140,238</td><td>2,763</td><td>1.971</td><td>3,782</td><td>77</td><td>2.035</td></tr><tr><td>August</td><td>146,655</td><td>2,881</td><td>1.964</td><td>142,721</td><td>2,802</td><td>1.964</td><td>3,934</td><td>78</td><td>1.995</td></tr><tr><td>September</td><td>161,018</td><td>3,149</td><td>1.956</td><td>157,053</td><td>3,070</td><td>1.955</td><td>3,964</td><td>79</td><td>1.987</td></tr><tr><td>October</td><td>167,701</td><td>3,253</td><td>1.940</td><td>163,589</td><td>3,173</td><td>1.940</td><td>4,113</td><td>80</td><td>1.938</td></tr><tr><td>November</td><td>168,935</td><td>3,283</td><td>1.943</td><td>164,781</td><td>3,203</td><td>1.944</td><td>4,154</td><td>80</td><td>1.928</td></tr></table>
Source:
Daily Treasury Statements
1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes 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 savings bonds. Series A-E are considered to yield 2.90 percent per annum and Series F is considered to yield 2.53 percent.
2
Guaranteed securities sold directly to the Treasury, and securities guaranteed as to interest only, are not included in this table.
35
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States
As of November 30, 1943
(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>Treasury bills</td><td>5,036</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>7/8% Ctf. of indent. E - 12/1/43</td><td>3,800</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></td><td>Total</td><td>9,257</td><td></td><td></td><td>9,257</td><td>9,257</td></tr><tr><td>1944.......</td><td>Treasury bills</td><td>8,038</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>1-3/8% FFHA note B - 2/1/44</td><td>114</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>7/8% Ctf. of indent. A - 2/1/44</td><td>2,211</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1% Treasury note E - 3/15/44</td><td>515</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>3-1/4% FFMC bond</td><td></td><td>95</td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>7/8% Ctf. of indent. B - 4/1/44</td><td>5,251</td><td></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</td><td></td><td>1,519</td><td></td><td></td><td></td></tr><tr><td>May.</td><td>7/8% Ctf. of indent. C - 5/1/44</td><td>1,655</td><td></td><td></td><td></td><td></td></tr><tr><td>May.</td><td>3% HOLC bond</td><td></td><td>779</td><td></td><td></td><td></td></tr><tr><td>May.</td><td>3% FFMC bond</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>Aug.</td><td>7/8% Ctf. of indent. D - 8/1/44</td><td>2,545</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>7/8% Ctf. of indent. E - 9/1/44</td><td>4,122</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 - 9/15/44</td><td>635</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>7/8% Ctf. of indent. F - 10/1/44</td><td>3,519</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>4% Treasury bond</td><td></td><td>1,037</td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>29,875</td><td>4,264</td><td></td><td>34,139</td><td>29,875</td></tr><tr><td>1945-Jan....</td><td>1% RFC note X-A - 1/1/45</td><td>215</td><td></td><td></td><td></td><td></td></tr><tr><td>Jan.</td><td>1% RFC note X-B - 1/1/45</td><td>161</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>1-1/8% CCC note G - 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 M - 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</td><td></td><td>1,214</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond</td><td>541</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3/4% Treasury note B - 12/15/45</td><td>531</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>4,183</td><td>1,969</td><td></td><td>6,153</td><td>4,183</td></tr><tr><td>1946-Jan....</td><td>3% Conversion bond</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</td><td></td><td>489</td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>3-1/4% Treasury bond</td><td></td><td></td><td>1,519</td><td></td><td></td></tr><tr><td>June.</td><td>3% Treasury bond</td><td></td><td>1,036</td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3-1/8% Treasury bond</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></td><td>Total</td><td>3,779</td><td>2,344</td><td>1,519</td><td>6,123</td><td>5,298</td></tr><tr><td>1947-Jan....</td><td>3% Conversion bond</td><td>13</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>1-1/2% HOLC bond M - 6/1/45-47</td><td></td><td></td><td>755</td><td></td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond</td><td></td><td></td><td>1,214</td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/2% Treasury note A - 9/15/47</td><td>2,707</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond</td><td></td><td>759</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond</td><td>701</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>3,421</td><td>759</td><td>1,969</td><td>4,180</td><td>5,391</td></tr><tr><td>1948-Mar....</td><td>2% Treasury bond</td><td></td><td></td><td>1,115</td><td></td><td></td></tr><tr><td>Mar.</td><td>2-3/4% Treasury bond</td><td></td><td></td><td>1,223</td><td></td><td></td></tr><tr><td>June.</td><td>3% Treasury bond</td><td></td><td></td><td>1,036</td><td></td><td></td></tr><tr><td>June.</td><td>1-3/4% Treasury bond</td><td>3,062</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond</td><td>451</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond</td><td></td><td>571</td><td></td><td></td><td></td></tr><tr><td></td><td>Total</td><td>3,513</td><td>2,910</td><td>1,036</td><td>6,423</td><td>4,549</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 November 30, 1943 - (Continued)
(in millions of dollars)
<table><tr><th>Year and month</th><th colspan="2">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></th><th>Fixed maturity issues</th><th>Callable issues classified by year of first call</th><th>Final maturity</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><td>1949-May....</td><td>1/3 TMC bond</td><td>- 5/15/49-49</td><td></td><td></td><td>835</td><td></td><td></td></tr><tr><td>June....</td><td>3-1/6 Treasury bond</td><td>- 6/15/46-49</td><td></td><td>1,014</td><td>819</td><td></td><td></td></tr><tr><td>June....</td><td>3/4 Treasury bond</td><td>- 6/15/49-51</td><td></td><td>1,292</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2/4 Treasury bond</td><td>- 9/15/49-51</td><td></td><td>1,786</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>3-1/3 Treasury bond</td><td>- 12/15/49-52</td><td></td><td>2,098</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></td><td></td><td>6,682</td><td>1,654</td></tr><tr><td>Dec....</td><td>2/4 Treasury bond</td><td>- 12/15/49-51</td><td></td><td>6,632</td><td>1,654</td><td></td><td></td></tr><tr><td>Total.....</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1950-Mar....</td><td>2/4 Treasury bond</td><td>- 3/15/48-50</td><td></td><td></td><td>1,115</td><td></td><td></td></tr><tr><td>Mar....</td><td>2/4 Treasury bond</td><td>- 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</td><td>- 9/15/50-52</td><td></td><td>1,186</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2/4 Treasury bond</td><td>- 9/15/50-52</td><td></td><td>4,939</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2/4 Treasury bond</td><td>- 12/15/48-50</td><td></td><td></td><td>571</td><td></td><td></td></tr><tr><td>Total.....</td><td></td><td></td><td></td><td>8,088</td><td>1,687</td><td>8,088</td><td>1,687</td></tr><tr><td>1951-Mar....</td><td>2-3/4 Treasury bond</td><td>- 3/15/48-51</td><td></td><td></td><td>1,223</td><td></td><td></td></tr><tr><td>June....</td><td>2/4 Treasury bond</td><td>- 6/15/49-51</td><td></td><td>1,627</td><td>1,014</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></td><td>1,292</td><td></td><td></td></tr><tr><td>Sept....</td><td>2/4 Treasury bond</td><td>- 9/15/49-51</td><td></td><td>7,983</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2/4 Treasury bond</td><td>- 9/15/51-53</td><td></td><td>755</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></td><td>1,115</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2/4 Treasury bond</td><td>- 12/15/51-55</td><td></td><td>510</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2/4 Treasury bond</td><td>- 12/15/49-51</td><td></td><td></td><td>2,098</td><td></td><td></td></tr><tr><td>Total.....</td><td></td><td></td><td></td><td>11,994</td><td>5,628</td><td>11,994</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></td><td>1,024</td><td></td><td></td><td></td></tr><tr><td>Mar....</td><td>2/4 Treasury bond</td><td>- 3/15/50-52</td><td></td><td></td><td>1,963</td><td></td><td></td></tr><tr><td>May....</td><td>3/4 HOLC bond</td><td>- 5/1/44-52</td><td></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></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>4,939</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2/4 Treasury bond</td><td>- 9/15/50-52</td><td></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></td><td>491</td><td></td><td></td></tr><tr><td>Dec....</td><td>3-1/3 Treasury bond</td><td>- 12/15/49-52</td><td></td><td>2,524</td><td></td><td>2,524</td><td>10,117</td></tr><tr><td>Total.....</td><td></td><td></td><td></td><td></td><td>10,117</td><td></td><td></td></tr><tr><td>1953-June....</td><td>2/4 Treasury bond</td><td>- 6/15/53-55</td><td></td><td>725</td><td></td><td></td><td></td></tr><tr><td>Sept....</td><td>2/4 Treasury bond</td><td>- 9/15/51-53</td><td></td><td></td><td>1,983</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></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></td><td>1,118</td><td></td><td></td></tr><tr><td>Total.....</td><td></td><td></td><td></td><td>725</td><td>10,887</td><td>725</td><td>10,887</td></tr><tr><td>1954-Mar....</td><td>2-1/2 Treasury bond</td><td>- 3/15/52-54</td><td></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></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></td><td>1,037</td><td></td><td></td></tr><tr><td>Dec....</td><td>1/4 Treasury bond</td><td>- 12/15/44-54</td><td></td><td></td><td></td><td>681</td><td>3,687</td></tr><tr><td>Total.....</td><td></td><td></td><td></td><td>681</td><td>3,687</td><td></td><td></td></tr><tr><td>1955-Mar....</td><td>2-7/8 Treasury bond</td><td>- 3/15/55-60</td><td></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></td><td>1,501</td><td></td><td></td></tr><tr><td>June....</td><td>2/4 Treasury bond</td><td>- 6/15/53-55</td><td></td><td></td><td>725</td><td></td><td></td></tr><tr><td>Sept....</td><td>2/4 Treasury bond</td><td>- 9/15/51-55</td><td></td><td></td><td>755</td><td></td><td></td></tr><tr><td>Dec....</td><td>2/4 Treasury bond</td><td>- 12/15/51-55</td><td></td><td></td><td>510</td><td></td><td></td></tr><tr><td>Total.....</td><td></td><td></td><td></td><td>2,611</td><td>3,491</td><td>2,611</td><td>3,491</td></tr></table>
(Continued on following page)
37
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued or Guaranteed by the United States 1/ As of November 30, 1943 - (Continued)
(in millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><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>1956-Mar.</td><td>3-3/4% Treasury bond</td><td>- 3/15/46-56</td><td></td><td>1,449</td><td>489</td><td></td></tr><tr><td>Mar.</td><td>2-1/2% Treasury bond</td><td>- 3/15/56-58</td><td></td><td></td><td>681</td><td></td></tr><tr><td>June.</td><td>2-1/4% Treasury bond</td><td>- 6/15/54-56</td><td></td><td></td><td></td><td></td></tr><tr><td>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></td><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><td></td></tr><tr><td>1958-Mar.</td><td>2-1/2% Treasury bond</td><td>- 3/15/56-58</td><td></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>919</td><td></td><td>919</td><td>1,449</td></tr><tr><td></td><td>Total</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>982</td></tr><tr><td>1960-Mar.</td><td>2-7/8% Treasury bond</td><td>- 3/15/55-60</td><td></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>1,485</td><td></td><td>1,485</td><td>2,611</td></tr><tr><td></td><td>Total</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></td><td>2,118</td><td></td><td>2,118</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>919</td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond</td><td>- 12/15/63-68</td><td>2,831</td><td></td><td>2,831</td><td>919</td></tr><tr><td></td><td>Total</td><td></td><td>2,831</td><td>919</td><td>2,831</td><td>919</td></tr><tr><td>1964-Mar.</td><td>3-1/4% TMC bond</td><td>- 3/15/44-62</td><td></td><td>95</td><td></td><td></td></tr><tr><td>June.</td><td>2-1/2% Treasury bond</td><td>- 6/15/64-69</td><td>3,762</td><td></td><td>3,762</td><td>95</td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond</td><td>- 12/15/64-69</td><td>3,837</td><td></td><td>3,837</td><td>95</td></tr><tr><td></td><td>Total</td><td></td><td>7,599</td><td>95</td><td>7,599</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></td><td>Total</td><td></td><td>2,716</td><td>2,118</td><td>2,716</td><td>2,118</td></tr><tr><td>1968-Dec.</td><td>2-1/2% Treasury bond</td><td>- 12/15/63-68</td><td></td><td>2,831</td><td></td><td>2,831</td></tr><tr><td>1969-June.</td><td>2-1/2% Treasury bond</td><td>- 6/15/64-69</td><td></td><td>3,762</td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond</td><td>- 12/15/64-69</td><td></td><td>3,837</td><td></td><td>7,599</td></tr><tr><td></td><td>Total</td><td></td><td></td><td>7,599</td><td></td><td>7,599</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>
1/ Daily Treasury Statement, and reports to the Treasury. 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.
38
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness 1/
Since January 1, 1940
(in millions of dollars)
<table><tr><th>Date of announcement</th><th>Date of financing</th><th colspan="5">Description of new Treasury security 2/</th><th colspan="4">Amount issued</th><th>Public cash subscriptions tendered</th><th colspan="4">Description of security refunded</th></tr><tr><th></th><th></th><th>Date of issue</th><th>Coupon rate (percent)</th><th>Call and maturity date</th><th colspan="2">Term</th><th>Total</th><th colspan="2">For Cash</th><th>For exchange</th><th></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>Notes</th><th>Booda</th><th>Ir. Mos</th><th>To call</th><th>Ir. Mos</th><th>Public account</th><th>Government</th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td colspan="15">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>718</td><td>-</td><td>718</td><td>-</td><td>Treasury 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>279</td><td>-</td><td>279</td><td>-</td><td>Treasury 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>6/15/51-56</td><td>13 10-3/4</td><td>15 10-3/4</td><td>681</td><td>631</td><td>50</td><td>725</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>2</td><td>-</td><td>6/15/53-55</td><td>12 8-1/4</td><td>14 8-1/4</td><td>725</td><td>-</td><td>-</td><td>-</td><td>Treasury 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</td><td>T</td><td>12/15/45</td><td>-</td><td>5</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="15">Offerings in 1941</td></tr><tr><td>1/23</td><td>1/31</td><td>1/31/41</td><td>3/4</td><td>T</td><td>9 15/43</td><td>-</td><td>3 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</td><td>T</td><td>3/15/43</td><td>-</td><td>2</td><td>32</td><td>-</td><td>28</td><td>-</td><td>Treasury note</td><td>3-3/8</td><td>3/15/41-43</td><td>3/16/31</td></tr><tr><td>3/19</td><td>3/31</td><td>3/15/41</td><td>3/4</td><td>T</td><td>3/15/43</td><td>-</td><td>2</td><td>33</td><td>-</td><td>33</td><td>-</td><td>Treasury note</td><td>1-1/2</td><td>3/15/41-43</td><td>3/16/36</td></tr><tr><td>5/22</td><td>6/2</td><td>3/15/41</td><td>3/4</td><td>T</td><td>3/15/52-54</td><td>10 11-1/2</td><td>12 11-1/2</td><td>1.024</td><td>526</td><td>50</td><td>447</td><td>6.145</td><td>Treasury 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>2-1/2T</td><td>-</td><td>3/15/56-58</td><td>14 9-1/2</td><td>16 9-1/2</td><td>1.449</td><td>662</td><td>-</td><td>787</td><td>8.268</td><td>Treasury 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>2-1/2T</td><td>1</td><td>9/15/67-72</td><td>25 10-3/4</td><td>30 10-3/4</td><td>1.596</td><td>1.307</td><td>100</td><td>189</td><td>10.416</td><td>Treasury 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>2</td><td>T</td><td>12/15/46</td><td>-</td><td>4 4-1/2</td><td>503</td><td>-</td><td>299.5/</td><td>203.5/</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>10/20/41</td><td>2-1/2T</td><td>2</td><td>9/15/67-72</td><td>25 10-3/4</td><td>30 10-3/4</td><td>1.120</td><td>1.070</td><td>50</td><td>-</td><td>4.728</td><td>CCC note</td><td>1</td><td>11/15/41</td><td>11/2/39</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>6.979</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="15">Offerings in 1942</td></tr><tr><td>1/11</td><td>1/15</td><td>1/15/42</td><td>2</td><td>T</td><td>6/15/49-51</td><td>7 5</td><td>9 5</td><td>1.014</td><td>-</td><td>406</td><td>-</td><td>Treasury note</td><td>1-3/4</td><td>3/15/42</td><td>6/15/37</td></tr><tr><td>2/13</td><td>2/25</td><td>2/25/42</td><td>2-1/4T</td><td>1/2</td><td>6/15/52-55</td><td>10 3-2/3</td><td>13 3-2/3</td><td>1.511</td><td>1.511</td><td>308.5/</td><td>-</td><td>RFC note</td><td>7/8</td><td>1/15/42</td><td>2/15/39</td></tr><tr><td>4/6</td><td>4/15</td><td>4/15/42</td><td>2-1/2T</td><td>1/6</td><td>11/1/42</td><td>-</td><td>6-1/2</td><td>1.507</td><td>1.507</td><td>205.5/</td><td>-</td><td>PTMC bond</td><td>3</td><td>1/15/42-47</td><td>1/15/35</td></tr><tr><td>5/4</td><td>5/5</td><td>5/5/42</td><td>2-1/2T</td><td>-</td><td>6/15/62-67</td><td>20 1-1/3</td><td>25 1-1/3</td><td>882</td><td>882</td><td>-</td><td>3.062</td><td>PTMC bond</td><td>2-3/4</td><td>3/1/42-47</td><td>3/1/35</td></tr><tr><td>5/4</td><td>5/15</td><td>5/15/42</td><td>2</td><td>T</td><td>9/15/49-51</td><td>7 4</td><td>9 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>5/25</td><td>6/5</td><td>6/5/42</td><td>1-1/2T</td><td>-</td><td>12/15/46</td><td>-</td><td>4 6-1/3</td><td>1.118</td><td>-</td><td>846</td><td>-</td><td>HOLC bond</td><td>2-1/4</td><td>7/1/42-44</td><td>7/1/35</td></tr><tr><td>6/18</td><td>6/25</td><td>6/25/42</td><td>5/8</td><td>T6/</td><td>2/1/43</td><td>7 5</td><td>9 5</td><td>1.588</td><td>1.588</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>7/8</td><td>7/15</td><td>7/15/42</td><td>2</td><td>T</td><td>12/15/49-51</td><td>7 5</td><td>9 5</td><td>2.098</td><td>2.098</td><td>-</td><td>3.114</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>8/3</td><td>8/3</td><td>8/3/42</td><td>2-1/2T</td><td>7/8</td><td>8/1/43</td><td>20 1-1/3</td><td>25 1-1/3</td><td>1.236</td><td>1.236</td><td>-</td><td>1.849</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>1.65</td><td>T6/</td><td>5/1/43</td><td>-</td><td>11-1/2</td><td>1.609</td><td>1.609</td><td>-</td><td>3.273</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>1-1/4T</td><td>-</td><td>3/15/45</td><td>-</td><td>7-1/3</td><td>1.506</td><td>1.506</td><td>-</td><td>1.992</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>10/8</td><td>10/15</td><td>6/15/42</td><td>1-1/2T</td><td>-</td><td>12/15/46</td><td>-</td><td>4 6-1/3</td><td>2.142</td><td>2.142</td><td>-</td><td>3.637</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>3/15/50-52</td><td>7 5</td><td>9 5</td><td>1.963</td><td>1.963</td><td>-</td><td>2.142</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</td><td>T6/</td><td>11/1/43</td><td>-</td><td>1</td><td>2.035</td><td>2.035</td><td>-</td><td>1.963</td><td>Cit. of ind debtdnees</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>2-1/2T</td><td>1-3/4T</td><td>12/15/63-68</td><td>21 1/2</td><td>26 1/2</td><td>2.831</td><td>2.831</td><td>-</td><td>2.831</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>1-3/4T</td><td>7/8</td><td>12/1/43</td><td>-</td><td>5 6-1/2</td><td>3.062</td><td>3.062</td><td>-</td><td>3.364</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td></td><td>12/1/42</td><td>7/8</td><td>T6/</td><td>12/1/43</td><td>-</td><td>1</td><td>3.800</td><td>3.800</td><td>-</td><td>5.184</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="15">Offerings in 1943</td></tr><tr><td>1/21</td><td>2/1</td><td>2/1/43</td><td>7/8</td><td>T6/</td><td>2/1/44</td><td>-</td><td>1</td><td>2.211</td><td>2.211</td><td>-</td><td>6.402</td><td>Cit. of ind debtdnees</td><td>5/8</td><td>2/1/43</td><td>6/25/42</td></tr><tr><td>4/12</td><td>4/15</td><td>4/15/43</td><td>2</td><td>T</td><td>9/15/50-52</td><td>7 5</td><td>9 5</td><td>4.939</td><td>4.939</td><td>-</td><td>12.757</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>4/12</td><td>4/15</td><td>4/15/43</td><td>2-1/2T</td><td>7/8</td><td>6/15/64-69</td><td>21 2</td><td>26 2</td><td>3.762</td><td>3.762</td><td>-</td><td>3.762</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>4/19</td><td>5/1</td><td>5/1/43</td><td>7/8</td><td>T6/</td><td>5/1/44</td><td>-</td><td>1</td><td>1.655</td><td>-</td><td>1.3735/</td><td>-</td><td>Cit. of ind debtdnees</td><td>.65</td><td>5/1/43</td><td>9/21/42</td></tr><tr><td>6/28</td><td>7/12</td><td>7/12/43</td><td>1-1/2T</td><td>1</td><td>9/15/47</td><td>-</td><td>4 2</td><td>2.707</td><td>2.707</td><td>19.544</td><td>-</td><td>CCC note</td><td>3/4</td><td>5/1/41</td><td>8/1/40</td></tr><tr><td>7/22</td><td>8/2</td><td>8/2/43</td><td>7/8</td><td>T6/</td><td>8/1/44</td><td>-</td><td>1</td><td>2.545</td><td>989</td><td>1.556</td><td>5.484</td><td>Cit. of ind debtdnees</td><td>7/8</td><td>8/1/43</td><td>8/15/43</td></tr><tr><td>9/9</td><td>9/15</td><td>9/15/43</td><td>2-1/2T</td><td>2</td><td>12/15/64-69</td><td>21 3</td><td>26 3</td><td>3.778p</td><td>3.778p</td><td>3.778p</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>9/9</td><td>9/15</td><td>9/15/43</td><td>7/6</td><td>T6/</td><td>9/1/44</td><td>8</td><td>10</td><td>5.261p</td><td>5.261p</td><td>5.261p</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>10/6</td><td>10/15</td><td>10/15/43</td><td>1-1/2T</td><td>2</td><td>10/1/44</td><td>-</td><td>11-1/2</td><td>4.122p</td><td>4.122p</td><td>4.122p</td><td>-</td><td>Cit. of ind debtdnees</td><td>7/8</td><td>11/1/43</td><td>11/2/42</td></tr><tr><td>10/6</td><td>10/15</td><td>9/15/43</td><td>2-1/2T</td><td>2</td><td>12/15/64-69</td><td>21 3</td><td>26 3</td><td>59p</td><td>1.627p</td><td>59 p</td><td>-</td><td>Treasury bond</td><td>3-1/4</td><td>10/15/43-45</td><td>10/15/33</td></tr><tr><td>11/22</td><td>12/1</td><td>12/1/43</td><td>7/8</td><td>T6/</td><td>12/1/44</td><td>-</td><td>1</td><td>3.540p</td><td>1.627p</td><td>3.540 p</td><td>-</td><td>Cit. of ind debtdnees</td><td>7/8</td><td>12/1/43</td><td>12/1/42</td></tr></table>
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 par of security already outstanding.
5/ Proceeds of payment of refunded security applied to payment for new issues - to effect an exchange and so treated in this statement.
6/ Certificates of Indebtedness.
7/ Issued primarily for refunding maturing security.
Back figures: For period between July 1, 1932 and December 31, 1939 see Annual Report of the Secretary of the Treasury for 1940, pp. 51-54. Taxable issues. Prellsbery. 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.
39
Offerings and Maturities of Treasury Bills
Table i.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="4">Description of new issue</th><th colspan="3">Amount of bids accepted</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th></tr><tr><td>1942-Nov. 4.</td><td>1943-Feb. 3.</td><td>91</td><td>905.7</td><td>500.1</td><td>500.1</td><td>.....</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</td><td>501.4</td><td>.....</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>501.5</td><td>.....</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>501.2</td><td>.....</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>503.2</td><td>.....</td><td>350.9</td><td>5,873.8</td></tr><tr><td>Dec. 9.</td><td>Mar. 10.</td><td>91</td><td>1,222.9</td><td>504.8</td><td>504.8</td><td>.....</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>600.8</td><td>.....</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>601.1</td><td>.....</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>603.0</td><td>.....</td><td>401.1</td><td>6,627.5</td></tr><tr><td>1943-Jan. 6.</td><td>Apr. 7.</td><td>91</td><td>1,242.6</td><td>600.1</td><td>600.1</td><td>.....</td><td>400.2</td><td>6,827.4</td></tr><tr><td>Jan. 13.</td><td>Apr. 14.</td><td>91</td><td>1,228.7</td><td>601.5</td><td>601.5</td><td>.....</td><td>400.4</td><td>7,028.5</td></tr><tr><td>Jan. 20.</td><td>Apr. 21.</td><td>91</td><td>1,306.7</td><td>701.5</td><td>701.5</td><td>.....</td><td>505.1</td><td>7,225.0</td></tr><tr><td>Jan. 27.</td><td>Apr. 28.</td><td>91</td><td>1,016.7</td><td>702.2</td><td>702.2</td><td>.....</td><td>504.6</td><td>7,422.7</td></tr><tr><td>Feb. 3.</td><td>May 5.</td><td>91</td><td>1,301.8</td><td>701.9</td><td>701.9</td><td>.....</td><td>500.1</td><td>7,624.4</td></tr><tr><td>Feb. 10.</td><td>May 12.</td><td>91</td><td>1,044.9</td><td>707.8</td><td>707.8</td><td>.....</td><td>501.4</td><td>7,830.8</td></tr><tr><td>Feb. 17.</td><td>May 19.</td><td>91</td><td>1,114.2</td><td>703.0</td><td>703.0</td><td>.....</td><td>501.5</td><td>8,032.4</td></tr><tr><td>Feb. 24.</td><td>May 26.</td><td>91</td><td>1,054.7</td><td>700.8</td><td>700.8</td><td>.....</td><td>501.2</td><td>8,231.9</td></tr><tr><td>Mar. 3.</td><td>June 2.</td><td>91</td><td>1,394.5</td><td>701.3</td><td>701.3</td><td>.....</td><td>503.2</td><td>8,430.0</td></tr><tr><td>Mar. 10.</td><td>June 9.</td><td>91</td><td>1,382.3</td><td>705.3</td><td>705.3</td><td>.....</td><td>504.8</td><td>8,630.4</td></tr><tr><td>Mar. 17.</td><td>June 16.</td><td>91</td><td>1,302.7</td><td>802.2</td><td>802.2</td><td>.....</td><td>600.8</td><td>8,831.8</td></tr><tr><td>Mar. 24.</td><td>June 23.</td><td>91</td><td>1,329.9</td><td>802.1</td><td>802.1</td><td>.....</td><td>601.1</td><td>9,032.7</td></tr><tr><td>Mar. 31.</td><td>June 30.</td><td>91</td><td>1,101.1</td><td>805.1</td><td>805.1</td><td>.....</td><td>603.0</td><td>9,234.4</td></tr><tr><td>Apr. 7.</td><td>July 7.</td><td>91</td><td>1,104.1</td><td>804.7</td><td>804.7</td><td>.....</td><td>600.1</td><td>9,439.4</td></tr><tr><td>Apr. 14.</td><td>July 14.</td><td>91</td><td>1,359.6</td><td>804.0</td><td>804.0</td><td>.....</td><td>601.5</td><td>9,641.9</td></tr><tr><td>Apr. 21.</td><td>July 21.</td><td>91</td><td>1,622.3</td><td>904.7</td><td>904.7</td><td>.....</td><td>701.5</td><td>9,845.0</td></tr><tr><td>Apr. 28.</td><td>July 28.</td><td>91</td><td>1,585.8</td><td>901.8</td><td>901.8</td><td>.....</td><td>702.2</td><td>10,044.4</td></tr><tr><td>May 5.</td><td>Aug. 4.</td><td>91</td><td>1,388.6</td><td>901.8</td><td>901.8</td><td>.....</td><td>701.9</td><td>10,244.5</td></tr><tr><td>May 12.</td><td>Aug. 12.</td><td>92</td><td>1,509.3</td><td>907.0</td><td>826.4</td><td>80.6</td><td>707.8</td><td>10,443.6</td></tr><tr><td>May 19.</td><td>Aug. 19.</td><td>92</td><td>1,566.7</td><td>907.8</td><td>814.3</td><td>93.5</td><td>703.0</td><td>10,648.4</td></tr><tr><td>May 26.</td><td>Aug. 26.</td><td>92</td><td>1,378.7</td><td>905.4</td><td>823.0</td><td>82.5</td><td>700.8</td><td>10,852.9</td></tr><tr><td>June 2.</td><td>Sept. 2.</td><td>92</td><td>1,321.6</td><td>906.0</td><td>843.7</td><td>62.3</td><td>701.3</td><td>11,057.7</td></tr><tr><td>June 9.</td><td>Sept. 9.</td><td>92</td><td>1,437.2</td><td>908.7</td><td>820.5</td><td>88.1</td><td>705.3</td><td>11,261.1</td></tr><tr><td>June 16.</td><td>Sept. 16.</td><td>92</td><td>1,405.5</td><td>1,000.5</td><td>921.3</td><td>79.2</td><td>802.2</td><td>11,459.4</td></tr><tr><td>June 23.</td><td>Sept. 23.</td><td>92</td><td>1,374.6</td><td>1,006.1</td><td>934.1</td><td>71.9</td><td>802.1</td><td>11,663.4</td></tr><tr><td>June 30.</td><td>Sept. 30.</td><td>92</td><td>1,305.8</td><td>1,005.8</td><td>947.4</td><td>58.4</td><td>805.1</td><td>11,863.9</td></tr><tr><td>July 7.</td><td>Oct. 7.</td><td>92</td><td>1,176.4</td><td>1,003.1</td><td>962.5</td><td>40.6</td><td>804.7</td><td>12,062.5</td></tr><tr><td>July 14.</td><td>Oct. 14.</td><td>92</td><td>1,345.5</td><td>1,001.2</td><td>932.8</td><td>68.4</td><td>804.0</td><td>12,259.7</td></tr><tr><td>July 21.</td><td>Oct. 21.</td><td>92</td><td>1,520.3</td><td>1,003.7</td><td>933.0</td><td>70.7</td><td>904.7</td><td>12,358.7</td></tr><tr><td>July 28.</td><td>Oct. 28.</td><td>92</td><td>1,373.8</td><td>1,002.8</td><td>954.0</td><td>48.8</td><td>901.8</td><td>12,459.8</td></tr><tr><td>Aug. 4.</td><td>Nov. 4.</td><td>92</td><td>1,408.9</td><td>1,005.8</td><td>948.5</td><td>57.4</td><td>901.8</td><td>12,563.8</td></tr><tr><td>Aug. 12.</td><td>Nov. 12.</td><td>92</td><td>1,419.0</td><td>994.7</td><td>932.2</td><td>62.5</td><td>907.0</td><td>12,651.5</td></tr><tr><td>Aug. 19.</td><td>Nov. 18.</td><td>91</td><td>1,420.5</td><td>1,005.3</td><td>929.4</td><td>75.9</td><td>907.8</td><td>12,749.0</td></tr><tr><td>Aug. 26.</td><td>Nov. 26.</td><td>92</td><td>1,277.9</td><td>1,002.3</td><td>934.0</td><td>68.3</td><td>905.4</td><td>12,846.0</td></tr><tr><td>Sept. 2.</td><td>Dec. 2.</td><td>91</td><td>1,177.6</td><td>1,001.8</td><td>942.3</td><td>59.5</td><td>906.0</td><td>12,941.8</td></tr><tr><td>Sept. 9.</td><td>Dec. 9.</td><td>91</td><td>1,281.2</td><td>1,004.9</td><td>950.4</td><td>54.5</td><td>908.7</td><td>13,038.0</td></tr><tr><td>Sept. 16.</td><td>Dec. 16.</td><td>91</td><td>1,535.6</td><td>1,008.6</td><td>932.2</td><td>76.4</td><td>1,000.5</td><td>13,046.2</td></tr><tr><td>Sept. 23.</td><td>Dec. 23.</td><td>91</td><td>1,498.8</td><td>1,017.7</td><td>940.5</td><td>77.3</td><td>1,006.1</td><td>13,057.8</td></tr><tr><td>Sept. 30.</td><td>Dec. 30.</td><td>91</td><td>1,337.7</td><td>1,003.0</td><td>943.2</td><td>59.8</td><td>1,005.8</td><td>13,054.1</td></tr><tr><td>Oct. 7.</td><td>1944-Jan. 6.</td><td>91</td><td>1,239.5</td><td>1,006.9</td><td>955.1</td><td>51.9</td><td>1,003.1</td><td>13,058.9</td></tr><tr><td>Oct. 14.</td><td>Jan. 13.</td><td>91</td><td>1,184.8</td><td>1,004.7</td><td>951.3</td><td>53.4</td><td>1,001.2</td><td>13,062.4</td></tr><tr><td>Oct. 21.</td><td>Jan. 20.</td><td>91</td><td>1,413.9</td><td>1,000.8</td><td>928.9</td><td>71.8</td><td>1,003.7</td><td>13,059.5</td></tr><tr><td>Oct. 28.</td><td>Jan. 27.</td><td>91</td><td>1,286.5</td><td>1,008.1</td><td>940.3</td><td>67.8</td><td>1,002.8</td><td>13,064.4</td></tr><tr><td>Nov. 4.</td><td>Feb. 3.</td><td>91</td><td>1,142.7</td><td>1,002.6</td><td>934.8</td><td>67.8</td><td>1,005.8</td><td>13,061.5</td></tr><tr><td>Nov. 12.</td><td>Feb. 10.</td><td>90</td><td>1,247.1</td><td>1,004.7</td><td>929.1</td><td>75.6</td><td>994.7</td><td>13,071.5</td></tr><tr><td>Nov. 18.</td><td>Feb. 17.</td><td>91</td><td>1,221.6</td><td>1,001.3</td><td>927.3</td><td>74.0</td><td>1,005.3</td><td>13,067.5</td></tr><tr><td>Nov. 26.</td><td>Feb. 24.</td><td>90</td><td>1,621.6</td><td>1,008.7</td><td>930.5</td><td>78.1</td><td>1,002.3</td><td>13,073.8</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issues and total bills outstanding are on Daily Treasury Statement basis. Back Figures: Annual Reports of the Secretary of the Treasury.
1/ Commencing with the offering of Treasury bills dated May 12, 1943, tenders for bills in the amount of $100,000 or less from any one bidder have been accepted in full at a fixed price of 99.905 per hundred.
40
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1942-Nov. 4</td><td>99.906</td><td>0.373</td><td>99.922</td><td>0.309</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 12</td><td>99.907</td><td>0.373</td><td>99.925</td><td>0.300</td><td>99.906</td><td>0.376</td></tr><tr><td>Nov. 15</td><td>99.906</td><td>0.371</td><td>99.925</td><td>0.297</td><td>99.906</td><td>0.372</td></tr><tr><td>Nov. 25</td><td>99.907</td><td>0.370</td><td>99.925</td><td>0.297</td><td>99.906</td><td>0.372</td></tr><tr><td>Dec. 2</td><td>99.907</td><td>0.368</td><td>99.925</td><td>0.297</td><td>99.906</td><td>0.372</td></tr><tr><td>Dec. 9</td><td>99.907</td><td>0.367</td><td>99.925</td><td>0.297</td><td>99.907</td><td>0.368</td></tr><tr><td>Dec. 16</td><td>99.908</td><td>0.364</td><td>99.926 2/</td><td>0.293</td><td>99.907</td><td>0.368</td></tr><tr><td>Dec. 23</td><td>99.908</td><td>0.363</td><td>99.926</td><td>0.293</td><td>99.908</td><td>0.364</td></tr><tr><td>Dec. 30</td><td>99.908</td><td>0.365</td><td>99.975</td><td>0.099</td><td>99.905</td><td>0.376</td></tr><tr><td>1943-Jan. 6</td><td>99.910</td><td>0.357</td><td>99.925 3/</td><td>0.297</td><td>99.907</td><td>0.368</td></tr><tr><td>Jan. 13</td><td>99.908</td><td>0.363</td><td>99.930</td><td>0.277</td><td>99.907</td><td>0.368</td></tr><tr><td>Jan. 20</td><td>99.907</td><td>0.366</td><td>99.940</td><td>0.237</td><td>99.906</td><td>0.372</td></tr><tr><td>Jan. 27</td><td>99.906</td><td>0.370</td><td>99.940</td><td>0.237</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 3</td><td>99.907</td><td>0.369</td><td>99.925</td><td>0.297</td><td>99.906</td><td>0.372</td></tr><tr><td>Feb. 10</td><td>99.906</td><td>0.372</td><td>99.940</td><td>0.237</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 17</td><td>99.906</td><td>0.373</td><td>99.935</td><td>0.257</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 24</td><td>99.906</td><td>0.374</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 3</td><td>99.907</td><td>0.369</td><td>99.930</td><td>0.277</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 10</td><td>99.906</td><td>0.371</td><td>99.930</td><td>0.277</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 17</td><td>99.906</td><td>0.373</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 24</td><td>99.906</td><td>0.373</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 31</td><td>99.906</td><td>0.374</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 7</td><td>99.905</td><td>0.374</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 14</td><td>99.906</td><td>0.373</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 21</td><td>99.906</td><td>0.371</td><td>99.935</td><td>0.257</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 28</td><td>99.906</td><td>0.372</td><td>99.935</td><td>0.257</td><td>99.905</td><td>0.376</td></tr><tr><td>May 5</td><td>99.906</td><td>0.373</td><td>99.935</td><td>0.257</td><td>99.905</td><td>0.376</td></tr><tr><td>May 12</td><td>99.905</td><td>0.372</td><td>99.912</td><td>0.311</td><td>99.904</td><td>0.376</td></tr><tr><td>May 19</td><td>99.905</td><td>0.373</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>May 26</td><td>99.905</td><td>0.373</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>June 2</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>June 9</td><td>99.904</td><td>0.374</td><td>99.913</td><td>0.340</td><td>99.904</td><td>0.376</td></tr><tr><td>June 16</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>June 23</td><td>99.904</td><td>0.374</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>June 30</td><td>99.904</td><td>0.374</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>July 7</td><td>99.904</td><td>0.375</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>July 14</td><td>99.904</td><td>0.374</td><td>99.925</td><td>0.293</td><td>99.904</td><td>0.376</td></tr><tr><td>July 21</td><td>99.905</td><td>0.374</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>July 28</td><td>99.904</td><td>0.374</td><td>99.910</td><td>0.352</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 4</td><td>99.904</td><td>0.374</td><td>99.909</td><td>0.356</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 12</td><td>99.904</td><td>0.374</td><td>99.912</td><td>0.344</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 19</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 26</td><td>99.904</td><td>0.374</td><td>99.911</td><td>0.348</td><td>99.904</td><td>0.376</td></tr><tr><td>Sept. 2</td><td>99.905</td><td>0.375</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 9</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 16</td><td>99.905</td><td>0.374</td><td>99.911</td><td>0.352</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 23</td><td>99.906</td><td>0.374</td><td>99.924</td><td>0.301</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 30</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 7</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 14</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 21</td><td>99.905</td><td>0.375</td><td>99.926</td><td>0.293</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 28</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 4</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 12</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.340</td><td>99.906</td><td>0.376</td></tr><tr><td>Nov. 18</td><td>99.905</td><td>0.375</td><td>99.925</td><td>0.297</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 26</td><td>99.905</td><td>0.376</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.376</td></tr></table>
Source: Public Debt Service. Back Figures: Annual Reports of the Secretary of the Treasury.
1/ Bank discount basis.
2/ Except $30,000 at par.
3/ Except $4,000 at 99.940.
41
Sales of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(In millions of dollars)
<table><tr><th rowspan="2">Fiecal 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">Grose 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></table>
All series 4/
<table><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>.3</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>.1</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>2.0</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>3.5</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>5.3</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>6.5</td></tr><tr><td>1942</td><td>10,188.2</td><td>+5,874.2</td><td>5,994.1</td><td>-12.8</td><td>6,006.9</td><td>87.5</td><td>207.4</td><td>200.9</td><td>7.0</td></tr><tr><td>1943</td><td>21,256.2</td><td>+11,068.0</td><td>11,788.7</td><td>+111.1</td><td>11,677.6</td><td>127.6</td><td>848.3</td><td>841.3</td><td></td></tr><tr><td>1942-November</td><td>14,078.9</td><td>+698.0</td><td>734.6</td><td>+8.5</td><td>726.1</td><td>6.7</td><td>43.2</td><td>42.7</td><td>.5</td></tr><tr><td>December</td><td>15,049.8</td><td>+970.9</td><td>1,014.2</td><td>-23.9</td><td>1,038.1</td><td>11.4</td><td>54.7</td><td>54.1</td><td>.5</td></tr><tr><td>1943-January</td><td>16,241.1</td><td>+1,196.3</td><td>1,240.4</td><td>+7.2</td><td>1,233.2</td><td>18.8</td><td>63.0</td><td>62.4</td><td>.6</td></tr><tr><td>February</td><td>17,067.5</td><td>+821.4</td><td>887.2</td><td>+7</td><td>886.5</td><td>10.5</td><td>76.4</td><td>75.8</td><td>.6</td></tr><tr><td>March</td><td>17,890.7</td><td>+823.2</td><td>944.3</td><td>+6.7</td><td>937.5</td><td>10.2</td><td>131.2</td><td>130.5</td><td>.7</td></tr><tr><td>April</td><td>19,267.0</td><td>+1,376.3</td><td>1,469.7</td><td>-75.5</td><td>1,545.2</td><td>9.4</td><td>102.8</td><td>102.1</td><td>.7</td></tr><tr><td>May</td><td>20,507.4</td><td>+1,240.4</td><td>1,335.0</td><td>+75.5</td><td>1,259.5</td><td>9.4</td><td>104.0</td><td>103.3</td><td>.6</td></tr><tr><td>June</td><td>21,256.2</td><td>+748.8</td><td>875.5</td><td>+29.9</td><td>845.6</td><td>14.4</td><td>141.1</td><td>140.5</td><td>.7</td></tr><tr><td>July</td><td>22,030.2</td><td>+774.1</td><td>889.7</td><td>-16.7</td><td>906.4</td><td>22.6</td><td>138.2</td><td>137.5</td><td>.7</td></tr><tr><td>August</td><td>22,693.5</td><td>+663.3</td><td>801.7</td><td>+8.1</td><td>793.6</td><td>13.6</td><td>152.0</td><td>151.2</td><td>.8</td></tr><tr><td>September</td><td>24,478.4</td><td>+1,784.9</td><td>1,926.6</td><td>+135.7</td><td>1,790.9</td><td>13.6</td><td>155.3</td><td>5/</td><td>5/</td></tr><tr><td>October</td><td>26,056.0</td><td>+1,577.6</td><td>1,708.2</td><td>-67.0</td><td>1,775.2</td><td>13.1</td><td>143.7</td><td>5/</td><td>5/</td></tr><tr><td>November</td><td>26,697.0</td><td>+641.0</td><td>798.1</td><td>+22.5 p</td><td>775.6 p</td><td>13.4</td><td>170.5</td><td>5/</td><td>5/</td></tr></table>
Series A-D
<table><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>3.5</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>1943</td><td>3,608.0</td><td>+3.8</td><td>.1</td><td>-</td><td>.1</td><td>92.0</td><td>88.2</td><td>81.8</td><td>6.4</td></tr><tr><td>1942-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>5.9</td><td>.4</td></tr><tr><td>December</td><td>3,603.2</td><td>+.6</td><td>*</td><td>-</td><td>*</td><td>7.3</td><td>6.7</td><td>6.3</td><td>.5</td></tr><tr><td>1943-January</td><td>3,608.9</td><td>+5.7</td><td>*</td><td>-</td><td>*</td><td>13.3</td><td>7.5</td><td>7.0</td><td>.6</td></tr><tr><td>February</td><td>3,609.5</td><td>+6</td><td>-</td><td>-</td><td>-</td><td>7.5</td><td>6.9</td><td>6.4</td><td>.5</td></tr><tr><td>March</td><td>3,609.1</td><td>-.3</td><td>*</td><td>-</td><td>*</td><td>7.3</td><td>7.6</td><td>7.0</td><td>.6</td></tr><tr><td>April</td><td>3,608.1</td><td>-1.0</td><td>*</td><td>-</td><td>*</td><td>6.3</td><td>7.3</td><td>6.8</td><td>.6</td></tr><tr><td>May</td><td>3,606.8</td><td>-1.3</td><td>*</td><td>-</td><td>*</td><td>5.2</td><td>6.5</td><td>5.9</td><td>.5</td></tr><tr><td>June</td><td>3,608.0</td><td>+1.2</td><td>*</td><td>-</td><td>*</td><td>7.5</td><td>6.3</td><td>5.8</td><td>.5</td></tr><tr><td>July</td><td>3,614.8</td><td>+6.8</td><td>-</td><td>-</td><td>-</td><td>13.6</td><td>6.8</td><td>6.2</td><td>.6</td></tr><tr><td>August</td><td>3,615.3</td><td>+5</td><td>*</td><td>-</td><td>*</td><td>7.6</td><td>7.1</td><td>6.5</td><td>.6</td></tr><tr><td>September</td><td>3,615.6</td><td>+3</td><td>*</td><td>-</td><td>*</td><td>7.0</td><td>6.8</td><td>5/</td><td>5/</td></tr><tr><td>October</td><td>3,615.6</td><td>+1</td><td>*</td><td>-</td><td>*</td><td>6.3</td><td>6.2</td><td>5/</td><td>5/</td></tr><tr><td>November</td><td>3,614.7</td><td>-.9</td><td>*</td><td>-</td><td>*</td><td>5.1</td><td>6.1</td><td>5/</td><td>5/</td></tr></table>
(Continued on following page)
42
Sales of United States Savings Bonds - (Continued)
Table 1.- Summary of Sales and Redemptions, 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><tr><td colspan="10">Series I</td></tr><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>-15.0</td><td>3,541.3</td><td>1.5</td><td>60.0</td><td>60.0</td><td>-</td></tr><tr><td>1943</td><td>11,286.6</td><td>+7,615.8</td><td>8,271.3</td><td>+90.7</td><td>8,180.5</td><td>33.1</td><td>688.6</td><td>688.0</td><td>.6</td></tr><tr><td>1942-November</td><td>6,237.4</td><td>+511.1</td><td>541.6</td><td>-1.1</td><td>542.6</td><td>1.5</td><td>32.0</td><td>32.0</td><td>-</td></tr><tr><td>December</td><td>6,923.2</td><td>+685.8</td><td>725.8</td><td>-19.8</td><td>745.6</td><td>3.8</td><td>43.8</td><td>43.8</td><td>-</td></tr><tr><td>1943-January</td><td>7,693.7</td><td>+770.5</td><td>814.9</td><td>+3.2</td><td>811.7</td><td>5.2</td><td>49.7</td><td>49.6</td><td>-</td></tr><tr><td>February</td><td>8,267.4</td><td>+573.7</td><td>633.6</td><td>+4.1</td><td>629.2</td><td>2.8</td><td>62.7</td><td>62.7</td><td>-</td></tr><tr><td>March</td><td>8,873.9</td><td>+508.5</td><td>720.4</td><td>+7.7</td><td>712.7</td><td>2.7</td><td>116.6</td><td>116.5</td><td>.1</td></tr><tr><td>April</td><td>9,796.0</td><td>+922.1</td><td>1,006.8</td><td>-23.8</td><td>1,030.6</td><td>3.0</td><td>87.7</td><td>87.6</td><td>.1</td></tr><tr><td>May</td><td>10,709.0</td><td>+913.0</td><td>995.2</td><td>+27.5</td><td>967.8</td><td>4.2</td><td>86.5</td><td>86.4</td><td>.1</td></tr><tr><td>June</td><td>11,286.6</td><td>+577.6</td><td>696.2</td><td>+27.4</td><td>668.8</td><td>6.5</td><td>125.1</td><td>125.0</td><td>.1</td></tr><tr><td>July</td><td>11,857.8</td><td>+571.1</td><td>682.9</td><td>-26.1</td><td>709.0</td><td>8.4</td><td>120.1</td><td>120.0</td><td>.2</td></tr><tr><td>August</td><td>12,330.6</td><td>+532.8</td><td>661.2</td><td>+3.5</td><td>657.7</td><td>5.6</td><td>134.0</td><td>133.8</td><td>.2</td></tr><tr><td>September</td><td>13,560.0</td><td>+1,269.5</td><td>1,400.2</td><td>+148.0</td><td>1,252.2</td><td>6.1</td><td>136.8</td><td>136.5</td><td>.2</td></tr><tr><td>October</td><td>14,881.6</td><td>+1,221.5</td><td>1,340.1</td><td>-87.8</td><td>1,427.9</td><td>6.4</td><td>125.1</td><td>124.8</td><td>.2</td></tr><tr><td>November</td><td>15,404.7</td><td>+523.1</td><td>665.3</td><td>+22.6 p</td><td>642.7 p</td><td>7.5</td><td>149.7</td><td>149.4</td><td>.3</td></tr><tr><td colspan="10">Series II</td></tr><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>1943</td><td>1,242.3</td><td>+743.4</td><td>757.9</td><td>+11.0</td><td>746.9</td><td>2.5</td><td>17.0</td><td>17.0</td><td>-</td></tr><tr><td>1942-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>.7</td><td>-</td></tr><tr><td>December</td><td>853.9</td><td>+65.3</td><td>66.0</td><td>+9</td><td>65.1</td><td>.2</td><td>.9</td><td>.9</td><td>-</td></tr><tr><td>1943-January</td><td>929.8</td><td>+75.8</td><td>77.1</td><td>+1.5</td><td>75.6</td><td>.3</td><td>1.6</td><td>1.6</td><td>-</td></tr><tr><td>February</td><td>976.6</td><td>+46.8</td><td>48.3</td><td>-2.6</td><td>50.9</td><td>.2</td><td>1.7</td><td>1.7</td><td>-</td></tr><tr><td>March</td><td>1,018.8</td><td>+42.2</td><td>43.9</td><td>+2</td><td>43.7</td><td>.2</td><td>1.8</td><td>1.8</td><td>-</td></tr><tr><td>April</td><td>1,126.5</td><td>+107.7</td><td>109.5</td><td>-11.3</td><td>120.8</td><td>-</td><td>1.8</td><td>1.8</td><td>-</td></tr><tr><td>May</td><td>1,209.5</td><td>+83.1</td><td>85.9</td><td>+14.0</td><td>71.9</td><td>.4</td><td>2.8</td><td>2.8</td><td>-</td></tr><tr><td>June</td><td>1,242.3</td><td>+32.8</td><td>35.1</td><td>+5</td><td>34.6</td><td>.4</td><td>2.8</td><td>2.8</td><td>-</td></tr><tr><td>July</td><td>1,277.7</td><td>+35.4</td><td>37.6</td><td>+2.0</td><td>35.6</td><td>.7</td><td>2.8</td><td>2.8</td><td>-</td></tr><tr><td>August</td><td>1,302.7</td><td>+24.9</td><td>28.1</td><td>+1.3</td><td>26.8</td><td>.4</td><td>3.5</td><td>3.5</td><td>-</td></tr><tr><td>September</td><td>1,439.4</td><td>+136.7</td><td>139.0</td><td>+4.0</td><td>143.0</td><td>.4</td><td>2.7</td><td>5/</td><td>5/</td></tr><tr><td>October</td><td>1,529.6</td><td>+90.2</td><td>93.1</td><td>+3.1</td><td>90.0</td><td>.4</td><td>3.3</td><td>5/</td><td>5/</td></tr><tr><td>November</td><td>1,548.7</td><td>+19.1</td><td>23.4</td><td>+1.7 p</td><td>22.7 p</td><td>.7</td><td>5.1</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series III</td></tr><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>1943</td><td>5,119.2</td><td>+2,704.9</td><td>2,759.5</td><td>+9.4</td><td>2,750.1</td><td>-</td><td>54.5</td><td>54.5</td><td>-</td></tr><tr><td>1942-November</td><td>3,450.3</td><td>+144.2</td><td>148.2</td><td>+6.6</td><td>141.6</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>-5.0</td><td>227.4</td><td>-</td><td>3.2</td><td>3.2</td><td>-</td></tr><tr><td>1943-January</td><td>4,013.7</td><td>+344.3</td><td>348.4</td><td>+2.5</td><td>345.9</td><td>-</td><td>4.2</td><td>4.2</td><td>-</td></tr><tr><td>February</td><td>4,214.0</td><td>+200.3</td><td>205.3</td><td>-1.1</td><td>206.4</td><td>-</td><td>5.0</td><td>5.0</td><td>-</td></tr><tr><td>March</td><td>4,388.9</td><td>+174.8</td><td>180.0</td><td>-1.2</td><td>181.2</td><td>-</td><td>5.2</td><td>5.2</td><td>-</td></tr><tr><td>April</td><td>4,736.4</td><td>+347.5</td><td>353.4</td><td>+40.3</td><td>393.8</td><td>-</td><td>5.9</td><td>5.9</td><td>-</td></tr><tr><td>May</td><td>4,982.0</td><td>+245.6</td><td>253.9</td><td>+34.0</td><td>219.8</td><td>-</td><td>8.2</td><td>8.2</td><td>-</td></tr><tr><td>June</td><td>5,119.2</td><td>+137.2</td><td>144.1</td><td>+1.9</td><td>142.2</td><td>-</td><td>6.9</td><td>6.9</td><td>-</td></tr><tr><td>July</td><td>5,280.0</td><td>+160.8</td><td>169.2</td><td>+7.5</td><td>161.8</td><td>-</td><td>8.5</td><td>8.5</td><td>-</td></tr><tr><td>August</td><td>5,385.0</td><td>+105.0</td><td>112.4</td><td>+3.3</td><td>109.1</td><td>-</td><td>7.4</td><td>7.4</td><td>-</td></tr><tr><td>September</td><td>5,763.4</td><td>+378.4</td><td>387.4</td><td>-8.3</td><td>395.7</td><td>-</td><td>9.0</td><td>9.0</td><td>-</td></tr><tr><td>October</td><td>6,029.2</td><td>+265.8</td><td>274.9</td><td>+17.6</td><td>257.3</td><td>-</td><td>9.1</td><td>9.1</td><td>-</td></tr><tr><td>November</td><td>6,128.9</td><td>+99.7</td><td>109.4</td><td>-.8 p</td><td>110.2 p</td><td>-</td><td>9.7</td><td>9.7</td><td>-</td></tr></table>
source: Daily Treasury Statements and reports of gross sales.
p Preliminary.
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; purchases were limited to $7,500 issue price in any one calendar year and from April 1, 1940, could be made only by individuals. Series E.
F, and G have been on sale since May 1, 1941. Series F is a 10 year discount bond sold at 754 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 744 of maturity value, yielding 2.53% per annum if held to maturity. Series G 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. Purchases of Series F and G 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 investors other than commercial banks. For further details concerning redemption values and investment yields, see "Treasury Bulletin" for August 1943, page 4. Not yet available.
43
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</td><td>3,541.3</td><td>613.1</td><td>342.8</td><td>816.4</td><td>641.6</td><td>1,127.4</td><td></td><td></td><td>100.0</td><td>17.3</td><td>9.7</td><td>23.1</td><td>18.1</td><td>31.8</td><td></td><td></td></tr><tr><td>1943</td><td>8,180.5</td><td>2,951.8</td><td>1,068.4</td><td>1,695.2</td><td>997.6</td><td>1,467.5</td><td></td><td></td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>12.2</td><td>17.9</td><td></td><td></td></tr><tr><td>1942-November</td><td>542.6</td><td>215.2</td><td>74.5</td><td>116.0</td><td>60.5</td><td>76.5</td><td></td><td></td><td>100.0</td><td>39.7</td><td>13.7</td><td>21.4</td><td>11.1</td><td>14.1</td><td></td><td></td></tr><tr><td>December</td><td>745.6</td><td>272.3</td><td>101.3</td><td>160.9</td><td>91.5</td><td>119.6</td><td></td><td></td><td>100.0</td><td>36.5</td><td>13.6</td><td>21.6</td><td>12.3</td><td>16.0</td><td></td><td></td></tr><tr><td>1943-January</td><td>811.7</td><td>270.2</td><td>99.4</td><td>157.2</td><td>100.5</td><td>184.4</td><td></td><td></td><td>100.0</td><td>33.3</td><td>12.2</td><td>19.4</td><td>12.4</td><td>22.7</td><td></td><td></td></tr><tr><td>February</td><td>629.2</td><td>241.6</td><td>83.1</td><td>119.3</td><td>68.5</td><td>116.7</td><td></td><td></td><td>100.0</td><td>38.4</td><td>13.2</td><td>19.0</td><td>10.9</td><td>18.5</td><td></td><td></td></tr><tr><td>March</td><td>712.7</td><td>290.3</td><td>98.2</td><td>133.8</td><td>75.0</td><td>115.3</td><td></td><td></td><td>100.0</td><td>40.7</td><td>13.8</td><td>18.8</td><td>10.5</td><td>16.2</td><td></td><td></td></tr><tr><td>April</td><td>1,030.6</td><td>310.3</td><td>121.0</td><td>215.6</td><td>152.2</td><td>231.5</td><td></td><td></td><td>100.0</td><td>30.1</td><td>11.7</td><td>20.9</td><td>14.8</td><td>22.5</td><td></td><td></td></tr><tr><td>May</td><td>967.8</td><td>315.6</td><td>122.9</td><td>208.3</td><td>134.7</td><td>186.3</td><td></td><td></td><td>100.0</td><td>32.6</td><td>12.7</td><td>21.5</td><td>13.9</td><td>19.3</td><td></td><td></td></tr><tr><td>June</td><td>668.8</td><td>287.5</td><td>98.8</td><td>128.0</td><td>64.3</td><td>90.1</td><td></td><td></td><td>100.0</td><td>43.0</td><td>14.8</td><td>19.1</td><td>9.6</td><td>13.5</td><td></td><td></td></tr><tr><td>July</td><td>709.0</td><td>301.4</td><td>103.0</td><td>134.1</td><td>69.8</td><td>100.7</td><td></td><td></td><td>100.0</td><td>42.5</td><td>14.5</td><td>18.9</td><td>9.9</td><td>14.2</td><td></td><td></td></tr><tr><td>August</td><td>657.7</td><td>289.2</td><td>101.5</td><td>125.0</td><td>59.8</td><td>82.2</td><td></td><td></td><td>100.0</td><td>44.0</td><td>15.4</td><td>19.0</td><td>9.1</td><td>12.5</td><td></td><td></td></tr><tr><td>September</td><td>1,252.2</td><td>336.7</td><td>142.1</td><td>304.2</td><td>197.2</td><td>272.0</td><td></td><td></td><td>100.0</td><td>26.9</td><td>11.3</td><td>24.3</td><td>15.8</td><td>21.7</td><td></td><td></td></tr><tr><td>October</td><td>1,427.9</td><td>420.1</td><td>185.1</td><td>356.9</td><td>202.7</td><td>263.1</td><td></td><td></td><td>100.0</td><td>29.4</td><td>13.0</td><td>25.0</td><td>14.2</td><td>18.4</td><td></td><td></td></tr><tr><td>November p.</td><td>642.7</td><td>292.7</td><td>104.6</td><td>123.0</td><td>52.4</td><td>70.0</td><td></td><td></td><td>100.0</td><td>45.6</td><td>16.3</td><td>19.1</td><td>8.1</td><td>10.9</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></td><td>.9</td><td>2.1</td><td>14.2</td><td>13.6</td><td>44.2</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><td></td></tr><tr><td>1942 2/</td><td>437.0</td><td>1.3</td><td></td><td>19.3</td><td>27.4</td><td>123.7</td><td>92.0</td><td>173.4</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><td></td></tr><tr><td>1943</td><td>746.9</td><td>3.9</td><td></td><td>24.1</td><td>39.6</td><td>205.7</td><td>167.3</td><td>306.5</td><td>100.0</td><td>.5</td><td>3.2</td><td>5.3</td><td>27.6</td><td>22.4</td><td>41.0</td><td></td><td></td></tr><tr><td>1942-November</td><td>41.9</td><td>.2</td><td></td><td>1.6</td><td>2.6</td><td>13.5</td><td>10.0</td><td>13.9</td><td>100.0</td><td>.5</td><td>3.9</td><td>6.1</td><td>32.3</td><td>24.0</td><td>33.2</td><td></td><td></td></tr><tr><td>December</td><td>65.1</td><td>.5</td><td></td><td>2.6</td><td>3.9</td><td>19.7</td><td>15.4</td><td>22.9</td><td>100.0</td><td>.7</td><td>4.0</td><td>6.1</td><td>30.3</td><td>23.7</td><td>35.2</td><td></td><td></td></tr><tr><td>1943-January</td><td>75.6</td><td>.3</td><td></td><td>2.1</td><td>3.2</td><td>16.3</td><td>14.8</td><td>38.8</td><td>100.0</td><td>.5</td><td>2.7</td><td>4.3</td><td>21.5</td><td>19.6</td><td>51.4</td><td></td><td></td></tr><tr><td>February</td><td>50.9</td><td>.3</td><td></td><td>1.9</td><td>2.7</td><td>12.4</td><td>10.1</td><td>23.6</td><td>100.0</td><td>.6</td><td>3.7</td><td>5.3</td><td>24.3</td><td>19.8</td><td>46.3</td><td></td><td></td></tr><tr><td>March</td><td>43.7</td><td>.3</td><td></td><td>1.6</td><td>2.5</td><td>11.7</td><td>9.5</td><td>18.1</td><td>100.0</td><td>.7</td><td>3.7</td><td>5.6</td><td>26.7</td><td>21.8</td><td>41.5</td><td></td><td></td></tr><tr><td>April</td><td>120.8</td><td>.5</td><td></td><td>2.8</td><td>5.4</td><td>32.4</td><td>29.5</td><td>50.3</td><td>100.0</td><td>.4</td><td>2.3</td><td>4.5</td><td>26.8</td><td>24.4</td><td>41.6</td><td></td><td></td></tr><tr><td>May</td><td>71.9</td><td>.6</td><td></td><td>2.9</td><td>4.7</td><td>23.2</td><td>17.2</td><td>23.4</td><td>100.0</td><td>.8</td><td>4.0</td><td>6.6</td><td>32.2</td><td>23.9</td><td>32.5</td><td></td><td></td></tr><tr><td>June</td><td>34.6</td><td>.4</td><td></td><td>1.5</td><td>2.2</td><td>11.0</td><td>8.9</td><td>10.7</td><td>100.0</td><td>1.0</td><td>4.2</td><td>6.3</td><td>31.9</td><td>25.6</td><td>31.0</td><td></td><td></td></tr><tr><td>July</td><td>35.6</td><td>.2</td><td></td><td>1.2</td><td>2.2</td><td>11.4</td><td>8.5</td><td>12.0</td><td>100.0</td><td>.7</td><td>3.4</td><td>6.2</td><td>32.1</td><td>23.8</td><td>33.8</td><td></td><td></td></tr><tr><td>August</td><td>26.8</td><td>.2</td><td></td><td>1.0</td><td>1.9</td><td>9.3</td><td>6.2</td><td>8.1</td><td>100.0</td><td>.7</td><td>3.9</td><td>7.2</td><td>34.8</td><td>23.0</td><td>30.4</td><td></td><td></td></tr><tr><td>September</td><td>143.0</td><td>.6</td><td></td><td>3.8</td><td>7.8</td><td>47.5</td><td>37.2</td><td>46.1</td><td>100.0</td><td>.4</td><td>2.7</td><td>5.4</td><td>33.3</td><td>26.0</td><td>32.2</td><td></td><td></td></tr><tr><td>October</td><td>90.0</td><td>.8</td><td></td><td>3.8</td><td>6.2</td><td>29.7</td><td>18.9</td><td>30.7</td><td>100.0</td><td>.9</td><td>4.2</td><td>6.8</td><td>33.0</td><td>21.0</td><td>34.1</td><td></td><td></td></tr><tr><td>November p.</td><td>22.7</td><td>.3</td><td></td><td>1.2</td><td>1.8</td><td>8.4</td><td>4.8</td><td>6.3</td><td>100.0</td><td>1.3</td><td>5.3</td><td>7.8</td><td>37.1</td><td>21.0</td><td>27.5</td><td></td><td></td></tr><tr><td colspan="17">Series G</td></tr><tr><td>1941 1/</td><td>451.4</td><td></td><td></td><td>5.2</td><td>12.2</td><td>90.7</td><td>80.9</td><td>262.4</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><td></td></tr><tr><td>1942</td><td>2,027.8</td><td></td><td></td><td>50.6</td><td>112.7</td><td>576.0</td><td>403.5</td><td>885.0</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><td></td></tr><tr><td>1943</td><td>2,750.1</td><td></td><td></td><td>80.6</td><td>187.2</td><td>800.2</td><td>524.4</td><td>1,157.7</td><td>100.0</td><td></td><td>2.9</td><td>6.8</td><td>29.1</td><td>19.1</td><td>42.1</td><td></td><td></td></tr><tr><td>1942-November</td><td>141.6</td><td></td><td></td><td>5.0</td><td>10.5</td><td>47.3</td><td>30.3</td><td>48.5</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><td></td></tr><tr><td>December</td><td>227.4</td><td></td><td></td><td>7.4</td><td>16.7</td><td>70.2</td><td>48.1</td><td>84.9</td><td>100.0</td><td></td><td>3.2</td><td>7.3</td><td>30.9</td><td>21.2</td><td>37.4</td><td></td><td></td></tr><tr><td>1943-January</td><td>345.9</td><td></td><td></td><td>7.4</td><td>19.1</td><td>80.1</td><td>52.5</td><td>186.7</td><td>100.0</td><td></td><td>2.1</td><td>5.5</td><td>23.2</td><td>15.2</td><td>54.0</td><td></td><td></td></tr><tr><td>February</td><td>206.4</td><td></td><td></td><td>5.4</td><td>12.5</td><td>54.1</td><td>34.1</td><td>100.3</td><td>100.0</td><td></td><td>2.6</td><td>6.1</td><td>26.2</td><td>16.5</td><td>48.6</td><td></td><td></td></tr><tr><td>March</td><td>181.2</td><td></td><td></td><td>5.5</td><td>13.0</td><td>55.2</td><td>32.6</td><td>74.9</td><td>100.0</td><td></td><td>3.1</td><td>7.2</td><td>30.4</td><td>18.0</td><td>41.3</td><td></td><td></td></tr><tr><td>April</td><td>393.8</td><td></td><td></td><td>12.2</td><td>30.4</td><td>126.7</td><td>82.3</td><td>142.2</td><td>100.0</td><td></td><td>3.1</td><td>7.7</td><td>32.2</td><td>20.9</td><td>36.1</td><td></td><td></td></tr><tr><td>May</td><td>219.8</td><td></td><td></td><td>9.6</td><td>21.6</td><td>79.1</td><td>44.4</td><td>65.1</td><td>100.0</td><td></td><td>4.4</td><td>9.8</td><td>36.0</td><td>20.2</td><td>29.6</td><td></td><td></td></tr><tr><td>June</td><td>142.2</td><td></td><td></td><td>5.0</td><td>12.1</td><td>49.4</td><td>30.1</td><td>45.5</td><td>100.0</td><td></td><td>3.5</td><td>8.5</td><td>34.8</td><td>21.2</td><td>32.0</td><td></td><td></td></tr><tr><td>July</td><td>161.8</td><td></td><td></td><td>5.4</td><td>14.2</td><td>60.1</td><td>34.7</td><td>47.4</td><td>100.0</td><td></td><td>3.3</td><td>8.7</td><td>37.2</td><td>21.5</td><td>29.3</td><td></td><td></td></tr><tr><td>August</td><td>109.1</td><td></td><td></td><td>4.4</td><td>10.2</td><td>41.3</td><td>22.8</td><td>30.4</td><td>100.0</td><td></td><td>4.1</td><td>9.3</td><td>37.8</td><td>20.9</td><td>27.9</td><td></td><td></td></tr><tr><td>September</td><td>395.7</td><td></td><td></td><td>17.7</td><td>39.5</td><td>153.1</td><td>87.6</td><td>97.7</td><td>100.0</td><td></td><td>4.5</td><td>10.0</td><td>38.7</td><td>22.1</td><td>24.7</td><td></td><td></td></tr><tr><td>October</td><td>257.3</td><td></td><td></td><td>14.1</td><td>28.4</td><td>100.5</td><td>50.5</td><td>62.9</td><td>100.0</td><td></td><td>5.5</td><td>11.0</td><td>39.1</td><td>19.6</td><td>24.8</td><td></td><td></td></tr><tr><td>November p.</td><td>110.2</td><td></td><td></td><td>4.7</td><td>11.2</td><td>44.6</td><td>21.1</td><td>28.6</td><td>100.0</td><td></td><td>4.3</td><td>10.1</td><td>40.5</td><td>19.1</td><td>26.0</td><td></td><td></td></tr></table>
Source: Reports of gross sales. p. Preliminary.
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.
Sales of United States Savings Bonds - (Continued)
Table 3.- Sales Reported by Series, Classified by States
PART A - ERIES E
in thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="7">1942</th><th colspan="10">1947</th></tr><tr><th></th><th>1942</th><th>1947</th><th>Nov.</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>P.</th></tr><tr><td>Alabama</td><td>28,390</td><td>31,271</td><td>5,421</td><td>7,841</td><td>8,773</td><td>7,207</td><td>7,697</td><td>13,522</td><td>11,106</td><td>6,191</td><td>7,728</td><td>6,395</td><td>15,600</td><td>17,169</td><td>7,449</td><td></td></tr><tr><td>Arizona</td><td>10,115</td><td>27,240</td><td>1,077</td><td>2,355</td><td>2,774</td><td>2,100</td><td>2,472</td><td>3,975</td><td>3,760</td><td>2,233</td><td>2,450</td><td>2,174</td><td>5,100</td><td>5,562</td><td>2,092</td><td></td></tr><tr><td>Arkansas</td><td>21,404</td><td>52,754</td><td>3,711</td><td>5,169</td><td>6,020</td><td>4,452</td><td>4,005</td><td>7,729</td><td>5,743</td><td>3,609</td><td>3,431</td><td>3,547</td><td>9,800</td><td>8,747</td><td>3,675</td><td></td></tr><tr><td>California</td><td>250,560</td><td>513,877</td><td>15,576</td><td>56,102</td><td>63,219</td><td>51,828</td><td>56,514</td><td>75,703</td><td>82,735</td><td>59,222</td><td>62,525</td><td>61,392</td><td>88,400</td><td>123,605</td><td>56,049</td><td></td></tr><tr><td>Colorado</td><td>24,245</td><td>62,117</td><td>3,676</td><td>5,840</td><td>6,478</td><td>4,995</td><td>5,096</td><td>9,101</td><td>7,517</td><td>4,113</td><td>4,911</td><td>4,135</td><td>11,300</td><td>13,270</td><td>5,028</td><td></td></tr><tr><td>Connecticut</td><td>17,543</td><td>168,253</td><td>11,739</td><td>17,774</td><td>17,240</td><td>10,863</td><td>14,570</td><td>15,843</td><td>17,866</td><td>14,473</td><td>12,941</td><td>12,105</td><td>21,500</td><td>21,264</td><td>11,429</td><td></td></tr><tr><td>Delaware</td><td>7,629</td><td>21,824</td><td>2,040</td><td>2,012</td><td>1,872</td><td>1,496</td><td>1,692</td><td>2,230</td><td>2,236</td><td>1,692</td><td>1,524</td><td>1,596</td><td>3,500</td><td>3,135</td><td>1,563</td><td></td></tr><tr><td>District of Columbia</td><td>34,827</td><td>83,141</td><td>5,596</td><td>7,771</td><td>8,099</td><td>6,667</td><td>7,252</td><td>9,293</td><td>10,870</td><td>8,314</td><td>9,609</td><td>8,856</td><td>10,400</td><td>17,124</td><td>11,049</td><td></td></tr><tr><td>Florida</td><td>39,565</td><td>89,496</td><td>5,437</td><td>6,950</td><td>9,160</td><td>7,126</td><td>7,860</td><td>12,445</td><td>11,401</td><td>8,047</td><td>8,702</td><td>8,268</td><td>13,000</td><td>18,320</td><td>6,699</td><td></td></tr><tr><td>Georgia</td><td>35,642</td><td>94,524</td><td>6,811</td><td>8,446</td><td>10,308</td><td>8,303</td><td>8,233</td><td>12,125</td><td>10,256</td><td>7,486</td><td>7,670</td><td>7,534</td><td>14,900</td><td>18,936</td><td>8,666</td><td></td></tr><tr><td>Idaho</td><td>9,840</td><td>27,845</td><td>2,274</td><td>2,255</td><td>2,640</td><td>2,504</td><td>2,256</td><td>3,863</td><td>3,478</td><td>1,751</td><td>1,749</td><td>1,497</td><td>4,500</td><td>6,217</td><td>1,043</td><td></td></tr><tr><td>Illinois</td><td>282,055</td><td>575,056</td><td>40,091</td><td>51,912</td><td>54,822</td><td>44,602</td><td>53,559</td><td>66,607</td><td>62,606</td><td>44,265</td><td>47,266</td><td>43,125</td><td>77,800</td><td>84,792</td><td>45,479</td><td></td></tr><tr><td>Indiana</td><td>76,661</td><td>213,813</td><td>15,323</td><td>19,778</td><td>21,560</td><td>17,885</td><td>19,696</td><td>25,764</td><td>23,801</td><td>17,472</td><td>19,879</td><td>18,653</td><td>34,900</td><td>35,350</td><td>18,793</td><td></td></tr><tr><td>Iowa</td><td>69,553</td><td>176,508</td><td>10,692</td><td>20,145</td><td>18,288</td><td>12,426</td><td>18,270</td><td>23,975</td><td>17,815</td><td>12,455</td><td>13,964</td><td>12,402</td><td>25,900</td><td>33,349</td><td>10,570</td><td></td></tr><tr><td>Kansas</td><td>35,310</td><td>106,190</td><td>7,823</td><td>9,049</td><td>9,017</td><td>8,320</td><td>10,681</td><td>16,650</td><td>13,827</td><td>7,604</td><td>7,435</td><td>7,602</td><td>20,800</td><td>21,489</td><td>7,447</td><td></td></tr><tr><td>Kentucky</td><td>34,293</td><td>87,607</td><td>5,196</td><td>7,189</td><td>8,938</td><td>7,640</td><td>7,434</td><td>13,224</td><td>10,130</td><td>6,606</td><td>7,282</td><td>7,279</td><td>15,000</td><td>15,449</td><td>5,854</td><td></td></tr><tr><td>Louisiana</td><td>36,800</td><td>94,910</td><td>6,014</td><td>7,844</td><td>9,152</td><td>6,970</td><td>8,169</td><td>13,697</td><td>12,423</td><td>7,234</td><td>7,847</td><td>7,732</td><td>18,800</td><td>17,338</td><td>7,269</td><td></td></tr><tr><td>Maine</td><td>17,746</td><td>37,351</td><td>2,430</td><td>3,195</td><td>4,427</td><td>2,416</td><td>3,339</td><td>4,448</td><td>4,193</td><td>2,874</td><td>2,672</td><td>2,710</td><td>5,500</td><td>8,236</td><td>3,595</td><td></td></tr><tr><td>Maryland</td><td>49,009</td><td>108,504</td><td>7,188</td><td>9,264</td><td>10,472</td><td>8,782</td><td>9,202</td><td>12,847</td><td>12,911</td><td>10,923</td><td>9,186</td><td>8,332</td><td>16,200</td><td>17,433</td><td>9,015</td><td></td></tr><tr><td>Massachusetts</td><td>141,217</td><td>280,091</td><td>18,648</td><td>27,666</td><td>29,844</td><td>19,836</td><td>23,953</td><td>29,454</td><td>30,745</td><td>24,718</td><td>23,653</td><td>23,346</td><td>35,600</td><td>52,353</td><td>23,467</td><td></td></tr><tr><td>Michigan</td><td>160,150</td><td>481,537</td><td>32,550</td><td>39,194</td><td>43,419</td><td>38,134</td><td>48,697</td><td>69,473</td><td>55,513</td><td>40,537</td><td>39,446</td><td>37,533</td><td>75,100</td><td>94,382</td><td>40,469</td><td></td></tr><tr><td>Minnesota</td><td>71,181</td><td>179,108</td><td>11,114</td><td>16,691</td><td>16,79</td><td>12,712</td><td>13,448</td><td>34,629</td><td>21,235</td><td>11,595</td><td>12,222</td><td>10,057</td><td>39,600</td><td>29,667</td><td>12,095</td><td></td></tr><tr><td>Mississippi</td><td>22,977</td><td>52,870</td><td>3,899</td><td>5,197</td><td>5,396</td><td>4,223</td><td>4,129</td><td>9,376</td><td>5,503</td><td>3,184</td><td>3,252</td><td>3,289</td><td>14,100</td><td>9,139</td><td>3,153</td><td></td></tr><tr><td>Missouri</td><td>94,800</td><td>195,868</td><td>13,165</td><td>16,991</td><td>18,957</td><td>14,333</td><td>15,715</td><td>29,260</td><td>24,831</td><td>16,675</td><td>15,139</td><td>14,112</td><td>35,100</td><td>34,211</td><td>15,536</td><td></td></tr><tr><td>Montana</td><td>17,710</td><td>39,432</td><td>2,582</td><td>4,048</td><td>4,053</td><td>2,786</td><td>2,807</td><td>8,081</td><td>3,359</td><td>2,361</td><td>2,189</td><td>1,884</td><td>9,200</td><td>6,595</td><td>2,046</td><td></td></tr><tr><td>Nebraska</td><td>26,045</td><td>72,211</td><td>3,987</td><td>5,852</td><td>6,565</td><td>5,586</td><td>6,616</td><td>11,382</td><td>10,913</td><td>4,907</td><td>5,832</td><td>5,728</td><td>13,300</td><td>22,241</td><td>5,050</td><td></td></tr><tr><td>Nevada</td><td>4,340</td><td>11,466</td><td>955</td><td>950</td><td>1,113</td><td>880</td><td>893</td><td>1,290</td><td>1,612</td><td>748</td><td>783</td><td>576</td><td>1,800</td><td>1,371</td><td>693</td><td></td></tr><tr><td>New Hampshire</td><td>11,760</td><td>25,787</td><td>1,754</td><td>2,317</td><td>2,316</td><td>2,136</td><td>2,348</td><td>2,612</td><td>2,806</td><td>1,978</td><td>1,960</td><td>2,211</td><td>2,800</td><td>4,966</td><td>2,012</td><td></td></tr><tr><td>New Jersey</td><td>160,538</td><td>303,807</td><td>19,993</td><td>27,650</td><td>30,047</td><td>22,070</td><td>27,547</td><td>32,038</td><td>36,902</td><td>25,394</td><td>26,549</td><td>23,246</td><td>40,300</td><td>46,940</td><td>24,314</td><td></td></tr><tr><td>New Mexico</td><td>6,978</td><td>17,284</td><td>1,058</td><td>1,816</td><td>1,741</td><td>1,552</td><td>1,370</td><td>2,569</td><td>2,036</td><td>1,251</td><td>1,350</td><td>1,273</td><td>3,500</td><td>3,337</td><td>1,336</td><td></td></tr><tr><td>New York</td><td>587,249</td><td>991,988</td><td>70,221</td><td>89,287</td><td>102,724</td><td>72,550</td><td>82,583</td><td>105,581</td><td>114,815</td><td>74,108</td><td>80,838</td><td>69,363</td><td>135,100</td><td>146,737</td><td>65,537</td><td></td></tr><tr><td>North Carolina</td><td>42,297</td><td>113,269</td><td>9,361</td><td>11,650</td><td>12,742</td><td>8,719</td><td>9,049</td><td>13,345</td><td>10,948</td><td>8,205</td><td>8,166</td><td>7,913</td><td>18,200</td><td>18,792</td><td>8,138</td><td></td></tr><tr><td>North Dakota</td><td>11,104</td><td>34,349</td><td>2,535</td><td>4,407</td><td>4,260</td><td>3,471</td><td>2,156</td><td>6,465</td><td>2,977</td><td>1,651</td><td>1,947</td><td>1,542</td><td>8,300</td><td>9,325</td><td>2,656</td><td></td></tr><tr><td>Ohio</td><td>139,262</td><td>506,764</td><td>31,001</td><td>47,796</td><td>50,444</td><td>39,384</td><td>41,202</td><td>67,065</td><td>63,682</td><td>40,648</td><td>43,641</td><td>43,564</td><td>72,900</td><td>85,656</td><td>44,309</td><td></td></tr><tr><td>Oklahoma</td><td>34,482</td><td>82,143</td><td>4,718</td><td>7,574</td><td>10,742</td><td>6,917</td><td>6,471</td><td>10,963</td><td>9,518</td><td>5,478</td><td>6,439</td><td>6,385</td><td>15,600</td><td>12,505</td><td>6,608</td><td></td></tr><tr><td>Oregon</td><td>37,194</td><td>107,674</td><td>6,781</td><td>9,237</td><td>10,550</td><td>7,499</td><td>9,280</td><td>13,055</td><td>15,473</td><td>10,091</td><td>9,983</td><td>9,239</td><td>15,600</td><td>24,573</td><td>9,283</td><td></td></tr><tr><td>Pennsylvania</td><td>283,782</td><td>626,051</td><td>42,641</td><td>59,356</td><td>59,059</td><td>49,624</td><td>51,762</td><td>74,743</td><td>73,336</td><td>53,269</td><td>51,730</td><td>50,266</td><td>92,400</td><td>102,016</td><td>52,523</td><td></td></tr><tr><td>Rhode Island</td><td>24,293</td><td>53,742</td><td>3,380</td><td>5,278</td><td>5,020</td><td>3,019</td><td>5,464</td><td>5,555</td><td>6,405</td><td>4,016</td><td>3,763</td><td>3,760</td><td>6,200</td><td>8,158</td><td>3,506</td><td></td></tr><tr><td>South Carolina</td><td>18,782</td><td>53,401</td><td>7,914</td><td>5,059</td><td>5,122</td><td>4,066</td><td>4,487</td><td>6,677</td><td>6,073</td><td>4,015</td><td>4,554</td><td>4,536</td><td>8,800</td><td>10,188</td><td>4,231</td><td></td></tr><tr><td>South Dakota</td><td>11,783</td><td>33,171</td><td>2,092</td><td>3,239</td><td>2,765</td><td>2,452</td><td>2,905</td><td>8,361</td><td>3,136</td><td>1,960</td><td>2,231</td><td>1,713</td><td>9,200</td><td>7,249</td><td>2,008</td><td></td></tr><tr><td>Tennessee</td><td>76,734</td><td>100,530</td><td>6,791</td><td>8,818</td><td>10,956</td><td>7,833</td><td>7,922</td><td>17,059</td><td>11,008</td><td>7,708</td><td>7,689</td><td>7,821</td><td>16,600</td><td>19,921</td><td>7,365</td><td></td></tr><tr><td>Texas</td><td>126,056</td><td>306,265</td><td>19,694</td><td>26,938</td><td>28,853</td><td>23,004</td><td>26,963</td><td>45,901</td><td>37,823</td><td>24,848</td><td>25,653</td><td>22,334</td><td>65,200</td><td>59,776</td><td>23,792</td><td></td></tr><tr><td>Utah</td><td>9,919</td><td>33,242</td><td>1,956</td><td>2,647</td><td>3,716</td><td>2,851</td><td>3,068</td><td>4,694</td><td>4,521</td><td>2,992</td><td>3,136</td><td>3,572</td><td>5,500</td><td>8,383</td><td>3,194</td><td></td></tr><tr><td>Vermont</td><td>7,550</td><td>14,175</td><td>942</td><td>1,143</td><td>1,527</td><td>986</td><td>1,159</td><td>1,494</td><td>1,850</td><td>1,089</td><td>1,100</td><td>1,034</td><td>2,000</td><td>2,829</td><td>1,040</td><td></td></tr><tr><td>Virginia</td><td>56,272</td><td>145,459</td><td>10,794</td><td>13,814</td><td>15,756</td><td>11,302</td><td>12,493</td><td>16,804</td><td>16,333</td><td>11,910</td><td>11,186</td><td>12,126</td><td>17,600</td><td>23,566</td><td>11,090</td><td></td></tr><tr><td>Washington</td><td>57,967</td><td>163,4</td><td>10,14</td><td>15,694</td><td>16,34</td><td>12,15</td><td>14,965</td><td>18,630</td><td>21,738</td><td>14,319</td><td>15,782</td><td>15,483</td><td>22,400</td><td>35,474</td><td>15,333</td><td></td></tr><tr><td>West Virginia</td><td>27,642</td><td>64,523</td><td>4,638</td><td>5,648</td><td>7,192</td><td>5,220</td><td>6,377</td><td>7,163</td><td>7,
(Continued on following page)
45
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="2">1942</th><th colspan="10">1943</th></tr><tr><th></th><th>1942</th><th>1943</th><th>Nov.</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>Alabama</td><td>13,099</td><td>32,007</td><td>1,457</td><td>2,629</td><td>3,454</td><td>1,387</td><td>1,592</td><td>7,282</td><td>1,396</td><td>1,251</td><td>1,539</td><td>912</td><td>6,700</td><td>3,607</td><td>666</td></tr><tr><td>Arizona</td><td>4,232</td><td>8,421</td><td>391</td><td>455</td><td>1,246</td><td>751</td><td>512</td><td>1,450</td><td>909</td><td>440</td><td>532</td><td>405</td><td>1,800</td><td>772</td><td>249</td></tr><tr><td>Arkansas</td><td>13,738</td><td>16,578</td><td>1,250</td><td>1,658</td><td>1,649</td><td>1,200</td><td>708</td><td>4,127</td><td>854</td><td>779</td><td>1,082</td><td>542</td><td>4,400</td><td>1,398</td><td>443</td></tr><tr><td>California</td><td>140,602</td><td>224,145</td><td>11,841</td><td>14,001</td><td>30,034</td><td>19,121</td><td>17,616</td><td>32,478</td><td>23,001</td><td>12,196</td><td>19,915</td><td>16,099</td><td>40,200</td><td>24,964</td><td>11,765</td></tr><tr><td>Colorado</td><td>18,302</td><td>29,746</td><td>1,378</td><td>2,316</td><td>3,079</td><td>2,248</td><td>1,626</td><td>4,639</td><td>3,485</td><td>1,632</td><td>1,488</td><td>977</td><td>6,100</td><td>2,914</td><td>979</td></tr><tr><td>Connecticut</td><td>59,894</td><td>81,128</td><td>3,736</td><td>5,585</td><td>9,371</td><td>7,008</td><td>6,219</td><td>8,196</td><td>11,496</td><td>3,996</td><td>2,575</td><td>4,012</td><td>7,100</td><td>6,684</td><td>2,725</td></tr><tr><td>Delaware</td><td>11,910</td><td>12,326</td><td>1,093</td><td>1,137</td><td>1,083</td><td>801</td><td>903</td><td>1,624</td><td>816</td><td>913</td><td>1,063</td><td>410</td><td>1,400</td><td>1,020</td><td>581</td></tr><tr><td>Dist. of Columbia</td><td>23,247</td><td>33,757</td><td>1,953</td><td>3,284</td><td>3,455</td><td>2,841</td><td>2,721</td><td>4,794</td><td>4,707</td><td>1,133</td><td>1,595</td><td>1,041</td><td>5,300</td><td>2,326</td><td>1,021</td></tr><tr><td>Florida</td><td>22,219</td><td>36,705</td><td>2,704</td><td>2,538</td><td>3,681</td><td>2,339</td><td>2,384</td><td>6,973</td><td>2,654</td><td>2,208</td><td>2,792</td><td>1,594</td><td>5,800</td><td>4,222</td><td>1,701</td></tr><tr><td>Georgia</td><td>17,982</td><td>37,831</td><td>3,439</td><td>3,399</td><td>3,968</td><td>3,874</td><td>2,083</td><td>7,001</td><td>1,734</td><td>1,961</td><td>3,170</td><td>1,518</td><td>6,700</td><td>4,390</td><td>2,325</td></tr><tr><td>Idaho</td><td>7,339</td><td>8,031</td><td>340</td><td>445</td><td>1,278</td><td>614</td><td>798</td><td>994</td><td>952</td><td>327</td><td>349</td><td>224</td><td>1,300</td><td>1,011</td><td>292</td></tr><tr><td>Illinois</td><td>202,041</td><td>272,112</td><td>9,314</td><td>20,757</td><td>39,675</td><td>18,076</td><td>21,319</td><td>33,354</td><td>23,584</td><td>13,045</td><td>15,256</td><td>10,063</td><td>30,700</td><td>28,524</td><td>10,535</td></tr><tr><td>Indiana</td><td>45,123</td><td>79,524</td><td>3,545</td><td>5,892</td><td>11,001</td><td>5,080</td><td>4,619</td><td>12,144</td><td>6,819</td><td>4,482</td><td>6,129</td><td>3,379</td><td>11,700</td><td>9,593</td><td>4,311</td></tr><tr><td>Iowa</td><td>30,676</td><td>71,432</td><td>2,948</td><td>5,614</td><td>8,783</td><td>5,408</td><td>7,593</td><td>10,807</td><td>6,610</td><td>4,327</td><td>5,031</td><td>3,360</td><td>13,800</td><td>26,443</td><td>3,002</td></tr><tr><td>Kansas</td><td>14,486</td><td>34,897</td><td>2,077</td><td>2,741</td><td>3,222</td><td>4,109</td><td>2,533</td><td>4,995</td><td>3,607</td><td>1,641</td><td>2,290</td><td>1,076</td><td>7,100</td><td>4,794</td><td>1,596</td></tr><tr><td>Kentucky</td><td>24,516</td><td>43,755</td><td>2,537</td><td>3,177</td><td>5,314</td><td>5,039</td><td>1,690</td><td>7,769</td><td>1,804</td><td>2,749</td><td>2,880</td><td>1,941</td><td>7,900</td><td>2,969</td><td>2,352</td></tr><tr><td>Louisiana</td><td>21,651</td><td>44,461</td><td>2,071</td><td>5,005</td><td>3,446</td><td>2,564</td><td>2,970</td><td>9,710</td><td>3,143</td><td>1,785</td><td>2,533</td><td>1,330</td><td>9,600</td><td>3,140</td><td>1,431</td></tr><tr><td>Maine</td><td>16,570</td><td>20,245</td><td>1,009</td><td>1,646</td><td>3,315</td><td>1,740</td><td>1,261</td><td>1,764</td><td>2,419</td><td>1,032</td><td>592</td><td>950</td><td>2,100</td><td>2,470</td><td>1,099</td></tr><tr><td>Maryland</td><td>40,093</td><td>54,252</td><td>2,996</td><td>4,278</td><td>8,038</td><td>3,872</td><td>2,928</td><td>7,244</td><td>4,209</td><td>2,638</td><td>3,025</td><td>1,940</td><td>8,900</td><td>3,626</td><td>2,612</td></tr><tr><td>Massachusetts</td><td>144,199</td><td>174,999</td><td>9,444</td><td>13,119</td><td>25,797</td><td>15,124</td><td>11,663</td><td>14,217</td><td>17,772</td><td>7,489</td><td>4,575</td><td>6,622</td><td>14,400</td><td>16,357</td><td>7,554</td></tr><tr><td>Michigan</td><td>65,040</td><td>106,363</td><td>4,884</td><td>9,088</td><td>13,243</td><td>7,452</td><td>6,361</td><td>19,255</td><td>7,734</td><td>5,090</td><td>5,110</td><td>4,290</td><td>20,800</td><td>11,792</td><td>4,300</td></tr><tr><td>Minnesota</td><td>49,069</td><td>69,692</td><td>3,574</td><td>4,951</td><td>8,726</td><td>5,353</td><td>4,031</td><td>10,922</td><td>7,599</td><td>3,240</td><td>3,699</td><td>1,847</td><td>12,400</td><td>7,306</td><td>2,286</td></tr><tr><td>Missippi</td><td>10,061</td><td>21,812</td><td>1,330</td><td>2,887</td><td>2,555</td><td>1,231</td><td>1,279</td><td>5,199</td><td>1,751</td><td>845</td><td>1,093</td><td>515</td><td>5,900</td><td>1,399</td><td>660</td></tr><tr><td>Miesouri</td><td>68,651</td><td>84,266</td><td>4,680</td><td>6,848</td><td>9,297</td><td>5,724</td><td>4,963</td><td>14,572</td><td>7,225</td><td>5,140</td><td>5,480</td><td>3,615</td><td>13,400</td><td>6,941</td><td>3,539</td></tr><tr><td>Montana</td><td>6,322</td><td>10,529</td><td>815</td><td>888</td><td>974</td><td>755</td><td>729</td><td>2,588</td><td>467</td><td>435</td><td>433</td><td>177</td><td>3,100</td><td>1,147</td><td>391</td></tr><tr><td>Nebraska</td><td>14,132</td><td>30,414</td><td>1,227</td><td>2,696</td><td>3,874</td><td>2,367</td><td>3,316</td><td>3,935</td><td>4,268</td><td>1,570</td><td>2,439</td><td>1,120</td><td>6,100</td><td>4,357</td><td>1,058</td></tr><tr><td>Nevada</td><td>2,349</td><td>4,441</td><td>304</td><td>174</td><td>928</td><td>397</td><td>271</td><td>449</td><td>437</td><td>182</td><td>184</td><td>228</td><td>900</td><td>198</td><td>69</td></tr><tr><td>New Hampshire</td><td>11,090</td><td>14,403</td><td>856</td><td>1,095</td><td>2,857</td><td>1,177</td><td>1,309</td><td>1,061</td><td>843</td><td>747</td><td>475</td><td>779</td><td>900</td><td>1,710</td><td>559</td></tr><tr><td>New Jersey</td><td>93,399</td><td>118,761</td><td>6,245</td><td>11,879</td><td>12,310</td><td>7,118</td><td>7,865</td><td>15,316</td><td>10,492</td><td>6,554</td><td>6,423</td><td>4,817</td><td>16,800</td><td>12,662</td><td>5,099</td></tr><tr><td>New Mexico</td><td>9,034</td><td>7,025</td><td>576</td><td>675</td><td>680</td><td>667</td><td>216</td><td>999</td><td>867</td><td>285</td><td>592</td><td>360</td><td>1,200</td><td>774</td><td>158</td></tr><tr><td>New York</td><td>580,433</td><td>627,986</td><td>30,032</td><td>54,336</td><td>72,540</td><td>42,816</td><td>38,317</td><td>82,836</td><td>43,532</td><td>28,466</td><td>28,753</td><td>18,971</td><td>75,000</td><td>48,354</td><td>16,735</td></tr><tr><td>North Carolina</td><td>26,074</td><td>44,654</td><td>2,745</td><td>3,336</td><td>4,957</td><td>2,467</td><td>3,167</td><td>7,172</td><td>4,221</td><td>2,226</td><td>2,651</td><td>1,526</td><td>9,000</td><td>3,093</td><td>1,693</td></tr><tr><td>North Dakota</td><td>7,515</td><td>10,937</td><td>757</td><td>840</td><td>1,775</td><td>941</td><td>416</td><td>1,387</td><td>1,168</td><td>444</td><td>494</td><td>511</td><td>2,400</td><td>1,575</td><td>645</td></tr><tr><td>Ohio</td><td>119,098</td><td>203,827</td><td>9,699</td><td>20,724</td><td>25,120</td><td>14,866</td><td>10,662</td><td>41,294</td><td>8,446</td><td>10,528</td><td>13,100</td><td>8,166</td><td>34,300</td><td>16,802</td><td>8,935</td></tr><tr><td>Oklahoma</td><td>16,587</td><td>25,095</td><td>1,448</td><td>2,034</td><td>3,176</td><td>1,464</td><td>1,137</td><td>3,876</td><td>2,689</td><td>1,231</td><td>1,718</td><td>880</td><td>5,100</td><td>3,264</td><td>851</td></tr><tr><td>Oregon</td><td>22,095</td><td>32,892</td><td>2,131</td><td>4,389</td><td>3,214</td><td>1,891</td><td>1,186</td><td>3,805</td><td>3,791</td><td>1,555</td><td>1,589</td><td>1,554</td><td>6,000</td><td>2,723</td><td>955</td></tr><tr><td>Pennsylvania</td><td>243,285</td><td>297,430</td><td>20,843</td><td>25,937</td><td>31,758</td><td>17,999</td><td>17,918</td><td>44,705</td><td>21,728</td><td>15,743</td><td>17,123</td><td>10,335</td><td>46,300</td><td>23,184</td><td>10,233</td></tr><tr><td>Rhode Island</td><td>28,064</td><td>30,424</td><td>1,815</td><td>1,852</td><td>2,804</td><td>7,115</td><td>1,297</td><td>2,794</td><td>2,213</td><td>1,358</td><td>800</td><td>1,362</td><td>2,300</td><td>2,450</td><td>1,078</td></tr><tr><td>South Carolina</td><td>9,459</td><td>21,712</td><td>1,387</td><td>1,683</td><td>2,132</td><td>1,817</td><td>1,477</td><td>3,324</td><td>2,209</td><td>1,478</td><td>1,359</td><td>696</td><td>4,200</td><td>2,105</td><td>1,034</td></tr><tr><td>South Dakota</td><td>3,077</td><td>10,416</td><td>859</td><td>978</td><td>920</td><td>567</td><td>807</td><td>2,456</td><td>1,146</td><td>394</td><td>607</td><td>302</td><td>2,400</td><td>1,693</td><td>514</td></tr><tr><td>Tennessee</td><td>18,481</td><td>39,140</td><td>2,122</td><td>3,293</td><td>3,819</td><td>2,716</td><td>2,376</td><td>8,546</td><td>1,420</td><td>2,461</td><td>2,770</td><td>1,541</td><td>7,300</td><td>3,860</td><td>1,556</td></tr><tr><td>Texas</td><td>54,196</td><td>110,993</td><td>5,641</td><td>9,777</td><td>11,324</td><td>7,842</td><td>6,456</td><td>21,676</td><td>9,533</td><td>5,172</td><td>6,133</td><td>3,436</td><td>26,500</td><td>10,104</td><td>2,850</td></tr><tr><td>Utah</td><td>5,019</td><td>7,474</td><td>485</td><td>471</td><td>836</td><td>637</td><td>418</td><td>1,588</td><td>653</td><td>347</td><td>644</td><td>448</td><td>1,900</td><td>651</td><td>280</td></tr><tr><td>Vermont</td><td>5,842</td><td>7,504</td><td>357</td><td>579</td><td>1,303</td><td>463</td><td>554</td><td>668</td><td>709</td><td>608</td><td>309</td><td>520</td><td>500</td><td>1,191</td><td>409</td></tr><tr><td>Virginia</td><td>28,014</td><td>53,701</td><td>3,274</td><td>5,932</td><td>6,498</td><td>3,674</td><td>2,875</td><td>8,095</td><td>5,263</td><td>2,960</td><td>3,140</td><td>1,925</td><td>11,100</td><td>3,119</td><td>2,297</td></tr><tr><td>Washington</td><td>25,898</td><td>49,753</td><td>3,008</td><td>3,607</td><td>6,002</td><td>3,891</td><td>3,235</td><td>7,139</td><td>6,144</td><td>2,928</td><td>3,154</td><td>2,291</td><td>11,000</td><td>6,017</td><td>1,831</td></tr><tr><td>West Virginia</td><td>11,780</td><td>17,905</td><td>1,291</td><td>2,063</td><td>2,447</td><td>1,402</td><td>962</td><td>2,047</td><td>1,367</td><td>843</td><td>1,284</td><td>698</td><td>3,300</td><td>1,638</td><td>985</td></tr><tr><td>Wisconsin</td><td>42,205</td><td>86,336</td><td>3,709</td><td>6,839</td><td>11,009</td><td>6,608</td><td>5,587</td><td>13,019</td><td>8,996</td><td>4,863</td><td>5,492</td><td>3,492</td><td>14,000</td><td>11,947</td><td>3,492</td></tr><tr><td>Wyoming</td><td>3,690</td><td>6,010</td><td>502</td><td>570</td><td>747</td><td>323</td><td>242</td><td>702</td><td>1,117</td><td>235</td><td>315</td><td>198</td><td>800</td><td>716</td><td>201</td></tr><tr><td>Alaska</td><td>736</td><td>1,297</td><td>92</td><td>57</td><td>143</td><td>104</td><td>111</td><td>118</td><td>152</td><td>156</td><td>65</td><td>84</td><td>100</td><td>163</td><td>72</td></tr><tr><td>Canal Zone</td><td>504</td><td>1,843</td><td>49</td><td>119</td><td>191</td><td>96</td><td>498</td><td>325</td><td>303</td><td>86</td><td>135</td><td>44</td><td>263</td><td>154</td><td>55</td></tr><tr><td>Hawaii
p Preliminary. 
* Less than $500. 
1/ Unallocated amounts for prior months included chiefly sales to the
2/ Included in "Other possessions".
46
Participation in Payroll Savings Plans For War Savings Bonds
Table 1.- Number of Firms and Number of Persons Participating in Payroll Savings Plans
<table><tr><th></th><th>June 1942</th><th>June 1943</th><th>Oct.</th><th>Nov.</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></tr><tr><td colspan="17">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><td></td><td></td></tr><tr><td>5,000 or more workers</td><td>477</td><td>537</td><td>488</td><td>490</td><td>492</td><td>492</td><td>496</td><td>501</td><td>501</td><td>537</td><td>537</td><td>535</td><td>535</td><td>535</td><td>534</td></tr><tr><td>20,000-999 workers</td><td>4,956</td><td>5,777</td><td>5,534</td><td>5,585</td><td>5,583</td><td>5,707</td><td>5,755</td><td>5,767</td><td>5,778</td><td>5,757</td><td>5,777</td><td>5,788</td><td>5,791</td><td>5,789</td><td>5,790</td></tr><tr><td>100-499 workers</td><td>19,718</td><td>27,056</td><td>24,321</td><td>24,873</td><td>25,540</td><td>25,835</td><td>26,260</td><td>26,517</td><td>26,666</td><td>26,832</td><td>27,056</td><td>27,103</td><td>27,144</td><td>27,200</td><td>27,230</td></tr><tr><td>Under 100 workers</td><td>82,943</td><td>149,525</td><td>122,762</td><td>127,560</td><td>135,098</td><td>140,644</td><td>144,016</td><td>146,137</td><td>147,346</td><td>149,018</td><td>149,525</td><td>149,890</td><td>150,126</td><td>149,965</td><td>149,946</td></tr><tr><td>Total number of firms</td><td>108,099</td><td>182,695</td><td>153,105</td><td>158,609</td><td>167,813</td><td>172,678</td><td>176,527</td><td>178,922</td><td>180,291</td><td>182,144</td><td>182,895</td><td>183,316</td><td>183,596</td><td>183,489</td><td>183,500</td></tr><tr><td colspan="17">Number of workers employed in firms and governmental agencies having payroll savings plans (in millions)</td></tr><tr><td>In firms</td><td>21.3</td><td>27.4</td><td>24.5</td><td>25.3</td><td>25.7</td><td>26.3</td><td>27.0</td><td>27.2</td><td>27.2</td><td>27.3</td><td>27.4</td><td>27.6</td><td>27.6</td><td>27.6</td><td>27.6</td></tr><tr><td>In Federal, State, and local governments and their agencies</td><td>1.5</td><td>3.9</td><td>3.2</td><td>3.2</td><td>3.3</td><td>3.4</td><td>3.5</td><td>3.6</td><td>3.8</td><td>3.8</td><td>3.9</td><td>3.9</td><td>3.9</td><td>3.9</td><td>3.9</td></tr><tr><td>Total</td><td>22.8</td><td>31.2</td><td>27.7</td><td>28.5</td><td>29.0</td><td>29.7</td><td>30.5</td><td>30.8</td><td>31.0</td><td>31.1</td><td>31.2</td><td>31.5</td><td>31.5</td><td>31.5</td><td>31.5</td></tr><tr><td colspan="17">Number of persons actually participating in payroll savings plans (in millions)</td></tr><tr><td>Total number of (1) workers in firms, (2) workers in Federal, State, and local governments and their agencies, and (3) persons in the armed forces, participating in payroll savings plans</td><td>2/</td><td>26.8</td><td>22.6</td><td>23.7</td><td>24.5</td><td>24.9</td><td>25.5</td><td>26.2</td><td>26.8</td><td>26.8</td><td>26.8</td><td>26.6</td><td>26.4</td><td>26.3</td><td>26.1</td></tr></table>
Table 2.- Deductions Under Payroll Savings Plans
<table><tr><th rowspan="2"></th><th colspan="2">Fiscal year</th><th colspan="3">1942</th><th colspan="10">1943</th></tr><tr><th>1942</th><th>1943</th><th>Oct.</th><th>Nov.</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></tr><tr><td>Total amount deducted (in millions of dollars)</td><td>544 3/4</td><td>4,067</td><td>307</td><td>335</td><td>355</td><td>375</td><td>360</td><td>380</td><td>415</td><td>425</td><td>415</td><td>420</td><td>413</td><td>420p</td><td>421p</td></tr><tr><td>Percent of participants' pay deducted</td><td>5.2%</td><td>8.3%</td><td>7.8%</td><td>8.3%</td><td>8.5%</td><td>8.7%</td><td>8.7%</td><td>8.7%</td><td>9.0%</td><td>9.1%</td><td>9.0%</td><td>9.1%</td><td>9.0%</td><td>9.2%p</td><td>9.2%p</td></tr></table>
Preliminary. 
1/ Estimated. 
2/ Not available. The total number of (1) workers in firms, and (2) workers in Federal, State, and local governments and their
3/ Consists only of deductions from December 1941 through June 1942. Data on deductions prior to December 1941 are not available.
47
Sales of Treasury Savings Notes
Table 1.- Summary of Sales and Redemptions, by Series
(Par values - 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</th><th rowspan="2">Net change during fiscal year or month</th><th rowspan="2">Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr><tr><td colspan="8">All series</td></tr><tr><td>1942</td><td>3,014.5</td><td>+3,014.5</td><td>4,138.9</td><td>1,124.4</td><td>1,103.7</td><td>20.7</td><td>......</td></tr><tr><td>1943</td><td>7,495.4</td><td>+4,480.9</td><td>8,758.5</td><td>4,277.6</td><td>4,094.4</td><td>114.9</td><td>68.3</td></tr><tr><td>1942-November</td><td>5,702.5</td><td>+739.0</td><td>781.6</td><td>42.6</td><td>37.8</td><td>4.9</td><td>......</td></tr><tr><td>December</td><td>6,384.1</td><td>+681.5</td><td>1,312.3</td><td>630.8</td><td>626.2</td><td>4.6</td><td>......</td></tr><tr><td>1943-January</td><td>6,748.8</td><td>+364.8</td><td>452.9</td><td>88.1</td><td>86.4</td><td>1.8</td><td>......</td></tr><tr><td>February</td><td>7,124.7</td><td>+375.9</td><td>456.6</td><td>80.7</td><td>78.8</td><td>2.0</td><td>......</td></tr><tr><td>March</td><td>6,345.6</td><td>-779.1</td><td>446.8</td><td>1,225.9</td><td>1,214.1</td><td>11.8</td><td>......</td></tr><tr><td>April</td><td>7,782.5</td><td>+1,436.9</td><td>1,632.9</td><td>196.0</td><td>176.6</td><td>19.5</td><td>......</td></tr><tr><td>May</td><td>5,162.9</td><td>+380.4</td><td>482.2</td><td>101.8</td><td>97.0</td><td>4.8</td><td>......</td></tr><tr><td>June</td><td>7,495.4</td><td>-667.5</td><td>468.1</td><td>1,135.6</td><td>1,119.8</td><td>15.8</td><td>......</td></tr><tr><td>July</td><td>7,677.9</td><td>+182.5</td><td>414.0</td><td>231.5</td><td>214.4</td><td>17.1</td><td>......</td></tr><tr><td>August</td><td>7,764.3</td><td>+86.4</td><td>213.5</td><td>127.1</td><td>99.2</td><td>27.9</td><td>......</td></tr><tr><td>September</td><td>8,876.4</td><td>+1,112.1</td><td>2,260.0</td><td>1,147.9</td><td>1,111.9</td><td>36.0</td><td>......</td></tr><tr><td>October</td><td>9,132.9</td><td>+256.4</td><td>460.7</td><td>204.2</td><td>181.6</td><td>22.6</td><td>......</td></tr><tr><td>November</td><td>9,301.9</td><td>+169.0</td><td>330.2</td><td>161.2</td><td>121.9</td><td>39.3</td><td>......</td></tr><tr><td colspan="8">Series A 2/</td></tr><tr><td>1942</td><td>54.8</td><td>+54.8</td><td>72.2</td><td>17.4</td><td>16.6</td><td>.8</td><td>......</td></tr><tr><td>1943</td><td>266.7</td><td>+211.9</td><td>334.7</td><td>122.8</td><td>114.0</td><td>8.7</td><td>.1</td></tr><tr><td>1942-November</td><td>200.1</td><td>+33.1</td><td>33.5</td><td>.4</td><td>.2</td><td>.2</td><td>......</td></tr><tr><td>December</td><td>276.0</td><td>+75.9</td><td>86.0</td><td>10.1</td><td>9.8</td><td>.3</td><td>......</td></tr><tr><td>1943-January</td><td>309.4</td><td>+33.4</td><td>34.5</td><td>1.0</td><td>.5</td><td>.5</td><td>......</td></tr><tr><td>February</td><td>320.0</td><td>+10.5</td><td>13.0</td><td>2.5</td><td>1.8</td><td>.6</td><td>......</td></tr><tr><td>March</td><td>285.4</td><td>-34.6</td><td>15.3</td><td>49.9</td><td>47.5</td><td>2.3</td><td>......</td></tr><tr><td>April</td><td>294.9</td><td>+9.5</td><td>21.8</td><td>12.3</td><td>11.1</td><td>1.2</td><td>......</td></tr><tr><td>May</td><td>302.7</td><td>+7.8</td><td>7.8</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>June</td><td>266.7</td><td>-35.9</td><td>4.5</td><td>40.4</td><td>38.3</td><td>2.2</td><td>......</td></tr><tr><td>July</td><td>251.2</td><td>-15.5</td><td>......</td><td>15.5</td><td>13.3</td><td>2.2</td><td>......</td></tr><tr><td>August</td><td>247.6</td><td>-3.7</td><td>......</td><td>3.7</td><td>1.7</td><td>2.0</td><td>......</td></tr><tr><td>September</td><td>207.3</td><td>-40.2</td><td>......</td><td>40.2</td><td>37.2</td><td>3.0</td><td>......</td></tr><tr><td>October</td><td>200.2</td><td>-7.2</td><td>......</td><td>7.2</td><td>6.2</td><td>1.0</td><td>......</td></tr><tr><td>November</td><td>198.3</td><td>-1.9</td><td>......</td><td>1.9</td><td>1.1</td><td>.8</td><td>......</td></tr><tr><td colspan="8">Series B 3/</td></tr><tr><td>1942</td><td>2,959.7</td><td>+2,959.7</td><td>4,066.7</td><td>1,107.0</td><td>1,087.1</td><td>19.9</td><td>......</td></tr><tr><td>1943</td><td>764.8</td><td>-2,195.0</td><td>877.1</td><td>3,072.1</td><td>2,933.3</td><td>70.6</td><td>68.2</td></tr><tr><td>1942-November</td><td>3,026.0</td><td>-41.5</td><td>......</td><td>41.5</td><td>36.8</td><td>4.6</td><td>......</td></tr><tr><td>December</td><td>2,432.7</td><td>-593.2</td><td>......</td><td>593.2</td><td>589.0</td><td>4.2</td><td>......</td></tr><tr><td>1943-January</td><td>2,364.2</td><td>-68.5</td><td>......</td><td>68.5</td><td>67.4</td><td>1.1</td><td>......</td></tr><tr><td>February</td><td>2,311.4</td><td>-52.8</td><td>......</td><td>52.8</td><td>52.4</td><td>.4</td><td>......</td></tr><tr><td>March</td><td>1,488.4</td><td>-823.0</td><td>......</td><td>823.0</td><td>820.7</td><td>2.2</td><td>......</td></tr><tr><td>April</td><td>1,395.0</td><td>-93.4</td><td>......</td><td>93.4</td><td>87.3</td><td>6.1</td><td>......</td></tr><tr><td>May</td><td>1,349.7</td><td>-45.4</td><td>......</td><td>45.4</td><td>43.2</td><td>2.2</td><td>......</td></tr><tr><td>June</td><td>764.8</td><td>-584.9</td><td>......</td><td>584.9</td><td>584.0</td><td>.9</td><td>......</td></tr><tr><td>July</td><td>711.0</td><td>-53.7</td><td>......</td><td>53.7</td><td>52.7</td><td>1.0</td><td>......</td></tr><tr><td>August</td><td>667.9</td><td>-23.2</td><td>......</td><td>23.2</td><td>20.9</td><td>2.3</td><td>......</td></tr><tr><td>September</td><td>348.6</td><td>-339.3</td><td>......</td><td>339.3</td><td>336.3</td><td>2.9</td><td>......</td></tr><tr><td>October</td><td>321.4</td><td>-27.2</td><td>......</td><td>27.2</td><td>25.6</td><td>1.6</td><td>......</td></tr><tr><td>November</td><td>306.6</td><td>-14.8</td><td>......</td><td>14.8</td><td>14.0</td><td>.8</td><td>......</td></tr></table>
(Continued on following page)
48
Sales of Treasury Savings Notes1) - (Continued)
Table 1.
Summary of Sales and Redemptions, by Series - (Continued)
(Par value - to millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="4">Redeptions and exchanges</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for own series</th></tr><tr><td colspan="8">Series C 1/2</td></tr><tr><td>1943</td><td>6,464.0</td><td>+6,464.0</td><td>7,546.7</td><td>1,082.7</td><td>1,047.2</td><td>35.6</td><td></td></tr><tr><td>1942-November</td><td>2,476.5</td><td>+747.4</td><td>748.1</td><td>.8</td><td>.7</td><td>• 3/</td><td></td></tr><tr><td>December</td><td>3,675.3</td><td>+1,198.8</td><td>1,226.3</td><td>27.4</td><td>27.4</td><td>• 3/</td><td></td></tr><tr><td>1943-January</td><td>4,075.2</td><td>+399.9</td><td>418.4</td><td>18.5</td><td>18.4</td><td>.1 3/</td><td></td></tr><tr><td>February</td><td>4,493.4</td><td>+418.2</td><td>443.7</td><td>25.5</td><td>24.5</td><td>1.0 3/</td><td></td></tr><tr><td>March</td><td>4,571.8</td><td>+78.4</td><td>431.5</td><td>353.1</td><td>345.8</td><td>7.2</td><td></td></tr><tr><td>April</td><td>6,092.6</td><td>+1,520.8</td><td>1,611.1</td><td>90.3</td><td>78.2</td><td>12.2</td><td></td></tr><tr><td>May</td><td>6,510.6</td><td>+418.0</td><td>474.5</td><td>56.5</td><td>54.7</td><td>1.8</td><td></td></tr><tr><td>June</td><td>6,464.0</td><td>-46.6</td><td>463.6</td><td>510.2</td><td>497.5</td><td>12.8</td><td></td></tr><tr><td>July</td><td>6,715.7</td><td>+251.7</td><td>414.0</td><td>162.3</td><td>148.4</td><td>13.9</td><td></td></tr><tr><td>August</td><td>6,828.9</td><td>+113.2</td><td>213.5</td><td>100.2</td><td>76.6</td><td>23.7</td><td></td></tr><tr><td>September</td><td>8,320.5</td><td>+1,491.6</td><td>2,260.0</td><td>768.4</td><td>738.4</td><td>30.0</td><td></td></tr><tr><td>October</td><td>8,611.3</td><td>+290.8</td><td>460.7</td><td>169.9</td><td>149.9</td><td>20.0</td><td></td></tr><tr><td>November</td><td>8,797.0</td><td>+185.8</td><td>330.2</td><td>144.4</td><td>106.7</td><td>37.7</td><td></td></tr></table>
Source: Daily Treasury Statements. Less than $50,000. 1/ These notes were originally designed to help taxpayers set aside funds with which to pay taxes and were known as Treasury tax savings notes. Series A notes were designed for the small and moderate taxpayer; series B and series C notes were intended for the large taxpayer. When the collection of taxes through withholding at the source commenced, the need for series A tax savings notes disappeared and their sale was discontinued. Redemption provisions on series A notes were relaxed to provide for the payment of interest on notes thereafter redeemed for cash (see footnote 2/). Sale of series C notes which were designed for the investment of idle cash reserves as well as the accumulation of tax reserves was continued and the notes were designated Treasury savings notes. 2/ Series A notes, which were sold from August 1, 1941 through June 22, 1943, yield approximately 1.92 percent per annum. Through June 22, 1943 the notes could be redeemed for cash only at the original purchase price; since that date, the notes have been redeemed for cash at the tax payment value
current at the time of presentation. (See also footnote 1/.) Prior to October 4, 1943, the maximum amount which could be used in payment of each class of tax (income, estate, or gift) by each taxpayer during each taxable year was limited to $5,000 per value; this limitation was removed as of that date. Series B notes were sold from August 1, 1941 through September 12, 1942, to yield approximately .88 percent per annum. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash only at the original purchase price. Series C notes went on sale September 14, 1942. Interest accrues each month on a graduated scale (see "Treasury Bulletin" for August 1943, page 4) to yield approximately 1.07 percent per annum if held to maturity. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash six months after the date of issue at the tax payment value current at the time of presentation. Prior to July 27, 1943, notice of 30 days was required for cash redemption. See also footnote 1/
49
Sales of Treasury Savings Notes - (Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="7">Sales in millions of dollars at par</th><th colspan="7">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th><th>Total all denominations</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1943</td><td>7,546.7</td><td>249.0</td><td>332.1</td><td>1,388.6</td><td>2,535.7</td><td>1,124.4</td><td>1,916.9</td><td>100.0</td><td>3.3</td><td>4.4</td><td>18.4</td><td>33.6</td><td>14.9</td><td>25.4</td></tr><tr><td>1942-Nov. Dec....</td><td>748.1 1,226.3</td><td>17.2 40.5</td><td>26.2 66.2</td><td>127.2 250.2</td><td>231.2 388.7</td><td>71.8 204.8</td><td>274.5 275.9</td><td>100.0 100.0</td><td>2.3 3.3</td><td>3.5 5.4</td><td>17.0 20.4</td><td>30.9 31.7</td><td>9.6 16.7</td><td>36.7 22.5</td></tr><tr><td>1943-Jan. Feb. Mar....</td><td>418.4 443.7 431.5</td><td>16.7 9.8 9.9</td><td>21.8 13.7 13.4</td><td>84.9 58.7 66.0</td><td>150.6 141.9 123.0</td><td>67.8 72.8 78.5</td><td>76.6 146.8 140.7</td><td>100.0 100.0 100.0</td><td>4.0 2.2 2.3</td><td>5.2 3.1 3.1</td><td>20.3 13.2 15.3</td><td>36.0 32.0 28.5</td><td>16.2 16.4 18.2</td><td>18.3 33.1 32.6</td></tr><tr><td>Apr.... May.... June....</td><td>1,611.1 474.5 463.6</td><td>82.2 20.9 10.7</td><td>90.2 23.3 14.8</td><td>339.9 91.1 77.4</td><td>597.7 152.3 176.2</td><td>224.0 69.8 78.8</td><td>277.1 117.1 105.7</td><td>100.0 100.0 100.0</td><td>5.1 4.4 2.3</td><td>5.6 4.9 3.2</td><td>21.1 19.2 16.7</td><td>37.1 32.1 38.0</td><td>13.9 14.7 17.0</td><td>17.2 24.7 22.8</td></tr><tr><td>July.... Aug.... Sept....</td><td>414.0 213.5 2,260.0</td><td>12.4 8.1 119.8</td><td>15.3 9.4 133.4</td><td>72.5 43.6 490.4</td><td>144.1 82.6 754.8</td><td>73.7 24.8 327.7</td><td>36.0 45.0 433.9</td><td>100.0 100.0 100.0</td><td>3.0 3.8 5.3</td><td>3.7 4.4 5.9</td><td>17.5 20.4 21.7</td><td>34.8 38.7 33.4</td><td>17.8 11.6 14.5</td><td>23.2 21.1 19.2</td></tr><tr><td>Oct.... Nov....</td><td>460.7 330.2</td><td>34.5 8.6</td><td>33.2 12.9</td><td>109.2 60.7</td><td>141.9 113.3</td><td>63.1 48.9</td><td>78.8 85.8</td><td>100.0 100.0</td><td>7.5 2.6</td><td>7.2 3.9</td><td>23.7 18.4</td><td>30.8 34.3</td><td>13.7 14.8</td><td>17.1 26.0</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by denominations: sales reported to the Treasury.
1/ Information on sales, by denomination, of Series A and B tax saving notes may be found in the "Treasury Bulletin" for July 1943, page 46.
Table 3.- Sales of Series C Notes, 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 colspan="2">Type of purchaser</th><th>Total</th><th colspan="2">Type of purchaser</th></tr><tr><th></th><th></th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th><th></th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th></tr><tr><td>1943</td><td>7,546.7</td><td>611.3</td><td>6,935.4</td><td>100.0</td><td>8.1</td><td>91.9</td></tr><tr><td>1942-November</td><td>748.1</td><td>60.6</td><td>687.5</td><td>100.0</td><td>8.1</td><td>91.9</td></tr><tr><td>December</td><td>1,226.3</td><td>120.2</td><td>1,106.1</td><td>100.0</td><td>9.8</td><td>90.2</td></tr><tr><td>1943-January</td><td>418.4</td><td>37.7</td><td>380.7</td><td>100.0</td><td>9.0</td><td>91.0</td></tr><tr><td>February</td><td>443.7</td><td>28.8</td><td>414.9</td><td>100.0</td><td>6.5</td><td>93.5</td></tr><tr><td>March</td><td>431.5</td><td>51.3</td><td>380.2</td><td>100.0</td><td>11.9</td><td>88.1</td></tr><tr><td>April</td><td>1,611.1</td><td>122.4</td><td>1,488.7</td><td>100.0</td><td>7.6</td><td>92.4</td></tr><tr><td>May</td><td>474.5</td><td>37.5</td><td>437.0</td><td>100.0</td><td>7.9</td><td>92.1</td></tr><tr><td>June</td><td>463.6</td><td>26.9</td><td>436.7</td><td>100.0</td><td>5.8</td><td>94.2</td></tr><tr><td>July</td><td>414.0</td><td>21.5</td><td>392.5</td><td>100.0</td><td>5.2</td><td>94.8</td></tr><tr><td>August</td><td>213.5</td><td>15.4</td><td>198.1</td><td>100.0</td><td>7.2</td><td>92.8</td></tr><tr><td>September</td><td>2,260.0</td><td>166.9</td><td>2,093.1</td><td>100.0</td><td>7.4</td><td>92.6</td></tr><tr><td>October</td><td>460.7</td><td>51.1 r</td><td>409.6 r</td><td>100.0</td><td>11.1 r</td><td>88.9 r</td></tr><tr><td>November</td><td>330.2</td><td>16.2</td><td>314.0</td><td>100.0</td><td>4.9</td><td>95.1</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by type of purchaser: sales reported to the Treasury.
1/ Information on sales, by type of purchaser, of Series A and B tax savings notes may be found in the "Treasury Bulletin" for July 1943, page 47.
50
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(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>Sales 1/</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total 1/</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/ 3/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/ 3/</th></tr><tr><td>1941 4/ July 1941.</td><td>5,294</td><td>+5,143</td><td>6,087</td><td>943</td><td>5/</td><td>5/</td><td>100.0</td><td>5/</td><td>5/</td></tr><tr><td>1942 (Aug. 1941-June 1942.)</td><td>166,311</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>127,948</td><td>18,468</td><td>100.0</td><td>87.4</td><td>12.6</td></tr><tr><td>1943.</td><td>213,350</td><td>+45,620 6/ 1/</td><td>590,268</td><td>544,647</td><td>474,168</td><td>70,480</td><td>100.0</td><td>87.1</td><td>12.9</td></tr><tr><td>1942-November.</td><td>215,805</td><td>+9,121 6/ 1/</td><td>39,077 1/</td><td>29,955</td><td>26,220</td><td>3,736</td><td>100.0</td><td>87.5</td><td>12.5</td></tr><tr><td>December.</td><td>221,340</td><td>+5,536</td><td>43,920</td><td>38,384</td><td>32,988</td><td>5,396</td><td>100.0</td><td>85.9</td><td>14.1</td></tr><tr><td>1943-January.</td><td>224,901</td><td>+3,561</td><td>66,267</td><td>62,706</td><td>54,448</td><td>8,258</td><td>100.0</td><td>86.8</td><td>13.2</td></tr><tr><td>February.</td><td>224,356</td><td>-1,106 7/</td><td>54,667 7/</td><td>55,773</td><td>48,339</td><td>7,434</td><td>100.0</td><td>86.7</td><td>13.3</td></tr><tr><td>March.</td><td>226,216</td><td>+1,671 7/</td><td>49,630 7/</td><td>47,958</td><td>40,650</td><td>7,309</td><td>100.0</td><td>84.8</td><td>15.2</td></tr><tr><td>April.</td><td>227,989</td><td>+1,774 7/</td><td>44,791 7/</td><td>43,018</td><td>37,501</td><td>5,517</td><td>100.0</td><td>87.2</td><td>12.8</td></tr><tr><td>May.</td><td>224,771</td><td>-3,218</td><td>40,048</td><td>43,267</td><td>37,530</td><td>5,737</td><td>100.0</td><td>86.7</td><td>13.3</td></tr><tr><td>June.</td><td>213,350</td><td>-11,421</td><td>52,683</td><td>64,104</td><td>54,391</td><td>9,714</td><td>100.0</td><td>84.8</td><td>15.2</td></tr><tr><td>July.</td><td>207,275</td><td>-6,075</td><td>30,770</td><td>36,845</td><td>31,371</td><td>5,474</td><td>100.0</td><td>85.1</td><td>14.9</td></tr><tr><td>August.</td><td>204,158</td><td>-3,117</td><td>29,313</td><td>32,430</td><td>27,427</td><td>5,004</td><td>100.0</td><td>84.6</td><td>15.4</td></tr><tr><td>September.</td><td>201,453</td><td>-2,705</td><td>28,600</td><td>31,306</td><td>27,098</td><td>4,207</td><td>100.0</td><td>86.6</td><td>13.4</td></tr><tr><td>October.</td><td>197,942</td><td>-3,511</td><td>35,462</td><td>38,973</td><td>32,771</td><td>6,202</td><td>100.0</td><td>84.1</td><td>15.9</td></tr><tr><td>November.</td><td>202,415</td><td>+4,473</td><td>39,565</td><td>35,091</td><td>28,543</td><td>6,548</td><td>100.0</td><td>81.3</td><td>18.7</td></tr></table>
Source: Daily Treasury Statements commencing November 1, 1942; prior thereto, Post Office Department.
1/ Figures for November 1942 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/ Estimated on the basis of samples conducted by the Post Office Department.
3/ Includes minor amounts which were exchanged for postal savings
certificates prior to November 1, 1942. These did not aggregate in any one month more than $26 thousands nor more than 0.9 percent of total redemptions.
4/ Sales and redemptions commence with May 1, 1941 when the special defense series of stamps went on sale. The amount of the old series of postal savings stamps outstanding on April 30, 1941 was $150 thousands. Details not available for May, June, and July 1941.
5/ Net of sales less redemptions. See footnote 1/.
7/ Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
Table 2.- 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>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1942-November</td><td>39,077</td><td>8,033</td><td>20,751</td><td>3,595</td><td>4,939</td><td>1,759</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</td><td>43,920</td><td>9,243</td><td>22,984</td><td>3,624</td><td>5,600</td><td>2,469</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><tr><td>1943-January</td><td>66,267</td><td>15,993</td><td>34,209</td><td>5,192</td><td>7,798</td><td>3,075</td><td>100.0</td><td>24.1</td><td>51.6</td><td>7.8</td><td>11.8</td><td>4.7</td></tr><tr><td>February</td><td>54,667</td><td>12,771</td><td>28,514</td><td>4,566</td><td>6,405</td><td>2,412</td><td>100.0</td><td>23.4</td><td>52.2</td><td>8.3</td><td>11.7</td><td>4.4</td></tr><tr><td>March</td><td>49,630</td><td>12,290</td><td>25,576</td><td>4,001</td><td>5,652</td><td>2,110</td><td>100.0</td><td>24.8</td><td>51.5</td><td>8.1</td><td>11.4</td><td>4.2</td></tr><tr><td>April</td><td>44,791</td><td>11,284</td><td>23,164</td><td>3,594</td><td>5,085</td><td>1,665</td><td>100.0</td><td>25.2</td><td>51.7</td><td>8.0</td><td>11.4</td><td>3.7</td></tr><tr><td>May</td><td>40,043</td><td>9,704</td><td>20,983</td><td>3,358</td><td>4,574</td><td>1,429</td><td>100.0</td><td>24.2</td><td>52.4</td><td>8.4</td><td>11.4</td><td>3.6</td></tr><tr><td>June</td><td>52,683</td><td>10,531</td><td>28,257</td><td>4,942</td><td>6,803</td><td>2,151</td><td>100.0</td><td>20.0</td><td>53.6</td><td>9.4</td><td>12.9</td><td>4.1</td></tr><tr><td>July</td><td>30,770</td><td>5,462</td><td>15,783</td><td>2,990</td><td>4,425</td><td>2,110</td><td>100.0</td><td>17.7</td><td>51.3</td><td>9.7</td><td>14.4</td><td>6.9</td></tr><tr><td>August</td><td>29,313</td><td>5,409</td><td>15,351</td><td>2,803</td><td>4,190</td><td>1,550</td><td>100.0</td><td>18.4</td><td>52.4</td><td>9.6</td><td>14.3</td><td>5.3</td></tr><tr><td>September</td><td>28,600</td><td>6,564</td><td>15,053</td><td>2,410</td><td>3,382</td><td>1,192</td><td>100.0</td><td>23.0</td><td>52.6</td><td>8.4</td><td>11.3</td><td>4.7</td></tr><tr><td>October</td><td>35,462</td><td>9,106</td><td>17,494</td><td>2,556</td><td>3,599</td><td>2,708</td><td>100.0</td><td>25.7</td><td>49.3</td><td>7.2</td><td>10.2</td><td>7.6</td></tr><tr><td>November</td><td>39,565</td><td>10,443</td><td>20,330</td><td>2,987</td><td>4,446</td><td>1,359</td><td>100.0</td><td>26.4</td><td>51.4</td><td>7.6</td><td>11.2</td><td>3.4</td></tr></table>
(1) Total sales: Daily Treasury Statements commencing November 1, 1942; prior thereto Post Office Department; (2) Distribution by denominations: Based upon Post Office Department data.
51
Sales of United States Savings Stamps - (Continued)
Table 3.- Sales by States
(In thousands of dollars)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="2">1942</th><th colspan="9">1943</th><th colspan="3">P</th></tr><tr><th></th><th>1942</th><th>1943</th><th>Nov.</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>Alabama</td><td>2,343.7</td><td>4,215.1</td><td>312.4</td><td>349.1</td><td>366.2</td><td>352.1</td><td>382.4</td><td>394.9</td><td>296.9</td><td>218.6</td><td>288.2</td><td>240.3</td><td>326.5</td><td>331.6</td><td>271.2</td></tr><tr><td>Arizona</td><td>834.8</td><td>1,765.8</td><td>132.5</td><td>191.5</td><td>174.9</td><td>157.6</td><td>158.7</td><td>190.2</td><td>115.4</td><td>79.1</td><td>93.9</td><td>81.4</td><td>143.9</td><td>103.1</td><td>94.0</td></tr><tr><td>Arkansas</td><td>1,674.7</td><td>2,970.7</td><td>251.4</td><td>278.5</td><td>266.8</td><td>243.3</td><td>250.8</td><td>271.9</td><td>193.4</td><td>166.6</td><td>198.6</td><td>125.0</td><td>171.0</td><td>160.8</td><td>152.4</td></tr><tr><td>California</td><td>20,132.6</td><td>39,726.1</td><td>3,048.7</td><td>4,122.0</td><td>3,624.3</td><td>2,963.1</td><td>3,344.8</td><td>3,486.4</td><td>3,256.5</td><td>2,312.7</td><td>2,190.5</td><td>1,849.9</td><td>2,658.1</td><td>2,574.7</td><td>2,287.4</td></tr><tr><td>Colorado</td><td>2,020.3</td><td>4,083.1</td><td>330.6</td><td>405.9</td><td>376.7</td><td>357.8</td><td>372.9</td><td>374.6</td><td>294.9</td><td>216.5</td><td>215.3</td><td>164.1</td><td>334.9</td><td>239.1</td><td>216.4</td></tr><tr><td>Connecticut</td><td>7,707.4</td><td>14,375.6</td><td>1,235.5</td><td>1,336.2</td><td>1,255.6</td><td>1,039.8</td><td>1,090.3</td><td>1,053.3</td><td>1,013.5</td><td>785.8</td><td>743.8</td><td>571.4</td><td>950.3</td><td>900.5</td><td>809.6</td></tr><tr><td>Delaware</td><td>714.2</td><td>1,298.6</td><td>124.3</td><td>131.5</td><td>119.2</td><td>98.3</td><td>101.8</td><td>132.3</td><td>85.2</td><td>74.2</td><td>67.8</td><td>57.6</td><td>110.6</td><td>53.7</td><td>80.2</td></tr><tr><td>Dist. of Columbia</td><td>6,100.1</td><td>5,591.7</td><td>392.9</td><td>519.5</td><td>498.5</td><td>442.9</td><td>453.2</td><td>489.7</td><td>421.1</td><td>291.8</td><td>293.1</td><td>258.3</td><td>368.2</td><td>288.0</td><td>264.9</td></tr><tr><td>Florida</td><td>3,705.9</td><td>6,188.3</td><td>471.8</td><td>600.3</td><td>586.3</td><td>531.5</td><td>582.3</td><td>613.8</td><td>494.8</td><td>365.0</td><td>403.2</td><td>338.9</td><td>490.5</td><td>394.6</td><td>336.7</td></tr><tr><td>Georgia</td><td>3,175.5</td><td>5,621.2</td><td>464.4</td><td>533.4</td><td>503.1</td><td>479.3</td><td>494.5</td><td>458.6</td><td>422.1</td><td>306.6</td><td>327.2</td><td>259.4</td><td>366.2</td><td>356.5</td><td>317.2</td></tr><tr><td>Idaho</td><td>841.0</td><td>1,805.5</td><td>112.4</td><td>132.0</td><td>131.1</td><td>138.9</td><td>125.9</td><td>127.6</td><td>87.2</td><td>63.9</td><td>64.2</td><td>58.7</td><td>90.1</td><td>97.5</td><td>85.4</td></tr><tr><td>Illinois</td><td>23,612.9</td><td>39,970.3</td><td>3,367.5</td><td>3,980.0</td><td>3,555.0</td><td>3,203.7</td><td>3,593.9</td><td>3,101.1</td><td>2,833.4</td><td>2,226.7</td><td>2,357.5</td><td>1,760.3</td><td>2,638.0</td><td>2,453.4</td><td>2,173.0</td></tr><tr><td>Indiana</td><td>7,516.9</td><td>14,176.4</td><td>1,226.6</td><td>1,378.5</td><td>1,262.7</td><td>1,150.6</td><td>1,222.3</td><td>1,213.2</td><td>1,038.3</td><td>778.3</td><td>767.7</td><td>656.3</td><td>978.8</td><td>912.2</td><td>735.7</td></tr><tr><td>Iowa</td><td>4,575.8</td><td>9,010.3</td><td>682.8</td><td>887.2</td><td>736.4</td><td>675.5</td><td>720.6</td><td>858.5</td><td>642.3</td><td>511.1</td><td>1,335.2</td><td>712.9</td><td>730.7</td><td>581.5</td><td>521.4</td></tr><tr><td>Kansas</td><td>2,532.9</td><td>5,576.8</td><td>424.4</td><td>507.4</td><td>517.7</td><td>502.7</td><td>545.0</td><td>630.4</td><td>414.4</td><td>285.4</td><td>549.3</td><td>207.7</td><td>362.2</td><td>362.4</td><td>310.6</td></tr><tr><td>Kentucky</td><td>3,036.2</td><td>5,427.6</td><td>423.6</td><td>507.2</td><td>504.6</td><td>436.1</td><td>463.9</td><td>480.0</td><td>387.5</td><td>302.2</td><td>340.7</td><td>326.9</td><td>450.0</td><td>358.7</td><td>420.7</td></tr><tr><td>Louisiana</td><td>3,428.0</td><td>6,114.6</td><td>481.6</td><td>548.7</td><td>551.7</td><td>511.3</td><td>562.9</td><td>598.4</td><td>433.6</td><td>350.0</td><td>356.6</td><td>403.7</td><td>426.2</td><td>390.4</td><td>339.1</td></tr><tr><td>Maine</td><td>1,725.5</td><td>3,619.4</td><td>282.7</td><td>328.7</td><td>328.9</td><td>300.7</td><td>309.8</td><td>330.2</td><td>237.5</td><td>214.9</td><td>195.6</td><td>189.6</td><td>243.6</td><td>227.5</td><td>206.2</td></tr><tr><td>Maryland</td><td>5,755.2</td><td>9,211.3</td><td>733.4</td><td>884.7</td><td>828.8</td><td>753.7</td><td>787.9</td><td>840.2</td><td>727.2</td><td>558.6</td><td>499.6</td><td>475.4</td><td>737.0</td><td>662.0</td><td>597.7</td></tr><tr><td>Massachusetts</td><td>14,413.6</td><td>27,025.9</td><td>2,129.1</td><td>2,468.8</td><td>2,406.2</td><td>1,975.5</td><td>2,297.4</td><td>2,575.6</td><td>2,125.9</td><td>1,643.0</td><td>1,380.0</td><td>1,280.1</td><td>2,034.9</td><td>1,855.0</td><td>1,700.8</td></tr><tr><td>Michigan</td><td>13,721.6</td><td>26,161.1</td><td>2,013.3</td><td>2,405.9</td><td>2,281.0</td><td>2,154.2</td><td>2,237.1</td><td>2,496.8</td><td>1,931.9</td><td>1,393.3</td><td>1,237.7</td><td>1,223.9</td><td>1,809.7</td><td>1,674.2</td><td>1,530.2</td></tr><tr><td>Minnesota</td><td>4,037.7</td><td>7,961.5</td><td>614.8</td><td>767.8</td><td>801.9</td><td>718.3</td><td>692.1</td><td>817.2</td><td>554.8</td><td>407.7</td><td>507.0</td><td>443.0</td><td>614.6</td><td>535.8</td><td>483.7</td></tr><tr><td>Mississippi</td><td>1,508.8</td><td>3,082.6</td><td>292.3</td><td>277.9</td><td>267.3</td><td>235.8</td><td>242.5</td><td>249.4</td><td>185.1</td><td>140.2</td><td>156.1</td><td>139.5</td><td>202.4</td><td>172.6</td><td>143.4</td></tr><tr><td>Missouri</td><td>7,326.8</td><td>14,223.5</td><td>1,187.7</td><td>1,328.0</td><td>1,281.4</td><td>1,219.2</td><td>1,235.4</td><td>1,353.4</td><td>1,030.6</td><td>786.1</td><td>772.3</td><td>718.5</td><td>1,097.3</td><td>1,002.9</td><td>506.6</td></tr><tr><td>Montana</td><td>1,030.7</td><td>1,874.0</td><td>182.7</td><td>203.0</td><td>173.4</td><td>156.1</td><td>161.0</td><td>170.0</td><td>125.0</td><td>78.5</td><td>127.8</td><td>94.3</td><td>132.4</td><td>101.5</td><td>98.2</td></tr><tr><td>Nebraska</td><td>2,371.8</td><td>4,531.1</td><td>354.0</td><td>438.9</td><td>416.7</td><td>379.0</td><td>375.6</td><td>395.3</td><td>312.9</td><td>234.4</td><td>281.1</td><td>214.3</td><td>314.8</td><td>258.4</td><td>213.4</td></tr><tr><td>Nevada</td><td>381.4</td><td>678.4</td><td>55.9</td><td>76.4</td><td>54.3</td><td>52.6</td><td>57.6</td><td>54.0</td><td>49.2</td><td>51.6</td><td>45.5</td><td>35.6</td><td>37.9</td><td>37.0</td><td>29.2</td></tr><tr><td>New Hampshire</td><td>1,150.8</td><td>2,276.5</td><td>180.6</td><td>206.3</td><td>203.0</td><td>175.5</td><td>174.2</td><td>180.8</td><td>170.1</td><td>126.6</td><td>118.0</td><td>110.1</td><td>174.6</td><td>156.6</td><td>125.3</td></tr><tr><td>New Jersey</td><td>13,313.7</td><td>23,206.8</td><td>1,908.5</td><td>2,248.0</td><td>2,071.5</td><td>1,850.3</td><td>2,001.2</td><td>2,057.2</td><td>1,760.3</td><td>1,417.1</td><td>1,152.5</td><td>1,032.8</td><td>1,650.6</td><td>1,568.9</td><td>1,531.0</td></tr><tr><td>New Mexico</td><td>720.3</td><td>1,252.8</td><td>92.5</td><td>124.7</td><td>131.2</td><td>105.4</td><td>105.5</td><td>117.1</td><td>81.4</td><td>56.4</td><td>59.6</td><td>53.4</td><td>77.1</td><td>87.8</td><td>73.1</td></tr><tr><td>New York</td><td>53,060.7</td><td>106,793.2</td><td>9,028.1</td><td>10,426.5</td><td>8,705.6</td><td>8,019.8</td><td>8,793.1</td><td>8,939.4</td><td>7,835.9</td><td>6,644.9</td><td>5,410.7</td><td>4,863.0</td><td>7,170.4</td><td>7,871.4</td><td>5,834.1</td></tr><tr><td>North Carolina</td><td>3,089.7</td><td>6,794.6</td><td>548.5</td><td>638.7</td><td>623.0</td><td>593.6</td><td>631.8</td><td>625.6</td><td>455.4</td><td>344.3</td><td>454.5</td><td>346.2</td><td>436.9</td><td>437.0</td><td>416.3</td></tr><tr><td>North Dakota</td><td>801.2</td><td>1,558.8</td><td>123.6</td><td>151.0</td><td>150.6</td><td>139.7</td><td>126.5</td><td>167.5</td><td>103.4</td><td>71.5</td><td>101.2</td><td>85.3</td><td>95.1</td><td>104.1</td><td>93.8</td></tr><tr><td>Ohio</td><td>18,269.5</td><td>32,949.4</td><td>2,519.8</td><td>3,255.3</td><td>3,076.2</td><td>2,850.9</td><td>2,882.0</td><td>2,922.0</td><td>2,499.5</td><td>1,679.1</td><td>1,846.8</td><td>1,521.4</td><td>2,271.3</td><td>2,045.0</td><td>1,930.7</td></tr><tr><td>Oklahoma</td><td>2,489.1</td><td>4,442.0</td><td>333.7</td><td>402.2</td><td>422.4</td><td>390.2</td><td>388.2</td><td>456.5</td><td>302.7</td><td>252.5</td><td>250.0</td><td>223.3</td><td>325.9</td><td>272.4</td><td>272.9</td></tr><tr><td>Oregon</td><td>2,739.3</td><td>5,323.4</td><td>356.7</td><td>522.1</td><td>609.1</td><td>433.1</td><td>465.0</td><td>531.2</td><td>369.0</td><td>284.4</td><td>462.7</td><td>292.9</td><td>364.6</td><td>314.4</td><td>304.6</td></tr><tr><td>Pennsylvania</td><td>27,075.3</td><td>49,468.2</td><td>3,971.6</td><td>4,731.8</td><td>4,526.6</td><td>4,020.3</td><td>4,286.8</td><td>4,566.3</td><td>3,824.8</td><td>2,821.9</td><td>2,609.3</td><td>2,384.0</td><td>3,797.8</td><td>3,365.3</td><td>3,145.7</td></tr><tr><td>Rhode Island</td><td>3,087.6</td><td>5,172.3</td><td>417.2</td><td>493.1</td><td>412.8</td><td>347.1</td><td>391.4</td><td>439.2</td><td>372.9</td><td>292.4</td><td>251.9</td><td>250.7</td><td>342.2</td><td>329.7</td><td>267.0</td></tr><tr><td>South Carolina</td><td>1,488.2</td><td>2,207.8</td><td>152.5</td><td>237.5</td><td>198.5</td><td>190.5</td><td>202.0</td><td>217.9</td><td>151.7</td><td>122.5</td><td>142.4</td><td>115.7</td><td>177.6</td><td>154.1</td><td>132.2</td></tr><tr><td>South Dakota</td><td>832.2</td><td>1,546.1</td><td>134.4</td><td>142.6</td><td>139.7</td><td>137.4</td><td>145.9</td><td>155.6</td><td>101.1</td><td>69.4</td><td>102.2</td><td>82.5</td><td>109.3</td><td>103.2</td><td>85.7</td></tr><tr><td>Tennessee</td><td>2,952.8</td><td>5,685.8</td><td>454.9</td><td>523.9</td><td>516.4</td><td>438.7</td><td>454.0</td><td>462.3</td><td>359.6</td><td>274.8</td><td>309.5</td><td>265.0</td><td>415.5</td><td>363.3</td><td>309.1</td></tr><tr><td>Texas</td><td>11,520.8</td><td>20,141.6</td><td>1,601.1</td><td>2,006.3</td><td>1,788.9</td><td>1,702.1</td><td>1,586.9</td><td>1,916.4</td><td>1,444.7</td><td>1,143.6</td><td>1,177.9</td><td>1,027.8</td><td>1,378.4</td><td>1,373.9</td><td>1,105.0</td></tr><tr><td>Utah</td><td>963.4</td><td>2,436.2</td><td>220.0</td><td>366.7</td><td>244.6</td><td>214.0</td><td>222.7</td><td>283.3</td><td>145.2</td><td>105.5</td><td>128.0</td><td>108.7</td><td>155.9</td><td>134.1</td><td>114.1</td></tr><tr><td>Vermont</td><td>705.8</td><td>1,340.0</td><td>104.5</td><td>122.0</td><td>119.6</td><td>107.5</td><td>108.8</td><td>116.1</td><td>100.0</td><td>82.9</td><td>32.7</td><td>78.0</td><td>98.0</td><td>90.3</td><td>68.0</td></tr><tr><td>Virginia</td><td>4,051.8</td><td>7,315.1</td><td>566.7</td><td>669.7</td><td>707.8</td><td>604.1</td><td>671.6</td><td>737.0</td><td>559.1</td><td>373.0</td><td>629.2</td><td>364.3</td><td>593.2</td><td>632.7</td><td>705.2</td></tr><tr><td>Washington</td><td>3,909.2</td><td>8,124.7</td><td>601.4</td><td>822.0</td><td>905.4</td><td>709.9</td><td>672.0</td><td>735.5</td><td>609.2</td><td>408.8</td><td>451.4</td><td>359.6</td><td>569.4</td><td>530.3</td><td>445.6</td></tr><tr><td>West Virginia</td><td>2,449.7</td><td>4,014.2</td><td>320.4</td><td>398.0</td><td>380.9</td><td>355.0</td><td>379.3</td><td>368.4</td><td>251.5</td><td>184.5</td><td>225.3</td><td>186.7</td><td>266.0</td><td>260.0</td><td>233.3</td></tr><tr><td>Wisconsin</td><td>5,728.3</td><td>12,535.0</td><td>983.2</td><td>1,217.6</td><td>1,154.7</
Source: (1) Total sales: Daily Treasury Statements; (2) Sales by States: Peet Office Department. p Preliminary.
OWNERSHIP OF GOVERNMENT SECURITIES
- 52 -
53
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="4">U. S. Government agencies and trust funds 2/</th><th colspan="3">Federal Reserve Banks</th><th colspan="3">Private investors 3/</th><th colspan="4">U. S. Government agencies and trust funds and Federal Reserve Banks 2/</th><th colspan="3">Private investors 3/</th></tr><tr><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>Total amount unmatured outstanding</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public non-marketable issues</th></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>681</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>2,640</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>1943</td><td>135,380</td><td>14,080</td><td>3,202</td><td>7</td><td>10,871</td><td>7,149</td><td>114,152</td><td>84,959</td><td>29,193</td><td>4,092</td><td>285</td><td>3,738</td><td>68</td></tr><tr><td>1942-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>11,928</td><td>2,891</td><td>5</td><td>9,032</td><td>6,152</td><td>89,228</td><td>67,145</td><td>21,783</td><td>4,283</td><td>348</td><td>3,843</td><td>87</td></tr><tr><td>1943-Jan.</td><td>110,024</td><td>12,056</td><td>2,878</td><td>6</td><td>9,172</td><td>5,919</td><td>92,049</td><td>68,699</td><td>23,350</td><td>4,277</td><td>361</td><td>3,835</td><td>81</td></tr><tr><td>Feb.</td><td>112,851</td><td>12,397</td><td>2,826</td><td>6</td><td>9,565</td><td>5,821</td><td>94,632</td><td>70,079</td><td>24,554</td><td>4,275</td><td>343</td><td>3,853</td><td>79</td></tr><tr><td>Mar.</td><td>114,287</td><td>12,802</td><td>2,792</td><td>6</td><td>10,004</td><td>5,877</td><td>95,608</td><td>70,993</td><td>24,615</td><td>4,350</td><td>374</td><td>3,898</td><td>78</td></tr><tr><td>Apr.</td><td>128,643</td><td>13,002</td><td>3,201</td><td>6</td><td>9,795</td><td>6,400</td><td>109,240</td><td>81,791</td><td>27,449</td><td>4,363</td><td>404</td><td>3,884</td><td>76</td></tr><tr><td>May</td><td>134,675</td><td>13,433</td><td>3,229</td><td>6</td><td>10,198</td><td>6,168</td><td>115,073</td><td>85,985</td><td>29,088</td><td>4,082</td><td>381</td><td>3,627</td><td>74</td></tr><tr><td>June</td><td>135,380</td><td>14,080</td><td>3,202</td><td>7</td><td>10,871</td><td>7,149</td><td>114,152</td><td>84,959</td><td>29,193</td><td>4,092</td><td>285</td><td>3,738</td><td>68</td></tr><tr><td>July</td><td>140,238</td><td>14,594</td><td>3,131</td><td>7</td><td>11,456</td><td>8,154</td><td>117,491</td><td>87,328</td><td>30,163</td><td>3,782</td><td>296</td><td>3,415</td><td>71</td></tr><tr><td>Aug.</td><td>142,721</td><td>15,038</td><td>3,125</td><td>7</td><td>11,907</td><td>9,055</td><td>118,628</td><td>87,756</td><td>30,872</td><td>3,934</td><td>326</td><td>3,535</td><td>73</td></tr><tr><td>Sept.</td><td>157,053</td><td>15,471</td><td>3,748</td><td>7</td><td>11,717</td><td>8,886</td><td>132,636</td><td>98,793</td><td>33,904</td><td>3,964</td><td>351</td><td>3,536</td><td>77</td></tr><tr><td>Oct.</td><td>163,589</td><td>15,641</td><td>3,766</td><td>7</td><td>11,868</td><td>9,303</td><td>138,644</td><td>102,875</td><td>35,769</td><td>4,113</td><td>402</td><td>3,520</td><td>190</td></tr><tr><td>Nov.</td><td>164,781</td><td>16,044 p</td><td>3,760 p</td><td>7 p</td><td>12,278</td><td>10,272</td><td>138,464p</td><td>101,877 p</td><td>36,588 p</td><td>4,154</td><td>428 p</td><td>3,531 p</td><td>195</td></tr></table>
Source: (1) Total amount 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. Less than $500,000.
1/ Excludes matured securities and obligations sold directly to the Treasury. 2/ Excludes Exchange Stabilization Fund. 3/ 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 by Federal Reserve Banks.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(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></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>*</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><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>-</td></tr></table>
Less than $50,000. 1/ Consists of purchases or sales made by the Treasury. Treasury investment 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.
54
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, October 31, 1943
The following tables present summary data from the Treasury survey, as of October 31, 1943, 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.
Note: Revisions of previously published data on life insurance companies and on fire, casualty, and marine insurance companies appear on pages 52-63 of the November issue of the "Treasury Bulletin". These revisions have been made quarterly from March 1941 through March 1943 and also for April 30 and May 31, 1943.
Table I.- Analysis of Ownership by Type of Security, by Call Classes, and by Tax-Exempt 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 7,389 institutions</th><th colspan="2">6,635 banks</th><th colspan="2">754 insurance companies</th><th>516 fire, casualty, and marine insurance companies</th></tr><tr><th>I. By type of security</th><th></th><th></th><th>Total</th><th>6,145 commercial banks</th><th>490 mutual savings banks</th><th>Total</th><th>206 life insurance companies</th><th></th><th></th></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>13,064</td><td>6,239</td><td>6,237</td><td>6,227</td><td>10</td><td>2</td><td>-</td><td>2</td><td>5,553</td><td>1,272</td></tr><tr><td>Certificates of indebtedness</td><td>23,199</td><td>13,806</td><td>13,528</td><td>13,357</td><td>172</td><td>277</td><td>47</td><td>230</td><td>1,516</td><td>7,777</td></tr><tr><td>Treasury notes</td><td>11,596</td><td>8,054</td><td>7,765</td><td>7,569</td><td>195</td><td>289</td><td>156</td><td>133</td><td>744</td><td>2,797</td></tr><tr><td>Treasury bonds</td><td>67,889</td><td>46,508</td><td>33,227</td><td>27,781</td><td>5,447</td><td>13,280</td><td>11,617</td><td>1,663</td><td>5,122</td><td>16,259</td></tr><tr><td>Other bonds</td><td>196</td><td>15</td><td>14</td><td>14</td><td>*</td><td>1</td><td>*</td><td>*</td><td>34</td><td>147</td></tr><tr><td>Guaranteed issues 3/</td><td>3,923</td><td>2,847</td><td>2,563</td><td>2,521</td><td>42</td><td>284</td><td>253</td><td>32</td><td>402</td><td>673</td></tr><tr><td>Total</td><td>119,867</td><td>77,468</td><td>63,334</td><td>57,468</td><td>5,866</td><td>14,134</td><td>12,073</td><td>2,060</td><td>13,472</td><td>28,927</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>42,563</td><td>23,540</td><td>22,551</td><td>22,593</td><td>258</td><td>689</td><td>374</td><td>315</td><td>7,744</td><td>11,279</td></tr><tr><td>1 to 5 years</td><td>23,309</td><td>17,232</td><td>15,443</td><td>14,775</td><td>668</td><td>1,789</td><td>1,332</td><td>457</td><td>1,845</td><td>4,232</td></tr><tr><td>5 to 10 years</td><td>30,561</td><td>22,144</td><td>18,715</td><td>16,271</td><td>2,444</td><td>3,429</td><td>2,759</td><td>670</td><td>1,530</td><td>6,886</td></tr><tr><td>10 to 15 years</td><td>6,641</td><td>4,317</td><td>2,759</td><td>2,284</td><td>475</td><td>1,558</td><td>1,240</td><td>318</td><td>647</td><td>1,677</td></tr><tr><td>15 to 20 years</td><td>3,653</td><td>2,553</td><td>895</td><td>619</td><td>276</td><td>1,657</td><td>1,511</td><td>146</td><td>302</td><td>798</td></tr><tr><td>Over 20 years</td><td>13,117</td><td>7,663</td><td>2,663</td><td>919</td><td>1,744</td><td>5,000</td><td>4,846</td><td>154</td><td>1,402</td><td>4,053</td></tr><tr><td>Federal Housing Administration debentures</td><td>22</td><td>19</td><td>7</td><td>7</td><td>1</td><td>12</td><td>12</td><td>*</td><td>1</td><td>2</td></tr><tr><td>Total</td><td>119,867</td><td>77,468</td><td>63,334</td><td>57,468</td><td>5,866</td><td>14,134</td><td>12,073</td><td>2,060</td><td>13,472</td><td>28,927</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>2,549</td><td>639</td><td>605</td><td>599</td><td>6</td><td>34</td><td>3</td><td>31</td><td>306</td><td>1,604</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>27,326</td><td>18,964</td><td>15,305</td><td>14,528</td><td>778</td><td>3,659</td><td>2,613</td><td>1,046</td><td>2,732</td><td>5,630</td></tr><tr><td>Subject to Federal income taxes</td><td>89,992</td><td>57,865</td><td>47,424</td><td>42,341</td><td>5,083</td><td>10,441</td><td>9,458</td><td>984</td><td>10,434</td><td>21,693</td></tr><tr><td>Total</td><td>119,867</td><td>77,468</td><td>63,334</td><td>57,468</td><td>5,866</td><td>14,134</td><td>12,073</td><td>2,060</td><td>13,472</td><td>28,927</td></tr></table>
(Continued on following page)
55
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, October 31, 1943 - (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 out- standing</th><th colspan="7">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 7,389 institutions</th><th colspan="2">6,635 banks</th><th colspan="3">754 insurance companies</th></tr><tr><th></th><th></th><th>Total</th><th>6,145 commercial banks</th><th>490 mutual savings banks</th><th>Total</th><th>206 life insurance companies</th><th>548 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>10.9</td><td>8.1</td><td>9.3</td><td>10.8</td><td>.2</td><td>*</td><td>-</td><td>.1</td><td>41.2</td><td>4.4</td></tr><tr><td>Certificate of indebtedness</td><td>19.4</td><td>17.8</td><td>21.4</td><td>23.2</td><td>2.9</td><td>2.0</td><td>.4</td><td>11.2</td><td>12.0</td><td>26.9</td></tr><tr><td>Treasury notes</td><td>9.7</td><td>10.4</td><td>12.3</td><td>13.2</td><td>3.3</td><td>2.0</td><td>1.3</td><td>6.5</td><td>5.5</td><td>9.7</td></tr><tr><td>Treasury bonds</td><td>56.6</td><td>60.0</td><td>52.5</td><td>48.3</td><td>92.9</td><td>94.0</td><td>96.2</td><td>80.7</td><td>38.0</td><td>56.2</td></tr><tr><td>Other bonds</td><td>.2</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.3</td><td>.5</td></tr><tr><td>Guaranteed issues 3/</td><td>3.3</td><td>3.7</td><td>4.0</td><td>4.4</td><td>.7</td><td>2.0</td><td>2.1</td><td>1.5</td><td>3.0</td><td>2.3</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>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>35.5</td><td>30.4</td><td>36.1</td><td>39.3</td><td>4.4</td><td>4.9</td><td>3.1</td><td>15.3</td><td>57.5</td><td>39.0</td></tr><tr><td>1 to 5 years</td><td>19.4</td><td>22.2</td><td>24.4</td><td>25.7</td><td>11.4</td><td>12.7</td><td>11.0</td><td>22.2</td><td>13.7</td><td>14.6</td></tr><tr><td>5 to 10 years</td><td>25.5</td><td>28.6</td><td>29.5</td><td>28.3</td><td>41.7</td><td>24.3</td><td>22.8</td><td>32.5</td><td>11.4</td><td>23.8</td></tr><tr><td>10 to 15 years</td><td>5.5</td><td>5.6</td><td>4.4</td><td>4.0</td><td>8.1</td><td>11.0</td><td>10.3</td><td>15.4</td><td>4.8</td><td>5.8</td></tr><tr><td>15 to 20 years</td><td>3.0</td><td>3.3</td><td>1.4</td><td>1.1</td><td>4.7</td><td>11.7</td><td>12.5</td><td>7.1</td><td>2.2</td><td>2.8</td></tr><tr><td>Over 20 years</td><td>10.9</td><td>9.9</td><td>4.2</td><td>1.6</td><td>29.7</td><td>35.4</td><td>40.1</td><td>7.5</td><td>10.4</td><td>14.0</td></tr><tr><td>Federal Housing Administration debentures</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.1</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>2.1</td><td>.8</td><td>1.0</td><td>1.0</td><td>.1</td><td>.2</td><td>*</td><td>1.5</td><td>2.3</td><td>5.5</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>22.8</td><td>24.5</td><td>24.2</td><td>25.3</td><td>13.3</td><td>25.9</td><td>21.6</td><td>50.8</td><td>20.3</td><td>19.5</td></tr><tr><td>Subject to Federal income taxes</td><td>75.1</td><td>74.7</td><td>74.9</td><td>73.7</td><td>86.7</td><td>73.9</td><td>78.3</td><td>47.7</td><td>77.5</td><td>75.0</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 rowspan="2">Classification</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">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 7,389 institutions</th><th>Total</th><th>6,635 banks</th><th>754 insurance companies</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th></th><th>6,145 commercial banks</th><th>490 mutual savings banks</th><th>Total</th><th>206 life insurance companies</th><th>548 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>100.0</td><td>47.8</td><td>47.7</td><td>47.7</td><td>.1</td><td>*</td><td>-</td><td>*</td><td>42.5</td><td>9.7</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>59.5</td><td>58.3</td><td>57.6</td><td>.7</td><td>1.2</td><td>.2</td><td>1.0</td><td>7.0</td><td>33.5</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>59.5</td><td>67.0</td><td>65.3</td><td>1.7</td><td>2.5</td><td>1.3</td><td>1.1</td><td>6.4</td><td>24.1</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>68.5</td><td>48.9</td><td>40.9</td><td>8.0</td><td>19.6</td><td>17.1</td><td>2.4</td><td>7.5</td><td>24.0</td></tr><tr><td>Other bonds</td><td>100.0</td><td>7.4</td><td>7.1</td><td>7.0</td><td>.1</td><td>.3</td><td>.1</td><td>.2</td><td>17.4</td><td>75.2</td></tr><tr><td>Guaranteed issues 3/</td><td>100.0</td><td>72.6</td><td>65.3</td><td>64.3</td><td>1.1</td><td>7.2</td><td>6.4</td><td>.8</td><td>10.3</td><td>17.2</td></tr><tr><td>Total</td><td>100.0</td><td>64.6</td><td>52.8</td><td>47.9</td><td>4.9</td><td>11.8</td><td>10.1</td><td>1.7</td><td>11.2</td><td>24.1</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>55.3</td><td>53.7</td><td>53.1</td><td>.6</td><td>1.6</td><td>.9</td><td>.7</td><td>18.2</td><td>26.5</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>73.9</td><td>66.3</td><td>63.4</td><td>2.9</td><td>7.7</td><td>5.7</td><td>2.0</td><td>7.9</td><td>18.2</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>72.5</td><td>61.2</td><td>53.2</td><td>8.0</td><td>11.2</td><td>9.0</td><td>2.2</td><td>5.0</td><td>22.5</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>65.0</td><td>41.5</td><td>34.4</td><td>7.1</td><td>23.5</td><td>18.7</td><td>4.8</td><td>9.7</td><td>25.2</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>69.9</td><td>24.5</td><td>17.0</td><td>7.6</td><td>45.4</td><td>41.4</td><td>4.0</td><td>8.3</td><td>21.9</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>58.4</td><td>20.3</td><td>7.0</td><td>13.3</td><td>38.1</td><td>36.9</td><td>1.2</td><td>10.7</td><td>30.9</td></tr><tr><td>Federal Housing Administration debentures</td><td>100.0</td><td>86.7</td><td>33.1</td><td>30.1</td><td>3.0</td><td>53.6</td><td>53.3</td><td>.3</td><td>5.9</td><td>7.4</td></tr><tr><td>Total</td><td>100.0</td><td>64.6</td><td>52.8</td><td>47.9</td><td>4.9</td><td>11.8</td><td>10.1</td><td>1.7</td><td>11.2</td><td>24.1</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>25.1</td><td>23.7</td><td>23.5</td><td>.2</td><td>1.3</td><td>.1</td><td>1.2</td><td>12.0</td><td>62.9</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>100.0</td><td>69.4</td><td>56.0</td><td>53.2</td><td>2.8</td><td>13.4</td><td>9.6</td><td>3.8</td><td>10.0</td><td>20.6</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>64.3</td><td>52.7</td><td>47.0</td><td>5.6</td><td>11.6</td><td>10.5</td><td>1.1</td><td>11.6</td><td>24.1</td></tr><tr><td>Total</td><td>100.0</td><td>64.6</td><td>52.8</td><td>47.9</td><td>4.9</td><td>11.8</td><td>10.1</td><td>1.7</td><td>11.2</td><td>24.1</td></tr></table>
Less than $500,000 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 States savings bonds, (5) Treasury savings notes and (6) Commodity Credit Corporation demand obligations. Such obligations were held by institutions reporting, as follows: (1) depositary bonds: commercial banks, $346 millions; (2) United States savings bonds: commercial banks, $217 millions; mutual savings banks, $108 millions; insurance companies, $147 millions; all institutions, $472 millions; (3) Treasury savings notes: commercial banks, $55 millions; insurance companies, $26 millions;
all institutions, $82 millions; (4) Commodity Credit Corporation demand obligations: holdings of these obligations are not reported.
2/ Exclude Exchange Stabilization Fund.
3/ Exclude obligations sold directly to the Treasury.
4/ Securitise the income from which is exempt from the normal rates and the curtax rates of the Federal income tax.
5/ Securitise 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 curtax rates of the Federal income tax.)
56
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, October 31, 1943 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding
PART A - PAR VALUES IN MILLIONS OF DOLLARS
<table><tr><th>Issue, classified by tax-exemption provision</th><th>Total amount outstanding</th><th>Total 7,389 institutions</th><th colspan="4">Held by banks and insurance companies covered in Treasury survey</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>6,635 banks</th><th colspan="3">754 insurance companies</th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>Total commercial banks</th><th>490 mutual savings banks</th><th>Total 206 life insurance companies</th><th>548 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>I. Wholly exempt from Federal income taxes 3/</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></tr><tr><td>1-1/8% December 1943</td><td>421</td><td>102</td><td>97</td><td>95</td><td>1</td><td>5</td><td>5</td><td>285</td></tr><tr><td>1 3/4% March 1944</td><td>515</td><td>154</td><td>117</td><td>146</td><td>1</td><td>7</td><td>7</td><td>273</td></tr><tr><td>3/4% June 1944</td><td>416</td><td>121</td><td>114</td><td>113</td><td>*</td><td>7</td><td>5</td><td>235</td></tr><tr><td>1 3/4% September 1944</td><td>283</td><td>28</td><td>26</td><td>25</td><td>1</td><td>2</td><td>2</td><td>229</td></tr><tr><td>3/4% March 1945</td><td>718</td><td>220</td><td>208</td><td>206</td><td>1</td><td>12</td><td>12</td><td>435</td></tr><tr><td>Total Treasury notes</td><td>2,353</td><td>624</td><td>591</td><td>586</td><td>5</td><td>13</td><td>30</td><td>1,457</td></tr><tr><td>Bonds</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>13</td><td>13</td><td>13</td><td>*</td><td>*</td><td>*</td><td>34</td><td>70</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>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>28</td></tr><tr><td>Total bonds</td><td>196</td><td>15</td><td>14</td><td>14</td><td>*</td><td>1</td><td>*</td><td>34</td><td>147</td></tr><tr><td>Total wholly exempt from Federal income taxes</td><td>2,549</td><td>639</td><td>605</td><td>599</td><td>6</td><td>14</td><td>31</td><td>306</td><td>1,604</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></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3-1/4% April 1944-46</td><td>1,519</td><td>785</td><td>628</td><td>596</td><td>32</td><td>157</td><td>119</td><td>37</td><td>270</td><td>464</td></tr><tr><td>1 3/4% December 1944-54</td><td>1,037</td><td>623</td><td>508</td><td>471</td><td>37</td><td>115</td><td>81</td><td>34</td><td>108</td><td>305</td></tr><tr><td>2-3/4% September 1945-47</td><td>1,214</td><td>778</td><td>604</td><td>567</td><td>37</td><td>174</td><td>145</td><td>29</td><td>166</td><td>271</td></tr><tr><td>2-1/2% December 1945</td><td>541</td><td>423</td><td>372</td><td>360</td><td>12</td><td>51</td><td>21</td><td>29</td><td>19</td><td>99</td></tr><tr><td>3-3/4% March 1946-56</td><td>489</td><td>319</td><td>221</td><td>204</td><td>17</td><td>98</td><td>84</td><td>14</td><td>70</td><td>101</td></tr><tr><td>3/4% June 1946-48</td><td>1,036</td><td>639</td><td>470</td><td>423</td><td>46</td><td>169</td><td>137</td><td>32</td><td>205</td><td>192</td></tr><tr><td>3-1/8% June 1946-49</td><td>819</td><td>492</td><td>363</td><td>331</td><td>33</td><td>128</td><td>107</td><td>22</td><td>88</td><td>239</td></tr><tr><td>4-1/4% October 1947-52</td><td>759</td><td>423</td><td>316</td><td>279</td><td>37</td><td>107</td><td>73</td><td>34</td><td>82</td><td>254</td></tr><tr><td>2% December 1947</td><td>701</td><td>608</td><td>572</td><td>554</td><td>8</td><td>36</td><td>5</td><td>31</td><td>1</td><td>91</td></tr><tr><td>2-3/4% March 1948-51</td><td>1,223</td><td>949</td><td>816</td><td>782</td><td>34</td><td>133</td><td>97</td><td>36</td><td>161</td><td>114</td></tr><tr><td>2-1/2% September 1948</td><td>451</td><td>388</td><td>349</td><td>341</td><td>8</td><td>39</td><td>24</td><td>15</td><td>*</td><td>63</td></tr><tr><td>2% December 1948-50</td><td>571</td><td>479</td><td>449</td><td>446</td><td>3</td><td>29</td><td>5</td><td>24</td><td>44</td><td>49</td></tr><tr><td>3-1/8% December 1949-52</td><td>491</td><td>378</td><td>299</td><td>276</td><td>23</td><td>79</td><td>56</td><td>23</td><td>41</td><td>72</td></tr><tr><td>2-1/2% December 1949-53</td><td>1,786</td><td>1,312</td><td>1,207</td><td>1,175</td><td>32</td><td>105</td><td>41</td><td>63</td><td>231</td><td>243</td></tr><tr><td>2-1/2% September 1950-52</td><td>1,186</td><td>932</td><td>796</td><td>765</td><td>31</td><td>137</td><td>84</td><td>53</td><td>118</td><td>135</td></tr><tr><td>2-3/4% June 1951-54</td><td>1,627</td><td>1,253</td><td>952</td><td>885</td><td>67</td><td>301</td><td>234</td><td>67</td><td>167</td><td>207</td></tr><tr><td>3% September 1951-55</td><td>755</td><td>383</td><td>298</td><td>276</td><td>22</td><td>85</td><td>59</td><td>26</td><td>80</td><td>292</td></tr><tr><td>2-1/4% December 1951-53</td><td>1,118</td><td>892</td><td>645</td><td>630</td><td>15</td><td>47</td><td>18</td><td>29</td><td>109</td><td>117</td></tr><tr><td>2% June 1953-55</td><td>725</td><td>655</td><td>627</td><td>620</td><td>7</td><td>28</td><td>2</td><td>25</td><td>16</td><td>54</td></tr><tr><td>2-1/4% June 1954-56</td><td>681</td><td>560</td><td>461</td><td>452</td><td>9</td><td>99</td><td>61</td><td>38</td><td>44</td><td>76</td></tr><tr><td>2-7/8% March 1955-60</td><td>2,611</td><td>1,278</td><td>897</td><td>798</td><td>89</td><td>391</td><td>267</td><td>124</td><td>357</td><td>975</td></tr><tr><td>2-3/4% September 1956-59</td><td>982</td><td>685</td><td>459</td><td>430</td><td>29</td><td>226</td><td>156</td><td>70</td><td>128</td><td>170</td></tr><tr><td>2-3/4% June 1958-63</td><td>919</td><td>710</td><td>391</td><td>351</td><td>40</td><td>320</td><td>252</td><td>67</td><td>68</td><td>140</td></tr><tr><td>2-3/4% December 1960-65</td><td>1,485</td><td>1,054</td><td>698</td><td>619</td><td>80</td><td>356</td><td>254</td><td>102</td><td>107</td><td>324</td></tr><tr><td>Total Treasury bonds</td><td>24,726</td><td>16,999</td><td>13,590</td><td>12,842</td><td>748</td><td>3,409</td><td>2,385</td><td>1,025</td><td>2,681</td><td>5,046</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>Federal Farm Mortgage Corporation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3-1/4% March 1944-64</td><td>95</td><td>59</td><td>33</td><td>27</td><td>6</td><td>26</td><td>25</td><td>1</td><td>8</td><td>28</td></tr><tr><td>3/4% May 1944-49</td><td>835</td><td>602</td><td>503</td><td>497</td><td>6</td><td>99</td><td>93</td><td>6</td><td>18</td><td>215</td></tr><tr><td>Federal Housing Administration debentures</td><td>22</td><td>19</td><td>7</td><td>7</td><td>1</td><td>12</td><td>12</td><td>*</td><td>1</td><td>2</td></tr><tr><td>Home Owners' Loan Corporation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% May 1944-52</td><td>779</td><td>522</td><td>455</td><td>442</td><td>13</td><td>66</td><td>60</td><td>6</td><td>21</td><td>236</td></tr><tr><td>1-1/2% June 1945-47</td><td>755</td><td>677</td><td>633</td><td>629</td><td>4</td><td>44</td><td>37</td><td>8</td><td>3</td><td>76</td></tr><tr><td>Federal Public Housing Authority</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/8% February 1944</td><td>114</td><td>87</td><td>85</td><td>85</td><td>*</td><td>2</td><td>*</td><td>1</td><td>*</td><td>27</td></tr><tr><td>Total guaranteed issues</td><td>2,600</td><td>1,965</td><td>1,715</td><td>1,666</td><td>29</td><td>249</td><td>228</td><td>22</td><td>51</td><td>584</td></tr><tr><td>Total partially exempt from Federal income taxes</td><td>27,326</td><td>18,964</td><td>15,305</td><td>14,528</td><td>778</td><td>3,659</td><td>2,613</td><td>1,046</td><td>2,732</td><td>5,630</td></tr></table>
(Continued on following page)
57
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, October 31, 1943 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART A - PAR VALUES IN MILLIONS OF DOLLARS-(Continued)
<table><tr><th>Issue, classified by tax-exemption provision</th><th>Total amount outstanding</th><th colspan="7">Held by banks and insurance companies covered in Treasury survey</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>Total 7,359 institutions</th><th colspan="2">6,635 banks</th><th colspan="3">754 insurance companies</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>Total</th><th>6,115 commercial banks</th><th>490 mutual savings banks</th><th>Total</th><th>206 life insurance companies</th><th>545 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>III. 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>13,064</td><td>6,239</td><td>6,237</td><td>6,227</td><td>10</td><td>2</td><td>-</td><td>2</td><td>5,553</td><td>1,272</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% November 1943</td><td>96</td><td>76</td><td>68</td><td>64</td><td>4</td><td>8</td><td>*</td><td>8</td><td>1</td><td>19</td></tr><tr><td>7/8% December 1943</td><td>3,800</td><td>2,536</td><td>2,518</td><td>2,507</td><td>11</td><td>18</td><td>2</td><td>16</td><td>340</td><td>924</td></tr><tr><td>7/8% February 1944</td><td>2,211</td><td>1,566</td><td>1,540</td><td>1,527</td><td>13</td><td>26</td><td>2</td><td>25</td><td>169</td><td>476</td></tr><tr><td>7/8% April 1944</td><td>5,251</td><td>3,068</td><td>3,012</td><td>2,992</td><td>20</td><td>56</td><td>17</td><td>39</td><td>221</td><td>1,962</td></tr><tr><td>7/8% May 1944</td><td>1,655</td><td>1,307</td><td>1,297</td><td>1,291</td><td>6</td><td>10</td><td>2</td><td>8</td><td>215</td><td>133</td></tr><tr><td>7/8% August 1944</td><td>2,545</td><td>2,020</td><td>2,002</td><td>1,995</td><td>7</td><td>18</td><td>1</td><td>17</td><td>284</td><td>241</td></tr><tr><td>7/8% September 1944</td><td>4,122</td><td>570</td><td>438</td><td>332</td><td>105</td><td>132</td><td>23</td><td>109</td><td>19</td><td>3,533</td></tr><tr><td>7/8% October 1944</td><td>3,519</td><td>2,662</td><td>2,654</td><td>2,647</td><td>6</td><td>8</td><td>*</td><td>8</td><td>368</td><td>489</td></tr><tr><td>Total certificates of indebtedness</td><td>23,199</td><td>13,806</td><td>13,528</td><td>13,357</td><td>172</td><td>277</td><td>47</td><td>230</td><td>1,616</td><td>7,777</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>3/4% September 1944</td><td>635</td><td>510</td><td>480</td><td>472</td><td>9</td><td>29</td><td>22</td><td>8</td><td>8</td><td>118</td></tr><tr><td>1-1/4% March 1945</td><td>1,606</td><td>1,190</td><td>1,139</td><td>1,119</td><td>20</td><td>52</td><td>35</td><td>17</td><td>162</td><td>254</td></tr><tr><td>3/4% December 1945</td><td>531</td><td>441</td><td>412</td><td>401</td><td>11</td><td>30</td><td>20</td><td>9</td><td>21</td><td>68</td></tr><tr><td>1% March 1946</td><td>503</td><td>428</td><td>397</td><td>387</td><td>10</td><td>31</td><td>24</td><td>7</td><td>1</td><td>74</td></tr><tr><td>1-1/2% December 1946</td><td>3,261</td><td>2,644</td><td>2,589</td><td>2,519</td><td>71</td><td>55</td><td>21</td><td>34</td><td>280</td><td>336</td></tr><tr><td>1-1/2% September 1947</td><td>2,707</td><td>2,216</td><td>2,157</td><td>2,087</td><td>69</td><td>60</td><td>32</td><td>28</td><td>*</td><td>491</td></tr><tr><td>Total Treasury notes</td><td>9,243</td><td>7,430</td><td>7,173</td><td>6,983</td><td>190</td><td>256</td><td>153</td><td>103</td><td>473</td><td>1,340</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>2% March 1948-50</td><td>1,115</td><td>898</td><td>682</td><td>546</td><td>135</td><td>216</td><td>197</td><td>19</td><td>63</td><td>154</td></tr><tr><td>1-3/4% June 1948</td><td>3,062</td><td>2,507</td><td>2,295</td><td>2,223</td><td>71</td><td>213</td><td>170</td><td>43</td><td>7</td><td>548</td></tr><tr><td>2% June 1949-51</td><td>1,014</td><td>904</td><td>746</td><td>645</td><td>102</td><td>158</td><td>144</td><td>14</td><td>29</td><td>81</td></tr><tr><td>2% September 1949-51</td><td>1,292</td><td>1,161</td><td>1,012</td><td>888</td><td>123</td><td>149</td><td>130</td><td>19</td><td>14</td><td>117</td></tr><tr><td>2% December 1949-51</td><td>2,098</td><td>1,738</td><td>1,514</td><td>1,393</td><td>121</td><td>224</td><td>200</td><td>24</td><td>15</td><td>345</td></tr><tr><td>2% March 1950-52</td><td>1,963</td><td>1,773</td><td>1,547</td><td>1,467</td><td>81</td><td>225</td><td>201</td><td>24</td><td>25</td><td>164</td></tr><tr><td>2% September 1950-52</td><td>4,939</td><td>3,551</td><td>2,935</td><td>2,684</td><td>251</td><td>615</td><td>549</td><td>67</td><td>139</td><td>1,250</td></tr><tr><td>2% September 1951-53</td><td>7,960</td><td>4,409</td><td>3,585</td><td>2,651</td><td>934</td><td>824</td><td>659</td><td>165</td><td>343</td><td>3,209</td></tr><tr><td>2% December 1951-55</td><td>510</td><td>404</td><td>366</td><td>349</td><td>17</td><td>38</td><td>29</td><td>8</td><td>18</td><td>89</td></tr><tr><td>2-1/2% March 1952-54</td><td>1,024</td><td>737</td><td>597</td><td>271</td><td>326</td><td>140</td><td>128</td><td>12</td><td>69</td><td>218</td></tr><tr><td>2-1/4% June 1952-55</td><td>1,501</td><td>1,184</td><td>939</td><td>650</td><td>289</td><td>245</td><td>219</td><td>25</td><td>72</td><td>245</td></tr><tr><td>2-1/2% March 1956-58</td><td>1,449</td><td>1,083</td><td>560</td><td>253</td><td>307</td><td>523</td><td>504</td><td>19</td><td>50</td><td>315</td></tr><tr><td>2-1/2% June 1962-67</td><td>2,118</td><td>1,498</td><td>196</td><td>-</td><td>196</td><td>1,302</td><td>1,257</td><td>45</td><td>195</td><td>425</td></tr><tr><td>2-1/2% December 1963-68</td><td>2,831</td><td>1,856</td><td>493</td><td>-</td><td>493</td><td>1,363</td><td>1,325</td><td>38</td><td>266</td><td>709</td></tr><tr><td>2-1/2% June 1964-69</td><td>3,762</td><td>2,168</td><td>610</td><td>-</td><td>610</td><td>1,558</td><td>1,525</td><td>33</td><td>380</td><td>1,214</td></tr><tr><td>2-1/2% December 1964-69</td><td>3,808</td><td>1,850</td><td>346</td><td>-</td><td>346</td><td>1,504</td><td>1,459</td><td>45</td><td>485</td><td>1,473</td></tr><tr><td>2-1/2% September 1967-72</td><td>2,716</td><td>1,788</td><td>1,214</td><td>919</td><td>295</td><td>575</td><td>537</td><td>38</td><td>271</td><td>657</td></tr><tr><td>Total Treasury bonds</td><td>43,162</td><td>29,509</td><td>19,638</td><td>14,939</td><td>4,699</td><td>9,871</td><td>9,232</td><td>639</td><td>2,441</td><td>11,213</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 1-1/8% February 1945</td><td>412</td><td>368</td><td>342</td><td>336</td><td>6</td><td>26</td><td>21</td><td>4</td><td>4</td><td>40</td></tr><tr><td>Reconstruction Finance Corporation 1% April 1944</td><td>571</td><td>514</td><td>505</td><td>499</td><td>6</td><td>9</td><td>4</td><td>6</td><td>8</td><td>49</td></tr><tr><td>1% January 1945</td><td>340</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>340</td><td>-</td></tr><tr><td>Total guaranteed issues</td><td>1,323</td><td>882</td><td>847</td><td>835</td><td>12</td><td>35</td><td>25</td><td>10</td><td>352</td><td>89</td></tr><tr><td>Total subject to Federal income taxes</td><td>89,992</td><td>57,865</td><td>47,424</td><td>42,341</td><td>5,083</td><td>10,441</td><td>9,458</td><td>984</td><td>10,434</td><td>21,693</td></tr><tr><td>IV. Grand total</td><td>119,857</td><td>77,468</td><td>63,334</td><td>57,468</td><td>5,866</td><td>14,134</td><td>12,073</td><td>2,060</td><td>13,472</td><td>28,927</td></tr></table>
(Continued on following page)
58
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, October 31, 1943 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART B - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS
<table><tr><th>Issue, classified by tax-exemption provision</th><th>Total amount outstanding</th><th colspan="5">Held by banks and insurance companies covered in Treasury survey</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>Total 7,369 institutions</th><th colspan="3">6,635 banks</th><th colspan="3">754 insurance companies</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>6,185 commercial banks</th><th>490 mutual savings banks</th><th>Total</th><th>206 life insurance companies</th><th>548 fire, casualty, and marine insurance companies</th></tr><tr><td>I. Wholly exempt from Federal income taxes 3/</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></tr><tr><td>1-1/8% December 1943</td><td>100.0</td><td>24.2</td><td>23.0</td><td>22.7</td><td>.3</td><td>1.2</td><td>.1</td><td>1.2</td><td>8.1</td><td>67.7</td></tr><tr><td>14 March 1944</td><td>100.0</td><td>29.9</td><td>28.5</td><td>28.3</td><td>.2</td><td>1.3</td><td>.6</td><td>1.3</td><td>17.1</td><td>53.0</td></tr><tr><td>3/4% June 1944</td><td>100.0</td><td>29.0</td><td>27.4</td><td>27.3</td><td>.1</td><td>1.7</td><td></td><td>1.1</td><td>14.3</td><td>56.6</td></tr><tr><td>14 September 1944</td><td>100.0</td><td>9.8</td><td>9.2</td><td>8.9</td><td>.3</td><td>.6</td><td>-</td><td>.6</td><td>9.4</td><td>80.8</td></tr><tr><td>3/4% March 1945</td><td>100.0</td><td>30.6</td><td>28.9</td><td>28.7</td><td>.2</td><td>1.7</td><td></td><td>1.7</td><td>8.8</td><td>60.6</td></tr><tr><td>Total Treasury notes</td><td>100.0</td><td>26.5</td><td>25.1</td><td>24.9</td><td>.2</td><td>1.4</td><td>.1</td><td>1.3</td><td>11.5</td><td>61.9</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>11.4</td><td>11.0</td><td>10.9</td><td>.1</td><td>.4</td><td>.1</td><td>.3</td><td>29.1</td><td>59.5</td></tr><tr><td>Panama Canal</td><td>100.0</td><td>1.5</td><td>1.2</td><td>1.2</td><td>-</td><td>.3</td><td>.2</td><td>.1</td><td>-</td><td>98.5</td></tr><tr><td>Conversion</td><td>100.0</td><td>1.4</td><td>1.3</td><td>1.3</td><td>-</td><td>.2</td><td>-</td><td>.2</td><td>-</td><td>98.6</td></tr><tr><td>Total bonds</td><td>100.0</td><td>7.4</td><td>7.1</td><td>7.0</td><td>.1</td><td>.3</td><td>.1</td><td>.2</td><td>17.4</td><td>75.2</td></tr><tr><td>Total wholly exempt from Federal income taxes</td><td>100.0</td><td>25.1</td><td>23.7</td><td>23.5</td><td>.2</td><td>1.3</td><td>.1</td><td>1.2</td><td>12.0</td><td>62.9</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>3-1/4% April 1944-46</td><td>100.0</td><td>51.7</td><td>41.4</td><td>39.2</td><td>2.1</td><td>10.3</td><td>7.9</td><td>2.5</td><td>17.8</td><td>30.5</td></tr><tr><td>14 December 1944-54</td><td>100.0</td><td>60.1</td><td>49.0</td><td>45.4</td><td>3.6</td><td>11.1</td><td>7.8</td><td>3.3</td><td>10.4</td><td>29.5</td></tr><tr><td>2-3/4% September 1945-47</td><td>100.0</td><td>64.0</td><td>49.7</td><td>46.7</td><td>3.0</td><td>14.3</td><td>12.0</td><td>2.4</td><td>13.6</td><td>22.3</td></tr><tr><td>2-1/2% December 1945</td><td>100.0</td><td>78.2</td><td>68.8</td><td>66.6</td><td>2.2</td><td>9.4</td><td>4.0</td><td>5.4</td><td>3.5</td><td>18.3</td></tr><tr><td>3-3/4% March 1946-56</td><td>100.0</td><td>65.1</td><td>45.2</td><td>41.7</td><td>3.4</td><td>20.0</td><td>17.2</td><td>2.8</td><td>14.3</td><td>20.6</td></tr><tr><td>3% June 1946-48</td><td>100.0</td><td>61.7</td><td>45.3</td><td>40.9</td><td>4.5</td><td>16.3</td><td>13.3</td><td>3.1</td><td>19.8</td><td>18.5</td></tr><tr><td>3-1/8% June 1946-49</td><td>100.0</td><td>60.1</td><td>44.4</td><td>40.4</td><td>4.0</td><td>15.7</td><td>13.0</td><td>2.7</td><td>10.7</td><td>29.2</td></tr><tr><td>4-1/4% October 1947-52</td><td>100.0</td><td>55.7</td><td>41.6</td><td>36.8</td><td>4.8</td><td>14.1</td><td>9.6</td><td>4.5</td><td>10.8</td><td>33.5</td></tr><tr><td>2% December 1947</td><td>100.0</td><td>86.8</td><td>81.6</td><td>80.4</td><td>1.1</td><td>5.2</td><td>.8</td><td>4.4</td><td>.2</td><td>13.0</td></tr><tr><td>2-3/4% March 1948-51</td><td>100.0</td><td>77.6</td><td>66.7</td><td>63.9</td><td>2.8</td><td>10.9</td><td>8.0</td><td>2.9</td><td>13.1</td><td>9.3</td></tr><tr><td>2-1/2% September 1948</td><td>100.0</td><td>86.1</td><td>77.5</td><td>75.7</td><td>1.8</td><td>8.6</td><td>5.3</td><td>3.3</td><td>-</td><td>13.9</td></tr><tr><td>2% December 1948-50</td><td>100.0</td><td>83.8</td><td>78.6</td><td>78.0</td><td>.6</td><td>5.2</td><td>.9</td><td>4.2</td><td>7.7</td><td>8.5</td></tr><tr><td>3-1/8% December 1949-52</td><td>100.0</td><td>77.0</td><td>60.9</td><td>56.3</td><td>4.6</td><td>16.2</td><td>11.4</td><td>4.7</td><td>8.4</td><td>14.6</td></tr><tr><td>2-1/2% December 1949-53</td><td>100.0</td><td>73.5</td><td>67.6</td><td>65.8</td><td>1.8</td><td>5.9</td><td>2.3</td><td>3.5</td><td>12.9</td><td>13.6</td></tr><tr><td>2-1/2% September 1950-52</td><td>100.0</td><td>78.6</td><td>67.1</td><td>64.5</td><td>2.6</td><td>11.5</td><td>7.1</td><td>4.5</td><td>10.0</td><td>11.4</td></tr><tr><td>2-3/4% June 1951-54</td><td>100.0</td><td>77.0</td><td>58.5</td><td>54.4</td><td>4.1</td><td>18.5</td><td>14.4</td><td>4.1</td><td>10.3</td><td>12.7</td></tr><tr><td>3% September 1951-55</td><td>100.0</td><td>50.7</td><td>39.4</td><td>36.6</td><td>2.9</td><td>11.3</td><td>7.8</td><td>3.5</td><td>10.6</td><td>38.7</td></tr><tr><td>2-1/4% December 1951-53</td><td>100.0</td><td>79.8</td><td>75.6</td><td>74.2</td><td>1.4</td><td>4.2</td><td>1.6</td><td>2.6</td><td>9.8</td><td>10.5</td></tr><tr><td>2% June 1953-55</td><td>100.0</td><td>90.3</td><td>86.5</td><td>85.6</td><td>.9</td><td>3.8</td><td>.3</td><td>3.5</td><td>2.2</td><td>7.5</td></tr><tr><td>2-1/4% June 1954-56</td><td>100.0</td><td>82.3</td><td>67.7</td><td>66.4</td><td>1.4</td><td>14.6</td><td>9.0</td><td>5.6</td><td>6.5</td><td>11.2</td></tr><tr><td>2-7/8% March 1955-60</td><td>100.0</td><td>49.0</td><td>34.0</td><td>30.6</td><td>3.4</td><td>15.0</td><td>10.2</td><td>4.8</td><td>13.7</td><td>37.4</td></tr><tr><td>2-3/4% September 1956-59</td><td>100.0</td><td>69.7</td><td>46.7</td><td>43.8</td><td>2.9</td><td>23.0</td><td>15.9</td><td>7.1</td><td>13.0</td><td>17.3</td></tr><tr><td>2-3/4% June 1958-63</td><td>100.0</td><td>77.3</td><td>42.5</td><td>38.2</td><td>4.3</td><td>34.8</td><td>27.4</td><td>7.3</td><td>7.4</td><td>15.3</td></tr><tr><td>2-3/4% December 1960-65</td><td>100.0</td><td>71.0</td><td>47.0</td><td>41.7</td><td>5.4</td><td>24.0</td><td>17.1</td><td>6.8</td><td>7.2</td><td>21.8</td></tr><tr><td>Total Treasury bonds</td><td>100.0</td><td>68.7</td><td>55.0</td><td>51.9</td><td>3.0</td><td>13.8</td><td>9.6</td><td>4.1</td><td>10.8</td><td>20.4</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>Federal Farm Mortgage Corporation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3-1/4% March 1944-64</td><td>100.0</td><td>61.9</td><td>34.5</td><td>28.2</td><td>6.3</td><td>27.4</td><td>26.5</td><td>.9</td><td>8.2</td><td>29.9</td></tr><tr><td>3% May 1944-49</td><td>100.0</td><td>72.1</td><td>60.2</td><td>59.5</td><td>.8</td><td>11.8</td><td>11.2</td><td>7</td><td>2.1</td><td>25.8</td></tr><tr><td>Federal Housing Administration debentures</td><td>100.0</td><td>86.7</td><td>33.1</td><td>30.1</td><td>3.0</td><td>53.6</td><td>53.3</td><td>3</td><td>5.9</td><td>7.4</td></tr><tr><td>Home Owners' Loan Corporation</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% May 1944-52</td><td>100.0</td><td>67.0</td><td>58.4</td><td>56.8</td><td>1.6</td><td>8.5</td><td>7.8</td><td>.8</td><td>2.7</td><td>30.3</td></tr><tr><td>1-1/2% June 1945-47</td><td>100.0</td><td>89.7</td><td>83.8</td><td>83.3</td><td>.5</td><td>5.9</td><td>4.8</td><td>1.0</td><td>.3</td><td>10.0</td></tr><tr><td>Federal Public Housing Authority</td><td>100.0</td><td>76.0</td><td>74.3</td><td>74.2</td><td>.1</td><td>1.7</td><td>.4</td><td>1.3</td><td></td><td>24.0</td></tr><tr><td>1-3/8% February 1944</td><td>100.0</td><td>76.0</td><td>74.3</td><td>74.2</td><td>.1</td><td>1.7</td><td>.4</td><td>1.3</td><td></td><td>24.0</td></tr><tr><td>Total guaranteed issues</td><td>100.0</td><td>75.6</td><td>66.0</td><td>64.9</td><td>1.1</td><td>9.6</td><td>8.8</td><td>.8</td><td>2.0</td><td>22.5</td></tr><tr><td>Total partially exempt from Federal income taxes</td><td>100.0</td><td>69.4</td><td>56.0</td><td>53.2</td><td>2.8</td><td>13.4</td><td>9.6</td><td>3.8</td><td>10.0</td><td>20.6</td></tr></table>
(Continued on following page)
59
Summary Data from Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States, October 31, 1943 - (Continued)
Table II.- Distribution of Ownership for Each Issue Outstanding - (Continued)
PART B - PERCENTAGE DISTRIBUTION BY GROUPS OF INVESTORS-(Continued)
<table><tr><th rowspan="2">Issue, classified by tax-exemption provision</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 7,389 institutions</th><th colspan="2">6,635 banks</th><th colspan="3">754 insurance companies</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>6,145 commercial banks</th><th>490 mutual savings banks</th><th>Total</th><th>206 life insurance companies</th><th>548 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Subject to Federal income taxes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>42.5</td><td>9.7</td></tr><tr><td>Treasury bills</td><td>100.0</td><td>47.8</td><td>47.7</td><td>47.7</td><td>.1</td><td>*</td><td>-</td><td>*</td><td></td><td></td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/84 November 1943</td><td>100.0</td><td>78.6</td><td>70.3</td><td>66.2</td><td>4.1</td><td>8.3</td><td>.4</td><td>7.9</td><td>1.3</td><td>20.1</td></tr><tr><td>7/84 December 1943</td><td>100.0</td><td>66.7</td><td>66.3</td><td>66.0</td><td>.3</td><td>.5</td><td>*</td><td>.4</td><td>8.9</td><td>24.3</td></tr><tr><td>7/84 February 1944</td><td>100.0</td><td>70.8</td><td>69.6</td><td>69.1</td><td>.6</td><td>1.2</td><td>.1</td><td>1.1</td><td>7.6</td><td>21.5</td></tr><tr><td>7/84 April 1944</td><td>100.0</td><td>58.4</td><td>57.4</td><td>57.0</td><td>.4</td><td>1.1</td><td>.3</td><td>.7</td><td>4.2</td><td>37.4</td></tr><tr><td>7/84 May 1944</td><td>100.0</td><td>79.0</td><td>78.4</td><td>78.0</td><td>.4</td><td>.6</td><td>.1</td><td>.5</td><td>13.0</td><td>8.0</td></tr><tr><td>7/84 August 1944</td><td>100.0</td><td>79.4</td><td>78.7</td><td>78.4</td><td>.3</td><td>.7</td><td>*</td><td>.7</td><td>11.1</td><td>9.5</td></tr><tr><td>7/84 September 1944</td><td>100.0</td><td>13.8</td><td>10.6</td><td>8.1</td><td>2.5</td><td>3.2</td><td>.6</td><td>2.6</td><td>.4</td><td>85.7</td></tr><tr><td>7/84 October 1944</td><td>100.0</td><td>75.6</td><td>75.4</td><td>75.2</td><td>.2</td><td>.2</td><td>*</td><td>.2</td><td>10.5</td><td>13.9</td></tr><tr><td>Total certificates of indebtedness</td><td>100.0</td><td>59.5</td><td>58.3</td><td>57.6</td><td>.7</td><td>1.2</td><td>.2</td><td>1.0</td><td>7.0</td><td>33.5</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>3/44 September 1944</td><td>100.0</td><td>80.3</td><td>75.7</td><td>74.3</td><td>1.4</td><td>4.6</td><td>3.4</td><td>1.2</td><td>1.2</td><td>18.6</td></tr><tr><td>1-1/44 March 1945</td><td>100.0</td><td>74.1</td><td>70.9</td><td>69.7</td><td>1.2</td><td>3.2</td><td>2.2</td><td>1.0</td><td>10.1</td><td>15.8</td></tr><tr><td>3/44 December 1945</td><td>100.0</td><td>83.2</td><td>77.6</td><td>75.5</td><td>2.1</td><td>5.6</td><td>3.8</td><td>1.7</td><td>4.0</td><td>12.8</td></tr><tr><td>14 March 1946</td><td>100.0</td><td>85.0</td><td>78.9</td><td>76.9</td><td>2.1</td><td>6.1</td><td>4.7</td><td>1.4</td><td>.2</td><td>14.7</td></tr><tr><td>1-1/24 December 1946</td><td>100.0</td><td>81.1</td><td>79.4</td><td>77.2</td><td>2.2</td><td>1.7</td><td>.6</td><td>1.1</td><td>8.6</td><td>10.3</td></tr><tr><td>1-1/24 September 1947</td><td>100.0</td><td>81.9</td><td>79.7</td><td>77.1</td><td>2.6</td><td>2.2</td><td>1.2</td><td>1.0</td><td>*</td><td>18.1</td></tr><tr><td>Total Treasury notes</td><td>100.0</td><td>80.4</td><td>77.6</td><td>75.6</td><td>2.1</td><td>2.8</td><td>1.7</td><td>1.1</td><td>5.1</td><td>14.5</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>24 March 1948-50</td><td>100.0</td><td>80.5</td><td>61.1</td><td>49.0</td><td>12.1</td><td>19.4</td><td>17.6</td><td>1.7</td><td>5.7</td><td>13.8</td></tr><tr><td>1-3/44 June 1948</td><td>100.0</td><td>81.9</td><td>74.9</td><td>72.6</td><td>2.3</td><td>6.9</td><td>5.5</td><td>1.4</td><td>.2</td><td>17.9</td></tr><tr><td>24 June 1949-51</td><td>100.0</td><td>89.2</td><td>73.6</td><td>63.6</td><td>10.0</td><td>15.6</td><td>14.2</td><td>1.4</td><td>2.9</td><td>8.0</td></tr><tr><td>24 September 1949-51</td><td>100.0</td><td>89.8</td><td>78.3</td><td>68.7</td><td>9.5</td><td>11.5</td><td>10.0</td><td>1.5</td><td>1.1</td><td>9.1</td></tr><tr><td>24 December 1949-51</td><td>100.0</td><td>82.9</td><td>72.2</td><td>66.4</td><td>5.8</td><td>10.7</td><td>9.5</td><td>1.1</td><td>.7</td><td>16.4</td></tr><tr><td>24 March 1950-52</td><td>100.0</td><td>90.3</td><td>78.8</td><td>74.7</td><td>4.1</td><td>11.5</td><td>10.3</td><td>1.2</td><td>1.3</td><td>8.4</td></tr><tr><td>24 September 1950-52</td><td>100.0</td><td>71.9</td><td>59.4</td><td>54.3</td><td>5.1</td><td>12.5</td><td>11.1</td><td>1.3</td><td>2.8</td><td>25.3</td></tr><tr><td>24 September 1951-53</td><td>100.0</td><td>55.4</td><td>45.0</td><td>33.3</td><td>11.7</td><td>10.3</td><td>8.3</td><td>2.1</td><td>4.3</td><td>40.3</td></tr><tr><td>24 December 1951-55</td><td>100.0</td><td>79.1</td><td>71.7</td><td>68.3</td><td>3.4</td><td>7.4</td><td>5.7</td><td>1.7</td><td>3.5</td><td>17.4</td></tr><tr><td>2-1/24 March 1952-54</td><td>100.0</td><td>72.0</td><td>58.3</td><td>26.5</td><td>31.8</td><td>13.7</td><td>12.5</td><td>1.2</td><td>6.7</td><td>21.3</td></tr><tr><td>2-1/44 June 1952-55</td><td>100.0</td><td>78.9</td><td>62.6</td><td>43.3</td><td>19.3</td><td>16.3</td><td>14.6</td><td>1.7</td><td>4.8</td><td>16.3</td></tr><tr><td>2-1/24 March 1956-58</td><td>100.0</td><td>74.8</td><td>38.7</td><td>17.5</td><td>21.2</td><td>36.1</td><td>34.8</td><td>1.3</td><td>3.5</td><td>21.8</td></tr><tr><td>2-1/24 June 1962-67</td><td>100.0</td><td>70.7</td><td>9.3</td><td>*</td><td>9.3</td><td>61.4</td><td>59.3</td><td>2.1</td><td>9.2</td><td>20.1</td></tr><tr><td>2-1/24 December 1963-68</td><td>100.0</td><td>65.6</td><td>17.4</td><td>*</td><td>17.4</td><td>48.2</td><td>46.8</td><td>1.3</td><td>9.4</td><td>25.1</td></tr><tr><td>2-1/24 June 1964-69</td><td>100.0</td><td>57.6</td><td>16.2</td><td>*</td><td>16.2</td><td>41.4</td><td>40.5</td><td>.9</td><td>10.1</td><td>32.3</td></tr><tr><td>2-1/24 December 1964-69</td><td>100.0</td><td>48.6</td><td>9.1</td><td>*</td><td>9.1</td><td>39.5</td><td>38.3</td><td>1.2</td><td>12.7</td><td>38.7</td></tr><tr><td>2-1/24 September 1967-72</td><td>100.0</td><td>65.8</td><td>44.7</td><td>33.8</td><td>10.8</td><td>21.2</td><td>19.8</td><td>1.4</td><td>10.0</td><td>24.2</td></tr><tr><td>Total Treasury bonds</td><td>100.0</td><td>68.4</td><td>45.5</td><td>34.6</td><td>10.9</td><td>22.9</td><td>21.4</td><td>1.5</td><td>5.7</td><td>26.0</td></tr><tr><td>Guaranteed issues 5/ Commodity Credit Corporation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/84 February 1945</td><td>100.0</td><td>89.3</td><td>83.1</td><td>81.6</td><td>1.5</td><td>6.2</td><td>5.2</td><td>1.1</td><td>1.0</td><td>9.7</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></tr><tr><td>14 April 1944</td><td>100.0</td><td>90.0</td><td>88.5</td><td>87.4</td><td>1.1</td><td>1.6</td><td>.6</td><td>1.0</td><td>1.3</td><td>8.6</td></tr><tr><td>14 January 1945</td><td>100.0</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>100.0</td><td>*</td></tr><tr><td>Total guaranteed issues</td><td>100.0</td><td>66.7</td><td>64.0</td><td>63.1</td><td>.9</td><td>2.6</td><td>1.9</td><td>.8</td><td>26.6</td><td>6.7</td></tr><tr><td>Total subject to Federal income taxes</td><td>100.0</td><td>64.3</td><td>52.7</td><td>47.0</td><td>5.6</td><td>11.6</td><td>10.5</td><td>1.1</td><td>11.6</td><td>24.1</td></tr><tr><td>Grand total</td><td>100.0</td><td>64.6</td><td>52.8</td><td>47.9</td><td>4.9</td><td>11.8</td><td>10.1</td><td>1.7</td><td>11.2</td><td>24.1</td></tr></table>
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) Treasury savings notes and (6) Commodity Credit Corporation demand obligations. Such obligations were held by institutions reporting, as follows: (1) depositary bonds; commercial banks, $346 millions; (2) United States savings bonds; commercial banks, $217 millions; mutual savings banks, $108 millions; insurance companies, $147 millions; all institutions, $472 millions; (3) Treasury savings notes; commercial banks, $55 millions; insurance companies, $26 millions; all
institutions, $82 millions; (4) Commodity Credit Corporation demand obligations; holdings of those obligations are not reported.
2/ Excludes Exchange Stabilisation Fund.
3/ Securities the income from which is exempt from the normal rates and the surtax rates of the Federal income tax.
4/ 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.)
5/ Excludes obligations sold directly to the Treasury.
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
- 60 -
61
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
November 30, 1943
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconde)</th><th colspan="3">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconde)</th><th colspan="4">1943 price range 2/ (Price decimals are thirty-seconde)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Oct. 30, 1943</th><th>Yield 2/</th><th>Change in yield from Oct. 30, 1943</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr></table>
Issued by U. S. Government
<table><tr><td colspan="14">Treasury bonds</td></tr><tr><td>$1,115</td><td>2%</td><td>- 3/15/48-50</td><td>101.26</td><td>101.30</td><td>101.63</td><td>-.03</td><td>1.54%</td><td>+0.1%</td><td>1.68%</td><td>3/15/41</td><td>04.07</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.07</td><td>8/10</td><td>101.08</td><td>1/2</td></tr><tr><td>3,062</td><td>1-3/4</td><td>- 6/15/48</td><td>101.06</td><td>101.08</td><td>101.07</td><td>.00</td><td>1.47</td><td>-.01</td><td>-</td><td>12/1/42</td><td>101.12</td><td>8/12/43</td><td>100.01</td><td>12/23/42</td><td>101.12</td><td>8/12</td><td>100.08</td><td>1/4</td></tr><tr><td>1,011</td><td>2</td><td>- 6/15/49-51</td><td>101.11</td><td>101.13</td><td>101.12</td><td>-.01</td><td>1.74</td><td>.00</td><td>1.80</td><td>1/25/42</td><td>101.17</td><td>7/15/43</td><td>100.06</td><td>8/5/42</td><td>101.17</td><td>7/15</td><td>100.20</td><td>4/12</td></tr><tr><td>1,292</td><td>2</td><td>- 9/15/49-51</td><td>101.07</td><td>101.09</td><td>101.08</td><td>+.01</td><td>1.77</td><td>-.01</td><td>1.83</td><td>5/15/42</td><td>101.13</td><td>7/15/43</td><td>100.04</td><td>10/6/42</td><td>101.13</td><td>7/15</td><td>100.15</td><td>4/7</td></tr><tr><td>2,098</td><td>2</td><td>- 12/15/49-51</td><td>101.01</td><td>101.03</td><td>101.02</td><td>-.01</td><td>1.81</td><td>.00</td><td>1.86</td><td>7/15/42</td><td>101.12</td><td>7/15/43</td><td>100.03</td><td>8/5/42</td><td>101.12</td><td>7/15</td><td>100.12</td><td>4/11</td></tr><tr><td>1,963</td><td>2</td><td>- 3/15/50-52</td><td>100.23</td><td>100.25</td><td>100.24</td><td>-.03</td><td>1.87</td><td>+.01</td><td>1.90</td><td>10/19/42</td><td>101.07</td><td>7/14/43</td><td>100.01</td><td>11/2/42</td><td>101.06</td><td>7/14</td><td>100.09</td><td>4/14</td></tr><tr><td>4,939</td><td>2</td><td>- 9/15/50-52</td><td>100.14</td><td>100.16</td><td>100.15</td><td>-.04</td><td>1.93</td><td>+.02</td><td>1.94</td><td>4/15/43</td><td>101.00</td><td>7/11/43</td><td>100.08</td><td>5/3/43</td><td>101.00</td><td>7/14</td><td>100.08</td><td>5/3</td></tr><tr><td>7,983</td><td>2</td><td>- 9/15/51-53</td><td>100.03</td><td>100.04</td><td>100.04</td><td>-.03</td><td>1.98</td><td>+.01</td><td>1.99</td><td>9/15/43</td><td>100.02</td><td>10/29/43</td><td>100.03</td><td>11/8/43</td><td>100.08</td><td>10/28</td><td>100.03</td><td>11/8</td></tr><tr><td>510</td><td>2</td><td>- 12/15/51-55</td><td>100.05</td><td>100.07</td><td>100.06</td><td>-.02</td><td>1.97</td><td>.00</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>100.31</td><td>7/3</td><td>100.04</td><td>11/4</td></tr><tr><td>1,024</td><td>2-1/2</td><td>- 3/15/52-54</td><td>103.21</td><td>103.23</td><td>103.22</td><td>-.08</td><td>2.01</td><td>+.02</td><td>2.10</td><td>3/1/41</td><td>0.16</td><td>7/2/41</td><td>10.04</td><td>3/20/41</td><td>10.18</td><td>7/17</td><td>103.20</td><td>1/2</td></tr><tr><td>1,502</td><td>2-1/4</td><td>- 6/15/52-55</td><td>101.19</td><td>101.21</td><td>101.20</td><td>-.10</td><td>2.04</td><td>+.04</td><td>2.09</td><td>2/25/42</td><td>1.14</td><td>7/19/43</td><td>100.16</td><td>2/18/42</td><td>102.14</td><td>7/19</td><td>101.09</td><td>1/2</td></tr><tr><td>1,449</td><td>2-1/2</td><td>- 3/15/56-58</td><td>103.11</td><td>103.13</td><td>103.12</td><td>-.14</td><td>2.19</td><td>+.04</td><td>2.22</td><td>6/1/43</td><td>1.11</td><td>11/5/41</td><td>101.10</td><td>12/26/41</td><td>104.18</td><td>7/6</td><td>103.07</td><td>1/2</td></tr><tr><td>2,118</td><td>2-1/2</td><td>- 6/15/62-67</td><td>100.13</td><td>100.15</td><td>100.14</td><td>-.03</td><td>2.47</td><td>+.01</td><td>2.48</td><td>5/1/41</td><td>01.01</td><td>3/29/43</td><td>100.00</td><td>8/17/42</td><td>101.01</td><td>5/29</td><td>100.09</td><td>4/12</td></tr><tr><td>2,831</td><td>2-1/2</td><td>- 12/15/63-68</td><td>100.02</td><td>100.04</td><td>100.03</td><td>-.05</td><td>2.49</td><td>+.01</td><td>2.49</td><td>12/1/42</td><td>100.00</td><td>6/1/43</td><td>100.01</td><td>12/24/42</td><td>100.26</td><td>6/1</td><td>100.03</td><td>11/30</td></tr><tr><td>3,762</td><td>2-1/2</td><td>- 6/15/64-69</td><td>100.01</td><td>100.03</td><td>100.02</td><td>-.04</td><td>2.50</td><td>+.01</td><td>2.50</td><td>4/15/43</td><td>100.20</td><td>6/2/43</td><td>100.01</td><td>9/30/43</td><td>100.20</td><td>6/2</td><td>100.01</td><td>9/30</td></tr><tr><td>3,837</td><td>2-1/2</td><td>- 12/15/64-69</td><td>100.01</td><td>100.03</td><td>100.02</td><td>-.04</td><td>2.50</td><td>+.01</td><td>2.50</td><td>9/15/43</td><td>100.06</td><td>10/30/43</td><td>100.02</td><td>11/30/43</td><td>100.06</td><td>10/30</td><td>100.02</td><td>11/30</td></tr><tr><td>2,716</td><td>2-1/2</td><td>- 9/15/67-72</td><td>100.11</td><td>100.13</td><td>100.12</td><td>-.07</td><td>2.48</td><td>+.01</td><td>2.48</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>101.06</td><td>7/6</td><td>100.12</td><td>11/30</td></tr><tr><td colspan="14">Treasury notes</td></tr><tr><td>635</td><td>3/4%</td><td>D - 9/15/41</td><td>99.31</td><td>100.00</td><td>100.00</td><td>+.01</td><td>.75</td><td>-.04</td><td>-</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>100.03</td><td>6/29</td><td>99.21</td><td>1/2</td></tr><tr><td>1,606</td><td>1-1/4%</td><td>C - 3/15/45</td><td>100.15</td><td>100.17</td><td>100.16</td><td>+.01</td><td>.86</td><td>-.05</td><td>-</td><td>9/25/42</td><td>100.20</td><td>7/7/43</td><td>100.00</td><td>10/30/42</td><td>100.20</td><td>7/7</td><td>100.04</td><td>1/2</td></tr><tr><td>531</td><td>3/4</td><td>B - 12/15/45</td><td>99.22*</td><td>99.23*</td><td>99.23</td><td>.00</td><td>.89</td><td>-.02</td><td>-</td><td>12/18/40</td><td>100.18</td><td>9/9/41</td><td>98.28</td><td>10/16/42</td><td>99.29</td><td>8/11</td><td>98.31</td><td>1/2</td></tr><tr><td>503</td><td>1</td><td>A - 3/15/46</td><td>100.00</td><td>100.01</td><td>100.00</td><td>+.01</td><td>1.00</td><td>-.01</td><td>-</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>100.03</td><td>8/21</td><td>99.03</td><td>1/2</td></tr><tr><td>3,261</td><td>1-1/2</td><td>B - 12/15/46</td><td>100.26</td><td>100.28</td><td>100.27</td><td>+.02</td><td>1.22</td><td>-.02</td><td>-</td><td>6/5/42</td><td>100.29</td><td>8/16/43</td><td>100.01</td><td>1/2/43</td><td>100.29</td><td>8/16</td><td>100.01</td><td>1/2</td></tr><tr><td>2,707</td><td>1-1/2</td><td>A - 9/15/47</td><td>100.18</td><td>100.20</td><td>100.19</td><td>+.01</td><td>1.34</td><td>-.01</td><td>-</td><td>7/12/43</td><td>100.21</td><td>8/19/43</td><td>100.16</td><td>10/14/43</td><td>100.21</td><td>8/19</td><td>100.16</td><td>10/14</td></tr><tr><td colspan="14">Certificates of indebtedness 6/1</td></tr><tr><td>3,803</td><td>7/8%</td><td>E - 12/1/43</td><td>1/</td><td>1/</td><td>1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2/1/41</td><td>1/1</td><td>1/23</td><td>3.80%</td><td>12/26/42</td><td>1/32</td><td>11/23</td><td>.83%</td><td>1/4</td></tr><tr><td>2,211</td><td>7/8</td><td>A - 2/1/44</td><td>.45%</td><td>.40%</td><td>.424</td><td>-.10%</td><td>-</td><td>-</td><td>-</td><td>2/1/41</td><td>1.23/43</td><td>.82%</td><td>1/25/43</td><td>.414</td><td>11/29</td><td>.82%</td><td>1/12</td></tr><tr><td>5,251</td><td>7/8</td><td>B - 4/1/44</td><td>.65%</td><td>.634</td><td>.644</td><td>-.05%</td><td>-</td><td>-</td><td>-</td><td>4/1/43</td><td>.82%</td><td>5/4/43</td><td>.624</td><td>11/27</td><td>.824</td><td>5/7</td></tr><tr><td>1,655</td><td>7/8</td><td>C - 5/1/44</td><td>.64%</td><td>.61%</td><td>.624</td><td>-.07%</td><td>-</td><td>-</td><td>-</td><td>5/1/41</td><td>.63%</td><td>11/27/43</td><td>.824</td><td>5/4/43</td><td>.634</td><td>11/27</td><td>.824</td><td>5/74</td></tr><tr><td>2,545</td><td>7/8</td><td>D - 8/1/44</td><td>.75%</td><td>.734</td><td>.744</td><td>-.02%</td><td>-</td><td>-</td><td>-</td><td>8/2/43</td><td>.784</td><td>8/12/43</td><td>.794</td><td>10/15/43</td><td>.724</td><td>8/12</td><td>.794</td><td>10/15</td></tr><tr><td>4,122</td><td>7/8</td><td>E - 9/1/44</td><td>.77%</td><td>.754</td><td>.764</td><td>-.03%</td><td>-</td><td>-</td><td>-</td><td>9/15/43</td><td>.744</td><td>11/27/43</td><td>.834</td><td>10/15/43</td><td>.744</td><td>11/27</td><td>.834</td><td>10/15</td></tr><tr><td>3,519</td><td>7/8</td><td>F - 10/1/44</td><td>.78%</td><td>.764</td><td>.774</td><td>-.02%</td><td>-</td><td>-</td><td>-</td><td>10/15/43</td><td>.754</td><td>11/27/43</td><td>.844</td><td>10/13/43</td><td>.754</td><td>11/27</td><td>.844</td><td>10/13</td></tr><tr><td>8/</td><td>7/8</td><td>G - 12/2/44</td><td>.81%</td><td>.794</td><td>.804</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12/1/43</td><td>.80%</td><td>11/30/43</td><td>.834</td><td>11/22/43</td><td>.804</td><td>11/30</td><td>.834</td><td>11/22</td></tr></table>
Guaranteed by U. S. Government
<table><tr><td>$412</td><td>Commodity Credit Corp.<br>1-1/8% 2/15/45</td><td>100.07</td><td>100.08</td><td>100.08</td><td>+ .02</td><td>.92%</td><td>- .06%</td><td>-</td><td>7/21/43</td><td>100.00</td><td>9/2/4</td><td>99.25</td><td>12/27/41</td><td>100.11</td><td>7/8</td><td>99.26</td><td>1/2</td></tr><tr><td>571</td><td>Reconstruction Finance Corporation<br>7- 4/15/44</td><td>100.03</td><td>100.04</td><td>100.04</td><td>+ .02</td><td>.66</td><td>- .20</td><td>-</td><td>7/3/43</td><td>100.36</td><td>8/5/41</td><td>99.25</td><td>12/27/41</td><td>100.08</td><td>7/1</td><td>100.02</td><td>1/16</td></tr></table>
PART B - TAXABLE TREASURY LI
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Oct. 30, 1943</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Oct. 30, 1943</th></tr><tr><td>$1,002</td><td>12/2/43</td><td>9/2/43</td><td>.37%</td><td>.25%</td><td>.31%</td><td>-.03%</td><td>$1,001</td><td>1/20/44</td><td>10/21/43</td><td>.37%</td><td>.30%</td><td>.34%</td><td>-.02%</td></tr><tr><td>1,005</td><td>12/9/43</td><td>9/9/43</td><td>.37</td><td>.25</td><td>.31</td><td>-.03</td><td>1,008</td><td>1/27/44</td><td>10/28/43</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1,009</td><td>12/16/43</td><td>9/16/43</td><td>.37</td><td>.25</td><td>.31</td><td>-.03</td><td>1,003</td><td>2/3/44</td><td>11/4/43</td><td>.37</td><td>.30</td><td>.34</td><td>-</td></tr><tr><td>1,013</td><td>12/23/43</td><td>9/23/43</td><td>.37</td><td>.25</td><td>.31</td><td>-.03</td><td>1,005</td><td>2/10/44</td><td>11/12/43</td><td>.37</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,003</td><td>12/30/43</td><td>9/30/43</td><td>.37</td><td>.25</td><td>.31</td><td>-.03</td><td>1,001</td><td>2/17/44</td><td>11/18/43</td><td>.37</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,007</td><td>1/6/44</td><td>10/7/43</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td><td>1,009</td><td>2/24/44</td><td>12/26/43</td><td>.37</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,005</td><td>1/23/44</td><td>10/14/43</td><td>.37</td><td>.30</td><td>.34</td><td>-.02</td><td>10/</td><td>3/2/44</td><td>12/2/43</td><td>.37</td><td>.35</td><td>.36</td><td>-</td></tr></table>
(Continued on following page)
62
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies November 30, 1943 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government - (Continued)
PART C - TAX-EXEMPT BONDS AND NOTES
<table><tr><th>Amount outstanding (millions)</th><th>Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data 1/</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1943 price range 2/ (Price 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 Oct. 30, 1943</th><th>Yield 1/</th><th>Change in yield from Oct. 30, 1943</th><th>Maturity yield</th><th>Date of issue</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></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 colspan="18">issued by U. S. Government</td></tr><tr><td colspan="18">Treasury bonds</td></tr><tr><td>$1,519</td><td>3-1/4 - 4/15/44-4/5</td><td>101.01+</td><td>101.02+</td><td>101.02</td><td>-.06</td><td>.384</td><td>-.114</td><td>2.784</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>103.06</td><td>1/12</td><td>101.02</td><td>11/30</td></tr><tr><td>1,037</td><td>4 - 12/15/44-5/4</td><td>103.15</td><td>103.17</td><td>103.16</td><td>-.06</td><td>.61</td><td>-.08</td><td>3.61</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>106.05</td><td>1/5</td><td>103.16</td><td>11/30</td></tr><tr><td>1,214</td><td>2-3/4 - 9/15/45-4/7</td><td>103.21</td><td>103.23</td><td>103.22</td><td>.04</td><td>.67</td><td>.16</td><td>1.74</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>104.26</td><td>2/13</td><td>103.17</td><td>10/23</td></tr><tr><td>541</td><td>2-1/2 - 12/15/45</td><td>103.21</td><td>103.23</td><td>103.22</td><td>.05</td><td>.68</td><td>-.14</td><td>-</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>104.18</td><td>2/17</td><td>103.15</td><td>10/19</td></tr><tr><td>439</td><td>3-3/4 - 3/15/45-5/6</td><td>106.20</td><td>106.22</td><td>106.21</td><td>-.01</td><td>.81</td><td>-.08</td><td>3.09</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>108.17</td><td>2/2</td><td>106.20</td><td>11/5</td></tr><tr><td>1,036</td><td>3 - 6/15/46-4/8</td><td>105.15</td><td>105.17</td><td>105.16</td><td>.04</td><td>.81</td><td>-.11</td><td>1.73</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>105.21</td><td>1/11</td><td>105.11</td><td>11/5</td></tr><tr><td>819</td><td>3-1/8 - 6/15/46-4/9</td><td>105.24</td><td>105.26</td><td>105.25</td><td>.03</td><td>.82</td><td>-.10</td><td>2.02</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>107.01</td><td>1/14</td><td>105.22</td><td>11/5</td></tr><tr><td>759</td><td>4-1/4 - 10/15/47-5/2</td><td>112.06</td><td>112.08</td><td>112.07</td><td>-.06</td><td>1.02</td><td>-.02</td><td>2.69</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>114.01</td><td>2/3</td><td>112.07</td><td>11/30</td></tr><tr><td>701</td><td>2 - 12/15/47</td><td>104.09</td><td>104.11</td><td>104.10</td><td>.05</td><td>.91</td><td>-.06</td><td>-</td><td>12/15/38</td><td>107.20</td><td>12/14/40</td><td>99.14</td><td>9/25/39</td><td>104.17</td><td>6/29</td><td>103.30</td><td>4/13</td></tr><tr><td>1,223</td><td>2-3/4 - 3/15/48-5/1</td><td>106.29</td><td>106.31</td><td>106.30</td><td>-.06</td><td>1.09</td><td>.01</td><td>1.73</td><td>3/15/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>107.19</td><td>7/7</td><td>106.27</td><td>4/14</td></tr><tr><td>451</td><td>2-1/2 - 9/15/48</td><td>106.16</td><td>106.18</td><td>106.17</td><td>-.10</td><td>1.10</td><td>.04</td><td>-</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>107.09</td><td>7/26</td><td>106.11</td><td>4/12</td></tr><tr><td>571</td><td>2 - 12/15/48-5/9</td><td>104.16</td><td>104.18</td><td>104.17</td><td>-.07</td><td>1.07</td><td>.03</td><td>1.32</td><td>12/18/39</td><td>107.00</td><td>12/12/40</td><td>101.10</td><td>5/24/40</td><td>104.27</td><td>10/7</td><td>103.20</td><td>1/2</td></tr><tr><td>491</td><td>3-1/8 - 12/15/49-5/2</td><td>110.08</td><td>110.10</td><td>110.09</td><td>-.10</td><td>1.35</td><td>.03</td><td>1.88</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>111.14</td><td>7/6</td><td>110.06</td><td>3/30</td></tr><tr><td>1,785</td><td>2-1/2 - 12/15/49-5/3</td><td>106.18</td><td>106.20</td><td>106.19</td><td>-.10</td><td>1.35</td><td>.04</td><td>1.78</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>107.14</td><td>7/6</td><td>105.30</td><td>1/2</td></tr><tr><td>1,186</td><td>2-1/2 - 9/15/50-5/2</td><td>107.08</td><td>107.10</td><td>107.09</td><td>-.09</td><td>1.37</td><td>.03</td><td>1.61</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>108.02</td><td>7/6</td><td>106.09</td><td>1/25</td></tr><tr><td>1,627</td><td>2-3/4 - 6/15/51-5/4</td><td>109.05</td><td>109.07</td><td>109.06</td><td>-.13</td><td>1.46</td><td>.04</td><td>1.79</td><td>6/15/35</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>110.07</td><td>7/6</td><td>107.30</td><td>1/2</td></tr><tr><td>755</td><td>3 - 9/15/51-5/5</td><td>111.04</td><td>111.06</td><td>111.05</td><td>-.15</td><td>1.48</td><td>.05</td><td>1.94</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>112.07</td><td>7/6</td><td>110.01</td><td>1/2</td></tr><tr><td>1,118</td><td>2-1/4 - 12/15/51-5/3</td><td>106.00</td><td>106.02</td><td>106.01</td><td>-.20</td><td>1.45</td><td>.07</td><td>1.60</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>107.00</td><td>7/6</td><td>104.20</td><td>1/2</td></tr><tr><td>725</td><td>2 - 6/15/53-5/5</td><td>104.30</td><td>105.00</td><td>104.31</td><td>-.07</td><td>1.44</td><td>.02</td><td>1.53</td><td>10/7/40</td><td>105.15</td><td>7/6/43</td><td>101.19</td><td>2/15/41</td><td>105.16</td><td>7/6</td><td>103.05</td><td>1/2</td></tr><tr><td>531</td><td>2-1/4 - 6/15/54-5/6</td><td>106.30</td><td>107.00</td><td>106.31</td><td>-.11</td><td>1.53</td><td>.03</td><td>1.63</td><td>7/22/40</td><td>107.12</td><td>7/6/43</td><td>102.02</td><td>7/24/40</td><td>107.12</td><td>7/6</td><td>104.23</td><td>1/2</td></tr><tr><td>2,511</td><td>2-7/8 - 3/15/55-6/0</td><td>111.17</td><td>111.19</td><td>111.18</td><td>-.21</td><td>1.74</td><td>.05</td><td>2.04</td><td>3/15/35</td><td>112.28</td><td>7/5/43</td><td>98.30</td><td>9/20/35</td><td>112.28</td><td>7/6</td><td>109.04</td><td>1/2</td></tr><tr><td>982</td><td>2-3/4 - 9/15/56-5/9</td><td>111.08</td><td>111.10</td><td>111.09</td><td>-.21</td><td>1.76</td><td>.05</td><td>1.92</td><td>9/15/35</td><td>112.13</td><td>7/6/43</td><td>98.10</td><td>4/1/37</td><td>112.13</td><td>7/6</td><td>108.12</td><td>1/2</td></tr><tr><td>919</td><td>2-3/4 - 6/15/58-6/3</td><td>111.01</td><td>111.03</td><td>111.02</td><td>-.23</td><td>1.88</td><td>.05</td><td>2.06</td><td>6/15/38</td><td>112.13</td><td>7/6/43</td><td>99.15</td><td>9/25/39</td><td>112.13</td><td>7/6</td><td>108.13</td><td>3/24</td></tr><tr><td>1,485</td><td>2-3/4 - 12/15/60-6/5</td><td>111.15</td><td>111.17</td><td>111.16</td><td>-.22</td><td>1.95</td><td>.04</td><td>2.10</td><td>12/15/38</td><td>112.28</td><td>7/6/43</td><td>99.14</td><td>9/25/39</td><td>112.28</td><td>7/6</td><td>108.26</td><td>3/24</td></tr><tr><td colspan="18">Other bonds 12/</td></tr><tr><td>15</td><td>34 Conversion - 1/1/46</td><td>105.04</td><td>105.12</td><td>105.08</td><td>-.10</td><td>.47</td><td>.05</td><td>-</td><td>1/1/16</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>107.08</td><td>1/11</td><td>105.08</td><td>11/30</td></tr><tr><td>13</td><td>3 Conversion - 1/1/47</td><td>107.00</td><td>107.15</td><td>107.03</td><td>-.12</td><td>.63</td><td>.06</td><td>-</td><td>1/1/17</td><td>-</td><td>1935</td><td>-</td><td>-</td><td>109.00</td><td>1/11</td><td>107.08</td><td>11/30</td></tr><tr><td>50</td><td>3 Panama Canal - 6/1/61</td><td>130.00</td><td>131.16</td><td>130.24</td><td>.00</td><td>1.07</td><td>-.01</td><td>-</td><td>6/1/11</td><td>130.24</td><td>11/30/43</td><td>75.00</td><td>6/18/21</td><td>130.24</td><td>11/30</td><td>127.30</td><td>1/11</td></tr><tr><td colspan="18">Treasury notes</td></tr><tr><td>421</td><td>1-1/36 B- 12/15/43</td><td>100.00</td><td>100.01</td><td>100.00</td><td>-.03</td><td>1.12</td><td>.78</td><td>-</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>100.24</td><td>2/10</td><td>100.00</td><td>11/30</td></tr><tr><td>515</td><td>1 - 3/15/44</td><td>100.06</td><td>100.07</td><td>100.06</td><td>-.02</td><td>.35</td><td>.03</td><td>-</td><td>11/1/39</td><td>102.15</td><td>11/9/41</td><td>100.06</td><td>11/30/43</td><td>100.24</td><td>2/5</td><td>100.06</td><td>11/30</td></tr><tr><td>416</td><td>3/4 A- 6/15/44</td><td>100.07+</td><td>100.08+</td><td>100.08</td><td>.00</td><td>.28</td><td>-.07</td><td>-</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>100.17</td><td>2/15</td><td>100.08</td><td>11/30</td></tr><tr><td>283</td><td>1 C- 9/15/44</td><td>100.19</td><td>100.21</td><td>100.20</td><td>.00</td><td>.21</td><td>-.07</td><td>-</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>100.31</td><td>7/6</td><td>100.20</td><td>11/30</td></tr><tr><td>713</td><td>3/4 A- 3/15/45</td><td>100.19</td><td>100.21</td><td>100.20</td><td>.04</td><td>.25</td><td>-.12</td><td>-</td><td>3/15/40</td><td>101.16</td><td>8/6/41</td><td>98.26</td><td>5/10/40</td><td>100.25</td><td>7/15</td><td>100.16</td><td>10/30</td></tr><tr><td colspan="18">Guaranteed by U. S. Government 2/</td></tr><tr><td colspan="18">Federal Farm Mortgage Corp.</td></tr><tr><td>$35</td><td>3-1/4 - 3/15/44-5/4</td><td>100.24</td><td>100.26</td><td>100.25</td><td>-.07</td><td>.534</td><td>-.026</td><td>3.204</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>103.02</td><td>1/5</td><td>100.25</td><td>11/30</td></tr><tr><td>335</td><td>3 - 5/15/44-4/9</td><td>101.04</td><td>101.05</td><td>101.04</td><td>-.06</td><td>.53</td><td>-.02</td><td>2.73</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>103.04</td><td>1/5</td><td>101.04</td><td>11/30</td></tr><tr><td colspan="18">Home Owners' Loan Corp.</td></tr><tr><td>779</td><td>34 A- 5/1/44-5/2</td><td>101.01</td><td>101.02</td><td>101.02</td><td>-.04</td><td>.45</td><td>-.17</td><td>2.86</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>103.01</td><td>1/5</td><td>101.02</td><td>11/30</td></tr><tr><td>755</td><td>1-1/2 v- 6/1/45-4/7</td><td>101.02</td><td>101.04</td><td>101.03</td><td>.01</td><td>.77</td><td>-.05</td><td>1.18</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>101.16</td><td>7/3</td><td>101.02</td><td>11/13</td></tr><tr><td colspan="18">Federal Public Housing Authority</td></tr><tr><td>114</td><td>1-3/34 B- 2/1/44</td><td>100.04</td><td>100.06</td><td>100.05</td><td>-.01</td><td>.44</td><td>-.18</td><td>-</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>100.24</td><td>2/13</td><td>100.05</td><td>11/30</td></tr></table>
Guaranteed by U. S. Government 9/
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 except that prices of Treasury, Federal Farm Mortgages 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. Dates of highs and lows, in case of recurrence, are the latest dates.
3/ Computed on mean price to call date when mean price is above par and to maturity date when mean price is below par.
4/ Included in average of long-term taxable Treasury bonds shown later in this chapter.
5/ Security is not transferable to commercial banks until ten years after issue date.
6/ Quoted on yield basis.
7/ Not quoted.
3/ This security was issued in the amount of $3,520 millions on December 1, 1943.
9/ Excludes Federal Housing Administration debentures and issues held entirely by Government agencies.
10/ This security was issued in the amount of $1,006 millions on December 2, 1943.
11/ Included in average of long-term partially tax-exempt Treasury bonds shown later in this chapter.
12/ Excludes postal savings bonds.
63
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
November 30, 1943 - (Continued)
Table II. - Securities Issued by Federal Agencies but not Guaranteed by the United States
PART A - ISSUES QUOTED ON A PRICE BASIS
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="4">Price data (Price decimals are thirty-seconde)</th><th colspan="2">Yield data 1/</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconde)</th><th colspan="4">1943 price range 2/ (Price 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 Oct.30. 1943</th><th>Yield 2/</th><th>Change in yield from Oct.30. 1943</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="16">Federal Land Banks 1/</td></tr><tr><td>$125</td><td>4%</td><td>7/1/44-46</td><td>102.02</td><td>102.06</td><td>102.04</td><td>-.10</td><td>.33%</td><td>3.14%</td><td>9/1/34</td><td>114.04</td><td>6/5/39</td><td>94.12</td><td>9/18/34</td><td>104.28</td><td>1/4</td><td>102.04</td><td>11/30</td></tr><tr><td>71</td><td>4%</td><td>7/15/44-64</td><td>102.06</td><td>102.10</td><td>102.08</td><td>-.11</td><td>.36</td><td>3.84</td><td>7/15/34</td><td>112.02</td><td>12/10/40</td><td>102.08</td><td>11/30/43</td><td>104.28</td><td>1/5</td><td>102.08</td><td>11/30</td></tr><tr><td>157</td><td>3-1/4</td><td>5/1/45-55</td><td>103.26</td><td>104.00</td><td>103.29</td><td>-.09</td><td>.47</td><td>2.85</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>105.22</td><td>1/11</td><td>103.29</td><td>11/30</td></tr><tr><td>230</td><td>3</td><td>7/1/45-55</td><td>103.28</td><td>104.02</td><td>103.31</td><td>-.07</td><td>.48</td><td>2.60</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>105.16</td><td>2/16</td><td>103.31</td><td>11/30</td></tr><tr><td>171</td><td>3</td><td>1/1/46-56</td><td>105.04</td><td>105.10</td><td>105.07</td><td>-.10</td><td>.48</td><td>2.50</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>106.24</td><td>1/6</td><td>105.07</td><td>11/30</td></tr><tr><td>170</td><td>3</td><td>5/1/46-56</td><td>106.02</td><td>106.08</td><td>106.05</td><td>-.04</td><td>.43</td><td>2.42</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>107.18</td><td>1/11</td><td>106.05</td><td>11/30</td></tr></table>
PART B - ISSUES QUOTED ON A YIELD BASIS
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th>Date of issue</th><th colspan="4">Yield</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Aek</th><th>Mean</th><th>Change in mean from October 30, 1943</th></tr><tr><td>6/</td><td>Federal Home Loan Banke 5/ .85% A - 6/15/44</td><td>12/1/43</td><td>.90%</td><td>.75%</td><td>.82%</td><td>-</td></tr><tr><td>$20</td><td>Federal Intermediate Credit Banke 5/ .80% - 12/1/43</td><td>3/1/43</td><td>7/1/43</td><td>-</td><td>-</td><td>-</td></tr><tr><td>22</td><td>3/4 - 12/1/43</td><td>6/1/43</td><td>1/1/43</td><td>-</td><td>-</td><td>-</td></tr><tr><td>20</td><td>.85 - 1/3/44</td><td>4/1/43</td><td>.50</td><td>-</td><td>.50</td><td>-.20%</td></tr><tr><td>19</td><td>3/4 - 1/3/44</td><td>7/1/43</td><td>.50</td><td>-</td><td>.50</td><td>-.20</td></tr><tr><td>22</td><td>.85 - 2/1/44</td><td>5/1/43</td><td>.60</td><td>-</td><td>.60</td><td>-.15</td></tr><tr><td>11</td><td>.70 - 2/1/44</td><td>8/2/43</td><td>.60</td><td>-</td><td>.60</td><td>-.15</td></tr><tr><td>26</td><td>.85 - 3/1/44</td><td>6/1/43</td><td>.70</td><td>-</td><td>.70</td><td>-.10</td></tr><tr><td>25</td><td>.80 - 4/1/44</td><td>7/1/43</td><td>.75</td><td>-</td><td>.75</td><td>-.05</td></tr><tr><td>24</td><td>.80 - 5/1/44</td><td>8/2/43</td><td>.75</td><td>-</td><td>.75</td><td>-.05</td></tr><tr><td>15</td><td>.80 - 6/1/44</td><td>9/1/43</td><td>.80</td><td>-</td><td>.80</td><td>-.05</td></tr><tr><td>24</td><td>.85 - 7/1/44</td><td>10/1/43</td><td>.80</td><td>-</td><td>.80</td><td>-.05</td></tr><tr><td>28</td><td>7/8 - 8/1/44</td><td>11/1/43</td><td>.85</td><td>-</td><td>.85</td><td>-</td></tr><tr><td>29</td><td>.95 - 11/1/44</td><td>11/1/43</td><td>.95</td><td>-</td><td>.95</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 leued" prices are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest date.
3/ Computed on mean price to call date when mean price is above par and to maturity date when mean price is below par.
4/ Excludes issues completely held by Farm Credit Administration agencies.
5/ Taxable issues.
6/ This security was issued in the amount of $0.4 millions on December 1, 1943.
7/ Not quoted.
64
YIELDS OF TREASURY SECURITIES NOV. 30, 1943
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
65
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<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></table>
Monthly Series 4/
<table><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>2.74</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>2.23</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>3.72</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>2.09</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>2.68</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>2.16</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>2.52</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>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><td>1943-Jan.</td><td>2.06</td><td>2.32</td><td>2.70</td></tr><tr><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><td>Feb.</td><td>2.06</td><td>2.32</td><td>2.68</td></tr><tr><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><td>Mar.</td><td>2.08</td><td>2.33</td><td>2.70</td></tr><tr><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><td>Apr.</td><td>2.02</td><td>2.32</td><td>2.68</td></tr><tr><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><td>May</td><td>1.92</td><td>2.30</td><td>2.65</td></tr><tr><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><td>June</td><td>1.85</td><td>2.29</td><td>2.63</td></tr><tr><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><td>July</td><td>1.82</td><td>2.27</td><td>2.58</td></tr><tr><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><td>Aug.</td><td>1.83</td><td>2.28</td><td>2.57</td></tr><tr><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><td>Sept.</td><td>1.80</td><td>2.30</td><td>2.59</td></tr><tr><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><td>Oct.</td><td>1.81</td><td>2.30</td><td>2.60</td></tr><tr><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><td>Nov.</td><td>1.85</td><td>2.32</td><td>2.61</td></tr><tr><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><td></td><td></td><td></td><td></td></tr></table>
Weekly Series - Saturday Figures 5/
<table><tr><td>1943-June</td><td>5....</td><td>1.86</td><td>2.29</td><td>2.65</td><td>1943-Aug.</td><td>7....</td><td>1.84</td><td>2.28</td><td>2.55</td><td>1943-Oct.</td><td>2....</td><td>1.79</td><td>2.30</td><td>2.61</td></tr><tr><td></td><td>12....</td><td>1.86</td><td>2.30</td><td>2.63</td><td></td><td>14....</td><td>1.83</td><td>2.28</td><td>2.57</td><td></td><td>9....</td><td>1.80</td><td>2.30</td><td>2.60</td></tr><tr><td></td><td>19....</td><td>1.85</td><td>2.28</td><td>2.62</td><td></td><td>21....</td><td>1.83</td><td>2.25</td><td>2.59</td><td></td><td>16....</td><td>1.82</td><td>2.30</td><td>2.60</td></tr><tr><td></td><td>26....</td><td>1.82</td><td>2.28</td><td>2.61</td><td></td><td>28....</td><td>1.82</td><td>2.28</td><td>2.58</td><td></td><td>23....</td><td>1.81</td><td>2.30</td><td>2.59</td></tr><tr><td>July</td><td>3....</td><td>1.80</td><td>2.26</td><td>2.61</td><td>Sept.</td><td>4....</td><td>1.82</td><td>2.30</td><td>2.57</td><td>Nov.</td><td>6....</td><td>1.84</td><td>2.32</td><td>2.59</td></tr><tr><td></td><td>10....</td><td>1.80</td><td>2.26</td><td>2.57</td><td></td><td>11....</td><td>1.80</td><td>2.30</td><td>2.58</td><td></td><td>13....</td><td>1.84</td><td>2.32</td><td>2.61</td></tr><tr><td></td><td>17....</td><td>1.82</td><td>2.27</td><td>2.57</td><td></td><td>18....</td><td>1.80</td><td>2.30</td><td>2.61</td><td></td><td>20....</td><td>1.86</td><td>2.34</td><td>2.61</td></tr><tr><td></td><td>24....</td><td>1.82</td><td>2.27</td><td>2.56</td><td></td><td>25....</td><td>1.80</td><td>2.30</td><td>2.60</td><td></td><td>27....</td><td>1.86</td><td>2.33</td><td>2.61</td></tr><tr><td></td><td>31....</td><td>1.84</td><td>2.28</td><td>2.57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Daily Series
<table><tr><td>1943-Nov.</td><td>1......</td><td>1.82</td><td>2.31</td><td>2.59</td><td>1943-Nov.</td><td>11......</td><td>6/</td><td>6/</td><td>6/</td><td>1943-Nov.</td><td>22......</td><td>1.86</td><td>2.34</td><td>2.61</td></tr><tr><td></td><td>2......</td><td>6/</td><td>6/</td><td>6/</td><td></td><td>12......</td><td>1.84</td><td>2.32</td><td>2.61</td><td></td><td>23......</td><td>1.86</td><td>2.33</td><td>2.62</td></tr><tr><td></td><td>3......</td><td>1.83</td><td>2.32</td><td>2.59</td><td></td><td>13......</td><td>1.84</td><td>2.32</td><td>2.61</td><td></td><td>24......</td><td>1.86</td><td>2.32</td><td>2.62</td></tr><tr><td></td><td>4......</td><td>1.84</td><td>2.32</td><td>2.58</td><td></td><td></td><td></td><td></td><td></td><td></td><td>25......</td><td>6/</td><td>6/</td><td>6/</td></tr><tr><td></td><td>5......</td><td>1.84</td><td>2.32</td><td>2.59</td><td></td><td>15......</td><td>1.85</td><td>2.32</td><td>2.60</td><td></td><td>26......</td><td>1.86</td><td>2.32</td><td>2.61</td></tr><tr><td></td><td>6......</td><td>1.84</td><td>2.32</td><td>2.59</td><td></td><td>16......</td><td>1.85</td><td>2.32</td><td>2.62</td><td></td><td>27......</td><td>1.86</td><td>2.33</td><td>2.61</td></tr><tr><td></td><td>8......</td><td>1.84</td><td>2.32</td><td>2.60</td><td></td><td>17......</td><td>1.86</td><td>2.32</td><td>2.61</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>9......</td><td>1.84</td><td>2.32</td><td>2.62</td><td></td><td>18......</td><td>1.86</td><td>2.32</td><td>2.62</td><td></td><td>29......</td><td>1.86</td><td>2.33</td><td>2.62</td></tr><tr><td></td><td>10......</td><td>1.84</td><td>2.32</td><td>2.61</td><td></td><td>19......</td><td>1.86</td><td>2.33</td><td>2.61</td><td></td><td>30......</td><td>1.86</td><td>2.34</td><td>2.62</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>20......</td><td>1.86</td><td>2.34</td><td>2.61</td><td></td><td></td><td></td><td></td><td></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. 1/ 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
2/ Average of taxable Treasury bonds neither due nor callable for twelve years. Bonds which may not be held by all classes of investors (the 2-1/2's of 6/15/62-67, the 2-1/2's of 12/15/63-68, the 2-1/2's of 6/15/64-69, and the 2-1/2's of 12/15/64-69) are excluded from the average. 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/ For discussion of composition of high-grade corporate bond average, see "Treasury Bulletin" for April 1943, page 61.
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.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
66
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES
— 67 —
68
Assets and Liabilities of Government Corporations and Credit Agencies
October 30, 1943
(in millions of dollars)
<table><tr><th>Corporation or agency</th><th>Total</th><th>Loans</th><th>Preferred capital stock, etc.</th><th>Cash 1/</th><th>U.S. Government securities</th><th>Securities guaranteed by United States</th><th>Other</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 and paid-in surplus of Government corporations</th><th>Other assets</th></tr><tr><td>Bank for cooperatives</td><td>276.3</td><td>188.9</td><td>-</td><td>11.0</td><td>33.6</td><td>.2</td><td>40.9</td><td>1.6</td><td>.1</td><td>-</td><td>-</td><td>1.1</td></tr><tr><td>Commodity Credit Corporation</td><td>1,617.9</td><td>228.2</td><td>-</td><td>5.2</td><td>-</td><td>-</td><td>-</td><td>489.2</td><td>27.9</td><td>-</td><td>-</td><td>867.51</td></tr><tr><td>Disaster Loan Corporation</td><td>20.9</td><td>2.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16.4</td><td>-</td><td>1.5</td><td>-</td><td>.1</td></tr><tr><td>Export-Import Bank of Washington</td><td>191.8</td><td>140.3</td><td>-</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>51.0</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Form Credit Administration</td><td>416.7</td><td>232.4</td><td>-</td><td>6.9</td><td>-</td><td>-</td><td>-</td><td>1.0</td><td>-</td><td>-</td><td>174.0</td><td>2.4</td></tr><tr><td>Farm Security Administration</td><td>504.8</td><td>426.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>34.8</td><td>.8</td><td>42.2</td><td>-</td><td>.4</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>35.9</td><td>-</td><td>-</td><td>13.2</td><td>-</td><td>-</td><td>-</td><td>14.0</td><td>-</td><td>-</td><td>-</td><td>8.7</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>728.1</td><td>31.4</td><td>-</td><td>11.8</td><td>638.7</td><td>-</td><td>-</td><td>28.7</td><td>.1</td><td>1.4</td><td>-</td><td>17.1</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,154.3</td><td>423.2</td><td>-</td><td>11.1</td><td>-</td><td>190.0</td><td>471.3</td><td>47.1</td><td>-</td><td>4.1</td><td>-</td><td>7.5</td></tr><tr><td>Federal home loan banks</td><td>290.2</td><td>126.7</td><td>-</td><td>19.7</td><td>142.5</td><td>.4</td><td>-</td><td>.8</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Federal Housing Administration</td><td>125.6</td><td>-</td><td>-</td><td>16.4</td><td>62.6</td><td>-</td><td>-</td><td>42.6</td><td>1.2</td><td>.5</td><td>-</td><td>2.2</td></tr><tr><td>Federal intermediate credit banks</td><td>378.1</td><td>250.6</td><td>-</td><td>21.7</td><td>36.0</td><td>-</td><td>-</td><td>2.7</td><td>-</td><td>66.9</td><td>-</td><td>.2</td></tr><tr><td>Federal land banks 4/</td><td>2,012.9</td><td>1,406.2</td><td>-</td><td>44.0</td><td>224.5</td><td>160.0</td><td>-</td><td>138.7</td><td>5.2</td><td>7.7</td><td>-</td><td>26.3</td></tr><tr><td>Federal National Mortgage Association</td><td>69.1</td><td>66.3</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>-</td><td>1.8</td><td>6.6</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Federal Prison Industries, Inc.</td><td>18.1</td><td>-</td><td>-</td><td>7.2</td><td>-</td><td>-</td><td>-</td><td>2.4</td><td>-</td><td>-</td><td>-</td><td>1.9</td></tr><tr><td>Federal Public Housing Authority</td><td>550.1</td><td>317.3</td><td>-</td><td>40.4</td><td>7.2</td><td>-</td><td>-</td><td>5.0</td><td>180.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>145.6</td><td>-</td><td>-</td><td>1.3</td><td>138.1</td><td>1.2</td><td>-</td><td>5.1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Security Agency - student war loans 5/</td><td>3.3</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Works Agency</td><td>72.4</td><td>72.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Public Works Administration</td><td>3.4</td><td>3.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War Public Works - community facilities</td><td>1,736.5</td><td>1,365.7</td><td>63.4</td><td>46.0</td><td>15.0</td><td>-</td><td>-</td><td>4.1</td><td>2.6</td><td>-</td><td>100.0</td><td>139.7</td></tr><tr><td>Home Owners' Loan Corporation</td><td>24.7</td><td>.4</td><td>-</td><td>1.0</td><td>6.3</td><td>-</td><td>-</td><td>.7</td><td>16.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Island Waterways Corporation 5/</td><td>2.6</td><td>2.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interior Department (Indian loans)</td><td>73.5</td><td>-</td><td>-</td><td>10.0</td><td>11.5</td><td>-</td><td>-</td><td>.5</td><td>47.9</td><td>3.4</td><td>-</td><td>.1</td></tr><tr><td>Pennsylvania Railroad Company 5/</td><td>127.5</td><td>-</td><td>-</td><td>.4</td><td>47.6</td><td>-</td><td>79.1</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Production credit corporations</td><td>22.2</td><td>6.0</td><td>-</td><td>3.4</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>12.5</td></tr><tr><td>Puerto Rico Reconstruction Administration</td><td>8,738.0</td><td>1,431.9</td><td>342.8</td><td>2.27/</td><td>67.4</td><td>-</td><td>6.3</td><td>30.2 2/</td><td>1.0</td><td>6,440.8</td><td>360.7</td><td>54.5</td></tr><tr><td>Reconstruction Finance Corporation 6/</td><td>64.3</td><td>45.8</td><td>-</td><td>18.0</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>Regional agricultural credit corporations</td><td>114.0</td><td>100.0</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>-</td><td>2.2</td><td>6.6</td><td>-</td><td>-</td><td>4.7</td></tr><tr><td>RFC Mortgage Company, The</td><td>360.6</td><td>344.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.7</td><td>-</td><td>7.0</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>681.9</td><td>-</td><td>-</td><td>8.1</td><td>.5</td><td>-</td><td>-</td><td>7.4</td><td>663.4</td><td>2.7</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</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>Tennessee Valley Associated Cooperatives, Inc.</td><td>5,965.4</td><td>18.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>65.8</td><td>33.5</td><td>25.4</td><td>7.5</td><td>-</td><td>5,814.9</td></tr><tr><td>United States Maritime Commission</td><td>4.9</td><td>-</td><td>-</td><td>.6</td><td>.1</td><td>-</td><td>-</td><td>3.6</td><td>-</td><td>-</td><td>-</td><td>.6</td></tr><tr><td>War corporations and activities (World War I) 8/</td><td>7,740.3</td><td>226.1</td><td>1.1</td><td>185.5</td><td>-</td><td>-</td><td>1.0</td><td>747.8</td><td>98.7</td><td>104.9</td><td>-</td><td>6,375.3</td></tr><tr><td>War corporations (World War II) 9/</td><td>723.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>127.3</td><td>518.0</td><td>42.3</td><td>-</td><td>35.8</td></tr><tr><td>War Shipping Administration</td><td>7,698.7</td><td>25.7</td><td>6.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7,638.5</td><td>-</td><td>27.6</td></tr><tr><td>Other Government agencies 10/</td><td>42,694.3</td><td>7,487.1</td><td>414.3</td><td>485.5</td><td>1,431.4</td><td>353.1</td><td>664.5</td><td>1,850.2</td><td>1,602.2</td><td>14,370.3</td><td>634.7</td><td>13,400.9</td></tr><tr><td>Gross total</td><td>42,694.3</td><td>7,487.1</td><td>414.3</td><td>485.5</td><td>1,431.4</td><td>353.1</td><td>664.5</td><td>1,850.2</td><td>1,602.2</td><td>14,370.3</td><td>634.7</td><td>13,400.9</td></tr><tr><td>Adjustment to eliminate interagency interests</td><td>-15,005.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-14,370.3</td><td>-634.7</td><td>-</td></tr><tr><td>Net total</td><td>27,689.2</td><td>7,487.1</td><td>414.3</td><td>485.5</td><td>1,431.4</td><td>353.1</td><td>664.5</td><td>1,850.2</td><td>1,602.2</td><td>0</td><td>0</td><td>13,400.9</td></tr></table>
(Continued on following page)
69
Assets and Liabilities of Government Corporations and Credit Agencies October 30, 1943 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Corporation or agency</th><th colspan="5">Liabilities and reserves</th><th colspan="5">Proprietary interest</th></tr><tr><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>Re-serves</th><th>Excess of assets (total proprietary interest)</th><th>Proprietary owned</th><th>Total</th><th>Owned by United States 11/ Capital stock</th><th>Surplus</th><th>Non-stock</th></tr><tr><td>Banks for cooperatives</td><td>64.6</td><td>-</td><td>.2</td><td>-</td><td>66.9</td><td>1.4</td><td>207.8</td><td>7.3</td><td>200.5</td><td>174.0</td><td>26.5</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>1,551.3</td><td>607.5</td><td>241.1</td><td>702.1</td><td>.4</td><td>66.6</td><td>20.7</td><td>66.6</td><td>100.0</td><td>-33.4</td><td>-</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>.1</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>20.7</td><td>20.7</td><td>24.0</td><td>-3.3</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washingto</td><td>.1</td><td>-</td><td>.2</td><td>-</td><td>.1</td><td>-</td><td>191.5</td><td>-</td><td>191.5</td><td>175.0</td><td>16.5</td><td>-</td></tr><tr><td>Farm Credit Administration</td><td>211.9</td><td>-</td><td>.4</td><td>-</td><td>211.3</td><td>-</td><td>205.0</td><td>-</td><td>225.0</td><td>-</td><td>-</td><td>205.0</td></tr><tr><td>Farm Security Administration</td><td>19.9</td><td>-</td><td>7.0</td><td>-</td><td>189.9</td><td>-</td><td>307.9</td><td>-</td><td>307.9</td><td>-</td><td>-</td><td>307.9</td></tr><tr><td>Federal Crop Insurance Corporation</td><td>15.8</td><td>-</td><td>11.3</td><td>-</td><td>7.0</td><td>-</td><td>17.0</td><td>139.3</td><td>17.0</td><td>40.0</td><td>-23.0</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>478.3</td><td>-</td><td>14.4</td><td>-</td><td>424.4</td><td>-</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>1,049.4</td><td>944.1</td><td>5.5</td><td>-</td><td>.7</td><td>96.0</td><td>104.9</td><td>-</td><td>104.9</td><td>100.0</td><td>4.9</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>91.1</td><td>-</td><td>91.1</td><td>-</td><td>-</td><td>-</td><td>199.1</td><td>74.4</td><td>124.7</td><td>124.7</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>26.4</td><td>22.5</td><td>3.7</td><td>-</td><td>.2</td><td>-</td><td>99.2</td><td>-</td><td>99.2</td><td>60.0</td><td>29.3</td><td>99.2</td></tr><tr><td>Federal intermediate credit banks</td><td>288.8</td><td>-</td><td>288.7</td><td>-</td><td>.1</td><td>-</td><td>89.3</td><td>-</td><td>73.3</td><td>60.0</td><td>29.3</td><td>-</td></tr><tr><td>Federal land banks 1/</td><td>1,532.0</td><td>-</td><td>1,454.9</td><td>-</td><td>1.6</td><td>75.5</td><td>480.9</td><td>218.7</td><td>262.2</td><td>120.3</td><td>142.0</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>45.8</td><td>-</td><td>2.0</td><td>-</td><td>43.8</td><td>-</td><td>23.4</td><td>-</td><td>23.4</td><td>10.0</td><td>13.4</td><td>-</td></tr><tr><td>Federal Frisco Industries, Inc.</td><td>.5</td><td>-</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>17.6</td><td>-</td><td>17.6</td><td>-</td><td>12.9</td><td>4.6</td></tr><tr><td>Federal Public Housing Authority</td><td>407.8</td><td>114.6</td><td>.2</td><td>264.0</td><td>-</td><td>9.1</td><td>142.7</td><td>-</td><td>142.3</td><td>1.0</td><td>141.3</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>2.3</td><td>-</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>143.4</td><td>-</td><td>143.4</td><td>100.0</td><td>43.4</td><td>-</td></tr><tr><td>Federal Security Agency - student war loans 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.3</td><td>-</td><td>3.3</td><td>-</td><td>-</td><td>3.3</td></tr><tr><td>Federal Works Agency:</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 Works Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>72.4</td><td>-</td><td>72.4</td><td>-</td><td>-</td><td>72.4</td></tr><tr><td>War Public Works - community facilities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.4</td><td>-</td><td>1.4</td><td>-</td><td>-</td><td>3.4</td></tr><tr><td>Home Owners' Loan Corporation</td><td>1,660.3</td><td>1,555.5</td><td>32.6</td><td>29.1</td><td>.1</td><td>43.0</td><td>76.3</td><td>-</td><td>76.3</td><td>200.0</td><td>-123.7</td><td>-</td></tr><tr><td>Inland Waterway Corporation 5/</td><td>1.3</td><td>-</td><td>.9</td><td>-</td><td>-</td><td>.4</td><td>23.4</td><td>-</td><td>23.4</td><td>12.0</td><td>11.4</td><td>-</td></tr><tr><td>Interior Department (Indian loans)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.6</td><td>-</td><td>2.6</td><td>-</td><td>-</td><td>2.6</td></tr><tr><td>Panama Railroad Company 5/</td><td>15.3</td><td>-</td><td>10.9</td><td>-</td><td>.3</td><td>4.1</td><td>58.2</td><td>-</td><td>58.2</td><td>7.0</td><td>51.2</td><td>-</td></tr><tr><td>Production credit corporations</td><td>.3</td><td>-</td><td>.1</td><td>-</td><td>.3</td><td>-</td><td>127.2</td><td>-</td><td>127.2</td><td>120.0</td><td>7.2</td><td>-</td></tr><tr><td>Puerto Rico Reconstruction Administration</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>22.2</td><td>-</td><td>72.2</td><td>-</td><td>-</td><td>22.2</td></tr><tr><td>Reconstruction Finance Corporation 5/</td><td>8,022.0</td><td>912.8</td><td>514.3</td><td>1/</td><td>6,420.7</td><td>49.2</td><td>125.0</td><td>716.0</td><td>716.0</td><td>325.0</td><td>391.01</td><td>-</td></tr><tr><td>Regional agricultural credit corporations</td><td>1.6</td><td>1.3</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>62.7</td><td>-</td><td>62.7</td><td>44.5</td><td>18.2</td><td>-</td></tr><tr><td>FRC Mortgage Company, The</td><td>86.6</td><td>-</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>27.3</td><td>-</td><td>27.3</td><td>25.0</td><td>2.3</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>230.4</td><td>-</td><td>-</td><td>-</td><td>83.7</td><td>-</td><td>130.2</td><td>-</td><td>130.2</td><td>-</td><td>-</td><td>130.2</td></tr><tr><td>Tennessee Valley Authority</td><td>81.2</td><td>-</td><td>18.8</td><td>-</td><td>56.9</td><td>1.0</td><td>4.4</td><td>600.7</td><td>500.7</td><td>-</td><td>-</td><td>600.7</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>-</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>1,310.1</td><td>-</td><td>1,283.7</td><td>-</td><td>.9</td><td>25.5</td><td>4,655.4</td><td>-</td><td>4,655.4</td><td>-</td><td>-</td><td>4,655.4</td></tr><tr><td>War corporations and activities (World War I) 8/</td><td>.2</td><td>-</td><td>.1</td><td>-</td><td>.1</td><td>-</td><td>4.7</td><td>-</td><td>4.7</td><td>25.4</td><td>-24.0</td><td>3.3</td></tr><tr><td>War corporations (World War II) 9/</td><td>8,049.7</td><td>-</td><td>2,012.0</td><td>-</td><td>6,037.3</td><td>.4</td><td>-309.4</td><td>-</td><td>-309.4</td><td>186.8</td><td>-513.3</td><td>17.1</td></tr><tr><td>War Shipping Administration</td><td>565.4</td><td>-</td><td>205.0</td><td>-</td><td>.4</td><td>35.9</td><td>157.6</td><td>-</td><td>157.6</td><td>-</td><td>-</td><td>157.6</td></tr><tr><td>Other Government agencies 10/</td><td>163.3</td><td>-</td><td>-</td><td>-</td><td>163.3</td><td>-</td><td>7,535.4</td><td>-</td><td>7,535.4</td><td>6.9</td><td>-</td><td>7,528.5</td></tr><tr><td>Gross total</td><td>26,118.4</td><td>4,157.0</td><td>6,209.7</td><td>7,492.9</td><td>6,877.4</td><td>1,381.4</td><td>16,575.9</td><td>439.7</td><td>16,136.2</td><td>2,131.6</td><td>191.2</td><td>13,813.4</td></tr><tr><td>Adjustment to eliminate interagency interests</td><td>-14,370.3</td><td>-</td><td>-</td><td>-7,492.9</td><td>-6,877.4</td><td>-</td><td>-634.7</td><td>-</td><td>-634.7</td><td>-633.7</td><td>-1.0</td><td>-</td></tr><tr><td>Net total</td><td>11,748.1</td><td>4,157.0</td><td>6,209.7</td><td>0</td><td>0</td><td>1,381.4</td><td>15,941.2</td><td>439.7</td><td>15,501.4</td><td>1,497.3</td><td>190.2</td><td>13,813.4</td></tr></table>
Source: Daily Treasury Statement.
1/ Less than $50,000.
2/ Excludes unexpended balances of appropriated funds.
3/ Represents chiefly commodity loans and underlying security taken over from lending agencies pursuant to guaranty purchase agreements. Also includes commodities acquired through direct purchases from producers and others, as well as interagency transactions of "lead-lease" funds which figures are not available, and which would otherwise be shown under "Due from Government corporations and agencies".
4/ 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.
5/ Figures shown are as of September 30, 1943, the latest available.
6/ Includes the Electric Home and Farm Authority which was transferred for purposes of liquidation to the Reconstruction Finance Corpora-
tion by Executive order effective October 31, 1942. Adjusted for interagency items and items in transit. Comprises Navy Department (sale of surplus supplies), U. S. Housing Corporation, U. S. Railroad Administration and U. S. Spruce Production Corporation. Comprises Cargoes, Inc., Defense Rorres Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserve Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. 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.
70
Sources of Funds of Certain Government Corporations and Credit Agencies for the First Four Months, Fiscal Year 1944
<table><tr><th>Corporation or agency</th><th>Appropriations from General Fund of the Treasury 1/</th><th>Allocations, re-discounts, 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)</th><th>Sale of stock to other agencies</th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 1,500,000</td><td>$ 26,353,707</td><td>-</td><td>-</td><td>$469,500</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>$-1,250,000,000</td><td>$ -6,007,544</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>-</td><td>-</td><td>-</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</td><td>-</td><td>-177</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>-</td><td>-</td><td>$31,000,000</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>$50,655,509</td><td>-</td><td>-$55,451,000</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>$3,987,664</td><td>-</td><td>-</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>-$167,000,000</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>-</td><td>-</td><td>$1,592,702,000</td><td>-$324,590,000</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>-</td><td>$2,773,337</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>$2,014,591</td><td>-$3,557,539</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War corporations 3/</td><td>$4,000,000</td><td>$1,171,973,266</td><td>-</td><td>-</td><td>$100,000</td></tr><tr><td>Total</td><td>$11,502,255</td><td>$1,248,198,103</td><td>$ 175,702,000</td><td>$-355,048,544</td><td>$569,500</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>$51,686,914</td><td>$433,390</td><td>$19,207</td><td>$80,462,719</td></tr><tr><td>Commodity Credit Corporation</td><td>$1,167,483,993</td><td>24,143,479</td><td>4,759,495</td><td>-3,676,914</td><td>-63,297,490</td></tr><tr><td>Disaster Loan Corporation</td><td>7,410</td><td>796,684</td><td>33,430</td><td>-10,641</td><td>826,883</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>4,592,321</td><td>6,339,444</td><td>-</td><td>10,931,765</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>8,448,510</td><td>41,368,656</td><td>4,583,665</td><td>54,400,654</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>3,562,260</td><td>45,404,425</td><td>13,178,578</td><td>1,451,506</td><td>63,596,769</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>50,631,167</td><td>1,563,299</td><td>-1,850,225</td><td>51,344,241</td></tr><tr><td>Federal National Mortgage Association</td><td>30,656</td><td>98,994,945</td><td>4,962,766</td><td>-97,716,086</td><td>1,476,790</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>534,246</td><td>3,844,787</td><td>24,119</td><td>8,390,817</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>1,961,371</td><td>19,434</td><td>1,980,805</td></tr><tr><td>Home Owners' Loan Corporation</td><td>30,455,743</td><td>82,149,501</td><td>26,448,387</td><td>5,691,284</td><td>-22,255,086</td></tr><tr><td>Reconstruction Finance Corporation</td><td>1,490,672</td><td>151,725,794</td><td>37,382,926</td><td>-1,425,286</td><td>1,457,286,106</td></tr><tr><td>RFC Mortgage Company, The</td><td>65,762</td><td>14,138,027</td><td>1,460,071</td><td>179,245</td><td>18,616,442</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>3,520,289</td><td>3,459,775</td><td>-2</td><td>5,437,113</td></tr><tr><td>Var corporations</td><td>504,609,797</td><td>27,774,517</td><td>3,832,587</td><td>359,285,526</td><td>2,071,575,692</td></tr><tr><td>Total</td><td>$1,707,706,293</td><td>$564,540,819</td><td>$151,028,962</td><td>$266,574,832</td><td>$3,770,774,220</td></tr></table>
Source: Reports received from the corporations and agencies. 1/ Items in this column are the only ones in this statement which constitute a charge against the Federal Budget. They represent amounts of funds drawn against available appropriations. 2/ Includes the Electric Hose and Farm Authority, which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942. 3/ Comprises Carcass, Incorporated, Defense Annexes Corporation, Defense Plant Corporation, Defense Supplies Corporation,
Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation.
Receipts from the sale of property acquired in liquidation of loans are shown as "Sale of other property acquired".
71
Uses of Funds of Certain Government Corporations and Credit Agencies for the First Four Months, Fiscal Year 1944
<table><tr><th>Corporation or agency</th><th colspan="2">Expenses</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgagee 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 27,103</td><td>-</td><td>-</td><td>$106,345,192</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>1,752,258</td><td>-</td><td>$1,304,264,724</td><td>86,099,607</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>113,320</td><td>$ -2,267</td><td>-</td><td>189,287</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>87,877</td><td>-</td><td>-</td><td>18,283,849</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>1,323,450</td><td>-</td><td>-</td><td>3,426,157</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>2,644,439</td><td>-</td><td>725,625</td><td>7,570,582</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>438,079</td><td>-</td><td>-</td><td>87,123,050</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>375,599</td><td>213,939</td><td>-</td><td>175,620</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>1,147,832</td><td>397,158</td><td>5,703,878</td><td>1,046,804</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>81,573</td><td>8,400</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>3,272,345</td><td>6,533,506</td><td>585,126</td><td>1,018,851</td><td>$1,165,575</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>3,043,318</td><td>-295,025</td><td>-1,304</td><td>92,594,159</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>221,906</td><td>187,469</td><td>-36,469</td><td>16,952,059</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>848,202</td><td>-</td><td>-</td><td>3,988,367</td><td>-</td></tr><tr><td>War corporations 3/</td><td>2,432,137</td><td>36,887,957</td><td>1,551,112,918</td><td>60,070,067</td><td>-</td></tr><tr><td>Total</td><td>$17,809,438</td><td>$43,931,137</td><td>$2,862,352,498</td><td>$484,883,651</td><td>$1,165,575</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net)</th><th>Allocations, re-discounts, and loans to other government corporations and credit agencies (net)</th><th>Interest and dividends paid</th><th>Other expenditures</th><th>Total, uses of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>$-2,277,229</td><td>-</td><td>$ 62,782</td><td>-</td><td>$ 104,157,847</td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>$ -212,152,718</td><td>1,940,729</td><td>$2,553,872</td><td>1,184,458,472</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>526,690</td><td>-</td><td>-147</td><td>826,883</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-17,200,000</td><td>10,812,849</td><td>-</td><td>11,984,576</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>66,983,733</td><td>-</td><td>-</td><td>-1,797,165</td><td>69,936,176</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>$3,500,000</td><td>-</td><td>1,692,692</td><td>949,602</td><td>57,082,940</td></tr><tr><td>Federal home loan banks</td><td>-12,027,901</td><td>-</td><td>813,981</td><td>26,248</td><td>76,373,457</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>730,430</td><td>-18,798</td><td>1,476,790</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>793,985</td><td>3,987,664</td><td>13,077,321</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>2,000,000</td><td>-</td><td>-</td><td>-406,100 1/2</td><td>1,683,874</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-39,978,210</td><td>-</td><td>985,975</td><td>275,707</td><td>-26,141,124</td></tr><tr><td>Reconstruction Finance Corporation 2/</td><td>-2,000,000</td><td>1,332,865,200</td><td>30,075,942</td><td>36,215</td><td>1,456,316,504</td></tr><tr><td>RFC Mortgage Company, The</td><td>-</td><td>-</td><td>1,040,150</td><td>251,327</td><td>18,616,442</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>3,331,501</td><td>-</td><td>8,168,070</td></tr><tr><td>War corporations 3/</td><td>-</td><td>73,028,127</td><td>842,416</td><td>363,560,693</td><td>2,087,934,316</td></tr><tr><td>Total</td><td>$56,200,393</td><td>$1,177,067,299</td><td>$53,123,432</td><td>$369,419,118</td><td>$5,065,952,544</td></tr></table>
Source: Reports received from the corporations and agencies. Date on basis of checks issued.
1/ Receipts from the repayment of mortgage loans appear under "Repayment of loans" in the statement of sources of funds.
2/ Includes the Electric Home and Farm Authority, which was transferred for purposes of liquidation to the Reconstructiion Finance Corporation by Executive order effective October 31, 1942.
3/ Comprises Cargoes, Incorporated, Defence Homes Corporation,
Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation. Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.
72
Sources of Funds of Certain Government Corporations and Credit Agencies
from Inception of Organization through October 30, 1943
<table><tr><th>Corporation or agency</th><th>Appropriations from General Fund of the Treasury 1/</th><th>Allocations, re-discounts, and loans from other government corporations and credit agencies (net)</th><th>Sale of obligations to Treasury (net)</th><th>Sale of obligations in the market (net) 2/</th><th>Sale of stock to other agencies</th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 73,500,000</td><td>$ 43,909,393</td><td>-</td><td>-</td><td>$ 1,748,100</td></tr><tr><td>City i. t. Corporation</td><td>243,950,524 3/</td><td>-</td><td>$ 700,000,000</td><td>$ 469,511,000</td><td>-</td></tr><tr><td>Leasester Land Corporation</td><td>24,000,000 4/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>1,000,000</td><td>4,000,000</td><td>-</td><td>-</td><td>174,000,000</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>150,000,000</td><td>199,707</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>-</td><td>929,764,200</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>-</td><td>-</td><td>66,000,000</td><td>124,741,0005/</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>41,950,524</td><td>-</td><td>97,000</td><td>11,000,000</td></tr><tr><td>Federal Public Housing Authority</td><td>65,332,375</td><td>-</td><td>283,000,000</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>Free Owners' Loan Corporation</td><td>200,000,000 4/</td><td>-</td><td>29,000,000</td><td>3,114,453,550</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation 6/</td><td>325,000,000</td><td>-</td><td>6,741,074,124</td><td>571,451,000</td><td>-</td></tr><tr><td>FBC Mortgage Company, The</td><td>-</td><td>81,023,777</td><td>-</td><td>-</td><td>25,000,000</td></tr><tr><td>Rural Electrification Administration</td><td>141,971,260</td><td>227,992,642</td><td>-</td><td>-</td><td>-</td></tr><tr><td>War corporations 7/</td><td>154,000,000</td><td>5,996,045,014</td><td>-</td><td>-</td><td>36,701,000</td></tr><tr><td></td><td>$1,478,804,159</td><td>$5,395,121,057</td><td>$7,753,074,124</td><td>$5,265,433,750</td><td>$612,489,657</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Sale of other property acquired</th><th>Repayment of loans 8/</th><th>Interest, dividends, assessments, and property income</th><th>Other receipts</th><th>Total, sources of funds</th></tr><tr><td>Central Bank for Cooperatives</td><td>-</td><td>$ 467,009,062</td><td>$ 12,965,894</td><td>$ 4,704,020</td><td>$ 603,836,470</td></tr><tr><td>Commodity Credit Corporation</td><td>$5,024,367,985</td><td>1,184,886,654</td><td>46,688,012</td><td>77,656,678</td><td>7,747,060,854</td></tr><tr><td>Disaster Loan Corporation</td><td>179,769</td><td>25,554,821</td><td>949,983</td><td>49,609</td><td>50,734,182</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>140,467,685</td><td>29,293,387</td><td>707,119</td><td>349,468,191</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>138,918,755</td><td>484,482,880</td><td>5,308,600</td><td>918,209,498</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>35,708,908</td><td>584,883,217</td><td>570,693,086</td><td>25,743,331</td><td>2,246,792,742</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>985,719,805</td><td>53,642,351</td><td>85,606,311 9/</td><td>1,315,709,467</td></tr><tr><td>Federal National Mortgage Association</td><td>2,083,478</td><td>202,117,835</td><td>45,498,595</td><td>1,819,156</td><td>304,566,637</td></tr><tr><td>Federal Public Housing Authority</td><td>974,105</td><td>856,007,049</td><td>56,275,251</td><td>1,613,045</td><td>1,377,409,425</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>53,199,766</td><td>2,328,235</td><td>155,528,001</td></tr><tr><td>Home Owners' Loan Corporation</td><td>278,157,898</td><td>1,462,719,083</td><td>1,109,048,959</td><td>32,451,260</td><td>6,225,830,750</td></tr><tr><td>Reconstruction Finance Corporation 6/</td><td>34,919,876</td><td>6,250,495,245</td><td>815,851,272</td><td>126,690,311</td><td>14,855,481,827</td></tr><tr><td>RPC Mortgage Company, The</td><td>1,194,253</td><td>177,043,286</td><td>20,913,021</td><td>5,674,577</td><td>310,848,915</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>28,193,728</td><td>27,967,580</td><td>280</td><td>426,125,492</td></tr><tr><td>War corporations 7/</td><td>2,780,629,618</td><td>142,805,338</td><td>16,418,010</td><td>1,944,002,752</td><td>10,070,601,732</td></tr><tr><td>Total</td><td>$7,158,215,890</td><td>$12,646,821,613</td><td>$3,343,888,047</td><td>$2,314,355,884</td><td>$46,968,204,183</td></tr></table>
Source: Reports received from the corporations and agencies.
1/ It is 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.
Except for the E.O.L.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 E.O.L.C., the original amount of obligations sold in the market is shown in this column and the retirement and refunding of those obligations are shown as "Retirement of obligations issued in exchange for mortgages" in the statement of uses of funds.
2/ 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 $143,950,524 restoration of capital appraisment, which is net of repayments to the Treasury of $43,756,731 on the basis of March 31, 1940 appraisal, and $27,815,514 on the basis of March 31, 1942 appraisal of the corporation, pursuant to Public No. 442 - 75th Congress, approved March 8, 1938.
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, 1933.
5/ The R.F.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.
6/ Includes the Electric Home and Farm Authority which was transferred for purposes of liquidation to the R.F.C. by Executive order effective October 31, 1942.
7/ Comprises Cargoes, Incorporated, Defense Homes Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Navigation Corporation, Metals Reserve Company, Petroleum Reserves Corporation, Rubber Development Corporation, Rubber Reserve Company, Smaller War Plants Corporation, U. S. Commercial Company and War Damage Corporation.
8/ Receipts from the sale of property acquired in liquidation of loans are shown as "Sale of other property acquired".
9/ Includes $56,783,100 paid-in capital stock held by member institutions.
73
Uses of Funds of Certain Government Corporations and Credit Agencies from Inception of Organization through October 30, 1943
<table><tr><th>Corporation or agency</th><th colspan="2">Expense</th><th>Purchase and improvement of property owned</th><th>Loans</th><th>Retirement of obligations issued in exchange for mortgagee 1/</th></tr><tr><th></th><th>Administrative</th><th>Nonadministrative</th><th></th><th></th><th></th></tr><tr><td>Central Bank for Cooperatives</td><td>$ 1,163,114</td><td>-</td><td>-</td><td>$ 554,657,832</td><td>-</td></tr><tr><td>Commodity Credit Corporation</td><td>17,104,084</td><td>-</td><td>$ 4,993,586,286</td><td>2,532,940,639</td><td>-</td></tr><tr><td>Disaster Loan Corporation</td><td>3,933,358</td><td>$ 136,067</td><td>-</td><td>30,441,525</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>1,002,896</td><td>18,064</td><td>-</td><td>284,677,209</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>32,885,041</td><td>-</td><td>-</td><td>201,310,985</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>96,480,649</td><td>-</td><td>20,425,944</td><td>1,094,101,670</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>12,517,623</td><td>-</td><td>-</td><td>1,112,403,264</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>5,220,691</td><td>5,731,413</td><td>-</td><td>271,256,644</td><td>-</td></tr><tr><td>Federal Public Housing Authority</td><td>23,888,146</td><td>8,136,970</td><td>75,453,040</td><td>1,175,328,117</td><td>-</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>2,003,704</td><td>111,419</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>247,085,002</td><td>160,534,548</td><td>156,072,570</td><td>3,274,253,591</td><td>$1,576,109,425 2/</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>105,077,419</td><td>12,621,020</td><td>468,504</td><td>8,137,684,758</td><td>-</td></tr><tr><td>RFC Mortgage Company, The</td><td>6,278,712</td><td>5,191,374</td><td>9,769,735</td><td>278,952,265</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>18,674,867</td><td>-</td><td>-</td><td>373,140,950</td><td>-</td></tr><tr><td>War corporations 4/</td><td>10,054,396</td><td>101,598,297</td><td>7,811,981,863</td><td>374,189,468</td><td>-</td></tr><tr><td>Total</td><td>$583,369,732</td><td>$294,079,172</td><td>$13,067,757,942</td><td>$19,695,338,917</td><td>$1,576,109,425</td></tr></table>
<table><tr><th>Corporation or agency</th><th>Investments (net) 5/</th><th>Allocations, re-discounts, and loans to other government corporations and credit agencies (net)</th><th>interest and dividends paid</th><th>Other expenditures</th><th>Total, uses of funds</th></tr><tr><td>Central Bank for Cooperatives.</td><td>$ 39,482,193</td><td>-</td><td>$ 1,024,015</td><td>$ 3,542,693</td><td>$ 599,869,877</td></tr><tr><td>Commodity Credit Corporation.</td><td>-</td><td>$ 104,375,807</td><td>45,672,961</td><td>48,180,606</td><td>7,741,860,384</td></tr><tr><td>Disaster Loan Corporation.</td><td>-</td><td>16,222,189</td><td>-</td><td>44</td><td>50,733,182</td></tr><tr><td>Export-Import Bank of Washington.</td><td>-</td><td>49,550,000</td><td>13,175,178</td><td>593,801</td><td>349,017,148</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>640,377,750</td><td>-</td><td>-</td><td>32,181,379</td><td>906,755,156</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>661,334,800</td><td>-</td><td>339,070,923</td><td>25,058,120</td><td>2,236,472,106</td></tr><tr><td>Federal home loan banks.</td><td>142,904,038</td><td>-</td><td>27,596,531</td><td>544,470</td><td>1,295,965,926</td></tr><tr><td>Federal National Mortgage Association.</td><td>-</td><td>-</td><td>22,103,112</td><td>254,776</td><td>304,566,637</td></tr><tr><td>Federal Public Housing Authority.</td><td>7,070,000</td><td>-</td><td>12,268,981</td><td>28,559,713</td><td>1,330,704,966</td></tr><tr><td>Federal Saviage and Loan Insurance Corporation.</td><td>139,451,994</td><td>-</td><td>3,035,326</td><td>9,656,704 6/</td><td>154,259,146</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>178,409,200</td><td>-</td><td>580,184,627</td><td>7,190,286</td><td>6,179,839,250</td></tr><tr><td>Reconstruction Finance Corporation 3/.</td><td>367,041,001</td><td>5,889,681,653</td><td>332,459,497</td><td>18,762,172</td><td>14,863,796,024</td></tr><tr><td>RFC Mortgage Company, The.</td><td>-</td><td>-</td><td>9,995,656</td><td>660,045</td><td>310,847,787</td></tr><tr><td>Rural Electrification Administration.</td><td>-</td><td>-</td><td>22,146,731</td><td>371,526</td><td>414,334,074</td></tr><tr><td>War corporations 4/.</td><td>1,000,000</td><td>248,334,769</td><td>2,391,421</td><td>1,371,405,749</td><td>9,920,955,963</td></tr><tr><td>Total.</td><td>$2,177,070,976</td><td>$6,308,164,418</td><td>$1,411,124,959</td><td>$1,546,962,084</td><td>$46,659,977,626</td></tr></table>
Source: Reports received from the corporations and agencies. Data on the 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/ Includes the retirement of those obligations which were in effect refunded through sale of securities to the Treasury.
3/ Includes the Electric Rome and Farm Authority which was transferred for purposes of liquidation to the Reconstruction Finance Corporation by Executive order effective October 31, 1942.
4/ Comprises Cargoes, Incorporated, Defense Rome Corporation, Defense Plant Corporation, Defense Supplies Corporation, Institute of Inter-American Affairs, Institute of Inter-American Trans-
5/ Includes U. S. Government bonds in the amount of $830,055,621 as follows: Federal Deposit Insurance Corporation, $563,377,750; Federal Savings and Loan Insurance Corporation, $126,664,500; Federal Public Housing Authority, $7,070,000; Federal home loan banks, $127,393,371; Central Bank for Cooperatives, $5,550,000.
6/ Includes expenditures for contributions and subrogated shares or claims in insured financial institutions.
INTERNAL REVENUE STATISTICS
- 74 -
75
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="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total</th><th>Individual 2/</th><th>Corporations and excess profits 3/</th><th>Miscellaneous profits taxes 4/</th><th>Total</th><th>Social Security taxes 5/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment Insurance)</th><th>Carriers' Taxing Act of 1937</th></tr><tr><td>1934</td><td>2,672,239</td><td>819,656</td><td>419,509</td><td>397,516</td><td>2,631</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1935</td><td>3,281,792</td><td>1,105,783</td><td>527,113</td><td>572,115</td><td>6,560</td><td>-</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>-</td><td>48</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><td>287</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><td>149,476</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><td>109,427</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><td>122,048</td></tr><tr><td>1941</td><td>7,351,531</td><td>3,471,122</td><td>1,417,655</td><td>2,016,295</td><td>37,172</td><td>925,356</td><td>687,327</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>13,029,912</td><td>8,006,890</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><td>170,409</td></tr><tr><td>1943</td><td>22,368,713</td><td>16,298,876</td><td>6,629,932</td><td>9,584,703</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1942-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><td>28,964</td></tr><tr><td>December</td><td>2,521,443</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><td>21,736</td></tr><tr><td>1943-January</td><td>797,227</td><td>296,097</td><td>73,410</td><td>217,368</td><td>5,319</td><td>122,626</td><td>91,229</td><td>30,896</td><td>501</td></tr><tr><td>February</td><td>1,058,902</td><td>433,759</td><td>185,299</td><td>244,689</td><td>3,771</td><td>294,338</td><td>184,307</td><td>81,761</td><td>28,270</td></tr><tr><td>March</td><td>5,273,421</td><td>4,858,220</td><td>1,974,909</td><td>2,872,526</td><td>20,785</td><td>26,276</td><td>919</td><td>2,819</td><td>22,538</td></tr><tr><td>April</td><td>1,472,335</td><td>1,007,599</td><td>681,617</td><td>325,154</td><td>828</td><td>120,034</td><td>107,038</td><td>5,849</td><td>7,147</td></tr><tr><td>May</td><td>1,364,980</td><td>753,477</td><td>511,407</td><td>239,127</td><td>2,943</td><td>238,910</td><td>203,410</td><td>9,047</td><td>26,453</td></tr><tr><td>June</td><td>4,383,420</td><td>4,026,494</td><td>1,813,548</td><td>2,205,584</td><td>7,362</td><td>27,747</td><td>2,593</td><td>1,186</td><td>23,968</td></tr><tr><td>July</td><td>1,998,885</td><td>1,231,442</td><td>873,819</td><td>347,376</td><td>10,247</td><td>115,826</td><td>109,533</td><td>4,846</td><td>1,447</td></tr><tr><td>August</td><td>1,672,217</td><td>813,577</td><td>511,977</td><td>298,726</td><td>2,874</td><td>263,723</td><td>222,363</td><td>8,547</td><td>32,813</td></tr><tr><td>September</td><td>4,613,249</td><td>4,131,778</td><td>2,044,715</td><td>2,132,387</td><td>14,676</td><td>27,863</td><td>2,949</td><td>937</td><td>23,977</td></tr><tr><td>October</td><td>2,179,567</td><td>1,643,578</td><td>1,086,451</td><td>548,414</td><td>8,713</td><td>114,661</td><td>108,405</td><td>5,486</td><td>770</td></tr><tr><td>November</td><td>2,089,229</td><td>1,470,850</td><td>1,147,554</td><td>307,579</td><td>15,717</td><td>242,827</td><td>208,847</td><td>8,339</td><td>25,641</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="8">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><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</th></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>117,156</td><td>371,423</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>593,831</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>350,071</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>432,540</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>1943</td><td>4,571,132</td><td>328,795</td><td>447,496</td><td>1,423,481</td><td>923,857</td><td>45,155</td><td>670,015</td><td>732,333</td><td>-</td></tr><tr><td>1942-November</td><td>478,111</td><td>182,195</td><td>30,204</td><td>104,431</td><td>78,607</td><td>3,339</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><tr><td>1943-January</td><td>378,504</td><td>209</td><td>46,739</td><td>136,876</td><td>80,565</td><td>3,776</td><td>68,427</td><td>41,912</td><td>-</td></tr><tr><td>February</td><td>330,805</td><td>215</td><td>28,613</td><td>128,299</td><td>68,247</td><td>3,551</td><td>51,459</td><td>50,420</td><td>-</td></tr><tr><td>March</td><td>378,925</td><td>392</td><td>61,642</td><td>120,528</td><td>79,544</td><td>4,419</td><td>47,173</td><td>65,222</td><td>-</td></tr><tr><td>April</td><td>344,702</td><td>888</td><td>36,659</td><td>112,757</td><td>76,684</td><td>5,115</td><td>48,793</td><td>63,806</td><td>-</td></tr><tr><td>May</td><td>372,593</td><td>193</td><td>46,240</td><td>109,274</td><td>71,339</td><td>5,127</td><td>60,439</td><td>79,981</td><td>-</td></tr><tr><td>June</td><td>329,179</td><td>365</td><td>28,672</td><td>115,231</td><td>79,821</td><td>4,993</td><td>39,195</td><td>60,902</td><td>-</td></tr><tr><td>July</td><td>651,617</td><td>135,645</td><td>47,910</td><td>125,168</td><td>86,771</td><td>4,021</td><td>59,488</td><td>192,614</td><td>-</td></tr><tr><td>August</td><td>594,917</td><td>187,876</td><td>24,847</td><td>128,869</td><td>89,965</td><td>4,510</td><td>55,538</td><td>103,312</td><td>-</td></tr><tr><td>September</td><td>393,608</td><td>34,636</td><td>28,012</td><td>117,315</td><td>86,354</td><td>3,841</td><td>52,751</td><td>70,699</td><td>-</td></tr><tr><td>October</td><td>421,328</td><td>20,063</td><td>40,718</td><td>122,374</td><td>90,013</td><td>3,939</td><td>58,568</td><td>85,653</td><td>-</td></tr><tr><td>November</td><td>375,552</td><td>366</td><td>34,253</td><td>117,303</td><td>93,058</td><td>3,934</td><td>56,156</td><td>70,482</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/ Includes victory tax collections and collections under the Current Tax Payment Act of 1943. 3/ Excess profits tax imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profits tax, the profit limiting provisions of the Vinson Act, and the tax on unjust enrichment.
5/ For the period prior to September 1939 the data is the columns entitled Federal Insurance Contributions Act and Federal Unemployment Tax Act reposed contributions under Titles VIII and IX, respectively, of the Social Security Act.
6/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
76
COLLECTIONS OF INTERNAL REVENUE
Fiscal Years 1929 to 1943 First 5 Months Fiscal Year 1944
Includes miscellaneous profit taxes
77
Detailed Analysis of Current Internal Revenue Collections
<table><tr><th colspan="3">Sources of revenue</th><th colspan="2">First 5 months</th><th colspan="3">Sources of revenue</th><th colspan="2">First 5 months</th></tr><tr><th></th><th>November 1943</th><th>Fiscal year 1943</th><th>Fiscal year 1944</th><th></th><th>November 1943</th><th>Fiscal year 1943</th><th>Fiscal year 1944</th></tr><tr><td colspan="5">Income and profits taxes:</td><td colspan="4">Miscellaneous internal revenue (continued):</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>Withheld by employers (Current Tax Payment Act of 1943) 2/.</td><td>1,086,791</td><td>-</td><td>2,094,319</td><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>2,251</td><td>7,931</td><td>10,717</td></tr><tr><td>Victory tax (Revenue Act of 1942).</td><td>1,912</td><td>-</td><td>781,113</td><td>Transfers of capital stock and similar interest sales.</td><td>996</td><td>3,845</td><td>6,161</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td>Playing cards.</td><td>684</td><td>2,841</td><td>3,140</td></tr><tr><td>Current 3/.</td><td>31,718</td><td>784,883</td><td>2,635,397</td><td>Silver bullion sales or transfer.</td><td>3</td><td>50</td><td>25</td></tr><tr><td>Back.</td><td>27,133</td><td>42,345</td><td>153,686</td><td>Total stamp taxes.</td><td>3,934</td><td>14,717</td><td>20,245</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td>Lubricating oils.</td><td>3,292</td><td>16,137</td><td>21,860</td></tr><tr><td>Current 2/.</td><td>84,239</td><td>1,094,020</td><td>1,394,892</td><td>Gasoline.</td><td>23,576</td><td>140,653</td><td>121,049</td></tr><tr><td>Back.</td><td>19,404</td><td>85,720</td><td>123,300</td><td>Tires and tubes.</td><td>3,102</td><td>5,153</td><td>15,210</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940 as amended).</td><td>203,936</td><td>873,571</td><td>2,116,292</td><td>Floor taxes on tires and tubes.</td><td>1</td><td>23</td><td>17</td></tr><tr><td>Miscellaneous profit taxes:</td><td></td><td></td><td></td><td>Automobile trucks and buses.</td><td>131</td><td>2,912</td><td>656</td></tr><tr><td>Declared value.</td><td>15,669</td><td>30,711</td><td>51,973</td><td>Other automobiles and motorcycles.</td><td>147</td><td>996</td><td>805</td></tr><tr><td>Vinson Act.</td><td>15</td><td>192</td><td>22</td><td>Parts and accessories for automobiles.</td><td>2,658</td><td>8,063</td><td>12,100</td></tr><tr><td>Unjust enrichment.</td><td>33</td><td>1,099</td><td>231</td><td>Electrical energy.</td><td>3,622</td><td>19,990</td><td>20,554</td></tr><tr><td>Total income and profits taxes.</td><td>1,470,850</td><td>2,913,541</td><td>9,351,225</td><td>Electric, gas, and oil appliances.</td><td>352</td><td>4,821</td><td>1,654</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td>Electric light bulbs and tubes.</td><td>182</td><td>1,148</td><td>1,009</td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td>Electric signs (repealed as of 11/1/42).</td><td>35</td><td>389</td><td>391</td></tr><tr><td>Federal Insurance Contributions Act (Old-age insurance).</td><td>208,847</td><td>542,771</td><td>652,097</td><td>Radio sets, phonographs, components, etc.</td><td>278</td><td>3,364</td><td>2,036</td></tr><tr><td>Federal Unemployment Tax Act (Unemployment Insurance).</td><td>8,339</td><td>23,498</td><td>28,156</td><td>Phonograph records.</td><td>161</td><td>735</td><td>721</td></tr><tr><td>Total Social Security taxes.</td><td>217,186</td><td>566,269</td><td>680,253</td><td>Musical instruments.</td><td>61</td><td>800</td><td>315</td></tr><tr><td>Carriers' Taxing Act of 1937.</td><td>25,641</td><td>77,242</td><td>84,047</td><td>Mechanical refrigerators, air-conditioners, etc.</td><td>69</td><td>3,627</td><td>1,741</td></tr><tr><td>Total employment taxes.</td><td>242,827</td><td>643,511</td><td>764,900</td><td>Matches.</td><td>721</td><td>3,205</td><td>3,403</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td>Floor taxes on matches.</td><td>•</td><td>4</td><td>•</td></tr><tr><td>Capital stock tax.</td><td>366</td><td>183,512</td><td>378,586</td><td>Business and store machines.</td><td>240</td><td>3,928</td><td>1,293</td></tr><tr><td>Estate tax.</td><td>33,520</td><td>164,715</td><td>171,634</td><td>Furs - retailers' excise.</td><td>5,842</td><td>11,556</td><td>17,672</td></tr><tr><td>Gift tax.</td><td>-733</td><td>3,992</td><td>4,108</td><td>Jewelry - retailers' excise.</td><td>7,288</td><td>29,614</td><td>37,317</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td>Luggage.</td><td>411</td><td>2,255</td><td>2,728</td></tr><tr><td>Distilled spirits (imported, excise).</td><td>20,813</td><td>25,177</td><td>83,060</td><td>Optical equipment (repealed as of 11/1/42).</td><td>4</td><td>259</td><td>5</td></tr><tr><td>Distilled spirits (domestic, excise).</td><td>50,235</td><td>301,490</td><td>237,316</td><td>Photographic apparatus.</td><td>924</td><td>4,552</td><td>4,273</td></tr><tr><td>Distilled spirits rectification tax.</td><td>1,652</td><td>9,339</td><td>7,301</td><td>Rubber articles (repealed as of 11/1/42).</td><td>26</td><td>11,033</td><td>166</td></tr><tr><td>Wines, cordials, etc. (imported, excise).</td><td>290</td><td>199</td><td>838</td><td>Sporting goods.</td><td>165</td><td>2,652</td><td>1,045</td></tr><tr><td>Wines, cordials, etc. (domestic, excise).</td><td>2,308</td><td>13,834</td><td>10,978</td><td>Toilet preparations - retailers' excise.</td><td>2,781</td><td>11,647</td><td>14,034</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940).</td><td>-</td><td>•</td><td>•</td><td>Washing machines (repealed as of 11/1/42).</td><td>40</td><td>34</td><td>31</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes).</td><td>136</td><td>5,221</td><td>5,382</td><td>Firearms, shells and cartridges.</td><td>12</td><td>31</td><td>25</td></tr><tr><td>Stamps for distilled spirits intended for export.</td><td>•</td><td>•</td><td>16</td><td>Pistols and revolvers.</td><td>5</td><td>127</td><td>68</td></tr><tr><td>Case stamps for distilled sprite bottled in bond.</td><td>149</td><td>651</td><td>691</td><td>Repealed taxes not listed above.</td><td></td><td></td><td></td></tr><tr><td>Container stamps.</td><td>774</td><td>5,463</td><td>3,331</td><td>Total manufacturers' and retailers' excise taxes.</td><td>56,156</td><td>290,692</td><td>282,501</td></tr><tr><td>Floor taxes.</td><td>574</td><td>20,468</td><td>25,295</td><td>Miscellaneous taxes:</td><td></td><td></td><td></td></tr><tr><td>Fermented malt liquor.</td><td>40,277</td><td>187,239</td><td>234,468</td><td>Bituminous Coel Act of 1937.</td><td>16</td><td>2,319</td><td>1,329</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes).</td><td>95</td><td>2,461</td><td>2,354</td><td>Sugar Act of 1937.</td><td>5,201</td><td>24,639</td><td>31,247</td></tr><tr><td>Total alcoholic beverage taxes.</td><td>117,303</td><td>571,542</td><td>611,030</td><td>Telephone, telegraph, radio and cable, leased wires, etc.</td><td>9,516</td><td>28,590</td><td>56,275</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td>Local telephone service.</td><td>5,662</td><td>21,484</td><td>35,791</td></tr><tr><td>Cigars (large).</td><td>2,615</td><td>7,793</td><td>12,087</td><td>Transportation of oil by pipe line.</td><td>977</td><td>5,879</td><td>6,247</td></tr><tr><td>Cigars (small).</td><td>8</td><td>41</td><td>39</td><td>Transportation of persons, seate, berths.</td><td>11,966</td><td>22,938</td><td>69,553</td></tr><tr><td>Cigarettes (large).</td><td>7</td><td>10</td><td>26</td><td>Transportation of property (effective 12/1/42).</td><td>17,671</td><td>-</td><td>91,527</td></tr><tr><td>Cigarettes (small).</td><td>85,135</td><td>353,310</td><td>409,383</td><td>Use of motor vehicles (effective 2/1/42).</td><td>633</td><td>136,836</td><td>125,598</td></tr><tr><td>Snuff.</td><td>593</td><td>2,818</td><td>3,072</td><td>Use of boats (effective 2/1/42).</td><td>3</td><td>300</td><td>190</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>4,591</td><td>21,754</td><td>21,001</td><td>Leases of safe-deposit boxes.</td><td>477</td><td>2,728</td><td>2,610</td></tr><tr><td>Cigarette papers and tubes.</td><td>101</td><td>53</td><td>527</td><td>Admissions to theaters, concerts, cabarets, etc.</td><td>16,389</td><td>64,589</td><td>78,743</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>•</td><td>1</td><td>1</td><td>Club dues and initiation fees.</td><td>563</td><td>2,807</td><td>3,054</td></tr><tr><td>Cigarette and cigar floor taxes.</td><td>8</td><td>36</td><td>24</td><td>Bowling alleys, pool tables, etc.</td><td>52</td><td>1,470</td><td>1,511</td></tr><tr><td>Total tobacco taxes.</td><td>93,058</td><td>386,297</td><td>446,160</td><td>Coin operated devices.</td><td>606</td><td>7,173</td><td>15,065</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td>Adulterated and processed or renovated butter, mixed flour 1/4 and filled cheese.</td><td>1</td><td>20</td><td>9</td></tr><tr><td>Cigars (large).</td><td>2,615</td><td>7,793</td><td>12,087</td><td>Oleomargarine, including special taxes.</td><td>275</td><td>1,349</td><td>2,074</td></tr><tr><td>Cigars (small).</td><td>8</td><td>41</td><td>39</td><td>Narcotics, including marijuana and special taxes.</td><td>42</td><td>326</td><td>167</td></tr><tr><td>Cigarettes (large).</td><td>7</td><td>10</td><td>26</td><td>Coconut and other vegetable oils processed.</td><td>430</td><td>964</td><td>1,613</td></tr><tr><td>Cigarettes (small).</td><td>85,135</td><td>353,310</td><td>409,383</td><td>National Firearms Act.</td><td>•</td><td>12</td><td>13</td></tr><tr><td>Snuff.</td><td>593</td><td>2,818</td><td>3,072</td><td>All other, including repealed taxes not listed above.</td><td>2</td><td>34</td><td>6</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>4,591</td><td>21,754</td><td>21,001</td><td>Total miscellaneous taxes.</td><td>70,482</td><td>324,457</td><td>522,758</td></tr><tr><td>Cigarette papers and tubes.</td><td>101</td><td>53</td><td>527</td><td>Total miscellaneous internal revenue.</td><td>375,552</td><td>1,939,925</td><td>2,437,022</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>•</td><td>1</td><td>1</td><td>Total internal revenue.</td><td>2,089,229</td><td>5,496,976</td><td>12,553,147</td></tr><tr><td>Cigarette and cigar floor taxes.</td><td>8</td><td>36</td><td>24</td><td></td><td></td><td></td><td></td></tr><tr><td>Total tobacco taxes.</td><td>93,058</td><td>386,297</td><td>446,160</td><td></td><td></td><td></td><td></td></tr></table>
Source: Reports of collections.
* Less than $500.
1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc.
2/ Consists only of tax collections under the Current Tax Payment Act of 1943 for which returns have been filed with the Collector of Internal Revenue. Collections as shown in Daily Treasury Statements consist of withholdings deposited in Government depositaries in
addition to payments accompanying returns filed with the Collector of Internal Revenue. 3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed. 4/ 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
-78-
79
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, oto. 2/</th><th>Exchange Stabilisation 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>341.9</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>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1942-November</td><td>22,743.4</td><td>20,631.2</td><td>156.0</td><td>1,800.0</td><td>156.2</td></tr><tr><td>December</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943-January</td><td>22,683.0</td><td>20,578.5</td><td>156.0</td><td>1,800.0</td><td>148.5</td></tr><tr><td>February</td><td>22,943.8</td><td>20,533.7</td><td>156.0</td><td>1,800.0</td><td>154.3</td></tr><tr><td>March</td><td>22,575.7</td><td>20,470.8</td><td>156.0</td><td>1,800.0</td><td>148.9</td></tr><tr><td>April</td><td>22,472.7</td><td>20,360.4</td><td>156.0</td><td>1,800.0</td><td>156.2</td></tr><tr><td>May</td><td>22,426.4</td><td>20,318.1</td><td>156.0</td><td>1,800.0</td><td>152.3</td></tr><tr><td>June</td><td>22,387.5</td><td>20,281.3</td><td>156.0</td><td>1,800.0</td><td>150.2</td></tr><tr><td>July</td><td>22,334.8</td><td>20,219.4</td><td>156.0</td><td>1,800.0</td><td>159.4</td></tr><tr><td>August</td><td>22,282.8</td><td>20,127.7</td><td>156.0</td><td>1,800.0</td><td>159.1</td></tr><tr><td>September</td><td>22,175.0</td><td>20,067.1</td><td>156.0</td><td>1,800.0</td><td>151.9</td></tr><tr><td>October</td><td>22,115.7</td><td>20,002.6</td><td>156.0</td><td>1,800.0</td><td>157.1</td></tr><tr><td>November p</td><td>22,064.6</td><td>19,953.1</td><td>156.0</td><td>1,800.0</td><td>155.4</td></tr></table>
Source: Daily Treasury Statements. Preliminary. Comprises (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. Reserve against United States notes and Treasury notes of 1890. Excludes gold in active portion of Exchange Stabilisation Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ 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>12,963.0</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>19,963.1</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>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1942-November</td><td>22,743.4</td><td>4,319.6</td><td>16.0</td></tr><tr><td>December</td><td>22,726.3</td><td>4,317.6</td><td>16.0</td></tr><tr><td>1943-January</td><td>22,681.0</td><td>4,314.6</td><td>16.0</td></tr><tr><td>February</td><td>22,643.8</td><td>4,312.0</td><td>16.0</td></tr><tr><td>March</td><td>22,575.7</td><td>4,306.8</td><td>16.0</td></tr><tr><td>April</td><td>22,472.7</td><td>4,303.9</td><td>16.1</td></tr><tr><td>May</td><td>22,426.4</td><td>4,298.9</td><td>16.1</td></tr><tr><td>June</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>July</td><td>22,334.8</td><td>4,294.4</td><td>16.1</td></tr><tr><td>August</td><td>22,242.8</td><td>4,276.0</td><td>16.1</td></tr><tr><td>September</td><td>22,175.0</td><td>4,233.1</td><td>16.0</td></tr><tr><td>October</td><td>22,115.7</td><td>4,223.7</td><td>16.0</td></tr><tr><td>November p</td><td>22,064.6</td><td>4,212.1</td><td>16.0</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p. Preliminary.
80
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29 per ounce</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>Silver dollars 1/</th><th>Subsidiary coin 2/</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>1,219.7</td></tr><tr><td>1935</td><td>576.9</td><td>508.7</td><td>4.2</td><td>2.2</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>147.7</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>4</td><td>128.6</td><td>43.4</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>3</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>2</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>3</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>2</td><td>628.2</td><td>78.8</td><td>567.3</td><td>4,317.6</td></tr><tr><td>1942-November</td><td>1,515.8</td><td>470.0</td><td>10.5</td><td>2</td><td>634.3</td><td>77.1</td><td>575.7</td><td>4,319.6</td></tr><tr><td>December</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>2</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943-January</td><td>1,516.3</td><td>467.8</td><td>19.5</td><td>2</td><td>621.1</td><td>79.4</td><td>588.5</td><td>4,314.6</td></tr><tr><td>February</td><td>1,516.3</td><td>466.8</td><td>30.3</td><td>2</td><td>613.9</td><td>80.3</td><td>590.0</td><td>4,312.0</td></tr><tr><td>March</td><td>1,516.8</td><td>465.5</td><td>35.9</td><td>2</td><td>606.0</td><td>81.6</td><td>596.0</td><td>4,306.8</td></tr><tr><td>April</td><td>1,517.9</td><td>463.6</td><td>36.9</td><td>2</td><td>600.0</td><td>83.0</td><td>604.7</td><td>4,303.9</td></tr><tr><td>May</td><td>1,518.8</td><td>458.7</td><td>41.2</td><td>2</td><td>593.6</td><td>84.3</td><td>612.7</td><td>4,298.9</td></tr><tr><td>June</td><td>1,519.7</td><td>453.3</td><td>36.9</td><td>2</td><td>592.1</td><td>85.7</td><td>623.1</td><td>4,298.5</td></tr><tr><td>July</td><td>1,519.7</td><td>445.9</td><td>35.5</td><td>2</td><td>589.1</td><td>87.5</td><td>633.2</td><td>4,294.4</td></tr><tr><td>August</td><td>1,519.7</td><td>429.9</td><td>34.2</td><td>2</td><td>584.9</td><td>88.8</td><td>642.2</td><td>4,276.0</td></tr><tr><td>September</td><td>1,519.7</td><td>426.5</td><td>27.2</td><td>1.5</td><td>567.3</td><td>90.7</td><td>654.8</td><td>4,233.1</td></tr><tr><td>October</td><td>1,519.7</td><td>422.0</td><td>26.5</td><td>3.4</td><td>560.7</td><td>92.3</td><td>663.6</td><td>4,223.7</td></tr><tr><td>November p</td><td>1,520.0</td><td>412.1</td><td>23.3</td><td>13.4</td><td>554.0</td><td>92.2</td><td>672.6</td><td>4,212.1</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p. Preliminary.
Less than $50,000. Valued at $1.29+ per ounce. Valued at $1.38+ per ounce.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1934</td><td>32.5</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>45.6</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>63.4</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>71.3</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>61.7</td><td>61.6</td><td>42.4</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>63.9</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>67.0</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>69.1</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>54.5</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>1942-November</td><td>3.3</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>3.7</td><td>.5</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.5</td><td>.4</td></tr><tr><td>1943-January</td><td>3.8</td><td>.1</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>.1</td></tr><tr><td>February</td><td>3.4</td><td>.1</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>.1</td></tr><tr><td>March</td><td>3.9</td><td>.6</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.6</td><td>.5</td></tr><tr><td>April</td><td>3.8</td><td>1.6</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>1.1</td></tr><tr><td>May</td><td>3.2</td><td>1.3</td><td>.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.3</td><td>.9</td></tr><tr><td>June</td><td>3.9</td><td>1.2</td><td>.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.2</td><td>.8</td></tr><tr><td>July</td><td>4.4</td><td>.</td><td>.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>August</td><td>4.0</td><td>.</td><td>.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>September</td><td>2.8</td><td>.</td><td>.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.</td><td>.</td></tr><tr><td>October</td><td>3.1</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.2</td></tr><tr><td>November</td><td>5/</td><td>.</td><td>.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.</td><td>.</td></tr></table>
Source: Silver production: Annual Reports of the Director of the Mint for annual figures through 1939; release of American Bureau of Metal Statistics for all later figures. Less than 50,000. 1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74. 2/ Acquired at 64.64+ cents per fine ounce until April 9, 1935; at 71.11+ cents per fine ounce from that date until April 23,
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.
3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 26, 1938.
4/ Acquired at various prices averaging approximately 51 cents per ounce.
5/ Not yet available.
81
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 coins</th><th colspan="5">Source of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost to General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. 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>Nationalised 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>63.7</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-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><tr><td>1943-January</td><td>251.0</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>1,029.7</td></tr><tr><td>February</td><td>257.5</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>1,048.4 3/</td></tr><tr><td>March</td><td>264.9</td><td>48.7</td><td>87.6</td><td>63.9</td><td>584.3</td><td>34.7</td><td>819.2</td><td>1,038.9</td></tr><tr><td>April</td><td>271.9</td><td>48.7</td><td>87.6</td><td>64.4</td><td>584.3</td><td>34.7</td><td>819.7</td><td>1,036.6</td></tr><tr><td>May</td><td>277.5</td><td>48.7</td><td>87.6</td><td>64.8</td><td>584.3</td><td>34.7</td><td>820.1</td><td>1,029.5</td></tr><tr><td>June</td><td>280.1</td><td>48.7</td><td>87.6</td><td>65.2</td><td>584.3</td><td>34.7</td><td>820.5</td><td>1,029.5</td></tr><tr><td>July</td><td>283.3</td><td>48.7</td><td>87.6</td><td>65.2</td><td>584.3</td><td>34.7</td><td>820.5</td><td>1,026.5</td></tr><tr><td>August</td><td>286.0</td><td>48.7</td><td>87.6</td><td>65.2</td><td>584.3</td><td>34.7</td><td>820.5</td><td>1,020.0</td></tr><tr><td>September</td><td>288.9</td><td>48.7</td><td>87.6</td><td>65.2</td><td>584.3</td><td>34.7</td><td>820.5</td><td>989.7</td></tr><tr><td>October</td><td>293.2</td><td>48.7</td><td>87.6</td><td>65.2</td><td>584.3</td><td>34.7</td><td>820.5</td><td>978.5</td></tr><tr><td>November</td><td>297.1</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>968.7</td></tr></table>
Basic: 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 seizgniorage thereon changes.
3/ Increase the principally to cumulative adjustment in computing average cost per ounce.
OTHER TREASURY STATISTICS
82
83
Net Capital Movement to the United States, 1935 through September 1943
In thousands of dollars. Net capital outflow (-)
<table><tr><th>Period</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement</th></tr><tr><th></th><th></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></td><td></td><td></td><td></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>26,758</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>-25,427</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-Dec. 31, 1942)</td><td>604,321</td><td>561,573</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943 (Jan. 1, 1943-Sept.30, 1943)</td><td>936,3531/</td><td>810,0921/</td><td>10,432</td><td>34,747</td><td>81,082</td></tr><tr><td>Total (Jan. 2, 1935-Sept.30, 1943)</td><td>6,771,3451/</td><td>5,019,1871/</td><td>114,815</td><td>708,077</td><td>929,266</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942-September</td><td>55,018</td><td>46,121</td><td>3,574</td><td>3,401</td><td>1,922</td></tr><tr><td>October</td><td>39,788</td><td>23,382</td><td>-3,331</td><td>8,146</td><td>11,591</td></tr><tr><td>November</td><td>66,905</td><td>57,538</td><td>-90</td><td>6,725</td><td>2,732</td></tr><tr><td>December</td><td>73,376</td><td>57,339</td><td>327</td><td>12,338</td><td>3,372</td></tr><tr><td>1943-January</td><td>72,750</td><td>151,809</td><td>2,658</td><td>5,205</td><td>-86,922</td></tr><tr><td>February</td><td>107,175</td><td>119,683</td><td>-600</td><td>-2,503</td><td>-9,405</td></tr><tr><td>March</td><td>132,152</td><td>61,505</td><td>2,134</td><td>9,881</td><td>58,632</td></tr><tr><td>April</td><td>65,206</td><td>58,289</td><td>922</td><td>6,937</td><td>-942</td></tr><tr><td>May</td><td>70,330</td><td>74,311</td><td>-1,027</td><td>-389</td><td>-2,565</td></tr><tr><td>June</td><td>223,795</td><td>224,845</td><td>3,662</td><td>-4,537</td><td>-175</td></tr><tr><td>July</td><td>49,592</td><td>58,720</td><td>420</td><td>4,392</td><td>-13,940</td></tr><tr><td>August</td><td>170,342</td><td>59,027</td><td>1,698</td><td>-5,283</td><td>114,900</td></tr><tr><td>September</td><td>45,0111/</td><td>1,9031/</td><td>565</td><td>21,044</td><td>21,499</td></tr></table>
Back Figures: Monthly data for the period January 1941 through June 1942 may be found in the "Treasury Bulletin" for September 1943, page 73.
1/ Adjusted by $9.8 millions for the reclassification of accounts previously reported as "foreign".
<table><tr><td>Treas.</td><td>U.S. Treasury Dept.</td></tr><tr><td>HJ 10</td><td>Treasury Bulletin</td></tr><tr><td>A2 1943 c.2</td><td></td></tr></table>